UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
 
Investment Company Act file number 811-22253
 
Nuveen AMT-Free Municipal Value Fund
(Exact name of registrant as specified in charter)
 
Nuveen Investments
        333 West Wacker Drive, Chicago, Illinois 60606         
(Address of principal executive offices) (Zip code)
 

Kevin J. McCarthy
Vice President and Secretary
        333 West Wacker Drive, Chicago, Illinois 60606         
(Name and address of agent for service)
 
Registrant's telephone number, including area code:         312-917-7700        
 
Date of fiscal year end:             10/31         
 
Date of reporting period:          1/31/13         
 
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
 
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q 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 the 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. § 3507.

 
 
 

 
 
Item 1. Schedule of Investments
 
 

 
           
   
Portfolio of Investments (Unaudited)  
     
   
Nuveen AMT-Free Municipal Value Fund (NUW)  
     
   
January 31, 2013  
     
 
 
Principal  
   
Optional Call  
   
Amount (000)  
 
Description (1)  
Provisions (2)  
Ratings (3)  
Value  
   
Alaska – 0.6%  
     
   
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds,  
     
   
Series 2006A:  
     
$ 1,045  
 
4.625%, 6/01/23  
6/14 at 100.00  
Ba1  
$ 1,049,295  
350  
 
5.000%, 6/01/46  
6/14 at 100.00  
B+  
309,341  
1,395  
 
Total Alaska  
   
1,358,636  
   
Arizona – 4.2%  
     
1,520  
 
Arizona School Facilities Board, Certificates of Participation, Series 2003A, 5.000%, 9/01/13 –  
No Opt. Call  
A+  
1,562,545  
   
NPFG Insured  
     
4,000  
 
Maricopa County Pollution Control Corporation, Arizona, Pollution Control Revenue Bonds, El  
2/19 at 100.00  
BBB  
4,782,760  
   
Paso Electric Company, Refunding Series 2009A, 7.250%, 2/01/40  
     
3,045  
 
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc  
No Opt. Call  
A–  
3,499,801  
   
Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37  
     
8,565  
 
Total Arizona  
   
9,845,106  
   
California – 9.7%  
     
2,500  
 
California State Public Works Board, Lease Revenue Bonds, Department of General Services  
4/19 at 100.00  
A2  
3,013,550  
   
Buildings 8 & 9, Series 2009A, 6.250%, 4/01/34  
     
500  
 
California State, General Obligation Bonds, Tender Option Bond Trust 3162, 19.745%, 3/01/18 –  
No Opt. Call  
AA–  
841,220  
   
AGM Insured (IF)  
     
   
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement  
     
   
Asset-Backed Revenue Bonds, Series 2005A:  
     
2,365  
 
5.000%, 6/01/45  
6/15 at 100.00  
A2  
2,462,864  
1,290  
 
5.000%, 6/01/45 – AMBAC Insured  
6/15 at 100.00  
A2  
1,343,380  
3,635  
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed  
6/17 at 100.00  
B
3,384,476  
   
Bonds, Series 2007A-1, 5.000%, 6/01/33  
     
1,750  
 
Lodi Unified School District, San Joaquin County, California, General Obligation Bonds,  
8/13 at 100.00  
AA– (4)  
1,792,158  
   
Election 2002 Series 2004, 5.000%, 8/01/29 (Pre-refunded 8/01/13) – AGM Insured  
     
450  
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Series 2009A, 6.500%, 11/01/39  
No Opt. Call  
A
625,113  
10,200  
 
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 –  
8/29 at 100.00  
AA–  
8,947,643  
   
AGC Insured  
     
700  
 
Victor Elementary School District, San Bernardino County, California, General Obligation  
No Opt. Call  
Aa3  
450,310  
   
Bonds, Series 2002A, 0.000%, 8/01/24 – FGIC Insured  
     
23,390  
 
Total California  
   
22,860,714  
   
Colorado – 5.1%  
     
5,000  
 
Denver City and County, Colorado, Airport System Revenue Bonds, Series 2005A, 5.000%, 11/15/25 –  
11/15 at 100.00  
A+  
5,495,450  
   
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  
1,759,961  
   
NPFG Insured  
     
4,000  
 
Park Creek Metropolitan District, Colorado, Senior Property Tax Supported Revenue Bonds,  
12/19 at 100.00  
AA–  
4,699,960  
   
Series 2009, 6.375%, 12/01/37 – AGC Insured  
     
12,605  
 
Total Colorado  
   
11,955,371  
   
Florida – 8.1%  
     
9,500  
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2009A,  
10/19 at 100.00  
A
10,841,779  
   
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  
2,959,400  
2,000  
 
5.625%, 7/01/38  
7/18 at 100.00  
Aa2  
2,329,620  
300  
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible,  
5/17 at 100.00  
N/R  
215,307  
   
