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 811-06091
---------------------
Nuveen Investment Quality Municipal Fund, Inc.
------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
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(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 31
------------------
Date of reporting period: April 30, 2005
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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, 2005
--------------------------------
Nuveen Investments
Municipal Closed-End
Exchange-Traded
Funds
NUVEEN INVESTMENT
QUALITY MUNICIPAL
FUND, INC.
NQM
NUVEEN SELECT
QUALITY MUNICIPAL
FUND, INC.
NQS [GRAPHIC OMITTED]
NUVEEN QUALITY
INCOME MUNICIPAL
FUND, INC.
NQU
NUVEEN PREMIER
MUNICIPAL INCOME
FUND, INC.
NPF
NUVEEN MUNICIPAL
HIGH INCOME
OPPORTUNITY FUND
NMZ
DEPENDABLE,
TAX-FREE INCOME BECAUSE
IT'S NOT WHAT YOU EARN,
IT'S WHAT YOU KEEP.(R)
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NUVEEN
Investments
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NOW YOU CAN RECEIVE YOUR
NUVEEN FUND REPORTS FASTER.
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[LOGO]
NUVEEN
Investments
[PHOTO OMITTED]
Timothy R. Schwertfeger
Chairman of the Board
Chairman's
Letter to Shareholders
Once again, I am pleased to report that over the six-month period covered
by this semiannual report your Fund continued to provide you with monthly
tax-free income and an attractive total return. For more details about the
management strategy and performance of your Fund, please see the Portfolio
Managers' Comments and Performance Overview sections of this report.
As I noted in my last letter to you, our conversations with financial
advisers and investors suggest that many of you may be wondering whether
longer-term interest rates will soon begin to rise substantially,
mirroring the rise that has taken place over the past year in shorter-term
rates. If longer-term rates do begin to rise significantly, some of you
also may be wondering if that makes this a good time to adjust your
holdings of fixed-income investments. We can't answer these questions for
you - no one knows what the future will bring.
"In fact, a well-diversified portfolio may actually help to reduce your overall
investment risk."
From our experience, we do know that a well-balanced portfolio, structured
and carefully monitored with the help of a trusted investment
professional, can be an important component in helping you achieve your
long-term financial goals. In fact, a well-diversified portfolio may
actually help to reduce your overall investment risk. That is one reason
why we believe that a municipal bond investment like your Nuveen Fund can
be an important building block in a comprehensive investment program
designed to perform well in a variety of market conditions.
As in past reports, I urge you to consider receiving future Fund reports
and other Fund information by e-mail and the Internet. Not only will you
be able to receive the information faster, but this also may help lower
your Fund's expenses. Sign up is quick and easy - see the inside front
cover of this report for instructions.
Some of you may have heard that in April, 2005, The St. Paul Travelers
Companies, Inc., which owned 79% of Nuveen Investments, Inc. (the parent
of your Fund's investment adviser) completed a public offering of a
substantial portion of its equity stake in Nuveen. At the same time, St.
Paul Travelers also entered into agreements to sell the balance of its
shares in Nuveen to us or to others at a future date.
These transactions will have no impact on the investment objectives or
management of your Fund. However, taken as a whole they are considered to
be an "assignment" of your Fund's investment management agreement. This
means that you and your fellow Fund shareholders soon will be asked to
formally approve the continuation of your Fund's management contract with
Nuveen. We will be sending you more information about this process in the
coming weeks.
At Nuveen Investments, our mission continues to be to assist you and your
financial advisor by offering investment services and products that can
help you to secure your financial objectives. We are grateful that you
have chosen us as a partner as you pursue your financial goals, and we
look forward to continuing to earn your trust in the months and years
ahead.
Sincerely,
/s/ Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
June 15, 2005
Nuveen Investments Municipal Closed-End Exchange-Traded Funds
NQM, NQS, NQU, NPF, NMZ
Portfolio Managers'
Comments
Portfolio managers Dan Solender, Tom Spalding and John Miller review key
investment strategies and the semiannual performance of these five Funds. With
13 years of investment experience, Dan has managed NQM and NPF since 2003. A
30-year veteran of Nuveen, Tom has managed NQS and NQU since 2003. John, who has
12 years of municipal market experience, assumed portfolio management
responsibility for NMZ at its inception in November 2003.
What key strategies were used to manage these Funds during the six months ended
April 30, 2005?
Between November 2004 and April 2005, the Federal Reserve introduced four
quarter-point increases in the fed funds rate, raising this short-term rate
benchmark from 1.75% to 2.75%. (On May 3, 2005, following the end of this
reporting period, the Fed announced another 0.25% hike, bringing the fed funds
rate to 3.00%.) Given these short-term rate increases, many market participants
expected to see steadily higher interest rates across most of the municipal
market yield curve as we moved through the reporting period. This did not occur,
as longer-term yields (as measured by the widely-followed Bond Buyer 25 Revenue
Municipal Bond Index) declined by 14 basis points during the six-month period.
As a result, the municipal yield curve flattened.
In this environment, our focus for these Funds remained on a strategy we have
employed for the past few years - finding and holding bonds that, in our
judgment, would add immediate value to the Funds' portfolios and that could also
perform well under a variety of future market scenarios.
As a result, our purchase activity for NQM, NQS, NQU and NPF during this period
generally concentrated on buying bonds in the long-intermediate part of the
yield curve; that is, bonds that mature in about 20 years. In our opinion, this
part of the municipal market yield curve often offered more attractive
opportunities and better values than bonds with longer or shorter maturities.
The specific securities purchased for each Fund varied according to the average
maturity of the Fund's current portfolio and its overall sensitivity to interest
rate fluctuations.
In addition, the focus on this segment of the curve helped improve the maturity
positioning of NQM and NPF by reducing their relatively large weightings in
bonds with effective maturities of less than 10 years. This reallocation also
helped us to diversify the call exposure of the Funds, as we sold bonds with
short call dates and reinvested the proceeds at systematic intervals in bonds
with longer effective maturities.
We also sought to keep the Funds fully invested. This was helped by the strong
supply of municipal bonds during this reporting period. For the six months ended
April 2005, municipal issuance nationwide totaled approximately $187.7 billion,
up 8.6% from the six months ended April 2004. One of the major drivers of the
increased supply during this
4
current period was a significant growth in the number of refundings, as issuers
sought to take advantage of relatively low current interest rates.
Overall, the percentage of insured and higher credit quality securities that
came to market during this period was greater than typically seen. As a result,
many of our new purchases over this six-month period were bonds that were rated
AAA or AA. Although the market provided fewer opportunities in the lower-rated
investment-grade categories, we did seek to maintain or augment the Fund's
holdings at this end of the quality spectrum when attractive occasions arose.
This generally benefited all the Funds, as lower-rated bonds often were among
the best performers during this reporting period. Many of these portfolio
additions were made with the proceeds from sales of pre-refunded bonds, which
tended to underperform in the interest rate environment of the past six months.
In looking for new additions to the portfolios of NQM and NPF, we sought bonds
with premium prices -- that is, bonds trading above their par value because they
have coupons greater than current coupon levels. Historically, these bonds have
tended to hold their value better than current coupon bonds when interest rates
rise. When possible, we purchased bonds issued within states like New York,
California, Michigan and Florida where investors typically show strong,
consistent demand for municipal bonds. We believe this historically strong
demand, regardless of the economic or interest rate environment, may provide
more price support over time for the bonds in the Funds' portfolios, and also
provide for enhanced liquidity if opportunities arise to sell the securities at
attractive prices.
NMZ was established as a high-yield Fund that can invest up to 50% of its
portfolio in sub-investment grade quality bonds. Our goals during this period
were to keep NMZ fully invested and to maintain the sub-investment grade portion
of the Fund's portfolio as close to the 50% threshold as we felt was prudent.
Over this six-month reporting period, the supply of high-yield bonds was not as
plentiful as in the rest of the municipal market. In addition, demand for these
types of securities increased. This limited our purchase opportunities, but we
did find some opportunities among hospital bonds, industrial development revenue
bonds (including the subsectors of electric utilities and basic materials),
community development districts, charter schools, and multifamily housing bonds.
5
How did the Funds perform?
Individual results for these Funds, as well as for a comparative index and
average, are presented in the accompanying table.
Total Returns on Net Asset Value*
For periods ended 4/30/05
6-Month 1-Year 5-Year 10-Year
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NQM 2.23% 10.10% 9.13% 6.96%
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NQS 3.31% 10.17% 9.19% 7.39%
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NQU 3.26% 11.41% 8.69% 7.22%
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NPF 2.56% 10.79% 8.65% 7.25%
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Lehman Brothers
Municipal
Bond Index(1) 1.93% 6.82% 7.04% 6.48%
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Lipper General
Leveraged
Municipal Debt
Funds Average(2) 3.83% 10.67% 8.98% 7.17%
- --------------------------------------------------------------------------------
NMZ 6.83% 17.85% NA NA
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Lehman Brothers
High-Yield Municipal
Bond Index(1) 7.13% 12.58% -- --
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Lipper High-Yield
Municipal Debt
Funds Average(2) 5.59% 11.56% -- --
- --------------------------------------------------------------------------------
* Six-month returns are cumulative; returns for one year, five years, and
ten years are annualized.
Past performance is not predictive of future results. Current performance may be
higher or lower than the data shown. Returns do not reflect the deduction of
taxes that shareholders may have to pay on Fund distributions or upon the sale
of Fund shares.
For additional information, see the individual Performance Overview for your
Fund in this report.
For the six months ended April 30, 2005, the cumulative returns on net asset
value (NAV) for NQM, NQS, NQU and NPF all outperformed the return on the Lehman
Brothers Municipal Bond Index. Each of these Funds underperformed the average
return for their Lipper peer group. Over the same period, NMZ underperformed the
unmanaged Lehman Brothers High-Yield Municipal Bond Index and outperformed the
Lipper High-Yield peer group.
One of the primary factors that benefited the six-month performance of NQM, NQS,
NQU and NPF relative to that of the unmanaged, unleveraged Lehman Brothers index
was the Funds' use of financial leverage. While leveraging can add volatility to
the Funds' NAVs and share prices, especially during periods when interest rates
rise, this strategy can also provide opportunities for additional income and
total returns for common shareholders when short-term interest rates remain
relatively low and long-term rates fall or remain fairly constant, as they did
during this reporting period.
(1) The Lehman Brothers Municipal Bond Index is an unleveraged, unmanaged
national index comprising a broad range of investment-grade municipal
bonds. The Lehman High-Yield Municipal Bond Index is an unleveraged,
unmanaged national index comprising municipal bonds rated below investment
grade (i.e., below Baa by Moody's Investors Service and below BBB by
Standard & Poor's or Fitch Ratings). Results for the Lehman indexes do not
reflect any expenses.
(2) The Lipper General Leveraged Municipal Debt Funds category average is
calculated using the returns of all closed-end exchange-traded funds in
this category for each period as follows: 6 months, 67 funds; 1 year, 67
funds; 5 years, 51 funds; and 10 years, 46 funds. The Lipper High-Yield
Municipal Debt Funds category average is calculated using the returns of
all 15 closed-end exchange-traded funds in this category for both the six-
month and one-year periods. Fund and Lipper returns assume reinvestment of
dividends.
6
As noted earlier, the municipal market yield curve flattened over the course of
the reporting period. As a result, the prices of bonds with longer maturities
generally tended to perform better than those of securities with shorter
maturities. This benefited the performance of NQS and NQU, which had more
exposure to the long end of the yield curve than NQM and NPF. The relative
exposures to longer and shorter bonds among the NQM, NQS, NQU and NPF accounted
for much of their performance differential over these six-months.
The flattening of the yield curve during this period also reflected an
environment in which many issuers found refundings more economically feasible.
This led to an increase in escrowed and pre-refunded bonds in NQS, NQU and NPF
in particular. The performance of these Funds was boosted by the price
appreciation and enhanced credit quality accompanying these advance refundings.
At the same time, we trimmed some of these Funds' holdings of older pre-refunded
bonds, which tended to underperform the general municipal market during this
period due primarily to their shorter effective maturities.
All of the Funds also benefited from their allocations of lower quality bonds
during this period, with bonds rated BBB generally outperforming other credit
quality sectors as the demand for these bonds increased. Among the lower-rated
holdings making positive contributions to the Funds' cumulative six-month
returns were hospital bonds, as the healthcare sector ranked second in terms of
performance among the Lehman municipal revenue sectors for the period. In
addition, bonds backed by the 1998 master tobacco settlement agreement also
produced solid performance during this period, as the litigation environment
improved and increased demand drove tobacco bond prices higher. As of April 30,
2005, NQS and NQU held approximately 5% of their assets in tobacco bonds, while
NQM and NPF held approximately 2% of their assets in these bonds.
At the beginning of this reporting period, NPF held a distressed credit
(Northwest Minnesota Multi-County Housing and Redevelopment Authority) that had
stopped accruing interest. Although this credit was sold from NPF's portfolio
during this period, it nevertheless had a negative impact on the Fund's
performance and the income available to pay the Fund's common shareholder
dividend during this period.
As noted earlier, NMZ is allowed to invest a maximum of 50% of its portfolio in
sub-investment grade high-yield municipal bonds (bonds rated below Baa by
Moody's and below BBB by Standard & Poor's or Fitch). The comparative Lehman
Brothers High-Yield index is 100% composed of sub-investment grade, high-yield
municipal credits. During this reporting period, high-yield bonds generally
outperformed the higher rated securities. The difference in structure between
NMZ and the Lehman index accounted for the performance difference for the
six-month period ended April 30, 2005.
7
In NMZ, the top contributors to performance in terms of individual credit
stories during this period included:
o Ba3/BB bonds issued by the Pocahontas Parkway Association, near
Richmond, Virginia, one of the Fund's largest exposures. The price
of these bonds has benefited from real estate development along the
toll way, which is helping the system meet current traffic estimates
and forecasted future growth.
o Non-rated bonds issued by Decatur Hospital Authority for Wise
Regional Health System, near Dallas/Fort Worth, Texas. The improved
upgrade/downgrade ratio in the healthcare sector, combined with the
rapid regional growth that supports the hospital's expansion and
development plans, led to strong appreciation in this credit.
o Non-rated bonds issued by Buffalo Ridge Metropolitan District, near
Denver, Colorado, a community development district bond that
appreciated in price as the result of support from the high rate of
home sales in the district.
How were the Funds positioned in terms of credit quality and bond calls as of
April 30, 2005?
Even though lower quality bonds performed well over this period, we continued to
believe that in the current geopolitical and economic climate it was important
to maintain strong credit quality. As of April 30, 2005, NQM, NQS, NQU and NPF
continued to offer excellent credit quality, with allocations of bonds rated
AAA/U.S. guaranteed and AA ranging from 76% in NQS and NPF to 78% in NQM and 81%
in NQU. NMZ held 19% of its portfolio in securities rated BB or lower and 37% in
non-rated securities (some of which we judged to be investment-grade quality) as
of April 30, 2005. The remainder of NMZ's portfolio were securities of
investment-grade quality, including a 13% allocation to bonds rated AAA/U.S.
guaranteed and AA.
At the end of April 2005, potential call exposure for the period May 2005
through the end of 2006 ranged from 4% in NQM to 5% in NQU, 7% in NMZ and 11% in
NQS and NPF. The number of actual bond calls experienced in all of these Funds
will depend largely on future market interest rates.
8
Dividend and Share Price
Information
All five of the Funds in this report use leverage to enhance opportunities for
additional income for common shareholders. The extent of this benefit is tied in
part to the short-term rates the Funds pay their MuniPreferred(R) shareholders.
During periods of low short-term rates, leveraged Funds generally pay lower
dividends to MuniPreferred shareholders, which can leave more earnings to
support common share dividends. However, when short-term interest rates rise, as
they did during this reporting period, the Funds' borrowing costs also rise.
While leveraging can still provide benefits for common shareholders as
short-term rates rise, the extent of the benefit may be less. In addition, any
reinvested proceeds from bonds called or retired during this period were
reinvested in a low interest rate environment, which also tended to reduce the
income generated by the Funds.
The combination of these factors led to single dividend reductions in NQM, NQS
and NQU over the six-month period ended April 30, 2005. NPF experienced two
dividend reductions during this six-month period. NMZ maintained a stable
dividend over the period.
Due to capital gains generated by normal portfolio activity, common shareholders
of the following Funds received capital gains and/or net ordinary income
distributions at the end of December 2004 as follows:
Long-Term Capital Gains Ordinary Income
(per share) (per share)
- --------------------------------------------------------------------------------
NQM $0.1015 $ --
- --------------------------------------------------------------------------------
NPF $0.1347 $0.0012
- --------------------------------------------------------------------------------
NMZ $ -- $0.0621
- --------------------------------------------------------------------------------
All of the Funds in this report seek to pay stable dividends at rates that
reflect each Fund's past results and projected future performance. During
certain periods, each Fund may pay dividends at a rate that may be more or less
than the amount of net investment income actually earned by the Fund during the
period. If a Fund has cumulatively earned more than it has paid in dividends, it
holds the excess in reserve as undistributed net investment income (UNII) as
part of the Fund's net asset value (NAV). Conversely, if a Fund has cumulatively
paid dividends in excess of its earnings, the excess constitutes negative UNII
that is likewise reflected in the Fund's NAV. Each Fund will, over time, pay all
of its net investment income as dividends to shareholders.
As of April 30, 2005, all of the Funds in this report had positive UNII balances
for both financial statement and tax purposes.
At the end of the reporting period, the Funds' share prices were trading at
premiums/discounts to their NAVs as shown in the accompanying chart:
4/30/05 6-Month Average
Premium/Discount Premium/Discount
- --------------------------------------------------------------------------------
NQM -6.39% -7.03%
- --------------------------------------------------------------------------------
NQS -7.51% -6.80%
- --------------------------------------------------------------------------------
NQU -9.64% -8.36%
- --------------------------------------------------------------------------------
NPF -10.70% -8.68%
- --------------------------------------------------------------------------------
NMZ +1.05% +0.13%
- --------------------------------------------------------------------------------
9
Nuveen Investment Quality Municipal Fund, Inc.
NQM
Performance
Overview As of April 30, 2005
Credit Quality
(as a % of total investments)
- -----------------------------------------
AAA/U.S. Guaranteed 68%
- -----------------------------------------
AA 10%
- -----------------------------------------
A 13% [PIE CHART]
- -----------------------------------------
BBB 5%
- -----------------------------------------
NR 4%
- -----------------------------------------
Bar Chart:
2004-2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
May 0.084
Jun 0.084
Jul 0.084
Aug 0.084
Sep 0.084
Oct 0.084
Nov 0.084
Dec 0.084
Jan 0.084
Feb 0.084
Mar 0.081
Apr 0.081
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
5/1/04 13.97
13.93
13.86
13.68
13.34
13.24
13.5
13.4
13.37
13.63
13.55
13.52
13.49
13.65
13.85
13.88
13.89
13.98
13.95
14.14
14.14
14.18
14.14
14.06
14.04
14
13.95
14
13.97
13.59
13.8
13.81
13.73
13.7
13.72
13.66
13.72
13.8
13.85
13.82
13.89
13.95
14.03
14.19
14.24
14.31
14.33
14.44
14.44
14.32
14.45
14.47
14.37
14.4
14.38
14.28
14.21
14.31
14.3
14.32
14.43
14.48
14.56
14.56
14.56
14.67
14.67
14.65
14.75
14.75
14.78
14.79
14.79
14.87
14.83
14.83
14.85
14.9
14.9
14.92
14.89
14.89
14.99
15.01
15.03
15.02
15.03
14.99
14.96
15.05
15.07
15.08
15.16
15.05
15.04
15.14
15.14
15.12
15.15
15.13
15.18
15.17
15.21
15.25
15.26
15.25
15.19
15.13
15.12
15.15
15.17
15.12
15.2
15.19
15.19
15.12
15.14
15.17
15.12
15.13
15.15
15.16
15.16
15.19
15.17
15.23
15.29
15.33
15.35
15.4
15.28
15.3
14.85
14.53
14.62
14.56
14.62
14.69
14.72
14.75
14.88
14.87
14.79
14.8
14.78
14.82
14.8
14.71
14.58
14.64
14.48
14.67
14.72
14.73
14.75
14.74
14.8
14.6
14.59
14.6
14.59
14.63
14.59
14.55
14.52
14.45
14.5
14.53
14.53
14.63
14.79
14.89
14.8
14.87
14.93
14.99
15
14.94
14.9
14.82
14.73
14.72
14.66
14.59
14.61
14.69
14.69
14.69
14.74
14.79
14.85
14.86
14.86
14.92
15.04
15.15
15.18
15.29
15.3
15.16
15.1
15.08
14.99
15.05
14.93
14.79
14.82
14.87
14.9
14.85
14.8
14.86
14.89
14.91
14.94
14.95
14.87
14.93
14.79
14.7
14.74
14.63
14.69
14.68
14.67
14.5
13.98
13.99
13.89
13.94
14.04
14.3
14.39
14.39
14.48
14.55
14.49
14.45
14.56
14.6
14.58
14.6
14.62
14.69
14.64
14.54
14.47
14.47
14.48
14.51
14.68
14.71
14.8
4/30/05 14.8
Fund Snapshot
- --------------------------------------------------------------------------------
Common Share Price $14.80
- --------------------------------------------------------------------------------
Common Share
Net Asset Value $15.81
- --------------------------------------------------------------------------------
Premium/(Discount) to NAV -6.39%
- --------------------------------------------------------------------------------
Market Yield 6.57%
- --------------------------------------------------------------------------------
Taxable-Equivalent Yield(1) 9.13%
- --------------------------------------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $565,277
- --------------------------------------------------------------------------------
Average Effective
Maturity on Securities (Years) 16.28
- --------------------------------------------------------------------------------
Leverage-Adjusted Duration 9.35
- --------------------------------------------------------------------------------
Average Annual Total Return
(Inception 6/21/90)
- --------------------------------------------------------------------------------
On Share Price On NAV
- --------------------------------------------------------------------------------
6-Month
(Cumulative) 0.53% 2.23%
- --------------------------------------------------------------------------------
1-Year 13.90% 10.10%
- --------------------------------------------------------------------------------
5-Year 10.65% 9.13%
- --------------------------------------------------------------------------------
10-Year 6.89% 6.96%
- --------------------------------------------------------------------------------
States
(as a % of total investments)
- --------------------------------------------------------------------------------
California 12.1%
- --------------------------------------------------------------------------------
New York 11.5%
- --------------------------------------------------------------------------------
Texas 10.8%
- --------------------------------------------------------------------------------
Illinois 7.0%
- --------------------------------------------------------------------------------
Washington 6.2%
- --------------------------------------------------------------------------------
Minnesota 4.5%
- --------------------------------------------------------------------------------
Georgia 4.3%
- --------------------------------------------------------------------------------
District of Columbia 4.1%
- --------------------------------------------------------------------------------
North Carolina 3.8%
- --------------------------------------------------------------------------------
Rhode Island 3.7%
- --------------------------------------------------------------------------------
Nevada 3.4%
- --------------------------------------------------------------------------------
Colorado 3.2%
- --------------------------------------------------------------------------------
Massachusetts 3.0%
- --------------------------------------------------------------------------------
Michigan 3.0%
- --------------------------------------------------------------------------------
Other 19.4%
- --------------------------------------------------------------------------------
Sectors
(as a % of total investments)
- --------------------------------------------------------------------------------
U.S. Guaranteed 19.4%
- --------------------------------------------------------------------------------
Healthcare 14.5%
- --------------------------------------------------------------------------------
Tax Obligation/General 13.6%
- --------------------------------------------------------------------------------
Transportation 12.9%
- --------------------------------------------------------------------------------
Tax Obligation/Limited 12.4%
- --------------------------------------------------------------------------------
Water and Sewer 7.3%
- --------------------------------------------------------------------------------
Utilities 6.2%
- --------------------------------------------------------------------------------
Housing/Multifamily 5.6%
- --------------------------------------------------------------------------------
Other 8.1%
- --------------------------------------------------------------------------------
(1) Taxable-equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a federal income tax rate of 28%. For
investments that generate qualified dividend income, the
taxable-equivalent yield is lower.
(2) The Fund also paid shareholders a capital gains distribution in December
2004 of $0.1015 per share.
10
Nuveen Select Quality Municipal Fund, Inc.
NQS
Performance
Overview As of April 30, 2005
Credit Quality
(as a % of total investments)
- -----------------------------------------
AAA/U.S. Guaranteed 67%
- -----------------------------------------
AA 9%
- -----------------------------------------
A 7% [PIE CHART]
- -----------------------------------------
BBB 13%
- -----------------------------------------
BB or Lower 2%
- -----------------------------------------
NR 2%
- -----------------------------------------
Bar Chart:
2004-2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE
May 0.083
Jun 0.083
Jul 0.083
Aug 0.083
Sep 0.083
Oct 0.083
Nov 0.083
Dec 0.083
Jan 0.083
Feb 0.083
Mar 0.08
Apr 0.08
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
5/1/04 13.8
13.79
13.72
13.66
13.22
13.04
13.25
13.19
13.12
13.4
13.4
13.3
13.33
13.39
13.62
13.8
13.82
13.77
13.93
13.95
13.95
14.04
13.99
13.95
13.85
13.9
14.07
14.06
13.92
13.67
13.75
13.81
13.71
13.74
13.79
13.7
13.71
13.78
13.87
13.82
13.76
13.83
13.91
14.06
14.02
14.04
14.1
14.28
14.28
14.14
14.2
14.28
14.37
14.31
14.2
14.1
14.25
14.3
14.21
14.2
14.29
14.28
14.35
14.35
14.33
14.46
14.52
14.55
14.63
14.61
14.58
14.53
14.55
14.64
14.71
14.76
14.74
14.75
14.67
14.65
14.72
14.78
14.9
14.96
14.97
14.92
14.92
14.9
14.9
15.1
15.05
15.04
15
14.98
14.98
14.97
15.11
15.12
15.13
15.11
15.09
15.19
15.16
15.04
15.09
15.09
14.97
14.9
14.82
14.94
14.97
14.96
15.03
15.03
15.08
14.96
14.93
14.91
14.99
15.06
15.06
15.05
15.05
15.06
15.07
15.1
15.09
15.19
15.15
15.22
15.22
15.1
14.73
14.31
14.5
14.48
14.55
14.59
14.64
14.69
14.73
14.75
14.68
14.89
14.8
14.81
14.71
14.62
14.49
14.51
14.38
14.53
14.56
14.54
14.55
14.6
14.66
14.52
14.6
14.7
14.61
14.65
14.67
14.6
14.65
14.68
14.73
14.85
14.77
14.95
15.05
15.03
14.89
14.84
14.85
14.84
14.79
14.72
14.55
14.5
14.36
14.46
14.49
14.53
14.56
14.64
14.61
14.56
14.58
14.63
14.69
14.68
14.7
14.79
14.83
14.92
14.98
15
15.01
14.88
14.96
15.04
14.96
14.98
14.66
14.48
14.6
14.7
14.76
14.73
14.76
14.75
14.75
14.75
14.77
14.71
14.68
14.67
14.56
14.41
14.35
14.36
14.46
14.38
14.3
14.13
13.85
13.86
13.8
13.78
13.97
14.25
14.29
14.3
14.31
14.37
14.35
14.25
14.39
14.39
14.39
14.4
14.56
14.6
14.5
14.35
14.25
14.24
14.3
14.39
14.52
14.55
14.53
4/30/05 14.53
Fund Snapshot
- --------------------------------------------------------------------------------
Common Share Price $14.53
- --------------------------------------------------------------------------------
Common Share
Net Asset Value $15.71
- --------------------------------------------------------------------------------
Premium/(Discount) to NAV -7.51%
- --------------------------------------------------------------------------------
Market Yield 6.61%
- --------------------------------------------------------------------------------
Taxable-Equivalent Yield(1) 9.18%
- --------------------------------------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $532,420
- --------------------------------------------------------------------------------
Average Effective
Maturity on Securities (Years) 17.32
- --------------------------------------------------------------------------------
Leverage-Adjusted Duration 7.30
- --------------------------------------------------------------------------------
Average Annual Total Return
(Inception 3/21/91)
- --------------------------------------------------------------------------------
On Share Price On NAV
- --------------------------------------------------------------------------------
6-Month
(Cumulative) -1.08% 3.31%
- --------------------------------------------------------------------------------
1-Year 12.64% 10.17%
- --------------------------------------------------------------------------------
5-Year 10.34% 9.19%
- --------------------------------------------------------------------------------
10-Year 7.14% 7.39%
- --------------------------------------------------------------------------------
States
(as a % of total investments)
- --------------------------------------------------------------------------------
Illinois 10.6%
- --------------------------------------------------------------------------------
New York 10.2%
- --------------------------------------------------------------------------------
Texas 10.0%
- --------------------------------------------------------------------------------
South Carolina 6.0%
- --------------------------------------------------------------------------------
Michigan 5.8%
- --------------------------------------------------------------------------------
Nevada 5.6%
- --------------------------------------------------------------------------------
Colorado 5.6%
- --------------------------------------------------------------------------------
Tennessee 4.3%
- --------------------------------------------------------------------------------
New Jersey 4.2%
- --------------------------------------------------------------------------------
New Mexico 3.0%
- --------------------------------------------------------------------------------
Utah 2.8%
- --------------------------------------------------------------------------------
Alabama 2.7%
- --------------------------------------------------------------------------------
Washington 2.5%
- --------------------------------------------------------------------------------
North Carolina 2.3%
- --------------------------------------------------------------------------------
Wisconsin 2.1%
- --------------------------------------------------------------------------------
District of Columbia 2.1%
- --------------------------------------------------------------------------------
Florida 1.9%
- --------------------------------------------------------------------------------
Other 18.3%
- --------------------------------------------------------------------------------
Sectors
(as a % of total investments)
- --------------------------------------------------------------------------------
U.S. Guaranteed 19.5%
- --------------------------------------------------------------------------------
Healthcare 16.4%
- --------------------------------------------------------------------------------
Utilities 15.1%
- --------------------------------------------------------------------------------
Transportation 12.5%
- --------------------------------------------------------------------------------
Tax Obligation/Limited 10.1%
- --------------------------------------------------------------------------------
Tax Obligation/General 7.1%
- --------------------------------------------------------------------------------
Housing/Single Family 5.3%
- --------------------------------------------------------------------------------
Consumer Staples 5.2%
- --------------------------------------------------------------------------------
Other 8.8%
- --------------------------------------------------------------------------------
(1) Taxable-equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a federal income tax rate of 28%. For
investments that generate qualified dividend income, the
taxable-equivalent yield is lower.
11
Nuveen Quality Income Municipal Fund, Inc.
NQU
Performance
Overview As of April 30, 2005
Credit Quality
(as a % of total investments)
- ----------------------------------
AAA/U.S. Guaranteed 71%
- ----------------------------------
AA 10%
- ----------------------------------
A 6% [PIE CHART]
- ----------------------------------
BBB 9%
- ----------------------------------
BB or Lower 3%
- ----------------------------------
NR 1%
- ----------------------------------
Bar Chart:
2004-2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE
May 0.0805
Jun 0.0805
Jul 0.0805
Aug 0.0805
Sep 0.0805
Oct 0.0805
Nov 0.0805
Dec 0.0805
Jan 0.0805
Feb 0.0805
Mar 0.0775
Apr 0.0775
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
5/1/04 13.6
13.51
13.46
13.33
13.02
12.78
12.94
12.83
12.73
12.91
12.98
12.97
12.97
12.98
13.05
13.16
13.29
13.3
13.37
13.43
13.43
13.42
13.43
13.39
13.45
13.49
13.45
13.51
13.43
13.19
13.26
13.23
13.19
13.22
13.22
13.23
13.21
13.26
13.25
13.25
13.25
13.31
13.42
13.68
13.76
13.74
13.77
13.88
13.88
13.75
13.81
13.86
13.97
14.03
13.86
13.72
13.77
13.82
13.9
13.77
13.87
13.92
14
14
14.01
14.03
14.04
14.06
14.15
14.15
14.08
14.03
14.09
14.13
14.1
14.11
14.19
14.23
14.23
14.27
14.15
14.26
14.31
14.47
14.45
14.49
14.46
14.36
14.4
14.39
14.44
14.46
14.49
14.44
14.46
14.4
14.46
14.45
14.48
14.51
14.54
14.6
14.57
14.57
14.62
14.56
14.5
14.38
14.44
14.5
14.51
14.48
14.54
14.5
14.51
14.42
14.45
14.4
14.42
14.42
14.41
14.46
14.42
14.44
14.44
14.48
14.51
14.58
14.64
14.7
14.66
14.68
14.32
13.99
14.11
14.08
14.14
14.16
14.26
14.28
14.33
14.35
14.22
14.3
14.35
14.34
14.35
14.26
14.16
14.16
14.04
14.22
14.19
14.25
14.34
14.35
14.36
14.3
14.22
14.22
14.12
14.13
14.15
14.09
14.06
14
13.97
13.97
13.97
14.09
14.13
14.22
14.3
14.29
14.34
14.33
14.34
14.32
14.17
14.15
14.01
14.09
14.07
14.13
14.1
14.14
14.15
14.17
14.22
14.27
14.34
14.36
14.39
14.4
14.54
14.61
14.57
14.62
14.58
14.56
14.52
14.59
14.53
14.43
14.35
14.28
14.44
14.5
14.48
14.51
14.48
14.44
14.48
14.49
14.48
14.49
14.34
14.34
14.2
14.08
13.97
13.97
13.96
13.9
13.82
13.74
13.45
13.6
13.47
13.48
13.76
13.9
13.95
13.9
13.84
13.9
13.95
13.78
13.93
13.95
13.95
13.88
13.86
13.96
14
13.96
13.88
13.89
13.98
13.96
13.99
14.07
14.06
4/30/05 14.06
Fund Snapshot
- --------------------------------------------------------------------------------
Common Share Price $14.06
- --------------------------------------------------------------------------------
Common Share
Net Asset Value $15.56
- --------------------------------------------------------------------------------
Premium/(Discount) to NAV -9.64%
- --------------------------------------------------------------------------------
Market Yield 6.61%
- --------------------------------------------------------------------------------
Taxable-Equivalent Yield(1) 9.18%
- --------------------------------------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $843,321
- --------------------------------------------------------------------------------
Average Effective
Maturity on Securities (Years) 16.04
- --------------------------------------------------------------------------------
Leverage-Adjusted Duration 7.97
- --------------------------------------------------------------------------------
Average Annual Total Return
(Inception 6/19/91)
- --------------------------------------------------------------------------------
On Share Price On NAV
- --------------------------------------------------------------------------------
6-Month
(Cumulative) -0.29% 3.26%
- --------------------------------------------------------------------------------
1-Year 10.85% 11.41%
- --------------------------------------------------------------------------------
5-Year 9.09% 8.69%
- --------------------------------------------------------------------------------
10-Year 6.86% 7.22%
- --------------------------------------------------------------------------------
States
(as a % of total investments)
- --------------------------------------------------------------------------------
New York 13.9%
- --------------------------------------------------------------------------------
Texas 11.9%
- --------------------------------------------------------------------------------
Illinois 9.2%
- --------------------------------------------------------------------------------
Washington 7.2%
- --------------------------------------------------------------------------------
South Carolina 5.7%
- --------------------------------------------------------------------------------
Nevada 5.3%
- --------------------------------------------------------------------------------
Massachusetts 4.9%
- --------------------------------------------------------------------------------
Oklahoma 4.3%
- --------------------------------------------------------------------------------
California 3.9%
- --------------------------------------------------------------------------------
Colorado 3.6%
- --------------------------------------------------------------------------------
Pennsylvania 3.2%
- --------------------------------------------------------------------------------
Alabama 2.1%
- --------------------------------------------------------------------------------
North Carolina 1.7%
- --------------------------------------------------------------------------------
New Jersey 1.5%
- --------------------------------------------------------------------------------
Indiana 1.5%
- --------------------------------------------------------------------------------
Ohio 1.5%
- --------------------------------------------------------------------------------
Other 18.6%
- --------------------------------------------------------------------------------
Sectors
(as a % of total investments)
- --------------------------------------------------------------------------------
Tax Obligation/General 21.2%
- --------------------------------------------------------------------------------
U.S. Guaranteed 20.7%
- --------------------------------------------------------------------------------
Transportation 13.2%
- --------------------------------------------------------------------------------
Utilities 11.9%
- --------------------------------------------------------------------------------
Healthcare 11.3%
- --------------------------------------------------------------------------------
Tax Obligation/Limited 5.7%
- --------------------------------------------------------------------------------
Consumer Staples 5.1%
- --------------------------------------------------------------------------------
Other 10.9%
- --------------------------------------------------------------------------------
(1) Taxable-equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a federal income tax rate of 28%. For
investments that generate qualified dividend income, the
taxable-equivalent yield is lower.
