nev.htm

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22323

Nuveen Enhanced Municipal Value Fund
(Exact name of registrant as specified in charter)

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

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

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

Date of fiscal year end: October 31

Date of reporting period: October 31, 2014

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

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


 
 

 


ITEM 1. REPORTS TO STOCKHOLDERS.


 
 

 
 
NUVEEN INVESTMENTS ACQUIRED BY TIAA-CREF
 
On October 1, 2014, TIAA-CREF completed its previously announced acquisition of Nuveen Investments, Inc., the parent company of your fund’s investment adviser, Nuveen Fund Advisors, LLC (“NFAL”) and the Nuveen affiliates that act as sub-advisers to the majority of the Nuveen Funds. TIAA-CREF is a national financial services organization with approximately $840 billion in assets under management as of October 1, 2014 and is a leading provider of retirement services in the academic, research, medical and cultural fields. Nuveen expects to operate as a separate subsidiary within TIAA-CREF’s asset management business. Nuveen’s existing leadership and key investment teams have remained in place following the transaction.
 
NFAL and your fund’s sub-adviser(s) continue to manage your fund according to the same objectives and policies as before, and there have been no changes to your fund’s operations.
 

 
 

 
 
Table of Contents
 
Chairman’s Letter to Shareholders
4
   
Portfolio Managers’ Comments
5
   
Fund Leverage
10
   
Share Information
11
   
Risk Considerations
13
   
Performance Overview and Holding Summaries
14
   
Shareholder Meeting Report
22
   
Report of Independent Registered Public Accounting Firm
23
   
Portfolios of Investments
24
   
Statement of Assets and Liabilities
64
   
Statement of Operations
65
   
Statement of Changes in Net Assets
66
   
Financial Highlights
68
   
Notes to Financial Statements
72
   
Additional Fund Information
84
   
Glossary of Terms Used in this Report
85
   
Reinvest Automatically, Easily and Conveniently
87
   
Board Members & Officers
88

Nuveen Investments
 
3

 
 

 
 
Chairman’s Letter to Shareholders
 
 
Dear Shareholders,
 
Over the past year, global financial markets were generally strong as stocks of many countries rose due to strengthening economies and abundant central bank support. A low and stable interest rate environment allowed the bond market to generate modest but positive returns.
 
More recently, markets have been less certain as economic growth is strengthening in some parts of the world, but in other areas recovery has been slow or uneven at best. Despite increasing market volatility, geopolitical turmoil and concerns over rising rates, better-than-expected earnings results and economic data have supported U.S. stocks. Europe continues to face challenges as disappointing growth and inflation measures led the European Central Bank to further cut interest rates. Japan is suffering from the burden of the recent consumption tax as the government’s structural reforms continue to steadily progress. Flare-ups in hotspots, such as the ongoing Russia-Ukraine conflict and Middle East, have not yet been able to derail the markets, though that remains a possibility. With all the challenges facing the markets, accommodative monetary policy around the world has helped lessen the impact of these events.
 
It is in such changeable markets that professional investment management is most important. Investment teams who have experienced challenging markets in the past understand how their asset class can behave in rapidly changing times. Remaining committed to their investment disciplines during these times is a critical component to achieving long-term success. In fact, many strong investment track records are established during challenging periods because experienced investment teams understand that volatile markets place a premium on companies and investment ideas that can weather the short-term volatility. By maintaining appropriate time horizons, diversification and relying on practiced investment teams, we believe that investors can achieve their long-term investment objectives.
 
As always, I encourage you to communicate with your financial consultant if you have any questions about your investment in a Nuveen Fund. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
 
 
William J. Schneider
Chairman of the Board
December 22, 2014

4
 
Nuveen Investments

 
 

 
 
Portfolio Managers’ Comments
 
Nuveen Municipal Value Fund, Inc. (NUV)
Nuveen AMT-Free Municipal Value Fund (NUW)
Nuveen Municipal Income Fund, Inc. (NMI)
Nuveen Enhanced Municipal Value Fund (NEV)
 
These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments, Inc. Portfolio managers Thomas C. Spalding, CFA, Christopher L. Drahn, CFA, and Steven M. Hlavin discuss U.S. economic and municipal market conditions, key investment strategies and the twelve-month performance of these four national Funds. Tom has managed NUV since its inception in 1987, adding NUW at its inception in 2009. Chris assumed portfolio management responsibility for NMI in 2011. Steve has been involved in the management of NEV since its inception in 2009, taking on full portfolio management responsibility in 2010.
 
What factors affected the U.S. economy and the national municipal market during the twelve-month reporting period ended October 31, 2014?
 
During this reporting period, the U.S. economy continued to expand at a moderate pace. The Federal Reserve (Fed) maintained efforts to bolster growth and promote progress toward its mandates of maximum employment and price stability by holding the benchmark fed funds rate at the record low level of zero to 0.25% that it established in December 2008. At its October 2014 meeting, the Fed announced that it would end its bond-buying stimulus program as of November 1, 2014, after tapering its monthly asset purchases of mortgage-backed and longer-term Treasury securities from the original $85 billion per month to $15 billion per month over the course of seven consecutive meetings (December 2013 through September 2014). In making the announcement, the Fed cited substantial improvement in the outlook for the labor market since the inception of the current asset purchase program as well as sufficient underlying strength in the broader economy to support ongoing progress toward maximum employment in a context of price stability. The Fed also reiterated that it would continue to look at a wide range of factors, including labor market conditions, indicators of inflationary pressures and readings on financial developments, in determining future actions, saying that it would likely maintain the current target range for the fed funds rate for a considerable time after the end of the asset purchase program, especially if projected inflation continues to run below the Fed’s 2% longer-run goal. However, if economic data shows faster progress toward the Fed’s employment and inflation objectives than currently anticipated, the Fed indicated that the first increase in the fed funds rate since 2006 could occur sooner than expected.
 
In the third quarter of 2014, the U.S. economy, as measured by the U.S. gross domestic product (GDP), grew at a 3.9% annual rate, compared with -2.1% in the first quarter of 2014 and 4.6% in the second quarter. Third-quarter growth was attributed in part to expanded business investment in equipment and a major increase in military spending. The Consumer Price Index (CPI) rose 1.7%
 

Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
 
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc. (Fitch) Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
 
Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers’ ability to meet their commitments.

Nuveen Investments
 
5

 
 

 
 
Portfolio Managers’ Comments (continued)
 
year-over-year as of October 2014, while the core CPI (which excludes food and energy) increased 1.8% during the same period, below the Fed’s unofficial longer term inflation objective of 2.0%. As of October 2014, the national unemployment rate was 5.8%, the lowest level since July 2008, down from the 7.2% reported in October 2013, marking the ninth consecutive month in which the economy saw the addition of more than 200,000 new jobs. The housing market continued to post gains, although price growth has shown signs of deceleration in recent months. The average home price in the S&P/Case-Shiller Index of 20 major metropolitan areas rose 4.9% for the twelve months ended September 2014 (most recent data available at the time this report was prepared), putting home prices at fall 2004 levels, although they continued to be down 15%-17% from their mid-2006 peaks.
 
During the first two months of this reporting period, the financial markets remained unsettled in the aftermath of widespread uncertainty about the future of the Fed’s quantitative easing program. Also contributing to investor concern was Congress’s failure to reach an agreement on the Fiscal 2014 federal budget, which triggered sequestration, or automatic spending cuts and a 16-day federal government shutdown in October 2013. This sequence of events sparked increased volatility in the financial markets, with the Treasury market trading off, the municipal market following suit and spreads widening as investor concern grew, prompting selling by bondholders across the fixed income markets.
 
As we turned the page to calendar year 2014, the market environment stabilized, as the Fed’s policies continued to be accommodative and some degree of political consensus was reached. The Treasury market rallied and municipal bonds rebounded, with flows into municipal bond funds increasing, while supply continued to drop. This supply/demand dynamic served as a key driver of municipal market performance for the period. The resultant rally in municipal bonds generally produced positive total returns for the reporting period as a whole. Overall, municipal credit fundamentals continued to improve, as state governments made good progress in dealing with budget issues. Due to strong growth in personal income tax and sales tax collections, year-over-year totals for state tax revenues had increased for 16 consecutive quarters as of the second quarter of 2014, while on the expense side, many states made headway in cutting and controlling costs, with the majority implementing some type of pension reform. The current level of municipal issuance reflects the more conservative approach to state budgeting. For the twelve months ended October 31, 2014, municipal bond issuance nationwide totaled $319.7 billion, down 4.6% from the issuance for the twelve-month reporting period ended October 31, 2013.
 
What key strategies were used to manage these Funds during the twelve-month reporting period ended October 31, 2014?
 
During this reporting period, we saw the municipal market environment shift from the volatility of late 2013 to a rally driven by strong demand and tight supply and reinforced by an environment of improving fundamentals in 2014. For the reporting period as a whole, municipal bond prices generally rose, as interest rates declined and the yield curve flattened. We continued to take a bottom-up approach to identifying sectors that appeared undervalued as well as individual credits that had the potential to perform well over the long term and helped us keep the Funds fully invested.
 
During the first two months of this reporting period, we primarily focused on strategies that enabled us to take advantage of the higher coupons and attractive prices resulting from a pattern of outflows, predominately from high yield funds. This presented us with opportunities to add lower rated credits and bonds with longer maturities to the Funds in the secondary market. In general, municipal supply nationally remained tight throughout this reporting period, although issuance improved during the second half of this twelve-month reporting period compared with the first half. However, much of this increase was attributable to refunding activity as bond issuers, prompted by low interest rates, sought to lower debt service costs by retiring older bonds from proceeds of lower cost new bond issues. During the third quarter of 2014, for example, we saw current refunding activity increase by more than 64% nationwide and estimates are that these refundings accounted for 35% of issuance during the first nine months of 2014. These refunding bonds do not represent an actual net increase in issuance because they are mostly replacing outstanding issues that were called soon thereafter. As a result, it remained challenging to source attractive bonds that would enhance the Funds’ holdings. Much of our investment activity focus during this reporting period was on reinvesting the cash generated by current calls into credit-sensitive sectors and longer maturity bonds that could help us offset the decline in rates and maintain investment performance potential. These Funds were well positioned coming into the reporting period, so we could be selective in looking for opportunities to purchase bonds that added value.

6
 
Nuveen Investments

 
 

 
 
In general, NUV and NUW continued to find value in sectors that represent some of our larger exposures, including transportation (e.g., tollroads, highways, bridges) and health care. Among our additions in the transportation sector were tollroad revenue bonds issued for Route 460 in Virginia and a new issue from the San Joaquin Hills Transportation Corridor Agency in Orange County, California, the largest tollroad network in the western U.S. In October 2014, the agency announced that it would restructure its debt through a tender offer for existing tollroad bonds at above-market prices, followed by the issuance of new bonds at the lower interest rates available in the current market. This allowed the agency to reduce debt service costs, improve cashflows and increase financial flexibility. In our view, the agency’s debt restructuring resulted in an improved credit outlook for these bonds and we participated in the tender offer and also added the new San Joaquin credits to our portfolios.
 
NMI also found value in the transportation and health care sectors, adding the San Joaquin issue described above as well as bonds issued for Lake Regional Health System in Missouri. Much of our focus was on reinvesting proceeds from bond calls into credits that would help us maintain NMI’s duration within its target range.
 
In NEV, we believed the Fund was well positioned at the start of the reporting period in a way that would enable it to harvest the potential for excess return in an environment where yields declined, the yield curve flattened and credit spreads contracted. As this environment unfolded during 2014, NEV benefited significantly from the credits and positions already in place in the Fund when the reporting period began. As a result, activity was relatively light during this reporting period and purchases generally were opportunistic. To further benefit from the current market environment, we continued to purchase bonds with maturities of 20 years or longer that would extend NEV’s duration and increase our exposure to the longer end of the curve. In addition, we emphasized lower rated, investment grade bonds that would perform well as credit spreads contracted. Overall, our focus was on consistent maintenance of the Fund’s current positioning.
 
Also during this reporting period, S&P upgraded its credit rating on National Public Finance Guarantee Corp. (NPFG), the insurance subsidiary of MBIA, to AA- from A, citing NPFG’s strong operating performance and competitive position in the financial guarantee market. As a result, the ratings on the Funds’ holdings of bonds backed by insurance from NPFG, and not already rated at least AA-due to higher underlying borrower ratings, were similarly upgraded to AA- as of mid-March 2014. This action produced an increase in the percentage of our portfolios held in the AA credit quality category (and a corresponding decrease in the A category), improving the overall credit rating of the Funds. During this reporting period, S&P also upgraded its rating on Assured Guaranty Municipal (AGM) as well as AGM’s municipal-only insurer Municipal Assurance Corp. to AA from AA-.
 
Cash for purchases was generated primarily by proceeds from called and matured bonds, which we worked to redeploy to keep the Funds fully invested and support their income streams. As previously mentioned, the decline in municipal yields and the flattening of the municipal yield curve relative to the Treasury curve helped to make refunding deals more attractive. The increase in this activity provided ample cash for purchases and drove much of our trading for the reporting period. In addition, the Funds continued to trim their holdings of Puerto Rico paper.
 
As of October 31, 2014, all of these Funds continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management, income enhancement and total return enhancement. As part of our duration management strategies, NEV also invested in forward interest rates swaps to help reduce price volatility risk to movements in U.S. interest rates relative to the Fund’s benchmark. During the reporting period, NEV found it advantageous to add a new inverse floating rate trust as of January 2014 and to rebalance the Fund’s position in forward interest rate swaps at the end of April 2014. These swaps had a mildly negative impact on performance.
 
How did the Funds perform during the twelve-month reporting period ended October 31, 2014?
 
The tables in each Fund’s Performance Overview and Holding Summaries section of this report provide the Funds’ total returns for the one-year, five-year, ten-year and since inception periods ended October 31, 2014. Each Fund’s total returns at net asset value (NAV) are compared with the performance of a corresponding market index and Lipper classification average.

Nuveen Investments
 
7

 
 

 
 
Portfolio Managers’ Comments (continued)
 
For the twelve months ended October 31, 2014, the total returns at NAV for all four of these Funds exceeded the return for the national S&P Municipal Bond Index. NUV, NUW and NMI outperformed the average return for the Lipper General and Insured Unleveraged Municipal Debt Funds Classification Average, while NEV surpassed the Lipper General & Insured Leveraged Municipal Debt Funds Classification Average return.
 
Key management factors that influenced the Funds’ returns included duration and yield curve positioning, the use of derivatives in NEV, credit exposure and sector allocation. Keeping the Funds fully invested throughout the reporting period also was beneficial for performance. In addition, NEV’s use of leverage was an important positive factor in its performance during this reporting period. Leverage is discussed in more detail later in the Fund Leverage section of this report.
 
Given the combination of declining interest rates and a flattening yield curve during this reporting period, municipal bonds with longer maturities generally outperformed those with shorter maturities. Overall, credits with maturities of 15 years or more, especially those at the longest end of the municipal yield curve, outperformed the general municipal market, while bonds at the shortest end of the curve produced the weakest results. In general, the Funds’ durations and yield curve positioning were positive for performance during this reporting period. Consistent with our long term strategy, these Funds tended to have longer durations than the municipal market in general, with overweightings in the longer parts of the yield curve that performed well and underweightings in the underperforming shorter end of the curve. This was especially true in NEV, where greater sensitivity to changes in interest rates benefited its performance. NUW had the shortest duration among these Funds, which slightly diminished its positive contribution from duration. Overall, duration and yield curve positioning was the major driver of performance and differences in positioning accounted for much of the differences in performance.
 
While NEV’s performance was boosted by its longer duration, this Fund also used forward interest rate swaps to moderate interest rate risk, as previously described. Because the swaps limited NEV’s duration, they detracted somewhat from the Fund’s total return performance, but were offset to a large degree by NEV’s overall duration and yield curve positioning.
 
During this reporting period, lower rated bonds, that is, bonds rated A or lower, generally outperformed higher quality bonds, as the municipal market rally continued and investors became more willing to accept risk in their search for yield in the current low rate environment. While their longer average durations provided an advantage for lower rated bonds, these bonds also generally had stronger duration-adjusted results. These Funds tended to have overweights in bonds rated A and BBB and underweights in the AAA and AA categories relative to their benchmarks and credit exposure was generally positive for their performance during this period. In particular, NMI benefited from having the largest overweight in bonds rated BBB, while NEV was helped by its heavier allocation to subinvestment grade bonds as credit spreads contracted. As with duration, differences in credit allocation accounted for some of the differences in performance.
 
Among the municipal market sectors, health care, industrial development revenue (IDR) and transportation (especially tollroads) bonds generally were the top performers, with water and sewer, education and housing credits also outperforming the general municipal market. The outperformance of the health care sector can be attributed in part to the recent scarcity of these bonds, with issuance in this sector declining 31% during the first nine months of 2014, while the performance of tollroad bonds was boosted by improved traffic and revenue from increased rates. Each of these Funds had strong or targeted exposures to the health care and transportation sectors, which benefited their performance. NEV also benefited from its overweights in IDRs and land-secured credits, including redevelopment agency (RDA) bonds in California and community development district (CDD) issues in Florida. During this reporting period, lower rated tobacco credits backed by the 1998 master tobacco settlement agreement experienced some volatility, but finished the reporting period ahead of the national municipal market as a whole. The performance of these bonds was helped by their longer effective durations, lower credit quality and the broader demand for higher yields. In addition, several tobacco bond issues were strengthened following the favorable resolution of a dispute over payments by tobacco companies. All of these Funds were overweighted in tobacco bonds.

8
 
Nuveen Investments

 
 

 
 
In contrast, pre-refunded bonds, which are often backed by U.S. Treasury securities, were among the poorest performing market segments. The underperformance of these bonds relative to the market can be attributed primarily to their shorter effective maturities and higher credit quality. All of these Funds had holdings of pre-refunded bonds, with NUV having the heaviest allocation of these bonds as of October 31, 2014. In addition, general obligation (GO) credits generally trailed the revenue sectors as well as the municipal market as a whole, although by a substantially smaller margin than the pre-refunded category. Some of the GOs’ underperformance can be attributed to their higher quality. These Funds tended to be underweighted in GOs.
 
We continued to monitor two situations in the broader municipal market for any impact on the Funds’ holdings and performance: the ongoing economic problems of Puerto Rico and the City of Detroit’s bankruptcy case. In terms of Puerto Rico holdings, shareholders should note that the Funds in this report had very limited exposure to Puerto Rico debt, with NUW and NMI selling the last of their Puerto Rico holdings during this reporting period. These territorial bonds were originally added to our portfolios to keep assets fully invested and working for the Funds as well as to enhance diversity, duration and credit. The Puerto Rico credits offered higher yields, added diversification and triple exemption (i.e., exemption from most federal, state and local taxes). However, Puerto Rico’s continued economic weakening, escalating debt service obligations and long-standing inability to deliver a balanced budget led to multiple downgrades on its debt over the past two years. Following the latest rating reduction by Moody’s in July 2014, Puerto Rico general obligation debt was rated B2/BB+/BB (below investment grade) by Moody’s, S&P and Fitch, respectively, with negative outlooks. In late June 2014, Puerto Rico approved new legislation creating a judicial framework and formal process that would allow several of the commonwealth’s public corporations to restructure their public debt. As of October 2014, the Nuveen complex held $69.8 million in bonds backed by public corporations in Puerto Rico that could be restructured under this legislation, representing less than 0.1% of our municipal assets under management. In light of the evolving economic situation in Puerto Rico, Nuveen’s credit analysis of the commonwealth had previously considered the possibility of a default and restructuring of public corporations and we adjusted our portfolios to prepare for such an outcome, although no such default or restructuring has occurred to date. The Nuveen complex’s entire exposure to obligations of the government of Puerto Rico and other Puerto Rico issuers totaled 0.35% of assets under management as of October 31, 2014. As of October 31, 2014, NUV’s and NEV’s exposure to Puerto Rico generally was invested in bonds that were insured (which we believe adds value), pre-refunded (and therefore backed by securities such as U.S. Treasuries) or unrelated to the government of Puerto Rico. Due to credit selection, NEV’s Puerto Rico holdings performed very well during this reporting period. However, the small size of our exposures meant that these holdings had a negligible impact on performance.
 
The second situation that we continued to monitor was the City of Detroit’s filing for Chapter 9 in federal bankruptcy court in July 2013. Burdened by decades of population loss, changes in the auto manufacturing industry and significant tax base deterioration, Detroit had been under severe financial stress for an extended period prior to the filing. Before Detroit could exit bankruptcy, issues surrounding the city’s complex debt portfolio, numerous union contracts, significant legal questions and more than 100,000 creditors had to be resolved. By October 2014, all of the major creditors had reached an agreement on the city’s plan to restructure its $18.5 billion of debt and emerge from bankruptcy and on November 7, 2014 (subsequent to the close of this reporting period). The U.S. Bankruptcy Court approved the city’s bankruptcy exit plan, thereby erasing approximately $7 billion in debt. The settlement plan also provided for $1.7 billion to be reinvested in the city for improved public safety, blight removal and upgraded basic services. All of these Funds had exposure to Detroit-related bonds, including Detroit water and sewer credits. In August 2014, Detroit announced a tender offer for the city’s water and sewer bonds, aimed at replacing some of the $5.2 billion of existing debt with lower cost bonds. (Not all of the Detroit water and sewer bonds were eligible for the tender offer, e.g., NEV’s holding of insured water and sewer bonds are callable at par in December 2014 and were not included in the offer.) Approximately $1.5 billion in existing water and sewer bonds were returned to the city by investors under the tender offer, which enabled Detroit to issue $1.8 billion in new water and sewer bonds, resulting in savings of $250 million over the life of the bonds. The city also raised about $150 million to finance sewer system improvements. As part of the deal, Detroit water and sewer bonds were permanently removed from the city’s bankruptcy case. NUV and NUW participated in the tender offer for existing Detroit water and sewer bonds and also purchased the new water and sewer bonds. In general, Detroit water and sewer credits rallied following these positive developments.

Nuveen Investments
 
9

 
 

 
 
Fund Leverage
 
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
 
One important factor impacting the returns of NEV relative to its comparative benchmark was the Fund’s use of leverage through its investments in inverse floating rate securities, which represent leveraged investments in underlying bonds. This was also a factor, although less significantly, for NUV, NUW and NMI because their use of leverage is more modest. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income, particularly in the recent market environment where short-term market rates are at or near historical lows, meaning that the short-term rates the Fund has been paying on its leveraging instruments have been much lower than the interest the Fund has been earning on its portfolio of long-term bonds that it has bought with the proceeds of that leverage. However, use of leverage also can expose the Fund to additional price volatility. When a Fund uses leverage, the Fund will experience a greater increase in its net asset value if the municipal bonds acquired through the use of leverage increase in value, but it will also experience a correspondingly larger decline in its net asset value if the bonds acquired through leverage decline in value, which will make the Fund’s net asset value more volatile, and its total return performance more variable over time. In addition, income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. Leverage made a modest positive contribution to the performance of NUV and a positive contribution to the performance of NUW, NMI and NEV over this reporting period.
 
As of October 31, 2014, the Funds’ percentages of leverage are as shown in the accompanying table.

 
NUV
NUW
NMI
NEV
 
Effective Leverage*
2.02%
7.08%
8.91%
32.82%
 
 
*
Effective Leverage is a Fund’s effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund’s portfolio that increase the Fund’s investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values.
 
10
 
Nuveen Investments

 
 

 
 
Share Information
 
DISTRIBUTION INFORMATION
 
The following information regarding the Funds’ distributions is current as of October 31, 2014. Each Fund’s distribution levels may vary over time based on each Fund’s investment activity and portfolio investment value changes.
 
During the current reporting period, each Fund’s monthly distributions to shareholders were as shown in the accompanying table.

   
Per Share Amounts
 
Ex-Dividend Date
   
NUV
   
NUW
   
NMI
   
NEV
 
November 2013
 
$
0.0370
 
$
0.0670
 
$
0.0475
 
$
0.0800
 
December
   
0.0370
   
0.0670
   
0.0475
   
0.0800
 
January
   
0.0370
   
0.0670
   
0.0475
   
0.0800
 
February
   
0.0370
   
0.0670
   
0.0475
   
0.0800
 
March
   
0.0360
   
0.0670
   
0.0450
   
0.0800
 
April
   
0.0360
   
0.0670
   
0.0450
   
0.0800
 
May
   
0.0360
   
0.0670
   
0.0450
   
0.0800
 
June
   
0.0360
   
0.0670
   
0.0450
   
0.0800
 
July
   
0.0360
   
0.0670
   
0.0450
   
0.0800
 
August
   
0.0360
   
0.0670
   
0.0450
   
0.0800
 
September
   
0.0345
   
0.0670
   
0.0425
   
0.0800
 
October 2014
   
0.0345
   
0.0670
   
0.0425
   
0.0800
 
                           
Long-Term Capital Gain*
 
$
 
$
0.0887
 
$
 
$
 
Ordinary Income Distribution*
 
$
0.0049
 
$
0.0034
 
$
0.0051
 
$
0.0010
 
                           
Market Yield**
   
4.30
%
 
4.76
%
 
4.51
%
 
6.44
%
Taxable-Equivalent Yield**
   
5.96
%
 
6.61
%
 
6.26
%
 
8.94
%
 
*
Distribution paid in December 2013.
**
Market Yield is based on the Fund’s current annualized monthly dividend divided by the Fund’s current market price as of the end of the reporting period. Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28.0%. When comparing a Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
 
Each Fund in this report seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. If a Fund has  cumulatively earned more than it has paid in dividends, it will hold the excess in reserve as undistributed net investment income  (UNII) as part of the Fund’s net asset value. Conversely, if a Fund has cumulatively paid in dividends more than it has earned, the excess will constitute a negative UNII that will likewise be reflected in the Fund’s net asset value. Each Fund will, over time, pay all its net investment income as dividends to shareholders.
 
As of October 31, 2014, all the Funds in this report had positive UNII balances for both tax and financial reporting purposes.
 
All monthly dividends paid by the Funds during the fiscal year ended October 31, 2014 were paid from net investment income. If a portion of a Fund’s monthly distributions was sourced from or comprised of elements other than net investment income, including

Nuveen Investments
 
11

 
 

 
 
Share Information (continued)
 
capital gains and/or a return of capital, the Funds’ shareholders would have received a notice to that effect. The composition and per share amounts of each Fund’s monthly dividends for the reporting period are presented in the Statement of Changes in Net Assets and Financial Highlights, respectively (for reporting purposes) and in Note 6 Income Tax Information within the accompany Notes to Financial Statements (for income tax purposes), later in this report.
 
EQUITY SHELF PROGRAMS
 
During the reporting period, the following Funds were authorized to issue additional shares through their ongoing equity shelf programs. Under these programs, each Fund, subject to market conditions, may raise additional capital from time to time in varying amounts and offering methods at a net price at or above each Fund’s NAV per share. Under the equity shelf programs, the Funds are authorized to issue the following number of additional shares:

 
NUV
NUW
NEV
 
Additional Shares Authorized
19,600,000
1,200,000
1,900,000
 
 
During the current reporting period the Funds did not sell shares through their equity shelf programs.
 
As of February 28, 2014, NUV’s and NUW’s shelf offering registration statements are no longer effective. Therefore, the Funds may not issue additional shares under their equity shelf programs until a new registration statement is effective.
 
SHARE REPURCHASES
 
During August 2014, the Funds’ Board of Directors/Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding shares.
 
As of October 31, 2014, and since the inception of the Funds’ repurchase programs, the Funds have cumulatively repurchased and retired their outstanding shares as shown in the accompanying table.

 
NUV
NUW
NMI
NEV
 
Shares Cumulatively Repurchased and Retired
0
0
0
0
 
Shares Authorized for Repurchase
20,565,000
1,320,000
830,000
2,110,000
 
 
OTHER SHARE INFORMATION
 
As of October 31, 2014, and during the current reporting period, the Funds’ share prices were trading at a premium/(discount) to their NAVs as shown in the accompanying table.

     
NUV
   
NUW
   
NMI
   
NEV
 
NAV
 
$
10.21
 
$
17.19
 
$
11.52
 
$
15.69
 
Share Price
 
$
9.64
 
$
16.89
 
$
11.30
 
$
14.91
 
Premium/(Discount) to NAV
   
(5.58
)%
 
(1.75
)%
 
(1.91
)%
 
(4.97
)%
12-Month Average Premium/(Discount) to NAV
   
(4.99
)%
 
(3.96
)%
 
(1.76
)%
 
(4.53
)%
 
12
 
Nuveen Investments

 
 

 
 
Risk Considerations
 
Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation. Past performance is no guarantee of future results. Fund shares are subject to a variety of risks, including:
 
Investment, Market and Price Risk. An investment in shares is subject to investment risk, including the possible loss of the entire principal amount that you invest. Your investment in shares represents an indirect investment in the municipal securities owned by the Funds, which generally trade in the over-the-counter markets. Shares of closed-end investment companies like these Funds frequently trade at a discount to their net asset value (NAV). Your shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.
 
Tax Risk. The tax treatment of Fund distributions may be affected by new IRS interpretations of the Internal Revenue Code and future changes in tax laws and regulations.
 
Leverage Risk. Each Fund’s use of leverage creates the possibility of higher volatility for the Fund’s per share NAV, market price, distributions and returns. There is no assurance that a Fund’s leveraging strategy will be successful. Certain aspects of the recently adopted Volcker Rule may limit the availability of tender option bonds, which are used by the Funds for leveraging and duration management purposes. The effects of this new Rule, expected to take effect in mid-2015, may make it more difficult for a Fund to maintain current or desired levels of leverage and may cause the Fund to incur additional expenses to maintain its leverage.
 
Inverse Floater Risk. The Funds may invest in inverse floaters. Due to their leveraged nature, these investments can greatly increase a Fund’s exposure to interest rate risk and credit risk. In addition, investments in inverse floaters involve the risk that the Fund could lose more than its original principal investment.
 
Issuer Credit Risk. This is the risk that a security in a Fund’s portfolio will fail to make dividend or interest payments when due.
 
Interest Rate Risk. Fixed-income securities such as bonds, preferred, convertible and other debt securities will decline in value if market interest rates rise.
 
Reinvestment Risk. If market interest rates decline, income earned from a Fund’s portfolio may be reinvested at rates below that of the original bond that generated the income.
 
Call Risk or Prepayment Risk. Issuers may exercise their option to prepay principal earlier than scheduled, forcing a Fund to reinvest in lower-yielding securities.
 
Derivatives Strategy Risk: Derivative securities, such as calls, puts, warrants, swaps and forwards, carry risks different from, and possibly greater than, the risks associated with the underlying investments.
 
Municipal Bond Market Liquidity Risk. Inventories of municipal bonds held by brokers and dealers have decreased in recent years, lessening their ability to make a market in these securities. This reduction in market making capacity has the potential to decrease a Fund’s ability to buy or sell bonds, and increase bond price volatility and trading costs, particularly during periods of economic or market stress. In addition, recent federal banking regulations may cause certain dealers to reduce their inventories of municipal bonds, which may further decrease a Fund’s ability to buy or sell bonds. As a result, the Fund may be forced to accept a lower price to sell a security, to sell other securities to raise cash, or to give up an investment opportunity, any of which could have a negative effect on performance. If the Fund needed to sell large blocks of bonds, those sales could further reduce the bonds’ prices and hurt performance.

Nuveen Investments
 
13

 
 

 

NUV
 
 
Nuveen Municipal Value Fund, Inc.
 
 
Performance Overview and Holding Summaries as of October 31, 2014
 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
 
Average Annual Total Returns as of October 31, 2014
 
   
Average Annual
   
1-Year
5-Year
10-Year
NUV at NAV
 
11.04%
6.47%
5.17%
NUV at Share Price
 
11.54%
4.46%
5.50%
S&P Municipal Bond Index
 
7.94%
5.45%
4.74%
Lipper General & Insured Unleveraged Municipal Debt Funds Classification Average
 
10.77%
6.13%
4.89%
 
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. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
 
14
 
Nuveen Investments

 
 

 
 
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
 
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
 
Fund Allocation
 
(% of net assets)
 
Municipal Bonds
98.9%
Common Stocks
0.3%
Corporate Bonds
0.0%
Floating Rate Obligations
(0.9)%
Other Assets Less Liabilities
1.7%

Credit Quality
 
(% of total investment exposure)
 
AAA/U.S. Guaranteed
14.1%
AA
46.2%
A
18.3%
BBB
9.9%
BB or Lower
8.6%
N/R (not rated)
2.6%
N/A (not applicable)
0.3%

Portfolio Composition
 
(% of total investments)
 
Tax Obligation/Limited
20.5%
Health Care
19.1%
Transportation
15.5%
Tax Obligation/General
13.7%
Consumer Staples
7.0%
U.S. Guaranteed
6.4%
Utilities
5.6%
Other
12.2%

States and Territories
 
(% of total municipal bonds)
 
Illinois
15.0%
California
13.9%
Texas
12.8%
Florida
5.7%
Colorado
5.1%
New York
4.5%
Michigan
4.4%
Ohio
3.8%
Virginia
3.4%
Wisconsin
3.0%
Indiana
2.4%
Washington
2.3%
New Jersey
2.1%
Louisiana
1.9%
Other
19.7%
 
Nuveen Investments
 
15

 
 

 

NUW
 
 
Nuveen AMT-Free Municipal Value Fund
 
Performance Overview and Holding Summaries as of October 31, 2014
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
 
Average Annual Total Returns as of October 31, 2014
 
   
Average Annual
       
Since
   
1-Year
5-Year
Inception1
NUW at NAV
 
10.95%
6.64%
8.77%
NUW at Share Price
 
17.27%
6.83%
7.65%
S&P Municipal Bond Index
 
7.94%
5.45%
6.22%
Lipper General & Insured Unleveraged Municipal Debt Funds Classification Average
 
10.77%
6.13%
8.33%
 
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. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
 
1
Since inception returns are from 2/25/09.
 
16
 
Nuveen Investments

 
 

 
 
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
 
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
 
Fund Allocation
 
(% of net assets)
 
Municipal Bonds
101.6%
Floating Rate Obligations
(3.1)%
Other Assets Less Liabilities
1.5%

Credit Quality
 
(% of total investment exposure)
 
AAA/U.S. Guaranteed
8.0%
AA
38.0%
A
28.1%
BBB
17.8%
BB or Lower
6.8%
N/R (not rated)
1.3%

Portfolio Composition
 
(% of total investments)
 
Health Care
22.0%
Tax Obligation/Limited
18.4%
Transportation
14.4%
Tax Obligation/General
12.9%
Utilities
9.3%
Consumer Staples
7.2%
Water and Sewer
4.2%
U.S. Guaranteed
3.9%
Other
7.7%

States and Territories
 
(% of total municipal bonds)
 
Illinois
12.2%
California
9.9%
Florida
8.8%
Indiana
7.4%
Louisiana
7.3%
Ohio
6.2%
Colorado
6.2%
Wisconsin
5.9%
Texas
5.8%
Michigan
4.1%
Nevada
3.7%
Arizona
3.5%
Other
19.0%
 
Nuveen Investments
 
17

 
 

 

NMI
 
 
Nuveen Municipal Income Fund, Inc.
 
