Nuveen AMT-Free Municipal Value Fund

 

 

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)

Gifford R. Zimmerman

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:       October 31      

Date of reporting period: July 31, 2018

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

 

 

NUW
Nuveen AMT-Free Municipal Value Fund
Portfolio of Investments    July 31, 2018
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    LONG-TERM INVESTMENTS – 101.0%        
    MUNICIPAL BONDS – 101.0%        
    Alaska – 0.2%        
    Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A:        
$ 140   4.625%, 6/01/23   9/18 at 100.00 Ba2 $140,175
350   5.000%, 6/01/46   9/18 at 100.00 B3 352,033
490   Total Alaska       492,208
    Arizona – 3.1%        
4,000   Maricopa County Pollution Control Corporation, Arizona, Pollution Control Revenue Bonds, El Paso Electric Company, Refunding Series 2009A, 7.250%, 2/01/40   2/19 at 100.00 Baa1 4,103,160
3,045   Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc. Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37   No Opt. Call BBB+ 3,620,749
7,045   Total Arizona       7,723,909
    California – 12.8%        
1,790   Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Second Subordinate Lien Series 2016B, 5.000%, 10/01/37   10/26 at 100.00 BBB+ 2,002,061
1,730   Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Series 1997C, 0.000%, 9/01/30  –  AGM Insured   No Opt. Call AA 1,120,227
2,500   California State Public Works Board, Lease Revenue Bonds, Department of General Services Buildings 8 & 9, Series 2009A, 6.250%, 4/01/34 (Pre-refunded 4/01/19)   4/19 at 100.00 Aaa 2,583,350
500   California State, General Obligation Bonds, Tender Option Bond Trust 2016-XG0039, 17.070%, 3/01/40  –  AGM Insured, 144A (IF) (4)   3/20 at 100.00 Aa3 616,705
540   Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2018A-1, 5.000%, 6/01/47   6/22 at 100.00 N/R 554,915
450   M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009A, 6.500%, 11/01/39   No Opt. Call A 636,737
10,200   Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38  –  AGC Insured (5)   8/29 at 100.00 BB+ 12,600,876
1,030   Poway Unified School District, San Diego County, California, General Obligation Bonds, School Facilities Improvement District 2007-1, Series 2011A, 0.000%, 8/01/35   No Opt. Call AA- 548,660
2,500   San Diego County Regional Airport Authority, California, Airport Revenue Bonds, Subordinate Series 2017A, 5.000%, 7/01/47   7/27 at 100.00 A 2,854,850
12,955   San Ysidro School District, San Diego County, California, General Obligation Bonds, 1997 Election Series 2012G, 0.000%, 8/01/35  –  AGM Insured   No Opt. Call AA 6,674,546
5,185   San Ysidro School District, San Diego County, California, General Obligation Bonds, Refunding Series 2015, 0.000%, 8/01/44   No Opt. Call AA 1,468,288
700   Victor Elementary School District, San Bernardino County, California, General Obligation Bonds, Series 2002A, 0.000%, 8/01/24  –  FGIC Insured   No Opt. Call Aa3 599,893
40,080   Total California       32,261,108
1

