-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KTexacl/A5NkM//KqOHrvkTdg260IkoH5OdBpV2MNQhdUe7uAJnsTVutvQEP8r+/ DI5tQKNpfX4+dPus4od9gw== 0000891804-01-501255.txt : 20010704 0000891804-01-501255.hdr.sgml : 20010704 ACCESSION NUMBER: 0000891804-01-501255 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20010430 FILED AS OF DATE: 20010703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NUVEEN PREMIER MUNICIPAL INCOME FUND INC CENTRAL INDEX KEY: 0000880845 STANDARD INDUSTRIAL CLASSIFICATION: [] FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-06456 FILM NUMBER: 1674273 BUSINESS ADDRESS: STREET 1: 333 WEST WACKER DR CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3129178200 N-30D 1 nv24577ed.txt logo: Nuveen Investments Semiannual Report April 30, 2001 Municipal Closed-End Exchange-Traded Funds Dependable, tax-free income to help you keep more of what you earn. INVESTMENT QUALITY NQM SELECT QUALITY NQS QUALITY INCOME NQU PREMIER INCOME NPF Invest well. Look ahead. Leave your MARK. (SM) photo: woman & girl playing checkers photo: woman & boy playing instruments. photos: blue sky; hand on pc mouse. LESS MAIL, MORE FREEDOM WITH ONLINE FUND REPORTS There is a new way to receive your Nuveen Fund updates faster than ever. Nuveen now can link you with electronic versions of the important financial information we send you by regular mail. By registering for online access via the internet, you will be able to view and save the Fund information you currently receive in the mail. This information can be stored on your computer and retrieved any time. In addition, you can select just the specific pages you want to view or print. With this new service, you'll receive an e-mail notice the moment Fund reports are ready. This notice will contain a link to the report - all you have to do is click your computer mouse on the internet address provided. You'll be saving time, as well as saving your Fund paper, printing and distribution expenses. Registering for electronic access is easy and only takes a few minutes. (see box on right) The e-mail address you provide is strictly confidential and will not be used for anything other than notifications of shareholder information. And if you decide you don't like receiving your reports electronically, it's a simple process to go back to regular mail delivery. SIGN UP TODAY-- Here's what you need to do... If your Nuveen Fund dividends are PAID TO YOUR BROKERAGE ACCOUNT, follow the steps outlined below: 1 Go to WWW.INVESTORDELIVERY.COM 2 Look at the address sheet that accompanied this report. Enter the personal 13-CHARACTER ENROLLMENT NUMBER imprinted near your name on the address sheet. 3 You'll be taken to a page with several options. Select the NEW ENROLLMENT-CREATE screen. Once there, enter your e-mail address (e.g. yourID@providerID.com), and a personal, 4-digit PIN of your choice. (Pick a number that's easy to remember.) 4 Click Submit. Confirm the infor-mation you just entered is correct, then click Submit again. 5 You should get a confirmation e-mail within 24 hours. If you do not, go back through these steps to make sure all the information is correct. 6 Use this same process if you need to change your registration information or cancel internet viewing. If your Nuveen Fund dividends COME DIRECTLY TO YOU FROM NUVEEN, follow the steps outlined below: 1 Go to WWW.NUVEEN.COM 2 Select the Exchange-Traded Funds section, then click on Tools. Select the E-REPORT ENROLLMENT option. 3 You'll be taken to a screen that asks for your social security number and e-mail address. Fill in this information, then click Submit. 4 Confirm the information you entered is correct, then click Submit again. 5 You should get a confirmation e-mail within 24 hours. If you do not, go back through these steps to make sure all the information is correct. 6 Use this same process if you need to change your registration information or cancel internet viewing. Dear Shareholder photo of: Timothy R. Schwertfeger Chairman of the Board sidebar: Your Nuveen Fund also features several characteristics that can help make it an essential part of your overall investment strategy." I am pleased to have this opportunity to report on the recent performance of your Nuveen Fund. During the period covered by this report, your Fund continued to meet its primary objective of providing you with attractive monthly tax-free income from a portfolio of quality municipal bonds. Detailed information on your Fund can be found in the Portfolio Managers' Comments and Performance Overview sections later in this report. I urge you to take the time to read them. In addition to providing you with steady tax-free income, your Nuveen Fund also features several characteristics that can help make it an essential part of your overall investment strategy. These include careful research, constant surveillance and judicious trading by Nuveen's seasoned portfolio management team, with every action designed to supplement income, improve Fund structure, better adapt to current market conditions or increase diversification. In turbulent times like these, prudent investors understand the importance of diversification, balance, and risk management, all attributes your Nuveen Fund can bring to your portfolio. With strong long-term performance achieved through consistent, disciplined professional management, your Nuveen Fund also illustrates the power of taking a long-term view toward financial growth and success. Invest Well.Look Ahead.Leave Your Mark. Today, perhaps more than ever, investors have the ability to make a lasting impact on their families and their world for generations to come. For more than 100 years, Nuveen has specialized in offering quality investments such as the Nuveen Funds to those seeking to accumulate and preserve wealth and establish a lasting legacy. Our mission continues to be to provide assistance to you and your financial advisor by offering the investment services and products that can help you leave your mark. We thank you for continuing to choose Nuveen Investments as your partner as you work toward that goal. Sincerely, /s/ Timothy R. Schwertfeger Timothy R. Schwertfeger Chairman of the Board June 15, 2001 sidebar: Today, perhaps more than ever, investors have the ability to make a lasting impact on their families and their world for generations to come." Nuveen National Municipal Closed-End Exchange-Traded Funds (NQM, NQS, NQU, NPF) PORTFOLIO MANAGERS' COMMENTS Portfolio managers Tom Futrell, Bill Fitzgerald, Steve Peterson and Rick Huber examine national economic and market conditions, key investment strategies, and the performance of the Nuveen National Municipal Closed-End Exchange-Traded Funds. Tom, Bill, and Steve have managed NQM, NQU, and NPF, respectively, since the inceptions of these Funds in 1990 and 1991, while Rick assumed portfolio management responsibility for NQS in 1998. sidebar: 1 The Funds' performances are compared with that of the Lehman Brothers Municipal Bond Index, an unleveraged index comprising a broad range of investment-grade municipal bonds. Results for the Lehman index do not reflect any expenses. 2 The Funds' total returns are compared with the average annualized return of the 53 funds in the Lipper General Leveraged Municipal Debt Funds category. Fund and Lipper returns assume reinvestment of dividends. 3 The taxable-equivalent yield represents the yield that must be earned on a taxable investment in order to equal the yield of the Nuveen Fund on an after-tax basis. The taxable-equivalent yield is based on the Fund's market yield on the indicated date and a federal income tax rate of 31%. 4 Duration is a measure of a Fund's NAV volatility in reaction to interest rate movements. Fund duration, also known as leverage-adjusted duration, takes into account the leveraging process for a Fund and therefore is generally longer than the duration of the actual portfolio of individual bonds that make up the Fund. Unless otherwise noted, references to duration in this commentary are intended to indicate Fund duration. WHAT FACTORS HAD THE GREATEST INFLUENCE ON THE U.S. ECONOMY AND THE MUNICIPAL MARKET DURING THIS REPORTING PERIOD? The major factors affecting the economy and the municipal market over the past twelve months were the federal reserve's reductions in short-term interest rates and a generally slower rate of economic growth. In January 2001, the Fed began a series of fed funds rate cuts that brought this benchmark rate to 4.50% by the close of the reporting period. (The Fed reduced rates by another 50 basis points on May 15, bringing the federal funds rate to 4.00%, its lowest level since 1994.) The consensus among many market observers is that the Fed is poised to continue easing rates as long as signs of a significant economic slowdown remain. In the municipal market, continued tight new issue supply helped many bonds perform well. Generally positive economic conditions over the past decade enabled more cities and states to use pay-as-you-go funding for necessary projects, rather than financing obtained through new issuance. On the demand side, municipal bonds continued to be highly sought after by individual investors looking for diversification, tax-free income, and an alternative to a volatile stock market. As a result, municipal bond prices trended generally higher over this reporting period. Nevertheless, we believe the municipal market continued to represent good value. As of April 30, 2001, long-term municipal yields were 97% of 30-year Treasury yields, compared with 101% in April 2000. HOW DID THESE NUVEEN FUNDS PERFORM OVER THE PAST TWELVE MONTHS? For the year ended April 30, 2001, the Nuveen National Municipal Closed-End Exchange-Traded Funds produced total returns on net asset value (NAV) as shown in the accompanying table. The annual returns for the Lehman Brothers Municipal Bond Index1 and Lipper Peer Group2 are also presented. Lehman Total Return Total Lipper Market Yield on NAV Return1 Average2 ======================================================== 1 Year 1 Year 1 Year Taxable- Ended Ended Ended 4/30/01 Equivalent3 4/30/01 4/30/01 4/30/01 ======================================================== NQM 5.93% 8.59% 13.79% 10.37% 12.00% - -------------------------------------------------------- NQS 6.14% 8.90% 12.11% 10.37% 12.00% - -------------------------------------------------------- NQU 6.29% 9.12% 10.57% 10.37% 12.00% - -------------------------------------------------------- NPF 6.24% 9.04% 9.84% 10.37% 12.00% - -------------------------------------------------------- Past performance is not predictive of future results. For additional information, see the individual Performance Overview for your Fund in this report. Since mid-2000, the combination of relatively tight municipal supply, Fed easing and generally favorable technicals has produced a generally positive total return environment. The Funds' participation in this recovery is reflected in the total returns on NAV listed in the previous table. During the twelve months ended April 30, 2001, the yield on the Bond Buyer 25 Revenue Bond Index fell from 6.07% to 5.63%. In this environment of falling yields (and rising bond values), funds with longer durations4 would generally be expected to perform well. As of April 30, 2001, the durations of these Nuveen Funds ranged from 10.33 to 12.24, compared with 7.60 for the unleveraged Lehman Brothers Municipal Bond Index. The Funds' relative performance was also influenced by differences in their structures, call exposure and concentrations of various sectors within their portfolios. HOW WERE THE FUNDS' DIVIDENDS AND SHARE PRICES AFFECTED BY THIS ENVIRONMENT? All of these Funds use leverage as a way to potentially enhance the dividends paid to common shareholders. This benefit is tied in part to the short-term rates the Funds pay their MuniPreferred(R) shareholders. In 1999 and 2000, as the Federal Reserve increased short-term rates, the dividends paid to MuniPreferred shareholders grew. This, combined with the pressure of bond calls in several of the Funds, was sufficient to cause decreases in common share dividends during 2000. Recent Fed rate reductions may cause MuniPreferred rates to set at relatively low levels, leaving more income with the Funds with which to pay common share dividends. However, this trend could be offset by the effect of bond calls on the higher-yielding bonds held by these portfolios. This is especially true of NQS, NQU, and NPF, which are currently at the point in their lifecycles when they can expect an increased risk of bond calls. The level of short-term rates, the amount and timing of bond calls, and the interest rates at which we can reinvest the proceeds of any calls will all influence the dividends of these Nuveen Funds over the next twelve months. During the past year, as the stock market remained volatile and the bond market continued to perform well, many investors again turned to tax-free fixed-income alternatives as a way to add balance to their portfolios and reduce overall risk. As a result, the share prices of these Funds improved (see the charts on the individual Performance Overview pages). This increased demand caused the discount (share price below NAV) on NPF to move to a premium (share price above NAV), while the discounts on the other Funds narrowed significantly over the past twelve months. Since the market prices of NQM, NQS, and NQU remain lower than the actual value of the bonds in their portfolios, shareholders may want to consider taking advantage of this opportunity to add to their holdings of these Nuveen Funds. WHAT KEY STRATEGIES WERE USED TO MANAGE THE NUVEEN FUNDS DURING THE YEAR ENDED APRIL 30, 2001? As evidenced by their twelve-month total returns on NAV, these Nuveen Funds were well structured going into this period. Despite the relatively tight supply of new municipal issuance during most of the past year, the Funds continued to meet their goal of keeping assets fully invested and working for shareholders. However, lower supply also meant relatively fewer opportunities to make trades that would substantially enhance the Funds' holdings. As issuance did become available in the market, we focused on strengthening long-term dividend-payment capabilities, enhancing structure, and purchasing bonds with the potential to add value and diversification to the Funds' portfolios. One of the sectors where we found value was healthcare, where change has created opportunities in selected hospital issues. This is an area where the expertise of Nuveen research analysts is instrumental in helping us find and understand the bonds offering the best upside potential for our Funds. Another area we are watching closely is independent power plants, due to improving supply-and-demand dynamics in the electricity industry. Over the past year, we added several of these issues to our Funds' portfolios. The transportation sector, which saw relatively heavy new issuance in 2000, also provided several opportunities to take advantage of widening spreads. As airports try to find solutions to overcrowding and delay problems through the addition of runways and expanded facilities, we expect to see this level of issuance continue and even increase. In NQU, we purchased several AMT bonds issued for airports including Chicago, Denver, and Dallas, while NQM increased its transportation allocation to 15% from 10% a year ago with the addition of both Atlanta and Denver airport bonds. NQM, NQS, and NQU also recently purchased bonds issued by New York, South Carolina, Alaska, Alabama, and Washington D.C., that were secured by the 1998 $250 billion master settlement agreement between four major tobacco companies and 46 states. As the Funds continue to work through bond calls, we have focused on managing their durations to counter the effects of the call process and keep the Funds' well positioned to take advantage of market opportunities. For NQM, our strategy included selling bonds when they attracted strong bids, and then replacing them with bonds from the 15 to 20-year part of the yield curve. This helped shorten the Fund's duration while maintaining the opportunity to benefit as the market rallied. In NQS, we have been lengthening duration by reinvesting called bond proceeds in the long end of the yield curve, while at the same time retaining the Fund's existing positions of premium, shorter-duration securities. NQU's duration, which was extended over the past year as shorter bonds were called from its portfolio, should continue to lengthen until the number of call decreases in 2003. NPF has entered a period of increased bond call activity, which has caused some higher coupon bonds to leave the portfolio and limited the upside potential of others. This is reflected in its total return performance for the period. Some of the recent purchases in these Nuveen Funds were financed with proceeds generated by sales and calls of U.S. guaranteed, or pre-refunded, bonds. At the end of April 2000, the Funds' allocations to this type of issuance ranged from 18%-33%. By April 30, 2001, this had been reduced to 10%-25%. As part of our strategies to enhance the call protection of these Funds, we continue to carefully assess opportunities to sell these pre-refunded bonds as we find attractive long-term reinvestment alternatives in the marketplace. All four Funds continued to offer excellent credit quality, with between 78% and 82% of their portfolios invested in bonds rated AAA/U.S. guaranteed and AA as of April 30, 2001. The Funds also had allocations of BBB and non-rated bonds that ranged from 7% to 11%, which generally provided higher yields during 2000. WHAT IS YOUR OUTLOOK FOR THE MUNICIPAL MARKET IN GENERAL AND THE NATIONAL NUVEEN FUNDS IN PARTICULAR? Overall, our outlook for the fixed-income markets during the next twelve months continues to be positive. Demand for tax-exempt municipal bonds is anticipated to remain strong, as investors look for ways to rebalance their portfolios and reduce potential risk. If interest rates continue to fall and the pace of refundings accelerates, new municipal issuance nationwide in 2001 could exceed $200 billion. We will, of course, continue to closely monitor the economy, including Federal Reserve policies and the impact of the tax reduction bill, in order to be prepared to respond appropriately to any developing situations. Looking specifically at these Nuveen Funds, NQM offers excellent levels of call protection in 2001 and 2002, with less than 4% of its portfolio subject to calls over the next 20 months. However, NQS, NQU, and NPF, which mark the 10-year anniversary of their inceptions in 2001, have entered the part of their lifecycles when they are experiencing increased in call exposure. During the remainder of 2001 and 2002, these three Funds could see 22% to 33% of their portfolios affected by bond calls, depending on market interest rates during this time. In general, these positions appear to be manageable, and we foresee no problems in working through them. In 2003, all of these Funds will again offer excellent levels of call protection, with scheduled calls currently ranging from 1% to 7%. While we cannot control the direction of interest rates, we continue to work to reduce the Funds' call exposure and to actively manage the Funds to mitigate the longer-term effects of the bond call process. These strategies include selling bond with short call dates and pre-refunded bonds with short maturities at attractive points of the interest rate cycle. In reinvesting the proceeds from these sales as well as any calls, we are looking to the longer end of the yield curve as one way to enhance future call protection. As value-oriented investors, we also plan to continue to look for areas of the market that can add value for our shareholders, strengthen the Funds' dividend-payment capabilities, and enhance structure and total return attributes. Over the next twelve months, we expect these to include the healthcare sector, tobacco bonds, and, more generally, A and BBB rated bonds. We will also continue to manage the Funds' durations to keep them well positioned in terms of market opportunities. Depending on the rate environment going forward, bond calls in NQS, NQU, and NPF could create opportunities to further enhance the structure of these Funds. We believe these Nuveen Funds will continue to play an important role in investors' long-range financial programs, providing balance and diversification, dependable tax-free income, and quality investments. NQM Nuveen Investment Quality Municipal Fund, Inc. Performance Overview As of April 30, 2001 pie chart: CREDIT QUALITY AAA/U.S. Guaranteed 67% AA 15% A 11% BBB 4% NR 3% bar chart: 2000-2001 MONTHLY