Form N-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q


QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number         811-05120         

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

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


Kevin J. McCarthy Vice President and Secretary
        333 West Wacker Drive, Chicago, Illinois 60606         
(Name and address of agent for service)

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

Date of fiscal year end:            10/31          

Date of reporting period:         7/31/09         

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

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Schedule of Investments

  Portfolio of Investments (Unaudited)       
  Nuveen Municipal Value Fund, Inc. (NUV)       
  July 31, 2009       
 
 
 
Principal    Optional Call     
Amount (000)  Description (1)  Provisions (2)  Ratings (3)  Value 
  Alabama – 0.4%       
$            5,000  Courtland Industrial Development Board, Alabama, Solid Waste Disposal Revenue Bonds, Champion  11/09 at 101.00  Baa3  $      4,624,550 
   International Paper Corporation, Series 1999A, 6.700%, 11/01/29 (Alternative Minimum Tax)       
1,750  Huntsville Healthcare Authority, Alabama, Revenue Bonds, Series 2001A, 5.750%, 6/01/31  6/11 at 101.00  A2 (4)  1,920,765 
   (Pre-refunded 6/01/11)       
6,750  Total Alabama      6,545,315 
  Alaska – 0.5%       
3,335  Alaska Housing Finance Corporation, General Housing Purpose Bonds, Series 2005A, 5.000%,  12/14 at 100.00  AA  3,339,402 
   12/01/30 – FGIC Insured       
3,000  Anchorage, Alaska, General Obligation Bonds, Series 2003B, 5.000%, 9/01/23 (Pre-refunded  9/13 at 100.00  AA (4)  3,433,320 
   9/01/13) – FGIC Insured       
1,260  Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds,  6/10 at 100.00  AAA  1,305,511 
   Series 2000, 6.200%, 6/01/22 (Pre-refunded 6/01/10)       
7,595  Total Alaska      8,078,233 
  Arizona – 1.7%       
13,100  Arizona Health Facilities Authority, Hospital Revenue Bonds, Catholic Healthcare West, Series  7/10 at 101.00  N/R (4)  13,839,233 
   1999A, 6.625%, 7/01/20 (Pre-refunded 7/01/10)       
4,900  Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children’s  11/09 at 100.00  Baa3 (4)  4,975,460 
   Hospital, Series 1999A, 6.250%, 11/15/29 (Pre-refunded 11/15/09)       
1,400  Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children’s  2/12 at 101.00  N/R (4)  1,580,964 
   Hospital, Series 2002A, 6.250%, 2/15/21 (Pre-refunded 2/15/12)       
2,500  Phoenix, Arizona, Civic Improvement Corporation, Senior Lien Airport Revenue Bonds, Series  7/18 at 100.00  AA–  2,411,050 
   2008A, 5.000%, 7/01/38       
4,000  Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Government Project Bonds, Series  12/17 at 102.00  N/R  2,814,560 
   2007, 7.000%, 12/01/27       
5,600  Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Series 2007,  No Opt. Call  A  4,283,048 
   5.000%, 12/01/37       
1,000  Scottsdale Industrial Development Authority, Arizona, Hospital Revenue Bonds, Scottsdale  9/13 at 100.00  A3  928,940 
   Healthcare, Series 2008A, 5.250%, 9/01/30       
32,500  Total Arizona      30,833,255 
  Arkansas – 0.2%       
2,000  Cabot School District 4, Lonoke County, Arkansas, General Obligation Refunding Bonds, Series  8/09 at 100.00  A1  1,952,500 
   2003, 5.000%, 2/01/32 – AMBAC Insured       
2,000  University of Arkansas, Fayetteville, Various Facilities Revenue Bonds, Series 2002, 5.000%,  12/12 at 100.00  Aa3  2,004,720 
   12/01/32 – FGIC Insured       
4,000  Total Arkansas      3,957,220 
  California – 12.6%       
  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  11,266,200 
10,000   5.250%, 5/01/20 (Pre-refunded 5/01/12)  5/12 at 101.00  Aaa  11,300,100 
7,310  California Educational Facilities Authority, Revenue Bonds, Loyola Marymount University,  10/09 at 39.19  AAA  2,861,719 
   Series 2000, 0.000%, 10/01/24 (Pre-refunded 10/01/09) – NPFG Insured       
  California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanante System,       
  Series 2006:       
5,000   5.000%, 4/01/37 – BHAC Insured  4/16 at 100.00  AAA  4,999,650 
6,000   5.000%, 4/01/37  4/16 at 100.00  A+  5,179,920 
6,830  California Infrastructure Economic Development Bank, Revenue Bonds, J. David Gladstone  10/11 at 101.00  A–  6,352,446 
   Institutes, Series 2001, 5.250%, 10/01/34       
1,500  California Pollution Control Financing Authority, Revenue Bonds, Pacific Gas and Electric  6/17 at 100.00  A3  1,308,345 
   Company, Series 2004C, 4.750%, 12/01/23 – FGIC Insured (Alternative Minimum Tax)       
11,570  California Statewide Community Development Authority, Certificates of Participation, Internext  10/09 at 101.00  BBB  10,912,593 
   Group, Series 1999, 5.375%, 4/01/17       
3,500  California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital  8/19 at 100.00  AA  3,665,795 
   Project, Series 2009, 6.750%, 2/01/38       
3,600  California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health  7/18 at 100.00  AA–  3,602,268 
   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  14,620,878 
11,250   5.000%, 2/01/33  8/13 at 100.00  A  10,527,075 
16,000  California, Various Purpose General Obligation Bonds, Series 2007, 5.000%, 6/01/37  6/17 at 100.00  A  14,758,720 
3,000  Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community  9/09 at 102.00  N/R (4)  3,073,440 
   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, General Obligation Bonds, Series  8/18 at 100.00  AAA  4,095,550 
   2006C, 0.000%, 8/01/32 – FSA Insured       
30,000  Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series  No Opt. Call  AAA  17,753,700 
   1995A, 0.000%, 1/01/22 (ETM)       
21,150  Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement  6/13 at 100.00  AAA  23,755,890 
   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:       
6,525   5.000%, 6/01/33  6/17 at 100.00  BBB  4,129,868 
1,500   5.125%, 6/01/47  6/17 at 100.00  BBB  811,110 
3,540  Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed  6/13 at 100.00  AAA  4,205,237 
   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–  4,128,900 
10,000   5.000%, 6/01/45  6/15 at 100.00  A–  8,064,000 
9,000  Los Angeles Department of Water and Power, California, Waterworks Revenue Refunding Bonds,  7/11 at 100.00  AA  8,744,850 
   Series 2001A, 5.125%, 7/01/41       
4,000  Los Angeles Regional Airports Improvement Corporation, California, Sublease Revenue Bonds, Los  12/12 at 102.00  B–  3,115,640 
   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+  1,082,800 
2,555   0.000%, 8/01/24 – FGIC Insured  No Opt. Call  A+  1,027,493 
2,365  Montebello Unified School District, Los Angeles County, California, General Obligation Bonds,  No Opt. Call  A+  758,314 
   Series 2004, 0.000%, 8/01/27 – FGIC Insured       
8,000  Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical  7/14 at 100.00  A3 (4)  9,493,600 
   Center, Series 2004, 5.625%, 7/01/34 (Pre-refunded 7/01/14)       
15,155  Riverside Public Financing Authority, California, University Corridor Tax Allocation Bonds,  8/17 at 100.00  A  11,744,670 
