UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-5120
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Nuveen Municipal Value Fund, Inc.
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(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
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(Address of principal executive offices) (Zip code)
Jessica R. Droeger
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
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(Name and address of agent for service)
Registrant's telephone number, including area code: (312) 917-7700
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Date of fiscal year end: October 31, 2003
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Date of reporting period: October 31, 2003
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Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
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 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. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
ANNUAL REPORT October 31, 2003
Nuveen
Municipal Closed-End
Exchange-Traded
Funds
NUVEEN MUNICIPAL VALUE FUND
NUV
NUVEEN MUNICIPAL INCOME FUND
NMI
DEPENDABLE,
TAX-FREE INCOME
BECAUSE
IT'S NOT WHAT YOU EARN,
IT'S WHAT YOU KEEP.(R)
photo of: Man catching falling boy
photo of: Women and girls digging for seashells
Logo: NUVEEN Investments
FASTER INFORMATION
RECEIVE YOUR
NUVEEN FUND REPORT
ELECTRONICALLY
By registering for electronic delivery, you will receive an e-mail as soon as
your Nuveen Fund information is available. Click on the link and you will be
taken directly to the report. Your Fund report can be viewed and saved on your
computer. Your report will arrive faster via e-mail than by traditional mail.
Registering is easy and only takes a few minutes (see instructions at right).
--------------------------------------------------------------------------------
SOME COMMON CONCERNS:
WILL MY E-MAIL ADDRESS BE DISTRIBUTED TO OTHER COMPANIES?
No, your e-mail address is strictly confidential and will not be used for
anything other than notification of shareholder information.
WHAT IF I CHANGE MY MIND AND WANT TO RECEIVE INVESTOR MATERIALS THROUGH REGULAR
MAIL DELIVERY AGAIN?
If you decide you do not like receiving your reports electronically, it's a
simple process to go back to regular mail delivery.
--------------------------------------------------------------------------------
IF YOUR NUVEEN FUND DIVIDENDS AND STATEMENTS
COME FROM YOUR FINANCIAL ADVISOR OR BROKERAGE ACCOUNT,
FOLLOW THE STEPS OUTLINED BELOW:
1 Go to WWW.INVESTORDELIVERY.COM and follow the simple instructions, using
the address sheet that accompanied this report as a guide.
2 You'll be taken to a page with several options. Select the NEW
ENROLLMENT-CREATE screen and follow the simple instructions.
3 Click Submit. Confirm the information you just entered is correct, then
click Submit again.
4 You should get a confirmation e-mail within 24 hours. If you do not, go
back through these steps to make sure all the information is correct.
5 Use this same process if you need to change your registration information
or cancel internet viewing.
IF YOUR NUVEEN FUND DIVIDENDS AND STATEMENTS
COME DIRECTLY TO YOU FROM NUVEEN,
FOLLOW THE STEPS OUTLINED BELOW:
1 Go to WWW.NUVEEN.COM
2 Select ACCESS YOUR ACCOUNT. Select the E-REPORT ENROLLMENT section. Click
on Enrollment Today.
3 You'll be taken to a screen that asks for your Social Security number and
e-mail address. Fill in this information, then click Enroll.
4 You should get a confirmation e-mail within 24 hours. If you do not, go
back through these steps to make sure all the information is correct.
5 Use this same process if you need to change your registration information
or cancel internet viewing.
Logo: NUVEEN Investments
Photo of: Timothy R. Schwertfeger
Chairman of the Board
Sidebar text: WE THINK YOUR NUVEEN FUND CAN BE AN IMPORTANT BUILDING BLOCK IN A
PORTFOLIO DESIGNED TO PERFORM WELL THROUGH A VARIETY OF MARKET CONDITIONS.
Dear
SHAREHOLDER
I am very pleased to report that for the year ended October 31, 2003, your
Nuveen Fund continued to provide you with attractive monthly tax-free income.
Your Nuveen Fund is managed with a value investing strategy that puts an
emphasis on finding securities that we think are undervalued or underrated. We
believe that there are always some municipal bonds that the market is not
properly valuing, and that by using a consistent, research-oriented management
approach we have the opportunity to find them for your Fund.
In this low-rate environment, many have begun to wonder whether interest rates
will soon start to rise, and whether that possibility should cause them to
adjust their holdings of fixed-income investments. We believe that by
constructing a carefully balanced portfolio with the help of a trusted
investment professional you may be able to reduce your overall investment risk
and give yourself a better chance to meet your financial goals. We think that
municipal bond investments like your Nuveen Fund can be important building
blocks in a portfolio designed to perform well through a variety of market
conditions.
Since 1898, Nuveen Investments has offered financial products and solutions that
incorporate careful research, diversification, and the application of
conservative risk-management principles. We are grateful that you have chosen us
as a partner as you pursue your financial goals. We look forward to continuing
to earn your trust in the months and years ahead.
Sincerely,
/s/ Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
December 15, 2003
1
Nuveen National Municipal Closed-End Exchange-Traded Funds
(NUV, NMI)
Portfolio Managers'
COMMENTS
Portfolio managers Tom Spalding and John Miller discuss U.S. economic and market
conditions, key investment strategies, and the annual performance of NUV and
NMI. With 27 years of investment experience at Nuveen, Tom has managed NUV since
its inception in 1987, while John, who has 10 years of investment experience,
assumed portfolio management responsibility for NMI in 2001.
WHAT FACTORS AFFECTED THE U.S. ECONOMY AND MUNICIPAL MARKET DURING THE 12-MONTH
PERIOD ENDED OCTOBER 31, 2003?
Over the 12-month reporting period, the two greatest influences on the general
economy continued to be historically low interest rates and the overall pace of
economic improvement. In June 2003, the Federal Reserve reduced the fed funds
rate to 1.0%, the lowest level since 1958. The Fed's accommodative monetary
policy coupled with Washington's tax relief measures and increased spending for
defense helped to fuel an 8.2% year-over-year jump in the third-quarter Gross
Domestic Product (GDP), up from 3.3% in the second quarter. At the same time,
inflation remained under control throughout the period.
In the municipal market, the slower rate of economic recovery over the majority
of this reporting period, low interest rates, and lack of inflationary pressures
helped many municipal bonds perform well. During the summer of 2003, however,
stronger-than-expected economic data precipitated a spike in bond yields and a
corresponding drop in bond prices that impacted results across all fixed-income
markets, including the municipal market, for the 12-month period ended October
31, 2003.
During the first 10 months of 2003, municipal supply nationally remained robust,
with $319.9 billion in new bonds, up 8% over the same period in 2002.
HOW DID THESE NUVEEN FUNDS PERFORM OVER THIS REPORTING PERIOD?
Individual results for these Funds, as well as for relevant benchmarks, are
presented in the accompanying table.
TOTAL RETURN LEHMAN LIPPER
MARKET YIELD ON NAV TOTAL RETURN1 AVERAGE2
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1 YEAR 1 YEAR 1 YEAR
TAXABLE- ENDED ENDED ENDED
10/31/03 EQUIVALENT3 10/31/03 10/31/03 10/31/03
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NUV 5.26% 7.31% 4.90% 5.11% 4.92%
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NMI 5.60% 7.78% 3.71% 5.11% 4.92%
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Past performance is not predictive of future results.
For additional information, see the individual Performance Overview for your
Fund in this report.
For the 12 months ended October 31, 2003, NUV performed in line with its Lipper
peer group average and trailed the Lehman Brothers Municipal Bond Index by a
slight margin, while NMI underperformed both of these measures. Some of the
Funds' performance relative to the Lehman index can be attributed to their
shorter durations.4 As of the end of October 2003, NUV and NMI had average
durations of 7.10 and 6.58, respectively, compared with 8.22 for the Lehman
index. These durations hurt the Funds' performances relative to Lehman during
much of the past year, since investments with shorter durations generally would
be expected to underperform those with longer durations during periods of low or
declining interest rates, all other factors being equal.
1 The total annual returns on common share net asset value (NAV) for these
Nuveen Funds are compared with the total annual return of the Lehman Brothers
Municipal Bond Index, an unleveraged, unmanaged index comprising a broad range
of investment-grade municipal bonds. Results for the Lehman index do not
reflect any expenses.
2 The total returns of these Funds are compared with the average annualized
return of the nine funds in the Lipper General Unleveraged Municipal Debt
Funds category. Fund and Lipper returns assume reinvestment of dividends.
3 The taxable-equivalent yield represents the yield that must be earned on a
taxable investment, other than an investment that generates qualified dividend
income that is taxable at a maximum rate of 15%, in order to equal the yield
of the Nuveen Fund on an after-tax basis. It is calculated using the current
market yield and a federal income tax rate of 28%.
4 Duration is a measure of a fund's NAV volatility in reaction to interest rate
movements.
2
In addition to duration, factors such as call exposure, portfolio trading
activity, and the price movement of specific sectors and holdings also had an
impact on the Funds' performances during this period. For example, NMI held
several credits whose performance over the past 12 months negatively impacted
the Fund's total return for this period. One of these was Sinai Hospital, part
of the 10-hospital Detroit Medical Center complex. While the Sinai bonds have
underperformed the market due primarily to operating losses, new management and
a public task force are currently examining funding options for the hospital. As
of October 31, 2003, NMI held $2.15 million par value in these bonds
(representing 2.3% of its total par), and their decline over this reporting
period cost the Fund approximately 45 basis points in total return performance.
HOW DID THE MARKET ENVIRONMENT AFFECT THE FUNDS' DIVIDENDS AND SHARE PRICES?
During the 12 months ended October 31, 2003, the dividends of both NUV and NMI
were impacted by the continued low level of interest rates. In NUV, the proceeds
from a significant number of calls had to be reinvested in the current interest
rate environment, necessitating two dividend cuts in this Fund over the past 12
months. In NMI, the credit issues previously mentioned necessitated two dividend
reductions as well.
Each Fund seeks to pay a stable dividend at a rate that reflects past results
and projected future performance of the Fund. The Fund may pay dividends at a
rate that may be more or less than the amount of net investment income actually
earned by the Fund during the period. If the Fund has cumulatively earned more
than it has paid in dividends, it will hold the excess in reserve as
undistributed net investment income (UNII) as part of the Fund's net asset
value. Conversely, if the Fund has cumulatively paid dividends in excess of its
earnings, the excess will constitute a negative UNII which will likewise be
reflected in the Fund's net asset value. Each Fund will, over time, pay all its
net investment income as dividends to shareholders. As of October 31, 2003, NUV
had positive UNII, while NMI had negative UNII.
Increased volatility in the fixed-income markets during the summer of 2003 led
to an overall weakening of bond prices. The Funds' share prices and NAVs
finished this reporting period lower than they had been at the beginning. As of
October 31, 2003, both NUV and NMI continued to trade at discounts to their
common share NAVs.
WHAT KEY STRATEGIES WERE USED TO MANAGE THESE FUNDS DURING THE FISCAL YEAR ENDED
OCTOBER 31, 2003?
Over this 12-month reporting period, we continued to place strong emphasis on
keeping the Funds fully invested and well diversified, improving call
protection, and enhancing dividend-paying capabilities. We also continued to
focus on managing the Funds' durations as a way of enhancing our ability to
mitigate interest rate risk and produce potentially more consistent
3
returns over time. Interest rate risk is the risk that the value of a Fund's
portfolio will decline when market interest rates rise. The longer the duration
of a Fund's portfolio, the greater its interest rate risk.
We continued to find opportunities to make trades that we believe would benefit
the Funds. In NUV, we focused on bonds offering above-market coupons that can
help to support the Fund's dividend, and on issues in the low AA/high A credit
quality sectors that can add diversification. As we expected, heavy bond call
activity in the utilities sector served to reduce our allocation in this sector
to 14% from 31% over the past year, enabling us to reallocate assets to the
tax-backed and general obligation sectors which provided additional
diversification and extended call protection.
In NMI, we continued to find value in healthcare and utilities, the two largest
sector weightings in the Fund. Throughout the past 12 months, we also continued
to work through distressed holdings and enhance NMI's positioning through the
addition of bonds with the potential to improve diversification and credit
quality, consistent with maintaining the Fund's income stream.
HOW WERE THE FUNDS POSITIONED IN TERMS OF CREDIT QUALITY AND BOND CALLS AS OF
OCTOBER 31, 2003?
We believe that, given the current geopolitical and economic climate,
maintaining strong credit quality remains a vital requirement. As of October 31,
2003, NUV offered excellent credit quality, with a 65% allocation of bonds rated
AAA/U.S. guaranteed and AA. In NMI, which may invest up to 25% of its portfolio
in bonds rated below investment grade (BB or lower), as of the end of the
period, the Fund's allocation to BB or lower bonds was 9%, while its allocation
to AAA/U.S. Guaranteed and AA bonds was 23%, and its allocation to A and BBB
bonds was 52%. Its allocation to non-rated bonds was 16%.
Looking at bond calls, these Funds offer good levels of call protection over the
next two years, with potential call exposure of 13% in NUV and 17% in NMI during
2004 and 2005. The number of bond calls will depend largely on market interest
rates in coming months.
In general, we believe that these Nuveen Funds can continue to serve as
attractive sources of tax-free income, while simultaneously offering the
potential for portfolio diversification. In our opinion, the Funds represent a
quality component of a well-balanced core investment portfolio that can continue
to benefit shareholders over time.
4
Nuveen Municipal Value Fund, Inc.
Performance
OVERVIEW As of October 31, 2003
NUV
Pie Chart:
CREDIT QUALITY
AAA/U.S. Guaranteed 49%
AA 16%
A 14%
BBB 12%
NR 3%
BB or Lower 6%
PORTFOLIO STATISTICS
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Share Price $9.12
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Common Share Net Asset Value $9.92
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Market Yield 5.26%
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Taxable-Equivalent Yield
(Federal Income Tax Rate)1 7.31%
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Net Assets Applicable to
Common Shares ($000) $1,934,433
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Average Effective Maturity (Years) 20.64
--------------------------------------------------
Average Duration 7.10
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AVERAGE ANNUAL TOTAL RETURN (Inception 6/17/87)
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ON SHARE PRICE ON NAV
--------------------------------------------------
1-Year 3.66% 4.90%
--------------------------------------------------
5-Year 4.25% 4.65%
--------------------------------------------------
10-Year 4.20% 5.29%
--------------------------------------------------
TOP FIVE SECTORS (as a % of total investments)
--------------------------------------------------
Tax Obligation/Limited 20%
--------------------------------------------------
Healthcare 18%
--------------------------------------------------
Utilities 14%
--------------------------------------------------
Tax Obligation/General 13%
--------------------------------------------------
Transportation 9%
--------------------------------------------------
Bar Chart:
2002-2003 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Nov 0.0425
Dec 0.0415
Jan 0.0415
Feb 0.0415
Mar 0.0415
Apr 0.0415
May 0.0415
Jun 0.0415
Jul 0.0415
Aug 0.0415
Sep 0.04
Oct 0.04
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
11/1/02 9.25
9.4
9.21
9.06
9.11
9.18
9.16
9.08
9.29
9.28
9.1
9.15
9.18
9.24
9.35
9.26
9.29
9.37
9.48
9.13
9
9.17
9.07
9.01
9.11
9.19
9.29
9.32
9.48
9.51
9.62
9.4
9.51
9.55
9.56
9.23
9.19
9.2
9.03
9.03
9.14
9.12
9.1
9.16
9.16
9.15
9.09
9.13
10/31/03 9.12
1 Taxable equivalent yield represents the yield that must be earned on a taxable
investment, other than an investment that generates qualified dividend income
that is taxable at a maximum rate of 15%, in order to equal the yield of the
Nuveen Fund on an after-tax basis. It is calculated using the current market
yield and a federal income tax rate of 28%.
2 The Fund also paid shareholders capital gains and net ordinary income
distributions in December 2002 of $0.0415 per share.
5
Nuveen Municipal Income Fund, Inc.
Performance
OVERVIEW As of October 31, 2003
NMI
Pie Chart:
CREDIT QUALITY
AAA/U.S. Guaranteed 18%
AA 5%
A 8%
BBB 44%
NR 16%
BB or Lower 9%
PORTFOLIO STATISTICS
--------------------------------------------------
Share Price $9.64
--------------------------------------------------
Common Share Net Asset Value $10.41
--------------------------------------------------
Market Yield 5.60%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 7.78%
--------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $84,491
--------------------------------------------------
Average Effective Maturity (Years) 17.83
--------------------------------------------------
Average Duration 6.58
--------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN (Inception 4/20/88)
--------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------
1-Year 3.02% 3.71%
--------------------------------------------------
5-Year 0.99% 3.19%
--------------------------------------------------
10-Year 2.87% 4.64%
--------------------------------------------------
TOP FIVE SECTORS (as a % of total investments)
--------------------------------------------------
Utilities 24%
--------------------------------------------------
Healthcare 18%
--------------------------------------------------
Tax Obligation/Limited 10%
--------------------------------------------------
Materials 10%
--------------------------------------------------
Consumer Staples 7%
--------------------------------------------------
Bar Chart:
2002-2003 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Nov 0.05
Dec 0.05
Jan 0.05
Feb 0.05
Mar 0.05
Apr 0.05
May 0.05
Jun 0.048
Jul 0.048
Aug 0.048
Sep 0.045
Oct 0.045
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
11/1/02 9.92
10.08
9.9
9.73
9.8
9.91
10.05
10
9.84
10
10.08
10.17
10.17
10.42
10.51
10.53
10.3
10.85
10.86
10.75
10.66
10.7
10.86
10.78
10.85
10.96
10.91
11
10.93
11.07
11
10.85
10.78
10.69
10.46
10.3
10.11
9.95
9.81
9.78
9.76
9.9
9.91
9.77
9.74
9.97
9.75
9.64
10/31/03 9.64
1 Taxable equivalent yield represents the yield that must be earned on a taxable
investment, other than an investment that generates qualified dividend income
that is taxable at a maximum rate of 15%, in order to equal the yield of the
Nuveen Fund on an after-tax basis. It is calculated using the current market
yield and a federal income tax rate of 28%.
