Form N-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q


QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number         811-05120         

        Nuveen Municipal Value Fund, Inc.         
(Exact name of registrant as specified in charter)


        333 West Wacker Drive, Chicago, Illinois 60606         
(Address of principal executive offices) (Zip code)


Jessica R. Droeger—Vice President and Secretary
        333 West Wacker Drive, Chicago, Illinois 60606         
(Name and address of agent for service)

Registrant's telephone number, including area code:         312-917-7700        

Date of fiscal year end:            10/31          

Date of reporting period:          07/31/05         

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q 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 the 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. § 3507.

Item 1. Schedule of Investments

                               Portfolio of Investments (Unaudited)               
                               Nuveen Municipal Value Fund, Inc. (NUV)               
                               July 31, 2005               
 
 
 
  Principal        Optional Call          Market 
  Amount (000)    Description     Provisions*    Ratings**      Value 
      Alabama - 1.3%               
$   1,450    Alabama Housing Finance Authority, Collateralized Home Mortgage Program Single Family Mortgage    4/08 at 102.00    Aaa    $   1,487,526 
      Revenue Bonds, Series 1998A-2, 5.450%, 10/01/28 (Alternative Minimum Tax)               
  5,000    Courtland Industrial Development Board, Alabama, Solid Waste Disposal Revenue Bonds, Champion    11/09 at 101.00    Baa2      5,441,350 
      International Paper Corporation, Series 1999A, 6.700%, 11/01/29 (Alternative Minimum Tax)               
  1,750    Huntsville Healthcare Authority, Alabama, Revenue Bonds, Series 2001A, 5.750%, 6/01/31    6/11 at 101.00    A2      1,860,793 
  4,000    Jasper Medical Clinic Board, Alabama, Hospital Revenue Bonds, Walker Regional Medical Center Inc.,    1/06 at 100.00    Baa2      4,054,200 
      Series 1993, 6.375%, 7/01/18               
  12,000    Jefferson County, Alabama, Sewer Revenue Capital Improvement Warrants, Series 1999A, 5.375%,    2/09 at 101.00    AAA      12,990,480 
      2/01/36 (Pre-refunded to 2/01/09) - FGIC Insured               
      Alaska - 0.5%               
  3,335    Alaska Housing Finance Corporation, General Housing Purpose Bonds, Series 2005A, 5.000%,    12/14 at 100.00    AAA      3,488,010 
      12/01/30 - FGIC Insured               
  3,000    Anchorage, Alaska, General Obligation Bonds, Series 2003B, 5.000%, 9/01/23 - FGIC Insured    9/13 at 100.00    AAA      3,184,590 
  2,800    Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series    6/10 at 100.00    BBB      2,969,120 
      2000, 6.200%, 6/01/22               
      Arizona - 1.2%               
  4,900    Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children's Hospital,    11/09 at 100.00    Baa3      5,011,132 
      Series 1999A, 6.250%, 11/15/29               
  1,400    Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children's Hospital,    2/12 at 101.00    Baa3      1,453,578 
      Series 2002A, 6.250%, 2/15/21               
  13,100    Arizona Health Facilities Authority, Hospital Revenue Bonds, Catholic Healthcare West, Series    7/10 at 101.00    A-      14,761,211 
      1999A, 6.625%, 7/01/20               
  3,000    Phoenix Industrial Development Authority, Arizona, GNMA Collateralized Multifamily Housing Revenue    4/15 at 100.00    Aaa      3,041,670 
      Bonds, Park Lee Apartments, Series 2004A, 5.050%, 10/20/44 (Alternative Minimum Tax)               
      Arkansas - 0.8%               
  10,460    Cabot School District 4, Lonoke County, Arkansas, General Obligation Refunding Bonds, Series 2003,    8/08 at 100.00    Aaa      10,873,588 
      5.000%, 2/01/32 - AMBAC Insured               
  355    Conway, Arkansas, Sales and Use Tax Capital Improvement Bonds, Series 1997A, 5.350%, 12/01/17 -    12/06 at 101.00    AAA      369,225 
      FSA Insured               
  2,750    Jefferson County, Arkansas, Pollution Control Revenue Refunding Bonds, Entergy Arkansas Inc.,    12/05 at 100.00    Baa2      2,753,575 
      Series 1997, 5.600%, 10/01/17               
  2,000    University of Arkansas, Fayetteville, Various Facilities Revenue Bonds, Series 2002, 5.000%,    12/12 at 100.00    Aaa      2,084,000 
      12/01/32 - FGIC Insured               
      California - 9.8%               
  7,310    California Educational Facilities Authority, Revenue Bonds, Loyola Marymount University, Series    10/09 at 39.19    Aaa      2,506,160 
      2000, 0.000%, 10/01/24 (Pre-refunded to 10/01/09) - MBIA Insured               
     3,975    California Infrastructure Economic Development Bank, Revenue Bonds, J. David Gladstone Institutes,    10/11 at 101.00    A-         4,101,405 
      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    A      15,539,218 
  11,250    5.000%, 2/01/33    8/13 at 100.00    A      11,682,112 
 
  7,500    California, General Obligation Bonds, Series 2004, 5.000%, 2/01/33    2/14 at 100.00    A      7,802,925 
 
      California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A:               
  10,000    5.125%, 5/01/19    5/12 at 101.00    A2      10,650,500 
  10,000    5.250%, 5/01/20    5/12 at 101.00    A2      10,751,000 
 
  17,155    California State Public Works Board, Lease Revenue Refunding Bonds, Various University of    12/05 at 100.00    Aa2      17,176,615 
      California Projects, Series 1993A, 5.500%, 6/01/21               
 
  15,500    California Statewide Community Development Authority, Certificates of Participation, Internext    4/09 at 101.00    BBB-      15,888,895 
      Group, Series 1999, 5.375%, 4/01/17               
 
  3,000    Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community    9/09 at 102.00    N/R***      3,353,580 
      Facilities District 98-2 - Ladera, Series 1999, 5.750%, 9/01/29 (Pre-refunded to 9/01/09)               
 
  5,895    Central California Joint Powers Health Finance Authority, Certificates of Participation, Community    8/05 at 100.00    Baa2      5,895,000 
      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      14,845,500 
  2,500    6.000%, 1/01/34 (Pre-refunded to 1/01/07)    1/07 at 100.00    AAA      2,614,475 
 
  3,500    Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds,    6/13 at 100.00    BBB      4,031,300 
      Series 2003A-1, 6.750%, 6/01/39               
 
  33,150    Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement    6/13 at 100.00    AAA      36,109,301 
      Asset-Backed Bonds, Series 2003B, 5.000%, 6/01/38 (Pre-refunded to 6/01/13) - AMBAC Insured               
 
