-----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, FrrveMhm20oyV0pjkPfv71vpoUGNValxP2FR72DORES8w+7dIGN7qKR64aiZIdaZ 2VFGlXuZRTCJhwoyYmzBaw== 0000891804-09-002341.txt : 20090708 0000891804-09-002341.hdr.sgml : 20090708 20090708153245 ACCESSION NUMBER: 0000891804-09-002341 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20090430 FILED AS OF DATE: 20090708 DATE AS OF CHANGE: 20090708 EFFECTIVENESS DATE: 20090708 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: 09935082 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, 2009 ------------------ 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. LOGO: NUVEEN Investments Closed-End Funds - -------------------------------------------------------------------------------- Nuveen Investments Municipal Closed-End Funds IT'S NOT WHAT YOU EARN, IT'S WHAT YOU KEEP.(R) Semi-Annual Report April 30, 2009 - -------------------------------------------------------------------------------- - ------------------- ------------------- ------------------ ------------------ NUVEEN INVESTMENT NUVEEN SELECT NUVEEN QUALITY NUVEEN PREMIER QUALITY MUNICIPAL QUALITY MUNICIPAL INCOME MUNICIPAL MUNICIPAL INCOME FUND, INC. FUND, INC. FUND, INC. FUND, INC. NQM NQS NQU NPF - ------------------- ------------------- NUVEEN MUNICIPAL NUVEEN MUNICIPAL HIGH INCOME HIGH INCOME OPPORTUNITY FUND OPPORTUNITY FUND 2 NMZ NMD (April 09) LIFE IS COMPLEX. Nuveen makes things e-simple. 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. Free e-Reports right to your e-mail! WWW.INVESTORDELIVERY.COM If you receive your Nuveen Fund dividends and statements from your financial advisor or brokerage account. OR WWW.NUVEEN.COM/ACCOUNTACCESS If you receive your Nuveen Fund dividends and statements directly from Nuveen. LOGO: NUVEEN Investments Chairman's Letter to Shareholders [PHOTO OF ROBERT P. BREMNER] DEAR SHAREHOLDER, The problems in the U.S. financial system and the slowdown in global economic activity continue to create a very difficult environment for the U.S. economy. The administration, the Federal Reserve System and Congress have initiated a variety of programs directed at restoring liquidity to the financial markets, providing financial support for critical financial institutions and stimulating economic activity. There are encouraging signs that these initiatives are beginning to have a constructive impact. It is not possible to predict whether the actions taken to date will be sufficient to restore more normal conditions in the financial markets or enable the economy to stabilize and set a course toward recovery. However, the speed and scope of the government's actions are very encouraging and more importantly, reflect a commitment to act decisively to meet the economic challenges we face. The performance information in the attached report reflects the impact of many forces at work in the equity and fixed income markets. The comments by the portfolio managers describe the strategies being used to pursue your Fund's long-term investment goals. Parts of the financial markets continue to experience serious dislocations and thorough research and strong investment disciplines have never been more important in identifying risks and opportunities. I hope you will read this information carefully. Your Board is particularly sensitive to our shareholders' concerns in these uncertain times. We believe that frequent and thorough communication is essential in this regard and encourage you to visit the Nuveen website: www.nuveen.com, for recent developments in all Nuveen funds. We also encourage you to communicate with your financial consultant for answers to your questions and to seek advice on your long-term investment strategy in the current market environment. Nuveen continues to work on resolving the issues related to the auction rate preferred shares situation, but the unsettled conditions in the credit markets have slowed progress. Nuveen is actively pursuing a number of solutions, all with the goal of providing liquidity for preferred shareholders while preserving the potential benefits of leverage for common shareholders. We appreciate the patience you have shown as we work through the many issues involved. On behalf of myself and the other members of your Fund's Board, we look forward to continuing to earn your trust in the months and years ahead. Sincerely, /s/ Robert P. Bremner Robert P. Bremner Chairman of the Nuveen Fund Board June 19, 2009 Nuveen Investments 3 Portfolio Managers' Comments NUVEEN INVESTMENTS MUNICIPAL CLOSED-END FUNDS NQM, NQS, NQU, NPF, NMZ, NMD Portfolio managers Tom Spalding, Paul Brennan, John Miller and Johnathan Wilhelm review key investment strategies and the six-month performance of these six national Funds. A 33-year veteran of Nuveen, Tom has managed NQS and NQU since 2003. With 20 years of industry experience, including 12 years at Nuveen, Paul assumed portfolio management responsibility for NPF in 2006. John, who has 15 years of municipal market experience, has managed NMZ since its inception in 2003. Johnathan, who came to Nuveen in 2001 with 19 years of industry experience, joined John as co-portfolio manager for NMD in 2007, assuming full portfolio management responsibility for this Fund as well as for NQM in March 2009. WHAT KEY STRATEGIES WERE USED TO MANAGE THE FUNDS DURING THE SIX-MONTH PERIOD ENDED APRIL 30, 2009? During this time, the municipal market remained under pressure from price volatility, reduced liquidity and fundamental economic concerns. After a very difficult start to the period, market conditions began to show signs of improvement in mid-December 2008 and municipal bonds were on an improving trend during the first four months of 2009. In this environment, we continued to focus on finding bonds that offered relative value, while seeking to manage liquidity and invest for the long term. Much of our investment activity during this period was driven by opportunities created by market conditions. We sought to capitalize on this environment by continuing to take a bottom-up approach to finding undervalued sectors and individual credits with the potential to perform well over the long term. This was true in both the new issuance and secondary markets. In the new issuance market, we found bonds with better structures (such as higher coupons or longer call protection) than we have seen in a long time as market conditions required issuers to enhance offerings to make them more attractive to buyers. In the secondary markets, we were able to purchase bonds, especially lower-rated issues, at discounted prices as the result of forced selling by some municipal market participants, particularly in November and December 2008. Although we found some bonds at extremely discounted prices during this period, our emphasis was always on carefully selecting what we believed to be the best bonds available. In general, the bonds we purchased were ones where we were already familiar with the credit being offered or where we were adding to positions or sectors currently held in the portfolio. CERTAIN STATEMENTS IN THIS REPORT ARE FORWARD-LOOKING STATEMENTS. DISCUSSIONS OF SPECIFIC INVESTMENTS ARE FOR ILLUSTRATION ONLY AND ARE NOT INTENDED AS RECOMMENDATIONS OF INDIVIDUAL INVESTMENTS. THE FORWARD-LOOKING STATEMENTS AND OTHER VIEWS EXPRESSED HEREIN ARE THOSE OF THE PORTFOLIO MANAGERS AS OF THE DATE OF THIS REPORT. ACTUAL FUTURE RESULTS OR OCCURRENCES MAY DIFFER SIGNIFICANTLY FROM THOSE ANTICIPATED IN ANY FORWARD-LOOKING STATEMENTS AND THE VIEWS EXPRESSED HEREIN ARE SUBJECT TO CHANGE AT ANY TIME, DUE TO NUMEROUS MARKET AND OTHER FACTORS. THE FUNDS DISCLAIM ANY OBLIGATION TO UPDATE PUBLICLY OR REVISE ANY FORWARD-LOOKING STATEMENTS OR VIEWS EXPRESSED HEREIN. 4 Nuveen Investments Our purchases in NQM, NQS, NQU and NPF during this period generally focused on bonds issued for essential services, including water and sewer, utilities, local public schools and hospitals, as well as state and local general obligation and other tax-backed bonds. In most cases, we sought bonds with longer maturities to take advantage of the spreads offered by the extremely steep yield curve. In NMZ and NMD, we focused on bonds that we believed had the potential to appreciate over time, but that were currently unfavorable in the market due to the overall economic environment and not because of any intrinsic problem with the credits themselves. We were able to purchase these bonds at very attractive prices in areas of the market such as community development districts (CDDs), hospitals, hotel and convention centers and the tobacco sector. Later in the period, NMD took advantage of opportunities to reduce its heavier exposure to health care by selling selected hospital bonds and reinvesting the proceeds in other sectors where we saw better potential, particularly special tax issues or limited tax obligation bonds. Although land-secured offerings have been under pressure due to the housing market slowdown, we used a fundamental approach to find what we believed were the strongest credits-those with good underlying asset values and cashflows--at very attractive prices. Some of the cash for new purchases was generated by bond calls and redemptions. In NQM, NPF, NMZ and NMD, we also monitored the types of credits and bond structures that were attractive to the retail market and methodically took advantage of strong bids to sell selected bonds into relatively consistent retail demand. The bonds we sold tended to have shorter maturities, as these generally offered more liquidity and were in greater demand by retail buyers. NMZ and NMD also sold some economically sensitive issues, including airline bonds. We continued to use inverse floating rate securities(1) in all six Funds. We employed inverse floaters for a variety of reasons, including duration(2) management, income enhancement, and as a form of leverage. NPF, NMZ and NMD also invested in additional types of derivatives(3) intended to help manage duration and common share net asset value (NAV) volatility without having a negative impact on income streams or common share dividends over the short term. As of April 30, 2009, the inverse floaters remained in place in all six Funds. We also continued to use derivatives in NMZ and NMD, while we had removed the derivative positions from NPF. (1) An inverse floating rate security, also known as inverse floaters, 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 reporting period, are further defined within the Notes to Financial Statements and Glossary of Terms Used in this Report sections of this report. (2) 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. (3) Each Fund may invest in derivative instruments such as forwards, futures, options and swap transactions. For additional information on the derivative instruments in which each Fund was invested during and at the end of the reporting period, see the Portfolio of Investments, Financial Statements, and Notes to Financial Statements sections of this report. Nuveen Investments 5 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. AVERAGE ANNUAL TOTAL RETURNS ON COMMON SHARE NET ASSET VALUE* FOR PERIODS ENDED 4/30/09 SIX-MONTH 1-YEAR 5-YEAR 10-YEAR - -------------------------------------------------------------------------------- NQM 12.92% -2.15% 3.18% 4.55% NQS 10.63% -4.89% 2.58% 4.47% NQU 8.75% -3.15% 3.44% 4.61% NPF 14.21% -2.66% 2.66% 4.23% Lipper General Leveraged Municipal Debt Funds Average(4) 9.55% -8.84% 1.64% 3.73% Barclays Capital Municipal Bond Index(5) 8.20% 3.11% 4.11% 4.78% S&P/National Municipal Bond Index(6) 7.73% 1.14% 3.84% 4.61% NMZ 0.73% -27.30% -1.09% N/A NMD(7) 2.12% -28.64% N/A N/A Lipper High-Yield Municipal Debt Funds Average(4) 1.73% -16.83% 0.48% -- Barclays Capital High-Yield Municipal Bond Index(5) -4.20% -17.71% 0.43% -- S&P National High Yield Municipal Bond Index(6) -2.46% -18.80% -0.06% 2.31% - -------------------------------------------------------------------------------- For the six months ended April 30, 2009, the cumulative returns on common share NAV for NQM, NQS and NPF exceeded the average return for the Lipper General Leveraged Municipal Debt Funds Average, while NQU trailed slightly. NQM, NQS and NPF also outperformed the returns on both the Barclays Capital Municipal Bond Index and the Standard & Poor's (S&P) National Municipal Bond Index. For the same period, NMD outperformed both the Lipper High-Yield Municipal Debt Funds Average, Barclays Capital High-Yield Municipal Bond Index and the Standard & Poor's (S&P) National High Yield Municipal Bond Index. * Six-month returns are cumulative; returns for one-year, five-year, and ten-year are annualized. Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. For additional information, see the individual Performance Overview for your Fund in this report. (4) 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: six-months, 54 funds; one-year, 54 funds; five-year, 52 funds; and ten-year, 38 funds. 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-months 15 funds; one-year, 15 funds; five-year, 14 funds; ten-year, 11 funds. Fund and Lipper returns assume reinvestment of dividends. (5) The Barclays Capital (formerly Lehman Brothers) Municipal Bond Index is an unleveraged, unmanaged national index comprising a broad range of investment-grade municipal bonds. The Barclays Capital (formerly 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 Barclays Capital indexes do not reflect any expenses. (6) The Standard & Poor's (S&P) National Municipal Bond Index is an unleveraged, market value-weighted index designed to measure the performance of the U.S. municipal bond market. The S&P National High Yield Municipal Bond Index contains all bonds in the S&P National Municipal Bond Index that are non-rated or whose ratings are BB+ S&P and/or BA-1 Moody's or lower. This index does not contain bonds that pre-refunded or are escrowed to maturity. (7) NMD is an unleveraged Fund; the remaining five Funds in this report are leveraged. 6 Nuveen Investments Key management factors that influenced the Funds' returns during this six-month period included duration and yield curve positioning, the use of derivatives, credit and sector allocations and individual security selection. In addition, the use of leverage was an important factor affecting the Funds' performances over this period. The impact of leverage is discussed in more detail on page 8. Over this period, the municipal bond yield curve remained steep, with longer-term yields significantly higher than shorter-terms yields. Bonds in the Barclays Capital Municipal Bond Index maturing in ten years or more, especially bonds with maturities of approximately 15 years and 22 years and longer, benefited the most from the overall market environment. While NQM and NPF had relatively better overall duration and yield curve positioning than NQS and NQU, all four Funds had significant exposure to the longer part of the yield curve, which benefited their performances. In NMZ and NMD, the benefits of longer durations were offset to a large extent by credit allocation and the use of derivatives. As mentioned earlier, NMZ and NMD, used derivative positions during this period to synthetically reduce duration and move these Funds closer to target level. The derivatives were intended in part to help position the Funds within a targeted range on the yield curve without incurring additional trading activity, or adversely affecting credit quality and yields. During the early part of this period, in these derivative positions performed poorly, detracting from the total return performances of NMZ and NMD for the entire period. In NPF, the derivatives were removed shortly after the beginning of this reporting period and so had no meaningful impact on this Fund's performance. All of the Funds in this report also continued to use inverse floating rate securities. During this period, these instruments generally had a positive impact on the Funds' overall performances, while also helping to support their income streams. Credit quality exposure was also an important factor in the Funds' returns during this period, although the impact of allocations to various credit quality sectors was offset to varying degrees in NQM, NQS, NQU and NPF by other factors, such as duration and yield curve positioning, sector allocation and security selection. In general, risk-averse investors put a priority on higher quality investments causing bonds with higher credit to perform very well. As a result, bonds rated BBB or below and non-rated bonds generally posted poorer returns. With these market conditions, allocation to lower-rated credits was a significant factor in the six-month performances of NMZ and NMD. Overall, conditions in the high-yield market were poor during much of the period due to the earlier flight to quality, lower demand for high-yield securities and wider credit spreads. These factors were the main drivers behind the relatively weak performances of these Funds' holdings of higher-yielding credits. As the market environment started to improve over the last four months of the period, demand for lower-rated bonds began to expand. Nuveen Investments 7 Sectors of the municipal bond market that generally contributed positively to the Funds' returns during this period included housing, water and sewer and education. Overall, general obligation bonds tended to outperform the general municipal market, while health care bonds, which had underperformed for some time, reversed course and generally performed in line with the market over the six months. In particular, the hospital bonds held by NQM and NPF performed well, boosting the returns of these Funds. Holdings that generally detracted from the Funds' performances included industrial development revenue (IDR) and resource recovery bonds, zero coupon bonds did poorly, and lower-rated bonds backed by the 1998 master tobacco settlement agreement, also lagged. Pre-refunded(8) bonds, which had been the top-performing segment of the municipal market for some time, also underperformed. Although backed by U.S. Treasuries, their shorter effective maturities hurt their performances during this period. As of April 30, 2009, NQU and NQS had significantly heavier weightings of pre-refunded bonds. Individual security selection was also a factor in the Funds' returns. NQM, NQS, NQU, NMZ and NMD all were negatively impacted by their holdings of Ambac-insured bonds issued for the Las Vegas monorail project, which links various casinos on the Las Vegas strip. The project has struggled to build ridership and turn a profit, and proposals to extend the monorail to McCarran International Airport remain on hold. IMPACT OF THE FUNDS' CAPITAL STRUCTURES AND LEVERAGE STRATEGIES ON PERFORMANCE In addition to the factors previously discussed, one of the primary reasons for the strong six-month returns was the Funds' use of financial leverage. As mentioned previously, NMD is an unleveraged Fund. This positive contribution to performance stands in sharp contrast to the preceding six-month period, when leverage had a generally detrimental impact on the Funds' returns. This can be seen by comparing the six-month and one-year Fund returns shown on page 6. Financial leverage offers opportunities to generate additional income and total return for common shareholders under a variety of market conditions. However, leverage may work to the common shareholders' disadvantage during periods when bond prices are extraordinarily volatile or in sharp decline. During the six months covered by this report, overall conditions within the municipal bond market were relatively favorable, in contrast to the relatively unfavorable market conditions during the fall of 2008. (8) Pre-refundings, also known as advance 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. 8 Nuveen Investments RECENT DEVELOPMENTS REGARDING BOND INSURANCE COMPANIES Another factor that had an impact on the performance of these Funds was their positions in bonds backed by municipal bond insurers that experienced downgrades in their credit ratings. At the time this report was prepared, there were no bond insurers rated AAA by all three of the major rating agencies (Moody's Investor Service, S&P and Fitch) and at least one rating agency has placed each insurer on "negative credit watch," "credit watch evolving," "credit outlook developing," or "rating withdrawn," which may presage one or more rating reductions in the future. As concern increased about the balance sheets of insurers, prices on insured bonds - especially those bonds issued by weaker underlying credits - declined, detracting from the Funds' performances. By the end of this reporting period, most insured bonds were being valued according to their fundamentals as if they were uninsured. On the whole, the holdings of all of our Funds continued to be well diversified, and it is important to note that municipal bonds historically have had a very low rate of default. RECENT DEVELOPMENTS IN THE AUCTION RATE PREFERRED SECURITIES MARKETS As noted in the previous shareholder reports, beginning in February 2008, more shares were submitted for sale in the regularly scheduled auctions for the auction rate preferred shares issued by these Funds than there were offers to buy. This meant that these auctions "failed to clear," and that many, or all, of the Funds' auction rate preferred shareholders who wanted to sell their shares in these auctions were unable to do so. This decline in liquidity in auction rate preferred shares did not lower the credit quality of these shares, and auction rate preferred shareholders unable to sell their shares received distributions at the "maximum rate" applicable to failed auctions, as calculated in accordance with the pre-established terms of the auction rate preferred shares. These developments generally have not affected the portfolio management or investment policies of these Funds. However, one continuing implication for common shareholders of these auction failures is that the Funds' cost of leverage will likely be higher, at least temporarily, than it otherwise would have been had the auctions continued to be successful. As a result, the Funds' future common share earnings may be lower than they otherwise might have been. As previously reported, the Funds' Board of Directors/Trustees authorized a plan to use tender option bonds (TOBs), also known as floating rate securities, to refinance a portion of the Funds' outstanding auction rate preferred shares. As of April 30, 2009, the amount of auction rate preferred securities redeemed by the Funds are as shown in the accompanying table. As noted previously, NMD is an unleveraged Fund. Nuveen Investments 9 % OF AUCTION RATE ORIGINAL PREFERRED AUCTION RATE SHARES PREFERRED FUND REDEEMED SHARES - -------------------------------------------------------------------------------- NQM $ 90,300,000 30.0% NQS $ 21,075,000 7.6% NQU $ 48,400,000 10.7% NPF $ 38,150,000 23.1% NMZ $ 60,000,000 38.7% - -------------------------------------------------------------------------------- While the Funds' Board of Directors/Trustees and management continue to work to resolve this situation, the Funds cannot provide any assurance on when the remaining outstanding auction rate preferred shares might be redeemed. As of April 30, 2009, sixty-seven Nuveen closed-end municipal funds have redeemed and/or noticed for redemption at par a portion of their outstanding auction rate preferred shares. These redemptions bring the total amount of Nuveen's municipal closed-end funds' auction rate preferred share redemptions to approximately $2.1 billion of the original $11 billion outstanding. For up-to-date information, please visit the Nuveen CEF Auction Rate Preferred Resource Center at: http://www.nuveen.com/ResourceCenter/AuctionRatePreferred.aspx. 10 Nuveen Investments Common Share Dividend and Share Price Information During the six-month period ended April 30, 2009, NQU and NPF each had one monthly dividend increase, while the dividends of NQM, NQS, NMZ and NMD remained stable throughout the period. As a result of normal portfolio activity, common shareholders of the following Funds received capital gains and/or net ordinary income distributions at the end of December 2008 as follows: SHORT-TERM CAPITAL GAINS AND/OR LONG-TERM ORDINARY CAPITAL GAINS INCOME (PER SHARE) (PER SHARE) - -------------------------------------------------------------------------------- NQM $ 0.0299 $ 0.0021 NMZ -- $ 0.0391 - -------------------------------------------------------------------------------- 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, 2009, all six of the Funds in this report had positive UNII balances, based on our best estimate, for tax purposes and positive UNII balances for financial statement purposes. COMMON SHARE REPURCHASES AND SHARE PRICE INFORMATION The Funds' Board of Directors/Trustees approved an open-market share repurchase program on July 10, 2007, for NPF and on July 30, 2008, for NQM, NQS, NQU, NMZ and NMD under which each Fund may repurchase an aggregate of up to 10% of its outstanding common shares. Since the inception of this program, NQM, NQS, NQU, NMZ and NMD have not repurchased any of their outstanding common shares. Nuveen Investments 11 As of April 30, 2009, NPF repurchased common shares as shown in the accompanying table. COMMON SHARES % OF OUTSTANDING FUND REPURCHASED COMMON SHARES - -------------------------------------------------------------------------------- NPF 202,500 1.0% - -------------------------------------------------------------------------------- During the six-month reporting period, NPF's common shares were repurchased at a weighted average price and a weighted average discount per common share as shown in the accompanying table. WEIGHTED AVERAGE WEIGHTED AVERAGE PRICE PER SHARE DISCOUNT PER SHARE FUND REPURCHASED REPURCHASED - -------------------------------------------------------------------------------- NPF $ 10.51 17.21% - -------------------------------------------------------------------------------- SHELF EQUITY PROGRAM On April 1, 2009, a registration statement filed with the Securities and Exchange Commission by NMZ became effective. This registration statement enables the Fund to issue up to 1,900,000 additional shares of common stock through an ongoing shelf offering. Under this equity shelf program, the Fund, subject to market conditions, may raise additional equity capital from time to time in varying amounts and offering methods at a net price at or above the Fund's NAV per common share. During the period ended April 30, 2009, NMZ cumulatively issued 58,508 shares at an average price of $9.98 and an average premium to NAV of 13.60% per common share. On May 29, 2009, NMD filed with the Securities and Exchange Commission a registration statement seeking to register additional shares of common stock. This registration statement, if declared effective by the SEC, would enable the Fund to issue to the public additional common shares in an amount up to ten percent of the Fund's currently issued and outstanding common shares through an ongoing shelf offering. Under this equity shelf program, the Fund, subject to market conditions, may raise additional equity capital from time to time in varying amounts and offering methods at a net price at or above the Fund's NAV per common share. As of April 30, 2009, the Funds' common share prices were trading at premiums or discounts to their common share NAVs as shown in the accompanying table. 4/30/09 SIX-MONTH AVERAGE +PREMIUM/-DISCOUNT +PREMIUM/-DISCOUNT - -------------------------------------------------------------------------------- NQM -7.66% -10.64% NQS -4.98% -8.93% NQU -5.15% -9.85% NPF -9.48% -14.01% NMZ +13.18% +12.25% NMD +11.36% +10.67% - -------------------------------------------------------------------------------- 12 Nuveen Investments NQM Performance OVERVIEW | Nuveen Investment Quality Municipal Fund, Inc. as of April 30, 2009 Credit Quality (as a % of total investments)(1) [PIE CHART] AAA/U.S. Guaranteed 44% AA 30% A 15% BBB 9% N/R 2% 2008-2009 Monthly Tax-Free Dividends Per Common Share(3) [BAR CHART] May $ 0.0645 Jun 0.0625 Jul 0.0625 Aug 0.0625 Sep 0.0625 Oct 0.0625 Nov 0.0625 Dec 0.0625 Jan 0.0625 Feb 0.0625 Mar 0.0625 Apr 0.0625 Common Share Price Performance -- Weekly Closing Price [LINE CHART] 5/01/08 $ 13.77 13.86 13.91 13.96 13.82 13.77 13.77 13.49 13.23 13.15 13.21 13.01 12.74 12.77 12.94 12.91 12.9 12.82 12.94 12.89 12.67 12.1 11.3 11 8.19 9.9 10.69 10.64 11.65 10.95 9.56 10.8799 10.45 9.33 9.96 9.89 10.91 11.85 12 11.9 12.15 12.27 12.17 10.8 11.73 11.25 11.62 11.64 11.89 11.98 11.95 12.04 12.2 4/30/09 12.3 FUND SNAPSHOT - -------------------------------------------------------------------------------- Common Share Price $ 12.30 - -------------------------------------------------------------------------------- Common Share Net Asset Value $ 13.32 - -------------------------------------------------------------------------------- Premium/(Discount) to NAV -7.66% - -------------------------------------------------------------------------------- Market Yield 6.10% - -------------------------------------------------------------------------------- Taxable-Equivalent Yield(2) 8.47% - -------------------------------------------------------------------------------- Net Assets Applicable to Common Shares ($000) $ 477,162 - -------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 13.41 - -------------------------------------------------------------------------------- Leverage-Adjusted Duration 11.99 - -------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 6/21/90) - -------------------------------------------------------------------------------- ON SHARE PRICE ON NAV - -------------------------------------------------------------------------------- 6-Month (Cumulative) 19.76% 12.92% - -------------------------------------------------------------------------------- 1-Year -4.23% -2.15% - -------------------------------------------------------------------------------- 5-Year 3.83% 3.18% - -------------------------------------------------------------------------------- 10-Year 4.01% 4.55% - -------------------------------------------------------------------------------- STATES (as a % of total investments) - -------------------------------------------------------------------------------- California 12.5% - -------------------------------------------------------------------------------- New York 10.2% - -------------------------------------------------------------------------------- Texas 9.8% - -------------------------------------------------------------------------------- Illinois 6.4% - -------------------------------------------------------------------------------- Minnesota 5.6% - -------------------------------------------------------------------------------- District of Columbia 4.7% - -------------------------------------------------------------------------------- Florida 4.3% - -------------------------------------------------------------------------------- Washington 4.0% - -------------------------------------------------------------------------------- Georgia 3.1% - -------------------------------------------------------------------------------- Michigan 2.7% - -------------------------------------------------------------------------------- Wisconsin 2.5% - -------------------------------------------------------------------------------- Nevada 2.4% - -------------------------------------------------------------------------------- Colorado 2.4% - -------------------------------------------------------------------------------- Pennsylvania 2.3% - -------------------------------------------------------------------------------- Indiana 2.2% - -------------------------------------------------------------------------------- Massachusetts 2.2% - -------------------------------------------------------------------------------- Tennessee 1.8% - -------------------------------------------------------------------------------- South Carolina 1.7% - -------------------------------------------------------------------------------- Other 19.2% - -------------------------------------------------------------------------------- INDUSTRIES (as a % of total investments) - -------------------------------------------------------------------------------- U.S. Guaranteed 25.4% - -------------------------------------------------------------------------------- Health Care 13.8% - -------------------------------------------------------------------------------- Tax Obligation/Limited 13.4% - -------------------------------------------------------------------------------- Tax Obligation/General 11.0% - -------------------------------------------------------------------------------- Transportation 10.7% - -------------------------------------------------------------------------------- Water and Sewer 7.6% - -------------------------------------------------------------------------------- Utilities 6.0% - -------------------------------------------------------------------------------- Education and Civic Organizations 5.0% - -------------------------------------------------------------------------------- Other 7.1% - -------------------------------------------------------------------------------- (1) The percentages shown in the foregoing chart may reflect the ratings on certain bonds whose insurer has experienced downgrades. Please see the Portfolio Managers' Commentary for an expanded discussion of the affect on the Fund of changes to the ratings of certain bonds in the portfolio resulting from changes to the ratings of the underlying insurers both during the period and after period end. (2) 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. (3) The Fund paid shareholders capital gains and net ordinary income distributions in December 2008 of $0.0320 per share. Nuveen Investments 13 NQS Performance OVERVIEW | Nuveen Select Quality Municipal Fund, Inc. as of April 30, 2009 FUND SNAPSHOT - -------------------------------------------------------------------------------- Common Share Price $ 12.22 - -------------------------------------------------------------------------------- Common Share Net Asset Value $ 12.86 - -------------------------------------------------------------------------------- Premium/(Discount) to NAV -4.98% - -------------------------------------------------------------------------------- Market Yield 6.58% - -------------------------------------------------------------------------------- Taxable-Equivalent Yield(2) 9.14% - -------------------------------------------------------------------------------- Net Assets Applicable to Common Shares ($000) $ 437,514 - -------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 13.23 - -------------------------------------------------------------------------------- Leverage-Adjusted Duration 11.75 - -------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 3/21/91) - -------------------------------------------------------------------------------- ON SHARE PRICE ON NAV - -------------------------------------------------------------------------------- 6-Month (Cumulative) 15.22% 10.63% - -------------------------------------------------------------------------------- 1-Year -8.35% -4.89% - -------------------------------------------------------------------------------- 5-Year 3.74% 2.58% - -------------------------------------------------------------------------------- 10-Year 4.17% 4.47% - -------------------------------------------------------------------------------- STATES (as a % of total investments) - -------------------------------------------------------------------------------- Illinois 9.6% - -------------------------------------------------------------------------------- Texas 9.0% - -------------------------------------------------------------------------------- Colorado 8.2% - -------------------------------------------------------------------------------- New York 6.6% - -------------------------------------------------------------------------------- South Carolina 5.5% - -------------------------------------------------------------------------------- Michigan 5.3% - -------------------------------------------------------------------------------- New Jersey 5.2% - -------------------------------------------------------------------------------- Tennessee 4.5% - -------------------------------------------------------------------------------- Nevada 4.0% - -------------------------------------------------------------------------------- Ohio 3.3% - -------------------------------------------------------------------------------- New Mexico 3.3% - -------------------------------------------------------------------------------- California 3.0% - -------------------------------------------------------------------------------- North Carolina 3.0% - -------------------------------------------------------------------------------- Utah 2.8% - -------------------------------------------------------------------------------- Washington 2.4% - -------------------------------------------------------------------------------- Florida 2.4% - -------------------------------------------------------------------------------- Indiana 2.0% - -------------------------------------------------------------------------------- Other 19.9% - -------------------------------------------------------------------------------- INDUSTRIES (as a % of total investments) - -------------------------------------------------------------------------------- U.S. Guaranteed 35.9% - -------------------------------------------------------------------------------- Utilities 13.6% - -------------------------------------------------------------------------------- Health Care 12.9% - -------------------------------------------------------------------------------- Transportation 11.1% - -------------------------------------------------------------------------------- Tax Obligation/General 7.9% - -------------------------------------------------------------------------------- Tax Obligation/Limited 7.6% - -------------------------------------------------------------------------------- Other 11.0% - -------------------------------------------------------------------------------- Credit Quality (as a % of total investments)(1) [PIE CHART] AAA/U.S. Guaranteed 48% AA 22% A 15% BBB 12% BB or Lower 2% N/R 1% 2008-2009 Monthly Tax-Free Dividends Per Common Share [BAR CHART] May $ 0.067 Jun 0.067 Jul 0.067 Aug 0.067 Sep 0.067 Oct 0.067 Nov 0.067 Dec 0.067 Jan 0.067 Feb 0.067 Mar 0.067 Apr 0.067 Common Share Price Performance -- Weekly Closing Price [LINE CHART] 5/01/08 $ 14.2 14.19 14.37 14.29 14.32 14.26 14.26 13.7 13.64 13.77 13.8899 13.61 13.22 13.18 13.3 13.27 13.16 13.15 13.33 13.28 12.98 12.5 11.67 11.51 8.09 9.92 10.99 10.99 11.755 11.16 9.39 10.36 9.34 9.2 10.3 10.01 10.7201 11.75 12 11.6656 11.98 12.4 12.26 10.82 11.38 10.96 11.38 11.61 11.59 11.54 11.5 11.75 11.78 4/30/09 12.22 (1) The percentages shown in the foregoing chart may reflect the ratings on certain bonds whose insurer has experienced downgrades. Please see the Portfolio Managers' Commentary for an expanded discussion of the affect on the Fund of changes to the ratings of certain bonds in the portfolio resulting from changes to the ratings of the underlying insurers both during the period and after period end. (2) 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 Investments NQU Performance OVERVIEW | Nuveen Quality Income Municipal Fund, Inc. as of April 30, 2009 Credit Quality (as a % of total investments)(1) [PIE CHART] AAA/U.S. Guaranteed 56% AA 25% A 11% BBB 6% BB or Lower 1% N/R 1% 2008-2009 Monthly Tax-Free Dividends Per Common Share [BAR CHART] May $ 0.0605 Jun 0.0605 Jul 0.0605 Aug 0.0605 Sep 0.063 Oct 0.063 Nov 0.063 Dec 0.063 Jan 0.063 Feb 0.063 Mar 0.065 Apr 0.065 Common Share Price Performance -- Weekly Closing Price [LINE CHART] 5/01/08 $ 13.49 13.52 13.57 13.7 13.91 13.94 13.87 13.45 13.16 13.02 13.21 13.11 12.9 13.05 13.18 13.23 13.02 12.88 13.04 13.05 12.75 12.38 11.51 11.27 8.5 10.14 11.59 11.67 11.7 11.74 10.45 11 10.38 9.47 10.44 10.57 11.87 12.26 12.04 12.1 12.21 12.6299 12.43 11.27 11.97 11.54 11.88 11.98 12.18 12.02 12.23 12.3 12.54 4/30/09 12.7 FUND SNAPSHOT - -------------------------------------------------------------------------------- Common Share Price $ 12.70 - -------------------------------------------------------------------------------- Common Share Net Asset Value $ 13.39 - -------------------------------------------------------------------------------- Premium/(Discount) to NAV -5.15% - -------------------------------------------------------------------------------- Market Yield 6.14% - -------------------------------------------------------------------------------- Taxable-Equivalent Yield(2) 8.53% - -------------------------------------------------------------------------------- Net Assets Applicable to Common Shares ($000) $ 726,118 - -------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 13.11 - -------------------------------------------------------------------------------- Leverage-Adjusted Duration 10.94 - -------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 6/19/91) - -------------------------------------------------------------------------------- ON SHARE PRICE ON NAV - -------------------------------------------------------------------------------- 6-Month (Cumulative) 12.39% 8.75% - -------------------------------------------------------------------------------- 1-Year 0.26% -3.15% - -------------------------------------------------------------------------------- 5-Year 4.61% 3.44% - -------------------------------------------------------------------------------- 10-Year 3.81% 4.61% - -------------------------------------------------------------------------------- STATES (as a % of total investments) - -------------------------------------------------------------------------------- New York 11.5% - -------------------------------------------------------------------------------- Texas 10.3% - -------------------------------------------------------------------------------- Illinois 9.6% - -------------------------------------------------------------------------------- California 8.1% - -------------------------------------------------------------------------------- Washington 6.6% - -------------------------------------------------------------------------------- South Carolina 5.4% - -------------------------------------------------------------------------------- Massachusetts 5.1% - -------------------------------------------------------------------------------- Nevada 3.6% - -------------------------------------------------------------------------------- Ohio 3.5% - -------------------------------------------------------------------------------- New Jersey 3.4% - -------------------------------------------------------------------------------- Colorado 3.2% - -------------------------------------------------------------------------------- Puerto Rico 2.7% - -------------------------------------------------------------------------------- Oklahoma 2.4% - -------------------------------------------------------------------------------- Pennsylvania 2.3% - -------------------------------------------------------------------------------- Louisiana 2.3% - -------------------------------------------------------------------------------- Alabama 1.9% - -------------------------------------------------------------------------------- Other 18.1% - -------------------------------------------------------------------------------- INDUSTRIES (as a % of total investments) - -------------------------------------------------------------------------------- U.S. Guaranteed 39.0% - -------------------------------------------------------------------------------- Tax Obligation/General 15.9% - -------------------------------------------------------------------------------- Transportation 11.0% - -------------------------------------------------------------------------------- Utilities 10.1% - -------------------------------------------------------------------------------- Health Care 7.9% - -------------------------------------------------------------------------------- Tax Obligation/Limited 5.4% - -------------------------------------------------------------------------------- Other 10.7% - -------------------------------------------------------------------------------- (1) The percentages shown in the foregoing chart may reflect the ratings on certain bonds whose insurer has experienced downgrades. Please see the Portfolio Managers' Commentary for an expanded discussion of the affect on the Fund of changes to the ratings of certain bonds in the portfolio resulting from changes to the ratings of the underlying insurers both during the period and after period end. (2) 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. Nuveen Investments 15 NPF Performance OVERVIEW | Nuveen Premier Municipal Income Fund, Inc. as of April 30, 2009 FUND SNAPSHOT - -------------------------------------------------------------------------------- Common Share Price $ 11.74 - -------------------------------------------------------------------------------- Common Share Net Asset Value $ 12.97 - -------------------------------------------------------------------------------- Premium/(Discount) to NAV -9.48% - -------------------------------------------------------------------------------- Market Yield 6.03% - -------------------------------------------------------------------------------- Taxable-Equivalent Yield(2) 8.38% - -------------------------------------------------------------------------------- Net Assets Applicable to Common Shares ($000) $ 257,869 - -------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 13.91 - -------------------------------------------------------------------------------- Leverage-Adjusted Duration 12.38 - -------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 12/19/91) - -------------------------------------------------------------------------------- ON SHARE PRICE ON NAV - -------------------------------------------------------------------------------- 6-Month (Cumulative) 20.36% 14.21% - -------------------------------------------------------------------------------- 1-Year -2.96% -2.66% - -------------------------------------------------------------------------------- 5-Year 2.93% 2.66% - -------------------------------------------------------------------------------- 10-Year 3.18% 4.23% - -------------------------------------------------------------------------------- STATES (as a % of total investments) - -------------------------------------------------------------------------------- California 12.9% - -------------------------------------------------------------------------------- New York 12.4% - -------------------------------------------------------------------------------- Illinois 6.9% - -------------------------------------------------------------------------------- Washington 5.1% - -------------------------------------------------------------------------------- Arizona 5.0% - -------------------------------------------------------------------------------- South Carolina 4.9% - -------------------------------------------------------------------------------- Texas 4.9% - -------------------------------------------------------------------------------- Colorado 4.6% - -------------------------------------------------------------------------------- Wisconsin 4.0% - -------------------------------------------------------------------------------- Louisiana 3.8% - -------------------------------------------------------------------------------- New Jersey 3.6% - -------------------------------------------------------------------------------- Minnesota 2.9% - -------------------------------------------------------------------------------- Georgia 2.9% - -------------------------------------------------------------------------------- North Carolina 2.6% - -------------------------------------------------------------------------------- Michigan 2.4% - -------------------------------------------------------------------------------- Indiana 1.8% - -------------------------------------------------------------------------------- Other 19.3% - -------------------------------------------------------------------------------- INDUSTRIES (as a % of total investments) - -------------------------------------------------------------------------------- Tax Obligation/Limited 16.8% - -------------------------------------------------------------------------------- Utilities 15.7% - -------------------------------------------------------------------------------- U.S. Guaranteed 15.1% - -------------------------------------------------------------------------------- Health Care 12.7% - -------------------------------------------------------------------------------- Tax Obligation/General 9.9% - -------------------------------------------------------------------------------- Transportation 9.0% - -------------------------------------------------------------------------------- Water and Sewer 6.2% - -------------------------------------------------------------------------------- Other 14.6% - -------------------------------------------------------------------------------- Credit Quality (as a % of total investments)(1) [PIE CHART] AAA/U.S. Guaranteed 28% AA 47% A 12% BBB 12% N/R 1% 2008-2009 Monthly Tax-Free Dividends Per Common Share [BAR CHART] May $ 0.056 Jun 0.056 Jul 0.056 Aug 0.056 Sep 0.0575 Oct 0.0575 Nov 0.0575 Dec 0.0575 Jan 0.0575 Feb 0.0575 Mar 0.059 Apr 0.059 Common Share Price Performance -- Weekly Closing Price [LINE CHART] 5/01/08 $ 12.88 12.94 12.93 12.92 12.89 12.96 12.9 12.63 12.36 12.28 12.4 12.33 12.08 11.99 12.04 12.06 12.08 11.99 12.04 12.13 11.97 11.35 10.47 10.33 7.34 8.92 10.22 10.07 10.72 10.22 9.15 9.46 8.63 8.24 9.18 9.61 10.34 11.1286 11.49 11.22 11.18 11.74 11.56 10.6341 11.09 10.486 10.86 10.96 11.17 11.3399 11.23 11.44 11.61 4/30/09 11.74 (1) The percentages shown in the foregoing chart may reflect the ratings on certain bonds whose insurer has experienced downgrades. Please see the Portfolio Managers' Commentary for an expanded discussion of the affect on the Fund of changes to the ratings of certain bonds in the portfolio resulting from changes to the ratings of the underlying insurers both during the period and after period end. (2) 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. 