UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-5120
--------
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 31st
------------------
Date of reporting period: April 30th
-----------------
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, 2003
Nuveen
Municipal Closed-End
Exchange-Traded
Funds
MUNICIPAL
VALUE
NUV
MUNICIPAL
INCOME
NMI
PHOTO OF: 2 CHILDREN READING A BOOK.
PHOTO OF: WOMAN READING TO CHILDREN.
DEPENDABLE,
TAX-FREE INCOME
BECAUSE
IT'S NOT WHAT YOU EARN,
IT'S WHAT YOU KEEP.(R)
Logo: NUVEEN Investments
FASTER INFORMATION
RECEIVE YOUR
NUVEEN FUND REPORT
ELECTRONICALLY
By registering for electronic delivery, you will receive an e-mail as soon as
your Nuveen Fund information is available. Click on the link and you will be
taken directly to the report. Your Fund report can be viewed and saved on your
computer. Your report will arrive faster via e-mail than by traditional mail.
Registering is easy and only takes a few minutes (see instructions at right).
--------------------------------------------------------------------------------
SOME COMMON CONCERNS:
--------------------------------------------------------------------------------
WILL MY E-MAIL ADDRESS BE DISTRIBUTED TO OTHER COMPANIES?
No, your e-mail address is strictly confidential and will not be used for
anything other than notification of shareholder information.
WHAT IF I CHANGE MY MIND AND WANT TO RECEIVE INVESTOR MATERIALS THROUGH REGULAR
MAIL DELIVERY AGAIN?
If you decide you do not like receiving your reports electronically, it's a
simple process to go back to regular mail delivery.
--------------------------------------------------------------------------------
IF YOUR NUVEEN FUND DIVIDENDS AND STATEMENTS
COME FROM YOUR FINANCIAL ADVISOR OR BROKERAGE ACCOUNT,
FOLLOW THE STEPS OUTLINED BELOW:
1 Go to WWW.INVESTORDELIVERY.COM
2 Refer to the address sheet that accompanied this report. Enter the personal
13-CHARACTER ENROLLMENT NUMBER imprinted near your name.
3 You'll be taken to a page with several options. Select the NEW
ENROLLMENT-CREATE screen. Once there, enter your e-mail address (e.g.
yourID@providerID.com), and a personal, 4-digit PIN number of your choice.
(Pick a number that's easy to remember.)
4 Click Submit. Confirm the information you just entered is correct, then
click Submit again.
5 You should get a confirmation e-mail within 24 hours. If you do not, go
back through these steps to make sure all the information is correct.
6 Use this same process if you need to change your registration information
or cancel internet viewing.
IF YOUR NUVEEN FUND DIVIDENDS AND STATEMENTS
COME DIRECTLY TO YOU FROM NUVEEN,
FOLLOW THE STEPS OUTLINED BELOW:
1 Go to WWW.NUVEEN.COM
2 Select ACCESS YOUR ACCOUNT. Select the E-REPORT ENROLLMENT section. Click
on Enrollment Today.
3 You'll be taken to a screen that asks for your Social Security number and
e-mail address. Fill in this information, then click Enroll.
4 You should get a confirmation e-mail within 24 hours. If you do not, go
back through these steps to make sure all the information is correct.
5 Use this same process if you need to change your registration information
or cancel internet viewing.
Logo: NUVEEN Investments
Photo of: Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
Sidebar text: "NO ONE KNOWS WHAT THE FUTURE WILL BRING, WHICH IS WHY WE THINK A
WELL-BALANCED PORTFOLIO ... IS AN IMPORTANT COMPONENT IN ACHIEVING YOUR
LONG-TERM FINANCIAL GOALS."
Dear
SHAREHOLDER
Once again, I am pleased to report that over the most recent reporting period
your Fund continued to provide you with attractive tax-free monthly income. For
more specific information about the performance of your Fund, please see the
Portfolio Managers' Comments and Performance Overview sections of this report.
With interest rates at historically low levels, many have begun to wonder how
fixed-income investments will perform if interest rates begin to rise. No one
knows what the future will bring, which is why we think a well-balanced
portfolio that is structured and carefully monitored with the help of an
investment professional is an important component in achieving your long-term
financial goals. A well-diversified portfolio may actually help to reduce your
overall investment risk, and we believe that municipal bond investments like
your Nuveen Fund can be important building blocks in a portfolio crafted to
perform well through a variety of market conditions.
I'd also like to direct your attention to the inside front cover of this report,
which explains the quick and easy process to begin receiving Fund reports like
this via e-mail and the internet. Thousands of Nuveen Fund shareholders already
have signed-up, and they are getting their Fund information faster and more
conveniently than ever. I urge you to consider joining them.
Since 1898, Nuveen Investments has offered financial products and solutions that
incorporate careful research, diversification, and the application of
conservative risk-management principles. We are grateful that you have chosen us
as a partner as you pursue your financial goals. We look forward to continuing
to earn your trust in the months and years ahead.
Sincerely,
/s/ Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
June 16, 2003
1
Nuveen Municipal Closed-End Exchange-Traded Funds
(NUV, NMI)
Portfolio Managers'
COMMENTS
Portfolio managers Tom Spalding and John Miller review economic and market
conditions, key investment strategies, and the recent performance of NUV and
NMI. A 27-year Nuveen veteran, Tom has managed NUV since its inception in 1987.
John, who has ten years of investment experience, assumed portfolio management
responsibility for NMI in 2001.
WHAT FACTORS AFFECTED THE U.S. ECONOMY AND MUNICIPAL MARKET DURING THE PERIOD
ENDED APRIL 30, 2003?
The underlying economic and market conditions have not changed much since our
last shareholder report dated October 31, 2002. We believe the most influential
factors shaping the U.S. economy and the municipal market during this reporting
period continued to be the sluggish pace of economic growth and interest rates
that remained at 40-year lows. At the same time, continued geopolitical
concerns, centering on the ongoing threat of terrorism and the situation in
Iraq, also had an impact during this reporting period, particularly in terms of
investor sentiment.
In the municipal market, the slow economic recovery and the continued lack of
inflationary pressures created conditions that helped many bonds perform well
during this reporting period. As of April 2003, inflation was running at 1.5%
annualized, the lowest annual rate in 37 years. Following a record year in 2002,
municipal issuance nationwide remained very heavy during the first four months
of 2003, with $113.5 billion in new municipal bonds coming to market, an
increase of 21% over the same period in 2002. Despite the large supply of new
municipal bonds, firm or improving prices indicated continued strong demand from
investors. In particular, institutional investors such as property/casualty
insurance companies, hedge funds, arbitrage accounts and pension funds were
active buyers in the municipal market over much of this reporting period.
HOW DID NUV AND NMI PERFORM OVER THE TWELVE-MONTH PERIOD ENDED APRIL 30, 2003?
Individual results for the Funds, as well as for appropriate benchmarks, are
presented in the accompanying table.
TOTAL RETURN LEHMAN LIPPER
MARKET YIELD ON NAV3 TOTAL RETURN1 AVERAGE2
-------------------------------------------------------------------------
1 YEAR 1 YEAR 1 YEAR
TAXABLE- ENDED ENDED ENDED
4/30/03 EQUIVALENT 4/30/03 4/30/03 4/30/03
-------------------------------------------------------------------------
NUV 5.38% 7.69% 5.59% 8.49% 6.37%
-------------------------------------------------------------------------
NMI 5.46% 7.80% 4.30% 8.49% 6.37%
-------------------------------------------------------------------------
Past performance is not predictive of future results.
For additional information, see the individual Performance Overview for your
Fund in this report.
For the twelve months ended April 30, 2003, both NUV and NMI underperformed the
unmanaged Lehman Brothers Municipal Bond Index as well as their Lipper peer
group average.
Much of the underperformance of NUV relative to the Lehman Index can be
attributed to the Fund's shorter duration4. An investment with a shorter
duration generally will not perform as well as an investment with a longer
duration during a period of declining interest rates, as was the case during
1 The total annual returns on common share net asset value (NAV) for NUV and
NMI are compared with the total annual return of the Lehman Brothers
Municipal Bond Index, an unleveraged index comprising a broad range of
investment-grade municipal bonds. Results for the Lehman index do not
reflect any expenses.
2 The total returns of these Nuveen Funds are compared with the average
annualized return of the nine funds in the Lipper General and Insured
Unleveraged Municipal Debt Funds category. Fund and Lipper returns assume
reinvestment of dividends.
3 The taxable-equivalent yield represents the yield that must be earned on a
taxable investment in order to equal the yield of the Nuveen Fund on an
after-tax basis. The taxable-equivalent yield is based on the Fund's market
yield on the indicated date and a federal income tax rate of 30%.
4 Duration is a measure of a Fund's NAV volatility in reaction to interest
rate movements.
2
much of the twelve-month performance period. As of April 30, 2003, NUV had a
duration of 5.06, compared with 7.84 for the Lehman Index. NMI's duration on
April 30, 2002, was 7.00, also shorter than the Lehman Index.
In addition to shorter durations, the performances of NUV and NMI were
influenced by factors such as call exposure, portfolio trading activity, and the
price movement of specific sectors and holdings. For example, during the
twelve-month period the returns of NUV were impacted negatively by its holdings
of bonds backed by American Airlines. Over the period, the market value of most
airline-backed bonds fell, due in part to a decline in passenger volume and in
part to the industry's well-documented financial struggles. Even though we
believe that, over the long term, air travel will continue to be a major
component of transportation in the U.S., we have begun to selectively trim our
positions in airline-backed bonds as appropriate opportunities arise due to the
bonds' potential for additional downside risk.
Over the twelve-month period, NMI's performance also was impacted by its
holdings of $7.3 million (par value) of bonds issued in 1997 and 1998 for
CanFibre projects in Lackawanna, New York, and Riverside, California. Both of
these projects were affected negatively by the bankruptcies of the former parent
company of CanFibre as well as the general contractor. As of April 30, 2003, NMI
had liquidated all of its Lackawanna position and had effectively liquidated
about 85% of the Riverside position, with the remaining 15% scheduled to be
liquidated over the next several months. Although these problem credits should
not affect future performance, their decline in value in prior months resulted
in a loss for the Fund over this period and hurt the Fund's total return.
HOW DID THE MARKET ENVIRONMENT AFFECT THE FUNDS' DIVIDENDS AND SHARE PRICES?
During the period ended April 30, 2003, NMI continued to pay steady, attractive
dividends, marking 14 consecutive months of stable payments to shareholders.
Looking at NUV, higher-yielding issues were called from the Fund's portfolio
over the past year, and these bonds were replaced with securities paying the
generally lower market yields available in the current interest rate
environment. This necessitated a dividend cut in NUV in December 2002.
Over the course of the twelve-month period, the share price of NMI rose, moving
this Fund from trading at a discount to its common share net asset value to
trading at a premium. Over the same time period, the share price of NUV fell
slightly, and this Fund continued to trade at a discount as of April 30, 2003
(see charts on individual Performance Overview pages).
3
WHAT KEY STRATEGIES WERE USED TO MANAGE NUV AND NMI DURING THE PERIOD ENDED
APRIL 30, 2003?
Over the reporting period, we continued to place strong emphasis on diversifying
the Funds' portfolios, enhancing call protection and supporting their future
dividend-paying capabilities. Strategically, we have begun to focus on modestly
lengthening the Funds' durations, which we think will help their future
performance without greatly increasing their interest rate risk.
In line with our duration adjustment strategy, we have been focusing on
purchasing bonds from the long-intermediate part of the yield curve (i.e., those
that mature in 15 to 20 years). For NUV, where duration shortened over the past
year as interest rates declined and holdings were priced to their call dates, we
also have looked out on the curve as long as 25 years. In many cases, these
long-intermediate bonds offered yields similar to those of longer bonds but had
less inherent interest rate risk.
In general, heavy issuance in the municipal market over the past year provided
us with increased opportunities to purchase the types of bond structures that we
favor. We also continued to look for individual issues that we believed were
positioned to perform well regardless of the future direction of interest rates.
Overall, we emphasized undervalued sectors of the market and geographical areas
with healthy levels of issuance that we believed would hold up well in the
marketplace, such as Texas and Florida. Both NUV and NMI remained heavily
weighted in healthcare bonds, the top performing group among the Lehman revenue
sectors for the twelve-month period.
NMI also invested some of the proceeds from bond calls and the sale of
distressed bonds into charter schools, where uneven performance among schools
can result in individual credits being undervalued by the market. Our holdings
of BBB rated bonds issued for the DCS Montessori Charter School project in
Douglas County, Colorado, currently stand to benefit from the state
legislature's approval of a new law that is supportive of investment-grade
charter schools in the state. We also looked carefully at the power industry.
One of our holdings in this sector, the Ogden Haverhill facility in
Massachusetts, has appreciated in value significantly since our purchase.
Shortly after the end of the reporting period we also added bonds issued for
Appalachian Power in West Virginia, a subsidiary of American Electric Power,
which we believe offered excellent value within their sector.
Each of these Funds held modest positions (less than 5% of its portfolio) in
bonds backed by the 1998 Master Tobacco Settlement Agreement. Over the past five
years, fourteen states, the District of Columbia, Puerto Rico, Guam, New York
City, and
4
individual counties in California and New York have issued almost $20 billion of
tobacco securitization bonds backed by this agreement. In recent months, the
prices of these bonds weakened as the result of lawsuits involving the major
tobacco companies as well as the increased issuance of such bonds by states
planning to use the proceeds to help close budget gaps. Although the sector as a
whole produced negative returns over the twelve-month period, tobacco bonds
showed some recovery toward the end of the period.
Given the current geopolitical and economic climate, credit quality remains an
important factor for many investors. As of April 30, 2003, NUV offered excellent
credit quality, with 67% of its portfolio allocated to bonds rated AAA/U.S.
guaranteed and AA. NMI may invest up to 25% of its portfolio in securities rated
below investment grade (BB and lower). As of April 30, 2003, NMI had allocated
9% to this credit sector and 21% to non-rated bonds, with 32% invested in bonds
rated A or better.
In coming months, in keeping with our focus on risk management, we expect to
continue increasing the overall credit quality of this Fund as appropriate
opportunities present themselves.