   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+  1,035,536 
2,660   0.000%, 8/01/25 – FGIC Insured  No Opt. Call  A+  993,643 
7,300  San Diego County, California, Certificates of Participation, Burnham Institute, Series 1999,  9/09 at 101.00  N/R (4)  7,408,113 
   6.250%, 9/01/29 (Pre-refunded 9/01/09)       
14,605  San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue  No Opt. Call  A  1,957,362 
   Refunding Bonds, Series 1997A, 0.000%, 1/15/35 – NPFG Insured       
5,000  San Jose, California, Airport Revenue Bonds, Series 2007A, 6.000%, 3/01/47 – AMBAC Insured  3/17 at 100.00  A  4,645,200 
   (Alternative Minimum Tax)       
1,204  Yuba County Water Agency, California, Yuba River Development Revenue Bonds, Pacific Gas and  9/09 at 100.00  Baa3  1,171,323 
   Electric Company, Series 1966A, 4.000%, 3/01/16       
269,794  Total California      224,551,948 
  Colorado – 4.1%       
5,000  Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/40 –  10/16 at 100.00  BBB  3,925,050 
   SYNCORA GTY Insured       
1,800  Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds,  8/11 at 100.00  AAA  2,047,590 
   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, Catholic Health Initiatives,  9/16 at 100.00  AA  4,189,650 
   Series 2006A, 4.500%, 9/01/38       
2,100  Colorado Health Facilities Authority, Revenue Bonds, Catholic Health Initiatives, Series  3/12 at 100.00  AA (4)  2,198,091 
   2002A, 5.500%, 3/01/32 (ETM)       
750  Colorado Health Facilities Authority, Revenue Bonds, Longmont United Hospital, Series 2006B,  12/16 at 100.00  Baa2  629,355 
   5.000%, 12/01/23 – RAAI Insured       
1,700  Colorado Health Facilities Authority, Revenue Bonds, Poudre Valley Health System, Series  9/18 at 102.00  AAA  1,670,199 
   2005C, 5.250%, 3/01/40 – FSA Insured       
500  Colorado Health Facilities Authority, Revenue Bonds, Vail Valley Medical Center, Series 2001,  1/12 at 100.00  BBB+  499,545 
   5.750%, 1/15/22       
18,915  Denver, Colorado, Airport System Revenue Refunding Bonds, Series 2003B, 5.000%, 11/15/33 –  11/13 at 100.00  A+  18,193,393 
   SYNCORA GTY Insured       
5,000  E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000A, 5.750%, 9/01/35  9/10 at 102.00  AAA  5,382,350 
   (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 – NPFG Insured  No Opt. Call  A  4,581,786 
16,500   0.000%, 9/01/32 – NPFG Insured  No Opt. Call  A  2,890,800 
39,700  E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/28  9/10 at 31.42  AAA  12,327,644 
   (Pre-refunded 9/01/10) – NPFG Insured       
6,600  E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Refunding Series 2006B, 0.000%,  9/26 at 52.09  A  616,506 
   9/01/39 – NPFG Insured       
10,000  E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%, 3/01/36 –  9/20 at 41.72  A  1,319,100 
   NPFG Insured       
5,000  Ebert Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Series 2007,  12/17 at 100.00  BBB–  4,024,950 
   5.350%, 12/01/37 – RAAI Insured       
1,450  Northwest Parkway Public Highway Authority, Colorado, Revenue Bonds, Senior Series 2001A,  6/11 at 102.00  N/R (4)  1,594,493 
   5.500%, 6/15/19 (Pre-refunded 6/15/11) – AMBAC Insured       
7,000  Northwest Parkway Public Highway Authority, Colorado, Revenue Bonds, Senior Series 2001C,  6/16 at 100.00  N/R (4)  7,413,910 
   0.000%, 6/15/21 (Pre-refunded 6/15/16) – AMBAC Insured       
151,215  Total Colorado      73,504,412 
  Connecticut – 0.3%       
8,670  Mashantucket Western Pequot Tribe, Connecticut, Subordinate Special Revenue Bonds, Series  11/17 at 100.00  Baa3  4,415,891 
   2007A, 5.750%, 9/01/34       
  District of Columbia – 0.5%       
10,000  Washington Convention Center Authority, District of Columbia, Senior Lien Dedicated Tax  10/16 at 100.00  A  8,534,700 
   Revenue Bonds, Series 2007A, 4.500%, 10/01/30 – AMBAC Insured       
  Florida – 4.1%       
4,000  Escambia County Health Facilities Authority, Florida, Revenue Bonds, Ascension Health Credit  11/12 at 101.00  Aa1  4,103,320 
   Group, Series 2002C, 5.750%, 11/15/32       
10,000  Florida State Board of Education, Public Education Capital Outlay Bonds, Series 2005E,  6/15 at 101.00  AAA  9,228,200 
   4.500%, 6/01/35 (UB)       
1,750  Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Bonds, Tampa  10/16 at 100.00  A3  1,376,708 
   General Hospital, Series 2006, 5.250%, 10/01/41       
10,690  Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Series 2001, 5.000%,  10/11 at 100.00  AA–  10,728,484 
   10/01/30 – AMBAC Insured       
3,000  JEA, Florida, Electric System Revenue Bonds, Series 2006-3A, 5.000%, 10/01/41 – FSA Insured  4/15 at 100.00  AAA  2,949,810 
4,880  Lee County, Florida, Airport Revenue Bonds, Series 2000A, 6.000%, 10/01/32 – FSA Insured  10/10 at 101.00  AAA  4,849,305 
   (Alternative Minimum Tax)       
5,000  Marion County Hospital District, Florida, Revenue Bonds, Munroe Regional Medical Center,  10/17 at 100.00  A3  3,776,150 
   Series 2007, 5.000%, 10/01/34       
4,895  Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Regional  10/09 at 101.00  A  4,884,133 
   Healthcare System, Series 1999E, 6.000%, 10/01/26       
105  Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Regional  10/09 at 101.00  A (4)  107,021 
   Healthcare System, Series 1999E, 6.000%, 10/01/26 (Pre-refunded 10/01/09)       
8,250  Orange County School Board, Florida, Certificates of Participation, Series 2002A, 5.000%,  8/12 at 100.00  AA–  8,163,128 
   8/01/27 – MBIA Insured       
9,250  Port Saint Lucie. Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B,  7/17 at 100.00  A  7,306,205 
   Series 2007, 5.000%, 7/01/40 – MBIA Insured       
2,500  Seminole Tribe of Florida, Special Obligation Bonds, Series 2007A, 5.250%, 10/01/27  10/17 at 100.00  BBB  2,138,750 
14,730  South Miami Health Facilities Authority, Florida, Revenue Bonds, Baptist Health Systems of  8/17 at 100.00  AA–  13,223,268 
   South Florida, Series 2005, 5.000%, 8/15/42 (UB)       
79,050  Total Florida      72,834,482 
  Georgia – 1.0%       
10,240  Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.000%, 11/01/38 –  5/11 at 100.00  A  8,885,658 
   FGIC Insured       
2,500  Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2001A, 5.000%, 11/01/33 –  5/12 at 100.00  A  2,229,225 
   MBIA Insured       
4,000  Augusta, Georgia, Water and Sewerage Revenue Bonds, Series 2004, 5.250%, 10/01/39 –  10/14 at 100.00  AAA  4,050,200 
   FSA Insured       
2,250  Royston Hospital Authority, Georgia, Revenue Anticipation Certificates, Ty Cobb Healthcare  1/10 at 102.00  N/R  1,774,733 
   System Inc., Series 1999, 6.500%, 7/01/27       
18,990  Total Georgia      16,939,816 
  Hawaii – 0.7%       
12,325  Honolulu City and County, Hawaii, General Obligation Bonds, Series 2003A, 5.250%, 3/01/28 –  3/13 at 100.00  AA  12,571,747 
   MBIA Insured       
  Illinois – 13.1%       
2,060  Aurora, Illinois, Golf Course Revenue Bonds, Series 2000, 6.375%, 1/01/20  1/10 at 100.00  A+  2,075,162 
17,205  Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax  No Opt. Call  AA–  7,414,323 
   Revenues, Series 1998B-1, 0.000%, 12/01/24 – FGIC Insured       
