-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, M5fF6HXrBmNWSXuEhh/eNKBNgKFXgvS/PXCxizAtIK3LInM0errX0Zn8IePAMRtc 0Wc6udzud/wA4q0vU/64xg== 0000891804-98-001314.txt : 19980710 0000891804-98-001314.hdr.sgml : 19980710 ACCESSION NUMBER: 0000891804-98-001314 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19980430 FILED AS OF DATE: 19980709 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: SEC FILE NUMBER: 811-06456 FILM NUMBER: 98662736 BUSINESS ADDRESS: STREET 1: 333 WEST WACKER DR CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3129178200 N-30D 1 NUVEEN PREMIER MUNI INCOME FUND INC(NPF) NUVEEN Exchange-Traded Funds APRIL 30, 1998 Semiannual Report DEPENDABLE, TAX-FREE INCOME TO HELP YOU KEEP MORE OF WHAT YOU EARN. NQM Investment Quality NQS Select Quality NQU Quality Income NPF Premier Income Photo of: People looking into canyon. Highlights As of April 30, 1998 =============================================================================== A New Benefit for Nuveen Exhange-Traded Fund Shareholders The benefits of your Nuveen Exchange-Traded Fund just got better. Now investors with at least $50,000 in Nuveen holdings - including Exchange-Traded Funds are eligible for a reduction in the sales charge on purchases of Class A shares of any Nuveen Mutual Fund. This program is available for any of Nuveen's collection of Premier Adviser(sm) equity and municipal bond investments. Now you can diversify your portfolio with the quality investments you count on from Nuveen and the benefit of reduced rates. For more information, contact your financial adviser and ask for a prospectus. Or call Nuveen Investor Services at (800) 257-8787. Please read it carefully before you invest. Contents 1 Dear Shareholder 3 Portfolio Manager Roundtable 5 NQM Performance Overview 6 NQS Performance Overview 7 NQU Performance Overview 8 NPF Performance Overview 9 Portfolio of Investments 35 Statement of Net Assets 36 Statement of Operations 37 Statement of Changes in Net Assets 38 Notes to Financial Statements 42 Financial Highlights 44 Building Better Portfolios 45 Fund Information ================================================================================ Credit Quality Performance Highlights Nuveen Investment Quality Municipal Fund, Inc. (NQM) o Graphic: 4 stars Four-star rating by Morningstar* o Taxable equivalent yield of 9.19% for investors in the 31% federal income tax bracket o Outperformed Lehman Brothers Municipal Bond Index for one-year period** PIE CHART: AAA 65% AA 15% A 10% BBB/NR 10% Nuveen Select Quality Municipal Fund, Inc. (NQS) o Graphic: 4 stars Four-star rating by Morningstar* o Taxable equivalent yield of 9.03% for investors in the 31% federal income tax bracket o Outperformed Lehman Brothers Municipal Bond Index for one-year period** PIE CHART: AAA 62% AA 12% A 13% BBB/NR 13% Nuveen Quality Income Municipal Fund, Inc. (NQU) o Graphic: 4 stars Four-star rating by Morningstar* o Steady dividend for 39 consecutive months o Taxable equivalent yield of 9.14% for investors in the 31% federal income tax bracket PIE CHART: AAA 50% AA 14% A 15% BBB/NR 21% Nuveen Premier Municipal Income Fund, Inc. (NPF) o Graphic: 4 stars Four-star rating by Morningstar* o Taxable equivalent yield of 8.96% for investors in the 31% federal income tax bracket o One-year taxable equivalent total return on share price of 13.83% for investors in the 31% federal income tax bracket PIE CHART: AAA 43% AA 14% A 17% BBB/NR 26% * Overall rating within the municipal bond category for the period ended 4/30/98. Morningstar proprietary ratings reflect historical risk-adjusted performance and are subject to change every month. Ratings are calculated from a fund's three-, five- and 10-year average annual returns in excess of 90-day Treasury bill returns, with appropriate fee adjustments and a risk factor that reflects fund performance below 90-day Treasury bill returns. NQM earned three and four stars for the three- and five-year periods ended 4/30/98. NQS earned four stars for the three- and five-year periods ended 4/30/98. NQU earned five and four stars for the three- and five-year periods ended 4/30/98. NPF earned three and four stars for the three- and five-year periods ended 4/30/98. In an investment category, 10% of funds receive five stars, 22.5% receive four stars and 35% receive three stars. 195 municipal bond funds were rated for the three-year period and 155 for the five-year period, each ended 4/30/98. **The Lehman Brothers Municipal Bond Index is an unleveraged index comprised of more than 42,000 separate issues. Blow-in copy: NOW MAY BE THE TIME TO INVEST IN EUROPE Europe's strong stock markets and continuing economic development are creating exceptional opportunities for investors around the world. Now may be the time to move some of your portfolio into European companies by investing in the Nuveen European Value Fund. The Nuveen European Value Fund seeks to invest in a portfolio of quality, currently undervalued European companies that offer the potential for significant price appreciation. The fund's overall management is provided by Nuveen, with Institutional Capital Corporation -- Nuveen's Premier Adviser(sm) for value investing -- serving as portfolio manager. Diversifying your portfolio with investments in European stocks can provide the potential for enhanced returns and reduced risk. As a Nuveen investor, you may be eligible for a reduced sales charge based on the amount of your current Nuveen holdings. Investing overseas may present some special risks, and is not for everyone. To determine if the European Value Fund would help you build a better portfolio, talk with your financial adviser and ask for a prospectus, which details all fees and expenses. A prospectus is also available from Nuveen by calling (800) 621-7227. Please read it carefully before you invest. (See other side for a Nuveen product listing) NUVEEN INVESTMENTS CAN HELP YOU SUSTAIN THE WEALTH OF A LIFETIME MUTUAL FUNDS Nuveen European Value Fund Nuveen Rittenhouse Growth Fund Growth and Income Stock Fund Balanced Stock and Bond Fund Balanced Municipal and Stock Fund National Municipal Bond Funds State-Specific Municipal Bond Funds UNIT TRUSTS Equity Corporate Bond Municipal Bond EXCHANGE-TRADED FUNDS MUNI PREFFERED(R) PRIVATE ASSET MANAGEMENT Photo of: Timothy R. Schwertfeger Chairman of the Board Sidebar text: Wealth takes a lifetime to build. Once achieved, it should be preserved. Mountain Chart: Bond Buyer 40 4/30/97 5.89 5/31/97 5.74 6/30/97 5.69 7/31/97 5.4 8/31/97 5.55 9/30/97 5.47 10/31/97 5.4 11/30/97 5.36 12/31/97 5.26 1/31/98 5.19 2/28/98 5.24 3/31/98 5.27 4/30/98 5.39 Dear Shareholder I'm pleased to report that over the past 12 months, the Nuveen exchange-traded funds continued to perform well and meet their objectives of providing attractive income and after-tax total returns. As of April 30, 1998, shareholders were receiving annual current market yields that ranged from 6.18% to 6.34%. To match these yields, investors in the 31% federal income tax bracket would have to earn between 8.96% and 9.19% on taxable alternatives. The declining interest rate environment over the past year had a significant impact on the funds' performance. As you can see on the chart below, the yield on the Bond Buyer 40, a representation of the long-term municipal bond market, fell from 5.89% to 5.39% during the year. The decline had an impact on the funds' income levels, and the dividends for the Nuveen Investment Quality, Select Quality and Premier Income funds were adjusted during the year (the dividend for the Nuveen Quality Income fund remained steady during the 12-month period). As interest rates declined, higher-yielding bonds that were called or sold from the portfolios had to be replaced with bonds paying today's lower interest rates. As a result, the funds' dividends were reduced to compensate for the lower levels of income being earned by the portfolios. However, the decline in interest rates also had a positive impact on the funds because many portfolio holdings appreciated in value during the period. Many of the bonds in the portfolios have higher coupon rates than are available in today's market, and the value of those bonds increased as rates trended downward. The price appreciation resulting from this and other factors led to the funds' strong total returns over the year. The Economy in Review The past 12 months were noteworthy for the ongoing performance of the equity markets, which continued to exhibit remarkable strength. Fixed-income investments also enjoyed bullish performance, as declining interest rates and low inflation provided the ideal backdrop for a bond market rally. Much of the decline in interest rates resulted from expectations that the financial problems of Asia would restrain the prices of imported goods and reduce foreign demand for U.S. products and services, thereby keeping inflation at moderate levels. These inflation expectations were largely fulfilled, as the Consumer Price Index rose only 1.4% for the 12 months ended April 1998, remaining at one of its lowest levels in more than 30 years. In coming months, we will continue to watch closely several key factors that are likely to affect the future of the economy, including demand for goods and services, changes in U.S. production capacity, the availability of qualified employees, and stability of the money supply. While it is still too early for the full impact of Asia's financial difficulties to show up in U.S. economic statistics, the potential long-term effect of this crisis on American markets is of special concern. We expect that the development of these factors will continue to influence the tone of the fixed-income markets during the remainder of the year. Building Better Portfolios As economic events unfold, we believe that many investors will find diversification to be an increasingly important investment strategy. An appropriately diversified portfolio that is invested in a variety of asset classes that each react differently to changes in the economic environment can help cushion your portfolio against risk. Many investors select Nuveen's exchange-traded funds because their emphasis on dependable tax-free income and attractive after-tax returns makes them ideal for building and maintaining long-term financial security. These funds can work together with other Nuveen investments to create the foundation of a diversified, well-balanced portfolio. Recent studies by Nuveen Research have demonstrated that balanced portfolios combining municipal bonds and stocks provided superior after-tax returns and lower levels of risk compared with blends of stocks and taxable bonds. You and your financial adviser may want to consider combining your Nuveen municipal bond fund with an investment in the new Nuveen European Value Fund, an equity mutual fund that offers a portfolio of quality European company stocks for investors seeking long-term growth and international diversification. This fund is just one of an ever-expanding range of Nuveen products and services designed to help investors achieve diversification while building a tax-efficient, risk-sensitive investment portfolio. If you'd like to learn more about the Nuveen European Value Fund or any of our other investments, contact your financial adviser or call Nuveen Investor Services for a prospectus at (800) 621-7227. Please read it carefully before you invest. When seeking quality investment solutions that withstand the test of time, we hope that you continue to think of John Nuveen & Co. On behalf of everyone at Nuveen, I thank you for your continued confidence in us and our family of investments. Sincerely, TIMOTHY R. SCHWERTFEGER Chairman of the Board June 15, 1998 Sidebar text: Nuveen offers an ever-expanding range of products designed to help investors build a diversified, tax-efficient portfolio. Nuveen Exchange-Traded Funds Portfolio Manager Roundtable Bill Fitzgerald, Tom Futrell and Steve Peterson, portfolio managers of Nuveen's national exchange-traded funds, review the past year in the municipal market and talk about fund performance and opportunities to find value. What factors influenced the performance of municipal bonds over the past year? Over the past 12 months, we have enjoyed a bull market in fixed-income investments, including municipal bonds. Bond prices rose as interest rates continued to drop and inflation remained at 30-year lows. Although still strong, the performance of the municipal market was moderated by the effect of heavy supply, as the lower rate environment stimulated a substantial increase in new issuance as well as the refinancing of outstanding bonds. The first quarter of 1998 saw $68 billion of new municipal issuance, up 70% from the same period in 1997. The flood of new issues continued in recent weeks with May's long-awaited sale of the first segment of Long Island (New York) Power Authority's $7 billion offering, the largest issuance in municipal bond history. The publicity surrounding this issue brought an unusual level of attention to the municipal market and may stimulate additional interest in municipal bonds. How did the funds perform in this environment? For the year ended April 30, 1998, the funds posted total returns on net asset value that ranged from 9.04% to 9.72%, equivalent to taxable returns of 12.15% to 12.75% for investors in the 31% federal income tax bracket. All the funds performed closely in line with the unleveraged Lehman Brothers Municipal Bond Index, which returned 9.30% for the year. In reviewing the performance of these funds, it is important to look at both components of total return: income and price appreciation. Understanding what influences them can help us measure how well the funds are meeting their objectives of providing investors with the highest possible level of tax-free income consistent with capital preservation, as well as enhanced portfolio value relative to the market. Income The funds have established track records of competitive yields, despite recent dividend adustments for NQM, NQS, and NPF. In most cases, these adjustments can be attributed to bond calls. When a bond is called, sold or reaches its maturity date, we must replace it with a bond paying a current coupon rate. Many of the bonds replaced in the past year had higher coupons than are available in the current municipal market. As long as we remain in a lower rate environment, these transactions could continue to affect the income levels of our funds. Price Appreciation Three major factors impacted the growth in price appreciation over the past year: o Declining interest rates: Because these funds were assembled in the higher interest rate environment of the late 1980s and early 1990s, their underlying bonds appreciated in value as rates fell. The coupon rates of these bonds are also higher than those available in the current market, making the income level offered by the funds more attractive. o Pre-refundings: Declining interest rates also meant an increased number of pre-refundings. In a pre-refunding, a bond issue is essentially repaid early and becomes secured by U.S. government or agency securities until it can be called by the issuer. When bonds are pre-refunded and backed by Treasury securities, the credit quality of the bond improves, resulting in price appreciation. These funds have large percentages of pre-refunded bonds, which led to additional price appreciation. o Credit upgrades: The continued strength of the U.S. economy helped boost the credit quality of many municipal bonds, as evidenced by the fact that credit upgrades outnumbered downgrades by a margin of approximately 17 to 1 among the 2,879 credit rating revisions issued by Moody's in 1997. During the first quarter of 1998, upgrades continued to exceed downgrades by a significant margin. These upgrades, in turn, increased the credit quality and value of many of the bonds in our portfolios. Where did you find value in the current market? The heavy supply of new issues played a large role in our ability to find value investing opportunities over the past year. The growing new issue supply forced issuers and underwriters to customize the structure of new deals by including attractive features such as above-market yields, flexible pricing and special call provisions. This created several opportunities, especially in undervalued areas such as FHA-insured hospital and housing bonds. Heavy volume also enabled us to purchase bonds with favorable structures at attractive prices in smaller states such as Arkansas, Kentucky, Michigan and Ohio. This range of opportunities enabled us to pre-empt some bond calls and thereby moderate the effects of income deterioration. Pre-empting a bond call involves selling the bond before its anticipated call date and then replacing it as good candidates become available. What are your key strategies for the future? In the coming year, we will continue to attempt to pre-empt bond calls as opportunities allow. We will also continue to work toward improving the funds' general structure through diversifying call risk and incrementally increasing portfolio duration. Our focus remains on selecting undervalued securities that provide attractive income and the opportunity for price appreciation. The research-intensive bond selection process in which Nuveen excels will help us identify those issues that are well-prepared to thrive in the current environment. Nuveen Investment Quality Municipal Fund, Inc. Performance Overview As of April 30, 1998 NQM Portfolio Statistics ================================================== Inception Date 6/90 - -------------------------------------------------- Share Price 15 5/8 - -------------------------------------------------- Net Asset Value $15.69 - -------------------------------------------------- Current Market Yield 6.34% - -------------------------------------------------- Taxable Equivalent Yield(1) 9.19% - -------------------------------------------------- Fund Net Assets ($000) $807,901 - -------------------------------------------------- Average Weighted Maturity (Years) 21.06 - -------------------------------------------------- Leveraged-Adjusted Duration (Years) 8.51 ================================================== Annualized Total Return On Share Price On NAV - -------------------------------------------------- 1-Year 11.92% 9.72% - -------------------------------------------------- 3-Year 8.99% 7.79% - -------------------------------------------------- 5-Year 5.70% 6.56% - -------------------------------------------------- Since Inception 7.68% 8.71% ================================================== Taxable Equivalent Total Return(2) On Share Price On NAV - -------------------------------------------------- 1-Year 15.02% 12.75% - -------------------------------------------------- 3-Year 12.18% 10.90% - -------------------------------------------------- 5-Year 8.96% 9.78% - -------------------------------------------------- Since Inception 10.90% 11.98% ================================================== Top 5 Sectors U.S. Guaranteed 33% - -------------------------------------------------- Housing (Single-Family) 17% - -------------------------------------------------- Health Care 13% - -------------------------------------------------- Utilities 11% - -------------------------------------------------- Tax Obligation (Limited) 8% - -------------------------------------------------- 1 Taxable equivalent yield represents the yield on a taxable investment necessary to equal the yield of the Nuveen fund on an after-tax basis. It is based on current market yield and a federal income tax rate of 31%. 2 Taxable equivalent total return is based on the annualized total return and a federal income tax rate of 31%. It represents the return on a taxable investment necessary to equal the return of the Nuveen fund on an after-tax basis. 3 The fund also paid shareholders taxable distributions in December of $0.0104 per share. Bar Chart: 1997-1998 Monthly Tax-Free Dividends(3) 5/97 0.0845 6/97 0.0845 7/97 0.0845 8/97 0.0825 9/97 0.0825 10/97 0.0825 11/97 0.0825 12/97 0.0825 1/98 0.0825 2/98 0.0825 3/98 0.0825 4/98 0.0825 Nuveen Select Quality Municipal Fund, Inc. Performance Overview As of April 30, 1998 NQS Portfolio Statistics ================================================== Inception Date 3/91 - -------------------------------------------------- Share Price 15 11/16 - -------------------------------------------------- Net Asset Value $15.39 - -------------------------------------------------- Current Market Yield 6.23% - -------------------------------------------------- Taxable Equivalent Yield(1) 9.03% - -------------------------------------------------- Fund Net Assets ($000) $758,265 - -------------------------------------------------- Average Weighted Maturity (Years) 21.91 - -------------------------------------------------- Leveraged-Adjusted Duration (Years) 6.92 ================================================== Annualized Total Return On Share Price On NAV - -------------------------------------------------- 1-Year 10.41% 9.64% - -------------------------------------------------- 3-Year 10.31% 8.29% - -------------------------------------------------- 5-Year 6.74% 6.71% - -------------------------------------------------- Since Inception 7.71% 8.44% ================================================== Taxable Equivalent Total Return(2) On Share Price On NAV - -------------------------------------------------- 1-Year 13.43% 12.70% - -------------------------------------------------- 3-Year 13.50% 11.42% - -------------------------------------------------- 5-Year 10.00% 9.95% - -------------------------------------------------- Since Inception 10.90% 11.66% ================================================== Top 5 Sectors U.S. Guaranteed 34% - -------------------------------------------------- Utilities 16% - -------------------------------------------------- Housing (Single-Family) 11% - -------------------------------------------------- Transportation 10% - -------------------------------------------------- Housing (Multifamily) 7% - -------------------------------------------------- 1 Taxable equivalent yield represents the yield on a taxable investment necessary to equal the yield of the Nuveen fund on an after-tax basis. It is based on current market yield and a federal income tax rate of 31%. 