<DOCUMENT>
<TYPE>EX-99.77D POLICIES
<SEQUENCE>3
<FILENAME>nuv77d1016.txt
<TEXT>
Form N-SAR, Sub-Item 77D

Policies with respect to security investments

Nuveen Municipal Value Fund, Inc.
811-05120



The Board of the above referenced Fund approved changes to the Funds
investment policies regarding AMT securities.  The Fund added an AMT
policy that the Fund will invest no more than 20% in AMT-eligible
municipal securities.
</TEXT>
</DOCUMENT>
