Nuveen Exchange-Traded Funds
Providing tax-free income to help you live your dreams.
MUNICIPAL VALUE (NUV)
MUNICIPAL INCOME (NMI)
SEMIANNUAL REPORT/APRIL 30, 1996
Photographic image of man seated at breakfast table with wife standing behind
him.
<PAGE>
CONTENTS
3 Dear shareholder
5 Answering your questions
10 Fund performance
11 Commonly used terms
13 Portfolio of investments
27 Statement of net assets
28 Statement of operations
29 Statement of changes in net assets
30 Notes to financial statements
38 Financial highlights
<PAGE>
Dear shareholder
Photographic image of Richard Franke, Chairman of Nuveen.
"Over time, municipal bonds have proven to be a valuable and dependable
component of successful invest ment programs."
The past 12 months provided a welcome rebound for investors in municipal
bonds, reversing the declines of a year earlier. As long-term interest rates
fell in the last half of 1995, the Nuveen funds continued to provide
attractive levels of dividend income.
Currently, we are experiencing a certain degree of uncertainty in the
markets, as the economy continues to send mixed signals about the pace of
growth and the potential for increased inflation. Although there is no solid
evidence that inflation will reappear, the mere specter has been enough to
keep some investors on the sidelines. The good news is that the Federal
Reserve remains committed to a policy of low inflation and modest economic
growth, which should bode well for the bond markets and bond investors.
During the first part of 1996, investors found opportunities to purchase
higher yielding bonds with strong credit quality. Tax-free securities--and
the taxable-equivalent yields they offer--are bringing investors back to the
bond market. Diminished concerns about a flat tax and other tax reform
proposals that had potential implications for tax-free investments have also
bolstered interest in municipal bonds and bond funds.
Municipal bond funds continue to be a prudent way to invest for the long
term, offering investors quality and an attractive source of tax-free income.
As of April 30, 1996, the current annual yields on share price for the
Municipal Value and Municipal Income funds were 6.34% and 6.55%, respectively.
To match these yields, an investor in the 36% federal income tax bracket would
have had to earn at least 9.91% on taxable alternatives. Without question,
taxable yields at this level on investments of comparable quality can be
difficult to achieve in today's markets.
<PAGE>
With the strength of the bond market last year, these funds enjoyed
continued attractive total returns. The 12-month total returns on net asset
value for the Municipal Value and Municipal Income funds were 6.37% and 6.75%,
equivalent to taxable investments returning 9.98% and 10.50%, respectively.
As you may know, on June 30, 1996, I will be retiring as chairman and chief
executive officer of John Nuveen & Co. Incorporated and as chairman of the
board of the Nuveen exchange-traded funds. As I look back over the 41 years I
have spent at Nuveen, I'm proud to have been associated with a firm that holds
integrity, honesty, and value as the cornerstones of its business. I'm
confident that these traditions will continue to be the hallmarks of Nuveen.
Over the past few years, I have been working closely with other Nuveen
managers to ensure that the company and the funds continue to be guided by
strong and talented management. Timothy R. Schwertfeger, who has been with
Nuveen since 1977, will succeed me as chief executive officer and chairman of
Nuveen. He currently serves as executive vice president of Nuveen and
president of the board of directors for the Nuveen exchange-traded funds. I am
very confident in his abilities and those of the entire Nuveen management
team.
The management transition has been well planned, and it will have no effect
on portfolio management or the way dividends are set.
Our focus will continue to be on building shareholder value, providing
research-oriented management, and maintaining our leadership role in the
municipal bond market. With this focus, we anticipate many more years of
progress and accomplishment for our shareholders and our firm.
As this will be the last letter for these funds in which I have the
opportunity to address you, I'd like to take this occasion to thank you for
selecting Nuveen exchange-traded funds. We appreciate your investment in
Nuveen, and we look forward to reports of continued success in the months
ahead.
Sincerely,
Richard J. Franke
Chairman of the Board
June 17, 1996
<PAGE>
Answering your questions
Tom Spalding, head of Nuveen's portfolio management team, discusses investment
performance and recent factors affecting the municipal market.
What are the best measures of fund performance?
There are many ways to gauge fund performance, each of which provides certain
insights. Total return is generally recognized as one comprehensive measure of
performance. We use the term "total return" to refer to a share's appreciation
plus reinvested dividend income and capital gain distributions, if applicable.
In 1994, total returns for municipal bond funds--and the entire bond
market--declined, in one of the most difficult periods for bonds in decades.
This was immediately followed by 1995's exceptional market recovery, which
resulted in a rebound in total returns. During the first part of 1996,
municipal bond funds have continued to provide solid total returns, although
at a slightly lower level than during 1995's bull market. The events of these
past few years illustrate the importance of considering risk, or variability
of returns, when comparing total returns. Nuveen's prudent approach to
management protected investors from wide swings in performance by maintaining
a higher level of value than its peer group during 1994's bear market and
participating only slightly less in 1995's recovery.
Another important measure of fund performance involves assessing whether a
fund has met its stated investment goals. At Nuveen, we continue to emphasize
our funds' goals of providing dependable tax-free dividends and adhering to a
value investing approach. In this regard, the steadiness of dividends over the
long term is a good practical measure of success.
<PAGE>
Photographic image of Tom Spalding, Portfolio Manager of Nuveen. Tom Spalding,
head of Nuveen's portfolio management team, answers investors' questions on
developments in the municipal market.
Some funds' discounts seem to have narrowed over the past few months. What
caused this improvement?
To understand the reasons for this improvement, it may be helpful to remember
that each share has two prices: the net asset value (NAV), which represents
the underlying value of the bonds, and the share price, which is the fund's
price on the stock exchange. As with other securities, share prices for
municipal bond funds change frequently, driven by investors' demand for
shares. When a share's NAV is higher than its share price, we say that the
shares can be purchased at a discount.
In 1995, the recovery of the bond market meant that the net asset values for
some funds appreciated more quickly than their share prices, widening
discounts for a while. This is not unusual, as the market often takes time to
recognize underlying value balanced against the various factors that affect
investor decisions, such as sentiment regarding future interest rates,
inflation forecasts, the relative strength of the stock market, and
legislative and tax outlooks. Over the past few months, investor worries about
tax reform--and the potential effect of a flat tax proposal on tax-free
investments--have waned somewhat. The combination of higher yields, concerns
about the vulnerability of the stock market, and broker recommendations has
prompted a greater demand for municipal bonds and bond funds. With increased
demand, share prices have risen, resulting in narrower discounts. In fact,
some exchange-traded funds are now trading at a premium, that is, their share
prices are higher than their NAVs.
What caused the dividends of some funds to decline recently?
A spate of bond calls over the past year, and the more conservative nature of
unleveraged funds such as the Municipal Value and Municipal Income funds, have
both contributed to a recent decline in dividend levels.
As the Federal Reserve Board made a succession of rate cuts between July
1995 and January 1996, long-term municipal bond yields reacted by declining
almost 130 basis points from their position at the beginning of 1995. This
lower long-term rate environment brought about the call, or early redemption,
of many bonds with higher yields. These older bonds have been replaced with
the bonds available in the market today, most of which have lower yields.
It is also important to remember that unleveraged funds such as those
covered in this report are managed more conservatively than leveraged funds
and, thus, are more stable in their ability to ride out the ups and downs of
the market. While these funds may not have appreciated as much as leveraged
funds during the bond market rally of 1995, they generally did not decline as
much during the down market of 1994.
<PAGE>
What has been Nuveen's investment approach during this period?
Because we believe that a value approach offers investors greater price
stability in uncertain markets, Nuveen continues to pursue value investing as
the optimal way to meet our investors' objectives. We define value investing
as a disciplined approach to security selection and portfolio construction
designed to deliver above-market performance by identifying individual bonds
with current yields, prices, credit quality, and future prospects that are
exceptionally attractive in relation to other bonds in the market. This
approach was rewarded over the past year, as we saw many of our portfolio
holdings upgraded by the national rating agencies, indicating that our
Research Department's judgments about credit quality were on target.
As interest rates declined, we moved to protect current income by investing
a larger percentage of our portfolios in non-callable bonds. These bonds
cannot be redeemed before maturity, so their yield is assured for the long
term even if interest rates continue to decline. As another measure of income
protection, we also purchased an increased number of bonds at discounts from
their par value. Because these bonds are yielding slightly below market levels
due to their current coupon, they are less likely to be called from our
portfolios, assuring more stable yields for our investors.
<PAGE>
<TABLE>
NUVEEN MUNICIPAL VALUE FUND, INC.
NUV
Dividends of NUV have been consistently at an attractive level despite modest
reductions in July and February, reflecting the effects of bond calls.
Shareholders also received a capital gains distribution in December.
