-----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, PPbPdRiVplXcSWQCVnxEcrHfMxvctYc3OO0zNWiIfmWBhIpFUoiVCjdw4TbX80KY exNSND+XkgXtjxR/xRKSJQ== 0000891804-06-002200.txt : 20060707 0000891804-06-002200.hdr.sgml : 20060707 20060707082628 ACCESSION NUMBER: 0000891804-06-002200 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20060430 FILED AS OF DATE: 20060707 DATE AS OF CHANGE: 20060707 EFFECTIVENESS DATE: 20060707 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NUVEEN INVESTMENT QUALITY MUNICIPAL FUND INC CENTRAL INDEX KEY: 0000862716 IRS NUMBER: 363703083 FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-06091 FILM NUMBER: 06949626 BUSINESS ADDRESS: STREET 1: 333 WEST WACKER DR CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3129178200 MAIL ADDRESS: STREET 1: 333 W WACKER CITY: CHICAGO STATE: IL ZIP: 60606 N-CSRS 1 file001.txt NUVEEN INVESTMENT QUALITY MUNICIPAL FUND, INC. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-06091 --------------------- Nuveen Investment Quality Municipal Fund, Inc. ------------------------------------------------------------------------------ (Exact name of registrant as specified in charter) Nuveen Investments 333 West Wacker Drive Chicago, IL 60606 ------------------------------------------------------------------------------ (Address of principal executive offices) (Zip code) Jessica R. Droeger Nuveen Investments 333 West Wacker Drive Chicago, IL 60606 - ------------------------------------------------------------------------------ (Name and address of agent for service) Registrant's telephone number, including area code: (312) 917-7700 ------------------- Date of fiscal year end: October 31 ------------------ Date of reporting period: April 30, 2006 ------------------ Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles. A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507. ITEM 1. REPORTS TO STOCKHOLDERS. SEMIANNUAL REPORT April 30, 2006 Nuveen Investments Municipal Exchange-Traded Closed-End Funds NUVEEN INVESTMENT QUALITY MUNICIPAL FUND, INC. NQM NUVEEN SELECT QUALITY MUNICIPAL FUND, INC. NQS NUVEEN QUALITY INCOME MUNICIPAL FUND, INC. NQU NUVEEN PREMIER MUNICIPAL INCOME FUND, INC. NPF NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY FUND NMZ Photo of: Man, woman and child at the beach. Photo of: A child. DEPENDABLE, TAX-FREE INCOME BECAUSE IT'S NOT WHAT YOU EARN, IT'S WHAT YOU KEEP.(R) LOGO:NUVEEN Investments Photo of: Woman Photo of: Man and child Photo of: Woman NOW YOU CAN RECEIVE YOUR NUVEEN FUND REPORTS FASTER. NO MORE WAITING. SIGN UP TODAY TO RECEIVE NUVEEN FUND INFORMATION BY E-MAIL. It only takes a minute to sign up for E-Reports. Once enrolled, you'll receive an e-mail as soon as your Nuveen Investments Fund information is ready -- no more waiting for delivery by regular mail. Just click on the link within the e-mail to see the report, and save it on your computer if you wish. ---------------------- DELIVERY DIRECT TO YOUR E-MAIL INBOX ---------------------- IT'S FAST, EASY & FREE: WWW.INVESTORDELIVERY.COM if you get your Nuveen Fund dividends and statements from your financial advisor or brokerage account. OR WWW.NUVEEN.COM/ACCOUNTACCESS if you get your Nuveen Fund dividends and statements directly from Nuveen. (Be sure to have the address sheet that accompanied this report handy. You'll need it to complete the enrollment process.) LOGO: NUVEEN INVESTMENTS. Photo of: Timothy R. Schwertfeger Timothy R. Schwertfeger Chairman of the Board Chairman's LETTER TO SHAREHOLDERS callout: "PORTFOLIO DIVERSIFICATION IS A RECOGNIZED WAY TO TRY TO REDUCE SOME OF THE RISK THAT COMES WITH INVESTING." Once again, I am pleased to report that over the six-month period covered by this report your Fund continued to provide you with attractive monthly tax-free income. For more details about the management strategy and performance of your Fund, please read the Portfolio Managers' Comments, the Dividend and Share Price Information, and the Performance Overview sections of this report. Municipal bonds can be an important building block in a well balanced investment portfolio. In addition to providing attractive tax-free monthly income, a municipal bond investment like your Fund may help you achieve and benefit from greater portfolio diversification. Portfolio diversification is a recognized way to try to reduce some of the risk that comes with investing. I encourage you to contact your personal financial advisor who may help explain this important investment strategy. Nuveen Investments is pleased to offer you choices when it comes to receiving your fund reports. In addition to mailed print copies, you can also sign up to receive future Fund reports and other Fund information by e-mail and the Internet. Not only will you receive the information faster, but this also may help lower your Fund's expenses. The inside front cover of this report contains information on how you can sign up. We are grateful that you have chosen us as a partner as you pursue your financial goals, and we look forward to continuing to earn your trust in the months and years ahead. At Nuveen Investments, our mission continues to be to assist you and your financial advisor by offering investment services and products that can help you to secure your financial objectives. Sincerely, /s/Timothy R. Schwertfeger Timothy R. Schwertfeger Chairman of the Board June 12, 2006 Nuveen Investments Municipal Exchange-Traded Closed-End Funds NQM, NQS, NQU, NPF, NMZ Portfolio Managers' COMMENTS Portfolio managers Dan Solender, Tom Spalding, and John Miller review key investment strategies and the six-month performance of these five Funds. With 19 years of investment experience, Dan has managed NQM and NPF since 2003. A 29-year veteran of Nuveen, Tom has managed NQS and NQU since 2003. John, who has 13 years of municipal market experience, assumed portfolio management responsibility for NMZ at its inception in 2003. WHAT KEY STRATEGIES WERE USED TO MANAGE THESE FUNDS DURING THE SIX MONTHS ENDED APRIL 30, 2006? During this reporting period, we saw a general increase in interest rates, although rates at the longer end of the yield curve remained more stable than those at the short end throughout much of the period. Between November 1, 2005 and April 30, 2006, the Federal Reserve implemented four increases of 0.25% each in the fed funds rate, raising this short-term target by 100 basis points--from 3.75% to 4.75%. (On May 10, 2006, the fed funds rate was increased by another 25 basis points to 5%, marking the Fed's 16th consecutive quarter-point hike since June 2004.) In contrast, the yield on the benchmark 10-year U.S. Treasury note ended April 2006 at 5.06%, up from 4.55% six months earlier, while the yield on the Bond Buyer 25 Revenue Bond Index, a widely followed measure of longer-term municipal market rates, was 5.22% at the end of April 2006, an increase of just two basis points from the beginning of November 2005. As interest rates increased, bond valuations generally declined, and the yield curve flattened as short-term rates approached the levels of longer-term rates. In this environment, one of our key strategies continued to be careful duration1 management. Depending on the differing duration needs of the Funds, our purchase activity during this period targeted attractively priced bonds maturing in 15 to 20 years for NQM and NPF and 20 years and longer for NQS and NQU. We believed that bonds these parts of the curve generally offered better value and reward opportunities more commensurate with their risk levels. As the yield curve continued to flatten, we started to see more opportunities to add value at the longer end of the curve, and we began to move more of our purchases into the 20-year and longer range. In NMZ, our focus was on bonds maturing in 20 to 30 years that we believed could generate strong total returns through a combination of yield and the potential for credit improvement. The longer durations of the bonds we added to all of the Funds' portfolios enabled us to maintain the Funds' durations within our preferred strategic range and contributed to their performance for the period. 1 Duration is a measure of a bond's price sensitivity as interest rates change, with longer duration bonds displaying more sensitivity to these changes than bonds with shorter durations. 4 In NQM and NPF, we were selectively selling holdings with shorter durations and reinvesting further out on the yield curve, which also helped to improve the Funds' overall call protection. As yields rose during this period, we also found some opportunities to sell a few of NQM's and NPF's holdings that had been purchased when yields were lower. We then replaced these holdings with similar, newer bonds that yielded comparatively more because they were being issued in a higher interest rate environment. This process allowed us to maintain these Funds' current portfolio characteristics while strengthening their income streams. It also enabled us to realize some capital losses that can be used to offset any capital gains realized in 2006 or carried forward to offset future realized gains. In NQS, NQU, and NMZ, most of the cash we redeployed during this period came from called or matured holdings and, in NMZ, sinking fund payments. In looking for potential purchase candidates, we kept an opportunistic eye toward all types of issuance that we believed could add value to the Funds' portfolios and keep the Funds well diversified geographically. Overall, portfolio activity was relatively light during this period. This was due in part to the fact that, in general, these Funds entered the reporting period fully invested and with routine call exposure. Another factor was the 5.5% decline in municipal supply during this six-month period compared with the same period 12 months earlier (November 2004-April 2005). The decrease in supply was even more evident during the first four months of 2006, when new issuance dropped almost 25% from the levels of January-April 2005. At the same time, demand for municipal bonds continued to be diverse and broad-based, with retail investors, property and casualty insurance companies, and third-party investors--such as hedge funds and arbitrage accounts--all participating in the market. In general, much of the new supply was highly rated and/or insured, and the majority of our new purchases in NQM, NQS, NQU, and NPF during this time were higher-rated credits. While we continued to emphasize maintaining the Funds' weightings of bonds rated BBB or lower and nonrated bonds, tighter supply meant fewer opportunities to find additional lower-rated issues that we believed represented value for shareholders. In NQM and NPF, however, we did continue to make some progress in adding to the Funds' weightings of bonds rated BBB, purchasing higher-yielding credits that could potentially help to support the Funds' income streams. In NQS and NQU, one of the few lower credit 5 quality areas where we found opportunities to add value was the tobacco sector, and we purchased selected tobacco issues to maintain the Funds' exposure to this sector. Given the tight spreads in all parts of the municipal market, NQM and NPF also continued to purchase paper issued in specialty states such as California and New York when we found attractively priced opportunities. Because of the relatively higher tax levels in many of these specialty states, municipal bonds issued in these states are generally in great demand by retail investors, which helps to support their value. They also provide additional liquidity, making it easier for us to execute trades as part of implementing our strategies. NMZ was established as a high-yield Fund that can invest up to 50% of its portfolio in subinvestment-grade quality securities. During the past six months, the enormous demand for high-yield paper--and the outperformance of the high-yield sector of the market--created an environment that enabled us to focus our efforts on security selection, targeting bonds that we believed demonstrated the potential for strengthening credit quality. Because the majority of our purchases for NMZ were at the longer end of the yield curve, which remained relatively stable during this period, interest rate movements did not have a major impact on the management of this Fund during this period. Our preferred areas of the market during this time included healthcare, especially situations that we considered to be good candidates for return to investment-grade status; power plants; and industrial development/resource recovery bonds. Examples of the types of healthcare credits added to NMZ's portfolio during this period include Ba2 rated bonds issued by New York Dormitory Authority for Lenox Hill Hospital as well as bonds issued for Hills and Dales General Hospital in Michigan and Okeene Municipal Hospital in Oklahoma. These two facilities were designated as critical access hospitals (rural community hospitals located at least 35 miles from another facility), which improved their Medicare and Medicaid reimbursement rates. We also purchased several power plant credits, including Midland Cogeneration Venture in Michigan and Pioneer Valley in Massachusetts. Another new name in our portfolio included small exposures to industrial development bonds issued for Ford Motor Company, which were purchased at very high yields due to the current financial situation of this company. 6 HOW DID THE FUNDS PERFORM? Individual results for these Funds, as well as for relevant benchmarks and peer groups, are presented in the accompanying table. TOTAL RETURNS ON NET ASSET VALUE* For periods ended 4/30/06 6-MONTH 1-YEAR 5-YEAR 10-YEAR - -------------------------------------------------------------------------------- NQM 1.99% 2.85% 6.94% 6.58% - -------------------------------------------------------------------------------- NQS 1.77% 3.21% 7.40% 6.92% - -------------------------------------------------------------------------------- NQU 1.84% 2.72% 7.10% 6.59% - -------------------------------------------------------------------------------- NPF 1.72% 1.64% 6.98% 6.49% - -------------------------------------------------------------------------------- Lehman Brothers Municipal Bond Index2 1.56% 2.16% 5.40% 5.90% - -------------------------------------------------------------------------------- Lipper General Leveraged Municipal Debt Funds Average3 2.60% 3.86% 7.34% 6.68% - -------------------------------------------------------------------------------- NMZ 4.10% 8.37% NA NA - -------------------------------------------------------------------------------- Lehman Brothers High-Yield Municipal Bond Index2 5.22% 7.46% -- -- - -------------------------------------------------------------------------------- Lipper High-Yield Municipal Debt Funds Average3 4.19% 6.78% -- -- - -------------------------------------------------------------------------------- *Six-month returns are cumulative; returns for one year, five years, and ten years are annualized. Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. For additional information, see the individual Performance Overview for your Fund in this report. For the six months ended April 30, 2006, the cumulative returns on net asset value (NAV) for NQM, NQS, NQU, and NPF exceeded the return on their Lehman Brothers municipal benchmark. Each of these four Funds underperformed the average return for their Lipper peer group for this period. During the same time period, NMZ underperformed the Lehman High-Yield municipal index and performed in line with the Lipper High-Yield peer group. We should note that the Lehman High-Yield index is more aggressively positioned than NMZ, with 100% of the index's bonds rated below investment grade. This compares with NMZ's maximum of 50% subinvestment-grade holdings. This difference was an important factor in the relative performances of the index and NMZ during this period, when subinvestment-grade credits outperformed other quality sectors. 2 The Lehman Brothers Municipal Bond Index is an unleveraged, unmanaged national index comprising a broad range of investment-grade municipal bonds. The Lehman Brothers High-Yield Municipal Bond Index is an unleveraged, unmanaged national index comprising municipal bonds rated below investment grade (i.e., below Baa by Moody's Investors Service and below BBB by Standard & Poor's or Fitch Ratings). Results for the Lehman indexes do not reflect any expenses. 3 The Lipper General Leveraged Municipal Debt Funds category average is calculated using the returns of all closed-end exchange-traded funds in this category for each period as follows: 6 months, 56; 1 year, 56; 5 years, 45; and 10 years, 39. The Lipper High-Yield Municipal Debt Funds category average is calculated using the returns of all 15 closed-end exchange-traded funds in this category for the six-month and one-year periods. Fund and Lipper returns assume reinvestment of dividends. 7 One of the factors that, on balance, benefited the six-month performance of NQM, NQS, NQU, and NPF relative to that of the unleveraged Lehman Brothers Municipal Bond Index was the Funds' use of financial leverage. While leveraging can add volatility to a Fund's NAV and share price, this strategy can also provide opportunities for additional income and total return for common shareholders. The benefits of leveraging are tied in part to the short-term rates leveraged Funds pay their MuniPreferred(R) shareholders. During periods of low short-term rates, leveraged Funds generally pay lower dividends to their MuniPreferred shareholders, which can leave more earnings to support common share dividends. Conversely, when short-term interest rates rise, as they did during this reporting period, the Funds' borrowing costs also rise, which can impact the Funds' income streams and total returns. However, as long as short-term yields are lower than those of the long-term bonds in the Funds' portfolios, the income received by the common shareholders of leveraged Funds will be higher than it would be if the Funds were unleveraged. Despite the impact of rising interest rates on bond valuations, the extra income, or yield advantage, resulting from leveraging during this period generally remained strong enough to help the Funds' total returns outperform the return on the Lehman index for this six months. Over the long term, we believe the use of financial leverage will continue to work to the benefit of the Funds, as demonstrated by the five-year and ten-year return performance--both absolute and relative--of the Funds in this report. During this reporting period, positive contributors to the Funds' returns included yield curve and duration positioning; exposure to lower-rated credits, including airline bonds; and pre-refunding activity. As the yield curve continued to flatten over the course of this period, yield curve and duration positioning played important roles in the Funds' performances. On the whole, shorter maturity bonds were the most impacted by recent changes in the yield curve. As a result, these bonds generally underperformed both intermediate and long bonds, with credits having the longest durations posting the best returns for this period. Yield curve positioning or, more specifically, greater exposure to those parts of the yield curve that performed well helped the performances of these Funds during this period. However, the Funds' holdings of bonds in the shortest part of the curve (with maturities of six years or less) hampered their performances to a small degree. 8 With bonds rated BBB or lower and nonrated bonds generally outperforming other credit quality sectors during this period, all of these Funds benefited from their allocations of lower-quality credits. The performance of this sector was largely the result of investor demand for the higher yields typically associated with lower-quality bonds, which drove up their value and kept credit spreads narrow. As of April 30, 2006, allocations of bonds rated BBB and lower and nonrated bonds accounted for 12% of NPF, NQM and NQU, and 17% of NQS. In addition to its 14% holding of bonds rated BBB, NMZ held 22% in bonds rated BB or lower and 38% in nonrated bonds, some of which Nuveen has determined to be of investment-grade quality. Overall, conditions in the high-yield market were very positive during this period, and NMZ's holdings of high-yield credits benefited the Fund's six-month performance. Among the lower-rated holdings making contributions to the Funds' cumulative returns for this period were healthcare bonds (including hospitals), tobacco credits backed by the 1998 master tobacco settlement agreement, and airline bonds. In addition, NMZ had exposure to subinvestment-grade American and Continental airline bonds, which performed very well during this period amid some signs of recovery in the airline industry. These two airlines in particular have been successful in lowering their cost structures, reducing capacity, and increasing passenger revenues despite rising energy costs. As a result, NMZ's American and Continental holdings dominated the top returns in NMZ and the market as a whole. NMZ also continued to benefit from its holdings of BB- rated Pocahontas Parkway Association (Virginia) bonds. Transurban Group, Australia's second largest toll road operator, purchased the rights to manage, operate, and maintain this highway for 99 years. As part of the purchase agreement, Transurban is required to build an extension linking the parkway with Richmond's airport and pay off all existing debt. We believe this could make the Pocahontas bonds ideal candidates for advance refundings.4 4 Advance refundings, also known as pre-refundings or refinancings, occur when an issuer sells new bonds and uses the proceeds to fund principal and interest payments of older existing bonds. This process often results in lower borrowing costs for bond issuers. 9 We continued to see a number of advance refundings during this period, which benefited the Funds through price appreciation and enhanced credit quality. However, as the yield curve flattened, more lower coupon bonds were being pre-refunded, which meant that, in general, the positive impact from refinancings was less than in the previous reporting period. While advance refundings generally enhanced total return performance for this six-month period, the rising interest rate environment--especially at the short end of the yield curve--meant that the Funds' holdings of older, previously pre-refunded bonds tended to underperform the general municipal market, due primarily to the shorter effective maturities of these bonds. Because these pre-refunded bonds tended to produce strong income, we continued to hold them in our portfolios. HOW WERE THE FUNDS POSITIONED IN TERMS OF CREDIT QUALITY AND BOND CALLS AS OF APRIL 30, 2006? Even though lower-rated credits continued to perform well during this period, we believed that maintaining strong credit quality was an important requirement. As of April 30, 2006, NQM, NQS, NQU, and NPF continued to offer excellent credit quality, with allocations of bonds rated AAA/U.S. guaranteed and AA ranging from 72% in NPF, 77% in NQM, and 79% in NQS to 82% in NQU. NMZ's portfolio held a 14% allocation to bonds rated AAA/U.S. guaranteed and AA. At the end of April 2006, potential call exposure for the period May 2006 through the end of 2007 ranged from 5% in NPF, 7% in NMZ and NQU, and 10% in NQM to 17% in NQS. In NQS in particular, we continued to watch the market for opportunities to reinvest proceeds from bonds with shorter call dates into bonds with maturities of at least 15 years. The number of actual bond calls in all of these Funds depends largely on future market interest rates. 10 Dividend and Share Price INFORMATION As previously noted, all of the Funds in this report use leverage to potentially enhance opportunities for additional income for common shareholders. During periods of rising short-term interest rates, as was the case during this reporting period, the Funds' borrowing costs also rise, reducing the extent of the benefits of leveraging. This resulted in one monthly dividend reduction in NQM and NQS and two in NPF over the six-month period ended April 30, 2006. The dividends of NQU and NMZ remained stable throughout this reporting period. Due to capital gains generated by normal portfolio activity, common shareholders of NQM received a long-term capital gains distribution of $0.1434 per share and a net ordinary income distribution of $0.0019 at the end of December 2005. These distributions, which represented an important part of NQM's total return for this period, were generated by bond calls or by sales of appreciated securities. This had a slight negative impact on the Fund's earning power per common share and was a minor factor in the common share dividend reduction noted above. All of the Funds in this report seek to pay stable dividends at rates that reflect each Fund's past results and projected future performance. During certain periods, each Fund may pay dividends at a rate that may be more or less than the amount of net investment income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it holds the excess in reserve as undistributed net investment income (UNII) as part of the Fund's NAV. Conversely, if a Fund has cumulatively paid dividends in excess of its earnings, the excess constitutes negative UNII that is likewise reflected in the Fund's NAV. Each Fund will, over time, pay all of its net investment income as dividends to shareholders. As of April 30, 2006, all of the Funds in this report except NPF had a positive UNII balance for financial statement purposes and a positive UNIIbalance, based upon our best estimate, for tax purposes. NPF had a negative UNII balance for financial statement purposes and a positive UNII balance, based upon our best estimate, for tax purposes. At the end of the reporting period, the Funds' share prices were trading at premiums or discounts to their NAVs as shown in the accompanying chart: 4/30/06 6-MONTH AVERAGE PREMIUM/DISCOUNT PREMIUM/DISCOUNT - -------------------------------------------------------------------------------- NQM -3.35% -4.68% - -------------------------------------------------------------------------------- NQS -1.51% -2.27% - -------------------------------------------------------------------------------- NQU -0.60% -4.63% - -------------------------------------------------------------------------------- NPF -9.87% -10.26% - -------------------------------------------------------------------------------- NMZ +9.13% +5.66% - -------------------------------------------------------------------------------- 11 Nuveen Investment Quality Municipal Fund, Inc. NQM Performance OVERVIEW As of April 30, 2006 Pie Chart: CREDIT QUALITY (as a % of total investments) AAA/U.S. Guaranteed 71% AA 6% A 11% BBB 10% N/R 2% Bar Chart: 2005-2006 MONTHLY TAX-FREE DIVIDENDS PER SHARE2 May $0.081 Jun 0.077 Jul 0.077 Aug 0.077 Sep 0.0735 Oct 0.0735 Nov 0.0735 Dec 0.0735 Jan 0.0735 Feb 0.0735 Mar 0.07 Apr 0.07 Line Chart: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 5/1/05 $14.78 14.7 14.78 14.79 14.7 14.76 14.87 14.82 14.82 14.84 14.85 14.84 14.88 14.89 14.86 14.91 14.94 14.95 14.94 15.05 15.11 15.1 15.13 15.2 15.1 15.16 15.13 15.1 15.13 14.98 15.06 15.02 15.16 15.15 15.14 15.04 15.08 15.15 15.15 15.19 15.21 15.25 15.21 15.18 15.22 15.26 15.32 15.4 15.36 15.4 15.4 15.44 15.34 15.22 15.29 15.36 15.26 15.33 15.29 15.39 15.39 15.4 15.36 15.36 15.36 15.36 15.39 15.4 15.29 15.07 15.13 15.15 15.11 15.15 15.1 15.14 15.14 15.11 15.2 15.24 15.25 15.31 15.34 15.37 15.4 15.42 15.38 15.51 15.55 15.53 15.47 15.48 15.52 15.42 15.44 15.29 15.21 15.18 15.1 15.14 15.13 15.07 14.96 14.9 14.75 14.9 14.9 14.9 14.9 15.01 14.99 14.92 14.93 14.92 14.92 14.74 14.48 14.52 14.44 14.38 14.3 14.31 14.42 14.45 14.46 14.38 14.45 14.41 14.45 14.46 14.49 14.42 14.43 14.5 14.44 14.4 14.19 14.15 14.06 14.03 14.14 14.07 14.02 14.08 14.08 14.01 14.03 14.21 14.19 14.17 14.26 14.28 14.17 14.21 14.29 14.33 14.34 14.31 14.14 14.01 14 13.99 14.03 14.02 13.98 14.06 14.23 14.33 14.28 14.4 14.6 14.6 14.6 14.79 15 14.92 14.89 14.88 14.94 14.98 14.95 14.88 14.98 15.05 15.07 15.08 15.15 15.07 15.08 15.1 15.06 15.12 15.03 15 14.96 14.95 15.07 15 15.01 15.09 15.05 15.03 15.08 15.09 15.1 15.07 15.19 15.18 15.19 15.28 15.3 15.3 15.12 14.98 14.83 14.72 14.83 14.96 14.96 14.97 15.03 15.1 15.19 15.27 15.32 15.35 15.42 15.48 15.32 15.27 15.21 15.33 15.2 15.16 15.23 15.25 15.11 15.13 15.06 15 14.92 14.9 14.87 14.7 14.73 14.73 14.68 14.7 14.68 14.69 14.73 14.7 14.71 4/30/06 14.71 1 Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. 2 The Fund paid shareholders capital gains and net ordinary income distributions in December 2005 of $0.1453 per share. FUND SNAPSHOT - ------------------------------------ Common Share Price $14.71 - ------------------------------------ Common Share Net Asset Value $15.22 - ------------------------------------ Premium/(Discount) to NAV -3.35% - ------------------------------------ Market Yield 5.71% - ------------------------------------ Taxable-Equivalent Yield1 7.93% - ------------------------------------ Net Assets Applicable to Common Shares ($000) $544,165 - ------------------------------------ Average Effective Maturity on Securities (Years) 15.43 - ------------------------------------ Leverage-Adjusted Duration 9.30 - ------------------------------------ AVERAGE ANNUAL TOTAL RETURN (Inception 6/21/90) - ------------------------------------ ON SHARE PRICE ON NAV - ------------------------------------ 6-Month (Cumulative) 5.84% 1.99% - ------------------------------------ 1-Year 6.52% 2.85% - ------------------------------------ 5-Year 7.94% 6.94% - ------------------------------------ 10-Year 6.64% 6.58% - ------------------------------------ STATES (as a % of total investments) - ------------------------------------ California 13.1% - ------------------------------------ New York 11.5% - ------------------------------------ Texas 9.1% - ------------------------------------ Illinois 5.8% - ------------------------------------ Washington 5.7% - ------------------------------------ Minnesota 4.9% - ------------------------------------ District of Columbia 4.1% - ------------------------------------ Georgia 3.9% - ------------------------------------ Rhode Island 3.7% - ------------------------------------ Colorado 3.3% - ------------------------------------ Nevada 3.3% - ------------------------------------ North Carolina 3.1% - ------------------------------------ Louisiana 2.4% - ------------------------------------ Michigan 2.4% - ------------------------------------ Massachusetts 2.1% - ------------------------------------ Indiana 2.1% - ------------------------------------ Other 19.5% - ------------------------------------ INDUSTRIES (as a % of total investments) - ------------------------------------ U.S. Guaranteed 24.5% - ------------------------------------ Transportation 13.9% - ------------------------------------ Tax Obligation/General 12.7% - ------------------------------------ Health Care 12.2% - ------------------------------------ Tax Obligation/Limited 11.7% - ------------------------------------ Water and Sewer 6.5% - ------------------------------------ Housing/Multifamily 4.1% - ------------------------------------ Education and Civic Organizations 4.1% - ------------------------------------ Other 10.3% - ------------------------------------ 12 Nuveen Select Quality Municipal Fund, Inc. NQS Performance OVERVIEW As of April 30, 2006 Pie Chart: CREDIT QUALITY (as a % of total investments) AAA/U.S. Guaranteed 74% AA 5% A 4% BBB 13% BB or Lower 2% N/R 2% Bar Chart: 2005-2006 MONTHLY TAX-FREE DIVIDENDS PER SHARE May $0.08 Jun 0.08 Jul 0.08 Aug 0.08 Sep 0.077 Oct 0.077 Nov 0.077 Dec 0.077 Jan 0.077 Feb 0.077 Mar 0.073 Apr 0.073 Line Chart: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 5/1/05 $14.58 14.59 14.55 14.56 14.55 14.58 14.65 14.61 14.52 14.51 14.63 14.56 14.69 14.72 14.67 14.65 14.72 14.73 14.84 14.87 14.91 14.92 14.99 14.93 14.99 14.99 15.03 15.03 15.02 14.95 15.02 14.98 15.02 15.09 15.07 15.07 15.09 15.01 15.12 15.08 15.09 15.2 15.27 15.26 15.29 15.28 15.34 15.36 15.45 15.47 15.37 15.37 15.25 15.29 15.35 15.44 15.4 15.41 15.36 15.36 15.45 15.56 15.43 15.43 15.34 15.36 15.4 15.45 15.29 15.1 15.1 15.16 15.14 15.22 15.24 15.32 15.28 15.27 15.34 15.37 15.32 15.36 15.38 15.34 15.33 15.35 15.4 15.49 15.48 15.56 15.59 15.6 15.59 15.56 15.44 15.4 15.41 15.37 15.3 15.29 15.41 15.26 15.15 15.07 15.02 15.12 15.21 15.26 15.18 15.21 15.21 15.21 15.25 15.25 15.35 15.12 14.9 14.85 14.75 14.71 14.66 14.69 14.86 14.9 14.82 14.69 14.82 14.81 14.83 14.96 14.87 14.85 14.82 14.8 14.82 14.85 14.61 14.61 14.55 14.46 14.45 14.47 14.47 14.56 14.47 14.49 14.5 14.6 14.56 14.56 14.63 14.64 14.74 14.69 14.72 14.66 14.75 14.61 14.46 14.38 14.54 14.6 14.54 14.55 14.58 14.6 14.78 14.79 14.89 15.1 15.31 15.31 15.35 15.3 15.4 15.45 15.47 15.5 15.5 15.45 15.36 15.45 15.44 15.43 15.49 15.48 15.44 15.48 15.49 15.48 15.7 15.64 15.66 15.51 15.35 15.33 15.35 15.41 15.6 15.56 15.45 15.5 15.51 15.6 15.53 15.39 15.48 15.64 15.73 15.66 15.57 15.61 15.52 15.4 15.57 15.3 15.29 15.24 15.39 15.55 15.49 15.44 15.63 15.52 15.52 15.41 15.44 15.43 15.44 15.44 15.51 15.52 15.51 15.47 15.5 15.43 15.41 15.25 15.05 14.99 14.89 14.7 14.66 14.64 14.91 14.94 14.92 14.89 14.86 14.89 14.85 14.9 15.05 4/30/06 15.05 1 Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. FUND SNAPSHOT - ------------------------------------ Common Share Price $15.05 - ------------------------------------ Common Share Net Asset Value $15.28 - ------------------------------------ Premium/(Discount) to NAV -1.51% - ------------------------------------ Market Yield 5.82% - ------------------------------------ Taxable-Equivalent Yield1 8.08% - ------------------------------------ Net Assets Applicable to Common Shares ($000) $518,086 - ------------------------------------ Average Effective Maturity on Securities (Years) 15.35 - ------------------------------------ Leverage-Adjusted Duration 7.45 - ------------------------------------ AVERAGE ANNUAL TOTAL RETURN (Inception 3/21/91) - ------------------------------------ ON SHARE PRICE ON NAV - ------------------------------------ 6-Month (Cumulative) 4.54% 1.77% - ------------------------------------ 1-Year 10.07% 3.21% - ------------------------------------ 5-Year 8.41% 7.40% - ------------------------------------ 10-Year 7.16% 6.92% - ------------------------------------ STATES (as a % of total investments) - ------------------------------------ Illinois 10.4% - ------------------------------------ Texas 9.6% - ------------------------------------ New York 9.1% - ------------------------------------ Colorado 6.8% - ------------------------------------ South Carolina 6.2% - ------------------------------------ Michigan 5.7% - ------------------------------------ Nevada 4.5% - ------------------------------------ Tennessee 4.4% - ------------------------------------ New Jersey 4.2% - ------------------------------------ New Mexico 3.1% - ------------------------------------ Utah 2.8% - ------------------------------------ California 2.6% - ------------------------------------ Alabama 2.6% - ------------------------------------ Washington 2.5% - ------------------------------------ North Carolina 2.4% - ------------------------------------ Wisconsin 2.1% - ------------------------------------ District of Columbia 2.1% - ------------------------------------ Other 18.9% - ------------------------------------ INDUSTRIES (as a % of total investments) - ------------------------------------ U.S. Guaranteed 28.7% - ------------------------------------ Utilities 15.2% - ------------------------------------ Transportation 14.1% - ------------------------------------ Health Care 10.1% - ------------------------------------ Tax Obligation/General 9.1% - ------------------------------------ Tax Obligation/Limited 5.3% - ------------------------------------ Consumer Staples 5.3% - ------------------------------------ Housing/Single Family 5.0% - ------------------------------------ Other 7.2% - ------------------------------------ 13 Nuveen Quality Income Municipal Fund, Inc. NQU Performance OVERVIEW As of April 30, 2006 NQU Pie Chart: CREDIT QUALITY (as a % of total investments) AAA/U.S. Guaranteed 76% AA 6% A 6% BBB 8% BB or Lower 3% N/R 1% Bar Chart: 2005-2006 MONTHLY TAX-FREE DIVIDENDS PER SHARE May $0.0775 Jun 0.0735 Jul 0.0735 Aug 0.0735 Sep 0.07 Oct 0.07 Nov 0.07 Dec 0.07 Jan 0.07 Feb 0.07 Mar 0.07 Apr 0.07 Line Chart: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 5/1/05 $14.07 14.18 14.16 14.2 14.12 14.15 14.19 14.12 14.1 14.1 14.18 14.19 14.21 14.24 14.26 14.32 14.37 14.38 14.39 14.39 14.41 14.47 14.43 14.4 14.44 14.47 14.46 14.44 14.43 14.31 14.3 14.24 14.37 14.37 14.28 14.32 14.41 14.42 14.45 14.43 14.4 14.47 14.45 14.45 14.45 14.48 14.5 14.54 14.52 14.55 14.49 14.48 14.49 14.44 14.49 14.45 14.42 14.49 14.46 14.55 14.57 14.55 14.54 14.54 14.5 14.59 14.62 14.64 14.59 14.51 14.52 14.5 14.51 14.81 14.86 14.86 14.85 14.9 14.97 15.06 15.07 15.08 15.08 15.1 15.07 15.06 15.07 15.09 15.12 15.15 15.16 15.2 15.19 15.11 15.03 14.95 14.84 14.78 14.7 14.73 14.76 14.59 14.57 14.52 14.39 14.51 14.54 14.51 14.49 14.55 14.62 14.56 14.51 14.43 14.53 14.32 14.22 14.08 14.14 14.04 14.14 14.13 14.28 14.3 14.29 14.2 14.25 14.3 14.34 14.37 14.41 14.4 14.37 14.46 14.45 14.26 14.11 14.1 13.95 14.04 14.11 14.01 13.97 13.96 13.9 13.83 13.84 13.93 13.83 13.83 13.87 13.88 13.91 13.9 13.91 13.95 13.94 13.96 13.79 13.75 13.79 13.75 13.8 13.82 13.88 14.02 14.17 14.38 14.57 14.55 14.67 14.67 14.57 14.72 14.86 15 15.09 15.09 15.02 15 15.04 15.07 15.02 15.04 15.1 15.2 15.19 15.14 15.13 15.15 15.11 15.2 15.21 15.09 14.97 14.75 14.69 14.76 14.73 14.74 14.7 14.7 14.7 14.76 14.74 14.76 14.78 14.81 14.88 14.84 14.9 14.84 14.84 14.69 14.72 14.64 14.72 14.84 14.81 14.74 14.75 14.73 14.84 14.88 14.74 14.69 14.72 14.73 14.79 14.81 14.9 14.98 14.85 14.86 14.88 14.9 14.82 14.78 14.73 14.72 14.65 14.68 14.74 14.65 14.78 14.75 14.76 14.86 14.84 14.81 14.87 14.92 15.03 4/30/06 15.03 1 Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. FUND SNAPSHOT - ------------------------------------ Common Share Price $15.03 - ------------------------------------ Common Share Net Asset Value $15.12 - ------------------------------------ Premium/(Discount) to NAV -0.60% - ------------------------------------ Market Yield 5.59% - ------------------------------------ Taxable-Equivalent Yield1 7.76% - ------------------------------------ Net Assets Applicable to Common Shares ($000) $819,615 - ------------------------------------ Average Effective Maturity on Securities (Years) 13.83 - ------------------------------------ Leverage-Adjusted Duration 7.57 - ------------------------------------ AVERAGE ANNUAL TOTAL RETURN (Inception 6/19/91) - ------------------------------------ ON SHARE PRICE ON NAV - ------------------------------------ 6-Month (Cumulative) 7.83% 1.84% - ------------------------------------ 1-Year 13.31% 2.72% - ------------------------------------ 5-Year 7.54% 7.10% - ------------------------------------ 10-Year 6.91% 6.59% - ------------------------------------ STATES (as a % of total investments) - ------------------------------------ New York 12.5% - ------------------------------------ Texas 11.7% - ------------------------------------ Illinois 