2 The Fund also paid shareholders a net ordinary income distribution in December
2002 of $0.0019 per share.
6
Shareholder
MEETING REPORT
The Shareholder Meeting was held in Chicago, Illinois on July 28, 2003.
NUV NMI
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APPROVAL OF THE BOARD MEMBERS WAS REACHED AS FOLLOWS:
Common Common
Shares Shares
====================================================================================================================================
William E. Bennett
For 113,783,322 5,071,630
Withhold 4,759,809 180,466
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Total 118,543,131 5,252,096
====================================================================================================================================
Robert P. Bremner
For 113,831,430 5,092,094
Withhold 4,711,701 160,002
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Total 118,543,131 5,252,096
====================================================================================================================================
Jack B. Evans
For 113,887,991 5,087,343
Withhold 4,655,140 164,753
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Total 118,543,131 5,252,096
====================================================================================================================================
William L. Kissick
For 113,725,573 5,092,984
Withhold 4,817,558 159,112
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Total 118,543,131 5,252,096
====================================================================================================================================
Thomas E. Leafstrand
For 113,910,787 5,094,775
Withhold 4,632,344 157,321
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Total 118,543,131 5,252,096
====================================================================================================================================
William J. Schneider
For 113,913,714 5,099,487
Withhold 4,629,417 152,609
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Total 118,543,131 5,252,096
====================================================================================================================================
Judith M. Stockdale
For 113,894,160 5,090,625
Withhold 4,648,971 161,471
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Total 118,543,131 5,252,096
====================================================================================================================================
Sheila W. Wellington
For 113,788,828 5,088,623
Withhold 4,754,303 163,473
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Total 118,543,131 5,252,096
====================================================================================================================================
7
Shareholder
MEETING REPORT (continued)
NUV NMI
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Common Common
Shares Shares
====================================================================================================================================
TO APPROVE A CHANGE TO A FUNDAMENTAL INVESTMENT RESTRICTION WITH RESPECT TO LENDING
For 87,133,492 3,723,371
Against 9,120,403 482,486
Abstain 4,715,222 156,055
Broker Non-Vote 17,574,014 890,184
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Total 118,543,131 5,252,096
====================================================================================================================================
TO APPROVE A CHANGE TO A FUNDAMENTAL INVESTMENT RESTRICTION WITH RESPECT TO BORROWING
For 87,375,125 3,699,631
Against 8,849,327 496,898
Abstain 4,744,665 165,383
Broker Non-Vote 17,574,014 890,184
------------------------------------------------------------------------------------------------------------------------------------
Total 118,543,131 5,252,096
====================================================================================================================================
TO APPROVE AN AGREEMENT AND PLAN OF REORGANIZATION AND THE TRANSACTIONS CONTEMPLATED THEREBY
For 88,445,971 3,791,850
Against 7,158,099 390,535
Abstain 5,365,047 179,527
Broker Non-Vote 17,574,014 890,184
------------------------------------------------------------------------------------------------------------------------------------
Total 118,543,131 5,252,096
====================================================================================================================================
8
Report of
INDEPENDENT AUDITORS
THE BOARD OF DIRECTORS AND SHAREHOLDERS
NUVEEN MUNICIPAL VALUE FUND, INC.
NUVEEN MUNICIPAL INCOME FUND, INC.
We have audited the accompanying statements of assets and liabilities, including
the portfolios of investments, of Nuveen Municipal Value Fund, Inc. and Nuveen
Municipal Income Fund, Inc. as of October 31, 2003, and the related statements
of operations for the year then ended, the statements of changes in net assets
for each of the two years in the period then ended and the financial highlights
for each of the five years in the period then ended. These financial statements
and financial highlights are the responsibility of the Funds' management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements and financial highlights. Our procedures included
confirmation of investments owned as of October 31, 2003, by correspondence with
the custodian and brokers or by other appropriate auditing procedures where
replies from brokers were not received. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial positions of
Nuveen Municipal Value Fund, Inc. and Nuveen Municipal Income Fund, Inc. at
October 31, 2003, and the results of their operations for the year then ended,
the changes in their net assets for each of the two years in the period then
ended and financial highlights for each of the five years in the period then
ended in conformity with accounting principles generally accepted in the United
States.
/s/ Ernst & Young LLP
Chicago, Illinois
December 12, 2003
9
Nuveen Municipal Value Fund, Inc. (NUV)
Portfolio of
INVESTMENTS October 31, 2003
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
ALABAMA - 1.4%
$ 1,865 Alabama Housing Finance Authority, Collateralized Home 4/08 at 102.00 Aaa $ 1,892,714
Mortgage Program, Single Family Mortgage Revenue Bonds,
Series 1998A-2, 5.450%, 10/01/28 (Alternative Minimum Tax)
5,000 The Industrial Development Board of the Town of Courtland, 11/09 at 101.00 Baa2 5,253,000
Alabama, Solid Waste Disposal Revenue Bonds, Champion
International Paper Corporation, Series 1999A,
6.700%, 11/01/29 (Alternative Minimum Tax)
1,750 Huntsville Health Care Authority, Alabama, Revenue Bonds, 6/11 at 101.00 A2 1,778,928
Series 2001A, 5.750%, 6/01/31
4,000 The Medical Clinic Board of the City of Jasper, Alabama, 1/04 at 101.00 Baa1 4,027,840
Hospital Revenue Bonds, Series 1993 (Walker Regional
Medical Center, Inc. Project), 6.375%, 7/01/18
12,000 Jefferson County, Alabama, Sewer Revenue Capital 2/09 at 101.00 AAA 13,727,280
Improvement Warrants, Series 1999A, 5.375%, 2/01/36
(Pre-refunded to 2/01/09) - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
ALASKA - 0.2%
3,000 Municipality of Anchorage, Alaska, General Obligation 9/13 at 100.00 AAA 3,057,000
Bonds, Series 2003B, 5.000%, 9/01/23 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
ARIZONA - 1.2%
4,900 Arizona Health Facilities Authority, Hospital System Revenue 11/09 at 100.00 Ba2 4,110,855
Bonds, Phoenix Children's Hospital, Series 1999A,
6.250%, 11/15/29
1,400 Arizona Health Facilities Authority, Hospital System Revenue 2/12 at 101.00 Ba2 1,208,760
Bonds, Phoenix Children's Hospital, Series 2002A,
6.250%, 2/15/21
16,000 Arizona Health Facilities Authority, Hospital Revenue Bonds, 7/10 at 101.00 Baa1 17,256,320
Catholic Healthcare West, Series 1999A, 6.625%, 7/01/20
------------------------------------------------------------------------------------------------------------------------------------
ARKANSAS - 0.8%
10,460 Cabot School District No. 4 of Lonoke County, Arkansas, 8/08 at 100.00 Aaa 10,518,053
General Obligation Bonds, Series 2003 Refunding,
5.000%, 2/01/32 - AMBAC Insured
1,050 City of Conway, Arkansas, Sales and Use Tax Capital 12/06 at 101.00 AAA 1,148,501
Improvement Bonds, Series 1997A, 5.350%, 12/01/17 -
FSA Insured
2,750 Jefferson County, Arkansas, Pollution Control Revenue 12/03 at 101.00 BBB- 2,734,105
Refunding Bonds, Entergy Arkansas, Inc. Project,
Series 1997, 5.600%, 10/01/17
2,000 Board of Trustees of the University of Arkansas at 12/12 at 100.00 Aaa 2,018,240
Fayetteville, Various Facilities Revenue Bonds, Series 2002,
5.000%, 12/01/32 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA - 12.7%
7,310 California Educational Facilities Authority, Revenue Bonds, 10/09 at 39.19 Aaa 2,424,435
Loyola Marymount University, Series 2000,
0.000%, 10/01/24 (Pre-refunded to 10/01/09) -
MBIA Insured
13,000 California Health Facilities Financing Authority, Revenue 3/13 at 100.00 A 11,925,420
Bonds, Adventist Health System/West, Series 2003A,
5.000%, 3/01/33
3,975 California Infrastructure and Economic Development Bank, 10/11 at 101.00 A- 3,984,620
Revenue Bonds, Series 2001, The J. David Gladstone
Institutes Project, 5.250%, 10/01/34
State of California, General Obligation Bonds, Series 2003:
14,600 5.250%, 2/01/28 8/13 at 100.00 A3 14,497,800
30,000 5.000%, 2/01/33 8/13 at 100.00 A3 28,475,100
14,500 California Department of Water Resources, Water System 12/03 at 101.00 AA 14,299,900
Revenue Bonds, Central Valley Project, Series 1993M,
4.750%, 12/01/24
California Department of Water Resources, Power Supply
Revenue Bonds, Series 2002A:
10,000 5.125%, 5/01/19 5/12 at 101.00 A3 10,226,500
10,000 5.250%, 5/01/20 5/12 at 101.00 A3 10,259,500
10
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA (continued)
$ 17,155 State Public Works Board of the State of California, Lease 12/03 at 102.00 Aa2 $17,548,364
Revenue Refunding Bonds (The Regents of the University
of California), 1993 Series A (Various University of
California Projects), 5.500%, 6/01/21
15,500 California Statewide Community Development Authority, 4/09 at 101.00 BBB- 15,484,500
Certificates of Participation, Internext Group, Series 1999,
5.375%, 4/01/17
6,530 California Statewide Community Development Authority, 1/04 at 102.00 AA- 6,661,188
Certificates of Participation, St. Joseph Health System,
Series 1993, 5.500%, 7/01/14
3,000 Capistrano Unified School District, Ladera, California, 9/09 at 102.00 N/R 2,981,760
Special Tax Bonds, Community Facilities District 98-2,
Series 1999, 5.750%, 9/01/29
5,895 Central California Joint Powers Health Financing Authority, 2/04 at 100.00 Baa2 5,517,248
Certificates of Participation, Community Hospitals of
Central California, Series 1993, 5.000%, 2/01/23
Foothill-Eastern Transportation Corridor Agency, California,
Toll Road Revenue Bonds, Series 1995A:
30,000 0.000%, 1/01/22 No Opt. Call AAA 12,048,900
2,500 6.000%, 1/01/34 (Pre-refunded to 1/01/07) 1/07 at 100.00 AAA 2,827,925
3,500 Golden State Tobacco Securitization Corporation, California, 6/13 at 100.00 BBB 3,193,190
Tobacco Settlement Asset-Backed Bonds, Series 2003A-1,
6.750%, 6/01/39
30,000 Golden State Tobacco Securitization Corporation, 6/13 at 100.00 AAA 29,537,400
California, Enhanced Tobacco Settlement Asset-Backed
Bonds, Series 2003B, 5.000%, 6/01/38 - AMBAC Insured
9,000 Department of Water and Power of the City of Los Angeles, 7/11 at 100.00 AA 9,027,090
California, Waterworks Revenue Bonds, Series 2001A
Refunding, 5.125%, 7/01/41
4,000 Regional Airports Improvement Corporation, California, 12/12 at 102.00 B- 3,890,080
American Airlines Inc. Terminal 4 Project, Los Angeles
International Airport Facilities Sublease Revenue Bonds,
Series 2002C, 7.500%, 12/01/24 (Alternative Minimum Tax)
30,470 Los Angeles County Public Works Financing Authority, 12/03 at 102.00 AAA 31,165,935
California, Lease Revenue Bonds, Series 1993, Multiple
Capital Facilities Project IV, 4.750%, 12/01/13 -
MBIA Insured
7,300 San Diego County, California, Certificates of Participation, 9/09 at 101.00 Baa3 7,550,609
Burnham Institute, Series 1999, 6.250%, 9/01/29
2,665 Yuba County Water Agency, California, Yuba River 3/04 at 100.00 Ba3 2,571,379
Development Revenue Bonds, Pacific Gas and Electric
Company Project, Series 1966A, 4.000%, 3/01/16
------------------------------------------------------------------------------------------------------------------------------------
COLORADO - 3.8%
1,800 Colorado Educational and Cultural Facilities Authority, 8/11 at 100.00 Ba2 1,873,494
Boulder County, Colorado, Charter School Revenue Bonds,
Peak to Peak Charter School Project, Created by Boulder
Valley School District No. RE-2, 7.625%, 8/15/31
Colorado Health Facilities Authority, Revenue Bonds, Series
1994, Sisters of Charity Health Care Systems, Inc.:
9,590 5.250%, 5/15/14 (Pre-refunded to 5/15/04) 5/04 at 102.00 AA*** 9,998,918
345 5.250%, 5/15/14 (Pre-refunded to 5/15/04) 5/04 at 102.00 AA*** 359,711
2,580 5.250%, 5/15/14 5/04 at 102.00 AA 2,638,618
500 Colorado Health Facilities Authority, Revenue Bonds, 1/12 at 100.00 BBB 509,275
Vail Valley Medical Center Project, Series 2001,
5.750%, 1/15/22
18,915 City and County of Denver, Colorado, Airport System 11/13 at 100.00 AAA 18,900,057
Revenue Bonds, Series 2003B Refunding, 5.000%, 11/15/33 -
XLCA Insured
20,000 Denver Convention Center Hotel Authority, Colorado, 12/13 at 100.00 AAA 20,054,200
Convention Center Hotel Senior Revenue Bonds,
Series 2003A, 5.000%, 12/01/33 - XLCA Insured
E-470 Public Highway Authority, Colorado, Senior Revenue
Bonds, Series 2000A:
39,700 0.000%, 9/01/28 - MBIA Insured 9/10 at 31.42 AAA 9,444,630
5,000 5.750%, 9/01/35 - MBIA Insured 9/10 at 102.00 AAA 5,489,750
7,000 Northwest Parkway Public Highway Authority, Colorado, 6/16 at 100.00 AAA 4,987,570
Revenue Bonds, Senior Series 2001C, 0.000%, 6/15/21 -
AMBAC Insured
11
Nuveen Municipal Value Fund, Inc. (NUV) (continued)
Portfolio of INVESTMENTS October 31, 2003
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
DISTRICT OF COLUMBIA - 1.6%
$ 4,125 Metropolitan Washington, D.C. Airports Authority, 10/12 at 100.00 AAA $ 4,489,072
Airport System Revenue Bonds, 2002 Series A,
5.750%, 10/01/16 (Alternative Minimum Tax) -
FGIC Insured
27,725 Washington Convention Center Authority, Washington, 10/08 at 100.00 AAA 26,811,739
D.C., Senior Lien Dedicated Tax Revenue Bonds,
Series 1998, 4.750%, 10/01/28 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
FLORIDA - 1.5%
4,000 Escambia County Health Facilities Authority, Florida, 11/12 at 101.00 AA 4,282,040
Revenue Bonds, Ascension Health, Series 2002C,
5.750%, 11/15/32
10,690 Jacksonville, Florida, Better Jacksonville Sales Tax Revenue 10/11 at 100.00 AAA 10,797,435
Bonds, Series 2001, 5.000%, 10/01/30 - AMBAC Insured
5,000 Orange County Health Facilities Authority, Florida, Hospital 10/09 at 101.00 A2 5,187,700
Revenue Bonds, Orlando Regional Healthcare System,
Series 1999E, 6.000%, 10/01/26
8,250 The School Board of Orange County, Florida, Certificates 8/12 at 100.00 AAA 8,342,070
of Participation, Series 2002A, 5.000%, 8/01/27 -
MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
GEORGIA - 1.9%
2,500 City of Atlanta, Georgia, Water and Wastewater Revenue 5/12 at 100.00 AAA 2,519,800
Bonds, Series 2001A, 5.000%, 11/01/33 - MBIA Insured
9,790 City of Atlanta, Georgia, Water and Wastewater Revenue 5/09 at 101.00 AAA 9,835,621
Bonds, Series 1999A, 5.000%, 11/01/38 - FGIC Insured
Coffee County Hospital Authority, Georgia, Revenue Anticipation
Certificates, Coffee Regional Medical Center, Inc. Project,
Series 1997A:
1,700 6.250%, 12/01/06 No Opt. Call N/R 1,778,302
21,100 6.750%, 12/01/26 12/06 at 102.00 N/R 21,327,247
2,250 Royston Hospital Authority, Georgia, Revenue Anticipation 7/09 at 102.00 N/R 2,154,060
Certificates, Ty Cobb Healthcare System, Inc. Project,
Series 1999, 6.500%, 7/01/27
------------------------------------------------------------------------------------------------------------------------------------
HAWAII - 0.4%
7,500 State of Hawaii, General Obligation Bonds, Series 2003DA, 9/13 at 100.00 AAA 7,866,525
5.250%, 9/01/23 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
ILLINOIS - 11.3%
2,060 Aurora, Illinois, Golf Course Revenue Bonds, Series 2000, 1/10 at 100.00 A+ 2,249,046
6.375%, 1/01/20
10,000 City of Chicago, Illinois, General Obligation Bonds, 7/12 at 100.00 AAA 10,604,100
Series 2002A Project and Refunding, 5.625%, 1/01/39 -
