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)
Kevin J. McCarthy
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, 2008
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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.
SEMI-ANNUAL REPORT
April 30, 2008
Nuveen Investments
MUNICIPAL CLOSED-END FUNDS
Photo of: Small child
NUVEEN MUNICIPAL
VALUE FUND, INC.
NUV
NUVEEN MUNICIPAL
INCOME FUND, INC.
NMI
IT'S NOT WHAT YOU EARN, IT'S WHAT YOU KEEP.(R)
Logo: NUVEEN Investments
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LIFE IS COMPLEX.
NUVEEN
MAKES THINGS
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Logo: NUVEEN Investments
Chairman's
LETTER TO SHAREHOLDERS
Photo of: Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
It is with a variety of emotions that I write my last letter to Nuveen Fund
shareholders. For a dozen years, it has been my privilege to communicate
periodically with you through these annual and semi-annual reports about the
performance and uses of your Fund. Over that time, I've tried to emphasize the
central role that quality municipal bonds can play in creating attractive
opportunities for current tax-free income, long-term return and portfolio
diversification. I firmly believe that all our Fund shareholders, working in
conjunction with a trusted financial advisor, have the potential to reach their
financial objectives by using Nuveen Funds as a core component of a
well-balanced portfolio.
As I noted in your Fund's last shareholder report, Nuveen Investments was
acquired in November 2007 by a group led by Madison Dearborn Partners, LLC.
While this event had no impact on the investment objectives, portfolio
management strategies or dividend policies of your Fund, it did provide a
convenient point to begin implementing a long-planned transition in the senior
management team at Nuveen. As a part of this process, I will be leaving the
Board of the Nuveen Funds on June 30, 2008.
In addition, Nuveen and your Fund's Board determined that Fund shareholders
would be best served by having an independent director serve as the new chairman
of the Fund Board. Therefore, I am very excited and pleased to report that I
will be succeeded as chairman of your Nuveen Fund Board by Robert Bremner. A
member of the Board since 1997, Bob is a management consultant and private
investor not affiliated with Nuveen. Over the years, he has played a critical
role on the Fund Board, most recently as the lead independent director, and I
know Bob and the other Board members are determined to maintain the standards
and commitment to quality that you have come to expect from your Nuveen
investment.
Please take the time to review the Portfolio Managers' Comments, the Dividend
and Share Price Information, and the Performance Overview sections of this
report. All of us are grateful that you have chosen Nuveen Investments as a
partner as you pursue your financial goals, and, on behalf of Bob Bremner and
the other members of your Fund's Board, let me say we look forward to continuing
to earn your trust in the months and years ahead.
Sincerely,
/s/ Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
June 16, 2008
Portfolio Managers' COMMENTS
Nuveen Investments Municipal Closed-End Funds | NUV, NMI
Portfolio managers Tom Spalding, John Miller, and Johnathan Wilhelm review key
investment strategies and the six-month performance of NUV and NMI. With 31
years of investment experience at Nuveen, Tom has managed NUV since its
inception in 1987. John, who has 15 years of municipal market experience,
including 12 years with Nuveen, assumed portfolio management responsibility for
NMI in 2001. In December 2007, Johnathan, who came to Nuveen in 2001 with 18
years of industry experience, joined John as co-portfolio manager of NMI.
WHAT KEY STRATEGIES WERE USED TO MANAGE NUV AND NMI DURING THE SIX-MONTH
REPORTING PERIOD ENDED APRIL 30, 2008?
During this six-month period, the municipal market experienced a great deal of
vola tility, as issues related to the sub-prime mortgage industry had an
indirect, but important, influence on the municipal market's performance. Other
major factors influencing the municipal market included tighter liquidity
stemming from problems in the credit markets, a flight to quality driven by
dislocations in the financial markets, and continued uncertainty about municipal
bond insurers. We sought to capitalize on this turbulent environment by
continuing to focus on relative value, using a fundamental approach to find
undervalued sectors and individual credits with the potential to perform well
over the long term.
As the market discounted bonds that were out of favor, such as those with lower
credit quality and higher yields, we took advantage of opportunities that we
considered overlooked and undervalued to selectively add these types of bonds to
our portfolios, especially bonds rated BBB. In addition, we believed that the
steepening municipal yield curve began to offer better reward opportunities for
purchases made further out on the curve. As a result, many of the additions to
our portfolios emphasized longer maturities. Among the credits we added to the
Funds were uninsured health care bonds, marking the first time in a while that
we found bonds in this sector at attractive levels relative to their credit
quality. NUV also purchased zero coupon bonds, which we believed offered good
long-term potential at discounted prices. In NMI, we added Ohio bonds issued by
the Buckeye Tobacco Settlement Financing Authority as well as non-rated bonds
issued for the Tolomato (Florida) community development district (CDD).
Discussions of specific investments are for illustrative purposes only and are
not intended as recommendations of individual investments. The views expressed
in this commentary represent those of the portfolio managers as of the date of
this report and are subject to change at any time, based on market conditions
and other factors. The Funds disclaim any obligation to advise shareholders of
such changes.
4
Although the market for these CDD, or land-secured, offerings was under pressure
due to the housing market slowdown, we used a bottom-up approach to find the
strongest credits at attractive prices, adding both yield and price appreciation
potential to our portfolio.
To generate cash for purchases, we selectively sold some holdings with shorter
durations,1 including pre-refunded bonds,2 at attractive prices resulting from
high demand. Selling shorter duration bonds and reinvesting further out on the
yield curve also helped to improve the Funds' overall call protection profiles.
In NMI, the majority of our new purchases were funded with cash generated by
bond calls.
As mentioned earlier, over the course of the entire reporting period, we saw the
municipal yield curve steepen, as municipal bond interest rates at the short end
of the curve declined and longer rates rose. In this environment, we continued
to emphasize a disciplined approach to duration management. As part of this
strategy, we use inverse floating rate securities,3 a type of derivative
financial instrument, in both NUV and NMI. Inverse floaters typically provide
the dual benefit of bringing the durations of the Funds closer to our strategic
target and enhancing their income-generation capabilities.
HOW DID THE FUNDS PERFORM?
Individual results for these Funds, as well as relevant index and peer group
information, are presented in the accompanying table.
Total Returns on Net Asset Value*
For periods ended 4/30/08
Six-Month 1-Year 5-Year 10-Year
NUV -0.95% -0.60% 4.75% 5.00%
NMI -0.15% 0.06% 4.88% 4.29%
Lipper General and
Insured Unleveraged
Municipal Debt
Funds Average(4) -0.70% -0.40% 4.39% 4.59%
Lehman Brothers
Municipal
Bond Index(5) 1.47% 2.79% 4.03% 5.16%
*Six-month returns are cumulative; returns for one-year, five-year, and ten-year
are annualized.
Past performance is not predictive of future results. Current performance may be
higher or lower than the data shown. Returns do not reflect the deduction of
taxes that shareholders may have to pay on Fund distributions or upon the sale
of Fund shares.
For additional information, see the individual Performance Overview for your
Fund in this report.
(1) Duration is a measure of a bond's price sensitivity as interest rates
change, with longer duration bonds displaying more sensitivity to these
changes than bonds with shorter durations.
(2) Advance refundings, also known as pre-refundings or refinancings, occur
when an issuer sells new bonds and uses the proceeds to fund principal and
interest payments of older existing bonds. This process often results in
lower borrowing costs for bond issuers.
(3) An inverse floating rate security is a financial instrument designed to pay
long-term tax-exempt interest at a rate that varies inversely with a
short-term tax-exempt interest rate index. For the Nuveen Funds, the index
typically used is the Securities Industry and Financial Markets (SIFM)
Municipal Swap Index (previously referred to as the Bond Market Association
Index or BMA). Inverse floaters, including those inverse floating rate
securities in which the Funds invested during this reporting period, are
further defined within the Notes to Financial Statements and Glossary of
Terms Used in This Report sections of this shareholder report.
(4) The Lipper General and Insured Unleveraged Municipal Debt Funds Average is
calculated using the returns of all closed-end funds in this category for
each period as follows: six months, 8; 1 year, 8; 5 years, 7; and 10 years,
7. Fund and Lipper returns assume reinvestment of dividends.
(5) 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.
5
For the six months ended April 30, 2008, the cumulative returns on net asset
value (NAV) for NUV and NMI underperformed the return on the Lehman Brothers
Municipal Bond Index. The six-month return for NMI outperformed the return for
the Lipper General and Insured Unleveraged Municipal Debt Funds Average, while
NUV trailed this average.
Key factors that influenced the Funds' returns included yield curve and duration
positioning, the use of derivatives, credit exposure and sector allocations, and
holdings of bonds backed by certain municipal bond insurers.
During this six-month period, bonds in the Lehman Brothers Municipal Bond Index
with maturities of eight years or less, especially those maturing in two to six
years, benefited the most from changes in the interest rate environment. As a
result, these shorter maturity bonds generally outperformed credits with longer
maturities. Bonds having the longest maturities (22 years and longer) posted the
worst returns. As previously noted, one of our strategies during this period
focused on adding longer maturity bonds to our portfolios as the yield curve
steepened, based on our belief that these bonds offer good long-term potential.
This purchase activity helped to extend the Funds' durations, which generally
had a negative impact on performance. However, despite extending its duration,
NMI remained short of our strategic duration target, which meant that its
duration positioning was more beneficial during this period.
As mentioned earlier, both NUV and NMI used inverse floaters as part of our
duration management strategies. These inverse floaters negatively impacted
performance due to the fact that they effectively increased the Funds' exposure
to longer maturity bonds during a period when shorter maturities were in favor
in the market. However, the inverse floaters also benefited the Funds by helping
to support their income streams.
Generally, bonds rated BBB or below posted poor returns. The underperformance of
the lower credit quality sectors was largely the result of risk-averse
investors' flight to quality as disruptions in the financial and housing markets
deepened. As of April 30, 2008, NUV had allocated approximately 14% of its
portfolio to bonds rated BBB and 2% to non-rated bonds. NMI had heavier exposure
to these two categories, with 30% allocated to BBB rated bonds and 11% to
non-rated bonds. Both Funds had allocated
6
7% to subinvestment-grade bonds (those rated BB or lower). The Funds' weightings
in these credit quality sectors were higher than those of the Lehman Brothers
Municipal Bond Index and the negative impact of this greater exposure to credit
risk accounted for some of the performance differential between these Funds and
the index.
In general, bonds that carried any credit risk, regardless of sector, tended to
perform poorly. Revenue bonds as a whole and especially the industrial
development and health care sectors that had ranked among the top performers in
the Lehman Brothers Municipal Bond Index over the past few years, underperformed
the general municipal market. The housing sector also performed poorly, as did
bonds backed by the 1998 master tobacco settlement agreement. Among the worst
performers in the market were zero coupon bonds, which have longer durations and
greater exposure to interest rate risk. The performance of NUV, which had a
large position in zero coupon bonds going into this period, was adversely
affected by these holdings.
Sectors of the market that generally contributed positively to the Funds'
performance included general obligation bonds, water and sewer, electric
utilities and special tax issues. Pre-refunded bonds performed exceptionally
well, due primarily to their shorter effective maturities and higher credit
quality. Of these two Funds, NUV had a significantly heavier weighting of bonds
that had been advance refunded. NMI continued to see positive contributions from
advance refunding activity, which benefited the Fund through price appreciation
and enhanced credit quality. Some of the larger advance refundings included
bonds issued by California's Golden State Tobacco Securitization Corporation.
Another factor that had an impact on the performance of these Funds was their
position in bonds backed by certain municipal insurers. As concern increased
about the balance sheets of municipal bond insurers, prices on bonds insured by
these companies declined, detracting from the performance of the Funds. On the
whole, the holdings of all of our Funds continued to be well diversified not
only between insured and uninsured bonds, but also within the insured bond
category.
7
RECENT DEVELOPMENTS REGARDING BOND INSURANCE COMPANIES AND FUND POLICY CHANGES
The portfolios of investments reflect the ratings on certain bonds insured by
AMBAC, FGIC, MBIA and XLCA as of April 30, 2008. During the period covered by
this report, at least one rating agency reduced the rating for AMBAC-insured and
MBIA-insured bonds to AA and at least one rating agency further reduced the
ratings for FGIC-insured and XLCA-insured bonds to BB. Subsequent to April 30,
2008, and at the time this report was prepared, at least one rating agency
further reduced the rating for MBIA-insured bonds to A. As of April 30, 2008, at
least one rating agency has placed XLCA-insured bonds on "negative credit watch"
and one or more rating agencies have placed each of these insurers on "negative
outlook", which may presage one or more rating reductions for such insurer or
insurers in the future. If one or more insurers' ratings are reduced by these
rating agencies, it would likely reduce the effective rating of many of the
bonds insured by that insurer or insurers. It is important to note that
municipal bonds historically have had a very low rate of default.
RECENT DEVELOPMENTS IN THE AUCTION RATE PREFERRED MARKETS
Beginning in February 2008, more shares for sale were submitted in the regularly
scheduled auctions for the preferred shares issued by these Funds than there
were offers to buy. This meant that these auctions "failed to clear'' and that
many or all auction preferred shareholders who wanted to sell their shares in
these auctions were unable to do so. This decline in liquidity in auction
preferred shares did not lower the credit quality of these shares, and auction
preferred shareholders unable to sell their shares received distributions at the
"maximum rate'' applicable to failed auctions as calculated in accordance with
the pre-established terms of the auction preferred shares. At the time this
report was prepared, the Funds' managers could not predict when future auctions
might succeed in attracting sufficient buyers for the shares offered, if ever.
The Funds' managers are working diligently to refund the auction preferred
shares, and have made progress in these efforts, but at present there is no
assurance that these efforts will succeed. These developments generally do not
affect the management or investment policies of these Funds. However, one
implication of these auction failures for common shareholders is that the Funds'
cost of leverage will likely be higher, at least temporarily, than it otherwise
would have been had the auctions continued to be successful. As a result, the
Funds' future common share earnings may be lower than they otherwise would have
been.
For current, up-to-date information, please visit the Nuveen CEF Auction Rate
Preferred Resource Center at:
http://www.nuveen.com/ResourceCenter/AuctionRatePreferred.aspx.
8
Dividend and Share Price
INFORMATION
The dividends of NUV and NMI remained stable throughout the six-month reporting
period ended April 30, 2008.
Due to capital gains generated by normal portfolio activity, common shareholders
of NUV received a long-term capital gains distribution of $0.0283 per share and
an ordinary income distribution of $0.0017 per share at the end of December
2007.
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 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, 2008, NUV and NMI had positive UNII
balances, based upon our best estimate, for tax purposes and positive UNII
balances for financial statement purposes.
As of April 30, 2008, NUV was trading at a premium of 2.25% to its NAV, and NMI
was trading at a share price equal to its NAV. For the six months ended April
30, 2008, the average discounts for NUV and NMI were -2.64% and -1.35%,
respectively.
9
NUV
Performance
OVERVIEW
Nuveen Municipal
Value Fund, Inc.
as of April 30, 2008
Pie Chart:
Credit Quality (as a % of total investments)(1)
AAA/U.S. Guaranteed 52%
AA 14%
A 11%
BBB 14%
BB or Lower 7%
N/R 2%
Bar Chart:
2007-2008 Monthly Tax-Free Dividends Per Share(3)
May 0.039
Jun 0.039
Jul 0.039
Aug 0.039
Sep 0.039
Oct 0.039
Nov 0.039
Dec 0.039
Jan 0.039
Feb 0.039
Mar 0.039
Apr 0.039
Line Chart:
Share Price Performance -- Weekly Closing Price
5/01/07 10.26
10.25
10.21
10.21
10.14
10.16
9.88
9.85
9.67
9.79
9.84
9.68
9.73
9.7
9.9
9.66
9.57
9.9
9.99
9.94
9.73
9.54
9.63
9.65
9.59
9.63
9.22
9.2
9.22
9.33
9.63
9.56
9.56
9.26
9.2
9.25
9.65
9.77
9.47
9.75
9.89
9.83
9.65
9.69
9.4501
9.78
9.7
9.7
9.81
9.85
9.85
9.97
9.97
4/30/08 9.98
FUND SNAPSHOT
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Share Price $9.98
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Net Asset Value $9.76
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Premium/(Discount) to NAV 2.25%
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Market Yield 4.69%
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Taxable-Equivalent Yield(2) 6.51%
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Net Assets ($000) $1,905,802
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Average Effective Maturity
on Securities (Years) 17.17
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Modified Duration 7.83
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AVERAGE ANNUAL TOTAL RETURN
(Inception 6/17/87)
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ON SHARE PRICE ON NAV
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6-Month
(Cumulative) 8.09% -0.95%
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1-Year 2.98% -0.60%
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5-Year 7.13% 4.75%
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10-Year 6.32% 5.00%
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STATES
(as a % of total investments)
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Illinois 11.6%
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California 11.3%
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New York 9.2%
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Texas 5.9%
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New Jersey 5.4%
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Colorado 4.0%
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Massachusetts 3.8%
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Michigan 3.6%
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Indiana 3.6%
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Florida 3.5%
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Washington 3.3%
------------------------------------
Missouri 2.9%
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South Carolina 2.7%
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Louisiana 2.5%
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Puerto Rico 2.5%
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Nevada 2.2%
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District of Columbia 2.1%
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Other 19.9%
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INDUSTRIES
(as a % of total investments)
------------------------------------
U.S. Guaranteed 25.7%
------------------------------------
Tax Obligation/Limited 16.5%
------------------------------------
Health Care 14.4%
------------------------------------
Transportation 12.1%
------------------------------------
Tax Obligation/General 8.8%
------------------------------------
Utilities 6.1%
------------------------------------
Consumer Staples 5.7%
------------------------------------
Other 10.7%
------------------------------------
(1) The percentages shown in the foregoing chart may reflect the ratings on
certain bonds insured by AMBAC, FGIC, MBIA and XLCA as of April 30, 2008.
Please see the Portfolio Managers' Commentary for an expanded discussion of
the affect on the Fund of changes to the ratings of certain bonds in the
portfolio resulting from changes to the ratings of the underlying insurers
both during the period and after period end.
(2) 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%. When
comparing the Fund to investments that generate qualified dividend income,
the Taxable-Equivalent Yield is lower.
(3) The Fund paid shareholders capital gains and net ordinary income
distributions in December 2007 of $0.030 per share.