WHAT IS YOUR OUTLOOK FOR THE MUNICIPAL MARKET IN GENERAL AND THESE FUNDS IN
PARTICULAR?
We think new issuance volume should remain strong, as issuers continue to take
advantage of the low rate environment. Adding to our expectations for continued
strong issuance are the budget deficits affecting many states, and their
continued need to raise money for infrastructure, education and healthcare
needs. Over coming months, we will continue to closely monitor the states'
budgetary situations to watch for any potential impact on credit ratings.
Looking at bond call exposure, we believe that NMI offers good levels of call
protection during the remainder of 2003 and through 2004. As of April 30, 2003,
the potential call exposure in this Fund was 2% in 2003 and 8% in 2004. Over the
balance of 2003 and 2004, NUV faces a higher potential call risk, affecting up
to 35% of its portfolio in 2003. Depending upon market conditions as we move
through 2003, some of these securities, though eligible, may not be called by
their issuers. In any event, we will seek to manage the Fund through this period
in ways that support the Fund's dividend-paying and total return potential. In
2004, NUV's call exposure drops back to 5%. The number of actual calls during
this time will depend largely on market interest rates and individual decisions
made by issuers.
In the coming months, our primary goal will continue to be moderating the Funds'
durations. In addition, we plan to watch for opportunities to purchase or swap
for issues that we perceive to be undervalued, particularly in sectors of the
market that have recently underperformed. The expected strong supply of new
bonds should help us in this effort.
5
Nuveen Municipal Value Fund, Inc.
Performance
OVERVIEW As of April 30, 2003
NUV
PIE CHART:
CREDIT QUALITY
AAA/U.S. GUARANTEED 54%
AA 13%
A 18%
BBB 10%
NR 2%
BB OR LOWER 3%
PORTFOLIO STATISTICS
--------------------------------------------------
Share Price $9.26
--------------------------------------------------
Common Share Net Asset Value $9.99
--------------------------------------------------
Market Yield 5.38%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 7.69%
--------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $1,946,851
--------------------------------------------------
Average Effective Maturity (Years) 18.21
--------------------------------------------------
Average Duration 5.06
--------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN (Inception 6/87)
--------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------
1-Year 4.82% 5.59%
--------------------------------------------------
5-Year 5.52% 5.24%
--------------------------------------------------
10-Year 4.51% 5.51%
--------------------------------------------------
TOP FIVE SECTORS (as a % of total investments)
--------------------------------------------------
Utilities 24%
--------------------------------------------------
Healthcare 17%
--------------------------------------------------
U.S. Guaranteed 16%
--------------------------------------------------
Tax Obligation/Limited 12%
--------------------------------------------------
Tax Obligation/General 7%
--------------------------------------------------
Bar Chart:
2002-2003 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
5/02 0.0425
6/02 0.0425
7/02 0.0425
8/02 0.0425
9/02 0.0425
10/02 0.0425
11/02 0.0425
12/02 0.0415
1/03 0.0415
2/03 0.0415
3/03 0.0415
4/03 0.0415
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
5/1/02 9.44
9.46
9.42
9.38
9.46
9.44
9.48
9.51
9.57
9.57
9.56
9.57
9.58
9.63
9.6
9.6
9.52
9.52
9.63
9.63
9.66
9.67
9.7
9.49
9.15
9.29
9.25
9.4
9.21
9.06
9.11
9.18
9.16
9.08
9.29
9.28
9.1
9.15
9.18
9.24
9.35
9.26
9.29
9.37
9.48
9.13
9
9.17
9.07
9.01
9.11
4/30/03 9.19
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen Fund on an after-tax basis. It
is calculated using the current market yield and a federal income tax rate
of 30%.
2 The Fund also paid shareholders capital gains and net ordinary income
distributions in December 2002 of $0.0415 per share.
6
Nuveen Municipal Income Fund, Inc.
Performance
OVERVIEW As of April 30, 2003
NMI
PIE CHART:
CREDIT QUALITY
AAA/U.S. GUARANTEED 21%
A 11%
BBB 38%
NR 21%
BB OR LOWER 9%
PORTFOLIO STATISTICS
--------------------------------------------------
Share Price $10.98
--------------------------------------------------
Common Share Net Asset Value $10.55
--------------------------------------------------
Market Yield 5.46%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 7.80%
--------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $85,467
--------------------------------------------------
Average Effective Maturity (Years) 18.56
--------------------------------------------------
Average Duration 7.00
--------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN (Inception 4/88)
--------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------
1-Year 13.41% 4.30%
--------------------------------------------------
5-Year 3.88% 3.70%
--------------------------------------------------
10-Year 4.43% 4.96%
--------------------------------------------------
TOP FIVE SECTORS (as a % of total investments)
--------------------------------------------------
Utilities 21%
--------------------------------------------------
Healthcare 19%
--------------------------------------------------
Materials 12%
--------------------------------------------------
Tax Obligation/Limited 10%
--------------------------------------------------
Consumer Staples 7%
--------------------------------------------------
Bar Chart:
2002-2003 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
5/02 0.05
6/02 0.05
7/02 0.05
8/02 0.05
9/02 0.05
10/02 0.05
11/02 0.05
12/02 0.05
1/03 0.05
2/03 0.05
3/03 0.05
4/03 0.05
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
5/1/02 10.3
10.19
10.35
10.52
10.56
10.59
10.48
10.45
10.33
10.49
10.63
10.78
10.67
10.81
10.85
10.68
10.63
10.7
10.7
11.21
11.05
10.97
10.95
10.65
9.99
9.65
9.92
10.08
9.9
9.73
9.8
9.91
10.05
10
9.84
10
10.08
10.17
10.17
10.42
10.51
10.53
10.3
10.85
10.86
10.75
10.66
10.7
10.86
10.78
10.85
4/30/03 10.96
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen Fund on an after-tax basis. It
is calculated using the current market yield and a federal income tax rate
of 30%.
2 The Fund also paid shareholders a net ordinary income distribution in
December 2002 of $0.0019 per share.
7
Nuveen Municipal Value Fund, Inc. (NUV)
Portfolio of INVESTMENTS April 30, 2003 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
ALABAMA - 1.4%
$ 1,985 Alabama Housing Finance Authority, Single Family Mortgage 4/08 at 102.00 Aaa $ 2,042,942
Revenue Bonds, Collateralized Home Mortgage Revenue Bond
Program, 1998 Series A-2, 5.450%, 10/01/28 (Alternative
Minimum Tax)
5,000 The Industrial Development Board of the Town of Courtland, 11/09 at 101.00 Baa2 5,292,050
Alabama, Solid Waste Disposal Revenue Bonds, Champion
International Paper Corporation, Series 1999A, 6.700%, 11/01/29
(Alternative Minimum Tax)
1,750 Huntsville Healthcare Authority, Alabama, Revenue Bonds, 6/11 at 101.00 A2 1,799,123
Series 2001A, 5.750%, 6/01/31
4,000 The Medical Clinic Board of the City of Jasper, Alabama, 7/03 at 101.00 Baa1 4,051,600
Hospital Revenue Bonds, Series 1993, Walker Regional Medical
Center, Inc. Project, 6.375%, 7/01/18
12,000 Jefferson County, Alabama, Sewer Revenue Capital Improvement 2/09 at 101.00 AAA 13,786,920
Warrants, Series 1999-A, 5.375%, 2/01/36 (Pre-refunded to
2/01/09) - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
ARIZONA - 1.1%
4,900 Arizona Health Facilities Authority, Hospital Revenue Bonds, 11/09 at 100.00 Ba2 3,218,271
Phoenix Children's Hospital, Series 1999A, 6.250%, 11/15/29
1,400 Arizona Health Facilities Authority, Hospital System Revenue 2/12 at 101.00 Ba2 950,446
Bonds, Phoenix Children's Hospital, Series 2002A,
6.250%, 2/15/21
16,000 Arizona Health Facilities Authority, Revenue Bonds, Catholic 7/10 at 101.00 BBB 16,916,800
Healthcare West, 1999 Series A, 6.625%, 7/01/20
------------------------------------------------------------------------------------------------------------------------------------
ARKANSAS - 0.3%
1,050 City of Conway, Arkansas, Sales and Use Tax Capital 12/06 at 101.00 AAA 1,162,035
Improvement Bonds, Series 1997A, 5.350%, 12/01/17 -
FSA Insured
2,750 Jefferson County, Arkansas, Pollution Control Revenue Refunding 6/03 at 102.00 BBB- 2,654,960
Bonds, Entergy Arkansas, Inc. Project, Series 1997,
5.600%, 10/01/17
2,000 Board of Trustees of the University of Arkansas at Fayetteville, 12/12 at 100.00 Aaa 2,060,600
Various Facilities Revenue Bonds, Series 2002,
5.000%, 12/01/32 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA - 8.7%
7,310 California Educational Facilities Authority, Revenue Bonds, 10/09 at 39.19 Aaa 2,355,794
Series 2000, Loyola Marymount University, 0.000%, 10/01/24
(Pre-refunded to 10/01/09) - MBIA Insured
3,975 California Infrastructure and Economic Development Bank, 10/11 at 101.00 A- 4,058,952
Revenue Bonds, Series 2001, The J. David Gladstone Institutes
Project, 5.250%, 10/01/34
9,000 State of California Department of Water Resources, Water 6/03 at 101.50 AA*** 9,171,000
System Revenue Bonds, Central Valley Project, Series L,
5.750%, 12/01/19 (Pre-refunded to 6/01/03)
14,500 State of California Department of Water Resources, Water 12/03 at 101.00 AA 14,535,670
System Revenue Bonds, Central Valley Project, Series M,
4.750%, 12/01/24
State of California Department of Water Resources, Power
Supply Revenue Bonds, Series 2002A:
10,000 5.125%, 5/01/19 5/12 at 101.00 A3 10,478,400
10,000 5.250%, 5/01/20 5/12 at 101.00 A3 10,471,500
17,155 State Public Works Board of the State of California, Lease 6/03 at 102.00 Aa2 17,552,481
Revenue Refunding Bonds, The Regents of the University of
California, 1993 Series A, Various University of California
Projects, 5.500%, 6/01/21
15,500 California Statewide Communities Development Authority, 4/09 at 101.00 BBB 15,799,460
Certificates of Participation, The Internext Group,
5.375%, 4/01/17
6,530 California Statewide Communities Development Authority, 7/03 at 102.00 AA- 6,675,488
Certificates of Participation, St. Joseph Health System
Obligated Group, 5.500%, 7/01/14
8
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA (continued)
$ 3,000 Community Facilities District No. 98-2 of the Capistrano 9/09 at 102.00 N/R $ 3,010,560
Unified School District, Ladera, California, Special Tax Bonds,
Series 1999, 5.750%, 9/01/29
5,895 Central Joint Powers Health Financing Authority, California, 8/03 at 100.00 Baa1 5,593,117
Certificates of Participation, Series 1993, Community Hospital
of Central California, 5.000%, 2/01/23
Foothill/Eastern Transportation Corridor Agency, California,
Toll Road Revenue Bonds, Series 1995A:
30,000 0.000%, 1/01/22 No Opt. Call AAA 12,273,600
2,500 6.000%, 1/01/34 (Pre-refunded to 1/01/07) 1/07 at 100.00 AAA 2,863,000
3,500 Golden State Tobacco Securitization Corporation, California, 6/13 at 100.00 A- 3,101,875
Tobacco Settlement Asset-Backed Bonds, Series 2003-A1,
6.750%, 6/01/39
7,500 Department of Water and Power of the City of Los Angeles, 11/03 at 102.00 AAA 7,805,925
California, Electric Plant Refunding Revenue Bonds, Second
Issue of 1993, 5.400%, 11/15/31 - FGIC Insured
4,000 Regional Airports Improvement Corporation, California, 12/12 at 102.00 CCC 2,680,080
American Airlines Inc. Terminal 4 Project, os Angeles
International Airport Facilities Sublease Revenue Bonds,
Series 2002C, 7.500%, 12/01/24 (Alternative Minimum Tax)
30,470 Los Angeles County Public Works Financing Authority, 12/03 at 102.00 AAA 31,651,322
California, Lease Revenue Bonds, Series 1993, Multiple
Capital Facilities Project IV, 4.750%, 12/01/13 - MBIA Insured
7,300 San Diego County, California, Certificates of Participation, 9/09 at 101.00 Baa3 7,666,606
Series 1999, The Burnham Institute, 6.250%, 9/01/29
2,665 Yuba County Water Agency, California, Yuba River Development 9/03 at 100.00 Ba3 2,486,338
Revenue Bonds, Series A, 4.000%, 3/01/16
------------------------------------------------------------------------------------------------------------------------------------
COLORADO - 1.3%
1,300 Colorado Educational and Cultural Facilities Authority, Charter 8/11 at 100.00 Ba2 1,323,296
School Revenue Bonds, Peak to Peak Charter School Project,
Created by Boulder Valley School District No. RE-2, Boulder
County, 7.625%, 8/15/31
Colorado Health Facilities Authority, Revenue Bonds, Series
1994, Sisters of Charity Health Care Systems, Inc.:
345 5.250%, 5/15/14 (Pre-refunded to 5/15/04) 5/04 at 102.00 AA*** 366,556
9,590 5.250%, 5/15/14 (Pre-refunded to 5/15/04) 5/04 at 102.00 AA*** 10,189,183
2,580 5.250%, 5/15/14 5/04 at 102.00 AA 2,658,974
500 Colorado Health Facilities Authority, Revenue Bonds, Vail Valley 1/12 at 100.00 BBB 511,115
Medical Center Project, Series 2001, 5.750%, 1/15/22
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds,
Series 2000A:
20,000 0.000%, 9/01/28 - MBIA Insured 9/10 at 31.42 AAA 4,285,800
5,000 5.750%, 9/01/35 - MBIA Insured 9/10 at 102.00 AAA 5,621,950
------------------------------------------------------------------------------------------------------------------------------------
DISTRICT OF COLUMBIA - 1.4%
27,725 Washington Convention Center Authority, Washington, D.C., 10/08 at 100.00 AAA 27,525,657
Senior Lien Dedicated Tax Revenue Bonds, Series 1998,
4.750%, 10/01/28 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
FLORIDA - 2.6%
10,690 City of Jacksonville, Florida, Better Jacksonville Sales Tax 10/11 at 100.00 AAA 10,989,106
Revenue Bonds, Series 2001, 5.000%, 10/01/30 -
AMBAC Insured
5,000 Orange County Health Facilities Authority, Florida, Hospital 10/09 at 101.00 A2 5,228,000
Revenue Bonds, Orlando Regional Healthcare System,
Series 1999E, 6.000%, 10/01/26
8,250 The School Board of Orange County, Florida, Certificates 8/12 at 100.00 AAA 8,501,460
of Participation, Series 2002A, 5.000%, 8/01/27 -
MBIA Insured
Orlando Utilities Commission, Florida, Water and Electric
Subordinated Revenue Bonds, Series 1993B:
7,400 5.600%, 10/01/17 10/03 at 102.00 Aa2 7,642,942
9,800 5.250%, 10/01/23 (Pre-refunded to 10/01/03) 10/03 at 101.00 Aa2*** 10,068,226
470 Orlando Utilities Commission, Florida, Water and Electric 6/03 at 101.00 Aa1 476,951
Revenue Bonds, Series 1993, 5.125%, 10/01/19 (Pre-refunded
to 6/13/03)
8,000 Orlando Utilities Commission, Florida, Water and Electric 10/03 at 102.00 Aa2 8,147,680
Subordinated Revenue Refunding Bonds, Series 1993A,
5.250%, 10/01/23
9
Nuveen Municipal Value Fund, Inc. (NUV) (continued)
Portfolio of INVESTMENTS April 30, 2003 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
GEORGIA - 1.9%
$ 2,500 City of Atlanta, Georgia, Water and Wastewater Revenue Bonds, 5/12 at 100.00 AAA $ 2,559,150
Series 2001A, 5.000%, 11/01/33 - MBIA Insured
9,790 City of Atlanta, Georgia, Water and Wastewater Revenue Bonds, 5/09 at 101.00 AAA 9,935,088
Series 1999A, 5.000%, 11/01/38 - FGIC Insured
Coffee County Hospital Authority, Georgia, Revenue Anticipation
Certificates, Coffee Regional Medical Center, Inc. Project,
Series 1997A:
21,100 6.750%, 12/01/26 12/06 at 102.00 N/R 21,175,960
1,700 6.250%, 12/01/06 No Opt. Call N/R 1,749,895
2,250 Hospital Authority of the City of Royston, Georgia, Revenue 7/09 at 102.00 N/R 2,192,558
Anticipation Certificates, Ty Cobb Healthcare System, Inc.