12 MONTH DIVIDEND HISTORY
<CAPTION>
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
5/09/95 $0.0550
6/13/95 $0.0550
7/12/95 $0.0525
8/11/95 $0.0525
9/13/95 $0.0525
10/11/95 $0.0525
11/13/95 $0.0525
12/13/95 $0.0525 $0.0797
1/10/96 $0.0525
2/13/96 $0.0505
3/13/96 $0.0505
4/11/96 $0.0505
<CAPTION>
FUND HIGHLIGHTS 4/30/96
<S> <C>
Yield 6.34%
Taxable-equivalent yield 9.91%
Annual total return on NAV 6.37%
Taxable-equivalent total return 9.98%
Share price $9.563
NAV $10.05
The dividend history used in this chart constitutes past performance and does
not necessarily predict the future dividends of the Fund.
</TABLE>
<PAGE>
<TABLE>
NUVEEN MUNICIPAL INCOME FUND, INC.
NMI
Shareholders received 11 months of stable dividends following a modest
reduction in June. These rates are comparable to taxable rates of more than
10%.
12 MONTH DIVIDEND HISTORY
<CAPTION>
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
5/09/95 $0.0665
6/13/95 $0.0635
7/12/95 $0.0635
8/11/95 $0.0635
9/13/95 $0.0635
10/11/95 $0.0635
11/13/95 $0.0635
12/13/95 $0.0635
1/10/96 $0.0635
2/13/96 $0.0635
3/13/96 $0.0635
4/11/96 $0.0635
<CAPTION>
FUND HIGHLIGHTS 4/30/96
<S> <C>
Yield 6.55%
Taxable-equivalent yield 10.23%
Annual total return on NAV 6.75%
Taxable-equivalent total return 10.50%
Share price $11.625
NAV $11.82
The dividend history used in this chart constitutes past performance and does
not necessarily predict the future dividends of the Fund.
</TABLE>
<PAGE>
Commonly used terms
Yield
An exchange-traded fund's annualized monthly dividend on a given date (in the
case of this report, April 30, 1996) divided by its closing price per share on
that date.
Taxable equivalent yield
The return an investor subject to a given federal income tax rate would need
to obtain from a fully taxable investment to equal the fund's stated
annualized yield on share price. In this report, this tax rate is assumed to
be 36% for shareholders, based on incomes of $121,300-$263,750 for investors
filing singly, and $147,700-$263,750 for those filing jointly.
Net Asset Value (NAV)
The market value of all securities and other assets held by an exchange-traded
fund, minus any liabili ties. The NAV per share is the fund's net assets,
divided by its total number of common shares outstanding.
Total return on NAV
The percentage change in a fund's NAV per common share for a given period,
assuming reinvestment of all dividends and capital gains distributions, if
any.
Taxable equivalent total return
The total return an investor subject to a given federal income tax rate would
need to obtain from a fully taxable investment to equal the Fund's stated
total return on NAV.
Each Fund intends to repurchase shares of its own stock in the future at such
times and in such amounts as is deemed advisable. No shares were repurchased
during the six months ended April 30, 1996. Any future repurchases will be
reported to shareholders in the next annual or semiannual report.
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
(Unaudited)
NUVEEN MUNICIPAL VALUE FUND, INC. (NUV)
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
ALABAMA - 0.7%
$ 10,000,000 Birmingham Waterworks and Sewer Board,
5.500%, 1/01/20 1/04 at 102 Aa $ 9,474,000
4,000,000 Medical Clinic Board of Jasper (Walker Regional
Medical Center), 6.375%, 7/01/18 7/02 at 102 Baa1 3,801,920
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ARIZONA - 0.9%
10,400,000 Scottsdale Industrial Development Authority
(Scottsdale Memorial Hospital), 8.500%, 9/01/17 9/97 at 102 Aaa 11,120,824
5,735,000 Yuma Regional Medical Center, 8.000%, 8/01/17 8/02 at 101 1/2 A- 6,389,134
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ARKANSAS - 0.1%
1,500,000 Arkansas Development Finance Authority,
Wastewater System, 5.850%, 12/01/19 6/06 at 101 AA 1,487,595
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CALIFORNIA - 5.1%
California Department of Water Resources (Central
Valley Project):
9,000,000 5.750%, 12/01/19 6/03 at 101 1/2 Aa 8,734,050
16,500,000 4.750%, 12/01/24 12/03 at 101 Aa 13,512,510
14,500,000 California Pollution Control Financing Authority
(Pacific Gas and Electric Company), Alternative
Minimum Tax, 8.875%, 1/01/10 12/97 at 102 A2 15,527,905
16,350,000 California Public Works Board (Regents of the
University of California), 5.500%, 6/01/21 6/03 at 102 Con(A1) 14,892,398
2,500,000 California Statewide Communities Development
Corporation (Pacific Homes), Certificates of
Participation, 6.000%, 4/01/17 4/03 at 102 A 2,410,225
5,000,000 California Statewide Communities Development
Authority (St. Joseph Health System),
5.500%, 7/01/14 7/03 at 102 Aa 4,680,600
Foothill/Eastern Transportation Corridor Agency:
30,000,000 0.000%, 1/01/22 No Opt. Call BBB- 5,311,200
10,000,000 6.000%, 1/01/34 1/05 at 102 BBB- 9,331,900
30,470,000 Los Angeles County Public Works Finance Authority,
4.750%, 12/01/13 12/03 at 102 Aaa 26,409,873
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COLORADO - 9.3%
19,185,000 Colorado Health Facilities Authority (Sisters of
Charity Health Care System), 5.250%, 5/15/14 5/04 at 102 Aa 17,761,089
12,500,000 Arvada Urban Renewal Authority, 8.750%, 3/01/06 3/97 at 101 B 12,241,250
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
COLORADO (CONTINUED)
Denver City and County Airport System, Alternative
Minimum Tax:
$ 3,680,000 7.000%, 11/15/03 11/02 at 102 Baa $ 4,007,446
9,150,000 8.250%, 11/15/12 11/02 at 102 Baa 10,349,108
5,600,000 6.750%, 11/15/13 11/02 at 102 Baa 5,695,928
7,500,000 7.750%, 11/15/21 11/01 at 102 Baa 8,228,175
31,025,000 6.750%, 11/15/22 11/02 at 102 Baa 31,455,007
13,000,000 8.750%, 11/15/23 11/01 at 102 Baa 15,472,340
31,240,000 8.500%, 11/15/23 11/00 at 102 Baa 36,014,409
10,415,000 7.250%, 11/15/23 11/02 at 102 Baa 10,965,745
29,205,000 7.000%, 11/15/25 11/01 at 100 Baa 29,691,263
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FLORIDA - 3.6%
3,765,000 Florida Community Services Corporation of
Walton County, 9.000%, 3/01/18 (Pre-refunded
to 3/01/98) 3/98 at 103 N/R 4,193,457
7,000,000 Dade County Health Facilities Authority (Mt. Sinai
Medical Center), 8.400%, 12/01/17 (Pre-refunded
to 12/01/97) 12/97 at 102 Aaa 7,612,500
Escambia County Health Facilities Authority
(Baptist Hospital):
3,975,000 8.600%, 10/01/02 10/98 at 102 BBB+ 4,363,755
10,000,000 8.700%, 10/01/14 10/98 at 102 BBB+ 11,002,900
5,000,000 Orlando Utilities Commission, 5.500%, 10/01/27 10/02 at 100 Aa 4,644,750
Palm Beach County Health Facilities Authority
(JFK Medical Center):
14,925,000 8.875%, 12/01/18 (Pre-refunded to 12/01/98) 12/98 at 102 BBB 16,765,402
10,405,000 8.875%, 12/01/18 (Pre-refunded to 12/01/98) 12/98 at 102 N/R 11,688,041
8,510,000 Santa Rosa County Health Facilities Authority
(Gulf Breeze Hospital), 8.700%, 10/01/14
(Pre-refunded to 10/01/98) 10/98 at 102 AAA 9,534,689
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GEORGIA - 1.4%
19,070,000 Georgia Municipal Electric Authority,
7.750%, 1/01/18 (Pre-refunded to 1/01/97) 1/97 at 102 Aaa 19,959,616
7,000,000 Burke County Development Authority, Pollution
Control (Georgia Power Company),
8.000%, 10/01/16 10/96 at 102 A2 7,226,030
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ILLINOIS - 7.6%
6,205,000 Illinois Development Finance Authority Industrial
Development (Plano Molding Co.), Alternative
Minimum Tax, 7.750%, 6/01/12 6/02 at 102 N/R 6,353,672
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
ILLINOIS (CONTINUED)
$ 3,000,000 Illinois Development Finance Authority Pollution
Control (Commonwealth Edison Company),
5.850%, 1/15/14 No Opt. Call Baa2 $ 2,779,380
11,000,000 Illinois Educational Facilities Authority (Chicago
College of Osteopathic Medicine), 8.500%, 7/01/08
(Pre-refunded to 7/01/98) 7/98 at 102 BBB+ 12,138,280
Illinois Health Facilities Authority (Hinsdale
Hospital):
8,735,000 9.500%, 11/15/19 (Pre-refunded to 11/15/00) 11/00 at 102 AAA 10,582,977
1,380,000 9.500%, 11/15/19 11/00 at 102 BBB 1,595,059
5,500,000 Illinois Health Facilities Authority (South Suburban
Hospital), 7.000%, 2/15/18 2/02 at 102 A 5,683,975