AMBAC Insured
2,000 Chicago School Reform Board of Trustees of the Board 12/07 at 102.00 AAA 2,080,600
of Education of the City of Chicago, Illinois, Unlimited
Tax General Obligation Bonds, (Dedicated Tax Revenues),
Series 1997A, 5.250%, 12/01/22 - AMBAC Insured
15,000 Chicago School Reform Board of Trustees of the Board No Opt. Call AAA 4,754,100
of Education of the City of Chicago, Illinois, Unlimited
Tax General Obligation Bonds, Dedicated Tax Revenue,
Series 1998-B1, 0.000%, 12/01/24 - FGIC Insured
5,000 Chicago Housing Authority, Illinois, Capital Program 7/12 at 100.00 AA*** 5,279,550
Revenue Bonds, Series 2001, 5.375%, 7/01/18
1,125 Metropolitan Water Reclamation District of Greater No Opt. Call Aaa 1,373,400
Chicago, Illinois, General Obligation Capital Improvement
Bonds, Series 1991, 7.000%, 1/01/11
2,575 City of Chicago, Illinois, Chicago O'Hare International 1/11 at 101.00 AAA 2,584,553
Airport, Second Lien Passenger Facility Charge Revenue
Bonds, Series 2001C, 5.100%, 1/01/26 (Alternative
Minimum Tax) - AMBAC Insured
2,000 DuPage County Community Unit School District No. 200, 11/13 at 100.00 Aaa 2,133,840
Wheaton, Illinois, General Obligation Bonds, Series 2003B,
5.250%, 11/01/20 - FSA Insured
4,335 Illinois Development Finance Authority, Industrial 12/03 at 101.00 N/R 4,340,072
Development Revenue Bonds, Series 1992 (Plano
Molding Company Project), 7.750%, 6/01/12
(Alternative Minimum Tax)
3,000 Illinois Development Finance Authority, Pollution Control No Opt. Call A- 3,155,070
Revenue Refunding Bonds, Commonwealth Edison
Company Project, Series 1994D, 5.850%, 1/15/14
28,030 Illinois Development Finance Authority, Local Government No Opt. Call Aaa 13,194,842
Program Revenue Bonds, Elgin School District U46,
Kane, Cook and DuPage Counties, Series 2002,
0.000%, 1/01/19 - FSA Insured
12
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
ILLINOIS (continued)
Illinois Development Finance Authority, Revenue Bonds, The
Presbyterian Home of Lake Forest Project, Series 1996B:
$ 6,495 6.400%, 9/01/31 (Pre-refunded to 9/01/06) 9/06 at 102.00 AAA $ 7,478,213
990 6.400%, 9/01/31 - FSA Insured 9/06 at 102.00 AAA 1,118,948
1,800 Illinois Development Finance Authority, Local Government No Opt. Call Aaa 850,140
Program Revenue Bonds, Rockford School District 205
Project, Series 2000, 0.000%, 2/01/19 - FSA Insured
3,180 Illinois Development Finance Authority, Revenue Bonds, 12/21 at 100.00 BBB 3,098,783
Chicago Charter School Foundation Project, Series 2002A,
6.250%, 12/01/32
8,000 Illinois Development Finance Authority, Revenue Bonds, 9/11 at 100.00 AAA 8,069,280
Illinois Wesleyan University, Series 2001,
5.125%, 9/01/35 - AMBAC Insured
7,000 Illinois Health Facilities Authority, Revenue Bonds, 11/03 at 102.00 AAA 7,161,350
Swedish American Hospital Project, Series 1993,
5.375%, 11/15/23 - AMBAC Insured
18,015 Illinois Health Facilities Authority, Revenue Bonds, 11/03 at 102.00 AAA 18,428,444
Rush-Presbyterian-St. Luke's Medical Center Obligated
Group, Series 1993, 5.250%, 11/15/20 - MBIA Insured
4,350 Illinois Health Facilities Authority Revenue Bonds, No Opt. Call A*** 5,426,843
Series 1992 (South Suburban Hospital), 7.000%, 2/15/18
8,000 Illinois Health Facilities Authority, Revenue Bonds, 8/07 at 101.00 AAA 8,266,160
Sherman Health Systems, Series 1997, 5.250%, 8/01/22 -
AMBAC Insured
15,000 Illinois Health Facilities Authority, Revenue Bonds, 5/10 at 101.00 A3 15,938,850
Condell Medical Center, Series 2000, 6.500%, 5/15/30
15,000 Illinois Health Facilities Authority, Revenue Bonds, 2/11 at 101.00 AAA 15,368,400
Edward Hospital Obligated Group, Series 2001B,
5.250%, 2/15/34 - FSA Insured
5,000 Illinois Sports Facilities Authority, State Tax Supported 6/15 at 101.00 AAA 3,577,850
Bonds, Series 2001, 0.000%, 6/15/30 - AMBAC Insured
Metropolitan Pier and Exposition Authority, Illinois, McCormick
Place Expansion Project Bonds, Series 1992A:
18,955 0.000%, 6/15/17 - FGIC Insured No Opt. Call AAA 9,946,826
12,300 0.000%, 6/15/18 - FGIC Insured No Opt. Call AAA 6,060,210
Metropolitan Pier and Exposition Authority Illinois, McCormick
Place Expansion Project Bonds, Series 1994B:
7,250 0.000%, 6/15/18 - MBIA Insured No Opt. Call AAA 3,572,075
3,385 0.000%, 6/15/21 - MBIA Insured No Opt. Call AAA 1,372,211
9,900 0.000%, 6/15/29 - FGIC Insured No Opt. Call AAA 2,428,767
Metropolitan Pier and Exposition Authority, Illinois, McCormick
Place Expansion Project Refunding Bonds, Series 1996A:
16,550 0.000%, 12/15/21 - MBIA Insured No Opt. Call AAA 6,532,451
1,650 5.250%, 6/15/27 - AMBAC Insured 6/06 at 102.00 AAA 1,687,290
Metropolitan Pier and Exposition Authority, Illinois, McCormick
Place Expansion Project Revenue Bonds, Series 2002A:
10,000 0.000%, 6/15/24 - MBIA Insured 6/22 at 101.00 AAA 4,843,100
21,000 0.000%, 6/15/34 - MBIA Insured No Opt. Call AAA 3,840,060
21,000 0.000%, 12/15/35 - MBIA Insured No Opt. Call AAA 3,513,720
20,000 0.000%, 6/15/36 - MBIA Insured No Opt. Call AAA 3,247,200
18,855 0.000%, 6/15/39 - MBIA Insured No Opt. Call AAA 2,572,199
2,150 5.250%, 6/15/42 - MBIA Insured 6/12 at 101.00 AAA 2,203,083
Metropolitan Pier and Exposition Authority, Illinois, McCormick
Place Expansion Project Refunding Revenue Bonds, Series 2002B:
3,000 0.000%, 6/15/20 - MBIA Insured 6/17 at 101.00 AAA 1,960,050
2,950 0.000%, 6/15/21 - MBIA Insured 6/17 at 101.00 AAA 1,909,476
11,650 Regional Transportation Authority, Cook, DuPage, Kane, 6/04 at 102.00 AAA 12,237,277
Lake, McHenry and Will Counties, Illinois, General
Obligation Bonds, Series 1994A, 6.250%, 6/01/24
(Pre-refunded to 6/01/04) - AMBAC Insured
1,135 Tri-City Regional Port District, Illinois, Port and Terminal No Opt. Call N/R 1,218,218
Facilities Revenue Bonds, Refunding and Dock 2
Enhancement Project, Series 1998B, 5.875%, 7/01/08
(Alternative Minimum Tax)
13
Nuveen Municipal Value Fund, Inc. (NUV) (continued)
Portfolio of INVESTMENTS October 31, 2003
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
ILLINOIS (continued)
$ 1,230 Tri-City Regional Port District, Illinois, Port and Terminal No Opt. Call N/R $ 1,207,983
Facilities Revenue Bonds, Delivery Network Project,
Series 2003A Refunding, 4.900%, 7/01/14
(Alternative Minimum Tax)
2,295 Will County Community School District 161 Summit Hill, No Opt. Call Aaa 1,151,172
Illinois, Capital Appreciation School Bonds, Series 1999,
0.000%, 1/01/18 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
INDIANA - 4.7%
10,000 Indiana Bond Bank, State Revolving Fund Program Bonds, 2/13 at 101.00 AAA 10,860,100
Series 2001A, 5.375%, 2/01/19
10,000 Indiana Health Facility Financing Authority, Hospital 11/07 at 102.00 AAA 10,389,100
Revenue Bonds, Series 1997A (Sisters of St. Francis
Health Services, Inc. Project), 5.375%, 11/01/27 -
MBIA Insured
17,105 Indiana Health Facility Financing Authority, Hospital 2/07 at 102.00 AA- 18,145,668
Revenue Bonds, Series 1996A, Clarian Health
Partners Inc., 6.000%, 2/15/21
20,000 Indiana Transportation Finance Authority, Highway 6/13 at 100.00 AAA 20,121,800
Revenue Bonds, Series 2003A, 5.000%, 6/01/28 -
FSA Insured
4,840 Indianapolis Airport Authority, Indiana, Special Facilities 7/04 at 102.00 BBB 5,089,260
Revenue Bonds, Federal Express Corporation Project,
Series 1994, 7.100%, 1/15/17 (Alternative Minimum Tax)
The Indianapolis, Indiana, Local Public Improvement Bond
Bank, Series 1999E:
12,500 0.000%, 2/01/21 - AMBAC Insured No Opt. Call AAA 5,121,625
14,425 0.000%, 2/01/27 - AMBAC Insured No Opt. Call AAA 4,029,624
5,000 Mooresville School Building Corporation, Morgan County, 1/09 at 102.00 AAA 5,315,850
Indiana, First Mortgage Bonds, Series 1998,
5.000%, 7/15/15 - FSA Insured
13,100 Noblesville Catholic High School Corporation, Indiana, 7/13 at 101.00 N/R 12,591,982
Revenue Bonds, Series 2003, 5.750%, 7/01/22
------------------------------------------------------------------------------------------------------------------------------------
IOWA - 0.5%
3,500 Iowa Higher Education Loan Authority, Private College 10/12 at 100.00 A 3,607,975
Facility Revenue Bonds, Wartburg College Project,
Series 2002, 5.500%, 10/01/33 - ACA Insured
2,640 Iowa Housing Finance Authority, Single Family Housing No Opt. Call AAA 634,022
Bonds, Series 1984A, 0.000%, 9/01/16 - AMBAC Insured
5,820 Tobacco Settlement Authority, Iowa, Tobacco Settlement 6/11 at 101.00 BBB 4,497,812
Asset-Backed Revenue Bonds, Series 2001B, 5.600%, 6/01/35
------------------------------------------------------------------------------------------------------------------------------------
KANSAS - 0.4%
6,650 Newton, Kansas, Hospital Revenue Bonds, Newton 11/04 at 102.00 N/R*** 7,223,297
Healthcare Corporation, Series 1994A, 7.750%, 11/15/24
(Pre-refunded to 11/15/04)
------------------------------------------------------------------------------------------------------------------------------------
KENTUCKY - 0.3%
5,275 Greater Kentucky Housing Assistance Corporation, 1/04 at 100.00 AAA 5,278,851
Mortgage Revenue Refunding Bonds, Series 1997A
(FHA-Insured Mortgage Loans - Section 8 Assisted
Projects), 6.100%, 1/01/24 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
LOUISIANA - 1.9%
1,000 East Baton Rouge Parish, Louisiana, Revenue Refunding 3/08 at 102.00 Ba3 923,820
Bonds, Georgia Pacific Corporation Project, Series 1998
Refunding, 5.350%, 9/01/11 (Alternative Minimum Tax)
16,120 Louisiana Public Facilities Authority, Hospital Revenue 11/03 at 100.00 AAA 19,939,795
Refunding Bonds, Southern Baptist Hospitals, Inc.
Project, Series 1986, 8.000%, 5/15/12
20,880 Tobacco Settlement Financing Corporation, Louisiana, 5/11 at 101.00 BBB 16,717,781
Asset-Backed Bonds, Series 2001B, 5.875%, 5/15/39
------------------------------------------------------------------------------------------------------------------------------------
MAINE - 0.8%
14,365 Maine State Housing Authority, Mortgage Purchase Bonds, 2/04 at 102.00 AA+ 14,691,660
1994 Series A, 5.550%, 11/15/14
1,015 Maine State Housing Authority, Mortgage Purchase Bonds, 5/05 at 102.00 AA+ 1,050,667
1995 Series A-2, 6.650%, 11/15/25 (Alternative
Minimum Tax)
14
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
MARYLAND - 0.8%
$ 10,900 Community Development Administration, Maryland 3/07 at 101.50 Aa2 $11,313,655
Department of Housing and Community Development,
Residential Revenue Bonds, Series 1997B, 5.875%, 9/01/25
(Alternative Minimum Tax)
3,500 Maryland Energy Financing Administration, Limited 9/05 at 102.00 N/R 3,550,785
Obligation Cogeneration Revenue Bonds, AES Warrior
Run Project, Series 1995, 7.400%, 9/01/19
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS - 2.8%
10,000 Massachusetts Bay Transportation Authority, Senior Sales 7/12 at 100.00 AAA 10,069,300
Tax Revenue Bonds, Series 2002A Refunding,
5.000%, 7/01/32
Massachusetts Municipal Wholesale Electric Company, Power Supply
System Revenue Bonds, 1987 Series A:
215 8.750%, 7/01/18 (Pre-refunded to 1/01/04) 1/04 at 100.00 Aaa 217,761
220 8.750%, 7/01/18 (Pre-refunded to 7/01/04) 7/04 at 100.00 Aaa 231,227
105 8.750%, 7/01/18 (Pre-refunded to 1/01/05) 1/05 at 100.00 Aaa 114,160
110 8.750%, 7/01/18 (Pre-refunded to 7/01/05) 7/05 at 100.00 Aaa 123,553
5,000 Commonwealth of Massachusetts, General Obligation Bonds, 1/13 at 100.00 AAA 5,261,550
Consolidated Loan, Series 2002E, 5.250%, 1/01/22 -
FGIC Insured
1,720 Massachusetts Development Finance Agency, Resource 12/08 at 102.00 BBB 1,632,332
Recovery Revenue Bonds, Ogden Haverhill Project,
Series 1998B, 5.100%, 12/01/12 (Alternative Minimum Tax)
16,400 Massachusetts Turnpike Authority, Metropolitan Highway 1/07 at 102.00 AAA 16,432,144
System Revenue Bonds, 1997 Series A Senior,
5.000%, 1/01/37 - MBIA Insured
8,000 Massachusetts Turnpike Authority, Metropolitan Highway 1/07 at 102.00 AAA 8,062,240
System Revenue Bonds, 1997 Series B Subordinated,
5.125%, 1/01/37 - MBIA Insured
5,000 Massachusetts Turnpike Authority, Metropolitan Highway 1/09 at 101.00 AAA 5,011,500
System Revenue Bonds, 1999 Series A Subordinated,
5.000%, 1/01/39 - AMBAC Insured
6,000 Massachusetts Water Pollution Abatement Trust, Pool 8/10 at 101.00 AAA 6,392,100
Program Bonds, Series 6, 5.500%, 8/01/30
------------------------------------------------------------------------------------------------------------------------------------
MICHIGAN - 5.8%
6,000 Dearborn Economic Development Corporation, Michigan, 8/04 at 102.00 AAA 6,226,200
Hospital Revenue Refunding Bonds, Oakwood Obligated
Group, Series 1994A, 5.250%, 8/15/21 - MBIA Insured
10,865 Detroit Local Development Finance Authority, Michigan, 5/09 at 101.00 BB- 8,487,955
Tax Increment Bonds, Series 1998A, 5.500%, 5/01/21
1,400 Detroit, Michigan, Sewage Disposal System Revenue 7/05 at 101.00 AAA 1,489,628
Refunding Bonds, Series 1995B, 5.250%, 7/01/15 -
MBIA Insured
8,800 Detroit, Michigan, Water Supply System Revenue Refunding 7/04 at 102.00 AAA 8,857,200
Bonds, Series 1993, 5.000%, 7/01/23 - FGIC Insured
Michigan Municipal Bond Authority, Public School Academy
Revenue Bonds, Detroit Academy, Series 2001A:
2,000 7.500%, 10/01/12 10/09 at 102.00 Ba1 2,000,400
3,000 7.900%, 10/01/21 10/09 at 102.00 Ba1 2,967,150
3,500 8.000%, 10/01/31 10/09 at 102.00 Ba1 3,455,410
Michigan State Hospital Finance Authority, Revenue and Refunding
Bonds, Detroit Medical Center Obligated Group, Series 1993A:
1,000 6.250%, 8/15/13 2/04 at 102.00 Ba3 768,050
12,925 6.500%, 8/15/18 2/04 at 102.00 Ba3 9,530,895
37,490 Michigan State Hospital Finance Authority, Hospital Revenue 8/08 at 101.00 Ba3 21,568,747
Bonds, Detroit Medical Center Obligated Group,
Series 1998A, 5.250%, 8/15/28
11,180 Michigan Housing Development Authority, Rental Housing 6/05 at 102.00 AAA 11,636,144
Revenue Bonds, Series 1995B, 6.150%, 10/01/15 -
MBIA Insured
25,000 Michigan Strategic Fund, Limited Obligation Refunding 9/05 at 102.00 AAA 27,460,250
Revenue Bonds, Detroit Edison Company Pollution Control
Bonds Project, Collateralized Series 1995AA,
6.400%, 9/01/25 - MBIA Insured
7,200 Michigan Strategic Fund, Resource Recovery Limited 12/12 at 100.00 AAA 7,428,600
Obligation Revenue Bonds, Detroit Edison Company,
Series 2002D Refunding, 5.250%, 12/15/32 - XLCA Insured
------------------------------------------------------------------------------------------------------------------------------------
MINNESOTA - 0.2%
3,210 Minnesota Housing Finance Agency, Rental Housing Bonds, 2/05 at 102.00 AAA 3,304,499
Series 1995D, 5.900%, 8/01/15 - MBIA Insured
15
Nuveen Municipal Value Fund, Inc. (NUV) (continued)
Portfolio of INVESTMENTS October 31, 2003
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
MISSOURI - 2.7%
$ 2,000 Missouri-Illinois Metropolitan District Bi-State Development 10/13 at 100.00 AAA $ 2,018,300
Agency, Metrolink Cross County Extension Project, Mass
Transit Sales Tax Appropriation Bonds, Series 2002B,
5.000%, 10/01/32 - FSA Insured
40,000 Health and Educational Facilities Authority of the State 5/13 at 100.00 AA 41,274,400
of Missouri, Health Facilities Revenue Bonds, BJC
Health System, Series 2003, 5.250%, 5/15/32
4,000 Sugar Creek, Missouri, Industrial Development Revenue 6/13 at 101.00 BBB 3,895,920
Bonds, Lafarge North America Inc., Series 2003A,
5.650%, 6/01/37 (Alternative Minimum Tax)
West Plains Industrial Development Authority, Missouri, Hospital
Facilities Revenue Bonds, Ozark Medical Center, Series 1997:
1,750 5.500%, 11/15/12 11/07 at 101.00 BB+ 1,680,858
1,000 5.600%, 11/15/17 11/07 at 101.00 BB+ 922,320
3,075 West Plains Industrial Development Authority, Missouri, 11/09 at 101.00 BB+ 3,087,669
Hospital Facilities Revenue Bonds, Ozark Medical Center,
Series 1999, 6.750%, 11/15/24
------------------------------------------------------------------------------------------------------------------------------------
MONTANA - 0.3%
5,000 Forsyth, Rosebud County, Montana, Pollution Control 3/13 at 101.00 AAA 5,029,750
Revenue Refunding Bonds, Puget Sound Energy,
Series 2003A, 5.000%, 3/01/31 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
NEVADA - 1.4%
Director of Nevada State Department of Business and Industry,
Revenue Bonds, Las Vegas Monorail Project, 1st Tier Series 2000:
7,500 0.000%, 1/01/24 - AMBAC Insured No Opt. Call AAA 2,499,300
11,000 0.000%, 1/01/25 - AMBAC Insured No Opt. Call AAA 3,437,060
2,000 5.625%, 1/01/32 - AMBAC Insured 1/10 at 102.00 AAA 2,154,980
19,010 5.375%, 1/01/40 - AMBAC Insured 1/10 at 100.00 AAA 19,888,452
