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 811-05120
---------------------
Nuveen Municipal Value Fund, Inc.
------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
Jessica R. Droeger
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
------------------------------------------------------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: (312) 917-7700
-------------------
Date of fiscal year end: October 31
------------------
Date of reporting period: April 30, 2005
------------------
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.
--------------------------------
Semiannual Report April 30, 2005
--------------------------------
Nuveen Investments
Municipal Closed-End
Exchange-Traded
Funds
NUVEEN MUNICIPAL
VALUE FUND, INC.
NUV [GRAPHIC OMITTED]
NUVEEN MUNICIPAL
INCOME FUND, INC.
NMI
DEPENDABLE,
TAX-FREE INCOME BECAUSE
IT'S NOT WHAT YOU EARN,
IT'S WHAT YOU KEEP.(R)
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NUVEEN
Investments
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NUVEEN FUND REPORTS FASTER.
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[LOGO]
NUVEEN
Investments
[PHOTO OMITTED]
Timothy R. Schwertfeger
Chairman of the Board
Chairman's
Letter to Shareholders
Once again, I am pleased to report that over the six-month period covered
by this semiannual report your Fund continued to provide you with monthly
tax-free income and an attractive total return. For more details about the
management strategy and performance of your Fund, please see the Portfolio
Managers' Comments and Performance Overview sections of this report.
As I noted in my last letter to you, our conversations with financial
advisers and investors suggest that many of you may be wondering whether
longer-term interest rates will soon begin to rise substantially,
mirroring the rise that has taken place over the past year in shorter-term
rates. If longer-term rates do begin to rise significantly, some of you
also may be wondering if that makes this a good time to adjust your
holdings of fixed-income investments. We can't answer these questions for
you - no one knows what the future will bring.
"In fact, a well-diversified portfolio may actually help to reduce your overall
investment risk."
From our experience, we do know that a well-balanced portfolio, structured
and carefully monitored with the help of a trusted investment
professional, can be an important component in helping you achieve your
long-term financial goals. In fact, a well-diversified portfolio may
actually help to reduce your overall investment risk. That is one reason
why we believe that a municipal bond investment like your Nuveen Fund can
be an important building block in a comprehensive investment program
designed to perform well in a variety of market conditions.
As in past reports, I urge you to consider receiving future Fund reports
and other Fund information by e-mail and the Internet. Not only will you
be able to receive the information faster, but this also may help lower
your Fund's expenses. Sign up is quick and easy - see the inside front
cover of this report for instructions.
Some of you may have heard that in April, 2005, The St. Paul Travelers
Companies, Inc., which owned 79% of Nuveen Investments, Inc. (the parent
of your Fund's investment adviser) completed a public offering of a
substantial portion of its equity stake in Nuveen. At the same time, St.
Paul Travelers also entered into agreements to sell the balance of its
shares in Nuveen to us or to others at a future date.
These transactions will have no impact on the investment objectives or
management of your Fund. However, taken as a whole they are considered to
be an "assignment" of your Fund's investment management agreement. This
means that you and your fellow Fund shareholders soon will be asked to
formally approve the continuation of your Fund's management contract with
Nuveen. We will be sending you more information about this process in the
coming weeks.
At Nuveen Investments, our mission continues to be to assist you and your
financial advisor by offering investment services and products that can
help you to secure your financial objectives. We are grateful that you
have chosen us as a partner as you pursue your financial goals, and 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
June 15, 2005
Nuveen Investments Municipal Closed-End Exchange-Traded Funds NUV, NMI
Portfolio Managers'
COMMENTS
Portfolio managers Tom Spalding and John Miller review key investment strategies
and the semiannual performance of NUV and NMI. With 28 years of investment
experience at Nuveen, Tom has managed NUV since its inception in 1987. John, who
has 12 years of municipal market experience, including 9 years with Nuveen,
assumed portfolio management responsibility for NMI in 2001.
WHAT KEY STRATEGIES WERE USED TO MANAGE THESE FUNDS DURING THE SIX MONTHS ENDED
APRIL 30, 2005?
Between November 2004 and April 2005, the Federal Reserve introduced four
quarter-point increases in the fed funds rate, raising this short-term rate
benchmark from 1.75% to 2.75%. (On May 3, 2005, following the end of this
reporting period, the Fed announced another 0.25% hike, bringing the fed funds
rate to 3.00%.) Given these short-term rate increases, many market participants
expected to see steadily higher interest rates across most of the municipal
market yield curve as we moved through the reporting period. This did not occur,
as longer-term yields (as measured by the widely-followed Bond Buyer 25 Revenue
Municipal Bond Index) declined by 14 basis points during the six-month period.
As a result, the municipal yield curve flattened.
In this environment, our focus for each of these Funds remained on a strategy we
have employed for the past few years - finding and holding bonds that, in our
judgment, would add immediate value to the Funds' portfolios and that could also
perform well under a variety of future market scenarios.
As a result, our purchase activity during this period concentrated on bonds in
the long-intermediate part of the yield curve, that is, bonds that mature in 20
years or more. In our opinion, this part of the municipal market yield curve
often offered more attractive opportunities and better values than bonds with
longer or shorter maturities.
We also sought to keep the Funds fully invested. This was helped by the strong
supply of municipal bonds during this reporting period. For the six months ended
April 2005, municipal issuance nationwide totaled approximately $187.7 billion,
up 8.6% from the six months ended April 2004. One of the major drivers of the
increased supply during this current period was a significant growth in the
number of refundings, as issuers sought to take advantage of relatively low
current interest rates.
Overall, the percentage of insured and higher credit quality securities that
came to market during this period was greater than typically seen. As a result,
many of our new purchases over this six-month period were bonds that were rated
AAA or AA. Although the market provided fewer opportunities in the lower-rated
investment-grade categories, we did seek to maintain or augment the Fund's
holdings at this end of the quality spectrum when attractive securities were
available. This generally benefited all the Funds, as lower-rated bonds often
were among the best performers during this reporting
4
period. Many of these portfolio additions were made with the proceeds from sales
of pre-refunded bonds, which tended to underperform in the interest rate
environment of the past six months.
HOW DID THE FUNDS PERFORM?
Individual results for these Funds, as well as for a comparative index and
average, are presented in the accompanying table.
TOTAL RETURNS ON NET ASSET VALUE*
For periods ended 4/30/05
6-Month 1-Year 5-Year 10-Year
------------------------------------------------------------------------
NUV 4.18% 9.94% 7.16% 6.17%
------------------------------------------------------------------------
NMI 3.89% 9.68% 5.15% 5.44%
------------------------------------------------------------------------
Lehman Brothers
Municipal
Bond Index(1) 1.93% 6.82% 7.04% 6.48%
------------------------------------------------------------------------
Lipper General and
Insured Unleveraged
Municipal Debt
Funds Average(2) 2.94% 7.96% 5.90% 5.92%
------------------------------------------------------------------------
*Six-month returns are cumulative; returns for one year, five years, and ten
years are annualized.
Past performance is not predictive of future results. Current performance may be
higher or lower than the data shown. Returns do not reflect the deduction of
taxes that shareholders may have to pay on Fund distributions or upon the sale
of Fund shares.
For additional information, see the individual Performance Overview for your
Fund in this report.
For the six months ended April 30, 2005, the cumulative returns on net asset
value (NAV) for both NUV and NMI outperformed the return on the Lehman Brothers
Municipal Bond Index. Both Funds also outperformed the average return for their
Lipper peer group.
As noted, longer-term municipal market interest rates declined modestly over the
course of this reporting period. As a result, many issuers found it economically
feasible to pre-refund some of their outstanding municipal bonds. This led to an
increase in escrowed and pre-refunded holdings in NUV, and the Fund's
performance was boosted by the price appreciation and enhanced credit quality
accompanying these developments. At the same time, we trimmed holdings of some
other, older pre-refunded bonds in both NUV and NMI, because of their shorter
effective maturities. Bonds with shorter effective maturities tend to
underperform the general municipal market when bond prices stay flat or rise,
like they did during this reporting period.
Both of the Funds also benefited from their allocations of lower quality bonds
during this period, with bonds rated BBB and sub-investment grade bonds
generally outperforming other credit quality sectors as the economy continued to
expand. As of April 30, 2005, NUV held 21% of its portfolio in bonds rated BBB
or lower and nonrated bonds, while
(1) The Lehman Brothers Municipal Bond Index is an unleveraged, unmanaged
national index comprising a broad range of investment-grade municipal
bonds. Results for the Lehman index do not reflect any expenses.
(2) The Lipper General and Insured Unleveraged Municipal Debt Funds category
average is calculated using the returns of all closed-end exchange-traded
funds in this category for each period as follows: 6 months, 8 funds; 1
year, 8 funds; 5 years, 8 funds; and 10 years, 8 funds. Fund and Lipper
returns assume reinvestment of dividends.
5
NMI, which can invest up to 25% of its portfolio in below investment-grade
quality bonds, held 39% of its portfolio in BBB rated securities and another 22%
in sub-investment grade and nonrated bonds.
Among the lower-rated holdings making positive contributions to the Funds'
cumulative six-month returns were hospital bonds, as the healthcare sector
ranked second in overall performance among the Lehman municipal revenue sectors
for the period. In addition, bonds backed by the 1998 master tobacco settlement
agreement also produced solid returns during this period as the litigation
environment improved and increased demand pushed prices higher. As of April 30,
2005, both NUV and NMI held approximately 5% of their portfolios in tobacco
bonds.
During this reporting period, the selection of individual securities and
assessment of the potential for credit improvement were just as important to
overall performance as yield curve positioning and sector allocation. For
example, NMI bought bonds issued by Piedmont Municipal Power Agency (South
Carolina) and the Virgin Islands Matching Fund, both of which performed well for
the Fund. Both Funds also saw appreciation in their airline holdings, as the
airline industry generally was successful in increasing passenger loads and
improving cost management. NUV continued to hold bonds issued for American
Airlines and Continental Airlines, while NMI held a small position in Northwest
Airlines, all of which were strong performers over the six month period. In NMI,
we also saw good performance from our holding of bonds issued for the Joliet
(Illinois) Regional Airport.
HOW WERE THE FUNDS POSITIONED IN TERMS OF CREDIT QUALITY AND BOND CALLS AS OF
APRIL 30, 2005?
Even though lower quality bonds performed well over this period, we continued to
believe that in the current geopolitical and economic climate it was important
to maintain strong credit quality. As of April 30, 2005, NUV held 67% of its
portfolio in bonds rated AAA/U.S. guaranteed and AA. NMI held 27% of its
portfolio in bonds rated AAA/U.S. guaranteed and AA, and 78% of NMI's portfolio
was invested in investment-grade quality securities.
As of April 30, 2005, potential call exposure for the period May 2005 through
the end of 2006 was 13% in NUV and 18% in NMI. These callable bonds generally
had yields significantly higher than those available in the current marketplace,
and we continued to hold many of these bonds to maintain this income-generating
capability. The number of actual bond calls in both of these Funds over this
period will depend largely on future market interest rates.
6
Dividend and Share Price
INFORMATION
The dividends of both NUV and NMI remained stable during the six-month reporting
period ended April 30, 2005.
In addition, due to capital gains generated by normal portfolio activity, common
shareholders received capital gains and/or net ordinary income distributions at
the end of December 2004 as follows:
LONG-TERM CAPITAL GAINS ORDINARY INCOME
(PER SHARE) (PER SHARE)
-----------------------------------------------------------------------
NUV $ 0.0559 $ 0.0063
-----------------------------------------------------------------------
NMI $ -- $ 0.0002
-----------------------------------------------------------------------
Both of these Funds seek to pay stable dividends at rates that reflect each
Fund's past results and projected future performance. During certain periods,
each 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 a
Fund has cumulatively earned more than it has paid in dividends, it holds the
excess in reserve as undistributed net investment income (UNII) as part of the
Fund's net asset value (NAV). Conversely, if a Fund has cumulatively paid
dividends in excess of its earnings, the excess constitutes negative UNII that
is likewise reflected in the Fund's NAV. Each Fund will, over time, pay all of
its net investment income as dividends to shareholders. As of April 30, 2005,
both NUV and NMI had positive UNII balances for both financial statement and tax
purposes.
At the end of the reporting period, the Funds' share prices were trading at
discounts to their NAVs as shown in the accompanying chart:
4/30/05 6-MONTH AVERAGE
DISCOUNT DISCOUNT
-----------------------------------------------------------------------
NUV -8.99% -8.88%
-----------------------------------------------------------------------
NMI -8.07% -7.47%
-----------------------------------------------------------------------
7
Nuveen Municipal Value Fund, Inc.
NUV
Performance
Overview As of April 30, 2005
Fund Snapshot
---------------------------------------------------
Share Price $ 9.31
---------------------------------------------------
Net Asset Value $ 10.23
---------------------------------------------------
Premium/(Discount) to NAV -8.99%
---------------------------------------------------
Market Yield 5.03%
---------------------------------------------------
Taxable-Equivalent Yield(1) 6.99%
---------------------------------------------------
Net Assets ($000) $ 1,993,520
---------------------------------------------------
Average Effective
Maturity on Securities (Years) 20.13
---------------------------------------------------
Modified Duration 5.99
---------------------------------------------------
Average Annual Total Return
(Inception 6/17/87)
------------------------------------
On Share Price On NAV
------------------------------------
6-Month
(Cumulative) 2.69% 4.18%
------------------------------------
1-Year 11.57% 9.94%
------------------------------------
5-Year 8.76% 7.16%
------------------------------------
10-Year 5.47% 6.17%
------------------------------------
States
(as a % of total investments)
------------------------------------
New York 15.8%
------------------------------------
Illinois 11.5%
------------------------------------
California 9.8%
------------------------------------
Michigan 6.4%
------------------------------------
Texas 5.8%
------------------------------------
Indiana 4.8%
------------------------------------
New Jersey 4.3%
------------------------------------
Colorado 2.9%
------------------------------------
Massachusetts 2.8%
------------------------------------
Missouri 2.8%
------------------------------------
South Carolina 2.6%
------------------------------------
Wisconsin 2.5%
------------------------------------
Georgia 2.2%
------------------------------------
Washington 2.1%
------------------------------------
Louisiana 1.9%
------------------------------------
Pennsylvania 1.9%
------------------------------------
Nevada 1.8%
------------------------------------
District of Columbia 1.8%
------------------------------------
Florida 1.8%
------------------------------------
Other 14.5%
------------------------------------
Sectors
(as a % of total investments)
------------------------------------
Tax Obligation/Limited 19.8%
------------------------------------
Healthcare 19.2%
------------------------------------
Utilities 12.0%
------------------------------------
U.S. Guaranteed 11.1%
------------------------------------
Tax Obligation/General 10.4%
------------------------------------
Transportation 10.4%
------------------------------------
Consumer Staples 5.4%
------------------------------------
Other 11.7%
------------------------------------
Credit Quality
(as a % of total investments)
------------------------------------
AAA/U.S. Guaranteed 54%
------------------------------------
AA 13% [PIE CHART]
------------------------------------
A 12%
------------------------------------
BBB 13%
------------------------------------
BB or Lower 7%
------------------------------------
NR 1%
Bar Chart:
2004-2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
May 0.04
Jun 0.039
Jul 0.039
Aug 0.039
Sep 0.039
Oct 0.039
Nov 0.039
Dec 0.039
Jan 0.039
Feb 0.039
Mar 0.039
Apr 0.039
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
5/1/04 8.85
8.82
8.81
8.8
8.66
8.71
8.82
8.73
8.67
8.78
8.77
8.8
8.86
8.91
8.96
8.92
8.95
8.97
8.99
8.98
8.98
9.01
9
8.92
8.93
8.92
8.9
8.88
8.85
8.74
8.75
8.73
8.73
8.74
8.71
8.71
8.7
8.77
8.74
8.7
8.73
8.77
8.86
8.98
8.97
9.02
9.01
9.05
9.05
8.98
8.98
8.99
9.03
9.04
8.99
8.91
8.94
8.91
8.89
8.89
8.86
8.84
8.89
8.89
8.94
8.95
8.99
8.99
9.07
9.05
9.03
9
8.99
9.04
9.07
9.11
9.08
9.08
9.1
9.07
9.12
9.12
9.14
9.16
9.17
9.18
9.19
9.18
9.14
9.2
9.19
9.19
9.21
9.18
9.21
9.17
9.25
9.24
9.24
9.26
9.28
9.23
9.27
9.27
9.28
9.22
9.17
9.16
9.1
9.14
9.17
9.16
9.22
9.21
9.26
9.22
9.21
9.24
9.25
9.24
9.29
9.27
9.3
9.33
9.32
9.33
9.32
9.36
9.33
9.37
9.35
9.38
9.27
9.09
9.27
9.19
9.28
9.33
9.31
9.28
9.32
9.26
9.2
9.23
9.21
9.2
9.16
9.1
9.1
9.17
9.1
9.19
9.21
9.23
9.21
9.24
9.19
9.15
9.14
9.14
9.1
9.09
9.09
9.12
9.08
9.1
9.09
9.12
9.11
9.12
9.19
9.2
9.17
9.17
9.18
9.2
9.23
9.23
9.19
9.17
9.19
9.26
9.25
9.29
9.29
9.32
9.31
9.29
9.3
9.31
9.32
9.32
9.33
9.33
9.36
9.38
9.42
9.42
9.45
9.41
9.42
9.4
9.42
9.38
9.35
9.29
9.35
9.42
9.43
9.4
9.41
9.41
9.39
9.39
9.41
9.42
9.3
9.3
9.18
9.18
9.15
9.13
9.18
9.15
9.09
9.02
8.97
9.07
9.01
9.03
9.06
9.17
9.2
9.19
9.2
9.2
9.15
9.19
9.22
9.24
9.2
9.21
9.24
9.25
9.26
9.24
9.21
9.23
9.23
9.22
9.25
9.26
9.31
4/30/05 9.31
(1) Taxable-equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a federal income tax rate of 28%. For
investments that generate qualified dividend income, the
taxable-equivalent yield is lower.