7,000,000 Illinois Health Facilities Authority (Swedish
American Hospital), 5.375%, 11/15/23 11/03 at 102 Aaa 6,271,230
14,000,000 Illinois Health Facilities Authority (Illinois Masonic
Medical Center), 5.500%, 10/01/19 10/03 at 102 A 12,472,880
12,800,000 Illinois Health Facilities Authority (Rush-
Presbyterian-St. Luke's Medical Center),
5.250%, 11/15/20 11/03 at 102 Aaa 11,372,160
15,000,000 Illinois Sales Tax, 5.500%, 6/15/20 6/02 at 101 AAA 13,985,850
5,000,000 Chicago General Obligation, 6.250%, 1/01/12 1/02 at 102 Aaa 5,151,250
1,125,000 Chicago Metropolitan Water Reclamation District,
General Obligation, 7.000%, 1/01/11 No Opt. Call Aa 1,287,743
12,535,000 Chicago O'Hare International Airport, Alternative
Minimum Tax, 8.000%, 1/01/08 1/97 at 102 A1 13,041,539
17,500,000 Chicago Public Building Commission (Board of
Education), 5.750%, 12/01/18 12/03 at 102 Aaa 16,722,300
Chicago Tax Increment (Stockyards Industrial
Redevelopment):
9,760,000 9.000%, 1/01/11 (Pre-refunded to 1/01/01) 1/01 at 102 N/R 10,990,248
5,000,000 9.250%, 1/01/14 No Opt. Call N/R 5,508,800
11,500,000 Regional Transportation Authority, 6.250%, 6/01/24 6/04 at 102 Aaa 11,727,470
1,845,000 Tri-City Regional Port District, Alternative
Minimum Tax, 9.650%, 7/01/07 7/98 at 102 N/R 2,045,570
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INDIANA - 3.0%
10,000,000 Indiana Municipal Power Agency, 5.750%, 1/01/18 7/96 at 100 Aaa 9,587,100
5,000,000 Indiana Office Building Commission,
8.750%, 7/01/12 (Pre-refunded to 7/01/97) 7/97 at 102 Aaa 5,380,000
4,500,000 Indianapolis Airport Authority (Federal Express
Corporation), Alternative Minimum Tax,
7.100%, 1/15/17 7/04 at 102 Baa2 4,749,435
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
INDIANA (CONTINUED)
Penn-Harris-Madison School Corporation, Certificate
of Participation:
$ 10,570,000 7.900%, 6/15/03 (Pre-refunded to 6/15/97) 6/97 at 102 AAA $ 11,255,465
15,755,000 8.400%, 6/15/08 (Pre-refunded to 6/15/97) 6/97 at 102 AAA 16,862,734
500,000 South Bend Multi-Family Housing, Alternative
Minimum Tax, 7.750%, 12/15/18 12/03 at 100 N/R 474,980
South Bend Multi-Family Housing:
9,155,000 7.500%, 12/15/18 12/03 at 100 N/R 8,642,137
3,168,570 3.850%, 12/15/18 12/03 at 100 N/R 1,829,627
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IOWA - 0.6%
105,580,000 Iowa Housing Finance Authority, 0.000%, 9/01/16 No Opt. Call Aaa 10,991,934
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KANSAS - 0.3%
6,650,000 Newton (Newton Healthcare Corporation),
7.750%, 11/15/24 11/04 at 102 BBB- 6,881,886
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KENTUCKY - 0.7%
12,500,000 Carroll County Pollution Control (Kentucky Utilities
Company), 7.450%, 9/15/16 9/02 at 102 Aa2 14,114,375
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LOUISIANA - 1.4%
22,865,000 Louisiana Public Facilities Authority (Southern
Baptist Hospital), 8.000%, 5/15/12 No Opt. Call AAA 26,582,620
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MAINE - 0.7%
14,365,000 Maine State Housing Authority, 5.550%, 11/15/14 2/04 at 102 AA- 13,540,018
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MASSACHUSETTS - 8.3%
Massachusetts Housing Finance Agency, Multi-Family
Residential Housing, Alternative Minimum Tax:
6,000,000 8.750%, 8/01/08 2/98 at 102 A+ 6,351,120
28,070,000 8.800%, 8/01/21 2/98 at 102 A+ 29,677,850
Massachusetts Housing Finance Authority, Insured
Rental Housing, Alternative Minimum Tax:
7,000,000 6.650%, 7/01/19 7/04 at 102 Aaa 7,191,730
6,050,000 6.750%, 7/01/28 7/04 at 102 Aaa 6,260,661
5,000,000 Massachusetts Industrial Finance Agency, Resource
Recovery (SEMASS Project), 9.000%, 7/01/15 7/01 at 103 N/R 5,422,650
Massachusetts Municipal Wholesale Electric
Company:
28,900,000 8.750%, 7/01/18 (Pre-refunded to 7/01/97) 7/97 at 102 Aaa 31,096,400
1,655,000 8.750%, 7/01/18 7/97 at 102 A 1,921,269
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
MASSACHUSETTS (CONTINUED)
Massachusetts Water Resources Authority:
$ 24,405,000 6.000%, 4/01/20 4/00 at 100 A $ 23,873,459
20,185,000 5.500%, 7/15/22 7/02 at 100 A 18,546,987
34,580,000 Massachusetts Water Resources Authority,
5.500%, 11/01/15 11/02 at 102 A 32,176,344
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MICHIGAN - 3.6%
Michigan Housing Development Authority:
15,750,000 6.150%, 10/01/15 6/05 at 102 Aaa 15,938,213
7,000,000 5.875%, 10/01/17 4/03 at 102 Aaa 6,886,600
7,000,000 Michigan State Hospital Finance Authority (Detroit
Medical Center), 7.500%, 8/15/11 8/01 at 102 A 7,543,410
25,000,000 Michigan Strategic Fund (Detroit Edison Company),
Pollution Control, 6.400%, 9/01/25 9/05 at 102 Aaa 26,030,750
3,790,000 Adrian Hospital Finance Authority (Emma L. Bixby
Medical Center), 8.500%, 7/01/09 7/00 at 102 N/R 4,068,679
6,000,000 Dearborn Economic Development Corporation
(Oakwood Obligated Group), 5.250%, 8/15/21 8/04 at 102 Aaa 5,399,640
4,000,000 Grand Traverse County Hospital Finance Authority
(Munson Healthcare), 6.250%, 7/01/12 7/02 at 102 Aaa 4,121,960
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MINNESOTA - 0.9%
8,860,000 Minnesota Housing Finance Authority,
5.900%, 8/01/15 2/05 at 102 Aaa 8,798,600
2,000,000 Duluth Hospital (St. Luke's Hospital),
9.000%, 5/01/18 5/98 at 102 AAA 2,221,620
6,000,000 St. Paul Housing and Redevelopment Authority
(HealthEast), 9.750%, 11/01/17 11/97 at 102 Baa 6,453,300
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MISSISSIPPI - 0.6%
13,000,000 Mississippi Hospital Equipment and Facilities
Authority (North Mississippi Health Services),
5.750%, 5/15/16 5/03 at 102 Aaa 12,441,260
- ---------------------------------------------------------------------------------------------------------------------------------
MONTANA - 0.4%
6,360,000 Billings Tax Increment, Urban Renewal,
9.375%, 3/01/08 (Pre-refunded to 3/01/98) 3/98 at 100 Aaa 6,949,763
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NEVADA - 0.2%
4,000,000 Clark County Airport System, Alternative Minimum
Tax, 8.250%, 7/01/15 7/98 at 102 A 4,311,080
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
NEW HAMPSHIRE - 1.4%
$ 24,625,000 New Hampshire Business Finance Authority,
Pollution Control (United Illuminating Company),
5.875%, 10/01/33 10/03 at 102 Baa3 $ 22,275,529
5,070,000 New Hampshire Industrial Development Authority
(United Illuminating Company), Alternative
Minimum Tax, 8.000%, 12/01/14 12/99 at 103 Baa3 5,445,180
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NEW YORK - 1.4%
1,250,000 Metropolitan Transportation Authority, Commuter
Facilities, Service Contract, 7.500%, 7/01/16
(Pre-refunded to 7/01/00) 7/00 at 102 Aaa 1,410,500
New York City General Obligation:
5,000,000 5.750%, 8/15/10 8/03 at 102 Baa1 4,691,350
9,000,000 5.750%, 2/01/14 2/06 at 101 1/2 Baa1 8,410,770
11,780,000 New York City Municipal Water Finance Authority,
Water and Sewer System, 9.000%, 6/15/17
(Pre-refunded to 6/15/97) 6/97 at 102 Aaa 12,692,125
- ---------------------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA - 4.5%
North Carolina Eastern Municipal Power Agency:
20,730,000 7.500%, 1/01/15 (Pre-refunded to 1/01/97) 1/97 at 102 Aaa 21,660,155
39,365,000 7.250%, 1/01/21 1/97 at 102 A 40,597,125
North Carolina Municipal Power Agency No. 1
(Catawba):
10,900,000 5.750%, 1/01/15 1/03 at 100 A 10,138,962
9,605,000 6.000%, 1/01/20 7/96 at 100 A 9,373,039
6,100,000 Charlotte Convention Facility, Certificates of
Participation, 5.250%, 12/01/20 12/03 at 102 Aaa 5,526,295
- ---------------------------------------------------------------------------------------------------------------------------------
OHIO - 2.1%
10,000,000 Ohio State Public Facilities Commission (Higher
Education Facilities), 8.250%, 6/01/99
(Pre-refunded to 6/01/96) 6/96 at 102 A1 10,238,500
11,825,000 Cleveland Public Power System, First Mortgage,
8.375%, 8/01/17 (Pre-refunded to 8/01/97) 8/97 at 102 Aaa 12,710,456
Kensington Housing Development Corporation,
Alternative Minimum Tax:
1,680,000 8.000%, 12/20/08 12/98 at 103 AAA 1,812,821
