-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, JDbLZup6tL4C4ESvAzXblXiWCHoLwQKVOMEgPAxZD7QcHIyrv9cP3iIdpt7152h6 Ed/X2qBwEQ6MhEu1XBhUAQ== 0000891804-95-000131.txt : 199506290000891804-95-000131.hdr.sgml : 19950629 ACCESSION NUMBER: 0000891804-95-000131 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19950430 FILED AS OF DATE: 19950628 SROS: NYSE 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: 1940 Act SEC FILE NUMBER: 811-06456 FILM NUMBER: 95550231 BUSINESS ADDRESS: STREET 1: 333 WEST WACKER DR CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3129178200 N-30D 1 NUVEEN PREMIER MUNICIPAL INCOME FUND, INC.(NPF) Nuveen Exchange-Traded Funds Providing tax-free income to help you live your dreams. NUVEEN INVESTMENT QUALITY MUNICIPAL FUND, INC. NUVEEN SELECT QUALITY MUNICIPAL FUND, INC. NUVEEN QUALITY INCOME MUNICIPAL FUND, INC. NUVEEN PREMIER MUNICIPAL INCOME FUND, INC. SEMIANNUAL REPORT/APRIL 30, 1995 Photo of man reading statement on porch. CONTENTS 3 Dear shareholder 5 Answering your questions 8 Fund performance 10 Amendment to dividend reinvestment plan 11 Getting to know your fund 13 Portfolio of investments 47 Statement of net assets 48 Statement of operations 49 Statement of changes in net assets 51 Notes to financial statements 60 Financial highlights Dear shareholder "Providing secure income remains our top priority" Photo of Richard J. Franke, Chairman of the Board The 12 months ended April 30, 1995, was a difficult period for the bond markets. Since February 1994, the Federal Reserve Board has raised interest rates seven times to fend off future inflation, and during this period the prices of all bonds and bond funds declined. Since April 30, the bond markets have seen marked improvement. This period of unusually high volatility and uncertainty has brought home a basic fact about fixed-income securities: interest rates are subject to change, and sometimes the changes can have dramatic effects on net asset values. At Nuveen, we believe that the best approach to tax-free investing in such tumultuous times is to focus on quality and income dependability. By this standard, in one of the most challenging periods the municipal market has seen in years, your Fund continued to meet its objectives well, providing an attractive level of tax free income while holding portfolio values well in light of market conditions. Looking first at income, on April 30, current yields on share prices for the funds covered in this report ranged from 7.16% to 7.33%. To equal these yields, an investor in the 36% federal income tax bracket would need to earn at least 11.19% on taxable alternatives. This taxable yield is difficult to achieve on investments of comparable quality. The fact that your Fund is leveraged means that its net asset value per share will be somewhat more sensitive to interest rate changes, both upward and downward, than unleveraged funds. However, on a total return basis, for the one-year period ended April 30, all of the funds covered in this report ranked in the top quartile among 65 closed-end national leveraged funds ranked by Lipper Analytical Services. As we have noted in past reports, the municipal market's supply and demand fundamentals continue to be sound. To put these trends in perspective, in 1994 the supply of new municipal bonds declined by approximately 40% from 1993, a trend expected to continue in 1995. At the same time, demand for tax-free bonds, which has been subdued over the last 12 months as a result of the market's extraordinary volatility, seems to be resuming its long-term upward trend as investors recognize the exceptional yields tax-free bonds offer at current price levels. This combination of lower supply, which may be reduced further by the high volume of bond calls expected in 1995, and the likelihood of rising demand should help support municipal bond prices in the long term. Through our value approach to investing--a disciplined approach to security selection and portfolio construction supported by one of the largest and most respected research teams in the municipal industry--we will continue to pursue the objectives of your Fund: attractive tax-free income and the enhancement of portfolio value relative to the municipal bond market. In closing, I want to welcome new investors to the Nuveen Exchange-Traded Funds and thank those who have been with us for some time. All of us at Nuveen appreciate your confidence in our family of municipal bond funds, and we look forward to helping you reach your tax-free investment objectives in the future. Sincerely, Richard J. Franke Chairman of the Board June 15, 1995 Answering your questions We spoke recently with Tom Spalding, head of Nuveen's portfolio management team, and asked him about developments in the municipal market and the outlook for Nuveen's Tax-Free Exchange-Traded Funds. How did my Fund hold its value compared with the market? These have been difficult times for all fixed-income investors. The Bond Buyer 40 index--a measure of municipal market value--declined by 0.37% over the past 12 months and 30-year Treasury bonds declined by 0.90% during the year. The net asset values of the funds covered in this report, however, showed modest gains from levels of a year ago. Viewed in that context, the Nuveen funds covered in this report held their value well for the 12 months ended April 30, 1995. The fact that these funds are leveraged also increases the impact of interest rate changes on the funds' net asset values per common share. Keep in mind, however, that leverage also has enabled these funds to generate a higher level of tax-free income than unleveraged funds. Since my Fund is leveraged, will rising short-term interest rates affect my dividends? With the long-term bonds in these funds' portfolios yielding around 7.0% and the average 7-day rate on short-term preferred shares averaging 4.0% over the past three months, leverage has provided an important income benefit to our shareholders over the past year. Although the funds' core dividends are set to provide relatively stable income, steady increases in short-term interest rates will affect these dividends over time. In general, our leveraged funds' dividends continue to be highly attractive compared with both unleveraged and taxable alternatives. All things considered, prudent leverage can provide highly attractive returns in a variety of market conditions to investors who understand its uses, benefits, and characteristics, and are willing to accept somewhat higher short-term NAV fluctuations in anticipation of greater long-range returns. Will bond calls affect my income or the stability of the net asset value of my shares? In general, bond calls can mean some reduction in income for investors in both individual bonds and bond funds, because bonds issued when interest rates were higher are replaced with lower-yielding bonds in today's market. The effect of bond calls--both on income and net asset values--depends to some extent on the age of a fund and the types of bonds in its portfolio. Bond calls may have an effect on asset values especially for older funds that hold high coupon bonds that may be subject to calls. These bonds also often are priced at premiums to their par values and to their call prices. As we saw last year, this premium is a "cushion" that can soften the effect of rising and falling interest rates. As these bonds approach their call dates, the premiums gradually approach the bonds' call prices, potentially reducing net asset values. Newer funds, on the other hand, primarily hold bonds priced at discounts to their par values. As a result, these funds will experience fewer calls. At the same time, these bonds are more sensitive to interest rate changes, both up and down, and they are unaffected by the declining premium values related to called bonds. Of course, we manage all of our portfolios with calls in mind. As part of our basic management process, we continually evaluate opportunities to sell bonds approaching their call dates and to reinvest the proceeds in bonds we think have high potential to provide above-market returns. NUVEEN INVESTMENT QUALITY MUNICIPAL FUND, INC. NQM In line with the Fund's objective of providing attractive, dependable tax-free income, shareholders enjoyed steady dividends throughout the year, with just a modest reduction in February.
12 MONTH DIVIDEND HISTORY Date Monthly Dividends Supplemental Dividends Capital Gains 5/94 $0.0920 6/94 $0.0920 7/94 $0.0920 8/94 $0.0920 9/94 $0.0920 10/94 $0.0920 11/94 $0.0920 12/94 $0.0920 1/95 $0.0920 2/95 $0.0895 3/95 $0.0895 4/95 $0.0895 FUND HIGHLIGHTS 4/30/95 Yield 7.28% Taxable-equivalent yield 11.38% Annual total return on NAV 7.97% Taxable-equivalent total return 12.16% Share price $14.75 NAV $15.26 The dividend history used in this chart constitutes past performance and does not necessarily predict the future dividends of the Fund.
NUVEEN SELECT QUALITY MUNICIPAL FUND, INC. NQS Dividends of NQS have been consistently at an attractive level despite a modest reduction in February, reflecting the effect of bond calls.
12 MONTH DIVIDEND HISTORY Date Monthly Dividends Supplemental Dividends Capital Gains 5/94 $0.0900 6/94 $0.0900 7/94 $0.0900 8/94 $0.0900 9/94 $0.0900 10/94 $0.0900 11/94 $0.0900 12/94 $0.0900 1/95 $0.0900 2/95 $0.0870 3/95 $0.0870 4/95 $0.0870 FUND HIGHLIGHTS 4/30/95 Yield 7.33% Taxable-equivalent yield 11.45% Annual total return on NAV 8.55% Taxable-equivalent total return 12.80% Share price $14.25 NAV $14.77 The dividend history used in this chart constitutes past performance and does not necessarily predict the future dividends of the Fund.
NUVEEN QUALITY INCOME MUNICIPAL FUND, INC. NQU In addition to supplemental dividends paid in May and August, the Fund paid steady monthly dividends, with a modest reduction in February.
12 MONTH DIVIDEND HISTORY Date Monthly Dividends Supplemental Dividends Capital Gains 5/94 $0.0875 $0.0110 6/94 $0.0875 7/94 $0.0875 8/94 $0.0875 $0.0100 9/94 $0.0875 10/94 $0.0875 11/94 $0.0875 12/94 $0.0875 1/95 $0.0875 2/95 $0.0855 3/95 $0.0855 4/95 $0.0855 FUND HIGHLIGHTS 4/30/95 Yield 7.26% Taxable-equivalent yield 11.34% Annual total return on NAV 7.76% Taxable-equivalent total return 11.92% Share price $14.125 NAV $14.90 The dividend history used in this chart constitutes past performance and does not necessarily predict the future dividends of the Fund.
NUVEEN PREMIER MUNICIPAL INCOME FUND, INC. NPF Shareholders enjoyed a dividend increase during the 12 months ended April 30. In addition, the Fund paid supplemental dividends in May and August and a capital gains distribution in December.
12 MONTH DIVIDEND HISTORY Date Monthly Dividends Supplemental Dividends Capital Gains 5/94 $0.0815 $0.0100 6/94 $0.0815 7/94 $0.0815 8/94 $0.0835 $0.0100 9/94 $0.0835 10/94 $0.0835 11/94 $0.0835 12/94 $0.0835 $0.0562 1/95 $0.0835 2/95 $0.0835 3/95 $0.0835 4/95 $0.0835 FUND HIGHLIGHTS 4/30/95 Yield 7.16% Taxable-equivalent yield 11.19% Annual total return on NAV 9.15% Taxable-equivalent total return 13.20% Share price $14.00 NAV $14.80 The dividend history used in this chart constitutes past performance and does not necessarily predict the future dividends of the Fund.
