UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-05120
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Nuveen Municipal Value Fund, Inc.
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(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
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(Address of principal executive offices) (Zip code)
Jessica R. Droeger
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
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(Name and address of agent for service)
Registrant's telephone number, including area code: (312) 917-7700
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Date of fiscal year end: October 31
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Date of reporting period: April 30, 2004
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Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
Nuveen
Municipal Closed-End
Exchange-Traded
Funds
SEMIANNUAL REPORT April 30, 2004
NUVEEN MUNICIPAL VALUE FUND, INC.
NUV
NUVEEN MUNICIPAL INCOME FUND, INC.
NMI
Photo of: Man holding up small boy.
Photo of: 2 women with 2 girls looking at seashells.
DEPENDABLE,
TAX-FREE INCOME
BECAUSE
IT'S NOT WHAT YOU EARN,
IT'S WHAT YOU KEEP.(R)
Logo: NUVEEN Investments
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WHAT IF I CHANGE MY MIND AND WANT TO RECEIVE INVESTOR MATERIALS THROUGH REGULAR
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If you decide you do not like receiving your reports electronically, it's a
simple process to go back to regular mail delivery.
--------------------------------------------------------------------------------
IF YOUR NUVEEN FUND DIVIDENDS AND STATEMENTS
COME FROM YOUR FINANCIAL ADVISOR OR BROKERAGE ACCOUNT,
FOLLOW THE STEPS OUTLINED BELOW:
1 Go to WWW.INVESTORDELIVERY.COM and follow the simple instructions, using
the address sheet that accompanied this report as a guide.
2 You'll be taken to a page with several options. Select the NEW
ENROLLMENT-CREATE screen and follow the simple instructions.
3 Click Submit. Confirm the information you just entered is correct, then
click Submit again.
4 You should get a confirmation e-mail within 24 hours. If you do not, go
back through these steps to make sure all the information is correct.
5 Use this same process if you need to change your registration information
or cancel internet viewing.
IF YOUR NUVEEN FUND DIVIDENDS AND STATEMENTS
COME DIRECTLY TO YOU FROM NUVEEN,
FOLLOW THE STEPS OUTLINED BELOW:
1 Go to WWW.NUVEEN.COM
2 Select ACCESS YOUR ACCOUNT. Select the E-REPORT ENROLLMENT section. Click
on Enrollment Today.
3 You'll be taken to a screen that asks for your Social Security number and
e-mail address. Fill in this information, then click Enroll.
4 You should get a confirmation e-mail within 24 hours. If you do not, go
back through these steps to make sure all the information is correct.
5 Use this same process if you need to change your registration information
or cancel internet viewing.
Logo: NUVEEN Investments
Photo of: Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
Sidebar text: WE THINK THAT MUNICIPAL BOND INVESTMENTS LIKE YOUR NUVEEN FUND CAN
BE IMPORTANT BUILDING BLOCKS IN A WELL-BALANCED PORTFOLIO.
Dear
SHAREHOLDER
I am very pleased to report that for the period ended April 30, 2004, your
Nuveen Fund continued to provide you with attractive monthly tax-free income.
While tax-free income is always welcome, we know that many shareholders are
beginning to wonder whether interest rates will rise significantly, and whether
that possibility should cause them to adjust that portion of their investment
portfolios allocated to tax-free municipal bonds. We believe this is a question
you should consider carefully with the help of a trusted financial advisor. In
many cases, it may be more appropriate to focus on long-term goals and
objectives rather than shorter-term market movements, and this is where a
professional advisor may be able to help keep you focused on the larger
objectives of your investment program.
As you read through this report, please review the inside front cover and
consider receiving future Fund reports and other Fund information by e-mail and
the Internet. Not only will you be able to receive the information faster, but
this also may help lower your Fund's expenses. Sign up is quick and easy.
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 15, 2004
1
Nuveen National Municipal Closed-End Exchange-Traded Funds
(NUV, NMI)
Portfolio Managers'
COMMENTS
Portfolio managers Tom Spalding and John Miller review the market environment,
key investment strategies and the reporting period performance of NUV and NMI.
With 27 years of investment experience at Nuveen, Tom has managed NUV since its
inception in 1987. John, who has 11 years of municipal market experience,
assumed portfolio management responsibility for NMI in 2001.
WHAT FACTORS AFFECTED THE U.S. ECONOMY AND MUNICIPAL MARKET DURING THE SIX-MONTH
REPORTING PERIOD ENDED APRIL 30, 2004?
During this reporting period, the greatest influences on the national economy
and the municipal market continued to be historically low interest rates,
growing evidence of economic improvement, and a generally modest rate of
inflation. Since its last credit easing in June 2003, the Federal Reserve has
maintained the fed funds rate at 1.0%, the lowest level since 1958. This
accommodative monetary policy helped to spur GDP (gross domestic product) growth
of 4.4% annualized in the first quarter of 2004, following a 3.1% rise in 2003.
Over the six-month reporting period, the year-over-year rate of inflation, as
measured by the core Consumer Price Index, averaged 1.3%.
This generally favorable environment helped many municipal bonds perform well
during most of the six-month period ended April 30, 2004. However, in early
April, a sharply improved jobs report, along with subsequent indications of
growing momentum in the U.S. economy, served as catalysts for increased
expectations of a Fed rate hike. This all contributed to heightened volatility
in the fixed-income markets. During April, the yield on the Bond Buyer 25
Revenue Bond Index, a widely-followed municipal bond index, rose almost 40 basis
points. This rise in the index yield and the corresponding decline in bond
price, effectively offset the yield declines and price gains of the previous
five months. As of April 30, 2004, the index stood at approximately the same
level as at the beginning of the six-month reporting period.
In general, municipal supply remained strong over the past six months, although
the pace of issuance slowed. The first four months of 2004 saw $110 billion in
new municipal supply, down 9% from January-April 2003. Over the entire six-month
reporting period ended April 2004, the supply of new bonds decreased 13%
compared with the preceding six months.
IN THIS ENVIRONMENT, WHAT KEY STRATEGIES WERE USED TO MANAGE NUV AND NMI DURING
THE SIX MONTHS ENDED APRIL 30, 2004?
With the market continuing to anticipate an increase in interest rates, a major
focus during this reporting period remained careful management of the Funds'
durations1 as a way of controlling the interest rate risk inherent in each
Fund's portfolio. Interest rate risk is the risk that the value of a Fund's
portfolio will decline if market interest rates rise (since bond prices move in
the opposite
1 Duration is a measure of a fund's net asset value (NAV) volatility in
reaction to interest rate movements.
2
direction of interest rates). The longer the duration of a Fund's portfolio, the
greater the Fund's interest rate risk. Our use of such a duration management
strategy is designed to position the Funds to potentially produce more
consistent returns over time as interest rates inevitably rise and fall.
Our purchase activity in both Funds over this reporting period focused primarily
on identifying attractive securities in the long-intermediate part of the yield
curve (i.e., bonds that mature in 15 to 25 years). In many cases, bonds in this
part of the curve offered yields similar to those of longer-term bonds with less
inherent interest rate risk and greater total return potential. We looked for
bonds that would help us keep the Funds well diversified in terms of industry
sector, maturity, and geographic region. Based on the recent implementation of
economic reforms in California, we believed this state had demonstrated signs of
progress, and we took advantage of selected opportunities to add California
bonds in both Funds. (On May 21, 2004, following the end of this reporting
period, Moody's upgraded California general obligation bonds to A3 with a
positive outlook from Baa1 with a stable outlook.)
In NMI, enhancing diversification and credit quality remained a major theme as
we worked to reposition the Fund's portfolio following the resolution of several
credit issues. One example was the purchase of bonds backed by Steel Dynamics, a
steel manufacturing company based in Fort Wayne, Indiana. As market prices for
steel rose over the six-month reporting period, Steel Dynamics' revenues and
earnings rose, and the company's credit was upgraded. Several of NMI's purchases
used proceeds from the sales of higher-coupon pre-refunded bonds, which
generally underperformed the market during this reporting period.
HOW DID THE FUNDS PERFORM?
Individual results for the Funds, as well as for relevant benchmarks, are
presented in the accompanying table.
TOTAL RETURNS ON NET ASSET VALUE
For periods ended 4/30/04
(6-month returns cumulative, all others annualized)
6-MONTH 1-YEAR 5-YEAR 10-YEAR
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NUV 2.12% 3.96% 4.75% 5.85%
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NMI 2.96% 4.38% 3.30% 5.15%
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LEHMAN BROTHERS
MUNICIPAL
BOND INDEX2 1.19% 2.68% 5.44% 6.46%
--------------------------------------------------------------------------------
LIPPER GENERAL & INSURED
UNLEVERAGED
MUNICIPAL DEBT
FUNDS AVERAGE3 1.71% 3.22% 4.24% 5.82%
--------------------------------------------------------------------------------
Past performance is not predictive of future results.
For additional information, see the individual Performance Overview for your
Fund in this report.
For the six months ended April 30, 2004, the cumulative returns of both NUV and
NMI outperformed the returns of both the Lehman Brothers index and their Lipper
peer group. We believe that sector allocation and specific
2 The Lehman Brothers Municipal Bond Index is an unleveraged, unmanaged
national index comprising a broad range of investment-grade municipal
bonds. Results for the Lehman index do not reflect any expenses.
3 The Lipper General and Insured Unleveraged Municipal Debt Funds category
average is calculated using the returns of all closed-end exchange-traded
funds in this category for each period as follows: 6 months - 10 funds; 1
year - 9 funds; 5 years - 9 funds; and 10 years - 9 funds. Fund and Lipper
returns assume reinvestment of dividends.
3
security selection were the primary drivers of Fund performance over this
period.
For example, healthcare and tobacco bonds made strong contributions to both
Funds' cumulative returns during this reporting period. Healthcare, which ranked
second in terms of returns among the Lehman municipal revenue sectors for the
six months ended April 30, 2004, continued to perform well due to improvements
in cost containment and reimbursement practices which helped their long-term
outlook. As of April 30, 2004, NUV had 20% of its portfolio invested in the
healthcare sector, while NMI had 19%. NUV's largest healthcare issuer was a 2%
weighting (par value) in bonds rated Ba3 issued by the Michigan State Hospital
Finance Authority for the Detroit Medical Center, the largest healthcare
provider in southeastern Michigan. As the center's financial situation
stabilized following implementation of cost-cutting initiatives and improved
operating efficiencies, the performance of these bonds rebounded. Another strong
healthcare performer over this period was the B rated West Penn Allegheny Health
System, which represented just over 2% (par value) of NMI's portfolio.
Over this reporting period, NUV and NMI maintained positions in bonds backed by
revenues from the 1998 master tobacco settlement agreement. In general, these
bonds made positive contributions to the performances of both Funds over this
reporting period. On April 21, 2004, based on an adverse ruling in a
tobacco-related court case, Moody's downgraded all tobacco bonds that were not
enhanced or additionally secured. As a result, the majority of unenhanced
municipal-issued tobacco securities were rated Baa by Moody's, while insured
tobacco bonds continued to be rated Aaa. The other major credit rating
agencies--S&P and Fitch--did not change their tobacco bond ratings. As of April
30, 2004, we believed that the prices of tobacco bonds accurately reflected the
risks involved and that, when maintained at appropriate levels in the Funds,
these bonds would continue to represent good value.
NMI's performance during this period also benefited from the successful
reduction of the Fund's overall credit risk. As discussed in past shareholder
reports, this Fund had held a small number of distressed credits that had
negatively impacted performance in prior periods. These
4
credits either have been sold out of the portfolio or, in certain cases where we
decided to hold onto a credit, performance rebounded over the past six months as
the economy improved. Two examples were the Boulder County (Colorado) Peak to
Peak Charter School project and the Stillwater Mining Company project in
Montana. The state of Colorado continued to provide strong financial support to
the charter school movement, and the bonds issued for Peak to Peak were recently
pre-refunded and upgraded in quality. The pollution control revenue bonds issued
for Stillwater, the only producer of platinum group metals outside South Africa
and Russia, also performed well due to higher market prices for platinum and
palladium during this period and the announced takeover of the company by
Norilsk Nickel, the world's largest producer of nickel and palladium.
Additional factors that impacted the performances of NUM and NMI over this
semiannual reporting period included:
o Modest weightings in both single family and multifamily housing bonds,
which were generally poor performers over this reporting period, as
measured by the Lehman Brothers index.
o The advance refunding of several holdings, which enhanced their prices and
contributed to returns.
HOW ABOUT THE FUNDS' DIVIDENDS AND SHARE PRICES?
During this reporting period, NUV maintained a steady dividend. As noted, NMI
was in the process of diversifying and upgrading its portfolio, and this
necessitated the purchase of bonds in the current, relatively low yield
environment. Overall, this had the effect of reducing NMI's income stream and
led to a monthly dividend reduction in this Fund in March 2004.
Both NUV and NMI seek to pay stable dividends at rates that reflect each Fund's
past results and projected future performance. During certain periods, each Fund
may pay dividends at a rate that may be more or less than the amount of net
investment income actually earned by the Fund during the period. If a Fund has
cumulatively earned more than it has paid in dividends, it holds the excess in
reserve as undistributed net investment income (UNII) as part of the Fund's NAV.
Conversely, if a Fund has cumulatively paid
5
dividends in excess of its earnings, the excess constitutes negative UNII that
is likewise reflected in the Fund's NAV. Each Fund will, over time, pay all of
its net investment income as dividends to shareholders. As of April 30, 2004,
both NUV and NMI had negative UNII balances.
As of April 30, 2004, NUV was trading at a -9.89% discount to its common share
net asset value, compared with an average discount of -7.04% for the six-month
reporting period. NMI was trading at a discount of -6.89%, compared with an
average discount of -5.68% for the period.
HOW WERE THE FUNDS POSITIONED IN TERMS OF CREDIT QUALITY AND BOND CALLS AS OF
APRIL 30, 2004?
Given the current geopolitical and economic climate, we continued to believe
that maintaining strong overall credit quality was important. As of the end of
April 2004, NUV had 64% of its portfolio in securities rated AAA/U.S. Guaranteed
or AA. In NMI, which is allowed to invest up to 25% of its portfolio in bonds
rated BB or lower (below investment grade), the Fund's 9% allocation to BB or
lower bonds and 12% allocation to non-rated bonds were balanced by a 26%
weighting in bonds rated AAA/U.S. Guaranteed or AA.