Project, Series 1999, 6.500%, 7/01/27
------------------------------------------------------------------------------------------------------------------------------------
ILLINOIS - 11.9%
2,060 Aurora, Illinois, Golf Course Revenue Bonds, Series 2000, 1/10 at 100.00 A+ 2,282,130
6.375%, 1/01/20
10,000 City of Chicago, Illinois, General Obligation Bonds, 7/12 at 100.00 AAA 10,817,400
Series 2002A Project and Refunding, 5.625%, 1/01/39 -
AMBAC Insured
2,000 Chicago School Reform Board of Trustees of the Board of 12/07 at 102.00 AAA 2,128,220
Education of the City of Chicago, Illinois, Unlimited Tax General
Obligation Bonds, Dedicated Tax Revenues, Series 1997A,
5.250%, 12/01/22 - AMBAC Insured
Chicago School Reform Board of Trustees of the Board of
Education of the City of Chicago, Illinois, Unlimited Tax
General Obligation Bonds, Dedicated Tax Revenues, Series 1998A:
15,000 0.000%, 12/01/24 - FGIC Insured No Opt. Call AAA 4,859,700
47,900 0.000%, 12/01/28 - FGIC Insured No Opt. Call AAA 12,146,961
5,000 Chicago Housing Authority, Illinois, Capital Program Revenue 7/12 at 100.00 AA*** 5,338,950
Bonds, Series 2001, 5.375%, 7/01/18
1,125 Metropolitan Water Reclamation District of Greater Chicago, No Opt. Call Aaa 1,384,875
Illinois, General Obligation Capital Improvement Bonds,
Series 1991, 7.000%, 1/01/11
2,575 City of Chicago, Illinois, Chicago-O'Hare International Airport, 1/11 at 101.00 AAA 2,597,274
Second Lien Passenger Facility Charge Revenue Bonds,
Series 2001C, 5.100%, 1/01/26 (Alternative Minimum
Tax) - AMBAC Insured
4,650 Illinois Development Finance Authority, Industrial Development 6/03 at 101.00 N/R 4,669,437
Revenue Bonds, Series 1992, Plano Molding Company
Project, 7.750%, 6/01/12 (Alternative Minimum Tax)
3,000 Illinois Development Finance Authority, Pollution Control No Opt. Call A- 3,025,830
Revenue Refunding Bonds, Series 1994, Commonwealth
Edison Company Project, 5.850%, 1/15/14
28,030 Illinois Development Finance Authority, Local Government No Opt. Call Aaa 13,309,765
Program Bonds, Elgin School District No. U46, Kane, Cook
and DuPage Counties, Series 2002, 0.000%, 1/01/19 -
FSA Insured
Illinois Development Finance Authority, Revenue Bonds, The
Presbyterian Home Lake Forest Place Project, Series 1996B:
6,495 6.400%, 9/01/31 (Pre-refunded to 9/01/06) 9/06 at 102.00 AAA 7,599,150
990 6.400%, 9/01/31 - FSA Insured 9/06 at 102.00 AAA 1,128,966
1,800 Illinois Development Finance Authority, Local Government No Opt. Call Aaa 852,642
Program Revenue Bonds, Series 2000, Rockford School
District Number 205 Project, 0.000%, 2/01/19 - FSA Insured
3,180 Illinois Development Finance Authority, Revenue Bonds, 12/21 at 100.00 BBB 3,143,843
Chicago Charter School Foundation Project, Series 2002A,
6.250%, 12/01/32
8,000 Illinois Development Finance Authority, Revenue Bonds, Illinois 9/11 at 100.00 AAA 8,204,000
Wesleyan University, Series 2001, 5.125%, 9/01/35 -
AMBAC Insured
14,000 Illinois Health Facilities Authority, Revenue Refunding Bonds, 10/03 at 102.00 A3*** 14,532,280
Series 1993, Illinois Masonic Medical Center,
5.500%, 10/01/19 (Pre-refunded to 10/01/03)
7,000 Illinois Health Facilities Authority, Revenue Bonds, 11/03 at 102.00 AAA 7,110,950
Series 1993, Swedish American Hospital, 5.375%, 11/15/23 -
AMBAC Insured
18,015 Illinois Health Facilities Authority, Revenue Bonds, 11/03 at 102.00 AAA 18,277,298
Series 1993, Rush-Presbyterian-St. Luke's Medical Center
Obligated Group, 5.250%, 11/15/20 - MBIA Insured
4,350 Illinois Health Facilities Authority, Revenue Bonds, Series 1992, No Opt. Call A*** 5,539,029
South Suburban Hospital, 7.000%, 2/15/18
10
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
ILLINOIS (continued)
$ 8,000 Illinois Health Facilities Authority, Revenue Bonds, 8/07 at 101.00 AAA $ 8,234,480
Series 1997, Sherman Health Systems, 5.250%, 8/01/22 -
AMBAC Insured
15,000 Illinois Health Facilities Authority, Revenue Bonds, Series 2000, 5/10 at 101.00 A3 16,227,750
Condell Medical Center, 6.500%, 5/15/30
15,000 Illinois Health Facilities Authority, Revenue Bonds, 2/11 at 101.00 AAA 15,417,750
Series 2001B, Edward Hospital Obligation Group,
5.250%, 2/15/34 - FSA Insured
Metropolitan Pier and Exposition Authority, Illinois, McCormick
Place Expansion Project Bonds, Series 1992A:
18,955 0.000%, 6/15/17 - FGIC Insured No Opt. Call AAA 9,820,775
12,300 0.000%, 6/15/18 - FGIC Insured No Opt. Call AAA 5,993,667
Metropolitan Pier and Exposition Authority, Illinois, McCormick
Place Expansion Project Bonds, Series 1994B:
7,250 0.000%, 6/15/18 - MBIA Insured No Opt. Call AAA 3,532,853
3,385 0.000%, 6/15/21 - MBIA Insured No Opt. Call AAA 1,363,580
9,900 0.000%, 6/15/29 - FGIC Insured No Opt. Call AAA 2,479,653
16,550 Metropolitan Pier and Exposition Authority, Illinois, McCormick No Opt. Call AAA 6,501,668
Place Expansion Project Refunding Bonds, Series 1996A,
0.000%, 12/15/21 - MBIA Insured
Metropolitan Pier and Exposition Authority, Illinois, McCormick
Place Expansion Project Revenue Bonds, Series 2002A:
10,000 0.000%, 6/15/24 - MBIA Insured 6/22 at 101.00 AAA 5,188,100
21,000 0.000%, 6/15/34 - MBIA Insured No Opt. Call AAA 4,019,820
21,000 0.000%, 12/15/35 - MBIA Insured No Opt. Call AAA 3,697,680
20,000 0.000%, 6/15/36 - MBIA Insured No Opt. Call AAA 3,425,800
2,150 5.250%, 6/15/42 - MBIA Insured 6/12 at 101.00 AAA 2,248,169
11,650 Regional Transportation Authority, Cook, DuPage, Kane, Lake, 6/04 at 102.00 AAA 12,525,847
McHenry and Will Counties, Illinois, General Obligation
Bonds, Series 1994A, 6.250%, 6/01/24 (Pre-refunded
to 6/01/04) - AMBAC Insured
1,325 Tri-City Regional Port District, Illinois, Port and Terminal No Opt. Call N/R 1,418,823
Facilities Revenue Bonds, 1998 Refunding and Dock #2 Enhancement
Project, Series 1998B, 5.875%, 7/01/08 (Alternative
Minimum Tax)
2,295 School District Number 161, Will County, Illinois, Capital No Opt. Call Aaa 1,141,166
Appreciation School Bonds, Series 1999, 0.000%, 1/01/18 -
FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
INDIANA - 3.2%
10,000 Indiana Bond Bank, State Revolving Fund Program Bonds, 2/13 at 101.00 AAA 11,061,900
Series 2001A, 5.375%, 2/01/19
10,000 Indiana Health Facility Financing Authority, Hospital Revenue 11/07 at 102.00 AAA 10,310,600
Bonds, Series 1997A, Sisters of St. Francis Health Services,
Inc. Project), 5.375%, 11/01/27 - MBIA Insured
17,105 Indiana Health Facility Financing Authority, Hospital Revenue 2/07 at 102.00 AA 18,120,695
Bonds, Series 1996A, Clarian Health Partners, Inc.,
6.000%, 2/15/21
4,840 Indianapolis Airport Authority, Indiana, Special Facilities 7/04 at 102.00 BBB 5,146,033
Revenue Bonds, Series 1994, Federal Express Corporation
Project, 7.100%, 1/15/17 (Alternative Minimum Tax)
Indianapolis Local Public Improvement Bond Bank, Indiana,
Revenue Bonds, Series 1999E:
12,500 0.000%, 2/01/21 - AMBAC Insured No Opt. Call AAA 5,094,875
14,425 0.000%, 2/01/27 - AMBAC Insured No Opt. Call AAA 4,104,634
9,155 City of South Bend, Indiana, Multifamily Housing Revenue 5/03 at 102.00 N/R 6,975,103
Refunding Bonds, The Pointe at St. Joseph Project, Issue
of 1994, Series A, 6.200%, 12/15/18
500 City of South Bend, Indiana, Multifamily Housing Revenue 5/03 at 102.00 N/R 391,270
Refunding Bonds, The Pointe at St. Joseph Project, Issue
of 1994, Series B, 6.450%, 12/15/18 (Alternative Minimum Tax)
3,169 City of South Bend, Indiana, Multifamily Housing Revenue 12/03 at 100.00 N/R 1,720,724
Refunding Bonds, The Pointe at St. Joseph Project, Issue
of 1994, Series C, 3.850%, 12/15/18
11
Nuveen Municipal Value Fund, Inc. (NUV) (continued)
Portfolio of INVESTMENTS April 30, 2003 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
IOWA - 1.6%
$ 3,500 Iowa Higher Education Loan Authority, Private College Facility 10/12 at 100.00 A $ 3,647,385
Revenue Bonds, Wartburg College Project, Series 2002,
5.500%, 10/01/33 - ACA Insured
3,450 Iowa Housing Finance Authority, Single Family Housing Bonds, No Opt. Call AAA 801,504
1984 Issue A, 0.000%, 9/01/16 - AMBAC Insured
36,500 Tobacco Settlement Authority, Iowa, Tobacco Settlement 6/11 at 101.00 A- 27,647,655
Asset-Backed Revenue Bonds, Series 2001B, 5.600%, 6/01/35
------------------------------------------------------------------------------------------------------------------------------------
KANSAS - 0.4%
6,650 City of Newton, Kansas, Hospital Revenue Bonds, Newton 11/04 at 102.00 N/R*** 7,413,686
Healthcare Corporation, Series 1994A, 7.750%, 11/15/24
(Pre-refunded to 11/15/04)
------------------------------------------------------------------------------------------------------------------------------------
KENTUCKY - 0.4%
7,520 Greater Kentucky Housing Assistance Corporation, Mortgage 7/03 at 100.00 AAA 7,526,618
Revenue Refunding Bonds, Series 1997A, FHA-Insured
Mortgage Loans - Section 8 Assisted Projects, 6.100%, 1/01/24 -
MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
LOUISIANA - 1.8%
1,000 East Baton Rouge Parish, Louisiana, Revenue Refunding 3/08 at 102.00 Ba3 802,110
Bonds, Georgia Pacific Corporation Project, Series
1998 Refunding, 5.350%, 9/01/11 (Alternative
Minimum Tax)
16,120 Louisiana Public Facilities Authority, Hospital Revenue 5/03 at 100.00 AAA 19,963,814
Refunding Bonds, Southern Baptist Hospitals, Inc. Project,
Series 1986, 8.000%, 5/15/12
18,880 Tobacco Settlement Financing Corporation, Louisiana, 5/11 at 101.00 A- 14,819,290
Asset-Backed Bonds, Series 2001B, 5.875%, 5/15/39
------------------------------------------------------------------------------------------------------------------------------------
MAINE - 1.2%