6,365,000 8.125%, 12/20/31 12/98 at 103 AAA 6,771,023
8,915,000 Trumbull County (St. Joseph Riverside Hospital),
7.750%, 11/01/13 (Pre-refunded to 11/01/97) 11/97 at 102 AAA 9,583,714
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
OKLAHOMA - 0.7%
$ 10,350,000 Comanche County Hospital Authority,
9.000%, 7/01/21 (Pre-refunded to 1/01/00) 1/00 at 102 AAA $ 12,070,584
2,350,000 Midwest City Memorial Hospital Authority,
7.375%, 4/01/22 4/02 at 102 BBB+ 2,408,421
- ---------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA - 2.6%
5,955,000 Pennsylvania Convention Center Authority,
6.750%, 9/01/19 9/04 at 102 Baa 6,278,237
18,850,000 Pennsylvania Intergovernmental Cooperative
Authority (Philadelphia Funding Program),
5.000%, 6/15/22 6/03 at 100 Aaa 16,410,999
Greater Johnstown Water Authority:
2,000,000 8.800%, 1/01/08 (Pre-refunded to 1/01/98) 1/98 at 100 BBB- 2,153,620
2,500,000 8.750%, 1/01/12 (Pre-refunded to 1/01/98) 1/98 at 100 BBB- 2,690,025
24,500,000 Philadelphia Water and Wastewater System,
5.500%, 6/15/14 6/03 at 102 Aaa 23,429,350
- ---------------------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA - 3.4% Piedmont Municipal Power Agency:
55,050,000 7.250%, 1/01/22 1/00 at 100 A 56,228,621
13,000,000 5.000%, 1/01/25 7/96 at 100 A 10,732,410
- ---------------------------------------------------------------------------------------------------------------------------------
TEXAS - 13.7%
25,710,000 Texas Municipal Power Agency, 8.000%, 9/01/12
(Pre-refunded to 9/01/96) 9/96 at 102 AAA 26,593,653
6,000,000 Alliance Airport Authority (American Airlines),
Alternative Minimum Tax, 7.500%, 12/01/29 12/00 at 102 Baa2 6,380,880
Austin Combined Utility System:
24,265,000 12.500%, 11/15/07 No Opt. Call Aaa 39,477,699
13,670,000 6.000%, 5/15/15 5/96 at 100 A 13,554,762
12,525,000 8.000%, 11/15/16 (Pre-refunded to 5/15/01) 5/01 at 100 Aaa 14,369,933
1,390,000 Bexar County Housing Finance Corporation,
10.875%, 3/01/10 9/96 at 101 A 1,413,435
10,105,000 Brazos River Authority, Pollution Control (Texas
Utilities Electric Company), Alternative Minimum
Tax, 9.250%, 3/01/18 3/98 at 102 Baa1 10,988,682
4,000,000 Brazos River Authority (Houston Light and Power
Company), 8.250%, 5/01/19 5/98 at 102 A3 4,301,240
6,360,000 Corpus Christi Housing Finance Corporation, Single
Family Mortgage, 7.700%, 7/01/11 7/01 at 103 Aaa 6,818,365
Harris County Toll Road:
2,210,000 8.625%, 8/15/07 (Pre-refunded to 8/15/97) 8/97 at 103 AAA 2,406,624
13,785,000 8.700%, 8/15/17 (Pre-refunded to 8/15/97) 8/97 at 103 AAA 15,024,272
6,550,000 7.400%, 8/15/17 (Pre-refunded to 2/15/97) 2/97 at 103 AAA 6,931,538
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
TEXAS (CONTINUED)
Harris County Toll Road, Senior Lien:
$ 2,800,000 8.625%, 8/15/07 (Pre-refunded to 8/15/97) 8/97 at 103 AAA $ 3,049,116
3,500,000 8.700%, 8/15/17 (Pre-refunded to 8/15/97) 8/97 at 103 AAA 3,814,650
Houston Sewer System:
5,025,000 8.200%, 12/01/16 (Pre-refunded to 12/01/96) 12/96 at 102 AAA 5,256,502
28,845,000 8.125%, 12/01/17 (Pre-refunded to 12/01/97) 12/97 at 102 Aaa 31,243,462
7,095,000 Matagorda County Navigation District No. 1
(Houston Lighting and Power Company),
5.800%, 10/15/15 10/00 at 102 Aaa 6,937,136
16,410,000 Nueces County Hospital District, 9.000%, 7/01/16
(Pre-refunded to 7/01/96) 7/96 at 102 1/2 BBB 16,956,617
5,000,000 San Antonio Electric and Gas System,
5.000%, 2/01/16 2/01 at 100 Aa1 4,449,300
23,645,000 Southeast Texas Housing Finance Corporation,
0.000%, 11/01/14 No Opt. Call A 3,260,409
Texarkana Health Facilities Development Corporation
(Wadley Regional Medical Center):
4,110,000 8.400%, 10/01/03 10/97 at 102 A- 4,356,888
16,030,000 8.500%, 10/01/12 10/97 at 102 A- 16,929,604
9,200,000 Travis County Health Facilities Development
Corporation (St. David's Community Hospital),
8.375%, 11/01/17 11/97 at 102 Aaa 9,875,464
Weslaco Health Facilities Development Corporation
(Knapp Medical Center):
4,735,000 10.300%, 6/01/08 (Pre-refunded to 6/01/98) 6/98 at 101 AAA 5,233,359
3,350,000 10.375%, 6/01/16 (Pre-refunded to 6/01/98) 6/98 at 101 AAA 3,784,931
5,750,000 5.375%, 6/01/23 1/04 at 102 AAA 5,175,978
- ---------------------------------------------------------------------------------------------------------------------------------
UTAH - 8.7% Intermountain Power Agency:
45,015,000 7.875%, 7/01/14 7/96 at 102 Aa 46,163,333
2,500,000 5.250%, 7/01/14 No Opt. Call Aa 2,350,625
20,805,000 6.000%, 7/01/15 7/96 at 100 Aa 20,627,533
8,695,000 7.500%, 7/01/16 7/96 at 102 Aa 8,924,026
22,755,000 7.750%, 7/01/17 (Pre-refunded to 7/01/96) 7/96 at 102 Aaa 23,364,606
10,000,000 5.250%, 7/01/17 7/03 at 102 Aa 8,990,700
12,140,000 7.200%, 7/01/19 7/97 at 102 Aa 12,668,454
5,405,000 5.750%, 7/01/20 7/96 at 100 Aa 5,041,135
10,905,000 5.500%, 7/01/20 7/03 at 102 Aa 10,050,157
5,500,000 8.625%, 7/01/21 7/97 at 102 Aa 5,840,890
4,250,000 6.000%, 7/01/23 (Pre-refunded to 7/01/99) 7/99 at 100 Aa 4,443,078
5,000,000 6.000%, 7/01/23 7/99 at 100 Aa 4,884,950
20,000,000 5.000%, 7/01/23 7/03 at 100 Aa 17,038,000
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
VIRGINIA - 0.4%
$ 2,000,000 Virginia Housing Development Authority,
9.450%, 11/01/12 1/98 at 102 AA+ $ 2,120,020
6,120,000 Virginia Transportation Board, 6.000%, 5/15/19 5/98 at 102 Aa 6,093,316
- ---------------------------------------------------------------------------------------------------------------------------------
WASHINGTON - 7.4%
Washington Public Power Supply System, Nuclear
Project No. 1:
1,075,000 14.375%, 7/01/01 No Opt. Call Aaa 1,442,435
9,000,000 5.400%, 7/01/12 7/03 at 102 Aa 8,134,560
1,675,000 15.000%, 7/01/17 (Pre-refunded to 7/01/96) 7/96 at 103 Aaa 1,756,588
9,200,000 5.700%, 7/01/17 7/03 at 102 Aaa 8,854,723
Washington Public Power Supply System, Nuclear
Project No. 2:
17,500,000 5.375%, 7/01/10 7/04 at 102 Aa 16,361,275
11,390,000 5.750%, 7/01/12 7/03 at 102 Aa 10,931,893
2,000,000 5.700%, 7/01/12 7/96 at 101 Aa 1,931,440
Washington Public Power Supply System, Nuclear
Project No. 3:
11,510,000 5.625%, 7/01/12 7/03 at 102 Aa 10,901,005
55,000,000 5.400%, 7/01/12 7/03 at 102 Aa 49,711,200
2,000,000 7.250%, 7/01/15 (Pre-refunded to 1/01/00) 1/00 at 102 Aaa 2,213,980
5,000,000 5.375%, 7/01/15 7/03 at 102 Aa 4,491,500
8,000,000 5.600%, 7/01/17 7/03 at 102 Aaa 7,549,920
20,975,000 6.500%, 7/01/18 7/01 at 102 Aa 21,460,150
- ---------------------------------------------------------------------------------------------------------------------------------
WISCONSIN - 1.7%
16,875,000 Wisconsin Health and Educational Facilities
Authority (Sisters of the Sorrowful Mother Ministry),
5.500%, 8/15/19 8/03 at 102 Aaa 15,515,042
20,085,000 Wisconsin Public Power Supply System,
5.250%, 7/01/21 7/03 at 102 Aaa 18,224,125
- ---------------------------------------------------------------------------------------------------------------------------------
WYOMING - 0.1%
1,500,000 Green River-Rock Springs, Joint Water Board,
8.500, 12/01/07 6/98 at 101 Baa 1,603,425
- ---------------------------------------------------------------------------------------------------------------------------------
$2,020,908,570 Total Investments - (cost $1,804,036,486) - 97.5% 1,910,251,467
================
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 0.8%
$ 6,000,000 Harris County Health Facilities Development
Corporation (St. Luke's Episcopal Hospital), Variable
Rate Demand Bonds, 4.100%, 2/15/21+ A-1+ $ 6,000,000
10,100,000 University of Florida Stadium Capital Improvement,
Variable Rate Demand Bonds, 4.150%, 2/01/20+ VMIG-1 10,100,000
$ 16,100,000 Total Temporary Investments - 0.8% 16,100,000
================
Other Assets Less Liabilities - 1.7% 32,243,049
Net Assets - 100% $1,958,594,516
==============
<CAPTION>
NUMBER MARKET MARKET
STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 65 $ 753,439,912 39%
RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 33 372,845,270 20
PORTFOLIO OF A+ A1 5 74,201,407 4
INVESTMENTS A, A- A, A2, A3 23 308,969,193 16
(EXCLUDING BBB+, BBB, BBB- Baal, Baa, Baa2, Baa3 33 327,336,574 17