As of April 30, 2004, potential call exposure for these Funds during 2004-2005
was 17% of the portfolio for both NUV and NMI. The number of actual bond calls
in each Fund will depend largely on market interest rates.
6
Nuveen Municipal Value Fund, Inc.
Performance
OVERVIEW As of April 30, 2004
NUV
Pie chart:
CREDIT QUALITY
AAA/U.S. Guaranteed 51%
AA 13%
A 12%
BBB 15%
NR 3%
BB or Lower 6%
FUND SNAPSHOT
--------------------------------------------------
Share Price $8.84
--------------------------------------------------
Common Share Net Asset Value $9.81
--------------------------------------------------
Premium/(Discount) to NAV -9.89%
--------------------------------------------------
Market Yield 5.43%
--------------------------------------------------
Taxable-Equivalent Yield1 7.54%
--------------------------------------------------
Net Assets ($000) $1,912,389
--------------------------------------------------
Average Effective Maturity (Years) 20.66
--------------------------------------------------
Duration 7.74
--------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN (INCEPTION 6/17/87)
--------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------
6-Month (Cumulative) 0.33% 2.12%
--------------------------------------------------
1-Year 1.45% 3.96%
--------------------------------------------------
5-Year 4.12% 4.75%
--------------------------------------------------
10-Year 5.04% 5.85%
--------------------------------------------------
TOP FIVE SECTORS (AS A % OF TOTAL INVESTMENTS)
--------------------------------------------------
Tax Obligation/Limited 21%
--------------------------------------------------
Healthcare 20%
--------------------------------------------------
Utilities 14%
--------------------------------------------------
Tax Obligation/General 11%
--------------------------------------------------
Transportation 10%
--------------------------------------------------
Bar chart:
2003-2004 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
May $0.0415
Jun 0.0415
Jul 0.0415
Aug 0.0415
Sep 0.04
Oct 0.04
Nov 0.04
Dec 0.04
Jan 0.04
Feb 0.04
Mar 0.04
Apr 0.04
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
5/1/03 $9.29
9.32
9.48
9.51
9.62
9.4
9.51
9.55
9.56
9.23
9.19
9.2
9.03
9.03
9.14
9.12
9.1
9.16
9.16
9.15
9.09
9.13
9.12
9.12
9.19
9.24
9.25
9.21
9.21
9.3
9.4
9.51
9.51
9.53
9.52
9.52
9.53
9.54
9.59
9.55
9.62
9.54
9.43
9.22
9.05
8.9
4/30/04 8.84
1 Taxable-equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a federal income tax rate of 28%. For
investments that generate qualified dividend income, the taxable-equivalent
yield is lower.
2 The Fund also paid shareholders capital gains and net ordinary income
distributions in December 2003 of $0.0832 per share.
7
Nuveen Municipal Income Fund, Inc.
Performance
OVERVIEW As of April 30, 2004
NMI
Pie chart:
CREDIT QUALITY
AAA/U.S. Guaranteed 17%
AA 9%
A 8%
BBB 45%
NR 12%
BB or Lower 9%
FUND SNAPSHOT
--------------------------------------------------
Share Price $9.73
--------------------------------------------------
Common Share Net Asset Value $10.45
--------------------------------------------------
Premium/(Discount) to NAV -6.89%
--------------------------------------------------
Market Yield 5.43%
--------------------------------------------------
Taxable-Equivalent Yield1 7.54%
--------------------------------------------------
Net Assets ($000) $84,792
--------------------------------------------------
Average Effective Maturity (Years) 18.64
--------------------------------------------------
Duration 6.70
--------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN (INCEPTION 4/20/88)
--------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------
6-Month (Cumulative) 3.67% 2.96%
--------------------------------------------------
1-Year -6.43% 4.38%
--------------------------------------------------
5-Year 1.75% 3.30%
--------------------------------------------------
10-Year 4.01% 5.15%
--------------------------------------------------
TOP FIVE SECTORS (AS A % OF TOTAL INVESTMENTS)
--------------------------------------------------
Utilities 24%
--------------------------------------------------
Healthcare 19%
--------------------------------------------------
Tax Obligation/Limited 16%
--------------------------------------------------
Consumer Staples 8%
--------------------------------------------------
Tax Obligation/General 7%
--------------------------------------------------
Bar Chart:
2003-2004 MONTHLY TAX-FREE DIVIDENDS PER SHARE
May $0.05
Jun 0.048
Jul 0.048
Aug 0.048
Sep 0.045
Oct 0.045
Nov 0.045
Dec 0.045
Jan 0.045
Feb 0.045
Mar 0.044
Apr 0.044
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
5/1/03 $10.91
11
10.93
11.07
11
10.85
10.78
10.69
10.46
10.3
10.11
9.95
9.81
9.78
9.76
9.9
9.91
9.77
9.74
9.97
9.75
9.64
9.64
9.66
9.65
9.64
9.66
9.62
9.87
9.6
9.91
9.95
9.87
9.98
10.14
10.4
10.38
10.41
10.47
10.46
10.62
10.55
10.35
9.9
10.05
9.52
4/30/04 9.73
1 Taxable-equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a federal income tax rate of 28%. For
investments that generate qualified dividend income, the taxable-equivalent
yield is lower.
8
Nuveen Municipal Value Fund, Inc. (NUV)
Portfolio of
INVESTMENTS April 30, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
ALABAMA - 1.4%
$ 1,800 Alabama Housing Finance Authority, Collateralized Home 4/08 at 102.00 Aaa $ 1,808,586
Mortgage Program Single Family Mortgage Revenue Bonds,
Series 1998A-2, 5.450%, 10/01/28 (Alternative Minimum Tax)
5,000 The Industrial Development Board of the Town of Courtland, 11/09 at 101.00 Baa2 5,321,100
Alabama, Solid Waste Disposal Revenue Bonds, Champion
International Paper Corporation, Series 1999A,
6.700%, 11/01/29 (Alternative Minimum Tax)
1,750 Huntsville Health Care Authority, Alabama, Revenue 6/11 at 101.00 A2 1,814,068
Bonds, Series 2001A, 5.750%, 6/01/31
4,000 The Medical Clinic Board of the City of Jasper, 7/04 at 100.00 Baa1 4,007,280
Alabama, Hospital Revenue Bonds, Walker Regional
Medical Center, Inc. Project, Series 1993, 6.375%, 7/01/18
12,000 Jefferson County, Alabama, Sewer Revenue Capital 2/09 at 101.00 AAA 13,384,440
Improvement Warrants, Series 1999A, 5.375%, 2/01/36
(Pre-refunded to 2/01/09) - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
ALASKA - 0.3%
3,000 Municipality of Anchorage, Alaska, General Obligation Bonds, 9/13 at 100.00 AAA 3,045,660
Series 2003B, 5.000%, 9/01/23 - FGIC Insured
3,250 Northern Tobacco Securitization Corporation, Alaska, 6/10 at 100.00 BBB 3,146,942
Tobacco Settlement Asset-Backed Bonds, Series 2000,
6.200%, 6/01/22
------------------------------------------------------------------------------------------------------------------------------------
ARIZONA - 1.1%
4,900 Arizona Health Facilities Authority, Hospital System 11/09 at 100.00 Ba2 4,695,278
Revenue Bonds, Phoenix Children's Hospital, Series 1999A,
6.250%, 11/15/29
1,400 Arizona Health Facilities Authority, Hospital System 2/12 at 101.00 Ba2 1,351,910
Revenue Bonds, Phoenix Children's Hospital,
Series 2002A, 6.250%, 2/15/21
13,100 Arizona Health Facilities Authority, Hospital System 7/10 at 101.00 BBB+ 14,405,022
Revenue Bonds, Catholic Healthcare West, Series 1999A,
6.625%, 7/01/20
------------------------------------------------------------------------------------------------------------------------------------
ARKANSAS - 0.8%
10,460 Cabot School District No. 4 of Lonoke County, Arkansas, 8/08 at 100.00 Aaa 10,464,707
General Obligation Bonds, Series 2003 Refunding,
5.000%, 2/01/32 - AMBAC Insured
945 Conway, Arkansas, Sales and Use Tax Capital Improvement 12/06 at 101.00 AAA 1,014,486
Bonds, Series 1997A, 5.350%, 12/01/17 - FSA Insured
2,750 Jefferson County, Arkansas, Pollution Control Revenue 6/04 at 101.00 BBB- 2,767,490
Refunding Bonds, Entergy Arkansas, Inc. Project,
Series 1997, 5.600%, 10/01/17
2,000 University of Arkansas, Fayetteville, Various Facilities 12/12 at 100.00 Aaa 2,000,740
Revenue Bonds, Series 2002, 5.000%, 12/01/32 -
FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA - 11.9%
7,310 California Educational Facilities Authority, Revenue 10/09 at 39.19 Aaa 2,416,394
Bonds, Loyola Marymount University, Series 2000,
0.000%, 10/01/24 (Pre-refunded to 10/01/09) -
MBIA Insured
13,000 California Health Facilities Financing Authority, 3/13 at 100.00 A 12,398,360
Revenue Bonds, Adventist Health System/West,
Series 2003A, 5.000%, 3/01/33
3,975 California Infrastructure Economic Development Bank, 10/11 at 101.00 A- 3,926,028
Revenue Bonds, J. David Gladstone Institutes Project,
Series 2001, 5.250%, 10/01/34
California, General Obligation Bonds, Series 2003:
14,600 5.250%, 2/01/28 8/13 at 100.00 Baa1 14,440,422
11,250 5.000%, 2/01/33 8/13 at 100.00 Baa1 10,713,938
7,500 California, General Obligation Bonds, Series 2004, 2/14 at 100.00 Baa1 7,142,625
5.000%, 2/01/33
14,500 California Department of Water Resources, Water System 6/04 at 100.50 AA 14,191,730
Revenue Bonds, Central Valley Project, Series 1993M,
4.750%, 12/01/24
9
Nuveen Municipal Value Fund, Inc. (NUV) (continued)
Portfolio of INVESTMENTS April 30, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA (CONTINUED)
California Department of Water Resources, Power Supply
Revenue Bonds, Series 2002A:
$ 10,000 5.125%, 5/01/19 5/12 at 101.00 A3 $ 10,165,800
10,000 5.250%, 5/01/20 5/12 at 101.00 A3 10,231,800
17,155 California State Public Works Board, Lease Revenue 6/04 at 101.00 Aa2 17,405,120
Refunding Bonds, Various University of California
Projects, Series 1993A, 5.500%, 6/01/21
15,500 California Statewide Community Development Authority, 4/09 at 101.00 BBB- 15,677,630
Certificates of Participation, Internext Group, Series 1999,
5.375%, 4/01/17
3,000 Capistrano Unified School District, Ladera, California, 9/09 at 102.00 N/R 3,004,170
Special Tax Bonds, Community Facilities District 98-2,
Series 1999, 5.750%, 9/01/29
5,895 Central California Joint Powers Health Financing 8/04 at 100.00 Baa2 5,568,771
Authority, Certificates of Participation, Community
Hospitals of Central California, Series 1993,
5.000%, 2/01/23
Foothill-Eastern Transportation Corridor Agency, California,
Toll Road Revenue Bonds, Series 1995A:
30,000 0.000%, 1/01/22 No Opt. Call AAA 12,184,500
2,500 6.000%, 1/01/34 (Pre-refunded to 1/01/07) 1/07 at 100.00 AAA 2,750,025
3,500 Golden State Tobacco Securitization Corporation, 6/13 at 100.00 BBB 3,284,470
California, Tobacco Settlement Asset-Backed Bonds,
Series 2003A-1, 6.750%, 6/01/39
30,000 Golden State Tobacco Securitization Corporation, 6/13 at 100.00 AAA 29,022,000
California, Enhanced Tobacco Settlement Asset-Backed
Bonds, Series 2003B, 5.000%, 6/01/38 - AMBAC Insured
9,000 Los Angeles Department of Water and Power, California, 7/11 at 100.00 AA 9,004,140
Waterworks Revenue Refunding Bonds, Series 2001A,
5.125%, 7/01/41
4,000 Los Angeles Regional Airports Improvement Corporation, 12/12 at 102.00 B- 3,407,520
California, Sublease Revenue Bonds, Los Angeles
International Airport, American Airlines, Inc. Terminal 4
Project, Series 2002C, 7.500%, 12/01/24 (Alternative
Minimum Tax)
30,470 Los Angeles County, California, Public Works Financing 6/04 at 102.00 AAA 31,153,747
Authority Lease Revenue Bonds, Multiple Capital Facilities
Project IV, Series 1993, 4.750%, 12/01/13 - MBIA Insured
7,300 San Diego County, California, Certificates of Participation, 9/09 at 101.00 Baa3 7,460,527
Burnham Institute, Series 1999, 6.250%, 9/01/29
2,699 Yuba County Water Agency, California, Yuba River 9/04 at 100.00 Baa3 2,684,290
Development Revenue Bonds, Pacific Gas and Electric
Company Project, Series 1966A, 4.000%, 3/01/16
