nq2.htm



 
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 811-22323
 
Nuveen Enhanced Municipal Value
(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:         1/31/10         
 
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 Enhanced Municipal Value Fund (NEV)      
  January 31, 2010      
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Alabama – 0.1%      
$        355  Courtland Industrial Development Board, Alabama, Solid Waste Revenue Bonds, International  6/15 at 100.00  BBB  $   317,597 
  Paper Company Project, Series 2005A, 5.200%, 6/01/25 (Alternative Minimum Tax)       
  Arizona – 6.2%      
2,000  Arizonia, Certificates of Participation, Series 2010A, 5.250%, 10/01/28 – AGM Insured  10/19 at 100.00  AAA  2,073,560 
2,500  Festival Ranch Community Facilities District, Arizonia, District General Obligation Bonds, Series  7/19 at 100.00  BBB+  2,465,800 
  2009, 6.500%, 7/15/31       
2,925  Nogales Municipal Development Authority, Inc., Arizona, Municipal Facilities Revenue Bonds,  6/19 at 100.00  AA  2,834,793 
  Series 2009, 4.750%, 6/01/39       
3,000  Pima County Industrial Development Authority, Arizona, Pollution Control Revenue Bonds, Tucson  No Opt. Call  BBB–  2,980,170 
  Electric Power Company, San Juan Porject, Series 2009A, 4.950%, 10/01/20       
320  Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Government Project Bonds, Series  12/17 at 102.00  N/R  260,666 
  2007, 7.000%, 12/01/27       
  Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Series 2007:       
50  5.000%, 12/01/32  No Opt. Call  A  44,162 
5,120  5.000%, 12/01/37  No Opt. Call  A  4,381,747 
1,997  Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, Series  7/16 at 100.00  N/R  1,601,594 
  2005, 6.000%, 7/01/30       
17,912  Total Arizona      16,642,492 
  Arkansas – 0.2%      
465  Little River County, Arkansas, Revenue Refunding Bonds, Georgia-Pacific Corporation, Series  4/10 at 100.00  B2  424,940 
  1998, 5.600%, 10/01/26 (Alternative Minimum Tax)       
  California – 14.8%      
2,000  California Infrastructure Economic Development Bank, Revenue Bonds, J. David Gladstone  10/11 at 101.00  A–  1,917,140 
  Institutes, Series 2001, 5.250%, 10/01/34       
1,000  California Municipal Finance Authority, Revenue Bonds, Harbor Regional Center Project, Series  11/19 at 100.00  Ba1  1,012,680 
  2009, 8.000%, 11/01/29       
4,600  California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series  8/18 at 100.00  AAA  4,586,062 
  2004C, 5.050%, 8/15/38 – AGM Insured       
6,125  California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series  8/18 at 100.00  AAA  6,106,441 
  2004D, 5.050%, 8/15/38 – AGM Insured       
490  Etiwanda School District Coyote Canyon, California, Public Facilities CFD 2004-1 Improvement  9/19 at 100.00  N/R  488,241 
  Area 2, 6.500%, 9/01/32       
  Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement       
  Asset-Backed Bonds, Series 2007A-1:       
5,505  5.750%, 6/01/47  6/17 at 100.00  BBB  4,203,893 
1,000  5.125%, 6/01/47  6/17 at 100.00  BBB  690,730 
3,030  Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed  6/15 at 100.00  AAA  2,827,899 
  Revenue Bonds, Series 2005A, 5.000%, 6/01/35 (WI/DD, Settling 2/08/10) – FGIC Insured       
1,735  Lompoc Unified School District, Santa Barbara County, California, General Obligation Bonds,  6/17 at 100.00  AAA  1,739,112 
  Election 2002 Series 2007C, 5.000%, 6/01/32 – AGM Insured       
100  Los Angeles Regional Airports Improvement Corporation, California, Sublease Revenue Bonds, Los  12/12 at 102.00  B–  98,061 
  Angeles International Airport, American Airlines Inc. Terminal 4 Project, Series 2002B,       
  7.500%, 12/01/24 (Alternative Minimum Tax)       