------------------------------------------------------------------------------------------------------------------------------------
NEW JERSEY - 3.8%
25,625 New Jersey Economic Development Authority, Special 9/09 at 101.00 B 21,858,381
Facility Revenue Bonds, Continental Airlines, Inc. Project,
Series 1999, 6.250%, 9/15/29 (Alternative Minimum Tax)
10,250 New Jersey Economic Development Authority, Special 11/10 at 101.00 B 9,384,490
Facilities Revenue Bonds, Continental Airlines Inc. Project,
Series 2000, 7.000%, 11/15/30 (Alternative Minimum Tax)
5,000 New Jersey Health Care Facilities Financing Authority, 7/10 at 101.00 BBB- 5,413,050
Revenue Bonds, Trinitas Hospital Obligated Group,
Series 2000, 7.500%, 7/01/30
7,500 New Jersey Transportation Trust Fund Authority, 6/13 at 100.00 AA- 8,010,600
Transportation System Bonds, Series 2003C, 5.500%, 6/15/24
New Jersey Turnpike Authority, Turnpike Revenue Bonds,
Series 1991C:
1,490 6.500%, 1/01/16 - MBIA Insured No Opt. Call AAA 1,816,146
415 6.500%, 1/01/16 - MBIA Insured No Opt. Call AAA 505,839
26,680 Tobacco Settlement Financing Corporation, New Jersey, 6/12 at 100.00 BBB 21,973,114
Tobacco Settlement Asset-Backed Bonds, Series 2002,
6.125%, 6/01/42
6,250 Tobacco Settlement Financing Corporation, New Jersey, 6/13 at 100.00 BBB 5,240,688
Tobacco Settlement Asset-Backed Bonds, Series 2003,
6.250%, 6/01/43
------------------------------------------------------------------------------------------------------------------------------------
NEW YORK - 14.5%
5,360 East Rochester Housing Authority, New York, FHA-Insured 8/07 at 102.00 AAA 5,730,644
Mortgage Revenue Bonds, St. John's Meadows Project,
Series 1997A, 5.600%, 8/01/17 - MBIA Insured
11,000 Long Island Power Authority, New York, Electric System 6/08 at 101.00 AAA 11,380,380
General Revenue Bonds, Series 1998A, 5.250%, 12/01/26 -
MBIA Insured
15,500 Long Island Power Authority, New York, Electric System 9/11 at 100.00 A- 15,836,505
General Revenue Bonds, Series 2001A, 5.375%, 9/01/25
5,000 The City of New York, New York, General Obligation Bonds, 2/06 at 101.50 A 5,385,700
Fiscal Series 1996G, 5.750%, 2/01/14
13,395 The City of New York, New York, General Obligation Bonds, 8/07 at 101.00 A 14,385,962
Fiscal Series 1998D, 5.500%, 8/01/10
The City of New York, New York, General Obligation Bonds,
Fiscal Series 1997G:
5,685 6.000%, 10/15/26 (Pre-refunded to 10/15/07) 10/07 at 101.00 Aaa 6,611,200
33,925 6.000%, 10/15/26 10/07 at 101.00 A 37,076,293
16
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
NEW YORK (continued)
The City of New York, New York, General Obligation Bonds,
Fiscal Series 1997E:
$ 610 6.000%, 8/01/16 (Pre-refunded to 8/01/06) 8/06 at 101.50 A*** $ 691,642
9,390 6.000%, 8/01/16 8/06 at 101.50 A 10,292,942
The City of New York, New York, General Obligation Bonds, Fiscal
2003 Series J:
15,000 5.500%, 6/01/21 6/13 at 100.00 A 15,898,950
10,000 5.500%, 6/01/22 6/13 at 100.00 A 10,575,500
15,000 New York City Municipal Water Finance Authority, New York, 6/06 at 101.00 AAA 16,486,350
Water and Sewer System Revenue Bonds, Fiscal 1996
Series B, 5.750%, 6/15/26 - MBIA Insured
10,000 New York City Industrial Development Agency, New York, 8/12 at 101.00 CCC 7,650,100
Special Facilities Revenue Bonds, American Airlines, Inc.
JFK Airport Project, Series 2002B, 8.500%, 8/01/28
(Alternative Minimum Tax)
5,200 Dormitory Authority of the State of New York, Court 5/10 at 101.00 A 5,538,000
Facilities Lease Revenue Bonds, The City of New York
Issue, Series 1999, 6.000%, 5/15/39
Dormitory Authority of the State of New York, Mental Health
Services Facilities Improvement Revenue Bonds, Series 1999D:
6,490 5.250%, 2/15/29 (Pre-refunded to 8/15/09) 8/09 at 101.00 AA-*** 7,437,994
510 5.250%, 2/15/29 8/09 at 101.00 AA- 516,625
8,365 New York State Medical Care Facilities Finance Agency, 2/04 at 102.00 AAA 8,658,612
St. Luke's-Roosevelt Hospital Center FHA-Insured Mortgage
Revenue Bonds, 1993 Series A, 5.600%, 8/15/13
8,500 Power Authority of the State of New York, General 11/10 at 100.00 Aa2 8,693,885
Revenue Bonds, Series 2000A, 5.250%, 11/15/40
Dormitory Authority of the State of New York, Revenue Bonds,
Mount Sinai NYU Health Obligated Group, Series 2002C:
4,350 5.750%, 7/01/13 (Optional put 7/01/05) 2/05 at 100.00 BBB- 4,393,935
7,500 6.000%, 7/01/26 2/05 at 100.00 BBB- 7,575,525
2,000 New York State Urban Development Corporation, State 3/13 at 100.00 AA 2,006,560
Personal Income Tax Revenue Bonds, State Facilities
and Equipment, Series 2002C-1, 5.000%, 3/15/33
2,500 Port Authority of New York and New Jersey, Special No Opt. Call AAA 2,865,800
Project Bonds, JFK International Air Terminal LLC Project,
Series 6, 6.250%, 12/01/10 (Alternative Minimum Tax) -
MBIA Insured
Tobacco Settlement Financing Corporation of New York State,
Asset-Backed Bonds, Series 2003-A1:
10,000 5.500%, 6/01/17 6/11 at 100.00 AA- 10,613,000
26,190 5.500%, 6/01/18 6/12 at 100.00 AA- 27,721,067
33,810 5.500%, 6/01/19 6/13 at 100.00 AA- 35,702,684
------------------------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA - 1.0%
3,220 Charlotte, North Carolina, Refunding Certificates of 12/03 at 102.00 AAA 3,295,863
Participation, Convention Facility Project, Series 1993C,
5.250%, 12/01/20 (Pre-refunded to 12/01/03) -
AMBAC Insured
1,500 City of Charlotte, North Carolina, Certificates of 6/13 at 100.00 AA+ 1,507,305
Participation, Governmental Facilities Projects,
Series 2003G, 5.000%, 6/01/33
2,500 North Carolina Eastern Municipal Power Agency, Power 1/13 at 100.00 BBB 2,414,700
System Revenue Bonds, Series 2003D Refunding,
5.125%, 1/01/26
1,105 North Carolina Eastern Municipal Power Agency, Power 1/07 at 102.00 AAA 1,245,015
System Revenue Bonds, Refunding Series 1996 A,
5.700%, 1/01/13 - MBIA Insured
10,000 North Carolina Municipal Power Agency Number 1, 1/10 at 101.00 BBB+ 10,913,300
Catawba Electric Revenue Bonds, Series 1999B,
6.500%, 1/01/20
------------------------------------------------------------------------------------------------------------------------------------
OHIO - 0.2%
3,000 Board of Education, City School District of Columbus, 6/13 at 100.00 AAA 3,028,320
Franklin County, Ohio, General Obligation Bonds,
Series 2003, 5.000%, 12/01/31 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
OREGON - 0.1%
2,000 Hospital Facility Authority of Clackamas County, Oregon, 5/11 at 101.00 AA 2,068,560
Revenue Bonds, Legacy Health System, Refunding
Series 2001, 5.250%, 5/01/21
17
Nuveen Municipal Value Fund, Inc. (NUV) (continued)
Portfolio of INVESTMENTS October 31, 2003
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA - 2.0%
$ 5,955 Pennsylvania Convention Center Authority, Revenue Refunding 9/04 at 102.00 BBB $ 6,309,680
Bonds, Series 1994A, 6.750%, 9/01/19
11,175 Pennsylvania Housing Finance Agency, Single Family 4/04 at 102.00 AA+ 11,419,844
Mortgage Revenue Bonds, Series 36, 5.450%, 10/01/14
6,825 Pennsylvania Housing Finance Agency, Single Family 4/06 at 102.00 AA+ 7,073,498
Mortgage Revenue Bonds, Series 1996-51, 6.375%, 4/01/28
(Alternative Minimum Tax)
4,500 Pennsylvania Higher Educational Facilities Authority, 7/08 at 100.00 AA 4,400,280
University of Pennsylvania Revenue Bonds, Series 1998,
4.500%, 7/15/21
10,075 State Public School Building Authority, Pennsylvania, 6/13 at 100.00 AAA 10,147,036
Lease Revenue Bonds, Philadelphia School District Project,
Series 2003, 5.000%, 6/01/33 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
PUERTO RICO - 0.9%
10,000 Puerto Rico Infrastructure Financing Authority, Special 10/10 at 101.00 AAA 10,794,900
Obligation Bonds, Series 2000A, 5.500%, 10/01/40
5,500 Puerto Rico Industrial, Tourist, Educational, Medical and 6/10 at 101.00 Baa2 5,695,800
Environmental Control Facilities Financing Authority,
Cogeneration Facility Revenue Bonds, Series 2000A,
6.625%, 6/01/26 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
RHODE ISLAND - 1.0%
6,250 Rhode Island Health and Educational Building Corporation, 5/07 at 102.00 AAA 6,389,188
Hospital Financing Revenue Bonds, Lifespan Obligated
Group Issue, Series 1996, 5.250%, 5/15/26 - MBIA Insured
16,000 Tobacco Settlement Financing Corporation of Rhode Island, 6/12 at 100.00 BBB 13,427,360
Asset-Backed Bonds, Series 2002A, 6.250%, 6/01/42
------------------------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA - 2.2%
13,000 Piedmont Municipal Power Agency, South Carolina, Electric 1/04 at 100.00 BBB- 11,755,120
Revenue Bonds, 1986 Refunding Series, 5.000%, 1/01/25
20,000 South Carolina Jobs Economic Development Authority, 11/12 at 100.00 A- 20,197,000
Revenue Bonds, Bon Secours Health System Inc.,
Series 2002A, 5.625%, 11/15/30
8,000 South Carolina Jobs Economic Development Authority, 12/10 at 102.00 BBB*** 10,179,280
Hospital Revenue Bonds, Palmetto Health Alliance,
Series 2000A, 7.375%, 12/15/21 (Pre-refunded to 12/15/10)
------------------------------------------------------------------------------------------------------------------------------------
TEXAS - 5.7%
13,000 Alliance Airport Authority, Inc., Texas, Special Facilities 12/03 at 100.00 CCC 9,076,730
Revenue Bonds, American Airlines, Inc. Project,
Series 1990, 7.500%, 12/01/29 (Alternative Minimum Tax)
24,265 Austin, Texas, Combined Utility System Revenue No Opt. Call AAA 33,715,247
Refunding Bonds, Series 1992A, 12.500%, 11/15/07 -
MBIA Insured
5,110 Brazos River Authority, Texas, Pollution Control Revenue 4/13 at 101.00 BBB 5,686,664
Refunding Bonds, TXU Electric Company Project,
Series 1999C, 7.700%, 3/01/32 (Alternative Minimum Tax)
1,025 Corpus Christi Housing Finance Corporation, Texas, 1/04 at 101.00 AAA 1,037,525
Single Family Mortgage Senior Revenue Refunding
Bonds, Series 1991A, 7.700%, 7/01/11 - MBIA Insured
2,700 Harris County-Houston Sports Authority, Texas, Senior Lien 11/11 at 100.00 AAA 2,773,845
Revenue Bonds, Series 2001G, 5.250%, 11/15/30 -
MBIA Insured
10,045 Houston, Texas, Airport System Subordinate Lien 7/10 at 100.00 AAA 10,822,583
Revenue Bonds, Series 2000A, 5.875%, 7/01/16
(Alternative Minimum Tax) - FSA Insured
23,565 Houston, Texas, Hotel Occupancy Tax and Special Revenue No Opt. Call AAA 5,586,790
Bonds, Convention Project, Series 2001B,
0.000%, 9/01/29 - AMBAC Insured
Irving Independent School District, Texas, Unlimited Tax
School Building Bonds, Series 1997:
5,685 0.000%, 2/15/10 No Opt. Call AAA 4,543,452
3,470 0.000%, 2/15/11 No Opt. Call AAA 2,615,929
22,060 Leander Independent School District Williamson and Travis 8/09 at 31.45 AAA 5,504,632
Counties, Texas, Unlimited Tax School Building and
Refunding Bonds, Series 2000, 0.000%, 8/15/27
6,000 Matagorda County Navigation District 1, Texas, Revenue No Opt. Call BBB- 6,521,940
Refunding Bonds, Reliant Energy, Inc. Project,
Series 1999C, 8.000%, 5/01/29 (Mandatory
put 4/01/08)
3,250 Midland, Texas, Tax and Limited Pledge Revenue Bonds, 3/10 at 100.00 AAA 3,647,248
Certificates of Obligation, Series 2000,
6.100%, 3/01/27 - FGIC Insured
18
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TEXAS (continued)
$ 5,000 Port Corpus Christi, Texas, Industrial Development 5/07 at 102.00 BB- $ 5,126,100
Corporation Environmental Facilities Revenue Bonds,
CITGO Petroleum Corporation Project, Series 2003,
8.250%, 11/01/31 (Alternative Minimum Tax)
5,000 Port Corpus Christi Industrial Development Corporation, 4/08 at 102.00 BBB 5,013,200
Texas, Revenue Refunding Bonds, Valero Refining and
Marketing Company Project, Series 1997A,
5.400%, 4/01/18
2,000 Sabine River Authority, Texas, Pollution Control Revenue 7/13 at 101.00 BBB 2,031,140
Refunding Bonds, TXU Energy Company Project,
Series 2003A, 5.800%, 7/01/22
6,530 Weslaco Health Facilities Development Corporation, 6/04 at 102.00 AAA 6,688,418
Texas, Hospital Revenue Bonds, Knapp Medical Center
Project, Series 1994, 5.375%, 6/01/23 -
CONNIE LEE/AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
UTAH - 2.0%
12,000 Intermountain Power Agency, Utah, Power Revenue 7/06 at 102.00 A+ 12,156,000
Refunding Bonds, 1996 Series D, 5.000%, 7/01/21
5,000 Intermountain Power Agency, Utah, Power Supply Revenue 7/07 at 102.00 AAA 5,569,050
Refunding Bonds, Series 1997B, 5.750%, 7/01/19 -
MBIA Insured
Intermountain Power Agency, Utah, Power Supply Revenue
Refunding Bonds, Series 1993A:
8,845 5.500%, 7/01/20 1/04 at 102.00 A+*** 9,053,742
8,280 5.000%, 7/01/23 1/04 at 100.00 A+ 8,279,917
4,400 Utah Housing Finance Agency, Single Family Mortgage 1/10 at 101.50 AAA 4,414,784
Bonds, 1998 Series G-2, Class I, 5.200%, 7/01/30
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
VIRGINIA - 0.2%
3,245 Virginia Housing Development Authority, Multifamily 1/08 at 102.00 AA+ 3,393,881
Housing Bonds, Series 1997E, 5.600%, 11/01/17
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
WASHINGTON - 2.6%
12,500 Energy Northwest, Washington, Columbia Generation 7/12 at 100.00 AAA 14,192,500
Station Electric Revenue Refunding Bonds, Series 2002B,
6.000%, 7/01/18 - AMBAC Insured
4,000 Energy Northwest, Washington, Nuclear Project No. 3 7/13 at 100.00 Aa1 4,387,760
Electric Revenue Bonds, Series 2003A Refunding,
5.500%, 7/01/17
3,700 Tobacco Settlement Authority, Washington State, Tobacco 6/13 at 100.00 BBB 3,310,723
Settlement Asset-Backed Revenue Bonds, Series 2002,
6.625%, 6/01/32
State of Washington, Motor Vehicle Fuel Tax, General
Obligation Bonds, Series 2002-03C:
7,000 0.000%, 6/01/29 - MBIA Insured No Opt. Call AAA 1,696,730
16,195 0.000%, 6/01/30 - MBIA Insured No Opt. Call AAA 3,704,444
17,700 Washington Public Power Supply System, Nuclear Project 2 7/04 at 102.00 Aa1 18,498,447
Revenue Refunding Bonds, Series 1994A, 5.375%, 7/01/10
8,200 Washington Public Power Supply System, Nuclear Project No. 3 No Opt. Call Aa1 4,980,188
Refunding Revenue Bonds, Series 1989B, 0.000%, 7/01/14
------------------------------------------------------------------------------------------------------------------------------------
WEST VIRGINIA - 0.2%
3,640 West Virginia Housing Development Fund, Multifamily 11/06 at 102.00 AAA 3,793,717
Housing Finance Bonds, Series 1997A, 6.050%, 5/01/27
------------------------------------------------------------------------------------------------------------------------------------
WISCONSIN - 1.0%
Badger Tobacco Asset Securitization Corporation, Wisconsin,
Tobacco Settlement Asset-Backed Bonds, Series 2002:
4,500 6.125%, 6/01/27 6/12 at 100.00 BBB 4,113,360
10,610 6.375%, 6/01/32 6/12 at 100.00 BBB 9,228,260
460 Wisconsin Housing and Economic Development Authority, 9/08 at 101.50 AA 466,790
Home Ownership Revenue Bonds, 1998 Series B,
5.600%, 3/01/28 (Alternative Minimum Tax)
6,000 Wisconsin Health and Educational Facilities Authority, 9/13 at 100.00 A- 6,030,600
Revenue Bonds, Franciscan Sisters of Christian Health
Care Ministry, Series 2003A, 5.875%, 9/01/33
------------------------------------------------------------------------------------------------------------------------------------
$ 2,145,730 Total Long-Term Investments (cost $1,797,034,927) - 96.8% 1,872,079,756
=============-----------------------------------------------------------------------------------------------------------------------
19
Nuveen Municipal Value Fund, Inc. (NUV) (continued)
Portfolio of INVESTMENTS October 31, 2003
PRINCIPAL MARKET
AMOUNT (000) DESCRIPTION RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 1.2%
$ 17,255 Clark County School District, Nevada, General Obligation A-1+ $17,255,000
Variable Rate Demand Bonds, Series A,
1.120%, 6/15/21 - FSA Insured+
6,000 Illinois Health Facilities Authority, Revenue Bonds, A-1 6,000,000
Resurrection Health Care System, Variable Rate, Demand
Obligation, Series 1999A, 1.150%, 5/15/29 - FSA Insured+
------------------------------------------------------------------------------------------------------------------------------------
$ 23,255 Total Short-Term Investments (cost $23,255,000) 23,255,000
=============-----------------------------------------------------------------------------------------------------------------------
Total Investments (cost $1,820,289,927) - 98.0% 1,895,334,756
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.0% 39,098,168
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $1,934,432,924
====================================================================================================================
* Optional Call Provisions (not covered by the report of
independent auditors): 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.