775  Chicago Greater Metropolitan Sanitary District, Illinois, General Obligation Capital  No Opt. Call  AAA  815,447 
   Improvement Bonds, Series 1991, 7.000%, 1/01/11 (ETM)       
5,000  Chicago Housing Authority, Illinois, Revenue Bonds, Capital Fund Program, Series 2001, 5.375%,  7/12 at 100.00  Aaa  5,640,350 
   7/01/18 (Pre-refunded 7/01/12)       
285  Chicago, Illinois, General Obligation Bonds, Series 2002A, 5.625%, 1/01/39 – AMBAC Insured  7/12 at 100.00  AA–  288,454 
9,715  Chicago, Illinois, General Obligation Bonds, Series 2002A, 5.625%, 1/01/39 (Pre-refunded  7/12 at 100.00  AA– (4)  11,019,822 
   7/01/12) – AMBAC Insured       
2,575  Chicago, Illinois, Second Lien Passenger Facility Charge Revenue Bonds, O’Hare International  1/11 at 101.00  A1  2,393,385 
   Airport, Series 2001C, 5.100%, 1/01/26 – AMBAC Insured (Alternative Minimum Tax)       
3,020  Cook County High School District 209, Proviso Township, Illinois, General Obligation Bonds,  12/16 at 100.00  AAA  3,295,938 
   Series 2004, 5.000%, 12/01/19 – FSA Insured       
385  DuPage County Community School District 200, Wheaton, Illinois, General Obligation Bonds,  11/13 at 100.00  Aa3  418,826 
   Series 2003B, 5.250%, 11/01/20 – FSA Insured       
1,615  DuPage County Community School District 200, Wheaton, Illinois, General Obligation Bonds,  11/13 at 100.00  Aa3 (4)  1,859,673 
   Series 2003B, 5.250%, 11/01/20 (Pre-refunded 11/01/13) – FSA Insured       
5,000  Illinois Development Finance Authority, Gas Supply Revenue Bonds, Peoples Gas, Light and Coke  11/13 at 101.00  A–  4,672,050 
   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 Revenue Bonds, Kane, Cook and  No Opt. Call  Aa3  18,864,190 
   DuPage Counties School District U46 – Elgin, Series 2002, 0.000%, 1/01/19 – FSA Insured       
1,800  Illinois Development Finance Authority, Local Government Program Revenue Bonds, Winnebago and  No Opt. Call  Aa3  1,180,620 
   Boone Counties School District 205 – Rockford, Series 2000, 0.000%, 2/01/19 – FSA Insured       
3,180  Illinois Development Finance Authority, Revenue Bonds, Chicago Charter School Foundation,  12/12 at 100.00  N/R (4)  3,681,073 
   Series 2002A, 6.250%, 12/01/32 (Pre-refunded 12/01/12)       
1,450  Illinois Development Finance Authority, Revenue Bonds, Illinois Wesleyan University, Series  9/11 at 100.00  BBB+  1,256,353 
   2001, 5.125%, 9/01/35 – AMBAC Insured       
6,550  Illinois Development Finance Authority, Revenue Bonds, Illinois Wesleyan University, Series  9/11 at 100.00  BBB+ (4)  7,088,803 
   2001, 5.125%, 9/01/35 (Pre-refunded 9/01/11) – AMBAC Insured       
5,245  Illinois Finance Authority, Revenue Bonds, Loyola University of Chicago, Tender Option Bond  7/17 at 100.00  Aa1  4,933,867 
   Trust 1137, 8.922%, 7/01/46 (IF)       
5,000  Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Series 2004A,  8/14 at 100.00  N/R (4)  5,859,700 
   5.500%, 8/15/43 (Pre-refunded 8/15/14)       
4,800  Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34  8/19 at 100.00  BBB+  4,836,288 
3,975  Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A,  8/17 at 100.00  Baa1  3,014,521 
   5.500%, 8/01/37       
15,000  Illinois Health Facilities Authority, Revenue Bonds, Condell Medical Center, Series 2000,  5/10 at 101.00  Aaa  15,851,550 
   6.500%, 5/15/30 (Pre-refunded 5/15/10)       
15,000  Illinois Health Facilities Authority, Revenue Bonds, Edward Hospital Obligated Group, Series  2/11 at 101.00  AAA  16,159,800 
   2001B, 5.250%, 2/15/34 (Pre-refunded 2/15/11) – FSA Insured       
8,145  Illinois Health Facilities Authority, Revenue Bonds, Sherman Health Systems, Series 1997,  8/09 at 100.00  Baa1  7,188,777 
   5.250%, 8/01/22 – AMBAC Insured       
4,350  Illinois Health Facilities Authority, Revenue Bonds, South Suburban Hospital, Series 1992,  No Opt. Call  A (4)  5,264,283 
   7.000%, 2/15/18 (ETM)       
5,000  Illinois Sports Facility Authority, State Tax Supported Bonds, Series 2001, 0.000%, 6/15/30 –  6/15 at 101.00  A  4,688,850 
   AMBAC Insured       
5,000  Lombard Public Facilities Corporation, Illinois, First Tier Conference Center and Hotel  1/16 at 100.00  B+  2,988,600 
   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  A  13,728,727 
12,830   0.000%, 6/15/18 – FGIC Insured  No Opt. Call  A  8,720,166 
  Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion       
  Project, Series 1994B:       
7,250   0.000%, 6/15/18 – NPFG Insured  No Opt. Call  AAA  4,920,793 
3,385   0.000%, 6/15/21 – NPFG Insured  No Opt. Call  AAA  1,871,363 
5,190   0.000%, 6/15/28 – NPFG Insured  No Opt. Call  AAA  1,764,860 
11,610   0.000%, 6/15/29 – FGIC Insured  No Opt. Call  AAA  3,664,464 
  Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion       
  Project, Series 2002A:       
10,000   0.000%, 6/15/24 – NPFG Insured  6/22 at 101.00  AAA  7,475,300 
21,375   0.000%, 6/15/34 – NPFG Insured  No Opt. Call  AAA  4,715,325 
21,000   0.000%, 12/15/35 – NPFG Insured  No Opt. Call  AAA  4,196,640 
21,070   0.000%, 6/15/36 – NPFG Insured  No Opt. Call  AAA  4,083,998 
25,825   0.000%, 6/15/39 – NPFG Insured  No Opt. Call  AAA  4,155,759 
8,460   5.250%, 6/15/42 – NPFG Insured  6/12 at 101.00  AAA  8,406,956 
  Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place       
  Expansion Project, Series 1996A:       
16,700   0.000%, 12/15/21 – NPFG Insured  No Opt. Call  A  8,959,383 
1,650   5.250%, 6/15/27 – AMBAC Insured  12/09 at 100.00  A2  1,650,479 
  Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place       
  Expansion Project, Series 2002B:       
3,775   0.000%, 6/15/20 – NPFG Insured  6/17 at 101.00  AAA  3,626,907 
5,715   0.000%, 6/15/21 – NPFG Insured  6/17 at 101.00  AAA  5,443,995 
1,000  Round Lake, Lake County, Illinois, Special Tax Bonds, Lakewood Grove Special Service Area 4,  3/17 at 100.00  AAA  926,570 
   Series 2007, 4.700%, 3/01/33 – AGC Insured       
1,285  Tri-City Regional Port District, Illinois, Port and Terminal Facilities Revenue Refunding  No Opt. Call  N/R  949,268 
   Bonds, Delivery Network Project, Series 2003A, 4.900%, 7/01/14 (Alternative Minimum Tax)       
1,575  Will County Community School District 161, Summit Hill, Illinois, Capital Appreciation School  No Opt. Call  N/R  1,025,798 
   Bonds, Series 1999, 0.000%, 1/01/18 – FGIC Insured       
720  Will County Community School District 161, Summit Hill, Illinois, Capital Appreciation School  No Opt. Call  N/R (4)  535,435 
   Bonds, Series 1999, 0.000%, 1/01/18 – FGIC Insured (ETM)       
359,530  Total Illinois      233,572,891 
  Indiana – 1.8%       
300  Anderson, Indiana, Economic Development Revenue Bonds, Anderson University, Series 2007,  4/14 at 100.00  N/R  240,486 
   5.000%, 10/01/24       
10,000  Indiana Bond Bank, State Revolving Fund Program Bonds, Series 2001A, 5.375%, 2/01/19  2/13 at 101.00  AAA  10,783,600 
3,000  Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Deaconess Hospital Inc.,  3/14 at 100.00  A+  2,614,800 
   Series 2004A, 5.375%, 3/01/34 – AMBAC Insured       
4,450  Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 –  1/17 at 100.00  A+  4,230,927 
   MBIA Insured       
  Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E:       
12,500   0.000%, 2/01/21 – AMBAC Insured  No Opt. Call  AA  7,380,125 
14,595   0.000%, 2/01/27 – AMBAC Insured  No Opt. Call  AA  5,883,099 
44,845  Total Indiana      31,133,037 
  Iowa – 1.2%       
6,990  Iowa Finance Authority, Single Family Mortgage Revenue Bonds, Series 2007B, 4.800%, 1/01/37  7/16 at 100.00  AAA  6,243,049 
   (Alternative Minimum Tax)       
3,500  Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, Wartburg  10/12 at 100.00  N/R (4)  3,980,865 
   College, Series 2002, 5.500%, 10/01/33 (Pre-refunded 10/01/12) – ACA Insured       
7,000  Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C,  6/15 at 100.00  BBB  4,218,200 
   5.625%, 6/01/46       
6,160  Iowa Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series  6/11 at 101.00  AAA  6,696,967 
   2001B, 5.600%, 6/01/35 (Pre-refunded 6/01/11)       
23,650  Total Iowa      21,139,081 
  Kansas – 0.6%       
10,000  Kansas Department of Transportation, Highway Revenue Bonds, Series 2004A, 5.000%, 3/01/22  3/14 at 100.00  AAA  10,686,600 
  Kentucky – 0.1%       
1,085  Greater Kentucky Housing Assistance Corporation, FHA-Insured Section 8 Mortgage Revenue  1/10 at 100.00  A  1,085,781 
   Refunding Bonds, Series 1997A, 6.100%, 1/01/24 – MBIA Insured       
1,000  Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds,  6/18 at 100.00  AAA  1,030,290 
   Louisville Arena Authority, Inc., Series 2008A-1, 6.000%, 12/01/38 – AGC Insured       
2,085  Total Kentucky      2,116,071 
  Louisiana – 2.5%       
1,000  East Baton Rouge Parish, Louisiana, Revenue Refunding Bonds, Georgia Pacific Corporation  3/10 at 100.00  B2  945,180 
   Project, Series 1998, 5.350%, 9/01/11 (Alternative Minimum Tax)       
12,000  Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue  11/17 at 100.00  BB  10,061,040 
   Bonds, Westlake Chemical Corporation Project, Series 2007, 6.750%, 11/01/32       
5,150  Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our  8/15 at 100.00  A+  4,441,206 
   Lady Health System, Series 2005A, 5.250%, 8/15/32       
6,540  Louisiana Public Facilities Authority, Hospital Revenue Refunding Bonds, Southern Baptist  11/09 at 100.00  AAA  7,262,147 
   Hospital, Series 1986, 8.000%, 5/15/12 (ETM)       
26,505  Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds,  5/11 at 101.00  BBB  21,270,526 
   Series 2001B, 5.875%, 5/15/39       
51,195  Total Louisiana      43,980,099 
  Maryland – 0.4%       
3,500  Maryland Energy Financing Administration, Revenue Bonds, AES Warrior Run Project, Series 1995,  10/09 at 100.00  N/R  3,155,950 
   7.400%, 9/01/19 (Alternative Minimum Tax)       
4,600  Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health,  8/14 at 100.00  A–  4,480,262 
   Series 2004, 5.500%, 8/15/33       
8,100  Total Maryland      7,636,212 
  Massachusetts – 4.7%       
10,000  Massachusetts Bay Transportation Authority, Senior Sales Tax Revenue Refunding Bonds, Series  7/12 at 100.00  AAA  11,142,300 
   2002A, 5.000%, 7/01/32 (Pre-refunded 7/01/12)       
1,720  Massachusetts Development Finance Agency, Resource Recovery Revenue Bonds, Ogden Haverhill  12/09 at 101.00  BBB  1,599,806 
   Associates, Series 1998B, 5.100%, 12/01/12 (Alternative Minimum Tax)       
4,340  Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Cape Cod Health Care  11/11 at 101.00  BBB–  3,267,022 
   Inc., Series 2001C, 5.250%, 11/15/31 – RAAI Insured       
500  Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc.,  7/18 at 100.00  A3  422,815 
   Series 2008E-1, 5.125%, 7/01/38       
2,000  Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Northern Berkshire  7/14 at 100.00  BB  1,473,020 
   Community Services Inc., Series 2004A, 6.375%, 7/01/34       
  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  1,059,511 
1,000   6.375%, 7/01/34  7/14 at 100.00  BB  736,510 
12,855  Massachusetts Housing Finance Agency, Housing Bonds, Series 2009F, 5.700%, 6/01/40  12/18 at 100.00  AA–  12,367,153 
  Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Senior       
  Series 1997A:       
10,145   5.000%, 1/01/27 – MBIA Insured  10/09 at 100.00  A  9,314,226 
22,440   5.000%, 1/01/37 – MBIA Insured  1/10 at 100.00  A  18,909,964 
8,000  Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Subordinate  1/10 at 100.00  Aaa  7,438,640 
   Series 1997B, 5.125%, 1/01/37 – MBIA Insured       
10,260  Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Subordinate  1/10 at 100.00  AA  9,308,385 
   Series 1999A, 5.000%, 1/01/39 – AMBAC Insured       
1,750  Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2000-6,  8/10 at 101.00  AAA  1,853,950 
   5.500%, 8/01/30 (Pre-refunded 8/01/10)       
4,250  Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2000-6,  8/10 at 101.00  AAA  4,353,998 
   5.500%, 8/01/30       
90,600  Total Massachusetts      83,247,300 
  Michigan – 3.7%       
12,440  Detroit Local Development Finance Authority, Michigan, Tax Increment Bonds, Series 1998A,  11/09 at 101.00  B–  5,764,820 
   5.500%, 5/01/21       
5,000  Detroit Water Supply System, Michigan, Water Supply System Revenue Bonds, Series 2006D,  7/16 at 100.00  AAA  4,383,550 
   4.625%, 7/01/32 – FSA Insured       
8,000  Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%,  7/15 at 100.00  A  6,879,440 
   7/01/35 – MBIA Insured       
5,240  Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Refunding Bonds, Series  10/12 at 100.00  AAA  5,628,703 
   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:       
1,100   7.500%, 10/01/12  10/09 at 102.00  Ba1  1,098,768 
5,000   7.900%, 10/01/21  10/09 at 102.00  Ba1  4,599,050 
3,500   8.000%, 10/01/31  10/09 at 102.00  Ba1  3,012,975 
22,235  Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Detroit Medical Center  8/09 at 100.00  BB–  13,903,546 
   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  8/09 at 100.00  BB–  1,082,884 
12,925   6.500%, 8/15/18  8/09 at 100.00  BB–  11,409,156 
7,200  Michigan Strategic Fund, Limited Obligation Resource Recovery Revenue Refunding Bonds, Detroit  12/12 at 100.00  Baa1  6,601,536 
   Edison Company, Series 2002D, 5.250%, 12/15/32 – SYNCORA GTY Insured       
1,150  Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont  9/18 at 100.00  A1  1,302,375 
   Hospital, Refunding Series 2009V, 8.250%, 9/01/39       
84,890  Total Michigan      65,666,803 
  Minnesota – 0.6%       
1,750  Breckenridge, Minnesota, Revenue Bonds, Catholic Health Initiatives, Series 2004A,  5/14 at 100.00  AA  1,751,330 
   5.000%, 5/01/30       
6,375  Minneapolis Health Care System, Minnesota, Revenue Bonds, Fairview Hospital and Healthcare  11/18 at 100.00  A  6,795,049 
   Services, Series 2008A, 6.625%, 11/15/28       
370  Minnesota Housing Finance Agency, Rental Housing Bonds, Series 1995D, 5.900%, 8/01/15 –  8/09 at 100.00  Aa1  371,391 
   MBIA Insured       
2,000  Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facilities Revenue  11/16 at 100.00  Baa1  1,645,280 
   Bonds, HealthPartners Obligated Group, Series 2006, 5.250%, 5/15/36       
10,495  Total Minnesota      10,563,050 
  Missouri – 3.0%       