Amendment to Dividend Reinvestment Plan Effective October 1, 1995, your Fund's Dividend Reinvestment Plan will be amended in order to enhance the ability of the Plan Agent to obtain the best execution when making open-market purchases of Fund shares in connection with the Plan. As of the effective date, the Plan Agent, United States Trust Company of New York, may make Plan purchases in advance of the payment date of the applicable Fund distribution, provided that settlement for such purchases shall occur no earlier than the payment date for such distribution. Getting to know your fund Yield An exchange-traded fund's annualized monthly dividend on a given date (in the case of this report, April 30, 1995) divided by its closing price per share on that date. Taxable equivalent yield The return an investor subject to a given federal and state income tax rate would need to obtain from a fully taxable investment to equal the fund's stated annualized yield on share price. In this report, this tax rate is assumed to be 36% for shareholders, based on incomes of $117,950-$256,500 for investors filing singly, $143,600-$256,500 for those filing jointly. Net Asset Value (NAV) The market value of all securities and other assets held by an exchange-traded fund, minus any liabilities. The NAV per share is the fund's net assets, less the value of its preferred shares, divided by its total number of common shares outstanding. Total return on NAV The percentage change in a fund's NAV per common share for a given period, assuming reinvestment of all dividends and capital gains distributions, if any. Taxable equivalent total return The total return an investor subject to a given state and federal income tax rate would need to obtain from a fully taxable investment to equal the Fund's stated total return on NAV. Leverage A fund structure that enhances the income produced for common shareholders by a long-term municipal bond fund through the issuance of short-term preferred shares. Preferred shareholders receive short-term tax-free income, while the proceeds can be used to purchase additional long-term bonds, thus increasing the portfolio's income for common shareholders. Each Fund intends to repurchase shares of its own common or preferred stock in the future at such times and in such amounts as are deemed advisable. No shares were repurchased during the 6-months ended April 30, 1995. Any future repurchases will be reported to shareholders in the next annual or semiannual report. PORTFOLIO OF INVESTMENTS (Unaudited) NUVEEN INVESTMENT QUALITY MUNICIPAL FUND, INC. (NQM)
PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE ALASKA - 1.1% $ 5,630,000 Alaska Housing Finance Corporation, Insured Mortgage Program, 7.800%, 12/01/30 12/00 at 102 Aa $ 5,871,020 3,000,000 Valdez Marine Terminal (BP Pipeline, Inc.), 5.850%, 8/01/25 8/03 at 102 AA- 2,750,310 CALIFORNIA - 8.8% 12,150,000 California Health Facilities Financing Authority (Kaiser Permanente), 5.600%, 5/01/33 5/03 at 102 Aa2 10,959,665 5,700,000 California Public Works Board (Regents of the University of California), 5.500%, 6/01/21 6/03 at 102 Con(A1) 5,052,936 9,740,000 Huntington Park Redevelopment Agency, Single Family Mortgage, 8.000%, 12/01/19 No Opt. Call Aaa 12,391,228 6,640,000 Lancaster Redevelopment Agency, Tax Allocation, 5.700%, 8/01/23 8/03 at 102 Aaa 6,215,903 Loma Linda University Medical Center: 4,000,000 6.500%, 12/01/18 12/03 at 102 BBB 3,744,120 10,325,000 5.000%, 12/01/22 12/03 at 102 Aaa 8,637,276 5,000,000 Los Angeles Department of Water and Power, 6.400%, 11/01/31 11/01 at 102 AA 5,096,400 13,145,000 Perris Single Family Mortgage, Alternative Minimum Tax, 8.200%, 9/01/23 No Opt. Call Aaa 17,393,464 COLORADO - 1.9% 4,940,000 Castle Pines Metropolitan District, General Obligation, 7.625%, 12/01/15 12/00 at 102 Aaa 5,491,798 6,350,000 City and County of Denver Airport System, 10.500%, 12/01/00 6/95 at 100 Con(Baa) 6,379,845 3,085,000 City and County of Denver Airport System, Alternative Minimum Tax, 8.000%, 11/15/25 11/01 at 100 Baa 3,241,348 DISTRICT OF COLUMBIA - 0.7% 5,275,000 District of Columbia Housing Finance Agency, Alternative Minimum Tax, 8.100%, 12/01/23 12/00 at 102 AAA 5,595,773 FLORIDA - 5.5% 4,000,000 Hillsborough County Port District (Tampa Port Authority), 8.250%, 6/01/09 12/00 at 102 Baa1 4,500,360 20,000,000 Jacksonville Health Facilities Authority (Daughters of Charity Health System-St. Vincent), 7.500%, 11/01/15 (Pre-refunded to 11/01/00) 11/00 at 102 Aaa 22,717,200 Orange County Housing Finance Authority: 3,535,000 7.500%, 7/01/10 7/00 at 103 Aaa 3,811,013 11,035,000 7.600%, 1/01/24 7/00 at 103 Aaa 11,700,631 PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE GEORGIA - 7.2% Georgia Municipal Electric Authority: $ 5,990,000 8.375%, 1/01/16 1/98 at 102 A+ $ 6,596,188 5,250,000 8.125%, 1/01/17 1/98 at 102 A+ 5,701,920 5,000,000 8.375%, 1/01/20 1/97 at 102 A+ 5,339,300 2,250,000 6.500%, 1/01/20 No Opt. Call A+ 2,343,218 3,785,000 Atlanta Urban Residential Finance Authority, Single Family Mortgage (GNMA), Alternative Minimum Tax, 8.250%, 10/01/21 10/98 at 103 AAA 4,025,802 Burke County Development Authority, Pollution Control (Georgia Power Company): 5,600,000 10.600%, 10/01/15 10/95 at 102 A3 5,839,232 10,000,000 5.750%, 9/01/23 9/98 at 102 A2 9,227,100 10,000,000 Monroe County Development Authority, Pollution Control (Georgia Power Company), 6.750%, 10/01/24 10/99 at 102 A2 10,191,800 7,325,000 Wayne County Development Authority, Solid Waste Disposal (ITT Rayonier Inc.), Alternative Minimum Tax, 8.000%, 7/01/15 1/00 at 102 Baa2 7,776,000 ILLINOIS - 6.0% 5,000,000 Illinois Health Facilities Authority (ServantCor), 7.875%, 8/15/19 (Pre-refunded to 8/15/99) 8/99 at 102 BBB+ 5,621,700 3,305,000 Illinois Health Facilities Authority (Riverside Senior Living Center Project), 7.500%, 11/01/20 11/00 at 102 Baa1 3,375,099 4,000,000 Illinois Dedicated Tax (Civic Center), 9.500%, 12/15/15 (Pre-refunded to 12/15/95) 12/95 at 103 Aaa 4,236,640 7,500,000 Cook County Community College District No. 508, 8.750%, 1/01/07 No Opt. Call Aaa 9,407,850 5,900,000 Madison County Community Unit School District No. 7, General Obligation, 5.850%, 2/01/13 No Opt. Call Aaa 5,771,970 3,585,000 Pekin Multi-Family Housing, 6.875%, 5/01/22 5/03 at 103 AAA 3,692,335 3,335,000 Peoria, Pekin and Waukegan (GNMA), Alternative Minimum Tax, 7.875%, 8/01/22 8/00 at 103 AAA 3,551,642 6,250,000 Regional Transportation Authority, 9.000%, 6/01/07 No Opt. Call Aaa 8,081,938 Southwestern Illinois Development Authority (LaClede Steel Company), Alternative Minimum Tax: 775,000 8.375%, 8/01/08 8/00 at 103 A- 838,690 2,910,000 8.500%, 8/01/20 8/00 at 103 A- 3,154,178 KANSAS - 0.9% 5,220,000 Topeka Industrial (Sunwest Hotel Corporation Project), Alternative Minimum Tax, 9.500%, 10/01/16 (Pre-refunded to 8/15/16) 8/16 at 100 AAA 7,041,258 PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE KENTUCKY - 0.7% Kentucky Development Finance Authority (Ashland Hospital Corporation): $ 1,550,000 9.750%, 8/01/11 (Pre-refunded to 2/01/98) 2/98 at 102 A- $ 1,768,225 950,000 9.750%, 8/01/11 2/98 at 102 A- 1,070,061 2,695,000 Kentucky Housing Corporation, Alternative Minimum Tax, 8.100%, 1/01/22 7/00 at 102 AAA 2,868,854 LOUISIANA - 5.8% Louisiana Public Facilities Authority (West Jefferson Medical Center): 2,550,000 7.900%, 12/01/15 (Pre-refunded to 12/01/98) 12/98 at 102 Aaa 2,848,988 15,830,000 7.900%, 12/01/15 12/98 at 102 Aaa 17,285,094 3,700,000 Louisiana Public Facilities Authority, Extended Care (Comm-Care Corporation), 11.000%, 2/01/04 No Opt. Call BBB 4,479,775 5,460,000 East Baton Rouge Mortgage Finance Authority, Alternative Minimum Tax, 7.875%, 8/01/23 8/00 at 102 Aaa 5,787,764 11,545,000 Orleans Parish School Board, 9.000%, 2/01/09 No Opt. Call Aaa 15,367,203 MAINE - 0.7% 5,510,000 Maine Housing Authority, Alternative Minimum Tax, 6.875%, 11/15/23 10/04 at 102 AA- 5,594,579 MARYLAND - 0.3% 2,000,000 Gaithersburg Economic Development (Asbury Methodist Home), 7.850%, 1/01/20 (Pre-refunded to 1/01/00) 1/00 at 102 N/R 2,269,240 MASSACHUSETTS - 6.6% 10,310,000 Massachusetts Health and Educational Facilities Authority (Goddard Memorial Hospital), 9.000%, 7/01/15 7/00 at 102 BBB 11,335,020 1,250,000 Massachusetts Housing Finance Agency, Alternative Minimum Tax, 8.100%, 8/01/23 8/99 at 102 BBB+ 1,300,563 Massachusetts Water Resources Authority: 15,000,000 7.625%, 4/01/14 (Pre-refunded to 4/01/00) 4/00 at 102 Aaa 16,948,500 4,000,000 7.500%, 4/01/16 (Pre-refunded to 4/01/00) 4/00 at 102 Aaa 4,498,000 16,250,000 Boston City Hospital (FHA-Insured), 7.625%, 2/15/21 (Pre-refunded to 8/15/00) 8/00 at 102 Aaa 18,461,950 MINNESOTA - 2.8% 5,000,000 Dakota and Washington Counties, Anoka Housing Authority (GNMA), Alternative Minimum Tax, 8.450%, 9/01/19 No Opt. Call Aaa 6,740,150 2,860,000 Hopkins Elderly Housing (St. Therese Southwest, Inc.), 6.500%, 3/01/19 3/04 at 102 AA 2,883,995 11,730,000 St. Paul Housing and Redevelopment Authority, 9.250%, 12/01/97 No Opt. Call A1 12,692,682 PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE MISSISSIPPI - 0.7% $ 1,820,000 Mississippi Home Corporation, 9.250%, 3/01/12 9/00 at 103 Aaa $ 1,970,277 3,340,000 Mississippi Housing Finance Corporation, Single Family Mortgage (GNMA), Alternative Minimum Tax, 8.250%, 10/15/18 10/99 at 102 Aaa 3,545,377 NEBRASKA - 0.4% 3,200,000 Nebraska Higher Education Loan Program, Alternative Minimum Tax, 5.875%, 6/01/14 6/04 at 102 A 2,940,256 NEVADA - 0.7% 5,400,000 Nevada General Obligation, Limited Tax, 8.000%, 10/01/15 (Pre-refunded to 10/01/97) 10/97 at 102 Aaa 5,901,390 NEW MEXICO - 1.3% 9,400,000 Los Alamos County Utility System, 7.750%, 1/01/15 (Pre-refunded to 1/01/97) 1/97 at 102 Baa1 10,036,568 NEW YORK - 14.9% 10,000,000 New York State Medical Care Facilities Finance Agency (Columbia-Presbyterian), 8.000%, 2/15/25 (Pre-refunded to 8/15/97) 8/97 at 102 Aaa 10,891,600 5,000,000 New York State Medical Care Facilities Finance Agency (St. Luke's-Roosevelt Hospital Center), 7.450%, 2/15/29 (Pre-refunded to 2/15/00) 2/00 at 102 Aaa 5,608,800 3,500,000 New York State Mortgage Agency, Homeowner Mortgage, Alternative Minimum Tax, 7.950%, 4/01/22 6/00 at 102 Aa 3,685,290 Dormitory Authority of the State of New York (City University): 5,890,000 9.250%, 7/01/98 No Opt. Call Baa1 6,599,215 14,235,000 8.750%, 7/01/02 No Opt. Call Baa1 17,001,430 10,000,000 7.875%, 7/01/17 (Pre-refunded to 7/01/00) 7/00 at 102 BBB 11,475,200 Dormitory Authority of the State of New York (State University): 7,935,000 7.250%, 5/15/15 (Pre-refunded to 5/15/00) 5/00 at 102 Aaa 8,868,791 1,025,000 7.250%, 5/15/15 (Pre-refunded to 5/15/00) 5/00 at 102 AAA 1,145,622 6,655,000 New York City Municipal Assistance Corporation, 6.875%, 7/01/07 7/97 at 102 AA- 7,032,272 New York City Municipal Water Finance Authority: 10,200,000 7.500%, 6/15/19 (Pre-refunded to 6/15/00) 6/00 at 101 1/2 Aaa 11,521,104 6,395,000 6.000%, 6/15/20 (Pre-refunded to 6/15/00) 6/00 at 100 A- 6,716,157 5,105,000 6.000%, 6/15/20 6/00 at 100 A- 4,906,364 4,200,000 New York City Industrial Development Agency (American Airlines, Inc.), Alternative Minimum Tax, 8.000%, 7/01/20 1/99 at 102 Baa3 4,415,334 PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE NEW YORK (CONTINUED) $ 16,900,000 Triborough Bridge and Tunnel Authority, 7.625%, 1/01/14 (Pre-refunded to 1/01/96) 1/96 at 102 Aaa $ 17,595,604 NORTH CAROLINA - 1.0% 5,000,000 North Carolina Municipal Power Agency No. 1 (Catawba), 8.500%, 1/01/17 (Pre-refunded to 1/01/96) 1/96 at 102 Aaa 5,225,950 2,795,000 Charlotte FHA-Insured (Double Oaks Apartments), 7.350%, 5/15/26 11/07 at 100 AAA 2,991,572 OKLAHOMA - 1.4% 10,500,000 Tulsa Municipal Airport Trust (American Airlines, Inc.), 9.500%, 6/01/20 12/95 at 102 Baa2 11,005,575 OREGON - 0.6% 2,500,000 Oregon Department of General Services, Certificates of Participation, 7.500%, 9/01/15 (Pre-refunded to 9/01/00) 9/00 at 102 Aaa 2,831,775 2,500,000 Northern Wasco County People's Utility District (Bonneville Power Administration), 5.200%, 12/01/24 12/03 at 102 AA 2,190,225 PENNSYLVANIA - 3.9% 8,605,000 Pennsylvania Housing Finance Agency, Single Family Mortgage, Alternative Minimum Tax, 7.650%, 10/01/23 10/00 at 102 AA 9,112,437 4,905,000 McKean County Hospital Authority (Bradford Hospital), 8.875%, 10/01/20 10/00 at 102 BBB- 5,801,045 Philadelphia Water and Sewer: 1,800,000 9.000%, 10/01/01 (Pre-refunded to 10/01/95) 10/95 at 102 AAA 1,871,532 3,500,000 9.100%, 10/01/02 (Pre-refunded to 10/01/95) 10/95 at 102 AAA 3,640,560 500,000 9.100%, 12/01/02 (Pre-refunded to 12/01/95) 12/95 at 102 AAA 522,255 2,760,000 9.100%, 12/01/03 (Pre-refunded to 12/01/95) 12/95 at 102 AAA 2,882,848 1,105,000 9.100%, 12/01/04 (Pre-refunded to 12/01/95) 12/95 at 102 AAA 1,154,184 7,040,000 Philadelphia Water and Wastewater System, 5.000%, 6/15/16 6/03 at 100 Aaa 6,141,696 RHODE ISLAND - 1.3% 10,000,000 Rhode Island Housing and Mortgage Finance Corporation, Alternative Minimum Tax, 8.050%, 4/01/22 10/00 at 102 AA+ 10,627,300 SOUTH CAROLINA - 3.0% 3,475,000 South Carolina Housing Finance Authority, Alternative Minimum Tax, 7.750%, 7/01/22 7/00 at 102 AA 3,655,457 19,800,000 Piedmont Municipal Power Agency, 7.250%, 1/01/22 1/96 at 102 A- 20,397,960 PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE SOUTH DAKOTA - 0.5% $ 4,140,000 South Dakota Housing Development Authority, 6.000%, 4/01/19 10/95 at 102 A1 $ 4,042,213 TENNESSEE - 2.4% Tennessee Housing Development Agency, Homeownership Program, Alternative Minimum Tax: 4,860,000 7.825%, 7/01/15 7/12 at 100 A1 5,170,797 12,580,000 8.125%, 7/01/21 7/98 at 103 A1 13,426,634 TEXAS - 6.5% 10,555,000 Brazos River Authority, Pollution Control (Houston Lighting and Power Company), Alternative Minimum Tax, 9.875%, 8/01/15 8/95 at 102 A3 10,891,388 Brazos River Authority, Pollution Control (Texas Utilities Electric Company), Alternative Minimum Tax: 12,110,000 8.250%, 12/01/16 12/96 at 102 Baa2 12,786,344 4,295,000 8.250%, 1/01/19 1/99 at 102 Baa2 4,669,137 2,000,000 8.125%, 2/01/20 2/00 at 102 Baa2 2,165,500 3,500,000 Brazos River Authority, Pollution Control (Texas Utilities Electric Company), 5.500%, 5/01/22 11/03 at 102 Aaa 3,193,540 2,270,000 Cameron County Housing Finance Corporation (GNMA), 7.850%, 3/01/24 9/00 at 103 Aaa 2,412,102 Dallas Housing Corporation (Section 8 Assisted Projects): 1,000,000 7.700%, 8/01/05 8/00 at 102 A 1,070,560 2,000,000 7.850%, 8/01/13 8/00 at 102 A 2,127,580 10,000,000 Harris County Hospital District, 7.400%, 2/15/10 No Opt. Call Aaa 11,487,100 UTAH - 1.9% Intermountain Power Agency: 9,250,000 7.500%, 7/01/16 7/96 at 102 AA 9,624,810 5,480,000 7.750%, 7/01/17 (Pre-refunded to 7/01/96) 7/96 at 102 Aaa 5,776,632 VERMONT - 0.5% 3,955,000 Vermont Housing Finance Agency, Alternative Minimum Tax, 8.150%, 5/01/25 11/00 at 102 A1 4,198,153 WASHINGTON - 6.7% 11,320,000 Washington General Obligation, 4.750%, 10/01/13 10/03 at 100 AA 9,586,568 3,000,000 Washington Health Care Facilities Authority (Franciscan Health System), 7.250%, 7/01/15 7/00 at 102 Aaa 3,223,800 Washington Public Power Supply System, Nuclear Project No. 1: 1,745,000 7.500%, 7/01/15 (Pre-refunded to 7/01/99) 7/99 at 102 AAA 1,944,523 1,360,000 7.500%, 7/01/15 7/99 at 102 AA 1,467,481 2,000,000 8.000%, 7/01/17 (Pre-refunded to 7/01/00) 7/00 at 102 Aaa 2,305,340 PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE WASHINGTON (CONTINUED) $ 5,650,000 Washington Public Power Supply System, Nuclear Project No. 2, 7.000%, 7/01/12 7/00 at 102 AA $ 5,891,312 Washington Public Power Supply System, Nuclear Project No. 3: 13,900,000 7.250%, 7/01/15 (Pre-refunded to 1/01/00) 1/00 at 102 AAA 15,396,473 14,500,000 5.600%, 7/01/15 7/03 at 102 Aaa 13,410,613 WEST VIRGINIA - 0.2% 2,000,000 West Virginia Hospital Finance Authority (Fairmont General Hospital), 6.625%, 3/01/19 3/04 at 102 BBB- 1,863,160 WISCONSIN - 0.5% 3,145,000 Wisconsin Housing and Economic Development Authority, Home Ownership, 7.600%, 3/01/15 9/99 at 102 AA 3,313,727 PUERTO RICO - 0.5% 3,450,000 Puerto Rico Highway and Transportation Authority, 5.500%, 7/01/19 7/03 at 101 1/2 A 3,129,150 $721,770,000 Total Investments - (cost $726,402,735) - 97.9% 774,048,452 ============ TEMPORARY INVESTMENTS IN SHORT-TERM MUNICIPAL SECURITIES - 0.4% $ 200,000 California Health Facilities Financing Authority (St. Joseph Health System), Variable Rate Demand Bonds, 5.000%, 7/01/13t VMIG-1 200,000 300,000 Kemmerer Pollution Control (Exxon Project), Series 1984, Variable Rate Demand Bonds, 5.000%, 11/01/14t A-1+ 300,000 2,410,000 Massachusetts Health and Educational Facilities Authority (Community Health Center Capital Fund), Variable Rate Demand Bonds, 4.850%, 3/01/15t A-2 2,410,000 $ 2,910,000 Total Temporary Investments - 0.4% 2,910,000 ============ Other Assets Less Liabilities - 1.7% 13,489,805 Net Assets - 100% $790,448,257 ============ NUMBER MARKET MARKET STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT SUMMARY OF AAA Aaa 53 $384,031,284 49% RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 17 99,342,848 13 PORTFOLIO OF A+ A1 10 64,564,041 8 INVESTMENTS A, A- A, A2, A3 15 84,268,701 11 (EXCLUDING BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 21 139,572,338 18 TEMPORARY Non-rated Non-rated 1 2,269,240 1 INVESTMENTS): TOTAL 117 $774,048,452 100% * Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. N/R - Investment is not rated. Con. Rating is conditional. Bonds for which the security depends upon the completion of some act or the fulfillment of some condition are rated conditionally. These are bonds secured by (a) earnings by projects under construction, (b) earnings of projects unseasoned in operation experience, (c) rentals which begin when facilities are completed, or (d) payments to which some other limiting condition attaches. Parenthetical rating denotes probable credit stature upon completion of construction or elimination of basis of condition. t The security has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term security. The rate disclosed is that currently in effect. This rate changes periodically based on market conditions or a specified market index. See accompanying notes to financial statements.