** Ratings (not covered by the report of independent
auditors): Using the higher of Standard & Poor's or
Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of
principal and interest. Such securities are normally
considered to be equivalent to AAA rated securities.
N/R Investment is not rated.
+ Security has a maturity of more than one year, but has
variable rate and demand features which qualify it as a
short-term security. The rate disclosed is that
currently in effect. This rate changes periodically
based on market conditions or a specified market index.
See accompanying notes to financial statements.
20
Nuveen Municipal Income Fund, Inc. (NMI)
Portfolio of
INVESTMENTS October 31, 2003
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
ALABAMA - 0.8%
$ 690 Phenix City, Alabama, Industrial Development Board 5/12 at 100.00 BBB $ 706,857
Environmental Improvement Revenue Bonds, MeadWestvaco
Project, Series 2002A, 6.350%, 5/15/35 (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA - 8.6%
5,530 Adelanto School District, San Bernardino County, No Opt. Call AAA 2,101,068
California, General Obligation Bonds, Series 1997A,
0.000%, 9/01/22 - MBIA Insured
Brea Olinda Unified School District, California, General
Obligation Bonds, Series 1999A:
2,000 0.000%, 8/01/21 - FGIC Insured No Opt. Call AAA 806,160
2,070 0.000%, 8/01/22 - FGIC Insured No Opt. Call AAA 779,810
2,120 0.000%, 8/01/23 - FGIC Insured No Opt. Call AAA 743,696
357 California Pollution Control Financing Authority, Solid 7/07 at 102.00 N/R 64,314
Waste Disposal Revenue Bonds, CanFibre of Riverside
Project, Series 1997A, 9.000%, 7/01/19 (Alternative
Minimum Tax)#
1,150 Foothill-Eastern Transportation Corridor Agency, 1/07 at 100.00 AAA 1,300,846
California, Toll Road Revenue Bonds, Series 1995A,
6.000%, 1/01/34 (Pre-refunded to 1/01/07)
500 Lake Elsinore Public Financing Authority, California, 10/13 at 102.00 N/R 491,315
Local Agency Revenue Refunding Bonds, Series 2003H,
6.375%, 10/01/33
1,000 Vernon, California, Electric System Revenue Bonds, 4/08 at 100.00 A2 1,018,020
Series 2003C, Malburg Generating Station Project,
5.375%, 4/01/18
------------------------------------------------------------------------------------------------------------------------------------
COLORADO - 2.9%
500 Colorado Educational and Cultural Facilities Authority, 8/11 at 100.00 Ba2 519,750
Boulder County, Colorado, Charter School Revenue Bonds,
Peak to Peak Charter School Project, Created by Boulder
Valley School District No. RE-2, 7.500%, 8/15/21
1,000 Colorado Educational and Cultural Facilities Authority, 6/11 at 100.00 Ba1 1,031,460
Charter School Revenue Bonds, Series 2001, Frontier
Academy Project in Weld County School District No. 6,
7.375%, 6/01/31
920 Colorado Educational and Cultural Facilities Authority, 7/12 at 100.00 BBB 888,352
Charter School Revenue Bonds, DCS Montessori Project
in Douglas County School District RE-1, Series 2002A,
6.000%, 7/15/22
------------------------------------------------------------------------------------------------------------------------------------
CONNECTICUT - 6.1%
1,480 Capitol Region Education Council, Connecticut, Revenue 10/05 at 102.00 BBB 1,558,203
Bonds, Series 1995, 6.750%, 10/15/15
2,000 Connecticut Health and Educational Facilities Authority, 7/06 at 102.00 BBB- 2,063,000
Revenue Bonds, University of New Haven, Series 1996D,
6.700%, 7/01/26
500 Eastern Connecticut Resource Recovery Authority, Solid 1/04 at 101.00 BBB 501,860
Waste Revenue Bonds, Wheelabrator Lisbon Project,
Series 1993A, 5.500%, 1/01/14 (Alternative Minimum Tax)
970 Williamantic Housing Authority, Connecticut, GNMA 10/05 at 105.00 AAA 1,041,664
Collateralized Mortgage Loan Multifamily Housing Revenue
Bonds, Village Heights Apartments Project, Series 1995A,
8.000%, 10/20/30
------------------------------------------------------------------------------------------------------------------------------------
FLORIDA - 3.4%
190 Dade County Industrial Development Authority, Florida, 6/05 at 102.00 N/R 193,257
Revenue Bonds, Miami Cerebral Palsy Residential
Services Inc. Project, Series 1995, 8.000%, 6/01/22
2,000 Martin County, Florida, Industrial Development Authority, 12/04 at 102.00 BBB- 2,089,340
Industrial Development Revenue Bonds, Indiantown
Cogeneration, L.P. Project, Series 1994A,
7.875%, 12/15/25 (Alternative Minimum Tax)
600 Martin County, Florida, Industrial Development Authority, 12/04 at 102.00 BBB- 623,526
Industrial Development Revenue Refunding Bonds, Series B,
Indiantown Cogeneration Project, 8.050%, 12/15/25
(Alternative Minimum Tax)
21
Nuveen Municipal Income Fund, Inc. (NMI) (continued)
Portfolio of INVESTMENTS October 31, 2003
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
ILLINOIS - 7.7%
$ 1,615 Chicago, Illinois, Tax Increment Allocation Bonds, 1/09 at 100.00 N/R $ 1,594,619
Irving/Cicero Redevelopment Project, Series 1998,
7.000%, 1/01/14
Illinois Development Finance Authority, Revenue Bonds,
Chicago Charter School Foundation Project, Series 2002A:
500 6.125%, 12/01/22 12/12 at 100.00 BBB 490,600
1,000 6.250%, 12/01/32 12/21 at 100.00 BBB 974,460
1,000 Illinois Educational Facilities Authority, Student Housing 5/12 at 101.00 Baa2 1,002,950
Revenue Bonds, Educational Advancement Foundation
Fund, University Center Project, Series 2002,
6.250%, 5/01/34
1,875 Joliet Regional Port District, Illinois, Airport Facilities 7/07 at 103.00 N/R 1,679,569
Revenue Bonds, Lewis University Airport, Series 1997A,
7.250%, 7/01/18 (Alternative Minimum Tax)
2,000 Robbins, Illinois, Resources Recovery Revenue Bonds, No Opt. Call N/R 741,580
Restructuring Project Series 1999C, Guaranteed by
Foster Wheeler, 7.250%, 10/15/24 (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
INDIANA - 6.8%
2,000 Indiana Health Facility Financing Authority, Hospital 8/12 at 101.00 Baa1 2,046,920
Revenue Bonds, Series 2002, Riverview Hospital
Project, 6.125%, 8/01/31
3,695 Whitley County, Indiana, Solid Waste and Sewage 11/10 at 102.00 N/R 3,699,101
Disposal Revenue Bonds, Steel Dynamics Inc. Project,
Series 1998, 7.250%, 11/01/18 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
IOWA - 2.8%
3,000 Tobacco Settlement Authority, Iowa, Tobacco Settlement 6/11 at 101.00 BBB 2,378,760
Asset-Backed Revenue Bonds, Series 2001B,
5.300%, 6/01/25
------------------------------------------------------------------------------------------------------------------------------------
LOUISIANA - 3.1%
Louisiana Public Facilities Authority, Extended Care Facilities
Revenue Bonds, Comm-Care Corporation Project, Series 1994:
150 11.000%, 2/01/04 No Opt. Call BBB 151,086
2,000 11.000%, 2/01/14 No Opt. Call BBB 2,497,960
------------------------------------------------------------------------------------------------------------------------------------
MARYLAND - 3.6%
2,000 Anne Arundel County, Maryland, Multifamily Housing No Opt. Call BBB 2,005,100
Revenue Bonds, Twin Coves Apartments Project,
Series 1994, 7.450%, 12/01/24 (Alternative Minimum Tax)
(Mandatory put 12/01/03)
1,000 Maryland Energy Financing Administration Limited 9/05 at 102.00 N/R 1,014,510
Obligation Cogeneration Revenue Bonds, AES Warrior
Run Project, Series 1995, 7.400%, 9/01/19 (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS - 2.1%
500 Massachusetts Development Finance Agency, Resource 12/09 at 102.00 BBB 528,680
Recovery Revenue Bonds, Ogden Haverhill, Series 1999A,
6.700%, 12/01/14 (Alternative Minimum Tax)
1,000 Massachusetts Industrial Finance Agency, Resource No Opt. Call BBB 1,006,260
Recovery Revenue Refunding Bonds, Ogden Haverhill
Project, Series 1992A Remarketing, 4.850%, 12/01/05
270 Massachusetts Industrial Finance Agency, Resource 12/08 at 102.00 BBB 265,251
Recovery Revenue Refunding Bonds, Ogden Haverhill
Project, Series 1998A, 5.450%, 12/01/12 (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
MICHIGAN - 3.7%
1,000 Delta County Economic Development Corporation, 4/12 at 100.00 BBB 1,033,480
Michigan, Environmental Improvement Revenue
Refunding Bonds, MeadWestvaco Corporation-Escanaba
Paper Company Project, Series 2002B, 6.450%,
4/15/23 (Alternative Minimum Tax)
2,150 Michigan State Hospital Finance Authority, Hospital 1/06 at 102.00 Ba3 1,655,371
Revenue Refunding Bonds, Sinai Hospital, Series 1995,
6.625%, 1/01/16
500 Wayne County, Michigan, Special Airport Facilities Revenue 12/05 at 102.00 N/R 443,270
Bonds, Northwest Airlines Inc. Refunding, Series 1995,
6.750%, 12/01/15
------------------------------------------------------------------------------------------------------------------------------------
MINNESOTA - 1.1%
925 The Housing and Redevelopment Authority of the City 11/03 at 102.00 Ba2 925,768
of St. Paul, Minnesota, Hospital Facility Revenue Bonds,
HealthEast Project, Series 1993A Refunding, 6.625%, 11/01/17
22
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
MONTANA - 1.7%
$ 1,500 Montana Board of Investments, Exempt Facility Revenue 7/10 at 101.00 Ba3 $ 1,437,765
Bonds, Stillwater Mining Company Project, Series 2000,
8.000%, 7/01/20 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
NEBRASKA - 1.2%
1,000 Washington County, Nebraska, Wastewater Facilities 11/12 at 101.00 A+ 1,033,640
Revenue Bonds, Cargill Inc. Project, Series 2002,
5.900%, 11/01/27 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
NEW HAMPSHIRE - 0.8%
700 New Hampshire Higher Educational and Health Facilities 1/07 at 102.00 BBB- 707,420
Authority, Revenue Bonds, New Hampshire College,
Series 1997, 6.375%, 1/01/27
------------------------------------------------------------------------------------------------------------------------------------
NEW YORK - 9.8%
1,455 Cattaraugus County Industrial Development Agency, No Opt. Call N/R 930,545
New York, Revenue Bonds, Laidlaw Energy and
Environmental Inc. Project, Series 1999A,
8.500%, 7/01/21 (Alternative Minimum Tax)##
2,500 New York State Medical Care Facilities Finance Agency, 2/05 at 102.00 AAA 2,729,750
Brookdale Hospital Medical Center Secured Hospital
Revenue Bonds, 1995 Series A, 6.800%, 8/15/12
(Pre-refunded to 2/15/05)
4,190 Yates County Industrial Development Agency, New York, 2/11 at 101.00 AA+ 4,493,566
Civic Facility Revenue Bonds, Series 2000A, Soldiers
and Sailors Memorial Hospital - FHA-Insured Mortgage,
6.000%, 2/01/41
------------------------------------------------------------------------------------------------------------------------------------
OHIO - 2.9%
2,500 Ohio Water Development Authority, Solid Waste Disposal 9/09 at 102.00 N/R 2,488,425
Revenue Bonds, Bay Shore Power Project, Convertible
Series 1998B, 6.625%, 9/01/20 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA - 7.1%
1,800 Allegheny County, Hospital Development Authority, 11/10 at 102.00 B 1,849,536
Pennsylvania, Health System Revenue Bonds, Series 2000B,
West Penn Allegheny Health System, 9.250%, 11/15/30
1,400 Carbon County Industrial Development Authority, No Opt. Call BBB- 1,504,776
Pennsylvania, Resource Recovery Revenue Refunding
Bonds, Panther Creek Partners Project, Series 2000,
6.650%, 5/01/10 (Alternative Minimum Tax)
1,000 Pennsylvania Convention Center Authority, Revenue 9/04 at 102.00 BBB 1,059,560
Refunding Bonds, Series 1994A, 6.750%, 9/01/19
1,500 Pennsylvania Economic Development Financing Authority, 12/04 at 102.00 BBB- 1,554,525
Resource Recovery Revenue Bonds, Colver Project,
Series 1994D, 7.150%, 12/01/18 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
RHODE ISLAND - 0.5%
500 Tobacco Settlement Financing Corporation of Rhode Island, 6/12 at 100.00 BBB 419,605
Asset-Backed Bonds, Series 2002A, 6.250%, 6/01/42
------------------------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA - 1.1%
1,000 Tobacco Settlement Revenue Management Authority, 5/11 at 101.00 BBB 906,130
South Carolina, Tobacco Settlement Asset-Backed Bonds,
Series 2001B, 6.000%, 5/15/22
------------------------------------------------------------------------------------------------------------------------------------
TENNESSEE - 2.5%
1,000 Knox County Health, Educational and Housing Facilities 4/12 at 101.00 Baa2 1,030,730
Board, Tennessee, Hospital Facilities Revenue Bonds,
Baptist Health System of East Tennessee, Series 2002,
6.375%, 4/15/22
1,000 The Health, Educational and Housing Facility Board of 9/12 at 100.00 A- 1,082,580
the County of Shelby, Tennessee, Hospital Revenue
Bonds, Methodist Healthcare, Series 2002,
6.500%, 9/01/26
------------------------------------------------------------------------------------------------------------------------------------
TEXAS - 8.7%
2,000 Gulf Coast Waste Disposal Authority, Texas, Sewage and 4/12 at 100.00 A+ 2,087,420
Solid Waste Disposal Revenue Bonds, Anheuser Busch
Company Project, Series 2002, 5.900%, 4/01/36
(Alternative Minimum Tax)
340 Hidalgo County Housing Finance Corporation, Texas, 4/04 at 102.00 Aaa 345,460
GNMA/FNMA Collateralized Single Family Mortgage
Revenue Bonds, Series 1994A, 7.000%, 10/01/27
(Alternative Minimum Tax)
2,000 Matagorda County Navigation District 1, Texas, 10/13 at 101.00 AAA 1,993,380
Collateralized Revenue Refunding Bonds, Houston Light
and Power Company Project, Series 1995,
4.000%, 10/15/15 - MBIA Insured
2,000 Weslaco Health Facilities Development Corporation, 6/12 at 100.00 BBB+ 2,047,160
Texas, Hospital Revenue Bonds, Knapp Medical Center
Project, Series 2002, 6.250%, 6/01/25
23
Nuveen Municipal Income Fund, Inc. (NMI) (continued)
Portfolio of INVESTMENTS October 31, 2003
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TEXAS (continued)
West Texas Independent School District, McLennan and Hill
Counties, Unlimited Tax School Building and Refunding Bonds,
Series 1998:
$ 1,000 0.000%, 8/15/25 8/13 at 51.84 AAA $ 298,270
1,000 0.000%, 8/15/26 8/13 at 49.08 AAA 280,290
1,000 0.000%, 8/15/27 8/13 at 46.47 AAA 264,520
------------------------------------------------------------------------------------------------------------------------------------
VIRGINIA - 3.1%
1,000 Chesterfield County Industrial Development Authority, 11/10 at 102.00 A3 1,063,860
Virginia, Pollution Control Revenue Bonds, Virginia
Electric and Power Company, Series 1987A,
5.875%, 6/01/17
1,500 Mecklenburg County Industrial Development Authority, 10/12 at 100.00 BBB- 1,528,454
Virginia, Exempt Facility Revenue Bonds, UAE LP Project,
Series 2002 Refunding, 6.500%, 10/15/17
------------------------------------------------------------------------------------------------------------------------------------
WASHINGTON - 1.6%
1,240 Bellingham Housing Authority, Washington, Housing 11/04 at 100.00 A1*** 1,313,160
Revenue Bonds, Cascade Meadows Project, Series 1994,
7.100%, 11/01/23 (Pre-refunded to 11/01/04)
------------------------------------------------------------------------------------------------------------------------------------
WEST VIRGINIA - 2.3%
2,000 Mason County, West Virginia, Pollution Control Revenue 10/11 at 100.00 BBB 1,984,800
Bonds, Series 2003L, Appalachian Power Company
Project, 5.500%, 10/01/22
------------------------------------------------------------------------------------------------------------------------------------
WISCONSIN - 1.2%
1,000 Wisconsin Health and Educational Facilities Authority, 10/11 at 100.00 BBB 1,008,310
Revenue Bonds, Carroll College Inc. Project, Series 2001,
6.250%, 10/01/21
------------------------------------------------------------------------------------------------------------------------------------
$ 92,882 Total Long-Term Investments (cost $81,074,005) - 97.2% 82,101,430
=============-----------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 1.2%
500 The City of New York, New York, General Obligation A-1+ 500,000
Adjustable Rate Bonds, Fiscal Series 1994B-2, Subseries B5,
1.150%, 8/15/11 - MBIA Insured+
500 New York Municipal Water Finance Authority, New York, A-1+ 500,000
Water and Sewer System Variable Rate Demand Revenue
Bonds, Fiscal Series 1994C, 1.150%, 6/15/23 - FGIC Insured+
------------------------------------------------------------------------------------------------------------------------------------
$ 1,000 Total Short-Term Investments (cost $1,000,000) 1,000,000
=============-----------------------------------------------------------------------------------------------------------------------
Total Investments (cost $82,074,005) - 98.4% 83,101,430
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.6% 1,389,444
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $84,490,874
====================================================================================================================
* Optional Call Provisions (not covered by the report of
independent auditors): 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.