TEMPORARY B+, B, B- B1, B, B2, B3 1 12,241,250 1
INVESTMENTS): Non-rated Non-rated 11 61,217,861 3
TOTAL 171 $1,910,251,467 100%
<FN>
* Optional Call Provisions: Dates (month and year) and prices of the earliest
optional call or redemption. There may be other call provisions at varying
prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
Con. Rating is conditional. Bonds for which the security depends upon the
completion of some act or the fulfillment of some condition are rated
conditionally. These are bonds secured by (a) earnings by projects under
construction, (b) earnings of projects unseasoned in operation experience, (c)
rentals which begin when facilities are completed, or (d) payments to which
some other limiting condition attaches. Parenthetical rating denotes probable
credit stature upon completion of construction or elimination of basis of
condition.
N/R - Investment is not rated.
+ The security has a maturity of more than one year, but has variable rate and
demand features which qualify it as a short-term security. The rate disclosed
is that currently in effect. This rate changes periodically based on market
conditions or a specified market index.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
(Unaudited)
NUVEEN MUNICIPAL INCOME FUND, INC. (NMI)
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
CALIFORNIA - 2.2%
$ 1,150,000 Foothill/Eastern Transportation Corridor Agency,
6.000%, 1/01/34 1/05 at 102 BBB- $ 1,073,169
1,000,000 Pomona Public Financing Authority (Southwest
Pomona Redevelopment Project), 5.500%, 2/01/08 2/04 at 102 BBB+ 937,720
- ----------------------------------------------------------------------------------------------------------------------------------
COLORADO - 5.3%
Denver City and County Airport System,
Alternative Minimum Tax:
1,065,000 8.750%, 11/15/23 11/01 at 102 Baa 1,267,542
1,305,000 8.500%, 11/15/23 11/00 at 102 Baa 1,504,443
2,000,000 7.250%, 11/15/23 11/02 at 102 Baa 2,105,760
- ----------------------------------------------------------------------------------------------------------------------------------
CONNECTICUT - 2.8%
1,480,000 Capitol Region Education Council, 6.750%, 10/15/15 10/05 at 102 BBB 1,457,134
1,000,000 Willimantic Housing Authority (Village Heights
Apartments), 8.000%, 10/20/30 10/05 at 105 AAA 1,135,970
- ----------------------------------------------------------------------------------------------------------------------------------
DISTRICT OF COLUMBIA - 2.0%
1,715,000 District of Columbia Housing Finance Agency, Single
Family Mortgage, Alternative Minimum Tax,
8.375%, 6/01/19 6/98 at 102 AAA 1,806,307
- ----------------------------------------------------------------------------------------------------------------------------------
FLORIDA- 9.2%
1,000,000 Florida Community Services Corporation, Suburban
Utilities, 8.625%, 10/01/03 (Pre-refunded
to 10/01/98) 10/98 at 102 N/R 1,118,210
920,000 Florida Housing Finance Agency, Alternative
Minimum Tax, 8.300%, 6/01/20 12/98 at 103 Aaa 955,576
1,750,000 Dade County Industrial Development Authority (Miami
Cerebral Palsy Residential Services), 8.000%, 6/01/22 6/05 at 102 N/R 1,767,045
1,065,000 Gateway Centre Development District, Special
Assessment, 9.125%, 1/01/09 1/98 at 103 N/R 1,138,485
3,160,000 Greater Orlando Aviation Authority, Alternative
Minimum Tax, 8.375%, 10/01/16 10/98 at 102 A1 3,441,335
- ----------------------------------------------------------------------------------------------------------------------------------
GEORGIA - 2.8%
2,350,000 Burke County Development Authority (Georgia
Power Company), Alternative Minimum Tax,
9.375%, 12/01/17 12/97 at 102 A1 2,541,784
- ----------------------------------------------------------------------------------------------------------------------------------
ILLINOIS - 8.9%
Illinois Health Facilities Authority (Hinsdale Hospital):
1,010,000 9.500%, 11/15/19 (Pre-refunded to 11/15/00) 11/00 at 102 AAA 1,223,676
560,000 9.500%, 11/15/19 11/00 at 102 BBB 647,270
1,300,000 Illinois Health Facilities Authority (Northern Illinois
Medical Center), 6.000%, 9/01/19 9/03 at 102 A- 1,199,679
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
ILLINOIS (CONTINUED)
$ 2,000,000 Illinois Health Facilities Authority (Illinois Masonic
Medical Center), 5.500%, 10/01/19 10/03 at 102 A $ 1,781,840
3,000,000 Illinois Health Facilities Authority (Friendship
Village of Schaumburg), 9.000%, 12/01/08
(Pre-refunded to 12/01/98) 12/98 at 102 AAA 3,377,430
- ----------------------------------------------------------------------------------------------------------------------------------
INDIANA - 1.9%
1,750,000 Indiana Bond Bank, 6.000%, 2/01/16 2/04 at 102 A 1,749,808
- ----------------------------------------------------------------------------------------------------------------------------------
KENTUCKY - 3.7%
1,235,000 Kenton County Airport Board (Greater Cincinnati
International Airport), Alternative Minimum Tax,
8.250%, 3/01/15 3/98 at 102 A 1,323,735
1,915,000 Muhlenberg County Hospital (Muhlenberg
Community Hospital), 9.500%, 8/01/10 8/98 at 102 N/R 2,064,523
- ----------------------------------------------------------------------------------------------------------------------------------
LOUISIANA - 4.1%
Louisiana Public Facilities Authority (Comm-Care
Corporation):
885,000 11.000%, 2/01/04 No Opt. Call BBB 1,089,072
2,000,000 11.000%, 2/01/14 No Opt. Call BBB 2,639,560
- ----------------------------------------------------------------------------------------------------------------------------------
MARYLAND - 2.3%
2,000,000 Anne Arundel County, Multi-Family Housing (Twin
Coves Project), Alternative Minimum Tax,
7.450%, 12/01/24 (Mandatory put 12/01/03) No Opt. Call BBB+ 2,090,320
- ----------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS - 4.0%
3,000,000 Massachusetts Industrial Finance Agency, Resource
Recovery (SEMASS Project), 9.000%, 7/01/15 7/01 at 103 N/R 3,253,590
400,000 Massachusetts Industrial Finance Agency, Resource
Recovery (SEMASS Project), Alternative Minimum
Tax, 9.250%, 7/01/15 7/01 at 103 N/R 435,688
- ----------------------------------------------------------------------------------------------------------------------------------
NEW HAMPSHIRE - 3.0%
3,000,000 New Hampshire Business Finance Authority,
Pollution Control (United Illuminating Company),
5.875%, 10/01/33 10/03 at 102 Baa3 2,713,770
- ----------------------------------------------------------------------------------------------------------------------------------
NEW MEXICO - 2.9%
2,545,000 Belen Nursing Home (Belen Health Care Ltd.),
10.250%, 10/01/13 10/98 at 103 N/R 2,700,907
- ----------------------------------------------------------------------------------------------------------------------------------
NEW YORK - 10.2%
3,000,000 New York State Medical Care Facilities Finance Agency,
FHA-Insured Mortgage (Catholic Medical Center),
8.300%, 2/15/22 (Pre-refunded to 2/15/98) 2/98 at 102 AAA 3,275,790
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
NEW YORK (CONTINUED)
$ 2,500,000 New York State Medical Care Facilities Finance
Agency (Brookdale Hospital Medical Center),
6.800%, 8/15/12 2/05 at 102 Baa $ 2,570,875
New York City General Obligation:
1,000,000 5.750%, 2/01/14 2/06 at 101 1/2 Baa1 934,530
1,500,000 5.750%, 2/01/15 2/06 at 101 1/2 Baa1 1,384,245
1,250,000 6.625%, 2/15/25 2/05 at 101 Baa1 1,255,575
- ----------------------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA - 2.1%
1,775,000 North Carolina Eastern Municipal Power Agency,
8.000%, 1/01/21 (Pre-refunded to 1/01/98) 1/98 at 102 Aaa 1,923,692
- ----------------------------------------------------------------------------------------------------------------------------------
OHIO - 2.2%
Franklin County, Hospital Facilities (Ohio Presbyterian
Retirement Services):
1,000,000 8.750%, 7/01/21 7/01 at 103 N/R 1,059,510
1,000,000 6.500%, 7/01/23 7/03 at 102 N/R 924,680
- ----------------------------------------------------------------------------------------------------------------------------------
