Unassociated Document



 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
 
Investment Company Act file number 811-05120
 
Nuveen Municipal Value Fund, Inc.
(Exact name of registrant as specified in charter)
 
Nuveen Investments
        333 West Wacker Drive, Chicago, Illinois 60606         
(Address of principal executive offices) (Zip code)
 

Kevin J. McCarthy
Vice President and Secretary
        333 West Wacker Drive, Chicago, Illinois 60606         
(Name and address of agent for service)
 
Registrant's telephone number, including area code:         312-917-7700        
 
Date of fiscal year end:            10/31          
 
Date of reporting period:         1/31/10         
 
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
 
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 
Item 1. Schedule of Investments
 
  Portfolio of Investments (Unaudited)      
  Nuveen Municipal Value Fund, Inc. (NUV)      
      January 31, 2010      
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Alabama – 0.1%      
$    1,750  Huntsville Healthcare Authority, Alabama, Revenue Bonds, Series 2001A, 5.750%, 6/01/31  6/11 at 101.00  A2 (4)  $    1,889,685 
  (Pre-refunded 6/01/11)       
  Alaska – 0.4%      
3,335  Alaska Housing Finance Corporation, General Housing Purpose Bonds, Series 2005A, 5.000%,  12/14 at 100.00  AA  3,409,504 
  12/01/30 – FGIC Insured       
3,000  Anchorage, Alaska, General Obligation Bonds, Series 2003B, 5.000%, 9/01/23 (Pre-refunded  9/13 at 100.00  AA (4)  3,417,180 
  9/01/13) – FGIC Insured       
1,260  Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds,  6/10 at 100.00  AAA  1,280,815 
  Series 2000, 6.200%, 6/01/22 (Pre-refunded 6/01/10)       
7,595  Total Alaska      8,107,499 
  Arizona – 1.3%      
13,100  Arizona Health Facilities Authority, Hospital Revenue Bonds, Catholic Healthcare West, Series  7/10 at 101.00  N/R (4)  13,541,077 
  1999A, 6.625%, 7/01/20 (Pre-refunded 7/01/10)       
1,400  Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children’s  2/12 at 101.00  N/R (4)  1,561,630 
  Hospital, Series 2002A, 6.250%, 2/15/21 (Pre-refunded 2/15/12)       
2,500  Phoenix, Arizona, Civic Improvement Corporation, Senior Lien Airport Revenue Bonds, Series  7/18 at 100.00  AA–  2,501,600 
  2008A, 5.000%, 7/01/38       
2,575  Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Government Project Bonds, Series  12/17 at 102.00  N/R  2,097,544 
  2007, 7.000%, 12/01/27       
5,600  Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Series 2007,  No Opt. Call  A  4,792,536 
  5.000%,12/01/37       
1,000  Scottsdale Industrial Development Authority, Arizona, Hospital Revenue Bonds, Scottsdale  9/13 at 100.00  A3  944,660 
  Healthcare, Series 2008A, 5.250%, 9/01/30       
26,175  Total Arizona      25,439,047 
  Arkansas – 0.2%      
2,000  Cabot School District 4, Lonoke County, Arkansas, General Obligation Refunding Bonds, Series  4/10 at 100.00  A1  2,000,420 
  2003, 5.000%, 2/01/32 – AMBAC Insured       
2,000  University of Arkansas, Fayetteville, Various Facilities Revenue Bonds, Series 2002, 5.000%,  12/12 at 100.00  Aa3  2,029,980 
  12/01/32 – FGIC Insured       
4,000  Total Arkansas      4,030,400 
  California – 12.1%      
  California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A:       
10,000  5.125%, 5/01/19 (Pre-refunded 5/01/12)  5/12 at 101.00  Aaa  11,082,500 
10,000  5.250%, 5/01/20 (Pre-refunded 5/01/12)  5/12 at 101.00  Aaa  11,110,500 
  California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanante System,       
  Series 2006:       
5,000  5.000%, 4/01/37 – BHAC Insured  4/16 at 100.00  AAA  5,004,900 
6,000  5.000%, 4/01/37  4/16 at 100.00  A+  5,547,180 
6,830  California Infrastructure Economic Development Bank, Revenue Bonds, J. David Gladstone  10/11 at 101.00  A–  6,547,033 
  Institutes, Series 2001, 5.250%, 10/01/34       
1,500  California Pollution Control Financing Authority, Revenue Bonds, Pacific Gas and Electric  6/17 at 100.00  A3  1,444,050 
  Company, Series 2004C, 4.750%, 12/01/23 – FGIC Insured (Alternative Minimum Tax)       
11,570  California Statewide Community Development Authority, Certificates of Participation, Internext  4/10 at 100.50  BBB  11,619,288 
  Group, Series 1999, 5.375%, 4/01/17       
3,500  California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital  8/19 at 100.00  AA  3,780,175 
  Project, Series 2009, 6.750%, 2/01/38       
3,600  California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System,  7/18 at 100.00  AA–  3,692,268 
  Series 2007A, 5.750%, 7/01/47 – FGIC Insured       
  California, General Obligation Bonds, Series 2003:       
14,600  5.250%, 2/01/28  8/13 at 100.00  A–  14,499,114 
11,250  5.000%, 2/01/33  8/13 at 100.00  A–  10,234,125 
16,000  California, Various Purpose General Obligation Bonds, Series 2007, 5.000%, 6/01/37  6/17 at 100.00  A–  14,274,240 
5,000  Coast Community College District, Orange County, California, General Obligation Bonds, Series  8/18 at 100.00  AAA  4,203,600 
  2006C, 5.000%, 8/01/32 – AGM Insured       
16,045  Desert Community College District, Riverside County, California, General Obligation Bonds,  8/17 at 42.63  AAA  3,573,863 
  Election 2004 Series 2007C, 0.000%, 8/01/33 – AGM Insured       
30,000  Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series  No Opt. Call  AAA  19,152,000 
  1995A, 0.000%, 1/01/22 (ETM)       
21,150  Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement  6/13 at 100.00  AAA  23,719,089 
  Asset-Backed Bonds, Series 2003B, 5.000%, 6/01/38 (Pre-refunded 6/01/13) – AMBAC Insured       
  Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement       
  Asset-Backed Bonds, Series 2007A-1:       
7,190  5.000%, 6/01/33  6/17 at 100.00  BBB  5,609,063 
1,500  5.125%, 6/01/47  6/17 at 100.00  BBB  1,036,095 
3,540  Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed  6/13 at 100.00  AAA  4,154,084 
  Bonds, Series 2003A-1, 6.750%, 6/01/39 (Pre-refunded 6/01/13)       
  Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed       
  Revenue Bonds, Series 2005A:       
5,000  5.000%, 6/01/38 – FGIC Insured  6/15 at 100.00  BBB+  4,316,250 
10,000  5.000%, 6/01/45  6/15 at 100.00  BBB+  8,275,100 
9,000  Los Angeles Department of Water and Power, California, Waterworks Revenue Refunding Bonds,  7/11 at 100.00  AA  9,026,730 
  Series 2001A, 5.125%, 7/01/41       
4,000  Los Angeles Regional Airports Improvement Corporation, California, Sublease Revenue Bonds, Los  12/12 at 102.00  B–  3,954,000 
  Angeles International Airport, American Airlines Inc. Terminal 4 Project, Series 2002C,       
  7.500%, 12/01/24 (Alternative Minimum Tax)       
  Merced Union High School District, Merced County, California, General Obligation Bonds,       
  Series 1999A:       
2,500  0.000%, 8/01/23 – FGIC Insured  No Opt. Call  A+  1,135,175 
2,555  0.000%, 8/01/24 – FGIC Insured  No Opt. Call  A+  1,081,404 
2,365  Montebello Unified School District, Los Angeles County, California, General Obligation Bonds,  No Opt. Call  A+  765,314 
  Series 2004, 0.000%, 8/01/27 – FGIC Insured       
3,550  M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009C,  No Opt. Call  A  3,753,522 
  6.500%, 11/01/39       
2,350  Palomar Pomerado Health, Calfornia, Certificates of Participation, Series 2009,  11/19 at 100.00  Baa2  2,412,463 
  6.750%, 11/01/39       
8,000  Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical  7/14 at 100.00  A3 (4)  9,484,080 
  Center, Series 2004, 5.625%, 7/01/34 (Pre-refunded 7/01/14)       