10
NMI
Performance
OVERVIEW
Nuveen Municipal
Income Fund, Inc.
as of April 30, 2008
Pie Chart:
Credit Quality (as a % of total investments)(1)
AAA/U.S. Guaranteed 31%
AA 9%
A 12%
BBB 30%
BB or Lower 7%
N/R 11%
Bar Chart:
2007-2008 Monthly Tax-Free Dividends Per Share
May 0.042
Jun 0.042
Jul 0.042
Aug 0.042
Sep 0.042
Oct 0.042
Nov 0.042
Dec 0.042
Jan 0.042
Feb 0.042
Mar 0.042
Apr 0.042
Line Chart:
Share Price Performance -- Weekly Closing Price
5/01/07 10.86
10.99
10.91
10.86
10.7
10.38
10.45
10.31
10.33
10.47
10.57
10.42
10.16
10.39
10.21
10.33
10.16
10.21
10.44
10.6
10.366
10.44
10.68
10.61
10.51
10.25
10.37
10.44
10.25
9.96
9.91
10.35
10.31
10.6
10.64
10.62
10.59
10.75
10.69
10.54
10.76
10.64
10.42
10.46
10.51
10.29
10.27
10.31
10.36
10.32
10.45
10.49
10.7
4/30/08 10.5
FUND SNAPSHOT
------------------------------------
Share Price $10.50
------------------------------------
Net Asset Value $10.50
------------------------------------
Premium/(Discount) to NAV 0.00%
------------------------------------
Market Yield 4.80%
------------------------------------
Taxable-Equivalent Yield(2) 6.67%
------------------------------------
Net Assets ($000) $85,329
------------------------------------
Average Effective Maturity
on Securities (Years) 15.50
------------------------------------
Modified Duration 6.24
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 4/20/88)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) 2.54% -0.15%
------------------------------------
1-Year 1.33% 0.06%
------------------------------------
5-Year 4.25% 4.88%
------------------------------------
10-Year 4.07% 4.29%
------------------------------------
STATES
(as a % of total investments)
------------------------------------
California 20.0%
------------------------------------
Texas 9.0%
------------------------------------
Illinois 6.6%
------------------------------------
Colorado 6.2%
------------------------------------
New York 5.8%
------------------------------------
South Carolina 5.0%
------------------------------------
Missouri 4.5%
------------------------------------
Ohio 4.3%
------------------------------------
Tennessee 4.1%
------------------------------------
Indiana 3.8%
------------------------------------
Michigan 3.8%
------------------------------------
Virginia 3.0%
------------------------------------
Virgin Islands 3.0%
------------------------------------
Florida 2.8%
------------------------------------
Other 18.1%
------------------------------------
INDUSTRIES
(as a % of total investments)
------------------------------------
Health Care 21.6%
------------------------------------
Utilities 15.6%
------------------------------------
U.S. Guaranteed 12.8%
------------------------------------
Tax Obligation/General 12.4%
------------------------------------
Tax Obligation/Limited 12.0%
------------------------------------
Education and Civic
Organizations 6.2%
------------------------------------
Materials 4.8%
------------------------------------
Other 14.6%
------------------------------------
1 The percentages shown in the foregoing chart may reflect the ratings on
certain bonds insured by AMBAC, FGIC, MBIA and XLCA as of April 30, 2008.
Please see the Portfolio Managers' Commentary for an expanded discussion of
the affect on the Fund of changes to the ratings of certain bonds in the
portfolio resulting from changes to the ratings of the underlying insurers
both during the period and after period end.
2 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%. When
comparing the Fund to investments that generate qualified dividend income,
the Taxable-Equivalent Yield is lower.
11
NUV
Nuveen Municipal Value Fund, Inc.
Portfolio of INVESTMENTS
April 30, 2008 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
ALABAMA - 1.0%
$ 5,000 Courtland Industrial Development Board, Alabama, Solid Waste 11/09 at 101.00 Baa3 $ 5,051,850
Disposal Revenue Bonds, Champion International Paper Corporation,
Series 1999A, 6.700%, 11/01/29 (Alternative Minimum Tax)
1,750 Huntsville Healthcare Authority, Alabama, Revenue Bonds, 6/11 at 101.00 A2 (4) 1,915,550
Series 2001A, 5.750%, 6/01/31 (Pre-refunded 6/01/11)
12,000 Jefferson County, Alabama, Sewer Revenue Capital Improvement 2/09 at 101.00 AAA 12,405,600
Warrants, Series 1999A, 5.375%, 2/01/36 (Pre-refunded
2/01/09) - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
18,750 Total Alabama 19,373,000
------------------------------------------------------------------------------------------------------------------------------------
ALASKA - 0.5%
3,335 Alaska Housing Finance Corporation, General Housing Purpose 12/14 at 100.00 AA 3,362,781
Bonds, Series 2005A, 5.000%, 12/01/30 - FGIC Insured
3,000 Anchorage, Alaska, General Obligation Bonds, Series 2003B, 9/13 at 100.00 AA (4) 3,284,730
5.000%, 9/01/23 (Pre-refunded 9/01/13) - FGIC Insured
2,365 Northern Tobacco Securitization Corporation, Alaska, Tobacco 6/10 at 100.00 AAA 2,477,952
Settlement Asset-Backed Bonds, Series 2000, 6.200%, 6/01/22
(Pre-refunded 6/01/10)
------------------------------------------------------------------------------------------------------------------------------------
8,700 Total Alaska 9,125,463
------------------------------------------------------------------------------------------------------------------------------------
ARIZONA - 1.7%
13,100 Arizona Health Facilities Authority, Hospital Revenue Bonds, 7/10 at 101.00 A (4) 14,356,290
Catholic Healthcare West, Series 1999A, 6.625%, 7/01/20
(Pre-refunded 7/01/10)
4,900 Arizona Health Facilities Authority, Hospital System Revenue Bonds, 11/09 at 100.00 Baa3 (4) 5,183,073
Phoenix Children's Hospital, Series 1999A, 6.250%, 11/15/29
(Pre-refunded 11/15/09)
1,400 Arizona Health Facilities Authority, Hospital System Revenue 2/12 at 101.00 Baa3 (4) 1,570,758
Bonds, Phoenix Children's Hospital, Series 2002A,
6.250%, 2/15/21 (Pre-refunded 2/15/12)
3,000 Phoenix Industrial Development Authority, Arizona, GNMA 4/15 at 100.00 Aaa 2,740,290
Collateralized Multifamily Housing Revenue Bonds, Park Lee
Apartments, Series 2004A, 5.050%, 10/20/44
(Alternative Minimum Tax)
4,000 Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, 12/17 at 102.00 N/R 3,948,520
Government Project Bonds, Series 2007, 7.000%, 12/01/27
5,000 Salt Verde Financial Corporation, Arizona, Senior Gas Revenue No Opt. Call AA- 4,489,000
Bonds, Series 2007, 5.000%, 12/01/37
------------------------------------------------------------------------------------------------------------------------------------
31,400 Total Arizona 32,287,931
------------------------------------------------------------------------------------------------------------------------------------
ARKANSAS - 0.7%
10,460 Cabot School District 4, Lonoke County, Arkansas, General 8/08 at 100.00 Aaa 10,460,732
Obligation Refunding Bonds, Series 2003, 5.000%, 2/01/32 -
AMBAC Insured
2,000 University of Arkansas, Fayetteville, Various Facilities Revenue 12/12 at 100.00 Aa3 2,013,760
Bonds, Series 2002, 5.000%, 12/01/32 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
12,460 Total Arkansas 12,474,492
------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA - 11.5%
California Department of Water Resources, Power Supply Revenue
Bonds, Series 2002A:
10,000 5.125%, 5/01/19 (Pre-refunded 5/01/12) 5/12 at 101.00 Aaa 10,943,400
10,000 5.250%, 5/01/20 (Pre-refunded 5/01/12) 5/12 at 101.00 Aaa 10,990,300
7,310 California Educational Facilities Authority, Revenue Bonds, Loyola 10/09 at 39.19 Aaa 2,770,051
Marymount University, Series 2000, 0.000%, 10/01/24
(Pre-refunded 10/01/09) - MBIA Insured
12
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA (continued)
$ 6,000 California Health Facilities Financing Authority, Revenue Bonds, 4/16 at 100.00 A+ $ 5,812,560
Kaiser Permanante System, Series 2006, 5.000%, 4/01/37
6,830 California Infrastructure Economic Development Bank, Revenue 10/11 at 101.00 A- 6,843,045
Bonds, J. David Gladstone Institutes, Series 2001,
5.250%, 10/01/34
1,500 California Pollution Control Financing Authority, Revenue Bonds, 6/17 at 100.00 A3 1,301,895
Pacific Gas and Electric Company, Series 2004C,
4.750%, 12/01/23 - FGIC Insured (Alternative Minimum Tax)
12,660 California Statewide Community Development Authority, 4/09 at 101.00 BBB 12,804,071
Certificates of Participation, Internext Group, Series 1999,
5.375%, 4/01/17
3,600 California Statewide Community Development Authority, Revenue 7/18 at 100.00 AA- 3,740,436
Bonds, St. Joseph Health System, Series 2007A, 5.750%, 7/01/47 -
FGIC Insured
California, General Obligation Bonds, Series 2003:
14,600 5.250%, 2/01/28 8/13 at 100.00 A+ 14,989,382
11,250 5.000%, 2/01/33 8/13 at 100.00 A+ 11,274,863
7,500 California, General Obligation Bonds, Series 2004, 5.000%, 2/01/33 2/14 at 100.00 AAA 8,241,900
(Pre-refunded 2/01/14)
16,000 California, General Obligation Bonds, 5.000%, 6/01/37 (UB) 6/17 at 100.00 A+ 15,998,080
3,000 Capistrano Unified School District, Orange County, California, 9/09 at 102.00 N/R (4) 3,198,510
Special Tax Bonds, Community Facilities District 98-2 - Ladera,
Series 1999, 5.750%, 9/01/29 (Pre-refunded 9/01/09)
5,000 Coast Community College District, Orange County, California, 8/18 at 100.00 AAA 3,770,400
General Obligation Bonds, Series 2006C, 5.000%, 8/01/32 -
FSA Insured
30,000 Foothill/Eastern Transportation Corridor Agency, California, No Opt. Call AAA 16,132,800
Toll Road Revenue Bonds, Series 1995A, 0.000%, 1/01/22 (ETM)
21,150 Golden State Tobacco Securitization Corporation, California, 6/13 at 100.00 AAA 22,656,512
Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2003B,
5.000%, 6/01/38 (Pre-refunded 6/01/13) - AMBAC Insured
Golden State Tobacco Securitization Corporation, California,
Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
5,000 5.000%, 6/01/33 6/17 at 100.00 BBB 4,269,350
1,500 5.125%, 6/01/47 6/17 at 100.00 BBB 1,213,965
3,540 Golden State Tobacco Securitization Corporation, California, 6/13 at 100.00 AAA 4,078,753
Tobacco Settlement Asset-Backed Bonds, Series 2003A-1,
6.750%, 6/01/39 (Pre-refunded 6/01/13)
Golden State Tobacco Securitization Corporation, California,
Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A:
5,000 5.000%, 6/01/38 - FGIC Insured 6/15 at 100.00 A 4,789,900
2,000 5.000%, 6/01/45 6/15 at 100.00 A 1,887,540
9,000 Los Angeles Department of Water and Power, California, 7/11 at 100.00 AA 9,121,410
Waterworks Revenue Refunding Bonds, Series 2001A,
5.125%, 7/01/41
4,000 Los Angeles Regional Airports Improvement Corporation, California, 12/12 at 102.00 B 3,826,800
Sublease Revenue Bonds, Los Angeles International Airport,
American Airlines Inc. Terminal 4 Project, Series 2002C,
7.500%, 12/01/24 (Alternative Minimum Tax)
Merced Union High School District, Merced County, California,
General Obligation Bonds, Series 1999A:
2,500 0.000%, 8/01/23 - FGIC Insured No Opt. Call A 1,115,725
2,555 0.000%, 8/01/24 - FGIC Insured No Opt. Call A 1,072,998
2,365 Montebello Unified School District, Los Angeles County, California, No Opt. Call A 822,784
General Obligation Bonds, Series 2004, 0.000%, 8/01/27 -
FGIC Insured
8,000 Rancho Mirage Joint Powers Financing Authority, California, 7/14 at 100.00 A3 (4) 9,085,120
Revenue Bonds, Eisenhower Medical Center, Series 2004,
5.625%, 7/01/34 (Pre-refunded 7/01/14)
15,155 Riverside Public Financing Authority, California, University 8/17 at 100.00 AAA 15,015,726
Corridor Tax Allocation Bonds, Series 2007C, 5.000%, 8/01/37 -
MBIA Insured
San Bruno Park School District, San Mateo County, California,
General Obligation Bonds, Series 2000B:
2,575 0.000%, 8/01/24 - FGIC Insured No Opt. Call A+ 1,096,924
2,660 0.000%, 8/01/25 - FGIC Insured No Opt. Call A+ 1,062,590
13
NUV
Nuveen Municipal Value Fund, Inc. (continued)
Portfolio of INVESTMENTS April 30, 2008 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA (continued)
$ 7,300 San Diego County, California, Certificates of Participation, 9/09 at 101.00 Baa3 (4) $ 7,756,907
Burnham Institute, Series 1999, 6.250%, 9/01/29
(Pre-refunded 9/01/09)
1,539 Yuba County Water Agency, California, Yuba River Development 9/08 at 100.00 Baa3 1,530,536
Revenue Bonds, Pacific Gas and Electric Company, Series 1966A,
4.000%, 3/01/16
------------------------------------------------------------------------------------------------------------------------------------
241,089 Total California 219,215,233
------------------------------------------------------------------------------------------------------------------------------------
COLORADO - 4.1%
5,000 Arkansas River Power Authority, Colorado, Power Revenue Bonds, 10/16 at 100.00 A- 4,854,300
Series 2006, 5.250%, 10/01/40 - XLCA Insured
1,800 Colorado Educational and Cultural Facilities Authority, Charter 8/11 at 100.00 AAA 2,073,024
School Revenue Bonds, Peak-to-Peak Charter School, Series 2001,
7.625%, 8/15/31 (Pre-refunded 8/15/11)
5,000 Colorado Health Facilities Authority, Colorado, Revenue Bonds, 9/16 at 100.00 AA 4,596,850
Catholic Health Initiatives, Series 2006A, 4.500%, 9/01/38
2,100 Colorado Health Facilities Authority, Revenue Bonds, Catholic 3/12 at 100.00 AA (4) 2,223,900
Health Initiatives, Series 2002A, 5.500%, 3/01/32 (ETM)
1,700 Colorado Health Facilities Authority, Revenue Bonds, Poudre Valley 9/18 at 102.00 AAA 1,726,911
Health System, Series 2005C, 5.250%, 3/01/40 - FSA Insured
500 Colorado Health Facilities Authority, Revenue Bonds, Vail Valley 1/12 at 100.00 BBB+ 506,435
Medical Center, Series 2001, 5.750%, 1/15/22
18,915 Denver, Colorado, Airport System Revenue Refunding Bonds, 11/13 at 100.00 A+ 18,435,316
Series 2003B, 5.000%, 11/15/33 - XLCA Insured
5,000 E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, 9/10 at 102.00 AAA 5,447,250
Series 2000A, 5.750%, 9/01/35 (Pre-refunded 9/01/10) -
MBIA Insured
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds,
Series 2000B:
24,200 0.000%, 9/01/31 - MBIA Insured No Opt. Call AAA 6,118,486
16,500 0.000%, 9/01/32 - MBIA Insured No Opt. Call AAA 3,942,345
39,700 E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, 9/10 at 31.42 AAA 11,717,852
Series 2000B, 0.000%, 9/01/28 (Pre-refunded 9/01/10) -
MBIA Insured
10,000 E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, No Opt. Call AAA 1,908,200
Series 2004B, 0.000%, 3/01/36 - MBIA Insured
12,500 E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, 9/26 at 54.77 AAA 2,013,625
Series 2006A, 0.000%, 9/01/38 - MBIA Insured
5,000 Ebert Metropolitan District, Colorado, Limited Tax General 12/17 at 100.00 AA 4,877,950
Obligation Bonds, Series 2007, 5.350%, 12/01/37 - RAAI Insured
1,450 Northwest Parkway Public Highway Authority, Colorado, Revenue 6/11 at 102.00 AAA 1,579,137
Bonds, Senior Series 2001A, 5.500%, 6/15/19 (Pre-refunded
6/15/11) - AMBAC Insured
7,000 Northwest Parkway Public Highway Authority, Colorado, Revenue 6/16 at 100.00 AAA 6,729,030
Bonds, Senior Series 2001C, 0.000%, 6/15/21 (Pre-refunded
6/15/16) - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
156,365 Total Colorado 78,750,611
------------------------------------------------------------------------------------------------------------------------------------
CONNECTICUT - 0.4%
8,670 Mashantucket Western Pequot Tribe, Connecticut, Subordinate 11/17 at 100.00 Baa3 7,875,568
Special Revenue Bonds, Series 2007A, 5.750%, 9/01/34
------------------------------------------------------------------------------------------------------------------------------------
DISTRICT OF COLUMBIA - 2.1%
30,250 Washington Convention Center Authority, District of Columbia, 10/08 at 100.00 AAA 30,567,622
Senior Lien Dedicated Tax Revenue Bonds, Series 1998,
4.750%, 10/01/28 (Pre-refunded 10/01/08) - AMBAC Insured
