N-CSRS 1 nqm.txt NQM 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, 2010 ------------------ 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, 2010 ------------------ ------------------ ------------------ ------------------ 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 10 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 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 economic environment in which your Fund operates reflects continuing but uneven economic recovery. The U.S. and other major industrial countries are experiencing steady but comparatively low levels of economic growth, while emerging market countries are seeing a resumption of relatively strong economic expansion. The potential impact of steps being considered by many governments to counteract the extraordinary governmental spending and credit expansion to deal with the recent financial and economic crisis is injecting uncertainty into global financial markets. The implications for future tax rates, government spending, interest rates and the pace of economic recovery in the U.S. and other leading economies are extremely difficult to predict at the present time. The long term health of the global economy depends on restoring some measure of fiscal discipline around the world, but since all of the corrective steps require economic pain, it is not surprising that governments are reluctant to undertake them. In the near term, governments remain committed to furthering economic recovery and realizing a meaningful reduction in their national unemployment rates. Such an environment should produce continued economic growth and, consequently, attractive investment opportunities. Over the longer term, the larger uncertainty mentioned earlier carries the risk of unexpected potholes in the road to sustained recovery. For this reason, Nuveen's investment management teams are working hard to balance return and risk by building well-diversified portfolios, among other strategies. I encourage you to read the following commentary on the management of your Fund. As always, I also encourage you to contact your financial consultant if you have any questions about your Nuveen Fund investment. Please consult the Nuveen web site for the most recent information on your Nuveen Funds at: www.nuveen.com. On behalf of 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 Board June 21, 2010 Nuveen Investments 1 Portfolio Managers' Comments 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) Nuveen Municipal High Income Opportunity Fund 2 (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 twelve 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 joined Nuveen in 2001 with 20 years of industry experience, served as co-portfolio manager of NMD beginning in 2007 and assumed full portfolio management responsibility for this Fund as well as for NQM in March 2009. WHAT KEY STRATEGIES WERE USED TO MANAGE THESE FUNDS DURING THE SIX-MONTH REPORTING PERIOD ENDED APRIL 30, 2010? Municipal market conditions began to show general signs of improvement throughout most of the period. This trend was bolstered by the reduced issuance of tax-exempt municipal debt, due in part to the introduction of the Build America Bond program in April 2009. Build America Bonds are a new class of taxable municipal debt created as part of the February 2009 economic stimulus package. These bonds currently offer municipal issuers a federal subsidy equal to 35% of the bonds' interest payments and therefore provide issuers with an attractive alternative to traditional tax-exempt debt. For the six-month period ended April 30, 2010, taxable Build America Bond issuance totaled $48.9 billion, accounting for almost 24% of new bonds in the municipal market-place nationwide. Despite the constrained issuance of tax-exempt municipal bonds, we continued to find attractive value opportunities, taking a bottom-up approach to discovering undervalued sectors and individual credits with the potential to perform well over the long term. In NQM, NQS, NQU and NPF, we found value in several areas of the market, including general obligation (GO) and other tax-supported credits and essential services revenue 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. 2 Nuveen Investments bonds in sectors such as health care, education, transportation (specifically tollroads and airports) and water and sewer. NQM also purchased student loan and housing credits. In NMZ and NMD, we continued to take a fundamental approach to finding individual credits with strong long-term outlooks and the most attractive ratings, quality, pricing and ability to add diversity to our portfolios. Since NMZ already had a significant allocation of non-rated credits, this Fund focused on adding rated bonds in the lower investment grade categories, and non-investment grade bonds that we judged to be the equivalent of BBB and BB. Among the additions to NMZ during this period were Rhode Island tobacco bonds (rated BBB), industrial development revenue bonds backed by U.S. Steel (sub-investment grade), Texas tollroad credits (Baa2), bonds issued for a Colorado private school (A) and Texas charter school (BBB-) and project finance bonds for the new Brooklyn sports arena that will serve as the future home of the New Jersey Nets (BBB). In NMD, our purchases included bonds issued for community development districts, or "dirt deals" (land-secured bonds that finance public infrastructure costs for new developments) and continuing care retirement centers (senior living). Our focus in this Fund was on bonds in a variety of credit sectors-primarily