16 Nuveen Investments NMZ Performance OVERVIEW | Nuveen Municipal High Income Opportunity Fund as of April 30, 2009 Credit Quality (as a % of total investments)(1,2) [PIE CHART] AAA/U.S. Guaranteed 9% AA 6% A 12% BBB 19% BB or Lower 10% N/R 44% 2008-2009 Monthly Tax-Free Dividends Per Common Share(4) [BAR CHART] May $ 0.0815 Jun 0.0815 Jul 0.0815 Aug 0.0815 Sep 0.0835 Oct 0.0835 Nov 0.0835 Dec 0.0835 Jan 0.0835 Feb 0.0835 Mar 0.0835 Apr 0.0835 Common Share Price Performance -- Weekly Closing Price [LINE CHART] 5/01/08 $ 15.5 15.44 15.384 15.54 15.5399 15.56 15.41 15.239 14.85 15.15 15.17 15.16 14.73 14.86 14.94 14.74 14.31 14.416 14.47 14.5 14.4 14.17 12.65 11.85 7.04 9.92 10.673 11.02 11.25 9.97 8.17 9.27 8.1399 7.37 7.83 8.17 9.15 10.3348 9.95 10.57 10.44 10.36 10.15 10.0399 10.1875 8.86 9.46 9.91 10.3 10.37 10.13 9.7 10.1 4/30/09 10.22 FUND SNAPSHOT - -------------------------------------------------------------------------------- Common Share Price $ 10.22 - -------------------------------------------------------------------------------- Common Share Net Asset Value $ 9.03 - -------------------------------------------------------------------------------- Premium/(Discount) to NAV 13.18% - -------------------------------------------------------------------------------- Market Yield 9.80% - -------------------------------------------------------------------------------- Taxable-Equivalent Yield(3) 13.61% - -------------------------------------------------------------------------------- Net Assets Applicable to Common Shares ($000) $ 216,444 - -------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 22.50 - -------------------------------------------------------------------------------- Leverage-Adjusted Duration 17.12 - -------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 11/19/03) - -------------------------------------------------------------------------------- ON SHARE PRICE ON NAV - -------------------------------------------------------------------------------- 6-Month (Cumulative) -1.71% 0.73% - -------------------------------------------------------------------------------- 1-Year -27.42% -27.30% - -------------------------------------------------------------------------------- 5-Year 0.90% -1.09% - -------------------------------------------------------------------------------- Since Inception 0.12% -0.99% - -------------------------------------------------------------------------------- STATES (as a % of total investments)(2) - -------------------------------------------------------------------------------- Florida 9.5% - -------------------------------------------------------------------------------- Indiana 8.5% - -------------------------------------------------------------------------------- Wisconsin 8.1% - -------------------------------------------------------------------------------- California 7.8% - -------------------------------------------------------------------------------- Texas 7.2% - -------------------------------------------------------------------------------- Illinois 5.8% - -------------------------------------------------------------------------------- Colorado 4.9% - -------------------------------------------------------------------------------- Louisiana 4.4% - -------------------------------------------------------------------------------- Arizona 4.1% - -------------------------------------------------------------------------------- Ohio 3.9% - -------------------------------------------------------------------------------- Washington 3.6% - -------------------------------------------------------------------------------- Nebraska 3.0% - -------------------------------------------------------------------------------- Michigan 2.9% - -------------------------------------------------------------------------------- North Carolina 2.4% - -------------------------------------------------------------------------------- Tennessee 2.2% - -------------------------------------------------------------------------------- Missouri 2.1% - -------------------------------------------------------------------------------- Other 19.6% - -------------------------------------------------------------------------------- INDUSTRIES (as a % of total investments)(2) - -------------------------------------------------------------------------------- Health Care 28.4% - -------------------------------------------------------------------------------- Tax Obligation/Limited 19.0% - -------------------------------------------------------------------------------- Housing/Multifamily 7.6% - -------------------------------------------------------------------------------- Education and Civic Organizations 7.5% - -------------------------------------------------------------------------------- Water and Sewer 6.5% - -------------------------------------------------------------------------------- Transportation 5.7% - -------------------------------------------------------------------------------- Industrials 5.3% - -------------------------------------------------------------------------------- Utilities 4.6% - -------------------------------------------------------------------------------- Materials 4.3% - -------------------------------------------------------------------------------- Other 11.1% - -------------------------------------------------------------------------------- (1) The percentages shown in the foregoing chart may reflect the ratings on certain bonds whose insurer has experienced downgrades. Please see the Portfolio Managers' Commentary for an expanded discussion of the affect on the Fund of changes to the ratings of certain bonds in the portfolio resulting from changes to the ratings of the underlying insurers both during the period and after period end. (2) Excluding investments in derivatives. (3) 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. (4) The Fund paid shareholders a net ordinary income distribution in December 2008 of $0.0391 per share. Nuveen Investments 17 NMD Performance OVERVIEW | Nuveen Municipal High Income Opportunity Fund 2 as of April 30, 2009 FUND SNAPSHOT - -------------------------------------------------------------------------------- Common Share Price $ 9.80 - -------------------------------------------------------------------------------- Common Share Net Asset Value $ 8.80 - -------------------------------------------------------------------------------- Premium/(Discount) to NAV 11.36% - -------------------------------------------------------------------------------- Market Yield 9.80% - -------------------------------------------------------------------------------- Taxable-Equivalent Yield(3) 13.61% - -------------------------------------------------------------------------------- Net Assets Applicable to Common Shares ($000) $ 140,404 - -------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 26.44 - -------------------------------------------------------------------------------- Modified Duration 13.52 - -------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 11/15/07) - -------------------------------------------------------------------------------- ON SHARE PRICE ON NAV - -------------------------------------------------------------------------------- 6-Month (Cumulative) 3.12% 2.12% - -------------------------------------------------------------------------------- 1-Year -26.01% -28.64% - -------------------------------------------------------------------------------- Since Inception -19.09% -22.26% - -------------------------------------------------------------------------------- STATES (as a % of total investments)(2) - -------------------------------------------------------------------------------- Florida 14.4% - -------------------------------------------------------------------------------- California 12.8% - -------------------------------------------------------------------------------- Texas 11.0% - -------------------------------------------------------------------------------- Colorado 7.9% - -------------------------------------------------------------------------------- Illinois 5.9% - -------------------------------------------------------------------------------- Arizona 5.8% - -------------------------------------------------------------------------------- Louisiana 4.8% - -------------------------------------------------------------------------------- Washington 4.3% - -------------------------------------------------------------------------------- New Jersey 4.0% - -------------------------------------------------------------------------------- North Carolina 3.3% - -------------------------------------------------------------------------------- Ohio 3.1% - -------------------------------------------------------------------------------- Utah 3.1% - -------------------------------------------------------------------------------- Other 19.6% - -------------------------------------------------------------------------------- INDUSTRIES (as a % of total investments)(2) - -------------------------------------------------------------------------------- Health Care 25.3% - -------------------------------------------------------------------------------- Tax Obligation/Limited 21.9% - -------------------------------------------------------------------------------- Education and Civic Organizations 14.5% - -------------------------------------------------------------------------------- Transportation 6.6% - -------------------------------------------------------------------------------- Consumer Discretionary 6.2% - -------------------------------------------------------------------------------- Utilities 5.8% - -------------------------------------------------------------------------------- Industrials 4.9% - -------------------------------------------------------------------------------- Other 14.8% - -------------------------------------------------------------------------------- CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(1,2) [PIE CHART] AA 12% A 16% BBB 22% BB or Lower 12% N/R 38% 2008-2009 Monthly Tax-Free Dividends Per Common Share [BAR CHART] May $ 0.0785 Jun 0.0785 Jul 0.0785 Aug 0.0785 Sep 0.08 Oct 0.08 Nov 0.08 Dec 0.08 Jan 0.08 Feb 0.08 Mar 0.08 Apr 0.08 Common Share Price Performance -- Weekly Closing Price [LINE CHART] 5/01/08 $ 14.7499 14.71 14.65 14.63 14.51 14.62 14.47 14.34 13.97 13.77 13.8 13.71 13.44 13.35 13.43 13.48 13.52 13.44 13.44 13.59 13.4 12.4 11.34 11.47 7.1 9.85 10.14 10.04 10.25 9.91 8.2 8.95 8.11 7.12 7.7606 8.28 8 9.9886 10.28 10.11 9.36 10.13 9.9 9.38 9.49 8.3388 9.02 9.02 9.42 9.99 9.85 9.28 9.47 4/30/09 9.8 (1) The percentages shown in the foregoing chart may reflect the ratings on certain bonds whose insurer has experienced downgrades. Please see the Portfolio Managers' Commentary for an expanded discussion of the affect on the Fund of changes to the ratings of certain bonds in the portfolio resulting from changes to the ratings of the underlying insurers both during the period and after period end. (2) Excluding investments in derivatives. (3) 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. 18 Nuveen Investments NQM | Nuveen Investment Quality Municipal Fund, Inc. | Portfolio of INVESTMENTS April 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ ALABAMA - 1.3% (0.8% OF TOTAL INVESTMENTS) $ 3,800 Alabama Special Care Facilities Financing Authority, Revenue 11/16 at 100.00 AA $ 3,700,250 Bonds, Ascension Health, Series 2006C-2, 5.000%, 11/15/36 (UB) 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 927,372 800 5.000%, 11/15/30 11/15 at 100.00 Baa1 512,680 1,650 Courtland Industrial Development Board, Alabama, Pollution 6/15 at 100.00 BBB 1,151,337 Control Revenue Bonds, International Paper Company, Series 2005A, 5.000%, 6/01/25 - ------------------------------------------------------------------------------------------------------------------------------------ 7,450 Total Alabama 6,291,639 - ------------------------------------------------------------------------------------------------------------------------------------ ALASKA - 1.6% (1.0% OF TOTAL INVESTMENTS) 4,000 Northern Tobacco Securitization Corporation, Alaska, Tobacco 6/10 at 100.00 AAA 4,253,640 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: 4,000 5.000%, 6/01/32 6/14 at 100.00 Baa3 2,399,960 1,500 5.000%, 6/01/46 6/14 at 100.00 Baa3 785,490 - ------------------------------------------------------------------------------------------------------------------------------------ 9,500 Total Alaska 7,439,090 - ------------------------------------------------------------------------------------------------------------------------------------ ARIZONA - 1.8% (1.1% 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 176,254 265 5.250%, 12/01/25 12/15 at 100.00 BBB 231,907 2,500 Mesa, Arizona, Utility System Revenue Bonds, Reset Option 7/17 at 100.00 AAA 1,531,300 Longs, Series 11032- 11034, 10.519%, 7/01/31 - FSA Insured (IF) 5,000 Phoenix, Arizona, Civic Improvement Corporation, Senior Lien 7/18 at 100.00 AA- 4,863,700 Airport Revenue Bonds, Series 2008, Trust 1132, 9.117%, 7/01/38 (IF) 2,450 Salt Verde Financial Corporation, Arizona, Senior Gas No Opt. Call A 1,660,831 Revenue Bonds, Series 2007, 5.000%, 12/01/37 - ------------------------------------------------------------------------------------------------------------------------------------ 10,415 Total Arizona 8,463,992 - ------------------------------------------------------------------------------------------------------------------------------------ ARKANSAS - 1.6% (1.0% OF TOTAL INVESTMENTS) University of Arkansas, Pine Bluff Campus, Revenue Bonds, Series 2005A: 3,290 5.000%, 12/01/30 - AMBAC Insured 12/15 at 100.00 Aa3 3,335,928 2,000 5.000%, 12/01/35 - AMBAC Insured 12/15 at 100.00 Aa3 2,013,300 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 N/R 1,060,497 635 5.650%, 12/01/31 - AMBAC Insured 12/10 at 100.00 Aaa 636,391 1,000 Washington County, Arkansas, Hospital Revenue Bonds, 2/15 at 100.00 Baa1 786,360 Washington Regional Medical Center, Series 2005B, 5.000%, 2/01/30 - ------------------------------------------------------------------------------------------------------------------------------------ 7,980 Total Arkansas 7,832,476 - ------------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 19 NQM | Nuveen Investment Quality Municipal Fund, Inc. (continued) | Portfolio of INVESTMENTS April 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ CALIFORNIA - 20.0% (12.5% OF TOTAL INVESTMENTS) $ 2,250 California Educational Facilities Authority, Revenue Bonds, 10/15 at 100.00 AA+ $ 2,216,273 University of Southern California, Series 2005, 4.750%, 10/01/28 (UB) 1,000 California Educational Facilities Authority, Revenue Bonds, 11/15 at 100.00 A2 860,640 University of the Pacific, Series 2006, 5.000%, 11/01/30 2,500 California Health Facilities Financing Authority, Revenue 11/15 at 100.00 A2 2,287,825 Bonds, Cedars-Sinai Medical Center, Series 2005, 5.000%, 11/15/27 4,285 California Health Facilities Financing Authority, Revenue 4/16 at 100.00 A+ 3,611,184 Bonds, Kaiser Permanante System, Series 2006, 5.000%, 4/01/37 1,800 California Health Facilities Financing Authority, Revenue 11/16 at 100.00 Aa3 1,702,134 Bonds, Sutter Health, Tender Option Bond Trust 3175, 13.644%, 11/15/42 (IF) 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 703,840 2,000 5.000%, 7/01/39 7/15 at 100.00 BBB 1,257,880 1,390 California Statewide Community Development Authority, Revenue 5/18 at 100.00 Aa3 1,268,543 Bonds, Sutter Health, Tender Option Bond Trust 3175, 13.216%, 11/15/48 (IF) 1,900 Chula Vista, California, Industrial Development Revenue 6/14 at 102.00 A2 1,924,529 Bonds, San Diego Gas and Electric Company, Series 1996A, 5.300%, 7/01/21 2,530 Commerce Joint Power Financing Authority, California, Tax 8/13 at 100.00 N/R 2,073,031 Allocation Refunding Bonds, Redevelopment Projects 2 and 3, Series 2003A, 5.000%, 8/01/28 - RAAI Insured 145 Commerce Joint Power Financing Authority, California, Tax 8/13 at 100.00 N/R (4) 165,264 Allocation Refunding Bonds, Redevelopment Projects 2 and 3, Series 2003A, 5.000%, 8/01/28 (Pre-refunded 8/01/13) - RAAI Insured Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2007A-1: 3,000 5.000%, 6/01/33 6/17 at 100.00 BBB 1,917,810 610 5.125%, 6/01/47 6/17 at 100.00 BBB 314,583 9,740 Huntington Park Redevelopment Agency, California, Single No Opt. Call AAA 14,164,103 Family Residential Mortgage Revenue Refunding Bonds, Series 1986A, 8.000%, 12/01/19 (ETM) 1,030 Natomas Union School District, Sacramento County, California, No Opt. Call AA- 1,159,306 General Obligation Refunding Bonds, Series 1999, 5.950%, 9/01/21 - MBIA Insured 15,770 Ontario Redevelopment Financing Authority, San Bernardino No Opt. Call AA- 19,884,550 County, California, Revenue Refunding Bonds, Redevelopment Project 1, Series 1995, 7.400%, 8/01/25 - MBIA Insured 13,145 Perris, California, GNMA Mortgage-Backed Securities Program No Opt. Call AAA 18,976,647 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 (4) 4,066,343 Revenue Bonds, Eisenhower Medical Center, Series 2004, 5.875%, 7/01/26 (Pre-refunded 7/01/14) 5,000 Riverside Unified School District, Riverside County, 2/12 at 101.00 AA- 4,982,150 California, General Obligation Bonds, Series 2002A, 5.000%, 2/01/27 - FGIC Insured San Diego County, California, Certificates of Participation, Burnham Institute, Series 2006: 250 5.000%, 9/01/21 9/15 at 102.00 Baa3 204,440 275 5.000%, 9/01/23 9/15 at 102.00 Baa3 216,637 5,000 San Francisco Unified School District, California, General 6/17 at 100.00 AAA 3,796,550 Obligation Bonds, Series 2007A, 3.000%, 6/15/25 - FSA Insured 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 AA- 1,446,556 8,135 0.000%, 1/15/34 - MBIA Insured No Opt. Call AA- 1,156,553 17,195 0.000%, 1/15/35 - MBIA Insured No Opt. Call AA- 2,259,079 3,185 University of California, General Revenue Bonds, Series 5/13 at 101.00 Aa1 3,014,188 2005G, 4.750%, 5/15/31 - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 112,725 Total California 95,630,638 - ------------------------------------------------------------------------------------------------------------------------------------
20 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ COLORADO - 3.8% (2.4% OF TOTAL INVESTMENTS) $ 1,000 Colorado Health Facilities Authority, Revenue Bonds, 6/16 at 100.00 A- $ 785,960 Evangelical 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+ 338,020 Valley Health Care, Series 2005F, 5.000%, 3/01/25 12,450 Denver City and County, Colorado, Airport System Revenue 11/10 at 100.00 A+ 12,574,251 Refunding Bonds, Series 2000A, 6.000%, 11/15/19 - AMBAC Insured (Alternative Minimum Tax) 14,500 E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, 9/20 at 41.72 AA- 1,571,075 Series 2004B, 0.000%, 3/01/36 - MBIA Insured 3,000 Park Creek Metropolitan District, Colorado, Senior Property 12/19 at 100.00 AAA 3,060,300 Tax Supported Revenue Bonds, Series 2009, 6.250%, 12/01/30 - AGC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 31,350 Total Colorado 18,329,606 - ------------------------------------------------------------------------------------------------------------------------------------ DISTRICT OF COLUMBIA - 7.5% (4.7% OF TOTAL INVESTMENTS) 23,745 District of Columbia Water and Sewerage Authority, Public No Opt. Call AAA 26,611,259 Utility Revenue Bonds, Series 1998, 5.500%, 10/01/23 - FSA Insured (UB) 3,000 District of Columbia, General Obligation Bonds, Series 1998B, No Opt. Call AA- 3,438,600 6.000%, 6/01/16 - MBIA Insured 15,950 District of Columbia, Revenue Bonds, Georgetown University, 4/11 at 31.03 AA- (4) 4,805,257 Series 2001A, 0.000%, 4/01/31(Pre-refunded 4/01/11) - MBIA Insured 1,200 Washington Convention Center Authority, District of Columbia, 10/16 at 100.00 AAA 1,001,592 Senior Lien Dedicated Tax Revenue Bonds, Series 2007, Residuals 1606, 10.676%, 10/01/30 - AMBAC Insured (IF) - ------------------------------------------------------------------------------------------------------------------------------------ 43,895 Total District of Columbia 35,856,708 - ------------------------------------------------------------------------------------------------------------------------------------ FLORIDA - 5.7% (3.6% OF TOTAL INVESTMENTS) 1,000 Board of Regents, Florida State University, Housing Facility 5/15 at 101.00 AA- 1,008,820 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- 3,691,775 Bonds, Health First Inc. Project, Series 2005, 5.000%, 4/01/24 1,580 Escambia County Health Facilities Authority, Florida, Health 10/10 at 100.00 Baa1 1,429,537 Facility Revenue Refunding Bonds, Baptist Hospital and Baptist Manor, Series 1998, 5.125%, 10/01/19 3,200 Hillsborough County Industrial Development Authority, 4/10 at 101.00 N/R 1,652,608 Florida, Exempt Facilities Remarketed Revenue Bonds, National Gypsum Company, Apollo Beach Project, Series 2000B, 7.125%, 4/01/30 (Alternative Minimum Tax) 14,000 Miami-Dade County, Florida, Aviation Revenue Bonds, Miami 10/17 at 100.00 AA- 11,809,840 International Airport Hub, Series 2007B, 4.500%, 10/01/31 - MBIA Insured 5,895 South Miami Health Facilities Authority, Florida, Hospital 8/17 at 100.00 AA- 5,163,902 Revenue, Baptist Health System Obligation Group, Series 2007, 5.000%, 8/15/42 (UB) 2,000 Tolomato Community Development District, Florida, Special 5/14 at 101.00 N/R 1,132,280 Assessment Bonds, Series 2006, 5.400%, 5/01/37 1,250 Wyndam Park Community Development District, Florida, Special 5/13 at 101.00 A 1,226,275 Assessment Bonds, Series 2003, 6.375%, 5/01/34 - ------------------------------------------------------------------------------------------------------------------------------------ 33,155 Total Florida 27,115,037 - ------------------------------------------------------------------------------------------------------------------------------------ GEORGIA - 5.0% (3.1% OF TOTAL INVESTMENTS) 10,000 Atlanta, Georgia, Airport General Revenue Refunding Bonds, 1/10 at 101.00 A+ (4) 10,437,600 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 2,805,446 2004, 5.000%, 11/01/23 - FSA Insured 2,000 Dalton Development Authority, Georgia, Revenue Certificates, No Opt. Call AA- 1,750,620 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 A 6,108,869 Georgia State University - TUFF/Atlanta Housing LLC, Series 2001A, 5.500%, 9/01/22 - AMBAC Insured
Nuveen Investments 21 NQM | Nuveen Investment Quality Municipal Fund, Inc. (continued) | Portfolio of INVESTMENTS April 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ GEORGIA (continued) $ 2,250 Georgia Municipal Electric Authority, Project One Special No Opt. Call A+ $ 2,619,698 Obligation Bonds, Fourth Crossover Series 1997E, 6.500%, 1/01/20 - ------------------------------------------------------------------------------------------------------------------------------------ 22,940 Total Georgia 23,722,233 - ------------------------------------------------------------------------------------------------------------------------------------ IDAHO - 1.2% (0.7% OF TOTAL INVESTMENTS) 4,810 Boise City, Idaho, Revenue Refunding Bonds, Series 2001A, 12/11 at 100.00 Aa3 4,825,296 5.375%, 12/01/31 - MBIA Insured Madison County, Idaho, Hospital Revenue Certificates of Participation, Madison Memorial Hospital, Series 2006: 500 5.250%, 9/01/26 9/16 at 100.00 BBB- 375,615 500 5.250%, 9/01/30 9/16 at 100.00 BBB- 358,315 - ------------------------------------------------------------------------------------------------------------------------------------ 5,810 Total Idaho 5,559,226 - ------------------------------------------------------------------------------------------------------------------------------------ ILLINOIS - 10.2% (6.4% OF TOTAL INVESTMENTS) 4,705 Bourbonnais, Illinois, Revenue Bonds, Olivet Nazarene 3/10 at 101.00 BBB+ (4) 4,968,574 University, Series 2000, 6.250%, 3/01/20(Pre-refunded 3/01/10) - RAAI Insured 4,775 Chicago Public Building Commission, Illinois, General 3/13 at 100.00 A (4) 5,419,912 Obligation 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 1/11 at 100.00 Aa2 (4) 2,271,204 Program Revenue Bonds, DuPage and Cook Counties Community Unit School District 205 - Elmhurst, Series 2000, 6.000%, 1/01/19 (Pre-refunded 1/01/11) - FSA Insured Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2004: 2,500 5.250%, 11/15/21 5/14 at 100.00 A 2,338,400 1,000 5.250%, 11/15/22 5/14 at 100.00 A 923,250 395 Illinois Finance Authority, Revenue Bonds, Proctor Hospital, 1/16 at 100.00 BBB- 295,393 Series 2006, 5.125%, 1/01/25 2,600 Illinois Health Facilities Authority, Revenue Bonds, Condell 5/12 at 100.00 Aaa 2,876,562 Medical Center, Series 2002, 5.500%, 5/15/32 (Pre-refunded 5/15/12) 12,725 Kane, Cook and DuPage Counties School District 46, Elgin, No Opt. Call Aa3 14,694,957 Illinois, General Obligation School Bonds, Series 1997, 7.800%, 1/01/12 - FSA Insured 6,300 Madison County Community Unit School District 7, No Opt. Call N/R (4) 7,003,206 Edwardsville, 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 AA- 3,209,784 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 1,469,390 1,300 8.700%, 12/01/14 - FSA Insured No Opt. Call AAA 1,718,535 1,180 Will County School District 17, Channahon, Illinois, General No Opt. Call A2 1,492,440 Obligation School Building Bonds, Series 2001, 8.400%, 12/01/13 - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 46,750 Total Illinois 48,681,607 - ------------------------------------------------------------------------------------------------------------------------------------ INDIANA - 3.5% (2.2% OF TOTAL INVESTMENTS) 5,530 Allen County Jail Building Corporation, Indiana, First 4/11 at 101.00 N/R (4) 6,081,783 Mortgage Bonds, Series 2000, 5.750%, 4/01/20 (Pre-refunded 4/01/11) 1,880 Indianapolis, Indiana, GNMA Collateralized Multifamily 7/10 at 102.00 Aaa 1,917,769 Housing 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 2,545,075 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- 1,245,270 2,500 5.375%, 2/15/34 2/15 at 100.00 BBB- 1,765,925
22 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ INDIANA (continued) $ 2,765 Wayne County Jail Holding Corporation, Indiana, First 1/13 at 101.00 A (4) $ 3,212,322 Mortgage Bonds, Series 2001, 5.750%,7/15/14 (Pre-refunded 1/15/13) - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 16,720 Total Indiana 16,768,144 - ------------------------------------------------------------------------------------------------------------------------------------ IOWA - 0.9% (0.6% OF TOTAL INVESTMENTS) 8,000 Iowa Tobacco Settlement Authority, Asset Backed Settlement 6/15 at 100.00 BBB 4,490,960 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 11/15 at 100.00 A2 953,590 Revenue Bonds, Hays Medical Center Inc., Series 2005L, 5.000%, 11/15/22 455 Sedgwick and Shawnee Counties, Kansas, GNMA Mortgage-Backed No Opt. Call Aaa 494,631 Securities Program Single Family Revenue Bonds, Series 1997A-1, 6.950%, 6/01/29 (Alternative Minimum Tax) 3,145 Topeka, Kansas, Industrial Revenue Refunding Bonds, Sunwest 8/16 at 100.00 AAA 4,051,955 Hotel Corporation, Series 1988, 9.500%, 10/01/16 (Pre-refunded 8/15/16) (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 4,600 Total Kansas 5,500,176 - ------------------------------------------------------------------------------------------------------------------------------------ KENTUCKY - 0.5% (0.3% OF TOTAL INVESTMENTS) 2,000 Jefferson County, Kentucky, Health Facilities Revenue 7/09 at 100.00 A+ 1,982,360 Refunding 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 406,434 Kentucky, Industrial Building Revenue Bonds, Sisters of Mercy of the Americas, Series 2006, 5.000%, 10/01/35 - ------------------------------------------------------------------------------------------------------------------------------------ 2,510 Total Kentucky 2,388,794 - ------------------------------------------------------------------------------------------------------------------------------------ LOUISIANA - 1.4% (0.9% OF TOTAL INVESTMENTS) 675 East Baton Rouge Mortgage Finance Authority, Louisiana, 10/09 at 101.00 Aaa 684,173 GNMA/FNMA Mortgage-Backed Securities Program Family Mortgage Revenue Refunding Bonds, Series 1997D, 5.900%, 10/01/30(Alternative Minimum Tax) Jefferson Parish Home Mortgage Authority, Louisiana, Single Family Mortgage Revenue Bonds, Series 2000G-2: 745 6.300%, 6/01/32 (Alternative Minimum Tax) 12/10 at 102.00 Aaa 772,237 510 5.550%, 6/01/32 (Alternative Minimum Tax) 12/10 at 102.00 Aaa 510,383 335 Jefferson Parish Home Mortgage Authority, Louisiana, Single 12/09 at 103.00 Aaa 357,549 Family Mortgage Revenue Refunding Bonds, Series 2000A-2, 7.500%, 12/01/30 (Alternative Minimum Tax) 3,000 Louisiana Public Facilities Authority, Hospital Revenue 8/15 at 100.00 A+ 2,521,140 Bonds, Franciscan Missionaries of Our Lady Health System, Series 2005A, 5.250%, 8/15/31 2,500 Louisiana Public Facilities Authority, Revenue Bonds, Ochsner 5/17 at 100.00 A3 1,867,900 Clinic Foundation Project, Series 2007A, 5.500%, 5/15/47 - ------------------------------------------------------------------------------------------------------------------------------------ 7,765 Total Louisiana 6,713,382 - ------------------------------------------------------------------------------------------------------------------------------------ MARYLAND - 0.5% (0.3% OF TOTAL INVESTMENTS) 2,500 Maryland Health and Higher Educational Facilities Authority, 8/14 at 100.00 A- 2,502,625 Revenue Bonds, MedStar Health, Series 2004, 5.375%, 8/15/24 - ------------------------------------------------------------------------------------------------------------------------------------ MASSACHUSETTS - 3.5% (2.2% OF TOTAL INVESTMENTS) 4,885 Massachusetts Development Financing Authority, Assisted 12/09 at 102.00 N/R 3,973,459 Living Revenue Bonds, Prospect House Apartments, Series 1999, 7.000%, 12/01/31 1,105 Massachusetts Health and Educational Facilities Authority, 1/11 at 100.00 BBB 945,891 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 1,821,169 Revenue Bonds, UMass Memorial Health Care, Series 2001C, 6.500%, 7/01/21 2,030 Massachusetts Industrial Finance Agency, Resource Recovery 6/09 at 102.00 BBB 1,628,425 Revenue Refunding Bonds, Ogden Haverhill Project, Series 1998A, 5.600%, 12/01/19 (Alternative Minimum Tax)
Nuveen Investments 23 NQM | Nuveen Investment Quality Municipal Fund, Inc. (continued) | Portfolio of INVESTMENTS April 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ MASSACHUSETTS (continued) $ 5,100 Massachusetts School Building Authority, Dedicated Sales Tax 8/15 at 100.00 AAA $ 5,369,586 Revenue Bonds, Series 2005A, 5.000%, 8/15/23 - FSA Insured (UB) 3,120 Massachusetts Water Resources Authority, General Revenue 2/17 at 100.00 AAA 2,767,502 Bonds, Series 2007A, 4.500%,8/01/46 - FSA Insured (UB) - ------------------------------------------------------------------------------------------------------------------------------------ 18,115 Total Massachusetts 16,506,032 - ------------------------------------------------------------------------------------------------------------------------------------ MICHIGAN - 4.4% (2.7% OF TOTAL INVESTMENTS) 4,250 Detroit City School District, Wayne County, Michigan, 5/12 at 100.00 AAA 4,762,635 Unlimited Tax School Building and Site Improvement Bonds, Series 2001A, 5.500%, 5/01/20 (Pre-refunded 5/01/12) - FSA Insured 10,215 Detroit, Michigan, Water Supply System Revenue Refunding No Opt. Call AA- 11,385,639 Bonds, Series 1993, 6.500%, 7/01/15 - FGIC Insured 1,800 Kent Hospital Finance Authority, Michigan, Revenue Bonds, 7/15 at 100.00 BB+ 1,297,728 Metropolitan Hospital, Series 2005A, 6.000%, 7/01/35 1,350 Michigan State Building Authority, Revenue Bonds, Facilities 10/15 at 100.00 A+ 1,374,192 Program, Series 2005II, 5.000%,10/15/22 - AMBAC Insured 2,000 Michigan State Hospital Finance Authority, Revenue Bonds, 12/16 at 100.00 AA 1,873,920 Trinity Health Care Group, Series 2006A, 5.000%, 12/01/31 (UB) 340 Monroe County Hospital Finance Authority, Michigan, Mercy 6/16 at 100.00 Baa3 199,679 Memorial Hospital Corporation Revenue Bonds, Series 2006, 5.500%, 6/01/35 - ------------------------------------------------------------------------------------------------------------------------------------ 19,955 Total Michigan 20,893,793 - ------------------------------------------------------------------------------------------------------------------------------------ MINNESOTA - 9.0% (5.6% OF TOTAL INVESTMENTS) 8,250 Cohasset, Minnesota, Pollution Control Revenue Bonds, Allete 7/14 at 100.00 A- 7,820,753 Inc., Series 2004, 4.950%, 7/01/22 5,000 Dakota and Washington Counties Housing and Redevelopment No Opt. Call AAA 7,153,350 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, 11/10 at 101.00 A 623,212 Healthcare 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) 21,138,343 Healthcare System Revenue Bonds, Fairview Hospital and Healthcare Services, Series 2000A, 6.375%, 11/15/29 (Pre-refunded 11/15/10) 1,000 St. Paul Housing and Redevelopment Authority, Minnesota, 11/15 at 100.00 BB+ 809,780 Revenue Bonds, Healtheast Inc., Series 2005, 6.000%, 11/15/25 6,280 Washington County, Minnesota, General Obligation Bonds, 8/17 at 100.00 AAA 5,319,286 Capital Improvement Plan, Series 2007A, 3.500%, 2/01/28 - ------------------------------------------------------------------------------------------------------------------------------------ 40,530 Total Minnesota 42,864,724 - ------------------------------------------------------------------------------------------------------------------------------------ MISSISSIPPI - 0.6% (0.4% OF TOTAL INVESTMENTS) 2,275 Mississippi Hospital Equipment and Facilities Authority, 9/14 at 100.00 AA 2,265,195 Revenue Bonds, Baptist Memorial Healthcare, Series 2004B-1, 5.000%, 9/01/24 (UB) 1,250 Warren County, Mississippi, Gulf Opportunity Zone Revenue 8/11 at 100.00 BBB 785,050 Bonds, International Paper Company, Series 2006A, 4.800%, 8/01/30 - ------------------------------------------------------------------------------------------------------------------------------------ 3,525 Total Mississippi 3,050,245 - ------------------------------------------------------------------------------------------------------------------------------------ MISSOURI - 1.3% (0.8% OF TOTAL INVESTMENTS) 200 Hannibal Industrial Development Authority, Missouri, Health 3/16 at 100.00 BBB+ 178,138 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 Aa2 1,048,450 Missouri, General Obligation Bonds, Series 2006, 5.250%, 3/01/26 - MBIA Insured
24 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ MISSOURI (continued) Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, Branson Landing Project, Series 2005A: $ 780 6.000%, 6/01/20 No Opt. Call BBB+ $ 751,850 1,525 5.000%, 6/01/35 6/15 at 100.00 BBB+ 1,158,634 2,985 Missouri Development Finance Board. Infrastructure Facilities 4/14 at 100.00 A+ 2,988,552 Revenue Bonds, City of Independence, Missouri - Events Center Project, Series 2009F, 6.250%, 4/01/38 - ------------------------------------------------------------------------------------------------------------------------------------ 6,490 Total Missouri 6,125,624 - ------------------------------------------------------------------------------------------------------------------------------------ MONTANA - 0.4% (0.2% OF TOTAL INVESTMENTS) 2,000 Montana Board of Housing, Single Family Program Bonds, Series 6/14 at 100.00 AA+ 1,855,420 2005-RA-1, 4.750%, 6/01/44 - ------------------------------------------------------------------------------------------------------------------------------------ NEBRASKA - 2.5% (1.6% OF TOTAL INVESTMENTS) 11,215 Lincoln, Nebraska, Electric System Revenue Bonds, Series 9/17 at 100.00 AA 10,282,585 2007A, 4.500%, 9/01/37 - FGIC Insured (UB) 1,740 NebHelp Inc., Nebraska, Revenue Bonds, Student Loan Program, 9/09 at 100.00 N/R 1,741,392 Series 1993B, 5.875%, 6/01/14 - MBIA Insured (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 12,955 Total Nebraska 12,023,977 - ------------------------------------------------------------------------------------------------------------------------------------ NEVADA - 3.9% (2.4% OF TOTAL INVESTMENTS) 11,000 Clark County School District, Nevada, General Obligation 6/12 at 100.00 AA (4) 12,419,220 Bonds, Series 2002C, 5.500%, 6/15/19 (Pre-refunded 6/15/12) - MBIA Insured 14,530 Director of Nevada State Department of Business and Industry, 1/10 at 102.00 A 4,371,351 Revenue Bonds, Las Vegas Monorail Project, First Tier, Series 2000, 5.625%, 1/01/34 - AMBAC Insured 1,600 Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue 6/19 at 100.00 A 1,641,008 Bonds, Series 2009A, 8.000%, 6/15/30 - ------------------------------------------------------------------------------------------------------------------------------------ 27,130 Total Nevada 18,431,579 - ------------------------------------------------------------------------------------------------------------------------------------ NEW JERSEY - 2.5% (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- 1,367,374 1,000 5.250%, 9/01/26 9/15 at 100.00 AA- 1,019,340 600 New Jersey Educational Facilities Authority Revenue Refunding 6/19 at 100.00 Baa2 613,986 Bonds, University of Medicine and Dentistry of New Jersey Issue, Series 2009 B, 7.500%, 12/01/32 680 New Jersey Health Care Facilities Financing Authority, New 7/18 at 100.00 Baa2 533,990 Jersey, Revenue Bonds, Saint Peters University Hospital, Series 2007, 5.750%, 7/01/37 3,425 New Jersey Transportation Trust Fund Authority, No Opt. Call AA- 3,688,828 Transportation System Bonds, Series 2006A, 5.250%, 12/15/20 700 New Jersey Turnpike Authority, Revenue Bonds, Series 2009E, 1/19 at 100.00 A+ 706,286 5.250%, 1/01/40 1,520 Tobacco Settlement Financing Corporation, New Jersey, Tobacco 6/12 at 100.00 AAA 1,642,801 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 2,168,800 Settlement Asset-Backed Bonds, Series 2007-1A, 4.750%, 6/01/34 - ------------------------------------------------------------------------------------------------------------------------------------ 13,250 Total New Jersey 11,741,405 - ------------------------------------------------------------------------------------------------------------------------------------ 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 866,527 1,295 5.125%, 6/01/19 6/14 at 100.00 A3 1,242,242 - ------------------------------------------------------------------------------------------------------------------------------------ 2,175 Total New Mexico 2,108,769 - ------------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 25 NQM | Nuveen Investment Quality Municipal Fund, Inc. (continued) | Portfolio of INVESTMENTS April 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ NEW YORK - 16.3% (10.2% OF TOTAL INVESTMENTS) $ 1,665 Dormitory Authority of the State of New York, State Personal 3/15 at 100.00 AAA $ 1,728,886 Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/24 - AMBAC Insured 4,055 Hudson Yards Infrastructure Corporation, New York, Revenue 2/17 at 100.00 AA- 3,093,681 Bonds, Series 2006A, 4.500%, 2/15/47 - MBIA Insured 3,000 Long Island Power Authority, New York, Electric System 11/16 at 100.00 AA- 2,474,400 Revenue Bonds, Series 2006F, 4.250%,5/01/33 - MBIA Insured 1,000 Metropolitan Transportation Authority, New York, Dedicated 11/19 at 100.00 AA 977,410 Tax Fund Bonds, Series 2009B, 5.000%, 11/15/34 2,250 Metropolitan Transportation Authority, New York, 11/15 at 100.00 A 2,197,733 Transportation Revenue Bonds, Series 2005B, 5.000%, 11/15/30 - AMBAC Insured 3,200 Metropolitan Transportation Authority, New York, 11/15 at 100.00 A 3,089,440 Transportation 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 7,914,036 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, 2/14 at 100.00 AAA 5,827,278 Future Tax Secured Bonds, Fiscal Series 2004C, 5.000%, 2/01/22 (UB) 1,745 New York City, New York, General Obligation Bonds, Fiscal 6/13 at 100.00 AA 1,822,426 Series 2003J, 5.500%, 6/01/20 3,255 New York City, New York, General Obligation Bonds, Fiscal 6/13 at 100.00 AA (4) 3,723,460 Series 2003J, 5.500%, 6/01/20 (Pre-refunded 6/01/13) 4,200 New York City, New York, General Obligation Bonds, Fiscal 3/15 at 100.00 AA 4,241,412 Series 2005J, 5.000%, 3/01/25 7,000 New York City, New York, General Obligation Bonds, Fiscal 4/15 at 100.00 AA 7,095,620 Series 2005M, 5.000%, 4/01/24 (UB) 1,250 New York City, New York, General Obligation Bonds, Series 8/14 at 100.00 AA 1,472,375 2008, Trust 3217, 18.095%, 8/15/20 (IF) 5,000 New York State Municipal Bond Bank Agency, Special School 6/13 at 100.00 A+ 5,237,100 Purpose Revenue Bonds, Series 2003C, 5.250%, 12/01/19 5,400 New York State Tobacco Settlement Financing Corporation, 6/10 at 100.00 AA- 5,492,556 Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1, 5.500%, 6/01/16 4,205 New York State Urban Development Corporation, State Personal 3/14 at 100.00 AAA 4,354,320 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 No Opt. Call AA- 17,085,367 Bonds, JFK International Air Terminal LLC, Sixth Series 1997, 7.000%, 12/01/12 - MBIA Insured (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 77,040 Total New York 77,827,500 - ------------------------------------------------------------------------------------------------------------------------------------ NORTH CAROLINA - 1.7% (1.1% OF TOTAL INVESTMENTS) 7,420 North Carolina Medical Care Commission, Health System Revenue 10/11 at 101.00 AA (4) 8,222,547 Bonds, Mission St. Joseph's Health System, Series 2001, 5.250%, 10/01/26 (Pre-refunded 10/01/11) - ------------------------------------------------------------------------------------------------------------------------------------ OHIO - 0.9% (0.6% OF TOTAL INVESTMENTS) Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2: 3,385 5.125%, 6/01/24 6/17 at 100.00 BBB 2,667,651 530 5.875%, 6/01/30 6/17 at 100.00 BBB 359,488 525 5.750%, 6/01/34 6/17 at 100.00 BBB 332,383 1,180 5.875%, 6/01/47 6/17 at 100.00 BBB 662,889 250 Port of Greater Cincinnati Development Authority, Ohio, 10/16 at 100.00 N/R 220,530 Economic Development Revenue Bonds, Sisters of Mercy of the Americas, Series 2006, 5.000%, 10/01/25 - ------------------------------------------------------------------------------------------------------------------------------------ 5,870 Total Ohio 4,242,941 - ------------------------------------------------------------------------------------------------------------------------------------
26 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ OKLAHOMA - 1.7% (1.0% 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- $ 346,090 750 5.375%, 9/01/36 9/16 at 100.00 BBB- 492,045 Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007: 1,900 5.000%, 2/15/37 2/17 at 100.00 A 1,653,627 990 5.000%, 2/15/42 2/17 at 100.00 A 839,956 5,280 Tulsa County Industrial Authority, Oklahoma, Health Care 12/16 at 100.00 AA 4,527,548 Revenue Bonds, Saint Francis Health System, Series 2006, 5.000%, 12/15/36 (UB) 88 Tulsa County Industrial Authority, Oklahoma, Health Care 12/16 at 100.00 AA 65,175 Revenue Bonds, Saint Francis Health System, Series 2006, Trust 3500, 8.325%, 12/15/36 (IF) - ------------------------------------------------------------------------------------------------------------------------------------ 9,508 Total Oklahoma 7,924,441 - ------------------------------------------------------------------------------------------------------------------------------------ PENNSYLVANIA - 3.6% (2.3% OF TOTAL INVESTMENTS) 500 Bucks County Industrial Development Authority, Pennsylvania, 3/17 at 100.00 BBB 316,320 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 3,106,620 Appropriation Lease Bonds, Series 2006A, 5.000%, 6/01/26 - FSA Insured (UB) 5,125 Pennsylvania Public School Building Authority, Lease Revenue 12/16 at 100.00 AAA 4,588,720 Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 - FSA Insured (UB) 2,750 Philadelphia Hospitals and Higher Education Facilities 5/09 at 100.00 BBB 2,582,910 Authority, Pennsylvania, Hospital Revenue Bonds, Temple University Hospital, Series 1993A, 6.625%, 11/15/23 5,000 Philadelphia, Pennsylvania, General Obligation Bonds, Series 3/11 at 100.00 AAA 5,394,250 2001, 5.250%, 9/15/18 (Pre-refunded 3/15/11) - FSA Insured 1,000 St. Mary Hospital Authority, Pennsylvania, Health System 11/14 at 100.00 A1 (4) 1,172,870 Revenue Bonds, Catholic Health East, Series 2004B, 5.500%, 11/15/24 (Pre-refunded 11/15/14) - ------------------------------------------------------------------------------------------------------------------------------------ 17,375 Total Pennsylvania 17,161,690 - ------------------------------------------------------------------------------------------------------------------------------------ PUERTO RICO - 0.9% (0.6% OF TOTAL INVESTMENTS) 1,500 Puerto Rico Infrastructure Financing Authority, Special 10/10 at 101.00 AAA 1,567,350 Obligation Bonds, Series 2000A, 5.500%, 10/01/40 1,225 Puerto Rico Municipal Finance Agency, Series 2005C, 5.250%, No Opt. Call BBB- 1,172,582 8/01/21 - CIFG Insured 14,000 Puerto Rico Sales Tax Financing Corporation, Sales Tax No Opt. Call AA- 1,484,140 Revenue Bonds, Series 2007A, 0.000%,8/01/42 - FGIC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 16,725 Total Puerto Rico 4,224,072 - ------------------------------------------------------------------------------------------------------------------------------------ RHODE ISLAND - 1.5% (1.0% OF TOTAL INVESTMENTS) 2,410 Rhode Island Health and Educational Building Corporation, 5/09 at 100.00 AA- 2,301,839 Hospital Financing Revenue Bonds, Lifespan Obligated Group, Series 1996, 5.750%, 5/15/23 - MBIA Insured 5,445 Rhode Island Tobacco Settlement Financing Corporation, 6/12 at 100.00 BBB 5,025,953 Tobacco Settlement Asset-Backed Bonds, Series 2002A, 6.000%, 6/01/23 - ------------------------------------------------------------------------------------------------------------------------------------ 7,855 Total Rhode Island 7,327,792 - ------------------------------------------------------------------------------------------------------------------------------------ SOUTH CAROLINA - 2.7% (1.7% OF TOTAL INVESTMENTS) 2,000 Berkeley County School District, South Carolina, Installment 12/13 at 100.00 A- 2,038,220 Purchase Revenue Bonds, Securing Assets for Education, Series 2003, 5.250%, 12/01/24 4,405 Dorchester County School District 2, South Carolina, 12/14 at 100.00 AA- 4,535,696 Installment Purchase Revenue Bonds, GROWTH, Series 2004, 5.250%, 12/01/23 1,355 South Carolina JOBS Economic Development Authority, Economic 11/12 at 100.00 A3 (4) 1,549,090 Development Revenue Bonds, Bon Secours Health System Inc., Series 2002A, 5.625%, 11/15/30 (Pre-refunded 11/15/12)
Nuveen Investments 27 NQM | Nuveen Investment Quality Municipal Fund, Inc. (continued) | Portfolio of INVESTMENTS April 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ SOUTH CAROLINA (continued) $ 5,145 South Carolina JOBS Economic Development Authority, Economic 11/12 at 100.00 A- $ 4,648,868 Development Revenue Bonds, Bon Secours Health System Inc., Series 2002B, 5.625%, 11/15/30 - ------------------------------------------------------------------------------------------------------------------------------------ 12,905 Total South Carolina 12,771,874 - ------------------------------------------------------------------------------------------------------------------------------------ SOUTH DAKOTA - 0.4% (0.2% OF TOTAL INVESTMENTS) 1,750 South Dakota Health and Educational Facilities Authority, 11/14 at 100.00 AA- 1,716,803 Revenue Bonds, Sioux Valley Hospitals, Series 2004A, 5.500%, 11/01/31 - ------------------------------------------------------------------------------------------------------------------------------------ TENNESSEE - 2.9% (1.8% OF TOTAL INVESTMENTS) 3,200 Johnson City Health and Educational Facilities Board, 7/16 at 100.00 BBB+ 2,510,624 Tennessee, Revenue Bonds, Mountain States Health Alliance, Series 2006A, 5.500%, 7/01/36 5,000 Knox County Health, Educational and Housing Facilities 4/12 at 101.00 A1 4,947,950 Board, Tennessee, Hospital Revenue Bonds, Baptist Health System of East Tennessee Inc., Series 2002, 6.500%, 4/15/31 5,000 Metropolitan Government of Nashville-Davidson County Health 10/19 at 100.00 AA 5,076,950 and Educational Facilities Board, Tennessee, Revenue Refunding Bonds, Vanderbilt University, Series 2009B, 5.000%, 10/01/39 Sumner County Health, Educational, and Housing Facilities Board, Tennessee, Revenue Refunding Bonds, Sumner Regional Health System Inc., Series 2007: 700 5.500%, 11/01/37 11/17 at 100.00 N/R 355,537 1,700 5.500%, 11/01/46 11/17 at 100.00 N/R 838,117 - ------------------------------------------------------------------------------------------------------------------------------------ 15,600 Total Tennessee 13,729,178 - ------------------------------------------------------------------------------------------------------------------------------------ TEXAS - 15.0% (9.4% OF TOTAL INVESTMENTS) 3,080 Austin Housing Finance Corporation, Texas, GNMA 12/10 at 105.00 Aaa 3,283,619 Collateralized 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 2/17 at 100.00 AAA 4,522,550 System Revenue Bonds, Series 2006F, 4.250%, 8/15/36 (UB) 635 Clear Creek Independent School District, Galveston and 2/10 at 100.00 AAA 646,995 Harris Counties, Texas, Unlimited Tax Schoolhouse and Refunding Bonds, Series 2000, 5.500%, 2/15/22 18,075 Clear Creek Independent School District, Galveston and 2/10 at 100.00 AAA 18,787,335 Harris Counties, Texas, Unlimited Tax Schoolhouse and Refunding Bonds, Series 2000, 5.500%, 2/15/22 (Pre-refunded 2/15/10) 1,520 Harris County Hospital District, Texas, Revenue Refunding No Opt. Call A1 1,576,939 Bonds, Series 1990, 7.400%, 2/15/10 - AMBAC Insured 185 Harris County Hospital District, Texas, Revenue Refunding No Opt. Call A1 (4) 193,678 Bonds, Series 1990, 7.400%, 2/15/10 - AMBAC Insured (ETM) 2,256 Heart of Texas Housing Finance Corporation, GNMA 6/10 at 105.00 Aaa 2,394,360 Collateralized Mortgage Loan Revenue Bonds, Robinson Garden Project, Series 2000A, 7.375%, 6/20/35 (Alternative Minimum Tax) 11,950 Houston, Texas, Junior Lien Water and Sewerage System No Opt. Call AAA 6,759,637 Revenue Refunding Bonds, Series 1998A, 0.000%, 12/01/22 - FSA Insured (ETM) 4,680 Houston, Texas, Junior Lien Water and Sewerage System No Opt. Call AAA 2,533,658 Revenue Refunding Bonds, Series 1998A, 0.000%, 12/01/22 - FSA Insured Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson Memorial Hospital Project, Series 2005: 800 5.250%, 8/15/21 No Opt. Call BBB- 730,072 1,220 5.125%, 8/15/26 No Opt. Call BBB- 1,010,672 3,150 North Texas Thruway Authority, Second Tier System Revenue 1/18 at 100.00 A3 2,976,845 Refunding Bonds, Series 2008, 5.750%, 1/01/38 1,000 Sabine River Authority, Texas, Pollution Control Revenue 11/15 at 100.00 CCC 382,700 Bonds, TXU Electric Company, Series 2001C, 5.200%, 5/01/28 3,960 Stafford Economic Development Corporation, Texas, Sales Tax 9/15 at 100.00 AA- 3,961,782 Revenue Bonds, Series 2000, 5.500%, 9/01/30 - FGIC Insured