PORTFOLIO OF INVESTMENTS (Unaudited) NUVEEN SELECT QUALITY MUNICIPAL FUND, INC. (NQS)
PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE ALABAMA - 0.4% $ 2,900,000 Arab Water Works Board, 7.050%, 8/01/16 8/01 at 102 Aaa $ 3,116,282 ALASKA - 2.0% 16,250,000 Valdez Marine Terminal (BP Pipelines, Inc.), 5.500%, 10/01/28 10/03 at 102 AA- 14,383,688 ARKANSAS - 1.6% 5,980,000 Arkansas Development Finance Authority, Single Family Mortgage, 8.000%, 8/15/11 8/01 at 103 AA 6,469,044 4,500,000 Little Rock Hotel and Restaurant, Gross Receipts Tax, 7.375%, 8/01/15 No Opt. Call A 5,248,485 CALIFORNIA - 5.7% 3,200,000 California Department of Water Resources (Central Valley Project), 4.875%, 12/01/27 12/03 at 101 AA 2,575,584 4,000,000 California Statewide Communities Development Authority, Certificates of Participation (Sisters of Charity Leavenworth), 5.000%, 12/01/23 12/03 at 102 Aa 3,280,440 7,000,000 Los Angeles Department of Water and Power, Electric Plant, 5.375%, 9/01/23 9/03 at 102 AA 6,199,060 6,710,000 Los Angeles Department of Water and Power, Waterworks System, 4.500%, 5/15/11 5/03 at 102 AA 5,483,479 21,800,000 Los Angeles County Transportation Commission, Sales Tax, 6.750%, 7/01/20 (Pre-refunded to 7/01/01) 7/01 at 102 Aaa 24,051,068 COLORADO - 5.9% City and County of Denver Airport System, Alternative Minimum Tax: 5,000,000 7.750%, 11/15/21 11/01 at 102 Baa 5,231,350 12,150,000 6.750%, 11/15/22 11/02 at 102 Baa 11,896,673 20,000,000 8.750%, 11/15/23 11/01 at 102 Baa 22,178,200 3,725,000 Jefferson County, Single Family Mortgage 8.875%, 10/01/13 4/01 at 103 Aaa 4,019,648 CONNECTICUT - 2.4% Connecticut Development Authority (Alzheimer's Resource Center): 7,500,000 10.000%, 8/15/21 (Pre-refunded to 8/15/01) 8/01 at 103 N/R 9,696,825 7,885,000 7.250%, 8/15/21 8/04 at 102 N/R 7,907,867 DISTRICT OF COLUMBIA - 0.2% 1,635,000 District of Columbia Housing Finance Agency, Alternative Minimum Tax, 8.100%, 12/01/23 12/00 at 102 AAA 1,734,424 PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE FLORIDA - 3.3% Jacksonville Electric Authority: $ 4,500,000 7.500%, 10/01/02 (Pre-refunded to 10/01/97) 10/97 at 101 1/2 Aaa $ 4,844,565 14,250,000 6.750%, 10/01/21 (Pre-refunded to 10/01/00) 10/00 at 101 1/2 Aaa 15,634,815 4,000,000 Orlando-Orange County Expressway, 5.125%, 7/01/20 7/03 at 102 Aaa 3,533,840 GEORGIA - 1.1% 2,940,000 Atlanta Urban Residential Finance Authority, Single Family Mortgage (GNMA), Alternative Minimum Tax, 8.250%, 10/01/21 10/98 at 103 AAA 3,127,043 5,000,000 Burke County Development Authority, Pollution Control (Georgia Power Company), 5.750%, 9/01/23 9/98 at 102 A2 4,613,550 HAWAII - 2.5% 16,000,000 Hawaii Department of Budget and Finance (Kapiolani Health Care System), 7.650%, 7/01/19 (Pre-refunded to 7/01/01) 7/01 at 102 Aaa 18,435,200 ILLINOIS - 3.1% 3,100,000 Illinois Development Finance Authority (Marriott Retirement Communities, Inc.-Church Creek Project), 7.750%, 8/01/10 8/01 at 102 A1 3,359,625 Illinois Development Finance Authority, Multi-Family Housing: 775,000 7.650%, 7/01/07 1/02 at 105 AAA 852,748 6,780,000 7.650%, 12/31/31 1/02 at 105 AAA 7,306,399 10,250,000 Illinois Educational Facilities Authority (The University of Chicago), 5.700%, 12/01/25 12/03 at 102 Aaa 9,406,528 1,585,000 Illinois Housing Development Authority, Multi-Family Housing, 7.400%, 7/01/23 7/01 at 102 A1 1,673,126 INDIANA - 3.5% 5,060,000 Indiana Office Building Commission, 8.750%, 7/01/12 (Pre-refunded to 7/01/97) 7/97 at 102 Aaa 5,569,896 8,640,000 Avon Community School Building Corporation, 5.500%, 1/01/16 1/04 at 101 Aaa 7,902,144 5,415,000 Beacon Heights Housing Development Corporation, Multi-Family Mortgage, 7.625%, 2/01/21 6/01 at 100 AAA 5,645,192 5,770,000 Fremont Middle School Building Corporation, 5.250%, 1/15/13 1/04 at 101 Aaa 5,225,312 1,150,000 Michigan City Housing Development Corporation, Multi-Family Mortgage, 7.625%, 2/01/21 6/01 at 100 AAA 1,211,169 KANSAS - 2.7% Merriam (Shawnee Mission Medical Center): 10,735,000 7.250%, 9/01/04 9/01 at 102 A- 11,009,816 8,800,000 7.250%, 9/01/21 9/01 at 102 A- 8,919,416 PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE KENTUCKY - 1.1% $ 3,015,000 Lakeland Wesley Village Mortgage, 7.500%, 11/01/21 11/01 at 103 Aa $ 3,199,217 5,000,000 Louisville-Jefferson County Regional Airport Authority, Alternative Minimum Tax, 5.500%, 7/01/23 7/03 at 102 Aaa 4,529,900 LOUISIANA - 0.3% 1,985,000 Calcasieu Parish Public Trust Authority, 7.750%, 6/01/12 6/01 at 103 A 2,141,021 MASSACHUSETTS - 6.3% 2,000,000 Massachusetts Health and Educational Facilities Authority (Lowell General Hospital), 8.400%, 6/01/11 6/01 at 102 Baa1 2,165,100 10,435,000 Massachusetts Housing Finance Agency (GNMA), 9.000%, 12/01/09 12/95 at 102 Aaa 10,857,096 Massachusetts Housing Finance Agency, Residential Housing, Alternative Minimum Tax: 2,100,000 8.400%, 8/01/21 8/98 at 102 A1 2,226,966 1,660,000 8.200%, 8/01/27 8/99 at 102 BBB+ 1,736,227 19,025,000 Massachusetts Water Resources Authority, 6.000%, 4/01/20 4/00 at 100 A 18,426,854 4,385,000 Boston Housing Development Corporation (FHA Insured), 5.500%, 7/01/24 1/04 at 102 Aaa 3,929,574 6,300,000 Somerville Housing Authority, GNMA (Clarendon Hills Tower), 7.950%, 11/20/30 5/00 at 102 AAA 6,692,490 MICHIGAN - 1.1% 7,890,000 Michigan State Hospital Finance Authority (Detroit Medical Center), 7.500%, 8/15/11 8/01 at 102 A- 8,439,065 MINNESOTA - 1.5% 4,431,644 South Central Multi-County Housing and Redevelopment Authority (Chisago County and Stearns County), Single Family Mortgage (FNMA), Alternative Minimum Tax, 7.050%, 9/01/27 3/04 at 102 29/32 AAA 4,677,113 Dakota, Washington and Stearns Counties, Single Family Mortgage (FNMA), Alternative Minimum Tax: 3,195,000 6.600%, 9/01/17 3/04 at 102 AAA 3,246,535 2,255,000 6.700%, 3/01/21 3/04 at 102 AAA 2,287,675 1,000,000 Western Minnesota Municipal Power Agency, 9.500%, 1/01/13 (Pre-refunded to 1/01/96) 1/96 at 102 Aaa 1,052,790 MISSISSIPPI - 0.2% 1,495,000 Goodman Housing Development Corporation, Multi-Family Mortgage, 7.625%, 2/01/22 8/01 at 100 AAA 1,573,861 PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE NEBRASKA - 1.5% $ 10,550,000 Nebraska Investment Finance Authority, Single Family Mortgage, Alternative Minimum Tax, 6.800%, 3/01/35 3/05 at 101 1/2 AAA $ 10,633,978 NEVADA - 0.1% 685,000 Nevada Housing Division, Multi-Unit Housing, 8.500%, 4/01/96 No Opt. Call AAA 694,659 NEW JERSEY - 0.6% 4,420,000 New Jersey Housing and Mortgage Finance Agency, 6.850%, 11/01/06 11/01 at 102 AA+ 4,679,498 NEW MEXICO - 2.3% 2,055,000 New Mexico Mortgage Finance Authority, Single Family Mortgage, Alternative Minimum Tax, 7.800%, 3/01/21 9/99 at 102 A+ 2,139,872 14,050,000 Farmington Pollution Control (Southern California Edison Company), 7.200%, 4/01/21 4/01 at 102 Aa3 14,945,407 NEW YORK - 7.1% 6,000,000 New York Local Government Assistance Corporation, 7.000%, 4/01/18 (Pre-refunded to 4/01/02) 4/02 at 102 Aaa 6,753,660 1,750,000 New York State Medical Care Facilities Finance Agency (Hospital and Nursing Home), 8.000%, 2/15/28 8/98 at 102 A 1,917,108 New York State Medical Care Facilities Finance Agency (Mental Health Services Facilities): 1,615,000 7.600%, 2/15/06 8/01 at 102 Baa1 1,757,572 1,590,000 7.600%, 8/15/06 8/01 at 102 Baa1 1,730,365 8,075,000 7.625%, 8/15/17 8/01 at 102 Baa1 8,771,792 5,425,000 7.400%, 2/15/18 2/02 at 102 Baa1 5,815,003 3,410,000 New York State Mortgage Agency, Alternative Minimum Tax, 8.000%, 10/01/02 7/97 at 102 Aa 3,585,922 6,000,000 New York State Urban Development Corporation, Correctional Capital Facilities, 7.500%, 1/01/18 (Pre-refunded to 1/01/01) 1/01 at 102 Aaa 6,829,620 New York City General Obligation: 2,405,000 8.250%, 11/15/10 (Pre-refunded to 11/15/01) 11/01 at 101 1/2 A- 2,865,846 2,595,000 8.250%, 11/15/10 11/01 at 101 1/2 A- 2,837,710 7,130,000 8.250%, 11/15/15 (Pre-refunded to 11/15/01) 11/01 at 101 1/2 Aaa 8,496,251 620,000 8.250%, 11/15/15 11/01 at 101 1/2 A- 680,413 PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE NORTH CAROLINA - 1.9% $ 5,055,000 North Carolina Eastern Municipal Power Agency, Power System, 5.500%, 1/01/17 1/03 at 100 Aaa $ 4,663,945 8,750,000 North Carolina Municipal Power Agency, No. 1 (Catawba), 9.625%, 1/01/19 (Pre-refunded to 1/01/96) 1/96 at 103 Aaa 9,293,638 OHIO - 0.9% Toledo-Lucas County Port Authority, Alternative Minimum Tax: 725,000 8.500%, 5/15/00 No Opt. Call N/R 738,260 3,985,000 8.500%, 11/15/00 11/96 at 102 N/R 4,248,409 1,465,000 8.400%, 11/15/09 11/00 at 102 N/R 1,511,807 OKLAHOMA - 5.9% 20,610,000 Oklahoma County Home Finance Authority, Single Family Mortgage, 8.750%, 7/01/12 7/01 at 102 A1 21,570,838 21,025,000 Tulsa Municipal Airport (AMR Corporation), Alternative Minimum Tax, 7.600%, 12/01/30 6/01 at 102 Baa2 21,687,498 OREGON - 0.5% 3,750,000 Hillsboro Hospital Facility Authority (Quality Healthcare), 5.750%, 10/01/12 10/04 at 102 BBB+ 3,397,388 PENNSYLVANIA - 2.4% 3,000,000 Pennsylvania Higher Education Assistance Agency, Student Loan, Alternative Minimum Tax, 7.150%, 9/01/21 9/01 at 102 Aaa 3,157,170 Philadelphia Water and Sewer: 4,000,000 8.800%, 10/01/99 (Pre-refunded to 10/01/95) 10/95 at 102 AAA 4,155,640 10,000,000 7.000%, 8/01/18 (Pre-refunded to 8/01/01) 8/01 at 100 BBB 10,254,200 RHODE ISLAND - 3.1% 6,650,000 Rhode Island Depositors Economics Protection Corporation, Special Obligation, 7.250%, 8/01/21 (Pre-refunded to 8/01/96) 8/96 at 102 Aaa 6,993,872 Rhode Island Housing and Mortgage Finance Corporation, Alternative Minimum Tax: 4,650,000 8.200%, 10/01/17 10/98 at 102 AA+ 4,950,297 10,210,000 8.250%, 10/01/22 10/98 at 102 AA+ 10,820,354 SOUTH CAROLINA -3.4% 5,000,000 Oconee County Pollution Control (Duke Power Company), 5.800% 4/01/14 4/03 at 102 Aa2 4,805,550 Piedmont Municipal Power Agency: 5,000,000 9.625%, 1/01/13 (Pre-refunded to 1/01/96) 1/96 at 103 Aaa 5,310,650 13,590,000 9.700%, 1/01/24 (Pre-refunded to 1/01/96) 1/96 at 103 Aaa 14,441,006 PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE SOUTH DAKOTA - 1.4% $ 8,040,000 Sioux Falls (Great Plains Hotel Corporation), Alternative Minimum Tax, 8.500%, 11/01/16 (Pre-refunded to 10/15/14) (Mandatory put 10/15/14) 10/14 at 100 AAA $ 10,450,553 TENNESSEE - 1.4% 9,985,000 Tennessee Housing Development Agency, Homeownership Program, Alternative Minimum Tax, 7.650%, 7/01/22 7/01 at 102 A1 10,502,722 TEXAS - 8.9% 9,505,000 Austin Water, Sewer and Electric, 14.250%, 11/15/06 (Pre-refunded to 5/15/97) 5/97 at 100 Aaa 11,246,221 Brazos River Authority, Pollution Control (Texas Utilities Electric Company), Alternative Minimum Tax: 6,480,000 8.250%, 1/01/19 1/99 at 102 Baa2 7,044,473 8,580,000 8.125%, 2/01/20 2/00 at 102 Baa2 9,289,995 3,500,000 Comal County Health Facilities Development Corporation (McKenna Memorial Hospital), 7.375%, 1/15/21 1/01 at 102 AAA 3,635,800 15,970,000 El Paso Housing Finance Corporation, Single Family Mortgage, 8.750%, 10/01/11 4/01 at 103 A 17,550,072 3,805,000 Harrison County Housing Finance Corporation, Single Family Mortgage, 8.875%, 12/01/11 12/01 at 103 A 4,032,387 2,395,000 Panhandle Regional Housing Finance Corporation, Single