------------------------------------------------------------------------------------------------------------------------------------
COLORADO - 3.5%
1,800 Colorado Educational and Cultural Facilities Authority, 8/11 at 100.00 AAA 2,219,904
Charter School Revenue Bonds, Peak to Peak Charter
School, Series 2001, 7.625%, 8/15/31 (Pre-refunded
to 8/15/11)
2,000 Colorado Health Facilities Authority, Revenue Bonds, 3/12 at 100.00 AA 2,051,640
Catholic Health Initiatives, Series 2002A, 5.500%, 3/01/32
500 Colorado Health Facilities Authority, Revenue Bonds, 1/12 at 100.00 BBB 511,345
Vail Valley Medical Center Project, Series 2001,
5.750%, 1/15/22
2,580 Colorado Health Facilities Authority Revenue Bonds, 5/04 at 102.00 AA 2,622,080
Sisters of Charity Health Care Systems, Inc., Series 1994,
5.250%, 5/15/14
18,915 Denver City and County, Colorado, Airport System Revenue 11/13 at 100.00 AAA 18,698,612
Refunding Bonds, Series 2003B, 5.000%, 11/15/33 -
XLCA Insured
20,000 Denver Convention Center Hotel Authority, Colorado, 12/13 at 100.00 AAA 19,861,600
Convention Center Hotel Senior Revenue Bonds,
Series 2003A, 5.000%, 12/01/33 - XLCA Insured
E-470 Public Highway Authority, Colorado, Senior
Revenue Bonds, Series 2000A:
39,700 0.000%, 9/01/28 - MBIA Insured 9/10 at 31.42 AAA 9,238,190
5,000 5.750%, 9/01/35 - MBIA Insured 9/10 at 102.00 AAA 5,371,500
950 Northwest Parkway Public Highway Authority, Colorado, 6/11 at 102.00 AAA 1,022,314
Revenue Bonds, Senior Series 2001A, 5.500%, 6/15/19 -
AMBAC Insured
7,000 Northwest Parkway Public Highway Authority, Colorado, 6/16 at 100.00 AAA 5,129,670
Revenue Bonds, Senior Series 2001C, 0.000%, 6/15/21 -
AMBAC Insured
10
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
DISTRICT OF COLUMBIA - 1.8%
$ 4,125 Metropolitan Washington D.C. Airports Authority, Airport 10/12 at 100.00 AAA $ 4,479,874
System Revenue Bonds, Series 2002A, 5.750%, 10/01/16
(Alternative Minimum Tax) - FGIC Insured
Washington Convention Center Authority, District of Columbia,
Senior Lien Dedicated Tax Revenue Bonds, Series 1998:
2,500 5.250%, 10/01/15 - AMBAC Insured 10/08 at 101.00 AAA 2,656,475
27,850 4.750%, 10/01/28 - AMBAC Insured 10/08 at 100.00 AAA 26,451,652
------------------------------------------------------------------------------------------------------------------------------------
FLORIDA - 1.8%
4,000 Escambia County Health Facilities Authority, Florida, 11/12 at 101.00 AA 4,237,160
Revenue Bonds, Ascension Health Credit Group,
Series 2002C, 5.750%, 11/15/32
10,690 Jacksonville, Florida, Better Jacksonville Sales Tax 10/11 at 100.00 AAA 10,699,407
Revenue Bonds, Series 2001, 5.000%, 10/01/30 -
AMBAC Insured
4,880 Lee County, Florida, Airport Revenue Bonds, Series 2000A, 10/10 at 101.00 AAA 5,212,035
6.000%, 10/01/32 (Alternative Minimum Tax) - FSA Insured
5,000 Orange County, Florida, Health Facilities Authority, 10/09 at 101.00 A2 5,194,450
Hospital 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 8,271,533
of Participation, Series 2002A, 5.000%, 8/01/27 -
MBIA Insured
1,025 West Palm Beach, Florida, Utility System Revenue 10/07 at 101.00 Aaa 1,085,639
Bonds, Series 2000, 5.625%, 10/01/27 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
GEORGIA - 2.0%
2,500 City of Atlanta, Georgia, Water and Wastewater Revenue 5/12 at 100.00 AAA 2,500,800
Bonds, Series 2001A, 5.000%, 11/01/33 - MBIA Insured
10,040 Atlanta, Georgia, Water and Wastewater Revenue Bonds, 5/09 at 101.00 AAA 9,966,507
Series 1999A, 5.000%, 11/01/38 - FGIC Insured
Coffee County Hospital Authority, Georgia, Revenue
Anticipation Certificates, Coffee Regional
Medical Center, Inc. Project, Series 1997A:
1,300 6.250%, 12/01/06 No Opt. Call N/R 1,361,750
21,100 6.750%, 12/01/26 12/06 at 102.00 N/R 21,441,398
2,250 Royston Hospital Authority, Georgia, Revenue Anticipation 7/09 at 102.00 N/R 2,195,595
Certificates, Ty Cobb Healthcare System, Inc. Project,
Series 1999, 6.500%, 7/01/27
------------------------------------------------------------------------------------------------------------------------------------
HAWAII - 0.4%
7,500 Hawaii, General Obligation Bonds, Series 2003DA, 9/13 at 100.00 AAA 7,799,700
5.250%, 9/01/23 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
ILLINOIS - 11.9%
2,060 Aurora, Illinois, Golf Course Revenue Bonds, Series 2000, 1/10 at 100.00 A+ 2,230,362
6.375%, 1/01/20
10,000 Chicago, Illinois, General Obligation Project and Refunding 7/12 at 100.00 AAA 10,513,500
Bonds, Series 2002A, 5.625%, 1/01/39 - AMBAC Insured
2,425 Chicago School Reform Board of Trustees of the Chicago 12/07 at 102.00 AAA 2,518,096
Board of Education, Illinois, Unlimited Tax General Obligation
Bonds, Dedicated Tax Revenues, Series 1997A,
5.250%, 12/01/22 - AMBAC Insured
15,000 Chicago School Reform Board of Trustees of the Chicago No Opt. Call AAA 4,855,350
Board of Education, Illinois, Unlimited Tax General
Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1,
0.000%, 12/01/24 - FGIC Insured
5,000 Chicago Housing Authority, Illinois, Revenue Bonds, Capital 7/12 at 100.00 AA*** 5,242,000
Fund Program, Series 2001, 5.375%, 7/01/18
1,125 Metropolitan Water Reclamation District of Greater No Opt. Call Aaa 1,340,291
Chicago, Illinois, General Obligation Capital Improvement
Bonds, Series of June, 1991, 7.000%, 1/01/11
2,575 Chicago, Illinois, Second Lien Passenger Facility Charge 1/11 at 101.00 AAA 2,549,817
Revenue Bonds, O'Hare International Airport, Series 2001C,
5.100%, 1/01/26 (Alternative Minimum Tax) -
AMBAC Insured
3,020 Cook County High School District No. 209, Proviso 12/16 at 100.00 AAA 2,529,854
Township, Illinois, General Obligation Bonds, Series 2004,
0.000%, 12/01/19 - FSA Insured
2,000 DuPage County Community Unit School District No. 200, 11/13 at 100.00 Aaa 2,106,240
Wheaton, Illinois, General Obligation Bonds, Series 2003B,
5.250%, 11/01/20 - FSA Insured
11
Nuveen Municipal Value Fund, Inc. (NUV) (continued)
Portfolio of INVESTMENTS April 30, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
ILLINOIS (CONTINUED)
$ 4,335 Illinois Development Finance Authority, Industrial Development 6/04 at 100.00 N/R $ 4,334,523
Revenue Bonds, Plano Molding Company Project, Series 1992,
7.750%, 6/01/12 (Alternative Minimum Tax)
3,000 Illinois Development Finance Authority, Pollution Control No Opt. Call A- 3,201,120
Revenue Refunding Bonds, Commonwealth Edison Company
Project, Series 1994D, 5.850%, 1/15/14
5,000 Illinois Development Finance Authority, Gas Supply Revenue 11/13 at 101.00 AAA 4,931,000
Bonds, Peoples Gas Light and Coke Company, Series 2003E,
4.875%, 11/01/38 (Alternative Minimum Tax) (Mandatory
put 11/01/18) - AMBAC Insured
28,030 Illinois Development Finance Authority, Local Government No Opt. Call Aaa 13,275,569
Program Revenue Bonds, Elgin School District U46, Kane,
Cook, and DuPage Counties, Series 2002, 0.000%, 1/01/19 -
FSA Insured
Illinois Development Finance Authority, Revenue Bonds,
Presbyterian Home of Lake Forest, Series 1996B:
6,495 6.400%, 9/01/31 (Pre-refunded to 9/01/06) 9/06 at 102.00 AAA 7,279,856
990 6.400%, 9/01/31 - FSA Insured 9/06 at 102.00 AAA 1,087,535
1,800 Illinois Development Finance Authority, Local Government No Opt. Call Aaa 853,812
Program Revenue Bonds, Rockford School District 205
Project, Series 2000, 0.000%, 2/01/19 - FSA Insured
3,180 Illinois Development Finance Authority, Revenue Bonds, 12/21 at 100.00 BBB 3,195,487
Chicago Charter School Foundation Project, Series 2002A,
6.250%, 12/01/32
8,000 Illinois Development Finance Authority, Revenue Bonds, 9/11 at 100.00 AAA 8,024,160
Illinois Wesleyan University, Series 2001, 5.125%, 9/01/35 -
AMBAC Insured
7,000 Illinois Health Facilities Authority, Revenue Bonds, Swedish 5/04 at 102.00 AAA 7,142,520
American Hospital Project, Series 1993, 5.375%, 11/15/23 -
AMBAC Insured
18,015 Illinois Health Facilities Authority, Revenue Bonds, 5/04 at 102.00 AAA 18,407,187
Rush-Presbyterian St. Luke's Medical Center Obligated
Group, Series 1993, 5.250%, 11/15/20 - MBIA Insured
1,500 Illinois Health Facilities Authority, Revenue Bonds, OSF 6/04 at 102.00 A*** 1,538,685
Healthcare System, Series 1993, 6.000%, 11/15/10
(Pre-refunded to 6/14/04)
4,350 Illinois Health Facilities Authority, Revenue Bonds, South No Opt. Call A*** 5,313,264
Suburban Hospital, Series 1992, 7.000%, 2/15/18
8,100 Illinois Health Facilities Authority, Revenue Bonds, 8/07 at 101.00 AAA 8,229,276
Sherman Health Systems, Series 1997, 5.250%, 8/01/22 -
AMBAC Insured
15,000 Illinois Health Facilities Authority, Revenue Bonds, Condell 5/10 at 101.00 A3 15,888,000
Medical Center, Series 2000, 6.500%, 5/15/30
15,000 Illinois Health Facilities Authority, Revenue Bonds, Edward 2/11 at 101.00 AAA 15,204,600
Hospital Obligated Group, Series 2001B, 5.250%, 2/15/34 -
FSA Insured
5,000 Illinois Sports Facilities Authority, State Tax Supported 6/15 at 101.00 AAA 3,679,950
Bonds, Series 2001, 0.000%, 6/15/30 - AMBAC Insured
Metropolitan Pier and Exposition Authority, Illinois, McCormick
Place Expansion Project Bonds, Series 1992A:
18,955 0.000%, 6/15/17 - FGIC Insured No Opt. Call AAA 9,964,264
12,300 0.000%, 6/15/18 - FGIC Insured No Opt. Call AAA 6,089,238
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 3,589,185
3,385 0.000%, 6/15/21 - MBIA Insured No Opt. Call AAA 1,386,631
5,190 0.000%, 6/15/28 - MBIA Insured No Opt. Call AAA 1,356,510
9,900 0.000%, 6/15/29 - FGIC Insured No Opt. Call AAA 2,435,598
Metropolitan Pier and Exposition Authority, Illinois, McCormick
Place Expansion Project Refunding Bonds, Series 1996A:
16,550 0.000%, 12/15/21 - MBIA Insured No Opt. Call AAA 6,605,271
1,650 5.250%, 6/15/27 - AMBAC Insured 6/06 at 102.00 AAA 1,665,725
12
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
ILLINOIS (CONTINUED)
Metropolitan Pier and Exposition Authority, Illinois, McCormick
Place Expansion Project Bonds, Series 2002A:
$ 10,000 0.000%, 6/15/24 - MBIA Insured 6/22 at 101.00 AAA $ 5,111,500
21,000 0.000%, 6/15/34 - MBIA Insured No Opt. Call AAA 3,785,670
21,000 0.000%, 12/15/35 - MBIA Insured No Opt. Call AAA 3,463,320
20,000 0.000%, 6/15/36 - MBIA Insured No Opt. Call AAA 3,201,600
18,855 0.000%, 6/15/39 - MBIA Insured No Opt. Call AAA 2,522,988
2,150 5.250%, 6/15/42 - MBIA Insured 6/12 at 101.00 AAA 2,183,347
Metropolitan Pier and Exposition Authority, Illinois, McCormick
Place Expansion Project Refunding Bonds, Series 2002B:
3,000 0.000%, 6/15/20 - MBIA Insured 6/17 at 101.00 AAA 2,063,730
2,950 0.000%, 6/15/21 - MBIA Insured 6/17 at 101.00 AAA 2,012,402
11,650 Regional Transportation Authority, Cook, DuPage, Kane, 6/04 at 102.00 AAA 11,933,911
Lake, McHenry and Will Counties, Illinois, General
Obligation Bonds, Series 1994A, 6.250%, 6/01/24
(Pre-refunded to 6/01/04) - AMBAC Insured
1,135 Tri-City Regional Port District, Illinois, Port and Terminal No Opt. Call N/R 1,196,733
Facilities Revenue Bonds, Refunding and Dock 2
Enhancement Project, Series 1998B, 5.875%, 7/01/08
(Alternative Minimum Tax)
1,230 Tri-City Regional Port District, Illinois, Port and Terminal No Opt. Call N/R 1,219,533
Facilities Revenue Refunding Bonds, Delivery Network
Project, Series 2003A, 4.900%, 7/01/14 (Alternative
Minimum Tax)
2,295 Will County Community School District 161, Summit Hill, No Opt. Call Aaa 1,159,113
Illinois, Capital Appreciation School Bonds, Series 1999,
0.000%, 1/01/18 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
INDIANA - 4.8%
10,000 Indiana Bond Bank, State Revolving Fund Program Bonds, 2/13 at 101.00 AAA 10,761,600
Series 2001A, 5.375%, 2/01/19
10,000 Indiana Health Facility Financing Authority, Hospital 11/07 at 102.00 AAA 10,172,200
Revenue Bonds, Sisters of St. Francis Health Services, Inc.
