UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-6091
---------------------
Nuveen Investment Quality Municipal Fund, Inc.
------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
- ------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
Jessica R. Droeger
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
- ------------------------------------------------------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: (312) 917-7700
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Date of fiscal year end: October 31st
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Date of reporting period: April 30th
-----------------
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
SEMIANNUAL REPORT April 30, 2003
Nuveen
Municipal Closed-End
Exchange-Traded
Funds
INVESTMENT QUALITY
NQM
SELECT QUALITY
NQS
QUALITY INCOME
NQU
PREMIER INCOME
NPF
Photo of: Woman playing on piano and boy playing violin.
Photo of: Woman and child playing checkers.
DEPENDABLE,
TAX-FREE INCOME
BECAUSE
IT'S NOT WHAT YOU EARN,
IT'S WHAT YOU KEEP.(R)
Logo: NUVEEN Investments
FASTER INFORMATION
RECEIVE YOUR
NUVEEN FUND REPORT
ELECTRONICALLY
By registering for electronic delivery, you will receive an e-mail as soon as
your Nuveen Fund information is available. Click on the link and you will be
taken directly to the report. Your Fund report can be viewed and saved on your
computer. Your report will arrive faster via e-mail than by traditional mail.
Registering is easy and only takes a few minutes (see instructions at right).
SOME COMMON CONCERNS:
WILL MY E-MAIL ADDRESS BE DISTRIBUTED TO OTHER COMPANIES?
No, your e-mail address is strictly confidential and will not be used for
anything other than notification of shareholder information.
WHAT IF I CHANGE MY MIND AND WANT TO RECEIVE INVESTOR MATERIALS THROUGH REGULAR
MAIL DELIVERY AGAIN?
If you decide you do not like receiving your reports electronically, it's a
simple process to go back to regular mail delivery.
IF YOUR NUVEEN FUND DIVIDENDS AND STATEMENTS
COME FROM YOUR FINANCIAL ADVISOR OR BROKERAGE ACCOUNT,
FOLLOW THE STEPS OUTLINED BELOW:
1 Go to WWW.INVESTORDELIVERY.COM
2 Refer to the address sheet that accompanied this report. Enter the personal
13-CHARACTER ENROLLMENT NUMBER imprinted near your name.
3 You'll be taken to a page with several options. Select the NEW
ENROLLMENT-CREATE screen. Once there, enter your e-mail address (e.g.
yourID@providerID.com), and a personal, 4-digit PIN number of your choice.
(Pick a number that's easy to remember.)
4 Click Submit. Confirm the information you just entered is correct, then
click Submit again.
5 You should get a confirmation e-mail within 24 hours. If you do not, go
back through these steps to make sure all the information is correct.
6 Use this same process if you need to change your registration information
or cancel internet viewing.
IF YOUR NUVEEN FUND DIVIDENDS AND STATEMENTS
COME DIRECTLY TO YOU FROM NUVEEN,
FOLLOW THE STEPS OUTLINED BELOW:
1 Go to WWW.NUVEEN.COM
2 Select ACCESS YOUR ACCOUNT. Select the E-REPORT ENROLLMENT section. Click
on Enrollment Today.
3 You'll be taken to a screen that asks for your Social Security number and
e-mail address. Fill in this information, then click Enroll.
4 You should get a confirmation e-mail within 24 hours. If you do not, go
back through these steps to make sure all the information is correct.
5 Use this same process if you need to change your registration information
or cancel internet viewing.
Logo: NUVEEN Investments
Photo of: Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
Sidebar text: "NO ONE KNOWS WHAT THE FUTURE WILL BRING, WHICH IS WHY WE THINK A
WELL-BALANCED PORTFOLIO ... IS AN IMPORTANT COMPONENT IN ACHIEVING YOUR
LONG-TERM FINANCIAL GOALS."
Dear
SHAREHOLDER
Once again, I am pleased to report that over the most recent reporting period
your Fund continued to provide you with attractive tax-free monthly income. For
more specific information about the performance of your Fund, please see the
Portfolio Manager's Comments and Performance Overview sections of this report.
With interest rates at historically low levels, many have begun to wonder how
fixed-income investments will perform if interest rates begin to rise. No one
knows what the future will bring, which is why we think a well-balanced
portfolio that is structured and carefully monitored with the help of an
investment professional is an important component in achieving your long-term
financial goals. A well-diversified portfolio may actually help to reduce your
overall investment risk, and we believe that municipal bond investments like
your Nuveen Fund can be important building blocks in a portfolio crafted to
perform well through a variety of market conditions.
I'd also like to direct your attention to the inside front cover of this report,
which explains the quick and easy process to begin receiving Fund reports like
this via e-mail and the internet. Thousands of Nuveen Fund shareholders already
have signed-up, and they are getting their Fund information faster and more
conveniently than ever. I urge you to consider joining them.
Since 1898, Nuveen Investments has offered financial products and solutions that
incorporate careful research, diversification, and the application of
conservative risk-management principles. We are grateful that you have chosen us
as a partner as you pursue your financial goals. We look forward to continuing
to earn your trust in the months and years ahead.
Sincerely,
/S/ Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
June 16, 2003
1
Nuveen Municipal Closed-End Exchange-Traded Funds
(NQM, NQS, NQU, NPF)
Portfolio Manager's
COMMENTS
Portfolio manager Tom Spalding reviews economic and market conditions, key
investment strategies, and the recent performance of these Nuveen National
Funds. Tom has 27 years of investment experience at Nuveen, and he assumed
portfolio management responsibility for NQM, NQS, NQU, and NPF in January 2003.
WHAT FACTORS AFFECTED THE U.S. ECONOMY AND MUNICIPAL MARKET DURING THE PERIOD
ENDED APRIL 30, 2003?
The underlying economic and market conditions have not changed much since our
last shareholder report dated October 31, 2002. We believe the most influential
factors shaping the U.S. economy and the municipal market during this reporting
period continued to be the sluggish pace of economic growth and interest rates
that remained at 40-year lows. At the same time, continued geopolitical
concerns, centering on the ongoing threat of terrorism and the situation in
Iraq, also had an impact during this reporting period, particularly in terms of
investor sentiment.
In the municipal market, the slow economic recovery and the continued lack of
inflationary pressures created conditions that helped many bonds perform well
during this reporting period. As of April 2003, inflation was running at 1.5%
annualized, the lowest annual rate in 37 years. Following a record year in 2002,
municipal issuance nationwide remained very heavy during the first four months
of 2003, with $113.5 billion in new municipal bonds coming to market, an
increase of 21% over the same period in 2002. Despite the large supply of new
municipal bonds, firm or improving prices indicated continued strong demand from
investors. In particular, institutional investors such as property/casualty
insurance companies, hedge funds, arbitrage accounts and pension funds were
active buyers in the municipal market over much of this reporting period.
HOW DID THESE FUNDS PERFORM OVER THE TWELVE-MONTH PERIOD ENDED APRIL 30, 2003?
Individual results for these Funds, as well as for appropriate benchmarks, are
presented in the accompanying table.
TOTAL RETURN LEHMAN LIPPER
MARKET YIELD ON NAV TOTAL RETURN1 AVERAGE2
- ------------------------------------------------------------------------
1 YEAR 1 YEAR 1 YEAR
TAXABLE- ENDED ENDED ENDED
4/30/03 EQUIVALENT3 4/30/03 4/30/03 4/30/03
- ------------------------------------------------------------------------
NQM 6.50% 9.29% 11.43% 8.49% 10.27%
- ------------------------------------------------------------------------
NQS 6.67% 9.53% 11.01% 8.49% 10.27%
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NQU 6.65% 9.50% 8.37% 8.49% 10.27%
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NPF 6.61% 9.44% 13.33% 8.49% 10.27%
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Past performance is not predictive of future results.
For additional information, see the individual Performance Overview for your
Fund in this report.
For the twelve months ended April 30, 2003, NQM, NQS, and NPF outperformed both
the unleveraged, unmanaged Lehman Brothers Municipal Bond Index and their Lipper
Fund peer group average. Over this same period, NQU
1 The total annual returns on common share net asset value (NAV) for these
Funds are compared with the total annual return of the Lehman Brothers
Municipal Bond Index, an unleveraged index comprising a broad range of
investment-grade municipal bonds. Results for the Lehman index do not
reflect any expenses.
2 The total returns of these Nuveen Funds are compared with the average
annualized return of the 58 funds in the Lipper General Leveraged Municipal
Debt Funds category. Fund and Lipper returns assume reinvestment of
dividends.
3 The taxable-equivalent yield represents the yield that must be earned on a
taxable investment in order to equal the yield of the Nuveen Fund on an
after-tax basis. The taxable-equivalent yield is based on the Fund's market
yield on the indicated date and a federal income tax rate of 30%.
2
performed in line with the Lehman index, but underperformed the Lipper average.
Much of this outperformance relative to the Lehman Index is attributable to the
Funds' leveraged capital structures and to their relatively long durations4.
While leverage adds volatility to a Fund, it can enhance the amount of income
paid to common shareholders, especially during a period of low short-term
interest rates as was the case during the twelve-month period. The Funds'
performances compared with the Lehman index also was helped by their relatively
long durations. Duration is a measure of sensitivity to changes in interest
rates, and, generally, the longer the duration, the more the price of an
investment will react to a change in prevailing interest rates. In a time of
generally declining interest rates, as was the case during much of the
twelve-month period, longer duration investments would be expected to outperform
shorter duration investments, all other things being equal. The durations of the
four Funds as of April 30, 2003, ranged from 9.25 to 13.16, compared with 7.84
for the Lehman index.
Although NQU benefited from both leverage and duration positioning during the
twelve-month period, its total return performance was impacted negatively by its
holdings of bonds backed by American Airlines. Over the past year, the market
value of most airline-backed bonds fell, due in part to a decline in passenger
volume and in part to the well-documented financial struggles of the industry's
larger carriers. As of April 30, 2003, NQU held $47.1 million par value, or 3.8%
of its portfolio, in airline-backed bonds, and their depreciation over the
twelve-month period cost the Fund approximately 475 basis points in total return
performance.
HOW DID THE MARKET ENVIRONMENT AFFECT THE FUNDS' DIVIDENDS AND SHARE PRICES?
With short-term interest rates at historically low levels, the dividend-payment
capabilities of these Funds benefited from their use of leverage. The amount of
this benefit is tied in part to the short-term rates the Funds pay their
MuniPreferred, shareholders. Low short-term rates can enable the Funds to reduce
the amount of income they pay MuniPreferred holders, which potentially can leave
more earnings to support common share dividends. During the twelve months ended
April 30, 2003, the continued low level of short-term interest rates enabled us
to implement four dividend increases in NQM, three in NQS and NQU, and two in
NPF.
Over the course of this twelve-month period, strong demand and favorable market
conditions helped to boost the share prices of all four Funds. Since their
4 Duration is a measure of a Fund's NAV volatility in reaction to interest
rate movements. Fund duration, also known as leverage-adjusted duration,
takes into account the leveraging process for a Fund and therefore is
generally longer than the duration of the actual portfolio of individual
bonds that make up the Fund. References to duration in this commentary are
intended to indicate Fund duration unless otherwise noted.
3
NAVs also increased, these Funds continued to trade at a discount to their
common share net asset values as of April 30, 2003 (see charts on individual
Performance Overview pages).
WHAT KEY STRATEGIES WERE USED TO MANAGE THESE FUNDS DURING THE PERIOD ENDED
APRIL 30, 2003?
Over the reporting period, we continued to place strong emphasis on diversifying
the Funds' portfolios, enhancing call protection and supporting their future
dividend-paying capabilities. Strategically, our main focus centered on
systematically shortening the Funds' durations, which we believe will help us
better control the Funds' interest rate risk over time and enhance their ability
to produce consistent returns. Interest rate risk is the risk that the value of
a Fund's portfolio will decline when market interest rates rise (since bond
prices move in the opposite direction of interest rates). The longer the
duration of a Fund's portfolio, the greater its interest rate risk.
In line with our moderated duration strategy, we concentrated on finding value
in the long-intermediate part of the yield curve (i.e., bonds that mature in
about 20 years). In many cases, these long-intermediate bonds were offering
yields similar to those of longer bonds but had less inherent interest rate
risk. Over the period, the purchase of bonds in this part of the curve helped to
shorten the durations of these Funds, making their portfolios less sensitive to
any changes in the interest rate environment while still allowing them to
provide competitive yields.
In general, the heavy issuance in the municipal market over the past year
provided us with increased opportunities to purchase the types of bond
structures that we favor. We also continued to look for individual issues that
we believed would perform well regardless of the future direction of interest
rates. Overall, we emphasized undervalued sectors of the market and geographical
areas with healthy levels of issuance, such as Texas and Florida. NQM, NQS and
NQU also remained heavily weighted in healthcare bonds, the top performing group
among the Lehman revenue sectors for the twelve months ended April 30, 2003.
Each of these Funds held modest positions (less than 5% of its portfolio) in
bonds backed by the 1998 Master Tobacco Settlement Agreement. Over the past five
years, fourteen states, the District of Columbia, Puerto Rico, Guam, New York
City, and individual counties in California and
4
New York have issued almost $20 billion of tobacco securitization bonds backed
by this agreement. In recent months, the prices of these bonds weakened as the
result of lawsuits involving the major tobacco companies as well as the
increased issuance of such bonds by states planning to use the proceeds to help
close budget gaps. Although the sector as a whole produced negative returns over
the twelve-month period, tobacco bonds showed some recovery toward the end of
the period.
Given the current geopolitical and economic climate, we believe that maintaining
strong credit quality remains a vital requirement, and we continued to emphasize
higher rated and insured bonds in our recent purchases for the Funds. As of
April 30, 2003, each of these Funds offered excellent credit quality, with
allocations of bonds rated AAA/U.S. guaranteed and AA ranging from 76% to 86%.
In general, our weightings in higher quality and insured bonds benefited the
performance of these Funds during the past year.
WHAT IS YOUR OUTLOOK FOR THE MUNICIPAL MARKET IN GENERAL AND THESE FUNDS IN
PARTICULAR?
We think new issuance volume should remain strong, as issuers continue to take
advantage of the low rate environment. Adding to our expectations for continued
strong issuance are the budget deficits affecting many states, and their
continued need to raise money for infrastructure, education and healthcare
needs. Over coming months, we will continue to closely monitor the states'
budgetary situations to watch for any potential impact on credit ratings.
Looking ahead at the bond call exposure, we believe these Funds offer good
levels of call protection during the remainder of 2003 and through 2004. As of
April 30, 2003, the percentage of bonds eligible for calls among the four Funds
ranged from 5% to 8% in 2003 and from 1% to 9% in 2004. The number of actual
calls during this time will depend largely on market interest rates and the
specific situations of individual issuers.
In the coming months, our primary goal will continue to be moderating the Funds'
durations. In addition, we plan to watch for opportunities to purchase or swap
for issues that we perceive to be undervalued, particularly in sectors of the
market that have recently underperformed. The expected strong supply of new
bonds should help us in this effort.
5
Nuveen Investment Quality Municipal Fund, Inc.
Performance
OVERVIEW As of April 30, 2003
NQM
PIE CHART:
CREDIT QUALITY
AAA/U.S. GUARANTEED 78%
AA 8%
A 9%
BBB 1%
NR 3%
BB OR LOWER 1%
PORTFOLIO STATISTICS
- --------------------------------------------------
Share Price $15.50
- --------------------------------------------------
Common Share Net Asset Value $15.92
- --------------------------------------------------
Market Yield 6.50%
- --------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 9.29%
- --------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $569,116
- --------------------------------------------------
Average Effective Maturity (Years) 18.16
- --------------------------------------------------
Leverage-Adjusted Duration 9.51
- --------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN (Inception 6/90)
- --------------------------------------------------
ON SHARE PRICE ON NAV
- --------------------------------------------------
1-Year 14.38% 11.43%
- --------------------------------------------------
5-Year 6.48% 6.63%
- --------------------------------------------------
10-Year 6.09% 6.60%
- --------------------------------------------------
TOP FIVE SECTORS (as a % of total investments)
- --------------------------------------------------
U.S. Guaranteed 21%
- --------------------------------------------------
Tax Obligation/General 15%
- --------------------------------------------------
Transportation 11%
- --------------------------------------------------
Healthcare 11%
- --------------------------------------------------
Tax Obligation/Limited 9%
- --------------------------------------------------
Bar Chart:
2002-2003 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
5/02 0.078
6/02 0.08
7/02 0.08
8/02 0.08
9/02 0.0815
10/02 0.0815
11/02 0.0815
12/02 0.0825
1/03 0.0825
2/03 0.0825
3/03 0.084
4/03 0.084
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
5/1/02 14.8
14.51
14.45
14.62
14.75
15
14.79
15
15.1
15.15
15.05
15.01
15.12
15.17
15.32
15.23
15.22
15.32
15.4
15.55
15.59
15.69
15.65
15.61
14.7
14.41
15
14.8
14.51
14.5
14.57
14.8
14.55
14.7
14.9
15.1
14.8
14.79
14.95
14.99
15.05
15.07
15.12
15.36
15.28
15.39
15.03
15.25
15.17
15.18
15.24
4/30/03 15.34
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen Fund on an after-tax basis. It
is calculated using the current market yield and a federal income tax rate
of 30%.
2 The Fund also paid shareholders capital gains and net ordinary income
distributions in December 2002 of $0.0280 per share.
6
Nuveen Select Quality Municipal Fund, Inc.
Performance
OVERVIEW As of April 30, 2003
NQS
PIE CHART:
CREDIT QUALITY
AAA/U.S. GUARANTEED 68%
AA 8%
A 15%
BBB 7%
NR 1%
BB OR LOWER 1%
PORTFOLIO STATISTICS
- --------------------------------------------------
Share Price $14.76
- --------------------------------------------------
Common Share Net Asset Value $15.41
- --------------------------------------------------
Market Yield 6.67%
- --------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 9.53%
- --------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $522,289
- --------------------------------------------------
Average Effective Maturity (Years) 19.62
- --------------------------------------------------
Leverage-Adjusted Duration 9.25
- --------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN (Inception 3/91)
- --------------------------------------------------
ON SHARE PRICE ON NAV
- --------------------------------------------------
1-Year 10.37% 11.01%
- --------------------------------------------------
5-Year 5.61% 6.67%
- --------------------------------------------------
10-Year 6.17% 6.69%
- --------------------------------------------------
TOP FIVE SECTORS (as a % of total investments)
- --------------------------------------------------
Healthcare 16%
- --------------------------------------------------
U.S. Guaranteed 15%
- --------------------------------------------------
Utilities 14%
- --------------------------------------------------
Transportation 11%
- --------------------------------------------------
Tax Obligation/Limited 9%
- --------------------------------------------------
Bar Chart:
2002-2003 MONTHLY TAX-FREE DIVIDENDS PER SHARE
5/02 0.0775
6/02 0.0795
7/02 0.0795
8/02 0.0795
9/02 0.0805
10/02 0.0805
11/02 0.0805
12/02 0.0805
1/03 0.0805
2/03 0.0805
3/03 0.082
4/03 0.082
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
5/1/02 14.37
14.2
14.15
14.2
14.3
14.6
14.55
14.68
14.67
14.7
14.86
14.7
14.78
14.95
15
14.95
14.89
15.06
15.13
15.14
15.2
15.12
15.23
15.06
14.05
14.2
14.44
14.45
14.42
14.19
14.28
14.42
14.3
14.34
14.5
14.55
14.31
14.32
14.38
14.45
14.52
14.33
14.35
14.47
14.44
14.48
14.34
14.48
14.46
14.4
14.49
4/30/03 14.58
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen Fund on an after-tax basis. It
is calculated using the current market yield and a federal income tax rate
of 30%.
7
Nuveen Quality Income Municipal Fund, Inc.
Performance
OVERVIEW As of April 30, 2003
NQU
PIE CHART:
CREDIT QUALITY
AAA/U.S. GUARANTEED 72%
AA 11%
A 10%
BBB 4%
BB OR LOWER 3%
PORTFOLIO STATISTICS
- --------------------------------------------------
Share Price $14.53
- --------------------------------------------------
Common Share Net Asset Value $15.01
- --------------------------------------------------
Market Yield 6.65%
- --------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 9.50%
- --------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $813,772
- --------------------------------------------------
Average Effective Maturity (Years) 18.32
- --------------------------------------------------
Leverage-Adjusted Duration 10.08
- --------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN (Inception 6/91)
- --------------------------------------------------
ON SHARE PRICE ON NAV
- --------------------------------------------------
1-Year 10.80% 8.37%
- --------------------------------------------------
5-Year 4.61% 5.97%
- --------------------------------------------------
10-Year 6.21% 6.47%
- --------------------------------------------------
TOP FIVE SECTORS (as a % of total investments)
- --------------------------------------------------
Tax Obligation/General 23%
- --------------------------------------------------
U.S. Guaranteed 17%
- --------------------------------------------------
Transportation 12%
- --------------------------------------------------
Utilities 11%
- --------------------------------------------------
Healthcare 9%
- --------------------------------------------------
Bar Chart:
2002-2003 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
5/02 0.077
6/02 0.078
7/02 0.078
8/02 0.078
9/02 0.079
10/02 0.079
11/02 0.079
12/02 0.079
1/03 0.079
2/03 0.079
3/03 0.0805
4/03 0.0805
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
5/1/02 14.15
14.18
14.04
14.05
14.23
14.36
14.18
14.32
14.55
14.84
14.58
14.6
14.55
14.72
14.94
14.69
14.66
14.72
14.81
14.85
14.88
14.89
14.9
14.75
13.68
13.81
14.09
14.1
13.92
13.76
13.92
13.98
13.71
13.64
13.86
14.13
13.69
13.82
13.98
14.17
14.21
13.98
14.01
14.18
14.13
14.13
13.98
14.28
14.22
14.05
14.24
4/30/03 14.37
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen Fund on an after-tax basis. It
is calculated using the current market yield and a federal income tax rate
of 30%.
2 The Fund also paid shareholders a capital gains distribution in December
2002 of $0.0286 per share.
8
Nuveen Premier Municipal Income Fund, Inc.
Performance
OVERVIEW As of April 30, 2003
NPF
PIE CHART:
CREDIT QUALITY
AAA/U.S. GUARANTEED 75%
AA 10%
A 10%
BBB 2%
BB OR LOWER 3%
PORTFOLIO STATISTICS
- ------------------------------------------------------
Share Price $14.97
- ------------------------------------------------------
Common Share Net Asset Value $15.59
- ------------------------------------------------------
Market Yield 6.61%
- ------------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 9.44%
- ------------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $313,287
- ------------------------------------------------------
Average Effective Maturity (Years) 17.49
- ------------------------------------------------------
Leverage-Adjusted Duration 13.16
- ------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN (Inception 12/91)
- ------------------------------------------------------
On Share Price On NAV
- ------------------------------------------------------
1-Year 12.85% 13.33%
- ------------------------------------------------------
5-Year 5.25% 6.84%
- ------------------------------------------------------
10-Year 7.10% 7.16%
- ------------------------------------------------------
TOP FIVE SECTORS (as a % of total investments)
- ------------------------------------------------------
Tax Obligation/General 18%
- ------------------------------------------------------
Tax Obligation/Limited 17%
- ------------------------------------------------------
U.S. Guaranteed 16%
- ------------------------------------------------------
Housing/Multifamily 12%
- ------------------------------------------------------
Water and Sewer 9%
- ------------------------------------------------------
Bar Chart:
2002-2003 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
5/02 0.08
6/02 0.081
7/02 0.081
8/02 0.081
9/02 0.081
10/02 0.081
11/02 0.081
12/02 0.081
1/03 0.081
2/03 0.081
3/03 0.0825
4/03 0.0825
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
5/1/02 14.42
14.4
14.43
14.34
14.46
14.72
14.54
14.58
14.85
14.92
14.9
14.96
14.7
14.98
15
15.01
15.03
15.2
15.24
15.2
15.11
15.34
15.55
15.1
14.35
14.14
14.5
14.59
14.3
14
14.34
14.35
14.18
14.11
14.43
14.57
14.31
14.23
14.3
14.47
14.5
14.29
14.26
14.49
14.53
14.42
14.28
14.49
14.41
14.5
14.62
4/30/03 14.89
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen Fund on an after-tax basis. It
is calculated using the current market yield and a federal income tax rate
of 30%.
