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 811-05488
---------------------
Nuveen Municipal Income Fund, Inc.
------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
Jessica R. Droeger
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
------------------------------------------------------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: (312) 917-7700
-------------------
Date of fiscal year end: October 31
------------------
Date of reporting period: April 30, 2006
------------------
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
SEMIANNUAL REPORT April 30, 2006
Nuveen Investments
Municipal Exchange-Traded
Closed-End Funds
NUVEEN MUNICIPAL
VALUE FUND, INC.
NUV
NUVEEN MUNICIPAL
INCOME FUND, INC.
NMI
Photo of: Man, woman and child at the beach.
Photo of: A child.
DEPENDABLE, TAX-FREE INCOME BECAUSE IT'S NOT WHAT YOU EARN, IT'S WHAT YOU
KEEP.(R)
Logo: NUVEEN Investments.
Photo of: Woman
Photo of: Man and child
Photo of: Woman
NOW YOU CAN RECEIVE YOUR NUVEEN FUND REPORTS FASTER.
NO MORE WAITING.
SIGN UP TODAY TO RECEIVE NUVEEN FUND INFORMATION BY E-MAIL.
It only takes a minute to sign up for E-Reports. Once enrolled, you'll receive
an e-mail as soon as your Nuveen Investments Fund information is ready -- no
more waiting for delivery by regular mail. Just click on the link within the
e-mail to see the report, and save it on your computer if you wish.
----------------------
DELIVERY DIRECT TO
YOUR E-MAIL INBOX
----------------------
IT'S FAST, EASY & FREE:
WWW.INVESTORDELIVERY.COM
if you get your Nuveen Fund dividends
and statements from your financial
advisor or brokerage account.
OR
WWW.NUVEEN.COM/ACCOUNTACCESS
if you get your Nuveen Fund dividends
and statements directly from Nuveen.
(Be sure to have the address sheet that
accompanied this report handy. You'll need
it to complete the enrollment process.)
Logo: NUVEEN Investments.
Photo Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
Chairman's
LETTER TO SHAREHOLDERS
Sidebar text: "PORTFOLIO DIVERSIFICATION IS A RECOGNIZED WAY TO TRY TO REDUCE
SOME OF THE RISK THAT COMES WITH INVESTING."
Once again, I am pleased to report that over the six-month period covered by
this report your Fund continued to provide you with attractive monthly tax-free
income. For more details about the management strategy and performance of your
Fund, please read the Portfolio Managers' Comments, the Dividend and Share Price
Information, and the Performance Overview sections of this report.
Municipal bonds can be an important building block in a well balanced investment
portfolio. In addition to providing attractive tax-free monthly income, a
municipal bond investment like your Fund may help you achieve and benefit from
greater portfolio diversification. Portfolio diversification is a recognized way
to try to reduce some of the risk that comes with investing. I encourage you to
contact your personal financial advisor who may help explain this important
investment strategy.
Nuveen Investments is pleased to offer you choices when it comes to receiving
your fund reports. In addition to mailed print copies, you can also sign up to
receive future Fund reports and other Fund information by e-mail and the
Internet. Not only will you receive the information faster, but this also may
help lower your Fund's expenses. The inside front cover of this report contains
information on how you can sign up.
We are grateful that you have chosen us as a partner as you pursue your
financial goals, and we look forward to continuing to earn your trust in the
months and years ahead. At Nuveen Investments, our mission continues to be to
assist you and your financial advisor by offering investment services and
products that can help you to secure your financial objectives.
Sincerely,
/s/ Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
June 12, 2006
Nuveen Investments Municipal Exchange-Traded Closed-End Funds
NUV, NMI
Portfolio Managers'
COMMENTS
Portfolio managers Tom Spalding and John Miller review key investment strategies
and the six-month performance of NUV and NMI. With 29 years of investment
experience at Nuveen, Tom has managed NUV since its inception in 1987. John, who
has 13 years of municipal market experience, including 10 years with Nuveen,
assumed portfolio management responsibility for NMI in 2001.
WHAT KEY STRATEGIES WERE USED TO MANAGE THESE FUNDS DURING THE SIX MONTHS ENDED
APRIL 30, 2006?
During this reporting period, we saw a general increase in interest rates,
although rates at the longer end of the yield curve remained more stable than
those at the short end throughout much of the period. Between November 1, 2005
and April 30, 2006, the Federal Reserve implemented four increases of 0.25% each
in the fed funds rate, raising this short-term target by 100 basis points--from
3.75% to 4.75%. (On May 10, 2006, the fed funds rate was increased by another 25
basis points to 5%, making the Fed's 16th consecutive quarter-point hike since
June 2004.) In contrast, the yield on the benchmark 10-year U.S. Treasury note
ended April 2006 at 5.06%, up from 4.55% six months earlier, while the yield on
the Bond Buyer 25 Revenue Bond Index, a widely followed measure of longer-term
municipal market rates, was 5.22% at the end of April 2006, an increase of just
two basis points from the beginning of November 2005. As interest rates
increased, bond valuations generally declined, and the yield curve flattened as
short-term rates approached the levels of longer-term rates.
In this environment, one of our key strategies continued to be careful duration1
management. Depending on the individual needs of each Fund, our purchase
activity focused on attractively priced bonds maturing in 15 to 20 years in NUV
and 20 to 30 years in NMI. As the period progressed, we started to see more
opportunities to add value at the longer end of the curve, and we began to find
bonds beyond the 20-year range for NUV's portfolio. The longer durations of the
bonds we added to both of these Funds enabled us to maintain the Funds'
durations within our preferred strategic range and contributed to their
performance for the period.
In looking for potential purchase candidates, we kept an opportunistic eye
toward all types of issuance that we believed could add value to the Funds'
portfolios and keep the Funds well diversified geographically. Overall,
portfolio activity was relatively light during this period. This was due in part
to the fact that these Funds entered the reporting period fully invested and
with routine call exposure. Another factor was the 5.5% decline in municipal
supply during this six-month period compared with the same period 12 months
earlier (November 2004-April 2005). The decrease in supply was even more evident
during the first four months of 2006, when new issuance dropped almost 25% from
the levels of January-April 2005. At the same time, demand for municipal bonds
continued to be diverse and broad-based, with retail investors, property and
casualty insurance companies, and third-party investors--such as hedge funds and
arbitrage accounts--all participating in the market.
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.
4
In general, much of the new supply was highly rated and/or insured, and the
majority of our new purchases in NUV during this time were higher-rated credits.
While we continued to emphasize maintaining the Fund's weightings of bonds rated
BBB or lower and nonrated bonds, tighter supply meant fewer opportunities to
find additional lower-rated issues that we believed represented value for
shareholders. One of the few lower quality areas where we did find opportunities
to add value in NUV was the tobacco sector, and we purchased selected tobacco
issues to maintain the Fund's exposure to this sector.
In NMI, which can invest up to 25% of its portfolio in below investment-grade
quality bonds that typically offer higher yields (with typically higher risk),
our focus was also on credit and security selection. During the past six months,
the enormous demand for high-yield paper--and the outperformance of the
high-yield sector of the market--created an environment that enabled us to
concentrate on finding bonds that we believed demonstrated the potential for
strengthening credit quality. Because the majority of our purchases for NMI were
at the longer end of the yield curve, which remained relatively stable during
this period, interest rate movements did not have a major impact on the
management of NMI during this period. Our preferred areas of the market during
this time included healthcare, especially situations that we considered to be
good candidates for return to investment-grade status, and industrial
development/resource recovery bonds. Most of the cash we redeployed during this
period came from bond call proceeds and sinking fund payments.
HOW DID THE FUNDS PERFORM?
Individual results for these Funds, as well as relevant benchmark and peer group
information, are presented in the accompanying table.
TOTAL RETURNS ON NET ASSET VALUE*
For periods ended 4/30/06
6-MONTH 1-YEAR 5-YEAR 10-YEAR
--------------------------------------------------------------------------------
NUV 2.45% 3.98% 5.94% 5.93%
--------------------------------------------------------------------------------
NMI 1.90% 3.90% 5.59% 5.15%
--------------------------------------------------------------------------------
Lehman Brothers
Municipal
Bond Index2 1.56% 2.16% 5.40% 5.90%
--------------------------------------------------------------------------------
Lipper General and
Insured Unleveraged
Municipal Debt
Funds Average3 2.06% 3.38% 5.16% 5.49%
--------------------------------------------------------------------------------
*Six-month returns are cumulative; returns for one year, five years, and ten
years 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.
2 The Lehman Brothers Municipal Bond Index is an unleveraged, unmanaged
national index comprising a broad range of investment-grade municipal
bonds. Results for the Lehman index do not reflect any expenses.
3 The Lipper General and Insured Unleveraged Municipal Debt Funds category
average is calculated using the returns of all exchange-traded closed-end
funds in this category for each period as follows: 6 months, 8; 1 year, 8;
5 years, 8; and 10 years, 8. Fund and Lipper returns assume reinvestment of
dividends.
5
For the six months ended April 30, 2006, the total returns on net asset value
(NAV) for both NUV and NMI exceeded the return on their Lehman Brothers
municipal benchmark. NUV also outperformed the average return for the Lipper
peer group for this period, while NMI slightly underperformed this average.
During this reporting period, positive contributors to the Funds' returns
included yield curve and duration positioning, exposure to lower-rated credits,
and pre-refunding activity.
As the yield curve continued to flatten over the course of this period, yield
curve and duration positioning played important roles in the Funds'
performances. On the whole, shorter maturity bonds were the most impacted by
recent changes in the yield curve. As a result, these bonds generally
underperformed both intermediate and long bonds, with credits having the longest
maturities posting the best returns for this period. Yield curve positioning or,
more specifically, greater exposure to those parts of the yield curve that
performed well helped the performances of these two Funds both in absolute terms
and relative to the Lehman municipal index, in which exposures to the various
maturity groupings are more evenly weighted across the entire yield curve.
With bonds rated BBB or lower and nonrated bonds generally outperforming other
credit quality sectors during this period, both of these Funds benefited from
their allocations of lower-quality credits. The performance of this sector was
largely the result of investor demand for the higher yields typically associated
with lower-quality bonds, which drove up their value and kept credit spreads
narrow. As of April 30, 2006, allocations of bonds rated BBB and lower and
nonrated bonds accounted for 22% of NUV's portfolio, of which 8% was allocated
to subinvestment grade credits (rated BB or lower). In addition to its 34%
holding of bonds rated BBB, NMI held 9% in bonds rated BB or lower and 8% in
nonrated bonds, some of which Nuveen has determined to be of investment- grade
quality.
Among the lower-rated holdings making contributions to the Funds' cumulative
returns for this period were health care bonds (including hospitals) and tobacco
credits backed by the 1998 master tobacco settlement agreement.
In addition, NUV benefited from its exposure to subinvestment-grade American and
Continental airline bonds, which performed very well during this period amid
some signs of recovery in the airline industry. These two airlines in particular
have been successful in lowering their cost structures, reducing capacity, and
increasing passenger revenues despite rising energy costs. NUV also held BB-
rated bonds issued for the Pocahontas Parkway Association (Virginia), where the
rights to manage and maintain the highway
6
were purchased by Transurban Group, Australia's second largest toll road
operator. As part of the purchase agreement, Transurban is required to build an
extension linking the parkway with Richmond's airport and pay off all existing
debt. We believe this could make the Pocahontas bonds an ideal candidate for
advance refunding.4
In NMI, the top performing holdings for this reporting period were all
lower-rated credits offering defensive structures, two factors that contributed
to performance in the current environment. These included B1 rated bonds issued
for Stillwater Mining Company (Montana), which mines platinum and palladium.
This holding performed well due to its high coupon and relatively short
maturity, which combined to create a cushion in the rising interest rate
environment. In addition, this issue is sensitive to commodity prices, which
rose significantly during this period. Another top holding that performed well
financially during this period and offered the defensive structure provided by
the combination of high coupon and short maturity included BBB rated bonds
issued for Ogden Haverhill (Massachusetts), a cogeneration/waste energy plant
(also held by NUV).
During this period, the performances of NUV and NMI were also positively
influenced by their weightings of zero coupon bonds. This was particularly true
in NUV, where zero coupon bonds made up much of the Fund's allocation to longer
maturity bonds. Zeros have no fixed coupon rates, do not make periodic interest
payments, and therefore typically have very long initial maturities. Because
there are no coupon payments to reduce the impact of interest rate changes,
these bonds tend to be very sensitive to changes in interest rates. For the six
months ended April 30, 2006, zero coupon bonds in the Lehman Municipal Bond
Index outperformed the general market by 95 basis points.
We also continued to see a number of advance refundings during this period,
especially in NUV, which benefited the Funds through price appreciation and
enhanced credit quality. However, as the yield curve flattened, more lower
coupon bonds were being pre-refunded, which meant that, in general, the positive
impact from refinancings was less than in the previous reporting period.
While advance refundings generally enhanced total return performance for this
six-month period, the rising interest rate environment--especially at the short
end of the yield curve--meant that the Funds' holdings of older, previously
pre-refunded bonds tended to underperform the general municipal market, due
primarily to the shorter effective maturities of these bonds. NMI also
experienced a very small number of calls on its sinking fund bonds, which
resulted in a flat return on these issues for this period.
4 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.
7
HOW WERE THE FUNDS POSITIONED IN TERMS OF CREDIT QUALITY AND BOND CALLS AS OF
APRIL 30, 2006?
Even though lower-rated credits continued to perform well during this period, we
believed that maintaining strong credit quality was an important requirement. As
of April 30, 2006, NUV held 67% of its portfolio in bonds rated AAA/U.S.
guaranteed and AA. NMI, which can invest up to 25% of its portfolio in below
investment-grade quality bonds, held 83% of its portfolio in investment-grade
securities, including a 35% allocation to bonds rated AAA/U.S. guaranteed and
AA.
As of April 30, 2006, potential call exposure for the period May 2006 through
the end of 2007 totaled 18% in NUV and 17% in NMI. The number of actual bond
calls in these Funds depends largely on future market interest rates.
8
Dividend and Share Price
INFORMATION
The dividend of NUV remained stable throughout the six-month reporting period
ended April 30, 2006. However, the income stream of NMI was impacted as the
proceeds from older, higher-yielding bonds that were called were reinvested into
investment-grade bonds generally offering lower yields. This resulted in one
monthly dividend reduction in NMI during this period.