Project, Series 1997A, 5.375%, 11/01/27 - MBIA Insured
17,105 Indiana Health Facility Financing Authority, Hospital Revenue 2/07 at 102.00 AA- 18,027,986
Bonds, Clarian Health Partners, Inc., Series 1996A,
6.000%, 2/15/21
20,000 Indiana Transportation Finance Authority, Highway Revenue 6/13 at 100.00 AAA 19,990,800
Bonds, Series 2003A, 5.000%, 6/01/28 - FSA Insured
4,840 Indianapolis Airport Authority, Indiana, Special Facilities 7/04 at 102.00 BBB 4,981,812
Revenue Bonds, Federal Express Corporation Project,
Series 1994, 7.100%, 1/15/17 (Alternative Minimum Tax)
Indianapolis Local Public Improvement Bond Bank, Indiana,
Series 1999E:
12,500 0.000%, 2/01/21 - AMBAC Insured No Opt. Call AAA 5,204,625
14,425 0.000%, 2/01/27 - AMBAC Insured No Opt. Call AAA 4,056,743
5,000 Mooresville School Building Corporation, Morgan County, 1/09 at 102.00 AAA 5,228,450
Indiana, First Mortgage Bonds, Series 1998,
5.000%, 7/15/15 - FSA Insured
13,100 Noblesville, Indiana, Revenue Bonds, Catholic High School 7/13 at 101.00 N/R 12,613,204
Corporation, Series 2003, 5.750%, 7/01/22
------------------------------------------------------------------------------------------------------------------------------------
IOWA - 0.4%
3,500 Iowa Higher Education Loan Authority, Private College 10/12 at 100.00 A 3,581,480
Facility Revenue Bonds, Wartburg College Project,
Series 2002, 5.500%, 10/01/33 - ACA Insured
1,105 Iowa Housing Finance Authority, Single Family Housing No Opt. Call AAA 276,548
Bonds, Series 1984A, 0.000%, 9/01/16 - AMBAC Insured
5,820 Iowa Tobacco Settlement Authority, Tobacco Settlement 6/11 at 101.00 BBB 4,648,725
Asset-Backed Revenue Bonds, Series 2001B,
5.600%, 6/01/35
------------------------------------------------------------------------------------------------------------------------------------
KANSAS - 0.4%
6,650 Newton, Kansas, Hospital Revenue Bonds, Newton 11/04 at 102.00 N/R*** 7,006,906
Healthcare Corporation, Series 1994A, 7.750%, 11/15/24
(Pre-refunded to 11/15/04)
------------------------------------------------------------------------------------------------------------------------------------
KENTUCKY - 0.3%
4,910 Greater Kentucky Housing Assistance Corporation, 7/04 at 100.00 AAA 4,913,830
FHA-Insured Section 8 Mortgage Revenue Refunding
Bonds, Series 1997A, 6.100%, 1/01/24 - MBIA Insured
13
Nuveen Municipal Value Fund, Inc. (NUV) (continued)
Portfolio of INVESTMENTS April 30, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
LOUISIANA - 1.9%
$ 1,000 East Baton Rouge Parish, Louisiana, Revenue Refunding 3/08 at 102.00 Ba3 $ 961,220
Bonds, Georgia Pacific Corporation Project, Series 1998,
5.350%, 9/01/11 (Alternative Minimum Tax)
14,770 Louisiana Public Facilities Authority, Hospital Revenue 5/04 at 100.00 AAA 17,713,070
Refunding Bonds, Southern Baptist Hospital, Series 1986,
8.000%, 5/15/12
20,880 Tobacco Settlement Financing Corporation, Louisiana, Tobacco 5/11 at 101.00 BBB 17,347,522
Settlement Asset-Backed Bonds, Series 2001B,
5.875%, 5/15/39
------------------------------------------------------------------------------------------------------------------------------------
MARYLAND - 1.0%
10,900 Maryland Community Development Administration, Residential 3/07 at 101.50 Aa2 11,275,941
Revenue Bonds, Series 1997B, 5.875%, 9/01/25
(Alternative Minimum Tax)
3,500 Maryland Energy Financing Administration, Revenue Bonds, 9/05 at 102.00 N/R 3,544,660
AES Warrior Run Project, Series 1995, 7.400%, 9/01/19
(Alternative Minimum Tax)
4,600 Maryland Health and Higher Educational Facilities Authority, 8/14 at 100.00 BBB 4,453,398
Revenue Bonds, Medstar Health, Series 2004,
5.500%, 8/15/33
------------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS - 2.8%
10,000 Massachusetts Bay Transportation Authority, Senior Sales 7/12 at 100.00 AAA 9,984,300
Tax Revenue Refunding Bonds, Series 2002A,
5.000%, 7/01/32
Massachusetts Municipal Wholesale Electric Company, Power
Supply System Revenue Bonds, Series 1987A:
110 8.750%, 7/01/18 (Pre-refunded to 7/01/05) 7/05 at 100.00 Aaa 119,261
105 8.750%, 7/01/18 (Pre-refunded to 1/01/05) 1/05 at 100.00 Aaa 110,172
220 8.750%, 7/01/18 (Pre-refunded to 7/01/04) 7/04 at 100.00 Aaa 222,787
1,250 Massachusetts, General Obligation Bonds, Consolidated 1/13 at 100.00 AAA 1,367,763
Loan, Series 2002E, 5.250%, 1/01/22 - FGIC Insured
1,720 Massachusetts Development Finance Agency, Resource 12/08 at 102.00 BBB 1,624,936
Recovery Revenue Bonds, Ogden Haverhill Project,
Series 1998B, 5.100%, 12/01/12 (Alternative Minimum Tax)
4,000 Massachusetts Health and Educational Facilities Authority, 11/11 at 101.00 AA 4,016,280
Revenue Bonds, Cape Cod Health Care, Inc., Series 2001C,
5.250%, 11/15/31 - RAAI Insured
16,400 Massachusetts Turnpike Authority, Metropolitan Highway 1/07 at 102.00 AAA 16,203,692
System Revenue Bonds, Senior Series 1997A,
5.000%, 1/01/37 - MBIA Insured
8,000 Massachusetts Turnpike Authority, Metropolitan Highway 1/07 at 102.00 AAA 8,010,240
System Revenue Bonds, Subordinate Series 1997B,
5.125%, 1/01/37 - MBIA Insured
5,000 Massachusetts Turnpike Authority, Metropolitan Highway 1/09 at 101.00 AAA 4,930,750
System Revenue Bonds, Subordinated Series 1999A,
5.000%, 1/01/39 - AMBAC Insured
6,000 Massachusetts Water Pollution Abatement Trust, Pooled Loan 8/10 at 101.00 AAA 6,271,800
Program Bonds, Series 6, 5.500%, 8/01/30
------------------------------------------------------------------------------------------------------------------------------------
MICHIGAN - 6.1%
6,000 Dearborn Economic Development Corporation, Michigan, 8/04 at 102.00 AAA 6,125,640
Hospital Revenue Refunding Bonds, Oakwood Obligated
Group, Series 1994A, 5.250%, 8/15/21 - MBIA Insured
10,600 Detroit Local Development Finance Authority, Michigan, 5/09 at 101.00 BB- 8,901,138
Tax Increment Bonds, Series 1998A, 5.500%, 5/01/21
1,400 Detroit, Michigan, Sewerage Disposal System Revenue 7/05 at 101.00 AAA 1,458,982
Refunding Bonds, Series 1995B, 5.250%, 7/01/15 -
MBIA Insured
8,800 Detroit, Michigan, Water Supply System Revenue Refunding 7/04 at 102.00 AAA 8,838,896
Bonds, Series 1993, 5.000%, 7/01/23 - FGIC Insured
Michigan Municipal Bond Authority, Public School Academy Revenue
Bonds, Detroit Academy of Arts and Sciences Charter School,
Series 2001A:
2,000 7.500%, 10/01/12 10/09 at 102.00 Ba1 2,069,200
3,000 7.900%, 10/01/21 10/09 at 102.00 Ba1 3,085,050
3,500 8.000%, 10/01/31 10/09 at 102.00 Ba1 3,597,650
14
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
MICHIGAN (CONTINUED)
Michigan State Hospital Finance Authority, Revenue Refunding
Bonds, Detroit Medical Center Obligated Group, Series 1993A:
$ 1,000 6.250%, 8/15/13 8/04 at 101.00 Ba3 $ 859,000
12,925 6.500%, 8/15/18 8/04 at 101.00 Ba3 10,835,286
37,490 Michigan State Hospital Finance Authority, Hospital Revenue 8/08 at 101.00 Ba3 25,417,095
Bonds, Detroit Medical Center Obligated Group,
Series 1998A, 5.250%, 8/15/28
11,180 Michigan Housing Development Authority, Rental Housing 6/05 at 102.00 AAA 11,568,393
Revenue Bonds, Series 1995B, 6.150%, 10/01/15 -
MBIA Insured
25,000 Michigan Strategic Fund, Collateralized Limited Obligation 9/05 at 102.00 AAA 26,850,250
Revenue Refunding Pollution Control Bonds, Detroit Edison
Company, Series 1995AA, 6.400%, 9/01/25 - MBIA Insured
7,200 Michigan Strategic Fund, Resource Recovery Limited Obligation 12/12 at 100.00 AAA 7,287,192
Revenue Refunding Bonds, Detroit Edison Company,
Series 2002D, 5.250%, 12/15/32 - XLCA Insured
------------------------------------------------------------------------------------------------------------------------------------
MINNESOTA - 0.2%
2,935 Minnesota Housing Finance Agency, Rental Housing Bonds, 2/05 at 102.00 AAA 3,017,650
Series 1995D, 5.900%, 8/01/15 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
MISSOURI - 2.7%
2,000 Missouri-Illinois Metropolitan District Bi-State Development 10/13 at 100.00 AAA 2,005,580
Agency, Mass Transit Sales Tax Appropriation Bonds,
Metrolink Cross County Extension Project, Series 2002B,
5.000%, 10/01/32 - FSA Insured
40,000 Missouri Health and Educational Facilities Authority, Revenue 5/13 at 100.00 AA 40,539,200
Bonds, BJC Health System, Series 2003, 5.250%, 5/15/32
4,000 Sugar Creek, Missouri, Industrial Development Revenue 6/13 at 101.00 BBB 3,951,360
Bonds, Lafarge North America, Inc., Series 2003A,
5.650%, 6/01/37 (Alternative Minimum Tax)
West Plains Industrial Development Authority, Missouri, Hospital
Facilities Revenue Bonds, Ozark Medical Center, Series 1997:
1,750 5.500%, 11/15/12 11/07 at 101.00 BB+ 1,741,250
1,000 5.600%, 11/15/17 11/07 at 101.00 BB+ 962,430
3,075 West Plains Industrial Development Authority, Missouri, 11/09 at 101.00 BB+ 3,154,089
Hospital Facilities Revenue Bonds, Ozark Medical Center,
Series 1999, 6.750%, 11/15/24
------------------------------------------------------------------------------------------------------------------------------------
MONTANA - 0.3%
5,000 Forsyth, Rosebud County, Montana, Pollution Control Revenue 3/13 at 101.00 AAA 5,013,150
Refunding Bonds, Puget Sound Energy, Series 2003A,
5.000%, 3/01/31 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
NEVADA - 1.7%
2,500 Carson City, Nevada, Hospital Revenue Bonds, Carson-Tahoe 9/13 at 100.00 AA 2,454,600
Hospital Project, Series 2003A, 5.125%, 9/01/29 -
RAAI Insured
Director of Nevada, State Department of Business and Industry,
Revenue Bonds, Las Vegas Monorail Project, First Tier Series 2000:
15,095 0.000%, 1/01/24 - AMBAC Insured No Opt. Call AAA 5,113,280
11,000 0.000%, 1/01/25 - AMBAC Insured No Opt. Call AAA 3,484,360
2,000 5.625%, 1/01/32 - AMBAC Insured 1/10 at 102.00 AAA 2,102,200
19,510 5.375%, 1/01/40 - AMBAC Insured 1/10 at 100.00 AAA 19,914,052
------------------------------------------------------------------------------------------------------------------------------------
NEW JERSEY - 4.0%
23,625 New Jersey Economic Development Authority, Special 9/09 at 101.00 B 18,528,143
Facilities Revenue Bonds, Continental Airlines, Inc.,
Series 1999, 6.250%, 9/15/29 (Alternative Minimum Tax)
9,000 New Jersey Economic Development Authority, Special 11/10 at 101.00 B 7,735,680
Facilities Revenue Bonds, Continental Airlines, Inc.,
Series 2000, 7.000%, 11/15/30 (Alternative Minimum Tax)
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Trinitas Hospital Obligated Group, Series 2000:
250 7.375%, 7/01/15 7/10 at 101.00 BBB- 280,167
11,200 7.500%, 7/01/30 7/10 at 101.00 BBB- 12,262,208
15
Nuveen Municipal Value Fund, Inc. (NUV) (continued)
Portfolio of INVESTMENTS April 30, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
NEW JERSEY (CONTINUED)
$ 7,500 New Jersey Transportation Trust Fund Authority, Transportation 6/13 at 100.00 AA- $ 8,006,625
System Bonds, Series 2003C, 5.500%, 6/15/24
New Jersey Turnpike Authority, Turnpike Revenue Bonds,
Series 1991C:
1,490 6.500%, 1/01/16 - MBIA Insured No Opt. Call AAA 1,779,105
415 6.500%, 1/01/16 - MBIA Insured No Opt. Call AAA 493,261
26,680 Tobacco Settlement Financing Corporation, New Jersey, 6/12 at 100.00 BBB 22,857,823
Tobacco Settlement Asset-Backed Bonds, Series 2002,
6.125%, 6/01/42
6,250 Tobacco Settlement Financing Corporation, New Jersey, 6/13 at 100.00 BBB 5,451,500
Tobacco Settlement Asset-Backed Bonds, Series 2003,
6.250%, 6/01/43
------------------------------------------------------------------------------------------------------------------------------------
NEW MEXICO - 0.1%
1,500 Regents of the University of New Mexico, System Revenue No Opt. Call AA 1,731,840
Refunding Bonds, Series 1992A, 6.000%, 6/01/21
------------------------------------------------------------------------------------------------------------------------------------
NEW YORK - 14.8%
5,360 East Rochester Housing Authority, New York, FHA-Insured 8/07 at 102.00 AAA 5,664,555
Mortgage Revenue Bonds, St. John's Meadows Project,
Series 1997A, 5.600%, 8/01/17 - MBIA Insured
11,000 Long Island Power Authority, New York, Electric System 6/08 at 101.00 AAA 11,153,780
General Revenue Bonds, Series 1998A, 5.250%, 12/01/26 -
MBIA Insured
15,500 Long Island Power Authority, New York, Electric System General 9/11 at 100.00 A- 15,866,575
Revenue Bonds, Series 2001A, 5.375%, 9/01/25
13,395 New York City, New York, General Obligation Bonds, Fiscal 8/07 at 101.00 A 14,232,455
Series 1998D, 5.500%, 8/01/10
New York City, New York, General Obligation Bonds, Fiscal
Series 1997G:
5,685 6.000%, 10/15/26 (Pre-refunded to 10/15/07) 10/07 at 101.00 Aaa 6,425,983
33,925 6.000%, 10/15/26 10/07 at 101.00 A 36,204,082
New York City, New York, General Obligation Bonds, Fiscal
Series 1997E:
610 6.000%, 8/01/16 (Pre-refunded to 8/01/06) 8/06 at 101.50 A*** 673,617
9,390 6.000%, 8/01/16 8/06 at 101.50 A 10,112,654
New York City, New York, General Obligation Bonds, Fiscal
Series 2003J:
15,000 5.500%, 6/01/21 6/13 at 100.00 A 15,895,500
10,000 5.500%, 6/01/22 6/13 at 100.00 A 10,574,300
New York City, New York, General Obligation Bonds, Fiscal
Series 1996G:
2,585 5.750%, 2/01/14 (Pre-refunded to 2/01/06) 2/06 at 101.50 A*** 2,797,332
2,415 5.750%, 2/01/14 2/06 at 101.50 A 2,577,868
New York City Municipal Water Finance Authority, New York, Water
and Sewer System Revenue Bonds, Fiscal Series 1996B:
5,280 5.750%, 6/15/26 (Pre-refunded to 6/15/06) - MBIA Insured 6/06 at 101.00 AAA 5,754,989
9,720 5.750%, 6/15/26 - MBIA Insured 6/06 at 101.00 AAA 10,334,790
10,000 New York City Industrial Development Agency, New York, 8/12 at 101.00 CCC 7,910,300