2 Taxable equivalent total return is based on the annualized total return and a federal income tax rate of 31%. It represents the return on a taxable investment necessary to equal the return of the Nuveen fund on an after-tax basis. Bar Chart: 1997-1998 Monthly Tax-Free Dividends 5/97 0.0845 6/97 0.0845 7/97 0.0845 8/97 0.0825 9/97 0.0825 10/97 0.0825 11/97 0.0825 12/97 0.0825 1/98 0.0825 2/98 0.0825 3/98 0.0825 4/98 0.0825 Nuveen Quality Income Municipal Fund, Inc. Performance Overview As of April 30, 1998 NQU Portfolio Statistics ================================================== Inception Date 6/91 - -------------------------------------------------- Share Price 16 1/4 - -------------------------------------------------- Net Asset Value $15.61 - -------------------------------------------------- Current Market Yield 6.31% - -------------------------------------------------- Taxable Equivalent Yield(1) 9.14% - -------------------------------------------------- Fund Net Assets ($000) $1,236,098 - -------------------------------------------------- Average Weighted Maturity (Years) 21.10 - -------------------------------------------------- Leveraged-Adjusted Duration (Years) 6.15 ================================================== Annualized Total Return On Share Price On NAV - -------------------------------------------------- 1-Year 13.48% 9.04% - -------------------------------------------------- 3-Year 11.94% 8.50% - -------------------------------------------------- 5-Year 7.84% 6.97% - -------------------------------------------------- Since Inception 8.23% 8.59% ================================================== Taxable Equivalent Total Return(2) On Share Price On NAV - -------------------------------------------------- 1-Year 16.60% 12.15% - -------------------------------------------------- 3-Year 15.17% 11.64% - -------------------------------------------------- 5-Year 11.14% 10.19% - -------------------------------------------------- Since Inception 11.42% 11.77% ================================================== Top 5 Sectors U.S. Guaranteed 36% - -------------------------------------------------- Housing (Single-Family) 13% - -------------------------------------------------- Transportation 10% - -------------------------------------------------- Utilities 9% - -------------------------------------------------- Tax Obligation (Limited) 7% - -------------------------------------------------- 1 Taxable equivalent yield represents the yield on a taxable investment necessary to equal the yield of the Nuveen fund on an after-tax basis. It is based on current market yield and a federal income tax rate of 31%. 2 Taxable equivalent total return is based on the annualized total return and a federal income tax rate of 31%. It represents the return on a taxable investment necessary to equal the return of the Nuveen fund on an after-tax basis. Bar Chart: 1997-1998 Monthly Tax-Free Dividends 5/97 0.0855 6/97 0.0855 7/97 0.0855 8/97 0.0855 9/97 0.0855 10/97 0.0855 11/97 0.0855 12/97 0.0855 1/98 0.0855 2/98 0.0855 3/98 0.0855 4/98 0.0855 Nuveen Premier Municipal Income Fund, Inc. Performance Overview As of April 30, 1998 NPF Portfolio Statistics ================================================== Inception Date 12/91 - -------------------------------------------------- Share Price 16 1/8 - -------------------------------------------------- Net Asset Value $15.50 - -------------------------------------------------- Current Market Yield 6.18% - -------------------------------------------------- Taxable Equivalent Yield(1) 8.96% - -------------------------------------------------- Fund Net Assets ($000) $447,658 - -------------------------------------------------- Average Weighted Maturity (Years) 18.39 - -------------------------------------------------- Leverage-Adjusted Duration (Years) 8.53 ================================================== Annualized Total Return On Share Price On NAV - -------------------------------------------------- 1-Year 10.78% 9.09% - -------------------------------------------------- 3-Year 12.21% 8.72% - -------------------------------------------------- 5-Year 8.99% 7.49% - -------------------------------------------------- Since Inception 8.17% 8.54% ================================================== Taxable Equivalent Total Return(2) On Share Price On NAV - -------------------------------------------------- 1-Year 13.83% 12.21% - -------------------------------------------------- 3-Year 15.42% 11.87% - -------------------------------------------------- 5-Year 12.22% 10.64% - -------------------------------------------------- Since Inception 11.25% 11.60% ================================================== Top 5 Sectors U.S. Guaranteed 28% - -------------------------------------------------- Housing (Multifamily) 14% - -------------------------------------------------- Health Care 12% - -------------------------------------------------- Housing (Single-Family) 11% - -------------------------------------------------- Tax Obligation (Limited) 7% - -------------------------------------------------- 1 Taxable equivalent yield represents the yield on a taxable investment necessary to equal the yield of the Nuveen fund on an after-tax basis. It is based on current market yield and a federal income tax rate of 31%. 2 Taxable equivalent total return is based on the annualized total return and a federal income tax rate of 31%. It represents the return on a taxable investment necessary to equal the return of the Nuveen fund on an after-tax basis. Bar Charts: 1997-1998 Monthly Tax-Free Dividends 5/97 0.086 6/97 0.086 7/97 0.086 8/97 0.086 9/97 0.086 10/97 0.086 11/97 0.086 12/97 0.086 1/98 0.086 2/98 0.083 3/98 0.083 4/98 0.083 Portfolio of Investments NUVEEN INVESTMENT QUALITY MUNICIPAL FUND, INC. (NQM) April 30, 1998 (Unaudited)
Principal Optional Call Market Amount Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Alaska - 1.9% $ 14,850,000 Alaska Housing Finance Corporation, General Housing Purpose Bonds, 1994 Series A, 5.400%, 12/01/13 6/04 at 102 Aa2 $ 15,111,954 - ------------------------------------------------------------------------------------------------------------------------------------ Arkansas - 1.3% 7,000,000 Arkansas Development Finance Authority, Home Mortgage Revenue Bonds, 1998 Series (Non-AMT), 5.150%, 7/01/17 7/08 at 101 1/2 AAA 6,965,770 3,250,000 City of North Little Rock, Arkansas, Health Facilities Board (Baptist Health), Healthcare Revenue Bonds (Baptist Health), Series 1996A, 5.400%, 12/01/16 12/06 at 101 Aaa 3,271,093 - ------------------------------------------------------------------------------------------------------------------------------------ California - 14.6% 22,400,000 California Health Facilities Financing Authority, Kaiser Permanente, Revenue Bonds, 1993 Series C, 5.600%, 5/01/33 5/03 at 102 A+ 22,671,264 9,625,000 California Health Facilities Financing Authority, Hospital Revenue Bonds (Childrens Hospital of Los Angeles), 1991 Series A, 7.125%, 6/01/21 (Pre-refunded to 6/01/01) 6/01 at 102 Aaa 10,598,473 5,925,000 State Public Works Board of the State of California, Lease Revenue Refunding Bonds (The Regents of the University of California), 1993 Series A (Various University of California Projects), 5.500%, 6/01/21 6/03 at 102 Aa3 5,983,480 9,830,000 Certificates of Participation (1991 Financing Project), County of Alameda, California, Alameda Public Facilities Corporation, 6.000%, 9/01/21 9/06 at 102 Aaa 10,476,912 7,140,000 Culver City Redevelopment Financing Authority, 1993 Tax Allocation Refunding Revenue Bonds, 5.000%, 11/01/23 11/03 at 102 Aaa 6,823,055 9,740,000 Huntington Park Redevelopment Agency, Single Family Residential Mortgage Revenue Refunding Bonds, 1986 Series A, 8.000%, 12/01/19 No Opt. Call Aaa 13,275,815 4,000,000 City of Loma Linda, California, Hospital Revenue Bonds (Loma Linda University Medical Center Project), Series 1993-A, 6.500%, 12/01/18 12/03 at 102 BBB 4,297,000 7,155,000 Department of Water and Power of The City of Los Angeles, Water Works Refunding Revenue Bonds, Second Issue of 1993, 4.500%, 5/15/23 5/03 at 102 Aaa 6,294,182 15,770,000 Ontario Redevelopment Financing Authority (San Bernardino County, California), 1995 Revenue Refunding Bonds (Ontario Redevelopment Project No. 1), 7.400%, 8/01/25 No Opt. Call Aaa 20,810,092 13,145,000 City of Perris, California, Single Family Mortgage Revenue Bonds (GNMA Mortgage-Backed Securities), 1998 Series B, 8.200%, 9/01/23 (Alternative Minimum Tax) No Opt. Call Aaa 17,463,395 - ------------------------------------------------------------------------------------------------------------------------------------ Colorado - 2.7% 2,500,000 Colorado Housing Finance Authority, Single Family Program Senior and Subordinate Bonds, 1996 Series B, 7.450%, 11/01/27 5/06 at 105 Aa2 2,855,975 4,940,000 Castle Pines Metropolitan District Douglas County, Colorado, General Obligation Refunding and Improvement Bonds, Series 1990, 7.625%, 12/01/15 (Pre-refunded to 12/01/00) 12/00 at 102 Aaa 5,451,883 City and County of Denver, Colorado, Airport System Revenue Bonds, Series 1991A: 820,000 8.000%, 11/15/25 (Alternative Minimum Tax) (Pre-refunded to 11/15/01) 11/01 at 100 Aaa 918,236 2,265,000 8.000%, 11/15/25 (Alternative Minimum Tax) 11/01 at 100 Baa1 2,490,685 7,865,000 Colorado Springs School District No. 11, El Paso County, Colorado, General Obligation Improvement Bonds, Series 1996, 7.125%, 10/01/21 12/07 at 125 AA- 9,958,899 - ------------------------------------------------------------------------------------------------------------------------------------ Connecticut - 2.1% 6,985,000 Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, 1996 Series D, Subseries D-2, 6.200%, 1/15/27 (Alternative Minimum Tax) 5/06 at 102 AA 7,347,172 Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, 1997 Series C: 1,000,000 5.700%, 11/15/17 (Alternative Minimum Tax) 11/07 at 102 AA 1,028,950 8,625,000 5.850%, 11/15/28 ( Alternative Minimum Tax) 11/07 at 102 AA 8,909,970 Principal Optional Call Market Amount Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ District of Columbia - 0.7% $ 5,215,000 District of Columbia Housing Finance Agency, Collateralized Single Family Mortgage Revenue Bonds, Series 1990A, 8.200%, 12/01/23 (Alternative Minimum Tax) 12/00 at 102 AAA $ 5,615,251 - ------------------------------------------------------------------------------------------------------------------------------------ Florida - 5.0% 4,000,000 Hillsborough County Port District, Florida (Tampa Port Authority), Revenue Bonds, Series 1990, 8.250%, 6/01/09 (Pre-refunded to 12/01/00) 12/00 at 102 Baa1*** 4,465,760 20,000,000 Jacksonville Health Facilities Authority, Health Facilities Revenue Refunding Bonds, Daughters of Charity National Health Systems, Inc., St. Vincent's Medical Center Issue, Series 1990, 7.500%, 11/01/15 (Pre-refunded to 11/01/00) 11/00 at 102 Aaa 21,945,600 Orange County Housing Finance Authority, GNMA Collateralized Mortgage Revenue Refunding Bonds, 1990 Series A: 1,775,000 7.500%, 7/01/10 7/00 at 103 Aaa 1,876,903 11,035,000 7.600%, 1/01/24 7/00 at 103 Aaa 11,765,076 - ------------------------------------------------------------------------------------------------------------------------------------ Georgia - 2.9% 2,250,000 Municipal Electric Authority of Georgia, Project One Special Obligation Bonds, Fourth Crossover Series, 6.500%, 1/01/20 No Opt. Call A 2,579,378 2,580,000 Urban Residential Finance Authority of the City of Atlanta, Georgia, Single Family Mortgage Revenue Bonds (GNMA Collateralized Home Mortgage Program), Series 1988, In cooperation with the Housing Authority of Fulton County, Georgia, 8.250%, 10/01/21 (Alternative Minimum Tax) 10/98 at 103 AAA 2,666,507 10,000,000 Development Authority of Monroe County (Georgia), Pollution Control Revenue Bonds (Georgia Power Company Plant Scherer Project), Second Series 1994, 6.750%, 10/01/24 10/99 at 102 A1 10,442,500 7,325,000 Wayne County Development Authority, Solid Waste Disposal Revenue Bonds (ITT Rayonier, Inc. Project), Series 1990, 8.000%, 7/01/15 (Alternative Minimum Tax) 1/00 at 102 BBB+ 7,898,401 - ------------------------------------------------------------------------------------------------------------------------------------ Illinois - 5.4% 5,000,000 Illinois Health Facilities Authority, Revenue Bonds, Series 1989B (ServantCor), 7.875%, 8/15/19 (Pre-refunded to 8/15/99) 8/99 at 102 N/R*** 5,338,250 3,305,000 Illinois Health Facilities Authority, Revenue Bonds, Series 1990 (Riverside Senior Living Center Project), 7.500%, 11/01/20 (Pre-refunded to 11/01/00) 11/00 at 102 A3*** 3,620,727 7,500,000 Community College District No. 508, Cook County, Illinois, Certificates of Participation, 8.750%, 1/01/07 No Opt. Call Aaa 9,575,100 5,900,000 Community Unit School District No. 7, Madison County, Illinois School Building Bonds, Series 1994, 5.850%, 2/01/13 No Opt. Call Aaa 6,441,030 3,585,000 City of Pekin, Illinois, Multifamily Housing Refunding Revenue Bonds, Series 1992A (FHA Insured Mortgage Loan - Section 8 Assisted Project), 6.875%, 5/01/22 5/03 at 103 AAA 3,824,227 2,325,000 City of Peoria, Peoria County, Illinois, City of Pekin, Tazewell and Peoria Counties, Illinois, and City of Waukegan, Lake County, Illinois, Jointly GNMA Collateralized Mortgage Revenue Bonds, Series 1990, 7.875%, 8/01/22 (Alternative Minimum Tax) 8/00 at 103 AAA 2,442,064 860,000 Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 1992B, 9.000%, 6/01/07 No Opt. Call Aaa 1,130,866 5,390,000 Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 1992A, 9.000%, 6/01/07 No Opt. Call Aaa 7,087,634 Southwestern Illinois Development Authority, Solid Waste Disposal Revenue Bonds (Laclede Steel Company Project), Series 1990: 700,000 8.375%, 8/01/08 (Alternative Minimum Tax) 8/00 at 103 A 767,704 2,910,000 8.500%, 8/01/20 (Alternative Minimum Tax) 8/00 at 103 A 3,199,109 - ------------------------------------------------------------------------------------------------------------------------------------ Indiana - 0.8% 6,000,000 Hospital Authority of Delaware County (Indiana), Hospital Revenue Bonds, Series 1991 (Ball Memorial Hospital), 6.625%, 8/01/16 (Pre-refunded to 8/01/01) 8/01 at 102 Aaa 6,528,000 Principal Optional Call Market Amount Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Kansas - 1.5% $ 4,500,000 Sedgwick County, Kansas and Shawnee County, Kansas, Single Family Mortgage Revenue Bonds (Mortgage-Backed Securities Program), 1997 Series A-1, 5.500%, 6/01/29 (Alternative Minimum Tax) No Opt. Call Aaa $ 4,955,625 4,970,000 City of Topeka, Kansas, Variable Rate Demand Industrial Revenue Refunding Bonds, Series 1998 (Sunwest Hotel Corporation Project), 9.500%, 10/01/16 (Alternative Minimum Tax) (Pre-refunded to 8/15/16) 8/16 at 100 AAA 6,927,136 - ------------------------------------------------------------------------------------------------------------------------------------ Kentucky - 2.5% 950,000 Kentucky Development Finance Authority, Medical Center Revenue Refunding and Improvement Bonds (Ashland Hospital Corporation d/b/a King's Daughter's Hospital), 9.750%, 8/01/11 2/00 at 100 A 981,198 1,670,000 Kentucky Housing Corporation, Housing Revenue Bonds, (FHA Insured/VA Guaranteed), 1990 Series C Bonds, 8.100%, 1/01/22 (Alternative Minimum Tax) 7/00 at 102 Aaa 1,767,411 12,500,000 County of Jefferson, Kentucky, Pollution Control Revenue Bonds, 1995 Series A (Louisville Gas and Electric Company Project), 5.900%, 4/15/23 4/05 at 102 Aa2 13,068,000 5,000,000 Warren County Hospital Facility, Revenue Bonds 1998 (Bowling Green-Warren Company Hospital), 4.875%, 4/01/27 4/08 at 101 Aaa 4,590,450 - ------------------------------------------------------------------------------------------------------------------------------------ Louisiana - 6.3% 15,890,000 Louisiana Public Facilities Authority, Fixed Rate Health and Education Capital Facilities Revenue Bonds (West Jefferson Medical Center), Series 1985D, 7.900%, 12/01/15 12/98 at 102 Aaa 16,537,041 2,550,000 Louisiana Public Facilities Authority (West Jefferson Medical Center), 7.900%, 12/01/15 (Pre-refunded to 12/01/98) 12/98 at 102 Aaa 2,660,007 4,560,000 Louisiana Public Facilities Authority, Extended Care Facilities Revenue Bonds (Comm-Care Corporation Project), Series 1994, 11.000%, 2/01/04 No Opt. Call BBB 5,549,246 5,420,000 East Baton Rouge Mortgage Finance Authority, Single Family Mortgage Revenue Bonds (GNMA Mortgage-Backed Securities Program), Series 1990A, 7.875%, 8/01/23 (Alternative Minimum Tax) 8/00 at 102 Aaa 5,681,298 4,600,000 East Baton Rouge Mortgage Finance Authority, Single Family Mortgage Revenue Refunding Bonds (GNMA and FNMA Mortgage-Backed Securities Program), Series 1997D, 5.900%, 10/01/30 (Alternative Minimum Tax) 10/07 at 102 Aaa 4,730,686 11,545,000 Orleans Parish School Board, Public School Refunding Bonds, Series 1987 (Defeased), 9.000%, 2/01/09 No Opt. Call Aaa 15,620,270 - ------------------------------------------------------------------------------------------------------------------------------------ Maine - 0.6% 4,880,000 Maine State Housing Authority, Mortgage Purchase Bonds, 1994 Series C-2, 6.875%, 11/15/23 (Alternative Minimum Tax) 10/04 at 102 AA 5,205,447 - ------------------------------------------------------------------------------------------------------------------------------------ Maryland - 0.3% 2,000,000 City of Gaithersburg (Maryland), First Mortgage Economic Development Revenue Bonds (Asbury Methodist Home, Incorporated Facility), Series 1990, 7.850%, 1/01/20 (Pre-refunded to 1/01/00) 1/00 at 102 N/R*** 2,154,160 - ------------------------------------------------------------------------------------------------------------------------------------ Massachusetts - 7.1% Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Goddard Memorial Hospital Issue, Series B: 3,810,000 9.000%, 7/01/15 (Pre-refunded to 7/01/00) 7/00 at 102 Aaa 4,261,904 5,920,000 9.000%, 7/01/15 7/00 at 102 Baa 6,482,400 535,000 Massachusetts Housing Finance Agency, Residential Housing Revenue Bonds, 1988 Series B, 8.100%, 8/01/23 (Alternative Minimum Tax) 8/99 at 102 A- 557,566 8,000,000 Massachusetts Water Resources Authority, 5.000%, 3/01/22 3/03 at 100 Aaa 7,645,440 Massachusetts Water Resources Authority, General Revenue Bonds, 1990 Series A: 15,000,000 7.625%, 4/01/14 (Pre-refunded to 4/01/00) 4/00 at 102 Aaa 16,256,400 4,000,000 7.500%, 4/01/16 (Pre-refunded to 4/01/00) 4/00 at 102 Aaa 4,325,880 16,250,000 City of Boston, Massachusetts, Revenue Bonds, Boston City Hospital (FHA Insured Mortgage), Series A, 7.625%, 2/15/21 (Pre-refunded to 8/15/00) 8/00 at 102 Aaa 17,745,000 Principal Optional Call Market Amount Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Michigan - 1.9% $ 10,000,000 Detroit Water Supply System, Revenue Refunding Bonds, Series 1993, 6.500%, 7/01/15 No Opt. Call Aaa $ 11,600,500 3,650,000 City of Detroit, Michigan, Water Supply System Revenue (Senior Lien) Bonds, Series 1997-A, 5.000%, 7/01/27 7/07 at 101 Aaa 3,477,647 - ------------------------------------------------------------------------------------------------------------------------------------ Minnesota - 1.3% 5,000,000 The Dakota County Housing and Redevelopment Authority, The Washington County Housing and Redevelopment Authority, and The City of Bloomington, Minnesota, Single Family Residential Mortgage Revenue Bonds (GNMA Mortgage-Backed Program), Series 1988, 8.450%, 9/01/19 (Alternative Minimum Tax) No Opt. Call Aaa 6,962,200 2,860,000 City of Hopkins, Minnesota, Elderly Housing Revenue Refunding Bonds (St. Therese Southwest, Inc. Project), Series 1994A, 6.500%, 3/01/19 (Pre-refunded to 3/01/04) 3/04 at 102 AA*** 3,204,830 - ------------------------------------------------------------------------------------------------------------------------------------ Mississippi - 0.4% 970,000 Mississippi Home Corporation, Single Family Senior Revenue Refunding Bonds Series 1990A, 9.250%, 3/01/12 9/00 at 103 Aaa 1,036,173 2,305,000 Mississippi Housing Finance Corporation, Single Family Mortgage Purchase Revenue Bonds, Series 1989 (GNMA Mortgage-Backed Securities Program), 8.250%, 10/15/18 (Alternative Minimum Tax) 10/99 at 102 Aaa 2,425,874 - ------------------------------------------------------------------------------------------------------------------------------------ Missouri - 0.3% 2,235,000 Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds (Homeownership Loan Program), 1997 Series A-2, 7.300%, 3/01/28 (Alternative Minimum Tax) 3/07 at 105 AAA 2,519,337 - ------------------------------------------------------------------------------------------------------------------------------------ Nebraska - 2.1% 13,330,000 Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, 1995 Series B, 6.450%, 3/01/35 (Alternative Minimum Tax) 3/05 at 101 1/2 AAA 13,968,107 3,300,000 Nebraska Higher Education Loan Program, Inc., Student Loan Program Revenue Bonds, 1993 Series B, 5.875%, 6/01/14 (Alternative Minimum Tax) 3/04 at 102 A 3,366,297 - ------------------------------------------------------------------------------------------------------------------------------------ New York - 12.0% 5,890,000 Dormitory Authority of the State of New York, City University System Consolidated Second General Resolution Revenue Bonds, Series 1990C, 9.250%, 7/01/98 No Opt. Call Baa1 5,940,713 14,235,000 Dormitory Authority of the State of New York, City University System Consolidated Second General Resolution Revenue Bonds, Series 1990D, 8.750%, 7/01/02 No Opt. Call Baa1 16,384,627 10,000,000 Dormitory Authority of the State of New York, City University System Consolidated Second General Resolution Revenue Bonds, Series 1990F, 7.875%, 7/01/17 (Pre-refunded to 7/01/00) 7/00 at 102 Aaa 10,968,200 Dormitory Authority of the State of New York, State University Educational Facilities, Revenue Bonds, Series 1989B: 7,935,000 7.250%, 5/15/15 (Pre-refunded to 5/15/00) 5/00 at 102 Aaa 8,574,640 1,025,000 7.250%, 5/15/15 (Pre-refunded to 5/15/00) 5/00 at 102 AAA 1,107,625 5,000,000 New York Medical Care Facilities Finance Agency, St. Luke's-Roosevelt Hospital Center FHA-Insured Mortgage Revenue Bonds, 1989 Series B, 7.450%, 2/15/29 (Pre-refunded to 2/15/00) 2/00 at 102 Aaa 5,382,650 3,500,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series HH-3, 7.950%, 4/01/22 (Alternative Minimum Tax) 6/00 at 102 Aa2 3,681,685 10,000,000 The City of New York, General Obligation Bonds, Fiscal 1997 Series G, 6.000%, 10/15/26 10/07 at 101 A3 10,553,200 11,500,000 New York City Municipal Water Finance Authority, Water and Sewer System Revenue Bonds, Fiscal 1991 Series A, 6.000%, 6/15/20 (Pre-refunded to 6/15/00) 6/00 at 100 A2*** 11,953,675 10,200,000 New York City Municipal Water Finance Authority (New York), Water and Sewer System Revenue Bonds, Fiscal 1991 Series A, 7.500%, 6/15/19 (Pre-refunded to 6/15/00) 6/00 at 101 1/2 Aaa 11,047,008 7,000,000 New York City Municipal Water Finance Authority, Water and Sewer System Revenue Bonds, Fiscal 1996 Series B, 5.750%, 6/15/26 6/06 at 101 Aaa 7,266,140 4,200,000 New York City Industrial Development Agency, Special Facility Revenue Bonds (1990 American Airlines, Inc. Project), 8.000%, 7/01/20 (Alternative Minimum Tax) 1/99 at 102 Baa2 4,381,566 Principal Optional Call Market Amount Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ North Carolina - 2.9% $ 19,200,000 North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Refunding Series 1996 B, 5.875%, 1/01/21 1/07 at 102 Aaa $ 20,217,216 2,795,000 Charlotte Mortgage Revenue Refunding Bonds (FHA Insured Mortgage-Double Oaks Apartments), 7.350%, 5/15/26 11/07 at 100 AAA 3,083,081 - ------------------------------------------------------------------------------------------------------------------------------------ Oregon - 1.7% 2,500,000 State of Oregon, Department of General Services, Certificates of Participation (1990 Real Property Financing Program) Series F, 7.500%, 9/01/15 (Pre-refunded to 9/01/00) 9/00 at 102 Aaa 2,732,500 8,990,000 Northern Wasco County People's Utility District, Wasco County, Oregon, McNary Dam Fishway Hydroelectric Project Revenue Bonds, Series 1993 (Bonneville Power Administration), 5.200%, 12/01/24 12/03 at 102 Aa1 8,787,006 2,500,000 Hillsboro School District No. 1J, Washington, Multnomah and Yamhill Countries, Oregon, General Obligation Refunding Bonds, Series 1988, 5.000%, 11/01/12 No Opt. Call Aa3 2,512,825 - ------------------------------------------------------------------------------------------------------------------------------------ Pennsylvania - 2.4% 6,710,000 Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 1990-28, 7.650%, 10/01/23 (Alternative Minimum Tax) 10/00 at 102 AA+ 7,043,823 4,905,000 McKean County Hospital Authority, Hospital Revenue Bonds, Series of 1990 (Bradford Hospital Project), 8.875%, 10/01/20 10/00 at 102 BBB- 5,493,404 7,040,000 City of Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 1993, 5.000%, 6/15/16 6/03 at 100 Aaa 6,787,546 - ------------------------------------------------------------------------------------------------------------------------------------ Rhode Island - 4.2% 25,250,000 Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue Bonds, Lifespan Obligation Group Issue, Series 1996, 5.750%, 5/15/23 5/07 at 102 Aaa 26,147,133 2,185,000 Rhode Island Housing and Mortgage Finance Corporation, Series 3-B Bonds, 8.050%, 4/01/22 (Alternative Minimum Tax) 10/00 at 102 AA+ 2,290,448 4,855,000 Newport Housing Development Corporation, 1995 Multifamily Mortgage Revenue Refunding Bonds (Broadway-West Broadway Apartments - FHA Insured Mortgage, Section 8 Assisted Project), Series A, 6.800%, 8/01/24 6/03 at 100 AAA 5,242,915 - ------------------------------------------------------------------------------------------------------------------------------------ South Carolina - 0.5% 3,475,000 South Carolina State Housing Finance and Development Authority, Homeownership Mortgage Purchase Bonds, 1990 Series C, 7.750%, 7/01/22 (Alternative Minimum Tax) 7/00 at 102 AA 3,660,287 - ------------------------------------------------------------------------------------------------------------------------------------ Tennessee - 0.3% 2,395,000 Tennessee Housing Development Agency, Homeownership Program Bonds, Issue H, Series 1988, 7.825%, 7/01/15 (Alternative Minimum Tax) 7/12 at 100 AA 2,534,748 - ------------------------------------------------------------------------------------------------------------------------------------ Texas - 3.5% 2,000,000 Brazos River Authority (Texas), Collateralized Pollution Control Revenue Bonds (Texas Utilities Electric Company Project), Series 1990A, 8.125%, 2/01/20 (Alternative Minimum Tax) 2/00 at 102 Baa1 2,151,420 4,295,000 Brazos River Authority (Texas), Collateralized Pollution Control Revenue Bonds (Texas Utilities Electric Company Project), Series 1989A, 8.250%, 1/01/19 (Alternative Minimum Tax) 1/99 at 102 Baa1 4,482,219 3,500,000 Brazos River Authority (Texas), Collateralized Pollution Control Revenue Refunding Bonds (Texas Utilities Electric Company Project), Series 1993A, 5.500%, 5/01/22 11/03 at 102 Aaa 3,534,230 2,270,000 The Cameron County Housing Finance Corporation, GNMA Collateralized Mortgage Revenue Refunding Bonds, 1990 Series B, 7.850%, 3/01/24 9/00 at 103 Aaa 2,407,517 Dallas Housing Corporation, Refunding and Capital Program Revenue Bonds (Section 8 Assisted Projects), Series 1990: 1,000,000 7.700%, 8/01/05 8/00 at 102 Baa2 1,055,970 2,000,000 7.850%, 8/01/13 8/00 at 102 Baa2 2,111,620 10,175,000 Harris County Hospital District, Refunding Revenue Bonds, Texas, Series 1990, 7.400%, 2/15/10 No Opt. Call Aaa 12,175,507 Principal Optional Call Market Amount Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Vermont - 0.5% $ 3,955,000 Vermont Housing Finance Agency, Single Family Housing Bonds, Series 1, 8.150%, 5/01/25 (Alternative Minimum Tax) 11/00 at 102 A1 $ 4,177,469 - ------------------------------------------------------------------------------------------------------------------------------------ Washington - 7.6% 11,320,000 State of Washington, General Obligation Bonds, Series 1994A, 4.750%, 10/01/13 10/03 at 100 Aa1 10,783,772 3,000,000 Washington Health Care Facilities Authority Revenue Bonds, Series 1990 (Franciscan Health System/ St. Francis Community Hospital of Federal Way), 7.250%, 7/01/15 (Pre-refunded to 7/01/00) 7/00 at 102 Aaa 3,249,270 2,000,000 Washington Public Power Supply System, Nuclear Project No. 1, Refunding Revenue Bonds, 7/00 at 102 Aaa 2,195,260 Series 1990C, 8.000%, 7/01/17 (Pre-refunded to 7/01/00) 3,205,000 Washington Public Power Supply System, Nuclear Project No. 1, Refunding Revenue Bonds, Series 1989A, 7.500%, 7/01/15 (Pre-refunded to 7/01/99) 7/99 at 102 Aaa 3,397,655 5,650,000 Washington Public Power Supply System, Nuclear Project No. 2, Refunding Revenue Bonds, Series 1990B, 7,000%, 7/01/12 (Pre-refunded to 7/01/00) 7/00 at 102 Aaa 6,083,073 16,060,000 Washington Public Power Supply System, Nuclear Project No. 3, Refunding Revenue Bonds, Series 1993B, 5.600%, 7/01/15 7/03 at 102 Aaa 16,365,942 4,500,000 Washington Public Power Supply System, Nuclear Project No. 3, Refunding Revenue Bonds, Series 1993C, 5.375%, 7/01/15 7/03 at 102 Aa1 4,452,434 13,900,000 Washington Public Power Supply System, Nuclear Project No. 3, Refunding Revenue Bonds, Series 1989B, 7.250%, 7/01/15 (Pre-refunded to 1/01/00) 1/00 at 102 Aaa 14,871,192 - ------------------------------------------------------------------------------------------------------------------------------------ Wisconsin - 0.4% 3,145,000 Wisconsin Housing and Economic Development Authority, Home Ownership Revenue Bonds, 1989 Series B, 7.600%, 3/01/15 9/99 at 102 AA 3,267,340 - ------------------------------------------------------------------------------------------------------------------------------------ Puerto Rico - 0.4% 3,450,000 Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds (Series X), 5.500%, 7/01/19 7/03 at 101 1/2 A 3,472,045 - ------------------------------------------------------------------------------------------------------------------------------------ $ 729,395,000 Total Investments - (cost $731,316,652) - 98.1% 792,486,468 ============= Other Assets Less Liabilities - 1.9% 15,414,730 -------------------------------------------------------------------------------------------------------------------- Net Assets - 100% $ 807,901,198 ==================================================================================================================== * Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. *** Securities are backed by an escrow or trust containing sufficient U.S. government or U.S. government agency securities which ensures the timely payment of principal and interest. Securities are normally considered to be equivalent to AAA rated securities. N/R Investment is not rated. See accompanying notes to financial statements.
Portfolio of Investments NUVEEN SELECT QUALITY MUNICIPAL FUND, INC. (NQS) April 30, 1998 (Unaudited)
Principal Optional Call Market Amount Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Alabama - 0.8% $ 2,900,000 The Water Works Board of the City of Arab (Alabama), Water Revenue Bonds, Series 1991, 7.050%, 8/01/16 8/01 at 102 Aaa $ 3,168,598 2,625,000 Jefferson County, Alabama, Sewer Revenue Refunding Warrants, Series 1997-A, 5,375%, 2/01/27 2/07 at 100 Aaa 2,631,116 - ------------------------------------------------------------------------------------------------------------------------------------ Arkansas - 1.3% 3,795,000 Arkansas Development Finance Authority, Single Family Mortgage Revenue Refunding Bonds, 1991 Series A (FHA Insured or VA Guaranteed Mortgage Loans), 8.000%, 8/15/11 8/01 at 103 AA 4,064,749 4,500,000 City of Little Rock, Arkansas, Hotel and Restaurant Gross Receipts Tax Refunding Bonds, Series 1993, 7.375%, 8/01/15 No Opt. Call A 5,617,215 - ------------------------------------------------------------------------------------------------------------------------------------ California - 7.5% 4,000,000 Sisters of Charity of Leavenworth Health Services Corporation, Certificates of Participation, California Statewide Communities Development Authority Sisters of Charity of Leavenworth Health Services Corporation, 5.000%, 12/01/23 12/03 at 102 AA 3,789,920 3,125,000 State of California Department of Transportation, Refunding Certificates of Participation, Series 1997A, 5.250%, 3/01/16 3/07 at 102 Aaa 3,124,781 3,200,000 State of California, Department of Water Resources, Central Valley Project, Water System Revenue Bonds, Series M, 4.875%, 12/01/27 12/03 at 101 AA 2,966,368 7,285,000 Department of Water and Power of the City of Los Angeles, Electric Plant Refunding Revenue Bonds, Issue of 1993, 5.375%, 9/01/23 9/03 at 102 Aa3 7,290,974 6,710,000 Department of Water and Power of the City of Los Angeles, Water Works Refunding Revenue Bonds, Second Issue of 1993, 4.500%, 5/15/11 5/03 at 102 Aa 6,342,024 21,800,000 Los Angeles County Metropolitan Transportation Authority (California), Proposition A Sales Tax Revenue Refunding Bonds, Series 1993-A, 6.750%, 7/01/20 (Pre-refunded to 7/01/01) 7/01 at 102 Aaa 23,844,840 10,000,000 San Joaquin Hills Transportation Corridor Agency, Toll Road Refunding Revenue Bonds, Series 1997A, 5.250%, 1/15/30 1/07 at 102 Aaa 9,832,300 - ------------------------------------------------------------------------------------------------------------------------------------ Colorado - 5.7% City and County of Denver, Colorado, Airport System Revenue Bonds, Series 1991D: 1,040,000 7.750%, 11/15/21 (Alternative Minimum Tax) (Pre-refunded to 11/15/01) 11/01 at 102 Aaa 1,174,025 3,960,000 7.750%, 11/15/21 (Alternative Minimum Tax) 11/01 at 102 Baa1 4,396,313 City and County of Denver, Colorado, Airport System Revenue Bonds, Series 1992C: 2,560,000 6.750%, 11/15/22 (Alternative Minimum Tax) (Pre-refunded to 11/15/02) 11/02 at 102 Aaa 2,845,824 9,590,000 6.750%, 11/15/22 (Alternative Minimum Tax) 11/02 at 102 Baa1 10,368,516 City and County of Denver, Colorado, Airport System Revenue Bonds, Series 1991A: 5,305,000 8.750%, 11/15/23 (Alternative Minimum Tax) (Pre-refunded to 11/15/01) 11/01 at 102 Aaa 6,161,121 14,695,000 8.750%, 11/15/23 (Alternative Minimum Tax) 11/01 at 102 Baa1 16,761,117 1,690,000 Jefferson County, Colorado, Single Family Revenue Refunding Bonds, Series 1991A, 8.875%, 10/01/13 4/01 at 103 Aaa 1,804,599 - ------------------------------------------------------------------------------------------------------------------------------------ Connecticut - 2.6% 7,425,000 Connecticut Development Authority, Health Facility Refunding Revenue Bonds, Alzheimer's Resource Center of Connecticut, Inc. Project, 1991 Series A, 10.000%, 8/15/21, (Pre-refunded to 8/15/01) 8/01 at 103 N/R*** 8,874,583 9,785,000 Connecticut Development Authority, Health Facility Refunding Revenue Bonds, Alzheimer's Resources Center of Connecticut, Inc. Project, 1994 Series A, 7.250%, 8/15/21 8/04 at 102 N/R 10,615,159 - ------------------------------------------------------------------------------------------------------------------------------------ District of Columbia - 0.9% 5,000,000 District of Columbia (Washington, D.C.), General Obligation Bonds, Series 1998B, 6.000%, 6/01/11 No Opt. Call Aaa 5,448,100 1,615,000 District of Columbia Housing Finance Agency, Collateralized Single Family Mortgage Revenue Bonds, Series 1990A, 8.100% 12/01/23 (Alternative Minimum Tax) 12/00 at 102 Aaa 1,738,951 Portfolio of Investments NUVEEN SELECT QUALITY MUNICIPAL FUND, INC. (NQS) (continued) April 30, 1998 (Unaudited) Principal Optional Call Market Amount Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Florida - 3.0% $ 14,250,000 Jacksonville Electric Authority (Jacksonville, Florida), Bulk Power Supply System Revenue Bonds (Scherer 4 Project, Issue One, Series 1991A), 6.750%, 10/01/21 (Pre-refunded to 10/01/00) 10/00 at 101 1/2 Aaa $15,314,760 7,400,000 State of Florida, Orlando-Orange County Expressway Authority, Junior Lien Revenue Refunding Bonds, Series of 1993A, 5.125%, 7/01/20 7/03 at 102 Aaa 7,222,326 - ------------------------------------------------------------------------------------------------------------------------------------ Georgia - 0.3% 1,995,000 Urban Residential Finance Authority of the City of Atlanta, Georgia, Single Family Mortgage Revenue Bonds (GNMA Collateralized Home Mortgage Program), Series 1988, in cooperation with the Housing Authority of Fulton County, Georgia, 8.250%, 10/01/21 (Alternative Minimum Tax) 10/98 at 103 AAA 2,061,892 - ------------------------------------------------------------------------------------------------------------------------------------ Hawaii - 2.4% 16,000,000 Department of Budget and Finance of the State of Hawaii, Special Purpose Revenue Bonds, Kapiolani Health Care System Obligated Group (Pali Momi Medical Center Project), Series 1991, 7.650%, 7/01/19 (Pre-refunded to 7/01/01) 7/01 at 102 Aaa 17,843,040 - ------------------------------------------------------------------------------------------------------------------------------------ Illinois - 5.3% Illinois Development Finance Authority, Multi-Family Housing Bonds, Series 1990 (Affordable Housing Preservation Foundation Project), Subseries A (FHA Insured Mortgage Loans-Lawless Gardens Project): 775,000 7.650%, 7/01/07 1/02 at 105 AAA 854,748 6,780,000 7.650%, 12/31/31 1/02 at 105 AAA 7,391,963 10,375,000 Illinois Educational Facilities Authority, Adjustable Demand Revenue Bonds, The University of Chicago, Series 1985, Conversion To A Fixed Interest Rate, 5.700%, 12/01/25 12/03 at 102 Aa1 10,611,446 1,585,000 Illinois Housing Development Authority, Multi-Family Housing Bonds, 1991 Series C, 7.400%, 7/01/23 7/01 at 102 A1 1,668,181 14,605,000 City of Chicago, General Obligation Bonds (Emergency Telephone System), Series 1993, 5.625%, 1/01/23 1/03 at 102 Aaa 14,834,737 5,000,000 City of Chicago, General Obligation Bonds, Project and Refunding Series 1995B, 5.125%, 1/01/25 1/06 at 102 Aaa 4,820,150 - ------------------------------------------------------------------------------------------------------------------------------------ Indiana - 2.8% 8,640,000 Avon Community School Building Corporation, First Mortgage Bonds, Series 1994 (Hendricks County, Indiana), 5.500%, 1/01/16 1/04 at 101 Aaa 8,725,882 5,190,000 Beacon Heights Housing Development Corporation, 1991 Multifamily Mortgage Revenue Refunding Bonds (FHA Insured Mortgage-Section 8 Assisted Project), Series A, 7.625%, 2/01/21 6/01 at 100 AAA 5,424,017 5,770,000 Fremont Middle School Building Corporation, First Mortgage Refunding Bonds, Series 1994 A, Steuben County, Indiana, 5.250%, 1/15/13 1/04 at 101 Aaa 5,792,157 1,100,000 Michigan City Housing Development Corporation, 1991 Multifamily Mortgage Revenue Refunding Bonds (FHA Insured Mortgage-Section 8 Assisted Project), Series A, 7.625%, 2/01/21 6/01 at 100 AAA 1,149,599 - ------------------------------------------------------------------------------------------------------------------------------------ Kansas - 2.5% 8,665,000 City of Merriam, Kansas, Hospital Refunding Revenue Bonds, Series 1991C (Shawnee Mission Medical Center, Inc. Project), 7.250%, 9/01/04 (Pre-refunded to 9/01/01) 9/01 at 102 AAA 9,300,145 8,800,000 City of Merriam, Kansas, Hospital Refunding Revenue Bonds, Series 1991B (Shawnee Mission Medical Center, Inc. Project), 7.250%, 9/01/21 (Pre-refunded to 9/01/01) 9/01 at 102 AAA 9,737,728 - ------------------------------------------------------------------------------------------------------------------------------------ Kentucky - 0.4% 3,015,000 Lakeland Wesley Village, Inc., Mortgage Revenue Refunding Bonds (Lakeland Wesley Village I Elderly Section 8 Assisted Project/FHA Insured Mortgage), Series 1991, 7.500%, 11/01/21 11/01 at 103 Aa 3,186,282 - ------------------------------------------------------------------------------------------------------------------------------------ Louisiana - 0.3% 1,855,000 Calcasieu Parish Public Trust Authority, Mortgage Revenue Refunding Bonds, 1991 Series A, 7.750%, 6/01/12 6/01 at 103 A1 1,973,553 - ------------------------------------------------------------------------------------------------------------------------------------ Massachusetts - 5.0% 2,000,000 Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Lowell General Hospital Issue, Series A, 8.400%, 6/01/11 (Pre-refunded to 6/01/01) 6/01 at 102 A3*** 2,266,600 Principal Optional Call Market Amount Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Massachusetts (continued) $ 2,100,000 Massachusetts Housing Finance Agency, Residential Housing Revenue Bonds, 1988 Series A, 8.400%, 8/01/21 (Alternative Minimum Tax) 8/98 at 102 A1 $ 2,153,676 19,025,000 Massachusetts Water Resources Authority, General Revenue Bonds, 1990 Series A, 6.000% 4/01/20 (Pre-refunded to 4/01/00) 4/00 at 100 Aaa 19,708,188 7,375,000 Boston Housing Development Corporation, Mortgage Revenue Refunding Bonds, Series 1994A (FHA Insured Mortgage Loans-Section 8 Assisted Projects), 5.500%, 7/01/24 1/04 at 102 Aaa 7,410,990 6,300,000 Somerville Housing Authority, Mortgage Revenue Bonds, Series 1990 (GNMA Collateralized- Clarendon Hill Towers Project), 7.950%, 11/20/30 5/00 at 102 AAA 6,653,052 - ------------------------------------------------------------------------------------------------------------------------------------ Michigan - 1.6% 7,890,000 Michigan State Hospital Finance Authority, Hospital Revenue Bonds (The Detroit Medical Center Obligated Group), Series 1991A, 7.500%, 