nuw.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 811-22253

Nuveen Municipal Value Fund 2
(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: April 30, 2011

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.

 
 
 

 
 

 
INVESTMENT ADVISER NAME CHANGE
 
Effective January 1, 2011, Nuveen Asset Management, the Funds’ investment adviser, changed its name to Nuveen Fund Advisors, Inc. (“Nuveen Fund Advisors”). Concurrently, Nuveen Fund Advisors formed a wholly-owned subsidiary, Nuveen Asset Management, LLC, to house its portfolio management capabilities.
 
NUVEEN INVESTMENTS COMPLETES STRATEGIC COMBINATION WITH FAF ADVISORS
 
On December 31, 2010, Nuveen Investments completed the strategic combination between Nuveen Asset Management, LLC, the largest investment affiliate of Nuveen Investments, and FAF Advisors. As part of this transaction, U.S. Bancorp – the parent of FAF Advisors – received cash consideration and a 9.5% stake in Nuveen Investments in exchange for the long-term investment business of FAF Advisors, including investment management responsibilities for the non-money market mutual funds of the First American Funds family. 
 
The approximately $27 billion of mutual fund and institutional assets managed by FAF Advisors, along with the investment professionals managing these assets and other key personnel, have become part of Nuveen Asset Management, LLC. With these additions to Nuveen Asset Management, LLC, this affiliate now manages more than $100 billion of assets across a broad range of strategies from municipal and taxable fixed income to traditional and specialized equity investments.
 
This combination does not affect the investment objectives or strategies of the Funds in this report. Over time, Nuveen Investments expects that the combination will provide even more ways to meet the needs of investors who work with financial advisors and consultants by enhancing the multi-boutique model of Nuveen Investments, which also includes highly respected investment teams at HydePark, NWQ Investment Management, Santa Barbara Asset Management, Symphony Asset Management, Tradewinds Global Investors and Winslow Capital. Nuveen Investments managed approximately $206 billion of assets as of March 31, 2011.
 


 
 
 

 
 
 

 
Table of Contents
 
 
 
 
 
 
 
 
 
   
Chairman’s Letter to Shareholders 
4
Portfolio Managers’ Comments 
5
Dividend and Share Price Information 
10
Performance Overviews 
12
Portfolios of Investments 
16
Statement of Assets and Liabilities 
51
Statement of Operations 
52
Statement of Changes in Net Assets 
53
Financial Highlights 
55
Notes to Financial Statements 
58
Board Approval of Sub-Advisory Arrangements 
68
Reinvest Automatically, Easily and Conveniently 
69
Glossary of Terms Used in this Report 
71
Other Useful Information 
75
 


 
 
 

 
 
 

 
Chairman’s
Letter to Shareholders
 
 
Dear Shareholders,
 
In 2010, the global economy recorded another year of recovery from the financial and economic crises of 2008, but many of the factors that caused the downturn still weigh on the prospects for continued improvement. In the U.S., ongoing weakness in housing values has put pressure on homeowners and mortgage lenders. Similarly, the strong earnings recovery for corporations and banks is only slowly being translated into increased hiring or more active lending. Globally, deleveraging by private and public borrowers has inhibited economic growth and that process is far from complete.
 
Encouragingly, constructive actions are being taken by governments around the world to deal with economic issues. In the U.S., the recent passage of a stimulatory tax bill relieved some of the pressure on the Federal Reserve to promote economic expansion through quantitative easing and offers the promise of sustained economic growth. A number of European governments are undertaking programs that could significantly reduce their budget deficits. Governments across the emerging markets are implementing various steps to deal with global capital flows without undermining international trade and investment.
 
The success of these government actions could determine whether 2011 brings further economic recovery and financial market progress. One risk associated with the extraordinary efforts to strengthen U.S. economic growth is that the debt of the U.S. government will continue to grow to unprecedented levels. Another risk is that over time there could be inflationary pressures on asset values in the U.S. and abroad, because what happens in the U.S. impacts the rest of the world economy. Also, these various actions are being taken in a setting of heightened global economic uncertainty, primarily about the supplies of energy and other critical commodities. In this challenging environment, your Nuveen investment team continues to seek sustainable investment opportunities and to remain alert to potential risks in a recovery still facing many headwinds. On your behalf, we monitor their activities to assure they maintain their investment disciplines.
 
As you will note elsewhere in this report, on December 31, 2010, Nuveen Investments completed a strategic combination with FAF Advisors, Inc., the manager of the First American Funds. The combination adds highly respected and distinct investment teams to meet the needs of investors and their advisors and is designed to benefit all fund shareholders by creating a fund organization with the potential for further economies of scale and the ability to draw from even greater talent and expertise to meet those investor needs.
 
As of the end of June 2011, Nuveen Investments had completed the refinancing of all of the Auction Rate Preferred Securities issued by its taxable closed-end funds and 91% of the MuniPreferred shares issued by its tax-exempt closed-end funds. Please consult the Nuveen Investments web site, www.Nuveen.com, for the current status of this important refinancing program.
 
As always, I encourage you to contact your financial consultant if you have any questions about your investment in a Nuveen Fund. On behalf of the other members of your Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
 
 
 
Robert P. Bremner
Chairman of the Board
June 21, 2011
 
 
4 Nuveen Investments
 


 
 
 

 
 
 
 

 
Portfolio Managers’ Comments
 
 
 
 
Nuveen Municipal Value Fund, Inc. (NUV)
Nuveen Municipal Value Fund 2 (NUW)
Nuveen Municipal Income Fund, Inc. (NMI)
Nuveen Enhanced Municipal Value Fund (NEV)
 
Portfolio managers Tom Spalding, Chris Drahn and Steve Hlavin review key investment strategies and the six-month performance of these four national Funds. With 34 years of investment experience at Nuveen, Tom has managed NUV since its inception in 1987, adding portfolio management responsibility for NUW at its inception in 2009. Chris, who has 31 years of financial industry experience, assumed portfolio management responsibility for NMI in January 2011. An eight-year veteran of Nuveen, Steve has been involved in the management of NEV since its inception in 2009, taking on full portfolio management responsibility for this Fund in December 2010.
 
What key strategies were used to manage the Funds during the six-month reporting period ended April 30, 2011?
 
After rallying through most of 2010, municipal bond prices declined during this six-month period, impacted by investor concerns about inflation, the federal deficit and the deficit’s impact on demand for U.S. Treasury securities. Adding to this market pressure was media coverage of the strained finances of many state and local governments. As a result, money began to flow out of municipal bond funds, as yields rose and valuations declined. Toward the end of this period, we saw the environment in the municipal market improve, as some buyers were attracted by municipal bond valuations and yields, resulting in declining yields and rising valuations.
 
The municipal bond market also was affected by a significant decline in new tax-exempt issuance during this period. One reason for this decrease was the heavy issuance of taxable municipal debt at the end of 2010 under the Build America Bond (BAB) program. During November and December 2010, taxable BABs issuance nationwide totaled $31.5 billion, accounting for 34.5% of new bonds in the municipal market. Since interest payments from BABs represent taxable income, we did not view these bonds as appropriate investment opportunities for these Funds. The BAB program expired December 31, 2010, after Congress failed to include legislation extending the program in the tax bill it passed earlier that month. In addition to the BAB program’s impact on tax-exempt issuance during the November-December period, borrowers trying to take advantage of the program’s favorable terms before its termination at year end accelerated issuance
 
 
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
 
 
Any reference to credit ratings for portfolio holdings denotes the highest rating assigned by a Nationally Recognized Statistical Rating Organization (NRSRO) such as Standard & Poor’s (S&P), Moody’s or Fitch. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below investment grade. Holdings and ratings may change over time.
 
 
Nuveen Investments 5
 


 
 
 

 
 
 

 
that potentially would have come to market as tax-exempt bonds in 2011, choosing instead to issue taxable BABs during the last two months of 2010. Due in part to this, national municipal issuance was down 49% for the first four months of 2011 compared with the same period in 2010.
 
Because of the constrained tax-exempt municipal bond issuance, we continued to take a bottom-up approach to discovering undervalued sectors and individual credits with the potential to perform well over the long term. During this period, we found value in health care, transportation (specifically tollroads), higher education and tax-supported bonds. In NEV, one of the areas we favored was the “other revenue” sector, where we were actively adding redevelopment agency bonds. The proposed elimination of redevelopment district programs in California, suggested as part of efforts to close gaps in the California state budget, prompted issuers to come to market with their remaining authorizations of redevelopment district bonds. This resulted in heavier supply of these bonds and higher yields at attractive prices. Across all of the Funds, the majority of our purchases were sector-based rather than geographically focused, although we continued to keep our holdings well diversified by state.
 
During the last months of 2010, some of this investment activity resulted from opportunities created by the provisions of the BAB program. For example, tax-exempt supply was more plentiful in the health care and higher education sectors because, as 501(c)(3) (nonprofit) organizations, hospitals and private universities generally did not qualify for the BAB program and continued to issue bonds in the tax-exempt municipal market. In addition, bonds with proceeds earmarked for refundings, working capital, and private activities were not covered by the BAB program, and this resulted in attractive opportunities in other sectors of the market.
 
For the most part, NUV, NUW and NMI focused on purchasing longer bonds to take advantage of attractive yields at the longer end of the municipal yield curve. The purchase of longer bonds also provided some protection for the Funds’ duration and yield curve positioning in the event that the BAB program was extended and continued to have an impact on tax-exempt issuance, especially at the long end of the curve. In NEV, which was invested-up during the lower rate environment of 2009, we have been working to improve the Fund’s yield and reduce its duration, bringing it more in line with our targets. During this period, we actively looked for opportunities to sell some of NEV’s longest holdings with lower coupons and lower embedded yields, including industrial development revenue (IDR), housing and hospital bonds. We then reinvested the proceeds from these sales into bonds with shorter durations, higher coupons and better yields. As a result of this activity, we were able to enhance NEV’s yield curve positioning and maturity, average coupon and embedded yield as well as take advantage of tax losses that will enable us to offset potential capital gains tax liabilities in the future.
 
 
6 Nuveen Investments
 


 
 
 

 
 
 

 
Some of the cash for new purchases during this period was generated by the proceeds from bond calls and maturing bonds, which we worked to redeploy to keep the Funds as fully invested as possible. NMI also took advantage of strong bids to sell a few holdings at attractive prices, mainly from the health care and IDR sectors, while NEV engaged in the selling described in the previous paragraph.
 
As of April 30, 2011, all four of these Funds continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management, income enhancement, total return enhancement, and in NEV as a form of leverage. NEV also invested in additional types of derivative instruments1, such as forward interest rate swaps, designed to help shorten its duration. During this period, we gradually added to NEV’s derivative positions, all of which remained in place at period end.
 
How did the Funds perform?
 
Individual results for these Funds, as well as relevant index and peer group information, are presented in the accompanying table.
         
Average Annual Total Returns on Net Asset Value* 
       
For periods ended 4/30/11 
       
         
Fund 
6-Month 
1-Year 
5-Year 
10-Year 
NUV 
-3.78% 
-0.24% 
3.11% 
4.52% 
NUW 
-5.77% 
-0.91% 
N/A 
N/A 
NMI 
-2.87% 
1.59% 
4.07% 
4.82% 
         
Standard & Poor’s (S&P) National Municipal Bond Index2 
-1.99% 
1.98% 
4.18% 
4.94% 
Lipper General and Insured Unleveraged Municipal 
       
Debt Funds Average3 
-2.17% 
0.76% 
3.29% 
4.14% 
         
NEV4 
-8.37% 
-2.57% 
N/A 
N/A 
         
Standard & Poor’s (S&P) National Municipal Bond Index2 
-1.99% 
1.98% 
4.18% 
4.94% 
Lipper General Leveraged Municipal Debt Funds Average3 
-5.81% 
0.10% 
3.04% 
5.25% 
 
For the six months ended April 30, 2011, the cumulative returns on net asset value (NAV) for these four Funds underperformed the return for the Standard & Poor’s (S&P) National Municipal Bond Index. For the same period, NUV, NUW and NMI lagged the average return for the Lipper General and Insured Unleveraged Municipal Debt Funds Average and NEV trailed the average return for the Lipper General Leveraged Municipal Debt Funds Average.
 
Key management factors that influenced the Funds’ returns during this period included duration and yield curve positioning, credit exposure and sector allocation. In addition, the use of effective leverage had an impact on the performance of NEV. Leverage is discussed in more detail on page nine.
 
 
* Six-month returns are cumulative; all other returns are annualized.
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares.
 
For additional information, see the individual Performance Overview for your Fund in this report.
 
1 Each Fund may invest in derivative instruments such as forwards, futures, options, and swap transactions. For additional information on the derivative instruments in which each Fund was invested during and at the end of the reporting period, see the Portfolios of Investments, Financial Statements, and Notes to Financial Statements sections of this report.
 
2 The Standard & Poor’s (S&P) National Municipal Bond Index is an unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade U.S. municipal bond market. This index does not reflect any initial or ongoing expenses and is not available for direct investment.
 
3 Each of the Lipper Municipal Debt Funds Averages shown in this report is calculated using the returns of all closed-end funds in their respective categories for each period as follows: Lipper General and Insured Unleveraged Municipal Debt Funds Average: 6-month, 7 funds; 1-year, 7 funds; 5-year, 6 funds; and 10-year, 6 funds; Lipper General Leveraged Municipal Debt Funds Average: 6-month, 74 funds; 1-year, 73 funds; 5-year, 70 funds; and 10-year, 51 funds. Lipper returns account for the effects of management fees and assume reinvestment of dividends, but do not reflect any applicable sales charges. The Lipper averages are not available for direct investment.
 
4 NEV is a leveraged Fund through investments in inverse floating rate securities, as discussed in more detail on page nine. The remaining three Funds in this report are unleveraged and use inverse floating rate securities for duration management and both income and total return enhancement.
 
 
Nuveen Investments 7
 


 
 
 

 
 
 

 
During this period, municipal bonds with shorter maturities generally outperformed other maturity categories, with credits at the longest end of the yield curve posting the weakest returns. The underperformance of longer bonds was due in part to the rise in municipal yields at the longer end of the curve. Among these four Funds, NMI was the most advantageously situated in terms of duration and yield curve positioning, with more exposure to the outperforming shorter end of the yield curve. NEV and NUW, on the other hand, had the longer durations typical of newer Funds that were more recently invested in long-term bonds. Their greater exposure to the underperforming long part of the curve, as well as that of NUV, detracted from the performance of all three Funds for this period. Overall, variations in duration and yield curve positioning among the Funds accounted for the majority of the differences in performance.
 
As previously mentioned, NEV used derivatives, such as forward interest rate swaps to reduce the duration of the Fund’s portfolio. These derivatives had a positive impact on NEV’s total return performance for the period.
 
Credit exposure also played a role in performance during these six months. During the market reversal of late 2010, as the redemption activity in high-yield funds increased and risk aversion mounted, lower-rated credits were negatively impacted. For the period as a whole, bonds rated BBB generally underperformed those rated AAA. All of these Funds tended to be overweighted in bonds rated BBB, which negatively impacted their performance. This was offset to some degree in NMI by the Fund’s investment in individual securities that performed well. NEV, NMI and NUW also were hurt by their underweightings in bonds rated AAA.
 
Holdings that generally helped the Funds’ returns included housing, resource recovery and general obligation (GOs) and other tax-supported bonds. In general, these Funds tended to have relatively light exposures to housing (with the exception of NEV) and were somewhat underweighted in GOs, which limited their participation in the performance of these sectors. During this period, pre-refunded bonds, which are often backed by U.S. Treasury securities, also were among the strongest performers, primarily due to their shorter effective maturities and higher credit quality. As of April 30, 2011, both NUV and NMI had good weightings in pre-refunded bonds, while NUW and NEV—as newer Funds—had little to no exposure to these credits.
 
In contrast, the health care and transportation sectors turned in relatively weaker performance. All four of these Funds, especially NUW, were overweighted in the health care sector, which was generally negative for performance. NEV, however, benefited from strong individual security selection in the health care sector, with a number of its holdings outperforming the sector as a whole. Zero coupon bonds also were among the poorer performers, due largely to their longer maturities.
 
 
8 Nuveen Investments
 


 
 
 

 
 
 

 
IMPACT OF LEVERAGE STRATEGY ON NEV’S PERFORMANCE
 
One important factor impacting the return of NEV relative to the comparative indexes was the Fund’s use of effective leverage through investments in inverse floating rate securities. This Fund uses leverage because its manager believes that, over time, leveraging provides opportunities for additional income and total return for shareholders. However, use of leverage also can expose shareholders to additional volatility. For example, during periods when the prices of securities held by a Fund generally are declining, the negative impact of these valuation changes on net asset value and total return is magnified by the use of leverage. This is what happened during this reporting period, as the use of leverage had an overall negative impact on the Fund’s return.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nuveen Investments 9
 


 
 
 

 
 
 

 
Dividend and
Share Price Information
 
 
The monthly dividends of NUV, NUW, NMI and NEV remained stable throughout the six-month reporting period ended April 30, 2011.
 
Due to normal portfolio activity, shareholders of the following Funds received capital gains and net ordinary income distributions in December 2010 as follows:
 
     
   
Short-Term Capital Gains 
 
Long-Term Capital Gains 
and/or Ordinary Income 
Fund 
(per share) 
(per share) 
NUV 
$0.0210 
$0.0007 
NUW 
$0.0193 
$0.0028 
 
All of the Funds in this report seek to pay stable dividends at rates that reflect each Fund’s past results and projected future performance. During certain periods, each Fund may pay dividends at a rate that may be more or less than the amount of net investment income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it holds the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s NAV. Conversely, if a Fund has cumulatively paid dividends in excess of its earnings, the excess constitutes negative UNII that is likewise reflected in the Fund’s NAV. Each Fund will, over time, pay all of its net investment income as dividends to shareholders. As of April 30, 2011, NUV, NMI and NEV had positive UNII balances, based upon our best estimate, for tax purposes and positive UNII balances for financial reporting purposes, while NUW had a positive UNII balance, based upon our best estimate, for tax purposes and a negative UNII balance for financial reporting purposes.
 
SHARE REPURCHASES AND SHARE PRICE INFORMATION
 
Since the inception of the Funds’ repurchase program, the Funds’ have not repurchased any of their outstanding shares.
 
SHELF EQUITY PROGRAM
 
On December 8, 2010, a registration statement filed by, NUV with the Securities and Exchange Commission (SEC) became effective authorizing the Fund to issue an additional 19.6 million shares through a shelf offering. Under this shelf offering program, the Fund, subject to market conditions, may raise additional equity capital from time to
 
 
10 Nuveen Investments
 


 
 
 

 
 
 

 
time in varying amounts and offer methods at a net price at or above each Fund’s NAV per share.
 
During the six-month reporting period, NUV sold shares through its shelf offering program at an average premium to NAV per share as shown in the accompanying table.
 
     
 
Shares Sold through 
Premium to NAV 
Fund 
Shelf Offering 
Per Share Sold 
NUV 
208,955 
1.18% 
 
As of April 30, 2011 and during the six-month reporting period, the Funds’ share prices were trading at (+) premiums or (-) discounts to their NAVs as shown in the accompanying table.
 
     
 
4/30/11 
Six-Month Average 
Fund 
(-) Discount 
(+) Premium/(-) Discount 
NUV 
(-)1.41% 
(-)2.19% 
NUW 
(-)2.73% 
(-)1.42% 
NMI 
(-)3.71% 
(-)2.88% 
NEV 
(-)4.13% 
(-)5.11% 
 
 
Nuveen Investments 11
 


 
 
 

 
 
 

 
NUV 
Nuveen Municipal 
 
Performance 
Value Fund, Inc. 
 
OVERVIEW 
 
   
as of April 30, 2011 
 
     
Fund Snapshot 
   
Share Price 
 
$9.06 
Net Asset Value (NAV) 
 
$9.19 
Premium/(Discount) to NAV 
 
-1.41% 
Market Yield 
 
5.17% 
Taxable-Equivalent Yield1 
 
7.18% 
Net Assets ($000) 
 
$1,823,672 
 
Average Annual Total Return 
   
(Inception 6/17/87) 
   
 
On Share Price 
On NAV 
6-Month (Cumulative) 
-7.02% 
-3.78% 
1-Year 
-4.11% 
-0.24% 
5-Year 
4.07% 
3.11% 
10-Year 
5.49% 
4.52% 
 
States3 
   
(as a % of total investments) 
   
California 
 
13.6% 
Illinois 
 
12.8% 
New York 
 
7.6% 
Texas 
 
7.2% 
New Jersey 
 
5.4% 
Florida 
 
4.8% 
Washington 
 
4.5% 
Colorado 
 
4.0% 
Missouri 
 
3.5% 
Louisiana 
 
3.3% 
Puerto Rico 
 
2.8% 
Michigan 
 
2.8% 
Ohio 
 
2.5% 
Wisconsin 
 
2.5% 
South Carolina 
 
2.1% 
Indiana 
 
2.0% 
Pennsylvania 
 
1.9% 
Massachusetts 
 
1.5% 
Rhode Island 
 
1.2% 
Other 
 
14.0% 
 
Portfolio Composition3 
   
(as a % of total investments) 
   
Tax Obligation/Limited 
 
19.0% 
Health Care 
 
18.9% 
U.S. Guaranteed 
 
16.2% 
Transportation 
 
12.2% 
Tax Obligation/General 
 
8.8% 
Utilities 
 
6.6% 
Consumer Staples 
 
6.4% 
Other 
 
11.9% 
 
 
 
 
   
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance 
 
Overview page. 
   
1
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield 
 
of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing the Fund to invest- 
 
ments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. 
   
2
Ratings shown are the highest of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes 
 
bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB 
 
ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are 
 
not rated by any of these national rating agencies. 
   
3
Holdings are subject to change. 
   
4
The Fund paid shareholders capital gains and net ordinary income distributions in December 2010 of $0.0271 per share. 
 
 
12     
Nuveen Investments


 
 
 

 
 
 

NUW
Nuveen Municipal
Performance
Value Fund 2
OVERVIEW 
 
 
as of April 30, 2011 
 
     
Fund Snapshot 
   
Share Price 
 
$14.98 
Net Asset Value (NAV) 
 
$15.40 
Premium/(Discount) to NAV 
 
-2.73% 
Market Yield 
 
6.01% 
Taxable-Equivalent Yield1 
 
8.35% 
Net Assets ($000) 
 
$198,336 
 
Average Annual Total Return 
   
(Inception 2/25/09) 
   
 
On Share Price 
On NAV 
6-Month (Cumulative) 
-12.08% 
-5.77% 
1-Year 
-3.76% 
-0.91% 
Since Inception 
5.61% 
9.18% 
 
States3 
   
(as a % of total investments) 
   
Illinois 
 
11.7% 
California 
 
10.4% 
Florida 
 
8.8% 
Wisconsin 
 
8.4% 
Louisiana 
 
7.4% 
Texas 
 
6.3% 
Ohio 
 
5.9% 
Indiana 
 
5.5% 
Colorado 
 
5.3% 
Puerto Rico 
 
4.8% 
Nevada 
 
4.3% 
Arizona 
 
3.5% 
Rhode Island 
 
3.2% 
Other 
 
14.5% 
 
Portfolio Composition3 
   
(as a % of total investments) 
   
Health Care 
 
24.2% 
Tax Obligation/Limited 
 
22.5% 
Transportation 
 
12.3% 
Tax Obligation/General 
 
10.8% 
Utilities 
 
9.0% 
Consumer Staples 
 
6.6% 
Water and Sewer 
 
5.0% 
Other 
 
9.6% 
 
 
 
   
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance 
 
Overview page. 
   
1
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield 
 
of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing the Fund to invest- 
 
ments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. 
   
2
Ratings shown are the highest of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes 
 
bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB 
 
ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are 
 
not rated by any of these national rating agencies. 
   
3
Holdings are subject to change. 
   
4
The Fund paid shareholders capital gains and net ordinary income distributions in December 2010 of $0.0221 per share. 
 
 
Nuveen Investments 13
 


 
 
 

 
 
 

 
NMI
Nuveen Municipal 
 
Performance 
Income Fund, Inc.
 
OVERVIEW 
 
   
as of April 30, 2011 
 
     
Fund Snapshot 
   
Share Price 
 
$9.86 
Net Asset Value (NAV) 
 
$10.24 
Premium/(Discount) to NAV 
 
-3.71% 
Market Yield 
 
5.78% 
Taxable-Equivalent Yield1 
 
8.03% 
Net Assets ($000) 
 
$84,199 
 
Average Annual Total Return 
   
(Inception 4/20/88) 
   
 
On Share Price 
On NAV 
6-Month (Cumulative) 
-9.77% 
-2.87% 
1-Year 
-7.79% 
1.59% 
5-Year 
4.51% 
4.07% 
10-Year 
3.71% 
4.82% 
 
States3 
   
(as a % of total investments) 
   
California 
 
19.2% 
Texas 
 
10.3% 
Illinois 
 
10.2% 
Missouri 
 
6.0% 
New York 
 
5.1% 
Colorado 
 
4.8% 
Florida 
 
4.7% 
South Carolina 
 
4.3% 
Indiana 
 
4.0% 
Virginia 
 
3.0% 
Kentucky 
 
2.8% 
Tennessee 
 
2.5% 
Maryland 
 
2.5% 
Alabama 
 
2.4% 
Connecticut 
 
2.1% 
Ohio 
 
1.9% 
Other 
 
14.2% 
 
Portfolio Composition3 
   
(as a % of total investments) 
   
Health Care 
 
14.8% 
Tax Obligation/Limited 
 
14.6% 
U.S. Guaranteed 
 
13.7% 
Utilities 
 
13.0% 
Tax Obligation/General 
 
9.5% 
Education and Civic Organizations 
 
8.4% 
Consumer Staples 
 
4.6% 
Materials 
 
4.5% 
Transportation 
 
4.1% 
Other 
 
12.8% 
 
 
 
   
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance 
 
Overview page. 
   
1
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield 
 
of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing the Fund to invest- 
 
ments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. 
   
2
Ratings shown are the highest of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes 
 
bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB 
 
ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are 
 
not rated by any of these national rating agencies. 
   
3
Holdings are subject to change. 
 
 
14 Nuveen Investments
 


 
 
 

 
 
 

   
NEV
Nuveen Enhanced
Performance
Municipal Value Fund
OVERVIEW 
 
 
as of April 30, 2011 
 
     
Fund Snapshot 
   
Share Price 
 
$12.54 
Net Asset Value (NAV) 
 
$13.08 
Premium/(Discount) to NAV 
 
-4.13% 
Market Yield 
 
7.27% 
Taxable-Equivalent Yield1 
 
10.10% 
Net Assets ($000) 
 
$251,789 
 
Average Annual Total Return 
   
(Inception 9/25/09) 
   
 
On Share Price 
On NAV 
6-Month (Cumulative) 
-10.72% 
-8.37% 
1-Year 
-4.45% 
-2.57% 
Since Inception 
-4.81% 
-0.47% 
 
States3,4 
   
(as a % of total investments) 
   
California 
 
16.1% 
Illinois 
 
10.5% 
Michigan 
 
9.5% 
Florida 
 
7.3% 
Georgia 
 
7.0% 
Ohio 
 
6.6% 
Pennsylvania 
 
5.2% 
Wisconsin 
 
5.0% 
Colorado 
 
4.7% 
Texas 
 
3.9% 
Massachusetts 
 
3.4% 
Arizona 
 
3.1% 
New York 
 
2.7% 
Other 
 
15.0% 
 
Portfolio Composition3,4 
   
(as a % of total investments) 
   
Tax Obligation/Limited 
 
20.6% 
Health Care 
 
16.5% 
Transportation 
 
15.2% 
Tax Obligation/General 
 
12.0% 
Education and Civic Organizations 
 
11.3% 
Utilities 
 
4.8% 
Consumer Staples 
 
4.7% 
Other 
 
14.9% 
 
 
 
   
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance 
 
Overview page. 
   
1
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield 
 
of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing the Fund to invest- 
 
ments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. 
   
2
Ratings shown are the highest of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes 
 
bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB 
 
ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are 
 
not rated by any of these national rating agencies. 
   
3
Holdings are subject to change 
   
4
Excluding investments in derivatives. 
 
 
Nuveen Investments 15
 
 
 

 
 
 
 
 
Nuveen Municipal Value Fund, Inc. 
     