Performance Overview and Holding Summaries as of October 31, 2014
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
 
Average Annual Total Returns as of October 31, 2014
 
   
Average Annual
   
1-Year
5-Year
10-Year
NMI at NAV
 
12.06%
7.50%
5.87%
NMI at Share Price
 
17.55%
6.56%
6.44%
S&P Municipal Bond Index
 
7.94%
5.45%
4.74%
Lipper General & Insured Unleveraged Municipal Debt Funds Classification Average
 
10.77%
6.13%
4.89%
 
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. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
 
18
 
Nuveen Investments

 
 

 
 
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
 
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
 
Fund Allocation
 
(% of net assets)
 
Long-Term Municipal Bonds
101.3%
Short-Term Municipal Bonds
1.1%
Floating Rate Obligations
(3.5)%
Other Assets Less Liabilities
1.1%

Credit Quality
 
(% of total investment exposure)
 
AAA/U.S. Guaranteed
6.5%
AA
30.3%
A
28.0%
BBB
23.3%
BB or Lower
6.0%
N/R (not rated)
5.9%

Portfolio Composition
 
(% of total investments)
 
Health Care
21.8%
Tax Obligation/Limited
13.4%
Tax Obligation/General
12.5%
Education and Civic Organizations
12.1%
Utilities
10.9%
Transportation
6.9%
Consumer Staples
5.4%
U.S. Guaranteed
5.3%
Other
11.7%

States and Territories
 
(% of total municipal bonds)
 
California
17.5%
Illinois
9.5%
Texas
9.2%
Missouri
8.7%
Colorado
7.8%
Wisconsin
6.0%
Florida
5.6%
Ohio
4.7%
New York
3.9%
Pennsylvania
2.7%
Tennessee
2.5%
Kentucky
2.4%
Other
19.5%
 
Nuveen Investments
 
19

 
 

 

NEV
 
 
Nuveen Enhanced Municipal Value Fund
 
Performance Overview and Holding Summaries as of October 31, 2014
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
 
Average Annual Total Returns as of October 31, 2014
 
   
Average Annual
 
       
Since
 
   
1-Year
5-Year
Inception1
 
NEV at NAV
 
18.67%
9.58%
8.48%
 
NEV at Share Price
 
14.58%
6.71%
6.57%
 
S&P Municipal Bond Index
 
7.94%
5.45%
4.94%
 
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average
 
17.38%
9.24%
8.52%
 
 
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. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
 
1
Since inception returns are from 9/25/09.
 
20
 
Nuveen Investments

 
 

 
 
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
 
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
 
Fund Allocation
 
(% of net assets)
 
Municipal Bonds
102.1%
Common Stocks
0.9%
Floating Rate Obligations
(5.4)%
Other Assets Less Liabilities
2.4%

Credit Quality
 
(% of total investment exposure)2
 
AAA/U.S. Guaranteed
0.3%
AA
51.2%
A
14.6%
BBB
12.8%
BB or Lower
11.5%
N/R (not rated)
9.0%
N/A (not applicable)
0.6%

Portfolio Composition
 
(% of total investments)2
 
Tax Obligation/Limited
22.0%
Health Care
17.4%
Transportation
13.0%
Education and Civic Organizations
10.6%
Tax Obligation/General
9.9%
Consumer Staples
5.4%
Long-Term Care
4.4%
Water and Sewer
4.1%
Other
13.2%

States and Territories
 
(% of total municipal bonds)
 
California
16.3%
Illinois
10.5%
Florida
6.8%
Ohio
6.2%
Georgia
6.0%
Pennsylvania
5.8%
Michigan
5.5%
Wisconsin
5.1%
Texas
4.2%
Arizona
3.8%
Colorado
3.7%
New York
3.3%
Kansas
2.4%
Washington
2.3%
Other
18.1%
 
2
Excluding investments in derivatives.
 
Nuveen Investments
 
21

 
 

 
 
Shareholder Meeting Report
 
The annual meeting of shareholders was held in the offices of Nuveen Investments on August 5, 2014 for NUV, NUW, NMI and NEV; at this meeting the shareholders were asked to vote to approve a new investment management agreement, to approve a new sub-advisory agreement and to elect Board Members.
 
     
NUV
   
NUW
   
NMI
   
NEV
 
     
Common
   
Common
   
Common
   
Common
 
     
shares
   
shares
   
shares
   
shares
 
To approve a new investment management agreement
                         
For
   
90,253,159
   
5,455,034
   
3,701,427
   
8,558,294
 
Against
   
3,143,955
   
202,099
   
142,512
   
286,737
 
Abstain
   
3,040,199
   
180,416
   
162,088
   
252,272
 
Broker Non-Votes
   
31,115,910
   
1,725,774
   
951,219
   
2,766,795
 
Total
   
127,553,223
   
7,563,323
   
4,957,246
   
11,864,098
 
To approve a new sub-advisory agreement
                         
For
   
89,790,566
   
5,430,179
   
3,678,513
   
8,515,615
 
Against
   
3,415,727
   
206,632
   
161,455
   
307,279
 
Abstain
   
3,231,020
   
200,738
   
166,059
   
274,409
 
Broker Non-Votes
   
31,115,910
   
1,725,774
   
951,219
   
2,766,795
 
Total
   
127,553,223
   
7,563,323
   
4,957,246
   
11,864,098
 
Approval of the Board Members was reached as follows:
                         
William Adams IV
                         
For
   
123,195,162
   
7,294,290
   
4,711,475
   
11,445,504
 
Withhold
   
4,358,061
   
269,033
   
245,771
   
418,594
 
Total
   
127,553,223
   
7,563,323
   
4,957,246
   
11,864,098
 
David J. Kundert
                         
For
   
123,138,818
   
7,290,613
   
4,690,404
   
11,453,087
 
Withhold
   
4,414,405
   
272,710
   
266,842
   
411,011
 
Total
   
127,553,223
   
7,563,323
   
4,957,246
   
11,864,098
 
John K. Nelson
                         
For
   
123,313,315
   
7,289,264
   
4,709,146
   
11,445,082
 
Withhold
   
4,239,908
   
274,059
   
248,100
   
419,016
 
Total
   
127,553,223
   
7,563,323
   
4,957,246
   
11,864,098
 
Terence J. Toth
                         
For
   
123,180,673
   
7,289,465
   
4,702,275
   
11,443,262
 
Withhold
   
4,372,550
   
273,858
   
254,971
   
420,836
 
Total
   
127,553,223
   
7,563,323
   
4,957,246
   
11,864,098
 
 
22
 
Nuveen Investments

 
 

 
 
Report of Independent Registered Public Accounting Firm
 
To the Board of Directors/Trustees and Shareholders of
Nuveen Municipal Value Fund, Inc.
Nuveen AMT-Free Municipal Value Fund
Nuveen Municipal Income Fund, Inc.
Nuveen Enhanced Municipal Value Fund:
 
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Nuveen Municipal Value Fund, Inc., Nuveen AMT-Free Municipal Value Fund, Nuveen Municipal Income Fund, Inc. and Nuveen Enhanced Municipal Value Fund (the “Funds”) as of October 31, 2014, and the related statements of operations, changes in net assets, and the financial highlights for the year then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The statements of changes in net assets and the financial highlights for the periods presented through October 31, 2013 were audited by other auditors whose report dated December 27, 2013 expressed an unqualified opinion on those statements and those financial highlights.
 
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2014, by correspondence with the custodian and brokers or other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
 
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Funds as of October 31, 2014, the results of their operations, the changes in their net assets and the financial highlights for the year then ended, in conformity with U.S. generally accepted accounting principles.
 
/s/ KPMG LLP
Chicago, Illinois
December 26, 2014

Nuveen Investments
 
23

 
 

 

NUV
 
 
Nuveen Municipal Value Fund, Inc.
 
 
Portfolio of Investments
October 31, 2014
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
LONG-TERM INVESTMENTS – 99.2%
           
     
MUNICIPAL BONDS – 98.9%
           
     
Alaska – 0.8%
           
$
3,335
 
Alaska Housing Finance Corporation, General Housing Purpose Bonds, Series 2005A, 5.000%, 12/01/30 (Pre-refunded 12/01/14) – FGIC Insured
12/14 at 100.00
 
AA+ (4)
$
3,348,540
 
 
5,000
 
Alaska Housing Finance Corporation, General Housing Purpose Bonds, Series 2005B-2, 5.250%, 12/01/30 – NPFG Insured
6/15 at 100.00
 
AA+
 
5,197,500
 
 
5,405
 
CivicVentures, Alaska, Revenue Bonds, Anchorage Convention Center Series 2006, 5.000%, 9/01/34 – NPFG Insured
9/15 at 100.00
 
AA–
 
5,568,826
 
 
2,710
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/32
12/14 at 100.00
 
B2
 
2,168,596
 
 
16,450
 
Total Alaska
       
16,283,462
 
     
Arizona – 1.1%
           
 
2,630
 
Arizona Board of Regents, Arizona State University System Revenue Bonds, Refunding Series 2012A, 4.000%, 7/01/15
No Opt. Call
 
AA
 
2,697,538
 
 
2,500
 
Phoenix Civic Improvement Corporation, Arizona, Excise Tax Revenue Bonds, Civic Plaza Expansion Project, Subordinate Series 2005A, 5.000%, 7/01/35 – FGIC Insured
No Opt. Call
 
AA
 
2,560,075
 
 
2,500
 
Phoenix Civic Improvement Corporation, Arizona, Senior Lien Airport Revenue Bonds, Series 2008A, 5.000%, 7/01/38
7/18 at 100.00
 
AA–
 
2,769,950
 
 
2,575
 
Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Government Project Bonds, Series 2008, 7.000%, 12/01/27
12/17 at 102.00
 
B–
 
2,450,138
 
 
5,600
 
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc. Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37
No Opt. Call
 
A–
 
6,347,376
 
 
4,240
 
Scottsdale Industrial Development Authority, Arizona, Hospital Revenue Bonds, Scottsdale Healthcare, Series 2006C. Re-offering, 5.000%, 9/01/35 – AGC Insured
9/20 at 100.00
 
AA
 
4,628,850
 
 
1,000
 
Scottsdale Industrial Development Authority, Arizona, Hospital Revenue Bonds, Scottsdale Healthcare, Series 2008A, 5.250%, 9/01/30
3/15 at 100.00
 
A2
 
1,011,990
 
 
21,045
 
Total Arizona
       
22,465,917
 
     
Arkansas – 0.1%
           
 
1,150
 
Benton Washington Regional Public Water Authority, Arkansas, Water Revenue Bonds, Refunding & Improvement Series 2007, 4.750%, 10/01/33 (Pre-refunded 10/01/17) – SYNCORA GTY Insured
10/17 at 100.00
 
A- (4)
 
1,286,172
 
     
California – 13.8%
           
 
5,000
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2013S-4, 5.000%, 4/01/38
4/23 at 100.00
 
A+
 
5,637,700
 
 
5,195
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Gold Country Settlement Funding Corporation, Series 2006, 0.000%, 6/01/33
12/14 at 100.00
 
CCC
 
1,368,207
 
 
3,275
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A, 5.450%, 6/01/28
12/18 at 100.00
 
B2
 
3,052,071
 
 
6,100
 
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2005AC, 5.000%, 12/01/27 (Pre-refunded 12/01/14) – NPFG Insured
12/14 at 100.00
 
AAA
 
6,124,888
 
     
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+
 
5,254,800
 
 
6,000
 
5.000%, 4/01/37 (UB) (5)
4/16 at 100.00
 
A+
 
6,184,920
 
 
3,850
 
California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, Series 2013A, 5.000%, 7/01/33
7/23 at 100.00
 
AA–
 
4,432,082
 
 
2,335
 
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2010A, 5.750%, 7/01/40
7/20 at 100.00
 
Baa2
 
2,593,928
 
 
24
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
California (continued)
             
$ 2,130  
California Pollution Control Financing Authority, Revenue Bonds, Pacific Gas and Electric Company, Series 2004C, 4.750%, 12/01/23 – FGIC Insured (Alternative Minimum Tax)
  6/17 at 100.00   A3  $ 2,282,295  
 
1,625
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2013I, 5.000%, 11/01/38
 
11/23 at 100.00
 
A1
 
1,827,150
 
 
1,400
 
California State, General Obligation Bonds, Refunding Series 2007, 4.500%, 8/01/30
 
2/17 at 100.00
 
Aa3
 
1,494,640
 
 
2,235
 
California State, General Obligation Bonds, Series 2003, 5.000%, 2/01/33
 
8/15 at 100.00
 
Aa3
 
2,242,845
 
 
16,000
 
California State, General Obligation Bonds, Various Purpose Series 2007, 5.000%, 6/01/37
 
6/17 at 100.00
 
Aa3
 
17,242,240
 
 
5,000
 
California State, General Obligation Bonds, Various Purpose Series 2011, 5.000%, 10/01/41
 
10/21 at 100.00
 
Aa3
 
5,618,650
 
 
2,530
 
California Statewide Community Development Authority, Certificates of Participation, Internext Group, Series 1999, 5.375%, 4/01/17
 
4/15 at 100.00
 
BBB+
 
2,540,955
 
 
3,125
 
California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital Project, Series 2009, 6.750%, 2/01/38
 
8/19 at 100.00
 
Aa2
 
3,782,750
 
 
3,600
 
California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Series 2007A, 5.750%, 7/01/47 – FGIC Insured
 
7/18 at 100.00
 
AA–
 
4,083,840
 
 
5,000
 
Coast Community College District, Orange County, California, General Obligation Bonds, Series 2006C, 5.000%, 8/01/32 – AGM Insured
 
8/18 at 100.00
 
Aa1
 
5,547,150
 
 
4,505
 
Covina-Valley Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2003B, 0.000%, 6/01/28 – FGIC Insured
 
No Opt. Call
 
AA–
 
2,520,953
 
 
16,045
 
Desert Community College District, Riverside County, California, General Obligation Bonds, Election 2004 Series 2007C, 0.000%, 8/01/33 – AGM Insured
 
8/17 at 42.63
 
AA
 
6,295,737
 
 
30,000
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 1995A, 0.000%, 1/01/22 (ETM)
 
No Opt. Call
 
Aaa
 
26,686,200
 
 
2,180
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Series 2013A, 0.000%, 1/15/42
 
1/31 at 100.00
 
BBB–
 
1,396,072
 
     
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A:
             
 
11,830
 
5.000%, 6/01/38 – FGIC Insured
 
6/15 at 100.00
 
A1
 
12,142,075
 
 
15,000
 
5.000%, 6/01/45
 
6/15 at 100.00
 
A1
 
15,375,150
 
 
13,065
 
5.000%, 6/01/45 – AMBAC Insured
 
6/15 at 100.00
 
A1
 
13,391,756
 
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
             
 
25,790
 
4.500%, 6/01/27
 
6/17 at 100.00
 
B
 
24,227,900
 
 
13,985
 
5.000%, 6/01/33
 
6/17 at 100.00
 
B
 
11,490,076
 
 
1,500
 
5.125%, 6/01/47
 
6/17 at 100.00
 
B
 
1,121,280
 
 
4,500
 
Hemet Unified School District, Riverside County, California, General Obligation Bonds, Series 2008B, 5.125%, 8/01/37 – AGC Insured
 
8/16 at 102.00
 
AA
 
4,876,920
 
     
Merced Union High School District, Merced County, California, General Obligation Bonds, Series 1999A:
             
 
2,500
 
0.000%, 8/01/23 – FGIC Insured
 
No Opt. Call
 
AA–
 
1,929,075
 
 
2,555
 
0.000%, 8/01/24 – FGIC Insured
 
No Opt. Call
 
AA–
 
1,873,198
 
 
2,365
 
Montebello Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2004, 0.000%, 8/01/27 – FGIC Insured
 
No Opt. Call
 
AA–
 
1,453,766
 
 
4,405
 
Moreland School District, Santa Clara County, California, General Obligation Bonds, Series 2004D, 0.000%, 8/01/32 – FGIC Insured
 
No Opt. Call
 
AA+
 
1,621,569
 
     
Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2013A:
             
 
2,200
 
0.000%, 8/01/28
 
2/28 at 100.00
 
AA
 
1,753,268
 
 
2,315
 
0.000%, 8/01/43
 
8/35 at 100.00
 
AA
 
1,503,106
 
 
3,550
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009C, 6.500%, 11/01/39
 
No Opt. Call
 
A
 
4,833,503
 

Nuveen Investments
 
25

 
 

 
 
NUV
Nuveen Municipal Value Fund, Inc.
 
 
Portfolio of Investments (continued)
October 31, 2014
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
California (continued)
             
     
Napa Valley Community College District, Napa and Sonoma Counties, California, General Obligation Bonds, Election 2002 Series 2007C:
             
$
7,200
 
0.000%, 8/01/29 – NPFG Insured
 
8/17 at 54.45
 
Aa2
$
3,625,992
 
 
11,575
 
0.000%, 8/01/31 – NPFG Insured
 
8/17 at 49.07
 
Aa2
 
5,168,701
 
 
2,620
 
New Haven Unified School District, Alameda County, California, General Obligation Bonds, Series 2004A, 0.000%, 8/01/28 – NPFG Insured
 
No Opt. Call
 
AA–
 
1,285,529
 
 
2,350
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.750%, 11/01/39
 
11/19 at 100.00
 
Ba1
 
2,543,546
 
 
10,150
 
Placer Union High School District, Placer County, California, General Obligation Bonds, Series 2004C, 0.000%, 8/01/33 – AGM Insured
 
No Opt. Call
 
AA
 
4,554,407
 
 
2,355
 
Rancho Mirage Joint Powers Financing Authority, California, Certificates of Participation, Eisenhower Medical Center, Series 1997B, 4.875%, 7/01/22 – NPFG Insured
 
7/15 at 102.00
 
A3
 
2,436,954
 
 
4,000
 
Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical Center, Series 2007A, 5.000%, 7/01/47
 
7/17 at 100.00
 
Baa2
 
4,107,800
 
 
15,505
 
Riverside Public Financing Authority, California, Tax Allocation Bonds, University Corridor, Series 2007C, 5.000%, 8/01/37 – NPFG Insured
 
8/17 at 100.00
 
AA–
 
15,944,722
 
     
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
 
1,950,511
 
 
2,660
 
0.000%, 8/01/25 – FGIC Insured
 
No Opt. Call
 
AA
 
1,930,681
 
 
250
 
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D, 7.000%, 8/01/41
 
2/21 at 100.00
 
BBB+
 
306,350
 
 
12,040
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Series 1997A, 0.000%, 1/15/25 – NPFG Insured
 
No Opt. Call
 
AA–
 
8,413,311
 
 
5,000
 
San Jose, California, Airport Revenue Bonds, Series 2007A, 6.000%, 3/01/47 – AMBAC Insured (Alternative Minimum Tax)
 
3/17 at 100.00
 
A2
 
5,399,250
 
 
13,220
 
San Mateo County Community College District, California, General Obligation Bonds, Series 2006A, 0.000%, 9/01/28 – NPFG Insured
 
No Opt. Call
 
AAA
 
8,567,882
 
 
5,000
 
San Mateo Union High School District, San Mateo County, California, General Obligation Bonds, Election of 2000, Series 2002B, 0.000%, 9/01/24 – FGIC Insured
 
No Opt. Call
 
AA+
 
3,850,850
 
 
2,000
 
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Refunding Series 2005A-2, 5.400%, 6/01/27
 
6/17 at 100.00
 
B+
 
1,849,820
 
 
1,300
 
University of California, General Revenue Bonds, Refunding Series 2009O, 5.250%, 5/15/39
 
5/19 at 100.00
 
AA
 
1,497,574
 
 
337,490
 
Total California
         
289,236,595
 
     
Colorado – 5.0%
             
 
5,000
 
Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/40 – SYNCORA GTY Insured
 
10/16 at 100.00
 
BBB–
 
5,059,250
 
 
5,000
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2006A, 4.500%, 9/01/38
 
9/16 at 100.00
 
A+
 
5,058,550
 
 
7,105
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45
 
1/23 at 100.00
 
A+
 
8,035,116
 
 
1,700
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Poudre Valley Health System, Series 2005C, 5.250%, 3/01/40 – AGM Insured
 
9/18 at 102.00
 
AA
 
1,871,377
 
 
15,925
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
 
1/20 at 100.00
 
AA–
 
17,346,784
 
 
750
 
Colorado Health Facilities Authority, Revenue Bonds, Longmont United Hospital, Series 2006B, 5.000%, 12/01/23 – RAAI Insured
 
12/16 at 100.00
 
Baa2
 
765,398
 
 
2,000
 
Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System Revenue Bonds, Series 2012A, 5.000%, 3/01/41
 
3/22 at 100.00
 
Aa2
 
2,237,040
 
 
1,000
 
Denver City and County, Colorado, Airport System Revenue Bonds, Series 2011A, 4.000%, 11/15/14 (Alternative Minimum Tax)
 
No Opt. Call
 
A+
 
1,001,550
 
 
2,200
 
Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, 5.000%, 11/15/29
 
11/22 at 100.00
 
A+
 
2,543,640
 

26
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Colorado (continued)
             
$
5,160
 
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 11/15/43
 
11/23 at 100.00
 
A
$
5,761,604
 
 
3,000
 
Denver School District 1, Colorado, General Obligation Bonds, Series 2012B, 3.000%, 12/01/14
 
No Opt. Call
 
AA+
 
3,007,350
 
      E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:              
 
24,200
 
0.000%, 9/01/31 – NPFG Insured
 
No Opt. Call
 
AA–
 
12,527,372
 
 
17,000
 
0.000%, 9/01/32 – NPFG Insured
 
No Opt. Call
 
AA–
 
8,129,230
 
 
7,600
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Refunding Series 2006B, 0.000%, 9/01/39 – NPFG Insured
 
9/26 at 52.09
 
AA–
 
2,266,320
 
     
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B:
             
 
7,700
 
0.000%, 9/01/27 – NPFG Insured
 
9/20 at 67.94
 
AA–
 
4,190,879
 
 
10,075
 
0.000%, 3/01/36 – NPFG Insured
 
9/20 at 41.72
 
AA–
 
3,207,376
 
 
5,000
 
Ebert Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Series 2007, 5.350%, 12/01/37 – RAAI Insured
 
12/17 at 100.00
 
N/R
 
5,026,800
 
 
7,000
 
Northwest Parkway Public Highway Authority, Colorado, Revenue Bonds, Senior Series 2001C, 5.700%, 6/15/21 (Pre-refunded 6/15/16) – AMBAC Insured
 
6/16 at 100.00
 
N/R (4)
 
7,602,000
 
 
5,000
 
Rangely Hospital District, Rio Blanco County, Colorado, General Obligation Bonds, Refunding Series 2011, 6.000%, 11/01/26
 
11/21 at 100.00
 
Baa1
 
5,750,550
 
 
3,750
 
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010, 6.000%, 1/15/41
 
7/20 at 100.00
 
Baa3
 
4,210,238
 
 
136,165
 
Total Colorado
         
105,598,424
 
     
Connecticut – 0.9%
             
 
1,500
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hartford Healthcare, Series 2011A, 5.000%, 7/01/41
 
7/21 at 100.00
 
A
 
1,617,885
 
 
15,000
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Series 2007Z-1, 5.000%, 7/01/42
 
7/16 at 100.00
 
AAA
 
15,943,950
 
 
7,872
 
Mashantucket Western Pequot Tribe, Connecticut, Special Revenue Bonds, Subordinate Series 2013A, 6.050%, 7/01/31 (6)
 
No Opt. Call
 
N/R
 
1,577,192
 
 
24,372
 
Total Connecticut
         
19,139,027
 
     
District of Columbia – 0.5%
             
 
10,000
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Senior Lien Refunding Series 2007A, 4.500%, 10/01/30 – AMBAC Insured
 
10/16 at 100.00
 
A1
 
10,184,500
 
     
Florida – 5.6%
             
 
3,000
 
Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 – AGM Insured
 
10/21 at 100.00
 
AA
 
3,267,510
 
 
4,725
 
Florida Department of Transportation, State Infrastructure Bank Revenue Bonds, Series 2005A, 5.000%, 7/01/15
 
No Opt. Call
 
AA+
 
4,879,082
 
 
10,000
 
Florida State Board of Education, Public Education Capital Outlay Bonds, Series 2005E, 4.500%, 6/01/35 (UB)
 
6/15 at 101.00
 
AAA
 
10,281,300
 
 
2,845
 
Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Bonds, Refunding Series 2009C, 5.000%, 10/01/34
 
No Opt. Call
 
Aa3
 
3,219,914
 
 
2,650
 
Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Bonds, Tampa General Hospital, Series 2006, 5.250%, 10/01/41
 
10/16 at 100.00
 
A3
 
2,792,385
 
 
3,000
 
JEA, Florida, Electric System Revenue Bonds, Series Three 2006A, 5.000%, 10/01/41 – AGM Insured
 
4/15 at 100.00
 
AA
 
3,049,560
 
 
4,555
 
Lee County, Florida, Transportation Facilities Revenue Bonds, Sanibel Bridges & Causeway Project, Series 2005B, 5.000%, 10/01/30 (Pre-refunded 10/01/15) – CIFG Insured
 
10/15 at 100.00
 
AA (4)
 
4,755,784
 
 
5,000
 
Marion County Hospital District, Florida, Revenue Bonds, Munroe Regional Medical Center, Series 2007, 5.000%, 10/01/34 (Pre-refunded 10/01/17)
 
10/17 at 100.00
 
BBB+ (4)
 
5,632,750
 
 
4,090
 
Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2010A, 5.000%, 7/01/40
 
7/20 at 100.00
 
A–
 
4,410,329
 
 
9,500
 
Miami-Dade County Health Facility Authority, Florida, Hospital Revenue Bonds, Miami Children’s Hospital, Series 2010A, 6.000%, 8/01/46
 
8/21 at 100.00
 
A
 
10,812,235
 

Nuveen Investments
 
27

 
 

 

NUV
Nuveen Municipal Value Fund, Inc.
 
 
Portfolio of Investments (continued)
October 31, 2014

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Florida (continued)
             
$
4,000
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 5.000%, 10/01/29
 
10/20 at 100.00
 
A
$
4,487,080
 
 
9,340
 
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2010, 5.000%, 10/01/39 – AGM Insured
 
10/20 at 100.00
 
AA
 
10,594,642
 
 
2,900
 
Orange County, Florida, Tourist Development Tax Revenue Bonds, Series 2006, 5.000%, 10/01/31 – SYNCORA GTY Insured
 
10/16 at 100.00
 
AA–
 
3,089,051
 
 
3,250
 
Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Jupiter Medical Center, Series 2013A, 5.000%, 11/01/43
 
11/22 at 100.00
 
BBB+
 
3,436,420
 
 
9,250
 
Port Saint Lucie, Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, Series 2007, 5.000%, 7/01/40 – NPFG Insured
 
7/17 at 100.00
 
AA–
 
9,997,030
 
 
8,175
 
Saint John’s County, Florida, Sales Tax Revenue Bonds, Series 2006, 5.000%, 10/01/36 – BHAC Insured
 
10/16 at 100.00
 
AA+
 
8,723,951
 
 
2,500
 
Seminole Tribe of Florida, Special Obligation Bonds, Series 2007A, 144A, 5.250%, 10/01/27
 
10/17 at 100.00
 
BBB–
 
2,665,275
 
     
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Series 2007:
             
 
3,035
 
5.000%, 8/15/19
 
8/17 at 100.00
 
AA
 
3,379,837
 
 
14,730
 
5.000%, 8/15/42 (UB)
 
8/17 at 100.00
 
AA
 
15,574,618
 
 
3,300
 
Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, 5.000%, 11/15/33
 
5/22 at 100.00
 
Aa2
 
3,675,177
 
 
109,845
 
Total Florida
         
118,723,930
 
     
Georgia – 0.1%
             
 
1,105
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2001A, 5.000%, 11/01/33 – NPFG Insured
 
11/14 at 100.00
 
Aa2
 
1,108,989
 
     
Guam – 0.0%
             
 
330
 
Guam International Airport Authority, Revenue Bonds, Series 2013C, 6.375%, 10/01/43 (Alternative Minimum Tax)
 
10/23 at 100.00
 
BBB
 
380,256
 
     
Hawaii – 0.2%
             
 
3,625
 
Honolulu City and County, Hawaii, General Obligation Bonds, Series 2009A, 5.250%, 4/01/32
 
No Opt. Call
 
Aa1
 
4,173,644
 
     
Illinois – 14.8%
             
 
5,125
 
Board of Trustees of Southern Illinois University, Housing and Auxiliary Facilities System Revenue Bonds, Series 2006A, 5.000%, 4/01/36 – NPFG Insured
 
4/16 at 100.00
 
AA–
 
5,361,980
 
 
17,205
 
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1, 0.000%, 12/01/24 – FGIC Insured
 
No Opt. Call
 
AA–
 
11,387,301
 
 
7,195
 
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1999A, 0.000%, 12/01/31 – FGIC Insured
 
No Opt. Call
 
AA–
 
3,115,507
 
 
1,500
 
Chicago Park District, Illinois, General Obligation Bonds, Limited Tax Series 2011A, 5.000%, 1/01/36
 
1/22 at 100.00
 
AA+
 
1,638,975
 
 
2,280
 
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien Series 2003C-2, 5.250%, 1/01/30 – AGM Insured (Alternative Minimum Tax)
 
1/15 at 100.00
 
AA
 
2,283,488
 
     
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2006A:
             
 
2,585
 
4.750%, 1/01/30 – AGM Insured
 
1/16 at 100.00
 
AA
 
2,611,910
 
 
5,000
 
4.625%, 1/01/31 – AGM Insured
 
1/16 at 100.00
 
AA
 
5,041,550
 
 
285
 
Chicago, Illinois, General Obligation Bonds, Series 2002A, 5.625%, 1/01/39 – AMBAC Insured
 
1/15 at 100.00
 
AA–
 
285,143
 
 
7,750
 
Chicago, Illinois, General Obligation Bonds, Series 2004A, 5.000%, 1/01/34 – AGM Insured
 
1/15 at 100.00
 
AA
 
7,762,478
 
      Chicago, Illinois, General Obligation Bonds, Series 2005A:              
 
6,850
 
5.000%, 1/01/16 – AGM Insured
 
1/15 at 100.00
 
AA
 
6,902,197
 
 
3,500
 
5.000%, 1/01/17 – AGM Insured
 
1/15 at 100.00
 
AA
 
3,526,285
 
 
3,320
 
Cook and DuPage Counties Combined School District 113A Lemont, Illinois, General Obligation Bonds, Series 2002, 0.000%, 12/01/20 – FGIC Insured
 
No Opt. Call
 
AA–
 
2,601,751
 
 
3,020
 
Cook County High School District 209, Proviso Township, Illinois, General Obligation Bonds, Series 2004, 5.000%, 12/01/19 – AGM Insured
 
12/16 at 100.00
 
AA
 
3,229,195
 

28
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Illinois (continued)
             
$
8,875
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33
 
11/20 at 100.00
 
AA
$
9,823,116
 
 
3,260
 
Cook County, Illinois, Recovery Zone Facility Revenue Bonds, Navistar International Corporation Project, Series 2010, 6.500%, 10/15/40
 
10/20 at 100.00
 
B3
 
3,503,881
 
 
5,000
 
Cook County, Illinois, Sales Tax Revenue Bonds, Series 2012, 5.000%, 11/15/37
 
No Opt. Call
 
AAA
 
5,616,450
 
 
28,030
 
Illinois Development Finance Authority, Local Government Program Revenue Bonds, Kane, Cook and DuPage Counties School District U46 – Elgin, Series 2002, 0.000%, 1/01/19 – AGM Insured
 
No Opt. Call
 
Aa3
 
25,629,791
 
 
1,800
 
Illinois Development Finance Authority, Local Government Program Revenue Bonds, Winnebago and Boone Counties School District 205 – Rockford, Series 2000, 0.000%, 2/01/19 – AGM Insured
 
No Opt. Call
 
A2
 
1,647,270
 
 
1,875
 
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, 11/01/39
 
11/19 at 100.00
 
AA
 
2,125,106
 
 
3,000
 
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009, 5.250%, 11/01/39
 
11/19 at 100.00
 
AA
 
3,326,670
 
 
5,245
 
Illinois Finance Authority, Revenue Bonds, Loyola University of Chicago, Tender Option Bond Trust 1137, 9.262%, 7/01/15 (IF)
 
No Opt. Call
 
AA+
 
6,095,057
 
 
4,845
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 6.000%, 5/15/39
 
5/20 at 100.00
 
A
 
5,517,971
 
 
4,800
 
Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34
 
8/19 at 100.00
 
BBB+
 
6,027,984
 
 
4,260
 
Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A, 5.500%, 8/01/37
 
8/17 at 100.00
 
A
 
4,645,530
 
 
2,500
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C, 5.500%, 8/15/41
 
2/21 at 100.00
 
AA–
 
2,827,350
 
 
4,475
 
Illinois Finance Authority, Revenue Refunding Bonds, Silver Cross Hospital and Medical Centers, Series 2008A, 5.500%, 8/15/30
 
8/18 at 100.00
 
BBB+
 
4,816,085
 
 
2,260
 
Illinois Health Facilities Authority, Revenue Bonds, South Suburban Hospital, Series 1992, 7.000%, 2/15/18 (ETM)
 
No Opt. Call
 
N/R (4)
 
2,522,567
 
 
3,750
 
Illinois Sports Facility Authority, State Tax Supported Bonds, Series 2001, 5.500%, 6/15/30 – AMBAC Insured
 
6/15 at 101.00
 
A
 
3,882,750
 
 
1,540
 
Illinois Sports Facility Authority, State Tax Supported Bonds, Series 2001, 5.500%, 6/15/30 (Pre-refunded 6/15/15) – AMBAC Insured
 
6/15 at 101.00
 
N/R (4)
 
1,606,482
 
 
655
 
Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/25
 
8/22 at 100.00
 
A–
 
715,384
 
 
5,590
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/38
 
1/23 at 100.00
 
AA–
 
6,254,595
 
 
10,740
 
Lake and McHenry Counties Community Unit School District 118, Wauconda, Illinois, General Obligation Bonds, Series 2005B, 0.000%, 1/01/23 – AGM Insured
 
1/15 at 66.94
 
A1
 
7,153,055
 
 
5,000
 
Lombard Public Facilities Corporation, Illinois, First Tier Conference Center and Hotel Revenue Bonds, Series 2005A-2, 5.500%, 1/01/36 – ACA Insured
 
1/16 at 100.00
 
CCC–
 
3,365,600
 
     
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1993A:
             
 
12,320
 
0.010%, 6/15/17 – FGIC Insured
 
No Opt. Call
 
AA–
 
11,865,269
 
 
9,270
 
0.010%, 6/15/18 – FGIC Insured
 
No Opt. Call
 
AAA
 
8,721,680
 
     
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1994B:
             
 
7,250
 
0.000%, 6/15/18 – NPFG Insured
 
No Opt. Call
 
AAA
 
6,821,163
 
 
3,635
 
0.000%, 6/15/21 – NPFG Insured
 
No Opt. Call
 
AAA
 
3,002,437
 
 
5,190
 
0.000%, 6/15/28 – NPFG Insured
 
No Opt. Call
 
AAA
 
2,982,174
 
 
11,670
 
0.000%, 6/15/29 – FGIC Insured
 
No Opt. Call
 
AAA
 
6,373,220
 
     
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
 
10,191,400
 
 
4,950
 
0.000%, 12/15/32 – NPFG Insured
 
No Opt. Call
 
AAA
 
2,273,436
 
 
21,375
 
0.000%, 6/15/34 – NPFG Insured
 
No Opt. Call
 
AAA
 
8,977,928
 
 
21,000
 
0.000%, 12/15/35 – NPFG Insured
 
No Opt. Call
 
AAA
 
8,119,230
 
 
21,970
 
0.000%, 6/15/36 – NPFG Insured
 
No Opt. Call
 
AAA
 
8,252,811
 
 
10,375
 
0.000%, 12/15/36 – NPFG Insured
 
No Opt. Call
 
AAA
 
3,810,011
 
 
25,825
 
0.000%, 6/15/39 – NPFG Insured
 
No Opt. Call
 
AAA
 
8,347,157
 

Nuveen Investments
 
29

 
 

 

NUV
Nuveen Municipal Value Fund, Inc.
 