Capital Appreciation, Series 2012A-2, 0.000%, 5/01/39  
     
865  
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible,  
5/19 at 100.00  
N/R  
498,404  
   
Capital Appreciation, Series 2012A-3, 0.000%, 5/01/40  
     
375  
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible,  
5/22 at 100.00  
N/R  
158,959  
   
Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40  
     
525  
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series  
5/18 at 100.00  
N/R  
5
   
2007-3, 6.450%, 5/01/23 (5)  
     
70  
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Non Performing  
5/18 at 100.00  
N/R  
38,028  
   
ParcelSeries 2007-1. RMKT, 6.450%, 5/01/23 (5)  
     
910  
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series  
5/17 at 100.00  
N/R  
893,666  
   
2012A-1, 6.450%, 5/01/23  
     
2,120  
 
Tolomato Community Development District, Florida, Special Assessment Bonds,  
5/18 at 100.00  
N/R  
979,398  
   
Southern/Forbearance Parcel Series 2007-2, 6.450%, 5/01/23 (5)  
     
19,165  
 
Total Florida  
   
18,914,566  
   
Georgia – 0.8%  
     
485  
 
Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A. Remarketed, 7.500%, 1/01/31  
1/19 at 100.00  
A2  
596,734  
1,000  
 
Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta Air  
6/20 at 100.00  
B–  
1,256,740  
   
Lines, Inc. Project, Series 2009A, 8.750%, 6/01/29  
     
1,485  
 
Total Georgia  
   
1,853,474  
   
Illinois – 10.5%  
     
3,000  
 
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999, 0.000%, 1/01/37 –  
No Opt. Call  
Aa3  
963,690  
   
FGIC Insured  
     
260  
 
Cook and DuPage Counties High School District 210 Lemont, Illinois, General Obligation Bonds,  
1/16 at 100.00  
Aa2  
285,519  
   
Refunding Series 2006, 5.000%, 1/01/26 – NPFG Insured  
     
465  
 
Cook and DuPage Counties High School District 210 Lemont, Illinois, General Obligation Bonds,  
1/16 at 100.00  
Aa2 (4)  
525,004  
   
Refunding Series 2006, 5.000%, 1/01/26 (Pre-refunded 1/01/16) – NPFG Insured  
     
1,885  
 
Cook County Township High School District 225 Northfield, Illinois, General Obligation Bonds,  
No Opt. Call  
AAA  
1,836,405  
   
Capital Appreciation Refunding Series 2002B, 0.000%, 12/01/15 – NPFG Insured  
     
5,035  
 
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Series 2009A,  
8/19 at 100.00  
AA+  
5,924,131  
   
6.000%, 8/15/39  
     
3,500  
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2009A, 7.125%, 11/15/37  
5/19 at 100.00  
A
4,396,315  
5,000  
 
Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group,  
11/18 at 100.00  
A2  
6,272,949  
   
Series 2009A, 7.250%, 11/01/38  
     
3,970  
 
Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc.,  
5/17 at 100.00  
BBB+  
4,201,689  
   
Refunding Series 2007A, 5.250%, 5/01/34  
     
560  
 
Will County Community Unit School District 201U, Crete-Monee, Will County, Illinois, General  
No Opt. Call  
A+  
384,434  
   
Obligation Bonds, Capital Appreciation Series 2004, 0.000%, 11/01/23 – FGIC Insured  
     
23,675  
 
Total Illinois  
   
24,790,136  
   
Indiana – 5.5%  
     
5,000  
 
Indiana Finance Authority, Hospital Revenue Bonds, Deaconess Hospital Obligated Group, Series  
3/19 at 100.00  
A+  
5,905,800  
   
2009A, 6.750%, 3/01/39  
     
3,650  
 
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest  
3/17 at 100.00  
A–  
3,994,451  
   
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+  
2,399,160  
   
6.000%, 1/01/39  
     
1,000  
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/25 –  
No Opt. Call  
AA  
712,230  
   
AMBAC Insured  
     
11,650  
 
Total Indiana  
   
13,011,641  
   
Iowa – 1.2%  
     
3,025  
 
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C,  
6/15 at 100.00  
B+  
2,889,904  
   
5.375%, 6/01/38  
     
   
Kansas – 0.3%  
     
955  
 
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital  
No Opt. Call  
BBB+  
630,701  
   
Appreciation Revenue Bonds Redevelopment Project Area B – Major Multi-Sport Athletic Complex  
     
   
Project, Subordinate Lien Series 2010B, 0.000%, 6/01/21  
     
   
Louisiana – 7.4%  
     
5,000  
 
Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Series 2006C-3,  
6/18 at 100.00  
AA–  
6,086,900  
   