A, BBB, and below investment grade and non-rated-in sectors that have not yet fully participated in the market rally. We believe these bonds offer strong potential for price appreciation as the economy recovers. Some of the areas of investment opportunity that we discovered during this period were created by the parameters of the Build America Bond program. For example, tax-exempt supply was usually more plentiful in the health care and higher education sectors because, as 501(c)(3) (nonprofit) organizations, hospitals and private universities generally do not qualify for the Build America Bond program and must continue to issue bonds in the tax-exempt municipal market. In addition, health care entities were active issuers during this period, as they sought to replace variable rate issuance with fixed rates. Refunding issues also are not covered by the Build America Bond program, and this resulted in attractive opportunities in sectors such as airports and tollroads. The impact of the Build America Bond program was also evident in the area of longer-term issuance, as municipal issuers sought to take full advantage of the attractive financing terms offered by these bonds. Approximately 70% of Build America Bonds were issued with maturities of 30 years or more. Even though this significantly reduced the availability of tax-exempt credits with longer maturities, we continued to find good opportunities to purchase attractive longer-term bonds for these Funds. Cash for new purchases during this period was generated primarily by the proceeds from bond calls and redemptions including pre-refunded bonds. In NMD, we took advantage of attractive opportunities to sell bonds with less advantageous structures, such as low embedded yields or short call dates, that had experienced most of their price appreciation potential. Nuveen Investments 3 As of April 30, 2010, all six of these Funds continued to use inverse floating rate securities.(1) We employ inverse floaters for a variety of reasons, including leverage, duration management and both income and total return enhancement. NMZ and NMD also continued to invest in additional types of derivative instruments(2) designed to help shorten duration and moderate interest rate risk. 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 4/30/10 6-MONTH 1-YEAR 5-YEAR 10-YEAR -------------------------------------------------------------------------------- NQM 6.22% 16.96% 4.43% 6.75% NQS 5.91% 20.30% 4.40% 6.77% NQU 5.36% 15.84% 4.25% 6.45% NPF 6.40% 16.95% 3.78% 6.19% Standard & Poor's (S&P) National Municipal Bond Index(3) 3.85% 10.04% 4.35% 5.73% Lipper General Leveraged Municipal Debt Funds Average(4) 6.90% 22.67% 3.84% 6.38% NMZ 9.90% 42.81% 2.79% N/A NMD 10.72% 43.58% N/A N/A Standard & Poor's (S&P) High-Yield Municipal Bond Index(5) 7.52% 30.27% 3.10% 5.26% Lipper High-Yield Municipal Debt Funds Average(4) 7.73% 31.62% 3.65% 5.34% -------------------------------------------------------------------------------- For the six months ended April 30, 2010, the cumulative returns on common share net asset value (NAV) for NQM, NQS, NQU and NPF exceeded the return for the Standard & Poor's (S&P) National Municipal Bond Index and lagged the average return for the Lipper General Leveraged Municipal Debt Funds Average. For the same period, NMZ and NMD outperformed both the S&P High-Yield Municipal Bond Index and the Lipper High-Yield Municipal Debt Funds Average. Key management factors that influenced the Funds' returns during this period included yield curve and duration positioning, credit exposure and sector allocation. In addition, * Six-month returns are cumulative; returns for one-year, five-year, and ten-years are annualized. Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. For additional information, see the individual Performance Overview for your Fund in this report. (1) An inverse floating rate security, also known as an inverse floater, 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 this reporting period, are further defined within the Notes to Financial Statements and Glossary of Terms Used in this Report sections of this report. (2) 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, Statements and Notes to Financial Statements sections of this report. (3) The Standard & Poor's (S&P) National Municipal Bond Index is an unleveraged, market value-weighted index designed to measure the performance of the investment-grade U.S. municipal bond market. This index does not reflect any initial or ongoing expenses and is not available for direct investment. (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: 6-months, 48 funds; 1-year, 46 funds; 5-year, 44 funds; and 10-year, 30 funds. The Lipper High-Yield Municipal Debt Funds Average is calculated using the returns of all closed end funds in this category for each period as follows: 6-months, 15 funds; 1-year, 15 funds; 5-year, 14 funds; and 10-year, 11 funds. Lipper returns account for the effects of management fees and assume reinvestment of dividends, but do not reflect any applicable sales charges. The Lipper averages are not available for direct investment. (5) The Standard & Poor's (S&P) High-Yield Municipal Bond Index comprises all of the bonds in the S&P National Municipal Bond Index that are non-rated or rated BB+ by S&P and/or Ba1 by Moody's or lower. The index does not contain bonds that are pre-refunded or escrowed to maturity. This index does not reflect any initial or ongoing expenses and is not available for direct investment. 