8/15/11 (Pre-refunded to 8/15/01) 8/01 at 102 Aaa 8,794,983 3,625,000 Flowerville Community Schools, Counties of Livingston, Ingham, and Shiawassee, State of Michigan, 1996 School Building and Site Bonds (General Obligation-Unlimited Tax), 5.600%, 5/01/26 5/07 at 100 Aaa 3,694,274 - ------------------------------------------------------------------------------------------------------------------------------------ Minnesota - 1.0% 3,465,000 The Chicago County Housing and Redevelopment Authority, The Southcentral Multi-County Housing and Redevelopment Authority, The Stearns County Housing and Redevelopment Authority, Single Family Mortgage Revenue Bonds, FNMA, Series 1994B, 7.050%, 9/01/27 (Alternative Minimum Tax) 3/04 at 102 27/32 AAA 3,737,522 The Dakota, Washington, and Stearns Counties Housing and Redevelopment Authority, Single Family Mortgage Revenue Refunding Bonds (Fannie Mae Mortgage-Backed Securities Program), Series 1994A: 2,140,000 6.600%, 9/01/17 (Alternative Minimum Tax) 3/04 at 102 AAA 2,258,770 1,540,000 6.700%, 3/01/21 (Alternative Minimum Tax) 3/04 at 102 AAA 1,627,118 - ------------------------------------------------------------------------------------------------------------------------------------ Mississippi- 0.2% 1,445,000 Goodman Housing Development Corporation, 1991 Multifamily Mortgage Revenue Refunding Bonds (Goodhaven Manor-FHA Insured Mortgage, Section 8 Assisted Project), Series A, 7.625%, 2/01/22 8/01 at 100 AAA 1,512,395 - ------------------------------------------------------------------------------------------------------------------------------------ Nebraska - 1.5% 10,550,000 Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, 1995 Series A, 6.800%, 3/01/35 (Alternative Minimum Tax) 3/05 at 101 1/2 AAA 11,183,106 - ------------------------------------------------------------------------------------------------------------------------------------ Nevada - 1.4% 10,000,000 Clark County School District, Nevada, General Obligation (Limited Tax), School Improvement Bonds, Series 1996, 6.000%, 6/15/15 6/06 at 101 Aaa 10,657,000 - ------------------------------------------------------------------------------------------------------------------------------------ New Jersey - 2.5% 4,420,000 New Jersey Housing and Mortgage Finance Agency, Section 8 Bonds, 1991 Series A, 6.850%, 11/01/06 11/01 at 102 AA+ 4,736,428 13,920,000 The Pollution Control Financing Authority of Salem County, Pollution Control Revenue Refunding Bonds, 1993 Series C (Public Service Electric and Gas Company Project), 5.550%, 11/01/33 11/03 at 102 Aaa 14,090,242 - ------------------------------------------------------------------------------------------------------------------------------------ New Mexico - 2.2% 1,330,000 New Mexico Mortgage Finance Authority, Single Family Mortgage Program Senior Bonds, 1989 Series A (Federally Insured or Guaranteed Mortgage Loans), 7.800%, 3/01/21 (Alternative Minimum Tax) 9/99 at 102 AA- 1,384,198 14,050,000 City of Farmington, New Mexico, Pollution Control Refunding Revenue Bonds (Southern California Edison Company Four Corners Project), 1991 Series A, 7.200%, 4/01/21 4/01 at 102 A+ 15,219,522 - ------------------------------------------------------------------------------------------------------------------------------------ New York - 9.9% 6,000,000 New York Local Government Assistance Corporation (A Public Benefit Corporation of the State of New York), Series 1991D Bonds, 7.000%, 4/01/18 (Pre-refunded to 4/01/02) 4/02 at 102 Aaa 6,683,340 Principal Optional Call Market Amount Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ New York (continued) New York Medical Care Facilities Finance Agency, Mental Health Services Facilities Improvement Revenue Bonds, 1991 Series B: $ 595,000 7.600%, 2/15/06 8/01 at 102 A- $ 657,207 580,000 7.600%, 8/15/06 8/01 at 102 A- 640,639 1,980,000 7.625%, 8/15/17 8/01 at 102 A- 2,203,285 New York Medical Care Facilities Finance Agency, Mental Health Services Facilities Improvement Revenue Bonds, 1991 Series D: 5,380,000 7.400%, 2/15/18 (Pre-refunded to 2/15/02) 2/02 at 102 A-*** 6,033,778 40,000 7.400%, 2/15/18 2/02 at 102 A- 44,615 1,740,000 New York State Medical Care Facilities Finance Agency, Hospital and Nursing Home, FHA Insured Mortgage Revenue Bonds, 1988, 8.000%, 2/15/28 (Pre-refunded to 8/15/98) 8/98 at 102 AAA 1,794,827 New York State Medical Care Facilities Finance Agency, Mental Health Services Facilities Improvement Revenue Bonds, 1991 Series B: 1,020,000 7.600%, 2/15/06 (Pre-refunded to 8/15/01) 8/01 at 102 A-*** 1,140,095 1,010,000 7.600%, 8/15/06 (Pre-refunded to 8/15/01) 8/01 at 102 A-*** 1,128,917 5,970,000 7.625%, 8/15/17 (Pre-refunded to 8/15/01) 8/01 at 102 A-*** 6,677,445 12,940,000 New York State Urban Development Corporation, 1966 Corporate Purpose Senior Lien Bonds, 5.500%, 7/01/26 7/06 at 102 Aaa 13,059,307 6,000,000 New York State Urban Development Corporation, Correctional Capital Facilities Revenue Bonds, Series 2, 7.500%, 1/01/18 (Pre-refunded to 1/01/01) 1/01 at 102 Aaa 6,607,620 The City of New York, General Obligation Bonds, Fiscal 1991 Series F, Tax-Exempt Bonds: 11,730,000 8.250%, 11/15/10 (Pre refunded to 11/15/01) 11/01 at 101 1/2 Aaa 13,419,355 1,020,000 8.250%, 11/15/15 11/01 at 101 1/2 A3 1,151,625 9,290,000 The City of New York, General Obligation Bonds, Fiscal 1997 Series G, 6.000%, 10/15/26 10/07 at 101 A3 9,803,923 4,000,000 The City of New York, General Obligation Bonds, Fiscal 1998 Series F, 5.250%, 8/01/14 2/08 at 101 A3 3,952,320 - ------------------------------------------------------------------------------------------------------------------------------------ North Carolina - 2.5% 18,555,000 North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Refunding Series 1993 B, 5.500%, 1/01/17 1/03 at 100 Aaa 18,720,511 - ------------------------------------------------------------------------------------------------------------------------------------ Ohio - 0.5% 2,235,000 Toledo-Lucas County Port Authority, Development Revenue Bonds (Northwest Ohio Bond Fund), Series 1989D, 8.500%, 11/15/00 (Alternative Minimum Tax) 5/98 at 101 N/R 2,264,882 1,295,000 Toledo-Lucas County Port Authority, Development Revenue Bonds (Northwest Ohio Bond Fund), Series 1989C, 8.400%, 11/15/09 (Alternative Minimum Tax) 11/00 at 102 N/R 1,362,638 320,000 Toledo-Lucas County Port Authority, Development Revenue Bonds (Northwest Ohio Bond Fund), Series 1990D, 8.500%, 5/15/00 (Alternative Minimum Tax) No Opt. Call N/R 336,467 - ------------------------------------------------------------------------------------------------------------------------------------ Oklahoma - 4.6% 11,365,000 Oklahoma County Home Finance Authority (Oklahoma County, Oklahoma), Single Family Mortgage Revenue Refunding Bonds, 1991 Series A, 8.750%, 7/01/12 7/01 at 102 A1 11,973,255 21,025,000 Trustees of the Tulsa Municipal Airport Trust, Revenue Bonds, Series 1991, 7.600%, 12/01/30 (Alternative Minimum Tax) 6/01 at 102 Baa2 22,968,131 - ------------------------------------------------------------------------------------------------------------------------------------ Pennsylvania - 1.4% 10,000,000 City of Philadelphia, Pennsylvania, Water and Sewer Revenue Bonds, Sixteenth Series, 7.000%, 8/01/18 (Pre-refunded to 8/01/01) 8/01 at 100 AAA 10,824,800 - ------------------------------------------------------------------------------------------------------------------------------------ South Carolina - 0.7% 5,000,000 Oconee County, South Carolina, Pollution Control Facilities Revenue Refunding Bonds, Series 1993 (Duke Power Company Project), 5.800%, 4/01/14 4/03 at 102 Aa2 5,178,100 Principal Optional Call Market Amount Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ South Dakota - 2.0% $ 5,000,000 South Dakota Housing Development Authority, Homeownership Mortgage Bonds, 1966 Series D, 6.300%, 5/01/27 (Alternative Minimum Tax) 11/06 at 102 AAA $ 5,266,950 7,645,000 City of Sioux Falls, South Dakota, Variable Rate Demand Industrial Revenue Refunding Bonds, Series 1989 (Great Plains Hotel Corporation Project), 8.500%, 11/01/16 (Alternative Minimum Tax) (Pre-refunded to 10/15/14) (Mandatory put 10/15/14) 10/14 at 100 AAA 9,944,463 - ------------------------------------------------------------------------------------------------------------------------------------ Tennessee - 2.3% 8,780,000 Tennessee Housing Development Agency, Homeownership Program Bonds, Issue V, 7.650%, 7/01/22 (Alternative Minimum Tax) 7/01 at 102 AA 9,295,210 7,220,000 The Metropolitan Government of Nashville and Davidson County (Tennessee), General Obligation Multi-Purpose Improvement Bonds, Series 1994, 6.150%, 5/15/25 (Pre-refunded to 5/15/02) 5/02 at 102 AAA 7,813,917 - ------------------------------------------------------------------------------------------------------------------------------------ Texas - 5.6% 8,580,000 Brazos River Authority (Texas), Collateralized Pollution Control Revenue Bonds (Texas Utilities Electric Company Project), Series 1990A, 8.125%, 2/01/20 (Alternative Minimum Tax) 2/00 at 102 Baa1 9,229,592 6,480,000 Brazos River Authority (Texas), Collateralized Pollution Control Revenue Bonds (Texas Utilities 1/99 at 102 Baa1 6,762,463 Electric Company Project), Series 1989A, 8.250%, 1/01/19 (Alternative Minimum Tax) 3,500,000 Comal County Health Facilities Development Corporation, Hospital Revenue Refunding 1/01 at 102 AAA 3,765,300 Bonds (McKenna Memorial Hospital FHA Insured Project), Series 1991, 7.375%, 1/15/21 10,895,000 El Paso Housing Finance Corporation, Single Family Mortgage Revenue Refunding Bonds, Series 1991A, 8.750%, 10/01/11 4/01 at 103 A2 12,174,400 2,755,000 The Harrison County Finance Corporation, Single Family Mortgage Revenue Refunding Bonds, Series 1991, 8.875%, 12/01/11 12/01 at 103 A 2,920,768 2,395,000 Panhandle Regional Housing Finance Corporation, Single Family Mortgage Revenue 5/01 at 100 AAA 2,483,088 Bonds (GNMA Mortgage-Backed Securities Program), Series 1991A, 7.500%, 5/01/24 (Alternative Minimum Tax) 4,560,000 Winter Garden Housing Finance Corporation, Single Family Mortgage Revenue Bonds (GNMA and FNMA Mortgage-Backed Securities Program), Series 1994, 6.950%, 10/01/27 (Alternative Minimum Tax) 4/04 at 103 AAA 4,868,530 - ------------------------------------------------------------------------------------------------------------------------------------ Utah - 3.9% 16,550,000 Utah County, Utah, Hospital Revenue Bonds, Series 1997 (IHC Health Services, Inc.), 5.250%, 8/15/26 8/07 at 101 Aaa 16,097,192 13,650,000 Intermountain Power Agency, Power Supply Revenue Refunding Bonds, 1993 Series A, 5.500%, 7/01/20 7/03 at 102 Aaa 13,777,628 - ------------------------------------------------------------------------------------------------------------------------------------ Washington - 11.8% 5,000,000 Washington Public Power Supply System, Nuclear Project No. 1, Refunding Revenue Bonds, Series 1990C, 8.000%, 7/01/17 (Pre-refunded to 7/01/00) 7/00 at 102 Aaa 5,488,150 4,000,000 Washington Public Power Supply System, Nuclear Project No. 1, Refunding Revenue Bonds, Series 1989B, 7.400%, 7/01/09 (Pre-refunded to 1/01/00) 1/00 at 102 Aaa 4,289,040 10,000,000 Washington Public Power Supply System, Nuclear Project No. 1, Refunding Revenue Bonds, Series 1997A, 5.125%, 7/01/16 7/07 at 102 Aaa 9,751,200 2,000,000 Washington Public Power Supply System, Nuclear Project No. 2, Refunding Revenue Bonds, Series 1990A, 7.375%, 7/01/12 (Pre-refunded to 7/01/00) 7/00 at 102 Aaa 2,169,580 5,000,000 Washington Public Power Supply System, Nuclear Project No. 2, Refunding Revenue Bonds, Series 1990B, 7.000%, 7/01/12 (Pre-refunded to 7/01/00) 7/00 at 102 Aaa 5,383,250 2,130,000 Washington Public Power Supply System, Nuclear Project No. 2, Refunding Revenue Bonds, Series 1992A, 6.250%, 7/01/12 7/02 at 102 Aa1 2,277,737 5,000,000 Washington Public Power Supply System, Nuclear Project No. 2, Refunding Revenue Bonds, Series 1994A, 5.375%, 7/01/11 7/04 at 102 Aa1 5,047,300 7,880,000 Washington Public Power Supply System, Nuclear Project No. 2, Refunding Revenue Bonds, Series 1992A, 6.250%, 7/01/12 (Pre-refunded to 7/01/02) 7/02 at 102 Aa1*** 8,552,794 Principal Optional Call Market Amount Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Washington (continued) $ 3,935,000 Washington Public Power Supply System, Nuclear Project No. 3, Refunding Revenue Bonds, Series 1993C, 5.375%, 7/01/15 7/03 at 102 Aa1 $ 3,893,406 Washington Public Power Supply System, Nuclear Project No. 3, Refunding Revenue Bonds, Series 1989B: 24,060,000 7.250%, 7/01/15 (Pre-refunded to 1/01/00) 1/00 at 102 Aa*** 25,741,071 7,560,000 5,500%, 7/01/17 1/00 at 100 Aa1 7,561,739 Municipality of Metropolitan Seattle (Seattle, Washington), Sewer Refunding Revenue Bonds, Series Z: 2,160,000 5.450%, 1/01/16 1/03 at 102 Aaa 2,173,500 3,095,000 5.450%, 1/01/17 1/03 at 102 Aaa 3,114,343 2,490,000 5.450%, 1/01/19 1/03 at 102 Aaa 2,503,620 1,800,000 5.450%, 1/01/20 1/03 at 102 Aaa 1,805,831 - ------------------------------------------------------------------------------------------------------------------------------------ Wisconsin - 1.8% 11,080,000 Wisconsin Center District, Junior Dedicated Tax Revenue Bonds, Series 1996B, 5.750%, 12/15/27 12/06 at 101 A 11,544,694 2,100,000 Wisconsin Health and Educational Facilities Authority, Revenue Bonds (Wausau Hospitals, Inc. Project), Series 1991B, 6.700%, 8/15/20 (Pre-refunded to 2/15/01) 2/01 at 102 Aaa 2,271,842 - ------------------------------------------------------------------------------------------------------------------------------------ $ 701,970,000 Total Investments - (cost $688,640,178) - 98.2% 744,457,543 ============= Temporary Investments in Short-Term Municipal Securities - 0.1% $ 800,000 Minneapolis/St. Paul Housing and Redevelopment Authority Health Care (Children's Health Care), ============= Series 1995, Variable Rate Demand Bonds, 4.300%, 8/15/25+ SP-1+ 800,000 -------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 1.7% 13,007,347 -------------------------------------------------------------------------------------------------------------------- Net Assets - 100% $ 758,264,890 ==================================================================================================================== * Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. *** Securities are backed by an escrow or trust containing sufficient U.S. government or U.S. government agency securities which ensures the timely payment of principal and interest. Securities are normally considered to be equivalent to AAA rated securities. N/R Investment is not rated. + 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 NUVEEN QUALITY INCOME MUNICIPAL FUND, INC. (NQU) April 30, 1998 (Unaudited)
Principal Optional Call Market Amount Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Alabama - 1.8% $ 17,000,000 The Industrial Development Board of the Town of Courtland, Pollution Control Refunding Revenue Bonds (Champion International Corporation Project), Series 1995, 6.150%, 6/01/19 6/05 at 102 Baa1 $17,917,660 3,895,000 Jefferson County Board of Education, Capital Outlay School Warrants, Series 1997-A, 5.800%, 2/15/20 2/07 at 102 Aaa 4,079,234 - ------------------------------------------------------------------------------------------------------------------------------------ Alaska - 2.0% 1,775,000 Alaska Housing Finance Corporation, Collateralized Bonds, 1991 First Series (Veterans Mortgage Program), Issue A-1, 7.125%, 12/01/30 6/01 at 102 Aaa 1,863,022 6,750,000 Alaska Housing Finance Corporation, General Housing Purpose Bonds, 1992 Series A, 6.600%, 12/01/23 (Pre-refunded to 12/01/02) 12/02 at 102 Aa2*** 7,437,420 14,590,000 Alaska State Housing Finance Corporation, Governmental Purposes Bonds, 1995 Series A, 5.875%, 12/01/30 12/05 at 102 Aaa 15,146,754 - ------------------------------------------------------------------------------------------------------------------------------------ Arizona - 0.5% 5,500,000 Yuma Regional Medical Center on behalf of Hospital District No. 1 of Yuma County, Arizona, Hospital Revenue Improvement and Refunding Bond (Yuma Regional Medical Center Project), Series 1992, 8.000%, 8/01/17 (Pre-refunded to 8/01/02) 8/02 at 101 1/2 N/R*** 6,331,325 - ------------------------------------------------------------------------------------------------------------------------------------ Arkansas - 0.8% 3,430,000 Arkansas Development Finance Authority, Single Family Mortgage Revenue Refunding Bonds, 1991 Series A (FHA Insured or VA Guaranteed Mortgage Loans), 8.000%, 8/15/11 8/01 at 103 AA 3,673,804 5,990,000 Arkansas Development Finance Authority, Single Family Mortgage Revenue Bonds, 1995 Series B (Mortgage-Backed Securities Program), 6.700%, 7/01/27 (Alternative Minimum Tax) 7/05 at 102 AAA 6,416,967 - ------------------------------------------------------------------------------------------------------------------------------------ California - 9.6% 10,500,000 California St. Various Purpose General Obligation Bonds, Series 1998, 5.000%, 2/01/21 (DD1) 2/08 at 101 A1 10,058,790 3,000,000 California Health Facilities Financing Authority, Kaiser Permanente, Revenue Bonds, 1993 Series C, 5.600%, 5/01/33 5/03 at 102 A+ 3,036,330 3,960,000 California Housing Finance Agency, Home Mortgage Revenue Bonds, 1991 Series G, 7.050%, 8/01/27 (Alternative Minimum Tax) 8/01 at 102 Aa 4,187,027 5,860,000 California Housing Finance Agency, Multifamily Housing Revenue Bonds Ill, 1998 Series A (AMT), 5.450%, 8/01/28 (Alternative Minimum Tax) 8/08 at 102 Aaa 5,813,940 17,000,000 State Public Works Board of the State of California, Lease Revenue Bonds (Department of Corrections), 1994 Series A (California State of Prison-Monterey County (Soledad II)), 7.000%, 11/01/19 (Pre-refunded to 11/01/04) 11/04 at 102 Aaa 19,737,510 3,500,000 State Public Works Board of the State of California, Lease Revenue Bonds (The Trustees of The California State University), 1992 Series A (Various California State University Projects), 6.625%, 10/01/10 (Pre-refunded to 10/01/02) 10/02 at 102 Aaa 3,888,185 5,000,000 State of California, Veterans General Obligation Bonds, Series BH, 5.600%, 12/01/32 (Alternative Minimum Tax) 12/03 at 102 A1 5,039,650 9,250,000 State of California, Veterans General Obligation Bonds, Series BL, 5.300%, 12/01/12 (Alternative Minimum Tax) 12/08 at 101 A1 9,337,320 10,000,000 State of California, Veterans General Obligation Bonds, Series BN (Non-AMT), 5.450%, 12/01/28 (WI) 12/03 at 101 A1 9,984,700 Brea Public Financing Authority (Orange County, California), 1991 Tax Allocation Revenue Bonds, Series A (Redevelopment Project AB): 10,580,000 7.000%, 8/01/15 (Pre-refunded to 8/01/01) 8/01 at 102Aaa 11,664,344 4,420,000 7.000%, 8/01/15 8/01 at 102Aaa 4,824,165 Principal Optional Call Market Amount Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ California (continued) $ 2,500,000 The Community Redevelopment Agency of the City of Los Angeles, California, Central Business District Redevelopment Project, Tax Allocation Refunding Bonds, Series 1987-G, 6.750%, 7/01/10 7/98 at 101 BBB $ 2,599,075 5,000,000 Department of Water and Power of the City of Los Angeles, California, Water Works Revenue Bonds, Issue of 1992, 6.500%, 4/15/32 4/02 at 102 Aa 5,369,000 6,700,000 County of Orange, California, 1996 Recovery Certificates of Participation, Series A, 6.000%, 7/01/26 7/06 at 102 Aaa 7,156,873 2,000,000 City of Redwood City Public Financing Authority, 1991 Local Agency Revenue Bonds, Series B, 7.250%, 7/15/11 (Pre-refunded to 7/15/01) 7/01 at 102 A-*** 2,215,180 9,190,000 City of San Jose Financing Authority (Santa Clara County, California), 1993 Revenue Bonds, Series C (Convention Center Refunding Project), 6.400%, 9/01/22 9/01 at 102 A1 9,756,380 3,375,000 Southern California Home Financing Authority, Single Family Mortgage Revenue Bonds (GNMA and FNMA Mortgage-Backed Securities Program), 1991 Issue A, 7.350%, 9/01/24 (Alternative Minimum Tax) 3/01 at 102 AAA 3,561,570 - ------------------------------------------------------------------------------------------------------------------------------------ Colorado - 5.2% City and County of Denver, Colorado, Airport System Revenue Bonds, Series 1990A: 8,765,000 8.500%, 11/15/23 (Alternative Minimum Tax) 11/00 at 102 Baa1 9,687,429 15,910,000 8.000%, 11/15/25 (Alternative Minimum Tax) 11/00 at 102 Baa1 17,376,107 City and County of Denver, Colorado, Airport System Revenue Bonds, Series 1991A: 9,485,000 8.750%, 11/15/23 (Alternative Minimum Tax) 11/01 at 102 Baa1 10,818,591 3,040,000 8.000%, 11/15/25 (Alternative Minimum Tax) 11/01 at 100 Baa1 3,342,906 City and County of Denver, Colorado, Airport System Revenue Bonds, Series 1991D: 3,165,000 7.750%, 11/15/21 (Alternative Minimum Tax) 11/01 at 102 Baa1 3,513,720 3,825,000 7.000%, 11/15/25 (Alternative Minimum Tax) 11/01 at 100 Baa1 4,083,149 City and County of Denver, Colorado, Airport System Revenue Bonds, Series 1990A: 770,000 8.500%, 11/15/23 (Alternative Minimum Tax) (Pre-refunded to 11/15/00) 11/00 at 102 Aaa 863,724 1,505,000 8.000%, 11/15/25 (Alternative Minimum Tax) (Pre-refunded to 11/15/00) 11/00 at 102 Aaa 1,670,204 City and County of Denver, Colorado, Airport System Revenue Bonds, Series 1991A: 3,425,000 8.750%, 11/15/23 (Alternative Minimum Tax) (Pre-refunded to 11/15/01) 