12
Nuveen Premier Municipal Income Fund, Inc.
NPF
Performance
Overview As of April 30, 2005
Credit Quality
(as a % of total investments)
- ------------------------------------
AAA/U.S. Guaranteed 64%
- ------------------------------------
AA 12%
- ------------------------------------
A 15% [PIE CHART]
- ------------------------------------
BBB 8%
- ------------------------------------
NR 1%
- ------------------------------------
Bar Chart:
2004-2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
May 0.0825
Jun 0.0825
Jul 0.0825
Aug 0.0825
Sep 0.08
Oct 0.08
Nov 0.08
Dec 0.077
Jan 0.077
Feb 0.077
Mar 0.074
Apr 0.074
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
5/1/04 13.57
13.55
13.52
13.5
13.15
12.93
13.19
13.13
13.06
13.34
13.33
13.3
13.1
13.14
13.21
13.29
13.3
13.44
13.45
13.48
13.48
13.52
13.46
13.48
13.56
13.49
13.48
13.49
13.45
13.3
13.65
13.41
13.32
13.3
13.31
13.44
13.32
13.35
13.3
13.41
13.29
13.45
13.6
13.8
13.91
13.9
13.96
13.95
13.96
13.86
13.83
13.95
13.91
13.93
13.87
13.78
13.74
13.78
13.91
13.84
13.88
13.98
14.13
14.13
14.15
14.17
14.19
14.2
14.32
14.35
14.37
14.3
14.44
14.38
14.4
14.42
14.48
14.41
14.38
14.3
14.3
14.29
14.37
14.45
14.54
14.6
14.71
14.68
14.41
14.4
14.4
14.45
14.47
14.36
14.44
14.42
14.47
14.44
14.49
14.43
14.42
14.48
14.49
14.5
14.53
14.43
14.42
14.38
14.37
14.28
14.28
14.31
14.4
14.43
14.47
14.41
14.45
14.45
14.38
14.36
14.38
14.35
14.39
14.37
14.38
14.4
14.42
14.43
14.49
14.48
14.47
14.59
14.2
13.99
14.16
14.05
14.07
14.06
14.06
14.05
14.1
14.1
14.01
14.11
14.16
14.05
14.07
14.02
13.93
13.97
13.91
13.95
13.97
14.02
14.1
14.05
14.16
13.96
13.93
13.96
13.92
13.93
13.88
13.65
13.71
13.64
13.65
13.65
13.69
13.83
13.9
13.91
13.84
13.86
13.92
13.99
14.03
14.11
13.9
13.94
13.94
13.9
14.02
13.99
14.03
14.09
14.04
14.05
14.08
14.12
14.11
14.19
14.17
14.35
14.43
14.55
14.54
14.45
14.49
14.38
14.33
14.3
14.3
14.26
14.1
13.92
13.98
14.09
14.19
14.19
14.29
14.32
14.28
14.28
14.32
14.32
14.16
14.2
14.05
13.93
13.8
13.71
13.82
13.71
13.61
13.54
13.32
13.34
13.22
13.27
13.37
13.46
13.49
13.5
13.46
13.49
13.47
13.47
13.51
13.58
13.52
13.64
13.61
13.64
13.67
13.57
13.55
13.58
13.62
13.62
13.68
13.69
13.68
4/30/05 13.68
Fund Snapshot
- --------------------------------------------------------------------------------
Common Share Price $13.68
- --------------------------------------------------------------------------------
Common Share
Net Asset Value $15.32
- --------------------------------------------------------------------------------
Premium/(Discount) to NAV -10.70%
- --------------------------------------------------------------------------------
Market Yield 6.49%
- --------------------------------------------------------------------------------
Taxable-Equivalent Yield(1) 9.01%
- --------------------------------------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $307,717
- --------------------------------------------------------------------------------
Average Effective
Maturity on Securities (Years) 15.03
- --------------------------------------------------------------------------------
Leverage-Adjusted Duration 10.38
- --------------------------------------------------------------------------------
Average Annual Total Return
(Inception 12/19/91)
- --------------------------------------------------------------------------------
On Share Price On NAV
- --------------------------------------------------------------------------------
6-Month
(Cumulative) -1.08% 2.56%
- --------------------------------------------------------------------------------
1-Year 8.40% 10.79%
- --------------------------------------------------------------------------------
5-Year 7.43% 8.65%
- --------------------------------------------------------------------------------
10-Year 6.76% 7.25%
- --------------------------------------------------------------------------------
States
(as a % of total investments)
- --------------------------------------------------------------------------------
Illinois 11.8%
- --------------------------------------------------------------------------------
California 10.8%
- --------------------------------------------------------------------------------
New York 9.5%
- --------------------------------------------------------------------------------
Washington 7.4%
- --------------------------------------------------------------------------------
South Carolina 5.0%
- --------------------------------------------------------------------------------
Indiana 4.7%
- --------------------------------------------------------------------------------
Minnesota 4.6%
- --------------------------------------------------------------------------------
Texas 4.1%
- --------------------------------------------------------------------------------
Arizona 3.6%
- --------------------------------------------------------------------------------
Wisconsin 3.3%
- --------------------------------------------------------------------------------
Maine 3.1%
- --------------------------------------------------------------------------------
Florida 2.9%
- --------------------------------------------------------------------------------
Georgia 2.8%
- --------------------------------------------------------------------------------
North Carolina 2.7%
- --------------------------------------------------------------------------------
Nevada 2.6%
- --------------------------------------------------------------------------------
Missouri 1.8%
- --------------------------------------------------------------------------------
Other 19.3%
- --------------------------------------------------------------------------------
Sectors
(as a % of total investments)
- --------------------------------------------------------------------------------
Tax Obligation/Limited 18.8%
- --------------------------------------------------------------------------------
U.S. Guaranteed 16.6%
- --------------------------------------------------------------------------------
Utilities 13.9%
- --------------------------------------------------------------------------------
Tax Obligation/General 13.2%
- --------------------------------------------------------------------------------
Healthcare 11.2%
- --------------------------------------------------------------------------------
Education and Civic Organizations 5.8%
- --------------------------------------------------------------------------------
Water and Sewer 5.3%
- --------------------------------------------------------------------------------
Housing/Multifamily 5.0%
- --------------------------------------------------------------------------------
Other 10.2%
- --------------------------------------------------------------------------------
(1) Taxable-equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a federal income tax rate of 28%. For
investments that generate qualified dividend income, the
taxable-equivalent yield is lower.
(2) The Fund also paid shareholders capital gains and net ordinary income
distributions in December 2004 of $0.1359 per share.
13
Nuveen Municipal High Income Opportunity Fund
NMZ
Performance
Overview As of April 30, 2005
Credit Quality
(as a % of total investments)
- --------------------------------------
AAA/U.S. Guaranteed 10%
- --------------------------------------
AA 3%
- --------------------------------------
A 14% [PIE CHART]
- --------------------------------------
BBB 17%
- --------------------------------------
BB or Lower 19%
- --------------------------------------
NR 37%
- --------------------------------------
Bar Chart:
2004-2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
May 0.089
Jun 0.089
Jul 0.089
Aug 0.089
Sep 0.089
Oct 0.089
Nov 0.089
Dec 0.089
Jan 0.089
Feb 0.089
Mar 0.089
Apr 0.089
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
5/1/04 14.13
14.2
14.35
14.28
14.25
13.85
13.83
13.68
13.59
13.65
13.87
13.93
13.7
13.61
13.65
13.66
13.6
13.51
13.6
13.84
13.84
13.8
13.89
14.15
14.22
14.35
14.34
14.29
14.07
13.75
13.79
13.7
13.54
13.75
13.65
13.58
13.35
13.38
13.45
13.57
13.75
14.35
14.29
14.3
14.06
14.06
14.2
14.2
14.32
14.32
14.35
14.49
14.51
14.55
14.57
14.22
14.03
14.14
14.29
14.33
14.5
14.4
14.53
14.53
14.35
14.43
14.47
14.54
14.46
14.49
14.55
14.51
14.68
14.75
14.76
14.61
14.63
14.6
14.54
14.51
14.46
14.6
14.61
14.64
14.72
14.71
14.79
14.76
14.71
14.9
14.95
14.75
14.82
14.65
14.63
14.65
14.7
14.71
14.71
14.74
14.77
14.8
14.88
14.86
14.91
14.92
14.79
14.87
14.9
14.9
14.85
14.89
14.99
14.98
15
14.93
14.97
15
14.91
15
14.99
15
14.98
14.95
14.95
15
14.98
15.04
15.05
15.16
15.05
15.08
14.86
14.8
14.73
14.77
14.77
14.98
15
14.95
14.93
15.02
14.89
14.93
14.88
14.91
14.88
15
15.09
15
15
15.02
15.06
15
15
14.98
15
14.85
14.82
14.92
14.95
14.92
15
14.95
15
15.01
15.02
15.01
15.02
15.15
15.18
15.1
15.01
15.08
15.01
15.14
15.11
15
14.95
14.98
15.1
14.98
14.94
14.9
14.92
14.96
14.91
14.87
14.95
15
14.95
15
15.09
15.12
15.2
15.3
15.42
15.34
15.4
15.2
15.3
15.27
15.25
15.18
15.23
15.2
15.1
15.25
15.36
15.3
15.25
15.25
15.32
15.33
15.34
15.3
15.21
15.2
15.11
14.97
15.04
14.91
15
15.08
14.9
14.85
14.7
14.82
14.75
14.78
14.79
14.92
14.93
15.01
14.99
15.1
15.06
15.03
15
15.05
14.95
14.93
15
15.02
15
15.07
15.16
15.12
15.04
15.14
15.15
15.23
15.43
4/30/05 15.43
Fund Snapshot
- --------------------------------------------------------------------------------
Common Share Price $15.43
- --------------------------------------------------------------------------------
Common Share
Net Asset Value $15.27
- --------------------------------------------------------------------------------
Premium/(Discount) to NAV 1.05%
- --------------------------------------------------------------------------------
Market Yield 6.92%
- --------------------------------------------------------------------------------
Taxable-Equivalent Yield(1) 9.61%
- --------------------------------------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $354,654
- --------------------------------------------------------------------------------
Average Effective
Maturity on Securities (Years) 22.20
- --------------------------------------------------------------------------------
Leverage-Adjusted Duration 9.73
- --------------------------------------------------------------------------------
Average Annual Total Return
(Inception 11/19/03)
- --------------------------------------------------------------------------------
On Share Price On NAV
- --------------------------------------------------------------------------------
6-Month
(Cumulative) 6.70% 6.83%
- --------------------------------------------------------------------------------
1-Year 18.07% 17.85%
- --------------------------------------------------------------------------------
Since
Inception 9.23% 12.07%
- --------------------------------------------------------------------------------
States
(as a % of total investments)
- --------------------------------------------------------------------------------
California 13.4%
- --------------------------------------------------------------------------------
Florida 7.5%
- --------------------------------------------------------------------------------
Illinois 7.2%
- --------------------------------------------------------------------------------
Colorado 6.8%
- --------------------------------------------------------------------------------
Texas 6.2%
- --------------------------------------------------------------------------------
Louisiana 4.7%
- --------------------------------------------------------------------------------
Wisconsin 4.1%
- --------------------------------------------------------------------------------
Washington 3.4%
- --------------------------------------------------------------------------------
Michigan 3.3%
- --------------------------------------------------------------------------------
Arizona 3.2%
- --------------------------------------------------------------------------------
Pennsylvania 3.1%
- --------------------------------------------------------------------------------
Oklahoma 3.1%
- --------------------------------------------------------------------------------
Ohio 2.8%
- --------------------------------------------------------------------------------
New Jersey 2.6%
- --------------------------------------------------------------------------------
Virginia 2.6%
- --------------------------------------------------------------------------------
Maryland 2.4%
- --------------------------------------------------------------------------------
Virgin Islands 2.4%
- --------------------------------------------------------------------------------
New York 2.3%
- --------------------------------------------------------------------------------
Other 18.9%
- --------------------------------------------------------------------------------
Sectors
(as a % of total investments)
- --------------------------------------------------------------------------------
Tax Obligation/Limited 27.7%
- --------------------------------------------------------------------------------
Healthcare 25.1%
- --------------------------------------------------------------------------------
Housing/Multifamily 9.8%
- --------------------------------------------------------------------------------
Transportation 8.0%
- --------------------------------------------------------------------------------
Utilities 6.4%
- --------------------------------------------------------------------------------
Materials 4.7%
- --------------------------------------------------------------------------------
Consumer Staples 4.5%
- --------------------------------------------------------------------------------
Other 13.8%
- --------------------------------------------------------------------------------
(1) Taxable-equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a federal income tax rate of 28%. For
investments that generate qualified dividend income, the
taxable-equivalent yield is lower.
(2) The Fund also paid shareholders a net ordinary income distribution in
December 2004 of $0.0621 per share.
14
Nuveen Investment Quality Municipal Fund, Inc. (NQM)
Portfolio of
Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
Alaska - 0.7% (0.5% of Total Investments)
$ 4,000 Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement 6/10 at 100.00 BBB $ 4,096,000
Asset-Backed Bonds, Series 2000, 6.500%, 6/01/31
- ------------------------------------------------------------------------------------------------------------------------------------
Arkansas - 1.4% (0.9% of Total Investments)
2,555 Arkansas Development Finance Authority, Home Mortgage Revenue Bonds, 7/08 at 101.50 AAA 2,591,843
FNMA/GNMA Mortgage-Backed Securities Program, Series 1998A, 5.150%,
7/01/17
Van Buren County, Arkansas, Sales and Use Tax Revenue Refunding and
Construction Bonds, Series 2000:
1,055 5.600%, 12/01/25 - AMBAC Insured 12/10 at 100.00 Aaa 1,157,567
3,600 5.650%, 12/01/31 - AMBAC Insured 12/10 at 100.00 Aaa 3,962,808
- ------------------------------------------------------------------------------------------------------------------------------------
California - 18.1% (12.1% of Total Investments)
4,000 Alameda County, California, Certificates of Participation, Alameda County 9/06 at 102.00 AAA 4,236,200
Public Facilities Corporation, Series 1991, 6.000%, 9/01/21
(Pre-refunded to 9/01/06) - MBIA Insured
10,000 California, General Obligation Bonds, Series 2003, 5.250%, 2/01/25 8/13 at 100.00 A 10,716,800
2,500 California, Economic Recovery Revenue Bonds, Series 2004A, 5.250%, 7/01/14 No Opt. Call AA- 2,812,400
5,925 California State Public Works Board, Lease Revenue Refunding Bonds, Various 6/05 at 100.00 Aa2 5,932,347
University of California Projects, Series 1993A, 5.500%, 6/01/21
1,000 California Statewide Community Development Authority, Revenue Bonds, 7/15 at 100.00 BBB+ 1,042,360
Daughters of Charity Health System, Series 2005A, 5.250%, 7/01/30
1,900 Chula Vista, California, Industrial Development Revenue Bonds, San Diego 6/14 at 102.00 A2 2,042,329
Gas and Electric Company, Series 1996A, 5.300%, 7/01/21
2,675 Commerce Joint Power Financing Authority, California, Tax Allocation No Opt. Call AA 2,734,706
Refunding Bonds, Redevelopment Projects 2 and 3, Series 2003A,
5.000%, 8/01/28 - RAAI Insured
9,740 Huntington Park Redevelopment Agency, California, Single Family Residential No Opt. Call AAA 14,061,541
Mortgage Revenue Refunding Bonds, Series 1986A, 8.000%, 12/01/19
5,730 Los Angeles Unified School District, California, General Obligation Bonds, 7/12 at 100.00 AAA 6,157,745
Series 2002E, 5.125%, 7/01/22 - MBIA Insured
1,030 Natomas Union School District, Sacramento County, California, General No Opt. Call AAA 1,242,983
Obligation Refunding Bonds, Series 1999, 5.950%, 9/01/21 - MBIA Insured
15,770 Ontario Redevelopment Financing Authority, San Bernardino County, No Opt. Call AAA 22,359,337
California, Revenue Refunding Bonds, Redevelopment Project 1,
Series 1995, 7.400%, 8/01/25 - MBIA Insured
13,145 Perris, California, GNMA Mortgage-Backed Securities Program Single No Opt. Call AAA 17,427,247
Family Mortgage Revenue Bonds, Series 1988B, 8.200%, 9/01/23
(Alternative Minimum Tax)
3,415 Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, 7/14 at 100.00 A3 3,680,585
Eisenhower Medical Center, Series 2004, 5.875%, 7/01/26
San Joaquin Hills Transportation Corridor Agency, Orange County,
California, Toll Road Revenue Refunding Bonds, Series 1997A:
6,175 0.000%, 1/15/28 - MBIA Insured No Opt. Call AAA 2,007,122
8,135 0.000%, 1/15/34 - MBIA Insured No Opt. Call AAA 1,921,406
17,195 0.000%, 1/15/35 - MBIA Insured No Opt. Call AAA 3,850,992
- ------------------------------------------------------------------------------------------------------------------------------------
Colorado - 4.7% (3.2% of Total Investments)
145 Colorado Housing Finance Authority, Single Family Program Senior 5/06 at 105.00 Aa2 147,803
Bonds, Series 1996B, 7.450%, 11/01/27
12,450 Denver City and County, Colorado, Airport System Revenue Refunding Bonds, 11/10 at 100.00 AAA 13,797,588
Series 2000A, 6.000%, 11/15/19 (Alternative Minimum Tax) - AMBAC Insured
15
Nuveen Investment Quality Municipal Fund, Inc. (NQM) (continued)
Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
Colorado (continued)
$ 3,200 Denver City and County, Colorado, Special Facilities Airport 10/05 at 100.00 N/R $ 2,637,856
Revenue Bonds, United Air Lines Corporation, Series 1992A,
6.875%, 10/01/32 (Alternative Minimum Tax) #
7,865 El Paso County School District 11, Colorado Springs, Colorado, 12/07 at 125.00 AA- 10,201,220
General Obligation Improvement Bonds, Series 1996, 7.125%, 12/01/21
- ------------------------------------------------------------------------------------------------------------------------------------
District of Columbia - 6.2% (4.1% of Total Investments)
3,000 District of Columbia, General Obligation Bonds, Series 1998B, No Opt. Call AAA 3,558,180
6.000%, 6/01/16 - MBIA Insured
15,950 District of Columbia, Revenue Bonds, Georgetown University, Series 2001A, 4/11 at 31.03 AAA 3,647,127
0.000%, 4/01/31 - MBIA Insured
23,645 District of Columbia Water and Sewerage Authority, Public Utility Revenue 4/09 at 160.00 AAA 27,676,473
Bonds, Series 1998, 5.500%, 10/01/23 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
Florida - 0.8% (0.6% of Total Investments)
3,200 Hillsborough County Industrial Development Authority, Florida, Exempt 4/10 at 101.00 N/R 3,600,288
Facilities Remarketed Revenue Bonds, National Gypsum Company, Apollo
Beach Project, Series 2000B, 7.125%, 4/01/30 (Alternative Minimum Tax)
1,000 Orange County, Florida, Sales Tax Revenue Bonds, Series 2002B, 5.000%, 1/13 at 100.00 AAA 1,062,060
1/01/25 - FGIC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
Georgia - 6.3% (4.3% of Total Investments)
17,500 Atlanta, Georgia, Airport General Revenue Refunding Bonds, Series 2000A, 1/10 at 101.00 AAA 19,568,500
5.600%, 1/01/30 (Pre-refunded to 1/01/10) - FGIC Insured
2,950 Atlanta, Georgia, Airport General Revenue Bonds, Series 2004G, 5.000%, 1/15 at 100.00 AAA 3,108,238
1/01/25 - FSA Insured
1,425 Columbus, Georgia, Water and Sewerage Revenue Bonds, Series 2005, 5/14 at 100.00 AAA 1,521,316
5.000%, 5/01/23 - MBIA Insured
2,000 Dalton Development Authority, Georgia, Revenue Certificates, Hamilton No Opt. Call AAA 2,318,640
Health Care System Inc., Series 1996, 5.500%, 8/15/26 - MBIA Insured
5,980 Fulton County Development Authority, Georgia, Revenue Bonds, 9/11 at 102.00 AAA 6,613,222
Georgia State University - TUFF/Atlanta Housing LLC, Series 2001A,
5.500%, 9/01/22 - AMBAC Insured
2,250 Georgia Municipal Electric Authority, Project One Special Obligation No Opt. Call A+ 2,745,945
Bonds, Fourth CrossoverSeries 1997E, 6.500%, 1/01/20
- ------------------------------------------------------------------------------------------------------------------------------------
Idaho - 0.9% (0.6% of Total Investments)
4,810 Boise City, Idaho, Revenue Refunding Bonds, Series 2001A, 5.375%, 12/11 at 100.00 Aaa 5,218,561
12/01/31 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
Illinois - 10.4% (7.0% of Total Investments)
4,705 Bourbonnais, Illinois, Revenue Bonds, Olivet Nazarene University, 3/10 at 101.00 AA 5,221,515
Series 2000, 6.250%, 3/01/20 - RAAI Insured
9,000 Chicago, Illinois, Special Facility Revenue Bonds, O'Hare International No Opt. Call N/R 3,723,840
Airport, United Air Lines Inc. Project, Series 2001A, 6.375%, 11/01/35
(Alternative Minimum Tax) (Mandatory put 5/01/13) #
4,775 Chicago Public Building Commission, Illinois, General Obligation Lease 3/13 at 100.00 AAA 5,110,301
Bonds, Chicago Transit Authority, Series 2003, 5.250%, 3/01/23 -
AMBAC Insured
2,110 Illinois Development Finance Authority, Local Government Program Revenue 1/11 at 100.00 Aaa 2,413,545
Bonds, DuPage and Cook Counties Community Unit School District 205 -
Elmhurst, Series 2000, 6.000%, 1/01/19 (Pre-refunded to 1/01/11) -
FSA Insured
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System,
Series 2004:
2,500 5.250%, 11/15/21 5/14 at 100.00 A 2,620,200
1,000 5.250%, 11/15/22 5/14 at 100.00 A 1,048,010
12,725 Kane, Cook and DuPage Counties School District 46, Elgin, Illinois, No Opt. Call Aaa 15,960,968
General Obligation School Bonds, Series 1997, 7.800%, 1/01/12 -
FSA Insured
6,300 Madison County Community Unit School District 7, Edwardsville, Illinois, No Opt. Call AAA 7,191,009
School Building Bonds, Series 1994, 5.850%, 2/01/13 - FGIC Insured
3,585 Pekin, Illinois, FHA-Insured Section 8 Multifamily Housing Revenue 5/05 at 101.00 AAA 3,626,407
Refunding Bonds, United Auto Workers Senior Center, Series
1992A, 6.875%, 5/01/22
5,390 Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry No Opt. Call AAA 6,043,106
and Will Counties, Illinois, General Obligation Bonds, Series 1992A,
9.000%, 6/01/07 - AMBAC Insured
16
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
Illinois (continued)
$ 860 Regional Transportation Authority, Cook, DuPage, Kane, Lake, No Opt. Call AAA $ 964,206
McHenry and Will Counties, Illinois, General Obligation Bonds,
Series 1992B, 9.000%, 6/01/07 - AMBAC Insured
1,180 Will County School District 17, Channahon, Illinois, General No Opt. Call Aaa 1,585,660
Obligation School Building Bonds, Series 2001, 8.400%,
12/01/13 - AMBAC Insured
Will County High School District 204, Joliet, Illinois, General
Obligation Bonds, Series 2001:
1,145 8.700%, 12/01/13 - FSA Insured No Opt. Call AAA 1,563,406
1,300 8.700%, 12/01/14 - FSA Insured No Opt. Call AAA 1,811,784
- ------------------------------------------------------------------------------------------------------------------------------------
Indiana - 3.5% (2.3% of Total Investments)
5,530 Allen County Jail Building Corporation, Indiana, First Mortgage 4/11 at 101.00 Aa3 6,066,189
Bonds, Series 2000, 5.750%, 4/01/20
1,880 Indianapolis, Indiana, GNMA Collateralized Multifamily Housing 7/10 at 102.00 Aaa 1,996,165
Mortgage Revenue Bonds, Cloverleaf Apartments Project Phase I,
Series 2000, 6.000%, 1/20/31
5,065 Metropolitan School District Steuben County K-5 Building 7/10 at 101.00 AAA 5,831,740
Corporation, Indiana, First Mortgage Bonds, Series 2000,
6.125%, 1/15/21 (Pre-refunded to 7/15/10) - FSA Insured
2,495 Shelbyville, Indiana, GNMA Collateralized Multifamily Housing 7/10 at 102.00 Aaa 2,650,439
Revenue Bonds, 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 3,161,529
Bonds, Series 2001, 5.750%, 7/15/14 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
Kansas - 1.2% (0.8% of Total Investments)
1,220 Sedgwick and Shawnee Counties, Kansas, GNMA Mortgage-Backed No Opt. Call Aaa 1,226,576
Securities Program Single Family Revenue Bonds, Series 1997A-1,
6.950%, 6/01/29 (Alternative Minimum Tax)
4,030 Topeka, Kansas, Industrial Revenue Refunding Bonds, Sunwest 8/16 at 100.00 AAA 5,388,876
Hotel Corporation, Series 1988, 9.500%, 10/01/16
(Alternative Minimum Tax) (Pre-refunded to 8/15/16)
- ------------------------------------------------------------------------------------------------------------------------------------
Kentucky - 0.4% (0.3% of Total Investments)
2,000 Jefferson County, Kentucky, Health Facilities Revenue Refunding Bonds, 1/07 at 102.00 AAA 2,114,560
Jewish Hospital HealthCare Services Inc., Series 1996, 5.700%,
1/01/21 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
Louisiana - 3.4% (2.3% of Total Investments)
1,445 East Baton Rouge Mortgage Finance Authority, Louisiana, GNMA/FNMA 10/07 at 102.00 Aaa 1,461,531
Mortgage-Backed Securities Program Family Mortgage Revenue
Refunding Bonds, Series 1997D, 5.900%, 10/01/30 (Alternative
Minimum Tax)
730 Jefferson Parish Home Mortgage Authority, Louisiana, Single Family 12/09 at 103.00 Aaa 745,600
Mortgage Revenue Refunding Bonds, Series 2000A-2, 7.500%, 12/01/30
(Alternative Minimum Tax) (Pre-refunded to 12/01/09)
Jefferson Parish Home Mortgage Authority, Louisiana, Single Family
Mortgage Revenue Bonds, Series 2000G-2:
1,170 5.550%, 6/01/32 (Alternative Minimum Tax) 12/10 at 102.00 Aaa 1,206,516
1,830 6.300%, 6/01/32 (Alternative Minimum Tax) 12/10 at 102.00 Aaa 1,947,376
11,545 Orleans Parish School Board, Louisiana, General Obligation Refunding No Opt. Call AAA 13,969,681
Bonds, Series 1987, 9.000%, 2/01/09 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
Maryland - 0.5% (0.3% of Total Investments)
2,500 Maryland Health and Higher Educational Facilities Authority, 8/14 at 100.00 Baa1 2,585,725
Revenue Bonds, Medstar Health, Series 2004, 5.375%, 8/15/24
- ------------------------------------------------------------------------------------------------------------------------------------
Massachusetts - 4.5% (3.0% of Total Investments)
12,000 Massachusetts, General Obligation Bonds, Consolidated Loan, Series 10/10 at 100.00 AAA 13,419,960
2000C, 5.750%, 10/01/19 (Pre-refunded to 10/01/10)
5,155 Massachusetts Development Financing Authority, Assisted Living 12/09 at 102.00 N/R 4,991,741
Revenue Bonds, Prospect House Apartments, Series 1999, 7.000%,
12/01/31s
1,640 Massachusetts Health and Educational Facilities Authority, 7/11 at 100.00 BBB 1,765,509
Revenue Bonds, UMass Memorial Health Care, Series 2001C,
6.500%, 7/01/21
2,000 Massachusetts Industrial Finance Agency, Resource Recovery 12/08 at 102.00 BBB 2,052,780
Revenue Refunding Bonds, Ogden Haverhill Project, Series 1998A,
5.600%, 12/01/19 (Alternative Minimum Tax)
17
Nuveen Investment Quality Municipal Fund, Inc. (NQM) (continued)
Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
Massachusetts (continued)
$ 2,000 Massachusetts, Special Obligation Dedicated Tax Revenue Bonds, 1/14 at 100.00 AAA $ 2,176,220
Series 2004, 5.250%, 1/01/22 - FGIC Insured
1,000 Massachusetts Water Resources Authority, General Revenue Bonds, 8/17 at 100.00 AAA 1,100,730
Series 2005A, 5.250%, 8/01/26 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
Michigan - 4.4% (3.0% of Total Investments)
4,250 Detroit City School District, Wayne County, Michigan, 5/12 at 100.00 AAA 4,685,243
Unlimited Tax School Building and Site Improvement Bonds,
Series 2001A, 5.500%, 5/01/20 - FSA Insured
10,215 Detroit, Michigan, Water Supply System Revenue Refunding Bonds, No Opt. Call AAA 12,494,273
Series 1993, 6.500%, 7/01/15 - FGIC Insured
5,100 Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, 7/11 at 101.00 AAA 5,820,222
Series 2001A, 5.750%, 7/01/28 (Pre-refunded to 7/01/11) - FGIC Insured
1,800 Kent Hospital Finance Authority, Michigan, Revenue Bonds, 7/15 at 100.00 BBB 1,927,332
Metropolitan Hospital, Series 2005A, 6.000%, 7/01/35
- ------------------------------------------------------------------------------------------------------------------------------------
Minnesota - 6.7% (4.5% of Total Investments)
8,250 Cohasset, Minnesota, Pollution Control Revenue Bonds, Allete Inc., 7/14 at 100.00 A 8,444,370
Series 2004, 4.950%, 7/01/22
5,000 Dakota and Washington Counties Housing and Redevelopment Authority, No Opt. Call AAA 7,293,100
Minnesota, GNMA Mortgage-Backed Securities Program Single Family
Residential Mortgage Revenue Bonds, Series 1988, 8.450%, 9/01/19
(Alternative Minimum Tax)
20,000 Minnesota Agricultural and Economic Development Board, Healthcare 11/10 at 101.00 A 21,911,800
System Revenue Bonds, Fairview Hospital and Healthcare Services,
Series 2000A, 6.375%, 11/15/29
- ------------------------------------------------------------------------------------------------------------------------------------
Mississippi - 0.2% (0.1% of Total Investments)
1,275 Mississippi Hospital Equipment and Facilities Authority, Revenue 9/14 at 100.00 N/R 1,318,669
Bonds, Baptist Memorial Healthcare, Series 2004B-1, 5.000%, 9/01/24
- ------------------------------------------------------------------------------------------------------------------------------------
Missouri - 1.4% (1.0% of Total Investments)
7,510 Kansas City Industrial Development Authority, Missouri, FNMA 1/07 at 102.00 AAA 7,849,452
Multifamily Housing Revenue Bonds, Royal Woods Apartments Project,
Series 1997, 5.600%, 1/01/30 (Alternative Minimum Tax)
(Mandatory put 1/01/10)
200 Missouri Housing Development Commission, GNMA/FNMA Single Family 3/07 at 105.00 AAA 202,014
Mortgage Revenue Bonds, Homeownership Loan Program, Series 1997A-2,
7.300%, 3/01/28 (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
Nebraska - 0.9% (0.6% of Total Investments)
2,760 NebHelp Inc., Nebraska, Revenue Bonds, Student Loan Program, 9/05 at 101.50 AAA 2,762,153
Series 1993B, 5.875%, 6/01/14 (Alternative Minimum Tax) - MBIA Insured
2,370 Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, 9/05 at 101.50 AAA 2,407,612
Series 1995B, 6.450%, 3/01/35 (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
Nevada - 5.0% (3.4% of Total Investments)
11,000 Clark County School District, Nevada, General Obligation Bonds, 6/12 at 100.00 AAA 12,480,600
Series 2002C, 5.500%, 6/15/19 (Pre-refunded to 6/15/12) - MBIA Insured
14,530 Director of Nevada State Department of Business and Industry, 1/10 at 102.00 AAA 15,964,111
Revenue Bonds, Las Vegas Monorail Project, First Tier,
Series 2000, 5.625%, 1/01/34 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
New Jersey - 1.4% (1.0% of Total Investments)
2,000 New Jersey Educational Facilities Authority, Revenue Bonds, 7/15 at 100.00 AAA 2,157,880
Princeton University, Series 2005A, 5.000%, 7/01/24
3,400 New Jersey Transportation Trust Fund Authority, Transportation System 6/13 at 100.00 AAA 3,889,940
Bonds, Series 2003C, 5.500%, 6/15/22 (Pre-refunded to 6/15/13)
2,000 Tobacco Settlement Financing Corporation, New Jersey, Tobacco 6/12 at 100.00 BBB 1,998,520
Settlement Asset-Backed Bonds, Series 2002, 5.750%, 6/01/32
18
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
New Mexico - 0.4% (0.3% of Total Investments)
Farmington, New Mexico, Hospital Revenue Bonds, San Juan
Regional Medical Center Inc., Series 2004A:
$ 880 5.125%, 6/01/17 6/14 at 100.00 A3 $ 926,728
1,295 5.125%, 6/01/19 6/14 at 100.00 A3 1,351,928
- ------------------------------------------------------------------------------------------------------------------------------------
New York - 17.2% (11.5% of Total Investments)
5,000 New York City, New York, General Obligation Bonds, Fiscal 6/13 at 100.00 A1 5,461,400
Series 2003J, 5.500%, 6/01/20
3,600 New York City, New York, General Obligation Bonds, Fiscal 8/14 at 100.00 A1 3,946,464
Series 2004B, 5.250%, 8/01/15
5,000 New York City, New York, General Obligation Bonds, 8/14 at 100.00 A1 5,402,250
Fiscal Series 2004C, 5.250%, 8/15/20
7,000 New York City, New York, General Obligation Bonds, 4/15 at 100.00 A1 7,354,620
Fiscal Series 2005M, 5.000%, 4/01/24