OKLAHOMA - 6.0%
1,500,000 Oklahoma County Industrial Authority (Oklahoma
Blood Institute), 9.000%, 7/01/03 7/96 at 101 N/R 1,520,610
3,585,000 Comanche County Hospital Authority,
8.050%, 7/01/16 (Pre-refunded to 7/01/99) 7/99 at 102 AAA 4,027,461
- ----------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA - 3.8%
1,000,000 Pennsylvania Convention Center Authority,
6.750%, 9/01/19 9/04 at 102 Baa 1,054,280
2,300,000 Allegheny County (Greater Pittsburgh International
Airport), Alternative Minimum Tax, 8.250%, 1/01/16 1/98 at 102 Aaa 2,456,377
- ----------------------------------------------------------------------------------------------------------------------------------
RHODE ISLAND - 1.8%
1,610,000 Rhode Island Housing and Mortgage Finance
Corporation, Alternative Minimum Tax,
8.250%, 10/01/22 10/98 at 102 AA+ 1,679,729
- ----------------------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA - 2.1%
1,750,000 Charleston County Resource Recovery (Foster Wheeler),
Alternative Minimum Tax, 9.250%, 1/01/10 1/98 at 103 A 1,898,768
- ----------------------------------------------------------------------------------------------------------------------------------
TEXAS - 10.3%
1,055,000 Alliance Airport Authority (American Airlines),
Alternative Minimum Tax, 7.500%, 12/01/29 12/00 at 102 Baa2 1,121,970
4,000,000 Brazos River Authority (Houston Lighting and Power
Company), 7.875%, 11/01/18 11/96 at 102 A3 4,122,880
3,000,000 Harris County Toll Road, Senior Lien,
8.300%, 8/15/17 (Pre-refunded to 8/15/98) 8/98 at 103 AAA 3,349,350
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
TEXAS (CONTINUED)
$ 910,000 Hidalgo County Housing Finance Corporation,
Single Family Mortgage (GNMA and FNMA),
Alternative Minimum Tax, 7.000%, 10/01/27 4/04 at 102 Aaa $ 922,903
- ----------------------------------------------------------------------------------------------------------------------------------
WASHINGTON - 4.3%
1,240,000 Bellingham Housing Authority (Cascade Meadows
Project), 7.100%, 11/01/23 11/04 at 100 A1 1,288,830
2,500,000 Yakima-Tieton Irrigation District, 8.400%, 6/01/18
(Pre-refunded to 6/01/98) 6/98 at 100 Baa1 2,710,350
$85,035,000 Total Investments - (cost $85,010,547) - 97.9% 90,023,753
================
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 0.4%
$ 400,000 Georgia Hospital Financing Authority, Pooled
================
Hospital Program, Variable Rate Demand Bonds,
4.200%, 3/01/01+ VMIG-1 400,000
Other Assets Less Liabilities - 1.7% 1,513,316
Net Assets - 100% $91,937,069
===========
<CAPTION>
NUMBER MARKET MARKET
STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 11 $24,454,532 27%
RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 1 1,679,729 2
PORTFOLIO OF A+ A1 3 7,271,949 8
INVESTMENTS A, A- A, A2, A3 6 12,076,710 13
(EXCLUDING BBB+, BBB, BBB- Baal, Baa, Baa2, Baa3 18 28,557,585 32
TEMPORARY Non-rated Non-rated 10 15,983,248 18
INVESTMENTS):
TOTAL 49 $90,023,753 100%
<FN>
* Optional Call Provisions: Dates (month and year) and prices of the earliest
optional call or redemption. There may be other call provisions at varying
prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
N/R - Investment is not rated.
+ The security has a maturity of more than one year, but has variable rate and
demand features which qualify it as a short-term security. The rate disclosed
is that currently in effect. This rate changes periodically based on market
conditions or a specified market index.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF NET ASSETS
(Unaudited)
<CAPTION>
NUV NMI
<S> <C> <C>
ASSETS
Investments in municipal securities, at market
value (note 1) $1,910,251,467 $ 90,023,753
Temporary investments in short-term municipal
securities, at amortized cost (note 1) 16,100,000 400,000
Cash -- 82,871
Receivables:
Interest 43,830,112 1,991,162
Investments sold 442,709 --
Other assets 1,038,053 14,375
-------------- --------------
Total assets 1,971,662,341 92,512,161
-------------- --------------
LIABILITIES
Accrued expenses:
Management fees (note 6) 955,063 48,989
Other 2,267,306 32,296
Dividends payable 9,845,456 493,807
-------------- --------------
Total liabilities 13,067,825 575,092
-------------- --------------
Net assets (note 7) $1,958,594,516 $ 91,937,069
============== ==============
Shares outstanding 194,959,522 7,776,486
============== ==============
Net asset value per share outstanding (net assets
divided by shares outstanding) $ 10.05 $ 11.82
============== ==============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF OPERATIONS
Six months ended April 30, 1996
(Unaudited)
<CAPTION>
NUV NMI
<S> <C> <C>
INVESTMENT INCOME
Tax-exempt interest income (note 1) $ 66,634,470 $ 3,366,330
------------ ------------
Expenses:
Management fees (note 6) 5,847,837 300,884
Shareholders' servicing agent fees and expenses 374,833 19,467
Custodian's fees and expenses 113,880 19,905
Directors' fees and expenses (note 6) 30,157 1,054
Professional fees 11,726 21,844
Shareholders' reports--printing and mailing expenses 206,178 2,129
Stock exchange listing fees 83,888 10,942
Investor relations expense 95,623 4,874
Other expenses 65,122 1,597
------------ ------------
Total expenses 6,829,244 382,696
------------ ------------
Net investment income 59,805,226 2,983,634
------------ ------------
REALIZED AND UNREALIZED GAIN
(LOSS) FROM INVESTMENTS
Net realized gain (loss) from investment transactions
(note 3) 11,825,524 (10,162)
Net change in unrealized appreciation or depreciation
of investments (43,705,756) (1,186,030)
------------ ------------
Net gain (loss) from investments (31,880,232) (1,196,192)
------------ ------------
Net increase in net assets from operations $ 27,924,994 $ 1,787,442
============ ============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
<CAPTION>
NUV NMI
6 months ended Year ended 6 months ended Year ended
4/30/96 10/31/95 4/30/96 10/31/95
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 59,805,226 $ 124,737,181 $ 2,983,634 $ 5,941,319
Net realized gain (loss) from investment transactions 11,825,524 15,522,867 (10,162) 237,873
Net change in unrealized appreciation or depreciation
of investments (43,705,756) 74,935,192 (1,186,030) 3,183,051
--------------- --------------- --------------- ---------------
Net increase in net assets from operations 27,924,994 215,195,240 1,787,442 9,362,243
--------------- --------------- --------------- ---------------
DISTRIBUTIONS TO SHAREHOLDERS (note 1)
From undistributed net investment income (60,242,515) (126,614,581) (2,957,439) (6,059,023)
From accumulated net realized gains from
investment transactions (15,538,275) (5,602,068) -- --
--------------- --------------- --------------- ---------------
Decrease in net assets from distributions to shareholders (75,780,790) (132,216,649) (2,957,439) (6,059,023)
--------------- --------------- --------------- ---------------
CAPITAL SHARE TRANSACTIONS (note 2)
Net proceeds from shares issued to shareholders
due to reinvestment of distributions -- 4,460,428 256,726 548,302
--------------- --------------- --------------- ---------------
Net increase in net assets derived from capital
share transactions -- 4,460,428 256,726 548,302
--------------- --------------- --------------- ---------------
Net increase (decrease) in net assets (47,855,796) 87,439,019 (913,271) 3,851,522
Net assets at beginning of period 2,006,450,312 1,919,011,293 92,850,340 88,998,818
--------------- --------------- --------------- ---------------
Net assets at end of period $ 1,958,594,516 $ 2,006,450,312 $ 91,937,069 $ 92,850,340
=============== =============== =============== ===============
Balance of undistributed net investment income at
end of period $ 929,761 $ 1,367,050 $ 89,561 $ 63,366
=============== =============== =============== ===============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
At April 30, 1996, the National 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
closed-end, diversified management investment companies.