14,365 Maine State Housing Authority, Mortgage Purchase Bonds, 2/04 at 102.00 AA+ 14,801,121
1994 Series A, 5.550%, 11/15/14
8,185 Maine State Housing Authority, Mortgage Purchase Bonds, 5/05 at 102.00 AA+ 8,552,425
1995 Series A-2, 6.650%, 11/15/25 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
MARYLAND - 0.8%
10,900 Community Development Administration of Maryland, 3/07 at 101.50 Aa2 11,431,811
Department of Housing and Community Development
Residential Revenue Bonds, Series 1997B, 5.875%, 9/01/25
(Alternative Minimum Tax)
3,500 Maryland Energy Financing Administration, Limited Obligation 9/05 at 102.00 N/R 3,580,150
Cogeneration Revenue Bonds, AES Warrior Run Project,
Series 1995, 7.400%, 9/01/19 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS - 2.8%
10,000 Massachusetts Bay Transportation Authority, Senior Sales Tax 7/12 at 100.00 AAA 10,217,000
Revenue Bonds, Series 2002A Refunding, 5.000%, 7/01/32
Massachusetts Municipal Wholesale Electric Company, Power Supply
System Revenue Bonds, 1987 Series A:
100 8.750%, 7/01/18 (Pre-refunded to 7/01/03) 7/03 at 100.00 Aaa 101,285
215 8.750%, 7/01/18 (Pre-refunded to 1/01/04) 1/04 at 100.00 Aaa 225,896
220 8.750%, 7/01/18 (Pre-refunded to 7/01/04) 7/04 at 100.00 Aaa 239,347
105 8.750%, 7/01/18 (Pre-refunded to 7/01/05) 7/05 at 100.00 Aaa 117,716
110 8.750%, 7/01/18 (Pre-refunded to 7/01/05) 7/05 at 100.00 Aaa 127,124
5,000 Commonwealth of Massachusetts, General Obligation Bonds, 1/13 at 100.00 AAA 5,349,800
Consolidated Loan, Series 2002E, 5.250%, 1/01/22 -
FGIC Insured
1,720 Massachusetts Development Finance Agency, Resource 12/08 at 102.00 BBB 1,598,809
Recovery Revenue Bonds, Ogden Haverhill Project,
Series 1998B, 5.100%, 12/01/12 (Alternative Minimum Tax)
16,400 Massachusetts Turnpike Authority, Metropolitan Highway 1/07 at 102.00 AAA 16,539,728
System Revenue Bonds, 1997 Series A Senior,
5.000%, 1/01/37 - MBIA Insured
8,000 Massachusetts Turnpike Authority, Metropolitan Highway 1/07 at 102.00 AAA 8,130,320
System Revenue Bonds, 1997 Series B Subordinated,
5.125%, 1/01/37 - MBIA Insured
12
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS (continued)
$ 5,000 Massachusetts Turnpike Authority, Metropolitan Highway 1/09 at 101.00 AAA $ 5,049,050
System Revenue Bonds, 1999 Series A Subordinated,
5.000%, 1/01/39 - AMBAC Insured
6,000 Massachusetts Water Pollution Abatement Trust, Pool Program 8/10 at 101.00 AAA 6,517,080
Bonds, Series 6, 5.500%, 8/01/30
------------------------------------------------------------------------------------------------------------------------------------
MICHIGAN - 5.6%
6,000 The Economic Development Corporation of the City of Dearborn, 8/04 at 102.00 AAA 6,114,660
Michigan, Hospital Revenue Refunding Bonds, Oakwood
Obligated Group, Series 1994A, 5.250%, 8/15/21 -
MBIA Insured
9,365 City of Detroit Local Development Finance Authority, Michigan, 5/09 at 101.00 BB- 7,503,613
Tax Increment Bonds, Series 1998A, 5.500%, 5/01/21
1,400 City of Detroit, Michigan, Sewage Disposal System Revenue 7/05 at 101.00 AAA 1,510,740
Refunding Bonds, Series 1995-B, 5.250%, 7/01/15 -
MBIA Insured
3,000 Michigan Municipal Bond Authority, Public School Academy 10/09 at 102.00 Ba1 3,082,080
Revenue Bonds, Detroit Academy of Arts and Sciences,
Series 2001, 7.900%, 10/01/21
Michigan State Hospital Finance Authority, Revenue and Refunding
Bonds, The Detroit Medical Center Obligated Group, Series 1993A:
1,000 6.250%, 8/15/13 8/03 at 102.00 BBB- 921,270
12,925 6.500%, 8/15/18 8/03 at 102.00 BBB- 11,531,427
37,490 Michigan State Hospital Finance Authority, Hospital Revenue 8/08 at 101.00 BBB- 25,998,565
Bonds, The Detroit Medical Center Obligated Group,
Series 1998A, 5.250%, 8/15/28
4,320 Michigan State Housing Development Authority, Rental 5/03 at 102.00 AAA 4,424,544
Housing Revenue Bonds, 1993 Series A, 5.875%, 10/01/17
(Pre-refunded to 5/01/03) - AMBAC Insured
12,610 Michigan State Housing Development Authority, Rental Housing 6/05 at 102.00 AAA 13,260,802
Revenue Bonds, 1995 Series B, 6.150%, 10/01/15 -
MBIA Insured
25,000 Michigan Strategic Fund, Limited Obligation Refunding 9/05 at 102.00 AAA 28,116,500
Revenue Bonds, Detroit Edison Company Pollution
Control Bonds Project, Collateralized Series 1995AA,
6.400%, 9/01/25 - MBIA Insured
7,200 Michigan Strategic Fund, Resource Recovery Limited 12/12 at 100.00 AAA 7,399,440
Obligation Revenue Bonds, Detroit Edison Company,
Series 2002D Refunding, 5.250%, 12/15/32 -
XLCA Insured
------------------------------------------------------------------------------------------------------------------------------------
MINNESOTA - 0.2%
3,285 Minnesota Housing Finance Agency, Rental Housing Bonds, 2/05 at 102.00 AAA 3,424,678
1995 Series D, 5.900%, 8/01/15 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
MISSISSIPPI - 0.7%
13,000 Mississippi Hospital Equipment and Facilities Authority, 5/03 at 102.00 AAA 13,296,270
Revenue Refunding and Improvement Bonds, North Mississippi
Health Services, 1993 Series 1, 5.750%, 5/15/16 -
AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
MISSOURI - 0.4%
2,000 Missouri-Illinois Metropolitan District Bi-State Development 10/13 at 100.00 AAA 2,056,380
Agency, Mass Transit Sales Tax Appropriation Bonds,
Metrolink Cross County Extension Project, Series 2002B,
5.000%, 10/01/32 - FSA Insured
The Industrial Development Authority of the City of West Plains,
Missouri, Hospital Facilities Revenue Bonds, Ozark Medical
Center, Series 1997:
1,750 5.500%, 11/15/12 11/07 at 101.00 BB+ 1,689,048
1,000 5.600%, 11/15/17 11/07 at 101.00 BB+ 932,230
3,075 The Industrial Development Authority of the City of 11/09 at 101.00 BB+ 3,108,302
West Plains, Missouri, Hospital Facilities Revenue Bonds,
Ozark Medical Center, Series 1999, 6.750%, 11/15/24
------------------------------------------------------------------------------------------------------------------------------------
MONTANA - 0.3%
5,000 City of Forsyth, Rosebud County, Montana, Pollution 3/13 at 101.00 AAA 5,136,600
Control Revenue Bonds, Puget Sound Energy, Series 2003A
Refunding, 5.000%, 3/01/31 - AMBAC Insured
13
Nuveen Municipal Value Fund, Inc. (NUV) (continued)
Portfolio of INVESTMENTS April 30, 2003 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
NEVADA - 1.2%
Director of the State of Nevada, Department of Business and
Industry, Las Vegas Monorail Project Revenue Bonds, 1st Tier
Series 2000:
$ 7,500 0.000%, 1/01/24 - AMBAC Insured No Opt. Call AAA $ 2,561,850
18,800 5.375%, 1/01/40 - AMBAC Insured 1/10 at 100.00 AAA 19,934,204
------------------------------------------------------------------------------------------------------------------------------------
NEW HAMPSHIRE - 1.1%
20,785 Business Finance Authority of the State of New Hampshire, 10/03 at 102.00 A3 21,068,507
Pollution Control Refunding Revenue Bonds, The United
Illuminating Company Project, 1993 Series A,
5.875%, 10/01/33
------------------------------------------------------------------------------------------------------------------------------------
NEW JERSEY - 1.8%
25,625 New Jersey Economic Development Authority, Special Facilities 9/09 at 101.00 B 18,012,069
Revenue Bonds, Continental Airlines, Inc. Project,
Series 1999, 6.250%, 9/15/29 (Alternative Minimum Tax)
10,250 New Jersey Economic Development Authority, Special Facilities 11/10 at 101.00 B 7,023,300
Revenue Bonds, Continental Airlines, Inc. Project,
Series 2000, 7.000%, 11/15/30 (Alternative Minimum Tax)
5,000 New Jersey Healthcare Facilities Financing Authority, Revenue 7/10 at 101.00 BBB- 5,473,100
Bonds, Trinitas Hospital Obligated Group Issue, Series 2000,
7.500%, 7/01/30
6,250 Tobacco Settlement Financing Corporation, New Jersey, 6/13 at 100.00 A- 5,139,188
Tobacco Settlement Asset-Backed Bonds, Series 2003,
6.250%, 6/01/43
------------------------------------------------------------------------------------------------------------------------------------
NEW YORK - 10.7%
5,360 Village of East Rochester Housing Authority, New York, 8/07 at 102.00 AAA 5,785,423
FHA-Insured Mortgage Revenue Bonds, St. John's Meadows
Project, Series 1997A, 5.600%, 8/01/17 - MBIA Insured
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 1998A:
11,000 5.250%, 12/01/26 - MBIA Insured 6/08 at 101.00 AAA 11,463,210
32,140 5.500%, 12/01/29 6/03 at 101.00 A- 32,558,463
15,500 Long Island Power Authority, New York, Electric System 9/11 at 100.00 A- 15,960,350
General Revenue Bonds, Series 2001A, 5.375%, 9/01/25
5,000 The City of New York, New York, General Obligation Bonds, 2/06 at 101.50 A 5,437,200
Fiscal 1996 Series G, 5.750%, 2/01/14
13,395 The City of New York, New York, General Obligation Bonds, 8/07 at 101.00 A 14,351,135
Fiscal 1998 Series D, 5.500%, 8/01/10
39,610 The City of New York, New York, General Obligation Bonds, 10/07 at 101.00 A 42,005,217
Fiscal 1997 Series G, 6.000%, 10/15/26
The City of New York, New York, General Obligation Bonds, Fiscal
1997 Series E:
610 6.000%, 8/01/16 (Pre-refunded to 8/01/06) 8/06 at 101.50 A*** 702,738
9,390 6.000%, 8/01/16 8/06 at 101.50 A 10,385,716
5,000 The City of New York, New York, General Obligation Bonds, 8/03 at 101.50 A*** 5,142,850
Fiscal 1994 Series D, 5.750%, 8/15/10 (Pre-refunded
to 8/15/03)
15,000 New York City Municipal Water Finance Authority, 6/06 at 101.00 AAA 16,621,350
New York, Water and Sewer System Revenue Bonds,
Fiscal 1996 Series B, 5.750%, 6/15/26 - MBIA Insured
10,000 New York City Industrial Development Agency, New York, 8/12 at 101.00 Caa2 3,650,100
Special Facility Revenue Bonds, American Airlines, Inc.