NUW Nuveen AMT-Free Municipal Value Fund (continued)
  Portfolio of Investments July 31, 2018
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Colorado – 5.6%        
    Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Refunding Senior Lien Series 2016:        
$ 1,000   5.000%, 12/01/30   12/26 at 100.00 Baa2 $1,127,880
1,500   5.000%, 12/01/36   12/26 at 100.00 Baa2 1,654,455
5,885   E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/34  –  NPFG Insured   No Opt. Call A 3,227,863
3,605   E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%, 9/01/27  –  NPFG Insured   9/20 at 67.94 A 2,324,252
4,000   Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Bonds, Refunding Series 2009, 6.375%, 12/01/37 (Pre-refunded 12/01/19)  –  AGC Insured   12/19 at 100.00 AA (6) 4,250,880
1,000   Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs Utilities, Series 2008, 6.500%, 11/15/38   No Opt. Call A+ 1,379,370
16,990   Total Colorado       13,964,700
    Florida – 7.9%        
500   Gainesville, Florida, Utilities System Revenue Bonds, Series 2017A, 5.000%, 10/01/37   10/27 at 100.00 AA- 579,585
1,605   Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Series 2015, 5.000%, 11/15/45   11/24 at 100.00 A2 1,751,055
535   Miami Beach Redevelopment Agency, Florida, Tax Increment Revenue Bonds, City Center/Historic Convention Village, Series 2015A, 5.000%, 2/01/44  –  AGM Insured   2/24 at 100.00 AA 598,633
9,500   Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2009A, 5.500%, 10/01/41 (Pre-refunded 10/01/19) (UB) (4)   10/19 at 100.00 A (6) 9,894,915
3,325   Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Refunding Series 2017B, 5.000%, 10/01/31   10/25 at 100.00 Aa3 3,803,667
510   Putnam County Development Authority, Florida, Pollution Control Revenue Bonds, Seminole Electric Cooperative, Inc. Project, Refunding Series 2018B, 5.000%, 3/15/42   5/28 at 100.00 A- 572,689
865   Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-3, 0.000%, 5/01/40 (5)   5/19 at 100.00 N/R 830,089
375   Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40 (5)   5/22 at 100.00 N/R 302,239
525   Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series 2007-3, 6.450%, 5/01/23 (7)   10/18 at 100.00 N/R 5
40   Tolomato Community Development District, Florida, Special Assessment Bonds, Non Performing Parcel Series 2007-1 RMKT, 6.450%, 5/01/23   10/18 at 100.00 N/R 40,005
1,315   Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-1, 0.000%, 5/01/40 (7)   10/18 at 81.98 N/R 1,047,319
805   Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-2, 0.000%, 5/01/40 (7)   10/18 at 67.45 N/R 527,492
880   Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-3, 6.610%, 5/01/40 (7)   10/18 at 100.00 N/R 9
20,780   Total Florida       19,947,702
    Georgia – 2.9%        
400   Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A Remarketed, 7.500%, 1/01/31 (Pre-refunded 1/01/19)   1/19 at 100.00 A2 (6) 410,180
2

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Georgia (continued)        
$ 1,000   Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta Air Lines, Inc. Project, Series 2009A, 8.750%, 6/01/29   6/20 at 100.00 Baa3 $1,108,430
2,000   Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2017B, 5.500%, 2/15/42   2/27 at 100.00 AA 2,357,560
2,000   Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Lien Series 2015A, 5.000%, 1/01/35   1/25 at 100.00 A 2,187,780
1,000   Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, Refunding Series 2016A, 5.000%, 10/01/46   10/26 at 100.00 AA+ 1,141,500
6,400   Total Georgia       7,205,450
    Illinois – 12.3%        
2,000   Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2016, 6.000%, 4/01/46   4/27 at 100.00 A 2,340,620
    Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999:        
470   0.000%, 1/01/33  –  FGIC Insured   No Opt. Call BBB+ 248,169
3,000   0.000%, 1/01/37  –  FGIC Insured   No Opt. Call BBB- 1,286,820
2,000   Cook County, Illinois, Sales Tax Revenue Bonds, Series 2017, 5.000%, 11/15/38   11/27 at 100.00 AAA 2,264,800
5,035   Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Series 2009A, 6.000%, 8/15/39 (Pre-refunded 8/15/19)   8/19 at 100.00 AA+ (6) 5,268,121
3,500   Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2009A, 7.125%, 11/15/37 (Pre-refunded 5/15/19)   5/19 at 100.00 A2 (6) 3,652,880
5,000   Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2009A, 7.250%, 11/01/38 (Pre-refunded 11/01/18)   11/18 at 100.00 Aaa 5,073,000
3,500   Illinois Finance Authority, State of Illinois Clean Water Initiative Revolving Fund Revenue Bonds, Series 2017, 5.000%, 7/01/37   1/27 at 100.00 AAA 3,972,465
525   Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/29   2/27 at 100.00 BBB- 561,335
11,420   Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A, 0.000%, 12/15/37  –  NPFG Insured   No Opt. Call Baa2 4,679,117
615   University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 6.000%, 10/01/42   10/23 at 100.00 A- 693,523
    Will County Community Unit School District 201U, Crete-Monee, Illinois, General Obligation Bonds, Capital Appreciation Series 2004:        
300   0.000%, 11/01/23  –  NPFG Insured (ETM)   No Opt. Call Baa2 (6) 263,196
745   0.000%, 11/01/23  –  NPFG Insured   No Opt. Call A+ 641,534
38,110   Total Illinois       30,945,580
    Indiana – 3.4%        
5,000   Indiana Finance Authority, Hospital Revenue Bonds, Deaconess Hospital Obligated Group, Series 2009A, 6.750%, 3/01/39 (Pre-refunded 3/01/19)   3/19 at 100.00 A+ (6) 5,153,750
2,000   Indiana Municipal Power Agency, Power Supply System Revenue Bonds, Series 2009B, 6.000%, 1/01/39 (Pre-refunded 1/01/19)   1/19 at 100.00 A1 (6) 2,038,560
1,500   Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/25  –  AMBAC Insured   No Opt. Call AA 1,263,360
8,500   Total Indiana       8,455,670
3