15,505  Riverside Public Financing Authority, California, University Corridor Tax Allocation Bonds,  8/17 at 100.00  A  12,781,857 
  Series 2007C, 5.000%, 8/01/37 – NPFG Insured       
  San Bruno Park School District, San Mateo County, California, General Obligation Bonds,       
  Series 2000B:       
2,575  0.000%, 8/01/24 – FGIC Insured  No Opt. Call  AA  1,089,869 
2,660  0.000%, 8/01/25 – FGIC Insured  No Opt. Call  AA  1,049,317 
14,605  San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue  No Opt. Call  A  1,789,551 
  Refunding Bonds, Series 1997A, 0.000%, 1/15/35 – NPFG Insured       
5,000  San Jose, California, Airport Revenue Bonds, Series 2007A, 6.000%, 3/01/47 – AMBAC Insured  3/17 at 100.00  A  5,134,200 
  (Alternative Minimum Tax)       
1,024  Yuba County Water Agency, California, Yuba River Development Revenue Bonds, Pacific Gas and  3/10 at 100.00  Baa1  997,489 
  Electric Company, Series 1966A, 4.000%, 3/01/16       
274,964  Total California      227,329,488 
  Colorado – 4.1%      
5,000  Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/40 –  10/16 at 100.00  BBB  4,425,700 
  SYNCORA GTY Insured       
1,800  Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds,  8/11 at 100.00  AAA  1,994,562 
  Peak-to-Peak Charter School, Series 2001, 7.625%, 8/15/31 (Pre-refunded 8/15/11)       
5,000  Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives,  9/16 at 100.00  AA  4,708,550 
  Series 2006A, 4.500%, 9/01/38       
2,100  Colorado Health Facilities Authority, Revenue Bonds, Catholic Health Initiatives, Series  3/12 at 100.00  AA (4)  2,309,475 
  2002A, 5.500%, 3/01/32 (ETM)       
750  Colorado Health Facilities Authority, Revenue Bonds, Longmont United Hospital, Series 2006B,  12/16 at 100.00  Baa2  682,725 
  5.000%, 12/01/23 – RAAI Insured       
1,700  Colorado Health Facilities Authority, Revenue Bonds, Poudre Valley Health System, Series  9/18 at 102.00  AAA  1,696,600 
  2005C, 5.250%, 3/01/40 – AGM Insured       
500  Colorado Health Facilities Authority, Revenue Bonds, Vail Valley Medical Center, Series 2001,  1/12 at 100.00  BBB+  504,125 
  5.750%, 1/15/22       
18,915  Denver, Colorado, Airport System Revenue Refunding Bonds, Series 2003B, 5.000%, 11/15/33 –  11/13 at 100.00  A+  18,809,454 
  SYNCORA GTY Insured       
5,000  E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000A, 5.750%, 9/01/35  9/10 at 102.00  AAA  5,261,500 
  (Pre-refunded 9/01/10) – NPFG Insured       
  E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:       
24,200  0.000%, 9/01/31 – NPFG Insured  No Opt. Call  A  5,796,868 
16,500  0.000%, 9/01/32 – NPFG Insured  No Opt. Call  A  3,675,210 
39,700  E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/28  9/10 at 31.42  Aaa  12,431,658 
  (Pre-refunded 9/01/10) – NPFG Insured       
6,600  E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Refunding Series 2006B, 0.000%,  No Opt. Call  A  828,498 
  9/01/39 – NPFG Insured       
10,000  E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%, 3/01/36 –  No Opt. Call  A  1,717,900 
  NPFG Insured       
5,000  Ebert Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Series 2007,  12/17 at 100.00  N/R  3,908,900 
  5.350%, 12/01/37 – RAAI Insured       
1,450  Northwest Parkway Public Highway Authority, Colorado, Revenue Bonds, Senior Series 2001A,  6/11 at 102.00  N/R (4)  1,576,121 
  5.500%, 6/15/19 (Pre-refunded 6/15/11) – AMBAC Insured       
7,000  Northwest Parkway Public Highway Authority, Colorado, Revenue Bonds, Senior Series 2001C,  6/16 at 100.00  N/R (4)  7,681,800 
  0.000%, 6/15/21 (Pre-refunded 6/15/16) – AMBAC Insured       
151,215  Total Colorado      78,009,646 
  Connecticut – 0.2%      
8,670  Mashantucket Western Pequot Tribe, Connecticut, Subordinate Special Revenue Bonds, Series  11/17 at 100.00  N/R  4,541,606 
  2007A, 5.750%, 9/01/34       
  District of Columbia – 0.5%      
10,000  Washington Convention Center Authority, District of Columbia, Senior Lien Dedicated Tax  10/16 at 100.00  A  9,529,400 
  Revenue Bonds, Series 2007A, 4.500%, 10/01/30 – AMBAC Insured       
  Florida – 3.8%      
4,000  Escambia County Health Facilities Authority, Florida, Revenue Bonds, Ascension Health Credit  11/12 at 101.00  Aa1  4,135,680 
  Group, Series 2002C, 5.750%, 11/15/32       
10,000  Florida State Board of Education, Public Education Capital Outlay Bonds, Series 2005E,  6/15 at 101.00  AAA  9,762,900 
  4.500%, 6/01/35 (UB)       
1,750  Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Bonds, Tampa  10/16 at 100.00  A3  1,630,160 
  General Hospital, Series 2006, 5.250%, 10/01/41       
10,690  Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Series 2001, 5.000%,  10/11 at 100.00  AA–  10,781,400 
  10/01/30 – AMBAC Insured       
3,000  JEA, Florida, Electric System Revenue Bonds, Series 2006-3A, 5.000%, 10/01/41 – AGM Insured  4/15 at 100.00  AAA  3,025,620 
4,880  Lee County, Florida, Airport Revenue Bonds, Series 2000A, 6.000%, 10/01/32 – AGM Insured  10/10 at 101.00  AAA  4,942,122 
  (Alternative Minimum Tax)       
5,000  Marion County Hospital District, Florida, Revenue Bonds, Munroe Regional Medical Center,  10/17 at 100.00  A3  4,526,750 
  Series 2007, 5.000%, 10/01/34       
8,250  Orange County School Board, Florida, Certificates of Participation, Series 2002A, 5.000%,  8/12 at 100.00  AA–  8,334,975 
  8/01/27 – NPFG Insured       
9,250  Port Saint Lucie, Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B,  7/17 at 100.00  A  8,044,078 
  Series 2007, 5.000%, 7/01/40 – NPFG Insured       
2,500  Seminole Tribe of Florida, Special Obligation Bonds, Series 2007A, 5.250%, 10/01/27, 144A  10/17 at 100.00  BBB  2,256,850 
14,730  South Miami Health Facilities Authority, Florida, Revenue Bonds, Baptist Health Systems of  8/17 at 100.00  AA–  14,113,844 
  South Florida, 5.000%, 8/15/42 (UB)       
74,050  Total Florida      71,554,379 
  Georgia – 1.0%      
10,240  Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.000%, 11/01/38 –  5/11 at 100.00  A  9,773,773 
  FGIC Insured       
2,500  Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2001A, 5.000%, 11/01/33 –  5/12 at 100.00  A  2,438,700 
  NPFG Insured       
4,000  Augusta, Georgia, Water and Sewerage Revenue Bonds, Series 2004, 5.250%, 10/01/39 –  10/14 at 100.00  AAA  4,139,360 
  AGM Insured       
2,250  Royston Hospital Authority, Georgia, Revenue Anticipation Certificates, Ty Cobb Healthcare  7/10 at 101.00  N/R  2,049,255 
  System Inc., Series 1999, 6.500%, 7/01/27       
18,990  Total Georgia      18,401,088 
  Hawaii – 1.1%      
6,890  Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaiian Electric  10/12 at 101.00  A  6,889,380 
  Company Inc., Series 1997A, 5.650%, 10/01/27 – NPFG Insured       
12,325  Honolulu City and County, Hawaii, General Obligation Bonds, Series 2003A, 5.250%, 3/01/28 –  3/13 at 100.00  AA  12,928,802 
  NPFG Insured       
19,215  Total Hawaii      19,818,182 
  Illinois – 12.7%      
2,060  Aurora, Illinois, Golf Course Revenue Bonds, Series 2000, 6.375%, 1/01/20  7/10 at 100.00  A+  2,063,440 
17,205  Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax  No Opt. Call  AA–  8,091,512 
  Revenues, Series 1998B-1, 0.000%, 12/01/24 – FGIC Insured       
400  Chicago Greater Metropolitan Sanitary District, Illinois, General Obligation Capital  No Opt. Call  Aaa  422,164 
  Improvement Bonds, Series 1991, 7.000%, 1/01/11 (ETM)       
5,000  Chicago Housing Authority, Illinois, Revenue Bonds, Capital Fund Program, Series 2001, 5.375%,  7/12 at 100.00  Aaa  5,555,950 
  7/01/18 (Pre-refunded 7/01/12)       