TAX-FREE DIVIDENDS PER SHARE May 0.0745 Jun 0.0715 Jul 0.0715 Aug 0.0715 Sep 0.0715 Oct 0.0715 Nov 0.0715 Dec 0.0695 Jan 0.0695 Feb 0.0695 Mar 0.0695 Apr 0.0695 line chart: SHARE PRICE PERFORMANCE 12.13 5/5/00 11.75 11.88 12.19 12.5 12.19 12.25 12.31 12.63 12.81 12.94 12.88 12.94 12.94 12.94 13.06 13.13 13.25 13.5 13.25 13.25 13.06 12.88 12.63 12.56 12.75 12.81 12.75 12.63 12.75 12.75 12.94 13.25 13.44 14 14.06 14.31 14.38 14.41 14.33 14.2 14.05 14.19 14.14 13.85 13.95 13.97 14.01 14 14.05 14.06 4/30/01 Weekly Closing Price Past performance is not predictive of future results. PORTFOLIO STATISTICS ================================================== Share Price $14.07 - -------------------------------------------------- Net Asset Value $15.02 - -------------------------------------------------- Market Yield 5.93% - -------------------------------------------------- Taxable-Equivalent Yield (Federal Income Tax Rate)1 8.59% - -------------------------------------------------- Fund Net Assets ($000) $838,088 - -------------------------------------------------- Average Effective Maturity (Years) 21.37 - -------------------------------------------------- Leverage-Adjusted Duration 11.98 ================================================== ANNUALIZED TOTAL RETURN (Inception 6/90) - -------------------------------------------------- On Share Price On NAV ================================================== 1-Year 20.54% 13.79% - -------------------------------------------------- 5-Year 5.35% 6.22% - -------------------------------------------------- 10-Year 6.33% 7.35% ================================================== TOP FIVE SECTORS (AS A % OF TOTAL INVESTMENTS) ================================================== Transportation 15% - -------------------------------------------------- Tax Obligation/General 13% - -------------------------------------------------- Healthcare 12% - -------------------------------------------------- U.S. Guaranteed 10% - -------------------------------------------------- Housing/Single Family 9% ================================================== 1 Taxable-equivalent yield represents the yield on a taxable investment necessary to equal the yield of the Nuveen Fund on an after-tax basis. It is calculated using the current market yield and a federal income tax rate of 31%. NQS Nuveen Select Quality Municipal Fund, Inc. Performance Overview As of April 30, 2001 pie chart: CREDIT QUALITY AAA/U.S. Guaranteed 74% AA 8% A 10% BBB 7% NR 1% 2000-2001 MONTHLY TAX-FREE DIVIDENDS PER SHARE2 May 0.077 Jun 0.074 Jul 0.074 Aug 0.074 Sep 0.074 Oct 0.074 Nov 0.074 Dec 0.072 Jan 0.072 Feb 0.072 Mar 0.072 Apr 0.072 line chart: SHARE PRICE PERFORMANCE 12.5 5/5/00 12.13 12.25 12.69 12.69 12.5 12.56 12.44 12.94 13.13 13.06 13.13 13.06 13 13.13 13.31 13.31 13.63 13.75 13.56 13.44 13.31 13.06 12.75 12.56 13 13.19 12.56 12.56 12.88 12.94 12.81 13.13 13.5 14.13 14.19 14.25 14.13 14.26 14.2 14.16 14.05 14.2 14.19 14.06 13.95 14.03 13.99 14 14.06 14.07 4/30/01 Weekly Closing Price Past performance is not predictive of future results. PORTFOLIO STATISTICS ================================================== Share Price $14.08 - -------------------------------------------------- Net Asset Value $14.80 - -------------------------------------------------- Market Yield 6.14% - -------------------------------------------------- Taxable-Equivalent Yield (Federal Income Tax Rate)1 8.90% - -------------------------------------------------- Fund Net Assets ($000) $780,487 - -------------------------------------------------- Average Effective Maturity (Years) 20.56 - -------------------------------------------------- Leverage-Adjusted Duration 10.33 ================================================== ANNUALIZED TOTAL RETURN (Inception 3/91) - -------------------------------------------------- On Share Price On NAV ================================================== 1-Year 20.22% 12.11% - -------------------------------------------------- 5-Year 5.92% 6.45% - -------------------------------------------------- 10-Year 6.53% 7.46% ================================================== Top Five Sectors (as a % of total investments) ================================================== U.S. Guaranteed 16% - -------------------------------------------------- Housing/Single Family 12% - -------------------------------------------------- Transportation 11% - -------------------------------------------------- Tax Obligation/Limited 11% - -------------------------------------------------- Tax Obligation/General 11% ================================================== 1 Taxable-equivalent yield represents the yield on a taxable investment necessary to equal the yield of the Nuveen Fund on an after-tax basis. It is calculated using the current market yield and a federal income tax rate of 31%. 2 The Fund also paid shareholders a net ordinary income distribution in December 2000 of $0.0013 per share. NQU Nuveen Quality Income Municipal Fund, Inc. Performance Overview As of April 30, 2001 pie chart: CREDIT QUALITY AAA/U.S. Guaranteed 68% AA 11% A 9% BBB 9% NR 2% Other 1% 2000-2001 MONTHLY TAX-FREE DIVIDENDS PER SHARE2 May 0.08 Jun 0.076 Jul 0.076 Aug 0.076 Sep 0.076 Oct 0.076 Nov 0.076 Dec 0.076 Jan 0.076 Feb 0.076 Mar 0.076 Apr 0.076 line chart: SHARE PRICE PERFORMANCE 12.88 5/5/00 12.56 12.81 13.06 13.19 12.88 12.75 12.75 13.25 13.38 13.44 13.5 13.5 13.13 13.38 13.5 13.38 13.63 13.81 13.63 13.56 13.44 13.38 13.25 12.81 13.19 13.13 13 13 13.06 13.13 13.44 13.63 13.75 14.63 14.44 14.81 14.81 14.82 14.8 14.67 14.55 14.72 14.75 14.36 14.19 14.01 14.12 14.44 14.38 14.45 4/30/01 Weekly Closing Price Past performance is not predictive of future results. PORTFOLIO STATISTICS ================================================== Share Price $14.51 - -------------------------------------------------- Net Asset Value $14.68 - -------------------------------------------------- Market Yield 6.29% - -------------------------------------------------- Taxable-Equivalent Yield (Federal Income Tax Rate)1 9.12% - -------------------------------------------------- Fund Net Assets ($000) $1,247,972 - -------------------------------------------------- Average Effective Maturity (Years) 19.54 - -------------------------------------------------- Leverage-Adjusted Duration 10.66 ================================================== ANNUALIZED TOTAL RETURN (Inception 6/91) On Share Price On NAV ================================================== 1-Year 21.66% 10.57% - -------------------------------------------------- 5-Year 6.29% 6.09% - -------------------------------------------------- Since Inception 6.59% 7.37% ================================================== TOP FIVE SECTORS (AS A % OF TOTAL INVESTMENTS) ================================================== U.S. Guaranteed 21% - -------------------------------------------------- Transportation 13% - -------------------------------------------------- Utilities 11% - -------------------------------------------------- Water and Sewer 10% - -------------------------------------------------- Tax Obligation/General 10% ================================================== 1 Taxable-equivalent yield represents the yield on a taxable investment necessary to equal the yield of the Nuveen Fund on an after-tax basis. It is calculated using the current market yield and a federal income tax rate of 31%. 2 The Fund also paid shareholders capital gains and net ordinary income distributions in December 2000 of $0.0097 per share. NPF Nuveen Premier Municipal Income Fund, Inc. Performance Overview As of April 30, 2001 pie chart: CREDIT QUALITY AAA/U.S. Guaranteed 66% AA 12% A 11% BBB 2% NR 9% bar chart: 2000-2001 MONTHLY TAX-FREE DIVIDENDS PER SHARE May 0.0805 Jun 0.0765 Jul 0.0765 Aug 0.0765 Sep 0.0765 Oct 0.0765 Nov 0.0765 Dec 0.0765 Jan 0.0765 Feb 0.0765 Mar 0.0765 Apr 0.0765 line chart: SHARE PRICE PERFORMANCE 13.25 5/5/00 13 12.75 13 13.06 13 12.88 12.81 13.13 13.5 13.5 13.38 13.31 13.25 13.75 13.94 13.94 14.13 14 13.69 13.69 13.88 13.44 13.56 13.13 13.38 13.69 13.44 13.5 13.81 13.88 14 14.38 14.19 15 15.31 15.19 14.94 15.25 15.06 14.99 15.07 15.02 15.15 15.03 14.52 14.5 14.52 14.7 14.68 14.73 4/30/01 Weekly Closing Price Past performance is not predictive of future results. PORTFOLIO STATISTICS ================================================== Share Price $14.72 - -------------------------------------------------- Net Asset Value $14.54 - -------------------------------------------------- Market Yield 6.24% - -------------------------------------------------- Taxable-Equivalent Yield (Federal Income Tax Rate)1 9.04% - -------------------------------------------------- Fund Net Assets ($000) $456,788 - -------------------------------------------------- Average Effective Maturity (Years) 15.44 - -------------------------------------------------- Leverage-Adjusted Duration 12.24 ================================================== ANNUALIZED TOTAL RETURN (Inception 12/91) On Share Price On NAV ================================================== 1-Year 16.36% 9.84% - -------------------------------------------------- 5-Year 6.69% 6.01% - -------------------------------------------------- Since Inception 6.64% 7.19% ================================================== TOP FIVE SECTORS (AS A % OF TOTAL INVESTMENTS) ================================================== U.S. Guaranteed 25% - -------------------------------------------------- Housing/Multifamily 16% - -------------------------------------------------- Tax Obligation/Limited 15% - -------------------------------------------------- Tax Obligation/General 12% - -------------------------------------------------- Education and Civic Organizations 7% ================================================== 1 Taxable-equivalent yield represents the yield on a taxable investment necessary to equal the yield of the Nuveen Fund on an after-tax basis. It is calculated using the current market yield and a federal income tax rate of 31%. Nuveen Investment Quality Municipal Fund, Inc. (NQM) Portfolio of Investments April 30, 2001 (Unaudited)
Principal Optional Call Market Amount (000) Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Alabama - 2.7% $ 22,225 Jefferson County, Alabama, Sewer Revenue Capital Improvement 2/09 at 101 AAA $ 22,747,510 Warrants, Series 1999-A, 5.750%, 2/01/38 - ------------------------------------------------------------------------------------------------------------------------------------ Alaska - 3.0% 14,850 Alaska Housing Finance Corporation, General Housing Purpose 6/04 at 102 Aa2 15,209,519 Bonds, 1994 Series A, 5.400%, 12/01/13 10,000 Northern Tobacco Securitization Corporation, Alaska, Tobacco 6/10 at 100 Aa3 10,243,700 Settlement Asset-Backed Bonds, Series 2000, 6.500%, 6/01/31 - ------------------------------------------------------------------------------------------------------------------------------------ Arkansas - 1.2% 5,080 Arkansas Development Finance Authority, Home Mortgage Revenue 7/08 at 101 1/2 AAA 5,084,775 Bonds, 1998 Series A, 5.150%, 7/01/17 Van Buren County, Arkansas, Sales and Use Tax Revenue Bonds, Refunding and Construction Series 2000: 1,055 5.600%, 12/01/25 12/10 at 100 Aaa 1,069,707 3,600 5.650%, 12/01/31 12/10 at 100 Aaa 3,658,932 - ------------------------------------------------------------------------------------------------------------------------------------ California - 9.7% 9,245 Alameda County Public Facilities Corporation, California, Certificates of Participation (1991 Financing Project), 6.000%, 9/01/21 9/06 at 102 AAA 9,809,315 7,400 California Health Facilities Financing Authority, Kaiser Permanente Revenue Bonds, 1993 Series C, 5.600%, 5/01/33 5/03 at 102 A 7,138,854 5,925 State Public Works Board of California, Lease Revenue Refunding 6/03 at 102 Aa2 5,942,953 Bonds (The Regents of the University of California), 1993 Series A (Various University of California Projects), 5.500%, 6/01/21 9,740 Huntington Park Redevelopment Agency, Single Family Residential No Opt. Call AAA 12,914,850 Mortgage Revenue Refunding Bonds, 1986 Series A, 8.000%, 12/01/19 4,000 City of Loma Linda, California, Hospital Revenue Bonds (Loma 12/03 at 102 N/R 3,587,320 Linda University Medical Center Project), Series 1993-A, 6.500%, 12/01/18 5,000 Department of Water and Power of the City of Los Angeles, 5/03 at 102 AAA 4,391,850 California, Water Works Refunding Revenue Bonds, Second Issue of 1993, 4.500%, 5/15/23 1,030 Natomas Unified School District, County of Sacramento, No Opt. Call AAA 1,130,961 California, Refunding General Obligation Bonds, Series 1999, 5.950%, 9/01/21 15,770 Ontario Redevelopment Financing Authority, San Bernardino No Opt. Call AAA 20,308,448 County, California, 1995 Revenue Refunding Bonds (Ontario Redevelopment Project No.1), 7.400%, 8/01/25 13,145 City of Perris, California, Single Family Mortgage Revenue No Opt. Call AAA 16,984,917 Bonds (GNMA Mortgage-Backed Securities), 1988 Series B, 8.200%, 9/01/23 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ Colorado - 6.2% 1,440 Colorado Housing Finance Authority, Single Family Program Senior 5/06 at 105 Aa2 1,532,909 Bonds, 1996 Series B, 7.450%, 11/01/27 City and County of Denver, Colorado, Airport System Revenue Bonds, Series 1991A: 820 8.000%, 11/15/25 (Alternative Minimum Tax) (Pre-refunded to 11/01 at 100 Aaa 840,885 11/15/01) 2,265 8.000%, 11/15/25 (Alternative Minimum Tax) 11/01 at 100 A 2,307,061 19,875 City and County of Denver, Colorado, Airport System Revenue 11/08 at 101 AAA 18,608,168 Bonds, Series 1998B, 5.000%, 11/15/25 12,450 City and County of Denver, Colorado, Airport System Revenue 11/10 at 100 AAA 13,090,926 Refunding Bonds, Series 2000A, 6.000%, 11/15/19 (Alternative Minimum Tax) 6,200 City and County of Denver, Colorado, Special Facilities Airport 10/02 at 102 Baa3 6,160,010 Revenue Bonds (United Airlines Project), Series 1992A, 6.875%, 10/01/32 (Alternative Minimum Tax) 7,865 Colorado Springs School District No. 11, El Paso County, 12/07 at 125 AA- 9,729,713 Colorado, General Obligation Improvement Bonds, Series 1996, 7.125%, 12/01/21
Principal Optional Call Market Amount (000) Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Connecticut - 2.7% $ 6,770 State of Connecticut, General Obligation Bonds, 2000 Series B, 6/10 at 100 AA $7,299,617 5.875%, 6/15/16 8,795 Connecticut Housing Finance Authority, Housing Mortgage Finance 11/07 at 102 AA 8,942,404 Program Bonds, 1997 Series C, 5.850%, 11/15/28 (Alternative Minimum Tax) 6,070 Connecticut Housing Finance Authority, Housing Mortgage Finance 5/06 at 102 AA 6,291,494 Program Bonds, 1996 Series D (Subseries D-2), 6.200%, 11/15/27 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ District of Columbia - 4.3% 2,500 District of Columbia, Washington D.C., General Obligation Bonds, No Opt. Call AAA 2,755,525 Series 1998B, 6.000%, 6/01/16 15,950 District of Columbia, University Revenue Bonds (Georgetown 4/11 at 31 1/32 AAA 2,537,167 University Issue), Series 2001A, 0.000%, 4/01/31 6,000 District of Columbia Tobacco Settlement Financing Corporation, 5/11 at 101 A1 6,114,300 Tobacco Settlement Asset-Backed Bonds, Series 2001, 6.750%, 5/15/40 23,645 District of Columbia Water and Sewer Authority, Public Utility 4/09 at 160 AAA 24,370,192 Revenue Bonds, Series 1998, 5.500%, 10/01/23 - ------------------------------------------------------------------------------------------------------------------------------------ Georgia - 4.4% 17,500 City of Atlanta, Georgia, Airport General Revenue and Refunding 1/10 at 101 AAA 17,837,925 Bonds, Series 2000A, 5.600%, 1/01/30 5,980 Development Authority of Fulton County, Georgia, Revenue Bonds 9/11 at 102 Aaa 6,073,288 (TUFF/Atlanta Housing - LLC Project at Georgia State University), Series 2001A, 5.500%, 9/01/22 2,250 Municipal Electric Authority of Georgia, Project One Special No Opt. Call A 2,542,905 Obligation Bonds, Fourth Crossover Series, 6.500%, 1/01/20 10,000 Development Authority of Monroe County, Georgia, Pollution 10/01 at 100 A+ 10,054,800 Control Revenue Bonds (Georgia Power Company Plant Scherer Project), Second Series 1994, 6.750%, 10/01/24 - ------------------------------------------------------------------------------------------------------------------------------------ Illinois - 7.1% 4,705 Village of Bourbonnais, Illinois, Industrial Project Revenue 3/10 at 101 AA 4,982,736 Bonds (Olivet Nazarene University Project), Series 2000, 6.250%, 3/01/20 9,000 City of Chicago, Illinois, Chicago O'Hare International No Opt. Call Baa2 8,989,560 Airport, Special Facility Revenue Bonds (United Airlines Inc. Project), Series 2001A, 6.375%, 11/01/35 (Alternative Minimum Tax) (Mandatory put 5/01/13) 7,500 Community College District No. 508, Cook County, Illinois, No Opt. Call AAA 9,142,875 Certificates of Participation, 8.750%, 1/01/07 2,110 Illinois Development Finance Authority, Local Government 1/11 at 100 Aaa 2,252,531 Program Revenue Bonds (Elmhurst Community Unit - School District Number 205 Project), Series 2000, 6.000%, 1/01/19 11,825 School District No. 46, Elgin, Counties of Kane, Cook, and No Opt. Call Aaa 14,753,343 DuPage, Illinois, School Bonds, Series 1997, 7.800%, 1/01/12 5,900 Community Unit School District Number 7, Madison County, No Opt. Call AAA 6,498,437 Illinois, School Building Bonds, Series 1994, 5.850%, 2/01/13 3,585 City of Pekin, Illinois, Multifamily Housing Refunding Revenue 5/03 at 103 AAA 3,715,709 Bonds, Series 1992A (FHA-Insured Mortgage Loan - Section 8 Assisted Project), 6.875%, 5/01/22 1,045 City of Peoria, Peoria County, City of Pekin, Tazewell and 8/01 at 102 AA 1,072,964 Peoria Counties and City of Waukegan, Lake County, Illinois, Jointly, GNMA Collateralized Mortgage Revenue Bonds, Series 1990, 7.875%, 8/01/22 (Alternative Minimum Tax) 5,390 Regional Transportation Authority, Cook, DuPage, Kane, Lake, No Opt. Call AAA 6,738,524 McHenry and Will Counties, Illinois, General Obligation Bonds, Series 1992A, 9.000%, 6/01/07 860 Regional Transportation Authority, Cook, DuPage, Kane, Lake, No Opt. Call AAA 1,075,163 McHenry and Will Counties, Illinois, General Obligation Bonds, Series 1992B, 9.000%, 6/01/07
Nuveen Investment Quality Municipal Fund, Inc. (NQM) (continued) Portfolio of Investments April 30, 2001 (Unaudited)
Principal Optional Call Market Amount (000) Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Indiana - 1.9% $ 5,530 Allen County Jail Building Corporation, Indiana, 4/11 at 101 Aa3 $ 5,722,444 First Mortgage Bonds, Series 2000, 5.750%, 4/01/20 1,880 City of Indianapolis, Indiana, Multifamily Housing 7/10 at 102 Aaa 1,924,518 Mortgage Revenue Bonds (GNMA Collateralized - Cloverleaf/Phase I Apartments Project), Series 2000, 6.000%, 1/20/31 5,065 M.S.D. of Steuben County K-5 Building Corporation, 7/10 at 101 AAA 5,450,750 Steuben County, Indiana, First Mortgage Bonds (Non Bank Qualified), Series 2000, 6.125%, 1/15/21 2,495 City of Shelbyville, Indiana, Multifamily Housing Mortgage 7/10 at 102 Aaa 2,550,838 Revenue Bonds (Blueridge Terrace Project), GNMA Collateralized, Series 2000, 6.050%, 1/20/36 - ------------------------------------------------------------------------------------------------------------------------------------ Iowa - 0.7% 5,290 Iowa Finance Authority, Mortgage Revenue Bonds (Abbey 11/10 at 103 1/2 Aaa 5,604,120 Healthcare), Series 2000A, GNMA Guaranteed, 6.200%, 5/20/42 - ------------------------------------------------------------------------------------------------------------------------------------ Kansas - 1.3% 4,070 Sedgwick County, Kansas and Shawnee County, Kansas, No Opt. Call Aaa 4,516,601 Single Family Mortgage Revenue Bonds (Mortgaged-Backed Securities Program), 1997 Series A-1, 6.950%, 6/01/29 (Alternative Minimum Tax) 4,640 City of Topeka, Kansas, Variable Rate Demand 8/16 at 100 AAA 6,287,896 Industrial Revenue Refunding Bonds (Sunwest Hotel Corporation Project), Series 1988, 9.500%, 10/01/16 (Alternative Minimum Tax) (Pre-refunded to 8/15/16) - ------------------------------------------------------------------------------------------------------------------------------------ Kentucky - 2.2% 2,000 Jefferson County, Kentucky, Health Facilities Revenue 1/07 at 102 AAA 2,035,220 Refunding Bonds (Jewiah Hospital Healthcare Services Inc.), Series 1996, 5.700%, 1/01/21 12,500 County of Jefferson, Kentucky, Pollution Control Revenue 4/05 at 102 AAA 12,842,000 Bonds (Louisville Gas and Electric Company Project), 1995 Series A, 5.900%, 4/15/23 3,700 County of Warren, Kentucky, Hospital Revenue Bonds 4/08 at 101 AAA 3,292,741 (Bowling Green-Warren County Community Hospital Corporation), Series 1998, 4.875%, 4/01/27 - ------------------------------------------------------------------------------------------------------------------------------------ Louisiana - 3.5% 4,095 East Baton Rouge Mortgage Finance Authority, Single 10/07 at 102 Aaa 4,173,583 Family Mortgage Revenue Refunding Bonds (GNMA and FNMA Mortgage-Backed Securities Program), Series 1997D, 5.900%, 10/01/30 (Alternative Minimum Tax) 3,200 Home Mortgage Authority, Parish of Jefferson, Louisiana, 12/09 at 103 Aaa 3,613,952 Single Family Mortgage Revenue Refunding Bonds, Series 2000A-2, 7.500%, 12/01/30 (Alternative Minimum Tax) Home Mortgage Authority, Parish of Jefferson, Louisiana, Single Family Mortgage Revenue Bonds, Series 2000G-2: 1,600 6.300%, 6/01/32 (Alternative Minimum Tax) 12/10 at 105 Aaa 1,724,320 2,000 5.550%, 6/01/32 (Alternative Minimum Tax) 12/10 at 102 Aaa 1,950,180 2,620 Louisiana Public Facilities Authority, Extended No Opt. Call BBB 2,815,426 Care Facilities Revenue Bonds (Comm-Care Corporation Project), Series 1994, 11.000%, 2/01/04 11,545 Orleans Parish School Board, Public School Refunding No Opt. Call AAA 15,004,690 Bonds, Series 1987, 9.000%, 2/01/09 - ------------------------------------------------------------------------------------------------------------------------------------ Maine - 0.2% 1,795 Maine State Housing Authority, Mortgage Purchase Bonds, 10/04 at 102 AA 1,874,321 1994 Series C-2, 6.875%, 11/15/23 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ Massachusetts - 3.6% 12,000 The Commonwealth of Massachusetts, General Obligation Bonds 10/10 at 100 Aa2 12,526,920 (Consolidated Loan), Series 2000C, 5.750%, 10/01/19 5,000 The Commonwealth of Massachusetts, General Obligation Bonds 9/09 at 101 Aa2*** 5,568,550 (Consolidated Loan of 1999), Series C, 5.875%, 9/01/17 (Pre-refunded to 9/01/09) 5,375 Massachusetts Development Finance Agency, Assisted Living 12/09 at 102 N/R 5,434,555 Revenue Bonds (Prospect House Apartments), Series 1999, 7.000%, 12/01/31 (Alternative Minimum Tax)