NUV 
Portfolio of Investments 
   
   
April 30, 2011 (Unaudited) 
 
 
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Alabama – 0.1% 
     
$       1,750 
 
Huntsville Healthcare Authority, Alabama, Revenue Bonds, Series 2001A, 5.750%, 6/01/31 
6/11 at 101.00 
A1 (4) 
$        1,776,005 
   
(Pre-refunded 6/01/11) 
     
   
Alaska – 0.6% 
     
3,335 
 
Alaska Housing Finance Corporation, General Housing Purpose Bonds, Series 2005A, 5.000%, 
12/14 at 100.00 
AA+ 
3,353,343 
   
12/01/30 – FGIC Insured 
     
5,000 
 
Alaska Housing Finance Corporation, General Housing Purpose Bonds, Series 2005B-2, 5.250%, 
6/15 at 100.00 
AA+ 
5,032,600 
   
12/01/30 – NPFG Insured 
     
3,000 
 
Anchorage, Alaska, General Obligation Bonds, Series 2003B, 5.000%, 9/01/23 (Pre-refunded 
9/13 at 100.00 
AA (4) 
3,299,310 
   
9/01/13) – FGIC Insured 
     
11,335 
 
Total Alaska 
   
11,685,253 
   
Arizona – 0.7% 
     
1,400 
 
Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children’s 
2/12 at 101.00 
N/R (4) 
1,479,898 
   
Hospital, Series 2002A, 6.250%, 2/15/21 (Pre-refunded 2/15/12) 
     
2,500 
 
Phoenix Civic Improvement Corporation, Arizona, Senior Lien Airport Revenue Bonds, Series 
7/18 at 100.00 
AA– 
2,399,400 
   
2008A, 5.000%, 7/01/38 
     
2,575 
 
Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Government Project Bonds, Series 
12/17 at 102.00 
N/R 
2,379,017 
   
2008, 7.000%, 12/01/27 
     
5,600 
 
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc 
No Opt. Call 
A 
4,659,928 
   
Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37 
     
1,000 
 
Scottsdale Industrial Development Authority, Arizona, Hospital Revenue Bonds, Scottsdale 
9/13 at 100.00 
A– 
953,230 
   
Healthcare, Series 2008A, 5.250%, 9/01/30 
     
13,075 
 
Total Arizona 
   
11,871,473 
   
Arkansas – 0.1% 
     
2,000 
 
University of Arkansas, Fayetteville, Various Facilities Revenue Bonds, Series 2002, 5.000%, 
12/12 at 100.00 
Aa2 
2,012,340 
   
12/01/32 – FGIC Insured 
     
   
California – 13.7% 
     
   
California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A: 
     
10,000 
 
5.125%, 5/01/19 (Pre-refunded 5/01/12) 
5/12 at 101.00 
Aaa 
10,567,200 
10,000 
 
5.250%, 5/01/20 (Pre-refunded 5/01/12) 
5/12 at 101.00 
Aaa 
10,579,700 
   
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+ 
4,806,700 
6,000 
 
5.000%, 4/01/37 
4/16 at 100.00 
A+ 
5,131,800 
6,830 
 
California Infrastructure Economic Development Bank, Revenue Bonds, J. David Gladstone 
10/11 at 101.00 
A– 
5,995,374 
   
Institutes, Series 2001, 5.250%, 10/01/34 
     
2,335 
 
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 
7/20 at 100.00 
Baa1 
2,101,430 
   
2010A, 5.750%, 7/01/40 
     
2,130 
 
California Pollution Control Financing Authority, Revenue Bonds, Pacific Gas and Electric 
6/17 at 100.00 
A3 
2,114,366 
   
Company, Series 2004C, 4.750%, 12/01/23 – FGIC Insured (Alternative Minimum Tax) 
     
   
California State, General Obligation Bonds, Series 2003: 
     
14,600 
 
5.250%, 2/01/28 
8/13 at 100.00 
A1 
14,702,054 
11,250 
 
5.000%, 2/01/33 
8/13 at 100.00 
A1 
10,851,525 
16,000 
 
California State, Various Purpose General Obligation Bonds, Series 2007, 5.000%, 6/01/37 
6/17 at 100.00 
A1 
14,971,360 
9,145 
 
California Statewide Community Development Authority, Certificates of Participation, Internext 
10/11 at 100.00 
BBB 
9,151,859 
   
Group, Series 1999, 5.375%, 4/01/17 
     
3,500 
 
California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital 
8/19 at 100.00 
Aa2 
3,818,325 
   
Project, Series 2009, 6.750%, 2/01/38 
     
3,600 
 
California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, 
7/18 at 100.00 
AA– 
3,374,892 
   
Series 2007A, 5.750%, 7/01/47 – FGIC Insured 
     
5,000 
 
Coast Community College District, Orange County, California, General Obligation Bonds, Series 
8/18 at 100.00 
AA+ 
4,094,700 
   
2006C, 0.000%, 8/01/32 – AGM Insured 
     
 
 
16 Nuveen Investments
 


 
 
 

 
 
 

           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
California (continued) 
     
$       4,505 
 
Covina-Valley Unified School District, Los Angeles County, California, General Obligation 
No Opt. Call 
A+ 
$        1,385,603 
   
Bonds, Series 2003B, 0.000%, 6/01/28 – FGIC Insured 
     
16,045 
 
Desert Community College District, Riverside County, California, General Obligation Bonds, 
8/17 at 42.63 
AA+ 
3,387,420 
   
Election 2004 Series 2007C, 0.000%, 8/01/33 – AGM Insured 
     
30,000 
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 
No Opt. Call 
AAA 
20,737,500 
   
1995A, 0.000%, 1/01/22 (ETM) 
     
21,150 
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement 
6/13 at 100.00 
AAA 
22,990,050 
   
Asset-Backed Bonds, Series 2003B, 5.000%, 6/01/38 (Pre-refunded 6/01/13) – AMBAC Insured 
     
   
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement 
     
   
Asset-Backed Revenue Bonds, Series 2005A: 
     
5,280 
 
5.000%, 6/01/38 – FGIC Insured 
6/15 at 100.00 
A2 
4,447,186 
10,000 
 
5.000%, 6/01/45 
6/15 at 100.00 
A2 
8,220,800 
3,540 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
6/13 at 100.00 
AAA 
3,976,057 
   
Bonds, Series 2003A-1, 6.750%, 6/01/39 (Pre-refunded 6/01/13) 
     
   
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
     
   
Bonds, Series 2007A-1: 
     
3,060 
 
4.500%, 6/01/27 
6/17 at 100.00 
BBB– 
2,296,744 
7,770 
 
5.000%, 6/01/33 
6/17 at 100.00 
Baa3 
5,186,864 
1,500 
 
5.125%, 6/01/47 
6/17 at 100.00 
Baa3 
915,225 
4,500 
 
Hemet Unified School District, Riverside County, California, General Obligation Bonds, Series 
8/16 at 102.00 
AA+ 
4,339,260 
   
2008B, 5.125%, 8/01/37 – AGC Insured 
     
9,000 
 
Los Angeles Department of Water and Power, California, Waterworks Revenue Refunding Bonds, 
7/11 at 100.00 
AA 
8,999,640 
   
Series 2001A, 5.125%, 7/01/41 
     
4,000 
 
Los Angeles Regional Airports Improvement Corporation, California, Sublease Revenue Bonds, 
12/12 at 102.00 
B– 
4,004,800 
   
Los Angeles International Airport, American Airlines Inc. Terminal 4 Project, Series 2002C, 
     
   
7.500%, 12/01/24 (Alternative Minimum Tax) 
     
   
Merced Union High School District, Merced County, California, General Obligation Bonds, 
     
   
Series 1999A: 
     
2,500 
 
0.000%, 8/01/23 – FGIC Insured 
No Opt. Call 
A+ 
1,176,600 
2,555 
 
0.000%, 8/01/24 – FGIC Insured 
No Opt. Call 
A+ 
1,115,896 
2,365 
 
Montebello Unified School District, Los Angeles County, California, General Obligation Bonds, 
No Opt. Call 
A+ 
756,067 
   
Series 2004, 0.000%, 8/01/27 – FGIC Insured 
     
3,550 
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Series 2009C, 6.500%, 11/01/39 
No Opt. Call 
A 
3,662,606 
4,900 
 
Ontario, California, Certificates of Participation, Water System Improvement Project, 
7/14 at 100.00 
AA– 
4,911,760 
   
Refunding Series 2004, 5.000%, 7/01/29 – NPFG Insured 
     
2,350 
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 
11/19 at 100.00 
Baa3 
2,281,239 
   
6.750%, 11/01/39 
     
8,000 
 
Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical 
7/14 at 100.00 
Baa1 (4) 
9,180,800 
   
Center, Series 2004, 5.625%, 7/01/34 (Pre-refunded 7/01/14) 
     
15,505 
 
Riverside Public Financing Authority, California, University Corridor Tax Allocation Bonds, 
8/17 at 100.00 
Baa1 
11,785,816 
   
Series 2007C, 5.000%, 8/01/37 – NPFG Insured 
     
   
San Bruno Park School District, San Mateo County, California, General Obligation Bonds, 
     
   
Series 2000B: 
     
2,575 
 
0.000%, 8/01/24 – FGIC Insured 
No Opt. Call 
AA 
1,173,402 
2,660 
 
0.000%, 8/01/25 – FGIC Insured 
No Opt. Call 
AA 
1,126,031 
250 
 
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, 
2/21 at 100.00 
BBB 
251,540 
   
Mission Bay South Redevelopment Project, Series 2011D, 7.000%, 8/01/41 
     
   
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue 
     
   
Refunding Bonds, Series 1997A: 
     
11,165 
 
0.000%, 1/15/25 – NPFG Insured 
No Opt. Call 
Baa1 
3,235,840 
14,605 
 
0.000%, 1/15/35 – NPFG Insured 
No Opt. Call 
Baa1 
1,497,451 
5,000 
 
San Jose, California, Airport Revenue Bonds, Series 2007A, 6.000%, 3/01/47 – AMBAC Insured 
3/17 at 100.00 
A 
5,045,750 
   
(Alternative Minimum Tax) 
     
13,220 
 
San Mateo County Community College District, California, General Obligation Bonds, Series 
No Opt. Call 
Aaa 
4,719,276 
   
2006B, 0.000%, 9/01/28 – NPFG Insured 
     
 
 
Nuveen Investments 17
 


 
 
 

 
 
 

   
 
Nuveen Municipal Value Fund, Inc. (continued) 
NUV 
Portfolio of Investments April 30, 2011 (Unaudited) 
 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
California (continued) 
     
$       5,000 
 
San Mateo Union High School District, San Mateo County, California, General Obligation Bonds, 
No Opt. Call 
Aa1 
$        2,302,100 
   
Election of 2000, Series 2002B, 0.000%, 9/01/24 – FGIC Insured 
     
1,300 
 
University of California, General Revenue Bonds, Refunding Series 2009O, 5.250%, 5/15/39 
No Opt. Call 
Aa1 
1,313,988 
574 
 
Yuba County Water Agency, California, Yuba River Development Revenue Bonds, Pacific Gas and 
9/11 at 100.00 
Baa1 
563,329 
   
Electric Company, Series 1966A, 4.000%, 3/01/16 
     
323,814 
 
Total California 
   
249,247,925 
   
Colorado – 4.0% 
     
5,000 
 
Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/40 – 
10/16 at 100.00 
BBB 
4,114,500 
   
SYNCORA GTY Insured 
     
1,800 
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, 
8/11 at 100.00 
AAA 
1,838,700 
   
Peak-to-Peak Charter School, Series 2001, 7.625%, 8/15/31 (Pre-refunded 8/15/11) 
     
5,000 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, 
9/16 at 100.00 
AA 
4,179,500 
   
Series 2006A, 4.500%, 9/01/38 
     
11,925 
 
Colorado Health Facilities Authority, Health Facilities Revenue Bonds, Sisters of Charity of 
No Opt. Call 
AA 
10,956,332 
   
Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40 
     
2,100 
 
Colorado Health Facilities Authority, Revenue Bonds, Catholic Health Initiatives, Series 
3/12 at 100.00 
N/R (4) 
2,188,704 
   
2002A, 5.500%, 3/01/32 (Pre-refunded 3/02/12) 
     
750 
 
Colorado Health Facilities Authority, Revenue Bonds, Longmont United Hospital, Series 2006B, 
12/16 at 100.00 
Baa2 
711,908 
   
5.000%, 12/01/23 – RAAI Insured 
     
1,700 
 
Colorado Health Facilities Authority, Revenue Bonds, Poudre Valley Health System, Series 
9/18 at 102.00 
AA+ 
1,597,218 
   
2005C, 5.250%, 3/01/40 – AGM Insured 
     
530 
 
Colorado Health Facilities Authority, Revenue Bonds, Vail Valley Medical Center, Series 2001, 
1/12 at 100.00 
A– 
532,618 
   
5.750%, 1/15/22 
     
18,915 
 
Denver, Colorado, Airport System Revenue Refunding Bonds, Series 2003B, 5.000%, 11/15/33 – 
11/13 at 100.00 
A+ 
18,245,409 
   
SYNCORA GTY Insured 
     
   
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B: 
     
24,200 
 
0.000%, 9/01/31 – NPFG Insured 
No Opt. Call 
Baa1 
5,024,888 
17,000 
 
0.000%, 9/01/32 – NPFG Insured 
No Opt. Call 
Baa1 
3,253,970 
7,600 
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Refunding Series 2006B, 0.000%, 
9/26 at 52.10 
Baa1 
770,108 
   
9/01/39 – NPFG Insured 
     
   
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B: 
     
7,500 
 
0.000%, 9/01/27 – NPFG Insured 
9/20 at 67.94 
Baa1 
2,134,875 
10,075 
 
0.000%, 3/01/36 – NPFG Insured 
9/20 at 41.72 
Baa1 
1,399,518 
5,000 
 
Ebert Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Series 2007, 
12/17 at 100.00 
N/R 
3,491,250 
   
5.350%, 12/01/37 – RAAI Insured 
     
1,450 
 
Northwest Parkway Public Highway Authority, Colorado, Revenue Bonds, Senior Series 2001A, 
6/11 at 102.00 
N/R (4) 
1,488,585 
   
5.500%, 6/15/19 (Pre-refunded 6/15/11) – AMBAC Insured 
     
7,000 
 
Northwest Parkway Public Highway Authority, Colorado, Revenue Bonds, Senior Series 2001C, 
6/16 at 100.00 
N/R (4) 
8,226,680 
   
0.000%, 6/15/21 (Pre-refunded 6/15/16) – AMBAC Insured 
     
3,750 
 
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private 
7/20 at 100.00 
Baa3 
3,435,488 
   
Activity Bonds, Series 2010, 6.000%, 1/15/41 
     
131,295 
 
Total Colorado 
   
73,590,251 
   
Connecticut – 0.2% 
     
8,670 
 
Mashantucket Western Pequot Tribe, Connecticut, Subordinate Special Revenue Bonds, Series 
11/17 at 100.00 
N/R 
3,261,741 
   
2007A, 5.750%, 9/01/34 
     
   
District of Columbia – 0.5% 
     
10,000 
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, 
10/16 at 100.00 
A1 
8,861,100 
   
Senior Lien Refunding Series 2007A, 4.500%, 10/01/30 – AMBAC Insured 
     
   
Florida – 4.8% 
     
4,000 
 
Escambia County Health Facilities Authority, Florida, Revenue Bonds, Ascension Health Credit 
11/12 at 101.00 
AA+ 
4,044,080 
   
Group, Series 2002C, 5.750%, 11/15/32 
     
10,000 
 
Florida State Board of Education, Public Education Capital Outlay Bonds, Series 2005E, 
6/15 at 101.00 
AAA 
9,297,300 
   
4.500%, 6/01/35 (UB) 
     
 
 
18 Nuveen Investments
 


 
 
 

 
 
 

           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Florida (continued) 
     
$       1,750 
 
Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Bonds, Tampa 
10/16 at 100.00 
A3 
$        1,461,443 
   
General Hospital, Series 2006, 5.250%, 10/01/41 
     
10,690 
 
Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Series 2001, 5.000%, 
10/11 at 100.00 
A1 
10,700,476 
   
10/01/30 – AMBAC Insured 
     
3,000 
 
JEA, Florida, Electric System Revenue Bonds, Series Three 2006A, 5.000%, 10/01/41 – AGM Insured 
4/15 at 100.00 
AA+ 
2,940,120 
4,880 
 
Lee County, Florida, Airport Revenue Bonds, Series 2000A, 6.000%, 10/01/32 – AGM Insured 
10/11 at 100.00 
AA+ 
4,894,201 
   
(Alternative Minimum Tax) 
     
5,000 
 
Marion County Hospital District, Florida, Revenue Bonds, Munroe Regional Medical Center, 
10/17 at 100.00 
A3 
4,409,350 
   
Series 2007, 5.000%, 10/01/34 
     
4,090 
 
Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2010A, 
7/20 at 100.00 
A 
3,783,086 
   
5.000%, 7/01/40 
     
4,000 
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 
10/20 at 100.00 
A2 
3,898,800 
   
5.000%, 10/01/29 
     
9,340 
 
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2010, 5.000%, 
10/20 at 100.00 
AA+ 
9,104,445 
   
10/01/39 – AGM Insured 
     
8,250 
 
Orange County School Board, Florida, Certificates of Participation, Series 2002A, 5.000%, 
8/12 at 100.00 
AA– 
8,273,265 
   
8/01/27 – NPFG Insured 
     
2,900 
 
Orange County, Florida, Tourist Development Tax Revenue Bonds, Series 2006, 5.000%, 10/01/31 – 
10/16 at 100.00 
A+ 
2,807,954 
   
SYNCORA GTY Insured 
     
9,250 
 
Port Saint Lucie, Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, 
7/17 at 100.00 
Baa1 
7,394,173 
   
Series 2007, 5.000%, 7/01/40 – NPFG Insured 
     
2,500 
 
Seminole Tribe of Florida, Special Obligation Bonds, Series 2007A, 144A, 5.250%, 10/01/27 
10/17 at 100.00 
BBB– 
2,079,975 
14,730 
 
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health Systems 
8/17 at 100.00 
AA 
13,133,415 
   
Obligation Group, Series 2007, 5.000%, 8/15/42 (UB) 
     
94,380 
 
Total Florida 
   
88,222,083 
   
Georgia – 1.0% 
     
10,240 
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.000%, 11/01/38 – 
5/11 at 100.00 
A1 
9,283,277 
   
FGIC Insured 
     
2,500 
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2001A, 5.000%, 11/01/33 – 
5/12 at 100.00 
A1 
2,365,950 
   
NPFG Insured 
     
4,000 
 
Augusta, Georgia, Water and Sewerage Revenue Bonds, Series 2004, 5.250%, 10/01/39 – 
10/14 at 100.00 
AA+ 
4,025,320 
   
AGM Insured 
     
2,295 
 
Royston Hospital Authority, Georgia, Revenue Anticipation Certificates, Ty Cobb Healthcare 
7/11 at 100.00 
N/R 
2,040,485 
   
System Inc., Series 1999, 6.500%, 7/01/27 
     
19,035 
 
Total Georgia 
   
17,715,032 
   
Hawaii – 1.1% 
     
7,140 
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaiian Electric 
10/12 at 101.00 
Baa1 
6,807,776 
   
Company Inc., Series 1997A, 5.650%, 10/01/27 – NPFG Insured 
     
12,325 
 
Honolulu City and County, Hawaii, General Obligation Bonds, Series 2003A, 5.250%, 3/01/28 – 
3/13 at 100.00 
Aa1 
12,778,437 
   
NPFG Insured 
     
19,465 
 
Total Hawaii 
   
19,586,213 
   
Illinois – 12.8% 
     
2,060 
 
Aurora, Illinois, Golf Course Revenue Bonds, Series 2000, 6.375%, 1/01/20 
7/11 at 100.00 
A+ 
2,063,976 
17,205 
 
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax 
No Opt. Call 
Aa2 
7,596,008 
   
Revenues, Series 1998B-1, 0.000%, 12/01/24 – FGIC Insured 
     
5,000 
 
Chicago Housing Authority, Illinois, Revenue Bonds, Capital Fund Program, Series 2001, 5.375%, 
7/12 at 100.00 
Aaa 
5,289,650 
   
7/01/18 (Pre-refunded 7/01/12) 
     
285 
 
Chicago, Illinois, General Obligation Bonds, Series 2002A, 5.625%, 1/01/39 – AMBAC Insured 
7/12 at 100.00 
Aa3 
271,183 
9,715 
 
Chicago, Illinois, General Obligation Bonds, Series 2002A, 5.625%, 1/01/39 (Pre-refunded 
7/12 at 100.00 
Aa3 (4) 
10,312,181 
   
7/01/12) – AMBAC Insured 
     
2,575 
 
Chicago, Illinois, Second Lien Passenger Facility Charge Revenue Bonds, O’Hare International 
7/11 at 101.00 
A2 
2,463,271 
   
Airport, Series 2001C, 5.100%, 1/01/26 – AMBAC Insured (Alternative Minimum Tax) 
     
 
 
Nuveen Investments 19
 


 
 
 

 
 
 
   
 
Nuveen Municipal Value Fund, Inc. (continued) 
NUV 
Portfolio of Investments April 30, 2011 (Unaudited) 

 
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Illinois (continued) 
     
$       2,825 
 
Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport, 
1/14 at 100.00 
AA+ 
$        2,744,601 
   
Series 2003C-2, 5.250%, 1/01/30 – AGM Insured (Alternative Minimum Tax) 
     
3,020 
 
Cook County High School District 209, Proviso Township, Illinois, General Obligation Bonds, 
12/16 at 100.00 
AA+ 
3,117,697 
   
Series 2004, 5.000%, 12/01/19 – AGM Insured 
     
8,875 
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33 
11/20 at 100.00 
AA 
8,901,181 
3,260 
 
Cook County, Illinois, Recovery Zone Facility Revenue Bonds, Navistar International 
10/20 at 100.00 
BB– 
3,285,754 
   
Corporation Project, Series 2010, 6.500%, 10/15/40 
     
385 
 
DuPage County Community School District 200, Wheaton, Illinois, General Obligation Bonds, 
11/13 at 100.00 
Aa3 
414,703 
   
Series 2003B, 5.250%, 11/01/20 – AGM Insured 
     
1,615 
 
DuPage County Community School District 200, Wheaton, Illinois, General Obligation Bonds, 
11/13 at 100.00 
AAA 
1,796,122 
   
Series 2003B, 5.250%, 11/01/20 (Pre-refunded 11/01/13) – AGM Insured 
     
5,000 
 
Illinois Development Finance Authority, Gas Supply Revenue Bonds, Peoples Gas, Light and 
11/13 at 101.00 
A1 
5,071,500 
   
Coke Company, Series 2003E, 4.875%, 11/01/38 (Mandatory put 11/01/18) – AMBAC Insured 
     
   
(Alternative Minimum Tax) 
     
28,030 
 
Illinois Development Finance Authority, Local Government Program Revenue Bonds, Kane, Cook and 
No Opt. Call 
Aa3 
19,581,758 
   
DuPage Counties School District U46 – Elgin, Series 2002, 0.000%, 1/01/19 – AGM Insured 
     
1,800 
 
Illinois Development Finance Authority, Local Government Program Revenue Bonds, Winnebago and 
No Opt. Call 
Aa3 
1,251,180 
   
Boone Counties School District 205 – Rockford, Series 2000, 0.000%, 2/01/19 – AGM Insured 
     
3,180 
 
Illinois Development Finance Authority, Revenue Bonds, Chicago Charter School Foundation, 
12/12 at 100.00 
N/R (4) 
3,453,480 
   
Series 2002A, 6.250%, 12/01/32 (Pre-refunded 12/01/12) 
     
1,450 
 
Illinois Development Finance Authority, Revenue Bonds, Illinois Wesleyan University, Series 
9/11 at 100.00 
BBB+ 
1,240,794 
   
2001, 5.125%, 9/01/35 – AMBAC Insured 
     
6,550 
 
Illinois Development Finance Authority, Revenue Bonds, Illinois Wesleyan University, Series 
9/11 at 100.00 
BBB+ (4) 
6,650,477 
   
2001, 5.125%, 9/01/35 (Pre-refunded 9/01/11) – AMBAC Insured 
     
1,875 
 
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 
11/19 at 100.00 
AA 
1,791,994 
   
5.500%, 11/01/39 
     
3,000 
 
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009, 5.250%, 11/01/39 
11/19 at 100.00 
AA 
2,763,420 
5,245 
 
Illinois Finance Authority, Revenue Bonds, Loyola University of Chicago, Tender Option Bond 
No Opt. Call 
AA+ 
4,889,074 
   
Trust 1137, 9.156%, 7/01/15 (IF) 
     
5,000 
 
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Series 2004A, 
8/14 at 100.00 
N/R (4) 
5,715,900 
   
5.500%, 8/15/43 (Pre-refunded 8/15/14) 
     
4,985 
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 
5/20 at 100.00 
A 
4,846,567 
   
6.000%, 5/15/39 
     
4,800 
 
Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34 
8/19 at 100.00 
BBB+ 
5,172,960 
3,975 
 
Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A, 
8/17 at 100.00 
BBB 
3,423,668 
   
5.500%, 8/01/37 
     
5,055 
 
Illinois Health Facilities Authority, Revenue Bonds, Loyola University Health System, Series 
7/11 at 100.00 
Baa1 
4,670,315 
   
1997A, 5.000%, 7/01/24 – NPFG Insured 
     
8,310 
 
Illinois Health Facilities Authority, Revenue Bonds, Sherman Health Systems, Series 1997, 
8/11 at 100.00 
BBB 
7,958,404 
   
5.250%, 8/01/22 – AMBAC Insured 
     
3,595 
 
Illinois Health Facilities Authority, Revenue Bonds, South Suburban Hospital, Series 1992, 
No Opt. Call 
N/R (4) 
4,278,410 
   
7.000%, 2/15/18 (ETM) 
     
5,000 
 
Illinois Sports Facility Authority, State Tax Supported Bonds, Series 2001, 5.500%, 6/15/30 – 
6/15 at 101.00 
A 
4,990,850 
   
AMBAC Insured 
     
5,000 
 
Lombard Public Facilities Corporation, Illinois, First Tier Conference Center and Hotel 
1/16 at 100.00 
B– 
3,351,250 
   
Revenue Bonds, Series 2005A-2, 5.500%, 1/01/36 – ACA Insured 
     
   
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
     
   
Project, Series 1993A: 
     
19,330 
 
0.000%, 6/15/17 – FGIC Insured 
No Opt. Call 
A2 
15,020,570 
12,830 
 
0.000%, 6/15/18 – FGIC Insured 
No Opt. Call 
A2 
9,356,406 
 
 
20 Nuveen Investments
 


 
 
 

 
 
 

           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Illinois (continued) 
     
   
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
     
   
Project, Series 1994B: 
     
$       7,250 
 
0.000%, 6/15/18 – NPFG Insured 
No Opt. Call 
AAA 
$        5,287,135 
3,385 
 
0.000%, 6/15/21 – NPFG Insured 
No Opt. Call 
AAA 
2,007,677 
5,190 
 
0.000%, 6/15/28 – NPFG Insured 
No Opt. Call 
AAA 
1,848,211 
11,610 
 
0.000%, 6/15/29 – FGIC Insured 
No Opt. Call 
AAA 
3,824,798 
   
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
     
   
Project, Series 2002A: 
     
10,000 
 
0.000%, 6/15/24 – NPFG Insured 
6/22 at 101.00 
AAA 
7,714,700 
21,375 
 
0.000%, 6/15/34 – NPFG Insured 
No Opt. Call 
AAA 
4,686,896 
21,000 
 
0.000%, 12/15/35 – NPFG Insured 
No Opt. Call 
AAA 
4,123,560 
21,070 
 
0.000%, 6/15/36 – NPFG Insured 
No Opt. Call 
AAA 
3,973,802 
10,375 
 
0.000%, 12/15/36 – NPFG Insured 
No Opt. Call 
AAA 
1,892,815 
25,825 
 
0.000%, 6/15/39 – NPFG Insured 
No Opt. Call 
AAA 
3,947,868 
8,460 
 
5.250%, 6/15/42 – NPFG Insured 
6/12 at 101.00 
AAA 
7,890,219 
16,700 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place 
No Opt. Call 
AA– 
9,601,832 
   
Expansion Project, Series 1996A, 0.000%, 12/15/21 – NPFG Insured 
     
   
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place 
     
   
Expansion Project, Series 2002B: 
     
3,775 
 
0.000%, 6/15/20 – NPFG Insured 
6/17 at 101.00 
AAA 
3,782,777 
5,715 
 
0.000%, 6/15/21 – NPFG Insured 
6/17 at 101.00 
AAA 
5,700,312 
1,000 
 
Round Lake, Lake County, Illinois, Special Tax Bonds, Lakewood Grove Special Service Area 4, 
3/17 at 100.00 
AA+ 
916,190 
   
Series 2007, 4.700%, 3/01/33 – AGC Insured 
     
1,050 
 
Tri-City Regional Port District, Illinois, Port and Terminal Facilities Revenue Refunding 
No Opt. Call 
N/R 
908,702 
   
Bonds, Delivery Network Project, Series 2003A, 4.900%, 7/01/14 (Alternative Minimum Tax) 
     
1,575 
 
Will County Community School District 161, Summit Hill, Illinois, Capital Appreciation School 
No Opt. Call 
N/R 
1,105,209 
   
Bonds, Series 1999, 0.000%, 1/01/18 – FGIC Insured 
     
720 
 
Will County Community School District 161, Summit Hill, Illinois, Capital Appreciation School 
No Opt. Call 
N/R (4) 
602,424 
   
Bonds, Series 1999, 0.000%, 1/01/18 – FGIC Insured (ETM) 
     
366,905 
 
Total Illinois 
   
233,550,431 
   
Indiana – 2.0% 
     
300 
 
Anderson, Indiana, Economic Development Revenue Bonds, Anderson University, Series 2007, 
4/14 at 100.00 
N/R 
248,766 
   
5.000%, 10/01/24 
     
8,010 
 
Indiana Bond Bank, State Revolving Fund Program Bonds, Series 2001A, 5.375%, 2/01/19 
2/13 at 101.00 
N/R (4) 
8,710,955 
   
(Pre-refunded 2/01/13) (Alternative Minimum Tax) 
     
1,990 
 
Indiana Bond Bank, State Revolving Fund Program Bonds, Series 2001A, 5.375%, 2/01/19 
2/13 at 101.00 
AAA 
2,133,459 
3,000 
 
Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Deaconess Hospital Inc., 
3/14 at 100.00 
A 
2,920,890 
   
Series 2004A, 5.375%, 3/01/34 – AMBAC Insured 
     
4,450 
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – 
1/17 at 100.00 
A+ 
4,140,369 
   
NPFG Insured 
     
   
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E: 
     
12,500 
 
0.000%, 2/01/21 – AMBAC Insured 
No Opt. Call 
AA 
8,044,750 
14,595 
 
0.000%, 2/01/27 – AMBAC Insured 
No Opt. Call 
AA 
6,207,983 
4,425 
 
Whiting Redevelopment District, Indiana, Tax Increment Revenue Bonds, Lakefront Development 
7/20 at 100.00 
N/R 
4,198,042 
   