1,250 New York City Municipal Water Finance Authority, New York, 6/15 at 100.00 AAA 1,328,037
Water and Sewerage System Revenue Bonds, Fiscal Series 2005C,
5.000%, 6/15/25 - MBIA Insured
10,000 New York City Municipal Water Finance Authority, New York, 6/14 at 100.00 AA+ 10,628,200
Water and Sewerage System Revenue Bonds, Fiscal Series 2004C,
5.000%, 6/15/22
4,535 New York City Municipal Water Finance Authority, New York, 6/06 at 101.00 AAA 4,733,905
Water and Sewerage System Revenue Bonds, Fiscal Series 1996B,
5.750%, 6/15/26 - MBIA Insured
5,000 New York City Transitional Finance Authority, New York, Future 5/10 at 101.00 AAA 5,483,050
Tax Secured Bonds, Fiscal Series 2000C, 5.500%, 11/01/24
5,570 New York City Transitional Finance Authority, New York, Future 2/14 at 100.00 AAA 5,920,576
Tax Secured Bonds, Fiscal Series 2004C, 5.000%, 2/01/22
3,030 Dormitory Authority of the State of New York, Revenue Bonds, 2/15 at 100.00 AAA 3,214,073
Mental Health Services Facilities Improvements, Series 2005A,
5.000%, 2/15/25 - AMBAC Insured
5,000 New York State Municipal Bond Bank Agency, Special School Purpose 6/13 at 100.00 A+ 5,413,750
Revenue Bonds, Series 2003C, 5.250%, 12/01/19
3,000 New York State Power Authority, General Revenue Bonds, Series 2000A, 12/05 at 100.00 Aa2 3,049,470
5.500%, 11/15/16
4,205 New York State Urban Development Corporation, State Personal Income 3/14 at 100.00 AAA 4,476,012
Tax Revenue Bonds, Series 2004A-1, 5.000%, 3/15/23 - FGIC Insured
16,445 Port Authority of New York and New Jersey, Special Project Bonds, No Opt. Call AAA 19,672,167
JFK International Air Terminal LLC, Sixth Series 1997, 7.000%,
12/01/12 (Alternative Minimum Tax) - MBIA Insured
New York City Sales Tax Asset Receivable Corporation, New York,
Dedicated Revenue Bonds, Local Government Assistance
Corporation, Series 2004A:
3,225 5.000%, 10/15/24 - MBIA Insured 10/14 at 100.00 AAA 3,449,363
1,665 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 1,779,485
5,400 New York State Tobacco Settlement Financing Corporation, Tobacco 6/10 at 100.00 AA- 5,890,050
Settlement Asset-Backed and State Contingency Contract-Backed
Bonds, Series 2003A-1, 5.500%, 6/01/16
- ------------------------------------------------------------------------------------------------------------------------------------
North Carolina - 5.6% (3.8% of Total Investments)
2,795 Charlotte, North Carolina, FHA-Insured Mortgage Revenue Bonds, 11/07 at 100.00 AAA 2,935,728
Double Oaks Apartments, Series 1992, 7.350%, 5/15/26
19,775 North Carolina Eastern Municipal Power Agency, Power System Revenue 1/07 at 102.00 AAA 21,013,706
Refunding Bonds, Series 1996B, 5.875%, 1/01/21 - MBIA Insured
7,420 North Carolina Medical Care Commission, Health System Revenue Bonds, 10/11 at 101.00 AA 7,844,276
Mission-St. Joseph's Health System, Series 2001, 5.250%, 10/01/26
- ------------------------------------------------------------------------------------------------------------------------------------
Ohio - 1.6% (1.1% of Total Investments)
8,650 Cuyahoga County, Ohio, Hospital Revenue and Improvement Bonds, 2/09 at 101.00 A- 9,053,523
MetroHealth System, Series 1999, 6.150%, 2/15/29
- ------------------------------------------------------------------------------------------------------------------------------------
Oklahoma - 0.6% (0.4% of Total Investments)
3,300 Tulsa Municipal Airport Trust, Oklahoma, Revenue Refunding Bonds, 6/09 at 100.00 B- 3,167,406
American Airlines Inc., Series 2000B, 6.000%, 6/01/35
(Alternative Minimum Tax) (Mandatory put 12/01/08)
19
Nuveen Investment Quality Municipal Fund, Inc. (NQM) (continued)
Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
Pennsylvania - 1.4% (0.9% of Total Investments)
$ 1,355 Chester County, Pennsylvania, General Obligation Bonds, Series 2005, 5/15 at 100.00 Aa1 $ 1,452,248
5.000%, 11/15/23
5,000 Philadelphia, Pennsylvania, General Obligation Bonds, Series 2001, 3/11 at 100.00 AAA 5,435,250
5.250%, 9/15/18 - FSA Insured
1,000 St. Mary Hospital Authority, Pennsylvania, Health System Revenue Bonds, 5/05 at 100.00 A 1,062,120
Catholic Health East, Series 2004B, 5.500%, 11/15/24
- ------------------------------------------------------------------------------------------------------------------------------------
Puerto Rico - 0.5% (0.3% of Total Investments)
1,500 Puerto Rico Infrastructure Financing Authority, Special Obligation Bonds, 10/10 at 101.00 AAA 1,636,995
Series 2000A, 5.500%, 10/01/40
1,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 7/15 at 100.00 AAA 1,061,790
5.000%, 7/01/30 - XLCA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
Rhode Island - 5.5% (3.7% of Total Investments)
24,000 Rhode Island Health and Educational Building Corporation, Hospital 5/07 at 102.00 AAA 25,571,280
Financing Revenue Bonds, Lifespan Obligated Group, Series 1996, 5.750%,
5/15/23 - MBIA Insured
5,610 Rhode Island Tobacco Settlement Financing Corporation, Tobacco 6/12 at 100.00 BBB 5,662,790
Settlement Asset-Backed Bonds, Series 2002A, 6.000%, 6/01/23
- ------------------------------------------------------------------------------------------------------------------------------------
South Carolina - 2.4% (1.6% of Total Investments)
2,000 Berkeley County School District, South Carolina, Installment 12/13 at 100.00 A- 2,104,340
Purchase Revenue Bonds, Securing Assets for Education, Series 2003,
5.250%, 12/01/24
4,405 Dorchester County School District 2, South Carolina, Installment Purchase 12/14 at 100.00 A 4,677,449
Revenue Bonds, GROWTH, Series 2004, 5.250%, 12/01/23
6,500 South Carolina JOBS Economic Development Authority, Economic Development 11/12 at 100.00 A- 6,838,455
Revenue Bonds, Bon Secours Health System Inc., Series 2002A,
5.625%, 11/15/30
- ------------------------------------------------------------------------------------------------------------------------------------
South Dakota - 0.3% (0.1% of Total Investments)
1,750 South Dakota Health and Educational Facilities Authority, Revenue Bonds, 11/14 at 100.00 A+ 1,866,690
Sioux Valley Hospital and Health System, Series 2004A, 5.500%, 11/01/31
- ------------------------------------------------------------------------------------------------------------------------------------
Tennessee - 0.6% (0.4% of Total Investments)
3,000 Knox County Health, Educational and Housing Facilities Board, Tennessee, 4/12 at 101.00 Baa3 3,113,340
Hospital Revenue Bonds, Baptist Health System of East Tennessee Inc.,
Series 2002, 6.500%, 4/15/31
- ------------------------------------------------------------------------------------------------------------------------------------
Texas - 16.1% (10.8% of Total Investments)
3,135 Austin Housing Finance Corporation, Texas, GNMA Collateralized Mortgage 12/10 at 105.00 Aaa 3,501,607
Loan Multifamily Housing Revenue Bonds, Santa Maria Village Project,
Series 2000A, 7.375%, 6/20/35 (Alternative Minimum Tax)
13,130 Bexar County Housing Finance Corporation, Texas, Multifamily Housing 5/16 at 100.00 N/R 12,633,686
Revenue Bonds, American Opportunity for Housing, Series 2001A,
7.500%, 5/01/33
2,975 Bexar County Housing Finance Corporation, Texas, Multifamily Housing 5/16 at 100.00 N/R 2,656,050
Revenue Bonds, American Opportunity for Housing, Series 2001B, 8.250%,
5/01/33
Clear Creek Independent School District, Galveston and Harris Counties,
Texas, Unlimited Tax Schoolhouse and Refunding Bonds, Series 2000:
18,075 5.500%, 2/15/22 (Pre-refunded to 2/15/10) 2/10 at 100.00 AAA 19,963,295
635 5.500%, 2/15/22 2/10 at 100.00 AAA 687,368
Harris County Hospital District, Texas, Revenue Refunding Bonds,
Series 1990:
3,075 7.400%, 2/15/10 - AMBAC Insured No Opt. Call AAA 3,335,176
5,890 7.400%, 2/15/10 - AMBAC Insured No Opt. Call AAA 6,570,354
5,000 Harris County Hospital District, Texas, Revenue Refunding Bonds, 8/10 at 100.00 AAA 5,590,050
Series 2000, 6.000%, 2/15/14 - MBIA Insured
2,256 Heart of Texas Housing Finance Corporation, GNMA Collateralized Mortgage 6/10 at 105.00 AAA 2,497,482
Loan Revenue Bonds, Robinson Garden Project, Series 2000A, 7.375%,
6/20/35 (Alternative Minimum Tax)
Houston, Texas, Junior Lien Water and Sewerage System Revenue Refunding
Bonds, Series 1998A:
11,950 0.000%, 12/01/22 - FSA Insured No Opt. Call AAA 5,287,397
4,680 0.000%, 12/01/22 - FSA Insured No Opt. Call AAA 2,035,472
20
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
Texas (continued)
$ 3,960 Stafford Economic Development Corporation, Texas, Sales Tax Revenue 9/15 at 100.00 AAA $ 4,397,738
Bonds, Series 2000, 5.500%, 9/01/30 - FGIC Insured
6,745 Tarrant County Health Facilities Development Corporation, Texas, 12/10 at 105.00 Aaa 7,696,517
GNMA Collateralized Mortgage Loan Revenue Bonds, 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
Texas Turnpike Authority, First Tier Revenue Bonds, Central Texas
Turnpike System, Series 2002A:
10,000 0.000%, 8/15/21 - AMBAC Insured No Opt. Call AAA 4,661,000
12,000 0.000%, 8/15/23 - AMBAC Insured No Opt. Call AAA 5,002,800
3,965 Tyler Health Facilities Development Corporation, Texas, Hospital 11/07 at 102.00 AAA 4,236,285
Revenue Bonds, East Texas Medical Center Regional Healthcare
Center, Series 1997C, 5.600%, 11/01/27 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
Virginia - 0.3% (0.1% of Total Investments)
1,950 Virginia Beach Development Authority, Virginia, Multifamily 10/14 at 102.00 N/R 1,901,777
Residential Rental Housing Revenue Bonds, Hamptons and Hampton Court
Apartments, Series 1999, 7.500%, 10/01/39 (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
Washington - 9.3% (6.2% of Total Investments)
11,345 Chelan County Public Utility District 1, Washington, Columbia No Opt. Call AAA 5,908,930
River-Rock Island Hydro-Electric System Revenue Refunding Bonds,
Series 1997A, 0.000%, 6/01/19 - MBIA Insured
17,075 Port of Seattle, Washington, Limited Tax General Obligation Bonds, 12/10 at 100.00 AA+ 18,535,425
Series 2000B, 5.750%, 12/01/25 (Alternative Minimum Tax)
5,000 Port of Seattle, Washington, Revenue Bonds, Series 2001B, 5.625%, 10/11 at 100.00 AAA 5,478,250
4/01/17 (Alternative Minimum Tax) - FGIC Insured
16,750 Port of Seattle, Washington, Revenue Bonds, Series 2000A, 5.625%, 8/10 at 100.00 AAA 18,267,881
2/01/30 - MBIA Insured
1,000 Seattle, Washington, Municipal Light and Power Revenue Bonds, 11/13 at 100.00 AAA 1,107,610
Series 2003, 5.250%, 11/01/16 - FSA Insured
6,000 Washington, General Obligation Bonds, Series 2000S-5, 0.000%, No Opt. Call AAA 3,047,880
1/01/20 - FGIC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
West Virginia - 0.9% (0.6% of Total Investments)
5,000 Mason County, West Virginia, Pollution Control Revenue Bonds, 10/11 at 100.00 BBB 5,128,750
Appalachian Power Company, Series 2003L, 5.500%, 10/01/22
- ------------------------------------------------------------------------------------------------------------------------------------
Wisconsin - 3.4% (2.3% of Total Investments)
7,930 Badger Tobacco Asset Securitization Corporation, Wisconsin, Tobacco 6/12 at 100.00 BBB 8,107,553
Settlement Asset-Backed Bonds, Series 2002, 6.125%, 6/01/27
4,850 Wisconsin, General Obligation Refunding Bonds, Series 2001-1, No Opt. Call AAA 5,505,817
5.500%, 5/01/13 - MBIA Insured
Wisconsin Health and Educational Facilities Authority, Revenue Bonds,
Eagle River Memorial Hospital Inc., Series 2000:
1,000 5.750%, 8/15/20 - RAAI Insured 8/10 at 101.00 AA 1,089,550
3,000 5.875%, 8/15/30 - RAAI Insured 8/10 at 101.00 AA 3,264,360
1,150 Wisconsin Health and Educational Facilities Authority, Revenue Bonds, 5/14 at 100.00 BBB+ 1,212,353
Fort Healthcare Inc., Series 2004, 5.750%, 5/01/24
- ------------------------------------------------------------------------------------------------------------------------------------
$ 832,831 Total Long-Term Investments (cost $784,995,240) - 149.1% 843,095,353
============------------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 4.1% 23,181,561
----------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (53.2)% (301,000,000)
----------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 565,276,914
======================================================================================================================
(1) All percentages shown in the Portfolio of Investments are
based on net assets applicable to Common shares unless
otherwise noted.
* Optional Call Provisions: Dates (month and year) and prices of
the earliest optional call or redemption. There may be other
call provisions at varying prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's
rating.
N/R Investment is not rated.
# 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 obligations
with respect to these bonds and thus has stopped accruing
interest.
See accompanying notes to financial statements.
21
Nuveen Select Quality Municipal Fund, Inc. (NQS)
Portfolio of
Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
Alabama - 4.0% (2.7% of Total Investments)
$ 4,000 Jefferson County, Alabama, Sewer Revenue Capital Improvement 2/09 at 101.00 AAA $ 4,373,920
Warrants, Series 1999A, 5.375%, 2/01/36 (Pre-refunded to 2/01/09)
- FGIC Insured
10,000 Lauderdale County and Florence Health Authority, Alabama, Revenue 7/10 at 102.00 AAA 11,248,700
Bonds, Coffee Health Group, Series 2000A, 6.000%, 7/01/29 -
MBIA Insured
5,155 Phenix City Industrial Development Board, Alabama, Environmental 5/12 at 100.00 BBB 5,575,545
Improvement Revenue Bonds, MeadWestvaco Corporation, Series 2002A,
6.350%, 5/15/35 (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
Alaska - 0.4% (0.3% of Total Investments)
2,000 Kenai Peninsula Borough, Alaska, Revenue Bonds, Central Kenai 8/13 at 100.00 Aaa 2,141,940
Peninsula Hospital Service Area, Series 2003, 5.000%, 8/01/23
- FGIC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
Arizona - 0.8% (0.5% of Total Investments)
3,750 Salt River Project Agricultural Improvement and Power District, 12/13 at 100.00 AAA 4,031,775
Arizona, Electric System Revenue Bonds, Series 2003, 5.000%,
12/01/18 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
Arkansas - 1.0% (0.7% of Total Investments)
4,500 Little Rock, Arkansas, Hotel and Restaurant Gross Receipts Tax No Opt. Call A3 5,515,155
Refunding Bonds, Series 1993, 7.375%, 8/01/15
- ------------------------------------------------------------------------------------------------------------------------------------
California - 0.1% (0.1% of Total Investments)
550 California Pollution Control Financing Authority, Remarketed 4/11 at 102.00 AAA 597,157
Revenue Bonds, Pacific Gas and Electric Company, Series 1996A,
5.350%, 12/01/16 (Alternative Minimum Tax) - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
Colorado - 8.3% (5.6% of Total Investments)
11,000 Colorado Department of Transportation, Revenue Anticipation Bonds, 6/10 at 100.50 AAA 12,539,230
Series 2000, 6.000%, 6/15/15 (Pre-refunded to 6/15/10) - AMBAC Insured
9,250 Colorado Health Facilities Authority, Remarketed Revenue Bonds, Kaiser 7/06 at 102.00 AAA 9,660,330
Permanente System, Series 1994A, 5.350%, 11/01/16
16,995 Denver City and County, Colorado, Airport System Revenue Refunding 11/10 at 100.00 AAA 18,342,704
Bonds, Series 2000A, 5.625%, 11/15/23 (Alternative Minimum Tax) -
AMBAC Insured
12,355 Northwest Parkway Public Highway Authority, Colorado, Senior Lien 6/11 at 40.52 AAA 3,822,019
Revenue Bonds, Series 2001B, 0.000%, 6/15/26 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
Connecticut - 1.7% (1.1% of Total Investments)
9,285 Connecticut Development Authority, Health Facilities Revenue Refunding 8/05 at 101.00 N/R 9,139,133
Bonds, Alzheimer's Resource Center of Connecticut Inc.,
Series 1994A, 7.250%, 8/15/21
- ------------------------------------------------------------------------------------------------------------------------------------
District of Columbia - 3.2% (2.1% of Total Investments)
District of Columbia, General Obligation Bonds, Series 1998B:
5,000 6.000%, 6/01/19 - MBIA Insured No Opt. Call AAA 6,041,800
7,265 5.250%, 6/01/26 - FSA Insured 6/08 at 101.00 AAA 7,686,079
3,210 District of Columbia Tobacco Settlement Corporation, Tobacco 5/11 at 101.00 BBB 3,280,363
Settlement Asset-Backed Bonds, Series 2001, 6.250%, 5/15/24
- ------------------------------------------------------------------------------------------------------------------------------------
Florida - 2.9% (1.9% of Total Investments)
1,710 Florida State Board of Education, Full Faith and Credit Public 6/05 at 101.00 AAA 1,731,084
Education Capital Outlay Refunding Bonds, Series 1995E, 5.125%,
6/01/15 (Pre-refunded to 6/01/05)
4,550 JEA, Florida, Water and Sewerage System Revenue Bonds, Series 2002A, 4/07 at 100.00 AAA 4,711,252
5.375%, 10/01/30 - MBIA Insured
22
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
Florida (continued)
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 $ 3,391,694
4,860 5.875%, 10/01/19 (Alternative Minimum Tax) - FSA Insured 10/10 at 101.00 AAA 5,360,531
- ------------------------------------------------------------------------------------------------------------------------------------
Georgia - 0.7% (0.5% of Total Investments)
3,750 Atlanta, Georgia, Airport General Revenue Bonds, Series 2000B, 1/10 at 101.00 AAA 3,972,937
5.625%, 1/01/30 (Alternative Minimum Tax) - FGIC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
Illinois - 16.0% (10.6% of Total Investments)
5,000 Chicago, Illinois, General Obligation Refunding Bonds, Series 1/06 at 102.00 AAA 5,157,100
1996B, 5.125%, 1/01/25 - FGIC Insured
5,865 Chicago, Illinois, General Obligation Bonds, Neighborhoods Alive 7/10 at 101.00 AAA 6,853,252
21 Program, Series 2000A, 6.500%, 1/01/35 (Pre-refunded to 7/01/10)
- FGIC Insured
Chicago Board of Education, Illinois, Unlimited Tax General Obligation
Bonds, Dedicated Tax Revenues, Series 1997:
4,000 5.750%, 12/01/20 (Pre-refunded to 12/01/07) - AMBAC Insured 12/07 at 102.00 AAA 4,356,280
9,230 5.750%, 12/01/27 (Pre-refunded to 12/01/07) - AMBAC Insured 12/07 at 102.00 AAA 10,052,116
1,070 5.750%, 12/01/27 - AMBAC Insured 12/07 at 102.00 AAA 1,150,667
7,555 Chicago Board of Education, Illinois, Unlimited Tax General 12/07 at 102.00 AAA 8,010,415
Obligation Bonds, Dedicated Tax Revenues, Series 1997A, 5.250%,
12/01/27 - AMBAC Insured
3,415 Chicago Board of Education, Illinois, Unlimited Tax General Obligation No Opt. Call AAA 1,246,099
Bonds, Dedicated Tax Revenues, Series 1998B-1, 0.000%,
12/01/25 - FGIC Insured
5,000 Chicago, Illinois, Special Facility Revenue Bonds, O'Hare International No Opt. Call N/R 2,068,800
Airport, United Air Lines Inc. Project, Series 2001A, 6.375%, 11/01/35
(Alternative Minimum Tax) (Mandatory put 5/01/13) #
15,000 Chicago, Illinois, Second Lien Passenger Facility Charge Revenue 1/11 at 101.00 AAA 15,707,850
Bonds, O'Hare International Airport, Series 2001A, 5.375%, 1/01/32
(Alternative Minimum Tax) - AMBAC Insured
Chicago, Illinois, Second Lien Passenger Facility Charge Revenue
Bonds, O'Hare International Airport, Series 2001C:
3,770 5.100%, 1/01/26 (Alternative Minimum Tax) - AMBAC Insured 1/11 at 101.00 AAA 3,885,965
5,360 5.250%, 1/01/32 (Alternative Minimum Tax) - AMBAC Insured 1/11 at 101.00 AAA 5,565,663
2,000 Illinois Health Facilities Authority, Revenue Bonds, Midwest Care 2/11 at 102.00 Aaa 2,168,840
Center I Inc., Series 2001, 5.950%, 2/20/36
10,000 Illinois Health Facilities Authority, Revenue Bonds, Condell 5/12 at 100.00 Baa2 10,467,600
Medical Center, Series 2002, 5.750%, 5/15/22
4,500 Kane, McHenry, Cook and DeKalb Counties Community Unit School 12/11 at 100.00 AAA 4,991,265
District 300, Carpentersville, Illinois, General Obligation
Bonds, Series 2000, 5.500%, 12/01/18 - MBIA Insured
2,920 Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, 6/12 at 101.00 AAA 3,047,400
McCormick Place Expansion Project, Series 2002A, 5.000%,
12/15/28 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
Indiana - 1.8% (1.2% of Total Investments)
1,275 Indiana Housing Finance Authority, Single Family Mortgage 1/10 at 100.00 Aaa 1,335,563
Revenue Bonds, Series 2000D-3, 5.950%, 7/01/26 (Alternative Minimum Tax)
7,660 St. Joseph County Hospital Authority, Indiana, Revenue Bonds, Memorial 2/11 at 100.00 AAA 8,359,664
Health System, Series 2000, 5.625%, 8/15/33 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
Kansas - 1.7% (1.2% of Total Investments)
5,000 Burlington, Kansas, Environmental Improvement Revenue Bonds, Kansas City No Opt. Call A3 5,139,250
Power and Light Company Project, Series 1998A, 4.750%, 9/01/15
(Mandatory put 10/01/07)
3,790 Kansas Department of Transportation, Highway Revenue Bonds, Series 2004A, 3/14 at 100.00 AA+ 4,047,834
5.000%, 3/01/23
- ------------------------------------------------------------------------------------------------------------------------------------
Kentucky - 0.5% (0.4% of Total Investments)
2,875 Lakeland Wesley Village Inc., Kentucky, FHA-Insured Section 8 Assisted 5/05 at 100.00 N/R 2,905,705
Multifamily Housing MortgageRevenue Refunding Bonds, Lakeland Wesley
Village I Elderly Project, Series 1991, 7.500%, 11/01/21
23
Nuveen Select Quality Municipal Fund, Inc. (NQS) (continued)
Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
Maryland - 1.6% (1.1% of Total Investments)
$ 7,500 Maryland Health and Higher Educational Facilities Authority, 7/09 at 101.00 AA*** $ 8,449,950
Revenue Bonds, Johns Hopkins University, Series 1999, 6.000%,
7/01/39 (Pre-refunded to 7/01/09)
- ------------------------------------------------------------------------------------------------------------------------------------
Massachusetts - 0.9% (0.6% of Total Investments)
3,545 Boston Housing Development Corporation, Massachusetts, FHA-Insured 7/05 at 101.00 AAA 3,564,710
Section 8 Mortgage Loan Project Bonds, Series 1994A, 5.500%,
7/01/24 - MBIA Insured
1,335 Massachusetts Educational Finance Authority, Student Loan Revenue 12/09 at 101.00 AAA 1,375,744
Refunding Bonds, Series 2000G, 5.700%, 12/01/11 (Alternative
Minimum Tax) - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
Michigan - 8.6% (5.8% of Total Investments)
10,000 Detroit, Michigan, Sewerage Disposal System Revenue Bonds, Series 1/10 at 101.00 AAA 11,232,900
1999A, 5.750%, 7/01/26 (Pre-refunded to 1/01/10) - FGIC Insured
3,625 Fowlerville Community Schools, Ingham, Livingston and Shiawassee 5/07 at 100.00 AAA 3,814,008
Counties, Michigan, School Building and Site Bonds, Series 1996,
5.600%, 5/01/26 (Pre-refunded to 5/01/07) - MBIA Insured
3,275 Michigan State Hospital Finance Authority, Revenue Refunding Bonds, 8/05 at 100.00 Ba3 3,278,013
Detroit Medical Center Obligated Group, Series 1993A,
6.500%, 8/15/18
6,475 Michigan State Hospital Finance Authority, Hospital Revenue Bonds, 11/09 at 101.00 AAA 7,237,237
Ascension Health Credit Group, Series 1999A, 5.750%, 11/15/16
(Pre-refunded to 11/15/09) - MBIA Insured
6,000 Michigan Strategic Fund, Collateralized Limited Obligation Pollution 9/11 at 100.00 A3 6,322,020
Control Revenue Refunding Bonds, Fixed Rate Conversion, Detroit
Edison Company, Series 1999C, 5.650%, 9/01/29 (Alternative
Minimum Tax)
7,500 Michigan Strategic Fund, Limited Obligation Revenue Refunding Bonds, 12/12 at 100.00 AAA 7,948,350
Detroit Edison Company, Series 2002C, 5.450%, 12/15/32
(Alternative Minimum Tax) - XLCA Insured
5,900 Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue 11/11 at 100.00 AAA 6,196,062
Bonds, William Beaumont Hospital, Series 2001M, 5.250%,
11/15/35 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
Minnesota - 2.1% (1.4% of Total Investments)
160 Chisago and Stearns Counties and Southcentral Minnesota Multi-County 9/05 at 102.85 AAA 164,619
Housing and Redevelopment Authority, FNMA Mortgage-Backed
Securities Program Single Family Mortgage Revenue Bonds, Series
1994B, 7.050%, 9/01/27 (Alternative Minimum Tax)
7,000 Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, 1/11 at 100.00 AAA 7,439,740
Airport Revenue Bonds, Series 2001A, 5.250%, 1/01/32 - FGIC Insured
3,590 Minnesota Housing Finance Agency, Single Family Mortgage Revenue 7/09 at 100.00 AA+ 3,605,868
Bonds, Series 2000C, 6.100%,7/01/30 (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
Mississippi - 0.5% (0.3% of Total Investments)
2,475 Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, 9/14 at 100.00 N/R 2,559,769
Baptist Memorial Healthcare, Series 2004B-1, 5.000%, 9/01/24
- ------------------------------------------------------------------------------------------------------------------------------------
Missouri - 0.3% (0.2% of Total Investments)
1,500 Missouri-Illinois Metropolitan District Bi-State Development Agency, 10/13 at 100.00 AAA 1,570,575
Mass Transit Sales Tax Appropriation Bonds, Metrolink Cross County
Extension Project, Series 2002B, 5.000%, 10/01/32 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
Nebraska - 0.3% (0.2% of Total Investments)
1,340 Nebraska Investment Finance Authority, Single Family Housing Revenue 9/05 at 101.50 AAA 1,353,963
Bonds, Series 1995A, 6.800%, 3/01/35 (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
Nevada - 8.4% (5.6% of Total Investments)
4,885 Clark County, Nevada, Limited Tax General Obligation Bank Bonds, 7/10 at 100.00 AA 5,359,040
Series 2000, 5.500%, 7/01/18
7,500 Clark County, Nevada, Subordinate Lien Airport Revenue Bonds, 7/10 at 101.00 AAA 8,578,200
Series 1999A, 6.000%, 7/01/29 (Pre-refunded to 7/01/10) - MBIA Insured
10,000 Clark County School District, Nevada, Limited Tax General Obligation 6/06 at 101.00 AAA 10,459,600
School Improvement Bonds, Series 1996, 6.000%, 6/15/15
(Pre-refunded to 6/15/06) - FGIC Insured
1,950 Director of Nevada State Department of Business and Industry, 1/10 at 102.00 AAA 2,142,465
Revenue Bonds, Las Vegas Monorail Project, First Tier, Series 2000,
5.625%, 1/01/32 - AMBAC Insured
24
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
Nevada (continued)
$ 10,750 Truckee Meadows Water Authority, Nevada, Water Revenue Bonds, Series 7/11 at 100.00 AAA $11,496,050
2001A, 5.250%, 7/01/34 - FSA Insured
6,000 Washoe County, Nevada, Reno-Sparks Convention and Visitors Authority, 1/10 at 100.00 AAA 6,852,480
Limited Tax General Obligation Bonds, Series 1999A, 6.375%, 7/01/23
(Pre-refunded to 1/01/10) - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
New Jersey - 6.4% (4.2% of Total Investments)
2,400 New Jersey Health Care Facilities Financing Authority, Revenue Bonds, 7/10 at 101.00 BBB- 2,697,576
Trinitas Hospital Obligated Group, Series 2000, 7.500%, 7/01/30
3,000 New Jersey Housing and Mortgage Finance Agency, Multifamily Housing 11/07 at 101.50 AAA 3,181,230
Revenue Bonds, Series 1997A, 5.550%, 5/01/27 (Alternative Minimum
Tax) - AMBAC Insured
17,670 New Jersey Housing and Mortgage Finance Agency, Home Buyer Program 10/10 at 100.00 AAA 18,603,506
Revenue Bonds, Series 2000CC, 5.850%, 10/01/25 (Alternative
Minimum Tax) - MBIA Insured
9,360 Tobacco Settlement Financing Corporation, New Jersey, Tobacco 6/12 at 100.00 BBB 9,353,074
Settlement Asset-Backed Bonds, Series 2002, 5.750%, 6/01/32
- ------------------------------------------------------------------------------------------------------------------------------------
New Mexico - 4.5% (3.0% of Total Investments)
8,500 Farmington, New Mexico, Pollution Control Revenue Refunding Bonds, 4/06 at 101.00 BBB 8,832,690
Public Service Company of New Mexico - San Juan Project,
Series 1997B, 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 Aa3 8,472,160
6,200 5.500%, 8/01/30 8/11 at 101.00 Aa3 6,542,426
- ------------------------------------------------------------------------------------------------------------------------------------
New York - 15.3% (10.2% of Total Investments)
7,000 Metropolitan Transportation Authority, New York, State Service 7/12 at 100.00 AA- 7,306,670
Contract Refunding Bonds, Series 2002A, 5.125%, 1/01/29
9,290 New York City, New York, General Obligation Bonds, Fiscal Series 10/07 at 101.00 Aaa 10,070,732
1997G, 6.000%, 10/15/26 (Pre-refunded to 10/15/07)
5,000 New York City Municipal Water Finance Authority, New York, Water and 6/09 at 101.00 AAA 5,190,050
Sewerage System Revenue Bonds, Fiscal Series 1999B, 5.000%,
6/15/29 - FSA Insured
6,000 New York City Municipal Water Finance Authority, New York, Water and 6/09 at 101.00 AAA 6,473,160
Sewerage System Revenue Bonds, Fiscal Series 2000A, 5.500%,
6/15/32 - FGIC Insured
2,255 New York City Transit Authority, New York, Metropolitan Transportation 1/10 at 101.00 AAA 2,543,505
Authority, Triborough Bridge and Tunnel Authority, Certificates of
Participation, Series 2000A, 5.750%, 1/01/20 (Pre-refunded to
1/01/10) - AMBAC Insured
9,750 New York City Transitional Finance Authority, New York, Future Tax 5/10 at 101.00 AAA 11,189,100
Secured Bonds, Fiscal Series 2000B, 6.000%, 11/15/29
(Pre-refunded to 5/15/10)
10,000 Dormitory Authority of the State of New York, Lease Revenue Bonds, 5/10 at 101.00 A 11,064,400
Court Facilities, Series 1999, 6.000%, 5/15/39
5,650 Dormitory Authority of the State of New York, Improvement Revenue 8/09 at 101.00 AAA 6,073,072
Bonds, Mental Health Services Facilities, Series 1999D, 5.250%,
8/15/24 - FSA Insured
5,400 New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, 3/09 at 101.00 Aa1 5,603,148
Series 79, 5.300%, 4/01/29 (Alternative Minimum Tax)
7,545 New York State Urban Development Corporation, Senior Lien Corporate 7/06 at 102.00 AAA 7,888,977
Purpose Bonds, Series 1996, 5.500%, 7/01/26
5,000 New York State Urban Development Corporation, Service Contract No Opt. Call AA- 5,503,400
Revenue Bonds, Correctional and Youth Facilities, Series 2002A,
5.500%, 1/01/17 (Mandatory put 1/01/11)
2,320 New York State Tobacco Settlement Financing Corporation, Tobacco 6/10 at 100.00 AA- 2,530,540
Settlement Asset-Backed and State Contingency Contract-Backed
Bonds, Series 2003A-1, 5.500%, 6/01/16
- ------------------------------------------------------------------------------------------------------------------------------------
North Carolina - 3.5% (2.3% of Total Investments)
18,555 North Carolina Eastern Municipal Power Agency, Power System Revenue 7/05 at 100.00 AAA 18,592,667
Refunding Bonds, Series 1993B, 5.500%, 1/01/17 - FGIC Insured
25
Nuveen Select Quality Municipal Fund, Inc. (NQS) (continued)
Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
North Dakota - 2.1% (1.4% of Total Investments)
$ 10,490 Grand Forks, North Dakota, Sales Tax Revenue Bonds, Aurora Project, 12/07 at 100.00 AAA $11,074,818
Series 1997A, 5.625%, 12/15/29 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
Ohio - 2.2% (1.5% of Total Investments)
Montgomery County, Ohio, Hospital Facilities Revenue Bonds,
Kettering Medical Center, Series 1999:
5,000 6.750%, 4/01/18 4/10 at 101.00 A2 5,546,400
5,000 6.750%, 4/01/22 4/10 at 101.00 A2 5,544,550
480 Ohio Housing Finance Agency, GNMA Mortgage-Backed Securities 8/10 at 100.00 Aaa 505,421
Program Residential Mortgage Revenue Bonds, Series 2000C, 6.050%,
3/01/32 (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
Oklahoma - 2.4% (1.6% of Total Investments)
1,030 Central Oklahoma Transportation and Parking Authority, Oklahoma City, 7/06 at 100.00 AAA 1,058,984
Parking System Revenue Refunding Bonds, Series 1996, 5.300%,
7/01/12 - FSA Insured
2,235 Oklahoma Development Finance Authority, Revenue Bonds, St. John Health 2/14 at 100.00 AA 2,312,823
System, Series 2004, 5.000%, 2/15/24
10,000 Tulsa Municipal Airport Trust, Oklahoma, Revenue Refunding Bonds, 12/08 at 100.00 B- 9,363,000
American Airlines Inc., Series 2001B, 5.650%, 12/01/35 (Alternative
Minimum Tax) (Mandatory put 12/01/08)
- ------------------------------------------------------------------------------------------------------------------------------------
Pennsylvania - 0.0% (0.0% of Total Investments)
95 Delaware River Port Authority, New Jersey and Pennsylvania, 1/10 at 100.00 AAA 104,889
Revenue Bonds, Series 1999, 5.750%, 1/01/15 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
Puerto Rico - 0.4% (0.3% of Total Investments)
3,000 Puerto Rico Public Buildings Authority, Guaranteed Government 7/17 at 100.00 AAA 2,280,360
Facilities Revenue Refunding Bonds, Series 2002D, 0.000%,
7/01/31 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
South Carolina - 9.0% (6.0% of Total Investments)
10,000 Greenville County School District, South Carolina, Installment 12/12 at 101.00 AA- 11,413,900
Purchase Revenue Bonds, Series 2002, 6.000%, 12/01/21
3,750 Greenwood County, South Carolina, Hospital Revenue Bonds, Self 10/11 at 100.00 A 3,936,750
Memorial Hospital, Series 2001, 5.500%, 10/01/31
2,500 Lexington County Health Service District, South Carolina, Hospital 11/13 at 100.00 A 2,677,400