Principal Optional Call Market Amount (000) Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Massachusetts (continued) $ 5,160 Massachusetts Health and Educational Facilities Authority, 7/01 at 101 BBB $4,764,899 Revenue Bonds (Goddard Memorial Hospital Issue), Series B, 9.000%, 7/01/15 2,000 Massachusetts Industrial Finance Agency, Resource Recovery 12/08 at 102 BBB 1,811,280 Revenue Refunding Bonds (Ogden Haverhill Project), Series 1998A, 5.600%, 12/01/19 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ Michigan - 1.4% 10,000 City of Detroit, Michigan, Water Supply System Revenue No Opt. Call AAA 11,558,800 and Revenue Refunding Bonds, Series 1993, 6.500%, 7/01/15 - ------------------------------------------------------------------------------------------------------------------------------------ Minnesota - 4.1% 5,000 The County Housing and Redevelopment Authorities of Dakota No Opt. Call AAA 6,771,100 and Washington and the City of Bloomington, Minnesota, Single Family Residential Mortgage Revenue Bonds (Mortgage-Backed Program), Series 1988, 8.450%, 9/01/19 (Alternative Minimum Tax) 3,355 City of Eden Prairie, Minnesota, Multifamily Housing 12/10 at 103 1/2 Aaa 3,534,358 Revenue Bonds (GNMA Collateralized Mortgage Loan - Lincoln Parc Project), Series A-1, 6.550%, 12/20/30 2,860 City of Hopkins, Minnesota, Elderly Housing Revenue 3/04 at 102 AAA 3,119,831 Refunding Bonds (St. Therese Southwest, Inc. Project), Series 1994A, 6.500%, 3/01/19 (Pre-refunded to 3/01/04) 20,000 Minnesota Agricultural and Economic Development Board, 11/10 at 101 A 20,665,800 Health Care System Revenue Bonds (Fairview Health Services), Series 2000A, 6.375%, 11/15/29 - ------------------------------------------------------------------------------------------------------------------------------------ Mississippi - 0.1% 1,180 Mississippi Housing Finance Corporation, Single Family 10/01 at 100 AAA 1,191,198 Mortgage Purchase Revenue Bonds (GNMA Mortgage-Backed Securities Program), Series 1989, 8.250%, 10/15/18 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ Missouri - 1.2% 8,035 The Industrial Development Authority of Kansas City, 1/07 at 102 AAA 8,134,152 Missouri, Multifamily Housing Revenue Bonds (Royal Woods Apartments Project), Series 1997, 5.600%, 1/01/30 (Alternative Minimum Tax) (Mandatory put 1/01/10) 1,780 Missouri Housing Development Commission, Single Family 3/07 at 105 AAA 1,977,562 Mortgage Revenue Bonds (Homeownership Loan Program), 1997 Series A-2, 7.300%, 3/01/28 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ Nebraska - 2.1% 3,300 Nebraska Higher Education Loan Program, Inc., Student 3/04 at 102 AAA 3,394,347 Loan Program Revenue Bonds, 1993 Series B, 5.875%, 6/01/14 (Alternative Minimum Tax) 13,330 Nebraska Investment Finance Authority, Single Family 3/05 at 101 1/2 AAA 13,788,419 Housing Revenue Bonds, 1995 Series B, 6.450%, 3/01/35 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ Nevada - 1.8% 14,530 Director of the State of Nevada, Department of Business 1/10 at 102 AAA 14,668,035 and Industry, Las Vegas Monorail Project Revenue Bonds, 1st Tier Series 2000, 5.625%, 1/01/34 - ------------------------------------------------------------------------------------------------------------------------------------ New York - 8.2% 7,770 Metropolitan Transportation Authority, New York, Commuter 7/07 at 101 AAA 7,812,735 Facilities Revenue Bonds, Series 1997C, 5.375%, 7/01/27 The City of New York, New York, General Obligation Bonds, Fiscal 1997 Series G: 95 6.000%, 10/15/26 (Pre-refunded to 10/15/07) 10/07 at 101 Aaa 106,598 9,905 6.000%, 10/15/26 10/07 at 101 A 10,430,856 7,000 New York City Municipal Water Finance Authority, Water 6/06 at 101 AAA 7,215,880 and Sewer System Revenue Bonds, Fiscal 1996 Series B, 5.750%, 6/15/26 3,300 New York City Municipal Water Finance Authority, Water 6/10 at 101 AA*** 3,891,426 and Sewer System Revenue Bonds, Fiscal 2000 Series B, 6.500%, 6/15/31 (Pre-refunded to 6/15/10) 5,000 New York City Transitional Finance Authority, Future Tax 5/10 at 101 AA+ 5,072,150 Secured Bonds, Fiscal 2000 Series C, 5.500%, 11/01/24
Nuveen Investment Quality Municipal Fund, Inc. (NQM) (continued) Portfolio of Investments April 30, 2001 (Unaudited)
Principal Optional Call Market Amount (000) Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ New York (continued) $ 14,235 Dormitory Authority of the State of New York, City No Opt. Call A3 $15,063,762 University System Consolidated Second General Resolution Revenue Bonds, Series 1990D, 8.750%, 7/01/02 16,445 The Port Authority of New York and New Jersey, Special No Opt. Call AAA 19,687,625 Project Bonds (JFK International Air Terminal LLC Project), Series 6, 7.000%, 12/01/12 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ North Carolina - 2.6% 2,795 Charlotte, North Carolina, Mortgage Revenue Refunding 11/07 at 100 AAA 2,999,706 Bonds (FHA-Insured Mortgage - Double Oaks Apartments), 7.350%, 5/15/26 18,200 North Carolina Eastern Municipal Power Agency, Power 1/07 at 102 AAA 18,949,840 System Revenue Bonds, Refunding Series 1996B, 5.875%, 1/01/21 - ------------------------------------------------------------------------------------------------------------------------------------ Ohio - 1.0% 8,650 County of Cuyahoga, Ohio, Hospital Improvement Revenue 2/09 at 101 A- 8,507,621 Bonds (The Metrohealth System Project), Series 1999, 6.150%, 2/15/29 - ------------------------------------------------------------------------------------------------------------------------------------ Oklahoma - 0.4% 3,300 Trustees of the Tulsa Municipal Airport Trust, Oklahoma, No Opt. Call Baa1 3,324,948 Revenue Bonds, Refunding Series 2000B, 6.000%, 6/01/35 (Alternative Minimum Tax) (Mandatory put 12/01/08) - ------------------------------------------------------------------------------------------------------------------------------------ Pennsylvania - 0.6% 5,000 City of Philadelphia, Pennsylvania, General Obligation 3/11 at 100 AAA 5,001,600 Bonds, Series 2000, 5.250%, 9/15/18 - ------------------------------------------------------------------------------------------------------------------------------------ Rhode Island - 3.5% 4,750 Newport Housing Development Corporation, 1995 Multifamily 6/03 at 100 AAA 5,085,682 Mortgage Revenue Refunding Bonds (Broadway-West Broadway Apartments) (FHA-Insured Mortgage - Section 8 Assisted Project), Series A, 6.800%, 8/01/24 24,000 Rhode Island Health and Educational Building Corporation, 5/07 at 102 AAA 24,392,880 Hospital Financing Revenue Bonds (Lifespan Obligated Group Issue), Series 1996, 5.750%, 5/15/23 - ------------------------------------------------------------------------------------------------------------------------------------ South Carolina - 1.2% 10,000 Tobacco Settlement Revenue Management Authority, Tobacco 5/11 at 101 A1 9,935,900 Settlement Asset-Backed Bonds, Series 2001B, 6.375%, 5/15/28 - ------------------------------------------------------------------------------------------------------------------------------------ Texas - 9.9% 3,135 Austin Housing Finance Corporation, Texas, Multifamily 12/10 at 105 Aaa 3,550,388 Housing Revenue Bonds (GNMA Collateralized Mortgage Loan - Santa Maria Village Project), Series 2000A, 7.375%, 6/20/35 (Alternative Minimum Tax) 13,400 Housing Finance Corporation, Bexar County, Texas, 5/16 at 100 N/R 13,400,000 Multifamily Housing Revenue Bonds (American Opportunity for Housing), Series 2001A, 7.500%, 5/01/33 (DD, settling 5/04/01) 3,000 Housing Finance Corporation, Bexar County, Texas, 5/16 at 100 N/R 3,000,000 Multifamily Housing Revenue Bonds (American Opportunity for Housing), Series 2001B, 8.250%, 5/01/33 (DD, settling 5/04/01) 1,875 The Cameron County Housing Finance Corporation, GNMA 9/01 at 102 AAA 1,931,663 Collateralized Mortgage Revenue Refunding Bonds, 1990 Series B, 7.850%, 3/01/24 18,710 Clear Creek Independent School District, Galveston and 2/10 at 100 AAA 18,779,414 Harris Counties, Texas, Unlimited Tax Schoolhouse and Refunding Bonds, Series 2000, 5.500%, 2/15/22 Dallas Housing Corporation, Refunding and Capital Program Revenue Bonds (Section 8 Assisted Projects), Series 1990: 1,000 7.700%, 8/01/05 8/01 at 101 Baa2 1,017,080 2,000 7.850%, 8/01/13 8/01 at 101 Baa2 2,034,560 13,175 Harris County Hospital District, Texas, Refunding Revenue No Opt. Call AAA 15,234,341 Bonds, Series 1990, 7.400%, 2/15/10 5,000 Harris County Hospital District, Texas, Refunding 8/10 at 100 AAA 5,369,500 Revenue Bonds, Series 2000, 6.000%, 2/15/14
Principal Optional Call Market Amount (000) Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Texas (continued) $ 2,256 Heart of Texas Housing Finance Corporation, Multifamily 6/10 at 105 AAA $ 2,550,205 Housing Revenue Bonds (GNMA Collateralized Mortgage Loan - Robinson Garden Project), Series 2000A, 7.375%, 6/20/35 (Alternative Minimum Tax) 1,000 Richardson Hospital Authority, Texas, Hospital Revenue 12/08 at 101 BBB+ 850,080 Refunding and Improvement Bonds (Baylor/Richardson Medical Center Project), Series 1998, 5.625%, 12/01/28 3,960 Economic Development Corporation, Stafford, Texas, Sales 9/15 at 100 AAA 3,951,090 Tax Revenue Bonds, Series 2000, 5.500%, 9/01/30 6,865 Tarrant County Health Facilities Development Corporation, 12/10 at 105 Aaa 8,064,384 Mortgage Revenue Bonds (GNMACollateralized Mortgage Loan - Eastview Nursing Home, Ebony Lake Nursing Center, Ft. Stockton Nursing Center, Lynnhaven Nursing Center and Mission Oaks Manor), 2000A-1, 7.500%, 12/20/22 3,965 Tyler Health Facilities Development Corporation, Texas, 11/07 at 102 AAA 3,969,520 Hospital Revenue Bonds (East Texas Medical Center), Series 1997C, 5.600%, 11/01/27 - ------------------------------------------------------------------------------------------------------------------------------------ Virginia - 0.2% 2,000 City of Virginia Beach Development Authority, Virginia, 10/14 at 102 N/R 1,994,800 Multifamily Residential Rental Housing Revenue Bonds (The Hamptons and Hampton Court Apartments Project), Series 1999, 7.500%, 10/01/39 - ------------------------------------------------------------------------------------------------------------------------------------ Washington - 7.5% 17,075 Port of Seattle, Washington, Limited Tax General Obligation 12/10 at 100 AA+ 17,420,598 Bonds, 2000 Series B, 5.750%, 12/01/25 (Alternative Minimum Tax) 16,750 Port of Seattle, Washington, Revenue Bonds, Series 2000A, 8/10 at 100 AAA 16,904,770 5.625%, 2/01/30 State of Washington, General Obligation Bonds, Series 1994A: 175 4.750%, 10/01/13 (Pre-refunded to 10/01/03) 10/03 at 100 AA+*** 179,925 7,545 4.750%, 10/01/13 10/03 at 100 AA+ 7,395,684 16,060 Washington Public Power Supply System, Nuclear Project No. 3 7/03 at 102 AAA 16,340,729 Refunding Revenue Bonds, Series 1993B, 5.600%, 7/01/15 4,500 Washington Public Power Supply System, Nuclear Project No. 3 7/03 at 102 Aa1 4,522,995 Refunding Revenue Bonds, Series 1993C,5.375%, 7/01/15 - ------------------------------------------------------------------------------------------------------------------------------------ Wisconsin - 0.5% Wisconsin Health and Educational Facilities Authority, Revenue Bonds (Eagle River Memorial Hospital Incorporated Project), Series 2000: 1,000 5.750%, 8/15/20 8/10 at 101 AA 981,060 3,000 5.875%, 8/15/30 8/10 at 101 AA 2,966,610 - ------------------------------------------------------------------------------------------------------------------------------------ $ 811,181 Total Investments (cost $807,214,194) - 101.0% 846,716,753 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - (1.0)% (8,629,194) ----------------------------------------------------------------------------------------------------------------------- Net Assets - 100% $838,087,559 ======================================================================================================================= * 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. Securities are normally considered to be equivalent to AAA rated securities. N/R Investment is not rated. (DD) Security purchased on a delayed delivery basis. See accompanying notes to financial statements.
Nuveen Select Quality Municipal Fund, Inc. (NQS) Portfolio of Investments April 30, 2001 (Unaudited) Principal Optional Call Market Amount (000) Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Alabama - 3.4% $ 2,900 The Water Works Board of the City of Arab, Alabama, Water 8/01 at 102 AAA $2,979,924 Revenue Bonds, Series 1991, 7.050%, 8/01/16 Jefferson County, Alabama, Sewer Revenue Capital Improvement Warrants, Series 1999-A: 8,000 5.375%, 2/01/36 2/09 at 101 AAA 7,813,520 5,000 5.750%, 2/01/38 2/09 at 101 AAA 5,117,550 10,000 The Health Care Authority of Lauderdale County and the 7/10 at 102 AAA 10,501,700 City of Florence, Alabama, RevenueBonds (Coffee Health Group), Series 2000A, 6.000%, 7/01/29 - ------------------------------------------------------------------------------------------------------------------------------------ Alaska - 0.4% 3,250 Alaska Energy Authority, Power Revenue Refunding Bonds 7/09 at 101 AAA 3,071,738 (Bradley Lake Hydroelectric Project), Third Series, 5.000%, 7/01/21 - ------------------------------------------------------------------------------------------------------------------------------------ Arizona - 0.5% The Industrial Development Authority of the County of Maricopa, Arizona, Multifamily Housing Revenue Bonds (Syl-Mar Apartments Project), Series 2001: 1,125 5.650%, 4/20/21 (Alternative Minimum Tax) 10/11 at 103 Aaa 1,126,451 (WI, settling 5/03/01) 2,470 6.100%, 4/20/36 (WI, settling 5/03/01) 10/11 at 103 Aaa 2,557,290 - ------------------------------------------------------------------------------------------------------------------------------------ Arkansas - 0.7% 4,500 City of Little Rock, Arkansas, Hotel and Restaurant Gross No Opt. Call A 5,438,970 Receipts Tax Refunding Bonds, Series 1993, 7.375%, 8/01/15 - ------------------------------------------------------------------------------------------------------------------------------------ California - 0.9% 3,000 California Health Facilities Financing Authority, Kaiser 10/08 at 101 A 2,704,620 Permanente Revenue Bonds, Series 1998B,5.000%, 10/01/20 4,000 California Pollution Control Financing Authority, Pollution 4/11 at 102 AAA 3,947,840 Control Refunding Revenue Bonds (Pacific Gas and Electric Company), 1996A Remarketed, 5.350%, 12/01/16 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ Colorado - 7.5% 11,000 Colorado Department of Transportation, Transportation 6/10 at 100 1/2 AAA 11,954,360 Revenue Anticipation Notes, Series 2000, 6.000%, 6/15/15 9,250 Colorado Health Facilities Authority, Kaiser Permanente 7/06 at 102 A 8,693,983 Revenue Bonds (Remarketed), 1994 Series A,5.350%, 11/01/16 City and County of Denver, Colorado, Airport System Revenue Bonds, Series 1992C: 2,560 6.750%, 11/15/22 (Alternative Minimum Tax) 11/02 at 102 Aaa 2,733,619 (Pre-refunded to 11/15/02) 9,590 6.750%, 11/15/22 (Alternative Minimum Tax) 11/02 at 102 A 10,078,611 5,305 City and County of Denver, Colorado, Airport System 11/01 at 102 Aaa 5,565,369 Revenue Bonds, Series 1991A, 8.750%, 11/15/23 (Alternative Minimum Tax) (Pre-refunded to 11/15/01) City and County of Denver, Colorado, Airport System Revenue Bonds, Series 1991D: 1,040 7.750%, 11/15/21 (Alternative Minimum Tax) 11/01 at 102 Aaa 1,085,604 (Pre-refunded to 11/15/01) 3,960 7.750%, 11/15/21 (Alternative Minimum Tax) 11/01 at 102 A 4,114,361 14,000 City and County of Denver, Colorado, Airport System Revenue 11/10 at 100 AAA 14,143,640 Refunding Bonds, Series 2000A, 5.625%, 11/15/23 (Alternative Minimum Tax) 470 Jefferson County, Colorado, Single Family Revenue 10/01 at 103 AAA 484,481 Refunding Bonds, Series 1991A, 8.875%, 10/01/13
Principal Optional Call Market Amount (000) Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Connecticut - 2.1% $ 7,145 Connecticut Development Authority, Health Facility Refunding 8/01 at 103 N/R*** $7,490,818 Revenue Bonds (Alzheimer's Resource Center of Connecticut, Inc. Project), Series 1991A, 10.000%, 8/15/21 (Pre-refunded to 8/15/01) 9,285 Connecticut Development Authority, Health Facility Refunding 8/04 at 102 N/R 8,529,387 Revenue Bonds (Alzheimer's Resource Center of Connecticut, Inc. Project), Series 1994A, 7.250%, 8/15/21 - ------------------------------------------------------------------------------------------------------------------------------------ District of Columbia - 1.6% District of Columbia, Washington D.C., General Obligation Bonds, Series 1998B: 5,000 6.000%, 6/01/19 No Opt. Call AAA 5,505,300 7,265 5.250%, 6/01/26 6/08 at 101 AAA 6,995,178 - ------------------------------------------------------------------------------------------------------------------------------------ Florida - 1.8% 5,665 Florida Housing Finance Corporation, Housing Revenue 7/10 at 100 AAA 5,787,251 Bonds (The Park at Palm Bay), 2000 Series R-2, 5.875%, 7/01/32 (Alternative Minimum Tax) Lee County, Florida, Airport Revenue Bonds, Series 2000A: 3,075 5.875%, 10/01/18 (Alternative Minimum Tax) 10/10 at 101 AAA 3,231,364 4,860 5.875%, 10/01/19 (Alternative Minimum Tax) 10/10 at 101 AAA 5,095,175 - ------------------------------------------------------------------------------------------------------------------------------------ Hawaii - 2.1% 16,000 Department of Budget and Finance of the State of Hawaii, 7/01 at 102 AAA 16,429,760 Special Purpose Revenue Bonds, Kapiolani Health Care System Obligated Group (Pali Momi Medical Center Project), Series 1991, 7.650%, 7/01/19 (Pre-refunded to 7/01/01) - ------------------------------------------------------------------------------------------------------------------------------------ Illinois - 7.8% 5,000 City of Chicago, Illinois, General Obligation Bonds, 1/06 at 102 AAA 4,769,000 Project and Refunding Series 1995B, 5.125%, 1/01/25 5,865 City of Chicago, Illinois, General Obligation Bonds 7/10 at 101 AAA 6,808,092 (Neighborhoods Alive 21 Program), Series 2000A, 6.500%, 1/01/35 (Pre-refunded to 7/01/10) Chicago School Reform Board of Trustees of the Board of Education of the City of Chicago, Illinois, Unlimited Tax General Obligation Bonds (Dedicated Tax Revenues), Series 1997: 4,000 5.750%, 12/01/20 12/07 at 102 AAA 4,124,040 10,000 5.750%, 12/01/27 12/07 at 102 AAA 10,258,800 12,555 Chicago School Reform Board of Trustees of the Board of 12/07 at 102 AAA 12,050,917 Education of the City of Chicago, Illinois, Unlimited Tax General Obligation Bonds (Dedicated Tax Revenues), Series 1997A, 5.250%, 12/01/27 30,000 Chicago School Reform Board of Trustees of the Board of No Opt. Call AAA 7,093,500 Education of the City of Chicago, Illinois,Unlimited Tax General Obligation Bonds (Dedicated Tax Revenues), Series 1998A, 0.000%, 12/01/25 5,000 City of Chicago, Illinois, Chicago O'Hare International No Opt. Call Baa2 4,994,200 Airport, Special Facility Revenue Bonds(United Airlines Inc. Project), Series 2001A, 6.375%, 11/01/35 (Alternative Minimum Tax) (Mandatory put 5/01/13) Illinois Development Finance Authority, Multifamily Housing Bonds, Series 1990 (Affordable Housing Preservation Foundation Project), Subseries A (FHA-Insured Mortgage Loans - Lawless Gardens Project): 775 7.650%, 7/01/07 1/02 at 105 AAA 821,058 6,780 7.650%, 12/31/31 1/02 at 105 AAA 7,188,970 2,000 Illinois Health Facilities Authority, Revenue Bonds 2/11 at 101 Aaa 2,009,900 (Midwest Care Center Inc.), Series 2001, 5.950%,2/20/36 1,585 Illinois Housing Development Authority, Multifamily 7/01 at 102 A+ 1,621,154 Housing Bonds, 1991 Series C, 7.400%, 7/01/23 - ------------------------------------------------------------------------------------------------------------------------------------ Indiana - 4.5% 8,640 Avon Community School Building Corporation, Hendricks 7/04 at 101 AAA 8,720,870 County, Indiana, First Mortgage Bonds,Series 1994, 5.500%, 1/01/16 4,905 Beacon Heights Housing Development Corporation, 6/01 at 100 AAA 4,912,112 1991 Multifamily Mortgage Revenue Refunding Bonds, (FHA-Insured Mortgage - Section 8 Assisted Project), Series A, 7.625%, 2/01/21