1,750  Orange County Water District, California, Revenue Certificates of Participation, Tender Option  8/19 at 100.00  AAA  1,821,138 
  Bond Trust 3117, 16.438%, 8/15/39 (IF)       
265  Palomar Pomerado Health, Calfornia, Certificates of Participation, Series 2009,  11/19 at 100.00  Baa2  272,044 
  6.750%, 11/01/39       
5,445  Peralta Community College District, Alameda County, California, General Obligation Bonds,  8/19 at 100.00  AA–  5,346,064 
  Election of 2006, Series 2009C, 5.000%, 8/01/39       
2,170  San Marcos Public Facilities Authority, California, Tax Allocation Bonds, Project Areas 2  8/15 at 102.00  AAA  2,264,569 
  and 3, Tender Option Bond Trust 3116, 21.704%, 8/01/38 – AGM Insured (IF)       
2,400  Semitrophic Improvement District of Semitrophic Water Storage Dustrict, Kern County,  12/19 at 100.00  AA–  2,231,400 
  California, Revenue Bonds, Tender Option Bond Trust 3584, 22.154%, 12/01/34 (IF)       
3,110  Stockton Unified School District, San Joaquin County, California, General Obligation Bonds,  8/17 at 100.00  AAA  3,135,160 
  Series 2007, 5.000%, 8/01/31 – AGM Insured       
1,020  Western Placer Unified School District, Placer County, California, Certificates of  8/19 at 100.00  AAA  1,011,503 
  Participation, Refunding Series 2009, 5.250%, 8/01/35 – AGM Insured       
41,745  Total California      39,752,137 
  Colorado – 3.7%      
1,000  Colorado Educational and Cultural Facilities Authority Charter School Revenue Bonds (Crown  7/19 at 100.00  N/R  919,270 
  Ponite Academy of Westminster Project) A Charter School Chartered Through Adams County       
  School District No. 50 Adams County, Colorado Series 2009, 5.000%, 7/15/39       
2,120  Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Montessori School of  12/15 at 100.00  N/R  1,616,818 
  Evergreen, Series 2005A, 6.500%, 12/01/35       
1,000  Colorado Hosuing & Finance Authority, Multifamily Housing Revenue Senior Bonds, Castle  12/10 at 100.00  N/R  879,220 
  Highlands Project, Series 2000A-1, 5.900%, 12/01/20 – AMBAC Insured (Alternative Minimum Tax)       
250  Colorado Housing and Finance Authority, Revenue Bonds, Confluence Energy LLC Project, Series  No Opt. Call  N/R  218,033 
  2007, 6.200%, 4/01/16 (Alternative Minimum Tax)       
2,000  Conservatory Metropolitan District, Arapahoe County, Colorado, General Obligation Limited Tax  12/17 at 100.00  N/R  1,435,460 
  Bonds, Series 2007, 5.125%, 12/01/37 – RAAI Insured       
  Public Authority for Colorado Energy, Natural Gas Revenue Bonds, Colorado Springs Utilities,       
  Series 2008:       
475  6.250%, 11/15/28  No Opt. Call  A  511,133 
3,880  6.500%, 11/15/38  No Opt. Call  A  4,222,992 
10,725  Total Colorado      9,802,926 
  Connecticut – 0.7%      
915  Hamden, Connecticut, Facility Revenue Bonds, Whitney Center Project, Series 2009A,  1/20 at 100.00  N/R  949,184 
  7.750%, 1/01/43       
1,000  Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue  4/20 at 100.00  N/R  1,002,020 
  Bonds, Harbor Point Project, Series 2010A, 7.000%, 4/01/22 (WI/DD, Settling 2/04/10)       
1,915  Total Connecticut      1,951,204 
  District of Columbia – 0.1%      
400  District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds,  5/11 at 101.00  BBB  401,120 
  Series 2001, 6.750%, 5/15/40       
  Florida – 10.6%      
2,000  Ave Maria Stewardship Community Development District, Florida, Capital Improvement Revenue  5/16 at 100.00  N/R  1,452,800 
  Bonds, Series 2006A, 5.125%, 5/01/38       
775  Beacon Tradeport Community Development District, Miami-Dade County, Florida, Special  5/12 at 102.00  N/R  777,682 
  Assessment Bonds, Industrial Project, Series 2002B, 7.250%, 5/01/33       