Family Mortgage (GNMA), Alternative Minimum Tax, 7.500%, 5/01/24 5/01 at 100 AAA 2,490,872 2,600,000 Sabine River Authority, Pollution Control (Texas Utilities Electric Company), 7.750%, 4/01/16 4/96 at 102 Baa2 2,682,030 7,020,000 Winter Garden Housing Finance Corporation (GNMA and FNMA), Alternative Minimum Tax, 6.950%, 10/01/27 4/04 at 103 AAA 7,225,966 UTAH - 3.0% Intermountain Power Agency: 4,500,000 7.500%, 7/01/16 7/96 at 102 AA 4,682,340 16,145,000 7.200%, 7/01/19 7/97 at 102 AA- 16,954,994 WASHINGTON - 8.5% Washington Public Power Supply System, Nuclear Project No. 1: 4,000,000 7.400%, 7/01/09 1/00 at 102 AA 4,243,480 1,000,000 8.000%, 7/01/17 (Pre-refunded to 7/01/00) 7/00 at 102 Aaa 1,152,670 PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE WASHINGTON (CONTINUED) Washington Public Power Supply System, Nuclear Project No. 2: $ 5,000,000 5.375%, 7/01/11 7/04 at 102 AA $ 4,544,000 2,000,000 7.375%, 7/01/12 (Pre-refunded to 7/01/00) 7/00 at 102 AAA 2,245,980 5,000,000 7.000%, 7/01/12 7/00 at 102 AA 5,213,550 10,010,000 6.250%, 7/01/12 7/02 at 102 AA 9,833,323 24,060,000 Washington Public Power Supply System, Nuclear Project No. 3, 7.250%, 7/01/15 (Pre-refunded to 1/01/00) 1/00 at 102 AAA 26,650,300 Seattle Metropolitan Municipality Sewer System: 2,160,000 5.450%, 1/01/16 1/03 at 102 Aaa 1,977,133 3,095,000 5.450%, 1/01/17 1/03 at 102 Aaa 2,813,106 2,490,000 5.450%, 1/01/19 1/03 at 102 Aaa 2,245,257 1,800,000 5.450%, 1/01/20 1/03 at 102 Aaa 1,619,873 WISCONSIN - 0.3% 2,100,000 Wisconsin Health and Educational Facilities Authority (Wausau Hospitals), 6.700%, 8/15/20 2/01 at 102 Aaa 2,161,277 $688,236,644 Total Investments - (cost $685,047,946) - 98.1% 718,547,557 ============ Other Assets Less Liabilities - 1.9% 14,053,372 Net Assets - 100% $732,600,929 ============ NUMBER MARKET MARKET STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT SUMMARY OF AAA Aaa 51 $317,802,404 44% RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 19 130,849,227 18 PORTFOLIO OF A+ A1 6 41,473,149 6 INVESTMENTS: A, A- A, A2, A3 13 88,681,743 12 BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 15 115,637,866 16 Non-rated Non-rated 5 24,103,168 4 TOTAL 109 $718,547,557 100% * Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. N/R - Investment is not rated. See accompanying notes to financial statements.
PORTFOLIO OF INVESTMENTS (Unaudited) NUVEEN QUALITY INCOME MUNICIPAL FUND, INC. (NQU)
PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE ALASKA - 1.1% $ 2,660,000 Alaska Housing Finance Corporation (Veterans Mortgage Program), 7.125%, 12/01/30 6/01 at 102 Aaa $ 2,752,967 2,585,000 Alaska Housing Finance Corporation, Collateralized Home Mortgage, 7.300%, 6/01/25 12/01 at 102 Aaa 2,707,167 6,750,000 Alaska State Housing Finance Corporation, 6.600%, 12/01/23 12/02 at 102 Aa 7,194,825 ARIZONA - 0.8% 3,090,000 Maricopa County Industrial Development Authority, Single Family Mortgage, 7.500%, 8/01/12 8/01 at 102 Aa 3,262,391 5,810,000 Yuma Regional Medical Center, 8.000%, 8/01/17 8/02 at 101 1/2 BBB 6,188,115 ARKANSAS - 1.9% 5,405,000 Arkansas Development Finance Authority, Single Family Mortgage, 8.000%, 8/15/11 8/01 at 103 AA 5,847,021 6,500,000 Arkansas Development Finance Authority, Single Family Mortgage, Alternative Minimum Tax, 6.700%, 7/01/27 7/05 at 102 AAA 6,591,000 9,400,000 Pope County Pollution Control (Arkansas Power and Light Company), 11.000%, 12/01/15 12/95 at 102 Baa2 9,920,666 CALIFORNIA - 8.6% 3,000,000 California Health Facilities Financing Authority (Kaiser Permanente), 5.600%, 5/01/33 5/03 at 102 Aa2 2,706,090 4,310,000 California Housing Finance Agency, Home Mortgage, Alternative Minimum Tax, 7.050%, 8/01/27 8/01 at 102 AA- 4,431,327 3,500,000 California Public Works Board (California State University), 6.625%, 10/01/10 10/02 at 102 A- 3,577,175 17,000,000 California Public Works Board, Department of Corrections (California State Prison-Monterey County (Soledad II), 7.000%, 11/01/19 11/04 at 102 A- 17,920,890 6,250,000 Bell Community Redevelopment Agency, 6.700%, 9/01/98 (Pre-refunded to 9/01/95) 9/95 at 100 1/2 A- 6,323,313 Brea Public Financing Authority, Tax Allocation: 10,580,000 7.000%, 8/01/15 (Pre-refunded to 8/01/01) 8/01 at 102 Aaa 11,877,531 4,420,000 7.000%, 8/01/15 8/01 at 102 Aaa 4,729,842 4,500,000 Lancaster Redevelopment Agency (Project No. 5), 6.500%, 10/01/97 10/95 at 100 A- 4,529,115 4,000,000 Lancaster Redevelopment Agency (Amargosa Project), 6.500%, 10/01/97 10/95 at 100 A- 4,025,880 5,000,000 Los Angeles Community Redevelopment Agency, Tax Allocation (Central Business District), 6.750%, 7/01/10 7/96 at 102 A- 5,124,900 PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE CALIFORNIA (CONTINUED) Los Angeles Department of Water and Power: $ 7,550,000 5.400%, 11/15/31 11/03 at 102 AA $ 6,582,921 5,000,000 6.500%, 4/15/32 4/02 at 102 AA 5,084,600 7,355,000 Northern California Power Agency, 7.150%, 7/01/24 7/98 at 102 A- 7,542,479 2,000,000 Redwood City Public Finance Authority, 7.250%, 7/15/11 7/01 at 102 A- 2,126,700 10,000,000 San Diego (San Diego Gas and Electric Company), 5.900%, 9/01/18 9/03 at 102 Aaa 9,691,300 3,375,000 Southern California Home Financing Authority, Single Family Mortgage (GNMA and FNMA), Alternative Minimum Tax, 7.350%, 9/01/24 3/01 at 102 AAA 3,540,206 3,000,000 University of California, 5.000%, 9/01/11 9/03 at 102 Aaa 2,675,670 COLORADO - 6.1% 4,690,000 Colorado Housing Finance Authority, Multi-Family Insured, 6.900%, 10/01/21 10/95 at 100 AA 4,715,514 City and County of Denver Airport System, Alternative Minimum Tax: 4,000,000 7.300%, 11/15/00 No Opt. Call Baa 4,180,640 1,500,000 6.350%, 11/15/01 No Opt. Call Baa 1,488,990 4,000,000 7.750%, 11/15/21 11/01 at 102 Baa 4,185,080 12,910,000 8.750%, 11/15/23 11/01 at 102 Baa 14,316,028 9,535,000 8.500%, 11/15/23 11/00 at 102 Baa 10,308,289 17,350,000 8.000%, 11/15/25 11/00 at 102 Baa 18,332,010 4,140,000 8.000%, 11/15/25 11/01 at 100 Baa 4,349,815 4,850,000 7.000%, 11/15/25 11/01 at 100 Baa 4,742,233 5,110,000 Pueblo County (Parkview Episcopal Medical Center), 8.300%, 9/01/11 9/01 at 100 Baa1 5,546,650 DISTRICT OF COLUMBIA - 0.6% 7,215,000 District of Columbia (The Howard University), 6.750%, 10/01/12 10/02 at 102 AA- 7,390,040 FLORIDA - 4.0% 5,250,000 Dade County Industrial Development Authority, Solid Waste (Florida Power and Light Company), Alternative Minimum Tax, 7.150%, 2/01/23 2/01 at 102 A2 5,506,673 12,250,000 Orange County Health Facility Authority (RHA/Princeton Hospital), 9.000%, 7/01/21 7/01 at 102 N/R 9,808,943 Palm Beach County Health Facilities Authority (JFK Medical Center): 8,195,000 8.875%, 12/01/18 (Pre-refunded to 12/01/98) 12/98 at 102 BBB 9,419,415 5,880,000 8.875%, 12/01/18 12/98 at 102 BBB 6,441,540 PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE FLORIDA (CONTINUED) $ 8,485,000 St. Lucie County, Solid Waste Disposal (Florida Power and Light Company), Alternative Minimum Tax, 7.150%, 2/01/23 2/01 at 102 A2 $ 8,899,832 Tampa Capital Improvement Program: 1,665,000 8.000%, 10/01/02 10/98 at 100 AA 1,772,409 5,830,000 8.250%, 10/01/18 10/98 at 100 AA 6,386,648 GEORGIA - 3.0% 9,000,000 Georgia Municipal Electric Authority, 8.125%, 1/01/17 1/98 at 102 A+ 9,774,720 Clayton County Hospital Authority (Southern Regional Medical Center): 2,900,000 6.500%, 8/01/10 8/01 at 102 Aaa 3,027,513 4,500,000 7.000%, 8/01/13 8/01 at 102 Aaa 4,771,080 15,900,000 Fulton-DeKalb Hospital Authority, 6.900%, 1/01/20 (Pre-refunded to 1/01/01) 1/01 at 102 Aaa 17,607,024 ILLINOIS - 7.8% 3,500,000 Illinois Development Finance Authority, Pollution Control (Commonwealth Edison Company), 5.300%, 1/15/04 No Opt. Call Baa2 3,283,000 7,000,000 Illinois Development Finance Authority, Multi-Family Housing (Town and Garden Apartments Project), Alternative Minimum Tax, 7.800%, 3/01/06 3/02 at 102 BBB+ 7,260,890 1,295,000 Illinois Health Facilities Authority (The Passavant Memorial Hospital Association), 5.500%, 10/01/04 No Opt. Call A- 1,180,004 14,500,000 Illinois Health Facilities Authority (Northwestern Memorial Hospital), 6.750%, 8/15/11 8/01 at 102 AA 14,895,995 4,000,000 Illinois Health Facilities Authority (Sherman Hospital), 6.750%, 8/01/21 8/01 at 102 Aaa 4,124,360 Illinois Health Facilities Authority (Rockford Memorial Hospital): 2,000,000 6.750%, 8/15/18 8/01 at 102 Aaa 2,062,420 5,265,000 6.000%, 8/15/21 8/01 at 100 Aaa 5,043,186 2,840,000 Illinois Housing Development Authority (Garden House of Maywood), 7.000%, 9/01/18 9/02 at 102 A 2,919,918 Central Lake County, Joint Action Water Agency: 6,000,000 7.000%, 5/01/19 (Pre-refunded to 5/01/00) 5/00 at 102 Aaa 6,636,420 10,000,000 7.000%, 5/01/20 (Pre-refunded to 5/01/01) 5/01 at 102 Aaa 11,175,500 6,785,000 Chicago O'Hare International Airport (United Airlines Project), 8.850%, 5/01/18 11/00 at 103 Baa1 7,542,681 24,430,000 Cook County General Obligation, 6.750%, 11/01/18 (Pre-refunded to 11/01/01) 11/01 at 102 Aaa 27,062,333 PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE INDIANA - 1.3% $ 5,905,000 Indiana Health Facilities Financing Authority (Community Hospitals of Indiana), 7.000%, 7/01/11 7/01 at 102 Aaa $ 6,293,254 4,000,000 Indianapolis Local Public Improvement Bond Bank, 6.500%, 2/01/22 2/98 at 100 A+ 4,027,480 5,125,000 Petersburg Pollution Control (Indianapolis Power and Light Company), 6.625%, 12/01/24 12/04 at 102 Aa2 5,260,146 IOWA - 0.4% 4,500,000 Polk County Insured Health Facilities (Mercy Health Center of Central Iowa), 6.750%, 11/01/15 11/01 at 101 Aaa 4,688,055 KANSAS - 1.7% 1,580,000 Labette County and Cowley County, Single Family Mortgage, 9.500%, 4/01/13 10/01 at 103 A 1,700,617 Merriam (Shawnee Mission Medical Center): 7,380,000 7.250%, 9/01/11 9/01 at 102 A- 7,611,437 10,000,000 7.250%, 9/01/21 9/01 at 102 A- 10,135,700 895,000 Saline County, Single Family Mortgage, 9.500%, 10/01/11 10/01 at 103 A 951,537 KENTUCKY - 3.0% 3,000,000 Kentucky Development Finance Authority (St. Claire Medical Center), 7.125%, 9/01/21 (Pre-refunded to 9/01/01) 9/01 at 102 N/R 3,377,670 8,225,000 Kentucky Housing Corporation, Alternative Minimum Tax, 6.625%, 7/01/26 1/05 at 102 Aaa 8,273,774 10,000,000 Danville Multi-City Lease (Louisville and Jefferson County Metropolitan Sewer), 6.800%, 3/01/19 (Pre-refunded to 3/01/02) 3/02 at 102 Aaa 11,143,000 2,975,000 Greater Kentucky Housing Assistance Corporation (FHA-Insured), 7.625%, 1/01/25 1/00 at 102 Aaa 3,148,086 9,100,000 Jefferson County Multi-Family Housing (Cantor Chase Project), 6.750%, 10/01/21 (Mandatory put 10/01/98) 10/96 at 100 Baa1 9,260,524 MARYLAND - 2.4% Maryland Community Development Administration, Department of Housing and Community Development, Alternative Minimum Tax: 13,235,000 7.450%, 4/01/20 4/01 at 102 Aa 13,952,866 4,320,000 7.450%, 4/01/32 4/01 at 102 Aa 4,543,430 10,000,000 Maryland Community Development Administration, Multi-Family Housing, 7.100%, 5/15/28 5/01 at 102 Aa 10,421,700 PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE MASSACHUSETTS - 4.7% Massachusetts Bay Transportation Authority: $ 10,225,000 7.000%, 3/01/11 (Pre-refunded to 3/01/01) 3/01 at 