Project, Series 2010, 6.750%, 1/15/32 
     
49,270 
 
Total Indiana 
   
36,605,214 
   
Iowa – 0.9% 
     
2,565 
 
Iowa Finance Authority, Single Family Mortgage Revenue Bonds, Series 2007B, 4.800%, 1/01/37 
7/16 at 100.00 
AAA 
2,372,471 
   
(Alternative Minimum Tax) 
     
3,500 
 
Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, Wartburg 
10/12 at 100.00 
N/R (4) 
3,745,875 
   
College, Series 2002, 5.500%, 10/01/33 (Pre-refunded 10/01/12) – ACA Insured 
     
7,000 
 
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 
6/15 at 100.00 
BBB 
4,720,520 
   
5.625%, 6/01/46 
     
 
 
Nuveen Investments 21
 


 
 
 

 
 
 
   
 
Nuveen Municipal Value Fund, Inc. (continued) 
NUV 
Portfolio of Investments April 30, 2011 (Unaudited) 

 
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Iowa (continued) 
     
$       6,160 
 
Iowa Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 
6/11 at 101.00 
AAA 
$        6,250,614 
   
2001B, 5.600%, 6/01/35 (Pre-refunded 6/01/11) 
     
19,225 
 
Total Iowa 
   
17,089,480 
   
Kansas – 0.6% 
     
10,000 
 
Kansas Department of Transportation, Highway Revenue Bonds, Series 2004A, 5.000%, 3/01/22 
3/14 at 100.00 
AAA 
10,809,300 
   
Kentucky – 0.1% 
     
1,010 
 
Greater Kentucky Housing Assistance Corporation, FHA-Insured Section 8 Mortgage Revenue 
7/11 at 100.00 
Baa1 
1,010,949 
   
Refunding Bonds, Series 1997A, 6.100%, 1/01/24 – NPFG Insured 
     
1,000 
 
Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, 
6/18 at 100.00 
AA+ 
1,013,460 
   
Louisville Arena Authority, Inc., Series 2008-A1, 6.000%, 12/01/38 – AGC Insured 
     
2,010 
 
Total Kentucky 
   
2,024,409 
   
Louisiana – 3.3% 
     
1,000 
 
East Baton Rouge Parish, Louisiana, Revenue Refunding Bonds, Georgia Pacific Corporation 
No Opt. Call 
Ba2 
1,000,080 
   
Project, Series 1998, 5.350%, 9/01/11 (Alternative Minimum Tax) 
     
2,310 
 
Louisiana Local Government Environment Facilities and Community Development Authority, 
No Opt. Call 
BBB– 
2,353,082 
   
Revenue Bonds, Westlake Chemical Corporation Projects, Series 2009A, 6.500%, 8/01/29 
     
   
(Mandatory put 8/01/20) 
     
5,450 
 
Louisiana Local Government Environment Facilities and Community Development Authority, 
11/20 at 100.00 
BBB– 
5,490,276 
   
Revenue Bonds, Westlake Chemical Corporation Projects, Series 2010A-1, 6.500%, 11/01/35 
     
12,000 
 
Louisiana Local Government Environmental Facilities & Community Development Authority, 
11/17 at 100.00 
BBB– 
12,256,320 
   
Revenue Bonds, Westlake Chemical Corporation Project, Series 2007, 6.750%, 11/01/32 
     
5,150 
 
Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our 
8/15 at 100.00 
A+ 
4,654,210 
   
Lady Health System, Series 2005A, 5.250%, 8/15/32 
     
4,515 
 
Louisiana Public Facilities Authority, Hospital Revenue Refunding Bonds, Southern Baptist 
5/11 at 100.00 
AAA 
4,656,410 
   
Hospital, Series 1986, 8.000%, 5/15/12 (ETM) 
     
3,620 
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, 
5/17 at 100.00 
Baa1 
2,987,695 
   
Series 2007A, 5.250%, 5/15/38 
     
28,595 
 
Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, 
5/11 at 101.00 
A– 
26,096,652 
   
Series 2001B, 5.875%, 5/15/39 
     
62,640 
 
Total Louisiana 
   
59,494,725 
   
Maryland – 0.4% 
     
3,500 
 
Maryland Energy Financing Administration, Revenue Bonds, AES Warrior Run Project, Series 1995, 
7/11 at 100.00 
N/R 
3,499,545 
   
7.400%, 9/01/19 (Alternative Minimum Tax) 
     
4,600 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health, 
8/14 at 100.00 
A2 
4,450,454 
   
Series 2004, 5.500%, 8/15/33 
     
8,100 
 
Total Maryland 
   
7,949,999 
   
Massachusetts – 1.5% 
     
1,720 
 
Massachusetts Development Finance Agency, Resource Recovery Revenue Bonds, Ogden Haverhill 
6/11 at 100.00 
A– 
1,720,722 
   
Associates, Series 1998B, 5.100%, 12/01/12 (Alternative Minimum Tax) 
     
4,360 
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Cape Cod Health Care 
11/11 at 101.00 
BBB+ 
3,919,684 
   
Inc., Series 2001C, 5.250%, 11/15/31 – RAAI Insured 
     
500 
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc., 
7/18 at 100.00 
A3 
435,060 
   
Series 2008E-1 &2, 5.125%, 7/01/38 
     
2,000 
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Northern Berkshire 
7/14 at 100.00 
CCC 
979,400 
   
Community Services Inc., Series 2004A, 6.375%, 7/01/34 (5) 
     
   
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Northern Berkshire 
     
   
Community Services Inc., Series 2004B: 
     
1,340 
 
6.250%, 7/01/24 (5) 
7/14 at 100.00 
CCC 
656,198 
1,000 
 
6.375%, 7/01/34 (5) 
7/14 at 100.00 
CCC 
489,700 
2,300 
 
Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Suffolk 
7/19 at 100.00 
BBB 
2,181,734 
   
University Issue, Series 2009A, 5.750%, 7/01/39 
     
12,545 
 
Massachusetts Housing Finance Agency, Housing Bonds, Series 2009F, 5.700%, 6/01/40 
12/18 at 100.00 
AA– 
12,163,507 
 
 
22 Nuveen Investments
 


 
 
 

 
 
 

           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Massachusetts (continued) 
     
$       4,250 
 
Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2000-6, 
8/11 at 100.00 
AAA 
$        4,286,210 
   
5.500%, 8/01/30 
     
30,015 
 
Total Massachusetts 
   
26,832,215 
   
Michigan – 2.8% 
     
11,485 
 
Detroit Local Development Finance Authority, Michigan, Tax Increment Bonds, Series 1998A, 
11/11 at 100.00 
B– 
6,938,778 
   
5.500%, 5/01/21 
     
5,000 
 
Detroit Water Supply System, Michigan, Water Supply System Revenue Bonds, Series 2006D, 
7/16 at 100.00 
AA+ 
4,226,550 
   
4.625%, 7/01/32 – AGM Insured 
     
8,000 
 
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%, 
7/15 at 100.00 
A 
7,182,480 
   
7/01/35 – NPFG Insured 
     
2,000 
 
Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Refunding Bonds, Bronson 
5/20 at 100.00 
Aa3 
1,869,340 
   
Methodist Hospital, Series 2010, 5.250%, 5/15/36 – AGM Insured 
     
5,240 
 
Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Refunding Bonds, Series 
10/12 at 100.00 
AAA 
5,524,742 
   
2002, 5.250%, 10/01/19 
     
   
Michigan Municipal Bond Authority, Public School Academy Revenue Bonds, Detroit Academy of 
     
   
Arts and Sciences Charter School, Series 2001A: 
     
600 
 
7.500%, 10/01/12 
10/11 at 100.00 
B1 
601,380 
5,000 
 
7.900%, 10/01/21 
10/11 at 100.00 
B1 
4,758,400 
3,500 
 
8.000%, 10/01/31 
10/11 at 100.00 
B1 
3,163,125 
8,460 
 
Michigan State Building Authority, Revenue Bonds, Facilities Program, Series 2005I, 5.000%, 
10/15 at 100.00 
Aa3 
8,639,352 
   
10/15/22 – AMBAC Insured 
     
7,200 
 
Michigan Strategic Fund, Limited Obligation Resource Recovery Revenue Refunding Bonds, Detroit 
12/12 at 100.00 
BBB+ 
6,977,880 
   
Edison Company, Series 2002D, 5.250%, 12/15/32 – SYNCORA GTY Insured 
     
1,150 
 
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont 
9/18 at 100.00 
A1 
1,307,493 
   
Hospital, Refunding Series 2009V, 8.250%, 9/01/39 
     
57,635 
 
Total Michigan 
   
51,189,520 
   
Minnesota – 0.8% 
     
1,750 
 
Breckenridge, Minnesota, Revenue Bonds, Catholic Health Initiatives, Series 2004A, 5.000%, 5/01/30 
5/14 at 100.00 
AA 
1,747,865 
6,375 
 
Minneapolis Health Care System, Minnesota, Revenue Bonds, Fairview Hospital and Healthcare 
11/18 at 100.00 
A 
6,853,508 
   
Services, Series 2008A, 6.625%, 11/15/28 
     
355 
 
Minnesota Housing Finance Agency, Rental Housing Bonds, Series 1995D, 5.900%, 8/01/15 – 
8/11 at 100.00 
AA+ 
356,448 
   
NPFG Insured 
     
6,730 
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facilities Revenue 
11/16 at 100.00 
A3 
5,953,156 
   
Bonds, HealthPartners Obligated Group, Series 2006, 5.250%, 5/15/36 
     
15,210 
 
Total Minnesota 
   
14,910,977 
   
Missouri – 3.6% 
     
6,000 
 
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales 
10/13 at 100.00 
AA+ 
6,022,800 
   
Tax Appropriation Bonds, Metrolink Cross County Extension Project, Series 2002B, 5.000%, 
     
   
10/01/32 – AGM Insured 
     
40,000 
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, BJC Health System, Series 
5/13 at 100.00 
AA 
39,250,000 
   
2003, 5.250%, 5/15/32 (UB) 
     
12,000 
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, SSM Health Care System, 
6/20 at 100.00 
AA– 
11,336,400 
   
Series 2010B, 5.000%, 6/01/30 
     
4,000 
 
Sugar Creek, Missouri, Industrial Development Revenue Bonds, Lafarge North America Inc., 
6/13 at 101.00 
Baa3 
3,409,200 
   
Series 2003A, 5.650%, 6/01/37 (Alternative Minimum Tax) 
     
   
West Plains Industrial Development Authority, Missouri, Hospital Facilities Revenue Bonds, 
     
   
Ozark Medical Center, Series 1997: 
     
760 
 
5.500%, 11/15/12 
5/11 at 100.00 
B+ 
752,362 
1,025 
 
5.600%, 11/15/17 
5/11 at 100.00 
B+ 
962,393 
3,175 
 
West Plains Industrial Development Authority, Missouri, Hospital Facilities Revenue Bonds, 
5/11 at 100.00 
B+ 
2,954,084 
   
Ozark Medical Center, Series 1999, 6.750%, 11/15/24 
     
66,960 
 
Total Missouri 
   
64,687,239 
 
 
Nuveen Investments 23
 


 
 
 

 
 
 
   
 
Nuveen Municipal Value Fund, Inc. (continued) 
NUV 
Portfolio of Investments April 30, 2011 (Unaudited) 

 
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Montana – 0.2% 
     
$       3,750 
 
Forsyth, Rosebud County, Montana, Pollution Control Revenue Refunding Bonds, Puget Sound 
3/13 at 101.00 
A– 
$        3,751,238 
   
Energy, Series 2003A, 5.000%, 3/01/31 – AMBAC Insured 
     
   
Nebraska – 0.3% 
     
5,000 
 
Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2008A, 
2/18 at 100.00 
Aa1 
5,230,300 
   
5.500%, 2/01/39 
     
   
Nevada – 1.1% 
     
2,500 
 
Carson City, Nevada, Hospital Revenue Bonds, Carson-Tahoe Hospital, Series 2003A, 5.125%, 
9/13 at 100.00 
BBB 
2,139,350 
   
9/01/29 – RAAI Insured 
     
5,000 
 
Clark County, Nevada, Airport Revenue Bonds, Subordinte Lien Series 2010B, 5.750%, 7/01/42 
1/20 at 100.00 
Aa3 
5,053,950 
   
Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas 
     
   
Monorail Project, First Tier, Series 2000: 
     
15,095 
 
0.000%, 1/01/24 – AMBAC Insured 
No Opt. Call 
D 
1,751,926 
11,000 
 
0.000%, 1/01/25 – AMBAC Insured 
No Opt. Call 
D 
1,202,850 
4,000 
 
5.625%, 1/01/32 – AMBAC Insured (5) 
1/12 at 100.00 
N/R 
1,003,480 
22,010 
 
5.375%, 1/01/40 – AMBAC Insured (5) 
7/11 at 100.00 
N/R 
5,519,668 
2,500 
 
Reno, Neveda, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2007A, Trust 2634, 
7/17 at 100.00 
AA+ 
2,493,100 
   
18.488%, 7/01/31 – BHAC Insured (IF) 
     
1,500 
 
Sparks Tourism Improvement District 1, Legends at Sparks Marina, Nevada, Senior Sales Tax 
6/18 at 100.00 
B2 
1,244,085 
   
Revenue Bonds Series 2008A, 6.750%, 6/15/28 
     
63,605 
 
Total Nevada 
   
20,408,409 
   
New Hampshire – 0.1% 
     
1,500 
 
New Hampshire Business Finance Authority, Revenue Bonds, Elliot Hospital Obligated Group 
10/19 at 100.00 
BBB+ 
1,479,045 
   
Issue, Series 2009A, 6.125%, 10/01/39 
     
   
New Jersey – 5.4% 
     
23,625 
 
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental 
9/11 at 100.00 
B 
21,646,879 
   
Airlines Inc., Series 1999, 6.250%, 9/15/29 (Alternative Minimum Tax) 
     
9,000 
 
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental 
5/11 at 101.00 
B 
8,816,940 
   
Airlines Inc., Series 2000, 7.000%, 11/15/30 (Alternative Minimum Tax) 
     
3,300 
 
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters 
7/18 at 100.00 
BBB– 
2,828,694 
   
University Hospital, Series 2007, 5.750%, 7/01/37 
     
4,740 
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health 
1/17 at 41.49 
BBB– 
812,104 
   
Care System, Series 2006B, 0.000%, 7/01/34 
     
7,500 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2003C, 
6/13 at 100.00 
AAA 
8,277,300 
   
5.500%, 6/15/24 (Pre-refunded 6/15/13) 
     
   
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C: 
     
30,000 
 
0.000%, 12/15/30 – FGIC Insured 
No Opt. Call 
AA– 
8,247,900 
27,000 
 
0.000%, 12/15/32 – AGM Insured 
No Opt. Call 
AA+ 
6,299,100 
310 
 
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C, 6.500%, 1/01/16 – NPFG Insured 
No Opt. Call 
A+ 
364,796 
   
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C: 
     
105 
 
6.500%, 1/01/16 – NPFG Insured (ETM) 
No Opt. Call 
A+ (4) 
128,469 
1,490 
 
6.500%, 1/01/16 – NPFG Insured (ETM) 
No Opt. Call 
A+ (4) 
1,671,750 
27,185 
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, 
6/12 at 100.00 
AAA 
28,894,390 
   
Series 2002, 6.125%, 6/01/42 (Pre-refunded 6/01/12) 
     
7,165 
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, 
6/13 at 100.00 
AAA 
7,987,829 
   
Series 2003, 6.250%, 6/01/43 (Pre-refunded 6/01/13) 
     
5,000 
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, 
6/17 at 100.00 
Baa3 
3,105,950 
   
Series 2007-1A, 4.750%, 6/01/34 
     
146,420 
 
Total New Jersey 
   
99,082,101 
 
 
24 Nuveen Investments
 


 
 
 

 
 
 

           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
New Mexico – 0.6% 
     
$       1,500 
 
University of New Mexico, Revenue Refunding Bonds, Series 1992A, 6.000%, 6/01/21 
No Opt. Call 
AA 
$        1,759,920 
9,600 
 
University of New Mexico, Subordinate Lien Revenue Refunding and Improvement Bonds, Series 
6/12 at 100.00 
AA 
9,617,184 
   
2002A, 5.000%, 6/01/32 
     
11,100 
 
Total New Mexico 
   
11,377,104 
   
New York – 7.6% 
     
10,000 
 
Dormitory Authority of the State of New York, FHA Insured Mortgage Hospital Revenue Bonds, 
8/16 at 100.00 
AAA 
9,122,700 
   
Kaleida Health, Series 2006, 4.700%, 2/15/35 
     
8,500 
 
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Kaleida 
2/14 at 100.00 
AAA 
8,614,240 
   
Health, Series 2004, 5.050%, 2/15/25 
     
15,500 
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2001A, 
9/11 at 100.00 
AAA 
15,769,700 
   
5.375%, 9/01/25 (Pre-refunded 9/01/11) 
     
2,000 
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006B, 
6/16 at 100.00 
A– 
1,950,180 
   
5.000%, 12/01/35 
     
1,510 
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Vaughn 
12/16 at 100.00 
BB+ 
1,222,526 
   
College of Aeronautics, Series 2006B, 5.000%, 12/01/31 
     
10,000 
 
New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, JFK 
8/12 at 101.00 
B– 
10,218,400 
   
Airport – American Airlines Inc., Series 2002B, 8.500%, 8/01/28 (Alternative Minimum Tax) 
     
5,500 
 
New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue 
12/14 at 100.00 
AAA 
5,522,275 
   
Bonds, Series 2004B, 5.000%, 6/15/36 – AGM Insured (UB) 
     
   
New York City, New York, General Obligation Bonds, Fiscal Series 2003J: 
     
1,450 
 
5.500%, 6/01/21 (Pre-refunded 6/01/13) 
6/13 at 100.00 
AA (4) 
1,598,292 
385 
 
5.500%, 6/01/22 (Pre-refunded 6/01/13) 
6/13 at 100.00 
AA (4) 
424,374 
   
New York City, New York, General Obligation Bonds, Fiscal Series 2004C: 
     
8,000 
 
5.250%, 8/15/24 
8/14 at 100.00 
AA 
8,577,680 
6,000 
 
5.250%, 8/15/25 
8/14 at 100.00 
AA 
6,378,300 
   
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and 
     
   
State Contingency Contract-Backed Bonds, Series 2003A-1: 
     
10,000 
 
5.500%, 6/01/17 
6/11 at 100.00 
AA– 
10,036,800 
11,690 
 
5.500%, 6/01/18 
6/12 at 100.00 
AA– 
12,167,420 
28,810 
 
5.500%, 6/01/19 
6/13 at 100.00 
AA– 
30,726,724 
8,575 
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air 
12/20 at 100.00 
BBB– 
8,250,865 
   
Terminal LLC Project, Eigth Series 2010, 6.000%, 12/01/42 
     
8,500 
 
Power Authority of the State of New York, General Revenue Bonds, Series 2000A, 5.250%, 11/15/40 
5/11 at 100.00 
Aa2 
8,501,020 
136,420 
 
Total New York 
   
139,081,496 
   
North Carolina – 0.7% 
     
1,500 
 
Charlotte, North Carolina, Certificates of Participation, Governmental Facilities Projects, 
6/13 at 100.00 
AA+ 
1,510,425 
   
Series 2003G, 5.000%, 6/01/33 
     
3,000 
 
Charlotte-Mecklenberg Hospital Authority, North Carolina, Carolinas HealthCare System Revenue 
1/18 at 100.00 
AA– 
2,783,910 
   
Bonds, Series 2008A, 5.000%, 1/15/47 
     
2,500 
 
North Carolina Eastern Municipal Power Agency, Power System Revenue Refunding Bonds, Series 
1/13 at 100.00 
A– 
2,515,525 
   
2003D, 5.125%, 1/01/26 
     
1,500 
 
North Carolina Infrastructure Finance Corporation, Certificates of Participation, Correctional 
2/14 at 100.00 
AA+ 
1,613,565 
   
Facilities, Series 2004A, 5.000%, 2/01/20 
     
2,000 
 
North Carolina Medical Care Commission, Health System Revenue Bonds, Mission St. Joseph’s 
10/17 at 100.00 
AA 
1,736,420 
   
Health System, Series 2007, 4.500%, 10/01/31 
     
1,930 
 
North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Duke University 
6/20 at 100.00 
AA 
1,847,801 
   
Health System, Series 2010A, 5.000%, 6/01/42 
     
12,430 
 
Total North Carolina 
   
12,007,646 
   
North Dakota – 0.5% 
     
7,820 
 
Fargo, North Dakota, Health System Revenue Bonds, Sanford Series 2011, 6.250%, 11/01/31 
11/21 at 100.00 
AA– 
8,162,751 
 
 
Nuveen Investments 25
 


 
 
 

 
 
 
   
 
Nuveen Municipal Value Fund, Inc. (continued) 
NUV 
Portfolio of Investments April 30, 2011 (Unaudited) 

 
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Ohio – 2.5% 
     
$     10,000 
 
American Municipal Power Ohio Inc., General Revenue Bonds, Prairie State Energy Campus Project 
2/18 at 100.00 
A1 
$        9,742,800 
   
Series 2008A, 5.250%, 2/15/43 
     
   
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue 
     
   
Bonds, Senior Lien, Series 2007A-2: 
     
  2,855   
5.375%, 6/01/24 
6/17 at 100.00 
Baa3 
2,239,862 
  690   
5.125%, 6/01/24 
6/17 at 100.00 
Baa3 
533,135 
  5,500   
5.875%, 6/01/30 
6/17 at 100.00 
Baa3 
3,969,020 
17,165 
 
5.750%, 6/01/34 
6/17 at 100.00 
Baa3 
11,826,685 
  3,100   
6.000%, 6/01/42 
6/17 at 100.00 
Baa3 
2,152,206 
11,785 
 
5.875%, 6/01/47 
6/17 at 100.00 
Baa3 
7,951,222 
  9,225   
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue 
6/22 at 100.00 
Baa3 
5,869,775 
   
Bonds, Senior Lien, Series 2007A-3, 0.000%, 6/01/37 
     
  1,730   
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 
11/21 at 100.00 
AA– 
1,735,294 
   
2011A, 6.000%, 11/15/41 
     
62,050 
 
Total Ohio 
   
46,019,999 
   
Oklahoma – 0.8% 
     
  9,955   
Oklahoma Development Finance Authority, Revenue Bonds, St. John Health System, Series 2004, 
2/14 at 100.00 
A 
9,730,316 
   
5.125%, 2/15/31 
     
  5,045   
Oklahoma Development Finance Authority, Revenue Bonds, St. John Health System, Series 2004, 
2/14 at 100.00 
AAA 
5,644,951 
   
5.125%, 2/15/31 (Pre-refunded 2/15/14) 
     
15,000 
 
Total Oklahoma 
   
15,375,267 
   
Oregon – 0.2% 
     
  2,860   
Oregon State Facilities Authority, Revenue Bonds, Willamette University, Series 2007A, 
10/17 at 100.00 
A 
2,660,801 
   
5.000%, 10/01/32 
     
   
Pennsylvania – 1.9% 
     
10,300 
 
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, West Penn 
11/17 at 100.00 
B+ 
7,842,729 
   
Allegheny Health System, Series 2007A, 5.000%, 11/15/28 
     
  6,500   
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2004A, 5.500%, 12/01/31 – 
12/14 at 100.00 
Aa3 
6,571,240 
   
AMBAC Insured 
     
  8,000   
Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2004D, 5.125%, 
6/14 at 100.00 
Aa2 (4) 
9,020,800 
   
6/01/34 (Pre-refunded 6/01/14) – FGIC Insured 
     
10,075 
 
State Public School Building Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia School 
6/13 at 100.00 
AAA 
10,971,272 
   
District, Series 2003, 5.000%, 6/01/33 (Pre-refunded 6/01/13) – AGM Insured 
     
34,875 
 
Total Pennsylvania 
   
34,406,041 
   
Puerto Rico – 2.8% 
     
  8,340   
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A, 
7/18 at 100.00 
Baa1 
7,860,533 
   
6.000%, 7/01/44 
     
13,000 
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.250%, 
No Opt. Call 
A3 
11,441,690 
   
7/01/39 – FGIC Insured 
     
  5,450   
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities 
6/11 at 100.00 
Baa3 
5,453,434 
   
Financing Authority, Co-Generation Facility Revenue Bonds, Series 2000A, 6.625%, 6/01/26 
     
   
(Alternative Minimum Tax) 
     
   
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate 
     
   
Series 2009A: 
     
11,000 
 
0.000%, 8/01/32 
8/26 at 100.00 
A+ 
8,979,190 
  4,985   
6.000%, 8/01/42 
8/19 at 100.00 
A+ 
4,994,073 
  4,310   
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 
8/20 at 100.00 
A+ 
3,894,128 
   
2010C, 5.250%, 8/01/41 
     
70,300 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 
No Opt. Call 
Aa2 
3,660,521 
   
8/01/54 – AMBAC Insured 
     
  5,000   
Puerto Rico, General Obligation Bonds, Series 2000B, 5.625%, 7/01/19 – NPFG Insured 
7/11 at 100.00 
A3 
5,002,950 
122,385 
 
Total Puerto Rico 
   
51,286,519 
 
 
26 Nuveen Investments
 


 
 
 

 
 
 

           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Rhode Island – 1.3% 
     
$       6,250 
 
Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue Bonds, 
5/11 at 100.00 
A3 
$        6,132,625 
   
Lifespan Obligated Group, Series 1996, 5.250%, 5/15/26 – NPFG Insured 
     
19,205 
 
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, 
6/12 at 100.00 
BBB 
16,613,093 
   
Series 2002A, 6.250%, 6/01/42 
     
25,455 
 
Total Rhode Island 
   
22,745,718 
   
South Carolina – 2.1% 
     
7,000 
 
Dorchester County School District 2, South Carolina, Installment Purchase Revenue Bonds, 
12/14 at 100.00 
AA– 
7,058,800 
   
GROWTH, Series 2004, 5.250%, 12/01/29 
     
3,000 
 
Myrtle Beach, South Carolina, Hospitality and Accommodation Fee Revenue Bonds, Series 2004A, 
6/14 at 100.00 
A+ 
2,745,630 
   
5.000%, 6/01/36 – FGIC Insured 
     
11,550 
 
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2, 
No Opt. Call 
AA+ 
4,430,811 
   
0.000%, 1/01/28 – AMBAC Insured 
     
4,320 
 
South Carolina JOBS Economic Development Authority, Economic Development Revenue Bonds, 
11/12 at 100.00 
A3 (4) 
4,655,664 
   
Bon Secours Health System Inc., Series 2002A, 5.625%, 11/15/30 (Pre-refunded 11/15/12) 
     
16,430 
 
South Carolina JOBS Economic Development Authority, Economic Development Revenue Bonds, 
11/12 at 100.00 
A– 
15,707,737 
   
Bon Secours Health System Inc., Series 2002B, 5.625%, 11/15/30 
     
4,215 
 
Spartanburg Sanitary Sewer District, South Carolina, Sewer System Revenue Bonds, Series 2003B, 
3/14 at 100.00 
AA– 
4,069,835 
   
5.000%, 3/01/38 – NPFG Insured 
     
46,515 
 
Total South Carolina 
   
38,668,477 
   
Tennessee – 1.0% 
     
10,300 
 
Jackson, Tennessee, Hospital Revenue Refunding Bonds, Jackson-Madison County General Hospital 
4/18 at 100.00 
A+ 
10,325,750 
   
Project, Series 2008, 5.625%, 4/01/38 
     
   
Knox County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue 
     
   
Bonds, Baptist Health System of East Tennessee Inc., Series 2002: 
     
3,000 
 
6.375%, 4/15/22 
4/12 at 101.00 
A1 
3,133,680 
2,605 
 
6.500%, 4/15/31 
4/12 at 101.00 
A1 
2,702,505 
3,000 
 
Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds, 
9/16 at 100.00 
BBB+ 
2,485,350 
   
Wellmont Health System, Series 2006C, 5.250%, 9/01/36 
     
18,905 
 
Total Tennessee 
   
18,647,285 
   
Texas – 7.2% 
     
5,000 
 
Alliance Airport Authority, Texas, Special Facilities Revenue Bonds, American Airlines Inc., 
12/12 at 100.00 
CCC+ 
3,285,450 
   
Series 2007, 5.250%, 12/01/29 (Alternative Minimum Tax) 
     
2,000 
 
Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, Second Tier 
1/17 at 100.00 
Ba2 
1,663,480 
   
Series 2006B, 5.750%, 1/01/34 
     
5,110 
 
Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric 
4/13 at 101.00 
Ca 
2,154,938 
   
Company, Series 1999C, 7.700%, 3/01/32 (Alternative Minimum Tax) 
     
   
Central Texas Regional Mobility Authority, Travis and Williamson Counties, Toll Road Revenue 
     
   
Bonds, Series 2005: 
     
4,000 
 
5.000%, 1/01/35 – FGIC Insured 
1/15 at 100.00 
BBB 
3,258,920 
31,550 
 
5.000%, 1/01/45 – FGIC Insured 
1/15 at 100.00 
BBB 
24,583,757 
11,850 
 
Harris County-Houston Sports Authority, Texas, Junior Lien Revenue Bonds, Series 2001H, 
No Opt. Call 
Baa1 
2,783,684 
   
0.000%, 11/15/27 – NPFG Insured 
     
13,770 
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004-A3, 
11/24 at 59.10 
Baa1 
1,912,928 
   
0.000%, 11/15/33 – NPFG Insured 
     
2,950 
 
Harris County-Houston Sports Authority, Texas, Senior Lien Revenue Bonds, Series 2001G, 
11/11 at 100.00 
Baa1 
2,249,995 
   
5.250%, 11/15/30 – NPFG Insured 
     
   
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 
7,185,634 
10,000 
 
0.000%, 9/01/31 – AMBAC Insured 
No Opt. Call 
A2 
2,482,100 
10,045 
 
Houston, Texas, Subordinate Lien Airport System Revenue Bonds, Series 2000A, 5.875%, 7/01/16 – 
7/11 at 100.00 
AA+ 
10,264,483 
   