4 Nuveen Investments the use of leverage was an important positive factor affecting each Fund's performance over this period. The impact of leverage is discussed in more detail below. During this period, bonds with longer maturities generally outperformed credits with shorter maturities, with bonds at the longest end of the yield curve posting the strongest returns. The outperformance of longer bonds was due in part to the decline in interest rates, particularly at the longer end of the curve. The scarcity of tax-exempt bonds with longer maturities also drove up price. Overall, duration and yield curve positioning were positive for the performance for all of these Funds. Credit exposure also played an important role in performance of these funds. The demand for municipal bonds increased during this period, driven by a variety of factors, including concerns about potential tax increases, the need to rebalance portfolio allocations and a growing appetite for additional risk. At the same time, the supply of new tax-exempt municipal securities declined. As investors bid up municipal bond prices, bonds rated BBB or below generally outperformed those rated AAA. On the whole, the Funds' performance benefited from their allocations to lower quality credits. Holdings that generally contributed to the Funds' performance during this period included industrial development revenue (IDR), health care and housing bonds. Revenue bonds as a whole performed well, with transportation, leasing and special tax among the sectors outperforming the general municipal market for this period. Zero coupon bonds also were among the strongest performers, as were lower-rated bonds backed by the 1998 master tobacco settlement agreement. Pre-refunded bonds, which are often backed by U.S. Treasury securities, performed relatively poorly during this period. The underperformance of these bonds can be attributed primarily to their shorter effective maturities and higher credit quality. As of April 30, 2010, NQU had significantly heavier weightings of pre-refunded bonds than NQM, NQS and especially NPF, which had the smallest allocation. Because of the shorter, high-quality nature of pre-refunded bonds, NMZ and NMD-as longer-term, higher-yielding Funds-had little or no exposure to these credits. General obligation bonds tended to lag the overall municipal market by a small margin, while water and sewer, education, electric utilities and resource recovery bonds trailed the other revenue sectors for the six months. IMPACT OF THE FUNDS' CAPITAL STRUCTURES AND LEVERAGE STRATEGIES ON PERFORMANCE One important factor impacting the returns of most of these Funds relative to the comparative index was the Funds' use of financial leverage. The Funds use leverage because their managers believe that, over time, leveraging provides opportunities for additional income and total return for common shareholders. However, use of leverage Nuveen Investments 5 also can expose common shareholders to additional volatility. For example, as the prices of securities held by a Fund decline, the negative impact of these valuation changes on common share net asset value and common shareholder total return is magnified by the use of leverage. Conversely, leverage may enhance common share returns during periods when bond prices generally are rising. Leverage made a positive contribution to the performance of these Funds over this reporting period. RECENT DEVELOPMENTS REGARDING THE FUNDS' LEVERAGED CAPITAL STRUCTURE Shortly after their inceptions, each of the Funds, except NMD, issued auction rate preferred shares (ARPS) to create financial leverage. As noted in past shareholder reports, the ARPS issued by many closed-end funds, including these Funds, have been hampered by a lack of liquidity since February 2008. Since that time, more ARPS have been submitted for sale in each of their regularly scheduled auctions than there have been offers to buy. In fact, offers to buy have been almost completely non-existent since late February 2008. This means that these auctions have "failed to clear," and that many, or all, of the ARPS shareholders who wanted to sell their shares in these auctions were unable to do so. This lack of liquidity in ARPS did not lower the credit quality of these shares, and ARPS shareholders unable to sell their shares have continued to receive distributions at the "maximum rate" applicable to failed auctions, as calculated in accordance with the pre-established terms of the ARPS. In the recent market, with short-term rates at multi-generational lows, those maximum rates also have been low. One continuing implication for common shareholders from the auction failures is that each Fund's cost of leverage likely has been incrementally higher at times than it otherwise might have been had the auctions continued to be successful. As a result, each Fund's common share earnings likely have been incrementally lower at times than they otherwise might have been. As noted in past shareholder reports, the Nuveen funds' Board of Directors/Trustees authorized several methods to refinance a portion of the Nuveen funds' outstanding ARPS. Some funds have utilized tender option bonds (TOBs), also known as floating rate securities, for leverage purposes. The amount of TOBs that a fund may use varies according to the composition of each fund's portfolio. Some funds have a greater ability to use TOBs than others. Some funds have issued Variable Rate Demand Preferred Shares (VRDP), but these issuances have been limited since it has been difficult to find liquidity providers on economically viable terms given the constrained credit environ- ment. Some funds have issued MuniFund Term Preferred Shares (MTP), a fixed rate form of preferred stock with a mandatory redemption period of five years. 