10,000 Washington Convention Center Authority, District of Columbia, 10/16 at 100.00 AAA 9,420,100
Senior Lien Dedicated Tax Revenue Bonds, Series 2007A,
4.500%, 10/01/30 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
40,250 Total District of Columbia 39,987,722
------------------------------------------------------------------------------------------------------------------------------------
14
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
FLORIDA - 3.6%
$ 4,000 Escambia County Health Facilities Authority, Florida, Revenue 11/12 at 101.00 Aa1 $ 4,151,360
Bonds, Ascension Health Credit Group, Series 2002C,
5.750%, 11/15/32
10,000 Florida State Board of Education, Public Education Capital Outlay 6/15 at 101.00 AAA 9,591,600
Bonds, Series 2005E, 4.500%, 6/01/35 (UB)
1,750 Hillsborough County Industrial Development Authority, Florida, 10/16 at 100.00 A3 1,678,198
Hospital Revenue Bonds, Tampa General Hospital, Series 2006,
5.250%, 10/01/41
10,690 Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, 10/11 at 100.00 AAA 10,769,641
Series 2001, 5.000%, 10/01/30 - AMBAC Insured
3,000 JEA, Florida, Electric System Revenue Bonds, Series 2006-3A, 4/15 at 100.00 AAA 3,041,730
5.000%, 10/01/41 - FSA Insured
4,880 Lee County, Florida, Airport Revenue Bonds, Series 2000A, 10/10 at 101.00 AAA 5,005,855
6.000%, 10/01/32 - FSA Insured (Alternative Minimum Tax)
5,000 Marion County Hospital District, Florida, Revenue Bonds, Munroe 10/17 at 100.00 A2 4,726,750
Regional Medical Center, Series 2007, 5.000%, 10/01/34
4,895 Orange County Health Facilities Authority, Florida, Hospital Revenue 10/09 at 101.00 A 5,007,683
Bonds, Orlando Regional Healthcare System, Series 1999E,
6.000%, 10/01/26
105 Orange County Health Facilities Authority, Florida, Hospital 10/09 at 101.00 A (4) 111,341
Revenue Bonds, Orlando Regional Healthcare System,
Series 1999E, 6.000%, 10/01/26 (Pre-refunded 10/01/09)
8,250 Orange County School Board, Florida, Certificates of Participation, 8/12 at 100.00 AAA 8,327,963
Series 2002A, 5.000%, 8/01/27 - MBIA Insured
9,250 Port Saint Lucie. Florida, Special Assessment Revenue Bonds, 7/17 at 100.00 AAA 9,330,013
Southwest Annexation District 1B, Series 2007, 5.000%, 7/01/40 -
MBIA Insured
2,500 Seminole Tribe of Florida, Special Obligation Bonds, Series 2007A, 10/17 at 100.00 BBB 2,282,500
5.250%, 10/01/27
4,910 South Miami Health Facilities Authority, Florida, Revenue Bonds, 8/17 at 100.00 AA- 4,555,154
Baptist Health Systems of South Florida, Trust 1025,
9.397%, 8/15/42 (IF)
------------------------------------------------------------------------------------------------------------------------------------
69,230 Total Florida 68,579,788
------------------------------------------------------------------------------------------------------------------------------------
GEORGIA - 1.0%
10,240 Atlanta, Georgia, Water and Wastewater Revenue Bonds, 5/09 at 101.00 A 9,763,021
Series 1999A, 5.000%, 11/01/38 - FGIC Insured
2,500 Atlanta, Georgia, Water and Wastewater Revenue Bonds, 5/12 at 100.00 AAA 2,515,300
Series 2001A, 5.000%, 11/01/33 - MBIA Insured
4,000 Augusta, Georgia, Water and Sewerage Revenue Bonds, Series 2004, 10/14 at 100.00 AAA 4,128,160
5.250%, 10/01/39 - FSA Insured
2,250 Royston Hospital Authority, Georgia, Revenue Anticipation 7/09 at 102.00 N/R 2,251,328
Certificates, Ty Cobb Healthcare System Inc., Series 1999,
6.500%, 7/01/27
------------------------------------------------------------------------------------------------------------------------------------
18,990 Total Georgia 18,657,809
------------------------------------------------------------------------------------------------------------------------------------
HAWAII - 1.1%
7,500 Hawaii, General Obligation Bonds, Series 2003DA, 9/13 at 100.00 AAA 7,920,225
5.250%, 9/01/23 - MBIA Insured
12,325 Honolulu City and County, Hawaii, General Obligation Bonds, 3/13 at 100.00 AAA 12,709,540
Series 2003A, 5.250%, 3/01/28 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
19,825 Total Hawaii 20,629,765
------------------------------------------------------------------------------------------------------------------------------------
ILLINOIS - 11.9%
2,060 Aurora, Illinois, Golf Course Revenue Bonds, Series 2000, 1/10 at 100.00 A+ 2,133,048
6.375%, 1/01/20
15,000 Chicago Board of Education, Illinois, Unlimited Tax General No Opt. Call AA- 6,422,700
Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1,
0.000%, 12/01/24 - FGIC Insured
1,125 Chicago Greater Metropolitan Sanitary District, Illinois, No Opt. Call Aaa 1,200,544
General Obligation Capital Improvement Bonds, Series 1991,
7.000%, 1/01/11 (ETM)
15
NUV
Nuveen Municipal Value Fund, Inc. (continued)
Portfolio of INVESTMENTS April 30, 2008 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
ILLINOIS (continued)
$ 5,000 Chicago Housing Authority, Illinois, Revenue Bonds, Capital Fund 7/12 at 100.00 Aaa $ 5,467,050
Program, Series 2001, 5.375%, 7/01/18 (Pre-refunded 7/01/12)
285 Chicago, Illinois, General Obligation Bonds, Series 2002A, 7/12 at 100.00 AAA 301,519
5.625%, 1/01/39 - AMBAC Insured
9,715 Chicago, Illinois, General Obligation Bonds, Series 2002A, 7/12 at 100.00 AAA 10,737,115
5.625%, 1/01/39 (Pre-refunded 7/01/12) - AMBAC Insured
2,575 Chicago, Illinois, Second Lien Passenger Facility Charge Revenue 1/11 at 101.00 AAA 2,533,594
Bonds, O'Hare International Airport, Series 2001C, 5.100%, 1/01/26 -
AMBAC Insured (Alternative Minimum Tax)
3,020 Cook County High School District 209, Proviso Township, Illinois, 12/16 at 100.00 AAA 3,231,189
General Obligation Bonds, Series 2004, 5.000%, 12/01/19 -
FSA Insured
385 DuPage County Community School District 200, Wheaton, Illinois, 11/13 at 100.00 Aaa 411,796
General Obligation Bonds, Series 2003B, 5.250%, 11/01/20 -
FSA Insured
1,615 DuPage County Community School District 200, Wheaton, Illinois, 11/13 at 100.00 Aaa 1,792,698
General Obligation Bonds, Series 2003B, 5.250%, 11/01/20
(Pre-refunded 11/01/13) - FSA Insured
5,000 Illinois Development Finance Authority, Gas Supply Revenue Bonds, 11/13 at 101.00 AAA 5,019,350
Peoples Gas, Light and Coke Company, Series 2003E,
4.875%, 11/01/38 (Mandatory put 11/01/18) - AMBAC Insured
(Alternative Minimum Tax)
28,030 Illinois Development Finance Authority, Local Government Program No Opt. Call Aaa 16,986,180
Revenue Bonds, Kane, Cook and DuPage Counties School
District U46 - Elgin, Series 2002, 0.000%, 1/01/19 - FSA Insured
1,800 Illinois Development Finance Authority, Local Government Program No Opt. Call Aaa 1,086,534
Revenue Bonds, Winnebago and Boone Counties School
District 205 - Rockford, Series 2000, 0.000%, 2/01/19 -
FSA Insured
3,180 Illinois Development Finance Authority, Revenue Bonds, Chicago 12/12 at 100.00 BBB (4) 3,618,904
Charter School Foundation, Series 2002A, 6.250%, 12/01/32
(Pre-refunded 12/01/12)
1,450 Illinois Development Finance Authority, Revenue Bonds, Illinois 9/11 at 100.00 AAA 1,458,947
Wesleyan University, Series 2001, 5.125%, 9/01/35 -
AMBAC Insured
6,550 Illinois Development Finance Authority, Revenue Bonds, Illinois 9/11 at 100.00 AAA 7,050,617
Wesleyan University, Series 2001, 5.125%, 9/01/35
(Pre-refunded 9/01/11) - AMBAC Insured
5,000 Illinois Finance Authority, Revenue Bonds, Northwestern Memorial 8/14 at 100.00 AA+ (4) 5,640,700
Hospital, Series 2004A, 5.500%, 8/15/43 (Pre-refunded 8/15/14)
3,975 Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, 8/17 at 100.00 A- 3,728,073
Series 2007A, 5.500%, 8/01/37
3,530 Illinois Finance Authority, Revenue Bonds, University of Chicago, 7/17 at 100.00 AA 3,474,932
Series 2007, Trust 73TP, 9.858%, 7/01/46 (IF)
15,000 Illinois Health Facilities Authority, Revenue Bonds, Condell Medical 5/10 at 101.00 Baa3 15,355,500
Center, Series 2000, 6.500%, 5/15/30
15,000 Illinois Health Facilities Authority, Revenue Bonds, Edward Hospital 2/11 at 101.00 AAA 16,160,400
Obligated Group, Series 2001B, 5.250%, 2/15/34
(Pre-refunded 2/15/11) - FSA Insured
8,145 Illinois Health Facilities Authority, Revenue Bonds, Sherman Health 8/08 at 100.50 AAA 8,205,192
Systems, Series 1997, 5.250%, 8/01/22 - AMBAC Insured
4,350 Illinois Health Facilities Authority, Revenue Bonds, South Suburban No Opt. Call A (4) 5,102,550
Hospital, Series 1992, 7.000%, 2/15/18 (ETM)
5,000 Illinois Sports Facility Authority, State Tax Supported Bonds, 6/15 at 101.00 AAA 4,576,350
Series 2001, 0.000%, 6/15/30 - AMBAC Insured
5,000 Lombard Public Facilities Corporation, Illinois, First Tier Conference 1/16 at 100.00 N/R 4,159,450
Center and Hotel Revenue Bonds, Series 2005A-2,
5.500%, 1/01/36 - ACA 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 A1 12,736,623
12,830 0.000%, 6/15/18 - FGIC Insured No Opt. Call A1 8,135,631
16
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
ILLINOIS (continued)
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 $ 4,621,078
3,385 0.000%, 6/15/21 - MBIA Insured No Opt. Call AAA 1,796,826
5,190 0.000%, 6/15/28 - MBIA Insured No Opt. Call AAA 1,854,335
11,610 0.000%, 6/15/29 - FGIC Insured No Opt. Call AAA 3,861,022
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 6,750,900
21,375 0.000%, 6/15/34 - MBIA Insured No Opt. Call AAA 5,381,156
21,000 0.000%, 12/15/35 - MBIA Insured No Opt. Call AAA 4,857,930
21,070 0.000%, 6/15/36 - MBIA Insured No Opt. Call AAA 4,733,797
25,825 0.000%, 6/15/39 - MBIA Insured No Opt. Call AAA 4,917,855
8,460 5.250%, 6/15/42 - MBIA Insured 6/12 at 101.00 AAA 8,654,157
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Refunding Bonds, McCormick Place Expansion Project, Series 1996A:
16,700 0.000%, 12/15/21 - MBIA Insured No Opt. Call AAA 8,646,592
1,650 5.250%, 6/15/27 - AMBAC Insured 6/08 at 100.00 AAA 1,652,327
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 3,295,386
5,715 0.000%, 6/15/21 - MBIA Insured 6/17 at 101.00 AAA 4,982,680
1,000 Round Lake, Lake County, Illinois, Special Tax Bonds, Lakewood 3/17 at 100.00 AAA 984,090
Grove Special Service Area 4, Series 2007, 4.700%, 3/01/33 -
AGC Insured
865 Tri-City Regional Port District, Illinois, Port and Terminal Facilities No Opt. Call N/R 847,423
Revenue Refunding Bonds, Delivery Network Project, Series 2003A,
4.900%, 7/01/14 (Alternative Minimum Tax)
255 Tri-City Regional Port District, Illinois, Port and Terminal Facilities No Opt. Call N/R 255,643
Revenue Refunding Bonds, Dock 2 Enhancement Project,
Series 1998B, 5.875%, 7/01/08 (Alternative Minimum Tax)
1,575 Will County Community School District 161, Summit Hill, Illinois, No Opt. Call Baa3 975,161
Capital Appreciation School Bonds, Series 1999,
0.000%, 1/01/18 - FGIC Insured
720 Will County Community School District 161, Summit Hill, Illinois, No Opt. Call Baa3 (4) 479,887
Capital Appreciation School Bonds, Series 1999, 0.000%, 1/01/18 -
FGIC Insured (ETM)
------------------------------------------------------------------------------------------------------------------------------------
350,995 Total Illinois 226,275,431
------------------------------------------------------------------------------------------------------------------------------------
INDIANA - 3.6%
10,000 Indiana Bond Bank, State Revolving Fund Program Bonds, 2/13 at 101.00 AAA 10,764,200
Series 2001A, 5.375%, 2/01/19
2,000 Indiana Health Facility Financing Authority, Hospital Revenue Bonds, 3/14 at 100.00 AAA 2,037,420
Deaconess Hospital Inc., Series 2004A, 5.375%, 3/01/34 -
AMBAC Insured
4,450 Indiana Municipal Power Agency, Power Supply Revenue Bonds, 1/17 at 100.00 AAA 4,446,084
Series 2007A, 5.000%, 1/01/42 - MBIA Insured
20,000 Indiana Transportation Finance Authority, Highway Revenue Bonds, 6/13 at 100.00 AAA 21,824,000
Series 2003A, 5.000%, 6/01/28 (Pre-refunded 6/01/13) -
FSA Insured
Indianapolis Local Public Improvement Bond Bank, Indiana,
Series 1999E:
12,500 0.000%, 2/01/21 - AMBAC Insured No Opt. Call AAA 6,675,375
14,595 0.000%, 2/01/27 - AMBAC Insured No Opt. Call AAA 5,512,532
5,000 Mooresville School Building Corporation, Morgan County, Indiana, 1/09 at 102.00 AAA 5,181,550
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 12,698,092
Corporation, Series 2003, 5.750%, 7/01/22
------------------------------------------------------------------------------------------------------------------------------------
81,645 Total Indiana 69,139,253
------------------------------------------------------------------------------------------------------------------------------------
17
NUV
Nuveen Municipal Value Fund, Inc. (continued)
Portfolio of INVESTMENTS April 30, 2008 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
IOWA - 1.2%
$ 7,475 Iowa Finance Authority, Single Family Mortgage Revenue Bonds, 7/16 at 100.00 AAA $ 6,635,483
Series 2007B, 4.800%, 1/01/37 (Alternative Minimum Tax)
3,500 Iowa Higher Education Loan Authority, Private College Facility 10/12 at 100.00 N/R (4) 3,858,785
Revenue Bonds, Wartburg College, Series 2002, 5.500%, 10/01/33
(Pre-refunded 10/01/12) - ACA Insured
7,000 Iowa Tobacco Settlement Authority, Asset Backed Settlement 6/15 at 100.00 BBB 6,078,520
Revenue Bonds, Series 2005C, 5.625%, 6/01/46
6,160 Iowa Tobacco Settlement Authority, Tobacco Settlement 6/11 at 101.00 AAA 6,706,084
Asset-Backed Revenue Bonds, Series 2001B, 5.600%, 6/01/35
(Pre-refunded 6/01/11)
------------------------------------------------------------------------------------------------------------------------------------
24,135 Total Iowa 23,278,872
------------------------------------------------------------------------------------------------------------------------------------
KANSAS - 0.6%
10,000 Kansas Department of Transportation, Highway Revenue Bonds, 3/14 at 100.00 AAA 10,389,800
Series 2004A, 5.000%, 3/01/22
------------------------------------------------------------------------------------------------------------------------------------
KENTUCKY - 0.1%
1,145 Greater Kentucky Housing Assistance Corporation, FHA-Insured 7/08 at 100.00 AAA 1,146,031
Section 8 Mortgage Revenue Refunding Bonds, Series 1997A,
6.100%, 1/01/24 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
LOUISIANA - 2.6%
1,000 East Baton Rouge Parish, Louisiana, Revenue Refunding Bonds, 3/09 at 101.00 B2 952,270
Georgia Pacific Corporation Project, Series 1998, 5.350%, 9/01/11
(Alternative Minimum Tax)
12,000 Louisiana Local Government Environmental Facilities & Community 11/17 at 100.00 BB+ 11,823,480
Development Authority, Revenue Bonds, Westlake Chemical
Corporation Project, Series 2007, 6.750%, 11/01/32
5,150 Louisiana Public Facilities Authority, Hospital Revenue Bonds, 8/15 at 100.00 A+ 5,155,768
Franciscan Missionaries of Our Lady Health System,
Series 2005A, 5.250%, 8/15/32
10,210 Louisiana Public Facilities Authority, Hospital Revenue Refunding 5/08 at 100.00 AAA 11,233,042
Bonds, Southern Baptist Hospital, Series 1986,
8.000%, 5/15/12 (ETM)
21,155 Tobacco Settlement Financing Corporation, Louisiana, Tobacco 5/11 at 101.00 BBB 20,017,707
Settlement Asset-Backed Bonds, Series 2001B, 5.875%, 5/15/39
------------------------------------------------------------------------------------------------------------------------------------
49,515 Total Louisiana 49,182,267
------------------------------------------------------------------------------------------------------------------------------------
MARYLAND - 0.4%
3,500 Maryland Energy Financing Administration, Revenue Bonds, 9/08 at 100.00 N/R 3,378,585
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 A- 4,587,120
Revenue Bonds, MedStar Health, Series 2004, 5.500%, 8/15/33
------------------------------------------------------------------------------------------------------------------------------------
8,100 Total Maryland 7,965,705
------------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS - 3.8%