AGM Insured (Alternative Minimum Tax) 
     
 
 
Nuveen Investments 27
 


 
 
 

 
 
 
   
 
Nuveen Municipal Value Fund, Inc. (continued) 
NUV 
Portfolio of Investments April 30, 2011 (Unaudited) 

 
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Texas (continued) 
     
$       5,000 
 
Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson 
No Opt. Call 
BBB– 
$        4,279,150 
   
Memorial Hospital Project, Series 2005, 5.375%, 8/15/35 
     
1,750 
 
Martin County Hospital District, Texas, Combination Limited Tax and Revenue Bonds, Series 
4/21 at 100.00 
N/R 
1,733,935 
   
2011A, 7.250%, 4/01/36 
     
   
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+ 
24,030,297 
5,220 
 
0.000%, 1/01/43 
1/25 at 100.00 
A2 
4,159,348 
15,450 
 
North Texas Tollway Authority, First Tier System Revenue Refunding Bonds, Series 2008D, 
No Opt. Call 
AA+ 
3,054,002 
   
0.000%, 1/01/36 – AGC Insured 
     
4,270 
 
Port Corpus Christi Industrial Development Corporation, Texas, Revenue Refunding Bonds, Valero 
10/11 at 100.00 
BBB 
4,254,970 
   
Refining and Marketing Company, Series 1997A, 5.400%, 4/01/18 
     
5,000 
 
Richardson Hospital Authority, Texas, Revenue Bonds, Richardson Regional Medical Center, 
12/13 at 100.00 
Baa2 
4,665,950 
   
Series 2004, 6.000%, 12/01/34 
     
2,000 
 
Sabine River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric 
7/13 at 101.00 
CC 
663,420 
   
Company, Series 2003A, 5.800%, 7/01/22 
     
3,000 
 
San Antonio, Texas, Water System Revenue Bonds, Series 2005, 4.750%, 5/15/37 – NPFG Insured 
5/15 at 100.00 
Aa1 
2,975,550 
11,585 
 
Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds, 
2/17 at 100.00 
AA– 
9,587,051 
   
Texas Health Resources Trust 1201, 9.155%, 2/15/30 (IF) 
     
4,810 
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue 
8/20 at 100.00 
A1 
4,582,054 
   
Bonds, Scott & White HealthCare Project, Series 2010, 5.500%, 8/15/45 
     
5,000 
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Refunding 
1/19 at 100.00 
AA+ 
5,187,150 
   
Bonds, Christus Health, Series 2008, 6.500%, 7/01/37 – AGC Insured 
     
214,115 
 
Total Texas 
   
130,998,246 
   
Utah – 0.4% 
     
3,260 
 
Eagle Mountain, Utah, Gas and Electric Revenue Bonds, Series 2005, 5.000%, 6/01/24 – 
6/15 at 100.00 
N/R 
3,077,179 
   
RAAI Insured 
     
350 
 
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 1998G-2, Class I, 5.200%, 
7/11 at 100.75 
AAA 
340,862 
   
7/01/30 (Alternative Minimum Tax) 
     
3,700 
 
Utah State Board of Regents, Utah State University, Revenue Bonds, Series 2004, 5.000%, 
4/14 at 100.00 
AA (4) 
4,118,914 
   
4/01/35 (Pre-refunded 4/01/14) – NPFG Insured 
     
7,310 
 
Total Utah 
   
7,536,955 
   
Virgin Islands – 0.1% 
     
2,500 
 
Virgin Islands Public Finance Authority, Revenue Bonds, Refinery Project – Hovensa LLC, Series 
1/14 at 100.00 
Baa3 
2,334,825 
   
2003, 6.125%, 7/01/22 (Alternative Minimum Tax) 
     
   
Virginia – 0.6% 
     
1,500 
 
Fairfax County Economic Development Authority, Virginia, Residential Care Facilities Mortgage 
10/17 at 100.00 
N/R 
1,267,155 
   
Revenue Bonds, Goodwin House, Inc., Series 2007A, 5.125%, 10/01/42 
     
4,125 
 
Metropolitan Washington D.C. Airports Authority, Virginia, Airport System Revenue Bonds, Series 
10/12 at 100.00 
AA– 
4,373,861 
   
2002A, 5.750%, 10/01/16 – FGIC Insured (Alternative Minimum Tax) 
     
10,000 
 
Metropolitan Washington DC Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, 
10/28 at 100.00 
BBB+ 
5,901,800 
   
Dulles Metrorail Capital Appreciation, Series 2010B, 0.000%, 10/01/44 
     
15,625 
 
Total Virginia 
   
11,542,816 
 
 
28 Nuveen Investments
 


 
 
 

 
 
 

           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Washington – 4.5% 
     
$       6,400 
 
Cowlitz County Public Utilities District 1, Washington, Electric Production Revenue Bonds, 
9/14 at 100.00 
A1 
$        6,102,976 
   
Series 2004, 5.000%, 9/01/34 – FGIC Insured 
     
6,125 
 
Energy Northwest, Washington, Electric Revenue Refunding Bonds, Columbia Generating Station – 
7/12 at 100.00 
N/R (4) 
6,526,800 
   
Nuclear Project 2, Series 2002B, 6.000%, 7/01/18 (Pre-refunded 7/01/12) – AMBAC Insured 
     
6,375 
 
Energy Northwest, Washington, Electric Revenue Refunding Bonds, Columbia Generating Station – 
7/12 at 100.00 
AA 
6,733,466 
   
Nuclear Project 2, Series 2002B, 6.000%, 7/01/18 – AMBAC Insured 
     
4,000 
 
Energy Northwest, Washington, Electric Revenue Refunding Bonds, Nuclear Project 3, Series 
7/13 at 100.00 
Aaa 
4,342,480 
   
2003A, 5.500%, 7/01/17 – SYNCORA GTY Insured 
     
8,200 
 
Washington Public Power Supply System, Revenue Refunding Bonds, Nuclear Project 3, Series 
No Opt. Call 
Aaa 
7,727,434 
   
1989B, 0.000%, 7/01/14 
     
2,400 
 
Washington State Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical 
12/20 at 100.00 
Baa2 
2,069,712 
   
Center, Series 2010, 5.375%, 12/01/33 
     
2,500 
 
Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and 
No Opt. Call 
N/R 
1,933,875 
   
Medical Center of Seattle, Series 2007, 5.700%, 12/01/32 
     
5,000 
 
Washington State Health Care Facilities Authority, Revenue Bonds, Providence Health Care 
10/16 at 100.00 
AA 
4,260,850 
   
Services, Series 2006A, 4.625%, 10/01/34 – FGIC Insured 
     
2,805 
 
Washington State Health Care Facilities Authority, Revenue Bonds, Virginia Mason Medical 
8/17 at 100.00 
Baa1 
2,461,079 
   
Center, Series 2007B, 5.000%, 2/15/27 – NPFG Insured 
     
7,450 
 
Washington State Housing Finance Commission, Single Family Program Bonds, 2006 Series 3A, 
12/15 at 100.00 
Aaa 
7,063,792 
   
5.000%, 12/01/37 (Alternative Minimum Tax) 
     
23,185 
 
Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, 
6/13 at 100.00 
BBB 
23,040,094 
   
Series 2002, 6.625%, 6/01/32 
     
   
Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2002-03C: 
     
9,000 
 
0.000%, 6/01/29 – NPFG Insured 
No Opt. Call 
AA+ 
3,579,840 
16,195 
 
0.000%, 6/01/30 – NPFG Insured 
No Opt. Call 
AA+ 
5,927,856 
99,635 
 
Total Washington 
   
81,770,254 
   
Wisconsin – 2.5% 
     
   
Badger Tobacco Asset Securitization Corporation, Wisconsin, Tobacco Settlement Asset-Backed 
     
   
Bonds, Series 2002: 
     
4,365 
 
6.125%, 6/01/27 (Pre-refunded 6/01/12) 
6/12 at 100.00 
AAA 
4,531,656 
14,750 
 
6.375%, 6/01/32 (Pre-refunded 6/01/12) 
6/12 at 100.00 
AAA 
15,698,278 
6,000 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Franciscan Sisters of 
9/13 at 100.00 
BBB+ (4) 
6,697,860 
   
Christian Charity Healthcare Ministry, Series 2003A, 5.875%, 9/01/33 (Pre-refunded 9/01/13) 
     
1,000 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, 
2/16 at 100.00 
BBB+ 
1,031,420 
   
Series 2006A, 5.000%, 2/15/17 
     
2,500 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital, Inc., 
12/18 at 100.00 
A+ 
2,514,950 
   
Series 2009, 6.000%, 12/01/38 
     
10,000 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, SSM Healthcare System, 
6/20 at 100.00 
AA– 
9,268,200 
   
Series 2010, 5.000%, 6/01/30 
     
3,750 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan 
2/12 at 101.00 
AAA 
3,943,538 
   
Services Inc., Series 2002, 5.750%, 8/15/30 (Pre-refunded 2/15/12) 
     
1,765 
 
Wisconsin Housing and Economic Development Authority, Home Ownership Revenue Bonds, Series 
9/14 at 100.00 
AA 
1,718,757 
   
2005C, 4.875%, 3/01/36 (Alternative Minimum Tax) 
     
44,130 
 
Total Wisconsin 
   
45,404,659 
 
 
Nuveen Investments 29
 


 
 
 

 
 
 
   
 
Nuveen Municipal Value Fund, Inc. (continued) 
NUV 
Portfolio of Investments April 30, 2011 (Unaudited) 

 
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Wyoming – 0.2% 
     
$       2,035 
 
Campbell County, Wyoming Solid Waste Facilities Revenue Bonds, Basin Electric Power 
7/19 at 100.00 
A1 
$        2,085,610 
   
Cooperative – Dry Fork Station Facilities, Series 2009A, 5.750%, 7/15/39 
     
1,850 
 
West Park Hospital District, Wyoming Hospital Revenue Bonds, West Park Hospital Project, 
6/21 at 100.00 
BBB 
1,861,785 
   
Series 2011A, 7.000%, 6/01/40 
     
3,885 
 
Total Wyoming 
   
3,947,395 
$ 2,426,079 
 
Total Investments (cost $1,890,711,716) – 100.2% 
   
1,826,898,272 
   
Floating Rate Obligations – (2.1)% 
   
(38,250,000) 
   
Other Assets Less Liabilities – 1.9% 
   
35,023,886 
   
Net Assets – 100% 
   
$ 1,823,672,158 
 
 
 
 
   
(1)
All percentages shown in the Portfolio of Investments are based on net assets. 
   
(2)
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices 
 
at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. 
   
(3)
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investor Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. 
 
Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not 
 
rated by any of these national rating agencies. 
   
(4)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal 
 
and interest. Such investments are normally considered to be equivalent to AAA rated securities. 
   
(5)
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing security, in the case of a bond, 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. 
   
N/R
Not rated. 
   
(ETM)
Escrowed to maturity. 
   
(IF)
Inverse floating rate investment. 
   
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information 
 
and Significant Accounting Policies, Inverse Floating Rate Securities for more information. 
 
See accompanying notes to financial statements. 
 
 
30 Nuveen Investments
 


 
 
 

 
 
 

           
 
Nuveen Municipal Value Fund 2 
       
NUW 
Portfolio of Investments 
     
   
April 30, 2011 (Unaudited) 
 
 
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Alaska – 0.0% 
     
$        155 
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, 
6/14 at 100.00 
Baa3 
$         92,281 
   
Series 2006A, 5.000%, 6/01/46 
     
   
Arizona – 3.5% 
     
4,000 
 
Maricopa County Pollution Control Corporation, Arizona, Pollution Control Revenue Bonds, El 
2/19 at 100.00 
BBB 
4,355,040 
   
Paso Electric Company, Refunding Series 2009A, 7.250%, 2/01/40 
     
2,995 
 
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc 
No Opt. Call 
A 
2,492,229 
   
Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37 
     
6,995 
 
Total Arizona 
   
6,847,269 
   
California – 10.3% 
     
11,000 
 
Alhambra Unified School District, Los Angeles County, California, General Obligation Bonds, 
No Opt. Call 
AA+ 
1,256,860 
   
Capital Appreciation Series 2009B, 0.000%, 8/01/41 – AGC Insured 
     
2,500 
 
California State Public Works Board, Lease Revenue Bonds, Department of General Services 
4/19 at 100.00 
A2 
2,558,550 
   
Buildings 8 & 9, Series 2009A, 6.250%, 4/01/34 
     
500 
 
California State, General Obligation Bonds, Tender Option Bond Trust 3162, 19.170%, 3/01/18 – 
No Opt. Call 
AA+ 
517,240 
   
AGM Insured (IF) 
     
1,800 
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement 
6/15 at 100.00 
A2 
1,479,744 
   
Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/45 
     
3,155 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
6/17 at 100.00 
Baa3 
2,106,120 
   
Bonds, Series 2007A-1, 5.000%, 6/01/33 
     
450 
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Series 2009A, 6.500%, 11/01/39 
No Opt. Call 
A 
464,274 
   
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A: 
     
9,320 
 
0.000%, 8/01/33 – AGC Insured 
No Opt. Call 
AA+ 
2,077,242 
10,200 
 
0.000%, 8/01/38 – AGC Insured 
8/29 at 100.00 
AA+ 
6,282,180 
   
Poway Unified School District, San Diego County, California, School Facilities Improvement 
     
   
District 2007-1 General Obligation Bonds, Series 2009A: 
     
8,000 
 
0.000%, 8/01/32 
No Opt. Call 
Aa2 
1,869,760 
8,000 
 
0.000%, 8/01/33 
No Opt. Call 
Aa2 
1,743,600 
54,925 
 
Total California 
   
20,355,570 
   
Colorado – 5.2% 
     
5,000 
 
Denver City and County, Colorado, Airport System Revenue Bonds, Series 2005A, 5.000%, 
11/15 at 100.00 
A+ 
5,115,200 
   
11/15/25 – SYNCORA GTY Insured 
     
3,605 
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%, 9/01/27 – 
9/20 at 67.94 
Baa1 
1,026,163 
   
NPFG Insured 
     
4,000 
 
Park Creek Metropolitan District, Colorado, Senior Property Tax Supported Revenue Bonds, 
No Opt. Call 
AA+ 
4,243,800 
   
Series 2009, 6.375%, 12/01/37 – AGC Insured 
     
12,605 
 
Total Colorado 
   
10,385,163 
   
Florida – 8.7% 
     
9,500 
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2009A, 
10/19 at 100.00 
A2 
9,222,505 
   
5.500%, 10/01/41 
     
   
Miami-Dade County, Florida, General Obligation Bonds, Build Better Communities Program, 
     
   
Series 2009-B1: 
     
2,500 
 
6.000%, 7/01/38 
7/18 at 100.00 
Aa2 
2,659,750 
2,000 
 
5.625%, 7/01/38 
7/18 at 100.00 
Aa2 
2,048,980 
4,500 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2007, 
5/18 at 100.00 
N/R 
3,321,360 
   
6.450%, 5/01/23 
     
18,500 
 
Total Florida 
   
17,252,595 
   
Georgia – 0.8% 
     
500 
 
Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A. Remarketed, 
1/19 at 100.00 
N/R 
507,180 
   
7.500%, 1/01/31 
     
 
 
Nuveen Investments 31
 


 
 
 

 
 
 
   
 
Nuveen Municipal Value Fund 2 (continued) 
NUW 
Portfolio of Investments April 30, 2011 (Unaudited) 

 
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Georgia (continued) 
     
$     1,000 
 
Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta Air 
6/20 at 100.00 
CCC+ 
$     1,105,420 
   
Lines, Inc. Project, Series 2009A, 8.750%, 6/01/29 
     
1,500 
 
Total Georgia 
   
1,612,600 
   
Illinois – 11.6% 
     
5,000 
 
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Series 2009A, 
8/19 at 100.00 
AA+ 
5,187,800 
   
6.000%, 8/15/39 
     
3,500 
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2009A, 
5/19 at 100.00 
A 
3,682,140 
   
7.125%, 11/15/37 
     
5,000 
 
Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, 
11/18 at 100.00 
A2 
5,332,850 
   
Series 2009A, 7.250%, 11/01/38 
     
3,980 
 
Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., 
5/17 at 100.00 
Baa3 
3,239,879 
   
Refunding Series 2007A, 5.250%, 5/01/34 
     
28,000 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
No Opt. Call 
AAA 
5,498,080 
   
Project, Series 2002A, 0.000%, 12/15/35 – NPFG Insured 
     
45,480 
 
Total Illinois 
   
22,940,749 
   
Indiana – 5.4% 
     
5,000 
 
Indiana Finance Authority, Hospital Revenue Bonds, Deaconess Hospital Obligated Group, Series 
3/19 at 100.00 
A 
5,314,700 
   
2009A, 6.750%, 3/01/39 
     
3,650 
 
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest 
3/17 at 100.00 
BBB+ 
3,292,337 
   
Indiana, Series 2007, 5.500%, 3/01/37 
     
2,000 
 
Indiana Municipal Power Agency, Power Supply System Revenue Bonds, Series 2009B, 
1/19 at 100.00 
A+ 
2,054,180 
   
6.000%, 1/01/39 
     
10,650 
 
Total Indiana 
   
10,661,217 
   
Iowa – 1.1% 
     
3,025 
 
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 
6/15 at 100.00 
BBB 
2,145,663 
   
5.375%, 6/01/38 
     
   
Louisiana – 7.3% 
     
5,000 
 
Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Series 2006C-3, 
6/18 at 100.00 
AA+ 
5,542,300 
   
6.125%, 6/01/25 – AGC Insured 
     
   
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, 
     
   
Series 2007A: 
     
7,000 
 
5.375%, 5/15/43 
5/17 at 100.00 
Baa1 
5,775,070 
275 
 
5.500%, 5/15/47 
5/17 at 100.00 
Baa1 
228,940 
3,255 
 
St John Baptist Parish, Louisiana, Revenue Bonds, Marathon Oil Corporation, Series 2007A, 
6/17 at 100.00 
BBB+ 
3,018,882 
   
5.125%, 6/01/37 
     
15,530 
 
Total Louisiana 
   
14,565,192 
   
Maine – 1.7% 
     
3,335 
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Bowdoin College, 
7/19 at 100.00 
Aa2 
3,384,325 
   
Tender Option Bond Trust 2009-5B, 12.935%, 7/01/39 (IF) (4) 
     
   
Massachusetts – 0.5% 
     
1,000 
 
Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Tender Option Bond 
8/19 at 100.00 
AAA 
1,088,710 
   
Trust 2989, 13.300%, 8/01/38 (IF) 
     
   
Michigan – 2.3% 
     
5,000 
 
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%, 
7/15 at 100.00 
A 
4,489,050 
   
7/01/35 – NPFG Insured 
     
   
Nevada – 4.2% 
     
   
Clark County, Nevada, Airport Revenue Bonds, Tender Option Bond Trust Series 11823: 
     
750 
 
20.294%, 7/01/18 (IF) 
No Opt. Call 
Aa3 
782,370 
1,250 
 
20.294%, 7/01/36 (IF) 
1/20 at 100.00 
Aa3 
1,303,950 
250 
 
Clark County, Nevada, Senior Lien Airport Revenue Bonds, Series 2005A, 5.000%, 7/01/40 – 
No Opt. Call 
Aa2 
229,213 
   
AMBAC Insured 
     
 
 
32 Nuveen Investments
 


 
 
 

 
 
 

           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Nevada (continued) 
     
$     5,415 
 
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 
6/19 at 100.00 
A 
$     6,014,765 
   
8.000%, 6/15/30 
     
7,665 
 
Total Nevada 
   
8,330,298 
   
New Jersey – 2.9% 
     
   
New Jersey Educational Facilities Authority, Revenue Refunding Bonds, University of Medicine 
     
   
and Dentistry of New Jersey, Series 2009B: 
     
2,135 
 
7.125%, 12/01/23 
6/19 at 100.00 
Baa1 
2,438,576 
3,000 
 
7.500%, 12/01/32 
6/19 at 100.00 
Baa1 
3,324,750 
5,135 
 
Total New Jersey 
   
5,763,326 
   
New York – 1.6% 
     
3,000 
 
Liberty Development Corporation, New York, Goldman Sachs Headquarters Revenue Bonds Series 
No Opt. Call 
A1 
3,046,050 
   
2007, 5.500%, 10/01/37 
     
130 
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air 
12/20 at 100.00 
BBB– 
125,086 
   
Terminal LLC Project, Eigth Series 2010, 6.000%, 12/01/42 
     
3,130 
 
Total New York 
   
3,171,136 
   
North Carolina – 1.6% 
     
3,000 
 
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2003A, 5.250%, 
1/13 at 100.00 
A 
3,171,210 
   
1/01/19 – NPFG Insured 
     
   
Ohio – 5.8% 
     
5,000 
 
American Municipal Power Ohio Inc., General Revenue Bonds, Prairie State Energy Campus Project 
2/19 at 100.00 
AA+ 
5,109,700 
   
Series 2009A, 5.750%, 2/15/39 – AGC Insured 
     
5,885 
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue 
6/17 at 100.00 
Baa3 
4,365,964 
   
Bonds, Senior Lien, Series 2007A-2, 6.500%, 6/01/47 
     
2,000 
 
Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, University 
1/15 at 100.00 
A 
2,048,340 
   
Hospitals Health System, Series 2009, 6.750%, 1/15/39 
     
12,885 
 
Total Ohio 
   
11,524,004 
   
Puerto Rico – 4.7% 
     
4,390 
 
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A, 
7/18 at 100.00 
Baa1 
4,137,619 
   
6.000%, 7/01/44 
     
3,000 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 
8/19 at 100.00 
A+ 
3,005,460 
   
2009A, 6.000%, 8/01/42 
     
2,500 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Tender Option Bonds 
No Opt. Call 
Aa2 
2,185,600 
   
Trust 11851, 18.612%, 2/01/16 – (IF) 
     
9,890 
 
Total Puerto Rico 
   
9,328,679 
   
Rhode Island – 3.2% 
     
3,000 
 
Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue Bonds, 
5/19 at 100.00 
A– 
3,175,380 
   
Lifespan Obligated Group Issue, Series 2009A, 7.000%, 5/15/39 
     
3,240 
 
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, 
6/12 at 100.00 
BBB 
3,104,924 
   
Series 2002A, 6.125%, 6/01/32 
     
6,240 
 
Total Rhode Island 
   
6,280,304 
   
Texas – 6.3% 
     
13,510 
 
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation 
8/17 at 27.35 
AAA 
2,578,519 
   
Bonds, Series 2008, 0.000%, 8/15/39 
     
5,300 
 
North Texas Tollway Authority, Second Tier System Revenue Refunding Bonds, Series 2008F, 
1/18 at 100.00 
A3 
5,158,649 
   
5.750%, 1/01/38 
     
5,000 
 
Richardson Hospital Authority, Texas, Revenue Bonds, Richardson Regional Medical Center, 
12/13 at 100.00 
Baa2 
4,665,950 
   
Series 2004, 6.000%, 12/01/34 
     
23,810 
 
Total Texas 
   
12,403,118 
   
Virgin Islands – 0.5% 
     
1,000 
 
Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note – Diageo Project, 
10/19 at 100.00 
BBB 
1,036,530 
   
Series 2009A, 6.750%, 10/01/37 
     
 
 
Nuveen Investments 33
 


 
 
 

 
 
 

   
 
Nuveen Municipal Value Fund 2 (continued) 
NUW 
Portfolio of Investments April 30, 2011 (Unaudited) 
 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Virginia – 1.1% 
     
$     2,000 
 
Washington County Industrial Development Authority , Virginia, Hospital Revenue Bonds, 
1/19 at 100.00 
BBB+ 
$     2,204,700 
   
Mountain States Health Alliance, Series 2009C, 7.750%, 7/01/38 
     
   
Wisconsin – 8.3% 
     
160 
 
Badger Tobacco Asset Securitization Corporation, Wisconsin, Tobacco Settlement Asset-Backed 
6/12 at 100.00 
AAA 
166,109 
   
Bonds, Series 2002, 6.125%, 6/01/27 (Pre-refunded 6/01/12) 
     
5,000 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Healthcare Inc., 
4/13 at 100.00 
BBB+ 
5,052,850 
   
Series 2003, 6.400%, 4/15/33 
     
1,500 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc. 
2/19 at 100.00 
A+ 
1,565,100 
   
Obligated Group, Series 2009, 6.625%, 2/15/39 
     
9,000 
 
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 
5/19 at 100.00 
AA– 
9,689,219 
   
6.000%, 5/01/36 
     
15,660 
 
Total Wisconsin 
   
16,473,278 
$ 269,115 
 
Total Investments (cost $181,662,105) – 98.6% 
   
195,506,967 
   
Other Assets Less Liabilities – 1.4% 
   
2,829,531 
   
Net Assets – 100% 
   
$ 198,336,498 
 
   
(1)
All percentages shown in the Portfolio of Investments are based on net assets. 
   
(2)
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices 
 
at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. 
   
(3)
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investor Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. 
 
Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not 
 
rated by any of these national rating agencies. 
   
(4)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. 
   
N/R
Not rated. 
   
(IF)
Inverse floating rate investment. 
 
 
See accompanying notes to financial statements.
 
 
34 Nuveen Investments
 


 
 
 

 
 
 

           
 
Nuveen Municipal Income Fund, Inc. 
       