2 The Fund also paid shareholders a capital gains and net ordinary income
distribution in December 2002 of $0.0860 per share.
9
Nuveen Investment Quality Municipal Fund, Inc. (NQM)
Portfolio of
INVESTMENTS April 30, 2003 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
ALABAMA - 4.6%
$ 22,225 Jefferson County, Alabama, Sewer Revenue Capital Improvement 2/09 at 101.00 AAA $25,975,469
Warrants, Series 1999-A, 5.750%, 2/01/38 (Pre-refunded
to 2/01/09) - FGIC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
ALASKA - 1.5%
10,000 Northern Tobacco Securitization Corporation, Alaska, Tobacco 6/10 at 100.00 A- 8,581,900
Settlement Asset-Backed Bonds, Series 2000, 6.500%, 6/01/31
- ------------------------------------------------------------------------------------------------------------------------------------
ARKANSAS - 1.6%
3,705 Arkansas Development Finance Authority, Home Mortgage 7/08 at 101.50 AAA 3,922,817
Revenue Bonds, 1998 Series A, 5.150%, 7/01/17
Van Buren County, Arkansas, Sales and Use Tax Revenue Bonds,
Series 2000 Refunding and Construction Bonds:
1,055 5.600%, 12/01/25 - AMBAC Insured 12/10 at 100.00 Aaa 1,161,502
3,600 5.650%, 12/01/31 - AMBAC Insured 12/10 at 100.00 Aaa 3,982,248
- ------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA - 12.7%
8,795 Alameda County, California, Certificates of Participation, 9/06 at 102.00 AAA 10,229,904
Series 1991, Alameda County Public Facilities Corporation,
6.000%, 9/01/21 (Pre-refunded to 9/01/06) - MBIA Insured
5,925 California State Public Works Board, Lease Revenue 6/03 at 102.00 Aa2 6,062,282
Refunding Bonds, The Regents of the University of California,
1993 Series A, Various University of California Projects, 5.500%,
6/01/21
9,740 Huntington Park Redevelopment Agency, California, Single No Opt. Call AAA 14,210,952
Family Residential Mortgage Revenue Refunding Bonds,
1986 Series A, 8.000%, 12/01/19
1,030 Natomas Unified School District, Sacramento County, No Opt. Call AAA 1,233,332
California, General Obligation Bonds, Series 1999 Refunding,
5.950%, 9/01/21 - MBIA Insured
15,770 Ontario Redevelopment Financing Authority, San Bernardino No Opt. Call AAA 22,069,484
County, California, 1995 Revenue Refunding Bonds,
Project No. 1, 7.400%, 8/01/25 - MBIA Insured
13,145 City of Perris, California, Single Family Mortgage Revenue Bonds, No Opt. Call AAA 18,356,467
GNMA Mortgage-Backed Securities, 1988 Series B,
8.200%, 9/01/23 (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
COLORADO - 4.5%
460 Colorado Housing and Finance Authority, Single Family Program 5/06 at 105.00 Aa2 483,106
Senior Bonds, 1996 Series B, 7.450%, 11/01/27
12,450 City and County of Denver, Colorado, Airport System Revenue 11/10 at 100.00 AAA 13,754,262
Refunding Bonds, Series 2000A, 6.000%, 11/15/19 (Alternative
Minimum Tax) - AMBAC Insured
3,200 City and County of Denver, Colorado, Special Facilities Airport 10/03 at 101.00 Ca 937,600
Revenue Bonds, United Air Lines, Inc. Project, Series 1992A,
6.875%, 10/01/32 (Alternative Minimum Tax)#
7,865 Colorado Springs School District No. 11, El Paso County, 12/07 at 125.00 AA- 10,381,485
Colorado, General Obligation Improvement Bonds, Series 1996,
7.125%, 12/01/21
- ------------------------------------------------------------------------------------------------------------------------------------
CONNECTICUT - 2.6%
6,770 State of Connecticut, General Obligation Bonds, 2000 Series B, 6/10 at 100.00 AA*** 7,985,283
5.875%, 6/15/16 (Pre-refunded to 6/15/10)
6,570 Connecticut Housing Finance Authority, Housing Mortgage 11/07 at 102.00 AAA 6,929,116
Finance Program Bonds, 1997 Series C, Subseries C-2,
5.850%, 11/15/28 (Alternative Minimum Tax)
10
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRICT OF COLUMBIA - 6.8%
$ 3,000 District of Columbia, Washington D.C., General Obligation No Opt. Call AAA $ 3,621,930
Bonds, Series 1998B, 6.000%, 6/01/16 - MBIA Insured
15,950 District of Columbia, University Revenue Bonds, Georgetown 4/11 at 31.03 AAA 3,183,939
University Issue, Series 2001A, 0.000%, 4/01/31 - MBIA Insured
6,000 District of Columbia Tobacco Settlement Financing Corporation, 5/11 at 101.00 A- 5,185,260
Tobacco Settlement Asset-Backed Bonds, Series 2001,
6.750%, 5/15/40
23,645 District of Columbia Water and Sewer Authority, Public Utility 4/09 at 160.00 AAA 26,866,158
Revenue Bonds, Series 1998, 5.500%, 10/01/23 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
GEORGIA - 5.4%
17,500 City of Atlanta, Georgia, Airport General Revenue and Refunding 1/10 at 101.00 AAA 19,062,925
Bonds, Series 2000A, 5.600%, 1/01/30 - FGIC Insured
2,000 Development Authority of the City of Dalton, Georgia, Revenue No Opt. Call AAA 2,223,380
Certificates, Hamilton Health Care System, Series 1996,
5.500%, 8/15/26 - MBIA Insured
5,980 Development Authority of Fulton County, Georgia, Revenue 9/11 at 102.00 AAA 6,568,432
Bonds, TUFF/Atlanta Housing, LLC Project at Georgia State
University, Series 2001A, 5.500%, 9/01/22 - AMBAC Insured
2,250 Municipal Electric Authority of Georgia, Project One Special No Opt. Call A+ 2,778,390
Obligation Bonds, Fourth Crossover Series, 6.500%, 1/01/20
- ------------------------------------------------------------------------------------------------------------------------------------
IDAHO - 0.9%
4,810 Boise City, Idaho, Revenue Refunding Bonds, Series 2001A, 12/11 at 100.00 Aaa 5,108,557
5.375%, 12/01/31 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
ILLINOIS - 10.6%
4,705 Village of Bourbonnais, Illinois, Industrial Project Revenue Bonds, 3/10 at 101.00 AA 5,254,591
Olivet Nazarene University Project, Series 2000,
6.250%, 3/01/20 - RAAI Insured
9,000 City of Chicago, Illinois, Chicago O'Hare International Airport, No Opt. Call Ca 2,317,500
Special Facility Revenue Bonds, United Air Lines, Inc. Project,
Series 2001A, 6.375%, 11/01/35 (Alternative Minimum Tax)
(Mandatory put 5/01/13)#
7,500 Community College District No. 508, Cook County, Illinois, No Opt. Call AAA 9,196,350
Certificates of Participation, 8.750%, 1/01/07 - FGIC Insured
2,110 Illinois Development Finance Authority, Local Government 1/11 at 100.00 Aaa 2,386,959
Program Revenue Bonds, Series 2000, Elmhurst Community
Unit School District Number 205 Project, 6.000%, 1/01/19 -
FSA Insured
12,725 School District No. 46, Elgin, Counties of Kane, Cook and No Opt. Call Aaa 16,690,492
DuPage, Illinois, School Bonds, Series 1997, 7.800%, 1/01/12 -
FSA Insured
6,300 Community Unit School District Number 7, Madison County, No Opt. Call AAA 7,493,913
Illinois, School Building Bonds, Series 1994, 5.850%, 2/01/13 -
FGIC Insured
3,585 City of Pekin, Illinois, Multifamily Housing Refunding Revenue 5/03 at 103.00 AAA 3,695,203
Bonds, Series 1992A, FHA-Insured Mortgage Loan -
Section 8 Assisted Project, 6.875%, 5/01/22
5,390 Regional Transportation Authority, Cook, DuPage, Kane, Lake, No Opt. Call AAA 6,793,394
McHenry and Will Counties, Illinois, General Obligation Bonds,
Series 1992A, 9.000%, 6/01/07 - AMBAC Insured
860 Regional Transportation Authority, Cook, DuPage, Kane, No Opt. Call AAA 1,083,918
Lake, McHenry and Will Counties, Illinois, General Obligation
Bonds, Series 1992B, 9.000%, 6/01/07 - AMBAC Insured
1,180 Channahon School District Number 17, Will County, Illinois, No Opt. Call Aaa 1,650,301
General Obligation School Building Bonds, Series 2001,
8.400%, 12/01/13 - AMBAC Insured
Joliet High School District Number 204, Joliet, Illinois,
General Obligation Bonds, Series 2001:
1,145 8.700%, 12/01/13 - FSA Insured No Opt. Call AAA 1,630,320
1,300 8.700%, 12/01/14 - FSA Insured No Opt. Call AAA 1,881,893
- ------------------------------------------------------------------------------------------------------------------------------------
INDIANA - 3.5%
5,530 Allen County Jail Building Corporation, Indiana, First Mortgage 4/11 at 101.00 Aa3 6,151,849
Bonds, Series 2000, 5.750%, 4/01/20
1,880 City of Indianapolis, Indiana, Multifamily Housing Mortgage 7/10 at 102.00 Aaa 2,012,352
Revenue Bonds, Series 2000, GNMA Collateralized Mortgage
Loan - Cloverleaf Phase I Apartments Project, 6.000%, 1/20/31
11
Nuveen Investment Quality Municipal Fund, Inc. (NQM) (continued)
Portfolio of INVESTMENTS April 30, 2003 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
INDIANA (continued)
$ 5,065 M.S.D. of Steuben County K-5 Building Corporation, First Mortgage 7/10 at 101.00 AAA $ 5,912,628
Bonds, Indiana, Series 2000, Non-Bank Qualified,
6.125%, 1/15/21 - FSA Insured
2,495 City of Shelbyville, Indiana, Multifamily Housing Mortgage 7/10 at 102.00 Aaa 2,671,222
Revenue Bonds, GNMA Collateralized Mortgage Loan -
Blueridge Terrace Project, Series 2000, 6.050%, 1/20/36
2,765 Wayne County Jail Holding Corporation, Indiana, First Mortgage 1/13 at 101.00 AAA 3,234,082
Bonds, Series 2001, 5.750%, 7/15/14 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
IOWA - 1.9%
5,290 Iowa Finance Authority, Mortgage Revenue Bonds, Abbey 11/10 at 103.50 Aaa 5,774,987
Healthcare, Series 2000A, GNMA Guaranteed, 6.200%, 5/20/42
4,695 Iowa Finance Authority, Mortgage Revenue Bonds, GNMA 11/10 at 103.50 Aaa 5,020,082
Collateralized Mortgage Loan - Abbey Healthcare West
Des Moines GEAC Project, Series 2001A, 6.000%, 5/20/43
- ------------------------------------------------------------------------------------------------------------------------------------
KANSAS - 1.7%
3,440 Sedgwick and Shawnee Counties, Kansas, Single Family No Opt. Call Aaa 3,751,870
Mortgage Revenue Bonds, Mortgaged-Backed Securities
Program, 1997 Series A-1, 6.950%, 6/01/29 (Alternative
Minimum Tax)
4,365 City of Topeka, Kansas, Industrial Revenue Refunding Bonds, 8/16 at 100.00 AAA 6,135,400
Series 1988, Sunwest Hotel Corporation Project,
9.500%, 10/01/16 (Alternative Minimum Tax)
(Pre-refunded to 8/15/16)
- ------------------------------------------------------------------------------------------------------------------------------------
KENTUCKY - 2.8%
2,000 Jefferson County, Kentucky, Health Facilities Revenue Refunding 1/07 at 102.00 AAA 2,201,520
Bonds, Jewish Hospital Healthcare Services, Inc., Series 1996,
5.700%, 1/01/21 - AMBAC Insured
12,500 County of Jefferson, Kentucky, Pollution Control Revenue Bonds, 4/05 at 102.00 AAA 13,697,500
1995 Series A, Louisville Gas and Electric Company Project,
5.900%, 4/15/23 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
LOUISIANA - 7.3%
3,125 East Baton Rouge Mortgage Finance Authority, Louisiana, 10/07 at 102.00 Aaa 3,283,625
Single Family Mortgage Revenue Refunding Bonds, GNMA
and FNMA Mortgage-Backed Securities Program, Series 1997D,
5.900%, 10/01/30 (Alternative Minimum Tax)
2,350 Parish of Jefferson, Louisiana, Home Mortgage Authority, 12/09 at 103.00 Aaa 2,606,785
Single Family Mortgage Revenue Refunding Bonds,
Series 2000A-2, 7.500%, 12/01/30 (Alternative
Minimum Tax)
Parish of Jefferson Home Mortgage Authority, Louisiana, Single
Family Mortgage Revenue Bonds, Series 2000G-2:
3,175 6.300%, 6/01/32 (Alternative Minimum Tax) 12/10 at 102.00 Aaa 3,524,345
1,995 5.550%, 6/01/32 (Alternative Minimum Tax) 12/10 at 102.00 Aaa 2,061,992
965 Louisiana Public Facilities Authority, Extended Care Facilities No Opt. Call BBB 987,967
Revenue Bonds, Comm-Care Corporation Project,
Series 1994, 11.000%, 2/01/04
11,545 Orleans Parish School Board, Louisiana, Public School Refunding No Opt. Call AAA 15,343,305
Bonds, Series 1987, 9.000%, 2/01/09 - MBIA Insured
17,310 Tobacco Settlement Financing Corporation, Louisiana, Asset-Backed 5/11 at 101.00 A- 13,586,965
Bonds, Series 2001B, 5.875%, 5/15/39
- ------------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS - 5.1%
12,000 Commonwealth of Massachusetts, General Obligation Bonds, 10/10 at 100.00 AAA 14,040,960
Consolidated Loan Series 2000C, 5.750%, 10/01/19
(Pre-refunded to 10/01/10)
5,000 Commonwealth of Massachusetts, General Obligation Bonds, 9/09 at 101.00 AAA 5,913,350
Consolidated Loan Series 1999C, 5.875%, 9/01/17
(Pre-refunded to 9/01/09)
5,285 Massachusetts Development Finance Agency, Assisted Living 12/09 at 102.00 N/R 5,325,166
Revenue Bonds, Prospect House Apartment Project, Series 1999,
7.000%, 12/01/31
1,640 Massachusetts Health and Educational Facilities Authority, 7/11 at 100.00 BBB 1,714,226
Revenue Bonds, UMass Memorial Healthcare Project,
Series 2001C, 6.500%, 7/01/21
2,000 Massachusetts Industrial Finance Agency, Resource Recovery 12/08 at 102.00 BBB 1,841,640
Revenue Refunding Bonds, Ogden Haverhill Project,
Series 1998A, 5.600%, 12/01/19 (Alternative Minimum Tax)
12
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
MICHIGAN - 4.1%
$ 4,250 School District of the City of Detroit, Wayne County, 5/12 at 100.00 AAA $ 4,665,650
Michigan, School Building and Site Improvement Bonds,
Unlimited Tax General Obligation, Series 2001A,
5.500%, 5/01/20 - FSA Insured
10,215 City of Detroit, Michigan, Water Supply System Revenue and No Opt. Call AAA 12,830,449
Revenue Refunding Bonds, Series 1993, 6.500%, 7/01/15 -
FGIC Insured
5,100 City of Detroit, Michigan, Water Supply System Revenue Senior 7/11 at 101.00 AAA 6,033,198
Lien Bonds, 2001 Series A, 5.750%, 7/01/28 (Pre-refunded
to 7/01/11) - FGIC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
MINNESOTA - 6.3%
5,000 Dakota County Housing and Redevelopment Authority, No Opt. Call AAA 7,357,850
Washington County Housing and Redevelopment Authority
and City of Bloomington, Minnesota, Single Family Residential
Mortgage Revenue Bonds, Mortgage-Backed Program,
Series 1988, 8.450%, 9/01/19 (Alternative Minimum Tax)
3,311 City of Eden Prairie, Minnesota, Multifamily Housing Revenue 12/10 at 103.50 Aaa 3,692,229
Bonds, Series 2000, GNMA Collateralized Mortgage Loan -
Lincoln Parc Project, Series 2000A-1, 6.550%, 12/20/30
2,860 City of Hopkins, Minnesota, Elderly Housing Revenue Refunding 3/04 at 102.00 AAA 3,043,440
Bonds, St. Therese Southwest, Inc. Project, Series 1994A,
6.500%, 3/01/19 (Pre-refunded to 3/01/04) - RAAI Insured
20,000 Minnesota Agricultural and Economic Development Board, 11/10 at 101.00 A 21,709,600
Healthcare System Revenue Bonds, Series 2000A, Fairview
Health Services, 6.375%, 11/15/29
- ------------------------------------------------------------------------------------------------------------------------------------
MISSOURI - 1.8%
7,730 Industrial Development Authority of Kansas City, Missouri, 1/07 at 102.00 AAA 8,344,922
Multifamily Housing Revenue Bonds, Series 1997, Royal Woods
Apartments Project, 5.600%, 1/01/30 (Alternative Minimum Tax)
(Mandatory put 1/01/10)
830 Missouri Housing Development Commission, Single Family 3/07 at 105.00 AAA 887,287
Mortgage Revenue Bonds, Homeownership L Program,
1997 Series A-2, 7.300%, 3/01/28 (Alternative Minimum Tax)
1,250 Health and Educational Facilities Authority of the State 6/11 at 101.00 AAA 1,294,138
of Missouri, Revenue Bonds, SSM Health Care Project,
Series 2001A, 5.250%, 6/01/28 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
NEBRASKA - 2.6%
3,200 Nebraska Higher Education Loan Program, Inc., Student Loan 3/04 at 102.00 AAA 3,293,184
Program Revenue Bonds, 1993 Series B, 5.875%, 6/01/14
(Alternative Minimum Tax) - MBIA Insured
11,375 Nebraska Investment Finance Authority, Single Family Housing 3/05 at 101.50 AAA 11,786,547
Revenue Bonds, 1995 Series B, 6.450%, 3/01/35 (Alternative
Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
NEVADA - 5.0%
11,000 Clark County School District, Nevada, General Obligation Bonds, 6/12 at 100.00 AAA 12,157,530
Series 2002C, 5.500%, 6/15/19 - MBIA Insured
14,530 Director of the State of Nevada, Department of Business and 1/10 at 102.00 AAA 16,036,906
Industry, Las Vegas Monorail Project Revenue Bonds, 1st Tier
Series 2000, 5.625%, 1/01/34 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
NEW YORK - 10.0%
7,770 Metropolitan Transportation Authority, New York, Commuter 7/09 at 100.00 AAA 8,955,547
Facilities Revenue Bonds, Series 1997C, 5.375%, 7/01/27
(Pre-refunded to 7/01/09) - FGIC Insured
The City of New York, New York, General Obligation Bonds, Fiscal
1997 Series G:
95 6.000%, 10/15/26 (Pre-refunded to 10/15/07) 10/07 at 101.00 Aaa 111,541
9,905 6.000%, 10/15/26 10/07 at 101.00 A 10,503,955
7,000 New York City Municipal Water Finance Authority, New York, 6/06 at 101.00 AAA 7,756,630
Water and Sewer System Revenue Bonds, Fiscal 1996 Series B,
5.750%, 6/15/26 - MBIA Insured
3,300 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AA*** 4,069,230
Water and Sewer System Revenue Bonds, Fiscal 2000 Series B,
6.500%, 6/15/31 (Pre-refunded to 6/15/10)
5,000 New York City Transitional Finance Authority, New York, Future 5/10 at 101.00 AA+ 5,428,850
Tax Secured Bonds, Fiscal 2000 Series C, 5.500%, 11/01/24
16,445 Port Authority of New York and New Jersey, Special Project No Opt. Call AAA 20,071,780
Bonds, Series 6, JFK International Air Terminal LLC Project,
7.000%, 12/01/12 (Alternative Minimum Tax) - MBIA Insured
13
Nuveen Investment Quality Municipal Fund, Inc. (NQM) (continued)
Portfolio of INVESTMENTS April 30, 2003 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA - 5.8%
$ 2,795 Charlotte, North Carolina, FHA-Insured Mortgage Revenue Bonds, 11/07 at 100.00 AAA $ 2,985,200
Double Oaks Apartments, 7.350%, 5/15/26
19,775 North Carolina Eastern Municipal Power Agency, Power System 1/07 at 102.00 AAA 22,326,964
Revenue Bonds, Refunding Series 1996, 5.875%, 1/01/21 -
MBIA Insured
7,420 North Carolina Medical Care Commission, Health System 10/11 at 101.00 AA 7,622,195
Revenue Bonds, Saint Joseph Health System, Series 2001,
5.250%, 10/01/26
- ------------------------------------------------------------------------------------------------------------------------------------
OHIO - 1.6%
8,650 County of Cuyahoga, Ohio, Hospital Improvement Revenue Bonds, 2/09 at 101.00 A- 9,040,894
Series 1999, The Metrohealth System Project, 6.150%, 2/15/29
- ------------------------------------------------------------------------------------------------------------------------------------
OKLAHOMA - 0.3%
3,300 Trustees of the Tulsa Municipal Airport Trust, Oklahoma, Revenue 12/08 at 100.00 CCC 1,848,825
Bonds, Refunding Series 2000B, 6.000%, 6/01/35 (Alternative
Minimum Tax) (Mandatory put 12/01/08)
- ------------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA - 3.2%
11,000 Commonwealth of Pennsylvania, General Obligation Bonds, 10/09 at 101.00 AAA 12,582,900
2nd Series of 1999, 5.750%, 10/01/18 - MBIA Insured
5,000 City of Philadelphia, Pennsylvania, General Obligation Bonds, 3/11 at 100.00 AAA 5,409,650
Series 2000, 5.250%, 9/15/18 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
PUERTO RICO - 0.3%
1,500 Puerto Rico Infrastructure Financing Authority, Special Obligation 10/10 at 101.00 AAA 1,647,345
Bonds, 2000 Series A, 5.500%, 10/01/40
- ------------------------------------------------------------------------------------------------------------------------------------
RHODE ISLAND - 5.5%
4,665 Newport Housing Development Corporation, Rhode Island, 6/03 at 100.00 AAA 5,199,562
1995 Multifamily Mortgage Revenue Refunding Bonds,
Broadway-West Apartments, FHA-Insured Mortgage Bonds - Section
8 Assisted Project, Series A, 6.800%, 8/01/24
24,000 Rhode Island Health and Educational Building Corporation, 5/07 at 102.00 AAA 26,056,560
Hospital Financing Revenue Bonds, Lifespan Obligated Group
Issue, Series 1996, 5.750%, 5/15/23 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA - 1.5%
10,000 Tobacco Settlement Revenue Management Authority, 5/11 at 101.00 A- 8,592,100
South Carolina, Tobacco Settlement Asset-Backed Bonds,
Series 2001B, 6.375%, 5/15/28
- ------------------------------------------------------------------------------------------------------------------------------------
TEXAS - 14.7%
3,135 Austin Housing Finance Corporation, Texas, Multifamily Housing 12/10 at 105.00 Aaa 3,585,907
Revenue Bonds, Series 2000A, GNMA Collateralized Mortgage
Loan - Santa Maria Village Project, 7.375%, 6/20/35
(Alternative Minimum Tax)
13,400 Bexar County Housing Finance Corporation, Texas, Multifamily 5/16 at 100.00 N/R 13,410,988
Housing Revenue Bonds, American Opportunity for Housing,
Series 2001A, 7.500%, 5/01/33
3,000 Bexar County Housing Finance Corporation, Texas, Multifamily 5/16 at 100.00 N/R 3,000,000
Housing Revenue Bonds, American Opportunity for
Housing, Series 2001B, 8.250%, 5/01/33
18,710 Clear Creek Independent School District, Galveston and Harris 2/10 at 100.00 AAA 20,341,512
Counties, Texas, Unlimited Tax Schoolhouse and Refunding
Bonds, Series 2000, 5.500%, 2/15/22
Dallas Housing Corporation, Texas, Refunding and Capital Program
Revenue Bonds, Section 8 Assisted Projects, Series 1990:
645 7.700%, 8/01/05 8/03 at 100.00 Baa1 645,716
2,000 7.850%, 8/01/13 8/03 at 100.00 Baa1 2,064,000
14
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TEXAS (continued)
Harris County Hospital District, Texas, Refunding Revenue Bonds,
Series 1990:
$ 5,535 7.400%, 2/15/10 - AMBAC Insured No Opt. Call AAA $ 6,365,637
7,640 7.400%, 2/15/10 - AMBAC Insured No Opt. Call AAA 9,015,047
5,000 Harris County Hospital District, Texas, Refunding Revenue Bonds, 8/10 at 100.00 AAA 5,660,150
Series 2000, 6.000%, 2/15/14 - MBIA Insured
2,256 Heart of Texas Housing Finance Corporation, Multifamily Housing 6/10 at 105.00 AAA 2,571,344
Revenue Bonds, Series 2000A, GNMA Collateralized Mortgage
Loan - Robinson Garden Project, 7.375%, 6/20/35 (Alternative
Minimum Tax)
3,960 Stafford Economic Development Corporation, Texas, Sales 9/15 at 100.00 AAA 4,306,025
Tax Revenue Bonds, Series 2000, 5.500%, 9/01/30 - FGIC Insured
6,865 Tarrant County Health Facilities Development Corporation, 12/10 at 105.00 Aaa 8,299,442
Texas, Mortgage Revenue Bonds, GNMA Collateralized
Mortgage Loan - Eastview Nursing Home, Ebony Lake Nursing
Center, Ft. Stockton Nursing Center, Lynnhaven Nursing Center
and Mission Oaks Manor, Series 2000A-1, 7.500%, 12/20/22
3,965 Tyler Health Facilities Development Corporation, Texas, 11/07 at 102.00 AAA 4,209,403
Hospital Revenue Bonds, East Texas Medical Center,
Series 1997C, 5.600%, 11/01/27 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
VIRGINIA - 0.3%
1,970 City of Virginia Beach Development Authority, Virginia, 10/14 at 102.00 N/R 1,957,648
Multifamily Residential Rental Housing Revenue Bonds, The
Hamptons and Hampton Court Apartments Project, Series 1999,
7.500%, 10/01/39 (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
WASHINGTON - 11.1%
17,075 Port of Seattle, Washington, Limited Tax General Obligation 12/10 at 100.00 AA+ 18,167,971
Bonds, 2000 Series B, 5.750%, 12/01/25 (Alternative Minimum Tax)
5,000 Port of Seattle, Washington, Revenue Bonds, Series 2001B, 10/11 at 100.00 AAA 5,424,700
5.625%, 4/01/17 (Alternative Minimum Tax) - FGIC Insured
16,750 Port of Seattle, Washington, Revenue Bonds, Series 2000A, 8/10 at 100.00 AAA 18,384,800
5.625%, 2/01/30 - MBIA Insured
175 State of Washington, General Obligation Bonds, Series 1993A, 10/03 at 100.00 AA+*** 177,683
4.750%, 10/01/13 (Pre-refunded to 10/01/03)
16,060 Washington Public Power Supply System, Nuclear Project No. 3 7/03 at 102.00 AAA 16,502,935
Refunding Revenue Bonds, Series 1993B, 5.600%, 7/01/15
(Pre-refunded to 7/01/03) - MBIA Insured
4,500 Washington Public Power Supply System, Nuclear Project 7/03 at 102.00 Aa1 4,598,820
No. 3 Refunding Revenue Bonds, Series 1993C,
5.375%, 7/01/15
- ------------------------------------------------------------------------------------------------------------------------------------
WISCONSIN - 1.7%
4,850 State of Wisconsin, General Obligation Bonds, Series 2001-1 No Opt. Call AAA 5,595,397
Refunding, 5.500%, 5/01/13 - MBIA Insured
Wisconsin Health and Educational Facilities Authority, Revenue
Bonds, Series 2000, Eagle River Memorial Hospital, Incorporated
Project:
1,000 5.750%, 8/15/20 - RAAI Insured 8/10 at 101.00 AA 1,068,360
3,000 5.875%, 8/15/30 - RAAI Insured 8/10 at 101.00 AA 3,206,908
- ------------------------------------------------------------------------------------------------------------------------------------
$ 780,417 Total Long-Term Investments (cost $783,930,457) - 149.3% 849,627,883
=============-----------------------------------------------------------------------------------------------------------------------
15
Nuveen Investment Quality Municipal Fund, Inc. (NQM) (continued)
Portfolio of INVESTMENTS April 30, 2003 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 1.1%
$ 1,000 Michigan Strategic Fund, Variable Rate Demand Limited A-1 $ 1,000,000
Obligation Revenue Bonds, Series 2001A, Detroit
Symphony Orchestra Project, 1.350%, 6/01/31+
2,000 Multnomah County, Oregon, Higher Education Revenue VMIG-1 2,000,000
Bonds, Series 1999, Concordia University Project, Variable
Rate Demand Bonds, 1.400%, 12/01/29+
3,300 Nebraska Educational Finance Authority, Variable Rate VMIG-1 3,300,000
Demand Revenue Bonds, Creighton Refunding, Series 2001,
1.350%, 8/01/31+
- ------------------------------------------------------------------------------------------------------------------------------------
$ 6,300 Total Short-Term Investments (cost $6,300,000) 6,300,000
=============-----------------------------------------------------------------------------------------------------------------------
Total Investments (cost $790,230,457) - 150.4% 855,927,883
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.5% 14,188,191
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (52.9)% (301,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $569,116,074
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares.