11/01 at 102 Aaa 3,977,727 1,100,000 8.000 %, 11/15/25 (Alternative Minimum Tax) (Pre refunded to 11/15/01) 11/01 at 100 Aaa 1,231,780 City and County of Denver, Colorado, Airport System Revenue Bonds, Series 1991D: 835,000 7.750%, 11/15/21 (Alternative Minimum Tax) (Pre-refunded to 11/15/01) 11/01 at 102 Aaa 942,606 1,025,000 7.000%, 11/15/25 (Alternative Minimum Tax) (Pre-refunded to 11/15/01) 11/01 at 100 Aaa 1,114,472 5,110,000 County of Pueblo, Colorado, Hospital Refunding and Improvement Revenue Bonds (Parkview Episcopal Medical Center, Inc. Project), Series 1991B, 8.300%, 9/01/11 (Pre-refunded to 9/01/01) 9/01 at 100 N/R*** 5,725,857 - ------------------------------------------------------------------------------------------------------------------------------------ Florida - 2.9% 5,250,000 Dade County Industrial Development Authority, Solid Waste Disposal Revenue Bonds (Florida Power and Light Company Project), Series 1991, 7.150%, 2/01/23 (Alternative Minimum Tax) 2/01 at 102 AA- 5,681,760 13,410,000 Palm Beach County Health Facilities Authority, Hospital Revenue Refunding Bonds, Series 1988 (JFK Medical Center, Inc. Projects), 8.875%, 12/01/18 (Pre-refunded to 12/01/98) 12/98 at 102 N/R*** 14,058,776 8,485,000 St. Lucie County, Florida, Solid Waste Disposal Revenue Bonds (Florida Power and Light Company Project), Series 1991, 7.150%, 2/01/23 (Alternative Minimum Tax) 2/01 at 102 AA- 9,185,097 City of Tampa, Florida, Capital Improvement Program Revenue Bonds, Series 1988A: 1,665,000 8.000%, 10/01/02 10/98 at 100 AA 1,692,239 5,830,000 8.250%, 10/01/18 10/98 at 100 AA 5,924,446 - ------------------------------------------------------------------------------------------------------------------------------------ Georgia - 2.5% Clayton County Hospital Authority Revenue Anticipation Certificates (Southern Regional Medical Center Project), Georgia, Series 1991: 2,900,000 6.500%, 8/01/10 8/01 at 102 Aaa 3,115,383 4,500,000 7.000%, 8/01/13 8/01 at 102 Aaa 4,902,885 Principal Optional Call Market Amount Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Georgia (continued) $ 15,900,000 The Fulton-DeKalb Hospital Authority, Georgia, Revenue Certificates, Series 1991 (Grady Memorial Hospital), 6.900%, 1/01/20 (Pre-refunded to 1/01/01) 1/01 at 102 Aaa $ 17,241,165 5,590,000 County Board of Education of Richmond County (Georgia), General Obligation School Bonds, Series 1997, 5.950%, 11/01/26 5/98 at 100 Aaa 5,642,602 - ------------------------------------------------------------------------------------------------------------------------------------ Illinois - 9.2% Illinois Development Finance Authority, Multi-family Housing Revenue Bonds, Series 1992 (Town and Garden Apartments Project): 5,800,000 7.800%, 3/01/06 (Alternative Minimum Tax) 3/02 at 102 BBB+ 6,349,260 1,150,000 7.200%, 9/01/08 (Alternative Minimum Tax) 3/02 at 102 BBB+ 1,235,342 11,000,000 Illinois Health Facilities Authority, Hospital Revenue Bonds, Series 1993-A (Hinsdale Hospital), 7.000%, 11/15/19 11/03 at 102 Baa1 12,527,240 14,500,000 Illinois Health Facilities Authority, Revenue Bonds, Series 1991 (Northwestern Memorial Hospital), 6.750%, 8/15/11 8/01 at 102 Aa 15,746,420 3,000,000 Illinois Health Facilities Authority, Revenue Refunding Bonds, Series 1991 (Sherman Hospital Project), 6.750%, 8/01/21 (Pre-refunded to 8/01/01) 8/01 at 102 Aaa 3,275,280 5,265,000 Illinois Health Facilities Authority (Rockford Memorial Hospital), Revenue Refunding Bonds, Series 1991A, 6.000%, 8/15/21 (Pre-refunded to 8/15/01) 8/01 at 100 Aaa 5,540,728 2,820,000 Illinois Housing Development Authority, Section 8 Elderly Housing Revenue Bonds (Garden House of Maywood Development), Series 1992, 7.000%, 9/01/18 9/02 at 102 A 2,980,684 6,000,000 Central Lake County Joint Action Water Agency, Lake County, Illinois, Water Revenue Bonds, Series 1990A, 7.000% 5/01/19 (Pre-refunded to 5/01/00) 5/00 at 102 Aaa 6,444,120 10,000,000 Central Lake County Joint Action Water Agency, Lake County, Illinois, Water Revenue Bonds, Series 1991, 7.000%, 5/01/20 (Pre-refunded to 5/01/01) 5/01 at 102 Aaa 10,946,300 6,405,000 City of Chicago, Chicago-O'Hare International Airport, Special Facility Revenue Bonds (United Air Lines, Inc. Project), Series 1984B, 8.850%, 5/01/18 11/00 at 103 Baa2 7,181,350 24,430,000 The County of Cook, Illinois, General Obligation Bonds, Series 1991, 6.750%, 11/01/18 (Pre-refunded to 11/01/01) 11/01 at 102 Aaa 26,832,691 3,590,000 Joliet Regional Port District Airport Facilities, Revenue Bonds, Lewis University Airport, Series 97A, 7.250%, 7/01/18 (Alternative Minimum Tax) 7/07 at 103 N/R 3,799,620 10,575,000 Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 1992A, 6.125%, 6/01/22 6/02 at 100 Aaa 11,067,266 - ------------------------------------------------------------------------------------------------------------------------------------ Indiana - 1.3% 5,905,000 Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Series 1992 (Community Hospitals Projects), 7.000% 7/01/11 (Pre-refunded to 7/01/01) 7/01 at 102 Aaa 6,476,368 4,000,000 The Indianapolis Local Public Improvement Bond Bank, Series 1992 D Bonds, 6.500%, 2/01/22 5/98 at 100 AA 4,007,000 5,125,000 City of Petersburg, Indiana, Pollution Control Refunding Revenue Bonds, Series 1995A (Indianapolis Power & Light Company Project), 6.625%, 12/01/24 12/04 at 102 Aa2 5,655,130 - ------------------------------------------------------------------------------------------------------------------------------------ Iowa - 0.4% 4,500,000 Polk County, Iowa, Health Facilities Revenue Bonds, Catholic Health Corporation (Mercy Health Center of Central Iowa Project), Series 1991, 6.750%, 11/01/15 (Pre-refunded to 11/01/01) 11/01 at 101 Aaa 4,903,695 - ------------------------------------------------------------------------------------------------------------------------------------ Kansas - 1.6% City of Merriam, Kansas, Hospital Refunding Revenue Bonds, Series 1991B (Shawnee Mission Medical Center, Inc. Project): 7,380,000 7.250%, 9/01/11 (Pre-refunded to 9/01/01) 9/01 at 102AAA 8,166,413 10,000,000 7.250%, 9/01/21 (Pre-refunded to 9/01/01) 9/01 at 102AAA 11,065,600 Principal Optional Call Market Amount Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Kentucky - 2.3% $ 3,000,000 Kentucky Development Finance Authority, Hospital Facilities Revenue Bonds, Series 1991 (St. Claire Medical Center, Inc. Project), 7.125%, 9/01/21 (Pre-refunded to 9/01/01) 9/01 at 102 N/R*** $3,304,200 10,125,000 Kentucky Housing Corporation, Housing Revenue Bonds (Federally Insured or Guaranteed Mortgage Loans), 1995 Series B, 6.625%, 7/01/26 (Alternative Minimum Tax) 1/05 at 102 Aaa 10,814,715 10,000,000 City of Danville, Kentucky, Multi-City Lease Revenue Bonds (Louisville and Jefferson County Metropolitan Sewer District Sewer and Drainage System Revenue Project), Fixed Rate Series 1991-G, 6.800%, 3/01/19 (Pre-refunded to 3/01/02) 3/02 at 102 Aaa 11,047,600 2,930,000 Greater Kentucky Housing Assistance Corporation, Mortgage Revenue Refunding Bonds, Series 1992B (FHA Insured Mortgage Loans-Section 8 Assisted Projects), 7.625%, 1/01/25 1/00 at 102 Aaa 3,064,458 - ------------------------------------------------------------------------------------------------------------------------------------ Maryland - 1.7% Community Development Administration, Department of Housing and Community Development, State of Maryland, Single Family Program Bonds, 1991 Fourth Series: 13,235,000 7.450%, 4/01/20 (Alternative Minimum Tax) 4/01 at 102 Aa2 13,920,176 3,985,000 7.450%, 4/01/32 (Alternative Minimum Tax) 4/01 at 102 Aa2 4,197,839 3,385,000 Community Development Administration, Department of Housing and Community Development, State of Maryland, Multi-Family Housing Revenue Bonds (Insured Mortgage Loans), 1991 Series E, 7.100%, 5/15/28 5/01 at 102 Aa 3,554,148 - ------------------------------------------------------------------------------------------------------------------------------------ Massachusetts - 4.7% Massachusetts Bay Transportation Authority, General Transportation System Bonds, 1991 Series A: 10,225,000 7.000%, 3/01/11 (Pre-refunded to 3/01/01) 3/01 at 102 Aaa 11,159,667 19,600,000 7.000%, 3/01/22 (Pre-refunded to 3/01/01) 3/01 at 102 Aaa 21,391,636 5,100,000 Massachusetts Health and Educational Facilities Authority, Revenue Bonds, New England Medical Center Hospitals Issue, Series F, 6.625%, 7/01/25 7/02 at 102 Aaa 5,545,332 15,000,000 Massachusetts Industrial Finance Agency, Resource Recovery Revenue Bonds (SEMASS Project), Series 1991A, 9.000%, 7/01/15 7/01 at 103 N/R 16,826,400 3,300,000 Massachusetts Industrial Finance Agency, Resource Recovery Revenue Bonds, Semass Project, Series 1991B, 9.250%, 7/01/15 (Alternative Minimum Tax) 7/01 at 103 N/R 3,701,808 - ------------------------------------------------------------------------------------------------------------------------------------ Michigan - 3.3% 5,000,000 Michigan State Hospital Finance Authority, Hospital Revenue Bonds (The Detroit Medical Center Obligated Group), Series 1991A, 7.500%, 8/15/11 (Pre-refunded to 8/15/01) 8/01 at 102 Aaa 5,573,500 16,875,000 Michigan Strategic Fund, Limited Obligation Refunding Revenue Bonds (The Detroit Edison Company Pollution Control Bonds Project), Collateralized Series 1991DD, 6.875%, 12/01/21 12/01 at 102 Aaa 18,340,594 8,500,000 Michigan Strategic Fund, Limited Obligation Revenue Bonds (Waste Management, Inc. Project), Series 1992, 6.625%, 12/01/12 (Alternative Minimum Tax) 12/02 at 102 Baa1 9,169,460 7,000,000 City of Grand Rapids, Michigan, Water Supply System Refunding Revenue Bonds, Series 1991, 6.250%, 1/01/11 1/01 at 102 Aaa 7,423,220 - ------------------------------------------------------------------------------------------------------------------------------------ Minnesota - 1.0% 4,670,000 Minnesota Housing Finance Agency, Single Family Mortgage Bonds, 1994 Series J, 6.950%, 7/01/26 (Alternative Minimum Tax) 1/04 at 102 AA 4,984,011 3,655,000 The Dakota County Housing and Redevelopment Authority, The Washington County Housing and Redevelopment Authority, and The City of Bloomington, Minnesota, Single Family Residential Mortgage Revenue Bonds (GNMA Mortgage-Backed Program), Series 1988 8.450%, 9/01/19 (Alternative Minimum Tax) No Opt. Call Aaa 5,089,368 2,450,000 Washington County Housing and Redevelopment Authority, Multifamily Housing Revenue Bonds (FHA Insured Mortgage Loan-Cottages Phase III Project), Series 1991, 7.650%, 8/01/32 (Alternative Minimum Tax) 8/01 at 102 AAA 2,598,985 - ------------------------------------------------------------------------------------------------------------------------------------ Mississippi - 0.6% 3,350,000 Canton Housing Development Corporation, 1990 Multifamily Mortgage Revenue Refunding Bonds (Canton Estate Apartments Project-FHA Insured Mortgage, Section 8 Assisted Project), Series A, 7.750%, 8/01/24 No Opt. Call AAA 4,135,140 1,215,000 Charter Mortgage Corporation, 1990 Multifamily Mortgage Revenue Refunding Bonds (Church Garden Apartments-FHA Insured Mortgage, Section 8 Assisted Project), Series A, 7.750%, 8/01/21 8/01 at 100 AAA 1,484,839 Principal Optional Call Market Amount Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Mississippi (continued) $ 1,335,000 Pearl Housing Development Corporation, 1990 Multifamily Mortgage Revenue Refunding Bonds (Rose Garden Apartments Project-FHA Insured Mortgage, Section 8 Assisted Project), Series A, 7.750%, 8/01/22 2/01 at 100 AAA $ 1,383,634 - ------------------------------------------------------------------------------------------------------------------------------------ Missouri - 1.8% Health and Educational Facilities Authority of the State of Missouri, Health Facilities Refunding and Improvement Revenue Bonds (Heartland Health System's Project), Series 1989: 3,070,000 7.625%, 10/01/00 10/99 at 102 1/2 BBB+ 3,289,167 6,500,000 8.125%, 10/01/10 10/99 at 102 1/2 BBB+ 7,008,365 The Industrial Development Authority of the County of Jackson, State of Missouri, Health Care System Revenue Bonds, St. Mary's Hospital of Blue Springs Issue, Series 1994: 5,730,000 6.500%, 7/01/12 7/02 at 102 Baa1 6,073,628 5,605,000 7.000%, 7/01/22 7/02 at 102 Baa1 6,060,014 - ------------------------------------------------------------------------------------------------------------------------------------ Montana 0.6% 7,000,000 City of Forsyth, Rosebud County, Montana, Pollution Control Revenue Refunding Bonds (Puget Sound Power and Light Company Colstrip Project), Series 1992, 7.050%, 8/01/21 8/01 at 102 Aaa 7,603,890 - ------------------------------------------------------------------------------------------------------------------------------------ Nebraska - 1.6% 11,000,000 Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, 1995 Series A, 6.800%, 3/01/35 (Alternative Minimum Tax) 3/05 at 101 1/2 AAA 11,660,110 8,000,000 Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, 1995 Series B, 6.450%, 3/01/35 (Alternative Minimum Tax) 3/05 at 101 1/2 AAA 8,382,960 - ------------------------------------------------------------------------------------------------------------------------------------ New Hampshire- 0.5% 1,995,000 New Hampshire Housing Finance Authority, Single Family Residential Mortgage Bonds, 1988 Series A, 8.500% 7/01/14 (Alternative Minimum Tax) 7/98 at 103 Aa 2,062,870 4,025,000 New Hampshire Housing Finance Authority, Single Family Residential Mortgage Bonds, 1991 Series C, 7.100%, 1/01/23 7/01 at 102 Aa 4,240,016 - ------------------------------------------------------------------------------------------------------------------------------------ New Jersey - 1.1% 13,000,000 Pollution Control Financing Authority of Camden County (Camden County, New Jersey), Solid Waste Disposal and Resource Recovery System Revenue Bonds, Series 1991 D, 7.250% 12/01/10 12/01 at 102 B2 13,114,790 - ------------------------------------------------------------------------------------------------------------------------------------ New York - 15.2% Dormitory Authority of the State of New York, State University Educational Facilities Revenue Bonds, Series 1990A: 13,000,000 7.400%, 5/15/01 5/00 at 102 A- 13,987,740 11,750,000 7.700%, 5/15/12 (Pre-refunded to 5/15/00) 5/00 at 102 Aaa 12,799,745 8,325,000 Dormitory Authority of the State of New York, Menorah Campus, Inc., FHA-Insured Mortgage Revenue Bonds, Series 1991, 7.400%, 2/01/31 (Pre-refunded to 8/01/01) 8/01 at 102 AAA 9,256,901 4,550,000 Dormitory Authority of the State of New York, Mental Health Services Facilities Improvement, Revenue Bonds, Series 1997 B, 5.500%, 8/15/17 2/07 at 102 A- 4,590,131 Dormitory Authority of the State of New York, Mental Health Services Facilities Improvement Revenue Bonds, Series 1997A: 13,060,000 5.750%, 8/15/22 2/07 at 102 A- 13,482,883 5,000,000 5.750%, 2/15/27 2/07 at 102 A- 5,145,400 21,075,000 New York Local Government Assistance Corporation, New York, Series 1991B, 7.500%, 4/01/20 (Pre-refunded to 4/01/01) 4/01 at 102 Aaa 23,342,459 New York State Medical Care Facilities Finance Agency, FHA-Insured Mortgage Project Revenue Bonds, 1995 Series F: 4,400,000 6.200%, 8/15/15 8/05 at 102 Aa 4,730,616 4,250,000 6.300%, 8/15/25 8/05 at 102 Aa 4,596,843 8,000,000 New York State Medical Care Facilities Finance Agency, New York Hospital FHA-Insured Mortgage Revenue Bonds, 1994 Series A (AMBAC Insured Series), 6.500%, 8/15/29 (Pre-refunded to 2/15/05) 2/05 at 102 Aaa 9,042,480 5,000,000 New York State Medical Care Facilities Finance Agency, Hospital Medical Center Secured Hospital, Revenue Bonds, Series 1995-A, 6.850%, 2/15/17 (Pre-refunded to 2/15/05) 2/05 at 102 BBB+*** 5,731,350 8,025,000 New York State Thruway Authority, General Revenue Bonds, Series C, 6.000%, 1/01/25 1/05 at 102 Aaa 8,513,803 Principal Optional Call Market Amount Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ New York (continued) $ 2,165,000 N.F. Housing and Commercial Rehabilitation Corporation, 1992 Multifamily Mortgage Revenue Refunding Bonds (FHA Insured Mortgage, Section 8 Assisted Project), 7.350%, 8/01/23 No Opt. Call AA $ 2,529,781 6,000,000 The City of New York (New York), General Obligation Bonds, Fiscal 1993 Series B, 6.750%, 10/01/17 10/02 at 101 1/2 A3 6,526,140 11,000,000 The City of New York, General Obligation Bonds, Fiscal 1996 Series J (Subseries J-1), 6.000%, 2/15/24 2/06 at 101 1/2 A3 11,624,360 6,000,000 The City of New York, General Obligation Bonds, Fiscal 1997 Series H, 6.125%, 8/01/25 8/07 at 101 A3 6,440,280 The City of New York, General Obligation Bonds, Fiscal 1995 Series B: 5,475,000 7.250%, 8/15/19 (Pre-refunded to 8/15/04) 8/04 at 101 Aaa 6,357,406 25,000 7.250%, 8/15/19 8/04 at 101 A3 28,214 1,845,000 The City of New York, General Obligation Bonds, Fiscal 1992 Series H, 7.000%, 2/01/18 (Pre-refunded to 2/01/02) 2/02 at 101 1/2 Aaa 2,037,212 245,000 The City of New York (New York), General Obligation Bonds, Fiscal 1992 Series H, 7.000%, 2/01/18 2/02 at 101 1/2 A3 266,097 The City of New York, General Obligation Bonds, Fiscal 1995 Series F: 6,700,000 6.625%, 2/15/25 (Pre-refunded to 2/15/05) 2/05 at 101 A3*** 7,551,168 50,000 6.625%, 2/15/25 2/05 at 101 A3 54,923 New York City, New York, Municipal Water Finance Authority, Water and Sewer System Revenue Bonds, Fiscal 1996 Series A: 7,250,000 5.500%, 6/15/23 6/05 at 100 Aaa 7,321,775 14,190,000 5.875%, 6/15/25 6/05 at 101 Aaa 14,868,992 3,400,000 New York City Transitional Finance Authority, Future Tax Secured Bonds Fiscal 1998 Series A, 5.000%, 8/15/27 8/07 at 101 AA 3,229,490 3,350,000 Penfield-Crown Oak Housing Development Corporation, 1991 Multifamily Mortgage Revenue Refunding Bonds (Crown Oak Estates-FHA Insured Mortgage, Section 8 Assisted Project), Series A, 7.350%, 8/01/23 2/03 at 100 AAA 3,551,201 - ------------------------------------------------------------------------------------------------------------------------------------ North Carolina - 0.9% 10,500,000 North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Refunding Series 1991 A, 6.250%, 1/01/03 1/02 at 102 Baa1 11,004,105 - ------------------------------------------------------------------------------------------------------------------------------------ Ohio - 1.0% 6,330,000 Ohio Housing Finance Agency, Residential Mortgage Revenue Bonds (GNMA Mortgage-Backed Securities Program), 1995 Series A-2, 6.625%, 3/01/26 (Alternative Minimum Tax) 3/05 at 102 AAA 6,763,162 4,800,000 County of Butler, Ohio, Hospital Facilities Revenue Refunding and Improvement Bonds, Series 1991 (Fort Hamilton-Hughes Memorial Hospital Center), 7.500%, 1/01/10 1/02 at 102 BBB- 5,202,384 - ------------------------------------------------------------------------------------------------------------------------------------ Oklahoma - 4.6% 11,505,000 Oklahoma County Home Finance Authority (Oklahoma County, Oklahoma), Single Family Mortgage Revenue Refunding Bonds, 1991 Series A, 8.750%, 7/01/12 7/01 at 102 A1 12,120,748 17,510,000 Pottawatomie County Home Finance Authority (Oklahoma), Municipal Refunding, Collateralized Mortgage Obligations (MR CMO), Series 1991 A, 8.625%, 7/01/10 No Opt. Call Aaa 23,553,577 10,000,000 Trustees of the Tulsa Municipal Airport Trust, 1988 Adjustable Rate Revenue Obligations, 7.375%, 12/01/20 (Alternative Minimum Tax) 12/00 at 102 Baa2 10,772,700 10,100,000 Trustees of the Tulsa Municipal Airport Trust, Revenue Bonds, Series 1991, 7.600%, 12/01/30 (Alternative Minimum Tax) 6/01 at 102 Baa2 11,033,442 - ------------------------------------------------------------------------------------------------------------------------------------ Pennsylvania - 0.6% Falls Township Hospital Authority, Refunding Revenue Bonds, The Delaware Valley Medical Center Project (FHA Insured Mortgage), Series 1992: 3,560,000 6.900%, 8/01/11 8/02 at 102 AAA 3,807,313 3,000,000 7.000%, 8/01/22 8/02 at 102 AAA 3,290,160 Principal Optional Call Market Amount Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Rhode Island - 0.4% $ 5,260,000 Rhode Island Housing and Mortgage Finance Corporation, Mortgage Finance Revenue Bonds, 1988 Series A (Corporation Supplemental Insurance Program), 8.250%, 10/01/08 5/98 at 102 Aa2 $ 5,372,827 - ------------------------------------------------------------------------------------------------------------------------------------ South Carolina - 0.6% 6,500,000 Lexington County Health Services District, Inc., South Carolina, Hospital Revenue Bonds, Series 1991, 6.750%, 10/01/18 (Pre-refunded to 10/01/01) 10/01 at 102 Aaa 7,132,060 - ------------------------------------------------------------------------------------------------------------------------------------ Tennessee - 0.9% 10,300,000 Metropolitan Nashville Airport Authority (Tennessee), Airport Improvement Revenue Bonds, Refunding Series 1991C, 6.625%, 7/01/07 7/01 at 102 Aaa 11,149,750 - ------------------------------------------------------------------------------------------------------------------------------------ Texas - 6.4% 14,360,000 Alliance Airport Authority, Inc., Special Facilities Revenue Bonds, Series 1990 (American Airlines, Inc. Project), 7.500%, 12/01/29 (Alternative Minimum Tax) 12/00 at 102 Baa2 15,494,440 Arlington Independent School District (Tarrant County, Texas), Unlimited Tax Refunding and Improvement Bonds, Series 1995: 11,635,000 0.000%, 2/15/11 2/05 at 71 30/32 Aaa 5,926,753 