-----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, OfNKYPsDeBzuu8aNl2nI3nCbvw+9BSoSmjsGdbJVX/cyuaGXnk5gb/b9kwX1zkuL WGyBGkWd2DTATJ646eebag== 0000891804-07-001972.txt : 20070709 0000891804-07-001972.hdr.sgml : 20070709 20070709134511 ACCESSION NUMBER: 0000891804-07-001972 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20070430 FILED AS OF DATE: 20070709 DATE AS OF CHANGE: 20070709 EFFECTIVENESS DATE: 20070709 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: 07969049 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) Kevin J. McCarthy 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, 2007 ------------------ 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, 2007 -------------------------------- Nuveen Investments Municipal Closed-End Funds NUVEEN INVESTMENT QUALITY MUNICIPAL FUND, INC. NQM NUVEEN SELECT QUALITY MUNICIPAL FUND, INC. NQS NUVEEN QUALITY INCOME MUNICIPAL Photo of: Older Couple FUND, INC. NQU NUVEEN PREMIER MUNICIPAL INCOME FUND, INC. NPF NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY FUND NMZ Photo of: Young Girl DEPENDABLE, TAX-FREE INCOME BECAUSE IT'S NOT WHAT YOU EARN, IT'S WHAT YOU KEEP.(R) [LOGO] NUVEEN INVESTMENTS 3 Photos of: Various People 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 WWW.NUVEEN.COM/ACCOUNTACCESS if you get your Nuveen Fund dividends if you get your Nuveen Fund and statements from your financial OR dividends and statements advisor or brokerage account. 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 Chairman's LETTER TO SHAREHOLDERS Photo of: Timothy R. Schwertfeger Timothy R. Schwertfeger Chairman of the Board 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. For some time, I've used these letters to remind you that 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. For more information about this important investment strategy, I encourage you to contact your personal financial advisor. "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." We also are pleased to be able to offer you a choice concerning how you receive your shareholder reports and other Fund information. As an alternative to mailed copies, you can sign up to receive future Fund reports and other Fund information by e-mail and the internet. 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 15, 2007 Nuveen Investments Municipal Closed-End Funds NQM, NQS, NQU, NPF, NMZ Portfolio Managers' COMMENTS PORTFOLIO MANAGERS PAUL BRENNAN, TOM SPALDING, AND JOHN MILLER REVIEW KEY INVESTMENT STRATEGIES AND THE SIX-MONTH PERFORMANCE OF THESE FIVE NATIONAL FUNDS. WITH OVER 17 YEARS OF INVESTMENT EXPERIENCE, PAUL ASSUMED PORTFOLIO MANAGEMENT RESPONSIBILITY FOR NQM AND NPF IN JULY 2006. A 30-YEAR VETERAN OF NUVEEN, TOM HAS MANAGED NQS AND NQU SINCE 2003. JOHN, WHO HAS 14 YEARS OF MUNICIPAL MARKET EXPERIENCE, HAS MANAGED NMZ SINCE ITS INCEPTION IN 2003. WHAT KEY STRATEGIES WERE USED TO MANAGE THESE FUNDS DURING THE SIX-MONTH REPORTING PERIOD ENDED APRIL 30, 2007? During this six-month period, we continued to see a further flattening of the yield curve. In this environment, where the slope of the yield curve remained a dominant market factor, we continued to emphasize a disciplined approach to duration 1 management and yield curve positioning. As part of this approach, our purchases for the Funds' portfolios focused mainly on attractively priced bonds with longer maturities: 20 years and longer in NQS and NQU, 25 years and longer in NQM and NPF, and 25 to 30 years in NMZ. We believed that bonds in this range of the curve generally offered more attractive yields, better value, and reward opportunities more commensurate with their risk levels. Our duration management strategies during this period also included the use of inverse floating rate trusts, 2 a type of derivative financial instrument, in all five of these Funds. The inverse floaters had the dual benefit of increasing the Funds' distributable income and bringing their durations closer to our preferred strategic target. In past shareholder reports, we discussed the use of forward interest rate swaps and futures contracts (additional types of derivative instruments) as duration management tools. We also continued to put emphasis on individual credit selection, using a long-term relative value approach. During this period, the municipal market saw steady new money issuance as well as a number of major advance refundings 3 and debt restructurings, which provided us with an increased number of bonds from which to choose. For the six months ended April 30, 2007, municipal issuance nationwide totaled $223.7 billion, up 32% compared with the six-month period ended April 30, 2006. During the first four months of 2007, supply increased 37% over that of the first four months of 2006--to $135.4 billion--primarily due to a 71% increase in refundings during this 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. 2 An inverse floating rate trust is a financial instrument designed to pay long-term tax-exempt interest at a rate that varies inversely with a short-term tax-exempt interest rate index. For the Nuveen Funds, the index typically used is the Securities Industry and Financial Markets (SIFM) Municipal Swap Index (previously referred to as the Bond Market Association Index or BMA). Inverse floaters, including those inverse floating rate securities in which the Funds invested during the six-month period, are further defined within the "Notes to Financial Statements" and "Glossary of Terms Used in This Report" sections of this shareholder report. 3 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. 4 Much of the new supply was highly rated and/or insured, and this factor, combined with enhanced credit quality resulting from a number of advance refundings, meant that the Funds' allocations of credits rated AAA generally increased over this period. In NQM, NQS, NQU, and NPF, we also continued to work to maintain our weightings of lower credit quality bonds because of their strong performance and support for the Funds' income streams. In NQM and NQU, this included participating in the new offerings of California and New Jersey tobacco bonds that were issued as part of the advance refunding of older tobacco bonds in these two states. However, as credit spreads continued to tighten, these four Funds generally found fewer attractively structured lower-rated credit opportunities in the market. In NQS and NQU, most of the cash we redeployed during this period came from called holdings, which we used to enhance the Funds' diversification by investing in a variety of essential services sectors such as water and sewer and utilities. We also continued to keep these Funds well diversified geographically, looking to states with stronger issuance, including California, Texas, New York, Florida, and Illinois, for many of the additions to the portfolios. In NQM and NPF, in addition to reinvesting a few bond call proceeds, we selectively sold some of the Funds' holdings that were nearing redemption in order to generate cash for purchases. We also took advantage of opportunities to sell bonds that were purchased when yields were lower and replace them with newer credits that yielded comparatively more. We continued to redeploy proceeds to bonds that could help us increase income-generating potential, such as credits with unusual types of coupons, including zero coupon and discount bonds. In NMZ, which was established as a high-yield Fund that can invest up to 50% of its portfolio in subinvestment-grade quality municipal credits, our focus was primarily on credit-specific analysis and selection, which we believe are critical in this segment of the market. Fund holdings were analyzed on the basis of credit quality, credit spreads, and relative value and sold to generate cash if we determined that we could purchase other bonds that were more attractive in these areas. During this period, many of these sales involved higher-quality bonds and pre-refunded bonds with shorter durations. Proceeds were then reinvested in longer, high-yield bonds that would help to keep NMZ's 50% investment-grade/50% subinvestment-grade mix in balance. 5 While each of NMZ's purchases was based on the credit's individual merits, three additions to our portfolio during this period involved lower-rated bonds issued for convention center hotels in St. Louis, Austin and the Chicago suburbs. In each case, we believed these bonds offered the potential for future credit quality improvement. HOW DID THE FUNDS PERFORM? Individual results for these Funds, as well as relevant index and peer group information, are presented in the accompanying table. TOTAL RETURNS ON NET ASSET VALUE For periods ended 4/30/07 CUMULATIVE ANNUALIZED -------------- ------------------------------------------ 6-MONTH 1-YEAR 5-YEAR 10-YEAR - ------------------------------------------------------------------------------ NQM 1.25% 7.31% 6.90% 6.60% - ------------------------------------------------------------------------------ NQS 1.50% 6.66% 7.30% 6.85% - ------------------------------------------------------------------------------ NQU 1.24% 6.45% 6.86% 6.48% - ------------------------------------------------------------------------------ NPF 1.41% 7.87% 6.94% 6.48% - ------------------------------------------------------------------------------ Lehman Brothers Municipal Bond Index 4 1.59% 5.78% 5.16% 5.81% - ------------------------------------------------------------------------------ Lipper General Leveraged Municipal Debt Funds Average 5 1.66% 7.42% 7.34% 6.60% - ------------------------------------------------------------------------------ NMZ 3.24% 10.41% NA NA - ------------------------------------------------------------------------------ Lehman Brothers High-Yield Municipal Bond Index 4 3.41% 9.93% -- -- - ------------------------------------------------------------------------------ Lipper High-Yield Municipal Debt Funds Average 5 2.77% 8.70% -- -- - ------------------------------------------------------------------------------ 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, 2007, the cumulative returns on NAV for NPF, NQM and NQU trailed the Lehman Brothers Municipal Bond Index while NQS performed inline. These four funds lagged the Lipper peer group average. NMZ's 6-month return trailed the Lehman Brothers High-Yield Municipal Bond Index but outperformed the Lipper High-Yield peer group for the period. It is important to note that the Lehman High-Yield Municipal Bond Index is composed of 100% high-yield bonds, while NMZ comprises a maximum of 50% subinvestment-grade bonds offering high yields, with the remainder invested in investment-grade credits. This difference can play an important role in NMZ's performance 4 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 Brothers Indexes do not reflect any expenses. 5 The Lipper General Leveraged Municipal Debt Funds Average is calculated using the returns of all closed-end funds in this category for each period as follows: 6 months, 56; 1 year, 56; 5 years, 45; and 10 years, 39. Fund and Lipper returns assume reinvestment of dividends. The Lipper High-Yield Municipal Debt Funds Average is calculated using the returns of all 15 closed-end funds in this category for the six-month and one-year periods. Fund and Lipper returns assume reinvestment of dividends. 6 relative to the index, especially during periods when the high-yield market outperforms the municipal market as a whole, as was the case during the six months ended April 30, 2007. Factors that influenced the Funds' returns during this period included duration, individual security selection, exposure to lower-rated credits, sector allocations, and advance refunding activity. As the yield curve continued to flatten over the course of this period, municipal bonds with maturities of 20 years and longer, as measured by the Lehman Brothers Municipal Bond Index, performed best, generally outpacing municipal bonds with shorter maturities. As mentioned earlier, one of our strategies during this period focused on adding longer bonds to our portfolios. This purchase activity and our duration management strategies helped to extend the Funds' durations and bring them closer in line with our preferred strategic range, which was generally beneficial. Overall, however, NQM was not as well positioned in terms of duration as the other Funds in this report, which detracted from its performance. During this period, we continued to employ strategies that we believed could help strengthen the future income streams of our portfolios. In addition to income potential, the Funds' holdings of zero coupon bonds, which we continued to build, also provided a positive impact on performance for this period. With bonds rated BBB or lower and non-rated bonds generally outperforming other credit quality sectors during this period, all of these Funds also benefited from their weightings in lower-quality credits. The outperformance of these credit sectors was largely the result of investor demand for the higher yields typically associated with lower-rated bonds, which drove up their value. Overall, NQU had heavier exposure to lower-rated and non-rated credits than NQM, NQS and NPF, which helped its return. In addition to its holdings of approximately 9% in bonds rated BBB, NMZ held 20% in bonds rated BB or lower (subinvestment-grade) and 35% in non-rated bonds, some of which Nuveen has determined to be of investment-grade quality. Overall, conditions in the high-yield market remained positive during this period due to narrowing credit spreads, low default rates, and strong demand for high-yield paper. This benefited the performance NMZ's holdings of high-yield credits during this period. 7 Among the lower-rated holdings making positive contributions to the Funds' returns for this period were industrial development revenue (IDR) bonds and healthcare (including hospitals) credits. One of NMZ's higher-yielding hospital holdings that appreciated significantly during this period was a non-rated bond Hills and Dales General Hospital in Michigan. Lower-rated bonds backed by the 1998 master tobacco settlement agreement, which comprised approximately 4% of the portfolios of NQM, NQS, NQU, and NPF as of April 30, 2007, also performed well. As the result of advance refundings, NMZ's allocation of BBB-rated tobacco bonds fell to about 1% over this period, although we continued to hold the pre-refunded tobacco bonds, which were upgraded to AAA. While NMZ did not participate in the new offerings of California or New Jersey tobacco bonds, we continued to monitor the secondary market in these names to watch for opportunities to increase the Fund's lower-rated tobacco exposure. We continued to see positive contributions from increased advance refunding activity, which benefited the Funds through price appreciation and enhanced credit quality. As previously mentioned, two of the more significant advance refundings during this period involved BBB rated tobacco bonds issued by California's Golden State Tobacco Securitization Corporation (held by NPF and NMZ) and by New Jersey's Tobacco Settlement Financing Corporation (held by NQM, NQS, NQU, and NMZ). In addition to these tobacco bonds, NMZ also benefited from advance refundings of casino bonds issued by the Lac Courte Oreilles Band of Lake Superior Chippewa Indians in Wisconsin and IDR credits issued for the Rockbridge County Horse Center in Virginia. 8 At the same time, holdings of older, previously pre-refunded bonds tended to underperform the general municipal market during this period, particularly those with effective maturities between 5 and 10 years. NMZ also held two non-rated credits that experienced some financial stress during this period, which resulted in small declines in valuation: Heritage Christian School of Northern Colorado and the Pickwick Apartments, a multifamily housing project in Kansas City, Missouri. 9 Dividend and Share Price INFORMATION These five Funds use leverage to potentially enhance opportunities for additional income for common shareholders. Although the extent of this benefit was reduced during this period due to high short-term interest rates that, in turn, kept the Funds' borrowing costs high, the Funds' use of leverage continued to provide incremental income. Consequently, the dividends of NQM, NQS, NQU, and NMZ remained stable throughout the six-month reporting period ended April 30, 2007. In NPF, our income strategies, including an increased position in inverse floaters and the use of forward interest rate swaps, resulted in a dividend increase effective at the beginning of this period (November 2006). Due to normal portfolio activity, common shareholders of NMZ also received a capital gains distribution of $0.0045 per share and a net ordinary income distribution of $0.0002 per share at the end of December 2006. 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, 2007, NQM, NQS, NQU and NMZ had positive UNII balances for both financial statement and, based on our best estimates, tax purposes, while NPF had a positive UNII balance, based on our best estimates, for tax purposes and a negative UNII balance for financial statement purposes. 10 As of April 30, 2007, the Funds' share prices were trading at premiums or discounts to their NAVs as shown in the accompanying chart: 4/30/07 6-MONTH AVERAGE PREMIUM/DISCOUNT PREMIUM/DISCOUNT - -------------------------------------------------------------------------------- NQM +1.23% -0.20% - -------------------------------------------------------------------------------- NQS +6.22% +3.42% - -------------------------------------------------------------------------------- NQU +1.50% -2.45% - -------------------------------------------------------------------------------- NPF -7.53% -8.67% - -------------------------------------------------------------------------------- NMZ +13.42% +9.48% - -------------------------------------------------------------------------------- 11 Nuveen Investment Quality Municipal Fund, Inc. NQM Performance OVERVIEW As of April 30, 2007 FUND SNAPSHOT - -------------------------------------------------------------------------------- Common Share Price $ 15.69 - -------------------------------------------------------------------------------- Common Share Net Asset Value $ 15.50 - -------------------------------------------------------------------------------- Premium/(Discount) to NAV 1.23% - -------------------------------------------------------------------------------- Market Yield 5.16% - -------------------------------------------------------------------------------- Taxable-Equivalent Yield 1 7.17% - -------------------------------------------------------------------------------- Net Assets Applicable to Common Shares ($000) $ 554,654 - -------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 15.23 - -------------------------------------------------------------------------------- Leverage-Adjusted Duration 10.38 - -------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 6/21/90) - ------------------------------------- ON SHARE PRICE ON NAV - ------------------------------------- 6-Month (Cumulative) 3.21% 1.25% - ------------------------------------- 1-Year 12.47% 7.31% - ------------------------------------- 5-Year 8.52% 6.90% - ------------------------------------- 10-Year 7.26% 6.60% - ------------------------------------- STATES (as a % of total investments) - -------------------------------------------------------------------------------- California 14.2% - -------------------------------------------------------------------------------- New York 11.4% - -------------------------------------------------------------------------------- Texas 9.2% - -------------------------------------------------------------------------------- Illinois 7.4% - -------------------------------------------------------------------------------- Washington 5.4% - -------------------------------------------------------------------------------- Minnesota 4.7% - -------------------------------------------------------------------------------- District of Columbia 4.1% - -------------------------------------------------------------------------------- Rhode Island 3.5% - -------------------------------------------------------------------------------- Colorado 3.2% - -------------------------------------------------------------------------------- Nevada 3.1% - -------------------------------------------------------------------------------- Georgia 2.8% - -------------------------------------------------------------------------------- Michigan 2.3% - -------------------------------------------------------------------------------- Massachusetts 2.2% - -------------------------------------------------------------------------------- Louisiana 2.1% - -------------------------------------------------------------------------------- Wisconsin 2.1% - -------------------------------------------------------------------------------- Indiana 2.0% - -------------------------------------------------------------------------------- Florida 1.9% - -------------------------------------------------------------------------------- Pennsylvania 1.7% - -------------------------------------------------------------------------------- South Carolina 1.6% - -------------------------------------------------------------------------------- Arkansas 1.5% - -------------------------------------------------------------------------------- Other 13.6% - -------------------------------------------------------------------------------- INDUSTRIES (as a % of total investments) - -------------------------------------------------------------------------------- U.S. Guaranteed 28.4% - -------------------------------------------------------------------------------- Tax Obligation/General 13.2% - -------------------------------------------------------------------------------- Health Care 12.5% - -------------------------------------------------------------------------------- Tax Obligation/Limited 12.0% - -------------------------------------------------------------------------------- Transportation 9.8% - -------------------------------------------------------------------------------- Water and Sewer 6.2% - -------------------------------------------------------------------------------- Consumer Staples 4.0% - -------------------------------------------------------------------------------- Other 13.9% - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- CREDIT QUALITY (as a % of total investments) [PIE CHART] AAA/U.S. Guaranteed 70% AA 8% A 9% BBB 10% BB or Lower 1% N/R 2% - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 2006-2007 MONTHLY TAX-FREE DIVIDENDS PER SHARE [BAR CHART] $0.0700 $0.0675 $0.0675 $0.0675 $0.0675 $0.0675 $0.0675 $0.0675 $0.0675 $0.0675 $0.0675 $0.0675 - --------------------------------------------------------------------------------------------------------- May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr
- -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- SHARE PRICE PERFORMANCE [LINE CHART] Weekly Date Closing Price -------- ------------- 5/01/06 $14.73 $14.73 $14.72 $14.67 $14.64 $14.73 $14.77 $14.80 $14.68 $14.68 $14.69 $14.72 $14.66 $14.64 $14.63 $14.63 $14.60 $14.62 $14.56 $14.66 $14.63 $14.65 $14.80 $14.79 $14.70 $14.65 $14.68 $14.69 $14.64 $14.58 $14.44 $14.32 $14.25 $14.31 $14.25 $14.10 $14.11 $14.05 $14.02 $14.04 $14.13 $14.07 $14.08 $14.15 $14.25 $14.27 $14.23 $14.30 $14.28 $14.29 $14.30 $14.30 $14.30 $14.30 $14.27 $14.37 $14.38 $14.48 $14.56 $14.63 $14.57 $14.60 $14.80 $14.98 $14.99 $14.94 $14.91 $14.99 $14.92 $14.93 $14.96 $14.98 $14.86 $14.86 $14.89 $14.91 $14.92 $14.92 $14.93 $14.95 $14.92 $15.05 $15.07 $15.06 $15.07 $15.09 $15.10 $15.08 $15.07 $15.05 $15.02 $15.07 $15.04 $15.00 $15.04 $15.05 $15.12 $15.05 $15.08 $15.05 $15.04 $15.06 $15.17 $15.24 $15.29 $15.26 $15.35 $15.35 $15.34 $15.38 $15.46 $15.37 $15.36 $15.38 $15.51 $15.36 $15.48 $15.38 $15.37 $15.37 $15.55 $15.55 $15.49 $15.54 $15.58 $15.55 $15.60 $15.59 $15.59 $15.60 $15.60 $15.59 $15.51 $15.53 $15.48 $15.45 $15.41 $15.38 $15.25 $15.45 $15.40 $15.27 $15.39 $15.39 $15.27 $15.28 $15.31 $15.24 $15.28 $15.34 $15.40 $15.62 $15.63 $15.77 $15.70 $15.80 $15.73 $15.80 $15.82 $15.79 $15.71 $15.58 $15.59 $15.45 $15.39 $15.40 $15.44 $15.48 $15.50 $15.48 $15.47 $15.47 $15.60 $15.58 $15.56 $15.55 $15.68 $15.44 $15.46 $15.53 $15.50 $15.48 $15.45 $15.42 $15.48 $15.60 $15.58 $15.42 $15.55 $15.47 $15.47 $15.60 $15.67 $15.68 $15.80 $15.71 $15.64 $15.63 $15.50 $15.55 $15.49 $15.45 $15.48 $15.51 $15.59 $15.56 $15.52 $15.51 $15.73 $15.71 $15.74 $15.80 $15.73 $15.72 $15.66 $15.80 $15.85 $15.76 $15.85 $15.70 $15.61 $15.55 $15.62 $15.66 $15.59 $15.56 $15.65 $15.68 $15.63 $15.64 $15.65 $15.59 $15.62 $15.62 $15.72 $15.67 $15.67 $15.63 $15.60 $15.59 $15.60 $15.60 $15.55 $15.54 $15.53 $15.52 $15.56 $15.56 $15.62 $15.65 $15.69 $15.73 $15.73 4/30/07 $15.69 PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE RESULTS. - -------------------------------------------------------------------------------- 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. 12 Nuveen Select Quality Municipal Fund, Inc. NQS Performance OVERVIEW As of April 30, 2007 - -------------------------------------------------------------------------------- CREDIT QUALITY (as a % of total investments) [PIE CHART] AAA/U.S. Guaranteed 76% AA 4% A 5% BBB 12% BB or Lower 2% N/R 1% - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 2006-2007 MONTHLY TAX-FREE DIVIDENDS PER SHARE [BAR CHART] $0.0730 $0.0705 $0.0705 $0.0705 $0.0705 $0.0705 $0.0705 $0.0705 $0.0705 $0.0705 $0.0705 $0.0705 - --------------------------------------------------------------------------------------------------------- May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr
- -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- SHARE PRICE PERFORMANCE [LINE CHART] Weekly Date Closing Price -------- ------------- 5/01/06 $15.05 $15.16 $15.04 $15.06 $14.99 $15.03 $15.02 $14.96 $14.85 $14.91 $15.07 $15.07 $15.03 $15.09 $15.05 $14.90 $14.75 $14.84 $14.82 $14.95 $14.90 $14.88 $15.03 $15.14 $15.46 $15.08 $15.09 $14.95 $15.01 $15.00 $14.91 $14.98 $14.96 $14.95 $14.97 $15.01 $14.81 $14.74 $14.79 $14.76 $14.72 $14.69 $14.80 $14.95 $15.05 $15.10 $14.95 $15.05 $15.02 $15.00 $14.90 $14.89 $14.86 $14.90 $14.81 $14.85 $14.90 $14.92 $15.12 $15.03 $15.15 $15.27 $15.29 $15.30 $15.23 $15.23 $15.26 $15.38 $15.34 $15.37 $15.33 $15.58 $15.41 $15.36 $15.37 $15.32 $15.35 $15.34 $15.37 $15.36 $15.28 $15.38 $15.38 $15.38 $15.45 $15.50 $15.54 $15.66 $15.65 $15.60 $15.54 $15.68 $15.63 $15.66 $15.58 $15.45 $15.58 $15.43 $15.41 $15.42 $15.44 $15.63 $15.60 $15.65 $15.74 $15.74 $15.69 $15.69 $15.76 $15.83 $15.75 $15.77 $15.86 $15.82 $15.69 $15.58 $15.55 $15.36 $15.28 $15.25 $15.25 $15.32 $15.33 $15.31 $15.37 $15.39 $15.43 $15.51 $15.54 $15.47 $15.50 $15.59 $15.70 $15.79 $15.68 $15.70 $15.80 $15.87 $15.87 $15.89 $15.82 $15.79 $15.81 $15.86 $15.89 $15.96 $16.00 $15.96 $15.92 $16.02 $16.13 $16.24 $16.30 $16.30 $16.34 $16.35 $16.33 $16.49 $16.35 $16.20 $16.17 $16.11 $16.04 $15.96 $16.01 $15.96 $15.90 $15.99 $16.06 $16.04 $16.20 $16.20 $16.39 $16.28 $16.25 $16.21 $16.27 $16.05 $16.10 $16.08 $16.02 $16.02 $16.00 $16.00 $15.95 $15.92 $15.91 $15.87 $15.94 $15.96 $15.95 $15.96 $15.92 $15.94 $15.99 $15.95 $16.18 $16.13 $16.07 $16.15 $16.12 $16.19 $16.21 $16.20 $16.17 $16.22 $16.21 $16.25 $16.22 $16.19 $16.16 $16.13 $16.21 $16.18 $16.14 $16.21 $16.19 $16.21 $16.25 $16.12 $16.00 $15.92 $15.93 $15.91 $15.87 $15.92 $15.91 $15.88 $15.87 $15.86 $15.75 $15.65 $15.81 $15.81 $15.94 $15.94 $16.05 $16.16 $16.15 $16.24 $16.16 $16.11 $16.19 $16.19 $16.24 $16.25 $16.38 $16.45 $16.43 $16.39 $16.41 $16.37 $16.31 4/30/07 $16.39 PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE RESULTS. - -------------------------------------------------------------------------------- FUND SNAPSHOT - -------------------------------------------------------------------------------- Common Share Price $ 16.39 - -------------------------------------------------------------------------------- Common Share Net Asset Value $ 15.43 - -------------------------------------------------------------------------------- Premium/(Discount) to NAV 6.22% - -------------------------------------------------------------------------------- Market Yield 5.16% - -------------------------------------------------------------------------------- Taxable-Equivalent Yield 1 7.17% - -------------------------------------------------------------------------------- Net Assets Applicable to Common Shares ($000) $ 524,497 - -------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 13.71 - -------------------------------------------------------------------------------- Leverage-Adjusted Duration 7.08 - -------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 3/21/91) - ------------------------------------ ON SHARE PRICE ON NAV - ------------------------------------ 6-Month Cumulative 8.79% 1.50% - ------------------------------------ 1-Year 14.95% 6.66% - ------------------------------------ 5-Year 9.56% 7.30% - ------------------------------------ 10-Year 7.57% 6.85% - ------------------------------------ STATES (as a % of total investments) - -------------------------------------------------------------------------------- Illinois 11.2% - -------------------------------------------------------------------------------- Texas 10.1% - -------------------------------------------------------------------------------- New York 8.9% - -------------------------------------------------------------------------------- Colorado 6.9% - -------------------------------------------------------------------------------- South Carolina 6.3% - -------------------------------------------------------------------------------- Nevada 5.5% - -------------------------------------------------------------------------------- Michigan 5.2% - -------------------------------------------------------------------------------- New Jersey 4.7% - -------------------------------------------------------------------------------- Tennessee 4.4% - -------------------------------------------------------------------------------- California 3.0% - -------------------------------------------------------------------------------- New Mexico 3.0% - -------------------------------------------------------------------------------- Alabama 2.5% - -------------------------------------------------------------------------------- Utah 2.5% - -------------------------------------------------------------------------------- North Carolina 2.3% - -------------------------------------------------------------------------------- Washington 2.1% - -------------------------------------------------------------------------------- Wisconsin 2.1% - -------------------------------------------------------------------------------- District of Columbia 2.1% - -------------------------------------------------------------------------------- Oklahoma 1.6% - -------------------------------------------------------------------------------- Ohio 1.4% - -------------------------------------------------------------------------------- South Dakota 1.4% - -------------------------------------------------------------------------------- Other 12.8% - -------------------------------------------------------------------------------- INDUSTRIES (as a % of total investments) - -------------------------------------------------------------------------------- U.S. Guaranteed 33.6% - -------------------------------------------------------------------------------- Utilities 14.4% - -------------------------------------------------------------------------------- Transportation 13.1% - -------------------------------------------------------------------------------- Health Care 11.1% - -------------------------------------------------------------------------------- Tax Obligation/General 9.4% - -------------------------------------------------------------------------------- Tax Obligation/Limited 5.7% - -------------------------------------------------------------------------------- Other 12.7% - -------------------------------------------------------------------------------- 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. 13 Nuveen Quality Income Municipal Fund, Inc. NQU Performance OVERVIEW As of April 30, 2007 FUND SNAPSHOT - -------------------------------------------------------------------------------- Common Share Price $ 15.53 - -------------------------------------------------------------------------------- Common Share Net Asset Value $ 15.30 - -------------------------------------------------------------------------------- Premium/(Discount) to NAV 1.50% - -------------------------------------------------------------------------------- Market Yield 4.91% - -------------------------------------------------------------------------------- Taxable-Equivalent Yield 1 6.82% - -------------------------------------------------------------------------------- Net Assets Applicable to Common Shares ($000) $ 829,083 - -------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 12.91 - -------------------------------------------------------------------------------- Leverage-Adjusted Duration 8.30 - -------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 6/19/91) - ----------------------------------- ON SHARE PRICE ON NAV - ----------------------------------- 6-Month (Cumulative) 8.11% 1.24% - ----------------------------------- 1-Year 8.83% 6.45% - ----------------------------------- 5-Year 8.60% 6.86% - ----------------------------------- 10-Year 6.84% 6.48% - ----------------------------------- STATES (as a % of total investments) - -------------------------------------------------------------------------------- New York 11.9% - -------------------------------------------------------------------------------- Texas 11.0% - -------------------------------------------------------------------------------- Illinois 10.0% - -------------------------------------------------------------------------------- California 7.4% - -------------------------------------------------------------------------------- Washington 6.4% - -------------------------------------------------------------------------------- South Carolina 5.8% - -------------------------------------------------------------------------------- Massachusetts 5.1% - -------------------------------------------------------------------------------- Nevada 4.5% - -------------------------------------------------------------------------------- Oklahoma 4.4% - -------------------------------------------------------------------------------- New Jersey 3.3% - -------------------------------------------------------------------------------- Colorado 3.2% - -------------------------------------------------------------------------------- Pennsylvania 2.4% - -------------------------------------------------------------------------------- Ohio 2.1% - -------------------------------------------------------------------------------- Alabama 2.0% - -------------------------------------------------------------------------------- North Carolina 1.9% - -------------------------------------------------------------------------------- Louisiana 1.5% - -------------------------------------------------------------------------------- Virginia 1.3% - -------------------------------------------------------------------------------- Michigan 1.3% - -------------------------------------------------------------------------------- Other 14.5% - -------------------------------------------------------------------------------- INDUSTRIES (as a % of total investments) - -------------------------------------------------------------------------------- U.S. Guaranteed 38.2% - -------------------------------------------------------------------------------- Tax Obligation/General 14.8% - -------------------------------------------------------------------------------- Transportation 14.7% - -------------------------------------------------------------------------------- Utilities 9.5% - -------------------------------------------------------------------------------- Health Care 7.2% - -------------------------------------------------------------------------------- Consumer Staples 3.8% - -------------------------------------------------------------------------------- Other 11.8% - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- CREDIT QUALITY (as a % of total investments) [PIE CHART] AAA/U.S. Guaranteed 80% AA 6% A 4% BBB 6% BB or Lower 3% N/R 1% - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 2006-2007 MONTHLY TAX-FREE DIVIDENDS PER SHARE [BAR CHART] $0.0700 $0.0665 $0.0665 $0.0665 $0.0635 $0.0635 $0.0635 $0.0635 $0.0635 $0.0635 $0.0635 $0.0635 - ---------------------------------------------------------------------------------------------------------- May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr
- -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- SHARE PRICE PERFORMANCE [LINE CHART] Weekly Date Closing Price -------- ------------- 5/01/06 $15.00 $14.96 $14.76 $14.63 $14.68 $14.70 $14.72 $14.73 $14.60 $14.56 $14.56 $14.64 $14.60 $14.54 $14.55 $14.55 $14.48 $14.50 $14.50 $14.65 $14.59 $14.62 $14.72 $14.72 $14.60 $14.48 $14.54 $14.48 $14.56 $14.50 $14.39 $14.30 $14.26 $14.21 $14.18 $14.03 $14.02 $13.90 $13.92 $14.01 $13.90 $13.95 $13.95 $14.04 $14.10 $14.01 $14.03 $14.03 $14.08 $14.08 $14.05 $14.07 $14.06 $14.05 $14.04 $14.18 $14.20 $14.27 $14.47 $14.44 $14.42 $14.56 $14.68 $14.78 $14.82 $14.85 $14.87 $14.94 $14.90 $14.90 $14.92 $14.91 $14.71 $14.76 $14.89 $14.93 $14.87 $14.91 $14.95 $14.99 $14.90 $15.00 $14.96 $14.94 $14.95 $14.94 $14.90 $14.99 $14.92 $14.87 $14.87 $14.84 $14.85 $14.86 $14.83 $14.79 $14.81 $14.85 $14.86 $14.83 $14.84 $14.91 $14.95 $14.92 $14.96 $14.94 $14.94 $14.94 $14.98 $15.05 $14.98 $14.94 $14.91 $14.85 $14.84 $14.69 $14.69 $14.50 $14.45 $14.42 $14.40 $14.44 $14.47 $14.46 $14.52 $14.61 $14.61 $14.65 $14.72 $14.73 $14.75 $14.77 $14.70 $14.76 $14.80 $14.86 $14.88 $14.96 $14.91 $14.95 $15.00 $14.95 $14.94 $15.03 $14.95 $14.95 $14.93 $14.89 $14.90 $14.93 $14.96 $15.09 $15.17 $15.12 $15.14 $15.10 $15.02 $15.06 $15.02 $14.94 $14.87 $14.90 $14.95 $14.90 $14.78 $14.82 $14.82 $14.83 $14.86 $14.90 $14.92 $14.92 $15.02 $14.96 $14.97 $14.96 $15.00 $14.82 $14.85 $14.85 $14.92 $14.90 $14.82 $14.87 $14.84 $14.81 $14.88 $14.78 $14.83 $14.88 $14.85 $14.87 $14.87 $14.94 $14.87 $14.90 $14.94 $14.95 $15.00 $14.94 $14.88 $14.97 $15.07 $15.02 $14.99 $15.00 $14.96 $15.02 $15.10 $15.10 $15.11 $15.12 $15.15 $15.14 $15.17 $15.19 $15.22 $15.19 $15.25 $15.15 $15.14 $15.15 $15.10 $15.08 $15.14 $15.15 $15.12 $15.09 $15.08 $15.05 $15.03 $15.09 $15.10 $15.10 $15.16 $15.12 $15.13 $15.10 $15.03 $15.06 $15.10 $15.16 $15.19 $15.24 $15.21 $15.24 $15.27 $15.30 $15.37 $15.39 $15.45 $15.45 $15.52 4/30/07 $15.53 PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE RESULTS. - -------------------------------------------------------------------------------- 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. 14 Nuveen Premier Municipal Income Fund, Inc. NPF Performance OVERVIEW As of April 30, 2007 - -------------------------------------------------------------------------------- CREDIT QUALITY (as a % of total investments) [PIE CHART] AAA/U.S. Guaranteed 64% AA 13% A 11% BBB 11% N/R 1% - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 2006-2007 MONTHLY TAX-FREE DIVIDENDS PER SHARE [BAR CHART] $0.0585 $0.0545 $0.0545 $0.0545 $0.0545 $0.0545 $0.0560 $0.0560 $0.0560 $0.0560 $0.0560 $0.0560 - ---------------------------------------------------------------------------------------------------------- May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr
- -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- SHARE PRICE PERFORMANCE [LINE CHART] Weekly Date Closing Price -------- ------------- 5/01/06 $13.27 $13.35 $13.30 $13.20 $13.23 $13.25 $13.29 $13.35 $13.20 $13.22 $13.18 $13.22 $13.18 $13.30 $13.25 $13.29 $13.24 $13.19 $13.18 $13.33 $13.30 $13.30 $13.45 $13.49 $13.49 $13.37 $13.22 $13.17 $13.21 $13.14 $13.12 $13.06 $13.05 $13.06 $13.01 $12.92 $12.92 $12.87 $12.86 $12.84 $12.87 $12.83 $12.83 $12.90 $12.99 $12.94 $12.96 $12.94 $12.99 $13.10 $13.09 $13.08 $12.95 $12.99 $12.96 $13.05 $12.98 $13.00 $13.09 $13.10 $13.08 $13.09 $13.11 $13.17 $13.21 $13.29 $13.25 $13.32 $13.35 $13.35 $13.33 $13.33 $13.31 $13.28 $13.44 $13.40 $13.39 $13.43 $13.42 $13.49 $13.50 $13.48 $13.48 $13.56 $13.50 $13.58 $13.60 $13.64 $13.55 $13.49 $13.47 $13.57 $13.59 $13.63 $13.55 $13.53 $13.48 $13.48 $13.47 $13.49 $13.55 $13.65 $13.63 $13.67 $13.61 $13.60 $13.66 $13.66 $13.66 $13.71 $13.74 $13.72 $13.67 $13.66 $13.52 $13.48 $13.50 $13.50 $13.50 $13.39 $13.44 $13.44 $13.45 $13.49 $13.54 $13.63 $13.61 $13.65 $13.69 $13.65 $13.68 $13.74 $13.75 $13.86 $13.86 $13.84 $13.87 $13.85 $13.82 $13.86 $13.84 $13.85 $13.87 $13.84 $13.88 $13.86 $13.87 $13.80 $13.83 $13.85 $13.99 $14.02 $14.02 $14.03 $14.09 $14.09 $14.06 $14.02 $13.98 $13.80 $13.80 $13.80 $13.85 $13.77 $13.80 $13.75 $13.73 $13.78 $13.74 $13.84 $13.85 $13.85 $13.87 $13.82 $13.85 $13.85 $13.85 $13.81 $13.75 $13.82 $13.88 $13.90 $13.86 $13.94 $13.95 $13.96 $14.00 $13.89 $13.87 $13.90 $13.94 $13.89 $13.93 $13.95 $13.96 $13.99 $14.02 $14.01 $14.01 $14.05 $14.04 $14.09 $14.10 $14.16 $14.18 $14.19 $14.11 $14.14 $14.19 $14.24 $14.27 $14.19 $14.27 $14.30 $14.33 $14.31 $14.24 $14.33 $14.35 $14.26 $14.24 $14.18 $14.21 $14.22 $14.20 $14.20 $14.21 $14.15 $14.20 $14.12 $14.15 $14.10 $14.12 $14.12 $14.20 $14.22 $14.19 $14.20 $14.23 $14.26 $14.23 $14.24 $14.23 $14.18 $14.12 $14.07 $14.15 $14.17 $14.16 $14.12 $14.14 $14.11 $14.13 4/30/07 $14.12 PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE RESULTS. - -------------------------------------------------------------------------------- FUND SNAPSHOT - -------------------------------------------------------------------------------- Common Share Price $ 14.12 - -------------------------------------------------------------------------------- Common Share Net Asset Value $ 15.27 - -------------------------------------------------------------------------------- Premium/(Discount) to NAV -7.53% - -------------------------------------------------------------------------------- Market Yield 4.76% - -------------------------------------------------------------------------------- Taxable-Equivalent Yield 1 6.61% - -------------------------------------------------------------------------------- Net Assets Applicable to Common Shares ($000) $ 306,724 - -------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 15.42 - -------------------------------------------------------------------------------- Leverage-Adjusted Duration 9.97 - -------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 12/19/91) - ----------------------------------- ON SHARE PRICE ON NAV - ----------------------------------- 6-Month (Cumulative) 5.94% 1.41% - ----------------------------------- 1-Year 11.19% 7.87% - ----------------------------------- 5-Year 6.41% 6.94% - ----------------------------------- 10-Year 5.63% 6.48% - ----------------------------------- STATES (as a % of total investments) - -------------------------------------------------------------------------------- New York 14.8% - -------------------------------------------------------------------------------- California 13.8% - -------------------------------------------------------------------------------- Illinois 8.6% - -------------------------------------------------------------------------------- Washington 5.1% - -------------------------------------------------------------------------------- South Carolina 4.6% - -------------------------------------------------------------------------------- Colorado 4.1% - -------------------------------------------------------------------------------- New Jersey 4.0% - -------------------------------------------------------------------------------- Wisconsin 3.4% - -------------------------------------------------------------------------------- Texas 3.3% - -------------------------------------------------------------------------------- Louisiana 3.2% - -------------------------------------------------------------------------------- Minnesota 2.9% - -------------------------------------------------------------------------------- Arizona 2.8% - -------------------------------------------------------------------------------- Georgia 2.5% - -------------------------------------------------------------------------------- North Carolina 2.4% - -------------------------------------------------------------------------------- Indiana 2.2% - -------------------------------------------------------------------------------- Michigan 2.2% - -------------------------------------------------------------------------------- Nebraska 1.7% - -------------------------------------------------------------------------------- Florida 1.6% - -------------------------------------------------------------------------------- Rhode Island 1.6% - -------------------------------------------------------------------------------- Alaska 1.3% - -------------------------------------------------------------------------------- Other 13.9% - -------------------------------------------------------------------------------- INDUSTRIES (as a % of total investments) - -------------------------------------------------------------------------------- Tax Obligation/Limited 16.8% - -------------------------------------------------------------------------------- U.S. Guaranteed 16.1% - -------------------------------------------------------------------------------- Utilities 13.9% - -------------------------------------------------------------------------------- Tax Obligation/General 12.9% - -------------------------------------------------------------------------------- Health Care 10.8% - -------------------------------------------------------------------------------- Transportation 8.5% - -------------------------------------------------------------------------------- Water and Sewer 5.6% - -------------------------------------------------------------------------------- Consumer Staples 3.8% - -------------------------------------------------------------------------------- Other 11.6% - -------------------------------------------------------------------------------- 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. 15 Nuveen Municipal High Income Opportunity Fund NMZ Performance OVERVIEW As of April 30, 2007 FUND SNAPSHOT - -------------------------------------------------------------------------------- Common Share Price $ 18.17 - -------------------------------------------------------------------------------- Common Share Net Asset Value $ 16.02 - -------------------------------------------------------------------------------- Premium/(Discount) to NAV 13.42% - -------------------------------------------------------------------------------- Market Yield 5.38% - -------------------------------------------------------------------------------- Taxable-Equivalent Yield 1 7.47% - -------------------------------------------------------------------------------- Net Assets Applicable to Common Shares ($000) $ 373,630 - -------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 18.59 - -------------------------------------------------------------------------------- Leverage-Adjusted Duration 7.99 - -------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 11/19/03) - ----------------------------------- ON SHARE PRICE ON NAV - ----------------------------------- 6-Month Cumulative 8.37% 3.24% - ----------------------------------- 1-Year 14.23% 10.41% - ----------------------------------- Since Inception 12.80% 10.50% - ----------------------------------- STATES (as a % of total investments) - -------------------------------------------------------------------------------- California 11.5% - -------------------------------------------------------------------------------- Texas 6.8% - -------------------------------------------------------------------------------- Indiana 6.7% - -------------------------------------------------------------------------------- Colorado 6.0% - -------------------------------------------------------------------------------- Florida 5.6% - -------------------------------------------------------------------------------- Illinois 4.9% - -------------------------------------------------------------------------------- Louisiana 4.8% - -------------------------------------------------------------------------------- Wisconsin 4.0% - -------------------------------------------------------------------------------- Arizona 3.7% - -------------------------------------------------------------------------------- Oklahoma 3.4% - -------------------------------------------------------------------------------- New Jersey 3.3% - -------------------------------------------------------------------------------- Pennsylvania 3.3% - -------------------------------------------------------------------------------- Michigan 3.2% - -------------------------------------------------------------------------------- Virginia 3.0% - -------------------------------------------------------------------------------- Ohio 2.8% - -------------------------------------------------------------------------------- Nebraska 2.5% - -------------------------------------------------------------------------------- Washington 2.4% - -------------------------------------------------------------------------------- Maryland 2.3% - -------------------------------------------------------------------------------- Nevada 2.3% - -------------------------------------------------------------------------------- Virgin Islands 2.3% - -------------------------------------------------------------------------------- Minnesota 2.0% - -------------------------------------------------------------------------------- Other 13.2% - -------------------------------------------------------------------------------- INDUSTRIES (as a % of total investments) - -------------------------------------------------------------------------------- U.S. Guaranteed 18.6% - -------------------------------------------------------------------------------- Tax Obligation/Limited 16.1% - -------------------------------------------------------------------------------- Health Care 15.5% - -------------------------------------------------------------------------------- Housing/Multifamily 10.5% - -------------------------------------------------------------------------------- Utilities 7.8% - -------------------------------------------------------------------------------- Transportation 7.0% - -------------------------------------------------------------------------------- Water and Sewer 5.4% - -------------------------------------------------------------------------------- Education and Civic Organizations 4.8% - -------------------------------------------------------------------------------- Other 14.3% - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- CREDIT QUALITY (as a % of total investments) [PIE CHART] AAA/U.S. Guaranteed 25% AA 1% A 10% BBB 9% BB or Lower 20% N/R 35% - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 2006-2007 MONTHLY TAX-FREE DIVIDENDS PER SHARE 2 [BAR CHART] $0.0890 $0.0850 $0.0850 $0.0850 $0.0815 $0.0815 $0.0815 $0.0815 $0.0815 $0.0815 $0.0815 $0.0815 - ---------------------------------------------------------------------------------------------------------- May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr
- -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- SHARE PRICE PERFORMANCE [LINE CHART] Weekly Date Closing Price -------- ------------- 5/01/06 $16.92 $17.05 $16.92 $16.92 $17.04 $17.06 $17.15 $17.16 $16.98 $16.89 $16.82 $17.00 $16.97 $17.09 $17.03 $17.00 $16.97 $17.10 $17.05 $17.13 $17.04 $17.12 $17.19 $17.25 $17.19 $17.01 $17.04 $16.97 $17.12 $16.96 $16.82 $16.76 $16.88 $16.88 $16.76 $16.60 $16.64 $16.53 $16.44 $16.37 $16.33 $16.28 $16.30 $16.36 $16.51 $16.61 $16.49 $16.58 $16.55 $16.49 $16.34 $16.40 $16.50 $16.53 $16.53 $16.46 $16.44 $16.54 $16.65 $16.75 $16.68 $16.70 $16.75 $16.73 $16.79 $16.99 $16.99 $17.04 $17.07 $17.12 $17.11 $17.14 $17.03 $17.04 $17.01 $16.97 $17.08 $17.07 $17.09 $17.19 $17.09 $17.08 $17.09 $17.11 $17.14 $17.05 $17.09 $17.13 $17.10 $17.01 $16.86 $16.82 $16.81 $16.93 $16.79 $16.72 $16.67 $16.60 $16.63 $16.60 $16.69 $16.73 $16.78 $16.76 $16.92 $16.88 $16.83 $16.83 $16.99 $16.93 $17.07 $17.01 $17.08 $17.12 $17.15 $17.10 $17.17 $17.00 $17.10 $17.14 $17.12 $17.23 $17.19 $17.25 $17.16 $17.20 $17.20 $17.20 $17.14 $17.25 $17.23 $17.21 $17.15 $17.26 $17.17 $17.21 $17.25 $17.25 $17.12 $17.18 $17.18 $17.15 $17.10 $17.07 $17.08 $17.10 $17.19 $17.07 $17.05 $16.93 $17.00 $16.93 $16.96 $17.22 $17.28 $17.32 $17.30 $17.30 $17.41 $17.31 $17.16 $17.30 $17.29 $17.38 $17.45 $17.64 $17.71 $17.75 $17.77 $17.78 $17.71 $17.71 $17.39 $17.59 $17.49 $17.50 $17.70 $17.56 $17.58 $17.49 $17.53 $17.50 $17.53 $17.51 $17.60 $17.62 $17.60 $17.51 $17.64 $17.56 $17.55 $17.53 $17.48 $17.55 $17.52 $17.63 $17.65 $17.55 $17.62 $17.68 $17.67 $17.58 $17.58 $17.70 $17.58 $17.60 $17.61 $17.66 $17.75 $17.78 $17.86 $17.82 $17.89 $17.79 $17.89 $17.83 $17.83 $17.82 $17.91 $17.75 $17.82 $17.71 $17.72 $17.81 $17.65 $17.65 $17.69 $17.68 $17.73 $17.64 $17.69 $17.72 $17.75 $17.75 $17.75 $17.74 $17.69 $17.67 $17.81 $17.90 $17.79 $17.92 $18.05 $17.91 $17.91 $17.90 $17.97 $18.06 $18.10 $18.21 $18.12 $18.14 $18.20 4/30/07 $18.17 PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE RESULTS. - -------------------------------------------------------------------------------- 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 2006 of $0.0047 per share. 16 Nuveen Investment Quality Municipal Fund, Inc. (NQM) Portfolio of INVESTMENTS April 30, 2007 (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 $ 1,257,576 800 5.000%, 11/15/30 11/15 at 100.00 Baa1 816,424 1,250 Courtland Industrial Development Board, Alabama, Pollution 6/15 at 100.00 BBB 1,283,825 Control Revenue Bonds, International Paper Company, Series 2005A, 5.000%, 6/01/25 - ------------------------------------------------------------------------------------------------------------------------------------ 3,250 Total Alabama 3,357,825 - ------------------------------------------------------------------------------------------------------------------------------------ ALASKA - 2.3% (1.4% OF TOTAL INVESTMENTS) 4,000 Northern Tobacco Securitization Corporation, Alaska, Tobacco 6/10 at 100.00 AAA 4,319,400 Settlement Asset-Backed Bonds, Series 2000, 6.500%, 6/01/31 (Pre-refunded 6/01/10) Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A: 7,000 5.000%, 6/01/32 6/14 at 100.00 Baa3 6,945,330 1,500 5.000%, 6/01/46 6/14 at 100.00 Baa3 1,475,880 - ------------------------------------------------------------------------------------------------------------------------------------ 12,500 Total Alaska 12,740,610 - ------------------------------------------------------------------------------------------------------------------------------------ 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 209,056 265 5.250%, 12/01/25 12/15 at 100.00 BBB 276,999 - ------------------------------------------------------------------------------------------------------------------------------------ 465 Total Arizona 486,055 - ------------------------------------------------------------------------------------------------------------------------------------ ARKANSAS - 2.3% (1.5% OF TOTAL INVESTMENTS) 1,445 Arkansas Development Finance Authority, Home Mortgage Revenue 7/08 at 101.50 AAA 1,457,326 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 3,488,913 2,000 5.000%, 12/01/35 - AMBAC Insured 12/15 at 100.00 Aaa 2,115,000 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 1,115,525 3,600 5.650%, 12/01/31 - AMBAC Insured 12/10 at 100.00 Aaa 3,813,984 1,000 Washington County, Arkansas, Hospital Revenue Bonds, Washington 2/15 at 100.00 BBB 1,021,510 Regional Medical Center, Series 2005B, 5.000%, 2/01/30 - ------------------------------------------------------------------------------------------------------------------------------------ 12,390 Total Arkansas 13,012,258 - ------------------------------------------------------------------------------------------------------------------------------------ CALIFORNIA - 22.6% (14.2% OF TOTAL INVESTMENTS) 3,000 California Educational Facilities Authority, Revenue Bonds, 10/15 at 100.00 AA+ 3,106,200 University of Southern California, Series 2005, 4.750%, 10/01/28 1,000 California Educational Facilities Authority, Revenue Bonds, 11/15 at 100.00 A2 1,046,870 University of the Pacific, Series 2006, 5.000%, 11/01/30 2,500 California Health Facilities Financing Authority, Revenue Bonds, 11/15 at 100.00 A2 2,582,400 Cedars-Sinai Medical Center, Series 2005, 5.000%, 11/15/27 4,285 California Health Facilities Financing Authority, Revenue Bonds, 4/16 at 100.00 A+ 4,404,337 Kaiser Permanante System, Series 2006, 5.000%, 4/01/37 5,500 California Health Facilities Financing Authority, Revenue Bonds, 11/16 at 100.00 AA- 5,687,605 Sutter Health, Series 2007A, 5.000%, 11/15/42 (WI/DD, Settling 5/01/07)
17 Nuveen Investment Quality Municipal Fund, Inc. (NQM) (continued) Portfolio of INVESTMENTS April 30, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ CALIFORNIA (continued) $ 5,925 California State Public Works Board, Lease Revenue Refunding 6/07 at 100.00 Aa2 (4) $ 5,934,125 Bonds, Various University of California Projects, Series 1993A, 5.500%, 6/01/21 (Pre-refunded 6/01/07) 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+ 1,039,980 1,000 5.000%, 7/01/39 7/15 at 100.00 BBB+ 1,013,660 10,000 California, General Obligation Bonds, Series 2003, 5.250%, 8/13 at 100.00 A+ 10,693,400 2/01/25 1,900 Chula Vista, California, Industrial Development Revenue Bonds, 6/14 at 102.00 A2 2,056,693 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 2,763,944 Tax Allocation Refunding Bonds, Redevelopment Projects 2 and 3, Series 2003A, 5.000%, 8/01/28 - RAAI Insured 610 Golden State Tobacco Securitization Corporation, California, 6/17 at 100.00 BBB 611,879 Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.125%, 6/01/47 9,740 Huntington Park Redevelopment Agency, California, Single Family No Opt. Call AAA 13,651,876 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 6,139,924 Obligation Bonds, Series 2002E, 5.125%, 7/01/22 (Pre-refunded 7/01/12) - MBIA Insured 1,030 Natomas Union School District, Sacramento County, California, No Opt. Call AAA 1,214,772 General Obligation Refunding Bonds, Series 1999, 5.950%, 9/01/21 - MBIA Insured 15,770 Ontario Redevelopment Financing Authority, San Bernardino County, No Opt. Call AAA 21,507,124 California, Revenue Refunding Bonds, Redevelopment Project 1, Series 1995, 7.400%, 8/01/25 - MBIA Insured 13,145 Perris, California, GNMA Mortgage-Backed Securities Program No Opt. Call AAA 18,725,578 Single Family Mortgage Revenue Bonds, Series 1988B, 8.200%, 9/01/23 (Alternative Minimum Tax) (ETM) 3,415 Rancho Mirage Joint Powers Financing Authority, California, 7/14 at 100.00 A3 3,746,904 Revenue Bonds, Eisenhower Medical Center, Series 2004, 5.875%, 7/01/26 5,000 Riverside Unified School District, Riverside County, California, 2/12 at 101.00 AAA 5,217,800 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 261,068 275 5.000%, 9/01/23 9/15 at 102.00 Baa3 286,943 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 2,497,170 8,135 0.000%, 1/15/34 - MBIA Insured No Opt. Call AAA 2,517,538 17,195 0.000%, 1/15/35 - MBIA Insured No Opt. Call AAA 5,106,571 3,185 University of California, General Revenue Bonds, Series 2005G, 5/13 at 101.00 AAA 3,274,148 4.750%, 5/15/31 - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 128,440 Total California 125,088,509 - ------------------------------------------------------------------------------------------------------------------------------------ COLORADO - 5.0% (3.2% OF TOTAL INVESTMENTS) 1,000 Colorado Health Facilities Authority, Revenue Bonds, Evangelical 6/16 at 100.00 A- 1,026,030 Lutheran Good Samaritan Society, Series 2005, 5.000%, 6/01/29 400 Colorado Health Facilities Authority, Revenue Bonds, Poudre 3/15 at 100.00 BBB+ 408,948 Valley Health Care, Series 2005F, 5.000%, 3/01/25 35 Colorado Housing Finance Authority, Single Family Program Senior 5/07 at 105.00 Aa2 35,528 Bonds, Series 1996B, 7.450%, 11/01/27 12,450 Denver City and County, Colorado, Airport System Revenue 11/10 at 100.00 AAA 13,258,130 Refunding Bonds, Series 2000A, 6.000%, 11/15/19 - AMBAC Insured (Alternative Minimum Tax) 3,200 Denver City and County, Colorado, Special Facilities Airport 10/07 at 100.00 N/R 3,246,400 Revenue Bonds, United Air Lines Corporation, Series 1992A, 6.875%, 10/01/32 (Alternative Minimum Tax) 7,865 El Paso County School District 11, Colorado Springs, Colorado, 12/07 at 125.00 AA- (4) 9,942,854 General Obligation Improvement Bonds, Series 1996, 7.125%, 12/01/21 (Pre-refunded 12/01/07) - ------------------------------------------------------------------------------------------------------------------------------------ 24,950 Total Colorado 27,917,890 - ------------------------------------------------------------------------------------------------------------------------------------
18
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ DISTRICT OF COLUMBIA - 6.5% (4.1% OF TOTAL INVESTMENTS) $ 23,745 District of Columbia Water and Sewerage Authority, Public Utility 4/09 at 160.00 AAA $ 27,263,295 Revenue Bonds, Series 1998, 5.500%, 10/01/23 - FSA Insured 3,000 District of Columbia, General Obligation Bonds, Series 1998B, No Opt. Call AAA 3,477,240 6.000%, 6/01/16 - MBIA Insured 15,950 District of Columbia, Revenue Bonds, Georgetown University, 4/11 at 31.03 AAA 4,258,331 Series 2001A, 0.000%, 4/01/31 (Pre-refunded 4/01/11) - MBIA Insured 900 Washington Convention Center Authority, District of Columbia, 10/16 at 100.00 Aaa 882,522 Senior Lien Dedicated Tax Revenue Bonds, Series 2007, Residuals 1606, 5.462%, 10/01/30 - AMBAC Insured (IF) - ------------------------------------------------------------------------------------------------------------------------------------ 43,595 Total District of Columbia 35,881,388 - ------------------------------------------------------------------------------------------------------------------------------------ FLORIDA - 3.0% (1.9% OF TOTAL INVESTMENTS) 1,000 Board of Regents, Florida State University, Housing Facility 5/15 at 101.00 AAA 1,061,380 Revenue Bonds, Series 2005A, 5.000%, 5/01/27 - MBIA Insured 4,230 Brevard County Health Facilities Authority, Florida, Revenue 4/16 at 100.00 A 4,374,412 Bonds, Health First Inc. Project, Series 2005, 5.000%, 4/01/24 1,570 Escambia County Health Facilities Authority, Florida, Health 10/08 at 101.00 BBB+ 1,598,354 Facility Revenue Refunding Bonds, Baptist Hospital and Baptist Manor, Series 1998, 5.125%, 10/01/19 3,200 Hillsborough County Industrial Development Authority, Florida, 4/10 at 101.00 N/R 3,471,360 Exempt Facilities Remarketed Revenue Bonds, National Gypsum Company, Apollo Beach Project, Series 2000B, 7.125%, 4/01/30 (Alternative Minimum Tax) 5,895 South Miami Florida Health Facilities Authority, Hospital 8/17 at 100.00 AA- 6,054,519 Revenue, Baptist Health System Obligation Group, Series 2007, 5.000%, 8/15/42 (WI/DD, Settling 5/16/07) - ------------------------------------------------------------------------------------------------------------------------------------ 15,895 Total Florida 16,560,025 - ------------------------------------------------------------------------------------------------------------------------------------ GEORGIA - 4.5% (2.8% OF TOTAL INVESTMENTS) 10,000 Atlanta, Georgia, Airport General Revenue Refunding Bonds, 1/10 at 101.00 AAA 10,578,000 Series 2000A, 5.600%, 1/01/30 (Pre-refunded 1/01/10) - FGIC Insured 2,710 Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 11/14 at 100.00 AAA 2,867,045 2004, 5.000%, 11/01/23 - FSA Insured 2,000 Dalton Development Authority, Georgia, Revenue Certificates, No Opt. Call AAA 2,331,100 Hamilton Health Care System Inc., Series 1996, 5.500%, 8/15/26 - MBIA Insured 5,980 Fulton County Development Authority, Georgia, Revenue Bonds, 9/11 at 102.00 AAA 6,451,643 Georgia State University - TUFF/Atlanta Housing LLC, Series 2001A, 5.500%, 9/01/22 - AMBAC Insured 2,250 Georgia Municipal Electric Authority, Project One Special No Opt. Call A+ 2,652,075 Obligation Bonds, Fourth Crossover Series 1997E, 6.500%, 1/01/20 - ------------------------------------------------------------------------------------------------------------------------------------ 22,940 Total Georgia 24,879,863 - ------------------------------------------------------------------------------------------------------------------------------------ IDAHO - 1.0% (0.6% OF TOTAL INVESTMENTS) 4,810 Boise City, Idaho, Revenue Refunding Bonds, Series 2001A, 5.375%, 12/11 at 100.00 Aaa 5,101,005 12/01/31 - MBIA Insured 500 Madison County, Idaho, Hospital Revenue Certificates of 9/16 at 100.00 BBB- 517,310 Participation, Madison Memorial Hospital, Series 2006, 5.250%, 9/01/26 - ------------------------------------------------------------------------------------------------------------------------------------ 5,310 Total Idaho 5,618,315 - ------------------------------------------------------------------------------------------------------------------------------------ ILLINOIS - 11.7% (7.4% OF TOTAL INVESTMENTS) 4,705 Bourbonnais, Illinois, Revenue Bonds, Olivet Nazarene University, 3/10 at 101.00 AA 5,020,753 Series 2000, 6.250%, 3/01/20 - RAAI Insured 14,600 Chicago Greater Metropolitan Area Sanitary District, Illinois, 12/16 at 100.00 AAA 15,990,066 General Obligation Bonds, Series 2006, 5.000%, 12/01/35 (UB) 4,775 Chicago Public Building Commission, Illinois, General Obligation 3/13 at 100.00 AAA 5,156,141 Lease Bonds, Chicago Transit Authority, Series 2003, 5.250%, 3/01/23 (Pre-refunded 3/01/13) - AMBAC Insured 2,110 Illinois Development Finance Authority, Local Government Program 1/11 at 100.00 Aaa 2,276,099 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
19 Nuveen Investment Quality Municipal Fund, Inc. (NQM) (continued) Portfolio of INVESTMENTS April 30, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ ILLINOIS (continued) Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2004: $ 2,500 5.250%, 11/15/21 5/14 at 100.00 A $ 2,612,025 1,000 5.250%, 11/15/22 5/14 at 100.00 A 1,043,590 395 Illinois Finance Authority, Revenue Bonds, Proctor Hospital, 1/16 at 100.00 BBB- 404,132 Series 2006, 5.125%, 1/01/25 2,600 Illinois Health Facilities Authority, Revenue Bonds, Condell 5/12 at 100.00 Baa2 2,707,146 Medical Center, Series 2002, 5.500%, 5/15/32 12,725 Kane, Cook and DuPage Counties School District 46, Elgin, No Opt. Call Aaa 14,886,087 Illinois, General Obligation School Bonds, Series 1997, 7.800%, 1/01/12 - FSA Insured 6,300 Madison County Community Unit School District 7, Edwardsville, No Opt. Call AAA 6,880,356 Illinois, School Building Bonds, Series 1994, 5.850%, 2/01/13 - FGIC Insured (ETM) 6,015 Metropolitan Pier and Exposition Authority, Illinois, Revenue No Opt. Call AAA 3,237,875 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 1,467,982 1,300 8.700%, 12/01/14 - FSA Insured No Opt. Call AAA 1,712,009 1,180 Will County School District 17, Channahon, Illinois, General No Opt. Call Aaa 1,492,405 Obligation School Building Bonds, Series 2001, 8.400%, 12/01/13 - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 61,350 Total Illinois 64,886,666 - ------------------------------------------------------------------------------------------------------------------------------------ INDIANA - 3.2% (2.0% OF TOTAL INVESTMENTS) 5,530 Allen County Jail Building Corporation, Indiana, First Mortgage 4/11 at 101.00 Aa3 (4) 5,995,184 Bonds, Series 2000, 5.750%, 4/01/20 (Pre-refunded 4/01/11) 1,880 Indianapolis, Indiana, GNMA Collateralized Multifamily Housing 7/10 at 102.00 Aaa 1,980,749 Mortgage Revenue Bonds, Cloverleaf Apartments Project Phase I, Series 2000, 6.000%, 1/20/31 2,495 Shelbyville, Indiana, GNMA Collateralized Multifamily Housing 7/10 at 102.00 Aaa 2,627,784 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 1,593,261 2,500 5.375%, 2/15/34 2/15 at 100.00 BBB 2,585,775 2,765 Wayne County Jail Holding Corporation, Indiana, First Mortgage 1/13 at 101.00 AAA 3,059,085 Bonds, Series 2001, 5.750%, 7/15/14 - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 16,720 Total Indiana 17,841,838 - ------------------------------------------------------------------------------------------------------------------------------------ IOWA - 1.5% (0.9% OF TOTAL INVESTMENTS) 8,000 Iowa Tobacco Settlement Authority, Asset Backed Settlement 6/15 at 100.00 BBB 8,312,080 Revenue Bonds, Series 2005C, 5.500%, 6/01/42 - ------------------------------------------------------------------------------------------------------------------------------------ KANSAS - 1.1% (0.7% OF TOTAL INVESTMENTS) 1,000 Kansas Development Finance Authority, Health Facilities Revenue 11/15 at 100.00 A2 1,032,960 Bonds, Hays Medical Center Inc., Series 2005L, 5.000%, 11/15/22 670 Sedgwick and Shawnee Counties, Kansas, GNMA Mortgage-Backed No Opt. Call Aaa 699,962 Securities Program Single Family Revenue Bonds, Series 1997A-1, 6.950%, 6/01/29 (Alternative Minimum Tax) 3,630 Topeka, Kansas, Industrial Revenue Refunding Bonds, Sunwest Hotel 8/16 at 100.00 AAA 4,599,972 Corporation, Series 1988, 9.500%, 10/01/16 (Pre-refunded 8/15/16) (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 5,300 Total Kansas 6,332,894 - ------------------------------------------------------------------------------------------------------------------------------------ KENTUCKY - 0.5% (0.3% OF TOTAL INVESTMENTS) 2,000 Jefferson County, Kentucky, Health Facilities Revenue Refunding 7/07 at 102.00 AAA 2,042,680 Bonds, Jewish Hospital HealthCare Services Inc., Series 1996, 5.700%, 1/01/21 - AMBAC Insured 510 Louisville and Jefferson County Metropolitan Government, 10/16 at 100.00 N/R 522,102 Kentucky, Industrial Building Revenue Bonds, Sisters of Mercy of the Americas, Series 2006, 5.000%, 10/01/35 - ------------------------------------------------------------------------------------------------------------------------------------ 2,510 Total Kentucky 2,564,782 - ------------------------------------------------------------------------------------------------------------------------------------
20
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ LOUISIANA - 3.4% (2.1% OF TOTAL INVESTMENTS) $ 945 East Baton Rouge Mortgage Finance Authority, Louisiana, GNMA/FNMA 10/07 at 102.00 Aaa $ 952,664 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: 730 5.550%, 6/01/32 (Alternative Minimum Tax) 12/10 at 102.00 Aaa 732,219 1,105 6.300%, 6/01/32 (Alternative Minimum Tax) 12/10 at 102.00 Aaa 1,151,918 475 Jefferson Parish Home Mortgage Authority, Louisiana, Single 12/09 at 103.00 Aaa 496,855 Family Mortgage Revenue Refunding Bonds, Series 2000A-2, 7.500%, 12/01/30 (Alternative Minimum Tax) 3,000 Louisiana Public Facilities Authority, Hospital Revenue Bonds, 8/15 at 100.00 A+ 3,153,000 Franciscan Missionaries of Our Lady Health System, Series 2005A, 5.250%, 8/15/31 11,545 Orleans Parish School Board, Louisiana, General Obligation No Opt. Call AAA 12,563,846 Refunding Bonds, Series 1987, 9.000%, 2/01/09 - MBIA Insured (ETM) - ------------------------------------------------------------------------------------------------------------------------------------ 17,800 Total Louisiana 19,050,502 - ------------------------------------------------------------------------------------------------------------------------------------ MARYLAND - 0.5% (0.3% OF TOTAL INVESTMENTS) 2,500 Maryland Health and Higher Educational Facilities Authority, 8/14 at 100.00 A3 2,640,875 Revenue Bonds, MedStar Health, Series 2004, 5.375%, 8/15/24 - ------------------------------------------------------------------------------------------------------------------------------------ MASSACHUSETTS - 3.5% (2.2% OF TOTAL INVESTMENTS) 5,010 Massachusetts Development Financing Authority, Assisted Living 12/09 at 102.00 N/R 5,177,585 Revenue Bonds, Prospect House Apartments, Series 1999, 7.000%, 12/01/31 1,105 Massachusetts Health and Educational Facilities Authority, 1/09 at 101.00 BBB 1,135,233 Revenue Bonds, Caritas Christi Obligated Group, Series 1999A, 5.625%, 7/01/20 1,875 Massachusetts Health and Educational Facilities Authority, 7/11 at 100.00 BBB 2,034,881 Revenue Bonds, UMass Memorial Health Care, Series 2001C, 6.500%, 7/01/21 1,325 Massachusetts Health and Educational Facilities Authority, 7/15 at 100.00 BBB 1,345,776 Revenue Bonds, UMass Memorial Health Care, Series 2005D, 5.000%, 7/01/33 2,000 Massachusetts Industrial Finance Agency, Resource Recovery 12/08 at 102.00 BBB 2,073,260 Revenue Refunding Bonds, Ogden Haverhill Project, Series 1998A, 5.600%, 12/01/19 (Alternative Minimum Tax) 5,100 Massachusetts School Building Authority, Dedicated Sales Tax 8/15 at 100.00 AAA 5,428,797 Revenue Bonds, Series 2005A, 5.000%, 8/15/23 - FSA Insured 1,000 Massachusetts Water Resources Authority, General Revenue Bonds, 8/17 at 100.00 AAA 1,101,130 Series 2005A, 5.250%, 8/01/26 - MBIA Insured 900 Massachusetts Water Resources Authority, General Revenue Bonds, 2/17 at 100.00 Aaa 856,791 Series 2007, Residual Trust 7039, 5.140%, 8/01/46 - FSA Insured (IF) - ------------------------------------------------------------------------------------------------------------------------------------ 18,315 Total Massachusetts 19,153,453 - ------------------------------------------------------------------------------------------------------------------------------------ MICHIGAN - 3.7% (2.3% OF TOTAL INVESTMENTS) 4,250 Detroit City School District, Wayne County, Michigan, Unlimited 5/12 at 100.00 AAA 4,601,518 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 Refunding Bonds, No Opt. Call AAA 11,961,969 Series 1993, 6.500%, 7/01/15 - FGIC Insured 1,800 Kent Hospital Finance Authority, Michigan, Revenue Bonds, 7/15 at 100.00 BBB 1,984,032 Metropolitan Hospital, Series 2005A, 6.000%, 7/01/35 1,350 Michigan State Building Authority, Revenue Bonds, Facilities 10/15 at 100.00 AAA 1,442,151 Program, Series 2005II, 5.000%, 10/15/22 - AMBAC Insured 340 Monroe County Hospital Finance Authority, Michigan, Mercy 6/16 at 100.00 BBB- 359,628 Memorial Hospital Corporation Revenue Bonds, Series 2006, 5.500%, 6/01/35 - ------------------------------------------------------------------------------------------------------------------------------------ 17,955 Total Michigan 20,349,298 - ------------------------------------------------------------------------------------------------------------------------------------
21 Nuveen Investment Quality Municipal Fund, Inc. (NQM) (continued) Portfolio of INVESTMENTS April 30, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ MINNESOTA - 7.4% (4.7% OF TOTAL INVESTMENTS) $ 8,250 Cohasset, Minnesota, Pollution Control Revenue Bonds, 7/14 at 100.00 A- $ 8,466,728 Allete Inc., Series 2004, 4.950%, 7/01/22 5,000 Dakota and Washington Counties Housing and Redevelopment No Opt. Call AAA 7,096,200 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 Board, Healthcare 11/10 at 101.00 A 668,329 System Revenue Bonds, Fairview Hospital and Healthcare Services, Series 2000A, 6.375%, 11/15/29 19,380 Minnesota Agricultural and Economic Development Board, 11/10 at 101.00 A (4) 21,232,145 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. John's 10/15 at 100.00 A2 741,125 University Revenue Bonds, Series 2005-6G, 5.000%, 10/01/22 1,665 Rochester, Minnesota, Health Care Facilities Revenue Bonds, 5/16 at 100.00 AA 1,739,459 Series 2006, 5.000%, 11/15/36 1,000 St. Paul Housing and Redevelopment Authority, Minnesota, 11/15 at 100.00 Baa3 1,106,500 Revenue Bonds, Healtheast Inc., Series 2005, 6.000%, 11/15/25 - ------------------------------------------------------------------------------------------------------------------------------------ 36,615 Total Minnesota 41,050,486 - ------------------------------------------------------------------------------------------------------------------------------------ MISSISSIPPI - 0.2% (0.1% OF TOTAL INVESTMENTS) 1,275 Mississippi Hospital Equipment and Facilities Authority, Revenue 9/14 at 100.00 N/R 1,316,795 Bonds, Baptist Memorial Healthcare, Series 2004B-1, 5.000%, 9/01/24 - ------------------------------------------------------------------------------------------------------------------------------------ MISSOURI - 2.0% (1.2% OF TOTAL INVESTMENTS) 200 Hannibal Industrial Development Authority, Missouri, Health 3/16 at 100.00 BBB+ 205,670 Facilities Revenue Bonds, Hannibal Regional Hospital, Series 2006, 5.000%, 3/01/22 1,000 Jackson County Reorganized School District R-7, Lees Summit, 3/16 at 100.00 Aaa 1,090,270 Missouri, General Obligation Bonds, Series 2006, 5.250%, 3/01/26 - MBIA Insured 7,260 Kansas City Industrial Development Authority, Missouri, FNMA 6/07 at 102.00 AAA 7,413,912 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+ 897,070 1,225 5.000%, 6/01/35 6/15 at 100.00 BBB+ 1,266,087 10 Missouri Housing Development Commission, GNMA/FNMA Single 9/07 at 105.00 AAA 10,146 Family Mortgage Revenue Bonds, Homeownership Loan Program, Series 1997A-2, 7.300%, 3/01/28 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 10,475 Total Missouri 10,883,155 - ------------------------------------------------------------------------------------------------------------------------------------ MONTANA - 0.6% (0.3% OF TOTAL INVESTMENTS) 3,000 Montana Board of Housing, Single Family Program Bonds, 6/14 at 100.00 AA+ 3,038,610 Series 2005-RA-1, 4.750%, 6/01/44 - ------------------------------------------------------------------------------------------------------------------------------------ NEBRASKA - 0.4% (0.3% OF TOTAL INVESTMENTS) 2,270 NebHelp Inc., Nebraska, Revenue Bonds, Student Loan Program, 9/07 at 100.50 AAA 2,285,436 Series 1993B, 5.875%, 6/01/14 - MBIA Insured (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ NEVADA - 4.9% (3.1% OF TOTAL INVESTMENTS) 11,000 Clark County School District, Nevada, General Obligation Bonds, 6/12 at 100.00 AAA 11,924,110 Series 2002C, 5.500%, 6/15/19 (Pre-refunded 6/15/12) - MBIA Insured 14,530 Director of Nevada State Department of Business and Industry, 1/10 at 102.00 AAA 15,409,356 Revenue Bonds, Las Vegas Monorail Project, First Tier, Series 2000, 5.625%, 1/01/34 - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 25,530 Total Nevada 27,333,466 - ------------------------------------------------------------------------------------------------------------------------------------ NEW JERSEY - 2.3% (1.5% OF TOTAL INVESTMENTS) New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2005P: 1,325 5.250%, 9/01/24 9/15 at 100.00 AA- 1,435,002 1,000 5.250%, 9/01/26 9/15 at 100.00 AA- 1,080,820