10,000 Massachusetts Bay Transportation Authority, Senior Sales Tax 7/12 at 100.00 AAA 10,808,500
Revenue Refunding Bonds, Series 2002A, 5.000%, 7/01/32
(Pre-refunded 7/01/12)
1,720 Massachusetts Development Finance Agency, Resource Recovery 12/08 at 102.00 BBB 1,702,972
Revenue Bonds, Ogden Haverhill Associates, Series 1998B,
5.100%, 12/01/12 (Alternative Minimum Tax)
4,340 Massachusetts Health and Educational Facilities Authority, 11/11 at 101.00 AA 4,219,912
Revenue Bonds, Cape Cod Health Care 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- 1,328,436
1,000 6.375%, 7/01/34 7/14 at 100.00 BB- 995,470
Massachusetts Turnpike Authority, Metropolitan Highway System
Revenue Bonds, Senior Series 1997A:
10,000 5.000%, 1/01/27 - MBIA Insured 1/09 at 100.00 AAA 10,026,100
22,440 5.000%, 1/01/37 - MBIA Insured 7/08 at 101.00 AAA 22,454,586
18
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS (continued)
$ 8,000 Massachusetts Turnpike Authority, Metropolitan Highway System 7/08 at 101.00 AAA $ 8,011,680
Revenue Bonds, Subordinate Series 1997B, 5.125%, 1/01/37 -
MBIA Insured
7,405 Massachusetts Turnpike Authority, Metropolitan Highway System 1/09 at 101.00 AAA 7,411,516
Revenue Bonds, Subordinate Series 1999A, 5.000%, 1/01/39 -
AMBAC Insured
1,750 Massachusetts Water Pollution Abatement Trust, Pooled Loan 8/10 at 101.00 AAA 1,879,623
Program Bonds, Series 2000-6, 5.500%, 8/01/30
(Pre-refunded 8/01/10)
4,250 Massachusetts Water Pollution Abatement Trust, Pooled Loan 8/10 at 101.00 AAA 4,441,463
Program Bonds, Series 2000-6, 5.500%, 8/01/30
------------------------------------------------------------------------------------------------------------------------------------
72,245 Total Massachusetts 73,280,258
------------------------------------------------------------------------------------------------------------------------------------
MICHIGAN - 3.7%
10,165 Detroit Local Development Finance Authority, Michigan, Tax 5/09 at 101.00 BB- 8,802,788
Increment Bonds, Series 1998A, 5.500%, 5/01/21
5,000 Detroit Water Supply System, Michigan, Water Supply System 7/16 at 100.00 AAA 4,967,300
Revenue Bonds, Series 2006D, 4.625%, 7/01/32 - FSA Insured
5,240 Michigan Municipal Bond Authority, Clean Water Revolving Fund 10/12 at 100.00 AAA 5,575,884
Revenue Refunding Bonds, Series 2002, 5.250%, 10/01/19
Michigan Municipal Bond Authority, Public School Academy Revenue
Bonds, Detroit Academy of Arts and Sciences Charter School,
Series 2001A:
1,300 7.500%, 10/01/12 10/09 at 102.00 Ba1 1,352,039
5,000 7.900%, 10/01/21 10/09 at 102.00 Ba1 5,173,000
3,500 8.000%, 10/01/31 10/09 at 102.00 Ba1 3,596,495
22,235 Michigan State Hospital Finance Authority, Hospital Revenue Bonds, 8/08 at 101.00 BB- 19,315,989
Detroit Medical Center Obligated Group, Series 1998A,
5.250%, 8/15/28
Michigan State Hospital Finance Authority, Revenue Refunding
Bonds, Detroit Medical Center Obligated Group, Series 1993A:
1,100 6.250%, 8/15/13 8/08 at 100.00 BB- 1,100,913
12,925 6.500%, 8/15/18 8/08 at 100.00 BB- 12,929,782
7,200 Michigan Strategic Fund, Limited Obligation Resource Recovery 12/12 at 100.00 A- 6,809,904
Revenue Refunding Bonds, Detroit Edison Company, Series 2002D,
5.250%, 12/15/32 - XLCA Insured
------------------------------------------------------------------------------------------------------------------------------------
73,665 Total Michigan 69,624,094
------------------------------------------------------------------------------------------------------------------------------------
MINNESOTA - 0.2%
1,750 Breckenridge, Minnesota, Revenue Bonds, Catholic Health Initiatives, 5/14 at 100.00 AA 1,750,893
Series 2004A, 5.000%, 5/01/30
390 Minnesota Housing Finance Agency, Rental Housing Bonds, 8/08 at 100.00 AAA 391,041
Series 1995D, 5.900%, 8/01/15 - MBIA Insured
2,000 Saint Paul Housing and Redevelopment Authority, Minnesota, 11/16 at 100.00 Baa1 1,802,580
Health Care Facilities Revenue Bonds, HealthPartners Obligated
Group, Series 2006, 5.250%, 5/15/36
------------------------------------------------------------------------------------------------------------------------------------
4,140 Total Minnesota 3,944,514
------------------------------------------------------------------------------------------------------------------------------------
MISSOURI - 2.9%
40,000 Missouri Health and Educational Facilities Authority, Revenue Bonds, 5/13 at 100.00 AA 40,404,400
BJC Health System, Series 2003, 5.250%, 5/15/32 (UB)
6,000 Missouri-Illinois Metropolitan District Bi-State Development Agency, 10/13 at 100.00 AAA 6,108,000
Mass Transit Sales Tax Appropriation Bonds, Metrolink Cross
County Extension Project, Series 2002B, 5.000%, 10/01/32 -
FSA Insured
4,000 Sugar Creek, Missouri, Industrial Development Revenue Bonds, 6/13 at 101.00 BBB 3,583,360
Lafarge North America Inc., Series 2003A, 5.650%, 6/01/37
(Alternative Minimum Tax)
19
NUV
Nuveen Municipal Value Fund, Inc. (continued)
Portfolio of INVESTMENTS April 30, 2008 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
MISSOURI (continued)
West Plains Industrial Development Authority, Missouri, Hospital
Facilities Revenue Bonds, Ozark Medical Center, Series 1997:
$ 1,750 5.500%, 11/15/12 5/08 at 101.00 B+ $ 1,744,050
1,000 5.600%, 11/15/17 5/08 at 101.00 B+ 972,290
3,075 West Plains Industrial Development Authority, Missouri, Hospital 11/09 at 101.00 B+ 3,095,111
Facilities Revenue Bonds, Ozark Medical Center, Series 1999,
6.750%, 11/15/24
------------------------------------------------------------------------------------------------------------------------------------
55,825 Total Missouri 55,907,211
------------------------------------------------------------------------------------------------------------------------------------
MONTANA - 0.2%
3,750 Forsyth, Rosebud County, Montana, Pollution Control Revenue 3/13 at 101.00 AAA 3,753,488
Refunding Bonds, Puget Sound Energy, Series 2003A,
5.000%, 3/01/31 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
NEVADA - 2.2%
2,500 Carson City, Nevada, Hospital Revenue Bonds, Carson-Tahoe 9/13 at 100.00 AA 2,422,575
Hospital, 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 5,226,191
11,000 0.000%, 1/01/25 - AMBAC Insured No Opt. Call AAA 3,559,160
4,000 5.625%, 1/01/32 - AMBAC Insured 1/10 at 102.00 AAA 3,588,920
22,010 5.375%, 1/01/40 - AMBAC Insured 1/10 at 100.00 AAA 17,585,990
10,000 Reno, Neveda, Health Facilities Revenue Bonds, Catholic 7/17 at 100.00 A 9,737,800
Health Care West, Series 2007A, 5.250%, 7/01/31 (UB)
------------------------------------------------------------------------------------------------------------------------------------
64,605 Total Nevada 42,120,636
------------------------------------------------------------------------------------------------------------------------------------
NEW JERSEY - 5.6%
23,625 New Jersey Economic Development Authority, Special Facilities 9/09 at 101.00 B 19,874,531
Revenue Bonds, Continental Airlines Inc., Series 1999,
6.250%, 9/15/29 (Alternative Minimum Tax)
9,000 New Jersey Economic Development Authority, Special Facilities 11/10 at 101.00 B 8,254,260
Revenue Bonds, Continental Airlines Inc., Series 2000,
7.000%, 11/15/30 (Alternative Minimum Tax)
11,200 New Jersey Health Care Facilities Financing Authority, 7/10 at 101.00 BBB- (4) 12,459,440
Revenue Bonds, Trinitas Hospital Obligated Group, Series 2000,
7.500%, 7/01/30 (Pre-refunded 7/01/10)
7,500 New Jersey Transportation Trust Fund Authority, Transportation 6/13 at 100.00 AAA 8,372,250
System Bonds, Series 2003C, 5.500%, 6/15/24
(Pre-refunded 6/15/13)
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2006C:
30,000 0.000%, 12/15/31 - FGIC Insured No Opt. Call AA- 8,687,700
27,000 0.000%, 12/15/32 - FSA Insured No Opt. Call AAA 7,492,770
310 New Jersey Turnpike Authority, Revenue Bonds, Series 1991C, No Opt. Call AAA 356,931
6.500%, 1/01/16 - MBIA Insured
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
105 6.500%, 1/01/16 - MBIA Insured (ETM) No Opt. Call AAA 120,703
1,490 6.500%, 1/01/16 - MBIA Insured (ETM) No Opt. Call AAA 1,712,830
27,185 Tobacco Settlement Financing Corporation, New Jersey, Tobacco 6/12 at 100.00 AAA 30,325,136
Settlement Asset-Backed Bonds, Series 2002, 6.125%, 6/01/42
(Pre-refunded 6/01/12)
7,165 Tobacco Settlement Financing Corporation, New Jersey, Tobacco 6/13 at 100.00 AAA 8,175,767
Settlement Asset-Backed Bonds, Series 2003, 6.250%, 6/01/43
(Pre-refunded 6/01/13)
------------------------------------------------------------------------------------------------------------------------------------
144,580 Total New Jersey 105,832,318
------------------------------------------------------------------------------------------------------------------------------------
NEW MEXICO - 0.6%
1,500 University of New Mexico, Revenue Refunding Bonds, Series 1992A, No Opt. Call AA 1,725,615
6.000%, 6/01/21
9,600 University of New Mexico, Subordinate Lien Revenue Refunding and 6/12 at 100.00 AA 9,723,360
Improvement Bonds, Series 2002A, 5.000%, 6/01/32
------------------------------------------------------------------------------------------------------------------------------------
11,100 Total New Mexico 11,448,975
------------------------------------------------------------------------------------------------------------------------------------
20
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
NEW YORK - 9.4%
$ 8,500 Dormitory Authority of the State of New York, FHA-Insured 2/14 at 100.00 AAA $ 8,739,785
Mortgage Revenue Bonds, Kaleida Health, Series 2004,
5.050%, 2/15/25
Dormitory Authority of the State of New York, Improvement Revenue
Bonds, Mental Health Services Facilities, Series 1999D:
245 5.250%, 2/15/29 (Pre-refunded 8/15/09) 8/09 at 101.00 A1 (4) 256,922
200 5.250%, 2/15/29 (Pre-refunded 8/15/09) 8/09 at 101.00 AA- (4) 209,706
65 5.250%, 2/15/29 (Pre-refunded 8/15/09) 8/09 at 101.00 AA- (4) 68,163
6,490 5.250%, 2/15/29 (Pre-refunded 8/15/09) 8/09 at 101.00 AA- (4) 6,805,803
5,200 Dormitory Authority of the State of New York, New York City, 5/10 at 101.00 AA- (4) 5,629,000
Lease Revenue Bonds, Court Facilities, Series 1999,
6.000%, 5/15/39 (Pre-refunded 5/15/10)
2,500 Dormitory Authority of the State of New York, Revenue Bonds, 7/08 at 100.00 Baa1 2,500,100
Mount Sinai NYU Health Obligated Group, Series 2000A,
5.500%, 7/01/26
2,625 Dormitory Authority of the State of New York, Revenue Bonds, 7/08 at 100.00 Baa1 2,625,105
Mount Sinai NYU Health, Series 2000C, 5.500%, 7/01/26
1,760 Hudson Yards Infrastructure Corporation, New York, Revenue 2/17 at 100.00 AAA 1,641,922
Bonds, Series 2006A, 4.500%, 2/15/47 - MBIA Insured
11,000 Long Island Power Authority, New York, Electric System General 6/08 at 101.00 AAA 11,140,360
Revenue Bonds, Series 1998A, 5.250%, 12/01/26
(Pre-refunded 6/01/08) - MBIA Insured
15,500 Long Island Power Authority, New York, Electric System General 9/11 at 100.00 AAA 16,843,695
Revenue Bonds, Series 2001A, 5.375%, 9/01/25
(Pre-refunded 9/01/11)
2,000 Long Island Power Authority, New York, Electric System General 6/16 at 100.00 A- 2,022,460
Revenue Bonds, Series 2006B, 5.000%, 12/01/35
1,510 New York City Industrial Development Agency, New York, Civic 12/16 at 100.00 BB+ 1,220,684
Facility Revenue Bonds, Vaughn College of Aeronautics,
Series 2006B, 5.000%, 12/01/31
10,000 New York City Industrial Development Agency, New York, Special 8/12 at 101.00 B 10,303,100
Facilities Revenue Bonds, JFK Airport - American Airlines Inc.,
Series 2002B, 8.500%, 8/01/28 (Alternative Minimum Tax)
5,500 New York City Municipal Water Finance Authority, New York, 12/14 at 100.00 AAA 5,611,513
Water and Sewer System Revenue Bonds, Fiscal Series 2005B,
5.000%, 6/15/36 - FSA Insured (UB)
5 New York City, New York, General Obligation Bonds, 8/08 at 100.00 AA 5,043
Fiscal Series 1997E, 6.000%, 8/01/16
3,880 New York City, New York, General Obligation Bonds, 8/08 at 100.50 AA 3,927,530
Fiscal Series 1998D, 5.500%, 8/01/10
New York City, New York, General Obligation Bonds,
Fiscal Series 2003J:
1,450 5.500%, 6/01/21 6/13 at 100.00 AAA 1,527,720
385 5.500%, 6/01/22 6/13 at 100.00 AAA 404,635
New York City, New York, General Obligation Bonds,
Fiscal Series 2004C:
8,000 5.250%, 8/15/24 8/14 at 100.00 AA 8,325,040
6,000 5.250%, 8/15/25 8/14 at 100.00 AA 6,237,120
10,000 New York Dormitory Authority, FHA Insured Mortgage Hospital 8/16 at 100.00 AA 9,297,115
Revenue Bonds, Kaleida Health, Series 2006, 4.700%, 2/15/35 -
FHAInsured (UB)
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- 10,395,700
16,190 5.500%, 6/01/18 6/12 at 100.00 AA- 16,972,139
33,810 5.500%, 6/01/19 6/13 at 100.00 AA- 35,675,971
2,500 Port Authority of New York and New Jersey, Special Project No Opt. Call AAA 2,646,700
Bonds, JFK International Air Terminal LLC, Sixth Series 1997,
6.250%, 12/01/10 - MBIA Insured (Alternative Minimum Tax)
8,500 Power Authority of the State of New York, General Revenue 11/10 at 100.00 Aa2 8,666,430
Bonds, Series 2000A, 5.250%, 11/15/40
------------------------------------------------------------------------------------------------------------------------------------
173,815 Total New York 179,699,461
------------------------------------------------------------------------------------------------------------------------------------
21
NUV
Nuveen Municipal Value Fund, Inc. (continued)
Portfolio of INVESTMENTS April 30, 2008 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA - 0.9%
$ 1,500 Charlotte, North Carolina, Certificates of Participation, 6/13 at 100.00 AA+ $ 1,511,310
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 Baa1 2,458,475
Revenue Refunding Bonds, Series 2003D, 5.125%, 1/01/26
1,500 North Carolina Infrastructure Finance Corporation, Certificates 2/14 at 100.00 AA+ 1,564,485
of Participation, Correctional Facilities, Series 2004A,
5.000%, 2/01/20
2,000 North Carolina Medical Care Commission, Health System 10/17 at 100.00 AA 1,849,840
Revenue Bonds, Mission St. Joseph's Health System,
Series 2007, 4.500%, 10/01/31
10,000 North Carolina Municipal Power Agency 1, Catawba Electric 1/10 at 101.00 A2 10,529,300
Revenue Bonds, Series 1999B, 6.500%, 1/01/20
------------------------------------------------------------------------------------------------------------------------------------
17,500 Total North Carolina 17,913,410
------------------------------------------------------------------------------------------------------------------------------------
OHIO - 1.3%
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco
Settlement Asset-Backed Revenue Bonds, Senior Lien,
Series 2007A-2:
535 5.125%, 6/01/24 6/17 at 100.00 BBB 503,933
5,350 5.875%, 6/01/30 6/17 at 100.00 BBB 4,978,175
5,270 5.750%, 6/01/34 6/17 at 100.00 BBB 4,764,027
11,785 5.875%, 6/01/47 6/17 at 100.00 BBB 10,428,782
5,150 Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco 6/22 at 100.00 BBB 3,400,288
Settlement Asset-Backed Revenue Bonds, Senior Lien,
Series 2007A-3, 0.000%, 6/01/37
------------------------------------------------------------------------------------------------------------------------------------
28,090 Total Ohio 24,075,205
------------------------------------------------------------------------------------------------------------------------------------
OKLAHOMA - 0.8%
9,955 Oklahoma Development Finance Authority, Revenue Bonds, 2/14 at 100.00 AA- 9,986,358
St. John Health System, Series 2004, 5.125%, 2/15/31
5,045 Oklahoma Development Finance Authority, Revenue Bonds, 2/14 at 100.00 AAA 5,560,095
St. John Health System, Series 2004, 5.125%, 2/15/31
(Pre-refunded 2/15/14)
------------------------------------------------------------------------------------------------------------------------------------
15,000 Total Oklahoma 15,546,453