28 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TEXAS (continued) $ 7,500 Tarrant County Cultural and Educational Facilities Finance 2/17 at 100.00 AA- $ 7,027,125 Corporation, Texas, Revenue Bonds, Series 2007A, 5.000%, 2/15/36 (UB) 3,095 Tarrant County Health Facilities Development Corporation, 12/10 at 105.00 Aaa 3,218,862 Texas, GNMA Collateralized Mortgage Loan Revenue Bonds, Eastview Nursing Home, Ebony Lake Nursing Center, Ft. Stockton Nursing Center, Lynnhaven Nursing Center and Mission Oaks Manor, Series 2000A-1, 7.500%, 12/20/22 Texas Turnpike Authority, First Tier Revenue Bonds, Central Texas Turnpike System, Series 2002A: 10,000 0.000%, 8/15/21 - AMBAC Insured No Opt. Call A 4,734,200 12,000 0.000%, 8/15/23 - AMBAC Insured No Opt. Call A 4,844,160 2,500 Tomball Hospital Authority, Texas, Hospital Revenue Bonds, 7/15 at 100.00 Baa3 2,023,575 Tomball Regional Hospital, Series 2005, 5.000%, 7/01/20 - ------------------------------------------------------------------------------------------------------------------------------------ 92,606 Total Texas 71,608,764 - ------------------------------------------------------------------------------------------------------------------------------------ VIRGINIA - 0.5% (0.3% OF TOTAL INVESTMENTS) 1,000 Amherst Industrial Development Authority, Virginia, Revenue 9/16 at 100.00 BBB 818,250 Bonds, Sweet Briar College, Series 2006, 5.000%, 9/01/26 1,890 Virginia Beach Development Authority, Virginia, Multifamily 10/14 at 102.00 N/R 1,547,816 Residential Rental Housing Revenue Bonds, Hamptons and Hampton Court Apartments, Series 1999, 7.500%, 10/01/39 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 2,890 Total Virginia 2,366,066 - ------------------------------------------------------------------------------------------------------------------------------------ WASHINGTON - 6.3% (4.0% OF TOTAL INVESTMENTS) 11,345 Chelan County Public Utility District 1, Washington, No Opt. Call AA 7,220,184 Columbia River-Rock Island Hydro-Electric System Revenue Refunding Bonds, Series 1997A, 0.000%, 6/01/19 - MBIA Insured 17,075 Port of Seattle, Washington, General Obligation Bonds, 12/10 at 100.00 AAA 17,148,251 Series 2000B, 5.750%, 12/01/25 (Alternative Minimum Tax) (UB) 5,000 Port of Seattle, Washington, Revenue Bonds, Series 2001B, 10/11 at 100.00 AA- 5,087,000 5.625%, 4/01/17 - FGIC Insured (Alternative Minimum Tax) (UB) 1,000 Washington State Health Care Facilities Authority, Revenue No Opt. Call N/R 635,229 Bonds, Northwest Hospital and Medical Center of Seattle, Series 2007, 5.700%, 12/01/32 - ------------------------------------------------------------------------------------------------------------------------------------ 34,420 Total Washington 30,090,664 - ------------------------------------------------------------------------------------------------------------------------------------ WEST VIRGINIA - 1.2% (0.7% OF TOTAL INVESTMENTS) 5,000 Mason County, West Virginia, Pollution Control Revenue 10/11 at 100.00 BBB 4,847,600 Bonds, Appalachian Power Company, Series 2003L, 5.500%, 10/01/22 1,000 West Virginia Hospital Finance Authority Hospital Revenue 10/18 at 100.00 N/R 767,760 Bonds (Thomas Health System, Inc.) Series 2008, 6.500%, 10/01/38 - ------------------------------------------------------------------------------------------------------------------------------------ 6,000 Total West Virginia 5,615,360 - ------------------------------------------------------------------------------------------------------------------------------------ WISCONSIN - 3.9% (2.5% OF TOTAL INVESTMENTS) 6,200 Badger Tobacco Asset Securitization Corporation, Wisconsin, 6/12 at 100.00 AAA 6,652,041 Tobacco Settlement Asset-Backed Bonds, Series 2002, 6.125%, 6/01/27 (Pre-refunded 6/01/12) 315 Wisconsin Health and Educational Facilities Authority, 5/16 at 100.00 BBB 220,603 Revenue Bonds, Divine Savior Healthcare, Series 2006, 5.000%, 5/01/32 Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Eagle River Memorial Hospital Inc., Series 2000: 1,000 5.750%, 8/15/20 - RAAI Insured 8/10 at 101.00 BBB+ 924,719 3,000 5.875%, 8/15/30 - RAAI Insured 8/10 at 101.00 BBB+ 2,436,209 1,150 Wisconsin Health and Educational Facilities Authority, 5/14 at 100.00 BBB+ 1,007,146 Revenue Bonds, Fort Healthcare Inc., Series 2004, 5.750%, 5/01/24
Nuveen Investments 29 NQM | Nuveen Investment Quality Municipal Fund, Inc. (continued) | Portfolio of INVESTMENTS April 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ WISCONSIN (continued) $ 4,000 Wisconsin Health and Educational Facilities Authority, 8/16 at 100.00 BBB+ $ 2,741,079 Revenue Bonds, Wheaton Franciscan Healthcare System, Series 2006, 5.250%, 8/15/34 4,600 Wisconsin State, General Obligation Bonds, Series 2006A, 5/16 at 100.00 AA 4,689,745 4.750%, 5/01/25 - FGIC Insured (UB) - ------------------------------------------------------------------------------------------------------------------------------------ 20,265 Total Wisconsin 18,671,542 - ------------------------------------------------------------------------------------------------------------------------------------ WYOMING - 0.4% (0.2% OF TOTAL INVESTMENTS) 2,500 Sweetwater County, Wyoming, Solid Waste Disposal Revenue 12/15 at 100.00 BBB 1,866,270 Bonds, FMC Corporation, Series 2005, 5.600%, 12/01/35 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ $ 850,919 Total Long-Term Investments (cost $766,785,402) - 156.0% 744,255,405 ==============---------------------------------------------------------------------------------------------------------------------- SHORT-TERM INVESTMENTS - 3.8% (2.4% OF TOTAL INVESTMENTS) FLORIDA - 1.1% (0.7% OF TOTAL INVESTMENTS) 5,268 Florida Board of Education, Lottery Revenue Bonds, Variable 7/11 at 100.00 A-1 5,268,000 Rate Demand Obligations, Series 2001B, Trust 570, 0.630%, 7/01/14 - FGIC Insured (5) - ------------------------------------------------------------------------------------------------------------------------------------ MARYLAND - 1.3% (0.8% OF TOTAL INVESTMENTS) 6,000 Maryland Health and Higher Educational Facilities Authority, 5/09 at 100.00 A-1 6,000,000 Goucher College, Variable Rate Demand Obligations, Series 2007, 0.480%, 7/01/37 (5) - ------------------------------------------------------------------------------------------------------------------------------------ TEXAS - 0.6% (0.4% OF TOTAL INVESTMENTS) 3,000 Red River Authority, Texas, Pollution Control Revenue Bonds, 5/09 at 100.00 A-1+ 3,000,000 Southwestern Public Service Company, Variable Rate Demand Obligations, Series 1996, 8.500%, 7/01/16 - AMBAC Insured (5) - ------------------------------------------------------------------------------------------------------------------------------------ VIRGINIA - 0.8% (0.5% OF TOTAL INVESTMENTS) 4,015 Virginia Resources Authority, Clean Water State Revolving 10/18 at 100.00 A-1 4,015,000 Fund Revenue Bonds, Variable Rate Demand Obligations, Series 2008, Trust 2917, 0.650%, 10/01/28 (5) - ------------------------------------------------------------------------------------------------------------------------------------ $ 18,283 Total Short-Term Investments (cost $18,283,000) 18,283,000 ==============---------------------------------------------------------------------------------------------------------------------- Total Investments (cost $785,068,402) - 159.8% 762,538,405 ------------------------------------------------------------------------------------------------------------------- Floating Rate Obligations - (17.9)% (85,527,000) ------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 2.3% 10,850,698 ------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (44.2)% (6) (210,700,000) ------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 477,162,103 ===================================================================================================================
(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 Group ("Standard & Poor's") or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by Standard & Poor's or Baa by Moody's are considered to be below investment grade. The Portfolio of Investments may reflect the ratings on certain bonds whose insurer has experienced downgrades as of the end of the reporting period. Please see the Portfolio Managers' Commentary for an expanded discussion of the affect on the Fund of changes to the ratings of certain bonds in the portfolio resulting from changes to the ratings of the underlying insurers both during the period and after period end. (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) Investment has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. (6) Preferred Shares, at Liquidation Value as a percentage of Total Investments is 27.6%. 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 Notes to the Financial Statements, Footnote 1 - Inverse Floating Rate Securities for more information. See accompanying notes to financial statements. 30 Nuveen Investments NQS | Nuveen Select Quality Municipal Fund, Inc. | Portfolio of INVESTMENTS April 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ ALABAMA - 3.0% (1.8% OF TOTAL INVESTMENTS) $ 10,000 Lauderdale County and Florence Health Authority, Alabama, 7/10 at 102.00 AA- $ 8,996,500 Revenue Bonds, Coffee Health Group, Series 2000A, 6.000%, 7/01/29 - MBIA Insured 5,155 Phenix City Industrial Development Board, Alabama, 5/12 at 100.00 BBB 3,950,122 Environmental Improvement Revenue Bonds, MeadWestvaco Corporation, Series 2002A, 6.350%, 5/15/35 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 15,155 Total Alabama 12,946,622 - ------------------------------------------------------------------------------------------------------------------------------------ ALASKA - 0.6% (0.4% OF TOTAL INVESTMENTS) 500 Alaska Housing Finance Corporation, General Housing Purpose 12/14 at 100.00 AA 506,055 Bonds, Series 2005A, 5.000%, 12/01/26 - FGIC Insured (UB) 2,000 Kenai Peninsula Borough, Alaska, Revenue Bonds, Central Kenai 8/13 at 100.00 A3 2,035,860 Peninsula Hospital Service Area, Series 2003, 5.000%, 8/01/23 - FGIC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 2,500 Total Alaska 2,541,915 - ------------------------------------------------------------------------------------------------------------------------------------ ARIZONA - 2.8% (1.7% OF TOTAL INVESTMENTS) 2,300 Phoenix, Arizona, Civic Improvement Corporation, Senior Lien 7/18 at 100.00 AA- 2,290,248 Airport Revenue Bonds, Series 2008A, 5.000%, 7/01/33 3,750 Salt River Project Agricultural Improvement and Power 12/13 at 100.00 Aa2 3,951,825 District, Arizona, Electric System Revenue Bonds, Series 2003, 5.000%, 12/01/18 - MBIA Insured 8,000 Salt Verde Financial Corporation, Arizona, Senior Gas Revenue No Opt. Call A 5,423,120 Bonds, Series 2007, 5.000%, 12/01/37 750 Scottsdale Industrial Development Authority, Arizona, 9/13 at 100.00 A3 664,628 Hospital Revenue Bonds, Scottsdale Healthcare, Series 2008A, 5.250%, 9/01/30 - ------------------------------------------------------------------------------------------------------------------------------------ 14,800 Total Arizona 12,329,821 - ------------------------------------------------------------------------------------------------------------------------------------ ARKANSAS - 1.2% (0.7% OF TOTAL INVESTMENTS) 4,500 Little Rock, Arkansas, Hotel and Restaurant Gross Receipts No Opt. Call A3 5,197,590 Tax Refunding Bonds, Series 1993, 7.375%, 8/01/15 - ------------------------------------------------------------------------------------------------------------------------------------ CALIFORNIA - 4.9% (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 AA- 825,698 4,505 0.000%, 8/01/33 - FGIC Insured No Opt. Call AA- 875,051 550 California Pollution Control Financing Authority, Remarketed 4/11 at 102.00 AA- 542,201 Revenue Bonds, Pacific Gas and Electric Company, Series 1996A, 5.350%, 12/01/16 - MBIA Insured (Alternative Minimum Tax) 1,550 California Statewide Community Development Authority, Revenue 7/18 at 100.00 AA- 1,514,738 Bonds, St. Joseph Health System, Series 2007A, 5.750%, 7/01/47 - FGIC Insured 1,000 Coachella Valley Unified School District, Riverside County, No Opt. Call AA- 268,320 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 AA- 855,840 6,800 0.000%, 2/01/35 - FGIC Insured 2/15 at 34.85 AA- 1,293,904
Nuveen Investments 31 NQS | Nuveen Select Quality Municipal Fund, Inc. (continued) | Portfolio of INVESTMENTS April 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ CALIFORNIA (continued) 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 AA $ 3,398,031 11,430 0.000%, 8/01/27 - FGIC Insured 8/13 at 49.99 AA 3,773,957 7,000 Golden State Tobacco Securitization Corporation, California, 6/15 at 100.00 A- 2,491,510 Enhanced Tobacco Settlement Revenue Bonds, Residual Series 2040, 9.540%, 6/01/45 - FGIC Insured (IF) 1,045 Lake Tahoe Unified School District, El Dorado County, No Opt. Call A2 311,086 California, 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 AA- 1,213,320 California, Certificates of Participation, Series 2006, 0.000%, 10/01/34 - FGIC Insured 5,000 Riverside County Asset Leasing Corporation, California, No Opt. Call AA- 1,993,150 Leasehold Revenue Bonds, Riverside County Hospital Project, Series 1997, 0.000%, 6/01/25 - MBIA Insured 5,000 Santa Monica Community College District, Los Angeles County, 8/15 at 58.09 AA 1,734,950 California, General Obligation Bonds, Series 2005C, 0.000%, 8/01/26 - MBIA Insured 2,000 Yuba Community College District, California, General 8/17 at 45.45 A1 428,720 Obligation Bonds, Series 2007B, 0.000%,8/01/33 - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 66,865 Total California 21,520,476 - ------------------------------------------------------------------------------------------------------------------------------------ COLORADO - 13.2% (8.2% OF TOTAL INVESTMENTS) 11,000 Colorado Department of Transportation, Revenue Anticipation 6/10 at 100.50 Aaa 11,724,350 Bonds, Series 2000, 6.000%,6/15/15 (Pre-refunded 6/15/10) - AMBAC Insured 9,250 Colorado Health Facilities Authority, Remarketed Revenue 6/09 at 101.00 AAA 9,371,638 Bonds, Kaiser Permanente System, Series 1994A, 5.350%, 11/01/16 (ETM) 1,150 Colorado Health Facilities Authority, Revenue Bonds, Poudre 9/18 at 102.00 AAA 1,082,300 Valley Health System, Series 2005C, 5.250%, 3/01/40 - FSA Insured 16,995 Denver City and County, Colorado, Airport System Revenue 11/10 at 100.00 A+ 17,008,084 Refunding Bonds, Series 2000A, 5.625%, 11/15/23 - AMBAC Insured (Alternative Minimum Tax) 4,500 Denver City and County, Colorado, Airport System Revenue 11/11 at 100.00 AA- 4,563,585 Refunding Bonds, Series 2001A, 5.500%, 11/15/16 - FGIC Insured (Alternative Minimum Tax) 1,500 Denver Convention Center Hotel Authority, Colorado, Senior 11/16 at 100.00 BBB- 981,795 Revenue Bonds, Convention Center Hotel, Series 2006, 4.625%, 12/01/30 - SYNCORA GTY Insured E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B: 1,420 0.000%, 9/01/23 - MBIA Insured No Opt. Call AA- 471,312 8,515 0.000%, 9/01/25 - MBIA Insured No Opt. Call AA- 2,319,997 13,000 E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, 9/20 at 45.40 AA- 1,594,970 Series 2004B, 0.000%, 9/01/34 - MBIA Insured 5,000 Ebert Metropolitan District, Colorado, Limited Tax General 12/17 at 100.00 A3 3,778,550 Obligation Bonds, Series 2007, 5.350%, 12/01/37 - RAAI Insured 12,355 Northwest Parkway Public Highway Authority, Colorado, Senior 6/11 at 40.52 AAA 4,826,110 Lien Revenue Bonds, Series 2001B, 0.000%, 6/15/26 (Pre-refunded 6/15/11) - FSA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 84,685 Total Colorado 57,722,691 - ------------------------------------------------------------------------------------------------------------------------------------ DISTRICT OF COLUMBIA - 2.7% (1.7% OF TOTAL INVESTMENTS) District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001: 2,390 6.250%, 5/15/24 5/11 at 101.00 BBB 2,254,439 5,000 6.500%, 5/15/33 No Opt. Call BBB 3,833,600 5,000 District of Columbia, General Obligation Bonds, Series 1998B, No Opt. Call AA- 5,737,600 6.000%, 6/01/19 - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 12,390 Total District of Columbia 11,825,639 - ------------------------------------------------------------------------------------------------------------------------------------
32 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ FLORIDA - 3.8% (2.4% 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 $ 3,118,481 4,860 5.875%, 10/01/19 - FSA Insured (Alternative Minimum Tax) 10/10 at 101.00 AAA 4,929,012 9,250 Port Saint Lucie, Florida, Special Assessment Revenue Bonds, 7/17 at 100.00 AA 7,298,990 Southwest Annexation District 1B, Series 2007, 5.000%, 7/01/40 - MBIA Insured 2,500 South Miami Health Facilities Authority, Florida, Revenue 8/17 at 100.00 AA- 1,259,750 Bonds, Baptist Health Systems of South Florida, Series 2007, ROLS 11151, 16.738%, 8/15/42 (IF) - ------------------------------------------------------------------------------------------------------------------------------------ 19,685 Total Florida 16,606,233 - ------------------------------------------------------------------------------------------------------------------------------------ GEORGIA - 0.8% (0.5% OF TOTAL INVESTMENTS) 3,750 Atlanta, Georgia, Airport General Revenue Bonds, Series 1/10 at 101.00 AA- 3,487,950 2000B, 5.625%, 1/01/30 - FGIC Insured (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ ILLINOIS - 15.5% (9.6% OF TOTAL INVESTMENTS) Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1: 3,855 0.000%, 12/01/25 - FGIC Insured No Opt. Call AA- 1,590,380 2,925 0.000%, 12/01/31 - FGIC Insured No Opt. Call AA- 793,202 5,865 Chicago, Illinois, General Obligation Bonds, Neighborhoods 7/10 at 101.00 AAA 6,328,335 Alive 21 Program, Series 2000A, 6.500%, 1/01/35 (Pre-refunded 7/01/10) - FGIC Insured 15,000 Chicago, Illinois, Second Lien Passenger Facility Charge 1/11 at 101.00 A1 13,402,350 Revenue Bonds, O'Hare International Airport, Series 2001A, 5.375%, 1/01/32 - AMBAC Insured (Alternative Minimum Tax) Chicago, Illinois, Second Lien Passenger Facility Charge Revenue Bonds, O'Hare International Airport, Series 2001C: 3,770 5.100%, 1/01/26 - AMBAC Insured (Alternative Minimum Tax) 1/11 at 101.00 A1 3,433,791 5,460 5.250%, 1/01/32 - AMBAC Insured (Alternative Minimum Tax) 1/11 at 101.00 A1 4,796,392 2,000 Illinois Finance Authority, Revenue Bonds, Children's 8/18 at 100.00 AAA 1,813,920 Memorial Hospital, Series 2008A, 5.250%, 8/15/47 - AGC Insured (UB) 1,000 Illinois Finance Authority, Revenue Bonds, Edward Health 2/18 at 100.00 A+ 872,200 Services Corporation, Series 2008A, 5.500%, 2/01/40 - AMBAC Insured 3,975 Illinois Finance Authority, Revenue Bonds, Sherman Health 8/17 at 100.00 Baa1 2,709,678 Systems, Series 2007A, 5.500%, 8/01/37 10,000 Illinois Health Facilities Authority, Revenue Bonds, Condell 5/12 at 100.00 Aaa 11,137,200 Medical Center, Series 2002, 5.750%, 5/15/22 (Pre-refunded 5/15/12) 2,000 Illinois Health Facilities Authority, Revenue Bonds, Midwest 2/11 at 102.00 Aaa 2,022,140 Care 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 Aa3 5,004,012 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 Aa3 4,536,180 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 3,104,780 2,920 5.000%, 12/15/28 - MBIA Insured 6/12 at 101.00 AAA 2,939,301 1,100 0.000%, 12/15/35 - MBIA Insured No Opt. Call AAA 209,858 2,455 0.000%, 6/15/41 - MBIA Insured No Opt. Call AAA 329,535 7,500 Valley View Public Schools, Community Unit School District No Opt. Call AA 3,004,875 365U of Will County, Illinois, General Obligation Bonds, Series 2005, 0.000%, 11/01/25 - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 94,470 Total Illinois 68,028,129 - ------------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 33 NQS | Nuveen Select Quality Municipal Fund, Inc. (continued) | Portfolio of INVESTMENTS April 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ INDIANA - 3.2% (2.0% OF TOTAL INVESTMENTS) $ 2,000 Hospital Authority of Delaware County, Indiana, Hospital 8/16 at 100.00 Baa3 $ 1,272,220 Revenue Bonds, Cardinal Health System, Series 2006, 5.250%, 8/01/36 2,000 Indiana Health Facility Financing Authority, Revenue Bonds, 3/17 at 100.00 BBB 1,561,940 Community Foundation of Northwest Indiana, Series 2007, 5.500%, 3/01/37 765 Indiana Housing Finance Authority, Single Family Mortgage 1/10 at 100.00 Aaa 788,945 Revenue Bonds, Series 2000D-3, 5.950%, 7/01/26 (Alternative Minimum Tax) 2,225 Indiana Municipal Power Agency, Power Supply Revenue Bonds, 1/17 at 100.00 AA- 2,079,240 Series 2007A, 5.000%, 1/01/42 - MBIA Insured 7,660 St. Joseph County Hospital Authority, Indiana, Revenue Bonds, 2/11 at 100.00 AA- (4) 8,286,665 Memorial Health System, Series 2000, 5.625%, 8/15/33 (Pre-refunded 2/15/11) - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 14,650 Total Indiana 13,989,010 - ------------------------------------------------------------------------------------------------------------------------------------ IOWA - 0.4% (0.2% OF TOTAL INVESTMENTS) 3,100 Iowa Tobacco Settlement Authority, Asset Backed Settlement 6/15 at 100.00 BBB 1,751,035 Revenue Bonds, Series 2005C, 5.625%, 6/01/46 - ------------------------------------------------------------------------------------------------------------------------------------ KANSAS - 0.9% (0.6% OF TOTAL INVESTMENTS) 3,790 Kansas Department of Transportation, Highway Revenue Bonds, 3/14 at 100.00 AAA 4,003,604 Series 2004A, 5.000%, 3/01/23 (UB) - ------------------------------------------------------------------------------------------------------------------------------------ KENTUCKY - 0.2% (0.1% OF TOTAL INVESTMENTS) 1,000 Kentucky Economic Development Finance Authority, Louisville 6/18 at 100.00 AAA 1,036,770 Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008A-1, 6.000%, 12/01/33 - AGC Insured - ------------------------------------------------------------------------------------------------------------------------------------ LOUISIANA - 0.8% (0.5% OF TOTAL INVESTMENTS) 5,000 Louisiana Public Facilities Authority, Revenue Bonds, Ochsner 5/17 at 100.00 A3 3,684,450 Clinic Foundation Project, Series 2007A, 5.375%, 5/15/43 - ------------------------------------------------------------------------------------------------------------------------------------ MARYLAND - 1.7% (1.1% OF TOTAL INVESTMENTS) 7,500 Maryland Health and Higher Educational Facilities Authority, 7/09 at 101.00 AA (4) 7,644,975 Revenue Bonds, Johns Hopkins University, Series 1999, 6.000%, 7/01/39 (Pre-refunded 7/01/09) - ------------------------------------------------------------------------------------------------------------------------------------ MASSACHUSETTS - 0.3% (0.2% OF TOTAL INVESTMENTS) 860 Massachusetts Educational Finance Authority, Student Loan 12/09 at 101.00 AA 876,658 Revenue Refunding Bonds, Series 2000G, 5.700%, 12/01/11 - MBIA Insured (Alternative Minimum Tax) 500 Massachusetts Health and Educational Facilities Authority, 7/18 at 100.00 A3 385,535 Revenue Bonds, CareGroup Inc., Series 2008E-1, 5.125%, 7/01/38 - ------------------------------------------------------------------------------------------------------------------------------------ 1,360 Total Massachusetts 1,262,193 - ------------------------------------------------------------------------------------------------------------------------------------ MICHIGAN - 8.5% (5.3% OF TOTAL INVESTMENTS) 540 Detroit, Michigan, General Obligation Bonds, Series 2003A, 4/13 at 100.00 Baa3 424,672 5.250%, 4/01/19 - SYNCORA GTY Insured 10,000 Detroit, Michigan, Sewerage Disposal System Revenue Bonds, 1/10 at 101.00 Aaa 10,439,900 Series 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 6,725,194 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 8/09 at 100.00 BB 2,794,689 Bonds, Detroit Medical Center Obligated Group, Series 1993A, 6.500%, 8/15/18 6,000 Michigan Strategic Fund, Collateralized Limited Obligation 9/11 at 100.00 A- 5,397,300 Pollution Control Revenue Refunding Bonds, Fixed Rate Conversion, Detroit Edison Company, Series 1999C, 5.650%, 9/01/29 - SYNCORA GTY Insured (Alternative Minimum Tax)
34 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ MICHIGAN (continued) $ 7,500 Michigan Strategic Fund, Limited Obligation Revenue Refunding 12/12 at 100.00 Baa1 $ 6,402,900 Bonds, Detroit Edison Company, Series 2002C, 5.450%, 12/15/32 - SYNCORA GTY Insured (Alternative Minimum Tax) 5,900 Royal Oak Hospital Finance Authority, Michigan, Hospital 11/11 at 100.00 AA- 4,914,759 Revenue Bonds, William Beaumont Hospital, Series 2001M, 5.250%, 11/15/35 - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 39,690 Total Michigan 37,099,414 - ------------------------------------------------------------------------------------------------------------------------------------ MINNESOTA - 2.2% (1.4% OF TOTAL INVESTMENTS) 7,000 Minneapolis-St. Paul Metropolitan Airports Commission, 1/11 at 100.00 AAA 7,497,910 Minnesota, Airport Revenue Bonds, Series 2001A, 5.250%, 1/01/32 (Pre-refunded 1/01/11) - FGIC Insured 1,990 Minnesota Housing Finance Agency, Single Family Mortgage 7/09 at 100.00 AA+ 2,031,850 Revenue Bonds, Series 2000C, 6.100%, 7/01/30 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 8,990 Total Minnesota 9,529,760 - ------------------------------------------------------------------------------------------------------------------------------------ MISSISSIPPI - 0.6% (0.3% OF TOTAL INVESTMENTS) 2,475 Mississippi Hospital Equipment and Facilities Authority, 9/14 at 100.00 AA 2,464,333 Revenue Bonds, Baptist Memorial Healthcare, Series 2004B-1, 5.000%, 9/01/24 (UB) - ------------------------------------------------------------------------------------------------------------------------------------ MISSOURI - 0.8% (0.5% OF TOTAL INVESTMENTS) 5,000 Kansas City Municipal Assistance Corporation, Missouri, No Opt. Call AA- 1,818,100 Leasehold 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 1,489,710 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 3,307,810 - ------------------------------------------------------------------------------------------------------------------------------------ NEVADA - 6.4% (4.0% OF TOTAL INVESTMENTS) 4,885 Clark County, Nevada, Limited Tax General Obligation Bank 7/10 at 100.00 AA+ (4) 5,165,546 Bonds, 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 AA- (4) 8,042,475 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 A 586,697 Revenue Bonds, Las Vegas Monorail Project, First Tier, Series 2000, 5.625%, 1/01/32 - AMBAC Insured 2,500 Reno, Nevada, Health Facility Revenue Bonds, Catholic 7/17 at 100.00 AAA 2,370,500 Healthcare West, Trust 2634, 16.017%, 7/01/31 - BHAC Insured (IF) 10,750 Truckee Meadows Water Authority, Nevada, Water Revenue Bonds, 7/11 at 100.00 AAA 11,714,598 Series 2001A, 5.250%, 7/01/34 (Pre-refunded 7/01/11) - FSA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 27,585 Total Nevada 27,879,816 - ------------------------------------------------------------------------------------------------------------------------------------ NEW JERSEY - 8.4% (5.2% OF TOTAL INVESTMENTS) 16,840 New Jersey Health Care Facilities Financing Authority, 1/17 at 39.39 Baa2 1,489,835 Revenue Bonds, Saint Barnabas Health Care System, Series 2006A, 0.000%, 7/01/35 2,400 New Jersey Health Care Facilities Financing Authority, 7/10 at 101.00 BBB- (4) 2,612,472 Revenue Bonds, Trinitas Hospital Obligated Group, Series 2000, 7.500%, 7/01/30 (Pre-refunded 7/01/10) 14,865 New Jersey Housing and Mortgage Finance Agency, Home Buyer 10/10 at 100.00 Aaa 15,060,919 Program Revenue Bonds, Series 2000CC, 5.850%, 10/01/25 - MBIA Insured (Alternative Minimum Tax) 1,905 New Jersey Housing and Mortgage Finance Agency, Multifamily 5/09 at 100.75 A 1,905,229 Housing Revenue Bonds, Series 1997A, 5.550%, 5/01/27 - AMBAC Insured (Alternative Minimum Tax) 20,000 New Jersey Transportation Trust Fund Authority, No Opt. Call AAA 4,440,400 Transportation System Bonds, Series 2006C, 0.000%, 12/15/33 - FSA Insured
Nuveen Investments 35 NQS | Nuveen Select Quality Municipal Fund, Inc. (continued) | Portfolio of INVESTMENTS April 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ NEW JERSEY (continued) $ 7,120 Tobacco Settlement Financing Corporation, New Jersey, Tobacco 6/12 at 100.00 AAA $ 7,695,225 Settlement Asset-Backed Bonds, Series 2002, 5.750%, 6/01/32 (Pre-refunded 6/01/12) 6,500 Tobacco Settlement Financing Corporation, New Jersey, Tobacco 6/17 at 100.00 BBB 3,441,620 Settlement Asset-Backed Bonds, Series 2007-1A, 5.000%, 6/01/41 - ------------------------------------------------------------------------------------------------------------------------------------ 69,630 Total New Jersey 36,645,700 - ------------------------------------------------------------------------------------------------------------------------------------ NEW MEXICO - 5.3% (3.3% OF TOTAL INVESTMENTS) 8,500 Farmington, New Mexico, Pollution Control Revenue Refunding 10/09 at 100.00 Baa3 7,584,890 Bonds, Public Service Company of New Mexico - San Juan Project, Series 1997B, 5.800%, 4/01/22 New Mexico Hospital Equipment Loan Council, Hospital Revenue Bonds, Presbyterian Healthcare Services, Series 2001A: 8,000 5.500%, 8/01/25 (Pre-refunded 8/01/11) 8/11 at 101.00 AA- (4) 8,758,640 6,200 5.500%, 8/01/30 (Pre-refunded 8/01/11) 8/11 at 101.00 AA- (4) 6,787,946 - ------------------------------------------------------------------------------------------------------------------------------------ 22,700 Total New Mexico 23,131,476 - ------------------------------------------------------------------------------------------------------------------------------------ NEW YORK - 10.6% (6.6% OF TOTAL INVESTMENTS) 5,650 Dormitory Authority of the State of New York, Improvement 8/09 at 101.00 AAA 5,784,922 Revenue Bonds, Mental Health Services Facilities, Series 1999D, 5.250%, 8/15/24 (Pre-refunded 8/15/09) - FSA Insured 10,000 Dormitory Authority of the State of New York, New York City, 5/10 at 101.00 AA- (4) 10,660,300 Lease Revenue Bonds, Court Facilities, Series 1999, 6.000%, 5/15/39 (Pre-refunded 5/15/10) 7,000 Metropolitan Transportation Authority, New York, State 7/12 at 100.00 AA- 6,952,330 Service Contract Refunding Bonds, Series 2002A, 5.125%, 1/01/29 5,000 New York City Municipal Water Finance Authority, New York, 6/09 at 101.00 AAA 5,014,350 Water and Sewerage System Revenue Bonds, Fiscal Series 1999B, 5.000%, 6/15/29 - FSA Insured 2,255 New York City Transit Authority, New York, Metropolitan 1/10 at 101.00 A (4) 2,356,250 Transportation Authority, Triborough Bridge and Tunnel Authority, Certificates of Participation, Series 2000A, 5.750%, 1/01/20 (Pre-refunded 1/01/10) - AMBAC Insured 9,750 New York City Transitional Finance Authority, New York, 5/10 at 101.00 AAA 10,405,590 Future Tax Secured Bonds, Fiscal Series 2000B, 6.000%, 11/15/29 (Pre-refunded 5/15/10) 5,400 New York State Mortgage Agency, Homeowner Mortgage Revenue 9/09 at 101.00 Aa1 5,225,580 Bonds, Series 79, 5.300%, 4/01/29 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 45,055 Total New York 46,399,322 - ------------------------------------------------------------------------------------------------------------------------------------ NORTH CAROLINA - 4.9% (3.0% OF TOTAL INVESTMENTS) 18,555 North Carolina Eastern Municipal Power Agency, Power System 7/09 at 100.00 Baa1 18,565,018 Revenue Refunding Bonds, Series 1993B, 5.500%, 1/01/17 - FGIC Insured 3,000 The Charlotte-Mecklenberg Hospital Authority, North Carolina, 1/18 at 100.00 AA- 2,847,480 Doing Business as Carolinas HealthCare System, Health Care Refunding Revenue Bonds, Series 2008A, 5.000%, 1/15/47 - ------------------------------------------------------------------------------------------------------------------------------------ 21,555 Total North Carolina 21,412,498 - ------------------------------------------------------------------------------------------------------------------------------------ OHIO - 5.4% (3.3% OF TOTAL INVESTMENTS) Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2: 3,000 5.375%, 6/01/24 6/17 at 100.00 BBB 2,432,040 260 5.125%, 6/01/24 6/17 at 100.00 BBB 204,901 2,700 5.875%, 6/01/30 6/17 at 100.00 BBB 1,831,356 2,755 5.750%, 6/01/34 6/17 at 100.00 BBB 1,744,218 7,995 5.875%, 6/01/47 6/17 at 100.00 BBB 4,491,351 5,150 Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco 6/22 at 100.00 BBB 2,097,544 Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-3, 0.000%, 6/01/37
36 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ OHIO (continued) 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) $ 5,303,100 5,000 6.750%, 4/01/22 (Pre-refunded 4/01/10) 4/10 at 101.00 A (4) 5,303,100 3,750 Ohio Higher Educational Facilities Commission, Revenue Bonds, 1/17 at 100.00 A+ -- University Hospitals Health System Inc., Series 2007A, Trust 2812-1, 11.282%, 1/15/46 - AMBAC Insured (IF) (5) 195 Ohio Housing Finance Agency, GNMA Mortgage-Backed Securities 8/10 at 100.00 Aaa 198,793 Program Residential Mortgage Revenue Bonds, Series 2000C, 6.050%, 3/01/32 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 35,805 Total Ohio 23,606,403 - ------------------------------------------------------------------------------------------------------------------------------------ OKLAHOMA - 0.9% (0.5% OF TOTAL INVESTMENTS) 1,675 Oklahoma Development Finance Authority, Health System Revenue 8/18 at 100.00 AA- 1,642,924 Bonds, Integris Baptist Medical Center, Series 2008B, 5.250%, 8/15/38 2,235 Oklahoma Development Finance Authority, Revenue Bonds, St. 2/14 at 100.00 A 2,124,859 John Health System, Series 2004, 5.000%, 2/15/24 - ------------------------------------------------------------------------------------------------------------------------------------ 3,910 Total Oklahoma 3,767,783 - ------------------------------------------------------------------------------------------------------------------------------------ PENNSYLVANIA - 0.9% (0.6% OF TOTAL INVESTMENTS) 95 Delaware River Port Authority, New Jersey and Pennsylvania, 1/10 at 100.00 AAA 97,458 Revenue Bonds, Series 1999, 5.750%, 1/01/15 - FSA Insured 1,250 Erie, Pennsylvania, Water Authority, Water Revenue Bonds, 12/18 at 100.00 AAA 1,210,013 Series 2008, 5.000%, 12/01/43 - FSA Insured 3,250 Pennsylvania Housing Finance Agency, Single Family Mortgage 10/16 at 100.00 AA+ 2,812,160 Revenue Bonds, Series 2006-96A, 4.650%, 10/01/31 (Alternative Minimum Tax) (UB) - ------------------------------------------------------------------------------------------------------------------------------------ 4,595 Total Pennsylvania 4,119,631 - ------------------------------------------------------------------------------------------------------------------------------------ PUERTO RICO - 0.8% (0.5% OF TOTAL INVESTMENTS) 800 Puerto Rico Public Buildings Authority, Guaranteed Government 7/17 at 100.00 Baa3 578,944 Facilities Revenue Refunding Bonds, Series 2002D, 0.000%, 7/01/31 - AMBAC Insured 2,200 Puerto Rico Public Buildings Authority, Guaranteed Government 7/17 at 100.00 Baa3 (4) 2,154,570 Facilities Revenue Refunding Bonds, Series 2002D, 0.000%, 7/01/31 (Pre-refunded 7/01/17) - AMBAC Insured 23,890 Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue No Opt. Call AA- 936,727 Bonds, Series 2007A, 0.000%,8/01/54 - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 26,890 Total Puerto Rico 3,670,241 - ------------------------------------------------------------------------------------------------------------------------------------ RHODE ISLAND - 0.9% (0.6% OF TOTAL INVESTMENTS) Rhode Island Housing & Mortgage Finance Corporation, Homeownership Opportunity 57-B Bond Program, Series 2008, Trust 1177: 1,500 9.259%, 10/01/27 (Alternative Minimum Tax) (IF) 4/17 at 100.00 AA+ 1,403,595 1,000 9.359%, 10/01/32 (Alternative Minimum Tax) (IF) 4/17 at 100.00 AA+ 902,160 2,200 Rhode Island Tobacco Settlement Financing Corporation, Tobacco 6/12 at 100.00 BBB 1,620,916 Settlement Asset-Backed Bonds, Series 2002A, 6.125%, 6/01/32 - ------------------------------------------------------------------------------------------------------------------------------------ 4,700 Total Rhode Island 3,926,671 - ------------------------------------------------------------------------------------------------------------------------------------ SOUTH CAROLINA - 8.9% (5.5% 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) 6,460,630 4,500 6.000%, 12/01/21 (Pre-refunded 12/01/12) 12/12 at 101.00 AA (4) 5,285,970 3,750 Greenwood County, South Carolina, Hospital Revenue Bonds, Self 10/11 at 100.00 A 3,290,363 Memorial Hospital, Series 2001, 5.500%, 10/01/31 2,500 Lexington County Health Service District, South Carolina, 11/13 at 100.00 A+ (4) 2,928,100 Hospital Revenue Refunding and Improvement Bonds, Series 2003, 5.750%, 11/01/28 (Pre-refunded 11/01/13)
Nuveen Investments 37 NQS | Nuveen Select Quality Municipal Fund, Inc. (continued) | Portfolio of INVESTMENTS April 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ SOUTH CAROLINA (continued) $ 2,825 Medical University Hospital Authority, South Carolina, 8/14 at 100.00 AA- $ 2,876,189 FHA-Insured Mortgage Revenue Bonds, Series 2004A, 5.250%, 2/15/22 - MBIA Insured 21,565 Piedmont Municipal Power Agency, South Carolina, Electric No Opt. Call A 5,911,829 Revenue Bonds, Series 2004A-2, 0.000%, 1/01/30 - AMBAC Insured 1,250 South Carolina Housing Finance and Development Authority, 6/10 at 100.00 Aa1 1,258,900 Mortgage Revenue Bonds, Series 2000A-2, 6.000%, 7/01/20 - FSA Insured (Alternative Minimum Tax) 10,310 Tobacco Settlement Revenue Management Authority, South 5/12 at 100.00 BBB (4) 10,823,954 Carolina, Tobacco Settlement Asset-Backed Bonds, Series 2001B, 6.000%, 5/15/22 (Pre-refunded 5/15/12) - ------------------------------------------------------------------------------------------------------------------------------------ 52,200 Total South Carolina 38,835,935 - ------------------------------------------------------------------------------------------------------------------------------------ SOUTH DAKOTA - 2.3% (1.4% OF TOTAL INVESTMENTS) 4,805 Sioux Falls, South Dakota, Industrial Revenue Refunding Bonds, 10/14 at 100.00 AAA 5,912,408 Great Plains Hotel Corporation, Series 1989, 8.500%, 11/01/16 (Pre-refunded 10/15/14) (Alternative Minimum Tax) 2,280 South Dakota Education Loans Inc., Revenue Bonds, Subordinate 6/09 at 101.00 B3 2,245,526 Series 1998-1K, 5.600%, 6/01/20 (Alternative Minimum Tax) 1,750 South Dakota Health and Educational Facilities Authority, 11/14 at 100.00 AA- 1,716,803 Revenue Bonds, Sioux Valley Hospitals, Series 2004A, 5.500%, 11/01/31 - ------------------------------------------------------------------------------------------------------------------------------------ 8,835 Total South Dakota 9,874,737 - ------------------------------------------------------------------------------------------------------------------------------------ TENNESSEE - 7.2% (4.5% OF TOTAL INVESTMENTS) 5,000 Knox County Health, Educational and Housing Facilities Board, 4/12 at 101.00 A1 4,947,950 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 13,674,298 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 11/09 at 101.00 AAA 12,993,625 and Educational Facilities Board, Tennessee, Revenue Bonds, Ascension Health Credit Group, Series 1999A, 5.875%, 11/15/28(Pre-refunded 11/15/09) - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 37,560 Total Tennessee 31,615,873 - ------------------------------------------------------------------------------------------------------------------------------------ TEXAS - 14.4% (9.0% OF TOTAL INVESTMENTS) 5,110 Brazos River Authority, Texas, Pollution Control Revenue 4/13 at 101.00 Caa2 2,104,962 Refunding Bonds, TXU Electric Company, Series 1999C, 7.700%, 3/01/32 (Alternative Minimum Tax) 7,925 Brazos River Authority, Texas, Pollution Control Revenue No Opt. Call CCC 4,682,803 Refunding Bonds, TXU Electric Company, Series 2001C, 5.750%, 5/01/36 (Mandatory put 11/01/11) (Alternative Minimum Tax) 4,080 Central Texas Regional Mobility Authority, Travis and 1/15 at 100.00 AA- 3,133,032 Williamson Counties, Toll Road Revenue Bonds, Series 2005, 5.000%, 1/01/35 - FGIC Insured 5,500 Dallas Area Rapid Transit, Texas, Senior Lien Sales Tax 12/11 at 100.00 AAA 6,041,695 Revenue Bonds, Series 2001, 5.000%, 12/01/31 (Pre-refunded 12/01/11) - AMBAC Insured 2,000 Ennis Independent School District, Ellis County, Texas, 8/16 at 54.64 Aaa 698,240 General Obligation Bonds, Series 2006, 0.000%, 8/15/28 1,550 Gulf Coast Waste Disposal Authority, Texas, Waste Disposal 4/11 at 101.00 BBB 1,393,497 Revenue Bonds, Valero Energy Corporation, Series 2001, 6.650%, 4/01/32 (Alternative Minimum Tax) 7,570 Harris County-Houston Sports Authority, Texas, Junior Lien No Opt. Call AA- 1,331,563 Revenue Bonds, Series 2001H, 0.000%, 11/15/31 - MBIA Insured 5,000 Houston Community College System, Texas, Limited Tax General 2/13 at 100.00 AA 5,099,900 Obligation Bonds, Series 2003, 5.000%, 2/15/26 - AMBAC Insured (UB) 9,000 Matagorda County Navigation District 1, Texas, Collateralized No Opt. Call A 7,094,700 Revenue Refunding Bonds, Houston Light and Power Company, Series 1997, 5.125%, 11/01/28 - AMBAC Insured (Alternative Minimum Tax) 7,000 North Texas Thruway Authority, First Tier System Revenue 1/25 at 100.00 A2 4,537,190 Refunding Bonds, Capital Appreciation Series 2008I, 0.000%, 1/01/43
38 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TEXAS (continued) $ 340 Panhandle Regional Housing Finance Corporation, Texas, GNMA 5/09 at 100.00 AAA $ 344,366 Mortgage-Backed Securities Program Single Family Mortgage Revenue Bonds, Series 1991A, 7.500%, 5/01/24 (Alternative Minimum Tax) 2,110 Richardson Hospital Authority, Texas, Revenue Bonds, 12/13 at 100.00 Baa2 1,762,504 Richardson Regional Medical Center, Series 2004, 6.000%, 12/01/19 4,700 Sam Rayburn Municipal Power Agency, Texas, Power Supply System 10/12 at 100.00 Baa2 4,463,167 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 5,602,080 Unlimited Tax Schoolhouse Bonds, Series 2001, 5.000%, 8/15/26 4,375 Tarrant County Cultural and Educational Facilities Finance 11/17 at 100.00 AA- 3,464,956 Corporation, Texas, Revenue Bonds, Tarrant County Health Resources, Series 2008, Trust 1197, 8.958%, 11/15/47 (IF) 4,520 Texas, General Obligation Bonds, Water Financial Assistance, 8/09 at 100.00 Aa1 4,529,221 State 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 1,867,459 9,110 0.000%, 8/15/41 8/15 at 25.73 AAA 1,393,375 7,110 0.000%, 8/15/45 8/15 at 20.76 AAA 850,356 2,045 Winter Garden Housing Finance Corporation, Texas, GNMA/FNMA 10/09 at 100.00 AAA 2,047,209 Mortgage-Backed Securities Program Single Family Mortgage Revenue Bonds, Series 1994, 6.950%, 10/01/27 (Alternative Minimum Tax) 2,000 Wylie Independent School District, Taylor County, Texas, 8/15 at 57.10 AAA 819,900 General Obligation Bonds, Series 2005, 0.000%, 8/15/26 - ------------------------------------------------------------------------------------------------------------------------------------ 105,655 Total Texas 63,262,175 - ------------------------------------------------------------------------------------------------------------------------------------ UTAH - 4.5% (2.8% OF TOTAL INVESTMENTS) 3,565 Utah Associated Municipal Power Systems, Revenue Bonds, Payson 4/13 at 100.00 AAA 3,600,222 Power Project, Series 2003A, 5.000%, 4/01/24 - FSA Insured (UB) 16,050 Utah County, Utah, Hospital Revenue Bonds, IHC Health Services 6/09 at 100.00 AA- (4) 16,103,605 Inc., Series 1997, 5.250%, 8/15/26 - MBIA Insured (ETM) - ------------------------------------------------------------------------------------------------------------------------------------ 19,615 Total Utah 19,703,827 - ------------------------------------------------------------------------------------------------------------------------------------ VERMONT - 2.1% (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 A 3,760,957 4,265 6.250%, 12/01/16 - AMBAC Insured 12/10 at 101.00 A 4,311,531 1,185 Vermont Housing Finance Agency, Single Family Housing Bonds, 11/09 at 100.00 AAA 1,222,019 Series 2000-13A, 5.950%, 11/01/25 - FSA Insured (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 9,170 Total Vermont 9,294,507 - ------------------------------------------------------------------------------------------------------------------------------------ VIRGINIA - 0.3% (0.2% OF TOTAL INVESTMENTS) 2,000 Fairfax County Economic Development Authority, Virginia, 10/17 at 100.00 N/R 1,370,600 Residential Care Facilities Mortgage Revenue Bonds, Goodwin House, Inc., Series 2007A, 5.125%, 10/01/42 - ------------------------------------------------------------------------------------------------------------------------------------ WASHINGTON - 3.9% (2.4% OF TOTAL INVESTMENTS) 8,810 Chelan County Public Utility District 1, Washington, Hydro 7/11 at 101.00 AA 8,199,643 Consolidated System Revenue Bonds, Series 2001A, 5.600%, 1/01/36 - MBIA Insured (Alternative Minimum Tax) (UB) 7,225 Port of Seattle, Washington, Special Facility Revenue Bonds, 3/10 at 101.00 AA- 7,258,596 Terminal 18, Series 1999B, 6.000%, 9/01/20 - MBIA Insured (Alternative Minimum Tax) 2,500 Washington State Health Care Facilities Authority, Revenue No Opt. Call N/R 1,588,075 Bonds, Northwest Hospital and Medical Center of Seattle, Series 2007, 5.700%, 12/01/32 - ------------------------------------------------------------------------------------------------------------------------------------ 18,535 Total Washington 17,046,314 - ------------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 39 NQS | Nuveen Select Quality Municipal Fund, Inc. (continued) | Portfolio of INVESTMENTS April 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ WEST VIRGINIA - 1.1% (0.7% OF TOTAL INVESTMENTS) $ 5,000 Mason County, West Virginia, Pollution Control Revenue Bonds, 10/11 at 100.00 BBB $ 4,847,600 Appalachian Power Company, Series 2003L, 5.500%, 10/01/22 - ------------------------------------------------------------------------------------------------------------------------------------ WISCONSIN - 3.3% (2.0% OF TOTAL INVESTMENTS) 7,635 Badger Tobacco Asset Securitization Corporation, Wisconsin, 6/12 at 100.00 AAA 8,191,668 Tobacco Settlement Asset-Backed Bonds, Series 2002, 6.125%, 6/01/27 (Pre-refunded 6/01/12) 5,000 Madison, Wisconsin, Industrial Development Revenue Refunding 4/12 at 100.00 AA- 4,883,700 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 BBB+ 1,285,915 Bonds, Wheaton Franciscan Services Inc., Series 2003A, 5.125%, 8/15/33 - ------------------------------------------------------------------------------------------------------------------------------------ 14,735 Total Wisconsin 14,361,283 - ------------------------------------------------------------------------------------------------------------------------------------ $ 948,585 Total Long-Term Investments (cost $739,077,238) - 160.6% 702,752,812 ==============---------------------------------------------------------------------------------------------------------------------- SHORT-TERM INVESTMENTS - 0.7% (0.4% OF TOTAL INVESTMENTS) MISSOURI - 0.7% (0.4% OF TOTAL INVESTMENTS) $ 2,865 Missouri Development Finance Board, Kansas City, 7/09 at 100.00 VMIG-1 2,865,000 Infrastructure Facilities Revenue Bonds, Ninth Street Garage Project, Variable Rate Demand Obligations, Series 2004B, 0.500%, 6/01/34 (6) ==============---------------------------------------------------------------------------------------------------------------------- Total Short-Term Investments (cost $2,865,000) 2,865,000 ------------------------------------------------------------------------------------------------------------------- Total Investments (cost $741,942,238) - 161.3% 705,617,812 ------------------------------------------------------------------------------------------------------------------- Floating Rate Obligations - (4.4)% (19,230,000) ------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 2.1% 9,051,156 ------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (59.0)% (7) (257,925,000) ------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 437,513,968 ===================================================================================================================