NUW Nuveen AMT-Free Municipal Value Fund (continued)
  Portfolio of Investments July 31, 2018
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Iowa – 1.9%        
$ 1,545   Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013, 5.500%, 12/01/22   12/18 at 100.00 B- $1,557,808
3,075   Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.375%, 6/01/38   10/18 at 100.00 B2 3,108,271
4,620   Total Iowa       4,666,079
    Kentucky – 1.3%        
1,150   Kenton County Airport Board, Kentucky, Airport Revenue Bonds, Cincinnati/Northern Kentucky International Airport, Series 2016, 5.000%, 1/01/29   1/26 at 100.00 A+ 1,285,631
1,750   Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky Information Highway Project, Senior Series 2015A, 5.000%, 1/01/45   7/25 at 100.00 Baa2 1,866,147
2,900   Total Kentucky       3,151,778
    Maine – 1.4%        
3,335   Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Bowdoin College, Tender Option Bond Trust 2016-XL0014, 11.867%, 7/01/39 (Pre-refunded 7/01/19), 144A (IF) (4)   7/19 at 100.00 Aa2 3,616,207
    Maryland – 3.7%        
    Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017:        
1,000   5.000%, 9/01/32   9/27 at 100.00 BBB- 1,138,310
2,250   5.000%, 9/01/34   9/27 at 100.00 BBB- 2,517,975
5,000   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health Issue, Series 2017A, 5.000%, 5/15/45   5/27 at 100.00 A 5,570,800
8,250   Total Maryland       9,227,085
    Massachusetts – 0.4%        
1,000   Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Tender Option Bond Trust 2015-XF2186, 11.926%, 8/01/38, 144A (IF) (4)   8/19 at 100.00 AAA 1,091,990
    Minnesota – 0.5%        
1,145   Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding Series 2017A, 5.000%, 12/01/47   12/26 at 100.00 Aa3 1,299,999
    Nebraska – 0.2%        
500   Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Series 2012, 5.000%, 9/01/42   9/22 at 100.00 A 547,180
    Nevada – 3.2%        
5,415   Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 8.000%, 6/15/30 (Pre-refunded 6/15/19)   6/19 at 100.00 BBB+ (6) 5,713,366
2,000   Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2015, 5.000%, 6/01/39   12/24 at 100.00 AA+ 2,257,260
7,415   Total Nevada       7,970,626
    New Jersey – 4.9%        
935   New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2005N-1, 5.500%, 9/01/27  –  FGIC Insured   No Opt. Call A- 1,096,044
4

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    New Jersey (continued)        
$ 1,000   New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2011GG, 5.000%, 9/01/22   3/21 at 100.00 A- $1,057,970
1,250   New Jersey Economic Development Authority, School Facility Construction Bonds, Series 2005K, 5.500%, 12/15/19  –  AMBAC Insured   No Opt. Call A- 1,310,513
    New Jersey Educational Facilities Authority, Revenue Bonds, University of Medicine and Dentistry of New Jersey, Refunding Series 2009B:        
2,135   7.125%, 12/01/23 (Pre-refunded 6/01/19)   6/19 at 100.00 N/R (6) 2,234,982
3,000   7.500%, 12/01/32 (Pre-refunded 6/01/19)   6/19 at 100.00 N/R (6) 3,149,730
5,020   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/31   No Opt. Call A- 2,834,945
255   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA, 5.250%, 6/15/41   6/25 at 100.00 BBB+ 275,558
355   Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018B, 5.000%, 6/01/46   6/28 at 100.00 BBB 381,213
13,950   Total New Jersey       12,340,955
    New York – 4.8%        
3,000   Liberty Development Corporation, New York, Goldman Sachs Headquarters Revenue Bonds Series 2007, 5.500%, 10/01/37   No Opt. Call A 3,822,720
    Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2017:        
2,500   5.000%, 9/01/42   9/27 at 100.00 A- 2,835,250
1,500   5.000%, 9/01/47   9/27 at 100.00 A- 1,694,865
1,450   New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Series 2009EE-2, 5.250%, 6/15/40   6/19 at 100.00 AA+ 1,494,587
1,500   New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.750%, 11/15/51   11/21 at 100.00 A+ 1,670,895
430   Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42   12/20 at 100.00 BBB 469,272
10,380   Total New York       11,987,589
    North Carolina – 1.2%        
2,000   North Carolina Capital Facilities Finance Agency, Revenue Bonds, Duke University Project, Refunding Series 2016B, 5.000%, 10/01/44   10/26 at 100.00 AA+ 2,292,340
700   North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Refunding Senior Lien Series 2017, 5.000%, 1/01/32   1/27 at 100.00 BBB 792,281
2,700   Total North Carolina       3,084,621
    Ohio – 5.2%        
3,500   American Municipal Power Ohio Inc., Prairie State Energy Campus Project Revenue Bonds, Series 2009A, 5.750%, 2/15/39 (Pre-refunded 2/15/19)  –  AGC Insured   2/19 at 100.00 AA (6) 3,582,355
    Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:        
2,115   5.875%, 6/01/30   9/18 at 100.00 Caa1 2,125,575
5,910   6.500%, 6/01/47   9/18 at 100.00 B- 6,087,241
5