------------------------------------------------------------------------------------------------------------------------------------
OREGON - 0.3%
2,600 Clackamas County Hospital Facility Authority, Oregon, Revenue 5/11 at 101.00 AA- 2,663,050
Refunding Bonds, Legacy Health System, Series 2001,
5.250%, 5/01/21
2,860 Oregon State Facilities Authority, Revenue Bonds, Willamette 10/17 at 100.00 A 2,828,082
University, Series 2007A, 5.000%, 10/01/32
------------------------------------------------------------------------------------------------------------------------------------
5,460 Total Oregon 5,491,132
------------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA - 2.1%
10,300 Allegheny County Hospital Development Authority, Pennsylvania, 11/17 at 100.00 BB 8,576,810
Revenue Bonds, West Penn Allegheny Health System,
Series 2007A, 5.000%, 11/15/28
4,500 Pennsylvania Higher Educational Facilities Authority, Revenue 7/08 at 100.00 AA+ 4,502,520
Bonds, University of Pennsylvania, Series 1998, 4.500%, 7/15/21
6,500 Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, 12/14 at 100.00 AAA 6,819,475
Series 2004A, 5.500%, 12/01/31 - AMBAC Insured
8,000 Philadelphia School District, Pennsylvania, General Obligation 6/14 at 100.00 Aa3 (4) 8,849,040
Bonds, Series 2004D, 5.125%, 6/01/34 (Pre-refunded 6/01/14) -
FGIC Insured
10,075 State Public School Building Authority, Pennsylvania, Lease 6/13 at 100.00 AAA 10,993,840
Revenue Bonds, Philadelphia School District, Series 2003,
5.000%, 6/01/33 (Pre-refunded 6/01/13) - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
39,375 Total Pennsylvania 39,741,685
------------------------------------------------------------------------------------------------------------------------------------
22
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
PUERTO RICO - 2.5%
$ 8,340 Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, 7/18 at 100.00 BBB- $ 8,733,565
Senior Lien Series 2008A, 6.000%, 7/01/44
13,000 Puerto Rico Highway and Transportation Authority, Highway No Opt. Call BBB+ 12,949,560
Revenue Bonds, Series 2007N, 5.250%, 7/01/39 - FGIC Insured
5,450 Puerto Rico Industrial, Tourist, Educational, Medical and 6/10 at 101.00 Baa3 5,603,636
Environmental Control Facilities Financing Authority, Co-Generation
Facility Revenue Bonds, Series 2000A, 6.625%, 6/01/26
(Alternative Minimum Tax)
10,000 Puerto Rico Infrastructure Financing Authority, Special Obligation 10/10 at 101.00 AAA 10,414,300
Bonds, Series 2000A, 5.500%, 10/01/40
70,300 Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue No Opt. Call AAA 5,098,859
Bonds, Series 2007A, 0.000%, 8/01/54 - AMBAC Insured
5,000 Puerto Rico, General Obligation Bonds, Series 2000B, 7/10 at 100.00 AAA 5,128,200
5.625%, 7/01/19 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
112,090 Total Puerto Rico 47,928,120
------------------------------------------------------------------------------------------------------------------------------------
RHODE ISLAND - 1.1%
6,250 Rhode Island Health and Educational Building Corporation, 5/08 at 101.00 AAA 6,318,938
Hospital Financing Revenue Bonds, Lifespan Obligated Group,
Series 1996, 5.250%, 5/15/26 - MBIA Insured
16,070 Rhode Island Tobacco Settlement Financing Corporation, 6/12 at 100.00 BBB 15,520,567
Tobacco Settlement Asset-Backed Bonds, Series 2002A,
6.250%, 6/01/42
------------------------------------------------------------------------------------------------------------------------------------
22,320 Total Rhode Island 21,839,505
------------------------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA - 2.8%
7,000 Dorchester County School District 2, South Carolina, Installment 12/14 at 100.00 A 6,694,940
Purchase Revenue Bonds, GROWTH, Series 2004,
5.250%, 12/01/29
3,000 Myrtle Beach, South Carolina, Hospitality and Accommodation 6/14 at 100.00 A+ 2,946,540
Fee Revenue Bonds, Series 2004A, 5.000%, 6/01/36 -
FGIC Insured
8,475 Piedmont Municipal Power Agency, South Carolina, Electric 1/25 at 100.00 Baa1 8,042,351
Revenue Refunding Bonds, Series 1986, 5.000%, 1/01/25
4,320 South Carolina JOBS Economic Development Authority, Economic 11/12 at 100.00 A- (4) 4,802,933
Development Revenue Bonds, Bon Secours Health System Inc.,
Series 2002A, 5.625%, 11/15/30 (Pre-refunded 11/15/12)
16,430 South Carolina JOBS Economic Development Authority, Economic 11/12 at 100.00 A- 16,665,771
Development Revenue Bonds, Bon Secours Health System Inc.,
Series 2002B, 5.625%, 11/15/30
8,000 South Carolina JOBS Economic Development Authority, Hospital 12/10 at 102.00 Baa2 (4) 9,105,120
Revenue Bonds, Palmetto Health Alliance, Series 2000A,
7.375%, 12/15/21 (Pre-refunded 12/15/10)
4,215 Spartanburg Sanitary Sewer District, South Carolina, Sewer 3/14 at 100.00 AAA 4,240,121
System Revenue Bonds, Series 2003B, 5.000%, 3/01/38 -
MBIA Insured
110 Tobacco Settlement Revenue Management Authority, 5/11 at 101.00 BBB 110,818
South Carolina, Tobacco Settlement Asset-Backed Bonds,
Series 2001B, 6.000%, 5/15/22
------------------------------------------------------------------------------------------------------------------------------------
51,550 Total South Carolina 52,608,594
------------------------------------------------------------------------------------------------------------------------------------
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 Ba2 3,155,070
2,605 6.500%, 4/15/31 4/12 at 101.00 Ba2 2,697,816
------------------------------------------------------------------------------------------------------------------------------------
5,605 Total Tennessee 5,852,886
------------------------------------------------------------------------------------------------------------------------------------
23
NUV
Nuveen Municipal Value Fund, Inc. (continued)
Portfolio of INVESTMENTS April 30, 2008 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TEXAS - 6.1%
$ 5,000 Alliance Airport Authority, Texas, Special Facilities Revenue 12/12 at 100.00 CCC+ $ 2,907,150
Bonds, American Airlines Inc., Series 2007, 5.250%, 12/01/29
(Alternative Minimum Tax)
2,000 Austin Convention Enterprises Inc., Texas, Convention Center 1/17 at 100.00 BB 1,770,880
Hotel Revenue Bonds, First Tier Series 2006B, 5.750%, 1/01/34
5,110 Brazos River Authority, Texas, Pollution Control Revenue 4/13 at 101.00 Caa1 4,997,529
Refunding Bonds, TXU Electric Company, Series 1999C,
7.700%, 3/01/32 (Alternative Minimum Tax)
Central Texas Regional Mobility Authority, Travis and Williamson
Counties, Toll Road Revenue Bonds, Series 2005:
4,000 5.000%, 1/01/35 - FGIC Insured 1/15 at 100.00 BBB- 3,618,200
41,550 5.000%, 1/01/45 - FGIC Insured 1/15 at 100.00 BBB- 36,718,978
11,000 Harris County-Houston Sports Authority, Texas, Junior Lien No Opt. Call AAA 3,531,110
Revenue Bonds, Series 2001H, 0.000%, 11/15/27 - MBIA Insured
2,700 Harris County-Houston Sports Authority, Texas, Senior Lien 11/11 at 100.00 AAA 2,725,947
Revenue Bonds, Series 2001G, 5.250%, 11/15/30 - MBIA Insured
23,875 Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, No Opt. Call AAA 7,272,086
Convention and Entertainment Project, Series 2001B,
0.000%, 9/01/29 - AMBAC Insured
10,045 Houston, Texas, Subordinate Lien Airport System Revenue Bonds, 7/10 at 100.00 AAA 10,445,796
Series 2000A, 5.875%, 7/01/16 - FSA Insured
(Alternative Minimum Tax)
Irving Independent School District, Texas, Unlimited Tax School
Building Bonds, Series 1997:
5,685 0.000%, 2/15/10 No Opt. Call AAA 5,413,030
3,470 0.000%, 2/15/11 No Opt. Call AAA 3,186,189
5,000 Kerrville Health Facilities Development Corporation, Texas, No Opt. Call BBB- 4,532,800
Revenue Bonds, Sid Peterson Memorial Hospital Project,
Series 2005, 5.375%, 8/15/35
22,060 Leander Independent School District, Williamson and Travis 8/09 at 31.45 AAA 6,580,277
Counties, Texas, Unlimited Tax School Building and Refunding
Bonds, Series 2000, 0.000%, 8/15/27
5,000 Port Corpus Christi Industrial Development Corporation, Texas, 10/08 at 102.00 BBB 4,892,850
Revenue Refunding Bonds, Valero Refining and Marketing
Company, Series 1997A, 5.400%, 4/01/18
5,000 Richardson Hospital Authority, Texas, Revenue Bonds, Richardson 12/13 at 100.00 Baa2 4,832,350
Regional Medical Center, Series 2004, 6.000%, 12/01/34
2,000 Sabine River Authority, Texas, Pollution Control Revenue 7/13 at 101.00 Caa1 1,655,120
Refunding Bonds, TXU Electric Company, Series 2003A,
5.800%, 7/01/22
3,000 San Antonio, Texas, Water System Revenue Bonds, Series 2005, 5/15 at 100.00 AAA 2,962,680
4.750%, 5/15/37 - MBIA Insured
7,725 Tarrant County, Texas, Cultural & Educational Facilities Financing 2/17 at 100.00 AA- 7,381,238
Corporation, Revenue Bonds, Series 2007, Residuals 1760-3,
9.809%, 2/15/36 (IF)
------------------------------------------------------------------------------------------------------------------------------------
164,220 Total Texas 115,424,210
------------------------------------------------------------------------------------------------------------------------------------
UTAH - 0.4%
3,000 Eagle Mountain, Utah, Gas and Electric Revenue Bonds, 6/15 at 100.00 AA 2,990,010
Series 2005, 5.000%, 6/01/24 - RAAI Insured
1,210 Utah Housing Finance Agency, Single Family Mortgage Bonds, 1/10 at 101.50 AAA 1,168,231
Series 1998G-2, Class I, 5.200%, 7/01/30
(Alternative Minimum Tax)
3,700 Utah State Board of Regents, Utah State University, Revenue 4/14 at 100.00 AAA 4,059,603
Bonds, Series 2004, 5.000%, 4/01/35 (Pre-refunded 4/01/14) -
MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
7,910 Total Utah 8,217,844
------------------------------------------------------------------------------------------------------------------------------------
VIRGIN ISLANDS - 0.1%
2,500 Virgin Islands Public Finance Authority, Revenue Bonds, Refinery 1/14 at 100.00 BBB 2,502,700
Project - Hovensa LLC, Series 2003, 6.125%, 7/01/22
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
24
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
VIRGINIA - 1.5%
$ 4,125 Metropolitan Washington D.C. Airports Authority, Virginia, Airport 10/12 at 100.00 AA- $ 4,295,858
System Revenue Bonds, Series 2002A, 5.750%, 10/01/16 -
FGIC Insured (Alternative Minimum Tax)
15,000 Pocahontas Parkway Association, Virginia, Senior Lien Revenue 8/08 at 28.38 AAA 4,233,300
Bonds, Route 895 Connector Toll Road, Series 1998A,
0.000%, 8/15/30 (Pre-refunded 8/15/08)
Pocahontas Parkway Association, Virginia, Senior Lien Revenue
Bonds, Route 895 Connector Toll Road, Series 1998B:
19,400 0.000%, 8/15/33 (Pre-refunded 8/15/08) 8/08 at 23.55 AAA 4,543,286
60,500 0.000%, 8/15/35 (Pre-refunded 8/15/08) 8/08 at 20.95 AAA 12,600,940
3,245 Virginia Housing Development Authority, Multifamily Housing 7/08 at 102.00 AA+ 3,286,763
Bonds, Series 1997E, 5.600%, 11/01/17 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
102,270 Total Virginia 28,960,147
------------------------------------------------------------------------------------------------------------------------------------
WASHINGTON - 3.3%
6,400 Cowlitz County Public Utilities District 1, Washington, Electric 9/14 at 100.00 A- 6,380,992
Production Revenue Bonds, Series 2004, 5.000%, 9/01/34 -
FGIC Insured
12,500 Energy Northwest, Washington, Electric Revenue Refunding 7/12 at 100.00 AAA 13,583,000
Bonds, Columbia Generating Station - Nuclear Project 2,
Series 2002B, 6.000%, 7/01/18 - AMBAC Insured
4,000 Energy Northwest, Washington, Electric Revenue Refunding 7/13 at 100.00 AA- 4,323,040
Bonds, Nuclear Project 3, Series 2003A, 5.500%, 7/01/17 -
XLCA Insured
8,200 Washington Public Power Supply System, Revenue Refunding No Opt. Call Aaa 6,477,016
Bonds, Nuclear Project 3, Series 1989B, 0.000%, 7/01/14
2,500 Washington State Health Care Facilities Authority, Revenue Bonds, No Opt. Call N/R 2,335,125
Northwest Hospital and Medical Center of Seattle,
Series 2007, 5.700%, 12/01/32
5,000 Washington State Healthcare Facilities Authority, Revenue Bonds, 10/16 at 100.00 AA 4,747,600
Providence Health Care Services, Series 2006A,
4.625%, 10/01/34 - FGIC Insured
17,670 Washington State Tobacco Settlement Authority, Tobacco 6/13 at 100.00 BBB 17,789,626
Settlement Asset-Backed Revenue Bonds,
Series 2002, 6.625%, 6/01/32
Washington State, Motor Vehicle Fuel Tax General Obligation
Bonds, Series 2002-03C:
9,000 0.000%, 6/01/29 - MBIA Insured No Opt. Call AAA 3,011,490
16,195 0.000%, 6/01/30 - MBIA Insured No Opt. Call AAA 5,122,640
------------------------------------------------------------------------------------------------------------------------------------
81,465 Total Washington 63,770,529
------------------------------------------------------------------------------------------------------------------------------------
WISCONSIN - 1.9%
Badger Tobacco Asset Securitization Corporation, Wisconsin,
Tobacco Settlement Asset-Backed Bonds, Series 2002:
7,435 6.125%, 6/01/27 6/12 at 100.00 BBB 7,451,803
13,475 6.375%, 6/01/32 6/12 at 100.00 BBB 13,556,659
6,000 Wisconsin Health and Educational Facilities Authority, Revenue 9/13 at 100.00 BBB+ (4) 6,781,920
Bonds, Franciscan Sisters of Christian Charity Healthcare
Ministry, Series 2003A, 5.875%, 9/01/33 (Pre-refunded 9/01/13)
1,000 Wisconsin Health and Educational Facilities Authority, Revenue 2/16 at 100.00 BBB+ 1,010,210
Bonds, Marshfield Clinic, Series 2006A, 5.000%, 2/15/17
25
NUV
Nuveen Municipal Value Fund, Inc. (continued)
Portfolio of INVESTMENTS April 30, 2008 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
WISCONSIN (continued)
$ 3,750 Wisconsin Health and Educational Facilities Authority, Revenue 2/12 at 101.00 AAA $ 4,155,000
Bonds, Wheaton Franciscan Services Inc., Series 2002,
5.750%, 8/15/30 (Pre-refunded 2/15/12)
3,235 Wisconsin Housing and Economic Development Authority, 9/14 at 100.00 AA 2,872,712
Home Ownership Revenue Bonds, Series 2005C, 4.875%, 3/01/36
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
34,895 Total Wisconsin 35,828,304
------------------------------------------------------------------------------------------------------------------------------------
$ 2,445,239 Total Investments (cost $1,881,664,358) - 102.1% 1,945,646,420
=============-----------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (3.3)% (63,160,000)
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.2% 23,315,800
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $1,905,802,220
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments are
based on net assets.
(2) 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.
Certain mortgage-backed securities may be subject to
periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's Group
("Standard & Poor's") or Moody's Investor Service, Inc.
("Moody's") rating. Ratings below BBB by Standard & Poor's
or Baa by Moody's are considered to be below investment
grade.
The Portfolio of Investments may reflect the ratings on
certain bonds insured by AMBAC, FGIC, MBIA and XLCA as of
April 30, 2008. Please see the Portfolio Managers'
Commentary for an expanded discussion of the affect on the
Fund of changes to the ratings of certain bonds in the
portfolio resulting from changes to the ratings of the
underlying insurers both during the period and after period
end.
(4) Backed by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities which ensure
the timely payment of principal and interest. Such
investments are normally considered to be equivalent to AAA
rated securities.
N/R Not rated.
(ETM) Escrowed to maturity.
(IF) Inverse floating rate investment.
(UB) Underlying bond of an inverse floating rate trust reflected
as a financing transaction pursuant to the provisions of
SFAS No. 140.
See accompanying notes to financial statements.
26
NMI
Nuveen Municipal Income Fund, Inc.