8.9% - ------------------------------------ Washington 7.1% - ------------------------------------ South Carolina 5.9% - ------------------------------------ Massachusetts 5.6% - ------------------------------------ California 4.9% - ------------------------------------ Nevada 4.9% - ------------------------------------ Oklahoma 4.4% - ------------------------------------ Colorado 3.8% - ------------------------------------ New Jersey 2.8% - ------------------------------------ Pennsylvania 2.5% - ------------------------------------ Alabama 2.1% - ------------------------------------ North Carolina 1.7% - ------------------------------------ Indiana 1.6% - ------------------------------------ Other 19.6% - ------------------------------------ INDUSTRIES (as a % of total investments) - ------------------------------------ U.S. Guaranteed 35.5% - ------------------------------------ Tax Obligation/General 13.8% - ------------------------------------ Transportation 13.6% - ------------------------------------ Water and Sewer 10.8% - ------------------------------------ Health Care 8.2% - ------------------------------------ Consumer Staples 4.3% - ------------------------------------ Tax Obligation/Limited 3.8% - ------------------------------------ Other 10.0% - ------------------------------------ 14 Nuveen Premier Municipal Income Fund, Inc. NPF Performance OVERVIEW As of April 30, 2006 Pie Chart: CREDIT QUALITY (as a % of total investments) AAA/U.S. Guaranteed 57% AA 15% A 16% BBB 11% N/R 1% Bar Chart: 2005-2006 MONTHLY TAX-FREE DIVIDENDS PER SHARE May $0.074 Jun 0.07 Jul 0.07 Aug 0.07 Sep 0.066 Oct 0.066 Nov 0.066 Dec 0.0615 Jan 0.0615 Feb 0.0615 Mar 0.0585 Apr 0.0585 Line Chart: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 5/1/05 $13.71 13.79 13.81 13.83 13.74 13.8 13.88 13.86 13.9 13.92 13.99 13.97 14.05 14.05 14 14.07 14.12 14.12 14.01 14.1 14.09 14.06 14.13 14.15 14.13 14.16 14.24 14.16 14.18 14.12 14.16 13.99 14.08 14.03 14.04 14.05 14.1 14.09 14.09 14.14 14.15 14.17 14.21 14.19 14.13 14.19 14.16 14.23 14.22 14.28 14.21 14.2 14.16 14.2 14.2 14.18 14.18 14.2 14.2 14.22 14.2 14.22 14.27 14.27 14.32 14.33 14.34 14.24 14.08 14.09 14.04 14.05 14.05 14.02 14.01 14.06 14.06 14.05 14 14.03 14.03 14.07 14.11 14.08 14.12 14.13 14.16 14.23 14.23 14.25 14.21 14.23 14.25 14.25 14.19 14.1 13.98 13.97 13.95 13.97 14 13.95 13.89 13.79 13.75 13.91 13.97 14.02 13.89 13.88 13.94 13.86 13.85 13.89 13.89 13.77 13.51 13.56 13.45 13.36 13.38 13.33 13.4 13.49 13.49 13.45 13.52 13.52 13.57 13.6 13.59 13.57 13.5 13.58 13.62 13.45 13.24 13.18 13.08 13.03 13.16 13.25 13.16 13.24 13.22 13.22 13.27 13.35 13.34 13.41 13.34 13.32 13.25 13.3 13.2 13.21 13.19 13.15 13.07 13.13 13.09 13.09 13.09 13.05 13.06 13.05 13.12 13.11 13.12 13.25 13.39 13.39 13.51 13.55 13.66 13.63 13.73 13.71 13.65 13.56 13.58 13.58 13.62 13.69 13.71 13.82 13.83 13.86 13.83 13.74 13.77 13.79 13.7 13.69 13.65 13.69 13.7 13.66 13.7 13.7 13.76 13.77 13.7 13.7 13.77 13.77 13.82 13.82 13.87 13.83 13.81 13.88 13.85 13.69 13.55 13.58 13.6 13.64 13.61 13.55 13.57 13.47 13.58 13.58 13.65 13.54 13.58 13.56 13.58 13.65 13.65 13.63 13.61 13.59 13.55 13.62 13.55 13.44 13.45 13.43 13.32 13.34 13.24 13.29 13.3 13.35 13.27 13.21 13.29 13.23 13.24 13.26 13.33 4/30/06 13.33 1 Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. FUND SNAPSHOT - ------------------------------------ Common Share Price $13.33 - ------------------------------------ Common Share Net Asset Value $14.79 - ------------------------------------ Premium/(Discount) to NAV -9.87% - ------------------------------------ Market Yield 5.27% - ------------------------------------ Taxable-Equivalent Yield1 7.32% - ------------------------------------ Net Assets Applicable to Common Shares ($000) $297,173 - ------------------------------------ Average Effective Maturity on Securities (Years) 15.32 - ------------------------------------ Leverage-Adjusted Duration 10.03 - ------------------------------------ AVERAGE ANNUAL TOTAL RETURN (Inception 12/19/91) - ------------------------------------ ON SHARE PRICE ON NAV - ------------------------------------ 6-Month (Cumulative) 0.92% 1.72% - ------------------------------------ 1-Year 3.10% 1.64% - ------------------------------------ 5-Year 4.86% 6.98% - ------------------------------------ 10-Year 5.77% 6.49% - ------------------------------------ STATES (as a % of total investments) - ------------------------------------ New York 15.2% - ------------------------------------ California 13.7% - ------------------------------------ Illinois 7.1% - ------------------------------------ Washington 6.1% - ------------------------------------ South Carolina 5.1% - ------------------------------------ Texas 3.7% - ------------------------------------ Wisconsin 3.3% - ------------------------------------ Minnesota 3.2% - ------------------------------------ Arizona 3.1% - ------------------------------------ Maine 2.9% - ------------------------------------ Florida 2.9% - ------------------------------------ Georgia 2.7% - ------------------------------------ North Carolina 2.6% - ------------------------------------ Indiana 2.3% - ------------------------------------ New Jersey 1.8% - ------------------------------------ Colorado 1.8% - ------------------------------------ Rhode Island 1.7% - ------------------------------------ Arkansas 1.7% - ------------------------------------ Other 19.1% - ------------------------------------ INDUSTRIES (as a % of total investments) - ------------------------------------ Utilities 16.3% - ------------------------------------ Tax Obligation/General 13.8% - ------------------------------------ U.S. Guaranteed 13.6% - ------------------------------------ Tax Obligation/Limited 12.1% - ------------------------------------ Health Care 11.7% - ------------------------------------ Transportation 7.0% - ------------------------------------ Education and Civic Organizations 6.8% - ------------------------------------ Water and Sewer 5.8% - ------------------------------------ Other 12.9% - ------------------------------------ 15 Nuveen Municipal High Income Opportunity Fund NMZ Performance OVERVIEW As of April 30, 2006 Pie Chart: CREDIT QUALITY (as a % of total investments) AAA/U.S. Guaranteed 11% AA 3% A 12% BBB 14% BB or lower 22% N/R 38% Bar Chart: 2005-2006 MONTHLY TAX-FREE DIVIDENDS PER SHARE May $0.089 Jun 0.089 Jul 0.089 Aug 0.089 Sep 0.089 Oct 0.089 Nov 0.089 Dec 0.089 Jan 0.089 Feb 0.089 Mar 0.089 Apr 0.089 Line Chart: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 5/1/05 $15.26 15.37 15.39 15.47 15.47 15.63 15.62 15.44 15.48 15.44 15.44 15.31 15.4 15.36 15.35 15.47 15.33 15.32 15.4 15.39 15.42 15.46 15.56 15.55 15.62 15.64 15.6 15.61 15.63 15.49 15.6 15.63 15.64 15.65 15.67 15.59 15.64 15.68 15.67 15.73 15.73 15.75 15.67 15.75 15.84 15.84 15.94 16 15.97 16 15.97 15.91 15.63 15.42 15.45 15.47 15.5 15.51 15.5 15.8 15.69 15.79 15.77 15.77 15.8 15.89 15.81 15.86 15.84 15.75 15.8 15.8 15.68 15.74 15.78 15.78 15.75 15.73 15.7 15.73 15.84 15.85 15.77 15.79 15.81 15.8 15.96 16.01 16.04 16.03 16.02 16.07 16.18 16.29 16.14 16.05 16.05 15.98 15.95 15.92 15.98 15.95 15.92 15.87 15.8 15.92 15.87 16 16.05 16.02 15.98 16.05 16 16.09 16.18 16 15.78 15.73 15.7 15.68 15.66 15.65 15.85 15.81 15.86 15.88 16 16.02 15.99 16.07 16.02 16.03 16.04 16.03 16.02 16.05 15.91 15.81 15.82 15.74 15.76 15.8 16 15.92 15.98 15.93 15.93 16 15.94 15.91 15.96 16 15.9 15.85 15.9 15.79 15.68 15.52 15.53 15.6 15.65 15.64 15.7 15.72 15.72 15.8 15.8 15.98 16.04 16.12 16.1 16.1 16.11 16.19 16.2 16.23 16.23 16.35 16.29 16.18 16.12 16.29 16.29 16.3 16.44 16.43 16.38 16.26 16.29 16.4 16.48 16.56 16.59 16.74 16.69 16.6 16.62 16.63 16.62 16.71 16.67 16.51 16.5 16.43 16.47 16.42 16.42 16.4 16.39 16.45 16.45 16.5 16.75 16.65 16.47 16.59 16.51 16.52 16.65 16.88 16.65 16.64 16.65 16.71 16.8 16.92 17.08 17.08 16.98 16.96 16.92 16.85 16.98 16.94 17 16.95 16.79 16.74 16.78 16.75 16.64 16.65 16.62 16.51 16.59 16.53 16.48 16.45 16.66 16.73 16.92 16.94 16.86 4/30/06 16.86 1 Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. FUND SNAPSHOT - ------------------------------------- Common Share Price $16.86 - ------------------------------------- Common Share Net Asset Value $15.45 - ------------------------------------- Premium/(Discount) to NAV 9.13% - ------------------------------------- Market Yield 6.33% - ------------------------------------- Taxable-Equivalent Yield1 8.79% - ------------------------------------- Net Assets Applicable to Common Shares ($000) $359,578 - ------------------------------------- Average Effective Maturity on Securities (Years) 21.17 - ------------------------------------- Leverage-Adjusted Duration 8.44 - ------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 11/19/03) - ------------------------------------- ON SHARE PRICE ON NAV - ------------------------------------- 6-Month (Cumulative) 8.90% 4.10% - ------------------------------------- 1-Year 16.71% 8.37% - ------------------------------------- Since Inception 12.23% 10.54% - ------------------------------------- STATES (as a % of total investments) - ------------------------------------- California 12.5% - ------------------------------------- Illinois 7.9% - ------------------------------------- Texas 6.9% - ------------------------------------- Colorado 6.7% - ------------------------------------- Florida 6.6% - ------------------------------------- Louisiana 4.5% - ------------------------------------- Wisconsin 4.0% - ------------------------------------- Michigan 3.8% - ------------------------------------- Pennsylvania 3.5% - ------------------------------------- New York 3.5% - ------------------------------------- Arizona 3.3% - ------------------------------------- Oklahoma 3.2% - ------------------------------------- Virginia 3.0% - ------------------------------------- New Jersey 2.9% - ------------------------------------- Ohio 2.9% - ------------------------------------- Washington 2.5% - ------------------------------------- Indiana 2.5% - ------------------------------------- Other 19.8% - ------------------------------------- INDUSTRIES (as a % of total investments) - ------------------------------------- Health Care 24.6% - ------------------------------------- Tax Obligation/Limited 19.9% - ------------------------------------- Housing/Multifamily 9.2% - ------------------------------------- Transportation 8.4% - ------------------------------------- Education and Civic Organizations 6.4% - ------------------------------------- U.S. Guaranteed 6.1% - ------------------------------------- Utilities 5.7% - ------------------------------------- Consumer Staples 4.7% - ------------------------------------- Materials 4.6% - ------------------------------------- Other 10.4% - ------------------------------------- 16 Nuveen Investment Quality Municipal Fund, Inc. (NQM) Portfolio of INVESTMENTS April 30, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ ALABAMA - 0.6% (0.4% OF TOTAL INVESTMENTS) $ Birmingham Special Care Facilities Financing Authority, Alabama, Revenue Bonds, Baptist Health System Inc., Series 2005A: 1,200 5.250%, 11/15/20 11/15 at 100.00 Baa1 $ 1,225,716 800 5.000%, 11/15/30 11/15 at 100.00 Baa1 780,640 1,250 Courtland Industrial Development Board, Alabama, 6/15 at 100.00 BBB 1,251,300 Pollution Control Revenue Bonds, International Paper Company, Series 2005A, 5.000%, 6/01/25 - ------------------------------------------------------------------------------------------------------------------------------------ 3,250 Total Alabama 3,257,656 - ------------------------------------------------------------------------------------------------------------------------------------ ALASKA - 0.8% (0.5% OF TOTAL INVESTMENTS) 4,000 Northern Tobacco Securitization Corporation, Alaska, 6/10 at 100.00 BBB 4,211,000 Tobacco Settlement Asset-Backed Bonds, Series 2000, 6.500%, 6/01/31 - ------------------------------------------------------------------------------------------------------------------------------------ ARIZONA - 0.1% (0.1% OF TOTAL INVESTMENTS) Glendale Industrial Development Authority, Arizona, Revenue Bonds, John C. Lincoln Health Network, Series 2005B: 200 5.250%, 12/01/24 12/15 at 100.00 BBB 205,220 265 5.250%, 12/01/25 12/15 at 100.00 BBB 271,917 - ------------------------------------------------------------------------------------------------------------------------------------ 465 Total Arizona 477,137 - ------------------------------------------------------------------------------------------------------------------------------------ ARKANSAS - 2.4% (1.6% OF TOTAL INVESTMENTS) 1,795 Arkansas Development Finance Authority, Home 7/08 at 101.50 AAA 1,798,805 Mortgage Revenue Bonds, FNMA/GNMA Mortgage-Backed Securities Program, Series 1998A, 5.150%, 7/01/17 University of Arkansas, Pine Bluff Campus, Revenue Bonds, Series 2005A: 3,290 5.000%, 12/01/30 - AMBAC Insured 12/15 at 100.00 Aaa 3,397,451 2,000 5.000%, 12/01/35 - AMBAC Insured 12/15 at 100.00 Aaa 2,057,480 Van Buren County, Arkansas, Sales and Use Tax Revenue Refunding and Construction Bonds, Series 2000: 1,055 5.600%, 12/01/25 - AMBAC Insured 12/10 at 100.00 Aaa 1,124,219 3,600 5.650%, 12/01/31 - AMBAC Insured 12/10 at 100.00 Aaa 3,846,780 1,000 Washington County, Arkansas, Hospital Revenue Bonds, 2/15 at 100.00 BBB 981,510 Washington Regional Medical Center, Series 2005B, 5.000%, 2/01/30 - ------------------------------------------------------------------------------------------------------------------------------------ 12,740 Total Arkansas 13,206,245 - ------------------------------------------------------------------------------------------------------------------------------------ CALIFORNIA - 20.1% (13.1% OF TOTAL INVESTMENTS) 3,000 California Educational Facilities Authority, Revenue 10/15 at 100.00 AA+ 3,026,010 Bonds, University of Southern California, Series 2005, 4.750%, 10/01/28 2,500 California Health Facilities Financing Authority, Revenue 11/15 at 100.00 A3 2,529,275 Bonds, Cedars-Sinai Medical Center, Series 2005, 5.000%, 11/15/27 5,925 California State Public Works Board, Lease Revenue 6/06 at 100.00 Aa2 5,928,318 Refunding Bonds, Various University of California Projects, Series 1993A, 5.500%, 6/01/21 California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A: 1,000 5.250%, 7/01/30 7/15 at 100.00 BBB+ 1,017,040 1,000 5.000%, 7/01/39 7/15 at 100.00 BBB+ 978,370 10,000 California, General Obligation Bonds, Series 2003, 8/13 at 100.00 A 10,500,400 5.250%, 2/01/25 1,900 Chula Vista, California, Industrial Development Revenue 6/14 at 102.00 A2 1,993,366 Bonds, San Diego Gas and Electric Company, Series 1996A, 5.300%, 7/01/21 2,675 Commerce Joint Power Financing Authority, California, No Opt. Call AA 2,723,685 Tax Allocation Refunding Bonds, Redevelopment Projects 2 and 3, Series 2003A, 5.000%, 8/01/28 - RAAI Insured 17 Nuveen Investment Quality Municipal Fund, Inc. (NQM) (continued) Portfolio of INVESTMENTS April 30, 2006 (Unaudited) PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ CALIFORNIA (continued) $ 9,740 Huntington Park Redevelopment Agency, California, No Opt. Call AAA $ 13,437,986 Single Family Residential Mortgage Revenue Refunding Bonds, Series 1986A, 8.000%, 12/01/19 (ETM) 5,730 Los Angeles Unified School District, California, General 7/12 at 100.00 AAA 6,028,075 Obligation Bonds, Series 2002E, 5.125%, 7/01/22 - MBIA Insured 1,030 Natomas Union School District, Sacramento County, No Opt. Call AAA 1,189,660 California, General Obligation Refunding Bonds, Series 1999, 5.950%, 9/01/21 - MBIA Insured 15,770 Ontario Redevelopment Financing Authority, San No Opt. Call AAA 20,975,045 Bernardino County, California, Revenue Refunding Bonds, Redevelopment Project 1, Series 1995, 7.400%, 8/01/25 - MBIA Insured 13,145 Perris, California, GNMA Mortgage-Backed Securities No Opt. Call AAA 18,323,867 Program Single Family Mortgage Revenue Bonds, Series 1988B, 8.200%, 9/01/23 (Alternative Minimum Tax) (ETM) 3,415 Rancho Mirage Joint Powers Financing Authority, 7/14 at 100.00 A3 3,674,916 California, Revenue Bonds, Eisenhower Medical Center, Series 2004, 5.875%, 7/01/26 5,000 Riverside Unified School District, Riverside County, 2/12 at 101.00 AAA 5,145,400 California, General Obligation Bonds, Series 2002A, 5.000%, 2/01/27 - FGIC Insured San Diego County, California, Certificates of Participation, Burnham Institute, Series 2006: 250 5.000%, 9/01/21 9/15 at 102.00 Baa3 251,123 275 5.000%, 9/01/23 9/15 at 102.00 Baa3 274,255 San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A: 6,175 0.000%, 1/15/28 - MBIA Insured No Opt. Call AAA 2,117,593 8,135 0.000%, 1/15/34 - MBIA Insured No Opt. Call AAA 2,053,193 17,195 0.000%, 1/15/35 - MBIA Insured No Opt. Call AAA 4,083,641 3,185 University of California, General Revenue Bonds, 5/13 at 101.00 AAA 3,202,932 Series 2005G, 4.750%, 5/15/31 - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 117,045 Total California 109,454,150 - ------------------------------------------------------------------------------------------------------------------------------------ COLORADO - 5.1% (3.3% OF TOTAL INVESTMENTS) 1,000 Colorado Health Facilities Authority, Revenue Bonds, 6/16 at 100.00 A- 992,510 Evangelical Lutheran Good Samaritan Society, Series 2005, 5.000%, 6/01/29 75 Colorado Housing Finance Authority, Single Family 5/06 at 105.00 Aa2 75,489 Program Senior Bonds, Series 1996B, 7.450%, 11/01/27 12,450 Denver City and County, Colorado, Airport System 11/10 at 100.00 AAA 13,350,509 Revenue Refunding Bonds, Series 2000A, 6.000%, 11/15/19 - AMBAC Insured (Alternative Minimum Tax) 3,200 Denver City and County, Colorado, Special Facilities 10/06 at 100.00 N/R 3,264,000 Airport Revenue Bonds, United Air Lines Corporation, Series 1992A, 6.875%, 10/01/32 (Alternative Minimum Tax) (5) 7,865 El Paso County School District 11, Colorado Springs, 12/07 at 125.00 AA- 10,015,684 Colorado, General Obligation Improvement Bonds, Series 1996, 7.125%, 12/01/21 - ------------------------------------------------------------------------------------------------------------------------------------ 24,590 Total Colorado 27,698,192 - ------------------------------------------------------------------------------------------------------------------------------------ DISTRICT OF COLUMBIA - 6.3% (4.1% OF TOTAL INVESTMENTS) 23,645 District of Columbia Water and Sewerage Authority, 4/09 at 160.00 AAA 26,678,176 Public Utility Revenue Bonds, Series 1998, 5.500%, 10/01/23 - FSA Insured 3,000 District of Columbia, General Obligation Bonds, No Opt. Call AAA 3,412,530 Series 1998B, 6.000%, 6/01/16 - MBIA Insured 15,950 District of Columbia, Revenue Bonds, Georgetown 4/11 at 31.03 AAA 3,950,656 University, Series 2001A, 0.000%, 4/01/31 - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 42,595 Total District of Columbia 34,041,362 - ------------------------------------------------------------------------------------------------------------------------------------ FLORIDA - 1.9% (1.3% OF TOTAL INVESTMENTS) 4,230 Brevard County Health Facilities Authority, Florida, 4/16 at 100.00 A 4,317,815 Revenue Bonds, Health First Inc. Project, Series 2005, 5.000%, 4/01/24 1,570 Escambia County Health Facilities Authority, Florida, 10/08 at 101.00 BBB+ 1,591,007 Health Facility Revenue Refunding Bonds, Baptist Hospital and Baptist Manor, Series 1998, 5.125%, 10/01/19 18 PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ FLORIDA (continued) $ 3,200 Hillsborough County Industrial Development Authority, 4/10 at 101.00 N/R $ 3,534,752 Florida, Exempt Facilities Remarketed Revenue Bonds, National Gypsum Company, Apollo Beach Project, Series 2000B, 7.125%, 4/01/30 (Alternative Minimum Tax) 1,000 Orange County, Florida, Sales Tax Revenue Bonds, 1/13 at 100.00 AAA 1,031,810 Series 2002B, 5.000%, 1/01/25 - FGIC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 10,000 Total Florida 10,475,384 - ------------------------------------------------------------------------------------------------------------------------------------ GEORGIA - 6.0% (3.9% OF TOTAL INVESTMENTS) 17,500 Atlanta, Georgia, Airport General Revenue Refunding 1/10 at 101.00 AAA 18,762,800 Bonds, Series 2000A, 5.600%, 1/01/30 (Pre-refunded 1/01/10) - FGIC Insured 2,710 Atlanta, Georgia, Water and Wastewater Revenue 11/14 at 100.00 AAA 2,813,630 Bonds, Series 2004, 5.000%, 11/01/23 - FSA Insured 2,000 Dalton Development Authority, Georgia, Revenue No Opt. Call AAA 2,251,300 Certificates, Hamilton Health Care System Inc., Series 1996, 5.500%, 8/15/26 - MBIA Insured 5,980 Fulton County Development Authority, Georgia, Revenue 9/11 at 102.00 AAA 6,430,533 Bonds, Georgia State University - TUFF/Atlanta Housing LLC, Series 2001A, 5.500%, 9/01/22 - AMBAC Insured 2,250 Georgia Municipal Electric Authority, Project One No Opt. Call A+ 2,621,475 Special Obligation Bonds, Fourth Crossover Series 1997E, 6.500%, 1/01/20 - ------------------------------------------------------------------------------------------------------------------------------------ 30,440 Total Georgia 32,879,738 - ------------------------------------------------------------------------------------------------------------------------------------ IDAHO - 1.0% (0.7% OF TOTAL INVESTMENTS) 4,810 Boise City, Idaho, Revenue Refunding Bonds, Series 12/11 at 100.00 Aaa 5,101,678 2001A, 5.375%, 12/01/31 - MBIA Insured 500 Madison County, Idaho, Hospital Revenue Certificates 9/16 at 100.00 BBB- 508,550 of Participation, Madison Memorial Hospital, Series 2006, 5.250%, 9/01/26 - ------------------------------------------------------------------------------------------------------------------------------------ 5,310 Total Idaho 5,610,228 - ------------------------------------------------------------------------------------------------------------------------------------ ILLINOIS - 8.9% (5.8% OF TOTAL INVESTMENTS) 4,705 Bourbonnais, Illinois, Revenue Bonds, Olivet Nazarene 3/10 at 101.00 AA 5,072,037 University, Series 2000, 6.250%, 3/01/20 - RAAI Insured 4,775 Chicago Public Building Commission, Illinois, General 3/13 at 100.00 AAA 5,019,480 Obligation Lease Bonds, Chicago Transit Authority, Series 2003, 5.250%, 3/01/23 - AMBAC Insured 2,110 Illinois Development Finance Authority, Local Government 1/11 at 100.00 Aaa 2,310,302 Program Revenue Bonds, DuPage and Cook Counties Community Unit School District 205 - Elmhurst, Series 2000, 6.000%, 1/01/19 (Pre-refunded 1/01/11) - FSA Insured Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2004: 2,500 5.250%, 11/15/21 5/14 at 100.00 A 2,568,425 1,000 5.250%, 11/15/22 5/14 at 100.00 A 1,024,690 395 Illinois Finance Authority, Revenue Bonds, Proctor 1/16 at 100.00 BBB- 391,465 Hospital, Series 2006, 5.125%, 1/01/25 (WI/DD, Settling 5/11/06) 2,600 Illinois Health Facilities Authority, Revenue Bonds, 5/12 at 100.00 Baa2 2,652,780 Condell Medical Center, Series 2002, 5.500%, 5/15/32 12,725 Kane, Cook and DuPage Counties School District 46, No Opt. Call Aaa 15,152,294 Elgin, Illinois, General Obligation School Bonds, Series 1997, 7.800%, 1/01/12 - FSA Insured 6,300 Madison County Community Unit School District 7, No Opt. Call AAA 6,935,985 Edwardsville, Illinois, School Building Bonds, Series 1994, 5.850%, 2/01/13 - FGIC Insured (ETM) 6,015 Metropolitan Pier and Exposition Authority, Illinois, No Opt. Call AAA 2,848,343 Revenue Refunding Bonds, McCormick Place Expansion Project, Series 1996A, 0.000%, 12/15/21 - MBIA Insured Will County High School District 204, Joliet, Illinois, General Obligation Bonds, Series 2001: 1,145 8.700%, 12/01/13 - FSA Insured No Opt. Call AAA 1,480,703 1,300 8.700%, 12/01/14 - FSA Insured No Opt. Call AAA 1,713,114 1,180 Will County School District 17, Channahon, Illinois, No Opt. Call Aaa 1,503,650 General Obligation School Building Bonds, Series 2001, 8.400%, 12/01/13 - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 46,750 Total Illinois 48,673,268 - ------------------------------------------------------------------------------------------------------------------------------------ 19 Nuveen Investment Quality Municipal Fund, Inc. (NQM) (continued) Portfolio of INVESTMENTS April 30, 2006 (Unaudited) PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ INDIANA - 3.3% (2.1% OF TOTAL INVESTMENTS) $ 5,530 Allen County Jail Building Corporation, Indiana, First 4/11 at 101.00 Aa3 (4) $ 6,059,885 Mortgage Bonds, Series 2000, 5.750%, 4/01/20 (Pre-refunded 4/01/11) 1,880 Indianapolis, Indiana, GNMA Collateralized Multifamily 7/10 at 102.00 Aaa 1,967,608 Housing Mortgage Revenue Bonds, Cloverleaf Apartments Project Phase I, Series 2000, 6.000%, 1/20/31 2,495 Shelbyville, Indiana, GNMA Collateralized Multifamily 7/10 at 102.00 Aaa 2,612,165 Housing Revenue Bonds, Blueridge Terrace Project, Series 2000, 6.050%, 1/20/36 St. Joseph County Hospital Authority, Indiana, Revenue Bonds, Madison Center Inc., Series 2005: 1,550 5.250%, 2/15/23 2/15 at 100.00 BBB 1,552,573 2,500 5.375%, 2/15/34 2/15 at 100.00 BBB 2,499,425 2,765 Wayne County Jail Holding Corporation, Indiana, First 1/13 at 101.00 AAA 3,046,643 Mortgage Bonds, Series 2001, 5.750%, 7/15/14 - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 16,720 Total Indiana 17,738,299 - ------------------------------------------------------------------------------------------------------------------------------------ IOWA - 1.5% (1.0% OF TOTAL INVESTMENTS) 8,000 Iowa Tobacco Settlement Authority, Asset Backed 6/15 at 100.00 BBB 8,070,720 Settlement Revenue Bonds, Series 2005C, 5.500%, 6/01/42 - ------------------------------------------------------------------------------------------------------------------------------------ KANSAS - 1.3% (0.8% OF TOTAL INVESTMENTS) 1,000 Kansas Development Finance Authority, Health Facilities 11/15 at 100.00 A2 1,015,530 Revenue Bonds, Hays Medical Center Inc., Series 2005L, 5.000%, 11/15/22 855 Sedgwick and Shawnee Counties, Kansas, GNMA No Opt. Call Aaa 892,432 Mortgage-Backed Securities Program Single Family Revenue Bonds, Series 1997A-1, 6.950%, 6/01/29 (Alternative Minimum Tax) 3,840 Topeka, Kansas, Industrial Revenue Refunding Bonds, 8/16 at 100.00 AAA 4,926,989 Sunwest Hotel Corporation, Series 1988, 9.500%, 10/01/16 (Pre-refunded 8/15/16) (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 5,695 Total Kansas 6,834,951 - ------------------------------------------------------------------------------------------------------------------------------------ KENTUCKY - 0.5% (0.3% OF TOTAL INVESTMENTS) 2,000 Jefferson County, Kentucky, Health Facilities Revenue 1/07 at 102.00 AAA 2,062,280 Refunding Bonds, Jewish Hospital HealthCare Services Inc., Series 1996, 5.700%, 1/01/21 - AMBAC Insured 510 Louisville and Jefferson County Metropolitan 10/16 at 100.00 N/R 513,524 Government, Kentucky, Industrial Building Revenue Bonds, Sisters of Mercy of the Americas, Series 2006, 5.000%, 10/01/35 - ------------------------------------------------------------------------------------------------------------------------------------ 2,510 Total Kentucky 2,575,804 - ------------------------------------------------------------------------------------------------------------------------------------ LOUISIANA - 3.7% (2.4% OF TOTAL INVESTMENTS) 1,105 East Baton Rouge Mortgage Finance Authority, 10/07 at 102.00 Aaa 1,113,265 Louisiana, GNMA/FNMA Mortgage-Backed Securities Program Family Mortgage Revenue Refunding Bonds, Series 1997D, 5.900%, 10/01/30 (Alternative Minimum Tax) Jefferson Parish Home Mortgage Authority, Louisiana, Single Family Mortgage Revenue Bonds, Series 2000G-2: 1,380 6.300%, 6/01/32 (Alternative Minimum Tax) 12/10 at 102.00 Aaa 1,420,682 895 5.550%, 6/01/32 (Alternative Minimum Tax) 12/10 at 102.00 Aaa 908,112 645 Jefferson Parish Home Mortgage Authority, Louisiana, 12/09 at 103.00 Aaa 657,081 Single Family Mortgage Revenue Refunding Bonds, Series 2000A-2, 7.500%, 12/01/30 (Alternative Minimum Tax) 3,000 Louisiana Public Facilities Authority, Hospital Revenue 8/15 at 100.00 A+ 3,062,820 Bonds, Franciscan Missionaries of Our Lady Health System, Series 2005A, 5.250%, 8/15/31 11,545 Orleans Parish School Board, Louisiana, General No Opt. Call AAA 13,101,266 Obligation Refunding Bonds, Series 1987, 9.000%, 2/01/09 - MBIA Insured (ETM) - ------------------------------------------------------------------------------------------------------------------------------------ 18,570 Total Louisiana 20,263,226 - ------------------------------------------------------------------------------------------------------------------------------------ MARYLAND - 0.5% (0.3% OF TOTAL INVESTMENTS) 2,500 Maryland Health and Higher Educational Facilities 8/14 at 100.00 BBB+ 2,597,250 Authority, Revenue Bonds, MedStar Health, Series 2004, 5.375%, 8/15/24 - ------------------------------------------------------------------------------------------------------------------------------------ 20 PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ MASSACHUSETTS - 3.3% (2.1% OF TOTAL INVESTMENTS) $ 5,120 Massachusetts Development Financing Authority, 12/09 at 102.00 N/R $ 4,971,520 Assisted Living Revenue Bonds, Prospect House Apartments, Series 1999, 7.000%, 12/01/31 1,100 Massachusetts Health and Educational Facilities 1/09 at 101.00 BBB 1,122,517 Authority, Revenue Bonds, Caritas Christi Obligated Group, Series 1999A, 5.625%, 7/01/20 1,870 Massachusetts Health and Educational Facilities 7/11 at 100.00 BBB 2,034,953 Authority, Revenue Bonds, UMass Memorial Health Care, Series 2001C, 6.500%, 7/01/21 1,325 Massachusetts Health and Educational Facilities 7/15 at 100.00 BBB 1,314,201 Authority, Revenue Bonds, UMass Memorial Health Care, Series 2005D, 5.000%, 7/01/33 2,000 Massachusetts Industrial Finance Agency, Resource 12/08 at 102.00 BBB 2,062,400 Recovery Revenue Refunding Bonds, Ogden Haverhill Project, Series 1998A, 5.600%, 12/01/19 (Alternative Minimum Tax) 5,100 Massachusetts School Building Authority, Dedicated 8/15 at 100.00 AAA 5,321,187 Sales Tax Revenue Bonds, Series 2005A, 5.000%, 8/15/23 - FSA Insured 1,000 Massachusetts Water Resources Authority, General 8/17 at 100.00 AAA 1,079,840 Revenue Bonds, Series 2005A, 5.250%, 8/01/26 - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 17,515 Total Massachusetts 17,906,618 - ------------------------------------------------------------------------------------------------------------------------------------ MICHIGAN - 3.7% (2.4% OF TOTAL INVESTMENTS) 4,250 Detroit City School District, Wayne County, Michigan, 5/12 at 100.00 AAA 4,621,067 Unlimited Tax School Building and Site Improvement Bonds, Series 2001A, 5.500%, 5/01/20 (Pre-refunded 5/01/12) - FSA Insured 10,215 Detroit, Michigan, Water Supply System Revenue No Opt. Call AAA 11,931,937 Refunding Bonds, Series 1993, 6.500%, 7/01/15 - FGIC Insured 1,800 Kent Hospital Finance Authority, Michigan, Revenue 7/15 at 100.00 BBB 1,918,458 Bonds, Metropolitan Hospital, Series 2005A, 6.000%, 7/01/35 1,350 Michigan State Building Authority, Revenue Bonds, 10/15 at 100.00 AAA 1,412,654 Facilities Program, Series 2005II, 5.000%, 10/15/22 - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 17,615 Total Michigan 19,884,116 - ------------------------------------------------------------------------------------------------------------------------------------ MINNESOTA - 7.5% (4.9% OF TOTAL INVESTMENTS) 8,250 Cohasset, Minnesota, Pollution Control Revenue Bonds, 7/14 at 100.00 A 8,221,290 Allete Inc., Series 2004, 4.950%, 7/01/22 5,000 Dakota and Washington Counties Housing and No Opt. Call AAA 7,003,000 Redevelopment Authority, Minnesota, GNMA Mortgage-Backed Securities Program Single Family Residential Mortgage Revenue Bonds, Series 1988, 8.450%, 9/01/19 (Alternative Minimum Tax) (ETM) 620 Minnesota Agricultural and Economic Development 11/10 at 101.00 A 664,578 Board, Healthcare System Revenue Bonds, Fairview Hospital and Healthcare Services, Series 2000A, 6.375%, 11/15/29 19,380 Minnesota Agricultural and Economic Development 11/10 at 101.00 A (4) 21,565,869 Board, Healthcare System Revenue Bonds, Fairview Hospital and Healthcare Services, Series 2000A, 6.375%, 11/15/29 (Pre-refunded 11/15/10) 700 Minnesota Higher Education Facilities Authority, St. 10/15 at 100.00 A2 727,713 John's University Revenue Bonds, Series 2005-6G, 5.000%, 10/01/22 1,665 Rochester, Minnesota, Health Care Facilities Revenue 5/16 at 100.00 AA 1,699,166 Bonds, Series 2006, 5.000%, 11/15/36 (WI/DD, Settling 5/11/06) 1,000 St. Paul Housing and Redevelopment Authority, 11/15 at 100.00 Baa3 1,079,490 Minnesota, Revenue Bonds, Healtheast Inc., Series 2005, 6.000%, 11/15/25 - ------------------------------------------------------------------------------------------------------------------------------------ 36,615 Total Minnesota 40,961,106 - ------------------------------------------------------------------------------------------------------------------------------------ MISSISSIPPI - 0.2% (0.2% OF TOTAL INVESTMENTS) 1,275 Mississippi Hospital Equipment and Facilities Authority, 9/14 at 100.00 N/R 1,273,853 Revenue Bonds, Baptist Memorial Healthcare, Series 2004B-1, 5.000%, 9/01/24 - ------------------------------------------------------------------------------------------------------------------------------------ 21 Nuveen Investment Quality Municipal Fund, Inc. (NQM) (continued) Portfolio of INVESTMENTS April 30, 2006 (Unaudited) PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ MISSOURI - 1.8% (1.2% OF TOTAL INVESTMENTS) $ 200 Hannibal Industrial Development Authority, Missouri, 3/16 at 100.00 N/R $ 202,392 Health Facilities Revenue Bonds, Hannibal Regional Hospital, Series 2006, 5.000%, 3/01/22 7,385 Kansas City Industrial Development Authority, Missouri, 1/07 at 102.00 AAA 7,592,002 FNMA Multifamily Housing Revenue Bonds, Royal Woods Apartments Project, Series 1997, 5.600%, 1/01/30 (Mandatory put 1/01/10) (Alternative Minimum Tax) Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, Branson Landing Project, Series 2005A: 780 6.000%, 6/01/20 No Opt. Call BBB+ 874,591 1,225 5.000%, 6/01/35 6/15 at 100.00 BBB+ 1,220,284 90 Missouri Housing Development Commission, 3/07 at 105.00 AAA 90,956 GNMA/FNMA Single Family Mortgage Revenue Bonds, Homeownership Loan Program, Series 1997A-2, 7.300%, 3/01/28 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 9,680 Total Missouri 9,980,225 - ------------------------------------------------------------------------------------------------------------------------------------ MONTANA - 0.5% (0.4% OF TOTAL INVESTMENTS) 3,000 Montana Board of Housing, Single Family Program 6/14 at 100.00 AA+ 2,939,820 Bonds, Series 2005-RA-1, 4.750%, 6/01/44 - ------------------------------------------------------------------------------------------------------------------------------------ NEBRASKA - 0.8% (0.5% OF TOTAL INVESTMENTS) 2,520 NebHelp Inc., Nebraska, Revenue Bonds, Student Loan 9/06 at 101.00 AAA 2,544,847 Program, Series 1993B, 5.875%, 6/01/14 -MBIA Insured (Alternative Minimum Tax) 1,650 Nebraska Investment Finance Authority, Single Family 9/06 at 100.75 AAA 1,661,715 Housing Revenue Bonds, Series 1995B, 6.450%, 3/01/35 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 4,170 Total Nebraska 4,206,562 - ------------------------------------------------------------------------------------------------------------------------------------ NEVADA - 5.1% (3.3% OF TOTAL INVESTMENTS) 11,000 Clark County School District, Nevada, General Obligation 6/12 at 100.00 AAA 11,961,510 Bonds, Series 2002C, 5.500%, 6/15/19 (Pre-refunded 6/15/12) - MBIA Insured 14,530 Director of Nevada State Department of Business and I 1/10 at 102.00 AAA 15,538,527 ndustry, Revenue Bonds, Las Vegas Monorail Project, First Tier, Series 2000, 5.625%, 1/01/34 - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 25,530 Total Nevada 27,500,037 - ------------------------------------------------------------------------------------------------------------------------------------ NEW JERSEY - 1.8% (1.2% OF TOTAL INVESTMENTS) 3,350 Essex County, New Jersey, General Obligation Bonds, 5/15 at 100.00 Aaa 3,486,780 Series 2005A, 5.000%, 5/01/26 - MBIA Insured New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2005P: 1,325 5.250%, 9/01/24 9/15 at 100.00 AA- 1,406,779 1,000 5.250%, 9/01/26 9/15 at 100.00 AA- 1,059,370 2,000 New Jersey Educational Facilities Authority, Revenue 7/15 at 100.00 AAA 2,101,220 Bonds, Princeton University, Series 2005A, 5.000%, 7/01/24 1,895 Tobacco Settlement Financing Corporation, New Jersey, 6/12 at 100.00 BBB 1,966,233 Tobacco Settlement Asset-Backed Bonds, Series 2002, 5.750%, 6/01/32 - ------------------------------------------------------------------------------------------------------------------------------------ 9,570 Total New Jersey 10,020,382 - ------------------------------------------------------------------------------------------------------------------------------------ NEW MEXICO - 0.4% (0.3% OF TOTAL INVESTMENTS) Farmington, New Mexico, Hospital Revenue Bonds, San Juan Regional Medical Center Inc., Series 2004A: 880 5.125%, 6/01/17 6/14 at 100.00 A3 906,866 1,295 5.125%, 6/01/19 6/14 at 100.00 A3 1,326,818 - ------------------------------------------------------------------------------------------------------------------------------------ 2,175 Total New Mexico 2,233,684 - ------------------------------------------------------------------------------------------------------------------------------------ NEW YORK - 17.6% (11.5% OF TOTAL INVESTMENTS) 1,665 Dormitory Authority of the State of New York, State 3/15 at 100.00 AAA 1,733,348 Personal Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/24 - AMBAC Insured 2,250 Metropolitan Transportation Authority, New York, 11/15 at 100.00 AAA 2,332,058 Transportation Revenue Bonds, Series 2005B,5.000%, 11/15/30 - AMBAC Insured 22 PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ NEW YORK (continued) $ 3,200 Metropolitan Transportation Authority, New York, 11/15 at 100.00 A $ 3,279,520 Transportation Revenue Bonds, Series 2005F, 5.000%, 11/15/30 7,800 New York City Municipal Water Finance Authority, New 12/14 at 100.00 AAA 8,073,156 York, Water and Sewerage System Revenue Bonds, Fiscal Series 2005B, 5.000%, 6/15/28 - AMBAC Insured 1,250 New York City Municipal Water Finance Authority, New 6/15 at 100.00 AAA 1,301,538 York, Water and Sewerage System Revenue Bonds, Fiscal Series 2005C, 5.000%, 6/15/25 - MBIA Insured New York City Sales Tax Asset Receivable Corporation, New York, Dedicated Revenue Bonds, Local Government Assistance Corporation, Series 2004A: 3,225 5.000%, 10/15/24 - MBIA Insured 10/14 at 100.00 AAA 3,363,933 1,665 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 1,736,728 5,570 New York City Transitional Finance Authority, New York, 2/14 at 100.00 AAA 5,796,588 Future Tax Secured Bonds, Fiscal Series 2004C, 5.000%, 2/01/22 5,000 New York City, New York, General Obligation Bonds, 6/13 at 100.00 A+ 5,356,900 Fiscal Series 2003J, 5.500%, 6/01/20 5,000 New York City, New York, General Obligation Bonds, 8/14 at 100.00 A+ 5,283,550 Fiscal Series 2004C, 5.250%, 8/15/20 4,200 New York City, New York, General Obligation Bonds, 3/15 at 100.00 A+ 4,316,046 Fiscal Series 2005J, 5.000%, 3/01/25 7,000 New York City, New York, General Obligation Bonds, 4/15 at 100.00 A+ 7,200,270 Fiscal Series 2005M, 5.000%, 4/01/24 5,000 New York State Municipal Bond Bank Agency, Special 6/13 at 100.00 A+ 5,271,850 School Purpose Revenue Bonds, Series 2003C, 5.250%, 12/01/19 New York State