NUW Nuveen AMT-Free Municipal Value Fund (continued)
  Portfolio of Investments July 31, 2018
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Ohio (continued)        
$ 1,305   Franklin County, Ohio, Revenue Bonds, Trinity Health Credit Group, Series 2017OH, 4.000%, 12/01/46   6/27 at 100.00 AA- $ 1,326,337
12,830   Total Ohio       13,121,508
    Oklahoma – 0.1%        
255   Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B, 5.250%, 8/15/43   8/28 at 100.00 BB+ 288,339
    Rhode Island – 1.2%        
3,000   Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue Bonds, Lifespan Obligated Group Issue, Series 2009A, 7.000%, 5/15/39 (Pre-refunded 5/15/19)   5/19 at 100.00 Aaa 3,129,330
    South Carolina – 1.5%        
5,435   Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2, 0.000%, 1/01/29  –  AMBAC Insured   No Opt. Call AA 3,814,066
    Tennessee – 0.3%        
605   Metropolitan Government of Nashville-Davidson County, Tennessee, Water and Sewerage Revenue Bonds, Green Series 2017A, 5.000%, 7/01/42   7/27 at 100.00 AA 696,458
    Texas – 10.6%        
1,000   Austin Community College District Public Facility Corporation, Texas, Lease Revenue Bonds, Highland Campus - Building 3000 Project, Series 2018A, 5.000%, 8/01/42   8/27 at 100.00 AA 1,128,920
2,000   Austin, Texas, Electric Utility System Revenue Bonds, Refunding Series 2017, 5.000%, 11/15/35   11/26 at 100.00 AA 2,300,940
1,855   Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier Series 2013A, 5.500%, 4/01/53   10/23 at 100.00 A- 2,072,424
    Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B:        
3,000   0.000%, 9/01/32  –  AMBAC Insured   No Opt. Call A2 1,729,530
7,935   0.000%, 9/01/33  –  AMBAC Insured   No Opt. Call A2 4,366,710
7,500   Katy Independent School District, Harris, Fort Bend and Waller Counties, Texas, General Obligation Bonds, School Building Series 2017, 4.000%, 2/15/47   2/27 at 100.00 AAA 7,780,200
2,500   Katy Independent School District, Harris, Fort Bend and Waller Counties, Texas, General Obligation Bonds, Series 2017, 4.000%, 2/15/47 (UB) (4)   2/27 at 100.00 AAA 2,593,400
915   North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B, 5.000%, 1/01/45   1/25 at 100.00 A 1,008,678
250   Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas Health Resources System, Series 2016A, 5.000%, 2/15/41   8/26 at 100.00 AA 279,595
1,500   Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/32   12/22 at 100.00 BBB 1,618,125
6