(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 Group ("Standard & Poor's") or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by Standard & Poor's or Baa by Moody's are considered to be below investment grade. The Portfolio of Investments may reflect the ratings on certain bonds whose insurer has experienced downgrades as of the end of the reporting period. Please see the Portfolio Managers' Commentary for an expanded discussion of the affect on the Fund of changes to the ratings of certain bonds in the portfolio resulting from changes to the ratings of the underlying insurers both during the period and after period end. (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) Zero value on investments represents unrealized depreciation related to Recourse Trusts. See Statement of Assets and Liabilities for more information. (6) Investment has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. (7) Preferred Shares, at Liquidation Value as a percentage of Total Investments is 36.6%. 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 Notes to Financial Statements, Footnote 1 - Inverse Floating Rate Securities for more information. See accompanying notes to financial statements. 40 Nuveen Investments NQU | Nuveen Quality Income Municipal Fund, Inc. | Portfolio of INVESTMENTS April 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ ALABAMA - 3.1% (1.9% OF TOTAL INVESTMENTS) 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 $ 8,018,806 6,340 5.500%, 2/01/31 (Pre-refunded 2/01/11) - FGIC Insured 2/11 at 101.00 AAA 6,762,434 6,970 5.500%, 2/01/31 (Pre-refunded 2/01/11) - FGIC Insured 2/11 at 101.00 AAA 7,477,068 - ------------------------------------------------------------------------------------------------------------------------------------ 20,785 Total Alabama 22,258,308 - ------------------------------------------------------------------------------------------------------------------------------------ ALASKA - 1.6% (1.0% OF TOTAL INVESTMENTS) 6,110 Alaska Housing Finance Corporation, General Housing Purpose 12/14 at 100.00 AA 6,154,175 Bonds, Series 2005A, 5.000%, 12/01/27 - FGIC Insured (UB) 11,000 Northern Tobacco Securitization Corporation, Alaska, Tobacco 6/14 at 100.00 Baa3 5,760,260 Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/46 - ------------------------------------------------------------------------------------------------------------------------------------ 17,110 Total Alaska 11,914,435 - ------------------------------------------------------------------------------------------------------------------------------------ ARIZONA - 2.3% (1.4% OF TOTAL INVESTMENTS) 5,350 Arizona Tourism and Sports Authority, Tax Revenue Bonds, 7/13 at 100.00 A2 5,017,070 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 AA- 1,107,630 2002, 5.250%, 7/01/17 - FGIC Insured 2,350 Phoenix, Arizona, Civic Improvement Corporation, Senior Lien 7/18 at 100.00 AA- 2,340,036 Airport Revenue Bonds, Series 2008A, 5.000%, 7/01/33 8,010 Salt River Project Agricultural Improvement and Power 1/12 at 101.00 Aa1 8,220,663 District, Arizona, Electric System Revenue Refunding Bonds, Series 2002A, 5.125%, 1/01/27 - ------------------------------------------------------------------------------------------------------------------------------------ 16,710 Total Arizona 16,685,399 - ------------------------------------------------------------------------------------------------------------------------------------ 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 Aa3 538,975 19,800 0.000%, 7/01/46 - AMBAC Insured No Opt. Call Aa3 2,356,794 4,000 University of Arkansas, Fayetteville, Revenue Bonds, Medical 11/14 at 100.00 Aa3 4,024,840 Sciences Campus, Series 2004B, 5.000%, 11/01/34 - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 26,300 Total Arkansas 6,920,609 - ------------------------------------------------------------------------------------------------------------------------------------ CALIFORNIA - 13.1% (8.1% OF TOTAL INVESTMENTS) 12,500 Anaheim Public Finance Authority, California, Subordinate No Opt. Call AAA 2,203,625 Lease Revenue Bonds, Public Improvement Project, Series 1997C, 0.000%, 9/01/35 - FSA Insured 1,000 California Department of Water Resources, Power Supply Revenue 5/12 at 101.00 Aaa 1,142,010 Bonds, Series 2002A, 5.750%, 5/01/17 (Pre-refunded 5/01/12) 6,000 California Health Facilities Financing Authority, Health 3/13 at 100.00 A 4,805,580 Facility 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- 3,156,440 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 957,222 Bonds, Daughters of Charity Health System, Series 2005A, 5.250%, 7/01/30
Nuveen Investments 41 NQU | Nuveen Quality Income Municipal Fund, Inc. (continued) | Portfolio of INVESTMENTS April 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ CALIFORNIA (continued) $ 3,600 California Statewide Community Development Authority, Revenue 7/18 at 100.00 AA- $ 3,518,100 Bonds, St. Joseph Health System, Series 2007A, 5.750%, 7/01/47 - FGIC Insured 14,600 California, General Obligation Bonds, Series 2003, 5.250%, 8/13 at 100.00 A 14,547,002 2/01/28 25,000 California, General Obligation Bonds, Series 2005, 4.750%, 3/16 at 100.00 AA- 21,984,499 3/01/35 - MBIA Insured 10,000 California, Various Purpose General Obligation Bonds, Series 10/09 at 101.00 AA- 9,166,600 1999, 4.750%, 4/01/29 - MBIA Insured 16,000 California, Various Purpose General Obligation Bonds, Series 6/17 at 100.00 A 14,775,680 2007, 5.000%, 6/01/37 8,500 Foothill/Eastern Transportation Corridor Agency, California, 1/10 at 100.00 AA- 5,686,415 Toll 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 6,392,700 1,500 5.125%, 6/01/47 6/17 at 100.00 BBB 773,565 30,000 San Joaquin Hills Transportation Corridor Agency, Orange No Opt. Call AA- 3,941,400 County, California, Toll Road Revenue Refunding Bonds, Series 1997A, 0.000%, 1/15/35 - MBIA Insured 3,000 San Mateo County Community College District, California, No Opt. Call Aa1 890,220 General Obligation Bonds, Series 2006C, 0.000%, 9/01/30 - MBIA Insured 1,500 Tobacco Securitization Authority of Northern California, 6/15 at 100.00 BBB 831,105 Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 5.500%, 6/01/45 - ------------------------------------------------------------------------------------------------------------------------------------ 148,010 Total California 94,772,163 - ------------------------------------------------------------------------------------------------------------------------------------ COLORADO - 5.2% (3.2% OF TOTAL INVESTMENTS) 1,000 Colorado Health Facilities Authority, Revenue Bonds, Poudre 9/18 at 102.00 AAA 941,130 Valley Health System, Series 2005C, 5.250%, 3/01/40 - FSA Insured 10,000 Denver City and County, Colorado, Airport System Revenue 11/10 at 100.00 A+ 10,007,700 Refunding Bonds, Series 2000A, 5.625%, 11/15/23 - AMBAC Insured (Alternative Minimum Tax) 5,385 E-470 Public Highway Authority, Colorado, Senior Revenue No Opt. Call AA- 1,332,572 Bonds, Series 1997B, 0.000%,9/01/26 - MBIA Insured 43,000 E-470 Public Highway Authority, Colorado, Senior Revenue No Opt. Call AA- 5,777,910 Bonds, Series 2000B, 0.000%, 9/01/33 - MBIA Insured 14,400 E-470 Public Highway Authority, Colorado, Senior Revenue 9/10 at 65.63 Aaa 9,290,448 Bonds, Series 2000B, 0.000%, 9/01/17(Pre-refunded 9/01/10) - MBIA Insured 7,000 E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, No Opt. Call AA- 849,450 Series 2004A, 0.000%, 9/01/34 - MBIA Insured 8,740 Larimer County School District R1, Poudre, Colorado, General 12/10 at 100.00 Aa3 (4) 9,358,879 Obligation Bonds, Series 2000, 5.125%, 12/15/19 (Pre-refunded 12/15/10) - FGIC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 89,525 Total Colorado 37,558,089 - ------------------------------------------------------------------------------------------------------------------------------------ CONNECTICUT - 0.7% (0.4% OF TOTAL INVESTMENTS) 4,395 Bridgeport, Connecticut, General Obligation Bonds, Series 8/11 at 100.00 A- (4) 4,821,183 2001C, 5.375%, 8/15/17 (Pre-refunded 8/15/11) - FGIC Insured - ------------------------------------------------------------------------------------------------------------------------------------ FLORIDA - 0.8% (0.5% OF TOTAL INVESTMENTS) 5,000 Orange County Health Facilities Authority, Florida, Hospital 11/10 at 101.00 A1 (4) 5,481,100 Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2000, 6.500%, 11/15/30 (Pre-refunded 11/15/10) - ------------------------------------------------------------------------------------------------------------------------------------ GEORGIA - 0.7% (0.5% OF TOTAL INVESTMENTS) 5,000 Medical Center Hospital Authority, Georgia, Revenue 8/18 at 100.00 AAA 5,362,000 Anticipation Certificates, Columbus Regional Healthcare System, Inc. Project, Series 2008, 6.500%, 8/01/38 - ------------------------------------------------------------------------------------------------------------------------------------
42 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ HAWAII - 1.4% (0.9% OF TOTAL INVESTMENTS) $ 10,000 Hawaii Department of Transportation, Airport System Revenue 7/10 at 101.00 AA- $ 10,268,500 Refunding Bonds, Series 2000B, 5.750%, 7/01/21 - FGIC Insured - ------------------------------------------------------------------------------------------------------------------------------------ ILLINOIS - 15.4% (9.6% 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 1,109,840 3,000 5.000%, 12/01/20 (Pre-refunded 12/01/11) - FSA Insured 12/11 at 100.00 AAA 3,291,420 2,000 5.000%, 12/01/21 (Pre-refunded 12/01/11) - FSA Insured 12/11 at 100.00 AAA 2,194,280 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 AA- 7,832,268 4,400 0.000%, 12/01/15 - FGIC Insured No Opt. Call AA- 3,483,040 32,670 Chicago, Illinois, General Obligation Bonds, City Colleges, No Opt. Call AA- 9,591,585 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 AA- (4) 729,184 4,320 6.000%, 1/01/28 (Pre-refunded 7/01/10) - FGIC Insured 7/10 at 101.00 AA- (4) 4,632,466 190 Chicago, Illinois, General Obligation Bonds, Series 2002A, 7/12 at 100.00 AA- 197,602 5.000%, 1/01/18 - AMBAC Insured Chicago, Illinois, General Obligation Bonds, Series 2002A: 70 5.000%, 1/01/18 (Pre-refunded 7/01/12) - AMBAC Insured 7/12 at 100.00 AAA 78,004 6,190 5.000%, 1/01/18 (Pre-refunded 7/01/12) - AMBAC Insured 7/12 at 100.00 AA- (4) 6,897,765 5,045 Chicago, Illinois, General Obligation Refunding Bonds, Series 1/10 at 101.00 AA- 5,134,751 2000D, 5.750%, 1/01/30 - FGIC Insured 13,240 Chicago, Illinois, Revenue Bonds, Midway Airport, Series 7/09 at 101.00 AA- 11,452,468 1998A, 5.125%, 1/01/35 - MBIA Insured (Alternative Minimum Tax) Chicago, Illinois, Second Lien Wastewater Transmission Revenue Bonds, Series 2000: 8,000 5.750%, 1/01/25 (Pre-refunded 1/01/10) - MBIA Insured 1/10 at 101.00 AA (4) 8,351,920 7,750 6.000%, 1/01/30 (Pre-refunded 1/01/10) - MBIA Insured 1/10 at 101.00 AA- (4) 8,103,865 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 3,493,440 1,800 6.000%, 5/01/22 (Pre-refunded 5/01/12) 5/12 at 101.00 Aaa 2,063,070 1,050 Illinois Finance Authority, General Obligation Debt 12/14 at 100.00 A3 1,082,802 Certificates, Local Government Program - Kankakee County, Series 2005B, 5.000%, 12/01/20 - AMBAC Insured 4,425 Illinois Finance Authority, Illinois, Northwestern University, 12/15 at 100.00 AAA 5,043,527 Revenue Bonds, Tender Option Bond Trust 3174, 14.628%, 12/01/42 (IF) 2,000 Illinois Finance Authority, Revenue Bonds, Children's Memorial 8/18 at 100.00 AAA 1,813,920 Hospital, Series 2008A, 5.250%, 8/15/47 - AGC Insured (UB) 1,000 Illinois Finance Authority, Revenue Bonds, Edward Health 2/18 at 100.00 A+ 872,200 Services Corporation, Series 2008A, 5.500%, 2/01/40 - AMBAC Insured 5,000 Illinois Finance Authority, Revenue Bonds, Northwestern 8/14 at 100.00 AA+ (4) 5,845,100 Memorial Hospital, Series 2004A, 5.500%, 8/15/43 (Pre-refunded 8/15/14) 10,000 Illinois Health Facilities Authority, Revenue Bonds, Iowa 2/10 at 101.00 Aa3 (4) 10,456,100 Health System, Series 2000, 5.875%, 2/15/30 - AMBAC Insured (ETM) 5,000 Illinois, General Obligation Bonds, Illinois FIRST Program, 12/10 at 100.00 AA- 5,222,150 Series 2000, 5.450%, 12/01/21 - MBIA Insured 2,270 Metropolitan Pier and Exposition Authority, Illinois, Revenue 6/12 at 101.00 AAA 2,285,005 Bonds, McCormick Place Expansion Project, Series 2002A, 5.000%, 12/15/28 - MBIA Insured 960 Montgomery, Illinois, Lakewood Creek Project Special 3/16 at 100.00 BBB+ 664,886 Assessment Bonds, Series 2007, 4.700%, 3/01/30 - RAAI Insured - ------------------------------------------------------------------------------------------------------------------------------------ 134,460 Total Illinois 111,922,658 - ------------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 43 NQU | Nuveen Quality Income Municipal Fund, Inc. (continued) | Portfolio of INVESTMENTS April 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ INDIANA - 1.7% (1.0% OF TOTAL INVESTMENTS) $ 2,000 Indiana Health Facility Financing Authority, Hospital Revenue 3/14 at 100.00 A+ $ 1,677,040 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 A 3,239,708 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 A 1,726,416 Community Hospitals of Indiana, Series 2005A, 5.000%, 5/01/35 - AMBAC Insured 6,015 St. Joseph County Hospital Authority, Indiana, Revenue Bonds, 8/09 at 100.50 AA- 5,406,823 Memorial Health System, Series 1998A, 4.625%, 8/15/28 - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 13,655 Total Indiana 12,049,987 - ------------------------------------------------------------------------------------------------------------------------------------ IOWA - 0.9% (0.5% OF TOTAL INVESTMENTS) Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C: 4,000 5.375%, 6/01/38 6/15 at 100.00 BBB 2,244,040 7,000 5.625%, 6/01/46 6/15 at 100.00 BBB 3,953,950 - ------------------------------------------------------------------------------------------------------------------------------------ 11,000 Total Iowa 6,197,990 - ------------------------------------------------------------------------------------------------------------------------------------ KANSAS - 0.9% (0.6% OF TOTAL INVESTMENTS) 4,585 Johnson County Unified School District 232, Kansas, General 9/10 at 100.00 Aa3 (4) 4,837,221 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 6/14 at 100.00 AA- 1,577,345 and Electric Company, Series 2004, 5.300%, 6/01/31 - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 6,335 Total Kansas 6,414,566 - ------------------------------------------------------------------------------------------------------------------------------------ KENTUCKY - 0.5% (0.3% OF TOTAL INVESTMENTS) 1,000 Kentucky Economic Development Finance Authority, Louisville 6/18 at 100.00 AAA 1,036,770 Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008A-1, 6.000%, 12/01/33 - AGC Insured 2,500 Kentucky State Property and Buildings Commission, Revenue 2/12 at 100.00 AAA 2,777,775 Refunding Bonds, Project 74, Series 2002, 5.375%, 2/01/18 (Pre-refunded 2/01/12) - FSA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 3,500 Total Kentucky 3,814,545 - ------------------------------------------------------------------------------------------------------------------------------------ LOUISIANA - 3.6% (2.3% OF TOTAL INVESTMENTS) 10,000 Louisiana Public Facilities Authority, Hospital Revenue Bonds, No Opt. Call AAA 11,350,100 Franciscan Missionaries of Our Lady Health System, Series 1998A, 5.750%, 7/01/25 - FSA Insured (UB) 9,000 Louisiana Public Facilities Authority, Revenue Bonds, Ochsner 5/17 at 100.00 A3 6,724,440 Clinic Foundation Project, Series 2007A, 5.500%, 5/15/47 5,500 Louisiana Public Facilities Authority, Revenue Bonds, Tulane 7/12 at 100.00 A (4) 6,114,350 University, Series 2002A, 5.000%, 7/01/32 (Pre-refunded 7/01/12) - AMBAC Insured 2,890 Tobacco Settlement Financing Corporation, Louisiana, Tobacco 5/11 at 101.00 BBB 2,033,260 Settlement Asset-Backed Bonds, Series 2001B, 5.875%, 5/15/39 - ------------------------------------------------------------------------------------------------------------------------------------ 27,390 Total Louisiana 26,222,150 - ------------------------------------------------------------------------------------------------------------------------------------ MASSACHUSETTS - 8.1% (5.1% OF TOTAL INVESTMENTS) 500 Massachusetts Health and Educational Facilities Authority, 7/18 at 100.00 A3 385,535 Revenue Bonds, CareGroup Inc., Series 2008E-1, 5.125%, 7/01/38 7,405 Massachusetts Health and Educational Facilities Authority, No Opt. Call AAA 8,628,010 Revenue Bonds, Massachusetts Institute of Technology, Series 2002K, 5.500%, 7/01/32 (UB) 6,000 Massachusetts Industrial Finance Agency, Resource Recovery 6/09 at 102.00 BBB 4,813,080 Revenue Refunding Bonds, Ogden Haverhill Project, Series 1998A, 5.600%, 12/01/19 (Alternative Minimum Tax) 12,500 Massachusetts Turnpike Authority, Metropolitan Highway System 7/09 at 100.00 AA- 10,369,000 Revenue Bonds, Senior Series 1997A, 5.000%, 1/01/37 - MBIA Insured 13,500 Massachusetts Turnpike Authority, Metropolitan Highway System 7/09 at 101.00 A 11,001,285 Revenue Bonds, Subordinate Series 1999A, 5.000%, 1/01/39 - AMBAC Insured
44 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ MASSACHUSETTS (continued) $ 1,375 Massachusetts Water Pollution Abatement Trust, Revenue Bonds, 8/09 at 101.00 AAA $ 1,407,285 MWRA Loan Program, Subordinate Series 1999A, 5.750%, 8/01/29 (Pre-refunded 8/01/09) 5,570 Massachusetts Water Pollution Abatement Trust, Revenue Bonds, 8/09 at 101.00 AAA 5,646,142 MWRA Loan Program, Subordinate Series 1999A, 5.750%, 8/01/29 10,000 Massachusetts Water Resources Authority, General Revenue 8/10 at 101.00 AA+ (4) 10,693,400 Bonds, 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 A+ (4) 6,119,182 Project Revenue Bonds, Series 2000-2, 5.250%, 11/01/20 (Pre-refunded 11/01/10) - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 62,580 Total Massachusetts 59,062,919 - ------------------------------------------------------------------------------------------------------------------------------------ MICHIGAN - 2.1% (1.3% OF TOTAL INVESTMENTS) 3,790 Michigan Municipal Bond Authority, General Obligation Bonds, 6/15 at 100.00 AAA 3,998,450 Detroit City School District, Series 2005, 5.000%, 6/01/20 - FSA Insured 7,425 Michigan State Hospital Finance Authority, Hospital Revenue 11/09 at 101.00 A1 (4) 7,720,292 Bonds, Henry Ford Health System, Series 1999A, 6.000%, 11/15/24 (Pre-refunded 11/15/09) 3,050 Michigan Tobacco Settlement Finance Authority, Tobacco 6/18 at 100.00 Baa3 2,142,839 Settlement Asset-Backed Revenue Bonds, Series 2008A, 6.875%, 6/01/42 1,150 Royal Oak Hospital Finance Authority, Michigan, Hospital 9/18 at 100.00 A1 1,284,780 Revenue Bonds, William Beaumont Hospital, Refunding Series 2009V, 8.250%, 9/01/39 - ------------------------------------------------------------------------------------------------------------------------------------ 15,415 Total Michigan 15,146,361 - ------------------------------------------------------------------------------------------------------------------------------------ MINNESOTA - 1.4% (0.9% 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) 2,069,500 2,685 6.000%, 10/01/25 (Pre-refunded 10/01/10) 10/10 at 100.00 A3 (4) 2,879,072 3,655 Dakota and Washington Counties Housing and Redevelopment No Opt. Call AAA 5,229,099 Authority, Minnesota, GNMA Mortgage-Backed Securities Program Single Family Residential Mortgage Revenue Bonds, Series 1988, 8.450%, 9/01/19 (Alternative Minimum Tax) (ETM) - ------------------------------------------------------------------------------------------------------------------------------------ 8,270 Total Minnesota 10,177,671 - ------------------------------------------------------------------------------------------------------------------------------------ MISSISSIPPI - 0.6% (0.4% OF TOTAL INVESTMENTS) 1,875 Mississippi Hospital Equipment and Facilities Authority, 9/14 at 100.00 AA 1,866,919 Revenue Bonds, Baptist Memorial Healthcare, Series 2004B-1, 5.000%, 9/01/24 (UB) 2,500 Mississippi Hospital Equipment and Facilities Authority, 1/11 at 101.00 Aa3 (4) 2,704,450 Revenue Bonds, Forrest County General Hospital, Series 2000, 5.500%, 1/01/27 (Pre-refunded 1/01/11) - FSA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 4,375 Total Mississippi 4,571,369 - ------------------------------------------------------------------------------------------------------------------------------------ MISSOURI - 1.7% (1.1% OF TOTAL INVESTMENTS) 15,000 Kansas City Municipal Assistance Corporation, Missouri, No Opt. Call AA- 5,454,300 Leasehold 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 2,463,000 Agency, Mass Transit Sales Tax Appropriation Bonds, Metrolink Cross County Extension Project, Series 2002B, 5.000%, 10/01/23 - FSA Insured 15,350 Springfield Public Building Corporation, Missouri, Lease No Opt. Call A 4,293,702 Revenue Bonds, Jordan Valley Park Projects, Series 2000A, 0.000%, 6/01/30 - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 32,750 Total Missouri 12,211,002 - ------------------------------------------------------------------------------------------------------------------------------------ NEVADA - 5.7% (3.6% OF TOTAL INVESTMENTS) 34,470 Clark County School District, Nevada, General Obligation 6/12 at 100.00 AA (4) 38,390,961 Bonds, Series 2002C, 5.000%, 6/15/20 (Pre-refunded 6/15/12) - MBIA Insured 6,845 Director of Nevada State Department of Business and Industry, No Opt. Call A 761,985 Revenue Bonds, Las Vegas Monorail Project, First Tier, Series 2000, 0.000%, 1/01/23 - AMBAC Insured
Nuveen Investments 45 NQU | Nuveen Quality Income Municipal Fund, Inc. (continued) | Portfolio of INVESTMENTS April 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ NEVADA (continued) $ 2,500 Reno, Nevada, Health Facility Revenue Bonds, Catholic 7/17 at 100.00 AAA $ 2,370,500 Healthcare West, Trust 2634, 16.017%, 7/01/31 - BHAC Insured (IF) - ------------------------------------------------------------------------------------------------------------------------------------ 43,815 Total Nevada 41,523,446 - ------------------------------------------------------------------------------------------------------------------------------------ NEW JERSEY - 5.4% (3.4% OF TOTAL INVESTMENTS) 1,000 New Jersey Building Authority, State Building Revenue Bonds, 12/12 at 100.00 AAA 1,130,960 Series 2002A, 5.000%, 12/15/21 (Pre-refunded 12/15/12) - FSA Insured 10,000 New Jersey Health Care Facilities Financing Authority, Revenue 1/17 at 37.38 Baa2 802,200 Bonds, Saint Barnabas Health Care System, Series 2006A, 0.000%, 7/01/36 2,150 New Jersey Health Care Facilities Financing Authority, Revenue 7/10 at 101.00 BBB- (4) 2,340,340 Bonds, Trinitas Hospital Obligated Group, Series 2000, 7.500%, 7/01/30 (Pre-refunded 7/01/10) 2,025 New Jersey Transportation Trust Fund Authority, Transportation 12/11 at 100.00 AA (4) 2,278,550 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 3,705,760 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 4,440,400 20,000 0.000%, 12/15/35 - AMBAC Insured No Opt. Call AA- 3,875,000 20,000 0.000%, 12/15/36 - AMBAC Insured No Opt. Call AA- 3,614,200 Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2002: 2,165 5.750%, 6/01/32 (Pre-refunded 6/01/12) 6/12 at 100.00 AAA 2,339,910 1,000 6.125%, 6/01/42 (Pre-refunded 6/01/12) 6/12 at 100.00 AAA 1,143,030 Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2003: 9,420 6.750%, 6/01/39 (Pre-refunded 6/01/13) 6/13 at 100.00 AAA 11,328,021 1,850 6.250%, 6/01/43 (Pre-refunded 6/01/13) 6/13 at 100.00 AAA 2,188,273 - ------------------------------------------------------------------------------------------------------------------------------------ 92,810 Total New Jersey 39,186,644 - ------------------------------------------------------------------------------------------------------------------------------------ NEW MEXICO - 0.9% (0.6% OF TOTAL INVESTMENTS) 5,925 New Mexico Hospital Equipment Loan Council, Hospital Revenue 8/11 at 101.00 AA- (4) 6,486,868 Bonds, Presbyterian Healthcare Services, Series 2001A, 5.500%, 8/01/21 (Pre-refunded 8/01/11) - ------------------------------------------------------------------------------------------------------------------------------------ NEW YORK - 18.5% (11.5% OF TOTAL INVESTMENTS) Dormitory Authority of the State of New York, Improvement Revenue Bonds, Mental Health Services Facilities, Series 2000B: 100 6.000%, 2/15/30 (Pre-refunded 2/15/10) - MBIA Insured 2/10 at 100.00 A1 (4) 104,388 65 6.000%, 2/15/30 (Pre-refunded 2/15/10) - MBIA Insured 2/10 at 100.00 AAA 67,837 1,005 6.000%, 2/15/30 (Pre-refunded 2/15/10) - MBIA Insured 2/10 at 100.00 AAA 1,049,099 8,830 6.000%, 2/15/30 (Pre-refunded 2/15/10) - MBIA Insured 2/10 at 100.00 AAA 9,209,513 275 Dormitory Authority of the State of New York, Insured Revenue 7/10 at 100.00 AA- 275,322 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 AA- 2,314,418 Bonds, Mount Sinai School of Medicine, Series 1994A, 5.150%, 7/01/24 - MBIA Insured 20,000 Erie County Tobacco Asset Securitization Corporation, New 7/10 at 101.00 AAA 21,486,399 York, 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 2/17 at 100.00 AA- 1,007,068 Bonds, 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 AAA 1,244,164 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 AA (4) 15,759,300 Fund Bonds, Series 2000A, 6.000%, 4/01/30 (Pre-refunded 4/01/10) - FGIC Insured
46 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ NEW YORK (continued) $ 13,600 Metropolitan Transportation Authority, New York, 11/16 at 100.00 AAA $ 12,541,648 Transportation Revenue Bonds, Series 2006B, 4.500%, 11/15/32 - FSA Insured (UB) 12,500 Nassau County Tobacco Settlement Corporation, New York, 7/09 at 101.00 AAA 12,779,875 Tobacco Settlement Asset-Backed Bonds, Series 1999A, 6.400%, 7/15/33 (Pre-refunded 7/15/09) New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2000B: 8,035 5.750%, 11/15/19 (Pre-refunded 5/15/10) 5/10 at 101.00 AAA 8,554,382 2,065 5.750%, 11/15/19 (Pre-refunded 5/15/10) 5/10 at 101.00 AAA 2,198,482 New York City, New York, General Obligation Bonds, Fiscal Series 2002G: 950 5.000%, 8/01/17 8/12 at 100.00 AA 986,670 6,555 5.750%, 8/01/18 8/12 at 100.00 AA 7,083,530 3,990 New York City, New York, General Obligation Bonds, Fiscal 8/12 at 100.00 AA (4) 4,570,824 Series 2002G, 5.750%, 8/01/18 (Pre-refunded 8/01/12) 5,000 New York City, New York, General Obligation Bonds, Fiscal 8/12 at 100.00 AA 5,403,150 Series 2003A, 5.750%, 8/01/16 New York State Environmental Facilities Corporation, State Clean Water and Drinking Water Revolving Funds Revenue Bonds, New York City Municipal Water Finance Authority Projects, Second Resolution Bonds, Series 2001C: 6,035 5.000%, 6/15/20 6/11 at 100.00 AAA 6,209,713 6,575 5.000%, 6/15/22 6/11 at 100.00 AAA 6,729,841 11,540 Port Authority of New York and New Jersey, Consolidated 11/12 at 101.00 AAA 12,278,906 Revenue Bonds, One Hundred Twenty-Eighth Series 2002, 5.000%, 11/01/20 - FSA Insured 2,250 United Nations Development Corporation, New York, Senior Lien 7/09 at 100.00 A3 2,250,900 Revenue Bonds, Series 2004A, 5.250%, 7/01/21 - ------------------------------------------------------------------------------------------------------------------------------------ 129,070 Total New York 134,105,429 - ------------------------------------------------------------------------------------------------------------------------------------ NORTH CAROLINA - 2.0% (1.2% OF TOTAL INVESTMENTS) 4,000 North Carolina Medical Care Commission, Health System Revenue 10/17 at 100.00 AA 3,410,080 Bonds, Mission St. Joseph's Health System, Series 2007, 4.500%, 10/01/31 (UB) 665 North Carolina Medical Care Commission, Hospital Revenue 12/10 at 100.00 AA 546,012 Bonds, Pitt County Memorial Hospital, Series 1998A, 4.750%, 12/01/28 - MBIA Insured 7,500 North Carolina Municipal Power Agency 1, Catawba Electric 1/13 at 100.00 AA- 7,746,750 Revenue Bonds, Series 2003A, 5.250%, 1/01/19 - MBIA Insured 3,000 The Charlotte-Mecklenberg Hospital Authority, North Carolina, 1/18 at 100.00 AA- 2,847,480 Doing Business as Carolinas HealthCare System, Health Care Refunding Revenue Bonds, Series 2008A, 5.000%, 1/15/47 - ------------------------------------------------------------------------------------------------------------------------------------ 15,165 Total North Carolina 14,550,322 - ------------------------------------------------------------------------------------------------------------------------------------ OHIO - 5.6% (3.5% OF TOTAL INVESTMENTS) 10,000 American Municipal Power Ohio Inc., General Revenue Bonds, 2/18 at 100.00 A1 9,593,600 Series 2008, 5.250%, 2/15/43 Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2: 170 5.125%, 6/01/24 6/17 at 100.00 BBB 133,974 1,800 5.875%, 6/01/30 6/17 at 100.00 BBB 1,220,904 1,740 5.750%, 6/01/34 6/17 at 100.00 BBB 1,101,611 2,400 6.000%, 6/01/42 6/17 at 100.00 BBB 1,397,784 5,730 5.875%, 6/01/47 6/17 at 100.00 BBB 3,218,942 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 2,285,071 2,600 5.250%, 6/01/21 - FSA Insured 12/12 at 100.00 AAA 2,716,402 2,000 5.000%, 12/01/22 - FSA Insured 12/12 at 100.00 AAA 2,063,760 10,000 Columbus City School District, Franklin County, Ohio, General 12/16 at 100.00 AAA 9,321,900 Obligation Bonds, Series 2006, 4.250%, 12/01/32 - FSA Insured (UB)
Nuveen Investments 47 NQU | Nuveen Quality Income Municipal Fund, Inc. (continued) | Portfolio of INVESTMENTS April 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ OHIO (continued) $ 9,850 Ohio Water Development Authority, Solid Waste Disposal Revenue 9/09 at 101.00 N/R $ 7,847,101 Bonds, Bay Shore Power, Series 1998A, 5.875%, 9/01/20 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 48,455 Total Ohio 40,901,049 - ------------------------------------------------------------------------------------------------------------------------------------ OKLAHOMA - 3.8% (2.4% OF TOTAL INVESTMENTS) 1,675 Oklahoma Development Finance Authority, Health System Revenue 8/18 at 100.00 AA- 1,642,924 Bonds, Integris Baptist Medical Center, Series 2008B, 5.250%, 8/15/38 6,040 Oklahoma Development Finance Authority, Revenue Bonds, Saint 2/17 at 100.00 A 5,124,578 John Health System, Series 2007, 5.000%, 2/15/42 2,000 Oklahoma Municipal Power Authority, Power Supply System 1/17 at 100.00 AA- 1,689,420 Revenue Bonds, Series 2007, 4.500%,1/01/47 - FGIC Insured 17,510 Pottawatomie County Home Finance Authority, Oklahoma, Single No Opt. Call AAA 19,130,200 Family Mortgage Revenue Bonds, Series 1991A, 8.625%, 7/01/10 (ETM) - ------------------------------------------------------------------------------------------------------------------------------------ 27,225 Total Oklahoma 27,587,122 - ------------------------------------------------------------------------------------------------------------------------------------ OREGON - 0.5% (0.3% OF TOTAL INVESTMENTS) 3,000 Deschutes County School District 1, Bend-La Pine, Oregon, 6/11 at 100.00 Aa2 (4) 3,281,370 General Obligation Bonds, Series 2001A, 5.500%, 6/15/18 (Pre-refunded 6/15/11) - FSA Insured 270 Oregon Housing and Community Services Department, Single 1/14 at 100.00 Aa2 269,946 Family Mortgage Revenue Bonds, Series 2004H, 5.125%, 1/01/29 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 3,270 Total Oregon 3,551,316 - ------------------------------------------------------------------------------------------------------------------------------------ PENNSYLVANIA - 3.6% (2.3% OF TOTAL INVESTMENTS) 220 Allentown, Pennsylvania, General Obligation Bonds, Series 10/13 at 100.00 Baa1 235,382 2003, 5.500%, 10/01/19 - FGIC Insured 1,450 Carbon County Industrial Development Authority, Pennsylvania, No Opt. Call BBB- 1,455,336 Resource Recovery Revenue Refunding Bonds, Panther Creek Partners Project, Series 2000, 6.650%, 5/01/10 (Alternative Minimum Tax) 1,500 Pennsylvania Housing Finance Agency, Single Family Mortgage 10/16 at 100.00 AA+ 1,297,920 Revenue Bonds, Series 2006-96A, 4.650%, 10/01/31 (Alternative Minimum Tax) (UB) 2,600 Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, 12/14 at 100.00 Aa3 2,658,734 Series 2004A, 5.500%, 12/01/31 - AMBAC Insured 7,800 Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General 8/13 at 100.00 AAA 7,714,824 Ordinance, Series 2002, 5.000%, 8/01/32 - FSA Insured (UB) 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 Aa3 (4) 6,806,280 5,500 5.625%, 8/01/20 (Pre-refunded 8/01/12) - FGIC Insured 8/12 at 100.00 Aa3 (4) 6,239,090 - ------------------------------------------------------------------------------------------------------------------------------------ 25,070 Total Pennsylvania 26,407,566 - ------------------------------------------------------------------------------------------------------------------------------------ PUERTO RICO - 4.4% (2.7% OF TOTAL INVESTMENTS) 2,500 Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, 7/18 at 100.00 BBB- 2,411,225 Senior Lien Series 2008A, 6.000%, 7/01/44 5,000 Puerto Rico Infrastructure Financing Authority, Special Tax No Opt. Call BBB+ 430,150 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 4,940,650 8/01/27 - FSA Insured 1,500 Puerto Rico Public Buildings Authority, Guaranteed Government 7/12 at 100.00 BBB- 1,406,340 Facilities Revenue Refunding Bonds, Series 2002D, 5.125%, 7/01/20 Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A: 50,000 0.000%, 8/01/47 - AMBAC Insured No Opt. Call AA- 3,564,000 55,000 0.000%, 8/01/54 - AMBAC Insured No Opt. Call AA- 2,156,550 15,000 5.250%, 8/01/57 8/17 at 100.00 A+ 12,643,200 1,500 Puerto Rico, General Obligation and Public Improvement Bonds, No Opt. Call AAA 1,326,465 Series 2001A, 5.500%, 7/01/29
48 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ PUERTO RICO (continued) $ 3,490 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB $ 2,805,855 Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33 - ------------------------------------------------------------------------------------------------------------------------------------ 138,990 Total Puerto Rico 31,684,435 - ------------------------------------------------------------------------------------------------------------------------------------ RHODE ISLAND - 0.4% (0.2% OF TOTAL INVESTMENTS) Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A: 2,200 6.125%, 6/01/32 6/12 at 100.00 BBB 1,620,916 1,655 6.250%, 6/01/42 6/12 at 100.00 BBB 1,222,135 - ------------------------------------------------------------------------------------------------------------------------------------ 3,855 Total Rhode Island 2,843,051 - ------------------------------------------------------------------------------------------------------------------------------------ SOUTH CAROLINA - 8.7% (5.4% OF TOTAL INVESTMENTS) 24,725 Greenville County School District, South Carolina, Installment 12/12 at 101.00 AA (4) 28,611,275 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 6,117,750 5,140 5.000%, 3/01/21 3/12 at 100.00 Aa1 5,384,458 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 AA- 5,383,890 3,000 5.250%, 2/15/24 - MBIA Insured 8/14 at 100.00 AA- 3,027,330 13,615 South Carolina Transportation Infrastructure Bank, Junior Lien 10/11 at 100.00 N/R (4) 14,924,899 Revenue Bonds, Series 2001B, 5.125%, 10/01/21 (Pre-refunded 10/01/11) - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 57,560 Total South Carolina 63,449,602 - ------------------------------------------------------------------------------------------------------------------------------------ TENNESSEE - 0.4% (0.3% OF TOTAL INVESTMENTS) 3,000 Knox County Health, Educational and Housing Facilities Board, 4/12 at 101.00 A1 3,049,560 Tennessee, Hospital Revenue Bonds, Baptist Health System of East Tennessee Inc., Series 2002, 6.375%, 4/15/22 - ------------------------------------------------------------------------------------------------------------------------------------ TEXAS - 16.6% (10.3% OF TOTAL INVESTMENTS) 535 Alamo Community College District, Bexar County, Texas, 11/11 at 100.00 AAA 582,016 Combined Fee Revenue Refunding Bonds, Series 2001, 5.375%, 11/01/16 - FSA Insured 465 Alamo Community College District, Bexar County, Texas, 11/11 at 100.00 Aa3 (4) 513,881 Combined Fee Revenue Refunding Bonds, Series 2001, 5.375%, 11/01/16 (Pre-refunded 11/01/11) - FSA Insured 11,255 Brazos River Authority, Texas, Pollution Control Revenue No Opt. Call CCC 6,650,467 Refunding Bonds, TXU Electric Company, Series 2001C, 5.750%, 5/01/36 (Mandatory put 11/01/11) (Alternative Minimum Tax) 5,500 Central Texas Regional Mobility Authority, Travis and 1/15 at 100.00 AA- 4,040,795 Williamson 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 AA- 5,019,400 Refunding and Improvement Bonds, Series 2001A, 5.625%, 11/01/21 - FGIC Insured (Alternative Minimum Tax) 2,700 Harris County-Houston Sports Authority, Texas, Senior Lien 11/11 at 100.00 AA- 2,254,176 Revenue Bonds, Series 2001G, 5.250%, 11/15/30 - MBIA Insured 14,975 Harris County-Houston Sports Authority, Texas, Third Lien 11/24 at 55.69 AA- 2,085,119 Revenue Bonds, Series 2004-A3., 0.000%, 11/15/34 - MBIA Insured 22,500 Houston, Texas, Junior Lien Water and Sewerage System Revenue 12/10 at 100.00 AA (4) 24,070,274 Refunding Bonds, Series 2000B, 5.250%, 12/01/30 (Pre-refunded 12/01/10) - FGIC Insured 4,590 Houston, Texas, Subordinate Lien Airport System Revenue Bonds, 7/10 at 100.00 AAA 4,427,376 Series 2000A, 5.625%, 7/01/30 - FSA Insured (Alternative Minimum Tax) 6,000 Leander Independent School District, Williamson and Travis 8/14 at 33.33 AAA 1,416,840 Counties, Texas, General Obligation Bonds, Series 2006, 0.000%, 8/15/34
Nuveen Investments 49 NQU | Nuveen Quality Income Municipal Fund, Inc. (continued) | Portfolio of INVESTMENTS April 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TEXAS (continued) $ 17,655 Matagorda County Navigation District 1, Texas, Revenue 5/09 at 102.00 AA- $ 14,399,771 Refunding Bonds, Houston Industries Inc., Series 1998B, 5.150%, 11/01/29 - MBIA Insured 7,650 Port of Corpus Christi Authority, Nueces County, Texas, 5/09 at 100.00 BBB 7,623,302 Revenue 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 A3 1,857,300 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 14,910,476 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 12,501,416 Bonds, New Series 1992, 5.000%, 2/01/17 (ETM) 3,750 Spring Branch Independent School District, Harris County, 2/11 at 100.00 AAA 4,021,725 Texas, Limited Tax Schoolhouse and Refunding Bonds, Series 2001, 5.125%, 2/01/23 (Pre-refunded 2/01/11) 4,375 Tarrant County Cultural and Educational Facilities Financing 11/17 at 100.00 AA- 3,464,956 Corporation, Texas, Revenue Bonds, Tarrant County Health Resources, Series 2008, Trust 1197, 8.958%, 11/15/47 (IF) 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 1,655,105 9,110 0.000%, 8/15/39 8/15 at 28.63 AAA 1,563,823 6,610 0.000%, 8/15/42 8/15 at 24.42 AAA 950,782 7,110 0.000%, 8/15/43 8/15 at 23.12 AAA 962,267 5,000 Wichita Falls, Wichita County, Texas, Priority Lien Water and 8/11 at 100.00 AA- (4) 5,438,250 Sewerage System Revenue Bonds, Series 2001, 5.000%, 8/01/22 (Pre-refunded 8/01/11) - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 171,870 Total Texas 120,409,517 - ------------------------------------------------------------------------------------------------------------------------------------ UTAH - 1.8% (1.1% OF TOTAL INVESTMENTS) 5,800 Carbon County, Utah, Solid Waste Disposal Revenue Refunding 8/09 at 100.00 BBB 5,803,712 Bonds, Laidlaw/ECDC Project, Guaranteed by Allied Waste Industries, Series 1995, 7.500%, 2/01/10 (Alternative Minimum Tax) 7,155 Utah Associated Municipal Power Systems, Revenue Bonds, Payson 4/13 at 100.00 AAA 7,190,060 Power Project, Series 2003A, 5.000%, 4/01/25 - FSA Insured (UB) - ------------------------------------------------------------------------------------------------------------------------------------ 12,955 Total Utah 12,993,772 - ------------------------------------------------------------------------------------------------------------------------------------ VIRGINIA - 2.3% (1.4% OF TOTAL INVESTMENTS) 4,000 Norfolk Airport Authority, Virginia, Airport Revenue Refunding 7/11 at 100.00 AA- 3,467,960 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 11,605,248 Multifamily Housing Revenue Refunding Bonds, Windsor at Potomac Vista L.P. Project, Series 2001, 4.850%, 7/01/31 (Mandatory put 7/01/11) 665 Virginia Housing Development Authority, Rental Housing Bonds, 5/09 at 101.00 AA+ 671,976 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 533,560 500 5.000%, 4/01/19 4/12 at 102.00 AA 533,430 - ------------------------------------------------------------------------------------------------------------------------------------ 16,705 Total Virginia 16,812,174 - ------------------------------------------------------------------------------------------------------------------------------------ WASHINGTON - 10.5% (6.6% OF TOTAL INVESTMENTS) 6,750 Energy Northwest, Washington, Electric Revenue Refunding 7/12 at 100.00 AAA 7,101,540 Bonds, Columbia Generating Station - Nuclear Project 2, Series 2002B, 5.350%, 7/01/18 - FSA Insured 2,500 Energy Northwest, Washington, Electric Revenue Refunding 7/12 at 100.00 Aaa 2,737,200 Bonds, Columbia Generating Station - Nuclear Project 2, Series 2002C, 5.750%, 7/01/17 - MBIA Insured 6,950 Port of Seattle, Washington, Revenue Bonds, Series 2000B, 8/10 at 100.00 AA- 6,958,062 5.625%, 2/01/24 - MBIA Insured (Alternative Minimum Tax) (UB) 13,400 Seattle, Washington, Municipal Light and Power Revenue Bonds, 12/10 at 100.00 Aa3 13,826,790 Series 2000, 5.400%, 12/01/25
50 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ WASHINGTON (continued) $ 5,000 Washington State Healthcare Facilities Authority, Revenue 10/16 at 100.00 AA $ 4,300,750 Bonds, Providence Health Care Services, Series 2006A, 4.625%, 10/01/34 - FGIC Insured (UB) 7,575 Washington State Tobacco Settlement Authority, Tobacco 6/13 at 100.00 BBB 7,302,452 Settlement Asset-Backed Revenue Bonds, Series 2002, 6.500%, 6/01/26 18,145 Washington, General Obligation Bonds, Series 2001-02A, 7/11 at 100.00 AAA 18,804,208 5.000%, 7/01/23 - FSA Insured Washington, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2002C: 7,000 5.000%, 1/01/21 - FSA Insured 1/12 at 100.00 AAA 7,281,400 7,960 5.000%, 1/01/22 - FSA Insured 1/12 at 100.00 AAA 8,222,362 - ------------------------------------------------------------------------------------------------------------------------------------ 75,280 Total Washington 76,534,764 - ------------------------------------------------------------------------------------------------------------------------------------ WISCONSIN - 2.1% (1.3% OF TOTAL INVESTMENTS) Badger Tobacco Asset Securitization Corporation, Wisconsin, Tobacco Settlement Asset-Backed Bonds, Series 2002: 170 6.125%, 6/01/27 (Pre-refunded 6/01/12) 6/12 at 100.00 AAA 182,395 3,380 6.375%, 6/01/32 (Pre-refunded 6/01/12) 6/12 at 100.00 AAA 3,800,337 7,545 La Crosse, Wisconsin, Pollution Control Revenue Refunding 12/09 at 101.00 A2 7,738,831 Bonds, Dairyland Power Cooperative, Series 1997A, 5.450%, 9/01/14 - AMBAC Insured 3,000 Wisconsin Health and Educational Facilities Authority, 5/14 at 100.00 BBB+ 2,484,720 Revenue Bonds, Fort Healthcare Inc., Series 2004, 5.750%, 5/01/29 2,100 Wisconsin Health and Educational Facilities Authority, 8/13 at 100.00 BBB+ 1,285,914 Revenue Bonds, Wheaton Franciscan Services Inc., Series 2003A, 5.125%, 8/15/33 - ------------------------------------------------------------------------------------------------------------------------------------ 16,195 Total Wisconsin 15,492,197 - ------------------------------------------------------------------------------------------------------------------------------------ WYOMING - 0.5% (0.3% OF TOTAL INVESTMENTS) 4,000 Wyoming Municipal Power Agency Power Supply System Revenue 1/18 at 100.00 A2 3,865,401 Bonds, 2008 Series A, 5.375%, 1/01/42 - ------------------------------------------------------------------------------------------------------------------------------------ $ 1,553,780 Total Investments (cost $1,179,693,451) - 160.5% 1,165,267,239 ==============---------------------------------------------------------------------------------------------------------------------- Floating Rate Obligations - (7.4)% (53,875,000) ------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 2.5% 18,326,089 ------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (55.6)% (5) (403,600,000) ------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 726,118,328 ===================================================================================================================
(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 Group ("Standard & Poor's") or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by Standard & Poor's or Baa by Moody's are considered to be below investment grade. The Portfolio of Investments may reflect the ratings on certain bonds whose insurer has experienced downgrades as of the end of the reporting period. Please see the Portfolio Managers' Commentary for an expanded discussion of the affect on the Fund of changes to the ratings of certain bonds in the portfolio resulting from changes to the ratings of the underlying insurers both during the period and after period end. (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) Preferred Shares, at Liquidation Value as a percentage of Total Investments is 34.6%. 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 Notes to Financial Statements, Footnote 1 - Inverse Floating Rate Securities for more information. See accompanying notes to financial statements. Nuveen Investments 51 NPF | Nuveen Premier Municipal Income Fund, Inc. | Portfolio of INVESTMENTS April 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ ALABAMA - 1.7% (1.0% OF TOTAL INVESTMENTS) $ 2,000 Alabama Special Care Facilities Financing Authority, Revenue 11/16 at 100.00 Aa1 $ 1,936,160 Bonds, Ascension Health, Series 2006C-2, 5.000%, 11/15/39 (UB) 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 927,372 400 5.000%, 11/15/30 11/15 at 100.00 Baa1 256,340 1,000 Montgomery BMC Special Care Facilities Financing Authority, 11/14 at 100.00 A3 (4) 1,164,420 Alabama, Revenue Bonds, Baptist Medical Center, Series 2004C, 5.250%, 11/15/29 (Pre-refunded 11/15/14) - ------------------------------------------------------------------------------------------------------------------------------------ 4,600 Total Alabama 4,284,292 - ------------------------------------------------------------------------------------------------------------------------------------ ALASKA - 1.0% (0.6% OF TOTAL INVESTMENTS) 2,000 Alaska Housing Finance Corporation, General Mortgage Revenue 6/09 at 101.00 AAA 2,015,880 Bonds, Series 1999A, 6.000%,6/01/49 - MBIA Insured 1,000 Northern Tobacco Securitization Corporation, Alaska, Tobacco 6/14 at 100.00 Baa3 523,660 Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/46 - ------------------------------------------------------------------------------------------------------------------------------------ 3,000 Total Alaska 2,539,540 - ------------------------------------------------------------------------------------------------------------------------------------ ARIZONA - 8.1% (5.0% 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 88,127 135 5.250%, 12/01/25 12/15 at 100.00 BBB 118,141 7,000 Phoenix, Arizona, Civic Improvement Revenue Bonds, Civic No Opt. Call AA 5,540,360 Plaza, Series 2005B, 0.000%, 7/01/39 - FGIC Insured 7,500 Salt River Project Agricultural Improvement and Power 1/13 at 100.00 AA 7,722,225 District, Arizona, Electric System Revenue Bonds, Series 2002B, 5.000%, 1/01/25 (UB) 6,000 Salt River Project Agricultural Improvement and Power 1/12 at 101.00 Aa1 6,551,280 District, Arizona, Electric System Revenue Refunding Bonds, Series 2002A, 5.250%, 1/01/15 1,200 Salt Verde Financial Corporation, Arizona, Senior Gas No Opt. Call A 813,468 Revenue Bonds, Series 2007, 5.000%, 12/01/37 - ------------------------------------------------------------------------------------------------------------------------------------ 21,935 Total Arizona 20,833,601 - ------------------------------------------------------------------------------------------------------------------------------------ ARKANSAS - 0.9% (0.5% OF TOTAL INVESTMENTS) 2,155 Arkansas Development Finance Authority, State Facility 11/15 at 100.00 AAA 2,236,308 Revenue Bonds, Department of Correction Special Needs Unit Project, Series 2005B, 5.000%, 11/01/25 - FSA Insured 6 Stuttgart Public Facilities Board, Arkansas, Single Family 9/09 at 100.00 Aaa 5,622 Mortgage Revenue Refunding Bonds, Series 1993A, 7.900%, 9/01/11 - ------------------------------------------------------------------------------------------------------------------------------------ 2,161 Total Arkansas 2,241,930 - ------------------------------------------------------------------------------------------------------------------------------------ CALIFORNIA - 20.9% (12.9% OF TOTAL INVESTMENTS) 10,000 Anaheim Public Finance Authority, California, Public 9/17 at 100.00 AA- 7,898,199 Improvement Project Lease Bonds, Series 2007A-1, 4.375%, 3/01/37 - FGIC Insured 5,690 California Department of Veterans Affairs, Home Purchase 6/12 at 101.00 Aa2 5,861,610 Revenue Bonds, Series 2002A, 5.300%,12/01/21 - AMBAC Insured