  2,000    Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed    6/15 at 100.00    A-      2,055,280 
      Revenue Bonds, Series 2005A, 5.000%, 6/01/45 (WI, settling 8/04/05)               
 
  9,000    Los Angeles Department of Water and Power, California, Waterworks Revenue Refunding Bonds, Series    7/11 at 100.00    AA      9,314,820 
      2001A, 5.125%, 7/01/41               
 
  4,000    Los Angeles Regional Airports Improvement Corporation, California, Sublease Revenue Bonds, Los    12/12 at 102.00    B-      4,282,040 
      Angeles International Airport, American Airlines Inc. Terminal 4 Project, Series 2002C, 7.500%,               
      12/01/24 (Alternative Minimum Tax)               
 
  8,000    Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical    7/14 at 100.00    A3      8,428,960 
      Center, Series 2004, 5.625%, 7/01/34               
 
  7,300    San Diego County, California, Certificates of Participation, Burnham Institute, Series 1999,    9/09 at 101.00    Baa3      7,661,204 
      6.250%, 9/01/29               
 
  2,599    Yuba County Water Agency, California, Yuba River Development Revenue Bonds, Pacific Gas and    9/05 at 100.00    Baa3      2,582,730 
      Electric Company, Series 1966A, 4.000%, 3/01/16               
 
      Colorado - 2.8%               
 
  1,800    Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Peak-to-Peak    8/11 at 100.00    AAA      2,198,016 
      Charter School, Series 2001, 7.625%, 8/15/31 (Pre-refunded to 8/15/11)               
 
  2,100    Colorado Health Facilities Authority, Revenue Bonds, Catholic Health Initiatives, Series 2002A,    3/12 at 100.00    AA***      2,322,075 
      5.500%, 3/01/32               
 
  500    Colorado Health Facilities Authority, Revenue Bonds, Vail Valley Medical Center, Series 2001,    1/12 at 100.00    BBB      532,245 
      5.750%, 1/15/22               
 
  2,580    Colorado Health Facilities Authority, Revenue Bonds, Sisters of Charity Healthcare Systems Inc.,    11/05 at 101.00    AA      2,610,109 
      Series 1994, 5.250%, 5/15/14               
 
  18,915    Denver, Colorado, Airport System Revenue Refunding Bonds, Series 2003B, 5.000%, 11/15/33 - XLCA    11/13 at 100.00    AAA      19,795,682 
      Insured               
 
  5,000    E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000A, 5.750%, 9/01/35 -    9/10 at 102.00    AAA      5,603,900 
      MBIA Insured               
      E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:               
     39,700    0.000%, 9/01/28 (Pre-refunded to 9/01/10) - MBIA Insured    9/10 at 31.42    AAA      10,400,606 
  15,000    0.000%, 9/01/32 - MBIA Insured    No Opt. Call    AAA      4,041,750 
  10,000    E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%, 3/01/36 - MBIA    No Opt. Call    AAA      1,921,700 
      Insured               
  1,450    Northwest Parkway Public Highway Authority, Colorado, Revenue Bonds, Senior Series 2001A, 5.500%,    6/11 at 102.00    AAA      1,616,185 
      6/15/19 - AMBAC Insured               
  7,000    Northwest Parkway Public Highway Authority, Colorado, Revenue Bonds, Senior Series 2001C, 0.000%,    6/16 at 100.00    AAA      5,862,010 
      6/15/21 - AMBAC Insured               
      District of Columbia - 1.8%               
      Washington Convention Center Authority, District of Columbia, Senior Lien Dedicated Tax Revenue               
      Bonds, Series 1998:               
  2,500    5.250%, 10/01/15 - AMBAC Insured    10/08 at 101.00    AAA      2,664,600 
  32,815    4.750%, 10/01/28 - AMBAC Insured    10/08 at 100.00    AAA      32,980,716 
      Florida - 1.7%               
  4,000    Escambia County Health Facilities Authority, Florida, Revenue Bonds, Ascension Health Credit Group,    11/12 at 101.00    AA      4,389,160 
      Series 2002C, 5.750%, 11/15/32               
  10,690    Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Series 2001, 5.000%, 10/01/30 -    10/11 at 100.00    AAA      11,094,189 
      AMBAC Insured               
  4,880    Lee County, Florida, Airport Revenue Bonds, Series 2000A, 6.000%, 10/01/32 (Alternative Minimum    10/10 at 101.00    AAA        5,420,411 
      Tax) - FSA Insured               
  5,000    Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Regional    10/09 at 101.00    A      5,308,850 
      Healthcare System, Series 1999E, 6.000%, 10/01/26               
  8,250    Orange County School Board, Florida, Certificates of Participation, Series 2002A, 5.000%, 8/01/27 -    8/12 at 100.00    AAA      8,624,055 
      MBIA Insured               
      Georgia - 2.1%               
  2,500    Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2001A, 5.000%, 11/01/33 - MBIA    5/12 at 100.00    AAA      2,600,750 
      Insured               
  10,040    Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.000%, 11/01/38 - FGIC    5/09 at 101.00    AAA      10,350,336 
      Insured               
  4,000    Augusta, Georgia, Water and Sewerage Revenue Bonds, Series 2004, 5.250%, 10/01/39 - FSA Insured    10/14 at 100.00    AAA      4,305,080 
      Coffee County Hospital Authority, Georgia, Revenue Anticipation Certificates, Coffee Regional               
      Medical Center Inc., Series 1997A:               
  900    6.250%, 12/01/06    No Opt. Call    AAA      936,513 
  21,100    6.750%, 12/01/26 (Pre-refunded to 12/01/06)    12/06 at 102.00    AAA      22,498,086 
  2,250    Royston Hospital Authority, Georgia, Revenue Anticipation Certificates, Ty Cobb Healthcare System    7/09 at 102.00    N/R      2,103,255 
      Inc., Series 1999, 6.500%, 7/01/27               
      Hawaii - 0.4%               
  7,500    Hawaii, General Obligation Bonds, Series 2003DA, 5.250%, 9/01/23 - MBIA Insured    9/13 at 100.00    AAA      8,211,600 
      Illinois - 11.2%               
  2,060    Aurora, Illinois, Golf Course Revenue Bonds, Series 2000, 6.375%, 1/01/20    1/10 at 100.00    A+      2,245,091 
  10,000    Chicago, Illinois, General Obligation Refunding Bonds, Series 2002A, 5.625%, 1/01/39 - AMBAC    7/12 at 100.00    AAA      11,094,900 
      Insured               
  2,425    Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax    12/07 at 102.00    AAA      2,576,902 
      Revenues, Series 1997A, 5.250%, 12/01/22 - AMBAC Insured               
  15,000    Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax    No Opt. Call    AAA      6,073,650 
      Revenues, Series 1998B-1, 0.000%, 12/01/24 - FGIC Insured               
     5,000    Chicago Housing Authority, Illinois, Revenue Bonds, Capital Fund Program, Series 2001, 5.375%,   7/12 at 100.00    AA***         5,326,400 
      7/01/18              
 