NMI 
Portfolio of Investments 
     
   
April 30, 2011 (Unaudited) 
 
 
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Alabama – 2.5% 
     
$  1,000 
 
Courtland Industrial Development Board, Alabama, Solid Waste Revenue Bonds, International 
6/15 at 100.00 
BBB 
$      929,890 
   
Paper Company Project, Series 2005A, 5.200%, 6/01/25 (Alternative Minimum Tax) 
     
500 
 
Jefferson County, Alabama, Limited Obligation School Warrants, Education Tax Revenue Bonds, 
1/14 at 100.00 
AA+ 
471,770 
   
Series 2004A, 5.250%, 1/01/23 – AGM Insured 
     
690 
 
Phenix City Industrial Development Board, Alabama, Environmental Improvement Revenue Bonds, 
5/12 at 100.00 
BBB 
665,457 
   
MeadWestvaco Corporation, Series 2002A, 6.350%, 5/15/35 (Alternative Minimum Tax) 
     
2,190 
 
Total Alabama 
   
2,067,117 
   
Arizona – 0.5% 
     
500 
 
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc 
No Opt. Call 
A 
462,120 
   
Prepay Contract Obligations, Series 2007, 5.250%, 12/01/28 
     
   
California – 19.3% 
     
5,530 
 
Adelanto School District, San Bernardino County, California, General Obligation Bonds, Series 
No Opt. Call 
A+ 
2,884,503 
   
1997A, 0.000%, 9/01/22 – NPFG Insured 
     
500 
 
Bay Area Governments Association, California, BART SFO Extension, Airport Premium Fare Revenue 
8/12 at 100.00 
N/R 
403,860 
   
Bonds, Series 2002A, 5.000%, 8/01/32 – AMBAC Insured 
     
   
Brea Olinda Unified School District, California, General Obligation Bonds, Series 1999A: 
     
2,000 
 
0.000%, 8/01/21 – FGIC Insured (5) 
No Opt. Call 
Aa2 
1,172,200 
2,070 
 
0.000%, 8/01/22 – FGIC Insured 
No Opt. Call 
Aa2 
1,111,590 
2,120 
 
0.000%, 8/01/23 – FGIC Insured 
No Opt. Call 
Aa2 
1,040,178 
500 
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los 
12/18 at 100.00 
Baa3 
447,755 
   
Angeles County Securitization Corporation, Series 2006A, 5.250%, 6/01/21 
     
250 
 
California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Series 2007E, 
2/17 at 100.00 
A3 
201,045 
   
4.800%, 8/01/37 (Alternative Minimum Tax) 
     
3,000 
 
California State Public Works Board, Lease Revenue Bonds, Department of Mental Health, 
6/14 at 100.00 
A2 
2,901,180 
   
Coalinga State Hospital, Series 2004A, 5.000%, 6/01/25 
     
375 
 
California Statewide Communities Development Authority, Revenue Bonds, American Baptist Homes 
10/19 at 100.00 
BBB 
359,273 
   
of the West, Series 2010, 6.000%, 10/01/29 
     
1,000 
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity 
7/15 at 100.00 
BBB 
722,470 
   
Health System, Series 2005A, 5.000%, 7/01/39 
     
1,500 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
6/13 at 100.00 
AAA 
1,684,770 
   
Bonds, Series 2003A-1, 6.750%, 6/01/39 (Pre-refunded 6/01/13) 
     
1,000 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
6/17 at 100.00 
Baa3 
678,860 
   
Bonds, Series 2007A-1, 5.750%, 6/01/47 
     
500 
 
Lake Elsinore Public Finance Authority, California, Local Agency Revenue Refunding Bonds, 
10/13 at 102.00 
N/R 
462,745 
   
Series 2003H, 6.375%, 10/01/33 
     
250 
 
Madera County, California, Certificates of Participation, Children’s Hospital Central 
3/20 at 100.00 
A 
228,123 
   
California, Series 2010, 5.375%, 3/15/36 
     
300 
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Series 2009A, 7.000%, 11/01/34 
No Opt. Call 
A 
333,561 
250 
 
Ridgecrest Redevelopment Agency, California, Ridgecrest Redevelopment Project Tax Allocation 
6/20 at 100.00 
A– 
231,905 
   
Bonds, Refunding Series 2010, 6.125%, 6/30/37 
     
385 
 
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, 
2/21 at 100.00 
A– 
376,503 
   
Mission Bay North Redevelopment Project, Series 2011C, 6.000%, 8/01/24 
     
1,000 
 
Union City Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, 
No Opt. Call 
A 
1,011,020 
   
Redevelopment Project, Subordinate Lien Series 2011, 6.000%, 12/01/22 
     
22,530 
 
Total California 
   
16,251,541 
   
Colorado – 4.8% 
     
680 
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Douglas 
7/12 at 100.00 
BBB 
665,298 
   
County School District RE-1 – DCS Montessori School, Series 2002A, 6.000%, 7/15/22 
     
360 
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, 
8/11 at 100.00 
AAA 
367,211 
   
Peak-to-Peak Charter School, Series 2001, 7.500%, 8/15/21 (Pre-refunded 8/15/11) 
     
1,000 
 
Colorado health Facilities Authority, Charter School Revenue Bonds, Weld County School District 6 – 
6/11 at 100.00 
N/R (4) 
1,006,170 
   
Fronteir Academy, Series 2001, 7.375%, 6/01/31 (Pre-refunded 6/01/11) 
     
 
 
Nuveen Investments 35
 


 
 
 

 
 
 
 
Nuveen Municipal Income Fund, Inc. (continued) 
NMI 
Portfolio of Investments April 30, 2011 (Unaudited) 

 
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Colorado (continued) 
     
$  1,000 
 
Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan 
6/16 at 100.00 
A– 
$      825,970 
   
Society, Series 2005, 5.000%, 6/01/35 
     
440 
 
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue 
12/20 at 100.00 
AA+ 
436,423 
   
Refunding Bonds, Series 2011, 6.125%, 12/01/41 (WI/DD, Settling 5/12/11) – AGM Insured 
     
520 
 
Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs 
No Opt. Call 
A 
550,077 
   
Utilities, Series 2008, 6.125%, 11/15/23 
     
250 
 
Southlands Metropolitan District 1, Colorado, Limited Tax General Obligation Bonds, Series 
12/17 at 100.00 
N/R 
186,950 
   
2007, 5.250%, 12/01/34 – RAAI Insured 
     
4,250 
 
Total Colorado 
   
4,038,099 
   
Connecticut – 2.1% 
     
1,480 
 
Capitol Region Education Council, Connecticut, Revenue Bonds, Series 1995, 6.750%, 10/15/15 
10/11 at 100.00 
BBB 
1,484,040 
260 
 
Eastern Connecticut Resource Recovery Authority, Solid Waste Revenue Bonds, Wheelabrator 
7/11 at 100.00 
BBB 
260,647 
   
Lisbon Project, Series 1993A, 5.500%, 1/01/14 (Alternative Minimum Tax) 
     
1,740 
 
Total Connecticut 
   
1,744,687 
   
Florida – 4.8% 
     
110 
 
Dade County Industrial Development Authority, Florida, Revenue Bonds, Miami Cerebral Palsy 
6/11 at 100.00 
N/R 
102,805 
   
Residential Services Inc., Series 1995, 8.000%, 6/01/22 
     
500 
 
Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Nova Southeastern 
4/21 at 100.00 
BBB 
505,275 
   
University, Refunding Series 2011, 6.375%, 4/01/31 
     
1,250 
 
Martin County Industrial Development Authority, Florida, Industrial Development Revenue Bonds, 
6/11 at 100.00 
BB+ 
1,256,250 
   
Indiantown Cogeneration LP, Series 1994A, 7.875%, 12/15/25 (Alternative Minimum Tax) 
     
600 
 
Martin County Industrial Development Authority, Florida, Industrial Development Revenue 
6/11 at 100.00 
BB+ 
603,000 
   
Refunding Bonds, Indiantown Cogeneration LP, Series 1995B, 8.050%, 12/15/25 (Alternative 
     
   
Minimum Tax) 
     
640 
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 
10/20 at 100.00 
AA+ 
620,666 
   
5.000%, 10/01/35 – AGM Insured 
     
500 
 
North Sumter County Utility Dependent District, Florida, Utility Revenue Bonds, Series 2010, 
10/20 at 100.00 
AA+ 
461,565 
   
5.375%, 10/01/40 
     
645 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006, 
5/14 at 101.00 
N/R 
456,150 
   
5.400%, 5/01/37 
     
4,245 
 
Total Florida 
   
4,005,711 
   
Georgia – 0.9% 
     
500 
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.250%, 11/01/34 – 
11/19 at 100.00 
AA+ 
503,750 
   
AGM Insured 
     
300 
 
Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2007B, 5.000%, 3/15/22 
No Opt. Call 
A 
290,160 
800 
 
Total Georgia 
   
793,910 
   
Illinois – 10.2% 
     
740 
 
Chicago, Illinois, Tax Increment Allocation Bonds, Irving/Cicero Redevelopment Project, Series 
7/11 at 100.00 
N/R 
740,918 
   
1998, 7.000%, 1/01/14 
     
1,500 
 
Illinois Development Finance Authority, Pollution Control Revenue Refunding Bonds – CIPS Debt, 
6/11 at 100.00 
BBB– 
1,474,155 
   
Series 1993C-2, 5.950%, 8/15/26 
     
500 
 
Illinois Development Finance Authority, Revenue Bonds, Chicago Charter School Foundation, 
12/12 at 100.00 
N/R (4) 
542,015 
   
Series 2002A, 6.125%, 12/01/22 (Pre-refunded 12/01/12) 
     
1,000 
 
Illinois Finance Authority, Revenue Bonds, Children’s Memorial Hospital, Tender Option Bond 
No Opt. Call 
AA+ 
742,960 
   
Trust 2008-1098, 18.342%, 8/15/15 – AGC Insured (IF) (5) 
     
250 
 
Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2010C, 
5/20 at 100.00 
N/R 
229,468 
   
5.125%, 5/15/35 
     
250 
 
Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, 
No Opt. Call 
A2 
257,973 
   
Series 2009C, 6.375%, 11/01/29 
     
500 
 
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 
8/19 at 100.00 
BBB 
500,860 
   
2009, 7.000%, 8/15/44 
     
250 
 
Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc., 
3/20 at 100.00 
AA+ 
239,175 
   
Series 2005 Remarketed, 5.250%, 3/01/30 – AGM Insured 
     
 
 
36 Nuveen Investments
 


 
 
 

 
 
 

           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Illinois (continued) 
     
$     600 
 
Illinois Health Facilities Authority, Revenue Bonds, Condell Medical Center, Series 2002, 
5/12 at 100.00 
Aaa 
$      630,960 
   
5.500%, 5/15/32 (Pre-refunded 5/15/12) 
     
1,000 
 
Illinois Health Facilities Authority, Revenue Refunding Bonds, Elmhurst Memorial Healthcare, 
1/13 at 100.00 
Baa1 
991,170 
   
Series 2002, 5.500%, 1/01/22 
     
250 
 
Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel 
1/16 at 100.00 
B– 
171,393 
   
Revenue Bonds, Series 2005B, 5.250%, 1/01/36 
     
1,305 
 
North Chicago, Illinois, General Obligation Bonds, Series 2005B, 5.000%, 11/01/25 – 
11/15 at 100.00 
BBB 
1,329,208 
   
FGIC Insured 
     
800 
 
Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 
No Opt. Call 
A– 
772,616 
   
2010, 6.000%, 6/01/28 
     
8,945 
 
Total Illinois 
   
8,622,871 
   
Indiana – 4.0% 
     
525 
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For 
10/19 at 100.00 
BBB– 
500,771 
   
Educational Excellence, Inc., Series 2009A, 7.000%, 10/01/39 
     
2,000 
 
Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Riverview Hospital, 
8/12 at 101.00 
Baa1 (4) 
2,156,280 
   
Series 2002, 6.125%, 8/01/31 (Pre-refunded 8/01/12) 
     
250 
 
Indianapolis, Indiana, Multifamily Housing Revenue Bonds, GMF-Berkley Commons Apartments, 
7/20 at 100.00 
A+ 
240,018 
   
Series 2010A, 6.000%, 7/01/40 
     
500 
 
Vigo County Hospital Authority, Indiana, Hospital Revenue Bonds, Union Hospital, Inc., Series 
9/21 at 100.00 
N/R 
500,610 
   
2011, 8.000%, 9/01/41 
     
3,275 
 
Total Indiana 
   
3,397,679 
   
Kansas – 0.5% 
     
500 
 
Overland Park Development Corporation, Kansas, Second Tier Revenue Bonds, Overland Park 
1/17 at 100.00 
Baa3 
451,340 
   
Convention Center, Series 2007B, 5.125%, 1/01/22 – AMBAC Insured 
     
   
Kentucky – 2.8% 
     
500 
 
Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro 
No Opt. Call 
Baa2 
481,455 
   
Medical Health System, Series 2010A, 6.500%, 3/01/45 
     
450 
 
Kentucky Housing Corporation, Housing Revenue Bonds, Series 2010C, 4.625%, 7/01/33 
1/20 at 100.00 
AAA 
433,350 
1,500 
 
Louisville-Jefferson County Metropolitan Government, Kentucky, Health Facilities Revenue 
2/18 at 100.00 
A– 
1,477,860 
   
Bonds, Jewish Hospital & Saint Mary’s HealthCare Inc. Project, Series 2008, 6.125%, 2/01/37 
     
2,450 
 
Total Kentucky 
   
2,392,665 
   
Louisiana – 1.7% 
     
500 
 
Louisiana Local Government Environmental Facilities and Community Development Authority, 
1/19 at 100.00 
AA+ 
507,225 
   
Revenue Refunding Bonds, City of Shreveport Airport System Project, Series 2008A, 5.750%, 
     
   
1/01/28 – AGM Insured 
     
   
Louisiana Public Facilities Authority, Extended Care Facilities Revenue Bonds, Comm-Care 
     
   
Corporation Project, Series 1994: 
     
80 
 
11.000%, 2/01/14 (ETM) 
No Opt. Call 
N/R (4) 
92,874 
750 
 
11.000%, 2/01/14 (ETM) 
No Opt. Call 
N/R (4) 
870,698 
1,330 
 
Total Louisiana 
   
1,470,797 
   
Maryland – 2.5% 
     
1,000 
 
Maryland Economic Development Corporation, Economic Development Revenue Bonds, 
6/20 at 100.00 
Baa3 
920,410 
   
Transportation Facilities Project, Series 2010A, 5.750%, 6/01/35 
     
1,000 
 
Maryland Energy Financing Administration, Revenue Bonds, AES Warrior Run Project, Series 1995, 
9/11 at 100.00 
N/R 
999,870 
   
7.400%, 9/01/19 (Alternative Minimum Tax) 
     
210 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Patterson Park 
7/11 at 100.00 
BBB– 
184,241 
   
Public Charter School Issue, Series 2010, 6.000%, 7/01/40 
     
2,210 
 
Total Maryland 
   
2,104,521 
   
Massachusetts – 0.5% 
     
155 
 
Massachusetts Development Finance Agency, Resource Recovery Revenue Bonds, Ogden Haverhill 
6/11 at 101.00 
A– 
155,544 
   
Associates, Series 1999A, 6.700%, 12/01/14 (Alternative Minimum Tax) 
     
270 
 
Massachusetts Industrial Finance Agency, Resource Recovery Revenue Refunding Bonds, Ogden 
6/11 at 100.00 
A– 
270,005 
   
Haverhill Project, Series 1998A, 5.450%, 12/01/12 (Alternative Minimum Tax) 
     
425 
 
Total Massachusetts 
   
425,549 
 
 
Nuveen Investments 37
 


 
 
 

 
 
 

 
Nuveen Municipal Income Fund, Inc. (continued) 
NMI 
Portfolio of Investments April 30, 2011 (Unaudited) 
 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Michigan – 1.3% 
     
$  1,000 
 
Delta County Economic Development Corporation, Michigan, Environmental Improvement Revenue 
4/12 at 100.00 
AAA 
$   1,057,240 
   
Refunding Bonds, MeadWestvaco Corporation – Escanaba Paper Company, Series 2002B, 6.450%, 
     
   
4/15/23 (Pre-refunded 4/15/12) (Alternative Minimum Tax) 
     
   
Mississippi – 0.6% 
     
500 
 
Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System 
10/11 at 100.00 
BBB 
490,120 
   
Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22 
     
   
Missouri – 6.0% 
     
265 
 
Hanley Road Corridor Transportation Development District, Brentwood and Maplewood, Missouri, 
10/19 at 100.00 
A– 
258,836 
   
Transportation Sales Revenue Bonds, Refunding Series 2009A, 5.875%, 10/01/36 
     
4,450 
 
Missouri Environmental Improvement and Energy Resources Authority, Water Facility Revenue 
12/16 at 100.00 
Aa1 
3,807,109 
   
Bonds, Missouri-American Water Company, Series 2006, 4.600%, 12/01/36 – AMBAC Insured 
     
   
(Alternative Minimum Tax) (UB) 
     
500 
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Rockhurst University, 
10/18 at 103.00 
BBB 
500,355 
   
Series 1999, 6.000%, 10/01/25 
     
500 
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Rockhurst University, 
10/18 at 103.00 
BBB 
502,930 
   
Series 2011A, 5.250%, 10/01/20 
     
5,715 
 
Total Missouri 
   
5,069,230 
   
Montana – 1.4% 
     
1,200 
 
Montana Board of Investments, Exempt Facility Revenue Bonds, Stillwater Mining Company, Series 
7/11 at 100.50 
B+ 
1,202,076 
   
2000, 8.000%, 7/01/20 (Alternative Minimum Tax) 
     
   
Nebraska – 1.2% 
     
1,000 
 
Washington County, Nebraska, Wastewater Facilities Revenue Bonds, Cargill Inc., Series 2002, 
11/12 at 101.00 
A 
1,014,600 
   
5.900%, 11/01/27 (Alternative Minimum Tax) 
     
   
New Jersey – 0.4% 
     
500 
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, 
6/17 at 100.00 
Baa3 
310,595 
   
Series 2007-1A, 4.750%, 6/01/34 
     
   
New York – 5.1% 
     
630 
 
Brooklyn Areba Local Development Corporation, New York, Payment in Lieu of Taxes Revenue 
No Opt. Call 
BBB– 
620,859 
   
Bonds, Barclays Center Project, Series 2009, 6.250%, 7/15/40 
     
1,000 
 
Dormitory Authority of the State of New York, Revenue Bonds, Brooklyn Law School, Series 
7/13 at 100.00 
BBB+ 
1,075,670 
   
2003A, 5.500%, 7/01/15 – RAAI Insured 
     
265 
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air 
12/20 at 100.00 
BBB– 
254,983 
   
Terminal LLC Project, Eigth Series 2010, 6.000%, 12/01/42 
     
2,310 
 
Yates County Industrial Development Agency, New York, FHA-Insured Civic Facility Mortgage 
8/11 at 101.00 
N/R 
2,334,786 
   
Revenue Bonds, Soldiers and Sailors Memorial Hospital, Series 2000A, 6.000%, 2/01/41 
     
4,205 
 
Total New York 
   
4,286,298 
   
North Dakota – 0.4% 
     
300 
 
Fargo, North Dakota, Health System Revenue Bonds, Sanford Series 2011, 6.250%, 11/01/31 
11/21 at 100.00 
AA– 
313,149 
   
Ohio – 1.9% 
     
520 
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue 
6/17 at 100.00 
Baa3 
350,839 
   
Bonds, Senior Lien, Series 2007A-2, 5.875%, 6/01/47 
     
1,000 
 
Erie County, Ohio, Hospital Facilities Revenue Bonds, Firelands Regional Medical Center 
8/16 at 100.00 
A– 
787,670 
   
Project, Series 2006, 5.250%, 8/15/46 
     
500 
 
Montgomery County, Ohio, Health Care and Multifamily Housing Revenue Bonds, Saint Leonard, 
4/20 at 100.00 
BBB– 
469,955 
   
Refunding & improvement Series 2010, 6.375%, 4/01/30 
     
2,020 
 
Total Ohio 
   
1,608,464 
   
Pennsylvania – 0.5% 
     
460 
 
Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social 
1/19 at 100.00 
N/R 
455,791 
   
Ministries Project, Series 2009, 6.125%, 1/01/29 
     
   
Puerto Rico – 0.8% 
     
640 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 
8/19 at 100.00 
A+ 
641,165 
   
2009A, 6.000%, 8/01/42 
     
 
 
38 Nuveen Investments
 


 
 
 

 
 
 

Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Rhode Island – 1.0% 
     
$  1,000 
 
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, 
6/12 at 100.00 
BBB 
$      865,040 
   
Series 2002A, 6.250%, 6/01/42 
     
   
South Carolina – 4.4% 
     
1,500 
 
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 
12/12 at 101.00 
AA 
1,615,830 
   
2002, 5.500%, 12/01/13 
     
475 
 
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 1991, 6.750%, 
No Opt. Call 
AAA 
605,027 
   
1/01/19 – FGIC Insured (ETM) 
     
1,105 
 
South Carolina JOBS Economic Development Authority, Economic Development Revenue Bonds, Bon 
11/12 at 100.00 
A– 
1,056,424 
   
Secours Health System Inc., Series 2002B, 5.625%, 11/15/30 
     
395 
 
Tobacco Settlement Revenue Management Authority, South Carolina, Tobacco Settlement 
5/11 at 101.00 
BBB (4) 
399,586 
   
Asset-Backed Bonds, Series 2001B, 6.000%, 5/15/22 (Pre-refunded 5/15/11) 
     
3,475 
 
Total South Carolina 
   
3,676,867 
   
Tennessee – 2.5% 
     
1,000 
 
Knox County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue 
4/12 at 101.00 
A1 
1,044,560 
   
Bonds, Baptist Health System of East Tennessee Inc., Series 2002, 6.375%, 4/15/22 
     
   
Shelby County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue 
     
   
Bonds, Methodist Healthcare, Series 2002: 
     
375 
 
6.500%, 9/01/26 (Pre-refunded 9/01/12) 
9/12 at 100.00 
AAA 
403,688 
625 
 
6.500%, 9/01/26 (Pre-refunded 9/01/12) 
9/12 at 100.00 
AAA 
672,813 
500 
 
Sumner County Health, Educational, and Housing Facilities Board, Tennessee, Revenue Refunding 
11/17 at 100.00 
N/R 
25,050 
   
Bonds, Sumner Regional Health System Inc., Series 2007, 5.500%, 11/01/37 (6), (7) 
     
2,500 
 
Total Tennessee 
   
2,146,111 
   
Texas – 10.4% 
     
25 
 
Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric 
No Opt. Call 
CC 
24,490 
   
Company, Series 2001C, 5.750%, 5/01/36 (Mandatory put 11/01/11) (Alternative Minimum Tax) 
     
1,500 
 
Cameron Education Finance Corporation, Texas, Charter School Revenue Bonds, Faith Family 
8/16 at 100.00 
BBB– 
1,136,130 
   
Academy Charter School, Series 2006A, 5.250%, 8/15/36 – ACA Insured 
     
2,000 
 
Gulf Coast Waste Disposal Authority, Texas, Sewerage and Solid Waste Disposal Revenue Bonds, 
4/12 at 100.00 
A– 
2,001,840 
   
Anheuser Busch Company, Series 2002, 5.900%, 4/01/36 (Alternative Minimum Tax) 
     
1,000 
 
Matagorda County Navigation District 1, Texas, Collateralized Revenue Refunding Bonds, Houston 
10/13 at 101.00 
A3 
1,027,990 
   
Light and Power Company, Series 1995, 4.000%, 10/15/15 – NPFG Insured 
     
   
North Texas Tollway Authority, Second Tier System Revenue Refunding Bonds, Tender Option Bond 
     
   
Trust 2903: 
     
150 
 
17.536%, 1/01/30 (IF) 
1/18 at 100.00 
A3 
153,935 
850 
 
17.437%, 1/01/38 (IF) 
1/18 at 100.00 
A3 
851,649 
200 
 
North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011C, 
9/31 at 100.00 
AA 
93,834 
   
0.000%, 9/01/43 
     
270 
 
SA Energy Acquisition Public Facilities Corporation, Texas, Gas Supply Revenue Bonds, Series 
No Opt. Call 
A 
265,140 
   
2007, 5.500%, 8/01/27 
     
405 
 
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, 
12/19 at 100.00 
Baa2 
416,842 
   
NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project, Series 2009, 
     
   
6.875%, 12/31/39 
     
770 
 
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, LBJ 
6/20 at 100.00 
Baa3 
787,179 
   
Infrastructure Group LLC IH-635 Managed Lanes Project, Series 2010, 7.000%, 6/30/40 
     
500 
 
Texas Public Finance Authority, Charter School Finance Corporation Revenue Bonds, Idea Public 
8/17 at 100.00 
BBB 
388,390 
   
School Project, Series 2007A, 5.000%, 8/15/37 – ACA Insured 
     
   
Weslaco Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Knapp 
     
   
Medical Center, Series 2002: 
     
1,000 
 
6.250%, 6/01/25 (Pre-refunded 6/01/12) 
6/12 at 100.00 
N/R (4) 
1,059,420 
50 
 
6.250%, 6/01/32 (Pre-refunded 6/01/12) 
6/12 at 100.00 
N/R (4) 
52,971 
1,000 
 
West Texas Independent School District, McLennan and Hill Counties, General Obligation 
8/13 at 51.84 
AAA 
467,470 
   
Refunding Bonds, Series 1998, 0.000%, 8/15/25 
     
9,720 
 
Total Texas 
   
8,727,280 
   
Virgin Islands – 0.5% 
     
420 
 
Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note – Diageo Project, 
10/19 at 100.00 
BBB 
435,343 
   
Series 2009A, 6.750%, 10/01/37 
     
 
 
Nuveen Investments 39
 


 
 
 

 
 
 
 
Nuveen Municipal Income Fund, Inc. (continued) 
NMI 
Portfolio of Investments April 30, 2011 (Unaudited) 

Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Virginia – 3.0% 
     
$   1,000 
 
Chesterfield County Industrial Development Authority, Virginia, Pollution Control Revenue 
11/14 at 100.00 
A3 
$   1,022,280 
   
Bonds, Virginia Electric and Power Company, Series 1987A, 5.875%, 6/01/17 
     
1,500 
 
Mecklenburg County Industrial Development Authority, Virginia, Revenue Bonds, UAE Mecklenburg 
10/12 at 100.00 
Baa1 
1,493,715 
   
Cogeneration LP, Series 2002, 6.500%, 10/15/17 (Alternative Minimum Tax) 
     
2,500 
 
Total Virginia 
   
2,515,995 
   
Washington – 0.5% 
     
500 
 
Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and 
No Opt. Call 
N/R 
386,775 
   
Medical Center of Seattle, Series 2007, 5.700%, 12/01/32 
     
   
Wisconsin – 1.5% 
     
250 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health System, 
4/20 at 100.00 
N/R 
217,845 
   
Inc., Series 2010B, 5.000%, 4/01/30 
     
1,000 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Carroll College Inc., 
10/11 at 100.00 
BBB 
1,004,355 
   
Series 2001, 6.250%, 10/01/21 
     
1,250 
 
Total Wisconsin 
   
1,222,200 
$ 94,295 
 
Total Investments (cost $85,310,413) – 100.5% 
   
84,652,946 
   
Floating Rate Obligations – (4.0)% 
   
(3,335,000) 
   
Other Assets Less Liabilities – 3.5% 
   
2,881,192 
   
Net Assets – 100% 
   
$ 84,199,138 
 
   
(1)
All percentages shown in the Portfolio of Investments are based on net assets. 
   
(2)
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices 
 
at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. 
   
(3)
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investor Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. 
 
Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not 
 
rated by any of these national rating agencies. 
   
(4)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal 
 
and interest. Such investments are normally considered to be equivalent to AAA rated securities. 
   
(5)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. 
   
(6)
For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Footnote 1 – General Information 
 
and Significant Accounting Policies, Investment Valuation for more information. 
   
(7)
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing security, in the case of a bond, 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. 
   
N/R
Not rated. 
   
WI/DD
Purchased on a when-issued or delayed delivery basis. 
   
(ETM)
Escrowed to maturity. 
   
(IF)
Inverse floating rate investment. 
   
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information 
 
and Significant Accounting Policies, Inverse Floating Rate Securities for more information. 
 
See accompanying notes to financial statements. 
 
 
40 Nuveen Investments
 


 
 
 

 
 
 

 
Nuveen Enhanced Municipal Value Fund 
       
NEV 
Portfolio of Investments 
     
   
April 30, 2011 (Unaudited) 
 
 
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Alabama – 0.8% 
     
$    2,000 
 
Jefferson County, Alabama, Limited Obligation School Warrants, Education Tax Revenue Bonds, 
1/14 at 100.00 
AA+ 
$     1,887,080 
   
Series 2004A, 5.250%, 1/01/23 – AGM Insured 
     
   
Arizona – 3.2% 
     
2,000 
 
Arizona State, Certificates of Participation, Series 2010A, 5.250%, 10/01/28 – AGM Insured 
10/19 at 100.00 
AA+ 
2,058,180 
2,500 
 
Festival Ranch Community Facilities District, Town of Buckeye, Arizona, District General 
7/19 at 100.00 
BBB+ 
2,450,150 
   
Obligation Bonds, Series 2009, 6.500%, 7/15/31 
     
320 
 
Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Government Project Bonds, Series 
12/17 at 102.00 
N/R 
295,645 
   
2008, 7.000%, 12/01/27 
     
   
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc 
     
   
Prepay Contract Obligations, Series 2007: 
     
50 
 
5.000%, 12/01/32 
No Opt. Call 
A 
43,230 
2,120 
 
5.000%, 12/01/37 
No Opt. Call 
A 
1,764,116 
1,927 
 
Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, Series 
7/16 at 100.00 
N/R 
1,505,045 
   
2005, 6.000%, 7/01/30 
     
8,917 
 
Total Arizona 
   
8,116,366 
   
California – 17.0% 
     
1,000 
 
Bay Area Governments Association, California, BART SFO Extension, Airport Premium Fare Revenue 
8/12 at 100.00 
N/R 
807,720 
   
Bonds, Series 2002A, 5.000%, 8/01/32 – AMBAC Insured 
     
5,000 
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 
4/19 at 100.00 
AA 
4,969,450 
   
2009F-1, 5.000%, 4/01/34 (WI/DD, Settling 5/05/11) 
     
920 
 
California Educational Facilities Authority, Revenue Bonds, University of Southern California, 
No Opt. Call 
AA+ 
1,023,224 
   
Tender Option Bond Trust 3144, 19.007%, 10/01/16 (IF) 
     
2,040 
 
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, 
10/19 at 100.00 
AA 
2,010,440 
   
Tender Option Bond Trust 3878, 24.263%, 10/01/33 (IF) (4) 
     
   
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Tender Option 
     
   
Bond Trust 3248: 
     
1,700 
 
24.525%, 2/15/23 (IF) 
8/20 at 100.00 
AA– 
1,819,000 
300 
 
24.525%, 2/15/23 (IF) 
8/20 at 100.00 
AA– 
311,160 
1,000 
 
California Infrastructure Economic Development Bank, Revenue Bonds, J. David Gladstone 
10/11 at 101.00 
A– 
877,800 
   
Institutes, Series 2001, 5.250%, 10/01/34 
     
1,000 
 
California Municipal Finance Authority, Revenue Bonds, Harbor Regional Center Project, Series 
11/19 at 100.00 
Baa1 
1,065,260 
   
2009, 8.000%, 11/01/29 
     
500 
 
California Statewide Communities Development Authority, Revenue Bonds, American Baptist Homes 
10/19 at 100.00 
BBB 
479,320 
   
of the West, Series 2010, 5.750%, 10/01/25 
     
400 
 
Davis Redevelopment Agency, California, Tax Allocation Bonds, Davis Redevelopment Project, 
12/21 at 100.00 
A+ 
406,688 
   
Subordinate Series 2011A, 7.000%, 12/01/36 
     
275 
 
Eastern Municipal Water District, California, Water and Sewerage System Revenue Certificates 
7/16 at 100.00 
AA 
271,620 
   
of Participation, Series 2006A, 5.000%, 7/01/32 – NPFG Insured 
     
490 
 
Etiwanda School District, California, Coyote Canyon Community Facilties District 2004-1 
9/19 at 100.00 
N/R 
477,275 
   
Improvement Area 2 Special Tax Bonds, Series 2009, 6.500%, 9/01/32 
     
845 
 
Folsom Public Financing Authority, California, Special Tax Revenue Bonds, Refunding Series 
9/17 at 100.00 
N/R 
790,185 
   
2007A, 5.000%, 9/01/23 – AMBAC Insured 
     
880 
 
Folsom Public Financing Authority, California, Subordinate Special Tax Revenue Bonds, Series 
9/20 at 100.00 
A– 
838,385 
   
2010A, 5.250%, 9/01/24 
     
 
 
Nuveen Investments 41
 


 
 
 

 
 
 
 
Nuveen Enhanced Municipal Value Fund (continued) 
NEV 
Portfolio of Investments April 30, 2011 (Unaudited) 

 
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
California (continued) 
     
$    3,030 
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement 
6/15 at 100.00 
AA+ 
$     2,667,400 
   
Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/35 – AGC Insured 
     
   
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
     
   
Bonds, Series 2007A-1: 
     
4,055 
 
5.750%, 6/01/47 
6/17 at 100.00 
Baa3 
2,752,777 
1,000 
 
5.125%, 6/01/47 
6/17 at 100.00 
Baa3 
610,150 
2,550 
 
Grossmont Healthcare District, California, General Obligation Bonds, Tender Option Bond Trust 
7/21 at 100.00 
Aa2 
3,351,440 
   
3253, 32.465%, 1/15/19 (IF) (4) 
     
200 
 
Jurupa Public Financing Authority, California,Superior Lien Revenue Bonds, Series 2010A, 
9/20 at 100.00 
AA+ 
187,092 
   
5.000%, 9/01/33 
     
1,710 
 
Los Angeles Community College District, Los Angeles County, California, General Obligation 
8/18 at 100.00 
Aa1 
1,614,890 
   
Bonds, Tender Option Bond Trust 3237, 24.369%, 8/01/27 (IF) 
     