Due to capital gains generated by normal portfolio activity, shareholders of
these Funds received capital gains and/or net ordinary income distributions at
the end of December 2005, as follows:
LONG-TERM CAPITAL GAINS ORDINARY INCOME
(PER SHARE) (PER SHARE)
--------------------------------------------------------------------------------
NUV $0.0204 $0.0039
--------------------------------------------------------------------------------
NMI -- $0.0018
--------------------------------------------------------------------------------
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, 2006, both NUV and NMI had positive
UNII balances for financial statement purposes and positive UNII balances, based
upon our best estimate, for tax purposes.
At the end of the reporting period, the Funds' share prices were trading at
discounts to their NAVs as shown in the accompanying chart:
4/30/06 6-MONTH
DISCOUNT AVERAGE DISCOUNT
--------------------------------------------------------------------------------
NUV -5.62% -5.22%
--------------------------------------------------------------------------------
NMI -5.55% -5.84%
--------------------------------------------------------------------------------
9
Nuveen Municipal Value Fund, Inc.
NUV
Performance
OVERVIEW As of April 30, 2006
Pie chart:
CREDIT QUALITY
(as a % of total investments)
AAA/U.S. Guaranteed 55%
AA 12%
A 11%
BBB 13%
BB or Lower 8%
N/R 1%
Bar chart:
2005-2006 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
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
Past performance is not predictive of future results.
5/1/05 $9.29
9.3
9.32
9.33
9.28
9.33
9.37
9.36
9.35
9.36
9.37
9.4
9.46
9.38
9.4
9.41
9.41
9.37
9.4
9.4
9.42
9.47
9.5
9.49
9.53
9.59
9.59
9.57
9.53
9.45
9.4
9.45
9.52
9.53
9.55
9.57
9.58
9.58
9.57
9.53
9.56
9.59
9.61
9.58
9.61
9.64
9.68
9.68
9.68
9.7
9.66
9.66
9.66
9.62
9.67
9.62
9.59
9.6
9.59
9.65
9.62
9.64
9.62
9.62
9.62
9.59
9.62
9.62
9.59
9.56
9.52
9.53
9.56
9.57
9.59
9.61
9.58
9.62
9.67
9.72
9.7
9.72
9.71
9.77
9.81
9.85
9.89
9.9
9.9
9.97
9.95
9.95
9.95
9.92
9.84
9.81
9.75
9.71
9.73
9.68
9.66
9.56
9.53
9.56
9.57
9.62
9.66
9.81
9.79
9.81
9.78
9.75
9.67
9.62
9.64
9.52
9.44
9.46
9.47
9.47
9.55
9.52
9.57
9.56
9.55
9.45
9.52
9.5
9.58
9.57
9.64
9.67
9.67
9.68
9.69
9.71
9.62
9.57
9.52
9.5
9.54
9.51
9.5
9.54
9.61
9.61
9.62
9.65
9.63
9.67
9.72
9.74
9.71
9.7
9.59
9.65
9.66
9.64
9.48
9.53
9.57
9.55
9.52
9.46
9.51
9.56
9.64
9.68
9.71
9.71
9.73
9.73
9.75
9.83
9.82
9.83
9.79
9.76
9.72
9.66
9.73
9.72
9.74
9.74
9.77
9.8
9.81
9.73
9.76
9.79
9.75
9.81
9.78
9.76
9.67
9.71
9.72
9.77
9.75
9.78
9.75
9.69
9.74
9.73
9.77
9.77
9.76
9.75
9.76
9.78
9.79
9.79
9.79
9.78
9.76
9.76
9.75
9.77
9.78
9.78
9.72
9.71
9.73
9.75
9.77
9.77
9.75
9.73
9.74
9.73
9.78
9.75
9.72
9.73
9.7
9.71
9.68
9.68
9.56
9.5
9.51
9.46
9.42
9.38
9.53
9.49
9.54
9.54
9.55
9.5
9.55
9.58
9.57
4/30/06 9.57
1 Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a federal income tax rate of 28%. When
comparing the Fund to investments that generate qualified dividend income,
the Taxable-Equivalent Yield is lower.
2 The Fund paid shareholders capital gains and net ordinary income
distributions in December 2005 of $0.0243 per share.
FUND SNAPSHOT
------------------------------------
Share Price $9.57
------------------------------------
Net Asset Value $10.14
------------------------------------
Premium/(Discount) to NAV -5.62%
------------------------------------
Market Yield 4.89%
------------------------------------
Taxable-Equivalent Yield1 6.79%
------------------------------------
Net Assets ($000) 1,977,521
------------------------------------
Average Effective Maturity
on Securities (Years) 18.76
------------------------------------
Modified Duration 5.76
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 6/17/87)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) 2.57% 2.45%
------------------------------------
1-Year 8.12% 3.98%
------------------------------------
5-Year 6.92% 5.94%
------------------------------------
10-Year 6.28% 5.93%
------------------------------------
STATES
(as a % of total investments)
------------------------------------
New York 14.8%
------------------------------------
Illinois 11.5%
------------------------------------
California 9.7%
------------------------------------
Texas 5.9%
------------------------------------
Indiana 4.8%
------------------------------------
New Jersey 4.7%
------------------------------------
Michigan 4.6%
------------------------------------
Massachusetts 3.8%
------------------------------------
Colorado 2.8%
------------------------------------
South Carolina 2.8%
------------------------------------
Missouri 2.8%
------------------------------------
Wisconsin 2.6%
------------------------------------
Florida 2.3%
------------------------------------
Washington 2.2%
------------------------------------
Georgia 2.1%
------------------------------------
Louisiana 2.1%
------------------------------------
District of Columbia 2.0%
------------------------------------
Nevada 2.0%
------------------------------------
Pennsylvania 1.5%
------------------------------------
Other 15.0%
------------------------------------
INDUSTRIES
(as a % of total investments)
------------------------------------
U.S. Guaranteed 17.4%
------------------------------------
Health Care 17.3%
------------------------------------
Tax Obligation/Limited 15.8%
------------------------------------
Transportation 12.4%
------------------------------------
Tax Obligation/General 10.7%
------------------------------------
Utilities 8.5%
------------------------------------
Consumer Staples 5.8%
------------------------------------
Other 12.1%
------------------------------------
10
Nuveen Municipal Income Fund, Inc.
NMI
Performance
OVERVIEW As of April 30, 2006
Pie chart:
CREDIT QUALITY
(as a % of total investments)
AAA/U.S. Guaranteed 26%
AA 9%
A 14%
BBB 34%
BB or Lower 9%
N/R 8%
Bar chart:
2005-2006 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
May 0.044
Jun 0.044
Jul 0.044
Aug 0.044
Sep 0.044
Oct 0.044
Nov 0.044
Dec 0.042
Jan 0.042
Feb 0.042
Mar 0.042
Apr 0.042
Line chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
5/1/05 $9.98
10.03
10.09
10.32
10.55
10.54
10.47
10.6
10.5
10.54
10.55
10.54
10.59
10.66
10.66
10.5
10.57
10.58
10.66
10.8
10.68
10.94
10.91
10.88
10.88
10.85
10.82
10.84
10.87
10.83
10.76
10.88
10.78
10.7
10.66
10.69
10.69
10.65
10.68
10.7
10.69
10.59
10.58
10.56
10.59
10.67
10.62
10.82
11
11.02
11.05
10.99
10.91
10.88
11.15
11.07
11.05
11.33
11.2
11.03
10.86
10.92
10.89
10.89
10.9
11.14
11.09
11.13
10.96
10.89
11.1
11.15
11.09
10.97
10.92
11.05
11.14
11.25
11.29
11.2
11.13
11.15
11.07
11.08
10.86
10.82
10.83
10.8
10.76
10.76
10.71
10.69
10.77
10.94
10.95
11.01
10.95
10.93
10.74
10.74
10.74
10.65
10.55
10.58
10.55
10.63
10.56
10.55
10.62
10.57
10.66
10.67
10.65
10.68
10.62
10.48
10.16
9.94
10.01
9.99
10.05
10.11
10.19
10.26
10.32
10.23
10.36
10.41
10.56
10.79
10.77
10.56
10.41
10.5
10.54
10.4
10.34
10.25
10.16
9.95
10.11
10.14
10.02
10
10.04
10
10.08
10.11
10.02
9.99
10.03
9.99
9.97
9.96
9.97
10.09
10.08
9.97
9.89
10.04
9.92
9.92
9.96
10.06
10.07
10.06
10.17
10.19
10.14
10.2
10.27
10.27
10.27
10.31
10.4
10.42
10.41
10.5
10.43
10.44
10.43
10.3
10.27
10.44
10.45
10.47
10.41
10.4
10.44
10.36
10.43
10.4
10.38
10.32
10.2
10.28
10.29
10.25
10.24
10.26
10.21
10.19
10.18
10.3
10.32
10.38
10.41
10.44
10.45
10.4
10.43
10.32
10.4
10.32
10.27
10.25
10.2
10.23
10.17
10.22
10.2
10.2
10.36
10.38
10.25
10.25
10.29
10.31
10.34
10.24
10.36
10.44
10.51
10.61
10.44
10.35
10.41
10.33
10.22
10.16
10.15
10.15
10.2
10.21
10.26
10.21
10.15
10.08
10.02
10
10.15
10.2
10.21
4/30/06 10.21
1 Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a federal income tax rate of 28%. When
comparing the Fund to investments that generate qualified dividend income,
the Taxable-Equivalent Yield is lower.
2 The Fund paid shareholders a net ordinary income distribution in December
2005 of $0.0018 per share.
FUND SNAPSHOT
------------------------------------
Share Price $10.21
------------------------------------
Net Asset Value $10.81
------------------------------------
Premium/(Discount) to NAV -5.55%
------------------------------------
Market Yield 4.94%
------------------------------------
Taxable-Equivalent Yield1 6.86%
------------------------------------
Net Assets ($000) 87,739
------------------------------------
Average Effective Maturity
on Securities (Years) 16.78
------------------------------------
Modified Duration 5.19
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 4/20/88)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) -0.89% 1.90%
------------------------------------
1-Year 6.92% 3.90%
------------------------------------
5-Year 2.92% 5.59%
------------------------------------
10-Year 4.74% 5.15%
------------------------------------
STATES
(as a % of total investments)
------------------------------------
California 19.8%
------------------------------------
Illinois 10.2%
------------------------------------
Texas 7.7%
------------------------------------
Colorado 6.5%
------------------------------------
New York 6.3%
------------------------------------
Connecticut 5.9%
------------------------------------
South Carolina 5.0%
------------------------------------
Indiana 4.1%
------------------------------------
Michigan 3.8%
------------------------------------
Ohio 3.3%
------------------------------------
Virginia 3.2%
------------------------------------
Virgin Islands 3.1%
------------------------------------
Pennsylvania 2.7%
------------------------------------
Tennessee 2.6%
------------------------------------
Louisiana 2.5%
------------------------------------
Other 13.3%
------------------------------------
INDUSTRIES
(as a % of total investments)
------------------------------------
Health Care 18.3%
------------------------------------
Utilities 16.9%
------------------------------------
Tax Obligation/Limited 12.2%
------------------------------------
Tax Obligation/General 11.8%
------------------------------------
U.S. Guaranteed 11.3%
------------------------------------
Consumer Staples 8.2%
------------------------------------
Education and
Civic Organizations 7.0%
------------------------------------
Materials 5.7%
------------------------------------
Other 8.6%
------------------------------------
11
Nuveen Municipal Value Fund, Inc. (NUV)
Portfolio of
INVESTMENTS April 30, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION PROVISIONS (1) RATINGS (2) VALUE
------------------------------------------------------------------------------------------------------------------------------------
ALABAMA - 1.1%
$ 1,145 Alabama Housing Finance Authority, Collateralized Home 4/08 at 102.00 Aaa $ 1,166,457
Mortgage Program Single Family Mortgage Revenue Bonds,
Series 1998A-2, 5.450%, 10/01/28 (Alternative Minimum Tax)
5,000 Courtland Industrial Development Board, Alabama, Solid Waste 11/09 at 101.00 Baa3 5,346,550
Disposal Revenue Bonds, Champion International Paper
Corporation, Series 1999A, 6.700%, 11/01/29 (Alternative
Minimum Tax)
1,750 Huntsville Healthcare Authority, Alabama, Revenue Bonds, 6/11 at 101.00 A2 1,826,965
Series 2001A, 5.750%, 6/01/31
12,000 Jefferson County, Alabama, Sewer Revenue Capital Improvement 2/09 at 101.00 AAA 12,626,280
Warrants, Series 1999A, 5.375%, 2/01/36 (Pre-refunded 2/01/09) -
FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
19,895 Total Alabama 20,966,252
------------------------------------------------------------------------------------------------------------------------------------
ALASKA - 0.5%
3,335 Alaska Housing Finance Corporation, General Housing Purpose 12/14 at 100.00 AAA 3,410,838
Bonds, Series 2005A, 5.000%, 12/01/30 - FGIC Insured
3,000 Anchorage, Alaska, General Obligation Bonds, Series 2003B, 9/13 at 100.00 AAA 3,109,800
5.000%, 9/01/23 - FGIC Insured
2,770 Northern Tobacco Securitization Corporation, Alaska, Tobacco 6/10 at 100.00 BBB 2,880,578
Settlement Asset-Backed Bonds, Series 2000, 6.200%, 6/01/22
------------------------------------------------------------------------------------------------------------------------------------
9,105 Total Alaska 9,401,216
------------------------------------------------------------------------------------------------------------------------------------
ARIZONA - 1.2%
13,100 Arizona Health Facilities Authority, Hospital Revenue Bonds, 7/10 at 101.00 A- 14,493,578
Catholic Healthcare West, Series 1999A, 6.625%, 7/01/20
4,900 Arizona Health Facilities Authority, Hospital System Revenue 11/09 at 100.00 Baa3 5,081,398
Bonds, Phoenix Children's Hospital, Series 1999A,
6.250%, 11/15/29
1,400 Arizona Health Facilities Authority, Hospital System Revenue 2/12 at 101.00 Baa3 1,489,166
Bonds, Phoenix Children's Hospital, Series 2002A,
6.250%, 2/15/21
3,000 Phoenix Industrial Development Authority, Arizona, GNMA 4/15 at 100.00 Aaa 2,967,780
Collateralized Multifamily Housing Revenue Bonds, Park Lee
Apartments, Series 2004A, 5.050%, 10/20/44 (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
22,400 Total Arizona 24,031,922
------------------------------------------------------------------------------------------------------------------------------------
ARKANSAS - 0.8%
10,460 Cabot School District 4, Lonoke County, Arkansas, General 8/08 at 100.00 Aaa 10,626,523
Obligation Refunding Bonds, Series 2003, 5.000%, 2/01/32 -
AMBAC Insured
85 Conway, Arkansas, Sales and Use Tax Capital Improvement 12/06 at 101.00 AAA 86,678
Bonds, Series 1997A, 5.350%, 12/01/17 (Pre-refunded
12/01/06) - FSA Insured
2,750 Jefferson County, Arkansas, Pollution Control Revenue Refunding 6/06 at 100.00 Baa2 2,768,700
Bonds, Entergy Arkansas Inc., Series 1997, 5.600%, 10/01/17
2,000 University of Arkansas, Fayetteville, Various Facilities Revenue 12/12 at 100.00 Aaa 2,047,820
Bonds, Series 2002, 5.000%, 12/01/32 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
15,295 Total Arkansas 15,529,721
------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA - 9.6%
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 10,820,300
10,000 5.250%, 5/01/20 (Pre-refunded 5/01/12) 5/12 at 101.00 Aaa 10,887,000
7,310 California Educational Facilities Authority, Revenue Bonds, 10/09 at 39.19 Aaa 2,514,713