* 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.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of
principal and interest. Such securities are normally
considered to be equivalent to AAA rated securities.
# On December 9, 2002, UAL Corporation, the holding
company of United Air Lines, Inc., filed for federal
bankruptcy protection. The Adviser determined that it
was likely United would not remain current on their
interest payment obligation with respect to these bonds
and thus has stopped accruing interest.
N/R Investment is not rated.
+ 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.
16
Nuveen Select Quality Municipal Fund, Inc. (NQS)
Portfolio of
INVESTMENTS April 30, 2003 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
ALABAMA - 4.0%
$ 4,000 Jefferson County, Alabama, Sewer Revenue Capital Improvement 2/09 at 101.00 AAA $ 4,595,640
Warrants, Series 1999-A, 5.375%, 2/01/36 (Pre-refunded
to 2/01/09) - FGIC Insured
10,000 Health Care Authority of Lauderdale County and the City 7/10 at 102.00 AAA 11,211,100
of Florence, Alabama, Series 2000A, Coffee Health Group
Project, 6.000%, 7/01/29 - FSA Insured
5,155 Phenix City Industrial Development Board, Alabama, 5/12 at 100.00 BBB 5,152,680
Environmental Improvement Revenue Bonds, MeadWestvaco
Project, 2002A, 6.350%, 5/15/35 (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
ARKANSAS - 1.1%
4,500 City of Little Rock, Arkansas, Hotel and Restaurant Gross No Opt. Call A3 5,659,290
Receipts Tax Refunding Bonds, Series 1993, 7.375%, 8/01/15
- ------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA - 0.1%
550 California Pollution Control Financing Authority, Pollution Control 4/11 at 102.00 AAA 599,742
Refunding Revenue Bonds, Pacific Gas and Electric Company,
Series 1996A Remarketed, 5.350%, 12/01/16 (Alternative
Minimum Tax) - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
COLORADO - 8.4%
11,000 State of Colorado Department of Transportation, Revenue 6/10 at 100.50 AAA 13,098,580
Anticipation Bonds, Series 2000, 6.000%, 6/15/15
(Pre-refunded to 6/15/10) - AMBAC Insured
9,250 Colorado Health Facilities Authority, Remarketed Revenue 7/06 at 102.00 A 9,546,370
Bonds, 1994 Series A, Kaiser Permanente Project,
5.350%, 11/01/16
16,995 City and County of Denver, Colorado, Airport System Revenue 11/10 at 100.00 AAA 17,954,368
Refunding Bonds, Series 2000A, 5.625%, 11/15/23
(Alternative Minimum Tax) - AMBAC Insured
12,355 Northwest Parkway Public Highway Authority, Colorado, Revenue 6/11 at 40.52 AAA 3,220,578
Bonds, Series 2001B, Senior Bonds, 0.000%, 6/15/26 -
FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
CONNECTICUT - 1.7%
9,285 Connecticut Development Authority, Health Facility Refunding 8/04 at 102.00 N/R 8,755,848
Revenue Bonds, Alzheimer's Resource Center of Connecticut,
Inc. Project, Series 1994A, 7.250%, 8/15/21
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRICT OF COLUMBIA - 3.2%
District of Columbia, Washington D.C., General Obligation Bonds,
Series 1998B:
5,000 6.000%, 6/01/19 - MBIA Insured No Opt. Call AAA 6,041,300
7,265 5.250%, 6/01/26 - FSA Insured 6/08 at 101.00 AAA 7,498,933
3,380 District of Columbia Tobacco Settlement Financing Corporation, 5/11 at 101.00 A- 3,108,079
Tobacco Settlement Asset-Backed Bonds, Series 2001,
6.250%, 5/15/24
- ------------------------------------------------------------------------------------------------------------------------------------
FLORIDA - 3.8%
5,665 Florida Housing Finance Corporation, Housing Revenue Bonds, 7/10 at 100.00 AAA 6,007,393
Park at Palm Bay Project , 2000 Series R-2, 5.875%, 7/01/32
(Alternative Minimum Tax) - FSA Insured
4,550 JEA, Florida, Water and Sewer System Revenue Bonds, 4/07 at 100.00 AAA 4,870,138
Series 2002A, 5.375%, 10/01/30 - MBIA Insured
Lee County, Florida, Airport Revenue Bonds, Series 2000A:
3,075 5.875%, 10/01/18 (Alternative Minimum Tax) - FSA Insured 10/10 at 101.00 AAA 3,396,614
4,860 5.875%, 10/01/19 (Alternative Minimum Tax) - FSA Insured 10/10 at 101.00 AAA 5,345,563
17
Nuveen Select Quality Municipal Fund, Inc. (NQS) (continued)
Portfolio of INVESTMENTS April 30, 2003 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
GEORGIA - 0.8%
$ 3,750 City of Atlanta, Georgia, Airport General Revenue Bonds, 1/10 at 101.00 AAA $ 3,928,875
Series 2000B, 5.625%, 1/01/30 (Alternative Minimum
Tax) - FGIC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
ILLINOIS - 15.7%
5,000 City of Chicago, Illinois, General Obligation Bonds, Project and 1/06 at 102.00 AAA 5,101,900
Refunding Bonds, Series 1996B, 5.125%, 1/01/25 - FGIC Insured
5,865 City of Chicago, Illinois, General Obligation Bonds, Neighborhoods 7/10 at 101.00 AAA 7,195,475
Alive 21 Program, Series 2000A, 6.500%, 1/01/35 (Pre-refunded
to 7/01/10) - FGIC Insured
School Reform Board of Trustees of the Board of Education of the
City of Chicago, Illinois, Unlimited Tax General Obligation
Bonds, Dedicated Tax Revenues, Series 1997:
4,000 5.750%, 12/01/20 - AMBAC Insured 12/07 at 102.00 AAA 4,522,960
10,000 5.750%, 12/01/27 - AMBAC Insured 12/07 at 102.00 AAA 11,062,800
7,555 School Reform Board of Trustees of the Board of Education 12/07 at 102.00 AAA 7,927,688
of the City of Chicago, Illinois, Unlimited Tax General Obligation
Bonds, Dedicated Tax Revenues, Series 1997A, 5.250%, 12/01/27 -
AMBAC Insured
3,415 School Reform Board of Trustees of the Board of Education of No Opt. Call AAA 1,036,350
the City of Chicago, Illinois, Unlimited Tax General Obligation
Bonds, Dedicated Tax Revenues, Series 1998A, 0.000%, 12/01/25 -
FGIC Insured
5,000 City of Chicago, Illinois, Chicago O'Hare International Airport, No Opt. Call Ca 1,287,500
Special Facility Revenue Bonds, United Air Lines Inc. Project,
Series 2001A, 6.375%, 11/01/35 (Alternative Minimum Tax)
(Mandatory put 5/01/13)##
15,000 City of Chicago, Illinois, Chicago O'Hare International Airport, 1/11 at 101.00 AAA 15,416,250
Second Lien Passenger Facility Charge Revenue Bonds,
Series 2001A, 5.375%, 1/01/32 (Alternative Minimum Tax) -
AMBAC Insured
City of Chicago, Illinois, Chicago O'Hare International Airport,
Second Lien Passenger Facility Charge Revenue Bonds, Series
2001C:
3,770 5.100%, 1/01/26 (Alternative Minimum Tax) - AMBAC Insured 1/11 at 101.00 AAA 3,802,610
5,360 5.250%, 1/01/32 (Alternative Minimum Tax) - AMBAC Insured 1/11 at 101.00 AAA 5,454,818
2,000 Illinois Health Facilities Authority, Revenue Bonds, Midwest 2/11 at 102.00 Aaa 2,112,340
Care Center, Inc., Series 2001, 5.950%, 2/20/36
Illinois Health Facilities Authority, Revenue Bonds, Condell
Medical Center, Series 2002:
10,000 5.750%, 5/15/22 5/12 at 100.00 A3 10,410,800
4,000 5.500%, 5/15/32 5/12 at 100.00 A3 4,061,080
2,920 Metropolitan Pier and Exposition Authority, Illinois, McCormick 6/12 at 101.00 AAA 2,991,190
Place Expansion Project Revenue Bonds, Series 2002A,
5.000%, 12/15/28 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
INDIANA - 5.0%
4,640 Avon Community School Building Corporation, Hendricks 7/04 at 101.00 AAA 4,922,019
County, Indiana, First Mortgage Bonds, Series 1994,
5.500%, 1/01/16 (Pre-refunded to 7/01/04) - MBIA Insured
4,675 Beacon Heights Housing Development Corporation, Indiana, 6/03 at 100.00 AAA 4,683,228
1991 Multifamily Mortgage Revenue Refunding Bonds,
FHA-Insured Mortgage - Section 8 Assisted Project, Series A,
7.625%, 2/01/21
4,920 Indiana Housing Finance Authority, Single Family Mortgage 1/10 at 100.00 Aaa 5,191,043
Revenue Bonds, 2000 Series D-3, 5.950%, 7/01/26 (Alternative
Minimum Tax)
5,125 City of Indianapolis, Indiana, Economic Development Revenue 7/06 at 102.00 D 2,050,000
Bonds, Willowbrook Apartments Project, Senior Series 1996A,
6.500%, 7/01/26#
990 Michigan City Housing Development Corporation, Indiana, 6/03 at 100.00 AAA 992,030
1991 Multifamily Mortgage Revenue Refunding Bonds,
FHA-Insured Mortgage - Section 8 Assisted Project, Series A,
7.625%, 2/01/21
7,660 Hospital Authority of St. Joseph County, Indiana, Health 2/11 at 100.00 AAA 8,104,433
System Revenue Bonds, Series 2000, Memorial Health System,
5.625%, 8/15/33 - AMBAC Insured
18
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
KANSAS - 1.0%
$ 5,000 Burlington, Kansas, Environmental Improvement Revenue Bonds, No Opt. Call A2 $ 5,171,650
Kansas City Power and Light Company Project, Series 1998A,
4.750%, 9/01/15 (Mandatory put 10/01/07)
- ------------------------------------------------------------------------------------------------------------------------------------
KENTUCKY - 0.6%
3,015 Lakeland Wesley Village, Inc., Kentucky, Mortgage Revenue 5/03 at 100.00 N/R 3,042,256
Refunding Bonds, Lakeland Wesley Village Section 8
Assisted Project - FHA Insured Mortgage, Series 1991,
7.500%, 11/01/21
- ------------------------------------------------------------------------------------------------------------------------------------
MARYLAND - 1.7%
7,500 Maryland Health and Higher Educational Facilities Authority, 7/09 at 101.00 AA*** 8,939,850
Revenue Bonds, Johns Hopkins University Issue, Series 1999,
6.000%, 7/01/39 (Pre-refunded to 7/01/09)
- ------------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS - 1.8%
7,375 Boston Housing Development Corporation, Massachusetts, 1/04 at 102.00 AAA 7,484,814
Mortgage Revenue Refunding Bonds, Series 1994A, FHA-Insured
Mortgage Loans - Section 8 Assisted Projects, 5.500%, 7/01/24 -
MBIA Insured
1,885 Massachusetts Educational Financing Authority, Education 12/09 at 101.00 AAA 2,093,556
Loan Revenue and Refunding Bonds, Issue G, Series 2000A,
5.700%, 12/01/11 (Alternative Minimum Tax) - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
MICHIGAN - 8.9%
10,000 City of Detroit, Michigan, Sewage Disposal System Revenue 1/10 at 101.00 AAA 11,716,100
Bonds, Series 1999-A, 5.750%, 7/01/26 (Pre-refunded to
1/01/10) - FGIC Insured
3,625 Fowlerville Community Schools, Counties of Livingston, Ingham 5/07 at 100.00 AAA 4,111,004
and Shiawassee, State of Michigan, 1996 School Building
and Site Bonds, 5.600%, 5/01/26 (Pre-refunded to 5/01/07) -
MBIA Insured
3,275 Michigan State Hospital Finance Authority, Revenue and 8/03 at 102.00 BBB- 2,921,890
Refunding Bonds, Detroit Medical Center Obligated Group,
Series 1993A, 6.500%, 8/15/18
6,525 Michigan State Hospital Finance Authority, Revenue Bonds, 11/09 at 101.00 AAA 7,733,365
Ascension Health Credit Group, Series 1999A, 5.750%, 11/15/16
(Pre-refunded to 11/15/09) - MBIA Insured
6,000 Michigan Strategic Fund, Limited Obligation Refunding Revenue 9/11 at 100.00 A- 6,169,260
Bonds, Detroit Edison Company Pollution Control Project Bonds,
Collateralized Series 1999C, Fixed-Rate Conversion,
5.650%, 9/01/29 (Alternative Minimum Tax)
7,500 Michigan Strategic Fund, Limited Obligation Revenue Bonds, 12/12 at 100.00 AAA 7,794,375
Detroit Edison Company, Series 2002C Refunding,
5.450%, 12/15/32 (Alternative Minimum Tax) - XLCA Insured
5,900 City of Royal Oak Hospital Finance Authority, Michigan, 11/11 at 100.00 AAA 6,073,696
Hospital Revenue Bonds, William Beaumont Hospital,
Series 2001M, 5.250%, 11/15/35 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
MINNESOTA - 2.9%
860 Chisago County, Southcentral Minnesota Multi-County and 3/04 at 102.85 AAA 892,689
Stearns County, Housing and Redevelopment Authorities,
Single Family Mortgage Revenue Refunding Bonds, Fannie
Mae Mortgage-Backed Securities Program, Series 1994B,
7.050%, 9/01/27 (Alternative Minimum Tax)
7,000 Minneapolis - St. Paul Metropolitan Airports Commission, 1/11 at 100.00 AAA 7,320,740
Minnesota, Airport Revenue Bonds, Series 2001A,
5.250%, 1/01/32 - FGIC Insured
6,475 Minnesota Housing Finance Agency, Single Family Mortgage 7/09 at 100.00 AA+ 6,817,722
Bonds, 2000 Series C, 6.100%, 7/01/30 (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
MISSOURI - 0.3%
1,500 Missouri-Illinois Metropolitan District Bi-State Development 10/13 at 100.00 AAA 1,542,285
Agency, Metrolink Cross County Extension Project, Mass
Transit Sales Tax Appropriation Bonds, Series 2002B,
5.000%, 10/01/32 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
NEBRASKA - 1.8%
9,080 Nebraska Investment Finance Authority, Single Family Housing 3/05 at 101.50 AAA 9,368,926
Revenue Bonds, 1995 Series A, 6.800%, 3/01/35
(Alternative Minimum Tax)
19
Nuveen Select Quality Municipal Fund, Inc. (NQS) (continued)
Portfolio of INVESTMENTS April 30, 2003 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
NEVADA - 8.7%
$ 4,885 Clark County, Nevada, General Obligation Limited Tax Bank Bonds, 7/10 at 100.00 AA $ 5,447,068
Series 2000, 5.500%, 7/01/18
7,500 Clark County, Nevada, Airport System Subordinate Lien Revenue 7/10 at 101.00 AAA 8,956,425
Bonds, Series 1999A, 6.000%, 7/01/29 (Pre-refunded to
7/01/10) - MBIA Insured
10,000 Clark County School District, Nevada, General Obligation - 6/06 at 101.00 AAA 11,405,800
Limited Tax School Improvement Bonds, Series 1996,
6.000%, 6/15/15 (Pre-refunded to 6/15/06) - FGIC Insured
1,650 Director of the State of Nevada, Department of Business and 1/10 at 102.00 AAA 1,818,878
Industry, Las Vegas Monorail Project Revenue Bonds, 1st
Tier Series 2000, 5.625%, 1/01/32 - AMBAC Insured
10,000 Truckee Meadows Water Authority, Nevada, Water Revenue 7/11 at 100.00 AAA 10,408,800
Bonds, Series 2001A, 5.250%, 7/01/34 - FSA Insured
6,000 Reno-Sparks Convention and Visitors Authority, Washoe 1/10 at 100.00 AAA 7,193,400
County, Nevada, General Obligation - Limited Tax Revenue
Bonds, Series 1999A, 6.375%, 7/01/23 (Pre-refunded
to 1/01/10) - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
NEW JERSEY - 5.8%
3,000 New Jersey Housing and Mortgage Finance Agency, Multifamily 11/07 at 101.50 AAA 3,133,680
Housing Revenue Bonds, 1997 Series, 5.550%, 5/01/27
(Alternative Minimum Tax) - AMBAC Insured
17,670 New Jersey Housing and Mortgage Finance Agency, Home Buyer 10/10 at 100.00 AAA 18,754,761
Revenue Bonds, 2000 Series CC, 5.850 %, 10/01/25 (Alternative
Minimum Tax) - MBIA Insured
9,645 Tobacco Settlement Financing Corporation, New Jersey, 6/12 at 100.00 A- 8,223,134
Tobacco Settlement Asset-Backed Bonds, Series 2002,
5.750%, 6/01/32
- ------------------------------------------------------------------------------------------------------------------------------------
NEW MEXICO - 4.4%
8,500 City of Farmington, New Mexico, Pollution Control Revenue 4/06 at 101.00 BBB- 8,393,835
Refunding Bonds, Series 1997B, Public Service Company of
New Mexico - San Juan Project, 5.800%, 4/01/22
New Mexico Hospital Equipment Loan Council, Hospital Revenue
Bonds, Presbyterian Healthcare Services, Series 2001A:
8,000 5.500%, 8/01/25 8/11 at 101.00 A+ 8,212,240
6,200 5.500%, 8/01/30 8/11 at 101.00 A+ 6,323,318
- ------------------------------------------------------------------------------------------------------------------------------------
NEW YORK - 15.2%
7,000 Metropolitan Transportation Authority, New York, State 7/12 at 100.00 AA- 7,211,190
Service Contract Refunding Bonds, Series 2002A,
5.125%, 1/01/29
City of New York, New York, General Obligation Bonds, Fiscal
1997 Series G:
90 6.000%, 10/15/26 (Pre-refunded to 10/15/07) 10/07 at 101.00 Aaa 105,671
9,200 6.000%, 10/15/26 10/07 at 101.00 A 9,756,324
5,000 New York City Municipal Water Finance Authority, New York, 6/09 at 101.00 AAA 5,106,350
Water and Sewer System Revenue Bonds, Fiscal 1999,
Series B, 5.000%, 6/15/29 - FSA Insured
6,000 New York City Municipal Water Finance Authority, New York, 6/09 at 101.00 AAA 6,550,200
Water and Sewer System Revenue Bonds, Fiscal 2000,
Series A, 5.500%, 6/15/32 - FGIC Insured
2,255 New York City Transit Authority, Metropolitan Transportation 1/10 at 101.00 AAA 2,548,105
Authority, Triborough Bridge and Tunnel Authority,
New York, Certificates of Participation, Series 2000A,
5.750%, 1/01/20 - AMBAC Insured
9,750 New York City Transitional Finance Authority, New York, 5/10 at 101.00 AA+*** 11,688,983
Future Tax Secured Bonds, Fiscal 2000, Series B,
6.000%, 11/15/29 (Pre-refunded to 5/15/10)
10,000 Dormitory Authority of the State of New York, Court Facilities 5/10 at 101.00 A 10,775,600
Lease Revenue Bonds, City of New York Issue, Series 1999,
6.000%, 5/15/39
5,650 Dormitory Authority of the State of New York, Mental Health 8/09 at 101.00 AAA 5,920,692
Services Facilities Improvement Revenue Bonds,
Series 1999D, 5.250%, 8/15/24 - FSA Insured
5,585 State of New York Mortgage Agency, Homeowner Mortgage 3/09 at 101.00 Aa1 5,771,092
Revenue Bonds, 1999 Series 79, 5.300%, 4/01/29
(Alternative Minimum Tax)
5 New York State Medical Care Facilities Finance Agency, 8/03 at 101.00 AA- 5,073
Mental Health Services Facilities Improvement Revenue
Bonds, 1991 Series D, 7.400%, 2/15/18
7,545 New York State Urban Development Corporation, 1996 7/06 at 102.00 AAA 8,204,056
Corporate Purpose Senior Lien Bonds, 5.500%, 7/01/26
5,000 New York State Urban Development Corporation, Correctional No Opt. Call AA- 5,565,900
and Youth Facilities Service Contract Revenue Bonds,
Series 2002A, 5.500%, 1/01/17 (Mandatory put 1/01/11)
20
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA - 3.6%
$ 18,555 North Carolina Eastern Municipal Power Agency, Power System 7/03 at 100.00 AAA $18,614,933
Revenue Bonds, Refunding Series 1993, 5.500%, 1/01/17 -
FGIC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
NORTH DAKOTA - 2.1%
10,000 City of Grand Forks, North Dakota, Sales Tax Revenue Bonds, 12/07 at 100.00 AAA 11,032,600
Aurora Project, Series 1997A, 5.625%, 12/15/29 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
OHIO - 2.3%
County of Montgomery, Ohio, Hospital Facilities Revenue Bonds,
Series 1999, Kettering Medical Center Network Obligated Group:
5,000 6.750%, 4/01/18 4/10 at 101.00 BBB+ 5,466,650
5,000 6.750%, 4/01/22 4/10 at 101.00 BBB+ 5,376,300
1,265 Ohio Housing Finance Agency, Residential Mortgage Revenue 8/10 at 100.00 Aaa 1,350,881
Bonds, 2000 Series C, Mortgage-Backed Securities Program,
6.050%, 3/01/32 (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
OKLAHOMA - 1.1%
10,000 Trustees of the Tulsa, Oklahoma, Municipal Airport Trust, 12/08 at 100.00 CCC 5,652,700
Revenue Bonds, Refunding Series 2001B, American Airlines,
Inc., 5.650%, 12/01/35 (Alternative Minimum Tax) (Mandatory
put 12/01/08)
- ------------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA - 0.0%
95 Delaware River Port Authority, New Jersey and Pennsylvania, 1/10 at 100.00 AAA 108,705
Revenue Bonds, Series of 1999, 5.750%, 1/01/15 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA - 8.0%
10,000 Greenville County School District, South Carolina, Installment 12/12 at 101.00 AA- 11,243,200
Purchase Revenue Bonds, Series 2002, 6.000%, 12/01/21
3,750 Greenwood County, South Carolina, Hospital Revenue Bonds, 10/11 at 100.00 A+ 3,788,813
Self Memorial Hospital, Series 2001, 5.500%, 10/01/31
2,500 Lexington County Health Services District, South Carolina, 11/13 at 100.00 A 2,619,475
Hospital Revenue Bonds, Series 2003 Refunding and
Improvement, 5.750%, 11/01/28
5,000 Oconee County, South Carolina, Pollution Control Facilities 10/03 at 102.00 Aa3 5,117,350
Revenue Refunding Bonds, Series 1993, Duke Power
Company Project, 5.800%, 4/01/14
2,330 South Carolina State Housing Finance and Development 6/10 at 100.00 Aaa 2,386,083
Authority, Mortgage Revenue Bonds, Series 2000 A-2,
6.000%, 7/01/20 (Alternative Minimum Tax) - FSA Insured
Tobacco Settlement Revenue Management Authority, South Carolina,
Tobacco Settlement Asset-Backed Bonds, Series 2001B:
11,530 6.000%, 5/15/22 5/11 at 101.00 A- 10,399,483
4,000 6.375%, 5/15/28 5/11 at 101.00 A- 3,436,840
3,000 6.375%, 5/15/30 No Opt. Call A- 2,567,040
- ------------------------------------------------------------------------------------------------------------------------------------
SOUTH DAKOTA - 2.2%
2,500 Education Loans Incorporated, South Dakota, Tax-Exempt 6/08 at 102.00 A2 2,587,250
Fixed-Rate Student Loan Asset-Backed Callable Notes,
Subordinate Series 1998-1K, 5.600%, 6/01/20 (Alternative
Minimum Tax)
6,695 City of Sioux Falls, South Dakota, Industrial Revenue Refunding 10/14 at 100.00 AAA 8,925,439
Bonds, Series 1989, Great Plains Hotel Corporation Project,
8.500%, 11/01/16 (Alternative Minimum Tax) (Pre-refunded
to 10/15/14)
- ------------------------------------------------------------------------------------------------------------------------------------
TENNESSEE - 6.6%
5,000 Knox County Health, Educational and Housing Facilities Board, 4/12 at 101.00 Baa2 5,217,600
Tennessee, Hospital Facilities Revenue Bonds, Baptist Health
System of East Tennessee, Series 2002, 6.500%, 4/15/31