Nuveen Select Quality Municipal Fund, Inc. (NQS) (continued) Portfolio of Investments April 30, 2001 (Unaudited) Principal Optional Call Market Amount (000) Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Indiana (continued) $ 7,500 Indiana Housing Finance Authority, Single Family Mortgage 1/10 at 100 Aaa $7,662,150 Revenue Bonds, 2000 Series D-3, 5.950%,7/01/26 (Alternative Minimum Tax) 5,450 City of Indianapolis, Indiana, Economic Development 7/06 at 102 BBB 5,253,582 Revenue Bonds (Willowbrook Apartments Project), Senior Series 1996A, 6.500%, 7/01/26 1,040 Michigan City Housing Development Corporation, 6/01 at 100 AAA 1,041,508 1991 Multifamily Mortgage Revenue Refunding Bonds (FHA-Insured Mortgage - Section 8 Assisted Project), Series A, 7.625%, 2/01/21 7,660 Hospital Authority of St. Joseph County, Indiana, 2/11 at 100 AAA 7,670,724 Health System Revenue Bonds (Memorial Health System), Series 2000, 5.625%, 8/15/33 - ------------------------------------------------------------------------------------------------------------------------------------ Kansas - 1.2% 8,800 City of Merriam, Kansas, Hospital Refunding Revenue Bonds 9/01 at 102 AAA 9,086,968 (Shawnee Mission Medical Center, Inc. Project), Series 1991B, 7.250%, 9/01/21 (Pre-refunded to 9/01/01) - ------------------------------------------------------------------------------------------------------------------------------------ Kentucky - 0.4% 3,015 Lakeland Wesley Village, Inc., Mortgage Revenue Refunding 11/01 at 103 Aa 3,079,069 Bonds (Lakeland Wesley Village I Elderly Section 8 Assisted Project - FHA-Insured Mortgage), Series 1991, 7.500%, 11/01/21 - ------------------------------------------------------------------------------------------------------------------------------------ Louisiana - 0.1% 705 Calcasieu Parish Public Trust Authority, Louisiana, Mortgage 6/01 at 103 A1 726,629 Revenue Refunding Bonds, 1991Series A, 7.750%, 6/01/12 - ------------------------------------------------------------------------------------------------------------------------------------ Maryland - 1.0% 7,500 Maryland Health and Higher Educational Facilities Authority, 7/09 at 101 AA 8,042,250 Revenue Bonds (The Johns Hopkins University Issue), Series 1999, 6.000%, 7/01/39 - ------------------------------------------------------------------------------------------------------------------------------------ Massachusetts - 2.3% 7,375 Boston Housing Development Corporation, Mortgage Revenue 1/04 at 102 AAA 7,269,906 Refunding Bonds (FHA-Insured Mortgage Loans - Section 8 Assisted Projects), Series 1994A, 5.500%, 7/01/24 2,000 Massachusetts Educational Financing Authority, Education 12/10 at 101 AAA 2,123,500 Loan Revenue and Refunding Bonds (Issue G), Series 2000A, 5.700%, 12/01/11 (Alternative Minimum Tax) 2,000 Massachusetts Health and Educational Facilities Authority, 6/01 at 102 A3*** 2,048,140 Revenue Bonds (Lowell General Hospital Issue), Series A, 8.400%, 6/01/11 (Pre-refunded to 6/01/01) 6,300 Somerville Housing Authority, Massachusetts, Mortgage 5/01 at 101 AAA 6,371,064 Revenue Bonds, Series 1990 (GNMA Collateralized - Clarendon Hill Towers Project), 7.950%, 11/20/30 - ------------------------------------------------------------------------------------------------------------------------------------ Michigan - 2.7% 10,000 City of Detroit, Michigan, Sewage Disposal System Revenue 1/10 at 101 AAA 10,374,700 Bonds, Series 1999-A, 5.750%, 7/01/26 3,625 Fowlerville Community Schools, Counties of Livingston, 5/07 at 100 AAA 3,916,740 Ingham and Shiawassee, State of Michigan, 1996 School Building and Site Bonds, 5.600%, 5/01/26 (Pre-refunded to 5/01/07) 6,525 Michigan State Hospital Finance Authority, Revenue Bonds 11/09 at 101 AAA 6,744,958 (Ascension Health Credit Group), Series1999A, 5.750%, 11/15/16 - ------------------------------------------------------------------------------------------------------------------------------------ Minnesota - 1.5% 3,465 The County Housing and Redevelopment Authorities of 3/04 at 102 27/32 AAA 3,635,755 Chisago, South-Central Minnesota (Multi-County) and Stearns, Single Family Mortgage Revenue Refunding Bonds (Fannie Mae Mortgage-Backed Securities Program), Series 1994B, 7.050%, 9/01/27 (Alternative Minimum Tax) The County Housing and Redevelopment Authorities of Dakota, Washington and Stearns, Single Family Mortgage Revenue Refunding Bonds (Fannie Mae Mortgage-Backed Securities Program), Series 1994A: 330 6.600%, 9/01/17 (Alternative Minimum Tax) 3/04 at 102 AAA 338,032 210 6.700%, 3/01/21 (Alternative Minimum Tax) 3/04 at 102 AAA 215,273 7,230 Minnesota Housing Finance Agency, Single Family Mortgage Bonds, 7/09 at 100 AA+ 7,407,569 2000 Series C, 6.100%, 7/01/30 (Alternative Minimum Tax)
Principal Optional Call Market Amount (000) Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Mississippi - 0.2% $ 1,370 Goodman Housing Development Corporation, 1991 Multifamily 8/01 at 100 AAA $ 1,375,713 Mortgage Revenue Refunding Bonds (Goodhaven Manor) (FHA-Insured Mortgage - Section 8 Assisted Project), Series A, 7.625%, 2/01/22 - ------------------------------------------------------------------------------------------------------------------------------------ Nebraska - 1.4% 10,550 Nebraska Investment Finance Authority, Single Family 3/05 at 101 1/2 AAA 10,906,907 Housing Revenue Bonds, 1995 Series A, 6.800%, 3/01/35 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ Nevada - 3.9% 4,885 Clark County, Nevada, General Obligation Limited Tax Bond 7/10 at 100 AA 4,974,396 Bank Bonds (Additionally Secured by Pledged Revenues), Series 2000, 5.500%, 7/01/18 7,500 Clark County, Nevada, Airport System Subordinate Lien 7/10 at 101 AAA 7,977,750 Revenue Bonds, Series 1999A, 6.000%, 7/01/29 10,000 Clark County School District, Nevada, General Obligation 6/06 at 101 AAA 11,016,700 Limited Tax School Improvement Bonds, Series 1996, 6.000%, 6/15/15 6,000 Reno-Sparks Convention and Visitors Authority, Washoe 1/10 at 100 AAA 6,538,860 County, Nevada, General Obligation Limited Taxand Revenue Bonds, Series A , 6.375%, 7/01/23 - ------------------------------------------------------------------------------------------------------------------------------------ New Jersey - 2.7% 3,000 New Jersey Housing and Mortgage Finance Agency, Multifamily 11/07 at 101 1/2 AAA 3,011,700 Housing Revenue Bonds, 1997 Series A,5.550%, 5/01/27 (Alternative Minimum Tax) 17,670 New Jersey Housing and Mortgage Finance Agency, Revenue Bonds 10/10 at 100 AAA 18,040,893 (Home Buyer), 2000 Series CC, 5.850% 10/01/25 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ New Mexico - 1.0% 8,500 City of Farmington, New Mexico, Pollution Control Revenue 4/06 at 101 Baa3 7,957,700 Refunding Bonds (Public Service Company of New Mexico San Juan Project), Series 1997B, 5.800%, 4/01/22 - ------------------------------------------------------------------------------------------------------------------------------------ New York - 12.5% The City of New York, New York, General Obligation Bonds, Fiscal 1991 Series F: 5,000 8.250%, 11/15/10 (Pre-refunded to 11/15/01) 11/01 at 101 1/2 AAA 5,211,500 7,750 8.250%, 11/15/15 (Pre-refunded to 11/15/01) 11/01 at 101 1/2 AAA 8,077,825 The City of New York, New York, General Obligation Bonds, Fiscal 1997 Series G: 90 6.000%, 10/15/26 (Pre-refunded to 10/15/07) 10/07 at 101 Aaa 100,987 9,200 6.000%, 10/15/26 10/07 at 101 A 9,688,428 5,000 New York City Municipal Water Finance Authority, Water and 6/09 at 101 AAA 4,743,200 Sewer System Revenue Bonds, Fiscal 1999 Series B, 5.000%, 6/15/29 6,000 New York City Municipal Water Finance Authority, Water and 6/09 at 101 AAA 6,070,800 Sewer System Revenue Bonds, Fiscal 2000 Series A, 5.500%, 6/15/32 2,255 New York City Transit Authority, Metropolitan Transportation 1/10 at 101 AAA 2,364,728 Authority, Triborough Bridge and Tunnel Authority, Certificates of Participation, Series 2000A, 5.750%, 1/01/20 9,750 New York City Transitional Finance Authority, Future Tax 5/10 at 101 AA+ 10,444,590 Secured Bonds, Fiscal 2000 Series B, 6.000%, 11/15/29 10,000 Dormitory Authority of the State of New York, Court 5/10 at 101 A 10,607,800 Facilities Lease Revenue Bonds (The City of New York Issue), Series 1999, 6.000%, 5/15/39 5,650 Dormitory Authority of the State of New York, Mental Health 8/09 at 101 AAA 5,519,655 Services Facilities Improvement Revenue Bonds, Series 1999D, 5.250%, 8/15/24 5,000 New York Local Government Assistance Corporation (A Public 4/02 at 102 AAA 5,274,600 Benefit Corporation of the State of New York), Series 1991D Bonds, 7.000%, 4/01/18 (Pre-refunded to 4/01/02) 5,750 State of New York Mortgage Agency, Homeowner Mortgage Revenue 3/09 at 101 Aa1 5,625,110 Bonds, 1999 Series 79, 5.300%, 4/01/29 (Alternative Minimum Tax)
Nuveen Select Quality Municipal Fund, Inc. (NQS) (continued) Portfolio of Investments April 30, 2001 (Unaudited) Principal Optional Call Market Amount (000) Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ New York (continued) New York State Medical Care Facilities Finance Agency, Mental Health Service Facilities Improvement Revenue Bonds, 1991 Series B: $ 1,020 7.600%, 2/15/06 (Pre-refunded to 8/15/01) 8/01 at 102 AA-*** $ 1,052,956 595 7.600%, 2/15/06 8/01 at 102 AA- 614,224 1,010 7.600%, 8/15/06 (Pre-refunded to 8/15/01) 8/01 at 102 AA-*** 1,042,633 580 7.600%, 8/15/06 8/01 at 102 AA- 598,740 5,970 7.625%, 8/15/17 (Pre-refunded to 8/15/01) 8/01 at 102 AA-*** 6,163,368 1,980 7.625%, 8/15/17 8/01 at 102 AA- 2,044,132 New York State Medical Care Facilities Finance Agency, Mental Health Services Facilities Improvement Revenue Bonds, 1991 Series D: 5,380 7.400%, 2/15/18 (Pre-refunded to 2/15/02) 2/02 at 102 AA-*** 5,663,311 40 7.400%, 2/15/18 2/02 at 102 AA- 41,755 7,545 New York State Urban Development Corporation, 1996 7/06 at 102 AAA 7,608,831 Corporate Purpose Senior Lien Bonds, 5.500%,7/01/26 - ------------------------------------------------------------------------------------------------------------------------------------ North Carolina - 2.4% 18,555 North Carolina Eastern Municipal Power Agency, Power 1/03 at 100 AAA 18,619,386 System Revenue Bonds, Refunding Series 1993B, 5.500%, 1/01/17 - ------------------------------------------------------------------------------------------------------------------------------------ North Dakota - 1.3% 10,000 City of Grand Forks, North Dakota, Sales Tax Revenue 12/07 at 100 AAA 10,120,400 Bonds (The Aurora Project), Series 1997A, 5.625%, 12/15/29 - ------------------------------------------------------------------------------------------------------------------------------------ Ohio - 0.5% 3,000 Ohio Housing Finance Agency, Residential Mortgage Revenue 8/10 at 100 Aaa 3,093,090 Bonds (Mortgage-Backed Securities Program), 2000 Series C, 6.050%, 3/01/32 (Alternative Minimum Tax) 975 Toledo-Lucas County Port Authority, Development Revenue 5/01 at 102 N/R 984,682 Bonds (Northwest Ohio Bond Fund), Series 1989C, 8.400%, 11/15/09 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ Oklahoma - 3.1% 2,290 Oklahoma County Home Finance Authority, Oklahoma, Single 7/01 at 102 Aaa 2,340,151 Family Mortgage Revenue Refunding Bonds, 1991 Series A, 8.750%, 7/01/12 21,025 Trustees of the Tulsa Municipal Airport Trust, Revenue Bonds, 6/01 at 102 Baa1 21,510,678 Series 1991, 7.600%, 12/01/30 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ Pennsylvania - 0.0% 95 Delaware River Port Authority (New Jersey and Pennsylvania), 1/10 at 100 AAA 101,436 Revenue Bonds, Series of 1999,5.750%, 1/01/15 - ------------------------------------------------------------------------------------------------------------------------------------ Puerto Rico - 0.6% 4,000 Puerto Rico Municipal Finance Agency, 1999 Series A Bonds, 8/09 at 101 AAA 4,377,800 6.000%, 8/01/16 - ------------------------------------------------------------------------------------------------------------------------------------ South Carolina - 4.1% 5,000 Oconee County, South Carolina, Pollution Control 4/03 at 102 Aa2 5,148,950 Facilities Revenue Refunding Bonds (Duke Power Company Project), Series 1993, 5.800%, 4/01/14 5,000 Piedmont Municipal Power Agency, South Carolina, Electric 1/09 at 101 BBB- 4,414,800 Revenue Bonds, 1999A Refunding Series,5.250%, 1/01/21 4,690 South Carolina State Housing Finance and Development 6/10 at 100 Aaa 4,916,808 Authority, Mortgage Revenue Bonds,Series 2000 A-2, 6.000%, 7/01/20 (Alternative Minimum Tax) Tobacco Settlement Revenue Management Authority, Tobacco Settlement Asset-Backed Bonds, Series 2001B: 13,530 6.000%, 5/15/22 5/11 at 101 A1 13,409,854 4,000 6.375%, 5/15/28 5/11 at 101 A1 3,974,360
Principal Optional Call Market Amount (000) Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ South Dakota - 2.1% $ 2,500 Education Loans Incorporated, South Dakota, Tax-Exempt 6/08 at 102 A2 $ 2,436,975 Fixed Rate Student Loan Asset-Backed Callable Notes, Subordinate Series 1998-1K, 5.600%, 6/01/20 7,125 City of Sioux Falls, South Dakota, Variable Rate Demand 10/14 at 100 AAA 9,140,948 Industrial Revenue Refunding Bonds (Great Plains Hotel Corporation Project), Series 1989, 8.500%, 11/01/16 (Alternative Minimum Tax) (Pre-refunded to 10/15/14) 4,970 South Dakota Housing Development Authority, Homeownership 11/06 at 102 AAA 5,173,323 Mortgage Bonds, 1996 Series D, 6.300%, 5/01/27 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ Tennessee - 2.2% 12,500 The Health and Educational Facilities Board of the 11/09 at 101 AAA 12,896,500 Metropolitan Government of Nashville and Davidson County, Tennessee, Revenue Bonds (Ascension Health Credit Group), Series 1999A, 5.875%, 11/15/28 Tennessee Housing Development Agency, Homeownership Program Bonds, Issue 2000-1: 1,785 5.750%, 7/01/10 (Alternative Minimum Tax) No Opt. Call AA 1,908,094 2,145 6.000%, 7/01/13 (Alternative Minimum Tax) 7/10 at 101 AAA 2,289,509 - ------------------------------------------------------------------------------------------------------------------------------------ Texas - 6.3% 6,000 Brazos River Authority, Texas, Revenue Refunding Bonds 11/08 at 102 AAA 5,661,000 (Houston Industries Incorporated Project), Series 1998C, 5.125%, 11/01/20 (Optional put 11/01/08) 3,010 Comal County Health Facilities Development Corporation, 7/01 at 102 AAA 3,074,534 Hospital Revenue Refunding Bonds (McKenna Memorial Hospital FHA-Insured Project), Series 1991, 7.375%, 1/15/21 1,550 Gulf Coast Waste Disposal Authority, Texas, Waste Disposal 4/11 at 101 BBB- 1,545,846 Revenue Bonds (Valero Energy Corporation Project), Series 2001, 6.650%, 4/01/32 (Alternative Minimum Tax) 1,500 The Harrison County Finance Corporation, Single Family 12/01 at 103 A1 1,545,525 Mortgage Revenue Refunding Bonds, Series 1991, 8.875%, 12/01/11 4,590 City of Houston, Texas, Airport System Subordinate Lien 7/10 at 100 AAA 4,602,623 Revenue Bonds, Series 2000A, 5.625%, 7/01/30 (Alternative Minimum Tax) 3,900 City of Houston, Texas, Airport System Subordinate Lien 7/08 at 100 AAA 3,584,568 Revenue Bonds, Series 1998B, 5.000%, 7/01/25 (Alternative Minimum Tax) 9,000 Matagorda County Navigation District Number One, Texas, No Opt. Call AAA 8,326,710 Collateralized Revenue Refunding Bonds (Houston Lighting and Power Company Project), Series 1997, 5.125%, 11/01/28 (Alternative Minimum Tax) 2,120 Panhandle Regional Housing Finance Corporation, Single Family 5/01 at 100 AAA 2,131,872 Mortgage Revenue Bonds (GNMA Mortgage-Backed Securities Program), Series 1991A, 7.500%, 5/01/24 (Alternative Minimum Tax) 5,000 Industrial Development Corporation of Port of Corpus Christi, 4/08 at 102 BBB- 4,374,100 Texas, Revenue Refunding Bonds (Valero Refining and Marketing Company Project), 5.450%, 4/01/27 5,500 Spring Independent School District, Harris County, Texas, 8/11 at 100 AAA 5,122,755 Unlimited Tax Schoolhouse Bonds, Series 2001, 5.000%, 8/15/26 4,520 State of Texas, General Obligation Water Financial Assistance 8/09 at 100 Aa1 4,505,039 Bonds (State Participation Program), Series 1999C, 5.500%, 8/01/35 4,560 Winter Garden Housing Finance Corporation, Single Family 4/04 at 103 AAA 4,733,827 Mortgage Revenue Bonds (GNMA and FNMA Mortgage-Backed Securities Program), Series 1994, 6.950%, 10/01/27 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ Utah - 3.7% 13,650 Intermountain Power Agency, Utah, Power Supply Revenue 7/03 at 102 AAA 13,764,552 Refunding Bonds, 1993 Series A, 5.500%, 7/01/20 16,050 Utah County, Utah, Hospital Revenue Bonds (IHC Health 8/07 at 101 AAA 15,387,777 Services, Inc.), Series 1997, 5.250%, 8/15/26
Nuveen Select Quality Municipal Fund, Inc. (NQS) (continued) Portfolio of Investments April 30, 2001 (Unaudited) Principal Optional Call Market Amount (000) Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Vermont - 1.7% Vermont Educational and Health Buildings Financing Agency, Hospital Revenue Bonds (Fletcher Allen Health Care Project), Series 2000A: $ 3,720 6.125%, 12/01/15 12/10 at 100 AAA $ 4,051,192 4,265 6.250%, 12/01/16 12/10 at 101 AAA 4,657,636 4,140 Vermont Housing Finance Agency, Single Family Housing Notes, 11/09 at 100 AAA 4,225,739 Series 13A, 5.950%, 11/01/25 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ Washington - 4.4% 8,810 Public Utility District No. 1 of Chelan County, Washington, 7/11 at 101 AAA 8,670,097 Chelan Hyrdo Consolidated System Revenue Bonds, Series 2001A, 5.600%, 1/01/36 (Alternative Minimum Tax) 7,225 Port of Seattle, Washington, Special Facility Revenue Bonds 3/10 at 101 AAA 7,571,511 (Terminal 18 Project), Series 1999C, 6.000%, 9/01/20 (Alternative Minimum Tax) Municipality of Metropolitan Seattle, Washington, Sewer Refunding Revenue Bonds, Series Z: 2,990 5.450%, 1/01/17 1/03 at 102 AAA 3,005,817 2,490 5.450%, 1/01/19 1/03 at 102 AAA 2,493,635 1,800 5.450%, 1/01/20 1/03 at 102 AAA 1,800,504 Washington Public Power Supply System, Nuclear Project No. 2 Refunding Revenue Bonds, Series 1992A: 7,880 6.250%, 7/01/12 (Pre-refunded to 7/01/02) 7/02 at 102 Aaa 8,289,681 2,130 6.250%, 7/01/12 7/02 at 102 Aa1 2,218,118 - ------------------------------------------------------------------------------------------------------------------------------------ Wisconsin - 2.1% 11,080 Wisconsin Center District, Junior Dedicated Tax Revenue 12/06 at 101 AAA 12,156,751 Bonds, Series 1996B, 5.750%, 12/15/27 (Pre-refunded to 12/15/06) 3,890 Wisconsin Housing and Economic Development Authority, 3/10 at 100 AA 3,969,940 Home Ownership Revenue Bonds, 2000 Series G, 5.950%, 3/31/31 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ $ 777,145 Total Investments (cost $744,030,717) - 98.7% 770,247,879 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 1.3% 10,239,120 ----------------------------------------------------------------------------------------------------------------------- Net Assets - 100% $780,486,999 ======================================================================================================================= * 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. Securities are normally considered to be equivalent to AAA rated securities. + On April 6, 2001, the Pacific Gas & Electric Company (PG&E) filed for bankruptcy protection. The utility has stated that it intends to pay interest on its senior bonds through the bankruptcy and pay the principal after its reorganization is completed. However, the company's ability to make these payments will depend on its cash flow, which will be affected by the bankruptcy court decisions. N/R Investment is not rated. (WI) Security purchased on a when-issued basis. See accompanying notes to financial statements.