John F. Kennedy International Airport Project, Series 2002B,
8.500%, 8/01/28 (Alternative Minimum Tax)
5,200 Dormitory Authority of the State of New York, Court Facilities 5/10 at 101.00 A 5,603,312
Lease Revenue Bonds, The City of New York Issue,
Series 1999, 6.000%, 5/15/39
7,000 Dormitory Authority of the State of New York, Mental Health 8/09 at 101.00 AA- 7,200,830
Services Facilities Improvement Revenue Bonds,
Series 1999D, 5.250%, 2/15/29
8,635 New York State Medical Care Facilities Finance Agency, 8/03 at 102.00 AAA 8,894,654
St. Luke's-Roosevelt Hospital Center FHA-Insured Mortgage
Revenue Bonds, 1993 Series A, 5.600%, 8/15/13
8,500 Power Authority of the State of New York, Revenue Bonds, 11/10 at 100.00 Aa2 8,797,585
Series 2000A, 5.250%, 11/15/40
Dormitory Authority of the State of New York, Revenue Bonds,
Mount Sinai New York University Health Obligated Group, Series
2002C:
4,350 5.750%, 7/01/13 (Optional put 7/01/05) 2/05 at 100.00 BBB- 4,349,609
7,500 6.000%, 7/01/26 2/05 at 100.00 BBB- 7,505,475
2,000 New York State Urban Development Corporation, State Personal 3/13 at 100.00 AA 2,044,480
Income Tax Revenue Bonds, State Facilities and Equipment,
Series 2002C-1, 5.000%, 3/15/33
14
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA - 2.1%
$ 3,220 City of Charlotte, North Carolina, Refunding Certificates 12/03 at 102.00 AAA $ 3,351,473
of Participation, Convention Facility Project, Series 1993C,
5.250%, 12/01/20 - AMBAC Insured
13,315 North Carolina Eastern Municipal Power Agency, Power System 9/03 at 102.50 BBB 13,692,214
Revenue Bonds, Series 1985-G, 5.750%, 12/01/16
11,610 North Carolina Eastern Municipal Power Agency, Power System 7/03 at 102.00 BBB 11,872,502
Revenue Bonds, Series 1993-D, 5.875%, 1/01/14
1,000 North Carolina Eastern Municipal Power Agency, Power System 1/07 at 102.00 AAA 1,126,730
Revenue Bonds, Refunding Series 1996, 5.700%, 1/01/13 -
MBIA Insured
10,000 North Carolina Municipal Power Agency Number 1, Catawba 1/10 at 101.00 BBB+ 11,083,800
Electric Revenue Bonds, Series 1999B, 6.500%, 1/01/20
------------------------------------------------------------------------------------------------------------------------------------
OHIO - 0.2%
3,000 Board of Education of the City School District of Columbus, 6/13 at 100.00 AAA 3,087,300
Franklin County, Ohio, General Obligation Bonds, Series 2003,
5.000%, 12/01/31 (WI, settling 5/01/03) - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA - 3.4%
5,955 Pennsylvania Convention Center Authority, Refunding Revenue 9/04 at 102.00 BBB 6,375,006
Bonds, 1994 Series A, 6.750%, 9/01/19
11,175 Pennsylvania Housing Finance Agency, Single Family Mortgage 10/03 at 102.00 AA+ 11,529,136
Revenue Bonds, Series 36, 5.450%, 10/01/14
7,670 Pennsylvania Housing Finance Agency, Single Family Mortgage 4/06 at 102.00 AA+ 8,054,574
Revenue Bonds, Series 1996-51, 6.375%, 4/01/28
(Alternative Minimum Tax)
18,850 Pennsylvania Intergovernmental Cooperation Authority, 6/03 at 100.00 AAA 18,860,368
Special Tax Revenue Refunding Bonds, City of Philadelphia
Funding Program, Series 1993A, 5.000%, 6/15/22 -
MBIA Insured
4,500 Pennsylvania Higher Educational Facilities Authority, University 7/08 at 100.00 AA 4,500,765
of Pennsylvania Revenue Bonds, Series 1998, 4.500%, 7/15/21
16,180 City of Philadelphia, Pennsylvania, Water and Wastewater 6/03 at 102.00 AAA 16,592,266
Revenue Bonds, Series 1993, 5.500%, 6/15/14 (Pre-refunded
to 6/15/03) - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
PUERTO RICO - 0.9%
10,000 Puerto Rico Infrastructure Financing Authority, Special 10/10 at 101.00 AAA 10,982,300
Obligation Bonds, 2000 Series A, 5.500%, 10/01/40
5,500 Puerto Rico Industrial, Tourist, Educational, Medical and 6/10 at 101.00 Baa2 5,704,875
Environmental Control Facilities Financing Authority,
Cogeneration Facility Revenue Bonds, 2000 Series A,
6.625%, 6/01/26 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
RHODE ISLAND - 1.2%
6,250 Rhode Island Health and Educational Building Corporation, 5/07 at 102.00 AAA 6,384,375
Hospital Financing Revenue Bonds, Lifespan Obligated
Group Issue, Series 1996, 5.250%, 5/15/26 - MBIA Insured
20,000 Tobacco Settlement Financing Corporation of Rhode Island, 6/12 at 100.00 A- 16,356,400
Asset-Backed Bonds, Series 2002A, 6.250%, 6/01/42
------------------------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA - 2.1%
13,000 Piedmont Municipal Power Agency, South Carolina, Electric 7/03 at 100.00 BBB- 11,384,100
Revenue Bonds, 1986 Refunding Series, 5.000%, 1/01/25
20,000 South Carolina Jobs Economic Development Authority, Revenue 11/12 at 100.00 A- 20,473,800
Bonds, Bon Secours Health System, Inc., Series 2002A,
5.625%, 11/15/30
8,000 South Carolina Jobs Economic Development Authority, Hospital 12/10 at 102.00 BBB 8,853,600
Revenue Bonds, Palmetto Health Alliance, Series 2000A,
7.375%, 12/15/21
------------------------------------------------------------------------------------------------------------------------------------
TEXAS - 5.4%
13,000 Alliance Airport Authority, Inc., Texas, Special Facilities 6/03 at 100.00 Caa2 4,550,520
Revenue Bonds, Series 1990, American Airlines, Inc.
Project, 7.500%, 12/01/29 (Alternative Minimum Tax)
24,265 City of Austin, Texas, Combined Utility Systems Revenue No Opt. Call AAA 34,701,134
Refunding Bonds, Series 1992A, 12.500%, 11/15/07 -
MBIA Insured
15
Nuveen Municipal Value Fund, Inc. (NUV) (continued)
Portfolio of INVESTMENTS April 30, 2003 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TEXAS (continued)
$ 5,110 Brazos River Authority, Texas, Pollution Control Revenue Bonds, 4/13 at 101.00 BBB $ 5,334,636
TXU Electric Company Project, Series 1999C Refunding,
7.700%, 4/01/32 (Alternative Minimum Tax)
1,260 Corpus Christi Housing Finance Corporation, Texas, 7/03 at 101.00 AAA 1,288,211
Single Family Mortgage Senior Revenue Refunding Bonds,
Series 1991A, 7.700%, 7/01/11 - MBIA Insured
2,700 Harris County-Houston Sports Authority, Texas, Senior Lien 11/11 at 100.00 AAA 2,814,048
Revenue Bonds, Series 2001G, 5.250%, 11/15/30 -
MBIA Insured
10,045 City of Houston, Texas, Airport System Subordinate Lien 7/10 at 100.00 AAA 11,059,043
Revenue Bonds, Series 2000A, 5.875%, 7/01/16
(Alternative Minimum Tax) - FSA Insured
Irving Independent School District, Texas, Unlimited Tax School
Building Bonds, Series 1997:
5,685 0.000%, 2/15/10 No Opt. Call AAA 4,455,619
3,470 0.000%, 2/15/11 No Opt. Call AAA 2,565,440
22,060 Leander Independent School District, Williamson and Travis 8/09 at 31.45 AAA 5,495,808
Counties, Texas, Unlimited Tax School Building and Refunding
Bonds, Series 2000, 0.000%, 8/15/27
14,625 Matagorda County Navigation District Number One, Texas, 10/03 at 100.00 AAA 14,967,225
Collateralized Revenue Refunding Bonds, Houston Lighting
and Power Company Project, Series 1995,
5.800%, 10/15/15 - MBIA Insured
6,000 Matagorda County Navigation District Number One, Texas, 5/08 at 102.00 BBB- 6,248,040
Revenue Refunding Bonds, Reliant Energy Incorporated
Project, Series 1999C, 8.000%, 5/01/29
5,000 Industrial Development Corporation of Port of Corpus Christi, 4/08 at 102.00 BBB 4,860,150
Texas, Revenue Refunding Bonds, Valero Refining and
Marketing Company Project, 5.400%, 4/01/18
6,050 Weslaco Health Facilities Development Corporation, Texas, 6/04 at 102.00 AAA 6,163,196
Hospital Revenue Bonds, Knapp Medical Center Project,
Series 1994, 5.375%, 6/01/23 - CONNIE LEE Insured
------------------------------------------------------------------------------------------------------------------------------------
UTAH - 3.5%
12,000 Intermountain Power Agency, Utah, Power Revenue Refunding 7/06 at 102.00 A+ 12,209,520
Bonds, 1996 Series D, 5.000%, 7/01/21
5,000 Intermountain Power Agency, Utah, Power Supply Revenue 7/07 at 102.00 AAA 5,624,050
Refunding Bonds, 1997 Series B, 5.750%, 7/01/19 -
MBIA Insured
Intermountain Power Agency, Utah, Power Supply Revenue
Refunding Bonds, 1993 Series A:
21,045 5.500%, 7/01/20 (Pre-refunded to 7/01/03) 7/03 at 102.00 A+ 21,621,212
16,080 5.500%, 7/01/20 7/03 at 102.00 A+*** 16,508,371
8,280 5.000%, 7/01/23 7/03 at 100.00 A+ 8,282,318
4,605 Utah Housing Finance Agency, Single Family Mortgage Bonds, 1/10 at 101.50 AAA 4,676,608
1998 Series G-2, Class I, 5.200%, 7/01/30 (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
VIRGINIA - 0.2%
3,245 Virginia Housing Development Authority, Multifamily Housing 1/08 at 102.00 AA+ 3,417,926
Bonds, Series 1997E, 5.600%, 11/01/17 (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
WASHINGTON - 11.3%
12,500 Energy Northwest, Washington, Columbia Generation Station 7/12 at 100.00 AAA 14,376,500
Electric Revenue Refunding Bonds, Series 2002B,
6.000%, 7/01/18 - AMBAC Insured
4,000 Energy Northwest, Washington, Nuclear Project No. 3 Electric 7/13 at 100.00 Aa1 4,421,320
Revenue Bonds, Series 2003A Refunding, 5.500%, 7/01/17
12,700 Tobacco Settlement Authority, Washington, Tobacco Settlement 6/13 at 100.00 A- 11,142,472
Asset-Backed Revenue Bonds, Series 2002, 6.625%, 6/01/32
9,450 Washington Public Power Supply System, Nuclear Project No. 1 7/03 at 102.00 AAA 9,703,355
Refunding Revenue Bonds, Series 1993A, 5.700%, 7/01/17 -
MBIA Insured
Washington Public Power Supply System, Nuclear Project No. 1
Refunding Revenue Bonds, Series 1993C:
27,000 5.400%, 7/01/12 7/03 at 102.00 Aa1 27,606,690
2,970 5.375%, 7/01/15 7/03 at 102.00 Aa1 3,035,221
Washington Public Power Supply System, Nuclear Project No. 2
Refunding Revenue Bonds, Series 1993A:
2,895 5.750%, 7/01/12 (Pre-refunded to 7/01/03) 7/03 at 102.00 Aa1*** 2,975,597
8,495 5.750%, 7/01/12 (Pre-refunded to 7/01/03) 7/03 at 102.00 Aa1*** 8,731,501
16
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
WASHINGTON (continued)
$ 17,700 Washington Public Power Supply System, Nuclear Project No. 2 7/04 at 102.00 Aa1 $ 18,811,737
Refunding Revenue Bonds, Series 1994A, 5.375%, 7/01/10
Washington Public Power Supply System, Nuclear Project No. 3
Refunding Revenue Bonds, Series 1993C:
81,000 5.400%, 7/01/12 (Pre-refunded to 7/01/03) 7/03 at 102.00 Aa1*** 83,207,250
15,850 5.375%, 7/01/15 7/03 at 102.00 Aa1 16,198,066
8,200 Washington Public Power Supply System, Nuclear Project No. 3 No Opt. Call Aa1 4,999,130
Refunding Revenue Bonds, Series 1989B, 0.000%, 7/01/14
Washington Public Power Supply System, Nuclear Project No. 3
Refunding Revenue Bonds, Series 1993B:
5,895 5.625%, 7/01/12 7/03 at 102.00 Aa1 6,029,642
9,000 5.600%, 7/01/17 - MBIA Insured 7/03 at 102.00 AAA 9,239,219
------------------------------------------------------------------------------------------------------------------------------------
WEST VIRGINIA - 0.2%
4,410 West Virginia Housing Development Fund, Housing Finance 11/06 at 102.00 AAA 4,647,478
Bonds, Series 1997-A, 6.050%, 5/01/27
------------------------------------------------------------------------------------------------------------------------------------
WISCONSIN - 2.4%
21,385 Wisconsin Public Power Incorporated System, Power Supply 7/03 at 102.00 AAA 21,940,581
System Revenue Bonds, Series 1993A, 5.250%, 7/01/21 -
AMBAC Insured
4,800 Wisconsin Housing and Economic Development Authority, 9/08 at 101.50 AA 4,943,807
Home Ownership Revenue Bonds, 1998 Series,
5.600%, 3/01/28 (Alternative Minimum Tax)
17,020 Wisconsin Health and Educational Facilities Authority, 8/03 at 102.00 AAA 17,514,600
Revenue Bonds, Sisters of the Sorrowful Mother - Ministry
Corporation, Series 1993D, 5.500%, 8/15/19 - MBIA Insured
1,750 Wisconsin Health and Educational Facilities Authority, 8/03 at 102.00 AAA 1,800,609
Revenue Bonds, Sisters of the Sorrowful Mother - Ministry
Corporation, Series 1993C, 5.400%, 8/15/13 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
$ 2,138,279 Total Long-Term Investments (cost $1,804,116,160) - 97.7% 1,901,241,799
=============-----------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 1.0%
2,300 Capital Projects Finance Authority, Florida, Continuing Care VMIG-1 2,300,000
Retirement Community Revenue Bonds, Glenridge on
Palmer Ranch, Variable Rate Demand Bonds,
Series 2002C, 1.350%, 6/01/12+
9,100 Lower Neches Valley Authority, Texas, Industrial Development A-1+ 9,100,000
Corporation Exempt Facilities Revenue Bonds, ExxonMobil
Project, Variable Rate Demand Obligations, Series 2001B,
1.350%, 11/01/29 (Alternative Minimum Tax)+
3,100 Michigan Strategic Fund, Limited Obligation Revenue Bonds, A-1 3,100,000
Series A, Detroit Symphony Orchestra Project, Variable
Rate Demand Bonds, 1.350%, 6/01/31+
5,200 Nebraska Educational Finance Authority, Revenue Bonds, VMIG-1 5,200,000
Creighton University Project, Variable Rate Demand
Obligations, Series 2003, 1.350%, 3/01/33 - AMBAC Insured+
------------------------------------------------------------------------------------------------------------------------------------
$ 19,700 Total Short-Term Investments (cost $19,700,000) 19,700,000
=============-----------------------------------------------------------------------------------------------------------------------
Total Investments (cost $1,823,816,160) - 98.7% 1,920,941,799
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.3% 25,909,586
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $1,946,851,385
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares.
* 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.
(WI) Security purchased on a when-issued basis.
+ Security has a maturity of more than one year, but has
variable rate and demand features which qualify it as a
short-term security. The rate disclosed is that
currently in effect. This rate changes periodically
based on market conditions or a specified market index.
See accompanying notes to financial statements.