13,985,000 0.000%, 2/15/14 2/05 at 58 22/32 Aaa 5,743,919 5,000,000 Brazos River Authority (Texas), Collateralized Revenue Refunding Bonds (Houston Lighting and Power Company Project), Series 1988D, 7.750%, 10/01/15 10/98 at 102 A- 5,165,750 5,600,000 Dallas-Fort Worth International Airport Facility Improvement Corporation, American Airlines, Inc. Revenue Bonds, Series 1990, 7.500%, 11/01/25 (Alternative Minimum Tax) 11/00 at 102 Baa2 6,032,768 8,955,000 Fort Worth Housing Finance Corporation, Home Mortgage Revenue Refunding Bonds, Series 1991A, 8.500%, 10/01/11 10/01 at 103 Aa 9,705,339 7,815,000 City of Houston, Texas, Airport System Subordinate Lien Revenue Bonds, Series 1991B, 6.625%, 7/01/22 (Pre-refunded to 7/01/01) 7/01 at 102 Aaa 8,499,828 6,150,000 Houston Independent School District Public Facilities Corporation Lease Revenue Bonds, Series 1998B West Side, 0.000%, 9/15/12 (DD) No Opt. Call Aaa 2,919,774 City of Houston, Texas, Water and Sewer System, Junior Lien Revenue Refunding Bonds, Series 1991C: 1,155,000 6.375%, 12/01/17 (Pre-refunded to 12/01/01) 12/01 at 102 Aaa 1,256,259 17,345,000 6.375%, 12/01/17 12/01 at 102 Aaa 18,598,176 - ------------------------------------------------------------------------------------------------------------------------------------ Vermont - 0.7% Vermont Housing Finance Agency, Single Family Housing Bonds, Series 2: 6,405,000 7.300%, 5/01/25 (Alternative Minimum Tax) 11/01 at 102 A1 6,777,002 1,595,000 6.875%, 5/01/25 (Alternative Minimum Tax) 11/01 at 102 A1 1,670,220 - ------------------------------------------------------------------------------------------------------------------------------------ Virginia - 1.2% 10,500,000 Virginia Housing Development Authority, Commonwealth Mortgage Bonds, 1992 Series A, 7.150%, 1/01/33 1/01 at 102 Aa1 10,991,400 3,860,000 Industrial Development Authority of the City of Roanoke, Virginia Hospital Revenue Bonds (Roanoke Memorial Hospitals, Community Hospital of Roanoke Valley and Franklin Memorial Hospital Project), Series 1990, 6.500%, 7/01/25 (Pre-refunded to 7/01/00) 7/00 at 100 Aaa 4,048,908 - ------------------------------------------------------------------------------------------------------------------------------------ Washington - 7.7% 4,345,000 Washington Public Power Supply System, Nuclear Project 1, Refunding Revenue Bonds, Series 1997B, Bonneville Administration, 5.125%, 7/01/17 7/00 at 100 Aaa 4,048,908 4,750,000 Washington Health Care Facilities Authority, Revenue Bonds, Series 1991 (Yakima Valley Memorial Hospital Association, Yakima), 7.250%, 1/01/21 (Pre-refunded to 1/01/01) 1/01 at 102 A*** 5,182,345 14,850,000 Washington Public Power Supply System, Nuclear Project No. 2, Refunding Revenue Bonds, Series 1990B, 7.000%, 7/01/12 (Pre-refunded to 7/01/00) 7/00 at 102 Aaa 15,988,253 4,000,000 Washington Public Power Supply System, Nuclear Project No. 2, Refunding Revenue Bonds, Series 1994A, 5.375%, 7/01/11 7/04 at 102 Aa1 4,037,840 14,500,000 Washington Public Power Supply System, Nuclear Project No. 3, Refunding Revenue Bonds, Series 1989B, 7.400%, 7/01/09 (Pre-refunded to 1/01/00) 1/00 at 102 Aaa 15,547,770 2,500,000 Washington Public Power Supply System, Nuclear Project No. 3, Refunding Revenue Bonds, Series 1998A, 5.125%, 7/01/18 7/08 at 102 Aa1 2,418,950 Principal Optional Call Market Amount Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Washington (continued) $ 3,010,000 Camas School District No. 117, Clark County, Washington, Unlimited Tax General Obligation Bonds, 1995, 6.000%, 12/01/14 (Pre-refunded to 12/01/05) 12/05 at 100 Aaa $ 3,300,375 4,185,000 Douglas County Public Utility District No. 1, Wells Hydroelectric Project, 8.750%, 9/01/18 9/06 at 106 A+ 5,461,216 12,415,000 Federal Way School District No. 210, King County, Washington, Unlimited Tax General Obligation Bonds, 1991, 6.950%, 12/01/11 (Pre-refunded to 12/01/03) 12/03 at 100 A1*** 13,933,975 Municipality of Metropolitan Seattle (Seattle, Washington), Limited Sales Tax General Obligation Bonds, Series 1991 (Refunding): 9,810,000 6.625%, 1/01/11 7/98 at 101 1/2 Aa 9,995,800 10,310,000 6.875%, 1/01/20 7/98 at 101 1/2 Aa 10,503,930 4,000,000 North Thurston School District No. 3, Thurston County, Washington Unlimited Tax General Obligation Bonds, 1992, 6.500%, 12/01/09 12/02 at 100 A 4,319,400 - ------------------------------------------------------------------------------------------------------------------------------------ Wisconsin - 1.6% 10,820,000 Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Series 1991-B (Novus Health Group), 6.750%, 12/15/20 (Pre-refunded to 12/15/01) 12/01 at 102 Aaa 11,895,400 7,000,000 Wisconsin Housing and Economic Development Authority, Housing Revenue Bonds, 1992 Series A, 6.850%, 11/01/12 1/02 at 102 A1 7,443,380 - ------------------------------------------------------------------------------------------------------------------------------------ Wyoming - 0.6% 2,390,000 Wyoming Community Development Authority, Single Family Mortgage Bonds, 1991 Series B, 7.400%, 6/01/31 6/01 at 102 Aa 2,525,416 4,500,000 Wyoming Community Development Authority, Single Family Mortgage Bonds, 1988 Series G (Federally Insured or Guaranteed Mortgage Loans), 7.250%, 6/01/21 (Alternative Minimum Tax) 11/01 at 103 Aa 4,816,080 - ------------------------------------------------------------------------------------------------------------------------------------ $1,154,800,000 Total Investments - (cost $1,134,914,836) - 99.4% 1,228,539,601 ============== Other Assets Less Liabilities - 0.6% 7,558,386 -------------------------------------------------------------------------------------------------------------------- Net Assets - 100% $1,236,097,987 ==================================================================================================================== * Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. *** Securities are backed by an escrow or trust containing sufficient U.S. government or U.S. government agency securities which ensures the timely payment of principal and interest. Securities are normally considered to be equivalent to AAA rated securities. N/R Investment is not rated. (DD) Security purchased on a delayed delivery basis (note 1). (DD1) Portion of security purchased on a delayed delivery basis (note 1). (WI) Security purchased on a when-issued basis (note 1). See accompanying notes to financial statements.
Portfolio of Investments NUVEEN PREMIER MUNICIPAL INCOME FUND, INC. (NPF) April 30, 1998 (Unaudited)
Principal Optional Call Market Amount Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Alabama - 1.0% $ 4,360,000 Alabama Higher Education Loan Corporation, Student Loan Revenue Refunding Bonds, Series 1994-D, 5.850%, 9/01/04 (Alternative Minimum Tax) No Opt. Call Aaa $ 4,569,890 - ------------------------------------------------------------------------------------------------------------------------------------ Alaska - 1.2% 3,990,000 Alaska Housing Finance Corporation, Mortgage Revenue Bonds, Series A2, 5.750%, 6/01/24 (Alternative Minimum Tax) 12/07 at 101 1/2 Aaa 4,070,997 1,250,000 Municipality of Anchorage, Alaska, Home Mortgage Revenue Bonds (Mortgage-Backed Securities Program), 1992, 8.000%, 3/01/09 3/02 at 102 AAA 1,341,000 - ------------------------------------------------------------------------------------------------------------------------------------ Arizona - 5.2% 5,500,000 Arizona Educational Loan Marketing Corporation, 1992 Educational Loan Revenue Bonds, Series B, 6.950%, 3/01/01 (Alternative Minimum Tax) No Opt. Call Aa2 5,791,830 3,650,000 Gilbert Unified School District No. 41 of Maricopa County, Arizona, School Improvement Bonds, Project of 1993, Series C (1994), 6.100%, 7/01 /14 (Pre-refunded to 7/01/04) 7/04 at 100 Aaa 3,976,675 11,795,000 Yuma Regional Medical Center on behalf of Hospital District No. 1 of Yuma County, Arizona, Hospital Revenue Improvement and Refunding Bonds (Yuma Regional Medical Center Project), Series 1992, 8.000%, 8/01/17 (Pre-refunded to 8/01/02) 8/02 at 101 1/2 N/R*** 13,577,814 - ------------------------------------------------------------------------------------------------------------------------------------ Arkansas - 1.2% 1,725,000 Arkansas Development Finance Authority, Single Family Mortgage Revenue Bonds, 1995 Series B (Mortgage-Backed Securities Program), 6.550%, 7/01/18 (Alternative Minimum Tax) 7/05 at 102 AAA 1,837,280 1,385,000 Arkansas Development Finance Authority, Single Family Mortgage Revenue Bonds, 1994 Series C (Mortgage-Backed Securities Program), 6.600%, 7/01/17 7/05 at 102 AAA 1,493,764 303,931 Drew County (Arkansas), Public Facilities Board, Single Family Mortgage Revenue Refunding Bonds, Series 1993A, 7.900%, 8/01/11 8/03 at 103 Aaa 327,625 1,310,000 Residential Housing Facilities Board of Greene County, Arkansas, Subordinated Mortgage Revenue Bonds, Series 1991-1, 7.250%, 1/01/10 1/02 at 103 Aa 1,395,373 454,393 Public Facilities Board of Stuttgart, Arkansas, Single Family Mortgage Revenue Refunding Bonds, Series 1993A, 7.900%, 9/01/11 9/03 at 103 Aaa 495,507 - ------------------------------------------------------------------------------------------------------------------------------------ California - 2.6% 33,000,000 Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue Bonds, Series 1995A, 0.000%, 1/01/17 No Opt. Call Baa 11,566,830 - ------------------------------------------------------------------------------------------------------------------------------------ Colorado - 1.4% Colorado Health Facilities Authority, Hospital Refunding Revenue Bonds (National Jewish Center For Immunology and Respiratory Medicine Project), Series 1992: 1,500,000 6.600%, 2/15/02 No Opt. Call BBB- 1,587,120 1,250,000 6.875%, 2/15/12 2/02 at 102 BBB- 1,329,650 3,040,000 7.100%, 2/15/22 2/02 at 102 BBB- 3,251,432 - ------------------------------------------------------------------------------------------------------------------------------------ Connecticut - 1.7% 2,000,000 Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, 1996 Series C-2, 6.250%, 11/15/18 5/06 at 102 Aa 2,133,580 5,000,000 Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, 1997 Series A, Subseries A-4, 6.200%, 11/15/22 (Alternative Minimum Tax) 5/06 at 102 AA 5,282,950 - ------------------------------------------------------------------------------------------------------------------------------------ District of Columbia - 1.5% 2,000,000 District of Columbia, Hospital Revenue Refunding Bonds (Washington Hospital Center Issue), Series 1992A, 7.000%, 8/15/05 8/02 at 102 A3 2,171,980 Principal Optional Call Market Amount Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ District of Columbia (continued) District of Columbia Housing Finance Agency, Multifamily Housing Refunding Revenue Bonds, Series 1992B (FHA Insured Mortgage Loan-Section 8 Assisted Project): $ 920,000 7.200%, 9/01/12 9/02 at 102 Aa $ 979,009 3,505,000 7.250%, 3/01/24 9/02 at 102 Aa 3,714,284 - ------------------------------------------------------------------------------------------------------------------------------------ Florida - 1.4% 1,880,000 State of Florida, Full Faith and Credit, State Board of Education, Public Education Capital Outlay Bonds, Series 1991-B, 6.700%, 6/01/22 (Pre-refunded to 6/01/01) 6/01 at 101 Aaa 2,030,701 4,000,000 Dade County, Florida, Aviation Bonds, Series 1996A, 5.750%, 10/01/18 (Alternative Minimum Tax) 10/06 at 102 Aaa 4,136,040 - ------------------------------------------------------------------------------------------------------------------------------------ Georgia - 2.3% 2,000,000 Municipal Electric Authority of Georgia, Power Revenue Bonds, Series EE, 7.250%, 1/01/24 No Opt. Call Aaa 2,569,700 8,000,000 George L. Smith II World Congress Center Authority, Refunding Revenue Bonds (Domed Stadium Project), Series 2000, 5.500%, 7/01/20 (Alternative Minimum Tax) (DD, settling 4/04/00) 7/10 at 101 Aaa 7,738,960 - ------------------------------------------------------------------------------------------------------------------------------------ Idaho - 0.3% 1,375,000 Idaho Housing and Finance Association, Single Family Mortgage Bonds, 1996 Series E, 6.350%, 7/01/14 (Alternative Minimum Tax) 7/06 at 102 Aa 1,471,621 - ------------------------------------------------------------------------------------------------------------------------------------ Illinois - 15.3% Illinois Development Finance Authority, Multi-Family Housing Bonds, Series 1990 (Affordable Housing Preservation Foundation Project), Subseries B (FHA Insured Mortgage Loans Lawless Gardens Project): 600,000 7.650%, 7/01/07 1/02 at 105 AAA 661,740 5,270,000 7.650%, 12/31/31 1/02 at 105 AAA 5,745,670 8,020,000 Illinois Development Finance Authority, Multi-family Housing Revenue Bonds, Series 1992 (Town and Garden Apartments Project), 7.800%, 3/01/06 (Alternative Minimum Tax) 3/02 at 102 BBB+ 8,779,494 7,400,000 Illinois Health Facilities Authority, Revenue Bonds, Series 1992 (Trinity Medical Center), 7.000%, 7/01/12 7/02 at 102 BBB 8,000,732 Illinois Health Facilities Authority, Revenue Refunding Bonds, Series 1992A (Evangelical Hospitals Corporation): 125,000 6.750%, 4/15/12 (Pre-refunded to 4/15/02) 4/02 at 102 AA-*** 137,628 740,000 6.750%, 4/15/12 No. Opt. Call AA- 862,063 4,760,000 Illinois Housing Development Authority, Section 8 Elderly Housing Revenue Bonds (Garden House of Maywood Development), Series 1992, 7.000%, 9/01/18 9/02 at 102 A 5,031,225 750,000 Illinois Housing Development Authority, Section 8 Elderly Housing Revenue Bonds (Morningside North Development), Series 1992D, 6.600%, 1/01/07 1/03 at 102 A 796,080 6,390,000 State of Illinois, Build Illinois Bonds (Sales Tax Revenue Bonds), Series S, 6.800%, 6/15/12 (Pre-refunded to 6/15/00) 6/00 at 102 Aaa 6,857,940 4,500,000 City of Chicago (Illinois), General Obligation Adjustable Rate Bonds, Central Public Library Project, Series C of 1988, 6.850%, 1/01/17 (Pre-refunded to 7/01/02) 7/02 at 101 1/2 Aaa 4,983,930 8,075,000 Town of Cicero, Cook County, Illinois, General Obligation Tax Increment Bonds, Series 1995A, 8.125%, 12/01/12 (Pre-refunded to 12/01/04) 12/04 at 102 N/R*** 9,596,895 2,000,000 Onterie Center Housing Finance Corporation (An Illinois Not For Profit Corporation), Mortgage Revenue Refunding Bonds, Series 1992A (FHA Insured Mortgage Loan-Onterie Center Project), 7.050%, 7/01/27 7/02 at 102 Aaa 2,128,840 2,835,000 Village of Sugar Grove, Kane County, Illinois, Waterworks and Sewerage Refunding Revenue Bonds, Series 1992, 7.500, 5/01/17 5/02 at 102 N/R 3,062,736 5,625,000 Town of Wood River, Wood River Township Hospital, Madison County, Illinois, General Obligation Bonds (Alternate Revenue Source), Series 1993, 6.625%, 2/01/14 2/04 at 102 BBB 6,122,869 5,570,000 Town of Wood River, Wood River Township Hospital, Madison County, Illinois, General Obligation Tort Immunity Bonds, Series 1993, 6.500%, 2/01/14 2/04 at 102 BBB 6,037,379 Principal Optional Call Market Amount Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Indiana - 1.2% $ 2,000,000 City of Indianapolis, Indiana, Exempt Facility Revenue Bonds, Series 1991 (Mid American Energy Resources, Inc. Project), 7.250, 12/01/11 (Alternative Minimum Tax) 6/99 at 102 A+ $ 2,082,900 2,860,000 PHM Elementary Middle School Building Corporation (St. Joseph County, Indiana), First Mortgage Bonds, Series 1994, 6.300%, 1/15/09 No Opt. Call A 3,231,056 - ------------------------------------------------------------------------------------------------------------------------------------ Iowa - 0.4% 1,655,000 Iowa Student Loan Liquidity Corporation, Student Loan Revenue Bonds, Senior Series B, 5.750%, 12/01/06 (Alternative Minimum Tax) 12/02 at 102 Aaa 1,728,565 - ------------------------------------------------------------------------------------------------------------------------------------ Kansas - 0.8% 3,335,000 City of Hutchinson, Kansas, Single Family Mortgage Revenue Refunding Bonds, Series 1992, 8.875%, 12/01/12 6/02 at 103 A 3,585,725 - ------------------------------------------------------------------------------------------------------------------------------------ Kentucky - 1.2% 5,000,000 Kentucky Rural Economic Development Authority, Economic Development Project Revenue Bonds, Series 1992 (Donnelly Corporation Project), 8.125%, 7/01/12 (Alternative Minimum Tax) 7/02 at 102 N/R 5,372,850 - ------------------------------------------------------------------------------------------------------------------------------------ Louisiana - 0.3% 1,310,000 Louisiana Housing Finance Agency, Mortgage Revenue Bonds (GNMA Collateralized Mortgage Loan-St. Dominic Assisted Care Facility), Series 1955, 6.850%, 9/01/25 9/05 at 103 AAA 1,444,707 - ------------------------------------------------------------------------------------------------------------------------------------ Maine - 2.1% 8,470,000 Maine Educational Loan Marketing Corporation, Subordinate Student Loan Revenue Bonds, Series 1994-2, 6.250%, 11/01/06 (Alternative Minimum Tax) No Opt. Call A 9,189,950 - ------------------------------------------------------------------------------------------------------------------------------------ Maryland - 1.4% 6,000,000 Anne Arundel County, Maryland, Multifamily Housing Revenue Bonds (Woodside Apartments Project), Series 1994, 7.450%, 12/01/24 (Alternative Minimum Tax) (Mandatory put 12/01/03) No Opt. Call BBB+ 6,331,740 - ------------------------------------------------------------------------------------------------------------------------------------ Massachusetts - 9.1% 4,000,000 Massachusetts Bay Transportation Authority, General Transportation Revenue Bonds, Series 1997, 5.000%, 3/01/27 3/07 at 101 Aaa 3,812,040 1,000,000 Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Brigham and Women's Hospital Issue, Series 1989 C, 7.000%, 6/01/18 (Pre-refunded to 6/01/99) 6/99 at 102 AAA 1,052,170 2,450,000 Massachusetts Health and Educational Facilities Authority, Revenue Bonds, New England Deaconess Hospital Issue, Series D, 6.875%, 4/01/22 (Pre-refunded to 4/01/02) 4/02 at 102 AAA 2,710,607 3,875,000 Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Youville Hospital Issue (FHA Insured Project), Series B, 6.000%, 2/15/25 2/04 at 102 Aa 4,006,246 6,585,000 Massachusetts Health and Educational Facilities Authority, Catholic Health East, Revenue Bonds, Series 1998-B, 5.000%, 11/15/28 5/08 at 102 Aaa 6,183,513 2,000,000 Massachusetts Housing Finance Agency, Rental Housing Mortgage Revenue Bonds, 1997 Series C, 5.625%, 7/01/40 (Alternative Minimum Tax) 7/07 at 101 Aaa 2,002,300 9,070,000 Massachusetts Industrial Finance Agency, Resource Recovery Revenue Bonds, Semass Project, Series 1991B, 9.250%, 7/01/15 (Alternative Minimum Tax) 7/01 at 103 N/R 10,174,363 40,000 Massachusetts Municipal Wholesale Electric Company, Power Supply System Revenue Bonds, 1987 Series A, 8.750%, 7/01/18 No Opt. Call BBB+ 46,091 9,780,000 Massachusetts Water Resources Authority, General Revenue Bonds, 1992 Series A, 6.750%, 7/15/22 (Pre-refunded to 7/15/02) 7/02 at 102 Aaa 10,845,727 - ------------------------------------------------------------------------------------------------------------------------------------ Michigan - 0.6% 2,500,000 Wayne County Building Authority (State of Michigan), Building Authority (Capital Improvement) Bonds, Series 1992A (Limited Tax General Obligation), 8.000%, 3/01/17 (Pre-refunded to 3/01/02) 3/02 at 102 BBB+*** 2,853,925 - ------------------------------------------------------------------------------------------------------------------------------------ Minnesota - 2.4% 11,180,000 Northwest Minnesota Multi-County Housing and Redevelopment Authority, Governmental Housing Revenue Bonds (Pooled Housing Program), Series 1994A, 8.125%, 10/01/26 10/04 at 102 N/R 10,732,800 Principal Optional Call Market Amount Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Mississippi - 0.6% $ 8,610,000 Mississippi Home Corporation, Residual Revenue Capital Appreciation Bonds, Series 1992-I, 0.000%, 9/15/16 3/04 at 41 21/32 Aaa $2,734,708 - ------------------------------------------------------------------------------------------------------------------------------------ Missouri - 2.1% 10,000,000 Missouri Health & Educational Facilities Authority, Revenue Bonds, Series 1998A (SSM Health Care), 5.000%, 6/01/22 (WI) 6/08 at 101 Aaa 9,528,700 - ------------------------------------------------------------------------------------------------------------------------------------ Nebraska - 3.9% 2,830,000 City of Grand Island, Nebraska, Electric System Revenue Bonds, 1977 Series, 6.100%, 9/01/12 No Opt. Call A1 3,107,906 2,350,000 Nebraska Higher Education Loan Program Inc., Senior Subordinate Bonds, Series A-5B, 6.250%, 6/01/18 (Alternative Minimum Tax) No Opt. Call Aa 2,517,038 10,935,000 Omaha Public Power District (Nebraska), Electric System Revenue Bonds, 1992 Series A, 6.500%, 2/01/17 (Pre-refunded to 2/01/02) 2/02 at 101 1/2 AAA 11,902,638 - ------------------------------------------------------------------------------------------------------------------------------------ New Hampshire - 0.3% 1,140,000 New Hampshire Municipal Bond Bank, Educational Institutions Division Revenue Bonds (1994 Coe-Brown Northwood Academy Project), 7.250%, 5/01/09 No Opt. Call N/R 1,240,901 - ------------------------------------------------------------------------------------------------------------------------------------ New Jersey - 1.1% 5,000,000 New Jersey Educational Facilities Authority, Revenue Bonds, Series 1996A, Trenton State College Issue, 5.125%, 7/01/24 7/06 at 101 Aaa 4,904,300 - ------------------------------------------------------------------------------------------------------------------------------------ New York - 14.0% 6,500,000 Dormitory Authority of the State of New York, City University System Consolidated Revenue Bonds, Series 1990A, 7.625%, 7/01/20 (Pre-refunded to 7/01/00) 7/00 at 102 Aaa 7,095,920 5,000,000 New York Local Government Assistance Corporation, New York, Series 1991B, 7.500%, 4/01/20 (Pre-refunded to 4/01/01) 4/01 at 102 Aaa 5,537,950 4,875,000 New York State Medical Care Facilities Finance Agency, St. Luke's-Roosevelt Hospital Center, FHA- Insured Mortgage Revenue Bonds, 1993 Series A, 5.600%, 8/15/13 8/03 at 102 AAA 5,006,528 6,000,000 New York State Medical Care Facilities Finance Agency, Hospital and Nursing Home FHA-Insured Mortgage Revenue Bonds, 1992 Series B, 6.200%, 8/15/22 8/02 at 102 AAA 6,347,640 8,450,000 New York State Urban Development Corporation, State Facilities Revenue Bonds, Series 1991, 7.500%, 4/01/20 (Pre-refunded to 4/01/01) 4/01 at 102 Aaa 9,359,136 3,500,000 The City of New York, General Obligation Bonds, Fiscal 1992 Series B, 7.500%, 2/01/01 No Opt. Call A3 3,771,775 1,000,000 The City of New York, General Obligation Bonds, Fiscal 1995 Series A, 7.000%, 8/01/04 No Opt. Call A3 1,120,390 2,075,000 The City of New York, General Obligation Bonds, Fiscal 1990 Series F, 8.400%, 11/15/05 (Pre-refunded to 11/15/01) 11/01 at 101 1/2 Aaa 2,383,988 2,000,000 The City of New York, General Obligation Bonds, Fiscal 1992 Series C, Fixed Rate Bonds, Subseries C-1, 6.625%, 8/01/12 (Pre-refunded to 8/01/02) 8/02 at 101 1/2 Aaa 2,204,080 4,000,000 The City of New York, General Obligation Bonds, Fiscal 1996 Series J (Subseries J-1), 5.875%, 2/15/19 2/06 at 101 1/2 A3 4,173,560 The City of New York, General Obligation Bonds, Fiscal 1991 Series D: 3,565,000 9.500%, 8/01/02 (Pre-refunded to 8/01/01) 8/01 at 101 1/2 Aaa 4,175,399 435,000 9.500%, 8/01/02 8/01 at 101 1/2 A3 503,499 The City of New York, General Obligation Bonds, Fiscal 1995 Series E: 1,550,000 6.500%, 8/01/02 No Opt. Call A3 1,665,025 3,080,000 6.600%, 8/01/04 No Opt. Call A3 3,390,094 6,205,000 New York City Transitional Finance Authority, Future Tax Secured Bonds, Fiscal 1998 Series A, 5.125%, 8/15/21 8/07 at 101 AA 6,027,847 - ------------------------------------------------------------------------------------------------------------------------------------ North Carolina - 3.1% 10,300,000 North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Refunding Series 1993 B, 6.000%, 1/01/22 No Opt. Call Aaa 11,383,663 Principal Optional Call Market Amount Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ North Carolina (continued) $ 2,130,000 North Carolina Housing Finance Agency, Multifamily Revenue Refunding Bonds (1992 Refunding Bond Resolution), Series B, 6.900%, 7/01/24 7/02 at 102 AA $ 2,275,160 - ------------------------------------------------------------------------------------------------------------------------------------ Ohio - 3.1% 10,330,000 Ohio Housing Finance Agency, Single Family Mortgage Revenue Bonds (GNMA Mortgage-Backed Securities Program), 1989 Series A, 7.650%, 3/01/29 (Alternative Minimum Tax) 9/99 at 102 AAA 10,843,711 2,110,000 Cleveland-Rock Glen Housing Assistance Corporation, Mortgage Revenue Bonds, Series 1994A Refunding (FHA/Section 8), 6.750%, 1/15/25 7/04 at 103 AAA 2,278,146 895,000 Toledo-Lucas County Port Authority, Development Revenue Bonds (Northwest Ohio Bond Fund), Series 1992A, 7.750%, 5/15/07 (Alternative Minimum Tax) 5/00 at 102 N/R 938,220 - ------------------------------------------------------------------------------------------------------------------------------------ Oregon - 0.3% 1,230,000 State of Oregon, Housing and Community Services Department, Mortgage Revenue Bonds (Single- Family Mortgage Program), 1997 Series H, 5.650%, 7/01/28 (Alternative Minimum Tax)7/07 at 101 1/2 Aa2 1,242,066 - ------------------------------------------------------------------------------------------------------------------------------------ Pennsylvania - 4.3% 2,000,000 Falls Township Hospital Authority, Refunding Revenue Bonds, The Delaware Valley Medical Center Project (FHA Insured Mortgage), Series 1992, 7.000%, 8/01/22 8/02 at 102 AAA 2,193,440 975,000 Northampton County Hospital Authority (Pennsylvania), Hospital Revenue Bonds (Easton Hospital), Series A of 1992, 6.900%, 1/01/02 No Opt. Call BBB 1,027,299 7,625,000 City of Philadelphia, Pennsylvania, Water and Sewer Revenue Bonds, Tenth Series, 7.350%, 9/01/04 No Opt. Call Aaa 8,557,004 4,450,000 The Hospitals and Higher Education Facilities Authority of Philadelphia, Hospital Revenue Bonds (Children's Seashore House), Series 1992B, 7.000%, 8/15/22 8/00 at 100 A- 4,838,085 2,500,000 The Hospitals and Higher Education Facilities Authority of Philadelphia, Hospital Revenue Bonds (Children's Seashore House), Series 1992A, 7.000%, 8/15/12 8/02 at 102 A- 2,734,225 - ------------------------------------------------------------------------------------------------------------------------------------ South Dakota - 1.5% 6,510,000 South Dakota Student Loan Assistance Corporation, Student Loan Revenue Bonds, Series 1989-B, 7.400% 8/01/99 (Alternative Minimum Tax) No Opt. Call A 6,783,485 - ------------------------------------------------------------------------------------------------------------------------------------ Texas - 3.6% 4,288,965 General Services Commission (An Agency of the State of Texas), as Lessee, Participation Interests, 7.500%, 9/01/22 9/99 at 101 1/2 A 4,660,433 9,500,000 Harris County Health Facilities Development Corporation, Adjustable Convertible Extendable Securities (Greater Houston Pooled Health Care Loan Program), Series 1985B, 7.375%, 12/01/25 (Mandatory put 12/01/98) 12/98 at 100 A1 9,649,340 1,540,000 Victoria Housing Finance Corporation, Single Family Mortgage Revenue Refunding Bonds, Series 1995, 8.125%, 1/01/11 No Opt. Call Aaa 1,685,099 - ------------------------------------------------------------------------------------------------------------------------------------ Utah - 0.8% 1,150,000 Utah Housing Finance Agency, Single Family Mortgage Bonds, 1996 Series C, 6.450%, 7/01/14 (Alternative Minimum Tax) 1/07 at 102 AA 1,215,297 2,250,000 Utah Housing Finance Agency, Single Family Mortgage Bonds, 1997 Series F, 5.750%, 7/01/15 (Alternative Minimum Tax) 7/07 at 101 1/2 AA 2,272,140 - ------------------------------------------------------------------------------------------------------------------------------------ Virginia - 2.0% 5,000,000 Virginia Housing Development Authority, Commonwealth Mortgage Bonds, 1992 Series A, 7.100%, 1/01/22 1/02 at 102 Aa1 5,233,850 3,200,000 Suffolk Redevelopment and Housing Authority, Multifamily Housing Revenue Refunding Bonds, Series 1994 (Chase Heritage at Dulles Project), 7.000%, 7/01/24 (Mandatory put 7/01/04) 7/02 at 104 Baa2 3,498,592 - ------------------------------------------------------------------------------------------------------------------------------------ Washington - 3.5% 9,500,000 State of Washington, General Obligation and General Obligation Refunding Bonds, Series 1992A and AT-6, 6.250%, 2/01/11 No Opt. Call Aa1 10,709,540 2,500,000 Washington Health Care Facilities Authority, Revenue Bonds, Series 1992 (Sacred Heart Medical Center, Spokane), 6.875%, 2/15/12 2/02 at 102 AA- 2,718,500 Principal Optional Call Market Amount Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Washington (continued) $ 2,000,000 Washington Public Power Supply System, Nuclear Project No. 3, Refunding Revenue Bonds, Series 1990B, 7.375%, 7/01/04 7/00 at 102 Aa1 $ 2,161,100 - ------------------------------------------------------------------------------------------------------------------------------------ West Virginia - 0.5% 1,960,000 West Virginia Housing Development Fund, Housing Finance Bonds, 1992 Series B, 7.200%, 11/01/20 (Alternative Minimum Tax) 5/02 at 102 Aaa 2,112,743 - ------------------------------------------------------------------------------------------------------------------------------------ Wisconsin - 2.2% 5,950,000 Wisconsin Housing and Economic Development Authority, Housing Revenue Bonds, 1992 Series A, 6.850%, 11/01/12 1/02 at 102A1 6,326,873 2,985,000 Silver Lake Sanitary District, Waushara County, Wisconsin, Sewer System Mortgage Revenue Bonds, 8.000%, 10/01/18 (Pre-refunded to 10/01/02) 10/02 at 100N/R*** 3,419,914 - ------------------------------------------------------------------------------------------------------------------------------------ Wyoming - 0.8% 3,340,000 Wyoming Community Development Authority, Single Family Mortgage Bonds (Federally Insured or Guaranteed Mortgage Loans), 1988 Series E, 7.750%, 6/01/09 (Alternative Minimum Tax) 11/99 at 103Aa 3,446,612 - ------------------------------------------------------------------------------------------------------------------------------------ $ 456,282,289 Total Investments - (cost $426,549,181) - 102.3% 457,937,667 ============= Temporary Investments in Short-Term Municipal Securities - 0.2% $ 800,000 North Carolina Medical Care Commission, Hospital Revenue Bonds (Duke University Hospital) (Pooled ============= -------------------------------------------------------------------------------------------------------------------- Financing Project), Series 1991-A (Adjustable Convertible Extendable Securities-Aces), Variable Rate Demand Bonds, 4.150%, 10/01/20+ VMIG-1 800,000 -------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - (2.5)% (11,080,120) -------------------------------------------------------------------------------------------------------------------- Net Assets - 100% $ 447,657,547 ==================================================================================================================== * Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. *** Securities are backed by an escrow or trust containing sufficient U.S. government or U.S. government agency securities which ensures the timely payment of principal and interest. Securities are normally considered to be equivalent to AAA rated securities. N/R Investment is not rated. (DD) Security purchased on a delayed delivery basis (note 1). + 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 April 30, 1998 (Unaudited)
Investment Select Quality Premier Quality Quality Income Income Assets Investments in municipal securities, at market value (note 1) $792,486,468 $744,457,543 $1,228,539,601 $457,937,667 Temporary investments in short-term municipal securities, at amortized cost, which approximates market value (note 1) -- 800,000 -- 800,000 Cash 2,393,006 81,285 1,275,242 38,712 Receivables: Interest 15,831,985 14,183,754 24,679,490 7,669,011 Investments sold 749,787 2,086,722 6,632,667 6,621,883 Other assets 57,157 60,445 85,780 26,362 - ------------------------------------------------------------------------------------------------------------------------------------ Total assets 811,518,403 761,669,749 1,261,212,780 473,093,635 - ------------------------------------------------------------------------------------------------------------------------------------ Liabilities Payable for investments purchased -- -- 19,374,875 23,334,737 Accrued expenses: Management fees (note 6) 418,260 392,817 631,830 235,061 Other 193,482 199,297 370,977 144,741 Preferred share dividends payable 71,330 67,816 158,483 74,136 Common share dividends payable 2,934,133 2,744,929 4,578,628 1,647,413 - ------------------------------------------------------------------------------------------------------------------------------------ Total liabilities 3,617,205 3,404,859 25,114,793 25,436,088 - ------------------------------------------------------------------------------------------------------------------------------------ Net assets (note 7) $807,901,198 $758,264,890 $1,236,097,987 $447,657,547 ==================================================================================================================================== 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 35,565,252 33,680,113 53,551,204 19,848,348 ==================================================================================================================================== Net asset value per Common share outstanding (net assets less Preferred shares at liquidation value, divided by Common shares outstanding) $ 15.69 $ 15.39 $ 15.61 $ 15.50 ==================================================================================================================================== See accompanying notes to financial statements.
Statement of Operations Six Months Ended April 30, 1998 (Unaudited)
Investment Select Quality Premier Quality Quality Income Income Investment Income (note 1) $24,918,467 $23,637,406 $39,120,772 $13,969,463 - ----------------------------------------------------------------------------------------------------------------------------------- Expenses Management fees (note 6) 2,528,174 2,374,253 3,816,543 1,420,164 Preferred shares - auction fees 309,932 297,535 495,891 173,561 Preferred shares - dividend disbursing agent fees 19,836 19,836 22,947 9,917 Shareholders' servicing agent fees and expenses 45,773 40,895 67,495 23,791 Custodian's fees and expenses 52,772 50,594 73,767 36,570 Directors' fees and expenses (note 6) 3,636 3,410 5,567 2,016 Professional fees 10,520 10,422 11,226 9,724 Shareholders' reports - printing and mailing expenses 81,188 76,279 128,171 49,311 Stock exchange listing fees 16,089 16,194 24,006 12,031 Investor relations expense 33,093 30,777 50,186 18,293 Other expenses 20,735 18,585 28,108 12,968 - ----------------------------------------------------------------------------------------------------------------------------------- Total expenses 3,121,748 2,938,780 4,723,907 1,768,346 - ----------------------------------------------------------------------------------------------------------------------------------- Net investment income 21,796,719 20,698,626 34,396,865 12,201,117 - ----------------------------------------------------------------------------------------------------------------------------------- Realized and Unrealized Gain (Loss) from Investments Net realized gain (loss) from investment transactions (notes 1 and 4) (417,831) 362,678 437,105 (42,961) Net change in unrealized appreciation or depreciation of investments (2,161,783) (3,584,332) (6,697,618) (2,134,948) - ----------------------------------------------------------------------------------------------------------------------------------- Net gain (loss) from investments (2,579,614) (3,221,654) (6,260,513) (2,177,909) - ----------------------------------------------------------------------------------------------------------------------------------- Net increase in net assets from operations $19,217,105 $17,476,972 $28,136,352 $10,023,208 =================================================================================================================================== See accompanying notes to financial statements.
Statement of Changes in Net Assets (Unaudited)
Investment Quality Select Quality - ----------------------------------------------------------------------------------------------------------------------------------- Six Months Ended Year Ended Six Months Ended Year Ended 4/30/98 10/31/97 4/30/98 10/31/97 - ----------------------------------------------------------------------------------------------------------------------------------- Operations Net investment income $ 21,796,719 $ 44,426,800 $ 20,698,626 $ 41,821,126 Net realized gain (loss) from investment transactions (notes 1 and 4) (417,831) 1,863,026 362,678 (260,112) Net change in unrealized appreciation or depreciation of investments (2,161,783) 8,788,246 (3,584,332) 12,637,266 - ----------------------------------------------------------------------------------------------------------------------------------- Net increase in net assets from operations 19,217,105 55,078,072 17,476,972 54,198,280 - ----------------------------------------------------------------------------------------------------------------------------------- Distributions to Shareholders (note 1) From undistributed net investment income: Common shareholders (17,583,595) (35,722,144) (16,448,709) (33,652,304) Preferred shareholders (4,297,750) (8,784,807) (4,201,184) (8,525,310) From accumulated net realized gains from investment transactions: Common shareholders (369,066) -- -- -- Preferred shareholders (89,825) -- -- -- - ----------------------------------------------------------------------------------------------------------------------------------- Decrease in net assets from distributions to shareholders (22,340,236) (44,506,951) (20,649,893) (42,177,614) - ----------------------------------------------------------------------------------------------------------------------------------- Capital Share Transactions (note 2) Net proceeds from Common shares issued to shareholders due to reinvestment of distributions 1,687,747 416,095 1,667,809 2,690,547 - ----------------------------------------------------------------------------------------------------------------------------------- Net increase in net assets from capital share transactions 1,687,747 416,095 1,667,809 2,690,547 - ----------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets (1,435,384) 10,987,216 (1,505,112) 14,711,213 Net assets at beginning of period 809,336,582 798,349,366 759,770,002 745,058,789 - ----------------------------------------------------------------------------------------------------------------------------------- Net assets at end of period $807,901,198 $809,336,582 $758,264,890 $759,770,002 =================================================================================================================================== Balance of undistributed net investment income at end of period $ 839,352 $ 923,978 $ 537,788 $ 489,055 =================================================================================================================================== Quality Income Premier Income - ----------------------------------------------------------------------------------------------------------------------------------- Six Months Ended Year Ended Six Months Ended Year Ended 4/30/98 10/31/97 4/30/98 10/31/97 - ----------------------------------------------------------------------------------------------------------------------------------- Operations Net investment income $ 34,396,865 $ 68,818,095 $ 12,201,117 $ 24,649,131 Net realized gain (loss) from investment transactions (notes 1 and 4) 437,105 1,030,758 (42,961) (33,540) Net change in unrealized appreciation or depreciation of investments (6,697,618) 13,732,677 (2,134,948) 6,209,013 - ----------------------------------------------------------------------------------------------------------------------------------- Net increase in net assets from operations 28,136,352 83,581,530 10,023,208 30,824,604 - ----------------------------------------------------------------------------------------------------------------------------------- Distributions to Shareholders (note 1) From undistributed net investment income: Common shareholders (27,422,931) (54,531,750) (10,045,825) (20,325,882) Preferred shareholders (6,944,147) (14,032,699) (2,485,556) (4,752,424) From accumulated net realized gains from investment transactions: Common shareholders -- -- -- (766,737) Preferred shareholders -- -- -- (192,920) - ----------------------------------------------------------------------------------------------------------------------------------- Decrease in net assets from distributions to shareholders (34,367,078) (68,564,449) (12,531,381) (26,037,963) - ----------------------------------------------------------------------------------------------------------------------------------- Capital Share Transactions (note 2) Net proceeds from Common shares issued to shareholders due to reinvestment of distributions 3,792,842 3,855,955 1,359,043 1,866,897 - ----------------------------------------------------------------------------------------------------------------------------------- Net increase in net assets from capital share transactions 3,792,842 3,855,955 1,359,043 1,866,897 - ----------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets (2,437,884) 18,873,036 (1,149,130) 6,653,538 Net assets at beginning of period 1,238,535,871 1,219,662,835 448,806,677 442,153,139 - ----------------------------------------------------------------------------------------------------------------------------------- Net assets at end of period $1,236,097,987 $1,238,535,871 $447,657,547 $448,806,677 =================================================================================================================================== Balance of undistributed net investment income at end of period $ 2,187,836 $ 2,158,049 $ 565,187 $ 895,451 =================================================================================================================================== See accompanying notes to financial statements.