285  Chicago, Illinois, General Obligation Bonds, Series 2002A, 5.625%, 1/01/39 – AMBAC Insured  7/12 at 100.00  AA–  294,516 
9,715  Chicago, Illinois, General Obligation Bonds, Series 2002A, 5.625%, 1/01/39 (Pre-refunded  7/12 at 100.00  AA– (4)  10,853,404 
  7/01/12) – AMBAC Insured       
2,575  Chicago, Illinois, Second Lien Passenger Facility Charge Revenue Bonds, O’Hare International  1/11 at 101.00  A1  2,503,776 
  Airport, Series 2001C, 5.100%, 1/01/26 – AMBAC Insured (Alternative Minimum Tax)       
3,020  Cook County High School District 209, Proviso Township, Illinois, General Obligation Bonds,  12/16 at 100.00  AAA  3,302,279 
  Series 2004, 5.000%, 12/01/19 – AGM Insured       
385  DuPage County Community School District 200, Wheaton, Illinois, General Obligation Bonds,  11/13 at 100.00  Aa3  423,612 
  Series 2003B, 5.250%, 11/01/20 – AGM Insured       
1,615  DuPage County Community School District 200, Wheaton, Illinois, General Obligation Bonds,  11/13 at 100.00  Aa3 (4)  1,854,521 
  Series 2003B, 5.250%, 11/01/20 (Pre-refunded 11/01/13) – AGM Insured       
5,000  Illinois Development Finance Authority, Gas Supply Revenue Bonds, Peoples Gas, Light and Coke  11/13 at 101.00  A2  5,011,200 
  Company, Series 2003E, 4.875%, 11/01/38 (Mandatory put 11/01/18) – AMBAC Insured       
  (Alternative Minimum Tax)       
28,030  Illinois Development Finance Authority, Local Government Program Revenue Bonds, Kane, Cook and  No Opt. Call  Aa3  19,686,030 
  DuPage Counties School District U46 – Elgin, Series 2002, 0.000%, 1/01/19 – AGM Insured       
1,800  Illinois Development Finance Authority, Local Government Program Revenue Bonds, Winnebago and  No Opt. Call  Aa3  1,250,154 
  Boone Counties School District 205 – Rockford, Series 2000, 0.000%, 2/01/19 – AGM Insured       
3,180  Illinois Development Finance Authority, Revenue Bonds, Chicago Charter School Foundation,  12/12 at 100.00  N/R (4)  3,626,631 
  Series 2002A, 6.250%, 12/01/32 (Pre-refunded 12/01/12)       
1,450  Illinois Development Finance Authority, Revenue Bonds, Illinois Wesleyan University, Series  9/11 at 100.00  BBB+  1,288,499 
  2001, 5.125%, 9/01/35 – AMBAC Insured       
6,550  Illinois Development Finance Authority, Revenue Bonds, Illinois Wesleyan University, Series  9/11 at 100.00  BBB+ (4)  6,986,754 
  2001, 5.125%, 9/01/35 (Pre-refunded 9/01/11) – AMBAC Insured       
1,875  Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B,  11/19 at 100.00  AA  1,943,588 
  5.500%, 11/01/39       
5,245  Illinois Finance Authority, Revenue Bonds, Loyola University of Chicago, Tender Option Bond  7/17 at 100.00  AA  5,380,216 
  Trust 1137, 9.306%, 7/01/46 (IF)       
5,000  Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Series 2004A,  8/14 at 100.00  N/R (4)  5,865,300 
  5.500%, 8/15/43 (Pre-refunded 8/15/14)       
4,800  Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34  8/19 at 100.00  BBB+  5,407,200 
3,975  Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A,  8/17 at 100.00  BBB  3,505,513 
  5.500%, 8/01/37       
15,000  Illinois Health Facilities Authority, Revenue Bonds, Condell Medical Center, Series 2000,  5/10 at 101.00  Aaa  15,423,900 
  6.500%, 5/15/30 (Pre-refunded 5/15/10)       
15,000  Illinois Health Facilities Authority, Revenue Bonds, Edward Hospital Obligated Group, Series  2/11 at 101.00  AAA  15,897,900 
  2001B, 5.250%, 2/15/34 (Pre-refunded 2/15/11) – AGM Insured       
8,145  Illinois Health Facilities Authority, Revenue Bonds, Sherman Health Systems, Series 1997,  2/10 at 100.00  BBB  7,834,431 
  5.250%, 8/01/22 – AMBAC Insured       
3,985  Illinois Health Facilities Authority, Revenue Bonds, South Suburban Hospital, Series 1992,  No Opt. Call  A (4)  4,803,081 
  7.000%, 2/15/18 (ETM)       
5,000  Illinois Sports Facility Authority, State Tax Supported Bonds, Series 2001, 0.000%, 6/15/30 –  6/15 at 101.00  A  4,972,850 
  AMBAC Insured       
5,000  Lombard Public Facilities Corporation, Illinois, First Tier Conference Center and Hotel  1/16 at 100.00  B+  3,215,050 
  Revenue Bonds, Series 2005A-2, 5.500%, 1/01/36 – ACA Insured       
  Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion       
  Project, Series 1992A:       
18,955  0.000%, 6/15/17 – FGIC Insured  No Opt. Call  A  13,905,767 
12,830  0.000%, 6/15/18 – FGIC Insured  No Opt. Call  A  8,784,444 
  Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion       
  Project, Series 1994B:       
7,250  0.000%, 6/15/18 – NPFG Insured  No Opt. Call  AAA  4,963,930 
3,385  0.000%, 6/15/21 – NPFG Insured  No Opt. Call  AAA  1,901,388 
5,190  0.000%, 6/15/28 – NPFG Insured  No Opt. Call  AAA  1,773,164 
11,610  0.000%, 6/15/29 – FGIC Insured  No Opt. Call  AAA  3,685,595 
  Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion       
  Project, Series 2002A:       
10,000  0.000%, 6/15/24 – NPFG Insured  6/22 at 101.00  AAA  7,893,200 
21,375  0.000%, 6/15/34 – NPFG Insured  No Opt. Call  AAA  4,723,234 
21,000  0.000%, 12/15/35 – NPFG Insured  No Opt. Call  AAA  4,218,060 
21,070  0.000%, 6/15/36 – NPFG Insured  No Opt. Call  AAA  4,081,891 
25,825  0.000%, 6/15/39 – NPFG Insured  No Opt. Call  AAA  4,104,109 
8,460  5.250%, 6/15/42 – NPFG Insured  6/12 at 101.00  AAA  8,534,956 
  Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place       
  Expansion Project, Series 1996A:       
16,700  0.000%, 12/15/21 – NPFG Insured  No Opt. Call  A  9,129,890 
1,650  5.250%, 6/15/27 – AMBAC Insured  6/10 at 100.00  A3  1,650,809 
  Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place       
  Expansion Project, Series 2002B:       
3,775  0.000%, 6/15/20 – NPFG Insured  6/17 at 101.00  AAA  3,737,703 
5,715  0.000%, 6/15/21 – NPFG Insured  6/17 at 101.00  AAA  5,626,303 
1,000  Round Lake, Lake County, Illinois, Special Tax Bonds, Lakewood Grove Special Service Area 4,  3/17 at 100.00  AAA  959,670 
  Series 2007, 4.700%, 3/01/33 – AGC Insured       
1,285  Tri-City Regional Port District, Illinois, Port and Terminal Facilities Revenue Refunding  No Opt. Call  N/R  1,098,238 
  Bonds, Delivery Network Project, Series 2003A, 4.900%, 7/01/14 (Alternative Minimum Tax)       
1,575  Will County Community School District 161, Summit Hill, Illinois, Capital Appreciation School  No Opt. Call  N/R  1,088,357 
  Bonds, Series 1999, 0.000%, 1/01/18 – FGIC Insured       
720  Will County Community School District 161, Summit Hill, Illinois, Capital Appreciation School  No Opt. Call  N/R (4)  554,681 
  Bonds, Series 1999, 0.000%, 1/01/18 – FGIC Insured (ETM)       
360,665  Total Illinois      239,878,860 
  Indiana – 1.8%      
300  Anderson, Indiana, Economic Development Revenue Bonds, Anderson University, Series 2007,  4/14 at 100.00  N/R  275,646 
  5.000%, 10/01/24       
10,000  Indiana Bond Bank, State Revolving Fund Program Bonds, Series 2001A, 5.375%, 2/01/19  2/13 at 101.00  AAA  10,898,300 
3,000  Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Deaconess Hospital Inc.,  3/14 at 100.00  A+  2,961,930 
  Series 2004A, 5.375%, 3/01/34 – AMBAC Insured       
4,450  Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 –  1/17 at 100.00  A+  4,345,781 
  NPFG Insured       
  Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E:       
12,500  0.000%, 2/01/21 – AMBAC Insured  No Opt. Call  AA  7,883,125 
14,595  0.000%, 2/01/27 – AMBAC Insured  No Opt. Call  AA  6,547,171 
44,845  Total Indiana      32,911,953 
  Iowa – 1.1%      
5,805  Iowa Finance Authority, Single Family Mortgage Revenue Bonds, Series 2007B, 4.800%, 1/01/37  7/16 at 100.00  AAA  5,478,353 
  (Alternative Minimum Tax)       