(2) The Fund also paid shareholders capital gains and net ordinary income
distributions in December 2004 of $0.0622 per share.
8
Nuveen Municipal Income Fund, Inc.
NMI
Performance
Overview As of April 30, 2005
Credit Quality
(as a % of total investments)
------------------------------------
AAA/U.S. Guaranteed 17%
------------------------------------
AA 10%
------------------------------------
A 12% [PIE CHART]
------------------------------------
BBB 39%
------------------------------------
BB or Lower 11%
------------------------------------
NR 11%
Bar Chart:
2004-2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
May 0.044
Jun 0.044
Jul 0.044
Aug 0.044
Sep 0.044
Oct 0.044
Nov 0.044
Dec 0.044
Jan 0.044
Feb 0.044
Mar 0.044
Apr 0.044
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
5/1/04 9.65
9.79
9.7
9.61
9.27
9.22
9.2
9.1
9.26
9.33
9.16
9.2
9.23
9.24
9.29
9.35
9.29
9.4
9.34
9.36
9.36
9.32
9.39
9.34
9.32
9.35
9.3
9.19
9.21
9.14
9.34
9.14
9.24
9.28
9.37
9.48
9.53
9.56
9.55
9.49
9.5
9.48
9.41
9.6
9.53
9.6
9.6
9.6
9.66
9.84
9.63
9.57
9.55
9.6
9.56
9.45
9.37
9.49
9.49
9.47
9.47
9.5
9.59
9.59
9.77
9.72
9.65
9.62
9.82
9.89
9.82
9.78
9.72
9.84
9.84
9.78
10
9.98
10
9.91
9.76
9.86
9.8
9.91
9.98
9.99
10.05
9.98
9.93
9.89
10.23
10.06
10.1
10.1
10
10
10.07
10.04
9.95
9.95
9.93
9.96
9.92
9.95
9.91
9.92
9.87
9.96
9.97
9.9
9.94
9.91
9.96
10.08
10.17
10.17
10.02
10.17
10.02
10.07
10
10.05
10.03
10.09
10.05
10.09
10.03
10.08
10.02
10
9.97
9.94
9.75
9.58
9.68
9.7
9.71
9.75
9.75
9.84
9.92
9.95
9.75
9.75
9.83
10.02
9.96
9.86
9.85
9.84
9.8
9.81
9.98
10.13
10.12
10.14
9.99
10.05
9.91
9.91
9.98
9.9
9.9
10.06
9.89
9.84
9.84
9.89
9.85
9.83
9.85
9.82
9.8
9.85
9.86
9.94
9.92
9.94
9.96
10.01
9.9
9.95
9.96
10.13
9.95
10.17
10.12
10.25
10.18
10.16
10.19
10.25
10.24
10.45
10.82
10.7
10.5
10.6
10.6
10.45
10.47
10.46
10.35
10.27
10.17
10.07
10.04
10.14
10.17
10.11
10.04
10.03
10.04
10.1
10.15
10.19
10
10.02
10
10.02
10.03
10.12
10.06
10.06
10.02
9.82
9.8
9.8
9.86
9.96
9.85
9.94
10.1
10.05
9.92
9.96
9.9
9.82
9.9
9.85
9.81
9.83
9.76
9.92
10.02
9.99
9.94
9.97
9.92
9.85
9.9
10.05
10.03
4/30/05 10.03
Fund Snapshot
------------------------------------
Share Price $10.03
------------------------------------
Net Asset Value $10.91
------------------------------------
Premium/(Discount) to NAV -8.07%
------------------------------------
Market Yield 5.26%
------------------------------------
Taxable-Equivalent Yield(1) 7.31%
------------------------------------
Net Assets ($000) $88,483
------------------------------------
Average Effective
Maturity on Securities
(Years) 17.87
------------------------------------
Modified Duration 5.36
-----------------------------------
Average Annual Total Return
(Inception 4/20/88)
------------------------------------
On Share Price On NAV
------------------------------------
6-Month
(Cumulative) 2.16% 3.89%
------------------------------------
1-Year 8.73% 9.68%
------------------------------------
5-Year 4.01% 5.15%
------------------------------------
10-Year 4.50% 5.44%
------------------------------------
States
(as a % of total investments)
------------------------------------
California 18.1%
------------------------------------
Texas 7.5%
------------------------------------
Illinois 6.8%
------------------------------------
New York 6.4%
------------------------------------
Connecticut 5.8%
------------------------------------
Pennsylvania 5.8%
------------------------------------
Colorado 5.4%
------------------------------------
South Carolina 5.0%
------------------------------------
Michigan 4.3%
------------------------------------
Indiana 4.1%
------------------------------------
Ohio 3.3%
------------------------------------
Florida 3.2%
------------------------------------
Virginia 3.2%
------------------------------------
Virgin Islands 3.1%
------------------------------------
Massachusetts 2.9%
------------------------------------
Louisiana 2.7%
------------------------------------
Other 12.4%
------------------------------------
Sectors
(as a % of total investments)
------------------------------------
Utilities 20.7%
------------------------------------
Tax Obligation/Limited 19.1%
------------------------------------
Healthcare 17.3%
------------------------------------
Consumer Staples 7.8%
------------------------------------
Materials 6.9%
------------------------------------
Tax Obligation/General 6.9%
------------------------------------
Education and Civic
Organizations 6.8%
------------------------------------
U.S. Guaranteed 5.3%
------------------------------------
Transportation 5.2%
------------------------------------
Other 4.0%
------------------------------------
(1) Taxable-equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a federal income tax rate of 28%. For
investments that generate qualified dividend income, the
taxable-equivalent yield is lower.
(2) The Fund also paid shareholders a net ordinary income distribution in
December 2004 of $0.0002 per share.
9
Nuveen Municipal Value Fund, Inc. (NUV)
Portfolio of
Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
----------------------------------------------------------------------------------------------------------------------------------
Alabama - 1.3%
$ 1,450 Alabama Housing Finance Authority, Collateralized Home Mortgage
Program Single Family Mortgage Revenue Bonds, Series 1998A-2,
5.450%, 10/01/28 (Alternative Minimum Tax) 4/08 at 102.00 Aaa $ 1,485,786
5,000 Courtland Industrial Development Board, Alabama, Solid Waste
Disposal Revenue Bonds, Champion International Paper Corporation,
Series 1999A, 6.700%, 11/01/29 (Alternative Minimum Tax) 11/09 at 101.00 Baa2 5,438,100
1,750 Huntsville Healthcare Authority, Alabama, Revenue Bonds, Series
2001A, 5.750%, 6/01/31 6/11 at 101.00 A2 1,862,298
4,000 Jasper Medical Clinic Board, Alabama, Hospital Revenue Bonds,
Walker Regional Medical Center Inc., Series 1993,
6.375%, 7/01/18 7/05 at 100.00 Baa2 4,053,800
12,000 Jefferson County, Alabama, Sewer Revenue Capital Improvement
Warrants, Series 1999A, 5.375%, 2/01/36 (Pre-refunded to
2/01/09) - FGIC Insured 2/09 at 101.00 AAA 13,121,760
----------------------------------------------------------------------------------------------------------------------------------
Alaska - 0.5%
3,335 Alaska Housing Finance Corporation, General Housing Purpose
Bonds, Series 2005A, 5.000%, 12/01/30 - FGIC Insured 12/14 at 100.00 AAA 3,490,845
3,000 Anchorage, Alaska, General Obligation Bonds, Series 2003B,
5.000%, 9/01/23 - FGIC Insured 9/13 at 100.00 AAA 3,213,420
3,030 Northern Tobacco Securitization Corporation, Alaska, Tobacco
Settlement Asset-Backed Bonds, Series 2000, 6.200%, 6/01/22 6/10 at 100.00 BBB 3,077,904
----------------------------------------------------------------------------------------------------------------------------------
Arizona - 1.2%
4,900 Arizona Health Facilities Authority, Hospital System Revenue
Bonds, Phoenix Children's Hospital, Series 1999A,
6.250%, 11/15/29 11/09 at 100.00 Ba2 4,978,988
1,400 Arizona Health Facilities Authority, Hospital System Revenue
Bonds, Phoenix Children's Hospital, Series 2002A,
6.250%, 2/15/21 2/12 at 101.00 Ba2 1,435,378
13,100 Arizona Health Facilities Authority, Hospital Revenue Bonds,
Catholic Healthcare West, Series 1999A, 6.625%, 7/01/20 7/10 at 101.00 A- 14,625,757
3,000 Phoenix Industrial Development Authority, Arizona, GNMA
Collateralized Multifamily Housing Revenue Bonds, Park Lee
Apartments, Series 2004A, 5.050%, 10/20/44 (Alternative
Minimum Tax) 4/15 at 100.00 Aaa 3,031,350
----------------------------------------------------------------------------------------------------------------------------------
Arkansas - 0.8%
10,460 Cabot School District 4, Lonoke County, Arkansas, General
Obligation Refunding Bonds, Series 2003, 5.000%,
2/01/32 - AMBAC Insured 8/08 at 100.00 Aaa 10,827,041
585 Conway, Arkansas, Sales and Use Tax Capital Improvement Bonds,
Series 1997A, 5.350%, 12/01/17 - FSA Insured 12/06 at 101.00 AAA 612,624
2,750 Jefferson County, Arkansas, Pollution Control Revenue Refunding
Bonds, Entergy Arkansas Inc., Series 1997, 5.600%, 10/01/17 6/05 at 100.00 Baa2 2,753,190
2,000 University of Arkansas, Fayetteville, Various Facilities Revenue
Bonds, Series 2002, 5.000%, 12/01/32 - FGIC Insured 12/12 at 100.00 Aaa 2,081,080
----------------------------------------------------------------------------------------------------------------------------------
California - 9.6%
7,310 California Educational Facilities Authority, Revenue Bonds,
Loyola Marymount University, Series 2000, 0.000%, 10/01/24
(Pre-refunded to 10/01/09) - MBIA Insured 10/09 at 39.19 Aaa 2,500,312
3,975 California Infrastructure Economic Development Bank, Revenue
Bonds, J. David Gladstone Institutes, Series 2001,
5.250%, 10/01/34 10/11 at 101.00 A- 4,117,822
California, General Obligation Bonds, Series 2003:
14,600 5.250%, 2/01/28 8/13 at 100.00 A 15,502,134
11,250 5.000%, 2/01/33 8/13 at 100.00 A 11,606,175
7,500 California, General Obligation Bonds, Series 2004, 5.000%, 2/01/33 2/14 at 100.00 A 7,749,225
10
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
----------------------------------------------------------------------------------------------------------------------------------
California (continued)
California Department of Water Resources, Power Supply Revenue
Bonds, Series 2002A:
$ 10,000 5.125%, 5/01/19 5/12 at 101.00 A2 $ 10,697,000
10,000 5.250%, 5/01/20 5/12 at 101.00 A2 10,817,000
17,155 California State Public Works Board, Lease Revenue Refunding
Bonds, Various University of California Projects, Series
1993A, 5.500%, 6/01/21 6/05 at 100.00 Aa2 17,176,272
15,500 California Statewide Community Development Authority,
Certificates of Participation, Internext Group, Series 1999,
5.375%, 4/01/17 4/09 at 101.00 BBB- 15,824,415
3,000 Capistrano Unified School District, Orange County, California,
Special Tax Bonds, Community Facilities District 98-2 - Ladera,
Series 1999, 5.750%, 9/01/29 (Pre-refunded to 9/01/09) 9/09 at 102.00 N/R*** 3,350,010
5,895 Central California Joint Powers Health Finance Authority,
Certificates of Participation, Community Hospitals of Central
California, Series 1993, 5.000%, 2/01/23 8/05 at 100.00 Baa2 5,836,404
Foothill/Eastern Transportation Corridor Agency, California,
Toll Road Revenue Bonds, Series 1995A:
30,000 0.000%, 1/01/22 No Opt. Call AAA 14,262,600
2,500 6.000%, 1/01/34 (Pre-refunded to 1/01/07) 1/07 at 100.00 AAA 2,632,850
3,500 Golden State Tobacco Securitization Corporation, California,
Tobacco Settlement Asset-Backed Bonds, Series 2003A-1,
6.750%, 6/01/39 6/13 at 100.00 BBB 3,717,840
33,150 Golden State Tobacco Securitization Corporation, California,
Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2003B,
5.000%, 6/01/38 - AMBAC Insured 6/13 at 100.00 AAA 33,912,119
9,000 Los Angeles Department of Water and Power, California, Waterworks
Revenue Refunding Bonds, Series 2001A, 5.125%, 7/01/41 7/11 at 100.00 AA 9,300,600
4,000 Los Angeles Regional Airports Improvement Corporation, California,
Sublease Revenue Bonds, Los Angeles International Airport,
American Airlines Inc. Terminal 4 Project, Series 2002C, 7.500%,
12/01/24 (Alternative Minimum Tax) 12/12 at 102.00 B- 4,193,680
8,000 Rancho Mirage Joint Powers Financing Authority, California,
Revenue Bonds, Eisenhower Medical Center, Series 2004,
5.625%, 7/01/34 7/14 at 100.00 A3 8,401,440
7,300 San Diego County, California, Certificates of Participation,
Burnham Institute, Series 1999, 6.250%, 9/01/29 9/09 at 101.00 Baa3 7,679,673
2,599 Yuba County Water Agency, California, Yuba River Development
Revenue Bonds, Pacific Gas and Electric Company, Series
1966A, 4.000%, 3/01/16 9/05 at 100.00 Baa3 2,598,870
----------------------------------------------------------------------------------------------------------------------------------
Colorado - 2.8%
1,800 Colorado Educational and Cultural Facilities Authority, Charter
School Revenue Bonds, Peak-to-Peak Charter School, Series 2001,
7.625%, 8/15/31 (Pre-refunded to 8/15/11) 8/11 at 100.00 AAA 2,227,554
2,000 Colorado Health Facilities Authority, Revenue Bonds, Catholic
Health Initiatives, Series 2002A, 5.500%, 3/01/32 3/12 at 100.00 AA*** 2,233,320
500 Colorado Health Facilities Authority, Revenue Bonds, Vail Valley
Medical Center, Series 2001, 5.750%, 1/15/22 1/12 at 100.00 BBB 530,615
2,580 Colorado Health Facilities Authority, Revenue Bonds, Sisters of
Charity Healthcare Systems Inc., Series 1994, 5.250%, 5/15/14 5/05 at 101.00 AA 2,609,954
18,915 Denver, Colorado, Airport System Revenue Refunding Bonds, Series
2003B, 5.000%, 11/15/33 - XLCA Insured 11/13 at 100.00 AAA 19,707,349
5,000 E-470 Public Highway Authority, Colorado, Senior Revenue Bonds,
Series 2000A, 5.750%, 9/01/35 - MBIA Insured 9/10 at 102.00 AAA 5,600,300
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds,
Series 2000B:
39,700 0.000%, 9/01/28 (Pre-refunded to 9/01/10) - MBIA Insured 9/10 at 31.42 AAA 10,337,086
15,000 0.000%, 9/01/32 - MBIA Insured No Opt. Call AAA 3,812,100
10,000 E-470 Public Highway Authority, Colorado, Toll Revenue Bonds,
Series 2004B, 0.000%, 3/01/36 - MBIA Insured No Opt. Call AAA 1,858,800
1,450 Northwest Parkway Public Highway Authority, Colorado, Revenue
Bonds, Senior Series 2001A, 5.500%, 6/15/19 - AMBAC Insured 6/11 at 102.00 AAA 1,626,683
7,000 Northwest Parkway Public Highway Authority, Colorado, Revenue
Bonds, Senior Series 2001C, 0.000%, 6/15/21 - AMBAC Insured 6/16 at 100.00 AAA 5,736,010
11
Nuveen Municipal Value Fund, Inc. (NUV) (continued)
Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