6 Nuveen Investments While all these efforts have reduced the total amount of outstanding ARPS issued by the Nuveen funds, the Funds cannot provide any assurance on when the remaining outstanding ARPS might be redeemed. On April 9, 2010, twenty-six Nuveen leveraged closed-end funds, including NQM and NMZ, received a demand letter from a law firm on behalf of each fund's common shareholders, alleging that Nuveen and the fund's officers and Board of Directors/Trustees breached their fiduciary duties related to the redemption at par of the fund's ARPS. The funds' independent Board is evaluating the demand letter for each fund. As of April 30, 2010, the amounts of ARPS redeemed at par by the Funds are as shown in the accompanying table. As noted previously, NMD is an unleveraged Fund. AUCTION RATE % OF ORIGINAL PREFERRED SHARES AUCTION RATE FUND REDEEMED PREFERRED SHARES -------------------------------------------------------------------------------- NQM $90,300,000 30.0% NQS $27,725,000 9.9% NQU $65,125,000 14.4% NPF $38,150,000 23.1% NMZ $60,000,000 38.7% -------------------------------------------------------------------------------- As of April 30, 2010, 83 out of the 84 Nuveen closed-end municipal funds that had issued ARPS have redeemed at par all or a portion of these shares. These redemptions bring the total amount of Nuveen's municipal closed-end funds' ARPS redemptions to approximately $4.4 billion of the approximately $11.0 billion originally outstanding. For up-to-date information, please visit the Nuveen CEF Auction Rate Preferred Resource Center at: http://www.nuveen.com/arps. Nuveen Investments 7 Common Share Dividend and Share Price Information During the six-month reporting period ended April 30, 2010, NQM, NQS, NQU and NPF each had one monthly dividend increase, while the dividends of NMZ and NMD remained stable throughout the reporting period. Due to normal portfolio activity, common shareholders of the following Funds received capital gains or net ordinary income distributions at the end of December 2009 as follows: SHORT-TERM CAPITAL GAINS LONG-TERM CAPITAL GAINS AND/OR ORDINARY INCOME FUND (PER SHARE) (PER SHARE) -------------------------------------------------------------------------------- NQS $0.0152 -- NQU -- $0.0015 NMZ -- $0.0043 NMD -- $0.0037 -------------------------------------------------------------------------------- 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, 2010, all six Funds in this report had positive UNII balances, based upon our best estimate, for tax purposes and positive UNII balances for financial reporting purposes. COMMON SHARE REPURCHASES AND SHARE PRICE INFORMATION As of April 30, 2010, and since the inception of the Funds' repurchase program, NPF has cumulatively repurchased its outstanding common shares as shown in the accompanying table. Since the inception of the Funds' repurchase program, NQM, NQS, NQU, NMZ and NMD have not repurchased any of their outstanding common shares. COMMON SHARES % OF OUTSTANDING FUND REPURCHASED COMMON SHARES -------------------------------------------------------------------------------- NPF 202,500 1.0% -------------------------------------------------------------------------------- During the six-month reporting period, NPF did not repurchase any of its outstanding common shares. 8 Nuveen Investments SHELF EQUITY PROGRAMS During the six-month reporting period, a registration statement filed by NMZ to issue an additional 2.6 million common shares through a shelf offering became effective. On October 30, 2009, NMD filed a registration statement with the SEC authorizing the Fund to issue 1.6 million common shares through a shelf offering. Under these equity shelf programs, the Funds, subject to market conditions, may raise additional capital from time to time in varying amounts and offering methods at a net price at or above each Fund's NAV per common share. As of April 30, 2010, NMZ and NMD had cumulatively sold 2,416,666 and 622,965 common shares, respectively, though their shelf equity programs. During the six-month reporting period, NMZ and NMD sold common shares through their shelf equity programs at an average premium to NAV per common share as shown in the accompanying table. COMMON SHARES SOLD THROUGH PREMIUM TO NAV FUND SHELF OFFERING PER SHARE SOLD -------------------------------------------------------------------------------- NMZ 22,501 12.31% NMD 622,965 5.56% -------------------------------------------------------------------------------- As of April 30, 2010, the Funds' common share prices were trading at (+) premiums or (-) discounts to their common share NAVs as shown in the accompanying table. 