525 
 
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International 
5/20 at 100.00 
AA 
531,463 
   
Airport, Senior Lien Series 2010A, 5.000%, 5/15/31 
     
100 
 
Los Angeles Regional Airports Improvement Corporation, California, Sublease Revenue Bonds, Los 
12/12 at 102.00 
B– 
100,341 
   
Angeles International Airport, American Airlines Inc. Terminal 4 Project, Series 2002B, 
     
   
7.500%, 12/01/24 (Alternative Minimum Tax) 
     
1,080 
 
National City Community Development Commission, San Diego County, California, Redevelopment 
8/21 at 100.00 
A– 
1,101,200 
   
Project Tax Allocation Bonds, Series 2011, 7.000%, 8/01/32 
     
1,165 
 
Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment 
9/21 at 100.00 
A– 
1,161,901 
   
Project, Series 2011, 6.750%, 9/01/40 
     
1,455 
 
Palm Drive Health Care District, Sonoma County, California, Certificates of Participation, 
No Opt. Call 
BB 
1,353,572 
   
Parcel Tax Secured Financing Program, Series 2010, 7.000%, 4/01/25 
     
265 
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 
11/19 at 100.00 
Baa3 
257,246 
   
6.750%, 11/01/39 
     
250 
 
Ridgecrest Redevelopment Agency, California, Ridgecrest Redevelopment Project Tax Allocation 
6/20 at 100.00 
A– 
231,905 
   
Bonds, Refunding Series 2010, 6.125%, 6/30/37 
     
   
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– 
503,705 
700 
 
6.750%, 8/01/33 
2/21 at 100.00 
A– 
712,152 
500 
 
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, 
2/21 at 100.00 
BBB 
494,305 
   
Mission Bay South Redevelopment Project, Series 2011D, 6.625%, 8/01/27 
     
360 
 
Santee Community Development Commission, California, Santee Redevelopment Project Tax 
2/21 at 100.00 
A 
369,277 
   
Allocation Bonds, Series 2011A, 7.000%, 8/01/31 
     
1,000 
 
Semitrophic Improvement District of Semitrophic Water Storage District, Kern County, 
12/19 at 100.00 
AA– 
975,830 
   
California, Revenue Bonds, Refunding Series 2009A, 5.000%, 12/01/38 
     
2,400 
 
Semitrophic Improvement District of Semitrophic Water Storage District, Kern County, 
No Opt. Call 
AA– 
2,292,720 
   
California, Revenue Bonds, Tender Option Bond Trust 3584, 21.594%, 6/01/17 (IF) (4) 
     
3,110 
 
Stockton Unified School District, San Joaquin County, California, General Obligation Bonds, 
8/17 at 100.00 
AA+ 
2,966,874 
   
Series 2007, 5.000%, 8/01/31 – AGM Insured 
     
500 
 
Tustin Community Redevelopment Agency, California, MCAS Project Area Tax Allocation Bonds, 
9/18 at 102.00 
A 
411,795 
   
Series 2010, 5.000%, 9/01/35 
     
1,045 
 
Ukiah Redevelopment Agency, California, Tax Allocation Bonds, Ukiah Redevelopment Project, 
6/21 at 100.00 
A 
1,019,303 
   
Series 2011A, 6.500%, 12/01/28 
     
1,020 
 
Western Placer Unified School District, Placer County, California, Certificates of 
8/19 at 100.00 
AA+ 
931,892 
   
Participation, Refunding Series 2009, 5.250%, 8/01/35 – AGM Insured 
     
44,870 
 
Total California 
   
42,746,757 
 
 
42 Nuveen Investments
 


 
 
 

 
 
 

Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Colorado – 5.0% 
     
$    1,000 
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Crown 
7/19 at 100.00 
N/R 
$        921,300 
   
Pointe Academy of Westminster Project, Chartered Through Adams County School District 50, 
     
   
Series 2009, 5.000%, 7/15/39 
     
2,090 
 
Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Montessori School of 
12/15 at 100.00 
N/R 
1,712,818 
   
Evergreen, Series 2005A, 6.500%, 12/01/35 
     
750 
 
Colorado Health Facilities Authority, Health Facilities Revenue Bonds, Sisters of Charity of 
No Opt. Call 
AA 
721,590 
   
Leavenworth Health Services Corporation, Tender Option Bond Trust 3702, 18.799%, 1/01/18 (IF) (4) 
     
965 
 
Colorado Housing and Finance Authority, Multifamily Housing Revenue Senior Bonds, Castle 
6/11 at 100.00 
N/R 
843,304 
   
Highlands Apartments Project, Series 2000A-1, 5.900%, 12/01/20 – AMBAC Insured (Alternative 
     
   
Minimum Tax) 
     
   
Colorado Housing and Finance Authority, Revenue Bonds, Confluence Energy LLC Project, 
     
   
Series 2007: 
     
11 
 
0.000%, 4/21/14 (Alternative Minimum Tax) 
No Opt. Call 
N/R 
0 
49 
 
0.000%, 4/21/14 (Alternative Minimum Tax) (5), (7) 
No Opt. Call 
N/R 
35,648 
250 
 
6.200%, 4/01/16 (Alternative Minimum Tax) (5), (6) 
No Opt. Call 
N/R 
186,375 
2,000 
 
Conservatory Metropolitan District, Arapahoe County, Colorado, General Obligation Limited Tax 
12/17 at 100.00 
N/R 
1,391,860 
   
Bonds, Series 2007, 5.125%, 12/01/37 – RAAI Insured 
     
   
Plaza Metropolitan District 1, Lakewood, Colorado, Tax Increment Revenue Bonds, Series 2003: 
     
1,000 
 
7.600%, 12/01/16 
6/14 at 101.00 
N/R 
992,700 
500 
 
7.700%, 12/01/17 
6/14 at 101.00 
N/R 
495,490 
   
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 
487,241 
3,880 
 
6.500%, 11/15/38 (4) 
No Opt. Call 
A 
3,985,846 
815 
 
Three Springs Metropolitan District 3, Durango, La Plata County, Colorado, Property Tax 
12/20 at 100.00 
N/R 
769,140 
   
Supported Revenue Bonds, Series 2010, 7.750%, 12/01/39 
     
13,785 
 
Total Colorado 
   
12,543,312 
   
Connecticut – 0.9% 
     
915 
 
Hamden, Connecticut, Facility Revenue Bonds, Whitney Center Project, Series 2009A, 
1/20 at 100.00 
N/R 
930,409 
   
7.750%, 1/01/43 
     
1,250 
 
Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue 
4/20 at 100.00 
N/R 
1,313,288 
   
Bonds, Harbor Point Project, Series 2010A, 7.000%, 4/01/22 
     
2,165 
 
Total Connecticut 
   
2,243,697 
   
District of Columbia – 0.1% 
     
400 
 
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, 
5/11 at 101.00 
BBB 
367,772 
   
Series 2001, 6.750%, 5/15/40 
     
   
Florida – 7.7% 
     
1,935 
 
Ave Maria Stewardship Community Development District, Florida, Capital Improvement Revenue 
5/16 at 100.00 
N/R 
1,423,715 
   
Bonds, Series 2006A, 5.125%, 5/01/38 
     
980 
 
Country Greens Community Development District, Florida, Special Assessment Bonds, Series 2003, 
5/13 at 101.00 
N/R 
915,026 
   
6.625%, 5/01/34 
     
4,140 
 
Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Series 2009-2, 
7/19 at 100.00 
AA+ 
4,018,077 
   
4.650%, 7/01/29 
     
2,585 
 
JEA, Florida, Water and Sewerage System Revenue Bonds, Tender Option Bond Trust 11801, 
7/11 at 100.00 
Aa2 
1,425,757 
   
20.308%, 4/01/35 – NPFG Insured (IF) 
     
1,000 
 
Miami-Dade County Health Facility Authority, Florida, Hospital Revenue Bonds, Miami Children’s 
8/20 at 100.00 
A 
1,005,530 
   
Hospital, Series 2010A, 6.000%, 8/01/30 
     
1,625 
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 
10/20 at 100.00 
A2 
1,590,323 
   
2010A-1, 5.375%, 10/01/35 
     
1,460 
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 
10/20 at 100.00 
AA+ 
1,415,893 
   
5.000%, 10/01/35 – AGM Insured 
     
 
 
Nuveen Investments 43
 


 
 
 

 
 
 

 
Nuveen Enhanced Municipal Value Fund (continued) 
NEV 
Portfolio of Investments April 30, 2011 (Unaudited) 
 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Florida (continued) 
     
$    3,660 
 
Miami-Dade County, Florida, Capital Asset Acquisition Special Obligation Bonds, Series 2009A, 
4/19 at 100.00 
AA+ 
$     3,584,933 
   
5.125%, 4/01/34 – AGC Insured 
     
2,000 
 
Mid-Bay Bridge Authority, Florida, Capital Springing Lien Revenue Bonds, Series 2011, 
10/21 at 100.00 
BBB– 
2,002,140 
   
7.250%, 10/01/40 
     
1,000 
 
North Sumter County Utility Dependent District, Florida, Utility Revenue Bonds, Series 2010, 
10/20 at 100.00 
AA+ 
923,130 
   
5.375%, 10/01/40 
     
10 
 
Orange County Health Facilities Authority, Florida, Revenue Bonds, Nemours Foundation, Series 
1/19 at 100.00 
AA+ 
9,167 
   
2009A, 5.000%, 1/01/39 
     
435 
 
Poinciana West Community Development District, Florida, Special Assessment Bonds, Series 2007, 
5/17 at 100.00 
N/R 
384,149 
   
5.875%, 5/01/22 
     
1,200 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2007, 
5/18 at 100.00 
N/R 
802,596 
   
6.650%, 5/01/40 
     
22,030 
 
Total Florida 
   
19,500,436 
   
Georgia – 7.4% 
     
12,000 
 
Atlanta, Georgia, Airport General Revenue Bonds, Series 2010C, 5.250%, 1/01/30 (UB) 
1/21 at 100.00 
AA+ 
12,319,680 
750 
 
Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A. Remarketed, 
1/19 at 100.00 
N/R 
760,770 
   
7.500%, 1/01/31 
     
1,000 
 
Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008B, Remarketed, 
1/19 at 100.00 
N/R 
1,005,810 
   
6.750%, 1/01/20 
     
1,250 
 
Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta Air 
6/20 at 100.00 
CCC+ 
1,381,775 
   
Lines, Inc. Project, Series 2009A, 8.750%, 6/01/29 
     
2,500 
 
Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta Air 
6/15 at 100.00 
CCC+ 
2,643,400 
   
Lines, Inc. Project, Series 2009B, 9.000%, 6/01/35 (Alternative Minimum Tax) 
     
250 
 
Effingham County Development Authority, Georgia, Solid Waste Disposal Revenue Bonds, Ft. James 
7/11 at 100.00 
BBB– 
245,945 
   
Project, Series 1998, 5.625%, 7/01/18 (Alternative Minimum Tax) 
     
150 
 
Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2007A, 5.500%, 9/15/26 
No Opt. Call 
A 
141,950 
90 
 
Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2007B, 5.000%, 3/15/22 
No Opt. Call 
A 
87,048 
17,990 
 
Total Georgia 
   
18,586,378 
   
Illinois – 11.1% 
     
2,500 
 
CenterPoint Intermodal Center Program Trust, Illinois, Series 2004 Class A Certificates, 
12/11 at 100.00 
N/R 
2,498,700 
   
8.500%, 6/15/23 
     
2,000 
 
Chicago, Illinois, Chicago O’Hare International Airport Special Facility Revenue Refunding 
12/12 at 100.00 
Caa2 
1,446,820 
   
Bonds, American Air Lines, Inc. Project, Series 2007, 5.500%, 12/01/30 
     
2,000 
 
Grundy County School District 54 Morris, Illinois, General Obligation Bonds, Refunding Series 
12/21 at 100.00 
AA+ 
2,180,140 
   
2005, 6.000%, 12/01/24 – AGM Insured 
     
1,460 
 
Hoffman Estates, Illinois, General Obligation Bonds, Tender Option Bond Trust 09-28W, 
12/18 at 100.00 
AA+ 
1,298,904 
   
25.723%, 12/01/38 (IF) (4) 
     
1,000 
 
Illinois Finance Authority Revenue Bonds, Christian Homes, Inc., Refunding Series 2010, 
5/20 at 100.00 
N/R 
959,100 
   
6.125%, 5/15/27 
     
1,000 
 
Illinois Finance Authority, Revenue Bonds, Admiral at Lake Project, Temps 65 Series 2010D-2, 
5/12 at 100.00 
N/R 
975,710 
   
6.375%, 5/15/17 
     
1,000 
 
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009, 5.250%, 11/01/39 
11/19 at 100.00 
AA 
921,140 
1,000 
 
Illinois Finance Authority, Revenue Bonds, DePaul University, Series 2011B, 5.500%, 10/01/23 
4/21 at 100.00 
A– 
1,060,380 
4,000 
 
Illinois Finance Authority, Revenue Bonds, Illinois Institute of Technology, Refunding Series 
4/16 at 100.00 
Baa3 
2,700,320 
   
2006A, 5.000%, 4/01/36 
     
800 
 
Illinois Finance Authority, Revenue Bonds, Little Company of Mary Hospital and Health Care 
No Opt. Call 
A+ 
700,744 
   
Centers, Series 2010, 5.250%, 8/15/36 
     
1,000 
 
Illinois Finance Authority, Revenue Bonds, Montgomery Place Project, Series 2006A, 
5/17 at 100.00 
N/R 
854,320 
   
5.500%, 5/15/26 
     
 
 
44 Nuveen Investments
 


 
 
 

 
 
 

Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Illinois (continued) 
     
$    1,975 
 
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Tender Option Bonds 
8/19 at 100.00 
AA+ 
$     2,345,905 
   
Trust 11-16B, 26.862%, 8/15/39 (IF) (4) 
     
1,000 
 
Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2010C, 
5/20 at 100.00 
N/R 
917,870 
   
5.125%, 5/15/35 
     
500 
 
Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc., 
3/20 at 100.00 
AA+ 
478,350 
   
Series 2005 Remarketed, 5.250%, 3/01/30 – AGM Insured 
     
1,000 
 
Illinois Finance Authority, Revenue Refunding Bonds, Resurrection Health Care Corporation, 
5/19 at 100.00 
BBB+ 
1,001,720 
   
Series 2009, 6.125%, 5/15/25 
     
500 
 
Illinois Health Facilities Authority, Revenue Refunding Bonds, Elmhurst Memorial Healthcare, 
1/13 at 100.00 
Baa1 
495,585 
   
Series 2002, 5.500%, 1/01/22 
     
   
Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel 
     
   
Revenue Bonds, Series 2005B: 
     
2,685 
 
5.250%, 1/01/30 
1/16 at 100.00 
B– 
1,840,192 
1,000 
 
5.250%, 1/01/36 
1/16 at 100.00 
B– 
685,570 
1,000 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
6/20 at 100.00 
AAA 
877,420 
   
Project, Capital Appreciation Refunding Series 2010B-1, 5.000%, 6/15/50 
     
441 
 
Pingree Grove Village, Illinois, Tax Assessment Bonds, Special Service Area 1 – Cambridge 
No Opt. Call 
N/R 
420,912 
   
Lakes Project, Series 2005-1, 5.250%, 3/01/15 
     
1,000 
 
Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 
No Opt. Call 
A– 
965,770 
   
2010, 6.000%, 6/01/28 
     
1,500 
 
Southwestern Illinois Development Authority, Illinois, Saint Clair County Comprehensive Mental 
6/17 at 103.00 
N/R 
1,316,295 
   
Health Center, Series 2007, 6.625%, 6/01/37 
     
1,000 
 
Springfield, Sangamon County, Illinois, Special Service Area, Legacy Pointe, Special 
3/17 at 102.00 
N/R 
1,000,120 
   
Assessment Bonds, Series 2009, 7.875%, 3/01/32 
     
31,361 
 
Total Illinois 
   
27,941,987 
   
Indiana – 2.0% 
     
1,810 
 
Indiana Finance Authority Health System Revenue Bonds, Sisters of St. Francis Health Services, 
11/19 at 100.00 
Aa3 
1,679,101 
   
Inc. Obligated Group, Series 2009, 5.250%, 11/01/39 
     
1,395 
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For 
10/19 at 100.00 
BBB– 
1,330,398 
   
Educational Excellence, Inc., Series 2009A, 6.625%, 10/01/29 
     
2,000 
 
Vigo County Hospital Authority, Indiana, Hospital Revenue Bonds, Union Hospital, Inc., Series 
9/21 at 100.00 
N/R 
2,010,960 
   
2011, 7.750%, 9/01/31 
     
5,205 
 
Total Indiana 
   
5,020,459 
   
Kansas – 0.5% 
     
1,500 
 
Overland Park Development Corporation, Kansas, Second Tier Revenue Bonds, Overland Park 
1/17 at 100.00 
Baa3 
1,354,020 
   
Convention Center, Series 2007B, 5.125%, 1/01/22 – AMBAC Insured 
     
   
Louisiana – 0.5% 
     
1,165 
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Tender Option Bond Trust 11899, 
5/20 at 100.00 
AA 
1,173,330 
   
17.691%, 5/01/33 (IF) 
     
   
Massachusetts – 3.6% 
     
625 
 
Massachusetts Educational Financing Authority, Student Loan Revenue Bonds, Issue I Series 
1/20 at 100.00 
AA 
667,344 
   
2010A, 5.500%, 1/01/22 
     
955 
 
Massachusetts Educational Financing Authority, Student Loan Revenue Bonds, Issue I Series 
1/20 at 100.00 
AA 
973,718 
   
2010B, 5.500%, 1/01/23 
     
3,000 
 
Massachusetts Health and Educational Facilities Authority Revenue Bonds, Quincy Medical Center 
1/18 at 100.00 
N/R 
2,553,270 
   
Issue, Series 2008A, 6.250%, 1/15/28 
     
2,385 
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Emerson Hospital, 
8/15 at 100.00 
N/R 
1,817,823 
   
Series 2005E, 5.000%, 8/15/35 – RAAI Insured 
     
 
 
Nuveen Investments 45
 


 
 
 

 
 
 
 
Nuveen Enhanced Municipal Value Fund (continued) 
NEV 
Portfolio of Investments April 30, 2011 (Unaudited) 

Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Massachusetts (continued) 
     
$    2,300 
 
Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Suffolk 
7/19 at 100.00 
BBB 
$     2,181,734 
   
University Issue, Series 2009A, 5.750%, 7/01/39 
     
1,000 
 
Massachusetts Housing Finance Agency, Single Family Housing Revenue Bonds, Series 2010C, 
6/20 at 100.00 
AA– 
934,760 
   
5.000%, 12/01/30 (Alternative Minimum Tax) 
     
10,265 
 
Total Massachusetts 
   
9,128,649 
   
Michigan – 10.0% 
     
9,650 
 
Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Series 2005, 
No Opt. Call 
AA+ 
9,501,294 
   
5.250%, 5/01/27 – AGM Insured (UB) (4) 
     
2,865 
 
Marysville Public School District, St Claire County, Michigan, General Obligation Bonds, 
5/17 at 100.00 
AA+ 
2,865,716 
   
Series 2007, 5.000%, 5/01/32 – AGM Insured 
     
8,000 
 
Michigan Finance Authority, General Obligation Bonds, Detroit City School District, State Aid 
No Opt. Call 
N/R 
8,040,160 
   
Notes Series 2011A-2, 6.650%, 3/20/12 
     
2,100 
 
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, 
11/19 at 100.00 
A1 
1,968,855 
   
Refunding Series 2009, 5.750%, 11/15/39 
     
   
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Tender 
     
   
Option Bond Trust 3244: 
     
2,000 
 
23.759%, 12/01/24 (IF) 
12/12 at 100.00 
AA 
1,768,700 
535 
 
23.673%, 12/01/24 (IF) 
12/12 at 100.00 
AA 
473,357 
585 
 
23.641%, 12/01/24 (IF) 
12/12 at 100.00 
AA 
517,690 
25,735 
 
Total Michigan 
   
25,135,772 
   
Mississippi – 0.4% 
     
485 
 
Mississippi Business Finance Corporation, Gulf Opportunity Zone Revenue Bonds, Roberts Hotel 
2/21 at 102.00 
N/R 
460,221 
   
of Jackson, LLC Project, Series 2010, 8.500%, 2/01/30 (6) 
     
500 
 
Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System 
10/11 at 100.00 
BBB 
490,120 
   
Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22 
     
985 
 
Total Mississippi 
   
950,341 
   
Missouri – 0.6% 
     
1,000 
 
Cole County Industrial Development Authority, Missouri, Revenue Bonds, Lutheran Senior 
2/14 at 100.00 
N/R 
927,500 
   
Services – Heisinger Project, Series 2004, 5.500%, 2/01/35 
     
640 
 
St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village 
9/17 at 100.00 
N/R 
630,880 
   
of West County, Series 2007A, 5.375%, 9/01/21 
     
1,640 
 
Total Missouri 
   
1,558,380 
   
Nebraska – 2.1% 
     
2,000 
 
Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Tender Option 
9/20 at 100.00 
AAA 
2,347,300 
   
Bonds Trust 3853, 26.128%, 3/01/33 (IF) (4) 
     
3,000 
 
Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2007A, 
2/17 at 100.00 
Aa1 
3,013,920 
   
5.000%, 2/01/43 
     
5,000 
 
Total Nebraska 
   
5,361,220 
   
Nevada – 0.8% 
     
2,000 
 
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran 
1/20 at 100.00 
Aa3 
1,958,800 
   
International Airport, Series 2010A, 5.000%, 7/01/30 
     
   
New Jersey – 0.8% 
     
355 
 
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental 
9/11 at 100.00 
B 
325,276 
   
Airlines Inc., Series 1999, 6.250%, 9/15/29 (Alternative Minimum Tax) 
     
1,750 
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2010-1A, 
12/19 at 100.00 
AA 
1,715,595 
   
5.000%, 12/01/26 
     
2,105 
 
Total New Jersey 
   
2,040,871 
 
 
46 Nuveen Investments
 


 
 
 

 
 
 

           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
New York – 2.8% 
     
   
Brooklyn Areba Local Development Corporation, New York, Payment in Lieu of Taxes Revenue 
     
   
Bonds, Barclays Center Project, Series 2009: 
     
$    1,100 
 
6.000%, 7/15/30 
1/20 at 100.00 
BBB– 
$     1,066,978 
1,225 
 
6.250%, 7/15/40 
No Opt. Call 
BBB– 
1,207,225 
2,000 
 
6.375%, 7/15/43 
No Opt. Call 
BBB– 
1,990,000 
2,500 
 
New York City Industrial Development Agency, New York, American Airlines-JFK International 
8/16 at 101.00 
B– 
2,531,950 
   
Airport Special Facility Revenue Bonds, Series 2005, 7.750%, 8/01/31 (Alternative Minimum Tax) 
     
265 
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air 
12/20 at 100.00 
BBB– 
254,983 
   
Terminal LLC Project, Eigth Series 2010, 6.000%, 12/01/42 
     
7,090 
 
Total New York 
   
7,051,136 
   
Ohio – 7.0% 
     
   
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue 
     
   
Bonds, Senior Lien, Series 2007A-2: 
     
6,300 
 
5.875%, 6/01/30 
6/17 at 100.00 
Baa3 
4,546,332 
3,000 
 
5.750%, 6/01/34 
6/17 at 100.00 
Baa3 
2,067,000 
1,000 
 
Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010, 
11/20 at 100.00 
BBB+ 
863,670 
   
5.750%, 11/01/40 
     
760 
 
Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement 
7/21 at 100.00 
BBB 
740,278 
   
Services, Improvement Series 2010A, 5.625%, 7/01/26 
     
2,000 
 
Greene County, Ohio, Hospital Facilities Revenue Bonds, Kettering Health Network Series 2009, 
4/19 at 100.00 
A 
1,952,280 
   
5.375%, 4/01/34 
     
3,000 
 
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 
11/21 at 100.00 
AA– 
3,018,750 
   
2011A, 5.750%, 11/15/31 
     
1,000 
 
Montgomery County, Ohio, Health Care and Multifamily Housing Revenue Bonds, Saint Leonard, 
4/20 at 100.00 
BBB– 
939,910 
   
Refunding & improvement Series 2010, 6.375%, 4/01/30 
     
1,670 
 
Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Tender Option Bond Trust 
5/19 at 100.00 
AA 
1,702,097 
   
3260, 29.269%, 5/01/29 (IF) (4) 
     
1,200 
 
Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation 
No Opt. Call 
BBB– 
1,209,948 
   
Project, Series 2009E, 5.625%, 10/01/19 
     
500 
 
Ohio State, Hospital Facility Revenue Refunding Bonds, Cleveland Clinic Health System 
1/14 at 100.00 
Aa2 
499,960 
   
Obligated Group, Series 2009B, 5.500%, 1/01/34 
     
20,430 
 
Total Ohio 
   
17,540,225 
   
Oklahoma – 0.5% 
     
1,155 
 
Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds, American Airlines Inc., Series 1992, 
6/11 at 100.00 
B– 
1,156,201 
   
7.350%, 12/01/11 
     
   
Oregon – 0.8% 
     
185 
 
Oregon, Economic Development Revenue Bonds, Georgia Pacific Corp., Series 1995CLVII, 6.350%, 
8/11 at 100.00 
BBB– 
183,524 
   
8/01/25 (Alternative Minimum Tax) 
     
370 
 
Oregon, Economic Development Revenue Refunding Bonds, Georgia Pacific Corp., Series 1997-183, 
7/20 at 100.00 
Ba2 
347,215 
   
5.700%, 12/01/25 
     
1,500 
 
Port Astoria, Oregon, Pollution Control Revenue Bonds, James River Project, Series 1993, 
7/11 at 100.00 
BBB– 
1,501,530 
   
6.550%, 2/01/15 
     
2,055 
 
Total Oregon 
   
2,032,269 
   
Pennsylvania – 5.4% 
     
1,000 
 
Allegheny Country Industrial Development Authority, Allegheny County, Pennsylvania, 
No Opt. Call 
BB 
1,057,300 
   
Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding 
     
   
Series 2009, 6.750%, 11/01/24 
     
1,335 
 
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Ohio Valley 
4/15 at 100.00 
Ba2 
1,019,780 
   
General Hospital, Series 2005A, 5.125%, 4/01/35 
     
 
 
Nuveen Investments 47
 


 
 
 

 
 
 
 
Nuveen Enhanced Municipal Value Fund (continued) 
NEV 
Portfolio of Investments April 30, 2011 (Unaudited) 

 
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Pennsylvania (continued) 
     
$    1,500 
 
Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social 
1/19 at 100.00 
N/R 
$     1,486,275 
   
Ministries Project, Series 2009, 6.125%, 1/01/29 
     
1,000 
 
Hazleton Health Services Authority, Pennsylvania, Hospital Revenue Bonds, Hazleton-Saint 
7/11 at 100.00 
BBB 
984,940 
   
Joseph Medical Center, Series 1996, 6.200%, 7/01/26 
     
2,000 
 
Luzerne County Industrial Development Authority, Pennsylvania, Guaranteed Lease Revenue Bonds, 
12/19 at 100.00 
N/R 
1,913,220 
   
Series 2009, 7.750%, 12/15/27 
     
   
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage 
     
   
Revenue Bonds, New Regional Medical Center Project, Tender Option Bond Trust 62B: 
     
1,125 
 
17.490%, 8/01/38 (IF) (4) 
8/20 at 100.00 
AA 
1,276,054 
255 
 
18.991%, 8/01/38 (IF) (4) 
8/20 at 100.00 
AA 
261,181 
25 
 
Northumberland County Industrial Development Authority, Pennsylvania, Facility Revenue Bonds, 
2/13 at 102.00 
N/R 
22,893 
   
NHS Youth Services Inc., Series 2002, 7.500%, 2/15/29 
     
1,000 
 
Pennsylvania Economic Development Finance Authority, Solid Waste Disposal Revenue Bonds (USG 
6/11 at 100.00 
B 
844,120 
   
Corporation Project) Series 1999, 6.000%, 6/01/31 (Alternative Minimum Tax) 
     
1,000 
 
Pennsylvania Economic Development Financing Authority, Sewage Sludge Disposal Revenue Bonds, 
1/20 at 100.00 
Baa3 
1,009,210 
   
Philadelphia Biosolids Facility Project, Series 2009, 6.250%, 1/01/32 
     
1,200 
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University 
7/20 at 100.00 
BBB– 
1,156,884 
   
Foundation Student Housing Project, Series 2010, 5.800%, 7/01/30 
     
525 
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2010-110A, 
10/19 at 100.00 
AA+ 
509,507 
   
4.750%, 10/01/25 
     
3,000 
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E, 
12/27 at 100.00 
A– 
2,166,060 
   
0.000%, 12/01/30 
     
14,965 
 
Total Pennsylvania 
   
13,707,424 
   
Puerto Rico – 0.4% 
     
1,000 
 
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005C, 
No Opt. Call 
A3 
988,320 
   
5.500%, 7/01/27 – AMBAC Insured 
     
   
Tennessee – 1.0% 
     
1,000 
 
Maury County Industrial Development Board, Tennessee, Multi-Modal Interchangeable Rate 
9/11 at 100.00 
N/R 
975,550 
   
Pollution Control Revenue Refunding Bonds, Saturn Corporation, Series 1994, 6.500%, 9/01/24 
     
500 
 
Memphis Health, Educational and Housing Facilities Board, Tennessee, Multifamily Housing 
12/20 at 100.00 
A– 
442,995 
   
Revenue Bonds, Goodwill Village Apartments, Series 2010A, 5.500%, 12/01/30 
     
50 
 
The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006A, 5.250%, 9/01/24 
No Opt. Call 
Ba3 
47,811 
1,000 
 
The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006B, 5.625%, 9/01/26 
No Opt. Call 
N/R 
918,110 
155 
 