22
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ NEW JERSEY (continued) $ 1,080 New Jersey Educational Facilities Authority, Revenue Bonds, 7/17 at 100.00 AAA $ 1,054,415 Rowan College, Series 2007B, 4.250%, 7/01/34 - FGIC Insured 3,425 New Jersey Transportation Trust Fund Authority, Transportation No Opt. Call AA- 3,827,198 System Bonds, Series 2006A, 5.250%, 12/15/20 1,645 Tobacco Settlement Financing Corporation, New Jersey, Tobacco 6/12 at 100.00 AAA 1,758,670 Settlement Asset-Backed Bonds, Series 2002, 5.750%, 6/01/32 (Pre-refunded 6/01/12) 4,000 Tobacco Settlement Financing Corporation, New Jersey, Tobacco 6/17 at 100.00 BBB 3,806,760 Settlement Asset-Backed Bonds, Series 2007-1A, 4.750%, 6/01/34 - ------------------------------------------------------------------------------------------------------------------------------------ 12,475 Total New Jersey 12,962,865 - ------------------------------------------------------------------------------------------------------------------------------------ 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 917,629 1,295 5.125%, 6/01/19 6/14 at 100.00 A3 1,343,990 - ------------------------------------------------------------------------------------------------------------------------------------ 2,175 Total New Mexico 2,261,619 - ------------------------------------------------------------------------------------------------------------------------------------ NEW YORK - 18.0% (11.4% OF TOTAL INVESTMENTS) 1,665 Dormitory Authority of the State of New York, State Personal 3/15 at 100.00 AAA 1,766,632 Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/24 - AMBAC Insured Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Education, Series 2006C: 1,450 5.000%, 12/15/31 (UB) 12/16 at 100.00 AAA 1,546,324 6,090 5.000%, 12/15/35 (UB) 12/16 at 100.00 AAA 6,479,638 25 Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, 2/17 at 100.00 AAA 23,970 Driver Trust 1649, 2006, 5.313%, 2/15/47 - MBIA Insured (IF) 3,980 Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, 2/17 at 100.00 AAA 3,925,275 Series 2006A, 4.500%, 2/15/47 - MBIA Insured (UB) 3,000 Long Island Power Authority, New York, Electric System Revenue 11/16 at 100.00 AAA 2,905,860 Bonds, Series 2006F, 4.250%, 5/01/33 - MBIA Insured (UB) 2,250 Metropolitan Transportation Authority, New York, Transportation 11/15 at 100.00 AAA 2,388,825 Revenue Bonds, Series 2005B, 5.000%, 11/15/30 - AMBAC Insured 3,200 Metropolitan Transportation Authority, New York, Transportation 11/15 at 100.00 A 3,366,848 Revenue Bonds, Series 2005F, 5.000%, 11/15/30 7,800 New York City Municipal Water Finance Authority, New York, 12/14 at 100.00 AAA 8,252,712 Water and Sewerage System Revenue Bonds, Fiscal Series 2005B, 5.000%, 6/15/28 - AMBAC Insured 5,570 New York City Transitional Finance Authority, New York, Future 2/14 at 100.00 AAA 5,909,993 Tax Secured Bonds, Fiscal Series 2004C, 5.000%, 2/01/22 3,360 New York City, New York, General Obligation Bonds, Fiscal Series 6/13 at 100.00 AA- 3,639,182 2003J, 5.500%, 6/01/20 1,640 New York City, New York, General Obligation Bonds, Fiscal Series 6/13 at 100.00 A1 (4) 1,803,721 2003J, 5.500%, 6/01/20 (Pre-refunded 6/01/13) 5,000 New York City, New York, General Obligation Bonds, Fiscal Series 8/14 at 100.00 AA- 5,373,600 2004C, 5.250%, 8/15/20 4,200 New York City, New York, General Obligation Bonds, Fiscal Series 3/15 at 100.00 AA- 4,417,854 2005J, 5.000%, 3/01/25 7,000 New York City, New York, General Obligation Bonds, Fiscal Series 4/15 at 100.00 AA- 7,376,110 2005M, 5.000%, 4/01/24 5,000 New York State Municipal Bond Bank Agency, Special School Purpose 6/13 at 100.00 A+ 5,369,400 Revenue Bonds, Series 2003C, 5.250%, 12/01/19 3,000 New York State Thruway Authority, General Revenue Bonds, Series 7/15 at 100.00 AAA 3,101,400 2005G, 4.750%, 1/01/29 - FSA Insured 2,030 New York State Thruway Authority, Highway and Bridge Trust 10/15 at 100.00 AAA 2,171,735 Fund Bonds, Second Generation, Series 2005B, 5.000%, 4/01/21 - AMBAC Insured 5,400 New York State Tobacco Settlement Financing Corporation, Tobacco 6/10 at 100.00 AA- 5,662,332 Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1, 5.500%, 6/01/16
23 Nuveen Investment Quality Municipal Fund, Inc. (NQM) (continued) Portfolio of INVESTMENTS April 30, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ NEW YORK (continued) $ 4,205 New York State Urban Development Corporation, State Personal 3/14 at 100.00 AAA $ 4,433,416 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 Project Bonds, No Opt. Call AAA 18,929,346 JFK International Air Terminal LLC, Sixth Series 1997, 7.000%, 12/01/12 - MBIA Insured (Alternative Minimum Tax) 1,000 Rensselaer County Industrial Development Agency, New York, Civic 3/16 at 100.00 A 1,059,630 Facility Revenue Bonds,Rensselaer Polytechnic Institute, Series 2006, 5.000%, 3/01/26 - ------------------------------------------------------------------------------------------------------------------------------------ 93,310 Total New York 99,903,803 - ------------------------------------------------------------------------------------------------------------------------------------ NORTH CAROLINA - 1.5% (0.9% OF TOTAL INVESTMENTS) 280 Charlotte, North Carolina, FHA-Insured Mortgage Revenue Bonds, 11/07 at 100.00 AAA 279,500 Double Oaks Apartments, Series 1992, 7.350%, 5/15/26 7,420 North Carolina Medical Care Commission, Health System Revenue 10/11 at 101.00 AA (4) 7,943,110 Bonds, Mission St. Joseph's Health System, Series 2001, 5.250%, 10/01/26 (Pre-refunded 10/01/11) - ------------------------------------------------------------------------------------------------------------------------------------ 7,700 Total North Carolina 8,222,610 - ------------------------------------------------------------------------------------------------------------------------------------ OHIO - 1.7% (1.1% OF TOTAL INVESTMENTS) 8,650 Cuyahoga County, Ohio, Hospital Revenue and Improvement Bonds, 2/09 at 101.00 A- (4) 9,096,859 MetroHealth System, Series 1999, 6.150%, 2/15/29 (Pre-refunded 2/15/09) 250 Port of Greater Cincinnati Development Authority, Ohio, Economic 10/16 at 100.00 N/R 257,275 Development Revenue Bonds, Sisters of Mercy of the Americas, Series 2006, 5.000%, 10/01/25 - ------------------------------------------------------------------------------------------------------------------------------------ 8,900 Total Ohio 9,354,134 - ------------------------------------------------------------------------------------------------------------------------------------ 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- 527,750 750 5.375%, 9/01/36 9/16 at 100.00 BBB- 787,853 3,300 Tulsa Municipal Airport Trust, Oklahoma, Revenue Refunding Bonds, 12/08 at 100.00 B 3,364,416 American Airlines Inc., Series 2000B, 6.000%, 6/01/35 (Mandatory put 12/01/08) (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 4,550 Total Oklahoma 4,680,019 - ------------------------------------------------------------------------------------------------------------------------------------ PENNSYLVANIA - 2.7% (1.7% OF TOTAL INVESTMENTS) 500 Bucks County Industrial Development Authority, Pennsylvania, 3/17 at 100.00 BBB 503,655 Charter School Revenue Bonds, School Lane Charter School, Series 2007A, 5.000%, 3/15/37 3,000 Commonwealth Financing Authority, Pennsylvania, State 6/16 at 100.00 AAA 3,201,810 Appropriation Lease Bonds, Series 2006A, 5.000%, 6/01/26 - FSA Insured 5,130 Pennsylvania Public School Building Authority, Lease Revenue 12/16 at 100.00 AAA 5,110,711 Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 - FSA Insured (UB) 5,000 Philadelphia, Pennsylvania, General Obligation Bonds, 3/11 at 100.00 AAA 5,257,800 Series 2001, 5.250%, 9/15/18 - FSA Insured 1,000 St. Mary Hospital Authority, Pennsylvania, Health System Revenue 11/14 at 100.00 A1 (4) 1,110,410 Bonds, Catholic Health East, Series 2004B, 5.500%, 11/15/24 (Pre-refunded 11/15/14) - ------------------------------------------------------------------------------------------------------------------------------------ 14,630 Total Pennsylvania 15,184,386 - ------------------------------------------------------------------------------------------------------------------------------------ PUERTO RICO - 0.7% (0.5% OF TOTAL INVESTMENTS) 1,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/15 at 100.00 AAA 1,058,680 Series 2005RR, 5.000%, 7/01/30 - XLCA Insured 1,500 Puerto Rico Infrastructure Financing Authority, Special 10/10 at 101.00 AAA 1,602,900 Obligation Bonds, Series 2000A, 5.500%, 10/01/40 1,225 Pureto Rico Municipal Finance Agency, Series 2005C, 5.250%, No Opt. Call AAA 1,385,046 8/01/21 - CIFG Insured - ------------------------------------------------------------------------------------------------------------------------------------ 3,725 Total Puerto Rico 4,046,626 - ------------------------------------------------------------------------------------------------------------------------------------
24
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ RHODE ISLAND - 5.5% (3.5% OF TOTAL INVESTMENTS) $ 2,410 Rhode Island Health and Educational Building Corporation, 5/07 at 102.00 AAA $ 2,461,646 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 22,038,422 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, Tobacco 6/12 at 100.00 BBB 5,979,867 Settlement Asset-Backed Bonds, Series 2002A, 6.000%, 6/01/23 - ------------------------------------------------------------------------------------------------------------------------------------ 29,610 Total Rhode Island 30,479,935 - ------------------------------------------------------------------------------------------------------------------------------------ SOUTH CAROLINA - 2.5% (1.6% OF TOTAL INVESTMENTS) 2,000 Berkeley County School District, South Carolina, Installment 12/13 at 100.00 A- 2,105,560 Purchase Revenue Bonds, Securing Assets for Education, Series 2003, 5.250%, 12/01/24 4,405 Dorchester County School District 2, South Carolina, Installment 12/14 at 100.00 A 4,682,075 Purchase Revenue Bonds, GROWTH, Series 2004, 5.250%, 12/01/23 6,500 South Carolina JOBS Economic Development Authority, Economic 11/12 at 100.00 A- 6,884,410 Development Revenue Bonds, Bon Secours Health System Inc., Series 2002A, 5.625%, 11/15/30 - ------------------------------------------------------------------------------------------------------------------------------------ 12,905 Total South Carolina 13,672,045 - ------------------------------------------------------------------------------------------------------------------------------------ SOUTH DAKOTA - 0.3% (0.2% OF TOTAL INVESTMENTS) 1,750 South Dakota Health and Educational Facilities Authority, 11/14 at 100.00 AA- 1,888,110 Revenue Bonds, Sioux Valley Hospitals, Series 2004A, 5.500%, 11/01/31 - ------------------------------------------------------------------------------------------------------------------------------------ TENNESSEE - 1.2% (0.7% OF TOTAL INVESTMENTS) 3,200 Johnson City Health and Educational Facilities Board, Tennessee, 7/16 at 100.00 BBB+ 3,409,568 Revenue Bonds, Mountain States Health Alliance, Series 2006A, 5.500%, 7/01/36 3,000 Knox County Health, Educational and Housing Facilities Board, 4/12 at 101.00 Ba2 3,097,110 Tennessee, Hospital Revenue Bonds, Baptist Health System of East Tennessee Inc., Series 2002, 6.500%, 4/15/31 - ------------------------------------------------------------------------------------------------------------------------------------ 6,200 Total Tennessee 6,506,678 - ------------------------------------------------------------------------------------------------------------------------------------ TEXAS - 14.6% (9.2% OF TOTAL INVESTMENTS) 3,135 Austin Housing Finance Corporation, Texas, GNMA Collateralized 12/10 at 105.00 Aaa 3,443,265 Mortgage Loan Multifamily Housing Revenue Bonds, Santa Maria Village Project, Series 2000A, 7.375%, 6/20/35 (Alternative Minimum Tax) 5,000 Board of Regents, University of Texas System, Financing System 2/17 at 100.00 AAA 4,825,050 Revenue Bonds, Series 2006F, 4.250%, 8/15/36 (UB) 635 Clear Creek Independent School District, Galveston and Harris 2/10 at 100.00 AAA 662,616 Counties, Texas, Unlimited Tax Schoolhouse and Refunding Bonds, Series 2000, 5.500%, 2/15/22 18,075 Clear Creek Independent School District, Galveston and Harris 2/10 at 100.00 AAA 18,931,753 Counties, Texas, Unlimited Tax Schoolhouse and Refunding Bonds, Series 2000, 5.500%, 2/15/22 (Pre-refunded 2/15/10) 3,865 Harris County Hospital District, Texas, Revenue Refunding Bonds, No Opt. Call AAA 4,094,001 Series 1990, 7.400%, 2/15/10 - AMBAC Insured 1,310 Harris County Hospital District, Texas, Revenue Refunding Bonds, No Opt. Call AAA 1,374,347 Series 1990, 7.400%, 2/15/10 - AMBAC Insured (ETM) 5,000 Harris County Hospital District, Texas, Revenue Refunding Bonds, 8/10 at 100.00 AAA 5,314,700 Series 2000, 6.000%, 2/15/14 - MBIA Insured 2,256 Heart of Texas Housing Finance Corporation, GNMA Collateralized 6/10 at 105.00 Aaa 2,457,190 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 Revenue No Opt. Call AAA 6,147,917 Refunding Bonds, Series 1998A, 0.000%, 12/01/22 - FSA Insured (ETM) 4,680 Houston, Texas, Junior Lien Water and Sewerage System Revenue No Opt. Call AAA 2,396,722 Refunding Bonds, Series 1998A, 0.000%, 12/01/22 - FSA Insured
25 Nuveen Investment Quality Municipal Fund, Inc. (NQM) (continued) Portfolio of INVESTMENTS April 30, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TEXAS (continued) 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- $ 833,968 1,000 5.125%, 8/15/26 No Opt. Call BBB- 1,029,160 1,000 Sabine River Authority, Texas, Pollution Control Revenue Bonds, 11/15 at 100.00 Baa2 1,016,140 TXU Electric Company, Series 2001C, 5.200%, 5/01/28 3,960 Stafford Economic Development Corporation, Texas, Sales Tax 9/15 at 100.00 AAA 4,375,840 Revenue Bonds, Series 2000, 5.500%, 9/01/30 - FGIC Insured 5,300 Tarrant County Health Facilities Development Corporation, Texas, 12/10 at 105.00 Aaa 5,940,611 GNMA Collateralized Mortgage Loan Revenue Bonds, Eastview Nursing Home, Ebony Lake Nursing Center, Ft. Stockton Nursing Center, Lynnhaven Nursing Center and Mission Oaks Manor, 2000A-1, 7.500%, 12/20/22 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 5,451,900 12,000 0.000%, 8/15/23 - AMBAC Insured No Opt. Call AAA 5,952,480 2,500 Tomball Hospital Authority, Texas, Hospital Revenue Bonds, 7/15 at 100.00 Baa3 2,529,075 Tomball Regional Hospital, Series 2005, 5.000%, 7/01/20 3,965 Tyler Health Facilities Development Corporation, Texas, Hospital 11/07 at 102.00 AAA 4,074,831 Revenue Bonds, East Texas Medical Center Regional Healthcare Center, Series 1997C, 5.600%, 11/01/27 - FSA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 96,431 Total Texas 80,851,566 - ------------------------------------------------------------------------------------------------------------------------------------ VIRGINIA - 0.6% (0.4% OF TOTAL INVESTMENTS) 1,000 Amherst Industrial Development Authority, Virginia, Revenue 9/16 at 100.00 BBB 1,051,730 Bonds, Sweet Briar College, Series 2006, 5.000%, 9/01/26 1,920 Virginia Beach Development Authority, Virginia, Multifamily 10/14 at 102.00 N/R 2,176,282 Residential Rental Housing Revenue Bonds, Hamptons and Hampton Court Apartments, Series 1999, 7.500%, 10/01/39 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 2,920 Total Virginia 3,228,012 - ------------------------------------------------------------------------------------------------------------------------------------ WASHINGTON - 8.6% (5.4% OF TOTAL INVESTMENTS) 11,345 Chelan County Public Utility District 1, Washington, Columbia No Opt. Call AAA 6,800,193 River-Rock Island Hydro-Electric System Revenue Refunding Bonds, Series 1997A, 0.000%, 6/01/19 - MBIA Insured 17,075 Port of Seattle, Washington, Limited Tax General Obligation 12/10 at 100.00 AAA 18,031,200 Bonds, Series 2000B, 5.750%, 12/01/25 (Alternative Minimum Tax) 16,750 Port of Seattle, Washington, Revenue Bonds, Series 2000A, 5.625%, 8/10 at 100.00 AAA 17,710,110 2/01/30 (Pre-refunded 8/01/10) - MBIA Insured 5,000 Port of Seattle, Washington, Revenue Bonds, Series 2001B, 5.625%, 10/11 at 100.00 AAA 5,318,700 4/01/17 - FGIC Insured (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 50,170 Total Washington 47,860,203 - ------------------------------------------------------------------------------------------------------------------------------------ WEST VIRGINIA - 0.9% (0.6% OF TOTAL INVESTMENTS) 5,000 Mason County, West Virginia, Pollution Control Revenue Bonds, 10/11 at 100.00 BBB 5,260,550 Appalachian Power Company, Series 2003L, 5.500%, 10/01/22 - ------------------------------------------------------------------------------------------------------------------------------------ WISCONSIN - 3.3% (2.1% OF TOTAL INVESTMENTS) 7,160 Badger Tobacco Asset Securitization Corporation, Wisconsin, 6/12 at 100.00 BBB 7,675,950 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 320,831 Revenue Bonds, Divine Savior Healthcare, Series 2006, 5.000%, 5/01/32
26
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ WISCONSIN (continued) 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 $ 1,059,800 3,000 5.875%, 8/15/30 - RAAI Insured 8/10 at 101.00 AA 3,190,830 1,150 Wisconsin Health and Educational Facilities Authority, 5/14 at 100.00 BBB+ 1,246,658 Revenue Bonds, Fort Healthcare Inc., Series 2004, 5.750%, 5/01/24 4,600 Wisconsin State, General Obligation Bonds, Series 2006A, 4.750%, 5/16 at 100.00 AAA 4,779,308 5/01/25 - FGIC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 17,225 Total Wisconsin 18,273,377 - ------------------------------------------------------------------------------------------------------------------------------------ WYOMING - 0.5% (0.3% OF TOTAL INVESTMENTS) 2,500 Sweetwater County, Wyoming, Solid Waste Disposal Revenue Bonds, 12/15 at 100.00 BBB- 2,656,450 FMC Corporation, Series 2005, 5.600%, 12/01/35 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ $ 871,526 Total Investments (cost $823,704,473) - 158.6% 879,876,062 ============------------------------------------------------------------------------------------------------------------------------ Floating Rate Obligations - (4.7)% (26,135,000) --------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 0.4% 1,912,950 --------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (54.3)% (301,000,000) --------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 554,654,012 =====================================================================================================================
(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. (IF) Inverse floating rate investment. (UB) Underlying bond of an inverse floating rate trust reflected as a financing transaction pursuant to the provisions of SFAS No. 140. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 27 Nuveen Select Quality Municipal Fund, Inc. (NQS) Portfolio of INVESTMENTS April 30, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ ALABAMA - 3.9% (2.5% OF TOTAL INVESTMENTS) $ 4,000 Jefferson County, Alabama, Sewer Revenue Capital Improvement 2/09 at 101.00 AAA $ 4,153,080 Warrants, Series 1999A, 5.375%, 2/01/36 (Pre-refunded 2/01/09) - FGIC Insured 10,000 Lauderdale County and Florence Health Authority, Alabama, 7/10 at 102.00 AAA 10,793,600 Revenue Bonds, Coffee Health Group, Series 2000A, 6.000%, 7/01/29 - MBIA Insured 5,155 Phenix City Industrial Development Board, Alabama, Environmental 5/12 at 100.00 BBB 5,533,222 Improvement Revenue Bonds, MeadWestvaco Corporation, Series 2002A, 6.350%, 5/15/35 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 19,155 Total Alabama 20,479,902 - ------------------------------------------------------------------------------------------------------------------------------------ ALASKA - 0.4% (0.2% OF TOTAL INVESTMENTS) 2,000 Kenai Peninsula Borough, Alaska, Revenue Bonds, Central Kenai 8/13 at 100.00 Aaa 2,103,900 Peninsula Hospital Service Area, Series 2003, 5.000%, 8/01/23 - FGIC Insured - ------------------------------------------------------------------------------------------------------------------------------------ ARIZONA - 0.8% (0.5% OF TOTAL INVESTMENTS) 3,750 Salt River Project Agricultural Improvement and Power District, 12/13 at 100.00 AAA 3,968,663 Arizona, Electric System Revenue Bonds, Series 2003, 5.000%, 12/01/18 - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ ARKANSAS - 1.0% (0.7% OF TOTAL INVESTMENTS) 4,500 Little Rock, Arkansas, Hotel and Restaurant Gross Receipts Tax No Opt. Call A3 5,224,230 Refunding Bonds, Series 1993, 7.375%, 8/01/15 - ------------------------------------------------------------------------------------------------------------------------------------ CALIFORNIA - 4.6% (3.0% 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 1,255,295 4,505 0.000%, 8/01/33 - FGIC Insured No Opt. Call AAA 1,400,605 550 California Pollution Control Financing Authority, Remarketed 4/11 at 102.00 AAA 587,021 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 County, No Opt. Call AAA 356,930 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 1,024,640 6,800 0.000%, 2/01/35 - FGIC Insured 2/15 at 34.85 AAA 1,650,768 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 3,602,880 11,430 0.000%, 8/01/27 - FGIC Insured 8/13 at 49.98 AAA 4,314,939 1,045 Lake Tahoe Unified School District, El Dorado County, California, No Opt. Call Aaa 366,262 General Obligation Bonds, Series 2001B, 0.000%, 8/01/31 - MBIA Insured 6,000 Placentia-Yorba Linda Unified School District, Orange County, No Opt. Call AAA 1,771,020 California, Certificates of Participation, Series 2006, 0.000%, 10/01/34 - FGIC Insured 5,000 Riverside County Asset Leasing Corporation, California, Leasehold No Opt. Call AAA 2,239,700 Revenue Bonds, Riverside County Hospital Project, Series 1997, 0.000%, 6/01/25 - MBIA Insured 12,615 San Joaquin Hills Transportation Corridor Agency, Orange County, No Opt. Call AAA 3,746,403 California, Toll Road Revenue Refunding Bonds, Series 1997A, 0.000%, 1/15/35 - MBIA Insured 5,000 Santa Monica Community College District, Los Angeles County, No Opt. Call AAA 2,010,000 California, General Obligation Bonds, Series 2005C, 0.000%, 8/01/26 - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 68,930 Total California 24,326,463 - ------------------------------------------------------------------------------------------------------------------------------------
28
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ COLORADO - 10.6% (6.9% OF TOTAL INVESTMENTS) $ 11,000 Colorado Department of Transportation, Revenue Anticipation 6/10 at 100.50 AAA $ 11,793,760 Bonds, Series 2000, 6.000%, 6/15/15 (Pre-refunded 6/15/10) - AMBAC Insured 9,250 Colorado Health Facilities Authority, Remarketed Revenue Bonds, 7/07 at 101.50 AAA 9,446,470 Kaiser Permanente System, Series 1994A, 5.350%, 11/01/16 (ETM) 16,995 Denver City and County, Colorado, Airport System Revenue 11/10 at 100.00 AAA 17,849,508 Refunding Bonds, Series 2000A, 5.625%, 11/15/23 - AMBAC Insured (Alternative Minimum Tax) 1,500 Denver Convention Center Hotel Authority, Colorado, Senior 11/16 at 100.00 AAA 1,511,475 Revenue Bonds, Convention Center Hotel, Series 2006, 4.625%, 12/01/30 - XLCA Insured E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B: 1,420 0.000%, 9/01/23 - MBIA Insured No Opt. Call AAA 701,920 8,515 0.000%, 9/01/25 - MBIA Insured No Opt. Call AAA 3,826,641 7,500 E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, No Opt. Call AAA 2,812,350 Series 2000B, 0.000%, 9/01/29 - MBIA Insured 13,000 E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, 9/20 at 45.40 AAA 3,205,800 Series 2004B, 0.000%, 9/01/34 - MBIA Insured 12,355 Northwest Parkway Public Highway Authority, Colorado, Senior Lien 6/11 at 40.52 AAA 4,180,191 Revenue Bonds, Series 2001B, 0.000%, 6/15/26 - FSA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 81,535 Total Colorado 55,328,115 - ------------------------------------------------------------------------------------------------------------------------------------ CONNECTICUT - 1.8% (1.1% OF TOTAL INVESTMENTS) 9,285 Connecticut Development Authority, Health Facilities Revenue 8/07 at 100.00 N/R 9,320,097 Refunding Bonds, Alzheimer's Resource Center of Connecticut Inc., Series 1994A, 7.250%, 8/15/21 - ------------------------------------------------------------------------------------------------------------------------------------ DISTRICT OF COLUMBIA - 3.1% (2.1% OF TOTAL INVESTMENTS) 2,865 District of Columbia Tobacco Settlement Corporation, Tobacco 5/11 at 101.00 BBB 3,074,460 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 5,921,750 7,265 5.250%, 6/01/26 - FSA Insured 6/08 at 101.00 AAA 7,432,240 - ------------------------------------------------------------------------------------------------------------------------------------ 15,130 Total District of Columbia 16,428,450 - ------------------------------------------------------------------------------------------------------------------------------------ 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 3,286,837 4,860 5.875%, 10/01/19 - FSA Insured (Alternative Minimum Tax) 10/10 at 101.00 AAA 5,194,805 - ------------------------------------------------------------------------------------------------------------------------------------ 7,935 Total Florida 8,481,642 - ------------------------------------------------------------------------------------------------------------------------------------ GEORGIA - 0.8% (0.5% OF TOTAL INVESTMENTS) 3,750 Atlanta, Georgia, Airport General Revenue Bonds, Series 2000B, 1/10 at 101.00 AAA 3,926,138 5.625%, 1/01/30 - FGIC Insured (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ ILLINOIS - 17.0% (11.2% OF TOTAL INVESTMENTS) 7,555 Chicago Board of Education, Illinois, Unlimited Tax General 12/07 at 102.00 AAA 7,756,492 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 4,125,200 9,230 5.750%, 12/01/27 (Pre-refunded 12/01/07) - AMBAC Insured 12/07 at 102.00 AAA 9,518,899 1,070 5.750%, 12/01/27 (Pre-refunded 12/01/07) - AMBAC Insured 12/07 at 102.00 AAA 1,103,491 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 1,641,077 2,925 0.000%, 12/01/31 - FGIC Insured No Opt. Call AAA 993,623 5,865 Chicago, Illinois, General Obligation Bonds, Neighborhoods 7/10 at 101.00 AAA 6,404,639 Alive 21 Program, Series 2000A, 6.500%, 1/01/35 (Pre-refunded 7/01/10) - FGIC Insured
29 Nuveen Select Quality Municipal Fund, Inc. (NQS) (continued) Portfolio of INVESTMENTS April 30, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ ILLINOIS (continued) $ 570 Chicago, Illinois, General Obligation Refunding Bonds, 7/07 at 101.00 AAA $ 574,315 Series 1996B, 5.125%, 1/01/25 - FGIC Insured 15,000 Chicago, Illinois, Second Lien Passenger Facility Charge Revenue 1/11 at 101.00 AAA 15,694,799 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 3,877,671 5,460 5.250%, 1/01/32 - AMBAC Insured (Alternative Minimum Tax) 1/11 at 101.00 AAA 5,667,644 10,000 Illinois Health Facilities Authority, Revenue Bonds, Condell 5/12 at 100.00 Baa2 10,560,300 Medical Center, Series 2002, 5.750%, 5/15/22 2,000 Illinois Health Facilities Authority, Revenue Bonds, Midwest Care 2/11 at 102.00 Aaa 2,149,020 Center I Inc., Series 2001, 5.950%, 2/20/36 8,945 Lake and McHenry Counties Community Unit School District 118, 1/15 at 74.44 Aaa 4,744,070 Wauconda, Illinois, General Obligation Bonds, Series 2005B, 0.000%, 1/01/21 - FSA Insured 9,000 McHenry County Community Unit School District 200, Woodstock, No Opt. Call Aaa 4,570,830 Illinois, General Obligation Bonds, Series 2006B, 0.000%, 1/15/23 - FGIC Insured Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A: 6,700 0.000%, 12/15/23 - MBIA Insured No Opt. Call AAA 3,286,819 2,920 5.000%, 12/15/28 - MBIA Insured 6/12 at 101.00 AAA 3,050,495 1,100 0.000%, 12/15/35 - MBIA Insured No Opt. Call AAA 311,190 7,500 Valley View Public Schools, Community Unit School District No Opt. Call AAA 3,358,275 365U of Will County, Illinois, General Obligation Bonds, Series 2005, 0.000%, 11/01/25 - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 107,275 Total Illinois 89,388,849 - ------------------------------------------------------------------------------------------------------------------------------------ INDIANA - 1.7% (1.1% OF TOTAL INVESTMENTS) 765 Indiana Housing Finance Authority, Single Family Mortgage Revenue 1/10 at 100.00 Aaa 779,061 Bonds, Series 2000D-3, 5.950%, 7/01/26 (Alternative Minimum Tax) 7,660 St. Joseph County Hospital Authority, Indiana, Revenue Bonds, 2/11 at 100.00 AAA 8,173,909 Memorial Health System, Series 2000, 5.625%, 8/15/33 (Pre-refunded 2/15/11) - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 8,425 Total Indiana 8,952,970 - ------------------------------------------------------------------------------------------------------------------------------------ KANSAS - 1.4% (0.9% OF TOTAL INVESTMENTS) 3,500 Burlington, Kansas, Environmental Improvement Revenue Bonds, No Opt. Call A3 3,511,165 Kansas City Power and Light Company Project, Series 1998A, 4.750%, 9/01/15 3,790 Kansas Department of Transportation, Highway Revenue Bonds, No Opt. Call AAA 4,004,097 Series 2004A, 5.000%, 3/01/23 - ------------------------------------------------------------------------------------------------------------------------------------ 7,290 Total Kansas 7,515,262 - ------------------------------------------------------------------------------------------------------------------------------------ MARYLAND - 1.5% (1.0% OF TOTAL INVESTMENTS) 7,500 Maryland Health and Higher Educational Facilities Authority, 7/09 at 101.00 AA (4) 7,942,200 Revenue Bonds, Johns Hopkins University, Series 1999, 6.000%, 7/01/39 (Pre-refunded 7/01/09) - ------------------------------------------------------------------------------------------------------------------------------------ MASSACHUSETTS - 0.2% (0.1% OF TOTAL INVESTMENTS) 1,005 Massachusetts Educational Finance Authority, Student Loan Revenue 12/09 at 101.00 AAA 1,026,236 Refunding Bonds, Series 2000G, 5.700%, 12/01/11 - MBIA Insured (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ MICHIGAN - 7.9% (5.2% OF TOTAL INVESTMENTS) 10,000 Detroit, Michigan, Sewerage Disposal System Revenue Bonds, Series 1/10 at 101.00 AAA 10,613,200 1999A, 5.750%, 7/01/26 (Pre-refunded 1/01/10) - FGIC Insured 6,475 Michigan State Hospital Finance Authority, Hospital Revenue 11/09 at 101.00 AAA 6,855,471 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 Refunding 8/07 at 100.00 BB- 3,277,489 Bonds, Detroit Medical Center Obligated Group, Series 1993A, 6.500%, 8/15/18
30
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ MICHIGAN (continued) $ 6,000 Michigan Strategic Fund, Collateralized Limited Obligation 9/11 at 100.00 A3 $ 6,328,080 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 Refunding 12/12 at 100.00 AAA 7,973,100 Bonds, Detroit Edison Company, Series 2002C, 5.450%, 12/15/32 - XLCA Insured (Alternative Minimum Tax) 5,900 Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue 11/11 at 100.00 AAA 6,147,446 Bonds, William Beaumont Hospital, Series 2001M, 5.250%, 11/15/35 - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 39,150 Total Michigan 41,194,786 - ------------------------------------------------------------------------------------------------------------------------------------ MINNESOTA - 1.9% (1.3% OF TOTAL INVESTMENTS) 7,000 Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, 1/11 at 100.00 AAA 7,372,400 Airport Revenue Bonds, Series 2001A, 5.250%, 1/01/32 (Pre-refunded 1/01/11) - FGIC Insured 2,720 Minnesota Housing Finance Agency, Single Family Mortgage Revenue 7/09 at 100.00 AA+ 2,812,888 Bonds, Series 2000C, 6.100%, 7/01/30 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 9,720 Total Minnesota 10,185,288 - ------------------------------------------------------------------------------------------------------------------------------------ MISSISSIPPI - 0.5% (0.3% OF TOTAL INVESTMENTS) 2,475 Mississippi Hospital Equipment and Facilities Authority, Revenue 9/14 at 100.00 N/R 2,556,131 Bonds, Baptist Memorial Healthcare, Series 2004B-1, 5.000%, 9/01/24 - ------------------------------------------------------------------------------------------------------------------------------------ MISSOURI - 0.7% (0.4% OF TOTAL INVESTMENTS) 5,000 Kansas City Municipal Assistance Corporation, Missouri, Leasehold No Opt. Call AAA 2,008,250 Revenue Bonds, Series 2004B-1, 0.000%, 4/15/28 - AMBAC Insured 1,500 Missouri-Illinois Metropolitan District Bi-State Development 10/13 at 100.00 AAA 1,572,015 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 3,580,265 - ------------------------------------------------------------------------------------------------------------------------------------ NEVADA - 8.3% (5.5% OF TOTAL INVESTMENTS) 4,885 Clark County, Nevada, Limited Tax General Obligation Bank Bonds, 7/10 at 100.00 AA+ (4) 5,147,666 Series 2000, 5.500%, 7/01/18 (Pre-refunded 7/01/10) 7,500 Clark County, Nevada, Subordinate Lien Airport Revenue Bonds, 7/10 at 101.00 AAA 8,081,250 Series 1999A, 6.000%, 7/01/29 (Pre-refunded 7/01/10) - MBIA Insured 1,950 Director of Nevada State Department of Business and Industry, 1/10 at 102.00 AAA 2,068,014 Revenue Bonds, Las Vegas Monorail Project, First Tier, Series 2000, 5.625%, 1/01/32 - AMBAC Insured 10,000 Reno, Nevada, Health Facilities Revenue Bonds, Catholic Healthcare 7/17 at 100.00 A 10,547,500 West, Series 2007A, 5.250%, 7/01/31 (UB) 10,750 Truckee Meadows Water Authority, Nevada, Water Revenue Bonds, 7/11 at 100.00 AAA 11,394,140 Series 2001A, 5.250%, 7/01/34 (Pre-refunded 7/01/11) - FSA Insured 6,000 Washoe County, Nevada, Reno-Sparks Convention and Visitors 1/10 at 100.00 AAA 6,406,380 Authority, Limited Tax General Obligation Bonds, Series 1999A, 6.375%, 7/01/23 (Pre-refunded 1/01/10) - FSA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 41,085 Total Nevada 43,644,950 - ------------------------------------------------------------------------------------------------------------------------------------ NEW JERSEY - 7.2% (4.7% OF TOTAL INVESTMENTS) 2,400 New Jersey Health Care Facilities Financing Authority, Revenue 7/10 at 101.00 BBB- 2,642,688 Bonds, Trinitas Hospital Obligated Group, Series 2000, 7.500%, 7/01/30 14,865 New Jersey Housing and Mortgage Finance Agency, Home Buyer Program 10/10 at 100.00 AAA 15,411,436 Revenue Bonds, Series 2000CC, 5.850%, 10/01/25 - MBIA Insured (Alternative Minimum Tax) 3,000 New Jersey Housing and Mortgage Finance Agency, Multifamily 11/07 at 101.50 AAA 3,067,980 Housing Revenue Bonds, Series 1997A, 5.550%, 5/01/27 - AMBAC Insured (Alternative Minimum Tax) 20,000 New Jersey Transportation Trust Fund Authority, Transportation No Opt. Call AAA 6,228,400 System Bonds, Series 2006C, 0.000%, 12/15/33 - FSA Insured 7,690 Tobacco Settlement Financing Corporation, New Jersey, Tobacco 6/12 at 100.00 AAA 8,221,379 Settlement Asset-Backed Bonds, Series 2002, 5.750%, 6/01/32 (Pre-refunded 6/01/12)
31 Nuveen Select Quality Municipal Fund, Inc. (NQS) (continued) Portfolio of INVESTMENTS April 30, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ NEW JERSEY (continued) $ 2,000 Tobacco Settlement Financing Corporation, New Jersey, Tobacco 6/17 at 100.00 BBB $ 1,972,200 Settlement Asset-Backed Bonds, Series 2007-1A, 5.000%, 6/01/41 - ------------------------------------------------------------------------------------------------------------------------------------ 49,955 Total New Jersey 37,544,083 - ------------------------------------------------------------------------------------------------------------------------------------ NEW MEXICO - 4.5% (3.0% OF TOTAL INVESTMENTS) 8,500 Farmington, New Mexico, Pollution Control Revenue Refunding Bonds, 10/07 at 100.50 BBB 8,583,045 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) 8,605,280 6,200 5.500%, 8/01/30 (Pre-refunded 8/01/11) 8/11 at 101.00 AA- (4) 6,669,092 - ------------------------------------------------------------------------------------------------------------------------------------ 22,700 Total New Mexico 23,857,417 - ------------------------------------------------------------------------------------------------------------------------------------ NEW YORK - 13.5% (8.9% OF TOTAL INVESTMENTS) 5,650 Dormitory Authority of the State of New York, Improvement Revenue 8/09 at 101.00 AAA 5,889,786 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 City, Lease 5/10 at 101.00 A+ (4) 10,770,600 Revenue Bonds, Court Facilities, Series 1999, 6.000%, 5/15/39 (Pre-refunded 5/15/10) 7,000 Metropolitan Transportation Authority, New York, State Service 7/12 at 100.00 AA- 7,320,810 Contract Refunding Bonds, Series 2002A, 5.125%, 1/01/29 5,000 New York City Municipal Water Finance Authority, New York, Water 6/09 at 101.00 AAA 5,146,750 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 York, Water 6/09 at 101.00 AAA 6,287,220 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 2,396,840 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, Future Tax 5/10 at 101.00 AAA 10,498,410 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, Fiscal Series 10/07 at 101.00 Aaa 9,478,030 1997G, 6.000%, 10/15/26 (Pre-refunded 10/15/07) 5,400 New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, 3/09 at 101.00 Aa1 5,563,674 Series 79, 5.300%, 4/01/29 (Alternative Minimum Tax) 3,055 New York State Urban Development Corporation, Subordinate Lien 7/08 at 100.00 AAA 3,113,320 Corporate Purpose Refunding Bonds, Series 1996, 5.500%, 7/01/26 4,490 New York State Urban Development Corporation, Subordinate Lien 7/08 at 100.00 Aaa 4,586,849 Corporate Purpose Refunding Bonds, Series 1996, 5.500%, 7/01/26 (Pre-refunded 7/01/08) - ------------------------------------------------------------------------------------------------------------------------------------ 67,890 Total New York 71,052,289 - ------------------------------------------------------------------------------------------------------------------------------------ NORTH CAROLINA - 3.6% (2.3% OF TOTAL INVESTMENTS) 18,555 North Carolina Eastern Municipal Power Agency, Power System 7/07 at 100.00 AAA 18,578,748 Revenue Refunding Bonds, Series 1993B, 5.500%, 1/01/17 - FGIC Insured - ------------------------------------------------------------------------------------------------------------------------------------ NORTH DAKOTA - 2.0% (1.3% OF TOTAL INVESTMENTS) 10,490 Grand Forks, North Dakota, Sales Tax Revenue Bonds, Aurora 12/07 at 100.00 AAA 10,613,153 Project, Series 1997A, 5.625%, 12/15/29 (Pre-refunded 12/15/07) - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ OHIO - 2.1% (1.4% 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) 5,458,000 5,000 6.750%, 4/01/22 (Pre-refunded 4/01/10) 4/10 at 101.00 A (4) 5,458,000 275 Ohio Housing Finance Agency, GNMA Mortgage-Backed Securities 8/10 at 100.00 Aaa 277,338 Program Residential Mortgage Revenue Bonds, Series 2000C, 6.050%, 3/01/32 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 10,275 Total Ohio 11,193,338 - ------------------------------------------------------------------------------------------------------------------------------------