Portfolio of INVESTMENTS
April 30, 2008 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
ALABAMA - 0.8%
$ 690 Phenix City Industrial Development Board, Alabama, 5/12 at 100.00 BBB $ 683,376
Environmental Improvement Revenue Bonds, MeadWestvaco
Corporation, Series 2002A, 6.350%, 5/15/35
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA - 20.3%
5,530 Adelanto School District, San Bernardino County, California, No Opt. Call AAA 3,021,869
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 AA- 1,035,380
2,070 0.000%, 8/01/22 - FGIC Insured No Opt. Call AA- 1,014,031
2,120 0.000%, 8/01/23 - FGIC Insured No Opt. Call AA- 979,037
1,000 California Health Facilities Financing Authority, Revenue Bonds, 4/16 at 100.00 A+ 993,900
Kaiser Permanante System, Series 2006, 5.250%, 4/01/39
740 California Health Facilities Financing Authority, Revenue Bonds, 11/16 at 100.00 AA- 722,151
Sutter Health, Series 2007A, 5.000%, 11/15/42
250 California Housing Finance Agency, California, Home Mortgage 2/17 at 100.00 Aa2 221,690
Revenue Bonds, Series 2007E, 4.800%, 8/01/37
(Alternative Minimum Tax)
3,000 California State Public Works Board, Lease Revenue Bonds, 6/14 at 100.00 A 3,028,050
Department of Mental Health, Coalinga State Hospital,
Series 2004A, 5.000%, 6/01/25
1,000 California Statewide Community Development Authority, Revenue 7/15 at 100.00 BBB+ 860,900
Bonds, Daughters of Charity Health System, Series 2005A,
5.000%, 7/01/39
500 California, General Obligation Bonds, Series 2004, 5.200%, 4/01/26 4/14 at 100.00 A+ 512,300
1,000 California, General Obligation Bonds, Series 2005, 5.000%, 3/01/27 3/16 at 100.00 A+ 1,014,830
3,000 Golden State Tobacco Securitization Corporation, California, 6/13 at 100.00 AAA 3,456,570
Tobacco Settlement Asset-Backed Bonds, Series 2003A-1,
6.750%, 6/01/39 (Pre-refunded 6/01/13)
500 Lake Elsinore Public Finance Authority, California, Local Agency 10/13 at 102.00 N/R 502,425
Revenue Refunding Bonds, Series 2003H, 6.375%, 10/01/33
------------------------------------------------------------------------------------------------------------------------------------
22,710 Total California 17,363,133
------------------------------------------------------------------------------------------------------------------------------------
COLORADO - 6.3%
795 Colorado Educational and Cultural Facilities Authority, Charter 7/12 at 100.00 BBB 801,519
School Revenue Bonds, Douglas County School District RE-1 -
DCS Montessori School, Series 2002A, 6.000%, 7/15/22
430 Colorado Educational and Cultural Facilities Authority, Charter 8/11 at 100.00 AAA 486,223
School Revenue Bonds, Peak-to-Peak Charter School,
Series 2001, 7.500%, 8/15/21 (Pre-refunded 8/15/11)
1,000 Colorado Educational and Cultural Facilities Authority, Charter 6/11 at 100.00 Ba1 (4) 1,130,270
School Revenue Bonds, Weld County School District 6 -
Frontier Academy, Series 2001, 7.375%, 6/01/31
(Pre-refunded 6/01/11)
1,000 Colorado Health Facilities Authority, Revenue Bonds, Evangelical 6/16 at 100.00 A- 914,220
Lutheran Good Samaritan Society, Series 2005, 5.000%, 6/01/35
2,000 Denver City and County, Colorado, Airport System Revenue 11/10 at 100.00 AAA 2,056,060
Refunding Bonds, Series 2000A, 6.000%, 11/15/16 -
AMBAC Insured (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
5,225 Total Colorado 5,388,292
------------------------------------------------------------------------------------------------------------------------------------
27
NMI
Nuveen Municipal Income Fund, Inc. (continued)
Portfolio of INVESTMENTS April 30, 2008 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONNECTICUT - 2.3%
$ 1,480 Capitol Region Education Council, Connecticut, Revenue Bonds, 10/08 at 100.00 BBB $ 1,482,605
Series 1995, 6.750%, 10/15/15
450 Eastern Connecticut Resource Recovery Authority, Solid Waste 7/08 at 100.00 BBB 450,090
Revenue Bonds, Wheelabrator Lisbon Project, Series 1993A,
5.500%, 1/01/14 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
1,930 Total Connecticut 1,932,695
------------------------------------------------------------------------------------------------------------------------------------
FLORIDA - 2.8%
160 Dade County Industrial Development Authority, Florida, Revenue 6/08 at 100.50 N/R 159,581
Bonds, Miami Cerebral Palsy Residential Services Inc.,
Series 1995, 8.000%, 6/01/22
1,250 Martin County Industrial Development Authority, Florida, Industrial 6/08 at 100.00 BB+ 1,252,725
Development Revenue Bonds, Indiantown Cogeneration LP,
Series 1994A, 7.875%, 12/15/25 (Alternative Minimum Tax)
600 Martin County Industrial Development Authority, Florida, Industrial 6/08 at 100.00 BB+ 601,392
Development Revenue Refunding Bonds, Indiantown
Cogeneration LP, Series 1995B, 8.050%, 12/15/25 (Alternative
Minimum Tax)
500 Tolomato Community Development District, Florida, Special 5/14 at 101.00 N/R 411,050
Assessment Bonds, Series 2006, 5.400%, 5/01/37
------------------------------------------------------------------------------------------------------------------------------------
2,510 Total Florida 2,424,748
------------------------------------------------------------------------------------------------------------------------------------
ILLINOIS - 6.7%
1,190 Chicago, Illinois, Tax Increment Allocation Bonds, Irving/Cicero 1/09 at 100.00 N/R 1,200,948
Redevelopment Project, Series 1998, 7.000%, 1/01/14
Illinois Development Finance Authority, Revenue Bonds,
Chicago Charter School Foundation, Series 2002A:
500 6.125%, 12/01/22 (Pre-refunded 12/01/12) 12/12 at 100.00 BBB (4) 564,750
1,000 6.250%, 12/01/32 (Pre-refunded 12/01/12) 12/12 at 100.00 BBB (4) 1,138,020
1,550 Illinois Health Facilities Authority, Revenue Bonds, Condell 5/12 at 100.00 Baa3 1,482,327
Medical Center, Series 2002, 5.500%, 5/15/32
1,305 North Chicago, Illinois, General Obligation Bonds, Series 2005B, 11/15 at 100.00 Baa3 1,319,642
5.000%, 11/01/25 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
5,545 Total Illinois 5,705,687
------------------------------------------------------------------------------------------------------------------------------------
INDIANA - 3.9%
2,000 Indiana Health Facility Financing Authority, Hospital Revenue 8/12 at 101.00 Baa1 2,049,740
Bonds, Riverview Hospital, Series 2002, 6.125%, 8/01/31
1,210 Whitley County, Indiana, Solid Waste and Sewerage Disposal 11/10 at 102.00 N/R 1,252,786
Revenue Bonds, Steel Dynamics Inc., Series 1998,
7.250%, 11/01/18 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
3,210 Total Indiana 3,302,526
------------------------------------------------------------------------------------------------------------------------------------
LOUISIANA - 2.0%
1,295 Louisiana Public Facilities Authority, Extended Care Facilities No Opt. Call BBB 1,508,144
Revenue Bonds, Comm-Care Corporation Project, Series 1994,
11.000%, 2/01/14
145 Louisiana Public Facilities Authority, Extended Care Facilities No Opt. Call N/R (4) 179,527
Revenue Bonds, Comm-Care Corporation Project, Series 1994,
11.000%, 2/01/14 (ETM)
------------------------------------------------------------------------------------------------------------------------------------
1,440 Total Louisiana 1,687,671
------------------------------------------------------------------------------------------------------------------------------------
MARYLAND - 1.1%
1,000 Maryland Energy Financing Administration, Revenue Bonds, 9/08 at 100.00 N/R 965,310
AES Warrior Run Project, Series 1995, 7.400%, 9/01/19
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS - 2.2%
420 Massachusetts Development Finance Agency, Resource Recovery 12/09 at 102.00 BBB 434,620
Revenue Bonds, Ogden Haverhill Associates, Series 1999A,
6.700%, 12/01/14 (Alternative Minimum Tax)
1,500 Massachusetts Development Finance Agency, Revenue Bonds, 1/17 at 100.00 N/R 1,209,075
Boston Architectural College, Series 2006, 5.000%, 1/01/37 -
ACA Insured
28
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS (continued)
$ 270 Massachusetts Industrial Finance Agency, Resource Recovery 12/08 at 102.00 BBB $ 270,662
Revenue Refunding Bonds, Ogden Haverhill Project,
Series 1998A, 5.450%, 12/01/12 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
2,190 Total Massachusetts 1,914,357
------------------------------------------------------------------------------------------------------------------------------------
MICHIGAN - 3.8%
1,000 Delta County Economic Development Corporation, Michigan, 4/12 at 100.00 AAA 1,111,620
Environmental Improvement Revenue Refunding Bonds,
MeadWestvaco Corporation - Escanaba Paper Company,
Series 2002B, 6.450%, 4/15/23 (Pre-refunded 4/15/12)
(Alternative Minimum Tax)
2,150 Michigan State Hospital Finance Authority, Hospital Revenue 7/08 at 100.00 Ba3 2,150,086
Refunding Bonds, Sinai Hospital, Series 1995, 6.625%, 1/01/16
------------------------------------------------------------------------------------------------------------------------------------
3,150 Total Michigan 3,261,706
------------------------------------------------------------------------------------------------------------------------------------
MINNESOTA - 0.6%
500 Glencoe, Minnesota, Health Care Facilities Revenue Bonds, 4/13 at 101.00 BBB 470,050
Glencoe Regional Health Services Project, Series 2005,
5.000%, 4/01/25
------------------------------------------------------------------------------------------------------------------------------------
MISSOURI - 4.6%
4,450 Missouri Environmental Improvement and Energy Resources 12/16 at 100.00 Aaa 3,883,026
Authority, Water Facility Revenue Bonds, Missouri-American
Water Company, Series 2006, 4.600%, 12/01/36 - AMBAC Insured
(Alternative Minimum Tax) (UB)
------------------------------------------------------------------------------------------------------------------------------------
MONTANA - 1.4%
1,200 Montana Board of Investments, Exempt Facility Revenue Bonds, 7/10 at 101.00 B+ 1,161,156
Stillwater Mining Company, 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 1,049,660
Bonds, Cargill Inc., Series 2002, 5.900%, 11/01/27
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
NEW YORK - 5.9%
1,000 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 AA 1,052,660
Brooklyn Law School, Series 2003A, 5.500%, 7/01/15 -
RAAI Insured
3,815 Yates County Industrial Development Agency, New York, 2/11 at 101.00 AAA 3,991,022
FHA-Insured Civic Facility Mortgage Revenue Bonds,
Soldiers and Sailors Memorial Hospital, Series 2000A,
6.000%, 2/01/41
------------------------------------------------------------------------------------------------------------------------------------
4,815 Total New York 5,043,682
------------------------------------------------------------------------------------------------------------------------------------
OHIO - 4.4%
520 Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco 6/17 at 100.00 BBB 460,158
Settlement Asset-Backed Revenue Bonds, Senior Lien,
Series 2007A-2, 5.875%, 6/01/47
1,000 Erie County, Ohio, Hospital Facilities Revenue Bonds, Firelands 8/16 at 100.00 A 943,010
Regional Medical Center Project, Series 2006, 5.250%, 8/15/46
2,300 Ohio Water Development Authority, Solid Waste Disposal Revenue 9/09 at 102.00 N/R 2,309,085
Bonds, Bay Shore Power, Series 1998B, 6.625%, 9/01/20
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
3,820 Total Ohio 3,712,253
------------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA - 2.2%
1,080 Allegheny County Hospital Development Authority, Pennsylvania, 11/10 at 102.00 AAA 1,271,182
Revenue Bonds, West Penn Allegheny Health System,
Series 2000B, 9.250%, 11/15/30 (Pre-refunded 11/15/10)
605 Carbon County Industrial Development Authority, Pennsylvania, No Opt. Call BBB- 614,136
Resource Recovery Revenue Refunding Bonds, Panther Creek
Partners Project, Series 2000, 6.650%, 5/01/10 (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
1,685 Total Pennsylvania 1,885,318
------------------------------------------------------------------------------------------------------------------------------------
29
NMI
Nuveen Municipal Income Fund, Inc. (continued)
Portfolio of INVESTMENTS April 30, 2008 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
RHODE ISLAND - 0.6%
$ 500 Rhode Island Tobacco Settlement Financing Corporation, Tobacco 6/12 at 100.00 BBB $ 482,905
Settlement Asset-Backed Bonds, Series 2002A, 6.250%, 6/01/42
------------------------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA - 5.1%
2,500 Greenville County School District, South Carolina, Installment 12/12 at 101.00 AA- 2,738,625
Purchase Revenue Bonds, Series 2002, 5.500%, 12/01/13
475 Piedmont Municipal Power Agency, South Carolina, Electric No Opt. Call Baa1 (4) 591,964
Revenue Bonds, Series 1991, 6.750%, 1/01/19 -
FGIC Insured (ETM)
1,000 Tobacco Settlement Revenue Management Authority, 5/11 at 101.00 BBB 1,007,440
South Carolina, Tobacco Settlement Asset-Backed Bonds,
Series 2001B, 6.000%, 5/15/22
------------------------------------------------------------------------------------------------------------------------------------
3,975 Total South Carolina 4,338,029
------------------------------------------------------------------------------------------------------------------------------------
TENNESSEE - 4.2%
1,000 Knox County Health, Educational and Housing Facilities Board, 4/12 at 101.00 Ba2 1,051,690
Tennessee, Hospital Revenue Bonds, Baptist Health System of
East Tennessee Inc., Series 2002, 6.375%, 4/15/22
Shelby County Health, Educational and Housing Facilities Board,
Tennessee, Hospital Revenue Bonds, Methodist Healthcare, Series
2002:
375 6.500%, 9/01/26 (Pre-refunded 9/01/12) 9/12 at 100.00 AAA 429,206
625 6.500%, 9/01/26 (Pre-refunded 9/01/12) 9/12 at 100.00 AAA 715,344
1,500 Sumner County Health, Educational, and Housing Facilities Board, 11/17 at 100.00 N/R 1,394,895
Tennessee, Revenue Refunding Bonds, Sumner Regional Health
System Inc., Series 2007, 5.500%, 11/01/37
------------------------------------------------------------------------------------------------------------------------------------
3,500 Total Tennessee 3,591,135
------------------------------------------------------------------------------------------------------------------------------------
TEXAS - 9.1%
1,500 Cameron Education Finance Corporation, Texas, Charter School 8/16 at 100.00 BBB- 1,262,835
Revenue Bonds, Faith Family Academy Charter School,
Series 2006A, 5.250%, 8/15/36 - ACA Insured
2,000 Gulf Coast Waste Disposal Authority, Texas, Sewerage and 4/12 at 100.00 A 2,005,420
Solid Waste Disposal Revenue Bonds, Anheuser Busch Company,
Series 2002, 5.900%, 4/01/36 (Alternative Minimum Tax)
2,000 Matagorda County Navigation District 1, Texas, Collateralized 10/13 at 101.00 AAA 2,008,000
Revenue Refunding Bonds, Houston Light and Power Company,
Series 1995, 4.000%, 10/15/15 - MBIA Insured
Weslaco Health Facilities Development Corporation, Texas, Hospital
Revenue Bonds, Knapp Medical Center, Series 2002:
2,000 6.250%, 6/01/25 6/12 at 100.00 BBB+ 2,071,840
50 6.250%, 6/01/32 6/12 at 100.00 BBB+ 51,206
1,000 West Texas Independent School District, McLennan and Hill 8/13 at 51.84 AAA 395,520
Counties, General Obligation Refunding Bonds, Series 1998,
0.000%, 8/15/25
------------------------------------------------------------------------------------------------------------------------------------
8,550 Total Texas 7,794,821
------------------------------------------------------------------------------------------------------------------------------------
VIRGIN ISLANDS - 3.0%
2,545 Virgin Islands Public Finance Authority, Senior Lien Matching 10/14 at 100.00 BBB 2,571,112
Fund Loan Note, Series 2004A, 5.250%, 10/01/19
------------------------------------------------------------------------------------------------------------------------------------
VIRGINIA - 3.1%
1,000 Chesterfield County Industrial Development Authority, Virginia, 11/10 at 102.00 Baa1 1,060,170
Pollution Control Revenue Bonds, Virginia Electric and Power
Company, Series 1987A, 5.875%, 6/01/17
1,500 Mecklenburg County Industrial Development Authority, Virginia, 10/12 at 100.00 Baa1 1,569,690
Revenue Bonds, UAE Mecklenburg Cogeneration LP, Series 2002,
6.500%, 10/15/17 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
2,500 Total Virginia 2,629,860
------------------------------------------------------------------------------------------------------------------------------------
WASHINGTON - 0.5%
500 Washington State Health Care Facilities Authority, Revenue Bonds, No Opt. Call N/R 467,025
Northwest Hospital and Medical Center of Seattle, Series 2007,
5.700%, 12/01/32
------------------------------------------------------------------------------------------------------------------------------------
30
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
WEST VIRGINIA - 2.4%
$ 2,050 Mason County, West Virginia, Pollution Control Revenue Bonds, 10/11 at 100.00 BBB $ 2,006,991
Appalachian Power Company, 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 1,026,320
Bonds, Carroll College Inc., Series 2001, 6.250%, 10/01/21
------------------------------------------------------------------------------------------------------------------------------------
$ 92,190 Total Investments (cost $84,691,910) - 101.7% 86,742,844
=============-----------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (3.9)% (3,335,000)
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.2% 1,921,390
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $85,329,234
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments are
based on net assets.
(2) 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.
Certain mortgage-backed securities may be subject to
periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's Group
("Standard & Poor's") or Moody's Investor Service, Inc.
("Moody's") rating. Ratings below BBB by Standard & Poor's
or Baa by Moody's are considered to be below investment
grade.
The Portfolio of Investments may reflect the ratings on
certain bonds insured by AMBAC, FGIC, MBIA and XLCA as of
April 30, 2008. Please see the Portfolio Managers'
Commentary for an expanded discussion of the affect on the
Fund of changes to the ratings of certain bonds in the
portfolio resulting from changes to the ratings of the
underlying insurers both during the period and after period
end.
(4) Backed by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities which ensure
the timely payment of principal and interest. Such
investments are normally considered to be equivalent to AAA
rated securities.
N/R Not rated.
(ETM) Escrowed to maturity.
(UB) Underlying bond of an inverse floating rate trust reflected
as a financing transaction pursuant to the provisions of
SFAS No.140.
See accompanying notes to financial statements.
31
Statement of
ASSETS & LIABILITIES
April 30, 2008 (Unaudited)
MUNICIPAL VALUE MUNICIPAL INCOME
(NUV) (NMI)
------------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments, at value (cost $1,881,664,358 and $84,691,910, respectively) $1,945,646,420 $86,742,844
Cash -- 1,857,242
Receivables:
Interest 29,059,676 1,414,212
Investments sold 2,109,644 235,000
Other assets 191,194 6,409
------------------------------------------------------------------------------------------------------------------------------------
Total assets 1,977,006,934 90,255,707
------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Cash overdraft 429,521 --
Floating rate obligations 63,160,000 3,335,000
Payable for investments purchased -- 1,234,908
Accrued expenses:
Management fees 825,821 44,502
Other 591,150 29,032
Dividends payable 6,198,222 283,031
------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 71,204,714 4,926,473
------------------------------------------------------------------------------------------------------------------------------------
Net assets $1,905,802,220 $85,329,234
====================================================================================================================================
Shares outstanding 195,226,044 8,122,773
====================================================================================================================================
Net asset value per share outstanding $ 9.76 $ 10.50
====================================================================================================================================
NET ASSETS CONSIST OF:
------------------------------------------------------------------------------------------------------------------------------------
Shares, $.01 par value per share $ 1,952,260 $ 81,228
Paid-in surplus 1,840,311,550 90,921,183
Undistributed (Over-distribution of) net investment income 2,754,643 366,588
Accumulated net realized gain (loss) from investments (3,198,295) (8,090,699)
Net unrealized appreciation (depreciation) of investments 63,982,062 2,050,934
------------------------------------------------------------------------------------------------------------------------------------
Net assets $1,905,802,220 $85,329,234
====================================================================================================================================
Authorized shares 350,000,000 200,000,000
====================================================================================================================================
See accompanying notes to financial statements.