  1,125    Chicago Greater Metropolitan Sanitary District, Illinois, General Obligation Capital Improvement   No Opt. Call    Aaa      1,294,864 
      Bonds, Series 1991, 7.000%, 1/01/11              
 
  2,575    Chicago, Illinois, Second Lien Passenger Facility Charge Revenue Bonds, O'Hare International   1/11 at 101.00    AAA      2,659,666 
      Airport, Series 2001C, 5.100%, 1/01/26 (Alternative Minimum Tax) - AMBAC Insured              
 
  3,020    Cook County High School District 209, Proviso Township, Illinois, General Obligation Bonds, Series   12/16 at 100.00    AAA      2,856,407 
      2004, 0.000%, 12/01/19 - FSA Insured              
 
  2,000    DuPage County Community School District 200, Wheaton, Illinois, General Obligation Bonds, Series   11/13 at 100.00    Aaa      2,187,860 
      2003B, 5.250%, 11/01/20 - FSA Insured              
 
  5,000    Illinois Development Finance Authority, Gas Supply Revenue Bonds, Peoples Gas, Light and Coke   11/13 at 101.00    AAA      5,142,250 
      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 Program Revenue Bonds, Kane, Cook and   No Opt. Call    Aaa      15,465,272 
      DuPage Counties School District U46 - Elgin, Series 2002, 0.000%, 1/01/19 - FSA Insured              
 
      Illinois Development Finance Authority, Revenue Bonds, Presbyterian Home of Lake Forest, Series              
      1996 B:              
  6,495    6.400%, 9/01/31 (Pre-refunded to 9/01/06)   9/06 at 102.00    AAA      6,876,257 
  990    6.400%, 9/01/31 - FSA Insured   9/06 at 102.00    AAA      1,044,183 
 
  1,800    Illinois Development Finance Authority, Local Government Program Revenue Bonds, Winnebago and Boone   No Opt. Call    Aaa      990,000 
      Counties School District 205 - Rockford, Series 2000, 0.000%, 2/01/19 - FSA Insured              
 
  3,180    Illinois Development Finance Authority, Revenue Bonds, Chicago Charter School Foundation, Series   12/21 at 100.00    BBB      3,303,670 
      2002A 6.250%, 12/01/32              
 
  8,000    Illinois Development Finance Authority, Revenue Bonds, Illinois Wesleyan University, Series 2001,   9/11 at 100.00    AAA      8,332,160 
      5.125%, 9/01/35 - AMBAC Insured              
 
  5,000    Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Series 2004A, 5.500%,   8/14 at 100.00    AA+      5,392,300 
      8/15/43              
 
  18,015    Illinois Health Facilities Authority, Revenue Bonds, Rush-Presbyterian St. Luke's Medical Center   11/05 at 100.00    AAA      18,116,424 
      Obligated Group, Series 1993, 5.250%, 11/15/20 - MBIA Insured              
 
  4,350    Illinois Health Facilities Authority, Revenue Bonds, South Suburban Hospital, Series 1992, 7.000%,   No Opt. Call    A***      5,335,623 
      2/15/18              
 
  8,145    Illinois Health Facilities Authority, Revenue Bonds, Sherman Health Systems, Series 1997, 5.250%,   8/07 at 101.00    AAA      8,502,647 
      8/01/22 - AMBAC Insured              
 
  15,000    Illinois Health Facilities Authority, Revenue Bonds, Condell Medical Center, Series 2000, 6.500%,   5/10 at 101.00    Baa2      16,219,500 
      5/15/30              
 
  15,000    Illinois Health Facilities Authority, Revenue Bonds, Edward Hospital Obligated Group, Series 2001B,   2/11 at 101.00    AAA      15,777,900 
      5.250%, 2/15/34 - FSA Insured              
 
  5,000    Illinois Sports Facility Authority, State Tax Supported Bonds, Series 2001 0.000%, 6/15/30 -   6/15 at 101.00    AAA      4,196,500 
      AMBAC Insured              
 
      Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion              
      Project, Series 1992A:              
  18,955    0.000%, 6/15/17 - FGIC Insured   No Opt. Call    AAA      11,409,015 
  12,830    0.000%, 6/15/18 - FGIC Insured   No Opt. Call    AAA      7,352,873 
 
      Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion              
      Project, Series 1994B:              
  7,250    0.000%, 6/15/18 - MBIA Insured   No Opt. Call    AAA      4,154,975 
  3,385    0.000%, 6/15/21 - MBIA Insured   No Opt. Call    AAA      1,668,636 
  5,190    0.000%, 6/15/28 - MBIA Insured   No Opt. Call    AAA      1,785,049 
  10,975    0.000%, 6/15/29 - FGIC Insured   No Opt. Call    AAA      3,585,972 
 
      Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place              
      Expansion Project, Series 1996A:              
  16,550    0.000%, 12/15/21 - MBIA Insured   No Opt. Call    AAA      7,972,135 
  1,650    5.250%, 6/15/27 - AMBAC Insured   6/06 at 102.00    AAA      1,709,516 
      Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion               
      Project, Series 2002A:               
     10,000    0.000%, 6/15/24 - MBIA Insured    6/22 at 101.00    AAA        6,136,600 
  21,375    0.000%, 6/15/34 - MBIA Insured    No Opt. Call    AAA      5,402,318 
  21,000    0.000%, 12/15/35 - MBIA Insured    No Opt. Call    AAA      4,941,510 
  20,000    0.000%, 6/15/36 - MBIA Insured    No Opt. Call    AAA      4,588,600 
  22,055    0.000%, 6/15/39 - MBIA Insured    No Opt. Call    AAA      4,356,745 
  2,150    5.250%, 6/15/42 - MBIA Insured    6/12 at 101.00    AAA      2,284,117 
 
      Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place               
      Expansion Project, Series 2002B:               
  3,775    0.000%, 6/15/20 - MBIA Insured    6/17 at 101.00    AAA      2,938,158 
  2,950    0.000%, 6/15/21 - MBIA Insured    6/17 at 101.00    AAA      2,290,675 
 