4,295  Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Series 2009-2,  7/19 at 100.00  AA+  4,283,962 
  4.650%, 7/01/29       
3,160  JEA, Florida, Water and Sewerage System Revenue Bonds, Tender Option Bond Trust 11801,  4/10 at 100.00  AA–  2,342,350 
  20.725%, 10/01/41 – NPFG Insured (IF)       
2,400  Miami-Dade County School Board, Florida, Certificates of Participation, Tender Option Bond  11/16 at 100.00  AAA  2,619,360 
  Trust 3118, 22.059%, 11/01/31 – BHAC Insured (IF)       
3,660  Miami-Dade County, Florida Capital Asset Acquisition Special Obligation Bonds Series 2009A,  4/19 at 100.00  AAA  3,714,607 
  5.125%, 4/01/34 – AGC Insured       
1,625  Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series  10/20 at 100.00  A2  1,628,136 
  2010A-1, 5.375%, 10/01/35       
5,510  Orange County Health Facilities Authority, Florida, Revenue Bonds, Nemours Foundation, Series  1/19 at 100.00  AA+  5,517,659 
  2009A, 5.000%, 1/01/39       
1,000  South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System  8/17 at 100.00  AA–  889,320 
  Obligation Group, Tender Option Bond Trust 3119, 17.878%, 8/15/37 (IF)       
2,500  Tallahassee, Florida, Energy System Revenue Bonds, Tender Option Bond Trust 09-30W, 21.548%,  10/15 at 100.00  AA–  2,690,250 
  10/01/35 – NPFG Insured (IF)       
1,200  Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2007,  5/18 at 100.00  N/R  966,156 
  6.650%, 5/01/40       
1,800  Winter Garden Village at Fowler Groves Community Development District, Florida, Special  5/16 at 100.00  N/R  1,620,360 
  Assessment Bonds, Series 2006, 5.650%, 5/01/37       
29,925  Total Florida      28,502,642 
  Georgia – 2.6%      
750  Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A, Series 2008B, Series  1/19 at 100.00  N/R  753,315 
  2008C, Series 2009B, Series 2009C, 7.500%, 1/01/31       
1,000  Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008B. Remarketed,  1/19 at 100.00  N/R  1,008,580 
  6.750%, 1/01/20       
1,000  Augusta, Georgia, Airport Revenue Bonds, Series 2005A, 5.150%, 1/01/35  1/15 at 100.00  Baa2  848,560 
2,500  Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta Air  6/15 at 100.00  CCC+  2,516,625 
  Lines, Inc. Project, Series 2009B, 9.000%, 6/01/35 (Alternative Minimum Tax)       
1,250  Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta Air  6/20 at 100.00  CCC+  1,290,313 
  Lines, Inc. Project, Series 2009, 8.750%, 6/01/29       
225  Effingham County Development Authority, Georgia, Solid Waste Disposal Revenue Bonds, Ft. James  7/10 at 100.00  BB–  220,111 
  Project, Series 1998, 5.625%, 7/01/18 (Alternative Minimum Tax) (4)       
150  Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2007A, 5.500%, 9/15/26  No Opt. Call  A  151,704 
90  Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2007B, 5.000%, 3/15/22  No Opt. Call  A  87,758 
6,965  Total Georgia      6,876,966 
  Illinois – 4.2%      
2,500  CenterPoint Intermodal Center Program, Illinois, Trust Series 2004 Class A Certificates,  No Opt. Call  N/R  2,500,000 
  7.500%, 6/15/23       
1,460  Hoffman Estates, Illinois, General Obligation Bonds, Tender Option Bond Trust 09-28W,  12/18 at 100.00  AA+  1,635,069 
  25.965%, 12/01/38 (IF)       
4,000  Illinois Finance Authority, Revenue Bonds, Illinois Instittue of Technology, Refunding Series  4/16 at 100.00  Baa2  3,284,160 
  2006A, 5.000%, 4/01/36       
500  Illinois FInance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc.,  3/20 at 100.00  AAA  493,885 
  Series 2005, 5.250%, 3/01/30 (WI/DD, Settling 2/18/10) – AGM Insured       
1,000  Illinois Finance Authority, Revenue Refunding Bonds, Resurrection Health Care Corporation,  5/19 at 100.00  BBB+  994,790 
  Series 2009, 6.125%, 5/15/25       