3,500  Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, Wartburg  10/12 at 100.00  N/R (4)  3,922,625 
  College, Series 2002, 5.500%, 10/01/33 (Pre-refunded 10/01/12) – ACA Insured       
7,000  Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C,  6/15 at 100.00  BBB  5,194,350 
  5.625%, 6/01/46       
6,160  Iowa Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series  6/11 at 101.00  AAA  6,623,786 
  2001B, 5.600%, 6/01/35 (Pre-refunded 6/01/11)       
22,465  Total Iowa      21,219,114 
  Kansas – 0.6%      
10,000  Kansas Department of Transportation, Highway Revenue Bonds, Series 2004A, 5.000%, 3/01/22  3/14 at 100.00  AAA  10,912,500 
  Kentucky – 0.1%      
1,060  Greater Kentucky Housing Assistance Corporation, FHA-Insured Section 8 Mortgage Revenue  7/10 at 100.00  A  1,061,145 
  Refunding Bonds, Series 1997A, 6.100%, 1/01/24 – NPFG Insured       
1,000  Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds,  6/18 at 100.00  AAA  1,076,610 
  Louisville Arena Authority, Inc., Series 2008A-1, 6.000%, 12/01/38 – AGC Insured       
2,060  Total Kentucky      2,137,755 
  Louisiana – 2.7%      
1,000  East Baton Rouge Parish, Louisiana, Revenue Refunding Bonds, Georgia Pacific Corporation  3/10 at 100.00  B2  990,970 
  Project, Series 1998, 5.350%, 9/01/11 (Alternative Minimum Tax)       
12,000  Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue  11/17 at 100.00  BB  12,419,400 
  Bonds, Westlake Chemical Corporation Project, Series 2007, 6.750%, 11/01/32       
5,150  Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our  8/15 at 100.00  A+  4,876,535 
  Lady Health System, Series 2005A, 5.250%, 8/15/32       
6,540  Louisiana Public Facilities Authority, Hospital Revenue Refunding Bonds, Southern Baptist  5/10 at 100.00  AAA  7,121,733 
  Hospital, Series 1986, 8.000%, 5/15/12 (ETM)       
27,890  Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds,  5/11 at 101.00  BBB  26,275,725 
  Series 2001B, 5.875%, 5/15/39       
52,580  Total Louisiana      51,684,363 
  Maryland – 0.4%      
3,500  Maryland Energy Financing Administration, Revenue Bonds, AES Warrior Run Project, Series 1995,  9/19 at 100.00  N/R  3,500,980 
  7.400%, 9/01/19 (Alternative Minimum Tax)       
4,600  Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health,  8/14 at 100.00  A2  4,651,382 
  Series 2004, 5.500%, 8/15/33       
8,100  Total Maryland      8,152,362 
  Massachusetts – 4.9%      
10,000  Massachusetts Bay Transportation Authority, Senior Sales Tax Revenue Refunding Bonds, Series  7/12 at 100.00  AAA  11,022,000 
  2002A, 5.000%, 7/01/32 (Pre-refunded 7/01/12)       
1,720  Massachusetts Development Finance Agency, Resource Recovery Revenue Bonds, Ogden Haverhill  6/10 at 101.00  BBB  1,644,647 
  Associates, Series 1998B, 5.100%, 12/01/12 (Alternative Minimum Tax)       
4,340  Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Cape Cod Health Care  11/11 at 101.00  BBB  3,671,857 
  Inc., Series 2001C, 5.250%, 11/15/31 – RAAI Insured       
500  Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc.,  7/18 at 100.00  A3  457,780 
  Series 2008E-1, 5.125%, 7/01/38       
2,000  Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Northern Berkshire  7/14 at 100.00  BB  1,731,000 
  Community Services Inc., Series 2004A, 6.375%, 7/01/34       
  Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Northern Berkshire       
  Community Services Inc., Series 2004B:       
1,340  6.250%, 7/01/24  7/14 at 100.00  BB  1,209,618 
1,000  6.375%, 7/01/34  7/14 at 100.00  BB  860,580 
2,300  Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Suffolk  7/19 at 100.00  BBB  2,334,960 
  University Issue, Series A (2009) Series B (2009) (Federally Taxable), 5.750%, 7/01/39       
12,755  Massachusetts Housing Finance Agency, Housing Bonds, Series 2009F, 5.700%, 6/01/40  12/18 at 100.00  AA–  12,824,260 
  Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Senior       
  Series 1997A:       
10,195  5.000%, 1/01/27 – NPFG Insured  4/10 at 100.00  A  10,195,408 
22,440  5.000%, 1/01/37 – NPFG Insured  7/10 at 100.00  A  21,824,246 
8,000  Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Subordinate  7/10 at 100.00  AA  7,999,520 
  Series 1997B, 5.125%, 1/01/37 – NPFG Insured       
10,285  Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Subordinate  7/10 at 100.00  AA  10,114,578 
  Series 1999A, 5.000%, 1/01/39 – AMBAC Insured       
1,750  Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2000-6,  8/10 at 101.00  AAA  1,813,158 
  5.500%, 8/01/30 (Pre-refunded 8/01/10)       
4,250  Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2000-6,  8/10 at 101.00  AAA  4,350,640 
  5.500%, 8/01/30       
92,875  Total Massachusetts      92,054,252 
  Michigan – 3.7%      
12,440  Detroit Local Development Finance Authority, Michigan, Tax Increment Bonds, Series 1998A,  5/10 at 100.00  B–  3,741,206 
  5.500%, 5/01/21       
5,000  Detroit Water Supply System, Michigan, Water Supply System Revenue Bonds, Series 2006D,  7/16 at 100.00  AAA  4,774,700 
  4.625%, 7/01/32 – AGM Insured       
8,000  Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%,  7/15 at 100.00  A  7,302,560 
  7/01/35 – NPFG Insured       
5,240  Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Refunding Bonds, Series  10/12 at 100.00  AAA  5,649,558 
  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:       
900  7.500%, 10/01/12  10/11 at 100.00  Ba1  913,500 
5,000  7.900%, 10/01/21  4/10 at 102.00  Ba1  4,950,450 
3,500  8.000%, 10/01/31  4/10 at 102.00  Ba1  3,357,340 
22,235  Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Detroit Medical Center  2/10 at 100.00  BB–  16,618,217 
  Obligated Group, Series 1998A, 5.250%, 8/15/28       
  Michigan State Hospital Finance Authority, Revenue Refunding Bonds, Detroit Medical Center       
  Obligated Group, Series 1993A:       
1,100  6.250%, 8/15/13  2/10 at 100.00  BB–  1,100,066 
12,925  6.500%, 8/15/18  2/10 at 100.00  BB–  12,733,581 
7,200  Michigan Strategic Fund, Limited Obligation Resource Recovery Revenue Refunding Bonds, Detroit  12/12 at 100.00  Baa1  7,199,568 
  Edison Company, Series 2002D, 5.250%, 12/15/32 – SYNCORA GTY Insured       
1,150  Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont  9/18 at 100.00  A1  1,337,554 
  Hospital, Refunding Series 2009V, 8.250%, 9/01/39       
84,690  Total Michigan      69,678,300 
  Minnesota – 0.6%      
1,750  Breckenridge, Minnesota, Revenue Bonds, Catholic Health Initiatives, Series 2004A,  5/14 at 100.00  AA  1,784,108 
  5.000%, 5/01/30       
6,375  Minneapolis Health Care System, Minnesota, Revenue Bonds, Fairview Hospital and Healthcare  11/18 at 100.00  A  7,137,960 
  Services, Series 2008A, 6.625%, 11/15/28       
355  Minnesota Housing Finance Agency, Rental Housing Bonds, Series 1995D, 5.900%, 8/01/15 –  2/10 at 100.00  AA+  356,569 
  NPFG Insured       
2,000  Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facilities Revenue  11/16 at 100.00  Baa1  1,827,240 
  Bonds, HealthPartners Obligated Group, Series 2006, 5.250%, 5/15/36       
10,480  Total Minnesota      11,105,877 
  Missouri – 2.9%      
40,000  Missouri Health and Educational Facilities Authority, Revenue Bonds, BJC Health System, Series  5/13 at 100.00  Aa2  40,551,600 
  2003, 5.250%, 5/15/32 (UB)       
6,000  Missouri-Illinois Metropolitan District Bi-State Development Agency, Mass Transit Sales Tax  10/13 at 100.00  AAA  6,051,600 
  Appropriation Bonds, Metrolink Cross County Extension Project, Series 2002B, 5.000%,       
  10/01/32 – AGM Insured       