20,060 Knox County Health, Educational and Housing Facilities Board, 1/13 at 80.49 AAA 10,303,418
Tennessee, Hospital Facilities Revenue Bonds, Covenant
Health, Series 2002A Refunding, 0.000%, 1/01/17 - FSA Insured
12,500 Health and Educational Facilities Board of the Metropolitan 11/09 at 101.00 AAA 14,874,750
Government of Nashville and Davidson County, Tennessee,
Revenue Bonds, Ascension Health Credit Group, Series 1999A,
5.875%, 11/15/28 (Pre-refunded to 11/15/09) - AMBAC Insured
21
Nuveen Select Quality Municipal Fund, Inc. (NQS) (continued)
Portfolio of INVESTMENTS April 30, 2003 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TENNESSEE (continued)
Tennessee Housing Development Agency, Homeownership
Program Bonds, Issue 2000-1:
$ 1,785 5.750%, 7/01/10 (Alternative Minimum Tax) No Opt. Call AA $ 1,972,657
2,145 6.000%, 7/01/13 (Alternative Minimum Tax) - MBIA Insured 7/10 at 101.00 AAA 2,350,212
- ------------------------------------------------------------------------------------------------------------------------------------
TEXAS - 13.6%
10,000 Brazos River Authority, Texas, Pollution Control Revenue No Opt. Call BBB 9,764,000
Refunding Bonds, TXU Electric Company Project,
Series 2001C, 5.750%, 5/01/36 (Alternative Minimum
Tax) (Mandatory put 11/01/11)
5,110 Brazos River Authority, Texas, Pollution Control Revenue Refunding 4/13 at 101.00 BBB 5,334,636
Bonds, TXU Electric Company Project, Series 1999C,
7.700%, 4/01/32 (Alternative Minimum Tax)
4,500 Brazos River Authority, Texas, Revenue Refunding Bonds, 12/08 at 102.00 BBB- 4,697,415
Reliant Energy Incorporated Project, Series 1999B,
7.750%, 12/01/18
150 Comal County Health Facilities Development Corporation, Texas, 7/03 at 101.00 AAA 152,132
Hospital Revenue Refunding Bonds, McKenna Memorial
Hospital, FHA-Insured Project, Series 1991, 7.375%, 1/15/21
5,500 Dallas Area Rapid Transit, Texas, Senior Lien Sales Tax Revenue 12/11 at 100.00 AAA 5,597,735
Bonds, Series 2001A, 5.000%, 12/01/31 - AMBAC Insured
1,550 Gulf Coast Waste Disposal Authority, Texas, Waste Disposal 4/11 at 101.00 BBB 1,569,623
Revenue Bonds, Valero Energy Corporation Project,
Series 2001, 6.650%, 4/01/32 (Alternative Minimum Tax)
4,590 City of Houston, Texas, Airport System Subordinate Lien 7/10 at 100.00 AAA 4,781,770
Revenue Bonds, Series 2000A, 5.625%, 7/01/30 (Alternative
Minimum Tax) - FSA Insured
3,500 City of Houston, Texas, Water and Sewer System Junior Lien 12/12 at 100.00 AAA 3,570,665
Revenue Refunding Bonds, Series 2002A, 5.000%, 12/01/30 -
FSA Insured
5,000 Katy Independent School District, Counties of Harris, Fort Bend 2/12 at 100.00 AAA 5,107,000
and Waller, Texas, General Obligation Bonds, Series 2002A,
5.000%, 2/15/27
9,000 Matagorda County Navigation District Number One, Texas, No Opt. Call AAA 9,275,670
Collateralized Revenue Refunding Bonds, Houston Lighting
and Power Company Project, Series 1997, 5.125%, 11/01/28
(Alternative Minimum Tax) - AMBAC Insured
1,355 Panhandle Regional Housing Finance Corporation, Texas, 5/03 at 100.00 AAA 1,365,122
Single Family Mortgage Revenue Bonds, GNMA Mortgage-
Backed Securities Program, Series 1991A, 7.500%, 5/01/24
(Alternative Minimum Tax)
4,700 Sam Rayburn Municipal Power Agency, Texas, Power Supply 10/12 at 100.00 Baa2 4,770,265
System Revenue Refunding Bonds, Series 2002A,
6.000%, 10/01/21
5,500 Spring Independent School District, Harris County, Texas, 8/11 at 100.00 AAA 5,617,535
Unlimited Tax Schoolhouse Bonds, Series 2001,
5.000%, 8/15/26
4,520 State of Texas, General Obligation Bonds, Water Financial 8/09 at 100.00 Aa1 4,869,758
Assistance, Series 1999C, State Participation Program,
5.500%, 8/01/35
4,560 Winter Garden Housing Finance Corporation, Texas, Single 4/04 at 103.00 AAA 4,735,788
Family Mortgage Revenue Bonds, GNMA and FNMA
Mortgage-Backed Securities Program, Series 1994,
6.950%, 10/01/27 (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
UTAH - 4.8%
5,015 Intermountain Power Agency, Utah, Power Supply Revenue 7/03 at 102.00 AAA 5,152,461
Refunding Bonds, 1993 Series A, 5.500%, 7/01/20 (Pre-refunded
to 7/01/03) - AMBAC Insured
3,565 Utah Associated Municipal Power System, Revenue Bonds, 4/13 at 100.00 AAA 3,670,274
Payson Power Project, Series 2003A, 5.000%, 4/01/24 -
FSA Insured
16,050 Utah County, Utah, Hospital Revenue Bonds, Series 1997, 8/07 at 101.00 AAA 16,363,938
IHC Health Services, Inc., 5.250%, 8/15/26 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
VERMONT - 2.5%
Vermont Educational and Health Buildings Financing Agency,
Hospital Revenue Bonds, Fletcher Allen Health Care Project,
Series 2000A:
3,720 6.125%, 12/01/15 - AMBAC Insured 12/10 at 101.00 AAA 4,289,532
4,265 6.250%, 12/01/16 - AMBAC Insured 12/10 at 101.00 AAA 4,961,901
3,820 Vermont Housing Finance Agency, Single Family Housing Bonds, 11/09 at 100.00 AAA 4,004,659
Series 13A, 5.950%, 11/01/25 (Alternative Minimum Tax) -
FSA Insured
22
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
WASHINGTON - 3.3%
$ 8,810 Public Utility District No. 1 of Chelan County, Washington, 7/11 at 101.00 AAA $ 9,272,437
Chelan Hyrdo Consolidated System Revenue Bonds,
Series 2001A, 5.600%, 1/01/36 (Alternative Minimum Tax) -
MBIA Insured
7,225 Port of Seattle, Washington, Special Facility Revenue Bonds, 3/10 at 101.00 AAA 7,929,582
Terminal 18 Project, Series 1999B, 6.000%, 9/01/20
(Alternative Minimum Tax) - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
WISCONSIN - 2.7%
10,000 Badger Tobacco Asset Securitization Corporation, Wisconsin, 6/12 at 100.00 A- 9,003,600
Tobacco Settlement Asset-Backed Bonds, Series 2002,
6.125%, 6/01/27
5,000 Madison, Wisconsin, Industrial Development Revenue Refunding 4/12 at 100.00 AA- 5,208,145
Bonds, Madison Gas and Electric Company Projects,
Series 2002A, 5.875%, 10/01/34 (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
$ 770,890 Total Long-Term Investments (cost $739,401,660) - 149.7% 781,450,380
=============-----------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 1.4%
5,000 Alachua County Health Facilities Authority, Florida, Continuing VMIG-1 5,000,000
Care Retirement Community Bonds, Oak Hammock at the
University of Florida Project, Series 2002A, Variable Rate
Demand Obligations, 1.350%, 10/01/32+
2,500 Health and Educational Facilities Authority of the State A-1+ 2,500,000
of Missouri, Variable Rate Demand Facilities Revenue Bonds,
St. Francis Medical Center, Series 1996A, 1.350%, 6/01/26+
- ------------------------------------------------------------------------------------------------------------------------------------
$ 7,500 Total Short-Term Investments (cost $7,500,000) 7,500,000
=============-----------------------------------------------------------------------------------------------------------------------
Total Investments (cost $746,901,660) - 151.1% 788,950,380
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.3% 12,338,964
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (53.4)% (279,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $522,289,344
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares.
* 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.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of
principal and interest. Such securities are normally
considered to be equivalent to AAA rated securities.
# Non-income producing security. In the case of a bond,
non-income producing generally denotes that the issuer
has defaulted on the payment of principal or interest
or has filed for bankruptcy.
## On December 9, 2002, UAL Corporation, the holding
company of United Air Lines, Inc., filed for federal
bankruptcy protection. The Adviser determined that it
was likely United would not remain current on their
interest payment obligation with respect to these bonds
and thus has stopped accruing interest.
N/R Investment is not rated.
+ 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.
23
Nuveen Quality Income Municipal Fund, Inc. (NQU)
Portfolio of
INVESTMENTS April 30, 2003 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
ALABAMA - 3.3%
$ 3,500 Governmental Utility Services Corporation of the City of 6/08 at 102.00 AAA $ 3,639,790
Bessemer, Alabama, Water Supply Revenue Bonds, Series 1998,
5.200%, 6/01/24 - MBIA Insured
Jefferson County, Alabama, Sewer Revenue Capitol Improvement
Warrants, Series 2001A:
7,475 5.500%, 2/01/31 (Pre-refunded to 2/01/11) - FGIC Insured 2/11 at 101.00 AAA 8,657,769
13,310 5.500%, 2/01/31 - FGIC Insured 2/11 at 101.00 AAA 14,228,390
- ------------------------------------------------------------------------------------------------------------------------------------
ALASKA - 0.7%
5,835 Alaska Housing Finance Corporation, Governmental Purpose 12/05 at 102.00 AAA 6,040,450
Bonds, 1995 Series A, 5.875%, 12/01/30 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
ARIZONA - 2.5%
5,350 Arizona Tourism and Sports Authority, Tax Revenue Bonds, 7/13 at 100.00 Aaa 5,507,878
Multipurpose Stadium Facility Project, Series 2003A,
5.000%, 7/01/28 - MBIA Insured
5,000 Industrial Development Authority of the County of Maricopa, 9/10 at 103.00 AAA 5,319,850
Arizona, Multifamily Housing Revenue Bonds, Bay Club at
Mesa Cove Project, Series 2000A, 5.800%, 9/01/35 -
MBIA Insured
1,000 City of Mesa, Arizona, Utility System Revenue Refunding Bonds, No Opt. Call AAA 1,142,900
Series 2002, 5.250%, 7/01/17 - FGIC Insured
8,010 Salt River Project Agricultural Improvement and Power 1/12 at 101.00 AA 8,364,683
District, Arizona, Salt River Project Electric System Refunding
Revenue Bonds, 2002 Series A, 5.125%, 1/01/27
- ------------------------------------------------------------------------------------------------------------------------------------
ARKANSAS - 0.6%
4,485 Arkansas Development Finance Authority, Single Family 7/05 at 102.00 AAA 4,723,916
Mortgage Revenue Bonds, 1995 Series B, Mortgage-Backed
Securities Program, 6.700%, 7/01/27 (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA - 6.0%
3,000 California Health Facilities Financing Authority, Kaiser 5/03 at 102.00 A 3,025,650
Permanente Revenue Bonds, 1993 Series C, 5.600%, 5/01/33
5,000 State of California, General Obligation Veterans Welfare Bonds, 12/03 at 102.00 AA- 5,058,750
Series 1997BH, 5.600%, 12/01/32 (Alternative Minimum Tax)
10,000 State of California, Various Purpose General Obligation Bonds, 4/09 at 101.00 AAA 9,947,900
4.750%, 4/01/29 - MBIA Insured
1,000 State of California Department of Water Resources, Power 5/12 at 101.00 A3 1,113,720
Supply Revenue Bonds, Series 2002A, 5.750%, 5/01/17
17,000 State Public Works Board of the State of California, Lease 11/04 at 102.00 Aaa 18,824,780
Revenue Bonds, Department of Corrections, 1994 Series A,
California State Prison, Monterey County (Soledad II),
7.000%, 11/01/19 (Pre-refunded to 11/01/04)
8,500 Foothill/Eastern Transportation Corridor Agency, California, 1/10 at 100.00 AAA 8,663,030
Toll Road Revenue Bonds, Series 1995A, 5.000%, 1/01/35 -
MBIA Insured
2,500 Community Redevelopment Agency of the City of Los Angeles, 7/03 at 100.00 BBB*** 2,528,050
California, Central Business District Redevelopment Project,
Tax Allocation Refunding Bonds, Series G, 6.750%, 7/01/10
- ------------------------------------------------------------------------------------------------------------------------------------
COLORADO - 4.6%
10,000 City and County of Denver, Colorado, Airport System Revenue 11/10 at 100.00 AAA 10,564,500
Refunding Bonds, Series 2000A, 5.625%, 11/15/23 (Alternative
Minimum Tax) - AMBAC Insured
11,000 E-470 Public Highway Authority, Colorado, Senior Revenue 9/07 at 101.00 AAA 11,110,220
Bonds, Series 1997A, 4.750%, 9/01/23 - MBIA Insured
14,400 E-470 Public Highway Authority, Colorado, Senior Revenue 9/10 at 65.63 AAA 6,721,056
Bonds, Series 2000B, 0.000%, 9/01/17 - MBIA Insured
8,740 Poudre School District R-1, Larimer County, Colorado, General 12/10 at 100.00 AAA 9,343,584
Obligation Bonds, Series 2000, 5.125%, 12/15/19 - FGIC Insured
24
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
CONNECTICUT - 0.6%
$ 4,395 City of Bridgeport, Connecticut, General Obligation Bonds, 8/11 at 100.00 AAA $ 4,842,059
Series C, 5.375%, 8/15/17 - FGIC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRICT OF COLUMBIA - 0.5%
4,000 Washington Convention Center Authority, Washington, D.C., 10/08 at 101.00 AAA 4,332,960
Senior Lien Dedicated Tax Revenue Bonds, Series 1998,
5.250%, 10/01/17 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
FLORIDA - 1.7%
2,000 Dade County, Florida, Water and Sewer System Revenue Bonds, 10/07 at 102.00 AAA 2,227,860
Series 1997, 5.375%, 10/01/16 - FGIC Insured
5,300 Escambia County Health Facilities Authority, Florida, Revenue No Opt. Call AA 5,827,721
Bonds, Ascension Health Credit Group, Series 2003A,
5.250%, 11/15/14
5,000 Orange County Health Facilities Authority, Florida, Hospital 11/10 at 101.00 A- 5,430,150
Revenue Bonds, Series 2000, Adventist Health System/Sunbelt
Obligated Group, 6.500%, 11/15/30
- ------------------------------------------------------------------------------------------------------------------------------------
HAWAII - 1.4%
10,000 State of Hawaii, Airports System Revenue Bonds, Refunding 7/10 at 101.00 AAA 11,220,600
Series 2000B, 5.750%, 7/01/21 - FGIC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
ILLINOIS - 15.0%
6,450 City of Chicago, Illinois, General Obligation Bonds, 7/12 at 100.00 AAA 6,861,704
Series 2002A Project and Refunding, 5.000%, 1/01/18 -
AMBAC Insured
32,670 City of Chicago, Illinois, General Obligation Bonds, City Colleges No Opt. Call AAA 7,140,682
of Chicago Capital Improvement Project, Series 1999,
0.000%, 1/01/32 - FGIC Insured
5,000 City of Chicago, Illinois, General Obligation Bonds, Neighborhoods 7/10 at 101.00 AAA 5,702,950
Alive 21 Program, Series 2000A, 6.000%, 1/01/28 -
FGIC Insured
5,045 City of Chicago, Illinois, General Obligation Refunding Bonds, 1/10 at 101.00 AAA 5,629,060
Series 2000D, 5.750%, 1/01/30 - FGIC Insured
Board of Education of the City of Chicago, Illinois, Unlimited
Tax General Obligation Bonds, Dedicated Revenues, Series 2001C:
1,000 5.500%, 12/01/18 - FSA Insured 12/11 at 100.00 AAA 1,106,150
3,690 5.000%, 12/01/19 - FSA Insured 12/11 at 100.00 AAA 3,888,596
3,000 5.000%, 12/01/20 - FSA Insured 12/11 at 100.00 AAA 3,141,660
2,000 5.000%, 12/01/21 - FSA Insured 12/11 at 100.00 AAA 2,082,780
Chicago School Reform Board of Trustees of the Board of
Education, Illinois, Unlimited Tax General Obligation Bonds,
Dedicated Tax Revenues, Series 1998A:
9,400 0.000%, 12/01/14 - FGIC Insured No Opt. Call AAA 5,702,980
4,400 0.000%, 12/01/15 - FGIC Insured No Opt. Call AAA 2,513,060
12,750 City of Chicago, Illinois, Chicago Midway Airport Revenue 1/09 at 101.00 AAA 12,847,155
Bonds, Series 1998A, 5.125%, 1/01/35 (Alternative
Minimum Tax) - MBIA Insured
City of Chicago, Illinois, Second Lien Wastewater Transmission
Revenue Bonds, Series 2000:
8,000 5.750%, 1/01/25 - MBIA Insured 1/10 at 101.00 AAA 8,911,200
7,750 6.000%, 1/01/30 (Pre-refunded to 1/01/10) - MBIA Insured 1/10 at 101.00 AAA 9,185,843
11,000 Illinois Health Facilities Authority, Hospital Revenue Bonds, 11/03 at 102.00 AAA 11,536,910
Series 1993-A, Hindsdale Hospital, 7.000%, 11/15/19
10,000 Illinois Health Facilities Authority, Revenue Bonds, 2/10 at 101.00 AAA 10,824,400
Series 2000, Iowa Health System, 5.875%, 2/15/30 -
AMBAC Insured
2,610 Illinois Housing Development Authority, Section 8 Elderly 9/03 at 101.00 A 2,648,941
Housing Revenue Bonds, Garden House of Maywood
Development, Series 1992, 7.000%, 9/01/18
Illinois Educational Facilities Authority, Student Housing
Revenue Bonds, Educational Advancement Foundation Fund -
University Center Project, Series 2002:
3,000 6.625%, 5/01/17 5/12 at 101.00 Baa2 3,229,260
1,800 6.000%, 5/01/22 5/12 at 101.00 Baa2 1,803,348
5,000 State of Illinois, General Obligation Bonds, Illinois FIRST, 12/10 at 100.00 AAA 5,449,700
Series 2000, 5.450%, 12/01/21 - MBIA Insured
25
Nuveen Quality Income Municipal Fund, Inc. (NQU) (continued)
Portfolio of INVESTMENTS April 30, 2003 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
ILLINOIS (continued)
$ 3,400 Joliet Regional Port District Airport Facilities, Illinois, Revenue 7/07 at 103.00 N/R $ 3,044,836
Bonds, Lewis University Airport, Series 1997A,
7.250%, 7/01/18 (Alternative Minimum Tax)
2,270 Metropolitan Pier and Exposition Authority, Illinois, 6/12 at 101.00 AAA 2,325,343
McCormick Place Expansion Project Revenue Bonds,
Series 2002A, 5.000%, 12/15/28 - MBIA Insured
6,000 Metropolitan Pier and Exposition Authority, Illinois, 6/03 at 102.00 Aaa 6,160,380
McCormick Place Expansion Project Revenue Bonds,
Series 1992A, 6.500%, 6/15/27 (Pre-refunded to 6/15/03)
- ------------------------------------------------------------------------------------------------------------------------------------
INDIANA - 1.7%
3,240 Indiana Health Facility Financing Authority, Hospital Revenue 7/12 at 100.00 AAA 3,548,124
Bonds, Marion General Hospital Project, Series 2002,
5.625%, 7/01/19 - AMBAC Insured
5,125 City of Petersburg, Indiana, Pollution Control Refunding Revenue 12/04 at 102.00 A 5,491,745
Bonds, Series 1995A, Indianapolis Power and Light Company
Project, 6.625%, 12/01/24 - ACA Insured
5,000 Hospital Authority of St. Joseph County, Indiana, Health System 2/08 at 101.00 AAA 4,772,950
Bonds, Series 1998A, Memorial Health System,
4.625%, 8/15/28 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
IOWA - 1.1%
8,585 Iowa Finance Authority, Hospital Facilities Revenue Bonds, 7/08 at 102.00 AAA 8,713,002
Series 1998A, Iowa Health System, 5.125%, 1/01/28 -
MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
KANSAS - 0.6%
4,585 Unified School District No. 232 of Johnson County, Kansas, 9/10 at 100.00 Aaa 4,749,877
General Obligation Bonds, Series 2000, 4.750%, 9/01/19 -
FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
KENTUCKY - 0.9%
4,120 Kentucky Housing Corporation, Housing Revenue Bonds, Federally 1/05 at 102.00 AAA 4,282,575
Insured or Guaranteed Mortgage Loans, 1995 Series B,
6.625%, 7/01/26 (Alternative Minimum Tax)
2,500 Commonwealth of Kentucky, State Property and Buildings 2/12 at 100.00 AAA 2,748,675
Insured or Guaranteed Mortgage Refunding Series 2002,
5.375%, 2/01/18 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
LOUISIANA - 2.1%
10,000 Louisiana Public Facilities Authority, Hospital Revenue Bonds, No Opt. Call AAA 11,473,300
Franciscan Missionaries of Our Lady Health System Project,
Series 1998A, 5.750%, 7/01/25 - FSA Insured
5,500 Louisiana Public Facilities Authority, Revenue Bonds, Tulane 7/12 at 100.00 AAA 5,627,600
University, Series 2002A, 5.000%, 7/01/32 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS - 7.5%
7,405 Massachusetts Health and Educational Facilities Authority, No Opt. Call AAA 8,607,424
Revenue Bonds, Massachusetts Institute of Technology,
2002 Series K, 5.500%, 7/01/32
6,000 Massachusetts Industrial Finance Agency, Resource Recovery 12/08 at 102.00 BBB 5,524,920
Revenue Refunding Bonds, Ogden Haverhill Project, Series 1998A,
5.600%, 12/01/19 (Alternative Minimum Tax)
8,500 Massachusetts Turnpike Authority, Metropolitan Highway 1/07 at 102.00 AAA 8,572,420
System Revenue Bonds, Senior 1997 Series A,
5.000%, 1/01/37 - MBIA Insured
13,500 Massachusetts Turnpike Authority, Metropolitan Highway 1/09 at 101.00 AAA 13,632,435
System Revenue Bonds, 1999 Series A Subordinated,
5.000%, 1/01/39 - AMBAC Insured
6,945 Massachusetts Water Pollution Abatement Trust, Water 8/09 at 101.00 AAA 7,785,970
Pollution Abatement Revenue Bonds, MWRA Program,
Series 1999A Subordinated, 5.750%, 8/01/29
10,000 Massachusetts Water Resources Authority, General Revenue 8/10 at 101.00 AAA 11,200,200
Bonds, 2000 Series A, 5.750%, 8/01/39 - FGIC Insured
5,380 University of Massachusetts Building Authority, Project 11/10 at 100.00 AAA 5,797,757
Revenue Bonds, Senior Series 2000-2, 5.250%, 11/01/20 -
AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
MICHIGAN - 1.1%
1,000 City of Detroit, Michigan, Water Supply System Revenue Senior 7/11 at 101.00 AAA 1,182,980
Lien Bonds, 2001 Series A, 5.750%, 7/01/28 (Pre-refunded
to 7/01/11) - FGIC Insured
7,425 Michigan State Hospital Finance Authority, Hospital Revenue 11/09 at 101.00 A1 7,839,612
Bonds, Henry Ford Health System, Series 1999A,
6.000%, 11/15/24
26
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
MINNESOTA - 1.9%
City of Chaska, Minnesota, Electric Revenue Bonds, Generating
Facilities, Series 2000A:
$ 1,930 6.000%, 10/01/20 10/10 at 100.00 A3 $ 2,086,176
2,685 6.000%, 10/01/25 10/10 at 100.00 A3 2,864,170