32
Statement of
OPERATIONS
Six Months Ended April 30, 2008 (Unaudited)
MUNICIPAL VALUE MUNICIPAL INCOME
(NUV) (NMI)
------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $ 51,818,725 $ 2,497,642
------------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 5,002,336 272,061
Shareholders' servicing agent fees and expenses 189,961 10,085
Interest expense on floating rate obligations 387,897 47,218
Custodian's fees and expenses 189,995 8,334
Directors' fees and expenses 17,318 1,030
Professional fees 47,754 5,778
Shareholders' reports - printing and mailing expenses 120,166 9,582
Stock exchange listing fees 33,898 4,662
Investor relations expense 145,659 7,514
Other expenses 15,426 4,106
------------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit 6,150,410 370,370
Custodian fee credit (105,721) (5,869)
------------------------------------------------------------------------------------------------------------------------------------
Net expenses 6,044,689 364,501
------------------------------------------------------------------------------------------------------------------------------------
Net investment income 45,774,036 2,133,141
------------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from investments (3,182,708) (143,431)
Change in net unrealized appreciation (depreciation) of investments (61,530,667) (2,102,704)
------------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) (64,713,375) (2,246,135)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from operations $(18,939,339) $ (112,994)
====================================================================================================================================
See accompanying notes to financial statements.
33
Statement of
CHANGES in NET ASSETS (Unaudited)
MUNICIPAL VALUE (NUV) MUNICIPAL INCOME (NMI)
------------------------------ -----------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
4/30/08 10/31/07 4/30/08 10/31/07
------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 45,774,036 $ 90,627,363 $ 2,133,141 $ 4,235,549
Net realized gain (loss) from investments (3,182,708) 5,254,534 (143,431) 194,438
Change in net unrealized appreciation (depreciation)
of investments (61,530,667) (51,494,937) (2,102,704) (2,487,916)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from operations (18,939,339) 44,386,960 (112,994) 1,942,071
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income (45,983,204) (91,397,947) (2,046,036) (4,153,499)
From accumulated net realized gains (5,519,843) (5,325,986) -- --
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets from distributions to shareholders (51,503,047) (96,723,933) (2,046,036) (4,153,499)
------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Net proceeds from shares issued to shareholders
due to reinvestment of distributions 1,710,059 907,357 64,144 30,572
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from
capital share transactions 1,710,059 907,357 64,144 30,572
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets (68,732,327) (51,429,616) (2,094,886) (2,180,856)
Net assets at the beginning of period 1,974,534,547 2,025,964,163 87,424,120 89,604,976
------------------------------------------------------------------------------------------------------------------------------------
Net assets at the end of period $1,905,802,220 $1,974,534,547 $85,329,234 $87,424,120
====================================================================================================================================
Undistributed (Over-distribution of) net
investment income at the end of period $ 2,754,643 $ 2,963,811 $ 366,588 $ 279,483
====================================================================================================================================
See accompanying notes to financial statements.
34
Notes to
FINANCIAL STATEMENTS (Unaudited)
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
The funds covered in this report and their corresponding New York Stock Exchange
symbols are Nuveen Municipal Value Fund, Inc. (NUV) and Nuveen Municipal Income
Fund, Inc. (NMI) (collectively, the "Funds"). 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 or certain U.S. territories.
The following is a summary of significant accounting policies followed by the
Funds in the preparation of their financial statements in accordance with U.S.
generally accepted accounting principles.
Investment Valuation
The prices of municipal bonds in each Fund's investment portfolio are provided
by a pricing service approved by the Fund's Board of Directors. When market
price quotes are not readily available (which is usually the case for municipal
securities), the pricing service may establish fair 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 the
pricing service is unable to supply a price for a municipal bond, each Fund may
use a market quote provided by major broker/dealers in such investments. If it
is determined that the market price for an investment is unavailable or
inappropriate, the Board of Directors of the Funds, or its designee, may
establish fair value in accordance with procedures established in good faith by
the Board of Directors. Temporary investments in securities that have variable
rate and demand features qualifying them as short-term investments are valued at
amortized cost, which approximates market value.
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and
losses from transactions are determined on the specific identification method.
Investments purchased on a when-issued/delayed delivery basis may have extended
settlement periods. Any investments 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/delayed delivery purchase commitments. At April 30, 2008, there were
no such outstanding purchase commitments in either of the Funds.
Investment Income
Interest income, which includes the amortization of premiums and accretion of
discounts for financial reporting purposes, is recorded on an accrual basis.
Investment income also includes paydown gains and losses, if any.
Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund
intends to distribute substantially all of its net investment income and net
capital gains to shareholders and to otherwise comply with the requirements of
Subchapter M of the Internal Revenue Code applicable to regulated investment
companies. Therefore, no federal income tax provision is required. Furthermore,
each Fund intends to satisfy conditions which will enable interest from
municipal securities, which is exempt from regular federal and designated state
income taxes, to retain such tax-exempt status when distributed to shareholders
of the Funds. Net realized capital gains and ordinary income distributions paid
by the Funds are subject to federal taxation.
Effective April 30, 2008, the Funds adopted Financial Accounting Standards Board
(FASB) Interpretation No. 48 "Accounting for Uncertainty in Income Taxes" (FIN
48). FIN 48 provides guidance for how uncertain tax positions should be
recognized, measured, presented and disclosed in the financial statements. FIN
48 requires the affirmative evaluation of tax positions taken or expected to be
taken in the course of preparing the Funds' tax returns to determine whether it
is "more-likely-than-not" (i.e., a greater than 50-percent likelihood) of being
sustained by the applicable tax authority. Tax positions not deemed to meet the
more-likely-than-not threshold may result in a tax benefit or expense in the
current year.
35
Notes to
FINANCIAL STATEMENTS (continued) (Unaudited)
Implementation of FIN 48 required management of the Funds to analyze all open
tax years, as defined by the statute of limitations, for all major
jurisdictions, which includes federal and certain states. Open tax years are
those that are open for examination by taxing authorities (i.e., generally the
last four tax year ends and the interim tax period since then). The Funds have
no examinations in progress.
For all open tax years and all major taxing jurisdictions through the end of the
reporting period, management of the Funds has reviewed all tax positions taken
or expected to be taken in the preparation of the Funds' tax returns and
concluded the adoption of FIN 48 resulted in no impact to the Funds' net assets
or results of operations as of and during the six months ended April 30, 2008.
The Funds are also not aware of any tax positions for which it is reasonably
possible that the total amounts of unrecognized tax benefits will significantly
change in the next twelve months.
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 at least annually. Furthermore, capital
gains are distributed only to the extent they exceed available capital loss
carryforwards.
Distributions to shareholders of tax-exempt net investment income, net realized
capital gains and/or market discount, if any, are recorded on the ex-dividend
date. The amount and timing of distributions are determined in accordance with
federal income tax regulations, which may differ from U.S. generally accepted
accounting principles.
Inverse Floating Rate Securities
Each Fund is authorized to invest in inverse floating rate securities. An
inverse floating rate security is created by depositing a municipal bond,
typically with a fixed interest rate, into a special purpose trust created by a
broker-dealer. In turn, this trust (a) issues floating rate certificates, in
face amounts equal to some fraction of the deposited bond's par amount or market
value, that typically pay short-term tax-exempt interest rates to third parties,
and (b) issues to a long-term investor (such as one of the Funds) an inverse
floating rate certificate (sometimes referred to as an "inverse floater") that
represents all remaining or residual interest in the trust. The income received
by the inverse floater holder varies inversely with the short-term rate paid to
the floating rate certificates' holders, and in most circumstances the inverse
floater holder bears substantially all of the underlying bond's downside
investment risk and also benefits disproportionately from any potential
appreciation of the underlying bond's value. The price of an inverse floating
rate security will be more volatile than that of the underlying bond because the
interest rate is dependent on not only the fixed coupon rate of the underlying
bond but also on the short-term interest paid on the floating rate certificates,
and because the inverse floating rate security essentially bears the risk of
loss of the greater face value of the underlying bond.
A Fund may purchase an inverse floating rate security in a secondary market
transaction without first owning the underlying bond (referred to as an
"externally-deposited inverse floater"), or instead by first selling a
fixed-rate bond to a broker-dealer for deposit into the special purpose trust
and receiving in turn the residual interest in the trust (referred to as a
"self-deposited inverse floater"). A Fund may also enter into shortfall and
forbearance agreements (sometimes referred to as a "recourse trust" or "credit
recovery swap") with a broker-dealer by which a Fund agrees to reimburse the
broker-dealer, in certain circumstances, for the difference between the
liquidation value of the fixed-rate bond held by the trust and the liquidation
value of the floating rate certificates, as well as any shortfalls in interest
cash flows. The inverse floater held by a Fund gives the Fund the right (a) to
cause the holders of the floating rate certificates to tender their notes at
par, and (b) to have the broker transfer the fixed-rate bond held by the trust
to the Fund, thereby collapsing the trust. An investment in an
externally-deposited inverse floater is identified in the Portfolio of
Investments as an "Inverse floating rate investment". An investment in a
self-deposited inverse floater, recourse trust or credit recovery swap is
accounted for as a financing transaction in accordance with Statement of
Financial Accounting Standards (SFAS) No. 140 "Accounting for Transfers and
Servicing of Financial Assets and Extinguishment of Liabilities". In such
instances, a fixed-rate bond deposited into a special purpose trust is
identified in the Portfolio of Investments as an "Underlying bond of an inverse
floating rate trust", with the Fund accounting for the short-term floating rate
certificates issued by the trust as "Floating rate obligations" on the Statement
of Assets and Liabilities. In addition, the Fund reflects in Investment Income
the entire earnings
36
of the underlying bond and accounts for the related interest paid to the holders
of the short-term floating rate certificates as "Interest expense on floating
rate obligations" in the Statement of Operations.
During the six months ended April 30, 2008, each Fund invested in externally
deposited inverse floaters and/or self-deposited inverse floaters.
The average floating rate obligations outstanding and average annual interest
rate and fees related to self-deposited inverse floaters during the six months
ended April 30, 2008, were as follows:
MUNICIPAL MUNICIPAL
VALUE (NUV) INCOME (NMI)
--------------------------------------------------------------------------------
Average floating rate obligations $27,748,352 $3,294,341
Average annual interest rate and fees 2.81% 2.88%
================================================================================
Custodian Fee Credit
The Fund has an arrangement with the custodian bank whereby certain custodian
fees and expenses are reduced by net credits earned on each Fund's cash on
deposit with the bank. Such deposit arrangements are an alternative to overnight
investments. Credits for cash balances may be offset by charges for any days on
which a Fund overdraws its account at the custodian bank.
Indemnifications
Under the Funds' organizational documents, their Officers and Directors are
indemnified against certain liabilities arising out of the performance of their
duties to the Funds. In addition, in the normal course of business, the Funds
enter into contracts that provide general indemnifications to other parties. The
Funds' maximum exposure under these arrangements is unknown as this would
involve future claims that may be made against the Funds that have not yet
occurred. However, the Funds have not had prior claims or losses pursuant to
these contracts and expect the risk of loss to be remote.
Zero Coupon Securities
Each Fund is authorized to invest in zero coupon securities. A zero coupon
security does not pay a regular interest coupon to its holders during the life
of the security. Tax-exempt income to the holder of the security comes from
accretion of the difference between the original purchase price of the security
at issuance and the par value of the security at maturity and is effectively
paid at maturity. Such securities are included in the Portfolios of Investments
with a 0.000% coupon rate in their description. The market prices of zero coupon
securities generally are more volatile than the market prices of securities that
pay interest periodically.
Use of Estimates
The preparation of financial statements in conformity with U.S. generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of increases and
decreases in net assets from operations during the reporting period. Actual
results may differ from those estimates.
2. FUND SHARES
Transactions in shares were as follows:
MUNICIPAL VALUE (NUV) MUNICIPAL INCOME (NMI)
----------------------- -----------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
4/30/08 10/31/07 4/30/08 10/31/07
------------------------------------------------------------------------------------------------------------------
Shares issued to shareholders
due to reinvestment of distributions 178,602 87,922 6,118 2,779
==================================================================================================================
3. INVESTMENT TRANSACTIONS
Purchases and sales (including maturities but excluding
short-term investments) during the six months ended April 30,
2008, were as follows:
MUNICIPAL MUNICIPAL
VALUE (NUV) INCOME (NMI)
------------------------------------------------------------------------------------------------------------------
Purchases $168,911,076 $2,619,654
Sales and maturities 176,611,449 2,940,230
==================================================================================================================
37
Notes to
FINANCIAL STATEMENTS (continued) (Unaudited)
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 taxable market discount,
timing differences in recognizing certain gains and losses on investments
transactions and the treatment of investments in inverse floating rate
transactions subject to SFAS No. 140. To the extent that differences arise that
are permanent in nature, such amounts are reclassified within the capital
accounts on the Statement of Assets and Liabilities presented in the annual
report, based on their federal tax basis treatment; temporary differences do not
require reclassification. Temporary and permanent differences do not impact the
net asset values of the Funds.
At April 30, 2008, the cost of investments was as follows:
MUNICIPAL MUNICIPAL
VALUE (NUV) INCOME (NMI)
--------------------------------------------------------------------------------
Cost of investments $1,814,152,033 $81,258,731
================================================================================
Gross unrealized appreciation and gross unrealized depreciation of investments
at April 30, 2008, were as follows:
MUNICIPAL MUNICIPAL
VALUE (NUV) INCOME (NMI)
--------------------------------------------------------------------------------
Gross unrealized:
Appreciation $105,851,075 $3,885,114
Depreciation (37,516,531) (1,737,298)
--------------------------------------------------------------------------------
Net unrealized appreciation
(depreciation) of investments $ 68,334,544 $2,147,816
================================================================================
The tax components of undistributed net tax-exempt income, net
ordinary income and net long-term capital gains at October 31,
2007, the Funds' last tax year end, were as follows:
MUNICIPAL MUNICIPAL
VALUE (NUV) INCOME (NMI)
--------------------------------------------------------------------------------
Undistributed net tax-exempt income * $6,237,877 $529,435
Undistributed net ordinary income ** 333,473 --
Undistributed net long-term capital gains 5,504,256 --
================================================================================
* Undistributed net tax-exempt income (on a tax basis) has not been reduced
for the dividend declared on October 1, 2007, paid on November 1, 2007.
** 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 Funds' last tax year ended
October 31, 2007, was designated for purposes of the dividends paid deduction as
follows:
MUNICIPAL MUNICIPAL
VALUE (NUV) INCOME (NMI)
--------------------------------------------------------------------------------
Distributions from net tax-exempt income $91,261,636 $4,090,431
Distributions from net ordinary income ** 132,881 62,951
Distributions from net long-term capital gains 5,325,986 --
================================================================================
** Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
38
At October 31, 2007, the Funds' last tax year end, Municipal Income (NMI) had
unused capital loss carryforwards of $7,947,268 available for federal income tax
purposes to be applied against future capital gains, if any. If not applied,
$6,864,744, $916,759 and $165,765 of the carryforward will expire in the years
ended October 31, 2011, 2012 and 2013, respectively.
5. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES
Each Fund's management fee is separated into components - a complex-level
component, based on the aggregate amount of all fund assets managed by Nuveen
Asset Management (the "Adviser"), a wholly owned subsidiary of Nuveen
Investments, Inc. ("Nuveen"), a specific fund-level component, based only on the
amount of assets within each individual Fund, and for Municipal Value (NUV) a
gross interest income component. This pricing structure enables Nuveen fund
shareholders to benefit from growth in the assets within each individual fund as
well as from growth in the amount of complex-wide assets managed by the Adviser.
Municipal Value's (NUV) annual fund-level fee, payable monthly, at the rates set
forth below, are based upon the average daily net assets of the Fund as follows:
MUNICIPAL VALUE (NUV)
AVERAGE DAILY NET ASSETS FUND-LEVEL FEE RATE
--------------------------------------------------------------------------------
For the first $500 million .1500%
For the next $500 million .1250
For net assets over $1 billion .1000
================================================================================
In addition, Municipal Value (NUV) pays an annual management fee, payable
monthly, based on gross interest income (excluding interest on bonds underlying
a "self-deposited inverse floater" trust that is attributed to the Fund over and
above the net interest earned on the inverse floater itself) as follows:
MUNICIPAL VALUE (NUV)
GROSS INTEREST INCOME GROSS INCOME FEE RATE
--------------------------------------------------------------------------------
For the first $50 million 4.125%
For the next $50 million 4.000
For gross income over $100 million 3.875
================================================================================
Municipal Income's (NMI) annual fund-level fee, payable monthly, at the rates
set forth below, are based upon the average daily net assets of the Fund as
follows:
MUNICIPAL INCOME (NMI)
AVERAGE DAILY NET ASSETS FUND-LEVEL FEE RATE
--------------------------------------------------------------------------------
For the first $125 million .4500%
For the next $125 million .4375
For the next $250 million .4250
For the next $500 million .4125
For the next $1 billion .4000
For the next $3 billion .3875
For net assets over $5 billion .3750
================================================================================
The annual complex-level fee, payable monthly, which is additive to the
fund-level fee and Municipal Value's (NUV) gross interest income fee, for all
Nuveen sponsored funds in the U.S., is based on the aggregate amount of total
fund assets managed as stated in the table below. As of April 30, 2008, the
complex-level fee rate was .1855%.
39
Notes to
FINANCIAL STATEMENTS (continued) (Unaudited)
The complex-level fee schedule is as follows:
COMPLEX-LEVEL ASSET BREAKPOINT LEVEL (1) EFFECTIVE RATE AT BREAKPOINT LEVEL
--------------------------------------------------------------------------------
$55 billion .2000%
$56 billion .1996
$57 billion .1989
$60 billion .1961
$63 billion .1931
$66 billion .1900
$71 billion .1851
$76 billion .1806
$80 billion .1773
$91 billion .1691
$125 billion .1599
$200 billion .1505
$250 billion .1469
$300 billion .1445
================================================================================
(1) The complex-level fee component of the management fee for the funds is
calculated based upon the aggregate Managed Assets ("Managed Assets" means
the average daily net assets of each fund including assets attributable to
preferred stock issued by or borrowings by the Nuveen funds) of
Nuveen-sponsored funds in the U.S.
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 its Officers, all of whom receive remuneration for their services
to the Funds from the Adviser or its affiliates. The Board of Directors has
adopted a deferred compensation plan for independent Directors that enables
Directors to elect to defer receipt of all or a portion of the annual
compensation they are entitled to receive from certain Nuveen advised funds.
Under the plan, deferred amounts are treated as though equal dollar amounts had
been invested in shares of select Nuveen advised funds.