Nuveen Quality Income Municipal Fund, Inc. (NQU) Portfolio of Investments April 30, 2001 (Unaudited)
Principal Optional Call Market Amount (000) Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Alabama - 4.2% $ 5,180 Alabama Drinking Water Finance Authority, Revolving Fund 9/08 at 100 AAA $4,729,340 Loan Bonds, Series 1998A, 4.850%, 8/15/22 3,500 The Governmental Utility Services Corporation of the City 6/08 at 102 AAA 3,410,330 of Bessemer, Alabama, Water Supply Revenue Bonds, Series 1998, 5.200%, 6/01/24 17,000 The Industrial Development Board of the Town of Courtland, 6/05 at 102 Baa1 17,027,030 Pollution Control Refunding Revenue Bonds (Champion International Corporation Project), Series 1995, 6.150%, 6/01/19 6,480 The Industrial Development Board of the Town of Courtland, 10/08 at 102 Baa1 5,979,096 Alabama, Solid Waste Disposal Revenue Bonds (Champion International Corporation Project), Refunding Series 1998A, 5.700%, 10/01/28 (Alternative Minimum Tax) 20,785 Jefferson County, Alabama, Sewer Revenue Capitol Improvement 2/11 at 101 AAA 20,791,443 Warrants, Series 2001A, 5.500%, 2/01/31 - ------------------------------------------------------------------------------------------------------------------------------------ Alaska - 1.5% 6,750 Alaska Housing Finance Corporation, General Housing Purpose 12/02 at 102 Aa2*** 6,994,350 Bonds, 1992 Series A, 6.600%, 12/01/23 (Pre-refunded to 12/01/02) 11,590 Alaska State Housing Finance Corporation, Governmental 12/05 at 102 AAA 11,705,784 Purpose Bonds, 1995 Series A, 5.875%, 12/01/30 - ------------------------------------------------------------------------------------------------------------------------------------ Arizona - 1.6% 5,000 The Industrial Development Authority of the County of 3/10 at 103 AAA 5,101,200 Maricopa, Arizona, Multifamily Housing Revenue Bonds (Bay Club at Mesa Cove Project), Series 2000A, 5.800%, 9/01/35 9,080 The Industrial Development Authority of the County of Pima, 12/10 at 103 Aaa 9,438,115 Arizona, Multifamily Housing Revenue Bonds (FHA-Insured Mortgage Loan - Fountain Village Apartments Project), Series 2000, 6.100%, 12/20/35 5,105 Yuma Regional Medical Center on behalf of Hospital District 8/02 at 101 1/2 N/R*** 5,462,503 No. 1, Yuma County, Arizona, Hospital Revenue Improvement and Refunding Bonds (Yuma Regional Medical Center Project), Series 1992, 8.000%, 8/01/17 (Pre-refunded to 8/01/02) - ------------------------------------------------------------------------------------------------------------------------------------ Arkansas - 0.5% 5,735 Arkansas Development Finance Authority, Single Family 7/05 at 102 AAA 6,075,716 Mortgage Revenue Bonds (Mortgage-Backed Securities Program), 1995 Series B, 6.700%, 7/01/27 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ California - 7.5% Brea Public Financing Authority, Orange County, California, 1991 Tax Allocation Revenue Bonds (Redevelopment Project AB), Series A: 10,580 7.000%, 8/01/15 (Pre-refunded to 8/01/01) 8/01 at 102 AAA 10,889,994 4,420 7.000%, 8/01/15 8/01 at 102 AAA 4,542,434 2,230 California Housing Finance Agency, Home Mortgage Revenue 8/01 at 102 Aa2 2,278,837 Bonds, 1991 Series G, 7.050%, 8/01/27 (Alternative Minimum Tax) 3,000 California Health Facilities Financing Authority, Kaiser 5/03 at 102 A 2,894,130 Permanente Revenue Bonds, 1993 Series C, 5.600%, 5/01/33 State of California, General Obligation Veterans Welfare Bonds, Series 1997BH: 4,100 5.300%, 12/01/12 (Alternative Minimum Tax) 12/08 at 101 Aa2 4,157,687 5,000 5.600%, 12/01/32 (Alternative Minimum Tax) 12/03 at 102 Aa2 4,860,550 10,000 State of California, Various Purpose General Obligation 4/09 at 101 AAA 8,958,000 Bonds, 4.750%, 4/01/29 3,500 State Public Works Board of California (The Trustees of the 10/02 at 102 Aaa 3,732,120 California State University), Lease Revenue Bonds (Various California State University Projects), 1992 Series A, 6.625%,10/01/10 (Pre-refunded to 10/01/02)
Nuveen Quality Income Municipal Fund, Inc. (NQU) (continued) Portfolio of Investments April 30, 2001 (Unaudited)
Principal Optional Call Market Amount (000) Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ California (continued) $ 17,000 State Public Works Board of California (Department of 11/04 at 102 Aaa $ 19,231,420 Corrections), Lease Revenue Bonds (California State Prison, Monterey County (Soledad II)), 1994 Series A, 7.000%, 11/01/19 (Pre-refunded to 11/01/04) 10,000 Eastern Municipal Water District, California, Water and 7/11 at 100 AAA 9,402,500 Sewer Revenue Certificates of Participation, Series 2001B, 5.000%, 7/01/30 8,500 Foothill/Eastern Transportation Corridor Agency, California, 1/10 at 100 AAA 7,920,980 Toll Road Revenue Bonds, Series 1995A, 5.000%, 1/01/35 2,500 The Community Redevelopment Agency of the City of Los Angeles, 7/01 at 100 BBB*** 2,533,250 California, Tax Allocation Refunding Bonds (Central Business District Redevelopment Project), Series G, 6.750%, 7/01/10 12,605 Metropolitan Transportation Authority, Los Angeles County, 7/11 at 101 AAA 11,828,910 California, Proposition A First Tier Senior Sales Tax Revenue Bonds, Series 2001A, 5.000%, 7/01/31 - ------------------------------------------------------------------------------------------------------------------------------------ Colorado - 3.5% City and County of Denver, Colorado, Airport System Revenue Bonds, Series 1991A: 3,425 8.750%, 11/15/23 (Alternative Minimum Tax) 11/01 at 102 Aaa 3,593,099 (Pre-refunded to 11/15/01) 3,040 8.000%, 11/15/25 (Alternative Minimum Tax) 11/01 at 100 A 3,096,453 City and County of Denver, Colorado, Airport System Revenue Bonds, Series 1991D: 3,165 7.750%, 11/15/21 (Alternative Minimum Tax) 11/01 at 102 A 3,288,372 3,825 7.000%, 11/15/25 (Alternative Minimum Tax) 11/01 at 100 A 3,881,954 10,000 City and County of Denver, Colorado, Airport System Revenue 11/10 at 100 AAA 10,102,600 Refunding Bonds, Series 2000A, 5.625%, 11/15/23 (Alternative Minimum Tax) 14,400 E-470 Public Highway Authority, Colorado, Senior Revenue 9/10 at 65 5/8 AAA 5,557,248 Bonds, 2000 Series B, 0.000%, 9/01/17 8,740 Poudre School District R-1, Larimer County, Colorado, General 12/10 at 100 AAA 8,599,373 Obligation Bonds, Series 2000, 5.125%, 12/15/19 5,110 County of Pueblo, Colorado, Hospital Refunding and Improvement 9/01 at 100 N/R*** 5,192,373 Revenue Bonds (Parkview Episcopal Medical Center, Inc. Project), Series 1991B, 8.300%, 9/01/11 (Pre-refunded to 9/01/01) - ------------------------------------------------------------------------------------------------------------------------------------ Florida - 0.4% 5,000 Health Facilities Authority, Orange County, Florida, Hospital 11/10 at 101 A- 5,115,950 Revenue Bonds (Adventist Health System/Sunbelt Obligated Group), Series 2000, 6.500%, 11/15/30 - ------------------------------------------------------------------------------------------------------------------------------------ Georgia - 0.4% 4,500 Clayton County Hospital Authority, Georgia, Revenue 8/01 at 102 AAA 4,630,725 Anticipation Certificates (Southern Regional Medical Center Project), Series 1991, 7.000%, 8/01/13 (Pre-refunded to 8/01/01) - ------------------------------------------------------------------------------------------------------------------------------------ Hawaii - 0.8% 10,000 State of Hawaii, Airports System Revenue Bonds, Refunding 7/10 at 101 AAA 10,353,400 Series 2000B, 5.750%, 7/01/21 - ------------------------------------------------------------------------------------------------------------------------------------ Illinois - 10.0% 32,670 City of Chicago, Illinois, General Obligation Bonds (City No Opt. Call AAA 5,590,164 Colleges of Chicago Capital ImprovementProject), Series 1999, 0.000%, 1/01/32 5,000 City of Chicago, Illinois, General Obligation Bonds 7/10 at 101 AAA 5,300,250 (Neighborhoods Alive 21 Program), Series 2000A,6.000%, 1/01/28 Chicago School Reform Board of Trustees of the Board of Education of the City of Chicago, Illinois, Unlimited Tax General Obligation Bonds (Dedicated Tax Revenues), Series 1998A: 9,400 0.000%, 12/01/14 No Opt. Call AAA 4,497,712 4,400 0.000%, 12/01/15 No Opt. Call AAA 1,968,252 12,750 City of Chicago, Illinois, Revenue Bonds (Chicago Midway 1/09 at 101 AAA 11,812,365 Airport), Series 1998A, 5.125%, 1/01/35 (Alternative Minimum Tax)
Principal Optional Call Market Amount (000) Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Illinois (continued) City of Chicago, Illinois, Second Lien Wastewater Transmission Revenue Bonds, Series 2000: $ 8,000 5.750%, 1/01/25 1/10 at 101 AAA $ 8,241,520 7,750 6.000%, 1/01/30 1/10 at 101 AAA 8,194,695 24,430 The County of Cook, Illinois, General Obligation Bonds, 11/01 at 102 AAA 25,349,301 Series 1991, 6.750%, 11/01/18 (Pre-refunded to 11/01/01) Illinois Development Finance Authority, Multifamily Housing Revenue Bonds, Series 1992 (Town and Garden Apartments Project): 4,090 7.800%, 3/01/06 (Alternative Minimum Tax) 3/02 at 102 N/R 4,227,547 1,150 7.200%, 9/01/08 (Alternative Minimum Tax) 3/02 at 102 N/R 1,183,132 11,000 Illinois Health Facilities Authority, Hospital Revenue Bonds 11/03 at 102 AAA 12,102,090 (Hindsdale Hospital), Series 1993-A, 7.000%, 11/15/19 10,000 Illinois Health Facilities Authority, Revenue Bonds (Iowa 2/10 at 101 AAA 10,283,900 Health System), Series 2000, 5.875%, 2/15/30 2,720 Illinois Housing Development Authority, Section 8 Elderly 9/02 at 102 A 2,784,355 Housing Revenue Bonds (Garden House of Maywood Development), Series 1992, 7.000%, 9/01/18 14,500 Illinois Health Facilities Authority, Revenue Bonds 8/01 at 102 AA+ 14,922,385 (Northwestern Memorial Hospital), Series 1991, 6.750%, 8/15/11 5,000 State of Illinois, General Obligation Bonds (Illinois 12/10 at 100 AAA 5,029,800 FIRST), Series of December 2000, 5.450%, 12/01/21 3,520 Joliet Regional Port District Airport Facilities, Revenue 7/07 at 103 N/R 3,341,149 Bonds (Lewis University Airport), Series 1997A, 7.250%, 7/01/18 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ Indiana - 0.8% 5,125 City of Petersburg, Indiana, Pollution Control Refunding 12/04 at 102 Aa2 5,287,053 Revenue Bonds (Indianapolis Power and Light Company Project), Series 1995A, 6.625%, 12/01/24 5,000 Hospital Authority of St. Joseph County, Indiana, Health 2/08 at 101 AAA 4,192,250 System Bonds (Memorial Health System), Series 1998A, 4.625%, 8/15/28 - ------------------------------------------------------------------------------------------------------------------------------------ Iowa - 1.0% 8,585 Iowa Finance Authority, Hospital Facilities Revenue Bonds 7/08 at 102 AAA 8,062,603 (Iowa Health System), Series 1998A, 5.125%, 1/01/28 4,500 Polk County, Iowa, Catholic Health Corporation, Health 11/01 at 101 AAA 4,625,055 Facilities Revenue Bonds (Mercy Health Center of Central Iowa Project), Series 1991, 6.750%, 11/01/15 (Pre-refunded to 11/01/01) - ------------------------------------------------------------------------------------------------------------------------------------ Kansas - 1.8% 4,585 Johnson County, Kansas, Unified School District No. 232, 9/10 at 100 Aaa 4,278,493 General Obligation Bonds, Series 2000, 4.750%, 9/01/19 City of Merriam, Kansas, Hospital Refunding Revenue Bonds (Shawnee Mission Medical Center, Inc. Project), Series 1991B: 7,380 7.250%, 9/01/11 (Pre-refunded to 9/01/01) 9/01 at 102 AAA 7,620,662 10,000 7.250%, 9/01/21 (Pre-refunded to 9/01/01) 9/01 at 102 AAA 10,326,100 - ------------------------------------------------------------------------------------------------------------------------------------ Kentucky - 1.8% 10,000 City of Danville, Kentucky, Multi-City Lease Revenue Bonds 3/02 at 102 AAA 10,496,800 (Louisville and Jefferson County Metropolitan Sewer District Sewer and Drainage System Revenue Project), Series 1991-G, 6.800%, 3/01/19 (Pre-refunded to 3/01/02) 3,000 Kentucky Development Finance Authority, Hospital Facilities 9/01 at 102 N/R*** 3,097,320 Revenue Bonds (St. Claire Medical Center, Inc. Project), Series 1991, 7.125%, 9/01/21 (Pre-refunded to 9/01/01) 8,635 Kentucky Housing Corporation, Housing Revenue Bonds 1/05 at 102 AAA 9,037,736 (Federally Insured or Guaranteed Mortgage Loans), 1995 Series B, 6.625%, 7/01/26 (Alternative Minimum Tax)
Nuveen Quality Income Municipal Fund, Inc. (NQU) (continued) Portfolio of Investments April 30, 2001 (Unaudited)
Principal Optional Call Market Amount (000) Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Maryland - 0.3% $ 3,385 Community Development Administration, Department of Housing 5/01 at 102 Aa2 $ 3,455,543 and Community Development, State of Maryland, Multifamily Housing Revenue Bonds (Insured Mortgage Loans), 1991 Series E, 7.100%, 5/15/28 - ------------------------------------------------------------------------------------------------------------------------------------ Massachusetts - 5.9% 8,185 Boston Water and Sewer Commission, Massachusetts, General 11/08 at 101 AAA 7,352,586 Revenue Bonds (Senior Series), 1998 Series D, 4.750%, 11/01/22 15,000 Massachusetts Industrial Finance Agency, Resource Recovery 7/01 at 103 N/R 15,515,400 Revenue Bonds (SEMASS Project), Series 1991A, 9.000%, 7/01/15 3,245 Massachusetts Industrial Finance Agency, Resource Recovery 7/01 at 103 N/R 3,356,433 Revenue Bonds (SEMASS Project), Series 1991B, 9.250%, 7/01/15 (Alternative Minimum Tax) 6,000 Massachusetts Industrial Finance Agency, Resource Recovery 12/08 at 102 BBB 5,433,840 Revenue Refunding Bonds (Ogden Haverhill Project), Series 1998A, 5.600%, 12/01/19 (Alternative Minimum Tax) 8,500 Massachusetts Turnpike Authority, Metropolitan Highway 1/07 at 102 AAA 7,709,585 System Revenue Bonds (Senior), 1997 Series C, 5.000%, 1/01/37 13,500 Massachusetts Turnpike Authority, Metropolitan Highway 1/09 at 101 AAA 12,223,440 System Revenue Bonds (Subordinated), 1999 Series A, 5.000%, 1/01/39 6,425 Massachusetts Water Pollution Abatement Trust, Water 8/09 at 101 AA+ 6,621,862 Pollution Abatement Revenue Bonds (MWRA Program), Subordinate Series 1999A, 5.750%, 8/01/29 10,000 Massachusetts Water Resources Authority, General Revenue 8/10 at 101 AAA 10,299,000 Bonds, 2000 Series A, 5.750%, 8/01/39 5,380 University of Massachusetts Building Authority, Project 11/10 at 100 AAA 5,318,560 Revenue Bonds, Senior Series 2000-2, 5.250%, 11/01/20 - ------------------------------------------------------------------------------------------------------------------------------------ Michigan - 3.1% 5,000 Michigan State Hospital Finance Authority, Hospital Revenue 8/01 at 102 Aaa 5,159,600 Bonds (The Detroit Medical Center Obligated Group), Series 1991A, 7.500%, 8/15/11 (Pre-refunded to 8/15/01) 7,425 Michigan State Hospital Finance Authority, Hospital Revenue 11/09 at 101 AA- 7,537,712 Bonds (Henry Ford Health System), Series 1999A, 6.000%, 11/15/24 8,500 Michigan Strategic Fund, Limited Obligation Revenue Bonds 12/02 at 102 BBB 8,671,275 (Waste Management, Inc. Project), Series 1992, 6.625%, 12/01/12 (Alternative Minimum Tax) 16,875 Michigan Strategic Fund, Limited Obligation Refunding 12/01 at 102 AAA 17,503,931 Revenue Bonds (The Detroit Edison Company Pollution Control Bonds Project), Collateralized Series 1991DD, 6.875%, 12/01/21 - ------------------------------------------------------------------------------------------------------------------------------------ Minnesota - 1.6% City of Chaska, Minnesota, Electric Revenue Bonds (Generating Facilities), Series 2000A: 1,930 6.000%, 10/01/20 10/10 at 100 A3 1,995,080 2,685 6.000%, 10/01/25 10/10 at 100 A3 2,769,578 3,655 The County Housing and Redevelopment Authorities of Dakota No Opt. Call AAA 4,949,674 and Washington and the City of Bloomington, Minnesota, Single Family Residential Mortgage Revenue Bonds (Mortgage Backed Program), Series 1988, 8.450%, 9/01/19 (Alternative Minimum Tax) 5,000 Minneapolis-St. Paul Metropolitan Airports Commission, 1/08 at 101 AAA 4,695,100 Airport Revenue Bonds, Series 1998A, 5.000%, 1/01/30 3,080 Minnesota Housing Finance Agency, Single Family Mortgage 1/04 at 102 AA+ 3,188,416 Bonds, 1994 Series J, 6.950%, 7/01/26 (Alternative Minimum Tax) 2,390 Washington County Housing and Redevelopment Authority, 8/01 at 102 AAA 2,447,719 Multifamily Housing Revenue Bonds (FHA-Insured Mortgage Loan - Cottages Phase III Project), Series 1991, 7.650%, 8/01/32 (Alternative Minimum Tax)
Principal Optional Call Market Amount (000) Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Mississippi - 0.7% $ 3,220 Canton Housing Development Corporation, 1990 Multifamily No Opt. Call AAA $ 3,838,884 Mortgage Revenue Refunding Bonds (Canton Estates Apartments Project)(FHA-Insured Mortgage - Section 8 Assisted Project), Series A, 7.750%, 8/01/24 1,155 Charter Mortgage Corporation, 1990 Multifamily Mortgage 8/01 at 100 AAA 1,362,715 Revenue Refunding Bonds (Church Garden Apartments) (FHA-Insured Mortgage - Section 8 Assisted Project), Series A, 7.750%, 8/01/21 2,500 Mississippi Hospital Equipment and Facilities Authority, 1/11 at 101 Aaa 2,491,275 Revenue Bonds (Forrest County General Hospital Project), Series 2000, 5.500%, 1/01/27 1,275 Pearl Housing Development Corporation, 1990 Multifamily 6/01 at 100 AAA 1,276,441 Mortgage Revenue Refunding Bonds (Rose Garden Apartments Project)(FHA-Insured Mortgage - Section 8 Assisted Project), Series A, 7.750%, 8/01/22 - ------------------------------------------------------------------------------------------------------------------------------------ Missouri - 1.1% The Industrial Development Authority of the County of Jackson, State of Missouri, Health Care System Revenue Bonds (St. Mary's Hospital of Blue Springs Issue), Series 1994: 5,185 6.500%, 7/01/12 7/02 at 102 Baa1 5,135,794 5,605 7.000%, 7/01/22 7/02 at 102 Baa1 5,632,577 15,350 The Public Building Corporation of the City of Springfield, No Opt. Call AAA 2,773,438 Missouri, Leasehold Revenue Bonds (Jordan Valley Park Projects), Series 2000A, 0.000%, 6/01/30 - ------------------------------------------------------------------------------------------------------------------------------------ Montana - 0.6% 7,000 City of Forsyth, Rosebud County, Montana, Pollution Control 8/01 at 102 AAA 7,187,390 Revenue Refunding Bonds (Puget Sound Power and Light Company Colstrip Project), Series 1992, 7.050%, 8/01/21 - ------------------------------------------------------------------------------------------------------------------------------------ Nebraska - 1.6% 11,000 Nebraska Investment Finance Authority, Single Family 3/05 at 101 1/2 AAA 11,372,130 Housing Revenue Bonds, 1995 Series A, 6.800%, 3/01/35 (Alternative Minimum Tax) 8,000 Nebraska Investment Finance Authority, Single Family 3/05 at 101 1/2 AAA 8,275,120 Housing Revenue Bonds, 1995 Series B, 6.450%, 3/01/35 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ New Hampshire - 0.2% 2,680 New Hampshire Housing Finance Authority, Single Family 7/01 at 102 Aa3 2,748,769 Residential Mortgage Bonds, 1991 Series C,7.100%, 1/01/23 - ------------------------------------------------------------------------------------------------------------------------------------ New Jersey - 0.9% 11,785 Pollution Control Financing Authority of Camden County, 12/01 at 102 B2 11,112,077 New Jersey, Solid Waste Disposal and Resource Recovery System Revenue Bonds, Series 1991D, 7.250%, 12/01/10 - ------------------------------------------------------------------------------------------------------------------------------------ New York - 14.5% 25,000 Erie Tobacco Asset Securitization Corporation, Erie County, 7/10 at 101 A1 25,395,250 New York, Senior Tobacco Settlement Asset-Backed Bonds, Series 2000, 6.125%, 7/15/30 Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2001A: 1,130 5.375%, 9/01/25 9/11 at 100 A- 1,116,316 2,715 5.250%, 9/01/28 9/11 at 100 AAA 2,671,424 15,000 Metropolitan Transportation Authority, New York, Dedicated 4/10 at 100 AAA 16,018,050 Tax Fund Bonds, Series 2000A, 6.000%,4/01/30 2,110 Niagara Falls Housing and Commercial Rehabilitation No Opt. Call AA 2,386,642 Corporation, 1992 Multifamily Mortgage Revenue Refunding Bonds (FHA-Insured Mortgage - Section 8 Assisted Project), 7.350%, 8/01/23 16,000 Nassau County Tobacco Settlement Corporation, New York, 7/09 at 101 A- 16,543,040 Tobacco Settlement Asset-Backed Bonds, Series A, 6.400%, 7/15/33 6,000 The City of New York, New York, General Obligation Bonds, 8/07 at 101 A 6,357,420 Fiscal 1997 Series H, 6.125%, 8/01/25
Nuveen Quality Income Municipal Fund, Inc. (NQU) (continued) Portfolio of Investments April 30, 2001 (Unaudited)
Principal Optional Call Market Amount (000) Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ New York (continued) $ 10,000 The City of New York, New York, General Obligation Bonds, 5/10 at 101 A $10,119,400 Fiscal 2000 Series A, 5.500%, 5/15/24 5,475 The City of New York, New York, General Obligation Bonds, 8/04 at 101 Aaa 6,133,862 Fiscal 1995 Series B1, 7.250%, 8/15/19 (Pre-refunded to 8/15/04) 14,800 The City of New York, New York, General Obligation Bonds, 6/07 at 102 AAA 15,222,096 Fiscal 1997 Series M, 5.500%, 6/01/17 6,700 The City of New York, New York, General Obligation Bonds, 2/05 at 101 Aaa 7,436,397 Fiscal 1995 Series F, 6.625%, 2/15/25 (Pre-refunded to 2/15/05) 5,660 The City of New York, New York, General Obligation Bonds, 10/02 at 101 1/2 Aaa 6,011,882 Fiscal 1993 Series B, 6.750%, 10/01/17 (Pre-refunded to 10/01/02) 4,190 New York City Municipal Water Finance Authority, Water and 6/05 at 101 AAA 4,565,634 Sewer System Revenue Bonds, Fiscal 1996 Series A, 5.875%, 6/15/25 (Pre-refunded to 6/15/05) 10,100 New York City Transitional Finance Authority, Future Tax 5/10 at 101 AA+ 10,653,379 Secured Bonds, Fiscal 2000 Series B, 5.750%, 11/15/19 8,325 Dormitory Authority of the State of New York, FHA-Insured 8/01 at 102 AA*** 8,575,333 Mortgage Revenue Bonds (Menorah Campus, Inc.), Series 1991, 7.400%, 2/01/31 (Pre-refunded to 8/01/01) 5,000 Dormitory Authority of the State of New York, Mental Health 2/07 at 102 AA- 5,120,500 Services Facilities Improvement Revenue Bonds, Series 1997A, 5.750%, 2/15/27 10,000 Dormitory Authority of the State of New York, Mental Health 2/10 at 100 AAA 10,634,000 Services Facilities Improvement Revenue Bonds, Series 2000B, 6.000%, 2/15/30 8,000 New York State Medical Care Facilities Finance Agency, 2/05 at 102 AAA 8,913,760 New York Hospital FHA-Insured Mortgage Revenue Bonds, Series 1994A, 6.500%, 8/15/29 (Pre-refunded to 2/15/05) 5,000 New York State Medical Care Facilities Finance Agency, 2/05 at 102 AAA 5,630,150 Brookdale Hospital Medical Center Secured Hospital Revenue Bonds, 1995 Series A, 6.850%, 2/15/17 (Pre-refunded to 2/15/05) New York State Medical Care Facilities Finance Agency, FHA-Insured Mortgage Project Revenue Bonds, 1995 Series F: 3,955 6.200%, 8/15/15 (Pre-refunded to 8/15/05) 8/05 at 102 AA*** 4,405,514 4,250 6.300%, 8/15/25 8/05 at 102 AA 4,750,820 3,195 Penfield-Crown Oak Housing Development Corporation, 1991 2/03 at 100 AAA 3,269,603 Multifamily Mortgage Revenue Refunding Bonds (Crown Oak Estates)(FHA-Insured Mortgage - Section 8 Assisted Project), Series A, 7.350%, 8/01/23 - ------------------------------------------------------------------------------------------------------------------------------------ North Carolina - 2.3% 10,500 North Carolina Eastern Municipal Power Agency, Power System 1/02 at 102 BBB 10,796,625 Revenue Bonds, Refunding Series 1991A, 6.250%, 1/01/03 13,720 North Carolina Medical Care Commission, Hospital Revenue 12/08 at 101 AAA 11,914,448 Bonds (Pitt County Memorial Hospital), Series 1998A, 4.750%, 12/01/28 City of Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Series 2001: 3,660 4.750%, 3/01/21 3/11 at 100 AAA 3,363,101 3,035 4.750%, 3/01/26 3/11 at 100 AAA 2,745,582 - ------------------------------------------------------------------------------------------------------------------------------------ Ohio - 0.9% 4,800 County of Butler, Ohio, Hospital Facilities Revenue 1/02 at 102 Baa1*** 5,023,824 Refunding and Improvement Bonds (Fort Hamilton-Hughes Memorial Hospital Center), Series 1991, 7.500%, 1/01/10 (Pre-refunded to 1/01/02) 5,365 Ohio Housing Finance Agency, Residential Mortgage Revenue 3/05 at 102 Aaa 5,690,924 Bonds (GNMA Mortgage-Backed Securities Program), 1995 Series A-2, 6.625%, 3/01/26 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ Oklahoma - 2.8% 2,310 Oklahoma County Home Finance Authority, Oklahoma, Single 7/01 at 102 Aaa 2,360,589 Family Mortgage Revenue Refunding Bonds, 1991 Series A, 8.750%, 7/01/12 17,510 Pottawatomie County Home Finance Authority, Oklahoma, No Opt. Call AAA 22,816,756 Municipal Refunding Collateralized Mortgage Obligations, Series 1991A, 8.625%, 7/01/10 10,100 Trustees of the Tulsa Municipal Airport Trust, Revenue 6/01 at 102 Baa1 10,333,310 Bonds, Series 1991, 7.600%, 12/01/30 (Alternative Minimum Tax)