 
Portfolio of Investments (continued)
October 31, 2014

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Illinois (continued)
             
$
16,800
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place Expansion Project, Series 1996A, 0.000%, 12/15/21 – NPFG Insured
 
No Opt. Call
 
AA–
$
13,605,312
 
     
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place Expansion Project, Series 2002B:
             
 
3,775
 
5.500%, 6/15/20 – NPFG Insured
 
6/17 at 101.00
 
AAA
 
4,174,622
 
 
5,715
 
5.550%, 6/15/21 – NPFG Insured
 
6/17 at 101.00
 
AAA
 
6,286,271
 
 
6,095
 
Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 2002A, 6.000%, 7/01/32 – NPFG Insured
 
No Opt. Call
 
AA
 
8,269,635
 
 
1,160
 
Round Lake, Lake County, Illinois, Special Tax Bonds, Lakewood Grove Special Service Area 4, Series 2007, 4.700%, 3/01/33 – AGC Insured
 
3/17 at 100.00
 
AA
 
1,179,337
 
 
5,020
 
Southwestern Illinois Development Authority, Local Government Revenue Bonds, Edwardsville Community Unit School District 7 Project, Series 2007, 0.000%, 12/01/23 – AGM Insured
 
No Opt. Call
 
AA
 
3,740,603
 
 
3,000
 
Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2007, 5.000%, 3/01/22 – NPFG Insured
 
3/17 at 100.00
 
AA–
 
3,242,550
 
 
4,900
 
Springfield, Illinois, Electric Revenue Bonds, Series 2006, 5.000%, 3/01/26 – NPFG Insured
 
3/16 at 100.00
 
AA–
 
5,132,554
 
 
615
 
University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 6.000%, 10/01/42
 
10/23 at 100.00
 
A
 
708,455
 
 
1,575
 
Will County Community School District 161, Summit Hill, Illinois, Capital Appreciation School Bonds, Series 1999, 0.000%, 1/01/18 – FGIC Insured
 
No Opt. Call
 
A3
 
1,441,802
 
 
720
 
Will County Community School District 161, Summit Hill, Illinois, Capital Appreciation School Bonds, Series 1999, 0.000%, 1/01/18 – FGIC Insured (ETM)
 
No Opt. Call
 
A3 (4)
 
703,130
 
     
Will County Community Unit School District 201U, Crete-Monee, Illinois, General Obligation Bonds, Capital Appreciation Series 2004:
             
 
3,680
 
0.000%, 11/01/16 – FGIC Insured
 
No Opt. Call
 
AA–
 
3,594,955
 
 
3,330
 
0.000%, 11/01/22 – NPFG Insured
 
No Opt. Call
 
AA–
 
2,694,037
 
 
2,945
 
Will County School District 86, Joliet, Illinois, General Obligation Bonds, Series 2002, 0.000%, 11/01/15 – AGM Insured
 
No Opt. Call
 
AA
 
2,925,563
 
 
397,275
 
Total Illinois
         
310,287,196
 
     
Indiana – 2.3%
             
 
300
 
Anderson, Indiana, Economic Development Revenue Bonds, Anderson University, Series 2007, 5.000%, 10/01/24
 
4/15 at 100.00
 
BB+
 
301,413
 
 
2,525
 
Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 2012A, 5.000%, 5/01/42
 
5/23 at 100.00
 
A
 
2,754,826
 
 
1,640
 
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013A, 5.000%, 7/01/48 (Alternative Minimum Tax)
 
7/23 at 100.00
 
BBB
 
1,729,511
 
 
4,000
 
Indiana Finance Authority, Tax-Exempt Private Activity Revenue Bonds, I-69 Section 5 Project, Series 2014, 5.000%, 9/01/46 (Alternative Minimum Tax)
 
9/24 at 100.00
 
BBB
 
4,280,360
 
 
2,250
 
Indiana Health and Educational Facilities Financing Authority, Revenue Bonds, Sisters of Saint Francis Health Services Inc., Series 2006E, 5.250%, 5/15/41 – AGM Insured
 
5/18 at 100.00
 
Aa3
 
2,431,395
 
 
2,000
 
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest Indiana, Series 2007, 5.500%, 3/01/37
 
3/17 at 100.00
 
A
 
2,113,860
 
 
8,235
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
 
1/17 at 100.00
 
AA–
 
8,785,922
 
     
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E:
             
 
12,500
 
0.000%, 2/01/21 – AMBAC Insured
 
No Opt. Call
 
AA
 
11,062,375
 
 
2,400
 
0.000%, 2/01/25 – AMBAC Insured
 
No Opt. Call
 
AA
 
1,778,856
 
 
14,595
 
0.000%, 2/01/27 – AMBAC Insured
 
No Opt. Call
 
AA
 
9,936,276
 
 
3,460
 
Whiting Redevelopment District, Indiana, Tax Increment Revenue Bonds, Lakefront Development Project, Series 2010, 6.750%, 1/15/32
 
7/20 at 100.00
 
N/R
 
3,882,501
 
 
53,905
 
Total Indiana
         
49,057,295
 
     
Iowa – 1.2%
             
 
14,500
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013, 5.500%, 12/01/22
 
12/18 at 100.00
 
BB–
 
15,388,850
 

30
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Iowa (continued)
             
$
7,000
 
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.625%, 6/01/46
 
6/15 at 100.00
 
B+
$
5,927,600
 
 
4,965
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34
 
6/17 at 100.00
 
B+
 
4,445,363
 
 
26,465
 
Total Iowa
         
25,761,813
 
     
Kansas – 0.3%
             
 
9,490
 
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital Appreciation Revenue Bonds Redevelopment Project Area B – Major Multi-Sport Athletic Complex Project, Subordinate Lien Series 2010B, 0.000%, 6/01/21
 
No Opt. Call
 
A–
 
6,675,835
 
     
Kentucky – 0.3%
             
 
820
 
Greater Kentucky Housing Assistance Corporation, FHA-Insured Section 8 Mortgage Revenue Refunding Bonds, Series 1997A, 6.100%, 1/01/24 – NPFG Insured
 
1/15 at 100.00
 
AA–
 
821,902
 
 
1,750
 
Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008-A1, 6.000%, 12/01/38 – AGC Insured
 
6/18 at 100.00
 
AA
 
1,898,225
 
 
6,000
 
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Convertible Capital Appreciation Series 2013C, 0.000%, 7/01/39
 
7/31 at 100.00
 
Baa3
 
4,129,680
 
 
8,570
 
Total Kentucky
         
6,849,807
 
     
Louisiana – 1.9%
             
 
12,000
 
Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Project, Series 2007, 6.750%, 11/01/32
 
11/17 at 100.00
 
BBB
 
13,450,440
 
 
2,310
 
Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Projects, Series 2009A, 6.500%, 8/01/29
 
2/15 at 100.00
 
BBB
 
2,736,634
 
 
5,450
 
Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Projects, Series 2010A-1, 6.500%, 11/01/35
 
11/20 at 100.00
 
BBB
 
6,467,297
 
 
5,150
 
Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our Lady Health System, Series 2005A, 5.250%, 8/15/32
 
8/15 at 100.00
 
A+
 
5,246,511
 
     
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A:
             
 
3,620
 
5.250%, 5/15/38
 
5/17 at 100.00
 
Baa1
 
3,800,421
 
 
1,900
 
5.375%, 5/15/43
 
5/17 at 100.00
 
Baa1
 
1,995,228
 
 
5,000
 
Louisiana Public Facilities Authority, Revenue Bonds, University of New Orleans Research and Technology, Series 2006, 5.250%, 3/01/37 (Pre-refunded 9/01/16) – NPFG Insured
 
9/16 at 100.00
 
AA- (4)
 
5,447,450
 
 
35,430
 
Total Louisiana
         
39,143,981
 
     
Maine – 0.1%
             
 
1,050
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Maine General Medical Center, Series 2011, 6.750%, 7/01/41
 
7/21 at 100.00
 
BBB–
 
1,178,268
 
     
Maryland – 0.7%
             
     
Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A:
             
 
1,300
 
5.250%, 9/01/17 – SYNCORA GTY Insured
 
9/16 at 100.00
 
BB+
 
1,382,797
 
 
2,150
 
4.600%, 9/01/30 – SYNCORA GTY Insured
 
9/16 at 100.00
 
BB+
 
2,185,239
 
 
1,545
 
5.250%, 9/01/39 – SYNCORA GTY Insured
 
9/16 at 100.00
 
BB+
 
1,581,091
 
 
2,500
 
Baltimore, Maryland, Subordinate Lien Convention Center Hotel Revenue Bonds, Series 2006B, 5.875%, 9/01/39
 
9/16 at 100.00
 
Ba2
 
2,581,250
 
 
1,500
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist Healthcare, Series 2011A, 6.125%, 1/01/36
 
1/22 at 100.00
 
Baa2
 
1,729,110
 
 
5,725
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health, Series 2004, 5.500%, 8/15/33
 
2/15 at 100.00
 
A2
 
5,745,209
 
 
14,720
 
Total Maryland
         
15,204,696
 
     
Massachusetts – 1.8%
             
 
2,100
 
Massachusetts Development Finance Agency, Hospital Revenue Bonds, Cape Cod Healthcare Obligated Group, Series 2013, 5.250%, 11/15/41
 
11/23 at 100.00
 
A–
 
2,348,115
 

Nuveen Investments
 
31

 
 

 

NUV
Nuveen Municipal Value Fund, Inc.
 
 
Portfolio of Investments (continued)
October 31, 2014

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Massachusetts (continued)
             
$
1,347
 
Massachusetts Development Finance Agency, Revenue Bonds, Northern Berkshire Community Services Inc., Series 2012A, 6.000%, 2/15/43 (6), (7)
 
2/15 at 100.00
 
D
$
694,235
 
 
987
 
Massachusetts Development Finance Agency, Revenue Bonds, Northern Berkshire Community Services Inc., Series 2012B, 0.000%, 2/15/43 (6), (7)
 
1/43 at 102.19
 
D
 
10
 
 
1,526
 
Massachusetts Development Finance Agency, Revenue Bonds, Northern Berkshire Community Services Inc., Series 2012C, 0.000%, 2/15/43 (6)
 
1/15 at 100.00
 
D
 
15
 
 
500
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc., Series 2008E-1 &2, 5.125%, 7/01/38
 
7/18 at 100.00
 
A–
 
528,415
 
 
3,000
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Harvard University, Series 2005C, 5.000%, 7/15/35
 
No Opt. Call
 
AAA
 
3,087,960
 
 
2,300
 
Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Suffolk University Issue, Series 2009A, 5.750%, 7/01/39
 
7/19 at 100.00
 
BBB
 
2,543,340
 
 
11,815
 
Massachusetts Housing Finance Agency, Housing Bonds, Series 2009F, 5.700%, 6/01/40
 
12/18 at 100.00
 
AA–
 
12,414,375
 
 
9,110
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior Series 2013A, 5.000%, 5/15/43
 
5/23 at 100.00
 
AA+
 
10,301,224
 
 
980
 
Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Senior Series 1997A, 0.000%, 1/01/29 – NPFG Insured
 
No Opt. Call
 
AA–
 
637,363
 
 
320
 
Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2000-6, 5.500%, 8/01/30
 
2/15 at 100.00
 
Aaa
 
321,312
 
 
5,005
 
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2006A, 5.000%, 8/01/41
 
No Opt. Call
 
AA+
 
5,331,276
 
 
38,990
 
Total Massachusetts
         
38,207,640
 
     
Michigan – 4.4%
             
     
Detroit Academy of Arts and Sciences, Michigan, Public School Academy Revenue Bonds, Series 2013:
             
 
2,130
 
6.000%, 10/01/33
 
10/23 at 100.00
 
N/R
 
1,785,174
 
 
2,520
 
6.000%, 10/01/43
 
10/23 at 100.00
 
N/R
 
2,048,155
 
 
9,395
 
Detroit Local Development Finance Authority, Michigan, Tax Increment Bonds, Series 1998A, 5.500%, 5/01/21
 
11/14 at 100.00
 
B–
 
8,939,155
 
 
1,415
 
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
 
7/22 at 100.00
 
BBB+
 
1,521,521
 
 
3,700
 
Detroit, Michigan, Distributable State Aid General Obligation Bonds, Limited Tax Series 2010, 4.500%, 11/01/23
 
11/20 at 100.00
 
AA
 
3,992,448
 
 
1,760
 
Detroit, Michigan, General Obligation Bonds, Series 2001A-1, 5.375%, 4/01/16 – NPFG Insured
 
4/15 at 100.00
 
AA–
 
1,760,686
 
     
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A:
             
 
11,160
 
5.000%, 7/01/35 – NPFG Insured
 
7/15 at 100.00
 
AA–
 
11,161,786
 
 
3,110
 
4.500%, 7/01/35 – NPFG Insured
 
7/15 at 100.00
 
AA–
 
3,062,510
 
 
3,000
 
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B, 5.500%, 7/01/29 – FGIC Insured
 
No Opt. Call
 
AA–
 
3,490,020
 
 
3,395
 
Detroit, Michigan, Sewage Disposal System Revenue Bonds, Second Lien Series 2006A, 5.500%, 7/01/36 – BHAC Insured
 
7/18 at 100.00
 
AA+
 
3,686,868
 
 
7,525
 
Detroit, Michigan, Sewage Disposal System Revenue Bonds, Series 2001C-2, 5.250%, 7/01/29 – FGIC Insured
 
7/18 at 100.00
 
AA+
 
8,237,693
 
 
1,635
 
Detroit, Michigan, Water Supply System Second Lien Revenue Bonds, Series 2003B, 5.000%, 7/01/34 – NPFG Insured
 
1/15 at 100.00
 
AA–
 
1,634,918
 
 
2,955
 
Detroit, Michigan, Water Supply System Second Lien Revenue Refunding Bonds, Series 2006C, 5.000%, 7/01/33 – AGM Insured
 
No Opt. Call
 
AA
 
3,051,954
 
 
670
 
Detroit, Michigan, Water Supply System Senior Lien Revenue Bonds, Series 2003A, 5.000%, 7/01/34 – NPFG Insured
 
1/15 at 100.00
 
AA–
 
669,967
 
 
2,200
 
Detroit, Michigan, Water Supply System Senior Lien Revenue Bonds, Series 2005B, 4.750%, 7/01/34 – BHAC Insured
 
No Opt. Call
 
AA+
 
2,301,090
 

32
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Michigan (continued)
             
     
Detroit, Michigan, Water Supply System Senior Lien Revenue Refunding Bonds, Series 2006D:
             
$
165
 
5.000%, 7/01/32 – AGM Insured
 
7/16 at 100.00
 
AA
$
170,414
 
 
5,250
 
4.625%, 7/01/32 – AGM Insured
 
7/16 at 100.00
 
AA
 
5,252,940
 
 
2,000
 
Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Refunding Bonds, Bronson Methodist Hospital, Series 2010, 5.250%, 5/15/36 – AGM Insured
 
5/20 at 100.00
 
A2
 
2,186,400
 
 
1,950
 
Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & Sewerage Department Water Supply System Local Project, Series 2014C-1, 5.000%, 7/01/44
 
7/22 at 100.00
 
BBB+
 
2,051,888
 
 
4,600
 
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011, 5.000%, 12/01/39
 
12/21 at 100.00
 
Aa2
 
5,043,026
 
 
5,000
 
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2011-II-A, 5.375%, 10/15/41
 
10/21 at 100.00
 
Aa3
 
5,664,950
 
 
8,460
 
Michigan State Building Authority, Revenue Bonds, Facilities Program, Series 2005I, 5.000%, 10/15/22 – AMBAC Insured
 
10/15 at 100.00
 
Aa3
 
8,831,563
 
 
1,150
 
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital, Refunding Series 2009V, 8.250%, 9/01/39 (Pre-refunded 9/01/18)
 
9/18 at 100.00
 
Aaa
 
1,471,655
 
     
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2005:
             
 
1,465
 
4.750%, 12/01/18 – AGC Insured (Alternative Minimum Tax)
 
12/15 at 100.00
 
AA
 
1,532,082
 
 
2,560
 
5.000%, 12/01/34 – NPFG Insured (Alternative Minimum Tax)
 
12/15 at 100.00
 
AA–
 
2,641,050
 
 
89,170
 
Total Michigan
         
92,189,913
 
     
Minnesota – 1.3%
             
 
1,750
 
Breckenridge, Minnesota, Revenue Bonds, Catholic Health Initiatives, Series 2004A, 5.000%, 5/01/30
 
11/14 at 100.00
 
A+
 
1,756,650
 
 
6,375
 
Minneapolis Health Care System, Minnesota, Revenue Bonds, Fairview Hospital and Healthcare Services, Series 2008A, 6.625%, 11/15/28
 
11/18 at 100.00
 
A
 
7,547,873
 
 
2,300
 
Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien Series 2005C, 5.000%, 1/01/31 (Pre-refunded 1/01/15) – FGIC Insured
 
1/15 at 100.00
 
AA- (4)
 
2,318,722
 
 
8,000
 
Minnesota State, General Obligation Bonds, Various Purpose Series 2010A, 5.000%, 8/01/15
 
No Opt. Call
 
AA+
 
8,293,360
 
 
6,730
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue Bonds, HealthPartners Obligated Group, Series 2006, 5.250%, 5/15/36
 
11/16 at 100.00
 
A
 
7,053,780
 
 
25,155
 
Total Minnesota
         
26,970,385
 
     
Missouri – 1.2%
             
 
3,465
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2013A, 5.000%, 11/15/48
 
11/23 at 100.00
 
A2
 
3,788,839
 
 
12,000
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, SSM Health Care System, Series 2010B, 5.000%, 6/01/30
 
6/20 at 100.00
 
AA–
 
13,345,680
 
 
2,600
 
Saint Louis, Missouri, Parking Revenue Bonds, Series 2006A, 4.500%, 12/15/25 – NPFG Insured
 
12/16 at 100.00
 
AA–
 
2,779,920
 
 
5,055
 
Springfield Public Utilities Board, Missouri, Certificates of Participation, Series 2012, 5.000%, 12/01/15
 
No Opt. Call
 
AA
 
5,319,023
 
 
23,120
 
Total Missouri
         
25,233,462
 
     
Nebraska – 0.3%
             
 
5,000
 
Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2008A, 5.500%, 2/01/39
 
2/18 at 100.00
 
AA
 
5,605,100
 
     
Nevada – 1.9%
             
 
4,000
 
Clark County School District, Nevada, General Obligation Bonds, Refunding Series 2005A, 5.000%, 6/15/19 – FGIC Insured
 
6/15 at 101.00
 
AA–
 
4,156,000
 
 
10,000
 
Clark County, Nevada, Airport Revenue Bonds, Junior Subordinate Lien Series 2013C-1, 2.500%, 7/01/15 (Alternative Minimum Tax)
 
No Opt. Call
 
A
 
10,155,500
 
 
2,000
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2007A-1, 5.000%, 7/01/26 – AMBAC Insured (Alternative Minimum Tax)
 
No Opt. Call
 
A+
 
2,163,200
 
 
5,000
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42
 
1/20 at 100.00
 
A+
 
5,903,750
 
 
2,000
 
Nevada State, General Obligation Bonds, Municipal Bond Bank Projects R9A-R12, Refunding Series 2005F, 5.000%, 12/01/16 – AGM Insured
 
6/15 at 100.00
 
AA+
 
2,055,880
 
 
10,000
 
North Las Vegas, Nevada, General Obligation Bonds, Series 2006, 5.000%, 5/01/36 – NPFG Insured
 
5/16 at 100.00
 
AA–
 
9,749,300
 

Nuveen Investments
 
33

 
 

 

NUV
Nuveen Municipal Value Fund, Inc.
 
 
Portfolio of Investments (continued)
October 31, 2014
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Nevada (continued)
             
$
2,500
 
Reno, Nevada, Health Facilities Revenue Bonds, Catholic Healthcare West, Series 2007A, Trust 2634, 18.804%, 7/01/31 – BHAC Insured (IF) (5)
 
7/17 at 100.00
 
AA+
$
3,147,500
 
 
1,500
 
Sparks Tourism Improvement District 1, Legends at Sparks Marina, Nevada, Senior Sales Tax Revenue Bonds Series 2008A, 6.750%, 6/15/28
 
6/18 at 100.00
 
B1
 
1,632,300
 
 
37,000
 
Total Nevada
         
38,963,430
 
     
New Hampshire – 0.1%
             
 
1,500
 
New Hampshire Business Finance Authority, Revenue Bonds, Elliot Hospital Obligated Group Issue, Series 2009A, 6.125%, 10/01/39
 
10/19 at 100.00
 
Baa1
 
1,695,180
 
     
New Jersey – 2.0%
             
 
930
 
New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge Replacement Project, Series 2013, 5.125%, 1/01/39 – AGM Insured (Alternative Minimum Tax)
 
1/24 at 100.00
 
AA
 
1,021,865
 
 
2,550
 
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A, 5.250%, 7/01/33 – NPFG Insured
 
1/15 at 100.00
 
AA–
 
2,598,909
 
 
3,300
 
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Series 2007, 5.750%, 7/01/37
 
7/18 at 100.00
 
BB+
 
3,419,163
 
 
4,740
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Refunding Series 2006B, 0.000%, 7/01/34
 
1/17 at 41.49
 
A–
 
1,787,170
 
     
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C:
             
 
30,000
 
0.000%, 12/15/30 – FGIC Insured
 
No Opt. Call
 
AA–
 
14,616,600
 
 
27,000
 
0.000%, 12/15/32 – AGM Insured
 
No Opt. Call
 
AA
 
12,356,820
 
 
205
 
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C, 6.500%, 1/01/16 – NPFG Insured
 
No Opt. Call
 
AA–
 
219,514
 
     
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
             
 
105
 
6.500%, 1/01/16 – NPFG Insured (ETM)
 
No Opt. Call
 
AA- (4)
 
112,646
 
 
105
 
6.500%, 1/01/16 – NPFG Insured (ETM)
 
No Opt. Call
 
AA- (4)
 
112,646
 
 
520
 
6.500%, 1/01/16 – NPFG Insured (ETM)
 
No Opt. Call
 
AA- (4)
 
529,443
 
 
1,135
 
Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L, 5.000%, 5/01/43
 
5/23 at 100.00
 
AA–
 
1,281,937
 
 
6,215
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 4.750%, 6/01/34
 
6/17 at 100.00
 
B2
 
4,652,363
 
 
76,805
 
Total New Jersey
         
42,709,076
 
     
New Mexico – 0.1%
             
 
1,220
 
University of New Mexico, Revenue Bonds, Refunding Series 1992A, 6.000%, 6/01/21
 
No Opt. Call
 
AA
 
1,403,561
 
     
New York – 4.4%
             
 
10,000
 
Dormitory Authority of the State of New York, FHA Insured Mortgage Hospital Revenue Bonds, Kaleida Health, Series 2006, 4.700%, 2/15/35
 
8/16 at 100.00
 
N/R
 
10,194,000
 
 
8,400
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%, 2/15/47 – FGIC Insured
 
2/17 at 100.00
 
A
 
8,984,052
 
 
2,000
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006B, 5.000%, 12/01/35
 
6/16 at 100.00
 
A–
 
2,109,080
 
 
12,855
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/38
 
5/21 at 100.00
 
A–
 
14,143,842
 
 
1,510
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Vaughn College of Aeronautics, Series 2006B, 5.000%, 12/01/31
 
12/16 at 100.00
 
BB
 
1,549,879
 
 
10,000
 
New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, JFK Airport – American Airlines Inc., Series 2002B, 8.500%, 8/01/28 (Alternative Minimum Tax)
 
2/15 at 100.00
 
N/R
 
10,401,000
 
 
9,850
 
New York City Industrial Development Authority, New York, PILOT Revenue Bonds, Yankee Stadium Project, Series 2006, 4.750%, 3/01/46 – NPFG Insured
 
9/16 at 100.00
 
AA–
 
10,063,647
 
 
5,500
 
New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Series 2004B, 5.000%, 6/15/36 (Pre-refunded 12/15/14) – AGM Insured (UB)
 
12/14 at 100.00
 
AAA
 
5,530,195
 
 
5,000
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2007B, 4.750%, 11/01/27
 
5/17 at 100.00
 
AAA
 
5,447,450
 
 
10,000
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44 (WI/DD, Settling 11/20/14)
 
11/24 at 100.00
 
N/R
 
10,086,200
 

34
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
New York (continued)
             
$
2,700
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.750%, 11/15/51
 
No Opt. Call
 
A+
$
3,146,526
 
 
9,925
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42
 
12/20 at 100.00
 
BBB
 
11,533,148
 
 
87,740
 
Total New York
         
93,189,019
 
     
North Carolina – 0.4%
             
 
3,000
 
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Series 2008A, 5.000%, 1/15/47
 
1/18 at 100.00
 
AA–
 
3,168,300
 
 
1,500
 
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Series 2011A, 5.125%, 1/15/37
 
1/21 at 100.00
 
AA–
 
1,650,195
 
 
2,000
 
North Carolina Medical Care Commission, Health System Revenue Bonds, Mission St. Joseph’s Health System, Series 2007, 4.500%, 10/01/31
 
10/17 at 100.00
 
AA–
 
2,056,900
 
 
2,010
 
North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Duke University Health System, Series 2010A, 5.000%, 6/01/42
 
6/20 at 100.00
 
AA
 
2,204,910
 
 
8,510
 
Total North Carolina
         
9,080,305
 
     
North Dakota – 0.4%
             
 
7,820
 
Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011, 6.250%, 11/01/31
 
11/21 at 100.00
 
A+
 
9,375,711
 
     
Ohio – 3.8%
             
 
10,000
 
American Municipal Power Ohio Inc., General Revenue Bonds, Prairie State Energy Campus Project Series 2008A, 5.250%, 2/15/43
 
2/18 at 100.00
 
A1
 
11,020,900
 
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
             
 
6,615
 
5.375%, 6/01/24
 
6/17 at 100.00
 
B–
 
5,653,642
 
 
6,075
 
5.125%, 6/01/24
 
6/17 at 100.00
 
B–
 
5,087,934
 
 
12,205
 
5.875%, 6/01/30
 
6/17 at 100.00
 
B–
 
10,039,345
 
 
17,165
 
5.750%, 6/01/34
 
6/17 at 100.00
 
B–
 
13,588,329
 
 
4,020
 
6.000%, 6/01/42
 
6/17 at 100.00
 
B
 
3,185,569
 
 
11,940
 
5.875%, 6/01/47
 
6/17 at 100.00
 
B
 
9,491,225
 
 
16,415
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37
 
6/22 at 100.00
 
B–
 
13,854,424
 
 
1,730
 
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2011A, 6.000%, 11/15/41
 
11/21 at 100.00
 
AA
 
2,068,613
 
 
4,975
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 2013A-1, 5.000%, 2/15/48
 
2/23 at 100.00
 
A+
 
5,440,113
 
 
91,140
 
Total Ohio
         
79,430,094
 
     
Oklahoma – 0.2%
             
 
1,400
 
Fort Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise Revenue Bonds, Fort Sill Apache Casino, Series 2011A, 8.500%, 8/25/26
 
8/21 at 100.00
 
N/R
 
1,647,310
 
 
2,000
 
Norman Regional Hospital Authority, Oklahoma, Hospital Revenue Bonds, Series 2007, 5.125%, 9/01/37
 
9/17 at 100.00
 
BBB–
 
2,071,540
 
 
3,400
 
Total Oklahoma
         
3,718,850
 
     
Oregon – 0.1%
             
 
2,860
 
Oregon State Facilities Authority, Revenue Bonds, Willamette University, Series 2007A, 5.000%, 10/01/32
 
10/17 at 100.00
 
A
 
3,000,169
 
     
Pennsylvania – 0.9%
             
 
1,250
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue Bonds, Series 2014A, 0.000%, 12/01/37
 
No Opt. Call
 
AA–
 
954,875
 
 
2,715
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue, Series 2011B, 5.000%, 12/01/41
 
12/21 at 100.00
 
AA–
 
2,974,690
 

Nuveen Investments
 
35

 
 

 

NUV
Nuveen Municipal Value Fund, Inc.
 
 
Portfolio of Investments (continued)
October 31, 2014

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Pennsylvania (continued)
             
$
7,500
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue, Series 2013A, 5.000%, 12/01/43
 
12/22 at 100.00
 
AA–
$
8,238,825
 
 
6,500
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2004A, 5.500%, 12/01/31 – AMBAC Insured
 
12/14 at 100.00
 
A+
 
6,582,680
 
 
17,965
 
Total Pennsylvania
         
18,751,070
 
     
Puerto Rico – 0.4%
             
 
76,485
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/54 – AMBAC Insured
 
No Opt. Call
 
BBB
 
5,878,637
 
 
21,000
 
Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Bonds, Series 2005A, 0.000%, 5/15/50
 
5/15 at 11.19
 
BB–
 
1,554,630
 
 
97,485
 
Total Puerto Rico
         
7,433,267
 
     
Rhode Island – 1.3%
             
 
6,250
 
Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue Bonds, Lifespan Obligated Group, Series 1996, 5.250%, 5/15/26 – NPFG Insured
 
11/14 at 100.00
 
AA–
 
6,264,125
 
 
19,335
 
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A, 6.250%, 6/01/42
 
12/14 at 100.00
 
BBB–
 
19,333,453
 
 
2,000
 
Rhode Island, General Obligation Bonds, Consolidated Capital Development Loan, Refunding Series 2005A, 5.000%, 8/01/17 – AGM Insured
 
8/15 at 100.00
 
AA
 
2,071,360
 
 
27,585
 
Total Rhode Island
         
27,668,938
 
     
South Carolina – 1.6%
             
 
12,000
 
Dorchester County School District 2, South Carolina, Installment Purchase Revenue Bonds, GROWTH, Series 2004, 5.250%, 12/01/29 (Pre-refunded 12/01/14)
 
12/14 at 100.00
 
AA- (4)
 
12,051,360
 
     
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2:
             
 
12,560
 
0.000%, 1/01/28 – AMBAC Insured
 
No Opt. Call
 
AA
 
7,700,913
 
 
9,535
 
0.000%, 1/01/29 – AMBAC Insured
 
No Opt. Call
 
AA
 
5,562,910
 
 
3,000
 
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Refunding Bonds, Series 1991A, 6.500%, 1/01/15 – NPFG Insured
 
No Opt. Call
 
A3
 
3,030,810
 
 
2,000
 
South Carolina Public Service Authority, Revenue Bonds, Santee Cooper Electric System, Series 2005C, 4.750%, 1/01/23 – NPFG Insured
 
7/15 at 100.00
 
AA–
 
2,057,580
 
 
3,455
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2014A, 5.500%, 12/01/54
 
6/24 at 100.00
 
AA–
 
3,942,362
 
 
42,550
 
Total South Carolina
         
34,345,935
 
     
Tennessee – 0.7%
             
 
10,300
 
Jackson, Tennessee, Hospital Revenue Refunding Bonds, Jackson-Madison County General Hospital Project, Series 2008, 5.625%, 4/01/38
 
4/18 at 100.00
 
A+
 
11,285,607
 
 
3,000
 
Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds, Wellmont Health System, Series 2006C, 5.250%, 9/01/36
 
9/16 at 100.00
 
BBB+
 
3,157,050
 
 
13,300
 
Total Tennessee
         
14,442,657
 
     
Texas – 12.7%
             
 
2,000
 
Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, Second Tier Series 2006B, 5.750%, 1/01/34
 
1/17 at 100.00
 
BB
 
2,031,920
 
 
5,560
 
Beaumont Independent School District, Jefferson County, Texas, General Obligation Bonds, Series 2008, 5.000%, 2/15/38
 
2/17 at 100.00
 
AAA
 
5,995,960
 
 
5,110
 
Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company, Series 1999C, 7.700%, 3/01/32 (Alternative Minimum Tax) (6)
 
3/15 at 100.00
 
C
 
408,800
 
     
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2005:
             
 
4,000
 
5.000%, 1/01/35 (Pre-refunded 1/01/15) – FGIC Insured
 
1/15 at 100.00
 
AA- (4)
 
4,032,600
 
 
31,550
 
5.000%, 1/01/45 (Pre-refunded 1/01/15) – FGIC Insured
 
1/15 at 100.00
 
AA- (4)
 
31,807,133
 
 
7,500
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series 2012D, 5.000%, 11/01/38 (Alternative Minimum Tax)
 
No Opt. Call
 
A+
 
8,113,275
 

36
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Texas (continued)
             
$
240
 
Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2014A, 5.250%, 9/01/44
 
9/24 at 100.00
 
BB+
$
250,090
 
 
5,000
 
El Paso County Hospital District, Texas, General Obligation Bonds, Certificates of Obligation, Series 2013, 5.000%, 8/15/39
 
8/23 at 100.00
 
AA–
 
5,560,950
 
 
6,005
 
Friendswood Independent School District, Galveston County, Texas, General Obligation Bonds, Schoolhouse Series 2008, 5.000%, 2/15/37
 
No Opt. Call
 
AAA
 
6,596,673
 
 
27,340
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 4/01/53
 
10/23 at 100.00
 
AA+
 
29,682,218
 
 
5,000
 
Harris County Hospital District, Texas, Revenue Bonds, Series 2007A, 5.250%, 2/15/42 – NPFG Insured
 
2/17 at 100.00
 
AA+
 
5,413,000
 
 
11,900
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H, 0.000%, 11/15/27 – NPFG Insured
 
No Opt. Call
 
AA–
 
6,326,159
 
 
3,880
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Senior Lien Series 2001G, 5.250%, 11/15/30 – NPFG Insured
 
11/14 at 100.00
 
AA–
 
3,882,367
 
 
14,805
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3, 0.000%, 11/15/33 – NPFG Insured
 
11/24 at 59.10
 
AA–
 
5,030,591
 
     
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B:
             
 
24,755
 
0.000%, 9/01/29 – AMBAC Insured
 
No Opt. Call
 
A2
 
13,343,440
 
 
12,940
 
0.000%, 9/01/30 – AMBAC Insured
 
No Opt. Call
 
A2
 
6,659,312
 
 
10,000
 
0.000%, 9/01/31 – AMBAC Insured
 
No Opt. Call
 
A2
 
4,846,200
 
 
5,000
 
Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson Memorial Hospital Project, Series 2005, 5.375%, 8/15/35
 
2/16 at 100.00
 
BBB
 
5,116,850
 
 
2,000
 
Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, Southwest Airlines Company – Love Field Modernization Program Project, Series 2012, 5.000%, 11/01/28 (Alternative Minimum Tax)
 
11/22 at 100.00
 
BBB
 
2,148,520
 
 
1,750
 
Martin County Hospital District, Texas, Combination Limited Tax and Revenue Bonds, Series 2011A, 7.250%, 4/01/36
 
4/21 at 100.00
 
BBB
 
1,972,460
 
     
North Texas Tollway Authority, First Tier System Revenue Refunding Bonds, Capital Appreciation Series 2008I:
             
 
30,000
 
0.000%, 1/01/42 – AGC Insured
 
1/25 at 100.00
 
AA
 
36,906,889
 
 
5,220
 
0.000%, 1/01/43
 
1/25 at 100.00
 
A2
 
6,456,096
 
 
6,320
 
North Texas Tollway Authority, First Tier System Revenue Refunding Bonds, Series 2008A, 5.750%, 1/01/40 – BHAC Insured
 
1/18 at 100.00
 
AA+
 
7,135,975
 
 
15,450
 
North Texas Tollway Authority, First Tier System Revenue Refunding Bonds, Series 2008D, 0.000%, 1/01/36 – AGC Insured
 
No Opt. Call
 
AA
 
6,330,483
 
 
2,000
 
Sabine River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company, Series 2003A, 5.800%, 7/01/22 (6)
 
1/15 at 100.00
 
C
 
155,000
 
 
3,000
 
San Antonio, Texas, Water System Revenue Bonds, Series 2005, 4.750%, 5/15/37 – NPFG Insured
 
5/15 at 100.00
 
AA+
 
3,062,670
 
 
11,585
 
Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds, Texas Health Resources Trust 1201, 9.261%, 2/15/30 (IF)
 
2/17 at 100.00
 
AA
 
13,000,687
 
 
4,810
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2010, 5.500%, 8/15/45
 
8/20 at 100.00
 
Aa3
 
5,443,044
 
 
3,970
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Christus Health, Refunding Series 2008A, 6.500%, 7/01/37 – AGC Insured
 
1/19 at 100.00
 
AA
 
4,568,160
 
 
1,030
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Christus Health, Refunding Series 2008A, 6.500%, 7/01/37 (Pre-refunded 1/01/19) – AGC Insured
 
1/19 at 100.00
 
AA (4)
 
1,253,304
 
 
6,435
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas Health Resources, Series 2007A, 5.000%, 2/15/20
 
No Opt. Call
 
AA
 
7,055,463
 
 
10,400
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/32
 
No Opt. Call
 
A3
 
11,302,616
 
 
2,250
 
Texas State University System, Financing Revenue Bonds, Refunding Series 2006, 5.000%, 3/15/27 – AGM Insured
 
No Opt. Call
 
AA
 
2,380,905
 

Nuveen Investments
 
37

 
 

 

NUV
Nuveen Municipal Value Fund, Inc.
 