102 Aaa $ 11,391,161 19,600,000 7.000%, 3/01/22 (Pre-refunded to 3/01/01) 3/01 at 102 Aaa 21,835,380 15,000,000 Massachusetts Industrial Finance Agency, Resource Recovery (SEMASS Project), 9.000%, 7/01/15 7/01 at 103 N/R 16,215,750 3,300,000 Massachusetts Industrial Finance Agency, Resource Recovery (SEMASS Project), Alternative Minimum Tax, 9.250%, 7/01/15 7/01 at 103 N/R 3,581,853 3,500,000 Massachusetts Water Resources Authority, 6.000%, 4/01/20 4/00 at 100 A 3,389,960 MICHIGAN - 3.2% 5,000,000 Michigan Hospital Finance Authority (Detroit Medical Center), 7.500%, 8/15/11 8/01 at 102 A- 5,347,950 15,875,000 Michigan Strategic Fund (The Detroit Edison Company), 6.875%, 12/01/21 12/01 at 102 Aaa 16,828,453 8,500,000 Michigan Strategic Fund (Waste Management, Inc.), Alternative Minimum Tax, 6.625%, 12/01/12 12/02 at 102 A1 8,610,500 7,000,000 Grand Rapids Water Supply System, 6.250%, 1/01/11 1/01 at 102 Aaa 7,170,380 MINNESOTA - 1.1% 5,000,000 Minnesota Housing Finance Agency, Single Family Mortgage, Alternative Minimum Tax, 6.950%, 7/01/26 1/04 at 102 AA+ 5,178,400 3,655,000 Dakota and Washington Counties, Anoka Housing Authority (GNMA), Alternative Minimum Tax, 8.450%, 9/01/19 No Opt. Call Aaa 4,927,050 2,480,000 Washington County Housing and Redevelopment Authority, Multi-Family Housing (FHA-Insured), Alternative Minimum Tax, 7.650%, 8/01/32 8/01 at 102 AAA 2,632,024 MISSISSIPPI - 0.6% 3,455,000 Canton Housing Development Corporation (Canton Estates), Multi-Family Mortgage, 7.750%, 8/01/24 No Opt. Call AAA 4,146,691 1,265,000 Charter Mortgage Corporation (Church Garden Project), Multi-Family Mortgage, 7.750%, 8/01/21 8/01 at 100 AAA 1,508,082 1,385,000 Pearl Housing Development Corporation (Rose Garden Project), Multi-Family Mortgage, 7.750%, 8/01/22 2/01 at 100 AAA 1,447,173 MISSOURI - 1.8% Missouri Health and Educational Facilities Authority (Heartland Health Systems): 3,070,000 7.625%, 10/01/00 10/99 at 102 1/2 BBB+ 3,416,265 6,500,000 8.125%, 10/01/10 10/99 at 102 1/2 BBB+ 7,366,450 PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE MISSOURI (CONTINUED) Jackson County Industrial Development Authority (Saint Joseph Health Center): $ 5,730,000 6.500%, 7/01/12 7/02 at 102 Baa1 $ 5,665,136 5,605,000 7.000%, 7/01/22 7/02 at 102 Baa1 5,484,324 MONTANA - 0.6% 7,000,000 Forsyth Pollution Control (Puget Sound Power and Light Company), 7.050%, 8/01/21 8/01 at 102 Aaa 7,546,910 NEBRASKA - 0.9% 11,000,000 Nebraska Investment Finance Authority, Single Family Mortgage, Alternative Minimum Tax, 6.800%, 3/01/35 3/05 at 101 1/2 AAA 11,087,560 NEW HAMPSHIRE - 0.7% 2,625,000 New Hampshire Housing Finance Authority, Single Family Mortgage, Alternative Minimum Tax, 8.500%, 7/01/14 7/98 at 103 Aa 2,748,428 4,900,000 New Hampshire Housing Finance Authority, Single Family Mortgage, 7.100%, 1/01/23 7/01 at 102 Aa 5,036,661 NEW JERSEY - 1.1% 13,000,000 Camden County Pollution Control Finance Authority (Solid Waste Disposal and Resources Recovery System), 7.250%, 12/01/10 12/01 at 102 BBB+ 12,914,850 NEW YORK - 10.2% 21,075,000 New York Local Government Assistance Corporation, 7.500%, 4/01/20 (Pre-refunded to 4/01/01) 4/01 at 102 Aaa 24,049,736 8,000,000 New York State Medical Care Facilities Finance Agency, New York Hospital (FHA-Insured), 6.500%, 8/15/29 2/05 at 102 Aaa 8,320,080 5,000,000 New York State Medical Care Facilities Finance Agency (Brookdale Hospital Medical Center), 6.850%, 2/15/17) 2/05 at 102 Baa1 4,976,900 8,000,000 New York State Thruway Authority, 6.000%, 1/01/25 1/05 at 102 Aaa 7,783,200 Dormitory Authority of the State of New York (State University): 13,000,000 7.400%, 5/15/01 5/00 at 102 Baa1 14,123,850 11,750,000 7.700%, 5/15/12 (Pre-refunded to 5/15/00) 5/00 at 102 Aaa 13,383,368 8,325,000 Dormitory Authority of the State of New York (Menorah Campus), 7.400%, 2/01/31 8/01 at 102 AA 9,163,411 2,205,000 Niagara Falls Housing and Commercial Rehabilitation Corporation (FHA-Insured), Assisted Project, 7.350%, 8/01/23 8/03 at 100 AA 2,712,591 PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE NEW YORK (CONTINUED) New York City General Obligation: $ 3,995,000 6.800%, 2/01/97 No Opt. Call A- $ 4,097,392 12,395,000 5.600%, 8/01/02 No Opt. Call A- 12,088,100 5,500,000 3.000%, 8/15/02 No Opt. Call A- 4,513,850 5,500,000 7.250%, 8/15/19 8/04 at 101 A- 5,743,595 6,750,000 6.625%, 2/15/25 2/05 at 102 A- 6,632,888 3,475,000 Penfield-Crown Oak Housing Development Corporation, FHA-Insured (Crown-Oak Estates), 7.350%, 8/01/23 2/03 at 100 AAA 3,635,024 OHIO - 1.0% 6,945,000 Ohio Housing Finance Agency, Residential Mortgage, Alternative Minimum Tax, 6.625%, 3/01/26 3/05 at 102 AAA 7,003,685 4,800,000 Butler County Hospital Facilities (Fort Hamilton-Hughes Memorial Hospital), 7.500%, 1/01/10 1/02 at 102 BBB- 4,916,016 OKLAHOMA - 5.8% 20,865,000 Oklahoma County Home Finance Authority, Single Family Mortgage, 8.750%, 7/01/12 7/01 at 102 A1 21,837,726 17,510,000 Pottawatomie County Home Finance Authority, Single Family Mortgage, 8.625%, 7/01/10 No Opt. Call Aaa 22,496,148 Tulsa Municipal Airport Trust (AMR Corporation), Alternative Minimum Tax: 10,000,000 7.375%, 12/01/20 12/00 at 102 Baa2 10,181,700 10,100,000 7.600%, 12/01/30 6/01 at 102 Baa2 10,418,251 3,770,000 Tulsa Municipal Airport Trust (AMR Corporation), 9.500%, 6/01/20 12/95 at 102 Baa2 3,951,526 OREGON - 0.7% 8,625,000 Hillsboro Hospital Facility Authority (Tuality Healthcare), 5.750%, 10/01/12 10/04 at 102 BBB+ 7,813,991 PENNSYLVANIA - 1.0% Falls Township Hospital Authority (Delaware Valley Medical Center): 4,525,000 6.900%, 8/01/11 8/02 at 102 AAA 4,686,995 3,000,000 7.000%, 8/01/22 8/02 at 102 AAA 3,115,380 Philadelphia Water and Sewer System: 2,000,000 6.900%, 4/01/98 3/98 at 100 BBB 2,040,360 2,000,000 7.000%, 4/01/99 3/98 at 100 BBB 2,040,660 PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE RHODE ISLAND - 0.8% $ 5,260,000 Rhode Island Housing and Mortgage Finance Corporation, 8.250%, 10/01/08 4/98 at 102 A1 $ 5,516,741 5,000,000 Rhode Island Convention Center Authority, 5.000%, 5/15/20 5/03 at 100 Aaa 4,169,800 SOUTH CAROLINA - 1.1% 6,500,000 Lexington County Health Service District, 6.750%, 10/01/18 10/01 at 102 Aaa 6,787,755 6,000,000 Oconee County Pollution Control (Duke Power Company), 5.800%, 4/01/14 4/03 at 102 Aa2 5,766,660 TENNESSEE - 1.5% 6,880,000 Metropolitan Government, Nashville and Davidson County, Water and Sewer System, 7.000%, 1/01/14 1/96 at 102 A1 7,099,816 10,300,000 Metropolitan Nashville Airport Authority, 6.625%, 7/01/07 7/01 at 102 Aaa 10,963,011 TEXAS - 6.7% 14,360,000 Alliance Airport Authority (AMR Corporation), Alternative Minimum Tax, 7.500%, 12/01/29 12/00 at 102 Baa2 14,691,142 Arlington Independent School District, General Obligation: 11,635,000 0.000%, 2/15/11 2/05 at 72 Aaa 4,274,583 13,985,000 0.000%, 2/15/14 2/05 at 58 11/16 Aaa 4,193,962 5,000,000 Brazos River Authority (Houston Lighting and Power Project), 7.750%, 10/01/15 10/98 at 102 A 5,395,350 5,600,000 Dallas-Fort Worth International Airport (AMR Corporation), Alternative Minimum Tax, 7.500%, 11/01/25 11/00 at 102 Baa2 5,728,576 13,590,000 Fort Worth Housing Finance Corporation, 8.500%, 10/01/11 10/01 at 103 A 14,817,177 3,145,000 Galveston Property Finance Authority, Single Family Mortgage, 8.500%, 9/01/11 9/01 at 103 A 3,425,125 7,765,000 Houston Airport System, Subordinate Lien, 6.625%, 7/01/22 7/01 at 102 Aaa 8,003,308 18,500,000 Houston Water and Sewer System, Junior Lien, 6.375%, 12/01/17 12/01 at 102 Aaa 18,847,245 VERMONT - 0.7% Vermont Housing Finance Agency, Single Family Mortgage, Alternative Minimum Tax: 6,405,000 7.300%, 5/01/25 11/01 at 102 A1 6,676,380 1,595,000 6.875%, 5/01/25 11/01 at 102 A1 1,614,922 PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE VIRGINIA - 1.4% $ 10,500,000 Virginia Housing Development Authority, 7.150%, 1/01/33 1/02 at 102 AA+ $ 10,819,515 2,330,000 Richmond General Obligation, 6.250%, 1/15/21 1/01 at 102 AA 2,312,036 3,860,000 Roanoke Industrial Development Authority (Roanoke Memorial Hospitals), 6.500%, 7/01/25 (Pre-refunded to 7/01/00) 7/00 at 100 Aaa 4,117,153 WASHINGTON - 7.4% 4,750,000 Washington Health Care Facilities Authority (Yakima Valley Memorial Hospital), 7.250%, 1/01/21 1/01 at 102 A- 4,921,380 Washington Public Power Supply System, Nuclear Project No. 2: 4,000,000 5.375%, 7/01/11 7/04 at 102 AA 3,635,200 14,850,000 7.000%, 7/01/12 7/00 at 102 AA 15,484,244 14,500,000 Washington Public Power Supply System, Nuclear Project No. 3, 7.400%, 7/01/09 1/00 at 102 AA 15,358,400 2,540,000 Clark County School District No. 37 (Vancouver), General Obligation, 5.750%, 12/01/14 12/05 at 100 Aa 2,450,236 4,185,000 Douglas County Public Utility District No. 1 (Wells Hydroelectric Project), 8.750%, 9/01/18 9/06 at 106 A+ 5,241,838 12,415,000 King County School District No. 210, Federal Way General Obligation, 6.950%, 12/01/11 12/03 at 100 A 13,090,375 Municipality of Metropolitan Seattle, Limited Sales Tax, General Obligation: 9,810,000 6.625%, 1/01/11 1/97 at 102 Aa 10,114,600 10,310,000 6.875%, 1/01/20 1/97 at 102 Aa 10,592,390 4,000,000 Seattle Metropolitan Municipality Sewer System, 5.500%, 1/01/33 1/03 at 102 Aaa 3,540,719 4,000,000 North Thurston School District No. 3, General Obligation, 6.500%, 12/01/09 12/02 at 100 A 4,157,239 WISCONSIN - 1.5% 10,820,000 Wisconsin Health and Educational Facilities Authority (Novus Health Group), 6.750%, 12/15/20 12/01 at 102 Aaa 11,110,300 7,000,000 Wisconsin Housing and Economic Development Authority, 6.850%, 11/01/12 1/02 at 102 A1 7,196,979 WYOMING - 0.6% 2,390,000 Wyoming Community Development Authority, Single Family Mortgage, 7.400%, 6/01/31 6/01 at 102 AA 2,528,092 4,500,000 Wyoming Community Development Authority, Single Family Mortgage, Alternative Minimum Tax, 7.250%, 6/01/21 11/01 at 103 AA 4,685,445 $1,128,110,000 Total Investments - (cost $1,111,360,317) - 97.8% 1,164,432,668 ============== PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE TEMPORARY INVESTMENTS IN SHORT-TERM MUNICIPAL SECURITIES - 0.5% $ 5,400,000 Harris County Health Facilities Development ============== Corporation (St. Luke's Episcopal Hospital), Variable Rate Demand Bonds, 5.000%, 2/15/21t A-1+ $ 5,400,000 Other Assets Less Liabilities - 1.7% 20,862,654 Net Assets - 100% $1,190,695,322 ============== NUMBER MARKET MARKET STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT SUMMARY OF AAA Aaa 52 $ 420,624,004 36% RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 32 213,034,232 18 PORTFOLIO OF A+ A1 10 77,597,102 7 INVESTMENTS A, A- A, A2, A3 29 177,696,551 15 (EXCLUDING BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 33 242,496,563 21 TEMPORARY Non-rated Non-rated 4 32,984,216 3 INVESTMENTS): TOTAL 160 $1,164,432,668 100% * Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. N/R - Investment is not rated. t The security has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term security. The rate disclosed is that currently in effect. This rate changes periodically based on market conditions or a specified market index. See accompanying notes to financial statements.