Revenue Refunding and Improvement Bonds, Series 2003, 5.750%,
11/01/28
2,825 Medical University Hospital Authority, South Carolina, FHA-Insured 8/14 at 100.00 AAA 3,064,701
Mortgage Revenue Bonds, Series 2004A, 5.250%, 2/15/22 - MBIA Insured
21,565 Piedmont Municipal Power Agency, South Carolina, Electric Revenue No Opt. Call AAA 6,197,997
Bonds, Series 2004A-2, 0.000%, 1/01/30 - AMBAC Insured
1,540 South Carolina Housing Finance and Development Authority, Mortgage 6/10 at 100.00 Aaa 1,546,791
Revenue Bonds, Series 2000A-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 BBB 11,717,939
4,000 6.375%, 5/15/28 5/11 at 101.00 BBB 4,113,880
3,000 6.375%, 5/15/30 No Opt. Call BBB 3,154,740
- ------------------------------------------------------------------------------------------------------------------------------------
South Dakota - 2.3% (1.5% of Total Investments)
2,500 South Dakota Education Loans Inc., Revenue Bonds, Subordinate 6/08 at 102.00 A2 2,622,100
Series 1998-1K, 5.600%, 6/01/20 (Alternative Minimum Tax)
6,175 Sioux Falls, South Dakota, Industrial Revenue Refunding Bonds, 10/14 at 100.00 AAA 7,854,230
Great Plains Hotel Corporation Project, Series 1989, 8.500%,
11/01/16 (Alternative Minimum Tax) (Pre-refunded to 10/15/14)
1,750 South Dakota Health and Educational Facilities Authority, 11/14 at 100.00 A+ 1,866,690
Revenue Bonds, Sioux Valley Hospital and Health System, Series
2004A, 5.500%, 11/01/31
- ------------------------------------------------------------------------------------------------------------------------------------
Tennessee - 6.5% (4.3% of Total Investments)
5,000 Knox County Health, Educational and Housing Facilities Board, 4/12 at 101.00 Baa3 5,188,900
Tennessee, Hospital Revenue Bonds, Baptist Health System of East
Tennessee Inc., Series 2002, 6.500%, 4/15/31
26
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
Tennessee (continued)
$ 20,060 Knox County Health, Educational and Housing Facilities Board, 1/13 at 80.49 AAA $11,390,269
Tennessee, Hospital Revenue Refunding Bonds, Covenant Health,
Series 2002A, 0.000%, 1/01/17 - FSA Insured
12,500 Metropolitan Government of Nashville-Davidson County Health and 11/09 at 101.00 AAA 14,068,250
Educational Facilities Board, Tennessee, Revenue Bonds, Ascension
Health Credit Group, Series 1999A, 5.875%, 11/15/28 (Pre-refunded
to 11/15/09) - AMBAC Insured
Tennessee Housing Development Agency, Homeownership Program Bonds,
Series 2000-1:
1,785 5.750%, 7/01/10 (Alternative Minimum Tax) No Opt. Call AA 1,806,224
2,145 6.000%, 7/01/13 (Alternative Minimum Tax) - MBIA Insured 7/10 at 101.00 AAA 2,209,007
- ------------------------------------------------------------------------------------------------------------------------------------
Texas - 15.1% (10.0% of Total Investments)
7,925 Brazos River Authority, Texas, Pollution Control Revenue Refunding No Opt. Call BBB 8,606,629
Bonds, TXU Electric Company, Series 2001C, 5.750%, 5/01/36
(Alternative Minimum Tax) (Mandatory put 11/01/11) (a)
5,110 Brazos River Authority, Texas, Pollution Control Revenue Refunding 4/13 at 101.00 BBB 6,095,055
Bonds, TXU Electric Company, Series 1999C, 7.700%, 3/01/32
(Alternative Minimum Tax) (a)
4,500 Brazos River Authority, Texas, Revenue Bonds, Reliant Energy Inc., 12/08 at 102.00 BBB- 5,008,005
Series 1999B, 7.750%, 12/01/18
4,080 Central Texas Regional Mobility Authority, Travis and Williamson 1/15 at 100.00 AAA 4,236,672
Counties, Toll Road Revenue Bonds, Series 2005, 5.000%, 1/01/35 -
FGIC Insured
5,500 Dallas Area Rapid Transit, Texas, Senior Lien Sales Tax Revenue 12/11 at 100.00 AAA 5,675,010
Bonds, Series 2001, 5.000%, 12/01/31 - AMBAC Insured
1,550 Gulf Coast Waste Disposal Authority, Texas, Waste Disposal Revenue 4/11 at 101.00 BBB- 1,690,771
Bonds, Valero Energy Corporation, Series 2001, 6.650%, 4/01/32
(Alternative Minimum Tax)
4,590 Houston, Texas, Subordinate Lien Airport System Revenue Bonds, 7/10 at 100.00 AAA 4,948,433
Series 2000A, 5.625%, 7/01/30 (Alternative Minimum Tax) -
FSA Insured
5,000 Houston Community College, Texas, Limited Tax General Obligation 2/13 at 100.00 AAA 5,199,850
Bonds, Series 2003, 5.000%, 2/15/26 - AMBAC Insured
3,500 Houston, Texas, Junior Lien Water and Sewerage System Revenue 12/12 at 100.00 AAA 3,869,740
Refunding Bonds, Series 2002A, 5.000%, 12/01/30 (Pre-refunded
to 12/01/12) - FSA Insured
5,000 Katy Independent School District, Harris, Fort Bend and Waller 2/12 at 100.00 AAA 5,179,850
Counties, Texas, General Obligation Bonds, Series 2002A,
5.000%, 2/15/27
9,000 Matagorda County Navigation District 1, Texas, Collateralized No Opt. Call AAA 9,772,380
Revenue Refunding Bonds, Houston Light and Power Company, Series
1997, 5.125%, 11/01/28 (Alternative Minimum Tax) - AMBAC Insured
775 Panhandle Regional Housing Finance Corporation, Texas, GNMA 5/05 at 100.00 AAA 778,922
Mortgage-Backed Securities Program Single Family Mortgage Revenue
Bonds, Series 1991A, 7.500%, 5/01/24 (Alternative Minimum Tax)
4,700 Sam Rayburn Municipal Power Agency, Texas, Power Supply System 10/12 at 100.00 Baa2 5,065,190
Revenue Refunding Bonds, Series 2002A, 6.000%, 10/01/21
5,500 Spring Independent School District, Harris County, Texas, Unlimited 8/11 at 100.00 AAA 5,692,225
Tax Schoolhouse Bonds, Series 2001, 5.000%, 8/15/26
4,520 Texas, General Obligation Bonds, Water Financial Assistance, State 8/09 at 100.00 Aa1 4,835,541
Participation Program, Series 1999C, 5.500%, 8/01/35
3,460 Winter Garden Housing Finance Corporation, Texas, GNMA/FNMA 10/05 at 102.00 AAA 3,497,091
Mortgage-Backed Securities Program Single Family Mortgage Revenue
Bonds, Series 1994, 6.950%, 10/01/27 (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
Utah - 4.2% (2.8% of Total Investments)
2,000 Intermountain Power Agency, Utah, Power Supply Revenue Bonds, 7/06 at 102.00 AAA 2,109,400
Special Obligation Crossover, Sixth Series 1996B, 6.000%,
7/01/16 - MBIA Insured
3,565 Utah Associated Municipal Power Systems, Revenue Bonds, Payson Power 4/13 at 100.00 AAA 3,804,639
Project, Series 2003A, 5.000%, 4/01/24 - FSA Insured
16,050 Utah County, Utah, Hospital Revenue Bonds, IHC Health Services Inc., 8/07 at 101.00 AAA 16,522,672
Series 1997, 5.250%, 8/15/26 - MBIA Insured
27
Nuveen Select Quality Municipal Fund, Inc. (NQS) (continued)
Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
Vermont - 2.0% (1.4% of Total Investments)
Vermont Educational and Health Buildings Financing Agency, Revenue
Bonds, Fletcher Allen Health Care Inc., Series 2000A:
$ 3,720 6.125%, 12/01/15 - AMBAC Insured 12/10 at 101.00 AAA $ 4,235,815
4,265 6.250%, 12/01/16 - AMBAC Insured 12/10 at 101.00 AAA 4,883,212
1,625 Vermont Housing Finance Agency, Single Family Housing Bonds, 11/09 at 100.00 AAA 1,696,500
Series 2000-13A, 5.950%, 11/01/25 (Alternative Minimum Tax) -
FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
Washington - 3.8% (2.5% of Total Investments)
8,810 Chelan County Public Utility District 1, Washington, Hydro Consolidated 7/11 at 101.00 AAA 9,446,699
System Revenue Bonds, Series 2001A, 5.600%, 1/01/36 (Alternative
Minimum Tax) - MBIA Insured
2,500 Energy Northwest, Washington, Electric Revenue Refunding Bonds, 7/12 at 100.00 AAA 2,817,600
Columbia Generating Station, Nuclear Project 2, Series 2002C, 5.750%,
7/01/17 - MBIA Insured
7,225 Port of Seattle, Washington, Special Facility Revenue Bonds, Terminal 3/10 at 101.00 AAA 7,976,256
18, Series 1999B, 6.000%, 9/01/20 (Alternative Minimum Tax) -
MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
West Virginia - 1.0% (0.6% of Total Investments)
5,000 Mason County, West Virginia, Pollution Control Revenue Bonds, 10/11 at 100.00 BBB 5,128,750
Appalachian Power Company, Series 2003L, 5.500%, 10/01/22
- ------------------------------------------------------------------------------------------------------------------------------------
Wisconsin - 3.2% (2.1% of Total Investments)
9,310 Badger Tobacco Asset Securitization Corporation, Wisconsin, Tobacco 6/12 at 100.00 BBB 9,518,451
Settlement Asset-Backed Bonds, Series 2002, 6.125%, 6/01/27
5,000 Madison, Wisconsin, Industrial Development Revenue Refunding Bonds, 4/12 at 100.00 AA- 5,420,000
Madison Gas and Electric Company Projects, Series 2002A, 5.875%,
10/01/34 (Alternative Minimum Tax)
2,100 Wisconsin Health and Educational Facilities Authority, Revenue Bonds, 8/13 at 100.00 A 2,139,625
Wheaton Franciscan Services Inc., Series 2003A, 5.125%, 8/15/33
- ------------------------------------------------------------------------------------------------------------------------------------
$ 784,580 Total Long-Term Investments (cost $740,012,723) - 149.7% 796,866,118
============------------------------------------------------------------------------------------------------------------------------
Short-Term Investments - 0.3% (0.2% of Total Investments)
1,500 Puerto Rico Government Development Bank, Adjustable Refunding Bonds, A-1 1,500,000
Variable Rate Demand Obligations, Series 1985, 2.860%, 12/01/15 -
MBIA Insured+
- ------------------------------------------------------------------------------------------------------------------------------------
$ 1,500 Total Short-Term Investments (cost $1,500,000) 1,500,000
============------------------------------------------------------------------------------------------------------------------------
Total Investments (cost $741,512,723) - 150.0% 798,366,118
----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.4% 13,053,843
----------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (52.4)% (279,000,000)
----------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 532,419,961
======================================================================================================================
(1) All percentages shown in the Portfolio of Investments are
based on net assets applicable to Common shares unless
otherwise noted.
* 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 in effect at
the end of the reporting period. This rate changes
periodically based on market conditions or a specified market
index.
# 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 obligations
with respect to these bonds and thus has stopped accruing
interest.
(a) The issuer has received a preliminary adverse determination
from the Internal Revenue Service (the "IRS") regarding the
tax-exempt status of the bonds' coupon payments. The Fund will
continue to treat coupon payments as tax-exempt income until
such time that it is formally determined that the interest on
the bonds should be treated as taxable.
See accompanying notes to financial statements.
28
Nuveen Quality Income Municipal Fund, Inc. (NQU)
Portfolio of
Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
Alabama - 3.2% (2.1% of Total Investments)
$ 3,500 Bessemer Governmental Utility Services Corporation, Alabama, Water 6/08 at 102.00 AAA $ 3,739,820
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 8,427,764
6,340 5.500%, 2/01/31 (Pre-refunded to 2/01/11) - FGIC Insured 2/11 at 101.00 AAA 7,126,731
6,970 5.500%, 2/01/31 (Pre-refunded to 2/01/11) - FGIC Insured 2/11 at 101.00 AAA 7,858,396
- ------------------------------------------------------------------------------------------------------------------------------------
Alaska - 1.5% (1.0% of Total Investments)
6,360 Alaska Housing Finance Corporation, Governmental Purpose Bonds, 12/05 at 102.00 AAA 6,579,865
Series 1995A, 5.875%, 12/01/30 - MBIA Insured
6,110 Alaska Housing Finance Corporation, General Housing Purpose Bonds, 12/14 at 100.00 AAA 6,415,011
Series 2005A, 5.000%, 12/01/27 - FGIC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
Arizona - 1.8% (1.2% of Total Investments)
5,350 Arizona Tourism and Sports Authority, Tax Revenue Bonds, 7/13 at 100.00 Aaa 5,616,751
Multipurpose Stadium Facility Project, Series 2003A, 5.000%,
7/01/28 - MBIA Insured
1,000 Mesa, Arizona, Utility System Revenue Refunding Bonds, Series No Opt. Call AAA 1,136,540
2002, 5.250%, 7/01/17 - FGIC Insured
8,010 Salt River Project Agricultural Improvement and Power District, 1/12 at 101.00 AA 8,479,386
Arizona, Electric System Revenue Refunding Bonds, Series 2002A,
5.125%, 1/01/27
- ------------------------------------------------------------------------------------------------------------------------------------
Arkansas - 0.8% (0.5% of Total Investments)
2,155 Arkansas Development Finance Authority, FNMA/GNMA Mortgage-Backed 7/05 at 102.00 AAA 2,201,570
Securities Program Single Family Mortgage Bonds, Series 1995B,
6.700%, 7/01/27 (Alternative Minimum Tax)
4,000 University of Arkansas, Fayetteville, Revenue Bonds, Medical 11/14 at 100.00 Aaa 4,205,440
Sciences Campus, Series 2004B, 5.000%, 11/01/34 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
California - 5.9% (3.9% of Total Investments)
6,000 California Health Facilities Financing Authority, Health Facility 3/13 at 100.00 A 6,055,800
Revenue Bonds, Adventist Health System/West, Series 2003A,
5.000%, 3/01/33
5,000 California, General Obligation Veterans Welfare Bonds, Series 6/05 at 101.00 AA- 5,024,350
1997BH, 5.600%, 12/01/32 (Alternative Minimum Tax)
10,000 California, Various Purpose General Obligation Bonds, Series 1999, 4/09 at 101.00 AAA 10,115,500
4.750%, 4/01/29 - MBIA Insured
14,600 California, General Obligation Bonds, Series 2003, 5.250%, 2/01/28 8/13 at 100.00 A 15,502,134
1,000 California Department of Water Resources, Power Supply Revenue 5/12 at 101.00 A2 1,122,370
Bonds, Series 2002A, 5.750%, 5/01/17
1,360 California Statewide Community Development Authority, Revenue 7/15 at 100.00 BBB+ 1,417,610
Bonds, Daughters of Charity Health System, Series 2005A,
5.250%, 7/01/30
8,500 Foothill/Eastern Transportation Corridor Agency, California, 1/10 at 100.00 AAA 8,829,120
Toll Road Revenue Bonds, Series 1995A, 5.000%, 1/01/35 -
MBIA Insured
1,500 San Jose Redevelopment Agency, California, Tax Allocation 8/10 at 101.00 AAA 1,550,220
Bonds, Merged Area Redevelopment Project, Series 2002, 5.000%,
8/01/32 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
Colorado - 5.5% (3.6% of Total Investments)
5,240 Adams 12 Five Star Schools, Adams County, Colorado, General 12/15 at 100.00 AAA 5,625,454
Obligation Bonds, Series 2005, 5.000%, 12/15/24 - FSA Insured
10,000 Denver City and County, Colorado, Airport System Revenue 11/10 at 100.00 AAA 10,793,000
Refunding Bonds, Series 2000A, 5.625%, 11/15/23 (Alternative
Minimum Tax) - AMBAC Insured
12,000 E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, 9/07 at 101.00 AAA 12,239,640
Series 1997A, 4.750%, 9/01/23 - MBIA Insured
29
Nuveen Quality Income Municipal Fund, Inc. (NQU) (continued)
Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
Colorado (continued)
$ 14,400 E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, 9/10 at 65.63 AAA $ 7,831,728
Series 2000B, 0.000%, 9/01/17 (Pre-refunded to 9/01/10) -
MBIA Insured
8,740 Larimer County School District R1, Poudre, Colorado, General 12/10 at 100.00 AAA 9,604,561
Obligation Bonds, Series 2000, 5.125%, 12/15/19 (Pre-refunded
to 12/15/10) - FGIC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
Connecticut - 0.6% (0.4% of Total Investments)
4,395 Bridgeport, Connecticut, General Obligation Bonds, Series 2001C, 8/11 at 100.00 AAA 4,877,659
5.375%, 8/15/17 (Pre-refunded to 8/15/11) - FGIC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
District of Columbia - 0.6% (0.4% of Total Investments)
5,000 Washington Convention Center Authority, District of Columbia, 10/08 at 101.00 AAA 5,353,450
Senior Lien Dedicated Tax Revenue Bonds, Series 1998, 5.250%,
10/01/17 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
Florida - 1.9% (1.3% of Total Investments)
2,250 Dade County, Florida, Water and Sewerage System Revenue Bonds, 10/07 at 102.00 AAA 2,417,423
Series 1997, 5.375%, 10/01/16 - FGIC Insured
5,300 Escambia County Health Facilities Authority, Florida, Revenue No Opt. Call AA 5,870,015
Bonds, Ascension Health Credit Group, Series 2003A, 5.250%,
11/15/14
2,500 Florida State Board of Education, Full Faith and Credit Public 6/06 at 101.00 AAA 2,592,575
Education Capital Outlay Bonds, Series 1996A, 5.250%, 6/01/22
(Pre-refunded to 6/01/06)
5,000 Orange County Health Facilities Authority, Florida, Hospital 11/10 at 101.00 A 5,503,100
Revenue Bonds, Adventist Health System/Sunbelt Obligated Group,
Series 2000, 6.500%, 11/15/30
- ------------------------------------------------------------------------------------------------------------------------------------
Hawaii - 1.3% (0.9% of Total Investments)
10,000 Hawaii Department of Transportation, Airport System Revenue 7/10 at 101.00 AAA 11,084,000
Refunding Bonds, Series 2000B, 5.750%, 7/01/21 - FGIC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
Illinois - 13.9% (9.2% of Total Investments)
6,450 Chicago, Illinois, General Obligation Refunding Bonds, Series 2002A, 7/12 at 100.00 AAA 6,884,408
5.000%, 1/01/18 - AMBAC Insured
32,670 Chicago, Illinois, General Obligation Bonds, City Colleges of No Opt. Call AAA 8,549,086
Chicago Capital Improvement Project, Series 1999, 0.000%,
1/01/32 - FGIC Insured
5,000 Chicago, Illinois, General Obligation Bonds, Neighborhoods Alive 21 7/10 at 101.00 AAA 5,595,450
Program, Series 2000A, 6.000%, 1/01/28 - FGIC Insured
5,045 Chicago, Illinois, General Obligation Refunding Bonds, Series 2000D, 1/10 at 101.00 AAA 5,538,653
5.750%, 1/01/30 - FGIC Insured
Chicago Board of Education, 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 1,109,170
3,690 5.000%, 12/01/19 - FSA Insured 12/11 at 100.00 AAA 3,952,507
3,000 5.000%, 12/01/20 - FSA Insured 12/11 at 100.00 AAA 3,193,590
2,000 5.000%, 12/01/21 - FSA Insured 12/11 at 100.00 AAA 2,131,460
Chicago Board of Education, Illinois, Unlimited Tax General
Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1:
9,400 0.000%, 12/01/14 - FGIC Insured No Opt. Call AAA 6,272,808
4,400 0.000%, 12/01/15 - FGIC Insured No Opt. Call AAA 2,792,548
12,750 Chicago, Illinois, Revenue Bonds, Midway Airport, Series 1998A, 1/09 at 101.00 AAA 13,071,683
5.125%, 1/01/35 (Alternative Minimum Tax) - MBIA Insured
Chicago, Illinois, Second Lien Wastewater Transmission Revenue
Bonds, Series 2000:
8,000 5.750%, 1/01/25 (Pre-refunded to 1/01/10) - MBIA Insured 1/10 at 101.00 AAA 8,997,440
7,750 6.000%, 1/01/30 (Pre-refunded to 1/01/10) - MBIA Insured 1/10 at 101.00 AAA 8,800,048
5,000 Illinois Finance Authority, Revenue Bonds, Northwestern Memorial 8/14 at 100.00 AA+ 5,361,500
Hospital, Series 2004A, 5.500%, 8/15/43
10,000 Illinois Health Facilities Authority, Revenue Bonds, Iowa Health 2/10 at 101.00 AAA 10,979,900
System, Series 2000, 5.875%, 2/15/30 - AMBAC Insured
30
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
Illinois (continued)
$ 2,470 Illinois Housing Development Authority, Section 8 Elderly Housing 9/05 at 100.00 A $ 2,483,239
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 3,382,500
1,800 6.000%, 5/01/22 5/12 at 101.00 Baa2 1,940,688
5,000 Illinois, General Obligation Bonds, Illinois FIRST Program, 12/10 at 100.00 AAA 5,469,650
Series 2000, 5.450%, 12/01/21 - MBIA Insured
3,220 Joliet Regional Port District, Illinois, Airport Facilities 7/07 at 103.00 N/R 3,381,902
Revenue Bonds, Lewis University Airport, Series 1997A, 7.250%,
7/01/18 (Alternative Minimum Tax)
4,500 Kane, McHenry, Cook and DeKalb Counties Community Unit School 12/11 at 100.00 AAA 4,991,265
District 300, Carpentersville, Illinois, General Obligation
Bonds, Series 2000, 5.500%, 12/01/18 - MBIA Insured
2,270 Metropolitan Pier and Exposition Authority, Illinois, Revenue 6/12 at 101.00 AAA 2,369,040
Bonds, McCormick Place Expansion Project, Series 2002A, 5.000%,
12/15/28 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
Indiana - 2.3% (1.5% of Total Investments)
3,240 Indiana Health Facility Financing Authority, Hospital Revenue 7/12 at 100.00 AAA 3,573,752
Bonds, Marion General Hospital, Series 2002, 5.625%, 7/01/19
- AMBAC Insured
2,000 Indiana Health Facility Financing Authority, Hospital Revenue 3/14 at 100.00 AAA 2,153,540
Bonds, Deaconess Hospital Inc., Series 2004A, 5.375%, 3/01/34
- AMBAC Insured
2,400 Indiana Health Facility Financing Authority, Revenue Bonds, 5/15 at 100.00 AAA 2,487,984
Community Hospitals of Indiana, Series 2005A, 5.000%, 5/01/35
(WI, settling 5/04/05) - AMBAC Insured
5,125 Petersburg, Indiana, Pollution Control Revenue Refunding Bonds, No Opt. Call A 5,239,390
Indianapolis Power and Light Company, Series 1995A, 6.625%,
12/01/24 - ACA Insured
5,730 St. Joseph County Hospital Authority, Indiana, Revenue Bonds, 2/08 at 101.00 AAA 5,740,601
Memorial Health System, Series 1998A, 4.625%, 8/15/28 -
MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
Iowa - 1.1% (0.7% of Total Investments)
8,585 Iowa Finance Authority, Hospital Facilities Revenue Bonds, Iowa 7/08 at 102.00 AAA 8,865,558
Health System, Series 1998A, 5.125%, 1/01/28 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
Kansas - 0.8% (0.5% of Total Investments)
4,585 Johnson County Unified School District 232, Kansas, General 9/10 at 100.00 Aaa 4,786,052
Obligation Bonds, Series 2000, 4.750%, 9/01/19 - FSA Insured
1,750 Wamego, Kansas, Pollution Control Revenue Bonds, Kansas Gas and 6/14 at 100.00 AAA 1,882,213
Electric Company, Series 2004, 5.300%, 6/01/31 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
Kentucky - 0.3% (0.1% of Total Investments)
2,500 Kentucky State Property and Buildings Commission, Revenue 2/12 at 100.00 AAA 2,808,800
Refunding Bonds, Project 74, Series 2002, 5.375%, 2/01/18
(Pre-refunded to 2/01/12) - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
Louisiana - 2.1% (1.4% of Total Investments)
10,000 Louisiana Public Facilities Authority, Hospital Revenue Bonds, No Opt. Call AAA 11,829,400
Franciscan Missionaries of Our Lady Health System, Series 1998A,
5.750%, 7/01/25 - FSA Insured
5,500 Louisiana Public Facilities Authority, Revenue Bonds, Tulane 7/12 at 100.00 AAA 5,711,035
University, Series 2002A, 5.000%, 7/01/32 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
Massachusetts - 7.4% (4.9% of Total Investments)
7,405 Massachusetts Health and Educational Facilities Authority, Revenue No Opt. Call AAA 8,891,850
Bonds, Massachusetts Institute of Technology, Series 2002K,
5.500%, 7/01/32
6,000 Massachusetts Industrial Finance Agency, Resource Recovery Revenue 12/08 at 102.00 BBB 6,158,340
Refunding Bonds, Ogden Haverhill Project, Series 1998A, 5.600%,
12/01/19 (Alternative Minimum Tax)
8,500 Massachusetts Turnpike Authority, Metropolitan Highway System 1/07 at 102.00 AAA 8,692,355
Revenue Bonds, Senior Series 1997A, 5.000%, 1/01/37 - MBIA Insured
31
Nuveen Quality Income Municipal Fund, Inc. (NQU) (continued)
Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
Massachusetts (continued)
$ 13,500 Massachusetts Turnpike Authority, Metropolitan Highway System 1/09 at 101.00 AAA $13,852,215
Revenue Bonds, Subordinate Series 1999A, 5.000%, 1/01/39 -
AMBAC Insured
Massachusetts Water Pollution Abatement Trust, Revenue Bonds,
MWRA Loan Program, Subordinate Series 1999A:
1,375 5.750%, 8/01/29 (Pre-refunded to 8/01/09) 8/09 at 101.00 AAA 1,532,094
5,570 5.750%, 8/01/29 8/09 at 101.00 AAA 6,120,817
10,000 Massachusetts Water Resources Authority, General Revenue Bonds, 8/10 at 101.00 AAA 11,349,200
Series 2000A, 5.750%, 8/01/39 (Pre-refunded to 8/01/10) -
FGIC Insured
5,730 University of Massachusetts Building Authority, Senior Lien Project 11/10 at 100.00 AAA 6,180,550
Revenue Bonds, Series 2000-2, 5.250%, 11/01/20 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
Michigan - 2.2% (1.4% of Total Investments)
5,000 Detroit, Michigan, Second Lien Sewerage Disposal System Revenue 7/15 at 100.00 AAA 5,254,050
Bonds, Series 2005A, 5.000%, 7/01/35 - MBIA Insured
1,000 Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, 7/11 at 101.00 AAA 1,141,220
Series 2001A, 5.750%, 7/01/28 (Pre-refunded to 7/01/11) -
FGIC Insured
3,790 Michigan Municipal Bond Authority, General Obligation Bonds, Detroit 6/15 at 100.00 AAA 4,048,705
City School District, Series 2005, 5.000%, 6/01/20 (WI, settling
5/24/05) - FSA Insured
7,425 Michigan State Hospital Finance Authority, Hospital Revenue Bonds, 11/09 at 101.00 A1 7,930,717
Henry Ford Health System, Series 1999A, 6.000%, 11/15/24
- ------------------------------------------------------------------------------------------------------------------------------------
Minnesota - 1.6% (1.1% of Total Investments)
Chaska, Minnesota, Electric Revenue Bonds, Generating Facility
Project, Series 2000A:
1,930 6.000%, 10/01/20 (Pre-refunded to 10/01/10) 10/10 at 100.00 A3*** 2,195,452
2,685 6.000%, 10/01/25 (Pre-refunded to 10/01/10) 10/10 at 100.00 A3*** 3,054,295
3,655 Dakota and Washington Counties Housing and Redevelopment Authority, No Opt. Call AAA 5,331,256
Minnesota, GNMA Mortgage-Backed Securities Program Single Family
Residential Mortgage Revenue Bonds, Series 1988, 8.450%, 9/01/19
(Alternative Minimum Tax)
3,000 Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, 1/08 at 101.00 AAA 3,076,410
Airport Revenue Bonds, Series 1998A, 5.000%, 1/01/30 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
Mississippi - 1.0% (0.6% of Total Investments)
2,985 Canton Housing Development Corporation, Mississippi, FHA-Insured No Opt. Call AAA 3,496,032
Section 8 Assisted Multifamily Mortgage Revenue Refunding Bonds,
Canton Estates Apartments, Series 1990A, 7.750%, 8/01/24
2,500 Mississippi Hospital Equipment and Facilities Authority, Revenue 1/11 at 101.00 Aaa 2,680,800
Bonds, Forrest County General Hospital, Series 2000, 5.500%,
1/01/27 - FSA Insured
1,875 Mississippi Hospital Equipment and Facilities Authority, Revenue 9/14 at 100.00 N/R 1,939,219
Bonds, Baptist Memorial Healthcare, Series 2004B-1, 5.000%, 9/01/24
- ------------------------------------------------------------------------------------------------------------------------------------
Missouri - 0.8% (0.5% of Total Investments)
2,400 Missouri-Illinois Metropolitan District Bi-State Development Agency, 10/13 at 100.00 AAA 2,571,336
Mass Transit Sales Tax Appropriation Bonds, Metrolink Cross County
Extension Project, Series 2002B, 5.000%, 10/01/23 - FSA Insured
15,350 Springfield Public Building Corporation, Missouri, Lease Revenue No Opt. Call AAA 4,290,325
Bonds, Jordan Valley Park Projects, Series 2000A, 0.000%,
6/01/30 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
Nebraska - 0.3% (0.1% of Total Investments)
1,395 Nebraska Investment Finance Authority, Single Family Housing Revenue 9/05 at 101.50 AAA 1,409,536
Bonds, Series 1995A, 6.800%, 3/01/35 (Alternative Minimum Tax)
1,425 Nebraska Investment Finance Authority, Single Family Housing Revenue 9/05 at 101.50 AAA 1,447,615
Bonds, Series 1995B, 6.450%, 3/01/35 (Alternative Minimum Tax)
32
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
Nevada - 7.3% (4.8% of Total Investments)
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 $36,653,674
12,150 5.000%, 6/15/21 - MBIA Insured 6/12 at 100.00 AAA 12,919,702
10,380 5.000%, 6/15/22 - MBIA Insured 6/12 at 100.00 AAA 11,037,573
975 Nevada, General Obligation Refunding Bonds, Municipal Bond Bank 5/08 at 100.00 AAA 1,018,017
Projects 65 and R-6, Series 1998, 5.000%, 5/15/22 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
New Jersey - 2.3% (1.5% of Total Investments)
2,580 Camden County Pollution Control Financing Authority, New Jersey, 6/05 at 100.00 B2 2,579,794
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, Series 12/12 at 100.00 AAA 1,110,150
2002A, 5.000%, 12/15/21 (Pre-refunded to 12/15/12) - FSA Insured
2,150 New Jersey Health Care Facilities Financing Authority, Revenue Bonds, 7/10 at 101.00 BBB- 2,416,579
Trinitas Hospital Obligated Group, Series 2000, 7.500%, 7/01/30
3,200 New Jersey Transportation Trust Fund Authority, Transportation System 6/13 at 100.00 AAA 3,661,120
Bonds, Series 2003C, 5.500%, 6/15/22 (Pre-refunded to 6/15/13)
2,025 New Jersey Transportation Trust Fund Authority, Transportation System 12/11 at 100.00 AAA 2,350,235
Bonds, Series 2001B, 6.000%, 12/15/19 (Pre-refunded to 12/15/11) -
MBIA Insured
2,850 Tobacco Settlement Financing Corporation, New Jersey, Tobacco 6/12 at 100.00 BBB 2,847,891
Settlement Asset-Backed Bonds, Series 2002, 5.750%, 6/01/32
4,125 Tobacco Settlement Financing Corporation, New Jersey, Tobacco 6/13 at 100.00 BBB 4,368,086
Settlement Asset-Backed Bonds, Series 2003, 6.750%, 6/01/39
- ------------------------------------------------------------------------------------------------------------------------------------
New Mexico - 0.8% (0.5% of Total Investments)
5,925 New Mexico Hospital Equipment Loan Council, Hospital Revenue Bonds, 8/11 at 101.00 Aa3 6,368,131
Presbyterian Healthcare Services, Series 2001A, 5.500%, 8/01/21
- ------------------------------------------------------------------------------------------------------------------------------------
New York - 21.2% (13.9% of Total Investments)
25,000 Erie County Tobacco Asset Securitization Corporation, New York, 7/10 at 101.00 BBB 25,763,750
Senior Tobacco Settlement Asset-Backed Bonds, Series 2000, 6.125%,
7/15/30
1,130 Long Island Power Authority, New York, Electric System General 9/11 at 100.00 A- 1,218,400
Revenue Bonds, Series 2001A, 5.375%, 9/01/25
15,000 Metropolitan Transportation Authority, New York, Dedicated Tax Fund 4/10 at 100.00 AAA 17,040,900
Bonds, Series 2000A, 6.000%, 4/01/30 (Pre-refunded to 4/01/10) -
FGIC Insured
12,500 Nassau County Tobacco Settlement Corporation, New York, Tobacco 7/09 at 101.00 BBB- 13,025,375
Settlement Asset-Backed Bonds, Series 1999A, 6.400%, 7/15/33
New York City, New York, General Obligation Bonds, Fiscal Series 2002G:
950 5.000%, 8/01/17 8/12 at 100.00 A1 1,001,604
10,545 5.750%, 8/01/18 8/12 at 100.00 A1 11,749,134
5,000 New York City, New York, General Obligation Bonds, Fiscal Series 8/12 at 100.00 A1 5,570,950
2003A, 5.750%, 8/01/16
New York City, New York, General Obligation Bonds, Fiscal
Series 1997H:
905 6.125%, 8/01/25 (Pre-refunded to 8/01/07) 8/07 at 101.00 A1*** 977,916
5,095 6.125%, 8/01/25 8/07 at 101.00 A1 5,449,510
New York City, New York, General Obligation Bonds, Fiscal
Series 1997M:
7,200 5.500%, 6/01/17 (Pre-refunded to 6/01/07) - AMBAC Insured 6/07 at 101.00 AAA 7,655,256
7,600 5.500%, 6/01/17 - AMBAC Insured 6/07 at 101.00 AAA 8,064,284
4,190 New York City Municipal Water Finance Authority, New York, Water 6/05 at 101.00 AAA 4,249,791
and Sewerage System Revenue Bonds, Fiscal Series 1996A, 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 Series 2000B:
8,035 5.750%, 11/15/19 (Pre-refunded to 5/15/10) 5/10 at 101.00 AAA 9,135,715
2,065 5.750%, 11/15/19 (Pre-refunded to 5/15/10) 5/10 at 101.00 AAA 2,347,884
2,250 Dormitory Authority of the State of New York, Insured Revenue Bonds, No Opt. Call AAA 2,508,863
Mount Sinai School of Medicine, Series 1994A, 5.150%, 7/01/24 -
MBIA Insured
2,500 Dormitory Authority of the State of New York, Insured Revenue Bonds, 7/08 at 101.00 AAA 2,602,925
Fordham University, Series 1998, 5.000%, 7/01/28 - MBIA Insured
33
Nuveen Quality Income Municipal Fund, Inc. (NQU) (continued)
Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
New York (continued)
Dormitory Authority of the State of New York, Improvement Revenue
Bonds, Mental Health Services Facilities, Series 1997A:
$ 4,825 5.750%, 2/15/27 (Pre-refunded to 2/15/07) 2/07 at 102.00 AA-*** $ 5,159,131
115 5.750%, 2/15/27 (Pre-refunded to 2/15/07) 2/07 at 102.00 AA-*** 122,964
60 5.750%, 2/15/28 2/07 at 102.00 AA- 63,816
Dormitory Authority of the State of New York, Improvement Revenue
Bonds, Mental Health Services Facilities, Series 2000B:
8,830 6.000%, 2/15/30 (Pre-refunded to 2/15/10) - MBIA Insured 2/10 at 100.00 AAA 9,979,048
1,005 6.000%, 2/15/30 (Pre-refunded to 2/15/10) - MBIA Insured 2/10 at 100.00 AAA 1,138,655
165 6.000%, 2/15/30 - MBIA Insured 2/10 at 100.00 AAA 182,361
1,900 Dormitory Authority of the State of New York, Revenue Bonds, Mount 7/10 at 101.00 Ba1 2,003,949
Sinai NYU 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, New York
City Municipal Water Finance Authority Projects, Second Resolution
Bonds, Series 2001C:
6,035 5.000%, 6/15/20 6/11 at 100.00 AAA 6,427,335
6,575 5.000%, 6/15/22 6/11 at 100.00 AAA 7,002,441
New York State Medical Care Facilities Finance Agency, FHA-Insured
Mortgage Revenue Bonds, St. Charles Hospital, Series 1995F:
3,090 6.200%, 8/15/15 (Pre-refunded to 8/15/05) 8/05 at 102.00 AA*** 3,184,152
4,250 6.300%, 8/15/25 (Pre-refunded to 8/15/05) 8/05 at 102.00 AA*** 4,380,730
2,930 Penfield-Crown Oak Housing Development Corporation, New York, 8/05 at 100.00 AAA 2,958,157