 
Portfolio of Investments (continued)
October 31, 2014

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Texas (continued)
             
$
7,180
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier Refunding Series 2012A, 5.000%, 8/15/41
 
8/22 at 100.00
 
A–
$
7,753,251
 
 
5,500
 
Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A, 0.000%, 8/15/25 – AMBAC Insured
 
No Opt. Call
 
A–
 
3,837,185
 
 
301,485
 
Total Texas
         
265,860,246
 
     
Utah – 0.2%
             
 
3,260
 
Eagle Mountain, Utah, Gas and Electric Revenue Bonds, Series 2005, 5.000%, 6/01/24 – RAAI Insured
 
6/15 at 100.00
 
N/R
 
3,290,253
 
     
Virginia – 3.4%
             
 
1,500
 
Fairfax County Economic Development Authority, Virginia, Residential Care Facilities Mortgage Revenue Bonds, Goodwin House, Inc., Series 2007A, 5.125%, 10/01/42
 
10/17 at 100.00
 
BBB
 
1,551,825
 
 
10,000
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Second Senior Lien Revenue Bonds, Dulles Metrorail Capital Appreciation, Series 2010B, 0.000%, 10/01/44
 
10/28 at 100.00
 
BBB+
 
10,399,500
 
     
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012A:
             
 
15,870
 
5.125%, 7/01/49
 
No Opt. Call
 
BBB–
 
17,099,608
 
 
9,620
 
5.000%, 7/01/52
 
No Opt. Call
 
BBB–
 
10,230,485
 
     
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012B:
             
 
975
 
0.000%, 7/01/36
 
No Opt. Call
 
BBB–
 
334,318
 
 
18,410
 
0.000%, 7/01/43
 
No Opt. Call
 
BBB–
 
4,297,630
 
 
1,270
 
Stafford County and Staunton Industrial Development Authority, Virginia, Revenue Bonds, Virginia Municipal League and Virginia Association of Counties Finance Program, Series 2007C, 5.000%, 2/01/37 – SYNCORA GTY Insured
 
No Opt. Call
 
N/R
 
1,304,569
 
     
Stafford County and Staunton Industrial Development Authority, Virginia, Revenue Bonds, Virginia Municipal League and Virginia Association of Counties Finance Program, Series 2007C:
             
 
640
 
5.000%, 2/01/37 (Pre-refunded 2/01/17) – SYNCORA GTY Insured
 
2/17 at 100.00
 
N/R (4)
 
704,346
 
 
845
 
5.000%, 2/01/37 (Pre-refunded 2/01/17) – SYNCORA GTY Insured
 
2/17 at 100.00
 
N/R (4)
 
929,956
 
 
1,415
 
5.000%, 2/01/37 (Pre-refunded 2/01/17) – SYNCORA GTY Insured
 
2/17 at 100.00
 
N/R (4)
 
1,560,292
 
 
2,505
 
5.000%, 2/01/37 (Pre-refunded 2/01/17) – SYNCORA GTY Insured
 
2/17 at 100.00
 
N/R (4)
 
2,756,853
 
 
4,405
 
Stafford County Economic Development Authority, Virginia, Hospital Facilities Revenue Bonds, MediCorp Health System, Series 2006, 5.250%, 6/15/31
 
6/16 at 100.00
 
Baa1
 
4,538,031
 
 
2,230
 
The Rector and Visitors of the University of Virginia, General Revenue Bonds, Series 2005, 4.000%, 6/01/20 (Pre-refunded 6/01/15)
 
6/15 at 100.00
 
N/R (4)
 
2,279,774
 
 
4,355
 
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, Series 2007B1, 5.000%, 6/01/47
 
6/17 at 100.00
 
B–
 
2,991,319
 
     
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012:
             
 
4,180
 
5.250%, 1/01/32 (Alternative Minimum Tax)
 
7/22 at 100.00
 
BBB–
 
4,572,627
 
 
1,650
 
6.000%, 1/01/37 (Alternative Minimum Tax)
 
7/22 at 100.00
 
BBB–
 
1,879,367
 
 
3,770
 
5.500%, 1/01/42 (Alternative Minimum Tax)
 
7/22 at 100.00
 
BBB–
 
4,105,982
 
 
83,640
 
Total Virginia
         
71,536,482
 
     
Washington – 2.2%
             
 
3,780
 
Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.625%, 1/01/35
 
1/21 at 100.00
 
A
 
4,149,306
 
 
2,400
 
Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, Series 2010, 5.375%, 12/01/33
 
12/20 at 100.00
 
Baa3
 
2,853,408
 
 
12,000
 
Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, Series 2012A, 5.000%, 10/01/33
 
10/22 at 100.00
 
AA
 
13,566,960
 
 
2,500
 
Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and Medical Center of Seattle, Series 2007, 5.700%, 12/01/32
 
12/17 at 100.00
 
N/R
 
2,593,375
 
 
5,000
 
Washington State Health Care Facilities Authority, Revenue Bonds, Providence Health Care Services, Series 2006A, 4.625%, 10/01/34 – FGIC Insured
 
10/16 at 100.00
 
AA
 
5,116,350
 
 
2,455
 
Washington State Health Care Facilities Authority, Revenue Bonds, Virginia Mason Medical Center, Series 2007B, 5.000%, 2/15/27 – NPFG Insured
 
8/17 at 100.00
 
AA–
 
2,636,768
 

38
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Washington (continued)
             
     
Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2002-03C:
             
$
9,100
 
0.000%, 6/01/29 – NPFG Insured
 
No Opt. Call
 
AA+
$
5,937,022
 
 
16,195
 
0.000%, 6/01/30 – NPFG Insured
 
No Opt. Call
 
AA+
 
10,198,153
 
 
53,430
 
Total Washington
         
47,051,342
 
     
West Virginia – 0.2%
             
 
3,000
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Refunding and Improvement Series 2013A, 5.500%, 6/01/44
 
6/23 at 100.00
 
A
 
3,436,650
 
     
Wisconsin – 3.0%
             
 
7,115
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health, Senior Credit Group, Series 2010E, 5.000%, 11/15/33
 
11/19 at 100.00
 
AA+
 
7,936,071
 
 
1,000
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2006A, 5.000%, 2/15/17
 
2/16 at 100.00
 
A–
 
1,050,700
 
 
2,375
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2012B, 5.000%, 2/15/40
 
2/22 at 100.00
 
A–
 
2,548,565
 
 
4,390
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2012, 5.000%, 6/01/39
 
6/22 at 100.00
 
A2
 
4,812,889
 
 
2,500
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital, Inc., Series 2009, 6.000%, 12/01/38 (Pre-refunded 12/01/18)
 
12/18 at 100.00
 
A2 (4)
 
3,011,475
 
     
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital, Inc., Series 2011A:
             
 
3,500
 
5.750%, 5/01/35 (Pre-refunded 5/01/21)
 
5/21 at 100.00
 
A2 (4)
 
4,416,930
 
 
5,000
 
6.000%, 5/01/41 (Pre-refunded 5/01/21)
 
5/21 at 100.00
 
A2 (4)
 
6,387,000
 
 
6,600
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Health Care, Inc., Refunding 2012C, 5.000%, 8/15/32
 
8/22 at 100.00
 
AA
 
7,364,808
 
 
10,000
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, SSM Healthcare System, Series 2010A, 5.000%, 6/01/30
 
6/20 at 100.00
 
AA–
 
11,121,400
 
     
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A:
             
 
2,490
 
5.750%, 5/01/33
 
5/19 at 100.00
 
AA–
 
2,943,130
 
 
8,945
 
6.250%, 5/01/37
 
5/19 at 100.00
 
AA–
 
10,736,236
 
 
53,915
 
Total Wisconsin
         
62,329,204
 
     
Wyoming – 0.2%
             
 
2,035
 
Campbell County, Wyoming Solid Waste Facilities Revenue Bonds, Basin Electric Power Cooperative – Dry Fork Station Facilities, Series 2009A, 5.750%, 7/15/39
 
7/19 at 100.00
 
A1
 
2,285,916
 
 
1,850
 
West Park Hospital District, Wyoming, Hospital Revenue Bonds, Series 2011A, 7.000%, 6/01/40
 
6/21 at 100.00
 
BBB
 
2,175,378
 
 
3,885
 
Total Wyoming
         
4,461,294
 
$
2,409,412
 
Total Municipal Bonds (cost $1,888,325,922)
         
2,074,119,040
 
                     
 
Shares
 
Description (1)
         
Value
 
     
COMMON STOCKS – 0.3%
             
     
Airlines – 0.3%
             
 
177,183
 
American Airlines Group Inc. (8)
       
$
7,326,517
 
     
Total Common Stocks (cost $5,476,409)
         
7,326,517
 

Nuveen Investments
 
39

 
 

 

NUV
Nuveen Municipal Value Fund, Inc.
 
 
Portfolio of Investments (continued)
October 31, 2014

 
Principal
                     
 
Amount (000)
 
Description (1)
 
Coupon
 
Maturity
 
Ratings (3)
 
Value
 
     
CORPORATE BONDS – 0.0%
                 
     
Transportation – 0.0%
                 
$
829
 
Las Vegas Monorail Company, Senior Interest Bonds (7), (9)
 
5.500%
 
7/15/19
 
N/R
$
149,328
 
 
224
 
Las Vegas Monorail Company, Senior Interest Bonds (7), (9)
 
3.000%
 
7/15/55
 
N/R
 
29,916
 
$
1,053
 
Total Corporate Bonds (cost $84,056)
             
179,244
 
     
Total Long-Term Investments (cost $1,893,886,387)
             
2,081,624,801
 
     
Floating Rate Obligations – (0.9)%
             
(18,880,000
)
     
Other Assets Less Liabilities – 1.7%
             
36,353,728
 
     
Net Assets – 100%
           
$
2,099,098,529
 
 
(1)
All percentages shown in the Portfolio of Investments are based on net assets.
(2)
Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(6)
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.
(7)
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
(8)
On November 28, 2011, AMR Corp. (“AMR”), the parent company of American Airlines Group, Inc. (“AAL”) filed for federal bankruptcy protection. On December 9, 2013, AMR emerged from federal bankruptcy with the acceptance of its reorganization plan by the bankruptcy court. Under the settlement agreement established to meet AMR’s unsecured bond obligations, the bondholders, including the Fund, received a distribution of AAL preferred stock which was converted to AAL common stock over a 120-day period. Every 30 days, a quarter of the preferred stock was converted to AAL common stock based on the 5-day volume-weighted average price and the amount of preferred shares tendered during the optional preferred conversion period.
(9)
During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund’s custodian is not accruing income on the Fund’s records for either senior interest corporate bond.
WI/DD
Investment, or portion of investment, purchased on a when-issued/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, Note 3 – Portfolio Securities and Investments in Derivatives, 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.
 
40
 
Nuveen Investments

 
 

 

NUW
   
 
Nuveen AMT-Free Municipal Value Fund
 
 
Portfolio of Investments
October 31, 2014

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
LONG-TERM INVESTMENTS – 101.6%
             
     
MUNICIPAL BONDS – 101.6%
             
     
Alaska – 0.5%
             
     
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A:
             
$
835
 
4.625%, 6/01/23
 
12/14 at 100.00
 
Ba1
$
834,958
 
 
350
 
5.000%, 6/01/46
 
12/14 at 100.00
 
B2
 
263,519
 
 
1,185
 
Total Alaska
         
1,098,477
 
     
Arizona – 3.6%
             
 
4,000
 
Maricopa County Pollution Control Corporation, Arizona, Pollution Control Revenue Bonds, El Paso Electric Company, Refunding Series 2009A, 7.250%, 2/01/40
 
2/19 at 100.00
 
Baa1
 
4,704,200
 
 
3,045
 
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc. Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37
 
No Opt. Call
 
A–
 
3,451,386
 
 
7,045
 
Total Arizona
         
8,155,586
 
     
California – 10.0%
             
 
2,500
 
California State Public Works Board, Lease Revenue Bonds, Department of General Services Buildings 8 & 9, Series 2009A, 6.250%, 4/01/34
 
4/19 at 100.00
 
A1
 
3,017,550
 
 
500
 
California State, General Obligation Bonds, Tender Option Bond Trust 3162, 20.015%, 3/01/18 – AGM Insured (IF)
 
No Opt. Call
 
AA
 
829,800
 
     
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A:
             
 
2,615
 
5.000%, 6/01/45
 
6/15 at 100.00
 
A1
 
2,680,401
 
 
1,500
 
5.000%, 6/01/45 – AMBAC Insured
 
6/15 at 100.00
 
A1
 
1,537,515
 
 
3,635
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.000%, 6/01/33
 
6/17 at 100.00
 
B
 
2,986,516
 
 
450
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009A, 6.500%, 11/01/39
 
No Opt. Call
 
A
 
612,698
 
 
10,200
 
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 – AGC Insured
 
8/29 at 100.00
 
AA
 
10,564,548
 
 
700
 
Victor Elementary School District, San Bernardino County, California, General Obligation Bonds, Series 2002A, 0.000%, 8/01/24 – FGIC Insured
 
No Opt. Call
 
AA–
 
519,435
 
 
22,100
 
Total California
         
22,748,463
 
     
Colorado – 6.3%
             
 
5,000
 
Denver City and County, Colorado, Airport System Revenue Bonds, Series 2005A, 5.000%, 11/15/25 – SYNCORA GTY Insured
 
11/15 at 100.00
 
A+
 
5,241,650
 
 
5,885
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/34 – NPFG Insured
 
No Opt. Call
 
AA–
 
2,501,714
 
 
3,605
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%, 9/01/27 – NPFG Insured
 
9/20 at 67.94
 
AA–
 
1,962,093
 
 
4,000
 
Park Creek Metropolitan District, Colorado, Senior Property Tax Supported Revenue Bonds, Series 2009, 6.375%, 12/01/37 – AGC Insured
 
12/19 at 100.00
 
AA
 
4,594,360
 
 
18,490
 
Total Colorado
         
14,299,817
 
     
Florida – 8.9%
             
 
9,500
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2009A, 5.500%, 10/01/41 (UB) (4)
 
10/19 at 100.00
 
A
 
10,861,445
 
 
1,000
 
Miami-Dade County, Florida, General Obligation Bonds, Build Better Communities Program, Series 2005, 5.000%, 7/01/24 – NPFG Insured
 
7/15 at 100.00
 
AA
 
1,031,340
 

Nuveen Investments
 
41

 
 

 

NUW
Nuveen AMT-Free Municipal Value Fund
 
 
Portfolio of Investments (continued)
October 31, 2014

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Florida (continued)
             
     
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
 
AA
$
2,882,950
 
 
2,000
 
5.625%, 7/01/38
 
7/18 at 100.00
 
AA
 
2,275,200
 
 
300
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-2, 0.000%, 5/01/39
 
5/17 at 100.00
 
N/R
 
220,170
 
 
865
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-3, 0.000%, 5/01/40
 
5/19 at 100.00
 
N/R
 
517,495
 
 
375
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40
 
5/22 at 100.00
 
N/R
 
166,219
 
 
525
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series 2007-3, 6.450%, 5/01/23 (5)
 
5/18 at 100.00
 
N/R
 
5
 
 
45
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Non Performing ParcelSeries 2007-1. RMKT, 6.450%, 5/01/23 (5)
 
5/18 at 100.00
 
N/R
 
46,025
 
 
910
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2012A-1, 6.450%, 5/01/23
 
5/17 at 100.00
 
N/R
 
914,878
 
 
2,120
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Southern/Forbearance Parcel Series 2007-2, 6.450%, 5/01/23 (5)
 
5/18 at 100.00
 
N/R
 
1,281,922
 
 
20,140
 
Total Florida
         
20,197,649
 
     
Georgia – 0.8%
             
 
475
 
Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A. Remarketed, 7.500%, 1/01/31
 
1/19 at 100.00
 
A2
 
564,979
 
 
1,000
 
Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta Air Lines, Inc. Project, Series 2009A, 8.750%, 6/01/29
 
6/20 at 100.00
 
BB–
 
1,252,010
 
 
1,475
 
Total Georgia
         
1,816,989
 
     
Illinois – 12.4%
             
 
3,000
 
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999, 0.000%, 1/01/37 – FGIC Insured
 
No Opt. Call
 
AA–
 
999,570
 
 
3,000
 
Chicago, Illinois, General Obligation Bonds, Series 2005A, 5.000%, 1/01/17 – AGM Insured
 
1/15 at 100.00
 
AA
 
3,022,530
 
 
260
 
Cook and DuPage Counties High School District 210 Lemont, Illinois, General Obligation Bonds, Refunding Series 2006, 5.000%, 1/01/26 – NPFG Insured
 
1/16 at 100.00
 
Aa2
 
273,263
 
 
465
 
Cook and DuPage Counties High School District 210 Lemont, Illinois, General Obligation Bonds, Refunding Series 2006, 5.000%, 1/01/26 (Pre-refunded 1/01/16) – NPFG Insured
 
1/16 at 100.00
 
Aa2 (6)
 
490,854
 
 
1,885
 
Cook County Township High School District 225 Northfield, Illinois, General Obligation Bonds, Capital Appreciation Refunding Series 2002B, 0.000%, 12/01/15 – NPFG Insured
 
No Opt. Call
 
AAA
 
1,875,123
 
 
5,035
 
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Series 2009A, 6.000%, 8/15/39
 
8/19 at 100.00
 
AA+
 
5,918,743
 
 
3,500
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2009A, 7.125%, 11/15/37
 
5/19 at 100.00
 
A
 
4,219,670
 
 
5,000
 
Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2009A, 7.250%, 11/01/38
 
11/18 at 100.00
 
A+
 
5,979,800
 
 
3,950
 
Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., Refunding Series 2007A, 5.250%, 5/01/34
 
5/17 at 100.00
 
BBB+
 
4,086,394
 
 
615
 
University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 6.000%, 10/01/42
 
10/23 at 100.00
 
A
 
708,455
 
 
560
 
Will County Community Unit School District 201U, Crete-Monee, Illinois, General Obligation Bonds, Capital Appreciation Series 2004, 0.000%, 11/01/23 – FGIC Insured
 
No Opt. Call
 
AA–
 
432,544
 
 
27,270
 
Total Illinois
         
28,006,946
 
     
Indiana – 7.5%
             
 
5,000
 
Indiana Finance Authority, Hospital Revenue Bonds, Deaconess Hospital Obligated Group, Series 2009A, 6.750%, 3/01/39
 
3/19 at 100.00
 
A+
 
5,790,450
 
 
3,600
 
Indiana Health and Educational Facilities Financing Authority, Revenue Bonds, Sisters of Saint Francis Health Services Inc., Series 2006E, 5.250%, 5/15/41 – AGM Insured
 
5/18 at 100.00
 
Aa3
 
3,890,232
 

42
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Indiana (continued)
             
$
3,650
 
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest Indiana, Series 2007, 5.500%, 3/01/37
 
3/17 at 100.00
 
A
$
3,857,795
 
 
2,000
 
Indiana Municipal Power Agency, Power Supply System Revenue Bonds, Series 2009B, 6.000%, 1/01/39
 
1/19 at 100.00
 
A+
 
2,294,480
 
 
1,500
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/25 – AMBAC Insured
 
No Opt. Call
 
AA
 
1,111,785
 
 
15,750
 
Total Indiana
         
16,944,742
 
     
Iowa – 1.8%
             
 
1,545
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013, 5.500%, 12/01/22
 
12/18 at 100.00
 
BB–
 
1,639,709
 
 
3,025
 
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.375%, 6/01/38
 
6/15 at 100.00
 
B+
 
2,523,697
 
 
4,570
 
Total Iowa
         
4,163,406
 
     
Kansas – 0.2%
             
 
535
 
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital Appreciation Revenue Bonds Redevelopment Project Area B – Major Multi-Sport Athletic Complex Project, Subordinate Lien Series 2010B, 0.000%, 6/01/21
 
No Opt. Call
 
A–
 
376,351
 
     
Louisiana – 7.5%
             
 
5,000
 
Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Series 2006C-3, 6.125%, 6/01/25 – AGC Insured
 
6/18 at 100.00
 
AA
 
5,815,500
 
     
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A:
             
 
7,000
 
5.375%, 5/15/43
 
5/17 at 100.00
 
Baa1
 
7,350,840
 
 
275
 
5.500%, 5/15/47
 
5/17 at 100.00
 
Baa1
 
289,545
 
 
3,255
 
St John Baptist Parish, Louisiana, Revenue Bonds, Marathon Oil Corporation, Series 2007A, 5.125%, 6/01/37
 
6/17 at 100.00
 
Baa1
 
3,450,528
 
 
15,530
 
Total Louisiana
         
16,906,413
 
     
Maine – 2.0%
             
 
3,335
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Bowdoin College, Tender Option Bond Trust 2009-5B, 13.267%, 7/01/39 (IF) (4)
 
7/19 at 100.00
 
Aa2
 
4,600,999
 
     
Massachusetts – 0.8%
             
 
500
 
Martha’s Vineyard Land Bank, Massachusetts, Revenue Bonds, Series 2002, 5.000%, 5/01/32 – AMBAC Insured
 
11/14 at 100.00
 
A–
 
501,775
 
 
1,000
 
Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Tender Option Bond Trust 2989, 13.494%, 8/01/38 (IF)
 
8/19 at 100.00
 
AAA
 
1,415,320
 
 
1,500
 
Total Massachusetts
         
1,917,095
 
     
Michigan – 4.1%
             
 
5,050
 
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%, 7/01/35 – NPFG Insured
 
7/15 at 100.00
 
AA–
 
5,050,808
 
 
50
 
Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2006B, 5.000%, 7/01/33 – NPFG Insured
 
7/16 at 100.00
 
AA–
 
51,230
 
 
3,100
 
Detroit, Michigan, Water Supply System Senior Lien Revenue Refunding Bonds, Series 2006D, 5.000%, 7/01/32 – AGM Insured
 
7/16 at 100.00
 
AA
 
3,201,711
 
 
1,750
 
Michigan State Building Authority, Revenue Bonds, Refunding Series 2006IA, 0.000%, 10/15/26 – AGM Insured
 
10/16 at 61.33
 
AA
 
1,047,585
 
 
9,950
 
Total Michigan
         
9,351,334
 
     
Nevada – 3.8%
             
 
1,000
 
Clark County Water Reclamation District, Nevada, General Obligation Water Bonds, Series 2009A, 5.250%, 7/01/34
 
7/19 at 100.00
 
AAA
 
1,146,750
 

Nuveen Investments
 
43

 
 

 

NUW
Nuveen AMT-Free Municipal Value Fund
 
 
Portfolio of Investments (continued)
October 31, 2014

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Nevada (continued)
             
$
1,150
 
Clark County, Nevada, Airport Revenue Bonds, Senior Lien Series 2005A, 5.000%, 7/01/40 – AMBAC Insured
 
7/15 at 100.00
 
AA–
$
1,176,933
 
 
5,415
 
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 8.000%, 6/15/30
 
6/19 at 100.00
 
BBB–
 
6,259,740
 
 
7,565
 
Total Nevada
         
8,583,423
 
     
New Jersey – 2.9%
             
     
New Jersey Educational Facilities Authority, Revenue Bonds, University of Medicine and Dentistry of New Jersey, Refunding Series 2009B:
             
 
2,135
 
7.125%, 12/01/23 (Pre-refunded 6/01/19)
 
6/19 at 100.00
 
N/R (6)
 
2,714,588
 
 
3,000
 
7.500%, 12/01/32 (Pre-refunded 6/01/19)
 
6/19 at 100.00
 
N/R (6)
 
3,864,630
 
 
5,135
 
Total New Jersey
         
6,579,218
 
     
New York – 1.7%
             
 
3,000
 
New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, Series 2007, 5.500%, 10/01/37
 
No Opt. Call
 
A
 
3,663,270
 
 
130
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42
 
12/20 at 100.00
 
BBB
 
151,064
 
 
3,130
 
Total New York
         
3,814,334
 
     
Ohio – 6.3%
             
 
5,000
 
American Municipal Power Ohio Inc., General Revenue Bonds, Prairie State Energy Campus Project Series 2009A, 5.750%, 2/15/39 – AGC Insured
 
2/19 at 100.00
 
AA
 
5,501,650
 
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
             
 
2,115
 
5.875%, 6/01/30
 
6/17 at 100.00
 
B–
 
1,739,714
 
 
5,910
 
6.500%, 6/01/47
 
6/17 at 100.00
 
B
 
5,093,061
 
 
2,000
 
Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, University Hospitals Health System, Series 2009, 6.750%, 1/15/39 (Pre-refunded 1/15/15)
 
1/15 at 100.00
 
A (6)
 
2,027,260
 
 
15,025
 
Total Ohio
         
14,361,685
 
     
Oklahoma – 1.0%
             
 
2,150
 
Norman Regional Hospital Authority, Oklahoma, Hospital Revenue Bonds, Series 2007, 5.125%, 9/01/37
 
9/17 at 100.00
 
BBB–
 
2,226,906
 
     
Rhode Island – 3.0%
             
 
3,000
 
Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue Bonds, Lifespan Obligated Group Issue, Series 2009A, 7.000%, 5/15/39
 
5/19 at 100.00
 
BBB+
 
3,473,880
 
 
3,240
 
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A, 6.125%, 6/01/32
 
12/14 at 100.00
 
BBB+
 
3,256,297
 
 
6,240
 
Total Rhode Island
         
6,730,177
 
     
South Carolina – 1.4%
             
 
5,435
 
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2, 0.000%, 1/01/29 – AMBAC Insured
 
No Opt. Call
 
AA
 
3,170,888
 
     
Texas – 5.9%
             
 
3,550
 
Ennis Independent School District, Ellis County, Texas, General Obligation Bonds, Series 2006, 0.000%, 8/15/31
 
8/16 at 46.64
 
Aaa
 
1,571,337
 
 
1,855
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier Series 2013A, 5.500%, 4/01/53
 
10/23 at 100.00
 
BBB+
 
2,040,704
 
 
5,400
 
North Texas Tollway Authority, Second Tier System Revenue Refunding Bonds, Series 2008F, 5.750%, 1/01/38
 
1/18 at 100.00
 
A3
 
5,999,724
 
 
1,500
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/32
 
No Opt. Call
 
A3
 
1,630,185
 

44
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Texas (continued)
             
$
2,000
 
Wichita Falls Independent School District, Wichita County, Texas, General Obligation Bonds, Series 2007, 5.000%, 2/01/23
 
2/17 at 100.00
 
AAA
$
2,194,640
 
 
14,305
 
Total Texas
         
13,436,590
 
     
Virgin Islands – 0.5%
             
 
1,000
 
Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note – Diageo Project, Series 2009A, 6.750%, 10/01/37
 
10/19 at 100.00
 
Baa3
 
1,152,720
 
     
Virginia – 1.9%
             
 
1,400
 
Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Capital Appreciation Series 2012B, 0.000%, 7/15/40
 
7/28 at 100.00
 
BBB
 
908,236
 
 
1,000
 
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012A, 5.000%, 7/01/52
 
No Opt. Call
 
BBB–
 
1,063,460
 
 
2,000
 
Washington County Industrial Development Authority, Virginia, Hospital Revenue Bonds, Mountain States Health Alliance, Series 2009C, 7.750%, 7/01/38
 
1/19 at 100.00
 
BBB+
 
2,358,200
 
 
4,400
 
Total Virginia
         
4,329,896
 
     
West Virginia – 0.8%
             
 
1,500
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Refunding and Improvement Series 2013A, 5.500%, 6/01/44
 
6/23 at 100.00
 
A
 
1,718,325
 
     
Wisconsin – 6.0%
             
 
1,000
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2012B, 5.000%, 2/15/27
 
2/22 at 100.00
 
A–
 
1,121,680
 
 
1,605
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc. Obligated Group, Series 2009, 6.625%, 2/15/39
 
2/19 at 100.00
 
A+
 
1,877,224
 
 
9,000
 
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 6.000%, 5/01/36
 
5/19 at 100.00
 
AA–
 
10,687,766
 
 
11,605
 
Total Wisconsin
         
13,686,670
 
$
226,365
 
Total Long-Term Investments (cost $191,516,115)
         
230,375,099
 
     
Floating Rate Obligations – (3.1)%
         
(7,125,000
)
     
Other Assets Less Liabilities – 1.5%
         
3,604,511
 
     
Net Assets – 100%
       
$
226,854,610
 
 

(1)
All percentages shown in the Portfolio of Investments are based on net assets.
(2)
Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5)
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.
(6)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(IF)
Inverse floating rate investment.
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
45

 
 

 

NMI
   
 
Nuveen Municipal Income Fund, Inc.
 
 
Portfolio of Investments
October 31, 2014

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
LONG-TERM INVESTMENTS – 101.3%
             
     
MUNICIPAL BONDS – 101.3%
             
     
Alabama – 1.6%
             
$
1,000
 
Courtland Industrial Development Board, Alabama, Solid Waste Revenue Bonds, International Paper Company Project, Series 2005A, 5.200%, 6/01/25 (Alternative Minimum Tax)
 
6/15 at 100.00
 
BBB
$
1,009,990
 
 
500
 
Jefferson County, Alabama, Limited Obligation School Warrants, Education Tax Revenue Bonds, Series 2004A, 5.250%, 1/01/23 – AGM Insured
 
1/15 at 100.00
 
AA
 
500,435
 
 
1,500
 
Total Alabama
         
1,510,425
 
     
Arizona – 1.7%
             
 
1,000
 
Maricopa County Industrial Development Authority, Arizona, Single Family Mortgage Revenue Bonds, Series 1983A, 0.000%, 12/31/14 (ETM)
 
No Opt. Call
 
Aaa
 
999,810
 
 
500
 
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc. Prepay Contract Obligations, Series 2007, 5.250%, 12/01/28
 
No Opt. Call
 
A–
 
596,620
 
 
1,500
 
Total Arizona
         
1,596,430
 
     
California – 16.9%
             
 
5,530
 
Adelanto School District, San Bernardino County, California, General Obligation Bonds, Series 1997A, 0.000%, 9/01/22 – NPFG Insured
 
No Opt. Call
 
AA–
 
4,426,483
 
     
Brea Olinda Unified School District, California, General Obligation Bonds, Series 1999A:
             
 
2,000
 
0.000%, 8/01/21 – FGIC Insured
 
No Opt. Call
 
Aa2
 
1,712,880
 
 
2,070
 
0.000%, 8/01/22 – FGIC Insured
 
No Opt. Call
 
AA–
 
1,700,070
 
 
2,120
 
0.000%, 8/01/23 – FGIC Insured
 
No Opt. Call
 
AA–
 
1,655,720
 
 
345
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A, 5.250%, 6/01/21
 
12/18 at 100.00
 
B+
 
345,259
 
 
250
 
California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Series 2007E, 4.800%, 8/01/37 (Alternative Minimum Tax)
 
2/17 at 100.00
 
A–
 
251,890
 
 
375
 
California Statewide Communities Development Authority, Revenue Bonds, American Baptist Homes of the West, Series 2010, 6.000%, 10/01/29
 
10/19 at 100.00
 
BBB+
 
429,566
 
 
1,000
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A, 5.000%, 7/01/39
 
7/15 at 100.00
 
B–
 
1,000,000
 
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
             
 
580
 
4.500%, 6/01/27
 
6/17 at 100.00
 
B
 
544,869
 
 
1,000
 
5.750%, 6/01/47
 
6/17 at 100.00
 
B
 
817,570
 
 
250
 
Madera County, California, Certificates of Participation, Children’s Hospital Central California, Series 2010, 5.375%, 3/15/36
 
3/20 at 100.00
 
A+
 
281,828
 
 
300
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009A, 7.000%, 11/01/34
 
No Opt. Call
 
A
 
420,006
 
 
250
 
Ridgecrest Redevelopment Agency, California, Ridgecrest Redevelopment Project Tax Allocation Bonds, Refunding Series 2010, 6.125%, 6/30/37
 
6/20 at 100.00
 
A–
 
291,283
 
 
385
 
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C, 6.000%, 8/01/24
 
2/21 at 100.00
 
A–
 
468,029
 
 
500
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Junior Lien Series 2014B, 5.250%, 1/15/44 (WI/DD, Settling 11/06/14)
 
1/25 at 100.00
 
BB+
 
532,915
 
 
1,000
 
Union City Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project, Subordinate Lien Series 2011, 6.000%, 12/01/22
 
12/21 at 100.00
 
A
 
1,234,410
 
 
17,955
 
Total California
         
16,112,778
 
     
Colorado – 7.9%
             
     
Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2013A:
             
 
150
 
5.125%, 12/01/29
 
12/23 at 100.00
 
BBB
 
169,320
 
 
250
 
5.375%, 12/01/33
 
12/23 at 100.00
 
BBB
 
285,570
 

46
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Colorado (continued)
             
$
105
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, University of Northern Colorado Lab School, Series 2004, 5.000%, 6/01/33 – SYNCORA GTY Insured
 
12/14 at 100.00
 
A
$
105,164
 
 
1,000
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
 
1/20 at 100.00
 
AA–
 
1,089,280
 
 
1,000
 
Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan Society, Series 2005, 5.000%, 6/01/35
 
6/16 at 100.00
 
A3
 
1,020,090
 
 
750
 
Colorado Springs, Colorado, Utilities System Improvement Revenue Bonds, Series 2013B-1, 5.000%, 11/15/38
 
11/23 at 100.00
 
AA
 
860,618
 
 
1,000
 
Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, 5.000%, 11/15/32
 
11/22 at 100.00
 
A+
 
1,152,320
 
 
1,000
 
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Refunding Bonds, Series 2011, 6.125%, 12/01/41 – AGM Insured
 
12/20 at 100.00
 
AA
 
1,135,930
 
 
785
 
Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs Utilities, Series 2008, 6.125%, 11/15/23
 
No Opt. Call
 
A
 
972,332
 
 
270
 
Southlands Metropolitan District 1, Colorado, Limited Tax General Obligation Bonds, Series 2007, 5.250%, 12/01/34 – RAAI Insured
 
12/17 at 100.00
 
N/R
 
274,142
 
 
500
 
Tallyn’s Reach Metropolitan District 3, Aurora, Colorado, General Obligation Refunding and Improvement Bonds, Limited Tax Convertible to Unlimited Tax, Series 2013, 5.000%, 12/01/33
 
12/23 at 100.00
 
N/R
 
512,185
 
 
6,810
 
Total Colorado
         
7,576,951
 
     
Connecticut – 0.3%
             
 
275
 
Capitol Region Education Council, Connecticut, Revenue Bonds, Series 1995, 6.750%, 10/15/15
 
4/15 at 100.00
 
BBB
 
276,337
 
     
Florida – 5.8%
             
 
750
 
Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter Academy, Inc. Project, Series 2013A, 5.000%, 9/01/33
 
9/23 at 100.00
 
BBB–
 
775,380
 
 
100
 
Dade County Industrial Development Authority, Florida, Revenue Bonds, Miami Cerebral Palsy Residential Services Inc., Series 1995, 8.000%, 6/01/22
 
12/14 at 100.00
 
N/R
 
100,012
 
 
500
 
Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Nova Southeastern University, Refunding Series 2011, 6.375%, 4/01/31
 
4/21 at 100.00
 
Baa1
 
593,805
 
 
1,025
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 5.000%, 10/01/35 – AGM Insured
 
10/20 at 100.00
 
AA
 
1,136,766
 
 
595
 
Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2012, 5.000%, 7/01/42
 
7/22 at 100.00
 
AA
 
654,322
 
 
1,000
 
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, 5.000%, 10/01/42
 
10/22 at 100.00
 
Aa3
 
1,110,570
 
 
515
 
North Sumter County Utility Dependent District, Florida, Utility Revenue Bonds, Series 2010, 5.375%, 10/01/40
 
10/20 at 100.00
 
AA
 
558,312
 
 
560
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006, 5.400%, 5/01/37
 
5/15 at 100.00
 
N/R
 
562,626
 
 
5,045
 
Total Florida
         
5,491,793
 
     
Georgia – 1.9%
             
 
775
 
Atlanta Urban Residential Finance Authority, Georgia, Multifamily Housing Revenue Bonds, Trestletree Village Apartments, Series 2013A, 4.000%, 11/01/25
 
11/23 at 100.00
 
A–
 
804,489
 
 
500
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.250%, 11/01/34 – AGM Insured
 
11/19 at 100.00
 
AA
 
569,835
 
 
355
 
Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2006B, 5.000%, 3/15/22
 
No Opt. Call
 
A
 
403,898
 
 
1,630
 
Total Georgia
         
1,778,222
 
     
Hawaii – 0.3%
             
 
250
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific University, Series 2013A, 6.625%, 7/01/33
 
7/23 at 100.00
 
BB+
 
279,808
 

Nuveen Investments
 
47

 
 

 

NMI
Nuveen Municipal Income Fund, Inc.
 