PORTFOLIO OF INVESTMENTS (Unaudited) NUVEEN PREMIER MUNICIPAL INCOME FUND, INC. (NPF)
PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE ALABAMA - 1.0% $ 4,360,000 Alabama Higher Education Loan Corporation, Student Loan, Alternative Minimum Tax, 5.850%, 9/01/04 No Opt. Call Aaa $ 4,384,503 ALASKA - 0.5% 2,180,000 Anchorage Home Mortgage, 8.000%, 3/01/09 3/02 at 102 AAA 2,355,970 ARIZONA - 5.6% 5,500,000 Arizona Educational Loan Marketing Corporation, Alternative Minimum Tax, 6.950%, 3/01/01 No Opt. Call A 5,745,410 3,650,000 Maricopa County Unified School District No. 41, General Obligation, 6.100%, 7/01/14 (Pre-refunded to 7/01/04) 7/04 at 100 Aaa 3,876,008 1,250,000 Santa Cruz County Unified School District No. 1, Nogales General Obligation, 6.100%, 7/01/14 7/04 at 100 Aaa 1,261,225 12,460,000 Yuma Regional Medical Center, 8.000%, 8/01/17 8/02 at 101 1/2 BBB 13,270,897 ARKANSAS - 1.6% 2,000,000 Arkansas Development Finance Authority, Single Family Mortgage, Alternative Minimum Tax, 6.550%, 7/01/18 7/05 at 102 AAA 2,019,800 1,625,000 Arkansas Development Finance Authority, Single Family Mortgage, 6.600%, 7/01/17 7/05 at 102 AAA 1,675,586 505,538 Drew County Public Facilities Board, Single Family Mortgage, 7.900%, 8/01/11 8/03 at 103 Aaa 553,952 1,310,000 Greene County Residential Housing Board, 7.250%, 1/01/10 1/02 at 103 Aa 1,374,780 719,470 Stuttgart Public Facilities Board, Single Family Mortgage, 7.900%, 9/01/11 9/03 at 103 Aaa 784,863 COLORADO - 2.0% Colorado Health Facilities Authority (National Jewish Center): 1,500,000 6.600%, 2/15/02 No Opt. Call BBB- 1,466,190 1,250,000 6.875%, 2/15/12 2/02 at 102 BBB- 1,209,400 3,000,000 7.100%, 2/15/22 2/02 at 102 BBB- 2,919,060 City and County of Denver Airport System, Alternative Minimum Tax: 550,000 8.100%, 11/15/00 No Opt. Call Con(Baa) 592,471 2,220,000 8.500%, 11/15/23 11/00 at 102 Baa 2,400,042 CONNECTICUT - 0.5% 2,275,000 Connecticut Housing Finance Authority, Alternative Minimum Tax, 6.900%, 5/15/20 5/04 at 102 AA 2,347,618 PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE DISTRICT OF COLUMBIA - 3.3% $ 2,550,000 District of Columbia General Obligation, 6.100%, 6/01/11 6/04 at 102 Aaa $ 2,506,268 2,000,000 District of Columbia (Washington Hospital Center), 7.000%, 8/15/05 8/02 at 102 Baa1 2,004,280 District of Columbia Housing Finance Agency (FHA-Insured): 920,000 7.200%, 9/01/12 9/02 at 102 Aa 970,379 3,505,000 7.250%, 3/01/24 9/02 at 102 Aa 3,655,329 4,955,000 District of Columbia (Howard University), 7.250%, 10/01/20 10/00 at 102 AA- 5,103,254 GEORGIA - 1.7% Georgia Municipal Electric Authority, General Power: 755,000 8.000%, 1/01/15 No Opt. Call Aaa 957,672 2,000,000 7.250%, 1/01/24 No Opt. Call Aaa 2,330,720 3,500,000 Forsyth County School District, General Obligation, 6.750%, 7/01/16 No Opt. Call A1 3,825,290 ILLINOIS - 16.7% Illinois Development Finance Authority, Multi-Family Housing: 600,000 7.650%, 7/01/07 1/02 at 105 AAA 660,192 5,270,000 7.650%, 12/31/31 1/02 at 105 AAA 5,679,163 9,460,000 Illinois Development Finance Authority, Multi-Family Housing (Town and Garden Apartments Project), Alternative Minimum Tax, 7.800%, 3/01/06 3/02 at 102 BBB+ 9,812,574 865,000 Illinois Health Facilities Authority (Evangelical Hospitals), 6.750%, 4/15/12 4/02 at 102 AA- 887,750 4,815,000 Illinois Housing Development Authority (Garden House of Maywood), 7.000%, 9/01/18 9/02 at 102 A 4,950,494 920,000 Illinois Housing Development Authority, Elderly Housing (Morningside North), 6.600%, 1/01/07 1/03 at 102 A 946,708 Illinois Sales Tax: 2,000,000 6.800%, 6/15/10 6/99 at 102 AAA 2,091,900 6,390,000 6.800%, 6/15/12 (Pre-refunded to 6/15/00) 6/00 at 102 AAA 7,015,709 4,500,000 Chicago General Obligation (Central Public Library Project), 6.850%, 1/01/17 (Pre-refunded to 7/01/02) 7/02 at 101 1/2 Aaa 5,011,965 1,795,000 Chicago Board of Education, Lease Participation Certificates, 7.500%, 2/01/96 8/95 at 100 1/2 N/R 1,798,985 5,200,000 Chicago Tax Increment (Stockyards Industrial Redevelopment), 9.250%, 1/01/14 No Opt. Call N/R 5,486,000 PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE ILLINOIS (CONTINUED) $ 8,075,000 Cicero General Obligation, Tax Increment, 8.125%, 12/01/12 12/04 at 102 N/R $ 8,555,140 1,910,000 Cook County Community School District No. 168, General Obligation, 7.250%, 12/01/05 No Opt. Call N/R 1,997,440 2,000,000 Onterie Center Housing Finance Corporation (FHA-Insured), 7.050%, 7/01/27 7/02 at 102 Aaa 2,071,700 2,835,000 Sugar Grove Village Waterworks and Sewerage System, 7.500%, 5/01/17 5/02 at 102 N/R 2,894,365 Wood River Township Hospital General Obligation: 6,000,000 6.625%, 2/01/14 2/04 at 102 BBB 5,999,160 6,115,000 6.500%, 2/01/14 2/04 at 102 BBB 6,101,058 INDIANA - 2.0% 1,580,000 Indiana Housing Finance Authority, 10.200%, 1/01/16 1/96 at 102 1/2 Aa 1,659,316 2,000,000 Indianapolis Exempt Facility (Mid-America Energy Resources, Inc.), Alternative Minimum Tax, 7.250%, 12/01/11 6/99 at 102 AA- 2,060,120 2,170,000 Mill Creek Community School Building Corporation, 6.125%, 1/01/15 7/02 at 102 A 2,132,068 2,860,000 PHM Elementary/Middle School Building Corporation, 6.300%, 1/15/09 No Opt. Call A 2,952,607 IOWA - 0.4% 1,655,000 Iowa Student Loan Liquidity Corporation, Alternative Minimum Tax, 5.750%, 12/01/06 12/02 at 102 Aaa 1,632,889 KANSAS - 1.4% 4,000,000 Hutchinson Single Family Mortgage, 8.875%, 12/01/12 6/02 at 103 A 4,334,360 1,500,000 Kansas City Utility System, 6.250%, 9/01/14 9/04 at 102 Aaa 1,535,340 KENTUCKY - 3.5% 5,000,000 Kentucky Rural Economic Development Authority (Donnelly Corporation), Alternative Minimum Tax, 8.125%, 7/01/12 7/02 at 102 N/R 5,117,300 9,000,000 Carroll County Pollution Control (Kentucky Utilities Company), 7.450%, 9/15/16 9/02 at 102 Aa2 9,833,670 MAINE - 2.0% 8,470,000 Maine Educational Loan Marketing Corporation, Alternative Minimum Tax, 6.250%, 11/01/06 No Opt. Call A 8,686,578 PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE MARYLAND - 1.8% $ 2,000,000 Maryland Health and Higher Educational Facilities Authority (Anne Arundel Medical Center), 5.000%, 7/01/23 7/03 at 102 Aaa $ 1,698,420 6,000,000 Anne Arundel County, Multi-Family Housing (Woodside Project), Alternative Minimum Tax, 7.450%, 12/01/24 (Mandatory put 12/01/03) No Opt. Call BBB+ 6,234,240 MASSACHUSETTS - 6.6% 2,450,000 Massachusetts Health and Educational Facilities Authority (New England Deaconess Hospital), 6.875%, 4/01/22 4/02 at 102 A 2,490,597 3,875,000 Massachusetts Health and Educational Facilities Authority (Youville Hospital), 6.000%, 2/15/25 2/04 at 102 Aa 3,669,431 9,070,000 Massachusetts Industrial Finance Agency, Resource Recovery (SEMASS Project), Alternative Minimum Tax, 9.250%, 7/01/15 7/01 at 103 N/R 9,844,669 Massachusetts Municipal Wholesale Electric Company: 945,000 8.750%, 7/01/18 (Pre-refunded to 7/01/97) 7/97 at 102 Aaa 1,040,436 45,000 8.750%, 7/01/18 7/97 at 102 A 52,683 9,780,000 Massachusetts Water Resources Authority, 6.750%, 7/15/12 (Pre-refunded to 7/15/02) 7/02 at 102 Aaa 10,828,709 MICHIGAN - 0.7% 2,500,000 Wayne County Building Authority, Limited Tax, 8.000%, 3/01/17 (Pre-refunded to 3/01/02) 3/02 at 102 BBB- 2,933,600 MINNESOTA - 2.6% 11,180,000 Northwest Minnesota Multi-County Housing and Redevelopment Authority, 8.125%, 10/01/26 10/04 at 102 N/R 11,273,912 MISSISSIPPI - 0.4% 8,610,000 Mississippi Home Corporation, 0.000%, 9/15/16 3/04 at 41 11/16 A 1,878,099 MONTANA - 0.2% 1,000,000 Montana Health Facilities Authority (Sisters of Charity of Leavenworth), 5.250%, 12/01/10 12/03 at 102 Aa 920,860 NEBRASKA - 4.3% 2,350,000 Nebraska Higher Education Loan Program, Alternative Minimum Tax, 6.250%, 6/01/18 No Opt. Call Aa 2,253,016 4,145,000 Grand Island Electric System, 6.100%, 9/01/12 9/95 at 101 A1 4,181,352 10,935,000 Omaha Public Power District, 6.500%, 2/01/17 (Pre-refunded to 2/01/02) 2/02 at 101 1/2 AAA 11,936,209 PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE NEW HAMPSHIRE - 2.7% $ 9,200,000 New Hampshire Industrial Development Authority, Resource Recovery (SES Concord Project), 8.500%, 1/01/09 1/98 at 102 A+ $ 10,043,088 1,590,000 New Hampshire Municipal Bond Bank (Coe-Brown Northwood Academy), 7.250%, 5/01/09 No Opt. Call N/R 1,613,755 NEW JERSEY - 1.5% 3,000,000 New Jersey Economic Development Authority (Bridgewater Resources, Inc.), Alternative Minimum Tax, 8.375%, 11/01/04 No Opt. Call N/R 3,098,010 3,205,000 New Jersey Educational Facilities Authority (New Jersey Institute of Technology), 6.000%, 7/01/24 7/04 at 102 Aaa 3,165,514 NEW YORK - 10.3% 5,000,000 New York Local Government Assistance Corporation, 7.500%, 4/01/20 (Pre-refunded to 4/01/01) 4/01 at 102 Aaa 5,705,750 6,000,000 New York State Medical Care Facilities Finance Agency, Hospital and Nursing Home (FHA-Insured), 6.200%, 8/15/22 8/02 at 102 AAA 5,991,420 2,365,000 New York State Thruway Authority, 6.000%, 4/01/14 4/04 at 102 Aaa 2,330,684 8,450,000 New York State Urban Development Corporation, State Facilities, 7.500%, 4/01/20 4/01 at 102 Baa1 9,117,973 3,000,000 Buffalo Sewer Authority, 7.625%, 7/01/06 (Pre-refunded to 7/01/96) 7/96 at 103 Aaa 3,187,290 6,500,000 Dormitory Authority of the State of New York (City University), 7.625%, 7/01/20 (Pre-refunded to 7/01/00) 7/00 at 102 Aaa 7,407,920 New York City General Obligation: 3,500,000 7.500%, 2/01/01 No Opt. Call A- 3,763,340 1,550,000 6.500%, 8/01/02 No Opt. Call A- 1,593,369 3,080,000 6.600%, 8/01/04 No Opt. Call A- 3,155,214 2,000,000 6.625%, 8/01/12 (Pre-refunded to 8/01/02) 8/02 at 101 1/2 Aaa 2,207,540 100,000 6.625%, 8/01/12 8/02 at 101 1/2 Aaa 104,957 NORTH CAROLINA - 0.5% 2,130,000 North Carolina Housing Finance Agency, Multi-Family Housing, 6.900%, 7/01/24 7/02 at 102 AA 2,183,484 OHIO - 6.3% 14,810,000 Ohio Housing Finance Agency, Single Family Mortgage (GNMA), Alternative Minimum Tax, 7.650%, 3/01/29 9/99 at 102 AAA 15,447,719 1,000,000 Ohio Water Development Authority, 8.000%, 12/01/18 (Pre-refunded to 12/01/00) 12/00 at 100 AAA 1,133,760 PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE OHIO (CONTINUED) $ 8,500,000 Akron-Bath-Copley Joint Township Hospital District (Akron City Hospital), 8.875%, 11/15/07 (Pre-refunded to 11/15/97) 11/97 at 102 Aaa $ 9,493,225 1,040,000 Toledo-Lucas County Port Authority, Alternative Minimum Tax, 7.750%, 5/15/07 5/00 at 102 N/R 1,075,173 PENNSYLVANIA - 4.5% 2,000,000 Falls Township Hospital Authority (Delaware Valley Medical Center), 7.000%, 8/01/22 8/02 at 102 AAA 2,076,920 1,545,000 Northampton County Hospital Authority (Easton Hospital), 6.900%, 1/01/02 No Opt. Call BBB 1,579,515 7,715,000 Philadelphia Water and Sewer System, 7.350%, 9/01/04 No Opt. Call AAA 8,849,259 Philadelphia Hospital and Higher Educational Facilities Authority (Children's Seashore House): 2,500,000 7.000%, 8/15/12 8/02 at 102 A- 2,533,675 4,450,000 7.000%, 8/15/22 8/00 at 100 A- 4,513,012 TEXAS - 4.1% 4,453,448 Texas General Services Commission, 7.500%, 9/01/22 9/95 at 102 1/2 A 4,621,120 9,500,000 Harris County Health Facilities Development Corporation, 7.375%, 12/01/25 (Mandatory put 12/01/98) 5/95 at 101 1/2 Aa2 9,659,790 3,275,000 Victoria Housing Finance Corporation, Single Family Mortgage, 8.500%, 1/01/11 1/02 at 103 A 3,541,880 UTAH - 0.4% 1,500,000 Intermountain Power Agency, 7.750%, 7/01/17 (Pre-refunded to 7/01/96) 7/96 at 102 Aaa 1,581,194 VIRGINIA - 2.0% 5,000,000 Virginia Housing Development Authority, 7.100%, 1/01/22 1/02 at 102 AA+ 5,236,350 