40,000  Missouri Health and Educational Facilities Authority, Revenue Bonds, BJC Health System, Series  5/13 at 100.00  AA  39,734,000 
   2003, 5.250%, 5/15/32 (UB)       
6,000  Missouri-Illinois Metropolitan District Bi-State Development Agency, Mass Transit Sales Tax  10/13 at 100.00  AAA  5,692,020 
   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, Lafarge North America Inc.,  6/13 at 101.00  BBB–  2,987,840 
   Series 2003A, 5.650%, 6/01/37 (Alternative Minimum Tax)       
  West Plains Industrial Development Authority, Missouri, Hospital Facilities Revenue Bonds,       
  Ozark Medical Center, Series 1997:       
1,440   5.500%, 11/15/12  11/09 at 100.00  B+  1,398,024 
1,000   5.600%, 11/15/17  11/09 at 100.00  B+  861,960 
3,075  West Plains Industrial Development Authority, Missouri, Hospital Facilities Revenue Bonds,  11/09 at 101.00  B+  2,585,245 
   Ozark Medical Center, Series 1999, 6.750%, 11/15/24       
55,515  Total Missouri      53,259,089 
  Montana – 0.2%       
3,750  Forsyth, Rosebud County, Montana, Pollution Control Revenue Refunding Bonds, Puget Sound  3/13 at 101.00  A–  3,136,238 
   Energy, Series 2003A, 5.000%, 3/01/31 – AMBAC Insured       
  Nebraska – 0.3%       
5,000  Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2008A,  2/18 at 100.00  Aa1  5,195,950 
   5.500%, 2/01/39       
  Nevada – 0.7%       
2,500  Carson City, Nevada, Hospital Revenue Bonds, Carson-Tahoe Hospital, Series 2003A, 5.125%,  9/13 at 100.00  BBB  1,951,200 
   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  Caa2  1,220,280 
11,000   0.000%, 1/01/25 – AMBAC Insured  No Opt. Call  Caa2  862,070 
4,000   5.625%, 1/01/32 – AMBAC Insured  1/10 at 102.00  Caa2  802,200 
22,010   5.375%, 1/01/40 – AMBAC Insured  1/10 at 100.00  Caa2  4,414,326 
2,500  Reno, Neveda, Health Facilty Revenue Bonds, Catholic Healthcare West, Trust 2634, 17.924%,  7/17 at 100.00  AAA  2,570,350 
   7/01/31 – BHAC Insured (IF)       
1,500  Sparks Tourism Improvement District 1, Legends at Sparks Marina, Nevada, Senior Sales Tax  6/18 at 100.00  Ba2  1,114,785 
   Revenue Bonds Series 2008A, 6.750%, 6/15/28       
58,605  Total Nevada      12,935,211 
  New Jersey – 5.6%       
23,625  New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental  9/09 at 101.00  B  16,296,289 
   Airlines Inc., Series 1999, 6.250%, 9/15/29 (Alternative Minimum Tax)       
9,000  New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental  11/10 at 101.00  B  6,755,760 
   Airlines Inc., Series 2000, 7.000%, 11/15/30 (Alternative Minimum Tax)       
4,740  New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health  1/17 at 41.49  BBB–  535,620 
   Care System, Series 2006A, 0.000%, 7/01/34       
11,200  New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Trinitas Hospital  7/10 at 101.00  BBB– (4)  12,019,392 
   Obligated Group, Series 2000, 7.500%, 7/01/30 (Pre-refunded 7/01/10)       
7,500  New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2003C,  6/13 at 100.00  AAA  8,701,125 
   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–  7,411,800 
27,000   0.000%, 12/15/32 – FSA Insured  No Opt. Call  AAA  6,372,540 
310  New Jersey Turnpike Authority, Revenue Bonds, Series 1991C, 6.500%, 1/01/16 – MBIA Insured  No Opt. Call  A+  371,492 
  New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:       
105   6.500%, 1/01/16 – MBIA Insured (ETM)  No Opt. Call  A+ (4)  132,274 
1,490   6.500%, 1/01/16 – MBIA Insured (ETM)  No Opt. Call  A+ (4)  1,728,609 
27,185  Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds,  6/12 at 100.00  AAA  31,161,888 
   Series 2002, 6.125%, 6/01/42 (Pre-refunded 6/01/12)       
7,165  Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds,  6/13 at 100.00  AAA  8,503,135 
   Series 2003, 6.250%, 6/01/43 (Pre-refunded 6/01/13)       
149,320  Total New Jersey      99,989,924 
  New Mexico – 0.6%       
1,500  University of New Mexico, Revenue Refunding Bonds, Series 1992A, 6.000%, 6/01/21  No Opt. Call  AA  1,759,920 
9,600  University of New Mexico, Subordinate Lien Revenue Refunding and Improvement Bonds, Series  6/12 at 100.00  AA  9,560,544 
   2002A, 5.000%, 6/01/32       
11,100  Total New Mexico      11,320,464 
  New York – 8.2%       
8,500  Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Kaleida  2/14 at 100.00  AAA  8,820,535 
   Health, Series 2004, 5.050%, 2/15/25       
5,200  Dormitory Authority of the State of New York, New York City, Lease Revenue Bonds, Court  5/10 at 101.00  AA– (4)  5,478,200 
   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, Mount Sinai NYU Health Obligated  10/09 at 100.00  A2  2,499,900 
   Group, Series 2000A, 5.500%, 7/01/26       
2,625  Dormitory Authority of the State of New York, Revenue Bonds, Mount Sinai NYU Health, Series  11/10 at 100.00  AA–  2,624,895 
   2000C, 5.500%, 7/01/26       
15,500  Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2001A,  9/11 at 100.00  AAA  17,009,855 
   5.375%, 9/01/25 (Pre-refunded 9/01/11)       
2,000  Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006B,  6/16 at 100.00  A–  1,917,940 
   5.000%, 12/01/35       
1,510  New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Vaughn  12/16 at 100.00  BB+  952,538 
   College of Aeronautics, Series 2006B, 5.000%, 12/01/31       
10,000  New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, JFK  8/12 at 101.00  B–  8,500,700 
   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, Water and Sewerage System Revenue  12/14 at 100.00  AAA  5,504,785 
   Bonds, Series 2004B, 5.000%, 6/15/36 – FSA Insured (UB)       
5  New York City, New York, General Obligation Bonds, Fiscal Series 1997E, 6.000%, 8/01/16  10/09 at 100.00  AA  5,020 
3,880  New York City, New York, General Obligation Bonds, Fiscal Series 1998D, 5.500%, 8/01/10  8/09 at 100.00  AA  3,894,550 
  New York City, New York, General Obligation Bonds, Fiscal Series 2003J:       
1,450   5.500%, 6/01/21  6/13 at 100.00  AAA  1,516,425 
385   5.500%, 6/01/22  6/13 at 100.00  AAA  400,866 
  New York City, New York, General Obligation Bonds, Fiscal Series 2004C:       
8,000   5.250%, 8/15/24  8/14 at 100.00  AA  8,274,960 
6,000   5.250%, 8/15/25  8/14 at 100.00  AA  6,187,080 
10,000  New York Dorm Authority, FHA Insured Mortgage Hospital Revenue Bonds, Kaleida Health, Series  8/16 at 100.00  BBB  9,173,200 
   2006, 4.700%, 2/15/35       
  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–  10,331,800 
11,190   5.500%, 6/01/18  6/12 at 100.00  AA–  11,675,646 
28,810   5.500%, 6/01/19  6/13 at 100.00  AA–  30,287,087 
2,500  Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air  No Opt. Call  A  2,592,300 
   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 Bonds, Series 2000A,  11/10 at 100.00  Aa2  8,522,525 
   5.250%, 11/15/40       
144,055  Total New York      146,170,807 
  North Carolina – 1.1%       
1,500  Charlotte, North Carolina, Certificates of Participation, Governmental Facilities Projects,  6/13 at 100.00  AA+  1,499,895 
   Series 2003G, 5.000%, 6/01/33       
2,500  North Carolina Eastern Municipal Power Agency, Power System Revenue Refunding Bonds, Series  1/13 at 100.00  BBB+  2,495,775 
   2003D, 5.125%, 1/01/26       