 
Portfolio of Investments (continued)
October 31, 2014

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Illinois – 9.7%
             
$
1,000
 
Illinois Finance Authority, Revenue Bonds, Children’s Memorial Hospital, Tender Option Bond Trust 1098, 18.146%, 8/15/15 – AGC Insured (IF) (4)
 
No Opt. Call
 
AA
$
1,341,560
 
 
270
 
Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2010C, 5.125%, 5/15/35
 
5/20 at 100.00
 
AA–
 
299,295
 
 
80
 
Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A, 5.500%, 7/01/28
 
7/23 at 100.00
 
A–
 
92,710
 
 
450
 
Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2009C, 6.375%, 11/01/29
 
5/19 at 100.00
 
A+
 
524,093
 
 
500
 
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2009, 7.000%, 8/15/44
 
8/19 at 100.00
 
BBB+
 
579,375
 
 
250
 
Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc., Series 2005 Remarketed, 5.250%, 3/01/30 – AGM Insured
 
3/20 at 100.00
 
AA
 
282,320
 
 
990
 
Illinois State, General Obligation Bonds, Series 2013, 5.250%, 7/01/31
 
7/23 at 100.00
 
A–
 
1,082,486
 
 
220
 
Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel Revenue Bonds, Series 2005B, 5.250%, 1/01/36
 
1/16 at 100.00
 
D
 
77,022
 
 
1,500
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Refunding Bonds, Series 2012B, 5.000%, 6/15/52
 
6/22 at 100.00
 
AAA
 
1,602,090
 
 
1,305
 
North Chicago, Illinois, General Obligation Bonds, Series 2005B, 5.000%, 11/01/25 – FGIC Insured
 
11/15 at 100.00
 
AA–
 
1,360,645
 
 
450
 
Quad Cities Regional Economic Development Authority, Illinois, Revenue Bonds, Augustana College, Series 2012, 5.000%, 10/01/27
 
10/22 at 100.00
 
Baa1
 
491,351
 
 
800
 
Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010, 6.000%, 6/01/28
 
6/21 at 100.00
 
A–
 
940,040
 
 
490
 
University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 6.000%, 10/01/32
 
10/23 at 100.00
 
A
 
578,180
 
 
8,305
 
Total Illinois
         
9,251,167
 
     
Indiana – 2.0%
             
 
525
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For Educational Excellence, Inc., Series 2009A, 7.000%, 10/01/39
 
10/19 at 100.00
 
BB–
 
540,404
 
 
655
 
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013A, 5.000%, 7/01/44 (Alternative Minimum Tax)
 
7/23 at 100.00
 
BBB
 
692,211
 
 
100
 
Indiana Finance Authority, Tax-Exempt Private Activity Revenue Bonds, I-69 Section 5 Project, Series 2014, 5.250%, 9/01/34 (Alternative Minimum Tax)
 
9/24 at 100.00
 
BBB
 
110,933
 
 
500
 
Vigo County Hospital Authority, Indiana, Hospital Revenue Bonds, Union Hospital, Inc., Series 2011, 8.000%, 9/01/41
 
9/21 at 100.00
 
N/R
 
604,865
 
 
1,780
 
Total Indiana
         
1,948,413
 
     
Iowa – 0.9%
             
 
835
 
Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, University of Dubuque Project, Refunding Series 2011, 5.625%, 10/01/26
 
10/21 at 100.00
 
BBB–
 
899,003
 
     
Kansas – 0.5%
             
 
450
 
Overland Park Development Corporation, Kansas, Second Tier Revenue Bonds, Overland Park Convention Center, Series 2007B, 5.125%, 1/01/22 – AMBAC Insured
 
1/17 at 100.00
 
BB+
 
456,737
 
     
Kentucky – 2.5%
             
 
500
 
Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro Medical Health System, Series 2010A, 6.500%, 3/01/45
 
6/20 at 100.00
 
BBB+
 
580,960
 
 
1,500
 
Louisville-Jefferson County Metropolitan Government, Kentucky, Health Facilities Revenue Bonds, Jewish Hospital & Saint Mary’s HealthCare Inc. Project, Series 2008, 6.125%, 2/01/37 (Pre-refunded 2/01/18)
 
2/18 at 100.00
 
Aaa
 
1,760,805
 
 
2,000
 
Total Kentucky
         
2,341,765
 

48
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Louisiana – 0.6%
             
$
500
 
Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Refunding Bonds, City of Shreveport Airport System Project, Series 2008A, 5.750%, 1/01/28 – AGM Insured
 
1/19 at 100.00
 
AA
$
566,975
 
     
Maryland – 1.4%
             
 
1,000
 
Maryland Economic Development Corporation, Economic Development Revenue Bonds, Transportation Facilities Project, Series 2010A, 5.750%, 6/01/35
 
6/20 at 100.00
 
Baa3
 
1,080,520
 
 
210
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Patterson Park Public Charter School Issue, Series 2010, 6.000%, 7/01/40
 
7/20 at 100.00
 
BBB–
 
219,962
 
 
1,210
 
Total Maryland
         
1,300,482
 
     
Michigan – 1.6%
             
 
355
 
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
 
7/22 at 100.00
 
BBB+
 
381,724
 
 
1,025
 
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2011-II-A, 5.375%, 10/15/36
 
10/21 at 100.00
 
Aa3
 
1,161,315
 
 
1,380
 
Total Michigan
         
1,543,039
 
     
Minnesota – 0.5%
             
 
500
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Lease Revenue Bonds, Community of Peace Academy Project, Series 2006A, 5.000%, 12/01/36
 
12/15 at 100.00
 
BBB–
 
504,120
 
     
Mississippi – 0.5%
             
 
500
 
Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22
 
4/15 at 100.00
 
BBB
 
500,455
 
     
Missouri – 8.9%
             
 
265
 
Hanley Road Corridor Transportation Development District, Brentwood and Maplewood, Missouri, Transportation Sales Revenue Bonds, Refunding Series 2009A, 5.875%, 10/01/36
 
10/19 at 100.00
 
A–
 
290,186
 
 
4,450
 
Missouri Environmental Improvement and Energy Resources Authority, Water Facility Revenue Bonds, Missouri-American Water Company, Series 2006, 4.600%, 12/01/36 – AMBAC Insured (Alternative Minimum Tax) (UB) (4)
 
12/16 at 100.00
 
AA+
 
4,575,846
 
 
135
 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Saint Louis College of Pharmacy, Series 2013, 5.250%, 5/01/33
 
5/23 at 100.00
 
BBB+
 
148,746
 
 
1,000
 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Southwest Baptist University Project, Series 2012, 5.000%, 10/01/33
 
10/22 at 100.00
 
BBB–
 
1,057,860
 
 
200
 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, University of Central Missouri, Series 2013C2, 5.000%, 10/01/34
 
10/23 at 100.00
 
A
 
224,512
 
 
965
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Lake Regional Health System, Series 2012, Reg S, 5.000%, 2/15/26
 
2/22 at 100.00
 
BBB+
 
1,072,530
 
 
500
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Rockhurst University, Series 1999, 6.000%, 10/01/25
 
10/18 at 103.00
 
BBB–
 
567,975
 
 
500
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Rockhurst University, Series 2011A, 5.250%, 10/01/20
 
10/18 at 103.00
 
BBB–
 
568,850
 
 
8,015
 
Total Missouri
         
8,506,505
 
     
Nebraska – 0.5%
             
 
400
 
Nebraska Educational Finance Authority, Revenue Bonds, Clarkson College Project, Refunding Series 2011, 5.050%, 9/01/30
 
5/21 at 100.00
 
Aa3
 
453,108
 
     
New Jersey – 0.7%
             
 
100
 
Gloucester County Pollution Control Financing Authority, New Jersey, Pollution Control Revenue Bonds, Logan Project, Refunding Series 2014A, 5.000%, 12/01/24 (Alternative Minimum Tax)
 
No Opt. Call
 
BBB–
 
112,188
 
     
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
             
 
180
 
4.625%, 6/01/26
 
6/17 at 100.00
 
B+
 
165,470
 
 
500
 
4.750%, 6/01/34
 
6/17 at 100.00
 
B2
 
374,285
 
 
780
 
Total New Jersey
         
651,943
 

Nuveen Investments
 
49

 
 

 

NMI
Nuveen Municipal Income Fund, Inc.
 
 
Portfolio of Investments (continued)
October 31, 2014

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
New York – 4.0%
             
$
630
 
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009, 6.250%, 7/15/40
 
1/20 at 100.00
 
BBB–
$
715,447
 
 
400
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47
 
2/21 at 100.00
 
A
 
461,172
 
 
500
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44 (WI/DD, Settling 11/20/14)
 
11/24 at 100.00
 
N/R
 
504,310
 
 
265
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42
 
12/20 at 100.00
 
BBB
 
307,938
 
 
1,785
 
Yates County Industrial Development Agency, New York, FHA-Insured Civic Facility Mortgage Revenue Bonds, Soldiers and Sailors Memorial Hospital, Series 2000A, 6.000%, 2/01/41
 
2/15 at 100.00
 
N/R
 
1,846,422
 
 
3,580
 
Total New York
         
3,835,289
 
     
North Dakota – 0.6%
             
 
200
 
Burleigh County, North Dakota, Health Care Revenue Bonds, Saint Alexius Medical Center Project, Series 2014A, 5.000%, 7/01/35
 
7/21 at 100.00
 
BBB+
 
216,332
 
 
300
 
Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011, 6.250%, 11/01/31
 
11/21 at 100.00
 
A+
 
359,682
 
 
500
 
Total North Dakota
         
576,014
 
     
Ohio – 4.8%
             
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
             
 
280
 
5.375%, 6/01/24
 
6/17 at 100.00
 
B–
 
239,308
 
 
500
 
5.125%, 6/01/24
 
6/17 at 100.00
 
B–
 
418,760
 
 
520
 
5.875%, 6/01/47
 
6/17 at 100.00
 
B
 
413,353
 
 
1,000
 
Erie County, Ohio, Hospital Facilities Revenue Bonds, Firelands Regional Medical Center Project, Series 2006, 5.250%, 8/15/46
 
8/16 at 100.00
 
A–
 
1,027,580
 
 
1,750
 
Middleburg Heights, Ohio, Hospital Facilities Revenue Bonds, Southwest General Health Center Project, Refunding Series 2011, 5.250%, 8/01/36
 
8/21 at 100.00
 
A2
 
1,899,730
 
 
500
 
Montgomery County, Ohio, Health Care and Multifamily Housing Revenue Bonds, Saint Leonard, Refunding & improvement Series 2010, 6.375%, 4/01/30
 
4/20 at 100.00
 
BBB–
 
550,400
 
 
4,550
 
Total Ohio
         
4,549,131
 
     
Oregon – 1.3%
             
 
300
 
Forest Grove, Oregon, Campus Improvement Revenue Bonds, Pacific University Project, Refunding Series 2014A, 5.000%, 5/01/40
 
5/22 at 100.00
 
BBB
 
331,020
 
 
850
 
Portland, Oregon, River District Urban Renewal and Redevelopment Bonds, Series 2012C, 5.000%, 6/15/29
 
6/22 at 100.00
 
A1
 
951,210
 
 
1,150
 
Total Oregon
         
1,282,230
 
     
Pennsylvania – 2.8%
             
 
1,000
 
Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Reading Hospital and Medical Center Project, Series 2012A, 5.000%, 11/01/40
 
5/22 at 100.00
 
AA–
 
1,104,790
 
 
460
 
Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009, 6.125%, 1/01/29
 
1/19 at 100.00
 
BBB+
 
512,454
 
 
1,000
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Foundation for Student Housing at Indiana University, Project Series 2012A, 5.000%, 7/01/41
 
7/22 at 100.00
 
BBB+
 
1,063,720
 
 
2,460
 
Total Pennsylvania
         
2,680,964
 
     
Rhode Island – 1.0%
             
 
1,000
 
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A, 6.250%, 6/01/42
 
12/14 at 100.00
 
BBB–
 
999,920
 
     
South Carolina – 0.6%
             
 
475
 
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 1991, 6.750%, 1/01/19 – FGIC Insured (ETM)
 
No Opt. Call
 
A3 (5)
 
584,982
 

50
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Tennessee – 2.6%
             
$
1,245
 
Chattanooga Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45
 
1/23 at 100.00
 
A+
$
1,407,983
 
 
1,000
 
Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds, Wellmont Health System, Series 2006C, 5.250%, 9/01/36
 
9/16 at 100.00
 
BBB+
 
1,052,350
 
 
2,245
 
Total Tennessee
         
2,460,333
 
     
Texas – 9.5%
             
 
1,500
 
Cameron Education Finance Corporation, Texas, Charter School Revenue Bonds, Faith Family Academy Charter School, Series 2006A, 5.250%, 8/15/36 – ACA Insured
 
8/16 at 100.00
 
BBB–
 
1,521,210
 
 
335
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier Series 2013A, 5.125%, 10/01/43
 
10/23 at 100.00
 
BBB+
 
359,254
 
 
350
 
Houston Higher Education Finance Corporation, Texas, Education Revenue Bonds, Cosmos Foundation, Inc., Series 2011A, 6.500%, 5/15/31
 
5/21 at 100.00
 
BBB
 
421,442
 
 
480
 
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Facilities Department, Refunding Series 2014, 5.000%, 9/01/32
 
9/24 at 100.00
 
A2
 
549,979
 
     
North Texas Tollway Authority, Second Tier System Revenue Refunding Bonds, Tender Option Bond Trust 1015:
             
 
850
 
20.358%, 1/01/38 (IF) (4)
 
1/18 at 100.00
 
A3
 
1,333,710
 
 
150
 
20.466%, 1/01/38 (IF) (4)
 
1/18 at 100.00
 
A3
 
239,403
 
 
200
 
North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A, 0.000%, 9/01/43
 
9/31 at 100.00
 
AA+
 
175,392
 
 
240
 
Reagan Hospital District of Reagan County, Texas, Limited Tax Revenue Bonds, Series 2014A, 5.000%, 2/01/34
 
2/24 at 100.00
 
Baa2
 
254,954
 
 
270
 
SA Energy Acquisition Public Facilities Corporation, Texas, Gas Supply Revenue Bonds, Series 2007, 5.500%, 8/01/27
 
No Opt. Call
 
A
 
326,381
 
     
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012:
             
 
1,165
 
5.000%, 12/15/27
 
No Opt. Call
 
A3
 
1,295,410
 
 
505
 
5.000%, 12/15/28
 
No Opt. Call
 
A3
 
559,641
 
 
405
 
Texas Private Activity Bond Surface Transportation Corporation, Revenue Bonds, NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project, Senior Lien Series 2009, 6.875%, 12/31/39
 
12/19 at 100.00
 
Baa2
 
480,577
 
 
770
 
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, LBJ Infrastructure Group LLC IH-635 Managed Lanes Project, Series 2010, 7.000%, 6/30/40
 
6/20 at 100.00
 
Baa3
 
930,930
 
 
500
 
Texas Public Finance Authority, Charter School Finance Corporation Revenue Bonds, Idea Public School Project, Series 2007A, 5.000%, 8/15/37 (Pre-refunded 8/15/17) – ACA Insured
 
8/17 at 100.00
 
BBB (5)
 
560,905
 
 
45
 
West Texas Independent School District, McLennan and Hill Counties, General Obligation Refunding Bonds, Series 1998, 0.000%, 8/15/25
 
8/15 at 57.84
 
AAA
 
25,025
 
 
7,765
 
Total Texas
         
9,034,213
 
     
Virgin Islands – 0.5%
             
 
420
 
Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note – Diageo Project, Series 2009A, 6.750%, 10/01/37
 
10/19 at 100.00
 
Baa3
 
484,142
 
     
Virginia – 0.3%
             
 
250
 
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012, 6.000%, 1/01/37 (Alternative Minimum Tax)
 
7/22 at 100.00
 
BBB–
 
284,753
 
     
Washington – 0.5%
             
 
500
 
Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and Medical Center of Seattle, Series 2007, 5.700%, 12/01/32
 
12/17 at 100.00
 
N/R
 
518,675
 
     
Wisconsin – 6.1%
             
 
1,050
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Agnesian HealthCare, Inc., Series 2013B, 5.000%, 7/01/36
 
7/23 at 100.00
 
A–
 
1,152,816
 

Nuveen Investments
 
51

 
 

 

NMI
Nuveen Municipal Income Fund, Inc.
 
 
Portfolio of Investments (continued)
October 31, 2014

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Wisconsin (continued)
             
$
290
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health System, Inc., Series 2010B, 5.000%, 4/01/30
 
4/20 at 100.00
 
A–
$
309,958
 
 
940
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Gundersen Lutheran, Series 2011A, 5.250%, 10/15/39
 
10/21 at 100.00
 
A+
 
1,034,667
 
 
1,295
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marquette University, Series 2012, 4.000%, 10/01/32
 
10/22 at 100.00
 
A2
 
1,359,064
 
 
1,000
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital, Inc., Series 2011A, 5.500%, 5/01/31 (Pre-refunded 5/01/21)
 
5/21 at 100.00
 
A2 (5)
 
1,246,550
 
 
500
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Rogers Memorial Hospital, Inc., Series 2014B, 5.000%, 7/01/44
 
7/24 at 100.00
 
BBB+
 
546,865
 
 
200
 
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Dickson Hollow Project. Series 2014, 5.125%, 10/01/34
 
10/22 at 102.00
 
N/R
 
202,044
 
 
5,275
 
Total Wisconsin
         
5,851,964
 
$
91,790
 
Total Municipal Bonds (cost $86,213,982)
         
96,689,066
 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
SHORT-TERM INVESTMENTS – 1.1%
             
     
MUNICIPAL BONDS – 1.1%
             
     
California – 1.1%
             
$
800
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014A, 6.000%, 7/10/15 (6)
 
No Opt. Call
 
N/R
$
813,280
 
 
100
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014B, 6.000%, 7/10/15 (6)
 
No Opt. Call
 
N/R
 
101,660
 
 
120
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014C, 6.000%, 7/10/15 (6)
 
No Opt. Call
 
N/R
 
121,992
 
$
1,020
 
Total Short-Term Investments (cost $1,020,000)
         
1,036,932
 
     
Total Investments (cost $87,233,982) – 102.4%
         
97,725,998
 
     
Floating Rate Obligations – (3.5)%
         
(3,335,000
)
     
Other Assets Less Liabilities – 1.1%
         
1,072,626
 
     
Net Assets – 100%
       
$
95,463,624
 
 
(1)
All percentages shown in the Portfolio of Investments are based on net assets.
(2)
Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(6)
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
WI/DD
Investment, or portion of investment, purchased on a when-issued/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, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
Reg S
Regulation S allows U.S. companies to sell securities to persons or entities located outside of the United States without registering those securities with the Securities and Exchange Commission. Specifically, Regulation S provides a safe harbor from the registration requirements of the Securities Act for the offers and sales of securities by both foreign and domestic issuers that are made outside the United States.
 
See accompanying notes to financial statements.
 
52
 
Nuveen Investments

 
 

 

NEV
   
 
Nuveen Enhanced Municipal Value Fund
 
 
Portfolio of Investments
October 31, 2014

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
LONG-TERM INVESTMENTS – 103.0%
             
     
MUNICIPAL BONDS – 102.1%
             
     
National – 1.2%
             
$
2,000
 
MuniMae Tax-Exempt Bond Subsidiary Redeemable Preferred Shares, Multifamily Housing Pool, Series 2000B, 5.750%, 6/30/50 (Mandatory put 9/30/19) (Alternative Minimum Tax)
 
5/15 at 100.00
 
Ba2
$
2,030,120
 
 
1,852
 
MuniMae Tax-Exempt Bond Subsidiary Redeemable Preferred Shares, Multifamily Housing Pool, Series 2013A-5, 5.000%, 1/31/28 (Mandatory put 1/31/18) (Alternative Minimum Tax)
 
1/18 at 100.00
 
Ba1
 
1,851,544
 
 
3,852
 
Total National
         
3,881,664
 
     
Alabama – 0.9%
             
 
2,000
 
Jefferson County, Alabama, Limited Obligation School Warrants, Education Tax Revenue Bonds, Series 2004A, 5.250%, 1/01/23 – AGM Insured
 
1/15 at 100.00
 
AA
 
2,001,740
 
 
1,000
 
Jefferson County, Alabama, Sewer Revenue Warrants, Senior Lien Series 2013A, 5.250%, 10/01/48 – AGM Insured
 
10/23 at 102.00
 
AA
 
1,093,150
 
 
3,000
 
Total Alabama
         
3,094,890
 
     
Arizona – 3.9%
             
 
1,585
 
Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Tender Option Bond Trust 3256, 18.071%, 7/01/36 (IF) (4)
 
1/22 at 100.00
 
AA–
 
2,190,629
 
 
2,000
 
Arizona State, Certificates of Participation, Series 2010A, 5.250%, 10/01/28 – AGM Insured
 
10/19 at 100.00
 
AA
 
2,234,760
 
 
2,500
 
Festival Ranch Community Facilities District, Town of Buckeye, Arizona, District General Obligation Bonds, Series 2009, 6.500%, 7/15/31 – BAM Insured
 
7/19 at 100.00
 
AA
 
2,808,200
 
 
1,030
 
Phoenix Industrial Development Authority, Arizona, Education Revenue Bonds, Great Hearts Academies – Veritas Project, Series 2012, 6.600%, 7/01/47
 
7/21 at 100.00
 
BB
 
1,121,196
 
 
320
 
Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Government Project Bonds, Series 2008, 7.000%, 12/01/27
 
12/17 at 102.00
 
B–
 
304,483
 
 
2,000
 
Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Tribal Economic Development Bonds, Series 2012A, 9.750%, 5/01/25
 
5/22 at 100.00
 
B
 
2,268,700
 
 
50
 
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc. Prepay Contract Obligations, Series 2007, 5.000%, 12/01/32
 
No Opt. Call
 
A–
 
57,228
 
 
1,868
 
Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, Series 2005, 6.000%, 7/01/30
 
7/16 at 100.00
 
N/R
 
1,917,820
 
 
11,353
 
Total Arizona
         
12,903,016
 
     
California – 16.7%
             
 
5,000
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2009F-1, 5.000%, 4/01/34
 
4/19 at 100.00
 
AA
 
5,646,842
 
 
920
 
California Educational Facilities Authority, Revenue Bonds, University of Southern California, Tender Option Bond Trust 3144, 19.606%, 10/01/16 (IF)
 
No Opt. Call
 
Aa1
 
1,420,489
 
 
2,040
 
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Tender Option Bond Trust 3878, 24.993%, 10/01/33 (IF) (4)
 
10/19 at 100.00
 
AA
 
3,686,382
 
     
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3248:
             
 
1,700
 
24.868%, 2/15/23 (IF) (4)
 
No Opt. Call
 
AA–
 
3,351,720
 
 
300
 
24.868%, 2/15/23 (IF) (4)
 
No Opt. Call
 
AA–
 
549,420
 
 
1,000
 
California Municipal Finance Authority, Revenue Bonds, Harbor Regional Center Project, Series 2009, 8.000%, 11/01/29
 
11/19 at 100.00
 
A3
 
1,241,050
 
 
500
 
California Statewide Communities Development Authority, Revenue Bonds, American Baptist Homes of the West, Series 2010, 5.750%, 10/01/25
 
10/19 at 100.00
 
BBB+
 
564,785
 

Nuveen Investments
 
53

 
 

 

NEV
Nuveen Enhanced Municipal Value Fund
 
 
Portfolio of Investments (continued)
October 31, 2014

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
California (continued)
             
$
400
 
Davis Redevelopment Agency, California, Tax Allocation Bonds, Davis Redevelopment Project, Subordinate Series 2011A, 7.000%, 12/01/36
 
12/21 at 100.00
 
A+
$
500,972
 
 
275
 
Eastern Municipal Water District, California, Water and Sewerage System Revenue Certificates of Participation, Series 2006A, 5.000%, 7/01/32 – NPFG Insured
 
7/16 at 100.00
 
AA+
 
291,272
 
 
490
 
Etiwanda School District, California, Coyote Canyon Community Facilities District 2004-1 Improvement Area 2 Special Tax Bonds, Series 2009, 6.500%, 9/01/32
 
9/19 at 100.00
 
N/R
 
561,021
 
 
3,030
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/35 – AGC Insured
 
6/15 at 100.00
 
AA
 
3,113,204
 
 
2,065
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Tender Option Bond Trust 1011, 21.654%, 6/01/38 – AMBAC Insured (IF) (4)
 
6/15 at 100.00
 
A1
 
2,323,084
 
 
2,000
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.750%, 6/01/47
 
6/17 at 100.00
 
B
 
1,635,140
 
 
2,550
 
Grossmont Healthcare District, California, General Obligation Bonds, Tender Option Bond Trust 3253, 32.940%, 1/15/19 (IF) (4)
 
No Opt. Call
 
Aa2
 
6,174,876
 
 
1,710
 
Los Angeles Community College District, Los Angeles County, California, General Obligation Bonds, Tender Option Bond Trust 3237, 24.909%, 8/01/27 (IF)
 
8/18 at 100.00
 
AA+
 
2,874,117
 
 
1,600
 
Los Angeles County, California, Community Development Commission Headquarters Office Building, Lease Revenue Bonds, Community Development Properties Los Angeles County Inc., Tender Option Bond Trust Series 2011-23B, 22.857%, 9/01/42 (IF) (4)
 
9/21 at 100.00
 
Aa3
 
2,617,440
 
 
525
 
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Senior Lien Series 2010A, 5.000%, 5/15/31
 
5/20 at 100.00
 
AA
 
599,524
 
 
1,080
 
National City Community Development Commission, California, Tax Allocation Bonds, National City Redevelopment Project, Series 2011, 7.000%, 8/01/32
 
8/21 at 100.00
 
A–
 
1,384,344
 
 
1,165
 
Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment Project, Series 2011, 6.750%, 9/01/40
 
9/21 at 100.00
 
BBB+
 
1,431,832
 
 
1,255
 
Palm Drive Health Care District, Sonoma County, California, Certificates of Participation, Parcel Tax Secured Financing Program, Series 2010, 7.000%, 4/01/25
 
4/15 at 100.00
 
BB
 
1,169,811
 
 
265
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.750%, 11/01/39
 
11/19 at 100.00
 
Ba1
 
286,825
 
 
250
 
Ridgecrest Redevelopment Agency, California, Ridgecrest Redevelopment Project Tax Allocation Bonds, Refunding Series 2010, 6.125%, 6/30/37
 
6/20 at 100.00
 
A–
 
291,283
 
     
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C:
             
 
500
 
6.500%, 8/01/27
 
2/21 at 100.00
 
A–
 
619,680
 
 
700
 
6.750%, 8/01/33
 
2/21 at 100.00
 
A–
 
862,680
 
 
500
 
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D, 6.625%, 8/01/27
 
2/21 at 100.00
 
BBB+
 
623,295
 
 
360
 
Santee Community Development Commission, California, Santee Redevelopment Project Tax Allocation Bonds, Series 2011A, 7.000%, 8/01/31
 
2/21 at 100.00
 
A
 
441,144
 
 
1,000
 
Semitrophic Improvement District of Semitrophic Water Storage District, Kern County, California, Revenue Bonds, Refunding Series 2009A, 5.000%, 12/01/38
 
12/19 at 100.00
 
AA–
 
1,137,210
 
 
2,400
 
Semitrophic Improvement District of Semitrophic Water Storage District, Kern County, California, Revenue Bonds, Tender Option Bond Trust 3584, 22.103%, 6/01/17 (IF) (4)
 
No Opt. Call
 
AA–
 
4,045,824
 
 
3,110
 
Stockton Unified School District, San Joaquin County, California, General Obligation Bonds, Series 2007, 5.000%, 8/01/31 – AGM Insured
 
8/17 at 100.00
 
AA
 
3,362,625
 
 
1,045
 
Ukiah Redevelopment Agency, California, Tax Allocation Bonds, Ukiah Redevelopment Project, Series 2011A, 6.500%, 12/01/28
 
6/21 at 100.00
 
A
 
1,291,892
 
 
1,020
 
Western Placer Unified School District, Placer County, California, Certificates of Participation, Refunding Series 2009, 5.250%, 8/01/35 – AGM Insured
 
8/19 at 100.00
 
AA
 
1,108,832
 
 
40,755
 
Total California
         
55,208,615
 

54
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Colorado – 3.7%
             
$
1,984
 
Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Montessori School of Evergreen, Series 2005A, 6.500%, 12/01/35
 
12/15 at 100.00
 
N/R
$
2,010,923
 
     
Colorado Housing and Finance Authority, Revenue Bonds, Confluence Energy LLC Project, Series 2007:
             
 
250
 
6.200%, 4/01/16 (Alternative Minimum Tax)
 
No Opt. Call
 
N/R
 
250,520
 
 
43
 
5.000%, 9/01/16 (Alternative Minimum Tax) (5)
 
No Opt. Call
 
N/R
 
38,126
 
 
2,000
 
Conservatory Metropolitan District, Aurora, Arapahoe County, Colorado, General Obligation Bonds, Limited Tax Series 2007, 5.125%, 12/01/37 – RAAI Insured
 
12/17 at 100.00
 
N/R
 
1,894,260
 
 
4,000
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Refunding Series 2006B, 0.000%, 9/01/39 – NPFG Insured
 
9/26 at 52.09
 
AA–
 
1,192,800
 
     
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
 
612,152
 
 
4,030
 
6.500%, 11/15/38
 
No Opt. Call
 
A
 
5,507,317
 
 
815
 
Three Springs Metropolitan District 3, Durango, La Plata County, Colorado, Property Tax Supported Revenue Bonds, Series 2010, 7.750%, 12/01/39
 
12/20 at 100.00
 
N/R
 
879,507
 
 
13,597
 
Total Colorado
         
12,385,605
 
     
Connecticut – 0.7%
             
 
915
 
Hamden, Connecticut, Facility Revenue Bonds, Whitney Center Project, Series 2009A, 7.750%, 1/01/43
 
1/20 at 100.00
 
N/R
 
938,625
 
 
1,107
 
Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue Bonds, Harbor Point Project, Series 2010A, 7.000%, 4/01/22
 
4/20 at 100.00
 
N/R
 
1,307,024
 
 
2,022
 
Total Connecticut
         
2,245,649
 
     
Delaware – 0.2%
             
 
660
 
Wilmington, Delaware, Replacement Housing Factor Fund Securitization Revenue Bonds, Wilmington Housing Authority-Lincoln Towers Project, Series 2011, 5.750%, 7/15/16
 
1/15 at 100.00
 
N/R
 
660,541
 
     
District of Columbia – 0.5%
             
 
1,500
 
District of Columbia, Revenue Bonds, Center for Strategic and International Studies, Inc., Series 2011, 6.375%, 3/01/31
 
3/21 at 100.00
 
BBB–
 
1,642,155
 
     
Florida – 6.9%
             
 
1,825
 
Ave Maria Stewardship Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2006A, 5.125%, 5/01/38
 
5/16 at 100.00
 
N/R
 
1,737,637
 
 
2,000
 
Collier County Educational Facilities Authority, Florida, Revenue Bonds, Ave Maria University, Refunding Series 2013A, 5.625%, 6/01/33
 
6/23 at 100.00
 
BBB–
 
2,157,800
 
 
975
 
Copperstone Community Development District, Manatee County, Florida, Capital Improvement Revenue Bonds, Series 2007, 5.200%, 5/01/38
 
5/17 at 100.00
 
N/R
 
983,736
 
 
920
 
Country Greens Community Development District, Florida, Special Assessment Bonds, Series 2003, 6.625%, 5/01/34
 
11/14 at 100.00
 
N/R
 
920,672
 
 
1,000
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2011A, 7.500%, 6/15/33
 
6/21 at 100.00
 
BB–
 
1,099,200
 
 
600
 
Lee County Industrial Development Authority, Florida, Healthcare Facilities Revenue Bonds, Shell Point/Alliance Obligated Group, Shell Point Village/Alliance Community Project, Series 2006, 5.000%, 11/15/32
 
11/16 at 100.00
 
BB+
 
619,104
 
 
1,000
 
Miami-Dade County Health Facility Authority, Florida, Hospital Revenue Bonds, Miami Children’s Hospital, Series 2010A, 6.000%, 8/01/30
 
8/20 at 100.00
 
A
 
1,160,170
 
 
1,625
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010A-1, 5.375%, 10/01/35
 
10/20 at 100.00
 
A
 
1,877,996
 
 
3,660
 
Miami-Dade County, Florida, Special Obligation Bonds, Capital Asset Acquisition Series 2009A, 5.125%, 4/01/34 – AGC Insured
 
4/19 at 100.00
 
AA
 
3,972,747
 
 
1,500
 
North Sumter County Utility Dependent District, Florida, Utility Revenue Bonds, Series 2010, 5.375%, 10/01/40
 
10/20 at 100.00
 
AA
 
1,626,150
 

Nuveen Investments
 
55

 
 

 

NEV
Nuveen Enhanced Municipal Value Fund
 
 
Portfolio of Investments (continued)
October 31, 2014

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Florida (continued)
             
     
Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Jupiter Medical Center, Series 2013A:
             
$
1,000
 
5.000%, 11/01/33
 
11/22 at 100.00
 
BBB+
$
1,084,990
 
 
2,000
 
5.000%, 11/01/43
 
11/22 at 100.00
 
BBB+
 
2,114,720
 
 
475
 
Port Saint Lucie, Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, Series 2007, 5.000%, 7/01/33 – NPFG Insured
 
7/17 at 100.00
 
AA–
 
513,361
 
 
80
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-2, 0.000%, 5/01/39
 
5/17 at 100.00
 
N/R
 
58,712
 
 
230
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-3, 0.000%, 5/01/40
 
5/19 at 100.00
 
N/R
 
137,600
 
 
95
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40
 
5/22 at 100.00
 
N/R
 
42,109
 
 
135
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series 2007-3, 6.650%, 5/01/40 (6)
 
5/18 at 100.00
 
N/R
 
1
 
 
15
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Non Performing ParcelSeries 2007-1. RMKT, 6.650%, 5/01/40 (6)
 
5/18 at 100.00
 
N/R
 
15,415
 
 
245
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2012A-1, 6.650%, 5/01/40
 
5/17 at 100.00
 
N/R
 
250,221
 
 
945
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006, 5.400%, 5/01/37
 
5/15 at 100.00
 
N/R
 
949,432
 
 
565
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Southern/Forbearance Parcel Series 2007-2, 6.650%, 5/01/40 (6)
 
5/18 at 100.00
 
N/R
 
336,373
 
 
1,080
 
Venetian Community Development District, Sarasota County, Florida, Capital Improvement Revenue Bonds, Series 2012-A2, 5.500%, 5/01/34
 
5/22 at 100.00
 
N/R
 
1,143,839
 
 
21,970
 
Total Florida
         
22,801,985
 
     
Georgia – 6.1%
             
 
12,000
 
Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2010C, 5.250%, 1/01/30 (UB)
 
1/21 at 100.00
 
AA
 
14,012,760
 
 
715
 
Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A. Remarketed, 7.500%, 1/01/31
 
1/19 at 100.00
 
A2
 
850,442
 
 
775
 
Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008B. Remarketed, 6.750%, 1/01/20
 
1/19 at 100.00
 
A2
 
934,805
 
 
1,250
 
Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta Air Lines, Inc. Project, Series 2009A, 8.750%, 6/01/29
 
6/20 at 100.00
 
BB–
 
1,565,013
 
 
2,460
 
Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta Air Lines, Inc. Project, Series 2009B, 9.000%, 6/01/35 (Alternative Minimum Tax)
 