Thruway Authority, General Revenue Bonds, Series 2005G: 6,440 5.000%, 1/01/26 - FSA Insured 7/15 at 100.00 AAA 6,701,593 3,000 4.750%, 1/01/29 - FSA Insured 7/15 at 100.00 AAA 3,020,910 2,030 New York State Thruway Authority, Highway and Bridge 10/15 at 100.00 AAA 2,128,658 Trust Fund Bonds, Second Generation, Series 2005B, 5.000%, 4/01/21 - AMBAC Insured 5,400 New York State Tobacco Settlement Financing Corporation, 6/10 at 100.00 AA- 5,685,012 Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1, 5.500%, 6/01/16 4,205 New York State Urban Development Corporation, State 3/14 at 100.00 AAA 4,364,201 Personal Income Tax Revenue Bonds, Series 2004A-1, 5.000%, 3/15/23 - FGIC Insured 16,445 Port Authority of New York and New Jersey, Special No Opt. Call AAA 18,938,720 Project Bonds, JFK International Air Terminal LLC, Sixth Series 1997, 7.000%, 12/01/12 - MBIA Insured (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 90,345 Total New York 95,884,579 - ------------------------------------------------------------------------------------------------------------------------------------ NORTH CAROLINA - 4.8% (3.1% OF TOTAL INVESTMENTS) 2,795 Charlotte, North Carolina, FHA-Insured Mortgage 11/07 at 100.00 AAA 2,876,642 Revenue Bonds, Double Oaks Apartments, Series 1992, 7.350%, 5/15/26 14,775 North Carolina Eastern Municipal Power Agency, Power 1/07 at 102.00 AAA 15,281,783 System Revenue Refunding Bonds, Series 1996B, 5.875%, 1/01/21 (Pre-refunded 1/01/07) - MBIA Insured 7,420 North Carolina Medical Care Commission, Health System 10/11 at 101.00 AA 7,744,106 Revenue Bonds, Mission St. Joseph's Health System, Series 2001, 5.250%, 10/01/26 - ------------------------------------------------------------------------------------------------------------------------------------ 24,990 Total North Carolina 25,902,531 - ------------------------------------------------------------------------------------------------------------------------------------ OHIO - 1.8% (1.1% OF TOTAL INVESTMENTS) 8,650 Cuyahoga County, Ohio, Hospital Revenue and 2/09 at 101.00 A- (4) 9,270,205 Improvement Bonds, MetroHealth System, Series 1999, 6.150%, 2/15/29 (Pre-refunded 2/15/09) 250 Port of Greater Cincinnati Development Authority, Ohio, 10/16 at 100.00 N/R 253,748 Economic Development Revenue Bonds, Sisters of Mercy of the Americas, Series 2006, 5.000%, 10/01/25 - ------------------------------------------------------------------------------------------------------------------------------------ 8,900 Total Ohio 9,523,953 - ------------------------------------------------------------------------------------------------------------------------------------ OKLAHOMA - 0.8% (0.5% OF TOTAL INVESTMENTS) Norman Regional Hospital Authority, Oklahoma, Hospital Revenue Bonds, Series 2005: 500 5.375%, 9/01/29 9/16 at 100.00 BBB- 501,735 750 5.375%, 9/01/36 9/16 at 100.00 BBB- 751,710 23 Nuveen Investment Quality Municipal Fund, Inc. (NQM) (continued) Portfolio of INVESTMENTS April 30, 2006 (Unaudited) PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ OKLAHOMA (continued) $ 3,300 Tulsa Municipal Airport Trust, Oklahoma, Revenue 6/09 at 100.00 B- $ 3,300,792 Refunding Bonds, American Airlines Inc., Series 2000B, 6.000%, 6/01/35 (Mandatory put 12/01/08) (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 4,550 Total Oklahoma 4,554,237 - ------------------------------------------------------------------------------------------------------------------------------------ PENNSYLVANIA - 1.7% (1.1% OF TOTAL INVESTMENTS) 3,000 Commonwealth Financing Authority, Pennsylvania, State 6/16 at 100.00 AAA 3,126,660 Appropriation Lease Bonds, Series 2006A, 5.000%, 6/01/26 - FSA Insured 5,000 Philadelphia, Pennsylvania, General Obligation Bonds, 3/11 at 100.00 AAA 5,248,400 Series 2001, 5.250%, 9/15/18 - FSA Insured 1,000 St. Mary Hospital Authority, Pennsylvania, Health System 11/14 at 100.00 A1 1,049,650 Revenue Bonds, Catholic Health East, Series 2004B, 5.500%, 11/15/24 - ------------------------------------------------------------------------------------------------------------------------------------ 9,000 Total Pennsylvania 9,424,710 - ------------------------------------------------------------------------------------------------------------------------------------ PUERTO RICO - 0.7% (0.5% OF TOTAL INVESTMENTS) 1,000 Puerto Rico Electric Power Authority, Power Revenue 7/15 at 100.00 AAA 1,035,280 Bonds, Series 2005RR, 5.000%, 7/01/30 - XLCA Insured 1,500 Puerto Rico Infrastructure Financing Authority, Special 10/10 at 101.00 AAA 1,601,385 Obligation Bonds, Series 2000A, 5.500%, 10/01/40 1,225 Puerto Rico Municipal Finance Agency, Series 2005C, No Opt. Call AAA 1,340,469 5.250%, 8/01/21 - CIFG Insured - ------------------------------------------------------------------------------------------------------------------------------------ 3,725 Total Puerto Rico 3,977,134 - ------------------------------------------------------------------------------------------------------------------------------------ RHODE ISLAND - 5.7% (3.7% OF TOTAL INVESTMENTS) 2,410 Rhode Island Health and Educational Building 5/07 at 102.00 AAA 2,502,062 Corporation, Hospital Financing Revenue Bonds, Lifespan Obligated Group, Series 1996, 5.750%, 5/15/23 - MBIA Insured 21,590 Rhode Island Health and Educational Building Corporation, 5/07 at 102.00 AAA 22,458,997 Hospital Financing Revenue Bonds, Lifespan Obligated Group, Series 1996, 5.750%, 5/15/23 (Pre-refunded 5/15/07) - MBIA Insured 5,610 Rhode Island Tobacco Settlement Financing Corporation, 6/12 at 100.00 BBB 5,875,690 Tobacco Settlement Asset-Backed Bonds, Series 2002A, 6.000%, 6/01/23 - ------------------------------------------------------------------------------------------------------------------------------------ 29,610 Total Rhode Island 30,836,749 - ------------------------------------------------------------------------------------------------------------------------------------ SOUTH CAROLINA - 2.5% (1.6% OF TOTAL INVESTMENTS) 2,000 Berkeley County School District, South Carolina, 12/13 at 100.00 AA 2,064,300 Installment Purchase Revenue Bonds, Securing Assets for Education, Series 2003, 5.250%, 12/01/24 4,405 Dorchester County School District 2, South Carolina, 12/14 at 100.00 A 4,591,816 Installment Purchase Revenue Bonds, GROWTH, Series 2004, 5.250%, 12/01/23 6,500 South Carolina JOBS Economic Development Authority, 11/12 at 100.00 A- 6,773,975 Economic Development Revenue Bonds, Bon Secours Health System Inc., Series 2002A, 5.625%, 11/15/30 - ------------------------------------------------------------------------------------------------------------------------------------ 12,905 Total South Carolina 13,430,091 - ------------------------------------------------------------------------------------------------------------------------------------ SOUTH DAKOTA - 0.3% (0.2% OF TOTAL INVESTMENTS) 1,750 South Dakota Health and Educational Facilities Authority, 11/14 at 100.00 A+ 1,844,115 Revenue Bonds, Sioux Valley Hospitals, Series 2004A, 5.500%, 11/01/31 - ------------------------------------------------------------------------------------------------------------------------------------ TENNESSEE - 1.2% (0.8% OF TOTAL INVESTMENTS) 3,200 Johnson City Health and Educational Facilities Board, 7/16 at 100.00 BBB+ 3,317,088 Tennessee, Revenue Bonds, Mountain States Health Alliance, Series 2006A, 5.500%, 7/01/36 3,000 Knox County Health, Educational and Housing Facilities 4/12 at 101.00 Baa3 3,174,210 Board, Tennessee, Hospital Revenue Bonds, Baptist Health System of East Tennessee Inc., Series 2002, 6.500%, 4/15/31 - ------------------------------------------------------------------------------------------------------------------------------------ 6,200 Total Tennessee 6,491,298 - ------------------------------------------------------------------------------------------------------------------------------------ TEXAS - 13.9% (9.1% OF TOTAL INVESTMENTS) 3,135 Austin Housing Finance Corporation, Texas, GNMA 12/10 at 105.00 Aaa 3,445,898 Collateralized Mortgage Loan Multifamily Housing Revenue Bonds, Santa Maria Village Project, Series 2000A, 7.375%, 6/20/35 (Alternative Minimum Tax) 24 PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TEXAS (continued) $ 635 Clear Creek Independent School District, Galveston and 2/10 at 100.00 AAA $ 667,474 Harris Counties, Texas, Unlimited Tax Schoolhouse and Refunding Bonds, Series 2000, 5.500%, 2/15/22 18,075 Clear Creek Independent School District, Galveston and 2/10 at 100.00 AAA 19,200,168 Harris Counties, Texas, Unlimited Tax Schoolhouse and Refunding Bonds, Series 2000, 5.500%, 2/15/22 (Pre-refunded 2/15/10) 4,915 Harris County Hospital District, Texas, Revenue No Opt. Call AAA 5,292,374 Refunding Bonds, Series 1990, 7.400%, 2/15/10 - AMBAC Insured 1,885 Harris County Hospital District, Texas, Revenue No Opt. Call AAA 2,004,622 Refunding Bonds, Series 1990, 7.400%, 2/15/10 - AMBAC Insured (ETM) 5,000 Harris County Hospital District, Texas, Revenue 8/10 at 100.00 AAA 5,397,050 Refunding Bonds, Series 2000, 6.000%, 2/15/14 - MBIA Insured 2,256 Heart of Texas Housing Finance Corporation, GNMA 6/10 at 105.00 AAA 2,460,326 Collateralized Mortgage Loan Revenue Bonds, Robinson Garden Project, Series 2000A, 7.375%, 6/20/35 (Alternative Minimum Tax) 11,950 Houston, Texas, Junior Lien Water and Sewerage System No Opt. Call AAA 5,422,193 Revenue Refunding Bonds, Series 1998A, 0.000%, 12/01/22 - FSA Insured (ETM) 4,680 Houston, Texas, Junior Lien Water and Sewerage System No Opt. Call AAA 2,102,958 Revenue Refunding Bonds, Series 1998A, 0.000%, 12/01/22 - FSA Insured Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson Memorial Hospital Project, Series 2005: 800 5.250%, 8/15/21 No Opt. Call BBB- 816,216 1,000 5.125%, 8/15/26 No Opt. Call BBB- 993,680 1,000 Sabine River Authority, Texas, Pollution Control Revenue 11/15 at 100.00 Baa2 1,020,290 Bonds, TXU Electric Company, Series 2001C, 5.200%, 5/01/28 3,960 Stafford Economic Development Corporation, Texas, 9/15 at 100.00 AAA 4,301,550 Sales Tax Revenue Bonds, Series 2000, 5.500%, 9/01/30 - FGIC Insured 5,450 Tarrant County Health Facilities Development 12/10 at 105.00 Aaa 6,085,852 Corporation, Texas, GNMA Collateralized Mortgage Loan Revenue Bonds, Eastview Nursing Home, Ebony Lake Nursing Center, Ft. Stockton Nursing Center, Lynnhaven Nursing Center and Mission Oaks Manor, Series 2000A-1, 7.500%, 12/20/22 Texas Turnpike Authority, First Tier Revenue Bonds, Central Texas Turnpike System, Series 2002A: 10,000 0.000%, 8/15/21 - AMBAC Insured No Opt. Call AAA 4,804,400 12,000 0.000%, 8/15/23 - AMBAC Insured No Opt. Call AAA 5,203,080 2,500 Tomball Hospital Authority, Texas, Hospital Revenue 7/15 at 100.00 Baa3 2,488,525 Bonds, Tomball Regional Hospital, Series 2005, 5.000%, 7/01/20 3,965 Tyler Health Facilities Development Corporation, Texas, 11/07 at 102.00 AAA 4,132,085 Hospital Revenue Bonds, East Texas Medical Center Regional Healthcare Center, Series 1997C, 5.600%, 11/01/27 - FSA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 93,206 Total Texas 75,838,741 - ------------------------------------------------------------------------------------------------------------------------------------ VIRGINIA - 0.6% (0.4% OF TOTAL INVESTMENTS) 1,000 Amherst Industrial Development Authority, Virginia, 9/16 at 100.00 BBB 1,024,700 Revenue Bonds, Sweet Briar College, Series 2006, 5.000%, 9/01/26 1,935 Virginia Beach Development Authority, Virginia, 10/14 at 102.00 N/R 2,051,893 Multifamily Residential Rental Housing Revenue Bonds, Hamptons and Hampton Court Apartments, Series 1999, 7.500%, 10/01/39 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 2,935 Total Virginia 3,076,593 - ------------------------------------------------------------------------------------------------------------------------------------ WASHINGTON - 8.7% (5.7% OF TOTAL INVESTMENTS) 11,345 Chelan County Public Utility District 1, Washington, No Opt. Call AAA 6,081,487 Columbia River-Rock Island Hydro-Electric System Revenue Refunding Bonds, Series 1997A, 0.000%, 6/01/19 - MBIA Insured 17,075 Port of Seattle, Washington, Limited Tax General 12/10 at 100.00 AAA 18,027,614 Obligation Bonds, Series 2000B, 5.750%, 12/01/25 (Alternative Minimum Tax) 16,750 Port of Seattle, Washington, Revenue Bonds, Series 8/10 at 100.00 AAA 17,777,948 2000A, 5.625%, 2/01/30 - MBIA Insured 5,000 Port of Seattle, Washington, Revenue Bonds, Series 10/11 at 100.00 AAA 5,303,700 2001B, 5.625%, 4/01/17 - FGIC Insured (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 50,170 Total Washington 47,190,749 - ------------------------------------------------------------------------------------------------------------------------------------ 25 Nuveen Investment Quality Municipal Fund, Inc. (NQM) (continued) Portfolio of INVESTMENTS April 30, 2006 (Unaudited) PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ WEST VIRGINIA - 0.9% (0.6% OF TOTAL INVESTMENTS) $ 5,000 Mason County, West Virginia, Pollution Control Revenue 10/11 at 100.00 BBB $ 5,092,350 Bonds, Appalachian Power Company, Series 2003L, 5.500%, 10/01/22 - ------------------------------------------------------------------------------------------------------------------------------------ WISCONSIN - 2.5% (1.6% OF TOTAL INVESTMENTS) 7,490 Badger Tobacco Asset Securitization Corporation, 6/12 at 100.00 BBB 7,909,290 Wisconsin, Tobacco Settlement Asset-Backed Bonds, Series 2002, 6.125%, 6/01/27 315 Wisconsin Health and Educational Facilities Authority, 5/16 at 100.00 BBB 305,415 Revenue Bonds, Divine Savior Healthcare, Series 2006, 5.000%, 5/01/32 Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Eagle River Memorial Hospital Inc., Series 2000: 1,000 5.750%, 8/15/20 - RAAI Insured 8/10 at 101.00 AA 1,062,530 3,000 5.875%, 8/15/30 - RAAI Insured 8/10 at 101.00 AA 3,208,230 1,150 Wisconsin Health and Educational Facilities Authority, 5/14 at 100.00 BBB+ 1,223,106 Revenue Bonds, Fort Healthcare Inc., Series 2004, 5.750%, 5/01/24 - ------------------------------------------------------------------------------------------------------------------------------------ 12,955 Total Wisconsin 13,708,571 - ------------------------------------------------------------------------------------------------------------------------------------ WYOMING - 0.5% (0.3% OF TOTAL INVESTMENTS) 2,500 Sweetwater County, Wyoming, Solid Waste Disposal 12/15 at 100.00 BBB- 2,611,700 Revenue Bonds, FMC Corporation, Series 2005, 5.600%, 12/01/35 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ $ 837,066 Total Investments (cost $788,580,628) - 153.3% 834,359,114 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 2.0% 10,806,236 -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (55.3)% (301,000,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 544,165,350 ====================================================================================================================
(1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. (2) 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. Certain mortgage-backed securities may be subject to periodic principal paydowns. (3) Ratings: Using the higher of Standard & Poor's or Moody's rating. Ratings below BBB by Standard & Poor's Group or Baa by Moody's Investor Service, Inc. are considered to be below investment grade. (4) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities. (5) On December 9, 2002, UAL Corporation, the holding company of United Air Lines, Inc., filed for federal bankruptcy protection. The Adviser determined that it was likely United would not remain current on their interest payment obligations with respect to these bonds and thus has stopped accruing interest. N/R Not rated. WI/DD Purchased on a when-issued or delayed delivery basis. (ETM) Escrowed to maturity. See accompanying notes to financial statements. 26 Nuveen Select Quality Municipal Fund, Inc. (NQS) Portfolio of INVESTMENTS April 30, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ ALABAMA - 4.0% (2.6% OF TOTAL INVESTMENTS) $ 4,000 Jefferson County, Alabama, Sewer Revenue Capital 2/09 at 101.00 AAA $ 4,208,760 Improvement Warrants, Series 1999A, 5.375%, 2/01/36 (Pre-refunded 2/01/09) - FGIC Insured 10,000 Lauderdale County and Florence Health Authority, 7/10 at 102.00 AAA 10,922,800 Alabama, Revenue Bonds, Coffee Health Group, Series 2000A, 6.000%, 7/01/29 - MBIA Insured 5,155 Phenix City Industrial Development Board, Alabama, 5/12 at 100.00 BBB 5,523,067 Environmental Improvement Revenue Bonds, MeadWestvaco Corporation, Series 2002A, 6.350%, 5/15/35 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 19,155 Total Alabama 20,654,627 - ------------------------------------------------------------------------------------------------------------------------------------ ALASKA - 0.4% (0.2% OF TOTAL INVESTMENTS) 2,000 Kenai Peninsula Borough, Alaska, Revenue Bonds, 8/13 at 100.00 Aaa 2,072,740 Central Kenai Peninsula Hospital Service Area, Series 2003, 5.000%, 8/01/23 - FGIC Insured - ------------------------------------------------------------------------------------------------------------------------------------ ARIZONA - 0.8% (0.5% OF TOTAL INVESTMENTS) 3,750 Salt River Project Agricultural Improvement and Power 12/13 at 100.00 AAA 3,899,850 District, Arizona, Electric System Revenue Bonds, Series 2003, 5.000%, 12/01/18 - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ ARKANSAS - 1.0% (0.7% OF TOTAL INVESTMENTS) 4,500 Little Rock, Arkansas, Hotel and Restaurant Gross No Opt. Call A3 5,258,745 Receipts Tax Refunding Bonds, Series 1993, 7.375%, 8/01/15 - ------------------------------------------------------------------------------------------------------------------------------------ CALIFORNIA - 4.0% (2.6% OF TOTAL INVESTMENTS) Calexico Unified School District, Imperial County, California, General Obligation Bonds, Series 2005B: 3,685 0.000%, 8/01/31 - FGIC Insured No Opt. Call AAA 1,044,034 4,505 0.000%, 8/01/33 - FGIC Insured No Opt. Call AAA 1,152,875 550 California Pollution Control Financing Authority, 4/11 at 102.00 AAA 580,712 Remarketed Revenue Bonds, Pacific Gas and Electric Company, Series 1996A, 5.350%, 12/01/16 - MBIA Insured (Alternative Minimum Tax) 1,000 Coachella Valley Unified School District, Riverside No Opt. Call AAA 297,540 County, California, General Obligation Bonds, Series 2005A, 0.000%, 8/01/30 - FGIC Insured Colton Joint Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2006C: 3,200 0.000%, 2/01/30 - FGIC Insured 2/15 at 45.69 AAA 932,960 6,800 0.000%, 2/01/35 - FGIC Insured 2/15 at 34.85 AAA 1,507,152 Cupertino Union School District, Santa Clara County, California, General Obligation Bonds, Series 2003B: 8,100 0.000%, 8/01/24 - FGIC Insured 8/13 at 58.68 AAA 3,235,383 11,430 0.000%, 8/01/27 - FGIC Insured 8/13 at 49.98 AAA 3,840,366 1,045 Lake Tahoe Unified School District, El Dorado County, No Opt. Call Aaa 306,154 California, General Obligation Bonds, Series 2001B, 0.000%, 8/01/31 - MBIA Insured 5,000 Placentia-Yorba Linda Unified School District, Orange No Opt. Call AAA 1,193,450 County, California, Certificates of Participation, Series 2006, 0.000%, 10/01/34 - FGIC Insured 5,000 Riverside County Asset Leasing Corporation, California, No Opt. Call AAA 1,947,600 Leasehold Revenue Bonds, Riverside County Hospital Project, Series 1997, 0.000%, 6/01/25 - MBIA Insured 12,615 San Joaquin Hills Transportation Corridor Agency, No Opt. Call AAA 2,995,936 Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A, 0.000%, 1/15/35 - MBIA Insured 5,000 Santa Monica Community College District, Los Angeles 8/15 at 58.08 AAA 1,781,350 County, California, General Obligation Bonds, Series 2005C, 0.000%, 8/01/26 - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 67,930 Total California 20,815,512 - ------------------------------------------------------------------------------------------------------------------------------------ 27 Nuveen Select Quality Municipal Fund, Inc. (NQS) (continued) Portfolio of INVESTMENTS April 30, 2006 (Unaudited) PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ COLORADO - 10.4% (6.8% OF TOTAL INVESTMENTS) $ 11,000 Colorado Department of Transportation, Revenue 6/10 at 100.50 AAA $ 11,984,170 Anticipation Bonds, Series 2000, 6.000%, 6/15/15 (Pre-refunded 6/15/10) - AMBAC Insured 9,250 Colorado Health Facilities Authority, Remarketed 7/06 at 102.00 AAA 9,462,935 Revenue Bonds, Kaiser Permanente System,Series 1994A, 5.350%, 11/01/16 (ETM) 16,995 Denver City and County, Colorado, Airport System 11/10 at 100.00 AAA 17,905,591 Revenue Refunding Bonds, Series 2000A, 5.625%, 11/15/23 - AMBAC Insured (Alternative Minimum Tax) 1,500 Denver Convention Center Hotel Authority, Colorado, 11/16 at 100.00 AAA 1,457,010 Senior Revenue Bonds, Convention Center Hotel, Series 2006, 4.625%, 12/01/30 (WI/DD, Settling 5/02/06) - XLCA Insured E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B: 1,045 0.000%, 9/01/23 - MBIA Insured No Opt. Call AAA 450,604 8,515 0.000%, 9/01/25 - MBIA Insured No Opt. Call AAA 3,300,840 7,500 E-470 Public Highway Authority, Colorado, Senior No Opt. Call AAA 2,368,275 Revenue Bonds, Series 2000B, 0.000%, 9/01/29 - MBIA Insured 13,000 E-470 Public Highway Authority, Colorado, Toll Revenue 9/20 at 45.40 AAA 2,850,640 Bonds, Series 2004B, 0.000%, 9/01/34 - MBIA Insured 12,355 Northwest Parkway Public Highway Authority, Colorado, 6/11 at 40.52 AAA 3,934,820 Senior Lien Revenue Bonds, Series 2001B, 0.000%, 6/15/26 - FSA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 81,160 Total Colorado 53,714,885 - ------------------------------------------------------------------------------------------------------------------------------------ CONNECTICUT - 1.8% (1.2% OF TOTAL INVESTMENTS) 9,285 Connecticut Development Authority, Health Facilities 8/06 at 100.00 N/R 9,311,741 Revenue Refunding Bonds, Alzheimer's Resource Center of Connecticut Inc., Series 1994A, 7.250%, 8/15/21 - ------------------------------------------------------------------------------------------------------------------------------------ DISTRICT OF COLUMBIA - 3.2% (2.1% OF TOTAL INVESTMENTS) 3,045 District of Columbia Tobacco Settlement Corporation, 5/11 at 101.00 BBB 3,224,716 Tobacco Settlement Asset-Backed Bonds, Series 2001, 6.250%, 5/15/24 District of Columbia, General Obligation Bonds, Series 1998B: 5,000 6.000%, 6/01/19 - MBIA Insured No Opt. Call AAA 5,786,800 7,265 5.250%, 6/01/26 - FSA Insured 6/08 at 101.00 AAA 7,500,241 - ------------------------------------------------------------------------------------------------------------------------------------ 15,310 Total District of Columbia 16,511,757 - ------------------------------------------------------------------------------------------------------------------------------------ FLORIDA - 1.6% (1.1% OF TOTAL INVESTMENTS) Lee County, Florida, Airport Revenue Bonds, Series 2000A: 3,075 5.875%, 10/01/18 - FSA Insured (Alternative Minimum Tax) 10/10 at 101.00 AAA 3,293,356 4,860 5.875%, 10/01/19 - FSA Insured (Alternative Minimum Tax) 10/10 at 101.00 AAA 5,205,109 - ------------------------------------------------------------------------------------------------------------------------------------ 7,935 Total Florida 8,498,465 - ------------------------------------------------------------------------------------------------------------------------------------ GEORGIA - 0.8% (0.5% OF TOTAL INVESTMENTS) 3,750 Atlanta, Georgia, Airport General Revenue Bonds, Series 1/10 at 101.00 AAA 3,911,738 2000B, 5.625%, 1/01/30 - FGIC Insured (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ ILLINOIS - 15.7% (10.4% OF TOTAL INVESTMENTS) 7,555 Chicago Board of Education, Illinois, Unlimited Tax 12/07 at 102.00 AAA 7,829,247 General Obligation Bonds, Dedicated Tax Revenues, Series 1997A, 5.250%, 12/01/27 - AMBAC Insured Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1997: 4,000 5.750%, 12/01/20 (Pre-refunded 12/01/07) - AMBAC Insured 12/07 at 102.00 AAA 4,203,160 9,230 5.750%, 12/01/27 (Pre-refunded 12/01/07) - AMBAC Insured 12/07 at 102.00 AAA 9,698,792 1,070 5.750%, 12/01/27 (Pre-refunded 12/01/07) - AMBAC Insured 12/07 at 102.00 AAA 1,124,345 Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1: 3,665 0.000%, 12/01/25 - FGIC Insured No Opt. Call AAA 1,416,926 1,375 0.000%, 12/01/31 - FGIC Insured No Opt. Call AAA 388,328 5,865 Chicago, Illinois, General Obligation Bonds, 7/10 at 101.00 AAA 6,531,616 Neighborhoods Alive 21 Program, Series 2000A, 6.500%, 1/01/35 (Pre-refunded 7/01/10) - FGIC Insured 28 PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ ILLINOIS (continued) $ 570 Chicago, Illinois, General Obligation Refunding Bonds, 1/08 at 100.00 AAA $ 579,052 Series 1996B, 5.125%, 1/01/25 - FGIC Insured 15,000 Chicago, Illinois, Second Lien Passenger Facility Charge 1/11 at 101.00 AAA 15,425,999 Revenue Bonds, O'Hare International Airport, Series 2001A, 5.375%, 1/01/32 - AMBAC Insured (Alternative Minimum Tax) Chicago, Illinois, Second Lien Passenger Facility Charge Revenue Bonds, O'Hare International Airport, Series 2001C: 3,770 5.100%, 1/01/26 - AMBAC Insured (Alternative Minimum Tax) 1/11 at 101.00 AAA 3,828,699 5,460 5.250%, 1/01/32 - AMBAC Insured (Alternative Minimum Tax) 1/11 at 101.00 AAA 5,573,623 10,000 Illinois Health Facilities Authority, Revenue Bonds, 5/12 at 100.00 Baa2 10,463,900 Condell Medical Center, Series 2002, 5.750%, 5/15/22 2,000 Illinois Health Facilities Authority, Revenue Bonds, 2/11 at 102.00 Aaa 2,129,180 Midwest Care Center I Inc., Series 2001, 5.950%, 2/20/36 8,945 Lake and McHenry Counties Community Unit School 1/15 at 74.44 Aaa 4,294,584 District 118, Wauconda, Illinois, General Obligation Bonds, Series 2005B, 0.000%, 1/01/21 - FSA Insured Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A: 4,500 0.000%, 12/15/23 - MBIA Insured No Opt. Call AAA 1,929,915 2,920 5.000%, 12/15/28 - MBIA Insured 6/12 at 101.00 AAA 2,996,416 1,100 0.000%, 12/15/35 - MBIA Insured No Opt. Call AAA 255,497 7,500 Valley View Public Schools, Community Unit School No Opt. Call AAA 2,900,250 District 365U of Will County, Illinois, General Obligation Bonds, Series 2005, 0.000%, 11/01/25 - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 94,525 Total Illinois 81,569,529 - ------------------------------------------------------------------------------------------------------------------------------------ INDIANA - 1.8% (1.2% OF TOTAL INVESTMENTS) 900 Indiana Housing Finance Authority, Single Family 1/10 at 100.00 Aaa 929,619 Mortgage Revenue Bonds, Series 2000D-3, 5.950%, 7/01/26 (Alternative Minimum Tax) 7,660 St. Joseph County Hospital Authority, Indiana, Revenue 2/11 at 100.00 AAA 8,256,867 Bonds, Memorial Health System, Series 2000, 5.625%, 8/15/33 (Pre-refunded 2/15/11) - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 8,560 Total Indiana 9,186,486 - ------------------------------------------------------------------------------------------------------------------------------------ KANSAS - 1.7% (1.1% OF TOTAL INVESTMENTS) 5,000 Burlington, Kansas, Environmental Improvement Revenue 9/15 at 100.00 A3 5,036,200 Bonds, Kansas City Power and Light Company Project, Series 1998A, 4.750%, 9/01/15 (Mandatory put 10/01/07) 3,790 Kansas Department of Transportation, Highway Revenue 3/14 at 100.00 AA+ 3,937,924 Bonds, Series 2004A, 5.000%, 3/01/23 - ------------------------------------------------------------------------------------------------------------------------------------ 8,790 Total Kansas 8,974,124 - ------------------------------------------------------------------------------------------------------------------------------------ KENTUCKY - 0.5% (0.4% OF TOTAL INVESTMENTS) 2,795 Lakeland Wesley Village Inc., Kentucky, FHA-Insured 5/06 at 100.00 N/R 2,822,139 Section 8 Assisted Multifamily Housing Mortgage Revenue Refunding Bonds, Lakeland Wesley Village I Elderly Project, Series 1991, 7.500%, 11/01/21 - ------------------------------------------------------------------------------------------------------------------------------------ MARYLAND - 1.6% (1.0% OF TOTAL INVESTMENTS) 7,500 Maryland Health and Higher Educational Facilities 7/09 at 101.00 AA (4) 8,077,425 Authority, Revenue Bonds, Johns Hopkins University, Series 1999, 6.000%, 7/01/39 (Pre-refunded 7/01/09) - ------------------------------------------------------------------------------------------------------------------------------------ MASSACHUSETTS - 0.9% (0.6% OF TOTAL INVESTMENTS) 3,545 Boston Housing Development Corporation, 7/06 at 100.00 AAA 3,546,560 Massachusetts, FHA-Insured Section 8 Mortgage Loan Project Bonds, Series 1994A, 5.500%, 7/01/24 - MBIA Insured 1,045 Massachusetts Educational Finance Authority, Student 12/09 at 101.00 AAA 1,062,932 Loan Revenue Refunding Bonds, Series 2000G, 5.700%, 12/01/11 - MBIA Insured (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 4,590 Total Massachusetts 4,609,492 - ------------------------------------------------------------------------------------------------------------------------------------ 29 Nuveen Select Quality Municipal Fund, Inc. (NQS) (continued) Portfolio of INVESTMENTS April 30, 2006 (Unaudited) PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ MICHIGAN - 8.7% (5.7% OF TOTAL INVESTMENTS) $ 10,000 Detroit, Michigan, Sewerage Disposal System Revenue 1/10 at 101.00 AAA $ 10,772,700 Bonds, Series 1999A, 5.750%, 7/01/26 (Pre-refunded 1/01/10) - FGIC Insured 3,625 Fowlerville Community Schools, Ingham, Livingston and 5/07 at 100.00 AAA 3,694,636 Shiawassee Counties, Michigan, School Building and Site Bonds, Series 1996, 5.600%, 5/01/26 (Pre-refunded 5/01/07) - MBIA Insured 6,475 Michigan State Hospital Finance Authority, Hospital 11/09 at 101.00 AAA 6,951,301 Revenue Bonds, Ascension Health Credit Group, Series 1999A, 5.750%, 11/15/16 (Pre-refunded 11/15/09) - MBIA Insured 3,275 Michigan State Hospital Finance Authority, Revenue 8/06 at 100.00 BB- 3,276,572 Refunding Bonds, Detroit Medical Center Obligated Group, Series 1993A, 6.500%, 8/15/18 6,000 Michigan Strategic Fund, Collateralized Limited 9/11 at 100.00 A3 6,222,780 Obligation Pollution Control Revenue Refunding Bonds, Fixed Rate Conversion, Detroit Edison Company, Series 1999C, 5.650%, 9/01/29 (Alternative Minimum Tax) 7,500 Michigan Strategic Fund, Limited Obligation Revenue 12/12 at 100.00 AAA 7,858,575 Refunding Bonds, Detroit Edison Company, Series 2002C, 5.450%, 12/15/32 - XLCA Insured (Alternative Minimum Tax) 5,900 Royal Oak Hospital Finance Authority, Michigan, 11/11 at 100.00 AAA 6,082,841 Hospital Revenue Bonds, William Beaumont Hospital, Series 2001M, 5.250%, 11/15/35 - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 42,775 Total Michigan 44,859,405 - ------------------------------------------------------------------------------------------------------------------------------------ MINNESOTA - 2.0% (1.3% OF TOTAL INVESTMENTS) 7,000 Minneapolis-St. Paul Metropolitan Airports Commission, 1/11 at 100.00 AAA 7,277,620 Minnesota, Airport Revenue Bonds, Series 2001A, 5.250%, 1/01/32 - FGIC Insured 3,025 Minnesota Housing Finance Agency, Single Family 7/09 at 100.00 AA+ 3,061,421 Mortgage Revenue Bonds, Series 2000C, 6.100%, 7/01/30 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 10,025 Total Minnesota 10,339,041 - ------------------------------------------------------------------------------------------------------------------------------------ MISSISSIPPI - 0.5% (0.3% OF TOTAL INVESTMENTS) 2,475 Mississippi Hospital Equipment and Facilities Authority, 9/14 at 100.00 N/R 2,472,773 Revenue Bonds, Baptist Memorial Healthcare, Series 2004B-1, 5.000%, 9/01/24 - ------------------------------------------------------------------------------------------------------------------------------------ MISSOURI - 0.6% (0.4% OF TOTAL INVESTMENTS) 5,000 Kansas City Municipal Assistance Corporation, Missouri, No Opt. Call AAA 1,679,200 Leasehold Revenue Bonds, Series 2004B-1, 0.000%, 4/15/28 - AMBAC Insured 1,500 Missouri-Illinois Metropolitan District Bi-State 10/13 at 100.00 AAA 1,544,460 Development Agency, Mass Transit Sales Tax Appropriation Bonds, Metrolink Cross County Extension Project, Series 2002B, 5.000%, 10/01/32 - FSA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 6,500 Total Missouri 3,223,660 - ------------------------------------------------------------------------------------------------------------------------------------ NEBRASKA - 0.2% (0.1% OF TOTAL INVESTMENTS) 530 Nebraska Investment Finance Authority, Single Family 9/06 at 100.75 AAA 534,267 Housing Revenue Bonds, Series 1995A, 6.800%, 3/01/35 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ NEVADA - 6.8% (4.5% OF TOTAL INVESTMENTS) 4,885 Clark County, Nevada, Limited Tax General Obligation 7/10 at 100.00 AA 5,164,862 Bank Bonds, Series 2000, 5.500%, 7/01/18 7,500 Clark County, Nevada, Subordinate Lien Airport Revenue 7/10 at 101.00 AAA 8,205,750 Bonds, Series 1999A, 6.000%, 7/01/29 (Pre-refunded 7/01/10) - MBIA Insured Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas Monorail Project, First Tier, Series 2000: 1,950 5.625%, 1/01/32 - AMBAC Insured 1/10 at 102.00 AAA 2,085,350 2,000 5.375%, 1/01/40 - AMBAC Insured 1/10 at 100.00 AAA 2,072,920 10,750 Truckee Meadows Water Authority, Nevada, Water 7/11 at 100.00 AAA 11,229,772 Revenue Bonds, Series 2001A, 5.250%, 7/01/34 - FSA Insured 6,000 Washoe County, Nevada, Reno-Sparks Convention and 1/10 at 100.00 AAA 6,534,540 Visitors Authority, Limited Tax General Obligation Bonds, Series 1999A, 6.375%, 7/01/23 (Pre-refunded 1/01/10) - FSA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 33,085 Total Nevada 35,293,194 - ------------------------------------------------------------------------------------------------------------------------------------ 30 PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ NEW JERSEY - 6.4% (4.2% OF TOTAL INVESTMENTS) $ 2,400 New Jersey Health Care Facilities Financing Authority, 7/10 at 101.00 BBB- $ 2,645,232 Revenue Bonds, Trinitas Hospital Obligated Group, Series 2000, 7.500%, 7/01/30 17,670 New Jersey Housing and Mortgage Finance Agency, 10/10 at 100.00 AAA 18,349,057 Home Buyer Program Revenue Bonds, Series 2000CC, 5.850%, 10/01/25 - MBIA Insured (Alternative Minimum Tax) 3,000 New Jersey Housing and Mortgage Finance Agency, 11/07 at 101.50 AAA 3,106,080 Multifamily Housing Revenue Bonds, Series1997A, 5.550%, 5/01/27 - AMBAC Insured (Alternative Minimum Tax) 8,855 Tobacco Settlement Financing Corporation, New Jersey, 6/12 at 100.00 BBB 9,187,859 Tobacco Settlement Asset-Backed Bonds, Series 2002, 5.750%, 6/01/32 - ------------------------------------------------------------------------------------------------------------------------------------ 31,925 Total New Jersey 33,288,228 - ------------------------------------------------------------------------------------------------------------------------------------ NEW MEXICO - 4.6% (3.1% OF TOTAL INVESTMENTS) 8,500 Farmington, New Mexico, Pollution Control Revenue 10/06 at 101.00 BBB 8,629,540 Refunding Bonds, Public Service Company of New Mexico - San Juan Project, Series 1997B, 5.800%, 4/01/22 New Mexico Hospital Equipment Loan Council, Hospital Revenue Bonds, Presbyterian Healthcare Services, Series 2001A: 8,000 5.500%, 8/01/25 (Pre-refunded 8/01/11) 8/11 at 101.00 AA- (4) 8,667,200 6,200 5.500%, 8/01/30 (Pre-refunded 8/01/11) 8/11 at 101.00 AA- (4) 6,717,080 - ------------------------------------------------------------------------------------------------------------------------------------ 22,700 Total New Mexico 24,013,820 - ------------------------------------------------------------------------------------------------------------------------------------ NEW YORK - 13.8% (9.1% OF TOTAL INVESTMENTS) 5,650 Dormitory Authority of the State of New York, 8/09 at 101.00 AAA 5,936,851 Improvement Revenue Bonds, Mental Health Services Facilities, Series 1999D, 5.250%, 8/15/24 - FSA Insured 10,000 Dormitory Authority of the State of New York, New York 5/10 at 101.00 A+ (4) 10,943,200 City, Lease Revenue Bonds, Court Facilities, Series 1999, 6.000%, 5/15/39 (Pre-refunded 5/15/10) 7,000 Metropolitan Transportation Authority, New York, State 7/12 at 100.00 AA- 7,260,260 Service Contract Refunding Bonds, Series 2002A, 5.125%, 1/01/29 5,000 New York City Municipal Water Finance Authority, New 6/09 at 101.00 AAA 5,148,100 York, Water and Sewerage System Revenue Bonds, Fiscal Series 1999B, 5.000%, 6/15/29 - FSA Insured 6,000 New York City Municipal Water Finance Authority, New 6/09 at 101.00 AAA 6,370,980 York, Water and Sewerage System Revenue Bonds, Fiscal Series 2000A, 5.500%, 6/15/32 (Pre-refunded 6/15/09) - FGIC Insured 2,255 New York City Transit Authority, New York, Metropolitan 1/10 at 101.00 AAA 2,436,505 Transportation Authority, Triborough Bridge and Tunnel Authority, Certificates of Participation, Series 2000A, 5.750%, 1/01/20 (Pre-refunded 1/01/10) -AMBAC Insured 9,750 New York City Transitional Finance Authority, New York, 5/10 at 101.00 AAA 10,669,620 Future Tax Secured Bonds, Fiscal Series 2000B, 6.000%, 11/15/29 (Pre-refunded 5/15/10) 9,290 New York City, New York, General Obligation Bonds, 10/07 at 101.00 Aaa 9,686,033 Fiscal Series 1997G, 6.000%, 10/15/26 (Pre-refunded 10/15/07) 5,400 New York State Mortgage Agency, Homeowner 3/09 at 101.00 Aa1 5,511,078 Mortgage Revenue Bonds, Series 79, 5.300%, 4/01/29 (Alternative Minimum Tax) 7,545 New York State Urban Development Corporation, Senior 7/06 at 102.00 AAA 7,717,026 Lien Corporate Purpose Bonds, Series 1996, 5.500%, 7/01/26 - ------------------------------------------------------------------------------------------------------------------------------------ 67,890 Total New York 71,679,653 - ------------------------------------------------------------------------------------------------------------------------------------ NORTH CAROLINA - 3.6% (2.4% OF TOTAL INVESTMENTS) 18,555 North Carolina Eastern Municipal Power Agency, Power 7/06 at 100.00 AAA 18,579,862 System Revenue Refunding Bonds, Series 1993B, 5.500%, 1/01/17 - FGIC Insured - ------------------------------------------------------------------------------------------------------------------------------------ NORTH DAKOTA - 2.1% (1.4% OF TOTAL INVESTMENTS) 10,490 Grand Forks, North Dakota, Sales Tax Revenue Bonds, 12/07 at 100.00 AAA 10,812,043 Aurora Project, Series 1997A, 5.625%, 12/15/29 (Pre-refunded 12/15/07) - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 31 Nuveen Select Quality Municipal Fund, Inc. (NQS) (continued) Portfolio of INVESTMENTS April 30, 2006 (Unaudited) PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ OHIO - 2.2% (1.5% OF TOTAL INVESTMENTS) Montgomery County, Ohio, Hospital Facilities Revenue Bonds, Kettering Medical Center, Series 1999: $ 5,000 6.750%, 4/01/18 (Pre-refunded 4/01/10) 4/10 at 101.00 A (4) $ 5,571,250 5,000 6.750%, 4/01/22 (Pre-refunded 4/01/10) 4/10 at 101.00 A (4) 5,571,250 335 Ohio Housing Finance Agency, GNMA Mortgage-Backed 8/10 at 100.00 Aaa 337,231 Securities Program Residential Mortgage Revenue Bonds, Series 2000C, 6.050%, 3/01/32 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 10,335 Total Ohio 11,479,731 - ------------------------------------------------------------------------------------------------------------------------------------ OKLAHOMA - 2.5% (1.7% OF TOTAL INVESTMENTS) 1,030 Central Oklahoma Transportation and Parking Authority, 7/06 at 100.00 AAA 1,032,833 Oklahoma City, Parking