----------------------------------------------------------------------------------------------------------------------------------
District of Columbia - 1.8%
Washington Convention Center Authority, District of Columbia,
Senior Lien Dedicated Tax Revenue Bonds, Series 1998:
$ 2,500 5.250%, 10/01/15 - AMBAC Insured 10/08 at 101.00 AAA $ 2,678,400
32,115 4.750%, 10/01/28 - AMBAC Insured (DD, settling 5/02/05) 10/08 at 100.00 AAA 32,303,194
----------------------------------------------------------------------------------------------------------------------------------
Florida - 1.7%
4,000 Escambia County Health Facilities Authority, Florida, Revenue
Bonds, Ascension Health Credit Group, Series 2002C,
5.750%, 11/15/32 11/12 at 101.00 AA 4,391,920
10,690 Jacksonville, Florida, Better Jacksonville Sales Tax Revenue
Bonds, Series 2001, 5.000%, 10/01/30 AMBAC Insured 10/11 at 100.00 AAA 11,078,368
4,880 Lee County, Florida, Airport Revenue Bonds, Series 2000A,
6.000%, 10/01/32 (Alternative Minimum Tax) - FSA Insured 10/10 at 101.00 AAA 5,447,593
5,000 Orange County Health Facilities Authority, Florida, Hospital
Revenue Bonds, Orlando Regional Healthcare System, Series
1999E, 6.000%, 10/01/26 10/09 at 101.00 A 5,292,200
8,250 Orange County School Board, Florida, Certificates of
Participation, Series 2002A, 5.000%, 8/01/27- MBIA Insured 8/12 at 100.00 AAA 8,598,315
----------------------------------------------------------------------------------------------------------------------------------
Georgia - 2.2%
2,500 Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series
2001A, 5.000%, 11/01/33 - MBIA Insured 5/12 at 100.00 AAA 2,591,575
10,040 Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series
1999A, 5.000%, 11/01/38 - FGIC Insured 5/09 at 101.00 AAA 10,332,867
4,000 Augusta, Georgia, Water and Sewerage Revenue Bonds, Series 2004,
5.250%, 10/01/39 - FSA Insured 10/14 at 100.00 AAA 4,290,120
Coffee County Hospital Authority, Georgia, Revenue Anticipation
Certificates, Coffee Regional Medical Center Inc., Series 1997A:
900 6.250%, 12/01/06 No Opt. Call N/R*** 942,525
21,100 6.750%, 12/01/26 (Pre-refunded to 12/01/06) 12/06 at 102.00 N/R*** 22,660,345
2,250 Royston Hospital Authority, Georgia, Revenue Anticipation
Certificates, Ty Cobb Healthcare System Inc. Project, Series
1999, 6.500%, 7/01/27 7/09 at 102.00 N/R 2,245,815
----------------------------------------------------------------------------------------------------------------------------------
Hawaii - 0.4%
7,500 Hawaii, General Obligation Bonds, Series 2003DA, 5.250%, 9/01/23
- MBIA Insured 9/13 at 100.00 AAA 8,237,400
----------------------------------------------------------------------------------------------------------------------------------
Illinois - 11.4%
2,060 Aurora, Illinois, Golf Course Revenue Bonds, Series 2000,
6.375%, 1/01/20 1/10 at 100.00 A+ 2,259,120
10,000 Chicago, Illinois, General Obligation Refunding Bonds, Series
2002A, 5.625%, 1/01/39 - AMBAC Insured 7/12 at 100.00 AAA 11,115,900
2,425 Chicago Board of Education, Illinois, Unlimited Tax General
Obligation Bonds, Dedicated Tax Revenues, Series 1997A,
5.250%, 12/01/22 - AMBAC Insured 12/07 at 102.00 AAA 2,583,086
15,000 Chicago Board of Education, Illinois, Unlimited Tax General
Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1,
0.000%, 12/01/24 - FGIC Insured No Opt. Call AAA 5,805,450
5,000 Chicago Housing Authority, Illinois, Revenue Bonds, Capital Fund
Program, Series 2001, 5.375%, 7/01/18 7/12 at 100.00 AA*** 5,334,750
1,125 Chicago Greater Metropolitan Sanitary District, Illinois,
General Obligation Capital Improvement Bonds, Series 1991,
7.000%, 1/01/11 No Opt. Call Aaa 1,306,192
2,575 Chicago, Illinois, Second Lien Passenger Facility Charge Revenue
Bonds, O'Hare International Airport, Series 2001C, 5.100%,
1/01/26 (Alternative Minimum Tax) - AMBAC Insured 1/11 at 101.00 AAA 2,654,207
3,020 Cook County High School District 209, Proviso Township, Illinois,
General Obligation Bonds, Series 2004, 0.000%,
12/01/19 - FSA Insured 12/16 at 100.00 AAA 2,834,934
2,000 DuPage County Community School District 200, Wheaton, Illinois,
General Obligation Bonds, Series 2003B, 5.250%,
11/01/20 - FSA Insured 11/13 at 100.00 Aaa 2,199,920
3,995 Illinois Development Finance Authority, Industrial Development
Revenue Bonds, Plano Molding Company, Series 1992, 7.750%,
6/01/12 (Alternative Minimum Tax) 6/05 at 100.00 N/R 3,995,479
12
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
----------------------------------------------------------------------------------------------------------------------------------
Illinois (continued)
$ 5,000 Illinois Development Finance Authority, Gas Supply Revenue Bonds,
Peoples Gas, Light and Coke Company, Series 2003E, 4.875%,
11/01/38 (Alternative Minimum Tax) (Mandatory put 11/01/18)
- AMBAC Insured 11/13 at 101.00 AAA $ 5,137,850
28,030 Illinois Development Finance Authority, Local Government Program
Revenue Bonds, Kane, Cook and DuPage Counties School District
U46 - Elgin, Series 2002, 0.000%, 1/01/19 - FSA Insured No Opt. Call Aaa 15,091,913
Illinois Development Finance Authority, Revenue Bonds,
Presbyterian Home of Lake Forest, Series 1996B:
6,495 6.400%, 9/01/31 (Pre-refunded to 9/01/06) 9/06 at 102.00 AAA 6,930,165
990 6.400%, 9/01/31 - FSA Insured 9/06 at 102.00 AAA 1,052,489
1,800 Illinois Development Finance Authority, Local Government Program
Revenue Bonds, Winnebago and Boone Counties School District
205 - Rockford, Series 2000, 0.000%, 2/01/19 - FSA Insured No Opt. Call Aaa 961,614
3,180 Illinois Development Finance Authority, Revenue Bonds, Chicago
Charter School Foundation, Series 2002A, 6.250%, 12/01/32 12/21 at 100.00 BBB 3,304,974
8,000 Illinois Development Finance Authority, Revenue Bonds, Illinois
Wesleyan University, Series 2001, 5.125%,
9/01/35 - AMBAC Insured 9/11 at 100.00 AAA 8,311,920
5,000 Illinois Finance Authority, Revenue Bonds, Northwestern Memorial
Hospital, Series 2004A, 5.500%, 8/15/43 8/14 at 100.00 AA+ 5,361,500
18,015 Illinois Health Facilities Authority, Revenue Bonds,
Rush-Presbyterian St. Luke's Medical Center 5/05 at 101.00 AAA 18,205,599
Obligated Group, Series 1993, 5.250%, 11/15/20 - MBIA Insured
4,350 Illinois Health Facilities Authority, Revenue Bonds, South
Suburban Hospital, Series 1992, 7.000%, 2/15/18 No Opt. Call A*** 5,367,030
8,145 Illinois Health Facilities Authority, Revenue Bonds, Sherman
Health Systems, Series 1997, 5.250%, 8/01/22 - AMBAC Insured 8/07 at 101.00 AAA 8,521,869
15,000 Illinois Health Facilities Authority, Revenue Bonds, Condell
Medical Center, Series 2000, 6.500%, 5/15/30 5/10 at 101.00 Baa2 16,116,450
15,000 Illinois Health Facilities Authority, Revenue Bonds, Edward
Hospital Obligated Group, Series 2001B, 5.250%, 2/15/34 -
FSA Insured 2/11 at 101.00 AAA 15,767,700
5,000 Illinois Sports Facility Authority, State Tax Supported Bonds,
Series 2001, 0.000%, 6/15/30 - AMBAC Insured 6/15 at 101.00 AAA 4,099,150
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Expansion Project, Series 1992A:
18,955 0.000%, 6/15/17 - FGIC Insured No Opt. Call AAA 11,115,022
12,830 0.000%, 6/15/18 - FGIC Insured No Opt. Call AAA 7,144,257
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Expansion Project, Series 1994B:
7,250 0.000%, 6/15/18 - MBIA Insured No Opt. Call AAA 4,037,090
3,385 0.000%, 6/15/21 - MBIA Insured No Opt. Call AAA 1,610,312
5,190 0.000%, 6/15/28 - MBIA Insured No Opt. Call AAA 1,701,749
10,575 0.000%, 6/15/29 - FGIC Insured No Opt. Call AAA 3,296,439
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Refunding Bonds, McCormick Place Expansion Project, Series 1996A:
16,550 0.000%, 12/15/21 - MBIA Insured No Opt. Call AAA 7,681,352
1,650 5.250%, 6/15/27 - AMBAC Insured 6/06 at 102.00 AAA 1,715,423
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Expansion Project, Series 2002A:
10,000 0.000%, 6/15/24 - MBIA Insured 6/22 at 101.00 AAA 6,047,300
21,375 0.000%, 6/15/34 - MBIA Insured No Opt. Call AAA 5,130,000
21,000 0.000%, 12/15/35 - MBIA Insured No Opt. Call AAA 4,668,930
20,000 0.000%, 6/15/36 - MBIA Insured No Opt. Call AAA 4,332,200
18,855 0.000%, 6/15/39 - MBIA Insured No Opt. Call AAA 3,483,461
2,150 5.250%, 6/15/42 - MBIA Insured 6/12 at 101.00 AAA 2,309,337
13
Nuveen Municipal Value Fund, Inc. (NUV) (continued)
Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
----------------------------------------------------------------------------------------------------------------------------------
Illinois (continued)
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Refunding Bonds, McCormick Place Expansion Project, Series 2002B:
$ 3,000 0.000%, 6/15/20 - MBIA Insured 6/17 at 101.00 AAA $ 2,314,590
2,950 0.000%, 6/15/21 - MBIA Insured 6/17 at 101.00 AAA 2,267,901
935 Tri-City Regional Port District, Illinois, Port and Terminal
Facilities Revenue Refunding Bonds, Dock 2 Enhancement Project,
Series 1998B, 5.875%, 7/01/08 (Alternative Minimum Tax) No Opt. Call N/R 974,373
1,150 Tri-City Regional Port District, Illinois, Port and Terminal
Facilities Revenue Refunding Bonds, Delivery Network Project,
Series 2003A, 4.900%, 7/01/14 (Alternative Minimum Tax) No Opt. Call N/R 1,159,994
2,295 Will County Community School District 161, Summit Hill, Illinois,
Capital Appreciation School Bonds, Series 1999, 0.000%,
1/01/18 - FGIC Insured No Opt. Call Aaa 1,289,698
----------------------------------------------------------------------------------------------------------------------------------
Indiana - 4.7%
10,000 Indiana Bond Bank, State Revolving Fund Program Bonds, Series
2001A, 5.375%, 2/01/19 2/13 at 101.00 AAA 11,144,900
2,000 Indiana Health Facility Financing Authority, Hospital Revenue
Bonds, Deaconess Hospital Inc., Series 2004A, 5.375%,
3/01/34 - AMBAC Insured 3/14 at 100.00 AAA 2,153,540
10,520 Indiana Health Facility Financing Authority, Hospital Revenue
Bonds, Sisters of St. Francis Health Services Inc., Series 1997A,
5.375%, 11/01/27 - MBIA Insured 11/07 at 102.00 AAA 11,178,973
17,105 Indiana Health Facility Financing Authority, Hospital Revenue
Bonds, Clarian Health Partners Inc., Series 1996A,
6.000%, 2/15/21 2/07 at 102.00 AA- 18,027,473
20,000 Indiana Transportation Finance Authority, Highway Revenue Bonds,
Series 2003A, 5.000%, 6/01/28 - FSA Insured 6/13 at 100.00 AAA 20,929,200
Indianapolis Local Public Improvement Bond Bank, Indiana,
Series 1999E:
12,500 0.000%, 2/01/21 - AMBAC Insured No Opt. Call AAA 5,929,500
14,595 0.000%, 2/01/27 - AMBAC Insured No Opt. Call AAA 4,931,651
5,000 Mooresville School Building Corporation, Morgan County, Indiana,
First Mortgage Bonds, Series 1998, 5.000%, 7/15/15 - FSA Insured 1/09 at 102.00 AAA 5,346,200
13,100 Noblesville, Indiana, Revenue Bonds, Catholic High School
Corporation, Series 2003, 5.750%, 7/01/22 7/13 at 101.00 N/R 13,672,601
----------------------------------------------------------------------------------------------------------------------------------
Iowa - 0.5%
3,500 Iowa Higher Education Loan Authority, Private College Facility
Revenue Bonds, Wartburg College, Series 2002, 5.500%,
10/01/33 - ACA Insured 10/12 at 100.00 A 3,710,700
5,820 Iowa Tobacco Settlement Authority, Tobacco Settlement Asset-
Backed Revenue Bonds, Series 2001B, 5.600%, 6/01/35 6/11 at 101.00 BBB 5,539,825
----------------------------------------------------------------------------------------------------------------------------------
Kansas - 0.5%
10,000 Kansas Department of Transportation, Highway Revenue Bonds,
Series 2004A, 5.000%, 3/01/22 3/14 at 100.00 AA+ 10,703,300
----------------------------------------------------------------------------------------------------------------------------------
Kentucky - 0.1%
1,755 Greater Kentucky Housing Assistance Corporation, FHA-Insured
Section 8 Mortgage Revenue Refunding Bonds, Series 1997A,
6.100%, 1/01/24 - MBIA Insured 7/05 at 100.00 AAA 1,756,931
----------------------------------------------------------------------------------------------------------------------------------
Louisiana - 1.9%
1,000 East Baton Rouge Parish, Louisiana, Revenue Refunding Bonds,
Georgia Pacific Corporation Project, Series 1998, 5.350%,
9/01/11 (Alternative Minimum Tax) 3/08 at 102.00 Ba3 1,000,770
13,385 Louisiana Public Facilities Authority, Hospital Revenue
Refunding Bonds, Southern Baptist Hospital, Series 1986,
8.000%, 5/15/12 5/05 at 100.00 AAA 15,583,620
20,880 Tobacco Settlement Financing Corporation, Louisiana, Tobacco
Settlement Asset-Backed Bonds, Series 2001B, 5.875%, 5/15/39 5/11 at 101.00 BBB 20,787,919
----------------------------------------------------------------------------------------------------------------------------------
Maryland - 1.0%
10,900 Maryland Community Development Administration, Residential
Revenue Bonds, Series 1997B, 5.875%, 9/01/25
(Alternative Minimum Tax) 3/07 at 101.50 Aa2 11,269,510
14
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
----------------------------------------------------------------------------------------------------------------------------------
Maryland (continued)
$ 3,500 Maryland Energy Financing Administration, Revenue Bonds, AES
Warrior Run Project, Series 1995, 7.400%, 9/01/19 (Alternative
Minimum Tax) 9/05 at 102.00 N/R $ 3,577,595
4,600 Maryland Health and Higher Educational Facilities Authority,
Revenue Bonds, Medstar Health, Series 2004, 5.500%, 8/15/33 8/14 at 100.00 Baa1 4,743,060
----------------------------------------------------------------------------------------------------------------------------------
Massachusetts - 2.8%
10,000 Massachusetts Bay Transportation Authority, Senior Sales Tax