52 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ CALIFORNIA (continued) $ 1,350 California Educational Facilities Authority, Revenue Bonds, 10/15 at 100.00 AA+ $ 1,329,764 University of Southern California, Series 2005, 4.750%, 10/01/28 (UB) 1,975 California Health Facilities Financing Authority, Revenue No Opt. Call A 1,977,548 Bonds, Catholic Healthcare West, Series 2004I, 4.950%, 7/01/26 (Mandatory put 7/01/14) 500 California Statewide Community Development Authority, 7/15 at 100.00 BBB 314,470 Revenue Bonds, Daughters of Charity Health System, Series 2005A, 5.000%, 7/01/39 1,600 California Statewide Community Development Authority, 8/16 at 100.00 A+ 1,442,624 Revenue Bonds, Kaiser Permanente System, Series 2001C, 5.250%, 8/01/31 1,025 California Statewide Community Development Authority, 5/18 at 100.00 Aa3 935,436 Revenue Bonds, Sutter Health, Tender Option Bond Trust 3175, 13.216%, 11/15/48 (IF) 4,900 California, General Obligation Bonds, Series 2004, 5.000%, 12/14 at 100.00 A 4,942,042 6/01/23 - AMBAC Insured 1,000 Chula Vista, California, Industrial Development Revenue 6/14 at 102.00 A2 1,012,910 Bonds, San Diego Gas and Electric Company, Series 1996A, 5.300%, 7/01/21 25,000 Foothill/Eastern Transportation Corridor Agency, California, No Opt. Call AAA 19,641,747 Toll Road Revenue Bonds, Series 1995A, 0.000%, 1/01/17 (ETM) 3,500 Golden State Tobacco Securitization Corporation, California, 6/17 at 100.00 BBB 1,804,985 Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.125%, 6/01/47 450 Golden State Tobacco Securitization Corporation, California, 6/13 at 100.00 AAA 526,721 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 7/15 at 100.00 AA- 6,217,157 Obligation 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 81,776 110 5.000%, 9/01/23 9/15 at 102.00 Baa3 86,655 - ------------------------------------------------------------------------------------------------------------------------------------ 63,205 Total California 54,073,644 - ------------------------------------------------------------------------------------------------------------------------------------ COLORADO - 7.5% (4.6% OF TOTAL INVESTMENTS) 1,000 Colorado Health Facilities Authority, Revenue Bonds, 6/16 at 100.00 A- 785,960 Evangelical Lutheran Good Samaritan Society, Series 2005, 5.000%, 6/01/29 1,150 Colorado Health Facilities Authority, Revenue Bonds, 9/14 at 100.00 A3 1,034,529 Parkview Medical Center, Series 2004, 5.000%, 9/01/25 400 Colorado Health Facilities Authority, Revenue Bonds, Poudre 3/15 at 100.00 BBB+ 338,020 Valley Health Care, Series 2005F, 5.000%, 3/01/25 1,000 Colorado Health Facilities Authority, Revenue Bonds, Poudre 12/09 at 101.00 Aa3 (4) 1,040,140 Valley Healthcare Inc., Series 1999A, 5.750%, 12/01/23 (Pre-refunded 12/01/09) - FSA Insured 750 Colorado Health Facilities Authority, Revenue Bonds, Vail 1/15 at 100.00 BBB+ 726,180 Valley Medical Center, Series 2004, 5.000%, 1/15/17 Denver City and County, Colorado, Airport Revenue Bonds, Series 2006: 4,170 5.000%, 11/15/23 - FGIC Insured 11/16 at 100.00 AA- 4,245,936 6,800 5.000%, 11/15/24 - FGIC Insured 11/16 at 100.00 AA- 6,958,508 Denver, Colorado, Airport Revenue Bonds, Trust 2365: 1,725 12.496%, 11/15/23 - FGIC Insured (IF) 11/16 at 100.00 A+ 1,850,684 2,235 12.488%, 11/15/25 - FGIC Insured (IF) 11/16 at 100.00 A+ 2,369,502 - ------------------------------------------------------------------------------------------------------------------------------------ 19,230 Total Colorado 19,349,459 - ------------------------------------------------------------------------------------------------------------------------------------ CONNECTICUT - 0.8% (0.5% OF TOTAL INVESTMENTS) 2,020 Connecticut Development Authority, Pollution Control Revenue 10/09 at 101.50 Baa1 2,002,507 Refunding Bonds, Connecticut Light and Power Company, Series 1993A, 5.850%, 9/01/28 - ------------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 53 NPF | Nuveen Premier Municipal Income Fund, Inc. (continued) | Portfolio of INVESTMENTS April 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ FLORIDA - 1.7% (1.0% OF TOTAL INVESTMENTS) $ 1,700 Hillsborough County Industrial Development Authority, 4/10 at 101.00 N/R $ 877,948 Florida, Exempt Facilities Remarketed Revenue Bonds, National Gypsum Company, Apollo Beach Project, Series 2000B, 7.125%, 4/01/30 (Alternative Minimum Tax) 2,500 Hillsborough County Industrial Development Authority, 10/12 at 100.00 Baa2 2,527,225 Florida, Pollution Control Revenue Bonds, Tampa Electric Company Project, Series 2002, 5.100%, 10/01/13 1,000 South Miami Health Facilities Authority, Florida, Hospital 8/17 at 100.00 AA- 875,980 Revenue, Baptist Health System Obligation Group, Series 2007, 5.000%, 8/15/42 (UB) - ------------------------------------------------------------------------------------------------------------------------------------ 5,200 Total Florida 4,281,153 - ------------------------------------------------------------------------------------------------------------------------------------ GEORGIA - 4.6% (2.9% OF TOTAL INVESTMENTS) 8,050 George L. Smith II World Congress Center Authority, Atlanta, 7/10 at 101.00 AA- 7,640,336 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 11/13 at 100.00 AA- 4,342,105 Revenue Bonds, Series 2003A, 5.125%, 11/01/17 - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 12,155 Total Georgia 11,982,441 - ------------------------------------------------------------------------------------------------------------------------------------ HAWAII - 0.8% (0.5% OF TOTAL INVESTMENTS) 2,250 Hawaii Department of Budget and Finance, Special Purpose 7/09 at 101.00 A 2,196,563 Revenue Bonds, Hawaiian Electric Company Inc., Series 1999D, 6.150%, 1/01/20 - AMBAC Insured (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ IDAHO - 0.2% (0.1% OF TOTAL INVESTMENTS) 75 Idaho Housing and Finance Association, Single Family Mortgage 7/09 at 100.00 Aa1 75,107 Bonds, Series 1996E, 6.350%, 7/01/14 (Alternative Minimum Tax) Madison County, Idaho, Hospital Revenue Certificates of Participation, Madison Memorial Hospital, Series 2006: 500 5.250%, 9/01/26 9/16 at 100.00 BBB- 375,615 200 5.250%, 9/01/37 9/16 at 100.00 BBB- 135,888 - ------------------------------------------------------------------------------------------------------------------------------------ 775 Total Idaho 586,610 - ------------------------------------------------------------------------------------------------------------------------------------ ILLINOIS - 11.2% (6.9% OF TOTAL INVESTMENTS) 580 Chicago Public Building Commission, Illinois, General No Opt. Call AA- (4) 669,987 Obligation Lease Certificates, Chicago Board of Education, Series 1990B, 7.000%, 1/01/15 - MBIA Insured (ETM) 8,670 Chicago, Illinois, General Obligation Bonds, City Colleges, No Opt. Call AA- 4,237,636 Series 1999, 0.000%, 1/01/24 - FGIC Insured 8,500 Chicago, Illinois, Senior Lien Water Revenue Bonds, Series No Opt. Call A1 8,909,019 2001, 5.750%, 11/01/30 - AMBAC Insured 200 Illinois Finance Authority, Revenue Bonds, Proctor Hospital, 1/16 at 100.00 BBB- 149,566 Series 2006, 5.125%, 1/01/25 1,000 Illinois Health Facilities Authority, Revenue Bonds, Condell 5/12 at 100.00 Aaa 1,106,370 Medical Center, Series 2002, 5.500%, 5/15/32 (Pre-refunded 5/15/12) 1,500 Illinois, General Obligation Bonds, Illinois FIRST Program, 2/12 at 100.00 AA- 1,625,100 Series 2002, 5.500%, 2/01/17 - FGIC Insured Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel Revenue Bonds, Series 2005B: 850 5.250%, 1/01/25 1/16 at 100.00 AA 838,338 1,750 5.250%, 1/01/30 1/16 at 100.00 AA 1,745,485 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 AA- 4,900,455 10,775 0.000%, 12/15/24 - MBIA Insured No Opt. Call AA- 4,615,687 - ------------------------------------------------------------------------------------------------------------------------------------ 44,400 Total Illinois 28,797,643 - ------------------------------------------------------------------------------------------------------------------------------------
54 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ INDIANA - 2.9% (1.8% OF TOTAL INVESTMENTS) $ 2,275 Anderson School Building Corporation, Madison County, 1/14 at 100.00 AAA $ 2,643,254 Indiana, First Mortgage Bonds, Series 2003, 5.500%, 7/15/23 (Pre-refunded 1/15/14) - FSA Insured 6,180 Crown Point Multi-School Building Corporation, Indiana, First No Opt. Call AA- 3,016,520 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+ 1,060,113 1,000 St. Joseph County Hospital Authority, Indiana, Revenue Bonds, 2/15 at 100.00 BBB- 734,070 Madison Center Inc., Series 2005, 5.250%, 2/15/28 - ------------------------------------------------------------------------------------------------------------------------------------ 10,705 Total Indiana 7,453,957 - ------------------------------------------------------------------------------------------------------------------------------------ IOWA - 0.9% (0.5% OF TOTAL INVESTMENTS) 4,000 Iowa Tobacco Settlement Authority, Asset Backed Settlement 6/15 at 100.00 BBB 2,245,480 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 406,434 Kentucky, Industrial Building Revenue Bonds, Sisters of Mercy of the Americas, Series 2006, 5.000%, 10/01/35 - ------------------------------------------------------------------------------------------------------------------------------------ LOUISIANA - 6.1% (3.8% OF TOTAL INVESTMENTS) 1,310 Louisiana Housing Finance Agency, GNMA Collateralized 9/09 at 100.00 AAA 1,310,983 Mortgage Revenue Bonds, St. Dominic Assisted Care Facility, Series 1995, 6.850%, 9/01/25 1,500 Louisiana Public Facilities Authority, Revenue Bonds, Ochsner 5/17 at 100.00 A3 1,120,740 Clinic Foundation Project, Series 2007A, 5.500%, 5/15/47 Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A: 825 4.750%, 5/01/39 - FSA Insured (UB) 5/16 at 100.00 AAA 794,384 8,880 4.500%, 5/01/41 - FGIC Insured (UB) 5/16 at 100.00 AA 7,945,292 5 Louisiana State, Gasoline Tax Revenue Bonds, Series 2006, 5/16 at 100.00 AA 2,895 Residuals 660-3, 14.711%, 5/01/41 - FGIC Insured (IF) 3,950 Morehouse Parish, Louisiana, Pollution Control Revenue Bonds, No Opt. Call BBB 3,605,718 International Paper Company, Series 2002A, 5.700%, 4/01/14 1,400 Tobacco Settlement Financing Corporation, Louisiana, Tobacco 5/11 at 101.00 BBB 984,970 Settlement Asset-Backed Bonds, Series 2001B, 5.875%, 5/15/39 - ------------------------------------------------------------------------------------------------------------------------------------ 17,870 Total Louisiana 15,764,982 - ------------------------------------------------------------------------------------------------------------------------------------ MAINE - 1.1% (0.7% OF TOTAL INVESTMENTS) 2,930 Maine State Housing Authority, Single Family Mortgage 5/13 at 100.00 AA+ 2,933,340 Purchase Bonds, Series 2004A-2, 5.000%, 11/15/21 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ MARYLAND - 1.3% (0.8% OF TOTAL INVESTMENTS) 2,000 Maryland Health and Higher Educational Facilities Authority, 8/14 at 100.00 A- 2,002,100 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 AA- 1,345,741 Revenue Bonds, Western Maryland Health, Series 2006A, 4.750%, 7/01/36 - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 3,550 Total Maryland 3,347,841 - ------------------------------------------------------------------------------------------------------------------------------------ MASSACHUSETTS - 1.6% (1.0% OF TOTAL INVESTMENTS) 1,000 Massachusetts Development Finance Authority, Revenue Bonds, 10/14 at 100.00 BBB 828,670 Hampshire College, Series 2004, 5.625%, 10/01/24 3,000 Massachusetts, Special Obligation Dedicated Tax Revenue 1/14 at 100.00 A (4) 3,393,150 Bonds, Series 2004, 5.250%, 1/01/24 (Pre-refunded 1/01/14) - FGIC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 4,000 Total Massachusetts 4,221,820 - ------------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 55 NPF | Nuveen Premier Municipal Income Fund, Inc. (continued) | Portfolio of INVESTMENTS April 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ MICHIGAN - 4.0% (2.4% OF TOTAL INVESTMENTS) $ 2,925 Detroit, Michigan, General Obligation Bonds, Series 2003A, 4/13 at 100.00 Baa3 $ 2,413,681 5.250%, 4/01/17 - SYNCORA GTY Insured 4,600 Detroit, Michigan, Sewer Disposal System Revenue Bonds, 7/16 at 100.00 AA- 3,628,434 Second Lien, Series 2006B, 4.625%, 7/01/34 - FGIC Insured 1,000 Michigan State Hospital Finance Authority, Revenue Bonds, 12/16 at 100.00 AA 936,960 Trinity Health Care Group, Series 2006A, 5.000%, 12/01/31 (UB) 170 Monroe County Hospital Finance Authority, Michigan, Mercy 6/16 at 100.00 Baa3 99,839 Memorial Hospital Corporation Revenue Bonds, Series 2006, 5.500%, 6/01/35 3,025 Wayne County, Michigan, Airport Revenue Refunding Bonds, 12/12 at 100.00 AA- 3,137,802 Detroit Metropolitan Airport, Series 2002C, 5.375%, 12/01/19 - FGIC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 11,720 Total Michigan 10,216,716 - ------------------------------------------------------------------------------------------------------------------------------------ MINNESOTA - 4.8% (2.9% OF TOTAL INVESTMENTS) 4,350 Cohasset, Minnesota, Pollution Control Revenue Bonds, Allete 7/14 at 100.00 A- 4,123,670 Inc., Series 2004, 4.950%, 7/01/22 1,000 Duluth Economic Development Authority, Minnesota, Healthcare 2/14 at 100.00 A- (4) 1,152,610 Facilities Revenue Bonds, Benedictine Health System - St. Mary's Duluth Clinic, Series 2004, 5.250%, 2/15/21 (Pre-refunded 2/15/14) 2,290 Minneapolis-St. Paul Housing and Redevelopment Authority, 12/13 at 100.00 Baa1 2,259,818 Minnesota, Revenue Bonds, HealthPartners Inc., Series 2003, 6.000%, 12/01/20 530 Minnesota Higher Education Facilities Authority, Revenue 10/14 at 100.00 A2 552,583 Bonds, University of St. Thomas, Series 2004-5Y, 5.250%, 10/01/19 1,000 Minnesota Municipal Power Agency, Electric Revenue Bonds, 10/14 at 100.00 A3 1,053,110 Series 2004A, 5.250%, 10/01/19 3,000 St. Paul Port Authority, Minnesota, Lease Revenue Bonds, 12/13 at 100.00 AA+ 3,195,300 Office Building at Cedar Street, Series 2003, 5.250%, 12/01/20 - ------------------------------------------------------------------------------------------------------------------------------------ 12,170 Total Minnesota 12,337,091 - ------------------------------------------------------------------------------------------------------------------------------------ MISSISSIPPI - 0.9% (0.6% OF TOTAL INVESTMENTS) 2,325 Mississippi Hospital Equipment and Facilities Authority, 9/14 at 100.00 AA 2,314,979 Revenue Bonds, Baptist Memorial Healthcare, Series 2004B-1, 5.000%, 9/01/24 (UB) - ------------------------------------------------------------------------------------------------------------------------------------ MISSOURI - 1.0% (0.6% OF TOTAL INVESTMENTS) 100 Hannibal Industrial Development Authority, Missouri, Health 3/16 at 100.00 BBB+ 89,069 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+ 2,519,251 Facilities Revenue Bonds, Freeman Health System, Series 2004, 5.500%, 2/15/24 - ------------------------------------------------------------------------------------------------------------------------------------ 2,980 Total Missouri 2,608,320 - ------------------------------------------------------------------------------------------------------------------------------------ NEBRASKA - 2.5% (1.5% OF TOTAL INVESTMENTS) 1,580 Douglas County Hospital Authority 2, Nebraska, Health No Opt. Call Aa3 1,612,279 Facilities Revenue Bonds, Nebraska Medical Center, Series 2003, 5.000%, 11/15/16 1,440 Grand Island, Nebraska, Electric System Revenue Bonds, Series 6/09 at 100.00 A1 (4) 1,557,274 1977, 6.100%, 9/01/12 (ETM) 2,350 NebHelp Inc., Nebraska, Senior Subordinate Bonds, Student No Opt. Call Aa2 2,469,263 Loan Program, Series 1993A-5B, 6.250%, 6/01/18 - MBIA Insured (Alternative Minimum Tax) 515 Omaha Public Power District, Nebraska, Separate Electric 2/17 at 100.00 AAA 739,633 System Revenue Bonds, Nebraska City 2, Series 2006A, 17.921%, 2/01/49 - AMBAC Insured (IF) - ------------------------------------------------------------------------------------------------------------------------------------ 5,885 Total Nebraska 6,378,449 - ------------------------------------------------------------------------------------------------------------------------------------ NEW HAMPSHIRE - 2.0% (1.2% OF TOTAL INVESTMENTS) 5,000 New Hampshire Housing Finance Authority, FHLMC Multifamily 7/10 at 101.00 Aaa 5,090,250 Housing Remarketed Revenue Bonds, Countryside LP, Series 1994, 6.100%, 7/01/24 (Alternative Minimum Tax)
56 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ NEW HAMPSHIRE (continued) $ 90 New Hampshire Municipal Bond Bank, Revenue Bonds, Coe-Brown No Opt. Call N/R $ 89,994 Northwood Academy, Series 1994, 7.250%, 5/01/09 - ------------------------------------------------------------------------------------------------------------------------------------ 5,090 Total New Hampshire 5,180,244 - ------------------------------------------------------------------------------------------------------------------------------------ NEW JERSEY - 5.9% (3.6% OF TOTAL INVESTMENTS) 1,000 New Jersey Economic Development Authority, School Facilities 9/15 at 100.00 AA- 1,031,980 Construction Bonds, Series 2005P, 5.250%, 9/01/24 3,000 New Jersey Transportation Trust Fund Authority, 6/13 at 100.00 AAA 3,474,150 Transportation System Bonds, Series 2003C, 5.500%, 6/15/24 (Pre-refunded 6/15/13) New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C: 25,000 0.000%, 12/15/35 - AMBAC Insured No Opt. Call AA- 4,843,750 10,000 0.000%, 12/15/36 - AMBAC Insured No Opt. Call AA- 1,807,100 1,500 New Jersey Turnpike Authority, Revenue Bonds, Series 2003A, 7/13 at 100.00 AA- 1,557,000 5.000%, 1/01/19 - FGIC Insured 2,500 New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 1/15 at 100.00 AAA 2,602,375 5.000%, 1/01/25 - FSA Insured - ------------------------------------------------------------------------------------------------------------------------------------ 43,000 Total New Jersey 15,316,355 - ------------------------------------------------------------------------------------------------------------------------------------ NEW YORK - 20.2% (12.4% OF TOTAL INVESTMENTS) 10,000 Dormitory Authority of the State of New York, Revenue Bonds, 5/10 at 101.00 AAA 10,620,499 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- 1,608,045 Appropriation Lease Bonds, Upstate Community Colleges, Series 2004B, 5.250%, 7/01/19 2,200 Hudson Yards Infrastructure Corporation, New York, Revenue 2/17 at 100.00 AA- 1,678,446 Bonds, Series 2006A, 4.500%, 2/15/47 - MBIA Insured 7,500 Long Island Power Authority, New York, Electric System 6/16 at 100.00 AAA 7,869,300 Revenue Bonds, Residual Series 2006A, 5.000%, 12/01/25 - FGIC Insured (UB) 5,000 Metropolitan Transportation Authority, New York, 11/12 at 100.00 AA- 5,084,800 Transportation Revenue Refunding Bonds, Series 2002A, 5.125%, 11/15/21 - FGIC Insured 2,000 New York City Municipal Water Finance Authority, New York, 12/14 at 100.00 AAA 2,083,400 Water 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 10/13 at 100.00 AA 4,376,914 Series 2003D, 5.250%,10/15/22 (UB) 1,200 New York City, New York, General Obligation Bonds, Fiscal 8/14 at 100.00 AA 1,313,340 Series 2004B, 5.250%, 8/01/15 1,000 New York City, New York, General Obligation Bonds, Series 8/14 at 100.00 AA 1,177,900 2008, Trust 3217, 18.095%, 8/15/20 (IF) 910 New York Convention Center Development Corporation, Hotel Fee 11/15 at 100.00 AAA 932,113 Revenue Bonds, Trust 2364, 14.755%, 11/15/44 - AMBAC Insured (IF) 3,250 New York State Municipal Bond Bank Agency, Special School 6/13 at 100.00 A+ 3,330,535 Purpose Revenue Bonds, Series 2003C, 5.250%, 6/01/22 New York State Thruway Authority, General Revenue Bonds, Series 2005G: 6,460 5.000%, 1/01/25 - FSA Insured (UB) 7/15 at 100.00 AAA 6,607,482 2,580 5.000%, 1/01/26 - FSA Insured (UB) 7/15 at 100.00 AAA 2,622,260 1,850 New York State Urban Development Corporation, State Personal 3/15 at 100.00 AAA 1,912,234 Income Tax Revenue Bonds, Series 2005B, 5.000%, 3/15/24 - FSA Insured (UB) 1,000 New York State Urban Development Corporation, Subordinate 7/14 at 100.00 A 1,027,550 Lien Corporate Purpose Bonds, Series 2004A, 5.125%, 1/01/22 - ------------------------------------------------------------------------------------------------------------------------------------ 50,715 Total New York 52,244,818 - ------------------------------------------------------------------------------------------------------------------------------------ NORTH CAROLINA - 4.2% (2.6% OF TOTAL INVESTMENTS) 10,300 North Carolina Eastern Municipal Power Agency, Power System No Opt. Call AA 10,754,950 Revenue Refunding Bonds, Series 1993B, 6.000%, 1/01/22 - CAPMAC Insured - ------------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 57 NPF | Nuveen Premier Municipal Income Fund, Inc. (continued) | Portfolio of INVESTMENTS April 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ OHIO - 2.5% (1.6% OF TOTAL INVESTMENTS) Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2: $ 105 5.125%, 6/01/24 6/17 at 100.00 BBB $ 82,748 1,050 5.875%, 6/01/30 6/17 at 100.00 BBB 712,194 1,055 5.750%, 6/01/34 6/17 at 100.00 BBB 667,931 2,355 5.875%, 6/01/47 6/17 at 100.00 BBB 1,322,968 4,000 Ohio, Solid Waste Revenue Bonds, Republic Services Inc., No Opt. Call BBB 3,575,440 Series 2004, 4.250%, 4/01/33 (Mandatory put 4/01/14) (Alternative Minimum Tax) 250 Port of Greater Cincinnati Development Authority, Ohio, 10/16 at 100.00 N/R 220,530 Economic Development Revenue Bonds, Sisters of Mercy of the Americas, Series 2006, 5.000%, 10/01/25 - ------------------------------------------------------------------------------------------------------------------------------------ 8,815 Total Ohio 6,581,811 - ------------------------------------------------------------------------------------------------------------------------------------ OKLAHOMA - 1.2% (0.7% 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- 346,090 450 5.375%, 9/01/36 9/16 at 100.00 BBB- 295,227 2,725 Tulsa County Industrial Authority, Oklahoma, Health Care 12/16 at 100.00 AA 2,336,660 Revenue Bonds, Saint Francis Health System, Series 2006, 5.000%, 12/15/36 (UB) 44 Tulsa County Industrial Authority, Oklahoma, Health Care 12/16 at 100.00 AA 32,587 Revenue Bonds, Saint Francis Health System, Series 2006, Trust 3500, 8.325%, 12/15/36 (IF) - ------------------------------------------------------------------------------------------------------------------------------------ 3,719 Total Oklahoma 3,010,564 - ------------------------------------------------------------------------------------------------------------------------------------ OREGON - 1.2% (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 1,925,120 1,240 5.000%, 8/01/23 8/14 at 100.00 AA 1,307,940 - ------------------------------------------------------------------------------------------------------------------------------------ 3,035 Total Oregon 3,233,060 - ------------------------------------------------------------------------------------------------------------------------------------ PENNSYLVANIA - 0.8% (0.5% OF TOTAL INVESTMENTS) 2,000 Allegheny County Sanitary Authority, Pennsylvania, Sewerage 12/15 at 100.00 AA- 2,034,700 Revenue Bonds, Series 2005A, 5.000%, 12/01/23 - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ RHODE ISLAND - 2.7% (1.6% OF TOTAL INVESTMENTS) 7,430 Rhode Island Tobacco Settlement Financing Corporation, 6/12 at 100.00 BBB 6,858,187 Tobacco Settlement Asset-Backed Bonds, Series 2002A, 6.000%, 6/01/23 - ------------------------------------------------------------------------------------------------------------------------------------ SOUTH CAROLINA - 8.0% (4.9% OF TOTAL INVESTMENTS) 2,500 Berkeley County School District, South Carolina, Installment 12/13 at 100.00 A- 2,547,775 Purchase Revenue Bonds, Securing Assets for Education, Series 2003, 5.250%, 12/01/24 4,405 Dorchester County School District 2, South Carolina, 12/14 at 100.00 AA- 4,535,696 Installment Purchase Revenue Bonds, GROWTH, Series 2004, 5.250%, 12/01/23 835 Greenville County School District, South Carolina, 12/13 at 100.00 AA 985,183 Installment Purchase Revenue Bonds, Series 2008, Trust 3219, 17.927%, 12/01/19 (IF) 3,620 Greenville, South Carolina, Hospital Facilities Revenue 5/13 at 100.00 AA- 3,671,694 Refunding Bonds, Series 2003A, 5.250%, 5/01/21 - AMBAC Insured 310 South Carolina JOBS Economic Development Authority, Economic 11/12 at 100.00 A3 (4) 354,404 Development Revenue Bonds, Bon Secours Health System Inc., Series 2002A, 5.625%, 11/15/30 (Pre-refunded 11/15/12) 1,190 South Carolina JOBS Economic Development Authority, Economic 11/12 at 100.00 A- 1,075,248 Development Revenue Bonds, Bon Secours Health System Inc., Series 2002B, 5.625%, 11/15/30
58 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ SOUTH CAROLINA (continued) 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) $ 5,735,814 605 6.375%, 8/01/34 (Pre-refunded 8/01/13) 8/13 at 100.00 BBB+ (4) 702,236 1,025 Tobacco Settlement Revenue Management Authority, South 5/12 at 100.00 BBB (4) 1,076,096 Carolina, Tobacco Settlement Asset-Backed Bonds, Series 2001B, 6.000%, 5/15/22 (Pre-refunded 5/15/12) - ------------------------------------------------------------------------------------------------------------------------------------ 19,385 Total South Carolina 20,684,146 - ------------------------------------------------------------------------------------------------------------------------------------ SOUTH DAKOTA - 0.7% (0.4% OF TOTAL INVESTMENTS) 1,750 South Dakota Health and Educational Facilities Authority, 11/14 at 100.00 AA- 1,716,803 Revenue Bonds, Sioux Valley Hospitals, Series 2004A, 5.500%, 11/01/31 - ------------------------------------------------------------------------------------------------------------------------------------ TENNESSEE - 1.4% (0.8% OF TOTAL INVESTMENTS) 2,060 Johnson City Health and Educational Facilities Board, 7/23 at 100.00 AA- (4) 2,082,330 Tennessee, Hospital Revenue Refunding and Improvement Bonds, Johnson City Medical Center, Series 1998C, 5.125%, 7/01/25 (Pre-refunded 7/01/23) - MBIA Insured 1,600 Johnson City Health and Educational Facilities Board, 7/16 at 100.00 BBB+ 1,255,312 Tennessee, Revenue Bonds, Mountain States Health Alliance, Series 2006A, 5.500%, 7/01/36 400 Sumner County Health, Educational, and Housing Facilities 11/17 at 100.00 N/R 203,164 Board, Tennessee, Revenue Refunding Bonds, Sumner Regional Health System Inc., Series 2007, 5.500%, 11/01/37 - ------------------------------------------------------------------------------------------------------------------------------------ 4,060 Total Tennessee 3,540,806 - ------------------------------------------------------------------------------------------------------------------------------------ TEXAS - 7.4% (4.6% OF TOTAL INVESTMENTS) 1,075 Brazos River Authority, Texas, Pollution Control Revenue 10/13 at 101.00 CCC 432,182 Bonds, TXU Energy Company LLC Project, Series 2003C, 6.750%, 10/01/38 (Alternative Minimum Tax) 3,000 Houston, Texas, First Lien Combined Utility System Revenue 5/14 at 100.00 AA 3,071,880 Bonds, Series 2004A, 5.250%, 5/15/25 - MBIA Insured Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson Memorial Hospital Project, Series 2005: 400 5.250%, 8/15/21 No Opt. Call BBB- 365,036 600 5.125%, 8/15/26 No Opt. Call BBB- 497,052 2,265 Lower Colorado River Authority, Texas, Contract Revenue 5/13 at 100.00 A 2,238,364 Refunding 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 296,206 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 1,843,927 General Obligation Bonds, Series 2001, 5.375%, 2/15/26 (Pre-refunded 2/15/11) 950 North Texas Thruway Authority, Second Tier System Revenue 1/18 at 100.00 A3 897,779 Refunding Bonds, Series 2008, 5.750%, 1/01/38 1,000 Sabine River Authority, Texas, Pollution Control Revenue 11/15 at 100.00 CCC 382,700 Bonds, TXU Electric Company, Series 2001C, 5.200%, 5/01/28 3,000 Tarrant County Cultural and Educational Facilities Finance 2/17 at 100.00 AA- 2,810,850 Corporation, Texas, Revenue Bonds, Series 2007A, 5.000%, 2/15/36 (UB) 230 Tarrant County Cultural and Educational Facilities Finance 2/17 at 100.00 AA- 198,531 Corporation, Texas, Revenue Bonds, Texas Health Resources Project, Trust 1031, 9.642%, 2/15/36 (IF) Texas Tech University, Financing System Revenue Bonds, 9th Series 2003: 3,525 5.250%, 2/15/18 - AMBAC Insured 8/13 at 100.00 AA 3,773,019 2,250 5.250%, 2/15/19 - AMBAC Insured 8/13 at 100.00 AA 2,390,580 - ------------------------------------------------------------------------------------------------------------------------------------ 20,295 Total Texas 19,198,106 - ------------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 59 NPF | Nuveen Premier Municipal Income Fund, Inc. (continued) | Portfolio of INVESTMENTS April 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ UTAH - 0.2% (0.1% OF TOTAL INVESTMENTS) $ 330 Utah Housing Corporation, Single Family Mortgage Bonds, 7/11 at 100.00 Aaa $ 332,383 Series 2001D, 5.500%, 1/01/21 (Alternative Minimum Tax) 25 Utah Housing Finance Agency, Single Family Mortgage Bonds, 7/09 at 100.00 Aaa 25,038 Series 1996C, 6.450%, 7/01/14 (Alternative Minimum Tax) 70 Utah Housing Finance Agency, Single Family Mortgage Bonds, 7/09 at 100.00 Aaa 71,983 Series 1997F, 5.750%, 7/01/15 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 425 Total Utah 429,404 - ------------------------------------------------------------------------------------------------------------------------------------ WASHINGTON - 7.1% (4.4% OF TOTAL INVESTMENTS) 2,000 Energy Northwest, Washington, Electric Revenue Refunding 7/12 at 100.00 Aaa 2,189,760 Bonds, Columbia Generating Station - Nuclear Project 2, Series 2002C, 5.750%, 7/01/17 - MBIA Insured 7,000 Energy Northwest, Washington, Electric Revenue Refunding 7/13 at 100.00 Aaa 7,646,310 Bonds, Nuclear Project 1, Series 2003A, 5.500%, 7/01/16 (UB) 3,160 King County Public Hospital District 2, Washington, Limited 6/11 at 101.00 AA- 3,195,676 Tax General Obligation Bonds, Evergreen Hospital Medical Center, Series 2001A, 5.250%, 12/01/24 - AMBAC Insured 1,000 Skagit County Public Hospital District 1, Washington, Revenue No Opt. Call Baa2 878,720 Bonds, Skagit Valley Hospital, Series 2003, 6.000%, 12/01/23 4,280 Washington, General Obligation Refunding Bonds, Series 1992A No Opt. Call AA+ 4,481,545 and 1992AT-6, 6.250%, 2/01/11 - ------------------------------------------------------------------------------------------------------------------------------------ 17,440 Total Washington 18,392,011 - ------------------------------------------------------------------------------------------------------------------------------------ WEST VIRGINIA - 1.8% (1.1% OF TOTAL INVESTMENTS) 2,000 West Virginia Water Development Authority, Infrastructure 10/13 at 101.00 AAA 2,353,440 Revenue Bonds, Series 2003A, 5.500%, 10/01/23 (Pre-refunded 10/01/13) - AMBAC Insured 2,150 West Virginia Water Development Authority, Loan Program II 11/13 at 101.00 A 2,221,488 Revenue Bonds, Series 2003B, 5.250%, 11/01/23 - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 4,150 Total West Virginia 4,574,928 - ------------------------------------------------------------------------------------------------------------------------------------ WISCONSIN - 6.5% (4.0% OF TOTAL INVESTMENTS) 5,670 Wisconsin Health and Educational Facilities Authority, 7/11 at 100.00 A- 5,504,266 Revenue Bonds, Agnesian Healthcare Inc., Series 2001, 6.000%, 7/01/30 160 Wisconsin Health and Educational Facilities Authority, 5/16 at 100.00 BBB 112,053 Revenue Bonds, Divine Savior Healthcare, Series 2006, 5.000%, 5/01/32 1,000 Wisconsin Health and Educational Facilities Authority, 5/14 at 100.00 BBB+ 938,480 Revenue Bonds, Fort Healthcare Inc., Series 2004, 5.375%, 5/01/18 205 Wisconsin Health and Educational Facilities Authority, 10/11 at 101.00 AA- 204,086 Revenue Bonds, Froedtert and Community Health Obligated Group, Series 2001, 5.375%, 10/01/30 2,145 Wisconsin Health and Educational Facilities Authority, 10/11 at 101.00 AA- (4) 2,377,926 Revenue 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, 2/10 at 101.00 BBB+ 5,046,450 Revenue Bonds, Marshfield Clinic, Series 1999, 6.250%, 2/15/18 - RAAI Insured 2,500 Wisconsin State, General Obligation Bonds, Series 2006A, 5/16 at 100.00 AA 2,548,775 4.750%, 5/01/25 - FGIC Insured (UB) - ------------------------------------------------------------------------------------------------------------------------------------ 16,680 Total Wisconsin 16,732,036 - ------------------------------------------------------------------------------------------------------------------------------------
60 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ WYOMING - 0.4% (0.2% OF TOTAL INVESTMENTS) $ 1,350 Sweetwater County, Wyoming, Solid Waste Disposal Revenue 12/15 at 100.00 BBB $ 1,007,789 Bonds, FMC Corporation, Series 2005, 5.600%, 12/01/35 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ $ 479,215 Total Long-Term Investments (cost $419,284,174) - 160.9% 414,889,510 ==============---------------------------------------------------------------------------------------------------------------------- SHORT-TERM INVESTMENTS - 2.0% (1.3% OF TOTAL INVESTMENTS) TEXAS - 0.5% (0.3% OF TOTAL INVESTMENTS) 1,300 Red River Authority, Texas, Pollution Control Revenue Bonds, 5/09 at 100.00 A-1+ 1,300,000 Southwestern Public Service Company, Variable Rate Demand Obligations, Series 1996, 8.500%, 7/01/16 - AMBAC Insured (5) - ------------------------------------------------------------------------------------------------------------------------------------ VIRGINIA - 0.4% (0.3% OF TOTAL INVESTMENTS) 1,000 Virginia Resources Authority, Clean Water State Revolving 10/18 at 100.00 A-1 1,000,000 Fund Revenue Bonds, Variable Rate Demand Obligations, Series 2008, Trust 2917, 0.650%, 10/01/28 (5) - ------------------------------------------------------------------------------------------------------------------------------------ WASHINGTON - 1.1% (0.7% OF TOTAL INVESTMENTS) 2,970 King County, Washington, Sewer Revenue Bonds, Variable Rate 1/12 at 100.00 A-1 2,969,500 Demand Obligations, Series 2001, Trust 554, 0.630%, 1/01/19 - FGIC Insured (5) - ------------------------------------------------------------------------------------------------------------------------------------ $ 5,270 Total Short-Term Investments (cost $5,269,500) 5,269,500 ==============---------------------------------------------------------------------------------------------------------------------- Total Investments (cost $424,553,674) - 162.9% 420,159,010 ------------------------------------------------------------------------------------------------------------------- Floating Rate Obligations - (16.7)% (42,995,000) ------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 3.0% 7,555,236 ------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (49.2)% (6) (126,850,000) ------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 257,869,246 ===================================================================================================================
(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 Group ("Standard & Poor's") or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by Standard & Poor's or Baa by Moody's are considered to be below investment grade. The Portfolio of Investments may reflect the ratings on certain bonds whose insurer has experienced downgrades as of the end of the reporting period. Please see the Portfolio Managers' Commentary for an expanded discussion of the affect on the Fund of changes to the ratings of certain bonds in the portfolio resulting from changes to the ratings of the underlying insurers both during the period and after period end. (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) Investment has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. (6) Preferred Shares, at Liquidation Value as a percentage of Total Investments is 30.2%. N/R Not rated. (ETM) Escrowed to maturity. (IF) Inverse floating rate investment. (UB) Underlying bond of an inverse floating rate trusted reflected as a financing transaction pursuant to the provisions of SFAS No. 140. See Notes to Financial Statements, Footnote 1 - Inverse Floating Rate Securities for more information. See accompanying notes to financial statements. Nuveen Investments 61 NMZ | Nuveen Municipal High Income Opportunity Fund | Portfolio of INVESTMENTS April 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ NATIONAL - 2.8% (2.0% 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 4/19 at 100.00 Aaa $ 5,150,000 Minimum Tax) 1,000 5.750%, 12/31/45 (Mandatory put 4/30/15) (Alternative 4/15 at 100.00 Aaa 1,021,550 Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 6,000 Total National 6,171,550 - ------------------------------------------------------------------------------------------------------------------------------------ ALABAMA - 1.2% (0.8% OF TOTAL INVESTMENTS) 2,000 Bessemer, Alabama, General Obligation Warrants, Series 2007, 2/17 at 102.00 N/R 1,333,660 6.500%, 2/01/37 2,000 Birmingham Special Care Facilities Financing Authority, 11/15 at 100.00 Baa1 1,281,700 Alabama, Revenue Bonds, Baptist Health System Inc., Series 2005A, 5.000%, 11/15/30 - ------------------------------------------------------------------------------------------------------------------------------------ 4,000 Total Alabama 2,615,360 - ------------------------------------------------------------------------------------------------------------------------------------ ALASKA - 0.2% (0.1% OF TOTAL INVESTMENTS) 450 Alaska Municipal Bond Bank Authority, Revenue Bonds, Series 9/18 at 100.00 A+ 465,314 2009, 5.625%, 9/01/29 - ------------------------------------------------------------------------------------------------------------------------------------ ARIZONA - 5.9% (4.1% OF TOTAL INVESTMENTS) 462 Estrella Mountain Ranch Community Facilities District, 7/10 at 102.00 N/R 409,780 Goodyear, Arizona, Special Assessment Lien Bonds, Series 2001A, 7.875%, 7/01/25 2,000 Maricopa County Industrial Development Authority, Arizona, 5/09 at 100.00 N/R 1,933,520 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 CC 4,621,277 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: 235 6.375%, 11/01/13 11/11 at 103.00 N/R 226,392 790 7.250%, 11/01/23 11/11 at 103.00 N/R 684,962 1,715 7.500%, 11/01/33 11/11 at 103.00 N/R 1,409,730 990 Pima County Industrial Development Authority, Arizona, 7/16 at 100.00 N/R 640,847 Charter School Revenue Bonds, Franklin Phonetic Charter School, Series 2006, 5.750%, 7/01/36 550 Pima County Industrial Development Authority, Arizona, 12/14 at 100.00 BBB- 401,792 Charter School Revenue Bonds, Noah Webster Basic Schools Inc., Series 2004, 6.125%, 12/15/34 500 Pima County Industrial Development Authority, Arizona, No Opt. Call AAA 607,280 Charter School Revenue Bonds, Pointe Educational Services Charter School, Series 2004, 6.250%, 7/01/14 (ETM) 1,150 Pinal County Industrial Development Authority, Arizona, 10/12 at 100.00 BBB- 961,630 Correctional Facilities Contract Revenue Bonds, Florence West Prison LLC, Series 2002A, 5.250%, 10/01/22 - ACA Insured 1,000 Tucson Industrial Development Authority, Arizona, Charter 9/14 at 100.00 BBB- 792,060 School Revenue Bonds, Arizona Agribusiness and Equine Center Charter School, Series 2004A, 5.850%, 9/01/24 - ------------------------------------------------------------------------------------------------------------------------------------ 16,112 Total Arizona 12,689,270 - ------------------------------------------------------------------------------------------------------------------------------------ CALIFORNIA - 11.3% (7.8% OF TOTAL INVESTMENTS) 1,810 California County Tobacco Securitization Agency, Tobacco 6/15 at 100.00 BBB 1,048,153 Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 5.125%, 6/01/38 815 California Health Facilities Financing Authority, Hospital 5/09 at 100.00 CCC 627,371 Revenue Bonds, Downey Community Hospital, Series 1993, 5.750%, 5/15/15
62 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ CALIFORNIA (continued) $ 1,180 California Health Facilities Financing Authority, Revenue 5/18 at 100.00 Aa3 $ 1,053,008 Bonds, Sutter Health, Series 2007A, Trust 3299, 15.324%, 11/15/48 (IF) 3,425 California Health Facilities Financing Authority, Revenue 5/18 at 100.00 Aa3 3,225,186 Bonds, Sutter Health, Series 2008, Trust 3175, 13.360%, 11/15/38 (IF) 2,515 California Health Facilities Financing Authority, Revenue 8/18 at 100.00 Aa3 2,413,595 Bonds, Sutter Health, Tender Option Bond Trust 3229, 17.438%, 8/15/38 (IF) 4,000 California Statewide Communities Development Authority, No Opt. Call BB 2,512,200 Revenue Bonds, EnerTech Regional Biosolids Project, Series 2007A, 5.500%, 12/01/33 (Alternative Minimum Tax) 2,925 California Statewide Community Development Authority, 3/14 at 102.00 N/R 2,350,179 Revenue Bonds, Epidaurus Project, Series 2004A, 7.750%, 3/01/34 1,005 California Statewide Community Development Authority, 1/14 at 100.00 N/R 815,186 Subordinate Lien Multifamily Housing Revenue Bonds, Corona Park Apartments, Series 2004I-S, 7.750%, 1/01/34 (Alternative Minimum Tax) 1,015 Independent Cities Lease Finance Authority, California, 5/14 at 100.00 N/R 768,223 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 899,844 Facilities District 2003-2 Improvement Area A, Canyon Hills, Series 2004A, 5.950%, 9/01/34 3,400 Lee Lake Water District, Riverside County, California, 9/13 at 102.00 N/R 2,549,558 Special Tax Bonds, Community Facilities District 3, Series 2004, 5.950%, 9/01/34 2,950 Los Angeles Regional Airports Improvement Corporation, 12/12 at 102.00 B- 2,236,602 California, Sublease Revenue Bonds, Los Angeles International Airport, American Airlines Inc. Terminal 4 Project, Series 2002C, 7.500%, 12/01/24 (Alternative Minimum Tax) 800 Moreno Valley Unified School District, Riverside County, 9/14 at 100.00 N/R 598,088 California, Special Tax Bonds, Community Facilities District, Series 2004, 5.550%, 9/01/29 1,250 San Diego County, California, Certificates of Participation, 9/12 at 100.00 Baa1 915,138 San Diego-Imperial Counties Developmental Services Foundation Project, Series 2002, 5.500%, 9/01/27 3,895 West Patterson Financing Authority, California, Special Tax 9/13 at 103.00 N/R 2,366,018 Bonds, Community Facilities District 2001-1, Series 2004A, 6.125%, 9/01/39 - ------------------------------------------------------------------------------------------------------------------------------------ 32,185 Total California 24,378,349 - ------------------------------------------------------------------------------------------------------------------------------------ COLORADO - 7.1% (4.9% OF TOTAL INVESTMENTS) 915 Bradburn Metropolitan District 3, Colorado, General 12/13 at 101.00 N/R 693,982 Obligation Bonds, Series 2003, 7.500%, 12/01/33 6 Buffalo Ridge Metropolitan District, Colorado, Limited 12/13 at 101.00 N/R 4,189 Obligation Assessment Bonds, Series 2003, 7.500%, 12/01/33 400 Colorado Educational and Cultural Facilities Authority, 12/10 at 101.00 BBB (4) 437,820 Charter 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, 9/11 at 100.00 Ba1 (4) 739,720 Charter School Revenue Bonds, Bromley East Charter School, Series 2000A, 7.250%, 9/15/30 (Pre-refunded 9/15/11) 3,500 Colorado Educational and Cultural Facilities Authority, 5/14 at 101.00 N/R 2,712,535 Charter School Revenue Bonds, Denver Arts and Technology Academy, Series 2003, 8.000%, 5/01/34 455 Colorado Educational and Cultural Facilities Authority, 12/11 at 100.00 AAA 525,648 Charter School Revenue Bonds, Excel Academy Charter School, Series 2003, 7.300%, 12/01/23 (Pre-refunded 12/01/11) 1,000 Colorado Educational and Cultural Facilities Authority, 2/16 at 101.00 N/R 636,230 Charter School Revenue Bonds, Jefferson County School District R-1 - Compass Montessori Secondary School, Series 2006, 5.625%, 2/15/36
Nuveen Investments 63 NMZ | Nuveen Municipal High Income Opportunity Fund (continued) | Portfolio of INVESTMENTS April 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ COLORADO (continued) Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2006A, Trust 1088: $ 495 9.360%, 9/01/41 (IF) 9/16 at 100.00 AA $ 430,229 1,900 9.489%, 9/01/41 (IF) 9/16 at 100.00 AA 1,651,385 1,640 Colorado Health Facilities Authority, Colorado, Revenue 4/18 at 100.00 AAA 1,498,648 Bonds, Catholic Health Initiatives, Series 2006C-1, Trust 1090, 10.674%, 10/01/41 - FSA Insured (IF) 3,145 Kit Carson County Health Service District, Colorado, Health No Opt. Call N/R 1,948,548 Care Facility Revenue Bonds, Series 2007, 6.750%, 1/01/34 1,250 Mesa County, Colorado, Residential Care Facilities Mortgage 12/11 at 101.00 BBB+ 1,041,263 Revenue Bonds, Hilltop Community Resources Inc. Obligated Group, Series 2001A, 5.250%, 12/01/21 - RAAI Insured 1,000 Mountain Shadows Metropolitan District, Colorado, General 12/16 at 100.00 N/R 585,820 Obligation Limited Tax Bonds, Series 2007, 5.500%, 12/01/27 1,995 Park Creek Metropolitan District, Colorado, Limited Tax 12/13 at 100.00 N/R 2,015,708 Obligation Revenue Bonds, Series 2003CR-2, 7.875%, 12/01/32 (Mandatory put 12/01/13) 500 Tallyn's Reach Metropolitan District 3, Aurora, Colorado, 12/13 at 100.00 N/R 446,135 Limited Tax General Obligation Bonds, Series 2004, 6.750%, 12/01/33 - ------------------------------------------------------------------------------------------------------------------------------------ 18,851 Total Colorado 15,367,860 - ------------------------------------------------------------------------------------------------------------------------------------ DISTRICT OF COLUMBIA - 0.1% (0.1% OF TOTAL INVESTMENTS) 225 District of Columbia Tobacco Settlement Corporation, Tobacco No Opt. Call BBB 172,512 Settlement Asset-Backed Bonds, Series 2001, 6.500%, 5/15/33 - ------------------------------------------------------------------------------------------------------------------------------------ FLORIDA - 13.8% (9.5% OF TOTAL INVESTMENTS) 1,515 Aberdeen Community Development District, Florida, Special 5/14 at 100.00 N/R 793,875 Assessment Bonds, Series 2005, 5.500%, 5/01/36 7,480 Beacon Lakes Community Development District, Florida, Special 5/13 at 101.00 N/R 5,368,022 Assessment Bonds, Series 2003A, 6.900%, 5/01/35 700 Broward County, Florida, Airport Facility Revenue Bonds, 11/14 at 101.00 Ba2 613,249 Learjet Inc., Series 2000, 7.500%,11/01/20 (Alternative Minimum Tax) 1,120 Century Gardens Community Development District, Miami-Dade 5/14 at 101.00 N/R 858,066 County, Florida, Special Assessment Revenue Bonds, Series 2004, 5.900%, 5/01/34 8,365 Harmony Community Development District, Florida, Special 5/14 at 103.25 N/R 7,722,150 Assessment Bonds, Series 2001, 7.250%, 5/01/32 415 Islands at Doral Northeast Community Development District, 5/14 at 101.00 N/R 370,462 Miami-Dade County, Florida, Special Assessment Bonds, Series 2004, 6.125%, 5/01/24 3,000 Jacksonville, Florida, Economic Development Commission Health 9/17 at 100.00 N/R 2,275,170 Care Facilities Revenue Bonds, The Florida Proton Therapy Institute Project, Series 2007, 6.250%, 9/01/27 2,000 Miami-Dade County, Florida, Aviation Revenue Bonds, Series 10/18 at 100.00 AAA 1,633,760 2008, Trust 1145, 9.259%, 10/01/38 - AGC Insured (Alternative Minimum Tax) (IF) 970 Old Palm Community Development District, Florida, Special 5/15 at 101.00 N/R 555,558 Assessment Bonds, Palm Beach Gardens, Series 2004A, 5.900%, 5/01/35 3,735 Palm Beach County Housing Finance Authority, Florida, 7/09 at 103.00 N/R 2,777,010 Multifamily Housing Revenue Bonds, Lake Delray Apartments, Series 1999A, 6.400%, 1/01/31 (Alternative Minimum Tax) 1,955 Pine Island Community Development District, Florida, Special 5/12 at 101.00 N/R 1,165,688 Assessment Bonds, Bella Collina, Series 2004, 5.750%, 5/01/35 1,000 Sarasota County Health Facility Authority, Florida, Revenue 7/17 at 100.00 N/R 590,630 Bonds, Sarasota-Manatee Jewish Housing Council, Inc., Series 2007, 5.750%, 7/01/45 290 Stonegate Community Development District, Florida, Special 5/14 at 101.00 N/R 250,865 Assessment Revenue Bonds, Series 2004, 6.000%, 5/01/24 970 Tolomato Community Development District, Florida, Special 5/14 at 101.00 N/R 549,156 Assessment Bonds, Series 2006, 5.400%, 5/01/37