Principal Optional Call Market Amount (000) Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Pennsylvania - 0.9% $ 6,975 Carbon County Industrial Development Authority, Pennsylvania, No Opt. Call BBB- $ 7,123,986 Resource Recovery Revenue Refunding Bonds (Panther Creek Partners Project), 2000 Series, 6.650%, 5/01/10 (Alternative Minimum Tax) Falls Township Hospital Authority, Refunding Revenue Bonds (The Delaware Valley Medical Center Project - FHA-Insured Mortgage), Series 1992: 715 6.900%, 8/01/11 8/02 at 102 AAA 715,365 3,000 7.000%, 8/01/22 8/02 at 102 AAA 3,123,150 - ------------------------------------------------------------------------------------------------------------------------------------ South Carolina - 1.3% 6,500 Lexington County Health Services District, Inc., South 10/01 at 102 AAA 6,726,525 Carolina, Hospital Revenue Bonds, Series 1991, 6.750%, 10/01/18 (Pre-refunded to 10/01/01) 10,000 Tobacco Settlement Revenue Management Authority, Tobacco 5/11 at 101 A1 9,935,900 Settlement Asset-Backed Bonds, Series 2001B, 6.375%, 5/15/28 - ------------------------------------------------------------------------------------------------------------------------------------ Tennessee - 1.7% 10,300 Metropolitan Nashville Airport Authority, Tennessee, Airport 7/01 at 102 AAA 10,560,899 Improvement Revenue Bonds, Refunding Series 1991C, 6.625%, 7/01/07 10,000 Tennessee Housing Development Agency, Homeownership Program 7/10 at 100 AA 10,430,700 Bonds, Issue 2000-2B, 6.350%, 1/01/31 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ Texas - 12.6% 14,360 Alliance Airport Authority, Inc., Special Facilities Revenue 6/01 at 102 BBB- 14,673,910 Bonds (American Airlines, Inc. Project), Series 1990, 7.500%, 12/01/29 (Alternative Minimum Tax) Arlington Independent School District, Tarrant County, Texas, Unlimited Tax Refunding and Improvement Bonds, Series 1995: 3,410 0.000%, 2/15/11 2/05 at 71 15/16 Aaa 2,020,289 4,105 0.000%, 2/15/14 2/05 at 58 25/32 Aaa 1,962,272 6,500 Bell County Health Facilities Development Corporation, 11/08 at 101 A- 5,769,205 Retirement Facility Revenue Bonds (Buckner Retirement Services, Inc. Obligated Group Project), Series 1998, 5.250%, 11/15/19 14,375 International Airport Facilities Improvement Corporation, No Opt. Call BBB- 14,840,463 Dallas-Fort Worth, Texas, Revenue Refunding Bonds (American Airlines Inc.), Series 2000C, 6.150%, 5/01/29 (Alternative Minimum Tax) (Mandatory put 11/01/07) 4,290 Fort Worth Housing Finance Corporation, Home Mortgage Revenue 10/01 at 103 Aa 4,439,978 Refunding Bonds, Series 1991A, 8.500%, 10/01/11 8,235 Housing Finance Corporation, Grand Prairie, Texas, Multifamily 9/10 at 105 AAA 8,875,930 Housing Revenue Bonds (Landings at Carrier Project), GNMA Series 2000A, 6.875%, 9/20/42 11,000 Harris County Health Facilities Development Corporation, 10/09 at 101 AA 10,069,070 Texas, Hospital Revenue Bonds (Texas Children's Hospital Project), Series 1999A, 5.250%, 10/01/29 13,175 Houston Independent School District, Texas, Limited Tax 2/09 at 100 AAA 11,600,983 Schoolhouse and Refunding Bonds, Series 1999A, 4.750%, 2/15/26 36,735 City of Houston, Texas, Water and Sewer System Junior Lien No Opt. Call AAA 7,386,674 Revenue Refunding Bonds, Series 1998A, 0.000%, 12/01/28 22,500 City of Houston, Texas, Water and Sewer System Junior Lien 12/10 at 100 AAA 21,633,975 Revenue Refunding Bonds, Series 2000B,5.250%, 12/01/30 16,270 City of Houston, Texas, Water and Sewer System Junior Lien 12/01 at 102 AAA 16,849,049 Revenue Refunding Bonds, Series 1991C, 6.375%, 12/01/17 17,655 Navigation District Number One, Matagorda County, Texas, 11/08 at 100 AAA 16,661,906 Revenue Refunding Bonds (Houston Industries Incorporated Project), Series 1998B, 5.150%, 11/01/29 7,650 Port Authority of Corpus Christi, Nueces County, Texas, 5/06 at 101 BBB- 7,141,428 Revenue Refunding Bonds (Union Pacific Corporation Project), Series 1992, 5.350%, 11/01/10 14,680 San Antonio Independent School District, Bexar County, Texas, 8/09 at 100 AAA 15,089,719 Unlimited Tax School Building Bonds, Series 1999, 5.800%, 8/15/29
Nuveen Quality Income Municipal Fund, Inc. (NQU) (continued) Portfolio of Investments April 30, 2001 (Unaudited)
Principal Optional Call Market Amount (000) Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Utah - 0.5% $ 5,800 Carbon County, Utah, Solid Waste Disposal Refunding Revenue 2/05 at 102 BB- $5,896,164 Bonds (Laidlaw/ECDC Project-Guaranteed by Allied Waste Industries), Series 1995, 7.500%, 2/01/10 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ Virginia - 1.2% 7,000 Norfolk Airport Authority, Virginia, Airport Revenue Refunding 7/11 at 100 AAA 6,595,470 Bonds, Series 2001B, 5.125%, 7/01/31 (Alternative Minimum Tax) 8,320 Virginia Housing Development Authority, Commonwealth Mortgage 1/02 at 102 AA+ 8,552,461 Bonds, 1992 Series A, 7.150%, 1/01/33 - ------------------------------------------------------------------------------------------------------------------------------------ Washington - 6.0% 4,185 Public Utility District No. 1 of Douglas County, Washington, 9/06 at 106 AA- 5,230,706 Wells Hydro-Electric Revenue Bonds, Series of 1986, 8.750%, 9/01/18 11,950 Public Hospital District No. 2, King County, Washington, 12/08 at 101 AAA 10,876,412 Limited Tax General Obligation Bonds (Evergreen Community Health Care), Series 1998, 5.000%, 12/01/28 12,415 Federal Way School District No. 210, King County, Washington, 12/03 at 100 A1*** 13,451,653 Unlimited Tax General Obligation Bonds, Series 1991, 6.950%, 12/01/11 (Pre-refunded to 12/01/03) 6,950 Port of Seattle, Washington, Revenue Bonds, Series 2000B, 8/10 at 100 AAA 7,009,145 5.625%, 2/01/24 (Alternative Minimum Tax) 13,400 The City of Seattle, Washington, Municipal Light and Power 12/10 at 100 AA- 12,965,706 Revenue Bonds, Series 2000, 5.400%, 12/01/25 1,675 Spokane Downtown Foundation, Parking Revenue Bonds (River 8/08 at 102 N/R 1,168,044 Park Square Project), Series 1998, 5.600%, 8/01/19 4,000 North Thurston School District No. 3, Thurston County, 12/02 at 100 A 4,186,960 Washington, Unlimited Tax General Obligation Bonds, Series 1992, 6.500%, 12/01/09 18,000 Washington Health Care Facilities Authority, Revenue Bonds 8/13 at 102 AAA 16,359,480 (Harrison Memorial Hospital), Series 1998, 5.000%, 8/15/28 4,175 Washington State University, Recreation Center Revenue 4/08 at 101 AAA 3,877,281 Bonds, Series 1998, 5.000%, 4/01/28 - ------------------------------------------------------------------------------------------------------------------------------------ Wisconsin - 1.5% 7,000 Wisconsin Housing and Economic Development Authority, 1/02 at 102 AA 7,210,560 Housing Revenue Bonds, 1992 Series A, 6.850%, 11/01/12 10,820 Wisconsin Health and Educational Facilities Authority, 12/01 at 102 AAA 11,271,192 Revenue Bonds (Novus Health Group), Series 1991-B, 6.750%, 12/15/20 (Pre-refunded to 12/15/01) - ------------------------------------------------------------------------------------------------------------------------------------ Wyoming - 0.1% 720 Wyoming Community Development Authority, Single Family 11/01 at 103 AA 745,240 Mortgage Bonds (Federally Insured or Guaranteed Mortgage Loans), 1988 Series G, 7.250%, 6/01/21 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ $ 1,297,395 Total Investments (cost $1,188,297,479) - 98.1% 1,224,624,380 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 1.9% 23,348,023 ----------------------------------------------------------------------------------------------------------------------- Net Assets - 100% $1,247,972,403 ======================================================================================================================= * 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. Securities are normally considered to be equivalent to AAA rated securities. N/R Investment is not rated. See accompanying notes to financial statements.
Nuveen Premier Municipal Income Fund, Inc. (NPF) Portfolio of Investments April 30, 2001 (Unaudited)
Principal Optional Call Market Amount (000) Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Alabama - 0.9% $ 3,935 Alabama Higher Education Loan Corporation, Student Loan No Opt. Call AAA $4,112,705 Revenue Refunding Bonds, Series 1994-D, 5.850%, 9/01/04 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ Alaska - 0.1% 480 Municipality of Anchorage, Alaska, Home Mortgage Revenue Bonds 3/02 at 102 AAA 494,568 (Mortgage-Backed Securities Program), Series 1992, 8.000%, 3/01/09 - ------------------------------------------------------------------------------------------------------------------------------------ Arizona - 3.4% 3,650 Gilbert Unified School District No. 41 of Maricopa County, 7/04 at 100 AAA 3,912,326 Arizona, School Improvement Bonds (Project of 1993), 1994 Series C, 6.100%, 7/01/14 (Pre-refunded to 7/01/04) 10,960 Yuma Regional Medical Center on behalf of Hospital District 8/02 at 101 1/2 N/R*** 11,727,529 No. 1, Yuma County, Arizona, Hospital Revenue Improvement and Refunding Bonds (Yuma Regional Medical Center Project), Series 1992, 8.000%, 8/01/17 (Pre-refunded to 8/01/02) - ------------------------------------------------------------------------------------------------------------------------------------ Arkansas - 0.7% 1,045 Arkansas Development Finance Authority, Single Family Mortgage 7/05 at 102 AAA 1,108,097 Revenue Bonds (Mortgage-Backed Securities Program), 1994 Series C, 6.600%, 7/01/17 1,270 Arkansas Development Finance Authority, Single Family Mortgage 7/05 at 102 AAA 1,310,056 Revenue Bonds (Mortgage-Backed Securities Program), 1995 Series B, 6.550%, 7/01/18 (Alternative Minimum Tax) 166 Drew County Public Facilities Board, Arkansas, Single Family 8/03 at 103 Aaa 175,005 Mortgage Revenue Refunding Bonds, Series 1993A, 7.900%, 8/01/11 175 Residential Housing Facilities Board of Greene County, 1/02 at 103 Aa 180,898 Arkansas, Subordinated Mortgage Revenue Bonds, Series 1991-1, 7.250%, 1/01/10 229 Public Facilities Board of Stuttgart, Arkansas, Single Family 9/03 at 103 Aaa 241,608 Mortgage Revenue Refunding Bonds, Series 1993A, 7.900%, 9/01/11 - ------------------------------------------------------------------------------------------------------------------------------------ California - 3.8% Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 1995A: 33,000 0.000%, 1/01/17 No Opt. Call AAA 14,221,020 10,000 0.000%, 1/01/22 No Opt. Call AAA 3,164,400 - ------------------------------------------------------------------------------------------------------------------------------------ Colorado - 1.3% Colorado Health Facilities Authority, Hospital Refunding Revenue Bonds (National Jewish Center for Immunology and Respiratory Medicine Project), Series 1992: 410 6.600%, 2/15/02 No Opt. Call N/R*** 419,373 1,250 6.875%, 2/15/12 (Pre-refunded to 2/15/02) 2/02 at 102 N/R*** 1,308,713 3,040 7.100%, 2/15/22 (Pre-refunded to 2/15/02) 2/02 at 102 N/R*** 3,187,744 1,000 Colorado Health Facilities Authority, Hospital Revenue Bonds 12/09 at 101 Aaa 1,029,260 (Poudre Valley Health Care, Inc.), Series 1999A, 5.750%, 12/01/23 - ------------------------------------------------------------------------------------------------------------------------------------ Connecticut - 1.3% 4,340 Connecticut Housing Finance Authority, Housing Mortgage 5/06 at 102 AA 4,508,609 Finance Program Bonds, 1997 Series A (Subseries A-4), 6.200%, 11/15/22 (Alternative Minimum Tax) 1,300 Connecticut Housing Finance Authority, Housing Mortgage 5/06 at 102 AA 1,367,080 Finance Program Bonds, 1996 Series C-2, 6.250%, 11/15/18
Nuveen Premier Municipal Income Fund, Inc. (NPF) (continued) Portfolio of Investments April 30, 2001 (Unaudited) Principal Optional Call Market Amount (000) Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ District of Columbia - 2.5% $ 1,600 District of Columbia, Hospital Revenue Refunding Bonds 8/02 at 102 A3*** $ 1,684,736 (Washington Hospital Center Medlantic Issue), Series 1992A, 7.000%, 8/15/05 (Pre-refunded to 8/15/02) District of Columbia Housing Finance Agency, Multifamily Housing Refunding Revenue Bonds, Series 1992B (FHA-Insured Mortgage Loans - Section 8 Assisted Project): 920 7.200%, 9/01/12 9/02 at 102 Aa 958,355 3,505 7.250%, 3/01/24 9/02 at 102 Aa 3,638,576 District of Columbia, University Revenue Bonds (Georgetown University Issue), Series 2001A: 14,105 0.000%, 4/01/24 4/11 at 47 21/32 AAA 3,503,541 7,625 0.000%, 4/01/25 4/11 at 44 13/16 AAA 1,778,150 - ------------------------------------------------------------------------------------------------------------------------------------ Florida - 0.9% 4,000 Dade County, Florida, Aviation Revenue Bonds, Series 1996A, 10/06 at 102 AAA 4,107,800 5.750%, 10/01/18 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ Georgia - 3.6% 8,000 George L. Smith II World Congress Center Authority, Refunding 7/10 at 101 AAA 8,033,360 Revenue Bonds (Domed Stadium Project), Series 2000, 5.500%, 7/01/20 (Alternative Minimum Tax) 10,000 State of Georgia, General Obligation Bonds, Series 2000C, 7/10 at 100 AAA 8,356,200 4.000%, 7/01/20 - ------------------------------------------------------------------------------------------------------------------------------------ Hawaii - 0.5% 2,250 Department of Budget and Finance of the State of Hawaii, 1/09 at 101 AAA 2,371,770 Special Purpose Revenue Bonds (Hawaii Electric Company, Inc. and Subsidiaries Project), Series 1999D, 6.150%, 1/01/20 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ Idaho - 0.2% 1,065 Idaho Housing and Finance Association, Single Family 7/06 at 102 Aa1 1,129,251 Mortgage Bonds, 1996 Series E, 6.350%, 7/01/14 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ Illinois - 20.9% 3,000 City of Chicago, Illinois, General Obligation Adjustable 7/02 at 101 1/2 AAA 3,163,650 Rate Bonds (Central Public Library Project), Series C of 1988, 6.850%, 1/01/17 (Pre-refunded to 7/01/02) City of Chicago, Illinois, General Obligation Bonds (City Colleges of Chicago Capital Improvement Project), Series 1999: 8,670 0.000%, 1/01/24 No Opt. Call AAA 2,372,025 16,670 0.000%, 1/01/26 No Opt. Call AAA 4,048,476 Chicago School Reform Board of Trustees of the Board of Education of the City of Chicago, Illinois, Unlimited Tax General Obligation Bonds (Dedicated Tax Revenues), Series 1998A: 5,000 0.000%, 12/01/16 No Opt. Call AAA 2,093,650 10,000 0.000%, 12/01/20 No Opt. Call AAA 3,211,600 9,900 0.000%, 12/01/24 No Opt. Call AAA 2,487,969 Chicago School Reform Board of Trustees of the Board of Education of the City of Chicago, Illinois, Unlimited Tax General Obligation Bonds (Dedicated Tax Revenues), Series 1999A: 15,000 0.000%, 12/01/21 No Opt. Call AAA 4,561,500 10,000 0.000%, 12/01/23 No Opt. Call AAA 2,690,500 1,055 Public Building Commission of Chicago, Illinois, No Opt. Call AAA 1,210,074 Building Revenue Bonds (Board of Education of the City of Chicago), Series B of 1990, 7.000%, 1/01/15 13,000 City of Chicago, Illinois, Wastewater Transmission 1/06 at 102 AAA 12,316,850 Revenue Bonds, Series 1995, 5.125%, 1/01/25 7,450 Town of Cicero, Cook County, Illinois, General Obligation 12/04 at 102 N/R*** 8,479,143 Tax Increment Bonds, Series 1995A, 8.125%, 12/01/12 (Pre-refunded to 12/01/04) 5,750 Illinois Development Finance Authority, Multifamily 3/02 at 102 N/R 5,943,373 Housing Revenue Bonds (Town and Garden Apartments Project), Series 1992, 7.800%, 3/01/06 (Alternative Minimum Tax)
Principal Optional Call Market Amount (000) Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Illinois (continued) Illinois Development Finance Authority, Multifamily Housing Bonds (Affordable Housing Preservation Foundation Project), Series 1990 (Subseries B)(FHA-Insured Mortgage Loans - Lawless Gardens Project): $ 600 7.650%, 7/01/07 1/02 at 105 AAA $ 635,658 5,270 7.650%, 12/31/31 1/02 at 105 AAA 5,587,886 7,400 Illinois Health Facilities Authority, Revenue Bonds (Trinity 7/02 at 102 Baa2*** 7,831,050 Medical Center), Series 1992, 7.000%,7/01/12 (Pre-refunded to 7/01/02) 125 Illinois Health Facilities Authority, Revenue Refunding 4/02 at 102 AA-*** 131,581 Bonds (Evangelical Hospitals Corporation), Series 1992A, 6.750%, 4/15/12 (Pre-refunded to 4/15/02) 4,590 Illinois Housing Development Authority, Section 8 Elderly 9/02 at 102 A 4,698,599 Housing Revenue Bonds (Garden House of Maywood Development), Series 1992, 7.000%, 9/01/18 545 Illinois Housing Development Authority, Section 8 Elderly 1/03 at 102 A*** 581,450 Housing Revenue Bonds (Morningside North Development), Series 1992D, 6.600%, 1/01/07 (Pre-refunded to 1/01/03) Metropolitan Pier and Exposition Authority, Illinois, Refunding Bonds (McCormick Place Expansion Project), Series 1996A: 8,330 0.000%, 12/15/16 No Opt. Call AAA 3,552,079 9,400 0.000%, 12/15/18 No Opt. Call AAA 3,490,784 10,775 0.000%, 12/15/24 No Opt. Call AAA 2,759,370 2,000 Onterie Center Housing Finance Corporation (An Illinois Not 7/02 at 102 AAA 2,090,340 for Profit Corporation), Mortgage Revenue Refunding Bonds (FHA-Insured Mortgage Loan - Onterie Center Project), Series 1992A, 7.050%, 7/01/27 Village of Sugar Grove, Kane County, Illinois, Waterworks and Sewerage Refunding Revenue Bonds, Series 1992: 1,395 7.500%, 5/01/17 (Pre-refunded to 5/01/02) 5/02 at 102 N/R*** 1,479,119 1,440 7.500%, 5/01/17 5/02 at 102 N/R 1,493,208 4,950 Town of Wood River, Madison County, Illinois, Wood River 2/04 at 102 N/R 4,029,152 Township Hospital, General Obligation Bonds (Alternate Revenue Source), Series 1993, 6.625%, 2/01/14 4,900 Town of Wood River, Madison County, Illinois, Wood River 2/04 at 102 N/R 3,942,834 Township Hospital, General Obligation Tort Immunity Bonds, Series 1993, 6.500%, 2/01/14 - ------------------------------------------------------------------------------------------------------------------------------------ Indiana - 3.8% Crown Point Multi-School Building Corporation, First Mortgage Bonds (Crown Point Community School Corporation, Indiana), Series 2000: 7,480 0.000%, 1/15/21 No Opt. Call AAA 2,447,306 7,980 0.000%, 1/15/22 No Opt. Call AAA 2,457,122 6,180 0.000%, 1/15/23 No Opt. Call AAA 1,793,869 29,255 The Indianapolis Local Public Improvement Bond Bank, Indiana, No Opt. Call AAA 7,436,914 Series 1999E, 0.000%, 2/01/25 2,860 PHM Elementary/Middle School Building Corporation, St. Joseph No Opt. Call A 3,151,234 County, Indiana, First Mortgage Bonds, Series 1994, 6.300%, 1/15/09 - ------------------------------------------------------------------------------------------------------------------------------------ Iowa - 0.4% 1,655 Iowa Student Loan Liquidity Corporation, Student Loan 12/02 at 102 Aaa 1,717,873 Revenue Bonds, Senior Series B, 5.750%, 12/01/06 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ Kansas - 0.8% 1,495 City of Hutchinson, Kansas, Single Family Mortgage Revenue 6/02 at 103 Aa3 1,556,160 Refunding Bonds, Series 1992, 8.875%, 12/01/12 6,440 The Unified Government of Wyandotte County, Kansas City, No Opt. Call AAA 2,120,885 Kansas, Sales Tax Special Obligation Revenue Bonds (Kansas International Speedway Corporation Project), Series 1999, 0.000%, 12/01/20 - ------------------------------------------------------------------------------------------------------------------------------------ Kentucky - 1.1% 5,000 Kentucky Rural Economic Development Authority, Economic 7/02 at 102 N/R 5,100,650 Development Project Revenue Bonds (Donnelly Corporation Project), Series 1992, 8.125%, 7/01/12 (Alternative Minimum Tax)