** Ratings (not covered by the report of independent
auditors): Using the higher of Standard & Poor's or
Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of
principal and interest. Such securities are normally
considered to be equivalent to AAA rated securities.
# Non-income producing security. On January 1, 2002, CFR
Holdings, Inc. (an entity formed by Nuveen for the
benefit of the Nuveen Funds owning various interests in
CanFibre of Riverside) took possession of the CanFibre
of Riverside assets on behalf of the various Nuveen
Funds. CFR Holdings, Inc., has determined that a sale
of the facility is in the best interest of shareholders
and is proceeding accordingly.
## Non-income producing security. In August 2002,
Cattaraugus Acquisition Corp. (an entity formed by
several Nuveen Funds owning various interests, in the
Laidlaw Energy and Environmental Inc. project) took
possession of 80% of the Laidlaw Energy assets on
behalf of the various Nuveen Funds. Cattaraugus
Acquisition Corp. has determined that a sale of the
facility is in the best interests of shareholders and
is proceeding accordingly.
N/R Investment is not rated.
+ Security has a maturity of more than one year, but has
variable rate and demand features which qualify it as a
short-term security. The rate disclosed is that
currently in effect. This rate changes periodically
based on market conditions or a specified market index.
See accompanying notes to financial statements.
24
Statement of
ASSETS AND LIABILITIES October 31, 2003
MUNICIPAL VALUE MUNICIPAL INCOME
(NUV) (NMI)
------------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments, at market value (cost $1,820,289,927 and $82,074,005, respectively) $1,895,334,756 $ 83,101,430
Cash 4,350,421 --
Receivables:
Interest 31,133,038 1,513,894
Investments sold 13,412,396 145,000
Other assets 67,836 3,651
------------------------------------------------------------------------------------------------------------------------------------
Total assets 1,944,298,447 84,763,975
------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Cash overdraft -- 182,084
Payable for investments purchased 8,120,220 --
Accrued expenses:
Management fees 879,590 46,610
Other 865,713 44,407
------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 9,865,523 273,101
------------------------------------------------------------------------------------------------------------------------------------
Net assets $1,934,432,924 $ 84,490,874
====================================================================================================================================
Shares outstanding 194,959,520 8,113,876
====================================================================================================================================
Net asset value per share outstanding (net assets
divided by shares outstanding) $ 9.92 $ 10.41
====================================================================================================================================
NET ASSETS CONSIST OF:
------------------------------------------------------------------------------------------------------------------------------------
Shares, $.01 par value per share $ 1,949,595 $ 81,139
Paid-in surplus 1,837,694,558 90,828,586
Undistributed (Over-distribution of) net investment income 7,300,260 (275,990)
Accumulated net realized gain (loss) from investments 12,443,682 (7,170,286)
Net unrealized appreciation of investments 75,044,829 1,027,425
------------------------------------------------------------------------------------------------------------------------------------
Net assets $1,934,432,924 $ 84,490,874
====================================================================================================================================
Authorized shares 350,000,000 200,000,000
====================================================================================================================================
See accompanying notes to financial statements.
25
Statement of
OPERATIONS Year Ended October 31, 2003
MUNICIPAL VALUE MUNICIPAL INCOME
(NUV) (NMI)
------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $108,861,631 $ 5,349,148
------------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 10,712,032 555,364
Shareholders' servicing agent fees and expenses 725,195 39,198
Custodian's fees and expenses 435,444 26,586
Directors' fees and expenses 24,023 1,441
Professional fees 52,340 281,718
Shareholders' reports - printing and mailing expenses 153,763 22,708
Stock exchange listing fees 73,522 11,286
Investor relations expense 246,161 15,949
Other expenses 54,182 5,710
------------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit 12,476,662 959,960
Custodian fee credit (67,016) (3,242)
------------------------------------------------------------------------------------------------------------------------------------
Net expenses 12,409,646 956,718
------------------------------------------------------------------------------------------------------------------------------------
Net investment income 96,451,985 4,392,430
------------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS
Net realized gain (loss) from investments 12,292,008 (7,054,148)
Change in net unrealized appreciation (depreciation) of investments (15,927,673) 5,775,847
------------------------------------------------------------------------------------------------------------------------------------
Net gain (loss) from investments (3,635,665) (1,278,301)
------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations $ 92,816,320 $ 3,114,129
====================================================================================================================================
See accompanying notes to financial statements.
26
Statement of
CHANGES IN NET ASSETS
MUNICIPAL VALUE (NUV) MUNICIPAL INCOME (NMI)
----------------------------------- --------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
10/31/03 10/31/02 10/31/03 10/31/02
------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 96,451,985 $ 99,272,756 $ 4,392,430 $ 4,895,839
Net realized gain (loss) from investment transactions 12,292,008 8,064,722 (7,054,148) 330,105
Change in net unrealized appreciation (depreciation)
of investments (15,927,673) (42,196,425) 5,775,847 (2,760,792)
------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations 92,816,320 65,141,053 3,114,129 2,465,152
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income (96,727,379) (99,430,445) (4,747,653) (4,972,156)
From accumulated net realized gains from
investment transactions (8,063,396) (1,442,700) -- --
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets from distributions
to shareholders (104,790,775) (100,873,145) (4,747,653) (4,972,156)
------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Net proceeds from shares issued to shareholders due to
reinvestment of distributions -- -- 227,854 314,902
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets (11,974,455) (35,732,092) (1,405,670) (2,192,102)
Net assets at the beginning of year 1,946,407,379 1,982,139,471 85,896,544 88,088,646
------------------------------------------------------------------------------------------------------------------------------------
Net assets at the end of year 1,934,432,924 1,946,407,379 84,490,874 85,896,544
====================================================================================================================================
Undistributed (Over-distribution of) net
investment income at the end of year $ 7,300,260 $ 7,887,053 $ (275,990) $ (47,547)
====================================================================================================================================
See accompanying notes to financial statements.
27
Notes to
FINANCIAL STATEMENTS
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
The National Funds (the "Funds") covered in this report and their corresponding
Common share New York Stock Exchange symbols are Nuveen Municipal Value Fund,
Inc. (NUV) and Nuveen Municipal Income Fund, Inc. (NMI). The Funds are
registered under the Investment Company Act of 1940, as amended, as closed-end,
diversified management investment companies.
Each Fund seeks to provide current income exempt from regular federal income tax
by investing primarily in a diversified portfolio of municipal obligations
issued by state and local government authorities.
The following is a summary of significant accounting policies followed by the
Funds in the preparation of their financial statements in accordance with
accounting principles generally accepted in the United States.
Securities Valuation
The prices of municipal bonds in each Fund's investment portfolio are provided
by a pricing service approved by the Fund's Board of Directors. When price
quotes are not readily available (which is usually the case for municipal
securities), the pricing service establishes fair market value based on yields
or prices of municipal bonds of comparable quality, type of issue, coupon,
maturity and rating, indications of value from securities dealers, evaluations
of anticipated cash flows or collateral and general market conditions. If it is
determined that market prices for a security are unavailable or inappropriate,
the Board of Directors of the Funds, or its designee, may establish a fair value
for the security. Temporary investments in securities that have variable rate
and demand features qualifying them as short-term securities are valued at
amortized cost, which approximates market value.
Securities Transactions
Securities transactions are recorded on a trade date basis. Realized gains and
losses from such transactions are determined on the specific identification
method. Securities purchased or sold on a when-issued or delayed delivery basis
may have extended settlement periods. The securities so purchased are subject to
market fluctuation during this period. The Funds have instructed the custodian
to segregate assets with a current value at least equal to the amount of the
when-issued and delayed delivery purchase commitments. At October 31, 2003,
there were no such outstanding purchase commitments in either of the Funds.
Investment Income
Interest income, which includes the amortization of premiums and accretion of
discounts for financial reporting purposes, is recorded on an accrual basis.
Professional Fees
Professional fees presented in the Statement of Operations consist of legal fees
incurred in the normal course of operations, audit fees, tax consulting fees
and, in some cases, workout expenditures. Workout expenditures are incurred in
an attempt to protect or enhance an investment, or to pursue other claims or
legal actions on behalf of the Fund's shareholders.
Federal Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund
intends to comply with the requirements of the Internal Revenue Code applicable
to regulated investment companies and to distribute all of its net investment
income to its shareholders. Therefore, no federal income tax provision is
required. Furthermore, each Fund intends to satisfy conditions which will enable
interest from municipal securities, which is exempt from regular federal income
tax, to retain such tax-exempt status when distributed to shareholders of the
Funds. All monthly tax-exempt income dividends paid during the fiscal year ended
October 31, 2003, have been designated Exempt Interest Dividends.
28
Dividends and Distributions to Shareholders
Dividends from tax-exempt net investment income are declared monthly. Net
realized capital gains and/or market discount from investment transactions, if
any, are distributed to shareholders not less frequently than annually.
Furthermore, capital gains are distributed only to the extent they exceed
available capital loss carryforwards.
Distributions to shareholders of tax-exempt net investment income, net realized
capital gains and/or market discount, if any, are recorded on the ex-dividend
date. The amount and timing of distributions are determined in accordance with
federal income tax regulations, which may differ from accounting principles
generally accepted in the United States.
Derivative Financial Instruments
The Funds may invest in certain derivative financial instruments including
futures, forward, swap and option contracts, and other financial instruments
with similar characteristics. Although the Funds are authorized to invest in
such financial instruments, and may do so in the future, they did not make any
such investments during the fiscal year ended October 31, 2003.
Custodian Fee Credit
Each Fund has an arrangement with the custodian bank whereby certain custodian
fees and expenses are reduced by credits earned on each Fund's cash on deposit
with the bank. Such deposit arrangements are an alternative to overnight
investments.
Use of Estimates
The preparation of financial statements in conformity with accounting principles
generally accepted in the United States requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities at
the date of the financial statements and the reported amounts of increases and
decreases in net assets from operations during the reporting period. Actual
results may differ from those estimates.
2. FUND SHARES
Transactions in shares were as follows:
MUNICIPAL VALUE (NUV) MUNICIPAL INCOME (NMI)
--------------------- ----------------------
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
10/31/03 10/31/02 10/31/03 10/31/02
---------------------------------------------------------------------------------------------------------
Shares issued to shareholders
due to reinvestment of
distributions -- -- 20,892 27,850
=========================================================================================================
29
Notes to
FINANCIAL STATEMENTS (continued)
3. SECURITIES TRANSACTIONS
Purchases and sales (including maturities) of investments in long-term municipal
securities during the fiscal year ended October 31, 2003, were as follows:
MUNICIPAL MUNICIPAL
VALUE (NUV) INCOME (NMI)
--------------------------------------------------------------------------------
Purchases $679,870,905 $ 8,493,470
Sales and maturities 690,529,201 10,549,910
================================================================================
4. 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 income on taxable market
discount securities and timing differences in recognizing certain gains and
losses on security transactions.
At October 31, 2003, the cost of investments were as follows:
MUNICIPAL MUNICIPAL
VALUE (NUV) INCOME (NMI)
--------------------------------------------------------------------------------
Cost of investments $1,816,047,663 $82,033,566
================================================================================
Gross unrealized appreciation and gross unrealized depreciation of investments
at October 31, 2003, were as follows:
MUNICIPAL MUNICIPAL
VALUE (NUV) INCOME (NMI)
--------------------------------------------------------------------------------
Gross unrealized:
Appreciation $117,575,148 $ 3,523,029
Depreciation (38,288,055) (2,455,165)
--------------------------------------------------------------------------------
Net unrealized appreciation of investments $ 79,287,093 $ 1,067,864
================================================================================
30
The tax components of undistributed net investment income and net realized gains
at October 31, 2003, were as follows:
MUNICIPAL MUNICIPAL
VALUE (NUV) INCOME (NMI)
--------------------------------------------------------------------------------
Undistributed net tax-exempt income $ 7,076,676 $ --
Undistributed net ordinary income * 3,630,014 --
Undistributed net long-term capital gains 12,590,238 --
================================================================================
* Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
The tax character of distributions paid during the fiscal years ended October
31, 2003 and October 31, 2002, was designated for purposes of the dividends paid
deduction as follows:
MUNICIPAL MUNICIPAL
2003 VALUE (NUV) INCOME (NMI)
--------------------------------------------------------------------------------
Distributions from net tax-exempt income $97,187,351 $4,645,020
Distributions from net ordinary income * 175,464 142,072
Distributions from net long-term capital gains 7,915,360 --
================================================================================
MUNICIPAL MUNICIPAL
2002 VALUE (NUV) INCOME (NMI)
--------------------------------------------------------------------------------
Distributions from net tax-exempt income $99,430,445 $5,019,154
Distributions from net ordinary income * 643,366 --
Distributions from net long-term capital gains 799,334 --
================================================================================
* Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
At October 31, 2003, Municipal Income (NMI) has an unused capital loss
carryforward of $7,121,501, available to be applied against future capital
gains, if any. If not applied, $116,138 and $7,005,363 of the carryforward will
expire in the years 2008 and 2011, respectively.
5. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES
Under Municipal Value's (NUV) investment management agreement with Nuveen
Advisory Corp. (the "Adviser"), a wholly owned subsidiary of Nuveen Investments,
Inc. (formerly, The John Nuveen Company), the Fund pays an annual management
fee, payable monthly, at the rates set forth below, which are based upon the
average daily net assets of the Fund as follows:
AVERAGE DAILY NET ASSETS MUNICIPAL VALUE (NUV)
--------------------------------------------------------------------------------
For the first $500 million .3500%
For the next $500 million .3250
For net assets over $1 billion .3000
================================================================================
In addition, Municipal Value (NUV) pays an annual management fee, payable
monthly, based on gross interest income as follows:
GROSS INTEREST INCOME MUNICIPAL VALUE (NUV)
--------------------------------------------------------------------------------
For the first $50 million 4.125%
For the next $50 million 4.000
For gross income over $100 million 3.875
================================================================================
31
Notes to
FINANCIAL STATEMENTS (continued)
Under Municipal Income's (NMI) investment management agreement with the Adviser,
the Fund pays an annual management fee, payable monthly, at the rates set forth
below, which are based upon the average daily net assets of the Fund as follows:
AVERAGE DAILY NET ASSETS MUNICIPAL INCOME (NMI)
--------------------------------------------------------------------------------
For the first $125 million .6500%
For the next $125 million .6375
For the next $250 million .6250
For the next $500 million .6125
For the next $1 billion .6000
For the next $3 billion .5875
For net assets over $5 billion .5750
================================================================================
The management fee compensates the Adviser for overall investment advisory and
administrative services and general office facilities. The Funds pay no
compensation directly to those of its Directors who are affiliated with the
Adviser or to their officers, all of whom receive remuneration for their
services to the Funds from the Adviser or its affiliates.
6. INVESTMENT COMPOSITION
At October 31, 2003, the revenue sources by municipal purpose, expressed as a
percent of total investments, were as follows:
MUNICIPAL MUNICIPAL
VALUE (NUV) INCOME (NMI)
--------------------------------------------------------------------------------
Consumer Staples 4% 7%
Education and Civic Organizations 3 6
Healthcare 18 18
Housing/Multifamily 1 4
Housing/Single Family 3 --
Long-Term Care 1 4
Materials -- 10
Tax Obligation/General 13 7
Tax Obligation/Limited 20 10
Transportation 9 2
U.S. Guaranteed 8 6
Utilities 14 24
Water and Sewer 4 1
Other 2 1
--------------------------------------------------------------------------------
100% 100%
================================================================================
Certain investments owned by the Funds are either covered by insurance issued by
several private insurers or are backed by an escrow or trust containing U.S.
Government or U.S. Government agency securities, both of which ensure the timely
payment of principal and interest in the event of default (45% for Municipal
Value (NUV) and 15% for Municipal Income (NMI)). Such insurance or escrow,
however, does not guarantee the market value of the municipal securities or the
value of the Funds' shares.
For additional information regarding each investment security, refer to the
Portfolio of Investments of each Fund.
32
7. SUBSEQUENT EVENT - DISTRIBUTIONS TO SHAREHOLDERS
The Funds declared dividend distributions from their tax-exempt net investment
income which were paid on December 1, 2003, to shareholders of record on
November 15, 2003, as follows:
MUNICIPAL MUNICIPAL
VALUE (NUV) INCOME (NMI)
--------------------------------------------------------------------------------
Dividend per share $.0400 $.0450
================================================================================
33
Financial
HIGHLIGHTS
Selected data for a share outstanding throughout each year:
Investment Operations Less Distributions
----------------------------------- ------------------------------
Net Realized/
Beginning Net Unrealized Net Ending
Net Asset Investment Investment Investment Capital Net Asset Ending
Value Income Gain (Loss) Total Income Gains Total Value Market Value
------------------------------------------------------------------------------------------------------------------------------------
MUNICIPAL VALUE (NUV)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2003 $ 9.98 $.49 $(.01) $ .48 $(.50) $(.04) $(.54) $ 9.92 $ 9.1200
2002 10.17 .51 (.18) .33 (.51) (.01) (.52) 9.98 9.3200
2001 9.77 .51 .42 .93 (.51) (.02) (.53) 10.17 9.4800
2000 9.48 .52 .28 .80 (.51) -- (.51) 9.77 8.5625
1999 10.37 .51 (.80) (.29) (.51) (.09) (.60) 9.48 8.6250
MUNICIPAL INCOME (NMI)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2003 10.61 .54 (.15) .39 (.59) -- (.59) 10.41 9.6400
2002 10.92 .61 (.30) .31 (.62) -- (.62) 10.61 9.9000
2001 11.01 .67 (.06) .61 (.70) -- (.70) 10.92 11.9000
2000 11.43 .70 (.36) .34 (.70) (.06) (.76) 11.01 11.2500
1999 12.10 .70 (.61) .09 (.69) (.07) (.76) 11.43 11.0000
====================================================================================================================================
Total Returns Ratios/Supplemental Data
--------------------------- -------------------------------------------------------------------------------
Before Credit After Credit*
------------------------ ------------------------
Ratio of Net Ratio of Net
Ratio of Investment Ratio of Investment
Ending Expenses Income to Expenses Income to Portfolio
Based on Based on Net Net Assets to Average Average to Average Average Turnover
Market Value+ Asset Value+ (000) Net Assets Net Assets Net Assets Net Assets Rate
------------------------------------------------------------------------------------------------------------------------------------
MUNICIPAL VALUE (NUV)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2003 3.66% 4.90% $1,934,433 .64% 4.97% .64% 4.97% 36%
2002 3.80 3.32 1,946,407 .65 5.07 .65 5.08 13
2001 17.32 9.77 1,982,139 .65 5.09 .64 5.10 10
2000 5.46 8.71 1,903,967 .65 5.44 .64 5.44 17
1999 (7.50) (2.94) 1,847,333 .65 5.09 .65 5.10 13
MUNICIPAL INCOME (NMI)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2003 3.02 3.71 84,491 1.12 5.14 1.12 5.14 10
2002 (11.93) 2.87 85,897 .91 5.62 .90 5.64 36
2001 12.24 5.68 88,089 .83 6.14 .83 6.15 11
2000 9.45 3.02 88,214 .80 6.20 .77 6.23 6
1999 (5.77) .74 91,123 .82 5.88 .82 5.89 31
====================================================================================================================================
* After custodian fee credit, where applicable.
+ Total Investment Return on Market Value is the combination of reinvested
dividend income, reinvested capital gains distributions, if any, and
changes in stock price per share. Total Return on Net Asset Value is the
combination of reinvested dividend income at net asset value, reinvested
capital gains distributions at net asset value, if any, and changes in net
asset value per share. Total returns are not annualized.
See accompanying notes to financial statements.
34-35 spread
Directors
AND OFFICERS
The management of the Funds, including general supervision of the duties
performed for the Funds by the Adviser, is the responsibility of the Board of
Directors of the Funds. The number of directors of the Funds is currently set at
twelve. None of the directors who are not "interested" persons of the Funds has
ever been a director or employee of, or consultant to, Nuveen or its affiliates.
The names and business addresses of the directors and officers of the Funds,
their principal occupations and other affiliations during the past five years,
the number of portfolios each oversees and other directorships they hold are set
forth below.
NUMBER OF
PORTFOLIOS IN
POSITION(S) YEAR FIRST PRINCIPAL OCCUPATION(S) FUND COMPLEX
NAME, BIRTHDATE HELD WITH ELECTED OR INCLUDING OTHER DIRECTORSHIPS OVERSEEN BY
AND ADDRESS THE FUNDS APPOINTED(2) DURING PAST 5 YEARS DIRECTOR
------------------------------------------------------------------------------------------------------------------------------------
DIRECTOR WHO IS AN INTERESTED PERSON OF THE FUNDS:
------------------------------------------------------------------------------------------------------------------------------------
Timothy R. Schwertfeger (1) Chairman of the 1994 Chairman and Director (since 1996) of Nuveen 142
3/28/49 Board and Investments, Inc. and Nuveen Investments, LLC;
333 W. Wacker Drive Director Director (since 1992) and Chairman (since 1996) of
Chicago, IL 60606 Nuveen Advisory Corp. and Nuveen Institutional
Advisory Corp.; Chairman and Director (since 1997)
of Nuveen Asset Management, Inc.; Director (since 1996)
of Institutional Capital Corporation; Chairman and Director
(since 1999) of Rittenhouse Asset Management, Inc.;
Chairman of Nuveen Investments Advisers Inc. (since 2002).
DIRECTORS WHO ARE NOT INTERESTED PERSONS OF THE FUNDS:
------------------------------------------------------------------------------------------------------------------------------------
William E. Bennett Director 2001 Private Investor; previously, President and Chief Executive 142
10/16/46 Officer, Draper & Kramer, Inc., a private company that
333 W. Wacker Drive handles mortgage banking, real estate development, pension
Chicago, IL 60606 advisory and real estate management (1995-1998). Prior
thereto, Executive Vice President and Chief Credit Officer of
First Chicago Corporation and its principal subsidiary, The
First National Bank of Chicago.
------------------------------------------------------------------------------------------------------------------------------------
Robert P. Bremner Director 1997 Private Investor and Management Consultant. 141
8/22/40
333 W. Wacker Drive
Chicago, IL 60606
------------------------------------------------------------------------------------------------------------------------------------
Lawrence H. Brown Director 1993 Retired (since 1989) as Senior Vice President of The 141
7/29/34 Northern Trust Company; Director of the United Way of
333 W. Wacker Drive Highland Park-Highwood (since 2002).
Chicago, IL 60606
------------------------------------------------------------------------------------------------------------------------------------
Jack B. Evans Director 1999 President, The Hall-Perrine Foundation, a private philanthropic 131
10/22/48 corporation (since 1996); Director, Alliant Energy; Director and
333 W. Wacker Drive Vice Chairman, United Fire & Casualty Company; Director,
Chicago, IL 60606 Federal Reserve Bank of Chicago; formerly, President and Chief
Operating Officer, SCI Financial Group, Inc., a regional financial
services firm.
------------------------------------------------------------------------------------------------------------------------------------
Anne E. Impellizzeri Director 1994 Retired, formerly, Executive Director (since 1998) of Manitoga/ 141
1/26/33 The Russel Wright Design Center; prior thereto, President and
333 W. Wacker Drive Chief Executive Officer of Blanton-Peale Institute (since 1990);
Chicago, IL 60606 prior thereto, Vice President, Metropolitan Life Insurance Co.
------------------------------------------------------------------------------------------------------------------------------------
William L. Kissick Director 1992 Professor Emeritus, School of Medicine and the Wharton 131
7/29/32 School of Management and former Chairman, Leonard Davis
333 W. Wacker Drive Institute of Health Economics, University of Pennsylvania;
Chicago, IL 60606 Adjunct Professor, Health Policy and Management, Yale University.
------------------------------------------------------------------------------------------------------------------------------------
Thomas E. Leafstrand Director 1992 Retired; previously, Vice President in charge of Municipal 131
11/11/31 Underwriting and Dealer Sales at The Northern Trust
333 W. Wacker Drive Company.
Chicago, IL 60606
36
NUMBER OF
PORTFOLIOS IN
POSITION(S) YEAR FIRST PRINCIPAL OCCUPATION(S) FUND COMPLEX
NAME, BIRTHDATE HELD WITH ELECTED OR INCLUDING OTHER DIRECTORSHIPS OVERSEEN BY
AND ADDRESS THE FUNDS APPOINTED(2) DURING PAST 5 YEARS DIRECTOR
------------------------------------------------------------------------------------------------------------------------------------
DIRECTORS WHO ARE NOT INTERESTED PERSONS OF THE FUNDS (CONTINUED):
------------------------------------------------------------------------------------------------------------------------------------
Peter R. Sawers Director 1991 Adjunct Professor of Business and Economics, University of 141
4/3/33 Dubuque, Iowa; formerly (1991-2000) Adjunct Professor, Lake
333 W. Wacker Drive Forest Graduate School of Management, Lake Forest, Illinois;
Chicago, IL 60606 prior thereto, Executive Director, Towers Perrin Australia, a
management consulting firm; Chartered Financial Analyst;
Certified Management Consultant; Director, Executive
Service Corps of Chicago, a not-for-profit organization.
------------------------------------------------------------------------------------------------------------------------------------
William J. Schneider Director 1997 Senior Partner and Chief Operating Officer, Miller-Valentine 141
9/24/44 Group, Vice President, Miller-Valentine Realty, a construction
333 W. Wacker Drive company; Chair, MiamiValley Hospital; Chair, Dayton
Chicago, IL 60606 Development Coalition; formerly, Member, Community
Advisory Board, National City Bank, Dayton, Ohio and
Business Advisory Council, Cleveland Federal Reserve Bank.
------------------------------------------------------------------------------------------------------------------------------------
Judith M. Stockdale Director 1997 Executive Director, Gaylord and Dorothy Donnelley Foundation 141
12/29/47 (since 1994); prior thereto, Executive Director, Great Lakes
333 W. Wacker Drive Protection Fund (from 1990 to 1994).
Chicago, IL 60606
------------------------------------------------------------------------------------------------------------------------------------
Sheila W. Wellington Director 1994 President (since 1993) of Catalyst (a not-for-profit organization 131
2/24/32 focusing on women's leadership development in business
333 W. Wacker Drive and the professions).
Chicago, IL 60606
POSITION(S) YEAR FIRST NUMBER OF PORTFOLIOS
NAME, BIRTHDATE HELD WITH ELECTED OR PRINCIPAL OCCUPATION(S) IN FUND COMPLEX
AND ADDRESS THE FUNDS APPOINTED(3) DURING PAST 5 YEARS OVERSEEN BY OFFICER
------------------------------------------------------------------------------------------------------------------------------------
OFFICERS OF THE FUNDS:
------------------------------------------------------------------------------------------------------------------------------------
Gifford R. Zimmerman Chief 1988 Managing Director (since 2002), Assistant Secretary 142
9/9/56 Administrative and Associate General Counsel, formerly, Vice President
333 W. Wacker Drive Officer and Assistant General Counsel of Nuveen Investments, LLC;
Chicago, IL 60606 Managing Director (since 2002), General Counsel and
Assistant Secretary, formerly, Vice President of Nuveen
Advisory Corp. and Nuveen Institutional Advisory Corp.;
Managing Director (since 2002), Assistant Secretary and
Associate General Counsel, formerly, Vice President (since
2000), of Nuveen Asset Management, Inc.; Assistant
Secretary of Nuveen Investments, Inc. (since 1994);
Assistant Secretary of NWQ Investment Management
Company, LLC (since 2002); Vice President and
Assistant Secretary of Nuveen Investments Advisers Inc.
(since 2002); Managing Director, Associate General
Counsel and Assistant Secretary of Rittenhouse Asset
Management, Inc. (since May 2003); Chartered
Financial Analyst.
------------------------------------------------------------------------------------------------------------------------------------
Michael T. Atkinson Vice President 2000 Vice President (since 2002), formerly, Assistant 142
2/3/66 and Assistant Vice President (since 2000), previously, Associate of
333 W. Wacker Drive Secretary Nuveen Investments, LLC.
Chicago, IL 60606
37
Directors
AND OFFICERS (CONTINUED)
POSITION(S) YEAR FIRST NUMBER OF PORTFOLIOS
NAME, BIRTHDATE HELD WITH ELECTED OR PRINCIPAL OCCUPATION(S) IN FUND COMPLEX
AND ADDRESS THE FUNDS APPOINTED(3) DURING PAST 5 YEARS OVERSEEN BY OFFICER
------------------------------------------------------------------------------------------------------------------------------------
OFFICERS OF THE FUNDS (CONTINUED):
------------------------------------------------------------------------------------------------------------------------------------
Paul L. Brennan Vice President 1999 Vice President (since 2002), formerly, Assistant 128
11/10/66 Vice President (since 1997), of Nuveen Advisory Corp.;
333 W. Wacker Drive prior thereto, portfolio manager of Flagship Financial Inc.;
Chicago, IL 60606 Chartered Financial Analyst and Certified Public Accountant.
------------------------------------------------------------------------------------------------------------------------------------
Peter H. D'Arrigo Vice President 1999 Vice President of Nuveen Investments, LLC (since 1999), 142
11/28/67 and Treasurer prior thereto, Assistant Vice President (since 1997); Vice
333 W. Wacker Drive President and Treasurer of Nuveen Investments, Inc. (since
Chicago, IL 60606 1999); Vice President and Treasurer of Nuveen Advisory Corp.
and Nuveen Institutional Advisory Corp. (since 1999); Vice
President and Treasurer of Nuveen Asset Management,
Inc. (since 2002) and of Nuveen Investments Advisers
Inc. (since 2002); Assistant Treasurer of NWQ Investment
Management Company, LLC (since 2002); Chartered
Financial Analyst.
------------------------------------------------------------------------------------------------------------------------------------
Susan M. DeSanto Vice President 2001 Vice President of Nuveen Advisory Corp. (since 2001); 142
9/8/54 previously, Vice President of Van Kampen Investment
333 W. Wacker Drive Advisory Corp. (since 1998); Vice President of Nuveen
Chicago, IL 60606 Institutional Advisory Corp. (since 2002); prior thereto,
Assistant Vice President of Van Kampen Investment
Advisory Corp. (since 1994).