FHA-Insured Section 8 Assisted Multifamily Mortgage Revenue
Refunding Bonds, Crown Oak Estates, Series 1991A, 7.350%, 8/01/23
13,620 Port Authority of New York and New Jersey, Consolidated Revenue 11/12 at 101.00 AAA 14,721,858
Bonds, One Hundred Twenty-Eighth Series 2002, 5.000%, 11/01/20 -
FSA Insured
2,250 United Nations Development Corporation, New York, Senior Lien 1/08 at 100.00 A3 2,341,035
Revenue Bonds, Series 2004A, 5.250%, 7/01/21
- ------------------------------------------------------------------------------------------------------------------------------------
North Carolina - 2.5% (1.7% of Total Investments)
7,500 North Carolina Municipal Power Agency 1, Catawba Electric Revenue 1/13 at 100.00 AAA 8,175,750
Bonds, Series 2003A, 5.250%, 1/01/19 - MBIA Insured
13,070 North Carolina Medical Care Commission, Hospital Revenue Bonds,
Pitt County Memorial Hospital, Series 1998A, 4.750%, 12/01/28 - 12/08 at 101.00 AAA 13,235,858
MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
Ohio - 2.2% (1.5% of Total Investments)
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 2,381,435
2,600 5.250%, 6/01/21 - FSA Insured 12/12 at 100.00 AAA 2,833,922
2,000 5.000%, 12/01/22 - FSA Insured 12/12 at 100.00 AAA 2,133,240
11,550 Ohio Water Development Authority, Solid Waste Disposal Revenue 9/08 at 102.00 N/R 11,623,458
Bonds, Bay Shore Power, Series 1998A, 5.875%, 9/01/20
(Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
Oklahoma - 6.5% (4.3% of Total Investments)
17,510 Pottawatomie County Home Finance Authority, Oklahoma, Single No Opt. Call AAA 21,945,808
Family Mortgage Revenue Bonds, Series 1991A, 8.625%, 7/01/10
11,750 Tulsa Municipal Airport Trust, Oklahoma, Revenue Refunding Bonds, 6/09 at 100.00 B- 11,277,885
American Airlines Inc., Series 2000B, 6.000%, 6/01/35 (Alternative
Minimum Tax) (Mandatory put 12/01/08)
23,005 Tulsa Municipal Airport Trust, Oklahoma, Revenue Refunding Bonds, 12/08 at 100.00 B- 21,539,582
American Airlines Inc., Series 2001B, 5.650%, 12/01/35
(Alternative Minimum Tax) (Mandatory put 12/01/08)
- ------------------------------------------------------------------------------------------------------------------------------------
Oregon - 0.4% (0.3% of Total Investments)
3,000 Deschutes County School District 1, Bend-La Pine, Oregon, General 6/11 at 100.00 Aaa 3,377,880
Obligation Bonds, Series 2001A, 5.500%, 6/15/18 (Pre-refunded
to 6/15/11) - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
Pennsylvania - 4.8% (3.2% of Total Investments)
5,505 Carbon County Industrial Development Authority, Pennsylvania, No Opt. Call BBB- 5,971,989
Resource Recovery Revenue Refunding Bonds, Panther Creek Partners
Project, Series 2000, 6.650%, 5/01/10 (Alternative Minimum Tax)
34
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
Pennsylvania (continued)
$ 2,560 Falls Township Hospital Authority, Pennsylvania, FHA-Insured Revenue 8/05 at 100.00 AAA $ 2,620,621
Refunding Bonds, Delaware Valley Medical Center, Series 1992,
7.000%, 8/01/22
7,000 Pennsylvania, General Obligation Bonds, Second Series 2001, 5.000%, 9/11 at 101.00 AA*** 7,735,910
9/15/15 (Pre-refunded to 9/15/11)
2,600 Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 12/14 at 100.00 AAA 2,888,938
2004A, 5.500%, 12/01/31 - AMBAC Insured
7,800 Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General 8/13 at 100.00 AAA 8,132,046
Ordinance, Fourth Series 1998, 5.000%, 8/01/32 - FSA Insured
Philadelphia School District, Pennsylvania, General Obligation
Bonds, Series 2002B:
6,000 5.625%, 8/01/19 (Pre-refunded to 8/01/12) - FGIC Insured 8/12 at 100.00 AAA 6,864,960
5,500 5.625%, 8/01/20 (Pre-refunded to 8/01/12) - FGIC Insured 8/12 at 100.00 AAA 6,292,880
- ------------------------------------------------------------------------------------------------------------------------------------
Puerto Rico - 1.5% (1.0% of Total Investments)
4,170 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB 4,203,902
Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33
1,500 Puerto Rico, General Obligation and Public Improvement Bonds, No Opt. Call A- 1,728,030
Series 2001A, 5.500%, 7/01/29
1,500 Puerto Rico Public Buildings Authority, Guaranteed Government 7/12 at 100.00 A- 1,592,700
Facilities Revenue Refunding Bonds, Series 2002D, 5.125%, 7/01/20
5,000 Puerto Rico Municipal Finance Agency, Series 2002A, 5.000%, 8/12 at 100.00 AAA 5,265,200
8/01/27 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
South Carolina - 8.7% (5.7% of Total Investments)
24,725 Greenville County School District, South Carolina, Installment 12/12 at 101.00 AA- 26,991,541
Purchase Revenue Bonds, Series 2002, 5.500%, 12/01/22
Horry County School District, South Carolina, General Obligation
Bonds, Series 2001A:
5,840 5.000%, 3/01/20 3/12 at 100.00 AA+ 6,196,882
5,140 5.000%, 3/01/21 3/12 at 100.00 AA+ 5,454,105
Medical University Hospital Authority, South Carolina, FHA-Insured
Mortgage Revenue Bonds, Series 2004A:
5,240 5.250%, 8/15/20 - MBIA Insured 8/14 at 100.00 AAA 5,718,464
3,000 5.250%, 2/15/24 - MBIA Insured 8/14 at 100.00 AAA 3,242,550
13,615 South Carolina Transportation Infrastructure Bank, Junior Lien 10/11 at 100.00 Aaa 14,626,050
Revenue Bonds, Series 2001B, 5.125%, 10/01/21 - AMBAC Insured
11,000 Tobacco Settlement Revenue Management Authority, South Carolina, 5/11 at 101.00 BBB 11,313,170
Tobacco Settlement Asset-Backed Bonds, Series 2001B, 6.375%, 5/15/28
- ------------------------------------------------------------------------------------------------------------------------------------
Tennessee - 2.0% (1.3% of Total Investments)
3,000 Knox County Health, Educational and Housing Facilities Board, 4/12 at 101.00 Baa3 3,096,690
Tennessee, Hospital Revenue Bonds, Baptist Health System of East
Tennessee Inc., Series 2002, 6.375%, 4/15/22
7,415 Memphis, Tennessee, General Improvement Bonds, Series 2002, 11/10 at 101.00 AA 7,904,019
5.000%, 11/01/20
5,685 Tennessee Housing Development Agency, Homeownership Program 7/10 at 100.00 AA 5,832,867
Bonds, Series 2000-2B, 6.350%, 1/01/31 (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
Texas - 18.1% (11.9% of Total Investments)
6,500 Bell County Health Facilities Development Corporation, Texas, 11/08 at 101.00 A- 6,639,490
Retirement Facility Revenue Bonds, Buckner Retirement Services
Inc. Obligated Group, Series 1998, 5.250%, 11/15/19
11,255 Brazos River Authority, Texas, Pollution Control Revenue Refunding No Opt. Call BBB 12,223,043
Bonds, TXU Electric Company, Series 2001C, 5.750%, 5/01/36
(Alternative Minimum Tax) (Mandatory put 11/01/11) (a)
5,500 Central Texas Regional Mobility Authority, Travis and Williamson 1/15 at 100.00 AAA 5,639,205
Counties, Toll Road Revenue Bonds, Series 2005, 5.000%, 1/01/45 -
FGIC Insured
5,000 Dallas-Ft. Worth International Airport, Texas, Joint Revenue 11/11 at 100.00 AAA 5,461,950
Refunding and Improvement Bonds, Series 2001A, 5.625%, 11/01/21
(Alternative Minimum Tax) - FGIC Insured
35
Nuveen Quality Income Municipal Fund, Inc. (NQU) (continued)
Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
Texas (continued)
$ 10 Ft. Worth Housing Finance Corporation, Texas, Home Mortgage 10/05 at 100.00 Aa2 $ 10,030
Revenue Refunding Bonds, Series 1991A, 8.500%, 10/01/11
8,235 Grand Prairie Housing Finance Corporation, Texas, GNMA Multifamily 9/10 at 105.00 AAA 9,077,358
Housing Revenue Bonds, Landings of Carrier Project, Series 2000A,
6.875%, 9/20/42
2,700 Harris County-Houston Sports Authority, Texas, Senior Lien Revenue 11/11 at 100.00 AAA 2,846,475
Bonds, Series 2001G, 5.250%, 11/15/30 - MBIA Insured
2,500 Harris County Health Facilities Development Corporation, Texas, 11/13 at 100.00 AAA 2,600,400
Thermal Utility Revenue Bonds, TECO Project, Series 2003, 5.000%,
11/15/30 - MBIA Insured
22,500 Houston, Texas, Junior Lien Water and Sewerage System Revenue 12/10 at 100.00 AAA 24,748,425
Refunding Bonds, Series 2000B, 5.250%, 12/01/30 (Pre-refunded
to 12/01/10) - 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- 5,166,021
8,495 5.250%, 7/01/16 7/08 at 101.00 AA- 8,936,060
17,655 Matagorda County Navigation District 1, Texas, Revenue Refunding 11/08 at 102.00 AAA 18,390,684
Bonds, Houston Industries Inc., Series 1998B, 5.150%, 11/01/29 -
MBIA Insured
7,650 Nueces County, Port of Corpus Christi Authority, Texas, Revenue 5/06 at 101.00 BBB 7,800,323
Refunding Bonds, Union Pacific Corporation Project, Series 1992,
5.350%, 11/01/10
2,095 Port of Houston Authority, Harris County, Texas, General Obligation 10/10 at 100.00 AA+ 2,317,196
Port Improvement Revenue Bonds, Series 2000A, 5.750%, 10/01/20
2,000 Sam Rayburn Municipal Power Agency, Texas, Power Supply System 10/12 at 100.00 AA 2,229,580
Revenue Refunding Bonds, Series 2002A, 5.750%, 10/01/21 - RAAI Insured
11,300 San Antonio, Texas, Electric and Gas System Revenue Refunding No Opt. Call AAA 12,369,771
Bonds, New Series 1992, 5.000%, 2/01/17
14,680 San Antonio Independent School District, Bexar County, Texas, 8/09 at 100.00 AAA 16,270,872
General Obligation Bonds, Series 1999, 5.800%, 8/15/29
(Pre-refunded to 8/15/09)
3,750 Spring Branch Independent School District, Harris County, Texas, 2/11 at 100.00 AAA 3,992,513
Limited Tax Schoolhouse and Refunding Bonds, Series 2001, 5.125%,
2/01/23
5,000 Wichita Falls, Wichita County, Texas, Priority Lien Water and 8/11 at 100.00 AAA 5,297,000
Sewerage System Revenue Bonds, Series 2001, 5.000%, 8/01/22 -
AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
Utah - 1.6% (1.1% of Total Investments)
5,800 Carbon County, Utah, Solid Waste Disposal Revenue Refunding Bonds, 8/05 at 102.00 BB- 5,945,000
Laidlaw/ECDC Project, Guaranteed by Allied Waste Industries,
Series 1995, 7.500%, 2/01/10 (Alternative Minimum Tax)
7,155 Utah Associated Municipal Power Systems, Revenue Bonds, Payson 4/13 at 100.00 AAA 7,603,046
Power Project, Series 2003A, 5.000%, 4/01/25 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
Virginia - 2.1% (1.4% of Total Investments)
4,000 Norfolk Airport Authority, Virginia, Airport Revenue Refunding 7/11 at 100.00 AAA 4,120,560
Bonds, Series 2001B, 5.125%, 7/01/31 (Alternative Minimum Tax) -
FGIC Insured
11,040 Suffolk Redevelopment and Housing Authority, Virginia, FNMA No Opt. Call Aaa 11,724,922
Multifamily Housing Revenue Refunding Bonds, Windsor at Potomac
Vista L.P. Project, Series 2001, 4.850%, 7/01/31 (Mandatory
put 7/01/11)
665 Virginia Housing Development Authority, Rental Housing Bonds, Series 5/09 at 101.00 AA+ 684,225
1999F, 5.000%, 5/01/15 (Alternative Minimum Tax)
Virginia Resources Authority, Water System Revenue Refunding Bonds,
Series 2002:
500 5.000%, 4/01/18 4/12 at 102.00 AA 539,930
500 5.000%, 4/01/19 4/12 at 102.00 AA 538,350
- ------------------------------------------------------------------------------------------------------------------------------------
Washington - 10.9% (7.2% of Total Investments)
4,185 Douglas County Public Utility District 1, Washington, Revenue 9/06 at 106.00 AA 4,741,605
Bonds, Wells Hydroelectric, Series 1986, 8.750%, 9/01/18
2,500 Energy Northwest, Washington, Electric Revenue Refunding Bonds, 7/12 at 100.00 AAA 2,817,600
Columbia Generating Station, Nuclear Project 2, Series 2002C,
5.750%, 7/01/17 - MBIA Insured
36
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
Washington (continued)
$ 6,750 Energy Northwest, Washington, Electric Revenue Refunding Bonds, 7/12 at 100.00 AAA $ 7,372,282
Columbia Generating Station, Nuclear Project 2, Series 2002B,
5.350%, 7/01/18 - FSA Insured
6,950 Port of Seattle, Washington, Revenue Bonds, Series 2000B, 5.625%, 8/10 at 100.00 AAA 7,488,625
2/01/24 (Alternative Minimum Tax) - MBIA Insured
13,400 Seattle, Washington, Municipal Light and Power Revenue Bonds, 12/10 at 100.00 Aa3 14,133,650
Series 2000, 5.400%, 12/01/25
9,440 Tacoma, Washington, Electric System Revenue Refunding Bonds, 1/11 at 101.00 AAA 10,563,454
Series 2001A, 5.750%, 1/01/18 - FSA Insured
3,525 Washington State Tobacco Settlement Authority, Tobacco Settlement 6/13 at 100.00 BBB 3,709,005
Asset-Backed Revenue Bonds, Series 2002, 6.500%, 6/01/26
18,145 Washington, General Obligation Bonds, Series 2001-02A, 5.000%, 7/11 at 100.00 AAA 19,189,789
7/01/23 - FSA Insured 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 7,406,000
7,960 5.000%, 1/01/22 - FSA Insured 1/12 at 100.00 AAA 8,421,680
5,500 Washington State Healthcare Facilities Authority, Revenue Bonds, 11/08 at 101.00 Aaa 5,938,020
Swedish Health Services, Series 1998, 5.500%, 11/15/14 - AMBAC
Insured
- ------------------------------------------------------------------------------------------------------------------------------------
Wisconsin - 1.4% (0.9% of Total Investments)
205 Badger Tobacco Asset Securitization Corporation, Wisconsin, Tobacco 6/12 at 100.00 BBB 209,590
Settlement Asset-Backed Bonds, Series 2002, 6.125%, 6/01/27
7,545 La Crosse, Wisconsin, Pollution Control Revenue Refunding Bonds, 12/08 at 102.00 AAA 8,213,336
Dairyland Power Cooperative, Series 1997A, 5.450%, 9/01/14 -
AMBAC Insured
535 Wisconsin Housing and Economic Development Authority, Housing 7/05 at 100.00 AA 535,933
Revenue Bonds, Series 1992A, 6.850%, 11/01/12
3,000 Wisconsin Health and Educational Facilities Authority, Revenue 5/14 at 100.00 BBB+ 3,120,060
Bonds, Fort Healthcare Inc., Series 2004, 5.750%, 5/01/29
- ------------------------------------------------------------------------------------------------------------------------------------
$ 1,237,795 Total Long-Term Investments (cost $1,177,771,404) - 151.2% 1,274,758,463
============------------------------------------------------------------------------------------------------------------------------
Short-Term Investments - 0.7% (0.5% of Total Investments)
6,000 Clark County School District, Nevada, General Obligation Bonds, A-1+ 6,000,000
Variable Rate Demand Obligations, Series 2001A, 2.970%, 6/15/21
- FSA Insured+
- ------------------------------------------------------------------------------------------------------------------------------------
$ 6,000 Total Short-Term Investments (cost $6,000,000) 6,000,000
============------------------------------------------------------------------------------------------------------------------------
Total Investments (cost $1,183,771,404) - 151.9% 1,280,758,463
----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.7% 14,562,909
----------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (53.6)% (452,000,000)
----------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 843,321,372
======================================================================================================================
(1) All percentages shown in the Portfolio of Investments are
based on net assets applicable to Common shares unless
otherwise noted.
* 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.
(WI) Security purchased on a when-issued basis.
+ 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 in effect at
the end of the reporting period. This rate changes
periodically based on market conditions or a specified market
index.
(a) The issuer has received a preliminary adverse determination
from the Internal Revenue Service (the "IRS") regarding the
tax-exempt status of the bonds' coupon payments. The Fund will
continue to treat coupon payments as tax-exempt income until
such time that it is formally determined that the interest on
the bonds should be treated as taxable.
See accompanying notes to financial statements.
37
Nuveen Premier Municipal Income Fund, Inc. (NPF)
Portfolio of
Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
Alabama - 1.0% (0.7% of Total Investments)
$ 1,000 Montgomery BMC Special Care Facilities Financing Authority, Alabama, 11/14 at 100.00 Baa1 $ 1,007,890
Revenue Bonds, Baptist Medical Center, Series 2004C, 5.250%, 11/15/29
2,000 University of South Alabama, Student Tuition Revenue Bonds, Series 2004, 3/14 at 100.00 Aaa 2,125,540
5.000%, 3/15/23 - FGIC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
Alaska - 0.7% (0.4% of Total Investments)
2,000 Alaska Housing Finance Corporation, General Mortgage Revenue Bonds, 6/09 at 101.00 AAA 2,089,140
Series 1999A, 6.000%, 6/01/49 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
Arizona - 5.4% (3.6% of Total Investments)
2,000 Arizona Water Infrastructure Finance Authority, Water Quality Revenue 10/14 at 100.00 AAA 2,158,100
Bonds, Series 2004A, 5.000%, 10/01/21
6,000 Salt River Project Agricultural Improvement and Power District, Arizona, 1/12 at 101.00 AA 6,595,440
Electric System Revenue Refunding Bonds, Series 2002A, 5.250%, 1/01/15
7,500 Salt River Project Agricultural Improvement and Power District, Arizona, 1/13 at 100.00 AA 7,965,450
Electric System Revenue Bonds, Series 2002B, 5.000%, 1/01/25
- ------------------------------------------------------------------------------------------------------------------------------------
Arkansas - 0.3% (0.2% of Total Investments)
320 Arkansas Development Finance Authority, FNMA/GNMA Mortgage-Backed Securities 7/05 at 102.00 AAA 321,632
Program Single Family Mortgage Bonds, Series 1994C, 6.600%, 7/01/17
485 Arkansas Development Finance Authority, FNMA/GNMA Mortgage-Backed Securities 7/05 at 102.00 AAA 487,779
Program Single Family Mortgage Bonds, Series 1995B, 6.550%, 7/01/18
(Alternative Minimum Tax)
53 Drew County Public Facilities Board, Arkansas, FNMA Mortgage-Backed Single 8/05 at 101.00 Aaa 53,905
Family Revenue Refunding Bonds, Series 1993A-2, 7.900%, 8/01/11
59 Stuttgart Public Facilities Board, Arkansas, Single Family Mortgage Revenue 9/06 at 100.00 Aaa 59,923
Refunding Bonds, Series 1993A, 7.900%, 9/01/11
- ------------------------------------------------------------------------------------------------------------------------------------
California - 16.4% (10.8% of Total Investments)
2,000 California Health Facilities Financing Authority, Health Facility Revenue No Opt. Call A- 2,101,440
Bonds, Catholic Healthcare West, Series 2004I, 4.950%, 7/01/26
(Mandatory put 7/01/14)
4,000 California, General Obligation Bonds, Series 2004, 5.000%, 2/01/23 2/14 at 100.00 A 4,212,680
5,690 California Department of Veterans Affairs, Home Purchase Revenue 6/12 at 101.00 AAA 6,061,842
Bonds, Series 2002A, 5.300%, 12/01/21 - AMBAC Insured
1,000 California, Economic Recovery Revenue Bonds, Series 2004A, 5.250%, No Opt. Call AA- 1,124,960
7/01/14
1,000 Chula Vista, California, Industrial Development Revenue Bonds, San 6/14 at 102.00 A2 1,074,910
Diego Gas and Electric Company, Series 1996A, 5.300%, 7/01/21
Foothill/Eastern Transportation Corridor Agency, California, Toll Road
Revenue Bonds, Series 1995A:
28,000 0.000%, 1/01/17 No Opt. Call AAA 17,256,400
10,000 0.000%, 1/01/22 - FSA Insured No Opt. Call AAA 4,754,200
2,640 North Orange County Community College District, California, General 8/14 at 100.00 AAA 2,947,982
Obligation Bonds, Series 2003B, 5.000%, 8/01/16 (Pre-refunded to
8/01/14) - FGIC Insured
10,000 San Jose Redevelopment Agency, California, Tax Allocation Bonds, 8/10 at 101.00 AAA 10,753,300
Merged Area Redevelopment Project, Series 2002, 5.000%, 8/01/17 -
MBIA Insured
38
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
Colorado - 2.2% (1.5% of Total Investments)
Adams and Weld Counties School District 27J, Brighton,
Colorado, General Obligation Bonds, Series 2004:
$ 1,000 5.000%, 12/01/23 - FGIC Insured 12/14 at 100.00 AAA $ 1,072,780
1,500 5.000%, 12/01/24 - FGIC Insured 12/14 at 100.00 AAA 1,604,250
1,150 Colorado Health Facilities Authority, Revenue Bonds, Parkview 9/14 at 100.00 Baa1 1,161,719
Medical Center, Series 2004, 5.000%, 9/01/25
1,000 Colorado Health Facilities Authority, Revenue Bonds, Poudre Valley 12/09 at 101.00 Aaa 1,120,650
Healthcare Inc., Series 1999A, 5.750%, 12/01/23 (Pre-refunded to
12/01/09) - FSA Insured
750 Colorado Health Facilities Authority, Revenue Bonds, Vail Valley 1/15 at 100.00 BBB 772,343
Medical Center, Series 2004, 5.000%, 1/15/17
1,000 Jefferson County School District R1, Colorado, General Obligation 12/14 at 100.00 AAA 1,069,720
Bonds, Series 2004, 5.000%, 12/15/24 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
Connecticut - 1.1% (0.7% of Total Investments)
2,000 Connecticut Development Authority, Pollution Control Revenue 10/08 at 102.00 Baa1 2,128,820
Refunding Bonds, Connecticut Light and Power Company, Series
1993A, 5.850%, 9/01/28
1,300 Connecticut Housing Finance Authority, Housing Mortgage Finance 5/06 at 102.00 AAA 1,348,698
Program Bonds, Series 1996C-2, 6.250%, 11/15/18
- ------------------------------------------------------------------------------------------------------------------------------------
Florida - 4.4% (2.9% of Total Investments)
4,000 Dade County, Florida, Aviation Revenue Bonds, Series 1996A, 5.750%, 10/06 at 102.00 AAA 4,207,000
10/01/18 (Alternative Minimum Tax) - MBIA Insured
2,500 Hillsborough County Industrial Development Authority, Florida, 10/12 at 100.00 Baa2 2,629,750
Pollution Control Revenue Bonds, Tampa Electric Company Project,
Series 2002, 5.100%, 10/01/13
1,700 Hillsborough County Industrial Development Authority, Florida, Exempt 4/10 at 101.00 N/R 1,912,653
Facilities Remarketed Revenue Bonds, National Gypsum Company, Apollo
Beach Project, Series 2000B, 7.125%, 4/01/30 (Alternative Minimum Tax)
4,790 Jacksonville, Florida, Sales Tax Revenue Bonds, River City Renaissance 4/06 at 101.00 AAA 4,929,964
Project, Series 1996, 5.125%, 10/01/18 - FGIC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
Georgia - 4.3% (2.8% of Total Investments)
8,000 George L. Smith II World Congress Center Authority, Atlanta, Georgia, 7/10 at 101.00 AAA 8,645,680
Revenue Refunding Bonds, Domed Stadium Project, Series 2000, 5.500%,
7/01/20 (Alternative Minimum Tax) - MBIA Insured
4,105 Municipal Electric Authority of Georgia, Combustion Turbine Revenue 11/13 at 100.00 AAA 4,500,270
Bonds, Series 2003A, 5.125%, 11/01/17 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
Hawaii - 0.8% (0.5% of Total Investments)
2,250 Hawaii Department of Budget and Finance, Special Purpose Revenue 1/09 at 101.00 AAA 2,469,150
Bonds, Hawaiian Electric Company Inc., Series 1999D, 6.150%, 1/01/20
(Alternative Minimum Tax) - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
Idaho - 0.1% (0.0% of Total Investments)
220 Idaho Housing and Finance Association, Single Family Mortgage Bonds, 7/06 at 102.00 Aa1 223,980
Series 1996E, 6.350%, 7/01/14 (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
Illinois - 18.0% (11.8% of Total Investments)
8,670 Chicago, Illinois, General Obligation Bonds, City Colleges of Chicago No Opt. Call AAA 3,524,008
Capital Improvement Project, Series 1999, 0.000%, 1/01/24 -
FGIC Insured
850 Chicago Public Building Commission, Illinois, General Obligation No Opt. Call AAA 987,335
Lease Certificates, Chicago Board of Education, Series 1990B,
7.000%, 1/01/15 - MBIA Insured
Chicago, Illinois, Wastewater Transmission Revenue Bonds, Series 1995:
8,495 5.125%, 1/01/25 (Pre-refunded to 1/01/06) - FGIC Insured 1/06 at 102.00 AAA 8,801,670
3,005 5.125%, 1/01/25 - FGIC Insured 1/06 at 102.00 AAA 3,098,185
39
Nuveen Premier Municipal Income Fund, Inc. (NPF) (continued)
Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
Illinois (continued)
$ 8,500 Chicago, Illinois, Senior Lien Water Revenue Bonds, Series 2001, No Opt. Call AAA $10,390,315
5.750%, 11/01/30 - AMBAC Insured
4,165 Illinois Housing Development Authority, Section 8 Elderly Housing 9/05 at 100.00 A 4,187,324
Revenue Bonds, Garden House of Maywood Development, Series 1992,
7.000%, 9/01/18
1,500 Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2/12 at 100.00 AAA 1,658,580
2002, 5.500%, 2/01/17 - FGIC Insured
9,300 Lake, Cook, Kane and McHenry Counties Community Unit School District No Opt. Call AAA 10,524,903
220, Barrington, Illinois, School Refunding Bonds, Series 2002,
5.250%, 12/01/18 - FSA Insured
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding
Bonds, McCormick Place Expansion Project, Series 1996A:
10,575 0.000%, 12/15/23 - MBIA Insured No Opt. Call AAA 4,370,648
10,775 0.000%, 12/15/24 - MBIA Insured No Opt. Call AAA 4,206,560
2,000 Onterie Center Housing Finance Corporation, Illinois, FHA-Insured 7/05 at 100.50 AAA 2,041,220
Section 8 Assisted Mortgage Revenue Refunding Bonds, Onterie Center
Project, Series 1992A, 7.050%, 7/01/27 - MBIA Insured
1,628 Wood River Township, Madison County, Illinois, General Obligation 8/05 at 101.00 N/R 1,545,970
Bonds, Series 1993, 6.625%, 2/01/14
- ------------------------------------------------------------------------------------------------------------------------------------
Indiana - 7.1% (4.7% of Total Investments)
Anderson School Building Corporation, Madison County, Indiana,
First Mortgage Bonds, Series 2003:
1,000 5.500%, 7/15/19 - FSA Insured 1/14 at 100.00 AAA 1,112,620
2,275 5.500%, 7/15/23 - FSA Insured 1/14 at 100.00 AAA 2,517,788
Crown Point Multi-School Building Corporation, Indiana, First Mortgage
Bonds, Crown Point Community School Corporation, Series 2000:
7,480 0.000%, 1/15/21 - MBIA Insured No Opt. Call AAA 3,577,534
7,980 0.000%, 1/15/22 - MBIA Insured No Opt. Call AAA 3,612,067
6,180 0.000%, 1/15/23 - MBIA Insured No Opt. Call AAA 2,644,731
2,535 Hammond Multi-School Building Corporation, Lake County, Indiana, First 7/13 at 100.00 AAA 2,671,941
Mortgage Revenue Bonds, Series 2003A, 5.000%, 7/15/23 - FGIC Insured
2,350 Indiana Transportation Finance Authority, Highway Revenue Bonds, 6/13 at 100.00 AAA 2,641,330
Series 2003A, 5.250%, 6/01/18 (Pre-refunded to 6/01/13) - FSA Insured
2,860 St. Joseph County PHM Elementary/Middle School Building Corporation, No Opt. Call A 3,096,865
Indiana, First Mortgage Bonds, Series 1994, 6.300%, 1/15/09
- ------------------------------------------------------------------------------------------------------------------------------------
Louisiana - 0.4% (0.3% of Total Investments)
1,310 Louisiana Housing Finance Agency, GNMA Collateralized Mortgage Revenue 9/05 at 103.00 AAA 1,359,387
Bonds, St. Dominic Assisted Care Facility, Series 1995, 6.850%, 9/01/25
- ------------------------------------------------------------------------------------------------------------------------------------
Maine - 4.7% (3.1% of Total Investments)
7,965 Maine Educational Loan Marketing Corporation, Student Loan Revenue Bonds, No Opt. Call A2 8,167,231
Subordinate Series 1994B-2, 6.250%, 11/01/06 (Alternative Minimum Tax)
6,085 Maine State Housing Authority, Mortgage Purchase Bonds, Series 2004A-2, 5/13 at 100.00 AA+ 6,298,279
5.000%, 11/15/21 (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
Maryland - 0.7% (0.4% of Total Investments)
2,000 Maryland Health and Higher Educational Facilities Authority, Revenue 8/14 at 100.00 Baa1 2,068,580
Bonds, Medstar Health, Series 2004, 5.375%, 8/15/24
- ------------------------------------------------------------------------------------------------------------------------------------
Massachusetts - 2.1% (1.4% of Total Investments)
1,900 Massachusetts, General Obligation Bonds, Series 2003D, 5.250%, 10/01/20 10/13 at 100.00 AA*** 2,120,856
(Pre-refunded to 10/01/13)
1,000 Massachusetts Development Finance Authority, Revenue Bonds, Hampshire 10/14 at 100.00 BBB 1,058,400
College, Series 2004, 5.625%, 10/01/24
3,000 Massachusetts, Special Obligation Dedicated Tax Revenue Bonds, Series 1/14 at 100.00 AAA 3,255,180
2004, 5.250%, 1/01/24 - FGIC Insured
40
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
Michigan - 2.1% (1.4% of Total Investments)
$ 2,925 Detroit, Michigan, General Obligation Bonds, Series 2003A, 5.250%, 4/13 at 100.00 AAA $ 3,169,004
4/01/17 - XLCA Insured
3,025 Wayne County, Michigan, Airport Revenue Refunding Bonds, Detroit 12/12 at 100.00 AAA 3,331,191
Metropolitan Airport, Series 2002C, 5.375%, 12/01/19 - FGIC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
Minnesota - 7.0% (4.6% of Total Investments)
6,900 Champlin, Minnesota, GNMA Guaranteed Senior Housing Revenue Bonds, 6/12 at 105.00 Aaa 6,940,917
Champlin Shores Senior Living Center, Series 2002A, 3.000%, 12/20/43
4,350 Cohasset, Minnesota, Pollution Control Revenue Bonds, Allete Inc., 7/14 at 100.00 A 4,452,486
Series 2004, 4.950%, 7/01/22
1,000 Duluth Economic Development Authority, Minnesota, Healthcare Facilities 2/14 at 100.00 A- 1,040,930
Revenue Bonds, Benedictine Health System - St. Mary's Duluth Clinic,
Series 2004, 5.250%, 2/15/21
2,290 Minneapolis-St. Paul Housing and Redevelopment Authority, Minnesota, 12/13 at 100.00 BBB+ 2,511,008
Revenue Bonds, HealthPartners Inc., Series 2003, 6.000%, 12/01/20
1,000 Minnesota Municipal Power Agency, Electric Revenue Bonds, Series 2004A, 10/14 at 100.00 A3 1,088,280
5.250%, 10/01/19
Minnesota Higher Education Facilities Authority, Revenue Bonds, University
of St. Thomas, Series 2004-5Y:
530 5.250%, 10/01/19 10/14 at 100.00 A2 576,788
1,500 5.250%, 10/01/34 10/14 at 100.00 A2 1,597,425
3,000 St. Paul Port Authority, Minnesota, Lease Revenue Bonds, Office Building 12/13 at 100.00 AA+ 3,320,760
at Cedar Street, Series 2003, 5.250%, 12/01/20
- ------------------------------------------------------------------------------------------------------------------------------------
Mississippi - 0.4% (0.3% of Total Investments)
1,275 Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, 9/14 at 100.00 N/R 1,318,669
Baptist Memorial Healthcare, Series 2004B-1, 5.000%, 9/01/24
- ------------------------------------------------------------------------------------------------------------------------------------
Missouri - 2.7% (1.8% of Total Investments)
2,880 Joplin Industrial Development Authority, Missouri, Health Facilities 2/15 at 102.00 BBB+ 3,016,080
Revenue Bonds, Freeman Health System, Series 2004, 5.500%, 2/15/24
5,000 Missouri, General Obligation Refunding Bonds, Fourth State Building, 10/12 at 100.00 AAA 5,416,700
Series 2002A, 5.000%, 10/01/18
- ------------------------------------------------------------------------------------------------------------------------------------
Nebraska - 2.3% (1.5% of Total Investments)
1,580 Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue No Opt. Call A1 1,685,418
Bonds, Nebraska Medical Center, Series 2003, 5.000%, 11/15/16
2,580 Grand Island, Nebraska, Electric System Revenue Bonds, Series 1977, 9/05 at 100.00 A+*** 2,806,318
6.100%, 9/01/12 (Pre-refunded 9/01/05)
2,350 NebHelp Inc., Nebraska, Senior Subordinate Bonds, Student Loan No Opt. Call AAA 2,439,136
Program, Series 1993A-5B, 6.250%, 6/01/18 (Alternative Minimum
Tax) - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
Nevada - 4.0% (2.6% of Total Investments)
10,900 Clark County School District, Nevada, General Obligation Bonds, 6/12 at 100.00 AAA 12,367,140
Series 2002C, 5.500%, 6/15/19 (Pre-refunded to 6/15/12) - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
New Hampshire - 1.9% (1.2% of Total Investments)
390 New Hampshire Municipal Bond Bank, Revenue Bonds, Coe-Brown No Opt. Call N/R 394,337
Northwood Academy Project, Series 1994, 7.250%, 5/01/09
5,000 New Hampshire Housing Finance Authority, FHLMC Multifamily Housing 7/10 at 101.00 Aaa 5,307,150
Revenue Remarketed Bonds, Countryside LP Project, Series 1994, 6.100%,
7/01/24 (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
New Jersey - 1.6% (1.1% of Total Investments)
3,000 New Jersey Transportation Trust Fund Authority, Transportation System 6/13 at 100.00 AAA 3,432,300
Bonds, Series 2003C, 5.500%, 6/15/24 (Pre-refunded to 6/15/13)
1,500 New Jersey Turnpike Authority, Revenue Bonds, Series 2003A, 5.000%, 7/13 at 100.00 AAA 1,614,660
1/01/19 - FGIC Insured
41
Nuveen Premier Municipal Income Fund, Inc. (NPF) (continued)
Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
New York - 14.5% (9.5% of Total Investments)
$ 5,000 Metropolitan Transportation Authority, New York, Transportation Revenue 11/12 at 100.00 AAA $ 5,396,900
Refunding Bonds, Series 2002A, 5.125%, 11/15/21 - FGIC Insured
New York City, New York, General Obligation Bonds, Fiscal Series 1996J:
2,000 5.875%, 2/15/19 (Pre-refunded to 2/15/06) 2/06 at 101.50 A1*** 2,080,480
95 5.875%, 2/15/19 2/06 at 101.50 A1 98,320
4,265 New York City, New York, General Obligation Bonds, Fiscal Series 2003D, 10/13 at 100.00 A1 4,560,692
5.250%, 10/15/22
1,200 New York City, New York, General Obligation Bonds, Fiscal Series 2004B, 8/14 at 100.00 A1 1,315,488
5.250%, 8/01/15
4,000 New York City, New York, General Obligation Bonds, Fiscal Series 2004C, 8/14 at 100.00 A1 4,321,800
5.250%, 8/15/20
New York City Transitional Finance Authority, New York,
Future Tax Secured Bonds, Fiscal Series 1998A:
1,750 5.125%, 8/15/21 (Pre-refunded to 8/15/07) 8/07 at 101.00 AAA 1,855,158
935 5.125%, 8/15/21 (Pre-refunded to 8/15/07) 8/07 at 101.00 AAA 991,184
1,795 5.125%, 8/15/21 8/07 at 101.00 AAA 1,880,657
1,500 Dormitory Authority of the State of New York, State and Local Appropriation 7/14 at 100.00 AA- 1,626,510
Lease Bonds, Upstate Community Colleges, Series 2004B, 5.250%, 7/01/19
10,000 Dormitory Authority of the State of New York, Revenue Bonds, State 5/10 at 101.00 AAA 11,233,700
University Educational Facilities Revenue Bonds, 1999 Resolution, Series
2000B, 5.500%, 5/15/30 (Pre-refunded to 5/15/10) - FSA Insured
1,010 New York State Medical Care Facilities Finance Agency, FHA-Insured Mortgage 8/05 at 100.00 AAA 1,018,918
Revenue Bonds, Hospital and Nursing Home Projects, Series 1992B, 6.200%,
8/15/22
3,515 New York State Medical Care Facilities Finance Agency, FHA-Insured Mortgage 8/05 at 100.00 AAA 3,606,742
Revenue Bonds, St. Luke's-Roosevelt Hospital Center, Series 1993A, 5.600%,
8/15/13
3,250 New York State Municipal Bond Bank Agency, Special School Purpose Revenue 6/13 at 100.00 A+ 3,493,393
Bonds, Series 2003C, 5.250%, 6/01/22
1,000 New York State Urban Development Corporation, Subordinate Lien Corporate 7/14 at 100.00 A 1,070,930
Purpose Bonds, Series 2004A, 5.125%, 1/01/22
- ------------------------------------------------------------------------------------------------------------------------------------
North Carolina - 4.1% (2.7% of Total Investments)
10,300 North Carolina Eastern Municipal Power Agency, Power System Revenue Refunding No Opt. Call AAA 12,540,868
Bonds, Series 1993B, 6.000%, 1/01/22 - CAPMAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
Ohio - 2.7% (1.8% of Total Investments)
2,110 Cleveland-Rock Glen Housing Assistance Corporation, Ohio, FHA-Insured 7/05 at 102.00 AAA 2,175,959
Section 8 Mortgage Revenue Refunding Bonds, Series 1994A, 6.750%, 1/15/25
2,000 Granville Exempt Village School District, Ohio, General Obligation Bonds, 12/11 at 100.00 Aa2 2,118,220
Series 2001, 5.000%, 12/01/24
4,000 Ohio, Solid Waste Revenue Bonds, Republic Services Inc., Series 2004, 4.250%, No Opt. Call BBB+ 3,942,960
4/01/33 (Alternative Minimum Tax) (Mandatory put 4/01/14)
- ------------------------------------------------------------------------------------------------------------------------------------
Oregon - 1.3% (0.9% of Total Investments)
Oregon, General Obligation Bonds, State Board of Higher Education,
Series 2004A:
1,795 5.000%, 8/01/21 8/14 at 100.00 AA- 1,929,015
1,990 5.000%, 8/01/23 8/14 at 100.00 AA- 2,127,449
- ------------------------------------------------------------------------------------------------------------------------------------
Pennsylvania - 0.6% (0.4% of Total Investments)
1,715 Falls Township Hospital Authority, Pennsylvania, FHA-Insured Revenue 8/05 at 100.00 AAA 1,755,611
Refunding Bonds, Delaware Valley Medical Center, Series 1992, 7.000%,
8/01/22
- ------------------------------------------------------------------------------------------------------------------------------------
Rhode Island - 2.5% (1.7% of Total Investments)
7,655 Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement 6/12 at 100.00 BBB 7,727,034
Asset-Backed Bonds, Series 2002A, 6.000%, 6/01/23
42
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
South Carolina - 7.7% (5.0% of Total Investments)
$ 2,500 Berkeley County School District, South Carolina, Installment Purchase 12/13 at 100.00 A- $ 2,630,425
Revenue Bonds, Securing Assets for Education, Series 2003, 5.250%,
12/01/24
4,405 Dorchester County School District 2, South Carolina, Installment Purchase 12/14 at 100.00 A 4,677,449
Revenue Bonds, GROWTH, Series 2004, 5.250%, 12/01/23
3,340 Greenville County School District, South Carolina, Installment Purchase 12/13 at 100.00 AA- 3,605,563
Revenue Bonds, Series 2003, 5.250%, 12/01/19
3,620 Greenville, South Carolina, Hospital Facilities Revenue Refunding Bonds, 5/13 at 100.00 AAA 3,894,251
Series 2003A, 5.250%, 5/01/21 - AMBAC Insured
1,500 South Carolina JOBS Economic Development Authority, Economic Development 11/12 at 100.00 A- 1,578,105
Revenue Bonds, Bon Secours Health System Inc., Series 2002A, 5.625%,
11/15/30
5,500 South Carolina JOBS Economic Development Authority, Hospital Refunding and 8/13 at 100.00 BBB+ 6,038,615
Improvement Revenue Bonds, Palmetto Health Alliance, Series 2003C,
6.375%, 8/01/34
1,145 Tobacco Settlement Revenue Management Authority, South Carolina, Tobacco 5/11 at 101.00 BBB 1,163,664
Settlement Asset-Backed Bonds, Series 2001B, 6.000%, 5/15/22
- ------------------------------------------------------------------------------------------------------------------------------------
South Dakota - 0.6% (0.4% of Total Investments)
1,750 South Dakota Health and Educational Facilities Authority, Revenue Bonds, 11/14 at 100.00 A+ 1,866,690
Sioux Valley Hospital and Health System, Series 2004A, 5.500%, 11/01/31
- ------------------------------------------------------------------------------------------------------------------------------------
Tennessee - 0.7% (0.5% of Total Investments)
2,060 Johnson City Health and Educational Facilities Board, Tennessee, Hospital 7/23 at 100.00 AAA 2,189,698
Revenue Refunding and Improvement Bonds, Johnson City Medical Center,
Series 1998C, 5.125%, 7/01/25 (Pre-refunded to 7/01/23) - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
Texas - 6.3% (4.1% of Total Investments)
1,075 Brazos River Authority, Texas, Pollution Control Revenue Bonds, TXU Energy 10/13 at 101.00 BBB 1,180,887
Company LLC Project, Series 2003C, 6.750%, 10/01/38 (Alternative Minimum
Tax) (a)
3,000 Houston, Texas, First Lien Combined Utility System Revenue Bonds, 5/14 at 100.00 AAA 3,223,950
Series 2004A, 5.250%, 5/15/25 - MBIA Insured
2,265 Lower Colorado River Authority, Texas, Contract Revenue Refunding Bonds, 5/13 at 100.00 AAA 2,453,380
Transmission Services Corporation, Series 2003C, 5.250%, 5/15/25 - AMBAC
Insured
2,000 Mansfield Independent School District, Tarrant County, Texas, General 2/11 at 100.00 AAA 2,114,560
Obligation Bonds, Series 2001, 5.375%, 2/15/26
3,735 Texas General Services Commission, Certificates of Participation, Series 9/05 at 100.00 A 3,792,631
1992, 7.500%, 9/01/22
Texas Tech University, Financing System Revenue Bonds, 9th Series 2003:
3,525 5.250%, 2/15/18 - AMBAC Insured 8/13 at 100.00 AAA 3,871,578
2,250 5.250%, 2/15/19 - AMBAC Insured 8/13 at 100.00 AAA 2,468,363
135 Victoria Housing Finance Corporation, Texas, FNMA Single Family Mortgage No Opt. Call Aaa 136,926
Revenue Refunding Bonds, Series 1995, 8.125%, 1/01/11
- ------------------------------------------------------------------------------------------------------------------------------------
Utah - 0.4% (0.2% of Total Investments)
665 Utah Housing Corporation, Single Family Mortgage Bonds, Series 2001D, 7/11 at 100.00 Aa2 687,231
5.500%, 1/01/21 (Alternative Minimum Tax)
70 Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 1996C, 1/07 at 102.00 AA 70,325
6.450%, 7/01/14 (Alternative Minimum Tax)
380 Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 1997F, 7/07 at 101.50 AA 392,635
5.750%, 7/01/15 (Alternative Minimum Tax)
43
Nuveen Premier Municipal Income Fund, Inc. (NPF) (continued)
Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
Washington - 11.2% (7.4% of Total Investments)
$ 2,500 Energy Northwest, Washington, Electric Revenue Refunding Bonds, 7/12 at 100.00 AAA $ 2,817,600
Columbia Generating Station, Nuclear Project 2, Series 2002C,
5.750%, 7/01/17 - MBIA Insured
7,000 Energy Northwest, Washington, Electric Revenue Refunding Bonds, 7/13 at 100.00 Aaa 7,763,980
Nuclear Project 1, Series 2003A, 5.500%, 7/01/16
6,160 King County Public Hospital District 2, Washington, Limited Tax 6/11 at 101.00 AAA 6,572,474
General Obligation Bonds, Evergreen Hospital Medical Center,
Series 2001A, 5.250%, 12/01/24 - AMBAC Insured
5,000 Seattle, Washington, Municipal Light and Power Revenue Refunding 3/11 at 100.00 AAA 5,529,850
and Improvement Bonds, Series 2001, 5.500%, 3/01/12 - FSA Insured
1,000 Skagit County Public Hospital District 1, Washington, Revenue Bonds, No Opt. Call Baa3 1,073,050
Skagit Valley Hospital, Series 2003, 6.000%, 12/01/23
9,750 Washington, General Obligation Refunding Bonds, Series 1992A and No Opt. Call Aa1 10,859,745
1992AT-6, 6.250%, 2/01/11
- ------------------------------------------------------------------------------------------------------------------------------------
West Virginia - 2.7% (1.8% of Total Investments)
3,150 West Virginia Water Development Authority, Loan Program II Revenue 11/13 at 101.00 AAA 3,470,292
Bonds, Series 2003B, 5.250%, 11/01/23 - AMBAC Insured
2,400 West Virginia University, Unlimited Student Fees General Revenue 10/14 at 100.00 AAA 2,548,440
Bonds, West Virginia University Project, Series 2004C, 5.000%,
10/01/25 - FGIC Insured
2,000 West Virginia Water Development Authority, Infrastructure Revenue 10/13 at 101.00 AAA 2,259,760
Bonds, Series 2003A, 5.500%, 10/01/23 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
Wisconsin - 5.0% (3.3% of Total Investments)
455 Wisconsin Housing and Economic Development Authority, Housing Revenue 7/05 at 100.00 AA 455,795
Bonds, Series 1992A, 6.850%, 11/01/12
5,000 Wisconsin Health and Educational Facilities Authority, Revenue Bonds, 2/10 at 101.00 AA 5,556,300
Marshfield Clinic, Series 1999, 6.250%, 2/15/18 - RAAI Insured
5,670 Wisconsin Health and Educational Facilities Authority, Revenue Bonds, 7/11 at 100.00 A- 5,958,260
Agnesian Healthcare Inc., Series 2001, 6.000%, 7/01/30
2,350 Wisconsin Health and Educational Facilities Authority, Revenue Bonds, 10/11 at 101.00 AA- 2,444,610
Froedtert and Community Health Obligated Group, Series 2001, 5.375%,
10/01/30
1,000 Wisconsin Health and Educational Facilities Authority, Revenue Bonds, 5/14 at 100.00 BBB+ 1,046,630
Fort Healthcare Inc., Series 2004, 5.375%, 5/01/18
- ------------------------------------------------------------------------------------------------------------------------------------
$ 482,605 Total Long-Term Investments (cost $434,694,984) - 152.0% 467,577,844
============------------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.6% 5,139,346
----------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (53.6)% (165,000,000)
----------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 307,717,190
======================================================================================================================
(1) All percentages shown in the Portfolio of Investments are
based on net assets applicable to Common shares unless
otherwise noted.
* 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.
(a) The issuer has received a preliminary adverse determination
from the Internal Revenue Service (the "IRS") regarding the
tax-exempt status of the bonds' coupon payments. The Fund will
continue to treat coupon payments as tax-exempt income until
such time that it is formally determined that the interest on
the bonds should be treated as taxable.
See accompanying notes to financial statements.
44
Nuveen Municipal High Income Opportunity Fund (NMZ)
Portfolio of
Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
Alabama - 2.3% (1.6% of Total Investments)
$ 2,000 Baldwin County Eastern Shore Healthcare Authority, Alabama, Hospital 4/06 at 102.00 BBB- $ 2,063,180
Revenue Bonds, Thomas Hospital, Series 1996, 6.750%, 4/01/15
6,200 Baldwin County Eastern Shore Healthcare Authority, Alabama, Hospital 4/08 at 102.00 BBB- 6,178,982
Revenue Bonds, Thomas Hospital, Series 1998, 5.750%, 4/01/27
- ------------------------------------------------------------------------------------------------------------------------------------
Arizona - 4.6% (3.2% of Total Investments)
594 Estrella Mountain Ranch Community Facilities District, Goodyear, Arizona, 7/10 at 102.00 N/R 657,445
Special Assessment Lien Bonds, Series 2001A, 7.875%, 7/01/25
6,720 Maricopa County Industrial Development Authority, Arizona, Senior Living 1/11 at 103.00 BBB 6,736,733
Facility Revenue Bonds, Christian Care Mesa II Inc., Series 2004A,
6.625%, 1/01/34 (Alternative Minimum Tax)
Phoenix Industrial Development Authority, Arizona, Educational Revenue
Bonds, Keystone Montessori School, Series 2004A:
350 6.375%, 11/01/13 11/11 at 103.00 N/R 353,196
790 7.250%, 11/01/23 11/11 at 103.00 N/R 799,828
1,715 7.500%, 11/01/33 11/11 at 103.00 N/R 1,736,060
550 Pima County Industrial Development Authority, Arizona, Charter School 12/14 at 100.00 BBB- 559,955
Revenue Bonds, Noah Webster Basic Schools Inc., Series 2004, 6.125%,
12/15/34
1,645 Pima County Industrial Development Authority, Arizona, Charter School 7/14 at 100.00 N/R 1,677,916
Revenue Bonds, Heritage Elementary School, Series 2004, 7.500%, 7/01/34
Pima County Industrial Development Authority, Arizona, Charter School
Revenue Bonds, Pointe Educational Services Charter School, Series 2004:
500 6.250%, 7/01/14 No Opt. Call N/R 505,505
1,000 7.125%, 7/01/24 7/14 at 100.00 N/R 1,010,570
1,150 Pinal County Industrial Development Authority, Arizona, Correctional 10/12 at 100.00 A 1,195,046
Facilities Contract Revenue Bonds, Florence West Prison LLC, Series
2002A, 5.250%, 10/01/22 - ACA Insured
1,000 Tucson Industrial Development Authority, Arizona, Charter School Revenue 9/14 at 100.00 BBB- 1,012,460
Bonds, Arizona Agribusiness and Equine Center Charter School, Series
2004A, 5.850%, 9/01/24
- ------------------------------------------------------------------------------------------------------------------------------------
California - 19.0% (13.4% of Total Investments)
8,000 Alameda Public Finance Authority, California, Revenue Bond Anticipation No Opt. Call N/R 8,083,360
Notes, Alameda Power and Telecom, Series 2004, 7.000%, 6/01/09
500 California Health Facilities Financing Authority, Health Facility Revenue No Opt. Call A- 525,360
Bonds, Catholic Healthcare West, Series 2004I, 4.950%, 7/01/26
(Mandatory put 7/01/14)
1,100 California Health Facilities Financing Authority, Hospital Revenue Bonds, 5/05 at 100.00 BB+ 1,081,872
Downey Community Hospital, Series 1993, 5.750%, 5/15/15
3,360 California, General Obligation Bonds, Series 2003, 5.000%, 11/01/21 11/13 at 100.00 A 3,559,214
California State Public Works Board, Lease Revenue Bonds, Department of
General Services, Series 2003D:
1,090 5.000%, 6/01/21 12/13 at 100.00 A- 1,150,277
1,170 5.100%, 6/01/23 12/13 at 100.00 A- 1,237,181
3,000 California State Public Works Board, Lease Revenue Bonds, Department of 6/14 at 100.00 A- 3,173,850
Mental Health, Coalinga State Hospital, Series 2004A, 5.000%, 6/01/25
1,025 California Statewide Community Development Authority, Subordinate 1/14 at 100.00 N/R 1,083,702
Lien Multifamily Housing Revenue Bonds, Corona Park Apartments, Series
2004I-S, 7.750%, 1/01/34 (Alternative Minimum Tax)
3,800 California Statewide Community Development Authority, Senior Lien 10/15 at 103.00 N/R 4,202,116
Revenue Bonds, East Valley Tourist Authority, Series 2003B, 9.250%,
10/01/20 (a)
45
Nuveen Municipal High Income Opportunity Fund (NMZ) (continued)
Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
California (continued)
$ 2,925 California Statewide Community Development Authority, Revenue Bonds, 3/14 at 102.00 N/R $ 2,971,859
Epidaurus Project, Series 2004A, 7.750%, 3/01/34
1,000 Golden State Tobacco Securitization Corporation, California, Tobacco 6/13 at 100.00 BBB 1,161,670
Settlement Asset-Backed Revenue Bonds, Series 2003A-2, 7.900%,
6/01/42
5,500 Golden State Tobacco Securitization Corporation, California, Tobacco 6/13 at 100.00 BBB 5,842,320
Settlement Asset-Backed Bonds, Series 2003A-1, 6.750%, 6/01/39
4,975 Golden State Tobacco Securitization Corporation, California, Enhanced 6/13 at 100.00 A- 5,405,188
Tobacco Settlement Asset-Backed Bonds, Series 2003B, 5.625%, 6/01/33
Huntington Beach, California, Special Tax Bonds, Community Facilities
District 2003-1, Huntington Center, Series 2004:
500 5.800%, 9/01/23 9/14 at 100.00 N/R 513,925
1,000 5.850%, 9/01/33 9/14 at 100.00 N/R 1,027,780
2,500 Independent Cities Lease Finance Authority, California, Revenue Bonds, 5/14 at 100.00 N/R 2,672,150
El Granada Mobile Home Park, Series 2004A, 6.450%, 5/15/44
1,015 Independent Cities Lease Finance Authority, California, Subordinate 5/14 at 100.00 N/R 1,052,565
Lien Revenue Bonds, El Granada Mobile Home Park, Series 2004B,
6.500%, 5/15/44
1,200 Lake Elsinore, California, Special Tax Bonds, Community Facilities 9/13 at 102.00 N/R 1,255,056
District 2003-2 Improvement Area A, Canyon Hills, Series 2004A,
5.950%, 9/01/34
3,400 Lee Lake Water District, Riverside County, California, Special Tax Bonds, 9/13 at 102.00 N/R 3,515,056
Community Facilities District 3, Series 2004, 5.950%, 9/01/34
300 Los Angeles Regional Airports Improvement Corporation, California, 12/12 at 102.00 B- 314,526
Sublease Revenue Bonds, Los Angeles International Airport, American
Airlines Inc. Terminal 4 Project, Series 2002B, 7.500%, 12/01/24
(Alternative Minimum Tax)
2,950 Los Angeles Regional Airports Improvement Corporation, California, 12/12 at 102.00 B- 3,092,839
Sublease Revenue Bonds, Los Angeles International Airport, American
Airlines Inc. Terminal 4 Project, Series 2002C, 7.500%, 12/01/24
(Alternative Minimum Tax)
Moreno Valley Unified School District, Riverside County, California,
Special Tax Bonds, Community Facilities District, Series 2004:
800 5.550%, 9/01/29 9/05 at 102.00 N/R 809,528
1,250 5.650%, 9/01/34 9/05 at 102.00 N/R 1,266,638
1,555 Murrieta Valley Unified School District, Riverside County, California, 9/11 at 100.00 N/R 1,551,439
Special Tax Bonds, Community Facilities District 2000-1, Series 2004B,
5.300%, 9/01/34
1,000 Oceanside, California, Special Tax Revenue Bonds, Community Facilities 3/14 at 100.00 N/R 1,033,850
District - Morro Hills, Series 2004, 5.750%, 9/01/28
Orange County, California, Special Tax Bonds, Community Facilities
District 03-1 of Ladera Ranch, Series 2004A:
500 5.500%, 8/15/23 8/12 at 101.00 N/R 516,250
1,625 5.600%, 8/15/28 8/12 at 101.00 N/R 1,677,601
1,000 5.625%, 8/15/34 8/12 at 101.00 N/R 1,034,040
2,250 San Diego County, California, Certificates of Participation, 9/12 at 100.00 BBB- 2,283,030
Developmental Services Foundation, Series 2002, 5.500%, 9/01/27
3,895 West Patterson Financing Authority, California, Special Tax Bonds, 9/13 at 103.00 N/R 4,015,083
Community Facilities District 2001-1, Series 2004A, 6.125%, 9/01/39
- ------------------------------------------------------------------------------------------------------------------------------------
Colorado - 9.6% (6.8% of Total Investments)
925 Bradburn Metropolitan District 3, Colorado, General Obligation Bonds, 12/13 at 101.00 N/R 994,523
Series 2003, 7.500%, 12/01/33
5,600 Buffalo Ridge Metropolitan District, Colorado, Limited Obligation 12/13 at 101.00 N/R 6,020,896
Assessment Bonds, Series 2003, 7.500%, 12/01/33
925 Colorado Educational and Cultural Facilities Authority, Charter School 7/08 at 100.00 N/R*** 1,000,924
Revenue Bonds, Compass Montessori Elementary Charter School, Series
2000, 7.750%, 7/15/31 (Pre-refunded to 7/15/08)
46
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
Colorado (continued)
$ 650 Colorado Educational and Cultural Facilities Authority, Charter 9/11 at 100.00 Ba1 $ 681,090
School Revenue Bonds, Bromley East Charter School, Series 2000A,
7.250%, 9/15/30
400 Colorado Educational and Cultural Facilities Authority, Charter 12/10 at 101.00 BBB 435,496
School Revenue Bonds, Academy Charter School- Douglas County
School District Re. 1, Series 2000, 6.875%, 12/15/20
1,450 Colorado Educational and Cultural Facilities Authority, Charter 6/11 at 100.00 Ba1 1,503,853
School Revenue Bonds, Weld County School District 6 - Frontier
Academy, Series 2001, 7.250%, 6/01/20
1,809 Colorado Educational and Cultural Facilities Authority, Charter 2/12 at 100.00 N/R 1,885,394
School Revenue Bonds, Jefferson County School District R-1 -
Compass Montessori Secondary School, Series 2002, 8.000%, 2/15/32
3,500 Colorado Educational and Cultural Facilities Authority, Charter 5/14 at 101.00 N/R 3,641,575
School Revenue Bonds, Denver Arts and Technology Academy, Series
2003, 8.000%, 5/01/34
Colorado Educational and Cultural Facilities Authority, Charter
School Revenue Bonds, Excel Academy Charter School, Series 2003:
500 7.300%, 12/01/23 12/13 at 100.00 N/R 527,820
875 7.500%, 12/01/33 12/13 at 100.00 N/R 929,163
1,500 Colorado Educational and Cultural Facilities Authority, Independent 6/14 at 100.00 N/R 1,664,640
School Improvement Revenue Bonds, Heritage Christian School of
Northern Colorado, Series 2004A, 7.500%, 6/01/34
2,000 Colorado Educational and Cultural Facilities Authority, Revenue 6/14 at 100.00 N/R 2,123,920
Bonds, Colorado Lutheran High School Association, Series 2004A,
7.500%, 6/01/24
1,000 Colorado Housing and Finance Authority, Multifamily Project Bonds, 10/12 at 100.00 AA 1,028,920
Class II Series 2002C-6, 5.300%, 10/01/42
4,300 Denver Health and Hospitals Authority, Colorado, Revenue Bonds, 12/14 at 100.00 BBB 4,649,074
Series 2004A, 6.250%, 12/01/33
1,000 Denver, Colorado, FHA-Insured Multifamily Housing Mortgage Loan 7/08 at 102.00 AAA 1,028,510
Revenue Bonds, Garden Court Community Project, Series 1998,
5.400%, 7/01/39
800 Eagle County Air Terminal Corporation, Colorado, Airport Terminal 5/06 at 101.00 N/R 822,936
Revenue Bonds, Series 1996, 7.500%, 5/01/21 (Alternative Minimum
Tax)
1,250 Mesa County, Colorado, Residential Care Facilities Mortgage 12/11 at 101.00 AA 1,325,325
Revenue Bonds, Hilltop Community Resources Inc. Obligated Group,
Series 2001A, 5.250%, 12/01/21 - RAAI Insured
2,000 Park Creek Metropolitan District, Colorado, Limited Tax Obligation No Opt. Call N/R 2,103,320
Revenue Bonds, Series 2003CR-2, 7.875%, 12/01/32 (Mandatory put
12/01/13)
Tallyn's Reach Metropolitan District 2, Aurora, Colorado, Limited
Tax General Obligation Bonds, Series 2004:
250 6.000%, 12/01/18 12/13 at 100.00 N/R 251,400
315 6.375%, 12/01/23 12/13 at 100.00 N/R 320,179
Tallyn's Reach Metropolitan District 3, Aurora, Colorado, Limited
Tax General Obligation Bonds, Series 2004:
500 6.625%, 12/01/23 12/13 at 100.00 N/R 516,470
500 6.750%, 12/01/33 12/13 at 100.00 N/R 510,230
- ------------------------------------------------------------------------------------------------------------------------------------
Connecticut - 0.3% (0.3% of Total Investments)
1,025 Eastern Connecticut Resource Recovery Authority, Solid Waste Revenue 7/05 at 100.00 BBB 1,031,048
Bonds, Wheelabrator Lisbon Project, Series 1993A, 5.500%, 1/01/20
(Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
Florida - 10.7% (7.5% of Total Investments)
4,480 Bartram Springs Community Development District, Duval County, 5/13 at 102.00 N/R 4,739,840
Florida, Special Assessment Bonds, Series 2003A, 6.650%, 5/01/34
700 Broward County, Florida, Airport Facility Revenue Bonds, Learjet 11/14 at 101.00 BBB- 795,144
Inc., Series 2000, 7.500%, 11/01/20 (Alternative Minimum Tax)
3,000 Capital Trust Agency, Florida, Revenue Bonds, Seminole Tribe 10/12 at 102.00 N/R 3,393,180
Convention Center, Series 2002A, 10.000%, 10/01/33 (a)
1,190 Century Gardens Community Development District, Miami-Dade County, 5/14 at 101.00 N/R 1,194,010
Florida, Special Assessment Revenue Bonds, Series 2004, 5.900%,
5/01/34
47
Nuveen Municipal High Income Opportunity Fund (NMZ) (continued)
Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
Florida (continued)
Islands at Doral Northeast Community Development District, Miami-Dade
County, Florida, Special Assessment Bonds, Series 2004:
$ 485 6.125%, 5/01/24 5/14 at 101.00 N/R $ 510,181
450 6.250%, 5/01/34 5/14 at 101.00 N/R 471,294
6,880 Lee County Industrial Development Authority, Florida, Multifamily No Opt. Call B2 6,567,510
Housing Revenue Bonds, Legacy at Lehigh Project, Senior Series
2003A, 6.000%, 12/01/43
640 Lexington Community Development District, Florida, Special Assessment 5/14 at 101.00 N/R 656,838
Revenue Bonds, Series 2004, 6.125%, 5/01/34
4,000 MMA Financial CDD Junior Securitization Trust, Florida, Pass-Through 11/07 at 100.00 N/R 4,017,400
Certificates, Class A, Series 2003I, 8.000%, 11/01/13
3,370 Meadowwoods Community Development District, Pasco County, Florida, 5/14 at 101.00 N/R 3,431,974
Special Assessment Revenue Bonds, Series 2004A, 6.050%, 5/01/35
1,000 Orlando Utilities Commission, Florida, Subordinate Lien Water and No Opt. Call Aa1*** 1,240,740
Electric Revenue Bonds, Series 1989D, 6.750%, 10/01/17
4,000 Palm Beach County Housing Finance Authority, Florida, Multifamily 7/09 at 103.00 N/R 4,009,800
Housing Revenue Bonds, Lake Delray Apartments, Series 1999A, 6.400%,
1/01/31 (Alternative Minimum Tax)
1,700 South-Dade Venture Community Development District, Florida, Special 5/14 at 101.00 N/R 1,751,238
Assessment Revenue Bonds, Series 2004, 6.125%, 5/01/34
Stonegate Community Development District, Florida, Special Assessment
Revenue Bonds, Series 2004:
485 6.000%, 5/01/24 5/14 at 101.00 N/R 496,165
500 6.125%, 5/01/34 5/14 at 101.00 N/R 511,440
Westchester Community Development District 1, Florida, Special
Assessment Bonds, Series 2003:
150 6.000%, 5/01/23 5/13 at 101.00 N/R 156,405
3,750 6.125%, 5/01/35 5/13 at 101.00 N/R 3,902,550
- ------------------------------------------------------------------------------------------------------------------------------------
Georgia - 0.8% (0.6% of Total Investments)
1,975 Fulton County Residential Care Facilities Authority, Georgia, Revenue 12/13 at 102.00 N/R 2,018,509
Bonds, St. Anne's Terrace, Series 2003, 7.625%, 12/01/33
900 Fulton County Residential Care Facilities Authority, Georgia, Revenue 2/09 at 100.00 N/R 894,357
Bonds, Canterbury Court, Series 2004A, 6.125%, 2/15/34
- ------------------------------------------------------------------------------------------------------------------------------------
Illinois - 10.2% (7.2% of Total Investments)
2,000 Chicago, Illinois, Certificates of Participation Tax Increment Revenue 12/08 at 100.00 N/R 2,093,500
Notes, Chicago/Kingsbury Redevelopment Project, Series 2004A, 6.570%,
2/15/13
1,400 Illinois Health Facilities Authority, Revenue Bonds, Midwest Physicians 11/08 at 102.00 BB+ 1,256,640
Group Ltd., Series 1998, 5.500%, 11/15/19
795 Illinois Health Facilities Authority, Revenue Bonds, Victory Health 8/07 at 101.00 Baa2 759,479
Services, Series 1997A, 5.750%, 8/15/27
8,725 Illinois Health Facilities Authority, Revenue Bonds, Lake Forest 7/12 at 100.00 A- 9,179,049
Hospital, Series 2002A, 5.750%, 7/01/29
Illinois Health Facilities Authority, FHA-Insured Mortgage Revenue
Refunding Bonds, Sinai Health System, Series 2003:
5,000 5.000%, 8/15/24 8/13 at 100.00 AAA 5,165,900
10,000 5.100%, 8/15/33 8/13 at 100.00 AAA 10,291,500
5,000 5.150%, 2/15/37 8/13 at 100.00 AAA 5,153,400
305 Illinois Health Facilities Authority, Revenue Refunding Bonds, Proctor 7/05 at 100.00 BB+ 305,092
Community Hospital, Series 1991, 7.375%, 1/01/23
2,065 Plano Special Service Area 1, Illinois, Special Tax Bonds, Lakewood 3/14 at 102.00 N/R 2,108,076
Springs Project, Series 2004A, 6.200%, 3/01/34
48
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
Indiana - 3.3% (2.3% of Total Investments)
$ 6,360 Carmel Redevelopment District, Indiana, Tax Increment Revenue Bonds, 7/12 at 103.00 N/R $ 6,417,940
Series 2004A, 6.650%, 1/15/24
Indiana Health Facility Financing Authority, Hospital Revenue Bonds,
Community Foundation of Northwest Indiana, Series 2004A:
500 6.250%, 3/01/25 3/14 at 101.00 BBB- 543,035
2,500 6.000%, 3/01/34 3/14 at 101.00 BBB- 2,642,300
1,935 Whitley County, Indiana, Solid Waste and Sewerage Disposal Revenue 11/10 at 102.00 N/R 2,056,653
Bonds, Steel Dynamics Inc., Series 1998, 7.250%, 11/01/18
(Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
Kentucky - 0.7% (0.5% of Total Investments)
2,875 Kenton County Airport Board, Kentucky, Special Facilities Revenue No Opt. Call Ca 2,508,035
Bonds, Delta Air Lines Project, Series 1992A, 7.500%, 2/01/20
(Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
Louisiana - 6.7% (4.7% of Total Investments)
2,730 Carter Plantation Community Development District, Livingston Parish, 11/05 at 100.00 N/R 2,684,709
Louisiana, Special Assessment Bonds, Series 2004, 5.500%, 5/01/16
8,500 Hodge, Louisiana, Combined Utility System Revenue Bonds, Stone No Opt. Call B 10,236,720
Container Corporation, Series 2003, 7.450%, 3/01/24 (Alternative
Minimum Tax)
2,630 Lafourche Parish Housing Authority, Louisiana, GNMA Collateralized 1/11 at 105.00 AAA 2,952,333
Mortgage Loan Multifamily Mortgage Revenue Bonds, City Place II
Apartments, Series 2001, 6.700%, 1/20/40
Ouachita Parish Industrial Development Authority, Louisiana, Solid
Waste Disposal Revenue Bonds, White Oaks Project, Series 2004A:
865 8.250%, 3/01/19 (Alternative Minimum Tax) 3/10 at 102.00 N/R 899,332
805 8.500%, 3/01/24 (Alternative Minimum Tax) 3/10 at 102.00 N/R 835,035
5,125 St. James Parish, Louisiana, Solid Waste Disposal Revenue Bonds, No Opt. Call N/R 5,133,969
Freeport McMoran Project, Series 1992, 7.700%, 10/01/22
(Alternative Minimum Tax)
1,000 Tobacco Settlement Financing Corporation, Louisiana, Tobacco 5/11 at 101.00 BBB 995,590
Settlement Asset-Backed Bonds, Series 2001B, 5.875%, 5/15/39
- ------------------------------------------------------------------------------------------------------------------------------------
Maine - 0.9% (0.6% of Total Investments)
3,155 Portland Housing Development Corporation, Maine, Senior Living 2/14 at 102.00 Baa2 3,148,217
Section 8 Assisted Revenue Bonds, Avesta Housing Development
Corporation, Series 2004A, 6.000%, 2/01/34
- ------------------------------------------------------------------------------------------------------------------------------------
Maryland - 3.4% (2.4% of Total Investments)
2,000 Maryland Energy Financing Administration, Revenue Bonds, AES 9/05 at 102.00 N/R 2,044,340
Warrior Run Project, Series 1995, 7.400%, 9/01/19 (Alternative
Minimum Tax)
3,800 Maryland Health and Higher Educational Facilities Authority, 8/14 at 100.00 Baa1 3,918,180
Revenue Bonds, Medstar Health, Series 2004, 5.500%, 8/15/33
7,435 Prince George's County, Maryland, Revenue Refunding and Project 7/05 at 101.00 B3 6,249,266
Bonds, Dimensions Health Corporation, Series 1994, 5.300%, 7/01/24
- ------------------------------------------------------------------------------------------------------------------------------------
Massachusetts - 1.4% (1.0% of Total Investments)
1,350 Massachusetts Health and Educational Facilities Authority, Revenue 7/14 at 100.00 BB 1,358,964
Bonds, Northern Berkshire Community Services Inc., Series 2004B,
6.375%, 7/01/34
3,480 Massachusetts Housing Finance Agency, Rental Housing Mortgage 7/10 at 100.00 AAA 3,732,648
Revenue Bonds, Series 2000H, 6.650%, 7/01/41 (Alternative
Minimum Tax) - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
Michigan - 4.6% (3.3% of Total Investments)
1,315 Countryside Charter School, Berrien County, Michigan, Charter 4/09 at 100.00 N/R 1,269,856
School Revenue Bonds, Series 1999, 7.000%, 4/01/29
915 Countryside Charter School, Berrien County, Michigan, Charter 4/09 at 100.00 N/R 936,237
School Revenue Bonds, Series 2000, 8.000%, 4/01/29
1,450 Detroit Local Development Finance Authority, Michigan, Tax Increment 5/09 at 101.00 BB- 1,363,290
Bonds, Series 1998A, 5.500%, 5/01/21
49
Nuveen Municipal High Income Opportunity Fund (NMZ) (continued)
Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
Michigan (continued)
$ 3,500 Michigan State Hospital Finance Authority, Hospital Revenue Refunding 8/05 at 101.00 Ba3 $ 3,230,220
Bonds, Detroit Medical Center Obligated Group, Series 1993B, 5.500%,
8/15/23
2,775 Nataki Talibah Schoolhouse, Wayne County, Michigan, Certificates of 6/10 at 102.00 N/R 2,933,342
Participation, Series 2000, 8.250%, 6/01/30
Pontiac Hospital Finance Authority, Michigan, Hospital Revenue Refunding
Bonds, NOMC Obligated Group, Series 1993:
1,000 6.000%, 8/01/13 8/05 at 100.00 BB 999,700
1,500 6.000%, 8/01/18 8/05 at 100.00 BB 1,449,345
1,800 6.000%, 8/01/23 8/05 at 100.00 BB 1,689,786
2,500 Saginaw Hospital Finance Authority, Michigan, Hospital Revenue Bonds, 7/14 at 100.00 A 2,577,325
Covenant Medical Center, Series 2004G, 5.125%, 7/01/22
- ------------------------------------------------------------------------------------------------------------------------------------
Minnesota - 2.6% (1.9% of Total Investments)
Minneapolis, Minnesota, Student Housing Revenue Bonds, Riverton
Community Housing Project, Series 2000:
100 7.200%, 7/01/14 7/10 at 100.00 N/R 102,492