System Revenue Refunding Bonds, Series 1996, 5.300%, 7/01/12 (Pre-refunded 7/01/06) - FSA Insured 2,235 Oklahoma Development Finance Authority, Revenue 2/14 at 100.00 AA 2,284,796 Bonds, St. John Health System, Series 2004, 5.000%, 2/15/24 10,000 Tulsa Municipal Airport Trust, Oklahoma, Revenue 12/08 at 100.00 B- 9,839,100 Refunding Bonds, American Airlines Inc., Series 2001B, 5.650%, 12/01/35 (Mandatory put 12/01/08) (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 13,265 Total Oklahoma 13,156,729 - ------------------------------------------------------------------------------------------------------------------------------------ PENNSYLVANIA - 0.0% (0.0% OF TOTAL INVESTMENTS) 95 Delaware River Port Authority, New Jersey and 1/10 at 100.00 AAA 101,225 Pennsylvania, Revenue Bonds, Series 1999, 5.750%, 1/01/15 - FSA Insured - ------------------------------------------------------------------------------------------------------------------------------------ PUERTO RICO - 0.5% (0.3% OF TOTAL INVESTMENTS) 3,000 Puerto Rico Public Buildings Authority, Guaranteed 7/17 at 100.00 AAA 2,340,870 Government Facilities Revenue Refunding Bonds, Series 2002D, 0.000%, 7/01/31 - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ SOUTH CAROLINA - 9.3% (6.2% OF TOTAL INVESTMENTS) Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2002: 5,500 6.000%, 12/01/21 (Pre-refunded 12/01/12) 12/12 at 101.00 AA- (4) 6,190,305 4,500 6.000%, 12/01/21 (Pre-refunded 12/01/12) 12/12 at 101.00 AA- (4) 5,064,795 3,750 Greenwood County, South Carolina, Hospital Revenue 10/11 at 100.00 A 3,869,400 Bonds, Self Memorial Hospital, Series 2001, 5.500%, 10/01/31 2,500 Lexington County Health Service District, South Carolina, 11/13 at 100.00 A 2,636,150 Hospital Revenue Refunding and Improvement Bonds, Series 2003, 5.750%, 11/01/28 2,825 Medical University Hospital Authority, South Carolina, 8/14 at 100.00 AAA 2,990,234 FHA-Insured Mortgage Revenue Bonds, Series 2004A, 5.250%, 2/15/22 - MBIA Insured 21,565 Piedmont Municipal Power Agency, South Carolina, No Opt. Call AAA 6,636,844 Electric Revenue Bonds, Series 2004A-2, 0.000%, 1/01/30 - AMBAC Insured 1,325 South Carolina Housing Finance and Development 6/10 at 100.00 Aaa 1,355,025 Authority, Mortgage Revenue Bonds, Series 2000A-2, 6.000%, 7/01/20 - FSA Insured (Alternative Minimum Tax) Tobacco Settlement Revenue Management Authority, South Carolina, Tobacco Settlement Asset-Backed Bonds, Series 2001B: 11,530 6.000%, 5/15/22 5/11 at 101.00 BBB 12,079,059 4,000 6.375%, 5/15/28 5/11 at 101.00 BBB 4,274,640 3,000 6.375%, 5/15/30 No Opt. Call BBB 3,336,960 - ------------------------------------------------------------------------------------------------------------------------------------ 60,495 Total South Carolina 48,433,412 - ------------------------------------------------------------------------------------------------------------------------------------ SOUTH DAKOTA - 2.2% (1.5% OF TOTAL INVESTMENTS) 5,875 Sioux Falls, South Dakota, Industrial Revenue Refunding 10/14 at 100.00 AAA 7,175,138 Bonds, Great Plains Hotel Corporation, Series 1989, 8.500%, 11/01/16 (Pre-refunded 10/15/14) (Alternative Minimum Tax) 2,500 South Dakota Education Loans Inc., Revenue Bonds, 6/08 at 102.00 A2 2,599,850 Subordinate Series 1998-1K, 5.600%, 6/01/20 (Alternative Minimum Tax) 1,750 South Dakota Health and Educational Facilities Authority, 11/14 at 100.00 A+ 1,844,115 Revenue Bonds, Sioux Valley Hospitals, Series 2004A, 5.500%, 11/01/31 - ------------------------------------------------------------------------------------------------------------------------------------ 10,125 Total South Dakota 11,619,103 - ------------------------------------------------------------------------------------------------------------------------------------ 32 PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TENNESSEE - 6.7% (4.4% OF TOTAL INVESTMENTS) $ 5,000 Knox County Health, Educational and Housing Facilities 4/12 at 101.00 Baa3 $ 5,290,350 Board, Tennessee, Hospital Revenue Bonds, Baptist Health System of East Tennessee Inc., Series 2002, 6.500%, 4/15/31 20,060 Knox County Health, Educational and Housing Facilities 1/13 at 80.49 AAA 11,772,010 Board, Tennessee, Hospital Revenue Refunding Bonds, Covenant Health, Series 2002A, 0.000%, 1/01/17 - FSA Insured 12,500 Metropolitan Government of Nashville-Davidson County 11/09 at 101.00 AAA 13,468,750 Health and Educational Facilities Board, Tennessee, Revenue Bonds, Ascension Health Credit Group, Series 1999A, 5.875%, 11/15/28 (Pre-refunded 11/15/09) - AMBAC Insured Tennessee Housing Development Agency, Homeownership Program Bonds, Series 2000-1: 1,785 5.750%, 7/01/10 (Alternative Minimum Tax) No Opt. Call AA 1,799,905 2,145 6.000%, 7/01/13 - MBIA Insured (Alternative Minimum Tax) 7/10 at 101.00 AAA 2,166,793 - ------------------------------------------------------------------------------------------------------------------------------------ 41,490 Total Tennessee 34,497,808 - ------------------------------------------------------------------------------------------------------------------------------------ TEXAS - 14.6% (9.6% OF TOTAL INVESTMENTS) 5,110 Brazos River Authority, Texas, Pollution Control Revenue 4/13 at 101.00 Baa2 5,981,204 Refunding Bonds, TXU Electric Company, Series 1999C, 7.700%, 3/01/32 (Alternative Minimum Tax) 7,925 Brazos River Authority, Texas, Pollution Control Revenue 5/36 at 100.00 Baa2 8,403,908 Refunding Bonds, TXU Electric Company, Series 2001C, 5.750%, 5/01/36 (Mandatory put 11/01/11) (Alternative Minimum Tax) 4,500 Brazos River Authority, Texas, Revenue Bonds, Reliant 12/08 at 102.00 BBB- 4,880,565 Energy Inc., Series 1999B, 7.750%, 12/01/18 4,080 Central Texas Regional Mobility Authority, Travis and 1/15 at 100.00 AAA 4,161,722 Williamson Counties, Toll Road Revenue Bonds, Series 2005, 5.000%, 1/01/35 - FGIC Insured 5,500 Dallas Area Rapid Transit, Texas, Senior Lien Sales Tax 12/11 at 100.00 AAA 5,600,375 Revenue Bonds, Series 2001, 5.000%, 12/01/31 - AMBAC Insured 2,000 Ennis Independent School District, Ellis County, Texas, 8/16 at 54.64 Aaa 630,900 General Obligation Bonds, Series 2006, 0.000%, 8/15/28 1,550 Gulf Coast Waste Disposal Authority, Texas, Waste 4/11 at 101.00 BBB- 1,671,458 Disposal Revenue Bonds, Valero Energy Corporation, Series 2001, 6.650%, 4/01/32 (Alternative Minimum Tax) 5,000 Houston Community College, Texas, Limited Tax General 2/13 at 100.00 AAA 5,131,400 Obligation Bonds, Series 2003, 5.000%, 2/15/26 - AMBAC Insured 4,590 Houston, Texas, Subordinate Lien Airport System 7/10 at 100.00 AAA 4,828,818 Revenue Bonds, Series 2000A, 5.625%, 7/01/30 - FSA Insured (Alternative Minimum Tax) 5,000 Katy Independent School District, Harris, Fort Bend and 2/12 at 100.00 AAA 5,106,800 Waller Counties, Texas, General Obligation Bonds, Series 2002A, 5.000%, 2/15/27 9,000 Matagorda County Navigation District 1, Texas, No Opt. Call AAA 9,468,630 Collateralized Revenue Refunding Bonds, Houston Light and Power Company, Series 1997, 5.125%, 11/01/28 - AMBAC Insured (Alternative Minimum Tax) 775 Panhandle Regional Housing Finance Corporation, Texas, 5/06 at 100.00 AAA 779,092 GNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue Bonds, Series 1991A, 7.500%, 5/01/24 (Alternative Minimum Tax) 4,700 Sam Rayburn Municipal Power Agency, Texas, Power 10/12 at 100.00 Baa2 4,954,035 Supply System Revenue Refunding Bonds, Series 2002A, 6.000%, 10/01/21 5,500 Spring Independent School District, Harris County, 8/11 at 100.00 AAA 5,616,270 Texas, Unlimited Tax Schoolhouse Bonds, Series 2001, 5.000%, 8/15/26 4,520 Texas, General Obligation Bonds, Water Financial 8/09 at 100.00 Aa1 4,723,490 Assistance, State Participation Program, Series 1999C, 5.500%, 8/01/35 2,810 Winter Garden Housing Finance Corporation, Texas, 10/06 at 101.00 AAA 2,825,848 GNMA/FNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue Bonds, Series 1994, 6.950%, 10/01/27 (Alternative Minimum Tax) 2,000 Wylie Independent School District, Taylor County, Texas, 8/15 at 57.10 AAA 706,920 General Obligation Bonds, Series 2005, 0.000%, 8/15/26 - ------------------------------------------------------------------------------------------------------------------------------------ 74,560 Total Texas 75,471,435 - ------------------------------------------------------------------------------------------------------------------------------------ UTAH - 4.3% (2.8% OF TOTAL INVESTMENTS) 2,000 Intermountain Power Agency, Utah, Power Supply 7/06 at 102.00 AAA 2,047,620 Revenue Bonds, Special Obligation Crossover, Sixth Series 1996B, 6.000%, 7/01/16 (Pre-refunded 7/01/06) - MBIA Insured 33 Nuveen Select Quality Municipal Fund, Inc. (NQS) (continued) Portfolio of INVESTMENTS April 30, 2006 (Unaudited) PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ UTAH (CONTINUED) $ 3,565 Utah Associated Municipal Power Systems, Revenue 4/13 at 100.00 AAA $ 3,678,474 Bonds, Payson Power Project, Series 2003A, 5.000%, 4/01/24 - FSA Insured 16,050 Utah County, Utah, Hospital Revenue Bonds, IHC Health 8/07 at 101.00 AAA 16,514,326 Services Inc., Series 1997, 5.250%, 8/15/26 - MBIA Insured (ETM) - ------------------------------------------------------------------------------------------------------------------------------------ 21,615 Total Utah 22,240,420 - ------------------------------------------------------------------------------------------------------------------------------------ VERMONT - 2.0% (1.3% OF TOTAL INVESTMENTS) Vermont Educational and Health Buildings Financing Agency, Revenue Bonds, Fletcher Allen Health Care Inc., Series 2000A: 3,720 6.125%, 12/01/15 - AMBAC Insured 12/10 at 101.00 AAA 4,107,438 4,265 6.250%, 12/01/16 - AMBAC Insured 12/10 at 101.00 AAA 4,714,403 1,505 Vermont Housing Finance Agency, Single Family Housing 11/09 at 100.00 AAA 1,529,501 Bonds, Series 2000-13A, 5.950%, 11/01/25 - FSA Insured (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 9,490 Total Vermont 10,351,342 - ------------------------------------------------------------------------------------------------------------------------------------ WASHINGTON - 3.8% (2.5% OF TOTAL INVESTMENTS) 8,810 Chelan County Public Utility District 1, Washington, 7/11 at 101.00 AAA 9,352,520 Hydro Consolidated System Revenue Bonds, Series 2001A, 5.600%, 1/01/36 - MBIA Insured (Alternative Minimum Tax) 2,500 Energy Northwest, Washington, Electric Revenue 7/12 at 100.00 AAA 2,727,125 Refunding Bonds, Columbia Generating Station - Nuclear Project 2, Series 2002C, 5.750%, 7/01/17 - MBIA Insured 7,225 Port of Seattle, Washington, Special Facility Revenue 3/10 at 101.00 AAA 7,727,138 Bonds, Terminal 18, Series 1999B, 6.000%, 9/01/20 - MBIA Insured (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 18,535 Total Washington 19,806,783 - ------------------------------------------------------------------------------------------------------------------------------------ WEST VIRGINIA - 1.0% (0.6% OF TOTAL INVESTMENTS) 5,000 Mason County, West Virginia, Pollution Control Revenue 10/11 at 100.00 BBB 5,092,350 Bonds, Appalachian Power Company, Series 2003L, 5.500%, 10/01/22 - ------------------------------------------------------------------------------------------------------------------------------------ WISCONSIN - 3.2% (2.1% OF TOTAL INVESTMENTS) 8,790 Badger Tobacco Asset Securitization Corporation, 6/12 at 100.00 BBB 9,282,064 Wisconsin, Tobacco Settlement Asset-Backed Bonds, Series 2002, 6.125%, 6/01/27 5,000 Madison, Wisconsin, Industrial Development Revenue 4/12 at 100.00 AA- 5,325,300 Refunding Bonds, Madison Gas and Electric Company Projects, Series 2002A, 5.875%, 10/01/34 (Alternative Minimum Tax) 2,100 Wisconsin Health and Educational Facilities Authority, 8/13 at 100.00 A 2,117,640 Revenue Bonds, Wheaton Franciscan Services Inc., Series 2003A, 5.125%, 8/15/33 - ------------------------------------------------------------------------------------------------------------------------------------ 15,890 Total Wisconsin 16,725,004 - ------------------------------------------------------------------------------------------------------------------------------------ $ 872,380 Total Investments (cost $740,765,462) - 151.8% 786,301,413 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 2.1% 10,784,565 -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (53.9)% (279,000,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 518,085,978 ====================================================================================================================
(1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. (2) 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. Certain mortgage-backed securities may be subject to periodic principal paydowns. (3) Ratings: Using the higher of Standard & Poor's or Moody's rating. Ratings below BBB by Standard & Poor's Group or Baa by Moody's Investor Service, Inc. are considered to be below investment grade. (4) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities. N/R Not rated. WI/DD Purchased on a when-issued or delayed delivery basis. (ETM) Escrowed to maturity. See accompanying notes to financial statements. 34 Nuveen Quality Income Municipal Fund, Inc. (NQU) Portfolio of INVESTMENTS April 30, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ ALABAMA - 3.2% (2.1% OF TOTAL INVESTMENTS) $ 3,500 Bessemer Governmental Utility Services Corporation, 6/08 at 102.00 AAA $ 3,647,910 Alabama, Water Supply Revenue Bonds, Series 1998, 5.200%, 6/01/24 - MBIA Insured Jefferson County, Alabama, Sewer Revenue Capitol Improvement Warrants, Series 2001A: 7,475 5.500%, 2/01/31 (Pre-refunded 2/01/11) - FGIC Insured 2/11 at 101.00 AAA 8,099,686 6,340 5.500%, 2/01/31 (Pre-refunded 2/01/11) - FGIC Insured 2/11 at 101.00 AAA 6,855,442 6,970 5.500%, 2/01/31 (Pre-refunded 2/01/11) - FGIC Insured 2/11 at 101.00 AAA 7,552,483 - ------------------------------------------------------------------------------------------------------------------------------------ 24,285 Total Alabama 26,155,521 - ------------------------------------------------------------------------------------------------------------------------------------ ALASKA - 0.8% (0.5% OF TOTAL INVESTMENTS) 6,110 Alaska Housing Finance Corporation, General Housing 12/14 at 100.00 AAA 6,270,693 Purpose Bonds, Series 2005A, 5.000%, 12/01/27 - FGIC Insured - ------------------------------------------------------------------------------------------------------------------------------------ ARIZONA - 1.8% (1.2% OF TOTAL INVESTMENTS) 5,350 Arizona Tourism and Sports Authority, Tax Revenue 7/13 at 100.00 Aaa 5,507,183 Bonds, Multipurpose Stadium Facility Project, Series 2003A, 5.000%, 7/01/28 - MBIA Insured 1,000 Mesa, Arizona, Utility System Revenue Refunding Bonds, No Opt. Call AAA 1,088,170 Series 2002, 5.250%, 7/01/17 - FGIC Insured 8,010 Salt River Project Agricultural Improvement and Power 1/12 at 101.00 AA 8,313,659 District, Arizona, Electric System Revenue Refunding Bonds, Series 2002A, 5.125%, 1/01/27 - ------------------------------------------------------------------------------------------------------------------------------------ 14,360 Total Arizona 14,909,012 - ------------------------------------------------------------------------------------------------------------------------------------ ARKANSAS - 0.5% (0.3% OF TOTAL INVESTMENTS) 4,000 University of Arkansas, Fayetteville, Revenue Bonds, 11/14 at 100.00 Aaa 4,121,520 Medical Sciences Campus, Series 2004B, 5.000%, 11/01/34 - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ CALIFORNIA - 7.6% (4.9% OF TOTAL INVESTMENTS) 1,000 California Department of Water Resources, Power 5/12 at 101.00 Aaa 1,115,380 Supply Revenue Bonds, Series 2002A, 5.750%, 5/01/17 (Pre-refunded 5/01/12) 6,000 California Health Facilities Financing Authority, Health 3/13 at 100.00 A 6,025,500 Facility Revenue Bonds, Adventist Health System/West, Series 2003A, 5.000%, 3/01/33 3,450 California Infrastructure Economic Development Bank, 10/11 at 101.00 A- 3,526,797 Revenue Bonds, J. David Gladstone Institutes, Series 2001, 5.250%, 10/01/34 1,360 California Statewide Community Development Authority, 7/15 at 100.00 BBB+ 1,383,174 Revenue Bonds, Daughters of Charity Health System, Series 2005A, 5.250%, 7/01/30 14,600 California, General Obligation Bonds, Series 2003, 5.250%, 2/01/28 8/13 at 100.00 A 15,238,458 5,000 California, General Obligation Veterans Welfare Bonds, 6/06 at 100.00 AA- 5,008,700 Series 1997BH, 5.600%, 12/01/32 (Alternative Minimum Tax) 10,000 California, Various Purpose General Obligation Bonds, 4/09 at 101.00 AAA 10,026,300 Series 1999, 4.750%, 4/01/29 - MBIA Insured 8,500 Foothill/Eastern Transportation Corridor Agency, 1/10 at 100.00 AAA 8,675,100 California, Toll Road Revenue Bonds, Series 1995A, 5.000%, 1/01/35 - MBIA Insured 30,000 San Joaquin Hills Transportation Corridor Agency, No Opt. Call AAA 7,124,700 Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A, 0.000%, 1/15/35 - MBIA Insured 1,500 San Jose Redevelopment Agency, California, Tax 8/10 at 101.00 AAA 1,531,785 Allocation Bonds, Merged Area Redevelopment Project, Series 2002, 5.000%, 8/01/32 - MBIA Insured 35 Nuveen Quality Income Municipal Fund, Inc. (NQU) (continued) Portfolio of INVESTMENTS April 30, 2006 (Unaudited) PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ CALIFORNIA (CONTINUED) $ 3,000 San Mateo County Community College District, No Opt. Call AAA $ 888,930 California, General Obligation Bonds, Series 2006C, 0.000%, 9/01/30 - MBIA Insured 1,500 Tobacco Securitization Authority of Northern California, 6/15 at 100.00 BBB 1,517,565 Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 5.500%, 6/01/45 - ------------------------------------------------------------------------------------------------------------------------------------ 85,910 Total California 62,062,389 - ------------------------------------------------------------------------------------------------------------------------------------ COLORADO - 5.8% (3.8% OF TOTAL INVESTMENTS) 5,240 Adams 12 Five Star Schools, Adams County, Colorado, 12/15 at 100.00 AAA 5,473,914 General Obligation Bonds, Series 2005, 5.000%, 12/15/24 - FSA Insured 10,000 Denver City and County, Colorado, Airport System 11/10 at 100.00 AAA 10,535,800 Revenue Refunding Bonds, Series 2000A, 5.625%, 11/15/23 - AMBAC Insured (Alternative Minimum Tax) 12,000 E-470 Public Highway Authority, Colorado, Senior 9/07 at 101.00 AAA 12,102,600 Revenue Bonds, Series 1997A, 4.750%, 9/01/23 - MBIA Insured 5,385 E-470 Public Highway Authority, Colorado, Senior No Opt. Call AAA 1,979,849 Revenue Bonds, Series 1997B, 0.000%, 9/01/26 - MBIA Insured 14,400 E-470 Public Highway Authority, Colorado, Senior 9/10 at 65.63 AAA 7,978,752 Revenue Bonds, Series 2000B, 0.000%, 9/01/17 (Pre-refunded 9/01/10) - MBIA Insured 8,740 Larimer County School District R1, Poudre, Colorado, 12/10 at 100.00 AAA 9,244,997 General Obligation Bonds, Series 2000, 5.125%, 12/15/19 (Pre-refunded 12/15/10) - FGIC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 55,765 Total Colorado 47,315,912 - ------------------------------------------------------------------------------------------------------------------------------------ CONNECTICUT - 0.6% (0.4% OF TOTAL INVESTMENTS) 4,395 Bridgeport, Connecticut, General Obligation Bonds, Series 8/11 at 100.00 AAA 4,733,898 2001C, 5.375%, 8/15/17 (Pre-refunded 8/15/11) - FGIC Insured - ------------------------------------------------------------------------------------------------------------------------------------ DISTRICT OF COLUMBIA - 0.6% (0.4% OF TOTAL INVESTMENTS) 5,000 Washington Convention Center Authority, District of 10/08 at 101.00 AAA 5,191,850 Columbia, Senior Lien Dedicated Tax Revenue Bonds, Series 1998, 5.250%, 10/01/17 - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ FLORIDA - 1.7% (1.1% OF TOTAL INVESTMENTS) 2,250 Dade County, Florida, Water and Sewerage System 10/07 at 102.00 AAA 2,342,250 Revenue Bonds, Series 1997, 5.375%, 10/01/16 - FGIC Insured 5,300 Escambia County Health Facilities Authority, Florida, No Opt. Call AA 5,648,263 Revenue Bonds, Ascension Health Credit Group, Series 2003A, 5.250%, 11/15/14 5,000 Orange County Health Facilities Authority, Florida, 11/10 at 101.00 A+ (4) 5,600,900 Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2000, 6.500%, 11/15/30 (Pre-refunded 11/15/10) - ------------------------------------------------------------------------------------------------------------------------------------ 12,550 Total Florida 13,591,413 - ------------------------------------------------------------------------------------------------------------------------------------ HAWAII - 1.3% (0.9% OF TOTAL INVESTMENTS) 10,000 Hawaii Department of Transportation, Airport System 7/10 at 101.00 AAA 10,730,900 Revenue Refunding Bonds, Series 2000B, 5.750%, 7/01/21 - FGIC Insured - ------------------------------------------------------------------------------------------------------------------------------------ ILLINOIS - 13.7% (8.9% OF TOTAL INVESTMENTS) Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Revenues, Series 2001C: 1,000 5.500%, 12/01/18 (Pre-refunded 12/01/11) - FSA Insured 12/11 at 100.00 AAA 1,085,300 3,690 5.000%, 12/01/19 (Pre-refunded 12/01/11) - FSA Insured 12/11 at 100.00 AAA 3,912,581 3,000 5.000%, 12/01/20 (Pre-refunded 12/01/11) - FSA Insured 12/11 at 100.00 AAA 3,180,960 2,000 5.000%, 12/01/21 (Pre-refunded 12/01/11) - FSA Insured 12/11 at 100.00 AAA 2,120,640 Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1: 9,400 0.000%, 12/01/14 - FGIC Insured No Opt. Call AAA 6,484,872 4,400 0.000%, 12/01/15 - FGIC Insured No Opt. Call AAA 2,874,520 32,670 Chicago, Illinois, General Obligation Bonds, City No Opt. Call AAA 9,262,925 Colleges of Chicago Capital Improvement Project, Series 1999, 0.000%, 1/01/32 - FGIC Insured 36 PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ ILLINOIS (CONTINUED) Chicago, Illinois, General Obligation Bonds, Neighborhoods Alive 21 Program, Series 2000A: $ 680 6.000%, 1/01/28 (Pre-refunded 7/01/10) - FGIC Insured 7/10 at 101.00 AAA $ 744,267 4,320 6.000%, 1/01/28 (Pre-refunded 7/01/10) - FGIC Insured 7/10 at 101.00 AAA 4,728,283 6,380 Chicago, Illinois, General Obligation Bonds, Series 7/12 at 100.00 AAA 6,624,801 2002A, 5.000%, 1/01/18 - AMBAC Insured 70 Chicago, Illinois, General Obligation Bonds, Series 7/12 at 100.00 AAA 74,324 2002A, 5.000%, 1/01/18 (Pre-refunded 7/01/12) - AMBAC Insured 5,045 Chicago, Illinois, General Obligation Refunding Bonds, 1/10 at 101.00 AAA 5,401,581 Series 2000D, 5.750%, 1/01/30 - FGIC Insured 12,750 Chicago, Illinois, Revenue Bonds, Midway Airport, Series 1/09 at 101.00 AAA 12,917,663 1998A, 5.125%, 1/01/35 - MBIA Insured (Alternative Minimum Tax) Chicago, Illinois, Second Lien Wastewater Transmission Revenue Bonds, Series 2000: 8,000 5.750%, 1/01/25 (Pre-refunded 1/01/10) - MBIA Insured 1/10 at 101.00 AAA 8,618,160 7,750 6.000%, 1/01/30 (Pre-refunded 1/01/10) - MBIA Insured 1/10 at 101.00 AAA 8,412,005 Illinois Educational Facilities Authority, Student Housing Revenue Bonds, Educational Advancement Foundation Fund, University Center Project, Series 2002: 3,000 6.625%, 5/01/17 5/12 at 101.00 Baa3 3,318,960 1,800 6.000%, 5/01/22 5/12 at 101.00 Baa3 1,934,370 1,050 Illinois Finance Authority, General Obligation Debt 12/14 at 100.00 Aaa 1,091,202 Certificates, Local Government Program - Kankakee County, Series 2005B, 5.000%, 12/01/20 - AMBAC Insured 5,000 Illinois Finance Authority, Revenue Bonds, Northwestern 8/14 at 100.00 AA+ 5,267,950 Memorial Hospital, Series 2004A, 5.500%, 8/15/43 10,000 Illinois Health Facilities Authority, Revenue Bonds, Iowa 2/10 at 101.00 AAA 10,794,900 Health System, Series 2000, 5.875%, 2/15/30 - AMBAC Insured (ETM) 2,385 Illinois Housing Development Authority, Section 8 Elderly 9/06 at 100.00 A 2,395,971 Housing Revenue Bonds, Garden House of Maywood Development, Series 1992, 7.000%, 9/01/18 5,000 Illinois, General Obligation Bonds, Illinois FIRST Program, 12/10 at 100.00 AAA 5,293,000 Series 2000, 5.450%, 12/01/21 - MBIA Insured 3,105 Joliet Regional Port District, Illinois, Airport Facilities 7/07 at 103.00 N/R (4) 3,235,720 Revenue Bonds, Lewis University Airport, Series 1997A, 7.250%, 7/01/18 (Pre-refunded 7/01/07) (Alternative Minimum Tax) 2,270 Metropolitan Pier and Exposition Authority, Illinois, 6/12 at 101.00 AAA 2,329,406 Revenue Bonds, McCormick Place Expansion Project, Series 2002A, 5.000%, 12/15/28 - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 134,765 Total Illinois 112,104,361 - ------------------------------------------------------------------------------------------------------------------------------------ INDIANA - 2.4% (1.6% OF TOTAL INVESTMENTS) 2,000 Indiana Health Facility Financing Authority, Hospital 3/14 at 100.00 AAA 2,107,400 Revenue Bonds, Deaconess Hospital Inc., Series 2004A, 5.375%, 3/01/34 - AMBAC Insured 3,240 Indiana Health Facility Financing Authority, Hospital 7/12 at 100.00 AAA 3,465,018 Revenue Bonds, Marion General Hospital, Series 2002, 5.625%, 7/01/19 - AMBAC Insured 2,400 Indiana Health Facility Financing Authority, Revenue 5/15 at 100.00 AAA 2,457,696 Bonds, Community Hospitals of Indiana, Series 2005A, 5.000%, 5/01/35 - AMBAC Insured 5,125 Petersburg, Indiana, Pollution Control Revenue Refunding 12/24 at 100.00 A 5,226,475 Bonds, Indianapolis Power and Light Company, Series 1995A, 6.625%, 12/01/24 - ACA Insured 6,540 St. Joseph County Hospital Authority, Indiana, Revenue 2/08 at 101.00 AAA 6,392,719 Bonds, Memorial Health System, Series 1998A, 4.625%, 8/15/28 - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 19,305 Total Indiana 19,649,308 - ------------------------------------------------------------------------------------------------------------------------------------ IOWA - 2.0% (1.3% OF TOTAL INVESTMENTS) 8,585 Iowa Finance Authority, Hospital Facilities Revenue 7/08 at 102.00 AAA 8,991,843 Bonds, Iowa Health System, Series 1998A, 5.125%, 1/01/28 (Pre-refunded 7/01/08) - MBIA Insured 7,000 Iowa Tobacco Settlement Authority, Asset Backed 6/15 at 100.00 BBB 7,144,340 Settlement Revenue Bonds, Series 2005C, 5.625%, 6/01/46 - ------------------------------------------------------------------------------------------------------------------------------------ 15,585 Total Iowa 16,136,183 - ------------------------------------------------------------------------------------------------------------------------------------ 37 Nuveen Quality Income Municipal Fund, Inc. (NQU) (continued) Portfolio of INVESTMENTS April 30, 2006 (Unaudited) PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ KANSAS - 0.8% (0.5% OF TOTAL INVESTMENTS) $ 4,585 Johnson County Unified School District 232, Kansas, 9/10 at 100.00 Aaa $ 4,767,850 General Obligation Bonds, Series 2000, 4.750%, 9/01/19 (Pre-refunded 9/01/10) - FSA Insured 1,750 Wamego, Kansas, Pollution Control Revenue Bonds, 6/14 at 100.00 AAA 1,846,548 Kansas Gas and Electric Company, Series 2004, 5.300%, 6/01/31 - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 6,335 Total Kansas 6,614,398 - ------------------------------------------------------------------------------------------------------------------------------------ KENTUCKY - 0.3% (0.1% OF TOTAL INVESTMENTS) 2,500 Kentucky State Property and Buildings Commission, 2/12 at 100.00 AAA 2,696,150 Revenue Refunding Bonds, Project 74, Series 2002, 5.375%, 2/01/18 (Pre-refunded 2/01/12) - FSA Insured - ------------------------------------------------------------------------------------------------------------------------------------ LOUISIANA - 2.1% (1.4% OF TOTAL INVESTMENTS) 10,000 Louisiana Public Facilities Authority, Hospital Revenue No Opt. Call AAA 11,419,500 Bonds, Franciscan Missionaries of Our Lady Health System, Series 1998A, 5.750%, 7/01/25 - FSA Insured 5,500 Louisiana Public Facilities Authority, Revenue Bonds, 7/12 at 100.00 AAA 5,568,090 Tulane University, Series 2002A, 5.000%, 7/01/32 - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 15,500 Total Louisiana 16,987,590 - ------------------------------------------------------------------------------------------------------------------------------------ MASSACHUSETTS - 8.6% (5.6% OF TOTAL INVESTMENTS) 4,365 Massachusetts Health and Educational Facilities Authority, 10/15 at 100.00 AAA 4,524,192 Revenue Bonds, Berkshire Health System, Series 2005F, 5.000%, 10/01/19 - AGC Insured 7,405 Massachusetts Health and Educational Facilities No Opt. Call AAA 8,568,029 Authority, Revenue Bonds, Massachusetts Institute of Technology, Series 2002K, 5.500%, 7/01/32 6,000 Massachusetts Industrial Finance Agency, Resource 12/08 at 102.00 BBB 6,187,200 Recovery Revenue Refunding Bonds, Ogden Haverhill Project, Series 1998A, 5.600%, 12/01/19 (Alternative Minimum Tax) 13,500 Massachusetts Turnpike Authority, Metropolitan Highway 1/07 at 102.00 AAA 13,680,360 System Revenue Bonds, Senior Series 1997A, 5.000%, 1/01/37 - MBIA Insured 13,500 Massachusetts Turnpike Authority, Metropolitan Highway 1/09 at 101.00 AAA 13,614,885 System Revenue Bonds, Subordinate Series 1999A, 5.000%, 1/01/39 - AMBAC Insured 1,375 Massachusetts Water Pollution Abatement Trust, 8/09 at 101.00 AAA 1,471,800 Revenue Bonds, MWRA Loan Program, Subordinate Series 1999A, 5.750%, 8/01/29 (Pre-refunded 8/01/09) 5,570 Massachusetts Water Pollution Abatement Trust, 8/09 at 101.00 AAA 5,931,159 Revenue Bonds, MWRA Loan Program, Subordinate Series 1999A, 5.750%, 8/01/29 10,000 Massachusetts Water Resources Authority, General 8/10 at 101.00 AAA 10,830,200 Revenue Bonds, Series 2000A, 5.750%, 8/01/39 (Pre-refunded 8/01/10) - FGIC Insured 5,730 University of Massachusetts Building Authority, Senior 11/10 at 100.00 AAA 6,083,942 Lien Project Revenue Bonds, Series 2000-2, 5.250%, 11/01/20 (Pre-refunded 11/01/10) - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 67,445 Total Massachusetts 70,891,767 - ------------------------------------------------------------------------------------------------------------------------------------ MICHIGAN - 2.1% (1.3% OF TOTAL INVESTMENTS) 5,000 Detroit, Michigan, Second Lien Sewerage Disposal 7/15 at 100.00 AAA 5,142,350 System Revenue Bonds, Series 2005A, 5.000%, 7/01/35 - MBIA Insured 3,790 Michigan Municipal Bond Authority, General Obligation 6/15 at 100.00 AAA 3,931,405 Bonds, Detroit City School District, Series 2005, 5.000%, 6/01/20 - FSA Insured 7,425 Michigan State Hospital Finance Authority, Hospital 11/09 at 101.00 A1 7,825,876 Revenue Bonds, Henry Ford Health System, Series 1999A, 6.000%, 11/15/24 - ------------------------------------------------------------------------------------------------------------------------------------ 16,215 Total Michigan 16,899,631 - ------------------------------------------------------------------------------------------------------------------------------------ MINNESOTA - 1.6% (1.0% OF TOTAL INVESTMENTS) Chaska, Minnesota, Electric Revenue Bonds, Generating Facility Project, Series 2000A: 1,930 6.000%, 10/01/20 (Pre-refunded 10/01/10) 10/10 at 100.00 A3 (4) 2,105,070 2,685 6.000%, 10/01/25 (Pre-refunded 10/01/10) 10/10 at 100.00 A3 (4) 2,928,556 3,655 Dakota and Washington Counties Housing and No Opt. Call AAA 5,119,193 Redevelopment Authority, Minnesota, GNMA Mortgage-Backed Securities Program Single Family Residential Mortgage Revenue Bonds, Series 1988, 8.450%, 9/01/19 (Alternative Minimum Tax) (ETM) 38 PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ MINNESOTA (continued) $ 3,000 Minneapolis-St. Paul Metropolitan Airports Commission, 1/08 at 101.00 AAA $ 3,040,470 Minnesota, Airport Revenue Bonds, Series 1998A, 5.000%, 1/01/30 - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 11,270 Total Minnesota 13,193,289 - ------------------------------------------------------------------------------------------------------------------------------------ MISSISSIPPI - 0.5% (0.4% OF TOTAL INVESTMENTS) 1,875 Mississippi Hospital Equipment and Facilities Authority, 9/14 at 100.00 N/R 1,873,313 Revenue Bonds, Baptist Memorial Healthcare, Series 2004B-1, 5.000%, 9/01/24 2,500 Mississippi Hospital Equipment and Facilities Authority, 1/11 at 101.00 Aaa 2,618,725 Revenue Bonds, Forrest County General Hospital, Series 2000, 5.500%, 1/01/27 - FSA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 4,375 Total Mississippi 4,492,038 - ------------------------------------------------------------------------------------------------------------------------------------ MISSOURI - 1.5% (1.0% OF TOTAL INVESTMENTS) 15,000 Kansas City Municipal Assistance Corporation, Missouri, No Opt. Call AAA 5,037,600 Leasehold Revenue Bonds, Series 2004B-1, 0.000%, 4/15/28 - AMBAC Insured 2,400 Missouri-Illinois Metropolitan District Bi-State 10/13 at 100.00 AAA 2,488,752 Development Agency, Mass Transit Sales Tax Appropriation Bonds, Metrolink Cross County Extension Project, Series 2002B, 5.000%, 10/01/23 - FSA Insured 15,350 Springfield Public Building Corporation, Missouri, Lease No Opt. Call AAA 4,421,107 Revenue Bonds, Jordan Valley Park Projects, Series 2000A, 0.000%, 6/01/30 - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 32,750 Total Missouri 11,947,459 - ------------------------------------------------------------------------------------------------------------------------------------ NEBRASKA - 0.2% (0.1% OF TOTAL INVESTMENTS) 555 Nebraska Investment Finance Authority, Single Family 9/06 at 100.75 AAA 559,468 Housing Revenue Bonds, Series 1995A,6.800%, 3/01/35 (Alternative Minimum Tax) 995 Nebraska Investment Finance Authority, Single Family 9/06 at 100.75 AAA 1,002,064 Housing Revenue Bonds, Series 1995B, 6.450%, 3/01/35 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 1,550 Total Nebraska 1,561,532 - ------------------------------------------------------------------------------------------------------------------------------------ NEVADA - 7.5% (4.9% OF TOTAL INVESTMENTS) Clark County School District, Nevada, General Obligation Bonds, Series 2002C: 34,470 5.000%, 6/15/20 (Pre-refunded 6/15/12) - MBIA Insured 6/12 at 100.00 AAA 36,550,952 12,150 5.000%, 6/15/21 (Pre-refunded 6/15/12) - MBIA Insured 6/12 at 100.00 AAA 12,883,496 10,380 5.000%, 6/15/22 (Pre-refunded 6/15/12) - MBIA Insured 6/12 at 100.00 AAA 11,006,641 1,275 Nevada, General Obligation Refunding Bonds, Municipal 5/08 at 100.00 AAA 1,300,296 Bond Bank Projects 65 and R-6, Series 1998, 5.000%, 5/15/22 - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 58,275 Total Nevada 61,741,385 - ------------------------------------------------------------------------------------------------------------------------------------ NEW JERSEY - 4.2% (2.8% OF TOTAL INVESTMENTS) 1,090 Camden County Pollution Control Financing Authority, 6/06 at 100.00 Baa3 1,109,315 New Jersey, Solid Waste Disposal and Resource Recovery System Revenue Bonds, Series 1991D, 7.250%, 12/01/10 1,000 New Jersey Building Authority, State Building Revenue 12/12 at 100.00 AAA 1,065,910 Bonds, Series 2002A, 5.000%, 12/15/21 (Pre-refunded 12/15/12) - FSA Insured 2,150 New Jersey Health Care Facilities Financing Authority, 7/10 at 101.00 BBB- 2,369,687 Revenue Bonds, Trinitas Hospital Obligated Group, Series 2000, 7.500%, 7/01/30 2,025 New Jersey Transportation Trust Fund Authority, 12/11 at 100.00 AAA 2,251,962 Transportation System Bonds, Series 2001B, 6.000%, 12/15/19 (Pre-refunded 12/15/11) - MBIA Insured 3,200 New Jersey Transportation Trust Fund Authority, 6/13 at 100.00 AAA 3,508,576 Transportation System Bonds, Series 2003C, 5.500%, 6/15/22 (Pre-refunded 6/15/13) 2,695 Tobacco Settlement Financing Corporation, New Jersey, 6/12 at 100.00 BBB 2,796,305 Tobacco Settlement Asset-Backed Bonds, Series 2002, 5.750%, 6/01/32 19,485 Tobacco Settlement Financing Corporation, New Jersey, 6/13 at 100.00 BBB 21,639,846 Tobacco Settlement Asset-Backed Bonds, Series 2003, 6.750%, 6/01/39 - ------------------------------------------------------------------------------------------------------------------------------------ 31,645 Total New Jersey 34,741,601 - ------------------------------------------------------------------------------------------------------------------------------------ 39 Nuveen Quality Income Municipal Fund, Inc. (NQU) (continued) Portfolio of INVESTMENTS April 30, 2006 (Unaudited) PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ NEW MEXICO - 0.8% (0.5% OF TOTAL INVESTMENTS) $ 5,925 New Mexico Hospital Equipment Loan Council, Hospital 8/11 at 101.00 AA- (4) $ 6,419,145 Revenue Bonds, Presbyterian Healthcare Services, Series 2001A, 5.500%, 8/01/21 (Pre-refunded 8/01/11) - ------------------------------------------------------------------------------------------------------------------------------------ NEW YORK - 19.1% (12.5% OF TOTAL INVESTMENTS) 60 Dormitory Authority of the State of New York, 2/07 at 102.00 AA- 61,989 Improvement Revenue Bonds, Mental Health Services Facilities, Series 1997A, 5.750%, 2/15/27 Dormitory Authority of the State of New York, Improvement Revenue Bonds, Mental Health Services Facilities, Series 1997A: 115 5.750%, 2/15/27 (Pre-refunded 2/15/07) 2/07 at 102.00 AA- (4) 119,126 4,825 5.750%, 2/15/27 (Pre-refunded 2/15/07) 2/07 at 102.00 AA- (4) 4,998,121 165 Dormitory Authority of the State of New York, 2/10 at 100.00 AAA 176,989 Improvement Revenue Bonds, Mental Health Services Facilities, Series 2000B, 6.000%, 2/15/30 - MBIA Insured Dormitory Authority of the State of New York, Improvement Revenue Bonds, Mental Health Services Facilities, Series 2000B: 1,005 6.000%, 2/15/30 (Pre-refunded 2/15/10) - MBIA Insured 2/10 at 100.00 AAA 1,087,792 8,830 6.000%, 2/15/30 (Pre-refunded 2/15/10) - MBIA Insured 2/10 at 100.00 AAA 9,557,415 275 Dormitory Authority of the State of New York, Insured 7/08 at 101.00 AAA 282,601 Revenue Bonds, Fordham University, Series 1998, 5.000%, 7/01/28 - MBIA Insured 2,250 Dormitory Authority of the State of New York, Insured No Opt. Call AAA 2,422,823 Revenue Bonds, Mount Sinai School of Medicine, Series 1994A, 5.150%, 7/01/24 - MBIA Insured 1,900 Dormitory Authority of the State of New York, Revenue 7/10 at 101.00 Ba1 2,027,775 Bonds, Mount Sinai NYU Health Obligated Group, Series 2000A, 6.500%, 7/01/25 20,000 Erie County Tobacco Asset Securitization Corporation, 7/10 at 101.00 AAA 22,001,200 New York, Senior Tobacco Settlement Asset-Backed Bonds, Series 2000, 6.125%, 7/15/30 (Pre-refunded 7/15/10) 1,130 Long Island Power Authority, New York, Electric System 9/11 at 100.00 A- 1,189,009 General Revenue Bonds, Series 2001A, 5.375%, 9/01/25 15,000 Metropolitan Transportation Authority, New York, 4/10 at 100.00 AAA 16,274,850 Dedicated Tax Fund Bonds, Series 2000A, 6.000%, 4/01/30 (Pre-refunded 4/01/10) - FGIC Insured 12,500 Nassau County Tobacco Settlement Corporation, New 7/09 at 101.00 BBB- (4) 13,622,125 York, Tobacco Settlement Asset-Backed Bonds, Series 1999A, 6.400%, 7/15/33 (Pre-refunded 7/15/09) New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2000B: 8,035 5.750%, 11/15/19 (Pre-refunded 5/15/10) 5/10 at 101.00 AAA 8,727,456 2,065 5.750%, 11/15/19 (Pre-refunded 5/15/10) 5/10 at 101.00 AAA 2,242,962 380 New York City, New York, General Obligation Bonds, 8/07 at 101.00 A+ 393,828 Fiscal Series 1997H, 6.125%, 8/01/25 5,620 New York City, New York, General Obligation Bonds, 8/07 at 101.00 A+ (4) 5,842,327 Fiscal Series 1997H, 6.125%, 8/01/25 (Pre-refunded 8/01/07) 7,600 New York City, New York, General Obligation Bonds, 6/07 at 101.00 AAA 7,817,360 Fiscal Series 1997M, 