64 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ FLORIDA (continued) $ 1,715 Tolomato Community Development District, Florida, Special 5/18 at 100.00 N/R $ 1,161,964 Assessment Bonds, Series 2007, 6.650%, 5/01/40 Westchester Community Development District 1, Florida, Special Assessment Bonds, Series 2003: 130 6.000%, 5/01/23 5/13 at 101.00 N/R 94,722 4,735 6.125%, 5/01/35 5/13 at 101.00 N/R 3,082,627 - ------------------------------------------------------------------------------------------------------------------------------------ 40,095 Total Florida 29,862,974 - ------------------------------------------------------------------------------------------------------------------------------------ GEORGIA - 1.1% (0.8% OF TOTAL INVESTMENTS) 500 Effingham County Development Authority, Georgia, Solid Waste 7/10 at 100.00 B 366,330 Disposal Revenue Bonds, Ft. James Project, Series 1998, 5.625%, 7/01/18 (Alternative Minimum Tax) (5) 1,000 Fulton County Residential Care Facilities Authority, Georgia, 7/17 at 100.00 N/R 560,460 Revenue Bonds, Elderly Care, Lenbrook Square Project, Series 2006A, 5.125%, 7/01/37 1,890 Fulton County Residential Care Facilities Authority, Georgia, 12/13 at 102.00 N/R 1,520,429 Revenue Bonds, St. Anne's Terrace, Series 2003, 7.625%, 12/01/33 - ------------------------------------------------------------------------------------------------------------------------------------ 3,390 Total Georgia 2,447,219 - ------------------------------------------------------------------------------------------------------------------------------------ HAWAII - 0.9% (0.6% OF TOTAL INVESTMENTS) 2,000 Hawaii State Department of Budget and Finance, Private School No Opt. Call N/R 1,336,280 Revenue Bonds, Island Pacific Academy Project, Series 2007, 6.375%, 3/01/34 1,000 Hawaii State Department of Budget and Finance, Private School 2/17 at 100.00 N/R 628,010 Revenue Bonds, Montessori of Maui, Series 2007, 5.500%, 1/01/37 - ------------------------------------------------------------------------------------------------------------------------------------ 3,000 Total Hawaii 1,964,290 - ------------------------------------------------------------------------------------------------------------------------------------ ILLINOIS - 8.4% (5.8% OF TOTAL INVESTMENTS) 1,700 Chicago, Illinois, Certificates of Participation Tax Increment 6/09 at 100.00 N/R 1,596,300 Revenue Notes, Chicago/Kingsbury Redevelopment Project, Series 2004A, 6.570%, 2/15/13 990 Chicago, Illinois, Certificates of Participation, Tax 7/11 at 100.00 N/R 807,395 Increment Allocation Revenue Bonds, Diversey-Narragansett Project, Series 2006, 7.460%, 2/15/26 1,000 Illinois Finance Authority, Revenue Bonds, Midwest Regional 10/16 at 100.00 N/R 699,130 Medical Center Galena-Stauss Hospital, Series 2006, 6.750%, 10/01/46 1,350 Illinois Health Facilities Authority, FHA-Insured Mortgage 8/13 at 100.00 AAA 1,259,388 Revenue Refunding Bonds, Sinai Health System, Series 2003, 5.150%, 2/15/37 (6) 1,000 Illinois Health Facilities Authority, Revenue Bonds, Condell 5/12 at 100.00 Aaa 1,106,370 Medical Center, Series 2002, 5.500%, 5/15/32 (Pre-refunded 5/15/12) 7,800 Illinois Health Facilities Authority, Revenue Bonds, Lake 7/12 at 100.00 A- 7,073,820 Forest Hospital, Series 2002A, 5.750%, 7/01/29 (UB) 1,400 Illinois Health Facilities Authority, Revenue Bonds, Midwest 11/10 at 100.00 N/R 1,155,980 Physicians Group Ltd., Series 1998, 5.500%, 11/15/19 1,150 Lombard Public Facilities Corporation, Illinois, First Tier 1/16 at 100.00 N/R 770,811 Conference Center and Hotel Revenue Bonds, Series 2005A-1, 7.125%, 1/01/36 1,311 Lombard Public Facilities Corporation, Illinois, Third Tier 7/18 at 100.00 N/R 731,528 Conference Center and Hotel Revenue Bonds, Series 2005C-3, 4.000%, 1/01/36 2,004 Plano Special Service Area 1, Illinois, Special Tax Bonds, 3/14 at 102.00 N/R 1,386,167 Lakewood Springs Project, Series 2004A, 6.200%, 3/01/34 998 Volo Village, Illinois, Special Service Area 3 Special Tax 3/16 at 102.00 N/R 583,121 Bonds, Symphony Meadows Project 1, Series 2006, 6.000%, 3/01/36 (Mandatory put 2/29/16) 1,000 Yorkville United City Business District, Illinois, Storm Water 1/17 at 102.00 N/R 439,120 and Water Improvement Project Revenue Bonds, Series 2007, 6.000%, 1/01/26 967 Yorkville, Illinois, Special Service Area 2005-108 Assessment 3/16 at 102.00 N/R 565,008 Bonds, Autumn Creek Project, Series 2006, 6.000%, 3/01/36 - ------------------------------------------------------------------------------------------------------------------------------------ 22,670 Total Illinois 18,174,138 - ------------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 65 NMZ | Nuveen Municipal High Income Opportunity Fund (continued) | Portfolio of INVESTMENTS April 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ INDIANA - 12.3% (8.5% OF TOTAL INVESTMENTS) $ 6,360 Carmel Redevelopment District, Indiana, Tax Increment Revenue 7/12 at 103.00 N/R $ 4,987,639 Bonds, Series 2004A, 6.650%, 1/15/24 22,770 Indiana Finance Authority, Water Facilities Refunding Revenue 10/16 at 100.00 A 15,524,586 Bonds, Indiana-American Water Company Inc. Project, Series 2006, 4.875%, 10/01/36 - AMBAC Insured (Alternative Minimum Tax) 1,250 Indiana Health and Educational Facility Financing Authority, 11/16 at 100.00 AA 1,034,900 Revenue Bonds, Ascension Health, Series 2009, Trust 3301, 13.365%, 11/15/39 (IF) 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 463,040 2,500 6.000%, 3/01/34 3/14 at 101.00 BBB 2,089,775 200 Jasper County, Indiana, Economic Development Revenue 4/10 at 101.00 B2 141,132 Refunding Bonds, Georgia Pacific Corporation Project, Series 2000, 6.700%, 4/01/29 (Alternative Minimum Tax) 1,000 St. Joseph County, Indiana, Economic Development Revenue 7/15 at 103.00 N/R 809,040 Bonds, Chicago Trail Village Apartments, Series 2005A, 7.500%, 7/01/35 1,650 Whitley County, Indiana, Solid Waste and Sewerage Disposal 11/10 at 102.00 N/R 1,488,069 Revenue Bonds, Steel Dynamics Inc., Series 1998, 7.250%, 11/01/18 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 36,230 Total Indiana 26,538,181 - ------------------------------------------------------------------------------------------------------------------------------------ IOWA - 0.3% (0.2% OF TOTAL INVESTMENTS) 1,000 Iowa Finance Authority, Health Facility Revenue Bonds, Care 7/16 at 100.00 BB+ 749,130 Initiatives Project, Series 2006A, 5.500%, 7/01/25 - ------------------------------------------------------------------------------------------------------------------------------------ KANSAS - 0.6% (0.4% OF TOTAL INVESTMENTS) 2,000 Fredonia, Kansas, Hospital Revenue Bonds, Series 2007, 8/17 at 100.00 N/R 1,292,460 6.125%, 8/15/37 - ------------------------------------------------------------------------------------------------------------------------------------ LOUISIANA - 6.3% (4.4% OF TOTAL INVESTMENTS) 4,000 Hodge, Louisiana, Combined Utility System Revenue Bonds, No Opt. Call D 760,000 Smurfit-Stone Container Corporation, Series 2003, 7.450%, 3/01/24 (Alternative Minimum Tax) (7) 2,500 Louisiana Local Government Environmental Facilities & 11/17 at 100.00 BB+ 1,752,625 Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Project, Series 2007, 6.750%, 11/01/32 1,000 Louisiana Local Government Environmental Facilities and 9/16 at 100.00 N/R 594,560 Community Development Authority, Carter Plantation Hotel Project Revenue Bonds, Series 2006A, 6.000%, 9/01/36 1,000 Louisiana Local Government Environmental Facilities and 6/16 at 101.00 N/R 755,350 Community Development Authority, Revenue Bonds, CDF Healthcare of Louisiana LLC, Series 2006A, 7.000%, 6/01/36 3,000 Louisiana Local Government Environmental Facilities and 12/17 at 100.00 N/R 2,088,360 Community Development Authority, Revenue Bonds, Southgate Suites Hotel LLC Project, Series 2007A, 6.750%, 12/15/37 Ouachita Parish Industrial Development Authority, Louisiana, Solid Waste Disposal Revenue Bonds, White Oaks Project, Series 2004A: 815 8.250%, 3/01/19 (Alternative Minimum Tax) 3/10 at 102.00 N/R 728,447 805 8.500%, 3/01/24 (Alternative Minimum Tax) 3/10 at 102.00 N/R 709,930 5,125 St. James Parish, Louisiana, Solid Waste Disposal Revenue 4/11 at 100.00 N/R 4,836,565 Bonds, Freeport McMoran Project, Series 1992, 7.700%, 10/01/22 (Alternative Minimum Tax) 2,000 Tobacco Settlement Financing Corporation, Louisiana, Tobacco 5/11 at 101.00 BBB 1,407,100 Settlement Asset-Backed Bonds, Series 2001B, 5.875%, 5/15/39 - ------------------------------------------------------------------------------------------------------------------------------------ 20,245 Total Louisiana 13,632,937 - ------------------------------------------------------------------------------------------------------------------------------------ MAINE - 1.1% (0.7% OF TOTAL INVESTMENTS) 3,155 Portland Housing Development Corporation, Maine, Section 8 2/14 at 102.00 Baa2 2,323,121 Assisted Senior Living Revenue Bonds, Avesta Housing Development Corporation, Series 2004A, 6.000%, 2/01/34 - ------------------------------------------------------------------------------------------------------------------------------------
66 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ MARYLAND - 1.3% (0.9% OF TOTAL INVESTMENTS) $ 1,000 Baltimore, Maryland, Senior Lien Convention Center Hotel 9/16 at 100.00 Baa3 $ 603,290 Revenue Bonds, Series 2006A, 5.250%,9/01/39 - SYNCORA GTY Insured 2,000 Maryland Energy Financing Administration, Revenue Bonds, AES 9/09 at 100.00 N/R 1,525,880 Warrior Run Project, Series 1995, 7.400%, 9/01/19 (Alternative Minimum Tax) 350 Maryland Health and Higher Educational Facilities Authority, 8/14 at 100.00 A- 332,882 Revenue Bonds, MedStar Health, Series 2004, 5.500%, 8/15/33 435 Prince George's County, Maryland, Revenue Bonds, Dimensions 7/09 at 100.00 B3 270,618 Health Corporation, Series 1994, 5.300%, 7/01/24 - ------------------------------------------------------------------------------------------------------------------------------------ 3,785 Total Maryland 2,732,670 - ------------------------------------------------------------------------------------------------------------------------------------ MASSACHUSETTS - 0.6% (0.4% OF TOTAL INVESTMENTS) 525 Massachusetts Development Finance Agency, Pioneer Valley No Opt. Call N/R 452,949 Resource Recovery Revenue Bonds, Eco/Springfield LLC, Series 2006, 5.875%, 7/01/14 (Alternative Minimum Tax) 1,350 Massachusetts Health and Educational Facilities Authority, 7/14 at 100.00 BB 920,876 Revenue Bonds, Northern Berkshire Community Services Inc., Series 2004B, 6.375%, 7/01/34 - ------------------------------------------------------------------------------------------------------------------------------------ 1,875 Total Massachusetts 1,373,825 - ------------------------------------------------------------------------------------------------------------------------------------ MICHIGAN - 4.2% (2.9% OF TOTAL INVESTMENTS) 1,210 Countryside Charter School, Berrien County, Michigan, Charter 10/09 at 100.00 N/R 947,357 School Revenue Bonds, Series 1999, 7.000%, 4/01/29 855 Countryside Charter School, Berrien County, Michigan, Charter 10/09 at 100.00 N/R 751,092 School Revenue Bonds, Series 2000, 8.000%, 4/01/29 Detroit Local Development Finance Authority, Michigan, Tax Increment Bonds, Series 1998A: 1,410 5.500%, 5/01/21 5/09 at 101.00 BB- 678,365 15 5.500%, 5/01/21 - ACA Insured 5/09 at 101.00 BB- 7,217 Garden City Hospital Finance Authority, Michigan, Revenue Bonds, Garden City Hospital Obligated Group, Series 2007A: 1,000 4.875%, 8/15/27 8/17 at 100.00 N/R 616,130 1,000 5.000%, 8/15/38 8/17 at 100.00 N/R 553,510 3,580 Michigan State Hospital Finance Authority, Hospital Revenue 8/09 at 100.00 BB- 2,389,220 Refunding Bonds, Detroit Medical Center Obligated Group, Series 1993B, 5.500%, 8/15/23 500 Michigan State Hospital Finance Authority, Revenue Bonds, 5/15 at 100.00 BBB 364,535 Chelsea Community Hospital, Series 2005, 5.000%, 5/15/30 1,500 Michigan State Hospital Finance Authority, Revenue Bonds, 11/15 at 102.00 N/R 1,064,475 Hills and Dales General Hospital, Series 2005A, 6.750%, 11/15/38 1,000 Royal Oak Hospital Finance Authority, Michigan, Hospital 9/18 at 100.00 A1 1,117,200 Revenue Bonds, William Beaumont Hospital, Refunding Series 2009V, 8.250%, 9/01/39 1,000 Summit Academy North Charter School, Michigan, Charter School 11/15 at 100.00 BB+ 607,890 Revenue Bonds, Series 2005, 5.500%, 11/01/30 - ------------------------------------------------------------------------------------------------------------------------------------ 13,070 Total Michigan 9,096,991 - ------------------------------------------------------------------------------------------------------------------------------------ MINNESOTA - 1.9% (1.3% 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) 107,187 100 7.300%, 7/01/15 (Pre-refunded 7/01/10) 7/10 at 100.00 N/R (4) 107,298 1,325 Ramsey, Anoka County, Minnesota, Charter School Lease Revenue 6/14 at 102.00 N/R 1,031,645 Bonds, PACT Charter School, Series 2004A, 6.750%, 12/01/33 1,390 St. Paul Housing and Redevelopment Authority, Minnesota, 6/14 at 102.00 N/R 1,177,066 Charter School Revenue Bonds, Higher Ground Academy Charter School, Series 2004A, 6.625%, 12/01/23 1,100 St. Paul Housing and Redevelopment Authority, Minnesota, 6/14 at 102.00 N/R 856,460 Charter School Revenue Bonds, HOPE Community Academy Charter School, Series 2004A, 6.750%, 12/01/33
Nuveen Investments 67 NMZ | Nuveen Municipal High Income Opportunity Fund (continued) | Portfolio of INVESTMENTS April 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ MINNESOTA (continued) $ 1,000 St. Paul Port Authority, Minnesota, Lease Revenue Bonds, 5/15 at 100.00 N/R $ 773,510 HealthEast Midway Campus, Series 2005B, 6.000%, 5/01/30 - ------------------------------------------------------------------------------------------------------------------------------------ 5,015 Total Minnesota 4,053,166 - ------------------------------------------------------------------------------------------------------------------------------------ MISSISSIPPI - 0.3% (0.2% OF TOTAL INVESTMENTS) 939 Mississippi Home Corporation, Multifamily Housing Revenue 10/19 at 101.00 N/R 614,721 Bonds, Tupelo Personal Care Apartments, Series 2004-2, 6.125%, 9/01/34 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ MISSOURI - 3.0% (2.1% OF TOTAL INVESTMENTS) 2,000 Branson Regional Airport Transportation Development District, 7/17 at 100.00 N/R 1,163,640 Missouri, Project Revenue Bonds, Series 2007B, 6.000%, 7/01/37 (Alternative Minimum Tax) 5,935 Missouri Environmental Improvement and Energy Resources 12/16 at 100.00 AAA 4,654,227 Authority, Water Facility Revenue Bonds, Missouri-American Water Company, Series 2006, 4.600%, 12/01/36 - AMBAC Insured (Alternative Minimum Tax) (UB) 1,300 Saint Louis Industrial Development Authority, Missouri, Saint 12/10 at 102.00 Ca 285,571 Louis Convention Center Headquarters Hotel Project, Series 2000A, 7.250%, 12/15/35 (Alternative Minimum Tax) (7) 795 Saint Louis, Missouri, Tax Increment Financing Revenue Bonds, 6/09 at 100.00 N/R 500,158 Grace Lofts Redevelopment Projects, Series 2007A, 6.000%, 3/27/26 - ------------------------------------------------------------------------------------------------------------------------------------ 10,030 Total Missouri 6,603,596 - ------------------------------------------------------------------------------------------------------------------------------------ MONTANA - 2.3% (1.6% OF TOTAL INVESTMENTS) 5,200 Montana Board of Investments, Exempt Facility Revenue Bonds, 7/10 at 101.00 B- 3,576,664 Stillwater Mining Company, Series 2000, 8.000%, 7/01/20 (Alternative Minimum Tax) 2,000 Montana Board of Investments, Resource Recovery Revenue No Opt. Call N/R 1,515,500 Bonds, Yellowstone Energy LP, Series 1993, 7.000%, 12/31/19 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 7,200 Total Montana 5,092,164 - ------------------------------------------------------------------------------------------------------------------------------------ NEBRASKA - 4.3% (3.0% OF TOTAL INVESTMENTS) 6,485 Omaha Public Power District, Nebraska, Separate Electric 2/17 at 100.00 AAA 9,313,627 System Revenue Bonds, Nebraska City 2, Series 2006A, 17.921%, 2/01/49 - AMBAC Insured (IF) - ------------------------------------------------------------------------------------------------------------------------------------ NEVADA - 1.0% (0.7% OF TOTAL INVESTMENTS) 500 Clark County, Nevada, Industrial Development Revenue Bonds, 5/09 at 100.00 BB+ 399,495 Nevada Power Company, Series 1997A, 5.900%, 11/01/32 (Alternative Minimum Tax) 1,460 Clark County, Nevada, Local Improvement Bonds, Mountain's 8/16 at 100.00 N/R 1,071,903 Edge Special Improvement District 142, Series 2003, 6.375%, 8/01/23 1,000 Director of Nevada State Department of Business and Industry, 1/10 at 100.00 A 300,840 Revenue Bonds, Las Vegas Monorail Project, First Tier, Series 2000, 5.375%, 1/01/40 - AMBAC Insured 4,500 Director of Nevada State Department of Business and Industry, 1/10 at 102.00 N/R 315,000 Revenue Bonds, Las Vegas Monorail Project, Second Tier, Series 2000, 7.375%, 1/01/40 (7) - ------------------------------------------------------------------------------------------------------------------------------------ 7,460 Total Nevada 2,087,238 - ------------------------------------------------------------------------------------------------------------------------------------ NEW JERSEY - 1.4% (1.0% OF TOTAL INVESTMENTS) 1,660 New Jersey Economic Development Authority, Special Facilities 9/09 at 101.00 B 1,068,907 Revenue Bonds, Continental Airlines Inc., Series 1999, 6.250%, 9/15/29 (Alternative Minimum Tax) 500 New Jersey Economic Development Authority, Special Facilities 11/10 at 101.00 B 350,885 Revenue Bonds, Continental Airlines Inc., Series 2000, 7.000%, 11/15/30 (Alternative Minimum Tax) 600 New Jersey Educational Facilities Authority Revenue Refunding 6/19 at 100.00 Baa2 613,986 Bonds, University of Medicine and Dentistry of New Jersey Issue, Series 2009 B, 7.500%, 12/01/32 700 New Jersey Turnpike Authority, Revenue Bonds, Series 2009E, 1/19 at 100.00 A+ 706,286 5.250%, 1/01/40
68 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ NEW JERSEY (continued) $ 500 Tobacco Settlement Financing Corporation, New Jersey, Tobacco 6/17 at 100.00 BBB $ 264,740 Settlement Asset-Backed Bonds, Series 2007-1A, 5.000%, 6/01/41 - ------------------------------------------------------------------------------------------------------------------------------------ 3,960 Total New Jersey 3,004,804 - ------------------------------------------------------------------------------------------------------------------------------------ NEW YORK - 0.8% (0.5% OF TOTAL INVESTMENTS) 1,000 Metropolitan Transportation Authority, New York, Dedicated 11/19 at 100.00 AA 977,410 Tax Fund Bonds, Series 2009B, 5.000%, 11/15/34 1,700 New York City Industrial Development Agency, New York, 8/09 at 100.00 CCC+ 657,288 Special Facilities Revenue Bonds, American Airlines Inc., Series 1994, 6.900%, 8/01/24 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 2,700 Total New York 1,634,698 - ------------------------------------------------------------------------------------------------------------------------------------ NORTH CAROLINA - 3.4% (2.4% OF TOTAL INVESTMENTS) 1,910 Charlotte-Mecklenberg Hospital Authority, North Carolina, 1/18 at 100.00 AA- 1,719,802 Carolinas HealthCare System Revenue Bonds, Series 2008, Trust 1149-3, 9.016%, 1/15/47 (IF) 5,500 North Carolina Capital Facilities Finance Agency, Solid Waste 7/12 at 106.00 N/R 3,971,880 Facilities Revenue Bonds, Liberty Tire Services of North Carolina LLC, Series 2004A, 6.750%, 7/01/29 1,190 North Carolina Capital Facilities Finance Agency, Revenue 10/16 at 100.00 AA+ 1,753,977 Bonds, Duke University, Series 2008, Tender Option Bonds Trust 3248, 19.340%, 10/01/44 (IF) - ------------------------------------------------------------------------------------------------------------------------------------ 8,600 Total North Carolina 7,445,659 - ------------------------------------------------------------------------------------------------------------------------------------ OHIO - 5.7% (3.9% OF TOTAL INVESTMENTS) Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2: 340 5.125%, 6/01/24 6/17 at 100.00 BBB 267,947 375 5.750%, 6/01/34 6/17 at 100.00 BBB 237,416 10,855 5.875%, 6/01/47 6/17 at 100.00 BBB 6,098,013 3,125 Cleveland-Cuyahoga County Port Authority, Ohio, Development 5/14 at 102.00 N/R 2,362,219 Revenue Bonds, Bond Fund Program - Garfield Heights Project, Series 2004D, 5.250%, 5/15/23 1,000 Ohio, Environmental Facilities Revenue Bonds, Ford Motor 4/15 at 100.00 CCC- 417,350 Company, Series 2005, 5.750%, 4/01/35 (Alternative Minimum Tax) 4,000 Western Reserve Port Authority, Ohio, Solid Waste Facility 7/17 at 102.00 N/R 2,880,400 Revenue Bonds, Central Waste Inc., Series 2007A, 6.350%, 7/01/27 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 19,695 Total Ohio 12,263,345 - ------------------------------------------------------------------------------------------------------------------------------------ OKLAHOMA - 1.0% (0.7% OF TOTAL INVESTMENTS) 970 Okeene Municipal Hospital and Schallmo Authority, Oklahoma, 1/16 at 101.00 N/R 727,510 Revenue Bonds, Series 2006, 7.000%, 1/01/35 60 Oklahoma Development Finance Authority, Revenue Refunding 8/09 at 101.00 AAA 61,415 Bonds, Hillcrest Healthcare System, Series 1999A, 5.625%, 8/15/29 (Pre-refunded 8/15/09) 1,500 Tulsa Municipal Airport Trust, Oklahoma, Revenue Refunding No Opt. Call Caa2 1,271,190 Bonds, American Airlines Inc., Series 2004A, 7.750%, 6/01/35 (Mandatory put 12/01/14) - ------------------------------------------------------------------------------------------------------------------------------------ 2,530 Total Oklahoma 2,060,115 - ------------------------------------------------------------------------------------------------------------------------------------ PENNSYLVANIA - 2.7% (1.9% OF TOTAL INVESTMENTS) 460 Allentown Area Hospital Authority, Pennsylvania, Revenue No Opt. Call BB- 392,440 Bonds, Sacred Heart Hospital, Series 2005, 6.000%, 11/15/16 1,000 Berks County Industrial Development Authority, Pennsylvania, 11/17 at 101.00 N/R 696,920 First Mortgage Revenue Bonds, One Douglassville Properties Project, Series 2007A, 6.125%, 11/01/34 (Alternative Minimum Tax) 2,000 Chester County Health and Education Facilities Authority, 10/15 at 102.00 N/R 1,315,700 Pennsylvania, Revenue Bonds, Immaculata University, Series 2005, 5.750%, 10/15/37
Nuveen Investments 69 NMZ | Nuveen Municipal High Income Opportunity Fund (continued) | Portfolio of INVESTMENTS April 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ PENNSYLVANIA (continued) $ 4,000 Pennsylvania Economic Development Financing Authority, 6/12 at 102.00 BBB+ $ 3,489,880 Revenue Bonds, Amtrak 30th Street Station Parking Garage, Series 2002, 5.800%, 6/01/23 - ACA Insured (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 7,460 Total Pennsylvania 5,894,940 - ------------------------------------------------------------------------------------------------------------------------------------ RHODE ISLAND - 1.6% (1.1% OF TOTAL INVESTMENTS) 1,000 Rhode Island Student Loan Authority, Student Loan Program 12/17 at 100.00 A 987,630 Revenue Bonds, Series 2008A, 6.750%, 12/01/28 (Alternative Minimum Tax) 3,500 Rhode Island Tobacco Settlement Financing Corporation, 6/12 at 100.00 BBB 2,584,575 Tobacco Settlement Asset-Backed Bonds, Series 2002A, 6.250%, 6/01/42 - ------------------------------------------------------------------------------------------------------------------------------------ 4,500 Total Rhode Island 3,572,205 - ------------------------------------------------------------------------------------------------------------------------------------ SOUTH CAROLINA - 1.9% (1.3% OF TOTAL INVESTMENTS) 4,000 Lancaster County, South Carolina, Assessment Bonds, Edgewater 11/17 at 100.00 N/R 3,109,320 II Improvement District, Series 2007A, 7.750%, 11/01/39 1,285 Richland County, South Carolina, Environmental Improvement 4/13 at 101.00 BBB 1,035,504 Revenue Refunding Bonds, International Paper Company, Series 2003A, 6.100%, 4/01/23 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 5,285 Total South Carolina 4,144,824 - ------------------------------------------------------------------------------------------------------------------------------------ TENNESSEE - 3.2% (2.2% OF TOTAL INVESTMENTS) 3,500 Knox County Health, Educational and Housing Facilities Board, 4/12 at 101.00 A1 3,463,565 Tennessee, Hospital Revenue Bonds, Baptist Health System of East Tennessee Inc., Series 2002, 6.500%, 4/15/31 Sumner County Health, Educational, and Housing Facilities Board, Tennessee, Revenue Refunding Bonds, Sumner Regional Health System Inc., Series 2007: 2,000 5.500%, 11/01/37 11/17 at 100.00 N/R 1,015,820 2,000 5.500%, 11/01/46 11/17 at 100.00 N/R 986,020 1,000 The Tennessee Energy Acquisition Corporation, Gas Revenue No Opt. Call BBB+ 837,310 Bonds, Series 2006A, 5.250%, 9/01/23 990 Wilson County Health and Educational Facilities Board, 7/17 at 100.00 N/R 648,470 Tennessee, Senior Living Revenue Bonds, Rutland Place, Series 2007A, 6.300%, 7/01/37 - ------------------------------------------------------------------------------------------------------------------------------------ 9,490 Total Tennessee 6,951,185 - ------------------------------------------------------------------------------------------------------------------------------------ TEXAS - 10.3% (7.2% OF TOTAL INVESTMENTS) 1,905 Austin Convention Enterprises Inc., Texas, Convention Center 1/11 at 100.00 N/R 1,517,580 Hotel Revenue Bonds, First Tier Series 2001C-1, 9.750%, 1/01/26 1,000 Austin Convention Enterprises Inc., Texas, Convention Center 1/17 at 100.00 BB 685,390 Hotel Revenue Bonds, First Tier Series 2006B, 5.750%, 1/01/34 10 Brazos River Authority, Texas, Pollution Control Revenue No Opt. Call CCC 5,909 Refunding Bonds, TXU Electric Company, Series 2001C, 5.750%, 5/01/36 (Mandatory put 11/01/11) (Alternative Minimum Tax) 700 Brazos River Authority, Texas, Pollution Control Revenue 7/18 at 100.00 CCC 302,498 Refunding Bonds, TXU Electric Company, Series 2001D, 8.250%, 5/01/33 (Alternative Minimum Tax) 2,000 Clifton Higher Education Finance Corporation, Texas, No Opt. Call BBB- 1,974,220 Education Revenue Bonds, Tejano Center for Community Concerns, Inc.-Raul Yzaguirre School for Success, Refunding Series 2009A, 9.000%, 2/15/38 1,750 Dallas-Ft. Worth International Airport Facility Improvement 11/12 at 100.00 CCC+ 668,570 Corporation, Texas, Revenue Bonds, American Airlines Inc., Series 2007, 5.500%, 11/01/30 (Alternative Minimum Tax) Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2004A: 1,840 7.000%, 9/01/25 9/14 at 100.00 N/R 1,492,295 6,600 7.125%, 9/01/34 9/14 at 100.00 N/R 5,068,932
70 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TEXAS (continued) $ 585 Gulf Coast Industrial Development Authority, Texas, Solid 4/12 at 100.00 Baa3 $ 547,671 Waste 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 665,170 Charter Academy, Series 2006A, 6.000%, 2/15/36 2,020 Houston, Texas, Airport System Special Facilities Revenue 7/09 at 101.00 B- 1,193,315 Bonds, Continental Air Lines Inc., Series 1998B, 5.700%, 7/15/29 (Alternative Minimum Tax) 975 Houston, Texas, Airport System Special Facilities Revenue 7/09 at 101.00 B- 575,981 Bonds, Continental Air Lines Inc., Series 1998C, 5.700%, 7/15/29 (Alternative Minimum Tax) 600 Houston, Texas, Airport System Special Facilities Revenue 7/11 at 101.00 B- 466,812 Bonds, Continental Air Lines Inc., Series 2001E, 7.375%, 7/01/22 (Alternative Minimum Tax) 1,000 La Vernia Education Financing Corporation, Texas, Charter 8/11 at 100.00 N/R 616,850 School Revenue Bonds, Riverwalk Education Foundation, Series 2007A, 5.450%, 8/15/36 Richardson Hospital Authority, Texas, Revenue Bonds, Richardson Regional Medical Center, Series 2004: 2,000 5.875%, 12/01/24 12/13 at 100.00 Baa2 1,554,520 1,000 6.000%, 12/01/34 12/13 at 100.00 Baa2 721,150 1,000 Sabine River Authority, Texas, Pollution Control Revenue 8/13 at 101.00 CCC 402,560 Refunding Bonds, TXU Energy Company LLC Project, Series 2003B, 6.150%, 8/01/22 3,680 Tarrant County Cultural and Educational Facilities Finance 2/17 at 100.00 AA- 3,176,502 Corporation, Texas, Revenue Bonds, Texas Health Resources Project, Trust 1031, 9.642%, 2/15/36 (IF) 1,000 Texas Public Finance Authority, Charter School Finance 2/15 at 100.00 N/R 601,440 Corporation Revenue Bonds, Cosmos Foundation Inc., Series 2007A, 5.375%, 2/15/37 340 Trinity River Authority of Texas, Pollution Control Revenue 5/13 at 101.00 CCC 136,853 Refunding Bonds, TXU Electric Company, Series 2003, 6.250%, 5/01/28 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 31,005 Total Texas 22,374,218 - ------------------------------------------------------------------------------------------------------------------------------------ VIRGIN ISLANDS - 2.4% (1.7% OF TOTAL INVESTMENTS) 5,000 Virgin Islands Public Finance Authority, Revenue Bonds, 1/14 at 100.00 BBB 3,766,000 Refinery Project - Hovensa LLC, Series 2003, 6.125%, 7/01/22 (Alternative Minimum Tax) 2,000 Virgin Islands Public Finance Authority, Senior Secured Lien 7/14 at 100.00 BBB 1,427,620 Revenue Bonds, Refinery Project - Hovensa LLC, Series 2004, 5.875%, 7/01/22 - ------------------------------------------------------------------------------------------------------------------------------------ 7,000 Total Virgin Islands 5,193,620 - ------------------------------------------------------------------------------------------------------------------------------------ VIRGINIA - 0.5% (0.4% OF TOTAL INVESTMENTS) 1,940 Isle of Wight County Industrial Development Authority, 3/17 at 100.00 BBB 1,122,659 Virginia, Environmental Improvement Revenue Bonds, International Paper Company Project, Series 2007A, 4.700%, 3/01/31 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ WASHINGTON - 5.2% (3.6% OF TOTAL INVESTMENTS) 3,000 Skagit County Public Hospital District 1, Washington, Revenue 12/13 at 100.00 Baa2 2,780,970 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 N/R 1,399,808 4,725 6.000%, 1/01/34 - ACA Insured 1/14 at 100.00 N/R 3,573,281 2,500 5.250%, 1/01/34 - ACA Insured 1/14 at 100.00 N/R 1,579,325
Nuveen Investments 71 NMZ | Nuveen Municipal High Income Opportunity Fund (continued) | Portfolio of INVESTMENTS April 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ WASHINGTON (continued) $ 1,000 Washington State Economic Development Finance Authority, 12/17 at 100.00 N/R $ 664,170 Revenue Bonds, Coeur D'Alene Fiber Project, Series 2007G, 7.000%, 12/01/27 (Alternative Minimum Tax) 2,000 Washington State Health Care Facilities Authority, Revenue No Opt. Call N/R 1,270,460 Bonds, Northwest Hospital and Medical Center of Seattle, Series 2007, 5.700%, 12/01/32 - ------------------------------------------------------------------------------------------------------------------------------------ 14,975 Total Washington 11,268,014 - ------------------------------------------------------------------------------------------------------------------------------------ WEST VIRGINIA - 0.3% (0.2% OF TOTAL INVESTMENTS) 500 Ohio County Commission, West Virginia, Special District 3/16 at 100.00 N/R 329,195 Excise Tax Revenue Bonds, Fort Henry Economic Development, Series 2006B, 5.625%, 3/01/36 500 Ohio County Commission, West Virginia, Tax Increment Revenue No Opt. Call N/R 343,630 Bonds, Fort Henry Centre Financing District, Series 2007A, 5.850%, 6/01/34 - ------------------------------------------------------------------------------------------------------------------------------------ 1,000 Total West Virginia 672,825 - ------------------------------------------------------------------------------------------------------------------------------------ WISCONSIN - 11.7% (8.1% OF TOTAL INVESTMENTS) 550 Lac Courte Oreilles Band of Lake Superior Chippewa Indians, 12/14 at 101.00 N/R (4) 715,699 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 2/10 at 100.00 A3 7,775,234 2,300 5.600%, 2/15/29 - ACA Insured 2/10 at 100.00 BBB+ 1,885,402 1,000 Wisconsin Health and Educational Facilities Authority, 4/14 at 100.00 N/R 696,980 Revenue Bonds, Southwest Health Center Inc., Series 2004A, 6.250%, 4/01/34 Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Healthcare System, Series 2006: 7,994 5.250%, 8/15/26 8/16 at 100.00 BBB+ 5,932,524 12,000 5.250%, 8/15/34 8/16 at 100.00 BBB+ 8,223,241 - ------------------------------------------------------------------------------------------------------------------------------------ 33,329 Total Wisconsin 25,229,080 - ------------------------------------------------------------------------------------------------------------------------------------ $ 418,936 Total Investments (cost $390,003,528) - 144.4% 312,644,854 ==============----------------------------------------------------------------------------------------------------------------------
72 Nuveen Investments
DESCRIPTION (1) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------- Floating Rate Obligations - (4.8)% $ (10,300,000) ------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 4.3% 9,098,960 ------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (43.9)% (8) (95,000,000) ------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 216,443,814 ===================================================================================================================
INVESTMENTS IN DERIVATIVES FORWARD SWAPS OUTSTANDING AT APRIL 30, 2009:
FUND FIXED RATE UNREALIZED NOTIONAL PAY/RECEIVE FLOATING RATE FIXED RATE PAYMENT EFFECTIVE TERMINATION APPRECIATION COUNTERPARTY AMOUNT FLOATING RATE INDEX (ANNUALIZED) FREQUENCY DATE (9) DATE (DEPRECIATION) - -------------------------------------------------------------------------------------------------------------------------------- JPMorgan $ 5,000,000 Receive 3-Month USD-LIBOR 3.413% Semi-Annually 4/09/10 4/09/39 $ 301,287 Royal Bank of Canada 3,000,000 Receive 3-Month USD-LIBOR 3.327 Semi-Annually 4/23/10 4/23/39 228,693 - -------------------------------------------------------------------------------------------------------------------------------- $ 529,980 ================================================================================================================================
(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 Group ("Standard & Poor's") or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by Standard & Poor's or Baa by Moody's are considered to be below investment grade. The Portfolio of Investments may reflect the ratings on certain bonds whose insurer has experienced downgrades as of the end of the reporting period. Please see the Portfolio Managers' Commentary for an expanded discussion of the affect on the Fund of changes to the ratings of certain bonds in the portfolio resulting from changes to the ratings of the underlying insurers both during the period and after period end. (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) 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. (6) Portion of investment has been pledged as collateral for Recourse Trusts. (7) The Fund's Adviser has concluded this issue is not likely to meet its future interest payment obligations and has directed the Fund's custodian to cease accruing additional income on the Fund's records. (8) Preferred Shares, at Liquidation Value as a percentage of Total Investments is 30.4%. (9) 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 Notes to Financial Statements, Footnote 1 - Inverse Floating Rate Securities for more information. USD-LIBOR United States Dollar-London Inter-Bank Offered Rate See accompanying notes to financial statements. Nuveen Investments 73 NMD | Nuveen Municipal High Income Opportunity Fund 2 | Portfolio of INVESTMENTS April 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ ALABAMA - 1.8% (1.5% OF TOTAL INVESTMENTS) $ 2,290 Birmingham Special Care Facilities Financing Authority, 11/15 at 100.00 Baa1 $ 1,769,735 Alabama, Revenue Bonds, Baptist Health System Inc., Series 2005A, 5.250%, 11/15/20 1,000 Phenix City Industrial Development Board, Alabama, 5/12 at 100.00 BBB 766,270 Environmental Improvement Revenue Bonds, MeadWestvaco Corporation, Series 2002A, 6.350%, 5/15/35 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 3,290 Total Alabama 2,536,005 - ------------------------------------------------------------------------------------------------------------------------------------ ARIZONA - 7.0% (5.8% OF TOTAL INVESTMENTS) 1,000 Estrella Mountain Ranch Community Facilities District, 7/17 at 100.00 N/R 684,130 Goodyear, Arizona, General Obligation Bonds, Series 2007, 6.200%, 7/15/32 4,000 Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, 12/17 at 102.00 N/R 2,780,480 Government Project Bonds, Series 2007, 7.000%, 12/01/27 8,325 Salt Verde Financial Corporation, Arizona, Senior Gas Revenue No Opt. Call A 5,643,434 Bonds, Series 2007, 5.000%, 12/01/37 1,000 Yuma County Industrial Development Authority, Arizona, Exempt 12/17 at 100.00 N/R 722,040 Revenue Bonds, Far West Water & Sewer Inc. Refunding, Series 2007A, 6.375%, 12/01/37 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 14,325 Total Arizona 9,830,084 - ------------------------------------------------------------------------------------------------------------------------------------ CALIFORNIA - 15.4% (12.8% OF TOTAL INVESTMENTS) 2,000 California Educational Facilities Authority, Revenue Bonds, 12/16 at 100.00 Baa3 1,297,460 Dominican University, Series 2006, 5.000%, 12/01/36 4,065 California Health Facilities Financing Authority, Revenue 11/16 at 100.00 Aa3 3,716,711 Bonds, Sutter Health, Series 2007A, Trust 3299, 16.588%, 11/15/46 (IF) 1,020 California Housing Finance Agency, California, Home Mortgage 8/17 at 100.00 Aa2 838,185 Revenue Bonds, Series 2008B, 5.000%, 2/01/28 (Alternative Minimum Tax) (4) 1,825 California Statewide Community Development Authority, Revenue 7/15 at 100.00 BBB 1,237,569 Bonds, Daughters of Charity Health System, Series 2005A, 5.250%, 7/01/35 2,000 California Statewide Community Development Authority, Revenue 7/18 at 100.00 AA- 1,933,920 Bonds, St. Joseph Health System, Series 2007C, 5.750%, 7/01/47 - FGIC Insured Daly City Housing Development Finance Agency, California, Mobile Home Park Revenue Bonds, Franciscan Mobile Home Park Refunding, Series 2007A: 3,500 5.000%, 12/15/37 12/17 at 100.00 A- 2,445,415 1,990 6.500%, 12/15/47 12/17 at 100.00 N/R 1,418,412 Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2007A-1: 3,000 5.750%, 6/01/47 6/17 at 100.00 BBB 1,727,400 2,500 5.125%, 6/01/47 6/17 at 100.00 BBB 1,289,275 3,190 Golden State Tobacco Securitization Corporation, California, 6/15 at 100.00 A 450,556 Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, Trust 2213, 12.201%, 6/01/45 - AMBAC Insured (IF) 3,665 Golden State Tobacco Securitization Corporation, California, 6/15 at 100.00 A- 970,785 Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, Trust 2448, 12.214%, 6/01/38 - FGIC Insured (IF)
74 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ CALIFORNIA (continued) $ 5,335 Golden State Tobacco Securitization Corporation, California, 6/15 at 100.00 A- $ 4,354,427 Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/38 - FGIC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 34,090 Total California 21,680,115 - ------------------------------------------------------------------------------------------------------------------------------------ COLORADO - 9.5% (7.9% OF TOTAL INVESTMENTS) 2,000 Arista Metropolitan District, Colorado, Special Revenue 12/15 at 100.00 N/R 1,667,600 Bonds, Series 2008, 9.250%, 12/01/37 500 Colorado Educational and Cultural Facilities Authority, 12/16 at 100.00 N/R 316,940 Charter School Revenue Bonds, Carbon Valley Academy, Series 2006, 5.625%, 12/01/36 1,530 Colorado Educational and Cultural Facilities Authority, 5/17 at 100.00 BB+ 990,017 Charter School Revenue Bonds, Windsor Academy, Series 2007A, 5.700%, 5/01/37 2,000 Colorado Educational and Cultural Facilities Authority, 6/18 at 102.00 N/R 1,461,880 Revenue Bonds, Pikes Peak School of Expeditionary Learning Charter School, Series 2008, 6.625%, 6/01/38 1,480 Colorado Health Facilities Authority, Colorado, Revenue 9/16 at 100.00 AA 1,387,692 Bonds, Catholic Health Initiatives, Series 2006A, 5.000%, 9/01/41 (4) 5,045 Colorado Housing and Finance Authority, Revenue Bonds, 4/17 at 100.00 N/R 3,328,489 Confluence Energy LLC Project, Series 2007, 6.750%, 4/01/27 (Alternative Minimum Tax) 1,000 Colorado State Higher Education Capital Construction Lease 11/18 at 100.00 AA- 1,047,470 Purchase Financing Program Certificates of Participation, Series 2008, 5.500%, 11/01/27 (4) 1,000 Public Authority for Colorado Energy, Natural Gas Revenue No Opt. Call A 838,240 Bonds, Colorado Springs Utilities, Series 2008, 6.500%, 11/15/38 3,000 University of Colorado Hospital Authority, Revenue Bonds, 5/16 at 100.00 A3 2,311,020 Series 2006A, 5.250%, 11/15/39 - ------------------------------------------------------------------------------------------------------------------------------------ 17,555 Total Colorado 13,349,348 - ------------------------------------------------------------------------------------------------------------------------------------ FLORIDA - 17.3% (14.4% OF TOTAL INVESTMENTS) 1,480 Beeline Community Development District, Palm Beach County, 5/18 at 100.00 N/R 1,085,610 Florida, Special Assessment Bonds, Series 2008A, 7.000%, 5/01/37 1,000 Colonial Country Club Community Development District, 5/13 at 101.00 A+ 987,930 Florida, Capital Improvement Revenue Bonds, Series 2003, 6.400%, 5/01/33 2,000 Escambia County, Florida, Environmental Improvement Revenue 8/11 at 100.00 BBB 1,340,200 Bonds, International Paper Company Projects, Series 2006B, 5.000%, 8/01/26 (Alternative Minimum Tax) 1,320 Fishhawk Community Development District II, Florida, Special 5/14 at 100.00 N/R 1,014,090 Assessment Revenue Bonds, Series 2004A, 6.125%, 5/01/34 2,000 Habitat Community Development District, Florida, Capital No Opt. Call N/R 1,359,800 Improvement Revenue Bonds, Series 2004, 5.850%, 5/01/35 2,915 Old Palm Community Development District, Florida, Special 5/15 at 101.00 N/R 1,669,537 Assessment Bonds, Palm Beach Gardens, Series 2004A, 5.900%, 5/01/35 1,500 Palm Glades Community Development District, Florida, Special 5/18 at 100.00 N/R 1,059,825 Assessment Bond, Series 2008A, 7.125%, 5/01/39 980 Pine Island Community Development District, Florida, Special 5/12 at 101.00 N/R 584,335 Assessment Bonds, Bella Collina, Series 2004, 5.750%, 5/01/35 1,000 Poinciana West Community Development District, Florida, 5/17 at 100.00 N/R 717,840 Special Assessment Bonds, Series 2007, 6.000%, 5/01/37 970 Reunion West Community Development District, Florida, Special 5/12 at 101.00 N/R 474,854 Assessment Bonds, Series 2004, 6.250%, 5/01/36 5,355 South Miami Health Facilities Authority, Florida, Revenue 8/17 at 100.00 AA- 4,128,223 Bonds, Baptist Health Systems of South Florida, Trust 1030, 9.458%, 8/15/37 (IF)
Nuveen Investments 75 NMD | Nuveen Municipal High Income Opportunity Fund 2 (continued) | Portfolio of INVESTMENTS April 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ FLORIDA (continued) $ 6,000 Split Pine Community Development District, Florida, Special 5/17 at 100.00 N/R $ 3,294,000 Assessment Bonds, Series 2007A, 5.250%, 5/01/39 4,940 Stoneybrook Venice Community Development District, Florida, 5/18 at 100.00 N/R 3,360,731 Capital Improvement Revenue Bonds, Series 2007, 6.750%, 5/01/38 3,455 Tolomato Community Development District, Florida, Special 5/14 at 101.00 N/R 1,956,014 Assessment Bonds, Series 2006, 5.400%, 5/01/37 2,000 Westchester Community Development District 1, Florida, 5/13 at 101.00 N/R 1,302,060 Special Assessment Bonds, Series 2003, 6.125%, 5/01/35 - ------------------------------------------------------------------------------------------------------------------------------------ 36,915 Total Florida 24,335,049 - ------------------------------------------------------------------------------------------------------------------------------------ GEORGIA - 0.4% (0.3% OF TOTAL INVESTMENTS) 1,000 Fulton County Residential Care Facilities Authority, Georgia, 7/17 at 100.00 N/R 544,060 Revenue Bonds, Elderly Care, Lenbrook Square Project, Series 2006A, 5.125%, 7/01/42 - ------------------------------------------------------------------------------------------------------------------------------------ ILLINOIS - 7.2% (5.9% OF TOTAL INVESTMENTS) 1,100 Hillside, Cook County, Illinois, Senior Lien Tax Increment 1/18 at 102.00 N/R 807,477 Revenue Bonds, Mannheim Redevelopment Project, Series 2008, 7.000%, 1/01/28 5,620 Illinois Finance Authority, Charter School Revenue Bonds, No Opt. Call BBB 3,511,713 Chicago Charter School Foundation, Series 2007, 5.000%, 12/01/36 1,500 Illinois Finance Authority, Revenue Bonds, Roosevelt 4/17 at 100.00 Baa1 1,259,100 University, Series 2007, 5.500%, 4/01/37 2,500 Lombard Public Facilities Corporation, Illinois, First Tier 1/16 at 100.00 BB- 1,419,500 Conference Center and Hotel Revenue Bonds, Series 2005A-2, 5.500%, 1/01/36 - ACA Insured Southwestern Illinois Development Authority, Illinois, Saint Clair County Comprehensive Mental Health Center, Series 2007: 1,295 6.200%, 6/01/17 No Opt. Call N/R 1,115,539 2,745 6.625%, 6/01/37 6/17 at 103.00 N/R 1,925,590 - ------------------------------------------------------------------------------------------------------------------------------------ 14,760 Total Illinois 10,038,919 - ------------------------------------------------------------------------------------------------------------------------------------ INDIANA - 3.1% (2.5% OF TOTAL INVESTMENTS) 3,000 Hospital Authority of Delaware County, Indiana, Hospital 8/16 at 100.00 Baa3 1,985,490 Revenue Bonds, Cardinal Health System, Series 2006, 5.125%, 8/01/29 1,600 Indiana Bond Bank, Special Program Gas Revenue Bonds, JP No Opt. Call Aa3 1,070,304 Morgan Ventures Energy Corporation Guaranteed, Series 2007A, 14.378%, 10/15/20 (IF) Vigo County, Indiana, Hospital Authority, Union Hospital, Revenue Bonds, Series 2007: 250 5.700%, 9/01/37 9/17 at 100.00 N/R 165,773 1,625 5.800%, 9/01/47 9/17 at 100.00 N/R 1,054,333 - ------------------------------------------------------------------------------------------------------------------------------------ 6,475 Total Indiana 4,275,900 - ------------------------------------------------------------------------------------------------------------------------------------ LOUISIANA - 5.8% (4.8% OF TOTAL INVESTMENTS) 5,000 Louisiana Local Government Environmental Facilities & 11/17 at 100.00 BB+ 3,505,250 Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Project, Series 2007, 6.750%, 11/01/32 500 Louisiana Local Government Environmental Facilities and No Opt. Call A 453,425 Community Development Authority, Revenue Bonds, Capital Projects and Equipment Acquisition Program, Series 2000A, 6.300%, 7/01/30 - AMBAC Insured 5,000 Louisiana Local Government Environmental Facilities and 12/17 at 100.00 N/R 3,480,600 Community Development Authority, Revenue Bonds, Southgate Suites Hotel LLC Project, Series 2007A, 6.750%, 12/15/37 1,000 Tobacco Settlement Financing Corporation, Louisiana, Tobacco 5/11 at 101.00 BBB 703,550 Settlement Asset-Backed Bonds, Series 2001B, 5.875%, 5/15/39 - ------------------------------------------------------------------------------------------------------------------------------------ 11,500 Total Louisiana 8,142,825 - ------------------------------------------------------------------------------------------------------------------------------------
76 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ MASSACHUSETTS - 0.5% (0.4% OF TOTAL INVESTMENTS) $ 90 Boston Industrial Development Financing Authority, 9/12 at 102.00 B3 $ 59,189 Massachusetts, Senior Revenue Bonds, Crosstown Center Project, Series 2002, 6.500%, 9/01/35 (Alternative Minimum Tax) 1,000 Massachusetts Health and Educational Facilities Authority 1/18 at 100.00 N/R 667,400 Revenue Bonds, Quincy Medical Center Issue, Series A (2008), 6.500%, 1/15/38 - ------------------------------------------------------------------------------------------------------------------------------------ 1,090 Total Massachusetts 726,589 - ------------------------------------------------------------------------------------------------------------------------------------ MICHIGAN - 1.3% (1.1% OF TOTAL INVESTMENTS) 1,000 Garden City Hospital Finance Authority, Michigan, Revenue 8/17 at 100.00 N/R 616,130 Bonds, Garden City Hospital Obligated Group, Series 2007A, 4.875%, 8/15/27 1,750 Michigan Public Educational Facilities Authority, Charter 12/17 at 100.00 N/R 1,236,743 School Revenue Bonds, American Montessori Academy, Series 2007, 6.500%, 12/01/37 20 Michigan State Hospital Finance Authority, Hospital Revenue 8/09 at 100.00 BB 13,043 Bonds, Detroit Medical Center Obligated Group, Series 1998A, 5.250%, 8/15/23 - ------------------------------------------------------------------------------------------------------------------------------------ 2,770 Total Michigan 1,865,916 - ------------------------------------------------------------------------------------------------------------------------------------ MINNESOTA - 2.1% (1.7% OF TOTAL INVESTMENTS) 4,000 St. Paul Housing and Redevelopment Authority, Minnesota, 11/15 at 100.00 BB+ 2,934,480 Revenue Bonds, Healtheast Inc., Series 2005, 6.000%, 11/15/35 - ------------------------------------------------------------------------------------------------------------------------------------ MISSOURI - 1.6% (1.4% OF TOTAL INVESTMENTS) 1,000 Missouri Development Finance Board. Infrastructure Facilities 4/14 at 100.00 A+ 1,001,190 Revenue Bonds, City of Independence, Missouri - Events Center Project, Series 2009F, 6.250%, 4/01/38 40 Saint Louis Industrial Development Authority, Missouri, Saint 12/10 at 102.00 Ca 8,979 Louis Convention Center Headquarters Hotel Project, Series 2000A, 7.000%, 12/15/15 (Alternative Minimum Tax) (5) 1,972 Saint Louis, Missouri, Tax Increment Financing Revenue Bonds, 9/09 at 100.00 N/R 1,280,183 Fashion Square Redevelopment Project, Series 2008A, 6.300%, 8/22/26 - ------------------------------------------------------------------------------------------------------------------------------------ 3,012 Total Missouri 2,290,352 - ------------------------------------------------------------------------------------------------------------------------------------ MONTANA - 0.4% (0.3% OF TOTAL INVESTMENTS) 715 Montana Board of Investments, Resource Recovery Revenue No Opt. Call N/R 541,791 Bonds, Yellowstone Energy LP, Series 1993, 7.000%, 12/31/19 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ NEVADA - 1.6% (1.4% OF TOTAL INVESTMENTS) 55 Clark County, Nevada, Industrial Development Revenue Bonds, 7/09 at 100.00 BB+ 42,378 Nevada Power Company, Series 1995A, 5.600%, 10/01/30 (Alternative Minimum Tax) Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas Monorail Project, First Tier, Series 2000: 1,200 5.625%, 1/01/32 - AMBAC Insured 1/10 at 102.00 A 361,044 1,200 5.375%, 1/01/40 - AMBAC Insured 1/10 at 100.00 A 361,008 Sparks Tourism Improvement District 1, Legends at Sparks Marina, Nevada, Senior Sales Tax Revenue Bonds Series 2008A: 1,000 6.500%, 6/15/20 6/18 at 100.00 Ba2 801,500 1,000 6.750%, 6/15/28 6/18 at 100.00 Ba2 723,800 - ------------------------------------------------------------------------------------------------------------------------------------ 4,455 Total Nevada 2,289,730 - ------------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 77 NMD | Nuveen Municipal High Income Opportunity Fund 2 (continued) | Portfolio of INVESTMENTS April 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ NEW JERSEY - 4.9% (4.0% OF TOTAL INVESTMENTS) New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 1999: $ 3,000 6.250%, 9/15/19 (Alternative Minimum Tax) 9/09 at 101.00 B $ 2,201,430 55 6.400%, 9/15/23 (Alternative Minimum Tax) 9/09 at 101.00 B 38,370 240 6.250%, 9/15/29 (Alternative Minimum Tax) 9/09 at 101.00 B 154,541 25 New Jersey Economic Development Authority, Special Facilities 11/10 at 101.00 B 17,544 Revenue Bonds, Continental Airlines Inc., Series 2000, 7.000%, 11/15/30 (Alternative Minimum Tax) 4,700 New Jersey Health Care Facilities Financing Authority, New 7/18 at 100.00 Baa2 3,690,816 Jersey, Revenue Bonds, Saint Peters University Hospital, Series 2007, 5.750%, 7/01/37 700 New Jersey Turnpike Authority, Revenue Bonds, Series 2009E, 1/19 at 100.00 A+ 706,286 5.250%, 1/01/40 - ------------------------------------------------------------------------------------------------------------------------------------ 8,720 Total New Jersey 6,808,987 - ------------------------------------------------------------------------------------------------------------------------------------ NEW MEXICO - 0.2% (0.2% OF TOTAL INVESTMENTS) 500 Montecito Estates Public Improvement District, New Mexico, 10/17 at 100.00 N/R 331,785 Special Levee Revenue Bonds, Series 2007, 7.000%, 10/01/37 - ------------------------------------------------------------------------------------------------------------------------------------ NEW YORK - 1.1% (0.9% OF TOTAL INVESTMENTS) 1,000 New York City Industrial Development Agency, New York, 8/16 at 101.00 B- 766,740 American Airlines-JFK International Airport Special Facility Revenue Bonds, Series 2005, 7.625%, 8/01/25 (Mandatory put 8/01/16) (Alternative Minimum Tax) 1,030 New York City Industrial Development Agency, New York, Civic 7/16 at 101.00 N/R 795,160 Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2008A-1, 5.800%, 7/01/23 - ------------------------------------------------------------------------------------------------------------------------------------ 2,030 Total New York 1,561,900 - ------------------------------------------------------------------------------------------------------------------------------------ NORTH CAROLINA - 4.0% (3.3% OF TOTAL INVESTMENTS) 1,685 Albemarle Hospital Authority, North Carolina, Health Care 10/17 at 100.00 N/R 1,208,314 Facilities Revenue Bonds, Series 2007, 5.250%, 10/01/38 1,910 Charlotte-Mecklenberg Hospital Authority, North Carolina, 1/18 at 100.00 AA- 1,719,802 Carolinas HealthCare System Revenue Bonds, Series 2008, Trust 1149-3, 9.016%, 1/15/47 (IF) North Carolina Capital Facilities Financing Agency, Educational Facilities Revenue Bond, Meredith College, Series 2008A: 1,740 6.000%, 6/01/31 6/18 at 100.00 BBB 1,714,787 1,000 6.125%, 6/01/35 6/18 at 100.00 BBB 981,430 - ------------------------------------------------------------------------------------------------------------------------------------ 6,335 Total North Carolina 5,624,333 - ------------------------------------------------------------------------------------------------------------------------------------ OHIO - 3.8% (3.1% OF TOTAL INVESTMENTS) 6,845 Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco 6/17 at 100.00 BBB 3,845,316 Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2, 5.875%, 6/01/47 2,000 Western Reserve Port Authority, Ohio, Solid Waste Facility 7/17 at 102.00 N/R 1,440,200 Revenue Bonds, Central Waste Inc., Series 2007A, 6.350%, 7/01/27 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ 8,845 Total Ohio 5,285,516 - ------------------------------------------------------------------------------------------------------------------------------------