100 7.300%, 7/01/15 7/10 at 100.00 N/R 102,485
1,325 Ramsey, Anoka County, Minnesota, Charter School Lease Revenue Bonds, 6/14 at 102.00 N/R 1,347,114
PACT Charter School, Series 2004A, 6.750%, 12/01/33
5,000 St. Louis Park, Minnesota, Revenue Bonds, Park Nicollet Health 7/14 at 100.00 A- 5,183,800
Services, Series 2003B, 5.250%, 7/01/30
1,100 St. Paul Housing and Redevelopment Authority, Minnesota, Charter 6/14 at 102.00 N/R 1,118,359
School Revenue Bonds, HOPE Community Academy Charter School,
Series 2004A, 6.750%, 12/01/33
1,430 St. Paul Housing and Redevelopment Authority, Minnesota, Charter 6/14 at 102.00 N/R 1,460,859
School Revenue Bonds, Higher Ground Academy Charter School, Series
2004A, 6.625%, 12/01/23
- ------------------------------------------------------------------------------------------------------------------------------------
Mississippi - 0.3% (0.3% of Total Investments)
1,000 Mississippi Home Corporation, Multifamily Housing Revenue Bonds, 11/19 at 101.00 N/R 1,015,450
Tupelo Personal Care Apartments, Series 2004-2, 6.125%, 9/01/34
- ------------------------------------------------------------------------------------------------------------------------------------
Missouri - 1.4% (1.0% of Total Investments)
2,380 Kansas City Industrial Development Authority, Missouri, Multifamily 2/14 at 102.00 N/R 2,412,915
Housing Revenue Bonds, Pickwick Apartments Project, Series 2004,
8.000%, 2/01/34 (Alternative Minimum Tax)
2,500 St. Louis County Industrial Development Authority, Missouri, Revenue 6/05 at 100.00 N/R 2,552,500
Bonds, Kiel Center Multipurpose Arena, Series 1992, 7.875%, 12/01/24
(Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
Montana - 2.1% (1.5% of Total Investments)
5,200 Montana Board of Investments, Exempt Facility Revenue Bonds, Stillwater 7/10 at 101.00 Ba3 5,477,680
Mining Company Project, Series 2000, 8.000%, 7/01/20 (Alternative
Minimum Tax)
2,000 Montana Board of Investment, Resource Recovery Revenue Bonds, No Opt. Call N/R 1,953,960
Yellowstone Energy LP, Series 1993, 7.000%, 12/31/19 (Alternative
Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
Nevada - 1.8% (1.2% of Total Investments)
1,500 Clark County, Nevada, Local Improvement Bonds, Mountain's Edge Special 8/05 at 103.00 N/R 1,546,680
Improvement District 142, Series 2003, 6.375%, 8/01/23
3,670 Clark County, Nevada, Industrial Development Revenue Bonds, Nevada No Opt. Call B- 3,600,857
Power Company Project, Series 1995C, 5.500%, 10/01/30
50
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
Nevada (continued)
$ 500 Clark County, Nevada, Industrial Development Revenue Bonds, Nevada No Opt. Call B- $ 496,765
Power Company, Series 1997A, 5.900%, 11/01/32 (Alternative Minimum Tax)
550 Director of Nevada State Department of Business and Industry, 1/10 at 102.00 N/R 575,559
Revenue Bonds, Las Vegas Monorail Project, Second Tier, Series 2000,
7.375%, 1/01/40
- ------------------------------------------------------------------------------------------------------------------------------------
New Jersey - 3.7% (2.6% of Total Investments)
1,510 New Jersey Economic Development Authority, Special Facilities Revenue 9/09 at 101.00 B 1,225,576
Bonds, Continental Airlines Inc., Series 1999, 6.250%, 9/15/29
(Alternative Minimum Tax)
500 New Jersey Health Care Facilities Financing Authority, Revenue Bonds, 7/10 at 101.00 BBB- 561,995
Trinitas Hospital Obligated Group, Series 2000, 7.500%, 7/01/30
Tobacco Settlement Financing Corporation, New Jersey, Tobacco
Settlement Asset-Backed Bonds, Series 2003:
7,825 6.750%, 6/01/39 6/13 at 100.00 BBB 8,286,127
2,760 7.000%, 6/01/41 6/13 at 100.00 BBB 2,985,106
- ------------------------------------------------------------------------------------------------------------------------------------
New Mexico - 1.3% (0.9% of Total Investments)
4,500 Jicarilla Apache Nation, New Mexico, Revenue Bonds, Series 9/13 at 101.00 N/R 4,706,460
2002A, 5.000%, 9/01/18
- ------------------------------------------------------------------------------------------------------------------------------------
New York - 3.3% (2.3% of Total Investments)
1,700 New York City Industrial Development Agency, New York, Special 8/06 at 100.00 CCC 1,240,116
Facilities Revenue Bonds, American Airlines Inc., Series 1994,
6.900%, 8/01/24 (Alternative Minimum Tax)
750 New York City Industrial Development Agency, New York, Special No Opt. Call CCC 691,133
Facilities Revenue Bonds, JFK Airport - American Airlines Inc.,
Series 2002A, 8.000%, 8/01/12 (Alternative Minimum Tax)
New York State Tobacco Settlement Financing Corporation, Tobacco
Settlement Asset-Backed and State Contingency Contract-Backed Bonds,
Series 2003B-1C:
4,000 5.500%, 6/01/21 6/13 at 100.00 AA- 4,395,080
5,000 5.500%, 6/01/22 6/13 at 100.00 AA- 5,461,400
- ------------------------------------------------------------------------------------------------------------------------------------
North Carolina - 1.6% (1.1% of Total Investments)
5,500 North Carolina Capital Facilities Financing Agency, Solid Waste 7/12 at 106.00 N/R 5,552,965
Facilities Revenue Bonds, Liberty Tire Services of North Carolina
LLC, Series 2004A, 6.750%, 7/01/29
- ------------------------------------------------------------------------------------------------------------------------------------
Ohio - 4.0% (2.8% of Total Investments)
Belmont County, Ohio, Revenue Bonds, Ohio Valley Health
Services and Education Corporation, Series 1998:
500 5.700%, 1/01/13 1/08 at 102.00 B 467,770
400 5.800%, 1/01/18 1/08 at 102.00 B 359,436
3,375 Cleveland-Cuyahoga County Port Authority, Ohio, Bond Fund Program 5/14 at 102.00 N/R 3,408,750
Development Revenue Bonds, Garfield Heights Project, Series 2004D,
5.250%, 5/15/23
7,800 Ohio Water Development Authority, Solid Waste Disposal Revenue Bonds, 9/08 at 102.00 N/R 7,849,608
Bay Shore Power, Series 1998A, 5.875%, 9/01/20 (Alternative Minimum Tax)
800 Toledo-Lucas County Port Authority, Ohio, Port Revenue Bonds, Cargill Inc., 3/14 at 101.00 A+ 813,832
Series 2004A, 4.800%, 3/01/22
1,275 Trumbull County, Ohio, Sewerage Disposal Revenue Bonds, General Motors No Opt. Call Baa3 1,342,295
Corporation, Series 1994, 6.750%, 7/01/14 (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
Oklahoma - 4.3% (3.1% of Total Investments)
Oklahoma Development Finance Authority, Revenue Refunding Bonds, Hillcrest
Healthcare System, Series 1999A:
1,200 5.750%, 8/15/15 (Pre-refunded to 8/15/09) 8/09 at 101.00 AAA 1,328,712
11,680 5.625%, 8/15/29 (Pre-refunded to 8/15/09) 8/09 at 101.00 AAA 12,874,747
1,335 Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds, American Airlines 6/05 at 102.00 B- 1,135,377
Inc., Series 1995, 6.250%, 6/01/20
51
Nuveen Municipal High Income Opportunity Fund (NMZ) (continued)
Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
Pennsylvania - 4.3% (3.1% of Total Investments)
Allegheny County Hospital Development Authority, Pennsylvania, Revenue
Bonds, West Penn Allegheny Health System, Series 2000B:
$ 695 9.250%, 11/15/22 11/10 at 102.00 B1 $ 821,393
6,455 9.250%, 11/15/30 11/10 at 102.00 B1 7,628,906
190 Monroeville Hospital Authority, Pennsylvania, Revenue Bonds, Forbes No Opt. Call B1 180,614
Health System, Series 1992, 7.000%, 10/01/13
300 Monroeville Hospital Authority, Pennsylvania, Revenue Bonds, Forbes 10/05 at 102.00 B1 277,698
Health System, Series 1995, 6.250%, 10/01/15
240 New Morgan Industrial Development Authority, Pennsylvania, Solid Waste 10/05 at 101.00 BB- 240,007
Disposal Revenue Bonds, New Morgan Landfill Company Inc., Series 1994,
6.500%, 4/01/19 (Alternative Minimum Tax)
600 Pennsylvania Economic Development Financing Authority, Exempt Facilities 12/09 at 103.00 B+ 647,106
Revenue Bonds, Reliant Energy Inc., Series 2003A, 6.750%, 12/01/36
(Alternative Minimum Tax)
400 Pennsylvania Economic Development Financing Authority, Exempt Facilities 12/09 at 103.00 B+ 431,404
Revenue Bonds, Reliant Energy Inc., Series 2002A, 6.750%, 12/01/36
(Alternative Minimum Tax)
580 Pennsylvania Economic Development Financing Authority, Revenue Bonds, 6/08 at 100.00 BB+ 567,269
Northwestern Human Services Inc., Series 1998A, 5.250%, 6/01/09
4,000 Pennsylvania Economic Development Financing Authority, Revenue Bonds, 6/12 at 102.00 A 4,327,600
Amtrak 30th Street Station Parking Garage, Series 2002, 5.800%, 6/01/23
(Alternative Minimum Tax) - ACA Insured
230 Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, No Opt. Call B1 225,752
Allegheny General Hospital, Series 1991A, 7.250%, 9/01/17
- ------------------------------------------------------------------------------------------------------------------------------------
Rhode Island - 0.9% (0.6% of Total Investments)
3,000 Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement 6/12 at 100.00 BBB 3,024,510
Asset-Backed Bonds, Series 2002A, 6.250%, 6/01/42
- ------------------------------------------------------------------------------------------------------------------------------------
South Carolina - 2.0% (1.4% of Total Investments)
2,755 Berkeley County School District, South Carolina, Installment Purchase 12/13 at 100.00 A- 2,933,056
Revenue Bonds, Securing Assets for Education, Series 2003, 5.250%,
12/01/19
Piedmont Municipal Power Agency, South Carolina, Electric Revenue
Bonds, Series 1991:
500 6.750%, 1/01/19 - FGIC Insured No Opt. Call AAA 647,080
1,375 6.750%, 1/01/19 - FGIC Insured No Opt. Call AAA 1,747,542
1,150 South Carolina JOBS Economic Development Authority, Hospital Revenue 8/11 at 100.00 AA 1,208,006
Bonds, Georgetown Memorial Hospital, Series 2001, 5.250%, 2/01/21 -
RAAI Insured
490 Tobacco Settlement Revenue Management Authority, South Carolina, Tobacco No Opt. Call BBB 515,274
Settlement Asset-Backed Bonds, Series 2001B, 6.375%, 5/15/30
- ------------------------------------------------------------------------------------------------------------------------------------
Tennessee - 0.9% (0.6% of Total Investments)
3,000 Knox County Health, Educational and Housing Facilities Board, Tennessee, 4/12 at 101.00 Baa3 3,113,340
Hospital Revenue Bonds, Baptist Health System of East Tennessee Inc.,
Series 2002, 6.500%, 4/15/31
- ------------------------------------------------------------------------------------------------------------------------------------
Texas - 8.8% (6.2% of Total Investments)
1,200 Dallas-Ft. Worth International Airport Facility Improvement Corporation, 5/05 at 100.00 CCC 899,628
Texas, Revenue Bonds, American Airlines Inc., Series 1992, 7.250%,
11/01/30 (Alternative Minimum Tax)
2,705 Dallas-Ft. Worth International Airport Facility Improvement Corporation, 11/05 at 102.00 CCC 2,158,238
Texas, Revenue Bonds, American Airlines Inc., Series 1995, 6.000%,
11/01/14
565 Dallas-Ft. Worth International Airport Facility Improvement Corporation, 11/09 at 101.00 Caa2 387,539
Texas, Revenue Bonds, American Airlines Inc., Series 1999, 6.375%,
5/01/35 (Alternative Minimum Tax)
Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health
System, Series 2004A:
1,840 7.000%, 9/01/25 9/14 at 100.00 N/R 1,982,177
6,600 7.125%, 9/01/34 9/14 at 100.00 N/R 7,085,694
52
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
Texas (continued)
$ 585 Gulf Coast Industrial Development Authority, Texas, Solid Waste 4/12 at 100.00 Ba3 $ 668,035
Disposal Revenue Bonds, Citgo Petroleum Corporation Project,
Series 1998, 8.000%, 4/01/28 (Alternative Minimum Tax)
3,000 Harris County Health Facilities Development Corporation, Texas, 12/14 at 100.00 A 3,075,270
Hospital Revenue Bonds, Memorial Hermann Healthcare System,
Series 2004A, 5.125%, 12/01/23
2,020 Houston, Texas, Airport System Special Facilities Revenue Bonds, 7/09 at 101.00 B- 1,480,216
Continental Air Lines Inc. Project, Series 1998B, 5.700%, 7/15/29
(Alternative Minimum Tax)
975 Houston, Texas, Airport System Special Facilities Revenue Bonds, 7/09 at 101.00 B- 714,461
Continental Air Lines Inc. Project, Series 1998C, 5.700%, 7/15/29
(Alternative Minimum Tax)
Houston, Texas, Airport System Special Facilities Revenue Bonds,
Continental Air Lines Inc. Project, Series 2001E:
600 7.375%, 7/01/22 (Alternative Minimum Tax) 7/11 at 101.00 B- 560,460
5,350 6.750%, 7/01/29 (Alternative Minimum Tax) 7/11 at 101.00 B- 4,593,350
Houston Health Facilities Development Corporation, Texas, Revenue
Bonds, Buckingham Senior Living Community Inc., Series 2004A:
250 7.000%, 2/15/23 2/14 at 101.00 N/R 270,485
1,400 7.125%, 2/15/34 2/14 at 101.00 N/R 1,506,610
5,850 Texas Department of Housing and Community Affairs, Multifamily 7/21 at 100.00 N/R 5,852,165
Housing Revenue Bonds, Humble Parkway Townhomes, Series 2004,
6.600%, 1/01/41 (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
Virgin Islands - 3.4% (2.4% of Total Investments)
5,000 Virgin Islands Public Finance Authority, Refinery Revenue Bonds, 1/14 at 100.00 BBB 5,487,350
Hovensa LLC, Series 2003, 6.125%, 7/01/22 (Alternative Minimum Tax)
3,300 Virgin Islands Public Finance Authority, Senior Secured Lien Refinery 7/14 at 100.00 BBB 3,563,010
Revenue Bonds, Hovensa LLC, Series 2004, 5.875%, 7/01/22
3,000 Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan 10/14 at 100.00 AA 3,151,680
Note, Series 2003, 5.000%, 10/01/26 - RAAI Insured
- ------------------------------------------------------------------------------------------------------------------------------------
Virginia - 3.6% (2.6% of Total Investments)
Pocahontas Parkway Association, Virginia, Senior Lien Revenue Bonds,
Route 895 Connector Toll Road, Series 1998B:
2,000 0.000%, 8/15/12 8/08 at 82.10 BB 1,353,620
3,000 0.000%, 8/15/15 8/08 at 68.82 BB 1,685,970
9,000 0.000%, 8/15/19 8/08 at 54.38 BB 3,983,850
Pocahontas Parkway Association, Virginia, Senior Lien Revenue Bonds,
Route 895 Connector Toll Road, Series 1998A:
2,000 0.000%, 8/15/14 8/08 at 73.23 BB 1,196,460
4,250 5.500%, 8/15/28 8/08 at 102.00 BB 4,173,542
1,850 0.000%, 8/15/30 8/08 at 28.38 BB 410,164
- ------------------------------------------------------------------------------------------------------------------------------------
Washington - 4.8% (3.4% of Total Investments)
4,180 Seattle, Washington, Municipal Light and Power Revenue Bonds, Series 8/14 at 100.00 AAA 4,253,902
2004, 4.500%, 8/01/19 - FSA Insured
3,000 Skagit County Public Hospital District 1, Washington, Revenue Bonds, 12/13 at 100.00 Baa3 3,228,060
Skagit Valley Hospital, Series 2003, 6.000%, 12/01/18
Vancouver Downtown Redevelopment Authority, Washington, Revenue Bonds,
Conference Center Project, Series 2003A:
1,750 6.000%, 1/01/28 - ACA Insured 1/14 at 100.00 A 1,892,240
4,725 6.000%, 1/01/34 - ACA Insured 1/14 at 100.00 A 5,081,360
2,500 5.250%, 1/01/34 - ACA Insured 1/14 at 100.00 A 2,550,425
53
Nuveen Municipal High Income Opportunity Fund (NMZ) (continued)
Portfolio of Investments April 30, 2005 (Unaudited)
Principal Optional Call Market
Amount (000) Description(1) Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
Wisconsin - 5.8% (4.1% of Total Investments)
$ 550 Lac Courte Oreilles Band of Lake Superior Chippewa Indians, Wisconsin, 12/14 at 101.00 N/R $ 552,778
Revenue Bonds, Series 2003A, 7.750%, 6/01/16
300 Wisconsin Health and Educational Facilities Authority, Revenue Bonds, 7/06 at 102.00 N/R 306,507
Milwaukee Catholic Home Inc., Series 1996, 7.250%, 7/01/17
500 Wisconsin Health and Educational Facilities Authority, Revenue Bonds, 8/05 at 100.00 N/R 500,920
Oakwood Village Obligated Group, Series 2000A, 7.000%, 8/15/15
5,000 Wisconsin Health and Educational Facilities Authority, Revenue Bonds, 2/12 at 101.00 A 5,321,800
Wheaton Franciscan Services Inc., Series 2002, 5.750%, 8/15/30
Wisconsin Health and Educational Facilities Authority, Revenue Bonds,
Aurora Health Care Inc., Series 1999A:
2,300 5.600%, 2/15/29 - ACA Insured 2/09 at 101.00 A 2,373,024
9,380 5.600%, 2/15/29 2/09 at 101.00 BBB+ 9,596,490
Wisconsin Health and Educational Facilities Authority, Revenue Bonds,
Southwest Health Center Inc., Series 2004A:
1,000 6.250%, 4/01/34 4/14 at 100.00 N/R 986,510
875 6.125%, 4/01/24 4/14 at 100.00 N/R 868,750
- ------------------------------------------------------------------------------------------------------------------------------------
Other - 2.1% (1.5% of Total Investments)
Charter Mac Equity Issuer Trust, Preferred Shares, Series 2004A-4:
5,000 6.000%, 12/31/45 (Alternative Minimum Tax) (Mandatory put 4/30/19) No Opt. Call A3 5,383,100
1,000 5.750%, 12/31/45 (Mandatory put 4/30/15) No Opt. Call A3 1,068,860
1,000 GMAC Municipal Mortgage Trust, Series B-1, 5.600%, 10/31/39 No Opt. Call Baa1 1,029,710
(Alternative Minimum Tax) (Mandatory put 10/31/19)
- ------------------------------------------------------------------------------------------------------------------------------------
$ 496,343 Total Long-Term Investments (cost $476,866,528) - 141.5% 501,875,412
============------------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.2% 7,778,807
----------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (43.7)% (155,000,000)
----------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 354,654,219
======================================================================================================================
(1) All percentages shown in the Portfolio of Investments are
based on net assets applicable to Common shares unless
otherwise noted.
* 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.
(a) The issuer has received a preliminary adverse determination
from the Internal Revenue Service (the "IRS") regarding the
tax-exempt status of the bonds' coupon payments. The Fund will
continue to treat coupon payments as tax-exempt income until
such time that it is formally determined that the interest on
the bonds should be treated as taxable.
See accompanying notes to financial statements.
54
Statement of
Assets and Liabilities April 30, 2005 (Unaudited)
Investment Select Quality Premier High Income
Quality Quality Income Income Opportunity
(NQM) (NQS) (NQU) (NPF) (NMZ)
- ------------------------------------------------------------------------------------------------------------------------------------
Assets
Investments, at market value (cost $784,995,240,
$741,512,723, $1,183,771,404, $434,694,984,
and $476,866,528, respectively) $843,095,353 $ 798,366,118 $ 1,280,758,463 $ 467,577,844 $501,875,412
Cash -- -- 601,072 -- --
Receivables:
Interest 14,058,862 13,159,150 20,745,266 6,764,352 9,442,708
Investments sold 13,371,053 1,497,797 585,000 100,000 5,548,760
Other assets 65,369 44,727 93,749 28,104 9,201
- ------------------------------------------------------------------------------------------------------------------------------------
Total assets 870,590,637 813,067,792 1,302,783,550 474,470,300 516,876,081
- ------------------------------------------------------------------------------------------------------------------------------------
Liabilities
Cash overdraft 3,623,416 1,000,277 -- 1,371,049 6,597,192
Payable for investments purchased -- -- 6,458,300 -- --
Accrued expenses:
Management fees 436,657 410,132 645,039 241,464 168,838
Other 167,758 159,077 248,852 103,642 306,362
Preferred share dividends payable 85,892 78,345 109,987 36,955 149,470
- ------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 4,313,723 1,647,831 7,462,178 1,753,110 7,221,862
- ------------------------------------------------------------------------------------------------------------------------------------
Preferred shares, at liquidation value 301,000,000 279,000,000 452,000,000 165,000,000 155,000,000
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $565,276,914 $ 532,419,961 $ 843,321,372 $ 307,717,190 $354,654,219
====================================================================================================================================
Common shares outstanding 35,748,959 33,887,474 54,204,488 20,091,018 23,227,199
====================================================================================================================================
Net asset value per Common share outstanding
(net assets applicable to Common
shares, divided by Common
shares outstanding) $ 15.81 $ 15.71 $ 15.56 $ 15.32 $ 15.27
====================================================================================================================================
Net assets applicable to Common shares
consist of:
- ------------------------------------------------------------------------------------------------------------------------------------
Common shares, $.01 par value per share $ 357,490 $ 338,875 $ 542,045 $ 200,910 $ 232,272
Paid-in surplus 498,308,980 471,842,025 755,082,994 279,091,550 328,465,719
Undistributed net investment income 5,126,004 5,841,112 6,638,665 749,325 656,950
Accumulated net realized gain (loss) from
investments 3,384,327 (2,455,446) (15,929,391) (5,207,455) 290,394
Net unrealized appreciation of investments 58,100,113 56,853,395 96,987,059 32,882,860 25,008,884
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $565,276,914 $ 532,419,961 $ 843,321,372 $ 307,717,190 $354,654,219
====================================================================================================================================
Authorized shares:
Common 200,000,000 200,000,000 200,000,000 200,000,000 Unlimited
Preferred 1,000,000 1,000,000 1,000,000 1,000,000 Unlimited
====================================================================================================================================
See accompanying notes to financial statements.
55
Statement of
Operations Six Months Ended April 30, 2005 (Unaudited)
Investment Select Quality Premier High Income
Quality Quality Income Income Opportunity
(NQM) (NQS) (NQU) (NPF) (NMZ)
- ------------------------------------------------------------------------------------------------------------------------------------
Investment Income $ 22,307,684 $ 21,166,027 $ 32,625,545 $ 11,427,415 $ 15,479,145
- ------------------------------------------------------------------------------------------------------------------------------------
Expenses
Management fees 2,655,171 2,483,189 3,907,541 1,467,253 1,814,612
Preferred shares - auction fees 373,157 345,884 560,356 204,555 92,726
Preferred shares - dividend disbursing
agent fees 24,795 24,795 29,753 14,877 14,877
Shareholders' servicing agent fees and expenses 33,817 30,657 51,876 17,537 1,151
Custodian's fees and expenses 102,893 82,093 132,173 53,090 83,270
Directors'/Trustees' fees and expenses 7,310 6,989 10,853 3,966 4,132
Professional fees 48,854 35,871 28,544 52,612 30,276
Shareholders' reports - printing and
mailing expenses 40,332 38,224 58,433 23,874 27,328
Stock exchange listing fees 6,962 6,606 10,566 5,235 951
Investor relations expense 60,812 57,022 90,440 33,516 35,737
Other expenses 29,057 38,415 41,203 19,533 8,275
- ------------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit
and expense reimbursement 3,383,160 3,149,745 4,921,738 1,896,048 2,113,335
Custodian fee credit (2,915) (20,716) (18,066) (2,363) (1,402)
Expense reimbursement -- -- -- -- (799,307)
- ------------------------------------------------------------------------------------------------------------------------------------
Net expenses 3,380,245 3,129,029 4,903,672 1,893,685 1,312,626
- ------------------------------------------------------------------------------------------------------------------------------------
Net investment income 18,927,439 18,036,998 27,721,873 9,533,730 14,166,519
- ------------------------------------------------------------------------------------------------------------------------------------
Realized and Unrealized Gain (Loss)
Net realized and unrealized gain (loss)
from investments 3,386,036 (49,697) 1,328,981 (5,205,922) 291,377
Change in net unrealized appreciation
(depreciation) of investments (7,214,874) 1,778,080 1,770,714 4,825,180 10,145,141
- ------------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) (3,828,838) 1,728,383 3,099,695 (380,742) 10,436,518
- ------------------------------------------------------------------------------------------------------------------------------------
Distributions to Preferred Shareholders
From net investment income (2,269,870) (2,367,153) (3,737,897) (1,264,745) (1,335,974)
From accumulated net realized gains from
investments (283,920) -- -- (210,151) (126,806)
- ------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common
shares from distributions to Preferred
shareholders (2,553,790) (2,367,153) (3,737,897) (1,474,896) (1,462,780)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable to
Common shares from operations $ 12,544,811 $ 17,398,228 $ 27,083,671 $ 7,678,092 $ 23,140,257
====================================================================================================================================
See accompanying notes to financial statements.
56
Statement of
Changes in Net Assets (Unaudited)
Investment Quality (NQM) Select Quality (NQS)
--------------------------------- ----------------------------------
Six Months Year Six Months Year
Ended Ended Ended Ended
4/30/05 10/31/04 4/30/05 10/31/04
- ------------------------------------------------------------------------------------------------------------------------------------
Operations
Net investment income $ 18,927,439 $ 38,309,679 $ 18,036,998 $ 36,775,861
Net realized gain (loss) from investments 3,386,036 4,952,784 (49,697) (2,412,210)
Change in net unrealized appreciation
(depreciation) of investments (7,214,874) 10,084,653 1,778,080 16,809,379
Distributions to Preferred Shareholders:
From net investment income (2,269,870) (2,792,857) (2,367,153) (2,441,256)
From accumulated net realized gains
from investments (283,920) -- -- (189,626)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable to
Common shares from operations 12,544,811 50,554,259 17,398,228 48,542,148
- ------------------------------------------------------------------------------------------------------------------------------------
Distributions to Common Shareholders
From net investment income (17,802,982) (36,034,950) (16,672,638) (33,809,362)
From accumulated net realized gains
from investments (3,628,520) -- -- (2,399,044)
- ------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to
Common shares from distributions
to Common shareholders (21,431,502) (36,034,950) (16,672,638) (36,208,406)
- ------------------------------------------------------------------------------------------------------------------------------------
Capital Share Transactions
Common shares:
Net proceeds from sale of shares -- -- -- --
Net proceeds from shares issued
to shareholders due to
reinvestment of distributions -- -- -- --
Preferred shares offering costs -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable
to Common shares from
capital share transactions -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares (8,886,691) 14,519,309 725,590 12,333,742
Net assets applicable to Common shares
at the beginning of period 574,163,605 559,644,296 531,694,371 519,360,629
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares
at the end of period $ 565,276,914 $ 574,163,605 $ 532,419,961 $ 531,694,371
====================================================================================================================================
Undistributed net investment income
at the end of period $ 5,126,004 $ 6,271,417 $ 5,841,112 $ 6,843,905
====================================================================================================================================
See accompanying notes to financial statements.
57
Statement of
Changes in Net Assets (Unaudited) (continued)
Quality Income (NQU) Premier Income (NPF)
------------------------------- -------------------------------
Six Months Year Six Months Year
Ended Ended Ended Ended
4/30/05 10/31/04 4/30/05 10/31/04
- -----------------------------------------------------------------------------------------------------------------
Operations
Net investment income $ 27,721,873 $ 56,386,704 $ 9,533,730 $ 20,152,594
Net realized gain (loss) from investments 1,328,981 680,647 (5,205,922) 3,300,711
Change in net unrealized appreciation
(depreciation) of investments 1,770,714 26,343,433 4,825,180 5,805,345
Distributions to Preferred Shareholders:
From net investment income (3,737,897) (4,225,966) (1,264,745) (1,525,702)
From accumulated net realized gains
from investments -- -- (210,151) --
- -----------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable
to Common shares from operations 27,083,671 79,184,818 7,678,092 27,732,948
- -----------------------------------------------------------------------------------------------------------------
Distributions to Common Shareholders
From net investment income (25,855,547) (52,361,550) (9,246,062) (19,789,658)
From accumulated net realized gains
from investments -- -- (2,706,086) --
- -----------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to
Common shares from distributions
to Common shareholders (25,855,547) (52,361,550) (11,952,148) (19,789,658)
- -----------------------------------------------------------------------------------------------------------------
Capital Share Transactions
Common shares:
Net proceeds from sale of shares -- -- -- --
Net proceeds from shares issued
to shareholders due to
reinvestment of distributions -- -- -- --
Preferred shares offering costs -- -- -- --
- -----------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable
to Common shares from
capital share transactions -- -- -- --
- -----------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares 1,228,124 26,823,268 (4,274,056) 7,943,290
Net assets applicable to Common shares
at the beginning of period 842,093,248 815,269,980 311,991,246 304,047,956
- -----------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares
at the end of period $ 843,321,372 $ 842,093,248 $ 307,717,190 $ 311,991,246
=================================================================================================================
Undistributed net investment income
at the end of period $ 6,638,665 $ 8,510,236 $ 749,325 $ 1,726,402
=================================================================================================================
High Income
Opportunity (NMZ)
-------------------------------
For the
Period
11/19/03
(commencement
Six Months of operations)
Ended through
4/30/05 10/31/04
- --------------------------------------------------------------------------------
Operations
Net investment income $ 14,166,519 $ 22,642,686
Net realized gain (loss) from investments 291,377 1,565,331
Change in net unrealized appreciation
(depreciation) of investments 10,145,141 14,863,743
Distributions to Preferred Shareholders:
From net investment income (1,335,974) (1,782,677)
From accumulated net realized gains
from investments (126,806) --
- --------------------------------------------------------------------------------
Net increase in net assets applicable
to Common shares from operations 23,140,257 37,289,083
- --------------------------------------------------------------------------------
Distributions to Common Shareholders
From net investment income (12,400,973) (20,632,463)
From accumulated net realized gains
from investments (1,439,677) --
- --------------------------------------------------------------------------------
Decrease in net assets applicable to
Common shares from distributions
to Common shareholders (13,840,650) (20,632,463)
- --------------------------------------------------------------------------------
Capital Share Transactions
Common shares:
Net proceeds from sale of shares -- 330,929,250
Net proceeds from shares issued
to shareholders due to
reinvestment of distributions 346,876 707,518
Preferred shares offering costs (15,427) (3,370,500)
- --------------------------------------------------------------------------------
Net increase in net assets applicable
to Common shares from
capital share transactions 331,449 328,266,268
- --------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares 9,631,056 344,922,888
Net assets applicable to Common shares
at the beginning of period 345,023,163 100,275
- --------------------------------------------------------------------------------
Net assets applicable to Common shares
at the end of period $ 354,654,219 $ 345,023,163
================================================================================
Undistributed net investment income
at the end of period $ 656,950 $ 227,378
================================================================================
See accompanying notes to financial statements.