32
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ OKLAHOMA - 2.4% (1.6% OF TOTAL INVESTMENTS) $ 2,235 Oklahoma Development Finance Authority, Revenue Bonds, St. John 2/14 at 100.00 AA- $ 2,332,848 Health System, Series 2004, 5.000%, 2/15/24 10,000 Tulsa Municipal Airport Trust, Oklahoma, Revenue Refunding Bonds, 12/08 at 100.00 B 10,104,600 American Airlines Inc., Series 2001B, 5.650%, 12/01/35 (Mandatory put 12/01/08) (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 12,235 Total Oklahoma 12,437,448 - ------------------------------------------------------------------------------------------------------------------------------------ PENNSYLVANIA - 0.0% (0.0% OF TOTAL INVESTMENTS) 95 Delaware River Port Authority, New Jersey and Pennsylvania, 1/10 at 100.00 AAA 99,828 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 Government 7/17 at 100.00 AAA 2,593,980 Facilities Revenue Refunding Bonds, Series 2002D, 0.000%, 7/01/31 - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ SOUTH CAROLINA - 9.6% (6.3% 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) 6,170,340 4,500 6.000%, 12/01/21 (Pre-refunded 12/01/12) 12/12 at 101.00 AA- (4) 5,048,460 3,750 Greenwood County, South Carolina, Hospital Revenue Bonds, Self 10/11 at 100.00 A 3,925,388 Memorial Hospital, Series 2001, 5.500%, 10/01/31 2,500 Lexington County Health Service District, South Carolina, Hospital 11/13 at 100.00 A+ 2,699,325 Revenue Refunding and Improvement Bonds, Series 2003, 5.750%, 11/01/28 2,825 Medical University Hospital Authority, South Carolina, FHA-Insured 8/14 at 100.00 AAA 3,023,202 Mortgage Revenue Bonds, Series 2004A, 5.250%, 2/15/22 - MBIA Insured 21,565 Piedmont Municipal Power Agency, South Carolina, Electric Revenue No Opt. Call AAA 7,933,764 Bonds, Series 2004A-2, 0.000%, 1/01/30 - AMBAC Insured 1,250 South Carolina Housing Finance and Development Authority, Mortgage 6/10 at 100.00 Aaa 1,265,750 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 12,263,077 4,000 6.375%, 5/15/28 5/11 at 101.00 BBB 4,321,200 3,000 6.375%, 5/15/30 No Opt. Call BBB 3,497,760 - ------------------------------------------------------------------------------------------------------------------------------------ 60,420 Total South Carolina 50,148,266 - ------------------------------------------------------------------------------------------------------------------------------------ SOUTH DAKOTA - 2.1% (1.4% OF TOTAL INVESTMENTS) 5,550 Sioux Falls, South Dakota, Industrial Revenue Refunding Bonds, 10/14 at 100.00 AAA 6,704,900 Great Plains Hotel Corporation, Series 1989, 8.500%, 11/01/16 (Pre-refunded 10/15/14) (Alternative Minimum Tax) 2,410 South Dakota Education Loans Inc., Revenue Bonds, Subordinate 6/08 at 102.00 A2 2,488,349 Series 1998-1K, 5.600%, 6/01/20 (Alternative Minimum Tax) 1,750 South Dakota Health and Educational Facilities Authority, Revenue 11/14 at 100.00 AA- 1,888,110 Bonds, Sioux Valley Hospitals, Series 2004A, 5.500%, 11/01/31 - ------------------------------------------------------------------------------------------------------------------------------------ 9,710 Total South Dakota 11,081,359 - ------------------------------------------------------------------------------------------------------------------------------------ TENNESSEE - 6.7% (4.4% OF TOTAL INVESTMENTS) 5,000 Knox County Health, Educational and Housing Facilities Board, 4/12 at 101.00 Ba2 5,161,850 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 Board, 1/13 at 80.49 AAA 12,735,292 Tennessee, Hospital Revenue Refunding Bonds, Covenant Health, Series 2002A, 0.000%, 1/01/17 - FSA Insured 12,500 Metropolitan Government of Nashville-Davidson County Health and 11/09 at 101.00 AAA 13,262,750 Educational Facilities Board, Tennessee, Revenue Bonds, Ascension Health Credit Group, Series 1999A, 5.875%, 11/15/28 (Pre-refunded 11/15/09) - AMBAC Insured
33 Nuveen Select Quality Municipal Fund, Inc. (NQS) (continued) Portfolio of INVESTMENTS April 30, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TENNESSEE (continued) Tennessee Housing Development Agency, Homeownership Program Bonds, Series 2000-1: $ 1,785 5.750%, 7/01/10 (Alternative Minimum Tax) No Opt. Call AA $ 1,810,026 2,145 6.000%, 7/01/13 - MBIA Insured (Alternative Minimum Tax) 7/10 at 101.00 AAA 2,175,438 - ------------------------------------------------------------------------------------------------------------------------------------ 41,490 Total Tennessee 35,145,356 - ------------------------------------------------------------------------------------------------------------------------------------ TEXAS - 15.3% (10.1% OF TOTAL INVESTMENTS) 5,110 Brazos River Authority, Texas, Pollution Control Revenue Refunding 4/13 at 101.00 Baa2 5,841,650 Bonds, TXU Electric Company, Series 1999C, 7.700%, 3/01/32 (Alternative Minimum Tax) 7,925 Brazos River Authority, Texas, Pollution Control Revenue Refunding No Opt. Call Baa2 8,168,456 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 Energy Inc., 12/08 at 102.00 BBB- 4,722,210 Series 1999B, 7.750%, 12/01/18 4,080 Central Texas Regional Mobility Authority, Travis and Williamson 1/15 at 100.00 AAA 4,257,888 Counties, Toll Road Revenue Bonds, Series 2005, 5.000%, 1/01/35 - FGIC Insured 5,500 Dallas Area Rapid Transit, Texas, Senior Lien Sales Tax Revenue 12/11 at 100.00 AAA 5,797,715 Bonds, Series 2001, 5.000%, 12/01/31 (Pre-refunded 12/01/11) - AMBAC Insured 2,000 Ennis Independent School District, Ellis County, Texas, General 8/16 at 54.64 Aaa 707,180 Obligation Bonds, Series 2006, 0.000%, 8/15/28 1,550 Gulf Coast Waste Disposal Authority, Texas, Waste Disposal Revenue 4/11 at 101.00 BBB 1,672,202 Bonds, Valero Energy Corporation, Series 2001, 6.650%, 4/01/32 (Alternative Minimum Tax) 5,000 Houston Community College, Texas, Limited Tax General Obligation 2/13 at 100.00 AAA 5,213,900 Bonds, Series 2003, 5.000%, 2/15/26 - AMBAC Insured 4,590 Houston, Texas, Subordinate Lien Airport System Revenue Bonds, 7/10 at 100.00 AAA 4,806,189 Series 2000A, 5.625%, 7/01/30 - FSA Insured (Alternative Minimum Tax) 5,000 Katy Independent School District, Harris, Fort Bend and Waller 2/12 at 100.00 AAA 5,279,350 Counties, Texas, General Obligation Bonds, Series 2002A, 5.000%, 2/15/27 (Pre-refunded 2/15/12) 9,000 Matagorda County Navigation District 1, Texas, Collateralized No Opt. Call AAA 9,868,230 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, GNMA 5/07 at 100.00 AAA 785,633 Mortgage-Backed Securities Program Single Family Mortgage Revenue Bonds, Series 1991A, 7.500%, 5/01/24 (Alternative Minimum Tax) 4,700 Sam Rayburn Municipal Power Agency, Texas, Power Supply System 10/12 at 100.00 Baa2 4,981,060 Revenue Refunding Bonds, Series 2002A, 6.000%, 10/01/21 5,500 Spring Independent School District, Harris County, Texas, 8/11 at 100.00 AAA 5,676,275 Unlimited Tax Schoolhouse Bonds, Series 2001, 5.000%, 8/15/26 4,520 Texas, General Obligation Bonds, Water Financial Assistance, State 8/09 at 100.00 Aa1 4,675,217 Participation Program, Series 1999C, 5.500%, 8/01/35 White Settlement Independent School District, Tarrant County, Texas, General Obligation Bonds, Series 2006: 9,110 0.000%, 8/15/36 8/15 at 33.75 AAA 2,096,667 9,110 0.000%, 8/15/41 8/15 at 25.73 AAA 1,595,799 7,110 0.000%, 8/15/45 8/15 at 20.76 AAA 1,001,728 2,375 Winter Garden Housing Finance Corporation, Texas, GNMA/FNMA 10/07 at 100.00 AAA 2,403,073 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, General 8/15 at 57.10 AAA 783,200 Obligation Bonds, Series 2005, 0.000%, 8/15/26 - ------------------------------------------------------------------------------------------------------------------------------------ 99,455 Total Texas 80,333,622 - ------------------------------------------------------------------------------------------------------------------------------------ UTAH - 3.8% (2.5% OF TOTAL INVESTMENTS) 3,565 Utah Associated Municipal Power Systems, Revenue Bonds, Payson 4/13 at 100.00 AAA 3,737,724 Power Project, Series 2003A, 5.000%, 4/01/24 - FSA Insured
34
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ UTAH (continued) $ 16,050 Utah County, Utah, Hospital Revenue Bonds, IHC Health Services 8/07 at 101.00 AAA $ 16,279,193 Inc., Series 1997, 5.250%, 8/15/26 - MBIA Insured (ETM) - ------------------------------------------------------------------------------------------------------------------------------------ 19,615 Total Utah 20,016,917 - ------------------------------------------------------------------------------------------------------------------------------------ VERMONT - 1.9% (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 4,048,922 4,265 6.250%, 12/01/16 - AMBAC Insured 12/10 at 101.00 AAA 4,635,842 1,395 Vermont Housing Finance Agency, Single Family Housing Bonds, 11/09 at 100.00 AAA 1,395,865 Series 2000-13A, 5.950%, 11/01/25 - FSA Insured (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 9,380 Total Vermont 10,080,629 - ------------------------------------------------------------------------------------------------------------------------------------ WASHINGTON - 3.3% (2.1% OF TOTAL INVESTMENTS) 8,810 Chelan County Public Utility District 1, Washington, Hydro 7/11 at 101.00 AAA 9,391,548 Consolidated System Revenue Bonds, Series 2001A, 5.600%, 1/01/36 - MBIA Insured (Alternative Minimum Tax) 7,225 Port of Seattle, Washington, Special Facility Revenue Bonds, 3/10 at 101.00 AAA 7,665,942 Terminal 18, Series 1999B, 6.000%, 9/01/20 - MBIA Insured (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 16,035 Total Washington 17,057,490 - ------------------------------------------------------------------------------------------------------------------------------------ WEST VIRGINIA - 1.0% (0.7% OF TOTAL INVESTMENTS) 5,000 Mason County, West Virginia, Pollution Control Revenue Bonds, 10/11 at 100.00 BBB 5,260,550 Appalachian Power Company, Series 2003L, 5.500%, 10/01/22 - ------------------------------------------------------------------------------------------------------------------------------------ WISCONSIN - 3.2% (2.1% OF TOTAL INVESTMENTS) 8,400 Badger Tobacco Asset Securitization Corporation, Wisconsin, 6/12 at 100.00 BBB 9,005,304 Tobacco Settlement Asset-Backed Bonds, Series 2002, 6.125%, 6/01/27 5,000 Madison, Wisconsin, Industrial Development Revenue Refunding 4/12 at 100.00 AA- 5,370,400 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, Revenue 8/13 at 100.00 A- 2,148,552 Bonds, Wheaton Franciscan Services Inc., Series 2003A, 5.125%, 8/15/33 - ------------------------------------------------------------------------------------------------------------------------------------ 15,500 Total Wisconsin 16,524,256 - ------------------------------------------------------------------------------------------------------------------------------------ $ 918,195 Total Investments (cost $746,403,293) - 152.4% 799,193,266 ============------------------------------------------------------------------------------------------------------------------------ Floating Rate Obligations - (1.3)% (6,665,000) --------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 2.1% 10,968,378 --------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (53.2)% (279,000,000) --------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 524,496,644 =====================================================================================================================
(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. (UB) Underlying bond of an inverse floating rate trust reflected as a financing transaction pursuant to the provisions of SFAS No. 140. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 35 Nuveen Quality Income Municipal Fund, Inc. (NQU) Portfolio of INVESTMENTS April 30, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ ALABAMA - 3.1% (2.0% OF TOTAL INVESTMENTS) $ 3,500 Bessemer Governmental Utility Services Corporation, Alabama, Water 6/08 at 102.00 AAA $ 3,615,675 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 8,011,182 6,340 5.500%, 2/01/31 (Pre-refunded 2/01/11) - FGIC Insured 2/11 at 101.00 AAA 6,794,768 6,970 5.500%, 2/01/31 (Pre-refunded 2/01/11) - FGIC Insured 2/11 at 101.00 AAA 7,469,958 - ------------------------------------------------------------------------------------------------------------------------------------ 24,285 Total Alabama 25,891,583 - ------------------------------------------------------------------------------------------------------------------------------------ ALASKA - 0.9% (0.6% OF TOTAL INVESTMENTS) 6,110 Alaska Housing Finance Corporation, General Housing Purpose Bonds, 12/14 at 100.00 AAA 6,406,335 Series 2005A, 5.000%, 12/01/27 - FGIC Insured 1,500 Northern Tobacco Securitization Corporation, Alaska, Tobacco 6/14 at 100.00 Baa3 1,475,880 Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/46 - ------------------------------------------------------------------------------------------------------------------------------------ 7,610 Total Alaska 7,882,215 - ------------------------------------------------------------------------------------------------------------------------------------ ARIZONA - 1.8% (1.2% OF TOTAL INVESTMENTS) 5,350 Arizona Tourism and Sports Authority, Tax Revenue Bonds, 7/13 at 100.00 Aaa 5,587,594 Multipurpose Stadium Facility Project, Series 2003A, 5.000%, 7/01/28 - MBIA Insured 1,000 Mesa, Arizona, Utility System Revenue Refunding Bonds, Series No Opt. Call AAA 1,115,050 2002, 5.250%, 7/01/17 - FGIC Insured 8,010 Salt River Project Agricultural Improvement and Power District, 1/12 at 101.00 Aa1 8,412,903 Arizona, Electric System Revenue Refunding Bonds, Series 2002A, 5.125%, 1/01/27 - ------------------------------------------------------------------------------------------------------------------------------------ 14,360 Total Arizona 15,115,547 - ------------------------------------------------------------------------------------------------------------------------------------ ARKANSAS - 1.0% (0.6% OF TOTAL INVESTMENTS) Arkansas Development Finance Authority, Tobacco Settlement Revenue Bonds, Arkansas Cancer Research Center Project, Series 2006: 2,500 0.000%, 7/01/36 - AMBAC Insured No Opt. Call Aaa 657,800 19,800 0.000%, 7/01/46 - AMBAC Insured No Opt. Call Aaa 3,150,774 4,000 University of Arkansas, Fayetteville, Revenue Bonds, Medical 11/14 at 100.00 Aaa 4,208,080 Sciences Campus, Series 2004B, 5.000%, 11/01/34 - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 26,300 Total Arkansas 8,016,654 - ------------------------------------------------------------------------------------------------------------------------------------ CALIFORNIA - 11.7% (7.4% OF TOTAL INVESTMENTS) 1,000 California Department of Water Resources, Power Supply Revenue 5/12 at 101.00 Aaa 1,106,240 Bonds, Series 2002A, 5.750%, 5/01/17 (Pre-refunded 5/01/12) 6,000 California Health Facilities Financing Authority, Health Facility 3/13 at 100.00 A 6,112,020 Revenue Bonds, Adventist Health System/West, Series 2003A, 5.000%, 3/01/33 3,450 California Infrastructure Economic Development Bank, Revenue 10/11 at 101.00 A- 3,606,837 Bonds, J. David Gladstone Institutes, Series 2001, 5.250%, 10/01/34 1,360 California Statewide Community Development Authority, Revenue 7/15 at 100.00 BBB+ 1,414,373 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+ 15,595,720 25,000 California, General Obligation Bonds, Series 2005, 4.750%, 3/01/35 3/16 at 100.00 AAA 25,735,000 - MBIA Insured (UB) 10,000 California, Various Purpose General Obligation Bonds, Series 1999, 4/09 at 101.00 AAA 10,123,300 4.750%, 4/01/29 - MBIA Insured
36
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ CALIFORNIA (continued) $ 8,500 Foothill/Eastern Transportation Corridor Agency, California, Toll 1/10 at 100.00 AAA $ 8,719,215 Road Revenue Bonds, Series 1995A, 5.000%, 1/01/35 - MBIA Insured Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2007A-1: 10,000 5.000%, 6/01/33 6/17 at 100.00 BBB 9,977,900 1,500 5.125%, 6/01/47 6/17 at 100.00 BBB 1,504,620 30,000 San Joaquin Hills Transportation Corridor Agency, Orange County, No Opt. Call AAA 8,909,400 California, Toll Road Revenue Refunding Bonds, Series 1997A, 0.000%, 1/15/35 - MBIA Insured 1,500 San Jose Redevelopment Agency, California, Tax Allocation Bonds, 8/10 at 101.00 AAA 1,579,320 Merged Area Redevelopment Project, Series 2002, 5.000%, 8/01/32 (Pre-refunded 8/01/10) - MBIA Insured 3,000 San Mateo County Community College District, California, General No Opt. Call AAA 1,071,720 Obligation Bonds, Series 2006C, 0.000%, 9/01/30 - MBIA Insured 1,500 Tobacco Securitization Authority of Northern California, Tobacco 6/15 at 100.00 BBB 1,547,400 Settlement Asset-Backed Bonds, Series 2005A-1, 5.500%, 6/01/45 - ------------------------------------------------------------------------------------------------------------------------------------ 117,410 Total California 97,003,065 - ------------------------------------------------------------------------------------------------------------------------------------ COLORADO - 5.1% (3.2% OF TOTAL INVESTMENTS) 10,000 Denver City and County, Colorado, Airport System Revenue Refunding 11/10 at 100.00 AAA 10,502,800 Bonds, Series 2000A, 5.625%, 11/15/23 - AMBAC Insured (Alternative Minimum Tax) 12,000 E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, 9/07 at 101.00 AAA 12,140,880 Series 1997A, 4.750%, 9/01/23 - MBIA Insured 5,385 E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, No Opt. Call AAA 2,308,011 Series 1997B, 0.000%, 9/01/26 - MBIA Insured 14,400 E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, 9/10 at 65.63 AAA 8,332,272 Series 2000B, 0.000%, 9/01/17 (Pre-refunded 9/01/10) - MBIA Insured 8,740 Larimer County School District R1, Poudre, Colorado, General 12/10 at 100.00 AAA 9,163,016 Obligation Bonds, Series 2000, 5.125%, 12/15/19 (Pre-refunded 12/15/10) - FGIC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 50,525 Total Colorado 42,446,979 - ------------------------------------------------------------------------------------------------------------------------------------ CONNECTICUT - 0.5% (0.4% OF TOTAL INVESTMENTS) 4,395 Bridgeport, Connecticut, General Obligation Bonds, Series 2001C, 8/11 at 100.00 AAA 4,690,696 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 Columbia, 10/08 at 101.00 AAA 5,158,800 Senior Lien Dedicated Tax Revenue Bonds, Series 1998, 5.250%, 10/01/17 (Pre-refunded 10/01/08) - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ FLORIDA - 0.9% (0.6% OF TOTAL INVESTMENTS) 2,250 Dade County, Florida, Water and Sewerage System Revenue Bonds, 10/07 at 102.00 AAA 2,309,355 Series 1997, 5.375%, 10/01/16 - FGIC Insured 5,000 Orange County Health Facilities Authority, Florida, Hospital 11/10 at 101.00 A+ (4) 5,491,450 Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2000, 6.500%, 11/15/30 (Pre-refunded 11/15/10) - ------------------------------------------------------------------------------------------------------------------------------------ 7,250 Total Florida 7,800,805 - ------------------------------------------------------------------------------------------------------------------------------------ HAWAII - 1.3% (0.8% OF TOTAL INVESTMENTS) 10,000 Hawaii Department of Transportation, Airport System Revenue 7/10 at 101.00 AAA 10,634,400 Refunding Bonds, Series 2000B, 5.750%, 7/01/21 - FGIC Insured - ------------------------------------------------------------------------------------------------------------------------------------ ILLINOIS - 15.8% (10.0% 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 1,075,910 3,690 5.000%, 12/01/19 (Pre-refunded 12/01/11) - FSA Insured 12/11 at 100.00 AAA 3,892,913 3,000 5.000%, 12/01/20 (Pre-refunded 12/01/11) - FSA Insured 12/11 at 100.00 AAA 3,164,970 2,000 5.000%, 12/01/21 (Pre-refunded 12/01/11) - FSA Insured 12/11 at 100.00 AAA 2,109,980
37 Nuveen Quality Income Municipal Fund, Inc. (NQU) (continued) Portfolio of INVESTMENTS April 30, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ ILLINOIS (continued) 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 $ 6,976,116 4,400 0.000%, 12/01/15 - FGIC Insured No Opt. Call AAA 3,126,596 32,670 Chicago, Illinois, General Obligation Bonds, City Colleges, No Opt. Call AAA 11,057,488 Series 1999, 0.000%, 1/01/32 - FGIC Insured 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 732,489 4,320 6.000%, 1/01/28 (Pre-refunded 7/01/10) - FGIC Insured 7/10 at 101.00 AAA 4,653,461 6,380 Chicago, Illinois, General Obligation Bonds, Series 2002A, 5.000%, 7/12 at 100.00 AAA 6,719,097 1/01/18 - AMBAC Insured 70 Chicago, Illinois, General Obligation Bonds, Series 2002A, 5.000%, 7/12 at 100.00 AAA 74,293 1/01/18 (Pre-refunded 7/01/12) - AMBAC Insured 5,045 Chicago, Illinois, General Obligation Refunding Bonds, Series 1/10 at 101.00 AAA 5,329,891 2000D, 5.750%, 1/01/30 - FGIC Insured 12,935 Chicago, Illinois, Revenue Bonds, Midway Airport, Series 1998A, 1/09 at 101.00 AAA 13,207,799 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 8,488,480 7,750 6.000%, 1/01/30 (Pre-refunded 1/01/10) - MBIA Insured 1/10 at 101.00 AAA 8,272,040 Illinois Educational Facilities Authority, Student Housing Revenue Bonds, Educational Advancement Foundation Fund, University Center Project, Series 2002: 3,000 6.625%, 5/01/17 (Pre-refunded 5/01/12) 5/12 at 101.00 Aaa 3,424,590 1,800 6.000%, 5/01/22 (Pre-refunded 5/01/12) 5/12 at 101.00 Aaa 2,003,796 1,050 Illinois Finance Authority, General Obligation Debt Certificates, 12/14 at 100.00 Aaa 1,112,801 Local Government Program - Kankakee County, Series 2005B, 5.000%, 12/01/20 - AMBAC Insured 15,000 Illinois Finance Authority, Illinois, Northwestern University, 2/15 at 100.00 Aaa 15,697,350 Revenue Bonds, Series 2006, 5.000%, 12/01/42 (UB) 5,000 Illinois Finance Authority, Revenue Bonds, Northwestern Memorial 8/14 at 100.00 AA+ 5,440,300 Hospital, Series 2004A, 5.500%, 8/15/43 10,000 Illinois Health Facilities Authority, Revenue Bonds, Iowa Health 2/10 at 101.00 AAA 10,642,300 System, Series 2000, 5.875%, 2/15/30 - AMBAC Insured (ETM) 2,290 Illinois Housing Development Authority, Section 8 Elderly Housing 6/07 at 100.00 A 2,302,893 Revenue Bonds, Garden House of Maywood Development, Series 1992, 7.000%, 9/01/18 5,000 Illinois, General Obligation Bonds, Illinois FIRST Program, Series 12/10 at 100.00 AAA 5,286,150 2000, 5.450%, 12/01/21 - MBIA Insured 2,975 Joliet Regional Port District, Illinois, Airport Facilities 7/07 at 103.00 N/R (4) 3,068,832 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, Revenue 6/12 at 101.00 AAA 2,371,446 Bonds, McCormick Place Expansion Project, Series 2002A, 5.000%, 12/15/28 - MBIA Insured 1,000 Montgomery, Illinois, Lakewood Creek Project Special Assessment 3/16 at 100.00 AA 1,002,310 Bonds, Series 2007, 4.700%, 3/01/30 - RAAI Insured - ------------------------------------------------------------------------------------------------------------------------------------ 150,725 Total Illinois 131,234,291 - ------------------------------------------------------------------------------------------------------------------------------------ INDIANA - 1.8% (1.1% OF TOTAL INVESTMENTS) 2,000 Indiana Health Facility Financing Authority, Hospital Revenue 3/14 at 100.00 AAA 2,145,020 Bonds, Deaconess Hospital Inc., Series 2004A, 5.375%, 3/01/34 - AMBAC Insured 3,240 Indiana Health Facility Financing Authority, Hospital Revenue 7/12 at 100.00 AAA 3,480,343 Bonds, Marion General Hospital, Series 2002, 5.625%, 7/01/19 - AMBAC Insured 2,400 Indiana Health Facility Financing Authority, Revenue Bonds, 5/15 at 100.00 AAA 2,510,256 Community Hospitals of Indiana, Series 2005A, 5.000%, 5/01/35 - AMBAC Insured 6,540 St. Joseph County Hospital Authority, Indiana, Revenue Bonds, 2/08 at 101.00 AAA 6,559,947 Memorial Health System, Series 1998A, 4.625%, 8/15/28 - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 14,180 Total Indiana 14,695,566 - ------------------------------------------------------------------------------------------------------------------------------------
38
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ IOWA - 2.0% (1.2% OF TOTAL INVESTMENTS) $ 8,585 Iowa Finance Authority, Hospital Facilities Revenue Bonds, Iowa 7/08 at 102.00 AAA $ 8,893,373 Health System, Series 1998A, 5.125%, 1/01/28 (Pre-refunded 7/01/08) - MBIA Insured 7,000 Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue 6/15 at 100.00 BBB 7,330,890 Bonds, Series 2005C, 5.625%, 6/01/46 - ------------------------------------------------------------------------------------------------------------------------------------ 15,585 Total Iowa 16,224,263 - ------------------------------------------------------------------------------------------------------------------------------------ KANSAS - 0.8% (0.5% OF TOTAL INVESTMENTS) 4,585 Johnson County Unified School District 232, Kansas, General 9/10 at 100.00 Aaa 4,736,764 Obligation Bonds, Series 2000, 4.750%, 9/01/19 (Pre-refunded 9/01/10) - FSA Insured 1,750 Wamego, Kansas, Pollution Control Revenue Bonds, Kansas Gas and 6/14 at 100.00 AAA 1,875,160 Electric Company, Series 2004, 5.300%, 6/01/31 - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 6,335 Total Kansas 6,611,924 - ------------------------------------------------------------------------------------------------------------------------------------ KENTUCKY - 0.3% (0.2% OF TOTAL INVESTMENTS) 2,500 Kentucky State Property and Buildings Commission, Revenue 2/12 at 100.00 AAA 2,682,525 Refunding Bonds, Project 74, Series 2002, 5.375%, 2/01/18 (Pre-refunded 2/01/12) - FSA Insured - ------------------------------------------------------------------------------------------------------------------------------------ LOUISIANA - 2.4% (1.5% OF TOTAL INVESTMENTS) 10,000 Louisiana Public Facilities Authority, Hospital Revenue Bonds, No Opt. Call AAA 11,655,500 Franciscan Missionaries of Our Lady Health System, Series 1998A, 5.750%, 7/01/25 - FSA Insured 5,500 Louisiana Public Facilities Authority, Revenue Bonds, Tulane 7/12 at 100.00 AAA 5,677,705 University, Series 2002A, 5.000%, 7/01/32 - AMBAC Insured 2,600 Tobacco Settlement Financing Corporation, Louisiana, Tobacco 5/11 at 101.00 BBB 2,776,670 Settlement Asset-Backed Bonds, Series 2001B, 5.875%, 5/15/39 - ------------------------------------------------------------------------------------------------------------------------------------ 18,100 Total Louisiana 20,109,875 - ------------------------------------------------------------------------------------------------------------------------------------ MASSACHUSETTS - 8.0% (5.1% OF TOTAL INVESTMENTS) 7,405 Massachusetts Health and Educational Facilities Authority, No Opt. Call AAA 8,976,415 Revenue Bonds, Massachusetts Institute of Technology, Series 2002K, 5.500%, 7/01/32 6,000 Massachusetts Industrial Finance Agency, Resource Recovery Revenue 12/08 at 102.00 BBB 6,219,780 Refunding Bonds, Ogden Haverhill Project, Series 1998A, 5.600%, 12/01/19 (Alternative Minimum Tax) 13,500 Massachusetts Turnpike Authority, Metropolitan Highway System 7/07 at 102.00 AAA 13,702,095 Revenue Bonds, Senior Series 1997A, 5.000%, 1/01/37 - MBIA Insured 13,500 Massachusetts Turnpike Authority, Metropolitan Highway System 1/09 at 101.00 AAA 13,796,595 Revenue Bonds, Subordinate Series 1999A, 5.000%, 1/01/39 - AMBAC Insured 1,375 Massachusetts Water Pollution Abatement Trust, Revenue Bonds, MWRA 8/09 at 101.00 AAA 1,449,649 Loan Program, Subordinate Series 1999A, 5.750%, 8/01/29 (Pre-refunded 8/01/09) 5,570 Massachusetts Water Pollution Abatement Trust, Revenue Bonds, MWRA 8/09 at 101.00 AAA 5,851,953 Loan Program, Subordinate Series 1999A, 5.750%, 8/01/29 10,000 Massachusetts Water Resources Authority, General Revenue Bonds, 8/10 at 101.00 AAA 10,696,600 Series 2000A, 5.750%, 8/01/39 (Pre-refunded 8/01/10) - FGIC Insured 5,730 University of Massachusetts Building Authority, Senior Lien 11/10 at 100.00 AAA 6,024,064 Project Revenue Bonds, Series 2000-2, 5.250%, 11/01/20 (Pre-refunded 11/01/10) - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 63,080 Total Massachusetts 66,717,151 - ------------------------------------------------------------------------------------------------------------------------------------ MICHIGAN - 2.1% (1.3% OF TOTAL INVESTMENTS) 5,000 Detroit, Michigan, Second Lien Sewerage Disposal System Revenue 7/15 at 100.00 AAA 5,254,500 Bonds, Series 2005A, 5.000%, 7/01/35 - MBIA Insured 3,790 Michigan Municipal Bond Authority, General Obligation Bonds, 6/15 at 100.00 AAA 4,021,266 Detroit City School District, Series 2005, 5.000%, 6/01/20 - FSA Insured 7,425 Michigan State Hospital Finance Authority, Hospital Revenue Bonds, 11/09 at 101.00 A1 (4) 7,905,917 Henry Ford Health System, Series 1999A, 6.000%, 11/15/24 (Pre-refunded 11/15/09) - ------------------------------------------------------------------------------------------------------------------------------------ 16,215 Total Michigan 17,181,683 - ------------------------------------------------------------------------------------------------------------------------------------
39 Nuveen Quality Income Municipal Fund, Inc. (NQU) (continued) Portfolio of INVESTMENTS April 30, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ 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) $ 2,072,241 2,685 6.000%, 10/01/25 (Pre-refunded 10/01/10) 10/10 at 100.00 A3 (4) 2,882,885 3,655 Dakota and Washington Counties Housing and Redevelopment No Opt. Call AAA 5,187,322 Authority, Minnesota, GNMA Mortgage-Backed Securities Program Single Family Residential Mortgage Revenue Bonds, Series 1988, 8.450%, 9/01/19 (Alternative Minimum Tax) (ETM) 3,000 Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, 1/08 at 101.00 AAA 3,056,190 Airport Revenue Bonds, Series 1998A, 5.000%, 1/01/30 (Pre-refunded 1/01/08) - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 11,270 Total Minnesota 13,198,638 - ------------------------------------------------------------------------------------------------------------------------------------ MISSISSIPPI - 0.5% (0.4% OF TOTAL INVESTMENTS) 1,875 Mississippi Hospital Equipment and Facilities Authority, Revenue 9/14 at 100.00 N/R 1,936,463 Bonds, Baptist Memorial Healthcare, Series 2004B-1, 5.000%, 9/01/24 2,500 Mississippi Hospital Equipment and Facilities Authority, Revenue 1/11 at 101.00 Aaa 2,635,575 Bonds, Forrest County General Hospital, Series 2000, 5.500%, 1/01/27 - FSA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 4,375 Total Mississippi 4,572,038 - ------------------------------------------------------------------------------------------------------------------------------------ MISSOURI - 1.7% (1.0% OF TOTAL INVESTMENTS) 15,000 Kansas City Municipal Assistance Corporation, Missouri, Leasehold No Opt. Call AAA 6,024,750 Revenue Bonds, Series 2004B-1, 0.000%, 4/15/28 - AMBAC Insured 2,400 Missouri-Illinois Metropolitan District Bi-State Development 10/13 at 100.00 AAA 2,527,680 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 Revenue No Opt. Call AAA 5,136,110 Bonds, Jordan Valley Park Projects, Series 2000A, 0.000%, 6/01/30 - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 32,750 Total Missouri 13,688,540 - ------------------------------------------------------------------------------------------------------------------------------------ NEVADA - 7.2% (4.5% 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 36,567,843 10,380 5.000%, 6/15/22 (Pre-refunded 6/15/12) - MBIA Insured 6/12 at 100.00 AAA 11,011,727 1,275 Nevada, General Obligation Refunding Bonds, Municipal Bond Bank 5/08 at 100.00 AAA 1,288,770 Projects 65 and R-6, Series 1998, 5.000%, 5/15/22 - MBIA Insured 10,000 Reno, Nevada, Health Facilities Revenue Bonds, Catholic Healthcare 7/17 at 100.00 A 10,547,500 West, Series 2007A, 5.250%, 7/01/31 (UB) - ------------------------------------------------------------------------------------------------------------------------------------ 56,125 Total Nevada 59,415,840 - ------------------------------------------------------------------------------------------------------------------------------------ NEW JERSEY - 5.2% (3.3% OF TOTAL INVESTMENTS) 1,000 New Jersey Building Authority, State Building Revenue Bonds, 12/12 at 100.00 AAA 1,067,790 Series 2002A, 5.000%, 12/15/21 (Pre-refunded 12/15/12) - FSA Insured 2,150 New Jersey Health Care Facilities Financing Authority, Revenue 7/10 at 101.00 BBB- 2,367,408 Bonds, Trinitas Hospital Obligated Group, Series 2000, 7.500%, 7/01/30 2,025 New Jersey Transportation Trust Fund Authority, Transportation 12/11 at 100.00 AAA 2,225,293 System Bonds, Series 2001B, 6.000%, 12/15/19 (Pre-refunded 12/15/11) - MBIA Insured 3,200 New Jersey Transportation Trust Fund Authority, Transportation 6/13 at 100.00 AAA 3,513,888 System Bonds, Series 2003C, 5.500%, 6/15/22 (Pre-refunded 6/15/13) New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C: 20,000 0.000%, 12/15/33 - FSA Insured No Opt. Call AAA 6,228,400 20,000 0.000%, 12/15/35 - AMBAC Insured No Opt. Call AAA 5,674,000 20,000 0.000%, 12/15/36 - AMBAC Insured No Opt. Call AAA 5,414,000 Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2002: 2,340 5.750%, 6/01/32 (Pre-refunded 6/01/12) 6/12 at 100.00 AAA 2,501,694 1,000 6.125%, 6/01/42 (Pre-refunded 6/01/12) 6/12 at 100.00 AAA 1,111,700
40
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ NEW JERSEY (continued) Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2003: $ 1,850 6.250%, 6/01/43 (Pre-refunded 6/01/13) 6/13 at 100.00 AAA $ 2,101,138 9,420 6.750%, 6/01/39 (Pre-refunded 6/01/13) 6/13 at 100.00 AAA 10,953,011 - ------------------------------------------------------------------------------------------------------------------------------------ 82,985 Total New Jersey 43,158,322 - ------------------------------------------------------------------------------------------------------------------------------------ NEW MEXICO - 0.8% (0.5% OF TOTAL INVESTMENTS) 5,925 New Mexico Hospital Equipment Loan Council, Hospital Revenue 8/11 at 101.00 AA- (4) 6,373,286 Bonds, Presbyterian Healthcare Services, Series 2001A, 5.500%, 8/01/21 (Pre-refunded 8/01/11) - ------------------------------------------------------------------------------------------------------------------------------------ NEW YORK - 18.8% (11.9% OF TOTAL INVESTMENTS) 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 1,068,044 8,830 6.000%, 2/15/30 (Pre-refunded 2/15/10) - MBIA Insured 2/10 at 100.00 AAA 9,383,906 275 Dormitory Authority of the State of New York, Insured Revenue 7/08 at 101.00 AAA 280,943 Bonds, Fordham University, Series 1998, 5.000%, 7/01/28 - MBIA Insured 2,250 Dormitory Authority of the State of New York, Insured Revenue No Opt. Call AAA 2,495,475 Bonds, Mount Sinai School of Medicine, Series 1994A, 5.150%, 7/01/24 - MBIA Insured 20 Dormitory Authority of the State of New York, Revenue Bonds, 5/07 at 102.00 AA- 20,428 Mental Health Services Facilities Improvements, Series 1997A, 5.750%, 2/15/27 65 Dormitory Authority of the State of New York, Revenue Bonds, 2/10 at 100.00 AAA 68,767 Mental Health Services Facilities Improvements, Series 2000B, 6.000%, 2/15/30 - MBIA Insured 100 Dormitory Authority of the State of New York, Revenue Bonds, 2/10 at 100.00 Aaa 106,273 Mental Health Services Facilities Improvements, Series 2000B, 6.000%, 2/15/30 (Pre-refunded 2/15/10) - MBIA Insured 20,000 Erie County Tobacco Asset Securitization Corporation, New York, 7/10 at 101.00 AAA 21,627,799 Senior Tobacco Settlement Asset-Backed Bonds, Series 2000, 6.125%, 7/15/30 (Pre-refunded 7/15/10) 1,320 Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, 2/17 at 100.00 AAA 1,301,850 Series 2006A, 4.500%, 2/15/47 - MBIA Insured 1,130 Long Island Power Authority, New York, Electric System General 9/11 at 100.00 A- (4) 1,210,038 Revenue Bonds, Series 2001A, 5.375%, 9/01/25 (Pre-refunded 9/01/11) 15,000 Metropolitan Transportation Authority, New York, Dedicated Tax 4/10 at 100.00 AAA 15,982,200 Fund Bonds, Series 2000A, 6.000%, 4/01/30 (Pre-refunded 4/01/10) - FGIC Insured 90 Metropolitan Transportation Authority, New York, Transportation No Opt. Call Aaa 90,723 Revenue Bonds, Series 2006B, Drivers 1662, 5.313%, 11/15/32 - FSA Insured (IF) 13,335 Metropolitan Transportation Authority, New York, Transportation 11/16 at 100.00 AAA 13,370,738 Revenue Bonds, Series 2006B, 4.500%, 11/15/32 - FSA Insured (UB) 12,500 Nassau County Tobacco Settlement Corporation, New York, Tobacco 7/09 at 101.00 AAA 13,336,125 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 8,599,218 2,065 5.750%, 11/15/19 (Pre-refunded 5/15/10) 5/10 at 101.00 AAA 2,210,004 380 New York City, New York, General Obligation Bonds, Fiscal Series 8/07 at 101.00 AA- 385,822 1997H, 6.125%, 8/01/25 5,620 New York City, New York, General Obligation Bonds, Fiscal Series 8/07 at 101.00 AA- (4) 5,708,965 1997H, 6.125%, 8/01/25 (Pre-refunded 8/01/07) 7,600 New York City, New York, General Obligation Bonds, Fiscal Series 6/07 at 101.00 AAA 7,686,792 1997M, 5.500%, 6/01/17 - AMBAC Insured New York City, New York, General Obligation Bonds, Fiscal Series 2002G: 950 5.000%, 8/01/17 8/12 at 100.00 AA- 993,406 6,555 5.750%, 8/01/18 8/12 at 100.00 AA- 7,106,079 3,990 New York City, New York, General Obligation Bonds, Fiscal Series 8/12 at 100.00 A1 (4) 4,391,993 2002G, 5.750%, 8/01/18 (Pre-refunded 8/01/12) 5,000 New York City, New York, General Obligation Bonds, Fiscal Series 8/12 at 100.00 AA- 5,456,000 2003A, 5.750%, 8/01/16