3,200,000 Suffolk Redevelopment Authority, Multi-Family Housing (Chase Heritage Project), 7.000%, 7/01/24 (Mandatory put 7/01/04) 7/02 at 104 N/R 3,383,680 WASHINGTON - 2.9% 9,500,000 Washington General Obligation, 6.250%, 2/01/11 No Opt. Call AA 9,966,734 2,500,000 Washington Health Care Facilities Authority (Sacred Heart Medical Center Spokane), 6.875%, 2/15/12 2/02 at 102 AA- 2,582,850 WEST VIRGINIA - 0.5% 2,000,000 West Virginia Housing Development Fund, Alternative Minimum Tax, 7.200%, 11/01/20 5/02 at 102 Aa 2,075,000 PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE WISCONSIN - 2.1% $ 5,950,000 Wisconsin Housing and Economic Development Authority, 6.850%, 11/01/12 1/02 at 102 A1 $ 6,117,432 2,985,000 Silver Lake Sanitary District Sewer System, 8.000%, 10/01/18 10/02 at 100 N/R 3,083,922 WYOMING - 1.0% 4,000,000 Wyoming Community Development Authority, Alternative Minimum Tax, 7.750%, 6/01/09 11/99 at 103 AA 4,219,560 $406,503,456 Total Investments - (cost $404,120,554) - 97.6% 420,172,829 ============ TEMPORARY INVESTMENTS IN SHORT-TERM MUNICIPAL SECURITIES - 0.8% New Jersey Economic Development Authority, Dock Facility (Bayonne/IMTT), Variable Rate Demand Bonds: $ 1,450,000 5.000%, 12/01/27t VMIG-1 1,450,000 600,000 4.950%, 12/01/27t VMIG-1 600,000 600,000 Port Authority of New York and New Jersey, Special Obligation, Versatile Structure, Variable Rate Demand Bonds, Alternative Minimum Tax, 5.050%, 8/01/28t VMIG-1 600,000 800,000 Port Authority of New York and New Jersey, Versatile Structure, Variable Rate Demand Bonds, 4.800%, 5/01/19t A-1+ 800,000 $ 3,450,000 Total Temporary Investments - 0.8% 3,450,000 ============ Other Assets Less Liabilities - 1.6% 7,082,030 Net Assets - 100% $430,704,859 ============ NUMBER MARKET MARKET STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT SUMMARY OF AAA Aaa 37 $142,592,351 34% RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 19 70,659,291 17 PORTFOLIO OF A+ A1 4 24,167,162 6 INVESTMENTS A, A- A, A2, A3 17 57,891,214 14 (EXCLUDING BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 14 65,640,460 15 TEMPORARY Non-rated Non-rated 13 59,222,351 14 INVESTMENTS): TOTAL 104 $420,172,829 100% * Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. N/R - Investment is not rated. Con. Rating is conditional. Bonds for which the security depends upon the completion of some act or the fulfillment of some condition are rated conditionally. These are bonds secured by (a) earnings by projects under construction, (b) earnings of projects unseasoned in operation experience, (c) rentals which begin when facilities are completed, or (d) payments to which some other limiting condition attaches. Parenthetical rating denotes probable credit stature upon completion of construction or elimination of basis of condition. t The security has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term security. The rate disclosed is that currently in effect. This rate changes periodically based on market conditions or a specified market index. See accompanying notes to financial statements.
STATEMENT OF NET ASSETS (Unaudited)
NQM NQS NQU NPF ASSETS Investments in municipal securities, at market value (note 1) $774,048,452 $718,547,557 $1,164,432,668 $420,172,829 Temporary investments in short-term municipal securities, at amortized cost (note 1) 2,910,000 -- 5,400,000 3,450,000 Cash 95,110 3,229,556 1,215,745 447,606 Receivables: Interest 17,196,373 14,305,490 24,218,271 8,163,407 Investments sold 65,532 243,279 1,195,474 175,000 Prepaid Preferred shares auction fees (note 1) 283,675 266,590 399,114 265,137 Other assets 73,248 49,443 85,595 42,857 ------------ ------------ ------------- ------------ Total assets 794,672,390 736,641,915 1,196,946,867 432,716,836 ------------ ------------ ------------- ------------ LIABILITIES Payable for investments purchased -- 125,115 -- -- Accrued expenses: Management fees (note 6) 408,600 379,467 609,411 226,113 Other 176,855 180,062 367,431 81,046 Preferred share dividends payable 469,975 454,837 736,549 64,292 Common share dividends payable 3,168,703 2,901,505 4,538,154 1,640,526 ------------ ------------ ------------- ------------ Total liabilities 4,224,133 4,040,986 6,251,545 2,011,977 ------------ ------------ ------------- ------------ Net assets (note 7) $790,448,257 $732,600,929 $1,190,695,322 $430,704,859 ============ ============ ============== ============ Preferred shares, at liquidation value $250,000,000 $240,000,000 $ 400,000,000 $140,000,000 ============ ============ ============== ============ Preferred shares outstanding 10,000 9,600 16,000 5,600 ============ ============ ============== ============ Common shares outstanding 35,404,502 33,350,630 53,077,819 19,647,018 ============ ============ ============== ============ Net asset value per Common share outstanding (net assets less Preferred shares at liquidation value, divided by Common shares outstanding) $ 15.26 $ 14.77 $ 14.90 $ 14.80 ============ ============ ============== ============ See accompanying notes to financial statements.
STATEMENT OF OPERATIONS Six months ended April 30, 1995 (Unaudited)
NQM NQS NQU NPF INVESTMENT INCOME Interest income (note 1) $26,662,761 $24,448,604 $39,462,042 $14,191,318 ------------ ------------ ------------ ----------- Expenses: Management fees (note 6) 2,406,481 2,227,412 3,579,273 1,327,839 Preferred shares--auction fees 335,759 322,329 532,050 188,025 Preferred shares--dividend disbursing agent fees 19,836 19,836 27,273 9,919 Shareholders' servicing agent fees and expenses 49,059 46,532 79,635 22,809 Custodian's fees and expenses 52,299 45,568 66,262 38,599 Directors' fees and expenses (note 6) 4,186 4,566 6,260 2,586 Professional fees 6,433 10,566 14,424 9,790 Shareholders' reports--printing and mailing expenses 72,398 108,894 151,408 37,386 Stock exchange listing fees 19,803 19,029 28,243 5,488 Investor relations expense 28,747 19,747 43,889 7,984 Other expenses 16,276 17,944 46,634 12,834 ------------ ------------ ----------- ----------- Total expenses 3,011,277 2,842,423 4,575,351 1,663,259 ------------ ------------ ----------- ----------- Net investment income 23,651,484 21,606,181 34,886,691 12,528,059 ------------ ------------ ----------- ----------- REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS Net realized gain (loss) from investment transactions (note 3) (228,804) (99,505) 2,461,662 (1,009,256) Net change in unrealized appreciation or depreciation of investments 22,650,515 25,735,259 35,280,882 16,452,609 ------------ ------------ ----------- ----------- Net gain from investments 22,421,711 25,635,754 37,742,544 15,443,353 ------------ ------------ ----------- ----------- Net increase in net assets from operations $46,073,195 $47,241,935 $72,629,235 $27,971,412 ============ ============ =========== =========== See accompanying notes to financial statements.
STATEMENT OF CHANGES IN NET ASSETS (Unaudited)
NQM NQS 6 months ended Year ended 6 months ended Year ended 4/30/95 10/31/94 4/30/95 10/31/94 OPERATIONS Net investment income $ 23,651,484 $ 46,705,099 $ 21,606,181 $ 43,574,518 Net realized gain (loss) from investment transactions (228,804) 101,899 (99,505) (6,626,291) Net change in unrealized appreciation or depreciation of investments 22,650,515 (62,309,886) 25,735,259 (61,883,373) ------------ ------------ ------------ ------------ Net increase (decrease) in net assets from operations 46,073,195 (15,502,888) 47,241,935 (24,935,146) ------------ ------------ ------------ ------------ DISTRIBUTIONS TO SHAREHOLDERS (note 1) From undistributed net investment income: Common shareholders (19,277,754) (39,478,158) (17,699,754) (35,968,688) Preferred shareholders (5,070,061) (8,586,021) (4,831,525) (8,310,298) From accumulated net realized gains from investment transactions: Common shareholders -- -- -- (572,641) Preferred shareholders -- -- -- (92,880) ------------ ------------ ------------ ------------ Decrease in net assets from distributions to shareholders (24,347,815) (48,064,179) (22,531,279) (44,944,507) ------------ ------------ ------------ ------------ CAPITAL SHARE TRANSACTIONS (note 2) Common shares: Net proceeds from Common shares issued to shareholders due to reinvestment of distributions from net investment income and from net realized gains from investment transactions -- 3,359,186 502,249 3,844,871 ------------ ------------ ------------ ------------ Net increase in net assets derived from capital share transactions -- 3,359,186 502,249 3,844,871 ------------ ------------ ------------ ------------ Net increase (decrease) in net assets 21,725,380 (60,207,881) 25,212,905 (66,034,782) Net assets at beginning of period 768,722,877 828,930,758 707,388,024 773,422,806 ------------ ------------ ------------ ------------ Net assets at end of period $790,448,257 $768,722,877 $732,600,929 $707,388,024 ============ ============ ============ ============ Balance of undistributed net investment income at end of period $ 1,873,226 $ 2,569,557 $ 1,470,274 $ 2,395,372 ============ ============ ============ ============ See accompanying notes to financial statements. STATEMENT OF CHANGES IN NET ASSETS (Unaudited) NQU NPF 6 months ended Year ended 6 months ended Year ended 4/30/95 10/31/94 4/30/95 10/31/94 OPERATIONS Net investment income $ 34,886,691 $ 69,987,269 $ 12,528,059 $ 24,655,054 Net realized gain (loss) from investment transactions 2,461,662 (5,529,513) (1,009,256) 1,363,161 Net change in unrealized appreciation or depreciation of investments 35,280,882 (107,979,689) 16,452,609 (37,983,881) -------------- -------------- ------------ ------------ Net increase (decrease) in net assets from operations 72,629,235 (43,521,933) 27,971,412 (11,965,666) -------------- -------------- ------------ ------------ DISTRIBUTIONS TO SHAREHOLDERS (note 1) From undistributed net investment income: Common shareholders (27,547,410) (58,082,228) (9,843,162) (20,432,905) Preferred shareholders (8,115,147) (13,580,513) (2,626,495) (4,672,674) From accumulated net realized gains from investment transactions: Common shareholders -- (1,124,003) (1,104,162) (216,118) Preferred shareholders -- (211,980) (259,085) (41,510) -------------- -------------- ------------ ------------ Decrease in net assets from distributions to shareholders (35,662,557) (72,998,724) (13,832,904) (25,363,207) -------------- -------------- ------------ ------------ CAPITAL SHARE TRANSACTIONS (note 2) Common shares: Net proceeds from Common shares issued to shareholders due to reinvestment of distributions from net investment income and from net realized gains from investment transactions -- 873,962 -- -- -------------- -------------- ------------ ------------ Net increase in net assets derived from capital share transactions -- 873,962 -- -- -------------- -------------- ------------ ------------ Net increase (decrease) in net assets 36,966,678 (115,646,695) 14,138,508 (37,328,873) Net assets at beginning of period 1,153,728,644 1,269,375,339 416,566,351 453,895,224 -------------- -------------- ------------ ------------ Net assets at end of period $1,190,695,322 $1,153,728,644 $430,704,859 $416,566,351 ============== ============== ============ ============ Balance of undistributed net investment income at end of period $ 2,744,313 $ 3,520,179 $ 1,604,893 $ 1,546,491 ============== ============== ============ ============ See accompanying notes to financial statements.