  720    Tri-City Regional Port District, Illinois, Port and Terminal Facilities Revenue Refunding Bonds,    No Opt. Call    N/R      742,522 
      Dock 2 Enhancement Project, Series 1998B, 5.875%, 7/01/08 (Alternative Minimum Tax)               
 
  1,060    Tri-City Regional Port District, Illinois, Port and Terminal Facilities Revenue Refunding Bonds,    No Opt. Call    N/R      1,061,707 
      Delivery Network Project, Series 2003A, 4.900%, 7/01/14 (Alternative Minimum Tax)               
 
  2,295    Will County Community School District 161, Summit Hill, Illinois, Capital Appreciation School    No Opt. Call    Aaa      1,331,674 
      Bonds, Series 1999, 0.000%, 1/01/18 - FGIC Insured               
 
      Indiana - 4.7%               
 
  10,000    Indiana Bond Bank, State Revolving Fund Program Bonds, Series 2001A 5.375%, 2/01/19    2/13 at 101.00    AAA      11,130,100 
 
  2,000    Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Deaconess Hospital Inc.,    3/14 at 100.00    AAA      2,154,160 
      Series 2004A, 5.375%, 3/01/34 - AMBAC Insured               
 
  10,520    Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Sisters of St. Francis Health    11/07 at 102.00    AAA      11,155,513 
      Services Inc., Series 1997A, 5.375%, 11/01/27 - MBIA Insured               
 
  17,105    Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Clarian Health Partners Inc.,    2/07 at 102.00    AA-      17,939,211 
      Series 1996A 6.000%, 2/15/21               
 
  20,000    Indiana Transportation Finance Authority, Highway Revenue Bonds, Series 2003A, 5.000%, 6/01/28 -    6/13 at 100.00    AAA      20,915,400 
      FSA Insured               
 
      Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E:               
  12,500    0.000%, 2/01/21 - AMBAC Insured    No Opt. Call    AAA      6,165,875 
  14,595    0.000%, 2/01/27 - AMBAC Insured    No Opt. Call    AAA      5,284,704 
 
  5,000    Mooresville School Building Corporation, Morgan County, Indiana, First Mortgage Bonds, Series 1998,    1/09 at 102.00    AAA      5,335,650 
      5.000%, 7/15/15 - FSA Insured               
 
  13,100    Noblesville, Indiana, Revenue Bonds, Catholic High School Corporation, Series 2003, 5.750%,    7/13 at 101.00    N/R      13,651,248 
      7/01/22               
 
      Iowa - 0.5%               
 
  3,500    Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, Wartburg College,    10/12 at 100.00    A      3,713,395 
      Series 2002, 5.500%, 10/01/33 - ACA Insured               
 
  5,820    Iowa Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2001B,    6/11 at 101.00    BBB      6,005,483 
      5.600%, 6/01/35               
 
      Kansas - 0.5%               
 
  10,000    Kansas Department of Transportation, Highway Revenue Bonds, Series 2004A, 5.000%, 3/01/22    3/14 at 100.00    AA+      10,671,800 
 
      Kentucky - 0.1%               
 
  1,755    Greater Kentucky Housing Assistance Corporation, FHA-Insured Section 8 Mortgage Revenue Refunding    1/06 at 100.00    AAA      1,757,018 
      Bonds, Series 1997A, 6.100%, 1/01/24 - MBIA Insured               
 
      Louisiana - 1.9%               
 
  1,000    East Baton Rouge Parish, Louisiana, Revenue Refunding Bonds, Georgia Pacific Corporation Project,    3/08 at 102.00    Ba3      1,005,400 
      Series 1998, 5.350%, 9/01/11 (Alternative Minimum Tax)               
 
  13,385    Louisiana Public Facilities Authority, Hospital Revenue Refunding Bonds, Southern Baptist Hospital,    11/05 at 100.00    AAA      15,616,413 
      Series 1986, 8.000%, 5/15/12               
    20,880    Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, Series    5/11 at 101.00    BBB         22,119,437 
      2001B, 5.875%, 5/15/39               
 
      Maryland - 0.7%               
 
  4,585    Maryland Community Development Administration, Residential Revenue Bonds, Series 1997B, 5.875%,    3/07 at 101.50    Aa2      4,729,840 
      9/01/25 (Alternative Minimum Tax)               
 
  3,500    Maryland Energy Financing Administration, Revenue Bonds, AES Warrior Run Project, Series 1995,    9/05 at 102.00    N/R      3,572,380 
      7.400%, 9/01/19 (Alternative Minimum Tax)               
 
  4,600    Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health, Series    8/14 at 100.00    Baa1      4,818,408 
      2004, 5.500%, 8/15/33               
 
      Massachusetts - 2.8%               
 
  10,000    Massachusetts Bay Transportation Authority, Senior Sales Tax Revenue Refunding Bonds, Series 2002A,    7/12 at 100.00    AAA      10,418,000 
      5.000%, 7/01/32               
 
  1,720    Massachusetts Development Finance Agency, Resource Recovery Revenue Bonds, Ogden Haverhill    12/08 at 102.00    BBB      1,735,876 
      Associates, Series 1998B, 5.100%, 12/01/12 (Alternative Minimum Tax)               
 
  4,340    Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Cape Cod Health Care    11/11 at 101.00    AA      4,556,523 
      Inc., Series 2001C, 5.250%, 11/15/31 - RAAI Insured               
 
      Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Northern Berkshire               
      Community Services Inc., Series 2004B:               
  1,340    6.250%, 7/01/24    7/14 at 100.00    BB-      1,424,125 
  1,000    6.375%, 7/01/34    7/14 at 100.00    BB-      1,059,910 
 
  16,400    Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Senior Series 1997A,    1/07 at 102.00    AAA      16,836,732 
      5.000%, 1/01/37 - MBIA Insured               
 
  8,000    Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Subordinate Series    1/07 at 102.00    AAA      8,340,000 
      1997B, 5.125%, 1/01/37 - MBIA Insured               
 
  5,000    Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Subordinate Series    1/09 at 101.00    AAA      5,132,350 
      1999A, 5.000%, 1/01/39 - AMBAC Insured               
 
      Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 6:               
  1,750    5.500%, 8/01/30 (Pre-refunded to 8/01/10)    8/10 at 101.00    AAA      1,933,645 
  4,250    5.500%, 8/01/30    8/10 at 101.00    AAA      4,646,270 
 
      Michigan - 6.6%               
 
  6,000    Dearborn Hospital Finance Authority, Michigan, Hospital Revenue Refunding Bonds, Oakwood Obligated    8/05 at 101.00    AAA      6,069,600 
      Group, Series 1994A, 5.250%, 8/15/21 - MBIA Insured               
 