5.500%, 6/01/17 -AMBAC Insured 7,200 New York City, New York, General Obligation Bonds, 6/07 at 101.00 AAA 7,410,888 Fiscal Series 1997M, 5.500%, 6/01/17 (Pre-refunded 6/01/07) - AMBAC Insured New York City, New York, General Obligation Bonds, Fiscal Series 2002G: 950 5.000%, 8/01/17 8/12 at 100.00 A+ 981,084 10,545 5.750%, 8/01/18 8/12 at 100.00 A+ 11,417,493 5,000 New York City, New York, General Obligation Bonds, 8/12 at 100.00 A+ 5,453,000 Fiscal Series 2003A, 5.750%, 8/01/16 New York State Environmental Facilities Corporation, State Clean Water and Drinking Water Revolving Funds Revenue Bonds, New York City Municipal Water Finance Authority Projects, Second Resolution Bonds, Series 2001C: 6,035 5.000%, 6/15/20 6/11 at 100.00 AAA 6,284,004 6,575 5.000%, 6/15/22 6/11 at 100.00 AAA 6,855,227 2,855 Penfield-Crown Oak Housing Development Corporation, 8/06 at 100.00 AAA 2,874,985 New York, FHA-Insured Section 8 Assisted Multifamily Mortgage Revenue Refunding Bonds, Crown Oak Estates, Series 1991A, 7.350%, 8/01/23 40 PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ NEW YORK (continued) $ 13,620 Port Authority of New York and New Jersey, Consolidated 11/12 at 101.00 AAA $ 14,223,911 Revenue Bonds, One Hundred Twenty-Eighth Series 2002, 5.000%, 11/01/20 - FSA Insured 2,250 United Nations Development Corporation, New York, 1/08 at 100.00 A3 2,295,360 Senior Lien Revenue Bonds, Series 2004A, 5.250%, 7/01/21 - ------------------------------------------------------------------------------------------------------------------------------------ 146,785 Total New York 156,641,700 - ------------------------------------------------------------------------------------------------------------------------------------ NORTH CAROLINA - 2.6% (1.7% OF TOTAL INVESTMENTS) 665 North Carolina Medical Care Commission, Hospital 12/08 at 101.00 AAA 666,330 Revenue Bonds, Pitt County Memorial Hospital, Series 1998A, 4.750%, 12/01/28 - MBIA Insured 12,405 North Carolina Medical Care Commission, Hospital 12/08 at 101.00 AAA 12,826,522 Revenue Bonds, Pitt County Memorial Hospital, Series 1998A, 4.750%, 12/01/28 (Pre-refunded 12/01/08) - MBIA Insured 7,500 North Carolina Municipal Power Agency 1, Catawba 1/13 at 100.00 AAA 7,930,575 Electric Revenue Bonds, Series 2003A, 5.250%, 1/01/19 - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 20,570 Total North Carolina 21,423,427 - ------------------------------------------------------------------------------------------------------------------------------------ OHIO - 2.2% (1.5% OF TOTAL INVESTMENTS) Cincinnati City School District, Hamilton County, Ohio, General Obligation Bonds, Series 2002: 2,165 5.250%, 6/01/19 - FSA Insured 12/12 at 100.00 AAA 2,301,027 2,600 5.250%, 6/01/21 - FSA Insured 12/12 at 100.00 AAA 2,760,576 2,000 5.000%, 12/01/22 - FSA Insured 12/12 at 100.00 AAA 2,077,920 11,150 Ohio Water Development Authority, Solid Waste 9/08 at 102.00 N/R 11,238,866 Disposal Revenue Bonds, Bay Shore Power, Series 1998A, 5.875%, 9/01/20 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 17,915 Total Ohio 18,378,389 - ------------------------------------------------------------------------------------------------------------------------------------ OKLAHOMA - 6.7% (4.4% OF TOTAL INVESTMENTS) 17,510 Pottawatomie County Home Finance Authority, Oklahoma, No Opt. Call AAA 20,682,462 Single Family Mortgage Revenue Bonds, Series 1991A, 8.625%, 7/01/10 (ETM) 11,750 Tulsa Municipal Airport Trust, Oklahoma, Revenue 6/09 at 100.00 B- 11,752,820 Refunding Bonds, American Airlines Inc., Series 2000B, 6.000%, 6/01/35 (Mandatory put 12/01/08) (Alternative Minimum Tax) 23,005 Tulsa Municipal Airport Trust, Oklahoma, Revenue 12/08 at 100.00 B- 22,634,850 Refunding Bonds, American Airlines Inc., Series 2001B, 5.650%, 12/01/35 (Mandatory put 12/01/08) (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 52,265 Total Oklahoma 55,070,132 - ------------------------------------------------------------------------------------------------------------------------------------ OREGON - 0.4% (0.2% OF TOTAL INVESTMENTS) 3,000 Deschutes County School District 1, Bend-La Pine, 6/11 at 100.00 Aaa 3,240,630 Oregon, General Obligation Bonds, Series 2001A, 5.500%, 6/15/18 (Pre-refunded 6/15/11) - FSA Insured - ------------------------------------------------------------------------------------------------------------------------------------ PENNSYLVANIA - 3.8% (2.5% OF TOTAL INVESTMENTS) 4,780 Carbon County Industrial Development Authority, No Opt. Call BBB- 5,030,854 Pennsylvania, Resource Recovery Revenue Refunding Bonds, Panther Creek Partners Project, Series 2000, 6.650%, 5/01/10 (Alternative Minimum Tax) 2,375 Falls Township Hospital Authority, Pennsylvania, 8/06 at 100.00 AAA 2,391,435 FHA-Insured Revenue Refunding Bonds, Delaware Valley Medical Center, Series 1992, 7.000%, 8/01/22 2,600 Pennsylvania Turnpike Commission, Turnpike Revenue 12/14 at 100.00 AAA 2,826,902 Bonds, Series 2004A, 5.500%, 12/01/31 - AMBAC Insured 7,800 Philadelphia Gas Works, Pennsylvania, Revenue Bonds, 8/13 at 100.00 AAA 7,982,910 General Ordinance, Fourth Series 1998, 5.000%, 8/01/32 - FSA Insured Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2002B: 6,000 5.625%, 8/01/19 (Pre-refunded 8/01/12) - FGIC Insured 8/12 at 100.00 AAA 6,584,100 5,500 5.625%, 8/01/20 (Pre-refunded 8/01/12) - FGIC Insured 8/12 at 100.00 AAA 6,035,425 - ------------------------------------------------------------------------------------------------------------------------------------ 29,055 Total Pennsylvania 30,851,626 - ------------------------------------------------------------------------------------------------------------------------------------ 41 Nuveen Quality Income Municipal Fund, Inc. (NQU) (continued) Portfolio of INVESTMENTS April 30, 2006 (Unaudited) PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ PUERTO RICO - 1.5% (1.0% OF TOTAL INVESTMENTS) $ 5,000 Puerto Rico Municipal Finance Agency, Series 2002A, 8/12 at 100.00 AAA $ 5,178,300 5.000%, 8/01/27 - FSA Insured 1,500 Puerto Rico Public Buildings Authority, Guaranteed 7/12 at 100.00 BBB 1,536,960 Government Facilities Revenue Refunding Bonds, Series 2002D, 5.125%, 7/01/20 1,500 Puerto Rico, General Obligation and Public Improvement No Opt. Call BBB 1,638,015 Bonds, Series 2001A, 5.500%, 7/01/29 4,035 Puerto Rico, The Children's Trust Fund, Tobacco 5/12 at 100.00 BBB 4,114,086 Settlement Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33 - ------------------------------------------------------------------------------------------------------------------------------------ 12,035 Total Puerto Rico 12,467,361 - ------------------------------------------------------------------------------------------------------------------------------------ SOUTH CAROLINA - 9.1% (5.9% OF TOTAL INVESTMENTS) 24,725 Greenville County School District, South Carolina, 12/12 at 101.00 AA- (4) 27,132,226 Installment Purchase Revenue Bonds, Series 2002, 5.500%, 12/01/22 (Pre-refunded 12/01/12) Horry County School District, South Carolina, General Obligation Bonds, Series 2001A: 5,840 5.000%, 3/01/20 3/12 at 100.00 Aa1 6,042,181 5,140 5.000%, 3/01/21 3/12 at 100.00 Aa1 5,330,797 Medical University Hospital Authority, South Carolina, FHA-Insured Mortgage Revenue Bonds, Series 2004A: 5,240 5.250%, 8/15/20 - MBIA Insured 8/14 at 100.00 AAA 5,553,928 3,000 5.250%, 2/15/24 - MBIA Insured 8/14 at 100.00 AAA 3,169,050 13,615 South Carolina Transportation Infrastructure Bank, 10/11 at 100.00 Aaa 14,267,022 Junior Lien Revenue Bonds, Series 2001B, 5.125%, 10/01/21 - AMBAC Insured 12,305 Tobacco Settlement Revenue Management Authority, 5/11 at 101.00 BBB 13,149,861 South Carolina, Tobacco Settlement Asset-Backed Bonds, Series 2001B, 6.375%, 5/15/28 - ------------------------------------------------------------------------------------------------------------------------------------ 69,865 Total South Carolina 74,645,065 - ------------------------------------------------------------------------------------------------------------------------------------ TENNESSEE - 1.7% (1.1% OF TOTAL INVESTMENTS) 3,000 Knox County Health, Educational and Housing Facilities 4/12 at 101.00 Baa3 3,165,150 Board, Tennessee, Hospital Revenue Bonds, Baptist Health System of East Tennessee Inc., Series 2002, 6.375%, 4/15/22 7,415 Memphis, Tennessee, General Improvement Bonds, 11/10 at 101.00 A1 7,660,659 Series 2002, 5.000%, 11/01/20 3,205 Tennessee Housing Development Agency, Homeownership 7/10 at 100.00 AA 3,218,589 Program Bonds, Series 2000-2B, 6.350%, 1/01/31 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 13,620 Total Tennessee 14,044,398 - ------------------------------------------------------------------------------------------------------------------------------------ TEXAS - 18.0% (11.7% OF TOTAL INVESTMENTS) 1,000 Alamo Community College District, Bexar County, Texas, 11/11 at 100.00 AAA 1,073,660 Combined Fee Revenue Refunding Bonds, Series 2001, 5.375%, 11/01/16 - FSA Insured 6,500 Bell County Health Facilities Development Corporation, 11/08 at 101.00 A- 6,590,220 Texas, Retirement Facility Revenue Bonds, Buckner Retirement Services Inc. Obligated Group, Series 1998, 5.250%, 11/15/19 11,255 Brazos River Authority, Texas, Pollution Control Revenue 5/36 at 100.00 Baa2 11,935,140 Refunding Bonds, TXU Electric Company, Series 2001C, 5.750%, 5/01/36 (Mandatory put 11/01/11) (Alternative Minimum Tax) 5,500 Central Texas Regional Mobility Authority, Travis and 1/15 at 100.00 AAA 5,571,115 Williamson Counties, Toll Road Revenue Bonds, Series 2005, 5.000%, 1/01/45 - FGIC Insured 5,000 Dallas-Ft. Worth International Airport, Texas, Joint 11/11 at 100.00 AAA 5,287,950 Revenue Refunding and Improvement Bonds, Series 2001A, 5.625%, 11/01/21 - FGIC Insured (Alternative Minimum Tax) 8,235 Grand Prairie Housing Finance Corporation, Texas, 9/10 at 105.00 AAA 8,960,751 GNMA Multifamily Housing Revenue Bonds, Landings of Carrier Project, Series 2000A, 6.875%, 9/20/42 2,500 Harris County Health Facilities Development Corporation, 11/13 at 100.00 AAA 2,543,950 Texas, Thermal Utility Revenue Bonds, TECO Project, Series 2003, 5.000%, 11/15/30 - MBIA Insured 2,700 Harris County-Houston Sports Authority, Texas, Senior 11/11 at 100.00 AAA 2,799,036 Lien Revenue Bonds, Series 2001G, 5.250%, 11/15/30 - MBIA Insured 22,500 Houston, Texas, Junior Lien Water and Sewerage 12/10 at 100.00 AAA 23,860,125 System Revenue Refunding Bonds, Series 2000B, 5.250%, 12/01/30 (Pre-refunded 12/01/10) - FGIC Insured 42 PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TEXAS (continued) Lubbock Health Facilities Development Corporation, Texas, Revenue Bonds, St. Joseph Health System, Series 1998: $ 4,900 5.250%, 7/01/15 7/08 at 101.00 AA- $ 5,046,216 8,495 5.250%, 7/01/16 7/08 at 101.00 AA- 8,747,641 17,655 Matagorda County Navigation District 1, Texas, Revenue 11/08 at 102.00 AAA 18,261,802 Refunding Bonds, Houston Industries Inc., Series 1998B, 5.150%, 11/01/29 - MBIA Insured 7,650 Port of Corpus Christi Authority, Nueces County, Texas, 5/06 at 101.00 BBB 7,754,422 Revenue Refunding Bonds, Union Pacific Corporation, Series 1992, 5.350%, 11/01/10 2,000 Sam Rayburn Municipal Power Agency, Texas, Power 10/12 at 100.00 AA 2,160,060 Supply System Revenue Refunding Bonds, Series 2002A, 5.750%, 10/01/21 - RAAI Insured 14,680 San Antonio Independent School District, Bexar County, 8/09 at 100.00 AAA 15,605,721 Texas, General Obligation Bonds, Series 1999, 5.800%, 8/15/29 (Pre-refunded 8/15/09) 11,300 San Antonio, Texas, Electric and Gas System Revenue 2/17 at 100.00 AAA 11,936,981 Refunding Bonds, New Series 1992, 5.000%, 2/01/17 (ETM) 3,750 Spring Branch Independent School District, Harris 2/11 at 100.00 AAA 3,907,312 County, Texas, Limited Tax Schoolhouse and Refunding Bonds, Series 2001, 5.125%, 2/01/23 5,000 Wichita Falls, Wichita County, Texas, Priority Lien 8/11 at 100.00 AAA 5,167,800 Water and Sewerage System Revenue Bonds, Series 2001, 5.000%, 8/01/22 - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 140,620 Total Texas 147,209,902 - ------------------------------------------------------------------------------------------------------------------------------------ UTAH - 1.6% (1.1% OF TOTAL INVESTMENTS) 5,800 Carbon County, Utah, Solid Waste Disposal Revenue 8/06 at 101.00 BB- 5,847,908 Refunding Bonds, Laidlaw/ECDC Project, Guaranteed by Allied Waste Industries, Series 1995, 7.500%, 2/01/10 (Alternative Minimum Tax) 7,155 Utah Associated Municipal Power Systems, Revenue 4/13 at 100.00 AAA 7,374,158 Bonds, Payson Power Project, Series 2003A, 5.000%, 4/01/25 - FSA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 12,955 Total Utah 13,222,066 - ------------------------------------------------------------------------------------------------------------------------------------ VIRGINIA - 2.1% (1.4% OF TOTAL INVESTMENTS) 4,000 Norfolk Airport Authority, Virginia, Airport Revenue 7/11 at 100.00 AAA 4,068,560 Refunding Bonds, Series 2001B, 5.125%, 7/01/31 - FGIC Insured (Alternative Minimum Tax) 11,040 Suffolk Redevelopment and Housing Authority, Virginia, 7/31 at 100.00 Aaa 11,421,984 FNMA Multifamily Housing Revenue Refunding Bonds, Windsor at Potomac Vista L.P. Project, Series 2001, 4.850%, 7/01/31 (Mandatory put 7/01/11) 665 Virginia Housing Development Authority, Rental Housing 5/09 at 101.00 AA+ 677,136 Bonds, Series 1999F, 5.000%, 5/01/15 (Alternative Minimum Tax) Virginia Resources Authority, Water System Revenue Refunding Bonds, Series 2002: 500 5.000%, 4/01/18 4/12 at 102.00 AA 526,835 500 5.000%, 4/01/19 4/12 at 102.00 AA 525,485 - ------------------------------------------------------------------------------------------------------------------------------------ 16,705 Total Virginia 17,220,000 - ------------------------------------------------------------------------------------------------------------------------------------ WASHINGTON - 11.0% (7.1% OF TOTAL INVESTMENTS) 4,185 Douglas County Public Utility District 1, Washington, 9/06 at 106.00 AA 4,502,851 Revenue Bonds, Wells Hydroelectric, Series 1986, 8.750%, 9/01/18 6,750 Energy Northwest, Washington, Electric Revenue 7/12 at 100.00 AAA 7,160,400 Refunding Bonds, Columbia Generating Station - Nuclear Project 2, Series 2002B, 5.350%, 7/01/18 - FSA Insured 2,500 Energy Northwest, Washington, Electric Revenue 7/12 at 100.00 AAA 2,727,125 Refunding Bonds, Columbia Generating Station - Nuclear Project 2, Series 2002C, 5.750%, 7/01/17 - MBIA Insured 6,950 Port of Seattle, Washington, Revenue Bonds, Series 8/10 at 100.00 AAA 7,317,864 2000B, 5.625%, 2/01/24 - MBIA Insured (Alternative Minimum Tax) 13,400 Seattle, Washington, Municipal Light and Power 12/10 at 100.00 Aa3 14,065,712 Revenue Bonds, Series 2000, 5.400%, 12/01/25 9,440 Tacoma, Washington, Electric System Revenue Refunding 1/11 at 101.00 AAA 10,319,430 Bonds, Series 2001A, 5.750%, 1/01/18 (Pre-refunded 1/01/11) - FSA Insured 43 Nuveen Quality Income Municipal Fund, Inc. (NQU) (continued) Portfolio of INVESTMENTS April 30, 2006 (Unaudited) PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ WASHINGTON (continued) $ 5,500 Washington State Healthcare Facilities Authority, 11/08 at 101.00 Aaa $ 5,752,945 Revenue Bonds, Swedish Health Services, Series 1998, 5.500%, 11/15/14 - AMBAC Insured 3,430 Washington State Tobacco Settlement Authority, Tobacco 6/13 at 100.00 BBB 3,730,640 Settlement Asset-Backed Revenue Bonds, Series 2002, 6.500%, 6/01/26 18,145 Washington, General Obligation Bonds, Series 2001-02A, 7/11 at 100.00 AAA 18,732,717 5.000%, 7/01/23 - FSA Insured Washington, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2002C: 7,000 5.000%, 1/01/21 - FSA Insured 1/12 at 100.00 AAA 7,235,130 7,960 5.000%, 1/01/22 - FSA Insured 1/12 at 100.00 AAA 8,230,162 - ------------------------------------------------------------------------------------------------------------------------------------ 85,260 Total Washington 89,774,976 - ------------------------------------------------------------------------------------------------------------------------------------ WISCONSIN - 1.4% (0.9% OF TOTAL INVESTMENTS) 195 Badger Tobacco Asset Securitization Corporation, 6/12 at 100.00 BBB 205,916 Wisconsin, Tobacco Settlement Asset-Backed Bonds, Series 2002, 6.125%, 6/01/27 7,545 La Crosse, Wisconsin, Pollution Control Revenue 12/08 at 102.00 AAA 7,954,165 Refunding Bonds, Dairyland Power Cooperative, Series 1997A, 5.450%, 9/01/14 - AMBAC Insured 3,000 Wisconsin Health and Educational Facilities Authority, 5/14 at 100.00 BBB+ 3,176,400 Revenue Bonds, Fort Healthcare Inc., Series 2004, 5.750%, 5/01/29 535 Wisconsin Housing and Economic Development 7/06 at 100.00 AA 535,754 Authority, Housing Revenue Bonds, Series 1992A, 6.850%, 11/01/12 - ------------------------------------------------------------------------------------------------------------------------------------ 11,275 Total Wisconsin 11,872,235 - ------------------------------------------------------------------------------------------------------------------------------------ $ 1,277,740 Total Investments (cost $1,182,573,933) - 153.4% 1,257,220,852 ============------------------------------------------------------------------------------------------------------------------------ Other Assets Less Liabilities - 1.7% 14,394,626 -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (55.1)% (452,000,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 819,615,478 ====================================================================================================================
(1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. (2) 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. Certain mortgage-backed securities may be subject to periodic principal paydowns. (3) Ratings: Using the higher of Standard & Poor's or Moody's rating. Ratings below BBB by Standard & Poor's Group or Baa by Moody's Investor Service, Inc. are considered to be below investment grade. (4) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities. N/R Not rated. (ETM) Escrowed to maturity. See accompanying notes to financial statements. 44 Nuveen Premier Municipal Income Fund, Inc. (NPF) Portfolio of INVESTMENTS April 30, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ ALABAMA - 1.6% (1.0% OF TOTAL INVESTMENTS) Birmingham Special Care Facilities Financing Authority, Alabama, Revenue Bonds, Baptist Health System Inc., Series 2005A: $ 1,200 5.250%, 11/15/20 11/15 at 100.00 Baa1 $ 1,225,716 400 5.000%, 11/15/30 11/15 at 100.00 Baa1 390,320 1,000 Montgomery BMC Special Care Facilities Financing 11/14 at 100.00 A3 (4) 1,076,220 Authority, Alabama, Revenue Bonds, Baptist Medical Center, Series 2004C, 5.250%, 11/15/29 (Pre-refunded 11/15/14) 2,000 University of South Alabama, Student Tuition Revenue 3/14 at 100.00 Aaa 2,075,720 Bonds, Series 2004, 5.000%, 3/15/23 - FGIC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 4,600 Total Alabama 4,767,976 - ------------------------------------------------------------------------------------------------------------------------------------ ALASKA - 0.7% (0.4% OF TOTAL INVESTMENTS) 2,000 Alaska Housing Finance Corporation, General Mortgage 6/09 at 101.00 AAA 2,062,560 Revenue Bonds, Series 1999A, 6.000%,6/01/49 - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ ARIZONA - 4.8% (3.1% OF TOTAL INVESTMENTS) Glendale Industrial Development Authority, Arizona, Revenue Bonds, John C. Lincoln Health Network, Series 2005B: 100 5.250%, 12/01/24 12/15 at 100.00 BBB 102,610 135 5.250%, 12/01/25 12/15 at 100.00 BBB 138,524 7,500 Salt River Project Agricultural Improvement and Power 1/13 at 100.00 AA 7,738,575 District, Arizona, Electric System Revenue Bonds, Series 2002B, 5.000%, 1/01/25 6,000 Salt River Project Agricultural Improvement and Power 1/12 at 101.00 AA 6,419,640 District, Arizona, Electric System Revenue Refunding Bonds, Series 2002A, 5.250%, 1/01/15 - ------------------------------------------------------------------------------------------------------------------------------------ 13,735 Total Arizona 14,399,349 - ------------------------------------------------------------------------------------------------------------------------------------ ARKANSAS - 2.6% (1.7% OF TOTAL INVESTMENTS) 4,655 Arkansas Development Finance Authority, State Facility 11/15 at 100.00 AAA 4,835,242 Revenue Bonds, Department of Correction Special Needs Unit Project, Series 2005B, 5.000%, 11/01/25 - FSA Insured 39 Drew County Public Facilities Board, Arkansas, FNMA 8/06 at 100.00 Aaa 39,239 Mortgage-Backed Single Family Revenue Refunding Bonds, Series 1993A-2, 7.900%, 8/01/11 36 Stuttgart Public Facilities Board, Arkansas, Single Family 9/06 at 100.00 Aaa 36,304 Mortgage Revenue Refunding Bonds, Series 1993A, 7.900%, 9/01/11 2,835 University of Arkansas, Fayetteville, Revenue Bonds, 11/14 at 100.00 Aaa 2,935,302 Medical Sciences Campus, Series 2004B, 5.000%, 11/01/25 - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 7,565 Total Arkansas 7,846,087 - ------------------------------------------------------------------------------------------------------------------------------------ CALIFORNIA - 21.4% (13.7% OF TOTAL INVESTMENTS) 5,690 California Department of Veterans Affairs, Home 6/12 at 101.00 AAA 6,018,370 Purchase Revenue Bonds, Series 2002A, 5.300%, 12/01/21 - AMBAC Insured 1,875 California Department of Water Resources, Water 6/15 at 100.00 AAA 1,960,631 System Revenue Bonds, Central Valley Project, Series 2005AD, 5.000%, 12/01/21 - FSA Insured 1,800 California Educational Facilities Authority, Revenue 10/15 at 100.00 AA+ 1,815,606 Bonds, University of Southern California, Series 2005, 4.750%, 10/01/28 2,000 California Health Facilities Financing Authority, Health 7/26 at 100.00 A- 2,067,780 Facility Revenue Bonds, Catholic Healthcare West, Series 2004I, 4.950%, 7/01/26 (Mandatory put 7/01/14) 4,500 California Health Facilities Financing Authority, Revenue 11/15 at 100.00 A3 4,552,695 Bonds, Cedars-Sinai Medical Center, Series 2005, 5.000%, 11/15/27 45 Nuveen Premier Municipal Income Fund, Inc. (NPF) (continued) Portfolio of INVESTMENTS April 30, 2006 (Unaudited) PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ CALIFORNIA (continued) $ 500 California Statewide Community Development Authority, 7/15 at 100.00 BBB+ $ 489,185 Revenue Bonds, Daughters of Charity Health System, Series 2005A, 5.000%, 7/01/39 1,000 California, Economic Recovery Revenue Bonds, Series No Opt. Call AA- 1,082,390 2004A, 5.250%, 7/01/14 California, General Obligation Bonds, Series 2004: 4,000 5.000%, 2/01/23 2/14 at 100.00 A 4,120,240 4,900 5.000%, 6/01/23 - AMBAC Insured 12/14 at 100.00 AAA 5,092,276 1,000 Chula Vista, California, Industrial Development Revenue 6/14 at 102.00 A2 1,049,140 Bonds, San Diego Gas and Electric Company, Series 1996A, 5.300%, 7/01/21 28,000 Foothill/Eastern Transportation Corridor Agency, No Opt. Call AAA 17,375,676 California, Toll Road Revenue Bonds, Series 1995A, 0.000%, 1/01/17 (ETM) 450 Golden State Tobacco Securitization Corporation, 6/13 at 100.00 BBB 501,192 California, Tobacco Settlement Asset-Backed Bonds, Series 2003A-1, 6.750%, 6/01/39 3,475 Los Angeles Department of Water and Power, California, 7/15 at 100.00 AAA 3,618,796 Power System Revenue Bonds, Series 2005A-2, 5.000%, 7/01/25 - FSA Insured 3,255 Los Angeles Unified School District, California, General 7/15 at 100.00 AAA 3,404,697 Obligation Bonds, Series 2005E, 5.000%, 7/01/22 - AMBAC Insured 2,090 Peralta Community College District, Alameda County, 8/13 at 102.00 AAA 2,177,111 California, General Obligation Bonds, Series 2005D, 5.000%, 8/01/25 - FSA Insured San Diego County, California, Certificates of Participation, Burnham Institute, Series 2006: 100 5.000%, 9/01/21 9/15 at 102.00 Baa3 100,449 110 5.000%, 9/01/23 9/15 at 102.00 Baa3 109,702 7,500 San Jose Redevelopment Agency, California, Tax 8/10 at 101.00 AAA 7,961,400 Allocation Bonds, Merged Area Redevelopment Project, Series 2002, 5.000%, 8/01/17 (Pre-refunded 8/01/10) - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 72,245 Total California 63,497,336 - ------------------------------------------------------------------------------------------------------------------------------------ COLORADO - 2.8% (1.8% OF TOTAL INVESTMENTS) Adams and Weld Counties School District 27J, Brighton, Colorado, General Obligation Bonds, Series 2004: 1,000 5.000%, 12/01/23 - FGIC Insured 12/14 at 100.00 AAA 1,042,140 1,500 5.000%, 12/01/24 - FGIC Insured 12/14 at 100.00 AAA 1,562,115 1,000 Colorado Health Facilities Authority, Revenue Bonds, 6/16 at 100.00 A- 992,510 Evangelical Lutheran Good Samaritan Society, Series 2005, 5.000%, 6/01/29 1,150 Colorado Health Facilities Authority, Revenue Bonds, 9/14 at 100.00 A3 1,151,679 Parkview Medical Center, Series 2004, 5.000%, 9/01/25 1,000 Colorado Health Facilities Authority, Revenue Bonds, 12/09 at 101.00 Aaa 1,074,220 Poudre Valley Healthcare Inc., Series 1999A, 5.750%, 12/01/23 (Pre-refunded 12/01/09) - FSA Insured 750 Colorado Health Facilities Authority, Revenue Bonds, 1/15 at 100.00 BBB+ 769,875 Vail Valley Medical Center, Series 2004, 5.000%, 1/15/17 1,625 Superior Metropolitan District 1, Colorado, Special 12/15 at 100.00 AAA 1,679,340 Revenue Bonds, Series 2006, 5.000%, 12/01/28 - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 8,025 Total Colorado 8,271,879 - ------------------------------------------------------------------------------------------------------------------------------------ CONNECTICUT - 1.2% (0.7% OF TOTAL INVESTMENTS) 2,000 Connecticut Development Authority, Pollution Control 10/08 at 102.00 Baa1 2,114,760 Revenue Refunding Bonds, Connecticut Light and Power Company, Series 1993A, 5.850%, 9/01/28 1,300 Connecticut Housing Finance Authority, Housing 5/06 at 102.00 AAA 1,327,417 Mortgage Finance Program Bonds, Series 1996C-2, 6.250%, 11/15/18 - ------------------------------------------------------------------------------------------------------------------------------------ 3,300 Total Connecticut 3,442,177 - ------------------------------------------------------------------------------------------------------------------------------------ FLORIDA - 4.5% (2.9% OF TOTAL INVESTMENTS) 4,000 Dade County, Florida, Aviation Revenue Bonds, Series 10/06 at 102.00 AAA 4,108,560 1996A, 5.750%, 10/01/18 - MBIA Insured (Alternative Minimum Tax) 46 PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ FLORIDA (continued) $ 1,700 Hillsborough County Industrial Development Authority, 4/10 at 101.00 N/R $ 1,877,837 Florida, Exempt Facilities Remarketed Revenue Bonds, National Gypsum Company, Apollo Beach Project, Series 2000B, 7.125%, 4/01/30 (Alternative Minimum Tax) 2,500 Hillsborough County Industrial Development Authority, 10/12 at 100.00 Baa2 2,593,675 Florida, Pollution Control Revenue Bonds, Tampa Electric Company Project, Series 2002, 5.100%, 10/01/13 4,790 Jacksonville, Florida, Sales Tax Revenue Bonds, River 4/07 at 100.00 AAA 4,842,546 City Renaissance Project, Series 1996, 5.125%, 10/01/18 - FGIC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 12,990 Total Florida 13,422,618 - ------------------------------------------------------------------------------------------------------------------------------------ GEORGIA - 4.3% (2.7% OF TOTAL INVESTMENTS) 8,000 George L. Smith II World Congress Center Authority, 7/10 at 101.00 AAA 8,418,160 Atlanta, Georgia, Revenue Refunding Bonds, Domed Stadium Project, Series 2000, 5.500%, 7/01/20 - MBIA Insured (Alternative Minimum Tax) 4,105 Municipal Electric Authority of Georgia, Combustion 11/13 at 100.00 AAA 4,329,790 Turbine Revenue Bonds, Series 2003A, 5.125%, 11/01/17 - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 12,105 Total Georgia 12,747,950 - ------------------------------------------------------------------------------------------------------------------------------------ HAWAII - 0.8% (0.5% OF TOTAL INVESTMENTS) 2,250 Hawaii Department of Budget and Finance, Special 1/09 at 101.00 AAA 2,386,642 Purpose Revenue Bonds, Hawaiian Electric Company Inc., Series 1999D, 6.150%, 1/01/20 - AMBAC Insured (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ Idaho - 0.2% (0.1% of Total Investments) 140 Idaho Housing and Finance Association, Single Family 7/06 at 102.00 Aa1 140,538 Mortgage Bonds, Series 1996E, 6.350%, 7/01/14 (Alternative Minimum Tax) 500 Madison County, Idaho, Hospital Revenue Certificates 9/16 at 100.00 BBB- 508,550 of Participation, Madison Memorial Hospital, Series 2006, 5.250%, 9/01/26 - ------------------------------------------------------------------------------------------------------------------------------------ 640 Total Idaho 649,088 - ------------------------------------------------------------------------------------------------------------------------------------ ILLINOIS - 11.1% (7.1% OF TOTAL INVESTMENTS) 790 Chicago Public Building Commission, Illinois, General No Opt. Call AAA 889,319 Obligation Lease Certificates, Chicago Board of Education, Series 1990B, 7.000%, 1/01/15 - MBIA Insured (ETM) 8,670 Chicago, Illinois, General Obligation Bonds, City No Opt. Call AAA 3,703,997 Colleges of Chicago Capital Improvement Project, Series 1999, 0.000%, 1/01/24 - FGIC Insured 8,500 Chicago, Illinois, Senior Lien Water Revenue Bonds, No Opt. Call AAA 9,962,595 Series 2001, 5.750%, 11/01/30 - AMBAC Insured 200 Illinois Finance Authority, Revenue Bonds, Proctor 1/16 at 100.00 BBB- 198,210 Hospital, Series 2006, 5.125%, 1/01/25 (WI/DD, Settling 5/11/06) 1,000 Illinois Health Facilities Authority, Revenue Bonds, 5/12 at 100.00 Baa2 1,020,300 Condell Medical Center, Series 2002, 5.500%, 5/15/32 4,020 Illinois Housing Development Authority, Section 8 Elderly 9/06 at 100.00 A 4,038,492 Housing Revenue Bonds, Garden House of Maywood Development, Series 1992, 7.000%, 9/01/18 1,500 Illinois, General Obligation Bonds, Illinois FIRST Program, 2/12 at 100.00 AAA 1,606,005 Series 2002, 5.500%, 2/01/17 - FGIC Insured Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel Revenue Bonds, Series 2005B: 850 5.250%, 1/01/25 1/16 at 100.00 AA- 888,641 1,750 5.250%, 1/01/30 1/16 at 100.00 AA- 1,818,495 Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place Expansion Project, Series 1996A: 10,575 0.000%, 12/15/23 - MBIA Insured No Opt. Call AAA 4,543,126 10,775 0.000%, 12/15/24 - MBIA Insured No Opt. Call AAA 4,396,416 - ------------------------------------------------------------------------------------------------------------------------------------ 48,630 Total Illinois 33,065,596 - ------------------------------------------------------------------------------------------------------------------------------------ 47 Nuveen Premier Municipal Income Fund, Inc. (NPF) (continued) Portfolio of INVESTMENTS April 30, 2006 (Unaudited) PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ INDIANA - 3.6% (2.3% OF TOTAL INVESTMENTS) Anderson School Building Corporation, Madison County, Indiana, First Mortgage Bonds, Series 2003: $ 1,000 5.500%, 7/15/19 (Pre-refunded 1/15/14) - FSA Insured 1/14 at 100.00 AAA $ 1,096,710 2,275 5.500%, 7/15/23 (Pre-refunded 1/15/14) - FSA Insured 1/14 at 100.00 AAA 2,495,015 6,180 Crown Point Multi-School Building Corporation, Indiana, No Opt. Call AAA 2,738,234 First Mortgage Bonds, Crown Point Community School Corporation, Series 2000, 0.000%, 1/15/23 - MBIA Insured 500 Portage, Indiana, Revenue Bonds, Series 2006, 5.000%, 7/15/23 7/16 at 100.00 BBB+ 491,410 1,000 St. Joseph County Hospital Authority, Indiana, Revenue 2/15 at 100.00 BBB 985,240 Bonds, Madison Center Inc., Series 2005, 5.250%, 2/15/28 2,860 St. Joseph County PHM Elementary/Middle School No Opt. Call A 2,978,032 Building Corporation, Indiana, First Mortgage Bonds, Series 1994, 6.300%, 1/15/09 - ------------------------------------------------------------------------------------------------------------------------------------ 13,815 Total Indiana 10,784,641 - ------------------------------------------------------------------------------------------------------------------------------------ IOWA - 1.4% (0.9% OF TOTAL INVESTMENTS) 4,000 Iowa Tobacco Settlement Authority, Asset Backed 6/15 at 100.00 BBB 4,035,360 Settlement Revenue Bonds, Series 2005C, 5.500%, 6/01/42 - ------------------------------------------------------------------------------------------------------------------------------------ KENTUCKY - 0.2% (0.1% OF TOTAL INVESTMENTS) 510 Louisville and Jefferson County Metropolitan 10/16 at 100.00 N/R 513,524 Government, Kentucky, Industrial Building Revenue Bonds, Sisters of Mercy of the Americas, Series 2006, 5.000%, 10/01/35 - ------------------------------------------------------------------------------------------------------------------------------------ LOUISIANA - 2.4% (1.5% OF TOTAL INVESTMENTS) 1,310 Louisiana Housing Finance Agency, GNMA Collateralized 9/06 at 102.00 AAA 1,350,518 Mortgage Revenue Bonds, St. Dominic Assisted Care Facility, Series 1995, 6.850%, 9/01/25 3,950 Morehouse Parish, Louisiana, Pollution Control Revenue No Opt. Call BBB 4,200,904 Bonds, International Paper Company, Series 2002A, 5.700%, 4/01/14 1,375 Tobacco Settlement Financing Corporation, Louisiana, 5/11 at 101.00 BBB 1,441,825 Tobacco Settlement Asset-Backed Bonds, Series 2001B, 5.875%, 5/15/39 - ------------------------------------------------------------------------------------------------------------------------------------ 6,635 Total Louisiana 6,993,247 - ------------------------------------------------------------------------------------------------------------------------------------ MAINE - 4.5% (2.9% OF TOTAL INVESTMENTS) 7,965 Maine Educational Loan Marketing Corporation, Student No Opt. Call A2 8,048,633 Loan Revenue Bonds, Subordinate Series 1994B-2, 6.250%, 11/01/06 (Alternative Minimum Tax) 5,335 Maine State Housing Authority, Single Family Mortgage 5/13 at 100.00 AA+ 5,434,124 Purchase Bonds, Series 2004A-2, 5.000%, 11/15/21 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 13,300 Total Maine 13,482,757 - ------------------------------------------------------------------------------------------------------------------------------------ MARYLAND - 0.7% (0.4% OF TOTAL INVESTMENTS) 2,000 Maryland Health and Higher Educational Facilities 8/14 at 100.00 BBB+ 2,077,800 Authority, Revenue Bonds, MedStar Health, Series 2004, 5.375%, 8/15/24 - ------------------------------------------------------------------------------------------------------------------------------------ Massachusetts - 2.1% (1.4% of Total Investments) 1,000 Massachusetts Development Finance Authority, Revenue 10/14 at 100.00 BBB 1,056,220 Bonds, Hampshire College, Series 2004, 5.625%, 10/01/24 1,900 Massachusetts, General Obligation Bonds, Series 2003D, 10/13 at 100.00 AA (4) 2,042,994 5.250%, 10/01/20 (Pre-refunded 10/01/13) 3,000 Massachusetts, Special Obligation Dedicated Tax 1/14 at 100.00 AAA 3,219,930 Revenue Bonds, Series 2004, 5.250%, 1/01/24 (Pre-refunded 1/01/14) - FGIC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 5,900 Total Massachusetts 6,319,144 - ------------------------------------------------------------------------------------------------------------------------------------ MICHIGAN - 2.1% (1.4% OF TOTAL INVESTMENTS) 2,925 Detroit, Michigan, General Obligation Bonds, Series 4/13 at 100.00 AAA 3,086,753 2003A, 5.250%, 4/01/17 - XLCA Insured 3,025 Wayne County, Michigan, Airport Revenue Refunding 12/12 at 100.00 AAA 3,225,346 Bonds, Detroit Metropolitan Airport, Series 2002C, 5.375%, 12/01/19 - FGIC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 5,950 Total Michigan 6,312,099 - ------------------------------------------------------------------------------------------------------------------------------------ 48 PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ MINNESOTA - 5.0% (3.2% OF TOTAL INVESTMENTS) $ 4,350 Cohasset, Minnesota, Pollution Control Revenue Bonds, 7/14 at 100.00 A $ 4,334,862 Allete Inc., Series 2004, 4.950%, 7/01/22 1,000 Duluth Economic Development Authority, Minnesota, 2/14 at 100.00 A- 1,032,520 Healthcare Facilities Revenue Bonds, Benedictine Health System - St. Mary's Duluth Clinic, Series 2004, 5.250%, 2/15/21 2,290 Minneapolis-St. Paul Housing and Redevelopment 12/13 at 100.00 BBB+ 2,474,345 Authority, Minnesota, Revenue Bonds, HealthPartners Inc., Series 2003, 6.000%, 12/01/20 Minnesota Higher Education Facilities Authority, Revenue Bonds, University of St. Thomas, Series 2004-5Y: 530 5.250%, 10/01/19 10/14 at 100.00 A2 560,645 1,500 5.250%, 10/01/34 10/14 at 100.00 A2 1,562,415 665 Minnesota Higher Education Facilities Authority, 4/16 at 100.00 A2 690,815 Revenue Bonds, University of St. Thomas, Series 2006-6I, 5.000%, 4/01/23 1,000 Minnesota Municipal Power Agency, Electric Revenue 10/14 at 100.00 A3 1,054,940 Bonds, Series 2004A, 5.250%, 10/01/19 3,000 St. Paul Port Authority, Minnesota, Lease Revenue 12/13 at 100.00 AA+ 3,197,220 Bonds, Office Building at Cedar Street, Series 2003, 5.250%, 12/01/20 - ------------------------------------------------------------------------------------------------------------------------------------ 14,335 Total Minnesota 14,907,762 - ------------------------------------------------------------------------------------------------------------------------------------ MISSISSIPPI - 1.0% (0.7% OF TOTAL INVESTMENTS) 1,525 Mississippi Hospital Equipment and Facilities Authority, 9/14 at 100.00 N/R 1,523,628 Revenue Bonds, Baptist Memorial Healthcare, Series 2004B-1, 5.000%, 9/01/24 1,500 Mississippi State University Educational Building 8/15 at 100.00 AAA 1,539,600 Corporation, Revenue Bonds, Residence Hall and Campus Improvement Project, Series 2005, 5.000%, 8/01/28 - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 3,025 Total Mississippi 3,063,228 - ------------------------------------------------------------------------------------------------------------------------------------ MISSOURI - 1.0% (0.7% OF TOTAL INVESTMENTS) 100 Hannibal Industrial Development Authority, Missouri, 3/16 at 100.00 N/R 101,196 Health Facilities Revenue Bonds, Hannibal Regional Hospital, Series 2006, 5.000%, 3/01/22 2,880 Joplin Industrial Development Authority, Missouri, 2/15 at 102.00 BBB+ 3,004,906 Health Facilities Revenue Bonds, Freeman Health System, Series 2004, 5.500%, 2/15/24 - ------------------------------------------------------------------------------------------------------------------------------------ 2,980 Total Missouri 3,106,102 - ------------------------------------------------------------------------------------------------------------------------------------ NEBRASKA - 2.2% (1.4% OF TOTAL INVESTMENTS) 1,580 Douglas County Hospital Authority 2, Nebraska, Health No Opt. Call A1 1,634,842 Facilities Revenue Bonds, Nebraska Medical Center, Series 2003, 5.000%, 11/15/16 2,320 Grand Island, Nebraska, Electric System Revenue 9/06 at 100.00 A+ (4) 2,456,138 Bonds, Series 1977, 6.100%, 9/01/12 (ETM) 2,350 NebHelp Inc., Nebraska, Senior Subordinate Bonds, No Opt. Call AAA 2,382,289 Student Loan Program, Series 1993A-5B, 6.250%, 6/01/18 - MBIA Insured (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 6,250 Total Nebraska 6,473,269 - ------------------------------------------------------------------------------------------------------------------------------------ NEW HAMPSHIRE - 1.9% (1.2% OF TOTAL INVESTMENTS) 5,000 New Hampshire Housing Finance Authority, FHLMC 7/10 at 101.00 Aaa 5,231,550 Multifamily Housing Remarketed Revenue