3,655 Dakota County Housing and Redevelopment Authority, Washington No Opt. Call AAA 5,378,588
County Housing and Redevelopment Authority and the City
of Bloomington, Minnesota, Single Family Residential Mortgage
Revenue Bonds, Mortgage-Backed Program, Series 1988,
8.450%, 9/01/19 (Alternative Minimum Tax)
3,000 Minneapolis-St. Paul Metropolitan Airports Commission, 1/08 at 101.00 AAA 3,065,460
Minnesota, Airport Revenue Bonds, Series 1998A,
5.000%, 1/01/30 - AMBAC Insured
1,685 Minnesota Housing Finance Agency, Single Family Mortgage 1/04 at 102.00 AA+ 1,733,393
Bonds, 1994 Series J, 6.950%, 7/01/26 (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
MISSISSIPPI - 0.9%
3,110 Canton Housing Development Corporation, Mississippi, 1990 No Opt. Call AAA 3,803,499
Multifamily Mortgage Revenue Refunding Bonds, Canton
Estates Apartments Project - FHA-Insured Mortgage Section 8
Assisted Project, Series A, 7.750%, 8/01/24
2,500 Mississippi Hospital Equipment and Facilities Authority, Revenue 1/11 at 101.00 Aaa 2,636,350
Bonds, Series 2000, Forrest County General Hospital Project,
5.500%, 1/01/27 - FSA Insured
1,220 Pearl Housing Development Corporation, Mississippi, 1990 5/03 at 100.00 AAA 1,225,136
Multifamily Mortgage Revenue Refunding Bonds, Rose Garden
Apartments Project - FHA-Insured Mortgage Section 8 Assisted
Project, Series A, 7.750%, 8/01/22 (Pre-refunded to 5/23/03)
- ------------------------------------------------------------------------------------------------------------------------------------
MISSOURI - 0.8%
2,400 Missouri-Illinois Metropolitan District Bi-State Development 10/13 at 100.00 AAA 2,503,920
Agency, Metrolink Cross County Extension Project, Mass Transit
Sales Tax Appropriation Bonds, Series 2002B, 5.000%, 10/01/23 -
FSA Insured
15,350 The Public Building Corporation of the City of Springfield, No Opt. Call AAA 3,862,060
Missouri, Leasehold Revenue Bonds, Series 2000A, Jordan
Valley Park Projects, 0.000%, 6/01/30 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
NEBRASKA - 2.1%
9,465 Nebraska Investment Finance Authority, Single Family Housing 3/05 at 101.50 AAA 9,766,176
Revenue Bonds, 1995 Series A, 6.800%, 3/01/35 (Alternative
Minimum Tax)
6,830 Nebraska Investment Finance Authority, Single Family Housing 3/05 at 101.50 AAA 7,077,109
Revenue Bonds, 1995 Series B, 6.450%, 3/01/35 (Alternative
Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
NEVADA - 7.4%
Clark County School District, Nevada, General Obligation Bonds,
Series 2002C:
34,470 5.000%, 6/15/20 - MBIA Insured 6/12 at 100.00 AAA 36,286,914
12,150 5.000%, 6/15/21 - MBIA Insured 6/12 at 100.00 AAA 12,724,938
10,380 5.000%, 6/15/22 - MBIA Insured 6/12 at 100.00 AAA 10,815,649
- ------------------------------------------------------------------------------------------------------------------------------------
NEW HAMPSHIRE - 0.1%
980 New Hampshire Housing Finance Authority, Single Family 5/03 at 101.00 Aa3 992,368
Residential Mortgage Bonds, 1991 Series C, 7.100%, 1/01/23
(Pre-refunded to 5/16/03)
- ------------------------------------------------------------------------------------------------------------------------------------
NEW JERSEY - 1.3%
4,670 Pollution Control Financing Authority of Camden County, 6/03 at 101.00 B2 4,486,189
New Jersey, Solid Waste Disposal and Resource Recovery
System Revenue Bonds, Series 1991D, 7.250%, 12/01/10
1,000 New Jersey Building Authority, State Building Revenue Bonds, 12/12 at 100.00 AAA 1,055,050
Series 2002A, 5.000%, 12/15/21 - FSA Insured
2,025 New Jersey Transportation Trust Fund Authority, Transportation 12/11 at 100.00 AAA 2,433,260
System Bonds, 2001 Series B, 6.000%, 12/15/19 (Pre-refunded
to 12/15/11) - MBIA Insured
3,125 Tobacco Settlement Financing Corporation, New Jersey, Tobacco 6/13 at 100.00 A- 2,769,531
Settlement Asset-Backed Bonds, Series 2003, 6.750%, 6/01/39
27
Nuveen Quality Income Municipal Fund, Inc. (NQU) (continued)
Portfolio of INVESTMENTS April 30, 2003 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
NEW MEXICO - 0.8%
$ 5,925 New Mexico Hospital Equipment Loan Council, Hospital Revenue 8/11 at 101.00 A+ $ 6,179,716
Bonds, Presbyterian Healthcare Services, Series 2001A,
5.500%, 8/01/21
- ------------------------------------------------------------------------------------------------------------------------------------
NEW YORK - 24.7%
25,000 Erie Tobacco Asset Securitization Corporation, Erie County, 7/10 at 101.00 A- 22,674,750
New York, Tobacco Settlement Asset-Backed Bonds, Series 2000
Senior, 6.125%, 7/15/30
1,130 Long Island Power Authority, New York, Electric System General 9/11 at 100.00 A- 1,163,561
Revenue Bonds, Series 2001A, 5.375%, 9/01/25
15,000 Metropolitan Transportation Authority, New York, Dedicated Tax 4/10 at 100.00 AAA 17,823,450
Fund Bonds, Series 2000A, 6.000%, 4/01/30 (Pre-refunded
to 4/01/10) - FGIC Insured
2,080 Niagara Falls Housing and Commercial Rehabilitation Corporation, No Opt. Call AA 2,438,925
New York, 1992 Multifamily Mortgage Revenue Refunding
Bonds, FHA-Insured Mortgage Section 8 Assisted Project,
7.350%, 8/01/23
12,500 Nassau County Tobacco Settlement Corporation, New York, 7/09 at 101.00 A3 11,657,000
Tobacco Settlement Asset-Backed Bonds, Series A,
6.400%, 7/15/33
5,475 The City of New York, New York, General Obligation Bonds, 8/04 at 101.00 Aaa 5,959,154
Fiscal 1995 Series B1, 7.250%, 8/15/19 (Pre-refunded to 8/15/04)
14,800 The City of New York, New York, General Obligation Bonds, 6/07 at 101.00 AAA 16,389,372
Fiscal 1997 Series M, 5.500%, 6/01/17 - AMBAC Insured
6,700 The City of New York, New York, General Obligation Bonds, 2/05 at 101.00 Aaa 7,398,274
Fiscal 1995 Series F, 6.625%, 2/15/25 (Pre-refunded to 2/15/05)
The City of New York, New York, General Obligation Bonds, Fiscal
2002 Series G:
950 5.000%, 8/01/17 8/12 at 100.00 A 972,905
10,545 5.750%, 8/01/18 8/12 at 100.00 A 11,395,981
5,000 The City of New York, New York, General Obligation Bonds, 8/12 at 100.00 A 5,419,150
Fiscal 2003 Series A, 5.750%, 8/01/16
The City of New York, New York, General Obligation Bonds, Fiscal
1997 Series H:
45 6.125%, 8/01/25 (Pre-refunded to 8/01/07) 8/07 at 101.00 A*** 52,819
5,955 6.125%, 8/01/25 8/07 at 101.00 A 6,579,144
4,190 New York City Municipal Water Finance Authority, New York, 6/05 at 101.00 AAA 4,630,620
Water and Sewer System Revenue Bonds, Fiscal 1996 Series A,
5.875%, 6/15/25 (Pre-refunded to 6/15/05) - MBIA Insured
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Fiscal 2000 Series B:
8,035 5.750%, 11/15/19 (Pre-refunded to 5/15/10) 5/10 at 101.00 AA+*** 9,506,128
2,065 5.750%, 11/15/19 5/10 at 101.00 AA+ 2,337,394
2,250 Dormitory Authority of the State of New York, Mount Sinai No Opt. Call AAA 2,453,018
School of Medicine Insured Revenue Bonds, Series 1994A,
5.150%, 7/01/24 - MBIA Insured
5,000 Dormitory Authority of the State of New York, Mental Health 2/07 at 102.00 AA- 5,418,400
Services Facilities Improvement Revenue Bonds, Series 1997A,
5.750%, 2/15/27
10,000 Dormitory Authority of the State of New York, Mental Health 2/10 at 100.00 AAA 11,525,100
Services Facilities Improvement Revenue Bonds, Series 2000B,
6.000%, 2/15/30 - MBIA Insured
1,900 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 101.00 Baa3 1,949,343
Mount Sinai New York University Health Obligated Group,
Series 2000A, 6.500%, 7/01/25
New York State Environmental Facilities Corporation, State Clean
Water and Drinking Water Revolving Funds Revenue Bonds, Series
2001C, New York City Municipal Water Finance Authority Projects,
Second Resolution:
6,035 5.000%, 6/15/20 6/11 at 100.00 AAA 6,349,303
6,575 5.000%, 6/15/22 6/11 at 100.00 AAA 6,843,983
8,000 New York State Medical Care Facilities Finance Agency, 2/05 at 102.00 AAA 8,891,280
New York, Hospital FHA-Insured Mortgage Revenue Bonds,
Series 1994A, 6.500%, 8/15/29 (Pre-refunded to
2/15/05) - AMBAC Insured
5,000 New York State Medical Care Facilities Finance Agency, 2/05 at 102.00 AAA 5,589,850
Brookdale Hospital Medical Center Secured Hospital Revenue
Bonds, 1995 Series A, 6.850%, 2/15/17 (Pre-refunded to 2/15/05)
New York State Medical Care Facilities Finance Agency,
FHA-Insured Mortgage Project Revenue Bonds, 1995 Series F:
3,550 6.200%, 8/15/15 (Pre-refunded to 8/15/05) 8/05 at 102.00 AA*** 4,004,329
4,250 6.300%, 8/15/25 (Pre-refunded to 8/15/05) 8/05 at 102.00 AA*** 4,803,478
28
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
NEW YORK (continued)
$ 3,075 Penfield-Crown Oak Housing Development Corporation, 8/03 at 100.00 AAA $ 3,088,038
New York, 1991 Multifamily Mortgage Revenue Refunding
Bonds, Crown Oak Estates - FHA-Insured Mortgage Section 8
Assisted Project, Series A, 7.350%, 8/01/23
13,620 The Port Authority of New York and New Jersey, Consolidated 11/12 at 101.00 AAA 14,563,866
Bonds, One Hundred Twenty Eighth Series, 5.000%, 11/01/20 -
FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA - 2.7%
7,500 North Carolina Municipal Power Agency Number 1, Catawba 1/13 at 100.00 AAA 8,123,175
Electric Revenue Bonds, Series 2003A, 5.250%, 1/01/19 -
MBIA Insured
13,720 North Carolina Medical Care Commission, Hospital Revenue 12/08 at 101.00 AAA 13,589,111
Bonds, Pitt County Memorial Hospital, Series 1998A,
4.750%, 12/01/28 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
OHIO - 1.2%
Cincinnati City School District, Hamilton County, Ohio, General
Obligation Bonds, Series 2002:
2,165 5.250%, 6/01/19 - FSA Insured 12/12 at 100.00 AAA 2,361,539
2,600 5.250%, 6/01/21 - FSA Insured 12/12 at 100.00 AAA 2,801,812
2,000 5.000%, 12/01/22 - FSA Insured 12/12 at 100.00 AAA 2,095,340
2,690 Ohio Housing Finance Agency, Residential Mortgage Revenue 3/05 at 102.00 Aaa 2,832,678
Bonds, GNMA Mortgage-Backed Securities Program,
1995 Series A-2, 6.625%, 3/01/26 (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
OKLAHOMA - 5.3%
17,510 Pottawatomie County Home Finance Authority, Oklahoma, No Opt. Call AAA 23,594,200
Municipal Refunding Collateralized Mortgage Obligations,
Series 1991A, 8.625%, 7/01/10
11,750 Trustees of the Tulsa Municipal Airport Trust, Oklahoma, 12/08 at 100.00 CCC 6,582,938
Revenue Bonds, Refunding Series 2000B, 6.000%, 6/01/35
(Alternative Minimum Tax) (Mandatory put 12/01/08)
23,005 Trustees of the Tulsa Municipal Airport Trust, Oklahoma, Revenue 12/08 at 100.00 CCC 13,004,036
Bonds, Refunding Series 2001B, American Airlines, Inc.,
5.650%, 12/01/35 (Alternative Minimum Tax) (Mandatory
put 12/01/08)
- ------------------------------------------------------------------------------------------------------------------------------------
OREGON - 0.4%
3,000 Administrative School District No. 1, Bend-La Pine, Deschutes 6/11 at 100.00 Aaa 3,325,860
County, Oregon, General Obligation Bonds, Series 2001A,
5.500%, 6/15/18 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA - 4.7%
6,615 Carbon County Industrial Development Authority, Pennsylvania, No Opt. Call BBB- 6,915,916
Resource Recovery Revenue Refunding Bonds, 2000 Series,
Panther Creek Partners Project, 6.650%, 5/01/10 (Alternative
Minimum Tax)
2,900 Falls Township Hospital Authority, Pennsylvania, Refunding 8/03 at 101.00 AAA 3,079,800
Revenue Bonds, The Delaware Valley Medical Center Project,
FHA-Insured Mortgage, Series 1992, 7.000%, 8/01/22
7,000 Commonwealth of Pennsylvania, General Obligation Bonds, 9/11 at 101.00 AA 7,661,710
Second Series 2001, 5.000%, 9/15/15
7,800 City of Philadelphia, Pennsylvania, Gas Works Revenue Bonds, 8/13 at 100.00 AAA 7,972,146
1998 Resolution, Fourth Series, 5.000%, 8/01/32 - FSA Insured
The School District of Philadelphia, Pennsylvania, General
Obligation Bonds, Series 2002B:
6,000 5.625%, 8/01/19 - FGIC Insured 8/12 at 100.00 AAA 6,686,040
5,500 5.625%, 8/01/20 - FGIC Insured 8/12 at 100.00 AAA 6,102,085
- ------------------------------------------------------------------------------------------------------------------------------------
PUERTO RICO - 1.3%
8,400 The Children's Trust Fund, Puerto Rico, Tobacco Settlement 5/12 at 100.00 A- 6,981,912
Asset-Backed Bonds, Series 2002 Refunding, 5.375%, 5/15/33
1,500 Commonwealth of Puerto Rico, Public Improvement General No Opt. Call A- 1,644,735
Obligation Bonds of 2002, Series A, 5.500%, 7/01/29
1,500 Puerto Rico Public Buildings Authority, Guaranteed Government 7/12 at 100.00 A- 1,563,525
Facilities Revenue Bonds, Series 2002D Refunding,
5.125%, 7/01/20
- ------------------------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA - 7.5%
24,725 Greenville County School District, South Carolina, Installment 12/12 at 101.00 AA- 26,365,257
Purchase Revenue Bonds, Series 2002, 5.500%, 12/01/22
29
Nuveen Quality Income Municipal Fund, Inc. (NQU) (continued)
Portfolio of INVESTMENTS April 30, 2003 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA (continued)
Horry County School District, South Carolina, General Obligation
Bonds, Series 2001A:
$ 5,840 5.000%, 3/01/20 3/12 at 100.00 AA+ $ 6,166,164
5,140 5.000%, 3/01/21 3/12 at 100.00 AA+ 5,392,271
13,615 South Carolina Transportation Infrastructure Bank, Junior Lien 10/11 at 100.00 Aaa 14,367,501
Revenue Bonds, Series 2001B, 5.125%, 10/01/21 -
AMBAC Insured
10,000 Tobacco Settlement Revenue Management Authority, 5/11 at 101.00 A- 8,592,100
South Carolina, Tobacco Settlement Asset-Backed Bonds,
Series 2001B, 6.375%, 5/15/28
- ------------------------------------------------------------------------------------------------------------------------------------
TENNESSEE - 2.7%
3,000 Knox County Health, Educational and Housing Facilities Board, 4/12 at 101.00 Baa2 3,125,550
Tennessee, Hospital Facilities Revenue Bonds, Baptist Health
System of East Tennessee, Series 2002, 6.375%, 4/15/22
7,415 City of Memphis, Tennessee, General Improvement Bonds, 11/10 at 101.00 AA 7,825,569
Series 2002, 5.000%, 11/01/20
9,805 Tennessee Housing Development Agency, Home Ownership 7/10 at 100.00 AA 10,616,854
Program Bonds, Issue 2000-2B, 6.350%, 1/01/31 (Alternative
Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
TEXAS - 18.7%
Arlington Independent School District, Tarrant County, Texas,
Unlimited Tax Refunding and Improvement Bonds, Series 1995:
3,410 0.000%, 2/15/11 2/05 at 71.95 Aaa 2,354,571
4,105 0.000%, 2/15/14 2/05 at 58.79 Aaa 2,315,877
6,500 Bell County Health Facilities Development Corporation, Texas, 11/08 at 101.00 A- 6,489,860
Retirement Facility Revenue Bonds, Buckner Retirement
Services, Inc. Obligated Group Project, Series 1998,
5.250%, 11/15/19
14,200 Brazos River Authority, Texas, Pollution Control Revenue No Opt. Call BBB 13,864,880
Refunding Bonds, TXU Electric Company Project, Series 2001C,
5.750%, 5/01/36 (Alternative Minimum Tax) (Mandatory
put 11/01/11)
12,375 Dallas-Ft. Worth International Airport Facilities Improvement 11/07 at 100.00 Caa2 4,342,759
Corporation, Texas, Revenue Refunding Bonds, Series 2000C,
American Airlines, Inc., 6.150%, 5/01/29 (Alternative
Minimum Tax) (Mandatory put 11/01/07)
5,000 Cities of Dallas and Ft. Worth, Texas, Dallas-Ft. Worth 11/11 at 100.00 AAA 5,337,350
International Airport, Joint Revenue Refunding and
Improvement Bonds, Series 2001A, 5.625%, 11/01/21
(Alternative Minimum Tax) - FGIC Insured
1,805 Ft. Worth Housing Finance Corporation, Texas, Home Mortgage 10/03 at 101.00 Aa2 1,846,371
Revenue Refunding Bonds, Series 1991A, 8.500%, 10/01/11
8,235 Grand Prairie Housing Finance Corporation, Texas, Multifamily 9/10 at 105.00 AAA 9,257,705
Housing Revenue Bonds, Landings at Carrier Project,
GNMA Series 2000A, 6.875%, 9/20/42
2,700 Harris County-Houston Sports Authority, Texas, Senior Lien 11/11 at 100.00 AAA 2,814,048
Revenue Bonds, Series 2001G, 5.250%, 11/15/30 - MBIA Insured
22,500 City of Houston, Texas, Water and Sewer System Junior Lien 12/10 at 100.00 AAA 23,502,825
Revenue Refunding Bonds, Series 2000B, 5.250%, 12/01/30 -
FGIC Insured
Lubbock Health Facilities Development Corporation, Texas, Revenue
Bonds, St. Joseph Health System, Series 1998:
4,900 5.250%, 7/01/15 7/08 at 101.00 AA- 5,163,228
8,495 5.250%, 7/01/16 7/08 at 101.00 AA- 8,911,000
17,655 Matagorda County Navigation District Number One, Texas, 11/08 at 102.00 AAA 18,128,860
Revenue Refunding Bonds, Houston Industries Incorporated
Project, Series 1998B, 5.150%, 11/01/29 - MBIA Insured
7,650 Port of Corpus Christi Authority of Nueces County, Texas, 5/06 at 101.00 BBB 7,677,846
Revenue Refunding Bonds, Series 1992, Union Pacific
Corporation Project, 5.350%, 11/01/10
2,095 Port of Houston Authority, Harris County, Texas, General 10/10 at 100.00 AA+ 2,362,825
Obligation Port Improvement Revenue Bonds, Series 2000A,
5.750%, 10/01/20
11,300 City of San Antonio, Texas, Electric and Gas System Revenue No Opt. Call AAA 12,514,750
Bonds, New Series 1992 Refunding, 5.000%, 2/01/17
14,680 San Antonio Independent School District, Bexar County, 8/09 at 100.00 AAA 17,236,082
Texas, Unlimited Tax School Building Bonds, Series 1999,
5.800%, 8/15/29 (Pre-refunded to 8/15/09)
30
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TEXAS (continued)
$ 3,750 Spring Branch Independent School District, Harris County, Texas, 2/11 at 100.00 AAA $ 3,890,775
Limited Tax Schoolhouse and Refunding Bonds, Series 2001,
5.125%, 2/01/23
5,000 City of Wichita Falls, Wichita County, Texas, Water and Sewer 8/11 at 100.00 AAA 5,179,150
System Priority Lien Revenue Bonds, Series 2001,
5.000%, 8/01/22 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
UTAH - 1.6%
5,800 Carbon County, Utah, Solid Waste Disposal Refunding Revenue 2/05 at 102.00 BB- 5,582,848
Bonds, Series 1995, Laidlaw/ECDC Project, Guaranteed by Allied
Waste Industries, 7.500%, 2/01/10 (Alternative Minimum Tax)
7,155 Utah Associated Municipal Power System, Revenue Bonds, 4/13 at 100.00 AAA 7,343,320
Payson Power Project, Series 2003A, 5.000%, 4/01/25 -
FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
VIRGINIA - 2.2%
4,000 Norfolk Airport Authority, Virginia, Airport Revenue Refunding 7/11 at 100.00 AAA 4,055,680
Bonds, Series 2001B, 5.125%, 7/01/31 (Alternative Minimum
Tax) - FGIC Insured
11,040 Suffolk Redevelopment and Housing Authority, Virginia, No Opt. Call Aaa 11,919,446
Multifamily Housing Revenue Refunding Bonds, Windsor at
Potomac Vista Limited Partnership Project, Series 2001,
4.850%, 7/01/31 (Mandatory put 7/01/11)
665 Virginia Housing Development Authority, Rental Housing Bonds, 5/09 at 101.00 AA+ 694,187
1999 Series F, 5.000%, 5/01/15 (Alternative Minimum Tax)
Virginia Resources Authority, Water Revenue Refunding Bonds,
Series 2002:
500 5.000%, 4/01/18 4/12 at 102.00 AA 542,435
500 5.000%, 4/01/19 4/12 at 102.00 AA 538,915
- ------------------------------------------------------------------------------------------------------------------------------------
WASHINGTON - 11.3%
4,185 Public Utility District No. 1 of Douglas County, Washington, 9/06 at 106.00 AA 5,307,961
Wells Hydroelectric Revenue Bonds, Series 1986,
8.750%, 9/01/18
6,750 Energy Northwest, Washington, Columbia Generation Station 7/12 at 100.00 AAA 7,359,458
Electric Revenue Refunding Bonds, Series 2002B,
5.350%, 7/01/18 - FSA Insured
12,415 Federal Way School District No. 210, King County, Washington, 12/03 at 100.00 A1*** 12,839,841
Unlimited Tax General Obligation Bonds, Series 1991,
6.950%, 12/01/11 (Pre-refunded to 12/01/03)
6,950 Port of Seattle, Washington, Revenue Bonds, Series 2000B, 8/10 at 100.00 AAA 7,321,061
5.625%, 2/01/24 (Alternative Minimum Tax) - MBIA Insured
13,400 City of Seattle, Washington, Municipal Light and Power Revenue 12/10 at 100.00 Aa3 13,991,342
Bonds, Series 2000, 5.400%, 12/01/25
1,675 Spokane Downtown Foundation, Washington, Parking Revenue 8/08 at 102.00 D 845,875
Bonds, Series 1998, River Park Square Project, 5.600%, 8/01/19
9,440 City of Tacoma, Washington, Electric System Revenue Bonds, 1/11 at 101.00 AAA 10,581,013
Series 2001A Refunding, 5.750%, 1/01/18 - FSA Insured
18,145 State of Washington, Various Purpose General Obligation Bonds, 7/11 at 100.00 AAA 18,739,611
2001 Series 02-A, 5.000%, 7/01/23 - FSA Insured
State of Washington, Motor Vehicle Fuel Tax General Obligation
Bonds, Series 2002C:
7,000 5.000%, 1/01/21 - FSA Insured 1/12 at 100.00 AAA 7,307,299
7,750 5.000%, 1/01/22 - FSA Insured 1/12 at 100.00 AAA 8,050,544
- ------------------------------------------------------------------------------------------------------------------------------------
WISCONSIN - 1.2%
7,545 City of La Crosse, Wisconsin, Pollution Control Refunding Revenue 12/08 at 102.00 AAA 8,225,483
Bonds, Series 1997A, Dairyland Power Cooperative Project,
5.450%, 9/01/14 - AMBAC Insured