  10,390    Detroit Local Development Finance Authority, Michigan, Tax Increment Bonds, Series 1998A, 5.500%,    5/09 at 101.00    BB-      9,763,483 
      5/01/21               
 
  14,000    Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%,    7/15 at 100.00    AAA      14,766,920 
      7/01/35 - MBIA Insured               
 
  5,240    Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Refunding Bonds, Series 2002,    10/12 at 100.00    AAA      5,745,555 
      5.250%, 10/01/19               
 
      Michigan Municipal Bond Authority, Public School Academy Revenue Bonds, Detroit Academy of Arts and               
      Sciences Charter School, Series 2001A:               
  1,900    7.500%, 10/01/12    10/09 at 102.00    Ba1      2,017,002 
  5,000    7.900%, 10/01/21    10/09 at 102.00    Ba1      5,376,550 
  3,500    8.000%, 10/01/31    10/09 at 102.00    Ba1      3,764,215 
 
      Michigan State Hospital Finance Authority, Revenue Refunding Bonds, Detroit Medical Center               
      Obligated Group, Series 1993A:               
  1,000    6.250%, 8/15/13    8/05 at 100.00    BB-      1,000,200 
  12,925    6.500%, 8/15/18    8/05 at 100.00    BB-      12,928,231 
 
  22,235    Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Detroit Medical Center Obligated    8/08 at 101.00    BB-      20,013,056 
      Group, Series 1998A, 5.250%, 8/15/28               
 
  9,805    Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 1995B, 6.150%,    12/05 at 102.00    AAA        10,014,043 
      10/01/15 - MBIA Insured               
     25,000    Michigan Strategic Fund, Collateralized Limited Obligation Pollution Control Revenue Refunding   9/05 at 102.00    AAA        25,574,000 
      Bonds, Detroit Edison Company, Series 1995AA, 6.400%, 9/01/25 - MBIA Insured              
 
  7,200    Michigan Strategic Fund, Limited Obligation Resource Recovery Revenue Refunding Bonds, Detroit   12/12 at 100.00    AAA      7,623,504 
      Edison Company, Series 2002D, 5.250%, 12/15/32 - XLCA Insured              
 
  7,690    River Rouge School District, Wayne County, Michigan, General Obligation Refunding Bonds, Series   11/12 at 100.00    AAA      8,215,150 
      2002, 5.000%, 5/01/19 - FGIC Insured              
 
      Minnesota - 0.1%              
 
  1,750    Breckenridge, Minnesota, Revenue Bonds, Catholic Health Initiatives, Series 2004A, 5.000%, 5/01/30   5/14 at 100.00    AA      1,831,970 
 
  465    Minnesota Housing Finance Agency, Rental Housing Bonds, Series 1995D, 5.900%, 8/01/15 - MBIA   8/05 at 102.00    AAA      474,779 
      Insured              
 
      Missouri - 2.7%              
 
  2,000    Missouri-Illinois Metropolitan District Bi-State Development Agency, Mass Transit Sales Tax   10/13 at 100.00    AAA      2,097,600 
      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 Bonds, BJC Health System, Series   5/13 at 100.00    AA      42,317,600 
      2003, 5.250%, 5/15/32              
 
  4,000    Sugar Creek, Missouri, Industrial Development Revenue Bonds, Lafarge North America Inc., Series   6/13 at 101.00    BBB      4,174,920 
      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+      1,785,000 
  1,000    5.600%, 11/15/17   11/07 at 101.00    BB+      1,006,340 
 
  3,075    West Plains Industrial Development Authority, Missouri, Hospital Facilities Revenue Bonds, Ozark   11/09 at 101.00    BB+      3,226,259 
      Medical Center, Series 1999, 6.750%, 11/15/24              
 
      Montana - 0.2%              
 
  3,750    Forsyth, Rosebud County, Montana, Pollution Control Revenue Refunding Bonds, Puget Sound Energy,   3/13 at 101.00    AAA      3,921,638 
      Series 2003A, 5.000%, 3/01/31 - AMBAC Insured              
 
      Nevada - 1.9%              
 
  2,500    Carson City, Nevada, Hospital Revenue Bonds, Carson-Tahoe Hospital, Series 2003A, 5.125%,   9/13 at 100.00    AA      2,589,425 
      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      6,328,277 
  11,000    0.000%, 1/01/25 - AMBAC Insured   No Opt. Call    AAA      4,366,560 
  2,000    5.625%, 1/01/32 - AMBAC Insured   1/10 at 102.00    AAA      2,193,120 
  22,010    5.375%, 1/01/40 - AMBAC Insured   1/10 at 100.00    AAA      23,334,562 
 
      New Jersey - 4.5%              
 
  23,625    New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines   9/09 at 101.00    B      21,636,484 
      Inc., Series 1999, 6.250%, 9/15/29 (Alternative Minimum Tax)              
 
  9,000    New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines   11/10 at 101.00    B      8,896,770 
      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-      284,530 
  11,200    7.500%, 7/01/30   7/10 at 101.00    BBB-      12,623,408 
 
  7,500    New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2003C, 5.500%,   6/13 at 100.00    AAA      8,496,525 
      6/15/24 (Pre-refunded to 6/15/13)               
 
      New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:              
  1,490    6.500%, 1/01/16 - MBIA Insured   No Opt. Call    AAA        1,787,404 
  415    6.500%, 1/01/16 - MBIA Insured   No Opt. Call    AAA      498,656 
    26,680    Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series    6/12 at 100.00    BBB        28,847,216 
      2002, 6.125%, 6/01/42               
 
  6,250    Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series    6/13 at 100.00    BBB      7,226,563 
      2003, 6.250%, 6/01/43               
 
      New Mexico - 0.6%               
 
  1,500    University of New Mexico, Revenue Refunding Bonds, Series 1992A 6.000%, 6/01/21    No Opt. Call    AA      1,780,320 
 
  9,600    University of New Mexico, Subordinate Lien Revenue Refunding and Improvement Bonds, Series 2002A,    6/12 at 100.00    AA      9,973,824 
      5.000%, 6/01/32               
 
      New York - 15.1%               
 
  5,360    East Rochester Housing Authority, New York, FHA-Insured Mortgage Revenue Bonds, St. John's Meadows    8/07 at 102.00    AAA      5,736,165 
      Project, Series 1997A, 5.600%, 8/01/17 - MBIA Insured               
 
  11,000    Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 1998A,    6/08 at 101.00    AAA      11,682,660 
      5.250%, 12/01/26 - MBIA Insured               
 
  15,500    Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2001A,    9/11 at 100.00    A-      16,766,350 
      5.375%, 9/01/25               
 