Revenue Refunding Bonds, Series 2002A, 5.000%, 7/01/32 7/12 at 100.00 AAA 10,408,700
110 Massachusetts Municipal Wholesale Electric Company, Power Supply
System Revenue Bonds, Nuclear Project 6, Series 1987A, 8.750%,
7/01/18 (Pre-refunded to 7/01/05) 7/05 at 100.00 Aaa 111,162
1,720 Massachusetts Development Finance Agency, Resource Recovery
Revenue Bonds, Ogden Haverhill Associates, Series 1998B,
5.100%, 12/01/12 (Alternative Minimum Tax) 12/08 at 102.00 BBB 1,732,384
4,000 Massachusetts Health and Educational Facilities Authority, Revenue
Bonds, Cape Cod Health Care Inc., Series 2001C, 5.250%,
11/15/31 - RAAI Insured 11/11 at 101.00 AA 4,198,240
Massachusetts Health and Educational Facilities Authority, Revenue
Bonds, Northern Berkshire Community Services Inc., Series 2004B:
1,340 6.250%, 7/01/24 7/14 at 100.00 BB 1,346,352
1,000 6.375%, 7/01/34 7/14 at 100.00 BB 1,006,640
16,400 Massachusetts Turnpike Authority, Metropolitan Highway System
Revenue Bonds, Senior Series 1997A, 5.000%, 1/01/37 -
MBIA Insured 1/07 at 102.00 AAA 16,771,132
8,000 Massachusetts Turnpike Authority, Metropolitan Highway System
Revenue Bonds, Subordinate Series 1997B, 5.125%,
1/01/37 - MBIA Insured 1/07 at 102.00 AAA 8,353,280
5,000 Massachusetts Turnpike Authority, Metropolitan Highway System
Revenue Bonds, Subordinate Series 1999A, 5.000%, 1/01/39
- AMBAC Insured 1/09 at 101.00 AAA 5,130,450
Massachusetts Water Pollution Abatement Trust, Pooled Loan
Program Bonds, Series 6:
1,750 5.500%, 8/01/30 (Pre-refunded to 8/01/10) 8/10 at 101.00 AAA 1,959,633
4,250 5.500%, 8/01/30 8/10 at 101.00 AAA 4,647,120
----------------------------------------------------------------------------------------------------------------------------------
Michigan - 6.3%
6,000 Dearborn Hospital Finance Authority, Michigan, Hospital Revenue
Refunding Bonds, Oakwood Obligated Group, Series 1994A,
5.250%, 8/15/21 - MBIA Insured 8/05 at 101.00 AAA 6,129,180
10,390 Detroit Local Development Finance Authority, Michigan, Tax
Increment Bonds, Series 1998A, 5.500%, 5/01/21 5/09 at 101.00 BB- 9,768,678
14,000 Detroit, Michigan, Second Lien Sewerage Disposal System Revenue
Bonds, Series 2005A, 5.000%, 7/01/35 - MBIA Insured 7/15 at 100.00 AAA 14,711,340
1,400 Detroit, Michigan, Sewerage Disposal System Revenue Refunding
Bonds, Series 1995B, 5.250%, 7/01/15 (Pre-refunded to 7/01/05)
- MBIA Insured 7/05 at 101.00 AAA 1,420,230
5,240 Michigan Municipal Bond Authority, Clean Water Revolving Fund
Revenue Refunding Bonds, Series 2002, 5.250%, 10/01/19 10/12 at 100.00 AAA 5,753,887
Michigan Municipal Bond Authority, Public School Academy Revenue
Bonds, Detroit Academy of Arts and Sciences Charter School,
Series 2001A:
1,900 7.500%, 10/01/12 10/09 at 102.00 Ba1 2,021,239
5,000 7.900%, 10/01/21 10/09 at 102.00 Ba1 5,389,300
3,500 8.000%, 10/01/31 10/09 at 102.00 Ba1 3,771,775
Michigan State Hospital Finance Authority, Revenue Refunding
Bonds, Detroit Medical Center Obligated Group, Series 1993A:
1,000 6.250%, 8/15/13 8/05 at 100.00 Ba3 1,000,750
12,925 6.500%, 8/15/18 8/05 at 100.00 Ba3 12,936,891
22,235 Michigan State Hospital Finance Authority, Hospital Revenue
Bonds, Detroit Medical Center Obligated Group, Series 1998A,
5.250%, 8/15/28 8/08 at 101.00 Ba3 19,573,026
9,805 Michigan Housing Development Authority, Rental Housing Revenue
Bonds, Series 1995B, 6.150%, 10/01/15 - MBIA Insured 6/05 at 102.00 AAA 10,014,729
15
Nuveen Municipal Value Fund, Inc. (NUV) (continued)
Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
----------------------------------------------------------------------------------------------------------------------------------
Michigan (continued)
$ 25,000 Michigan Strategic Fund, Collateralized Limited Obligation
Pollution Control Revenue Refunding Bonds, Detroit Edison
Company, Series 1995AA, 6.400%, 9/01/25 - MBIA Insured 9/05 at 102.00 AAA $ 25,778,500
7,200 Michigan Strategic Fund, Limited Obligation Resource Recovery
Revenue Refunding Bonds, Detroit Edison Company, Series 2002D,
5.250%, 12/15/32 - XLCA Insured 12/12 at 100.00 AAA 7,612,128
----------------------------------------------------------------------------------------------------------------------------------
Minnesota - 0.1%
1,750 Breckenridge, Minnesota, Revenue Bonds, Catholic Health
Initiatives, Series 2004A, 5.000%, 5/01/30 5/14 at 100.00 AA 1,826,055
480 Minnesota Housing Finance Agency, Rental Housing Bonds, Series
1995D, 5.900%, 8/01/15 - MBIA Insured 8/05 at 102.00 AAA 490,114
----------------------------------------------------------------------------------------------------------------------------------
Missouri - 2.7%
2,000 Missouri-Illinois Metropolitan District Bi-State Development
Agency, Mass Transit Sales Tax Appropriation Bonds, Metrolink
Cross County Extension Project, Series 2002B, 5.000%, 10/01/32 -
FSA Insured 10/13 at 100.00 AAA 2,094,100
40,000 Missouri Health and Educational Facilities Authority, Revenue
Bonds, BJC Health System, Series 2003, 5.250%, 5/15/32 5/13 at 100.00 AA 42,290,000
4,000 Sugar Creek, Missouri, Industrial Development Revenue Bonds,
Lafarge North America Inc., Series 2003A, 5.650%, 6/01/37
(Alternative Minimum Tax) 6/13 at 101.00 BBB 4,144,960
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+ 1,770,598
1,000 5.600%, 11/15/17 11/07 at 101.00 BB+ 988,540
3,075 West Plains Industrial Development Authority, Missouri, Hospital
Facilities Revenue Bonds, Ozark Medical Center, Series 1999,
6.750%, 11/15/24 11/09 at 101.00 BB+ 3,174,845
----------------------------------------------------------------------------------------------------------------------------------
Montana - 0.2%
3,750 Forsyth, Rosebud County, Montana, Pollution Control Revenue
Refunding Bonds, Puget Sound Energy, Series 2003A, 5.000%,
3/01/31 - AMBAC Insured 3/13 at 101.00 AAA 3,909,713
----------------------------------------------------------------------------------------------------------------------------------
Nevada - 1.8%
2,500 Carson City, Nevada, Hospital Revenue Bonds, Carson-Tahoe
Hospital, Series 2003A, 5.125%, 9/01/29 - RAAI Insured 9/13 at 100.00 AA 2,595,150
Director of Nevada State Department of Business and Industry,
Revenue Bonds, Las Vegas Monorail Project, First Tier, Series
2000:
15,095 0.000%, 1/01/24 - AMBAC Insured No Opt. Call AAA 6,063,360
11,000 0.000%, 1/01/25 - AMBAC Insured No Opt. Call AAA 4,168,340
2,000 5.625%, 1/01/32 - AMBAC Insured 1/10 at 102.00 AAA 2,197,400
19,510 5.375%, 1/01/40 - AMBAC Insured 1/10 at 100.00 AAA 20,684,502
----------------------------------------------------------------------------------------------------------------------------------
New Jersey - 4.2%
23,625 New Jersey Economic Development Authority, Special Facilities
Revenue Bonds, Continental Airlines Inc., Series 1999, 6.250%,
9/15/29 (Alternative Minimum Tax) 9/09 at 101.00 B 19,174,995
9,000 New Jersey Economic Development Authority, Special Facilities
Revenue Bonds, Continental Airlines Inc., Series 2000, 7.000%,
11/15/30 (Alternative Minimum Tax) 11/10 at 101.00 B 7,920,630
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Trinitas Hospital Obligated Group, Series 2000:
250 7.375%, 7/01/15 7/10 at 101.00 BBB- 285,848
11,200 7.500%, 7/01/30 7/10 at 101.00 BBB- 12,588,688
7,500 New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2003C, 5.500%, 6/15/24
(Pre-refunded to 6/15/13) 6/13 at 100.00 AAA 8,580,750
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
1,490 6.500%, 1/01/16 - MBIA Insured No Opt. Call AAA 1,792,053
415 6.500%, 1/01/16 - MBIA Insured No Opt. Call AAA 503,129
16
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
----------------------------------------------------------------------------------------------------------------------------------
New Jersey (continued)
$ 26,680 Tobacco Settlement Financing Corporation, New Jersey, Tobacco
Settlement Asset-Backed Bonds, Series 2002, 6.125%, 6/01/42 6/12 at 100.00 BBB $ 26,867,027
6,250 Tobacco Settlement Financing Corporation, New Jersey, Tobacco
Settlement Asset-Backed Bonds, Series 2003, 6.250%, 6/01/43 6/13 at 100.00 BBB 6,362,563
----------------------------------------------------------------------------------------------------------------------------------
New Mexico - 0.6%
1,500 University of New Mexico, Revenue Refunding Bonds, Series 1992A,
6.000%, 6/01/21 No Opt. Call AA 1,794,255
9,600 University of New Mexico, Subordinate Lien Revenue Refunding and
Improvement Bonds, Series 2002A, 5.000%, 6/01/32 6/12 at 100.00 AA 9,958,368
----------------------------------------------------------------------------------------------------------------------------------
New York - 15.7%
5,360 East Rochester Housing Authority, New York, FHA-Insured Mortgage
Revenue Bonds, St. John's Meadows Project, Series 1997A, 5.600%,
8/01/17 - MBIA Insured 8/07 at 102.00 AAA 5,764,144
11,000 Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 1998A, 5.250%, 12/01/26 - MBIA Insured 6/08 at 101.00 AAA 11,674,080
15,500 Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2001A, 5.375%, 9/01/25 9/11 at 100.00 A- 16,712,565
39,610 New York City, New York, General Obligation Bonds, Fiscal
Series 1997G, 6.000%, 10/15/26 (Pre-refunded to 10/15/07) 10/07 at 101.00 Aaa 42,938,824
New York City, New York, General Obligation Bonds, Fiscal
Series 1997E:
8,130 6.000%, 8/01/16 (Pre-refunded to 8/01/06) 8/06 at 101.50 A1*** 8,580,158
1,870 6.000%, 8/01/16 8/06 at 101.50 A1 1,959,480
New York City, New York, General Obligation Bonds, Fiscal
Series 2003J:
15,000 5.500%, 6/01/21 6/13 at 100.00 A1 16,341,150
10,000 5.500%, 6/01/22 6/13 at 100.00 A1 10,865,500
5,000 New York City, New York, General Obligation Bonds, Fiscal Series
1996G, 5.750%, 2/01/14 (Pre-refunded to 2/01/06) 2/06 at 101.50 A1*** 5,190,600
New York City, New York, General Obligation Bonds, Fiscal
Series 2004C:
8,000 5.250%, 8/15/24 8/14 at 100.00 A1 8,579,920
6,000 5.250%, 8/15/25 8/14 at 100.00 A1 6,458,760
New York City, New York, General Obligation Bonds, Fiscal
Series 1998D:
765 5.500%, 8/01/10 (Pre-refunded to 8/01/07) 8/07 at 101.00 A1*** 816,263
12,630 5.500%, 8/01/10 8/07 at 101.00 A1 13,324,650
New York City Municipal Water Finance Authority, New York, Water
and Sewerage System Revenue Bonds, Fiscal Series 1996B:
5,280 5.750%, 6/15/26 (Pre-refunded to 6/15/06) - MBIA Insured 6/06 at 101.00 AAA 5,512,373
9,720 5.750%, 6/15/26 - MBIA Insured 6/06 at 101.00 AAA 10,146,319
5,500 New York City Municipal Water Finance Authority, New York, Water
and Sewerage System Revenue Bonds, Fiscal Series 2005B, 5.000%,
6/15/36 - FSA Insured 12/14 at 100.00 AAA 5,775,825
10,000 New York City Industrial Development Agency, New York, Special
Facilities Revenue Bonds, JFK Airport - American Airlines Inc.,
Series 2002B, 8.500%, 8/01/28 (Alternative Minimum Tax) 8/12 at 101.00 CCC 8,975,200
5,200 Dormitory Authority of the State of New York, Lease Revenue Bonds,
Court Facilities, Series 1999, 6.000%, 5/15/39 5/10 at 101.00 A 5,753,488
8,500 Dormitory Authority of the State of New York, FHA-Insured
Mortgage Revenue Bonds, Kaleida Health, Series 2004,
5.050%, 2/15/25 2/14 at 100.00 AAA 8,962,825
Dormitory Authority of the State of New York, Improvement
Revenue Bonds, Mental Health Services Facilities, Series 1999D:
6,490 5.250%, 2/15/29 (Pre-refunded to 8/15/09) 8/09 at 101.00 AA-*** 7,120,049
65 5.250%, 2/15/29 (Pre-refunded to 8/15/09) 8/09 at 101.00 AA-*** 71,310
445 5.250%, 2/15/29 8/09 at 101.00 AA- 464,647
7,130 New York State Medical Care Facilities Finance Agency,
FHA-Insured Mortgage Revenue Bonds, St.Luke's-Roosevelt
Hospital Center, Series 1993A, 5.600%, 8/15/13 8/05 at 100.00 AAA 7,316,093
17
Nuveen Municipal Value Fund, Inc. (NUV) (continued)
Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
----------------------------------------------------------------------------------------------------------------------------------
New York (continued)
$ 8,500 New York State Power Authority, General Revenue Bonds, Series
2000A, 5.250%,11/15/40 11/10 at 100.00 Aa2 $ 9,067,035
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) No Opt. Call BBB- 4,353,611
7,500 6.000%, 7/01/26 7/05 at 100.00 BBB- 7,508,250
2,500 Port Authority of New York and New Jersey, Special Project Bonds,
JFK International Air Terminal LLC, Sixth Series 1997, 6.250%,
12/01/10 (Alternative Minimum Tax) - MBIA Insured No Opt. Call AAA 2,813,075
New York State Tobacco Settlement Financing Corporation,
Tobacco Settlement Asset-Backed and State Contingency Contract
-Backed Bonds, Series 2003A-1:
10,000 5.500%, 6/01/17 6/11 at 100.00 AA- 11,010,100
26,190 5.500%, 6/01/18 6/12 at 100.00 AA- 29,130,875
33,810 5.500%, 6/01/19 6/13 at 100.00 AA- 37,692,064
----------------------------------------------------------------------------------------------------------------------------------
North Carolina - 0.9%
1,500 Charlotte, North Carolina, Certificates of Participation,
Governmental Facilities Projects, Series 2003G, 5.000%, 6/01/33 6/13 at 100.00 AA+ 1,560,540
2,500 North Carolina Eastern Municipal Power Agency, Power System
Revenue Refunding Bonds, Series 2003D, 5.125%, 1/01/26 1/13 at 100.00 BBB 2,563,575
1,105 North Carolina Eastern Municipal Power Agency, Power System
Revenue Refunding Bonds, Series 1996A, 5.700%, 1/01/13 -
MBIA Insured 1/07 at 102.00 AAA 1,174,295
10,000 North Carolina Municipal Power Agency 1, Catawba Electric
Revenue Bonds, Series 1999B, 6.500%, 1/01/20 1/10 at 101.00 A3 11,208,600
1,500 North Carolina Infrastructure Finance Corporation, Certificates
of Participation, Correctional Facilities, Series 2004A,