1,420 Wisconsin Housing and Economic Development Authority, 7/03 at 101.00 AA 1,436,641
Housing Revenue Bonds, 1992 Series A, 6.850%, 11/01/12
- ------------------------------------------------------------------------------------------------------------------------------------
$ 1,249,510 Total Long-Term Investments (cost $1,180,134,336) - 152.7% 1,242,564,533
=============-----------------------------------------------------------------------------------------------------------------------
31
Nuveen Quality Income Municipal Fund, Inc. (NQU) (continued)
Portfolio of INVESTMENTS April 30, 2003 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 0.9%
$ 3,200 Chester County Industrial Development Authority, Pennsylvania, VMIG-1 $ 3,200,000
Revenue Bonds, Archdiocese of Philadelphia, Variable Rate
Demand Bonds, Series 2001, 1.350%, 7/01/31+
1,500 Residential Care Facilities for the Elderly Authority of Fulton A-1+ 1,500,000
County, Georgia, Refunding Revenue Bonds, Lenbrook Square
Foundation, Inc., Variable Rate Demand Bonds, Series 1996,
1.400%, 1/01/18+
2,500 Massachusetts Health and Educational Facilities Authority, A-1+ 2,500,000
Revenue Bonds, Capital Assets Program, Series B, Variable
Rate Demand Bonds, 1.300%, 7/01/10 - MBIA Insured+
- ------------------------------------------------------------------------------------------------------------------------------------
$ 7,200 Total Short-Term Investments (cost $7,200,000) 7,200,000
=============-----------------------------------------------------------------------------------------------------------------------
Total Investments (cost $1,187,334,336) - 153.6% 1,249,764,533
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.9% 16,007,044
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (55.5)% (452,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $813,771,577
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares.
* 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.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of
principal and interest. Such securities are normally
considered to be equivalent to AAA rated securities.
N/R Investment is not rated.
+ 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.
32
Nuveen Premier Municipal Income Fund, Inc. (NPF)
Portfolio of
INVESTMENTS April 30, 2003 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
ALABAMA - 0.5%
$ 1,625 Alabama Higher Education Loan Corporation, Student Loan No Opt. Call AAA $ 1,703,878
Revenue Bonds, Series 1994D Refunding, 5.850%, 9/01/04
(Alternative Minimum Tax) - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
ALASKA - 0.7%
2,000 Alaska Housing Finance Corporation, General Mortgage Revenue 6/09 at 101.00 AAA 2,123,620
Bonds, 1999 Series A, 6.000%, 6/01/49 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
ARIZONA - 5.9%
3,650 Gilbert Unified School District No. 41 of Maricopa County, 7/04 at 100.00 AAA 3,861,189
Arizona, School Improvement Bonds, Project of 1993,
Series 1994C, 6.100%, 7/01/14 (Pre-refunded to 7/01/04) -
FGIC Insured
6,000 Salt River Project Agricultural Improvement and Power District, 1/12 at 101.00 AA 6,711,120
Arizona, Salt River Project Electric System Refunding Revenue
Bonds, Series 2002A, 5.250%, 1/01/15
7,500 Salt River Project Agricultural Improvement and Power District, 1/13 at 100.00 AA 7,770,075
Arizona, Salt River Project Electric System Revenue Bonds,
Series 2002B, 5.000%, 1/01/25
- ------------------------------------------------------------------------------------------------------------------------------------
ARKANSAS - 2.3%
5,045 Arkansas Development Finance Authority, Single Family 1/11 at 100.00 AAA 5,177,532
Mortgage Revenue Bonds, Mortgage-Backed Securities
Program, 2001 Series I, 5.300%, 7/01/33 (Alternative
Minimum Tax)
695 Arkansas Development Finance Authority, Single Family Mortgage 7/05 at 102.00 AAA 737,638
Revenue Bonds, Mortgage-Backed Securities Program,
1994 Series C, 6.600%, 7/01/17
995 Arkansas Development Finance Authority, Single Family Mortgage 7/05 at 102.00 AAA 1,030,740
Revenue Bonds, Mortgage-Backed Securities Program, 1995
Series B, 6.550%, 7/01/18 (Alternative Minimum Tax)
103 Drew County Public Facilities Board, Arkansas, Single Family 8/03 at 103.00 Aaa 103,847
Mortgage Revenue Refunding Bonds, Series 1993A,
7.900%, 8/01/11
114 Public Facilities Board of Stuttgart, Arkansas, Single Family 9/03 at 103.00 Aaa 117,690
Mortgage Revenue Refunding Bonds, Series 1993A,
7.900%, 9/01/11
- ------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA - 11.7%
5,690 Department of Veterans Affairs of the State of California, 6/12 at 101.00 AAA 6,004,088
Home Purchase Revenue Bonds, Series 2002A,
5.300%, 12/01/21 - AMBAC Insured
Foothill/Eastern Transportation Corridor Agency, California,
Toll Road Revenue Bonds, Series 1995A:
28,000 0.000%, 1/01/17 No Opt. Call AAA 15,455,160
10,000 0.000%, 1/01/22 - FSA Insured No Opt. Call AAA 4,091,200
10,000 San Diego Redevelopment Agency, California, Merged Area 8/10 at 101.00 AAA 10,734,500
Redevelopment Project Tax Allocation Bonds, Series 2002,
5.000%, 8/01/17 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
COLORADO - 0.3%
1,000 Colorado Health Facilities Authority, Hospital Revenue Bonds, 12/09 at 101.00 Aaa 1,087,400
Poudre Valley Health Care, Inc., Series 1999A, 5.750%, 12/01/23 -
FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
CONNECTICUT - 1.1%
2,000 Connecticut Development Authority, Pollution Control Revenue 10/08 at 102.00 A3 2,102,060
Refunding Bonds, Connecticut Light and Power Company,
Series 1993A, 5.850%, 9/01/28
1,300 Connecticut Housing Finance Authority, Housing Mortgage 5/06 at 102.00 AAA 1,388,400
Finance Program Bonds, 1996 Series C-2, 6.250%, 11/15/18
33
Nuveen Premier Municipal Income Fund, Inc. (NPF) (continued)
Portfolio of INVESTMENTS April 30, 2003 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRICT OF COLUMBIA - 2.1%
District of Columbia, University Revenue Bonds, Georgetown
University Issue, Series 2001A:
$ 14,105 0.000%, 4/01/24 - MBIA Insured 4/11 at 47.66 AAA $ 4,373,396
7,625 0.000%, 4/01/25 - MBIA Insured 4/11 at 44.82 AAA 2,214,300
- ------------------------------------------------------------------------------------------------------------------------------------
FLORIDA - 3.1%
4,000 Dade County, Florida, Aviation Revenue Bonds, Series 1996A, 10/06 at 102.00 AAA 4,381,080
5.750%, 10/01/18 (Alternative Minimum Tax) - MBIA Insured
5,000 JEA, Florida, Water and Sewer System Revenue Bonds, 10/04 at 101.00 Aa3 5,293,200
1999 Series A, 5.400%, 10/01/39
- ------------------------------------------------------------------------------------------------------------------------------------
GEORGIA - 2.7%
8,000 George L. Smith II World Congress Center Authority, Georgia, 7/10 at 101.00 AAA 8,510,400
Refunding Revenue Bonds, Domed Stadium Project,
Series 2000, 5.500%, 7/01/20 (Alternative Minimum Tax) -
MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
HAWAII - 0.8%
2,250 Department of Budget and Finance of the State of Hawaii, 1/09 at 101.00 AAA 2,553,548
Special Purpose Revenue Bonds, Hawaii Electric Company, Inc.
and Subsidiaries Project, Series 1999D, 6.150%, 1/01/20
(Alternative Minimum Tax) - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
IDAHO - 0.2%
695 Idaho Housing and Finance Association, Single Family Mortgage 7/06 at 102.00 Aa1 711,701
Bonds, 1996 Series E, 6.350%, 7/01/14 (Alternative
Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
ILLINOIS - 34.9%
City of Chicago, Illinois, General Obligation Bonds, City
Colleges of Chicago Capital Improvement Project, Series 1999:
8,670 0.000%, 1/01/24 - FGIC Insured No Opt. Call AAA 2,970,515
16,670 0.000%, 1/01/26 - FGIC Insured No Opt. Call AAA 5,058,845
Chicago School Reform Board of Trustees of the Board of
Education of the City of Chicago, Illinois, Unlimited Tax
General Obligation Bonds, Dedicated Tax Revenues, Series 1998A:
3,740 0.000%, 12/01/16 - FGIC Insured No Opt. Call AAA 2,013,504
10,000 0.000%, 12/01/20 - FGIC Insured No Opt. Call AAA 4,188,600
9,900 0.000%, 12/01/24 - FGIC Insured No Opt. Call AAA 3,207,402
Chicago School Reform Board of Trustees of the Board of
Education of the City of Chicago, Illinois, Unlimited Tax
General Obligation Bonds, Dedicated Tax Revenues, Series 1999A:
15,000 0.000%, 12/01/21 - FGIC Insured No Opt. Call AAA 5,893,500
10,000 0.000%, 12/01/23 - FGIC Insured No Opt. Call AAA 3,468,700
960 Public Building Commission of Chicago, Illinois, Building Revenue No Opt. Call AAA 1,159,018
Bonds, Series 1990B, Board of Education of the City of
Chicago, 7.000%, 1/01/15 - MBIA Insured
13,000 City of Chicago, Illinois, Wastewater Transmission Revenue Bonds, 1/06 at 102.00 AAA 13,254,020
Series 1995, 5.125%, 1/01/25 - FGIC Insured
12,130 City of Chicago, Illinois, Senior Lien Water Revenue Bonds, No Opt. Call AAA 14,326,137
Series 2001, 5.750%, 11/01/30 - AMBAC Insured
6,615 Town of Cicero, Cook County, Illinois, General Obligation Tax 12/04 at 102.00 N/R*** 7,243,888
Increment Bonds, Series 1995A, 8.125%, 12/01/12 (Pre-refunded
to 12/01/04)
4,410 Illinois Housing Development Authority, Section 8 Elderly Housing 9/03 at 101.00 A 4,475,797
Revenue Bonds, Garden House of Maywood Development,
Series 1992, 7.000%, 9/01/18
1,500 State of Illinois, General Obligation Bonds, Illinois FIRST Program, 2/12 at 100.00 AAA 1,673,475
Series 2002, 5.500%, 2/01/17 - FGIC Insured
9,300 Community Unit School District No. 220 of the Counties of No Opt. Call AAA 10,551,222
Lake, Cook, Kane and McHenry, Illinois, General Obligation
Bonds, Series 2002, 5.250%, 12/01/18 - FSA Insured
2,270 Metropolitan Pier and Exposition Authority, Illinois, 6/12 at 101.00 AAA 2,325,343
McCormick Place Expansion Project Revenue Bonds,
Series 2002A, 5.000%, 12/15/28 - MBIA Insured
34
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
ILLINOIS (continued)
Metropolitan Pier and Exposition Authority, Illinois, McCormick
Place Expansion Project Refunding Bonds, Series 1996A:
$ 8,330 0.000%, 12/15/16 - MBIA Insured No Opt. Call AAA $ 4,482,623
10,575 0.000%, 12/15/23 - MBIA Insured No Opt. Call AAA 3,668,150
10,775 0.000%, 12/15/24 - MBIA Insured No Opt. Call AAA 3,513,297
10,000 Metropolitan Pier and Exposition Authority, Illinois, 6/03 at 102.00 Aaa 10,267,300
McCormick Place Expansion Project Bonds, Series 1992A,
6.500%, 6/15/27 (Pre-refunded to 6/15/03)
2,000 Onterie Center Housing Finance Corporation (An Illinois Not 7/03 at 101.50 AAA 2,055,040
For Profit Corporation), Mortgage Revenue Refunding Bonds,
Series 1992A, FHA-Insured Mortgage Loan - Onterie Center
Project, 7.050%, 7/01/27 - MBIA Insured
3,488 Town of Wood River, Wood River Township Hospital, Madison 2/04 at 102.00 N/R 3,161,973
County, Illinois, General Obligation Bonds, Alternate Revenue
Source, Series 1993, 6.625%, 2/01/14
- ------------------------------------------------------------------------------------------------------------------------------------
INDIANA - 6.7%
Crown Point Multi-School Building Corporation, Indiana, First
Mortgage Bonds, Series 2000, Crown Point Community School
Corporation:
7,480 0.000%, 1/15/21 - MBIA Insured No Opt. Call AAA 3,060,891
7,980 0.000%, 1/15/22 - MBIA Insured No Opt. Call AAA 3,065,437
6,180 0.000%, 1/15/23 - MBIA Insured No Opt. Call AAA 2,229,744
29,255 Indianapolis Local Public Improvement Bond Bank, Indiana, No Opt. Call AAA 9,316,547
Revenue Bonds, Series 1999E, 0.000%, 2/01/25 - AMBAC Insured
2,860 PHM Elementary/Middle School Building Corporation, St. Joseph No Opt. Call A 3,292,003
County, Indiana, First Mortgage Bonds, Series 1994,
6.300%, 1/15/09
- ------------------------------------------------------------------------------------------------------------------------------------
KANSAS - 1.1%
840 City of Hutchinson, Kansas, Single Family Mortgage Revenue 6/03 at 102.00 Aa3 857,674
Refunding Bonds, Series 1992, 8.875%, 12/01/12
(Pre-refunded to 6/01/03)
6,440 The Unified Government of Wyandotte County/Kansas City, No Opt. Call AAA 2,739,447
Kansas, Sales Tax Special Obligation Revenue Bonds, Kansas
International Speedway Corporation Project, Series 1999,
0.000%, 12/01/20 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
LOUISIANA - 0.4%
1,310 Louisiana Housing Finance Agency, Mortgage Revenue Bonds, 9/05 at 103.00 AAA 1,400,272
GNMA Collateralized Mortgage Loan - St. Dominic Assisted
Care Facility, Series 1995, 6.850%, 9/01/25
- ------------------------------------------------------------------------------------------------------------------------------------
MAINE - 2.7%
7,965 Maine Educational Loan Marketing Corporation, Subordinate No Opt. Call A2 8,594,793
Student Loan Revenue Bonds, Series 1994-B2,
6.250%, 11/01/06 (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
MARYLAND - 1.9%
6,000 Anne Arundel County, Maryland, Multifamily Housing Revenue No Opt. Call BBB- 6,090,780
Bonds, Woodside Apartments Project, Series 1994,
7.450%, 12/01/24 (Alternative Minimum Tax) (Mandatory
put 12/01/03)
- ------------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS - 2.0%
Massachusetts Municipal Wholesale Electric Company, Power Supply
System Revenue Bonds, 1987 Series A:
5 8.750%, 7/01/18 (Pre-refunded to 1/01/04) 1/04 at 100.00 Aaa 5,253
5 8.750%, 7/01/18 (Pre-refunded to 7/01/04) 7/04 at 100.00 Aaa 5,440
5 8.750%, 7/01/18 (Pre-refunded to 1/01/05) 1/05 at 100.00 Aaa 5,606
3,875 Massachusetts Health and Educational Facilities Authority, 2/04 at 102.00 Aa2*** 4,101,804
Revenue Refunding Bonds, Youville Hospital Issue,
FHA-Insured Project, Series B, 6.000%, 2/15/25
(Pre-refunded to 2/15/04)
2,000 Massachusetts Housing Finance Agency, Rental Housing 7/07 at 101.00 AAA 2,056,940
Mortgage Revenue Bonds, 1997 Series C, 5.625%, 7/01/40
(Alternative Minimum Tax) - AMBAC Insured
35
Nuveen Premier Municipal Income Fund, Inc. (NPF) (continued)
Portfolio of INVESTMENTS April 30, 2003 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
MICHIGAN - 1.7%
$ 1,975 Charter Township of Clinton, County of Macomb, Michigan, 4/09 at 101.00 AAA $ 1,930,405
1998 General Obligation Unlimited Tax Police Building
Bonds, 4.000%, 4/01/18 - FGIC Insured
3,025 Charter County of Wayne, Michigan, Airport Revenue Bonds, 12/12 at 100.00 AAA 3,294,286
Detroit Metropolitan Airport, Series 2002C Refunding,
5.375%, 12/01/19 - FGIC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
MINNESOTA - 7.7%
6,900 Champlin, Minnesota, Senior Housing Revenue Bonds, Champlin 6/12 at 105.00 Aaa 6,979,074
Shores Senior Living Center, GNMA Guaranteed, Series 2002A,
3.000%, 12/20/43
7,885 City of Eden Prairie, Minnesota, Multifamily Housing Revenue 12/10 at 103.50 Aaa 8,802,656
Bonds, Series 2000, GNMA Collateralized Mortgage
Loan - Lincoln Parc Project, Series 2000A-1, 6.650%, 6/20/42
10,780 Northwest Minnesota Multi-County Housing and Redevelopment 10/04 at 102.00 N/R 8,218,456
Authority, Governmental Housing Revenue Bonds, Pooled
Housing Program, Series 1994A, 8.125%, 10/01/26
- ------------------------------------------------------------------------------------------------------------------------------------
MISSISSIPPI - 1.1%
8,610 Mississippi Home Corporation, Residual Revenue Capital 3/04 at 41.66 Aaa 3,523,384
Appreciation Bonds, Series 1992-I, 0.000%, 9/15/16
- ------------------------------------------------------------------------------------------------------------------------------------
MISSOURI - 2.3%
5,000 State of Missouri, General Obligation Bonds, Series 2002A, 10/12 at 100.00 AAA 5,411,500
Fourth State Building Refunding, 5.000%, 10/01/18
1,590 Health and Educational Facilities Authority of the State of 6/11 at 101.00 AAA 1,646,143
Missouri, Revenue Bonds, SSM Health Care, Series 2001A,
5.250%, 6/01/28 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
NEBRASKA - 1.9%
2,830 City of Grand Island, Nebraska, Electric System Revenue 9/03 at 100.00 A+*** 3,204,154
Bonds, 1977 Series, 6.100%, 9/01/12
2,350 Nebraska Higher Education Loan Program, Inc., Senior No Opt. Call AAA 2,650,471
Subordinate Bonds, Series A-5B, 6.250%, 6/01/18 (Alternative
Minimum Tax) - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
NEVADA - 3.8%
10,900 Clark County School District, Nevada, General Obligation Bonds, 6/12 at 100.00 AAA 12,047,007
Series 2002C, 5.500%, 6/15/19 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
NEW HAMPSHIRE - 1.9%
590 New Hampshire Municipal Bond Bank, Educational Institutions No Opt. Call N/R 600,242
Division Revenue Bonds, 1994 Coe-Brown Northwood
Academy Project, 7.250%, 5/01/09
5,000 New Hampshire Housing Finance Authority, Multifamily Housing 7/10 at 101.00 Aaa 5,300,000
Revenue Bonds, 1994 Issue Remarketed, Countryside Limited
Partnership - Countryside Project, 6.100%, 7/01/24 (Alternative
Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
NEW JERSEY - 2.7%
10,000 Tobacco Settlement Financing Corporation, New Jersey, 6/12 at 100.00 A- 8,525,800
Tobacco Settlement Asset-Backed Bonds, Series 2002,
5.750%, 6/01/32
- ------------------------------------------------------------------------------------------------------------------------------------
NEW YORK - 10.2%
1,000 The City of New York, New York, General Obligation Bonds, No Opt. Call A 1,065,400
Fiscal 1995 Series A, 7.000%, 8/01/04
The City of New York, New York, General Obligation Bonds, Fiscal
1996 Series J1:
630 5.875%, 2/15/19 (Pre-refunded to 2/15/06) 2/06 at 101.50 A*** 712,921
3,370 5.875%, 5/15/19 2/06 at 101.50 A 3,644,352
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Fiscal 1998 Series A:
1,750 5.125%, 8/15/21 (Pre-refunded to 8/15/07) 8/07 at 101.00 AA+*** 1,984,500
2,730 5.125%, 8/15/21 8/07 at 101.00 AA+ 2,828,553
10,000 Dormitory Authority of the State of New York, State University 5/10 at 101.00 AAA 11,673,200
Educational Facilities Revenue Bonds, Series 2000B,
1999 Resolution, 5.500%, 5/15/30 (Pre-refunded to
5/15/10) - FSA Insured
1,420 New York State Medical Care Facilities Finance Agency, Hospital 8/03 at 101.00 AAA 1,475,451
and Nursing Home FHA-Insured Mortgage Revenue Bonds,
1992 Series B, 6.200%, 8/15/22
4,255 New York State Medical Care Facilities Finance Agency, 8/03 at 102.00 AAA 4,382,948
St. Luke's-Roosevelt Hospital Center, FHA-Insured Mortgage
Revenue Bonds, 1993 Series A, 5.600%, 8/15/13
36
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
NEW YORK (continued)
$ 4,000 New York State Medical Care Facilities Finance Agency, 2/04 at 102.00 AAA $ 4,192,920
Hospital Insured Mortgage Revenue Bonds, 1994 Series A
Refunding, 5.500%, 8/15/24 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA - 4.6%
10,300 North Carolina Eastern Municipal Power Agency, Power System No Opt. Call AAA 12,331,366
Revenue Bonds, Refunding Series 1993, 6.000%, 1/01/22 -
CAPMAC Insured
2,130 North Carolina Housing Finance Agency, Multifamily Revenue 7/03 at 101.00 Aa2 2,178,138
Refunding Bonds, 1992 Refunding Bond Resolution, Series B,
6.900%, 7/01/24
- ------------------------------------------------------------------------------------------------------------------------------------
OHIO - 0.7%
2,110 Cleveland-Rock Glen Housing Assistance Corporation, Ohio, 7/04 at 103.00 AAA 2,200,245
Mortgage Revenue Refunding Bonds, Series 1994A, FHA-Insured
Mortgage Loans Section 8 Assisted Projects, 6.750%, 1/15/25
- ------------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA - 2.5%
1,940 Falls Township Hospital Authority, Pennsylvania, Refunding 8/03 at 101.00 AAA 2,060,280
Revenue Bonds, The Delaware Valley Medical Center Project,
FHA-Insured Mortgage, Series 1992, 7.000%, 8/01/22
5,615 City of Philadelphia, Pennsylvania, Water and Sewer Revenue No Opt. Call AAA 5,889,237
Bonds, Tenth Series, 7.350%, 9/01/04
- ------------------------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA - 4.3%
14,800 Tobacco Settlement Revenue Management Authority, 5/11 at 101.00 A- 13,348,860
South Carolina, Tobacco Settlement Asset-Backed Bonds,
Series 2001B, 6.000%, 5/15/22
- ------------------------------------------------------------------------------------------------------------------------------------
TENNESSEE - 0.7%
2,060 The Health and Educational Facilities Board of Johnson City, 7/23 at 100.00 AAA 2,189,615
Tennessee, Hospital Revenue Refunding and Improvement
Bonds, Series 1998C, Johnson City Medical Center Hospital,
5.125%, 7/01/25 (Pre-refunded to 7/01/23) - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
TEXAS - 10.8%
6,415 Edgewood Independent School District, Bexar County, Texas, 8/11 at 100.00 Aaa 6,594,235
General Obligation Refunding Bonds, Series 2001,
5.125%, 8/15/31