NOTES TO FINANCIAL STATEMENTS (Unaudited) 1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES At April 30, 1995, 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). 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 generally accepted accounting principles. Securities Valuation Portfolio securities for which market quotations are readily available are valued at the mean between the quoted bid and asked prices or the yield equivalent. Portfolio securities for which market quotations are not readily available are valued at fair value by consistent application of methods determined in good faith by the Board of Directors. Temporary investments in securities that have variable rate and demand features qualifying them as short-term securities are traded and valued at amortized cost. 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 be settled a month or more after the transaction date. 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 their purchase commitments. At April 30, 1995, there were no such purchase commitments in any of the Funds. Interest 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 when required for federal income tax purposes. Federal Income Taxes The Funds intend to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies by distributing all of their net investment income, in addition to any significant amounts of net realized gains from investments, to shareholders. The Funds currently consider significant net realized gains as amounts in excess of $.01 per Common share. 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 Net investment income is declared as a dividend monthly and payment is made or reinvestment is credited to shareholder accounts after month-end. Net realized gains from securities transactions are distributed to shareholders not less frequently than annually only to the extent they exceed available capital loss carryovers. Distributions to shareholders of net investment income and net realized capital gains are recorded on the ex-dividend date. The amount and timing of such distributions are determined in accordance with federal income tax regulations, which may differ from generally accepted accounting principles. Accordingly, temporary over-distributions as a result of these differences may result and will be classified as either distributions in excess of net investment income or distributions in excess of accumulated net realized capital gains, if applicable. Preferred Shares The following 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, except for those Series which have lengthened their current dividend periods from seven days to three years (as indicated below). The number of shares outstanding, by Series and in total, for each Fund is as follows:
NQM NQS NQU NPF Number of shares: Series M 2,500* 2,000 3,000 -- Series T 2,500 2,000* 3,000 2,800* Series W 2,500 2,800 3,000* -- Series Th -- -- 4,000* 2,800 Series F 2,500* 2,800* 3,000 -- ------ ----- ------ ----- Total 10,000 9,600 16,000 5,600 ====== ===== ====== ===== *Three year period Preferred share auction fees paid in connection with lengthening the dividend periods on the Series noted above have been capitalized and are being amortized over the respective dividend periods. 2. FUND SHARES Transactions in Common shares were as follows: NQM NQS 6 months ended Year ended 6 months ended Year ended 4/30/95 10/31/94 4/30/95 10/31/94 Common shares: Shares issued to shareholders due to reinvestment of distributions from net investment income and from net realized gains from investment transactions -- 208,785 34,939 248,378 ====== ======= ====== ======= NQU NPF 6 months ended Year ended 6 months ended Year ended 4/30/95 10/31/94 4/30/95 10/31/94 Common shares: Shares issued to shareholders due to reinvestment of distributions from net investment income and from net realized gains from investment transactions -- 58,734 -- -- ====== ====== ====== ======
3. SECURITIES TRANSACTIONS Purchases and sales (including maturities) of investments in municipal securities and temporary municipal investments during the six months ended April 30, 1995, were as follows:
NQM NQS NQU NPF PURCHASES Investments in municipal securities $20,767,373 $49,242,520 $123,783,300 $54,808,051 Temporary municipal investments 24,710,000 53,300,000 47,550,000 34,600,000 SALES AND MATURITIES Investments in municipal securities 20,357,950 46,446,740 128,353,726 56,601,250 Temporary municipal investments 26,800,000 56,700,000 53,250,000 31,150,000 =========== =========== ============ =========== At April 30, 1995, the identified cost of investments owned for federal income tax purposes was the same as the cost for financial reporting purposes for each Fund. At October 31, 1994, the Funds' last fiscal year end, the following Funds had unused capital loss carryovers available for federal income tax purposes to be applied against future security gains, if any. If not applied the carryovers will expire as follows: NQM NQS NQU Expiration year: 2001 $2,593,847 $ -- $ -- 2002 -- 6,626,291 5,529,513 ---------- ---------- ---------- Total $2,593,847 $6,626,291 $5,529,513 ========== ========== ==========
4. DISTRIBUTIONS TO COMMON SHAREHOLDERS On May 1, 1995, the Funds declared Common share dividend distributions from their ordinary income which were paid June 1, 1995, to shareholders of record on May 15, 1995, as follows:
NQM NQS NQU NPF Dividend per share $.0895 $.0870 $.0855 $.0845 ====== ====== ====== ====== 5. UNREALIZED APPRECIATION (DEPRECIATION) Gross unrealized appreciation and gross unrealized depreciation of investments at April 30, 1995, were as follows: NQM NQS NQU NPF Gross unrealized: Appreciation $53,391,289 $39,941,715 $58,584,627 $16,875,192 Depreciation (5,745,572) (6,442,104) (5,512,276) (822,917) ----------- ----------- ----------- ------------ Net unrealized appreciation $47,645,717 $33,499,611 $53,072,351 $16,052,275 =========== =========== =========== ============
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 to the Adviser an annual management fee, payable monthly, at the rates set forth below, which are based upon the average daily net asset value of each Fund:
Average daily net asset value Management fee For the first $125,000,000 .65 of 1% For the next $125,000,000 .6375 of 1 For the next $250,000,000 .625 of 1 For the next $500,000,000 .6125 of 1 For the next $1,000,000,000 .6 of 1 For net assets over $2,000,000,000 .5875 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 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, 1995, net assets consisted of: NQM NQS NQU NPF Preferred shares, $25,000 stated value per share, at liquidation value $250,000,000 $240,000,000 $ 400,000,000 $140,000,000 Common shares, $.01 par value per share 354,045 333,506 530,778 196,470 Paid-in surplus 493,397,920 464,023,334 737,415,731 272,358,652 Balance of undistributed net investment income 1,873,226 1,470,274 2,744,313 1,604,893 Accumulated net realized gain (loss) from investment transactions (2,822,651) (6,725,796) (3,067,851) 492,569 Net unrealized appreciation or depreciation of investments 47,645,717 33,499,611 53,072,351 16,052,275 ------------ ------------ -------------- ------------ Net assets $790,448,257 $732,600,929 $1,190,695,322 $430,704,859 ============ ============ ============== ============ 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 Each Fund invests in municipal securities which include general obligation, escrowed and revenue bonds. At April 30, 1995, the revenue sources by municipal purpose for these investments, expressed as a percent of total investments, were as follows:
NQM NQS NQU NPF Revenue Bonds: Housing Facilities 16% 25% 22% 28% Health Care Facilities 11 7 13 11 Pollution Control Facilities 10 12 12 4 Transportation 2 7 8 1 Educational Facilities 4 2 2 8 Electric Utilities 7 7 5 2 Water / Sewer Facilities 2 5 4 2 Lease Rental Facilities 3 -- 2 4 Other 7 3 6 7 General Obligation Bonds 3 3 8 13 Escrowed Bonds 35 29 18 20 ---- ---- ---- ---- 100% 100% 100% 100% ==== ==== ==== ==== Certain long-term and intermediate-term investments owned by the Funds are 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, either of which ensure the timely payment of principal and interest in the event of default (51% for NQM, 36% for NQS, 31% for NQU and 25% for NPF). Such insurance or escrow, however, does not guarantee the market value of the municipal securities or the value of any of the Funds' shares. All of the temporary investments in short-term municipal securities have credit enhancements (letters of credit, guarantees or insurance) issued by third party domestic or foreign banks or other institutions. 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 is as follows: Operating performance Dividends from net investment income Net realized & Net asset Net unrealized value invest- gain (loss) To To beginning ment from invest- Common Preferred of period income ments** shareholders shareholderstt NQM 6 mos. ended 4/30/95 $14.650 $ .668 $ .630 $ (.545) $(.143) Year ended 10/31, 1994 16.450 1.322 (1.761) (1.118) (.243) 1993 15.340 1.395 1.196 (1.230) (.214) 1992 15.130 1.441 .169 (1.157) (.243) 1991 13.930 1.457 1.185 (1.092) (.350) 6/21/90 to 10/31/90 14.050 .318 (.027) (.178) (.034) NQS 6 mos. ended 4/30/95 14.030 .648 .768 (.531) (.145) Year ended 10/31, 1994 16.130 1.311 (2.058) (1.083) (.250) 1993 14.920 1.348 1.304 (1.218) (.224) 1992 14.640 1.379 .197 (1.053) (.243) 3/21/91 to 10/31/91 14.050 .653 .671 (.425) (.124) Distributions from capital gains Per Common share market To To Organiza- Net asset value Common Preferred tion and value end end of shareholders shareholderstt offering costs of period period NQM 6 mos. ended 4/30/95 $ -- $ -- $ -- $15.260 $14.750 Year ended 10/31, 1994 -- -- -- 14.650 13.375 1993 (.031) (.006) -- 16.450 17.500 1992 -- -- -- 15.340 15.750 1991 -- -- -- 15.130 16.000 6/21/90 to 10/31/90 -- -- (.199) 13.930 14.250 NQS 6 mos. ended 4/30/95 -- -- -- 14.770 14.250 Year ended 10/31, 1994 (.017) (.003) -- 14.030 13.125 1993 -- -- -- 16.130 16.500 1992 -- -- -- 14.920 14.750 3/21/91 to 10/31/91 -- -- (.185) 14.640 15.000 Ratios/Supplemental data Total invest- Ratio of ment net return Total Net assets Ratio of investment on return on end of expenses income Portfolio market net asset period (in to average to average turnover valuet valuet thousands) net assetsttt net assetsttt rate NQM 6 mos. ended 4/30/95 14.65% 8.08% $790,448 .78*% 6.16*% 3% Year ended 10/31, 1994 (17.87) (4.32) 768,723 .79 5.83 7 1993 19.75 16.01 828,931 .77 6.02 14 1992 5.67 9.29 783,237 .74 6.37 5 1991 20.66 17.08 769,837 .75 6.67 3 6/21/90 to 10/31/90 (3.80) .42 724,011 .72* 6.06* -- NQS 6 mos. ended 4/30/95 12.87 9.29 732,601 .80* 6.09* 7 Year ended 10/31, 1994 (14.45) (6.43) 707,388 .80 5.89 11 1993 20.73 16.87 773,423 .81 5.87 8 1992 5.41 9.32 727,874 .79 6.18 5 3/21/91 to 10/31/91 2.91 7.33 713,377 .79* 5.81* 1 See notes on page 62.
FINANCIAL HIGHLIGHTS (Unaudited)
selected data for a common share outstanding throughout each period is as follows: Operating performance Dividends from net investment income Net realized & Net asset Net unrealized value invest- gain (loss) To To beginning ment from invest- Common Preferred of period income ments** shareholders shareholderstt NQU 6 mos. ended 4/30/95 $14.200 $ .657 $ .715 $ (.519) $(.153) Year ended 10/31, 1994 16.400 1.319 (2.143) (1.095) (.256) 1993 14.620 1.341 1.824 (1.151) (.234) 1992 14.290 1.325 .276 (1.019) (.252) 6/19/91 to 10/31/91 14.050 .276 .329 (.168) (.021) NPF 6 mos. ended 4/30/95 14.080 .638 .786 (.501) (.134) Year ended 10/31, 1994 15.980 1.255 (1.864) (1.040) (.238) 1993 14.070 1.248 1.850 (.972) (.186) 12/19/91 to 10/31/92 14.050 .741 .191 (.640) (.090) Distributions from capital gains Per Common share market To To Organiza- Net asset value Common Preferred tion and value end end of shareholders shareholderstt offering costs of period period NQU 6 mos. ended 4/30/95 $ -- $ -- $ -- $14.900 $14.125 Year ended 10/31, 1994 (.021) (.004) -- 14.200 12.875 1993 -- -- -- 16.400 16.375 1992 -- -- -- 14.620 14.250 6/19/91 to 10/31/91 -- -- (.176) 14.290 14.625 NPF 6 mos. ended 4/30/95 (.056) (.013) -- 14.800 14.000 Year ended 10/31, 1994 (.011) (.002) -- 14.080 12.750 1993 (.026) (.004) -- 15.980 15.250 12/19/91 to 10/31/92 -- -- (.182) 14.070 14.000 Ratios/Supplemental data Total invest- Ratio of ment net return Total Net assets Ratio of investment on return on end of expenses income Portfolio market net asset period (in to average to average turnover valuet valuet thousands) net assetsttt net assetsttt rate NQU 6 mos. ended 4/30/95 13.98% 8.80% $1,190,695 .79*% 6.04*% 11% Year ended 10/31, 1994 (15.32) (6.86) 1,153,729 .79 5.78 12 1993 23.62 20.73 1,269,375 .80 5.78 7 1992 4.35 9.64 1,170,752 .78 5.95 8 6/19/91 to 10/31/91 (1.39) 2.91 1,146,962 .74* 5.13* -- NPF 6 mos. ended 4/30/95 14.52 9.32 430,705 .80* 6.00* 13 Year ended 10/31, 1994 (10.05) (5.51) 416,566 .81 5.66 31 1993 16.68 21.31 453,895 .82 5.59 12 12/19/91 to 10/31/92 (2.47) 4.73 415,743 .79* 4.91* 14 * Annualized. ** Net of taxes, if applicable. t 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. tt The amounts shown are based on Common share equivalents. ttt Ratios do not reflect the effect of dividend payments to Preferred shareholders.
Our commitment to you Photo of John Nuveen For nearly 100 years, Nuveen has earned its reputation as a tax-free income specialist by focusing on municipal bonds. For almost a century, John Nuveen & Co. Incorporated has concentrated its resources and expertise in one area: municipal bonds. We are one of the oldest and largest investment banking firms specializing exclusively in municipal securities, and we strive to be the best. Our approach to managing our shareholders' investments endures. We maintain a sharp focus on the needs of prudent investors and their families, offer investments of quality, and then work to make them better by seeking out opportunity. We hold to a dedicated belief in the importance of research. And we sustain a commitment to sound financial management through value investing. Our hope is that by providing quality investments we may foster opportunity for our investors. Through careful research, attention to detail, and our philosophy of managing for long-term value, we strive to provide our shareholders with the attractive level of income they need to achieve their personal goals and aspirations. John Nuveen & Co. Incorporated 333 West Wacker Drive Chicago, Illinois 60606-1286 ETF3-JUN 95 -----END PRIVACY-ENHANCED MESSAGE-----