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Texas (continued)        
    Wylie Independent School District, Collin County, Texas, General Obligation Bonds, School Building Series 2010:        
$ 2,000   0.000%, 8/15/33   No Opt. Call AAA $968,100
1,945   0.000%, 8/15/38   No Opt. Call AAA 703,545
32,400   Total Texas       26,550,167
    Utah – 0.6%        
1,405   Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2017B, 5.000%, 7/01/42   7/27 at 100.00 A+ 1,603,260
    Virginia – 1.8%        
1,160   Chesapeake Bay Bridge and Tunnel District, Virginia, General Resolution Revenue Bonds, First Tier Series 2016, 5.000%, 7/01/51   7/26 at 100.00 BBB 1,286,359
1,400   Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Capital Appreciation Series 2012B, 0.000%, 7/15/40 (5)   7/28 at 100.00 BBB 1,205,890
2,000   Washington County Industrial Development Authority , Virginia, Hospital Revenue Bonds, Mountain States Health Alliance, Series 2009C, 7.750%, 7/01/38 (Pre-refunded 1/01/19)   1/19 at 100.00 A (6) 2,052,520
4,560   Total Virginia       4,544,769
    Washington – 1.1%        
3,330   Chelan County Public Utility District 1, Washington, Columbia River-Rock Island Hydro-Electric System Revenue Refunding Bonds, Series 1997A, 0.000%, 6/01/29  –  NPFG Insured   No Opt. Call AA+ 2,343,588
440   Washington Health Care Facilities Authority, Revenue Bonds, Virginia Mason Medical Center, Series 2017, 5.000%, 8/15/37   8/27 at 100.00 BBB 483,586
3,770   Total Washington       2,827,174
    West Virginia – 2.1%        
1,500   West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44   6/23 at 100.00 A 1,648,980
3,000   West Virginia State, General Obligation Bonds, State Road Competitive Series 2018B, 5.000%, 6/01/33   6/28 at 100.00 Aa2 3,521,370
4,500   Total West Virginia       5,170,350
    Wisconsin – 4.8%        
1,000   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2012B, 5.000%, 2/15/27   2/22 at 100.00 A- 1,074,960
1,605   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc. Obligated Group, Series 2009, 6.625%, 2/15/39 (Pre-refunded 2/15/19)   2/19 at 100.00 N/R (6) 1,649,362
9,000   Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 6.000%, 5/01/36 (Pre-refunded 5/01/19)   5/19 at 100.00 Aa2 (6) 9,305,730
11,605   Total Wisconsin       12,030,052
 
$ 274,955   Total Long-Term Investments (cost $234,123,536)       253,755,909
    
7

NUW Nuveen AMT-Free Municipal Value Fund (continued)
  Portfolio of Investments July 31, 2018
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    SHORT-TERM INVESTMENTS – 0.5%        
    MUNICIPAL BONDS – 0.5%        
    New York – 0.5%        
$ 1,250   New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2014 Adjustable Rate Series AA-2, Variable Rate Demand Obligations, 1.500%, 6/15/50 (8)   10/18 at 100.00 AA+ $ 1,250,000
$ 1,250   Total Short-Term Investments (cost $1,250,000)       1,250,000
    Total Investments (cost $235,373,536) – 101.5%       255,005,909
    Floating Rate Obligations – (3.6)%       (9,125,000)
    Other Assets Less Liabilities – 2.1%       5,401,970
    Net Assets – 100%       $ 251,282,879
Fair Value Measurements
Fair value is defined as the price that would be received 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 $ — $253,755,909 $ — $253,755,909
Short-Term Investments:        
Municipal Bonds  — 1,250,000  — 1,250,000
Total $ — $255,005,909 $ — $255,005,909
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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.
The table below presents the cost and unrealized appreciation (depreciation) of the Fund's investment portfolio, as determined on a federal income tax basis, as of July 31, 2018.
Tax cost of investments $225,495,528
Gross unrealized:  
Appreciation $ 21,010,244
Depreciation (624,844)
Net unrealized appreciation (depreciation) of investments $ 20,385,400
(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) For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.  
(4) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.  
(5) Step-up coupon bond, a bond with a coupon that increases ("steps up"), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period.  
(6) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.  
(7) As of, or subsequent to, the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund’s records.  
(8) Investment has maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.  
144A Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.  
ETM Escrowed to maturity.  
IF Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.  
UB Underlying bond of an inverse floating rate trust reflected as a financing transaction.  
9

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/ Gifford R. Zimmerman                                                       
   Gifford R. Zimmerman   
   Vice President and Secretary   

Date: September 28, 2018

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/ Cedric H. Antosiewicz                                            
   Cedric H. Antosiewicz   
   Chief Administrative Officer (principal executive officer)   
Date: September 28, 2018      
By (Signature and Title)    /s/ Stephen D. Foy                                                    
   Stephen D. Foy   
   Vice President and Controller (principal financial officer)   
Date: September 28, 2018