1,500  North Carolina Infrastructure Finance Corporation, Certificates of Participation, Correctional  2/14 at 100.00  AA+  1,573,995 
   Facilities, Series 2004A, 5.000%, 2/01/20       
2,000  North Carolina Medical Care Commission, Health System Revenue Bonds, Mission St. Joseph’s  10/17 at 100.00  AA  1,780,700 
   Health System, Series 2007, 4.500%, 10/01/31       
10,000  North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 1999B,  1/10 at 101.00  A2  10,177,900 
   6.500%, 1/01/20       
3,000  The Charlotte-Mecklenberg Hospital Authority, North Carolina, Doing Business as Carolinas  1/18 at 100.00  AA–  2,838,690 
   HealthCare System, Health Care Refunding Revenue Bonds, Series 2008A, 5.000%, 1/15/47       
20,500  Total North Carolina      20,366,955 
  Ohio – 2.0%       
10,000  American Municipal Power Ohio Inc., General Revenue Bonds, Series 2008, 5.250%, 2/15/43  2/18 at 100.00  A1  9,487,200 
  Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue       
  Bonds, Senior Lien, Series 2007A-2:       
2,885   5.375%, 6/01/24  6/17 at 100.00  BBB  2,418,784 
480   5.125%, 6/01/24  6/17 at 100.00  BBB  395,400 
5,500   5.875%, 6/01/30  6/17 at 100.00  BBB  3,874,860 
15,165   5.750%, 6/01/34  6/17 at 100.00  BBB  9,804,324 
11,785   5.875%, 6/01/47  6/17 at 100.00  BBB  6,766,122 
5,150  Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue  6/22 at 100.00  BBB  2,448,362 
   Bonds, Senior Lien, Series 2007A-3, 0.000%, 6/01/37       
50,965  Total Ohio      35,195,052 
  Oklahoma – 0.8%       
9,955  Oklahoma Development Finance Authority, Revenue Bonds, St. John Health System, Series 2004,  2/14 at 100.00  A  9,203,398 
   5.125%, 2/15/31       
5,045  Oklahoma Development Finance Authority, Revenue Bonds, St. John Health System, Series 2004,  2/14 at 100.00  AAA  5,806,946 
   5.125%, 2/15/31 (Pre-refunded 2/15/14)       
15,000  Total Oklahoma      15,010,344 
  Oregon – 0.3%       
2,600  Clackamas County Hospital Facility Authority, Oregon, Revenue Refunding Bonds, Legacy Health  5/11 at 101.00  A+  2,656,264 
   System, Series 2001, 5.250%, 5/01/21       
2,860  Oregon State Facilities Authority, Revenue Bonds, Willamette University, Series 2007A,  10/17 at 100.00  A  2,604,087 
   5.000%, 10/01/32       
5,460  Total Oregon      5,260,351 
  Pennsylvania – 1.9%       
10,300  Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, West Penn  11/17 at 100.00  BB  6,609,613 
   Allegheny Health System, Series 2007A, 5.000%, 11/15/28       
6,500  Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2004A, 5.500%, 12/01/31 –  12/14 at 100.00  Aa3  6,631,755 
   AMBAC Insured       
8,000  Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2004D, 5.125%,  6/14 at 100.00  Aa3 (4)  9,271,280 
   6/01/34 (Pre-refunded 6/01/14) – FGIC Insured       
10,075  State Public School Building Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia School  6/13 at 100.00  AAA  11,470,488 
   District, Series 2003, 5.000%, 6/01/33 (Pre-refunded 6/01/13) – FSA Insured       
34,875  Total Pennsylvania      33,983,136 
  Puerto Rico – 2.5%       
8,340  Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A,  7/18 at 100.00  BBB–  8,090,801 
   6.000%, 7/01/44       
13,000  Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N,  No Opt. Call  BBB  11,233,560 
   5.250%, 7/01/39 – FGIC Insured       
5,450  Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities  6/10 at 101.00  Baa3  5,455,014 
   Financing Authority, Co-Generation Facility Revenue Bonds, Series 2000A, 6.625%, 6/01/26       
   (Alternative Minimum Tax)       
4,345  Puerto Rico Infrastructure Financing Authority, Special Obligation Bonds, Series 2000A,  10/10 at 101.00  AAA  4,637,636 
   5.500%, 10/01/40 (Pre-refunded 10/01/10)       
11,000  Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series  8/26 at 100.00  A+  7,029,550 
   2009A, 0.000%, 8/01/32       
70,300  Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%,  No Opt. Call  AA–  3,646,461 
   8/01/54 – AMBAC Insured       
5,000  Puerto Rico, General Obligation Bonds, Series 2000B, 5.625%, 7/01/19 – MBIA Insured  7/10 at 100.00  A  5,007,450 
117,435  Total Puerto Rico      45,100,472 
  Rhode Island – 1.0%       
6,250  Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue Bonds,  11/09 at 100.00  A  5,832,875 
   Lifespan Obligated Group, Series 1996, 5.250%, 5/15/26 – MBIA Insured       
16,070  Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds,  6/12 at 100.00  BBB  12,451,840 
   Series 2002A, 6.250%, 6/01/42       
22,320  Total Rhode Island      18,284,715 
  South Carolina – 2.8%       
7,000  Dorchester County School District 2, South Carolina, Installment Purchase Revenue Bonds,  12/14 at 100.00  AA–  7,028,560 
   GROWTH, Series 2004, 5.250%, 12/01/29       
3,000  Myrtle Beach, South Carolina, Hospitality and Accommodation Fee Revenue Bonds, Series 2004A,  6/14 at 100.00  A+  2,678,940 
   5.000%, 6/01/36 – FGIC Insured       
8,475  Piedmont Municipal Power Agency, South Carolina, Electric Revenue Refunding Bonds, Series  10/09 at 100.00  A–  8,140,068 
   1986, 5.000%, 1/01/25       
4,320  South Carolina JOBS Economic Development Authority, Economic Development Revenue Bonds,  11/12 at 100.00  A3 (4)  4,942,080 
   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 Development Revenue Bonds,  11/12 at 100.00  A–  14,959,022 
   Bon Secours Health System Inc., Series 2002B, 5.625%, 11/15/30       
8,000  South Carolina JOBS Economic Development Authority, Hospital Revenue Bonds, Palmetto Health  12/10 at 102.00  Baa2 (4)  8,764,800 
   Alliance, Series 2000A, 7.375%, 12/15/21 (Pre-refunded 12/15/10)       
4,215  Spartanburg Sanitary Sewer District, South Carolina, Sewer System Revenue Bonds, Series 2003B,  3/14 at 100.00  A  3,850,740 
   5.000%, 3/01/38 – MBIA Insured       
51,440  Total South Carolina      50,364,210 
  Tennessee – 1.1%       
10,300  Jackson, Tennessee, Hospital Revenue Refunding Bonds, Jackson-Madison County General Hospital  4/18 at 100.00  A+  10,105,124 
   Project, Series 2008, 5.625%, 4/01/38       
  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  A1  3,060,450 
2,605   6.500%, 4/15/31  4/12 at 101.00  A1  2,614,013 
2,000  Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds,  3/13 at 100.00  N/R  1,297,700 
   Wellmont Health System, Refunding Series 200A, 5.440%, 9/01/32       
3,000  Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds,  9/16 at 100.00  BBB+  2,058,600 
   Wellmont Health System, Series 2006C, 5.250%, 9/01/36       
20,905  Total Tennessee      19,135,887 
  Texas – 7.1%       
5,000  Alliance Airport Authority, Texas, Special Facilities Revenue Bonds, American Airlines Inc.,  12/12 at 100.00  CCC+  1,710,000 
   Series 2007, 5.250%, 12/01/29 (Alternative Minimum Tax)       
2,000  Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, First Tier  1/17 at 100.00  Ba2  1,399,600 
   Series 2006B, 5.750%, 1/01/34       
5,110  Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric  4/13 at 101.00  Caa3  2,413,095 
   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  A  3,082,960 