1,500  Southwestern Illinois Development Authority, Illinois, Saint Clair County Comprehensive Mental  6/17 at 103.00  N/R  1,361,505 
  Health Center, Series 2007, 6.625%, 6/01/37       
1,000  Springfield, Sangamon County, Illinois, Special Service Area (Legacy Pointe) Ad Valorem Tax  3/17 at 102.00  N/R  1,014,110 
  Bonds, Series 2009, 7.875%, 3/01/32       
11,960  Total Illinois      11,283,519 
  Indiana – 4.1%      
1,395  Indiana Finance Authority Educational Facilities Revenue Bonds, Series 2009 (Drexel Foundation  10/19 at 100.00  BBB–  1,386,797 
  For Educational Excellence, Inc. – Educational Facility Project), 6.625%, 10/01/29       
5,810  Indiana Finance Authority Health System Revenue Bonds Series 2009A (Sisters of St. Francis  11/19 at 100.00  Aa3  5,898,196 
  Health Services, Inc. Obligated Group), 5.250%, 11/01/39       
3,850  Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Clarian Health Obligation  2/16 at 100.00  A+  3,623,120 
  Group, Series 2006A, 5.250%, 2/15/40       
11,055  Total Indiana      10,908,113 
  Louisiana – 0.6%      
80  Calcasieu Parish Inc., Louisiana, Industrial Development Board Revenue Bonds, Oil Corporation  4/10 at 102.00  Ba1  80,224 
  Project, Series 2002, 6.625%, 2/01/16       
1,000  Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue  11/17 at 100.00  BB  1,034,950 
  Bonds, Westlake Chemical Corporation Project, Series 2007, 6.750%, 11/01/32       
555  Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds,  5/11 at 101.00  BBB  522,877 
  Series 2001B, 5.875%, 5/15/39       
1,635  Total Louisiana      1,638,051 
  Maine – 0.8%      
2,000  Maine State Housing Authority, Single Family Mortgage Purchase Bonds, Tender Option Bond Trust  1/19 at 100.00  AA+  2,035,640 
  3597, 22.290%, 11/15/29 (IF)       
  Massachusetts – 4.0%      
220  Massachusetts Development Finance Agency, Revenue Bonds, Curry College, Series 2005A, 5.000%,  3/15 at 100.00  BBB  190,874 
  3/01/35 – ACA Insured       
3,000  Massachusetts Health and Educational Facilities Authority Revenue Bonds, Quincy Medical Center  1/18 at 100.00  N/R  2,707,620 
  Issue, Series A (2008), 6.250%, 1/15/28       
3,510  Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Boston College,  6/13 at 100.00  AA–  3,834,078 
  Tender Option Bond Trust 3115, 15.773%, 6/01/37 (IF)       
2,385  Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Emerson Hospital,  8/15 at 100.00  N/R  1,764,757 
  Series 2005E, 5.000%, 8/15/35 – RAAI Insured       
2,300  Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Suffolk  7/19 at 100.00  BBB  2,334,960 
  University Issue, Series A (2009) Series B (2009) (Federally Taxable), 5.750%, 7/01/39       
11,415  Total Massachusetts      10,832,289 
  Michigan – 7.9%      
12,000  Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Series 2005,  No Opt. Call  AAA  12,315,120 
  5.250%, 5/01/27 – AGM Insured       
2,865  Marysville Public School District, St Claire County, Michigan, General Obligation Bonds,  5/17 at 100.00  AAA  2,908,319 
  Series 2007, 5.000%, 5/01/32 – AGM Insured       
4,600  Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System,  11/19 at 100.00  A1  4,522,260 
  Refunding Series 2009, 5.750%, 11/15/39       
1,730  Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Detroit Medical  4/10 at 100.00  BB–  1,310,735 
  Center Obligated Group, Series 1997A, 5.250%, 8/15/27 – AMBAC Insured       
21,195  Total Michigan      21,056,434 
  Missouri – 0.9%      
1,000  Cole County Industrial Development Authority, Missouri, Revenue Bonds, Lutheran Senior  2/14 at 100.00  N/R  930,780 
  Services – Heisinger Project, Series 2004, 5.500%, 2/01/35       
1,500  Saint Louis Industrial Development Authority, Missouri, Empowerment Zone Hotel Facilities  12/19 at 107.00  N/R  1,474,245 