Loyola Marymount University, Series 2000, 0.000%, 10/01/24
(Pre-refunded 10/01/09) - MBIA Insured
12
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION PROVISIONS (1) RATINGS (2) VALUE
------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA (continued)
$ 6,830 California Infrastructure Economic Development Bank, 10/11 at 101.00 A- $ 6,982,036
Revenue Bonds, J. David Gladstone Institutes, Series 2001,
5.250%, 10/01/34
17,155 California State Public Works Board, Lease Revenue Refunding 6/06 at 100.00 Aa2 17,164,607
Bonds, Various University of California Projects, Series 1993A,
5.500%, 6/01/21
14,630 California Statewide Community Development Authority, 4/09 at 101.00 BBB 14,810,973
Certificates of Participation, Internext Group, Series 1999,
5.375%, 4/01/17
California, General Obligation Bonds, Series 2003:
14,600 5.250%, 2/01/28 8/13 at 100.00 A 15,238,458
11,250 5.000%, 2/01/33 8/13 at 100.00 A 11,402,887
7,500 California, General Obligation Bonds, Series 2004, 5.000%, 2/01/33 2/14 at 100.00 A 7,607,775
3,000 Capistrano Unified School District, Orange County, California, 9/09 at 102.00 N/R (3) 3,245,070
Special Tax Bonds, Community Facilities District 98-2 - Ladera,
Series 1999, 5.750%, 9/01/29 (Pre-refunded 9/01/09)
6,005 Central California Joint Powers Health Finance Authority, 8/06 at 100.00 Baa2 5,954,078
Certificates of Participation, Community Hospitals of Central
California, Series 1993, 5.000%, 2/01/23
30,000 Foothill/Eastern Transportation Corridor Agency, California, No Opt. Call AAA 14,285,100
Toll Road Revenue Bonds, Series 1995A, 0.000%, 1/01/22 (ETM)
2,500 Foothill/Eastern Transportation Corridor Agency, California, 1/07 at 100.00 AAA 2,538,925
Toll Road Revenue Bonds, Series 1995A, 6.000%, 1/01/34
(Pre-refunded 1/01/07)
21,150 Golden State Tobacco Securitization Corporation, California, 6/13 at 100.00 AAA 22,477,586
Enhanced Tobacco Settlement Asset-Backed Bonds, Series
2003B, 5.000%, 6/01/38 (Pre-refunded 6/01/13) -
AMBAC Insured
3,500 Golden State Tobacco Securitization Corporation, California, 6/13 at 100.00 BBB 3,898,160
Tobacco Settlement Asset-Backed Bonds, Series 2003A-1,
6.750%, 6/01/39
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 AAA 5,104,150
2,000 5.000%, 6/01/45 6/15 at 100.00 A- 2,013,720
9,000 Los Angeles Department of Water and Power, California, 7/11 at 100.00 AA 9,170,820
Waterworks Revenue Refunding Bonds, Series 2001A,
5.125%, 7/01/41
4,000 Los Angeles Regional Airports Improvement Corporation, 12/12 at 102.00 B- 4,244,960
California, Sublease Revenue Bonds, Los Angeles International
Airport, American Airlines Inc. Terminal 4 Project, Series 2002C,
7.500%, 12/01/24 (Alternative Minimum Tax)
8,000 Rancho Mirage Joint Powers Financing Authority, California, 7/14 at 100.00 A3 8,404,400
Revenue Bonds, Eisenhower Medical Center, Series 2004,
5.625%, 7/01/34
7,300 San Diego County, California, Certificates of Participation, 9/09 at 101.00 Baa3 (3) 7,935,830
Burnham Institute, Series 1999, 6.250%, 9/01/29 (Pre-refunded
9/01/09)
2,349 Yuba County Water Agency, California, Yuba River Development 9/06 at 100.00 Baa3 2,348,906
Revenue Bonds, Pacific Gas and Electric Company,
Series 1966A, 4.000%, 3/01/16
------------------------------------------------------------------------------------------------------------------------------------
203,079 Total California 189,050,454
------------------------------------------------------------------------------------------------------------------------------------
COLORADO - 2.8%
1,800 Colorado Educational and Cultural Facilities Authority, Charter 8/11 at 100.00 AAA 2,120,310
School Revenue Bonds, Peak-to-Peak Charter School,
Series 2001, 7.625%, 8/15/31 (Pre-refunded 8/15/11)
2,100 Colorado Health Facilities Authority, Revenue Bonds, Catholic 3/12 at 100.00 AA (3) 2,259,705
Health Initiatives, Series 2002A, 5.500%, 3/01/32 (ETM)
1,365 Colorado Health Facilities Authority, Revenue Bonds, Sisters of 5/06 at 100.00 AA 1,366,065
Charity Healthcare Systems Inc., Series 1994, 5.250%, 5/15/14
500 Colorado Health Facilities Authority, Revenue Bonds, Vail Valley 1/12 at 100.00 BBB 523,580
Medical Center, Series 2001, 5.750%, 1/15/22
18,915 Denver, Colorado, Airport System Revenue Refunding Bonds, 11/13 at 100.00 AAA 19,374,256
Series 2003B, 5.000%, 11/15/33 - XLCA Insured
13
Nuveen Municipal Value Fund, Inc. (NUV) (continued)
Portfolio of INVESTMENTS April 30, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION PROVISIONS (1) RATINGS (2) VALUE
------------------------------------------------------------------------------------------------------------------------------------
COLORADO (continued)
$ 5,000 E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, 9/10 at 102.00 AAA $ 5,446,050
Series 2000A, 5.750%, 9/01/35 - MBIA Insured
15,000 E-470 Public Highway Authority, Colorado, Senior Revenue No Opt. Call AAA 4,073,850
Bonds, Series 2000B, 0.000%, 9/01/32 - MBIA Insured
39,700 E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, 9/10 at 31.42 AAA 10,530,822
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 2,009,300
Series 2004B, 0.000%, 3/01/36 - MBIA Insured
1,450 Northwest Parkway Public Highway Authority, Colorado, Revenue 6/11 at 102.00 AAA 1,567,740
Bonds, Senior Series 2001A, 5.500%, 6/15/19 - AMBAC Insured
7,000 Northwest Parkway Public Highway Authority, Colorado, Revenue 6/16 at 100.00 AAA 5,933,760
Bonds, Senior Series 2001C, 0.000%, 6/15/21 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
102,830 Total Colorado 55,205,438
------------------------------------------------------------------------------------------------------------------------------------
DISTRICT OF COLUMBIA - 1.9%
Washington Convention Center Authority, District of Columbia,
Senior Lien Dedicated Tax Revenue Bonds, Series 1998:
2,500 5.250%, 10/01/15 - AMBAC Insured 10/08 at 101.00 AAA 2,598,300
36,065 4.750%, 10/01/28 - AMBAC Insured 10/08 at 100.00 AAA 35,940,576
------------------------------------------------------------------------------------------------------------------------------------
38,565 Total District of Columbia 38,538,876
------------------------------------------------------------------------------------------------------------------------------------
FLORIDA - 2.2%
4,000 Escambia County Health Facilities Authority, Florida, Revenue 11/12 at 101.00 AA 4,301,920
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 9,707,400
Bonds, Series 2005E, 4.500%, 6/01/35
10,690 Jacksonville, Florida, Better Jacksonville Sales Tax Revenue 10/11 at 100.00 AAA 10,905,724
Bonds, Series 2001, 5.000%, 10/01/30 - AMBAC Insured
4,880 Lee County, Florida, Airport Revenue Bonds, Series 2000A, 10/10 at 101.00 AAA 5,275,280
6.000%, 10/01/32 - FSA Insured (Alternative Minimum Tax)
4,895 Orange County Health Facilities Authority, Florida, Hospital 10/09 at 101.00 A 5,157,127
Revenue 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 (3) 113,150
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 8,438,348
Series 2002A, 5.000%, 8/01/27 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
42,820 Total Florida 43,898,949
------------------------------------------------------------------------------------------------------------------------------------
GEORGIA - 2.1%
10,240 Atlanta, Georgia, Water and Wastewater Revenue Bonds, 5/09 at 101.00 AAA 10,327,859
Series 1999A, 5.000%, 11/01/38 - FGIC Insured
2,500 Atlanta, Georgia, Water and Wastewater Revenue Bonds, 5/12 at 100.00 AAA 2,551,300
Series 2001A, 5.000%, 11/01/33 - MBIA Insured
4,000 Augusta, Georgia, Water and Sewerage Revenue Bonds, 10/14 at 100.00 AAA 4,212,600
Series 2004, 5.250%, 10/01/39 - FSA Insured
500 Coffee County Hospital Authority, Georgia, Revenue Anticipation No Opt. Call AAA 506,380
Certificates, Coffee Regional Medical Center Inc.,
Series 1997A, 6.250%, 12/01/06 (ETM)
21,100 Coffee County Hospital Authority, Georgia, Revenue Anticipation 12/06 at 102.00 AAA 21,842,298
Certificates, Coffee Regional Medical Center Inc., Series 1997A,
6.750%, 12/01/26 (Pre-refunded 12/01/06)
2,250 Royston Hospital Authority, Georgia, Revenue Anticipation 7/09 at 102.00 N/R 2,234,408
Certificates, Ty Cobb Healthcare System Inc., Series 1999,
6.500%, 7/01/27
------------------------------------------------------------------------------------------------------------------------------------
40,590 Total Georgia 41,674,845
------------------------------------------------------------------------------------------------------------------------------------
14
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION PROVISIONS (1) RATINGS (2) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HAWAII - 1.1%
$ 7,500 Hawaii, General Obligation Bonds, Series 2003DA, 9/13 at 100.00 AAA $ 7,974,675
5.250%, 9/01/23 - MBIA Insured
12,325 Honolulu City and County, Hawaii, General Obligation Bonds, 3/13 at 100.00 AAA 12,941,127
Series 2003A, 5.250%, 3/01/28 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
19,825 Total Hawaii 20,915,802
------------------------------------------------------------------------------------------------------------------------------------
ILLINOIS - 11.4%
2,060 Aurora, Illinois, Golf Course Revenue Bonds, Series 2000, 1/10 at 100.00 A+ 2,192,561
6.375%, 1/01/20
2,425 Chicago Board of Education, Illinois, Unlimited Tax General 12/07 at 102.00 AAA 2,520,181
Obligation Bonds, Dedicated Tax Revenues, Series 1997A,
5.250%, 12/01/22 - AMBAC Insured
15,000 Chicago Board of Education, Illinois, Unlimited Tax General No Opt. Call AAA 6,120,600
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 1,239,255
General Obligation Capital Improvement Bonds, Series 1991,
7.000%, 1/01/11 (ETM)
5,000 Chicago Housing Authority, Illinois, Revenue Bonds, Capital 7/12 at 100.00 AA 5,245,600
Fund Program, Series 2001, 5.375%, 7/01/18
285 Chicago, Illinois, General Obligation Bonds, Series 2002A, 7/12 at 100.00 AAA 307,595
5.625%, 1/01/39 - AMBAC Insured
9,715 Chicago, Illinois, General Obligation Bonds, Series 2002A, 7/12 at 100.00 AAA 10,645,794
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 2,615,093
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 2,873,470
General Obligation Bonds, Series 2004, 0.000%, 12/01/19 -
FSA Insured
385 DuPage County Community School District 200, Wheaton, 11/13 at 100.00 Aaa 406,891
Illinois, General Obligation Bonds, Series 2003B,
5.250%, 11/01/20 - FSA Insured
1,615 DuPage County Community School District 200, Wheaton, 11/13 at 100.00 Aaa 1,740,695
Illinois, 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 11/13 at 101.00 AAA 5,031,150
Bonds, 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 No Opt. Call Aaa 15,517,408
Program 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 No Opt. Call Aaa 986,454
Program 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, 12/21 at 100.00 BBB 3,277,594
Chicago Charter School Foundation, Series 2002A,
6.250%, 12/01/32
8,000 Illinois Development Finance Authority, Revenue Bonds, 9/11 at 100.00 AAA 8,200,240
Illinois Wesleyan University, Series 2001, 5.125%, 9/01/35 -
AMBAC Insured
990 Illinois Development Finance Authority, Revenue Bonds, 9/06 at 102.00 AAA 1,018,294
Presbyterian Home of Lake Forest, Series 1996B,
6.400%, 9/01/31 - FSA Insured
6,495 Illinois Development Finance Authority, Revenue Bonds, 9/06 at 102.00 AAA 6,682,706
Presbyterian Home of Lake Forest, Series 1996B,
6.400%, 9/01/31 (Pre-refunded 9/01/06)
5,000 Illinois Finance Authority, Revenue Bonds, Northwestern 8/14 at 100.00 AA+ 5,267,950
Memorial Hospital, Series 2004A, 5.500%, 8/15/43
15,000 Illinois Health Facilities Authority, Revenue Bonds, Condell 5/10 at 101.00 Baa2 15,951,750
Medical Center, Series 2000, 6.500%, 5/15/30
15,000 Illinois Health Facilities Authority, Revenue Bonds, Edward 2/11 at 101.00 AAA 15,474,000
Hospital Obligated Group, Series 2001B, 5.250%, 2/15/34 -
FSA Insured
18,015 Illinois Health Facilities Authority, Revenue Bonds, Rush- 5/06 at 100.00 AAA 18,032,655
Presbyterian St. Luke's Medical Center Obligated Group,
Series 1993, 5.250%, 11/15/20 - MBIA Insured
15
Nuveen Municipal Value Fund, Inc. (NUV) (continued)
Portfolio of INVESTMENTS April 30, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION PROVISIONS (1) RATINGS (2) VALUE
------------------------------------------------------------------------------------------------------------------------------------
ILLINOIS (continued)
$ 8,145 Illinois Health Facilities Authority, Revenue Bonds, Sherman 8/07 at 101.00 AAA $ 8,334,616
Health Systems, Series 1997, 5.250%, 8/01/22 -
AMBAC Insured
4,350 Illinois Health Facilities Authority, Revenue Bonds, South No Opt. Call A (3) 5,137,524
Suburban 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 4,333,350
Series 2001, 0.000%, 6/15/30 - AMBAC Insured
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Expansion Project, Series 1992A:
18,955 0.000%, 6/15/17 - FGIC Insured No Opt. Call AAA 11,382,288
12,830 0.000%, 6/15/18 - FGIC Insured No Opt. Call AAA 7,289,749
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 4,119,305
3,385 0.000%, 6/15/21 - MBIA Insured No Opt. Call AAA 1,641,725
5,190 0.000%, 6/15/28 - MBIA Insured No Opt. Call AAA 1,766,365
10,975 0.000%, 6/15/29 - FGIC Insured No Opt. Call AAA 3,557,656
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 6,140,700
21,375 0.000%, 6/15/34 - MBIA Insured No Opt. Call AAA 5,358,926
21,000 0.000%, 12/15/35 - MBIA Insured No Opt. Call AAA 4,877,670
20,000 0.000%, 6/15/36 - MBIA Insured No Opt. Call AAA 4,521,800
22,055 0.000%, 6/15/39 - MBIA Insured No Opt. Call AAA 4,269,848
2,900 5.250%, 6/15/42 - MBIA Insured 6/12 at 101.00 AAA 3,044,072
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Refunding Bonds, McCormick Place Expansion Project,
Series 1996A:
16,550 0.000%, 12/15/21 - MBIA Insured No Opt. Call AAA 7,837,087
1,650 5.250%, 6/15/27 - AMBAC Insured 6/06 at 102.00 AAA 1,685,360
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Refunding Bonds, McCormick Place Expansion Project,
Series 2002B:
3,775 0.000%, 6/15/20 - MBIA Insured 6/17 at 101.00 AAA 2,949,861
2,950 0.000%, 6/15/21 - MBIA Insured 6/17 at 101.00 AAA 2,305,307
1,060 Tri-City Regional Port District, Illinois, Port and Terminal No Opt. Call N/R 1,053,237