41 Nuveen Quality Income Municipal Fund, Inc. (NQU) (continued) Portfolio of INVESTMENTS April 30, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ NEW YORK (continued) 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 $ 6,340,612 6,575 5.000%, 6/15/22 6/11 at 100.00 AAA 6,870,809 2,730 Penfield-Crown Oak Housing Development Corporation, New York, 8/07 at 100.00 AAA 2,752,987 FHA-Insured Section 8 Assisted Multifamily Mortgage Revenue Refunding Bonds, Crown Oak Estates, Series 1991A, 7.350%, 8/01/23 13,620 Port Authority of New York and New Jersey, Consolidated Revenue 11/12 at 101.00 AAA 14,566,999 Bonds, One Hundred Twenty-Eighth Series 2002, 5.000%, 11/01/20 - FSA Insured 2,250 United Nations Development Corporation, New York, Senior Lien 1/08 at 100.00 A3 2,268,113 Revenue Bonds, Series 2004A, 5.250%, 7/01/21 - ------------------------------------------------------------------------------------------------------------------------------------ 147,325 Total New York 155,681,108 - ------------------------------------------------------------------------------------------------------------------------------------ NORTH CAROLINA - 3.1% (1.9% OF TOTAL INVESTMENTS) 4,000 North Carolina Medical Care Commission, Health System Revenue 10/17 at 100.00 AA 3,961,840 Bonds, Mission St. Joseph's Health System, Series 2007, 4.500%, 10/01/31 665 North Carolina Medical Care Commission, Hospital Revenue Bonds, 12/08 at 101.00 AAA 673,392 Pitt County Memorial Hospital, Series 1998A, 4.750%, 12/01/28 - MBIA Insured 12,405 North Carolina Medical Care Commission, Hospital Revenue Bonds, 12/08 at 101.00 AAA 12,733,112 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 Electric Revenue 1/13 at 100.00 AAA 8,031,825 Bonds, Series 2003A, 5.250%, 1/01/19 - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 24,570 Total North Carolina 25,400,169 - ------------------------------------------------------------------------------------------------------------------------------------ OHIO - 3.4% (2.1% 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 2,323,283 2,600 5.250%, 6/01/21 - FSA Insured 12/12 at 100.00 AAA 2,790,086 2,000 5.000%, 12/01/22 - FSA Insured 12/12 at 100.00 AAA 2,101,220 10,000 Columbus City School District, Franklin County, Ohio, General 12/16 at 100.00 AAA 9,718,400 Obligation Bonds, Series 2006, 4.250%, 12/01/32 - FSA Insured (UB) 10,750 Ohio Water Development Authority, Solid Waste Disposal Revenue 9/08 at 102.00 N/R 10,929,955 Bonds, Bay Shore Power, Series 1998A, 5.875%, 9/01/20 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 27,515 Total Ohio 27,862,944 - ------------------------------------------------------------------------------------------------------------------------------------ OKLAHOMA - 6.9% (4.4% OF TOTAL INVESTMENTS) 2,000 Oklahoma Municipal Power Authority, Power Supply System Revenue 1/17 at 100.00 AAA 1,974,360 Bonds, Series 2007, 4.500%, 1/01/47 - FGIC Insured 17,510 Pottawatomie County Home Finance Authority, Oklahoma, Single No Opt. Call AAA 19,992,043 Family Mortgage Revenue Bonds, Series 1991A, 8.625%, 7/01/10 (ETM) 11,750 Tulsa Municipal Airport Trust, Oklahoma, Revenue Refunding Bonds, 12/08 at 100.00 B 11,979,360 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 Refunding Bonds, 12/08 at 100.00 B 23,245,631 American Airlines Inc., Series 2001B, 5.650%, 12/01/35 (Mandatory put 12/01/08) (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 54,265 Total Oklahoma 57,191,394 - ------------------------------------------------------------------------------------------------------------------------------------ OREGON - 0.4% (0.2% OF TOTAL INVESTMENTS) 3,000 Deschutes County School District 1, Bend-La Pine, Oregon, General 6/11 at 100.00 Aaa 3,207,660 Obligation Bonds, Series 2001A, 5.500%, 6/15/18 (Pre-refunded 6/15/11) - FSA Insured - ------------------------------------------------------------------------------------------------------------------------------------ PENNSYLVANIA - 3.8% (2.4% OF TOTAL INVESTMENTS) 3,985 Carbon County Industrial Development Authority, Pennsylvania, No Opt. Call BBB- 4,142,368 Resource Recovery Revenue Refunding Bonds, Panther Creek Partners Project, Series 2000, 6.650%, 5/01/10 (Alternative Minimum Tax)
42
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ PENNSYLVANIA (continued) $ 2,175 Falls Township Hospital Authority, Pennsylvania, FHA-Insured 8/07 at 100.00 AAA $ 2,188,398 Revenue Refunding Bonds, Delaware Valley Medical Center, Series 1992, 7.000%, 8/01/22 1,500 Pennsylvania Housing Finance Agency, Single Family Mortgage 10/16 at 100.00 AA+ 1,485,900 Revenue Bonds, Series 96A, 4.650%, 10/01/31 (Alternative Minimum Tax) 2,600 Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 12/14 at 100.00 AAA 2,865,434 2004A, 5.500%, 12/01/31 - AMBAC Insured 7,800 Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General 8/13 at 100.00 AAA 8,111,220 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 6,550,920 5,500 5.625%, 8/01/20 (Pre-refunded 8/01/12) - FGIC Insured 8/12 at 100.00 AAA 6,005,010 - ------------------------------------------------------------------------------------------------------------------------------------ 29,560 Total Pennsylvania 31,349,250 - ------------------------------------------------------------------------------------------------------------------------------------ PUERTO RICO - 1.6% (1.0% OF TOTAL INVESTMENTS) 5,000 Puerto Rico Infrastructure Financing Authority, Special Tax No Opt. Call AAA 1,048,250 Revenue Bonds, Series 2005A, 0.000%, 7/01/42 - FGIC Insured 5,000 Puerto Rico Municipal Finance Agency, Series 2002A, 5.000%, 8/12 at 100.00 AAA 5,210,400 8/01/27 - FSA Insured 1,500 Puerto Rico Public Buildings Authority, Guaranteed Government 7/12 at 100.00 BBB 1,567,680 Facilities Revenue Refunding Bonds, Series 2002D, 5.125%, 7/01/20 1,500 Puerto Rico, General Obligation and Public Improvement Bonds, No Opt. Call AAA 1,744,875 Series 2001A, 5.500%, 7/01/29 3,870 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB 4,052,780 Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33 - ------------------------------------------------------------------------------------------------------------------------------------ 16,870 Total Puerto Rico 13,623,985 - ------------------------------------------------------------------------------------------------------------------------------------ SOUTH CAROLINA - 9.1% (5.8% OF TOTAL INVESTMENTS) 24,725 Greenville County School District, South Carolina, Installment 12/12 at 101.00 AA- (4) 27,120,357 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 6,142,687 5,140 5.000%, 3/01/21 3/12 at 100.00 Aa1 5,406,406 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 5,624,721 3,000 5.250%, 2/15/24 - MBIA Insured 8/14 at 100.00 AAA 3,204,630 13,615 South Carolina Transportation Infrastructure Bank, Junior Lien 10/11 at 100.00 Aaa 14,384,656 Revenue Bonds, Series 2001B, 5.125%, 10/01/21 (Pre-refunded 10/01/11) - AMBAC Insured 12,600 Tobacco Settlement Revenue Management Authority, South Carolina, 5/11 at 101.00 BBB 13,611,780 Tobacco Settlement Asset-Backed Bonds, Series 2001B, 6.375%, 5/15/28 - ------------------------------------------------------------------------------------------------------------------------------------ 70,160 Total South Carolina 75,495,237 - ------------------------------------------------------------------------------------------------------------------------------------ TENNESSEE - 1.4% (0.9% OF TOTAL INVESTMENTS) 3,000 Knox County Health, Educational and Housing Facilities Board, 4/12 at 101.00 Ba2 3,085,770 Tennessee, Hospital Revenue Bonds, Baptist Health System of East Tennessee Inc., Series 2002, 6.375%, 4/15/22 7,415 Memphis, Tennessee, General Improvement Bonds, Series 2002, 11/10 at 101.00 A1 (4) 7,797,911 5.000%, 11/01/20 (Pre-refunded 11/01/10) 560 Tennessee Housing Development Agency, Homeownership Program Bonds, 7/10 at 100.00 AA 571,502 Series 2000-2B, 6.350%, 1/01/31 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 10,975 Total Tennessee 11,455,183 - ------------------------------------------------------------------------------------------------------------------------------------ TEXAS - 17.5% (11.0% OF TOTAL INVESTMENTS) 1,000 Alamo Community College District, Bexar County, Texas, Combined 11/11 at 100.00 AAA 1,067,690 Fee Revenue Refunding Bonds, Series 2001, 5.375%, 11/01/16 - FSA Insured 6,500 Bell County Health Facilities Development Corporation, Texas, 11/08 at 101.00 A- 6,631,885 Retirement Facility Revenue Bonds, Buckner Retirement Services Inc. Obligated Group, Series 1998, 5.250%, 11/15/19
43 Nuveen Quality Income Municipal Fund, Inc. (NQU) (continued) Portfolio of INVESTMENTS April 30, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TEXAS (continued) $ 11,255 Brazos River Authority, Texas, Pollution Control Revenue Refunding No Opt. Call Baa2 $ 11,600,754 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 Williamson 1/15 at 100.00 AAA 5,696,240 Counties, Toll Road Revenue Bonds, Series 2005, 5.000%, 1/01/45 - FGIC Insured 5,000 Dallas-Ft. Worth International Airport, Texas, Joint Revenue 11/11 at 100.00 AAA 5,315,900 Refunding and Improvement Bonds, Series 2001A, 5.625%, 11/01/21 - FGIC Insured (Alternative Minimum Tax) 2,500 Harris County Health Facilities Development Corporation, Texas, 11/13 at 100.00 AAA 2,595,200 Thermal Utility Revenue Bonds, TECO Project, Series 2003, 5.000%, 11/15/30 - MBIA Insured 2,700 Harris County-Houston Sports Authority, Texas, Senior Lien Revenue 11/11 at 100.00 AAA 2,845,719 Bonds, Series 2001G, 5.250%, 11/15/30 - MBIA Insured 22,500 Houston, Texas, Junior Lien Water and Sewerage System Revenue 12/10 at 100.00 AAA 23,625,674 Refunding Bonds, Series 2000B, 5.250%, 12/01/30 (Pre-refunded 12/01/10) - FGIC Insured 6,000 Leander Independent School District, Williamson and Travis 8/14 at 33.33 AAA 1,430,160 Counties, Texas, General Obligation Bonds, Series 2006, 0.000%, 8/15/34 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- 5,022,010 8,495 5.250%, 7/01/16 7/08 at 101.00 AA- 8,702,108 17,655 Matagorda County Navigation District 1, Texas, Revenue Refunding 11/08 at 102.00 AAA 18,264,627 Bonds, Houston Industries Inc., Series 1998B, 5.150%, 11/01/29 - MBIA Insured 7,650 Port of Corpus Christi Authority, Nueces County, Texas, Revenue 5/07 at 100.00 BBB 7,667,136 Refunding Bonds, Union Pacific Corporation, Series 1992, 5.350%, 11/01/10 2,000 Sam Rayburn Municipal Power Agency, Texas, Power Supply System 10/12 at 100.00 AA 2,171,480 Revenue Refunding Bonds, Series 2002A, 5.750%, 10/01/21 - RAAI Insured 14,680 San Antonio Independent School District, Bexar County, Texas, 8/09 at 100.00 AAA 15,365,262 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 Refunding No Opt. Call AAA 12,105,351 Bonds, New Series 1992, 5.000%, 2/01/17 (ETM) 3,750 Spring Branch Independent School District, Harris County, Texas, 2/11 at 100.00 AAA 3,934,763 Limited Tax Schoolhouse and Refunding Bonds, Series 2001, 5.125%, 2/01/23 (Pre-refunded 2/01/11) White Settlement Independent School District, Tarrant County, Texas, General Obligation Bonds, Series 2006: 9,110 0.000%, 8/15/38 8/15 at 30.30 AAA 1,880,668 9,110 0.000%, 8/15/39 8/15 at 28.63 AAA 1,776,268 6,610 0.000%, 8/15/42 8/15 at 24.42 AAA 1,096,070 7,110 0.000%, 8/15/43 8/15 at 23.11 AAA 1,115,843 5,000 Wichita Falls, Wichita County, Texas, Priority Lien Water and 8/11 at 100.00 AAA 5,252,350 Sewerage System Revenue Bonds,Series 2001, 5.000%, 8/01/22 (Pre-refunded 8/01/11) - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 170,325 Total Texas 145,163,158 - ------------------------------------------------------------------------------------------------------------------------------------ UTAH - 1.6% (1.0% OF TOTAL INVESTMENTS) 5,800 Carbon County, Utah, Solid Waste Disposal Revenue Refunding Bonds, 8/07 at 100.00 BB- 5,842,340 Laidlaw/ECDC Project, Guaranteed by Allied Waste Industries, Series 1995, 7.500%, 2/01/10 (Alternative Minimum Tax) 7,155 Utah Associated Municipal Power Systems, Revenue Bonds, Payson 4/13 at 100.00 AAA 7,501,660 Power Project, Series 2003A, 5.000%, 4/01/25 - FSA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 12,955 Total Utah 13,344,000 - ------------------------------------------------------------------------------------------------------------------------------------ VIRGINIA - 2.1% (1.3% OF TOTAL INVESTMENTS) 4,000 Norfolk Airport Authority, Virginia, Airport Revenue Refunding 7/11 at 100.00 AAA 4,118,200 Bonds, Series 2001B, 5.125%,7/01/31 - FGIC Insured (Alternative Minimum Tax) 11,040 Suffolk Redevelopment and Housing Authority, Virginia, FNMA No Opt. Call Aaa 11,435,122 Multifamily Housing Revenue Refunding Bonds, Windsor at Potomac Vista L.P. Project, Series 2001, 4.850%, 7/01/31 (Mandatory put 7/01/11)
44
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ VIRGINIA (continued) $ 665 Virginia Housing Development Authority, Rental Housing Bonds, 5/09 at 101.00 AA+ $ 680,654 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 534,405 500 5.000%, 4/01/19 4/12 at 102.00 AA 533,890 - ------------------------------------------------------------------------------------------------------------------------------------ 16,705 Total Virginia 17,302,271 - ------------------------------------------------------------------------------------------------------------------------------------ WASHINGTON - 10.2% (6.4% OF TOTAL INVESTMENTS) 6,750 Energy Northwest, Washington, Electric Revenue Refunding Bonds, 7/12 at 100.00 AAA 7,240,725 Columbia Generating Station - Nuclear Project 2, Series 2002B, 5.350%, 7/01/18 - FSA Insured 2,500 Energy Northwest, Washington, Electric Revenue Refunding Bonds, 7/12 at 100.00 AAA 2,729,775 Columbia Generating Station - Nuclear Project 2, Series 2002C, 5.750%, 7/01/17 - MBIA Insured 6,950 Port of Seattle, Washington, Revenue Bonds, Series 2000B, 5.625%, 8/10 at 100.00 AAA 7,285,407 2/01/24 - MBIA Insured (Alternative Minimum Tax) 13,400 Seattle, Washington, Municipal Light and Power Revenue Bonds, 12/10 at 100.00 Aa3 14,006,752 Series 2000, 5.400%, 12/01/25 9,440 Tacoma, Washington, Electric System Revenue Refunding Bonds, 1/11 at 101.00 AAA 10,185,382 Series 2001A, 5.750%, 1/01/18 (Pre-refunded 1/01/11) - FSA Insured 5,000 Washington State Healthcare Facilities Authority, Revenue Bonds, 0/16 at 100.00 AAA 5,015,000 Providence Health Care Services, Series 2006A, 4.625%, 10/01/34 - FGIC Insured 3,365 Washington State Tobacco Settlement Authority, Tobacco Settlement 6/13 at 100.00 BBB 3,705,740 Asset-Backed Revenue Bonds, Series 2002, 6.500%, 6/01/26 18,145 Washington, General Obligation Bonds, Series 2001-02A, 5.000%, 7/11 at 100.00 AAA 18,876,969 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 7,348,320 7,960 5.000%, 1/01/22 - FSA Insured 1/12 at 100.00 AAA 8,299,016 - ------------------------------------------------------------------------------------------------------------------------------------ 80,510 Total Washington 84,693,086 - ------------------------------------------------------------------------------------------------------------------------------------ WISCONSIN - 1.4% (0.9% OF TOTAL INVESTMENTS) 190 Badger Tobacco Asset Securitization Corporation, Wisconsin, 6/12 at 100.00 BBB 203,691 Tobacco Settlement Asset-Backed Bonds, Series 2002, 6.125%, 6/01/27 7,545 La Crosse, Wisconsin, Pollution Control Revenue Refunding Bonds, 12/08 at 102.00 AAA 7,872,151 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+ 3,261,570 Revenue Bonds, Fort Healthcare Inc., Series 2004, 5.750%, 5/01/29 - ------------------------------------------------------------------------------------------------------------------------------------ 10,735 Total Wisconsin 11,337,412 - ------------------------------------------------------------------------------------------------------------------------------------ $ 1,422,755 Total Investments (cost $1,227,602,797) - 158.4% 1,313,611,543 ============------------------------------------------------------------------------------------------------------------------------ Floating Rate Obligations - (5.9)% (48,875,000) --------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 2.0% 16,346,855 --------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (54.5)% (452,000,000) --------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 829,083,398 =====================================================================================================================
(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. (IF) Inverse floating rate investment. (UB) Underlying bond of an inverse floating rate trust reflected as a financing transaction pursuant to the provisions of SFAS No. 140. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 45 Nuveen Premier Municipal Income Fund, Inc. (NPF) Portfolio of INVESTMENTS April 30, 2007
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ ALABAMA - 0.9% (0.5% 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 $ 1,257,576 400 5.000%, 11/15/30 11/15 at 100.00 Baa1 408,212 1,000 Montgomery BMC Special Care Facilities Financing Authority, 11/14 at 100.00 A3 (4) 1,090,730 Alabama, Revenue Bonds, Baptist Medical Center, Series 2004C, 5.250%, 11/15/29 (Pre-refunded 11/15/14) - ------------------------------------------------------------------------------------------------------------------------------------ 2,600 Total Alabama 2,756,518 - ------------------------------------------------------------------------------------------------------------------------------------ ALASKA - 2.1% (1.3% OF TOTAL INVESTMENTS) 2,000 Alaska Housing Finance Corporation, General Mortgage Revenue 6/09 at 101.00 AAA 2,079,100 Bonds, Series 1999A, 6.000%, 6/01/49 - MBIA Insured 4,500 Northern Tobacco Securitization Corporation, Alaska, Tobacco 6/14 at 100.00 Baa3 4,427,640 Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/46 - ------------------------------------------------------------------------------------------------------------------------------------ 6,500 Total Alaska 6,506,740 - ------------------------------------------------------------------------------------------------------------------------------------ ARIZONA - 4.7% (2.8% 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 104,528 135 5.250%, 12/01/25 12/15 at 100.00 BBB 141,113 7,500 Salt River Project Agricultural Improvement and Power District, 1/13 at 100.00 Aa1 7,857,300 Arizona, Electric System Revenue Bonds, Series 2002B, 5.000%, 1/01/25 6,000 Salt River Project Agricultural Improvement and Power District, 1/12 at 101.00 Aa1 6,440,340 Arizona, Electric System Revenue Refunding Bonds, Series 2002A, 5.250%, 1/01/15 - ------------------------------------------------------------------------------------------------------------------------------------ 13,735 Total Arizona 14,543,281 - ------------------------------------------------------------------------------------------------------------------------------------ ARKANSAS - 1.6% (1.0% OF TOTAL INVESTMENTS) 4,655 Arkansas Development Finance Authority, State Facility Revenue 11/15 at 100.00 AAA 4,934,347 Bonds, Department of Correction Special Needs Unit Project, Series 2005B, 5.000%, 11/01/25 - FSA Insured 4 Drew County Public Facilities Board, Arkansas, FNMA 8/07 at 100.00 Aaa 3,630 Mortgage-Backed Single Family Revenue Refunding Bonds, Series 1993A-2, 7.900%, 8/01/11 24 Stuttgart Public Facilities Board, Arkansas, Single Family 9/07 at 100.00 Aaa 24,059 Mortgage Revenue Refunding Bonds, Series 1993A, 7.900%, 9/01/11 - ------------------------------------------------------------------------------------------------------------------------------------ 4,683 Total Arkansas 4,962,036 - ------------------------------------------------------------------------------------------------------------------------------------ CALIFORNIA - 23.3% (13.8% OF TOTAL INVESTMENTS) 5,690 California Department of Veterans Affairs, Home Purchase Revenue 6/12 at 101.00 AAA 6,073,449 Bonds, Series 2002A, 5.300%, 12/01/21 - AMBAC Insured 1,800 California Educational Facilities Authority, Revenue Bonds, 10/15 at 100.00 AA+ 1,863,720 University of Southern California, Series 2005, 4.750%, 10/01/28 1,975 California Health Facilities Financing Authority, Health Facility No Opt. Call A 2,082,025 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 Bonds, 11/15 at 100.00 A2 4,648,320 Cedars-Sinai Medical Center, Series 2005, 5.000%, 11/15/27 8,000 California Infrastructure Economic Development Bank, First Lien 1/28 at 100.00 AAA 8,966,880 Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2003A, 5.000%, 7/01/33 (Pre-refunded 1/01/28) - AMBAC Insured (UB)
46
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ CALIFORNIA (continued) $ 500 California Statewide Community Development Authority, Revenue 7/15 at 100.00 BBB+ $ 506,830 Bonds, Daughters of Charity Health System, Series 2005A, 5.000%, 7/01/39 1,600 California Statewide Community Development Authority, Revenue Bonds, 8/16 at 100.00 A+ 1,695,488 Kaiser Permanente System, Series 2001C, 5.250%, 8/01/31 1,000 California, Economic Recovery Revenue Bonds, Series 2004A, 5.250%, No Opt. Call AA+ 1,095,790 7/01/14 California, General Obligation Bonds, Series 2004: 4,000 5.000%, 2/01/23 2/14 at 100.00 A+ 4,223,520 4,900 5.000%, 6/01/23 - AMBAC Insured 12/14 at 100.00 AAA 5,189,786 1,000 Chula Vista, California, Industrial Development Revenue Bonds, San 6/14 at 102.00 A2 1,082,470 Diego Gas and Electric Company, Series 1996A, 5.300%, 7/01/21 28,000 Foothill/Eastern Transportation Corridor Agency, California, Toll No Opt. Call AAA 18,929,397 Road Revenue Bonds, Series 1995A, 0.000%, 1/01/17 (ETM) 450 Golden State Tobacco Securitization Corporation, California, 6/13 at 100.00 AAA 522,437 Tobacco Settlement Asset-Backed Bonds, Series 2003A-1, 6.750%, 6/01/39 (Pre-refunded 6/01/13) 6,005 Los Angeles Unified School District, California, General Obligation 7/15 at 100.00 AAA 6,422,648 Bonds, Series 2005E, 5.000%, 7/01/22 - AMBAC Insured San Diego County, California, Certificates of Participation, Burnham Institute, Series 2006: 100 5.000%, 9/01/21 9/15 at 102.00 Baa3 104,427 110 5.000%, 9/01/23 9/15 at 102.00 Baa3 114,777 7,500 San Jose Redevelopment Agency, California, Tax Allocation Bonds, 8/10 at 101.00 Aaa 7,896,600 Merged Area Redevelopment Project, Series 2002, 5.000%, 8/01/17 (Pre-refunded 8/01/10) - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 77,130 Total California 71,418,564 - ------------------------------------------------------------------------------------------------------------------------------------ COLORADO - 6.9% (4.1% OF TOTAL INVESTMENTS) 1,000 Colorado Health Facilities Authority, Revenue Bonds, Evangelical 6/16 at 100.00 A- 1,026,030 Lutheran Good Samaritan Society, Series 2005, 5.000%, 6/01/29 1,150 Colorado Health Facilities Authority, Revenue Bonds, Parkview 9/14 at 100.00 A3 1,175,277 Medical Center, Series 2004, 5.000%, 9/01/25 400 Colorado Health Facilities Authority, Revenue Bonds, Poudre Valley 3/15 at 100.00 BBB+ 408,948 Health Care, Series 2005F, 5.000%, 3/01/25 1,000 Colorado Health Facilities Authority, Revenue Bonds, Poudre Valley 12/09 at 101.00 Aaa 1,058,790 Healthcare Inc., Series 1999A, 5.750%, 12/01/23 (Pre-refunded 12/01/09) - FSA Insured 750 Colorado Health Facilities Authority, Revenue Bonds, Vail Valley 1/15 at 100.00 BBB+ 780,098 Medical Center, Series 2004, 5.000%, 1/15/17 Denver City and County, Colorado, Airport Revenue Bonds, Series 2006: 8,930 5.000%, 11/15/25 - FGIC Insured (UB) 11/16 at 100.00 AAA 9,504,824 5,950 6.641%, 11/15/25 - FGIC Insured (IF) 11/16 at 100.00 AAA 7,098,767 - ------------------------------------------------------------------------------------------------------------------------------------ 19,180 Total Colorado 21,052,734 - ------------------------------------------------------------------------------------------------------------------------------------ CONNECTICUT - 0.7% (0.4% OF TOTAL INVESTMENTS) 2,000 Connecticut Development Authority, Pollution Control Revenue 10/08 at 102.00 Baa1 2,090,260 Refunding Bonds, Connecticut Light and Power Company, Series 1993A, 5.850%, 9/01/28 - ------------------------------------------------------------------------------------------------------------------------------------ FLORIDA - 2.8% (1.6% OF TOTAL INVESTMENTS) 4,000 Dade County, Florida, Aviation Revenue Bonds, Series 1996A, 5.750%, 10/07 at 101.00 AAA 4,085,080 10/01/18 - MBIA Insured (Alternative Minimum Tax) 1,700 Hillsborough County Industrial Development Authority, Florida, 4/10 at 101.00 N/R 1,844,160 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, Florida, 10/12 at 100.00 Baa2 2,609,675 Pollution Control Revenue Bonds, Tampa Electric Company Project, Series 2002, 5.100%, 10/01/13 - ------------------------------------------------------------------------------------------------------------------------------------ 8,200 Total Florida 8,538,915 - ------------------------------------------------------------------------------------------------------------------------------------
47 Nuveen Quality Income Municipal Fund, Inc. (NPF) (continued) Portfolio of INVESTMENTS April 30, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ GEORGIA - 4.2% (2.5% OF TOTAL INVESTMENTS) $ 8,000 George L. Smith II World Congress Center Authority, Atlanta, 7/10 at 101.00 AAA $ 8,417,840 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 Turbine Revenue 11/13 at 100.00 AAA 4,396,742 Bonds, Series 2003A, 5.125%, 11/01/17 - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 12,105 Total Georgia 12,814,582 - ------------------------------------------------------------------------------------------------------------------------------------ HAWAII - 0.8% (0.5% OF TOTAL INVESTMENTS) 2,250 Hawaii Department of Budget and Finance, Special Purpose Revenue 1/09 at 101.00 AAA 2,350,553 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) 105 Idaho Housing and Finance Association, Single Family Mortgage Bonds, 7/07 at 101.00 Aa1 107,111 Series 1996E, 6.350%, 7/01/14 (Alternative Minimum Tax) 500 Madison County, Idaho, Hospital Revenue Certificates of 9/16 at 100.00 BBB- 517,310 Participation, Madison Memorial Hospital, Series 2006, 5.250%, 9/01/26 - ------------------------------------------------------------------------------------------------------------------------------------ 605 Total Idaho 624,421 - ------------------------------------------------------------------------------------------------------------------------------------ ILLINOIS - 14.4% (8.6% OF TOTAL INVESTMENTS) 8,300 Chicago Greater Metropolitan Area Sanitary District, Illinois, 12/16 at 100.00 AAA 9,090,243 General Obligation Bonds, Series 2006, 5.000%, 12/01/35 (UB) 725 Chicago Public Building Commission, Illinois, General Obligation No Opt. Call AAA 808,738 Lease Certificates, Chicago Board of Education, Series 1990B, 7.000%, 1/01/15 - MBIA Insured (ETM) 8,670 Chicago, Illinois, General Obligation Bonds, City Colleges, Series No Opt. Call AAA 4,238,243 1999, 0.000%, 1/01/24 - FGIC Insured 8,500 Chicago, Illinois, Senior Lien Water Revenue Bonds, Series 2001, No Opt. Call AAA 10,405,103 5.750%, 11/01/30 - AMBAC Insured 200 Illinois Finance Authority, Revenue Bonds, Proctor Hospital, Series 1/16 at 100.00 BBB- 204,624 2006, 5.125%, 1/01/25 1,000 Illinois Health Facilities Authority, Revenue Bonds, Condell 5/12 at 100.00 Baa2 1,041,210 Medical Center, Series 2002, 5.500%, 5/15/32 3,865 Illinois Housing Development Authority, Section 8 Elderly Housing 6/07 at 100.00 A 3,886,760 Revenue Bonds, Garden House of Maywood Development, Series 1992, 7.000%, 9/01/18 1,500 Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2/12 at 100.00 AAA 1,607,745 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- 903,134 1,750 5.250%, 1/01/30 1/16 at 100.00 AA- 1,859,393 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 5,196,238 10,775 0.000%, 12/15/24 - MBIA Insured No Opt. Call AAA 5,055,522 - ------------------------------------------------------------------------------------------------------------------------------------ 56,710 Total Illinois 44,296,953 - ------------------------------------------------------------------------------------------------------------------------------------ INDIANA - 3.7% (2.2% 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 1,102,570 2,275 5.500%, 7/15/23 (Pre-refunded 1/15/14) - FSA Insured 1/14 at 100.00 AAA 2,508,347 6,180 Crown Point Multi-School Building Corporation, Indiana, First No Opt. Call AAA 3,143,457 Mortgage Bonds, Crown Point Community School Corporation, Series 2000, 0.000%, 1/15/23 - MBIA Insured 1,250 Portage, Indiana, Revenue Bonds, Series 2006, 5.000%, 7/15/23 7/16 at 100.00 BBB+ 1,284,263
48
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ INDIANA (continued) $ 1,000 St. Joseph County Hospital Authority, Indiana, Revenue Bonds, 2/15 at 100.00 BBB $ 1,025,950 Madison Center Inc., Series 2005, 5.250%, 2/15/28 2,320 St. Joseph County PHM Elementary/Middle School Building No Opt. Call A 2,374,079 Corporation, Indiana, First Mortgage Bonds, Series 1994, 6.300%, 1/15/09 - ------------------------------------------------------------------------------------------------------------------------------------ 14,025 Total Indiana 11,438,666 - ------------------------------------------------------------------------------------------------------------------------------------ IOWA - 1.4% (0.8% OF TOTAL INVESTMENTS) 4,000 Iowa Tobacco Settlement Authority, Asset Backed Settlement 6/15 at 100.00 BBB 4,156,040 Revenue Bonds, Series 2005C, 5.500%, 6/01/42 - ------------------------------------------------------------------------------------------------------------------------------------ KENTUCKY - 0.2% (0.1% OF TOTAL INVESTMENTS) 510 Louisville and Jefferson County Metropolitan Government, 10/16 at 100.00 N/R 522,102 Kentucky, Industrial Building Revenue Bonds, Sisters of Mercy of the Americas, Series 2006, 5.000%, 10/01/35 - ------------------------------------------------------------------------------------------------------------------------------------ LOUISIANA - 5.4% (3.2% OF TOTAL INVESTMENTS) 1,310 Louisiana Housing Finance Agency, GNMA Collateralized Mortgage 9/07 at 101.00 AAA 1,338,047 Revenue Bonds, St. Dominic Assisted Care Facility, Series 1995, 6.850%, 9/01/25 825 Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 5/16 at 100.00 AAA 845,963 2006, 4.750%, 5/01/39 - FSA Insured (UB) 8,895 Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 5/16 at 100.00 AAA 8,750,368 2006, 4.500%, 5/01/41 - FGIC Insured (UB) 3,950 Morehouse Parish, Louisiana, Pollution Control Revenue Bonds, No Opt. Call BBB 4,278,048 International Paper Company, Series 2002A, 5.700%, 4/01/14 1,375 Tobacco Settlement Financing Corporation, Louisiana, Tobacco 5/11 at 101.00 BBB 1,468,431 Settlement Asset-Backed Bonds, Series 2001B, 5.875%, 5/15/39 - ------------------------------------------------------------------------------------------------------------------------------------ 16,355 Total Louisiana 16,680,857 - ------------------------------------------------------------------------------------------------------------------------------------ MAINE - 1.6% (1.0% OF TOTAL INVESTMENTS) 4,905 Maine State Housing Authority, Single Family Mortgage Purchase 5/13 at 100.00 AA+ 4,986,668 Bonds, Series 2004A-2, 5.000%, 11/15/21 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ MARYLAND - 1.2% (0.7% OF TOTAL INVESTMENTS) 2,000 Maryland Health and Higher Educational Facilities Authority, 8/14 at 100.00 A3 2,112,700 Revenue Bonds, MedStar Health, Series 2004, 5.375%, 8/15/24 1,550 Maryland Health and Higher Educational Facilities Authority, 7/16 at 100.00 AAA 1,591,075 Revenue Bonds, Western Maryland Health, Series 2006A, 4.750%, 7/01/36 - MBIA Insured (UB) - ------------------------------------------------------------------------------------------------------------------------------------ 3,550 Total Maryland 3,703,775 - ------------------------------------------------------------------------------------------------------------------------------------ MASSACHUSETTS - 2.1% (1.2% OF TOTAL INVESTMENTS) 1,000 Massachusetts Development Finance Authority, Revenue Bonds, 10/14 at 100.00 BBB 1,077,120 Hampshire College, Series 2004, 5.625%, 10/01/24 1,900 Massachusetts, General Obligation Bonds, Series 2003D, 5.250%, 10/13 at 100.00 AA (4) 2,059,505 10/01/20 (Pre-refunded 10/01/13) 3,000 Massachusetts, Special Obligation Dedicated Tax Revenue Bonds, 1/14 at 100.00 AAA 3,260,430 Series 2004, 5.250%, 1/01/24 (Pre-refunded 1/01/14) - FGIC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 5,900 Total Massachusetts 6,397,055 - ------------------------------------------------------------------------------------------------------------------------------------
49 Nuveen Quality Income Municipal Fund, Inc. (NPF) (continued) Portfolio of INVESTMENTS April 30, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ MICHIGAN - 3.6% (2.2% OF TOTAL INVESTMENTS) $ 2,925 Detroit, Michigan, General Obligation Bonds, Series 2003A, 4/13 at 100.00 AAA $ 3,120,683 5.250%, 4/01/17 - XLCA Insured 4,600 Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second 7/16 at 100.00 AAA 4,623,644 Lien, Series 2006B, 4.625%, 7/01/34 - FGIC Insured 170 Monroe County Hospital Finance Authority, Michigan, Mercy 6/16 at 100.00 BBB- 179,814 Memorial Hospital Corporation Revenue Bonds, Series 2006, 5.500%, 6/01/35 3,025 Wayne County, Michigan, Airport Revenue Refunding Bonds, Detroit 12/12 at 100.00 AAA 3,250,847 Metropolitan Airport, Series 2002C, 5.375%, 12/01/19 - FGIC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 10,720 Total Michigan 11,174,988 - ------------------------------------------------------------------------------------------------------------------------------------ MINNESOTA - 4.9% (2.9% OF TOTAL INVESTMENTS) 4,350 Cohasset, Minnesota, Pollution Control Revenue Bonds, Allete 7/14 at 100.00 A- 4,464,275 Inc., Series 2004, 4.950%, 7/01/22 1,000 Duluth Economic Development Authority, Minnesota, Healthcare 2/14 at 100.00 A- 1,041,920 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 Authority, 12/13 at 100.00 Baa1 2,492,642 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 567,164 1,500 5.250%, 10/01/34 10/14 at 100.00 A2 1,593,075 665 Minnesota Higher Education Facilities Authority, Revenue Bonds, 4/16 at 100.00 A2 703,457 University of St. Thomas, Series 2006-6I, 5.000%, 4/01/23 1,000 Minnesota Municipal Power Agency, Electric Revenue Bonds, Series 10/14 at 100.00 A3 1,066,830 2004A, 5.250%, 10/01/19 3,000 St. Paul Port Authority, Minnesota, Lease Revenue Bonds, Office 12/13 at 100.00 AA+ 3,250,350 Building at Cedar Street, Series 2003, 5.250%, 12/01/20 - ------------------------------------------------------------------------------------------------------------------------------------ 14,335 Total Minnesota 15,179,713 - ------------------------------------------------------------------------------------------------------------------------------------ MISSISSIPPI - 0.5% (0.3% OF TOTAL INVESTMENTS) 1,525 Mississippi Hospital Equipment and Facilities Authority, Revenue 9/14 at 100.00 N/R 1,574,990 Bonds, Baptist Memorial Healthcare, Series 2004B-1, 5.000%, 9/01/24 - ------------------------------------------------------------------------------------------------------------------------------------ MISSOURI - 1.0% (0.6% OF TOTAL INVESTMENTS) 100 Hannibal Industrial Development Authority, Missouri, Health 3/16 at 100.00 BBB+ 102,835 Facilities Revenue Bonds, Hannibal Regional Hospital, Series 2006, 5.000%, 3/01/22 2,880 Joplin Industrial Development Authority, Missouri, Health 2/15 at 102.00 BBB+ 3,090,499 Facilities Revenue Bonds, Freeman Health System, Series 2004, 5.500%, 2/15/24 - ------------------------------------------------------------------------------------------------------------------------------------ 2,980 Total Missouri 3,193,334 - ------------------------------------------------------------------------------------------------------------------------------------ NEBRASKA - 2.9% (1.7% OF TOTAL INVESTMENTS) 1,580 Douglas County Hospital Authority 2, Nebraska, Health Facilities No Opt. Call A1 1,670,218 Revenue Bonds, Nebraska Medical Center, Series 2003, 5.000%, 11/15/16 2,055 Grand Island, Nebraska, Electric System Revenue Bonds, Series 7/07 at 100.00 AAA 2,179,492 1977, 6.100%, 9/01/12 (ETM) 2,350 NebHelp Inc., Nebraska, Senior Subordinate Bonds, Student Loan No Opt. Call AAA 2,520,540 Program, Series 1993A-5B, 6.250%, 6/01/18 - MBIA Insured (Alternative Minimum Tax) 2,300 Omaha Public Power District, Nebraska, Separate Electric System 2/17 at 100.00 AAA 2,428,340 Revenue Bonds, Nebraska City 2, Series 2006A, 5.000%, 2/01/49 - AMBAC Insured (UB) - ------------------------------------------------------------------------------------------------------------------------------------ 8,285 Total Nebraska 8,798,590 - ------------------------------------------------------------------------------------------------------------------------------------
50
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ NEW HAMPSHIRE - 1.8% (1.0% OF TOTAL INVESTMENTS) $ 5,000 New Hampshire Housing Finance Authority, FHLMC Multifamily 7/10 at 101.00 Aaa $ 5,222,200 Housing Remarketed Revenue Bonds, Countryside LP, Series 1994, 6.100%, 7/01/24 (Alternative Minimum Tax) 190 New Hampshire Municipal Bond Bank, Revenue Bonds, Coe-Brown No Opt. Call N/R 195,554 Northwood Academy, Series 1994, 7.250%, 5/01/09 - ------------------------------------------------------------------------------------------------------------------------------------ 5,190 Total New Hampshire 5,417,754 - ------------------------------------------------------------------------------------------------------------------------------------ NEW JERSEY - 6.7% (4.0% OF TOTAL INVESTMENTS) 1,000 New Jersey Economic Development Authority, School Facilities 9/15 at 100.00 AA- 1,083,020 Construction Bonds, Series 2005P, 5.250%, 9/01/24 New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C: 25,000 0.000%, 12/15/35 - AMBAC Insured (UB) No Opt. Call AAA 7,092,500 10,000 0.000%, 12/15/36 - AMBAC Insured (UB) No Opt. Call AAA 2,707,000 3,000 New Jersey Transportation Trust Fund Authority, Transportation 6/13 at 100.00 AAA 3,294,270 System Bonds, Series 2003C, 5.500%, 6/15/24 (Pre-refunded 6/15/13) 2,000 New Jersey Transportation Trust Fund Authority, Transportation No Opt. Call AAA 2,203,360 System Bonds, Series 2005C, 5.250%, 6/15/15 - MBIA Insured (ETM) 1,500 New Jersey Turnpike Authority, Revenue Bonds, Series 2003A, 7/13 at 100.00 AAA 1,594,275 5.000%, 1/01/19 - FGIC Insured 2,500 New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 1/15 at 100.00 AAA 2,649,175 5.000%, 1/01/25 - FSA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 45,000 Total New Jersey 20,623,600 - ------------------------------------------------------------------------------------------------------------------------------------ NEW YORK - 25.1% (14.8% OF TOTAL INVESTMENTS) 10,000 Dormitory Authority of the State of New York, Revenue Bonds, 5/10 at 101.00 AAA 10,627,898 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 and Local 7/14 at 100.00 AA- 1,612,875 Appropriation Lease Bonds, Upstate Community Colleges, Series 2004B, 5.250%, 7/01/19 Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Education, Series 2006C: 1,765 5.000%, 12/15/31 (UB) 12/16 at 100.00 AAA 1,882,249 7,440 5.000%, 12/15/35 (UB) 12/16 at 100.00 AAA 7,916,011 10 Hudson Yards Infrastructure Corporation, New York, Revenue 2/17 at 100.00 AAA 9,588 Bonds, Driver Trust 1649, 2006, 5.313%, 2/15/47 - MBIA Insured (IF) 2,180 Hudson Yards Infrastructure Corporation, New York, Revenue 2/17 at 100.00 AAA 2,150,025 Bonds, Series 2006A, 4.500%, 2/15/47 - MBIA Insured (UB) 7,500 Long Island Power Authority, New York, Electric System General 6/16 at 100.00 AAA 7,992,825 Revenue Bonds, Series 2006A, 5.000%, 12/01/25 - XLCA Insured (UB) 3,200 Metropolitan Transportation Authority, New York, Transportation 11/15 at 100.00 A 3,366,848 Revenue Bonds, Series 2005F, 5.000%, 11/15/30 5,000 Metropolitan Transportation Authority, New York, Transportation 11/12 at 100.00 AAA 5,339,750 Revenue Refunding Bonds, Series 2002A, 5.125%, 11/15/21 - FGIC Insured 4,000 New York City Municipal Water Finance Authority, New York, Water 12/14 at 100.00 AAA 4,248,320 and Sewerage System Revenue Bonds, Fiscal Series 2005B, 5.000%, 6/15/23 - AMBAC Insured 4,265 New York City, New York, General Obligation Bonds, Fiscal Series 10/13 at 100.00 AA- 4,554,466 2003D, 5.250%, 10/15/22 1,200 New York City, New York, General Obligation Bonds, Fiscal Series 8/14 at 100.00 AA- 1,296,840 2004B, 5.250%, 8/01/15 4,000 New York City, New York, General Obligation Bonds, Fiscal Series 8/14 at 100.00 AA- 4,298,880 2004C, 5.250%, 8/15/20 3,650 New York Convention Center Development Corporation, Hotel Unit 11/15 at 100.00 AAA 3,832,573 Fee Revenue Bonds, Series 2005, 5.000%, 11/15/44 - AMBAC Insured (UB) 565 New York State Medical Care Facilities Finance Agency, 8/07 at 100.00 AAA 568,791 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 School 6/13 at 100.00 A+ 3,456,603 Purpose Revenue Bonds, Series 2003C, 5.250%, 6/01/22