6/15 at 100.00
 
BB–
 
2,548,708
 
 
90
 
Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2006B, 5.000%, 3/15/22
 
No Opt. Call
 
A
 
102,397
 
 
260
 
Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2007A, 5.500%, 9/15/26
 
No Opt. Call
 
A
 
314,376
 
 
17,550
 
Total Georgia
         
20,328,501
 
     
Guam – 1.0%
             
 
1,760
 
Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/42
 
1/22 at 100.00
 
A
 
1,887,336
 
 
1,250
 
Guam Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.500%, 7/01/43
 
7/23 at 100.00
 
A–
 
1,412,988
 
 
3,010
 
Total Guam
         
3,300,324
 
     
Illinois – 10.7%
             
 
3,195
 
CenterPoint Intermodal Center Program Trust, Illinois, Series 2004 Class A Certificates, 3.840%, 6/15/23
 
12/14 at 100.00
 
N/R
 
3,197,684
 
 
2,000
 
Grundy County School District 54 Morris, Illinois, General Obligation Bonds, Refunding Series 2005, 6.000%, 12/01/24 – AGM Insured
 
12/21 at 100.00
 
AA
 
2,376,380
 
 
1,000
 
Illinois Finance Authority Revenue Bonds, Christian Homes, Inc., Refunding Series 2010, 6.125%, 5/15/27
 
5/20 at 100.00
 
BBB–
 
1,087,730
 
 
3,000
 
Illinois Finance Authority, Recovery Zone Facility Revenue Bonds, Navistar International Corporation Project, Series 2010, 6.500%, 10/15/40
 
10/20 at 100.00
 
B3
 
3,224,430
 

56
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Illinois (continued)
             
     
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Tender Option Bond Trust 1122:
             
$
1,605
 
21.711%, 9/01/38 (IF) (4)
 
9/22 at 100.00
 
BBB
$
2,017,838
 
 
1,540
 
17.520%, 9/01/38 (IF) (4)
 
9/22 at 100.00
 
BBB
 
1,857,548
 
 
240
 
Illinois Finance Authority, Revenue Bonds, Admiral at Lake Project, Temps 65 Series 2010D-2, 6.375%, 5/15/17
 
11/14 at 100.00
 
N/R
 
240,329
 
 
1,000
 
Illinois Finance Authority, Revenue Bonds, Friendship Village of Schaumburg, Series 2005A, 5.375%, 2/15/25
 
2/15 at 100.00
 
BB–
 
1,001,090
 
 
4,000
 
Illinois Finance Authority, Revenue Bonds, Illinois Institute of Technology, Refunding Series 2006A, 5.000%, 4/01/36
 
4/16 at 100.00
 
Baa3
 
3,984,200
 
 
1,000
 
Illinois Finance Authority, Revenue Bonds, Montgomery Place Project, Series 2006A, 5.500%, 5/15/26
 
5/17 at 100.00
 
N/R
 
1,030,010
 
     
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Healthcare, Tender Option Bond Trust 4285:
             
 
690
 
17.936%, 8/15/20 (IF) (4)
 
No Opt. Call
 
AA+
 
986,838
 
 
150
 
17.936%, 8/15/20 (IF) (4)
 
No Opt. Call
 
AA+
 
207,648
 
 
1,975
 
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Tender Option Bonds Trust 11-16B, 27.509%, 8/15/39 (IF) (4)
 
8/19 at 100.00
 
AA+
 
3,708,260
 
 
1,000
 
Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2010C, 5.125%, 5/15/35
 
5/20 at 100.00
 
AA–
 
1,108,500
 
 
500
 
Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc., Series 2005 Remarketed, 5.250%, 3/01/30 – AGM Insured
 
3/20 at 100.00
 
AA
 
564,640
 
 
455
 
Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Tender Option Bond Trust 3908, 26.662%, 2/15/19 – AGM Insured (IF) (4)
 
No Opt. Call
 
AA
 
821,111
 
 
1,000
 
Illinois Finance Authority, Revenue Refunding Bonds, Resurrection Health Care Corporation, Series 2009, 6.125%, 5/15/25
 
5/19 at 100.00
 
BBB+
 
1,145,110
 
 
2,235
 
Illinois Finance Authority, Student Housing Revenue Bonds, MJH Education Assistance Illinois IV LLC, Fullerton Village Project, Series 2004A, 5.000%, 6/01/24 (6)
 
12/14 at 100.00
 
Caa2
 
2,067,308
 
     
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
 
D
 
940,019
 
 
1,515
 
5.250%, 1/01/36
 
1/16 at 100.00
 
D
 
530,402
 
 
980
 
Pingree Grove Village, Illinois, Tax Assessment Bonds, Special Service Area 2 – Cambridge Lakes Project, Series 2005-2, 6.000%, 3/01/35
 
3/15 at 102.00
 
N/R
 
998,395
 
 
1,000
 
Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010, 6.000%, 6/01/28
 
6/21 at 100.00
 
A–
 
1,175,050
 
 
1,000
 
Springfield, Sangamon County, Illinois, Special Service Area, Legacy Pointe, Special Assessment Bonds, Series 2009, 7.875%, 3/01/32
 
3/17 at 102.00
 
N/R
 
1,056,970
 
 
33,765
 
Total Illinois
         
35,327,490
 
     
Indiana – 1.7%
             
 
1,395
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For Educational Excellence, Inc., Series 2009A, 6.625%, 10/01/29
 
10/19 at 100.00
 
BB–
 
1,429,470
 
 
1,500
 
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013A, 5.000%, 7/01/35 (Alternative Minimum Tax)
 
7/23 at 100.00
 
BBB
 
1,599,810
 
 
2,000
 
Vigo County Hospital Authority, Indiana, Hospital Revenue Bonds, Union Hospital, Inc., Series 2011, 7.750%, 9/01/31
 
9/21 at 100.00
 
N/R
 
2,427,740
 
 
4,895
 
Total Indiana
         
5,457,020
 
     
Kansas – 2.5%
             
 
3,000
 
Kansas Development Finance Authority, Revenue Bonds, Lifespace Communities, Inc., Refunding Series 2010S, 5.000%, 5/15/30
 
5/20 at 100.00
 
A
 
3,189,030
 
 
1,345
 
Overland Park Development Corporation, Kansas, Second Tier Revenue Bonds, Overland Park Convention Center, Series 2007B, 5.125%, 1/01/22 – AMBAC Insured
 
1/17 at 100.00
 
BB+
 
1,365,135
 
 
3,565
 
Overland Park, Kansas, Sales Tax Special Obligation Revenue Bonds, Prairiefire at Lionsgate Project, Series 2012, 6.000%, 12/15/32
 
No Opt. Call
 
N/R
 
3,556,907
 
 
7,910
 
Total Kansas
         
8,111,072
 

Nuveen Investments
 
57

 
 

 

NEV
Nuveen Enhanced Municipal Value Fund
 
 
Portfolio of Investments (continued)
October 31, 2014

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Kentucky – 0.3%
             
$
1,000
 
Hardin County, Kentucky, Hospital Revenue Bonds, Hardin Memorial Hospital Project, Series 2013, 5.700%, 8/01/39 – AGM Insured
 
8/23 at 100.00
 
AA
$
1,128,500
 
     
Louisiana – 2.2%
             
 
2,000
 
Louisiana Public Facilities Authority, Hospital Revenue and Refunding Bonds, Lafayette General Medical Center Project, Series 2010, 5.500%, 11/01/40
 
5/20 at 100.00
 
A3
 
2,190,180
 
 
305
 
Louisiana Public Facilities Authority, Revenue Bonds, Cleco Power LLC Project, Series 2008, 4.250%, 12/01/38
 
5/23 at 100.00
 
A3
 
315,068
 
 
2,710
 
Louisiana Public Facilities Authority, Revenue Bonds, Lake Charles Charter Academy Foundation Project, Series 2011A, 7.750%, 12/15/31
 
12/21 at 100.00
 
N/R
 
3,020,349
 
 
1,165
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Tender Option Bond Trust 11899, 18.209%, 5/01/33 (IF)
 
5/20 at 100.00
 
AA
 
1,774,819
 
 
6,180
 
Total Louisiana
         
7,300,416
 
     
Massachusetts – 1.5%
             
 
625
 
Massachusetts Educational Financing Authority, Student Loan Revenue Bonds, Issue I Series 2010A, 5.500%, 1/01/22
 
1/20 at 100.00
 
AA
 
716,794
 
 
635
 
Massachusetts Educational Financing Authority, Student Loan Revenue Bonds, Issue I Series 2010B, 5.500%, 1/01/23 (Alternative Minimum Tax)
 
1/20 at 100.00
 
AA
 
662,750
 
 
3,000
 
Massachusetts Health and Educational Facilities Authority Revenue Bonds, Quincy Medical Center Issue, Series 2008A, 6.250%, 1/15/28 (6)
 
1/18 at 100.00
 
N/R
 
7,800
 
 
2,385
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Emerson Hospital, Series 2005E, 5.000%, 8/15/35 – RAAI Insured
 
8/15 at 100.00
 
N/R
 
2,387,385
 
 
1,000
 
Massachusetts Housing Finance Agency, Housing Bonds, Series 2010C, 5.000%, 12/01/30 (Alternative Minimum Tax)
 
6/20 at 100.00
 
AA–
 
1,046,510
 
 
7,645
 
Total Massachusetts
         
4,821,239
 
     
Michigan – 5.7%
             
 
9,650
 
Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Series 2005, 5.250%, 5/01/27 – AGM Insured (UB) (4)
 
No Opt. Call
 
AA
 
11,417,977
 
 
1,900
 
Detroit, Michigan, Water Supply System Senior Lien Revenue Bonds, Series 2003A, 5.000%, 7/01/34 – NPFG Insured
 
1/15 at 100.00
 
AA–
 
1,899,905
 
 
2,865
 
Marysville Public School District, St Claire County, Michigan, General Obligation Bonds, Series 2007, 5.000%, 5/01/32 – AGM Insured
 
5/17 at 100.00
 
AA
 
3,090,476
 
 
2,100
 
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2009, 5.750%, 11/15/39
 
11/19 at 100.00
 
A–
 
2,334,948
 
 
16,515
 
Total Michigan
         
18,743,306
 
     
Mississippi – 0.2%
             
 
500
 
Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22
 
4/15 at 100.00
 
BBB
 
500,455
 
     
Missouri – 0.2%
             
 
640
 
St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of West County, Series 2007A, 5.375%, 9/01/21
 
9/17 at 100.00
 
BBB–
 
669,190
 
     
Nebraska – 0.3%
             
 
1,000
 
Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2007A, 5.000%, 2/01/43
 
2/17 at 100.00
 
AA
 
1,073,530
 
     
Nevada – 1.7%
             
 
2,000
 
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.000%, 7/01/30
 
1/20 at 100.00
 
A+
 
2,251,100
 
 
1,670
 
Las Vegas, Nevada, General Obligation Bonds, Tender Option Bond Trust 3265, 33.095%, 4/01/17 (IF)
 
No Opt. Call
 
AA
 
3,329,696
 
 
3,670
 
Total Nevada
         
5,580,796
 

58
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
New Jersey – 1.7%
             
     
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 1999:
             
$
1,000
 
5.125%, 9/15/23 (Alternative Minimum Tax)
 
3/15 at 100.00
 
B
$
1,075,780
 
 
1,650
 
5.250%, 9/15/29 (Alternative Minimum Tax)
 
9/22 at 101.00
 
B
 
1,754,544
 
 
1,450
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2010-1A, 5.000%, 12/01/26
 
12/19 at 100.00
 
AA
 
1,532,723
 
 
1,500
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 4.625%, 6/01/26
 
6/17 at 100.00
 
B+
 
1,378,920
 
 
5,600
 
Total New Jersey
         
5,741,967
 
     
New York – 3.3%
             
     
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009:
             
 
1,100
 
6.000%, 7/15/30
 
1/20 at 100.00
 
BBB–
 
1,236,444
 
 
1,225
 
6.250%, 7/15/40
 
1/20 at 100.00
 
BBB–
 
1,391,147
 
 
2,000
 
6.375%, 7/15/43
 
1/20 at 100.00
 
BBB–
 
2,274,100
 
 
1,000
 
Monroe County Industrial Development Corporation, New York, Revenue Bonds, St. John Fisher College, Series 2011, 6.000%, 6/01/34
 
6/21 at 100.00
 
BBB+
 
1,126,110
 
 
2,500
 
New York City Industrial Development Agency, New York, American Airlines-JFK International Airport Special Facility Revenue Bonds, Series 2005, 7.750%, 8/01/31 (Alternative Minimum Tax)
 
8/16 at 101.00
 
N/R
 
2,745,650
 
 
265
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42
 
12/20 at 100.00
 
BBB
 
307,938
 
 
2,000
 
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/26
 
6/16 at 100.00
 
BB–
 
1,967,480
 
 
10,090
 
Total New York
         
11,048,869
 
     
Ohio – 6.3%
             
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
             
 
1,000
 
5.125%, 6/01/24
 
6/17 at 100.00
 
B–
 
837,520
 
 
6,000
 
5.750%, 6/01/34
 
6/17 at 100.00
 
B–
 
4,749,780
 
 
6,500
 
5.875%, 6/01/47
 
6/17 at 100.00
 
B
 
5,166,915
 
 
760
 
Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement Services, Improvement Series 2010A, 5.625%, 7/01/26
 
7/21 at 100.00
 
BBB–
 
828,666
 
 
3,000
 
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2011A, 5.750%, 11/15/31
 
11/21 at 100.00
 
AA
 
3,609,600
 
 
1,000
 
Montgomery County, Ohio, Health Care and Multifamily Housing Revenue Bonds, Saint Leonard, Refunding & improvement Series 2010, 6.375%, 4/01/30
 
4/20 at 100.00
 
BBB–
 
1,100,800
 
 
1,670
 
Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Tender Option Bond Trust 3260, 28.970%, 5/01/29 (IF)
 
5/19 at 100.00
 
A+
 
3,128,194
 
 
1,200
 
Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2009E, 5.625%, 10/01/19
 
No Opt. Call
 
BBB–
 
1,360,848
 
 
21,130
 
Total Ohio
         
20,782,323
 
     
Pennsylvania – 5.9%
             
 
1,446
 
Aliquippa Municipal Water Authority, Pennsylvania, Water and Sewer Revenue Bonds, Subordinated Series 2013, 5.000%, 5/15/26
 
No Opt. Call
 
N/R
 
1,497,903
 
 
1,000
 
Allegheny Country Industrial Development Authority, Pennsylvania, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2009, 6.750%, 11/01/24
 
11/19 at 100.00
 
BB–
 
1,148,930
 
 
1,500
 
Allegheny Country Industrial Development Authority, Pennsylvania, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2011, 6.550%, 12/01/27
 
12/21 at 100.00
 
BB–
 
1,735,860
 
 
1,335
 
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Ohio Valley General Hospital, Series 2005A, 5.125%, 4/01/35
 
4/15 at 100.00
 
Ba3
 
1,334,106
 
 
1,500
 
Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009, 6.125%, 1/01/29
 
1/19 at 100.00
 
BBB+
 
1,671,045
 

Nuveen Investments
 
59

 
 

 

NEV
Nuveen Enhanced Municipal Value Fund
 
 
Portfolio of Investments (continued)
October 31, 2014

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Pennsylvania (continued)
             
$
2,000
 
Luzerne County Industrial Development Authority, Pennsylvania, Guaranteed Lease Revenue Bonds, Series 2009, 7.750%, 12/15/27
 
12/19 at 100.00
 
N/R
$
2,075,480
 
 
1,080
 
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Tender Option Bond Trust 62B, 17.974%, 8/01/38 (IF) (4)
 
8/20 at 100.00
 
AA
 
1,684,433
 
 
25
 
Northumberland County Industrial Development Authority, Pennsylvania, Facility Revenue Bonds, NHS Youth Services Inc., Series 2002, 7.500%, 2/15/29
 
2/15 at 100.00
 
N/R
 
17,022
 
 
1,000
 
Pennsylvania Economic Development Finance Authority, Solid Waste Disposal Revenue Bonds (USG Corporation Project) Series 1999, 6.000%, 6/01/31 (Alternative Minimum Tax)
 
12/14 at 100.00
 
B–
 
1,001,800
 
 
1,000
 
Pennsylvania Economic Development Financing Authority, Sewage Sludge Disposal Revenue Bonds, Philadelphia Biosolids Facility Project, Series 2009, 6.250%, 1/01/32
 
1/20 at 100.00
 
BBB
 
1,105,990
 
 
1,200
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University Foundation Student Housing Project, Series 2010, 5.800%, 7/01/30
 
7/20 at 100.00
 
Baa3
 
1,302,972
 
 
1,000
 
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 5.000%, 6/01/27 – AGM Insured
 
No Opt. Call
 
AA
 
1,177,750
 
 
3,480
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E, 0.000%, 12/01/30
 
12/27 at 100.00
 
A–
 
3,786,971
 
 
17,566
 
Total Pennsylvania
         
19,540,262
 
     
Puerto Rico – 1.0%
             
 
1,500
 
Puerto Rico Housing Finance Authority, Subordinate Lien Capital Fund Program Revenue Bonds, Modernization Series 2008, 5.125%, 12/01/27
 
12/18 at 100.00
 
A+
 
1,606,695
 
 
1,000
 
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Higher Education Revenue Refunding Bonds, Ana G. Mendez University System, Series 2006, 5.000%, 3/01/36
 
3/16 at 100.00
 
BBB–
 
780,030
 
 
1,000
 
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005C, 5.500%, 7/01/27 – AMBAC Insured
 
No Opt. Call
 
BB
 
979,400
 
 
3,500
 
Total Puerto Rico
         
3,366,125
 
     
Tennessee – 0.2%
             
 
500
 
Memphis Health, Educational and Housing Facilities Board, Tennessee, Multifamily Housing Revenue Bonds, Goodwill Village Apartments, Series 2010A, 5.500%, 12/01/30
 
12/20 at 100.00
 
A–
 
520,260
 
 
50
 
The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006A, 5.250%, 9/01/24
 
No Opt. Call
 
A
 
59,003
 
 
155
 
The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006C, 5.000%, 2/01/24
 
No Opt. Call
 
A
 
178,385
 
 
705
 
Total Tennessee
         
757,648
 
     
Texas – 4.3%
             
 
3,500
 
Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company, Series 2001D, 8.250%, 5/01/33 (Alternative Minimum Tax) (6)
 
7/18 at 100.00
 
N/R
 
280,000
 
 
1,050
 
Houston Higher Education Finance Corporation, Texas, Education Revenue Bonds, Cosmos Foundation, Inc., Series 2011A, 6.500%, 5/15/31
 
5/21 at 100.00
 
BBB
 
1,264,326
 
 
265
 
Houston, Texas, Airport System Special Facilities Revenue Bonds, Continental Airlines Inc. – Airport Improvement Project, Series 1997C, 6.125%, 7/15/27 (Alternative Minimum Tax)
 
1/15 at 100.00
 
B
 
265,851
 
 
1,800
 
North Texas Tollway Authority, Special Projects System Revenue Bonds, Tender Option Bond Trust 11947, 25.285%, 3/01/19 (IF)
 
No Opt. Call
 
AA+
 
3,428,370
 
 
1,000
 
Red River Health Facilities Development Corporation, Texas, First Mortgage Revenue Bonds, Eden Home Inc., Series 2012, 7.250%, 12/15/47
 
12/21 at 100.00
 
N/R
 
941,680
 
 
2,325
 
San Antonio Convention Center Hotel Finance Corporation, Texas, Contract Revenue Empowerment Zone Bonds, Series 2005A, 5.000%, 7/15/39 – AMBAC Insured (Alternative Minimum Tax)
 
7/15 at 100.00
 
BBB
 
2,346,785
 
 
455
 
Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior Lien Series 2008D, 6.250%, 12/15/26
 
No Opt. Call
 
A–
 
561,456
 
 
810
 
Texas Private Activity Bond Surface Transportation Corporation, Revenue Bonds, NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project, Senior Lien Series 2009, 6.875%, 12/31/39
 
12/19 at 100.00
 
Baa2
 
961,154
 

60
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Texas (continued)
             
$
1,000
 
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, LBJ Infrastructure Group LLC IH-635 Managed Lanes Project, Series 2010, 7.000%, 6/30/34
 
6/20 at 100.00
 
Baa3
$
1,217,740
 
 
1,500
 
Texas Public Finance Authority, Charter School Finance Corporation Revenue Bonds, Idea Public School Project, Series 2007A, 5.000%, 8/15/37 (Pre-refunded 8/15/17) – ACA Insured
 
8/17 at 100.00
 
BBB (7)
 
1,682,715
 
 
5,000
 
Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, Second Tier Series 2002, 0.000%, 8/15/37 – AMBAC Insured
 
2/15 at 100.00
 
A–
 
1,272,350
 
 
18,705
 
Total Texas
         
14,222,427
 
     
Utah – 0.3%
             
 
1,000
 
Utah State Charter School Finance Authority, Charter School Revenue Bonds, Paradigm High School, Series 2010A, 6.250%, 7/15/30
 
7/20 at 100.00
 
BB–
 
1,010,040
 
     
Vermont – 0.9%
             
     
Vermont Educational and Health Buildings Financing Agency, Revenue Bonds, Vermont Law School Project, Series 2011A:
             
 
1,000
 
6.125%, 1/01/28
 
1/21 at 100.00
 
Ba1
 
1,068,910
 
 
1,760
 
6.250%, 1/01/33
 
1/21 at 100.00
 
Ba1
 
1,873,590
 
 
2,760
 
Total Vermont
         
2,942,500
 
     
Virgin Islands – 0.1%
             
 
250
 
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Subordinate Lien Series 2009A, 6.000%, 10/01/39
 
10/19 at 100.00
 
Baa3
 
279,375
 
     
Virginia – 0.7%
             
 
2,000
 
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, Series 2007B1, 5.000%, 6/01/47
 
6/17 at 100.00
 
B–
 
1,373,740
 
 
1,010
 
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012, 5.500%, 1/01/42 (Alternative Minimum Tax)
 
7/22 at 100.00
 
BBB–
 
1,100,011
 
 
3,010
 
Total Virginia
         
2,473,751
 
     
Washington – 2.4%
             
 
275
 
Tacoma Consolidated Local Improvement District 65, Washington, Special Assessment Bonds, Series 2013, 5.750%, 4/01/43
 
4/15 at 100.00
 
N/R
 
276,224
 
 
2,000
 
Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.375%, 1/01/31
 
1/21 at 100.00
 
A
 
2,179,640
 
 
2,000
 
Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2009A, 6.000%, 1/01/33
 
7/19 at 100.00
 
A
 
2,296,460
 
 
1,000
 
Washington State Health Care Facilities Authority, Revenue Bonds, Group Health Cooperative of Puget Sound, Series 2006, 5.000%, 12/01/36 – RAAI Insured
 
12/16 at 100.00
 
BBB
 
1,009,900
 
 
2,000
 
Washington State Higher Education Facilities Authority, Revenue Bonds, Whitworth University, Series 2009, 5.625%, 10/01/40
 
10/19 at 100.00
 
Baa1
 
2,171,080
 
 
7,275
 
Total Washington
         
7,933,304
 
     
West Virginia – 0.2%
             
 
750
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Thomas Health System, Inc., Series 2008, 6.500%, 10/01/38
 
10/18 at 100.00
 
N/R
 
785,190
 
     
Wisconsin – 5.2%
             
 
3,500
 
Oneida Tribe of Indians of Wisconsin, Retail Sales Revenue Bonds, Series 2011-144A, 6.500%, 2/01/31
 
2/19 at 102.00
 
AA–
 
4,133,815
 
 
1,000
 
Wisconsin Center District, Senior Dedicated Tax Revenue Refunding Bonds, Series 2003A, 0.000%, 12/15/31
 
No Opt. Call
 
AA
 
546,520
 
 
1,000
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit College, Series 2010A, 6.000%, 6/01/30
 
6/20 at 100.00
 
Baa2
 
1,134,980
 
 
500
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health System, Inc., Series 2010B, 5.000%, 4/01/30
 
4/20 at 100.00
 
A–
 
534,410
 

Nuveen Investments
 
61

 
 

 

NEV
Nuveen Enhanced Municipal Value Fund
 
 
Portfolio of Investments (continued)
October 31, 2014

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Wisconsin (continued)
             
$
1,000
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Community Health, Inc. Obligated Group, Tender Option Bond Trust 3592, 22.516%, 4/01/17 (IF) (4)
 
No Opt. Call
 
AA–
$
1,418,200
 
 
1,290
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Health Inc. Obligated Group, Tender option Bond Trust 3592, 17.487%, 10/01/20 (IF) (4)
 
No Opt. Call
 
AA–
 
1,374,998
 
 
2,000
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Healthcare System, Series 2006A, 5.250%, 8/15/21
 
8/16 at 100.00
 
A–
 
2,129,280
 
 
500
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Services Inc., Series 2006B, 5.125%, 8/15/30
 
8/16 at 100.00
 
A–
 
513,505
 
 
2,500
 
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Tender Option Bond Trust 10B, 33.264%, 5/01/36 (IF) (4)
 
5/19 at 100.00
 
AA–
 
5,312,950
 
 
13,290
 
Total Wisconsin
         
17,098,658
 
     
Wyoming – 0.8%
             
     
Wyoming Community Development Authority, Student Housing Revenue Bonds, CHF-Wyoming, L.L.C. – University of Wyoming Project, Series 2011:
             
 
710
 
6.250%, 7/01/31
 
7/21 at 100.00
 
BBB
 
807,519
 
 
1,600
 
6.500%, 7/01/43
 
7/21 at 100.00
 
BBB
 
1,831,936
 
 
2,310
 
Total Wyoming
         
2,639,455
 
$
310,930
 
Total Municipal Bonds (cost $288,965,382)
         
337,787,853
 
                     
 
Shares
 
Description (1)
         
Value
 
     
COMMON STOCKS – 0.9%
             
     
Airlines – 0.9%
             
 
75,333
 
American Airlines Group Inc. (8)
       
$
3,115,020
 
     
Total Common Stocks (cost $2,340,765)
         
3,115,020
 
     
Total Long-Term Investments (cost $291,306,147)
         
340,902,873
 
     
Floating Rate Obligations – (5.4)%
         
(18,000,000
)
     
Other Assets Less Liabilities – 2.4% (9)
         
7,966,327
 
     
Net Assets – 100%
       
$
330,869,200
 

62
 
Nuveen Investments

 
 

 
 
Investments in Derivatives as of October 31, 2014
 
Interest Rate Swaps outstanding:

Counterparty
   
Notional
Amount
   
Fund
Pay/Receive
Floating Rate
   
Floating Rate
Index
   
Fixed Rate
(Annualized
)
 
Fixed Rate Payment
Frequency
   
Effective
Date (10
)
 
Termination
Date
  Unrealized Appreciation (Depreciation) (9)  
Barclays Bank PLC
 
$
6,400,000
   
Receive
  Weekly USD-SIFMA    
3.254
%
 
Quarterly
   
5/21/15
   
5/21/36
 
$
(588,900
)
 
(1)
All percentages shown in the Portfolio of Investments are based on net assets.
(2)
Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives and/or inverse floating rate transactions.
(5)
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Note 2 - Investment Valuation and Fair Value Measurements for more information.
(6)
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.
(7)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(8)
On November 28, 2011, AMR Corp. (“AMR”), the parent company of American Airlines Group, Inc. (“AAL”) filed for federal bankruptcy protection. On December 9, 2013, AMR emerged from federal bankruptcy with the acceptance of its reorganization plan by the bankruptcy court. Under the settlement agreement established to meet AMR’s unsecured bond obligations, the bondholders, including the Fund, received a distribution of AAL preferred stock which was converted to AAL common stock over a 120-day period. Every 30 days, a quarter of the preferred stock was converted to AAL common stock based on the 5-day volume-weighted average price and the amount of preferred shares tendered during the optional preferred conversion period.
(9)
Other Assets Less Liabilities includes the Unrealized Appreciation (Depreciation) of derivative instruments as listed within Investments in Derivatives as of the end of the reporting period.
(10)
Effective date represents the date on which both the Fund and Counterparty commence interest payment accruals on each contract.
(IF)
Inverse floating rate investment.
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
144A
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
USD-SIFMA
United States Dollar-Securities Industry and Financial Markets Association.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
63

 
 

 

Statement of
 
 
Assets and Liabilities
October 31, 2014

           
AMT-Free
         
Enhanced
 
     
Municipal Value
   
Municipal Value
   
Municipal Income
   
Municipal Value
 
     
(NUV
)
 
(NUW
)
 
(NMI
)
 
(NEV
)
Assets
                         
Long-term investments, at value (cost $1,893,886,387, $191,516,115, $86,213,982 and $291,306,147, respectively)
 
$
2,081,624,801
 
$
230,375,099
 
$
96,689,066
 
$
340,902,873
 
Short-term investments, at value (cost $—, $—, $1,020,000 and $—, respectively)
   
   
   
1,036,932
   
 
Cash
   
16,483,833
   
753,924
   
613,331
   
6,994,711
 
Receivable for:
                         
Dividends
   
18,718
   
   
   
7,533
 
Interest
   
25,915,449
   
3,834,394
   
1,342,394
   
7,052,880
 
Investments sold
   
12,300,246
   
   
560,000
   
235,000
 
Deferred offering costs
   
   
   
   
130,000
 
Other assets
   
240,852
   
2,816
   
2,549
   
79,358
 
Total assets
   
2,136,583,899
   
234,966,233
   
100,244,272
   
355,402,355
 
Liabilities
                         
Floating rate obligations
   
18,880,000
   
7,125,000
   
3,335,000
   
18,000,000
 
Unrealized depreciation on interest rate swaps
   
   
   
   
588,900
 
Payable for:
                         
Dividends
   
6,230,469
   
806,407
   
317,734
   
1,640,744
 
Investments purchased
   
10,000,000
   
   
1,028,255
   
3,822,263
 
Accrued expenses:
                         
Management fees
   
1,631,061
   
115,884
   
49,879
   
250,600
 
Directors/Trustees fees
   
240,876
   
1,986
   
836
   
12,058
 
Shelf offering costs
   
34,238
   
   
   
130,000
 
Other
   
468,726
   
62,346
   
48,944
   
88,590
 
Total liabilities
   
37,485,370
   
8,111,623
   
4,780,648
   
24,533,155
 
Net assets
 
$
2,099,098,529
 
$
226,854,610
 
$
95,463,624
 
$
330,869,200
 
Shares outstanding
   
205,627,646
   
13,194,175
   
8,287,039
   
21,094,101
 
Net asset value (“NAV”) per share outstanding
 
$
10.21
 
$
17.19
 
$
11.52
 
$
15.69
 
Net assets consist of:
                         
Shares, $.01 par value per share
 
$
2,056,276
 
$
131,942
 
$
82,870
 
$
210,941
 
Paid-in surplus
   
1,943,202,317
   
189,896,417
   
85,387,107
   
304,510,487
 
Undistributed (Over-distribution of) net investment income
   
7,355,486
   
924,860
   
356,378
   
3,728,518
 
Accumulated net realized gain (loss)
   
(41,253,964
)
 
(2,957,593
)
 
(854,747
)
 
(26,588,572
)
Net unrealized appreciation (depreciation)
   
187,738,414
   
38,858,984
   
10,492,016
   
49,007,826
 
Net assets
 
$
2,099,098,529
 
$
226,854,610
 
$
95,463,624
 
$
330,869,200
 
Authorized shares
   
350,000,000
   
Unlimited
   
200,000,000
   
Unlimited
 
 
See accompanying notes to financial statements.
 
64
 
Nuveen Investments

 
 

 

Statement of
 
 
Operations
Year Ended October 31, 2014

           
 
         
 
   
 
           
AMT-Free
         
Enhanced
 
     
Municipal Value
   
Municipal Value
   
Municipal Income
   
Municipal Value
 
     
(NUV
)
 
(NUW
)
 
(NMI
)
 
(NEV
)
Investment Income
 
$
99,865,395
 
$
12,459,310
 
$
4,886,620
 
$
23,666,659
 
Expenses
                         
Management fees
   
9,767,890
   
1,328,107
   
567,094
   
2,852,995
 
Shareholder servicing agent fees and expenses
   
281,810
   
375
   
14,929
   
299
 
Interest expense
   
105,893
   
39,497
   
7,927
   
294,533
 
Custodian fees and expenses
   
289,916
   
38,649
   
24,570
   
60,501
 
Directors/Trustees fees and expenses
   
61,674
   
6,878
   
3,027
   
9,712
 
Professional fees
   
163,888
   
38,808
   
25,050
   
53,384
 
Shareholder reporting expenses
   
322,862
   
28,452
   
25,766
   
36,392
 
Shelf offering expenses
   
   
112,245
   
   
8,857
 
Stock exchange listing fees
   
72,405
   
8,786
   
8,842
   
8,786
 
Investor relations expenses
   
252,886
   
26,832
   
12,618
   
37,076
 
Other expenses
   
80,645
   
16,145
   
14,006
   
15,419
 
Total expenses
   
11,399,869
   
1,644,774
   
703,829
   
3,377,954
 
Net investment income (loss)
   
88,465,526
   
10,814,536
   
4,182,791
   
20,288,705
 
Realized and Unrealized Gain (Loss)
                         
Net realized gain (loss) from:
                         
Investments
   
(23,760,811
)
 
(777,431
)
 
(48,482
)
 
(1,145,517
)
Swaps
   
   
   
   
67,000
 
Change in net unrealized appreciation (depreciation) of:
                         
Investments
   
149,211,079
   
12,876,821
   
6,388,820
   
35,327,232
 
Swaps
   
   
   
   
(800,705
)
Net realized and unrealized gain (loss)
   
125,450,268
   
12,099,390
   
6,340,338
   
33,448,010
 
Net increase (decrease) in net assets from operations
 
$
213,915,794
 
$
22,913,926
 
$
10,523,129
 
$
53,736,715
 
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
65

 
 

 

Statement of
 
 
Changes in Net Assets
 
   
Municipal Value (NUV)
   
AMT-Free
Municipal Value (NUW)
 
   
Year Ended
   
Year Ended
   
Year Ended
   
Year Ended
 
   
10/31/14
   
10/31/13
   
10/31/14
   
10/31/13
 
Operations
                       
Net investment income (loss)
  $ 88,465,526     $ 89,839,162     $ 10,814,536     $ 11,175,956  
Net realized gain (loss) from:
                               
Investments
    (23,760,811 )     7,301,323       (777,431 )     (1,013,192 )
Swaps
                       
Payments by the Adviser for losses realized on the disposal of investments purchased in violation of investment restrictions
                       
Change in net unrealized appreciation (depreciation) of:
                               
Investments
    149,211,079       (149,937,338 )     12,876,821       (18,312,938 )
Swaps
                       
Net increase (decrease) in net assets from operations
    213,915,794       (52,796,853 )     22,913,926       (8,150,174 )
Distributions to Shareholders
                               
From net investment income
    (90,044,352 )     (91,921,633 )     (10,652,977 )     (10,573,786 )
From accumulated net realized gains
                (1,170,323 )     (117,111 )
Decrease in net assets from distributions to shareholders
    (90,044,352 )     (91,921,633 )     (11,823,300 )     (10,690,897 )
Capital Share Transactions
                               
Proceeds from shelf offering, net of offering costs
          10,670,833             2,924,759  
Net proceeds from shares issued to shareholders due to reinvestment of distributions
          3,952,011             540,521  
Net increase (decrease) in net assets from capital share transactions
          14,622,844             3,465,280  
Net increase (decrease) in net assets
    123,871,442       (130,095,642 )     11,090,626       (15,375,791 )
Net assets at the beginning of period
    1,975,227,087       2,105,322,729       215,763,984       231,139,775  
Net assets at the end of period
  $ 2,099,098,529     $ 1,975,227,087     $ 226,854,610     $ 215,763,984  
Undistributed (Over-distribution of)net investment income at the end of period
  $ 7,355,486     $ 9,072,881     $ 924,860     $ 767,297  
 
See accompanying notes to financial statements.
 