Facilities Revenue Refunding Bonds, Delivery Network Project,
Series 2003A, 4.900%, 7/01/14 (Alternative Minimum Tax)
720 Tri-City Regional Port District, Illinois, Port and Terminal No Opt. Call N/R 734,558
Facilities 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, No Opt. Call Aaa 915,642
Illinois, 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 Aaa 422,424
Capital Appreciation School Bonds, Series 1999,
0.000%, 1/01/18 - FGIC Insured (ETM)
------------------------------------------------------------------------------------------------------------------------------------
352,125 Total Illinois 225,027,006
------------------------------------------------------------------------------------------------------------------------------------
INDIANA - 4.7%
10,000 Indiana Bond Bank, State Revolving Fund Program Bonds, 2/13 at 101.00 AAA 10,706,300
Series 2001A, 5.375%, 2/01/19
17,105 Indiana Health Facility Financing Authority, Hospital Revenue 2/07 at 102.00 A+ (3) 17,739,595
Bonds, Clarian Health Partners Inc., Series 1996A,
6.000%, 2/15/21 (Pre-refunded 2/15/07)
2,000 Indiana Health Facility Financing Authority, Hospital Revenue 3/14 at 100.00 AAA 2,107,400
Bonds, Deaconess Hospital Inc., Series 2004A,
5.375%, 3/01/34 - AMBAC Insured
Indiana Health Facility Financing Authority, Hospital Revenue
Bonds, Sisters of St. Francis Health Services Inc., Series 1997A:
850 5.125%, 11/01/17 (Pre-refunded 11/01/07) - MBIA Insured 11/07 at 102.00 AAA 875,900
10,520 5.375%, 11/01/27 (Pre-refunded 11/01/07) - MBIA Insured 11/07 at 102.00 AAA 10,925,967
16
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION PROVISIONS (1) RATINGS (2) VALUE
------------------------------------------------------------------------------------------------------------------------------------
INDIANA (continued)
$ 20,000 Indiana Transportation Finance Authority, Highway Revenue 6/13 at 100.00 AAA $ 20,521,200
Bonds, Series 2003A, 5.000%, 6/01/28 - FSA Insured
Indianapolis Local Public Improvement Bond Bank, Indiana,
Series 1999E:
12,500 0.000%, 2/01/21 - AMBAC Insured No Opt. Call AAA 6,136,000
14,595 0.000%, 2/01/27 - AMBAC Insured No Opt. Call AAA 5,235,810
5,000 Mooresville School Building Corporation, Morgan County, 1/09 at 102.00 AAA 5,234,750
Indiana, First Mortgage Bonds, Series 1998, 5.000%, 7/15/15 -
FSA Insured
13,100 Noblesville, Indiana, Revenue Bonds, Catholic High School 7/13 at 101.00 N/R 13,525,357
Corporation, Series 2003, 5.750%, 7/01/22
------------------------------------------------------------------------------------------------------------------------------------
105,670 Total Indiana 93,008,279
------------------------------------------------------------------------------------------------------------------------------------
IOWA - 0.9%
3,500 Iowa Higher Education Loan Authority, Private College 10/12 at 100.00 A (3) 3,791,655
Facility 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 7,144,340
Revenue Bonds, Series 2005C, 5.625%, 6/01/46
6,160 Iowa Tobacco Settlement Authority, Tobacco Settlement 6/11 at 101.00 AAA 6,691,238
Asset-Backed Revenue Bonds, Series 2001B, 5.600%, 6/01/35
(Pre-refunded 6/01/11)
------------------------------------------------------------------------------------------------------------------------------------
16,660 Total Iowa 17,627,233
------------------------------------------------------------------------------------------------------------------------------------
KANSAS - 0.5%
10,000 Kansas Department of Transportation, Highway Revenue Bonds, 3/14 at 100.00 AA+ 10,410,500
Series 2004A, 5.000%, 3/01/22
------------------------------------------------------------------------------------------------------------------------------------
KENTUCKY - 0.1%
1,755 Greater Kentucky Housing Assistance Corporation, FHA-Insured 7/06 at 100.00 AAA 1,756,632
Section 8 Mortgage Revenue Refunding Bonds, Series 1997A,
6.100%, 1/01/24 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
LOUISIANA - 2.1%
1,000 East Baton Rouge Parish, Louisiana, Revenue Refunding Bonds, 3/08 at 102.00 B2 986,700
Georgia Pacific Corporation Project, Series 1998,
5.350%, 9/01/11 (Alternative Minimum Tax)
5,150 Louisiana Public Facilities Authority, Hospital Revenue Bonds, 8/15 at 100.00 A+ 5,250,167
Franciscan Missionaries of Our Lady Health System,
Series 2005A, 5.250%, 8/15/32
11,885 Louisiana Public Facilities Authority, Hospital Revenue Refunding 5/06 at 100.00 AAA 13,282,914
Bonds, Southern Baptist Hospital, Series 1986,
8.000%, 5/15/12 (ETM)
20,980 Tobacco Settlement Financing Corporation, Louisiana, Tobacco 5/11 at 101.00 BBB 21,999,628
Settlement Asset-Backed Bonds, Series 2001B,
5.875%, 5/15/39
------------------------------------------------------------------------------------------------------------------------------------
39,015 Total Louisiana 41,519,409
------------------------------------------------------------------------------------------------------------------------------------
MARYLAND - 0.4%
3,500 Maryland Energy Financing Administration, Revenue Bonds, 9/07 at 100.00 N/R 3,537,940
AES Warrior Run Project, Series 1995, 7.400%, 9/01/19
(Alternative Minimum Tax)
4,600 Maryland Health and Higher Educational Facilities Authority, 8/14 at 100.00 BBB+ 4,771,672
Revenue Bonds, MedStar Health, Series 2004, 5.500%, 8/15/33
------------------------------------------------------------------------------------------------------------------------------------
8,100 Total Maryland 8,309,612
------------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS - 3.7%
10,000 Massachusetts Bay Transportation Authority, Senior Sales 7/12 at 100.00 AAA 10,617,700
Tax 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 1,763,034
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 4,484,522
Revenue Bonds, Cape Cod Health Care Inc., Series 2001C,
5.250%, 11/15/31 - RAAI Insured
17
Nuveen Municipal Value Fund, Inc. (NUV) (continued)
Portfolio of INVESTMENTS April 30, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION PROVISIONS (1) RATINGS (2) VALUE
------------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS (continued)
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- $ 1,411,194
1,000 6.375%, 7/01/34 7/14 at 100.00 BB- 1,048,510
Massachusetts Turnpike Authority, Metropolitan Highway System
Revenue Bonds, Senior Series 1997A:
10,000 5.000%, 1/01/27 - MBIA Insured 1/07 at 102.00 AAA 10,154,300
22,040 5.000%, 1/01/37 - MBIA Insured 1/07 at 102.00 AAA 22,334,454
8,000 Massachusetts Turnpike Authority, Metropolitan Highway 1/07 at 102.00 AAA 8,180,880
System Revenue Bonds, Subordinate Series 1997B,
5.125%, 1/01/37 - MBIA Insured
7,405 Massachusetts Turnpike Authority, Metropolitan Highway 1/09 at 101.00 AAA 7,468,017
System 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 1,881,828
Program Bonds, Series 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 4,529,523
Program Bonds, Series 6, 5.500%, 8/01/30
------------------------------------------------------------------------------------------------------------------------------------
71,845 Total Massachusetts 73,873,962
------------------------------------------------------------------------------------------------------------------------------------
MICHIGAN - 4.5%
6,000 Dearborn Hospital Finance Authority, Michigan, Hospital Revenue 8/06 at 100.00 AAA 6,019,680
Refunding Bonds, Oakwood Obligated Group, Series 1994A,
5.250%, 8/15/21 - MBIA Insured
10,300 Detroit Local Development Finance Authority, Michigan, Tax 5/09 at 101.00 BB- 9,741,534
Increment Bonds, Series 1998A, 5.500%, 5/01/21
14,000 Detroit, Michigan, Second Lien Sewerage Disposal System 7/15 at 100.00 AAA 14,398,580
Revenue Bonds, Series 2005A, 5.000%, 7/01/35 - MBIA Insured
5,240 Michigan Municipal Bond Authority, Clean Water Revolving 10/12 at 100.00 AAA 5,574,731
Fund 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:
1,700 7.500%, 10/01/12 10/09 at 102.00 Ba1 1,753,499
5,000 7.900%, 10/01/21 10/09 at 102.00 Ba1 5,284,700
3,500 8.000%, 10/01/31 10/09 at 102.00 Ba1 3,693,095
22,235 Michigan State Hospital Finance Authority, Hospital Revenue 8/08 at 101.00 BB- 20,920,244
Bonds, 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:
1,000 6.250%, 8/15/13 8/06 at 100.00 BB- 1,000,360
12,925 6.500%, 8/15/18 8/06 at 100.00 BB- 12,931,204
7,200 Michigan Strategic Fund, Limited Obligation Resource Recovery 12/12 at 100.00 AAA 7,464,888
Revenue Refunding Bonds, Detroit Edison Company,
Series 2002D, 5.250%, 12/15/32 - XLCA Insured
------------------------------------------------------------------------------------------------------------------------------------
89,100 Total Michigan 88,782,515
------------------------------------------------------------------------------------------------------------------------------------
MINNESOTA - 0.1%
1,750 Breckenridge, Minnesota, Revenue Bonds, Catholic Health 5/14 at 100.00 AA 1,795,273
Initiatives, Series 2004A, 5.000%, 5/01/30
405 Minnesota Housing Finance Agency, Rental Housing Bonds, 8/06 at 101.00 AAA 408,779
Series 1995D, 5.900%, 8/01/15 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
2,155 Total Minnesota 2,204,052
------------------------------------------------------------------------------------------------------------------------------------
MISSOURI - 2.7%
40,000 Missouri Health and Educational Facilities Authority, Revenue 5/13 at 100.00 AA 41,458,798
Bonds, BJC Health System, Series 2003, 5.250%, 5/15/32
2,000 Missouri-Illinois Metropolitan District Bi-State Development 10/13 at 100.00 AAA 2,059,280
Agency, Mass Transit Sales Tax Appropriation Bonds,
Metrolink Cross County Extension Project, Series 2002B,
5.000%, 10/01/32 - FSA Insured
18
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION PROVISIONS (1) RATINGS (2) VALUE
------------------------------------------------------------------------------------------------------------------------------------
MISSOURI (continued)
$ 4,000 Sugar Creek, Missouri, Industrial Development Revenue Bonds, 6/13 at 101.00 BBB $ 4,133,440
Lafarge North America Inc., Series 2003A, 5.650%, 6/01/37
(Alternative Minimum Tax)
West Plains Industrial Development Authority, Missouri, Hospital
Facilities Revenue Bonds, Ozark Medical Center, Series 1997:
1,750 5.500%, 11/15/12 11/07 at 101.00 BB+ 1,773,818
1,000 5.600%, 11/15/17 11/07 at 101.00 BB+ 1,004,750
3,075 West Plains Industrial Development Authority, Missouri, 11/09 at 101.00 BB+ 3,209,500
Hospital Facilities Revenue Bonds, Ozark Medical Center,
Series 1999, 6.750%, 11/15/24
------------------------------------------------------------------------------------------------------------------------------------
51,825 Total Missouri 53,639,586
------------------------------------------------------------------------------------------------------------------------------------
MONTANA - 0.2%
3,750 Forsyth, Rosebud County, Montana, Pollution Control Revenue 3/13 at 101.00 AAA 3,851,325
Refunding Bonds, Puget Sound Energy, Series 2003A,
5.000%, 3/01/31 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
NEVADA - 1.9%
2,500 Carson City, Nevada, Hospital Revenue Bonds, Carson-Tahoe 9/13 at 100.00 AA 2,552,725
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 6,322,239
11,000 0.000%, 1/01/25 - AMBAC Insured No Opt. Call AAA 4,370,630
2,000 5.625%, 1/01/32 - AMBAC Insured 1/10 at 102.00 AAA 2,138,820
22,010 5.375%, 1/01/40 - AMBAC Insured 1/10 at 100.00 AAA 22,812,485
------------------------------------------------------------------------------------------------------------------------------------
52,605 Total Nevada 38,196,899
------------------------------------------------------------------------------------------------------------------------------------
NEW JERSEY - 4.6%
23,625 New Jersey Economic Development Authority, Special Facilities 9/09 at 101.00 B 23,112,101
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 9,131,220
Revenue Bonds, Continental Airlines Inc., Series 2000,
7.000%, 11/15/30 (Alternative Minimum Tax)
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Trinitas Hospital Obligated Group, Series 2000:
250 7.375%, 7/01/15 7/10 at 101.00 BBB- 277,463
11,200 7.500%, 7/01/30 7/10 at 101.00 BBB- 12,344,416
7,500 New Jersey Transportation Trust Fund Authority, Transportation 6/13 at 100.00 AAA 8,233,050
System Bonds, Series 2003C, 5.500%, 6/15/24 (Pre-refunded
6/15/13)
310 New Jersey Turnpike Authority, Revenue Bonds, Series 1991C, No Opt. Call AAA 356,233
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 120,988
1,490 6.500%, 1/01/16 - MBIA Insured (ETM) No Opt. Call AAA 1,716,882
26,680 Tobacco Settlement Financing Corporation, New Jersey, Tobacco 6/12 at 100.00 BBB 28,109,248
Settlement Asset-Backed Bonds, Series 2002, 6.125%, 6/01/42
7,015 Tobacco Settlement Financing Corporation, New Jersey, Tobacco 6/13 at 100.00 BBB 7,565,327
Settlement Asset-Backed Bonds, Series 2003, 6.250%, 6/01/43
------------------------------------------------------------------------------------------------------------------------------------
87,175 Total New Jersey 90,966,928
------------------------------------------------------------------------------------------------------------------------------------
NEW MEXICO - 0.6%
1,500 University of New Mexico, Revenue Refunding Bonds, No Opt. Call AA 1,718,145
Series 1992A, 6.000%, 6/01/21
9,600 University of New Mexico, Subordinate Lien Revenue Refunding 6/12 at 100.00 AA 9,793,920
and Improvement Bonds, Series 2002A, 5.000%, 6/01/32
------------------------------------------------------------------------------------------------------------------------------------
11,100 Total New Mexico 11,512,065
------------------------------------------------------------------------------------------------------------------------------------
NEW YORK - 14.6%
8,500 Dormitory Authority of the State of New York, FHA-Insured 2/14 at 100.00 AAA 8,759,420
Mortgage Revenue Bonds, Kaleida Health, Series 2004,
5.050%, 2/15/25
19
Nuveen Municipal Value Fund, Inc. (NUV) (continued)
Portfolio of INVESTMENTS April 30, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION PROVISIONS (1) RATINGS (2) VALUE