5.000%, 2/01/20 2/14 at 100.00 AA+ 1,590,330
----------------------------------------------------------------------------------------------------------------------------------
Ohio - 0.2%
3,000 Columbus City School District, Franklin County, Ohio, General
Obligation Bonds, Series 2003, 5.000%, 12/01/31 - FGIC Insured 6/13 at 100.00 AAA 3,141,030
----------------------------------------------------------------------------------------------------------------------------------
Oklahoma - 1.0%
4,450 Central Oklahoma Transportation and Parking Authority, Oklahoma
City, Parking System Revenue Refunding Bonds, Series 1996,
5.250%, 7/01/16 - FSA Insured 7/06 at 100.00 AAA 4,568,192
15,000 Oklahoma Development Finance Authority, Revenue Bonds, St. John
Health System, Series 2004, 5.125%, 2/15/31 2/14 at 100.00 AA 15,492,000
----------------------------------------------------------------------------------------------------------------------------------
Oregon - 0.1%
2,500 Clackamas County Hospital Facility Authority, Oregon, Revenue
Refunding Bonds, Legacy Health System, Series 2001,
5.250%, 5/01/21 5/11 at 101.00 AA 2,658,900
----------------------------------------------------------------------------------------------------------------------------------
Pennsylvania - 1.8%
5,955 Pennsylvania Convention Center Authority, Revenue Refunding Bonds,
Series 1994A, 6.750%, 9/01/19 9/05 at 101.00 BBB 6,089,166
4,500 Pennsylvania Higher Educational Facilities Authority, Revenue
Bonds, University of Pennsylvania, Series 1998, 4.500%, 7/15/21 7/08 at 100.00 AA 4,534,785
6,500 Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Series 2004A, 5.500%, 12/01/31 - AMBAC Insured 12/14 at 100.00 AAA 7,222,345
8,000 Philadelphia School District, Pennsylvania, General Obligation
Bonds, Series 2004D, 5.125%, 6/01/34 - FGIC Insured 6/14 at 100.00 AAA 8,435,200
10,075 State Public School Building Authority, Pennsylvania, Lease
Revenue Bonds, Philadelphia School District Project, Series
2003, 5.000%, 6/01/33 - FSA Insured 6/13 at 100.00 AAA 10,481,627
----------------------------------------------------------------------------------------------------------------------------------
Puerto Rico - 1.1%
5,000 Puerto Rico, General Obligation Bonds, Series 2000B, 5.625%,
7/01/19 - MBIA Insured 7/10 at 100.00 AAA 5,549,600
10,000 Puerto Rico Infrastructure Financing Authority, Special
Obligation Bonds, Series 2000A, 5.500%, 10/01/40 10/10 at 101.00 AAA 10,913,300
18
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
----------------------------------------------------------------------------------------------------------------------------------
Puerto Rico (continued)
$ 5,450 Puerto Rico Industrial, Tourist, Educational, Medical and
Environmental Control Facilities Financing Authority,
Co-Generation Facility Revenue Bonds, Series 2000A, 6.625%,
6/01/26 (Alternative Minimum Tax) 6/10 at 101.00 Baa3 $ 5,921,480
----------------------------------------------------------------------------------------------------------------------------------
Rhode Island - 1.1%
6,250 Rhode Island Health and Educational Building Corporation,
Hospital Financing Revenue Bonds, Lifespan Obligated Group,
Series 1996, 5.250%, 5/15/26 - MBIA Insured 5/07 at 102.00 AAA 6,579,313
16,000 Rhode Island Tobacco Settlement Financing Corporation, Tobacco
Settlement Asset-Backed Bonds, Series 2002A, 6.250%, 6/01/42 6/12 at 100.00 BBB 16,130,720
----------------------------------------------------------------------------------------------------------------------------------
South Carolina - 2.5%
7,000 Dorchester County School District 2, South Carolina, Installment
Purchase Revenue Bonds, GROWTH, Series 2004, 5.250%, 12/01/29 12/14 at 100.00 A 7,321,650
3,000 Myrtle Beach, South Carolina, Hospitality and Accommodation Fee
Revenue Bonds, Series 2004A, 5.000%, 6/01/36 - FGIC Insured 6/14 at 100.00 AAA 3,132,840
8,475 Piedmont Municipal Power Agency, South Carolina, Electric
Revenue Refunding Bonds, Series 1986, 5.000%, 1/01/25 No Opt. Call BBB 8,474,661
20,750 South Carolina JOBS Economic Development Authority, Economic
Development Revenue Bonds, Bon Secours Health System Inc.,
Series 2002A, 5.625%, 11/15/30 11/12 at 100.00 A- 21,830,452
8,000 South Carolina JOBS Economic Development Authority, Hospital
Revenue Bonds, Palmetto Health Alliance, Series 2000A, 7.375%,
12/15/21 (Pre-refunded to 12/15/10) 12/10 at 102.00 Baa2*** 9,803,840
110 Tobacco Settlement Revenue Management Authority, South Carolina,
Tobacco Settlement Asset-Backed Bonds, Series 2001B, 6.000%,
5/15/22 5/11 at 101.00 BBB 111,793
----------------------------------------------------------------------------------------------------------------------------------
Tennessee - 0.3%
Knox County Health, Educational and Housing Facilities Board,
Tennessee, Hospital Revenue Bonds, Baptist Health System of East
Tennessee Inc., Series 2002:
3,000 6.375%, 4/15/22 4/12 at 101.00 Baa3 3,096,690
2,500 6.500%, 4/15/31 4/12 at 101.00 Baa3 2,594,450
----------------------------------------------------------------------------------------------------------------------------------
Texas - 5.8%
13,000 Alliance Airport Authority, Texas, Special Facilities Revenue
Bonds, American Airlines Inc., Series 1990, 7.500%, 12/01/29
(Alternative Minimum Tax) 6/05 at 100.00 CCC 10,202,140
1,900 Alliance Airport Authority, Texas, Special Facilities Revenue
Bonds, FedEx Inc., Series 1996, 6.375%, 4/01/21
(Alternative Minimum Tax) 4/06 at 102.00 BBB 1,991,770
24,265 Austin, Texas, Combined Utility System Revenue Refunding Bonds,
Series 1992A, 12.500%, 11/15/07 -MBIA Insured No Opt. Call AAA 29,818,288
5,110 Brazos River Authority, Texas, Pollution Control Revenue
Refunding Bonds, TXU Electric Company,Series 1999C, 7.700%,
3/01/32 (Alternative Minimum Tax)(a) 4/13 at 101.00 BBB 6,095,055
4,000 Central Texas Regional Mobility Authority, Travis and Williamson
Counties, Toll Road Revenue Bonds, Series 2005, 5.000%, 1/01/35
- FGIC Insured 1/15 at 100.00 AAA 4,153,600
235 Corpus Christi Housing Finance Corporation, Texas, Single Family
Mortgage Senior Revenue Refunding Bonds, Series 1991A, 7.700%,
7/01/11 - MBIA Insured 7/05 at 100.00 AAA 235,590
2,700 Harris County-Houston Sports Authority, Texas, Senior Lien
Revenue Bonds, Series 2001G, 5.250%, 11/15/30 - MBIA Insured 11/11 at 100.00 AAA 2,846,475
10,045 Houston, Texas, Subordinate Lien Airport System Revenue Bonds,
Series 2000A, 5.875%, 7/01/16 (Alternative Minimum Tax)
- FSA Insured 7/10 at 100.00 AAA 10,967,935
23,565 Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds,
Convention and Entertainment Project, Series 2001B, 0.000%,
9/01/29 - AMBAC Insured No Opt. Call AAA 6,950,261
Irving Independent School District, Texas, Unlimited Tax School
Building Bonds, Series 1997:
5,685 0.000%, 2/15/10 No Opt. Call AAA 4,804,678
3,470 0.000%, 2/15/11 No Opt. Call AAA 2,804,281
19
Nuveen Municipal Value Fund, Inc. (NUV) (continued)
Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
----------------------------------------------------------------------------------------------------------------------------------
Texas (continued)
$ 22,060 Leander Independent School District, Williamson and Travis
Counties, Texas, Unlimited Tax School Building and Refunding
Bonds, Series 2000, 0.000%, 8/15/27 8/09 at 31.45 AAA $ 5,802,001
6,000 Matagorda County Navigation District 1, Texas, Revenue Bonds,
Reliant Energy Inc., Series 1999C, 8.000%, 5/01/29 (Mandatory
put 4/01/08) 4/08 at 102.00 BBB- 6,625,260
3,250 Midland, Texas, Tax and Limited Pledge Revenue Bonds,
Certificates of Obligation, Series 2000, 6.100%, 3/01/27
- FGIC Insured 3/10 at 100.00 AAA 3,607,695
5,000 Port Corpus Christi Industrial Development Corporation, Texas,
Environmental Facilities Revenue Bonds, Citgo Petroleum
Corporation, Series 2003, 8.250%, 11/01/31
(Alternative Minimum Tax) 5/07 at 102.00 Ba2 5,371,450
5,000 Port Corpus Christi Industrial Development Corporation, Texas,
Revenue Refunding Bonds, Valero Refining and Marketing Company
Project, Series 1997A, 5.400%, 4/01/18 4/08 at 102.00 BBB- 5,136,550
5,000 Richardson Hospital Authority, Texas, Revenue Bonds, Richardson
Regional Medical Center, Series 2004, 6.000%, 12/01/34 12/13 at 100.00 BBB 5,292,800
2,000 Sabine River Authority, Texas, Pollution Control Revenue
Refunding Bonds, TXU Electric Company, Series 2003A,
5.800%, 7/01/22 7/13 at 101.00 BBB 2,149,140
----------------------------------------------------------------------------------------------------------------------------------
Utah - 1.2%
12,000 Intermountain Power Agency, Utah, Power Supply Revenue Refunding
Bonds, Series 1996D, 5.000%, 7/01/21 7/06 at 102.00 A+ 12,313,920
5,000 Intermountain Power Agency, Utah, Power Supply Revenue Refunding
Bonds, Series 1997B, 5.750%, 7/01/19 - MBIA Insured 7/07 at 102.00 AAA 5,370,100
3,700 Utah State Board of Regents, Utah State University, Revenue Bonds,
Series 2004, 5.000%, 4/01/35 - MBIA Insured 4/14 at 100.00 AAA 3,871,976
2,485 Utah Housing Finance Agency, Single Family Mortgage Bonds,
Series 1998G-2, Class I, 5.200%, 7/01/30 (Alternative
Minimum Tax) 1/10 at 101.50 AAA 2,534,899
----------------------------------------------------------------------------------------------------------------------------------
Virgin Islands - 0.1%
2,500 Virgin Islands Public Finance Authority, Refinery Revenue Bonds,
Hovensa LLC, Series 2003, 6.125%, 7/01/22 (Alternative
Minimum Tax) 1/14 at 100.00 BBB 2,743,675
----------------------------------------------------------------------------------------------------------------------------------
Virginia - 1.0%
4,125 Metropolitan Washington D.C. Airports Authority, Airport System
Revenue Bonds, Series 2002A, 5.750%, 10/01/16 (Alternative
Minimum Tax) - FGIC Insured 10/12 at 100.00 AAA 4,580,276
15,000 Pocahontas Parkway Association, Virginia, Senior Lien Revenue
Bonds, Route 895 Connector Toll Road, Series 1998A,
0.000%, 8/15/30 8/08 at 28.38 BB 3,325,650
19,400 Pocahontas Parkway Association, Virginia, Senior Lien Revenue
Bonds, Route 895 Connector Toll Road, Series 1998B, 0.000%,
8/15/33 (DD1, settling 5/02/05) 8/08 at 23.55 BB 3,558,154
3,245 Virginia Housing Development Authority, Multifamily Housing
Bonds, Series 1997E, 5.600%, 11/01/17 (Alternative Minimum Tax) 1/08 at 102.00 AA+ 3,367,791
5,935 Virginia Public Building Authority, State Building Revenue
Refunding Bonds, Series 1996A, 5.000%, 8/01/13 (Pre-refunded
to 8/01/05) 8/05 at 101.00 AA+*** 6,031,321
----------------------------------------------------------------------------------------------------------------------------------
Washington - 2.1%
6,400 Cowlitz County Public Utilities District 1, Washington, Electric
Production Revenue Bonds, Series 2004, 5.000%, 9/01/34
- FGIC Insured 9/14 at 100.00 AAA 6,663,744
12,500 Energy Northwest, Washington, Electric Revenue Refunding Bonds,
Columbia Generating Station, Nuclear Project 2, Series 2002B,
6.000%, 7/01/18 - AMBAC Insured 7/12 at 100.00 AAA 14,308,500
4,000 Energy Northwest, Washington, Electric Revenue Refunding Bonds,
Nuclear Project 3, Series 2003A, 5.500%, 7/01/17 7/13 at 100.00 Aaa 4,413,040
3,700 Washington State Tobacco Settlement Authority, Tobacco
Settlement Asset-Backed Revenue Bonds, Series 2002,
6.625%, 6/01/32 6/13 at 100.00 BBB 3,865,723
20
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
----------------------------------------------------------------------------------------------------------------------------------
Washington (continued)
Washington, Motor Vehicle Fuel Tax General Obligation Bonds,
Series 2002-03C:
$ 7,000 0.000%, 6/01/29 - MBIA Insured No Opt. Call AAA $ 2,101,960
16,195 0.000%, 6/01/30 - MBIA Insured No Opt. Call AAA 4,600,190
8,200 Washington Public Power Supply System, Revenue Refunding Bonds,
Nuclear Project 3, Series 1989B, 0.000%, 7/01/14 No Opt. Call Aaa 5,540,654
----------------------------------------------------------------------------------------------------------------------------------
Wisconsin - 2.5%
Badger Tobacco Asset Securitization Corporation, Wisconsin,
Tobacco Settlement Asset-Backed Bonds, Series 2002:
8,600 6.125%, 6/01/27 6/12 at 100.00 BBB 8,792,554
10,885 6.375%, 6/01/32 6/12 at 100.00 BBB 11,126,643
6,000 Milwaukee Redevelopment Authority, Wisconsin, Lease Revenue
Bonds, Public Schools, Series 2003A, 5.125%,
8/01/22 - AMBAC Insured 8/13 at 100.00 AAA 6,398,520
11,800 Wisconsin Health and Educational Facilities Authority, Revenue
Bonds, Aurora Healthcare Inc., Series 1997, 5.250%,
8/15/27 - MBIA Insured 8/07 at 102.00 AAA 12,463,160
3,750 Wisconsin Health and Educational Facilities Authority, Revenue
Bonds, Wheaton Franciscan Services Inc., Series 2002,
5.750%, 8/15/30 2/12 at 101.00 A 3,991,350
6,000 Wisconsin Health and Educational Facilities Authority, Revenue
Bonds, Franciscan Sisters of Christian Charity Healthcare
Ministry, Series 2003A, 5.875%, 9/01/33 9/13 at 100.00 A- 6,389,760
----------------------------------------------------------------------------------------------------------------------------------
$ 2,196,579 Total Long-Term Investments (cost $1,817,470,893) - 98.5% 1,963,963,992
==============--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.5% 29,556,138
----------------------------------------------------------------------------------------------------------------
Net Assets - 100% $ 1,993,520,130
================================================================================================================
* Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call
provisions at varying prices at later dates.