  Revenue Bonds, Laurel Embassy Suites, Series 2009, 8.500%, 12/15/39       
2,500  Total Missouri      2,405,025 
  Nebraska – 1.9%      
5,000  Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2007A,  2/17 at 100.00  Aa1  5,097,600 
  5.000%, 2/01/43       
  Nevada – 1.2%      
2,000  Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran  1/20 at 100.00  Aa3  1,992,320 
  International Airport, Series 2010A, 5.000%, 7/01/30 (WI/DD, Settling 2/03/10)       
1,240  Sparks Tourism Improvement District 1, Legends at Sparks Marina, Nevada, Senior Sales Tax  6/18 at 100.00  Ba3  1,138,680 
  Revenue Bonds Series 2008A, 6.750%, 6/15/28       
3,240  Total Nevada      3,131,000 
  New Jersey – 1.2%      
1,000  New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental  3/10 at 101.00  B  879,010 
  Airlines Inc., Series 1999, 6.250%, 9/15/29 (Alternative Minimum Tax)       
1,750  New Jersey Higher Education Assistance Authority Student Loan Revenue Bonds, Series 2010-1,  12/19 at 100.00  AA  1,766,135 
  5.000%, 12/01/26       
1,000  Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds,  6/17 at 100.00  BBB  694,370 
  Series 2007-1A, 5.000%, 6/01/41       
3,750  Total New Jersey      3,339,515 
  New York – 2.6%      
  Brooklyn Areba Local Development Corporation, New York, Payment in Lieu of Taxes Revenue       
  Bonds, Barclays Center Project, Series 2009:       
1,100  6.000%, 7/15/30  1/20 at 100.00  BBB–  1,126,466 
1,225  6.250%, 7/15/40  No Opt. Call  BBB–  1,261,187 
2,000  6.375%, 7/15/43  No Opt. Call  BBB–  2,050,900 
2,500  New York City Industrial Development Agency, New York, American Airlines-JFK International  8/16 at 101.00  B–  2,490,400 
  Airport Special Facility Revenue Bonds, Series 2005, 7.750%, 8/01/31 (Alternative Minimum Tax)       
6,825  Total New York      6,928,953 
  North Carolina – 2.0%      
3,485  North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Duke University  6/19 at 100.00  AA  3,489,914 
  Health System, Series 2009A, 5.000%, 6/01/42       
2,000  North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Duke University  6/19 at 100.00  AA  2,001,400 
  Health System, Tender Option Bond Trust 11808, 22.053%, 6/01/42 (IF)       
5,485  Total North Carolina      5,491,314 
  Ohio – 6.6%      
  Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue       
  Bonds, Senior Lien, Series 2007A-2:       
10,500  6.500%, 6/01/47  6/17 at 100.00  BBB  8,849,085 
3,000  5.875%, 6/01/47  6/17 at 100.00  BBB  2,301,780 
2,000  Greene County, Ohio, Hospital Facilities Revenue Bonds, Kettering Health Nretwork Series 2009,  4/19 at 100.00  A  2,009,180 
  5.375%, 4/01/34       
1,200  Ohio Air Quality Development Authority, Ohio, Air Quality Revenue Bonds, Ohio Valley Electric  No Opt. Call  BBB–  1,236,444 
  Corporation Project, Series 2009E. Non-AMT, 5.625%, 10/01/19       
2,000  Ohio Housing Finance Agency, Residential Mortgage Revenue Bonds, Mortgage-Backed Securities  9/18 at 100.00  Aaa  2,103,900 
  Program, Tender Option Bond Trust 09-35W, 21.628%, 3/01/40 (IF)       
1,000  Ohio State, Hospital Facility Revenue Refunding Bonds, Cleveland Clinic Health System  1/19 at 100.00  Aa2  1,156,980 
  Obligated Group, Tender Option Bond Trust 3591, 20.102%, 1/01/39 (IF)       
19,700  Total Ohio      17,657,369 
  Oklahoma – 0.4%      
1,130  Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds, American Airlines Inc., Series 1992,  6/10 at 100.00  B–  1,118,813 
  7.350%, 12/01/11       
  Oregon – 0.8%      
185  Oregon, Economic Development Revenue Bonds, Georgia Pacific Corp., Series 1995CLVII, 6.350%,  4/10 at 100.00  BB–  183,202 
  8/01/25 (Alternative Minimum Tax) (4)       