------------------------------------------------------------------------------------------------------------------------------------
NEW YORK (continued)
$ 445 Dormitory Authority of the State of New York, Improvement 8/09 at 101.00 AA- $ 458,448
Revenue Bonds, Mental Health Services Facilities,
Series 1999D, 5.250%, 2/15/29
Dormitory Authority of the State of New York, Improvement
Revenue Bonds, Mental Health Services Facilities, Series 1999D:
65 5.250%, 2/15/29 (Pre-refunded 8/15/09) 8/09 at 101.00 AA- (3) 68,683
6,490 5.250%, 2/15/29 (Pre-refunded 8/15/09) 8/09 at 101.00 AA- (3) 6,857,723
5,200 Dormitory Authority of the State of New York, New York City, 5/10 at 101.00 A+ (3) 5,690,464
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 Ba1 2,527,575
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 Ba1 2,653,954
Mount Sinai NYU Health, Series 2000C, 5.500%, 7/01/26
5,360 East Rochester Housing Authority, New York, FHA-Insured 8/07 at 102.00 AAA 5,582,386
Mortgage Revenue Bonds, St. John's Meadows Project,
Series 1997A, 5.600%, 8/01/17 - MBIA Insured
11,000 Long Island Power Authority, New York, Electric System 6/08 at 101.00 AAA 11,454,080
General 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 A- 16,309,410
Revenue Bonds, Series 2001A, 5.375%, 9/01/25
2,000 Long Island Power Authority, New York, Electric System General 6/16 at 100.00 A- 2,048,500
Revenue Bonds, Series 2006B, 5.000%, 12/01/35
10,000 New York City Industrial Development Agency, New York, 8/12 at 101.00 B- 11,189,600
Special Facilities Revenue Bonds, JFK Airport - American
Airlines Inc., Series 2002B, 8.500%, 8/01/28 (Alternative
Minimum Tax)
5,280 New York City Municipal Water Finance Authority, New York, 6/06 at 101.00 AAA 5,346,370
Water and Sewerage System Revenue Bonds, Fiscal Series
1996B, 5.750%, 6/15/26 (Pre-refunded 6/15/06) - MBIA Insured
9,720 New York City Municipal Water Finance Authority, New York, 6/06 at 101.00 AAA 9,841,889
Water and Sewerage System Revenue Bonds, Fiscal
Series 1996B, 5.750%, 6/15/26 - MBIA Insured
5,500 New York City Municipal Water Finance Authority, New York, 12/14 at 100.00 AAA 5,664,835
Water and Sewerage System Revenue Bonds, Fiscal Series
2005B, 5.000%, 6/15/36 - FSA Insured
1,280 New York City, New York, General Obligation Bonds, 8/06 at 101.50 A+ 1,306,048
Fiscal Series 1997E, 6.000%, 8/01/16
8,720 New York City, New York, General Obligation Bonds, 8/06 at 101.50 A+ (3) 8,900,678
Fiscal Series 1997E, 6.000%, 8/01/16 (Pre-refunded 8/01/06)
39,610 New York City, New York, General Obligation Bonds, Fiscal 10/07 at 101.00 Aaa 41,298,574
Series 1997G, 6.000%, 10/15/26 (Pre-refunded 10/15/07)
9,320 New York City, New York, General Obligation Bonds, 8/07 at 101.00 A+ 9,587,204
Fiscal Series 1998D, 5.500%, 8/01/10
4,075 New York City, New York, General Obligation Bonds, 8/07 at 101.00 A+ (3) 4,205,685
Fiscal Series 1998D, 5.500%, 8/01/10 (Pre-refunded 8/01/07)
New York City, New York, General Obligation Bonds,
Fiscal Series 2003J:
15,000 5.500%, 6/01/21 6/13 at 100.00 A+ 16,065,900
10,000 5.500%, 6/01/22 6/13 at 100.00 A+ 10,698,000
New York City, New York, General Obligation Bonds,
Fiscal Series 2004C:
8,000 5.250%, 8/15/24 8/14 at 100.00 A+ 8,425,280
6,000 5.250%, 8/15/25 8/14 at 100.00 A+ 6,318,960
8,500 New York State Power Authority, General Revenue Bonds, 11/10 at 100.00 Aa2 8,826,230
Series 2000A, 5.250%, 11/15/40
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- 10,620,600
26,190 5.500%, 6/01/18 6/12 at 100.00 AA- 28,024,086
33,810 5.500%, 6/01/19 6/13 at 100.00 AA- 36,298,078
2,500 Port Authority of New York and New Jersey, Special Project No Opt. Call AAA 2,716,225
Bonds, JFK International Air Terminal LLC, Sixth Series 1997,
6.250%, 12/01/10 - MBIA Insured (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
273,190 Total New York 287,744,885
------------------------------------------------------------------------------------------------------------------------------------
20
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION PROVISIONS (1) RATINGS (2) VALUE
------------------------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA - 0.9%
$ 1,500 Charlotte, North Carolina, Certificates of Participation, 6/13 at 100.00 AA+ $ 1,525,905
Governmental Facilities Projects, Series 2003G, 5.000%, 6/01/33
1,105 North Carolina Eastern Municipal Power Agency, Power System 1/07 at 102.00 AAA 1,140,161
Revenue Refunding Bonds, Series 1996A, 5.700%, 1/01/13 -
MBIA Insured
2,500 North Carolina Eastern Municipal Power Agency, Power System 1/13 at 100.00 BBB 2,563,700
Revenue Refunding Bonds, Series 2003D, 5.125%, 1/01/26
1,500 North Carolina Infrastructure Finance Corporation, Certificates 2/14 at 100.00 AA+ 1,555,020
of Participation, Correctional Facilities, Series 2004A,
5.000%, 2/01/20
10,000 North Carolina Municipal Power Agency 1, Catawba Electric 1/10 at 101.00 A3 10,859,000
Revenue Bonds, Series 1999B, 6.500%, 1/01/20
------------------------------------------------------------------------------------------------------------------------------------
16,605 Total North Carolina 17,643,786
------------------------------------------------------------------------------------------------------------------------------------
OHIO - 0.2%
3,000 Columbus City School District, Franklin County, Ohio, General 6/13 at 100.00 AAA 3,085,500
Obligation Bonds, Series 2003, 5.000%, 12/01/31 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
OKLAHOMA - 1.0%
4,450 Central Oklahoma Transportation and Parking Authority, 7/06 at 100.00 AAA 4,461,882
Oklahoma City, Parking System Revenue Refunding Bonds,
Series 1996, 5.250%, 7/01/16 (Pre-refunded 7/01/06) -
FSA Insured
15,000 Oklahoma Development Finance Authority, Revenue Bonds, 2/14 at 100.00 AA 15,347,250
St. John Health System, Series 2004, 5.125%, 2/15/31
------------------------------------------------------------------------------------------------------------------------------------
19,450 Total Oklahoma 19,809,132
------------------------------------------------------------------------------------------------------------------------------------
OREGON - 0.1%
2,500 Clackamas County Hospital Facility Authority, Oregon, Revenue 5/11 at 101.00 AA 2,600,425
Refunding Bonds, Legacy Health System, Series 2001,
5.250%, 5/01/21
------------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA - 1.5%
4,500 Pennsylvania Higher Educational Facilities Authority, Revenue 7/08 at 100.00 AA 4,501,125
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 7,067,255
Series 2004A, 5.500%, 12/01/31 - AMBAC Insured
8,000 Philadelphia School District, Pennsylvania, General Obligation 6/14 at 100.00 AAA 8,264,400
Bonds, Series 2004D, 5.125%, 6/01/34 - FGIC Insured
10,075 State Public School Building Authority, Pennsylvania, Lease 6/13 at 100.00 AAA 10,313,072
Revenue Bonds, Philadelphia School District, Series 2003,
5.000%, 6/01/33 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
29,075 Total Pennsylvania 30,145,852
------------------------------------------------------------------------------------------------------------------------------------
PUERTO RICO - 1.1%
5,450 Puerto Rico Industrial, Tourist, Educational, Medical and 6/10 at 101.00 Baa3 5,956,251
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 10/10 at 101.00 AAA 10,675,900
Obligation Bonds, Series 2000A, 5.500%, 10/01/40
5,000 Puerto Rico, General Obligation Bonds, Series 2000B, 7/10 at 100.00 AAA 5,339,950
5.625%, 7/01/19 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
20,450 Total Puerto Rico 21,972,101
------------------------------------------------------------------------------------------------------------------------------------
RHODE ISLAND - 1.2%
6,250 Rhode Island Health and Educational Building Corporation, 5/07 at 102.00 AAA 6,436,750
Hospital Financing Revenue Bonds, Lifespan Obligated Group,
Series 1996, 5.250%, 5/15/26 - MBIA Insured
16,000 Rhode Island Tobacco Settlement Financing Corporation, 6/12 at 100.00 BBB 16,794,400
Tobacco Settlement Asset-Backed Bonds, Series 2002A,
6.250%, 6/01/42
------------------------------------------------------------------------------------------------------------------------------------
22,250 Total Rhode Island 23,231,150
------------------------------------------------------------------------------------------------------------------------------------
21
Nuveen Municipal Value Fund, Inc. (NUV) (continued)
Portfolio of INVESTMENTS April 30, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION PROVISIONS (1) RATINGS (2) VALUE
------------------------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA - 2.7%
$ 7,000 Dorchester County School District 2, South Carolina, Installment 12/14 at 100.00 A $ 7,266,770
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 AAA 3,071,040
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 BBB 8,403,302
Revenue Refunding Bonds, Series 1986, 5.000%, 1/01/25
20,750 South Carolina JOBS Economic Development Authority, Economic 11/12 at 100.00 A- 21,624,613
Development Revenue Bonds, Bon Secours Health System Inc.,
Series 2002A, 5.625%, 11/15/30
8,000 South Carolina JOBS Economic Development Authority, Hospital 12/10 at 102.00 Baa2 (3) 9,329,280
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 4,320,501
System Revenue Bonds, Series 2003B, 5.000%, 3/01/38 -
MBIA Insured
110 Tobacco Settlement Revenue Management Authority, 5/11 at 101.00 BBB 115,238
South Carolina, Tobacco Settlement Asset-Backed Bonds,
Series 2001B, 6.000%, 5/15/22
------------------------------------------------------------------------------------------------------------------------------------
51,550 Total South Carolina 54,130,744
------------------------------------------------------------------------------------------------------------------------------------
TENNESSEE - 0.3%
Knox County Health, Educational and Housing Facilities Board,
Tennessee, Hospital Revenue Bonds, Baptist Health System of
East Tennessee Inc., Series 2002:
3,000 6.375%, 4/15/22 4/12 at 101.00 Baa3 3,165,150
2,500 6.500%, 4/15/31 4/12 at 101.00 Baa3 2,645,175
------------------------------------------------------------------------------------------------------------------------------------
5,500 Total Tennessee 5,810,325
------------------------------------------------------------------------------------------------------------------------------------
TEXAS - 5.8%
13,000 Alliance Airport Authority, Texas, Special Facilities Revenue 6/06 at 100.00 CCC 12,608,050
Bonds, American Airlines Inc., Series 1990, 7.500%, 12/01/29
(Alternative Minimum Tax)
5,440 Austin, Texas, Combined Utility System Revenue Bonds, No Opt. Call AAA 6,144,480
Series 1992A, 12.500%, 11/15/07 - MBIA Insured (ETM)
18,825 Austin, Texas, Combined Utility System Revenue Bonds, No Opt. Call AAA 21,248,531
Series 1992A, 12.500%, 11/15/07 - MBIA Insured
5,110 Brazos River Authority, Texas, Pollution Control Revenue 4/13 at 101.00 Baa2 5,981,204
Refunding Bonds, TXU Electric Company, Series 1999C,
7.700%, 3/01/32 (Alternative Minimum Tax)
4,000 Central Texas Regional Mobility Authority, Travis and Williamson 1/15 at 100.00 AAA 4,080,120
Counties, Toll Road Revenue Bonds, Series 2005,
5.000%, 1/01/35 - FGIC Insured
2,700 Harris County-Houston Sports Authority, Texas, Senior Lien 11/11 at 100.00 AAA 2,799,036
Revenue Bonds, Series 2001G, 5.250%, 11/15/30 -
MBIA Insured
23,875 Houston, Texas, Hotel Occupancy Tax and Special Revenue No Opt. Call AAA 7,556,199
Bonds, 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 10,658,850
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 4,898,480
3,470 0.000%, 2/15/11 No Opt. Call AAA 2,867,539
5,000 Kerrville Health Facilities Development Corporation, Texas, No Opt. Call BBB- 5,042,000
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 5,980,245
Counties, Texas, Unlimited Tax School Building and Refunding
Bonds, Series 2000, 0.000%, 8/15/27
6,000 Matagorda County Navigation District 1, Texas, Revenue Bonds, 4/08 at 102.00 BBB- 6,453,300
Reliant Energy Inc., Series 1999C, 8.000%, 5/01/29
5,000 Port Corpus Christi Industrial Development Corporation, Texas, 5/07 at 102.00 BBB- 5,236,650
Environmental Facilities Revenue Bonds, Citgo Petroleum
Corporation, Series 2003, 8.250%, 11/01/31 (Alternative
Minimum Tax)
22
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION PROVISIONS (1) RATINGS (2) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TEXAS (continued)
$ 5,000 Port Corpus Christi Industrial Development Corporation, Texas, 4/08 at 102.00 BBB- $ 5,204,550
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 BBB 5,318,850
Regional Medical Center, Series 2004, 6.000%, 12/01/34
2,000 Sabine River Authority, Texas, Pollution Control Revenue 7/13 at 101.00 Baa2 2,128,200
Refunding Bonds, TXU Electric Company, Series 2003A,
5.800%, 7/01/22
------------------------------------------------------------------------------------------------------------------------------------
142,210 Total Texas 114,206,284
------------------------------------------------------------------------------------------------------------------------------------
UTAH - 1.4%
12,000 Intermountain Power Agency, Utah, Power Supply Revenue 7/06 at 102.00 A+ (3) 12,264,600
Refunding Bonds, Series 1996D, 5.000%, 7/01/21
(Pre-refunded 7/01/06)
1,655 Intermountain Power Agency, Utah, Power Supply Revenue 7/07 at 102.00 AAA 1,726,148
Refunding Bonds, Series 1997B, 5.750%, 7/01/19
(Pre-refunded 7/01/07) - MBIA Insured
3,345 Intermountain Power Agency, Utah, Power Supply Revenue 7/07 at 102.00 AAA 3,480,907
Refunding Bonds, Series 1997B, 5.750%, 7/01/19 -
MBIA Insured
2,040 Utah Housing Finance Agency, Single Family Mortgage Bonds, 1/10 at 101.50 Aaa 2,058,890
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 3,793,536
Bonds, Series 2004, 5.000%, 4/01/35 - MBIA Insured
3,810 Utah Water Finance Agency, Revenue Bonds, Pooled Loan 10/12 at 100.00 Aaa 4,021,455
Financing Program, Series 2002C, 5.250%, 10/01/28 -
AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
26,550 Total Utah 27,345,536
------------------------------------------------------------------------------------------------------------------------------------
VIRGIN ISLANDS - 0.2%
2,500 Virgin Islands Public Finance Authority, Revenue Bonds, 1/14 at 100.00 BBB 2,746,550