17
Nuveen Municipal Income Fund, Inc. (NMI)
Portfolio of INVESTMENTS April 30, 3003 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
ALABAMA - 0.8%
$ 690 Phenix City Industrial Development Board, Alabama, 5/12 at 100.00 BBB $ 689,690
Environmental Improvement Revenue Bonds, MeadWestvaco
Project, Series 2002A, 6.350%, 5/15/35 (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA - 8.7%
5,530 Adelanto School District, San Bernardino County, California, No Opt. Call AAA 2,166,654
General Obligation Bonds, 1997 Series A,
0.000%, 9/01/22 - MBIA Insured
Brea Olinda Unified School District, California, General
Obligation Bonds, Election of 1999, Series 1999A:
2,000 0.000%, 8/01/21 - FGIC Insured No Opt. Call AAA 811,260
2,070 0.000%, 8/01/22 - FGIC Insured No Opt. Call AAA 788,732
2,120 0.000%, 8/01/23 - FGIC Insured No Opt. Call AAA 759,236
384 California Pollution Control Financing Authority, Solid Waste 7/07 at 102.00 N/R 50,820
Disposal Revenue Bonds, CanFibre of Riverside Project,
Tax-Exempt Series 1997A, 9.000%, 7/01/19 (Alternative
Minimum Tax)#
1,150 Foothill/Eastern Transportation Corridor Agency, California, 1/07 at 100.00 AAA 1,316,980
Toll Road Revenue Bonds, Series 1995A, %, 1/01/34
(Pre-refunded to 1/01/07)
500 Lake Elsinore Public Finance Authority, California, Local Agency 10/13 at 102.00 N/R 493,420
Revenue Bonds, Series 2003H Refunding, 6.375%, 10/01/33
1,000 Vernon, California, Electric System Revenue Bonds, 4/08 at 100.00 A2 1,025,550
Series 2003C, Malburg Generating Station Project,
5.375%, 4/01/18
------------------------------------------------------------------------------------------------------------------------------------
COLORADO - 2.8%
500 Colorado Educational and Cultural Facilities Authority, Charter 8/11 at 100.00 Ba2 508,385
School Revenue Bonds, Peak to Peak Charter School Project,
Created by Boulder Valley School District No. RE-2,
Boulder County, 7.500%, 8/15/21
1,000 Colorado Educational and Cultural Facilities Authority, Charter 6/11 at 100.00 Ba1 1,005,330
School Revenue Bonds, Series 2001, Frontier Academy
Project in Weld County, School District No. 6,
7.375%, 6/01/31
920 Colorado Educational and Cultural Facilities Authority, 7/12 at 100.00 BBB 901,931
Charter School Revenue Bonds, DCS Montessori Project,
Series 2002A, Douglas County, School District RE-1,
6.000%, 7/15/22
------------------------------------------------------------------------------------------------------------------------------------
CONNECTICUT - 6.1%
1,480 Capitol Region Education Council, Connecticut, Revenue Bonds, 10/05 at 102.00 BBB 1,577,458
6.750%, 10/15/15
2,000 State of Connecticut Health and Educational Facilities Authority, 7/06 at 102.00 BBB- 2,075,680
Revenue Bonds, University of New Haven Issue, Series D,
6.700%, 7/01/26
500 Eastern Connecticut Resource Recovery Authority, Solid Waste 7/03 at 102.00 BBB 500,500
Revenue Bonds, Wheelabrator Lisbon Project, Series 1993A,
5.500%, 1/01/14 (Alternative Minimum Tax)
975 Housing Authority of the City of Willimantic, Connecticut, 10/05 at 105.00 AAA 1,063,179
Multifamily Housing Revenue Bonds, Series 1995A, GNMA
Collateralized Mortgage Loan - Village Heights Apartments
Project, 8.000%, 10/20/30
------------------------------------------------------------------------------------------------------------------------------------
FLORIDA - 5.1%
1,580 Dade County Industrial Development Authority, Florida, 6/05 at 102.00 N/R 1,600,761
Industrial Development Revenue Bonds, Series 1995,
Miami Cerebral Palsy Residential Services, Inc. Project,
8.000%, 6/01/22
2,000 Martin County Industrial Development Authority, Florida, 12/04 at 102.00 BBB- 2,097,500
Industrial Development Revenue Bonds, Indiantown
Cogeneration, L.P. Project, Series 1994A, 7.875%, 12/15/25
(Alternative Minimum Tax)
600 Martin County Industrial Development Authority, Florida, 12/04 at 102.00 BBB- 629,886
Industrial Development Revenue Refunding Bonds, Indiantown
Cogeneration Project, Series B, 8.050%, 12/15/25 (Alternative
Minimum Tax)
18
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
ILLINOIS - 7.8%
$ 1,615 City of Chicago Tax Increment Allocation Bonds, Illinois, 1/09 at 100.00 N/R $ 1,610,591
Irving/Cicero Redevelopment Project, Series 1998,
7.000%, 1/01/14
Illinois Development Finance Authority, Revenue Bonds, Chicago
Charter School Foundation Project, Series 2002A:
500 6.125%, 12/01/22 12/12 at 100.00 BBB 496,585
1,000 6.250%, 12/01/32 12/21 at 100.00 BBB 988,630
1,000 Illinois Educational Facilities Authority, Student Housing 5/12 at 101.00 Baa2 1,007,540
Revenue Bonds, Educational Advancement Foundation Fund,
University Center Project, Series 2002, 6.250%, 5/01/34
1,895 Joliet Regional Port District Airport Facilities, Illinois, 7/07 at 103.00 N/R 1,697,048
Revenue Bonds, Lewis University Airport, Series 1997A,
7.250%, 7/01/18 (Alternative Minimum Tax)
2,000 Robbins, Illinois, Resources Recovery Revenue Bonds, No Opt. Call N/R 877,500
Restructuring Project, Series 1999C, Guaranteed by Foster
Wheeler, 7.250%, 10/15/24 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
INDIANA - 9.5%
2,000 Indiana Health Facility Financing Authority, Hospital Revenue 8/12 at 101.00 Baa1 2,058,060
Bonds, Series 2002, Riverview Hospital Project, 6.125%, 8/01/31
6,300 Whitley County, Indiana, Solid Waste and Sewage Disposal 11/10 at 102.00 N/R 6,070,680
Revenue Bonds, Steel Dynamics, Inc., Project, Series 1998,
7.250%, 11/01/18 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
IOWA - 2.7%
3,000 Tobacco Settlement Authority, Iowa, Tobacco Settlement 6/11 at 101.00 A- 2,323,530
Asset-Backed Revenue Bonds, Series 2001B, 5.300%, 6/01/25
------------------------------------------------------------------------------------------------------------------------------------
LOUISIANA - 3.1%
Louisiana Public Facilities Authority, Extended Care Facilities
Revenue Bonds, Comm-Care Corporation Project, Series 1994:
150 11.000%, 2/01/04 No Opt. Call BBB 153,570
2,000 11.000%, 2/01/14 No Opt. Call BBB 2,536,340
------------------------------------------------------------------------------------------------------------------------------------
MARYLAND - 3.6%
2,000 Anne Arundel County, Maryland, Multifamily Housing Revenue No Opt. Call BBB- 2,030,260
Bonds, Twin Coves Apartments Project, Series 1994,
7.450%, 12/01/24 (Alternative Minimum Tax) (Mandatory
put 12/01/03)
1,000 Maryland Energy Financing Administration, Limited Obligation 9/05 at 102.00 N/R 1,022,900
Cogeneration Revenue Bonds, AES Warrior Run Project,
Series 1995, 7.400%, 9/01/19 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS - 2.6%
500 Massachusetts Development Finance Agency, Resource 12/09 at 102.00 BBB 515,410
Recovery Revenue Bonds, Ogden Haverhill Project,
Series 1999A, 6.700%, 12/01/14 (Alternative Minimum Tax)
435 Massachusetts Health and Educational Facilities Authority, 7/03 at 100.00 AAA 445,114
Revenue Bonds, Beverly Hospital Issue, Series D,
7.300%, 7/01/13 - MBIA Insured
1,000 Massachusetts Industrial Finance Agency, Resource Recovery No Opt. Call BBB 994,230
Revenue Refunding Bonds, Ogden Haverhill Project,
Series 1992A Remarketed, 4.850%, 12/01/05
270 Massachusetts Industrial Finance Agency, Resource Recovery 12/08 at 102.00 BBB 257,537
Revenue Refunding Bonds, Ogden Haverhill Project,
Series 1998A, 5.450%, 12/01/12 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
MICHIGAN - 3.9%
1,000 Delta County Economic Development Corporation, Michigan, 4/12 at 100.00 BBB 1,011,480
Environmental Improvement Revenue Refunding Bonds,
MeadWestvaco Corporation - Escanaba Paper Company
Project, Series 2002B, 6.450%, 4/15/23 (Alternative
Minimum Tax)
2,150 Michigan State Hospital Finance Authority, Hospital Revenue 1/06 at 102.00 Ba1 2,025,150
Bonds, Sinai Hospital, Refunding Series 1995, 6.625%, 1/01/16
500 Wayne County, Michigan, Special Airport Facilities Revenue 12/05 at 102.00 N/R 315,920
Bonds, Northwest Airlines, Inc., Refunding Series 1995,
6.750%, 12/01/15
19
Nuveen Municipal Income Fund, Inc. (NMI) (continued)
Portfolio of INVESTMENTS April 30, 2003 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
MINNESOTA - 1.0%
$ 965 The Housing and Redevelopment Authority of the City of 11/03 at 102.00 Ba2 $ 857,605
Saint Paul, Minnesota, Hospital Facility Revenue Bonds,
HealthEast Project, Series 1993A Refunding, 6.625%, 11/01/17
------------------------------------------------------------------------------------------------------------------------------------
MONTANA - 1.7%
1,500 Montana State Board of Investments, Exempt Facility Revenue 7/10 at 101.00 Ba3 1,428,090
Bonds, Series 2000, Stillwater Mining Company Project,
8.000%, 7/01/20 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
NEBRASKA - 1.2%
1,000 Washington County, Nebraska, Wastewater Facilities Revenue 11/12 at 101.00 A+ 1,031,270
Bonds, Cargill, Inc. Project, Series 2002, 5.900%, 11/01/27
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
NEW HAMPSHIRE - 0.8%
700 New Hampshire Higher Educational and Health Facilities 1/07 at 102.00 BBB- 711,375
Authority, Revenue Bonds, Series 1997, New Hampshire
College, 6.375%, 1/01/27
------------------------------------------------------------------------------------------------------------------------------------
NEW YORK - 10.1%
1,455 County of Cattaraugus Industrial Development Agency, No Opt. Call N/R 1,285,900
New York, Tax-Exempt Industrial Development Revenue
Bonds, Series 1999A, Laidlaw Energy and Environmental,
Inc. Project, 8.500%, 7/01/21 (Alternative Minimum Tax)
2,500 New York State Medical Care Facilities Finance Agency, 2/05 at 102.00 AAA 2,792,700
Brookdale Hospital Medical Center Secured Hospital
Revenue Bonds, 1995 Series A, 6.800%, 8/15/12
(Pre-refunded to 2/15/05)
4,190 Yates County Industrial Development Agency, New York, Civic 2/11 at 101.00 AAA 4,585,075
Facility Revenue Bonds, Series 2000A, Soldiers and Sailors
Memorial Hospital - FHA-Insured Mortgage, 6.000%, 2/01/41
------------------------------------------------------------------------------------------------------------------------------------
OHIO - 3.0%
2,600 Ohio Water Development Authority, Solid Waste Disposal 9/09 at 102.00 N/R 2,597,842
Revenue Bonds, Bay Shore Power Project, Convertible
Series 1998B, 6.625%, 9/01/20 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA - 7.1%
1,800 Allegheny County Hospital Development Authority, 11/10 at 102.00 B+ 2,016,108
Pennsylvania, Health System Revenue Bonds, Series 2000B,
West Penn Allegheny Health System, 9.250%, 11/15/30
1,400 Carbon County Industrial Development Authority, Pennsylvania, No Opt. Call BBB- 1,463,686
Resource Recovery Revenue Refunding Bonds, 2000 Series,
Panther Creek Partners Project, 6.650%, 5/01/10
(Alternative Minimum Tax)
1,000 Pennsylvania Convention Center Authority, Refunding Revenue 9/04 at 102.00 BBB 1,070,530
Bonds, 1994 Series A, 6.750%, 9/01/19
1,500 Pennsylvania Economic Development Financing Authority, 12/04 at 102.00 BBB- 1,555,365
Resource Recovery Revenue Bonds, Colver Project,
Series 1994D, 7.150%, 12/01/18 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
RHODE ISLAND - 0.5%
500 Tobacco Settlement Financing Corporation of Rhode Island, 6/12 at 100.00 A- 408,910
Asset-Backed Bonds, Series 2002A, 6.250%, 6/01/42
------------------------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA - 1.1%
1,000 Tobacco Settlement Revenue Management Authority, 5/11 at 101.00 A- 901,950
South Carolina, Tobacco Settlement Asset-Backed Bonds,
Series 2001B, 6.000%, 5/15/22
------------------------------------------------------------------------------------------------------------------------------------
TENNESSEE - 2.5%
1,000 Knox County Health, Educational and Housing Facilities Board, 4/12 at 101.00 Baa2 1,041,850
Tennessee, Hospital Facilities Revenue Bonds, Baptist Health
System of East Tennessee, Series 2002, 6.375%, 4/15/22
1,000 Health, Educational and Housing Facility Board of the County 9/12 at 100.00 BBB+ 1,078,600
of Shelby, Tennessee, Hospital Revenue Bonds, Methodist
Healthcare, Series 2002, 6.500%, 9/01/26
20
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TEXAS - 6.3%
$ 2,000 Gulf Coast Waste Disposal Authority, Texas, Sewage and 4/12 at 100.00 A+ $ 2,118,280
Solid Waste Disposal Revenue Bonds, Anheuser Busch
Company Project, Series 2002, 5.900%, 4/01/36
(Alternative Minimum Tax)
360 Hidalgo County Housing Finance Corporation, Texas, Single 4/04 at 102.00 Aaa 370,426
Family Mortgage Revenue Bonds, GNMA and FNMA
Collateralized, Series 1994A, 7.000%, 10/01/27
(Alternative Minimum Tax)
2,000 Weslaco Health Facilities Development Authority, Texas, 6/12 at 100.00 BBB+ 2,064,880
Hospital Revenue Bonds, Knapp Medical Center Project,
Series 2002, 6.250%, 6/01/25
West Independent School District, McLennan and Hill Counties,
Texas, Unlimited Tax School Building and Refunding Bonds, Series
1998:
1,000 0.000%, 8/15/25 8/13 at 51.84 AAA 296,320
1,000 0.000%, 8/15/26 8/13 at 49.08 AAA 279,410
1,000 0.000%, 8/15/27 8/13 at 46.47 AAA 263,530
------------------------------------------------------------------------------------------------------------------------------------
VIRGINIA - 3.0%
1,000 Chesterfield County Industrial Development Authority, 11/10 at 102.00 A3 1,062,240
Virginia, Pollution Control Revenue Bonds, Virginia Electric
and Power Company, Series 1987A, 5.875%, 6/01/17
1,500 Mecklenburg County Industrial Development Authority, 10/12 at 100.00 BBB- 1,475,970
Virginia, Exempt Facility Revenue Bonds, UAE LP Project,
Series 2002 Refunding, 6.500%, 10/15/17
------------------------------------------------------------------------------------------------------------------------------------
WASHINGTON - 1.6%
1,240 Housing Authority of the City of Bellingham, Washington, 11/04 at 100.00 A1*** 1,346,119
Housing Revenue Bonds, Series 1994, Cascade Meadows
Project, 7.100%, 11/01/23 (Pre-refunded to 11/01/04)
------------------------------------------------------------------------------------------------------------------------------------
WISCONSIN - 1.2%
1,000 Wisconsin Health and Educational Facilities Authority, Revenue 10/11 at 100.00 BBB 1,015,289
Bonds, Carroll College, Inc. Project, Series 2001,
6.250%, 10/01/21
------------------------------------------------------------------------------------------------------------------------------------
$ 93,524 Total Long-Term Investments (cost $81,622,684) - 97.8% 83,620,347
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.2% 1,846,827
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $ 85,467,174
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares.