31,550   5.000%, 1/01/45 – FGIC Insured  1/15 at 100.00  A  23,146,656 
11,000  Harris County-Houston Sports Authority, Texas, Junior Lien Revenue Bonds, Series 2001H,  No Opt. Call  A  2,974,620 
   0.000%, 11/15/27 – NPFG Insured       
2,700  Harris County-Houston Sports Authority, Texas, Senior Lien Revenue Bonds, Series 2001G,  11/11 at 100.00  A  2,299,725 
   5.250%, 11/15/30 – MBIA Insured       
13,270  Harris County-Houston Sports Authority, Texas, Third Lien Revenue Bonds, Series 2004-A3.,  11/24 at 59.10  A  2,132,622 
   0.000%, 11/15/33 – NPFG Insured       
23,875  Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment  No Opt. Call  A–  6,492,806 
   Project, Series 2001B, 0.000%, 9/01/29 – AMBAC Insured       
10,045  Houston, Texas, Subordinate Lien Airport System Revenue Bonds, Series 2000A, 5.875%, 7/01/16 –  7/10 at 100.00  AAA  10,180,306 
   FSA Insured (Alternative Minimum Tax)       
3,470  Irving Independent School District, Texas, Unlimited Tax School Building Bonds, Series 1997,  No Opt. Call  AAA  3,400,461 
   0.000%, 2/15/11       
5,000  Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson  No Opt. Call  BBB–  4,141,000 
   Memorial Hospital Project, Series 2005, 5.375%, 8/15/35       
22,060  Leander Independent School District, Williamson and Travis Counties, Texas, Unlimited Tax  8/09 at 31.45  AAA  6,927,943 
   School Building and Refunding Bonds, Series 2000, 0.000%, 8/15/27       
  North Texas Thruway Authority, First Tier System Revenue Refunding Bonds, Capital Appreciation       
  Series 2008I:       
30,000   0.000%, 1/01/42 – AGC Insured  1/25 at 100.00  AAA  20,925,300 
5,220   0.000%, 1/01/43  1/25 at 100.00  A2  3,553,619 
15,450  North Texas Thruway Authority, First Tier System Revenue Refunding Bonds, Capital Appreciation  No Opt. Call  AAA  2,940,444 
   Series 2008, 0.000%, 1/01/36 – AGC Insured       
5,000  Port Corpus Christi Industrial Development Corporation, Texas, Revenue Refunding Bonds, Valero  10/09 at 101.00  BBB  4,685,050 
   Refining and Marketing Company, Series 1997A, 5.400%, 4/01/18       
5,000  Richardson Hospital Authority, Texas, Revenue Bonds, Richardson Regional Medical Center,  12/13 at 100.00  Baa2  3,891,850 
   Series 2004, 6.000%, 12/01/34       
2,000  Sabine River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric  7/13 at 101.00  CCC  874,440 
   Company, Series 2003A, 5.800%, 7/01/22       
3,000  San Antonio, Texas, Water System Revenue Bonds, Series 2005, 4.750%, 5/15/37 – MBIA Insured  5/15 at 100.00  AA  2,857,530 
11,585  Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds,  2/17 at 100.00  AA–  10,380,392 
   Series 2008, Trust 1201, 8.980%, 2/15/36 (IF)       
5,000  Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Refunding  1/19 at 100.00  AAA  5,299,300 
   Bonds, Christus Health, Series 2008, 6.500%, 7/01/37       
221,335  Total Texas      125,709,719 
  Utah – 0.4%       
3,260  Eagle Mountain, Utah, Gas and Electric Revenue Bonds, Series 2005, 5.000%, 6/01/24 –  6/15 at 100.00  BBB–  2,957,374 
   RAAI Insured       
655  Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 1998G-2, Class I, 5.200%,  1/10 at 101.50  AAA  630,726 
   7/01/30 (Alternative Minimum Tax)       
3,700  Utah State Board of Regents, Utah State University, Revenue Bonds, Series 2004, 5.000%,  4/14 at 100.00  AA (4)  4,204,495 
   4/01/35 (Pre-refunded 4/01/14) – MBIA Insured       
7,615  Total Utah      7,792,595 
  Virgin Islands – 0.1%       
2,500  Virgin Islands Public Finance Authority, Revenue Bonds, Refinery Project – Hovensa LLC, Series  1/14 at 100.00  BBB  2,405,025 
   2003, 6.125%, 7/01/22 (Alternative Minimum Tax)       
  Virginia – 0.4%       
3,000  Fairfax County Economic Development Authority, Virginia, Residential Care Facilities Mortgage  10/17 at 100.00  N/R  2,287,440 
   Revenue Bonds, Goodwin House, Inc., Series 2007A, 5.125%, 10/01/42       
4,125  Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Series 2002A,  10/12 at 100.00  AA–  4,350,266 
   5.750%, 10/01/16 – FGIC Insured (Alternative Minimum Tax)       
7,125  Total Virginia      6,637,706 
  Washington – 3.9%       
6,400  Cowlitz County Public Utilities District 1, Washington, Electric Production Revenue Bonds,  9/14 at 100.00  A  5,946,560 
   Series 2004, 5.000%, 9/01/34 – FGIC Insured       
12,500  Energy Northwest, Washington, Electric Revenue Refunding Bonds, Columbia Generating Station –  7/12 at 100.00  Aaa  13,843,875 
   Nuclear Project 2, Series 2002B, 6.000%, 7/01/18 – AMBAC Insured       
4,000  Energy Northwest, Washington, Electric Revenue Refunding Bonds, Nuclear Project 3, Series  7/13 at 100.00  Aaa  4,337,560 
   2003A, 5.500%, 7/01/17 – SYNCORA GTY Insured       
8,200  Washington Public Power Supply System, Revenue Refunding Bonds, Nuclear Project 3, Series  No Opt. Call  AAA  7,239,534 
   1989B, 0.000%, 7/01/14       
2,500  Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and  No Opt. Call  N/R  1,719,525 
   Medical Center of Seattle, Series 2007, 5.700%, 12/01/32       
5,000  Washington State Healthcare Facilities Authority, Revenue Bonds, Providence Health Care  10/16 at 100.00  AA  4,454,050 
   Services, Series 2006A, 4.625%, 10/01/34 – FGIC Insured       
7,910  Washington State Housing Finance Commission, Single Family Program Bonds, 2006 Series 3A,  12/15 at 100.00  Aaa  7,312,953 
   5.000%, 12/01/37 (Alternative Minimum Tax)       
18,860  Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds,  6/13 at 100.00  BBB  16,036,658 
   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 – NPFG Insured  No Opt. Call  AA+  3,195,900 
16,195   0.000%, 6/01/30 – NPFG Insured  No Opt. Call  AA+  5,350,828 
90,565  Total Washington      69,437,443 
  Wisconsin – 2.1%       
  Badger Tobacco Asset Securitization Corporation, Wisconsin, Tobacco Settlement Asset-Backed       
  Bonds, Series 2002:       
5,360   6.125%, 6/01/27 (Pre-refunded 6/01/12)  6/12 at 100.00  AAA  5,830,018 
14,750   6.375%, 6/01/32 (Pre-refunded 6/01/12)  6/12 at 100.00  AAA  16,660,125 
6,000  Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Franciscan Sisters of  9/13 at 100.00  BBB+ (4)  7,014,540 
   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 Bonds, Marshfield Clinic,  2/16 at 100.00  BBB+  1,007,180 
   Series 2006A, 5.000%, 2/15/17       
3,750  Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan  2/12 at 101.00  AAA  4,234,013 
   Services Inc., Series 2002, 5.750%, 8/15/30 (Pre-refunded 2/15/12)       
3,100  Wisconsin Housing and Ecconomic Development Authority, Home Ownership Revenue Bonds, Series  9/14 at 100.00  AA  2,775,244 
   2005C, 4.875%, 3/01/36 (Alternative Minimum Tax)       
33,960  Total Wisconsin      37,521,120 
  Wyoming – 0.1%       
2,035  Campbell County, Wyoming Solid Waste Facilities Revenue Bonds, Basin Electric Power  7/19 at 100.00  A+  2,053,356 
   Cooperative – Dry Fork Station Facilities, Series 2009A, 5.750%, 7/15/39       
$     2,417,659  Total Investments (cost $1,873,708,714) – 101.0%      1,798,773,932 
  Floating Rate Obligations – (2.1)%      (38,250,000)
  Other Assets Less Liabilities – 1.1%      20,287,138 
  Net Assets – 100%      $ 1,780,811,070 