Special Facilities Revenue Bonds, JFK Airport - American
Airlines, Inc., Series 2002B, 8.500%, 8/01/28 (Alternative
Minimum Tax)
5,200 Dormitory Authority of the State of New York, New York City, 5/10 at 101.00 A 5,486,676
Court Facilities Lease Revenue Bonds, Series 1999,
6.000%, 5/15/39
8,500 Dormitory Authority of the State of New York, FHA 2/14 at 100.00 AAA 8,500,000
Mortgage-Backed Hospital Revenue Bonds, Kaleida Health,
Series 2004, 5.050%, 2/15/25 (WI, settling 5/20/04)
Dormitory Authority of the State of New York, Improvement
Revenue Bonds, Mental Health Services Facilities, Series 1999D:
6,490 5.250%, 2/15/29 (Pre-refunded to 8/15/09) 8/09 at 101.00 AA-*** 7,238,167
510 5.250%, 2/15/29 8/09 at 101.00 AA- 518,762
8,035 New York State Medical Care Facilities Finance Agency, 8/04 at 101.00 AAA 8,336,714
St. Luke's-Roosevelt Hospital Center, FHA-Insured
Mortgage Revenue Bonds, Series 1993A, 5.600%, 8/15/13
8,500 Power Authority of the State of New York, General Revenue 11/10 at 100.00 Aa2 8,620,445
Bonds, Series 2000A, 5.250%, 11/15/40
16
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
NEW YORK (CONTINUED)
Dormitory Authority of the State of New York, Revenue Bonds,
Mount Sinai NYU Health Obligated Group, Series 2002C:
$ 4,350 5.750%, 7/01/13 (Optional put 7/01/05) 2/05 at 100.00 BBB- $ 4,376,927
7,500 6.000%, 7/01/26 2/05 at 100.00 BBB- 7,548,825
2,000 New York State Urban Development Corporation, State 3/13 at 100.00 AA 1,977,280
Personal Income Tax Revenue Bonds, State Facilities
and Equipment, Series 2002C-1, 5.000%, 3/15/33
2,500 Port Authority of New York and New Jersey, Special No Opt. Call AAA 2,796,225
Project Bonds, JFK International Air Terminal LLC, Sixth
Series 1997, 6.250%, 12/01/10 (Alternative Minimum Tax) -
MBIA Insured
New York Tobacco Settlement Financing Corporation, Tobacco
Settlement Asset-Backed and State Contingency Contract-Backed
Bonds, Series 2003A-1:
10,000 5.500%, 6/01/17 6/11 at 100.00 AA- 10,641,100
26,190 5.500%, 6/01/18 6/12 at 100.00 AA- 27,975,110
33,810 5.500%, 6/01/19 6/13 at 100.00 AA- 36,190,224
------------------------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA - 0.9%
1,500 Charlotte, North Carolina, Certificates of Participation, 6/13 at 100.00 AA+ 1,485,180
Governmental Facilities Projects, Series 2003G,
5.000%, 6/01/33
2,500 North Carolina Eastern Municipal Power Agency, Power System 1/13 at 100.00 BBB 2,417,275
Revenue Refunding Bonds, Series 2003D, 5.125%, 1/01/26
1,105 North Carolina Eastern Municipal Power Agency, Power 1/07 at 102.00 AAA 1,214,285
System Revenue Refunding Bonds, Series 1996A,
5.700%, 1/01/13 - MBIA Insured
10,000 North Carolina Municipal Power Agency 1, Catawba Electric 1/10 at 101.00 BBB+ 10,918,500
Revenue Bonds, Series 1999B, 6.500%, 1/01/20
1,500 North Carolina Infrastructure Finance Corporation, Certificates 2/14 at 100.00 AA+ 1,544,835
of Participation, Correctional Facilities, Series 2004A,
5.000%, 2/01/20
------------------------------------------------------------------------------------------------------------------------------------
OHIO - 0.2%
3,000 Board of Education, City School District of Columbus, Franklin 6/13 at 100.00 AAA 3,003,120
County, Ohio, General Obligation Bonds, Series 2003,
5.000%, 12/01/31 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
OKLAHOMA - 0.2%
4,450 Central Oklahoma Transportation and Parking Authority, 7/06 at 100.00 AAA 4,689,321
Oklahoma City, Oklahoma, Parking System Revenue Refunding
Bonds, Series 1996, 5.250%, 7/01/16 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
OREGON - 0.1%
2,000 Hospital Facility Authority of Clackamas County, Oregon, 5/11 at 101.00 AA 2,055,880
Revenue Refunding Bonds, Legacy Health System,
Series 2001, 5.250%, 5/01/21
------------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA - 1.3%
5,955 Pennsylvania Convention Center Authority, Revenue 9/04 at 102.00 BBB 6,152,468
Refunding Bonds, Series 1994A, 6.750%, 9/01/19
3,830 Pennsylvania Housing Finance Agency, Single Family Mortgage 10/04 at 101.00 AA+ 3,913,226
Revenue Bonds, Series 1993-36, 5.450%, 10/01/14
4,500 Pennsylvania Higher Educational Facilities Authority, Revenue 7/08 at 100.00 AA 4,371,030
Bonds, University of Pennsylvania, Series 1998,
4.500%, 7/15/21
10,075 State Public School Building Authority, Pennsylvania, Lease 6/13 at 100.00 AAA 10,036,312
Revenue Bonds, Philadelphia School District Project,
Series 2003, 5.000%, 6/01/33 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
PUERTO RICO - 0.9%
10,000 Puerto Rico Infrastructure Financing Authority, Special 10/10 at 101.00 AAA 10,699,100
Obligation Bonds, Series 2000A, 5.500%, 10/01/40
5,450 Puerto Rico Industrial, Tourist, Educational, Medical and 6/10 at 101.00 Baa3 5,690,182
Environmental Control Facilities Financing Authority,
Cogeneration Facility Revenue Bonds, Series 2000A,
6.625%, 6/01/26 (Alternative Minimum Tax)
17
Nuveen Municipal Value Fund, Inc. (NUV) (continued)
Portfolio of INVESTMENTS April 30, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
RHODE ISLAND - 1.1%
$ 6,250 Rhode Island Health and Educational Building Corporation, 5/07 at 102.00 AAA $ 6,309,000
Hospital Financing Revenue Bonds, Lifespan Obligated
Group Issue, Series 1996, 5.250%, 5/15/26 - MBIA Insured
16,000 Rhode Island Tobacco Settlement Financing Corporation, 6/12 at 100.00 BBB 13,874,560
Tobacco Settlement Asset-Backed Bonds, Series 2002A,
6.250%, 6/01/42
------------------------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA - 2.6%
7,000 Dorchester County School District No. 2, South Carolina, 12/14 at 100.00 A 6,888,350
Installment Purchase Revenue Bonds, Series 2004,
5.250%, 12/01/29
13,000 Piedmont Municipal Power Agency, South Carolina, Electric 7/04 at 100.00 BBB- 12,141,350
Revenue Refunding Bonds, Series 1986, 5.000%, 1/01/25
20,750 South Carolina JOBS Economic Development Authority, Revenue 11/12 at 100.00 A- 20,468,008
Bonds, Bon Secours Health System, Inc., Series 2002A,
5.625%, 11/15/30
8,000 South Carolina JOBS Economic Development Authority, 12/10 at 102.00 BBB*** 9,861,920
Hospital Revenue Bonds, Palmetto Health Alliance,
Series 2000A, 7.375%, 12/15/21 (Pre-refunded to 12/15/10)
------------------------------------------------------------------------------------------------------------------------------------
TEXAS - 5.5%
13,000 Alliance Airport Authority, Inc., Texas, Special Facilities 6/04 at 100.00 CCC 9,416,550
Revenue Bonds, American Airlines, Inc. Project, Series
1990, 7.500%, 12/01/29 (Alternative Minimum Tax)
1,900 Alliance Airport Authority, Inc., Texas, Special Facilities 4/06 at 102.00 BBB 2,000,339
Revenue Bonds, Federal Express Corporation Project,
Series 1996, 6.375%, 4/01/21 (Alternative Minimum Tax)
24,265 Austin, Texas, Combined Utility System Revenue Refunding No Opt. Call AAA 32,246,729
Bonds, Series 1992A, 12.500%, - 11/15/07 - MBIA Insured
5,110 Brazos River Authority, Texas, Pollution Control Revenue 4/13 at 101.00 BBB 5,839,759
Refunding Bonds, TXU Electric Company Project,
Series 1999C, 7.700%, 3/01/32 (Alternative Minimum Tax)
710 Corpus Christi Housing Finance Corporation, Texas, Single 7/04 at 100.00 AAA 713,500
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 2,741,067
Revenue Bonds, Series 2001G, 5.250%, 11/15/30 -
MBIA Insured
10,045 Houston, Texas, Airport System Subordinate Lien Revenue 7/10 at 100.00 AAA 10,945,333
Bonds, Series 2000A, 5.875%, 7/01/16 (Alternative Minimum
Tax) - FSA Insured
23,565 Houston, Texas, Hotel Occupancy Tax and Special Revenue No Opt. Call AAA 5,681,757
Bonds, Convention Project, Series 2001B, 0.000%, 9/01/29 -
AMBAC Insured
Irving Independent School District, Texas, Unlimited Tax School
Building Bonds, Series 1997:
5,685 0.000%, 2/15/10 No Opt. Call AAA 4,581,257
3,470 0.000%, 2/15/11 No Opt. Call AAA 2,641,052
22,060 Leander Independent School District, Williamson & Travis 8/09 at 31.45 AAA 5,551,399
Counties, Texas, Unlimited Tax School Building and Refunding
Bonds, Series 2000, 0.000%, 8/15/27
6,000 Matagorda County Navagation District No. 1, Texas, Revenue No Opt. Call BBB- 6,513,960
Bonds, Reliant Energy, Inc., Series 1999C, 8.000%, 5/01/29
(Mandatory put 4/01/08)
3,250 Midland, Texas, Tax and Limited Pledge Revenue Bonds, 3/10 at 100.00 AAA 3,623,003
Certificates of Obligation, Series 2000, 6.100%, 3/01/27 -
FGIC Insured
5,000 Port Corpus Christi Industrial Development Corporation, 5/07 at 102.00 BB- 5,213,050
Texas, Environmental Facilities Revenue Bonds, CITGO
Petroleum Corporation, Series 2003, 8.250%, 11/01/31
(Alternative Minimum Tax)
5,000 Port Corpus Christi Industrial Development Corporation, 4/08 at 102.00 BBB 5,087,850
Texas, Revenue Refunding Bonds, Valero Refining and
Marketing Company Project, Series 1997A, 5.400%, 4/01/18
2,000 Sabine River Authority, Texas, Pollution Control Revenue 7/13 at 101.00 BBB 2,027,420
Refunding Bonds, TXU Electric Company, Series 2003A,
5.800%, 7/01/22
18
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
UTAH - 1.6%
$ 12,000 Intermountain Power Agency, Utah, Power Supply Revenue 7/06 at 102.00 A+ $ 12,095,640
Refunding Bonds, Series 1996D, 5.000%, 7/01/21
5,000 Intermountain Power Agency, Utah, Power Supply Revenue 7/07 at 102.00 AAA 5,504,350
Refunding Bonds, Series 1997B, 5.750%, 7/01/19 -
MBIA Insured
8,845 Intermountain Power Agency, Utah, Power Supply Revenue 7/04 at 101.00 A+*** 9,051,265
Refunding Bonds, Series 1993A, 5.500%, 7/01/20
3,475 Utah Housing Finance Agency, Single Family Mortgage Bonds, 1/10 at 101.50 AAA 3,476,911
Series 1998G-2, Class I, 5.200%, 7/01/30 (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
VIRGIN ISLANDS - 0.1%
2,500 Virgin Islands Public Finance Authority, Refinery Revenue 10/14 at 100.00 BBB- 2,598,625
Bonds, Hovensa LLC Project, Series 2003, 6.125%, 7/01/22
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
VIRGINIA - 0.2%
3,245 Virginia Housing Development Authority, Multifamily Housing 1/08 at 102.00 AA+ 3,388,332
Bonds, Series 1997E, 5.600%, 11/01/17 (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
WASHINGTON - 2.6%
12,500 Energy Northwest, Washington, Electric Revenue Refunding 7/12 at 100.00 AAA 14,047,125
Bonds, Columbia Generating Station, Series 2002B,
6.000%, 7/01/18 - AMBAC Insured
4,000 Energy Northwest, Washington, Electric Revenue Refunding 7/13 at 100.00 Aaa 4,352,400
Bonds, Nuclear Project 3, Series 2003A, 5.500%, 7/01/17
3,700 Washington State Tobacco Settlement Authority, Tobacco 6/13 at 100.00 BBB 3,430,122
Settlement Asset-Backed Revenue Bonds, Series 2002,
6.625%, 6/01/32
Washington, Motor Vehicle Fuel Tax General Obligation Bonds,
Series 2002-03C:
7,000 0.000%, 6/01/29 - MBIA Insured No Opt. Call AAA 1,707,090
16,195 0.000%, 6/01/30 - MBIA Insured No Opt. Call AAA 3,719,182
17,700 Washington Public Power Supply System, Revenue Refunding 7/04 at 102.00 Aaa 18,158,784
Bonds, Nuclear Project 2, Series 1994A, 5.375%, 7/01/10
8,200 Washington Public Power Supply System, Nuclear Project 3 No Opt. Call Aaa 5,052,020
Revenue Refunding Bonds, Series 1989B, 0.000%, 7/01/14
------------------------------------------------------------------------------------------------------------------------------------
WISCONSIN - 2.0%
Badger Tobacco Asset Securitization Corporation, Wisconsin,
Tobacco Settlement Asset-Backed Bonds, Series 2002:
4,500 6.125%, 6/01/27 6/12 at 100.00 BBB 4,185,405
10,610 6.375%, 6/01/32 6/12 at 100.00 BBB 9,542,630
6,000 Milwaukee Redevelopment Authority, Wisconsin, Lease 8/13 at 100.00 AAA 6,160,560
Revenue Bonds, Public Schools, Series 2003A,
5.125%, 8/01/22 - AMBAC Insured
11,800 Wisconsin Health and Educational Facilities Authority, Revenue 8/07 at 102.00 AAA 11,906,903
Bonds, Aurora Health Care, Inc., Series 1997,
5.250%, 8/15/27 - MBIA Insured
6,000 Wisconsin Health and Educational Facilities Authority, 9/13 at 100.00 A- 6,025,080
Revenue Bonds, Franciscan Sisters of Christian Charity
HealthCare Ministry, Series 2003A, 5.875%, 9/01/33
------------------------------------------------------------------------------------------------------------------------------------
$ 2,152,034 Total Long-Term Investments (cost $1,804,824,578) - 97.7% 1,868,602,481
=============-----------------------------------------------------------------------------------------------------------------------
19
Nuveen Municipal Value Fund, Inc. (NUV) (continued)
Portfolio of INVESTMENTS April 30, 2004 (Unaudited)
PRINCIPAL MARKET
AMOUNT (000) DESCRIPTION RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 0.1%
$ 1,000 Chester County Industrial Development Authority, Pennsylvania, VMIG-1 $ 1,000,000
Archdiocese of Philadelphia, Variable Rate Demand
Revenue Bonds, Series 2001, 1.100%, 7/01/31+
------------------------------------------------------------------------------------------------------------------------------------
$ 1,000 Total Short-Term Investments (cost $1,000,000) 1,000,000
=============-----------------------------------------------------------------------------------------------------------------------
Total Investments (cost $1,805,824,578) - 97.8% 1,869,602,481
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.2% 42,786,925
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $1,912,389,406
====================================================================================================================
* 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.