Refinery Project - Hovensa LLC, Series 2003, 6.125%, 7/01/22
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
VIRGINIA - 1.3%
4,125 Metropolitan Washington D.C. Airports Authority, Airport 10/12 at 100.00 AAA 4,446,709
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 BB- 3,719,550
Bonds, Route 895 Connector Toll Road, Series 1998A,
0.000%, 8/15/30
Pocahontas Parkway Association, Virginia, Senior Lien Revenue
Bonds, Route 895 Connector Toll Road, Series 1998B:
19,400 0.000%, 8/15/33 8/08 at 23.55 BB- 3,995,624
60,500 0.000%, 8/15/35 8/08 at 20.95 BB- 11,082,390
3,245 Virginia Housing Development Authority, Multifamily Housing 1/08 at 102.00 AA+ 3,324,340
Bonds, Series 1997E, 5.600%, 11/01/17 (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
102,270 Total Virginia 26,568,613
------------------------------------------------------------------------------------------------------------------------------------
WASHINGTON - 2.1%
6,400 Cowlitz County Public Utilities District 1, Washington, 9/14 at 100.00 AAA 6,550,784
Electric 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 13,819,125
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 Aaa 4,290,840
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 5,708,348
Bonds, Nuclear Project 3, Series 1989B, 0.000%, 7/01/14
3,700 Washington State Tobacco Settlement Authority, Tobacco 6/13 at 100.00 BBB 4,045,395
Settlement Asset-Backed Revenue Bonds, Series 2002,
6.625%, 6/01/32
Washington, Motor Vehicle Fuel Tax General Obligation Bonds,
Series 2002-03C:
9,000 0.000%, 6/01/29 - MBIA Insured No Opt. Call AAA 2,880,540
16,195 0.000%, 6/01/30 - MBIA Insured No Opt. Call AAA 4,914,049
------------------------------------------------------------------------------------------------------------------------------------
59,995 Total Washington 42,209,081
------------------------------------------------------------------------------------------------------------------------------------
23
Nuveen Municipal Value Fund, Inc. (NUV) (continued)
Portfolio of INVESTMENTS April 30, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION PROVISIONS (1) RATINGS (2) VALUE
------------------------------------------------------------------------------------------------------------------------------------
WISCONSIN - 2.5%
Badger Tobacco Asset Securitization Corporation, Wisconsin,
Tobacco Settlement Asset-Backed Bonds, Series 2002:
$ 8,300 6.125%, 6/01/27 6/12 at 100.00 BBB $ 8,764,634
11,385 6.375%, 6/01/32 6/12 at 100.00 BBB 12,213,145
6,000 Milwaukee Redevelopment Authority, Wisconsin, Lease 8/13 at 100.00 AAA 6,251,100
Revenue Bonds, Public Schools, Series 2003A, 5.125%, 8/01/22 -
AMBAC Insured
12,305 Wisconsin Health and Educational Facilities Authority, Revenue 8/07 at 102.00 AAA 12,700,483
Bonds, Aurora Healthcare Inc., Series 1997, 5.250%, 8/15/27 -
MBIA Insured
6,000 Wisconsin Health and Educational Facilities Authority, Revenue 9/13 at 100.00 A- 6,324,480
Bonds, Franciscan Sisters of Christian Charity Healthcare
Ministry, Series 2003A, 5.875%, 9/01/33
3,750 Wisconsin Health and Educational Facilities Authority, 2/12 at 101.00 A 3,948,675
Revenue Bonds, Wheaton Franciscan Services Inc.,
Series 2002, 5.750%, 8/15/30
------------------------------------------------------------------------------------------------------------------------------------
47,740 Total Wisconsin 50,202,517
------------------------------------------------------------------------------------------------------------------------------------
$ 2,242,119 Total Investments (cost $1,817,267,981) - 98.6% 1,949,351,959
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.4% 28,169,137
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $1,977,521,096
====================================================================================================================
(1) 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.
(2) Ratings: Using the higher of Standard & Poor's or
Moody's rating. Ratings below BBB by Standard & Poor's
Group or Baa by Moody's Investor Service, Inc. are
considered to be below investment grade.
(3) 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.
See accompanying notes to financial statements.
24
Nuveen Municipal Income Fund, Inc. (NMI)
Portfolio of
INVESTMENTS April 30, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION PROVISIONS (1) RATINGS (2) VALUE
------------------------------------------------------------------------------------------------------------------------------------
ALABAMA - 0.8%
$ 690 Phenix City Industrial Development Board, Alabama, 5/12 at 100.00 BBB $ 739,266
Environmental Improvement Revenue Bonds, MeadWestvaco
Corporation, Series 2002A, 6.350%, 5/15/35 (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA - 19.5%
5,530 Adelanto School District, San Bernardino County, California, No Opt. Call AAA 2,600,759
General Obligation Bonds, Series 1997A, 0.000%, 9/01/22 -
MBIA Insured
Brea Olinda Unified School District, California, General
Obligation Bonds, Series 1999A:
2,000 0.000%, 8/01/21 - FGIC Insured No Opt. Call AAA 961,240
2,070 0.000%, 8/01/22 - FGIC Insured No Opt. Call AAA 943,734
2,120 0.000%, 8/01/23 - FGIC Insured No Opt. Call AAA 919,380
3,000 California State Public Works Board, Lease Revenue Bonds, 6/14 at 100.00 A- 3,075,090
Department of Mental Health, Coalinga State Hospital,
Series 2004A, 5.000%, 6/01/25
1,000 California Statewide Community Development Authority, 7/15 at 100.00 BBB+ 978,370
Revenue 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 523,335
1,000 California, General Obligation Bonds, Series 2005, 5.000%, 3/01/27 3/16 at 100.00 A 1,026,930
1,150 Foothill/Eastern Transportation Corridor Agency, California, 1/07 at 100.00 AAA 1,167,906
Toll Road Revenue Bonds, Series 1995A, 6.000%, 1/01/34
(Pre-refunded 1/01/07)
3,000 Golden State Tobacco Securitization Corporation, California, 6/13 at 100.00 BBB 3,341,280
Tobacco Settlement Asset-Backed Bonds, Series 2003A-1,
6.750%, 6/01/39
500 Lake Elsinore Public Finance Authority, California, Local Agency 10/13 at 102.00 N/R 545,690
Revenue Refunding Bonds, Series 2003H, 6.375%, 10/01/33
1,000 Vernon, California, Electric System Revenue Bonds, Malburg 4/08 at 100.00 Aaa 1,033,550
Generating Station Project, Series 2003C, 5.375%, 4/01/18
(Pre-refunded 4/01/08)
------------------------------------------------------------------------------------------------------------------------------------
22,870 Total California 17,117,264
------------------------------------------------------------------------------------------------------------------------------------
COLORADO - 6.4%
855 Colorado Educational and Cultural Facilities Authority, 7/12 at 100.00 BBB 886,028
Charter School Revenue Bonds, Douglas County School
District RE-1 - DCS Montessori School, Series 2002A,
6.000%, 7/15/22
480 Colorado Educational and Cultural Facilities Authority, 8/11 at 100.00 AAA 556,738
Charter 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 1,030,790
School Revenue Bonds, Weld County School District 6 -
Frontier Academy, Series 2001, 7.375%, 6/01/31
1,000 Colorado Health Facilities Authority, Revenue Bonds, 6/16 at 100.00 A- 990,570
Evangelical 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 2,150,640
Refunding Bonds, Series 2000A, 6.000%, 11/15/16 -
AMBAC Insured (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
5,335 Total Colorado 5,614,766
------------------------------------------------------------------------------------------------------------------------------------
CONNECTICUT - 5.8%
1,480 Capitol Region Education Council, Connecticut, Revenue Bonds, 10/06 at 101.00 BBB 1,511,879
Series 1995, 6.750%, 10/15/15
2,000 Connecticut Health and Educational Facilities Authority, 7/06 at 102.00 BBB- (3) 2,049,440
Revenue Bonds, University of New Haven, Series 1996D,
6.700%, 7/01/26 (Pre-refunded 7/01/06)
500 Eastern Connecticut Resource Recovery Authority, Solid Waste 7/06 at 100.00 BBB 502,850
Revenue Bonds, Wheelabrator Lisbon Project, Series 1993A,
5.500%, 1/01/14 (Alternative Minimum Tax)
945 Willimantic Housing Authority, Connecticut, GNMA 10/06 at 104.00 AAA 993,375
Collateralized Multifamily Housing Mortgage Revenue Bonds,
Village Heights Apartments, Series 1995A, 8.000%, 10/20/30
------------------------------------------------------------------------------------------------------------------------------------
4,925 Total Connecticut 5,057,544
------------------------------------------------------------------------------------------------------------------------------------
25
Nuveen Municipal Income Fund, Inc. (NMI) (continued)
Portfolio of INVESTMENTS April 30, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION PROVISIONS (1) RATINGS (2) VALUE
------------------------------------------------------------------------------------------------------------------------------------
FLORIDA - 2.3%
$ 175 Dade County Industrial Development Authority, Florida, Revenue 6/06 at 101.50 N/R $ 177,686
Bonds, Miami Cerebral Palsy Residential Services Inc.,
Series 1995, 8.000%, 6/01/22
1,250 Martin County Industrial Development Authority, Florida, 6/06 at 101.00 BB+ 1,268,150
Industrial Development Revenue Bonds, Indiantown
Cogeneration LP, Series 1994A, 7.875%, 12/15/25 (Alternative
Minimum Tax)
600 Martin County Industrial Development Authority, Florida, 6/06 at 101.00 BB+ 609,876
Industrial Development Revenue Refunding Bonds, Indiantown
Cogeneration LP, Series 1995B, 8.050%, 12/15/25 (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
2,025 Total Florida 2,055,712
------------------------------------------------------------------------------------------------------------------------------------
ILLINOIS - 10.0%
1,400 Chicago, Illinois, Tax Increment Allocation Bonds, Irving/Cicero 1/09 at 100.00 N/R 1,475,796
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 12/12 at 100.00 BBB 527,355
1,000 6.250%, 12/01/32 12/21 at 100.00 BBB 1,030,690
1,000 Illinois Educational Facilities Authority, Student Housing 5/12 at 101.00 Baa3 1,018,360
Revenue Bonds, Educational Advancement Foundation Fund,
University Center Project, Series 2002, 6.250%, 5/01/34
1,550 Illinois Health Facilities Authority, Revenue Bonds, Condell 5/12 at 100.00 Baa2 1,581,465
Medical Center, Series 2002, 5.500%, 5/15/32
1,735 Joliet Regional Port District, Illinois, Airport Facilities Revenue 7/07 at 103.00 N/R (3) 1,808,043
Bonds, Lewis University Airport, Series 1997A, 7.250%, 7/01/18
(Pre-refunded 7/01/07) (Alternative Minimum Tax)
1,305 North Chicago, Illinois, General Obligation Bonds, Series 2005B, 11/15 at 100.00 AAA 1,354,512
5.000%, 11/01/25 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
8,490 Total Illinois 8,796,221
------------------------------------------------------------------------------------------------------------------------------------
INDIANA - 4.0%
2,000 Indiana Health Facility Financing Authority, Hospital Revenue 8/12 at 101.00 Baa1 2,119,140
Bonds, Riverview Hospital, Series 2002, 6.125%, 8/01/31
1,305 Whitley County, Indiana, Solid Waste and Sewerage Disposal 11/10 at 102.00 N/R 1,410,692
Revenue Bonds, Steel Dynamics Inc., Series 1998,
7.250%, 11/01/18 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
3,305 Total Indiana 3,529,832
------------------------------------------------------------------------------------------------------------------------------------
LOUISIANA - 2.5%
1,745 Louisiana Public Facilities Authority, Extended Care Facilities No Opt. Call BBB 2,179,296
Revenue Bonds, Comm-Care Corporation Project, Series 1994,
11.000%, 2/01/14
------------------------------------------------------------------------------------------------------------------------------------
MARYLAND - 1.2%
1,000 Maryland Energy Financing Administration, Revenue Bonds, 9/07 at 100.00 N/R 1,010,840
AES Warrior Run Project, Series 1995, 7.400%, 9/01/19
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS - 0.9%
500 Massachusetts Development Finance Agency, Resource Recovery 12/09 at 102.00 BBB 540,615
Revenue Bonds, Ogden Haverhill Associates, Series 1999A,
6.700%, 12/01/14 (Alternative Minimum Tax)
270 Massachusetts Industrial Finance Agency, Resource Recovery 12/08 at 102.00 BBB 280,635
Revenue Refunding Bonds, Ogden Haverhill Project,
Series 1998A, 5.450%, 12/01/12 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
770 Total Massachusetts 821,250
------------------------------------------------------------------------------------------------------------------------------------
MICHIGAN - 3.7%
1,000 Delta County Economic Development Corporation, Michigan, 4/12 at 100.00 AAA 1,109,970
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 7/06 at 102.00 Ba3 2,164,083
Refunding Bonds, Sinai Hospital, Series 1995, 6.625%, 1/01/16
------------------------------------------------------------------------------------------------------------------------------------
3,150 Total Michigan 3,274,053
------------------------------------------------------------------------------------------------------------------------------------
26
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION PROVISIONS (1) RATINGS (2) VALUE
------------------------------------------------------------------------------------------------------------------------------------
MONTANA - 1.4%
$ 1,200 Montana Board of Investments, Exempt Facility Revenue 7/10 at 101.00 B1 $ 1,258,476
Bonds, 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+ 1,073,480
Bonds, Cargill Inc., Series 2002, 5.900%, 11/01/27 (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
NEW HAMPSHIRE - 0.8%
400 New Hampshire Higher Educational and Health Facilities 1/07 at 102.00 BBB- 411,700
Authority, Revenue Bonds, New Hampshire College,
Series 1997, 6.375%, 1/01/27
New Hampshire Higher Educational and Health Facilities
Authority, Revenue Bonds, New Hampshire College, Series 1997:
100 6.375%, 1/01/27 (Pre-refunded 1/01/07) 1/07 at 102.00 BBB- (3) 103,667
200 6.375%, 1/01/27 (Pre-refunded 1/01/07) 1/07 at 102.00 BBB- (3) 207,458
------------------------------------------------------------------------------------------------------------------------------------
700 Total New Hampshire 722,825