Nuveen Premier Municipal Income Fund, Inc. (NPF) (continued) Portfolio of Investments April 30, 2001 (Unaudited) Principal Optional Call Market Amount (000) Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Louisiana - 0.3% $ 1,310 Louisiana Housing Finance Agency, Mortgage Revenue Bonds 9/05 at 103 AAA $ 1,402,800 (GNMA Collateralized Mortgage Loan - St. Dominic Assisted Care Facility), Series 1995, 6.850%, 9/01/25 - ------------------------------------------------------------------------------------------------------------------------------------ Maine - 1.8% 7,965 Maine Educational Loan Marketing Corporation, Subordinate No Opt. Call A 8,233,898 Student Loan Revenue Bonds, Series 1994-2, 6.250%, 11/01/06 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ Maryland - 1.4% 6,000 Anne Arundel County, Maryland, Multifamily Housing Revenue No Opt. Call BBB- 6,248,760 Bonds (Woodside Apartments Project), Series 1994, 7.450%, 12/01/24 (Alternative Minimum Tax) (Mandatory put 12/01/03) - ------------------------------------------------------------------------------------------------------------------------------------ Massachusetts - 5.6% 25 Massachusetts Municipal Wholesale Electric Company, Power No Opt. Call BBB+ 27,804 Supply System Revenue Bonds, 1987 Series A, 8.750%, 7/01/18 3,875 Massachusetts Health and Educational Facilities Authority, 2/04 at 102 Aa2 4,036,975 Revenue Refunding Bonds (Youville Hospital Issue - FHA-Insured Project), Series B, 6.000%, 2/15/25 8,960 Massachusetts Industrial Finance Agency, Resource Recovery 7/01 at 103 N/R 9,267,686 Revenue Bonds (SEMASS Project), Series 1991B, 9.250%, 7/01/15 (Alternative Minimum Tax) 2,000 Massachusetts Housing Finance Agency, Rental Housing Mortgage 7/07 at 101 AAA 1,967,480 Revenue Bonds, 1997 Series C, 5.625%, 7/01/40 (Alternative Minimum Tax) 9,780 Massachusetts Water Resources Authority, General Revenue Bonds, 7/02 at 102 AAA 10,360,247 1992 Series A, 6.750%, 7/15/12 (Pre-refunded to 7/15/02) - ------------------------------------------------------------------------------------------------------------------------------------ Michigan - 0.9% 1,975 Charter Township of Clinton, County of Macomb, State of 4/09 at 101 AAA 1,650,804 Michigan, 1998 General Obligation Unlimited Tax Police Building Bonds, 4.000%, 4/01/18 2,500 Wayne County Building Authority, State of Michigan, Limited 3/02 at 102 A-*** 2,646,800 Tax General Obligation CapitalImprovement Bonds, Series 1992A, 8.000%, 3/01/17 (Pre-refunded to 3/01/02) - ------------------------------------------------------------------------------------------------------------------------------------ Minnesota - 3.7% 7,990 City of Eden Prairie, Minnesota, Multifamily Housing 12/10 at 103 1/2 Aaa 8,414,429 Revenue Bonds (GNMA Collateralized Mortgage Loan - Lincoln Parc Project), Series 2000A-1, 6.650%, 6/20/42 10,780 Housing and Redevelopment Authority, Northwest Minnesota 10/04 at 102 N/R 8,620,982 Multi-County, Governmental Housing Revenue Bonds (Pooled Housing Program), Series 1994A, 8.125%, 10/01/26 - ------------------------------------------------------------------------------------------------------------------------------------ Mississippi - 0.7% 8,610 Mississippi Home Corporation, Residual Revenue Capital 3/04 at 41 21/32 Aaa 3,177,176 Appreciation Bonds, Series 1992-I, 0.000%, 9/15/16 - ------------------------------------------------------------------------------------------------------------------------------------ Nebraska - 3.7% 2,830 City of Grand Island, Nebraska, Electric System Revenue Bonds, 9/01 at 100 A+*** 3,109,547 1977 Series, 6.100%, 9/01/12 2,350 Nebraska Higher Education Loan Program Inc., Senior No Opt. Call AAA 2,489,802 Subordinate Bonds, Series A-5B, 6.250%, 6/01/18 (Alternative Minimum Tax) 10,935 Omaha Public Power District, Nebraska, Electric System 2/02 at 101 1/2 AAA 11,369,010 Revenue Bonds, 1992 Series A, 6.500%, 2/01/17 (Pre-refunded to 2/01/02) - ------------------------------------------------------------------------------------------------------------------------------------ New Hampshire - 1.3% 790 New Hampshire Municipal Bond Bank, Educational Institutions No Opt. Call N/R 809,758 Division Revenue Bonds (1994 Coe-Brown Northwood Academy Project), 7.250%, 5/01/09 5,000 New Hampshire Housing Finance Authority, Multifamily 7/10 at 101 Aaa 5,110,000 Housing Revenue Bonds (Countryside Limited Partnership Project), 1994 Issue Remarketing, 6.100%, 7/01/24 (Alternative Minimum Tax)
Principal Optional Call Market Amount (000) Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ New York - 8.3% $ 1,000 The City of New York, New York, General Obligation Bonds, No Opt. Call A $ 1,095,200 Fiscal 1995 Series A, 7.000%, 8/01/04 2,075 The City of New York, New York, General Obligation Bonds, 11/01 at 101 1/2 AAA 2,164,433 Fiscal 1991 Series F, 8.400%, 11/15/05 (Pre-refunded to 11/15/01) 4,000 The City of New York, New York, General Obligation Bonds, 2/06 at 101 1/2 A 4,162,920 Fiscal 1996 Series J1, 5.875%, 2/15/19 80 The City of New York, New York, General Obligation Bonds, 8/01 at 101 1/2 A 82,376 Fiscal 1991 Series D, 9.500%, 8/01/02 The City of New York, New York, General Obligation Bonds, Fiscal 1995 Series E: 450 6.500%, 8/01/02 No Opt. Call Aaa 467,802 1,100 6.500%, 8/01/02 No Opt. Call A 1,141,448 4,480 New York City Transitional Finance Authority, Future Tax 8/07 at 101 AA+ 4,369,299 Secured Bonds, Fiscal 1998 Series A, 5.125%, 8/15/21 10,000 Dormitory Authority of the State of New York, State 5/10 at 101 AAA 10,144,400 University Educational Facilities Revenue Bonds (1999 Resolution), Series 2000B, 5.500%, 5/15/30 5,310 New York State Medical Care Facilities Finance Agency, 8/02 at 102 AAA 5,465,849 Hospital and Nursing Home FHA-Insured Mortgage Revenue Bonds, 1992 Series B, 6.200%, 8/15/22 4,590 New York State Medical Care Facilities Finance Agency, 8/03 at 102 AAA 4,792,924 FHA-Insured Mortgage Revenue Bonds (St. Luke's-Roosevelt Hospital Center), 1993 Series A, 5.600%, 8/15/13 4,000 New York State Medical Care Facilities Finance Agency, 2/04 at 102 AAA 4,012,160 Hospital Insured Mortgage Revenue Bonds, 1994 Series A Refunding, 5.500%, 8/15/24 - ------------------------------------------------------------------------------------------------------------------------------------ North Carolina - 2.9% 10,300 North Carolina Eastern Municipal Power Agency, Power System No Opt. Call AAA 11,218,451 Revenue Bonds, Refunding Series 1993B, 6.000%, 1/01/22 2,130 North Carolina Housing Finance Agency, Multifamily Revenue 7/02 at 102 Aa2 2,243,657 Refunding Bonds (1992 Refunding Bond Resolution), Series B, 6.900%, 7/01/24 - ------------------------------------------------------------------------------------------------------------------------------------ Ohio - 0.6% 2,110 Cleveland-Rock Glen Housing Assistance Corporation, Mortgage 7/04 at 103 AAA 2,210,774 Revenue Refunding Bonds (FHA-Insured Mortgage Loans - Section 8 Assisted Projects), Series 1994A, 6.750%, 1/15/25 635 Toledo-Lucas County Port Authority, Development Revenue Bonds 5/01 at 101 N/R 640,563 (Northwest Ohio Bond Fund), Series 1992A, 7.750%, 5/15/07 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ Pennsylvania - 3.8% 2,000 Falls Township Hospital Authority, Refunding Revenue Bonds 8/02 at 102 AAA 2,082,100 (The Delaware Valley Medical CenterProject)(FHA-Insured Mortgage), Series 1992, 7.000%, 8/01/22 270 Northampton County Hospital Authority, Pennsylvania, Hospital No Opt. Call BBB- 270,470 Revenue Bonds (Easton Hospital), Series A of 1992, 6.900%, 1/01/02 7,110 City of Philadelphia, Pennsylvania, Water and Sewer Revenue No Opt. Call AAA 7,702,690 Bonds, Tenth Series, 7.350%, 9/01/04 2,500 The Hospitals and Higher Education Facilities Authority of 8/02 at 102 A+ 2,622,775 Philadelphia, Hospital Revenue Bonds(Children's Seashore House), Series 1992A, 7.000%, 8/15/12 4,450 The Hospitals and Higher Education Facilities Authority of 8/02 at 102 A+ 4,668,540 Philadelphia, Hospital Revenue Bonds (Children's Seashore House), Series 1992B, 7.000%, 8/15/22 - ------------------------------------------------------------------------------------------------------------------------------------ South Carolina - 3.2% 14,800 Tobacco Settlement Revenue Management Authority, Tobacco 5/11 at 101 A1 14,668,576 Settlement Asset-Backed Bonds, Series 2001B, 6.000%, 5/15/22 - ------------------------------------------------------------------------------------------------------------------------------------ Tennessee - 0.8% The Health and Educational Facilities Board of the City of Johnson, Tennessee, Hospital Revenue Refunding and Improvement Bonds (Johnson City Medical Center Hospital), Series 1998C: 2,060 5.125%, 7/01/25 (Pre-refunded to 7/01/23) 7/23 at 100 AAA 2,006,605 1,590 5.125%, 7/01/25 1/09 at 101 AAA 1,542,729
Nuveen Premier Municipal Income Fund, Inc. (NPF) (continued) Portfolio of Investments April 30, 2001 (Unaudited)
Principal Optional Call Market Amount (000) Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Texas - 3.2% $ 27,355 City of Houston, Texas, Hotel Occupancy Tax and Special No Opt. Call AAA $ 5,776,282 Revenue Bonds (Convention Project), Series 2001B, 0.000%, 9/01/27 (WI, settling 5/08/01) 4,084 General Services Commission (an agency of the State of 9/01 at 101 A 4,176,562 Texas) (as Lessee), Participation Interests, 7.500%, 9/01/22 815 Victoria Housing Finance Corporation, Single Family Mortgage No Opt. Call Aaa 840,363 Revenue Refunding Bonds, Series 1995, 8.125%, 1/01/11 Weatherford Independent School District, Parker County, Texas, Unlimited Tax School Building and Refunding Bonds, Series 2001: 6,945 0.000%, 2/15/23 2/11 at 50 1/4 AAA 1,859,177 6,945 0.000%, 2/15/24 2/11 at 47 7/16 AAA 1,746,251 - ------------------------------------------------------------------------------------------------------------------------------------ Utah - 0.5% 550 Utah Housing Finance Agency, Single Family Mortgage Bonds, 1/07 at 102 AA 570,070 1996 Series C, 6.450%, 7/01/14 (Alternative Minimum Tax) 1,755 Utah Housing Finance Agency, Single Family Mortgage Bonds, 7/07 at 101 1/2 AA 1,812,546 1997 Series F, 5.750%, 7/01/15 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ Virginia - 1.9% 3,200 Suffolk Redevelopment and Housing Authority, Multifamily 7/02 at 104 Baa2 3,342,272 Housing Revenue Refunding Bonds (Chase Heritage at Dulles Project), Series 1994, 7.000%, 7/01/24 (Mandatory put 7/01/04) 5,000 Virginia Housing Development Authority, Commonwealth 1/02 at 102 AA+ 5,140,100 Mortgage Bonds, 1992 Series A, 7.100%, 1/01/22 - ------------------------------------------------------------------------------------------------------------------------------------ Washington - 4.6% 6,160 Public Hospital District No. 2, King County, Washington, 6/11 at 101 AAA 5,953,640 Limited Tax General Obligation Bonds (Evergreen Healthcare), Series 2001A, 5.250%, 12/01/24 9,500 State of Washington, General Obligation and General No Opt. Call AA+ 10,641,330 Obligation Refunding Bonds, Series 1992A and AT-6, 6.250%, 2/01/11 2,500 Washington Health Care Facilities Authority, Revenue Bonds 2/02 at 102 AA-*** 2,618,225 (Sacred Heart MedicalCenter, Spokane), Series 1992, 6.875%, 2/15/12 (Pre-refunded to 2/15/02) 1,735 Washington Public Power Supply System, Nuclear Project 7/01 at 101 Aa1 1,761,788 No. 3 Refunding Revenue Bonds, Series 1990B, 7.375%, 7/01/04 - ------------------------------------------------------------------------------------------------------------------------------------ West Virginia - 0.2% 1,045 West Virginia Housing Development Fund, Housing Finance Bonds, 5/02 at 102 AAA 1,090,300 1992 Series B, 7.200%, 11/01/20 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ Wisconsin - 3.2% 2,985 Silver Lake Sanitary District, Waushara County, Wisconsin, 10/02 at 100 N/R*** 3,174,010 Sewer System Mortgage Revenue Bonds, 8.000%, 10/01/18 (Pre-refunded to 10/01/02) 5,950 Wisconsin Housing and Economic Development Authority, Housing 1/02 at 102 AA 6,128,971 Revenue Bonds, 1992 Series A, 6.850%, 11/01/12 5,000 Wisconsin Health and Educational Facilities Authority, 2/10 at 101 AA 5,282,450 Revenue Bonds (Marshfield Clinic), Series 1999, 6.250%, 2/15/18 - ------------------------------------------------------------------------------------------------------------------------------------ $ 637,119 Total Investments (cost $438,161,220) - 98.8% 451,329,699 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 1.2% 5,458,603 ----------------------------------------------------------------------------------------------------------------------- Net Assets - 100% $ 456,788,302 ======================================================================================================================= * 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. 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. See accompanying notes to financial statements.
Statement of Net Assets April 30, 2001 (Unaudited) INVESTMENT SELECT QUALITY PREMIER QUALITY QUALITY INCOME INCOME (NQM) (NQS) (NQU) (NPF) - ------------------------------------------------------------------------------------------------------------------------------------ ASSETS Investments in municipal securities, at market value $846,716,753 $770,247,879 $1,224,624,380 $451,329,699 Cash -- 2,302,824 -- 6,704,981 Receivables: Interest 15,033,345 14,519,115 23,387,136 6,836,864 Investments sold 155,000 184,124 7,902,826 290,000 Other assets 58,593 61,106 81,802 30,585 - ------------------------------------------------------------------------------------------------------------------------------------ Total assets 861,963,691 787,315,048 1,255,996,144 465,192,129 - ------------------------------------------------------------------------------------------------------------------------------------ LIABILITIES Cash overdraft 4,232,362 -- 2,675,100 -- Payable for investments purchased 16,403,480 3,675,275 -- 6,330,221 Accrued expenses: Management fees 434,352 404,545 639,289 240,869 Other 190,403 187,513 383,571 209,844 Preferred share dividends payable 131,004 120,845 206,313 87,468 Common share dividends payable 2,484,531 2,439,871 4,119,468 1,535,425 - ------------------------------------------------------------------------------------------------------------------------------------ Total liabilities 23,876,132 6,828,049 8,023,741 8,403,827 - ------------------------------------------------------------------------------------------------------------------------------------ Net assets $838,087,559 $780,486,999 $1,247,972,403 $456,788,302 ==================================================================================================================================== Preferred shares, at liquidation value $301,000,000 $279,000,000 $ 452,000,000 $165,000,000 ==================================================================================================================================== Preferred shares outstanding 12,040 11,160 18,080 6,600 ==================================================================================================================================== Common shares outstanding 35,748,959 33,887,474 54,204,488 20,071,711 ==================================================================================================================================== Net asset value per Common share outstanding (net assets less Preferred shares at liquidation value, divided by Common shares outstanding) $ 15.02 $ 14.80 $ 14.68 $ 14.54 ==================================================================================================================================== See accompanying notes to financial statements.
Statement of Operations Six Months Ended April 30, 2001 (Unaudited)
INVESTMENT SELECT QUALITY PREMIER QUALITY QUALITY INCOME INCOME (NQM) (NQS) (NQU) (NPF) - ------------------------------------------------------------------------------------------------------------------------------------ INVESTMENT INCOME $24,115,706 $23,648,646 $38,207,288 $14,315,435 - ------------------------------------------------------------------------------------------------------------------------------------ EXPENSES Management fees 2,620,732 2,438,738 3,865,282 1,457,086 Preferred shares - auction fees 373,157 345,884 560,356 204,555 Preferred shares - dividend disbursing agent fees 24,795 24,795 29,753 14,876 Shareholders' servicing agent fees and expenses 34,506 26,723 38,427 18,030 Custodian's fees and expenses 81,316 112,043 130,848 60,325 Directors' fees and expenses 3,548 3,332 5,401 2,232 Professional fees 15,157 11,685 14,661 20,115 Shareholders' reports - printing and mailing expenses 55,666 50,327 77,303 34,224 Stock exchange listing fees 16,089 16,194 24,006 16,592 Investor relations expense 52,455 49,369 80,549 29,851 Other expenses 22,238 23,836 32,833 14,223 - ------------------------------------------------------------------------------------------------------------------------------------ Total expenses before custodian fee credit 3,299,659 3,102,926 4,859,419 1,872,109 Custodian fee credit (15,580) (23,048) (33,666) (22,365) - ------------------------------------------------------------------------------------------------------------------------------------ Net expenses 3,284,079 3,079,878 4,825,753 1,849,744 - ------------------------------------------------------------------------------------------------------------------------------------ Net investment income 20,831,627 20,568,768 33,381,535 12,465,691 - ------------------------------------------------------------------------------------------------------------------------------------ REALIZED AND UNREALIZED GAIN FROM INVESTMENTS Net realized gain from investment transactions 950,335 2,418,377 4,329,070 986,842 Change in net unrealized appreciation (depreciation) of investments 11,626,092 7,883,224 4,274,659 1,241,917 - ------------------------------------------------------------------------------------------------------------------------------------ Net gain from investments 12,576,427 10,301,601 8,603,729 2,228,759 - ------------------------------------------------------------------------------------------------------------------------------------ Net increase in net assets from operations $33,408,054 $30,870,369 $41,985,264 $14,694,450 ==================================================================================================================================== See accompanying notes to financial statements.
Statement of Changes in Net Assets (Unaudited)
INVESTMENT QUALITY (NQM) SELECT QUALITY (NQS) ------------------------------------- ------------------------------------- SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED 4/30/01 10/31/00 4/30/01 10/31/00 - ------------------------------------------------------------------------------------------------------------------------------------ OPERATIONS Net investment income $ 20,831,627 $ 43,376,250 $ 20,568,768 $ 41,509,119 Net realized gain (loss) from investment transactions 950,335 (2,187,570) 2,418,377 429,356 Change in net unrealized appreciation (depreciation) of investments 11,626,092 25,862,636 7,883,224 15,449,974 - ------------------------------------------------------------------------------------------------------------------------------------ Net increase in net assets from operations 33,408,054 67,051,316 30,870,369 57,388,449 - ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO SHAREHOLDERS From undistributed net investment income: Common shareholders (14,982,331) (31,909,307) (14,754,109) (31,279,754) Preferred shareholders (5,658,345) (12,163,240) (5,312,003) (11,427,939) From and in excess of net realized gains from investment transactions: Common shareholders -- (129,711) -- (78,386) Preferred shareholders -- (37,355) -- (21,716) - ------------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets from distributions to shareholders (20,640,676) (44,239,613) (20,066,112) (42,807,795) - ------------------------------------------------------------------------------------------------------------------------------------ CAPITAL SHARE TRANSACTIONS Net proceeds from Common shares issued to shareholders due to reinvestment of distributions -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Net increase in net assets 12,767,378 22,811,703 10,804,257 14,580,654 Net assets at the beginning of period 825,320,181 802,508,478 769,682,742 755,102,088 - ------------------------------------------------------------------------------------------------------------------------------------ Net assets at the end of period $838,087,559 $825,320,181 $780,486,999 $769,682,742 ==================================================================================================================================== Balance of undistributed net investment income at the end of period $ 272,574 $ 78,116 $ 723,988 $ 218,441 ==================================================================================================================================== See accompanying notes to financial statements.
Statement of Changes in Net Assets (Unaudited) (continued)
QUALITY INCOME (NQU) PREMIER INCOME (NPF) ------------------------------------- ------------------------------------- SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED 4/30/01 10/31/00 4/30/01 10/31/00 - ------------------------------------------------------------------------------------------------------------------------------------ OPERATIONS Net investment income $ 33,381,535 $ 69,253,953 $ 12,465,691 $ 25,182,883 Net realized gain (loss) from investment transactions 4,329,070 1,262,287 986,842 (1,476,362) Change in net unrealized appreciation (depreciation) of investments 4,274,659 10,564,892 1,241,917 5,658,575 - ------------------------------------------------------------------------------------------------------------------------------------ Net increase in net assets from operations 41,985,264 81,081,132 14,694,450 29,365,096 - ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO SHAREHOLDERS From undistributed net investment income: Common shareholders (24,833,932) (51,692,078) (9,210,519) (18,975,126) Preferred shareholders (8,446,716) (18,405,376) (3,096,974) (6,795,906) From and in excess of net realized gains from investment transactions: Common shareholders (412,608) -- -- -- Preferred shareholders (148,749) -- -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets from distributions to shareholders (33,842,005) (70,097,454) (12,307,493) (25,771,032) - ------------------------------------------------------------------------------------------------------------------------------------ CAPITAL SHARE TRANSACTIONS Net proceeds from Common shares issued to shareholders due to reinvestment of distributions -- -- 298,003 -- - ------------------------------------------------------------------------------------------------------------------------------------ Net increase in net assets 8,143,259 10,983,678 2,684,960 3,594,064 Net assets at the beginning of period 1,239,829,144 1,228,845,466 454,103,342 450,509,278 - ------------------------------------------------------------------------------------------------------------------------------------ Net assets at the end of period $1,247,972,403 $1,239,829,144 $456,788,302 $454,103,342 ==================================================================================================================================== Balance of undistributed net investment income at the end of period $ 239,437 $ 135,043 $ 224,339 $ 63,250 ==================================================================================================================================== See accompanying notes to financial statements.