6. NEW ACCOUNTING PRONOUNCEMENTS
Financial Accounting Standards Board Statement of Financial Accounting Standards
No. 157
In September 2006, the FASB issued SFAS No. 157, "Fair Value Measurements." This
standard establishes a single authoritative definition of fair value, sets out a
framework for measuring fair value and requires additional disclosures about
fair value measurements. SFAS No. 157 applies to fair value measurements already
required or permitted by existing standards. SFAS No. 157 is effective for
financial statements issued for fiscal years beginning after November 15, 2007,
and interim periods within those fiscal years. The changes to current generally
accepted accounting principles from the application of this standard relate to
the definition of fair value, the methods used to measure fair value, and the
expanded disclosures about fair value measurements. As of April 30, 2008,
management does not believe the adoption of SFAS No. 157 will impact the
financial statement amounts; however, additional disclosures may be required
about the inputs used to develop the measurements and the effect of certain of
the measurements included within the Statement of Operations for the period.
40
Financial Accounting Standards Board Statement of Financial Accounting Standards
No. 161
In March 2008, the FASB issued SFAS No. 161, "Disclosures about Derivative
Instruments and Hedging Activities." This standard is intended to enhance
financial statement disclosures for derivative instruments and hedging
activities and enable investors to understand: a) how and why a fund uses
derivative instruments, b) how derivative instruments and related hedge items
are accounted for, and c) how derivative instruments and related hedge items
affect a fund's financial position, results of operations and cash flows. SFAS
No. 161 is effective for financial statements issued for fiscal years and
interim periods beginning after November 15, 2008. As of April 30, 2008,
management does not believe the adoption of SFAS No. 161 will impact the
financial statement amounts; however, additional footnote disclosures may be
required about the use of derivative instruments and hedging items.
7. SUBSEQUENT EVENTS
Distributions to Shareholders
The Funds declared dividend distributions from their tax-exempt net investment
income which were paid on June 2, 2008, to shareholders of record on May 15,
2008, as follows:
MUNICIPAL MUNICIPAL
VALUE (NUV) INCOME (NMI)
--------------------------------------------------------------------------------
Dividend per share $.0390 $.0420
================================================================================
41
Financial
HIGHLIGHTS (Unaudited)
Selected data for a share outstanding throughout each period:
Investment Operations Less Distributions
------------------------------------ ------------------------------
Net
Beginning Net Realized/ Net
Net Asset Investment Unrealized Investment Capital
Value Income Gain (Loss) Total Income Gains Total
========================================================================================================
MUNICIPAL VALUE (NUV)
--------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2008(b) $10.12 $.23 $(.32) $(.09) $(.24) $(.03) $(.27)
2007 10.39 .46 (.23) .23 (.47) (.03) (.50)
2006 10.15 .47 .26 .73 (.47) (.02) (.49)
2005 10.11 .47 .10 .57 (.47) (.06) (.53)
2004 9.92 .48 .26 .74 (.49) (.06) (.55)
2003 9.98 .49 (.01) .48 (.50) (.04) (.54)
MUNICIPAL INCOME (NMI)
--------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2008(b) 10.77 .26 (.28) (.02) (.25) -- (.25)
2007 11.04 .52 (.28) .24 (.51) -- (.51)
2006 10.86 .53 .16 .69 (.51) -- (.51)
2005 10.76 .54 .09 .63 (.53) -- (.53)
2004 10.41 .56 .32 .88 (.53) -- (.53)
2003 10.61 .54 (.15) .39 (.59) -- (.59)
========================================================================================================
Total Returns
----------------------
Ending Based on
Net Ending Based on Net
Asset Market Market Asset
Value Value Value* Value*
==============================================================================
MUNICIPAL VALUE (NUV)
------------------------------------------------------------------------------
Year Ended 10/31:
2008(b) $ 9.76 $ 9.98 8.09% (.95)%
2007 10.12 9.49 (1.90) 2.22
2006 10.39 10.16 11.51 7.40
2005 10.15 9.58 8.25 5.73
2004 10.11 9.36 9.01 7.77
2003 9.92 9.12 3.66 4.90
MUNICIPAL INCOME (NMI)
------------------------------------------------------------------------------
Year Ended 10/31:
2008(b) 10.50 10.50 2.54 (.15)
2007 10.77 10.49 4.78 2.23
2006 11.04 10.50 4.42 6.50
2005 10.86 10.56 10.21 5.93
2004 10.76 10.08 10.34 8.69
2003 10.41 9.64 3.02 3.71
==============================================================================
Ratios/Supplemental Data
-------------------------------------------------------------------------------------------------------------
Ratios to Average Net Assets Ratios to Average Net Assets
Before Credit/Refund After Credit/Refund**
-------------------------------------- --------------------------------------
Ending
Net Expenses Expenses Net Expenses Expenses Net Portfolio
Assets Including Excluding Investment Including Excluding Investment Turnover
(000) Interest(a) Interest(a) Income Interest(a) Interest(a) Income Rate
====================================================================================================================================
MUNICIPAL VALUE (NUV)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2008(b) $1,905,802 .64%*** .60%*** 4.75%*** .63%*** .59%*** 4.76%*** 9%
2007 1,974,535 .62 .59 4.53 .61 .58 4.54 10
2006 2,025,964 .59 .59 4.60 .59 .59 4.61 6
2005 1,979,396 .60 .60 4.64 .60 .60 4.65 8
2004 1,971,925 .62 .62 4.83 .61 .61 4.84 13
2003 1,934,433 .64 .64 4.97 .64 .64 4.97 36
MUNICIPAL INCOME (NMI)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2008(b) 85,329 .86*** .75*** 4.97*** .85*** .74*** 4.98*** 3
2007 87,424 .86 .75 4.76 .84 .73 4.79 6
2006 89,605 .76 .76 4.83 .73 .73 4.86 6
2005 88,147 .78 .78 4.99 .77 .77 5.00 7
2004 87,324 .82 .82 5.28 .81 .81 5.28 14
2003 84,491 1.12 1.12 5.14 1.12 1.12 5.14 10
====================================================================================================================================
Floating Rate Obligations
at End of Period
--------------------------
Aggregate
Amount Asset
Outstanding Coverage
(000) Per $1,000
=====================================================
MUNICIPAL VALUE (NUV)
-----------------------------------------------------
Year Ended 10/31:
2008(b) $63,160 $31,174
2007 23,150 86,293
2006 -- --
2005 -- --
2004 -- --
2003 -- --
MUNICIPAL INCOME (NMI)
-----------------------------------------------------
Year Ended 10/31:
2008(b) 3,335 26,586
2007 2,965 30,485
2006 -- --
2005 -- --
2004 -- --
2003 -- --
=====================================================
* Total Return on Market Value is the combination of changes in the market
price per share and the effect of reinvested dividend income and reinvested
capital gains distributions, if any, at the average price paid per share at
the time of reinvestment. The last dividend declared in the period, which
is typically paid on the first business day of the following month, is
assumed to be reinvested at the ending market price. The actual
reinvestment for the last dividend declared in the period takes place over
several days, and in some instances may not be based on the market price,
so the actual reinvestment price may be different from the price used in
the calculation. Total returns are not annualized.
Total Return on Net Asset Value is the combination of changes in net asset
value, reinvested dividend income at net asset value and reinvested capital
gains distributions at net asset value, if any. The last dividend declared
in the period, which is typically paid on the first business day of the
following month, is assumed to be reinvested at the ending net asset value.
The actual reinvest price for the last dividend declared in the period may
often be based on the Fund's market price (and not its net asset value),
and therefore may be different from the price used in the calculation.
Total returns are not annualized.
** After custodian fee credit and legal fee refund, where applicable.
*** Annualized.
(a) Interest expense arises from the application of SFAS No. 140 to certain
inverse floating rate transactions entered into by the Fund as more fully
described in Footnote 1 - Inverse Floating Rate Securities.
(b) For the six months ended April 30, 2008.
See accompanying notes to financial statements.
42-43 spread
Reinvest Automatically
EASILY and CONVENIENTLY
NUVEEN MAKES REINVESTING EASY. A PHONE CALL IS ALL IT TAKES TO SET UP YOUR
REINVESTMENT ACCOUNT.
NUVEEN CLOSED-END FUNDS DIVIDEND REINVESTMENT PLAN
Your Nuveen Closed-End 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
greater of the net asset value or 95% of 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. If the Plan Agent begins purchasing Fund shares on
the open market while shares are trading below net asset value, but the Fund's
shares subsequently trade at or above their net asset value before the Plan
Agent is able to complete its purchases, the Plan Agent may cease open-market
purchases and may invest the uninvested portion of the distribution in
newly-issued Fund shares at a price equal to the greater of the shares' net
asset value or 95% of the shares' market value on the last business day
immediately prior to the purchase date. Dividends and distributions received to
purchase shares in the open market will normally be invested shortly after the
dividend payment date. No interest will be paid on dividends and distributions
awaiting reinvestment. Because the market price of the shares may increase
before purchases are completed, the average purchase price per share may exceed
the market price at the time of valuation, resulting in the acquisition of fewer
shares than if the dividend or distribution had been paid in shares issued by
the Fund. A pro rata portion of any applicable brokerage commissions on open
market purchases will be paid by Plan participants. These commissions usually
will be lower than those charged on individual transactions.
44
FLEXIBLE
You may change your distribution option or withdraw from the Plan at any time,
should your needs or situation change. Should you withdraw, you can receive a
certificate for all whole shares credited to your reinvestment account and cash
payment for fractional shares, or cash payment for all reinvestment account
shares, less brokerage commissions and a $2.50 service fee.
You can reinvest whether your shares are registered in your name, or in the name
of a brokerage firm, bank, or other nominee. Ask your investment advisor if his
or her firm will participate on your behalf. Participants whose shares are
registered in the name of one firm may not be able to transfer the shares to
another firm and continue to participate in the Plan.
The Fund reserves the right to amend or terminate the Plan at any time. Although
the Fund reserves the right to amend the Plan to include a service charge
payable by the participants, there is no direct service charge to participants
in the Plan at this time.
CALL TODAY TO START REINVESTING DIVIDENDS AND/OR DISTRIBUTIONS
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in
or withdraw from the Plan, speak with your financial advisor or call us at (800)
257-8787.
45
Glossary of
TERMS USED in this REPORT
[] AUCTION RATE BOND: An auction rate bond is a security whose interest
payments are adjusted periodically through an auction process, which
process typically also serves as a means for buying and selling the bond.
Auctions that fail to attract enough buyers for all the shares offered for
sale are deemed to have "failed", with current holders receiving a
formula-based interest rate until the next scheduled auction.
[] AVERAGE ANNUAL TOTAL RETURN: This is a commonly used method to express an
investment's performance over a particular, usually multi-year time period.
It expresses the return that would have been necessary each year to equal
the investment's actual cumulative performance (including change in NAV or
market price and reinvested dividends and capital gains distributions, if
any) over the time period being considered.
[] AVERAGE EFFECTIVE MATURITY: The average of the number of years to maturity
of the bonds in a Fund's portfolio, computed by weighting each bond's time
to maturity (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 unless an escrow account has been
established to redeem the bond before maturity. The market value weighting
for an investment in an inverse floating rate security is the value of the
portfolio's residual interest in the inverse floating rate trust, and does
not include the value of the floating rate securities issued by the trust.
[] INVERSE FLOATERS: Inverse floating rate securities are created by
depositing a municipal bond, typically with a fixed interest rate, into a
special purpose trust created by a broker-dealer. This trust, in turn, (a)
issues floating rate certificates typically paying short-term tax-exempt
interest rates to third parties in amounts equal to some fraction of the
deposited bond's par amount or market value, and (b) issues an inverse
floating rate certificate (sometimes referred to as an "inverse floater")
to an investor (such as a Fund) interested in gaining investment exposure
to a long-term municipal bond. The income received by the holder of the
inverse floater varies inversely with the short-term rate paid to the
floating rate certificates' holders, and in most circumstances the holder
of the inverse floater bears substantially all of the underlying bond's
downside investment risk. The holder of the inverse floater typically also
benefits disproportionately from any potential appreciation of the
underlying bond's value. Hence, an inverse floater essentially represents
an investment in the underlying bond on a leveraged basis.
[] MODIFIED DURATION: Duration is a measure of the expected period over which
a bond's principal and interest will be paid, and consequently is a measure
of the sensitivity of a bond's or bond Fund's value to changes when market
interest rates change. Generally, the longer a bond's or Fund's duration,
the more the price of the bond or Fund will change as interest rates
change. Modified duration is a formula that expresses the measurable change
in the value of a security in response to a change in interest rates.
[] 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 per share 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.
[] ZERO COUPON BOND: A zero coupon bond does not pay a regular interest coupon
to its holders during the life of the bond. Tax-exempt income to the holder
of the bond comes from accretion of the difference between the original
purchase price of the bond at issuance and the par value of the bond at
maturity and is effectively paid at maturity. The market prices of zero
coupon bonds generally are more volatile than the market prices of bonds
that pay interest periodically.
46
Other Useful INFORMATION
QUARTERLY PORTFOLIO OF INVESTMENTS AND PROXY VOTING INFORMATION
You may obtain (i) each Fund's quarterly portfolio of investments, (ii)
information regarding how the Funds voted proxies relating to portfolio
securities held during the twelve-month period ended June 30, 2007, and (iii) a
description of the policies and procedures that the Funds used to determine how
to vote proxies relating to portfolio securities without charge, upon request,
by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen's website
at www.nuveen.com.
You may also obtain this and other Fund information directly from the Securities
and Exchange Commission ("SEC"). The SEC may charge a copying fee for this
information. Visit the SEC on-line at http://www.sec.gov or in person at the
SEC's Public Reference Room in Washington, D.C. Call the SEC at (202) 942-8090
for room hours and operation. You may also request Fund information by sending
an e-mail request to publicinfo@sec.gov or by writing to the SEC's Public
References Section at 100 F Street NE, Washington, D.C. 20549.
CEO CERTIFICATION DISCLOSURE
Each Fund's Chief Executive Officer has submitted to the New York Stock Exchange
(NYSE) the annual CEO certification as required by Section 303A.12(a) of the
NYSE Listed Company Manual.
Each Fund has filed with the Securities and Exchange Commission the
certification of its Chief Executive Officer and Chief Financial Officer
required by Section 302 of the Sarbanes-Oxley Act.
BOARD OF DIRECTORS
Robert P. Bremner
Jack B. Evans
William C. Hunter
David J. Kundert
William J. Schneider
Timothy R. Schwertfeger
Judith M. Stockdale
Carole E. Stone
FUND MANAGER
Nuveen Asset Management
333 West Wacker Drive
Chicago, IL 60606
CUSTODIAN
State Street Bank & Trust Company
Boston, MA
TRANSFER AGENT AND
SHAREHOLDER SERVICES
State Street Bank & Trust Company
Nuveen Funds
P.O. Box 43071
Providence, RI 02940-3071
(800) 257-8787
LEGAL COUNSEL
Chapman and Cutler LLP
Chicago, IL
INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
Ernst & Young LLP
Chicago, IL
Each Fund intends to repurchase shares of its own common or preferred stock in
the future at such times and in such amounts as is deemed advisable. No shares
were repurchased during the period covered by this report. Any future
repurchases will be reported to shareholders in the next annual or semi-annual
report.
47
Nuveen Investments:
-------------------
SERVING INVESTORS FOR GENERATIONS
Since 1898, financial advisors and their clients have relied on Nuveen
Investments to provide dependable investment solutions. For the past century,
Nuveen Investments has adhered to the belief that the best approach to investing
is to apply conservative risk-management principles to help minimize volatility.
Building on this tradition, we today offer a range of high quality equity and
fixed-income solutions that are integral to a well-diversified core portfolio.
Our clients have come to appreciate this diversity, as well as our continued
adherence to proven, long-term investing principles.
We offer many different investing solutions for our clients' different needs.
Managing $153 billion in assets, as of March 31, 2008, 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 six
distinct brands: Nuveen, a leader in fixed-income investments; NWQ, a leader in
value-style equities; Rittenhouse, a leader in growth-style equities; Symphony,
a leading institutional manager of market-neutral alternative investment
portfolios; Santa Barbara, a leader in growth equities; and Tradewinds, a leader
in global equities.
Find out how we can help you reach your financial goals.
To learn more about the products and services Nuveen Investments offers, talk to
your financial advisor, or call us at (800) 257-8787. Please read the
information provided carefully before you invest. Be sure to obtain a
prospectus, where applicable. Investors should consider the investment objective
and policies, risk considerations, charges and expenses of the Fund carefully
before investing. The prospectus contains this and other information relevant to
an investment in the Fund. For a prospectus, please contact your securities
representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606.
Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at: www.nuveen.com/etf
Share prices
Fund details
Daily financial news
Investor education
Interactive planning tools
ESA-A-0408D
ITEM 2. CODE OF ETHICS.
Not applicable to this filing.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable to this filing.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable to this filing.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to this filing.
ITEM 6. SCHEDULE OF INVESTMENTS.
See Portfolio of Investments in Item 1.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this filing.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this filing.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which shareholders may
recommend nominees to the registrant's Board implemented after the registrant
last provided disclosure in response to this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial officers,
or persons performing similar functions, have concluded that the
registrant's disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940, as amended (the
"1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within
90 days of the filing date of this report that includes the disclosure
required by this paragraph, based on their evaluation of the controls
and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR
270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934, as amended (the "Exchange Act")(17 CFR
240.13a-15(b) or 240.15d-15(b)).
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act
(17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter
of the period covered by this report that has materially affected, or
is reasonably likely to materially affect, the registrant's internal
control over financial reporting.
ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit: Not applicable to
this filing.
(a)(2) A separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2(a) under
the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See
Ex-99.CERT attached hereto.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under
the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the
report by or on behalf of the registrant to 10 or more persons: Not applicable.
(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act,
provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR
270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR
240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of
the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished
pursuant to this paragraph will not be deemed "filed" for purposes of Section 18
of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of
that section. Such certification will not be deemed to be incorporated by
reference into any filing under the Securities Act of 1933 or the Exchange Act,
except to the extent that the registrant specifically incorporates it by
reference: See 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/ Kevin J. McCarthy
----------------------------------------------
Kevin J. McCarthy
(Vice President and Secretary)
Date: July 9, 2008
-------------------------------------------------------------------
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 9, 2008
-------------------------------------------------------------------
By (Signature and Title) /s/ Stephen D. Foy
----------------------------------------------
Stephen D. Foy
Vice President and Controller
(principal financial officer)
Date: July 9, 2008
-------------------------------------------------------------------