20
Nuveen Municipal Income Fund, Inc. (NMI)
Portfolio of
INVESTMENTS April 30, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
ALABAMA - 0.8%
$ 690 Phenix City, Alabama, Industrial Development Board, 5/12 at 100.00 BBB $ 715,889
Environmental Improvement Revenue Bonds, MeadWestvaco
Project, Series 2002A, 6.350%, 5/15/35 (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA - 15.9%
5,530 Adelanto School District, San Bernardino County, California, No Opt. Call AAA 2,113,511
General Obligation Bonds, Series 1997A, 0.000%, 9/01/22 -
MBIA Insured
Brea Olinda Unified School District, California, General
Obligation Bonds, Series 1999A:
2,000 0.000%, 8/01/21 - FGIC Insured No Opt. Call AAA 814,540
2,070 0.000%, 8/01/22 - FGIC Insured No Opt. Call AAA 790,367
2,120 0.000%, 8/01/23 - FGIC Insured No Opt. Call AAA 757,858
219 California Pollution Control Financing Authority, Solid 7/07 at 102.00 N/R 39,372
Waste Disposal Revenue Bonds, CanFibre of Riverside
Project, Series 1997A, 9.000%, 7/01/19 (Alternative
Minimum Tax)#
500 California, General Obligation Bonds, Series 2004, 4/14 at 100.00 Baa1 492,585
5.200%, 4/01/26
3,000 California State Public Works Board, Lease Revenue Bonds, 6/14 at 100.00 Baa2 2,862,600
Department of Mental Health, Coalinga State Hospital,
Series 2004A, 5.000%, 6/01/25
1,150 Foothill-Eastern Transportation Corridor Agency, California, 1/07 at 100.00 AAA 1,265,012
Toll Road Revenue Bonds, Series 1995A, 6.000%, 1/01/34
(Pre-refunded to 1/01/07)
3,000 Golden State Tobacco Securitization Corporation, California, 6/13 at 100.00 BBB 2,815,260
Tobacco Settlement Asset-Backed Bonds, Series 2003A-1,
6.750%, 6/01/39
500 Lake Elsinore Public Financing Authority, California, Local 10/13 at 102.00 N/R 478,460
Agency Revenue Refunding Bonds, Series 2003H,
6.375%, 10/01/33
1,000 Vernon, California, Electric System Revenue Bonds, Malburg 4/08 at 100.00 A2 1,015,460
Generating Station Project, Series 2003C, 5.375%, 4/01/18
------------------------------------------------------------------------------------------------------------------------------------
COLORADO - 4.2%
500 Colorado Educational and Cultural Facilities Authority, 8/11 at 100.00 AAA 584,595
Charter School Revenue Bonds, Peak to Peak Charter
School, Series 2001, 7.500%, 8/15/21 (Pre-refunded
to 8/15/11)
1,000 Colorado Educational and Cultural Facilities Authority, 6/11 at 100.00 Ba1 1,038,990
Charter School Revenue Bonds, Weld County School
District 6 - Frontier Academy, Series 2001, 7.375%, 6/01/31
915 Colorado Educational and Cultural Facilities Authority, Charter 7/12 at 100.00 BBB 871,620
School Revenue Bonds, Douglas County School
District RE-1 - DCS Montessori School, Series 2002A,
6.000%, 7/15/22
1,000 Denver City and County, Colorado, Airport System Revenue 11/10 at 100.00 AAA 1,099,370
Refunding Bonds, Series 2000A, 6.000%, 11/15/16
(Alternative Minimum Tax) - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
CONNECTICUT - 6.1%
1,480 Capitol Region Education Council, Connecticut, Revenue 10/05 at 102.00 BBB 1,547,754
Bonds, Series 1995, 6.750%, 10/15/15
2,000 Connecticut Health and Educational Facilities Authority, Revenue 7/06 at 102.00 BBB- 2,053,340
Bonds, University of New Haven, Series 1996D, 6.700%, 7/01/26
500 Eastern Connecticut Resource Recovery Authority, Solid Waste 7/04 at 101.00 BBB 510,800
Revenue Bonds, Wheelabrator Lisbon Project, Series 1993A,
5.500%, 1/01/14 (Alternative Minimum Tax)
965 Williamantic Housing Authority, Connecticut, GNMA 10/05 at 105.00 AAA 1,033,081
Collateralized Mortgage Loan, Multifamily Housing Revenue
Bonds, Village Heights Apartments Project, Series 1995A,
8.000%, 10/20/30
------------------------------------------------------------------------------------------------------------------------------------
FLORIDA - 3.4%
190 Dade County Industrial Development Authority, Florida, Revenue 6/05 at 102.00 N/R 192,778
Bonds, Miami Cerebral Palsy Residential Services, Inc.
Project, Series 1995, 8.000%, 6/01/22
2,000 Martin County Industrial Development Authority, Florida, 12/04 at 102.00 BBB- 2,062,320
Industrial Development Revenue Bonds, Indiantown
Cogeneration LP Project, Series 1994A, 7.875%, 12/15/25
(Alternative Minimum Tax)
21
Nuveen Municipal Income Fund, Inc. (NMI) (continued)
Portfolio of INVESTMENTS April 30, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
FLORIDA (CONTINUED)
$ 600 Martin County Industrial Development Authority, Florida, 12/04 at 102.00 BBB- $ 618,954
Industrial Development Revenue Refunding Bonds,
Indiantown Cogeneration Project, Series 1995B,
8.050%, 12/15/25 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
ILLINOIS - 6.7%
1,565 Chicago, Illinois, Tax Increment Allocation Bonds, Irving/Cicero 1/09 at 100.00 N/R 1,535,265
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 503,845
1,000 6.250%, 12/01/32 12/21 at 100.00 BBB 1,004,870
1,000 Illinois Educational Facilities Authority, Student Housing 5/12 at 101.00 Baa2 1,024,190
Revenue Bonds, Educational Advancement Foundation
Fund, University Center Project, Series 2002,
6.250%, 5/01/34
1,850 Joliet Regional Port District, Illinois, Airport Facilities Revenue 7/07 at 103.00 N/R 1,644,595
Bonds, Lewis University Airport, Series 1997A,
7.250%, 7/01/18 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
INDIANA - 4.1%
2,000 Indiana Health Facility Financing Authority, Hospital Revenue 8/12 at 101.00 Baa1 2,045,680
Bonds, Riverview Hospital Project, Series 2002,
6.125%, 8/01/31
1,395 Whitley County, Indiana, Solid Waste and Sewerage Disposal 11/10 at 102.00 N/R 1,408,629
Revenue Bonds, Steel Dynamics, Inc., Series 1998,
7.250%, 11/01/18 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
LOUISIANA - 3.0%
2,000 Louisiana Public Facilities Authority, Extended Care Facilities No Opt. Call BBB 2,532,680
Revenue Bonds, Comm-Care Corporation Project, Series 1994,
11.000%, 2/01/14
------------------------------------------------------------------------------------------------------------------------------------
MARYLAND - 1.2%
1,000 Maryland Energy Financing Administration, Revenue Bonds, 9/05 at 102.00 N/R 1,012,760
AES Warrior Run Project, Series 1995, 7.400%, 9/01/19
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS - 2.1%
500 Massachusetts Development Finance Agency, Resource 12/09 at 102.00 BBB 524,145
Recovery Revenue Bonds, Ogden Haverhill, Series 1999A,
6.700%, 12/01/14 (Alternative Minimum Tax)
1,000 Massachusetts Industrial Finance Agency, Resource Recovery No Opt. Call BBB 1,009,010
Remarketed Revenue Refunding Bonds, Ogden Haverhill
Project, Series 1992A, 4.850%, 12/01/05
270 Massachusetts Industrial Finance Agency, Resource Recovery 12/08 at 102.00 BBB 263,663
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 1,037,710
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 Ba3 1,859,212
Refunding Bonds, Sinai Hospital, Series 1995, 6.625%, 1/01/16
500 Wayne County, Michigan, Special Airport Facilities Revenue 12/05 at 102.00 N/R 449,450
Refunding Bonds, Northwest Airlines, Inc., Series 1995,
6.750%, 12/01/15
------------------------------------------------------------------------------------------------------------------------------------
MINNESOTA - 1.1%
925 St. Paul Housing and Redevelopment Authority, Minnesota, 5/04 at 102.00 BB 935,656
Hospital Facility Revenue Refunding Bonds, HealthEast, Inc.,
Series 1993A, 6.625%, 11/01/17
------------------------------------------------------------------------------------------------------------------------------------
MONTANA - 1.8%
1,500 Montana Board of Investments, Exempt Facility Revenue 7/10 at 101.00 Ba3 1,551,780
Bonds, Stillwater Mining Company Project, Series 2000,
8.000%, 7/01/20 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
NEBRASKA - 1.2%
1,000 Washington County, Nebraska, Wastewater Facilities Revenue 11/12 at 101.00 A+ 1,048,220
Bonds, Cargill, Inc. Project, Series 2002, 5.900%, 11/01/27
(Alternative Minimum Tax)
22
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
NEW HAMPSHIRE - 0.8%
$ 700 New Hampshire Higher Educational and Health Facilities 1/07 at 102.00 BBB- $ 704,963
Authority, Revenue Bonds, New Hampshire College,
Series 1997, 6.375%, 1/01/27
------------------------------------------------------------------------------------------------------------------------------------
NEW YORK - 9.4%
1,455 Cattaraugus County Industrial Development Agency, No Opt. Call N/R 837,731
New York, Revenue Bonds, Laidlaw Energy and Environmental,
Inc. Project, Series 1999A, 8.500%, 7/01/21 (Alternative
Minimum Tax)##
2,500 New York State Medical Care Facilities Finance Agency, 2/05 at 102.00 AAA 2,657,675
Secured Hospital Revenue Bonds, Brookdale Hospital
Medical Center, Series 1995A, 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 AA+ 4,451,079
Facility Revenue Bonds, Series 2000A, Soldiers and Sailors
Memorial Hospital - FHA-Insured Mortgage, 6.000%, 2/01/41
------------------------------------------------------------------------------------------------------------------------------------
OHIO - 3.0%
2,500 Ohio Water Development Authority, Solid Waste Disposal 9/09 at 102.00 N/R 2,511,225
Revenue Bonds, Bay Shore Power, Series 1998B,
6.625%, 9/01/20 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA - 7.1%
1,800 Allegheny County Hospital Development Authority, Pennsylvania, 11/10 at 102.00 B 2,012,400
Revenue Bonds, West Penn Allegheny Health System,
Series 2000B, 9.250%, 11/15/30
1,290 Carbon County Industrial Development Authority, Pennsylvania, No Opt. Call BBB- 1,390,762
Resource Recovery Revenue Refunding Bonds, Panther Creek
Partners Project, Series 2000, 6.650%, 5/01/10 (Alternative
Minimum Tax)
1,000 Pennsylvania Convention Center Authority, Revenue Refunding 9/04 at 102.00 BBB 1,033,160
Bonds, Series 1994A, 6.750%, 9/01/19
1,500 Pennsylvania Economic Development Financing Authority, 12/04 at 102.00 BBB- 1,550,595
Resource Recovery Revenue Bonds, Colver Project,
Series 1994D, 7.150%, 12/01/18 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
RHODE ISLAND - 0.5%
500 Rhode Island Tobacco Settlement Financing Corporation, 6/12 at 100.00 BBB 433,580
Tobacco Settlement Asset-Backed Bonds, Series 2002A,
6.250%, 6/01/42
------------------------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA - 4.3%
2,500 Greenville County School District, South Carolina, Installment 12/12 at 101.00 AA- 2,719,850
Purchase Revenue Bonds, Series 2002, 5.500%, 12/01/13
1,000 Tobacco Settlement Revenue Management Authority, 5/11 at 101.00 BBB 924,840
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 1,029,500
Tennessee, Hospital Facilities Revenue Bonds, Baptist Health
System of East Tennessee, Inc., Series 2002, 6.375%, 4/15/22
1,000 Shelby County Health, Educational and Housing Facilities 9/12 at 100.00 A- 1,079,580
Board, Tennessee, Hospital Revenue Bonds, Methodist
Healthcare, Series 2002, 6.500%, 9/01/26
------------------------------------------------------------------------------------------------------------------------------------
TEXAS - 8.5%
2,000 Gulf Coast Waste Disposal Authority, Texas, Sewage and 4/12 at 100.00 A+ 2,076,040
Solid Waste Disposal Revenue Bonds, Anheuser Busch
Company Project, Series 2002, 5.900%, 4/01/36 (Alternative
Minimum Tax)
290 Hidalgo County Housing Finance Corporation, Texas, 10/04 at 102.00 Aaa 292,658
GNMA/FNMA Collateralized Single Family Mortgage
Revenue Bonds, Series 1994A, 7.000%, 10/01/27
(Alternative Minimum Tax)
2,000 Matagorda County Navigation District 1, Texas, Collateralized 10/13 at 101.00 AAA 1,929,440
Revenue Refunding Bonds, Houston Light and Power
Company Project, Series 1995, 4.000%, 10/15/15 -
MBIA Insured
2,000 Weslaco Health Facilities Development Corporation, Texas, 6/12 at 100.00 BBB+ 2,045,020
Hospital Revenue Bonds, Knapp Medical Center Project,
Series 2002, 6.250%, 6/01/25
West Independent School District, McLennan and Hill Counties,
Texas, General Obligation Refunding Bonds, Series 1998:
1,000 0.000%, 8/15/25 8/13 at 51.84 AAA 298,720
1,000 0.000%, 8/15/26 8/13 at 49.08 AAA 279,810
1,000 0.000%, 8/15/27 8/13 at 46.47 AAA 262,840
23
Nuveen Municipal Income Fund, Inc. (NMI) (continued)
Portfolio of INVESTMENTS April 30, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
VIRGINIA - 3.1%
$ 1,000 Chesterfield County Industrial Development Authority, 11/10 at 102.00 A3 $ 1,067,290
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- 1,523,700
Virginia, Exempt Facility Revenue Refunding Bonds, UAE LP
Project, Series 2002, 6.500%, 10/15/17 (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
WEST VIRGINIA - 2.3%
2,000 Mason County, West Virginia, Pollution Control Revenue 10/11 at 100.00 BBB 1,985,040
Bonds, Appalachian Power Company Project, Series 2003L,
5.500%, 10/01/22
------------------------------------------------------------------------------------------------------------------------------------
WISCONSIN - 1.2%
1,000 Wisconsin Health and Educational Facilities Authority, Revenue 10/11 at 100.00 BBB 1,007,300
Bonds, Carroll College, Inc., Series 2001, 6.250%, 10/01/21
------------------------------------------------------------------------------------------------------------------------------------
$ 91,809 Total Long-Term Investments (cost $81,552,900) - 98.2% 83,270,674
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.8% 1,521,674
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $ 84,792,348
====================================================================================================================
* 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.