Notes to Financial Statements (Unaudited) 1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES The National Funds (the "Funds") covered in this report and their corresponding New York Stock Exchange symbols are Nuveen Investment Quality Municipal Fund, Inc. (NQM), Nuveen Select Quality Municipal Fund, Inc. (NQS), Nuveen Quality Income Municipal Fund, Inc. (NQU) and Nuveen Premier Municipal Income Fund, Inc. (NPF). Each Fund seeks to provide current income exempt from regular federal income tax by investing primarily in a diversified portfolio of municipal obligations issued by state and local government authorities. The Funds are registered under the Investment Company Act of 1940 as closed-end, diversified management investment companies. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with accounting principles generally accepted in the United States. Securities Valuation The prices of municipal bonds in each Fund's investment portfolio are provided by a pricing service approved by the Fund's Board of Directors. When price quotes are not readily available (which is usually the case for municipal securities), the pricing service establishes fair market value based on yields or prices of municipal bonds of comparable quality, type of issue, coupon, maturity and rating, indications of value from securities dealers and general market conditions. Temporary investments in securities that have variable rate and demand features qualifying them as short-term securities are valued at amortized cost, which approximates market value. Securities Transactions Securities transactions are recorded on a trade date basis. Realized gains and losses from such transactions are determined on the specific identification method. Securities purchased or sold on a when-issued or delayed delivery basis may have extended settlement periods. The securities so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to segregate assets in a separate account with a current value at least equal to the amount of the when-issued and delayed delivery purchase commitments. At April 30, 2001, Investment Quality (NQM), Select Quality (NQS) and Premier Income (NPF) had outstanding when-issued and delayed delivery purchase commitments of $16,403,480, $3,675,275 and $6,330,221, respectively. There were no such outstanding purchase commitments in Quality Income (NQU). Investment Income Interest income is determined on the basis of interest accrued, adjusted for amortization of premiums and accretion of discounts on long-term debt securities. Federal Income Taxes Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net investment income to its shareholders. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions which will enable interest from municipal securities, which is exempt from regular federal income tax, to retain such tax-exempt status when distributed to shareholders of the Funds. Dividends and Distributions to Shareholders Tax-exempt net investment income is declared monthly as a dividend and payment is made or reinvestment is credited to shareholder accounts on the first business day after month-end. 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 shareholders of tax-exempt net investment income, net realized capital gains and/or market discount are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from accounting principles generally accepted in the United States. Accordingly, temporary over-distributions as a result of these differences may occur and will be classified as either distributions in excess of net investment income, distributions in excess of net realized gains and/or distributions in excess of net ordinary taxable income from investment transactions, where applicable. Notes to Financial Statements (Unaudited) (continued) Preferred Shares The Funds have issued and outstanding $25,000 stated value Preferred shares. Each Fund's Preferred shares are issued in more than one Series. The dividend rate on each Series may change every seven days, as set by the auction agent. The number of shares outstanding, by Series and in total, for each Fund is as follows: Investment Select Quality Premier Quality Quality Income Income (NQM) (NQS) (NQU) (NPF) - -------------------------------------------------------------------------------- Number of shares: Series M 2,500 2,000 3,000 1,000 Series T 2,500 2,000 3,000 2,800 Series W 2,500 2,800 3,000 -- Series W2 -- -- 2,080 -- Series Th 2,040 1,560 4,000 2,800 Series F 2,500 2,800 3,000 -- - -------------------------------------------------------------------------------- Total 12,040 11,160 18,080 6,600 ================================================================================ 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, 2001. Custodian Fee Credit Each Fund has an arrangement with the custodian bank whereby certain custodian fees and expenses are reduced by credits earned on each Fund's cash on deposit with the bank. Such deposit arrangements are an alternative to overnight investments. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates. Audit Guide In November 2000, the American Institute of Certified Public Accountants (AICPA) issued a revised version of the AICPA Audit and Accounting Guide for Investment Companies (the "Guide"). The Guide is effective for annual financial statements issued for fiscal years beginning after December 15, 2000. It is not anticipated that the adoption of the Guide will have a significant effect on the financial statements. 2. FUND SHARES During the six months ended April 30, 2001, Premier Income (NPF) had 19,762 shares issued to shareholders due to reinvestment of distributions. There were no share transactions for any of the other Funds during the six months ended April 30, 2001. There were no share transactions during the fiscal year ended October 31, 2000, for any of the Funds. 3. DISTRIBUTIONS TO COMMON SHAREHOLDERS The Funds declared Common share dividend distributions from their tax-exempt net investment income which were paid on June 1, 2001, to shareholders of record on May 15, 2001, as follows: Investment Select Quality Premier Quality Quality Income Income (NQM) (NQS) (NQU) (NPF) - -------------------------------------------------------------------------------- Dividend per share $.0695 $.0720 $.0760 $.0765 ================================================================================ 4. SECURITIES TRANSACTIONS Purchases and sales (including maturities) of investments in long-term municipal securities and short-term municipal securities for the six months ended April 30, 2001, were as follows:
Investment Select Quality Premier Quality Quality Income Income (NQM) (NQS) (NQU) (NPF) - ------------------------------------------------------------------------------------------------------------------------- Purchases: Long-term municipal securities $91,647,294 $113,687,053 $204,091,538 $36,375,670 Short-term municipal securities 4,000,000 17,600,000 40,800,000 -- Sales and maturities: Long-term municipal securities 82,116,366 102,270,795 182,258,905 43,219,888 Short-term municipal securities 4,000,000 24,600,000 40,800,000 -- ========================================================================================================================= At April 30, 2001, the identified cost of investments owned for federal income tax purposes were as follows: Investment Select Quality Premier Quality Quality Income Income (NQM) (NQS) (NQU) (NPF) - ------------------------------------------------------------------------------------------------------------------------- $807,214,194 $744,030,717 $1,188,711,779 $438,161,220 =========================================================================================================================
At October 31, 2000, 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:
Investment Select Premier Quality Quality Income (NQM) (NQS) (NPF) - --------------------------------------------------------------------------------------------------------------------- Expiration year: 2005 $ -- $13,683 $ -- 2006 -- -- -- 2007 -- -- 103,628 2008 2,187,570 -- 1,473,467 - --------------------------------------------------------------------------------------------------------------------- Total $2,187,570 $13,683 $1,577,095 =====================================================================================================================
5. UNREALIZED APPRECIATION (DEPRECIATION) Gross unrealized appreciation and gross unrealized depreciation of investments for federal income tax purposes at April 30, 2001, were as follows:
Investment Select Quality Premier Quality Quality Income Income (NQM) (NQS) (NQU) (NPF) - ------------------------------------------------------------------------------------------------------------------------- Gross unrealized: appreciation $41,264,775 $30,743,662 $ 49,060,525 $ 21,446,360 depreciation (1,762,216) (4,526,500) (13,147,924) (8,277,881) - ------------------------------------------------------------------------------------------------------------------------- Net unrealized appreciation $39,502,559 $26,217,162 $ 35,912,601 $ 13,168,479 =========================================================================================================================
Notes to Financial Statements (Unaudited) (continued) 6. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES Under the Funds' investment management agreements with Nuveen Advisory Corp. (the "Adviser"), a wholly owned subsidiary of The John Nuveen Company, each Fund pays an annual management fee, payable monthly, at the rates set forth below, which are based upon the average daily net assets of each Fund as follows: Average Daily Net Assets Management Fee - ------------------------------------------------------------------------ For the first $125 million .6500 of 1% For the next $125 million .6375 of 1 For the next $250 million .6250 of 1 For the next $500 million .6125 of 1 For the next $1 billion .6000 of 1 For the next $3 billion .5875 of 1 For net assets over $5 billion .5750 of 1 ======================================================================== The fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Funds pay no compensation directly to those of its Directors who are affiliated with the Adviser or to their officers, all of whom receive remuneration for their services to the Funds from the Adviser. 7. COMPOSITION OF NET ASSETS At April 30, 2001, net assets consisted of:
Investment Select Quality Premier Quality Quality Income Income (NQM) (NQS) (NQU) (NPF) - ------------------------------------------------------------------------------------------------------------------------- Preferred shares, $25,000 stated value per share, at liquidation value $301,000,000 $279,000,000 $ 452,000,000 $165,000,000 Common shares, $.01 par value per share 357,490 338,875 542,045 200,717 Paid-in surplus 498,188,417 471,802,724 754,951,768 278,785,020 Balance of undistributed net investment income 272,574 723,988 239,437 224,339 Accumulated net realized gain (loss) from investment transactions (1,233,481) 2,404,250 3,912,252 (590,253) Net unrealized appreciation of investments 39,502,559 26,217,162 36,326,901 13,168,479 - ------------------------------------------------------------------------------------------------------------------------- Net assets $838,087,559 $780,486,999 $1,247,972,403 $456,788,302 ========================================================================================================================= Authorized shares: Common 200,000,000 200,000,000 200,000,000 200,000,000 Preferred 1,000,000 1,000,000 1,000,000 1,000,000 =========================================================================================================================
8. INVESTMENT COMPOSITION At April 30, 2001, the revenue sources by municipal purpose, expressed as a percent of long-term investments, were as follows:
Investment Select Quality Premier Quality Quality Income Income (NQM) (NQS) (NQU) (NPF) - ------------------------------------------------------------------------------------------------------------------------- Consumer Staples 3% 2% 4% 3% Education and Civic Organizations 4 2 1 7 Healthcare 12 10 9 6 Housing/Multifamily 7 8 5 16 Housing/Single Family 9 12 7 4 Tax Obligation/General 13 11 10 12 Tax Obligation/Limited 9 11 6 15 Transportation 15 11 13 1 U.S. Guaranteed 10 16 21 25 Utilities 8 9 11 5 Water and Sewer 8 6 10 3 Other 2 2 3 3 - ------------------------------------------------------------------------------------------------------------------------- 100% 100% 100% 100% =========================================================================================================================
Certain long-term investments owned by the Funds are either covered by insurance issued by several private insurers or are backed by an escrow or trust containing U.S. Government or U.S. Government agency securities, both of which ensure the timely payment of principal and interest in the event of default (56% for Investment Quality (NQM), 64% for Select Quality (NQS), 58% for Quality Income (NQU) and 55% for Premier Income (NPF)). For additional information regarding each investment security, refer to the Portfolio of Investments of each Fund. Financial Highlights (Unaudited) Selected data for a Common share outstanding throughout each period:
Investment Operations Less Distributions ============================== ================================================== From From and In and In Net Net Excess of Excess of Net Investment Investment Capital Capital Realized/ Income to Income to Gains to Gains to Beginning Net Unrealized Common Preferred Common Preferred Net Asset Investment Investment Share- Share- Share- Share- Value Income Gain(Loss) Total holders holders holders holders Total =========================================================================================================== Investment Quality (NQM) - ----------------------------------------------------------------------------------------------------------- Year Ended 10/31: 2001(a) $ 14.67 $ .58 $ .35 $ .93 $ (.42) $(.16) $ -- $ -- $ (.58) 2000 14.03 1.21 .66 1.87 (.89) (.34) -- -- $(1.23) 1999 16.00 1.21 (1.96) (.75) (.96) (.24) -- -- (1.20) 1998 15.77 1.22 .25 1.47 (.98) (.25) (.01) -- (1.24) 1997 15.48 1.25 .30 1.55 (1.01) (.25) -- -- (1.26) 1996 15.65 1.29 (.17) 1.12 (1.03) (.26) -- -- (1.29) Select Quality (NQS) - ----------------------------------------------------------------------------------------------------------- Year Ended 10/31: 2001(a) 14.48 .61 .31 .92 (.44) (.16) -- -- (.60) 2000 14.05 1.22 .47 1.69 (.92) (.34) -- -- (1.26) 1999 15.68 1.22 (1.64) (.42) (.96) (.24) -- -- (1.20) 1998 15.48 1.23 .19 1.42 (.97) (.25) -- -- (1.22) 1997 15.12 1.25 .37 1.62 (1.01) (.25) -- -- (1.26) 1996 15.29 1.27 (.17) 1.10 (1.01) (.26) -- -- (1.27) Quality Income (NQU) - ----------------------------------------------------------------------------------------------------------- Year Ended 10/31: 2001(a) 14.53 .62 .16 .78 (.46) (.16) (.01) -- (.63) 2000 14.33 1.28 .21 1.49 (.95) (.34) -- -- (1.29) 1999 15.83 1.27 (1.48) (.21) (1.03) (.25) -- -- (1.28) 1998 15.73 1.27 .12 1.39 (1.03) (.26) -- -- (1.29) 1997 15.44 1.29 .29 1.58 (1.03) (.26) -- -- (1.29) 1996 15.43 1.30 .02 1.32 (1.03) (.28) -- -- (1.31) Premier Income (NPF) - ----------------------------------------------------------------------------------------------------------- Year Ended 10/31: 2001(a) 14.42 .62 .11 .73 (.46) (.15) -- -- (.61) 2000 14.24 1.26 .21 1.47 (.95) (.34) -- -- (1.29) 1999 15.76 1.22 (1.51) (.29) (.97) (.24) -- -- (1.21) 1998 15.62 1.22 .17 1.39 (1.00) (.25) -- -- (1.25) 1997 15.38 1.25 .31 1.56 (1.03) (.24) (.04) (.01) (1.32) 1996 15.34 1.27 .12 1.39 (1.01) (.26) (.06) (.02) (1.35) =========================================================================================================== Total Returns ================== Offering Costs and Based Preferred Ending Based on Share Net Ending on Net Underwriting Asset Market Market Asset Discounts Value Value Value** Value** ========================================================================================= Investment Quality (NQM) - ----------------------------------------------------------------------------------------- Year Ended 10/31: 2001(a) $ -- $15.02 $14.0700 12.63% 5.24% 2000 -- 14.67 12.8750 3.70 11.38 1999 (.02) 14.03 13.3125 (8.51) (6.64) 1998 -- 16.00 15.5000 5.97 7.97 1997 -- 15.77 15.5625 10.82 8.68 1996 -- 15.48 15.0000 6.13 5.70 Select Quality (NQS) - ----------------------------------------------------------------------------------------- Year Ended 10/31: 2001(a) -- 14.80 14.0800 11.23 5.22 2000 -- 14.48 13.0625 6.85 10.02 1999 (.01) 14.05 13.1250 (13.63) (4.55) 1998 -- 15.68 16.1875 10.96 7.77 1997 -- 15.48 15.5000 9.43 9.35 1996 -- 15.12 15.1250 9.71 5.71 Quality Income (NQU) - ----------------------------------------------------------------------------------------- Year Ended 10/31: 2001(a) -- 14.68 14.5100 14.21 4.23 2000 -- 14.53 13.1250 .73 8.37 1999 (.01) 14.33 14.0000 (11.17) (3.20) 1998 -- 15.83 16.8125 9.64 7.37 1997 -- 15.73 16.3125 14.22 8.81 1996 -- 15.44 15.2500 10.61 6.93 Premier Income (NPF) - ----------------------------------------------------------------------------------------- Year Ended 10/31: 2001(a) -- 14.54 14.7200 11.46 3.99 2000 -- 14.42 13.6250 9.71 8.22 1999 (.02) 14.24 13.3125 (17.25) (3.71) 1998 -- 15.76 17.1250 10.29 7.49 1997 -- 15.62 16.5000 16.81 8.85 1996 -- 15.38 15.1250 11.00 7.51 ========================================================================================= Ratios/Supplemental Data ========================================================================== Before Credit ================================================================= Ratio of Net Ratio of Net Ratio of Investment Ratio of Investment Expenses Income to Expenses Income to to Average Average to Average Average Ending Net Assets Net Assets Total Total Net Applicable Applicable Net Assets Net Assets Assets to Common to Common Including Including (000) Shares++ Shares++ Preferred++ Preferred++ ========================================================================================================= Investment Quality (NQM) - --------------------------------------------------------------------------------------------------------- Year Ended 10/31: 2001(a) $ 838,088 1.22%* 7.72%* .79%* 4.97%* 2000 825,320 1.24 8.57 .78 5.37 1999 802,508 1.17 7.85 .78 5.24 1998 820,150 1.12 7.66 .78 5.31 1997 809,337 1.13 8.08 .78 5.56 1996 798,349 1.14 8.32 .78 5.71 Select Quality (NQS) - --------------------------------------------------------------------------------------------------------- Year Ended 10/31: 2001(a) 780,487 1.24* 8.19* .80* 5.28* 2000 769,683 1.22 8.67 .77 5.48 1999 755,102 1.17 8.07 .78 5.38 1998 769,774 1.14 7.87 .78 5.40 1997 759,770 1.15 8.22 .78 5.59 1996 745,059 1.15 8.39 .78 5.69 Quality Income (NQU) - --------------------------------------------------------------------------------------------------------- Year Ended 10/31: 2001(a) 1,247,972 1.21* 8.32* .78* 5.34* 2000 1,239,829 1.21 8.95 .77 5.65 1999 1,228,845 1.17 8.27 .77 5.46 1998 1,251,408 1.13 8.08 .77 5.49 1997 1,238,536 1.15 8.35 .77 5.62 1996 1,219,663 1.15 8.44 .77 5.67 Premier Income (NPF) - --------------------------------------------------------------------------------------------------------- Year Ended 10/31: 2001(a) 456,788 1.27* 8.43* .82* 5.42* 2000 454,103 1.27 8.84 .80 5.59 1999 450,509 1.19 7.98 .80 5.35 1998 454,149 1.15 7.80 .79 5.38 1997 448,807 1.17 8.14 .80 5.57 1996 442,153 1.18 8.29 .81 5.66 ========================================================================================================= Ratios/Supplemental Data ============================================== Municipal Auction Rate Cumulative After Credit*** Preferred Stock at End of Period ====================================================== ===================================== Ratio of Net Ratio of Net Ratio of Investment Ratio of Investment Expenses Income to Expenses Income to to Average Average to Average Average Net Assets Net Assets Total Total Aggregate Liquidation Applicable Applicable Net Assets Net Assets Portfolio Amount and Market Asset to Common to Common Including Including Turnover Outstanding Value Per Coverage Shares++ Shares++ Preferred++ Preferred++ Rate (000) Share Per Share ================================================================================================================== Investment Quality (NQM) - ------------------------------------------------------------------------------------------------------------------ Year Ended 10/31: 2001(a) 1.22%* 7.72%* .78%* 4.97%* 10% $301,000 $25,000 $69,609 2000 1.22 8.59 .77 5.38 35 301,000 25,000 68,548 1999 1.16 7.86 .77 5.24 16 301,000 25,000 66,654 1998 1.12 7.66 .78 5.31 7 250,000 25,000 82,015 1997 1.13 8.08 .78 5.56 14 250,000 25,000 80,934 1996 1.14 8.32 .78 5.71 8 250,000 25,000 79,835 Select Quality (NQS) - ------------------------------------------------------------------------------------------------------------------ Year Ended 10/31: 2001(a) 1.23* 8.20* .79* 5.28* 13 279,000 25,000 69,936 2000 1.21 8.68 .77 5.48 30 279,000 25,000 68,968 1999 1.16 8.08 .78 5.39 27 279,000 25,000 67,661 1998 1.14 7.87 .78 5.40 7 240,000 25,000 80,185 1997 1.15 8.22 .78 5.59 10 240,000 25,000 79,143 1996 1.15 8.39 .78 5.69 13 240,000 25,000 77,610 Quality Income (NQU) - ------------------------------------------------------------------------------------------------------------------ Year Ended 10/31: 2001(a) 1.20* 8.33* .77* 5.34* 15 452,000 25,000 69,025 2000 1.20 8.95 .76 5.65 23 452,000 25,000 68,575 1999 1.16 8.27 .77 5.47 13 452,000 25,000 67,967 1998 1.13 8.08 .77 5.49 19 400,000 25,000 78,213 1997 1.15 8.35 .77 5.62 9 400,000 25,000 77,408 1996 1.15 8.44 .77 5.67 11 400,000 25,000 76,229 Premier Income (NPF) - ------------------------------------------------------------------------------------------------------------------ Year Ended 10/31: 2001(a) 1.25* 8.45* .81* 5.43* 8 165,000 25,000 69,210 2000 1.26 8.85 .79 5.60 9 165,000 25,000 68,804 1999 1.18 7.99 .79 5.35 11 165,000 25,000 68,259 1998 1.15 7.80 .79 5.38 19 140,000 25,000 81,098 1997 1.17 8.14 .80 5.57 5 140,000 25,000 80,144 1996 1.18 8.29 .81 5.66 8 140,000 25,000 78,956 ================================================================================================================== * Annualized. ** Total Investment Return on Market Value is the combination of reinvested dividend income, reinvested capital gains distributions, if any, and changes in stock price per share. Total Return on Net Asset Value is the combination of reinvested dividend income, reinvested capital gains distributions, if any, and changes in net asset value per share. Total returns are not annualized. ***After custodian fee credit, where applicable. + The amounts shown are based on Common share equivalents. ++ Ratios do not reflect the effect of dividend payments to preferred shareholders; income ratios reflect income earned on assets attributable to Preferred shares. (a)For the six months ended April 30, 2001. See accompanying notes to financial statements.
Build Your Wealth Automatically sidebar: Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account. NUVEEN EXCHANGE-TRADED FUNDS DIVIDEND REINVESTMENT PLAN Your Nuveen Exchange-Traded Fund allows you to conveniently reinvest dividends and/or capital gains distributions in additional fund shares. By choosing to reinvest, you'll be able to invest money regularly and automatically, and watch your investment grow through the power of tax-free compounding. Just like dividends or distributions in cash, there may be times when income or capital gains taxes may be payable on dividends or distributions that are reinvested. It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market. EASY AND CONVENIENT To make recordkeeping easy and convenient, each month you'll receive a statement showing your total dividends and distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own. HOW SHARES ARE PURCHASED The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the then-current market price. If the shares are trading at less than net asset value, shares for your account will be purchased on the open market. Dividends and distributions received to purchase shares in the open market will normally be invested shortly after the dividend payment date. No interest will be paid on dividends and distributions awaiting reinvestment. Because the market price of shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the dividend or distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions. FLEXIBILITY You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. Should you withdraw, you can receive a certificate for all whole shares credited to your reinvestment account and cash payment for fractional shares, or cash payment for all reinvestment account shares, less brokerage commissions and a $2.50 service fee. You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan. The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time. For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787. Fund Information BOARD OF DIRECTORS Robert P. Bremner Lawrence H. Brown Anne E. Impellizzeri Peter R. Sawers William J. Schneider Timothy R. Schwertfeger Judith M. Stockdale FUND MANAGER Nuveen Advisory Corp. 333 West Wacker Drive Chicago, IL 60606 CUSTODIAN, TRANSFER AGENT AND SHAREHOLDER SERVICES J.P. Morgan Chase & Co. 4 New York Plaza New York, NY 10004-2413 (800) 257-8787 LEGAL COUNSEL Morgan, Lewis & Bockius LLP Washington, D.C. INDEPENDENT AUDITORS 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 six-month period ended April 30, 2001. Any future repurchases will be reported to shareholders in the next annual or semiannual report. Serving Investors for Generations photo of: John Nuveen, Sr. For over a century, generations of Americans have relied on Nuveen Investments to help them grow and keep the money they've earned. Financial advisors, investors and their families have associated Nuveen Investments with quality, expertise and dependability since 1898. That is why financial advisors have entrusted the assets of more than 1.3 million investors to Nuveen. With the know-how that comes from a century of experience, Nuveen continues to build upon its reputation for quality. Now, financial advisors and investors can count on Nuveen Investments to help them design customized solutions that meet the far-reaching financial goals unique to family wealth strategies - solutions that can translate into legacies. To find out more about how Nuveen Investments' products and services can help you preserve your financial security, talk with your financial advisor, or call us at (800) 257-8787 for more information, including a prospectus where applicable. Please read that information carefully before you invest. Invest well. Look ahead. LEAVE YOUR MARK. (SM) logo: NUVEEN Investments Nuveen Investments o 333 West Wacker Drive FSA-3-4-01 Chicago, IL 60606 o www.nuveen.com -----END PRIVACY-ENHANCED MESSAGE-----