* 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 CanFibre of
Riverside assets on behalf of the various Nuveen Funds.
CFRHoldings, Inc., has determined that a sale of the
facility is in the best interest of shareholders and is
proceeding accordingly.
N/R Investment is not rated.
See accompanying notes to financial statements.
21
Statement of
ASSETS AND LIABILITIES April 30, 2003 (Unaudited)
MUNICIPAL VALUE MUNICIPAL INCOME
(NUV) (NMI)
------------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments, at market value (cost $1,823,816,160 and $81,622,684, respectively) $1,920,941,799 $83,620,347
Cash -- 167,834
Receivables:
Interest 31,642,035 1,697,133
Investments sold 10,161,405 55,000
Other assets 74,211 7,749
------------------------------------------------------------------------------------------------------------------------------------
Total assets 1,962,819,450 85,548,063
------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Cash overdraft 3,124,626 --
Payable for investments purchased 10,851,606 --
Accrued expenses:
Management fees 873,082 45,458
Other 1,118,751 35,431
------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 15,968,065 80,889
------------------------------------------------------------------------------------------------------------------------------------
Net assets $1,946,851,385 $85,467,174
====================================================================================================================================
Shares outstanding 194,959,520 8,101,476
====================================================================================================================================
Net asset value per share outstanding (net assets
divided by shares outstanding) $ 9.99 $ 10.55
====================================================================================================================================
NET ASSETS CONSIST OF:
------------------------------------------------------------------------------------------------------------------------------------
Shares, $.01 par value per share $ 1,949,595 $ 81,015
Paid-in surplus 1,837,694,559 90,820,239
Undistributed (Over-distribution of) net investment income 8,140,575 (403,677)
Accumulated net realized gain (loss) from investments 1,941,017 (7,028,066)
Net unrealized appreciation of investments 97,125,639 1,997,663
------------------------------------------------------------------------------------------------------------------------------------
Net assets $1,946,851,385 $85,467,174
====================================================================================================================================
Authorized shares 350,000,000 200,000,000
====================================================================================================================================
See accompanying notes to financial statements.
22
Statement of
OPERATIONS Six Months Ended April 30, 2003 (Unaudited)
MUNICIPAL VALUE MUNICIPAL INCOME
(NUV) (NMI)
------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $55,218,381 $2,593,139
------------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 5,283,366 276,661
Shareholders' servicing agent fees and expenses 358,205 19,181
Custodian's fees and expenses 229,070 13,792
Directors' fees and expenses 10,413 633
Professional fees 24,757 172,456
Shareholders' reports - printing and mailing expenses 100,507 8,166
Stock exchange listing fees 37,022 5,678
Investor relations expense 157,540 8,247
Other expenses 27,123 2,663
------------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit 6,228,003 507,477
Custodian fee credit (27,339) (2,120)
------------------------------------------------------------------------------------------------------------------------------------
Net expenses 6,200,664 505,357
------------------------------------------------------------------------------------------------------------------------------------
Net investment income 49,017,717 2,087,782
------------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS
Net realized gain (loss) from investments 2,103,872 (6,911,928)
Change in net unrealized appreciation (depreciation) of investments 6,153,138 6,746,086
------------------------------------------------------------------------------------------------------------------------------------
Net gain (loss) from investments 8,257,010 (165,842)
------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations $57,274,727 $1,921,940
====================================================================================================================================
See accompanying notes to financial statements.
23
Statement of
CHANGES IN NET ASSETS (Unaudited)
MUNICIPAL VALUE (NUV) MUNICIPAL INCOME (NMI)
---------------------------------- ----------------------------------
SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED
ENDED 4/30/03 10/31/02 ENDED 4/30/03 10/31/02
------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 49,017,717 $ 99,272,756 $ 2,087,782 $ 4,895,839
Net realized gain (loss) from investment transactions 2,103,872 8,064,722 (6,911,928) 330,105
Change in net unrealized appreciation (depreciation)
of investments 6,153,138 (42,196,425) 6,746,086 (2,760,792)
------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations 57,274,727 65,141,053 1,921,940 2,465,152
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income (48,767,324) (99,430,445) (2,443,912) (4,972,156)
From accumulated net realized gains from
investment transactions (8,063,397) (1,442,700) -- --
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets from distributions to shareholders (56,830,721) (100,873,145) (2,443,912) (4,972,156)
------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Net proceeds from shares issued to shareholders due to
reinvestment of distributions -- -- 92,602 314,902
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets 444,006 (35,732,092) (429,370) (2,192,102)
Net assets at the beginning of period 1,946,407,379 1,982,139,471 85,896,544 88,088,646
------------------------------------------------------------------------------------------------------------------------------------
Net assets at the end of period $1,946,851,385 $1,946,407,379 $85,467,174 $85,896,544
====================================================================================================================================
Undistributed (Over-distribution of) net
investment income at the end of period $ 8,140,575 $ 7,887,053 $ (403,677) $ (47,547)
====================================================================================================================================
See accompanying notes to financial statements.
24
Notes to
FINANCIAL STATEMENTS (Unaudited)
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
The National 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.
The following is a summary of significant accounting policies followed by the
Funds in the preparation of their financial statements in accordance with
accounting principles generally accepted in the United States.
Securities Valuation
The prices of municipal bonds in each Fund's investment portfolio are provided
by a pricing service approved by the Fund's Board of Directors. When price
quotes are not readily available (which is usually the case for municipal
securities), the pricing service establishes fair market value based on yields
or prices of municipal bonds of comparable quality, type of issue, coupon,
maturity and rating, indications of value from securities dealers and general
market conditions. If it is determined that market prices for a security are
unavailable or inappropriate, the Board of Directors of the Funds, or its
designee, may establish a fair value for the security. Temporary investments in
securities that have variable rate and demand features qualifying them as
short-term securities are valued at amortized cost, which approximates market
value.
Securities Transactions
Securities transactions are recorded on a trade date basis. Realized gains and
losses from such transactions are determined on the specific identification
method. Securities purchased or sold on a when-issued or delayed delivery basis
may have extended settlement periods. The securities so purchased are subject to
market fluctuation during this period. The Funds have instructed the custodian
to segregate assets with a current value at least equal to the amount of the
when-issued and delayed delivery purchase commitments. At April 30, 2003,
Municipal Value (NUV) had outstanding when-issued purchase commitments of
$3,054,600. 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.
Federal Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund
intends to comply with the requirements of the Internal Revenue Code applicable
to regulated investment companies and to distribute all of its net investment
income to its shareholders. Therefore, no federal income tax provision is
required. Furthermore, each Fund intends to satisfy conditions which will enable
interest from municipal securities, which is exempt from regular federal income
tax, to retain such tax-exempt status when distributed to shareholders of the
Funds.
Dividends and Distributions to Shareholders
Dividends from tax-exempt net investment income are declared and paid monthly.
Net realized capital gains and/or market discount from investment transactions,
if any, are distributed to shareholders not less frequently than annually.
Furthermore, capital gains are distributed only to the extent they exceed
available capital loss carryforwards.
Distributions to shareholders of tax-exempt net investment income, net realized
capital gains and/or market discount, if any, are recorded on the ex-dividend
date. The amount and timing of distributions are determined in accordance with
federal income tax regulations, which may differ from accounting principles
generally accepted in the United States.
Derivative Financial Instruments
The Funds may invest in certain derivative financial instruments including
futures, forward, swap and option contracts, and other financial instruments
with similar characteristics. Although the Funds are authorized to invest in
such financial instruments, and may do so in the future, they did not make any
such investments during the six months ended April 30, 2003.
25
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
Custodian Fee Credit
Each Fund has an arrangement with the custodian bank whereby certain custodian
fees and expenses are reduced by credits earned on each Fund's cash on deposit
with the bank. Such deposit arrangements are an alternative to overnight
investments.
Use of Estimates
The preparation of financial statements in conformity with accounting principles
generally accepted in the United States requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities at
the date of the financial statements and the reported amounts of increases and
decreases in net assets from operations during the reporting period. Actual
results may differ from those estimates.
2. FUND SHARES
Transactions in shares were as follows:
MUNICIPAL VALUE (NUV) MUNICIPAL INCOME (NMI)
--------------------- -----------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
4/30/03 10/31/02 4/30/03 10/31/02
--------------------------------------------------------------------------------
Shares issued to shareholders
due to reinvestment of
distributions -- -- 8,492 27,850
================================================================================
3. SECURITIES TRANSACTIONS
Purchases and sales (including maturities) of investments in long-term municipal
securities during the six months ended April 30, 2003, were as follows:
MUNICIPAL MUNICIPAL
VALUE (NUV) INCOME (NMI)
--------------------------------------------------------------------------------
Purchases $138,274,235 $4,493,470
Sales and maturities 128,768,111 6,005,847
================================================================================
4. INCOME TAX INFORMATION
The following information is presented on an income tax basis. Differences
between amounts for financial statement and federal income tax purposes are
primarily due to timing differences in recognizing income on taxable market
discount securities and timing differences in recognizing certain gains and
losses on security transactions.
At April 30, 2003, the cost of investments were as follows:
MUNICIPAL MUNICIPAL
VALUE (NUV) INCOME (NMI)
--------------------------------------------------------------------------------
Cost of Investments $1,815,544,132 $81,557,432
================================================================================
Gross unrealized appreciation and gross unrealized depreciation on investments
at April 30, 2003, were as follows:
MUNICIPAL MUNICIPAL
VALUE (NUV) INCOME (NMI)
--------------------------------------------------------------------------------
Gross unrealized:
Appreciation $159,494,465 $4,061,632
Depreciation (54,096,798) (1,998,717)
--------------------------------------------------------------------------------
Net unrealized appreciation on investments $105,397,667 $2,062,915
================================================================================
26
The tax components of undistributed net investment income and net realized gains
at October 31, 2002, the Fund's last fiscal year end, were as follows:
MUNICIPAL MUNICIPAL
VALUE (NUV) INCOME (NMI)
--------------------------------------------------------------------------------
Undistributed tax-exempt income $8,502,747 $300,609
Undistributed ordinary income * 162,176 14,703
Undistributed net long-term capital gains 7,912,348 --
================================================================================
The tax character of distributions paid during the fiscal year ended October 31,
2002, the Fund's last fiscal year end, was designated for purposes of the
dividends paid deduction as follows:
MUNICIPAL MUNICIPAL
VALUE (NUV) INCOME (NMI)
--------------------------------------------------------------------------------
Distributions from tax-exempt income $99,430,445 $5,019,154
Distributions from ordinary income * 643,366 --
Distributions from net long-term capital gains 799,334 --
================================================================================
* Ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
At October 31, 2002, the Funds' last fiscal year end Municipal Income (NMI) has
an unused capital loss carryforward of $116,138, available to be applied against
future capital gains, if any. If not applied, the carryforward will expire in
the year 2008.
5. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES
Under Municipal Value's investment management agreement with Nuveen Advisory
Corp. (the "Adviser"), a wholly owned subsidiary of Nuveen Investments, Inc.
(formerly, The John Nuveen Company), the Fund pays an annual management fee,
payable monthly, at the rates set forth below, which are based upon the average
daily net assets of the Fund as follows:
AVERAGE DAILY NET ASSETS MUNICIPAL VALUE (NUV)
--------------------------------------------------------------------------------
For the first $500 million .3500%
For the next $500 million .3250
For net assets over $1 billion .3000
================================================================================
In addition, Municipal Value (NUV) pays an annual management fee, payable
monthly, based on gross interest income as follows:
GROSS INTEREST INCOME MUNICIPAL VALUE (NUV)
--------------------------------------------------------------------------------
For the first $50 million 4.125%
For the next $50 million 4.000
For gross income over $100 million 3.875
================================================================================
Under Municipal Income's (NMI) investment management agreement with the Adviser,
the Fund pays an annual management fee, payable monthly, at the rates set forth
below, which are based upon the average daily net assets of the Fund as follows:
AVERAGE DAILY NET ASSETS MUNICIPAL INCOME (NMI)
--------------------------------------------------------------------------------
For the first $125 million .6500%
For the next $125 million .6375
For the next $250 million .6250
For the next $500 million .6125
For the next $1 billion .6000
For the next $3 billion .5875
For net assets over $5 billion .5750
================================================================================
The management fee compensates the Adviser for overall investment advisory and
administrative services and general office facilities. The Funds pay no
compensation directly to those of its Directors who are affiliated with the
Adviser or to their officers, all of whom receive remuneration for their
services to the Funds from the Adviser.