78 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ OKLAHOMA - 1.2% (1.0% OF TOTAL INVESTMENTS) $ 1,190 Oklahoma Development Finance Authority, Revenue Bonds, Saint 2/17 at 100.00 A $ 861,858 John Health System, Series 2007, Trust 1037, 8.246%, 2/15/42 (IF) 45 Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds, 6/09 at 100.00 B- 32,115 American Airlines Inc., Series 1995, 6.250%, 6/01/20 1,000 Tulsa Municipal Airport Trust, Oklahoma, Revenue Refunding No Opt. Call Caa2 847,460 Bonds, American Airlines Inc., Series 2004A, 7.750%, 6/01/35 (Mandatory put 12/01/14) - ------------------------------------------------------------------------------------------------------------------------------------ 2,235 Total Oklahoma 1,741,433 - ------------------------------------------------------------------------------------------------------------------------------------ PENNSYLVANIA - 1.3% (1.1% OF TOTAL INVESTMENTS) 1,010 Chester County Industrial Development Authority, 12/17 at 100.00 BB+ 721,059 Pennsylvania, Avon Grove Charter School Revenue Bonds, Series 2007A, 6.375%, 12/15/37 1,450 Lancaster County Hospital Authority, Pennsylvania, Revenue 7/17 at 100.00 N/R 1,155,607 Bonds, Brethren Village Project, Series 2008A, 6.500%, 7/01/40 - ------------------------------------------------------------------------------------------------------------------------------------ 2,460 Total Pennsylvania 1,876,666 - ------------------------------------------------------------------------------------------------------------------------------------ PUERTO RICO - 0.0% (0.0% OF TOTAL INVESTMENTS) 20 Puerto Rico Ports Authority, Special Facilities Revenue 6/09 at 100.00 CCC+ 8,039 Bonds, American Airlines Inc., Series 1996A, 6.250%, 6/01/26 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ RHODE ISLAND - 0.3% (0.2% OF TOTAL INVESTMENTS) 500 Rhode Island Tobacco Settlement Financing Corporation, 6/12 at 100.00 BBB 369,225 Tobacco Settlement Asset-Backed Bonds, Series 2002A, 6.250%, 6/01/42 - ------------------------------------------------------------------------------------------------------------------------------------ SOUTH CAROLINA - 3.1% (2.5% OF TOTAL INVESTMENTS) 1,600 Georgetown County, South Carolina, Environmental Improvement 8/11 at 100.00 BBB 1,000,816 Revenue Bonds, International Paper Company, Series 2006A, 5.000%, 8/01/30 (Alternative Minimum Tax) 3,477 Lancaster County, South Carolina, Special Assessment Bonds, No Opt. Call N/R 3,289,937 Edgewater II Improvement District, Series 2007B, 7.700%, 11/01/17 - ------------------------------------------------------------------------------------------------------------------------------------ 5,077 Total South Carolina 4,290,753 - ------------------------------------------------------------------------------------------------------------------------------------ TENNESSEE - 1.8% (1.5% OF TOTAL INVESTMENTS) Sumner County Health, Educational, and Housing Facilities Board, Tennessee, Revenue Refunding Bonds, Sumner Regional Health System Inc., Series 2007: 2,000 5.500%, 11/01/37 11/17 at 100.00 N/R 1,015,820 3,000 5.500%, 11/01/46 11/17 at 100.00 N/R 1,479,030 - ------------------------------------------------------------------------------------------------------------------------------------ 5,000 Total Tennessee 2,494,850 - ------------------------------------------------------------------------------------------------------------------------------------ TEXAS - 13.3% (11.0% OF TOTAL INVESTMENTS) 440 Brazos River Authority, Texas, Pollution Control Revenue No Opt. Call CCC 259,992 Refunding Bonds, TXU Electric Company, Series 2001C, 5.750%, 5/01/36 (Mandatory put 11/01/11) (Alternative Minimum Tax) 2,100 Clifton Higher Education Finance Corporation, Texas, No Opt. Call BBB- 2,076,669 Education Revenue Bonds, Tejano Center for Community Concerns, Inc.-Raul Yzaguirre School for Success, Refunding Series 2009A, 8.750%, 2/15/28 3,000 Danbury Higher Education Authority Inc., Texas, Golden Rule 2/18 at 100.00 BB+ 2,174,130 Charter School Revenue Bonds, Series 2008A, 6.500%, 8/15/38
Nuveen Investments 79 NMD | Nuveen Municipal High Income Opportunity Fund 2 (continued) | Portfolio of INVESTMENTS April 30, 2009 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TEXAS (continued) $ 1,000 Hidalgo Willacy Housing Finance Corporation, Texas, 1/14 at 102.00 N/R $ 758,480 Multifamily Housing Revenue Bonds, Heritage Square Apartments Project, Series 2003A, 7.000%, 1/01/39 1,330 La Vernia Higher Education Financing Corporation, Texas, 2/16 at 100.00 N/R 940,948 Education Revenue Bonds, Amigos Por Vida Friends For Life Public Charter School, Series 2008, 6.375%, 2/15/37 1,335 North Texas Thruway Authority, Second Tier System Revenue 1/18 at 100.00 A3 1,261,615 Refunding Bonds, Series 2008, 5.750%, 1/01/38 110 Sabine River Authority, Texas, Pollution Control Revenue No Opt. Call CCC 64,998 Bonds, TXU Energy Company LLC Project, Series 2001B, 5.750%, 5/01/30 (Mandatory put 11/01/11) (Alternative Minimum Tax) 385 Sabine River Authority, Texas, Pollution Control Revenue No Opt. Call CCC 223,639 Refunding Bonds, TXU Electric Company, Series 2001A, 5.500%, 5/01/22 (Mandatory put 11/01/11) 3,000 Sabine River Authority, Texas, Pollution Control Revenue 8/13 at 101.00 CCC 1,207,680 Refunding Bonds, TXU Energy Company LLC Project, Series 2003B, 6.150%, 8/01/22 5,290 Tarrant County Cultural and Educational Facilities Finance 2/17 at 100.00 AA- 4,566,222 Corporation, Texas, Revenue Bonds, Texas Health Resources Project, Trust 1031, 9.642%, 2/15/36 (IF) 1,000 Texas Public Finance Authority, Charter School Revenue Bonds, 12/14 at 100.00 BB 776,340 School of Excellence Charter School, Series 2004A, 7.000%, 12/01/34 5,000 Texas Turnpike Authority, First Tier Revenue Bonds, Central 8/12 at 100.00 A 4,426,050 Texas Turnpike System, Series 2002A, 5.000%, 8/15/42 - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ 23,990 Total Texas 18,736,763 - ------------------------------------------------------------------------------------------------------------------------------------ UTAH - 3.7% (3.1% OF TOTAL INVESTMENTS) Utah State Charter School Finance Authority, Noah Webster Academy Revenue Bonds, Series: 500 6.250%, 6/15/28 6/17 at 100.00 N/R 377,180 1,430 6.500%, 6/15/38 6/17 at 100.00 N/R 1,037,937 5,500 Utah State Charter School Finance Authority, Revenue Bonds, 12/17 at 100.00 BBB- 3,817,385 Summit Academy Project, Series 2007A, 5.800%, 6/15/38 - ------------------------------------------------------------------------------------------------------------------------------------ 7,430 Total Utah 5,232,502 - ------------------------------------------------------------------------------------------------------------------------------------ WASHINGTON - 5.2% (4.3% OF TOTAL INVESTMENTS) 4,000 Kalispel Indian Tribe, Washington, Priority Distribution No Opt. Call N/R 2,862,400 Bonds, Series 2008, 6.750%, 1/01/38 7,000 Washington State Health Care Facilities Authority, Revenue No Opt. Call N/R 4,446,610 Bonds, Northwest Hospital and Medical Center of Seattle, Series 2007, 5.700%, 12/01/32 - ------------------------------------------------------------------------------------------------------------------------------------ 11,000 Total Washington 7,309,010 - ------------------------------------------------------------------------------------------------------------------------------------ WEST VIRGINIA - 0.4% (0.3% OF TOTAL INVESTMENTS) 740 Ohio County Commission, West Virginia, Special District 3/16 at 100.00 N/R 487,209 Excise Tax Revenue Bonds, Fort Henry Economic Development, Series 2006B, 5.625%, 3/01/36 - ------------------------------------------------------------------------------------------------------------------------------------ WISCONSIN - 0.0% (0.0% OF TOTAL INVESTMENTS) 500 Wisconsin Health and Educational Facilities Authority, 8/16 at 100.00 BBB+ -- Revenue Bonds, Wheaton Franciscan Health, Trust 2113, 13.299%, 8/15/34 (IF) (6) 3,250 Wisconsin Health and Educational Facilities Authority, 8/16 at 100.00 BBB+ -- Revenue Bonds, Wheaton Franciscan Healthcare System, Series 2006, Trust 2187, 13.299%, 8/15/34 (IF) (6) - ------------------------------------------------------------------------------------------------------------------------------------ 3,750 Total Wisconsin -- - ------------------------------------------------------------------------------------------------------------------------------------
80 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE - ------------------------------------------------------------------------------------------------------------------------------------ WYOMING - 1.6% (1.3% OF TOTAL INVESTMENTS) $ 3,000 Sweetwater County, Wyoming, Solid Waste Disposal 12/15 at 100.00 BBB $ 2,239,527 Revenue Bonds, FMC Corporation, Series 2005, 5.600%, 12/01/35 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ $ 247,584 Total Investments (cost $228,529,500) - 120.9% 169,779,661 ==============---------------------------------------------------------------------------------------------------------------------- Borrowings - (24.9)% (7) (35,000,000) ------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 4.0% 5,624,176 ------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 140,403,837 ===================================================================================================================
INVESTMENTS IN DERIVATIVES FORWARD SWAPS OUTSTANDING AT APRIL 30, 2009:
FUND FIXED RATE UNREALIZED NOTIONAL PAY/RECEIVE FLOATING RATE FIXED RATE PAYMENT EFFECTIVE TERMINATION APPRECIATION COUNTERPARTY AMOUNT FLOATING RATE INDEX (ANNUALIZED) FREQUENCY DATE (8) DATE (DEPRECIATION) - ------------------------------------------------------------------------------------------------------------------------------------ JPMorgan $ 6,000,000 Receive 3-Month USD-LIBOR 3.413% Semi-Annually 4/09/10 4/09/39 $ 361,544 Royal Bank of Canada 3,000,000 Receive 3-Month USD-LIBOR 3.327 Semi-Annually 4/23/10 4/23/39 228,693 - ------------------------------------------------------------------------------------------------------------------------------------ $ 590,237 ====================================================================================================================================
(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 Group ("Standard & Poor's") or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by Standard & Poor's or Baa by Moody's are considered to be below investment grade. The Portfolio of Investments may reflect the ratings on certain bonds whose insurer has experienced downgrades as of the end of the reporting period. Please see the Portfolio Managers' Commentary for an expanded discussion of the affect on the Fund of changes to the ratings of certain bonds in the portfolio resulting from changes to the ratings of the underlying insurers both during the period and after period end. (4) Portion of investment has been pledged as collateral for Recourse Trusts. (5) The Fund's Adviser has concluded this issue is not likely to meet its future interest payment obligations and has directed the Fund's custodian to cease accruing additional income on the Fund's records. (6) Zero value on investments represents unrealized depreciation related to Recourse Trusts. See Statement of Assets and Liabilities for more information. (7) Borrowings as a percentage of Total Investments is 20.6%. (8) 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. (IF) Inverse floating rate investment. USD-LIBOR United States Dollar-London Inter-Bank Offered Rate See accompanying notes to financial statements. Nuveen Investments 81 | Statement of ASSETS & LIABILITIES April 30, 2009 (Unaudited)
INVESTMENT SELECT QUALITY PREMIER HIGH INCOME HIGH INCOME QUALITY QUALITY INCOME INCOME OPPORTUNITY OPPORTUNITY 2 (NQM) (NQS) (NQU) (NPF) (NMZ) (NMD) - --------------------------------------------------------------------------------------------------------------------------------- ASSETS Investments, at value (cost $785,068,402, $741,942,238, $1,179,693,451, $424,553,674, $390,003,528 and $228,529,500, respectively) $ 762,538,405 $ 705,617,812 $1,165,267,239 $ 420,159,010 $ 312,644,854 $ 169,779,661 Cash 3,539,063 -- 1,116,139 1,900,196 3,449,703 1,634,156 Unrealized appreciation on forward swaps Receivables: -- -- -- -- 529,980 590,237 Interest 12,363,556 11,960,065 19,500,515 6,938,701 8,489,390 5,805,910 Investments sold -- 310,000 1,630,000 -- 712,098 185,000 Shares sold -- -- -- -- 44,117 -- Other assets 150,663 130,463 224,747 96,823 140,634 83,650 - --------------------------------------------------------------------------------------------------------------------------------- Total assets 778,591,687 718,018,340 1,187,738,640 429,094,730 326,010,776 178,078,614 - --------------------------------------------------------------------------------------------------------------------------------- LIABILITIES Borrowings -- -- -- -- -- 35,000,000 Cash overdraft -- 5,050 -- -- -- -- Floating rate obligations 85,527,000 19,230,000 53,875,000 42,995,000 10,300,000 -- Unrealized depreciation on Recourse Trusts Payables: -- 715,950 -- -- -- 970,350 Investments purchased 2,782,852 -- -- -- 2,018,724 368,878 Common share dividends 1,956,585 2,020,631 3,156,618 1,032,237 1,925,551 1,143,078 Preferred share dividends 14,859 17,524 29,120 11,768 8,949 N/A Accrued expenses: Interest on borrowings -- -- -- -- -- 27,398 Management fees 357,936 357,713 576,192 199,507 124,488 103,925 Shelf offering costs -- -- -- -- 65,000 -- Other 90,352 232,504 383,382 136,972 124,250 61,148 - --------------------------------------------------------------------------------------------------------------------------------- Total liabilities 90,729,584 22,579,372 58,020,312 44,375,484 14,566,962 37,674,777 - --------------------------------------------------------------------------------------------------------------------------------- Preferred shares, at liquidation value 210,700,000 257,925,000 403,600,000 126,850,000 95,000,000 N/A - --------------------------------------------------------------------------------------------------------------------------------- Net assets applicable to Common shares $ 477,162,103 $ 437,513,968 $ 726,118,328 $ 257,869,246 $ 216,443,814 $ 140,403,837 ================================================================================================================================= Common shares outstanding 35,820,767 34,015,420 54,219,374 19,888,518 23,978,679 15,947,599 ================================================================================================================================= Net asset value per Common share outstanding (net assets applicable to Common shares,divided by Common shares outstanding) $ 13.32 $ 12.86 $ 13.39 $ 12.97 $ 9.03 $ 8.80 ================================================================================================================================= NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF: - --------------------------------------------------------------------------------------------------------------------------------- Common shares, $.01 par value per share $ 358,208 $ 340,154 $ 542,194 $ 198,885 $ 239,787 $ 159,476 Paid-in surplus 499,415,789 473,825,351 755,307,413 276,434,662 339,762,429 227,207,197 Undistributed (Over-distribution of) net investment income 1,866,814 2,510,633 4,831,431 844,912 1,056,015 1,277,863 Accumulated net realized gain (loss) from investments and derivative transactions (1,948,711) (2,121,794) (20,136,498) (15,214,549) (47,785,723) (29,110,747) Net unrealized appreciation (depreciation) of investments and derivative transactions (22,529,997) (37,040,376) (14,426,212) (4,394,664) (76,828,694) (59,129,952) - --------------------------------------------------------------------------------------------------------------------------------- Net assets applicable to Common shares $ 477,162,103 $ 437,513,968 $ 726,118,328 $ 257,869,246 $ 216,443,814 $ 140,403,837 ================================================================================================================================= Authorized shares: Common 200,000,000 200,000,000 200,000,000 200,000,000 Unlimited Unlimited Preferred 1,000,000 1,000,000 1,000,000 1,000,000 Unlimited Unlimited =================================================================================================================================
N/A - High Income Opportunity 2 (NMD) did not issue Preferred shares during the period November 15, 2007 (commencement of operations) through April 30, 2009. See accompanying notes to financial statements. 82 Nuveen Investments | Statement of OPERATIONS Six Months Ended April 30, 2009 (Unaudited)
INVESTMENT SELECT QUALITY PREMIER HIGH INCOME HIGH INCOME QUALITY QUALITY INCOME INCOME OPPORTUNITY OPPORTUNITY 2 (NQM) (NQS) (NQU) (NPF) (NMZ) (NMD) - --------------------------------------------------------------------------------------------------------------------------------- INVESTMENT INCOME $ 21,044,768 $ 21,395,751 $ 32,792,735 $ 11,227,882 $ 14,233,526 $ 8,290,962 - --------------------------------------------------------------------------------------------------------------------------------- EXPENSES Management fees 2,121,486 2,125,649 3,431,446 1,172,843 1,166,315 636,492 Preferred shares - auction fees 283,290 331,116 515,422 157,260 139,751 N/A Preferred shares - dividend disbursing agent fees 24,795 24,795 29,753 14,877 14,863 N/A Shareholders' servicing agent fees and expenses 24,920 22,117 36,546 13,481 1,246 189 Interest expense 402,378 68,741 244,313 247,882 48,542 202,964 Custodian's fees and expenses 59,062 60,061 122,163 34,290 50,498 28,048 Directors'/Trustees' fees and expenses 13,504 13,623 22,246 7,339 6,386 3,271 Professional fees 34,642 33,609 51,231 21,267 278,106 39,832 Shareholders' reports - printing and mailing expenses 81,210 81,551 127,214 50,092 53,912 20,200 Stock exchange listing fees 6,128 5,829 9,221 4,568 1,636 9,713 Investor relations expense 14,900 15,325 24,148 8,203 8,078 -- Shelf offering expenses -- -- -- -- 190,495 -- Other expenses 24,445 23,843 31,230 18,653 13,338 5,605 - --------------------------------------------------------------------------------------------------------------------------------- Total expenses before custodian fee credit and expense reimbursement 3,090,760 2,806,259 4,644,933 1,750,755 1,973,166 946,314 Custodian fee credit (25,692) (28,536) (21,366) (14,029) (1,135) (44) Expense reimbursement -- -- -- -- (402,868) -- - --------------------------------------------------------------------------------------------------------------------------------- Net expenses 3,065,068 2,777,723 4,623,567 1,736,726 1,569,163 946,270 - --------------------------------------------------------------------------------------------------------------------------------- Net investment income 17,979,700 18,618,028 28,169,168 9,491,156 12,664,363 7,344,692 - --------------------------------------------------------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) Net realized gain (loss) from: Investments (2,095,466) (644,769) (10,436,688) (7,360,519) (28,947,905) (22,239,402) Forward swaps -- -- -- (4,125,000) -- -- Futures -- -- -- -- (4,745,444) (1,836,946) Change in net unrealized appreciation (depreciation) of: Investments 40,883,496 26,124,570 43,761,882 31,238,396 20,788,682 19,093,388 Forward swaps -- -- -- 3,882,335 529,980 590,237 Futures -- -- -- -- (1,213,249) (469,645) - --------------------------------------------------------------------------------------------------------------------------------- Net realized and unrealized gain (loss) 38,788,030 25,479,801 33,325,194 23,635,212 (13,587,936) (4,862,368) - --------------------------------------------------------------------------------------------------------------------------------- DISTRIBUTIONS TO PREFERRED SHAREHOLDERS From net investment income (995,968) (1,451,136) (2,256,848) (684,093) (703,566) N/A From accumulated net realized gains (401,006) -- -- -- -- N/A - --------------------------------------------------------------------------------------------------------------------------------- Decrease in net assets applicable to Common shares from distributions to Preferred shareholders (1,396,974) (1,451,136) (2,256,848) (684,093) (703,566) N/A - --------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets applicable to Common shares from operations $ 55,370,756 $ 42,646,693 $ 59,237,514 $ 32,442,275 $ (1,627,139) $ 2,482,324 =================================================================================================================================
N/A - High Income Opportunity 2 (NMD) did not issue Preferred shares during the period November 15, 2007 (commencement of operations) through April 30, 2009. See accompanying notes to financial statements. Nuveen Investments 83 | Statement of CHANGES in NET ASSETS (Unaudited)
INVESTMENT QUALITY (NQM) SELECT QUALITY (NQS) -------------------------------- --------------------------------- SIX MONTHS YEAR SIX MONTHS YEAR ENDED ENDED ENDED ENDED 4/30/09 10/31/08 4/30/09 10/31/08 - ------------------------------------------------------------------------------------------------------------------- OPERATIONS Net investment income $ 17,979,700 $ 36,319,392 $ 18,618,028 $ 36,616,331 Net realized gain (loss) from: Investments (2,095,466) 1,970,511 (644,769) (525,514) Forward swaps -- -- -- -- Futures -- -- -- -- Change in net unrealized appreciation (depreciation) of: Investments 40,883,496 (102,361,574) 26,124,570 (101,745,781) Forward swaps -- -- -- -- Futures -- -- -- -- Distributions to Preferred Shareholders: From net investment income (995,968) (10,309,882) (1,451,136) (10,295,198) From accumulated net realized gains (401,006) -- -- -- - ------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets applicable to Common shares from operations 55,370,756 (74,381,553) 42,646,693 (75,950,162) - ------------------------------------------------------------------------------------------------------------------- DISTRIBUTIONS TO COMMON SHAREHOLDERS From net investment income (13,508,019) (27,513,935) (13,674,200) (27,346,151) From accumulated net realized gains (1,071,041) -- -- -- - ------------------------------------------------------------------------------------------------------------------- Decrease in net assets applicable to Common shares from distributions to Common shareholders (14,579,060) (27,513,935) (13,674,200) (27,346,151) - ------------------------------------------------------------------------------------------------------------------- CAPITAL SHARE TRANSACTIONS Common shares: Proceeds from sale of shares, net of offering costs adjustments -- -- -- -- Proceeds from shelf offering, net of offering costs adjustments -- -- -- -- Net proceeds from shares issued to shareholders due to reinvestment of distributions -- -- -- 167,321 Repurchased -- -- -- -- - ------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets applicable to Common shares from capital share transactions -- -- -- 167,321 - ------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets applicable to Common shares 40,791,696 (101,895,488) 28,972,493 (103,128,992) Net assets applicable to Common shares at the beginning of period 436,370,407 538,265,895 408,541,475 511,670,467 - ------------------------------------------------------------------------------------------------------------------- Net assets applicable to Common shares at the end of period $ 477,162,103 $ 436,370,407 $ 437,513,968 $ 408,541,475 =================================================================================================================== Undistributed (Over-distribution of) net investment income at the end of period $ 1,866,814 $ (1,608,899) $ 2,510,633 $ (982,059) ===================================================================================================================
See accompanying notes to financial statements. 84 Nuveen Investments
QUALITY INCOME (NQU) PREMIER INCOME (NPF) -------------------------------- --------------------------------- SIX MONTHS YEAR SIX MONTHS YEAR ENDED ENDED ENDED ENDED 4/30/09 10/31/08 4/30/09 10/31/08 - ------------------------------------------------------------------------------------------------------------------- OPERATIONS Net investment income $ 28,169,168 $ 56,052,360 $ 9,491,156 $ 18,713,212 Net realized gain (loss) from: Investments (10,436,688) 2,043,801 (7,360,519) (3,335,364) Forward swaps -- -- (4,125,000) (247,000) Futures -- -- -- -- Change in net unrealized appreciation (depreciation) of: Investments 43,761,882 (124,593,451) 31,238,396 (53,822,222) Forward swaps -- -- 3,882,335 (4,012,094) Futures -- -- -- -- Distributions to Preferred Shareholders: From net investment income (2,256,848) (16,361,736) (684,093) (5,664,126) From accumulated net realized gains -- -- -- -- - ------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets applicable to Common shares from operations 59,237,514 (82,859,026) 32,442,275 (48,367,594) - ------------------------------------------------------------------------------------------------------------------- DISTRIBUTIONS TO COMMON SHAREHOLDERS From net investment income (20,711,804) (39,634,364) (6,924,819) (13,435,852) From accumulated net realized gains -- -- -- -- - ------------------------------------------------------------------------------------------------------------------- Decrease in net assets applicable to Common shares from distributions to Common shareholders (20,711,804) (39,634,364) (6,924,819) (13,435,852) - ------------------------------------------------------------------------------------------------------------------- CAPITAL SHARE TRANSACTIONS Common shares: Proceeds from sale of shares, net of offering costs adjustments -- -- -- -- Proceeds from shelf offering, net of offering costs adjustments -- -- -- -- Net proceeds from shares issued to shareholders due to reinvestment of distributions -- -- -- -- Repurchased -- -- (165,375) (57,215) - ------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets applicable to Common shares from capital share transactions -- -- (165,375) (57,215) - ------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets applicable to Common shares 38,525,710 (122,493,390) 25,352,081 (61,860,661) Net assets applicable to Common shares at the beginning of period 687,592,618 810,086,008 232,517,165 294,377,826 - ------------------------------------------------------------------------------------------------------------------- Net assets applicable to Common shares at the end of period $ 726,118,328 $ 687,592,618 $ 257,869,246 $ 232,517,165 =================================================================================================================== Undistributed (Over-distribution of) net investment income at the end of period $ 4,831,431 $ (369,085) $ 844,912 $ (1,037,332) ===================================================================================================================
See accompanying notes to financial statements. Nuveen Investments 85 | Statement of CHANGES in NET ASSETS (continued) (Unaudited)
HIGH INCOME HIGH INCOME OPPORTUNITY (NMZ) OPPORTUNITY 2 (NMD) -------------------------------- ------------------------------------ FOR THE PERIOD 11/15/07 SIX MONTHS YEAR SIX MONTHS (COMMENCEMENT ENDED ENDED ENDED OF OPERATIONS) 4/30/09 10/31/08 4/30/09 THROUGH 10/31/08 - ----------------------------------------------------------------------------------------------------------------------- OPERATIONS Net investment income $ 12,664,363 $ 30,750,774 $ 7,344,692 $ 14,031,123 Net realized gain (loss) from: Investments (28,947,905) (13,697,890) (22,239,402) (6,437,236) Forward swaps -- -- -- -- Futures (4,745,444) (704,149) (1,836,946) 1,400,745 Change in net unrealized appreciation (depreciation) of: Investments 20,788,682 (122,536,846) 19,093,388 (78,813,577) Forward swaps 529,980 -- 590,237 -- Futures (1,213,249) 1,213,249 (469,645) 469,645 Distributions to Preferred Shareholders: From net investment income (703,566) (5,489,754) N/A N/A From accumulated net realized gains -- (526,498) N/A N/A - ----------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets applicable to Common shares from operations (1,627,139) (110,991,114) 2,482,324 (69,349,300) - ----------------------------------------------------------------------------------------------------------------------- DISTRIBUTIONS TO COMMON SHAREHOLDERS From net investment income (12,910,561) (23,458,428) (7,636,192) (12,459,756) From accumulated net realized gains -- (2,146,329) -- -- - ----------------------------------------------------------------------------------------------------------------------- Decrease in net assets applicable to Common shares from distributions to Common shareholders (12,910,561) (25,604,757) (7,636,192) (12,459,756) - ----------------------------------------------------------------------------------------------------------------------- CAPITAL SHARE TRANSACTIONS Common shares: Proceeds from sale of shares, net of offering costs -- -- -- 225,146,250 Proceeds from shelf offering, net of offering costs adjustments 542,263 4,544,766 -- -- Net proceeds from shares issued to shareholders due to reinvestment of distributions 316,378 690,395 813,135 1,307,101 Repurchased -- -- -- -- - ----------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets applicable to Common shares from capital share transactions 858,641 5,235,161 813,135 226,453,351 - ----------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets applicable to Common shares (13,679,059) (131,360,710) (4,340,733) 144,644,295 Net assets applicable to Common shares at the beginning of period 230,122,873 361,483,583 144,744,570 100,275 - ----------------------------------------------------------------------------------------------------------------------- Net assets applicable to Common shares at the end of period $ 216,443,814 $ 230,122,873 $ 140,403,837 $ 144,744,570 ======================================================================================================================= Undistributed (Over-distribution of) net investment income at the end of period $ 1,056,015 $ 2,005,779 $ 1,277,863 $ 1,569,363 =======================================================================================================================
N/A - High Income Opportunity 2 (NMD) did not issue Preferred shares during the period November 15, 2007 (commencement of operations) through April 30, 2009. See accompanying notes to financial statements. 86 Nuveen Investments | Statement of CASH FLOWS Six Months Ended April 30, 2009 (Unaudited)
INVESTMENT PREMIER HIGH INCOME QUALITY INCOME OPPORTUNITY 2 (NQM) (NPF) (NMD) - ------------------------------------------------------------------------------------------------------------------------- CASH FLOWS FROM OPERATING ACTIVITIES: NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHARES FROM OPERATIONS $ 55,370,756 $ 32,442,275 $ 2,482,324 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 (25,769,868) (19,970,946) (39,773,751) Proceeds from sales and maturities of investments 28,188,473 23,612,910 57,716,503 Proceeds from (Purchases of) short-term investments, net 1,167,000 9,375,000 -- Proceeds from (Payments for) terminated forward swaps -- (4,125,000) -- Proceeds from (Payments for) closed/expired futures contracts -- -- (1,836,946) Amortization (Accretion) of premiums and discounts, net (184,696) (2,173,852) (287,857) (Increase) Decrease in receivable for interest 52,175 (162,836) 625,614 (Increase) Decrease in receivable for investments sold 10,000 409,722 (170,000) (Increase) Decrease in receivable for variation margin on futures contracts -- -- 128,250 (Increase) Decrease in other assets (69,789) (42,103) 697 Increase (Decrease) in payable for investments purchased (1,746,563) -- 368,878 Increase (Decrease) in payable for Preferred share dividends (47,954) (13,639) N/A Increase (Decrease) in accrued interest on borrowings -- -- (185,517) Increase (Decrease) in accrued management fees 3,434 6,472 (16,465) Increase (Decrease) in accrued other liabilities (117,589) (39,954) 14,039 Net realized (gain) loss from investments 2,095,466 7,360,519 22,239,402 Net realized (gain) loss from forward swaps -- 4,125,000 -- Net realized (gain) loss from futures -- -- 1,836,946 Change in net unrealized (appreciation) depreciation of investments (40,883,496) (31,238,396) (19,093,388) Change in net unrealized (appreciation) depreciation of forward swaps -- (3,882,335) (590,237) Taxes paid on undistributed capital gains (4,652) -- (88) - ------------------------------------------------------------------------------------------------------------------------- Net cash provided by (used in) operating activities 18,062,697 15,682,837 23,458,404 - ------------------------------------------------------------------------------------------------------------------------- CASH FLOWS FROM FINANCING ACTIVITIES: Increase (Decrease) in cash overdraft balance -- -- (9,539,448) Increase (Decrease) in floating rate obligations 13,145,000 (9,835,000) -- Increase (Decrease) in borrowings -- -- (5,000,000) Cash distributions paid to Common shareholders (14,566,935) (6,901,305) (6,812,300) Increase (Decrease) in accrued offering costs -- -- (472,500) Cost of Common shares repurchased -- (165,375) -- Increase (Decrease) in Preferred shares (18,750,000) -- N/A - ------------------------------------------------------------------------------------------------------------------------- Net cash provided by (used in) financing activities (20,171,935) (16,901,680) (21,824,248) - ------------------------------------------------------------------------------------------------------------------------- NET INCREASE (DECREASE) IN CASH (2,109,238) (1,218,843) 1,634,156 Cash at the beginning of period 5,648,301 3,119,039 -- - ------------------------------------------------------------------------------------------------------------------------- CASH AT THE END OF PERIOD $ 3,539,063 $ 1,900,196 $ 1,634,156 =========================================================================================================================
N/A - High Income Opportunity 2 (NMD) did not issue Preferred shares during the six months ended April 30, 2009. SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION Cash paid by Investment Quality (NQM), Premier Income (NPF) and High Income Opportunity 2 (NMD) for interest was $402,378, $247,882 and $388,481, respectively. Non-cash financing activities not included herein consist of reinvestments of Common share distributions of $0, $0 and $813,135, for Investment Quality (NQM), Premier Income (NPF) and High Income Opportunity 2 (NMD), respectively. See accompanying notes to financial statements. Nuveen Investments 87 | Notes to FINANCIAL STATEMENTS (Unaudited) 1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES 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), Nuveen Municipal High Income Opportunity Fund (NMZ) and Nuveen Municipal High Income Opportunity Fund 2 (NMD) (collectively, the "Funds"). Common shares of Investment Quality (NQM), Select Quality (NQS), Quality Income (NQU), Premier Income (NPF) and High Income Opportunity 2 (NMD) are traded on the New York Stock Exchange while Common shares of High Income Opportunity (NMZ) are traded on the NYSE Amex (formerly, American Stock Exchange). The Funds are registered under the Investment Company Act of 1940, as amended, as closed-end, management investment companies. Prior to the commencement of operations, High Income Opportunity 2 (NMD) had no operations other than those related to organizational matters, the initial capital contribution of $100,275 by Nuveen Asset Management (the "Adviser"), a wholly owned subsidiary of Nuveen Investments, Inc. ("Nuveen"), and the recording of the organization expenses ($11,000) and their reimbursement by Nuveen Investments, LLC, also a wholly owned subsidiary of Nuveen. Each Fund seeks to provide current income exempt from regular federal income tax by investing primarily in a 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 US 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. Prices of forward swap contracts are also provided by an independent pricing service approved by each Fund's Board of Directors/Trustees. Futures contracts are valued using the closing settlement price, or, in the absence of such a price, at the mean of the bid and asked prices. When market price quotes are not readily available (which is usually the case for municipal securities), the pricing service or, in the absence of a pricing service for a particular investment or derivative instrument, the Board of Directors/Trustees of the Fund, or its designee, may establish fair value using a wide variety of market data including yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit characteristics considered relevant. Temporary investments in securities that have variable rate and demand features qualifying them as short-term investments are valued at amortized cost, which approximates 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, 2009, there were no such outstanding purchase commitments in any of the Funds. Investment Income Interest income, which includes the amortization of premiums and accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Investment income also includes paydown gains and losses, if any. 88 Nuveen Investments Professional Fees Professional fees presented on 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. Income Taxes Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its 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. For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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 at least 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 US generally accepted accounting principles. Preferred Shares High Income Opportunity 2 (NMD) did not issue Preferred shares during the six months ended April 30, 2009. The Funds below 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. As of April 30, 2009, 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 1,750 1,849 2,678 769 1,826 Series T 1,750 1,849 2,680 2,153 987 Series W 1,749 2,589 2,679 -- 987 Series W2 -- -- 1,857 -- -- Series TH 1,429 1,442 3,571 2,152 -- Series F 1,750 2,588 2,679 -- -- - --------------------------------------------------------------------------------------------- Total 8,428 10,317 16,144 5,074 3,800 =============================================================================================
Beginning in February 2008, more shares for sale were submitted in the regularly scheduled auctions for the Preferred shares issued by the Funds than there were offers to buy. This meant that these auctions "failed to clear," and that many Preferred shareholders who wanted to sell their shares in these auctions were unable to do so. Preferred shareholders unable to sell their shares received distributions at the "maximum rate" applicable to failed auctions as calculated in accordance with the pre-established terms of the Preferred shares. Nuveen Investments 89 | Notes to FINANCIAL STATEMENTS (continued) (Unaudited) These developments have generally not affected the portfolio management or investment policies of the Funds. However, one implication of these auction failures for Common shareholders is that the Funds' cost of leverage will likely be higher, at least temporarily, than it otherwise would have been had the auctions continued to be successful. As a result, the Funds' future Common share earnings may be lower then they otherwise would have been. As of April 30, 2009, the aggregate amount of outstanding Preferred shares redeemed by each Fund is as follows:
HIGH INVESTMENT SELECT QUALITY PREMIER INCOME QUALITY QUALITY INCOME INCOME OPPORTUNITY (NQM) (NQS) (NQU) (NPF) (NMZ) - --------------------------------------------------------------------------------------------------------------------------- Preferred shares redeemed, at liquidation value $ 90,300,000 $ 21,075,000 $ 48,400,000 $ 38,150,000 $ 60,000,000 ===========================================================================================================================
Organization and Offering Costs Nuveen Investments, LLC has agreed to reimburse all organizational costs (approximately $11,000) and pay all Common share offering costs (other than the sales load) that exceed $.03 per Common share of High Income Opportunity Fund 2 (NMD). High Income Opportunity Fund 2's (NMD) share of Common share offering costs ($472,500) were recorded as reductions of the proceeds from the sale of Common shares. Common Shares Shelf Offering On April 1, 2009, a registration statement filed with the Securities and Exchange Commission by High Income Opportunity (NMZ) became effective. This registration statement enables the Fund to issue up to 1,900,000 additional shares of common stock through an ongoing shelf offering. Under this equity shelf program, the Fund, subject to market conditions, may raise additional equity capital from time to time in varying amounts and offering methods at a net price at or above the Fund's NAV per common share. During the period ended April 30, 2009, High Income Opportunity (NMZ) cumulatively issued 58,508 shares at an average price of $9.98 and an average premium to NAV of 13.60% per common share. Shelf Offering Costs Costs incurred by High Income Opportunity (NMZ) in connection with the offering of its additional Common shares are recorded as a deferred charge which are amortized over the period such additional Common shares are sold not to exceed the one-year life of the shelf offering period. Inverse Floating Rate Securities Each Fund is authorized to 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 90 Nuveen Investments floater"). The inverse floater held by a Fund gives the Fund the right (a) to cause the holders of the floating rate certificates to tender their notes at par, and (b) to have the broker transfer the fixed-rate bond held by the trust to the Fund, thereby collapsing the trust. An investment in an externally-deposited inverse floater is identified in the Portfolio of Investments as "(IF) - 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 No. 140 (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 "(UB) - 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 the related interest paid to the holders of the short-term floating rate certificates is included as a component of "Interest expense" on the Statement of Operations. During the six months ended April 30, 2009, each Fund invested in externally-deposited inverse floaters and/or self-deposited inverse floaters. Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a "recourse trust" or "credit recovery swap") (such agreements referred to herein as "Recourse Trusts") with a broker-dealer by which a Fund agrees to reimburse the broker-dealer, in certain circumstances, for the difference between the liquidation value of the fixed-rate bond held by the trust and the liquidation value of the floating rate certificates issued by the trust plus any shortfalls in interest cash flows. Under these agreements, a Fund's potential exposure to losses related to or on inverse floaters may increase beyond the value of a Fund's inverse floater investments as a Fund may potentially be liable to fulfill all amounts owed to holders of the floating rate certificates. At period end, any such shortfall is recognized as "Unrealized depreciation on Recourse Trusts" on the Statement of Assets and Liabilities. At April 30, 2009, each Fund's maximum exposure to externally-deposited Recourse Trusts, is as follows:
INVESTMENT SELECT QUALITY PREMIER HIGH INCOME HIGH INCOME QUALITY QUALITY INCOME INCOME OPPORTUNITY OPPORTUNITY 2 (NQM) (NQS) (NQU) (NPF) (NMZ) (NMD) - -------------------------------------------------------------------------------------------------------------------------------- Maximum exposure to Recourse Trusts $ -- $ 18,750,000 $ 7,500,000 $ 14,608,400 $ -- $ 22,250,000 ================================================================================================================================
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, 2009, were as follows:
INVESTMENT SELECT QUALITY PREMIER HIGH INCOME QUALITY QUALITY INCOME INCOME OPPORTUNITY (NQM) (NQS) (NQU) (NPF) (NMZ) - ----------------------------------------------------------------------------------------------------------------- Average floating rate obligations $ 72,720,840 $ 11,869,475 $ 43,806,017 $ 45,713,066 $ 10,300,000 Average annual interest rate and fees 1.12% 1.17% 1.12% 1.09% 0.95% =================================================================================================================
Forward Swap Transactions Each Fund is authorized to invest in forward interest rate swap transactions. 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. Premier Income (NPF), High Income Opportunity (NMZ) and High Income Opportunity 2 (NMD) invested in forward interest rate swap transactions during the six months ended April 30, 2009. Futures Contracts Each Fund is authorized to invest in futures contracts. Upon entering into a futures contract, a Fund is required to deposit with the broker an amount of cash or liquid securities equal to a specified percentage of the contract amount. This is known as the "initial margin." Subsequent payments ("variation margin") are made or received by a Fund each day, depending on the daily fluctuation of the value of the contract. Nuveen Investments 91 | Notes to FINANCIAL STATEMENTS (continued) (Unaudited) During the period the futures contract is open, changes in the value of the contract are recognized as an unrealized gain or loss by "marking-to-market" on a daily basis to reflect the changes in market value of the contract. When the contract is closed or expired, a Fund records a realized gain or loss equal to the difference between the value of the contract on the closing date and value of the contract when originally entered into. Cash held by the broker to cover initial margin requirements on open futures contracts, if any, is recognized in the Statement of Assets and Liabilities. Additionally, the Statement of Assets and Liabilities reflects a receivable or payable for the variation margin when applicable. High Income Opportunity (NMZ) and High Income Opportunity 2 (NMD) invested in futures contracts during the six months ended April 30, 2009. Risks of investments in futures contracts include the possible adverse movement of the securities or indices underlying the contracts, the possibility that there may not be a liquid secondary market for the contracts and/or that a change in the value of the contract may not correlate with a change in the value of the underlying securities or indices. Market and Credit Risk In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (credit risk). Similar to credit risk, each Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default. The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to credit risk, consist principally of cash due from counterparties on forward, option and swap transactions. The extent of each Fund's exposure to credit and counterparty risks in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities. Each Fund helps manage credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, 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 valuations fluctuate, either up or down, by at least the predetermined threshold amount. Zero Coupon Securities Each Fund is authorized to invest in zero coupon securities. A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Tax-exempt income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. Such securities are included in the Portfolios of Investments with a 0.000% coupon rate in their description. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically. Custodian Fee Credit Each Fund has an arrangement with the custodian bank whereby certain custodian fees and expenses are reduced by net credits earned on each Fund's cash on deposit with the bank. Such deposit arrangements are an alternative to overnight investments. Credits for cash balances may be offset by charges for any days on which a Fund overdraws its account at the custodian bank. 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. 92 Nuveen Investments Use of Estimates The preparation of financial statements in conformity with US 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. 2. FAIR VALUE MEASUREMENTS During the current fiscal period, the Funds adopted the provisions of Statement of Financial Accounting Standards No. 157 (SFAS No. 157) "Fair Value Measurements." SFAS No. 157 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosure about fair value measurements. In determining the value of each Fund's investments various inputs are used. These inputs are summarized in the three broad levels listed below: Level 1 - Quoted prices in active markets for identical securities. Level 2 - Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Level 3 - Significant unobservable inputs (including management's assumptions in determining the fair value of investments). The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of each Fund's fair value measurements as of April 30, 2009:
INVESTMENT QUALITY INCOME (NQM) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL - --------------------------------------------------------------------------------------------- Investments $ -- $ 762,538,405 $ -- $ 762,538,405 ============================================================================================= SELECT QUALITY (NQS) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL - --------------------------------------------------------------------------------------------- Investments $ -- $ 705,617,812 $ -- $ 705,617,812 ============================================================================================= QUALITY INCOME (NQU) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL - --------------------------------------------------------------------------------------------- Investments $ -- $ 1,165,267,239 $ -- $ 1,165,267,239 ============================================================================================= PREMIER INCOME (NPF) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL - --------------------------------------------------------------------------------------------- Investments $ -- $ 420,159,010 $ -- $ 420,159,010 ============================================================================================= HIGH INCOME OPPORTUNITY (NMZ) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL - --------------------------------------------------------------------------------------------- Investments $ -- $ 312,644,854 $ -- $ 312,644,854 Derivatives* -- 529,980 -- 529,980 - --------------------------------------------------------------------------------------------- Total $ -- $ 313,174,834 $ -- $ 313,174,834 ============================================================================================= HIGH INCOME OPPORTUNITY 2 (NMD) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL - --------------------------------------------------------------------------------------------- Investments $ -- $ 169,779,661 $ -- $ 169,779,661 Derivatives* -- 590,237 -- 590,237 - --------------------------------------------------------------------------------------------- Total $ -- $ 170,369,898 $ -- $ 170,369,898 =============================================================================================
* Represents net unrealized appreciation (depreciation). Derivatives include outstanding forwards, futures and swap contracts, where applicable. See Investments in Derivatives within the Fund's Portfolio of Investments for derivatives outstanding at the end of the reporting period. Nuveen Investments 93 | Notes to FINANCIAL STATEMENTS (continued) (Unaudited) 3. FUND SHARES Common Shares The Funds' Board of Directors/Trustees approved an open-market share repurchase program on July 10, 2007, for Premium Income (NPF) and on July 30, 2008, for Investment Quality (NQM), Select Quality (NQS), Quality Income (NQU), High Income Opportunity (NMZ) and High Income Opportunity 2 (NMD) under which each Fund may repurchase an aggregate of up to approximately 10% of its outstanding Common Shares. Transactions in Common shares were as follows:
INVESTMENT QUALITY (NQM) SELECT QUALITY (NQS) QUALITY INCOME (NQU) ---------------------------- ---------------------------- ------------------------------ SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED ENDED 4/30/09 10/31/08 ENDED 4/30/09 10/31/08 ENDED 4/30/09 10/31/08 - ------------------------------------------------------------------------------------------------------------------------------ Common shares: Issued to shareholders due to reinvestment of distributions -- -- -- 11,184 -- -- Repurchased -- -- -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------------ Weighted average Common share: Price per share repurchased -- -- -- -- -- -- Discount per share repurchased -- -- -- -- -- -- ==============================================================================================================================
HIGH HIGH PREMIER INCOME (NPF) INCOME OPPORTUNITY (NMZ) INCOME OPPORTUNITY 2 (NMD) ---------------------------- ---------------------------- ------------------------------ FOR THE PERIOD 11/15/07 (COMMENCEMENT OF OPERATIONS) SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED SIX MONTHS THROUGH ENDED 4/30/09 10/31/08 ENDED 4/30/09 10/31/08 ENDED 4/30/09 10/31/08 - ------------------------------------------------------------------------------------------------------------------------------ Common shares: Sold* -- -- -- -- -- 15,750,000 Sold through shelf offering** -- -- 58,508 297,054 -- -- Issued to shareholders due to reinvestment of distributions -- -- 33,838 48,248 93,860 96,739 Repurchased (15,700) (4,500) -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------------ (15,700) (4,500) 92,346 345,302 93,860 15,846,739 ============================================================================================================================== Weighted average Common share: Price per share repurchased 10.51 12.69 -- -- -- -- Discount per share repurchased 17.21% 12.99% -- -- -- -- Premium per shelf offering share sold -- -- 13.60% 4.99% -- -- ==============================================================================================================================
* High Income Opportunity 2 (NMD) was the only Fund to sell shares of Common stock during the fiscal year ended October 31, 2008. ** High Income Opportunity (NMZ) is the only Fund authorized to issue additional shares of its Common stock through a shelf offering. 94 Nuveen Investments Preferred Shares High Income Opportunity 2 (NMD) did not issue Preferred shares during the period November 15, 2007 (commencement of operations) through April 30, 2009. Transactions in Preferred shares were as follows:
INVESTMENT QUALITY (NQM) SELECT QUALITY (NQS) ------------------------------------------------ ------------------------------------------------- SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED ENDED 4/30/09 10/31/08 ENDED 4/30/09 10/31/08 - ------------------------------------------------------------------------------------------------------------------------------ SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT - ------------------------------------------------------------------------------------------------------------------------------ Preferred shares redeemed and/or noticed for redemption: Series M 156 $ 3,900,000 594 $ 14,850,000 69 $ 1,725,000 82 $ 2,050,000 Series T 156 3,900,000 594 14,850,000 69 1,725,000 82 2,050,000 Series W 156 3,900,000 595 14,875,000 97 2,425,000 114 2,850,000 Series TH 126 3,150,000 485 12,125,000 54 1,350,000 64 1,600,000 Series F 156 3,900,000 594 14,850,000 97 2,425,000 115 2,875,000 - ------------------------------------------------------------------------------------------------------------------------------ Total 750 $ 18,750,000 2,862 $ 71,550,000 386 $ 9,650,000 457 $ 11,425,000 ==============================================================================================================================
QUALITY INCOME (NQU) PREMIER INCOME (NPF) ------------------------------------------------ ------------------------------------------------- SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED ENDED 4/30/09 10/31/08 ENDED 4/30/09 10/31/08 - ------------------------------------------------------------------------------------------------------------------------------ SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT - ------------------------------------------------------------------------------------------------------------------------------ Preferred shares redeemed and/or noticed for redemption: Series M 85 $ 2,125,000 237 $ 5,925,000 -- $ -- 231 $ 5,775,000 Series T 84 2,100,000 236 5,900,000 -- -- 647 16,175,000 Series W 85 2,125,000 236 5,900,000 -- -- -- -- Series W2 59 1,475,000 164 4,100,000 -- -- -- -- Series TH 113 2,825,000 316 7,900,000 -- -- 648 16,200,000 Series F 85 2,125,000 236 5,900,000 -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------------ Total 511 $ 12,775,000 1,425 $ 35,625,000 -- $ -- 1,526 $ 38,150,000 ==============================================================================================================================
HIGH INCOME OPPORTUNITY (NMZ) ---------------------------------------------------------- SIX MONTHS YEAR ENDED ENDED 4/30/09 10/31/08 - --------------------------------------------------------------------------------------------- SHARES AMOUNT SHARES AMOUNT - --------------------------------------------------------------------------------------------- Preferred shares redeemed and/or noticed for redemption: Series M 864 $ 21,600,000 310 $ 7,750,000 Series T 468 11,700,000 145 3,625,000 Series W 468 11,700,000 145 3,625,000 - --------------------------------------------------------------------------------------------- Total 1,800 $ 45,000,000 600 $ 15,000,000 =============================================================================================
4. INVESTMENT TRANSACTIONS Purchases and sales (including maturities but excluding short-term investments and derivative transactions) during the six months ended April 30, 2009, were as follows:
INVESTMENT SELECT QUALITY PREMIER HIGH INCOME HIGH INCOME QUALITY QUALITY INCOME INCOME OPPORTUNITY OPPORTUNITY 2 (NQM) (NQS) (NQU) (NPF) (NMZ) (NMD) - --------------------------------------------------------------------------------------------------------------------------- Purchases $ 25,769,868 $ 17,950,970 $ 64,251,950 $ 19,970,946 $ 32,967,859 $ 39,773,751 Sales and maturities 28,188,473 22,778,798 69,485,686 23,612,910 98,396,623 57,716,503 ===========================================================================================================================
5. 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 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, if any. 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. Nuveen Investments 95 | Notes to FINANCIAL STATEMENTS (continued) (Unaudited) At April 30, 2009, the cost of investments was as follows:
INVESTMENT SELECT QUALITY PREMIER HIGH INCOME HIGH INCOME QUALITY QUALITY INCOME INCOME OPPORTUNITY OPPORTUNITY 2 (NQM) (NQS) (NQU) (NPF) (NMZ) (NMD) - ------------------------------------------------------------------------------------------------------------------------------------ Cost of investments $ 699,161,100 $ 722,114,360 $1,124,719,311 $ 381,534,068 $ 379,060,833 $ 228,347,208 ====================================================================================================================================
Gross unrealized appreciation and gross unrealized depreciation of investments at April 30, 2009, were as follows:
INVESTMENT SELECT QUALITY PREMIER HIGH INCOME HIGH INCOME QUALITY QUALITY INCOME INCOME OPPORTUNITY OPPORTUNITY 2 (NQM) (NQS) (NQU) (NPF) (NMZ) (NMD) - ------------------------------------------------------------------------------------------------------------------------------------ Gross unrealized: Appreciation $ 33,869,070 $ 26,643,481 $ 61,098,371 $ 16,674,580 $ 11,657,691 $ 2,279,442 Depreciation (55,868,210) (62,378,583) (74,425,549) (21,050,307) (88,374,545) (60,846,989) - ------------------------------------------------------------------------------------------------------------------------------------ Net unrealized appreciation (depreciation) of investments $ (21,999,140) $ (35,735,102) $ (13,327,178) $ (4,375,727) $ (76,716,854) $ (58,567,547) ====================================================================================================================================
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains at October 31, 2008, the Funds' last tax year end, were as follows:
INVESTMENT SELECT QUALITY PREMIER HIGH INCOME HIGH INCOME QUALITY QUALITY INCOME INCOME OPPORTUNITY OPPORTUNITY 2 (NQM) (NQS) (NQU) (NPF) (NMZ) (NMD) - ------------------------------------------------------------------------------------------------------------------------------------ Undistributed net tax-exempt income * $ 328,574 $ 733,623 $ 2,110,016 $ 53,378 $ 2,110,031 $ 2,712,540 Undistributed net ordinary income ** 101,745 77,105 -- -- 1,153,312 566 Undistributed net long-term capital gains 1,470,419 -- -- -- -- -- ====================================================================================================================================
* Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on October 1, 2008, paid on November 3, 2008. ** Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. The tax character of distributions paid during the Funds' last tax year ended October 31, 2008 was designated for purposes of the dividends paid deduction as follows:
INVESTMENT SELECT QUALITY PREMIER HIGH INCOME HIGH INCOME QUALITY QUALITY INCOME INCOME OPPORTUNITY OPPORTUNITY 2 (NQM) (NQS) (NQU) (NPF) (NMZ) (NMD)* - ------------------------------------------------------------------------------------------------------------------------------------ Distributions from net tax-exempt income $ 37,735,721 $ 37,664,043 $ 55,938,511 $ 19,090,394 $ 28,742,490 $ 11,191,457 Distributions from net ordinary income ** 202,710 -- -- -- 87,468 -- Distributions from net long-term capital gains -- -- -- -- 2,667,895 -- ====================================================================================================================================
* For the period November 15, 2007 (commencement of operations) through October 31, 2008. ** Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. 96 Nuveen Investments At October 31, 2008, the Funds' last tax year end, the following Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as follows:
SELECT QUALITY PREMIER HIGH INCOME HIGH INCOME QUALITY INCOME INCOME OPPORTUNITY OPPORTUNITY 2 (NQS) (NQU) (NPF) (NMZ) (NMD) - ----------------------------------------------------------------------------------------------- Expiration: October 31, 2011 $ -- $ 9,667,686 $ -- $ -- $ -- October 31, 2013 -- -- 156,322 -- -- October 31, 2014 1,047,056 -- -- -- -- October 31, 2016 355,308 -- 3,445,683 12,880,924 4,564,842 - ----------------------------------------------------------------------------------------------- Total $ 1,402,364 $ 9,667,686 $ 3,602,005 $ 12,880,924 $ 4,564,842 ===============================================================================================
6. MANAGEMENT FEES 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 the Adviser, 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 (1) 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 ================================================================================ HIGH INCOME OPPORTUNITY (NMZ) HIGH INCOME OPPORTUNITY FUND 2 (NMD) AVERAGE DAILY NET ASSETS (1) 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 net assets managed as stated in the following table. As of April 30, 2009, the complex-level fee rate was .1998%. Nuveen Investments 97 | Notes to FINANCIAL STATEMENTS (continued) (Unaudited) The complex-level fee schedule is as follows: COMPLEX-LEVEL NET ASSET BREAKPOINT LEVEL (1) EFFECTIVE RATE AT BREAKPOINT LEVEL - -------------------------------------------------------------------------------- $55 billion .2000% $56 billion .1996 $57 billion .1989 $60 billion .1961 $63 billion .1931 $66 billion .1900 $71 billion .1851 $76 billion .1806 $80 billion .1773 $91 billion .1691 $125 billion .1599 $200 billion .1505 $250 billion .1469 $300 billion .1445 ================================================================================ (1) The complex-level fee component of the management fee for the funds is calculated based upon the aggregate daily managed net assets of all Nuveen funds, with such daily managed net assets defined separately for each fund in its management agreement, but excluding assets attributable to investments in other Nuveen funds. For the complex-level and fund-level fee components, daily managed net assets includes assets managed by the Adviser that are attributable to each fund's use of financial leverage. For these purposes, financial leverage includes the funds' use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by the TOB trust that has been effectively financed by the trust's issuance of floating rate securities, subject to an agreement by the Adviser to limit the amount of such assets for determining managed net assets in certain circumstances. 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. 98 Nuveen Investments The Adviser has not agreed to reimburse High Income Opportunity (NMZ) for any portion of its fees and expenses beyond November 30, 2011. The Adviser has agreed to waive 100% of High Income Opportunity 2's (NMD) management fee from November 15, 2007 (commencement of operations) through February 29, 2008, 50% of the management fee for the period March 1, 2008 through May 31, 2008, and 25% of the management fee for the period June 1, 2008 through August 31, 2008. The Adviser has not agreed to waive any portion of High Income Opportunity 2's (NMD) management fee beyond August 31, 2008. During the six months ended April 30, 2009, Nuveen Investments, LLC received commissions of $3,504 related to the sale of Common shares as a result of the High Income Opportunity (NMZ) shelf offering. 7. NEW ACCOUNTING PRONOUNCEMENTS Financial Accounting Standards Board Statement of Financial Accounting Standards No. 161 (SFAS No. 161) In March 2008, the FASB issued SFAS No. 161, "Disclosures about Derivative Instruments and Hedging Activities." This standard is intended to enhance financial statement disclosures for derivative instruments and hedging activities and enable investors to understand: a) how and why a fund uses derivative instruments, b) how derivative instruments and related hedge items are accounted for, and c) how derivative instruments and related hedge items affect a fund's financial position, results of operations and cash flows. SFAS No. 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. As of April 30, 2009, management does not believe the adoption of SFAS No. 161 will impact the financial statement amounts; however, additional footnote disclosures may be required about the use of derivative instruments and hedging items. Financial Accounting Standards Board Staff Position No. 157-4 (FSP No. 157-4) On April 9, 2009, the Financial Accounting Standards Board issued FSP No. 157-4, "Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly." FSP No. 157-4 provides additional guidance for estimating fair value in accordance with SFAS No. 157, "Fair Value Measurements," when the volume and level of activity for the asset or liability have significantly decreased. FSP No. 157-4 also requires additional disaggregation of the current SFAS No. 157 required disclosures. FSP No. 157-4 is effective for interim and annual reporting periods ending after June 15, 2009, and shall be applied prospectively. At this time, management is evaluating the implications of FSP No. 157-4 and the impact it will have on the financial statement disclosures. 8. BORROWINGS During January 2008, credit issues associated with sub-prime mortgages and municipal bond insurers caused High Income Opportunity 2 (NMD) to postpone its preferred shares offering, and subsequent failed auctions of the preferred shares issued by other closed-end funds have postponed the issuance of the Fund's preferred shares indefinitely. Management determined that leveraging the Fund with debt as a replacement for preferred shares continued to benefit the Funds' shareholders. During 2008 the Fund entered into a $50 million senior committed secured 364-day revolving line of credit with the custodian bank. Amounts drawn on the line are recognized as "Borrowings" on the Statement of Assets and Liabilities. For the six months ended April 30, 2009, the average daily balance outstanding on borrowings and average interest rate was $39,613,260 and 1.03%, respectively. Interest on the revolving line of credit was calculated at a rate per annum of the Federal Funds Rate plus .75%. Interest expense incurred on such borrowings is included as a component of "Interest expense" on the Statement of Operations. 9. 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, 2009, to shareholders of record on May 15, 2009, as follows:
INVESTMENT SELECT QUALITY PREMIER HIGH INCOME HIGH INCOME QUALITY QUALITY INCOME INCOME OPPORTUNITY OPPORTUNITY 2 (NQM) (NQS) (NQU) (NPF) (NMZ) (NMD) - ------------------------------------------------------------------------------------------------------------------- Dividend per share $ .0635 $ .0740 $ .0685 $ .0630 $ .0835 $ .0800 ===================================================================================================================
Nuveen Investments 99 | Notes to FINANCIAL STATEMENTS (continued) (Unaudited) Auction Participation Fees Effective May 1, 2009, auction participation fees for Nuveen Preferred shares with respect to auctions that have failed have been reduced from 25 bps (annualized) to 15 bps (annualized). All auction participants have signed new agreements incorporating this change. Shelf Offering On May 29, 2009, High Income Opportunity Fund 2 (NMD) filed with the Securities and Exchange Commission (SEC) a registration statement seeking to register additional shares of common stock. This registration statement, if declared effective by the SEC, would enable the Fund to issue to the public additional common shares in an amount up to ten percent of the Fund's currently issued and outstanding common shares through an ongoing shelf offering. Under this equity shelf program, the Fund, subject to market conditions, may raise additional equity capital from time to time in varying amounts and offering methods at a net price at or above the Fund's NAV per common share. 100 Nuveen Investments | Financial HIGHLIGHTS (Unaudited) Nuveen Investments 101 | Financial HIGHLIGHTS (Unaudited) Selected data for a Common share outstanding throughout each period:
Investment Operations --------------------------------------------------------------------- Distributions Distributions from Net from Beginning Investment Capital Common Net Income to Gains to Share Net Realized/ Preferred Preferred Net Asset Investment Unrealized Share- Share- Value Income Gain (Loss) holders+ holders+ Total - ----------------------------------------------------------------------------------------------------------------- INVESTMENT QUALITY (NQM) - ----------------------------------------------------------------------------------------------------------------- Year Ended 10/31: 2009(b) $ 12.18 $ .50 $ 1.09 $ (.03) $ (.01) $ 1.55 2008 15.03 1.01 (2.80) (.29) -- (2.08) 2007 15.71 1.02 (.60) (.30) -- .12 2006 15.49 1.05 .42 (.24) (.03) 1.20 2005 16.06 1.05 (.39) (.16) (.01) .49 2004 15.65 1.07 .43 (.08) -- 1.42 SELECT QUALITY (NQS) - ----------------------------------------------------------------------------------------------------------------- Year Ended 10/31: 2009(b) 12.01 .55 .74 (.04) -- 1.25 2008 15.05 1.08 (3.02) (.30) -- (2.24) 2007 15.62 1.07 (.52) (.29) -- .26 2006 15.46 1.07 .23 (.26) -- 1.04 2005 15.69 1.06 (.16) (.16) -- .74 2004 15.33 1.09 .42 (.07) (.01) 1.43 ================================================================================================================= Less Distributions ------------------------------------- Net Offering Investment Capital Costs and Ending Income to Gains to Preferred Common Common Common Share Share Ending Share- Share- Underwriting Net Asset Market holders holders Total Discounts Value Value - ------------------------------------------------------------------------------------------------------ INVESTMENT QUALITY (NQM) - ------------------------------------------------------------------------------------------------------ Year Ended 10/31: 2009(b) $ (.38) $ (.03) $ (.41) $ -- $ 13.32 $ 12.30 2008 (.77) -- (.77) -- 12.18 10.64 2007 (.80) -- (.80) -- 15.03 13.88 2006 (.84) (.14) (.98) -- 15.71 15.60 2005 (.96) (.10) (1.06) -- 15.49 14.45 2004 (1.01) -- (1.01) -- 16.06 15.33 SELECT QUALITY (NQS) - ------------------------------------------------------------------------------------------------------ Year Ended 10/31: 2009(b) (.40) -- (.40) -- 12.86 12.22 2008 (.80) -- (.80) -- 12.01 10.99 2007 (.83) -- (.83) -- 15.05 15.00 2006 (.88) -- (.88) -- 15.62 15.47 2005 (.97) -- (.97) -- 15.46 14.83 2004 (1.00) (.07) (1.07) -- 15.69 15.19 ======================================================================================================
Preferred Shares at End of Period ------------------------------------------------------- Aggregate Liquidation Amount and Market Asset Outstanding Value Coverage (000) Per Share Per Share - ----------------------------------------------------------------------------------- INVESTMENT QUALITY (NQM) - ----------------------------------------------------------------------------------- Year Ended 10/31: 2009(b) $ 210,700 $ 25,000 $ 81,616 2008 229,450 25,000 72,545 2007 301,000 25,000 69,706 2006 301,000 25,000 71,634 2005 301,000 25,000 71,001 2004 301,000 25,000 72,688 SELECT QUALITY (NQS) - ----------------------------------------------------------------------------------- Year Ended 10/31: 2009(b) 257,925 25,000 67,407 2008 267,575 25,000 63,171 2007 279,000 25,000 70,849 2006 279,000 25,000 72,491 2005 279,000 25,000 71,953 2004 279,000 25,000 72,643 ===================================================================================
102 Nuveen Investments
Ratios/Supplemental Data --------------------------------------------------------------- Ratios to Average Net Assets Applicable to Common Shares Total Returns Before Credit/Reimbursement/Refund ----------------------- ------------------------------------------------ Based Ending on Net Based Common Assets on Share Net Applicable Expenses Expenses Net Market Asset to Common Including Excluding Investment Value* Value* Shares (000) Interest++(a) Interest++(a) Income++ - ------------------------------------------------------------------------------------------------------------------------ INVESTMENT QUALITY (NQM) - ------------------------------------------------------------------------------------------------------------------------ Year Ended 10/31: 2009(b) 19.76% 12.92% $ 477,162 1.38%*** 1.20%*** 8.00%*** 2008 (18.72) (14.43) 436,370 1.46 1.20 7.07 2007 (6.17) .82 538,266 1.35 1.19 6.67 2006 15.33 8.09 561,471 1.20 1.20 6.79 2005 1.17 3.10 553,857 1.20 1.20 6.59 2004 8.54 9.37 574,164 1.20 1.20 6.78 SELECT QUALITY (NQS) - ------------------------------------------------------------------------------------------------------------------------ Year Ended 10/31: 2009(b) 15.22 10.63 437,514 1.36*** 1.33*** 9.03*** 2008 (22.19) (15.50) 408,541 1.27 1.22 7.54 2007 2.31 1.70 511,670 1.21 1.18 6.95 2006 10.47 6.94 529,996 1.18 1.18 6.91 2005 4.14 4.77 523,994 1.18 1.18 6.76 2004 10.19 9.64 531,694 1.21 1.21 6.96 ========================================================================================================================= Ratios/Supplemental Data -------------------------------------------------------------------- Ratios to Average Net Assets Applicable to Common Shares After Credit/Reimbursement/Refund** --------------------------------------------------- Expenses Expenses Net Portfolio Including Excluding Investment Turnover Interest++(a) Interest++(a) Income++ Rate - -------------------------------------------------------------------------------------------------- INVESTMENT QUALITY (NQM) - -------------------------------------------------------------------------------------------------- Year Ended 10/31: 2009(b) 1.37%*** 1.19%*** 8.01%*** 4% 2008 1.44 1.18 7.10 9 2007 1.33 1.17 6.69 11 2006 1.17 1.17 6.82 10 2005 1.18 1.18 6.61 22 2004 1.20 1.20 6.79 16 SELECT QUALITY (NQS) - -------------------------------------------------------------------------------------------------- Year Ended 10/31: 2009(b) 1.35*** 1.32*** 9.04*** 3 2008 1.24 1.20 7.56 10 2007 1.20 1.17 6.96 8 2006 1.17 1.17 6.93 5 2005 1.16 1.16 6.78 4 2004 1.15 1.15 7.02 4 ==================================================================================================
* Total Return Based 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. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized. Total Return Based 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. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund's market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized. ** After custodian fee credit, expense reimbursement and legal fee refund, where applicable. *** Annualized. + 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) Interest expense arises from Fund borrowings and the application of SFAS No. 140 to certain inverse floating rate transactions entered into by the Fund as more fully described in Footnote 1 - Inverse Floating Rate Securities. (b) For the six months ended April 30, 2009. See accompanying notes to financial statements. Nuveen Investments 103 | Financial HIGHLIGHTS (continued) (Unaudited) Selected data for a Common share outstanding throughout each period:
Investment Operations -------------------------------------------------------------------------- Distributions Distributions from Net from Beginning Investment Capital Common Net Income to Gains to Share Net Realized/ Preferred Preferred Net Asset Investment Unrealized Share- Share- Value Income Gain (Loss) holders+ holders+ Total - ------------------------------------------------------------------------------------------------------------------ QUALITY INCOME (NQU) - ------------------------------------------------------------------------------------------------------------------ Year Ended 10/31: 2009(b) $ 12.68 $ .52 $ .61 $ (.04) $ -- $ 1.09 2008 14.94 1.03 (2.26) (.30) -- (1.53) 2007 15.49 1.01 (.51) (.30) -- .20 2006 15.26 1.01 .30 (.26) -- 1.05 2005 15.54 1.02 (.22) (.16) -- .64 2004 15.04 1.04 .51 (.08) -- 1.47 PREMIER INCOME (NPF) - ------------------------------------------------------------------------------------------------------------------ Year Ended 10/31: 2009(b) 11.68 .48 1.19 (.03) -- 1.64 2008 14.79 .94 (3.09) (.28) -- (2.43) 2007 15.39 .95 (.59) (.29) -- .07 2006 14.90 .94 .51 (.26) -- 1.19 2005 15.53 .94 (.39) (.16) (.01) .38 2004 15.13 1.00 .47 (.08) -- 1.39 ================================================================================================================== Less Distributions -------------------------------------- Net Offering Investment Capital Costs and Ending Income to Gains to Preferred Common Common Common Share Share Ending Share- Share- Underwriting Net Asset Market holders holders Total Discounts Value Value - ------------------------------------------------------------------------------------------------------ QUALITY INCOME (NQU) - ------------------------------------------------------------------------------------------------------ Year Ended 10/31: 2009(b) $ (.38) $ -- $ (.38) $ -- $ 13.39 $ 12.70 2008 (.73) -- (.73) -- 12.68 11.67 2007 (.75) -- (.75) -- 14.94 13.64 2006 (.82) -- (.82) -- 15.49 14.73 2005 (.92) -- (.92) -- 15.26 14.34 2004 (.97) -- (.97) -- 15.54 14.58 PREMIER INCOME (NPF) - ------------------------------------------------------------------------------------------------------ Year Ended 10/31: 2009(b) (.35) -- (.35) -- 12.97 11.74 2008 (.68) -- (.68) -- 11.68 10.07 2007 (.67) -- (.67) -- 14.79 13.30 2006 (.70) -- (.70) -- 15.39 13.65 2005 (.88) (.13) (1.01) -- 14.90 13.57 2004 (.99) -- (.99) -- 15.53 14.43 ======================================================================================================
Preferred Shares at End of Period ------------------------------------------------------- Aggregate Liquidation Amount and Market Asset Outstanding Value Coverage (000) Per Share Per Share - ----------------------------------------------------------------------------------- QUALITY INCOME (NQU) - ----------------------------------------------------------------------------------- Year Ended 10/31: 2009(b) $ 403,600 $ 25,000 $ 69,978 2008 416,375 25,000 66,284 2007 452,000 25,000 69,806 2006 452,000 25,000 71,446 2005 452,000 25,000 70,745 2004 452,000 25,000 71,576 PREMIER INCOME (NPF) - ----------------------------------------------------------------------------------- Year Ended 10/31: 2009(b) 126,850 25,000 75,822 2008 126,850 25,000 70,825 2007 165,000 25,000 69,603 2006 165,000 25,000 71,839 2005 165,000 25,000 70,367 2004 165,000 25,000 72,271 ===================================================================================
104 Nuveen Investments
Ratios/Supplemental Data ----------------------------------------------------------------- Ratios to Average Net Assets Applicable to Common Shares Total Returns Before Credit/Reimbursement/Refund --------------------------- ----------------------------------------------- Based Ending on Net Based Common Assets on Share Net Applicable Expenses Expenses Net Market Asset to Common Including Excluding Investment Value* Value* Shares (000) Interest++(a) Interest++(a) Income++ - ---------------------------------------------------------------------------------------------------------------------------- QUALITY INCOME (NQU) - ---------------------------------------------------------------------------------------------------------------------------- Year Ended 10/31: 2009(b) 12.39% 8.75% $726,118 1.34%*** 1.27%*** 8.12%*** 2008 (9.55) (10.67) 687,593 1.38 1.19 7.15 2007 (2.54) 1.31 810,086 1.38 1.17 6.65 2006 8.55 7.07 839,751 1.18 1.18 6.62 2005 4.78 4.15 827,077 1.18 1.18 6.57 2004 8.76 10.07 842,093 1.20 1.20 6.83 PREMIER INCOME (NPF) - ---------------------------------------------------------------------------------------------------------------------------- Year Ended 10/31: 2009(b) 20.36 14.21 257,869 1.44*** 1.24*** 7.82*** 2008 (19.97) (17.03) 232,517 1.78 1.23 6.74 2007 2.28 .48 294,378 1.84 1.20 6.30 2006 5.93 8.20 309,140 1.24 1.24 6.27 2005 1.05 2.49 299,423 1.23 1.23 6.16 2004 4.75 9.48 311,991 1.28 1.28 6.57 ============================================================================================================================ Ratios/Supplemental Data ------------------------------------------------------------------- Ratios to Average Net Assets Applicable to Common Shares After Credit/Reimbursement/Refund** ----------------------------------------------------- Expenses Expenses Net Portfolio Including Excluding Investment Turnover Interest++(a) Interest++(a) Income++ Rate - ------------------------------------------------------------------------------------------- QUALITY INCOME (NQU) - ------------------------------------------------------------------------------------------- Year Ended 10/31: 2009(b) 1.33%*** 1.26%*** 8.13%*** 6% 2008 1.36 1.18 7.17 9 2007 1.37 1.16 6.66 5 2006 1.17 1.17 6.63 11 2005 1.17 1.17 6.57 6 2004 1.20 1.20 6.83 6 PREMIER INCOME (NPF) - ------------------------------------------------------------------------------------------- Year Ended 10/31: 2009(b) 1.43*** 1.23*** 7.83*** 5 2008 1.76 1.21 6.75 7 2007 1.82 1.18 6.32 10 2006 1.23 1.23 6.28 35 2005 1.22 1.22 6.17 20 2004 1.27 1.27 6.58 22 ===========================================================================================
* Total Return Based 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. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized. Total Return Based 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. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund's market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized. ** After custodian fee credit, expense reimbursement and legal fee refund, where applicable. *** Annualized. + 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) Interest expense arises from Fund borrowings and the application of SFAS No. 140 to certain inverse floating rate transactions entered into by the Fund as more fully described in Footnote 1 - Inverse Floating Rate Securities. (b) For the six months ended April 30, 2009. See accompanying notes to financial statements. Nuveen Investments 105 | Financial HIGHLIGHTS (continued) (Unaudited) Selected data for a Common share outstanding throughout each period:
Investment Operations ------------------------------------------------------------------------ Distributions Distributions from Net from Beginning Investment Capital Common Net Income to Gains to Share Net Realized/ Preferred Preferred Net Asset Investment Unrealized Share- Share- Value Income Gain (Loss) holders+ holders+ Total - --------------------------------------------------------------------------------------------------------------------------- HIGH INCOME OPPORTUNITY (NMZ) - --------------------------------------------------------------------------------------------------------------------------- Year Ended 10/31: 2009(e) $ 9.63 $ .53 $ (.56) $ (.03) $ -- $ (.06) 2008 15.36 1.29 (5.70) (.23) (.02) (4.66) 2007 16.00 1.23 (.65) (.24) --*** .34 2006 15.36 1.21 .65 (.19) -- 1.67 2005 14.87 1.22 .54 (.13) (.01) 1.62 2004(c) 14.33 .98 .71 (.08) -- 1.61 HIGH INCOME OPPORTUNITY 2 (NMD) - --------------------------------------------------------------------------------------------------------------------------- Year Ended 10/31: 2009(e) 9.13 .46 (.31) N/A N/A .15 2008(d) 14.33 .89 (5.27) N/A N/A (4.38) =========================================================================================================================== Less Distributions ---------------------------------------- Net Offering Investment Capital Costs and Ending Income to Gains to Preferred Common Common Common Share Share Ending Share- Share- Underwriting Net Asset Market holders holders Total Discounts Value Value - ----------------------------------------------------------------------------------------------------------------------- HIGH INCOME OPPORTUNITY (NMZ) - ----------------------------------------------------------------------------------------------------------------------- Year Ended 10/31: 2009(e) $ (.54) $ -- $ (.54) $ --*** $ 9.03 $ 10.22 2008 (.98) (.09) (1.07) --*** 9.63 11.02 2007 (.98) --*** (.98) -- 15.36 15.82 2006 (1.04) -- (1.04) .01 16.00 17.25 2005 (1.07) (.06) (1.13) -- 15.36 15.99 2004(c) (.89) -- (.89) (.18) 14.87 15.04 HIGH INCOME OPPORTUNITY 2 (NMD) - ----------------------------------------------------------------------------------------------------------------------- Year Ended 10/31: 2009(e) (.48) -- (.48) -- 8.80 9.80 2008(d) (.79) -- (.79) (.03) 9.13 10.04 =======================================================================================================================
Preferred Shares at End of Period Borrowings 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 - -------------------------------------------------------------------------------------------------------------- HIGH INCOME OPPORTUNITY (NMZ) - -------------------------------------------------------------------------------------------------------------- Year Ended 10/31: 2009(e) $ 95,000 $ 25,000 $ 81,959 $ -- $ -- 2008 155,000 25,000 62,117 -- -- 2007 155,000 25,000 83,304 -- -- 2006 155,000 25,000 85,113 -- -- 2005 155,000 25,000 82,585 -- -- 2004(c) 155,000 25,000 80,649 -- -- HIGH INCOME OPPORTUNITY 2 (NMD) - -------------------------------------------------------------------------------------------------------------- Year Ended 10/31: 2009(e) N/A N/A N/A 35,000 5,012 2008(d) N/A N/A N/A 40,000 4,619 ==============================================================================================================
106 Nuveen Investments
Ratios/Supplemental Data --------------------------------------------------------------------- Ratios to Average Net Assets Applicable to Common Shares Total Returns Before Credit/Reimbursement/Refund -------------------------- ---------------------------------------------------- Based Ending on Net Based Common Assets on Share Net Applicable Expenses Expenses Net Market Asset to Common Including Excluding Investment Value* Value* Shares (000) Interest++(a)(b) Interest++(a) Income++ - ------------------------------------------------------------------------------------------------------------------------------------ HIGH INCOME OPPORTUNITY (NMZ) - ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 10/31: 2009(e) (1.71)% .73% $ 216,444 1.94%**** 1.89%**** 12.04%**** 2008 (24.77) (32.63) 230,123 1.56 1.36 8.95 2007 (2.68) 2.14 361,484 1.50 1.28 7.31 2006 14.79 11.34 372,700 1.21 1.21 7.31 2005 14.35 11.20 357,025 1.20 1.20 7.54 2004(c) 6.49 10.38 345,023 1.15**** 1.15**** 6.75**** HIGH INCOME OPPORTUNITY 2 (NMD) - ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 10/31: 2009(e) 3.12 2.12 140,404 1.44**** 1.13**** 11.21**** 2008(d) (28.82) (32.15) 144,745 1.19**** 1.19**** 6.69**** ==================================================================================================================================== Ratios/Supplemental Data --------------------------------------------------------------------- Ratios to Average Net Assets Applicable to Common Shares After Credit/Reimbursement/Refund** ------------------------------------------------------ Expenses Expenses Net Portfolio Including Excluding Investment Turnover Interest++(a)(b) Interest++(a) Income++ Rate - --------------------------------------------------------------------------------------------------------- HIGH INCOME OPPORTUNITY (NMZ) - --------------------------------------------------------------------------------------------------------- Year Ended 10/31: 2009(e) 1.54%**** 1.49%**** 12.44%**** 10% 2008 1.08 .88 9.43 23 2007 1.04 .82 7.77 12 2006 .75 .75 7.77 9 2005 .74 .74 8.00 6 2004(c) .70**** .70**** 7.20**** 52 HIGH INCOME OPPORTUNITY 2 (NMD) - --------------------------------------------------------------------------------------------------------- Year Ended 10/31: 2009(e) 1.44**** 1.13**** 11.21**** 23 2008(d) .81**** .81**** 7.07**** 22 =========================================================================================================
N/A High Income Opportunity 2 (NMD) did not issue Preferred shares during the period November 15, 2007 (commencement of operations) through April 30, 2009. * Total Return Based 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. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized. Total Return Based 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. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund's market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized. ** After custodian fee credit, expense reimbursement and legal fee refund, where applicable. *** Rounds to less than $.01 per share. **** Annualized. + 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) Interest expense arises from Fund borrowings and the application of SFAS No. 140 to certain inverse floating rate transactions entered into by the Fund as more fully described in Footnote 1 - Inverse Floating Rate Securities. (b) Each Ratio of Expenses to Average Net Assets Applicable to Common Shares for High Income Opportunity 2 (NMD) includes the effect of the interest expense paid on Fund borrowings as more fully described in Footnote 8 - Borrowings as follows:
Ratios of Borrowings Interest Expense to Average Net Assets Applicable to Common Shares - ----------------------------------------------------------------------------------------------------- HIGH INCOME OPPORTUNITY 2 (NMD) - ----------------------------------------------------------------------------------------------------- Year Ended 10/31: 2009(e) .31%**** 2008(d) .30**** =====================================================================================================
(c) For the period November 19, 2003 (commencement of operations) through October 31, 2004. (d) For the period November 15, 2007 (commencement of operations) through October 31, 2008. (e) For the six months ended April 30, 2009. See accompanying notes to financial statements. Nuveen Investments 107 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 108 Nuveen Investments by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions. FLEXIBLE You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. Should you withdraw, you can receive a certificate for all whole shares credited to your reinvestment account and cash payment for fractional shares, or cash payment for all reinvestment account shares, less brokerage commissions and a $2.50 service fee. You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan. The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time. CALL TODAY TO START REINVESTING DIVIDENDS AND/OR DISTRIBUTIONS For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787. Nuveen Investments 109 GLOSSARY OF TERMS USED IN THIS REPORT o AUCTION RATE BOND: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have "failed", with current holders receiving a formula-based interest rate until the next scheduled auction. o AVERAGE ANNUAL TOTAL RETURN: This is a commonly used method to express an invest- ment'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 divi- dends and capital gains distributions, if any) over the time period being considered. o 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. o 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 disproportion- ately 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. 110 Nuveen Investments o 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 dura- tion of the Fund's portfolio of bonds. o MARKET YIELD (ALSO KNOWN AS DIVIDEND YIELD OR CURRENT YIELD): An investment's current annualized dividend divided by its current market price. o NET ASSET VALUE (NAV): A Fund's NAV per common share is calculated by subtracting the liabilities of the Fund (including any Preferred shares issued in order to leverage the Fund) from its total assets and then dividing the remainder by the number of common shares outstanding. Fund NAVs are calculated at the end of each business day. o 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. o ZERO COUPON BOND: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Tax-exempt income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically. Nuveen Investments 111 Notes 112 Nuveen Investments Notes Nuveen Investments 113 Notes 114 Nuveen Investments OTHER USEFUL INFORMATION BOARD OF DIRECTORS/TRUSTEES John P. Amboian Robert P. Bremner Jack B. Evans William C. Hunter David J. Kundert William J. Schneider Judith M. Stockdale Carole E. Stone Terence J. Toth 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 QUARTERLY PORTFOLIO OF INVESTMENTS AND PROXY VOTING INFORMATION You may obtain (i) each Fund's quarterly portfolio of investments, (ii) information regarding how the Funds voted proxies relating to portfolio securities held during the twelve-month period ended June 30, 2008, and (iii) a description of the policies and procedures that the Funds used to determine how to vote proxies relating to portfolio securities 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 (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 100 F Street NE, Washington, D.C. 20549. CEO CERTIFICATION DISCLOSURE Each Fund's Chief Executive Officer has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual. Each Fund has filed with the SEC the certification of its Chief Executive Officer and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act. COMMON AND PREFERRED SHARE INFORMATION Each Fund intends to repurchase and/or redeem shares of its own common or preferred stock in the future at such times and in such amounts as is deemed advisable. During the period covered by this report, the Funds repurchased and/or redeemed shares of their common and/or preferred stock as shown in the accompanying table. COMMON PREFERRED SHARES SHARES FUND REPURCHASED REDEEMED - -------------------------------------------------------------------------------- NQM -- 750 NQS -- 386 NQU -- 511 NPF 15,700 -- NMZ -- 1,800 NMD -- N/A - -------------------------------------------------------------------------------- N/A - NMD is not authorized to issue Preferred shares. Any future repurchases and/or redemptions will be reported to shareholders in the next annual or semi-annual report. Nuveen Investments 115 NUVEEN INVESTMENTS: SERVING INVESTORS FOR GENERATIONS Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions. For the past century, Nuveen Investments has adhered to the belief that the best approach to investing is to apply conservative risk-management principles to help minimize volatility. Building on this tradition, we today offer a range of high quality equity and fixed-income solutions that are integral to a well-diversified core portfolio. Our clients have come to appreciate this diversity, as well as our continued adherence to proven, long-term investing principles. WE OFFER MANY DIFFERENT INVESTING SOLUTIONS FOR OUR CLIENTS' DIFFERENT NEEDS. Nuveen Investments is a global investment management firm that seeks to help secure the long-term goals of institutions and high net worth investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets its growing range of specialized investment solutions under the high-quality brands of HydePark, NWQ, Nuveen, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, the Company managed $115 billion of assets on March 31, 2009. 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. Learn more about Nuveen Funds at: WWW.NUVEEN.COM/CEF o Share prices o Fund details o Daily financial news o Investor education o Interactive planning tools It's not what you earn, it's what you keep.(R) Distributed by Nuveen Investments, LLC 333 West Wacker Drive Chicago, IL 60606 www.nuveen.com ESA-C-0409D 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 of Directors or Trustees 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: See 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: See 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 8, 2009 ------------------------------------------------------------------- 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 8, 2009 ------------------------------------------------------------------- By (Signature and Title) /s/ Stephen D. Foy ---------------------------------------------- Stephen D. Foy Vice President and Controller (principal financial officer) Date: July 8, 2009 ------------------------------------------------------------------- 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 8, 2009 /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 8, 2009 /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, 2009 (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 8, 2009 ----------------------- /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-----