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|
|
|
|
Portfolio of Investments (Unaudited)
|
|
|
|
|
|
Nuveen Municipal Value Fund 2 (NUW)
|
|
|
|
|
|
January 31, 2012
|
|
|
|
Principal
|
|
|
Optional Call
|
|
|
Amount (000)
|
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Alaska – 0.6%
|
|
|
|
|
|
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds,
|
|
|
|
|
|
Series 2006A:
|
|
|
|
$ 1,140
|
|
4.625%, 6/01/23
|
6/14 at 100.00
|
Ba1
|
$ 1,120,210
|
155
|
|
5.000%, 6/01/46
|
6/14 at 100.00
|
B2
|
114,480
|
1,295
|
|
Total Alaska
|
|
|
1,234,690
|
|
|
Arizona – 3.5%
|
|
|
|
4,000
|
|
Maricopa County Pollution Control Corporation, Arizona, Pollution Control Revenue Bonds, El
|
2/19 at 100.00
|
BBB
|
4,758,680
|
|
|
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–
|
2,977,809
|
|
|
Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37
|
|
|
|
6,995
|
|
Total Arizona
|
|
|
7,736,489
|
|
|
California – 7.5%
|
|
|
|
2,500
|
|
California State Public Works Board, Lease Revenue Bonds, Department of General Services
|
4/19 at 100.00
|
A2
|
2,841,500
|
|
|
Buildings 8 & 9, Series 2009A, 6.250%, 4/01/34
|
|
|
|
500
|
|
California State, General Obligation Bonds, Tender Option Bond Trust 3162, 19.782%, 3/01/18 –
|
No Opt. Call
|
AA–
|
745,760
|
|
|
AGM Insured (IF)
|
|
|
|
1,800
|
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement
|
6/15 at 100.00
|
A2
|
1,806,174
|
|
|
Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/45
|
|
|
|
3,290
|
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed
|
6/17 at 100.00
|
B–
|
2,464,736
|
|
|
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–
|
547,461
|
10,200
|
|
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 –
|
8/29 at 100.00
|
AA–
|
8,198,862
|
|
|
AGC Insured
|
|
|
|
18,740
|
|
Total California
|
|
|
16,604,493
|
|
|
Colorado – 5.2%
|
|
|
|
5,000
|
|
Denver City and County, Colorado, Airport System Revenue Bonds, Series 2005A, 5.000%,
|
11/15 at 100.00
|
A+
|
5,591,150
|
|
|
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
|
BBB
|
1,486,846
|
|
|
NPFG Insured
|
|
|
|
4,000
|
|
Park Creek Metropolitan District, Colorado, Senior Property Tax Supported Revenue Bonds,
|
No Opt. Call
|
AA–
|
4,582,560
|
|
|
Series 2009, 6.375%, 12/01/37 – AGC Insured
|
|
|
|
12,605
|
|
Total Colorado
|
|
|
11,660,556
|
|
|
Florida – 8.4%
|
|
|
|
1,100
|
|
Hillsborough County, Florida, Junior Lien Revenue Refunding Bonds, Series 2001, 5.500%,
|
No Opt. Call
|
AA+
|
1,128,501
|
|
|
8/01/12 – AMBAC Insured
|
|
|
|
9,500
|
|
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2009A,
|
10/19 at 100.00
|
A2
|
10,541,580
|
|
|
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
|
2,875,700
|
2,000
|
|
5.625%, 7/01/38
|
7/18 at 100.00
|
Aa2
|
2,246,580
|
4,500
|
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2007,
|
5/18 at 100.00
|
N/R
|
1,916,325
|
|
|
6.450%, 5/01/23 (4)
|
|
|
|
19,600
|
|
Total Florida
|
|
|
18,708,686
|
|
|
Georgia – 0.8%
|
|
|
|
495
|
|
Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A. Remarketed,
|
1/19 at 100.00
|
N/R
|
552,796
|
|
|
7.500%, 1/01/31
|
|
|
|
1,000
|
|
Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta Air
|
6/20 at 100.00
|
CCC+
|
1,159,630
|
|
|
Lines, Inc. Project, Series 2009A, 8.750%, 6/01/29
|
|
|
|
1,495
|
|
Total Georgia
|
|
|
1,712,426
|
|
|
Illinois – 9.0%