27
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
6. INVESTMENT COMPOSITION
At April 30, 2003, the revenue sources by municipal purpose, expressed as a
percent of total investments, were as follows:
MUNICIPAL MUNICIPAL
VALUE (NUV) INCOME (NMI)
--------------------------------------------------------------------------------
Consumer Staples 4% 7%
Education and Civic Organizations 3 6
Healthcare 17 19
Housing/Multifamily 2 4
Housing/Single Family 4 --
Long-Term Care 1 5
Materials -- 12
Tax Obligation/General 7 6
Tax Obligation/Limited 12 10
Transportation 6 2
U.S. Guaranteed 16 7
Utilities 24 21
Water and Sewer 3 --
Other 1 1
--------------------------------------------------------------------------------
100% 100%
================================================================================
Certain investments owned by the Funds are either covered by insurance issued by
several private insurers or are backed by an escrow or trust containing U.S.
Government or U.S. Government agency securities, both of which ensure the timely
payment of principal and interest in the event of default (54% for Municipal
Value (NUV) and 12% for Municipal Income (NMI)). Such insurance or escrow,
however, does not guarantee the market value of the municipal securities or the
value of the Funds' shares.
For additional information regarding each investment security, refer to the
Portfolio of Investments of each Fund.
7. SUBSEQUENT EVENT - DISTRIBUTIONS TO SHAREHOLDERS
The Funds declared dividend distributions from their tax-exempt net investment
income which were paid on June 2, 2003, to shareholders of record on May 15,
2003, as follows:
MUNICIPAL MUNICIPAL
VALUE (NUV) INCOME (NMI)
--------------------------------------------------------------------------------
Dividend per share $.0415 $.0500
================================================================================
28
Financial
HIGHLIGHTS (Unaudited)
29
Financial
HIGHLIGHTS (Unaudited)
Selected data for a share outstanding throughout each period:
Investment Operations Less Distributions
---------------------------------- -------------------------------
Net Realized/
Beginning Net Unrealized Net Ending
Net Asset Investment Investment Investment Capital Net Asset Ending
Value Income Gain (Loss) Total Income Gains Total Value Market Value
------------------------------------------------------------------------------------------------------------------------------------
MUNICIPAL VALUE (NUV)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2003(a) $ 9.98 $.25 $ .05 $ .30 $(.25) $(.04) $(.29) $ 9.99 $ 9.2600
2002 10.17 .51 (.18) .33 (.51) (.01) (.52) 9.98 9.3200
2001 9.77 .51 .42 .93 (.51) (.02) (.53) 10.17 9.4800
2000 9.48 .52 .28 .80 (.51) -- (.51) 9.77 8.5625
1999 10.37 .51 (.80) (.29) (.51) (.09) (.60) 9.48 8.6250
1998 10.29 .53 .21 .74 (.53) (.13) (.66) 10.37 9.9375
MUNICIPAL INCOME (NMI)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2003(a) 10.61 .26 (.02) .24 (.30) -- (.30) 10.55 10.9800
2002 10.92 .61 (.30) .31 (.62) -- (.62) 10.61 9.9000
2001 11.01 .67 (.06) .61 (.70) -- (.70) 10.92 11.9000
2000 11.43 .70 (.36) .34 (.70) (.06) (.76) 11.01 11.2500
1999 12.10 .70 (.61) .09 (.69) (.07) (.76) 11.43 11.0000
1998 12.02 .71 .11 .82 (.71) (.03) (.74) 12.10 12.4375
====================================================================================================================================
Total Returns Ratios/Supplemental Data
--------------------------- ------------------------------------------------------------------------------
Before Credit After Credit**
------------------------- ------------------------
Ratio of Net Ratio of Net
Ratio of Investment Ratio of Investment
Ending Expenses Income to Expenses Income to Portfolio
Based on Based on Net Net Assets to Average Average to Average Average Turnover
Market Value+ Asset Value+ (000) Net Assets Net Assets Net Assets Net Assets Rate
------------------------------------------------------------------------------------------------------------------------------------
MUNICIPAL VALUE (NUV)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2003(a) 2.51% 3.05% $1,946,851 .65%* 5.07%* .64%* 5.08%* 7%
2002 3.80 3.32 1,946,407 .65 5.07 .65 5.08 13
2001 17.32 9.77 1,982,139 .65 5.09 .64 5.10 10
2000 5.46 8.71 1,903,967 .65 5.44 .64 5.44 17
1999 (7.50) (2.94) 1,847,333 .65 5.09 .65 5.10 13
1998 10.55 7.49 2,022,282 .65 5.18 .65 5.18 19
MUNICIPAL INCOME (NMI)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2003(a) 14.14 2.30 85,467 1.19* 4.90* 1.19* 4.91* 5
2002 (11.93) 2.87 85,897 .91 5.62 .90 5.64 36
2001 12.24 5.68 88,089 .83 6.14 .83 6.15 11
2000 9.45 3.02 88,214 .80 6.20 .77 6.23 6
1999 (5.77) .74 91,123 .82 5.88 .82 5.89 31
1998 5.21 7.06 95,756 .82 5.91 .82 5.91 23
====================================================================================================================================
* Annualized.
** After custodian fee credit, where applicable.
+ Total Investment Return on Market Value is the combination of reinvested
dividend income, reinvested capital gains distributions, if any, and
changes in stock price per share. Total Return on Net Asset Value is the
combination of reinvested dividend income, reinvested capital gains
distributions, if any, and changes in net asset value per share. Total
returns are not annualized.
(a) For the six months ended April 30, 2003.
See accompanying notes to financial statements.
30-31 Spread
Build Your Wealth
AUTOMATICALLY
SIDEBAR TEXT: NUVEEN MAKES REINVESTING EASY. A PHONE CALL IS ALL IT TAKES TO SET
UP YOUR REINVESTMENT ACCOUNT.
NUVEEN CLOSED-END EXCHANGE-TRADED FUNDS DIVIDEND REINVESTMENT PLAN
Your Nuveen Closed-End Exchange-Traded Fund allows you to conveniently reinvest
dividends and/or capital gains distributions in additional fund shares.
By choosing to reinvest, you'll be able to invest money regularly and
automatically, and watch your investment grow through the power of tax-free
compounding. Just like dividends or distributions in cash, there may be times
when income or capital gains taxes may be payable on dividends or distributions
that are reinvested.
It is important to note that an automatic reinvestment plan does not ensure a
profit, nor does it protect you against loss in a declining market.
EASY AND CONVENIENT
To make recordkeeping easy and convenient, each month you'll receive a statement
showing your total dividends and distributions, the date of investment, the
shares acquired and the price per share, and the total number of shares you own.
HOW SHARES ARE PURCHASED
The shares you acquire by reinvesting will either be purchased on the open
market or newly issued by the Fund. If the shares are trading at or above net
asset value at the time of valuation, the Fund will issue new shares at the
then-current market price. If the shares are trading at less than net asset
value, shares for your account will be purchased on the open market. Dividends
and distributions received to purchase shares in the open market will normally
be invested shortly after the dividend payment date. No interest will be paid on
dividends and distributions awaiting reinvestment. Because the market price of
shares may increase before purchases are completed, the average purchase price
per share may exceed the market price at the time of valuation, resulting in the
acquisition of fewer shares than if the dividend or distribution had been paid
in shares issued by the Fund. A pro rata portion of any applicable brokerage
commissions on open market purchases will be paid by Plan participants. These
commissions usually will be lower than those charged on individual transactions.
FLEXIBILITY
You may change your distribution option or withdraw from the Plan at any time,
should your needs or situation change. Should you withdraw, you can receive a
certificate for all whole shares credited to your reinvestment account and cash
payment for fractional shares, or cash payment for all reinvestment account
shares, less brokerage commissions and a $2.50 service fee.
You can reinvest whether your shares are registered in your name, or in the name
of a brokerage firm, bank, or other nominee. Ask your investment advisor if his
or her firm will participate on your behalf. Participants whose shares are
registered in the name of one firm may not be able to transfer the shares to
another firm and continue to participate in the Plan.
The Fund reserves the right to amend or terminate the Plan at any time. Although
the Fund reserves the right to amend the Plan to include a service charge
payable by the participants, there is no direct service charge to participants
in the Plan at this time.
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in
or withdraw from the Plan, speak with your financial advisor or call us at (800)
257-8787.
32
Fund
INFORMATION
BOARD OF DIRECTORS
Robert P. Bremner
Lawrence H. Brown
Anne E. Impellizzeri
Peter R. Sawers
William J. Schneider
Timothy R. Schwertfeger
Judith M. Stockdale
FUND MANAGER
Nuveen Advisory Corp.
333 West Wacker Drive
Chicago, IL 60606
CUSTODIAN
State Street Bank & Trust
Boston, MA
TRANSFER AGENT AND
SHAREHOLDER SERVICES
State Street Bank & Trust
Nuveen Funds
P.O. Box 43071
Providence, RI 02940-3071
(800) 257-8787
LEGAL COUNSEL
Morgan, Lewis &
Bockius LLP
Washington, D.C.
INDEPENDENT AUDITORS
Ernst & Young LLP
Chicago, IL
POLICY CHANGE
On November 14, 2002, the Board adopted a policy that allows these Funds, in
addition to investments in municipal bonds, to invest up to 5% of its net assets
(including assets attributable to preferred shares, if any) in tax-exempt or
taxable fixed-income securities or equity securities for the purpose of
acquiring control of an issuer whose municipal bonds (a) the Fund already owns
and (b) have deteriorated or are expected shortly to deteriorate significantly
in credit quality, provided Nuveen Advisory determines that such investment
should enable the Fund to better maximize the value of its existing investment
in such issuer. This policy is a non-fundamental policy of each Fund which means
that it can be changed at any time by the Board of Trustees without vote of the
shareholders.
GLOSSARY OF TERMS USED IN THIS REPORT
Average Annual Total Return: This is a commonly used method to express an
investment's performance over a particular, usually multi-year time period. It
expresses the return (including change in NAV and reinvested dividends) that
would have been necessary on an annual basis to equal the investment's actual
performance over the time period being considered.
Average Effective Maturity: The average of all the maturities of the bonds in a
fund's portfolio, computed by weighting each maturity date (the date the
security comes due) by the market value of the security. This figure does not
account for the likelihood of prepayments or the exercise of call provisions.
Leverage-Adjusted Duration: Duration is a measure of a bond or bond fund's
sensitivity to changes in interest rates. Generally, the longer a bond or fund's
duration, the more the price of the bond or fund will change as interest rates
change. Leverage-adjusted duration takes into account the leveraging process for
a Fund and therefore is generally longer than the duration of the actual
portfolio of individual bonds that make up the Fund.
Market Yield (also known as Dividend Yield or Current Yield): An investment's
current annualized dividend divided by its current market price.
Net Asset Value (NAV): A fund's NAV is calculated by subtracting the liabilities
of the fund from its total assets and then dividing the remainder by the number
of shares outstanding. Fund NAVs are calculated at the end of each business day.
Taxable-Equivalent Yield: The yield necessary from a fully taxable investment to
equal, on an after-tax basis, the yield of a municipal bond investment.
---------
Each Fund intends to repurchase shares of its own common stock in the future at
such times and in such amounts as is deemed advisable. No shares were
repurchased during the six-month period ended April 30, 2003. Any future
repurchases will be reported to shareholders in the next annual or semiannual
report.
33
Serving Investors
FOR GENERATIONS
Since 1898, financial advisors and their clients have relied on Nuveen
Investments to provide dependable investment solutions. For the past century,
Nuveen Investments has adhered to the belief that the best approach to investing
is to apply conservative risk-management principles to help minimize volatility.
Building on this tradition, we today offer a range of high quality equity and
fixed-income solutions that are integral to a well-diversified core portfolio.
Our clients have come to appreciate this diversity, as well as our continued
adherence to proven, long-term investing principles.
Managing $80 billion in assets, Nuveen Investments offers access to a number of
different asset classes and investing solutions through a variety of products.
Nuveen Investments markets its capabilities under four distinct brands: Nuveen,
a leader in tax-free investments; NWQ, a leader in value-style equities;
Rittenhouse, a leader in growth-style equities; and Symphony, a leading
institutional manager of market-neutral alternative investment portfolios.
To learn more about the products and services Nuveen Investments offers and for
a prospectus, where applicable, talk to your financial advisor, or call us at
(800) 257-8787. Please read the information carefully before you invest.
Distributed by
NUVEEN INVESTMENTS, LLC | 333 West Wacker Drive | Chicago, Illinois 60606 |
www.nuveen.com
ESA-A-0403D
ITEM 2. CODE OF ETHICS.
Not applicable at this time.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable at this time.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable at this time.
ITEMS 5-6. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES
Not applicable to this registrant.
ITEM 8. [RESERVED]
ITEM 9. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive officer and principal financial officer
have concluded that the registrant's Disclosure Controls and Procedures are
effective, based on their evaluation of such Disclosure Controls and Procedures
as of a date within 90 days of the filing of this report on Form N-CSR.
(b) There were no significant changes in the registrant's internal controls or
in other factors that could significantly affect these controls subsequent to
the date of our evaluation.
ITEM 10. EXHIBITS.
File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(a) 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.
(b) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2 under the Act (17
CFR 270.30a-2) in the exact form set forth below: 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, 2003
-------------------------------------------------------------------
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, 2003
-------------------------------------------------------------------
By (Signature and Title)* /s/ Stephen D. Foy
----------------------------------------------
Stephen D. Foy
Vice President and Controller
(Principal Financial Officer)
Date July 8, 2003
-------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.