4,000  Sugar Creek, Missouri, Industrial Development Revenue Bonds, Lafarge North America Inc.,  6/13 at 101.00  BBB–  3,556,840 
  Series 2003A, 5.650%, 6/01/37 (Alternative Minimum Tax)       
  West Plains Industrial Development Authority, Missouri, Hospital Facilities Revenue Bonds,       
  Ozark Medical Center, Series 1997:       
1,105  5.500%, 11/15/12  5/10 at 100.00  B+  1,105,254 
1,000  5.600%, 11/15/17  5/10 at 100.00  B+  948,810 
3,075  West Plains Industrial Development Authority, Missouri, Hospital Facilities Revenue Bonds,  5/10 at 101.00  B+  2,931,090 
  Ozark Medical Center, Series 1999, 6.750%, 11/15/24       
55,180  Total Missouri      55,145,194 
  Montana – 0.2%      
3,750  Forsyth, Rosebud County, Montana, Pollution Control Revenue Refunding Bonds, Puget Sound  3/13 at 101.00  A–  3,575,963 
  Energy, Series 2003A, 5.000%, 3/01/31 – AMBAC Insured       
  Nebraska – 0.3%      
5,000  Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2008A,  2/18 at 100.00  Aa1  5,341,650 
  5.500%, 2/01/39       
  Nevada – 1.4%      
2,500  Carson City, Nevada, Hospital Revenue Bonds, Carson-Tahoe Hospital, Series 2003A, 5.125%,  9/13 at 100.00  BBB  2,255,125 
  9/01/29 – RAAI Insured       
5,000  Clark County, Nevada, Airport Revenue Bonds, Subordinte Lien Series 2010B, 5.750%, 7/01/42  1/20 at 100.00  Aa3  5,152,200 
  (WI/DD, Settling 2/03/10)       
  Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas       
  Monorail Project, First Tier, Series 2000:       
15,095  0.000%, 1/01/24 – AMBAC Insured  No Opt. Call  Caa2  2,514,223 
11,000  0.000%, 1/01/25 – AMBAC Insured  No Opt. Call  Caa2  1,694,110 
4,000  5.625%, 1/01/32 – AMBAC Insured  1/12 at 100.00  Caa2  1,666,400 
22,010  5.375%, 1/01/40 – AMBAC Insured  7/10 at 100.00  Caa2  9,170,907 
2,500  Reno, Nevada, Health Facilty Revenue Bonds, Catholic Healthcare West, Trust 2634, 18.719%,  7/17 at 100.00  AA+  2,696,500 
  7/01/31 – BHAC Insured (IF)       
1,500  Sparks Tourism Improvement District 1, Legends at Sparks Marina, Nevada, Senior Sales Tax  6/18 at 100.00  Ba3  1,377,435 
  Revenue Bonds Series 2008A, 6.750%, 6/15/28       
63,605  Total Nevada      26,526,900 
  New Hampshire – 0.1%      
1,500  Business Finance Authority of the State of New Hampshire Revenue Bonds Elliot Hospital  10/19 at 100.00  BBB+  1,505,820 
  Obligated Group Issue, Series 2009A, 6.125%, 10/01/39       
  New Jersey – 5.7%      
23,625  New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental  3/10 at 101.00  B  20,766,611 
  Airlines Inc., Series 1999, 6.250%, 9/15/29 (Alternative Minimum Tax)       
9,000  New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental  11/10 at 101.00  B  8,637,930 
  Airlines Inc., Series 2000, 7.000%, 11/15/30 (Alternative Minimum Tax)       
4,740  New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health  1/17 at 41.49  BB+  667,439 
  Care System, Series 2006A, 0.000%, 7/01/34       
11,200  New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Trinitas Hospital  7/10 at 101.00  BBB– (4)  11,651,584 
  Obligated Group, Series 2000, 7.500%, 7/01/30 (Pre-refunded 7/01/10)       
7,500  New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2003C,  6/13 at 100.00  AAA  8,620,800 
  5.500%, 6/15/24 (Pre-refunded 6/15/13)       
  New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C:       
30,000  0.000%, 12/15/31 – FGIC Insured  No Opt. Call  AA–  7,992,600 
27,000  0.000%, 12/15/32 – AGM Insured  No Opt. Call  AAA  7,309,170 
310  New Jersey Turnpike Authority, Revenue Bonds, Series 1991C, 6.500%, 1/01/16 – NPFG Insured  No Opt. Call  A+  369,018 
  New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:       
105  6.500%, 1/01/16 – MBIA Insured (ETM)  No Opt. Call  A+ (4)  131,097 
1,490  6.500%, 1/01/16 – MBIA Insured (ETM)  No Opt. Call  A+ (4)  1,740,707 
27,185  Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds,  6/12 at 100.00  AAA  30,510,539 
  Series 2002, 6.125%, 6/01/42 (Pre-refunded 6/01/12)       
7,165  Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds,  6/13 at 100.00  AAA  8,370,010 
  Series 2003, 6.250%, 6/01/43 (Pre-refunded 6/01/13)       
149,320  Total New Jersey      106,767,505 
  New Mexico – 0.6%      
1,500  University of New Mexico, Revenue Refunding Bonds, Series 1992A, 6.000%, 6/01/21  No Opt. Call  AA  1,771,245 
9,600  University of New Mexico, Subordinate Lien Revenue Refunding and Improvement Bonds, Series  6/12 at 100.00  AA  9,704,832 
  2002A, 5.000%, 6/01/32       
11,100  Total New Mexico      11,476,077 
  New York – 7.7%      
8,500  Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Kaleida  2/14 at 100.00  AAA  8,874,000 
  Health, Series 2004, 5.050%, 2/15/25       
5,200  Dormitory Authority of the State of New York, New York City, Lease Revenue Bonds, Court  5/10 at 101.00  AA– (4)  5,342,012 
  Facilities, Series 1999, 6.000%, 5/15/39 (Pre-refunded 5/15/10)       
2,500  Dormitory Authority of the State of New York, Revenue Bonds, Mount Sinai NYU Health Obligated  4/10 at 100.00  A2  2,501,475 
  Group, Series 2000A, 5.500%, 7/01/26       
2,625  Dormitory Authority of the State of New York, Revenue Bonds, Mount Sinai NYU Health, Series  4/10 at 100.00  A2  2,626,549 
  2000C, 5.500%, 7/01/26       
15,500  Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2001A,  9/11 at 100.00  AAA  16,694,585 
  5.375%, 9/01/25 (Pre-refunded 9/01/11)       
2,000  Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006B,  6/16 at 100.00  A–  2,022,600 
  5.000%, 12/01/35       
1,510  New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Vaughn  12/16 at 100.00  BB+  1,120,299 
  College of Aeronautics, Series 2006B, 5.000%, 12/01/31       
10,000  New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, JFK  8/12 at 101.00  B–  10,243,600 
  Airport – American Airlines Inc., Series 2002B, 8.500%, 8/01/28 (Alternative Minimum Tax)       
5,500  New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue  12/14 at 100.00  AAA  5,626,225 
  Bonds, Series 2004B, 5.000%, 6/15/36 – AGM Insured (UB)       
5  New York City, New York, General Obligation Bonds, Fiscal Series 1997E, 6.000%, 8/01/16  2/10 at 100.00  AA  5,023 
  New York City, New York, General Obligation Bonds, Fiscal Series 2003J:       
1,450  5.500%, 6/01/21  6/13 at 100.00  AA  1,527,459 
385  5.500%, 6/01/22  6/13 at 100.00  AA  404,508 
  New York City, New York, General Obligation Bonds, Fiscal Series 2004C:       
8,000  5.250%, 8/15/24  8/14 at 100.00  AA  8,503,840 
6,000  5.250%, 8/15/25  8/14 at 100.00  AA  6,357,300 
10,000  New York Dorm Authority, FHA Insured Mortgage Hospital Revenue Bonds, Kaleida Health, Series  8/16 at 100.00  BB+  9,394,600 
  2006, 4.700%, 2/15/35       
  New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and       
  State Contingency Contract-Backed Bonds, Series 2003A-1:       
10,000  5.500%, 6/01/17  6/11 at 100.00  AA–  10,377,200 
11,190  5.500%, 6/01/18  6/12 at 100.00  AA–  11,839,691 
28,810  5.500%, 6/01/19  6/13 at 100.00  AA–  30,846,863 
2,500  Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air  No Opt. Call  A  2,555,575 
  Terminal LLC, Sixth Series 1997, 6.250%, 12/01/10 – NPFG Insured (Alternative Minimum Tax)       
8,500  Power Authority of the State of New York, General Revenue Bonds, Series 2000A, 5.250%, 11/15/40  11/10 at 100.00  Aa2  8,545,985 
140,175  Total New York      145,409,389 
  North Carolina – 0.6%      
1,500  Charlotte, North Carolina, Certificates of Participation, Governmental Facilities Projects,  6/13 at 100.00  AA+  1,535,760 
  Series 2003G, 5.000%, 6/01/33       