------------------------------------------------------------------------------------------------------------------------------------
NEW YORK - 6.2%
1,000 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 AA 1,075,260
Brooklyn Law School, Series 2003A, 5.500%, 7/01/15 -
RAAI Insured
4,120 Yates County Industrial Development Agency, New York, 2/11 at 101.00 AA+ 4,390,476
FHA-Insured Civic Facility Mortgage Revenue Bonds, Soldiers
and Sailors Memorial Hospital, Series 2000A, 6.000%, 2/01/41
------------------------------------------------------------------------------------------------------------------------------------
5,120 Total New York 5,465,736
------------------------------------------------------------------------------------------------------------------------------------
OHIO - 3.3%
2,400 Ohio Water Development Authority, Solid Waste Disposal 9/09 at 102.00 N/R 2,479,992
Revenue Bonds, Bay Shore Power, Series 1998B,
6.625%, 9/01/20 (Alternative Minimum Tax)
400 Ohio Water Development Authority, Solid Waste Disposal 9/06 at 101.00 A+ 407,600
Revenue Bonds, BHP Steel LLC, Series 1995, 6.300%, 9/01/20
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
2,800 Total Ohio 2,887,592
------------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA - 2.7%
1,080 Allegheny County Hospital Development Authority, Pennsylvania, 11/10 at 102.00 Ba3 1,285,740
Revenue Bonds, West Penn Allegheny Health System,
Series 2000B, 9.250%, 11/15/30
1,010 Carbon County Industrial Development Authority, Pennsylvania, No Opt. Call BBB- 1,063,005
Resource Recovery Revenue Refunding Bonds, Panther Creek
Partners Project, Series 2000, 6.650%, 5/01/10 (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
2,090 Total Pennsylvania 2,348,745
------------------------------------------------------------------------------------------------------------------------------------
RHODE ISLAND - 0.7%
500 Rhode Island Tobacco Settlement Financing Corporation, 6/12 at 100.00 BBB 524,825
Tobacco Settlement Asset-Backed Bonds, Series 2002A,
6.250%, 6/01/42
------------------------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA - 5.0%
2,500 Greenville County School District, South Carolina, Installment 12/12 at 101.00 AA- 2,713,825
Purchase Revenue Bonds, Series 2002, 5.500%, 12/01/13
475 Piedmont Municipal Power Agency, South Carolina, Electric No Opt. Call AAA 589,618
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 1,047,620
South Carolina, Tobacco Settlement Asset-Backed Bonds,
Series 2001B, 6.000%, 5/15/22
------------------------------------------------------------------------------------------------------------------------------------
3,975 Total South Carolina 4,351,063
------------------------------------------------------------------------------------------------------------------------------------
TENNESSEE - 2.5%
1,000 Knox County Health, Educational and Housing Facilities Board, 4/12 at 101.00 Baa3 1,055,050
Tennessee, Hospital Revenue Bonds, Baptist Health System
of East Tennessee Inc., Series 2002, 6.375%, 4/15/22
27
Nuveen Municipal Income Fund, Inc. (NMI) (continued)
Portfolio of INVESTMENTS April 30, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION PROVISIONS (1) RATINGS (2) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TENNESSEE (continued)
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 A- (3) $ 429,694
625 6.500%, 9/01/26 (Pre-refunded 9/01/12) 9/12 at 100.00 A- (3) 716,156
------------------------------------------------------------------------------------------------------------------------------------
2,000 Total Tennessee 2,200,900
------------------------------------------------------------------------------------------------------------------------------------
TEXAS - 7.6%
2,000 Gulf Coast Waste Disposal Authority, Texas, Sewerage and 4/12 at 100.00 A+ 2,145,740
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 1,946,600
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+ 2,130,320
50 6.250%, 6/01/32 6/12 at 100.00 BBB+ 52,855
1,000 West Texas Independent School District, McLennan and 8/13 at 51.84 AAA 360,540
Hill Counties, General Obligation Refunding Bonds,
Series 1998, 0.000%, 8/15/25
------------------------------------------------------------------------------------------------------------------------------------
7,050 Total Texas 6,636,055
------------------------------------------------------------------------------------------------------------------------------------
VIRGIN ISLANDS - 3.1%
2,545 Virgin Islands Public Finance Authority, Senior Lien Matching 10/14 at 100.00 BBB 2,685,739
Fund Loan Note, Series 2004A, 5.250%, 10/01/19
------------------------------------------------------------------------------------------------------------------------------------
VIRGINIA - 3.1%
1,000 Chesterfield County Industrial Development Authority, 11/10 at 102.00 A3 1,075,770
Virginia, 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 A3 1,671,510
Revenue Bonds, UAE Mecklenburg Cogeneration LP,
Series 2002, 6.500%, 10/15/17 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
2,500 Total Virginia 2,747,280
------------------------------------------------------------------------------------------------------------------------------------
WEST VIRGINIA - 2.4%
2,050 Mason County, West Virginia, Pollution Control Revenue Bonds, 10/11 at 100.00 BBB 2,087,863
Appalachian Power Company, Series 2003L, 5.500%, 10/01/22
------------------------------------------------------------------------------------------------------------------------------------
WISCONSIN - 1.2%
1,000 Wisconsin Health and Educational Facilities Authority, 10/11 at 100.00 BBB 1,073,170
Revenue Bonds, Carroll College Inc., Series 2001,
6.250%, 10/01/21
------------------------------------------------------------------------------------------------------------------------------------
$ 88,835 Total Investments (cost $81,312,684) - 98.3% 86,259,793
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.7% 1,479,627
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $ 87,739,420
====================================================================================================================
(1) 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.
(2) Ratings: Using the higher of Standard & Poor's or
Moody's rating. Ratings below BBB by Standard & Poor's
Group or Baa by Moody's Investor Service, Inc. are
considered to be below investment grade.
(3) 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.
See accompanying notes to financial statements.
28
Statement of
ASSETS AND LIABILITIES April 30, 2006 (Unaudited)
MUNICIPAL VALUE MUNICIPAL INCOME
(NUV) (NMI)
------------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments, at value (cost $1,817,267,981 and $81,312,684, respectively) $1,949,351,959 $ 86,259,793
Receivables:
Interest 30,676,098 1,418,993
Investments sold 4,756,795 155,000
Other assets 161,994 6,823
------------------------------------------------------------------------------------------------------------------------------------
Total assets 1,984,946,846 87,840,609
------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Cash overdraft 6,101,493 31,086
Accrued expenses:
Management fees 848,346 46,153
Other 475,911 23,950
------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 7,425,750 101,189
------------------------------------------------------------------------------------------------------------------------------------
Net assets $1,977,521,096 $ 87,739,420
====================================================================================================================================
Shares outstanding 194,959,520 8,113,876
====================================================================================================================================
Net asset value per share outstanding (net assets
divided by shares outstanding) $ 10.14 $ 10.81
====================================================================================================================================
NET ASSETS CONSIST OF:
------------------------------------------------------------------------------------------------------------------------------------
Shares, $.01 par value per share $ 1,949,595 $ 81,139
Paid-in surplus 1,837,696,454 90,826,644
Undistributed (Over-distribution of) net investment income 4,090,395 109,217
Accumulated net realized gain (loss) from investments 1,700,674 (8,224,689)
Net unrealized appreciation (depreciation) of investments 132,083,978 4,947,109
------------------------------------------------------------------------------------------------------------------------------------
Net assets $1,977,521,096 $ 87,739,420
====================================================================================================================================
Authorized shares 350,000,000 200,000,000
====================================================================================================================================
See accompanying notes to financial statements.
29
Statement of
OPERATIONS Six Months Ended April 30, 2006 (Unaudited)
MUNICIPAL VALUE MUNICIPAL INCOME
(NUV) (NMI)
------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $ 51,779,117 $2,480,302
------------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 5,124,738 280,057
Shareholders' servicing agent fees and expenses 250,333 13,075
Custodian's fees and expenses 208,124 12,994
Directors' fees and expenses 18,868 630
Professional fees 37,538 5,040
Shareholders' reports - printing and mailing expenses 74,698 8,049
Stock exchange listing fees 36,008 4,965
Investor relations expense 50,267 4,290
Other expenses 22,639 3,442
------------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit 5,823,213 332,542
Custodian fee credit (54,412) (8,714)
------------------------------------------------------------------------------------------------------------------------------------
Net expenses 5,768,801 323,828
------------------------------------------------------------------------------------------------------------------------------------
Net investment income 46,010,316 2,156,474
------------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from investments 1,707,777 (22,466)
Change in net unrealized appreciation (depreciation) of investments 764,892 (465,585)
------------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) 2,472,669 (488,051)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from operations $ 48,482,985 $1,668,423
====================================================================================================================================
See accompanying notes to financial statements.
30
Statement of
CHANGES IN NET ASSETS (Unaudited)
MUNICIPAL VALUE (NUV) MUNICIPAL INCOME (NMI)
------------------------------------- -------------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
4/30/06 10/31/05 4/30/06 10/31/05
------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 46,010,316 $ 92,574,829 $ 2,156,474 $ 4,415,535
Net realized gain (loss) from investments 1,707,777 3,892,592 (22,466) (132,233)
Change in net unrealized appreciation
(depreciation) of investments 764,892 14,371,253 (465,585) 824,656
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from operations 48,482,985 110,838,674 1,668,423 5,107,958
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income (46,380,875) (92,469,274) (2,075,529) (4,285,750)
From accumulated net realized gains (3,977,174) (10,898,238) -- --
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets from distributions to shareholders (50,358,049) (103,367,512) (2,075,529) (4,285,750)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets (1,875,064) 7,471,162 (407,106) 822,208
Net assets at the beginning of period 1,979,396,160 1,971,924,998 88,146,526 87,324,318
------------------------------------------------------------------------------------------------------------------------------------
Net assets at the end of period $1,977,521,096 $1,979,396,160 $87,739,420 $88,146,526
====================================================================================================================================
Undistributed (Over-distribution of) net
investment income at the end of period $ 4,090,395 $ 4,460,954 $ 109,217 $ 28,272
====================================================================================================================================
See accompanying notes to financial statements.
31
Notes to
FINANCIAL STATEMENTS (Unaudited)
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
The funds (the "Funds") covered in this report and their corresponding New York
Stock Exchange symbols are Nuveen Municipal Value Fund, Inc. (NUV) and Nuveen
Municipal Income Fund, Inc. (NMI). The Funds are registered under the Investment
Company Act of 1940, as amended, as closed-end, diversified management
investment companies.
Each Fund seeks to provide current income exempt from regular federal income tax
by investing primarily in a diversified portfolio of municipal obligations
issued by state and local government authorities 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 or, in the absence of a pricing service for a
particular security, the Board of Directors of the Funds, or its designee, may
establish fair market value using a wide variety of market data including yields
or prices of municipal bonds of comparable quality, type of issue, coupon,
maturity and rating, market quotes or indications of value from securities
dealers, evaluations of anticipated cash flows or collateral, general market
conditions and other information and analysis, including the obligor's credit
characteristics considered relevant by the pricing service or the Board of
Directors' designee. 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 or 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 and delayed delivery purchase commitments. At April 30, 2006, 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.
Federal Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund
intends to distribute substantially all 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 income tax, 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.