51 Nuveen Quality Income Municipal Fund, Inc. (NPF) (continued) Portfolio of INVESTMENTS April 30, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ NEW YORK (continued) New York State Thruway Authority, General Revenue Bonds, Series 2005G: $ 6,460 5.000%, 1/01/25 - FSA Insured (UB) 7/15 at 100.00 AAA $ 6,871,308 2,580 5.000%, 1/01/26 - FSA Insured (UB) 7/15 at 100.00 AAA 2,742,437 1,850 New York State Urban Development Corporation, Service Contract 3/15 at 100.00 AAA 1,965,477 Revenue Bonds, Series 2005B, 5.000%, 3/15/24 - FSA Insured 1,000 New York State Urban Development Corporation, Subordinate Lien 7/14 at 100.00 A 1,062,740 Corporate Purpose Bonds, Series 2004A, 5.125%, 1/01/22 1,000 Rensselaer County Industrial Development Agency, New York, Civic 3/16 at 100.00 A 1,059,630 Facility Revenue Bonds, Rensselaer Polytechnic Institute, Series 2006, 5.000%, 3/01/26 - ------------------------------------------------------------------------------------------------------------------------------------ 72,415 Total New York 76,856,134 - ------------------------------------------------------------------------------------------------------------------------------------ NORTH CAROLINA - 4.0% (2.4% OF TOTAL INVESTMENTS) 10,300 North Carolina Eastern Municipal Power Agency, Power System No Opt. Call AAA 12,345,887 Revenue Refunding Bonds, Series 1993B, 6.000%, 1/01/22 - CAPMAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ OHIO - 2.1% (1.2% OF TOTAL INVESTMENTS) 2,000 Granville Exempt Village School District, Ohio, General 12/11 at 100.00 Aa2 (4) 2,119,500 Obligation Bonds, Series 2001, 5.000%, 12/01/24 (Pre-refunded 12/01/11) 4,000 Ohio, Solid Waste Revenue Bonds, Republic Services Inc., Series No Opt. Call BBB+ 3,921,200 2004, 4.250%, 4/01/33 (Mandatory put 4/01/14) (Alternative Minimum Tax) 250 Port of Greater Cincinnati Development Authority, Ohio, Economic 10/16 at 100.00 N/R 257,275 Development Revenue Bonds, Sisters of Mercy of the Americas, Series 2006, 5.000%, 10/01/25 - ------------------------------------------------------------------------------------------------------------------------------------ 6,250 Total Ohio 6,297,975 - ------------------------------------------------------------------------------------------------------------------------------------ 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- 527,750 450 5.375%, 9/01/36 9/16 at 100.00 BBB- 472,712 - ------------------------------------------------------------------------------------------------------------------------------------ 950 Total Oklahoma 1,000,462 - ------------------------------------------------------------------------------------------------------------------------------------ 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- 1,910,419 1,990 5.000%, 8/01/23 8/14 at 100.00 AA- 2,108,306 - ------------------------------------------------------------------------------------------------------------------------------------ 3,785 Total Oregon 4,018,725 - ------------------------------------------------------------------------------------------------------------------------------------ PENNSYLVANIA - 1.5% (0.9% OF TOTAL INVESTMENTS) 3,000 Allegheny County Sanitary Authority, Pennsylvania, Sewerage 12/15 at 100.00 AAA 3,201,480 Revenue Bonds, Series 2005A, 5.000%, 12/01/23 - MBIA Insured 1,455 Falls Township Hospital Authority, Pennsylvania, FHA-Insured 8/07 at 100.00 AAA 1,463,963 Revenue Refunding Bonds, Delaware Valley Medical Center, Series 1992, 7.000%, 8/01/22 - ------------------------------------------------------------------------------------------------------------------------------------ 4,455 Total Pennsylvania 4,665,443 - ------------------------------------------------------------------------------------------------------------------------------------ RHODE ISLAND - 2.7% (1.6% OF TOTAL INVESTMENTS) 7,655 Rhode Island Tobacco Settlement Financing Corporation, Tobacco 6/12 at 100.00 BBB 8,159,694 Settlement Asset-Backed Bonds, Series 2002A, 6.000%, 6/01/23 - ------------------------------------------------------------------------------------------------------------------------------------ SOUTH CAROLINA - 7.8% (4.6% OF TOTAL INVESTMENTS) 2,500 Berkeley County School District, South Carolina, Installment 12/13 at 100.00 A- 2,631,950 Purchase Revenue Bonds, Securing Assets for Education, Series 2003, 5.250%, 12/01/24 4,405 Dorchester County School District 2, South Carolina, Installment 12/14 at 100.00 A 4,682,075 Purchase Revenue Bonds, GROWTH, Series 2004, 5.250%, 12/01/23
52
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ SOUTH CAROLINA (continued) $ 3,340 Greenville County School District, South Carolina, Installment 12/13 at 100.00 AA- $ 3,556,833 Purchase Revenue Bonds, Series 2003, 5.250%, 12/01/19 3,620 Greenville, South Carolina, Hospital Facilities Revenue Refunding 5/13 at 100.00 AAA 3,848,458 Bonds, Series 2003A, 5.250%, 5/01/21 - AMBAC Insured 1,500 South Carolina JOBS Economic Development Authority, Economic 11/12 at 100.00 A- 1,588,710 Development Revenue Bonds, Bon Secours Health System Inc., Series 2002A, 5.625%, 11/15/30 South Carolina JOBS Economic Development Authority, Hospital Refunding and Improvement Revenue Bonds, Palmetto Health Alliance, Series 2003C: 4,895 6.375%, 8/01/34 (Pre-refunded 8/01/13) 8/13 at 100.00 BBB+ (4) 5,588,817 605 6.375%, 8/01/34 (Pre-refunded 8/01/13) 8/13 at 100.00 BBB+ (4) 689,131 1,145 Tobacco Settlement Revenue Management Authority, South Carolina, 5/11 at 101.00 BBB 1,217,799 Tobacco Settlement Asset-Backed Bonds, Series 2001B, 6.000%, 5/15/22 - ------------------------------------------------------------------------------------------------------------------------------------ 22,010 Total South Carolina 23,803,773 - ------------------------------------------------------------------------------------------------------------------------------------ SOUTH DAKOTA - 0.6% (0.4% OF TOTAL INVESTMENTS) 1,750 South Dakota Health and Educational Facilities Authority, Revenue 11/14 at 100.00 AA- 1,888,110 Bonds, Sioux Valley Hospitals, Series 2004A, 5.500%, 11/01/31 - ------------------------------------------------------------------------------------------------------------------------------------ TENNESSEE - 1.2% (0.7% OF TOTAL INVESTMENTS) 2,060 Johnson City Health and Educational Facilities Board, Tennessee, 7/23 at 100.00 AAA 2,119,266 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, Tennessee, 7/16 at 100.00 BBB+ 1,704,784 Revenue Bonds, Mountain States Health Alliance, Series 2006A, 5.500%, 7/01/36 - ------------------------------------------------------------------------------------------------------------------------------------ 3,660 Total Tennessee 3,824,050 - ------------------------------------------------------------------------------------------------------------------------------------ TEXAS - 5.6% (3.3% OF TOTAL INVESTMENTS) 1,075 Brazos River Authority, Texas, Pollution Control Revenue Bonds, 10/13 at 101.00 Baa2 1,170,729 TXU Energy Company LLC Project, Series 2003C, 6.750%, 10/01/38 (Alternative Minimum Tax) 3,000 Houston, Texas, First Lien Combined Utility System Revenue Bonds, 5/14 at 100.00 AAA 3,237,660 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- 416,984 500 5.125%, 8/15/26 No Opt. Call BBB- 514,580 2,265 Lower Colorado River Authority, Texas, Contract Revenue Refunding 5/13 at 100.00 AAA 2,411,840 Bonds, Transmission Services Corporation, Series 2003C, 5.250%, 5/15/25 - AMBAC Insured 290 Mansfield Independent School District, Tarrant County, Texas, 2/11 at 100.00 AAA 304,610 General Obligation Bonds, Series 2001, 5.375%, 2/15/26 1,710 Mansfield Independent School District, Tarrant County, Texas, 2/11 at 100.00 Aaa 1,810,052 General Obligation Bonds, Series 2001, 5.375%, 2/15/26 (Pre-refunded 2/15/11) 1,000 Sabine River Authority, Texas, Pollution Control Revenue Bonds, 11/15 at 100.00 Baa2 1,016,140 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 3,797,201 2,250 5.250%, 2/15/19 - AMBAC Insured 8/13 at 100.00 AAA 2,423,745 20 Victoria Housing Finance Corporation, Texas, FNMA Single Family No Opt. Call Aaa 20,724 Mortgage Revenue Refunding Bonds, Series 1995, 8.125%, 1/01/11 - ------------------------------------------------------------------------------------------------------------------------------------ 16,035 Total Texas 17,124,265 - ------------------------------------------------------------------------------------------------------------------------------------
53 Nuveen Quality Income Municipal Fund, Inc. (NPF) (continued) Portfolio of INVESTMENTS April 30, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ UTAH - 0.3% (0.1% OF TOTAL INVESTMENTS) $ 545 Utah Housing Corporation, Single Family Mortgage Bonds, Series 7/11 at 100.00 Aaa $ 558,293 2001D, 5.500%, 1/01/21 (Alternative Minimum Tax) 25 Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 7/07 at 102.00 AA 25,523 1996C, 6.450%, 7/01/14 (Alternative Minimum Tax) 180 Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 7/07 at 101.50 AA 182,497 1997F, 5.750%, 7/01/15 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 750 Total Utah 766,313 - ------------------------------------------------------------------------------------------------------------------------------------ WASHINGTON - 8.6% (5.1% OF TOTAL INVESTMENTS) 2,500 Energy Northwest, Washington, Electric Revenue Refunding Bonds, 7/12 at 100.00 AAA 2,729,775 Columbia Generating Station - Nuclear Project 2, Series 2002C, 5.750%, 7/01/17 - MBIA Insured 7,000 Energy Northwest, Washington, Electric Revenue Refunding Bonds, 7/13 at 100.00 Aaa 7,602,490 Nuclear Project 1, Series2003A, 5.500%, 7/01/16 6,160 King County Public Hospital District 2, Washington, Limited Tax 6/11 at 101.00 AAA 6,474,776 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, Revenue No Opt. Call Baa2 1,080,790 Bonds, Skagit Valley Hospital,Series 2003, 6.000%, 12/01/23 8,045 Washington, General Obligation Refunding Bonds, Series 1992A and No Opt. Call Aa1 8,459,961 1992AT-6, 6.250%, 2/01/11 - ------------------------------------------------------------------------------------------------------------------------------------ 24,705 Total Washington 26,347,792 - ------------------------------------------------------------------------------------------------------------------------------------ WEST VIRGINIA - 1.8% (1.1% OF TOTAL INVESTMENTS) 2,000 West Virginia Water Development Authority, Infrastructure Revenue 10/13 at 101.00 AAA 2,217,960 Bonds, Series 2003A, 5.500%,10/01/23 (Pre-refunded 10/01/13) - AMBAC Insured 3,150 West Virginia Water Development Authority, Loan Program II 11/13 at 101.00 AAA 3,405,371 Revenue Bonds, Series 2003B,5.250%, 11/01/23 - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 5,150 Total West Virginia 5,623,331 - ------------------------------------------------------------------------------------------------------------------------------------ WISCONSIN - 5.8% (3.4% OF TOTAL INVESTMENTS) 5,670 Wisconsin Health and Educational Facilities Authority, Revenue 7/11 at 100.00 A- 6,018,422 Bonds, Agnesian HealthcareInc., Series 2001, 6.000%, 7/01/30 160 Wisconsin Health and Educational Facilities Authority, Revenue 5/16 at 100.00 BBB 162,962 Bonds, Divine Savior Healthcare, Series 2006, 5.000%, 5/01/32 1,000 Wisconsin Health and Educational Facilities Authority, Revenue 5/14 at 100.00 BBB+ 1,054,210 Bonds, Fort Healthcare Inc., Series 2004, 5.375%, 5/01/18 205 Wisconsin Health and Educational Facilities Authority, Revenue 10/11 at 101.00 AA- 217,858 Bonds, Froedtert and CommunityHealth Obligated Group, Series 2001, 5.375%, 10/01/30 2,145 Wisconsin Health and Educational Facilities Authority, Revenue 10/11 at 101.00 N/R (4) 2,301,606 Bonds, Froedtert and Community Health Obligated Group, Series 2001, 5.375%, 10/01/30 (Pre-refunded 10/01/11) 5,000 Wisconsin Health and Educational Facilities Authority, Revenue 2/10 at 101.00 AA 5,331,250 Bonds, Marshfield Clinic,Series 1999, 6.250%, 2/15/18 - RAAI Insured 2,500 Wisconsin State, General Obligation Bonds, Series 2006A, 4.750%, 5/16 at 100.00 AAA 2,597,450 5/01/25 - FGIC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 16,680 Total Wisconsin 17,683,758 - ------------------------------------------------------------------------------------------------------------------------------------
54
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ WYOMING - 0.5% (0.3% OF TOTAL INVESTMENTS) $ 1,350 Sweetwater County, Wyoming, Solid Waste Disposal Revenue Bonds, 12/15 at 100.00 BBB- $ 1,434,480 FMC Corporation, Series 2005, 5.600%, 12/01/35 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ $ 540,878 Total Investments (cost $489,422,156) - 168.8% 517,643,881 ============------------------------------------------------------------------------------------------------------------------------ Floating Rate Obligations - (17.4)% (53,364,500) --------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 2.4% 7,444,144 --------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (53.8)% (165,000,000) --------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 306,723,525 =====================================================================================================================
FORWARD SWAPS OUTSTANDING AT APRIL 30, 2007:
FUND FIXED RATE NOTIONAL PAY/RECEIVE FLOATING RATE FIXED RATE PAYMENT EFFECTIVE COUNTERPARTY AMOUNT FLOATING RATE INDEX (ANNUALIZED) FREQUENCY DATE (5) ------------------------------------------------------------------------------------------------------------ Morgan Stanley $28,000,000 Receive SIFM 3.690% Quarterly 11/06/07 Morgan Stanley 14,000,000 Receive 3-Month USD-LIBOR 5.262 Semi-Annually 11/15/07 Morgan Stanley 19,500,000 Receive 3-Month USD-LIBOR 5.470 Semi-Annually 8/22/07 ------------------------------------------------------------------------------------------------------------ ============================================================================================================ UNREALIZED TERMINATION APPRECIATION COUNTERPARTY DATE (DEPRECIATION) ----------------------------------------------- Morgan Stanley 11/06/17 $ (21,914) Morgan Stanley 11/15/34 225,264 Morgan Stanley 8/22/24 (305,049) ----------------------------------------------- $ (101,699) ===============================================
USD-LIBOR (United States Dollar-London Inter-Bank Offered Rate) SIFM - The daily arithmetic average of the weekly SIFM (the Securities Industry and Financial Markets) Municipal Swap Index. (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) Effective date represents the date on which both the Fund and counterparty commence interest payment accruals on each forward swap contract. N/R Not rated. (ETM) Escrowed to maturity. (IF) Inverse floating rate investment. (UB) Underlying bond of an inverse floating rate trust reflected as a financing transaction pursuant to the provisions of SFAS No. 140. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 55 Nuveen Municipal High Income Opportunity Fund (NMZ) Portfolio of INVESTMENTS April 30, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ NATIONAL - 2.0% (1.4% 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 4/19 at 100.00 A3 $ 5,566,750 Tax) 1,000 5.750%, 12/31/45 (Mandatory put 4/30/15) (Alternative Minimum 4/15 at 100.00 A3 1,076,610 Tax) 1,000 GMAC Municipal Mortgage Trust, Series B-1, 5.600%, 10/31/39 No Opt. Call Baa1 1,061,760 (Mandatory put 10/31/19) (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 7,000 Total National 7,705,120 - ------------------------------------------------------------------------------------------------------------------------------------ ALABAMA - 2.3% (1.5% OF TOTAL INVESTMENTS) 6,200 Baldwin County Eastern Shore Healthcare Authority, Alabama, 4/08 at 102.00 N/R (4) 6,415,450 Hospital Revenue Bonds, Thomas Hospital, Series 1998, 5.750%, 4/01/27 (Pre-refunded 4/01/08) 2,000 Bessemer, Alabama, General Obligation Warrants, Series 2007, 2/17 at 102.00 N/R 2,003,820 6.500%, 2/01/37 - ------------------------------------------------------------------------------------------------------------------------------------ 8,200 Total Alabama 8,419,270 - ------------------------------------------------------------------------------------------------------------------------------------ ARIZONA - 5.3% (3.7% OF TOTAL INVESTMENTS) 538 Estrella Mountain Ranch Community Facilities District, Goodyear, 7/10 at 102.00 N/R 592,795 7/01/25 7/01/25 2,000 Maricopa County Industrial Development Authority, Arizona, 11/07 at 103.00 N/R 1,992,480 Multifamily Housing Revenue Bonds, Privado Park Apartments Project, Series 2006A, 5.250%, 11/01/41 (Mandatory put 11/01/11) (Alternative Minimum Tax) 6,720 Maricopa County Industrial Development Authority, Arizona, 1/11 at 103.00 BB 7,012,186 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: 315 6.375%, 11/01/13 11/11 at 103.00 N/R 325,124 790 7.250%, 11/01/23 11/11 at 103.00 N/R 855,278 1,715 7.500%, 11/01/33 11/11 at 103.00 N/R 1,856,402 1,000 Pima County Industrial Development Authority, Arizona, Charter 7/16 at 100.00 N/R 1,014,490 School Revenue Bonds, Franklin Phonetic Charter School, Series 2006, 5.750%, 7/01/36 1,645 Pima County Industrial Development Authority, Arizona, Charter 7/14 at 100.00 N/R 1,798,380 School Revenue Bonds, Heritage Elementary School, Series 2004, 7.500%, 7/01/34 550 Pima County Industrial Development Authority, Arizona, Charter 12/14 at 100.00 BBB- 580,767 School Revenue Bonds, Noah Webster Basic Schools Inc., Series 2004, 6.125%, 12/15/34 500 Pima County Industrial Development Authority, Arizona, Charter No Opt. Call AAA 578,085 School Revenue Bonds, Pointe Educational Services Charter School, Series 2004, 6.250%, 7/01/14 (ETM) 1,000 Pima County Industrial Development Authority, Arizona, Charter 7/14 at 100.00 N/R (4) 1,182,440 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 1,199,450 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 School 9/14 at 100.00 BBB- 1,045,840 Revenue Bonds, Arizona Agribusiness and Equine Center Charter School, Series 2004A, 5.850%, 9/01/24 - ------------------------------------------------------------------------------------------------------------------------------------ 18,923 Total Arizona 20,033,717 - ------------------------------------------------------------------------------------------------------------------------------------ CALIFORNIA - 16.7% (11.5% OF TOTAL INVESTMENTS) 8,000 Alameda Public Finance Authority, California, Revenue Bond No Opt. Call N/R 8,044,880 Anticipation Notes, Alameda Power and Telecom, Series 2004, 7.000%, 6/01/09 940 California Health Facilities Financing Authority, Hospital 5/07 at 100.00 BB 940,291 Revenue Bonds, Downey Community Hospital, Series 1993, 5.750%, 5/15/15
56
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ CALIFORNIA (continued) 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 $ 1,141,917 1,170 5.100%, 6/01/23 12/13 at 100.00 A 1,230,068 3,000 California State Public Works Board, Lease Revenue Bonds, 6/14 at 100.00 A 3,135,390 Department of Mental Health, Coalinga State Hospital, Series 2004A, 5.000%, 6/01/25 2,925 California Statewide Community Development Authority, Revenue 3/14 at 102.00 N/R 3,113,897 Bonds, Epidaurus Project, Series 2004A, 7.750%, 3/01/34 1,005 California Statewide Community Development Authority, Subordinate 1/14 at 100.00 N/R 1,086,998 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%, 11/13 at 100.00 A+ 3,549,739 11/01/21 4,975 Golden State Tobacco Securitization Corporation, California, 6/13 at 100.00 AAA 5,473,943 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 AAA 6,385,335 Tobacco Settlement Asset-Backed Bonds, Series 2003A-1, 6.750%, 6/01/39 (Pre-refunded 6/01/13) 1,000 Golden State Tobacco Securitization Corporation, California, 6/13 at 100.00 AAA 1,221,660 Tobacco Settlement Asset-Backed Revenue Bonds, Series 2003A-2, 7.900%, 6/01/42 (Pre-refunded 6/01/13) 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 516,365 1,000 5.850%, 9/01/33 9/14 at 100.00 N/R 1,032,590 2,500 Independent Cities Lease Finance Authority, California, Revenue 5/14 at 100.00 N/R 2,776,250 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 1,083,624 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 1,289,916 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, Special 9/13 at 102.00 N/R 3,654,762 Tax Bonds, Community Facilities District 3, Series 2004, 5.950%, 9/01/34 300 Los Angeles Regional Airports Improvement Corporation, California, 12/12 at 102.00 B 340,617 Sublease Revenue Bonds, Los Angeles International Airport, American Airlines Inc. Terminal 4 Project, Series 2002B, 7.500%, 12/01/24 (Alternative Minimum Tax) 2,950 Los Angeles Regional Airports Improvement Corporation, California, 12/12 at 102.00 B 3,349,401 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 817,696 1,250 5.650%, 9/01/34 9/14 at 100.00 N/R 1,277,750 995 Oceanside, California, Special Tax Revenue Bonds, Community 3/14 at 100.00 N/R 1,046,800 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 531,965 1,625 5.600%, 8/15/28 8/12 at 101.00 N/R 1,732,364 1,000 5.625%, 8/15/34 8/12 at 101.00 N/R 1,065,380 2,250 San Diego County, California, Certificates of Participation, San 9/12 at 100.00 BBB- 2,335,545 Diego-Imperial Counties Developmental Services Foundation Project, Series 2002, 5.500%, 9/01/27 3,895 West Patterson Financing Authority, California, Special Tax Bonds, 9/13 at 103.00 N/R 4,251,315 Community Facilities District 2001-1, Series 2004A, 6.125%, 9/01/39 - ------------------------------------------------------------------------------------------------------------------------------------ 58,145 Total California 62,426,458 - ------------------------------------------------------------------------------------------------------------------------------------
57 Nuveen Municipal High Income Opportunity Fund (NMZ) (continued) Portfolio of INVESTMENTS April 30, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ COLORADO - 8.7% (6.0% OF TOTAL INVESTMENTS) $ 925 Bradburn Metropolitan District 3, Colorado, General Obligation 12/13 at 101.00 N/R $ 1,032,198 Bonds, Series 2003, 7.500%, 12/01/33 5,594 Buffalo Ridge Metropolitan District, Colorado, Limited Obligation 12/13 at 101.00 N/R 6,242,289 Assessment Bonds, Series 2003, 7.500%, 12/01/33 400 Colorado Educational and Cultural Facilities Authority, Charter 12/10 at 101.00 BBB (4) 445,040 School Revenue Bonds, Academy Charter School - Douglas County School District Re. 1, Series 2000, 6.875%, 12/15/20 (Pre-refunded 12/15/10) 650 Colorado Educational and Cultural Facilities Authority, Charter 9/11 at 100.00 Ba1 (4) 731,341 School Revenue Bonds, Bromley East Charter School, Series 2000A, 7.250%, 9/15/30 (Pre-refunded 9/15/11) 905 Colorado Educational and Cultural Facilities Authority, Charter 7/08 at 100.00 N/R (4) 929,679 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, Charter 5/14 at 101.00 N/R 3,755,885 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: 485 7.300%, 12/01/23 (Pre-refunded 12/01/11) 12/11 at 100.00 AAA 557,454 875 7.500%, 12/01/33 (Pre-refunded 12/01/11) 12/11 at 100.00 AAA 1,013,031 1,784 Colorado Educational and Cultural Facilities Authority, Charter 2/10 at 100.00 AAA 1,971,802 School Revenue Bonds, Jefferson County School District R-1 - Compass Montessori Secondary School, Series 2002, 8.000%, 2/15/32 (Pre-refunded 2/15/10) 1,000 Colorado Educational and Cultural Facilities Authority, Charter 2/16 at 101.00 N/R 1,001,110 School Revenue Bonds, Jefferson County School District R-1 - Compass Montessori Secondary School, Series 2006, 5.625%, 2/15/36 1,450 Colorado Educational and Cultural Facilities Authority, Charter 6/11 at 100.00 Ba1 (4) 1,603,512 School Revenue Bonds, Weld County School District 6 - Frontier Academy, Series 2001, 7.250%, 6/01/20 (Pre-refunded 6/01/11) 1,500 Colorado Educational and Cultural Facilities Authority, 6/14 at 100.00 N/R 1,348,395 Independent School Improvement Revenue Bonds, Heritage Christian School of Northern Colorado, Series 2004A, 7.500%, 6/01/34 900 Colorado Housing and Finance Authority, Multifamily Project Bonds, 10/12 at 100.00 AA 928,530 Class II Series 2002C-6, 5.300%, 10/01/42 4,300 Denver Health and Hospitals Authority, Colorado, Revenue Bonds, 12/14 at 100.00 BBB 4,809,636 Series 2004A, 6.250%, 12/01/33 1,000 Denver, Colorado, FHA-Insured Multifamily Housing Mortgage Loan 7/08 at 102.00 AAA 1,023,780 Revenue Bonds, Garden Court Community Project, Series 1998, 5.400%, 7/01/39 1,250 Mesa County, Colorado, Residential Care Facilities Mortgage 12/11 at 101.00 AA 1,311,850 Revenue Bonds, Hilltop Community Resources Inc. Obligated Group, Series 2001A, 5.250%, 12/01/21 - RAAI Insured 1,995 Park Creek Metropolitan District, Colorado, Limited Tax Obligation 12/13 at 100.00 N/R 2,249,363 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 268,143 315 6.375%, 12/01/23 12/13 at 100.00 N/R 342,068 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 549,945 500 6.750%, 12/01/33 12/13 at 100.00 N/R 549,295 - ------------------------------------------------------------------------------------------------------------------------------------ 30,078 Total Colorado 32,664,346 - ------------------------------------------------------------------------------------------------------------------------------------ CONNECTICUT - 0.5% (0.4% OF TOTAL INVESTMENTS) 1,025 Eastern Connecticut Resource Recovery Authority, Solid Waste 7/07 at 100.00 BBB 1,025,646 Revenue Bonds, Wheelabrator Lisbon Project, Series 1993A, 5.500%, 1/01/20 (Alternative Minimum Tax) 1,000 Mashantucket Western Pequot Tribe, Connecticut, Subordinate 9/16 at 100.00 Baa3 1,057,890 Special Revenue Bonds, Series 2006A, 5.500%, 9/01/36 - ------------------------------------------------------------------------------------------------------------------------------------ 2,025 Total Connecticut 2,083,536 - ------------------------------------------------------------------------------------------------------------------------------------
58
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ FLORIDA - 8.1% (5.6% OF TOTAL INVESTMENTS) $ 4,320 Bartram Springs Community Development District, Duval County, 5/13 at 102.00 N/R (4) $ 4,908,686 Florida, Special Assessment Bonds, Series 2003A, 6.650%, 5/01/34 (Pre-refunded 5/01/13) 700 Broward County, Florida, Airport Facility Revenue Bonds, Learjet 11/14 at 101.00 BBB- 823,242 Inc., Series 2000, 7.500%, 11/01/20 (Alternative Minimum Tax) 1,160 Century Gardens Community Development District, Miami-Dade County, 5/14 at 101.00 N/R 1,223,858 Florida, Special Assessment Revenue Bonds, Series 2004, 5.900%, 5/01/34 Islands at Doral Northeast Community Development District, Miami-Dade County, Florida, Special Assessment Bonds, Series 2004: 455 6.125%, 5/01/24 5/14 at 101.00 N/R 496,455 450 6.250%, 5/01/34 5/14 at 101.00 N/R 494,321 6,880 Lee County Industrial Development Authority, Florida, Multifamily No Opt. Call Caa3 6,856,264 Housing Revenue Bonds, Legacy at Lehigh Project, Senior Series 2003A, 6.000%, 12/01/43 (5) 620 Lexington Community Development District, Florida, Special 5/14 at 101.00 N/R 663,090 Assessment Revenue Bonds, Series 2004, 6.125%, 5/01/34 3,885 MMA Financial CDD Junior Securitization Trust, Florida, 11/07 at 100.00 N/R 3,902,736 Pass-Through Certificates, Class A, Series 2003I, 8.000%, 11/01/13 3,860 Palm Beach County Housing Finance Authority, Florida, Multifamily 7/09 at 103.00 N/R 4,013,242 Housing Revenue Bonds, Lake Delray Apartments, Series 1999A, 6.400%, 1/01/31 (Alternative Minimum Tax) 1,700 South-Dade Venture Community Development District, Florida, 5/14 at 101.00 N/R 1,818,150 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 512,286 500 6.125%, 5/01/34 5/14 at 101.00 N/R 545,555 Westchester Community Development District 1, Florida, Special Assessment Bonds, Series 2003: 140 6.000%, 5/01/23 5/13 at 101.00 N/R 147,890 3,745 6.125%, 5/01/35 5/13 at 101.00 N/R 3,965,281 - ------------------------------------------------------------------------------------------------------------------------------------ 28,885 Total Florida 30,371,056 - ------------------------------------------------------------------------------------------------------------------------------------ GEORGIA - 1.0% (0.7% OF TOTAL INVESTMENTS) 500 Effingham County Development Authority, Georgia, Solid Waste 7/08 at 102.00 B1 505,065 Disposal Revenue Bonds, Ft. James Project, Series 1998, 5.625%, 7/01/18 (Alternative Minimum Tax) (6) 900 Fulton County Residential Care Facilities Authority, Georgia, 2/09 at 100.00 N/R 952,488 Revenue Bonds, Canterbury Court, Series 2004A, 6.125%, 2/15/34 1,935 Fulton County Residential Care Facilities Authority, Georgia, 12/13 at 102.00 N/R 2,185,757 Revenue Bonds, St. Anne's Terrace, Series 2003, 7.625%, 12/01/33 - ------------------------------------------------------------------------------------------------------------------------------------ 3,335 Total Georgia 3,643,310 - ------------------------------------------------------------------------------------------------------------------------------------ HAWAII - 0.3% (0.2% OF TOTAL INVESTMENTS) 1,000 Hawaii State Department of Budget and Finance, Private School 2/17 at 100.00 N/R 1,005,560 Revenue Bonds, Montessori of Maui, Series 2007, 5.500%, 1/01/37 - ------------------------------------------------------------------------------------------------------------------------------------ ILLINOIS - 7.1% (4.9% OF TOTAL INVESTMENTS) 2,000 Chicago, Illinois, Certificates of Participation Tax Increment 12/08 at 100.00 N/R 2,062,660 Revenue Notes, Chicago/Kingsbury Redevelopment Project, Series 2004A, 6.570%, 2/15/13 1,000 Chicago, Illinois, Certificates of Participation, Tax Increment 7/11 at 100.00 N/R 1,067,490 Allocation Revenue Bonds, Diversey-Narragansett Project, Series 2006, 7.460%, 2/15/26 2,000 Illinois Finance Authority, Revenue Bonds, Midwest Regional 10/16 at 100.00 N/R 2,000,100 Medical Center Galena-Stauss Hospital, Series 2006, 6.750%, 10/01/46 1,350 Illinois Health Facilities Authority, FHA-Insured Mortgage Revenue 8/13 at 100.00 AAA 1,407,510 Refunding Bonds, Sinai Health System, Series 2003, 5.150%, 2/15/37 1,000 Illinois Health Facilities Authority, Revenue Bonds, Condell 5/12 at 100.00 Baa2 1,041,210 Medical Center, Series 2002, 5.500%, 5/15/32 8,800 Illinois Health Facilities Authority, Revenue Bonds, Lake Forest 7/12 at 100.00 A- 9,387,311 Hospital, Series 2002A, 5.750%, 7/01/29
59 Nuveen Municipal High Income Opportunity Fund (NMZ) (continued) Portfolio of INVESTMENTS April 30, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ ILLINOIS (continued) $ 1,400 Illinois Health Facilities Authority, Revenue Bonds, Midwest 11/08 at 102.00 N/R $ 1,408,134 Physicians Group Ltd., Series 1998, 5.500%, 11/15/19 795 Illinois Health Facilities Authority, Revenue Bonds, Victory 8/07 at 101.00 N/R (4) 807,148 Health Services, Series 1997A, 5.750%, 8/15/27 (Pre-refunded 8/15/07) 1,650 Lombard Public Facilities Corporation, Illinois, First Tier 1/16 at 100.00 N/R 1,779,426 Conference Center and Hotel Revenue Bonds, Series 2005A-1, 7.125%, 1/01/36 1,107 Lombard Public Facilities Corporation, Illinois, Third Tier 7/07 at 100.00 N/R 1,108,786 Conference Center and Hotel Revenue Bonds, Series 2005C-3, 4.000%, 1/01/36 2,060 Plano Special Service Area 1, Illinois, Special Tax Bonds, 3/14 at 102.00 N/R 2,209,556 Lakewood Springs Project, Series 2004A, 6.200%, 3/01/34 1,000 Volo Village, Illinois, Special Service Area 3 Special Tax Bonds, 3/16 at 102.00 N/R 1,046,560 Symphony Meadows Project 1, Series 2006, 6.000%, 3/01/36 (Mandatory put 2/29/16) 1,000 Yorkville, Illinois, Special Service Area 2005-108 Assessment 3/16 at 102.00 N/R 1,046,560 Bonds, Autumn Creek Project, Series 2006, 6.000%, 3/01/36 - ------------------------------------------------------------------------------------------------------------------------------------ 25,162 Total Illinois 26,372,451 - ------------------------------------------------------------------------------------------------------------------------------------ INDIANA - 9.7% (6.7% OF TOTAL INVESTMENTS) 6,360 Carmel Redevelopment District, Indiana, Tax Increment Revenue 7/12 at 103.00 N/R 6,842,597 Bonds, Series 2004A, 6.650%, 1/15/24 22,770 Indiana Finance Authority, Water Facilities Refunding Revenue 10/16 at 100.00 AAA 23,260,921 Bonds, Indiana-American Water Company Inc. Project, Series 2006, 4.875%, 10/01/36 - AMBAC Insured (UB) Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Community Foundation of Northwest Indiana, Series 2004A: 500 6.250%, 3/01/25 3/14 at 101.00 BBB- 543,425 2,500 6.000%, 3/01/34 3/14 at 101.00 BBB- 2,690,200 1,000 St. Joseph County, Indiana, Economic Development Revenue Bonds, 7/15 at 103.00 N/R 1,086,290 Chicago Trail Village Apartments, Series 2005A, 7.500%, 7/01/35 1,795 Whitley County, Indiana, Solid Waste and Sewerage Disposal 11/10 at 102.00 N/R 1,938,815 Revenue Bonds, Steel Dynamics Inc., Series 1998, 7.250%, 11/01/18 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 34,925 Total Indiana 36,362,248 - ------------------------------------------------------------------------------------------------------------------------------------ LOUISIANA - 6.9% (4.8% OF TOTAL INVESTMENTS) 2,100 Carter Plantation Community Development District, Livingston 5/07 at 100.00 N/R 2,108,841 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+ 10,770,604 Smurfit-Stone Container Corporation, Series 2003, 7.450%, 3/01/24 (Alternative Minimum Tax) 2,590 Lafourche Parish Housing Authority, Louisiana, GNMA 1/11 at 105.00 AAA 2,824,499 Collateralized Mortgage Loan Multifamily Mortgage Revenue Bonds, City Place II Apartments, Series 2001, 6.700%, 1/20/40 1,000 Louisiana Local Government Environmental Facilities and Community 9/16 at 100.00 N/R 1,017,700 Development Authority, Carter Plantation Hotel Project Revenue Bonds, Series 2006A, 6.000%, 9/01/36 1,000 Louisiana Local Government Environmental Facilities and Community 6/16 at 101.00 N/R 1,026,750 Development Authority, Revenue Bonds, CDF Healthcare of Louisiana LLC, Series 2006A, 7.000%, 6/01/36 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 913,336 805 8.500%, 3/01/24 (Alternative Minimum Tax) 3/10 at 102.00 N/R 852,962 5,125 St. James Parish, Louisiana, Solid Waste Disposal Revenue Bonds, 10/07 at 100.00 N/R 5,249,281 Freeport McMoran Project, Series 1992, 7.700%, 10/01/22 (Alternative Minimum Tax) 1,000 Tobacco Settlement Financing Corporation, Louisiana, Tobacco 5/11 at 101.00 BBB 1,067,950 Settlement Asset-Backed Bonds, Series 2001B, 5.875%, 5/15/39 - ------------------------------------------------------------------------------------------------------------------------------------ 22,985 Total Louisiana 25,831,923 - ------------------------------------------------------------------------------------------------------------------------------------
60
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ MAINE - 0.9% (0.6% OF TOTAL INVESTMENTS) $ 3,155 Portland Housing Development Corporation, Maine, Section 8 2/14 at 102.00 Baa2 $ 3,345,183 Assisted Senior Living Revenue Bonds, Avesta Housing Development Corporation, Series 2004A, 6.000%, 2/01/34 - ------------------------------------------------------------------------------------------------------------------------------------ MARYLAND - 3.3% (2.3% OF TOTAL INVESTMENTS) 2,000 Maryland Energy Financing Administration, Revenue Bonds, AES 9/07 at 100.00 N/R 1,997,940 Warrior Run Project, Series 1995, 7.400%, 9/01/19 (Alternative Minimum Tax) 3,850 Maryland Health and Higher Educational Facilities Authority, 8/14 at 100.00 A3 4,101,559 Revenue Bonds, MedStar Health, Series 2004, 5.500%, 8/15/33 7,435 Prince George's County, Maryland, Revenue Bonds, Dimensions 7/07 at 100.00 B3 6,242,203 Health Corporation, Series 1994, 5.300%, 7/01/24 - ------------------------------------------------------------------------------------------------------------------------------------ 13,285 Total Maryland 12,341,702 - ------------------------------------------------------------------------------------------------------------------------------------ MASSACHUSETTS - 1.0% (0.7% OF TOTAL INVESTMENTS) 635 Massachusetts Development Finance Agency, Pioneer Valley Resource No Opt. Call N/R 646,525 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- 1,440,639 Revenue Bonds, Northern Berkshire Community Services Inc., Series 2004B, 6.375%, 7/01/34 1,445 Massachusetts Housing Finance Agency, Rental Housing Mortgage 7/10 at 100.00 AAA 1,538,333 Revenue Bonds, Series 2000H, 6.650%, 7/01/41 - MBIA Insured (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 3,430 Total Massachusetts 3,625,497 - ------------------------------------------------------------------------------------------------------------------------------------ MICHIGAN - 4.6% (3.2% OF TOTAL INVESTMENTS) 1,265 Countryside Charter School, Berrien County, Michigan, Charter 4/09 at 100.00 N/R 1,289,933 School Revenue Bonds, Series 1999, 7.000%, 4/01/29 885 Countryside Charter School, Berrien County, Michigan, Charter 4/09 at 100.00 N/R 920,232 School Revenue Bonds, Series 2000, 8.000%, 4/01/29 1,435 Detroit Local Development Finance Authority, Michigan, Tax 5/09 at 101.00 BB- 1,450,598 Increment Bonds, Series 1998A, 5.500%, 5/01/21 3,580 Michigan State Hospital Finance Authority, Hospital Revenue 8/07 at 100.00 BB- 3,575,847 Refunding Bonds, Detroit Medical Center Obligated Group, Series 1993B, 5.500%, 8/15/23 1,500 Michigan State Hospital Finance Authority, Revenue Bonds, Hills 11/15 at 102.00 N/R 1,606,755 and Dales General Hospital, Series 2005A, 6.750%, 11/15/38 1,200 Midland County Economic Development Corporation, Michigan, 7/07 at 101.00 BB- 1,220,928 Subordinated Pollution Control Limited Obligation Revenue Refunding Bonds, Midland Cogeneration Project, Series 2000A, 6.875%, 7/23/09 (Alternative Minimum Tax) 2,705 Nataki Talibah Schoolhouse, Wayne County, Michigan, Certificates 6/10 at 102.00 N/R 2,853,586 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 8/07 at 100.00 Ba3 1,000,610 1,500 6.000%, 8/01/18 8/07 at 100.00 Ba3 1,493,775 1,800 6.000%, 8/01/23 8/07 at 100.00 Ba3 1,754,280 - ------------------------------------------------------------------------------------------------------------------------------------ 16,870 Total Michigan 17,166,544 - ------------------------------------------------------------------------------------------------------------------------------------ MINNESOTA - 2.8% (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) 109,177 100 7.300%, 7/01/15 (Pre-refunded 7/01/10) 7/10 at 100.00 N/R (4) 109,459 1,325 Ramsey, Anoka County, Minnesota, Charter School Lease Revenue 6/14 at 102.00 N/R 1,430,550 Bonds, PACT Charter School, Series 2004A, 6.750%, 12/01/33 5,000 St. Louis Park, Minnesota, Revenue Bonds, Park Nicollet Health 7/14 at 100.00 A 5,214,850 Services, Series 2003B, 5.250%, 7/01/30