Fair Value Measurements

During the current fiscal period, the Fund adopted the provisions of Statement of Financial Accounting Standards No. 157 (SFAS No.157) “Fair Value Measurements.” SFAS No. 157 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosure about fair value measurements. In determining the value of the Fund’s investments various inputs are used. These inputs are summarized in the three broad levels listed below:

Level 1 – Quoted prices in active markets for identical securities.

Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 – Significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of July 31, 2009:

  Level 1  Level 2  Level 3  Total 
Investments:         
  Municipal Bonds  $ —  $1,798,773,932  $ —  $1,798,773,932 

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 investment transactions and the treatment of investments in inverse floating rate transactions subject to Statement of Financial Accounting Standards No. 140 (SFAS No. 140), if any. 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 value of the Fund.

At July 31, 2009, the cost of investments was $1,831,830,136.

Gross unrealized appreciation and gross unrealized depreciation of investments at July 31, 2009, were as follows:

Gross unrealized:   
  Appreciation  $   93,351,187 
  Depreciation  (164,659,706)
Net unrealized appreciation (depreciation) of investments  $ (71,308,519)

(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. 
(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. 

Item 2. Controls and Procedures.

  1. The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).
  2. There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 3. Exhibits.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: See EX-99 CERT attached hereto.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)         Nuveen Municipal Value Fund, Inc.         

By (Signature and Title)          /s/ Kevin J. McCarthy                    
                                                  Kevin J. McCarthy
                                                  Vice President and Secretary

Date         September 29, 2009        

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         September 29, 2009        

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

Date        September 29, 2009