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  
7,419,299  
275  
 
5.500%, 5/15/47  
5/17 at 100.00  
Baa1  
293,191  
3,255  
 
St John Baptist Parish, Louisiana, Revenue Bonds, Marathon Oil Corporation, Series 2007A,  
6/17 at 100.00  
BBB  
3,483,371  
   
5.125%, 6/01/37  
     
15,530  
 
Total Louisiana  
   
17,282,761  
   
Maine – 2.0%  
     
3,335  
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Bowdoin College,  
7/19 at 100.00  
Aa2  
4,754,276  
   
Tender Option Bond Trust 2009-5B, 13.740%, 7/01/39 (IF) (6)  
     
   
Massachusetts – 0.6%  
     
1,000  
 
Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Tender Option Bond  
8/19 at 100.00  
AAA  
1,491,120  
   
Trust 2989, 13.354%, 8/01/38 (IF)  
     
   
Michigan – 4.0%  
     
3,100  
 
Detroit Water Supply System, Michigan, Water Supply System Revenue Bonds, Refunding Senior  
7/16 at 100.00  
AA–  
3,247,932  
   
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
5,092,550  
   
7/01/35 – NPFG Insured  
     
1,050  
 
Huron Valley School District, Oakland and Livingston Counties, Michigan, General Obligation  
No Opt. Call  
Aa2  
1,062,254  
   
Bonds, Refunding Series 2008, 5.000%, 5/01/13 – AGM Insured  
     
9,150  
 
Total Michigan  
   
9,402,736  
   
Nevada – 3.3%  
     
1,000  
 
Clark County Water Reclamation District, Nevada, General Obligation Water Bonds, Series 2009A,  
7/19 at 100.00  
AAA  
1,202,800  
   
5.250%, 7/01/34  
     
250  
 
Clark County, Nevada, Senior Lien Airport Revenue Bonds, Series 2005A, 5.000%, 7/01/40 –  
7/15 at 100.00  
Aa2  
268,710  
   
AMBAC Insured  
     
5,415  
 
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A,  
6/19 at 100.00  
BBB–  
6,215,337  
   
8.000%, 6/15/30  
     
6,665  
 
Total Nevada  
   
7,686,847  
   
New Jersey – 2.8%  
     
   
New Jersey Educational Facilities Authority, Revenue Refunding Bonds, University of Medicine  
     
   
and Dentistry of New Jersey, Series 2009B:  
     
2,135  
 
7.125%, 12/01/23  
6/19 at 100.00  
A–  
2,732,587  
3,000  
 
7.500%, 12/01/32  
6/19 at 100.00  
A–  
3,764,370  
5,135  
 
Total New Jersey  
   
6,496,957  
   
New York – 1.6%  
     
3,000  
 
Liberty Development Corporation, New York, Goldman Sachs Headquarters Revenue Bonds Series  
No Opt. Call  
A
3,709,410  
   
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–  
154,938  
   
Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42  
     
3,130  
 
Total New York  
   
3,864,348  
   
Ohio – 6.7%  
     
5,000  
 
American Municipal Power Ohio Inc., General Revenue Bonds, Prairie State Energy Campus Project  
2/19 at 100.00  
AA–  
5,734,900  
   
Series 2009A, 5.750%, 2/15/39 – AGC Insured  
     
   
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue  
     
   
Bonds, Senior Lien, Series 2007A-2:  
     
2,115  
 
5.875%, 6/01/30  
6/17 at 100.00  
B
1,939,476  
5,910  
 
6.500%, 6/01/47  
6/17 at 100.00  
B
5,774,484  
2,000  
 
Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, University  
1/15 at 100.00  
A (4)  
2,245,580  
   
Hospitals Health System, Series 2009, 6.750%, 1/15/39 (Pre-refunded 1/15/15)  
     
15,025  
 
Total Ohio  
   
15,694,440  
   
Puerto Rico – 4.8%  
     
4,390  
 
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A,  
7/18 at 100.00  
BBB  
4,538,031  
   
6.000%, 7/01/44  
     
500  
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2003G, 5.000%,  
No Opt. Call  
BBB  
505,560  
   
7/01/22 – FGIC Insured  
     
3,000  
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series  
8/19 at 100.00  
A+  
3,305,280  
   
2009A, 6.000%, 8/01/42  
     
2,500  
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Tender Option Bonds  
No Opt. Call  
AA–  
2,964,900  
   
Trust 11851, 18.746%, 2/01/16 (IF)  
     
10,390  
 
Total Puerto Rico  
   
11,313,771  
   
Rhode Island – 2.9%  
     
3,000  
 
Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue Bonds,  
5/19 at 100.00  
A–  
3,531,390  
   
Lifespan Obligated Group Issue, Series 2009A, 7.000%, 5/15/39  
     
3,240  
 
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds,  
6/13 at 100.00  
BBB+  
3,272,368  
   