66
 
Nuveen Investments

 
 

 
 
   
Municipal Income (NMI)
   
Enhanced Municipal Value (NEV)
 
   
Year Ended
   
Year Ended
   
Year Ended
   
Year Ended
 
   
10/31/14
   
10/31/13
   
10/31/14
   
10/31/13
 
Operations
                       
Net investment income (loss)
  $ 4,182,791     $ 4,432,240     $ 20,288,705     $ 20,050,665  
Net realized gain (loss) from:
                               
Investments
    (48,482 )     (350,646 )     (1,145,517 )     (503,840 )
Swaps
                67,000       (105,000 )
Payments by the Adviser for losses realized on the disposal of investments purchased in violation of investment restrictions
                      168,146  
Change in net unrealized appreciation (depreciation) of:
                               
Investments
    6,388,820       (6,474,710 )     35,327,232       (37,942,400 )
Swaps
                (800,705 )     1,303,151  
Net increase (decrease) in net assets from operations
    10,523,129       (2,393,116 )     53,736,715       (17,029,278 )
Distributions to Shareholders
                               
From net investment income
    (4,556,295 )     (4,728,181 )     (20,271,431 )     (19,730,669 )
From accumulated net realized gains
                       
Decrease in net assets from distributions to shareholders
    (4,556,295 )     (4,728,181 )     (20,271,431 )     (19,730,669 )
Capital Share Transactions
                               
Proceeds from shelf offering, net of offering costs
                      28,417,352  
Net proceeds from shares issued to shareholders due to reinvestment of distributions
    112,466       208,020             405,041  
Net increase (decrease) in net assets from capital share transactions
    112,466       208,020             28,822,393  
Net increase (decrease) in net assets
    6,079,300       (6,913,277 )     33,465,284       (7,937,554 )
Net assets at the beginning of period
    89,384,324       96,297,601       297,403,916       305,341,470  
Net assets at the end of period
  $ 95,463,624     $ 89,384,324     $ 330,869,200     $ 297,403,916  
Undistributed (Over-distribution of) net investment income at the end of period
  $ 356,378     $ 728,254     $ 3,728,518     $ 3,956,265  
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
67

 
 

 

Financial
 
  Highlights
 
Selected data for a share outstanding throughout each period:

         
Investment Operations
 
Less Distributions
                         
     
Beginning NAV
   
Net Investment Income (Loss)
   
Net Realized/ Unrealized Gain (Loss)
   
Total
   
From Net Investment Income
   
From Accumu- lated Net Realized Gains
   
Total
   
Offering Costs
   
Premium from Shares Sold through Shelf Offering
   
Ending NAV
   
Ending Market Value
 
Municipal Value (NUV)
                                                           
Year Ended 10/31:
                                                             
2014
 
$
9.61
 
$
0.43
 
$
0.61
 
$
1.04
 
$
(0.44
)
$
 
$
(0.44
)
$
 
$
 
$
10.21
 
$
9.64
 
2013
   
10.31
   
0.44
   
(0.70
)
 
(0.26
)
 
(0.45
)
 
   
(0.45
)
 
   
0.01
   
9.61
   
9.05
 
2012
   
9.65
   
0.46
   
0.71
   
1.17
   
(0.47
)
 
(0.06
)
 
(0.53
)
 
 
0.02
   
10.31
   
10.37
 
2011
   
9.82
   
0.48
   
(0.16
)
 
0.32
   
(0.47
)
 
(0.02
)
 
(0.49
)
 
   
 
9.65
   
9.66
 
2010
   
9.51
   
0.49
   
0.30
   
0.79
   
(0.47
)
 
(0.01
)
 
(0.48
)
 
   
   
9.82
   
10.02
 
                                                     
AMT-Free Municipal Value (NUW)
                                                   
Year Ended 10/31:
                                                             
2014
   
16.35
   
0.82
   
0.92
   
1.74
   
(0.81
)
 
(0.09
)
 
(0.90
)
 
   
   
17.19
   
16.89
 
2013
   
17.78
   
0.85
   
(1.48
)
 
(0.63
)
 
(0.80
)
 
(0.01
)
 
(0.81
)
 
 
0.01
   
16.35
   
15.23
 
2012
   
16.47
   
0.84
   
1.29
   
2.13
   
(0.82
)
 
   
(0.82
)
 
   
   
17.78
   
18.66
 
2011
   
16.85
   
0.93
   
(0.39
)
 
0.54
   
(0.90
)
 
(0.02
)
 
(0.92
)
 
   
   
16.47
   
17.06
 
2010
   
16.20
   
0.91
   
0.65
   
1.56
   
(0.90
)
 
(0.01
)
 
(0.91
)
 
   
   
16.85
   
17.57
 
 
(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 NAV is the combination of changes in NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, 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 NAV. 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 NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
 
68
 
Nuveen Investments

 
 

 

              Ratios/Supplemental Data
   
Total Returns
         
Ratios to Average Net Assets
     
                                     
         
Based
   
Ending
                   
   
Based
   
on
   
Net
         
Net
   
Portfolio
 
   
on
   
Market
   
Assets
         
Investment
   
Turnover
 
   
NAV
(a)
 
Value
(a)
 
(000
)
 
Expenses
(b)
 
Income (Loss
)
 
Rate
(c)
                                     
                                     
   
11.04
%
 
11.54
%
$
2,099,099
   
0.56
%
 
4.36
%
 
17
%
   
(2.55
)
 
(8.67
)
 
1,975,227
   
0.55
   
4.34
   
19
 
   
12.62
   
13.15
   
2,105,323
   
0.60
   
4.63
   
14
 
   
3.53
   
1.61
   
1,915,231
   
0.65
   
5.15
   
10
 
   
8.44
   
6.18
   
1,944,094
   
0.61
   
5.05
   
8
 
                                     
                                     
   
10.95
   
17.27
   
226,855
   
0.75
   
4.92
   
10
 
   
(3.59
)
 
(14.31
)
 
215,764
   
0.72
   
4.93
   
7
 
   
13.23
   
14.73
   
231,140
   
0.68
   
4.90
   
10
 
   
3.61
   
2.93
   
212,873
   
0.71
   
5.92
   
1
 
   
9.91
   
17.22
   
216,146
   
0.69
   
5.55
   
4
 

(b)
The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities as follows:

Municipal Value (NUV)
   
Year Ended 10/31:
   
2014
0.01
%
2013
**
2012
0.02
 
2011
0.01
 
2010
0.01
 

AMT-Free Municipal Value (NUW)
   
Year Ended 10/31:
   
2014
0.02
%
2013
**
2012
 
2011
 
2010
 
 
(c)
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
*
Rounds to less than $0.01 per share.
**
Rounds to less than 0.01%.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
69

 
 

 
 
Financial Highlights (continued)
 
Selected data for a share outstanding throughout each period:

         
Investment Operations
 
Less Distributions
                         
     
Beginning NAV
   
Net Investment Income (Loss)
   
Net Realized/ Unrealized Gain (Loss)
   
Total
   
From Net Investment Income
   
From Accumu- lated Net Realized Gains
   
Total
   
Offering Costs
   
Premium from Shares Sold through Shelf Offering
   
Ending NAV
   
Ending Market Value
 
Municipal Income (NMI)
                                                             
Year Ended 10/31:
                                                                   
2014
 
$
10.80
 
$
0.50
 
$
0.77
 
$
1.27
 
$
(0.55
)
$
 
$
(0.55
)
$
 
$
 
$
11.52
 
$
11.30
 
2013
   
11.66
   
0.54
   
(0.83
)
 
(0.29
)
 
(0.57
)
 
   
(0.57
)
 
   
   
10.80
   
10.11
 
2012
   
10.75
   
0.57
   
0.91
   
1.48
   
(0.57
)
 
   
(0.57
)
 
   
   
11.66
   
12.66
 
2011
   
10.84
   
0.58
   
(0.10
)
 
0.48
   
(0.57
)
 
   
(0.57
)
 
   
   
10.75
   
11.13
 
2010
   
10.38
   
0.58
   
0.45
   
1.03
   
(0.57
)
 
   
(0.57
)
 
   
   
10.84
   
11.24
 
                                                               
Enhanced Municipal Value (NEV)
                                                             
Year Ended 10/31:
                                                                   
2014
   
14.10
   
0.96
   
1.59
   
2.55
   
(0.96
)
 
   
(0.96
)
 
   
   
15.69
   
14.91
 
2013
   
15.82
   
0.96
   
(1.80
)
 
(0.84
)
 
(0.96
)
 
   
(0.96
)
 
(0.01
)
 
0.09
   
14.10
   
13.92
 
2012
   
13.97
   
1.01
   
1.80
   
2.81
   
(0.96
)
 
   
(0.96
)
 
   
   
15.82
   
16.16
 
2011
   
14.78
   
1.01
   
(0.89
)
 
0.12
   
(0.93
)
 
   
(0.93
)
 
   
   
13.97
   
13.70
 
2010
   
13.73
   
0.94
   
1.02
   
1.96
   
(0.91
)
 
 
(0.91
)
 
 
   
14.78
   
14.56
 
 
(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 NAV is the combination of changes in NAV reinvested dividend income at NAV and reinvested capital gains distributions at NAV, 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 NAV. 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 NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
 
70
 
Nuveen Investments

 
 

 

             
Ratios/Supplemental Data
 
 
Total Returns
       
Ratios to Average Net Assets
       
   
Based on NAV
(a)
 
Based Market Value
(a)
 
 Net Ending on Assets (000
)
 
Expenses
(b)
 
Net
Investment
 Income (Loss)
   
Portfolio Turnover Rate
(c)
                                     
                                     
   
12.06
%
 
17.55
%
$
95,464
   
0.76
%
 
4.55
%
 
15
%
   
(2.58
)
 
(15.91
)
 
89,384
   
0.73
   
4.73
   
18
 
   
14.05
   
19.51
   
96,298
   
0.78
   
5.09
   
15
 
   
4.73
   
4.62
   
88,488
   
0.77
   
5.61
   
16
 
   
10.12
   
11.14
   
89,008
   
0.77
   
5.47
   
14
 
                                     
                                     
   
18.67
   
14.58
   
330,869
   
1.08
   
6.49
   
5
 
   
(5.02
)**
 
(8.12
)
 
297,404
   
1.08
   
6.44
   
12
 
   
20.67
   
25.68
   
305,341
   
1.12
   
6.73
   
11
 
   
1.28
   
1.02
   
269,050
   
1.17
   
7.47
   
33
 
   
14.73
   
3.52
   
284,682
   
1.07
   
6.64
   
28
 

(b)
The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund and/or the effect of the interest expense and fees paid on borrowings, where applicable, each as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities and Note 8 – Borrowing Arrangements, respectively, as follows:

Municipal Income (NMI)
   
Year Ended 10/31:
   
2014
0.01
%
2013
0.01
 
2012
0.01
 
2011
0.01
 
2010
0.02
 

Enhanced Municipal Value (NEV)
   
Year Ended 10/31:
   
2014
0.09
%
2013
0.08
 
2012
0.09
 
2011
0.08
 
2010
0.04
 
 
(c)
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
*
Rounds to less than $0.01 per share.
**
During the fiscal year ended October 31, 2013, Enhanced Municipal Value (NEV) received payments from the Adviser of $168,146 to offset losses realized on the disposal of investments purchased in violation of the Fund’s investment restrictions. This reimbursement did not have an impact on the Fund’s Total Return on NAV.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
71

 
 

 
 
Notes to Financial Statements
 
1. General Information and Significant Accounting Policies
 
General Information
 
Fund Information
The funds covered in this report and their corresponding New York Stock Exchange (“NYSE”) symbols are as follows (each a “Fund” and collectively, the “Funds”):

 
Nuveen Municipal Value Fund, Inc. (NUV) (“Municipal Value (NUV)”)
 
Nuveen AMT-Free Municipal Value Fund (NUW) (“AMT-Free Municipal Value (NUW)”)
 
Nuveen Municipal Income Fund, Inc. (NMI) (“Municipal Income (NMI)”)
 
Nuveen Enhanced Municipal Value Fund (NEV) (“Enhanced Municipal Value (NEV)”)
 
The Funds are registered under the Investment Company Act of 1940, as amended, as diversified closed-end registered investment companies. Municipal Value (NUV) and Municipal Income (NMI) were incorporated under the state laws of Minnesota on April 8, 1987 and February 26, 1988, respectively. AMT-Free Municipal Value (NUW) and Enhanced Municipal Value (NEV) were organized as Massachusetts business trusts on November 19, 2008 and July 27, 2009 respectively.
 
Investment Adviser
The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”). The Adviser is responsible for each Fund’s overall investment strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the “Sub-Adviser”), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.
 
Purchase and Sale Agreement
On October 1, 2014, TIAA-CREF, a national financial services organization, completed its previously announced acquisition of Nuveen, the parent company of the Adviser. The transaction has not resulted in any change in the portfolio management of the Funds or in the Funds’ investment objectives or policies.
 
Because the consummation of the acquisition resulted in the “assignment” (as defined in the Investment Company Act of 1940) and automatic termination of the Funds’ investment management agreements and investment sub-advisory agreements, Fund shareholders were asked to approve new investment management agreements with the Adviser and new investment sub-advisory agreements with each Fund’s sub-adviser. These new agreements were approved by shareholders of each of the Funds, and went into effect on October 1, 2014. The terms of the new agreements, including the fees payable to each Fund’s Adviser and Sub-Adviser, are substantially identical to those of the investment management agreements and investment sub-advisory agreements in place immediately prior to the closing.
 
Investment Objectives and Principal Investment Strategies
Each Fund’s primary investment objective is to provide current income exempt from regular federal income tax by investing primarily in a portfolio of municipal obligations issued by state and local government authorities or certain U.S. territories.
 
Significant Accounting Policies
Each Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946 “Financial Services-Investment Companies.” The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).
 
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to earmark securities in the Funds’ portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments.

72
 
Nuveen Investments

 
 

 
 
As of October 31, 2014, the Funds’ outstanding when-issued/delayed delivery purchase commitments were as follows:

           
AMT-Free
         
Enhanced
 
     
Municipal
   
Municipal
   
Municipal
   
Municipal
 
     
Value
   
Value
   
Income
   
Value
 
     
(NUV
)
 
(NUW
)
 
(NMI
)
 
(NEV
)
Outstanding when-issued/delayed delivery purchase commitments
 
$
10,000,000
 
$
 
$
1,028,255
 
$
 
 
Investment Income
Investment income, which reflects the amortization of premiums and includes accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Investment income also includes paydown gains and losses, if any.
 
Professional Fees
Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment, or to pursue other claims or legal actions on behalf of Fund shareholders. If a refund is received for workout expenditures paid in a prior reporting period, such amounts will be recognized as “Legal fee refund” on the Statement of Operations.
 
Dividends and Distributions to Shareholders
Dividends from net investment income are declared monthly. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
 
Distributions to shareholders of net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
 
Equity Shelf Programs and Offering Costs
The following Funds have each filed registration statements with the Securities and Exchange Commission (“SEC”) authorizing the Funds to issue additional shares through an equity shelf programs (“Shelf Offering”), which became effective with the SEC during prior fiscal periods.
 
Under these Shelf Offerings, the Fund, subject to market conditions, may raise additional equity capital from time to time in varying amounts and offering methods at a net price at or above the Fund’s net asset value (“NAV”) per share.
 
Authorized shares, shares issued and offering proceeds, net of offering costs under each Fund’s shelf offering during the fiscal years ended October 31, 2014 and October 31, 2013, were as follows:

                 
AMT-Free
   
Enhanced
 
     
Municipal Value (NUV)
   
Municipal Value (NUW)
   
Municipal Value (NEV)
 
     
Year Ended
   
Year Ended
   
Year Ended
   
Year Ended
   
Year Ended
   
Year Ended
 
     
10/31/14
   
10/31/13
   
10/31/14
   
10/31/13
   
10/31/14
   
10/31/13
 
Authorized shares
   
19,600,000
   
19,600,000
   
1,200,000
   
1,200,000
   
5,200,000
   
1,900,000
 
Shares issued
   
   
1,027,916
   
   
163,893
   
   
1,770,555
 
Offering proceeds, net of offering costs
 
$
 
$
10,670,833
 
$
 
$
2,924,759
 
$
 
$
28,417,352
 
 
As of February 28, 2014, Municipal Value’s (NUV) and AMT-Fee Municipal Value’s (NUW) shelf offering registration statements are no longer effective. Therefore, the Funds may not issue additional shares under their equity shelf programs until a new registration statement is filed and declared effective by the SEC.
 
Costs incurred by the Funds in connection with their Shelf Offerings are recorded as a deferred charge and recognized as a component of “Deferred offering costs” on the Statement of Assets and Liabilities. The deferred assets are reduced during the one-year period that additional shares are sold by reducing the proceeds from such sales and is recognized as a component of “Proceeds from shelf offering, net of offering costs” on the Statement of Changes in Net Assets. At the end of the one-year life of the Shelf Offering period, or when the Fund’s shelf offering registration statement is no longer effective, any remaining deferred charges will be expensed accordingly and recognized as a component of “Shelf offering expenses” on the Statement of Operations. Any additional costs the Funds may incur in connection with their Shelf Offerings are expensed as incurred and recognized as a component of “Proceeds from shelf offering, net of offering costs” on the Statement of Changes in Net Assets, when applicable.
 
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.

Nuveen Investments
 
73

 
 

 
 
Notes to Financial Statements (continued)
 
Netting Agreements
In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and Derivative Association, Inc. (“ISDA”) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, a Fund manages its cash collateral and securities collateral on a counterparty basis.
 
The Funds’ investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 3 – Portfolio Securities and Investments in Derivatives.
 
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. Investment Valuation and Fair Value Measurements
The fair valuation input levels as described below are for fair value measurement purposes.
 
Investment Valuation
Prices of fixed income securities are provided by a pricing service approved by the Funds’ Board of Directors/Trustees (the “Board”). The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.
 
Prices of swap contracts are also provided by a pricing service approved by the Board using the same methods as described above, and are generally classified as Level 2.
 
Common stocks and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1. Securities primarily traded on the NASDAQ National Market (“NASDAQ”) are valued, except as indicated below, at the NASDAQ Official Closing Price and are generally classified as Level 1. However, securities traded on a securities exchange or NASDAQ for which there were no transactions on a given day or securities not listed on a securities exchange or NASDAQ are valued at the quoted bid price and are generally classified as Level 2.
 
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Board or its appointee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s NAV (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Board or its appointee.
 
Fair Value Measurements
Fair value is defined as the price that the Funds would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market

74
 
Nuveen Investments

 
 

 
 
participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

Level 1 –  
Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 –  
Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 –  
Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
 
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of the end of the reporting period:

Municipal Value (NUV)
   
Level 1
   
Level 2
   
Level 3
***
 
Total
 
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
2,073,424,795
 
$
694,245
 
$
2,074,119,040
 
Common Stocks
   
7,326,517
   
   
   
7,326,517
 
Corporate Bonds
   
   
   
179,244
   
179,244
 
Total
 
$
7,326,517
 
$
2,073,424,795
 
$
873,489
 
$
2,081,624,801
 
AMT-Free Municipal Value (NUW)
                         
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
230,375,099
 
$
 
$
230,375,099
 
Municipal Income (NMI)
                         
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
96,689,066
 
$
 
$
96,689,066
 
Short-Term Investments:
                         
Municipal Bonds
   
   
   
1,036,932
   
1,036,932
 
Total
 
$
 
$
96,689,066
 
$
1,036,932
 
$
97,725,998
 
Enhanced Municipal Value (NEV)
                         
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
337,749,727
 
$
38,126
 
$
337,787,853
 
Common Stocks
   
3,115,020
   
   
   
3,115,020
 
Investments in Derivatives:
                         
Interest Rate Swaps**
   
   
(588,900
)
 
   
(588,900
)
Total
 
$
3,115,020
 
$
337,160,827
 
$
38,126
 
$
340,313,973
 
 
*
Refer to the Fund’s Portfolio of Investments for industry/state classifications.
**
Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments.
***
Refer to the Fund’s Portfolio of Investments for breakdown of these securities classified as Level 3
 
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
 
$
 
Gain (losses):
       
Net realized gains (losses)
   
 
Change in net unrealized appreciation (depreciation)
   
16,932
 
Purchases at cost
   
1,020,000
 
Sales at proceeds
   
 
Net discounts (premiums)
   
 
Transfers in to
   
 
Transfers out of
   
 
Balance at the end of period
 
$
1,036,932
 
Change in net unrealized appreciation (depreciation) during the period of Level 3 securities held as of October 31, 2014
 
$
16,932
 

Nuveen Investments
 
75

 
 

 
 
Notes to Financial Statements (continued)
 
The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of October 31, 2014, were as follows:

   
Market Value
 
Techniques
 
Unobservable Inputs
 
Range
 
Municipal Income (NMI)
                 
Short-Term Municipal Bonds
$
1,036,932
 
Discounted Cash Flow
 
Municipal BBB Benchmark
 
1%-4
%
   
 
     
B-Rated Hospital Sector
     
 
The Board is responsible for the valuation process and has appointed the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board, is responsible for making fair value determinations, evaluating the effectiveness of the Funds’ pricing policies and reporting to the Board. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the Funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
 
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:

 
(i)
If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities.
     
 
(ii)
If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis.
 
The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument’s current value.
 
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board.
 
3. Portfolio Securities and Investments in Derivatives
 
Portfolio Securities
 
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.
 
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.
 
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”).
 
An investment in an externally-deposited inverse floater is identified in the Portfolio of Investments as “(IF) – Inverse floating rate investment.” The Fund’s Statement of Assets and Liabilities shows only the inverse floaters and not the underlying bonds as an asset and does not reflect the short-term floating rate certificates as liabilities. Also, the Fund reflects in “Investment Income” only the net amount of earnings on its inverse floater investment

76
 
Nuveen Investments

 
 

 
 
(net of the interest paid to the holders of the short-term floating rate certificates and the expenses of the trust), and does not show the amount of that interest paid as an interest expense on the Statement of Operations.
 
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, at their liquidation value, as “Floating rate obligations” on the Statement of Assets and Liabilities. In addition, the Fund reflects in “Investment Income” the entire earnings of the underlying bond and recognizes the related interest paid to the holders of the short-term floating rate certificates as a component of “Interest expense” on the Statement of Operations.
 
The average floating rate obligations outstanding and average annual interest rate and fees related to self-deposited inverse floaters during the fiscal year ended October 31, 2014, were as follows:

           
AMT-Free
         
Enhanced
 
     
Municipal
   
Municipal
   
Municipal
   
Municipal
 
     
Value
   
Value
   
Income
   
Value
 
     
(NUV
)
 
(NUW
)
 
(NMI
)
 
(NEV
)
Average floating rate obligations outstanding
 
$
17,425,205
 
$
7,125,000
 
$
3,335,000
 
$
18,000,000
 
Average annual interest rate and fees
   
0.61%
   
0.55%
   
0.24%
   
0.56%
 
 
As of October 31, 2014, the total amount of floating rate obligations issued by each Fund’s self-deposited inverse floaters and externally-deposited inverse floaters was as follows:

           
AMT-Free
         
Enhanced
 
     
Municipal
   
Municipal
   
Municipal
   
Municipal
 
     
Value
   
Value
   
Income
   
Value
 
     
(NUV
)
 
(NUW
)
 
(NMI
)
 
(NEV
)
Floating rate obligations: self-deposited inverse floaters
 
$
18,880,000
 
$
7,125,000
 
$
3,335,000
 
$
18,000,000
 
Floating rate obligations: externally-deposited inverse floaters
   
24,335,000
   
10,165,000
   
6,005,000
   
143,660,000
 
Total
 
$
43,215,000
 
$
17,290,000
 
$
9,340,000
 
$
161,660,000
 
 
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse trust” or “credit recovery swap”) (such agreements referred to herein as “Recourse Trusts”) with a broker-dealer by which a Fund agrees to reimburse the broker-dealer, in certain circumstances, for the difference between the liquidation value of the fixed-rate bond held by the trust and the liquidation value of the floating rate certificates issued by the trust plus any shortfalls in interest cash flows. Under these agreements, a Fund’s potential exposure to losses related to or on inverse floaters may increase beyond the value of a Fund’s inverse floater investments as a Fund may potentially be liable to fulfill all amounts owed to holders of the floating rate certificates. At period end, any such shortfall is recognized as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities.
 
As of October 31, 2014, each Fund’s maximum exposure to the floating rate obligations issued by externally-deposited Recourse Trusts, was as follows:

           
AMT-Free
         
Enhanced
 
     
Municipal
   
Municipal
   
Municipal
   
Municipal
 
     
Value
   
Value
   
Income
   
Value
 
     
(NUV
)
 
(NUW
)
 
(NMI
)
 
(NEV
)
Maximum exposure to Recourse Trusts
 
$
7,500,000
 
$
10,165,000
 
$
6,005,000
 
$
139,660,000
 
 
Zero Coupon Securities
A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. 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.
 
Investments in Derivatives
Each Fund is authorized to invest in certain derivative instruments such as futures, options and swap contracts. Each Fund limits its investments in futures, options on futures and swap contracts to the extent necessary for the Adviser to claim the exclusion from registration by the Commodity Futures Trading Commission as a commodity pool operator with respect to the Fund. 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.

Nuveen Investments
 
77

 
 

 
 
Notes to Financial Statements (continued)
 
Swap Contracts
Interest rate swap contracts involve a Fund’s agreement with the counterparty to pay or receive a fixed rate payment in exchange for the counterparty receiving or paying a variable rate payment. Forward interest rate swap contracts involve a Fund’s agreement with a counterparty to pay or receive, in the future, a fixed or variable rate payment in exchange for the counterparty receiving or 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). Swap contracts do not involve the delivery of securities or other underlying assets or principal. Accordingly, the risk of loss with respect to the swap counterparty on such transactions is limited to the net amount of interest payments that a Fund is to receive. Swap contracts are valued daily. Upon entering into an interest rate swap contract (and beginning on the effective date for a forward interest rate swap contract), a Fund accrues the fixed rate payment expected to be paid or received and the variable rate payment expected to be received or paid on a daily basis, and recognizes the daily change in the fair value of the Fund’s contractual rights and obligations under the contracts. The net amount recorded on these transactions for each counterparty is recognized on the Statement of Assets and Liabilities as a component of “Unrealized appreciation or depreciation on interest rate swaps (, net)” with the change during the fiscal period recognized on the Statement of Operations as a component of “Change in net unrealized appreciation (depreciation) of swaps.” Income received or paid by a Fund is recognized as a component of “Net realized gain (loss) from swaps” on the Statement of Operations, in addition to the net realized gains or losses recognized upon the termination of a swap contract and are equal to the difference between a Fund’s basis in the swap and the proceeds from (or cost of) the closing transaction. Payments received or made at the beginning of the measurement period are recognized as a component of “Interest rate swap premiums paid and/or received” on the Statement of Assets and Liabilities, when applicable. For tax purposes, periodic payments are treated as ordinary income or expense.
 
During the fiscal year ended October 31, 2014, as part of its duration management strategies, Enhanced Municipal Value (NEV) invested in forward interest rate swap contracts to help reduce price volatility risk to movements in U.S. interest rates relative to the Fund’s benchmark. These swap contracts were rebalanced during the period by the Fund’s additional investments in inverse floating rate securities.
 
The average notional amount of interest rate swap contracts outstanding during the fiscal year ended October 31, 2014, was as follows:

     
Enhanced
 
     
Municipal
 
     
Value
 
     
(NEV
)
Average notional amount of interest rate swap contracts outstanding*
 
$
6,440,000
 
 
*
The average notional amount is calculated based on the outstanding notional at the beginning of the fiscal year and at the end of each fiscal quarter within the current fiscal year.
 
The following table presents the fair value of all interest rate swap contracts held by Enhanced Municipal Value (NEV) as of October 31, 2014, the location of these instruments on the Statement of Assets and Liabilities and the primary underlying risk exposure.

   
Location on the Statement of Assets and Liabilities
Underlying
Derivative
Asset Derivatives
 
(Liability) Derivatives
Risk Exposure
Instrument
Location
   
Value
 
Location
   
Value
 
Interest rate
Swaps
         
Unrealized depreciation
       
   
 
$
   
on interest rate swaps
 
$
(588,900
)
 
The following table presents the swap contracts, which are subject to netting agreements, as well as the collateral delivered related to those swap contracts as of October 31, 2014.

                               
Gross Amounts Not offset on
the Statement of Assets
and Liabilities
       
         
Gross
   
Gross
   
Amounts
   
Net Unrealized
                   
         
Unrealized
   
Unrealized
   
Netted on
   
Appreciation
         
Collateral
       
        Appreciation on   (Depreciation) on
 
 
Statement of
  (Depreciation) on
 
       
Pledged
       
         
Interest
   
Interest
   
Assets and
   
Interest
   
Financial
   
to (from
)
 
Net
 
Fund
Counterparty    
Rate Swaps
**
 
Rate Swaps
**
 
Liabilities
   
Rate Swaps
   
Instruments
***
 
Counterparty
  Exposure  
Enhanced Municipal Value (NEV)
                                               
  Barclays Bank PLC  
$
 
$
(588,900
)
$
 
$
(588,900
)
$
588,900
 
$
 
$
 
 
**
Represents gross unrealized appreciation (depreciation) for the counterparty as reported in the Fund’s Portfolio of Investments.
***
Represents inverse floating rate securities.
 
The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on swap contracts on the Statement of Operations during the fiscal year ended October 31, 2014, and the primary underlying risk exposure.

78
 
Nuveen Investments

 
 

 

     
Underlying
   
Derivative
 
Net Realized
Gain (Loss) from
 
Change in Net Unrealized
Appreciation (Depreciation) of
 
Fund
   
Risk Exposure
   
Instrument
   
Swaps
   
Swaps
 
Enhanced Municipal Value (NEV)
   
Interest rate
   
Swaps
 
$
67,000
 
$
(800,705
)
 
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.
 
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 pre-determined threshold amount.
 
4. Fund Shares
Since the inception of the Funds’ repurchase programs, the Funds have not repurchased any of their outstanding shares. Transactions in shares were as follows:

               
AMT-Free
 
   
Municipal Value (NUV)
   
Municipal Value (NUW)
 
   
Year Ended
   
Year Ended
   
Year Ended
   
Year Ended
 
   
10/31/14
   
10/31/13
   
10/31/14
   
10/31/13
 
Shares sold through shelf offering
          1,027,916             163,893  
Shares issued to shareholders due to reinvestment of distributions
          380,127             30,207  
Weighted average premium to NAV per shelf offering share sold
    %     1.18 %     %     1.71 %
 
               
Enhanced Municipal
 
   
Municipal Income (NMI)
   
Value (NEV)
 
   
Year Ended
   
Year Ended
   
Year Ended
   
Year Ended
 
   
10/31/14
   
10/31/13
   
10/31/14
   
10/31/13
 
Shares sold through shelf offering*
                      1,770,555  
Shares issued to shareholders due to reinvestment of distributions
    10,131       17,609             25,618  
Weighted average premium to NAV per shelf offering share sold*
    %     %     %     2.61 %
 
*
Municipal Income (NMI) is not authorized to issue additional shares through a shelf offering as of the end of the reporting period.
 
Nuveen Investments
 
79

 
 

 
 
Notes to Financial Statements (continued)
 
5. Investment Transactions
Long-term purchases and sales (including maturities but excluding derivative transactions, where applicable) during the fiscal year ended October 31, 2014, were as follows:

           
AMT-Free
         
Enhanced
 
     
Municipal
   
Municipal
   
Municipal
   
Municipal
 
     
Value
   
Value
   
Income
   
Value
 
     
(NUV
)
 
(NUW
)
 
(NMI
)
 
(NEV
)
Purchases
 
$
338,818,209
 
$
23,314,190
 
$
13,813,209
 
$
17,782,088
 
Sales and maturities
   
333,476,610
   
25,063,527
   
14,130,757
   
20,758,019
 
 
6. Income Tax Information
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, and in the case of AMT-Free Municipal Value (NUW) the alternative minimum tax applicable to individuals, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.
 
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
 
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.
 
As of October 31, 2014, the cost and unrealized appreciation (depreciation) of investments (excluding investments in derivatives, where applicable), as determined on a federal income tax basis, were as follows:

           
AMT-Free
         
Enhanced
 
     
Municipal
   
Municipal
   
Municipal
   
Municipal
 
     
Value
   
Value
   
Income
   
Value
 
     
(NUV
)
 
(NUW
)
 
(NMI
)
 
(NEV
)
Cost of investments
 
$
1,872,401,759
 
$
183,062,175
 
$
83,661,738
 
$
273,445,226
 
Gross unrealized:
                         
Appreciation
 
$
217,304,133
 
$
40,206,028
 
$
11,007,238
 
$
54,152,028
 
Depreciation
   
(26,961,203
)
 
(18,104
)
 
(277,740
)
 
(4,694,383
)
Net unrealized appreciation (depreciation) of investments
 
$
190,342,930
 
$
40,187,924
 
$
10,729,498
 
$
49,457,645
 
 
Permanent differences, primarily due to federal taxes paid, taxable market discount, paydowns and distribution reallocations resulted in reclassifications among the Funds’ components of net assets as of October 31, 2014, the Funds’ tax year end, as follows:
                           
           
AMT-Free
         
Enhanced
 
     
Municipal
   
Municipal
   
Municipal
   
Municipal
 
     
Value
   
Value
   
Income
   
Value
 
     
(NUV
)
 
(NUW
)
 
(NMI
)
 
(NEV
)
Paid-in-surplus
 
$
 
$
 
$
 
$
(25
)
Undistributed (Over-distribution of) net investment income
   
(138,569
)
 
(3,996
)
 
1,628
   
(245,021
)
Accumulated net realized gain (loss)
   
138,569
   
3,996
   
(1,628
)
 
245,046
 
 
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of October 31, 2014, the Funds’ tax year end, were as follows:

80
 
Nuveen Investments

 
 

 

           
AMT-Free
         
Enhanced
 
     
Municipal
   
Municipal
   
Municipal
   
Municipal
 
     
Value
   
Value
   
Income
   
Value
 
     
(NUV
)
 
(NUW
)
 
(NMI
)
 
(NEV
)
Undistributed net tax-exempt income1
 
$
7,644,054
 
$
613,043
 
$
428,289
 
$
4,550,626
 
Undistributed net ordinary income2
   
193,185
   
69,219
   
42,806
   
127,511
 
Undistributed net long-term capital gains
   
   
   
   
 

1
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on October 1, 2014, paid on November 3, 2014.
2
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’ tax years ended October 31, 2014 and October 31, 2013, was designated for purposes of the dividends paid deduction as follows:

           
AMT-Free
         
Enhanced
 
     
Municipal
   
Municipal
   
Municipal
   
Municipal
 
     
Value
   
Value
   
Income
   
Value
 
2014
   
(NUV
)
 
(NUW
)
 
(NMI
)
 
(NEV
)
Distributions from net tax-exempt income3
 
$
89,550,845
 
$
10,608,117
 
$
4,555,037
 
$
20,250,337
 
Distributions from net ordinary income2
   
1,007,575
   
45,032
   
42,212
   
21,094
 
Distributions from net long-term capital gains4
   
   
1,170,151
   
   
 

           
AMT-Free
         
Enhanced
 
     
Municipal
   
Municipal
   
Municipal
   
Municipal
 
     
Value
   
Value
   
Income
   
Value
 
2013
   
(NUV
)
 
(NUW
)
 
(NMI
)
 
(NEV
)
Distributions from net tax-exempt income
 
$
91,136,686
 
$
10,560,781
 
$
4,714,123
 
$
19,526,763
 
Distributions from net ordinary income2
   
717,270
   
   
13,222
   
60,212
 
Distributions from net long-term capital gains
   
   
117,111
   
   
 
 
2
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
3
The Funds hereby designate these amounts paid during the fiscal year ended October 31, 2014, as Exempt Interest Dividends.
4
The Funds designate as long-term capital gain dividend, pursuant to the Internal Revenue Code Section 852(b)(3), the amount necessary to reduce earnings and profits of the Funds related to net capital gain to zero for the tax year ended October 31, 2014.
 
As of October 31, 2014, the Funds’ tax year end, the Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as shown in the following table. The losses not subject to expiration will be utilized first by a Fund.