Bonds, Countryside LP, Series 1994, 6.100%, 7/01/24 (Alternative Minimum Tax) 290 New Hampshire Municipal Bond Bank, Revenue Bonds, No Opt. Call N/R 292,619 Coe-Brown Northwood Academy, Series 1994, 7.250%, 5/01/09 - ------------------------------------------------------------------------------------------------------------------------------------ 5,290 Total New Hampshire 5,524,169 - ------------------------------------------------------------------------------------------------------------------------------------ NEW JERSEY - 2.9% (1.8% OF TOTAL INVESTMENTS) 1,000 New Jersey Economic Development Authority, School 9/15 at 100.00 AA- 1,061,720 Facilities Construction Bonds, Series 2005P, 5.250%, 9/01/24 3,000 New Jersey Transportation Trust Fund Authority, 6/13 at 100.00 AAA 3,293,220 Transportation System Bonds, Series 2003C, 5.500%, 6/15/24 (Pre-refunded 6/15/13) 1,500 New Jersey Turnpike Authority, Revenue Bonds, Series 7/13 at 100.00 AAA 1,562,730 2003A, 5.000%, 1/01/19 - FGIC Insured 2,500 New Jersey Turnpike Authority, Revenue Bonds, Series 1/15 at 100.00 AAA 2,600,650 2005A, 5.000%, 1/01/25 - FSA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 8,000 Total New Jersey 8,518,320 - ------------------------------------------------------------------------------------------------------------------------------------ 49 Nuveen Premier Municipal Income Fund, Inc. (NPF) (continued) Portfolio of INVESTMENTS April 30, 2006 (Unaudited) PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ NEW YORK - 23.7% (15.2% OF TOTAL INVESTMENTS) $ 10,000 Dormitory Authority of the State of New York, Revenue 5/10 at 101.00 AAA $ 10,776,400 Bonds, State University Educational Facilities Revenue Bonds, 1999 Resolution, Series 2000B, 5.500%, 5/15/30 (Pre-refunded 5/15/10) - FSA Insured 1,500 Dormitory Authority of the State of New York, State 7/14 at 100.00 AA- 1,582,965 and Local Appropriation Lease Bonds, Upstate Community Colleges, Series 2004B, 5.250%, 7/01/19 Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A: 5,000 5.000%, 12/01/24 - FGIC Insured 6/16 at 100.00 AAA 5,219,350 7,500 5.000%, 12/01/25 - FGIC Insured 6/16 at 100.00 AAA 7,816,650 3,200 Metropolitan Transportation Authority, New York, 11/15 at 100.00 A 3,279,520 Transportation Revenue Bonds, Series 2005F, 5.000%, 11/15/30 5,000 Metropolitan Transportation Authority, New York, 11/12 at 100.00 AAA 5,263,100 Transportation Revenue Refunding Bonds, Series 2002A, 5.125%, 11/15/21 - FGIC Insured 1,250 New York City Municipal Water Finance Authority, New 6/16 at 100.00 AA+ 1,292,625 York, Water and Sewerage System Revenue Bonds, Fiscal Series 2006D, 5.000%, 6/15/29 1,795 New York City Transitional Finance Authority, New York, 8/07 at 101.00 AAA 1,845,511 Future Tax Secured Bonds, Fiscal Series 1998A, 5.125%, 8/15/21 (Pre-refunded 8/15/07) 15 New York City, New York, General Obligation Bonds, 2/08 at 100.00 A+ 15,247 Fiscal Series 1996J, 5.875%, 2/15/19 4,265 New York City, New York, General Obligation Bonds, 10/13 at 100.00 A+ 4,497,613 Fiscal Series 2003D, 5.250%, 10/15/22 1,200 New York City, New York, General Obligation Bonds, 8/14 at 100.00 A+ 1,281,300 Fiscal Series 2004B, 5.250%, 8/01/15 4,000 New York City, New York, General Obligation Bonds, 8/14 at 100.00 A+ 4,226,840 Fiscal Series 2004C, 5.250%, 8/15/20 3,500 New York City, New York, General Obligation Bonds, 6/15 at 100.00 A+ 3,579,660 Fiscal Series 2005O, 5.000%, 6/01/30 790 New York State Medical Care Facilities Finance Agency, 8/06 at 100.00 AAA 792,575 FHA-Insured Mortgage Revenue Bonds, Hospital and Nursing Home Projects, Series 1992B, 6.200%, 8/15/22 3,250 New York State Municipal Bond Bank Agency, Special 6/13 at 100.00 A+ 3,424,070 School Purpose Revenue Bonds, Series 2003C, 5.250%, 6/01/22 New York State Thruway Authority, General Revenue Bonds, Series 2005G: 6,460 5.000%, 1/01/25 - FSA Insured 7/15 at 100.00 AAA 6,727,315 2,580 5.000%, 1/01/26 - FSA Insured 7/15 at 100.00 AAA 2,684,800 1,850 New York State Urban Development Corporation, Service 3/15 at 100.00 AAA 1,927,330 Contract Revenue Bonds, Series 2005B, 5.000%, 3/15/24 - FSA Insured 1,000 New York State Urban Development Corporation, 7/14 at 100.00 A 1,046,120 Subordinate Lien Corporate Purpose Bonds, Series 2004A, 5.125%, 1/01/22 3,000 Port Authority of New York and New Jersey, Consolidated 6/15 at 101.00 AA- 3,185,520 Revenue Bonds, One Hundred Fortieth Series 2005, 5.000%, 12/01/16 - ------------------------------------------------------------------------------------------------------------------------------------ 67,155 Total New York 70,464,511 - ------------------------------------------------------------------------------------------------------------------------------------ NORTH CAROLINA - 4.1% (2.6% OF TOTAL INVESTMENTS) 10,300 North Carolina Eastern Municipal Power Agency, Power No Opt. Call AAA 12,080,767 System Revenue Refunding Bonds, Series 1993B, 6.000%, 1/01/22 - CAPMAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ Ohio - 2.1% (1.3% of Total Investments) 2,000 Granville Exempt Village School District, Ohio, General 12/11 at 100.00 Aa2 2,068,240 Obligation Bonds, Series 2001, 5.000%, 12/01/24 4,000 Ohio, Solid Waste Revenue Bonds, Republic Services 4/33 at 100.00 BBB+ 3,829,520 Inc., Series 2004, 4.250%, 4/01/33 (Mandatory put 4/01/14) (Alternative Minimum Tax) 250 Port of Greater Cincinnati Development Authority, Ohio, 10/16 at 100.00 N/R 253,748 Economic Development Revenue Bonds, Sisters of Mercy of the Americas, Series 2006, 5.000%, 10/01/25 - ------------------------------------------------------------------------------------------------------------------------------------ 6,250 Total Ohio 6,151,508 - ------------------------------------------------------------------------------------------------------------------------------------ 50 PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ OKLAHOMA - 0.3% (0.2% OF TOTAL INVESTMENTS) Norman Regional Hospital Authority, Oklahoma, Hospital Revenue Bonds, Series 2005: $ 500 5.375%, 9/01/29 9/16 at 100.00 BBB- $ 501,735 450 5.375%, 9/01/36 9/16 at 100.00 BBB- 451,026 - ------------------------------------------------------------------------------------------------------------------------------------ 950 Total Oklahoma 952,761 - ------------------------------------------------------------------------------------------------------------------------------------ OREGON - 1.3% (0.8% OF TOTAL INVESTMENTS) Oregon, General Obligation Bonds, State Board of Higher Education, Series 2004A: 1,795 5.000%, 8/01/21 8/14 at 100.00 AA- 1,870,677 1,990 5.000%, 8/01/23 8/14 at 100.00 AA- 2,066,913 - ------------------------------------------------------------------------------------------------------------------------------------ 3,785 Total Oregon 3,937,590 - ------------------------------------------------------------------------------------------------------------------------------------ PENNSYLVANIA - 2.3% (1.5% OF TOTAL INVESTMENTS) 3,000 Allegheny County Sanitary Authority, Pennsylvania, 12/15 at 100.00 AAA 3,123,990 Sewerage Revenue Bonds, Series 2005A, 5.000%, 12/01/23 - MBIA Insured 1,590 Falls Township Hospital Authority, Pennsylvania, 8/06 at 100.00 AAA 1,601,003 FHA-Insured Revenue Refunding Bonds, Delaware Valley Medical Center, Series 1992, 7.000%, 8/01/22 2,000 Pittsburgh Water and Sewerage Authority, Pennsylvania, 9/15 at 100.00 AAA 2,070,060 First Lien Water and Sewerage System Revenue Bonds, Series 2005, 5.000%, 9/01/29 - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 6,590 Total Pennsylvania 6,795,053 - ------------------------------------------------------------------------------------------------------------------------------------ RHODE ISLAND - 2.7% (1.7% OF TOTAL INVESTMENTS) 7,655 Rhode Island Tobacco Settlement Financing Corporation, 6/12 at 100.00 BBB 8,017,541 Tobacco Settlement Asset-Backed Bonds, Series 2002A, 6.000%, 6/01/23 - ------------------------------------------------------------------------------------------------------------------------------------ SOUTH CAROLINA - 7.9% (5.1% OF TOTAL INVESTMENTS) 2,500 Berkeley County School District, South Carolina, 12/13 at 100.00 AA 2,580,375 Installment Purchase Revenue Bonds, Securing Assets for Education, Series 2003, 5.250%, 12/01/24 4,405 Dorchester County School District 2, South Carolina, 12/14 at 100.00 A 4,591,816 Installment Purchase Revenue Bonds, GROWTH, Series 2004, 5.250%, 12/01/23 3,340 Greenville County School District, South Carolina, 12/13 at 100.00 AA- 3,510,407 Installment Purchase Revenue Bonds, Series 2003, 5.250%, 12/01/19 3,620 Greenville, South Carolina, Hospital Facilities Revenue 5/13 at 100.00 AAA 3,800,493 Refunding Bonds, Series 2003A, 5.250%, 5/01/21 - AMBAC Insured 1,500 South Carolina JOBS Economic Development Authority, 11/12 at 100.00 A- 1,563,225 Economic Development Revenue Bonds, Bon Secours Health System Inc., Series 2002A, 5.625%, 11/15/30 605 South Carolina JOBS Economic Development Authority, 8/13 at 100.00 BBB+ 671,961 Hospital Refunding and Improvement Revenue Bonds, Palmetto Health Alliance, Series 2003C, 6.375%, 8/01/34 4,895 South Carolina JOBS Economic Development Authority, 8/13 at 100.00 BBB+ (4) 5,598,216 Hospital Refunding and Improvement Revenue Bonds, Palmetto Health Alliance, Series 2003C, 6.375%, 8/01/34 (Pre-refunded 8/01/13) 1,145 Tobacco Settlement Revenue Management Authority, 5/11 at 101.00 BBB 1,199,525 South Carolina, Tobacco Settlement Asset-Backed Bonds, Series 2001B, 6.000%, 5/15/22 - ------------------------------------------------------------------------------------------------------------------------------------ 22,010 Total South Carolina 23,516,018 - ------------------------------------------------------------------------------------------------------------------------------------ SOUTH DAKOTA - 0.6% (0.4% OF TOTAL INVESTMENTS) 1,750 South Dakota Health and Educational Facilities Authority, 11/14 at 100.00 A+ 1,844,115 Revenue Bonds, Sioux Valley Hospitals, Series 2004A, 5.500%, 11/01/31 - ------------------------------------------------------------------------------------------------------------------------------------ TENNESSEE - 1.3% (0.8% OF TOTAL INVESTMENTS) 2,060 Johnson City Health and Educational Facilities Board, 7/23 at 100.00 AAA 2,131,338 Tennessee, Hospital Revenue Refunding and Improvement Bonds, Johnson City Medical Center, Series 1998C, 5.125%, 7/01/25 (Pre-refunded 7/01/23) - MBIA Insured 1,600 Johnson City Health and Educational Facilities Board, 7/16 at 100.00 BBB+ 1,658,544 Tennessee, Revenue Bonds, Mountain States Health Alliance, Series 2006A, 5.500%, 7/01/36 - ------------------------------------------------------------------------------------------------------------------------------------ 3,660 Total Tennessee 3,789,882 - ------------------------------------------------------------------------------------------------------------------------------------ 51 Nuveen Premier Municipal Income Fund, Inc. (NPF) (continued) Portfolio of INVESTMENTS April 30, 2006 (Unaudited) PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TEXAS - 5.7% (3.7% OF TOTAL INVESTMENTS) $ 1,075 Brazos River Authority, Texas, Pollution Control Revenue 10/13 at 101.00 Baa2 $ 1,210,493 Bonds, TXU Energy Company LLC Project, Series 2003C, 6.750%, 10/01/38 (Alternative Minimum Tax) 3,000 Houston, Texas, First Lien Combined Utility System 5/14 at 100.00 AAA 3,165,960 Revenue Bonds, Series 2004A, 5.250%, 5/15/25 - MBIA Insured Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson Memorial Hospital Project, Series 2005: 400 5.250%, 8/15/21 No Opt. Call BBB- 408,108 500 5.125%, 8/15/26 No Opt. Call BBB- 496,840 2,265 Lower Colorado River Authority, Texas, Contract Revenue 5/13 at 100.00 AAA 2,391,183 Refunding Bonds, Transmission Services Corporation, Series 2003C, 5.250%, 5/15/25 - AMBAC Insured 2,000 Mansfield Independent School District, Tarrant County, 2/11 at 100.00 AAA 2,089,080 Texas, General Obligation Bonds, Series 2001, 5.375%, 2/15/26 1,000 Sabine River Authority, Texas, Pollution Control Revenue 11/15 at 100.00 Baa2 1,020,290 Bonds, TXU Electric Company, Series 2001C, 5.200%, 5/01/28 Texas Tech University, Financing System Revenue Bonds, 9th Series 2003: 3,525 5.250%, 2/15/18 - AMBAC Insured 8/13 at 100.00 AAA 3,736,007 2,250 5.250%, 2/15/19 - AMBAC Insured 8/13 at 100.00 AAA 2,377,463 70 Victoria Housing Finance Corporation, Texas, FNMA No Opt. Call Aaa 70,453 Single Family Mortgage Revenue Refunding Bonds, Series 1995, 8.125%, 1/01/11 - ------------------------------------------------------------------------------------------------------------------------------------ 16,085 Total Texas 16,965,877 - ------------------------------------------------------------------------------------------------------------------------------------ UTAH - 0.3% (0.2% OF TOTAL INVESTMENTS) 595 Utah Housing Corporation, Single Family Mortgage Bonds, 7/11 at 100.00 Aa2 606,608 Series 2001D, 5.500%, 1/01/21 (Alternative Minimum Tax) 35 Utah Housing Finance Agency, Single Family Mortgage 1/07 at 102.00 AA 35,125 Bonds, Series 1996C, 6.450%, 7/01/14 (Alternative Minimum Tax) 255 Utah Housing Finance Agency, Single Family Mortgage 7/07 at 101.50 AA 261,054 Bonds, Series 1997F, 5.750%, 7/01/15 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 885 Total Utah 902,787 - ------------------------------------------------------------------------------------------------------------------------------------ WASHINGTON - 9.5% (6.1% OF TOTAL INVESTMENTS) 2,500 Energy Northwest, Washington, Electric Revenue 7/12 at 100.00 AAA 2,727,125 Refunding Bonds, Columbia Generating Station - Nuclear Project 2, Series 2002C, 5.750%, 7/01/17 - MBIA Insured 7,000 Energy Northwest, Washington, Electric Revenue 7/13 at 100.00 Aaa 7,520,100 Refunding Bonds, Nuclear Project 1, Series 2003A, 5.500%, 7/01/16 6,160 King County Public Hospital District 2, Washington, 6/11 at 101.00 AAA 6,440,218 Limited Tax General Obligation Bonds,Evergreen Hospital Medical Center, Series 2001A, 5.250%, 12/01/24 - AMBAC Insured 1,000 Skagit County Public Hospital District 1, Washington, No Opt. Call Baa3 1,062,800 Revenue Bonds, Skagit Valley Hospital, Series 2003, 6.000%, 12/01/23 9,750 Washington, General Obligation Refunding Bonds, No Opt. Call Aa1 10,389,405 Series 1992A and 1992AT-6, 6.250%, 2/01/11 - ------------------------------------------------------------------------------------------------------------------------------------ 26,410 Total Washington 28,139,648 - ------------------------------------------------------------------------------------------------------------------------------------ WEST VIRGINIA - 1.9% (1.2% OF TOTAL INVESTMENTS) 2,000 West Virginia Water Development Authority, Infrastructure 10/13 at 101.00 AAA 2,175,120 Revenue Bonds, Series 2003A, 5.500%, 10/01/23 - AMBAC Insured 3,150 West Virginia Water Development Authority, Loan 11/13 at 101.00 AAA 3,361,334 Program II Revenue Bonds, Series 2003B, 5.250%, 11/01/23 - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 5,150 Total West Virginia 5,536,454 - ------------------------------------------------------------------------------------------------------------------------------------ 52 PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ WISCONSIN - 5.2% (3.3% OF TOTAL INVESTMENTS) $ 5,670 Wisconsin Health and Educational Facilities Authority, 7/11 at 100.00 A- $ 5,918,686 Revenue Bonds, Agnesian Healthcare Inc., Series 2001, 6.000%, 7/01/30 160 Wisconsin Health and Educational Facilities Authority, 5/16 at 100.00 BBB 155,131 Revenue Bonds, Divine Savior Healthcare, Series 2006, 5.000%, 5/01/32 1,000 Wisconsin Health and Educational Facilities Authority, 5/14 at 100.00 BBB+ 1,047,880 Revenue Bonds, Fort Healthcare Inc., Series 2004, 5.375%, 5/01/18 2,350 Wisconsin Health and Educational Facilities Authority, 10/11 at 101.00 AA- 2,521,386 Revenue Bonds, Froedtert and Community Health Obligated Group, Series 2001, 5.375%, 10/01/30 5,000 Wisconsin Health and Educational Facilities Authority, 2/10 at 101.00 AA 5,386,600 Revenue Bonds, Marshfield Clinic, Series 1999, 6.250%, 2/15/18 - RAAI Insured 455 Wisconsin Housing and Economic Development Authority, 7/06 at 100.00 AA 455,642 Housing Revenue Bonds, Series 1992A, 6.850%, 11/01/12 - ------------------------------------------------------------------------------------------------------------------------------------ 14,635 Total Wisconsin 15,485,325 - ------------------------------------------------------------------------------------------------------------------------------------ WYOMING - 0.5% (0.3% OF TOTAL INVESTMENTS) 1,350 Sweetwater County, Wyoming, Solid Waste Disposal 12/15 at 100.00 BBB- 1,410,318 Revenue Bonds, FMC Corporation, Series 2005, 5.600%, 12/01/35 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ $ 474,695 Total Investments (cost $446,303,106) - 156.4% 464,660,835 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - (0.9)% (2,487,949) -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (55.5)% (165,000,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 297,172,886 ====================================================================================================================
(1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. (2) 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. Certain mortgage-backed securities may be subject to periodic principal paydowns. (3) Ratings: Using the higher of Standard & Poor's or Moody's rating. Ratings below BBB by Standard & Poor's Group or Baa by Moody's Investor Service, Inc. are considered to be below investment grade. (4) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities. N/R Not rated. WI/DD Purchased on a when-issued or delayed delivery basis. (ETM) Escrowed to maturity. See accompanying notes to financial statements. 53 Nuveen Municipal High Income Opportunity Fund (NMZ) Portfolio of INVESTMENTS April 30, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ NATIONAL - 2.1% (1.5% OF TOTAL INVESTMENTS) Charter Mac Equity Issuer Trust, Preferred Shares, Series 2004A-4: $ 5,000 6.000%, 12/31/45 (Mandatory put 4/30/19) (Alternative Minimum Tax) 12/45 at 100.00 A3 $ 5,354,250 1,000 5.750%, 12/31/45 (Mandatory put 4/30/15) 12/45 at 100.00 A3 1,047,220 1,000 GMAC Municipal Mortgage Trust, Series B-1, 5.600%, 10/39 at 100.00 Baa1 1,018,600 10/31/39 (Mandatory put 10/31/19) (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 7,000 Total National 7,420,070 - ------------------------------------------------------------------------------------------------------------------------------------ ALABAMA - 1.8% (1.3% OF TOTAL INVESTMENTS) 6,200 Baldwin County Eastern Shore Healthcare Authority, 4/08 at 102.00 N/R (4) 6,507,272 Alabama, Hospital Revenue Bonds, Thomas Hospital, Series 1998, 5.750%, 4/01/27 (Pre-refunded 4/01/08) - ------------------------------------------------------------------------------------------------------------------------------------ ARIZONA - 4.6% (3.3% OF TOTAL INVESTMENTS) 566 Estrella Mountain Ranch Community Facilities District, 7/10 at 102.00 N/R 616,414 Goodyear, Arizona, Special Assessment Lien Bonds, Series 2001A, 7.875%, 7/01/25 6,720 Maricopa County Industrial Development Authority, 1/11 at 103.00 BB 6,743,184 Arizona, Senior Living Facility Revenue Bonds, Christian Care Mesa II Inc., Series 2004A, 6.625%, 1/01/34 (Alternative Minimum Tax) Phoenix Industrial Development Authority, Arizona, Educational Revenue Bonds, Keystone Montessori School, Series 2004A: 350 6.375%, 11/01/13 11/11 at 103.00 N/R 356,464 790 7.250%, 11/01/23 11/11 at 103.00 N/R 818,480 1,715 7.500%, 11/01/33 11/11 at 103.00 N/R 1,776,105 1,645 Pima County Industrial Development Authority, Arizona, 7/14 at 100.00 N/R 1,693,758 Charter School Revenue Bonds, Heritage Elementary School, Series 2004, 7.500%, 7/01/34 550 Pima County Industrial Development Authority, Arizona, 12/14 at 100.00 BBB- 558,783 Charter School Revenue Bonds, Noah Webster Basic Schools Inc., Series 2004, 6.125%, 12/15/34 500 Pima County Industrial Development Authority, Arizona, No Opt. Call AAA 574,935 Charter School Revenue Bonds, Pointe Educational Services Charter School, Series 2004, 6.250%, 7/01/14 (ETM) 1,000 Pima County Industrial Development Authority, Arizona, 7/14 at 100.00 N/R (4) 1,178,180 Charter School Revenue Bonds, Pointe Educational Services Charter School, Series 2004, 7.125%, 7/01/24 (Pre-refunded 7/01/14) 1,150 Pinal County Industrial Development Authority, Arizona, 10/12 at 100.00 A 1,175,404 Correctional Facilities Contract Revenue Bonds, Florence West Prison LLC, Series 2002A, 5.250%, 10/01/22 - ACA Insured 1,000 Tucson Industrial Development Authority, Arizona, Charter 9/14 at 100.00 BBB- 1,010,750 School Revenue Bonds, Arizona Agribusiness and Equine Center Charter School, Series 2004A, 5.850%, 9/01/24 - ------------------------------------------------------------------------------------------------------------------------------------ 15,986 Total Arizona 16,502,457 - ------------------------------------------------------------------------------------------------------------------------------------ CALIFORNIA - 17.7% (12.5% OF TOTAL INVESTMENTS) 8,000 Alameda Public Finance Authority, California, Revenue No Opt. Call N/R 7,988,800 Bond Anticipation Notes, Alameda Power and Telecom, Series 2004, 7.000%, 6/01/09 500 California Health Facilities Financing Authority, Health 7/26 at 100.00 A- 516,945 Facility Revenue Bonds, Catholic Healthcare West, Series 2004I, 4.950%, 7/01/26 (Mandatory put 7/01/14) 1,005 California Health Facilities Financing Authority, Hospital 5/06 at 100.00 BB 1,005,090 Revenue Bonds, Downey Community Hospital, Series 1993, 5.750%, 5/15/15 California State Public Works Board, Lease Revenue Bonds, Department of General Services, Series 2003D: 1,090 5.000%, 6/01/21 12/13 at 100.00 A- 1,122,199 1,170 5.100%, 6/01/23 12/13 at 100.00 A- 1,212,015 3,000 California State Public Works Board, Lease Revenue 6/14 at 100.00 A- 3,075,090 Bonds, Department of Mental Health, Coalinga State Hospital, Series 2004A, 5.000%, 6/01/25 54 PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ CALIFORNIA (continued) $ 2,925 California Statewide Community Development Authority, 3/14 at 102.00 N/R $ 3,051,711 Revenue Bonds, Epidaurus Project, Series 2004A, 7.750%, 3/01/34 1,015 California Statewide Community Development Authority, 1/14 at 100.00 N/R 1,086,710 Subordinate Lien Multifamily Housing Revenue Bonds, Corona Park Apartments, Series 2004I-S, 7.750%, 1/01/34 (Alternative Minimum Tax) 3,360 California, General Obligation Bonds, Series 2003, 5.000%, 11/01/21 11/13 at 100.00 A 3,467,117 4,975 Golden State Tobacco Securitization Corporation, California, 6/13 at 100.00 AAA 5,477,773 Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2003B, 5.625%, 6/01/33 (Pre-refunded 6/01/13) 5,500 Golden State Tobacco Securitization Corporation, California, 6/13 at 100.00 BBB 6,125,680 Tobacco Settlement Asset-Backed Bonds, Series 2003A-1, 6.750%, 6/01/39 1,000 Golden State Tobacco Securitization Corporation, California, 6/13 at 100.00 BBB 1,192,700 Tobacco Settlement Asset-Backed Revenue Bonds, Series 2003A-2, 7.900%, 6/01/42 Huntington Beach, California, Special Tax Bonds, Community Facilities District 2003-1, Huntington Center, Series 2004: 500 5.800%, 9/01/23 9/14 at 100.00 N/R 515,970 1,000 5.850%, 9/01/33 9/14 at 100.00 N/R 1,031,690 2,500 Independent Cities Lease Finance Authority, California, 5/14 at 100.00 N/R 2,761,200 Revenue Bonds, El Granada Mobile Home Park, Series 2004A, 6.450%, 5/15/44 1,015 Independent Cities Lease Finance Authority, California, 5/14 at 100.00 N/R 1,073,160 Subordinate Lien Revenue Bonds, El Granada Mobile Home Park, Series 2004B, 6.500%, 5/15/44 1,200 Lake Elsinore, California, Special Tax Bonds, Community 9/13 at 102.00 N/R 1,266,288 Facilities District 2003-2 Improvement Area A, Canyon Hills, Series 2004A, 5.950%, 9/01/34 3,400 Lee Lake Water District, Riverside County, California, 9/13 at 102.00 N/R 3,587,816 Special Tax Bonds, Community Facilities District 3, Series 2004, 5.950%, 9/01/34 300 Los Angeles Regional Airports Improvement Corporation, 12/12 at 102.00 B- 318,372 California, Sublease Revenue Bonds, Los Angeles International Airport, American Airlines Inc. Terminal 4 Project, Series 2002B, 7.500%, 12/01/24 (Alternative Minimum Tax) 2,950 Los Angeles Regional Airports Improvement Corporation, 12/12 at 102.00 B- 3,130,658 California, Sublease Revenue Bonds, Los Angeles International Airport, American Airlines Inc. Terminal 4 Project, Series 2002C, 7.500%, 12/01/24 (Alternative Minimum Tax) Moreno Valley Unified School District, Riverside County, California, Special Tax Bonds, Community Facilities District, Series 2004: 800 5.550%, 9/01/29 9/14 at 100.00 N/R 816,920 1,250 5.650%, 9/01/34 9/14 at 100.00 N/R 1,276,463 1,555 Murrieta Valley Unified School District, Riverside County, 9/11 at 100.00 N/R 1,590,361 California, Special Tax Bonds, Community Facilities District 2000-1, Series 2004B, 5.300%, 9/01/34 1,000 Oceanside, California, Special Tax Revenue Bonds, 3/14 at 100.00 N/R 1,043,800 Community Facilities District - Morro Hills, Series 2004, 5.750%, 9/01/28 Orange County, California, Special Tax Bonds, Community Facilities District 03-1 of Ladera Ranch, Series 2004A: 500 5.500%, 8/15/23 8/12 at 101.00 N/R 524,590 1,625 5.600%, 8/15/28 8/12 at 101.00 N/R 1,706,461 1,000 5.625%, 8/15/34 8/12 at 101.00 N/R 1,053,040 2,250 San Diego County, California, Certificates of Participation, 9/12 at 100.00 BBB- 2,291,378 San Diego-Imperial Counties Developmental Services Foundation Project, Series 2002, 5.500%, 9/01/27 3,895 West Patterson Financing Authority, California, Special 9/13 at 103.00 N/R 4,180,075 Tax Bonds, Community Facilities District 2001-1, Series 2004A, 6.125%, 9/01/39 - ------------------------------------------------------------------------------------------------------------------------------------ 60,280 Total California 63,490,072 - ------------------------------------------------------------------------------------------------------------------------------------ COLORADO - 9.4% (6.7% OF TOTAL INVESTMENTS) 925 Bradburn Metropolitan District 3, Colorado, General 12/13 at 101.00 N/R 1,020,691 Obligation Bonds, Series 2003, 7.500%, 12/01/33 5,600 Buffalo Ridge Metropolitan District, Colorado, Limited 12/13 at 101.00 N/R 6,179,320 Obligation Assessment Bonds, Series 2003, 7.500%, 12/01/33 55 Nuveen Municipal High Income Opportunity Fund (NMZ) (continued) Portfolio of INVESTMENTS April 30, 2006 (Unaudited) PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ COLORADO (continued) $ 400 Colorado Educational and Cultural Facilities Authority, 12/10 at 101.00 BBB $ 434,504 Charter School Revenue Bonds, Academy Charter School - Douglas County School District Re. 1, Series 2000, 6.875%, 12/15/20 650 Colorado Educational and Cultural Facilities Authority, 9/11 at 100.00 Ba1 (4) 744,484 Charter School Revenue Bonds, Bromley East Charter School, Series 2000A, 7.250%, 9/15/30 (Pre-refunded 9/15/11) 920 Colorado Educational and Cultural Facilities Authority, 7/08 at 100.00 N/R (4) 964,372 Charter School Revenue Bonds, Compass Montessori Elementary Charter School, Series 2000, 7.750%, 7/15/31 (Pre-refunded 7/15/08) 3,500 Colorado Educational and Cultural Facilities Authority, 5/14 at 101.00 N/R 3,703,385 Charter School Revenue Bonds, Denver Arts and Technology Academy, Series 2003, 8.000%, 5/01/34 Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Excel Academy Charter School, Series 2003: 500 7.300%, 12/01/23 (Pre-refunded 12/01/11) 12/11 at 100.00 AAA 586,235 875 7.500%, 12/01/33 (Pre-refunded 12/01/11) 12/11 at 100.00 AAA 1,034,635 1,797 Colorado Educational and Cultural Facilities Authority, 2/12 at 100.00 N/R 1,883,310 Charter School Revenue Bonds, Jefferson County School District R-1 - Compass Montessori Secondary School, Series 2002, 8.000%, 2/15/32 1,450 Colorado Educational and Cultural Facilities Authority, 6/11 at 100.00 Ba1 1,495,748 Charter School Revenue Bonds, Weld County School District 6 - Frontier Academy, Series 2001, 7.250%, 6/01/20 1,500 Colorado Educational and Cultural Facilities Authority, 6/14 at 100.00 N/R 1,626,960 Independent School Improvement Revenue Bonds, Heritage Christian School of Northern Colorado, Series 2004A, 7.500%, 6/01/34 2,000 Colorado Educational and Cultural Facilities Authority, 6/14 at 100.00 N/R 1,722,640 Revenue Bonds, Colorado Lutheran High School Association, Series 2004A, 7.500%, 6/01/24 900 Colorado Housing and Finance Authority, Multifamily 10/12 at 100.00 AA 915,732 Project Bonds, Class II Series 2002C-6, 5.300%, 10/01/42 4,300 Denver Health and Hospitals Authority, Colorado, 12/14 at 100.00 BBB 4,679,303 Revenue Bonds, Series 2004A, 6.250%, 12/01/33 1,000 Denver, Colorado, FHA-Insured Multifamily Housing 7/08 at 102.00 AAA 1,017,810 Mortgage Loan Revenue Bonds, Garden Court Community Project, Series 1998, 5.400%, 7/01/39 735 Eagle County Air Terminal Corporation, Colorado, Airport 5/06 at 101.00 N/R 743,423 Terminal Revenue Bonds, Series 1996, 7.500%, 5/01/21 (Alternative Minimum Tax) 1,250 Mesa County, Colorado, Residential Care Facilities 12/11 at 101.00 AA 1,299,300 Mortgage Revenue Bonds, Hilltop Community Resources Inc. Obligated Group, Series 2001A, 5.250%, 12/01/21 - RAAI Insured 2,000 Park Creek Metropolitan District, Colorado, Limited Tax 12/32 at 100.00 N/R 2,245,640 Obligation Revenue Bonds, Series 2003CR-2, 7.875%, 12/01/32 (Mandatory put 12/01/13) Tallyn's Reach Metropolitan District 2, Aurora, Colorado, Limited Tax General Obligation Bonds, Series 2004: 250 6.000%, 12/01/18 12/13 at 100.00 N/R 254,170 315 6.375%, 12/01/23 12/13 at 100.00 N/R 323,546 Tallyn's Reach Metropolitan District 3, Aurora, Colorado, Limited Tax General Obligation Bonds, Series 2004: 500 6.625%, 12/01/23 12/13 at 100.00 N/R 521,115 500 6.750%, 12/01/33 12/13 at 100.00 N/R 525,825 - ------------------------------------------------------------------------------------------------------------------------------------ 31,867 Total Colorado 33,922,148 - ------------------------------------------------------------------------------------------------------------------------------------ CONNECTICUT - 0.2% (0.2% OF TOTAL INVESTMENTS) 1,025 Eastern Connecticut Resource Recovery Authority, Solid 7/06 at 100.00 BBB 1,025,226 Waste Revenue Bonds, Wheelabrator Lisbon Project, Series 1993A, 5.500%, 1/01/20 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ FLORIDA - 9.3% (6.6% OF TOTAL INVESTMENTS) 4,390 Bartram Springs Community Development District, Duval 5/13 at 102.00 N/R 4,792,651 County, Florida, Special Assessment Bonds, Series 2003A, 6.650%, 5/01/34 700 Broward County, Florida, Airport Facility Revenue Bonds, 11/14 at 101.00 BBB- 819,042 Learjet Inc., Series 2000, 7.500%, 11/01/20 (Alternative Minimum Tax) 1,175 Century Gardens Community Development District, 5/14 at 101.00 N/R 1,220,285 Miami-Dade County, Florida, Special Assessment Revenue Bonds, Series 2004, 5.900%, 5/01/34 56 PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ FLORIDA (continued) Islands at Doral Northeast Community Development District, Miami-Dade County, Florida, Special Assessment Bonds, Series 2004: $ 470 6.125%, 5/01/24 5/14 at 101.00 N/R $ 504,625 450 6.250%, 5/01/34 5/14 at 101.00 N/R 477,495 6,880 Lee County Industrial Development Authority, Florida, No Opt. Call B2 6,494,445 Multifamily Housing Revenue Bonds, Legacy at Lehigh Project, Senior Series 2003A, 6.000%, 12/01/43 630 Lexington Community Development District, Florida, 5/14 at 101.00 N/R 657,449 Special Assessment Revenue Bonds, Series 2004, 6.125%, 5/01/34 3,330 Meadowwoods Community Development District, Pasco 5/14 at 101.00 N/R 3,426,570 County, Florida, Special Assessment Revenue Bonds, Series 2004A, 6.050%, 5/01/35 3,936 MMA Financial CDD Junior Securitization Trust, Florida, 11/07 at 100.00 N/R 3,979,375 Pass-Through Certificates, Class A, Series 2003I, 8.000%, 11/01/13 3,945 Palm Beach County Housing Finance Authority, Florida, 7/09 at 103.00 N/R 4,067,019 Multifamily Housing Revenue Bonds, Lake Delray Apartments, Series 1999A, 6.400%, 1/01/31 (Alternative Minimum Tax) 1,700 South-Dade Venture Community Development District, 5/14 at 101.00 N/R 1,796,305 Florida, Special Assessment Revenue Bonds, Series 2004, 6.125%, 5/01/34 Stonegate Community Development District, Florida, Special Assessment Revenue Bonds, Series 2004: 470 6.000%, 5/01/24 5/14 at 101.00 N/R 499,723 500 6.125%, 5/01/34 5/14 at 101.00 N/R 525,405 Westchester Community Development District 1, Florida, Special Assessment Bonds, Series 2003: 145 6.000%, 5/01/23 5/13 at 101.00 N/R 152,665 3,750 6.125%, 5/01/35 5/13 at 101.00 N/R 3,932,550 - ------------------------------------------------------------------------------------------------------------------------------------ 32,471 Total Florida 33,345,604 - ------------------------------------------------------------------------------------------------------------------------------------ GEORGIA - 1.0% (0.7% OF TOTAL INVESTMENTS) 500 Effingham County Development Authority, Georgia, Solid 7/08 at 102.00 B1 497,300 Waste Disposal Revenue Bonds, Ft. James Project, Series 1998, 5.625%, 7/01/18 (Alternative Minimum Tax) 900 Fulton County Residential Care Facilities Authority, 2/09 at 100.00 N/R 921,132 Georgia, Revenue Bonds, Canterbury Court, Series 2004A, 6.125%, 2/15/34 1,955 Fulton County Residential Care Facilities Authority, 12/13 at 102.00 N/R 2,149,738 Georgia, Revenue Bonds, St. Anne's Terrace, Series 2003, 7.625%, 12/01/33 - ------------------------------------------------------------------------------------------------------------------------------------ 3,355 Total Georgia 3,568,170 - ------------------------------------------------------------------------------------------------------------------------------------ ILLINOIS - 11.1% (7.9% OF TOTAL INVESTMENTS) 2,000 Chicago, Illinois, Certificates of Participation Tax Increment 12/08 at 100.00 N/R 2,084,900 Revenue Notes, Chicago/Kingsbury Redevelopment Project, Series 2004A, 6.570%, 2/15/13 Illinois Health Facilities Authority, FHA-Insured Mortgage Revenue Refunding Bonds, Sinai Health System, Series 2003: 5,000 5.000%, 8/15/24 8/13 at 100.00 AAA 5,091,400 10,000 5.100%, 8/15/33 8/13 at 100.00 AAA 10,174,700 5,000 5.150%, 2/15/37 8/13 at 100.00 AAA 5,112,800 8,800 Illinois Health Facilities Authority, Revenue Bonds, Lake 7/12 at 100.00 A- 9,248,712 Forest Hospital, Series 2002A, 5.750%, 7/01/29 1,400 Illinois Health Facilities Authority, Revenue Bonds, 11/08 at 102.00 N/R 1,296,974 Midwest Physicians Group Ltd., Series 1998, 5.500%, 11/15/19 795 Illinois Health Facilities Authority, Revenue Bonds, Victory 8/07 at 101.00 BBB- 795,938 Health Services, Series 1997A, 5.750%, 8/15/27 305 Illinois Health Facilities Authority, Revenue Refunding 6/06 at 100.00 BBB- 305,177 Bonds, Proctor Community Hospital, Series 1991, 7.375%, 1/01/23 1,650 Lombard Public Facilities Corporation, Illinois, First Tier 1/16 at 100.00 N/R 1,750,122 Conference Center and Hotel Revenue Bonds, Series 2005A-1, 7.125%, 1/01/36 1,022 Lombard Public Facilities Corporation, Illinois, Third Tier 1/36 at 100.00 N/R 1,013,922 Conference Center and Hotel Revenue Bonds, Series 2005C-3, 4.000%, 1/01/36 57 Nuveen Municipal High Income Opportunity Fund (NMZ) (continued) Portfolio of INVESTMENTS April 30, 2006 (Unaudited) PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ ILLINOIS (continued) $ 2,065 Plano Special Service Area 1, Illinois, Special Tax Bonds, 3/14 at 102.00 N/R $ 2,119,082 Lakewood Springs Project, Series 2004A, 6.200%, 3/01/34 1,000 Yorkville, Illinois, Special Service Area 2005-108 3/16 at 102.00 N/R 995,090 Assessment Bonds, Autumn Creek Project, Series 2006, 6.000%, 3/01/36 - ------------------------------------------------------------------------------------------------------------------------------------ 39,037 Total Illinois 39,988,817 - ------------------------------------------------------------------------------------------------------------------------------------ INDIANA - 3.5% (2.5% OF TOTAL INVESTMENTS) 6,360 Carmel Redevelopment District, Indiana, Tax Increment 7/12 at 103.00 N/R 6,323,176 Revenue Bonds, Series 2004A, 6.650%, 1/15/24 Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Community Foundation of Northwest Indiana, Series 2004A: 500 6.250%, 3/01/25 3/14 at 101.00 BBB- 533,265 2,500 6.000%, 3/01/34 3/14 at 101.00 BBB- 2,621,400 1,000 St. Joseph County, Indiana, Economic Development 7/15 at 103.00 N/R 1,060,170 Revenue Bonds, Chicago Trail Village Apartments, Series 2005A, 7.500%, 7/01/35 1,865 Whitley County, Indiana, Solid Waste and Sewerage 11/10 at 102.00 N/R 2,016,046 Disposal Revenue Bonds, Steel Dynamics Inc., Series 1998, 7.250%, 11/01/18 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 12,225 Total Indiana 12,554,057 - ------------------------------------------------------------------------------------------------------------------------------------ LOUISIANA - 6.3% (4.5% OF TOTAL INVESTMENTS) 2,590 Carter Plantation Community Development District, 5/16 at 100.00 N/R 2,594,895 Livingston Parish, Louisiana, Special Assessment Bonds, Series 2004, 5.500%, 5/01/16 8,500 Hodge, Louisiana, Combined Utility System Revenue Bonds, No Opt. Call CCC+ 9,532,580 Smurfit-Stone Container Corporation, Series 2003, 7.450%, 3/01/24 (Alternative Minimum Tax) 2,610 Lafourche Parish Housing Authority, Louisiana, 1/11 at 105.00 AAA 2,750,522 GNMA Collateralized Mortgage Loan Multifamily Mortgage Revenue Bonds, City Place II Apartments, Series 2001, 6.700%, 1/20/40 Ouachita Parish Industrial Development Authority, Louisiana, Solid Waste Disposal Revenue Bonds, White Oaks Project, Series 2004A: 865 8.250%, 3/01/19 (Alternative Minimum Tax) 3/10 at 102.00 N/R 897,593 805 8.500%, 3/01/24 (Alternative Minimum Tax) 3/10 at 102.00 N/R 833,771 5,125 St. James Parish, Louisiana, Solid Waste Disposal 10/22 at 100.00 N/R 5,130,330 Revenue Bonds, Freeport McMoran Project, Series 1992, 7.700%, 10/01/22 (Alternative Minimum Tax) 1,000 Tobacco Settlement Financing Corporation, Louisiana, 5/11 at 101.00 BBB 1,048,600 Tobacco Settlement Asset-Backed Bonds, Series 2001B, 5.875%, 5/15/39 - ------------------------------------------------------------------------------------------------------------------------------------ 21,495 Total Louisiana 22,788,291 - ------------------------------------------------------------------------------------------------------------------------------------ MAINE - 0.9% (0.6% OF TOTAL INVESTMENTS) 3,155 Portland Housing Development Corporation, Maine, 2/14 at 102.00 Baa2 3,259,336 Section 8 Assisted Senior Living Revenue Bonds, Avesta Housing Development Corporation, Series 2004A, 6.000%, 2/01/34 - ------------------------------------------------------------------------------------------------------------------------------------ Maryland - 3.4% (2.4% of Total Investments) 2,000 Maryland Energy Financing Administration, Revenue Bonds, 9/07 at 100.00 N/R 2,021,680 AES Warrior Run Project, Series 1995, 7.400%, 9/01/19 (Alternative Minimum Tax) 3,815 Maryland Health and Higher Educational Facilities 8/14 at 100.00 BBB+ 3,957,376 Authority, Revenue Bonds, MedStar Health, Series 2004, 5.500%, 8/15/33 7,435 Prince George's County, Maryland, Revenue Bonds, 7/06 at 100.00 B3 6,159,005 Dimensions Health Corporation, Series 1994, 5.300%, 7/01/24 - ------------------------------------------------------------------------------------------------------------------------------------ 13,250 Total Maryland 12,138,061 - ------------------------------------------------------------------------------------------------------------------------------------ MASSACHUSETTS - 1.0% (0.7% OF TOTAL INVESTMENTS) 650 Massachusetts Development Finance Agency, Pioneer No Opt. Call N/R 650,435 Valley Resource Recovery Revenue Bonds, Eco/Springfield LLC, Series 2006, 5.875%, 7/01/14 (Alternative Minimum Tax) 1,350 Massachusetts Health and Educational Facilities Authority, 7/14 at 100.00 BB- 1,415,489 Revenue Bonds, Northern Berkshire Community Services Inc., Series 2004B, 6.375%, 7/01/34 58 PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ MASSACHUSETTS (continued) $ 1,455 Massachusetts Housing Finance Agency, Rental Housing 7/10 at 100.00 AAA $ 1,548,091 Mortgage Revenue Bonds, Series 2000H, 6.650%, 7/01/41 - MBIA Insured (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 3,455 Total Massachusetts 3,614,015 - ------------------------------------------------------------------------------------------------------------------------------------ MICHIGAN - 5.3% (3.8% OF TOTAL INVESTMENTS) 1,290 Countryside Charter School, Berrien County, Michigan, 4/09 at 100.00 N/R 1,292,425 Charter School Revenue Bonds, Series 1999, 7.000%, 4/01/29 900 Countryside Charter School, Berrien County, Michigan, 4/09 at 100.00 N/R 925,146 Charter School Revenue Bonds, Series 2000, 8.000%, 4/01/29 1,440 Detroit Local Development Finance Authority, Michigan, 5/09 at 101.00 BB- 1,361,923 Tax Increment Bonds, Series 1998A, 5.500%, 5/01/21 3,580 Michigan State Hospital Finance Authority, Hospital 8/06 at 100.00 BB- 3,448,256 Revenue Refunding Bonds, Detroit Medical Center Obligated Group, Series 1993B, 5.500%, 8/15/23 1,500 Michigan State Hospital Finance Authority, Revenue Bonds, 11/15 at 102.00 N/R 1,481,250 Hills and Dales General Hospital, Series 2005A, 6.750%, 11/15/38 1,000 Midland County Economic Development Corporation, 7/07 at 101.00 BB- 999,340 Michigan, Subordinated Pollution Control Limited Obligation Revenue Refunding Bonds, Midland Cogeneration Project, Series 2000A, 6.875%, 7/23/09 (Alternative Minimum Tax) 2,740 Nataki Talibah Schoolhouse, Wayne County, Michigan, 6/10 at 102.00 N/R 2,904,619 Certificates of Participation, Series 2000, 8.250%, 6/01/30 Pontiac Hospital Finance Authority, Michigan, Hospital Revenue Refunding Bonds, NOMC Obligated Group, Series 1993: 1,000 6.000%, 8/01/13 8/06 at 100.00 Ba2 999,710 1,500 6.000%, 8/01/18 8/06 at 100.00 Ba2 1,451,850 1,800 6.000%, 8/01/23 8/06 at 100.00 Ba2 1,693,026 2,500 Saginaw Hospital Finance Authority, Michigan, Hospital 7/14 at 100.00 A 2,556,775 Revenue Bonds, Covenant Medical Center, Series 2004G, 5.125%, 7/01/22 - ------------------------------------------------------------------------------------------------------------------------------------ 19,250 Total Michigan 19,114,320 - ------------------------------------------------------------------------------------------------------------------------------------ MINNESOTA - 2.9% (2.0% OF TOTAL INVESTMENTS) Minneapolis, Minnesota, Student Housing Revenue Bonds, Riverton Community Housing Project, Series 2000: 100 7.200%, 7/01/14 (Pre-refunded 7/01/10) 7/10 at 100.00 N/R (4) 111,594 100 7.300%, 7/01/15 (Pre-refunded 7/01/10) 7/10 at 100.00 N/R (4) 111,974 1,325 Ramsey, Anoka County, Minnesota, Charter School Lease 6/14 at 102.00 N/R 1,342,768 Revenue Bonds, PACT Charter School, Series 2004A, 6.750%, 12/01/33 5,000 St. Louis Park, Minnesota, Revenue Bonds, Park Nicollet 7/14 at 100.00 A 5,128,200 Health Services, Series 2003B, 5.250%, 7/01/30 1,430 St. Paul Housing and Redevelopment Authority, Minnesota, 6/14 at 102.00 N/R 1,455,669 Charter School Revenue Bonds, Higher Ground Academy Charter School, Series 2004A, 6.625%, 12/01/23 1,100 St. Paul Housing and Redevelopment Authority, Minnesota, 6/14 at 102.00 N/R 1,141,877 Charter School Revenue Bonds, HOPE Community Academy Charter School, Series 2004A, 6.750%, 12/01/33 1,000 St. Paul Port Authority, Minnesota, Lease Revenue Bonds, 5/15 at 100.00 N/R 1,016,680 HealthEast Midway Campus, Series 2005B, 6.000%, 5/01/30 - ------------------------------------------------------------------------------------------------------------------------------------ 10,055 Total Minnesota 10,308,762 - ------------------------------------------------------------------------------------------------------------------------------------ MISSISSIPPI - 0.2% (0.1% OF TOTAL INVESTMENTS) 1,000 Mississippi Home Corporation, Multifamily Housing 10/19 at 101.00 N/R 1,015,690 Revenue Bonds, Tupelo Personal Care Apartments, Series 2004-2, 6.125%, 9/01/34 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ MISSOURI - 1.4% (1.0% OF TOTAL INVESTMENTS) 2,355 Kansas City Industrial Development Authority, Missouri, 2/14 at 102.00 N/R 2,464,037 Multifamily Housing Revenue Bonds, Pickwick Apartments Project, Series 2004, 8.000%, 2/01/34 (Alternative Minimum Tax) 59 Nuveen Municipal High Income Opportunity Fund (NMZ) (continued) Portfolio of INVESTMENTS April 30, 2006 (Unaudited) PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ MISSOURI (continued) $ 2,500 St. Louis County Industrial Development Authority, Missouri, 6/06 at 100.00 N/R $ 2,522,500 Revenue Bonds, Kiel Center Multipurpose Arena, Series 1992, 7.875%, 12/01/24 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 4,855 Total Missouri 4,986,537 - ------------------------------------------------------------------------------------------------------------------------------------ MONTANA - 2.1% (1.5% OF TOTAL INVESTMENTS) 5,200 Montana Board of Investments, Exempt Facility Revenue 7/10 at 101.00 B1 5,453,396 Bonds, Stillwater Mining Company, Series 2000, 8.000%, 7/01/20 (Alternative Minimum Tax) 1,995 Montana Board of Investments, Resource Recovery Revenue No Opt. Call N/R 1,987,619 Bonds, Yellowstone Energy LP, Series1993, 7.000%, 12/31/19 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 7,195 Total Montana 7,441,015 - ------------------------------------------------------------------------------------------------------------------------------------ NEVADA - 2.3% (1.6% OF TOTAL INVESTMENTS) 3,670 Clark County, Nevada, Industrial Development Revenue 10/30 at 100.00 B- 3,600,233 Bonds, Nevada Power Company Project,Series 1995C, 5.500%, 10/01/30 2,000 Clark County, Nevada, Industrial Development Revenue 10/30 at 100.00 B- 2,012,760 Bonds, Nevada Power Company, Series 1995A, 5.600%, 10/01/30 (Alternative Minimum Tax) 500 Clark County, Nevada, Industrial Development Revenue 11/32 at 100.00 B- 499,990 Bonds, Nevada Power Company, Series 1997A, 5.900%, 11/01/32 (Alternative Minimum Tax) 1,500 Clark County, Nevada, Local Improvement Bonds, 8/06 at 103.00 N/R 1,552,005 Mountain's Edge Special Improvement District 142, Series 2003, 6.375%, 8/01/23 550 Director of Nevada State Department of Business and 1/10 at 102.00 N/R 573,177 Industry, Revenue Bonds, Las Vegas Monorail Project, Second Tier, Series 2000, 7.375%, 1/01/40 - ------------------------------------------------------------------------------------------------------------------------------------ 8,220 Total Nevada 8,238,165 - ------------------------------------------------------------------------------------------------------------------------------------ NEW JERSEY - 4.1% (2.9% OF TOTAL INVESTMENTS) 1,000 New Jersey Economic Development Authority, Revenue 1/08 at 102.00 BB+ 950,150 Bonds, United Methodist Homes of New Jersey Obligated Group, Series 1998, 5.125%, 7/01/25 1,510 New Jersey Economic Development Authority, Special 9/09 at 101.00 B 1,477,218 Facilities Revenue Bonds, Continental Airlines Inc., Series 1999, 6.250%, 9/15/29 (Alternative Minimum Tax) 500 New Jersey Health Care Facilities Financing Authority, 7/10 at 101.00 BBB- 551,090 Revenue Bonds, Trinitas Hospital Obligated Group, Series 2000, 7.500%, 7/01/30 Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2003: 7,825 6.750%, 6/01/39 6/13 at 100.00 BBB 8,690,367 2,760 7.000%, 6/01/41 6/13 at 100.00 BBB 3,125,590 - ------------------------------------------------------------------------------------------------------------------------------------ 13,595 Total New Jersey 14,794,415 - ------------------------------------------------------------------------------------------------------------------------------------ NEW MEXICO - 1.3% (0.9% OF TOTAL INVESTMENTS) 4,500 Jicarilla Apache Nation, New Mexico, Revenue Bonds, 9/13 at 101.00 N/R 4,578,930 Series 2002A, 5.000%, 9/01/18 - ------------------------------------------------------------------------------------------------------------------------------------ NEW YORK - 4.9% (3.5% OF TOTAL INVESTMENTS) 4,000 Dormitory Authority of the State of New York, Revenue 7/11 at 101.00 Ba2 3,918,480 Bonds, Lenox Hill Hospital Obligated Group, Series 2001, 5.500%, 7/01/30 1,000 New York City Industrial Development Agency, New York, 8/16 at 101.00 B- 1,100,650 American Airlines-JFK International Airport Special Facility Revenue Bonds, Series 2005, 7.750%, 8/01/31 (Alternative Minimum Tax) 500 New York City Industrial Development Agency, New York, 3/09 at 103.00 N/R 525,245 Liberty Revenue Bonds, 7 World Trade Center, Series 2005A, 6.250%, 3/01/15 1,700 New York City Industrial Development Agency, New York, 8/06 at 100.00 CCC 1,584,842 Special Facilities Revenue Bonds, American Airlines Inc., Series 1994, 6.900%, 8/01/24 (Alternative Minimum Tax) 750 New York City Industrial Development Agency, New York, No Opt. Call B- 819,038 Special Facilities Revenue Bonds, JFK Airport - American Airlines Inc., Series 2002A, 8.000%, 8/01/12 (Alternative Minimum Tax) 60 PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ NEW YORK (continued) New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003B-1C: $ 4,000 5.500%, 6/01/21 6/13 at 100.00 AA- $ 4,281,720 5,000 5.500%, 6/01/22 6/13 at 100.00 AA- 5,339,550 - ------------------------------------------------------------------------------------------------------------------------------------ 16,950 Total New York 17,569,525 - ------------------------------------------------------------------------------------------------------------------------------------ NORTH CAROLINA - 1.6% (1.1% OF TOTAL INVESTMENTS) 5,500 North Carolina Capital Facilities Finance Agency, Solid 7/12 at 106.00 N/R 5,596,030 Waste Facilities Revenue Bonds, Liberty Tire Services of North Carolina LLC, Series 2004A, 6.750%, 7/01/29 - ------------------------------------------------------------------------------------------------------------------------------------ OHIO - 4.1% (2.9% OF TOTAL INVESTMENTS) Belmont County, Ohio, Revenue Bonds, Ohio Valley Health Services and Education Corporation, Series 1998: 500 5.700%, 1/01/13 1/08 at 102.00 B 479,865 400 5.800%, 1/01/18 1/08 at 102.00 B 376,048 3,375 Cleveland-Cuyahoga County Port Authority, Ohio, 5/14 at 102.00 N/R 3,423,600 Development Revenue Bonds, Bond Fund Program - Garfield Heights Project, Series 2004D, 5.250%, 5/15/23 7,600 Ohio Water Development Authority, Solid Waste Disposal 9/08 at 102.00 N/R 7,660,572 Revenue Bonds, Bay Shore Power, Series 1998A, 5.875%, 9/01/20 (Alternative Minimum Tax) 1,000 Ohio, Environmental Facilities Revenue Bonds, Ford 4/15 at 100.00 Ba1 859,460 Motor Company, Series 2005, 5.750%, 4/01/35 (Alternative Minimum Tax) 800 Toledo-Lucas County Port Authority, Ohio, Port Revenue 3/14 at 101.00 A+ 794,776 Bonds, Cargill Inc., Series 2004A,4.800%, 3/01/22 1,275 Trumbull County, Ohio, Sewerage Disposal Revenue Bonds, No Opt. Call B 1,175,486 General Motors Corporation, Series 1994, 6.750%, 7/01/14 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 14,950 Total Ohio 14,769,807 - ------------------------------------------------------------------------------------------------------------------------------------ OKLAHOMA - 4.5% (3.2% OF TOTAL INVESTMENTS) 1,000 Okeene Municipal Hospital and Schallmo Authority, 1/16 at 101.00 N/R 985,200 Oklahoma, Revenue Bonds, Series 2006, 7.000%, 1/01/35 Oklahoma Development Finance Authority, Revenue Refunding Bonds, Hillcrest Healthcare System, Series 1999A: 1,200 5.750%, 8/15/15 (Pre-refunded 8/15/09) 8/09 at 101.00 AAA 1,281,432 11,680 5.625%, 8/15/29 (Pre-refunded 8/15/09) 8/09 at 101.00 AAA 12,427,870 1,335 Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds, 6/06 at 101.00 B- 1,308,126 American Airlines Inc., Series 1995, 6.250%, 6/01/20 - ------------------------------------------------------------------------------------------------------------------------------------ 15,215 Total Oklahoma 16,002,628 - ------------------------------------------------------------------------------------------------------------------------------------ PENNSYLVANIA - 4.9% (3.5% OF TOTAL INVESTMENTS) Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, West Penn Allegheny Health System, Series 2000B: 695 9.250%, 11/15/22 11/10 at 102.00 Ba3 828,030 6,455 9.250%, 11/15/30 11/10 at 102.00 Ba3 7,684,678 500 Allentown Area Hospital Authority, Pennsylvania, No Opt. Call BB+ 509,370 Revenue Bonds, Sacred Heart Hospital, Series 2005, 6.000%, 11/15/16 2,000 Chester County Health and Education Facilities Authority, 10/15 at 102.00 N/R 1,998,500 Pennsylvania, Revenue Bonds, Immaculata University, Series 2005, 5.750%, 10/15/37 190 Monroeville Hospital Authority, Pennsylvania, Revenue 10/13 at 100.00 Ba3 190,257 Bonds, Forbes Health System, Series 1992, 7.000%, 10/01/13 300 Monroeville Hospital Authority, Pennsylvania, Revenue 10/06 at 101.00 Ba3 304,215 Bonds, Forbes Health System, Series 1995, 6.250%, 10/01/15 500 New Morgan Industrial Development Authority, 10/06 at 100.00 BB- 495,835 Pennsylvania, Solid Waste Disposal Revenue Bonds, New Morgan Landfill Company Inc., Series 1994, 6.500%, 4/01/19 (Alternative Minimum Tax) 400 Pennsylvania Economic Development Financing Authority, 12/09 at 103.00 B2 426,228 Exempt Facilities Revenue Bonds, Reliant Energy Inc., Series 2002A, 6.750%, 12/01/36 (Alternative Minimum Tax) 61 Nuveen Municipal High Income Opportunity Fund (NMZ) (continued) Portfolio of INVESTMENTS April 30, 2006 (Unaudited) PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ PENNSYLVANIA (continued) $ 600 Pennsylvania Economic Development Financing Authority, 12/09 at 103.00 B2 $ 639,342 Exempt Facilities Revenue Bonds, Reliant Energy Inc., Series 2003A, 6.750%, 12/01/36 (Alternative Minimum Tax) 4,000 Pennsylvania Economic Development Financing Authority, 6/12 at 102.00 A 4,263,200 Revenue Bonds, Amtrak 30th Street Station Parking Garage, Series 2002, 5.800%, 6/01/23 - ACA Insured (Alternative Minimum Tax) 230 Pennsylvania Higher Educational Facilities Authority, 9/17 at 100.00 Ba3 230,343 Revenue Bonds, Allegheny General Hospital, Series 1991A, 7.250%, 9/01/17 - ------------------------------------------------------------------------------------------------------------------------------------ 15,870 Total Pennsylvania 17,569,998 - ------------------------------------------------------------------------------------------------------------------------------------ RHODE ISLAND - 1.3% (0.9% OF TOTAL INVESTMENTS) 1,500 Central Falls Detention Facility Corporation, Rhode Island, 7/15 at 103.00 N/R 1,641,420 Detention Facility Revenue Bonds, Series 2005, 7.250%, 7/15/35 3,000 Rhode Island Tobacco Settlement Financing Corporation, 6/12 at 100.00 BBB 3,148,950 Tobacco Settlement Asset-Backed Bonds, Series 2002A, 6.250%, 6/01/42 - ------------------------------------------------------------------------------------------------------------------------------------ 4,500 Total Rhode Island 4,790,370 - ------------------------------------------------------------------------------------------------------------------------------------ SOUTH CAROLINA - 0.1% (0.1% OF TOTAL INVESTMENTS) 490 Tobacco Settlement Revenue Management Authority, No Opt. Call BBB 545,037 South Carolina, Tobacco Settlement Asset-Backed Bonds, Series 2001B, 6.375%, 5/15/30 - ------------------------------------------------------------------------------------------------------------------------------------ TENNESSEE - 1.2% (0.8% OF TOTAL INVESTMENTS) 3,500 Knox County Health, Educational and Housing Facilities 4/12 at 101.00 Baa3 3,703,245 Board, Tennessee, Hospital Revenue Bonds, Baptist Health System of East Tennessee Inc., Series 2002, 6.500%, 4/15/31 500 Maury County Industrial Development Board, Tennessee, 9/06 at 100.00 B 438,400 Multi-Modal Interchangeable Rate Pollution Control Revenue Refunding Bonds, Saturn Corporation, Series 1994, 6.500%, 9/01/24 - ------------------------------------------------------------------------------------------------------------------------------------ 4,000 Total Tennessee 4,141,645 - ------------------------------------------------------------------------------------------------------------------------------------ TEXAS - 9.8% (6.9% OF TOTAL INVESTMENTS) 1,200 Dallas-Ft. Worth International Airport Facility Improvement 5/06 at 100.00 CCC 1,118,484 Corporation, Texas, Revenue Bonds, American Airlines Inc., Series 1992, 7.250%, 11/01/30 (Alternative Minimum Tax) 2,705 Dallas-Ft. Worth International Airport Facility Improvement 11/07 at 100.00 CCC 2,409,668 Corporation, Texas, Revenue Bonds, American Airlines Inc., Series 1995, 6.000%, 11/01/14 565 Dallas-Ft. Worth International Airport Facility Improvement 11/09 at 101.00 CCC 474,108 Corporation, Texas, Revenue Bonds, American Airlines Inc., Series 1999, 6.375%, 5/01/35 (Alternative Minimum Tax) Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2004A: 1,840 7.000%, 9/01/25 9/14 at 100.00 N/R 1,990,512 6,600 7.125%, 9/01/34 9/14 at 100.00 N/R 7,136,778 585 Gulf Coast Industrial Development Authority, Texas, Solid 4/12 at 100.00 Ba1 656,809 Waste Disposal Revenue Bonds, Citgo Petroleum Corporation Project, Series 1998, 8.000%, 4/01/28 (Alternative Minimum Tax) 3,000 Harris County Health Facilities Development Corporation, 12/14 at 100.00 A 3,047,790 Texas, Hospital Revenue Bonds, Memorial Hermann Healthcare System, Series 2004A, 5.125%, 12/01/23 Houston Health Facilities Development Corporation, Texas, Revenue Bonds, Buckingham Senior Living Community Inc., Series 2004A: 250 7.000%, 2/15/23 2/14 at 101.00 N/R 274,130 1,400 7.125%, 2/15/34 2/14 at 101.00 N/R 1,530,648 2,020 Houston, Texas, Airport System Special Facilities Revenue 7/09 at 101.00 B- 1,749,542 Bonds, Continental Air Lines Inc., Series 1998B, 5.700%, 7/15/29 (Alternative Minimum Tax) 975 Houston, Texas, Airport System Special Facilities Revenue 7/09 at 101.00 B- 844,457 Bonds, Continental Air Lines Inc., Series 1998C, 5.700%, 7/15/29 (Alternative Minimum Tax) Houston, Texas, Airport System Special Facilities Revenue Bonds, Continental Air Lines Inc., Series 2001E: 600 7.375%, 7/01/22 (Alternative Minimum Tax) 7/11 at 101.00 B- 629,070 5,350 6.750%, 7/01/29 (Alternative Minimum Tax) 7/11 at 101.00 B- 5,440,897 2,000 Sea Breeze Public Facility Corporation, Texas, Multifamily 1/21 at 100.00 N/R 1,998,340 Housing Revenue Bonds, Sea Breeze Senior Apartments, Series 2006, 6.500%, 1/01/46 (Alternative Minimum Tax) 62 PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TEXAS (continued) $ 5,850 Texas Department of Housing and Community Affairs, 7/21 at 100.00 N/R $ 5,837,423 Multifamily Housing Revenue Bonds, Humble Parkway Townhomes, Series 2004, 6.600%, 1/01/41 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 34,940 Total Texas 35,138,656 - ------------------------------------------------------------------------------------------------------------------------------------ VIRGIN ISLANDS - 3.4% (2.4% OF TOTAL INVESTMENTS) 3,000 Virgin Islands Public Finance Authority, Gross Receipts 10/14 at 100.00 AA 3,097,740 Taxes Loan Note, Series 2003, 5.000%, 10/01/26 - RAAI Insured 5,000 Virgin Islands Public Finance Authority, Revenue Bonds, 1/14 at 100.00 BBB 5,493,100 Refinery Project - Hovensa LLC, Series 2003, 6.125%, 7/01/22 (Alternative Minimum Tax) 3,300 Virgin Islands Public Finance Authority, Senior Secured 7/14 at 100.00 BBB 3,586,110 Lien Revenue Bonds, Refinery Project - Hovensa LLC, Series 2004, 5.875%, 7/01/22 - ------------------------------------------------------------------------------------------------------------------------------------ 11,300 Total Virgin Islands 12,176,950 - ------------------------------------------------------------------------------------------------------------------------------------ VIRGINIA - 4.2% (3.0% OF TOTAL INVESTMENTS) Pocahontas Parkway Association, Virginia, Senior Lien Revenue Bonds, Route 895 Connector Toll Road, Series 1998A: 2,000 0.000%, 8/15/14 8/08 at 73.23 BB- 1,282,340 4,250 5.500%, 8/15/28 8/08 at 102.00 BB- 4,334,192 1,850 0.000%, 8/15/30 8/08 at 28.38 BB- 458,745 Pocahontas Parkway Association, Virginia, Senior Lien Revenue Bonds, Route 895 Connector Toll Road, Series 1998B: 2,000 0.000%, 8/15/12 8/08 at 82.10 BB- 1,434,900 3,000 0.000%, 8/15/15 8/08 at 68.82 BB- 1,807,530 9,000 0.000%, 8/15/19 8/08 at 54.38 BB- 4,268,070 650 Rockbridge County Industrial Development Authority, 7/11 at 105.00 B2 673,446 Virginia, Horse Center Revenue Bonds, Series 2001A, 7.400%, 7/15/21 1,000 Rockbridge County Industrial Development Authority, 7/11 at 100.00 B2 1,000,940 Virginia, Horse Center Revenue Refunding Bonds, Series 2001C, 6.850%, 7/15/21 - ------------------------------------------------------------------------------------------------------------------------------------ 23,750 Total Virginia 15,260,163 - ------------------------------------------------------------------------------------------------------------------------------------ WASHINGTON - 3.5% (2.5% OF TOTAL INVESTMENTS) 3,000 Skagit County Public Hospital District 1, Washington, 12/13 at 100.00 Baa3 3,196,590 Revenue Bonds, Skagit Valley Hospital, Series 2003, 6.000%, 12/01/18 Vancouver Downtown Redevelopment Authority, Washington, Revenue Bonds, Conference Center Project, Series 2003A: 1,750 6.000%, 1/01/28 - ACA Insured 1/14 at 100.00 A 1,882,773 4,725 6.000%, 1/01/34 - ACA Insured 1/14 at 100.00 A 5,055,325 2,500 5.250%, 1/01/34 - ACA Insured 1/14 at 100.00 A 2,522,600 - ------------------------------------------------------------------------------------------------------------------------------------ 11,975 Total Washington 12,657,288 - ------------------------------------------------------------------------------------------------------------------------------------ WISCONSIN - 5.7% (4.0% OF TOTAL INVESTMENTS) 550 Lac Courte Oreilles Band of Lake Superior Chippewa 12/14 at 101.00 N/R 548,119 Indians, Wisconsin, Revenue Bonds, Series 2003A, 7.750%, 6/01/16 Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care Inc., Series 1999A: 9,380 5.600%, 2/15/29 2/09 at 101.00 BBB+ 9,576,605 2,300 5.600%, 2/15/29 - ACA Insured 2/09 at 101.00 A 2,348,990 300 Wisconsin Health and Educational Facilities Authority, 7/06 at 102.00 N/R 306,282 Revenue Bonds, Milwaukee Catholic Home Inc., Series 1996, 7.250%, 7/01/17 500 Wisconsin Health and Educational Facilities Authority, 8/15 at 100.00 N/R 500,655 Revenue Bonds, Oakwood Village Obligated Group, Series 2000A, 7.000%, 8/15/15 Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Southwest Health Center Inc., Series 2004A: 875 6.125%, 4/01/24 4/14 at 100.00 N/R 892,811 1,000 6.250%, 4/01/34 4/14 at 100.00 N/R 1,015,526 63 Nuveen Municipal High Income Opportunity Fund (NMZ) (continued) Portfolio of INVESTMENTS April 30, 2006 (Unaudited) PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ WISCONSIN (continued) $ 5,030 Wisconsin Health and Educational Facilities Authority, 2/12 at 101.00 A $ 5,296,489 Revenue Bonds, Wheaton Franciscan Services Inc., Series 2002, 5.750%, 8/15/30 - ------------------------------------------------------------------------------------------------------------------------------------ 19,935 Total Wisconsin 20,485,477 - ------------------------------------------------------------------------------------------------------------------------------------ $ 498,846 Total Investments (cost $477,396,013) - 141.1% 507,305,004 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 2.0% 7,272,616 -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (43.1)% (155,000,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 359,577,620 ====================================================================================================================
(1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. (2) 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. Certain mortgage-backed securities may be subject to periodic principal paydowns. (3) Ratings: Using the higher of Standard & Poor's or Moody's rating. Ratings below BBB by Standard & Poor's Group or Baa by Moody's Investor Service, Inc. are considered to be below investment grade. (4) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities. N/R Not rated. (ETM) Escrowed to maturity. See accompanying notes to financial statements. 64 Statement of ASSETS AND LIABILITIES April 30, 2006 (Unaudited)
Investment Select Quality Premier High Income Quality Quality Income Income Opportunity (NQM) (NQS) (NQU) (NPF) (NMZ) - ------------------------------------------------------------------------------------------------------------------------------------ ASSETS Investments, at value (cost $788,580,628, $834,359,114 $786,301,413 $1,257,220,852 $464,660,835 $507,305,004 $740,765,462, $1,182,573,933, $446,303,106 and $477,396,013, respectively) Receivables: Interest 13,541,436 12,246,174 20,888,021 7,075,050 9,514,734 Investments sold 3,635,243 2,324,352 725,000 100,000 230,000 Other assets 74,250 68,629 108,100 35,109 27,044 Total assets 851,610,043 800,940,568 1,278,941,973 471,870,994 517,076,782 - ------------------------------------------------------------------------------------------------------------------------------------ LIABILITIES Cash overdraft 3,610,449 1,696,412 6,230,226 1,256,176 1,901,145 Payable for investments purchased 2,090,631 1,460,175 -- 8,041,818 -- Accrued expenses: Management fees 427,693 403,699 635,755 237,636 170,564 Other 162,218 151,082 246,533 92,424 296,526 Preferred share dividends payable 153,702 143,222 213,981 70,054 130,927 Total liabilities 6,444,693 3,854,590 7,326,495 9,698,108 2,499,162 - ------------------------------------------------------------------------------------------------------------------------------------ Preferred shares, at liquidation value 301,000,000 279,000,000 452,000,000 165,000,000 155,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares $544,165,350 $518,085,978 $ 819,615,478 $297,172,886 $359,577,620 ==================================================================================================================================== Common shares outstanding 35,748,959 33,909,733 54,204,488 20,091,018 23,276,503 ==================================================================================================================================== Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding) $ 15.22 $ 15.28 $ 15.12 $ 14.79 $ 15.45 ==================================================================================================================================== NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF: - ------------------------------------------------------------------------------------------------------------------------------------ Common shares, $.01 par value per share $ 357,490 $ 339,097 $ 542,045 $ 200,910 $ 232,765 Paid-in surplus 498,308,982 472,187,936 755,082,993 279,089,642 329,259,703 Undistributed (Over-distribution of) net investment income 3,107,071 3,194,351 3,463,033 (407,929) 489,034 Accumulated net realized gain (loss) from investments (3,386,679) (3,171,357) (14,119,512) (67,466) (312,873) Net unrealized appreciation (depreciation) of investments 45,778,486 45,535,951 74,646,919 18,357,729 29,908,991 Net assets applicable to Common shares $544,165,350 $518,085,978 $ 819,615,478 $297,172,886 $359,577,620 ==================================================================================================================================== Authorized shares: Common 200,000,000 200,000,000 200,000,000 200,000,000 Unlimited Preferred 1,000,000 1,000,000 1,000,000 1,000,000 Unlimited ====================================================================================================================================
See accompanying notes to financial statements. 65 Statement of OPERATIONS Six Months Ended April 30, 2006 (Unaudited)
Investment Select Quality Premier High Income Quality Quality Income Income Opportunity (NQM) (NQS) (NQU) (NPF) (NMZ) - ------------------------------------------------------------------------------------------------------------------------------------ INVESTMENT INCOME $21,626,353 $21,108,074 $32,203,474 $11,229,350 $15,510,009 - ------------------------------------------------------------------------------------------------------------------------------------ EXPENSES Management fees 2,603,086 2,452,042 3,859,148 1,445,324 1,845,753 Preferred shares - auction fees 373,517 346,196 560,927 204,809 116,706 Preferred shares - dividend disbursing agent fees 26,493 24,795 33,151 14,877 10,234 Shareholders' servicing agent fees and expenses 34,128 31,114 52,432 19,499 1,712 Custodian's fees and expenses 99,872 88,371 134,909 61,801 84,613 Directors'/Trustees' fees and expenses 8,808 7,744 12,256 4,577 5,170 Professional fees 53,179 18,439 32,627 22,304 12,749 Shareholders' reports - printing and mailing expenses 40,525 39,369 62,727 24,592 26,120 Stock exchange listing fees 6,603 6,259 10,011 4,965 980 Investor relations expense 27,881 26,468 40,941 16,289 15,489 Other expenses 25,644 23,586 32,621 15,948 15,876 - ------------------------------------------------------------------------------------------------------------------------------------ Total expenses before custodian fee credit and expense reimbursement 3,299,736 3,064,383 4,831,750 1,834,985 2,135,402 Custodian fee credit (6,806) (33,361) (37,901) (3,949) (3,967) Expense reimbursement -- -- -- -- (816,902) Net expenses 3,292,930 3,031,022 4,793,849 1,831,036 1,314,533 - ------------------------------------------------------------------------------------------------------------------------------------ Net investment income 18,333,423 18,077,052 27,409,625 9,398,314 14,195,476 - ------------------------------------------------------------------------------------------------------------------------------------ REALIZED AND UNREALIZED GAIN (LOSS) Net realized gain (loss) from investments (3,386,494) (1,773,622) 686,714 526,514 103,196 Change in net unrealized appreciation (depreciation) of investments 604,284 (3,095,321) (6,231,233) (2,429,462) 2,258,980 - ------------------------------------------------------------------------------------------------------------------------------------ Net realized and unrealized gain (loss) (2,782,210) (4,868,943) (5,544,519) (1,902,948) 2,362,176 - ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO PREFERRED SHAREHOLDERS From net investment income (3,576,091) (4,075,218) (6,560,419) (2,361,984) (2,046,153) From accumulated net realized gains (957,218) -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets applicable to Common shares from distributions to Preferred shareholders (4,533,309) (4,075,218) (6,560,419) (2,361,984) (2,046,153) - ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares from operations $11,017,904 $ 9,132,891 $15,304,687 $ 5,133,382 $14,511,499 ====================================================================================================================================
See accompanying notes to financial statements. 66 Statement of CHANGES IN NET ASSETS (Unaudited)
INVESTMENT QUALITY (NQM) SELECT QUALITY (NQS) -------------------------------- ----------------------------- SIX MONTHS YEAR SIX MONTHS YEAR ENDED ENDED ENDED ENDED 4/30/06 10/31/05 4/30/06 10/31/05 - ----------------------------------------------------------------------------------------------------------------------------------- OPERATIONS Net investment income $ 18,333,423 $ 37,473,065 $ 18,077,052 $ 36,101,610 Net realized gain (loss) from investments (3,386,494) 6,082,899 (1,773,622) 960,964 Change in net unrealized appreciation (depreciation) of investments 604,284 (20,140,785) (3,095,321) (6,444,043) Distributions to Preferred Shareholders: From net investment income (3,576,091) (5,597,765) (4,075,218) (5,583,403) From accumulated net realized gains (957,218) (283,920) -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares from operations 11,017,904 17,533,494 9,132,891 25,035,128 - ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO COMMON SHAREHOLDERS From net investment income (15,585,054) (34,211,757) (15,387,359) (32,735,302) From accumulated net realized gains (5,124,321) (3,628,521) -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets applicable to Common shares from distributions to Common shareholders (20,709,375) (37,840,278) (15,387,359) (32,735,302) - ------------------------------------------------------------------------------------------------------------------------------------ CAPITAL SHARE TRANSACTIONS Net proceeds from Common shares issued to shareholders due to reinvestment of distributions -- -- 346,249 -- Preferred shares offering costs adjustments -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Net increase in net assets applicable to Common shares from capital share transactions -- -- 346,249 -- - ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares (9,691,471) (20,306,784) (5,908,219) (7,700,174) Net assets applicable to Common shares at the beginning of period 553,856,821 574,163,605 523,994,197 531,694,371 - ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares at the end of period $544,165,350 $553,856,821 $518,085,978 $523,994,197 =================================================================================================================================== Undistributed (Over-distribution of) net investment income at the end of period $ 3,107,071 $ 3,934,793 $ 3,194,351 $ 4,579,876 ===================================================================================================================================
See accompanying notes to financial statements. 67 Statement of CHANGES IN NET ASSETS (Unaudited) (continued)
HIGH INCOME QUALITY INCOME (NQU) PREMIER INCOME (NPF) OPPORTUNITY (NMZ) ------------------------------ ------------------------------- ----------------------------- SIX MONTHS YEAR SIX MONTHS YEAR SIX MONTHS YEAR ENDED ENDED ENDED ENDED ENDED ENDED 4/30/06 10/31/05 4/30/06 10/31/05 4/30/06 10/31/05 - ------------------------------------------------------------------------------------------------------------------------------------ OPERATIONS Net investment income $ 27,409,625 $ 55,329,356 $ 9,398,314 $ 18,954,617 $ 14,195,476 $ 28,356,278 Net realized gain (loss) from investments 686,714 2,451,781 526,514 (575,979) 103,196 (419,282) Change in net unrealized appreciation (depreciation) of investments (6,231,233) (14,338,193) (2,429,462) (7,270,490) 2,258,980 12,786,268 Distributions to Preferred Shareholders: From net investment income (6,560,419) (8,862,398) (2,361,984) (3,156,277) (2,046,153) (3,009,376) From accumulated net realized gains -- -- -- (210,150) -- (126,806) - ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares from operations 15,304,687 34,580,546 5,133,382 7,741,721 14,511,499 37,587,082 - ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO COMMON SHAREHOLDERS From net investment income (22,765,885) (49,597,118) (7,383,451) (17,603,925) (12,423,500) (24,809,067) From accumulated net realized gains -- -- -- (2,706,087) -- (1,439,677) - ------------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets applicable to Common shares from distributions to Common shareholders (22,765,885) (49,597,118) (7,383,451) (20,310,012) (12,423,500) (26,248,744) - ------------------------------------------------------------------------------------------------------------------------------------ CAPITAL SHARE TRANSACTIONS Net proceeds from Common shares issued to shareholders due to reinvestment of distributions -- -- -- -- 464,198 679,398 Preferred shares offering costs -- -- -- -- -- (15,476) - ------------------------------------------------------------------------------------------------------------------------------------ Net increase in net assets applicable to Common shares from capital share transactions -- -- -- -- 464,198 663,922 - ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares (7,461,198) (15,016,572) (2,250,069) (12,568,291) 2,552,197 12,002,260 Net assets applicable to Common shares at the beginning of period 827,076,676 842,093,248 299,422,955 311,991,246 357,025,423 345,023,163 - ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares at the end of period $819,615,478 $827,076,676 $297,172,886 $299,422,955 $359,577,620 $357,025,423 ==================================================================================================================================== Undistributed (Over-distribution of) net investment income at the end of period $ 3,463,033 $ 5,379,712 $ (407,929) $ (60,808) $ 489,034 $ 763,211 ====================================================================================================================================