Series 2002A, 6.125%, 6/01/32  
     
6,240  
 
Total Rhode Island  
   
6,803,758  
   
South Carolina – 1.3%  
     
5,435  
 
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2,  
No Opt. Call  
AA–  
3,020,501  
   
0.000%, 1/01/29 – AMBAC Insured  
     
   
Texas – 5.8%  
     
3,550  
 
Ennis Independent School District, Ellis County, Texas, General Obligation Bonds, Series 2006,  
8/16 at 46.64  
Aaa  
1,534,346  
   
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  
5,888,512  
   
5.750%, 1/01/38  
     
5,000  
 
Richardson Hospital Authority, Texas, Revenue Bonds, Richardson Regional Medical Center,  
12/13 at 100.00  
A+  
5,114,600  
   
Series 2004, 6.000%, 12/01/34  
     
1,000  
 
Texas State, General Obligation Bonds, Public Financing Authority, Refunding Series 2011,  
No Opt. Call  
Aaa  
1,025,610  
   
4.000%, 10/01/13  
     
14,850  
 
Total Texas  
   
13,563,068  
   
Virgin Islands – 0.5%  
     
1,000  
 
Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note – Diageo Project,  
10/19 at 100.00  
BBB  
1,179,320  
   
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+  
2,491,180  
   
Mountain States Health Alliance, Series 2009C, 7.750%, 7/01/38  
     
   
Wisconsin – 7.6%  
     
5,000  
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Healthcare Inc.,  
4/13 at 100.00  
A
5,031,150  
   
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+  
1,767,885  
   
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–  
11,009,429  
   
6.000%, 5/01/36  
     
15,500  
 
Total Wisconsin  
   
17,808,464  
$ 220,295  
 
Total Investments (cost $185,849,368) – 98.4%  
   
230,963,796  
   
Other Assets Less Liabilities – 1.6%  
   
3,800,827  
   
Net Assets – 100%  
   
$ 234,764,623  
 

 
 
 
 

 
 
 
 
 
Fair Value Measurements
 
Fair value is defined as the price that the Funds would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
 
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
 
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 
Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
 
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities.
 
The following is a summary of the Fund’s fair value measurements as of the end of the reporting period:
 
         
 
Level 1  
Level 2  
Level 3  
Total  
Long-Term Investments:  
       
   Municipal Bonds  
$ —  
$230,963,796  
$ —  
$230,963,796  
 
 
The Nuveen funds’ Board of Directors/Trustees is responsible for the valuation process and has delegated the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board of Directors/Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the funds’ pricing policies, and reporting to the Board of Directors/Trustees. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
 
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.
 
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors/Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board of Directors/Trustees.
 
Income Tax Information
 
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.
 
As of January 31, 2013, the cost of investments was $185,014,297.
 
Gross unrealized appreciation and gross unrealized depreciation of investments as of January 31, 2013, were as follows:
 
   
Gross unrealized:  
 
Appreciation  
$46,025,641  
Depreciation  
(76,142)
Net unrealized appreciation (depreciation) of investments  
$45,949,499  
 
     
(1)  
 
All percentages shown in the Portfolio of Investments are based on net assets.  
(2)  
 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There  
   
may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be  
   
subject to periodic principal paydowns.  
(3)  
 
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service,  
   
Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or  
   
BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any  
   
of these national rating agencies.  
(4)  
 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities,  
   
which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or  
   
agency securities are regarded as having an implied rating equal to the rating of such securities.  
(5)  
 
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income  
   
producing security, in the case of a fixed-income security, generally denotes that the issuer has (1)  
   
defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court  
   
or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment  
   
obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.  
(6)  
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations of  
   
investments in inverse floating rate transactions.  
N/R  
 
Not rated.  
(IF)  
 
Inverse floating rate investment.  
 
 
 
 
 
 

 
 
Item 2. 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 Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (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 registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
 
Item 3. Exhibits.

File as exhibits as part of this Form 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)), exactly as set forth below: See EX-99 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 AMT-Free Municipal Value Fund 
 
By (Signature and Title)     /s/ Kevin J. McCarthy                    
                                                   Kevin J. McCarthy
                                                   Vice President and Secretary
 
Date:          April 1, 2013        
 
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:          April 1, 2013        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date:          April 1, 2013        
 

Nuveen AMT Free Municipa... (NYSE:NUW)
Historical Stock Chart
From Sep 2024 to Oct 2024 Click Here for more Nuveen AMT Free Municipa... Charts.
Nuveen AMT Free Municipa... (NYSE:NUW)
Historical Stock Chart
From Oct 2023 to Oct 2024 Click Here for more Nuveen AMT Free Municipa... Charts.