  39,610    New York City, New York, General Obligation Bonds, Fiscal Series 1997G, 6.000%, 10/15/26    10/07 at 101.00    Aaa      42,663,931 
      (Pre-refunded to 10/15/07)               
 
      New York City, New York, General Obligation Bonds, Fiscal Series 1997E:               
  8,720    6.000%, 8/01/16 (Pre-refunded to 8/01/06)    8/06 at 101.50    A+***      9,132,805 
  1,280    6.000%, 8/01/16    8/06 at 101.50    A+      1,335,014 
 
      New York City, New York, General Obligation Bonds, Fiscal Series 2003J:               
  15,000    5.500%, 6/01/21    6/13 at 100.00    A+      16,379,100 
  10,000    5.500%, 6/01/22    6/13 at 100.00    A+      10,905,400 
 
  5,000    New York City, New York, General Obligation Bonds, Fiscal Series 1996G, 5.750%, 2/01/14    2/06 at 101.50    A+***      5,152,400 
      (Pre-refunded to 2/01/06)               
 
      New York City, New York, General Obligation Bonds, Fiscal Series 2004C:               
  8,000    5.250%, 8/15/24    8/14 at 100.00    A+      8,554,480 
  6,000    5.250%, 8/15/25    8/14 at 100.00    A+      6,396,420 
 
      New York City, New York, General Obligation Bonds, Fiscal Series 1998D:               
  4,075    5.500%, 8/01/10 (Pre-refunded to 8/01/07)    8/07 at 101.00    A+***      4,324,838 
  9,320    5.500%, 8/01/10    8/07 at 101.00    A+      9,818,434 
 
      New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds,               
      Fiscal Series 1996B:               
  5,280    5.750%, 6/15/26 (Pre-refunded to 6/15/06) - MBIA Insured    6/06 at 101.00    AAA      5,472,034 
  9,720    5.750%, 6/15/26 - MBIA Insured    6/06 at 101.00    AAA      10,064,185 
 
  5,500    New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds,    12/14 at 100.00    AAA      5,794,305 
      Fiscal Series 2005B 5.000%, 6/15/36 - FSA Insured               
 
  10,000    New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, JFK    8/12 at 101.00    CCC      10,041,000 
      Airport - American Airlines Inc., Series 2002B, 8.500%, 8/01/28 (Alternative Minimum Tax)               
 
  5,200    Dormitory Authority of the State of New York, Lease Revenue Bonds, Court Facilities, Series 1999,    5/10 at 101.00    A+***      5,880,836 
      6.000%, 5/15/39 (Pre-refunded to 5/15/10)               
 
  2,625    Dormitory Authority of the State of New York, Revenue Bonds, Mount Sinai NYU Health, Series 2000C,    7/08 at 100.00    Ba1      2,672,644 
      5.500%, 7/01/26               
 
  2,500    Dormitory Authority of the State of New York, Revenue Bonds, Mount Sinai NYU Health Obligated    7/08 at 100.00    Ba1      2,545,375 
      Group, Series 2000A, 5.500%, 7/01/26 (WI, settling 8/03/05)               
 
  8,500    Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Kaleida Health,    2/14 at 100.00    AAA      8,952,285 
      Series 2004, 5.050%, 2/15/25               
 
      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-***      7,071,439 
  65    5.250%, 2/15/29 (Pre-refunded to 8/15/09)    8/09 at 101.00    AA-***      70,823 
  445    5.250%, 2/15/29    8/09 at 101.00    AA-      464,700 
    6,585    New York State Medical Care Facilities Finance Agency, FHA-Insured Mortgage Revenue Bonds, St.    8/05 at 100.00    AAA         6,775,636 
      Luke's-Roosevelt Hospital Center, Series 1993A, 5.600%, 8/15/13               
  8,500    New York State Power Authority, General Revenue Bonds, Series 2000A, 5.250%, 11/15/40    11/10 at 100.00    Aa2      9,123,475 
  2,500    Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal    No Opt. Call    AAA      2,787,300 
      LLC, Sixth Series 1997, 6.250%, 12/01/10 (Alternative Minimum Tax) - MBIA Insured               
      New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State               
      Contingency Contract-Backed Bonds, Series 2003A-1:               
  10,000    5.500%, 6/01/17    6/11 at 100.00    AA-      11,061,300 
  26,190    5.500%, 6/01/18    6/12 at 100.00    AA-      29,156,279 
  33,810    5.500%, 6/01/19    6/13 at 100.00    AA-      37,709,645 
      North Carolina - 0.9%               
  1,500    Charlotte, North Carolina, Certificates of Participation, Governmental Facilities Projects, Series    6/13 at 100.00    AA+      1,564,590 
      2003G, 5.000%, 6/01/33               
  2,500    North Carolina Eastern Municipal Power Agency, Power System Revenue Refunding Bonds, Series 2003D,    1/13 at 100.00    BBB      2,566,625 
      5.125%, 1/01/26               
  1,105    North Carolina Eastern Municipal Power Agency, Power System Revenue Refunding Bonds, Series 1996A,    1/07 at 102.00    AAA      1,167,631 
      5.700%, 1/01/13 - MBIA Insured               
  10,000    North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 1999B, 6.500%,    1/10 at 101.00    A3      11,124,200 
      1/01/20               
  1,500    North Carolina Infrastructure Finance Corporation, Certificates of Participation, Correctional    2/14 at 100.00    AA+      1,588,935 
      Facilities, Series 2004A, 5.000%, 2/01/20               
      Ohio - 0.2%               
  3,000    Columbus City School District, Franklin County, Ohio, General Obligation Bonds, Series 2003,    6/13 at 100.00    AAA      3,143,400 
      5.000%, 12/01/31 - FGIC Insured               
      Oklahoma - 1.0%               
  4,450    Central Oklahoma Transportation and Parking Authority, Oklahoma City, Parking System Revenue    7/06 at 100.00    AAA      4,539,668 
      Refunding Bonds, Series 1996, 5.250%, 7/01/16 - FSA Insured               
  15,000    Oklahoma Development Finance Authority, Revenue Bonds, St. John Health System, Series 2004,    2/14 at 100.00    AA      15,534,750 
      5.125%, 2/15/31               
      Oregon - 0.1%               
  2,500    Clackamas County Hospital Facility Authority, Oregon, Revenue Refunding Bonds, Legacy Health    5/11 at 101.00    AA      2,646,800 
      System, Series 2001, 5.250%, 5/01/21               
      Pennsylvania - 1.8%               
  5,955    Pennsylvania Convention Center Authority, Revenue Refunding Bonds, Series 1994A, 6.750%, 9/01/19    9/05 at 101.00    BBB      6,089,523 
  4,500    Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of Pennsylvania,    7/08 at 100.00    AA      4,532,805 
      Series 1998, 4.500%, 7/15/21               
  6,500    Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2004A, 5.500%, 12/01/31 - AMBAC    12/14 at 100.00    AAA      7,255,885 
      Insured               
  8,000    Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2004D, 5.125%,    6/14 at 100.00    AAA      8,461,920 
      6/01/34 - FGIC Insured               
  10,075    State Public School Building Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia School    6/13 at 100.00    AAA      10,529,282 
      District, Series 2003, 5.000%, 6/01/33 - FSA Insured               
      Puerto Rico - 1.1%               
  5,000    Puerto Rico, General Obligation Bonds, Series 2000B, 5.625%, 7/01/19 - MBIA Insured    7/10 at 100.00    AAA        5,503,750 
  10,000    Puerto Rico Infrastructure Financing Authority, Special Obligation Bonds, Series 2000A, 5.500%,    10/10 at 101.00    AAA      10,999,300 
      10/01/40               
    5,450    Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities    6/10 at 101.00    Baa3        5,914,122 
      Financing Authority, Co-Generation Facility Revenue Bonds, Series 2000A, 6.625%, 6/01/26               
      (Alternative Minimum Tax)               
 