58
Notes to
Financial Statements (Unaudited)
1. General Information and Significant Accounting Policies
The funds (the "Funds") covered in this report and their corresponding Common
share 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), Nuveen Premier Municipal Income Fund, Inc. (NPF) and
Nuveen Municipal High Income Opportunity Fund (NMZ). Common shares of Investment
Quality (NQM), Select Quality (NQS), Quality Income (NQU) and Premier Income
(NPF) are traded on the New York Stock Exchange while Common shares of High
Income Opportunity (NMZ) are traded on the American Stock Exchange. 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.
Effective January 1, 2005, Nuveen Advisory Corp. ("NAC"), the Funds' previous
adviser, and its affiliate, Nuveen Institutional Advisory Corp. ("NIAC"), were
merged into Nuveen Asset Management ("NAM"), each wholly owned subsidiaries of
Nuveen Investments, Inc. ("Nuveen"). As a result of the merger, NAM is now the
Adviser to all funds previously advised by either NAC or NIAC.
Prior to the commencement of operations of High Income Opportunity (NMZ), the
Fund had no operations other than those related to organizational matters, the
initial capital contribution of $100,275 by the Adviser, the recording of the
organization expenses ($11,500) and its reimbursement by Nuveen Investments,
LLC, also a wholly owned subsidiary of Nuveen.
The following is a summary of significant accounting policies followed by the
Funds in the preparation of their financial statements in accordance with U.S.
generally accepted accounting principles.
Investment Valuation
The prices of municipal bonds in each Fund's investment portfolio are provided
by a pricing service approved by the Fund's Board of Directors/Trustees. When
price quotes are not readily available (which is usually the case for municipal
securities), the pricing service or, in the absence of a pricing service for a
particular security, the Board of Directors/Trustees of the Funds, or its
designee, may establish fair market value using a wide variety of market data
including yields or prices of municipal bonds of comparable quality, type of
issue, coupon, maturity and rating, market quotes or indications of value from
securities dealers, evaluations of anticipated cash flows or collateral, general
market conditions and other information and analysis, including the obligor's
credit characteristics considered relevant by the pricing service or the Board
of Directors'/Trustees' designee. 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 transactions are determined on the specific identification method.
Securities purchased on a when-issued or delayed delivery basis may have
extended settlement periods. Any 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, 2005,
Quality Income (NQU) had when-issued purchase commitments of $6,458,300. There
were no such outstanding purchase commitments in any of the other Funds.
Investment Income
Interest income, which includes the amortization of premiums and accretion of
discounts for financial reporting purposes, is recorded on an accrual basis.
Investment income also includes paydown gains and losses, if any.
Professional Fees
Professional fees presented in the Statement of Operations consist of legal fees
incurred in the normal course of operations, audit fees, tax consulting fees
and, in some cases, workout expenditures. Workout expenditures are incurred in
an attempt to protect or enhance an investment, or to pursue other claims or
legal actions on behalf of Fund shareholders.
59
Notes to
Financial Statements (Unaudited) (continued)
Federal Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund
intends to distribute substantially all net investment income and net capital
gains to shareholders and to otherwise comply with the requirements of
Subchapter M of the Internal Revenue Code applicable to regulated investment
companies. Therefore, no federal income tax provision is required. Furthermore,
each Fund intends to satisfy conditions which will enable interest from
municipal securities, which is exempt from regular federal income tax, to retain
such tax-exempt status when distributed to shareholders of the Funds. Net
realized capital gains and ordinary income distributions paid by the Funds are
subject to federal taxation.
Dividends and Distributions to Common Shareholders
Dividends from tax-exempt net investment income are declared monthly. Net
realized capital gains and/or market discount from investment transactions, if
any, are distributed to shareholders not less frequently than annually.
Furthermore, capital gains are distributed only to the extent they exceed
available capital loss carryforwards.
Distributions to 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 U.S.
generally accepted accounting principles.
Preferred Shares
The Funds have issued and outstanding Preferred shares, $25,000 stated value per
share, as a means of effecting financial leverage. Each Fund's Preferred shares
are issued in more than one Series. The dividend rate on each Series, with the
exception of High Income Opportunity's (NMZ) Series T and Series W, is
determined every seven days, pursuant to a dutch auction process overseen by the
auction agent, and is payable weekly at the end of each rate period. The initial
dividend rates for High Income Opportunity's (NMZ) Series T and Series W were
negotiated at the time of the Preferred share offerings and are set for periods
of two years and three years, respectively, from their inception, and payable
monthly. The number of Preferred shares outstanding, by Series and in total, for
each Fund is as follows:
Investment Select Quality Premier High Income
Quality Quality Income Income Opportunity
(NQM) (NQS) (NQU) (NPF) (NMZ)
- ---------------------------------------------------------------------------------------------------------
Number of shares:
Series M 2,500 2,000 3,000 1,000 3,000
Series T 2,500 2,000 3,000 2,800 1,600
Series W 2,500 2,800 3,000 -- 1,600
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 6,200
=========================================================================================================
High Income Opportunity (NMZ) issued the Preferred shares listed above on
January 23, 2004.
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, 2005.
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.
60
Offering Costs
Nuveen Investments, LLC has agreed to pay all Common share offering costs (other
than the sales load) that exceed $.03 per Common share for High Income
Opportunity (NMZ). High Income Opportunity's (NMZ) share of Common share
offering costs ($698,510) were recorded as a reduction of the proceeds from the
sale of Common shares.
Costs incurred by High Income Opportunity (NMZ) in connection with its offering
of Preferred shares ($3,385,927) were recorded as a reduction to paid-in
surplus.
Indemnifications
Under the Funds' organizational documents, their Officers and Directors/Trustees
are indemnified against certain liabilities arising out of the performance of
their duties to the Funds. In addition, in the normal course of business, the
Funds enter into contracts that provide general indemnifications to other
parties. The Funds' maximum exposure under these arrangements is unknown as this
would involve future claims that may be made against the Funds that have not yet
occurred. However, the Funds have not had prior claims or losses pursuant to
these contracts and expect the risk of loss to be remote.
Use of Estimates
The preparation of financial statements in conformity with U.S. generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of increases and
decreases in net assets applicable to Common shares from operations during the
reporting period. Actual results may differ from those estimates.
2. Fund Shares
Transactions in Common and Preferred shares were as follows:
Investment Select Quality
Quality (NQM) Quality (NQS) Income (NQU)
------------------------ ------------------------- ---------------------------
Six Months Year Six Months Year Six Months Year
Ended Ended Ended Ended Ended Ended
4/30/05 10/31/04 4/30/05 10/31/04 4/30/05 10/31/04
- ---------------------------------------------------------------------------------------------------------------------------------
Common shares:
Shares sold -- -- -- -- -- --
Shares issued to shareholders
due to reinvestment of distributions -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------------------
-- -- -- -- -- --
=================================================================================================================================
Preferred shares sold -- -- -- -- -- --
=================================================================================================================================
Premier High Income
Income (NPF) Opportunity (NMZ)
------------------------- ---------------------------
For the
Period
11/19/03
(commencement
Six Months Year Six Months of operations)
Ended Ended Ended through
4/30/05 10/31/04 4/30/05 10/31/04
- ---------------------------------------------------------------------------------------------------------------------------------
Common shares:
Shares sold -- -- -- 23,150,000
Shares issued to shareholders
due to reinvestment of distributions -- -- 23,164 47,035
- ---------------------------------------------------------------------------------------------------------------------------------
-- -- 23,164 23,197,035
=================================================================================================================================
Preferred shares sold -- -- -- 6,200
=================================================================================================================================
3. Securities Transactions
Purchases and sales (including maturities) of investments in long-term municipal
securities during the six months ended April 30, 2005, were as follows:
Investment Select Quality Premier High Income
Quality Quality Income Income Opportunity
(NQM) (NQS) (NQU) (NPF) (NMZ)
- ---------------------------------------------------------------------------------------------------------------------------------
Purchases $39,417,640 $12,749,365 $46,475,193 $18,203,109 $17,578,357
Sales and maturities 57,717,820 11,479,967 42,399,960 20,021,202 22,283,126
=================================================================================================================================
61
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 the treatment of paydown gains and losses on investments,
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, 2005, the cost of investments was as follows:
Investment Select Quality Premier High Income
Quality Quality Income Income Opportunity
(NQM) (NQS) (NQU) (NPF) (NMZ)
- ------------------------------------------------------------------------------------------------------------------------------------
Cost of investments $ 784,619,321 $ 741,067,818 $ 1,183,652,475 $ 434,641,827 $ 476,355,031
====================================================================================================================================
Gross unrealized appreciation and gross unrealized depreciation of investments
at April 30, 2005, were as follows:
Investment Select Quality Premier High Income
Quality Quality Income Income Opportunity
(NQM) (NQS) (NQU) (NPF) (NMZ)
- ------------------------------------------------------------------------------------------------------------------------------------
Gross unrealized:
Appreciation $ 65,830,220 $ 61,053,029 $ 99,049,335 $ 33,270,710 $ 27,350,914
Depreciation (7,354,188) (3,754,729) (1,943,347) (334,693) (1,830,533)
- ------------------------------------------------------------------------------------------------------------------------------------
Net unrealized appreciation of investments $ 58,476,032 $ 57,298,300 $ 97,105,988 $ 32,936,017 $ 25,520,381
====================================================================================================================================
The tax components of undistributed net investment income and net realized gains
at October 31, 2004, the Funds' last fiscal year end, were as follows:
Investment Select Quality Premier High Income
Quality Quality Income Income Opportunity
(NQM) (NQS) (NQU) (NPF) (NMZ)
- ------------------------------------------------------------------------------------------------------------------------------------
Undistributed net tax-exempt income * $ 8,906,815 $ 9,312,512 $ 12,499,450 $ 3,288,396 $ 2,136,977
Undistributed net ordinary income ** -- -- -- 26,171 1,567,342
Undistributed net long-term capital gains 3,910,730 -- -- 2,914,704 --
====================================================================================================================================
* Undistributed net tax-exempt income (on a tax basis) has not been reduced
for the dividend declared on October 1, 2004, paid on November 1, 2004.
** Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
The tax character of distributions paid during the fiscal year ended October 31,
2004, the Funds' last fiscal year end, was designated for purposes of the
dividends paid deduction as follows:
Investment Select Quality Premier High Income
Quality Quality Income Income Opportunity
(NQM) (NQS) (NQU) (NPF) (NMZ)***
- ------------------------------------------------------------------------------------------------------------------------------------
Distributions from net tax-exempt income $ 38,790,379 $ 36,154,509 $ 56,529,162 $ 21,345,220 $ 20,204,122
Distributions from net ordinary income ** -- 61,975 -- -- --
Distributions from net long-term capital gains -- 2,588,670 -- -- --
====================================================================================================================================
** Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
*** For the period November 19, 2003 (commencement of operations) through
October 31, 2004.
62
At October 31, 2004, the Funds' last fiscal year end, the following Funds had
unused capital loss carryforwards available for federal income tax purposes to
be applied against future capital gains, if any. If not applied, the
carryforwards will expire as follows:
Select Quality
Quality Income
(NQS) (NQU)
- --------------------------------------------------------------------------------
Expiration year:
2011 $ -- $16,844,071
2012 2,405,749 --
- --------------------------------------------------------------------------------
Total $2,405,749 $16,844,071
================================================================================
5. Management Fee and Other Transactions with Affiliates
As approved by the Board of Directors/Trustees, effective August 1, 2004, a
complex-wide management fee structure was adopted for all funds sponsored by the
Adviser, or its predecessor and its affiliates. This fee structure separates
each fund's management fee into two components - a complex-level component,
based on the aggregate amount of all fund assets managed by the Adviser, and a
specific fund-level component, based only on the amount of assets within each
individual fund. This pricing structure enables Nuveen fund shareholders to
benefit from growth in the assets within each individual fund as well as from
growth in the amount of complex-wide assets managed by the Adviser. Under no
circumstances will this pricing structure result in a fund paying management
fees at a rate higher than would otherwise have been applicable had the
complex-wide management fee structure not been implemented. As of May 31, 2005,
the complex-level fee rate was .1905%; that is, the funds' effective management
fees were reduced by approximately .0095%.
Effective August 1, 2004, the annual fund-level fee, payable monthly, for each
of the Funds is based upon the average daily net assets (including net assets
attributable to Preferred shares) of each Fund as follows:
Investment Quality (NQM)
Select Quality (NQS)
Quality Income (NQU)
Premier Income (NPF)
Average Daily Net Assets (including net assets attributable to Preferred shares) Fund-Level Fee Rate
- ----------------------------------------------------------------------------------------------------------------
For the first $125 million .4500%
For the next $125 million .4375
For the next $250 million .4250
For the next $500 million .4125
For the next $1 billion .4000
For the next $3 billion .3875
For net assets over $5 billion .3750
================================================================================================================
High Income Opportunity (NMZ)
Average Daily Net Assets (including net assets attributable to Preferred shares) Fund-Level Fee Rate
- ----------------------------------------------------------------------------------------------------------------
For the first $125 million .5500%
For the next $125 million .5375
For the next $250 million .5250
For the next $500 million .5125
For the next $1 billion .5000
For net assets over $2 billion .4750
================================================================================================================
63
Notes to
Financial Statements (Unaudited) (continued)
Effective August 1, 2004, the annual complex-level fee, payable monthly, which
is additive to the fund-level fee, for all Nuveen sponsored funds in the U.S.,
is based on the aggregate amount of total fund assets managed as follows:
Complex-Level Assets(1) Complex-Level Fee Rate
- ---------------------------------------------------------------------------------------------------------
For the first $55 billion .2000%
For the next $1 billion .1800
For the next $1 billion .1600
For the next $3 billion .1425
For the next $3 billion .1325
For the next $3 billion .1250
For the next $5 billion .1200
For the next $5 billion .1175
For the next $15 billion .1150
For Managed Assets over $91 billion(2) .1400
=========================================================================================================
(1) The complex-level fee component of the management fee for the funds is
calculated based upon the aggregate Managed Assets ("Managed Assets" means
the average daily net assets of each fund including assets attributable to
all types of leverage used by the Nuveen funds) of Nuveen-sponsored funds
in the U.S.
(2) With respect to the complex-wide Managed Assets over $91 billion, the fee
rate or rates that will apply to such assets will be determined at a later
date. In the unlikely event that complex-wide Managed Assets reach $91
billion prior to a determination of the complex-level fee rate or rates to
be applied to Managed Assets in excess of $91 billion, the complex-level
fee rate for such complex-wide Managed Assets shall be .1400% until such
time as a different rate or rates is determined.
Each Fund paid through July 31, 2004, an annual management fee, payable monthly,
at the rates set forth below, which were based upon the average daily net assets
(including net assets attributable to Preferred shares) of each Fund as follows:
Investment Quality (NQM)
Select Quality (NQS)
Quality Income (NQU)
Premier Income (NPF)
Average Daily Net Assets (including net assets attributable to Preferred shares) Management Fee Rate
- ---------------------------------------------------------------------------------------------------------
For the first $125 million .6500%
For the next $125 million .6375
For the next $250 million .6250
For the next $500 million .6125
For the next $1 billion .6000
For the next $3 billion .5875
For net assets over $5 billion .5750
=========================================================================================================
64
High Income Opportunity (NMZ)
Average Daily Net Assets (including net assets attributable to Preferred shares) Management Fee Rate
- ----------------------------------------------------------------------------------------------------------------
For the first $125 million .7500%
For the next $125 million .7375
For the next $250 million .7250
For the next $500 million .7125
For the next $1 billion .7000
For net assets over $2 billion .6750
================================================================================================================
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/Trustees who are affiliated with
the Adviser or to their officers, all of whom receive remuneration for their
services to the Funds from the Adviser or its affiliates. The Board of
Directors/Trustees has adopted a deferred compensation plan for independent
Directors/Trustees that enables Directors/Trustees to elect to defer receipt of
all or a portion of the annual compensation they are entitled to receive from
certain Nuveen advised Funds. Under the plan, deferred amounts are treated as
though equal dollar amounts had been invested in shares of select Nuveen advised
Funds.
For the first eight years of High Income Opportunity's (NMZ) operations, the
Adviser has agreed to reimburse the Fund, as a percentage of average daily net
assets (including net assets attributable to Preferred shares), for fees and
expenses in the amounts, and for the time periods set forth below:
Year Ending Year Ending
November 30, November 30,
- ----------------------------------------------------------------------------------------------------------------
2003* .32% 2009 .24%
2004 .32 2010 .16
2005 .32 2011 .08
2006 .32
2007 .32
2008 .32
================================================================================================================
* From the commencement of operations.
The Adviser has not agreed to reimburse High Income Opportunity (NMZ) for any
portion of its fees and expenses beyond November 30, 2011.
6. Announcement Regarding Parent Company of Adviser
In early April, 2005, The St. Paul Travelers Companies, Inc. ("St. Paul
Travelers"), which owned 79% of Nuveen, (A) completed a public offering of a
substantial portion of its equity stake in Nuveen, (B) sold Nuveen $200 million
of its Nuveen shares, (C) entered into an agreement with Nuveen to sell an
additional $400 million of its Nuveen shares on a "forward" basis with payment
for and settlement of these shares delayed for several months, and (D) entered
into agreements with two unaffiliated investment banking firms to sell an amount
equal to most or all of its remaining Nuveen shares for current payment but for
future settlement. The settlement of transactions (C) and (D) above would likely
be deemed an "assignment" (as defined in the 1940 Act) of the investment
management agreements between the Funds and the Adviser, which would result in
the automatic termination of each agreement under the 1940 Act. The Board of
Directors/Trustees will consider approval of new ongoing investment management
agreements for each Fund and the submission of those agreements for approval by
each respective Fund's shareholders. Those agreements, if approved by a Fund's
shareholders, would take effect upon such approval. There can be no assurance
that these approvals will be obtained.
65
Notes to
Financial Statements (Unaudited) (continued)
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 1, 2005, to shareholders of record on
May 15, 2005, as follows:
Investment Select Quality Premier High Income
Quality Quality Income Income Opportunity
(NQM) (NQS) (NQU) (NPF) (NMZ)
- ------------------------------------------------------------------------------------------
Dividend per share $.0810 $.0800 $.0775 $.0740 $.0890
==========================================================================================
66
Financial
Highlights (Unaudited)
67
Financial
Highlights (Unaudited)
Selected data for a Common share outstanding throughout each period:
Investment Operations
-----------------------------------------------------------------
Distributions Distributions
from Net from
Beginning Investment Capital
Common Net Income to Gains to
Share Net Realized/ Preferred Preferred
Net Asset Investment Unrealized Share- Share-
Value Income Gain (Loss) holders+ holders+ Total
==================================================================================================================
Investment Quality (NQM)
- ------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2005(b) $16.06 $ .53 $ (.11) $ (.06) $ (.01) $ .35
2004 15.65 1.07 .43 (.08) -- 1.42
2003 15.63 1.11 .02 (.08) -- 1.05
2002 15.71 1.15 (.15) (.11) (.01) .88
2001 14.67 1.16 1.00 (.27) -- 1.89
2000 14.03 1.21 .66 (.34) -- 1.53
Select Quality (NQS)
- ------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2005(b) 15.69 .53 .05 (.07) -- .51
2004 15.33 1.09 .42 (.07) (.01) 1.43
2003 15.00 1.08 .30 (.07) -- 1.31
2002 15.48 1.12 (.38) (.09) (.04) .61
2001 14.48 1.19 .95 (.26) (.01) 1.87
2000 14.05 1.22 .47 (.34) -- 1.35
Quality Income (NQU)
- ------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2005(b) 15.54 .51 .06 (.07) -- .50
2004 15.04 1.04 .51 (.08) -- 1.47
2003 14.70 1.06 .34 (.07) -- 1.33
2002 15.32 1.12 (.59) (.10) (.03) .40
2001 14.53 1.21 .76 (.26) -- 1.71
2000 14.33 1.28 .21 (.34) -- 1.15
Premier Income (NPF)
- ------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2005(b) 15.53 .47 (.01) (.06) (.01) .39
2004 15.13 1.00 .47 (.08) -- 1.39
2003 15.23 1.06 (.01) (.07) (.01) .97
2002 15.31 1.15 (.13) (.11) (.01) .90
2001 14.42 1.23 .84 (.26) -- 1.81
2000 14.24 1.26 .21 (.34) -- 1.13
High Income Opportunity (NMZ)
- ------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2005(b) 14.87 .61 .45 (.06) (.01) .99
2004(a) 14.33 .98 .71 (.08) -- 1.61
==================================================================================================================
Less Distributions
---------------------------------
Net Offering
Investment Capital Costs and Ending
Income to Gains to Preferred Common
Common Common Share Share Ending
Share- Share- Underwriting Net Asset Market
holders holders Total Discounts Value Value
=============================================================================================================
Investment Quality (NQM)
- -------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2005(b) $ (.50) $ (.10) $ (.60) $ -- $15.81 $14.8000
2004 (1.01) -- (1.01) -- 16.06 15.3300
2003 (1.01) (.02) (1.03) -- 15.65 15.1000
2002 (.94) (.02) (.96) -- 15.63 14.9900
2001 (.85) -- (.85) -- 15.71 14.8400
2000 (.89) -- (.89) -- 14.67 12.8750
Select Quality (NQS)
- -------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2005(b) (.49) -- (.49) -- 15.71 14.5300
2004 (1.00) (.07) (1.07) -- 15.69 15.1900
2003 (.98) -- (.98) -- 15.33 14.8100
2002 (.94) (.15) (1.09) -- 15.00 14.4000
2001 (.87) -- (.87) -- 15.48 14.7500
2000 (.92) -- (.92) -- 14.48 13.0625
Quality Income (NQU)
- -------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2005(b) (.48) -- (.48) -- 15.56 14.0600
2004 (.97) -- (.97) -- 15.54 14.5800
2003 (.96) (.03) (.99) -- 15.04 14.3300
2002 (.93) (.09) (1.02) -- 14.70 14.0400
2001 (.91) (.01) (.92) -- 15.32 14.6200
2000 (.95) -- (.95) -- 14.53 13.1250
Premier Income (NPF)
- -------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2005(b) (.46) (.14) (.60) -- 15.32 13.6800
2004 (.99) -- (.99) -- 15.53 14.4300
2003 (.98) (.09) (1.07) -- 15.13 14.7400
2002 (.96) (.02) (.98) -- 15.23 14.5200
2001 (.92) -- (.92) -- 15.31 14.8400
2000 (.95) -- (.95) -- 14.42 13.6250
High Income Opportunity (NMZ)
- -------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2005(b) (.53) (.06) (.59) -- 15.27 15.4300
2004(a) (.89) -- (.89) (.18) 14.87 15.0400
=============================================================================================================
Ratios/Supplemental Data
------------------------------------------------------------------------------------
Before Credit/ After Credit/
Total Returns Reimbursement Reimbursement***
-------------------- ---------------------------- ---------------------------
Ratio of Net Ratio of Net
Ratio of Investment Ratio of Investment
Based Ending Expenses Income to Expenses Income to
on Net to Average Average to Average Average
Based Common Assets Net Assets Net Assets Net Assets Net Assets
on Share Net Applicable Applicable Applicable Applicable Applicable Portfolio
Market Asset to Common to Common to Common to Common to Common Turnover
Value** Value** Shares (000) Shares++ Shares++ Shares++ Shares++ Rate
====================================================================================================================================
Investment Quality (NQM)
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2005(b) 0.53% 2.23% $565,277 1.20%* 6.74%* 1.20%* 6.74%* 5%
2004 8.54 9.37 574,164 1.20 6.78 1.20 6.79 16
2003 7.78 6.88 559,644 1.22 7.05 1.22 7.05 5
2002 7.71 5.85 558,604 1.21 7.48 1.21 7.49 5
2001 22.33 13.16 561,577 1.24 7.56 1.23 7.56 17
2000 3.70 11.38 524,320 1.24 8.57 1.22 8.59 35
Select Quality (NQS)
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2005(b) (1.08) 3.31 532,420 1.20* 6.84* 1.19* 6.85* 1
2004 10.19 9.64 531,694 1.21 6.96 1.15 7.02 4
2003 9.91 8.96 519,361 1.26 7.06 1.25 7.06 9
2002 5.24 4.22 508,300 1.24 7.46 1.23 7.47 19
2001 20.09 13.23 524,597 1.24 7.89 1.23 7.89 28
2000 6.85 10.02 490,683 1.22 8.67 1.21 8.68 30
Quality Income (NQU)
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2005(b) (0.29) 3.26 843,321 1.18* 6.66* 1.18* 6.66* 3
2004 8.76 10.07 842,093 1.20 6.83 1.20 6.83 6
2003 9.31 9.37 815,270 1.21 7.12 1.21 7.13 9
2002 3.05 2.71 796,591 1.23 7.50 1.22 7.51 32
2001 18.72 12.09 830,636 1.21 8.05 1.21 8.06 30
2000 .73 8.37 787,829 1.21 8.95 1.20 8.95 23
Premier Income (NPF)
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2005(b) (1.08) 2.56 307,717 1.25* 6.27* 1.24* 6.27* 4
2004 4.75 9.48 311,991 1.28 6.57 1.27 6.58 22
2003 9.13 6.57 304,048 1.24 6.91 1.23 6.91 19
2002 4.57 6.19 305,958 1.29 7.66 1.28 7.67 25
2001 15.93 12.89 307,496 1.28 8.25 1.26 8.26 14
2000 9.71 8.22 289,103 1.27 8.84 1.26 8.85 9
High Income Opportunity (NMZ)
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2005(b) 6.70 6.83 354,654 1.22* 7.73* .76* 8.19* 4
2004(a) 6.49 10.38 345,023 1.15* 6.75* .70* 7.20* 52
====================================================================================================================================
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:
2005(b) $301,000 $25,000 $71,950
2004 301,000 25,000 72,688
2003 301,000 25,000 71,482
2002 301,000 25,000 71,396
2001 301,000 25,000 71,643
2000 301,000 25,000 68,548
Select Quality (NQS)
- -------------------------------------------------------------------------------
Year Ended 10/31:
2005(b) 279,000 25,000 72,708
2004 279,000 25,000 72,643
2003 279,000 25,000 71,538
2002 279,000 25,000 70,547
2001 279,000 25,000 72,007
2000 279,000 25,000 68,968
Quality Income (NQU)
- -------------------------------------------------------------------------------
Year Ended 10/31:
2005(b) 452,000 25,000 71,644
2004 452,000 25,000 71,576
2003 452,000 25,000 70,092
2002 452,000 25,000 69,059
2001 452,000 25,000 70,942
2000 452,000 25,000 68,575
Premier Income (NPF)
- -------------------------------------------------------------------------------
Year Ended 10/31:
2005(b) 165,000 25,000 71,624
2004 165,000 25,000 72,271
2003 165,000 25,000 71,068
2002 165,000 25,000 71,357
2001 165,000 25,000 71,590
2000 165,000 25,000 68,804
High Income Opportunity (NMZ)
- -------------------------------------------------------------------------------
Year Ended 10/31:
2005(b) 155,000 25,000 82,202
2004(a) 155,000 25,000 80,649
===============================================================================
* Annualized.
** Total Investment Return on Market Value is the combination of changes in
the market price per share and the effect of reinvested dividend income
and reinvested capital gains distributions, if any, at the average price
paid per share at the time of reinvestment. Total Return on Common Share
Net Asset Value is the combination of changes in Common share net asset
value, reinvested dividend income at net asset value and reinvested
capital gains distributions at net asset value, if any. Total returns are
not annualized.
*** After custodian fee credit and expense reimbursement, 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 period November 19, 2003 (commencement of operations) through
October 31, 2004.
(b) For the six months ended April 30, 2005.
See accompanying notes to financial statements.
68 & 69
Reinvest Automatically
Easily and Conveniently
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
the shares may increase before purchases are completed, the average purchase
price per share may exceed the market price at the time of valuation, resulting
in the acquisition of fewer shares than if the dividend or distribution had been
paid in shares issued by the Fund. A pro rata portion of any applicable
brokerage commissions on open market purchases will be paid by Plan
participants. These commissions usually will be lower than those charged on
individual transactions.
Flexible
You may change your distribution option or withdraw from the Plan at any time,
should your needs or situation change. Should you withdraw, you can receive a
certificate for all whole shares credited to your reinvestment account and cash
payment for fractional shares, or cash payment for all reinvestment account
shares, less brokerage commissions and a $2.50 service fee.
You can reinvest whether your shares are registered in your name, or in the name
of a brokerage firm, bank, or other nominee. Ask your investment advisor if his
or her firm will participate on your behalf. Participants whose shares are
registered in the name of one firm may not be able to transfer the shares to
another firm and continue to participate in the Plan.
The Fund reserves the right to amend or terminate the Plan at any time. Although
the Fund reserves the right to amend the Plan to include a service charge
payable by the participants, there is no direct service charge to participants
in the Plan at this time.
Call today to start reinvesting dividends and/or distributions
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in
or withdraw from the Plan, speak with your financial advisor or call us at (800)
257-8787.
70
Other Useful
Information
Effective Jan. 1, 2005, the asset management services and operations of Nuveen
Advisory Corp. (NAC) and Nuveen Institutional Advisory Corp (NIAC) became part
of Nuveen Asset Management (NAM). This internal consolidation is intended to
simplify the delivery of services to the investment management clients of Nuveen
Investments. It does not affect the investment objectives or portfolio
management of any Fund.
Quarterly Portfolio of Investments and Proxy voting information
Each Fund's (i) quarterly portfolio of investments, (ii) information regarding
how the Funds voted proxies relating to portfolio securities held during the
12-month period ended June 30, 2004, and (iii) a description of the policies and
procedures that the Funds used to determine how to vote proxies relating to
portfolio securities are available without charge, upon request, by calling
Nuveen Investments toll-free at (800) 257-8787 or on Nuveen's website at
www.nuveen.com.
You may also obtain this and other Fund information directly from the Securities
and Exchange Commission ("SEC"). The SEC may charge a copying fee for this
information. Visit the SEC on-line at http://www.sec.gov or in person at the
SEC's Public Reference Room in Washington, D.C. Call the SEC at 1-202-942-8090
for room hours and operation. You may also request Fund information by sending
an e-mail request to publicinfo@sec.gov or by writing to the SEC's Public
References Section at 450 Fifth Street NW, Washington, D.C. 20549.
Glossary of terms used in this report
Average Annual Total Return: This is a commonly used method to express an
investment's performance over a particular, usually multi-year time period. It
expresses the return that would have been necessary each year to equal the
investment's actual cumulative performance (including change in NAV or market
price and reinvested dividends and capital gains distributions, if any) over the
time period being considered.
Average Effective Maturity: The average of all the maturities of the bonds in a
Fund's portfolio, computed by weighting each maturity date (the date the
security comes due) by the market value of the security. This figure does not
account for the likelihood of prepayments or the exercise of call provisions.
Leverage-Adjusted Duration: Duration is a measure of the expected period over
which a bond's principal and interest will be paid, and consequently is a
measure of the sensitivity of a bond's or bond Fund's value to changes when
market interest rates change. Generally, the longer a bond's or Fund's duration,
the more the price of the bond or Fund will change as interest rates change.
Leverage-adjusted duration takes into account the leveraging process for a Fund
and therefore is longer than the duration of the Fund's portfolio of bonds.
Market Yield (also known as Dividend Yield or Current Yield): An investment's
current annualized dividend divided by its current market price.
Net Asset Value (NAV): A Fund's common share NAV per share is calculated by
subtracting the liabilities of the Fund (including any MuniPreferred shares
issued in order to leverage the Fund) from its total assets and then dividing
the remainder by the number of shares outstanding. Fund NAVs are calculated at
the end of each business day.
Taxable-Equivalent Yield: The yield necessary from a fully taxable investment to
equal, on an after-tax basis, the yield of a municipal bond investment.
Board of Directors/Trustees
Robert P. Bremner
Lawrence H. Brown
Jack B. Evans
William C. Hunter
David J. Kundert
William J. Schneider
Timothy R. Schwertfeger
Judith M. Stockdale
Eugene S. Sunshine
Fund Manager
Nuveen Asset Management
333 West Wacker Drive
Chicago, IL 60606
Custodian
State Street Bank & Trust
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
Chapman and Cutler LLP
Chicago, IL
Independent Registered Public Accounting Firm
Ernst & Young LLP
Chicago, IL
Each Fund intends to repurchase shares of its own common or preferred stock in
the future at such times and in such amounts as is deemed advisable. No shares
were repurchased during the period covered by this report. Any future
repurchases will be reported to shareholders in the next annual or semiannual
report.
71
[GRAPHIC OMITTED]
Learn more
about Nuveen Funds at
www.nuveen.com/etf
Nuveen Investments:
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.
We offer many different investing solutions for our clients' different needs.
Managing more than $115 billion in assets, Nuveen Investments offers access to a
number of different asset classes and investing solutions through a variety of
products. Nuveen Investments markets its capabilities under four distinct
brands: Nuveen, a leader in fixed-income investments; NWQ, a leader in
value-style equities; Rittenhouse, a leader in growth-style equities; and
Symphony, a leading institutional manager of market-neutral alternative
investment portfolios.
Find out how we can help you reach your financial goals.
To learn more about the products and services Nuveen Investments offers, talk to
your financial advisor, or call us at (800) 257-8787. Please read the
information provided carefully before you invest.
Be sure to obtain a prospectus, where applicable. Investors should consider the
investment objective and policies, risk considerations, charges and expenses of
the Fund carefully before investing. The prospectus contains this and other
information relevant to an investment in the Fund. For a prospectus, please
contact your securities representative or Nuveen Investments, 333 W. Wacker Dr.,
Chicago, IL 60606. Please read the prospectus carefully before you invest or
send money.
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NUVEEN
Investments
ESA-C-0405D
ITEM 2. CODE OF ETHICS.
Not applicable to this filing.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable to this filing.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable to this filing.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to this filing.
ITEM 6. SCHEDULE OF INVESTMENTS.
See Portfolio of Investments in Item 1.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this filing.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable at this time.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which shareholders may
recommend nominees to the registrant's Board implemented after the registrant
last provided disclosure in response to this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial officers,
or persons performing similar functions, have concluded that the
registrant's disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940, as amended (the
"1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within
90 days of the filing date of this report that includes the disclosure
required by this paragraph, based on their evaluation of the controls
and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR
270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934, as amended (the "Exchange Act")(17 CFR
240.13a-15(b) or 240.15d-15(b)).
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act
(17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter
of the period covered by this report that has materially affected, or
is reasonably likely to materially affect, the registrant's internal
control over financial reporting.
ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit: Not applicable to
this filing.
(a)(2) A separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2(a) under
the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: Ex-99.CERT
attached hereto.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under
the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the
report by or on behalf of the registrant to 10 or more persons: Not applicable.
(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act,
provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR
270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR
240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of
the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished
pursuant to this paragraph will not be deemed "filed" for purposes of Section 18
of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of
that section. Such certification will not be deemed to be incorporated by
reference into any filing under the Securities Act of 1933 or the Exchange Act,
except to the extent that the registrant specifically incorporates it by
reference. Ex-99.906 CERT attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen Investment Quality Municipal Fund, Inc.
-----------------------------------------------------------
By (Signature and Title)* /s/ Jessica R. Droeger
----------------------------------------------
Jessica R. Droeger
Vice President and Secretary
Date: July 8, 2005
-------------------------------------------------------------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Gifford R. Zimmerman
----------------------------------------------
Gifford R. Zimmerman
Chief Administrative Officer
(principal executive officer)
Date: July 8, 2005
-------------------------------------------------------------------
By (Signature and Title)* /s/ Stephen D. Foy
----------------------------------------------
Stephen D. Foy
Vice President and Controller
(principal financial officer)
Date: July 8, 2005
-------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.