Nuveen AMT-Free Municipal Value Fund (the Fund), formerly Nuveen Municipal Value Fund 2, is a closed-ended fund. The Fund seeks to provide monthly tax-free income exempt from federal income tax, including Alternative Minimum Tax (AMT); after tax total returns from a predominantly investment grade portfolio, and portfolio diversification. The Fund's primary objective is current income exempt from regular federal income taxes and its secondary objective is to enhance portfolio value and total return. The Fund invests primarily in a diversified portfolio of investment quality tax-exempt municipal obligations rated within the four categories (Baa/BBB or better), or unrated but considered to be of comparable quality. The Fund may invest up to 20% of its net assets in bonds rated below investment quality or judged to be of comparable quality, of which up to 10% of its net assets may be rated below B-/B3 or of comparable quality. The Fund's investment advisor is Nuveen Fund Advisors, Inc.