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: January 31, 2019

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    January 31, 2019
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    LONG-TERM INVESTMENTS – 97.0%        
    MUNICIPAL BONDS – 97.0%        
    Alaska – 0.2%        
    Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A:        
$ 135   4.625%, 6/01/23   3/19 at 100.00 A3 $135,016
385   5.000%, 6/01/46   4/19 at 100.00 B3 355,875
520   Total Alaska       490,891
    Arizona – 1.4%        
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+ 3,546,481
    California – 13.3%        
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+ 1,977,288
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 1,169,688
340   California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, San Diego County Water Authority Desalination Project Pipeline, Refunding Series 2019, 5.000%, 11/21/45, 144A (WI/DD, Settling 2/20/19)   1/29 at 100.00 Baa3 375,938
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 A+ (4) 2,519,150
500   California State, General Obligation Bonds, Tender Option Bond Trust 2016-XG0039, 16.514%, 3/01/40 –  AGM Insured, 144A (IF) (5)   3/20 at 100.00 AA 572,960
540   Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2018A-1, 5.250%, 6/01/47   6/22 at 100.00 N/R 532,872
450   M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009A, 6.500%, 11/01/39   No Opt. Call A 620,059
10,200   Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 –  AGC Insured (6)   8/29 at 100.00 AA 12,967,260
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- 572,783
2,470   San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Governmental Purpose Second Series 2017B, 5.000%, 5/01/47   5/27 at 100.00 A+ 2,780,207
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 6,818,476
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 1,530,353
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 617,050
40,390   Total California       33,054,084
1

NUW Nuveen AMT-Free Municipal Value Fund (continued)
  Portfolio of Investments January 31, 2019
  (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 $1,115,620
1,500   5.000%, 12/01/36   12/26 at 100.00 Baa2 1,641,810
5,885   E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/34 –  NPFG Insured   No Opt. Call A 3,274,296
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 2,347,396
4,000   Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Bonds, Refunding Series 2009, 6.375%, 12/01/37  –  AGC Insured (Pre-refunded 12/01/19)   12/19 at 100.00 AA (4) 4,153,440
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+ 1,390,240
16,990   Total Colorado       13,922,802
    Florida – 8.0%        
500   Gainesville, Florida, Utilities System Revenue Bonds, Series 2017A, 5.000%, 10/01/37   10/27 at 100.00 AA- 580,120
1,605   Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Series 2015, 5.000%, 11/15/45   11/24 at 100.00 A2 1,727,317
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 594,214
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) (5)   10/19 at 100.00 A2 (4) 9,738,260
3,350   Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Refunding Series 2017B, 5.000%, 10/01/32   10/25 at 100.00 AA- 3,856,218
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- 564,560
860   Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-3, 6.610%, 5/01/40 (6)   5/19 at 100.00 N/R 847,728
375   Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-4, 6.610%, 5/01/40 (6)   5/22 at 100.00 N/R 307,275
525   Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series 2007-3, 6.450%, 5/01/23 (7)   4/19 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   4/19 at 100.00 N/R 39,885
1,315   Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-1, 6.610%, 5/01/40 (7)   4/19 at 100.00 N/R 1,055,301
805   Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-2, 6.610%, 5/01/40 (7)   4/19 at 100.00 N/R 529,988
880   Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-3, 6.610%, 5/01/40 (7)   4/19 at 100.00 N/R 9
20,800   Total Florida       19,840,880
    Georgia – 3.4%        
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 1,083,090
2

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Georgia (continued)        
$ 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 $2,337,360
1,470   Municipal Electric Authority of Georgia, General Resolution Projects Subordinated Bonds, Series 20188HH, 5.000%, 1/01/44   1/28 at 100.00 A1 1,599,889
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 A2 2,161,020
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+ 1,131,520
7,470   Total Georgia       8,312,879
    Illinois – 10.4%        
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 2,280,460
    Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999:        
470   0.000%, 1/01/33 –  FGIC Insured   No Opt. Call BBB+ 261,151
3,000   0.000%, 1/01/37 –  FGIC Insured   No Opt. Call BBB- 1,342,680
2,000   Cook County, Illinois, Sales Tax Revenue Bonds, Series 2017, 5.000%, 11/15/38   11/27 at 100.00 AA 2,233,020
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+ (4) 5,149,395
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 (4) 3,552,850
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 3,994,760
525   Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/29   2/27 at 100.00 BBB- 560,978
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 BBB 4,789,320
615   University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 6.000%, 10/01/42   10/23 at 100.00 A- 693,216
    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 (4) 269,676
745   0.000%, 11/01/23 –  FGIC Insured   No Opt. Call A+ 657,574
33,110   Total Illinois       25,785,080
    Indiana – 0.5%        
1,500   Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/25 –  AMBAC Insured   No Opt. Call AA 1,302,510
    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   4/19 at 100.00 B- 1,546,514
3,075   Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.375%, 6/01/38   4/19 at 100.00 B2 3,054,674
4,620   Total Iowa       4,601,188
3