Dividends and Distributions to Shareholders
Dividends from tax-exempt net investment income are declared monthly. Net
realized capital gains and/or market discount from investment transactions, if
any, are distributed to shareholders not less frequently than annually.
Furthermore, capital gains are distributed only to the extent they exceed
available capital loss carryforwards.
Distributions to shareholders of tax-exempt net investment income, net realized
capital gains and/or market discount, if any, are recorded on the ex-dividend
date. The amount and timing of distributions are determined in accordance with
federal income tax regulations, which may differ from U.S. generally accepted
accounting principles.
32
Derivative Financial Instruments
The Funds may invest in certain derivative financial instruments including
futures, forward, swap and option contracts, and other financial instruments
with similar characteristics. Although the Funds are authorized to invest in
such financial instruments, and may do so in the future, they did not invest in
any such instruments during the six months ended April 30, 2006.
Custodian Fee Credit
Each Fund has an arrangement with the custodian bank whereby certain custodian
fees and expenses are reduced by credits earned on each Fund's cash on deposit
with the bank. Such deposit arrangements are an alternative to overnight
investments.
Indemnifications
Under the Funds' organizational documents, 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.
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
Neither Fund engaged in transactions in its own shares during the six months
ended April 30, 2006, nor during the fiscal year ended October 31, 2005.
3. INVESTMENT TRANSACTIONS
Purchases and sales (including maturities but excluding short-term investments)
during the six months ended April 30, 2006, were as follows:
MUNICIPAL MUNICIPAL
VALUE (NUV) INCOME (NMI)
--------------------------------------------------------------------------------
Purchases $51,272,359 $3,640,518
Sales and maturities 43,204,360 1,495,000
================================================================================
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 the treatment of paydown gains and losses, timing differences
in recognizing taxable market discount and timing differences in recognizing
certain gains and losses on investments transactions.
At April 30, 2006, the cost of investments was as follows:
MUNICIPAL MUNICIPAL
VALUE (NUV) INCOME (NMI)
--------------------------------------------------------------------------------
Cost of investments $1,813,546,980 $81,245,827
================================================================================
Gross unrealized appreciation and gross unrealized depreciation of investments
at April 30, 2006, were as follows:
MUNICIPAL MUNICIPAL
VALUE (NUV) INCOME (NMI)
--------------------------------------------------------------------------------
Gross unrealized:
Appreciation $137,217,936 $5,245,382
Depreciation (1,412,957) (231,416)
--------------------------------------------------------------------------------
Net unrealized appreciation (depreciation)
of investments $135,804,979 $5,013,966
================================================================================
The tax components of undistributed net investment income and net realized gains
at October 31, 2005, the Funds' last tax year end, were as follows:
MUNICIPAL MUNICIPAL
VALUE (NUV) INCOME (NMI)
--------------------------------------------------------------------------------
Undistributed net tax-exempt income * $7,818,624 $241,511
Undistributed net ordinary income ** 752,964 13,932
Undistributed net long-term capital gains 3,970,072 --
================================================================================
* Undistributed net tax-exempt income (on a tax basis) has not been reduced
for the dividend declared on October 3, 2005, paid on November 1, 2005.
** Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
33
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
The tax character of distributions paid during the Funds' last tax year ended
October 31, 2005, was designated for purposes of the dividends paid deduction as
follows:
MUNICIPAL MUNICIPAL
VALUE (NUV) INCOME (NMI)
--------------------------------------------------------------------------------
Distributions from net tax-exempt income $91,241,029 $4,284,126
Distributions from net ordinary income ** 1,228,245 1,623
Distributions from net long-term capital gains 10,898,238 --
================================================================================
** Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
At October 31, 2005, the Funds' last tax year end, Municipal Income (NMI) had an
unused capital loss carryforward of $8,204,024, available to be applied against
future capital gains, if any. If not applied, $116,138, $7,005,363, $916,759 and
$165,764 of the carryforward will expire in the years 2008, 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., 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 inthe 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, which 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 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, which 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
================================================================================
34
The annual complex-level fee, payable monthly, which is additive to the
fund-level fee and for Municipal Value (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, 2006, the
complex-level fee rate was .1888%.
COMPLEX-LEVEL ASSETS(1) COMPLEX-LEVEL FEE RATE
--------------------------------------------------------------------------------
For the first $55 billion .2000%
For the next $1 billion .1800
For the next $1 billion .1600
For the next $3 billion .1425
For the next $3 billion .1325
For the next $3 billion .1250
For the next $5 billion .1200
For the next $5 billion .1175
For the next $15 billion .1150
For Managed Assets over $91 billion(2) .1400
================================================================================
(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
all types of leverage used by the Nuveen funds) of Nuveen-sponsored funds
in the U.S.
(2) With respect to the complex-wide Managed Assets over $91 billion, the fee
rate or rates that will apply to such assets will be determined at a later
date. In the unlikely event that complex-wide Managed Assets reach $91
billion prior to a determination of the complex-level fee rate or rates to
be applied to Managed Assets in excess of $91 billion, the complex-level
fee rate for such complex-wide Managed Assets shall be .1400% until such
time as a different rate or rates is determined.
The management fee compensates the Adviser for overall investment advisory and
administrative services and general office facilities. The Funds pay no
compensation directly to those of its Directors who are affiliated with the
Adviser or to their Officers, all of whom receive remuneration for their
services to the Funds from the Adviser or its affiliates. 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. SUBSEQUENT EVENT - DISTRIBUTIONS TO SHAREHOLDERS
The Funds declared dividend distributions from their tax-exempt net investment
income which were paid on June 1, 2006, to shareholders of record on May 15,
2006, as follows:
MUNICIPAL MUNICIPAL
VALUE (NUV) INCOME (NMI)
--------------------------------------------------------------------------------
Dividend per share $.0390 $.0420
================================================================================
35
Financial
HIGHLIGHTS (Unaudited)
Selected data for a share outstanding throughout each period:
Investment Operations Less Distributions
------------------------------------- -------------------------------------
Beginning Net Net Realized/ Net Ending
Net Asset Investment Unrealized Investment Capital Net Asset
Value Income Gain (Loss) Total Income Gains Total Value
--------------------------------------------------------------------------------------------------------------------------------
MUNICIPAL VALUE (NUV)
--------------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2006(a) $10.15 $.24 $ .01 $.25 $(.24) $(.02) $(.26) $10.14
2005 10.11 .47 .10 .57 (.47) (.06) (.53) 10.15
2004 9.92 .48 .26 .74 (.49) (.06) (.55) 10.11
2003 9.98 .49 (.01) .48 (.50) (.04) (.54) 9.92
2002 10.17 .51 (.18) .33 (.51) (.01) (.52) 9.98
2001 9.77 .51 .42 .93 (.51) (.02) (.53) 10.17
MUNICIPAL INCOME (NMI)
--------------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2006(a) 10.86 .27 (.06) .21 (.26) -- (.26) 10.81
2005 10.76 .54 .09 .63 (.53) -- (.53) 10.86
2004 10.41 .56 .32 .88 (.53) -- (.53) 10.76
2003 10.61 .54 (.15) .39 (.59) -- (.59) 10.41
2002 10.92 .61 (.30) .31 (.62) -- (.62) 10.61
2001 11.01 .67 (.06) .61 (.70) -- (.70) 10.92
================================================================================================================================
Total Returns
------------------------------
Ending Based on Based on Net
Market Value Market Value+ Asset Value+
------------------------------------------------------------------------
MUNICIPAL VALUE (NUV)
------------------------------------------------------------------------
Year Ended 10/31:
2006(a) $ 9.57 2.57% 2.45%
2005 9.58 8.25 5.73
2004 9.36 9.01 7.77
2003 9.12 3.66 4.90
2002 9.32 3.80 3.32
2001 9.48 17.32 9.77
MUNICIPAL INCOME (NMI)
------------------------------------------------------------------------
Year Ended 10/31:
2006(a) 10.21 (0.89) 1.90
2005 10.56 10.21 5.93
2004 10.08 10.34 8.69
2003 9.64 3.02 3.71
2002 9.90 (11.93) 2.87
2001 11.90 12.24 5.68
========================================================================
Ratios/Supplemental Data
-------------------------------------------------------------------------------------------
Before Credit After Credit**
----------------------------- -----------------------------
Ratio of Net Ratio of Net
Ratio of Investment Ratio of Investment
Ending Expenses Income to Expenses Income to Portfolio
Net Assets to Average Average to Average Average Turnover
(000) Net Assets Net Assets Net Assets Net Assets Rate
------------------------------------------------------------------------------------------------------------------------
MUNICIPAL VALUE (NUV)
------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2006(a) $1,977,521 .59%* 4.66%* .58%* 4.66%* 2%
2005 1,979,396 .60 4.64 .60 4.65 8
2004 1,971,925 .62 4.83 .61 4.84 13
2003 1,934,433 .64 4.97 .64 4.97 36
2002 1,946,407 .65 5.07 .65 5.08 13
2001 1,982,139 .65 5.09 .64 5.10 10
MUNICIPAL INCOME (NMI)
------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2006(a) 87,739 .76* 4.90* .74* 4.92* 2
2005 88,147 .78 4.99 .77 5.00 7
2004 87,324 .82 5.28 .81 5.28 14
2003 84,491 1.12 5.14 1.12 5.14 10
2002 85,897 .91 5.62 .90 5.64 36
2001 88,089 .83 6.14 .83 6.15 11
========================================================================================================================
* Annualized.
** After custodian fee credit, where applicable.
+ 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. 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. Total returns are not annualized.
(a) For the six months ended April 30, 2006.
See accompanying notes to financial statements.
36-37 spread
Reinvest Automatically
EASILY AND CONVENIENTLY
Sidebar text: NUVEEN MAKES REINVESTING EASY. A PHONE CALL IS ALL IT TAKES TO SET
UP YOUR REINVESTMENT ACCOUNT.
NUVEEN EXCHANGE-TRADED CLOSED-END FUNDS
DIVIDEND REINVESTMENT PLAN
Your Nuveen Exchange-Traded 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
then-current market price. If the shares are trading at less than net asset
value, shares for your account will be purchased on the open market. Dividends
and distributions received to purchase shares in the open market will normally
be invested shortly after the dividend payment date. No interest will be paid on
dividends and distributions awaiting reinvestment. Because the market price of
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.
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.
38
Other Useful
INFORMATION
QUARTERLY PORTFOLIO OF INVESTMENTS AND PROXY VOTING INFORMATION
Each Fund's (i) quarterly portfolio of investments, (ii) information regarding
how the Funds voted proxies relating to portfolio securities held during the
12-month period ended June 30, 2005, and (iii) a description of the policies and
procedures that the Funds used to determine how to vote proxies relating to
portfolio securities are available 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 1-202-942-8090
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 450 Fifth Street NW, Washington, D.C. 20549.
GLOSSARY OF TERMS USED IN THIS REPORT
AVERAGE ANNUAL TOTAL RETURN: This is a commonly used method to express an
investment's performance over a particular, usually multi-year time period. It
expresses the return 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 all the maturities of the bonds in a
Fund's portfolio, computed by weighting each maturity date (the date the
security comes due) by the market value of the security. This figure does not
account for the likelihood of prepayments or the exercise of call provisions.
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.
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 common share NAV per share is calculated by
subtracting the liabilities of the Fund (including any MuniPreferred shares
issued in order to leverage 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.
BOARD OF DIRECTORS/TRUSTEES
Robert P. Bremner
Lawrence H. Brown
Jack B. Evans
William C. Hunter
David J. Kundert
William J. Schneider
Timothy R. Schwertfeger
Judith M. Stockdale
Eugene S. Sunshine
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 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 semiannual report.
39
Nuveen Investments:
SERVING Investors
For GENERATIONS
Photo of: 2 women looking at a photo album.
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 more than $145 billion in assets, Nuveen Investments offers access to a
number of different asset classes and investing solutions through a variety of
products. Nuveen Investments markets its capabilities under four distinct
brands: Nuveen, a leader in fixed-income investments; NWQ, a leader in
value-style equities; Rittenhouse, a leader in growth-style equities; and
Symphony, a leading institutional manager of market-neutral alternative
investment portfolios.
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.
o Share prices
o Fund details
Learn more o Daily financial news
about Nuveen Funds at o Investor education
WWW.NUVEEN.COM/CEF o Interactive planning tools
Logo: NUVEEN INVESTMENTS
ESA-A-0406D
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.
During this reporting period, the registrant's Board of Directors implemented a
change to the procedures by which shareholders may recommend nominees to the
registrant's board of directors by amending the registrant's by-laws to include
a provision specifying the date by which shareholder nominations for election as
director at a subsequent meeting must be submitted to the registrant.
Shareholders must deliver or mail notice to the registrant not less than
forty-five days nor more than sixty days prior to the first anniversary date of
the date on which the registrant first mailed its proxy materials for the prior
year's annual meeting; provided, however, if an only if the annual meeting is
not scheduled to be held within a period that commences thirty days before the
first anniversary date of the annual meeting for the preceding year and ends
thirty days after such anniversary date (an annual meeting date outside such
period being referred to as an "Other Annual Meeting Date" hereafter), the
shareholder notice must be given no later than the close of business on the date
forty-five days prior to such Other Annual Meeting Date or the tenth business
day following the date such Other Annual Meeting Date is first publicly
announced or disclosed. The shareholder's notice must be in writing and set
forth the name, age, date of birth, business address, residence address and
nationality of the person(s) being nominated and the class or series, number of
all shares of the registrant owned of record or beneficially be each such
person(s), any other information regarding such person required by Item 401 of
Regulation S-K or Item 22 of Rule 14a-101 (Schedule 14A) under the Securities
Exchange Act of 1934, as amended, any other information regarding the person(s)
to be nominated that would be required to be disclosed in a proxy statement or
other filings required to be made in connection with solicitation of proxies for
election of directors, and whether such shareholder believes any nominee is or
will be an "interested person" (as that term is defined in the Investment
Company Act of 1940, as amended) of the registrant or sufficient information to
enable the registrant to make that determination and the written and signed
consent of the person(s) to be nominated.
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: 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. 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 Income Fund, Inc.
-----------------------------------------------------------
By (Signature and Title)* /s/ Jessica R. Droeger
----------------------------------------------
Jessica R. Droeger
Vice President and Secretary
Date: July 7, 2006
-------------------------------------------------------------------
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 7, 2006
-------------------------------------------------------------------
By (Signature and Title)* /s/ Stephen D. Foy
----------------------------------------------
Stephen D. Foy
Vice President and Controller
(principal financial officer)
Date: July 7, 2006
-------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.