|
|
|
|
5,000
|
|
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Series 2009A,
|
8/19 at 100.00
|
AA+
|
5,759,350
|
|
|
6.000%, 8/15/39
|
|
|
|
3,500
|
|
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2009A,
|
5/19 at 100.00
|
A
|
4,233,355
|
|
|
7.125%, 11/15/37
|
|
|
|
5,000
|
|
Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group,
|
11/18 at 100.00
|
A2
|
6,089,650
|
|
|
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
|
3,872,739
|
|
|
Refunding Series 2007A, 5.250%, 5/01/34
|
|
|
|
17,480
|
|
Total Illinois
|
|
|
19,955,094
|
|
|
Indiana – 6.2%
|
|
|
|
1,890
|
|
Indiana Bond Bank, State Revolving Fund Program Bonds, Series 2001A, 5.500%, 8/01/12
|
No Opt. Call
|
AAA
|
1,940,520
|
5,000
|
|
Indiana Finance Authority, Hospital Revenue Bonds, Deaconess Hospital Obligated Group, Series
|
3/19 at 100.00
|
A
|
5,782,250
|
|
|
2009A, 6.750%, 3/01/39
|
|
|
|
3,650
|
|
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest
|
3/17 at 100.00
|
BBB+
|
3,754,755
|
|
|
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+
|
2,284,280
|
|
|
6.000%, 1/01/39
|
|
|
|
12,540
|
|
Total Indiana
|
|
|
13,761,805
|
|
|
Iowa – 1.1%
|
|
|
|
3,025
|
|
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C,
|
6/15 at 100.00
|
B+
|
2,354,993
|
|
|
5.375%, 6/01/38
|
|
|
|
|
|
Louisiana – 7.4%
|
|
|
|
5,000
|
|
Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Series 2006C-3,
|
6/18 at 100.00
|
AA–
|
5,872,550
|
|
|
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
|
7,098,980
|
275
|
|
5.500%, 5/15/47
|
5/17 at 100.00
|
Baa1
|
281,325
|
3,255
|
|
St John Baptist Parish, Louisiana, Revenue Bonds, Marathon Oil Corporation, Series 2007A,
|
6/17 at 100.00
|
BBB
|
3,306,169
|
|
|
5.125%, 6/01/37
|
|
|
|
15,530
|
|
Total Louisiana
|
|
|
16,559,024
|
|
|
Maine – 1.9%
|
|
|
|
3,335
|
|
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Bowdoin College,
|
7/19 at 100.00
|
Aa2
|
4,310,488
|
|
|
Tender Option Bond Trust 2009-5B, 13.723%, 7/01/39 (IF) (5)
|
|
|
|
|
|
Massachusetts – 0.6%
|
|
|
|
1,000
|
|
Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Tender Option Bond
|
8/19 at 100.00
|
AAA
|
1,401,160
|
|
|
Trust 2989, 13.334%, 8/01/38 (IF)
|
|
|
|
|
|
Michigan – 3.6%
|
|
|
|
3,000
|
|
Detroit Water Supply System, Michigan, Water Supply System Revenue Bonds, Refunding Senior
|
No Opt. Call
|
AA–
|
3,084,150
|
|
|
Lien Series 2006D, 5.000%, 7/01/32 – AGM Insured
|
|
|
|
5,000
|
|
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%,
|
7/15 at 100.00
|
A
|
5,038,000
|
|
|
7/01/35 – NPFG Insured
|
|
|
|
8,000
|
|
Total Michigan
|
|
|
8,122,150
|
|
|
Nevada – 3.0%
|
|
|
|
250
|
|
Clark County, Nevada, Senior Lien Airport Revenue Bonds, Series 2005A, 5.000%, 7/01/40 –
|
No Opt. Call
|
Aa2
|
257,860
|
|
|
AMBAC Insured
|
|
|
|
5,415
|
|
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A,
|
6/19 at 100.00
|
A
|
6,472,387
|
|
|
8.000%, 6/15/30
|
|
|
|
5,665
|
|
Total Nevada
|
|
|
6,730,247
|
|
|
New Jersey – 2.8%
|
|
|
|
|
|
New Jersey Educational Facilities Authority, Revenue Refunding Bonds, University of Medicine
|
|
|
|
|
|
and Dentistry of New Jersey, Series 2009B:
|
|
|
|
2,135
|
|
7.125%, 12/01/23
|
6/19 at 100.00
|
Baa1
|
2,662,623
|
3,000
|
|
7.500%, 12/01/32
|
6/19 at 100.00
|
Baa1
|
3,671,040
|
5,135
|
|
Total New Jersey
|
|
|
6,333,663
|
|
|
New York – 1.6%
|
|
|