      Rhode Island - 1.2%               
 
  6,250    Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue Bonds,    5/07 at 102.00    AAA      6,563,688 
      Lifespan Obligated Group, Series 1996, 5.250%, 5/15/26 - MBIA Insured               
 
  16,000    Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds,    6/12 at 100.00    BBB      17,289,280 
      Series 2002A, 6.250%, 6/01/42               
 
      South Carolina - 2.5%               
 
  7,000    Dorchester County School District 2, South Carolina, Installment Purchase Revenue Bonds, GROWTH,    12/14 at 100.00    A      7,336,420 
      Series 2004, 5.250%, 12/01/29               
 
  3,000    Myrtle Beach, South Carolina, Hospitality and Accommodation Fee Revenue Bonds, Series 2004A,    6/14 at 100.00    AAA      3,140,970 
      5.000%, 6/01/36 - FGIC Insured               
 
  8,475    Piedmont Municipal Power Agency, South Carolina, Electric Revenue Refunding Bonds, Series 1986,    No Opt. Call    BBB      8,474,576 
      5.000%, 1/01/25               
 
  20,750    South Carolina JOBS Economic Development Authority, Economic Development Revenue Bonds, Bon Secours    11/12 at 100.00    A-      22,022,183 
      Health System Inc., Series 2002A, 5.625%, 11/15/30               
 
  8,000    South Carolina JOBS Economic Development Authority, Hospital Revenue Bonds, Palmetto Health    12/10 at 102.00    Baa2***      9,700,240 
      Alliance, Series 2000A, 7.375%, 12/15/21 (Pre-refunded to 12/15/10)               
 
  110    Tobacco Settlement Revenue Management Authority, South Carolina, Tobacco Settlement Asset-Backed    5/11 at 101.00    BBB      117,291 
      Bonds, Series 2001B, 6.000%, 5/15/22               
 
      Tennessee - 0.3%               
 
      Knox County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue Bonds,               
      Baptist Health System of East Tennessee Inc., Series 2002:               
  3,000    6.375%, 4/15/22    4/12 at 101.00    Baa3      3,192,900 
  2,500    6.500%, 4/15/31    4/12 at 101.00    Baa3      2,666,250 
 
      Texas - 5.8%               
 
  13,000    Alliance Airport Authority, Texas, Special Facilities Revenue Bonds, American Airlines Inc., Series    12/05 at 100.00    CCC      11,688,300 
      1990, 7.500%, 12/01/29 (Alternative Minimum Tax)               
 
  1,900    Alliance Airport Authority, Texas, Special Facilities Revenue Bonds, FedEx Inc., Series 1996,    4/06 at 102.00    BBB      1,980,484 
      6.375%, 4/01/21 (Alternative Minimum Tax)               
 
  24,265    Austin, Texas, Combined Utility System Revenue Refunding Bonds, Series 1992A, 12.500%, 11/15/07 -    No Opt. Call    AAA      29,281,789 
      MBIA Insured               
 
  5,110    Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company,    4/13 at 101.00    Baa2      6,067,563 
      Series 1999C, 7.700%, 3/01/32 (Alternative Minimum Tax)(a)               
 
  4,000    Central Texas Regional Mobility Authority, Travis and Williamson Counties, Toll Road Revenue Bonds,    1/15 at 100.00    AAA      4,163,000 
      Series 2005, 5.000%, 1/01/35 - FGIC Insured               
 
  2,700    Harris County-Houston Sports Authority, Texas, Senior Lien Revenue Bonds, Series 2001G, 5.250%,    11/11 at 100.00    AAA      2,846,043 
      11/15/30 - MBIA Insured               
 
  10,045    Houston, Texas, Subordinate Lien Airport System Revenue Bonds, Series 2000A, 5.875%, 7/01/16    7/10 at 100.00    AAA      10,951,159 
      (Alternative Minimum Tax) - FSA Insured               
 
  23,875    Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment    No Opt. Call    AAA      7,496,750 
      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      4,843,791 
  3,470    0.000%, 2/15/11    No Opt. Call    AAA        2,825,552 
 
  22,060    Leander Independent School District, Williamson and Travis Counties, Texas, Unlimited Tax School    8/09 at 31.45    AAA      5,851,194 
      Building and Refunding Bonds, Series 2000, 0.000%, 8/15/27               
    6,000    Matagorda County Navigation District 1, Texas, Revenue Bonds, Reliant Energy Inc., Series 1999C,    4/08 at 102.00    BBB-        6,594,240 
      8.000%, 5/01/29 (Mandatory put 4/01/08)               
 
  3,250    Midland, Texas, Tax and Limited Pledge Revenue Bonds, Certificates of Obligation, Series 2000,    3/10 at 100.00    AAA      3,596,515 
      6.100%, 3/01/27 - FGIC Insured               
 
  5,000    Port Corpus Christi Industrial Development Corporation, Texas, Environmental Facilities Revenue    5/07 at 102.00    Ba1      5,347,650 
      Bonds, Citgo Petroleum Corporation, Series 2003, 8.250%, 11/01/31 (Alternative Minimum Tax)               
 
  5,000    Port Corpus Christi Industrial Development Corporation, Texas, Revenue Refunding Bonds, Valero    4/08 at 102.00    BBB-      5,211,100 
      Refining and Marketing Company, Series 1997A, 5.400%, 4/01/18               
 