** Ratings: 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.
(DD) Portion of security purchased on a delayed delivery basis.
(DD1) Security purchased on a delayed delivery basis.
(a) The issuer has received a preliminary adverse determination from the
Internal Revenue Service (the "IRS") regarding the tax-exempt status
of the bonds' coupon payments. The Fund will continue to treat
coupon payments as tax-exempt income until such time that it is
formally determined that the interest on the bonds should be treated
as taxable.
See accompanying notes to financial statements.
21
Nuveen Municipal Income Fund, Inc. (NMI)
Portfolio of
Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
----------------------------------------------------------------------------------------------------------------------------------
Alabama - 0.8%
$ 690 Phenix City Industrial Development Board, Alabama, Environmental
Improvement Revenue Bonds, MeadWestvaco Corporation, Series
2002A, 6.350%, 5/15/35 (Alternative Minimum Tax) 5/12 at 100.00 BBB $ 746,290
----------------------------------------------------------------------------------------------------------------------------------
California - 17.9%
5,530 Adelanto School District, San Bernardino County, California,
General Obligation Bonds, Series 1997A, 0.000%,
9/01/22 - MBIA Insured No Opt. Call AAA 2,442,048
Brea Olinda Unified School District, California, General
Obligation Bonds, Series 1999A:
2,000 0.000%, 8/01/21 - FGIC Insured No Opt. Call AAA 938,960
2,070 0.000%, 8/01/22 - FGIC Insured No Opt. Call AAA 919,867
2,120 0.000%, 8/01/23 - FGIC Insured No Opt. Call AAA 890,866
219 California Pollution Control Financing Authority, Solid Waste
Disposal Revenue Bonds, CanFibre of Riverside, Series 1997A,
9.000%, 7/01/19 (Alternative Minimum Tax) # 7/07 at 102.00 N/R 28,435
500 California, General Obligation Bonds, Series 2004,
5.200%, 4/01/26 4/14 at 100.00 A 532,085
3,000 California State Public Works Board, Lease Revenue Bonds,
Department of Mental Health, Coalinga State Hospital, Series
2004A, 5.000%, 6/01/25 6/14 at 100.00 A- 3,173,850
1,000 California Statewide Community Development Authority, Revenue
Bonds, Daughters of Charity Health System, Series 2005A,
5.000%, 7/01/39 7/15 at 100.00 BBB+ 1,009,780
1,150 Foothill/Eastern Transportation Corridor Agency, California,
Toll Road Revenue Bonds, Series 1995A, 6.000%, 1/01/34
(Pre-refunded to 1/01/07) 1/07 at 100.00 AAA 1,211,111
3,000 Golden State Tobacco Securitization Corporation, California,
Tobacco Settlement Asset-Backed Bonds, Series 2003A-1,
6.750%, 6/01/39 6/13 at 100.00 BBB 3,186,720
500 Lake Elsinore Public Financing Authority, California, Local
Agency Revenue Refunding Bonds, Series 2003H, 6.375%, 10/01/33 10/13 at 102.00 N/R 521,795
1,000 Vernon, California, Electric System Revenue Bonds, Malburg
Generating Station Project, Series 2003C, 5.375%, 4/01/18
(Pre-refunded to 4/01/08) 4/08 at 100.00 Aaa 1,071,600
----------------------------------------------------------------------------------------------------------------------------------
Colorado - 5.4%
495 Colorado Educational and Cultural Facilities Authority, Charter
School Revenue Bonds, Peak-to-Peak Charter School, Series 2001,
7.500%, 8/15/21 (Pre-refunded to 8/15/11) 8/11 at 100.00 AAA 599,970
1,000 Colorado Educational and Cultural Facilities Authority, Charter
School Revenue Bonds, Weld County School District 6 - Frontier
Academy, Series 2001, 7.375%, 6/01/31 6/11 at 100.00 Ba1 1,036,240
885 Colorado Educational and Cultural Facilities Authority, Charter
School Revenue Bonds, Douglas County School District RE-1 -
DCS Montessori School, Series 2002A, 6.000%, 7/15/22 7/12 at 100.00 BBB 892,629
2,000 Denver City and County, Colorado, Airport System Revenue
Refunding Bonds, Series 2000A, 6.000%, 11/15/16
(Alternative Minimum Tax) - AMBAC Insured 11/10 at 100.00 AAA 2,221,760
----------------------------------------------------------------------------------------------------------------------------------
Connecticut - 5.8%
1,480 Capitol Region Education Council, Connecticut, Revenue Bonds,
Series 1995, 6.750%, 10/15/15 10/05 at 102.00 BBB 1,525,022
2,000 Connecticut Health and Educational Facilities Authority,
Revenue Bonds, University of New Haven, Series 1996D,
6.700%, 7/01/26 7/06 at 102.00 BBB- 2,064,100
500 Eastern Connecticut Resource Recovery Authority, Solid Waste
Revenue Bonds, Wheelabrator Lisbon Project, Series 1993A,
5.500%, 1/01/14 (Alternative Minimum Tax) 7/05 at 100.00 BBB 505,600
955 Williamantic Housing Authority, Connecticut, GNMA Collateralized
Multifamily Housing Mortgage Revenue Bonds, Village Heights
Apartments, Series 1995A, 8.000%, 10/20/30 10/05 at 105.00 AAA 1,010,524
----------------------------------------------------------------------------------------------------------------------------------
Florida - 3.2%
180 Dade County Industrial Development Authority, Florida, Revenue
Bonds, Miami Cerebral Palsy Residential Services Inc., Series
1995, 8.000%, 6/01/22 6/05 at 102.00 N/R 183,654
22
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
----------------------------------------------------------------------------------------------------------------------------------
Florida (continued)
$ 2,000 Martin County Industrial Development Authority, Florida,
Industrial Development Revenue Bonds, Indiantown Cogeneration
LP, Series 1994A, 7.875%, 12/15/25 (Alternative Minimum Tax) 6/05 at 102.00 BB+ $ 2,035,640
600 Martin County Industrial Development Authority, Florida,
Industrial Development Revenue Refunding Bonds, Indiantown
Cogeneration LP, Series 1995B, 8.050%, 12/15/25 (Alternative
Minimum Tax) 6/05 at 102.00 BB+ 610,698
----------------------------------------------------------------------------------------------------------------------------------
Illinois - 6.8%
1,485 Chicago, Illinois, Tax Increment Allocation Bonds, Irving/Cicero
Redevelopment Project, Series 1998, 7.000%, 1/01/14 1/09 at 100.00 N/R 1,520,625
Illinois Development Finance Authority, Revenue Bonds, Chicago
Charter School Foundation, Series 2002A:
500 6.125%, 12/01/22 12/12 at 100.00 BBB 534,320
1,000 6.250%, 12/01/32 12/21 at 100.00 BBB 1,039,300
1,000 Illinois Educational Facilities Authority, Student Housing
Revenue Bonds, Educational Advancement Foundation Fund,
University Center Project, Series 2002, 6.250%, 5/01/34 5/12 at 101.00 Baa2 1,034,030
1,795 Joliet Regional Port District, Illinois, Airport Facilities
Revenue Bonds, Lewis University Airport, Series 1997A, 7.250%,
7/01/18 (Alternative Minimum Tax) 7/07 at 103.00 N/R 1,885,253
----------------------------------------------------------------------------------------------------------------------------------
Indiana - 4.0%
2,000 Indiana Health Facility Financing Authority, Hospital Revenue
Bonds, Riverview Hospital, Series 2002, 6.125%, 8/01/31 8/12 at 101.00 Baa1 2,129,460
1,350 Whitley County, Indiana, Solid Waste and Sewerage Disposal
Revenue Bonds, Steel Dynamics Inc., Series 1998, 7.250%,
11/01/18 (Alternative Minimum Tax) 11/10 at 102.00 N/R 1,434,875
----------------------------------------------------------------------------------------------------------------------------------
Louisiana - 2.7%
1,880 Louisiana Public Facilities Authority, Extended Care Facilities
Revenue Bonds, Comm-Care Corporation Project, Series 1994,
11.000%, 2/01/14 No Opt. Call BBB 2,376,301
----------------------------------------------------------------------------------------------------------------------------------
Maryland - 1.2%
1,000 Maryland Energy Financing Administration, Revenue Bonds, AES
Warrior Run Project, Series 1995, 7.400%, 9/01/19
(Alternative Minimum Tax) 9/05 at 102.00 N/R 1,022,170
Massachusetts - 2.9%
----------------------------------------------------------------------------------------------------------------------------------
500 Massachusetts Development Finance Agency, Resource Recovery
Revenue Bonds, Ogden Haverhill Associates, Series 1999A,
6.700%, 12/01/14 (Alternative Minimum Tax) 12/09 at 102.00 BBB 543,490
1,000 Massachusetts Industrial Finance Agency, Resource Recovery
Remarketed Revenue Refunding Bonds, Ogden Haverhill Project,
Series 1992A, 4.850%, 12/01/05 No Opt. Call BBB 1,006,660
270 Massachusetts Industrial Finance Agency, Resource Recovery
Revenue Refunding Bonds, Ogden Haverhill Project, Series 1998A,
5.450%, 12/01/12 (Alternative Minimum Tax) 12/08 at 102.00 BBB 276,507
625 Shelby County Health, Educational and Housing Facilities Board,
Tennessee, Hospital Revenue Bonds, Methodist Healthcare, Series
2002, 6.500%, 9/01/26 (Pre-refunded to 9/01/12) 9/12 at 100.00 A3*** 748,881
----------------------------------------------------------------------------------------------------------------------------------
Michigan - 4.2%
1,000 Delta County Economic Development Corporation, Michigan,
Environmental Improvement Revenue Refunding Bonds, MeadWestvaco
Corporation - Escanaba Paper Company, Series 2002B, 6.450%,
4/15/23 (Alternative Minimum Tax) 4/12 at 100.00 AAA 1,135,220
2,150 Michigan State Hospital Finance Authority, Hospital Revenue
Refunding Bonds, Sinai Hospital, Series 1995, 6.625%, 1/01/16 1/06 at 102.00 Ba3 2,171,952
500 Wayne County, Michigan, Special Airport Facilities Revenue
Refunding Bonds, Northwest Airlines Inc., Series 1995,
6.750%, 12/01/15 12/05 at 102.00 N/R 438,345
----------------------------------------------------------------------------------------------------------------------------------
Minnesota - 1.0%
880 St. Paul Housing and Redevelopment Authority, Minnesota,
Hospital Facility Revenue Refunding Bonds, HealthEast Inc.,
Series 1993A, 6.625%, 11/01/17 5/05 at 101.00 BB+ 884,726
----------------------------------------------------------------------------------------------------------------------------------
Montana - 1.4%
1,200 Montana Board of Investments, Exempt Facility Revenue Bonds,
Stillwater Mining Company Project, Series 2000, 8.000%, 7/01/20
(Alternative Minimum Tax) 7/10 at 101.00 Ba3 1,264,080
23
Nuveen Municipal Income Fund, Inc. (NMI) (continued)
Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
----------------------------------------------------------------------------------------------------------------------------------
Nebraska - 1.2%
$ 1,000 Washington County, Nebraska, Wastewater Facilities Revenue Bonds,
Cargill Inc., Series 2002, 5.900%, 11/01/27 (Alternative
Minimum Tax) 11/12 at 101.00 A+ $ 1,095,970
----------------------------------------------------------------------------------------------------------------------------------
New Hampshire - 0.8%
700 New Hampshire Higher Educational and Health Facilities Authority,
Revenue Bonds, New Hampshire College, Series 1997, 6.375%,
1/01/27 1/07 at 102.00 BBB- 714,574
----------------------------------------------------------------------------------------------------------------------------------
New York - 6.4%
1,000 Dormitory Authority of the State of New York, Revenue Bonds,
Brooklyn Law School, Series 2003A, 5.500%,
7/01/15 - RAAI Insured 7/13 at 100.00 AA 1,112,100
4,190 Yates County Industrial Development Agency, New York,
FHA-Insured Civic Facility Mortgage Revenue Bonds, Soldiers and
Sailors Memorial Hospital, Series 2000A, 6.000%, 2/01/41 2/11 at 101.00 AA+ 4,554,320
----------------------------------------------------------------------------------------------------------------------------------
Ohio - 3.3%
400 Ohio Water Development Authority, Solid Waste Disposal Revenue
Bonds, BHP Steel LLC, Series 1995, 6.300%, 9/01/20
(Alternative Minimum Tax) 9/05 at 102.00 A+ 410,964
2,400 Ohio Water Development Authority, Solid Waste Disposal Revenue
Bonds, Bay Shore Power, Series 1998B, 6.625%, 9/01/20
(Alternative Minimum Tax) 9/09 at 102.00 N/R 2,488,008
----------------------------------------------------------------------------------------------------------------------------------
Pennsylvania - 5.8%
1,080 Allegheny County Hospital Development Authority, Pennsylvania,
Revenue Bonds, West Penn Allegheny Health System, Series 2000B,
9.250%, 11/15/30 11/10 at 102.00 B1 1,276,409
1,165 Carbon County Industrial Development Authority, Pennsylvania,
Resource Recovery Revenue Refunding Bonds, Panther Creek
Partners Project, Series 2000, 6.650%, 5/01/10
(Alternative Minimum Tax) No Opt. Call BBB- 1,263,827
1,000 Pennsylvania Convention Center Authority, Revenue Refunding
Bonds, Series 1994A, 6.750%, 9/01/19 9/05 at 101.00 BBB 1,022,530
1,500 Pennsylvania Economic Development Financing Authority, Resource
Recovery Revenue Bonds, Colver Project, Series 1994D, 7.150%,
12/01/18 (Alternative Minimum Tax) 12/05 at 101.00 BBB- 1,535,850
----------------------------------------------------------------------------------------------------------------------------------
Rhode Island - 0.6%
500 Rhode Island Tobacco Settlement Financing Corporation, Tobacco
Settlement Asset-Backed Bonds, Series 2002A, 6.250%, 6/01/42 6/12 at 100.00 BBB 504,085
----------------------------------------------------------------------------------------------------------------------------------
South Carolina - 5.0%
2,500 Greenville County School District, South Carolina, Installment
Purchase Revenue Bonds, Series 2002, 5.500%, 12/01/13 12/12 at 101.00 AA- 2,801,525
475 Piedmont Municipal Power Agency, South Carolina, Electric
Revenue Bonds, Series 1991, 6.750%, 1/01/19 - FGIC Insured No Opt. Call AAA 614,726
1,000 Tobacco Settlement Revenue Management Authority, South Carolina,
Tobacco Settlement Asset-Backed Bonds, Series 2001B,
6.000%, 5/15/22 5/11 at 101.00 BBB 1,016,300
----------------------------------------------------------------------------------------------------------------------------------
Tennessee - 1.7%
1,000 Knox County Health, Educational and Housing Facilities Board,
Tennessee, Hospital Revenue Bonds, Baptist Health System of
East Tennessee Inc., Series 2002, 6.375%, 4/15/22 4/12 at 101.00 Baa3 1,032,230
375 Shelby County Health, Educational and Housing Facilities Board,
Tennessee, Hospital Revenue Bonds, Methodist Healthcare,
Series 2002, 6.500%, 9/01/26 9/12 at 100.00 A3*** 446,434
----------------------------------------------------------------------------------------------------------------------------------
Texas - 7.5%
2,000 Gulf Coast Waste Disposal Authority, Texas, Sewerage and Solid
Waste Disposal Revenue Bonds, Anheuser Busch Company, Series
2002, 5.900%, 4/01/36 (Alternative Minimum Tax) 4/12 at 100.00 A+ 2,142,040
2,000 Matagorda County Navigation District 1, Texas, Collateralized
Revenue Refunding Bonds, Houston Light and Power Company,
Series 1995, 4.000%, 10/15/15 - MBIA Insured 10/13 at 101.00 AAA 1,999,120
2,000 Weslaco Health Facilities Development Corporation, Texas,
Hospital Revenue Bonds, Knapp Medical Center, Series 2002,
6.250%, 6/01/25 6/12 at 100.00 BBB+ 2,146,460
1,000 West Texas Independent School District, McLennan and Hill
Counties, General Obligation Refunding Bonds, Series 1998,
0.000%, 8/15/25 8/13 at 51.84 AAA 341,970
24
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
----------------------------------------------------------------------------------------------------------------------------------
Virgin Islands - 3.1%
$ 2,545 Virgin Islands Public Finance Authority, Senior Lien Matching
Fund Loan Note, Series 2004A, 5.250%, 10/01/19 10/14 at 100.00 BBB $ 2,745,953