NUW Nuveen AMT-Free Municipal Value Fund (continued)
  Portfolio of Investments January 31, 2019
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    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+ $1,321,902
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 1,815,065
2,900   Total Kentucky       3,136,967
    Maine – 1.4%        
3,335   Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Bowdoin College, Tender Option Bond Trust 2016-XL0014, 11.465%, 7/01/39, 144A (IF) (5)   No Opt. Call Aa2 3,449,157
    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- 1,124,950
2,250   5.000%, 9/01/34   9/27 at 100.00 BBB- 2,507,220
5,000   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health Issue, Series 2017A, 5.000%, 5/15/42   5/27 at 100.00 A 5,493,350
8,250   Total Maryland       9,125,520
    Massachusetts – 0.4%        
1,000   Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Tender Option Bond Trust 2015-XF2186, 11.332%, 8/01/38, 144A (IF) (5)   8/19 at 100.00 AAA 1,043,190
    Michigan – 0.5%        
1,000   Michigan Finance Authority, Senior lien Distributable State Aid Revenue Bonds, Charter County of Wayne Criminal Justice Center Project, Series 2018, 5.000%, 11/01/43   11/28 at 100.00 Aa3 1,127,270
    Minnesota – 1.0%        
1,145   Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding Series 2017A, 5.000%, 12/01/47   12/26 at 100.00 Aa3 1,286,625
1,000   University of Minnesota, General Obligation Bonds, Series 2017A, 5.000%, 9/01/36   9/27 at 100.00 Aa1 1,165,830
2,145   Total Minnesota       2,452,455
    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 536,985
    Nevada – 6.5%        
3,000   Clark County, Nevada, General Obligation Bonds, Limited Tax, Additionally Secured by Pledged Revenues, Transportation Improvement Series 2018B, 5.000%, 12/01/33   12/28 at 100.00 AA+ 3,586,140
4,000   Las Vegas Convention and Visitors Authority, Nevada, Revenue Bonds, Series 2018C, 5.250%, 7/01/43   7/28 at 100.00 Aa3 4,594,920
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+ (4) 5,537,000
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+ 2,264,760
14,415   Total Nevada       15,982,820
4

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    New Jersey – 5.0%        
$ 935   New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2005N-1, 5.500%, 9/01/27 –  NPFG Insured   No Opt. Call A- $1,118,372
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- 1,050,640
1,250   New Jersey Economic Development Authority, School Facility Construction Bonds, Series 2005K, 5.500%, 12/15/19 –  AMBAC Insured   No Opt. Call A- 1,287,575
    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 (4) 2,173,003
3,000   7.500%, 12/01/32 (Pre-refunded 6/01/19)   6/19 at 100.00 N/R (4) 3,057,030
5,020   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/31   No Opt. Call A- 2,963,306
255   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA, 5.250%, 6/15/41   6/25 at 100.00 BBB+ 270,096
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 354,556
13,950   Total New Jersey       12,274,578
    New York – 4.0%        
3,000   Liberty Development Corporation, New York, Goldman Sachs Headquarters Revenue Bonds Series 2007, 5.500%, 10/01/37   No Opt. Call A 3,793,080
1,500   Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2017, 5.000%, 9/01/42   9/27 at 100.00 A- 1,691,445
2,050   Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2018, 5.000%, 9/01/39   9/28 at 100.00 A- 2,354,035
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 1,644,945
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 Baa1 455,323
8,480   Total New York       9,938,828
    North Carolina – 0.8%        
1,000   North Carolina Capital Facilities Finance Agency, Revenue Bonds, Duke University Project, Refunding Series 2016B, 5.000%, 7/01/42   10/26 at 100.00 AA+ 1,132,700
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 787,920
1,700   Total North Carolina       1,920,620
    Ohio – 3.7%        
    Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:        
2,115   5.875%, 6/01/30   3/19 at 100.00 Caa3 1,977,652
5,910   6.500%, 6/01/47   3/19 at 100.00 B- 5,858,524
1,305   Franklin County, Ohio, Revenue Bonds, Trinity Health Credit Group, Series 2017OH, 4.000%, 12/01/46   6/27 at 100.00 AA- 1,315,074
9,330   Total Ohio       9,151,250
5