  5,000    Richardson Hospital Authority, Texas, Revenue Bonds, Richardson Regional Medical Center, Series    12/13 at 100.00    BBB      5,369,950 
      2004, 6.000%, 12/01/34               
 
  2,000    Sabine River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company,    7/13 at 101.00    Baa2      2,154,440 
      Series 2003A, 5.800%, 7/01/22               
 
      Utah - 1.2%               
 
  12,000    Intermountain Power Agency, Utah, Power Supply Revenue Refunding Bonds, Series 1996D, 5.000%,    7/06 at 102.00    A+      12,284,280 
      7/01/21               
 
  5,000    Intermountain Power Agency, Utah, Power Supply Revenue Refunding Bonds, Series 1997B, 5.750%,    7/07 at 102.00    AAA      5,333,700 
      7/01/19 - MBIA Insured               
 
  3,700    Utah State Board of Regents, Utah State University, Revenue Bonds, Series 2004, 5.000%, 4/01/35 -    4/14 at 100.00    AAA      3,881,522 
      MBIA Insured               
 
  2,250    Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 1998G-2, Class I, 5.200%,    1/10 at 101.50    Aaa      2,298,780 
      7/01/30 (Alternative Minimum Tax)               
 
      Virgin Islands - 0.1%               
 
  2,500    Virgin Islands Public Finance Authority, Refinery Revenue Bonds, Hovensa LLC, Series 2003, 6.125%,    1/14 at 100.00    BBB      2,759,025 
      7/01/22 (Alternative Minimum Tax)               
 
      Virginia - 1.3%               
 
  4,125    Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Series 2002A,    10/12 at 100.00    AAA      4,572,356 
      5.750%, 10/01/16 (Alternative Minimum Tax) - FGIC Insured               
 
  15,000    Pocahontas Parkway Association, Virginia, Senior Lien Revenue Bonds, Route 895 Connector Toll Road,    8/08 at 28.38    BB      3,594,000 
      Series 1998A, 0.000%, 8/15/30               
 
      Pocahontas Parkway Association, Virginia, Senior Lien Revenue Bonds, Route 895 Connector Toll Road,               
      Series 1998B:               
  19,400    0.000%, 8/15/33    8/08 at 23.55    BB      3,860,794 
  60,500    0.000%, 8/15/35    8/08 at 20.95    BB      10,707,895 
 
  3,245    Virginia Housing Development Authority, Multifamily Housing Bonds, Series 1997E, 5.600%, 11/01/17    1/08 at 102.00    AA+      3,367,726 
      (Alternative Minimum Tax)               
 
      Washington - 2.1%               
 
  6,400    Cowlitz County Public Utilities District 1, Washington, Electric Production Revenue Bonds, Series    9/14 at 100.00    AAA      6,697,088 
      2004, 5.000%, 9/01/34 - FGIC Insured               
 
  12,500    Energy Northwest, Washington, Electric Revenue Refunding Bonds, Columbia Generating Station -    7/12 at 100.00    AAA      14,310,875 
      Nuclear Project 2, Series 2002B, 6.000%, 7/01/18 - AMBAC Insured               
 
  4,000    Energy Northwest, Washington, Electric Revenue Refunding Bonds, Nuclear Project 3, Series 2003A,    7/13 at 100.00    Aaa      4,413,800 
      5.500%, 7/01/17               
 
  3,700    Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds,    6/13 at 100.00    BBB      4,114,807 
      Series 2002, 6.625%, 6/01/32               
 
      Washington, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2002-03C:               
  9,000    0.000%, 6/01/29 - MBIA Insured    No Opt. Call    AAA      2,864,790 
  16,195    0.000%, 6/01/30 - MBIA Insured    No Opt. Call    AAA      4,877,772 
 
  8,200    Washington Public Power Supply System, Revenue Refunding Bonds, Nuclear Project 3, Series 1989B,    No Opt. Call    Aaa      5,609,948 
      0.000%, 7/01/14               
      Wisconsin - 2.5%               
      Badger Tobacco Asset Securitization Corporation, Wisconsin, Tobacco Settlement Asset-Backed Bonds,               
      Series 2002:               
    8,205    6.125%, 6/01/27    6/12 at 100.00    BBB        8,838,754 
  10,885    6.375%, 6/01/32    6/12 at 100.00    BBB      11,916,680 
  6,000    Milwaukee Redevelopment Authority, Wisconsin, Lease Revenue Bonds, Public Schools, Series 2003A,    8/13 at 100.00    AAA      6,397,980 
      5.125%, 8/01/22 - AMBAC Insured               
  12,180    Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Healthcare Inc.,    8/07 at 102.00    AAA      12,836,137 
      Series 1997, 5.250%, 8/15/27 - MBIA Insured               
  3,750    Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Services    2/12 at 101.00    A      4,025,470 
      Inc., Series 2002, 5.750%, 8/15/30               
  6,000    Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Franciscan Sisters of    9/13 at 100.00    A-      6,446,580 
      Christian Charity Healthcare Ministry, Series 2003A, 5.875%, 9/01/33               
$   2,250,804    Total Long-Term Investments (cost $1,818,931,007) - 98.6%              1,987,046,816 
      Other Assets Less Liabilities - 1.4%              28,427,987 
      Net Assets - 100%            $   2,015,474,803 
 

*    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. 
(a) The issuer has received a preliminary adverse determination from the Internal Revenue Service (the
"IRS") regarding the tax-exempt status of the bonds' coupon payments.  The Fund will continue to treat
coupon payments as tax-exempt income until such time that it is formally determined that the interest on the
bonds should be treated as taxable.
(WI)    Security purchased on a when-issued basis. 
 
    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 investment transactions. 
 
    At July 31, 2005, the cost of investments was $1,815,625,646. 

  Gross unrealized appreciation and gross unrealized depreciation of investments at July 31, 2005, were as       
    follows:       
 
  Gross unrealized:       
     Appreciation        $174,572,654  
     Depreciation      (3,151,484 ) 
 
  Net unrealized appreciation of investments        $171,421,170  

Item 2. Controls and Procedures.

  1. 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 Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).
  2. 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 quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 3. Exhibits.

File as exhibits as part of this Form 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)), exactly as set forth below: EX-99 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--Vice President and Secretary        

Date         09/29/05        

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--Chief Administrative Officer (principal executive officer)        

Date         09/29/05        

By (Signature and Title)*         /s/ Stephen D. Foy--Vice President and Controller (principal financial officer)        

Date         09/29/05        

* Print the name and title of each signing officer under his or her signature.