           
AMT-Free
         
Enhanced
 
     
Municipal
   
Municipal
   
Municipal
   
Municipal
 
     
Value
   
Value
   
Income
   
Value
 
     
(NUV
)
 
(NUW
)
 
(NMI
)
 
(NEV
)
Expiration:
                         
October 31, 2016
 
$
 
$
 
$
164,175
 
$
 
October 31, 2017
   
   
   
289,822
   
 
October 31, 2018
   
   
   
   
2,946,811
 
October 31, 2019
   
   
   
   
16,146,849
 
Not subject to expiration
   
37,246,074
   
3,159,929
   
400,748
   
6,617,921
 
Total
 
$
37,246,074
 
$
3,159,929
 
$
854,745
 
$
25,711,581
 
 
7. Management Fees and Other Transactions with Affiliates
Each Fund’s management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
 
Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within the Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser and for Municipal Value (NUV) a gross interest income component. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.

Nuveen Investments
 
81

 
 

 
 
Notes to Financial Statements (continued)
 
The annual fund-level fee for Municipal Value (NUV), payable monthly, is calculated according to the following schedule:

      Municipal Value (NUV)
Average Daily Net Assets
   
Fund-Level Fee Rate
For the first $500 million
   
0.1500
%
For the next $500 million
   
0.1250
 
For net assets over $1 billion
   
0.1000
 
 
In addition, Municipal Value (NUV) pays an annual management fee, payable monthly, based on gross interest income (excluding interest on bonds underlying a “self-deposited inverse floater” trust that is attributed to the Fund over and above the net interest earned on the inverse floater itself) as follows:

      Municipal Value (NUV)
Gross Interest Income
   
Gross Income Fee Rate
For the first $50 million
   
4.125
%
For the next $50 million
   
4.000
 
For gross income over $100 million
   
3.875
 
 
The annual fund-level fee for AMT-Free Municipal Value (NUW), Municipal Income (NMI) and Enhanced Municipal Value (NEV), payable monthly, is calculated according to the following schedules:

  AMT-Free Municipal Value (NUW)
Average Daily Managed Assets*
Fund-Level Fee Rate
For the first $125 million
0.4000
%
For the next $125 million
0.3875
 
For the next $250 million
0.3750
 
For the next $500 million
0.3625
 
For the next $1 billion
0.3500
 
For managed assets over $2 billion
0.3375
 

  Municipal Income (NMI)
Average Daily Net Assets
Fund-Level Fee Rate
For the first $125 million
0.4500
%
For the next $125 million
0.4375
 
For the next $250 million
0.4250
 
For the next $500 million
0.4125
 
For the next $1 billion
0.4000
 
For the next $3 billion
0.3875
 
For net assets over $5 billion
0.3750
 

  Enhanced Municipal Value (NEV)
Average Daily Managed Assets*
Fund-Level Fee Rate
For the first $125 million
0.4500
%
For the next $125 million
0.4375
 
For the next $250 million
0.4250
 
For the next $500 million
0.4125
 
For the next $1 billion
0.4000
 
For managed assets over $2 billion
0.3875
 

82
 
Nuveen Investments

 
 

 
 
The annual complex-level fee for each Fund, payable monthly, is calculated according to the following schedule:

Complex-Level Managed Asset Breakpoint Level*
Effective Rate at Breakpoint Level
$55 billion
0.2000
%
$56 billion
0.1996
 
$57 billion
0.1989
 
$60 billion
0.1961
 
$63 billion
0.1931
 
$66 billion
0.1900
 
$71 billion
0.1851
 
$76 billion
0.1806
 
$80 billion
0.1773
 
$91 billion
0.1691
 
$125 billion
0.1599
 
$200 billion
0.1505
 
$250 billion
0.1469
 
$300 billion
0.1445
 
 
*
For the fund-level and complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen Funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen Funds or assets in excess of $2 billion added to the Nuveen Fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. As of October 31, 2014, the complex-level fee rate for each of these Funds was 0.1643%.
 
The Funds pay no compensation directly to those of its directors/trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Board of Directors/Trustees has adopted a deferred compensation plan for independent directors/trustees that enables directors/trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
 
8. Borrowing Arrangements
As part of its investment strategy, Enhanced Municipal Value (NEV) may use borrowings as a means of financial leverage. The Fund has entered into a $100 million (maximum commitment amount) committed, unsecured, 364-day line of credit (“Borrowings”) with its custodian bank. Interest charged on the used portion of the Borrowings is calculated at a rate per annum equal to the higher of (i) the overnight Federal Funds rate plus 1.25% or (ii) the overnight London Inter-bank Offered Rate (“LIBOR”) plus 1.25%. In addition, the Fund accrues a commitment fee of 0.125% per annum on the unused portion of the Borrowings.
 
On June 13, 2014, Enhanced Municipal Value (NEV) renewed its Borrowings, at which time the termination date was extended through June 12, 2015. The Fund also paid a one-time closing fee of 0.10% on the maximum commitment amount of the Borrowings, which will be fully expensed through the termination date. All the terms of the Borrowings remained unchanged.
 
Borrowings outstanding are recognized as “Borrowings” on the Statement of Assets and Liabilities. Interest expense incurred on the borrowed amount and undrawn balance is recognized as a component of “Interest expense” on the Statement of Operations.
 
During the fiscal year ended October 31, 2014 the Fund did not utilize its Borrowings.

Nuveen Investments
 
83

 
 

 

Additional Fund Information (Unaudited)

Board of Directors/Trustees
                 
William Adams IV*
 
Robert P. Bremner**
 
Jack B. Evans
 
William C. Hunter
 
David J. Kundert
 
John K. Nelson
William J. Schneider
 
Thomas S. Schreier, Jr.*
 
Judith M. Stockdale
 
Carole E. Stone
 
Virginia L. Stringer
 
Terence J. Toth
                     
 
*   Interested Board Member.
**  Retired from the Funds’ Board of Directors/Trustees effective December 31, 2014.
 
 
Fund Manager
 
Custodian
 
Legal Counsel
 
Independent Registered
 
Transfer Agent and
Nuveen Fund Advisors, LLC
 
State Street Bank
 
Chapman and Cutler LLP
 
Public Accounting Firm***
 
Shareholder Services
333 West Wacker Drive
 
& Trust Company
 
Chicago, IL 60603
 
KPMG LLP
 
State Street Bank
Chicago, IL 60606
 
Boston, MA 02111
 
 
 
Chicago, IL 60601
 
& Trust Company
               
Nuveen Funds
               
P.O. Box 43071
               
Providence, RI 02940-3071
               
(800) 257-8787
 
***
During the fiscal period ended October 31, 2014, the Board of Directors/Trustees of the Funds, upon recommendation of the Audit Committee, engaged KPMG LLP (“KPMG”) as the independent registered public accounting firm to the Funds replacing Ernst & Young LLP (“Ernst & Young”), which resigned as the independent registered public accounting firm effective August 11, 2014, as a result of the pending acquisition of Nuveen Investments, Inc. by TIAA-CREF.
   
 
Ernst & Young’s report on the Funds for the two most recent fiscal periods ended October 31, 2013 and October 31, 2012, contained no adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope or accounting principles. For the fiscal periods ended October 31, 2013 and October 31, 2012 for the Funds and for the period November 1, 2013 through August 11, 2014, there were no disagreements with Ernst & Young on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures, which disagreements, if not resolved to the satisfaction of Ernst & Young, would have caused it to make reference to the subject matter of the disagreements in connection with its reports on the Funds’ financial statements.
 

 
Quarterly Form N-Q Portfolio of Investments Information
Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC toll-free at (800) SEC-0330 for room hours and operation.
 
Nuveen Funds’ Proxy Voting Information
You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments toll free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.
 

 
CEO Certification Disclosure
Each Fund’s Chief Executive Officer (CEO) has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual. Each Fund has filed with the SEC the certification of its CEO and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.
 

 
Common Share Repurchases
Each Fund intends to repurchase, through its open-market share repurchase program, shares of its own common stock at such times and in such amounts as is deemed advisable. During the period covered by this report, each Fund repurchased shares of its common stock (excluding common shares that may have been purchased through a tender offer), as shown in the accompanying table. Any future repurchases will be reported to shareholders in the next annual or semi-annual report.

     
NUV
   
NUW
   
NMI
   
NEV
 
Common shares repurchased
   
   
   
   
 
 
FINRA BrokerCheck: The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org.

84
 
Nuveen Investments

 
 

 
 
Glossary of Terms Used in this Report
 
Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have “failed,” with current holders receiving a formula-based interest rate until the next scheduled auction.
   
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
   
Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s or bond fund’s value to changes when market interest rates change. Generally, the longer a bond’s or fund’s duration, the more the price of the bond or fund will change as interest rates change.
   
Effective Leverage: Effective leverage is a fund’s effective economic leverage, and includes both regulatory leverage (see Leverage) and the leverage effects of certain derivative investments in the fund’s portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.
   
Forward Interest Rate Swap: A contractual agreement between two counterparties under which one party agrees to make periodic payments to the other for an agreed period of time based on a fixed rate, while the other party agrees to make periodic payments based on a floating rate of interest based on an underlying index. Alternatively, both series of cash flows to be exchanged could be calculated using floating rates of interest but floating rates that are based upon different underlying indexes.
   
Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.
   
Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
   
Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.
   
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average: Calculated using the returns of all closed-end funds in this category. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.
   
Lipper General & Insured Unleveraged Municipal Debt Funds Classification Average: Calculated using the returns of all closed-end funds in this category. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.
 
Nuveen Investments
 
85

 
 

 
 
Glossary of Terms Used in this Report Process (continued)

Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund’s Net Assets divided by its number of shares outstanding.
   
Pre-Refunding: Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond’s credit rating and thus its value.
   
Regulatory Leverage: Regulatory Leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part of a fund’s capital structure. Regulatory leverage is subject to asset coverage limits set in the Investment Company Act of 1940.
   
S&P Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
   
Total Investment Exposure: Total investment exposure is a fund’s assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes a fund’s use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.
   
Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.
 
86
 
Nuveen Investments

 
 

 

Reinvest Automatically, Easily and Conveniently
 
Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account. 

Nuveen Closed-End Funds Automatic Reinvestment Plan
 
Nuveen Closed-End Fund allows you to conveniently reinvest distributions in additional Fund shares. By choosing to reinvest, you’ll be able to invest money regularly and automatically, and watch your investment grow through the power of compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on distributions that are reinvested. It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.
 
Easy and convenient
 
To make recordkeeping easy and convenient, each month you’ll receive a statement showing your total distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.
 
How shares are purchased
 
The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net as -set 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 imme -diately prior to the purchase date. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions.
 
Flexible
 
You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan. The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.
 
Call today to start reinvesting distributions
 
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787.

Nuveen Investments
 
87

 
 

 

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

 
Name,
 
Position(s) Held
 
Year First
 
Principal
 
Number
 
Year of Birth
 
with the Funds
 
Elected or
 
Occupation(s)
 
of Portfolios
 
& Address
 
   
Appointed
 
Including other
 
in Fund Complex
         
and Term(1)
 
Directorships
 
Overseen by
             
During Past 5 Years
 
Board Member
                   
Independent Board Members:
           
                   
WILLIAM J. SCHNEIDER
1944
333 W. Wacker Drive
Chicago, IL 60606
 
 
Chairman and
Board Member
 
 
 
1996
Class III
 
Chairman of Miller-Valentine Partners, a real estate investment company; formerly, Senior Partner and Chief Operating Officer (retired (2004) of Miller-Valentine Group; an owner in several other Miller Valentine entities; Board Member of Med-America Health System, Tech Town, Inc., a not-for-profit community development company, Board Member of WDPR Public Radio station; formerly, member, Business Advisory Council, Cleveland Federal Reserve Bank and University of Dayton Business School Advisory Council.
 
 
 
200
                   
ROBERT P. BREMNER
1940
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
1996
Class III
 
Private Investor and Management Consultant; Treasurer and Director, Humanities Council of Washington, D.C.; Board Member, Independent Directors Council affiliated with the Investment Company Institute.
 
 
 
200
                   
JACK B. EVANS
1948
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
1999
Class III
 
President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Chairman, United Fire Group, a publicly held company; formerly, President Pro-Tem of the Board of Regents for the State of Iowa University System; Director, Source Media Group; Life Trustee of Coe College; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional
financial services firm.
 
 
 
200
                   
WILLIAM C. HUNTER
1948
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
2004
Class I
 
Dean Emeritus (since June 30, 2012), formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director (since 2004) of Xerox Corporation; Director (since 2005), and President (since July 2012) Beta Gamma Sigma, Inc., The International Honor Society; Director of Wellmark, Inc. (since 2009); formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University.
 
 
 
200
                   
DAVID J. KUNDERT
1942
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
2005
Class II
 
Formerly, Director, Northwestern Mutual Wealth Management Company (2006-2013), retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Regent Emeritus, Member of Investment Committee, Luther College; member of the Wisconsin Bar Association; member of Board of Directors, Friends of Boerner Botanical Gardens; member of Board of Directors and Chair of Investment Committee, Greater Milwaukee Foundation; member of the Board of Directors (Milwaukee), College Possible.
 
 
 
200

88
 
Nuveen Investments

 
 

 

 
Name,
 
Position(s) Held
 
Year First
 
Principal
 
Number
 
Year of Birth
 
with the Funds
 
Elected or
 
Occupation(s)
 
of Portfolios
 
& Address
 
   
Appointed
 
Including other
 
in Fund Complex
         
and Term(1)
 
Directorships
 
Overseen by
             
During Past 5 Years
 
Board Member
                   
Independent Board Members (continued):
           
                   
JOHN K. NELSON
1962
333 West Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
2013
Class II
 
Senior external advisor to the financial services practice of Deloitte Consulting LLP (since 2012); Member of Board of Directors of Core12 LLC since 2008), a private firm which develops branding, marketing and communications strategies for clients; Director of The Curran Center for Catholic American Studies (since 2009) and The President’s Council, Fordham University (since 2010); formerly, Chairman of the Board of Trustees of Marian University (2010 as trustee, 2011-2014 as Chairman); formerly, Chief Executive Officer of ABN AMRO N.V. North America, and Global Head of its Financial Markets Division (2007-2008); prior senior positions held at ABN AMRO include Corporate Executive Vice President and Head of Global Markets-the Americas (2006-2007), CEO of Wholesale Banking North America and Global Head of Foreign Exchange and Futures Markets (2001-2006), and Regional Commercial Treasurer and Senior Vice President Trading-North America (1996-2001); formerly, Trustee at St. Edmund Preparatory School in New York City.
 
 
 
200
                   
JUDITH M. STOCKDALE
1947
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
1997
Class I
 
Board Member, Land Trust Alliance (since June 2013) and U.S.  Endowment for Forestry and Communities (since November 2013); formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation; prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994).
 
 
 
200
                   
CAROLE E. STONE
1947
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
2007
Class I
 
Director, Chicago Board Options Exchange (since 2006); Director, C2 Options Exchange, Incorporated (since 2009); Director, CBOE Holdings, Inc. (since 2010); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010).
 
 
 
200
                   
VIRGINIA L. STRINGER
1944
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
2011
Class I
 
Board Member, Mutual Fund Directors Forum; former governance consultant and non-profit board member; former Owner and President, Strategic Management Resources, Inc., a management consulting firm; former Member, Governing Board, Investment Company Institute’s Independent Directors Council; previously, held several executive positions in general management, marketing and human resources at IBM and The Pillsbury Company; Independent Director, First American Fund Complex (1987-2010) and Chair (1997-2010).
 
 
 
200
TERENCE J. TOTH
1959
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
2008
Class II
 
Managing Partner, Promus Capital (since 2008); Director, Fulcrum IT Service LLC (since 2010), Quality Control Corporation (since 2012) and LogicMark LLC (since 2012); formerly, Director, Legal & General Investment Management America, Inc. (2008-2013); formerly, CEO and President, Northern Trust Global Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); member: Chicago Fellowship Board (since 2005), Catalyst Schools of Chicago Board (since 2008) and Chairman, and Mather Foundation Board (since 2012), and a member of its investment committee; formerly, Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004).
 
 
 
200
 
Nuveen Investments
 
89

 
 

 
 
Board Members & Officers (continued)
 
 
Name,
 
Position(s) Held
 
Year First
 
Principal
 
Number
 
Year of Birth
 
with the Funds
 
Elected or
 
Occupation(s)
 
of Portfolios
 
& Address
 
   
Appointed
 
Including other
 
in Fund Complex
         
and Term(1)
 
Directorships
 
Overseen by
             
During Past 5 Years
 
Board Member
                   
Interested Board Members:
           
                   
WILLIAM ADAMS IV(2)
1955
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
2013
Class II
 
Senior Executive Vice President, Global Structured Products (since 2010); formerly, Executive Vice President, U.S. Structured Products, of Nuveen Investments, Inc. (1999-2010); Co-President of Nuveen Fund Advisors, LLC (since 2011); President (since 2011), formerly, Managing Director (2010-2011) of Nuveen Commodities Asset Management, LLC; Board Member of the Chicago Symphony Orchestra and of Gilda’s Club Chicago.
 
 
 
200
                   
THOMAS S. SCHREIER, JR.(2)
1962
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
2013
Class III
 
Vice Chairman, Wealth Management of Nuveen Investments, Inc. (since 2011); Co-President of Nuveen Fund Advisors, LLC; Chairman of Nuveen Asset Management, LLC (since 2011); Co-Chief Executive Officer of Nuveen Securities, LLC (since 2011); Member of Board of Governors and Chairman’s Council of the Investment Company Institute; formerly, Chief Executive Officer (2000-2010) and Chief Investment Officer (2007-2010) of FAF Advisors, Inc.; formerly, President of First American Funds (2001-2010).
 
 
 
200
                   
 
Name,
 
Position(s) Held
 
Year First
 
Principal
 
Number
 
Year of Birth
 
with the Funds
 
Elected or
 
Occupation(s)
 
of Portfolios
 
& Address
 
   
Appointed(3)
 
During Past 5 Years
 
in Fund Complex
                 
Overseen
                 
by Officer
                   
Officers of the Funds:
               
                 
GIFFORD R. ZIMMERMAN
1956
333 W. Wacker Drive
Chicago, IL 60606
 
 
Chief
Administrative
Officer
 
 
 
1988
 
Managing Director (since 2002), and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Managing Director, Associate General Counsel and Assistant Secretary, of Symphony Asset Management LLC (since 2003); Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Nuveen Investments Advisers Inc. (since 2002), Santa Barbara Asset Management, LLC (since 2006), and of Winslow Capital Management, LLC, (since 2010); Vice President and Assistant Secretary (since 2013), formerly, Chief Administrative Officer and Chief Compliance Officer (2006-2013) of Nuveen Commodities Asset Management, LLC; Chartered Financial Analyst.
 
 
 
201
                   
CEDRIC H. ANTOSIEWICZ
1962
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Vice President
 
 
 
2007
 
Managing Director of Nuveen Securities, LLC.
 
 
 
94
                   
MARGO L. COOK
1964
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Vice President
 
 
 
2009
 
Executive Vice President (since 2008) of Nuveen Investments, Inc. and of Nuveen Fund Advisors, LLC (since 2011); Managing Director-Investment Services of Nuveen Commodities Asset Management, LLC (since August 2011), previously, Head of Institutional Asset Management (2007-2008) of Bear Stearns Asset Management; Head of Institutional Asset Management (1986-2007) of Bank of NY Mellon; Chartered Financial Analyst.
 
 
 
201

90
 
Nuveen Investments

 
 

 

 
Name,
 
Position(s) Held
 
Year First
 
Principal
 
Number
 
Year of Birth
 
with the Funds
 
Elected or
 
Occupation(s)
 
of Portfolios
 
& Address
 
   
Appointed(3)
 
During Past 5 Years
 
in Fund Complex
                 
Overseen
                 
by Officer
                   
Officers of the Funds (continued):
           
                   
LORNA C. FERGUSON
1945
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Vice President
 
 
 
1998
 
Managing Director (since 2005) of Nuveen Fund Advisors, LLC and Nuveen Securities, LLC (since 2004).
 
 
 
201
                   
STEPHEN D. FOY
1954
333 W. Wacker Drive
Chicago, IL 60606
 
 
Vice President
and Controller
 
 
 
1998
 
Managing Director (since 2014), formerly, Senior Vice President (2013-2014), and Vice President of Nuveen Fund Advisors, LLC; Chief Financial Officer of Nuveen Commodities Asset Management, LLC (since 2010); Senior Vice President (2010-2011), Formerly Vice President (2005-2010) and Funds Controller of Nuveen Securities, LLC; Certified Public Accountant.
 
 
 
201
                   
SCOTT S. GRACE
1970
333 W. Wacker Drive
Chicago, IL 60606
 
 
Vice President
and Treasurer
 
 
 
2009
 
Managing Director, Corporate Finance & Development, Treasurer (since 2009) of Nuveen Securities, LLC; Managing Director and Treasurer (since 2009) of Nuveen Fund Advisors, LLC, Nuveen Investments Advisers, Inc., Nuveen Investments Holdings Inc. and (since 2011) Nuveen Asset Management, LLC; Vice President and Treasurer of NWQ Investment Management Company, LLC, Tradewinds Global Investors, LLC, Symphony Asset Management LLC and Winslow Capital Management, LLC.; Vice President of Santa Barbara Asset Management, LLC; formerly, Treasurer (2006-2009), Senior Vice President (2008-2009), previously, Vice President (2006-2008) of Janus Capital Group, Inc.; formerly, Senior Associate in Morgan Stanley’s Global Financial Services Group (2000-2003); Chartered Accountant Designation.
 
 
 
201
                   
WALTER M. KELLY
1970
333 W. Wacker Drive
Chicago, IL 60606
 
 
Chief Compliance
Officer and
Vice President
 
 
 
2003
 
Senior Vice President (since 2008) of Nuveen Investment Holdings, Inc.
 
 
 
201
                   
TINA M. LAZAR
1961
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Vice President
 
 
 
2002
 
Senior Vice President of Nuveen Investment Holdings, Inc.
 
 
 
201
                   
KEVIN J. MCCARTHY
1966
333 W. Wacker Drive
Chicago, IL 60606
 
 
Vice President
and Secretary
 
 
 
2007
 
Managing Director and Assistant Secretary (since 2008), Nuveen Securities, LLC; Managing Director (since 2008), Assistant Secretary since 2007) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director (since 2008), and Assistant Secretary, Nuveen Investment Holdings, Inc.; Vice President (since 2007) and Assistant Secretary of Nuveen Investments Advisers Inc., NWQ Investment Management Company, LLC, NWQ Holdings, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management, LLC, and of
Winslow Capital Management, LLC. (since 2010); Vice President and Secretary (since 2010) of Nuveen Commodities Asset Management, LLC.
 
 
 
201

Nuveen Investments
 
91

 
 

 
 
Board Members & Officers (continued)
 
 
Name,
 
Position(s) Held
 
Year First
 
Principal
 
Number
 
Year of Birth
 
with the Funds
 
Elected or
 
Occupation(s)
 
of Portfolios
 
& Address
 
   
Appointed(3)
 
During Past 5 Years
 
in Fund Complex
                 
Overseen
                 
by Officer
                   
Officers of the Funds (continued):
           
             
KATHLEEN L. PRUDHOMME
1953
901 Marquette Avenue
Minneapolis, MN 55402
 
 
Vice President and
Assistant Secretary
 
 
 
2011
 
Managing Director, Assistant Secretary and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary (since 2011) of Nuveen Securities, LLC; formerly, Deputy General Counsel, FAF Advisors, Inc. (2004-2010).
 
 
 
201
                   
JOEL T. SLAGER
1978
333 West Wacker Drive
Chicago, IL 60606
 
 
Vice President and
Assistant Secretary
 
 
 
2013
 
Fund Tax Director for Nuveen Funds (since May, 2013); previously, Vice President of Morgan Stanley Investment Management, Inc., Assistant Treasurer of the Morgan Stanley Funds (from 2010 to 2013); Tax Director at PricewaterhouseCoopers LLP (from 2008 to 2010).
 
 
 
201
 
(1)
Board Members serve three year terms. The Board of Trustees is divided into three classes. Class I, Class II, and Class III, with each being elected to serve until the succeeding annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed. The first year elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen Complex.
(2)
“Interested person” as defined in the 1940 Act, by reason of his position with Nuveen Investments, Inc. and certain of its subsidiaries, which are affiliates of the Nuveen Funds.
(3)
Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen Complex.
 
92
 
Nuveen Investments

 
 

 
 
Notes
 
Nuveen Investments
 
93

 
 

 
 
Notes
 
94
 
Nuveen Investments

 
 

 
 
Notes
 
Nuveen Investments
 
95
 
 
 

 
 
 
Nuveen Investments:
  Serving Investors for Generations
 

Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.
 

Focused on meeting investor needs.
 
Nuveen Investments provides high-quality investment services designed to help secure the long-term goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates—Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management and Gresham Investment Management. In total, Nuveen Investments managed approximately $229 billion as of September 30, 2014.
 

Find out how we can help you.
 
To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
 
Learn more about Nuveen Funds at: www.nuveen.com/cef
 
Distributed by Nuveen Investments, LLC | 333 West Wacker Drive | Chicago, IL 60606 | www.nuveen.com  
 
EAN-A-1014D 4918-INV-Y12/15

 
 

 
 
ITEM 2. CODE OF ETHICS.

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial experts are Carole E. Stone and Jack B. Evans, who are “independent” for purposes of Item 3 of Form N-CSR.
 
Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State’s operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the State’s bond-related disclosure documents and certifying that they fairly presented the State’s financial position; reviewing audits of various State and local agencies and programs; and coordinating the State’s system of internal audit and control. Prior to serving as Director, Ms. Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director. Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Currently, Ms. Stone is on the Board of Directors of CBOE Holdings, Inc., of the Chicago Board Options Exchange, and of C2 Options Exchange. Ms. Stone’s position on the boards of these entities and as a member of both CBOE Holdings’ Audit Committee and its Finance Committee has involved, among other things, the oversight of audits, audit plans and preparation of financial statements.
 
Mr. Evans was formerly President and Chief Operating Officer of SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser (“SCI”). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the “CFO”) and actively supervised the CFO’s preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI’s financial statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago.
 
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Nuveen Enhanced Municipal Value Fund

The following tables show the amount of fees billed to the Fund during the Fund’s last two fiscal years by KPMG LLP, the Fund’s current auditor (engaged on August 7, 2014), and Ernst & Young LLP, the Fund’s former auditor. The audit fees billed to the Fund for the fiscal year 2014 are the only fees that have been billed to the Fund by KPMG LLP. All other fees listed in the tables below were billed to the Fund by Ernst & Young LLP. For engagements with KPMG LLP and Ernst & Young LLP, the Audit Committee approved in advance all audit services and non-audit services that KPMG LLP and Ernst & Young LLP provided to the Fund, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The pre-approval exception for services provided directly to the Fund waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Fund to its accountant during the fiscal year in which the services are provided; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee's attention, and the Committee (or its delegate) approves the services before the audit is completed.

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

SERVICES THAT THE FUND’S AUDITOR BILLED TO THE FUND

   
Audit Fees Billed
   
Audit-Related Fees
   
Tax Fees
   
All Other Fees
 
Fiscal Year Ended
 
to Fund 1
   
Billed to Fund 2
   
Billed to Fund 3
   
Billed to Fund 4
 
October 31, 2014
  $ 20,500     $ 0     $ 0     $ 0  
                                 
Percentage approved
    0 %     0 %     0 %     0 %
pursuant to
                               
pre-approval
                               
exception
                               
                                 
October 31, 2013
  $ 19,500     $ 12,000     $ 0     $ 0  
                                 
Percentage approved
    0 %     0 %     0 %     0 %
pursuant to
                               
pre-approval
                               
exception
                               
                                 
1 "Audit Fees" are the aggregate fees billed for professional services for the audit of the Fund's annual financial statements and services provided in
 
connection with statutory and regulatory filings or engagements.
                         
                                 
2 "Audit Related Fees" are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of
         
financial statements that are not reported under "Audit Fees". These fees include offerings related to the Fund's common shares and leverage.
         
                                 
3 "Tax Fees" are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global
         
withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculation performed by the principal accountant.
         
                                 
4 "All Other Fees" are the aggregate fees billed for products and services other than "Audit Fees", "Audit-Related Fees" and "Tax Fees". These fees
         
represent all "Agreed-Upon Procedures" engagements pertaining to the Fund's use of leverage.
                 

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

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

 
Audit-Related Fees
Tax Fees Billed to
All Other Fees
 
Billed to Adviser and
Adviser and
Billed to Adviser
 
Affiliated Fund
Affiliated Fund
and Affiliated Fund
Fiscal Year Ended
Service Providers
Service Providers
Service Providers
October 31, 2014
 $                               0
 $                                     0
 $                                   0
       
Percentage approved
0%
0%
0%
pursuant to
     
pre-approval
     
exception
     
October 31, 2013
 $                               0
 $                                     0
 $                                   0
       
Percentage approved
0%
0%
0%
pursuant to
     
pre-approval
     
exception
     
 
NON-AUDIT SERVICES

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

   
Total Non-Audit Fees
   
   
billed to Adviser and
   
   
Affiliated Fund Service
Total Non-Audit Fees
 
   
Providers (engagements
billed to Adviser and
 
   
related directly to the
Affiliated Fund Service
 
 
Total Non-Audit Fees
operations and financial
Providers (all other
 
Fiscal Year Ended
Billed to Fund
reporting of the Fund)
engagements)
Total
October 31, 2014
 $                               0
 $                                     0
 $                                   0
 $                           0
October 31, 2013
 $                               0
 $                                     0
 $                                   0
 $                           0
         
         
"Non-Audit Fees billed to Fund" for both fiscal year ends represent "Tax Fees" and "All Other Fees" billed to Fund in their respective
 
amounts from the previous table.
       
         
Less than 50 percent of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent
fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.
 
 
Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Fund by the Fund’s independent accountants and (ii) all audit and non-audit services to be performed by the Fund’s independent accountants for the Affiliated Fund Service Providers with respect to operations and financial reporting of the Fund. Regarding tax and research projects conducted by the independent accountants for the Fund and Affiliated Fund Service Providers (with respect to operations and financial reports of the Fund) such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee chairman for his verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

The registrant’s Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). The members of the audit committee are John K. Nelson, Terence J. Toth, Jack B. Evans, Carole E. Stone and David J. Kundert.

ITEM 6. SCHEDULE OF INVESTMENTS.

a) See Portfolio of Investments in Item 1.

b) Not applicable.

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

Nuveen Fund Advisors, LLC, formerly known as Nuveen Fund Advisors, Inc., is the registrant’s investment adviser (also referred to as the “Adviser”). The Adviser is responsible for the on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical, bookkeeping and administrative services. The Adviser has engaged Nuveen Asset Management, LLC (“Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. As part of these services, the Adviser has delegated to the Sub-Adviser the full responsibility for proxy voting on securities held in the registrant’s portfolio and related duties in accordance with the Sub-Adviser’s policies and procedures. The Adviser periodically monitors the Sub-Adviser’s voting to ensure that it is carrying out its duties. The Sub-Adviser’s proxy voting policies and procedures are attached to this filing as an exhibit and incorporated herein by reference.
 
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

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

The Portfolio Manager

The following individual has primary responsibility for the day-to-day implementation of the registrant’s investment strategies:
 
Name
Fund
Steven Hlavin
Nuveen Enhanced Municipal Value Fund

Other Accounts Managed. In addition to managing the registrant, the portfolio managers are also primarily responsible for the day-to-day portfolio management of the following accounts:

Portfolio Manager
Type of Account
Managed
Number of
Accounts
Assets*
 Steven Hlavin
Registered Investment Company
12
$ 7.84  billion
 
Other Pooled Investment Vehicles
0
$  0
 
Other Accounts
6
$  586 million
*
Assets are as of October 31, 2014.  None of the assets in these accounts are subject to an advisory fee based on performance.

POTENTIAL MATERIAL CONFLICTS OF INTEREST
 
Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one account. More specifically, portfolio managers who manage multiple accounts are presented a number of potential conflicts, including, among others, those discussed below.
 
The management of multiple accounts may result in a portfolio manager devoting unequal time and attention to the management of each account. Nuveen Asset Management seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most accounts managed by a portfolio manager in a particular investment strategy are managed using the same investment models.
 
If a portfolio manager identifies a limited investment opportunity which may be suitable for more than one account, an account may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible accounts. To deal with these situations, Nuveen Asset Management has adopted procedures for allocating limited opportunities across multiple accounts.
 
With respect to many of its clients’ accounts, Nuveen Asset Management determines which broker to use to execute transaction orders, consistent with its duty to seek best execution of the transaction. However, with respect to certain other accounts, Nuveen Asset Management may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, Nuveen Asset Management may place separate, non-simultaneous, transactions for a Fund and other accounts which may temporarily affect the market price of the security or the execution of the transaction, or both, to the detriment of the Fund or the other accounts.
 
Some clients are subject to different regulations. As a consequence of this difference in regulatory requirements, some clients may not be permitted to engage in all the investment techniques or transactions or to engage in these transactions to the same extent as the other accounts managed by the portfolio manager. Finally, the appearance of a conflict of interest may arise where Nuveen Asset Management has an incentive, such as a performance-based management fee, which relates to the management of some accounts, with respect to which a portfolio manager has day-to-day management responsibilities.
 
Nuveen Asset Management has adopted certain compliance procedures which are designed to address these types of conflicts common among investment managers. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

Item 8(a)(3). FUND MANAGER COMPENSATION

Portfolio manager compensation consists primarily of base pay, an annual cash bonus and long term incentive payments.

Base pay. Base pay is determined based upon an analysis of the portfolio manager’s general performance, experience, and market levels of base pay for such position.

Annual cash bonus.  The Fund’s portfolio managers are eligible for an annual cash bonus based on investment performance, qualitative evaluation and financial performance of Nuveen Asset Management.

A portion of each portfolio manager’s annual cash bonus is based on the Fund’s investment performance, generally measured over the past one- and three or five-year periods unless the portfolio manager’s tenure is shorter. Investment performance for the Fund generally is determined by evaluating the Fund’s performance relative to its benchmark(s) and/or Lipper industry peer group.

A portion of the cash bonus is based on a qualitative evaluation made by each portfolio manager’s supervisor taking into consideration a number of factors, including the portfolio manager’s team collaboration, expense management, support of personnel responsible for asset growth, and his or her compliance with Nuveen Asset Management’s policies and procedures.
 
The final factor influencing a portfolio manager’s cash bonus is the financial performance of Nuveen Asset Management based on its operating earnings.

Long-term incentive compensation. Certain key employees of Nuveen Investments and its affiliates, including certain portfolio managers, have received equity interests in the parent company of Nuveen Investments. In addition, certain key employees of Nuveen Asset Management, including certain portfolio managers, have received profits interests in Nuveen Asset Management which entitle their holders to participate in the firm’s growth over time.
 
There are generally no differences between the methods used to determine compensation with respect to the Fund and the Other Accounts shown in the table above.

Beneficial Ownership of Securities.  As of October 31, 2014, the portfolio manager beneficially owned the following dollar range of equity securities issued by the Fund and other Nuveen Funds managed by Nuveen Asset Management’s municipal investment team.

Name of Portfolio Manager
Fund
 
Dollar range of equity
securities beneficially
owned in Fund
Dollar range of equity securities
beneficially owned in the remainder of
Nuveen funds managed by Nuveen Asset
Management’s municipal investment team
Steven Hlavin
Nuveen Enhanced Municipal Value Fund
$0
$0

PORTFOLIO MANAGER BIOGRAPHY:

Steven M. Hlavin is a Vice President at Nuveen Asset Management, LLC. He manages several open-end, closed-end and exchange-traded funds as well as a number of institutional portfolios. In addition to his portfolio management duties, he manages the firm’s tender option bond program. Prior to his current position, Mr. Hlavin was a senior analyst responsible for the firm’s risk management and performance reporting process. Mr. Hlavin joined the firm in 2003.
 
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

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

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

ITEM 12. EXHIBITS.

File the exhibits listed below as part of this Form.

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

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

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

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


 
 

 

SIGNATURES


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

(Registrant) Nuveen Enhanced Municipal Value Fund

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

Date: January 8, 2015

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

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

Date: January 8, 2015
 
By (Signature and Title) /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller
(principal financial officer)

Date: January 8, 2015