61 Nuveen Municipal High Income Opportunity Fund (NMZ) (continued) Portfolio of INVESTMENTS April 30, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ MINNESOTA (continued) $ 1,430 St. Paul Housing and Redevelopment Authority, Minnesota, Charter 6/14 at 102.00 N/R $ 1,534,762 School Revenue Bonds, Higher Ground Academy Charter School, Series 2004A, 6.625%, 12/01/23 1,100 St. Paul Housing and Redevelopment Authority, Minnesota, Charter 6/14 at 102.00 N/R 1,184,271 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 1,038,570 HealthEast Midway Campus, Series 2005B, 6.000%, 5/01/30 - ------------------------------------------------------------------------------------------------------------------------------------ 10,055 Total Minnesota 10,621,639 - ------------------------------------------------------------------------------------------------------------------------------------ MISSISSIPPI - 0.3% (0.2% OF TOTAL INVESTMENTS) 988 Mississippi Home Corporation, Multifamily Housing Revenue Bonds, 10/19 at 101.00 N/R 1,030,793 Tupelo Personal Care Apartments, Series 2004-2, 6.125%, 9/01/34 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ MISSOURI - 2.4% (1.6% OF TOTAL INVESTMENTS) 2,330 Kansas City Industrial Development Authority, Missouri, 2/14 at 102.00 N/R 2,042,222 Multifamily Housing Revenue Bonds, Pickwick Apartments Project, Series 2004, 8.000%, 2/01/34 (Alternative Minimum Tax) 5,935 Missouri Environmental Improvement and Energy Resources Authority, 12/16 at 100.00 AAA 5,904,435 Water Facility Revenue Bonds, Missouri-American Water Company, Series 2006, 4.600%, 12/01/36 - AMBAC Insured (Alternative Minimum Tax) (UB) 1,000 Saint Louis Industrial Development Authority, Missouri, Saint 12/10 at 102.00 Caa2 996,170 Louis Convention Center Headquarters Hotel Project, Series 2000A, 7.250%, 12/15/35 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 9,265 Total Missouri 8,942,827 - ------------------------------------------------------------------------------------------------------------------------------------ MONTANA - 2.0% (1.3% OF TOTAL INVESTMENTS) 5,200 Montana Board of Investments, Exempt Facility Revenue Bonds, 7/10 at 101.00 B2 5,378,360 Stillwater Mining Company, Series 2000, 8.000%, 7/01/20 (Alternative Minimum Tax) 1,965 Montana Board of Investments, Resource Recovery Revenue Bonds, No Opt. Call N/R 1,984,571 Yellowstone Energy LP, Series 1993, 7.000%, 12/31/19 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 7,165 Total Montana 7,362,931 - ------------------------------------------------------------------------------------------------------------------------------------ NEBRASKA - 3.6% (2.5% OF TOTAL INVESTMENTS) 8,670 Omaha Public Power District, Nebraska, Separate Electric System 2/17 at 100.00 AAA 10,121,270 Revenue Bonds, Nebraska City 2, Series 2006A, Residuals 1508-2, 6.746%, 2/01/49 - AMBAC Insured (IF) 3,000 Omaha Public Power District, Nebraska, Separate Electric System 2/17 at 100.00 AAA 3,167,400 Revenue Bonds, Nebraska City 2, Series 2006A, 5.000%, 2/01/49 - AMBAC Insured (UB) - ------------------------------------------------------------------------------------------------------------------------------------ 11,670 Total Nebraska 13,288,670 - ------------------------------------------------------------------------------------------------------------------------------------ NEVADA - 3.3% (2.3% OF TOTAL INVESTMENTS) 3,670 Clark County, Nevada, Industrial Development Revenue Bonds, 7/07 at 100.00 B 3,669,633 Nevada Power Company Project, Series 1995C, 5.500%, 10/01/30 2,000 Clark County, Nevada, Industrial Development Revenue Bonds, 7/07 at 100.00 B 2,012,860 Nevada Power Company, Series 1995A, 5.600%, 10/01/30 (Alternative Minimum Tax) 500 Clark County, Nevada, Industrial Development Revenue Bonds, 5/07 at 100.00 B 500,235 Nevada Power Company, Series 1997A, 5.900%, 11/01/32 (Alternative Minimum Tax) 1,495 Clark County, Nevada, Local Improvement Bonds, Mountain's Edge 8/07 at 103.00 N/R 1,544,679 Special Improvement District 142, Series 2003, 6.375%, 8/01/23 4,350 Director of Nevada State Department of Business and Industry, 1/10 at 102.00 N/R 4,571,502 Revenue Bonds, Las Vegas Monorail Project, Second Tier, Series 2000, 7.375%, 1/01/40 - ------------------------------------------------------------------------------------------------------------------------------------ 12,015 Total Nevada 12,298,909 - ------------------------------------------------------------------------------------------------------------------------------------ NEW JERSEY - 4.8% (3.3% OF TOTAL INVESTMENTS) 1,000 New Jersey Economic Development Authority, Revenue Bonds, United 1/08 at 102.00 BB+ 992,340 Methodist Homes of New Jersey Obligated Group, Series 1998, 5.125%, 7/01/25 3,510 New Jersey Economic Development Authority, Special Facilities 9/09 at 101.00 B 3,629,726 Revenue Bonds, Continental Airlines Inc., Series 1999, 6.250%, 9/15/29 (Alternative Minimum Tax)
62
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ NEW JERSEY (continued) $ 500 New Jersey Economic Development Authority, Special Facilities 11/10 at 101.00 B $ 533,625 Revenue Bonds, Continental Airlines Inc., Series 2000, 7.000%, 11/15/30 (Alternative Minimum Tax) 500 New Jersey Health Care Facilities Financing Authority, Revenue 7/10 at 101.00 BBB- 550,560 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 (Pre-refunded 6/01/13) 6/13 at 100.00 AAA 9,098,441 2,760 7.000%, 6/01/41 (Pre-refunded 6/01/13) 6/13 at 100.00 AAA 3,244,766 - ------------------------------------------------------------------------------------------------------------------------------------ 16,095 Total New Jersey 18,049,458 - ------------------------------------------------------------------------------------------------------------------------------------ NEW YORK - 2.3% (1.6% OF TOTAL INVESTMENTS) 4,000 Dormitory Authority of the State of New York, Revenue Bonds, 7/11 at 101.00 Ba2 4,181,440 Lenox Hill Hospital Obligated Group, Series 2001, 5.500%, 7/01/30 1,000 New York City Industrial Development Agency, New York, American 8/16 at 101.00 B 1,209,270 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, Liberty 3/09 at 103.00 N/R 530,415 Revenue Bonds, 7 World Trade Center, Series 2005A, 6.250%, 3/01/15 1,700 New York City Industrial Development Agency, New York, Special 7/07 at 100.00 CCC+ 1,734,000 Facilities Revenue Bonds, American Airlines Inc., Series 1994, 6.900%, 8/01/24 (Alternative Minimum Tax) 750 New York City Industrial Development Agency, New York, Special No Opt. Call B 858,458 Facilities Revenue Bonds, JFK Airport - American Airlines Inc., Series 2002A, 8.000%, 8/01/12 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 7,950 Total New York 8,513,583 - ------------------------------------------------------------------------------------------------------------------------------------ NORTH CAROLINA - 1.5% (1.1% OF TOTAL INVESTMENTS) 5,500 North Carolina Capital Facilities Finance Agency, Solid Waste 7/12 at 106.00 N/R 5,708,175 Facilities Revenue Bonds, Liberty Tire Services of North Carolina LLC, Series 2004A, 6.750%, 7/01/29 - ------------------------------------------------------------------------------------------------------------------------------------ OHIO - 4.0% (2.8% OF TOTAL INVESTMENTS) Belmont County, Ohio, Revenue Bonds, Ohio Valley Health Services and Education Corporation, Series 1998: 500 5.700%, 1/01/13 1/08 at 102.00 B 493,775 400 5.800%, 1/01/18 1/08 at 102.00 B 392,492 3,375 Cleveland-Cuyahoga County Port Authority, Ohio, Development 5/14 at 102.00 N/R 3,481,515 Revenue Bonds, Bond Fund Program - Garfield Heights Project, Series 2004D, 5.250%, 5/15/23 7,300 Ohio Water Development Authority, Solid Waste Disposal Revenue 9/08 at 102.00 N/R 7,422,202 Bonds, Bay Shore Power, Series 1998A, 5.875%, 9/01/20 (Alternative Minimum Tax) 1,000 Ohio, Environmental Facilities Revenue Bonds, Ford Motor Company, 4/15 at 100.00 Ba1 1,013,770 Series 2005, 5.750%, 4/01/35 (Alternative Minimum Tax) 800 Toledo-Lucas County Port Authority, Ohio, Port Revenue Bonds, 3/14 at 101.00 A 820,760 Cargill Inc., Series 2004A, 4.800%, 3/01/22 1,275 Trumbull County, Ohio, Sewerage Disposal Revenue Bonds, General No Opt. Call B- 1,345,087 Motors Corporation, Series 1994, 6.750%, 7/01/14 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 14,650 Total Ohio 14,969,601 - ------------------------------------------------------------------------------------------------------------------------------------ OKLAHOMA - 5.0% (3.4% OF TOTAL INVESTMENTS) 1,000 Okeene Municipal Hospital and Schallmo Authority, Oklahoma, 1/16 at 101.00 N/R 1,033,260 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 1,265,352 11,680 5.625%, 8/15/29 (Pre-refunded 8/15/09) 8/09 at 101.00 AAA 12,284,203 850 Tulsa Industrial Authority, Oklahoma, Student Housing Revenue 10/16 at 100.00 A2 882,972 Bonds, University of Tulsa, Series 2006, 5.000%, 10/01/37
63 Nuveen Municipal High Income Opportunity Fund (NMZ) (continued) Portfolio of INVESTMENTS April 30, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ OKLAHOMA (continued) $ 1,335 Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds, 6/07 at 100.00 B $ 1,336,215 American Airlines Inc., Series 1995, 6.250%, 6/01/20 1,500 Tulsa Municipal Airport Trust, Oklahoma, Revenue Refunding Bonds, No Opt. Call B- 1,777,980 American Airlines Inc., Series 2004A, 7.750%, 6/01/35 (Mandatory put 12/01/14) - ------------------------------------------------------------------------------------------------------------------------------------ 17,565 Total Oklahoma 18,579,982 - ------------------------------------------------------------------------------------------------------------------------------------ PENNSYLVANIA - 4.7% (3.3% 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 819,342 6,455 9.250%, 11/15/30 11/10 at 102.00 Ba3 7,622,064 500 Allentown Area Hospital Authority, Pennsylvania, Revenue Bonds, No Opt. Call BB+ 519,370 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 2,072,300 Pennsylvania, Revenue Bonds, Immaculata University, Series 2005, 5.750%, 10/15/37 190 Monroeville Hospital Authority, Pennsylvania, Revenue Bonds, 7/07 at 100.00 Ba3 190,310 Forbes Health System, Series 1992, 7.000%, 10/01/13 300 Monroeville Hospital Authority, Pennsylvania, Revenue Bonds, 10/07 at 100.00 Ba3 301,671 Forbes Health System, Series 1995, 6.250%, 10/01/15 500 New Morgan Industrial Development Authority, Pennsylvania, Solid 10/07 at 100.00 BB- 502,530 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, Exempt 12/09 at 103.00 B2 440,464 Facilities Revenue Bonds, Reliant Energy Inc., Series 2002A, 6.750%, 12/01/36 (Alternative Minimum Tax) 600 Pennsylvania Economic Development Financing Authority, Exempt 12/09 at 103.00 B2 660,696 Facilities Revenue Bonds, Reliant Energy Inc., Series 2003A, 6.750%, 12/01/36 (Alternative Minimum Tax) 4,000 Pennsylvania Economic Development Financing Authority, Revenue 6/12 at 102.00 A 4,328,120 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, Revenue 7/07 at 100.00 Ba3 230,407 Bonds, Allegheny General Hospital, Series 1991A, 7.250%, 9/01/17 - ------------------------------------------------------------------------------------------------------------------------------------ 15,870 Total Pennsylvania 17,687,274 - ------------------------------------------------------------------------------------------------------------------------------------ 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 1,688,985 Detention Facility Revenue Bonds, Series 2005, 7.250%, 7/15/35 3,000 Rhode Island Tobacco Settlement Financing Corporation, Tobacco 6/12 at 100.00 BBB 3,238,560 Settlement Asset-Backed Bonds, Series 2002A, 6.250%, 6/01/42 - ------------------------------------------------------------------------------------------------------------------------------------ 4,500 Total Rhode Island 4,927,545 - ------------------------------------------------------------------------------------------------------------------------------------ SOUTH CAROLINA - 0.2% (0.1% OF TOTAL INVESTMENTS) 490 Tobacco Settlement Revenue Management Authority, South Carolina, No Opt. Call BBB 571,301 Tobacco Settlement Asset-Backed Bonds, Series 2001B, 6.375%, 5/15/30 - ------------------------------------------------------------------------------------------------------------------------------------ TENNESSEE - 1.4% (0.9% OF TOTAL INVESTMENTS) 3,500 Knox County Health, Educational and Housing Facilities Board, 4/12 at 101.00 Ba2 3,613,295 Tennessee, Hospital Revenue Bonds, Baptist Health System of East Tennessee Inc., Series 2002, 6.500%, 4/15/31 1,500 Maury County Industrial Development Board, Tennessee, Multi-Modal 9/07 at 100.00 B- 1,520,985 Interchangeable Rate Pollution Control Revenue Refunding Bonds, Saturn Corporation, Series 1994, 6.500%, 9/01/24 - ------------------------------------------------------------------------------------------------------------------------------------ 5,000 Total Tennessee 5,134,280 - ------------------------------------------------------------------------------------------------------------------------------------ TEXAS - 9.9% (6.8% OF TOTAL INVESTMENTS) 2,000 Austin Convention Enterprises Inc., Texas, Convention Center Hotel 1/11 at 100.00 N/R 2,068,100 Revenue Bonds, First Tier Series 2001A, 9.750%, 1/01/26 1,200 Dallas-Ft. Worth International Airport Facility Improvement 5/07 at 100.00 CCC+ 1,201,548 Corporation, Texas, Revenue Bonds, American Airlines Inc., Series 1992, 7.250%, 11/01/30 (Alternative Minimum Tax)
64
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TEXAS (continued) $ 2,705 Dallas-Ft. Worth International Airport Facility Improvement 11/07 at 100.00 CCC+ $ 2,712,168 Corporation, Texas, Revenue Bonds, American Airlines Inc., Series 1995, 6.000%, 11/01/14 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 2,023,209 6,600 7.125%, 9/01/34 9/14 at 100.00 N/R 7,275,180 585 Gulf Coast Industrial Development Authority, Texas, Solid Waste 4/12 at 100.00 Baa3 668,111 Disposal Revenue Bonds, Citgo Petroleum Corporation Project, Series 1998, 8.000%, 4/01/28 (Alternative Minimum Tax) 1,000 Heart of Texas Education Finance Corporation, Texas, Gateway 8/16 at 100.00 N/R 1,003,310 Charter Academy, Series 2006A, 6.000%, 2/15/36 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 279,645 1,400 7.125%, 2/15/34 2/14 at 101.00 N/R 1,565,438 2,020 Houston, Texas, Airport System Special Facilities Revenue Bonds, 7/09 at 101.00 B- 2,054,502 Continental Air Lines Inc., Series 1998B, 5.700%, 7/15/29 (Alternative Minimum Tax) 975 Houston, Texas, Airport System Special Facilities Revenue Bonds, 7/09 at 101.00 B- 991,653 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- 658,098 5,350 6.750%, 7/01/29 (Alternative Minimum Tax) 7/11 at 101.00 B- 5,718,187 500 Mission Economic Development Corporation, Texas, Solid Waste 4/12 at 100.00 B+ 504,575 Disposal Revenue Bonds, Allied Waste Industries, Inc., Series 2007A, 5.200%, 4/01/18 (Alternative Minimum Tax) 2,000 Sea Breeze Public Facility Corporation, Texas, Multifamily 1/21 at 100.00 N/R 2,051,760 Housing Revenue Bonds, Sea Breeze Senior Apartments, Series 2006, 6.500%, 1/01/46 (Alternative Minimum Tax) 5,825 Texas Department of Housing and Community Affairs, Multifamily 7/21 at 100.00 N/R 6,100,872 Housing Revenue Bonds, Humble Parkway Townhomes, Series 2004, 6.600%, 1/01/41 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 34,850 Total Texas 36,876,356 - ------------------------------------------------------------------------------------------------------------------------------------ VIRGIN ISLANDS - 3.3% (2.3% OF TOTAL INVESTMENTS) 3,000 Virgin Islands Public Finance Authority, Gross Receipts Taxes 10/14 at 100.00 AA 3,152,520 Loan Note, Series 2003, 5.000%, 10/01/26 - RAAI Insured 5,000 Virgin Islands Public Finance Authority, Revenue Bonds, Refinery 1/14 at 100.00 BBB 5,519,300 Project - Hovensa LLC, Series 2003, 6.125%, 7/01/22 (Alternative Minimum Tax) 3,300 Virgin Islands Public Finance Authority, Senior Secured Lien 7/14 at 100.00 BBB 3,610,068 Revenue Bonds, Refinery Project - Hovensa LLC, Series 2004, 5.875%, 7/01/22 - ------------------------------------------------------------------------------------------------------------------------------------ 11,300 Total Virgin Islands 12,281,888 - ------------------------------------------------------------------------------------------------------------------------------------ VIRGINIA - 4.4% (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 (Pre-refunded 8/15/08) 8/08 at 73.23 AAA 1,395,580 4,250 5.500%, 8/15/28 (Pre-refunded 8/15/08) 8/08 at 102.00 AAA 4,432,240 1,850 0.000%, 8/15/30 (Pre-refunded 8/15/08) 8/08 at 28.38 AAA 500,314 Pocahontas Parkway Association, Virginia, Senior Lien Revenue Bonds, Route 895 Connector Toll Road, Series 1998B: 2,000 0.000%, 8/15/12 (Pre-refunded 8/15/08) 8/08 at 82.10 AAA 1,564,660 3,000 0.000%, 8/15/15 (Pre-refunded 8/15/08) 8/08 at 68.82 AAA 1,967,490 9,000 0.000%, 8/15/19 (Pre-refunded 8/15/08) 8/08 at 54.38 AAA 4,663,890 630 Rockbridge County Industrial Development Authority, Virginia, 7/11 at 105.00 B2 (4) 735,166 Horse Center Revenue Bonds, Series 2001A, 7.400%, 7/15/21 (Pre-refunded 7/15/11) 980 Rockbridge County Industrial Development Authority, Virginia, 7/11 at 105.00 B2 (4) 1,121,561 Horse Center Revenue Refunding Bonds, Series 2001C, 6.850%, 7/15/21 (Pre-refunded 7/15/11) - ------------------------------------------------------------------------------------------------------------------------------------ 23,710 Total Virginia 16,380,901 - ------------------------------------------------------------------------------------------------------------------------------------
65 Nuveen Municipal High Income Opportunity Fund (NMZ) (continued) Portfolio of INVESTMENTS April 30, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ WASHINGTON - 3.5% (2.4% OF TOTAL INVESTMENTS) $ 3,000 Skagit County Public Hospital District 1, Washington, Revenue 12/13 at 100.00 Baa2 $ 3,247,680 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 1,921,850 4,725 6.000%, 1/01/34 - ACA Insured 1/14 at 100.00 A 5,166,079 2,500 5.250%, 1/01/34 - ACA Insured 1/14 at 100.00 A 2,601,000 - ------------------------------------------------------------------------------------------------------------------------------------ 11,975 Total Washington 12,936,609 - ------------------------------------------------------------------------------------------------------------------------------------ WISCONSIN - 5.8% (4.0% OF TOTAL INVESTMENTS) 550 Lac Courte Oreilles Band of Lake Superior Chippewa Indians, 12/14 at 101.00 N/R (4) 691,438 Wisconsin, Revenue Bonds, Series 2003A, 7.750%, 6/01/16 (Pre-refunded 12/01/14) Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care Inc., Series 1999A: 9,485 5.600%, 2/15/29 2/09 at 101.00 BBB+ 9,772,205 2,300 5.600%, 2/15/29 - ACA Insured 2/09 at 101.00 A 2,367,597 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 925,654 1,000 6.250%, 4/01/34 4/14 at 100.00 N/R 1,060,490 6,305 Wisconsin Health and Educational Facilities Authority, Revenue 2/12 at 101.00 A- (4) 6,912,991 Bonds, Wheaton Franciscan Services Inc., Series 2002, 5.750%, 8/15/30 (Pre-refunded 2/15/12) - ------------------------------------------------------------------------------------------------------------------------------------ 20,515 Total Wisconsin 21,730,375 - ------------------------------------------------------------------------------------------------------------------------------------ $ 518,531 Total Investments (cost $499,434,864) - 144.9% 541,291,018 ============------------------------------------------------------------------------------------------------------------------------ Floating Rate Obligations - (5.7)% (21,135,000) --------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 2.3% 8,473,579 --------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (41.5)% (155,000,000) --------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 373,629,597 =====================================================================================================================
(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) Non-income producing security, in the case of a bond, generally denotes that the issuer has defaulted on the payment of principal or interest or has filed for bankruptcy. (6) The issuer has received a formal adverse determination from the Internal Revenue Service (the "IRS") regarding the tax-exempt status of the bonds' coupon payments. The Fund will continue to treat coupon payments as tax-exempt income until such time that it is formally determined that the interest on the bonds should be treated as taxable. N/R Not rated. (ETM) Escrowed to maturity. (IF) Inverse floating rate investment. (UB) Underlying bond of an inverse floating rate trust reflected as a financing transaction pursuant to the provisions of SFAS No. 140. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 66 Statement of ASSETS AND LIABILITIES April 30, 2007 (Unaudited)
INVESTMENT SELECT QUALITY QUALITY QUALITY INCOME (NQM) (NQS) (NQU) - ----------------------------------------------------------------------------------------------------------------------------- ASSETS Investments, at value (cost $823,704,473, $746,403,293, $1,227,602,797, $489,422,156 and $499,434,864, respectively) $ 879,876,062 $ 799,193,266 $ 1,313,611,543 Cash 480,259 -- -- Receivables: Interest 13,402,500 11,920,026 19,924,678 Investments sold 280,183 4,830,000 1,610,000 Other assets 82,265 66,318 120,148 - ----------------------------------------------------------------------------------------------------------------------------- Total assets 894,121,269 816,009,610 1,335,266,369 - ----------------------------------------------------------------------------------------------------------------------------- LIABILITIES Cash overdraft -- 5,158,528 4,194,008 Floating rate obligations 26,135,000 6,665,000 48,875,000 Payable for investments purchased 11,682,836 -- -- Unrealized depreciation on forward swaps -- -- -- Accrued expenses: Management fees 426,921 401,852 632,478 Other 75,980 158,150 263,665 Preferred share dividends payable 146,520 129,436 217,820 - ----------------------------------------------------------------------------------------------------------------------------- Total liabilities 38,476,257 12,512,966 54,182,971 - ----------------------------------------------------------------------------------------------------------------------------- Preferred shares, at liquidation value 301,000,000 279,000,000 452,000,000 - ----------------------------------------------------------------------------------------------------------------------------- Net assets applicable to Common shares $ 554,654,012 $ 524,496,644 $ 829,083,398 ============================================================================================================================= Common shares outstanding 35,784,487 33,982,580 54,204,488 ============================================================================================================================= Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding) $ 15.50 $ 15.43 $ 15.30 ============================================================================================================================= NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF: - ----------------------------------------------------------------------------------------------------------------------------- Common shares, $.01 par value per share $ 357,845 $ 339,826 $ 542,045 Paid-in surplus 498,862,819 473,335,780 755,082,993 Undistributed (Over-distribution of) net investment income 1,503,127 985,230 509,201 Accumulated net realized gain (loss) from investments (2,241,368) (2,954,165) (13,059,587) Net unrealized appreciation (depreciation) of investments and derivative transactions 56,171,589 52,789,973 86,008,746 - ----------------------------------------------------------------------------------------------------------------------------- Net assets applicable to Common shares $ 554,654,012 $ 524,496,644 $ 829,083,398 ============================================================================================================================= Authorized shares: Common 200,000,000 200,000,000 200,000,000 Preferred 1,000,000 1,000,000 1,000,000 ============================================================================================================================= PREMIER HIGH INCOME INCOME OPPORTUNITY (NPF) (NMZ) - ------------------------------------------------------------------------------------------------------ ASSETS Investments, at value (cost $823,704,473, $746,403,293, $1,227,602,797, $489,422,156 and $499,434,864, respectively) $ 517,643,881 $ 541,291,018 Cash 33,228 -- Receivables: Interest 7,448,789 9,321,694 Investments sold 465,000 355,000 Other assets 39,492 37,842 - ------------------------------------------------------------------------------------------------------ Total assets 525,630,390 551,005,554 - ------------------------------------------------------------------------------------------------------ LIABILITIES Cash overdraft -- 48,253 Floating rate obligations 53,364,500 21,135,000 Payable for investments purchased -- 862,135 Unrealized depreciation on forward swaps 101,699 -- Accrued expenses: Management fees 239,073 171,960 Other 111,885 60,176 Preferred share dividends payable 89,708 98,433 - ------------------------------------------------------------------------------------------------------ Total liabilities 53,906,865 22,375,957 - ------------------------------------------------------------------------------------------------------ Preferred shares, at liquidation value 165,000,000 155,000,000 - ------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares $ 306,723,525 $ 373,629,597 ====================================================================================================== Common shares outstanding 20,091,018 23,321,099 ====================================================================================================== Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding) $ 15.27 $ 16.02 ====================================================================================================== NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF: - ------------------------------------------------------------------------------------------------------ Common shares, $.01 par value per share $ 200,910 $ 233,211 Paid-in surplus 279,091,689 330,247,901 Undistributed (Over-distribution of) net investment income (371,713) 272,552 Accumulated net realized gain (loss) from investments (317,387) 1,019,779 Net unrealized appreciation (depreciation) of investments and derivative transactions 28,120,026 41,856,154 - ------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares $ 306,723,525 $ 373,629,597 ====================================================================================================== Authorized shares: Common 200,000,000 Unlimited Preferred 1,000,000 Unlimited ======================================================================================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 67 Statement of OPERATIONS Six Months Ended April 30, 2007 (Unaudited)
INVESTMENT SELECT QUALITY QUALITY QUALITY INCOME (NQM) (NQS) (NQU) - ----------------------------------------------------------------------------------------------------------------------------- INVESTMENT INCOME $ 21,982,391 $ 21,163,100 $ 32,854,839 - ----------------------------------------------------------------------------------------------------------------------------- EXPENSES Management fees 2,595,243 2,440,178 3,842,737 Preferred shares - auction fees 373,157 345,884 560,356 Preferred shares - dividend disbursing agent fees 24,795 24,795 29,755 Shareholders' servicing agent fees and expenses 24,489 25,104 39,483 Floating rate obligations interest expense and fees 416,731 3,757 748,711 Custodian's fees and expenses 91,153 84,137 135,917 Directors'/Trustees' fees and expenses 8,683 8,201 11,651 Professional fees 20,881 19,937 26,219 Shareholders' reports - printing and mailing expenses 43,180 40,246 70,638 Stock exchange listing fees 6,395 6,130 9,697 Investor relations expense 53,706 51,073 81,030 Other expenses 25,337 24,910 32,785 - ----------------------------------------------------------------------------------------------------------------------------- Total expenses before custodian fee credit, expense reimbursement and legal fee refund 3,683,750 3,074,352 5,588,979 Custodian fee credit (63,520) (15,732) (67,834) Expense reimbursement -- -- -- Legal fee refund -- -- -- - ----------------------------------------------------------------------------------------------------------------------------- Net expenses 3,620,230 3,058,620 5,521,145 - ----------------------------------------------------------------------------------------------------------------------------- Net investment income 18,362,161 18,104,480 27,333,694 - ----------------------------------------------------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) Net realized gain (loss) from investments 97,439 114,392 580,003 Change in net unrealized appreciation (depreciation) of investments (6,203,589) (5,362,590) (10,125,107) Change in net unrealized appreciation (depreciation) of forward swaps -- -- -- - ----------------------------------------------------------------------------------------------------------------------------- Net realized and unrealized gain (loss) (6,106,150) (5,248,198) (9,545,104) - ----------------------------------------------------------------------------------------------------------------------------- DISTRIBUTIONS TO PREFERRED SHAREHOLDERS From net investment income (5,145,244) (4,812,935) (7,804,576) From accumulated net realized gains -- -- -- - ----------------------------------------------------------------------------------------------------------------------------- Decrease in net assets applicable to Common shares from distributions to Preferred shareholders (5,145,244) (4,812,935) (7,804,576) - ----------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets applicable to Common shares from operations $ 7,110,767 $ 8,043,347 $ 9,984,014 ============================================================================================================================= PREMIER HIGH INCOME INCOME OPPORTUNITY (NPF) (NMZ) - ------------------------------------------------------------------------------------------------------- INVESTMENT INCOME $ 12,350,715 $ 15,886,986 - ------------------------------------------------------------------------------------------------------- EXPENSES Management fees 1,452,885 1,881,841 Preferred shares - auction fees 204,555 142,568 Preferred shares - dividend disbursing agent fees 14,877 13,707 Shareholders' servicing agent fees and expenses 16,038 1,225 Floating rate obligations interest expense and fees 978,105 340,959 Custodian's fees and expenses 43,119 86,953 Directors'/Trustees' fees and expenses 4,375 4,626 Professional fees 8,556 70,472 Shareholders' reports - printing and mailing expenses 29,614 34,142 Stock exchange listing fees 4,809 982 Investor relations expense 29,751 33,581 Other expenses 15,295 15,211 - ------------------------------------------------------------------------------------------------------- Total expenses before custodian fee credit, expense reimbursement and legal fee refund 2,801,979 2,626,267 Custodian fee credit (30,269) (3,027) Expense reimbursement -- (839,592) Legal fee refund (4,321) -- - ------------------------------------------------------------------------------------------------------- Net expenses 2,767,389 1,783,648 - ------------------------------------------------------------------------------------------------------- Net investment income 9,583,326 14,103,338 - ------------------------------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) Net realized gain (loss) from investments 75,662 1,018,093 Change in net unrealized appreciation (depreciation) of investments (2,868,642) (436,965) Change in net unrealized appreciation (depreciation) of forward swaps 405,484 -- - ------------------------------------------------------------------------------------------------------- Net realized and unrealized gain (loss) (2,387,496) 581,128 - ------------------------------------------------------------------------------------------------------- DISTRIBUTIONS TO PREFERRED SHAREHOLDERS From net investment income (2,861,908) (2,593,194) From accumulated net realized gains -- (18,121) - ------------------------------------------------------------------------------------------------------- Decrease in net assets applicable to Common shares from distributions to Preferred shareholders (2,861,908) (2,611,315) - ------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets applicable to Common shares from operations $ 4,333,922 $ 12,073,151 =======================================================================================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 68 Statement of CHANGES IN NET ASSETS (Unaudited)
INVESTMENT QUALITY (NQM) SELECT QUALITY (NQS) ----------------------------------- ----------------------------------- SIX MONTHS YEAR SIX MONTHS YEAR ENDED ENDED ENDED ENDED 4/30/07 10/31/06 4/30/07 10/31/06 - ------------------------------------------------------------------------------------------------------------------------- OPERATIONS Net investment income $ 18,362,161 $ 37,550,921 $ 18,104,480 $ 36,194,734 Net realized gain (loss) from investments 97,439 (2,340,524) 114,392 (1,691,751) Change in net unrealized appreciation (depreciation) of investments (6,203,589) 17,200,976 (5,362,590) 9,521,291 Change in net unrealized appreciation (depreciation) of forward swaps -- -- -- -- Distributions to Preferred Shareholders: From net investment income (5,145,244) (8,562,468) (4,812,935) (8,877,061) From accumulated net realized gains -- (957,218) -- -- - ------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets applicable to Common shares from operations 7,110,767 42,891,687 8,043,347 35,147,213 - ------------------------------------------------------------------------------------------------------------------------- DISTRIBUTIONS TO COMMON SHAREHOLDERS From net investment income (14,483,121) (30,152,759) (14,363,570) (29,818,961) From accumulated net realized gains -- (5,124,321) -- -- - ------------------------------------------------------------------------------------------------------------------------- Decrease in net assets applicable to Common shares from distributions to Common shareholders (14,483,121) (35,277,080) (14,363,570) (29,818,961) - ------------------------------------------------------------------------------------------------------------------------- CAPITAL SHARE TRANSACTIONS Common shares: Offering costs adjustments -- -- -- -- Net proceeds issued to shareholders due to reinvestment of distributions 554,938 -- 820,980 673,438 - ------------------------------------------------------------------------------------------------------------------------- Net increase in net assets applicable to Common shares from capital share transactions 554,938 -- 820,980 673,438 - ------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets applicable to Common shares (6,817,416) 7,614,607 (5,499,243) 6,001,690 Net assets applicable to Common shares at the beginning of period 561,471,428 553,856,821 529,995,887 523,994,197 - ------------------------------------------------------------------------------------------------------------------------- Net assets applicable to Common shares at the end of period $ 554,654,012 $ 561,471,428 $ 524,496,644 $ 529,995,887 ========================================================================================================================= Undistributed (Over-distribution of) net investment income at the end of period $ 1,503,127 $ 2,769,331 $ 985,230 $ 2,057,255 =========================================================================================================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 69 Statement of CHANGES IN NET ASSETS (Unaudited) (continued)
QUALITY INCOME (NQU) PREMIER INCOME (NPF) ----------------------------------- ----------------------------------- SIX MONTHS YEAR SIX MONTHS YEAR ENDED ENDED ENDED ENDED 4/30/07 10/31/06 4/30/07 10/31/06 - ------------------------------------------------------------------------------------------------------------------------- OPERATIONS Net investment income $ 27,333,694 $ 54,758,299 $ 9,583,326 $ 18,901,380 Net realized gain (loss) from investments 580,003 1,142,647 75,662 197,145 Change in net unrealized appreciation (depreciation) of investments (10,125,107) 15,255,701 (2,868,642) 10,303,176 Change in net unrealized appreciation (depreciation) of forward swaps -- -- 405,484 (507,183) Distributions to Preferred Shareholders: From net investment income (7,804,576) (14,224,057) (2,861,908) (5,143,710) From accumulated net realized gains -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets applicable to Common shares from operations 9,984,014 56,932,590 4,333,922 23,750,808 - ------------------------------------------------------------------------------------------------------------------------- DISTRIBUTIONS TO COMMON SHAREHOLDERS From net investment income (20,651,915) (44,257,967) (6,750,583) (14,033,577) From accumulated net realized gains -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------- Decrease in net assets applicable to Common shares from distributions to Common shareholders (20,651,915) (44,257,967) (6,750,583) (14,033,577) - ------------------------------------------------------------------------------------------------------------------------- CAPITAL SHARE TRANSACTIONS Common shares: Offering costs adjustments -- -- -- -- Net proceeds issued to shareholders due to reinvestment of distributions -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------- Net increase in net assets applicable to Common shares from capital share transactions -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets applicable to Common shares (10,667,901) 12,674,623 (2,416,661) 9,717,231 Net assets applicable to Common shares at the beginning of period 839,751,299 827,076,676 309,140,186 299,422,955 - ------------------------------------------------------------------------------------------------------------------------- Net assets applicable to Common shares at the end of period $ 829,083,398 $ 839,751,299 $ 306,723,525 $ 309,140,186 ========================================================================================================================= Undistributed (Over-distribution of) net investment income at the end of period $ 509,201 $ 1,631,998 $ (371,713) $ (342,548) ========================================================================================================================= HIGH INCOME OPPORTUNITY (NMZ) ----------------------------------- SIX MONTHS YEAR ENDED ENDED 4/30/07 10/31/06 - ----------------------------------------------------------------------------------- OPERATIONS Net investment income $ 14,103,338 $ 28,131,297 Net realized gain (loss) from investments 1,018,093 538,187 Change in net unrealized appreciation (depreciation) of investments (436,965) 14,643,108 Change in net unrealized appreciation (depreciation) of forward swaps -- -- Distributions to Preferred Shareholders: From net investment income (2,593,194) (4,487,444) From accumulated net realized gains (18,121) -- - ----------------------------------------------------------------------------------- Net increase (decrease) in net assets applicable to Common shares from operations 12,073,151 38,825,148 - ----------------------------------------------------------------------------------- DISTRIBUTIONS TO COMMON SHAREHOLDERS From net investment income (11,403,813) (24,231,711) From accumulated net realized gains (103,371) -- - ----------------------------------------------------------------------------------- Decrease in net assets applicable to Common shares from distributions to Common shareholders (11,507,184) (24,231,711) - ----------------------------------------------------------------------------------- CAPITAL SHARE TRANSACTIONS Common shares: Offering costs adjustments -- 220,368 Net proceeds issued to shareholders due to reinvestment of distributions 364,067 860,335 - ----------------------------------------------------------------------------------- Net increase in net assets applicable to Common shares from capital share transactions 364,067 1,080,703 - ----------------------------------------------------------------------------------- Net increase (decrease) in net assets applicable to Common shares 930,034 15,674,140 Net assets applicable to Common shares at the beginning of period 372,699,563 357,025,423 - ----------------------------------------------------------------------------------- Net assets applicable to Common shares at the end of period $ 373,629,597 $ 372,699,563 =================================================================================== Undistributed (Over-distribution of) net investment income at the end of period $ 272,552 $ 166,221 ===================================================================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 70 Statement of CASH FLOWS Six Months Ended April 30, 2007 (Unaudited)