N/R Investment is not rated.
# Non-income producing security. On January 1, 2002, CFR
Holdings, Inc. (an entity formed by Nuveen for the
benefit of the Nuveen Funds owning various interests in
CanFibre of Riverside) took possession of the CanFibre
of Riverside assets on behalf of the various Nuveen
Funds. CFR Holdings, Inc. determined that a sale of the
facility was in the best interest of shareholders and
proceeded accordingly.
## Non-income producing security. Subsequent to the
reporting period, the Fund sold its position in the
security.
See accompanying notes to financial statements.
24
Statement of
ASSETS AND LIABILITIES April 30, 2004 (Unaudited)
MUNICIPAL VALUE MUNICIPAL INCOME
(NUV) (NMI)
------------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments, at market value (cost $1,805,824,578 and $81,552,900, respectively) $1,869,602,481 $83,270,674
Cash 88,749 49,629
Receivables:
Interest 34,094,670 1,423,699
Investments sold 18,511,037 110,000
Other assets 71,668 6,914
------------------------------------------------------------------------------------------------------------------------------------
Total assets 1,922,368,605 84,860,916
------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Payable for investments purchased 8,500,000 --
Accrued expenses:
Management fees 860,796 45,550
Other 618,403 23,018
------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 9,979,199 68,568
------------------------------------------------------------------------------------------------------------------------------------
Net assets $1,912,389,406 $84,792,348
====================================================================================================================================
Shares outstanding 194,959,520 8,113,876
====================================================================================================================================
Net asset value per share outstanding (net assets
divided by shares outstanding) $ 9.81 $ 10.45
====================================================================================================================================
NET ASSETS CONSIST OF:
------------------------------------------------------------------------------------------------------------------------------------
Shares, $.01 par value per share $ 1,949,595 $ 81,139
Paid-in surplus 1,837,694,558 90,828,586
Undistributed (Over-distribution of) net investment income 3,410,598 (185,494)
Accumulated net realized gain (loss) from investments 5,556,752 (7,649,657)
Net unrealized appreciation of investments 63,777,903 1,717,774
------------------------------------------------------------------------------------------------------------------------------------
Net assets $1,912,389,406 $84,792,348
====================================================================================================================================
Authorized shares 350,000,000 200,000,000
====================================================================================================================================
See accompanying notes to financial statements.
25
Statement of
OPERATIONS Six Months Ended April 30, 2004 (Unaudited)
MUNICIPAL VALUE MUNICIPAL INCOME
(NUV) (NMI)
------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $ 52,562,602 $2,623,416
------------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 5,239,054 277,283
Shareholders' servicing agent fees and expenses 275,352 14,796
Custodian's fees and expenses 185,090 11,971
Directors' fees and expenses 12,351 980
Professional fees 52,925 31,489
Shareholders' reports - printing and mailing expenses 114,285 9,679
Stock exchange listing fees 36,038 5,526
Investor relations expense 80,337 5,011
Other expenses 39,436 3,705
------------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit 6,034,868 360,440
Custodian fee credit (16,217) (2,039)
------------------------------------------------------------------------------------------------------------------------------------
Net expenses 6,018,651 358,401
------------------------------------------------------------------------------------------------------------------------------------
Net investment income 46,543,951 2,265,015
------------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS
Net realized gain (loss) from investments 5,690,401 (479,371)
Change in net unrealized appreciation (depreciation) of investments (11,266,926) 690,349
------------------------------------------------------------------------------------------------------------------------------------
Net gain (loss) from investments (5,576,525) 210,978
------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations $ 40,967,426 $2,475,993
====================================================================================================================================
See accompanying notes to financial statements.
26
Statement of
CHANGES IN NET ASSETS (Unaudited)
MUNICIPAL VALUE (NUV) MUNICIPAL INCOME (NMI)
------------------------------------- -------------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
4/30/04 10/31/03 4/30/04 10/31/03
------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 46,543,951 $ 96,451,985 $ 2,265,015 $ 4,392,430
Net realized gain (loss) from investment transactions 5,690,401 12,292,008 (479,371) (7,054,148)
Change in net unrealized appreciation (depreciation)
of investments (11,266,926) (15,927,673) 690,349 5,775,847
------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations 40,967,426 92,816,320 2,475,993 3,114,129
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income (50,433,613) (96,727,379) (2,174,519) (4,747,653)
From accumulated net realized gains from
investment transactions (12,577,331) (8,063,396) -- --
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets from distributions to shareholders (63,010,944) (104,790,775) (2,174,519) (4,747,653)
------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Net proceeds from shares issued to shareholders due to
reinvestment of distributions -- -- -- 227,854
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets (22,043,518) (11,974,455) 301,474 (1,405,670)
Net assets at the beginning of period 1,934,432,924 1,946,407,379 84,490,874 85,896,544
------------------------------------------------------------------------------------------------------------------------------------
Net assets at the end of period 1,912,389,406 1,934,432,924 84,792,348 84,490,874
====================================================================================================================================
Undistributed (Over-distribution of) net
investment income at the end of period $ 3,410,598 $ 7,300,260 $ (185,494) $ (275,990)
====================================================================================================================================
See accompanying notes to financial statements.
27
Notes to
FINANCIAL STATEMENTS (Unaudited)
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
The National Funds (the "Funds") covered in this report and their corresponding
Common share New York Stock Exchange symbols are Nuveen Municipal Value Fund,
Inc. (NUV) and Nuveen Municipal Income Fund, Inc. (NMI). The Funds are
registered under the Investment Company Act of 1940, as amended, as closed-end,
diversified management investment companies.
Each Fund seeks to provide current income exempt from regular federal income tax
by investing primarily in a diversified portfolio of municipal obligations
issued by state and local government authorities.
The following is a summary of significant accounting policies followed by the
Funds in the preparation of their financial statements in accordance with
accounting principles generally accepted in the United States.
Securities Valuation
The prices of municipal bonds in each Fund's investment portfolio are provided
by a pricing service approved by the Fund's Board of Directors. When price
quotes are not readily available (which is usually the case for municipal
securities), the pricing service establishes fair market value based on yields
or prices of municipal bonds of comparable quality, type of issue, coupon,
maturity and rating, indications of value from securities dealers, evaluations
of anticipated cash flows or collateral and general market conditions. If it is
determined that market prices for a security are unavailable or inappropriate,
the Board of Directors of the Funds, or its designee, may establish a fair value
for the security. Temporary investments in securities that have variable rate
and demand features qualifying them as short-term securities are valued at
amortized cost, which approximates market value.
Securities Transactions
Securities transactions are recorded on a trade date basis. Realized gains and
losses from such transactions are determined on the specific identification
method. Securities purchased or sold on a when-issued or delayed delivery basis
may have extended settlement periods. The securities so purchased are subject to
market fluctuation during this period. The Funds have instructed the custodian
to segregate assets with a current value at least equal to the amount of the
when-issued and delayed delivery purchase commitments. At April 30, 2004,
Municipal Value (NUV)had an outstanding when-issued purchase commitment of
$8,500,000. 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.
Professional Fees
Professional fees presented in the Statement of Operations consist of legal fees
incurred in the normal course of operations, audit fees, tax consulting fees
and, in some cases, workout expenditures. Workout expenditures are incurred in
an attempt to protect or enhance an investment, or to pursue other claims or
legal actions on behalf of the Fund's shareholders.
Federal Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund
intends to comply with the requirements of the Internal Revenue Code applicable
to regulated investment companies and to distribute all of its net investment
income to its shareholders. Therefore, no federal income tax provision is
required. Furthermore, each Fund intends to satisfy conditions which will enable
interest from municipal securities, which is exempt from regular federal income
tax, to retain such tax-exempt status when distributed to shareholders of the
Funds.
28
Dividends and Distributions to Shareholders
Dividends from tax-exempt net investment income are declared monthly. Net
realized capital gains and/or market discount from investment transactions, if
any, are distributed to shareholders not less frequently than annually.
Furthermore, capital gains are distributed only to the extent they exceed
available capital loss carryforwards.
Distributions to shareholders of tax-exempt net investment income, net realized
capital gains and/or market discount, if any, are recorded on the ex-dividend
date. The amount and timing of distributions are determined in accordance with
federal income tax regulations, which may differ from accounting principles
generally accepted in the United States.
Derivative Financial Instruments
The Funds may invest in certain derivative financial instruments including
futures, forward, swap and option contracts, and other financial instruments
with similar characteristics. Although the Funds are authorized to invest in
such financial instruments, and may do so in the future, they did not make any
such investments during the six months ended April 30, 2004.
Custodian Fee Credit
Each Fund has an arrangement with the custodian bank whereby certain custodian
fees and expenses are reduced by credits earned on each Fund's cash on deposit
with the bank. Such deposit arrangements are an alternative to overnight
investments.
Indemnifications
Under the Funds' organizational documents, its Officers and Directors/Trustees
are indemnified against certain liabilities arising out of the performance of
their duties to the Funds. In addition, in the normal course of business, the
Funds enter into contracts that provide general indemnifications to other
parties. The Funds' maximum exposure under these arrangements is unknown as this
would involve future claims that may be made against the Funds that have not yet
occurred.