NUW Nuveen AMT-Free Municipal Value Fund (continued)
  Portfolio of Investments January 31, 2019
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    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+ $ 279,414
    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 BBB+ (4) 3,044,700
    South Carolina – 1.6%        
5,435   Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2, 0.000%, 1/01/29 –  AGC Insured   No Opt. Call AA 4,038,477
    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 690,456
    Texas – 10.9%        
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 1,114,030
2,000   Austin, Texas, Electric Utility System Revenue Bonds, Refunding Series 2017, 5.000%, 11/15/35   11/26 at 100.00 AA 2,299,600
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+ 2,047,493
    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 1,814,100
7,935   0.000%, 9/01/33 –  AMBAC Insured   No Opt. Call A2 4,571,195
915   North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B, 5.000%, 1/01/45   1/25 at 100.00 A+ 1,009,218
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 276,900
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 1,600,155
7,635   Texas Water Development Board, State Water Implementation Revenue Fund Bonds, Master Trust Series 2016, 4.000%, 10/15/41   10/26 at 100.00 AAA 7,895,506
2,500   Texas Water Development Board, State Water Implementation Revenue Fund Bonds, Master Trust Series 2017A, 4.000%, 10/15/42 (UB) (5)   10/27 at 100.00 AAA 2,587,225
    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 974,640
1,945   0.000%, 8/15/38   No Opt. Call AAA 708,116
32,535   Total Texas       26,898,178
    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+ 1,579,094
6

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Virginia – 1.4%        
$ 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 $1,257,684
1,400   Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Capital Appreciation Series 2012B, 4.875%, 7/15/40 (6)   7/28 at 100.00 BBB 1,212,568
1,000   Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital Improvement Projects, Refunding Second Senior Lien Series 2014A, 5.000%, 10/01/53   4/22 at 100.00 BBB+ 1,033,240
3,560   Total Virginia       3,503,492
    Washington – 2.2%        
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+ 2,441,156
690   Washington Health Care Facilities Authority, Revenue Bonds, Virginia Mason Medical Center, Series 2017, 5.000%, 8/15/30   8/27 at 100.00 BBB 776,588
2,015   Washington State Convention Center Public Facilities District, Lodging Tax Revenue Bonds, Series 2018, 5.000%, 7/01/48   7/28 at 100.00 A1 2,238,383
6,035   Total Washington       5,456,127
    West Virginia – 1.4%        
235   West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Cabell Huntington Hospital, Inc., Project, Refunding & Improvement Series 2018A, 5.000%, 1/01/36   1/29 at 100.00 BBB+ 261,999
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 1,633,815
1,430   West Virginia Parkways Authority, Turnpike Toll Revenue Bonds, Senior Lien Series 2018, 5.000%, 6/01/43   6/28 at 100.00 AA- 1,636,535
3,165   Total West Virginia       3,532,349
    Wisconsin – 4.1%        
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- 1,070,710
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 (4) 9,096,120
10,000   Total Wisconsin       10,166,830
$ 261,445   Total Long-Term Investments (cost $221,684,264)       240,185,552
    Floating Rate Obligations – (3.7)%       (9,125,000)
    Other Assets Less Liabilities – 6.7%       16,476,950
    Net Assets Applicable to Common Shares  –  100%       $ 247,537,502
7

NUW Nuveen AMT-Free Municipal Value Fund (continued)
  Portfolio of Investments January 31, 2019
  (Unaudited)
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, credit spreads, 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 $ — $240,185,552 $ — $240,185,552
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 January 31, 2019.
Tax cost of investments $211,835,274
Gross unrealized:  
Appreciation $ 19,820,960
Depreciation (595,648)
Net unrealized appreciation (depreciation) of investments $ 19,225,312
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(1) All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.  
(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) 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.  
(5) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.  
(6) 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.  
(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.  
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.  
WI/DD Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.  
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: April 1, 2019

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: April 1, 2019      
By (Signature and Title)    /s/ Stephen D. Foy                                                    
   Stephen D. Foy   
   Vice President and Controller (principal financial officer)   
Date: April 1, 2019