PREMIER INCOME (NPF) - -------------------------------------------------------------------------------------------------------------------------------- CASH FLOWS FROM OPERATING ACTIVITIES: NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHARES FROM OPERATIONS $ 4,333,922 Adjustments to reconcile the net increase (decrease) in net assets applicable to Common shares from operations to net cash provided by (used in) operating activities: Purchases of investments (26,327,099) Proceeds from sales and maturities of investments 15,095,653 Amortization/(Accretion) of premiums and discounts, net (288,277) (Increase) Decrease in receivable for interest (197,720) (Increase) Decrease in receivable for investments sold 13,525,177 (Increase) Decrease in other assets 9,178 Increase (Decrease) in payable for investments purchased (26,064,647) Increase (Decrease) in accrued management fees (8,985) Increase (Decrease) in accrued other liabilities (2,787) Increase (Decrease) in Preferred shares dividends payable 5,073 Net realized (gain) loss from investments (75,662) Change in net unrealized (appreciation) depreciation of investments 2,868,642 Change in net unrealized (appreciation) depreciation of forward swaps (405,484) Taxes paid on undistributed capital gains (443) - -------------------------------------------------------------------------------------------------------------------------------- Net cash provided by (used in) operating activities (17,533,016) - -------------------------------------------------------------------------------------------------------------------------------- CASH FLOWS FROM FINANCING ACTIVITIES: Increase in floating rate obligations 21,978,000 Cash distributions paid to Common shareholders (6,750,583) - -------------------------------------------------------------------------------------------------------------------------------- Net cash provided by (used in) financing activities 15,227,417 - -------------------------------------------------------------------------------------------------------------------------------- NET INCREASE (DECREASE) IN CASH (2,305,599) Cash at the beginning of period 2,338,827 - -------------------------------------------------------------------------------------------------------------------------------- CASH AT THE END OF PERIOD $ 33,228 ================================================================================================================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. 71 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 may establish fair value based on yields or prices of municipal bonds of comparable quality, type of issue, coupon, maturity and rating, indications of value from securities dealers, evaluations of anticipated cash flows or collateral and general market conditions. Prices of forward swap contracts are also provided by an independent pricing service approved by each Fund's Board of Directors/Trustees. If the pricing service is unable to supply a price for a municipal bond or forward swap contract, each Fund may use a market price or fair market value quote provided by a major broker/dealer in such investments. If it is determined that the market price or fair market value for an investment is unavailable or inappropriate, the Board of Directors/Trustees of the Funds, or its designee, may establish a fair value for the investment. 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/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/delayed delivery purchase commitments. At April 30, 2007, Investment Quality (NQM) had outstanding when-issued/delayed delivery purchase commitments of $11,682,836. There were no such outstanding purchase commitments in any of the other Funds at April 30, 2007. INVESTMENT INCOME Interest income, which includes the amortization of premiums and accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Investment income also includes paydown gains and losses, if any. PROFESSIONAL FEES Professional fees presented in the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment, or to pursue other claims or legal actions on behalf of Fund shareholders. Legal fee refunds presented on the Statement of Operations for Premier Income (NPF) reflect a refund of workout expenditures paid in a prior reporting period. 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. 72 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 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. Prior to January 31, 2007, the dividend rate for High Income Opportunity's (NMZ) Series W was payable monthly at a rate which was negotiated at the time of the Preferred share offering. 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 ================================================================================ INVERSE FLOATING RATE SECURITIES Each Fund may invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. In turn, this trust (a) issues floating rate certificates, in face amounts equal to some fraction of the deposited bond's par amount or market value, that typically pay short-term tax-exempt interest rates to third parties, and (b) issues to a long-term investor (such as one of the Funds) an inverse floating rate certificate (sometimes referred to as an "inverse floater") that represents all remaining or residual interest in the trust. The income received by the inverse floater holder varies inversely with the short-term rate paid to the floating rate certificates' holders, and in most circumstances the inverse floater holder bears substantially all of the underlying bond's downside investment risk and also benefits disproportionately from any potential appreciation of the underlying bond's value. The price of an inverse floating rate security will be more volatile than that of the underlying bond because the interest rate is dependent on not only the fixed coupon rate of the underlying bond but also on the short-term interest paid on the floating rate certificates, and because the inverse floating rate security essentially bears the risk of loss of the greater face value of the underlying bond. A Fund may purchase an inverse floating rate security in a secondary market transaction without first owning the underlying bond (referred to as an "externally-deposited inverse floater"), or instead by first selling a fixed-rate bond to a broker-dealer for deposit into the special purpose trust and receiving in turn the residual interest in the trust (referred to as a "self-deposited inverse floater"). An investment in an externally-deposited inverse floater is identified in the Portfolio of Investments as an "Inverse floating rate investment". An investment in a self-deposited inverse floater is accounted for as a financing transaction in accordance with Statement of Financial Accounting Standards (SFAS) No. 140 "Accounting for Transfers and Servicing of Financial Assets and Extinguishment of Liabilities". In such instances, a fixed-rate bond deposited into a special purpose trust is identified in the Portfolio of Investments as an "Underlying bond of an inverse floating rate trust", with the Fund accounting for the short-term floating rate certificates issued by the trust as "Floating rate obligations" on the Statement of Assets and Liabilities. In addition, the Fund reflects in Investment Income the entire earnings of the underlying bond and accounts for the related interest paid to the holders of the short-term floating rate certificates as "Floating rate obligations interest expense and fees" in the Statement of Operations. During the six months ended April 30, 2007, each Fund invested in externally deposited inverse floaters and/or self-deposited inverse floaters. 73 Notes to FINANCIAL STATEMENTS (Unaudited) (continued) The average floating rate obligations outstanding and average annual interest rate and fees related to self-deposited inverse floaters during the six months ended April 30, 2007, were as follows:
INVESTMENT SELECT QUALITY PREMIER HIGH INCOME QUALITY QUALITY INCOME INCOME OPPORTUNITY (NQM) (NQS) (NQU) (NPF) (NMZ) - -------------------------------------------------------------------------------------------------------------- Average floating fate obligations $21,759,669 $184,116 $39,254,227 $51,264,472 $17,846,961 Average annual interest rate and fees 3.86% 4.11% 3.85% 3.85% 3.85% ==============================================================================================================
FORWARD SWAP TRANSACTIONS The Funds are authorized to invest in certain derivative financial instruments. Each Fund's use of forward interest rate swap transactions is intended to help the Fund manage its overall interest rate sensitivity, either shorter or longer, generally to more closely align the Fund's interest rate sensitivity with that of the broader municipal market. Forward interest rate swap transactions involve each Fund's agreement with a counterparty to pay, in the future, a fixed or variable rate payment in exchange for the counterparty paying the Fund a variable or fixed rate payment, the accruals for which would begin at a specified date in the future (the "effective date"). The amount of the payment obligation is based on the notional amount of the forward swap contract and the termination date of the swap (which is akin to a bond's maturity). The value of the Fund's swap commitment would increase or decrease based primarily on the extent to which long-term interest rates for bonds having a maturity of the swap's termination date increases or decreases. The Funds may terminate a swap contract prior to the effective date, at which point a realized gain or loss is recognized. When a forward swap is terminated, it ordinarily does not involve the delivery of securities or other underlying assets or principal, but rather is settled in cash on a net basis. Each Fund intends, but is not obligated, to terminate its forward swaps before the effective date. Accordingly, the risk of loss with respect to the swap counterparty on such transactions is limited to the credit risk associated with a counterparty failing to honor its commitment to pay any realized gain to the Fund upon termination. To reduce such credit risk, all counterparties are required to pledge collateral daily (based on the daily valuation of each swap) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when any of the Funds have an unrealized loss on a swap contract, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the swap valuations fluctuate, either up or down, by at least the predetermined threshold amount. 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. 74 2. FUND SHARES Transactions in Common shares were as follows:
INVESTMENT SELECT QUALITY QUALITY (NQM) QUALITY (NQS) INCOME (NQU) ------------------------- -------------------------- -------------------------- SIX MONTHS SIX MONTHS SIX MONTHS ENDED YEAR ENDED ENDED YEAR ENDED ENDED YEAR ENDED 4/30/07 10/31/06 4/30/07 10/31/06 4/30/07 10/31/06 - --------------------------------------------------------------------------------------------------------------------------------- Common shares issued to shareholders due to reinvestment of distributions 35,528 -- 51,724 43,382 -- -- =================================================================================================================================
PREMIER HIGH INCOME INCOME (NPF) OPPORTUNITY (NMZ) -------------------------- -------------------------- SIX MONTHS SIX MONTHS ENDED YEAR ENDED ENDED YEAR ENDED 4/30/07 10/31/06 4/30/07 10/31/06 - --------------------------------------------------------------------------------------------------------------------------------- Common shares issued to shareholders due to reinvestment of distributions -- -- 21,181 51,796 =================================================================================================================================
3. INVESTMENT TRANSACTIONS Purchases and sales (including maturities but excluding short-term investments and derivative transactions) during the six months ended April 30, 2007, were as follows:
INVESTMENT SELECT QUALITY PREMIER HIGH INCOME QUALITY QUALITY INCOME INCOME OPPORTUNITY (NQM) (NQS) (NQU) (NPF) (NMZ) - ---------------------------------------------------------------------------------------------------------------------------------- Purchases $ 60,664,500 $ 13,217,831 $ 45,675,434 $ 26,327,099 $ 43,882,072 Sales and maturities 22,865,719 10,296,500 32,355,614 15,095,653 24,373,089 ==================================================================================================================================
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, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate transactions subject to SFAS No.140. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset values of the Funds. At April 30, 2007, 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 $ 797,139,731 $ 739,177,207 $1,178,323,574 $ 435,987,616 $ 476,877,795 ==================================================================================================================================
Gross unrealized appreciation and gross unrealized depreciation of investments at April 30, 2007, were as follows:
INVESTMENT SELECT QUALITY PREMIER HIGH INCOME QUALITY QUALITY INCOME INCOME OPPORTUNITY (NQM) (NQS) (NQU) (NPF) (NMZ) - ---------------------------------------------------------------------------------------------------------------------------------- Gross unrealized: Appreciation $ 57,004,129 $ 53,368,041 $ 86,984,470 $ 28,582,872 $ 44,153,685 Depreciation (299,019) -- (554,594) (296,180) (875,366) - ---------------------------------------------------------------------------------------------------------------------------------- Net unrealized appreciation (depreciation) of investments $ 56,705,110 $ 53,368,041 $ 86,429,876 $ 28,286,692 $ 43,278,319 ==================================================================================================================================
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains at October 31, 2006, 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 * $ 4,796,980 $ 4,027,947 $ 4,511,884 $ 768,750 $ 981,474 Undistributed net ordinary income ** 4,975 2,451 -- 2,951 4,938 Undistributed net long-term capital gains -- -- -- -- 123,178 ==================================================================================================================================
* Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on October 2, 2006, paid on November 1, 2006. ** Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. 75 Notes to FINANCIAL STATEMENTS (Unaudited) (continued) The tax character of distributions paid during the Funds' last tax year ended October 31, 2006, was designated for purposes of the dividends paid deduction as follows:
INVESTMENT SELECT QUALITY PREMIER HIGH INCOME QUALITY QUALITY INCOME INCOME OPPORTUNITY (NQM) (NQS) (NQU) (NPF) (NMZ) - -------------------------------------------------------------------------------------------------------------------- Distributions from net tax-exempt income $38,825,191 $38,884,337 $58,786,651 $19,384,184 $28,940,473 Distributions from net ordinary income ** 83,195 -- -- -- -- Distributions from net long-term capital gains 6,081,436 -- -- -- -- ====================================================================================================================
** Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. At October 31, 2006, 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:
INVESTMENT SELECT QUALITY PREMIER QUALITY QUALITY INCOME INCOME (NQM) (NQS) (NQU) (NPF) - -------------------------------------------------------------------------------------------------------------------- Expiration year: 2011 $ -- $ -- $13,225,290 $ -- 2012 -- 1,397,851 -- -- 2013 -- -- -- 393,492 2014 2,339,553 1,671,074 -- -- - -------------------------------------------------------------------------------------------------------------------- Total $ 2,339,553 $ 3,068,925 $13,225,290 $ 393,492 ====================================================================================================================
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. ("Nuveen"), 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. 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) QUALITY INCOME (NQU) PREMIER INCOME (NPF) AVERAGE DAILY NET ASSETS (INCLUDING NET ASSETS ATTRIBUTABLE TO PREFERRED SHARES) FUND-LEVEL FEE RATE - -------------------------------------------------------------------------------------------------------------------- For the first $125 million .4500% For the next $125 million .4375 For the next $250 million .4250 For the next $500 million .4125 For the next $1 billion .4000 For the next $3 billion .3875 For net assets over $5 billion .3750 ====================================================================================================================
76
HIGH INCOME OPPORTUNITY (NMZ) AVERAGE DAILY NET ASSETS (INCLUDING NET ASSETS ATTRIBUTABLE TO PREFERRED SHARES) FUND-LEVEL FEE RATE - -------------------------------------------------------------------------------------------------------------------- For the first $125 million .5500% For the next $125 million .5375 For the next $250 million .5250 For the next $500 million .5125 For the next $1 billion .5000 For net assets over $2 billion .4750 ====================================================================================================================
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, 2007, the complex-level fee rate was .1824%.
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 preferred stock issued by or borrowings 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. The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Funds pay no compensation directly to those of its Directors/Trustees who are affiliated with the Adviser or to its 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. 77 Notes to FINANCIAL STATEMENTS (Unaudited) (continued) 6. NEW ACCOUNTING PRONOUNCEMENTS FINANCIAL ACCOUNTING STANDARDS BOARD INTERPRETATION NO. 48 On July 13, 2006, the Financial Accounting Standards Board (FASB) released FASB Interpretation No. 48, "Accounting for Uncertainty in Income Taxes" (FIN 48). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Funds' tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Adoption of FIN 48 is required for fiscal years beginning after December 15, 2006, and is to be applied to all open tax years as of the effective date. Recent SEC guidance allows funds to delay implementing FIN 48 into NAV calculations until the fund's last NAV calculation in the first required financial statement reporting period. As a result, the Funds must begin to incorporate FIN 48 into their NAV calculations by October 31, 2007. At this time, management is continuing to evaluate the implications of FIN 48 and does not expect the adoption of FIN 48 will have a significant impact on the net assets or results of operations of the Funds. FINANCIAL ACCOUNTING STANDARDS BOARD STATEMENT OF FINANCIAL ACCOUNTING STANDARDS NO. 157 In September 2006, the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards (SFAS) No. 157, "Fair Value Measurements." This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years. The changes to current generally accepted accounting principles from the application of this standard relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. As of April 30, 2007, the Funds do not believe the adoption of SFAS No. 157 will impact the financial statement amounts; however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements included within the Statement of Operations for the period. 78 7. SUBSEQUENT EVENTS DISTRIBUTIONS TO COMMON SHAREHOLDERS The Funds declared Common share dividend distributions from their tax-exempt net investment income which were paid on June 1, 2007, to shareholders of record on May 15, 2007, as follows: INVESTMENT SELECT QUALITY PREMIER HIGH INCOME QUALITY QUALITY INCOME INCOME OPPORTUNITY (NQM) (NQS) (NQU) (NPF) (NMZ) - --------------------------------------------------------------------------- Dividend per share $.0675 $.0705 $.0635 $.0560 $.0815 =========================================================================== AGREEMENT AND PLAN OF MERGER On June 20, 2007, Nuveen Investments announced that it had entered into a definitive Agreement and Plan of Merger ("Merger Agreement") with an investor group majority-led by Madison Dearborn Partners, LLC. Madison Dearborn Partners, LLC is a private equity investment firm based in Chicago, Illinois. The investor group includes affiliates of Merrill Lynch, Wachovia, Citigroup, Deutsche Bank and Morgan Stanley. It is anticipated that Merrill Lynch and its affiliates will be indirect "affiliated persons" (as that term is defined in the Investment Company Act of 1940) of the Funds. Under the terms of the merger, each outstanding share of Nuveen Investments' common stock (other than dissenting shares) will be converted into the right to receive a specified amount of cash, without interest. The merger is expected to be completed by the end of the year, subject to customary conditions, including obtaining the approval of Nuveen Investments shareholders, obtaining necessary fund and client consents sufficient to satisfy the terms of the Merger Agreement, and expiration of certain regulatory waiting periods. The obligations of Madison Dearborn Partners, LLC to consummate the merger are not conditioned on its obtaining financing. The Merger Agreement includes a "go shop" provision through July 19, 2007 during which Nuveen Investments may actively solicit and negotiate competing takeover proposals. The consummation of the merger will be deemed to be an "assignment" (as defined in the 1940 Act) of the investment management agreement between each Fund and the Adviser, and will result in the automatic termination of each Fund's agreement. Prior to the consummation of the merger, it is anticipated that the Board of Directors/Trustees of each Fund will consider a new investment management agreement with the Adviser. If approved by the Board, the new agreement would be presented to the Fund's shareholders for approval, and, if so approved by shareholders, would take effect upon consummation of the merger. There can be no assurance that the merger described above will be consummated as contemplated or that necessary shareholder approvals will be obtained. 79 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: 2007(a) $15.71 $ .51 $(.17) $(.14) $ -- $ .20 $ (.41) $ -- $ (.41) 2006 15.49 1.05 .42 (.24) (.03) 1.20 (.84) (.14) (.98) 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) SELECT QUALITY (NQS) - ----------------------------------------------------------------------------------------------------------------------------------- Year Ended 10/31: 2007(a) 15.62 .53 (.16) (.14) -- .23 (.42) -- (.42) 2006 15.46 1.07 .23 (.26) -- 1.04 (.88) -- (.88) 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) =================================================================================================================================== 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: 2007(a) $ -- $15.50 $15.69 3.21% 1.25% 2006 -- 15.71 15.60 15.33 8.09 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 SELECT QUALITY (NQS) - ---------------------------------------------------------------------------------- Year Ended 10/31: 2007(a) -- 15.43 16.39 8.79 1.50 2006 -- 15.62 15.47 10.47 6.94 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 ================================================================================== Ratios/Supplemental Data ------------------------------------------------------------------------------------------------------------- Ratios to Average Net Assets Ratios to Average Net Assets Applicable to Common Shares Applicable to Common Shares Before Credit/Reimbursement/Refund After Credit/Reimbursement/Refund*** --------------------------------------- ---------------------------------------- Ending Net Assets Applicable Expenses Expenses Net Expenses Expenses Net Portfolio to Common Including Excluding Investment Including Excluding Investment Turnover Shares (000) Interest++(a) Interest++(a) Income++ Interest++(a) Interest++(a) Income++ Rate - ------------------------------------------------------------------------------------------------------------------------------------ INVESTMENT QUALITY (NQM) - ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 10/31: 2007(a) $ 554,654 1.33%* 1.18%* 6.61%* 1.31%* 1.16%* 6.64%* 3% 2006 561,471 1.20 1.20 6.79 1.17 1.17 6.82 10 2005 553,857 1.20 1.20 6.59 1.18 1.18 6.61 22 2004 574,164 1.20 1.20 6.78 1.20 1.20 6.79 16 2003 559,644 1.22 1.22 7.05 1.22 1.22 7.05 5 2002 558,604 1.21 1.21 7.48 1.21 1.21 7.49 5 SELECT QUALITY (NQS) - ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 10/31: 2007(a) 524,497 1.18* 1.17* 6.92* 1.17* 1.17* 6.92* 1 2006 529,996 1.18 1.18 6.91 1.17 1.17 6.93 5 2005 523,994 1.18 1.18 6.76 1.16 1.16 6.78 4 2004 531,694 1.21 1.21 6.96 1.15 1.15 7.02 4 2003 519,361 1.26 1.26 7.06 1.25 1.25 7.06 9 2002 508,300 1.24 1.24 7.46 1.23 1.23 7.47 19 ==================================================================================================================================== Floating Rate Obligations Preferred Shares at End of Period at End of Period -------------------------------------- --------------------------- Aggregate Liquidation Aggregate Amount and Market Asset Amount Asset Outstanding Value Coverage Outstanding Coverage (000) Per Share Per Share (000) Per $1,000 - -------------------------------------------------------------------------------------------- INVESTMENT QUALITY (NQM) - -------------------------------------------------------------------------------------------- Year Ended 10/31: 2007(a) $301,000 $25,000 $71,068 $26,135 $ 33,740 2006 301,000 25,000 71,634 -- -- 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 -- -- SELECT QUALITY (NQS) - -------------------------------------------------------------------------------------------- Year Ended 10/31: 2007(a) 279,000 25,000 71,998 6,665 121,555 2006 279,000 25,000 72,491 -- -- 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 -- -- ============================================================================================
* 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 six months ended April 30, 2007. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. Spread 80-81 FINANCIAL HIGHLIGHTS (Unaudited) (continued) 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 - ----------------------------------------------------------------------------------------------------------------------------------- QUALITY INCOME (NQU) - ----------------------------------------------------------------------------------------------------------------------------------- Year Ended 10/31: 2007(a) $15.49 $ .50 $(.17) $(.14) $ -- $ .19 $ (.38) $ -- $ (.38) 2006 15.26 1.01 .30 (.26) -- 1.05 (.82) -- (.82) 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) PREMIER INCOME (NPF) - ----------------------------------------------------------------------------------------------------------------------------------- Year Ended 10/31: 2007(a) 15.39 .48 (.12) (.14) -- .22 (.34) -- (.34) 2006 14.90 .94 .51 (.26) -- 1.19 (.70) -- (.70) 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) HIGH INCOME OPPORTUNITY (NMZ) - ----------------------------------------------------------------------------------------------------------------------------------- Year Ended 10/31: 2007(a) 16.00 .60 .02 (.11) --** .51 (.49) --** (.49) 2006 15.36 1.21 .65 (.19) -- 1.67 (1.04) -- (1.04) 2005 14.87 1.22 .54 (.13) (.01) 1.62 (1.07) (.06) (1.13) 2004(b) 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*** - ----------------------------------------------------------------------------------- QUALITY INCOME (NQU) - ----------------------------------------------------------------------------------- Year Ended 10/31: 2007(a) $ -- $15.30 $15.53 8.11% 1.24% 2006 -- 15.49 14.73 8.55 7.07 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 PREMIER INCOME (NPF) - ----------------------------------------------------------------------------------- Year Ended 10/31: 2007(a) -- 15.27 14.12 5.94 1.41 2006 -- 15.39 13.65 5.93 8.20 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 HIGH INCOME OPPORTUNITY (NMZ) - ----------------------------------------------------------------------------------- Year Ended 10/31: 2007(a) -- 16.02 18.17 8.37 3.24 2006 .01 16.00 17.25 14.79 11.34 2005 -- 15.36 15.99 14.35 11.20 2004(b) (.18) 14.87 15.04 6.49 10.38 =================================================================================== Ratios/Supplemental Data ------------------------------------------------------------------------------------------------------------- Ratios to Average Net Assets Ratios to Average Net Assets Applicable to Common Shares Applicable to Common Shares Before Credit/Reimbursement/Refund After Credit/Reimbursement/Refund**** -------------------------------------- ---------------------------------------- Ending Net Assets Applicable Expenses Expenses Net Expenses Expenses Net Portfolio to Common Including Excluding Investment Including Excluding Investment Turnover Shares (000) Interest++(a) Interest++(a) Income++ Interest++(a) Interest++(a) Income++ Rate - ------------------------------------------------------------------------------------------------------------------------------------ QUALITY INCOME (NQU) - ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 10/31: 2007(a) $ 829,083 1.35%* 1.17%* 6.59%* 1.33%* 1.15%* 6.60%* 2% 2006 839,751 1.18 1.18 6.62 1.17 1.17 6.63 11 2005 827,077 1.18 1.18 6.57 1.17 1.17 6.57 6 2004 842,093 1.20 1.20 6.83 1.20 1.20 6.83 6 2003 815,270 1.21 1.21 7.12 1.21 1.21 7.13 9 2002 796,591 1.23 1.23 7.50 1.22 1.22 7.51 32 PREMIER INCOME (NPF) - ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 10/31: 2007(a) 306,724 1.83* 1.19* 6.25* 1.81* 1.17* 6.27* 3 2006 309,140 1.24 1.24 6.27 1.23 1.23 6.28 35 2005 299,423 1.23 1.23 6.16 1.22 1.22 6.17 20 2004 311,991 1.28 1.28 6.57 1.27 1.27 6.58 22 2003 304,048 1.24 1.24 6.91 1.23 1.23 6.91 19 2002 305,958 1.29 1.29 7.66 1.28 1.28 7.67 25 HIGH INCOME OPPORTUNITY (NMZ) - ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 10/31: 2007(a) 373,630 1.42* 1.23* 7.15* .96* .78* 7.60* 5 2006 372,700 1.21 1.21 7.31 .75 .75 7.77 9 2005 357,025 1.20 1.20 7.54 .74 .74 8.00 6 2004(b) 345,023 1.15* 1.15* 6.75* .70* .70* 7.20* 52 ==================================================================================================================================== Floating Rate Obligations Preferred Shares at End of Period at End of Period -------------------------------------- --------------------------- Aggregate Liquidation Aggregate Amount and Market Asset Amount Asset Outstanding Value Coverage Outstanding Coverage (000) Per Share Per Share (000) Per $1,000 - -------------------------------------------------------------------------------------------- QUALITY INCOME (NQU) - -------------------------------------------------------------------------------------------- Year Ended 10/31: 2007(a) $452,000 $25,000 $70,856 $48,875 $ 27,211 2006 452,000 25,000 71,446 -- -- 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 -- -- PREMIER INCOME (NPF) - -------------------------------------------------------------------------------------------- Year Ended 10/31: 2007(a) 165,000 25,000 71,473 53,365 9,840 2006 165,000 25,000 71,839 -- -- 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 -- -- HIGH INCOME OPPORTUNITY (NMZ) - -------------------------------------------------------------------------------------------- Year Ended 10/31: 2007(a) 155,000 25,000 85,263 21,135 26,012 2006 155,000 25,000 85,113 -- -- 2005 155,000 25,000 82,585 -- -- 2004(b) 155,000 25,000 80,649 -- -- ============================================================================================
* Annualized. ** Per share Distributions from Capital Gains to Preferred Shareholders and Capital Gains to Common Shareholders rounds to less than $.01 per share. *** 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 six months ended April 30, 2007. (b) For the period November 19, 2003 (commencement of operations) through October 31, 2004. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. Spread 82-83 Reinvest Automatically EASILY AND CONVENIENTLY NUVEEN MAKES REINVESTING EASY. A PHONE CALL IS ALL IT TAKES TO SET UP YOUR REINVESTMENT ACCOUNT. NUVEEN CLOSED-END FUNDS DIVIDEND REINVESTMENT PLAN Your Nuveen 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 greater of the net asset value or 95% of 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. If the Plan Agent begins purchasing Fund shares on the open market while shares are trading below net asset value, but the Fund's shares subsequently trade at or above their net asset value before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares' net asset value or 95% of the shares' market value on the last business day immediately prior to the purchase date. 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. 84 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. 85 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 the number of years to maturity of the bonds in a Fund's portfolio, computed by weighting each bond's time to maturity (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 unless an escrow account has been established to redeem the bond before maturity. The market value weighting for an investment in an inverse floating rate security is the value of the portfolio's residual interest in the inverse floating rate trust, and does not include the value of the floating rate securities issued by the trust. INVERSE FLOATERS: Inverse floating rate securities are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond's par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an "inverse floater") to an investor (such as a Fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates' holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond's downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond's value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis. 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. 86 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, 2006, 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 For Funds listed on the New York Stock Exchange, each Fund's Chief Executive Officer has submitted to the 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. 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 Carol E. Stone Eugene S. Sunshine FUND MANAGER Nuveen Asset Management 333 West Wacker Drive Chicago, IL 60606 CUSTODIAN State Street Bank & Trust Company Boston, MA TRANSFER AGENT AND SHAREHOLDER SERVICES State Street Bank & Trust Company 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 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. 87 Nuveen Investments: SERVING Investors For GENERATIONS Photo of: Mother and Daughter 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 $166 billion in assets, as of March 31, 2007, 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 six distinct brands: NWQ, specializing in value-style equities; Nuveen, managing fixed-income investments; Santa Barbara, committed to growth equities; Tradewinds, specializing in global value equities; Rittenhouse, focused on "blue-chip" growth equities; and Symphony, with expertise in alternative investments as well as equity and income 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 Learn more o Fund details about Nuveen Funds at WWW.NUVEEN.COM/CEF o Daily financial news o Investor education o Interactive planning tools [LOGO] NUVEEN INVESTMENTS ESA-C-0407D 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. There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board implemented after the registrant last provided disclosure in response to this Item. ITEM 11. CONTROLS AND PROCEDURES. (a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")(17 CFR 240.13a-15(b) or 240.15d-15(b)). (b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 12. EXHIBITS. File the exhibits listed below as part of this Form. (a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing. (a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: Ex-99.CERT attached hereto. (a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable. (b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Ex-99.906 CERT attached hereto. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) Nuveen Investment Quality Municipal Fund, Inc. ----------------------------------------------------------- By (Signature and Title)* /s/ Kevin J. McCarthy ---------------------------------------------- Kevin J. McCarthy Vice President and Secretary Date: July 9, 2007 ------------------------------------------------------------------- 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 9, 2007 ------------------------------------------------------------------- By (Signature and Title)* /s/ Stephen D. Foy ---------------------------------------------- Stephen D. Foy Vice President and Controller (principal financial officer) Date: July 9, 2007 ------------------------------------------------------------------- * 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 9, 2007 /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 9, 2007 /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, 2007 (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 9, 2007 ----------------------- /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-----