----------------------------------------------------------------------------------------------------------------------------------
Virginia - 3.1%
1,000 Chesterfield County Industrial Development Authority, Virginia,
Pollution Control Revenue Bonds, Virginia Electric and Power
Company, Series 1987A, 5.875%, 6/01/17 11/10 at 102.00 A3 1,092,260
1,500 Mecklenburg County Industrial Development Authority, Virginia,
Revenue Bonds, UAE Mecklenburg Cogeneration LP, Series 2002,
6.500%, 10/15/17 (Alternative Minimum Tax) 10/12 at 100.00 A3 1,689,330
----------------------------------------------------------------------------------------------------------------------------------
West Virginia - 2.4%
2,050 Mason County, West Virginia, Pollution Control Revenue Bonds,
Appalachian Power Company, Series 2003L, 5.500%, 10/01/22 10/11 at 100.00 BBB 2,102,786
----------------------------------------------------------------------------------------------------------------------------------
Wisconsin - 1.2%
1,000 Wisconsin Health and Educational Facilities Authority, Revenue
Bonds, Carroll College Inc., Series 2001, 6.250%, 10/01/21 10/11 at 100.00 BBB 1,034,330
----------------------------------------------------------------------------------------------------------------------------------
$ 90,389 Total Long-Term Investments (cost $82,406,175) - 99.4% 87,989,540
==============--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 0.6% 493,065
----------------------------------------------------------------------------------------------------------------
Net Assets - 100% $ 88,482,605
================================================================================================================
* Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call
provisions at varying prices at later dates.
** Ratings: 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., determined that a sale of the facility
was in the best interest of shareholders and proceeded accordingly.
Investment valued at fair value using methods determined in good
faith by or at the direction of the Board of Directors.
N/R Investment is not rated.
See accompanying notes to financial statements.
25
Statement of
Assets and Liabilities April 30, 2005 (Unaudited)
Municipal Value Municipal Income
(NUV) (NMI)
---------------------------------------------------------------------------------------------------------------------
ASSETS
Investments, at market value (cost $1,817,470,893 and $82,406,175, respectively) $1,963,963,992 $ 87,989,540
Receivables:
Interest 30,723,023 1,460,286
Investments sold 6,324,060 125,000
Other assets 133,624 7,198
---------------------------------------------------------------------------------------------------------------------
Total assets 2,001,144,699 89,582,024
---------------------------------------------------------------------------------------------------------------------
LIABILITIES
Cash overdraft 2,279,182 1,023,731
Payable for investments purchased 3,868,244 --
Accrued expenses:
Management fees 854,543 46,373
Other 622,600 29,315
---------------------------------------------------------------------------------------------------------------------
Total liabilities 7,624,569 1,099,419
---------------------------------------------------------------------------------------------------------------------
Net assets $1,993,520,130 $ 88,482,605
=====================================================================================================================
Shares outstanding 194,959,520 8,113,876
=====================================================================================================================
Net asset value per share outstanding (net assets
divided by shares outstanding) $ 10.23 $ 10.91
=====================================================================================================================
NET ASSETS CONSIST OF:
---------------------------------------------------------------------------------------------------------------------
Shares, $.01 par value per share $ 1,949,595 $ 81,139
Paid-in surplus 1,837,696,454 90,828,445
Undistributed net investment income 3,986,303 17,598
Accumulated net realized gain (loss) from investments 3,394,679 (8,027,942)
Net unrealized appreciation of investments 146,493,099 5,583,365
---------------------------------------------------------------------------------------------------------------------
Net assets $1,993,520,130 $ 88,482,605
=====================================================================================================================
Authorized shares 350,000,000 200,000,000
=====================================================================================================================
See accompanying notes to financial statements.
26
Statement of
Operations Six Months Ended April 30, 2005 (Unaudited)
MUNICIPAL VALUE MUNICIPAL INCOME
(NUV) (NMI)
---------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $ 52,357,324 $ 2,579,823
---------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 5,188,084 279,307
Shareholders' servicing agent fees and expenses 231,789 13,401
Custodian's fees and expenses 193,050 12,259
Directors' fees and expenses 16,519 721
Professional fees 38,410 4,593
Shareholders' reports - printing and mailing expenses 124,245 9,073
Stock exchange listing fees 33,853 5,247
Investor relations expense 156,039 7,642
Other expenses 25,825 3,709
---------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit 6,007,814 335,952
Custodian fee credit (41,455) (3,813)
---------------------------------------------------------------------------------------------------------------------
Net expenses 5,966,359 332,139
---------------------------------------------------------------------------------------------------------------------
Net investment income 46,390,965 2,247,684
---------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN
Net realized gain from investments 3,405,878 58,962
Change in net unrealized appreciation (depreciation) of investments 29,545,267 995,327
--------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain 32,951,145 1,054,289
---------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations $ 79,342,110 $ 3,301,973
=====================================================================================================================
See accompanying notes to financial statements.
27
Statement of
Changes in Net Assets (Unaudited)
MUNICIPAL VALUE (NUV) MUNICIPAL INCOME (NMI)
------------------------------------- ----------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
4/30/05 10/31/04 4/30/05 10/31/04
------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 46,390,965 $ 93,827,419 $ 2,247,684 $ 4,521,095
Net realized gain (loss) from investments 3,405,878 10,588,040 58,962 (931,682)
Change in net unrealized appreciation (depreciation)
of investments 29,545,267 41,903,003 995,327 3,560,613
------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations 79,342,110 146,318,462 3,301,973 7,150,026
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income (46,848,740) (96,249,057) (2,143,686) (4,316,582)
From accumulated net realized gains from investments (10,898,238) (12,577,331) -- --
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets from distributions to shareholders (57,746,978) (108,826,388) (2,143,686) (4,316,582)
------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets 21,595,132 37,492,074 1,158,287 2,833,444
Net assets at the beginning of period 1,971,924,998 1,934,432,924 87,324,318 84,490,874
------------------------------------------------------------------------------------------------------------------------------------
Net assets at the end of period $ 1,993,520,130 $ 1,971,924,998 $ 88,482,605 $ 87,324,318
====================================================================================================================================
Undistributed (Over-distribution of) net
investment income at the end of period $ 3,986,303 $ 4,444,078 $ 17,598 $ (86,400)
====================================================================================================================================
See accompanying notes to financial statements.
28
Notes to
Financial Statements (Unaudited)
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
The funds (the "Funds") covered in this report and their corresponding 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.
Effective January 1, 2005, Nuveen Advisory Corp. ("NAC"), the Funds' previous
Adviser, and its affiliate, Nuveen Institutional Advisory Corp. ("NIAC"), were
merged into Nuveen Asset Management ("NAM"), each wholly owned subsidiaries of
Nuveen Investments, Inc. ("Nuveen"). As a result of the merger, NAM is now the
Adviser to all funds previously advised by either NAC or NIAC.
The following is a summary of significant accounting policies followed by the
Funds in the preparation of their financial statements in accordance with U.S.
generally accepted accounting principles.
Investment 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 or, in the absence of a pricing service for a
particular security, the Board of Directors of the Funds, or its designee, may
establish fair market value using a wide variety of market data including yields
or prices of municipal bonds of comparable quality, type of issue, coupon,
maturity and rating, market quotes or indications of value from securities
dealers, evaluations of anticipated cash flows or collateral, general market
conditions and other information and analysis, including the obligor's credit
characteristics considered relevant by the pricing service or the Board of
Directors' designee. 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 transactions are determined on the specific identification method.
Securities purchased on a when-issued or delayed delivery basis may have
extended settlement periods. Any 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 April 30, 2005,
Municipal Value (NUV) had an outstanding delayed delivery purchase commitment of
$3,727,700. There were no such outstanding purchase commitments in Municipal
Income (NMI).
Investment Income
Interest income, which includes the amortization of premiums and accretion of
discounts for financial reporting purposes, is recorded on an accrual basis.
Investment income also includes paydown gains and losses, if any.
Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund
intends to distribute substantially all net investment income and net capital
gains to shareholders and to otherwise comply with the requirements of
Subchapter M of the Internal Revenue Code applicable to regulated investment
companies. 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. Net
realized capital gains and ordinary income distributions paid by the Funds are
subject to federal taxation.
29
Notes to
Financial Statements (Unaudited) (continued)
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 U.S. generally accepted
accounting principles.
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 six months ended April 30, 2005.
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.
Indemnifications
Under the Funds' organizational documents, their Officers and Directors are
indemnified against certain liabilities arising out of the performance of their
duties to the Funds. In addition, in the normal course of business, the Funds
enter into contracts that provide general indemnifications to other parties. The
Funds' maximum exposure under these arrangements is unknown as this would
involve future claims that may be made against the Funds that have not yet
occurred. However, the Funds have not had prior claims or losses pursuant to
these contracts and expect the risk of loss to be remote.
Use of Estimates
The preparation of financial statements in conformity with U.S. generally
accepted accounting principles 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
Neither of the Funds engaged in transactions in their own shares during the six
months ended April 30, 2005, nor during the fiscal year ended October 31, 2004.
3. SECURITIES TRANSACTIONS
Purchases and sales (including maturities) of investments in long-term municipal
securities during the six months ended April 30, 2005, were as follows:
MUNICIPAL MUNICIPAL
VALUE (NUV) INCOME (NMI)
--------------------------------------------------------------------------------
Purchases $68,244,054 $ 4,457,908
Sales and maturities 74,160,975 3,808,700
================================================================================
30
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 the treatment of paydown gains and losses on investments,
timing differences in recognizing income on taxable market discount securities
and timing differences in recognizing certain gains and losses on security
transactions.
At April 30, 2005, the cost of investments was as follows:
MUNICIPAL MUNICIPAL
VALUE (NUV) INCOME (NMI)
--------------------------------------------------------------------------------
Cost of investments $1,814,350,222 $ 82,315,729
================================================================================
Gross unrealized appreciation and gross unrealized depreciation of investments
at April 30, 2005, were as follows:
MUNICIPAL MUNICIPAL
VALUE (NUV) INCOME (NMI)
--------------------------------------------------------------------------------
Gross unrealized:
Appreciation $ 157,906,548 $ 5,909,282
Depreciation (8,292,778) (235,471)
--------------------------------------------------------------------------------
Net unrealized appreciation of investments $ 149,613,770 $ 5,673,811
================================================================================
The tax components of undistributed net investment income and net realized gains
at October 31, 2004, the Funds' last fiscal year end, were as follows:
MUNICIPAL MUNICIPAL
VALUE (NUV) INCOME (NMI)
--------------------------------------------------------------------------------
Undistributed net tax-exempt income * $7,163,417 $152,721
Undistributed net ordinary income ** 1,222,188 942
Undistributed net long-term capital gains 10,887,039 --
================================================================================
* Undistributed net tax-exempt income (on a tax basis) has not been reduced
for the dividend declared on October 1, 2004, paid on November 1, 2004.
** 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 year ended October 31,
2004, the Funds' last fiscal year end, was designated for purposes of the
dividends paid deduction as follows:
MUNICIPAL MUNICIPAL
VALUE (NUV) INCOME (NMI)
--------------------------------------------------------------------------------
Distributions from net tax-exempt income $92,800,716 $4,324,697
Distributions from net ordinary income ** 3,643,302 --
Distributions from net long-term capital gains 12,577,331 --
================================================================================
** Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
At October 31, 2004, the Funds' last fiscal year end, Municipal Income (NMI) had
an unused capital loss carryforward of $8,038,260, available to be applied
against future capital gains, if any. If not applied, $116,138, $7,005,363 and
$916,759 of the carryforward will expire in the years 2008, 2011 and 2012,
respectively.
5. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES
As approved by the Board of Directors, effective August 1, 2004, a complex-wide
management fee structure was adopted for all funds sponsored by the Adviser, or
its predecessor and its affiliates. This fee structure separates each fund's
management fee into two components - a complex-level component, based on the
aggregate amount of all fund assets managed by the Adviser, and a specific
fund-level component, based only on the amount of assets within each individual
fund. This pricing structure enables Nuveen fund shareholders to benefit from
growth in the assets within each individual fund as well as from growth in the
amount of complex-wide assets managed by the Adviser. Under no circumstances
will this pricing structure result in a fund paying management fees at a rate
higher than would otherwise have been applicable had the complex-wide management
fee structure not been implemented. As of May 31, 2005, the complex-level fee
rate was .1905%; that is, the funds' effective management fees were reduced by
approximately .0095%.
31
Notes to
Financial Statements (Unaudited) (continued)
Effective August 1, 2004, Municipal Value's (NUV) annual fund-level fee, payable
monthly, at the rates set forth below, which are based upon the average daily
net assets of the Fund as follows:
MUNICIPAL VALUE (NUV)
AVERAGE DAILY NET ASSETS FUND-LEVEL FEE RATE
--------------------------------------------------------------------------------
For the first $500 million .1500%
For the next $500 million .1250
For net assets over $1 billion .1000
================================================================================
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)
GROSS INCOME FEE RATE
--------------------------------------------------------------------------------
For the first $50 million 4.125%
For the next $50 million 4.000
For gross income over $100 million 3.875
================================================================================
Effective August 1, 2004, Municipal Income's (NMI) annual fund-level fee,
payable monthly, at the rates set forth below, which are based upon the average
daily net assets of the Fund as follows:
MUNICIPAL INCOME (NMI)
AVERAGE DAILY NET ASSETS FUND-LEVEL FEE RATE
--------------------------------------------------------------------------------
For the first $125 million .4500%
For the next $125 million .4375
For the next $250 million .4250
For the next $500 million .4125
For the next $ 1 billion .4000
For the next $3 billion .3875
For net assets over $5 billion .3750
================================================================================
Effective August 1, 2004, the annual complex-level fee, payable monthly, which
is additive to the fund-level fee, for all Nuveen sponsored funds in the U.S.,
is based on the aggregate amount of total fund assets managed as follows:
COMPLEX-LEVEL ASSETS(1) COMPLEX-LEVEL FEE RATE
--------------------------------------------------------------------------------
For the first $55 billion .2000%
For the next $1 billion .1800
For the next $1 billion .1600
For the next $3 billion .1425
For the next $3 billion .1325
For the next $3 billion .1250
For the next $5 billion .1200
For the next $5 billion .1175
For the next $15 billion .1150
For Managed Assets over $91 billion(2) .1400
================================================================================
(1) The complex-level fee component of the management fee for the funds is
calculated based upon the aggregate Managed Assets ("Managed Assets" means
the average daily net assets of each fund including assets attributable to
all types of leverage used by the Nuveen funds) of Nuveen-sponsored funds
in the U.S.
(2) With respect to the complex-wide Managed Assets over $91 billion, the fee
rate or rates that will apply to such assets will be determined at a later
date. In the unlikely event that complex-wide Managed Assets reach $91
billion prior to a determination of the complex-level fee rate or rates to
be applied to Managed Assets in excess of $91 billion, the complex-level
fee rate for such complex-wide Managed Assets shall be .1400% until such
time as a different rate or rates is determined.
32
Municipal Value (NUV) paid through July 31, 2004, an annual management fee,
payable monthly, at the rates set forth below, which were based upon the average
daily net assets of the Fund as follows:
AVERAGE DAILY NET ASSETS MUNICIPAL VALUE (NUV)
MANAGEMENT FEE RATE
--------------------------------------------------------------------------------
For the first $500 million .3500%
For the next $500 million .3250
For net assets over $1 billion .3000
================================================================================
In addition, Municipal Value (NUV) paid an annual management fee, payable
monthly, based on gross interest income as follows:
GROSS INTEREST INCOME MUNICIPAL VALUE (NUV)
GROSS INCOME FEE RATE
--------------------------------------------------------------------------------
For the first $50 million 4.125%
For the next $50 million 4.000
For gross income over $100 million 3.875
================================================================================
Municipal Income (NMI) paid through July 31, 2004, an annual management fee,
payable monthly, at the rates set forth below, which were based upon the average
daily net assets of the Fund as follows:
MUNICIPAL INCOME (NMI)
AVERAGE DAILY NET ASSETS MANAGEMENT FEE RATE
--------------------------------------------------------------------------------
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. The Board of Directors
has adopted a deferred compensation plan for independent Directors that enables
Directors to elect to defer receipt of all or a portion of the annual
compensation they are entitled to receive from certain Nuveen advised Funds.
Under the plan, deferred amounts are treated as though equal dollar amounts had
been invested in shares of select Nuveen advised Funds.
6. ANNOUNCEMENT REGARDING PARENT COMPANY OF ADVISER
In early April, 2005, The St. Paul Travelers Companies, Inc. ("St. Paul
Travelers"), which owned 79% of Nuveen, (A) completed a public offering of a
substantial portion of its equity stake in Nuveen, (B) sold Nuveen $200 million
of its Nuveen shares, (C) entered into an agreement with Nuveen to sell an
additional $400 million of its Nuveen shares on a "forward" basis with payment
for and settlement of these shares delayed for several months, and (D) entered
into agreements with two unaffiliated investment banking firms to sell an amount
equal to most or all of its remaining Nuveen shares for current payment but for
future settlement. The settlement of transactions (C) and (D) above would likely
be deemed an "assignment" (as defined in the 1940 Act) of the investment
management agreements between the Funds and the Adviser, which would result in
the automatic termination of each agreement under the 1940 Act. The Board of
Directors will consider approval of new ongoing investment management agreements
for each Fund and the submission of those agreements for approval by each
respective Fund's shareholders. Those agreements, if approved by a Fund's
shareholders, would take effect upon such approval. There can be no assurance
that these approvals will be obtained.
33
Notes to
Financial Statements (Unaudited) (continued)
7. SUBSEQUENT EVENT - DISTRIBUTIONS TO SHAREHOLDERS
The Funds declared dividend distributions from their tax-exempt net investment
income which were paid on June 1, 2005, to shareholders of record on May 15,
2005, as follows:
MUNICIPAL MUNICIPAL
VALUE (NUV) INCOME (NMI)
--------------------------------------------------------------------------------
Dividend per share $ .0390 $ .0440
================================================================================
34
Financial
Highlights (Unaudited)
35
Financial
Highlights (Unaudited)
Selected data for a share outstanding throughout each period:
Investment Operations Less Distributions
----------------------------------- -----------------------------
Beginning Net Net Realized/ Net Ending
Net Asset Investment Unrealized Investment Capital Net Asset
Value Income Gain (Loss) Total Income Gains Total Value
----------------------------------------------------------------------------------------------------------------------
MUNICIPAL VALUE (NUV)
----------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2005(a) $10.11 $ .24 $ .18 $ .42 $ (.24) $ (.06) $(.30) $10.23
2004 9.92 .48 .26 .74 (.49) (.06) (.55) 10.11
2003 9.98 .49 (.01) .48 (.50) (.04) (.54) 9.92
2002 10.17 .51 (.18) .33 (.51) (.01) (.52) 9.98
2001 9.77 .51 .42 .93 (.51) (.02) (.53) 10.17
2000 9.48 .52 .28 .80 (.51) -- (.51) 9.77
MUNICIPAL INCOME (NMI)
----------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2005(a) 10.76 .28 .13 .41 (.26) -- (.26) 10.91
2004 10.41 .56 .32 .88 (.53) -- (.53) 10.76
2003 10.61 .54 (.15) .39 (.59) -- (.59) 10.41
2002 10.92 .61 (.30) .31 (.62) -- (.62) 10.61
2001 11.01 .67 (.06) .61 (.70) -- (.70) 10.92
2000 11.43 .70 (.36) .34 (.70) (.06) (.76) 11.01
======================================================================================================================
36
Total Returns
------------------------------
Ending Based on Based on Net
Market Value Market Value+ Asset Value+
----------------------------------------------------------------------
MUNICIPAL VALUE (NUV)
----------------------------------------------------------------------
Year Ended 10/31:
2005(a) $ 9.3100 2.69% 4.18%
2004 9.3600 9.01 7.77
2003 9.1200 3.66 4.90
2002 9.3200 3.80 3.32
2001 9.4800 17.32 9.77
2000 8.5625 5.46 8.71
MUNICIPAL INCOME (NMI)
----------------------------------------------------------------------
Year Ended 10/31:
2005(a) 10.0300 2.16 3.89
2004 10.0800 10.34 8.69
2003 9.6400 3.02 3.71
2002 9.9000 (11.93) 2.87
2001 11.9000 12.24 5.68
2000 11.2500 9.45 3.02
=======================================================================
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
Net Assets to Average Average to Average Average Turnover
(000) Net Assets Net Assets Net Assets Net Assets Rate
-----------------------------------------------------------------------------------------------------------------
MUNICIPAL VALUE (NUV)
-----------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2005(a) $ 1,993,520 .61%* 4.73%* .61%* 4.73%* 4%
2004 1,971,925 .62 4.83 .61 4.84 13
2003 1,934,433 .64 4.97 .64 4.97 36
2002 1,946,407 .65 5.07 .65 5.08 13
2001 1,982,139 .65 5.09 .64 5.10 10
2000 1,903,967 .65 5.44 .64 5.44 17
MUNICIPAL INCOME (NMI)
-----------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2005(a) 88,483 .77* 5.16* .76* 5.17* 4
2004 87,324 .82 5.28 .81 5.28 14
2003 84,491 1.12 5.14 1.12 5.14 10
2002 85,897 .91 5.62 .90 5.64 36
2001 88,089 .83 6.14 .83 6.15 11
2000 88,214 .80 6.20 .77 6.23 6
=================================================================================================================
See accompanying notes to financial statements.
* Annualized.
** After custodian fee credit, wherre applicable.
+ Total Investment Return on Market Value is the combination of changes in
the market price per share and the effect of reinvested dividend income
and reinvested capital gains distributions, if any, at the average price
paid per share at the time of reinvestment. Total Return on Net Asset
Value is the combination of changes in net asset value, reinvested
dividend income at net asset value and reinvested capital gains
distributions at net asset value, if any. Total returns are not
annualized.
(a) For the six months ended April 30, 2005.
37
Reinvest Automatically
Easily and Conveniently
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
the 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.
FLEXIBLE
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.
CALL TODAY TO START REINVESTING DIVIDENDS AND/OR DISTRIBUTIONS
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.
38
Other Useful
Information
Effective Jan. 1, 2005, the asset management services and operations of Nuveen
Advisory Corp. (NAC) and Nuveen Institutional Advisory Corp (NIAC) became part
of Nuveen Asset Management (NAM). This internal consolidation is intended to
simplify the delivery of services to the investment management clients of Nuveen
Investments. It does not affect the investment objectives or portfolio
management of any Fund.
QUARTERLY PORTFOLIO OF INVESTMENTS AND PROXY VOTING INFORMATION
Each Fund's (i) quarterly portfolio of investments, (ii) information regarding
how the Funds voted proxies relating to portfolio securities held during the
12-month period ended June 30, 2004, and (iii) a description of the policies and
procedures that the Funds used to determine how to vote proxies relating to
portfolio securities are available without charge, upon request, by calling
Nuveen Investments toll-free at (800) 257-8787 or on Nuveen's website at
www.nuveen.com.
You may also obtain this and other Fund information directly from the Securities
and Exchange Commission ("SEC"). The SEC may charge a copying fee for this
information. Visit the SEC on-line at http://www.sec.gov or in person at the
SEC's Public Reference Room in Washington, D.C. Call the SEC at 1-202-942-8090
for room hours and operation. You may also request Fund information by sending
an e-mail request to publicinfo@sec.gov or by writing to the SEC's Public
References Section at 450 Fifth Street NW, Washington, D.C. 20549.
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 that would have been necessary each year to equal the
investment's actual cumulative performance (including change in NAV or market
price and reinvested dividends and capital gains distributions, if any) over the
time period being considered.
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.
MODIFIED DURATION: Duration is a measure of the expected period over which a
bond's principal and interest will be paid, and consequently is a measure of the
sensitivity of a bond's or bond Fund's value to changes when market interest
rates change. Generally, the longer a bond's or Fund's duration, the more the
price of the bond or Fund will change as interest rates change.
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 common share NAV per share is calculated by
subtracting the liabilities of the Fund (including any MuniPreferred shares
issued in order to leverage 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.
BOARD OF DIRECTORS
Robert P. Bremner
Lawrence H. Brown
Jack B. Evans
William C. Hunter
David J. Kundert
William J. Schneider
Timothy R. Schwertfeger
Judith M. Stockdale
Eugene S. Sunshine
FUND MANAGER
Nuveen Asset Management
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 REGISTERED PUBLIC ACCOUNTING FIRM
Ernst & Young LLP
Chicago, IL
Each Fund intends to repurchase shares of its own common stock in the future at
such times and in such amounts as is deemed advisable. No shares were
repurchased during the period covered by this report. Any future repurchases
will be reported to shareholders in the next annual or semiannual report.
39
[GRAPHIC OMITTED]
Learn more
about Nuveen Funds at
www.nuveen.com/etf
Nuveen Investments:
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.
WE OFFER MANY DIFFERENT INVESTING SOLUTIONS FOR OUR CLIENTS' DIFFERENT NEEDS.
Managing more than $115 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 fixed-income 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.
FIND OUT HOW WE CAN HELP YOU REACH YOUR FINANCIAL GOALS.
To learn more about the products and services Nuveen Investments offers, talk to
your financial advisor, or call us at (800) 257-8787. Please read the
information provided carefully before you invest.
Be sure to obtain a prospectus, where applicable. Investors should consider the
investment objective and policies, risk considerations, charges and expenses of
the Fund carefully before investing. The prospectus contains this and other
information relevant to an investment in the Fund. For a prospectus, please
contact your securities representative or Nuveen Investments, 333 W. Wacker Dr.,
Chicago, IL 60606. Please read the prospectus carefully before you invest or
send money.
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NUVEEN
Investments
ESA-A-0405D
ITEM 2. CODE OF ETHICS.
Not applicable to this filing.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable to this filing.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable to this filing.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to this filing.
ITEM 6. SCHEDULE OF INVESTMENTS.
See Portfolio of Investments in Item 1.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this filing.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable at this time.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which shareholders may
recommend nominees to the registrant's Board implemented after the registrant
last provided disclosure in response to this Item.
ITEM 11. 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 second fiscal quarter
of the period covered by this report that has materially affected, or
is reasonably likely to materially affect, the registrant's internal
control over financial reporting.
ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form.
(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 to
this filing.
(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 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: Ex-99.CERT
attached hereto.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under
the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the
report by or on behalf of the registrant to 10 or more persons: Not applicable.
(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 1940 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: July 8, 2005
-------------------------------------------------------------------
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: July 8, 2005
-------------------------------------------------------------------
By (Signature and Title)* /s/ Stephen D. Foy
----------------------------------------------
Stephen D. Foy
Vice President and Controller
(principal financial officer)
Date: July 8, 2005
-------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.