------------------------------------------------------------------------------------------------------------------------------------
Jessica R. Droeger Vice President 2000 Vice President (since 2002) and Assistant General Counsel 142
9/24/64 and Secretary (since 1998); formerly, Assistant Vice President (since 1998)
333 W. Wacker Drive of Nuveen Investments, LLC; Vice President (since 2002)
Chicago, IL 60606 and Assistant Secretary (since 1998), formerly Assistant
Vice President of Nuveen Advisory Corp. and Nuveen
Institutional Advisory Corp.
------------------------------------------------------------------------------------------------------------------------------------
Lorna C. Ferguson Vice President 1998 Vice President of Nuveen Investments, LLC; Vice 142
10/24/45 President (since 1998) of Nuveen Advisory Corp. and
333 W. Wacker Drive Nuveen Institutional Advisory Corp.
Chicago, IL 60606
------------------------------------------------------------------------------------------------------------------------------------
William M. Fitzgerald Vice President 1995 Managing Director (since 2002) of Nuveen Investments, 142
3/2/64 LLC; Managing Director (since 2001), formerly Vice
333 W. Wacker Drive President of Nuveen Advisory Corp. and Nuveen
Chicago, IL 60606 Institutional Advisory Corp. (since 1995); Managing
Director of Nuveen Asset Management, Inc. (since 2001);
Vice President of Nuveen Investment Advisers Inc.
(since 2002); Chartered Financial Analyst.
------------------------------------------------------------------------------------------------------------------------------------
Stephen D. Foy Vice President 1998 Vice President (since 1993) and Funds Controller (since 142
5/31/54 and Controller 1998) of Nuveen Investments, LLC and Vice President and
333 W. Wacker Drive Funds Controller (since 1998) of Nuveen Investments, Inc.;
Chicago, IL 60606 Certified Public Accountant.
------------------------------------------------------------------------------------------------------------------------------------
J. Thomas Futrell Vice President 1988 Vice President of Nuveen Advisory Corp.; 128
7/5/55 Chartered Financial Analyst.
333 W. Wacker Drive
Chicago, IL 60606
------------------------------------------------------------------------------------------------------------------------------------
Steven J. Krupa Vice President 1990 Vice President of Nuveen Advisory Corp. 128
8/21/57
333 W. Wacker Drive
Chicago, IL 60606
38
POSITION(S) YEAR FIRST NUMBER OF PORTFOLIOS
NAME, BIRTHDATE HELD WITH ELECTED OR PRINCIPAL OCCUPATION(S) IN FUND COMPLEX
AND ADDRESS THE FUNDS APPOINTED(3) DURING PAST 5 YEARS OVERSEEN BY OFFICER
------------------------------------------------------------------------------------------------------------------------------------
OFFICERS OF THE FUNDS (CONTINUED):
------------------------------------------------------------------------------------------------------------------------------------
David J. Lamb Vice President 2000 Vice President (since 2000) of Nuveen Investments, LLC, 142
3/22/63 previously Assistant Vice President (since 1999); prior
333 W. Wacker Drive thereto, Associate of Nuveen Investments, LLC; Certified
Chicago, IL 60606 Public Accountant.
------------------------------------------------------------------------------------------------------------------------------------
Tina M. Lazar Vice President 2002 Vice President (since 1999), previously, Assistant Vice 142
8/27/61 President (since 1993) of Nuveen Investments, LLC.
333 W. Wacker Drive
Chicago, IL 60606
------------------------------------------------------------------------------------------------------------------------------------
Larry W. Martin Vice President 1988 Vice President, Assistant Secretary and Assistant General 142
7/27/51 and Assistant Counsel of Nuveen Investments, LLC; Vice President and
333 W. Wacker Drive Secretary Assistant Secretary of Nuveen Advisory Corp. and Nuveen
Chicago, IL 60606 Institutional Advisory Corp.; Assistant Secretary of Nuveen
Investments, Inc. and (since 1997) Nuveen Asset Management,
Inc.; Vice President (since 2000), Assistant Secretary and
Assistant General Counsel (since 1998) of Rittenhouse Asset
Management, Inc.; Vice President and Assistant Secretary of
Nuveen Investments Advisers Inc. (since 2002); Assistant
Secretary of NWQ Investment Management Company, LLC
(since 2002).
------------------------------------------------------------------------------------------------------------------------------------
John V. Miller Vice President 2003 Vice President (since 2003), previously, Assistant 128
4/10/67 Vice President (since 1999), prior thereto, credit
333 W. Wacker Drive analyst (since 1996) of Nuveen Advisory Corp.;
Chicago, IL 60606 Chartered Financial Analyst.
------------------------------------------------------------------------------------------------------------------------------------
Edward F. Neild, IV Vice President 1996 Managing Director (since 2002) of Nuveen Investments, 142
7/7/65 LLC; Managing Director (since 1997), formerly Vice
333 W. Wacker Drive President (since 1996) of Nuveen Advisory Corp. and
Chicago, IL 60606 Nuveen Institutional Advisory Corp.; Managing Director
of Nuveen Asset Management, Inc. (since 1999).
Chartered Financial Analyst.
------------------------------------------------------------------------------------------------------------------------------------
Thomas J. O'Shaughnessy Vice President 1999 Vice President (since 2002), formerly, Assistant 128
9/4/60 Vice President (since 1998), of Nuveen Advisory Corp.;
333 W. Wacker Drive prior thereto, portfolio manager.
Chicago, IL 60606
------------------------------------------------------------------------------------------------------------------------------------
Daniel S. Solender Vice President 2003 Vice President of Nuveen Advisory Corp. (since 2003); 128
10/27/65 previously, Principal and portfolio manager with The Vanguard
333 W. Wacker Drive Group (1999-2003); prior thereto, Assistant Vice President
Chicago, IL 60606 of the Nuveen Advisory Corp.; Chartered
Financial Analyst.
------------------------------------------------------------------------------------------------------------------------------------
Thomas C. Spalding Vice President 1982 Vice President of Nuveen Advisory Corp. and Nuveen 128
7/31/51 Institutional Advisory Corp.; Chartered Financial Analyst.
333 W. Wacker Drive
Chicago, IL 60606
(1) Mr. Schwertfeger is an "interested person" of the Funds, as defined in the
Investment Company Act of 1940, because he is an officer and trustee of the
Adviser.
(2) Directors serve a one-year term until his/her successor is elected. The year
first elected or appointed represents the year in which the Director was
first elected or appointed to any fund in the Nuveen Complex.
(3) Officers serve a one-year term through July of each year. The year first
elected or appointed represents the year in which the Officer was first
elected or appointed to any fund in the Nuveen Complex.
39
Build Your Wealth
AUTOMATICALLY
Sidebar text: NUVEEN MAKES REINVESTING EASY. A PHONE CALL IS ALL IT TAKES TO SET
UP YOUR REINVESTMENT ACCOUNT.
NUVEEN CLOSED-END EXCHANGE-TRADED FUNDS DIVIDEND REINVESTMENT PLAN
Your Nuveen Closed-End Exchange-Traded Fund allows you to conveniently reinvest
dividends and/or capital gains distributions in additional fund shares.
By choosing to reinvest, you'll be able to invest money regularly and
automatically, and watch your investment grow through the power of tax-free
compounding. Just like dividends or distributions in cash, there may be times
when income or capital gains taxes may be payable on dividends or distributions
that are reinvested.
It is important to note that an automatic reinvestment plan does not ensure a
profit, nor does it protect you against loss in a declining market.
EASY AND CONVENIENT
To make recordkeeping easy and convenient, each month you'll receive a statement
showing your total dividends and distributions, the date of investment, the
shares acquired and the price per share, and the total number of shares you own.
HOW SHARES ARE PURCHASED
The shares you acquire by reinvesting will either be purchased on the open
market or newly issued by the Fund. If the shares are trading at or above net
asset value at the time of valuation, the Fund will issue new shares at the
then-current market price. If the shares are trading at less than net asset
value, shares for your account will be purchased on the open market. Dividends
and distributions received to purchase shares in the open market will normally
be invested shortly after the dividend payment date. No interest will be paid on
dividends and distributions awaiting reinvestment. Because the market price of
shares may increase before purchases are completed, the average purchase price
per share may exceed the market price at the time of valuation, resulting in the
acquisition of fewer shares than if the dividend or distribution had been paid
in shares issued by the Fund. A pro rata portion of any applicable brokerage
commissions on open market purchases will be paid by Plan participants. These
commissions usually will be lower than those charged on individual transactions.
FLEXIBILITY
You may change your distribution option or withdraw from the Plan at any time,
should your needs or situation change. Should you withdraw, you can receive a
certificate for all whole shares credited to your reinvestment account and cash
payment for fractional shares, or cash payment for all reinvestment account
shares, less brokerage commissions and a $2.50 service fee.
You can reinvest whether your shares are registered in your name, or in the name
of a brokerage firm, bank, or other nominee. Ask your investment advisor if his
or her firm will participate on your behalf. Participants whose shares are
registered in the name of one firm may not be able to transfer the shares to
another firm and continue to participate in the Plan.
The Fund reserves the right to amend or terminate the Plan at any time. Although
the Fund reserves the right to amend the Plan to include a service charge
payable by the participants, there is no direct service charge to participants
in the Plan at this time.
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in
or withdraw from the Plan, speak with your financial advisor or call us at (800)
257-8787.
40
Fund
INFORMATION
BOARD OF DIRECTORS
William E. Bennett
Robert P. Bremner
Lawrence H. Brown
Jack B. Evans
Anne E. Impellizzeri
William L. Kissick
Thomas E. Leafstrand
Peter R. Sawers
William J. Schneider
Timothy R. Schwertfeger
Judith M. Stockdale
Sheila W. Wellington
FUND MANAGER
Nuveen Advisory Corp.
333 West Wacker Drive
Chicago, IL 60606
CUSTODIAN
State Street Bank & Trust
Boston, MA
TRANSFER AGENT AND
SHAREHOLDER SERVICES
State Street Bank & Trust
Nuveen Funds
P.O. Box 43071
Providence, RI 02940-3071
(800) 257-8787
LEGAL COUNSEL
Chapman and Cutler LLP
Chicago, IL
INDEPENDENT AUDITORS
Ernst & Young LLP
Chicago, IL
PROXY VOTING POLICIES AND PROCEDURES
A description of the policies and procedures that the Funds use to determine how
to vote proxies relating to portfolio securities is available (i) without
charge, upon request, by calling Nuveen Investments at (800) 257-8787; and (ii)
on the Commission's website at http://www.sec.gov.
POLICY CHANGE
On November 14, 2002, the Board adopted a policy that allows each Fund, in
addition to investments in municipal bonds, to invest up to 5% of its net assets
(including assets attributable to preferred shares, if any) in tax-exempt or
taxable fixed-income securities or equity securities for the purpose of
acquiring control of an issuer whose municipal bonds (a) the Fund already owns
and (b) have deteriorated or are expected shortly to deteriorate significantly
in credit quality, provided Nuveen Advisory determines that such investment
should enable the Fund to better maximize the value of its existing investment
in such issuer. This policy is a non-fundamental policy of each Fund which means
that it can be changed at any time by the Board of Trustees without vote of the
shareholders.
GLOSSARY OF TERMS USED IN THIS REPORT
Average Annual Total Return: This is a commonly used method to express an
investment's performance over a particular, usually multi-year time period. It
expresses the return (including change in NAV and reinvested dividends) that
would have been necessary on an annual basis to equal the investment's actual
performance over the time period being considered.
Average Duration: Duration is a measure of a bond or bond fund's sensitivity to
changes in interest rates. Generally, the longer a bond or fund's duration, the
more the price of the bond or fund will change as interest rates change.
Average Effective Maturity: The average of all the maturities of the bonds in a
fund's portfolio, computed by weighting each maturity date (the date the
security comes due) by the market value of the security. This figure does not
account for the likelihood of prepayments or the exercise of call provisions.
Leverage-Adjusted Duration: Duration is a measure of a bond or bond fund's
sensitivity to changes in interest rates. Generally, the longer a bond or fund's
duration, the more the price of the bond or fund will change as interest rates
change. Leverage-adjusted duration takes into account the leveraging process for
a Fund and therefore is generally longer than the duration of the actual
portfolio of individual bonds that make up the Fund.
Market Yield (also known as Dividend Yield or Current Yield): An investment's
current annualized dividend divided by its current market price.
Net Asset Value (NAV): A fund's NAV is calculated by subtracting the liabilities
of the fund from its total assets and then dividing the remainder by the number
of shares outstanding. Fund NAVs are calculated at the end of each business day.
Taxable-Equivalent Yield: The yield necessary from a fully taxable investment to
equal, on an after-tax basis, the yield of a municipal bond investment.
---------
Each Fund intends to repurchase shares of its own common or preferred stock,
where applicable, in the future at such times and in such amounts as is deemed
advisable. No shares were repurchased during the fiscal year ended October 31,
2003. Any future repurchases will be reported to shareholders in the next annual
or semiannual report.
41
Serving Investors
FOR GENERATIONS
Since 1898, financial advisors and their clients have relied on Nuveen
Investments to provide dependable investment solutions. For the past century,
Nuveen Investments has adhered to the belief that the best approach to investing
is to apply conservative risk-management principles to help minimize volatility.
Building on this tradition, we today offer a range of high quality equity and
fixed-income solutions that are integral to a well-diversified core portfolio.
Our clients have come to appreciate this diversity, as well as our continued
adherence to proven, long-term investing principles.
Managing $90 billion in assets, Nuveen Investments offers access to a number of
different asset classes and investing solutions through a variety of products.
Nuveen Investments markets its capabilities under four distinct brands: Nuveen,
a leader in tax-free investments; NWQ, a leader in value-style equities;
Rittenhouse, a leader in growth-style equities; and Symphony, a leading
institutional manager of market-neutral alternative investment portfolios.
To learn more about the products and services Nuveen Investments offers and for
a prospectus, where applicable, talk to your financial advisor, or call us at
(800) 257-8787. Please read the information carefully before you invest.
Distributed by
NUVEEN INVESTMENTS, LLC | 333 West Wacker Drive | Chicago, Illinois 60606
| www.nuveen.com
EAN-A-1003D
ITEM 2. CODE OF ETHICS.
As of the end of the period covered by this report, the registrant has adopted
a code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer or controller, or
persons performing similar functions. The registrant has posted such code of
ethics on its website at www.nuveen.com/etf.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The registrant's board of directors has determined that the registrant has
at least one "audit committee financial expert" (as defined in Item 3 of
Form N-CSR) serving on its audit committee. The registrant's audit committee
financial expert is William E. Bennett, who is "independent" for purposes of
Item 3 of Form N-CSR.
Mr. Bennett was formerly Executive Vice President and Chief Credit Officer of
First Chicago Corporation and its principal subsidary, The First National Bank
of Chicago. As part of his role as Chief Credit Officer, Mr. Bennett set policy
as to accrual of assets/loans; designated performing/non-performing assets; set
the level of reserves against the credit portfolio; and determined the carrying
value of credit related assets and exposure. Among other things, Mr. Bennett was
also responsible for the oversight of the internal analysis function including
setting ground rules for the review and preparation of financial analysis and
financial statements for use in making credit and risk decisions for clients.
Mr. Bennett has significant experience reviewing, analyzing and evaluating
financial statements of domestic and international companies in a variety of
industries with complex accounting issues.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable at this time.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable at this time.
ITEM 6. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES
In the rare event that a municipal issuer held by the Fund were to issue a proxy
or that the Fund were to receive a proxy issued by a cash management security,
Nuveen Advisory Corp. (the "Adviser") would either engage an independent third
party to determine how the proxy should be voted or vote the proxy with the
consent, or based on the instructions, of the Fund's Board of Directors or
Trustees or its representative. In the case of a conflict of interest, the proxy
would be submitted to the applicable Fund's Board to determine how the proxy
should be voted. A member of the Adviser's legal department would oversee the
administration of the voting, and ensure that records were maintained in
accordance with Rule 204-2(c)(2) under the Investment Advisers Act of 1940 (17
CFR 275.204-2(c)(2)), reports were filed with the SEC on Form N-PX, and the
results were provided to the Board of Directors or Trustees and made available
to shareholders as required by applicable rules.
ITEM 8. [RESERVED]
ITEM 9. 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 Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934, as amended (the "Exchange Act")(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 half-year (the registrant's second fiscal half-year in the case
of an annual report) that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over
financial reporting.
ITEM 10. EXHIBITS.
File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit: Not applicable
because posted on registrant's website at www.nuveen.com/etf.
(a)(2) A separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2(a) under
the Act (17 CFR 270.30a-2(a)) in the exact form set forth below: Ex-99.CERT
Attached hereto.
(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act,
provide the certifications required by Rule 30a-2(b) under the Act (17 CFR
270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR
240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of
the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished
pursuant to this paragraph will not be deemed "filed" for purposes of Section 18
of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of
that section. Such certification will not be deemed to be incorporated by
reference into any filing under the Securities Act of 1933 or the Exchange Act,
except to the extent that the registrant specifically incorporates it by
reference. Ex-99.906 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 Municipal Value Fund, Inc.
-----------------------------------------------------------
By (Signature and Title)* /s/ Jessica R. Droeger
----------------------------------------------
Jessica R. Droeger
Vice President and Secretary
Date: January 8, 2004
-------------------------------------------------------------------
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: January 8, 2004
-------------------------------------------------------------------
By (Signature and Title)* /s/ Stephen D. Foy
----------------------------------------------
Stephen D. Foy
Vice President and Controller
(Principal Financial Officer)
Date: January 8, 2004
-------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.