|
3,000
|
|
Liberty Development Corporation, New York, Goldman Sachs Headquarters Revenue Bonds Series
|
No Opt. Call
|
A1
|
3,421,350
|
|
|
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–
|
140,628
|
|
|
Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42
|
|
|
|
3,130
|
|
Total New York
|
|
|
3,561,978
|
|
|
North Carolina – 1.4%
|
|
|
|
3,000
|
|
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2003A, 5.250%,
|
1/13 at 100.00
|
A
|
3,126,600
|
|
|
1/01/19 – NPFG Insured
|
|
|
|
|
|
Ohio – 5.7%
|
|
|
|
5,000
|
|
American Municipal Power Ohio Inc., General Revenue Bonds, Prairie State Energy Campus Project
|
2/19 at 100.00
|
AA–
|
5,678,050
|
|
|
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
|
B–
|
4,800,571
|
|
|
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
|
2,128,020
|
|
|
Hospitals Health System, Series 2009, 6.750%, 1/15/39
|
|
|
|
12,885
|
|
Total Ohio
|
|
|
12,606,641
|
|
|
Puerto Rico – 5.1%
|
|
|
|
4,390
|
|
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A,
|
7/18 at 100.00
|
Baa2
|
4,754,546
|
|
|
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+
|
3,398,970
|
|
|
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
|
3,101,000
|
|
|
Trust 11851, 18.866%, 2/01/16 (IF)
|
|
|
|
9,890
|
|
Total Puerto Rico
|
|
|
11,254,516
|
|
|
Rhode Island – 3.0%
|
|
|
|
3,000
|
|
Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue Bonds,
|
5/19 at 100.00
|
A–
|
3,498,930
|
|
|
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
|
3,242,754
|
|
|
Series 2002A, 6.125%, 6/01/32
|
|
|
|
6,240
|
|
Total Rhode Island
|
|
|
6,741,684
|
|
|
Texas – 5.5%
|
|
|
|
3,550
|
|
Ennis Independent School District, Ellis County, Texas, General Obligation Bonds, Series 2006,
|
8/16 at 46.64
|
Aaa
|
1,433,810
|
|
|
0.000%, 8/15/31
|
|
|
|
5,300
|
|
North Texas Tollway Authority, Second Tier System Revenue Refunding Bonds, Series 2008F,
|
1/18 at 100.00
|
A3
|
5,733,434
|
|
|
5.750%, 1/01/38
|
|
|
|
5,000
|
|
Richardson Hospital Authority, Texas, Revenue Bonds, Richardson Regional Medical Center,
|
12/13 at 100.00
|
A
|
5,155,550
|
|
|
Series 2004, 6.000%, 12/01/34
|
|
|
|
13,850
|
|
Total Texas
|
|
|
12,322,794
|
|
|
Virgin Islands – 0.6%
|
|
|
|
1,000
|
|
Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note – Diageo Project,
|
10/19 at 100.00
|
BBB
|
1,119,140
|
|
|
Series 2009A, 6.750%, 10/01/37
|
|
|
|
|
|
Virginia – 1.1%
|
|
|
|
2,000
|
|
Washington County Industrial Development Authority , Virginia, Hospital Revenue Bonds,
|
1/19 at 100.00
|
BBB+
|
2,374,080
|
|
|
Mountain States Health Alliance, Series 2009C, 7.750%, 7/01/38
|
|
|
|
|
|
Wisconsin – 7.9%
|
|
|
|
120
|
|
Badger Tobacco Asset Securitization Corporation, Wisconsin, Tobacco Settlement Asset-Backed
|
6/12 at 100.00
|
Aaa
|
122,370
|
|
|
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+
|
5,143,950
|
|
|
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+
|
1,698,660
|
|
|
Obligated Group, Series 2009, 6.625%, 2/15/39
|
|
|
|
9,000
|
|
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A,
|
5/19 at 100.00
|
AA–
|
10,711,527
|
|
|
6.000%, 5/01/36
|
|
|
|
15,620
|
|
Total Wisconsin
|
|
|
17,676,507
|
$ 200,055
|
|
Total Investments (cost $171,933,172) – 93.5%
|
|
|
207,969,904
|
|
|
Other Assets Less Liabilities – 6.5%
|
|
|
14,563,135
|
|
|
Net Assets – 100%
|
|
|
$ 222,533,039
|