See accompanying notes to financial statements. 68 Notes to FINANCIAL STATEMENTS (Unaudited) 1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES The funds (the "Funds") covered in this report and their corresponding Common share stock exchange symbols are Nuveen Investment Quality Municipal Fund, Inc. (NQM), Nuveen Select Quality Municipal Fund, Inc. (NQS), Nuveen Quality Income Municipal Fund, Inc. (NQU), Nuveen Premier Municipal Income Fund, Inc. (NPF) and Nuveen Municipal High Income Opportunity Fund (NMZ). Common shares of Investment Quality (NQM), Select Quality (NQS), Quality Income (NQU) and Premier Income (NPF) are traded on the New York Stock Exchange while Common shares of High Income Opportunity (NMZ) are traded on the American Stock Exchange. The Funds are registered under the Investment Company Act of 1940, as amended, as closed-end, diversified management investment companies. Each Fund seeks to provide current income exempt from regular federal income tax by investing primarily in a diversified portfolio of municipal obligations issued by state and local government authorities or certain U.S. territories. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with U.S. generally accepted accounting principles. Investment Valuation The prices of municipal bonds in each Fund's investment portfolio are provided by a pricing service approved by the Fund's Board of Directors/Trustees. When market price quotes are not readily available (which is usually the case for municipal securities), the pricing service or, in the absence of a pricing service for a particular security, the Board of Directors/Trustees of the Funds, or its designee, may establish fair market value using a wide variety of market data including yields or prices of municipal bonds of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from securities dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit characteristics considered relevant by the pricing service or the Board of Directors'/Trustees' designee. Exchange-listed securities are generally valued at the last sales price on the securities exchange on which such securities are primarily traded. Securities traded on a securities exchange for which there are no transactions on a given day or securities not listed on a securities exchange are valued at the mean of the closing bid and asked prices. Securities traded on Nasdaq are valued at the Nasdaq Official Closing Price. Temporary investments in securities that have variable rate and demand features qualifying them as short-term investments are valued at amortized cost, which approximates market value. Investment Transactions Investment transactions are recorded on a trade date basis. Realized gains and losses from transactions are determined on the specific identification method. Investments purchased on a when-issued or delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to segregate assets with a current value at least equal to the amount of the when-issued and delayed delivery purchase commitments. At April 30, 2006, Investment Quality (NQM), Select Quality (NQS) and Premier Income (NPF) had when-issued/delayed delivery purchase commitments of $2,090,631, $1,460,175 and $198,210, respectively. There were no such outstanding purchase commitments in any of the other Funds. Investment Income Interest income, which includes the amortization of premiums and accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Investment income also includes paydown gains and losses, if any. Dividend income, if any, is recorded on the ex-dividend date. Professional Fees Professional fees presented in the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment, or to pursue other claims or legal actions on behalf of Fund shareholders. Federal Income Taxes Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions which will enable interest from municipal securities, which is exempt from regular federal income tax, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation. 69 Notes to FINANCIAL STATEMENTS (Unaudited) (continued) Dividends and Distributions to Common Shareholders Dividends from tax-exempt net investment income are declared monthly. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders not less frequently than annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards. Distributions to Common shareholders of tax-exempt net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. generally accepted accounting principles. Preferred Shares The Funds have issued and outstanding Preferred shares, $25,000 stated value per share, as a means of effecting financial leverage. Each Fund's Preferred shares are issued in more than one Series. The dividend rate paid by the Funds on each Series, with the exception of High Income Opportunity's (NMZ) Series W, is determined every seven days, pursuant to a dutch auction process overseen by the auction agent, and is payable at the end of each rate period. The initial dividend rate for High Income Opportunity's (NMZ) Series W was negotiated at the time of the Preferred share offering and is set for a three year period, from its inception, and payable monthly. The number of Preferred shares outstanding, by Series and in total, for each Fund is as follows:
INVESTMENT SELECT QUALITY PREMIER HIGH INCOME QUALITY QUALITY INCOME INCOME OPPORTUNITY (NQM) (NQS) (NQU) (NPF) (NMZ) - --------------------------------------------------------------------------------------------------------- Number of shares: Series M 2,500 2,000 3,000 1,000 3,000 Series T 2,500 2,000 3,000 2,800 1,600 Series W 2,500 2,800 3,000 -- 1,600 Series W2 -- -- 2,080 -- -- Series TH 2,040 1,560 4,000 2,800 -- Series F 2,500 2,800 3,000 -- -- - --------------------------------------------------------------------------------------------------------- Total 12,040 11,160 18,080 6,600 6,200 =========================================================================================================
Derivative Financial Instruments The Funds may invest in certain derivative financial instruments including futures, forward, swap and option contracts, and other financial instruments with similar characteristics. Although the Funds are authorized to invest in such financial instruments, and may do so in the future, they did not invest in any such instruments during the six months ended April 30, 2006. Custodian Fee Credit Each Fund has an arrangement with the custodian bank whereby certain custodian fees and expenses are reduced by credits earned on each Fund's cash on deposit with the bank. Such deposit arrangements are an alternative to overnight investments. Indemnifications Under the Funds' organizational documents, their Officers and Directors/Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets applicable to Common shares from operations during the reporting period. Actual results may differ from those estimates. 70 2. FUND SHARES Transactions in Common shares were as follows:
INVESTMENT SELECT QUALITY QUALITY (NQM) QUALITY (NQS) INCOME (NQU) ----------------------- ------------------------ ----------------------- SIX MONTHS YEAR SIX MONTHS YEAR SIX MONTHS YEAR ENDED ENDED ENDED ENDED ENDED ENDED 4/30/06 10/31/05 4/30/06 10/31/05 4/30/06 10/31/05 - --------------------------------------------------------------------------------------------------------- Common shares issued to shareholders due to reinvestment of distributions -- -- 22,259 -- -- -- ========================================================================================================= PREMIER HIGH INCOME INCOME (NPF) OPPORTUNITY (NMZ) --------------------- ------------------ SIX MONTHS YEAR SIX MONTHS YEAR ENDED ENDED ENDED ENDED 4/30/06 10/31/05 4/30/06 10/31/05 - --------------------------------------------------------------------------------------------------------- Common shares issued to shareholders due to reinvestment of distributions -- -- 28,381 44,087 =========================================================================================================
3. SECURITIES TRANSACTIONS Purchases and sales (including maturities but excluding short-term investments) during the six months ended April 30, 2006, were as follows:
INVESTMENT SELECT QUALITY PREMIER HIGH INCOME QUALITY QUALITY INCOME INCOME OPPORTUNITY (NQM) (NQS) (NQU) (NPF) (NMZ) - --------------------------------------------------------------------------------------------------------- Purchases $55,283,703 $25,294,284 $31,158,772 $63,814,290 $15,229,661 Sales and maturities 66,556,885 23,790,596 29,019,020 56,994,873 15,176,851 =========================================================================================================
4. INCOME TAX INFORMATION The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to the treatment of paydown gains and losses, timing differences in recognizing taxable market discount and timing differences in recognizing certain gains and losses on investment transactions. At April 30, 2006, the cost of investments was as follows:
INVESTMENT SELECT QUALITY PREMIER HIGH INCOME QUALITY QUALITY INCOME INCOME OPPORTUNITY (NQM) (NQS) (NQU) (NPF) (NMZ) - ------------------------------------------------------------------------------------------------------------ Cost of investments $788,128,848 $740,269,641 $1,182,323,384 $446,245,257 $476,446,780 ============================================================================================================
Gross unrealized appreciation and gross unrealized depreciation of investments at April 30, 2006, were as follows:
INVESTMENT SELECT QUALITY PREMIER HIGH INCOME QUALITY QUALITY INCOME INCOME OPPORTUNITY (NQM) (NQS) (NQU) (NPF) (NMZ) - --------------------------------------------------------------------------------------------------------- Gross unrealized: Appreciation $47,452,435 $46,934,171 $77,363,688 $20,105,935 $32,362,932 Depreciation (1,222,169) (902,399) (2,466,220) (1,690,357) (1,504,708) - --------------------------------------------------------------------------------------------------------- Net unrealized appreciation (depreciation) of investments $46,230,266 $46,031,772 $74,897,468 $18,415,578 $30,858,224 =========================================================================================================
The tax components of undistributed net investment income and net realized gains at October 31, 2005, the Funds' last tax year end, were as follows:
INVESTMENT SELECT QUALITY PREMIER HIGH INCOME QUALITY QUALITY INCOME INCOME OPPORTUNITY (NQM) (NQS) (NQU) (NPF) (NMZ) - --------------------------------------------------------------------------------------------------------- Undistributed net tax-exempt income * $6,155,980 $6,819,511 $8,701,944 $1,265,315 $2,255,401 Undistributed net ordinary income ** 83,080 772 -- 2,490 8,072 Undistributed net long-term capital gains 6,081,356 -- -- -- -- =========================================================================================================
* Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on October 3, 2005, paid on November 1, 2005. ** Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. 71 Notes to FINANCIAL STATEMENTS (Unaudited) (continued) The tax character of distributions paid during the Funds' last tax year ended October 31, 2005, was designated for purposes of the dividends paid deduction as follows:
INVESTMENT SELECT QUALITY PREMIER HIGH INCOME QUALITY QUALITY INCOME INCOME OPPORTUNITY (NQM) (NQS) (NQU) (NPF) (NMZ) - --------------------------------------------------------------------------------------------------------- Distributions from net tax-exempt income $40,152,471 $38,496,292 $58,975,142 $20,987,782 $27,803,988 Distributions from net ordinary income ** -- -- -- 26,171 1,567,342 Distributions from net long-term capital gains 3,912,439 -- -- 2,914,704 -- =========================================================================================================
** Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. At October 31, 2005, the Funds' last tax 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 HIGH INCOME QUALITY INCOME INCOME OPPORTUNITY (NQS) (NQU) (NPF) (NMZ) - ----------------------------------------------------------------------------------------------------------- Expiration year: 2011 $ -- $14,391,926 $ -- $ -- 2012 1,397,851 -- -- -- 2013 -- -- 594,354 417,280 - ----------------------------------------------------------------------------------------------------------- Total $1,397,851 $14,391,926 $594,354 $417,280 - -----------------------------------------------------------------------------------------------------------
5. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES Each Fund's management fee is separated into two components - a complex-level component, based on the aggregate amount of all fund assets managed by Nuveen Asset Management (the "Adviser"), a wholly owned subsidiary of Nuveen Investments, Inc., and a specific fund-level component, based only on the amount of assets within each individual Fund. This pricing structure enables Nuveen fund shareholders to benefit from growth in the assets within each individual fund as well as from growth in the amount of complex-wide assets managed by the Adviser. 72 The annual fund-level fee, payable monthly, for each Fund is based upon the average daily net assets (including net assets attributable to Preferred shares) of each Fund as follows: INVESTMENT QUALITY (NQM) SELECT QUALITY (NQS) AVERAGE DAILY NET ASSETS QUALITY INCOME (NQU) (INCLUDING NET ASSETS PREMIER INCOME (NPF) ATTRIBUTABLE TO PREFERRED SHARES) FUND-LEVEL FEE RATE - -------------------------------------------------------------------------------- For the first $125 million .4500% For the next $125 million .4375 For the next $250 million .4250 For the next $500 million .4125 For the next $1 billion .4000 For the next $3 billion .3875 For net assets over $5 billion .3750 ================================================================================ AVERAGE DAILY NET ASSETS (INCLUDING NET ASSETS HIGH INCOME OPPORTUNITY (NMZ) ATTRIBUTABLE TO PREFERRED SHARES) FUND-LEVEL FEE RATE - -------------------------------------------------------------------------------- For the first $125 million .5500% For the next $125 million .5375 For the next $250 million .5250 For the next $500 million .5125 For the next $1 billion .5000 For net assets over $2 billion .4750 ================================================================================ The annual complex-level fee, payable monthly, which is additive to the fund-level fee, for all Nuveen sponsored funds in the U.S., is based on the aggregate amount of total fund assets managed as stated in the table below. As of April 30, 2006, the complex-level fee rate was .1888%. COMPLEX-LEVEL ASSETS(1) COMPLEX-LEVEL FEE RATE - -------------------------------------------------------------------------------- For the first $55 billion .2000% For the next $1 billion .1800 For the next $1 billion .1600 For the next $3 billion .1425 For the next $3 billion .1325 For the next $3 billion .1250 For the next $5 billion .1200 For the next $5 billion .1175 For the next $15 billion .1150 For Managed Assets over $91 billion(2) .1400 ================================================================================ (1) The complex-level fee component of the management fee for the funds is calculated based upon the aggregate Managed Assets ("Managed Assets" means the average daily net assets of each fund including assets attributable to all types of leverage used by the Nuveen funds) of Nuveen-sponsored funds in the U.S. (2) With respect to the complex-wide Managed Assets over $91 billion, the fee rate or rates that will apply to such assets will be determined at a later date. In the unlikely event that complex-wide Managed Assets reach $91 billion prior to a determination of the complex-level fee rate or rates to be applied to Managed Assets in excess of $91 billion, the complex-level fee rate for such complex-wide Managed Assets shall be .1400% until such time as a different rate or rates is determined. 73 Notes to FINANCIAL STATEMENTS (Unaudited) (continued) The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Funds pay no compensation directly to their Directors/Trustees who are affiliated with the Adviser or to their Officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Board of Directors/Trustees has adopted a deferred compensation plan for independent Directors/Trustees that enables Directors/Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen advised funds. For the first eight years of High Income Opportunity's (NMZ) operations, the Adviser has agreed to reimburse the Fund, as a percentage of average daily net assets (including net assets attributable to Preferred shares), for fees and expenses in the amounts, and for the time periods set forth below: YEAR ENDING YEAR ENDING NOVEMBER 30, NOVEMBER 30, - -------------------------------------------------------------------------------- 2003* .32% 2009 .24% 2004 .32 2010 .16 2005 .32 2011 .08 2006 .32 2007 .32 2008 .32 ================================================================================ * From the commencement of operations. The Adviser has not agreed to reimburse High Income Opportunity (NMZ) for any portion of its fees and expenses beyond November 30, 2011. 6. SUBSEQUENT EVENT - DISTRIBUTIONS TO COMMON SHAREHOLDERS The Funds declared Common share dividend distributions from their tax-exempt net investment income which were paid on June 1, 2006, to shareholders of record on May 15, 2006, as follows:
INVESTMENT SELECT QUALITY PREMIER HIGH INCOME QUALITY QUALITY INCOME INCOME OPPORTUNITY (NQM) (NQS) (NQU) (NPF) (NMZ) - ---------------------------------------------------------------------------------------------------------- Dividend per share $.0700 $.0730 $.0700 $.0585 $.0890 ==========================================================================================================
74 Financial HIGHLIGHTS (Unaudited) 75 Financial HIGHLIGHTS (Unaudited) Selected data for a Common share outstanding throughout each period:
Investment Operations Less Distributions -------------------------------------------------------------------- ------------------------------- Distributions Distributions from Net from Net Beginning Investment Capital Investment Capital Common Net Income to Gains to Income to Gains to Share Net Realized/ Preferred Preferred Common Common Net Asset Investment Unrealized Share- Share- Share- Share- Value Income Gain (Loss) holders+ holders+ Total holders holders Total ==================================================================================================================================== INVESTMENT QUALITY (NQM) - ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 10/31: 2006(b) $15.49 $ .51 $ (.07) $(.10) $(.03) $ .31 $ (.44) $(.14) $ (.58) 2005 16.06 1.05 (.39) (.16) (.01) .49 (.96) (.10) (1.06) 2004 15.65 1.07 .43 (.08) -- 1.42 (1.01) -- (1.01) 2003 15.63 1.11 .02 (.08) -- 1.05 (1.01) (.02) (1.03) 2002 15.71 1.15 (.15) (.11) (.01) .88 (.94) (.02) (.96) 2001 14.67 1.16 1.00 (.27) -- 1.89 (.85) -- (.85) SELECT QUALITY (NQS) - ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 10/31: 2006(b) 15.46 .53 (.14) (.12) -- .27 (.45) -- (.45) 2005 15.69 1.06 (.16) (.16) -- .74 (.97) -- (.97) 2004 15.33 1.09 .42 (.07) (.01) 1.43 (1.00) (.07) (1.07) 2003 15.00 1.08 .30 (.07) -- 1.31 (.98) -- (.98) 2002 15.48 1.12 (.38) (.09) (.04) .61 (.94) (.15) (1.09) 2001 14.48 1.19 .95 (.26) (.01) 1.87 (.87) -- (.87) QUALITY INCOME (NQU) - ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 10/31: 2006(b) 15.26 .51 (.11) (.12) -- .28 (.42) -- (.42) 2005 15.54 1.02 (.22) (.16) -- .64 (.92) -- (.92) 2004 15.04 1.04 .51 (.08) -- 1.47 (.97) -- (.97) 2003 14.70 1.06 .34 (.07) -- 1.33 (.96) (.03) (.99) 2002 15.32 1.12 (.59) (.10) (.03) .40 (.93) (.09) (1.02) 2001 14.53 1.21 .76 (.26) -- 1.71 (.91) (.01) (.92) PREMIER INCOME (NPF) - ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 10/31: 2006(b) 14.90 .47 (.09) (.12) -- .26 (.37) -- (.37) 2005 15.53 .94 (.39) (.16) (.01) .38 (.88) (.13) (1.01) 2004 15.13 1.00 .47 (.08) -- 1.39 (.99) -- (.99) 2003 15.23 1.06 (.01) (.07) (.01) .97 (.98) (.09) (1.07) 2002 15.31 1.15 (.13) (.11) (.01) .90 (.96) (.02) (.98) 2001 14.42 1.23 .84 (.26) -- 1.81 (.92) -- (.92) HIGH INCOME OPPORTUNITY (NMZ) - ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 10/31: 2006(b) 15.36 .61 .10 (.09) -- .62 (.53) -- (.53) 2005 14.87 1.22 .54 (.13) (.01) 1.62 (1.07) (.06) (1.13) 2004(a) 14.33 .98 .71 (.08) -- 1.61 (.89) -- (.89) ==================================================================================================================================== Total Returns ---------------------- Offering Based Costs and Ending on Preferred Common Based Common Share Share Ending on Share Net Underwriting Net Asset Market Market Asset Discounts Value Value Value** Value** ================================================================================================ INVESTMENT QUALITY (NQM) - ------------------------------------------------------------------------------------------------ Year Ended 10/31: 2006(b) $ -- $15.22 $14.71 5.84% 1.99% 2005 -- 15.49 14.45 1.17 3.10 2004 -- 16.06 15.33 8.54 9.37 2003 -- 15.65 15.10 7.78 6.88 2002 -- 15.63 14.99 7.71 5.85 2001 -- 15.71 14.84 22.33 13.16 SELECT QUALITY (NQS) - ------------------------------------------------------------------------------------------------ Year Ended 10/31: 2006(b) -- 15.28 15.05 4.54 1.77 2005 -- 15.46 14.83 4.14 4.77 2004 -- 15.69 15.19 10.19 9.64 2003 -- 15.33 14.81 9.91 8.96 2002 -- 15.00 14.40 5.24 4.22 2001 -- 15.48 14.75 20.09 13.23 QUALITY INCOME (NQU) - ------------------------------------------------------------------------------------------------ Year Ended 10/31: 2006(b) -- 15.12 15.03 7.83 1.84 2005 -- 15.26 14.34 4.78 4.15 2004 -- 15.54 14.58 8.76 10.07 2003 -- 15.04 14.33 9.31 9.37 2002 -- 14.70 14.04 3.05 2.71 2001 -- 15.32 14.62 18.72 12.09 PREMIER INCOME (NPF) - ------------------------------------------------------------------------------------------------ Year Ended 10/31: 2006(b) -- 14.79 13.33 0.92 1.72 2005 -- 14.90 13.57 1.05 2.49 2004 -- 15.53 14.43 4.75 9.48 2003 -- 15.13 14.74 9.13 6.57 2002 -- 15.23 14.52 4.57 6.19 2001 -- 15.31 14.84 15.93 12.89 HIGH INCOME OPPORTUNITY (NMZ) - ------------------------------------------------------------------------------------------------ Year Ended 10/31: 2006(b) -- 15.45 16.86 8.90 4.10 2005 -- 15.36 15.99 14.35 11.20 2004(a) (.18) 14.87 15.04 6.49 10.38 ================================================================================================ Ratios/Supplemental Data ------------------------------------------------------------------------------------------------------- Before Credit/ After Credit/ Reimbursement/Refund Reimbursement/Refund*** ------------------------------- --------------------------------- Ratio of Net Ratio of Net Ratio of Investment Ratio of Investment Ending Expenses Income to Expenses Income to Net to Average Average to Average Average Assets Net Assets Net Assets Net Assets Net Assets Applicable Applicable Applicable Applicable Applicable Portfolio to Common to Common to Common to Common to Common Turnover Shares (000) Shares++ Shares++ Shares++ Shares++ Rate ==================================================================================================================================== INVESTMENT QUALITY (NQM) - ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 10/31: 2006(b) $544,165 1.20%* 6.68%* 1.20%* 6.68%* 7% 2005 553,857 1.20 6.59 1.18 6.61 22 2004 574,164 1.20 6.78 1.20 6.79 16 2003 559,644 1.22 7.05 1.22 7.05 5 2002 558,604 1.21 7.48 1.21 7.49 5 2001 561,577 1.24 7.56 1.23 7.56 17 SELECT QUALITY (NQS) - ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 10/31: 2006(b) 518,086 1.18* 6.94* 1.17* 6.95* 3 2005 523,994 1.18 6.76 1.16 6.78 4 2004 531,694 1.21 6.96 1.15 7.02 4 2003 519,361 1.26 7.06 1.25 7.06 9 2002 508,300 1.24 7.46 1.23 7.47 19 2001 524,597 1.24 7.89 1.23 7.89 28 QUALITY INCOME (NQU) - ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 10/31: 2006(b) 819,615 1.18* 6.66* 1.17* 6.67* 2 2005 827,077 1.18 6.57 1.17 6.57 6 2004 842,093 1.20 6.83 1.20 6.83 6 2003 815,270 1.21 7.12 1.21 7.13 9 2002 796,591 1.23 7.50 1.22 7.51 32 2001 830,636 1.21 8.05 1.21 8.06 30 PREMIER INCOME (NPF) - ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 10/31: 2006(b) 297,173 1.23* 6.28* 1.22* 6.28* 12 2005 299,423 1.23 6.16 1.22 6.17 20 2004 311,991 1.28 6.57 1.27 6.58 22 2003 304,048 1.24 6.91 1.23 6.91 19 2002 305,958 1.29 7.66 1.28 7.67 25 2001 307,496 1.28 8.25 1.26 8.26 14 HIGH INCOME OPPORTUNITY (NMZ) - ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 10/31: 2006(b) 359,578 1.20* 7.49* .74* 7.95* 3 2005 357,025 1.20 7.54 .74 8.00 6 2004(a) 345,023 1.15* 6.75* .70* 7.20* 52 ==================================================================================================================================== Preferred Shares at End of Period ------------------------------------------ Aggregate Liquidation Amount and Market Asset Outstanding Value Coverage (000) Per Share Per Share ============================================================================ INVESTMENT QUALITY (NQM) - ---------------------------------------------------------------------------- Year Ended 10/31: 2006(b) $301,000 $25,000 $70,196 2005 301,000 25,000 71,001 2004 301,000 25,000 72,688 2003 301,000 25,000 71,482 2002 301,000 25,000 71,396 2001 301,000 25,000 71,643 SELECT QUALITY (NQS) - ---------------------------------------------------------------------------- Year Ended 10/31: 2006(b) 279,000 25,000 71,423 2005 279,000 25,000 71,953 2004 279,000 25,000 72,643 2003 279,000 25,000 71,538 2002 279,000 25,000 70,547 2001 279,000 25,000 72,007 QUALITY INCOME (NQU) - ---------------------------------------------------------------------------- Year Ended 10/31: 2006(b) 452,000 25,000 70,333 2005 452,000 25,000 70,745 2004 452,000 25,000 71,576 2003 452,000 25,000 70,092 2002 452,000 25,000 69,059 2001 452,000 25,000 70,942 PREMIER INCOME (NPF) - ---------------------------------------------------------------------------- Year Ended 10/31: 2006(b) 165,000 25,000 70,026 2005 165,000 25,000 70,367 2004 165,000 25,000 72,271 2003 165,000 25,000 71,068 2002 165,000 25,000 71,357 2001 165,000 25,000 71,590 HIGH INCOME OPPORTUNITY (NMZ) - ---------------------------------------------------------------------------- Year Ended 10/31: 2006(b) 155,000 25,000 82,996 2005 155,000 25,000 82,585 2004(a) 155,000 25,000 80,649 ============================================================================
* Annualized. ** Total Return on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. Total Return on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. Total returns are not annualized. *** After custodian fee credit, expense reimbursement and legal fee refund, where applicable. + The amounts shown are based on Common share equivalents. ++ Ratios do not reflect the effect of dividend payments to Preferred shareholders; income ratios reflect income earned on assets attributable to Preferred shares. (a) For the period November 19, 2003 (commencement of operations) through October 31, 2004. (b) For the six months ended April 30, 2006. See accompanying notes to financial statements. 76-77 spread Reinvest Automatically EASILY AND CONVENIENTLY Sidebar text: NUVEEN MAKES REINVESTING EASY. A PHONE CALL IS ALL IT TAKES TO SET UP YOUR REINVESTMENT ACCOUNT. NUVEEN EXCHANGE-TRADED CLOSED-END FUNDS DIVIDEND REINVESTMENT PLAN Your Nuveen Exchange-Traded Closed-End Fund allows you to conveniently reinvest dividends and/or capital gains distributions in additional fund shares. By choosing to reinvest, you'll be able to invest money regularly and automatically, and watch your investment grow through the power of tax-free compounding. Just like dividends or distributions in cash, there may be times when income or capital gains taxes may be payable on dividends or distributions that are reinvested. It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market. EASY AND CONVENIENT To make recordkeeping easy and convenient, each month you'll receive a statement showing your total dividends and distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own. HOW SHARES ARE PURCHASED The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the then-current market price. If the shares are trading at less than net asset value, shares for your account will be purchased on the open market. Dividends and distributions received to purchase shares in the open market will normally be invested shortly after the dividend payment date. No interest will be paid on dividends and distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the dividend or distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions. FLEXIBLE You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. Should you withdraw, you can receive a certificate for all whole shares credited to your reinvestment account and cash payment for fractional shares, or cash payment for all reinvestment account shares, less brokerage commissions and a $2.50 service fee. You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan. The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time. CALL TODAY TO START REINVESTING DIVIDENDS AND/OR DISTRIBUTIONS For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787. 78 Other Useful INFORMATION QUARTERLY PORTFOLIO OF INVESTMENTS AND PROXY VOTING INFORMATION Each Fund's (i) quarterly portfolio of investments, (ii) information regarding how the Funds voted proxies relating to portfolio securities held during the 12-month period ended June 30, 2005, and (iii) a description of the policies and procedures that the Funds used to determine how to vote proxies relating to portfolio securities are available without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen's website at www.nuveen.com. You may also obtain this and other Fund information directly from the Securities and Exchange Commission ("SEC"). The SEC may charge a copying fee for this information. Visit the SEC on-line at http://www.sec.gov or in person at the SEC's Public Reference Room in Washington, D.C. Call the SEC at 1-202-942-8090 for room hours and operation. You may also request Fund information by sending an e-mail request to publicinfo@sec.gov or by writing to the SEC's Public References Section at 450 Fifth Street NW, Washington, D.C. 20549. CEO CERTIFICATION DISCLOSURE Each Fund's Chief Executive Officer has submitted to the New York Stock Exchange the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual. Each Fund has filed with the Securities and Exchange Commission the certification of its Chief Executive Officer and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act. GLOSSARY OF TERMS USED IN THIS REPORT AVERAGE ANNUAL TOTAL RETURN: This is a commonly used method to express an investment's performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment's actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered. AVERAGE EFFECTIVE MATURITY: The average of all the maturities of the bonds in a Fund's portfolio, computed by weighting each maturity date (the date the security comes due) by the market value of the security. This figure does not account for the likelihood of prepayments or the exercise of call provisions. LEVERAGE-ADJUSTED DURATION: Duration is a measure of the expected period over which a bond's principal and interest will be paid, and consequently is a measure of the sensitivity of a bond's or bond Fund's value to changes when market interest rates change. Generally, the longer a bond's or Fund's duration, the more the price of the bond or Fund will change as interest rates change. Leverage-adjusted duration takes into account the leveraging process for a Fund and therefore is longer than the duration of the Fund's portfolio of bonds. MARKET YIELD (ALSO KNOWN AS DIVIDEND YIELD OR CURRENT YIELD): An investment's current annualized dividend divided by its current market price. NET ASSET VALUE (NAV): A Fund's common share NAV per share is calculated by subtracting the liabilities of the Fund (including any MuniPreferred shares issued in order to leverage the Fund) from its total assets and then dividing the remainder by the number of shares outstanding. Fund NAVs are calculated at the end of each business day. TAXABLE-EQUIVALENT YIELD: The yield necessary from a fully taxable investment to equal, on an after-tax basis, the yield of a municipal bond investment. BOARD OF DIRECTORS/TRUSTEES Robert P. Bremner Lawrence H. Brown Jack B. Evans William C. Hunter David J. Kundert William J. Schneider Timothy R. Schwertfeger Judith M. Stockdale Eugene S. Sunshine FUND MANAGER Nuveen Asset Management 333 West Wacker Drive Chicago, IL 60606 CUSTODIAN State Street Bank & Trust Boston, MA TRANSFER AGENT AND SHAREHOLDER SERVICES State Street Bank & Trust Nuveen Funds P.O. Box 43071 Providence, RI 02940-3071 (800) 257-8787 LEGAL COUNSEL Chapman and Cutler LLP Chicago, IL INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Ernst & Young LLP Chicago, IL Each Fund intends to repurchase shares of its own common or preferred stock in the future at such times and in such amounts as is deemed advisable. No shares were repurchased during the period covered by this report. Any future repurchases will be reported to shareholders in the next annual or semiannual report. 79 Photo of: 2 women looking at a photo album. Nuveen Investments: SERVING Investors For GENERATIONS Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions. For the past century, Nuveen Investments has adhered to the belief that the best approach to investing is to apply conservative risk-management principles to help minimize volatility. Building on this tradition, we today offer a range of high quality equity and fixed-income solutions that are integral to a well-diversified core portfolio. Our clients have come to appreciate this diversity, as well as our continued adherence to proven, long-term investing principles. WE OFFER MANY DIFFERENT INVESTING SOLUTIONS FOR OUR CLIENTS' DIFFERENT NEEDS. Managing more than $131 billion in assets, Nuveen Investments offers access to a number of different asset classes and investing solutions through a variety of products. Nuveen Investments markets its capabilities under four distinct brands: Nuveen, a leader in fixed-income investments; NWQ, a leader in value-style equities; Rittenhouse, a leader in growth-style equities; and Symphony, a leading institutional manager of market-neutral alternative investment portfolios. FIND OUT HOW WE CAN HELP YOU REACH YOUR FINANCIAL GOALS. To learn more about the products and services Nuveen Investments offers, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Be sure to obtain a prospectus, where applicable. Investors should consider the investment objective and policies, risk considerations, charges and expenses of the Fund carefully before investing. The prospectus contains this and other information relevant to an investment in the Fund. For a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money. o Share prices o Fund details Learn more o Daily financial news about Nuveen Funds at o Investor education www.nuveen.com/etf o Interactive planning tools Logo: NUVEEN Investments ESA-C-0406D ITEM 2. CODE OF ETHICS. Not applicable to this filing. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. Not applicable to this filing. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. Not applicable to this filing. ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS. Not applicable to this filing. ITEM 6. SCHEDULE OF INVESTMENTS. See Portfolio of Investments in Item 1. ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable to this filing. ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable to this filing. ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. Not applicable. ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. During this reporting period, the registrant's Board of Directors implemented a change to the procedures by which shareholders may recommend nominees to the registrant's board of directors by amending the registrant's by-laws to include a provision specifying the date by which shareholder nominations for election as director at a subsequent meeting must be submitted to the registrant. Shareholders must deliver or mail notice to the registrant not less than forty-five days nor more than sixty days prior to the first anniversary date of the date on which the registrant first mailed its proxy materials for the prior year's annual meeting; provided, however, if an only if the annual meeting is not scheduled to be held within a period that commences thirty days before the first anniversary date of the annual meeting for the preceding year and ends thirty days after such anniversary date (an annual meeting date outside such period being referred to as an "Other Annual Meeting Date" hereafter), the shareholder notice must be given no later than the close of business on the date forty-five days prior to such Other Annual Meeting Date or the tenth business day following the date such Other Annual Meeting Date is first publicly announced or disclosed. The shareholder's notice must be in writing and set forth the name, age, date of birth, business address, residence address and nationality of the person(s) being nominated and the class or series, number of all shares of the registrant owned of record or beneficially be each such person(s), any other information regarding such person required by Item 401 of Regulation S-K or Item 22 of Rule 14a-101 (Schedule 14A) under the Securities Exchange Act of 1934, as amended, any other information regarding the person(s) to be nominated that would be required to be disclosed in a proxy statement or other filings required to be made in connection with solicitation of proxies for election of directors, and whether such shareholder believes any nominee is or will be an "interested person" (as that term is defined in the Investment Company Act of 1940, as amended) of the registrant or sufficient information to enable the registrant to make that determination and the written and signed consent of the person(s) to be nominated. ITEM 11. CONTROLS AND PROCEDURES. (a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")(17 CFR 240.13a-15(b) or 240.15d-15(b)). (b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 12. EXHIBITS. File the exhibits listed below as part of this Form. (a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing. (a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: Ex-99.CERT attached hereto. (a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable. (b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Ex-99.906 CERT attached hereto. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) Nuveen Investment Quality Municipal Fund, Inc. ----------------------------------------------------------- By (Signature and Title)* /s/ Jessica R. Droeger ---------------------------------------------- Jessica R. Droeger Vice President and Secretary Date: July 7, 2006 ------------------------------------------------------------------- Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By (Signature and Title)* /s/ Gifford R. Zimmerman ---------------------------------------------- Gifford R. Zimmerman Chief Administrative Officer (principal executive officer) Date: July 7, 2006 ------------------------------------------------------------------- By (Signature and Title)* /s/ Stephen D. Foy ---------------------------------------------- Stephen D. Foy Vice President and Controller (principal financial officer) Date: July 7, 2006 ------------------------------------------------------------------- * Print the name and title of each signing officer under his or her signature. EX-99.CERT 2 file002.txt CERTIFICATIONS CERTIFICATION I, Gifford R. Zimmerman, certify that: 1. I have reviewed this report on Form N-CSR of Nuveen Investment Quality Municipal Fund, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: July 7, 2006 /s/ Gifford R. Zimmerman ------------------------- -------------------------------- Gifford R. Zimmerman Chief Administrative Officer (principal executive officer) CERTIFICATION I, Stephen D. Foy, certify that: 1. I have reviewed this report on Form N-CSR of Nuveen Investment Quality Municipal Fund, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: July 7, 2006 /s/ Stephen D. Foy ------------------------- -------------------------------- Stephen D. Foy Vice President and Controller (principal financial officer) EX-99.906CERT 3 file003.txt CERTIFICATIONS Certification Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002; provided by the Chief Executive Officer and Chief Financial Officer, based on each such officer's knowledge and belief. The undersigned officers of Nuveen Investment Quality Municipal Fund, Inc. (the "Fund"), certify that, to the best of each such officer's knowledge and belief: 1. The Form N-CSR of the Fund for the period ended April 30, 2006 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund. Date: July 7, 2006 ----------------------- /s/ Gifford R. Zimmerman --------------------------------- Gifford R. Zimmerman Chief Administrative Officer (principal executive officer) /s/ Stephen D. Foy --------------------------------- Stephen D. Foy Vice President, Controller (principal financial officer) -----END PRIVACY-ENHANCED MESSAGE-----