370  Oregon, Economic Development Revenue Refunding Bonds, Georgia Pacific Corp., Series 1997-183,  4/10 at 100.00  B2  342,683 
  5.700%, 12/01/25       
1,500  Port Astoria, Oregon, Pollution Control Revenue Bonds, James River Project, Series 1993,  4/10 at 100.00  BB–  1,500,690 
  6.550%, 2/01/15       
2,055  Total Oregon      2,026,575 
  Pennsylvania – 5.4%      
1,000  Allegheny Country Industrial Development Authority, Allegheny County, Pennsylvania,  No Opt. Call  BB  1,040,060 
  Environmental Improvement Revenue Bonds, United States Steel Corporation Project,       
  Refunding Series 2009, 6.750%, 11/01/24       
1,335  Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Ohio Valley  4/15 at 100.00  Baa3  1,108,918 
  General Hospital, Series 2005A, 5.125%, 4/01/35       
1,000  Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social  1/19 at 100.00  N/R  967,890 
  Ministries Project, Series 2009, 6.125%, 1/01/29       
2,000  Luzerne County Industrial Development Authority, Pennsylvania, Guaranteed Lease Revenue Bonds,  12/19 at 100.00  N/R  1,958,160 
  Series 2009, 7.750%, 12/15/27       
25  Northumberland County Industrial Development Authority, Pennsylvania, Facility Revenue Bonds,  2/13 at 102.00  N/R  24,799 
  NHS Youth Services Inc., Series 2002, 7.500%, 2/15/29       
2,000  Pennsylvania Economic Development Finance Authority, Solid Waste Disposal Revenue Bonds (USG  6/10 at 101.00  B+  1,644,820 
  Corporation Project) Series 1999, 6.000%, 6/01/31 (Alternative Minimum Tax)       
785  Pennsylvania Economic Development Financing Authority Health System Revenue Bonds Albert  No Opt. Call  A3  828,159 
  Einstein Healthcare Network Issue, Series 2009A, 6.250%, 10/15/23       
1,000  Pennsylvania Economic Development Financing Authority, Sewage Sludge Disposal Revenue Bonds,  1/20 at 100.00  Baa3  1,027,460 
  Philadelphia Biosolids Facility Project, Series 2009, 6.250%, 1/01/32       
4,000  Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Tender Option Bond  4/19 at 100.00  AA+  3,805,760 
  Trust 4657, 16.307%, 10/01/29 (IF) (5)       
3,000  Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E,  12/27 at 100.00  A2  1,951,080 
  0.000%, 12/01/30       
16,145  Total Pennsylvania      14,357,106 
  Puerto Rico – 1.7%      
1,000  Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005C,  No Opt. Call  BBB+  984,550 
  5.500%, 7/01/27 – AMBAC Insured       
5,000  Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series  8/26 at 100.00  A+  3,642,850 
  2009A, 0.000%, 8/01/32       
6,000  Total Puerto Rico      4,627,400 
  Tennessee – 0.9%      
  The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006A:       
50  5.250%, 9/01/24  No Opt. Call  BB+  49,247 
1,400  5.250%, 9/01/26  No Opt. Call  BB+  1,360,674 
1,000  The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006B, 5.625%, 9/01/26  No Opt. Call  N/R  954,020 
155  The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006C, 5.000%, 2/01/24  No Opt. Call  A  150,981 
2,605  Total Tennessee      2,514,922 
  Texas – 6.8%      
3,000  La Vernia Higher Education Financing Corporation, Texas, Charter School Revenue Bonds, Kipp  8/19 at 100.00  BBB  3,064,710 
  Inc., Series 2009A, 6.250%, 8/15/39       
2,000  Dallas-Ft. Worth International Airport Facility Improvement Corporation, Texas, Revenue Bonds,  11/12 at 100.00  CCC+  1,295,540 
  American Airlines Inc., Series 2007, 5.500%, 11/01/30 (Alternative Minimum Tax)       
2,460  Harris County-Houston Sports Authority, Texas, Junior Lien Special Revenue Bonds, Series  4/10 at 78.29  A  1,894,766 
  1998B, 0.000%, 11/15/14 – NPFG Insured       
3,000  Humble Independent School District, Harris County, Texas, General Obligation Bonds, Series  2/19 at 100.00  AA–  3,108,120 