The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006C, 5.000%, 2/01/24 
No Opt. Call 
BBB 
147,363 
2,705 
 
Total Tennessee 
   
2,531,829 
   
Texas – 4.1% 
     
3,000 
 
La Vernia Higher Education Financing Corporation, Texas, Charter School Revenue Bonds, Kipp 
8/19 at 100.00 
BBB 
2,960,460 
   
Inc., Series 2009A, 6.250%, 8/15/39 
     
255 
 
Houston, Texas, Airport System Special Facilities Revenue Bonds, Continental Airlines Inc. – 
7/11 at 100.00 
B3 
234,003 
   
Airport Improvement Project, Series 1997C, 6.125%, 7/15/27 (Alternative Minimum Tax) 
     
1,800 
 
North Texas Tollway Authority, Special Projects System Revenue Bonds, Tender Option Bond Trust 
No Opt. Call 
AA 
1,991,520 
   
11947, 24.148%, 3/01/19 (IF) 
     
1,000 
 
Tarrant County Cultural and Educational Facilities Finance Corporation, Texas, Retirement 
11/11 at 100.00 
N/R 
964,380 
   
Facility Revenue Bonds, C.C. Young Memorial Home Project, Series 2009-B2, 6.500%, 2/15/14 
     
455 
 
Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior 
No Opt. Call 
A 
466,857 
   
Lien Series 2008D, 6.250%, 12/15/26 
     
810 
 
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, NTE 
12/19 at 100.00 
Baa2 
833,684 
   
Mobility Partners LLC North Tarrant Express Managed Lanes Project, Series 2009, 
     
   
6.875%, 12/31/39 
     
 
 
48 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 
6/20 at 100.00 
Baa3 
$     1,032,960 
   
Infrastructure Group LLC IH-635 Managed Lanes Project, Series 2010, 7.000%, 6/30/34 
     
1,500 
 
Texas Public Finance Authority, Charter School Finance Corporation Revenue Bonds, Idea Public 
8/17 at 100.00 
BBB 
1,165,170 
   
School Project, Series 2007A, 5.000%, 8/15/37 – ACA Insured 
     
5,000 
 
Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, Second Tier Series 
8/12 at 22.71 
BBB+ 
739,900 
   
2002A, 0.000%, 8/15/37 – AMBAC Insured 
     
14,820 
 
Total Texas 
   
10,388,934 
   
Utah – 0.4% 
     
1,000 
 
Utah State Charter School Finance Authority, Charter School Revenue Bonds, Paradigm High 
7/20 at 100.00 
BBB– 
906,640 
   
School, Series 2010A, 6.250%, 7/15/30 
     
   
Vermont – 1.1% 
     
   
Vermont Educational and Health Buildings Financing Agency, Revenue Bonds, Vermont Law School 
     
   
Project, Series 2011A: 
     
1,000 
 
6.125%, 1/01/28 
1/21 at 100.00 
Baa2 
1,008,970 
1,760 
 
6.250%, 1/01/33 
1/21 at 100.00 
Baa2 
1,761,074 
2,760 
 
Total Vermont 
   
2,770,044 
   
Virgin Islands – 0.1% 
     
250 
 
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Subordinate 
10/19 at 100.00 
Baa3 
244,323 
   
Lien Series 2009A, 6.000%, 10/01/39 
     
   
Virginia – 0.5% 
     
105 
 
Bedford County Industrial Development Authority, Virginia, Industrial Development Revenue 
6/11 at 100.50 
Ba2 
103,177 
   
Refunding Bonds, Nekoosa Packaging Corporation, Series 1999, 6.300%, 12/01/25 (Alternative 
     
   
Minimum Tax) 
     
2,000 
 
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, 
6/17 at 100.00 
Baa3 
1,161,280 
   
Series 2007B1, 5.000%, 6/01/47 
     
2,105 
 
Total Virginia 
   
1,264,457 
   
Washington – 1.5% 
     
2,000 
 
Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer 
7/19 at 100.00 
A 
2,007,480 
   
Research Center, Series 2009A, 6.000%, 1/01/33 
     
2,000 
 
Washington State Higher Education Facilities Authority, Revenue Bonds, Whitworth University, 
10/19 at 100.00 
Baa1 
1,888,960 
   
Series 2009, 5.625%, 10/01/40 
     
4,000 
 
Total Washington 
   
3,896,440 
   
West Virginia – 0.2% 
     
585 
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Thomas Health System, Inc., 
10/18 at 100.00 
N/R 
524,131 
   
Series 2008, 6.500%, 10/01/38 
     
   
Wisconsin – 5.3% 
     
1,145 
 
Milwaukee Redevelopment Authority, Wisconsin, Schlitz Park Mortgage Revenue Refunding Bonds, 
7/11 at 100.00 
N/R 
1,109,700 
   
Series 1998A, 5.500%, 1/01/17 (Alternative Minimum Tax) 
     
3,500 
 
Oneida Tribe of Indians of Wisconsin, Retail Sales Revenue Bonds, Series 2010, 144A, 
2/19 at 102.00 
AA– 
3,644,445 
   
6.500%, 2/01/31 
     
1,000 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit College, Series 
6/15 at 100.00 
Baa2 
949,880 
   
2010A, 6.000%, 6/01/30 
     
500 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health System, 
4/20 at 100.00 
N/R 
435,690 
   
Inc., Series 2010B, 5.000%, 4/01/30 
     
   
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Community 
     
   
Health, Inc. Obligated Group, Tender Option Bond Trust 3592: 
     
1,000 
 
21.797%, 4/01/17 (IF) (4) 
No Opt. Call 
AA– 
496,100 
1,000 
 
23.042%, 4/01/17 (IF) (4) 
No Opt. Call 
AA– 
602,300 
 
 
Nuveen Investments 49
 


 
 
 

 
 
 
 
Nuveen Enhanced Municipal Value Fund (continued) 
NEV 
Portfolio of Investments April 30, 2011 (Unaudited) 

 
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Wisconsin (continued) 
     
$    2,000 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan 
8/16 at 100.00 
BBB+ 
$     1,980,260 
   
Healthcare System, Series 2006, 5.250%, 8/15/21 
     
500 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan 
8/16 at 100.00 
BBB+ 
437,910 
   
Services Inc., Series 2006B, 5.125%, 8/15/30 
     
2,500 
 
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Tender Option Bond Trust 
5/19 at 100.00 
AA– 
3,648,700 
   
10B, 31.716%, 5/01/36 (IF) (4) 
     
13,145 
 
Total Wisconsin 
   
13,304,985 
$ 287,183 
 
Total Investments (cost $271,426,060) – 105.6% 
   
265,922,985 
   
Floating Rate Obligations – (7.1)% 
   
(18,000,000) 
   
Other Assets Less Liabilities – 1.5% (9) 
   
3,865,657 
   
Net Assets – 100% 
   
$ 251,788,642 
 
 
Investments in Derivatives 
             
Forward Swaps outstanding at April 30, 2011: 
             
   
Fund 
   
Fixed Rate 
   
Unrealized 
 
Notional 
Pay/Receive 
Floating Rate 
Fixed Rate 
Payment 
Effective 
Termination 
Appreciation 
Counterparty 
Amount 
Floating Rate 
Index 
(Annualized) 
Frequency 
Date (8) 
Date 
(Depreciation) 
Barclays Bank PLC 
$6,500,000 
Receive 
3-Month USD-LIBOR 
4.756% 
Semi-Annually 
3/23/12 
3/23/30 
$(416,320) 
Morgan Stanley 
5,000,000 
Receive 
3-Month USD-LIBOR 
4.431   
Semi-Annually 
2/17/12 
2/17/30 
(131,366) 
Morgan Stanley 
5,000,000 
Receive 
3-Month USD-LIBOR 
4.476   
Semi-Annually 
2/24/16 
2/24/30 
(155,999) 
               
$(703,685) 
 
 
   
(1)
All percentages shown in the Portfolio of Investments are based on net assets. 
   
(2)
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices 
 
at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. 
   
(3)
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investor Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. 
 
Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not 
 
rated by any of these national rating agencies. 
   
(4)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives and/or inverse floating 
 
rate transactions. 
   
(5)
For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Footnote 1 – General Information 
 
and Significant Accounting Policies, Investment Valuation for more information. 
   
(6)
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing security, in the case of a bond, 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 of Trustees. 
   
(8)
Effective date represents the date on which both the Fund and Counterparty commence interest payment accruals on each forward swap contract. 
   
(9)
Other Assets Less Liabilities includes the Value and/or the Net Unrealized Appreciation (Depreciation) of derivative instruments as listed within 
 
Investments in Derivatives. 
   
N/R
Not rated. 
   
WI/DD
Purchased on a when-issued or delayed delivery basis. 
   
(IF)
Inverse floating rate investment. 
   
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information 
 
and Significant Accounting Policies, Inverse Floating Rate Securities for more information. 
   
USD-LIBOR
United States Dollar-London Inter-Bank Offered Rate. 
 
See accompanying notes to financial statements. 
 
 
50 Nuveen Investments
 


 
 
 

 
 
 

                         
Statement of 
                       
Assets & Liabilities
                   
         
April 30, 2011 (Unaudited)
       
               
Enhanced
 
          Municipal           Municipal  
   
Municipal Value
   
Value 2
   
Municipal Income
   
 Value
 
   
(NUV)
   
(NUW)
   
(NMI)
   
(NEV)
 
Assets 
                       
Investments, at value (cost $1,890,711,716, $181,662,105, $85,310,413 
                       
and $271,426,060, respectively) 
  $ 1,826,898,272     $ 195,506,967     $ 84,652,946     $ 265,922,985  
Cash 
    9,215,440             573,049       4,446,527  
Receivables: 
                               
Interest 
    29,770,837       3,938,274       1,487,819       6,575,911  
Investments sold 
    3,487,896       10,000       1,660,000       964,773  
Other assets 
    510,424       6,626       6,196       21,898  
    Total assets 
    1,869,882,869       199,461,867       88,380,010       277,932,094  
Liabilities 
                               
Cash overdraft 
          202,388              
Floating rate obligations 
    38,250,000             3,335,000       18,000,000  
Unrealized depreciation on forward swaps 
                      703,685  
Payables: 
                               
Dividends 
    6,483,339       777,273       339,183       1,358,793  
Interest 
                               
Investments purchased 
                429,594       5,809,284  
Accrued expenses: 
                               
Management fees 
    792,909       103,372       43,113       205,199  
Shelf offering costs 
    100,569                    
Other 
    583,894       42,336       33,982       66,491  
    Total liabilities 
     46,210,711       1,125,369       4,180,872       26,143,452  
Net assets 
  $ 1,823,672,158     $ 198,336,498     $ 84,199,138     $ 251,788,642  
Shares outstanding 
    198,347,437       12,878,142       8,219,748       19,256,862  
Net asset value per share outstanding 
  $ 9.19     $ 15.40     $ 10.24     $ 13.08  
Net assets consist of: 
                               
Shares, $.01 par value per share 
  $ 1,983,474     $ 128,781     $ 82,197     $ 192,569  
Paid-in surplus 
    1,869,350,184       184,390,094       91,913,702       275,083,028  
Undistributed (Over-distribution of) net investment income 
    11,653,790       (30,289 )      977,740       1,966,902  
Accumulated net realized gain (loss) 
    4,498,154       3,050       (8,117,034 )      (19,247,097 ) 
Net unrealized appreciation (depreciation) 
    (63,813,444 )      13,844,862       (657,467 )      (6,206,760 ) 
Net assets 
  $ 1,823,672,158     $ 198,336,498     $ 84,199,138     $ 251,788,642  
Authorized shares 
    350,000,000    
Unlimited
      200,000,000    
Unlimited
 
 
 
See accompanying notes to financial statements.
 
 
Nuveen Investments 51
 

 
 

 
                         
Statement of 
                       
Operations 
                       
         
Six Months Ended April 30, 2011
 
         
   (Unaudited)
       
               
Enhanced
 
          Municipal      Municipal     Municipal  
   
Municipal Value
   
Value 2
   
 Income
   
Value
 
   
(NUV)
   
(NUW)
   
(NMI)
   
(NEV)
 
Investment Income 
  $ 53,658,882     $ 6,736,814     $ 2,718,860     $ 10,885,366  
Expenses 
                               
Management fees 
    4,930,485       634,007       263,390       1,231,017  
Shareholders’ servicing agent fees and expenses 
    149,817       129       8,054       76  
Interest expense 
    94,053             7,491       87,669  
Custodian’s fees and expenses 
    160,499       18,700       11,622       27,959  
Directors’/Trustees’ fees and expenses 
    22,971       2,494       1,060       3,173  
Professional fees 
    355,637       10,610       9,101       57,599  
Shareholders’ reports – printing and mailing expenses 
    131,556       15,694       8,123       17,860  
Stock exchange listing fees 
    34,903       4,662       4,573       4,507  
Investor relations expense 
    64,926       6,147       3,567       7,203  
Other expenses 
    29,834       6,076       5,414       9,847  
Total expenses before custodian fee credit 
    5,974,681       698,519       322,395       1,446,910  
Custodian fee credit 
    (5,567 )      (519 )      (985 )      (1,750 ) 
Net expenses 
    5,969,114       698,000       321,410       1,445,160  
Net investment income (loss) 
    47,689,768       6,038,814       2,397,450       9,440,206  
Realized and Unrealized Gain (Loss) 
                               
Net realized gain (loss) from: 
                               
Investments 
    8,827,939       2,550       211,454       (15,627,802 ) 
Forward swaps 
                      (674,000 ) 
Change in net unrealized appreciation (depreciation) of: 
                               
Investments 
    (130,575,529 )      (18,545,708 )      (5,140,834 )      (18,671,079 ) 
Forward swaps 
                      1,420,477  
Net realized and unrealized gain (loss) 
    (121,747,590 )      (18,543,158 )      (4,929,380 )      (33,552,404 ) 
Net increase (decrease) in net assets from operations 
  $ (74,057,822 )    $ (12,504,344 )    $ (2,531,930 )    $ (24,112,198 ) 
 
 
See accompanying notes to financial statements.
 
 
52 Nuveen Investments
 

 
 

 
                         
Statement of 
                       
Changes in Net Assets(Unaudited)
       
   
Municipal Value (NUV)
   
Municipal Value 2 (NUW)
 
   
Six Months
         
Six Months
       
   
Ended
   
Year Ended
   
Ended
   
Year Ended
 
   
4/30/11
   
10/31/10
   
4/30/11
   
10/31/10
 
Operations 
                       
Net investment income (loss) 
  $ 47,689,768     $ 96,440,907     $ 6,038,814     $ 11,585,054  
Net realized gain (loss) from: 
                               
Investments 
    8,827,939       3,976,235       2,550       284,334  
Forward swaps 
                       
Change in net unrealized appreciation (depreciation) of: 
                               
Investments 
    (130,575,529 )      55,534,861       (18,545,708 )      7,974,062  
Forward swaps 
                       
Net increase (decrease) in net assets from operations 
    (74,057,822 )      155,952,003       (12,504,344 )      19,843,450  
Distributions to Shareholders 
                               
From net investment income 
    (46,496,000 )      (92,765,935 )      (5,788,301 )      (11,478,612 ) 
From accumulated net realized gains 
    (4,178,829 )      (1,004,873 )      (284,128 )      (123,156 ) 
Decrease in net assets from distributions to shareholders 
    (50,674,829 )      (93,770,808 )      (6,072,429 )      (11,601,768 ) 
Capital Share Transactions 
                               
Proceeds from sale of shares, net of offering costs 
                       
Proceeds from shelf offering, net of offering costs 
    1,878,673                    
Net proceeds from shares issued 
                               
to shareholders due to 
                               
reinvestment of distributions 
    2,431,689       9,881,917       767,410       2,195,521  
Net increase (decrease) in net assets 
                               
from capital share transactions 
    4,310,362       9,881,917       767,410       2,195,521  
Net increase (decrease) in net assets 
    (120,422,289 )      72,063,112       (17,809,363 )      10,437,203  
Net assets at the beginning of period 
    1,944,094,447       1,872,031,335       216,145,861       205,708,658  
Net assets at the end of period 
  $ 1,823,672,158     $ 1,944,094,447     $ 198,336,498     $ 216,145,861  
Undistributed (Over-distribution of) 
                               
net investment income at the end of period 
  $ 11,653,790     $ 10,460,022     $ (30,289 )    $ (280,802 ) 
 
 
See accompanying notes to financial statements.
 
 
Nuveen Investments 53
 

 
 

 
                         
Statement of 
                       
Changes in Net Assets (Unaudited) (continued)
                   
               
Enhanced Municipal
 
   
Municipal Income (NMI)
   
Value (NEV)
 
   
Six Months
         
Six Months
       
   
Ended
   
Year Ended
   
Ended
   
Year Ended
 
   
4/30/11
   
10/31/10
   
4/30/11
   
10/31/10
 
Operations 
                       
Net investment income (loss) 
  $ 2,397,450     $ 4,754,459     $ 9,440,206     $ 18,156,627  
Net realized gain (loss) from: 
                               
Investments 
    211,454       55,664       (15,627,802 )      (2,117,482 ) 
Forward swaps 
                (674,000 )      (858,333 ) 
Change in net unrealized appreciation (depreciation) of: 
                               
Investments 
    (5,140,834 )      3,560,727       (18,671,079 )      23,896,826  
Forward swaps 
                1,420,477       (2,124,162 ) 
Net increase (decrease) in net assets from operations 
    (2,531,930 )      8,370,850       (24,112,198 )      36,953,476  
Distributions to Shareholders 
                               
From net investment income 
    (2,342,482 )      (4,643,516 )      (8,781,129 )      (17,538,148 ) 
From accumulated net realized gains 
                      (17,298 ) 
Decrease in net assets from distributions to shareholders 
    (2,342,482 )      (4,643,516 )      (8,781,129 )      (17,555,446 ) 
Capital Share Transactions 
                               
Proceeds from sale of shares, net of offering costs 
                      20,013,000  
Proceeds from shelf offering, net of offering costs 
                       
Net proceeds from shares issued 
                               
to shareholders due to 
                               
reinvestment of distributions 
    65,090       398,065             712,711  
Net increase (decrease) in net assets 
                               
from capital share transactions 
    65,090       398,065             20,725,711  
Net increase (decrease) in net assets 
    (4,809,322 )      4,125,399       (32,893,327 )      40,123,741  
Net assets at the beginning of period 
    89,008,460       84,883,061       284,681,969       244,558,228  
Net assets at the end of period 
  $ 84,199,138     $ 89,008,460     $ 251,788,642     $ 284,681,969  
Undistributed (Over-distribution of) 
                               
net investment income at the end of period 
  $ 977,740     $ 922,772     $ 1,966,902     $ 1,307,825  
 
 
See accompanying notes to financial statements.
 
 
54 Nuveen Investments
 

 
 

 
 
Financial
 
 
Highlights(Unaudited)
 
 
Nuveen Investments 55
 

 
 

 
                                                                   
   
Financial
                                                       
   
Highlights(Unaudited)
                                     
                               
   
Selected data for a share outstanding throughout each period:
                         
                               
         
Investment Operations
         
Less Distributions
                               
                                                   
Premium
             
                                                   
from
             
                                                   
Shares
             
               
Net
                                 
Sold
   
Ending
       
   
Beginning
   
Net
   
Realized/
         
Net
                     
through
   
Net
   
Ending
 
   
Net Asset
   
Investment
   
Unrealized
         
Investment
   
Capital
         
Offering
   
Shelf
   
Asset
   
Market
 
   
Value
   
Income
   
Gain (Loss)
   
Total
   
Income
   
Gains
   
Total
   
Costs
   
Offering
   
Value
   
Value
 
Municipal Value (NUV)
                                                             
Year Ended 10/31: 
                                                                 
2011(g) 
  $ 9.82     $ .24     $ (.62 )    $ (.38 )    $ (.23 )    $ (.02 )    $ (.25 )    $     $ **    $ 9.19     $ 9.06  
2010 
    9.51       .49       .30       .79       (.47 )      (.01 )      (.48 )                  9.82       10.02  
2009 
    8.60       .49       .89       1.38       (.47 )            (.47 )                  9.51       9.91  
2008 
    10.12       .47       (1.49 )      (1.02 )      (.47 )      (.03 )      (.50 )                  8.60       8.65  
2007 
    10.39       .46       (.23 )      .23       (.47 )      (.03 )      (.50 )                  10.12       9.49  
2006 
    10.15       .47       .26       .73       (.47 )      (.02 )      (.49 )                  10.39       10.16  
Municipal Value 2 (NUW)
                                                                                 
Year Ended 10/31: 
                                                                                       
2011(g) 
    16.85       .47       (1.45 )      (.98 )      (.45 )      (.02 )      (.47 )                  15.40       14.98  
2010 
    16.20       .91       .65       1.56       (.90 )      (.01 )      (.91 )                  16.85       17.57  
2009(e) 
    14.33       .49       1.94       2.43       (.53 )            (.53 )      (.03 )            16.20       15.84  
Municipal Income (NMI)
                                                                                 
Year Ended 10/31: 
                                                                                       
2011(g) 
    10.84       .29       (.60 )      (.31 )      (.29 )            (.29 )                  10.24       9.86  
2010 
    10.38       .58       .45       1.03       (.57 )            (.57 )                  10.84       11.24  
2009 
    9.28       .57       1.06       1.63       (.53 )            (.53 )                  10.38       10.66  
2008 
    10.77       .53       (1.52 )      (.99 )      (.50 )            (.50 )                  9.28       9.89  
2007 
    11.04       .52       (.28 )      .24       (.51 )            (.51 )                  10.77       10.49  
2006 
    10.86       .53       .16       .69       (.51 )            (.51 )                  11.04       10.50  
Enhanced Municipal Value (NEV)
                                                                                 
Year Ended 10/31: 
                                                                                       
2011(g) 
    14.78       .49       (1.73 )      (1.24 )      (.46 )            (.46 )                  13.08       12.54  
2010 
    13.73       .94       1.02       1.96       (.91 )      **      (.91 )      (— )**            14.78       14.56  
2009(f) 
    14.33       .04       (.61 )      (.57 )                        (.03 )            13.73       15.00  
 
 
56 Nuveen Investments
 

 
 

 
                                       
                 
Ratios/Supplemental Data
       
Total Returns
         
Ratios to Average Net Assets(b)
       
     
Based
                               
Based
   
on
   
Ending
                         
on
   
Net
   
Net
   
Expenses
   
Expenses
   
Net
   
Portfolio
 
Market
   
Asset
   
Assets
   
Including
   
Excluding
   
Investment
   
Turnover
 
Value(a)
   
Value(a)
      (000 )   
Interest(c)(d)
   
Interest
   
Income(d)
   
Rate
 
                                         
  (7.02 )%      (3.78 )%    $ 1,823,672       .66 %*      .65 %*      5.27 %*      5 % 
  6.18       8.44       1,944,094       .61       .60       5.05       8  
  20.68       16.51       1,872,031       .66       .64       5.49       5  
  (3.93 )      (10.51 )      1,684,418       .65       .61       4.86       16  
  (1.90 )      2.22       1,974,535       .62       .59       4.53       10  
  11.51       7.40       2,025,964       .59       .59       4.60       6  
  (12.08 )      (5.77 )      198,336       .71 *      .71 *      6.14 *      0  
  17.22       9.91       216,146       .69       .69       5.55       4  
  9.27       16.92       205,709       .67 *      .67 *      4.84 *      2  
  (9.77 )      (2.87 )      84,199       .77 *      .75 *      5.74 *      8  
  11.14       10.12       89,008       .77       .75       5.47       14  
  13.72       18.06       84,883       .81       .78       5.85       10  
  (1.01 )      (9.53 )      75,553       .86       .76       5.08       8  
  4.78       2.23       87,424       .86       .75       4.76       6  
  4.42       6.50       89,605       .76       .76       4.83       6  
  (10.72 )      (8.37 )      251,789       1.15 *      1.13 *      7.53 *      25  
  3.52       14.73       284,682       1.07       1.03       6.64       28  
        (4.15 )      244,558       1.02 *      1.02 *      3.25 *      1  
 
   
(a) 
Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distribu- 
 
tions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the 
 
following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and 
 
in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized. 
   
 
Total Return Based on Net Asset Value is the combination of changes in net asset value, reinvested dividend income at net asset value and reinvested capital gains 
 
distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be 
 
reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its 
 
net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized. 
(b) 
Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable. 
(c) 
The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose 
 
trusts for the self-deposited inverse floaters held by the Fund, where applicable, as described in Footnote 1 – General Information and Significant Accounting Policies, 
 
Inverse Floating Rate Securities. 
(d) 
Each ratio for Enhanced Municipal Value (NEV) includes the effect of the interest expense paid on borrowings, as described in Footnote 8 – Borrowing Arrangements as follows: 
 
   
 
Ratios of Borrowings Interest 
 
Expense and Fees to 
 
Average Net Assets 
Enhanced Municipal Value (NEV) 
 
Year Ended 10/31: 
 
2011(g) 
.04%* 
2010 
.04*   
2009(f) 
—    
 
   
(e) 
For the period February 25, 2009 (commencement of operations) through October 31, 2009. 
(f) 
For the period September 25, 2009 (commencement of operations) through October 31, 2009. 
(g) 
For the six months ended April 30, 2011. 
* 
Annualized. 
** 
Rounds to less than $.01 per share. 
 
 
See accompanying notes to financial statements.
 
 
Nuveen Investments 57
 

 
 

 
 
Notes to
Financial Statements(Unaudited)
 
 
1. General Information and Significant Accounting Policies
 
General Information
 
The funds covered in this report and their corresponding New York Stock Exchange (“NYSE”) symbols are Nuveen Municipal Value Fund, Inc. (NUV), Nuveen Municipal Value Fund 2 (NUW), Nuveen Municipal Income Fund, Inc. (NMI) and Nuveen Enhanced Municipal Value Fund (NEV) (collectively, the “Funds”). The Funds are registered under the Investment Company Act of 1940, as amended, as closed-end, registered investment companies.
 
Effective January 1, 2011, the Funds’ adviser, Nuveen Asset Management, a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”), changed its name to Nuveen Fund Advisors, Inc. (the “Adviser”). Concurrently, the Adviser formed a wholly-owned subsidiary, Nuveen Asset Management, LLC (the “Sub-Adviser”), to house its portfolio management capabilities and to serve as the Funds’ sub-adviser, and the Funds’ portfolio manager became an employee of the Sub-Adviser. This allocation of responsibilities between the Adviser and the Sub-Adviser affects each of the Funds. The Adviser will compensate the Sub-Adviser for the portfolio management services it provides to the Funds from each Fund’s management fee.
 
Each Fund seeks to provide current income from regular federal income tax by investing primarily in a portfolio of municipal obligations issued by state and local government authorities or certain U.S. territories.
 
 
Significant Accounting Policies
 
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).
 
Investment Valuation
 
Prices of municipal bonds and forward swap contracts are provided by a pricing service approved by the Funds’ Board of Directors/Trustees. These securities are generally classified as Level 2 for fair value measurement purposes. When price quotes are not readily available (which is usually the case for municipal bonds) the pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer, or market activity provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.
 
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Funds’ Board of Directors/Trustees or its designee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s net asset value (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Funds’ Board of Directors/Trustees or its designee.
 
Refer to Footnote 2 – Fair Value Measurements for further details on the leveling of securities held by the Funds as of the end of the reporting period.
 
 
Investment Transactions
 
Investment transactions are recorded on a trade date basis. Realized gains and losses from transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have
 
 
58 Nuveen Investments
 

 
 

 
 
extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to segregate assets with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. At April 30, 2011, Municipal Income (NMI) and Enhanced Municipal Value (NEV) had outstanding when-issued/delayed delivery purchase commitments of $429,594 and $4,890,361, respectively. There were no such outstanding purchase commitments in any of the other Funds.
 
Investment Income
 
Investment income, which reflects the amortization of premiums and includes accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Investment income also reflects paydown gains and losses, if any.
 
Professional Fees
 
Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment, or to pursue other claims or legal actions on behalf of Fund shareholders.
 
Income Taxes
 
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal income tax, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.
 
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
 
Dividends and Distributions to Shareholders
 
Dividends from 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.
 
Shelf Offering
 
During the six months ended April 30, 2011, Municipal Value (NUV) filed a registration statement with the Securities and Exchange Commission (“SEC”) authorizing the Fund to issue an additional 19,600,000 shares through a shelf offering which became effective with the SEC on December 8, 2010.
 
During the six months ended April 30, 2011, the Fund issued 208,955 shares, receiving offering proceeds, net of offering costs of $1,878,673. Under this equity shelf program, the 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 the Fund’s NAV per share.
 
Shelf Offering Costs
 
Costs incurred by Municipal Value (NUV) in connection with the shelf offerings of its shares are recorded as a deferred charge which are amortized over the period such additional shares are sold not to exceed the one-year life of the shelf offering period.
 
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.
 
 
Nuveen Investments 59
 

 
 

 
 
Notes to
Financial Statements (Unaudited) (continued)
 
 
A Fund may purchase an inverse floating rate security in a secondary market transaction without first owning the underlying bond (referred to as an “externally-deposited inverse floater”), or instead by first selling a fixed-rate bond to a broker-dealer for deposit into the special purpose trust and receiving in turn the residual interest in the trust (referred to as a “self-deposited inverse floater”). The inverse floater held by a Fund gives the Fund the right (a) to cause the holders of the floating rate certificates to tender their notes at par, and (b) to have the broker transfer the fixed-rate bond held by the trust to the Fund, thereby collapsing the trust. An investment in an externally-deposited inverse floater is identified in the Portfolio of Investments as “(IF) – Inverse floating rate investment.” An investment in a self-deposited inverse floater is accounted for as a financing transaction. In such instances, a fixed-rate bond deposited into a special purpose trust is identified in the Portfolio of Investments as “(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction,” with the Fund accounting for the short-term floating rate certificates issued by the trust as “Floating rate obligations” on the Statement of Assets and Liabilities. In addition, the Fund reflects in “Investment Income” the entire earnings of the underlying bond and recognizes the related interest paid to the holders of the short-term floating rate certificates as a component of “Interest expense” on the Statement of Operations.
 