2,500  North Carolina Eastern Municipal Power Agency, Power System Revenue Refunding Bonds, Series  1/13 at 100.00  A–  2,537,450 
  2003D, 5.125%, 1/01/26       
1,500  North Carolina Infrastructure Finance Corporation, Certificates of Participation, Correctional  2/14 at 100.00  AA+  1,588,815 
  Facilities, Series 2004A, 5.000%, 2/01/20       
2,000  North Carolina Medical Care Commission, Health System Revenue Bonds, Mission St. Joseph’s  10/17 at 100.00  AA  1,935,300 
  Health System, Series 2007, 4.500%, 10/01/31       
3,000  The Charlotte-Mecklenberg Hospital Authority, North Carolina, Doing Business as Carolinas  1/18 at 100.00  AA–  2,999,940 
  HealthCare System, Health Care Refunding Revenue Bonds, Series 2008A, 5.000%, 1/15/47       
10,500  Total North Carolina      10,597,265 
  Ohio – 2.5%      
10,000  American Municipal Power Ohio Inc., General Revenue Bonds, Series 2008, 5.250%, 2/15/43  2/18 at 100.00  A1  10,084,600 
  Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue       
  Bonds, Senior Lien, Series 2007A-2:       
2,880  5.375%, 6/01/24  6/17 at 100.00  BBB  2,718,835 
480  5.125%, 6/01/24  6/17 at 100.00  BBB  446,054 
5,500  5.875%, 6/01/30  6/17 at 100.00  BBB  4,748,315 
17,165  5.750%, 6/01/34  6/17 at 100.00  BBB  14,273,212 
11,785  5.875%, 6/01/47  6/17 at 100.00  BBB  9,042,159 
9,150  Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue  6/22 at 100.00  BBB  6,065,535 
  Bonds, Senior Lien, Series 2007A-3, 0.000%, 6/01/37       
56,960  Total Ohio      47,378,710 
  Oklahoma – 0.8%      
9,955  Oklahoma Development Finance Authority, Revenue Bonds, St. John Health System, Series 2004,  2/14 at 100.00  A  9,649,481 
  5.125%, 2/15/31       
5,045  Oklahoma Development Finance Authority, Revenue Bonds, St. John Health System, Series 2004,  2/14 at 100.00  AAA  5,808,914 
  5.125%, 2/15/31 (Pre-refunded 2/15/14)       
15,000  Total Oklahoma      15,458,395 
  Oregon – 0.3%      
2,600  Clackamas County Hospital Facility Authority, Oregon, Revenue Refunding Bonds, Legacy Health  5/11 at 101.00  A+  2,667,522 
  System, Series 2001, 5.250%, 5/01/21       
2,860  Oregon State Facilities Authority, Revenue Bonds, Willamette University, Series 2007A,  10/17 at 100.00  A  2,761,988 
  5.000%, 10/01/32       
5,460  Total Oregon      5,429,510 
  Pennsylvania – 1.9%      
10,300  Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, West Penn  11/17 at 100.00  BB  7,845,201 
  Allegheny Health System, Series 2007A, 5.000%, 11/15/28       
6,500  Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2004A, 5.500%, 12/01/31 –  12/14 at 100.00  Aa3  6,674,200 
  AMBAC Insured       
8,000  Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2004D, 5.125%,  6/14 at 100.00  Aa3 (4)  9,307,680 
  6/01/34 (Pre-refunded 6/01/14) – FGIC Insured       
10,075  State Public School Building Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia School  6/13 at 100.00  AAA  11,425,252 
  District, Series 2003, 5.000%, 6/01/33 (Pre-refunded 6/01/13) – AGM Insured       
34,875  Total Pennsylvania      35,252,333 
  Puerto Rico – 2.5%      
8,340  Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A,  7/18 at 100.00  BBB–  8,449,421 
  6.000%, 7/01/44       
13,000  Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.250%,  No Opt. Call  BBB  12,116,910 
  7/01/39 – FGIC Insured       
5,450  Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities  6/10 at 101.00  Baa3  5,501,067 
  Financing Authority, Co-Generation Facility Revenue Bonds, Series 2000A, 6.625%, 6/01/26       
  (Alternative Minimum Tax)       
4,345  Puerto Rico Infrastructure Financing Authority, Special Obligation Bonds, Series 2000A,  10/10 at 101.00  AAA  4,543,740 
  5.500%, 10/01/40       
11,000  Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series  8/26 at 100.00  A+  8,014,270 
  2009A, 0.000%, 8/01/32       
70,300  Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%,  No Opt. Call  AA–  4,090,054 
  8/01/54 – AMBAC Insured       
5,000  Puerto Rico, General Obligation Bonds, Series 2000B, 5.625%, 7/01/19 – NPFG Insured  7/10 at 100.00  A  5,017,900 
117,435  Total Puerto Rico      47,733,362 
  Rhode Island – 1.3%      
6,250  Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue Bonds,  5/10 at 100.00  A  6,242,688 
  Lifespan Obligated Group, Series 1996, 5.250%, 5/15/26 – NPFG Insured       
19,195  Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds,  6/12 at 100.00  BBB  18,275,176 
  Series 2002A, 6.250%, 6/01/42       
25,445  Total Rhode Island      24,517,864 
  South Carolina – 3.0%      
7,000  Dorchester County School District 2, South Carolina, Installment Purchase Revenue Bonds,  12/14 at 100.00  AA–  7,155,330 
  GROWTH, Series 2004, 5.250%, 12/01/29       
3,000  Myrtle Beach, South Carolina, Hospitality and Accommodation Fee Revenue Bonds, Series 2004A,  6/14 at 100.00  A+  2,910,060 
  5.000%, 6/01/36 – FGIC Insured       
11,550  Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2,  No Opt. Call  AAA  4,383,110 
  0.000%, 1/01/28 – AMBAC Insured       
8,475  Piedmont Municipal Power Agency, South Carolina, Electric Revenue Refunding Bonds, Series  4/10 at 100.00  A–  8,476,271 
  1986, 5.000%, 1/01/25       
4,320  South Carolina JOBS Economic Development Authority, Economic Development Revenue Bonds, Bon  11/12 at 100.00  A3 (4)  4,871,102 
  Secours Health System Inc., Series 2002A, 5.625%, 11/15/30 (Pre-refunded 11/15/12)       
16,430  South Carolina JOBS Economic Development Authority, Economic Development Revenue Bonds, Bon  11/12 at 100.00  A–  16,141,982 
  Secours Health System Inc., Series 2002B, 5.625%, 11/15/30       
8,000  South Carolina JOBS Economic Development Authority, Hospital Revenue Bonds, Palmetto Health  12/10 at 102.00  Baa2 (4)  8,640,640 
  Alliance, Series 2000A, 7.375%, 12/15/21 (Pre-refunded 12/15/10)       
4,215  Spartanburg Sanitary Sewer District, South Carolina, Sewer System Revenue Bonds, Series 2003B,  3/14 at 100.00  AA–  4,231,818 
  5.000%, 3/01/38 – NPFG Insured       
62,990  Total South Carolina      56,810,313 
  Tennessee – 1.1%      
10,300  Jackson, Tennessee, Hospital Revenue Refunding Bonds, Jackson-Madison County General Hospital  4/18 at 100.00  A+  10,382,915 
  Project, Series 2008, 5.625%, 4/01/38       
  Knox County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue       
  Bonds, Baptist Health System of East Tennessee Inc., Series 2002:       
3,000  6.375%, 4/15/22  4/12 at 101.00  A1  3,188,490 
2,605  6.500%, 4/15/31  4/12 at 101.00  A1  2,738,011 
2,000  Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds,  3/13 at 100.00  N/R  1,825,540 
  Wellmont Health System, Refunding Series 200A, 5.486%, 9/01/32       
3,000  Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds,  9/16 at 100.00  BBB+  2,666,400 
  Wellmont Health System, Series 2006C, 5.250%, 9/01/36       
20,905  Total Tennessee      20,801,356 
  Texas – 7.4%      
5,000  Alliance Airport Authority, Texas, Special Facilities Revenue Bonds, American Airlines Inc.,  12/12 at 100.00  CCC+  3,129,800 
  Series 2007, 5.250%, 12/01/29 (Alternative Minimum Tax)       
2,000  Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, First Tier  1/17 at 100.00  BB  1,585,580 
  Series 2006B, 5.750%, 1/01/34       
5,110  Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric  4/13 at 101.00  Caa3  3,313,426 
  Company, Series 1999C, 7.700%, 3/01/32 (Alternative Minimum Tax)       
  Central Texas Regional Mobility Authority, Travis and Williamson Counties, Toll Road Revenue       
  Bonds, Series 2005:       