  2009, 5.000%, 2/15/34       
1,225  Sabine River Authority, Texas, Pollution Control Revenue Bonds, TXU Energy Company LLC  No Opt. Call  CCC  1,152,835 
  Project, Series 2001B, 5.750%, 5/01/30 (Mandatory put 11/01/11) (Alternative Minimum Tax)       
1,000  Tarrant County Cultural and Educational Facilities Finance Corporaton, Texas, Retirement  11/11 at 100.00  N/R  1,001,380 
  Facility Revenue Bonds, C.C. Young Memorial Home Project, Series 2009-B2, 6.500%, 2/15/14       
1,205  Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior  No Opt. Call  A  1,291,483 
  Lien Series 2008D, 6.250%, 12/15/26       
660  Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Series  No Opt. Call  A  654,760 
  2006A, 5.250%, 12/15/23       
810  Texas Private Activity Bond Surface Transporation Corporation, Senior Lien Revenue Bonds, NTE  12/19 at 100.00  Baa2  846,831 
  Mobility Partners LLC North Tarrant Express Managed Lanes Project, Series 2009,       
  6.875%, 12/31/39       
1,500  Texas Public Finance Authority, Charter School Finance Corporation Revenue Bonds, Idea Public  8/17 at 100.00  BBB  1,229,700 
  School Project, Series 2007A, 5.000%, 8/15/37 – ACA Insured       
20,000  Texas Turnpike Authority, Second Tier Revenue Bonds, Central Texas Turnpike System, Series  8/12 at 22.71  BBB+  2,820,000 
  2002, 0.000%, 8/15/37 – AMBAC Insured       
36,860  Total Texas      18,360,125 
  Utah – 1.6%      
2,400  Riverton, Utah, Hospital Revenue Bonds, IHC Health Services, Inc., Tender Option Bonds Trust  8/19 at 100.00  AA+  2,431,032 
  3602, 22.422%, 8/15/41 (IF)       
1,490  Utah Transit Authority, Sales Tax Revenue Bonds, Tender Option Bond Trust 11800, 22.067%,  No Opt. Call  AA+  1,979,659 
  6/15/35 – NPFG Insured (IF)       
3,890  Total Utah      4,410,691 
  Virgin Islands – 0.1%      
250  Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Subordinate  10/19 at 100.00  Baa3  251,433 
  Lien Series 2009A, 6.000%, 10/01/39       
  Virginia – 1.4%      
105  Bedford County Industrial Development Authority, Virginia, Industrial Development Revenue  6/10 at 101.00  B2  102,523 
  Refunding Bonds, Nekoosa Packaging Corporation, Series 1999, 6.300%, 12/01/25       
  (Alternative Minimum Tax) (4)       
2,000  Giles County Industrial Development Authority, Virginia, Exempt Facility Revenue Bonds,  4/10 at 100.00  B+  1,969,518 
  Hoechst Celanese Project, Series 1996, 6.450%, 5/01/26       
1,640  Virginia State Housing Development Authority, Rental Housing Revenue Bonds, Tender Option  4/19 at 100.00  AA+  1,612,283 
  Bonds Trust 11799, 21.037%, 10/01/39 (IF)       
3,745  Total Virginia      3,684,324 
  Washington – 1.5%      
2,000  Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research  7/19 at 100.00  A  2,047,560 
  Center, Series 2009A, 6.000%, 1/01/33       
2,000  Washington State Higher Education Facilities Authority, Revenue Bonds, Whitworth University,  10/19 at 100.00  Baa1  1,983,940 
  Series 2009, 5.625%, 10/01/40       
4,000  Total Washington      4,031,500 
  Wisconsin – 1.2%      
1,300  Milwaukee Redevelopment Authority, Wisconsin, Schlitz Park Mortgage Revenue Refunding Bonds,  1/11 at 100.00  N/R  1,219,426 
  Series 1998A, 5.500%, 1/01/17 (Alternative Minimum Tax)       
  Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Community       
  Health, Inc. Obligated Group, Tender Option Bond Trust 3592:       
1,000  22.163%, 4/01/34 (IF)  4/19 at 100.00  AA–  903,550 
1,000  23.414%, 4/01/39 (IF)  4/19 at 100.00  AA–  1,017,700 
3,300  Total Wisconsin      3,140,676 
$       296,147  Total Investments (cost $271,861,627) – 98.8%      265,000,411 
  Other Assets Less Liabilities – 1.2%      3,129,832 
  Net Assets – 100%      $ 268,130,243 