27,355 City of Houston, Texas, Hotel Occupancy Tax and Special Revenue No Opt. Call AAA 7,527,549
Bonds, Series 2001B Convention Project, 0.000%, 9/01/27 -
AMBAC Insured
7,500 City of Houston, Texas, Water and Sewer System Junior Lien No Opt. Call AAA 8,893,275
Revenue Refunding Bonds, Series 2002A, 5.750%, 12/01/32 -
FSA Insured
2,000 Mansfield Independent School District, Tarrant County, Texas, 2/11 at 100.00 AAA 2,101,060
General Obligation Bonds, Series 2001, 5.375%, 2/15/26
3,923 Texas General Services Commission, Participation Interests, 9/03 at 100.50 A 3,987,759
Series 1992, 7.500%, 9/01/22
395 Victoria Housing Finance Corporation, Texas, Single Family No Opt. Call Aaa 399,092
Mortgage Revenue Refunding Bonds, Series 1995,
8.125%, 1/01/11
Weatherford Independent School District, Parker County, Texas,
Unlimited Tax School Building and Refunding Bonds, Series 2001:
6,945 0.000%, 2/15/23 2/11 at 50.24 AAA 2,303,448
6,945 0.000%, 2/15/24 2/11 at 47.44 AAA 2,166,771
- ------------------------------------------------------------------------------------------------------------------------------------
UTAH - 0.8%
985 Utah Housing Corporation, Single Family Mortgage Bonds, 7/11 at 100.00 Aa2 1,008,404
2001 Series D, 5.500%, 1/01/21 (Alternative Minimum Tax)
310 Utah Housing Finance Agency, Single Family Mortgage Bonds, 1/07 at 102.00 AA 312,316
1996 Series C, 6.450%, 7/01/14 (Alternative Minimum Tax)
1,100 Utah Housing Finance Agency, Single Family Mortgage 7/07 at 101.50 AA 1,160,214
Bonds, 1997 Series F, 5.750%, 7/01/15 (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
VIRGINIA - 1.0%
3,200 Suffolk Redevelopment and Housing Authority, Virginia, 7/03 at 102.00 Baa2 3,260,224
Multifamily Housing Revenue Refunding Bonds, Series 1994,
Chase Heritage at Dulles Project, 7.000%, 7/01/24 (Mandatory
put 7/01/04)
37
Nuveen Premier Municipal Income Fund, Inc. (NPF) (continued)
Portfolio of INVESTMENTS April 30, 2003 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
WASHINGTON - 7.5%
$ 6,160 Public Hospital District No. 2, King County, Washington, Limited 6/11 at 101.00 AAA $ 6,382,560
Tax General Obligation Bonds, Evergreen Healthcare,
Series 2001A, 5.250%, 12/01/24 - AMBAC Insured
5,000 The City of Seattle, Washington, Municipal Light and Power 3/11 at 100.00 AAA 5,644,099
Improvements and Refunding Revenue Bonds, Series 2001,
5.500%, 3/01/12 - FSA Insured
9,750 State of Washington, General Obligation and General Obligation No Opt. Call AA+ 11,464,244
Refunding Bonds, Series 1992A (AT-6), 6.250%, 2/01/11
- ------------------------------------------------------------------------------------------------------------------------------------
WISCONSIN - 2.2%
1,205 Wisconsin Housing and Economic Development Authority, 7/03 at 101.00 AA 1,219,122
Housing Revenue Bonds, 1992 Series A, 6.850%, 11/01/12
5,000 Wisconsin Health and Educational Facilities Authority, Revenue 2/10 at 101.00 AA 5,614,549
Bonds, Series 1999, Marshfield Clinic, 6.250%, 2/15/18 -
RAAI Insured
- ------------------------------------------------------------------------------------------------------------------------------------
$ 618,658 Total Long-Term Investments (cost $438,450,676) - 149.5% 468,349,227
- ------------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 0.3%
1,000 Nebraska Educational Finance Authority, Revenue Refunding VMIG-1 1,000,000
Bonds, Creighton University Project, Series 2001, Variable
Rate Demand Bonds, 1.350%, 8/01/31+
- ------------------------------------------------------------------------------------------------------------------------------------
$ 1,000 Total Short-Term Investments (cost $1,000,000) 1,000,000
=============-----------------------------------------------------------------------------------------------------------------------
Total Investments (cost $439,450,676) - 149.8% 469,349,227
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.9% 8,937,400
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (52.7)% (165,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $313,286,627
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares.
* 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.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of
principal and interest. Such securities are normally
considered to be equivalent to AAA rated securities.
N/R Investment is not rated.
+ 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
base on market conditions or a specified market index.
See accompanying notes to financial statements.
38
Statement of
ASSETS AND LIABILITIES April 30, 2003 (Unaudited)
INVESTMENT SELECT QUALITY PREMIER
QUALITY QUALITY INCOME INCOME
(NQM) (NQS) (NQU) (NPF)
- ------------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments, at market value (cost $790,230,457,
$746,901,660, $1,187,334,336 and $439,450,676) $855,927,883 $788,950,380 $1,249,764,533 $469,349,227
Cash -- -- -- 562,589
Receivables:
Interest 15,170,753 13,649,775 21,763,769 6,802,941
Investments sold 291,114 485,235 357,379 1,939,097
Other assets 39,793 36,904 63,994 17,265
- ------------------------------------------------------------------------------------------------------------------------------------
Total assets 871,429,543 803,122,294 1,271,949,675 478,671,119
- ------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Cash overdraft 388,931 1,236,554 1,925,398 --
Payable for investments purchased 272,200 -- 3,241,447 --
Accrued expenses:
Management fees 443,171 409,005 637,085 246,921
Other 173,495 151,734 310,280 119,577
Preferred share dividends payable 35,672 35,657 63,888 17,994
- ------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 1,313,469 1,832,950 6,178,098 384,492
- ------------------------------------------------------------------------------------------------------------------------------------
Preferred shares, at liquidation value 301,000,000 279,000,000 452,000,000 165,000,000
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $569,116,074 $522,289,344 $ 813,771,577 $313,286,627
====================================================================================================================================
Common shares outstanding 35,748,959 33,887,474 54,204,488 20,091,018
====================================================================================================================================
Net asset value per Common share outstanding (net assets
applicable to Common shares, divided by Common
shares outstanding) $ 15.92 $ 15.41 $ 15.01 $ 15.59
====================================================================================================================================
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
- ------------------------------------------------------------------------------------------------------------------------------------
Common shares, $.01 par value per share $ 357,490 $ 338,875 $ 542,045 $ 200,910
Paid-in surplus 498,208,645 471,795,241 755,082,093 279,090,126
Undistributed net investment income 6,762,654 6,034,211 8,290,630 3,024,038
Accumulated net realized gain (loss) from investments (1,910,141) 2,072,297 (12,573,388) 1,073,002
Net unrealized appreciation of investments 65,697,426 42,048,720 62,430,197 29,898,551
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $569,116,074 $522,289,344 $ 813,771,577 $313,286,627
====================================================================================================================================
Authorized shares:
Common 200,000,000 200,000,000 200,000,000 200,000,000
Preferred 1,000,000 1,000,000 1,000,000 1,000,000
====================================================================================================================================
See accompanying notes to financial statements.
39
Statement of
OPERATIONS Six Months Ended April 30, 2003 (Unaudited)
INVESTMENT SELECT QUALITY PREMIER
QUALITY QUALITY INCOME INCOME
(NQM) (NQS) (NQU) (NPF)
- ------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $23,646,686 $21,463,782 $ 34,146,845 $12,614,841
- ------------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 2,675,955 2,461,260 3,854,019 1,487,383
Preferred shares - auction fees 373,157 345,884 560,356 204,555
Preferred shares - dividend disbursing agent fees 24,795 24,795 29,753 14,876
Shareholders' servicing agent fees and expenses 48,571 44,543 72,958 25,932
Custodian's fees and expenses 95,741 97,390 148,705 53,253
Directors' fees and expenses 5,598 6,609 7,799 3,802
Professional fees 16,793 61,256 20,694 35,171
Shareholders' reports - printing and mailing expenses 34,993 39,743 55,796 19,734
Stock exchange listing fees 7,927 7,927 10,964 7,927
Investor relations expense 56,338 52,363 84,098 31,730
Other expenses 27,008 25,515 32,694 19,010
- ------------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit 3,366,876 3,167,285 4,877,836 1,903,373
Custodian fee credit (9,457) (15,288) (23,252) (9,931)
- ------------------------------------------------------------------------------------------------------------------------------------
Net expenses 3,357,419 3,151,997 4,854,584 1,893,442
- ------------------------------------------------------------------------------------------------------------------------------------
Net investment income 20,289,267 18,311,785 29,292,261 10,721,399
- ------------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS
Net realized gain (loss) from investments (1,909,197) 2,494,609 (12,159,196) 1,073,059
Change in net unrealized appreciation (depreciation)
of investments 12,538,533 11,086,426 29,840,679 8,005,957
- ------------------------------------------------------------------------------------------------------------------------------------
Net gain from investments 10,629,336 13,581,035 17,681,483 9,079,016
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS
From net investment income (1,559,214) (1,433,840) (2,248,501) (756,335)
From accumulated net realized gains from investments (81,498) -- (138,847) (162,994)
- ------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common shares from
distributions to Preferred shareholders (1,640,712) (1,433,840) (2,387,348) (919,329)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable to
Common shares from operations $29,277,891 $30,458,980 $ 44,586,396 $18,881,086
====================================================================================================================================
See accompanying notes to financial statements.
40
Statement of
CHANGES IN NET ASSETS (Unaudited)
INVESTMENT QUALITY (NQM) SELECT QUALITY (NQS)
------------------------------------- -------------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
4/30/03 10/31/02 4/30/03 10/31/02
- ------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 20,289,267 $ 41,282,342 $ 18,311,785 $ 37,911,318
Net realized gain (loss) from investments (1,909,197) 895,339 2,494,609 (429,582)
Change in net unrealized appreciation (depreciation)
of investments 12,538,533 (6,641,410) 11,086,426 (12,369,670)
Distributions to Preferred Shareholders:
From net investment income (1,559,214) (4,042,793) (1,433,840) (3,065,241)
From accumulated net realized gains from investments (81,498) (228,928) -- (1,332,496)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable to Common shares
from operations 29,277,891 31,264,550 30,458,980 20,714,329
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (17,949,042) (33,499,195) (16,469,315) (31,783,529)
From accumulated net realized gains from investments (817,001) (738,605) -- (5,228,137)
- ------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common shares from
distributions to Common shareholders (18,766,043) (34,237,800) (16,469,315) (37,011,666)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable
to Common shares 10,511,848 (2,973,250) 13,989,665 (16,297,337)
Net assets applicable to Common shares at the
beginning of period 558,604,226 561,577,476 508,299,679 524,597,016
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares at the
end of period $569,116,074 $558,604,226 $522,289,344 $508,299,679
====================================================================================================================================
Undistributed net investment income at the
end of period $ 6,762,654 $ 5,981,643 $ 6,034,211 $ 5,625,560
====================================================================================================================================
See accompanying notes to financial statements.
41
Statement of
CHANGES IN NET ASSETS (Unaudited) (continued)
QUALITY INCOME (NQU) PREMIER INCOME (NPF)
------------------------------------- -------------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
4/30/03 10/31/02 4/30/03 10/31/02
- ------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 29,292,261 $ 60,850,583 $ 10,721,399 $ 23,130,784
Net realized gain (loss) from investments (12,159,196) 1,692,020 1,073,059 1,888,384
Change in net unrealized appreciation (depreciation)
of investments 29,840,679 (34,664,726) 8,005,957 (4,481,311)
Distributions to Preferred Shareholders:
From net investment income (2,248,501) (5,357,084) (756,335) (2,203,634)
From accumulated net realized gains from investments (138,847) (1,401,793) (162,994) (136,932)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable to Common shares
from operations 44,586,396 21,119,000 18,881,086 18,197,291
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (25,855,524) (50,249,044) (9,828,755) (19,246,966)
From accumulated net realized gains from investments (1,550,167) (4,915,477) (1,723,563) (488,220)
- ------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common shares from
distributions to Common shareholders (27,405,691) (55,164,521) (11,552,318) (19,735,186)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable
to Common shares 17,180,705 (34,045,521) 7,328,768 (1,537,895)
Net assets applicable to Common shares at the
beginning of period 796,590,872 830,636,393 305,957,859 307,495,754
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares at the
end of period $813,771,577 $796,590,872 $313,286,627 $305,957,859
====================================================================================================================================
Undistributed net investment income at the
end of period $ 8,290,630 $ 7,102,394 $ 3,024,038 $ 2,887,729
====================================================================================================================================
See accompanying notes to financial statements.
42
Notes to
FINANCIAL STATEMENTS (Unaudited)
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
The National Funds (the "Funds") covered in this report and their corresponding
Common Share New York Stock Exchange symbols are Nuveen Investment Quality
Municipal Fund, Inc. (NQM), Nuveen Select Quality Municipal Fund, Inc. (NQS),
Nuveen Quality Income Municipal Fund, Inc. (NQU) and Nuveen Premier Municipal
Income Fund, Inc. (NPF). The Funds are registered under the Investment Company
Act of 1940, as amended, as closed-end, diversified management investment
companies.
Each Fund seeks to provide current income exempt from regular federal income tax
by investing primarily in a diversified portfolio of municipal obligations
issued by state and local government authorities.
The following is a summary of significant accounting policies followed by the
Funds in the preparation of their financial statements in accordance with
accounting principles generally accepted in the United States.
Securities Valuation
The prices of municipal bonds in each Fund's investment portfolio are provided
by a pricing service approved by the Fund's Board of Directors. When price
quotes are not readily available (which is usually the case for municipal
securities), the pricing service establishes fair market value based on yields
or prices of municipal bonds of comparable quality, type of issue, coupon,
maturity and rating, indications of value from securities dealers and general
market conditions. If it is determined that market prices for a security are
unavailable or inappropriate, the Board of Directors of the Funds, or its
designee, may establish a fair value for the security. Temporary investments in
securities that have variable rate and demand features qualifying them as
short-term securities are valued at amortized cost, which approximates market
value.
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 have extended settlement periods. The securities so purchased are subject to
market fluctuation during this period. The Funds have instructed the custodian
to segregate assets with a current value at least equal to the amount of the
when-issued and delayed delivery purchase commitments. At April 30, 2003, the
Funds had no such outstanding purchase commitments.
Investment Income
Interest income, which includes the amortization of premiums and accretion of
discounts for financial reporting purposes, is recorded on an accrual basis.
Federal Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund
intends to comply with the requirements of the Internal Revenue Code applicable
to regulated investment companies and to distribute all of its net investment
income to its shareholders. Therefore, no federal income tax provision is
required. Furthermore, each Fund intends to satisfy conditions which will enable
interest from municipal securities, which is exempt from regular federal income
tax, to retain such tax-exempt status when distributed to shareholders of the
Funds.
43
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
Dividends and Distributions to Common Shareholders
Dividends from tax-exempt net investment income are declared and paid monthly.
Net realized capital gains and/or market discount from investment transactions,
if any, are distributed to shareholders not less frequently than annually.
Furthermore, capital gains are distributed only to the extent they exceed
available capital loss carryforwards.
Distributions to Common shareholders of tax-exempt net investment income, net
realized capital gains and/or market discount, if any, are recorded on the
ex-dividend date. The amount and timing of distributions are determined in
accordance with federal income tax regulations, which may differ from accounting
principles generally accepted in the United States.
Preferred Shares
The Funds have issued and outstanding $25,000 stated value Preferred shares.
Each Fund's Preferred shares are issued in more than one Series. The dividend
rate on each Series may change every seven days, as set pursuant to a dutch
auction process by the auction agent, and is payable at or near the end of each
rate period. The number of Preferred shares outstanding, by Series and in total,
for each Fund is as follows:
INVESTMENT SELECT QUALITY PREMIER
QUALITY QUALITY INCOME INCOME
(NQM) (NQS) (NQU) (NPF)
- ---------------------------------------------------------------------------------------------------------
Number of shares:
Series M 2,500 2,000 3,000 1,000
Series T 2,500 2,000 3,000 2,800
Series W 2,500 2,800 3,000 --
Series W2 -- -- 2,080 --
Series TH 2,040 1,560 4,000 2,800
Series F 2,500 2,800 3,000 --
- ---------------------------------------------------------------------------------------------------------
Total 12,040 11,160 18,080 6,600
=========================================================================================================
44
Derivative Financial Instruments
The Funds may invest in certain derivative financial instruments including
futures, forward, swap and option contracts, and other financial instruments
with similar characteristics. Although the Funds are authorized to invest in
such financial instruments, and may do so in the future, they did not make any
such investments during the six months ended April 30, 2003.
Custodian Fee Credit
Each Fund has an arrangement with the custodian bank whereby certain custodian
fees and expenses are reduced by credits earned on each Fund's cash on deposit
with the bank. Such deposit arrangements are an alternative to overnight
investments.
Use of Estimates
The preparation of financial statements in conformity with accounting principles
generally accepted in the United States requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities at
the date of the financial statements and the reported amounts of increases and
decreases in net assets applicable to Common shares from operations during the
reporting period. Actual results may differ from those estimates.