4,000  5.000%, 1/01/35 – FGIC Insured  1/15 at 100.00  A  3,504,600 
31,550  5.000%, 1/01/45 – FGIC Insured  1/15 at 100.00  A  27,161,078 
11,250  Harris County-Houston Sports Authority, Texas, Junior Lien Revenue Bonds, Series 2001H,  No Opt. Call  A  3,399,300 
  0.000%, 11/15/27 – NPFG Insured       
2,950  Harris County-Houston Sports Authority, Texas, Senior Lien Revenue Bonds, Series 2001G,  11/11 at 100.00  A  2,755,182 
  5.250%, 11/15/30 – NPFG Insured       
13,270  Harris County-Houston Sports Authority, Texas, Third Lien Revenue Bonds, Series 2004-A3.,  11/24 at 59.10  A  2,471,272 
  0.000%, 11/15/33 – NPFG Insured       
24,660  Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment  No Opt. Call  A–  7,542,261 
  Project, Series 2001B, 0.000%, 9/01/29 – AMBAC Insured       
10,045  Houston, Texas, Subordinate Lien Airport System Revenue Bonds, Series 2000A, 5.875%, 7/01/16 –  7/10 at 100.00  AAA  10,211,044 
  AGM Insured (Alternative Minimum Tax)       
3,470  Irving Independent School District, Texas, Unlimited Tax School Building Bonds, Series 1997,  No Opt. Call  AAA  3,448,902 
  0.000%, 2/15/11       
5,000  Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson  No Opt. Call  BBB–  4,451,000 
  Memorial Hospital Project, Series 2005, 5.375%, 8/15/35       
22,060  Leander Independent School District, Williamson and Travis Counties, Texas, Unlimited Tax  2/10 at 32.48  AAA  7,156,043 
  School Building and Refunding Bonds, Series 2000, 0.000%, 8/15/27       
  North Texas Thruway Authority, First Tier System Revenue Refunding Bonds, Capital Appreciation       
  Series 2008I:       
30,000  0.000%, 1/01/42 – AGC Insured  1/25 at 100.00  AAA  22,006,800 
5,220  0.000%, 1/01/43  1/25 at 100.00  A2  3,903,516 
15,450  North Texas Thruway Authority, First Tier System Revenue Refunding Bonds, Capital Appreciation  No Opt. Call  AAA  3,287,297 
  Series 2008, 0.000%, 1/01/36 – AGC Insured       
5,000  Port Corpus Christi Industrial Development Corporation, Texas, Revenue Refunding Bonds, Valero  4/10 at 100.00  BBB  4,942,450 
  Refining and Marketing Company, Series 1997A, 5.400%, 4/01/18       
5,000  Richardson Hospital Authority, Texas, Revenue Bonds, Richardson Regional Medical Center,  12/13 at 100.00  Baa2  4,595,650 
  Series 2004, 6.000%, 12/01/34       
2,000  Sabine River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric  7/13 at 101.00  CCC  1,162,080 
  Company, Series 2003A, 5.800%, 7/01/22       
3,000  San Antonio, Texas, Water System Revenue Bonds, Series 2005, 4.750%, 5/15/37 – NPFG Insured  5/15 at 100.00  AA  2,981,640 
11,585  Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds,  2/17 at 100.00  AA–  11,352,257 
  Series 2007, Trust 1201, 9.333%, 2/15/36 (IF)       
5,000  Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Refunding  1/19 at 100.00  AAA  5,504,050 
  Bonds, Christus Health, Series 2008, 6.500%, 7/01/37       
222,620  Total Texas      139,865,228 
  Utah – 0.4%      
3,260  Eagle Mountain, Utah, Gas and Electric Revenue Bonds, Series 2005, 5.000%, 6/01/24 –  6/15 at 100.00  N/R  3,121,352 
  RAAI Insured       
460  Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 1998G-2, Class I, 5.200%,  7/10 at 101.50  AAA  460,561 
  7/01/30 (Alternative Minimum Tax)       
3,700  Utah State Board of Regents, Utah State University, Revenue Bonds, Series 2004, 5.000%,  4/14 at 100.00  AA (4)  4,220,146 
  4/01/35 (Pre-refunded 4/01/14) – MBIA Insured       
7,420  Total Utah      7,802,059 
  Virgin Islands – 0.1%      
2,500  Virgin Islands Public Finance Authority, Revenue Bonds, Refinery Project – Hovensa LLC, Series  1/14 at 100.00  Baa3  2,520,775 
  2003, 6.125%, 7/01/22 (Alternative Minimum Tax)       
  Virginia – 0.4%      
3,000  Fairfax County Economic Development Authority, Virginia, Residential Care Facilities Mortgage  10/17 at 100.00  N/R  2,716,680 
  Revenue Bonds, Goodwin House, Inc., Series 2007A, 5.125%, 10/01/42       
4,125  Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Series 2002A,  10/12 at 100.00  AA–  4,331,621 
  5.750%, 10/01/16 – FGIC Insured (Alternative Minimum Tax)       
7,125  Total Virginia      7,048,301 
  Washington – 4.2%      
6,400  Cowlitz County Public Utilities District 1, Washington, Electric Production Revenue Bonds,  9/14 at 100.00  A  6,390,720 
  Series 2004, 5.000%, 9/01/34 – FGIC Insured       
12,500  Energy Northwest, Washington, Electric Revenue Refunding Bonds, Columbia Generating Station –  7/12 at 100.00  Aaa  13,744,875 
  Nuclear Project 2, Series 2002B, 6.000%, 7/01/18 – AMBAC Insured       
4,000  Energy Northwest, Washington, Electric Revenue Refunding Bonds, Nuclear Project 3, Series  7/13 at 100.00  Aaa  4,486,160 
  2003A, 5.500%, 7/01/17 – SYNCORA GTY Insured       
8,200  Washington Public Power Supply System, Revenue Refunding Bonds, Nuclear Project 3, Series  No Opt. Call  Aaa  7,486,190 
  1989B, 0.000%, 7/01/14       
2,500  Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and  No Opt. Call  N/R  2,032,300 
  Medical Center of Seattle, Series 2007, 5.700%, 12/01/32       
5,000  Washington State Healthcare Facilities Authority, Revenue Bonds, Providence Health Care  10/16 at 100.00  AA  4,852,850 
  Services, Series 2006A, 4.625%, 10/01/34 – FGIC Insured       
2,780  Washington State Healthcare Facilities Authority, Revenue Bonds, Virginia Mason Medical  8/17 at 100.00  A  2,555,293 
  Center, Series 2007B, 5.000%, 2/15/27 – NPFG Insured       
7,895  Washington State Housing Finance Commission, Single Family Program Bonds, 2006 Series 3A,  12/15 at 100.00  Aaa  7,674,808 
  5.000%, 12/01/37 (Alternative Minimum Tax)       
19,240  Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds,  6/13 at 100.00  BBB  19,291,756 
  Series 2002, 6.625%, 6/01/32       
  Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2002-03C:       
9,000  0.000%, 6/01/29 – NPFG Insured  No Opt. Call  AA+  3,584,790 
16,195  0.000%, 6/01/30 – NPFG Insured  No Opt. Call  AA+  6,033,447 
93,710  Total Washington      78,133,189 
  Wisconsin – 2.0%      
  Badger Tobacco Asset Securitization Corporation, Wisconsin, Tobacco Settlement Asset-Backed       
  Bonds, Series 2002:       
5,360  6.125%, 6/01/27 (Pre-refunded 6/01/12)  6/12 at 100.00  AAA  5,794,857 
14,750  6.375%, 6/01/32 (Pre-refunded 6/01/12)  6/12 at 100.00  AAA  16,602,895 
6,000  Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Franciscan Sisters of  9/13 at 100.00  BBB+ (4)  6,968,100 
  Christian Charity Healthcare Ministry, Series 2003A, 5.875%, 9/01/33 (Pre-refunded 9/01/13)       
1,000  Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic,  2/16 at 100.00  BBB+  1,021,410 
  Series 2006A, 5.000%, 2/15/17       
3,750  Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan  2/12 at 101.00  AAA  4,166,213 
  Services Inc., Series 2002, 5.750%, 8/15/30 (Pre-refunded 2/15/12)       
2,925  Wisconsin Housing and Ecconomic Development Authority, Home Ownership Revenue Bonds, Series  9/14 at 100.00  AA  2,707,468 
  2005C, 4.875%, 3/01/36 (Alternative Minimum Tax)       
33,785  Total Wisconsin      37,260,943 
  Wyoming – 0.1%      
2,035  Campbell County, Wyoming Solid Waste Facilities Revenue Bonds, Basin Electric Power  7/19 at 100.00  A+  2,147,312 
  Cooperative – Dry Fork Station Facilities, Series 2009A, 5.750%, 7/15/39       
$    2,433,779  Total Investments (cost $1,880,736,294) – 100.9%      1,902,891,169 
  Floating Rate Obligations – (2.0)%      (38,250,000)
  Other Assets Less Liabilities – 1.1%      21,312,634 
  Net Assets – 100%      $ 1,885,953,803 