 
Investments in Derivatives
 
Forward Swaps outstanding at January 31, 2010:
 
    Fund Floating Fixed Fixed Rate     Unrealized
  Notional Pay/Receive Rate Rate Payment Effective Termination Appreciation
Counterparty Amount Floating Rate Index (Annualized) Frequency Date (6) Date (Depreciation)
Barclays Bank PLC  $5,000,000  Receive  3-Month USD-LIBOR  4.705%  Semi-Annually  2/11/11  2/11/40  $ (35,500) 
JPMorgan  3,000,000  Receive  3-Month USD-LIBOR  4.758  Semi-Annually  1/14/11  1/14/40  (55,200) 
Morgan Stanley  3,250,000  Receive  3-Month USD-LIBOR  4.698  Semi-Annually  1/28/11  1/28/40  (23,725) 
                $(114,425) 

Fair Value Measurements
 
In determining the value of the Fund's investments, various inputs are used. These inputs are summarized in the three broad levels listed below:
 
  Level 1 – Quoted prices in active markets for identical securities.
 
  Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 
  Level 3 – Significant unobservable inputs (including management's assumptions in determining the fair value of investments).
 
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund's fair value measurements as of January 31, 2010:
 
  Level 1 Level 2 Level 3 Total
Investments:         
Municipal Bonds  $ —  $265,000,411  $ —  $265,000,411 
Derivatives:         
Forward Swaps*  —  (114,425)  —  (114,425) 
Total  $ —  $264,885,986  $ —  $264,885,986 
* Represents net unrealized appreciation (depreciation).         

Derivative Instruments and Hedging Activities
 
The Fund records derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Fund's investments in derivatives may represent economic hedges, they are considered to be non-hedge transactions for financial reporting purposes.
 
The following table presents the fair value of all derivative instruments held by the Fund as of January 31, 2010, the location of these instruments on the Statement of Assets and Liabilities, and the primary underlying risk exposure.
 
    Location on the Statement of Assets and Liabilities
Underlying Derivative Asset Derivatives Liability Derivatives
Risk Exposure Instrument Location Value Location Value
Interest Rate  Forward Swaps  —  $ —  Unrealized  $114,425 
        depreciation on   
        forward swaps*   
* Represents cumulative appreciation (depreciation) of forward swap contracts as reported in the       
Portfolio of Investments.         

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.
 
At January 31, 2010, the cost of investments was $271,809,018.
 
Gross unrealized appreciation and gross unrealized depreciation of investments at January 31, 2010, were as follows:
 
Gross unrealized:   
  Appreciation  $ 2,662,517 
  Depreciation  (9,471,124)
Net unrealized appreciation (depreciation) of investments  $(6,808,607)

(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 higher of Standard & Poor's Group ("Standard & Poor's") or Moody's Investor Service, 
  Inc. ("Moody's") rating. Ratings below BBB by Standard & Poor's or Baa by Moody's are considered to be 
  below investment grade. 
(4)  The issuer has received a formal adverse determination from the Internal Revenue Service (the “IRS”) 
  regarding the tax-exempt status of the bonds’ coupon payments. The Fund will continue to treat coupon 
  payments as tax-exempt income until such time that it is formally determined that the interest on the 
  bonds should be treated as taxable. 
(5)  Investment, or portion of investment, has been pledged to collateralize the net payment obligations for 
  investments in derivatives. 
(6)  Effective date represents the date on which both the Fund and Counterparty commence interest payment 
  accruals on each forward swap contract. 
N/R  Not rated. 
WI/DD  Purchased on a when-issued or delayed delivery basis. 
(IF)  Inverse floating rate investment. 
USD-LIBOR  United States Dollar-London Inter-Bank Offered Rate 

 
 
 
 
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 Enhanced Municipal Value 
 
By (Signature and Title)     /s/ Kevin J. McCarthy                    
                                                   Kevin J. McCarthy
                                                   Vice President and Secretary
 
Date         April 1, 2010        
 
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, 2010        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date        April 1, 2010