During the six months ended April 30, 2011, each Fund invested in externally-deposited inverse floaters and/or self-deposited inverse floaters.
 
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse trust” or “credit recovery swap”) (such agreements referred to herein as “Recourse Trusts”) with a broker-dealer by which a Fund agrees to reimburse the broker-dealer, in certain circumstances, for the difference between the liquidation value of the fixed-rate bond held by the trust and the liquidation value of the floating rate certificates issued by the trust plus any shortfalls in interest cash flows. Under these agreements, a Fund’s potential exposure to losses related to or on inverse floaters may increase beyond the value of a Fund’s inverse floater investments as a Fund may potentially be liable to fulfill all amounts owed to holders of the floating rate certificates. At period end, any such shortfall is recognized as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities.
 
         
At April 30, 2011, each Fund’s maximum exposure to externally-deposited Recourse Trusts is as follows: 
     
       
Enhanced 
 
Municipal 
Municipal 
Municipal 
Municipal 
 
Value (NUV) 
Value 2 (NUW) 
Income (NMI) 
Value (NEV) 
Maximum exposure to Recourse Trusts 
$7,500,000 
$23,665,000 
$6,005,000 
$132,635,000 
 
 
The average floating rate obligations outstanding and average annual interest rate and fees related to self-deposited inverse floaters during the six months ended April 30, 2011, were as follows:
 
                   
               
Enhanced
 
   
Municipal
   
Municipal
   
Municipal
 
   
Value (NUV)
   
Income (NMI)
   
Value (NEV)
 
Average floating rate obligations outstanding 
  $ 38,250,000     $ 3,335,000     $ 9,116,022  
Average annual interest rate and fees 
    0.50 %      0.45 %      0.77 % 
 
 
Forward Swap Contracts
 
Each Fund is authorized to enter into forward interest rate swap contracts consistent with their investment objectives and policies to reduce, increase or otherwise alter its risk profile or to alter its portfolio characteristics (i.e. duration, yield curve positioning and credit quality).
 
Each Fund’s use of forward interest rate swap transactions is intended to help the Fund manage its overall interest rate sensitivity, either shorter or longer, generally to more closely align the Fund’s interest rate sensitivity with that of the broader market. Forward interest rate swap transactions involve a Fund’s agreement with a counterparty to pay, in the future, a fixed or variable rate payment in exchange for the counterparty paying the Fund a variable or fixed rate payment, the accruals for which would begin at a specified date in the future (the “effective date”). The amount of the payment obligation is based on the notional amount of the swap contract and the termination date of the swap (which is akin to a bond’s maturity). The value of a Fund’s swap commitment would increase or decrease based primarily on the extent to which long-term interest rates for bonds having a maturity of the swap’s termination date increases or decreases. Forward interest rate swap contracts are valued daily. The net amount recorded on these transactions for each counterparty is recognized on the Statement of Assets and Liabilities as a component of “Unrealized appreciation or depreciation on forward swaps” with the change during the fiscal period recognized on the Statement of Operations as a component of “Change in net unrealized appreciation (depreciation) of forward swaps.”
 
Each Fund may terminate a swap contract prior to the effective date, at which point a realized gain or loss is recognized. When a forward swap is terminated, it ordinarily does not involve the delivery of securities or other underlying assets or principal, but rather is settled in cash on a net basis. Net realized gains and losses during the fiscal period are recognized on the Statement of Operations as a component of “Net realized gain (loss) from forward swaps.” Each Fund intends, but is not obligated, to terminate its forward swaps before the effective date. Accordingly, the risk of loss with respect to the swap counterparty on such transactions is limited to the credit risk associated with a counterparty failing to honor its commitment to pay any realized gain to the Fund upon termination.
 
 
60 Nuveen Investments
 

 
 

 
 
During the six months ended April 30, 2011, Enhanced Municipal Value (NEV) entered into forward interest rate swap contracts to reduce the duration of the Fund’s portfolio. The average notional amount of forward interest rate swap contracts outstanding during the six months ended April 30, 2011, was as follows:
 
   
 
Enhanced 
 
Municipal 
 
Value (NEV) 
Average notional amount of forward interest rate swap contracts outstanding* 
$14,250,000 
 
* The average notional amount is calculated based on the outstanding notional at the beginning of the fiscal year and at the end of each fiscal quarter within the current fiscal year.
 
Refer to Footnote 3 — Derivative Instruments and Hedging Activities for further details on forward interest rate swap contract activity.
 
Market and Counterparty Credit Risk
 
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities. Futures contracts, when applicable, expose a Fund to minimal counterparty credit risk as they are exchange traded and the exchange’s clearinghouse, which is counterparty to all exchange traded futures, guarantees the futures contracts against default.
 
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the predetermined threshold amount.
 
Zero Coupon Securities
 
Each Fund is authorized to invest in zero coupon securities. A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Tax-exempt income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
 
 
Custodian Fee Credit
 
Each Fund has an arrangement with the custodian bank whereby certain custodian fees and expenses are reduced by net credits earned on each Fund’s cash on deposit with the bank. Such deposit arrangements are an alternative to overnight investments. Credits for cash balances may be offset by charges for any days on which a Fund overdraws its account at the custodian bank.
 
 
Indemnifications
 
Under the Funds’ organizational documents, their officers and directors/trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.
 
 
Use of Estimates
 
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates.
 
 
Nuveen Investments 61
 

 
 

 
 
Notes to
Financial Statements (Unaudited) (continued)
 
 
2. Fair Value Measurements
 
Fair value is defined as the price that the Funds would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad levels listed below:
 
Level 1 – Quoted prices in active markets for identical securities.
 
Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 
Level 3 – Significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
 
The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of April 30, 2011:
 
                         
Municipal Value (NUV) 
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments: 
                       
Municipal Bonds 
  $     $ 1,826,898,272     $     $ 1,826,898,272  
Municipal Value 2 (NUW) 
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments: 
                               
Municipal Bonds 
  $     $ 195,506,967     $     $ 195,506,967  
Municipal Income (NMI) 
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments: 
                               
Municipal Bonds 
  $     $ 84,627,896     $ 25,050     $ 84,652,946  
Enhanced Municipal Value (NEV) 
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments: 
                               
Municipal Bonds 
  $     $ 265,700,962     $ 222,023     $ 265,922,985  
Derivatives: 
                               
Forward Swaps* 
          (703,685 )            (703,685 ) 
Total 
  $     $ 264,997,277     $ 222,023     $ 265,219,300  
                                 
* Represents net unrealized appreciation (depreciation). 
                               
 
             
The following is a reconciliation of the Funds’ Level 3 investments held at the beginning and end of the measurement period: 
           
         
Enhanced
 
   
Municipal
   
Municipal
 
 
Income (NMI)
   
Value (NEV)
 
   
Level 3
   
Level 3
 
  Municipal Bonds    
Municipal Bonds
 
Balance at the beginning of period 
  $ 26,021     $ 189,235  
Gains (losses): 
               
   Net realized gains (losses) 
    (18,646 )       
   Net change in unrealized appreciation (depreciation) 
    17,675       (2,860 ) 
Purchases at cost 
          35,648  
Sales at proceeds 
           
Net discounts (premiums) 
           
Transfers into 
           
Transfers out of 
           
Balance at the end of period 
  $ 25,050     $ 222,023  
Net change in unrealized appreciation (depreciation) during 
               
the period of Level 3 securities held at April 30, 2011 
  $ 17,675     $ (2,860 ) 
                 
During the six months ended April 30, 2011, the Funds recognized no significant transfers to/from Level 1, Level 2 or Level 3. 
               
 
 
62 Nuveen Investments
 

 
 

 
 
3. Derivative Instruments and Hedging Activities
 
The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes. For additional information on the derivative instruments in which each Fund was invested during and at the end of the reporting period, refer to the Portfolios of Investments, Financial Statements and Footnote 1 - General Information and Significant Accounting Policies.
 
The following table presents the fair value of all derivative instruments held by the Funds as of April 30, 2011, the location of these instruments on the Statement of Assets and Liabilities, and the primary underlying risk exposure. Enhanced Municipal Value (NEV) invested in derivative instruments during the six months ended April 30, 2011.
 
             
Enhanced Municipal Value (NEV) 
         
      Location on the Statement of Assets and Liabilities 
Underlying 
Derivative 
Asset Derivatives 
 
Liability Derivatives 
Risk Exposure 
Instrument 
Location 
Value 
 
Location 
Value 
Interest Rate 
Forward Swaps 
Unrealized appreciation 
   
Unrealized depreciation 
 
   
on forward swaps* 
$ — 
 
on forward swaps* 
$703,685 
       
* Represents cumulative gross unrealized appreciation (depreciation) of forward swap contracts as reported in the Portfolio of Investments. 
     
 
 
The following tables present the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the six months ended April 30, 2011, on derivative instruments, as well as the primary risk exposure associated with each.
 
  Enhanced
 
 Municipal Value
Net Realized Gain (Loss) from Forward Swaps
(NEV)
Risk Exposure 
 
Interest Rate 
$(674,000) 
   
  Enhanced
 
 Municipal Value
Change in Net Unrealized Appreciation (Depreciation) of Forward Swaps
(NEV)
Risk Exposure 
 
Interest Rate 
$1,420,477 
 
 
4. Fund Shares
 
The Funds did not repurchase and retire any of their outstanding shares during the six months ended April 30, 2011, or the fiscal year ended October 31, 2010.
 
         
Transactions in shares were as follows: 
       
         
 
Municipal Value (NUV) 
Municipal Value 2 (NUW) 
 
Six Months 
Year 
Six Months 
Year 
 
Ended 
Ended 
Ended 
Ended 
 
4/30/11 
10/31/10 
4/30/11 
10/31/10 
Shares sold 
 
 
 
 
Shares sold through 
       
shelf offering* 
208,955 
 
 
 
Shares issued to shareholders 
       
due to reinvestment of distributions 
257,357 
1,023,405 
48,304 
133,359 
Weighted average premium 
       
per shelf offering share sold* 
1.18% 
 
 
 
       
     
Enhanced Municipal 
 
Municipal Income (NMI) 
Value (NEV) 
 
Six Months 
Year 
Six Months 
Year 
 
Ended 
Ended 
Ended 
Ended 
 
4/30/11 
10/31/10 
4/30/11 
10/31/10 
Shares sold 
 
 
 
1,400,000 
Shares issued to shareholders 
       
due to reinvestment of distributions 
6,089 
37,308 
 
49,862 
 
* 
Municipal Value (NUV) is the only Fund authorized to issue additional shares through a shelf offering. 
 
 
Nuveen Investments 63
 

 
 

 
 
Notes to
Financial Statements (Unaudited) (continued)
 
 
5. Investment Transactions
 
Purchases and sales (including maturities but excluding short-term investments and derivative transactions, when applicable) during the six months ended April 30, 2011, were as follows:
 
                         
                     
Enhanced
 
   
Municipal
   
Municipal
   
Municipal
   
Municipal
 
   
Value
   
Value 2
   
Income
   
Value
 
   
(NUV)
   
(NUW)
   
(NMI)
   
(NEV)
 
Purchases 
  $ 99,277,114     $ 726,393     $ 7,108,946     $ 84,049,608  
Sales and maturities 
    117,678,729       10,000       8,168,915       64,707,220  
 
 
6. Income Tax Information
 
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investments transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset values of the Funds.
 
At April 30, 2011, the cost and unrealized appreciation (depreciation) of investments (excluding investments in derivatives, when applicable), as determined on a federal income tax basis, were as follows:
 
                         
 
                   
Enhanced
 
   
Municipal
   
Municipal
   
Municipal
   
Municipal
 
   
Value
   
Value 2
   
Income
   
Value
 
   
(NUV)
   
(NUW)
   
(NMI)
   
(NEV)
 
Cost of investments 
  $ 1,852,264,001     $ 181,119,368     $ 81,825,821     $ 253,184,181  
Gross unrealized: 
                               
Appreciation 
  $ 73,956,163     $ 16,896,023     $ 2,683,599     $ 5,774,167  
Depreciation 
    (137,573,239 )      (2,508,424 )      (3,192,919 )      (11,030,549 ) 
Net unrealized appreciation (depreciation) of investments 
  $ (63,617,076 )    $ 14,387,599     $ (509,320 )    $ (5,256,382 ) 
 
 
Permanent differences, primarily due to federal taxes paid, taxable market discount and distribution character reclassifications, resulted in reclassifications among the Funds’ components of net assets at October 31, 2010, the Funds’ last tax year end, as follows:
 
                         
                     
Enhanced
 
   
Municipal
   
Municipal
   
Municipal
   
Municipal
 
   
Value
   
Value 2
   
Income
   
Value
 
   
(NUV)
   
(NUW)
   
(NMI)
   
(NEV)
 
Paid-in-surplus 
  $     $     $ 2,467     $ 130  
Undistributed (Over-distribution of) net investment income 
    (199,479 )            (12,161 )      (28,949 ) 
Accumulated net realized gain (loss) 
    199,479             9,694       28,819  
 
 
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains at October 31, 2010, the Funds’ last tax year end, were as follows:
 
                         
                     
Enhanced
 
   
Municipal
   
Municipal
   
Municipal
   
Municipal
 
   
Value
   
Value 2
   
Income
   
Value
 
   
(NUV)
   
(NUW)
   
(NMI)
   
(NEV)
 
Undistributed net tax-exempt income * 
  $ 12,606,689     $ 257,771     $ 1,139,619     $ 2,585,881  
Undistributed net ordinary income ** 
    131,734       39,004       38,025       7,258  
Undistributed net long-term capital gains 
    4,157,153       248,104              
 
* 
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on October 1, 2010, paid on November 1, 2010. 
** Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. 
 
 
64 Nuveen Investments
 

 
 

 
 
The tax character of distributions paid during the Funds’ last tax year ended October 31, 2010, was designated for purposes of the dividends paid deduction as follows:
 
                         
                     
Enhanced
 
   
Municipal
   
Municipal
   
Municipal
   
Municipal
 
   
Value
   
Value 2
   
Income
   
Value
 
   
(NUV)
   
(NUW)
   
(NMI)
   
(NEV)
 
Distributions from net tax-exempt income 
  $ 92,351,671     $ 11,468,610     $ 4,637,655     $ 16,074,626  
Distributions from net ordinary income ** 
    374,351       123,156             17,298  
Distributions from net long-term capital gains 
    1,004,873                    
 
** Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
 
 
At October 31, 2010, the Funds’ last tax year end, the following Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as follows:
 
             
         
Enhanced
 
   
Municipal
   
Municipal
 
   
Income
   
Value
 
   
(NMI)
   
(NEV)
 
Expiration: 
           
October 31, 2011 
  $ 6,799,386     $  
October 31, 2012 
    916,759        
October 31, 2013 
    165,764        
October 31, 2016 
    164,175        
October 31, 2017 
    289,822        
October 31, 2018 
        $ 2,946,811  
Total 
  $ 8,335,906     $ 2,946,811  
 
During the Funds’ last tax year ended October 31, 2010, the following Fund utilized its capital loss carryforwards as follows:
 
 
   
 
Municipal 
 
Income 
 
(NMI) 
Utilized capital loss carryforwards 
$65,358 
 
7. Management Fees and Other Transactions with Affiliates
 
Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within the Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables Fund shareholders to benefit from growth in the assets within their Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
 
   
The annual fund-level fee for Municipal Value (NUV), payable monthly, is calculated according to the following schedule: 
 
 
Municipal Value (NUV) 
Average Daily Net Assets 
Fund-Level Fee Rate 
For the first $500 million 
.1500% 
For the next $500 million 
.1250   
For net assets over $1 billion 
.1000   
 
In addition, Municipal Value (NUV) pays an annual management fee, payable monthly, based on gross interest income (excluding interest on bonds underlying a “self-deposited inverse floater” trust that is attributed to the Fund over and above the net interest earned on the inverse floater itself) as follows:
 
   
 
Municipal Value (NUV) 
Gross Interest Income 
Gross Income Fee Rate 
For the first $50 million 
4.125% 
For the next $50 million 
4.000   
For gross income over $100 million 
3.875   
 
 
Nuveen Investments 65

 
 

 
 
Notes to
Financial Statements (Unaudited) (continued)
 
 
The annual fund level fee for Municipal Value 2 (NUW), Municipal Income (NMI) and Enhanced Municipal Value (NEV), payable monthly, is calculated according to the following schedules:
 
     
 
Municipal Value 2 (NUW)
 
Average Daily Managed Assets* 
Fund-Level Fee Rate
 
For the first $125 million 
.4000 % 
For the next $125 million 
.3875  
For the next $250 million 
.3750  
For the next $500 million 
.3625  
For the next $1 billion 
.3500  
For managed assets over $2 billion 
.3375  
     
 
Municipal Income (NMI)
 
Average Daily Net Assets 
Fund-Level Fee Rate
 
For the first $125 million 
.4500 % 
For the next $125 million 
.4375  
For the next $250 million 
.4250  
For the next $500 million 
.4125  
For the next $1 billion 
.4000  
For the next $3 billion 
.3875  
For net assets over $5 billion 
.3750  
     
 
Enhanced Municipal Value (NEV)
 
Average Daily Managed Assets* 
Fund-Level Fee Rate
 
For the first $125 million 
.4500 % 
For the next $125 million 
.4375  
For the next $250 million 
.4250  
For the next $500 million 
.4125  
For the next $1 billion 
.4000  
For managed assets over $2 billion 
.3875  
     
The annual complex-level fee for each Fund, payable monthly, is calculated according to the following schedule: 
   
     
Complex-Level Managed Asset Breakpoint Level* 
Effective Rate at Breakpoint Level
 
$55 billion 
.2000 % 
$56 billion 
.1996  
$57 billion 
.1989  
$60 billion 
.1961  
$63 billion 
.1931  
$66 billion 
.1900  
$71 billion 
.1851  
$76 billion 
.1806  
$80 billion 
.1773  
$91 billion 
.1691  
$125 billion 
.1599  
$200 billion 
.1505  
$250 billion 
.1469  
$300 billion 
.1445  
 
   
*
For the fund-level and complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of $2 billion added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. As of April 30, 2011, the complex-level fee rate for these Funds was .1785%. 
 
 
 
66 Nuveen Investments
 

 
 

 
 
The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The adviser has entered into Sub-Advisory Agreements with the Sub-Adviser under which the Sub-Adviser manages the investment portfolios of the Funds. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
 
The Funds pay no compensation directly to those of its directors/trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Board of Directors/Trustees has adopted a deferred compensation plan for independent directors/trustees that enables directors/trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
 
During the six months ended April 30, 2011, Nuveen Securities, LLC, a wholly-owned subsidiary of Nuveen, received commissions of $3,800, related to the sale of shares as a result of the Municipal Value (NUV) shelf offering.
 
 
8. Borrowing Arrangements
 
As part of its investment strategy, Enhanced Municipal Value (NEV) uses borrowings to employ leverage. On May 18, 2010, the Fund entered into a $75 million (maximum commitment amount) committed 364-day unsecured line of credit (“Committed Unsecured Line”) with its custodian bank. Interest charged on the used portion of the Committed Unsecured Line is calculated at a rate per annum equal to the higher of the overnight Federal Funds rate or the overnight London Inter-bank Offered Rate (“LIBOR”) plus 1.25%. In addition, the Fund accrues a commitment fee of 0.15% per annum on the unused portion of the Committed Unsecured Line. The Fund also paid a .10% one time closing fee on the Committed Unsecured Line, which was fully expensed during the fiscal year ended October 31, 2010.
 
During the six months ended April 30, 2011, the Fund did not utilize its Committed Unsecured Line. Commitment and closing fees incurred on the Committed Unsecured Line are recognized as a component of “Interest expense” on the Statement of Operations.
 
During May 2011, the Fund entered into a new 364-day unsecured line of credit. The Fund will pay a one-time closing fee of .05% on the maximum commitment amount and will accrue a commitment fee of .125% on the unused portion of the Committed Unsecured Line. All other terms remain unchanged.
 
 
9. New Accounting Pronouncement
 
Fair Value Measurements and Disclosures
 
On May 12, 2011, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standard Update (“ASU”) modifying Topic 820, Fair Value Measurements and Disclosures. At the same time, the International Accounting Standards Board (“IASB”) issued International Financial Reporting Standard (“IFRS”) 13, Fair Value Measurement. The objective by the FASB and IASB is convergence of their guidance on fair value measurements and disclosures. Specifically, the ASU requires reporting entities to disclose i) the amounts of any transfers between Level 1 and Level 2, and the reasons for the transfers, ii) for Level 3 fair value measurements, a) quantitative information about significant unobservable inputs used, b) a description of the valuation processes used by the reporting entity and c) a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs if a change in those inputs might result in a significantly higher or lower fair value measurement. The effective date of the ASU is for interim and annual periods beginning after December 15, 2011. At this time, management is evaluating the implications of this guidance and the impact it will have on the financial statement amounts and footnote disclosures, if any.
 
 
Nuveen Investments 67
 

 
 

 
 
Board Approval of Sub-Advisory Arrangements (Unaudited)
 
 
At a meeting held on May 25-26, 2010 (the “May Meeting”), the Boards of Trustees or Directors (as the case may be) (each, a “Board” and each Trustee or Director, a “Board Member”) of the Funds, including a majority of the Board Members who are not parties to the advisory agreements or “interested persons” of any parties (the “Independent Board Members”), considered and approved the advisory agreements (each, an “Advisory Agreement”) between each Fund and Nuveen Asset Management (the “Adviser). Since the May Meeting, Nuveen has engaged in an internal restructuring (the “Restructuring”) pursuant to which the portfolio management services provided by the Adviser to the Funds were transferred to Nuveen Asset Management, LLC (“NAM LLC”), a newly-organized wholly-owned subsidiary of the Adviser and the Adviser changed its name to Nuveen Fund Advisors, Inc. (“NFA”). The Adviser, under its new name NFA, continues to serve as investment adviser to the Funds and, in that capacity, will continue to provide various oversight, administrative, compliance and other services. To effectuate the foregoing, NFA entered into sub-advisory agreements with NAM LLC on behalf of the Funds (each, a “Sub-Advisory Agreement”). Under each Sub-Advisory Agreement, NAM LLC, subject to the oversight of NFA and the Board, will furnish an investment program, make investment decisions for, and place all orders for the purchase and sale of securities for the portion of the respective Fund’s investment portfolio allocated to it by NFA. There have been no changes to the advisory fees paid by the Funds; rather, NFA will pay a portion of the investment advisory fee it receives to NAM LLC for its sub-advisory services. The Independent Board Members reviewed the allocation of fees between NFA and NAM LLC. NFA and NAM LLC do not anticipate any reduction in the nature or level of services provided to the Funds following the Restructuring. The personnel of NFA who engaged in portfolio management activities prior to the spinoff of NAM LLC are not expected to materially change as a result of the spinoff. In light of the foregoing, at a meeting held on November 16-18, 2010, the Board Members, including a majority of the Independent Board Members, approved the Sub-Advisory Agreements on behalf of the Funds. Given that the Restructuring was not expected to reduce the level or nature of services provided and the advisory fees paid by the Funds were the same, the factors considered and determinations made at the May Meeting in approving the Advisory Agreements were equally applicable to the approval of the Sub-Advisory Agreements. For a discussion of these considerations, please see the shareholder report of the Funds that was first issued after the May Meeting for the period including May 2010.
 
 
68 Nuveen Investments
 

 
 

 
 
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It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.
 
 
Easy and convenient
 
To make recordkeeping easy and convenient, each month you’ll receive a statement showing your total distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.
 
How shares are purchased
 
The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net asset value, shares for your account will be purchased on the open market. If the Plan Agent begins purchasing Fund shares on the open market while shares are trading below net asset value, but the Fund’s shares subsequently trade at or above their net asset value before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares’ net asset value or 95% of the shares’ market value on the last business day immediately prior to the purchase date. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may
 
 
Nuveen Investments 69
 

 
 

 
 
Reinvest Automatically
 
Easily and Conveniently (continued)
 
 
exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions.
 
Flexible
 
You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change.
 
You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan.
 
The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.
 
 
Call today to start reinvesting distributions
 
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787.
 
 
70 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 divi- dends and capital gains distributions, if any) over the time period being considered.
 
 
·  
Average Effective Maturity: The market-value-weighted average of the effective maturity dates of the individual securities including cash. In the case of a bond that has been advance-refunded to a call date, the effective maturity is the date on which the bond is scheduled to be redeemed using the proceeds of an escrow account. In most other cases the effective maturity is the stated maturity date of the security.
 
 
·  
Duration: A measure of the price sensitivity of a fixed income security or portfolio to changes in interest rates. Duration is stated in years. For example, if a bond has a dura- tion of four years, the price of the bond is expected to change by approximately 4% for every one percentage point change in interest rates. The shorter the duration, the less price variability expected in the security’s price due to changes in interest rates.
 
 
·  
Effective Leverage: Effective leverage is a Fund’s effective economic leverage, and includes both structural leverage and the leverage effects of certain derivative invest- ments 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 structural leverage.
 
 
Nuveen Investments 71
 

 
 

 
 
Glossary of Terms
Used in this Report (continued)
 
 
·  
Inverse Floaters: Inverse floating rate securities, also known as inverse floaters, are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a Fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typi- cally also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
 
 
·  
Market Yield (also known as Dividend Yield or Current Yield): An investment’s current annualized dividend divided by its current market price.
 
 
·  
Net Asset Value (NAV): A Fund’s NAV is calculated by subtracting the liabilities of the Fund from its total assets and then dividing the remainder by the number of shares outstanding. Fund NAVs are calculated at the end of each business day.
 
 
·  
Pre-Refunding: Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond’s credit rating and thus its value.
 
 
·  
Taxable-Equivalent Yield: The yield necessary from a fully taxable investment to equal, on an after-tax basis, the yield of a municipal bond investment.
 
 
·  
Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Tax-exempt income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.
 
 
72 Nuveen Investments
 

 
 

 
 
Notes
 
 
Nuveen Investments 73
 

 
 

 
 
Notes
 
 
74      Nuveen Investments

 
 

 
 
Other Useful Information
 
 
Quarterly Portfolio of Investments and Proxy Voting Information
 
You may obtain (i) each Fund’s quarterly portfolio of investments, (ii) information regarding how the Funds voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, and (iii) a description of the policies and procedures that the Funds used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com.
 
You may also obtain this and other Fund information directly from the Securities and Exchange Commission (SEC). The SEC may charge a copying fee for this information. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC at (202) 942-8090 for room hours and operation. You may also request Fund information by sending an e-mail request to publicinfo@sec.gov or by writing to the SEC’s Public References Section at 100 F Street NE, Washington, D.C. 20549.
 
 
CEO Certification Disclosure
 
Each Fund’s Chief Executive Officer (CEO) has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual.
 
Each Fund has filed with the SEC the certification of its Chief Executive Officer and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.
 
Common Share Information
 
Each Fund intends to repurchase shares of its own common stock in the future at such times and in such amounts as is deemed advisable. During the period covered by this report, the Funds repurchased shares of their common stock as shown in the accompanying table.
 
   
 
Common Shares 
Fund 
Repurchased 
NUV  
NUW  —
NMI  —
NEV  —
 
Any future repurchases will be reported to shareholders in the next annual or semi-annual report.
 
 
Board of Directors/Trustees
John P. Amboian
Robert P. Bremner
Jack B. Evans
William C. Hunter
David J. Kundert
William J. Schneider
Judith M. Stockdale
Carole E. Stone
Virginia L. Stringer
Terence J. Toth
 
 
Fund Manager
Nuveen Fund Advisors, Inc.
333 West Wacker Drive
Chicago, IL 60606
 
 
Custodian
State Street Bank
& Trust Company
Boston, MA
 
 
Transfer Agent and Shareholder Services
State Street Bank & Trust
Company
Nuveen Funds
P.O. Box 43071
Providence, RI 02940-3071
(800) 257-8787
 
 
Legal Counsel
Chapman and Cutler LLP
Chicago, IL
 
 
Independent Registered Public Accounting Firm
Ernst & Young LLP
Chicago, IL
 
 
Nuveen Investments 75
 

 
 

 
 
Nuveen Investments:
 
 
Serving Investors for Generations
 
 
Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.
 
Focused on meeting investor needs.
 
Nuveen Investments is a global investment management firm that seeks to help secure the long-term goals of institutions and high net worth investors as well as the consultants and financial advisors who serve them. We market our growing range of specialized investment solutions under the high-quality brands of HydePark, NWQ, Nuveen Asset Management, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, Nuveen Investments managed approximately $206 billion of assets as of March 31, 2011.
 
 
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
 

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

   
Distributed by 
 
Nuveen Securities, LLC 
 
333 West Wacker Drive 
 
Chicago, IL 60606 
 
www.nuveen.com 
ESA - A - 0411D 

 


 
 

 
 
ITEM 2. CODE OF ETHICS.

Not applicable to this filing.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable to this filing.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable to this filing.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to this filing.

ITEM 6. SCHEDULE OF INVESTMENTS.

(a) See Portfolio of Investments in Item 1.

(b) Not applicable.

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

Not applicable to this filing.

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

Not applicable to this filing.

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

Not applicable.

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

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

ITEM 12. EXHIBITS.

File the exhibits listed below as part of this Form.

(a)(1)
Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.

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

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

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


 
 

 
 
SIGNATURES

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

(Registrant) Nuveen Municipal Value Fund 2

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

Date: July 8, 2011

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

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

Date: July 8, 2011

By (Signature and Title) /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller
 (principal financial officer)

Date: July 8, 2011