2. FUND SHARES
None of the Funds engaged in transactions in their own shares during the six
months ended April 30, 2003, nor during the fiscal year ended October 31, 2002.
3. SECURITIES TRANSACTIONS
Purchases and sales (including maturities) of investments in long-term municipal
securities during the six months ended April 30, 2003, were as follows:
INVESTMENT SELECT QUALITY PREMIER
QUALITY QUALITY INCOME INCOME
(NQM) (NQS) (NQU) (NPF)
- ---------------------------------------------------------------------------------------------------------
Purchases $2,345,312 $58,371,159 $86,464,214 $15,741,850
Sales and maturities 8,911,800 64,696,090 80,509,235 19,034,852
=========================================================================================================
45
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
4. INCOME TAX INFORMATION
The following information is presented on an income tax basis. Differences
between amounts for financial statement and federal income tax purposes are
primarily due to timing differences in recognizing income on taxable market
discount securities and timing differences in recognizing certain gains and
losses on security transactions.
At April 30, 2003, the cost of investments were as follows:
INVESTMENT SELECT QUALITY PREMIER
QUALITY QUALITY INCOME INCOME
(NQM) (NQS) (NQU) (NPF)
- ----------------------------------------------------------------------------------------------------------------
Cost of Investments $789,747,341 $746,674,179 $1,187,465,183 $439,348,248
================================================================================================================
Gross unrealized appreciation and gross unrealized depreciation on investments
at April 30, 2003, were as follows:
INVESTMENT SELECT QUALITY PREMIER
QUALITY QUALITY INCOME INCOME
(NQM) (NQS) (NQU) (NPF)
- --------------------------------------------------------------------------------------------------------------
Gross unrealized:
Appreciation $ 83,086,782 $ 58,423,852 $ 91,970,112 $35,258,935
Depreciation (16,906,240) (16,147,651) (29,670,762) (5,257,956)
- --------------------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments $ 66,180,542 $ 42,276,201 $ 62,299,350 $30,000,979
==============================================================================================================
The tax components of undistributed net investment income and net realized gains
at October 31, 2002, the Funds' last fiscal year end, were as follows:
INVESTMENT SELECT QUALITY PREMIER
QUALITY QUALITY INCOME INCOME
(NQM) (NQS) (NQU) (NPF)
- ---------------------------------------------------------------------------------------------------------
Undistributed net tax-exempt income $8,306,281 $8,021,216 $11,216,519 $4,421,589
Undistributed net ordinary income * 199,961 48,462 -- 4,647
Undistributed net long-term capital gains 897,555 -- 1,689,131 1,886,500
=========================================================================================================
46
The tax character of distributions paid during the fiscal year ended October 31,
2002, the Funds' last fiscal year end, was designated for purposes of the
dividends paid deduction as follows:
INVESTMENT SELECT QUALITY PREMIER
QUALITY QUALITY INCOME INCOME
(NQM) (NQS) (NQU) (NPF)
- ---------------------------------------------------------------------------------------------------------
Distributions from net tax-exempt income $37,269,102 $34,419,253 $55,481,812 $21,382,991
Distributions from net ordinary income * 1,870 364,764 -- --
Distributions from net long-term capital gains 967,533 6,367,510 6,317,270 625,152
=========================================================================================================
* Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
At October 31, 2002, the Funds' last fiscal year end, Select Quality (NQS) had
an unused capital loss carryforward of $429,582, available to be applied against
future capital gains, if any. If not applied, the carryforward will expire in
the year 2010.
5. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Under the Funds' investment management agreements with Nuveen Advisory Corp.
(the "Adviser"), a wholly owned subsidiary of Nuveen Investments, Inc.
(formerly, The John Nuveen Company), each Fund pays an annual management fee,
payable monthly, at the rates set forth below, which are based upon the average
daily net assets (including net assets attributable to Preferred shares) of each
Fund as follows:
AVERAGE DAILY NET ASSETS (INCLUDING NET ASSETS
ATTRIBUTABLE TO PREFERRED SHARES) MANAGEMENT FEE
- --------------------------------------------------------------------------------
For the first $125 million .6500 of 1%
For the next $125 million .6375 of 1
For the next $250 million .6250 of 1
For the next $500 million .6125 of 1
For the next $1 billion .6000 of 1
For the next $3 billion .5875 of 1
For net assets over $5 billion .5750 of 1
================================================================================
The management fee compensates the Adviser for overall investment advisory and
administrative services and general office facilities. The Funds pay no
compensation directly to those of its Directors who are affiliated with the
Adviser or to their officers, all of whom receive remuneration for their
services to the Funds from the Adviser.
47
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
6. INVESTMENT COMPOSITION
At April 30, 2003, the revenue sources by municipal purpose, expressed as a
percent of total investments, were as follows:
INVESTMENT SELECT QUALITY PREMIER
QUALITY QUALITY INCOME INCOME
(NQM) (NQS) (NQU) (NPF)
- ---------------------------------------------------------------------------------------------------------
Consumer Staples 4% 5% 4% 5%
Education and Civic Organizations 4 1 2 5
Healthcare 11 16 9 4
Housing/Multifamily 7 5 3 12
Housing/Single Family 5 8 4 4
Tax Obligation/General 15 9 23 18
Tax Obligation/Limited 9 9 7 17
Transportation 11 11 12 2
U.S. Guaranteed 21 15 17 16
Utilities 5 14 11 8
Water and Sewer 6 4 7 9
Other 2 3 1 -
- ---------------------------------------------------------------------------------------------------------
100% 100% 100% 100%
=========================================================================================================
Certain 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 (67% for Investment
Quality (NQM), 60% for Select Quality (NQS), 65% for Quality Income (NQU) and
63% for Premier Income (NPF)).
For additional information regarding each investment security, refer to the
Portfolio of Investments of each Fund.
7. SUBSEQUENT EVENT - DISTRIBUTIONS TO COMMON SHAREHOLDERS
The Funds declared Common share dividend distributions from their tax-exempt net
investment income which were paid on June 2, 2003, to shareholders of record on
May 15, 2003, as follows:
INVESTMENT SELECT QUALITY PREMIER
QUALITY QUALITY INCOME INCOME
(NQM) (NQS) (NQU) (NPF)
- ---------------------------------------------------------------------------------------------------------
Dividend per share $.0840 $.0820 $.0805 $.0825
=========================================================================================================
48
Financial HIGHLIGHTS (Unaudited)
49
Financial
HIGHLIGHTS (Unaudited)
Selected data for a Common share outstanding throughout each period:
Investment Operations Less Distributions
------------------------------------------------------------ -----------------------------
Distributions Distributions
from Net from Net
Beginning Net Investment Capital Investment Capital
Common Realized/ Income to Gains to Income to Gains to
Share Net Unrealized Preferred Preferred Common Common
Net Asset Investment Investment Share- Share- Share- Share-
Value Income Gain (Loss) holders+ holders+ Total holders holders Total
====================================================================================================================================
INVESTMENT QUALITY (NQM)
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2003(a) $15.63 $ .57 $ .28 $(.04) $-- $ .81 $ (.50) $(.02) $ (.52)
2002 15.71 1.15 (.15) (.11) (.01) .88 (.94) (.02) (.96)
2001 14.67 1.16 1.00 (.27) -- 1.89 (.85) -- (.85)
2000 14.03 1.21 .66 (.34) -- 1.53 (.89) -- (.89)
1999 16.00 1.21 (1.96) (.24) -- (.99) (.96) -- (.96)
1998 15.77 1.22 .25 (.25) -- 1.22 (.98) (.01) (.99)
SELECT QUALITY (NQS)
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2003(a) 15.00 .54 .40 (.04) -- .90 (.49) -- (.49)
2002 15.48 1.12 (.38) (.09) (.04) .61 (.94) (.15) (1.09)
2001 14.48 1.19 .95 (.26) (.01) 1.87 (.87) -- (.87)
2000 14.05 1.22 .47 (.34) -- 1.35 (.92) -- (.92)
1999 15.68 1.22 (1.64) (.24) -- (.66) (.96) -- (.96)
1998 15.48 1.23 .19 (.25) -- 1.17 (.97) -- (.97)
QUALITY INCOME (NQU)
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2003(a) 14.70 .54 .32 (.04) -- .82 (.48) (.03) (.51)
2002 15.32 1.12 (.59) (.10) (.03) .40 (.93) (.09) (1.02)
2001 14.53 1.21 .76 (.26) -- 1.71 (.91) (.01) (.92)
2000 14.33 1.28 .21 (.34) -- 1.15 (.95) -- (.95)
1999 15.83 1.27 (1.48) (.25) -- (.46) (1.03) -- (1.03)
1998 15.73 1.27 .12 (.26) -- 1.13 (1.03) -- (1.03)
PREMIER INCOME (NPF)
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2003(a) 15.23 .53 .46 (.04) (.01) .94 (.49) (.09) (.58)
2002 15.31 1.15 (.13) (.11) (.01) .90 (.96) (.02) (.98)
2001 14.42 1.23 .84 (.26) -- 1.81 (.92) -- (.92)
2000 14.24 1.26 .21 (.34) -- 1.13 (.95) -- (.95)
1999 15.76 1.22 (1.51) (.24) -- (.53) (.97) -- (.97)
1998 15.62 1.22 .17 (.25) -- 1.14 (1.00) -- (1.00)
====================================================================================================================================
Total Returns
-------------------
Offering Based
Costs and Ending on
Preferred Common Based Common
Share Share Ending on Share Net
Underwriting Net Asset Market Market Asset
Discounts Value Value Value** Value**
============================================================================================
INVESTMENT QUALITY (NQM)
- --------------------------------------------------------------------------------------------
Year Ended 10/31:
2003(a) $-- $15.92 $15.5000 7.05% 5.29%
2002 -- 15.63 14.9900 7.71 5.85
2001 -- 15.71 14.8400 22.33 13.16
2000 -- 14.67 12.8750 3.70 11.38
1999 (.02) 14.03 13.3125 (8.51) (6.64)
1998 -- 16.00 15.5000 5.97 7.97
SELECT QUALITY (NQS)
- --------------------------------------------------------------------------------------------
Year Ended 10/31:
2003(a) -- 15.41 14.7600 5.98 6.06
2002 -- 15.00 14.4000 5.24 4.22
2001 -- 15.48 14.7500 20.09 13.23
2000 -- 14.48 13.0625 6.85 10.02
1999 (.01) 14.05 13.1250 (13.63) (4.55)
1998 -- 15.68 16.1875 10.96 7.77
QUALITY INCOME (NQU)
- --------------------------------------------------------------------------------------------
Year Ended 10/31:
2003(a) -- 15.01 14.5300 7.23 5.70
2002 -- 14.70 14.0400 3.05 2.71
2001 -- 15.32 14.6200 18.72 12.09
2000 -- 14.53 13.1250 .73 8.37
1999 (.01) 14.33 14.0000 (11.17) (3.20)
1998 -- 15.83 16.8125 9.64 7.37
PREMIER INCOME (NPF)
- --------------------------------------------------------------------------------------------
Year Ended 10/31:
2003(a) -- 15.59 14.9700 7.22 6.32
2002 -- 15.23 14.5200 4.57 6.19
2001 -- 15.31 14.8400 15.93 12.89
2000 -- 14.42 13.6250 9.71 8.22
1999 (.02) 14.24 13.3125 (17.25) (3.71)
1998 -- 15.76 17.1250 10.29 7.49
============================================================================================
Ratios/Supplemental Data
----------------------------------------------------------------------------------------------
Before Credit After Credit***
---------------------------- ---------------------------
Ratio of Net Ratio of Net
Ratio of Investment Ratio of Investment
Ending Expenses Income to Expenses Income to
Net to Average Average to Average Average
Assets Net Assets Net Assets Net Assets Net Assets
Applicable Applicable Applicable Applicable Applicable Portfolio
to Common to Common to Common to Common to Common Turnover
Shares (000) Shares++ Shares++ Shares++ Shares++ Rate
==================================================================================================================================
INVESTMENT QUALITY (NQM)
- ----------------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2003(a) $569,116 1.21%* 7.27%* 1.20%* 7.28%* --%
2002 558,604 1.21 7.48 1.21 7.49 5
2001 561,577 1.24 7.56 1.23 7.56 17
2000 524,320 1.24 8.57 1.22 8.59 35
1999 501,508 1.17 7.85 1.16 7.86 16
1998 570,150 1.12 7.66 1.12 7.66 7
SELECT QUALITY (NQS)
- ----------------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2003(a) 522,289 1.24* 7.18* 1.24* 7.19* 8
2002 508,300 1.24 7.46 1.23 7.47 19
2001 524,597 1.24 7.89 1.23 7.89 28
2000 490,683 1.22 8.67 1.21 8.68 30
1999 476,102 1.17 8.07 1.16 8.08 27
1998 529,774 1.14 7.87 1.14 7.87 7
QUALITY INCOME (NQU)
- ----------------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2003(a) 813,772 1.22* 7.34* 1.22* 7.34* 7
2002 796,591 1.23 7.50 1.22 7.51 32
2001 830,636 1.21 8.05 1.21 8.06 30
2000 787,829 1.21 8.95 1.20 8.95 23
1999 776,845 1.17 8.27 1.16 8.27 13
1998 851,408 1.13 8.08 1.13 8.08 19
PREMIER INCOME (NPF)
- ----------------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2003(a) 313,287 1.25* 7.02* 1.24* 7.03* 3
2002 305,958 1.29 7.66 1.28 7.67 25
2001 307,496 1.28 8.25 1.26 8.26 14
2000 289,103 1.27 8.84 1.26 8.85 9
1999 285,509 1.19 7.98 1.18 7.99 11
1998 314,149 1.15 7.80 1.15 7.80 19
==================================================================================================================================
Preferred Shares at End of Period
---------------------------------------
Aggregate Liquidation
Amount and Market Asset
Outstanding Value Coverage
(000) Per Share Per Share
==========================================================================
INVESTMENT QUALITY (NQM)
- --------------------------------------------------------------------------
Year Ended 10/31:
2003(a) $301,000 $25,000 $72,269
2002 301,000 25,000 71,396
2001 301,000 25,000 71,643
2000 301,000 25,000 68,548
1999 301,000 25,000 66,654
1998 250,000 25,000 82,015
SELECT QUALITY (NQS)
- --------------------------------------------------------------------------
Year Ended 10/31:
2003(a) 279,000 25,000 71,800
2002 279,000 25,000 70,547
2001 279,000 25,000 72,007
2000 279,000 25,000 68,968
1999 279,000 25,000 67,661
1998 240,000 25,000 80,185
QUALITY INCOME (NQU)
- --------------------------------------------------------------------------
Year Ended 10/31:
2003(a) 452,000 25,000 70,009
2002 452,000 25,000 69,059
2001 452,000 25,000 70,942
2000 452,000 25,000 68,575
1999 452,000 25,000 67,967
1998 400,000 25,000 78,213
PREMIER INCOME (NPF)
- --------------------------------------------------------------------------
Year Ended 10/31:
2003(a) 165,000 25,000 72,468
2002 165,000 25,000 71,357
2001 165,000 25,000 71,590
2000 165,000 25,000 68,804
1999 165,000 25,000 68,259
1998 140,000 25,000 81,098
==========================================================================
* Annualized.
** 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 Common Share Net Asset
Value is the combination of reinvested dividend income, reinvested capital
gains distributions, if any, and changes in Common share net asset value
per share. Total returns are not annualized.
*** After custodian fee credit, where applicable.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to preferred
shareholders; income ratios reflect income earned on assets attributable to
Preferred shares.
(a) For the six months ended April 30, 2003.
See accompanying notes to financial statements.
50-51 spread
Build Your Wealth
AUTOMATICALLY
SIDEBAR TEXT: NUVEEN MAKES REINVESTING EASY. A PHONE CALL IS ALL IT TAKES TO SET
UP YOUR REINVESTMENT ACCOUNT.
NUVEEN CLOSED-END EXCHANGE-TRADED FUNDS DIVIDEND REINVESTMENT PLAN
Your Nuveen Closed-End Exchange-Traded Fund allows you to conveniently reinvest
dividends and/or capital gains distributions in additional fund shares.
By choosing to reinvest, you'll be able to invest money regularly and
automatically, and watch your investment grow through the power of tax-free
compounding. Just like dividends or distributions in cash, there may be times
when income or capital gains taxes may be payable on dividends or distributions
that are reinvested.
It is important to note that an automatic reinvestment plan does not ensure a
profit, nor does it protect you against loss in a declining market.
EASY AND CONVENIENT
To make recordkeeping easy and convenient, each month you'll receive a statement
showing your total dividends and distributions, the date of investment, the
shares acquired and the price per share, and the total number of shares you own.
HOW SHARES ARE PURCHASED
The shares you acquire by reinvesting will either be purchased on the open
market or newly issued by the Fund. If the shares are trading at or above net
asset value at the time of valuation, the Fund will issue new shares at the
then-current market price. If the shares are trading at less than net asset
value, shares for your account will be purchased on the open market. Dividends
and distributions received to purchase shares in the open market will normally
be invested shortly after the dividend payment date. No interest will be paid on
dividends and distributions awaiting reinvestment. Because the market price of
shares may increase before purchases are completed, the average purchase price
per share may exceed the market price at the time of valuation, resulting in the
acquisition of fewer shares than if the dividend or distribution had been paid
in shares issued by the Fund. A pro rata portion of any applicable brokerage
commissions on open market purchases will be paid by Plan participants. These
commissions usually will be lower than those charged on individual transactions.
FLEXIBILITY
You may change your distribution option or withdraw from the Plan at any time,
should your needs or situation change. Should you withdraw, you can receive a
certificate for all whole shares credited to your reinvestment account and cash
payment for fractional shares, or cash payment for all reinvestment account
shares, less brokerage commissions and a $2.50 service fee.
You can reinvest whether your shares are registered in your name, or in the name
of a brokerage firm, bank, or other nominee. Ask your investment advisor if his
or her firm will participate on your behalf. Participants whose shares are
registered in the name of one firm may not be able to transfer the shares to
another firm and continue to participate in the Plan.
The Fund reserves the right to amend or terminate the Plan at any time. Although
the Fund reserves the right to amend the Plan to include a service charge
payable by the participants, there is no direct service charge to participants
in the Plan at this time.
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in
or withdraw from the Plan, speak with your financial advisor or call us at (800)
257-8787.
52
Fund
INFORMATION
BOARD OF DIRECTORS
Robert P. Bremner
Lawrence H. Brown
Anne E. Impellizzeri
Peter R. Sawers
William J. Schneider
Timothy R. Schwertfeger
Judith M. Stockdale
FUND MANAGER
Nuveen Advisory Corp.
333 West Wacker Drive
Chicago, IL 60606
CUSTODIAN
State Street Bank & Trust
Boston, MA
TRANSFER AGENT AND
SHAREHOLDER SERVICES
State Street Bank & Trust
Nuveen Funds
P.O. Box 43071
Providence, RI 02940-3071
(800) 257-8787
LEGAL COUNSEL
Morgan, Lewis &
Bockius LLP
Washington, D.C.
INDEPENDENT AUDITORS
Ernst & Young LLP
Chicago, IL
POLICY CHANGE
On November 14, 2002, the Board adopted a policy that allows these Funds, in
addition to investments in municipal bonds, to invest up to 5% of its net assets
(including assets attributable to preferred shares, if any) in tax-exempt or
taxable fixed-income securities or equity securities for the purpose of
acquiring control of an issuer whose municipal bonds (a) the Fund already owns
and (b) have deteriorated or are expected shortly to deteriorate significantly
in credit quality, provided Nuveen Advisory determines that such investment
should enable the Fund to better maximize the value of its existing investment
in such issuer. This policy is a non-fundamental policy of each Fund which means
that it can be changed at any time by the Board of Trustees without vote of the
shareholders.
GLOSSARY OF TERMS USED IN THIS REPORT
Average Annual Total Return: This is a commonly used method to express an
investment's performance over a particular, usually multi-year time period. It
expresses the return (including change in NAV and reinvested dividends) that
would have been necessary on an annual basis to equal the investment's actual
performance over the time period being considered.
Average Effective Maturity: The average of all the maturities of the bonds in a
fund's portfolio, computed by weighting each maturity date (the date the
security comes due) by the market value of the security. This figure does not
account for the likelihood of prepayments or the exercise of call provisions.
Leverage-Adjusted Duration: Duration is a measure of a bond or bond fund's
sensitivity to changes in interest rates. Generally, the longer a bond or fund's
duration, the more the price of the bond or fund will change as interest rates
change. Leverage-adjusted duration takes into account the leveraging process for
a Fund and therefore is generally longer than the duration of the actual
portfolio of individual bonds that make up the Fund.
Market Yield (also known as Dividend Yield or Current Yield): An investment's
current annualized dividend divided by its current market price.
Net Asset Value (NAV): A fund's NAV is calculated by subtracting the liabilities
of the fund from its total assets and then dividing the remainder by the number
of shares outstanding. Fund NAVs are calculated at the end of each business day.
Taxable-Equivalent Yield: The yield necessary from a fully taxable investment to
equal, on an after-tax basis, the yield of a municipal bond investment.
- ---------
Each Fund intends to repurchase shares of its own common or preferred stock in
the future at such times and in such amounts as is deemed advisable. No shares
were repurchased during the six-month period ended April 30, 2003. Any future
repurchases will be reported to shareholders in the next annual or semiannual
report.
53
Serving Investors
FOR GENERATIONS
Since 1898, financial advisors and their clients have relied on Nuveen
Investments to provide dependable investment solutions. For the past century,
Nuveen Investments has adhered to the belief that the best approach to investing
is to apply conservative risk-management principles to help minimize volatility.
Building on this tradition, we today offer a range of high quality equity and
fixed-income solutions that are integral to a well-diversified core portfolio.
Our clients have come to appreciate this diversity, as well as our continued
adherence to proven, long-term investing principles.
Managing $80 billion in assets, Nuveen Investments offers access to a number of
different asset classes and investing solutions through a variety of products.
Nuveen Investments markets its capabilities under four distinct brands: Nuveen,
a leader in tax-free investments; NWQ, a leader in value-style equities;
Rittenhouse, a leader in growth-style equities; and Symphony, a leading
institutional manager of market-neutral alternative investment portfolios.
To learn more about the products and services Nuveen Investments offers and for
a prospectus, where applicable, talk to your financial advisor, or call us at
(800) 257-8787. Please read the information carefully before you invest.
Distributed by
NUVEEN INVESTMENTS, LLC | 333 West Wacker Drive | Chicago, Illinois 60606 |
www.nuveen.com
ESA-C-0403D
ITEM 2. CODE OF ETHICS.
Not applicable at this time.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable at this time.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable at this time.
ITEMS 5-6. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES
Not applicable to this registrant.
ITEM 8. [RESERVED]
ITEM 9. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive officer and principal financial officer
have concluded that the registrant's Disclosure Controls and Procedures are
effective, based on their evaluation of such Disclosure Controls and Procedures
as of a date within 90 days of the filing of this report on Form N-CSR.
(b) There were no significant changes in the registrant's internal controls or
in other factors that could significantly affect these controls subsequent to
the date of our evaluation.
ITEM 10. EXHIBITS.
File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(a) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit: Not applicable.
(b) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2 under the Act (17
CFR 270.30a-2) in the exact form set forth below: 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 Investment Quality Municipal Fund, Inc.
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By (Signature and Title)* /s/ Jessica R. Droeger
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Jessica R. Droeger
Vice President and Secretary
Date July 8, 2003
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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
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Gifford R. Zimmerman
Chief Administrative Officer
(Principal Executive Officer)
Date July 8, 2003
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By (Signature and Title)* /s/ Stephen D. Foy
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Stephen D. Foy
Vice President and Controller
(Principal Financial Officer)
Date July 8, 2003
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* Print the name and title of each signing officer under his or her signature.