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
4/30/04 10/31/03 4/30/04 10/31/03
------------------------------------------------------------------------------------
Shares issued to shareholders
due to reinvestment of
distributions -- -- -- 20,892
====================================================================================
29
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
3. SECURITIES TRANSACTIONS
Purchases and sales (including maturities) of investments in long-term municipal
securities during the six months ended April 30, 2004, were as follows:
MUNICIPAL MUNICIPAL
VALUE (NUV) INCOME (NMI)
--------------------------------------------------------------------------------
Purchases $110,700,688 $10,207,225
Sales and maturities 110,051,435 9,339,789
================================================================================
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, 2004, the cost of investments were as follows:
MUNICIPAL MUNICIPAL
VALUE (NUV) INCOME (NMI)
--------------------------------------------------------------------------------
Cost of investments $1,802,122,325 $81,504,700
================================================================================
Gross unrealized appreciation and gross unrealized depreciation of investments
at April 30, 2004, were as follows:
MUNICIPAL MUNICIPAL
VALUE (NUV) INCOME (NMI)
--------------------------------------------------------------------------------
Gross unrealized:
Appreciation $100,594,260 $ 3,534,825
Depreciation (33,114,104) (1,768,851)
--------------------------------------------------------------------------------
Net unrealized appreciation of investments $ 67,480,156 $ 1,765,974
================================================================================
30
The tax components of undistributed net investment income and net realized gains
at October 31, 2003, the Funds' last fiscal year end, were as follows:
MUNICIPAL MUNICIPAL
VALUE (NUV) INCOME (NMI)
--------------------------------------------------------------------------------
Undistributed net tax-exempt income $ 7,076,676 $ --
Undistributed net ordinary income * 3,630,014 --
Undistributed net long-term capital gains 12,590,238 --
================================================================================
* Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
The tax character of distributions paid during the fiscal year ended October 31,
2003, the Funds' last fiscal year end, was designated for purposes of the
dividends paid deduction as follows:
MUNICIPAL MUNICIPAL
VALUE (NUV) INCOME (NMI)
--------------------------------------------------------------------------------
Distributions from net tax-exempt income $97,187,351 $4,645,020
Distributions from net ordinary income * 175,464 142,072
Distributions from net long-term capital gains 7,915,360 --
================================================================================
* Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
At October 31, 2003, the Funds' last fiscal year end, Municipal Income (NMI) has
an unused capital loss carryforward of $7,121,501, available to be applied
against future capital gains, if any. If not applied, $116,138 and $7,005,363 of
the carryforward will expire in the years 2008 and 2011, respectively.
5. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES
Under Municipal Value's (NUV) investment management agreement with Nuveen
Advisory Corp. (the "Adviser"), a wholly owned subsidiary of Nuveen Investments,
Inc., the Fund pays an annual management fee, payable monthly, at the rates set
forth below, which are based upon the average daily net assets of the Fund as
follows:
AVERAGE DAILY NET ASSETS MUNICIPAL VALUE (NUV)
--------------------------------------------------------------------------------
For the first $500 million .3500%
For the next $500 million .3250
For net assets over $1 billion .3000
================================================================================
In addition, Municipal Value (NUV) pays an annual management fee, payable
monthly, based on gross interest income as follows:
GROSS INTEREST INCOME MUNICIPAL VALUE (NUV)
--------------------------------------------------------------------------------
For the first $50 million 4.125%
For the next $50 million 4.000
For gross income over $100 million 3.875
================================================================================
31
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
Under Municipal Income's (NMI) investment management agreement with the Adviser,
the Fund pays an annual management fee, payable monthly, at the rates set forth
below, which are based upon the average daily net assets of the Fund as follows:
AVERAGE DAILY NET ASSETS MUNICIPAL INCOME (NMI)
--------------------------------------------------------------------------------
For the first $125 million .6500%
For the next $125 million .6375
For the next $250 million .6250
For the next $500 million .6125
For the next $1 billion .6000
For the next $3 billion .5875
For net assets over $5 billion .5750
================================================================================
The management fee compensates the Adviser for overall investment advisory and
administrative services and general office facilities. The Funds pay no
compensation directly to those of its Directors who are affiliated with the
Adviser or to their officers, all of whom receive remuneration for their
services to the Funds from the Adviser or its affiliates.
As approved by the Board of Directors, a complex-wide fee schedule for all Funds
managed by the Adviser and its affiliates will go into effect on August 1, 2004.
This complex-wide fee schedule is expected to marginally decrease the rate at
which management fees are to be paid by the Funds. Under no circumstances will
the complex-wide fee schedule result in an increase in the rate at which
management fees would be paid by the Funds if the complex-wide fee schedule were
not implemented.
6. INVESTMENT COMPOSITION
At April 30, 2004, the revenue sources by municipal purpose, expressed as a
percent of total investments, were as follows:
MUNICIPAL MUNICIPAL
VALUE (NUV) INCOME (NMI)
--------------------------------------------------------------------------------
Consumer Staples 5% 8%
Education and Civic Organizations 3 6
Healthcare 20 19
Housing/Multifamily 1 1
Housing/Single Family 1 --
Long-Term Care 1 3
Materials 1 7
Tax Obligation/General 11 7
Tax Obligation/Limited 21 16
Transportation 10 4
U.S. Guaranteed 8 5
Utilities 14 24
Water and Sewer 4 --
--------------------------------------------------------------------------------
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 (46% for Municipal
Value (NUV) and 14% for Municipal Income (NMI)). Such insurance or escrow,
however, does not guarantee the market value of the municipal securities or the
value of the Funds' shares.
For additional information regarding each investment security, refer to the
Portfolio of Investments of each Fund.
32
7. SUBSEQUENT EVENT - DISTRIBUTIONS TO SHAREHOLDERS
The Funds declared dividend distributions from their tax-exempt net investment
income which were paid on June 1, 2004, to shareholders of record on May 15,
2004, as follows:
MUNICIPAL MUNICIPAL
VALUE (NUV) INCOME (NMI)
--------------------------------------------------------------------------------
Dividend per share $.0400 $.0440
================================================================================
33
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
Value Income Gain (Loss) Total Income Gains Total Value
======================================================================================================================
MUNICIPAL VALUE (NUV)
----------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2004(a) $ 9.92 $.24 $(.03) $ .21 $(.26) $(.06) $(.32) $ 9.81
2003 9.98 .49 (.01) .48 (.50) (.04) (.54) 9.92
2002 10.17 .51 (.18) .33 (.51) (.01) (.52) 9.98
2001 9.77 .51 .42 .93 (.51) (.02) (.53) 10.17
2000 9.48 .52 .28 .80 (.51) -- (.51) 9.77
1999 10.37 .51 (.80) (.29) (.51) (.09) (.60) 9.48
MUNICIPAL INCOME (NMI)
----------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2004(a) 10.41 .28 .03 .31 (.27) -- (.27) 10.45
2003 10.61 .54 (.15) .39 (.59) -- (.59) 10.41
2002 10.92 .61 (.30) .31 (.62) -- (.62) 10.61
2001 11.01 .67 (.06) .61 (.70) -- (.70) 10.92
2000 11.43 .70 (.36) .34 (.70) (.06) (.76) 11.01
1999 12.10 .70 (.61) .09 (.69) (.07) (.76) 11.43
======================================================================================================================
Total Returns
-------------------------------
Ending Based on Based on Net
Market Value Market Value+ Asset Value+
============================================================================
MUNICIPAL VALUE (NUV)
----------------------------------------------------------------------------
Year Ended 10/31:
2004(a) $ 8.8400 .33% 2.12%
2003 9.1200 3.66 4.90
2002 9.3200 3.80 3.32
2001 9.4800 17.32 9.77
2000 8.5625 5.46 8.71
1999 8.6250 (7.50) (2.94)
MUNICIPAL INCOME (NMI)
----------------------------------------------------------------------------
Year Ended 10/31:
2004(a) 9.7300 3.67 2.96
2003 9.6400 3.02 3.71
2002 9.9000 (11.93) 2.87
2001 11.9000 12.24 5.68
2000 11.2500 9.45 3.02
1999 11.0000 (5.77) .74
============================================================================
Ratios/Supplemental Data
--------------------------------------------------------------------------------------------
Before Credit After Credit**
---------------------------- ----------------------------
Ratio of Net Ratio of Net
Ratio of Investment Ratio of Investment
Ending Expenses Income to Expenses Income to Portfolio
Net Assets to Average Average to Average Average Turnover
(000) Net Assets Net Assets Net Assets Net Assets Rate
======================================================================================================================
MUNICIPAL VALUE (NUV)
----------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2004(a) $1,912,389 .62%* 4.77%* .62%* 4.77%* 6%
2003 1,934,433 .64 4.97 .64 4.97 36
2002 1,946,407 .65 5.07 .65 5.08 13
2001 1,982,139 .65 5.09 .64 5.10 10
2000 1,903,967 .65 5.44 .64 5.44 17
1999 1,847,333 .65 5.09 .65 5.10 13
MUNICIPAL INCOME (NMI)
----------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2004(a) 84,792 .84* 5.29* .84* 5.29* 11
2003 84,491 1.12 5.14 1.12 5.14 10
2002 85,897 .91 5.62 .90 5.64 36
2001 88,089 .83 6.14 .83 6.15 11
2000 88,214 .80 6.20 .77 6.23 6
1999 91,123 .82 5.88 .82 5.89 31
======================================================================================================================
* 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 at net asset value, reinvested
capital gains distributions at net asset value, if any, and changes in net
asset value per share. Total returns are not annualized.
(a) For the six months ended April 30, 2004.
See accompanying notes to financial statements.
34-35 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.
36
Fund
INFORMATION
BOARD OF DIRECTORS
Robert P. Bremner
Lawrence H. Brown
Jack B. Evans
William C. Hunter
Anne E. Impellizzeri*
William L. Kissick*
Thomas E. Leafstrand*
Peter R. Sawers*
William J. Schneider
Timothy R. Schwertfeger
Judith M. Stockdale
Sheila W. Wellington*
FUND MANAGER
Nuveen Advisory Corp.
333 West Wacker Drive
Chicago, IL 60606
CUSTODIAN
State Street Bank & Trust
Boston, MA
TRANSFER AGENT AND
SHAREHOLDER SERVICES
State Street Bank & Trust
Nuveen Funds
P.O. Box 43071
Providence, RI 02940-3071
(800) 257-8787
LEGAL COUNSEL
Chapman and Cutler LLP
Chicago, IL
INDEPENDENT AUDITORS
Ernst & Young LLP
Chicago, IL
PROXY VOTING POLICIES AND PROCEDURES
A description of the policies and procedures that the Funds use to determine how
to vote proxies relating to portfolio securities is available (i) without
charge, upon request, by calling Nuveen Investments at (800) 257-8787; and (ii)
on the Commission's website at http://www.sec.gov.
GLOSSARY OF TERMS USED IN THIS REPORT
AVERAGE ANNUAL TOTAL RETURN: This is a commonly used method to express an
investment's performance over a particular, usually multi-year time period. It
expresses the return (including change in NAV and reinvested dividends) that
would have been necessary on an annual basis to equal the investment's actual
performance over the time period being considered.
AVERAGE DURATION: Duration is a measure of a bond or bond fund's sensitivity to
changes in interest rates. Generally, the longer a bond or fund's duration, the
more the price of the bond or fund will change as interest rates change.
AVERAGE EFFECTIVE MATURITY: The average of all the maturities of the bonds in a
fund's portfolio, computed by weighting each maturity date (the date the
security comes due) by the market value of the security. This figure does not
account for the likelihood of prepayments or the exercise of call provisions.
LEVERAGE-ADJUSTED DURATION: Duration is a measure of a bond or bond fund's
sensitivity to changes in interest rates. Generally, the longer a bond or fund's
duration, the more the price of the bond or fund will change as interest rates
change. Leverage-adjusted duration takes into account the leveraging process for
a Fund and therefore is generally longer than the duration of the actual
portfolio of individual bonds that make up the Fund.
MARKET YIELD (ALSO KNOWN AS DIVIDEND YIELD OR CURRENT YIELD): An investment's
current annualized dividend divided by its current market price.
NET ASSET VALUE (NAV): A fund's NAV is calculated by subtracting the liabilities
of the fund from its total assets and then dividing the remainder by the number
of shares outstanding. Fund NAVs are calculated at the end of each business day.
TAXABLE-EQUIVALENT YIELD: The yield necessary from a fully taxable investment to
equal, on an after-tax basis, the yield of a municipal bond investment.
----------
*Director will be retiring on June 30, 2004.
Each Fund intends to repurchase shares of its own common or preferred stock,
where applicable, in the future at such times and in such amounts as is deemed
advisable. No shares were purchased during the six-months ended April 30, 2004.
Any future repurchases will be reported to shareholders in the next annual or
semiannual report.
37
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 $100 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-0404D
ITEM 2. CODE OF ETHICS.
Not applicable to this filing.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable to this filing.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable to this filing.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to this filing.
ITEM 6. SCHEDULE OF INVESTMENTS.
Not applicable at this time.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this filing.
ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable at this time.
ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
In the event of a vacancy on the Board, the nominating and governance committee
receives suggestions from various sources, including shareholders, as to
suitable candidates. Suggestions should be sent in writing to Lorna Ferguson,
Vice President for Board Relations, Nuveen Investments, 333 West Wacker Drive,
Chicago, IL 60606. The nominating and governance committee sets appropriate
standards and requirements for nominations for new directors and reserves the
right to interview all candidates and to make the final selection of any new
directors.
ITEM 10. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial officers,
or persons performing similar functions, have concluded that the
registrant's disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940, as amended (the
"1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within
90 days of the filing date of this report that includes the disclosure
required by this paragraph, based on their evaluation of the controls
and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR
270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934, as amended (the "Exchange Act")(17 CFR
240.13a-15(b) or 240.15d-15(b)).
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act
(17 CFR 270.30a-3(d)) that occurred during the registrant's last
fiscal half-year (the registrant's second fiscal half-year in the case
of an annual report) that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over
financial reporting.
ITEM 11. EXHIBITS.
File the exhibits listed below as part of this Form.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit: Not applicable to
this filing.
(a)(2) A separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2(a) under
the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: Ex-99.CERT
attached hereto.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under
the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the
report by or on behalf of the registrant to 10 or more persons: Not applicable
at this time.
(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act,
provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR
270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR
240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of
the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished
pursuant to this paragraph will not be deemed "filed" for purposes of Section 18
of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of
that section. Such certification will not be deemed to be incorporated by
reference into any filing under the Securities Act of 1933 or the Exchange Act,
except to the extent that the registrant specifically incorporates it by
reference. Ex-99.906 CERT attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen Municipal Value Fund, Inc.
-----------------------------------------------------------
By (Signature and Title)* /s/ Jessica R. Droeger
----------------------------------------------
Jessica R. Droeger
Vice President and Secretary
Date: July 8, 2004
-------------------------------------------------------------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Gifford R. Zimmerman
----------------------------------------------
Gifford R. Zimmerman
Chief Administrative Officer
(Principal Executive Officer)
Date: July 8, 2004
-------------------------------------------------------------------
By (Signature and Title)* /s/ Stephen D. Foy
----------------------------------------------
Stephen D. Foy
Vice President and Controller
(Principal Financial Officer)
Date: July 8, 2004
-------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.