The following is a summary of significant accounting policies followed by the
Funds in the preparation of their financial statements in accordance with
generally accepted accounting principles.
Securities Valuation
Portfolio securities for which market quotations are readily available are
valued at the mean between the quoted bid and asked prices or the yield
equivalent. Portfolio securities for which market quotations are not readily
available are valued at fair value by consistent application of methods
determined in good faith by the Board of Directors. Temporary investments in
securities that have variable rate and demand features qualifying them as
short-term securities are traded and valued at amortized cost.
Securities Transactions
Securities transactions are recorded on a trade date basis. Realized gains and
losses from such transactions are determined on the specific identification
method. Securities purchased or sold on a when-issued or delayed delivery
basis may be settled a month or more after the transaction date. The
securities so purchased are subject to market fluctuation during this period.
The Funds have instructed the custodian to segregate assets in a separate
account with a current value at least equal to the amount of their purchase
commitments. At April 30, 1996, there were no such purchase commitments in
either of the Funds.
Interest Income
Interest income is determined on the basis of interest accrued, adjusted for
amortization of premiums and accretion of discounts on long-term debt
securities when required for federal income tax purposes.
<PAGE>
Federal Income Taxes
The Funds intend to comply with the requirements of the Internal Revenue Code
applicable to regulated investment companies by distributing to shareholders
all of the Funds' tax-exempt net investment income, in addition to any
significant amounts of net realized capital gains from investments and/or
market discount realized upon the sale of the securities. The Funds currently
consider significant net realized capital gains and/or market discount as
amounts in excess of $.001 per share. 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.
Dividends and Distributions to Shareholders
Net investment income is declared as a dividend monthly and payment is made or
reinvestment is credited to shareholder accounts after month-end. Net realized
capital gains from securities transactions are distributed to shareholders not
less frequently than annually only to the extent they exceed available capital
loss carryovers.
Distributions to shareholders of net investment income and net realized
capital gains are recorded on the ex-dividend date. The amount and timing of
such distributions are determined in accordance with federal income tax
regulations, which may differ from generally accepted accounting principles.
Accordingly, temporary over-distributions as a result of these differences may
result and will be classified as either distributions in excess of net
investment income or distributions in excess of net realized gains, if
applicable.
Derivative Financial Instruments
In October 1994, the Financial Accounting Standards Board (FASB) issued
Statement of Financial Accounting Standards No. 119 Disclosure about
Derivative Financial Instruments and Fair Value of Financial Instruments which
prescribes disclosure requirements for transactions in certain derivative
financial instruments including future, forward, swap, and option contracts,
and other financial instruments with similar characteristics. Although the
Funds are authorized to invest in such financial instruments, and may do so in
the future, they did not make any such investments during the six months ended
April 30, 1996.
<PAGE>
<TABLE>
2. FUND SHARES
Transactions in shares were as follows:
<CAPTION>
NUV NMI
Six months ended Year ended Six months ended Year ended
4/30/96 10/31/95 4/30/96 10/31/95
<S> <C> <C> <C> <C>
Shares issued to shareholders due to reinvestment of
distributions -- 443,309 21,358 46,191
======= ======= ====== ======
3. SECURITIES TRANSACTIONS
Purchases and sales (including maturities) of investments in municipal
securities and temporary municipal investments for the six months ended April
30, 1996, were as follows:
<CAPTION>
NUV NMI
<S> <C> <C>
PURCHASES
Investments in municipal securities $195,017,407 $3,865,180
Temporary municipal investments 112,050,000 6,800,000
SALES AND MATURITIES
Investments in municipal securities 178,209,633 1,092,620
Temporary municipal investments 99,450,000 6,700,000
============ ==========
At April 30, 1996, the identified cost of investments owned for federal income
tax purposes was the same as the cost for financial reporting purposes for
each Fund.
At October 31, 1995, NMI's last fiscal year end, the Fund had an unused
capital loss carryover of $184,075 available for federal income tax purposes
to be applied against future capital gains, if any. If not applied, the
carryover will expire in the year 2001.
</TABLE>
<PAGE>
<TABLE>
4. DISTRIBUTIONS TO SHAREHOLDERS
On May 1, 1996, the Funds declared dividend distributions from their ordinary
income which were paid June 3, 1996, to shareholders of record on May 15,
1996, as follows:
<CAPTION>
NUV NMI
<S> <C> <C>
Dividend per share $.0505 $.0635
====== ======
5. UNREALIZED APPRECIATION (DEPRECIATION)
Gross unrealized appreciation and gross unrealized depreciation of
investments at April 30, 1996, were as follows:
<CAPTION>
NUV NMI
<S> <C> <C>
Gross unrealized:
Appreciation $127,063,857 $5,667,496
Depreciation (20,848,876) (654,290)
------------ ----------
Net unrealized appreciation $106,214,981 $5,013,206
============ ==========
</TABLE>
<PAGE>
<TABLE>
6. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES
Under the Funds' investment management agreements with Nuveen Advisory Corp.
(the "Adviser"), a wholly owned subsidiary of The John Nuveen Company, each
Fund pays to the Adviser an annual management fee, payable monthly, at the
rates set forth below, which are based upon the average daily net asset value
of each Fund:
<CAPTION>
AVERAGE DAILY NET ASSET VALUE NUV
<S> <C>
For the first $500,000,000 .35 of 1%
For the next $500,000,000 .325 of 1
For net assets over $1,000,000,000 .3 of 1
<CAPTION>
AVERAGE DAILY NET ASSET VALUE NMI
<S> <C>
For the first $125,000,000 .65 of 1%
For the next $125,000,000 .6375 of 1
For the next $250,000,000 .625 of 1
For the next $500,000,000 .6125 of 1
For the next $1,000,000,000 .6 of 1
For net assets over $2,000,000,000 .5875 of 1
In addition, NUV pays to the Adviser an annual management fee, payable
monthly, based on gross interest income as follows:
<CAPTION>
GROSS INTEREST INCOME NUV
<S> <C>
For the first $50,000,000 4.125%
For the next $50,000,000 4.000
For gross income over $100,000,000 3.875
The fee compensates the Adviser for overall investment advisory and
administrative services and general office facilities. The Funds pay no
compensation directly to those 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.
</TABLE>
<PAGE>
<TABLE>
7. COMPOSITION OF NET ASSETS
At April 30, 1996, net assets consisted of:
<CAPTION>
NUV NMI
<S> <C> <C>
Shares, $.01 par value per share $ 1,949,595 $ 77,765
Paid-in surplus 1,837,690,063 86,950,774
Balance of undistributed net investment income 929,761 89,561
Accumulated net realized gain (loss) from
investment transactions 11,810,116 (194,237)
Net unrealized appreciation or depreciation
of investments 106,214,981 5,013,206
-------------- --------------
Net assets $1,958,594,516 $ 91,937,069
============== ==============
Authorized shares:
Common 350,000,000 200,000,000
============== ==============
</TABLE>
<PAGE>
<TABLE>
8. INVESTMENT COMPOSITION
Each Fund invests in municipal securities which include general obligation,
escrowed and revenue bonds. At April 30, 1996, the revenue sources by
municipal purpose for these investments, expressed as a percent of total
investments, were as follows:
<CAPTION>
NUV NMI
<S> <C> <C>
Revenue Bonds:
Electric Utilities 26% --%
Health Care Facilities 10 16
Transportation 10 15
Pollution Control Facilities 7 15
Housing Facilities 7 11
Water / Sewer Facilities 7 --
Lease Rental Facilities 2 --
Educational Facilities 1 --
Other 4 10
General Obligation Bonds 2 10
Escrowed Bonds 24 23
--- ---
100% 100%
=== ===
Certain long-term and intermediate-term investments owned by the Funds are
either covered by insurance issued by several private insurers or are backed
by an escrow or trust containing U.S. Government or U.S. Government agency
securities, both of which ensure the timely payment of principal and interest
in the event of default (42% for NUV and 26% for NMI). Such insurance or
escrow, however, does not guarantee the market value of the municipal
securities or the value of either of the Funds' shares.