Notes to Financial Statements (Unaudited) 1. General Information and Significant Accounting Policies The National Funds (the "Funds") covered in this report and their corresponding New York Stock Exchange symbols are Nuveen Investment Quality Municipal Fund, Inc. (NQM), Nuveen Select Quality Municipal Fund, Inc. (NQS), Nuveen Quality Income Municipal Fund, Inc. (NQU) and Nuveen Premier Municipal Income Fund, Inc. (NPF). Each Fund invests primarily in a diversified portfolio of municipal obligations issued by state and local government authorities. The Funds are registered under the Investment Company Act of 1940 as closed-end, diversified management investment companies. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with generally accepted accounting principles. Securities Valuation The prices of municipal bonds in each Fund's investment portfolio are provided by a pricing service approved by the Fund's Board of Directors. When price quotes are not readily available (which is usually the case for municipal securities), the pricing service establishes fair market value based on yields or prices of municipal bonds of comparable quality, type of issue, coupon, maturity and rating, indications of value from securities dealers and general market conditions. Temporary investments in securities that have variable rate and demand features qualifying them as short-term securities are valued at amortized cost, which approximates market value. Securities Transactions Securities transactions are recorded on a trade date basis. Realized gains and losses from such transactions are determined on the specific identification method. Securities purchased or sold on a when-issued or delayed delivery basis may have extended settlement periods. The securities so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to segregate assets in a separate account with a current value at least equal to the amount of the when-issued and delayed delivery purchase commitments. At April 30, 1998, Quality Income and Premier Income had when-issued and delayed delivery purchase commitments of $19,374,875 and $17,225,020, respectively. There were no such outstanding purchase commitments in Investment Quality or Select Quality. Investment Income Interest income is determined on the basis of interest accrued, adjusted for amortization of premiums and accretion of discounts on long-term debt securities when required for federal income tax purposes. Federal Income Taxes Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its tax-exempt net investment income, in addition to any significant amounts of net realized capital gains and/or market discount realized from investment transactions. The Funds currently consider significant net realized capital gains and/or market discount 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. Net realized capital gain and market discount distributions are subject to federal taxation. Dividends and Distributions to Shareholders Tax-exempt net investment income is declared as a dividend monthly and payment is made or reinvestment is credited to shareholder accounts on the first business day after month-end. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders not less frequently than annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards. Distributions to shareholders of tax-exempt net investment income, net realized capital gains and/or market discount are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from generally accepted accounting principles. Accordingly, temporary over-distributions as a result of these differences may occur and will be classified as either distributions in excess of net investment income, distributions in excess of net realized gains and/or distributions in excess of net ordinary taxable income from investment transactions, where applicable. Preferred Shares The Funds have issued and outstanding $25,000 stated value Preferred shares. Each Fund's Preferred shares are issued in more than one Series. The dividend rate on each Series may change every seven days, as set by the auction agent. The number of shares outstanding, by Series and in total, for each Fund is as follows:
Investment Select Quality Premier Quality Quality Income Income - --------------------------------------------------------------------------------------------------------- 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 =========================================================================================================
Derivative Financial Instruments The Funds may invest in transactions in certain derivative financial instruments including futures, forward, swap, option contracts, and other financial instruments with similar characteristics. Although the Funds are authorized to invest in such financial instruments, and may do so in the future, they did not make any such investments during the six months ended April 30, 1998. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. 2. Fund Shares Transactions in Common shares were as follows:
Investment Quality Select Quality - -------------------------------------------------------------------------------------------------------------- Six Months Ended Year Ended Six Months Ended Year Ended 4/30/98 10/31/97 4/30/98 10/31/97 - -------------------------------------------------------------------------------------------------------------- Shares issued to shareholders due to reinvestment of distributions 104,410 26,629 104,231 175,523 ============================================================================================================== Quality Income Premier Income Six Months Ended Year Ended Six Months Ended Year Ended 4/30/98 10/31/97 4/30/98 10/31/97 - -------------------------------------------------------------------------------------------------------------- Shares issued to shareholders due to reinvestment of distributions 229,102 244,283 82,226 119,104 ==============================================================================================================
3. Distributions to Common Shareholders On May 1, 1998, the Funds declared Common share dividend distributions from their tax-exempt net investment income which were paid on June 1, 1998, to shareholders of record on May 15, 1998, as follows:
Investment Select Quality Premier Quality Quality Income Income - --------------------------------------------------------------------------------------------------------- Dividend per share $.0825 $.0815 $.0855 $.0830 =========================================================================================================
4. Securities Transactions Purchases and sales (including maturities) of investments in municipal securities and temporary municipal investments for the six months ended April 30, 1998, were as follows:
Investment Select Quality Premier Quality Quality Income Income - --------------------------------------------------------------------------------------------------------- Purchases: Investments in municipal securities $30,534,187 $24,846,066 $87,508,801 $75,417,052 Temporary municipal investments 37,000,000 26,000,000 14,800,000 41,500,000 Sales and Maturities: Investments in municipal securities 30,256,682 17,440,980 71,531,113 56,263,411 Temporary municipal investments 40,200,000 32,500,000 14,800,000 42,400,000 =========================================================================================================
At April 30, 1998, 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, 1997, the Funds' last fiscal year end, the following Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied the carryforwards will expire as follows:
Select Quality Premier Quality Income Income - --------------------------------------------------------------------------------------------------------- Expiration year: 2002 $6,626,291 $4,493,498 $ -- 2003 424,861 757,201 -- 2004 606,382 486,077 -- 2005 260,112 -- 33,540 - --------------------------------------------------------------------------------------------------------- Total $7,917,646 $5,736,776 $33,540 =========================================================================================================
5. Unrealized Appreciation (Depreciation) Gross unrealized appreciation and gross unrealized depreciation of investments at April 30, 1998, were as follows:
Investment Select Quality Premier Quality Quality Income Income - --------------------------------------------------------------------------------------------------------- Gross unrealized: appreciation $61,563,316 $55,983,662 $93,979,047 $31,957,229 depreciation (393,500) (166,297) (354,282) (568,743) - --------------------------------------------------------------------------------------------------------- Net unrealized appreciation $61,169,816 $55,817,365 $93,624,765 $31,388,486 =========================================================================================================
6. Management Fee and Other Transactions with Affiliates Under the Funds' investment management agreements with Nuveen Advisory Corp. (the "Adviser"), a wholly owned subsidiary of The John Nuveen Company, each Fund pays an annual management fee, payable monthly, at the rates set forth below, which are based upon the average daily net asset value of each Fund as follows:
Average Daily Net Asset Value Management Fee - ------------------------------------------------------------------------------------------------------------ For the first $125 million .6500 of 1% For the next $125 million .6375 of 1 For the next $250 million .6250 of 1 For the next $500 million .6125 of 1 For the next $1 billion .6000 of 1 For net assets over $2 billion .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 of its Directors who are affiliated with the Adviser or to their officers, all of whom receive remuneration for their services to the Funds from the Adviser. 7. Composition of Net Assets At April 30, 1998, net assets consisted of:
Investment Select Quality Premier Quality Quality Income Income - --------------------------------------------------------------------------------------------------------------- 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 355,653 336,801 535,512 198,483 Paid-in surplus 495,954,434 469,127,904 745,047,654 275,581,892 Balance of undistributed net investment income 839,352 537,788 2,187,836 565,187 Accumulated net realized gain (loss) from investment transactions (418,057) (7,554,968) (5,297,780) (76,501) Net unrealized appreciation of investments 61,169,816 55,817,365 93,624,765 31,388,486 - --------------------------------------------------------------------------------------------------------------- Net assets $807,901,198 $758,264,890 $1,236,097,987 $447,657,547 =============================================================================================================== Authorized shares: Common 200,000,000 200,000,000 200,000,000 200,000,000 Preferred 1,000,000 1,000,000 1,000,000 1,000,000 ===============================================================================================================
8. Investment Composition At April 30, 1998, the revenue sources by municipal purpose, expressed as a percent of total investments, were as follows:
Investment Select Quality Premier Quality Quality Income Income - --------------------------------------------------------------------------------------------------------- Education and Civic Organizations 4% 1% 1% 7% Health Care 13 3 6 12 Housing/Multifamily 2 7 4 14 Housing/Single Family 17 11 13 11 Tax Obligation/General 4 7 7 6 Tax Obligation/Limited 8 5 7 7 Transportation 1 10 10 3 U.S. Guaranteed 33 34 28 Utilities 11 16 9 6 Water and Sewer 5 3 4 1 Other 2 3 3 5 - ------------------------------------------------------------------------------------------------------- 100% 100% 100% 100% =======================================================================================================
Certain long-term and intermediate-term investments owned by the Funds are either covered by insurance issued by several private insurers or are backed by an escrow or trust containing U.S. government or U.S. government agency securities, both of which ensure the timely payment of principal and interest in the event of default (60% for Investment Quality, 57% for Select Quality, 49% for Quality Income and 41% for Premier Income). 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:
Investment Operations ----------------------------------------- Net Realized/ Beginning Net Unrealized Net Asset Investment Investment Value Income Gain (Loss) Total Investment Quality Six Months Ended 4/30/98 $15.77 $ .61 $ (.06) $ .55 Year Ended 10/31: 1997 15.48 1.25 .30 1.55 1996 15.65 1.29 (.17) 1.12 1995 14.65 1.33 1.04 2.37 1994 16.45 1.32 (1.76) (.44) 1993 15.34 1.40 1.19 2.59 Select Quality Six Months Ended 4/30/98 15.48 .62 (.10) .52 Year Ended 10/31: 1997 15.12 1.25 .37 1.62 1996 15.29 1.27 (.17) 1.10 1995 14.03 1.30 1.30 2.60 1994 16.13 1.31 (2.06) (.75) 1993 14.92 1.35 1.30 2.65 Quality Income Six Months Ended 4/30/98 15.73 .64 (.12) .52 Year Ended 10/31: 1997 15.44 1.29 .29 1.58 1996 15.43 1.30 .02 1.32 1995 14.20 1.31 1.26 2.57 1994 16.40 1.32 (2.14) (.82) 1993 14.62 1.34 1.82 3.16 Premier Income Six Months Ended 4/30/98 15.62 .62 (.10) .52 Year Ended 10/31: 1997 15.38 1.25 .31 1.56 1996 15.34 1.27 .12 1.39 1995 14.08 1.28 1.34 2.62 1994 15.98 1.26 (1.87) (.61) 1993 14.07 1.25 1.85 3.10 Less Distributions ---------------------------------------------------------------------------- Net Net Investment Investment Capital Capital Income Income Gains Gains Ending To Common To Preferred To Common To Preferred Net Asset Ending Shareholders Shareholders+ Shareholders Shareholders+ Total Value Market Value Investment Quality Six Months Ended 4/30/98 $ (.50) $(.12) $(.01) $ -- $ (.63) $15.69 $15.6250 Year Ended 10/31: 1997 (1.01) (.25) -- -- (1.26) 15.77 15.5625 1996 (1.03) (.26) -- -- (1.29) 15.48 15.0000 1995 (1.08) (.29) -- -- (1.37) 15.65 15.1250 1994 (1.12) (.24) -- -- (1.36) 14.65 13.3750 1993 (1.23) (.21) (.03) (.01) (1.48) 16.45 17.5000 Select Quality Six Months Ended 4/30/98 (.49) (.12) -- -- (.61) 15.39 15.6875 Year Ended 10/31: 1997 (1.01) (.25) -- -- (1.26) 15.48 15.5000 1996 (1.01) (.26) -- -- (1.27) 15.12 15.1250 1995 (1.05) (.29) -- -- (1.34) 15.29 14.7500 1994 (1.08) (.25) (.02) -- (1.35) 14.03 13.1250 1993 (1.22) (.22) -- -- (1.44) 16.13 16.5000 Quality Income Six Months Ended 4/30/98 (.51) (.13) -- -- (.64) 15.61 16.2500 Year Ended 10/31: 1997 (1.03) (.26) -- -- (1.29) 15.73 16.3125 1996 (1.03) (.28) -- -- (1.31) 15.44 15.2500 1995 (1.03) (.31) -- -- (1.34) 15.43 14.7500 1994 (1.10) (.26) (.02) -- (1.38) 14.20 12.8750 1993 (1.15) (.23) -- -- (1.38) 16.40 16.3750 Premier Income Six Months Ended 4/30/98 (.51) (.13) -- -- (.64) 15.50 16.1250 Year Ended 10/31: 1997 (1.03) (.24) (.04) (.01) (1.32) 15.62 16.5000 1996 (1.01) (.26) (.06) (.02) (1.35) 15.38 15.1250 1995 (1.01) (.28) (.06) (.01) (1.36) 15.34 14.6250 1994 (1.04) (.24) (.01) -- (1.29) 14.08 12.7500 1993 (.97) (.19) (.03) -- (1.19) 15.98 15.2500 Total Returns Ratios/Supplemental Data ---------------------------- ---------------------------------------------------------- Ratio of Net Ratio of Investment Ending Expenses to Income to Portfolio Based on Based on Net Net Assets Average Average Turnover Market Value** Asset Value** (000) Net Assets++ Net Assets++ Rate Investment Quality Six Months Ended 4/30/98 3.60% 2.70% $807,901 .77%* 5.40%* 4% Year Ended 10/31: 1997 10.82 8.68 809,337 .78 5.56 14 1996 6.13 5.70 798,349 .78 5.71 8 1995 21.89 14.71 804,221 .78 5.97 11 1994 (17.87) (4.32) 768,723 .79 5.83 7 1993 19.75 16.01 828,931 .77 6.02 14 Select Quality Six Months Ended 4/30/98 4.34 2.58 758,265 .78* 5.47* 2 Year Ended 10/31: 1997 9.43 9.35 759,770 .78 5.59 10 1996 9.71 5.71 745,059 .78 5.69 13 1995 21.03 17.03 749,883 .79 5.91 7 1994 (14.45) (6.43) 707,388 .80 5.89 11 1993 20.73 16.87 773,423 .81 5.87 8 Quality Income Six Months Ended 4/30/98 2.74 2.51 1,236,098 .77* 5.58* 6 Year Ended 10/31: 1997 14.22 8.81 1,238,536 .77 5.62 9 1996 10.61 6.93 1,219,663 .77 5.67 11 1995 23.26 16.51 1,218,905 .78 5.86 17 1994 (15.32) (6.86) 1,153,729 .79 5.78 12 1993 23.62 20.73 1,269,375 .80 5.78 7 Premier Income Six Months Ended 4/30/98 .77 2.49 447,658 .79* 5.46* 13 Year Ended 10/31: 1997 16.81 8.85 448,807 .80 5.57 5 1996 11.00 7.51 442,153 .81 5.66 8 1995 23.92 17.15 441,381 .80 5.84 22 1994 (10.05) (5.51) 416,566 .81 5.66 31 1993 16.68 21.31 453,895 .82 5.59 12 * Annualized. ** Total Return on Market Value is the combination of reinvested dividend income, reinvested capital gains distributions, if any, and changes in stock price per share. Total Return on Net Asset Value is the combination of reinvested dividend income, reinvested capital gains distributions, if any, and changes in net asset value per share. Total returns are not annualized. + The amounts shown are based on Common share equivalents. ++ Ratios do not reflect the effect of dividend payments to preferred shareholders.
Building Better Portfolios with Nuveen Nuveen Family of Mutual Funds Nuveen offers a variety of funds designed to help you reach your financial goals. Growth Funds Nuveen Rittenhouse Growth Fund Growth and Income Funds European Value Fund Growth and Income Stock Fund Balanced Municipal and Stock Fund Balanced Stock and Bond Fund Municipal Bond Funds National Funds Long-Term Insured Intermediate-Term Limited Term State Funds Alabama Arizona California Colorado Connecticut Florida Georgia Kansas Kentucky Louisiana Maryland Massachusetts Michigan Missouri New Jersey New Mexico New York North Carolina Ohio Pennsylvania South Carolina Tennessee Virginia Wisconsin Reducing the impact of taxes and moderating risk are important goals for many risk-sensitive investors seeking to build better portfolios. For these investors, a tax-efficient, risk-resistant investment portfolio often forms the foundation of a carefully crafted financial plan for building and sustaining wealth. Nuveen is committed to providing investors and their financial advisers with a range of products and investment tools to help build better portfolios. EXCHANGE-TRADED FUNDS Nuveen Exchange-Traded Funds offer investors actively managed portfolios of investment-grade quality municipal bonds. The fund shares are listed and traded on the New York and American stock exchanges. Exchange-traded funds provide the investment convenience, price visibility and liquidity of common stocks. MUTUAL FUNDS Nuveen Mutual Funds offer investors access to the Nuveen family of Premier Advisers(sm), including Nuveen Advisory Corp., Institutional Capital Corp. and Rittenhouse Financial Services. Our equity, balanced and income funds seek to provide consistent performance, time-tested strategies to reduce risk and experienced, professional management. PRIVATE ASSET MANAGEMENT Rittenhouse Financial Services and Nuveen Asset Management offer comprehen-sive, customized investment management solutions to investors with assets of $250,000 or more to invest. A range of actively managed growth, balanced and municipal income-oriented portfolios are available, all based upon a disciplined investment philosophy. UNIT TRUSTS Nuveen Unit Trusts are fixed portfolios of quality securities that are a convenient, attractive alternative to purchasing individual securities. They provide low-cost diversification to reduce risk, experienced, professional security selection and surveillance and daily liquidity at that day's net asset value for quick access to your assets. MUNIPREFERRED(R) Nuveen MuniPreferred offers investors a AAA-rated investment with an attractive tax-free yield for the cash reserves portion of an investment portfolio. MuniPreferred shares are backed 2-to-1 by the long-term portfolios of Nuveen dual-class exchange-traded funds and are available for national as well as a wide variety of state-specific portfolios. Fund Information Board of Trustees Robert P. Bremner Lawrence H. Brown Anthony T. Dean Anne E. Impellizzeri Peter R. Sawers William J. Schneider Timothy R. Schwertfeger Judith M. Stockdale Fund Manager Nuveen Advisory Corp. 333 West Wacker Drive Chicago, IL 60606 Custodian, Transfer Agent and Shareholder Services The Chase Manhattan Bank 4 New York Plaza New York, NY 10004-2413 (800) 257-8787 Legal Counsel Fried, Frank, Harris, Shriver & Jacobson Washington, D.C. Independent Auditors Ernst & Young LLP Chicago, IL Year 2000 The concern that computer systems may have problems processing date-related information in the year 2000 and beyond has challenged businesses and organizations to review thoroughly all aspects of their operations. We have undertaken just such an approach at Nuveen in preparation for the new millennium. Over the last 10 years, our trading, fund management and pricing systems at Nuveen - the systems that directly effect our investors and their financial advisers - have been updated or replaced to address the Year 2000 concerns. We continue to work closely with our transfer agent, custodian and other service partners to monitor readiness and address other remaining systems issues. Our initial testing indicates we are on schedule and we have targeted year-end 1998 to complete verification of vendor compliance and service partner readiness. However, we can give no complete assurance at this time that the steps we have taken will be sufficient to prevent any problems that would impact the Nuveen Exchange-Traded Funds. Each fund intends to repurchase shares of its own common or preferred stock in the future at such times and in such amounts as is deemed advisable. No shares were repurchased during the 12-month period ended April 30, 1998. Any future repurchases will be reported to shareholders in the next annual or semiannual report. Serving Investors for Generations Photo of: John Nuveen, Sr. Since our founding in 1898, John Nuveen & Co. has been synonymous with investments that withstand the test of time. Today, we offer a broad range of investments designed for risk-sensitive individuals seeking to build and sustain wealth. In fact, more than 1.3 million investors have trusted Nuveen to help them maintain the lifestyle they currently enjoy. The cornerstone of Nuveen's investment philosophy is a commitment to disciplined long-term investment strategies focused on providing consistent, attractive performance over time - with moderated risk. We emphasize quality securities carefully chosen through in-depth research, and we follow those securities closely over time to ensure that they continue to meet our exacting standards. Whether your focus is long-term growth, dependable current income or sustaining accumulated wealth, Nuveen offers a wide variety of products and services to help meet your unique circumstances and financial planning needs. Our equity, balanced, and income funds, along with our unit trusts and private asset management, can form the foundation of a tax-efficient and risk-resistant portfolio. Talk with your financial adviser to learn more about how Nuveen investment products and services can help you build and sustain your long-term financial security. Or call us at (800) 257-8787 for more information, including a prospectus where applicable. Please read that information carefully before you invest. Graphic: 1898 1998 NUVEEN OUR SECOND CENTURY helping investors sustain the wealth of a lifetime.(tm) John Nuveen &Co. Incorporated 333 West Wacker Drive Chicago, IL 60606-1286 www.nuveen.com FSA-3.4.98 -----END PRIVACY-ENHANCED MESSAGE-----