 
 
 
 
 
 
 
 
 
 
 

Fair Value Measurements
 
In determining the value of the Fund's investments, various inputs are used. These inputs are summarized in the three broad levels listed below:
 
  Level 1 – Quoted prices in active markets for identical securities.
 
  Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 
  Level 3 – Significant unobservable inputs (including management's assumptions in determining the fair value of investments).
 
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund's fair value measurements as of January 31, 2010:
 
  Level 1 Level 2 Level 3 Total
Investments:         
Municipal Bonds  $ —  $1,902,891,169  $ —  $1,902,891,169 

Income Tax Information
 
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.
 
At January 31, 2010, the cost of investments was $1,841,971,180.
 
Gross unrealized appreciation and gross unrealized depreciation of investments at January 31, 2010, were as follows:
 
Gross unrealized:   
  Appreciation  $113,954,444 
  Depreciation  (91,284,058) 
Net unrealized appreciation (depreciation) of investments  $ 22,670,386 

(1)  All percentages shown in the Portfolio of Investments are based on net assets. 
(2)  Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. 
  There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may 
  be subject to periodic principal paydowns. 
(3)  Ratings: Using the higher of Standard & Poor's Group ("Standard & Poor's") or Moody's Investor Service, 
  Inc. ("Moody's") rating. Ratings below BBB by Standard & Poor's or Baa by Moody's are considered to be 
  below investment grade. 
(4)  Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities 
  which ensure the timely payment of principal and interest. Such investments are normally considered to 
  be equivalent to AAA rated securities. 
N/R  Not rated. 
WI/DD  Purchased on a when-issued or delayed delivery basis. 
(ETM)  Escrowed to maturity. 
(IF)  Inverse floating rate investment. 
(UB)  Underlying bond of an inverse floating rate trust reflected as a financing transaction. 
144A  Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These 
  investments may only be resold in transactions exempt from registration which are normally those 
  transactions with qualified institutional buyers. 

 
Item 2. 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 Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).
 
 
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 registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
 
Item 3. Exhibits.

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

 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
(Registrant)  Nuveen Municipal Value Fund, Inc. 
 
By (Signature and Title)     /s/ Kevin J. McCarthy                    
                                                   Kevin J. McCarthy
                                                   Vice President and Secretary
 
Date         April 1, 2010        
 
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         April 1, 2010        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date        April 1, 2010