All temporary investments in short-term municipal securities have credit
enhancements (letters of credit, guarantees or insurance) issued by third
party domestic or foreign banks or other institutions.
For additional information regarding each investment security, refer to the
Portfolio of Investments of each Fund.
</TABLE>
<PAGE>
9. OTHER MATTERS
In connection with NUV's 1993 Rights Offering, certain legal actions have been
filed by Fund shareholders in federal district court in Chicago against (1)
John Nuveen & Co. Incorporated, Nuveen Advisory Corp., and the directors of
the Fund, alleging that the defendants violated federal and state laws and the
Fund's articles of incorporation in connection with the Rights Offering and
(2) the Fund's former outside legal counsel and in-house counsel to John
Nuveen & Co. Incorporated alleging, among other things, negligence and
professional malpractice. A similar legal action filed by a Fund shareholder
in state court in Minnesota against the above defendants (excluding the Fund's
former outside counsel) which makes similar allegations has been dismissed;
such dismissal has been appealed. Certain of the claims in these actions are
asserted on behalf of the Fund shareholders and certain are asserted on behalf
of the Fund. The defendants have denied the allegations and are defending the
suits which seek unspecified damages. The Court in the Chicago case recently
denied in large part various motions to dismiss. The Fund's Board of Directors
has created a Committee, comprised of outside directors who are not defendants
in the suits, to investigate the claims being pursued in the Fund's name. The
Committee has completed its investigation. Based on the Committee's
investigation, the Fund, in May, 1996, filed a motion to be substituted as the
actual plaintiff and to terminate the litigation, except as to certain claims
against the Fund's adviser and outside counsel. The motion is currently
pending before the Court. While there can be no assurance as to the outcome of
these suits, based on their current status, Fund management believes that they
will not have a material adverse effect on the Fund.
<PAGE>
<TABLE>
FINANCIAL HIGHLIGHTS
(Unaudited)
Selected data for a Common share outstanding throughout each period is as
follows:
<CAPTION>
Operating performance
Net
realized &
Net asset unrealized
value Net gain (loss)
beginning investment from
of period income investments
<S> <C> <C> <C>
NUV
6 mos ended
4/30/96 $10.290 $.307 $(.158)
Year ended 10/31,
1995 9.870 .640 .459
1994 10.890 .649 (.942)**
1993 10.510 .695 .385
1992 10.430 .709 .133
1991 9.970 .714 .474
1990 10.140 .714 (.140)
1989 9.940 .714 .228
1988 9.140 .682 .800
6/17/87 to
10/31/87 9.350 .162 (.230)
<CAPTION>
NMI
<S> <C> <C> <C>
6 mos ended
4/30/96 11.970 .384 (.153)
Year ended 10/31,
1995 11.540 .768 .445
1994 12.490 .775 (.904)
1993 12.060 .821 .429
3 mos. ended
10/31/92 12.410 .205 (.342)
Year ended 7/31,
1992 11.900 .845 .572
1991 11.710 .855 .176
1990 11.810 .842 (.100)
1989 11.150 .828 .649
4/20/88 to
7/31/88 11.210 .151 (.010)
<PAGE>
<CAPTION>
Dividends Per share
from net Distributions Organization Net asset market
investment from and value end value end
income capital gains offering costs of period of period
<S> <C> <C> <C> <C> <C>
NUV
6 mos ended
4/30/96 $(.309) $(.080) $ -- $10.050 $ 9.563
Year ended 10/31,
1995 (.650) (.029) -- 10.290 9.750
1994 (.666) (.061) -- 9.870 9.375
1993 (.690) (.010) -- 10.890 11.500
1992 (.709) (.053) -- 10.510 11.000
1991 (.714) (.014) -- 10.430 10.875
1990 (.714) (.030) -- 9.970 9.875
1989 (.717) (.025) -- 10.140 10.000
1988 (.682) -- -- 9.940 9.625
6/17/87 to
10/31/87 (.131) -- (.011) 9.140 8.375
<CAPTION>
NMI
<S> <C> <C> <C> <C> <C>
6 mos ended
4/30/96 (.381) -- -- 11.820 11.625
Year ended 10/31,
1995 (.783) -- -- 11.970 11.375
1994 (.821) -- -- 11.540 10.875
1993 (.819) (.001) -- 12.490 13.625
3 mos. ended
10/31/92 (.213) -- -- 12.060 13.000
Year ended 7/31,
1992 (.852) (.055) -- 12.410 13.500
1991 (.841) -- -- 11.900 12.250
1990 (.842) -- -- 11.710 12.000
1989 (.817) -- -- 11.810 12.000
4/20/88 to
7/31/88 (.095) -- (.106) 11.150 10.750
<PAGE>
<CAPTION>
Ratios/Supplemental data
Ratio of
Total net
investment Total Net assets Ratio of investment
return return end of expenses income Portfolio
on market on net asset period (in to average to average turnover
value+ value+ thousands) net assets net assets rate
<S> <C> <C> <C> <C> <C> <C>
NUV
6 mos ended
4/30/96 1.95% 1.41% $1,958,595 .69%* 6.01%* 9%
Year ended 10/31,
1995 11.50 11.51 2,006,450 .70 6.35 13
1994 (12.59) (2.81) 1,919,011 .70 6.31 7
1993 11.16 10.56 1,811,292 .74 6.45 8
1992 8.33 8.33 1,726,311 .77 6.75 8
1991 18.01 12.35 1,689,882 .83 6.98 7
1990 6.28 5.88 1,595,189 .86 7.10 5
1989 11.84 9.86 1,613,404 .89 7.13 7
1988 23.66 16.74 1,572,110 .94 7.12 42
6/17/87 to
10/31/87 (15.10) (.84) 1,445,069 .80* 4.99* --
<CAPTION>
NMI
<S> <C> <C> <C> <C> <C> <C>
6 mos ended
4/30/96 5.48 1.92 91,937 .83* 6.45* 1
Year ended 10/31,
1995 11.95 10.86 92,850 .84 6.53 15
1994 (14.77) (1.08) 88,999 .85 6.45 26
1993 11.47 10.69 95,134 .86 6.67 8
3 mos. ended
10/31/92 (2.15) (1.12) 90,854 .90* 6.67* --
Year ended 7/31,
1992 18.34 12.44 93,216 .76 7.02 2
1991 9.58 9.20 88,384 .69 7.33 3
1990 7.32 6.57 86,359 .72 7.24 7
1989 19.90 13.76 86,535 .73 7.25 35
4/20/88 to
7/31/88 (9.65) .31 81,375 .73* 5.21* --
<PAGE>
<FN>
* Annualized.
** Includes ($.179) effect of the Fund's Rights Offering of shares at a price
below NAV and costs associated with the offering.
+ Total Investment Return on Market Value is the combination of reinvested
dividend income, reinvested capital gains distributions, if any, and changes
in stock price per share. Total Return on Net Asset Value is the combination
of reinvested dividend income, reinvested capital gains distributions, if any,
and changes in net asset value per share.
</TABLE>
<PAGE>
Your investment partner
Photographic image of John Nuveen, Sr. founder of Nuveen.
For nearly 100 years, Nuveen has earned its reputation as a tax-free income
specialist by focusing on municipal bonds
Since 1898, John Nuveen & Co. Incorporated has worked to bring together the
various participants in the municipal bond industry and build strong
partnerships that benefit all concerned. Investors, financial advisers,
municipal officials, investment bankers--Nuveen believes that forging
relationships with these groups based on trust and value is the key to
successful investing.
As the oldest and largest municipal bond specialist in the United States,
Nuveen's investment bankers work with issuers to understand and meet their
needs in structuring and selling their bond issues.
Nuveen also works closely with financial advisers around the country,
including brokerage firms, banks, insurance companies, and independent
financial planners, to bring the benefits of tax-free investing to you. These
advisers are experts at identifying your needs and recommending the best
solutions for your situation. Together we make a powerful team, helping you
create a successful investment plan that meets your needs today and in the
future.
John Nuveen & Co. Incorporated
333 West Wacker Drive
Chicago, Illinois 60606-1286
ETF1-JUN 96