4/30/10 SIX-MONTH AVERAGE FUND (+) PREMIUM/(-) DISCOUNT (+) PREMIUM/(-) DISCOUNT -------------------------------------------------------------------------------- NQM -3.27% -5.28% NQS +1.59% +0.93% NQU -1.44% -3.39% NPF -5.80% -7.58% NMZ +12.07% +9.66% NMD +9.88% +6.18% -------------------------------------------------------------------------------- Nuveen Investments 9 NQM Performance OVERVIEW | Nuveen Investment Quality Municipal Fund, Inc. as of April 30, 2010 FUND SNAPSHOT -------------------------------------------------------------------------------- Common Share Price $ 14.21 -------------------------------------------------------------------------------- Common Share Net Asset Value $ 14.69 -------------------------------------------------------------------------------- Premium/(Discount) to NAV -3.27% -------------------------------------------------------------------------------- Market Yield 6.33% -------------------------------------------------------------------------------- Taxable-Equivalent Yield(1) 8.79% -------------------------------------------------------------------------------- Net Assets Applicable to Common Shares ($000) $ 526,191 -------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 15.56 -------------------------------------------------------------------------------- Leverage-Adjusted Duration 10.50 -------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 6/21/90) -------------------------------------------------------------------------------- ON SHARE PRICE ON NAV -------------------------------------------------------------------------------- 6-Month (Cumulative) 11.76% 6.22% -------------------------------------------------------------------------------- 1-Year 22.96% 16.96% -------------------------------------------------------------------------------- 5-Year 5.44% 4.43% -------------------------------------------------------------------------------- 10-Year 8.01% 6.75% -------------------------------------------------------------------------------- STATES (as a % of total investments) -------------------------------------------------------------------------------- California 14.6% -------------------------------------------------------------------------------- New York 11.1% -------------------------------------------------------------------------------- Illinois 7.6% -------------------------------------------------------------------------------- Texas 7.2% -------------------------------------------------------------------------------- Minnesota 4.8% -------------------------------------------------------------------------------- District of Columbia 4.7% -------------------------------------------------------------------------------- Washington 3.8% -------------------------------------------------------------------------------- Florida 3.6% -------------------------------------------------------------------------------- Michigan 3.2% -------------------------------------------------------------------------------- Colorado 2.6% -------------------------------------------------------------------------------- Massachusetts 2.5% -------------------------------------------------------------------------------- Indiana 2.4% -------------------------------------------------------------------------------- Wisconsin 2.1% -------------------------------------------------------------------------------- Georgia 1.9% -------------------------------------------------------------------------------- Pennsylvania 1.9% -------------------------------------------------------------------------------- Tennessee 1.8% -------------------------------------------------------------------------------- Nevada 1.7% -------------------------------------------------------------------------------- South Carolina 1.6% -------------------------------------------------------------------------------- New Jersey 1.6% -------------------------------------------------------------------------------- Other 19.3% -------------------------------------------------------------------------------- PORTFOLIO COMPOSITION (as a % of total investments) -------------------------------------------------------------------------------- Health Care 18.3% -------------------------------------------------------------------------------- U.S. Guaranteed 17.3% -------------------------------------------------------------------------------- Tax Obligation/Limited 15.6% -------------------------------------------------------------------------------- Transportation 11.5% -------------------------------------------------------------------------------- Tax Obligation/General 11.1% -------------------------------------------------------------------------------- Water and Sewer 6.9% -------------------------------------------------------------------------------- Utilities 6.0% -------------------------------------------------------------------------------- Education and Civic Organizations 5.0% -------------------------------------------------------------------------------- Other 8.3% -------------------------------------------------------------------------------- CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(2) [PIE CHART] AAA/U.S. Guaranteed 33% AA 21% A 26% BBB 14% BB or Lower 2% N/R 4% 2009-2010 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE [BAR CHART] May $ 0.0635 Jun 0.0635 Jul 0.0635 Aug 0.0635 Sep 0.07 Oct 0.07 Nov 0.07 Dec 0.075 Jan 0.075 Feb 0.075 Mar 0.075 Apr 0.075 COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE [LINE CHART] 5/01/09 $ 12.23 12.28 12.38 12.54 12.49 12.59 12.05 12.09 12.4 12.4 12.43 12.53 12.67 12.79 12.79 12.57 12.81 12.98 13.3 13.595 13.64 13.82 13.93 13.74 13.17 13.21 13.13 13.27 12.82 13.01 13.14 13.4 13.39 13.3 13.28 13.32 13.52 13.57 13.71 13.83 14 13.99 13.93 13.9 14.1 14.1 14.17 14.15 14.18 14.15 14.07 14.19 4/30/10 14.21 (1) Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. (2) Ratings shown are the highest rating given by one or more national rating agencies. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Holdings designated N/R are not rated by a national rating agency. 10 Nuveen Investments NQS Performance OVERVIEW | Nuveen Select Quality Municipal Fund, Inc. as of April 30, 2010 CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(3) [PIE CHART] AAA/U.S. Guaranteed 34% AA 16% A 24% BBB 21% BB or Lower 2% N/R 3% 2009-2010 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE(2) [BAR CHART] May $ 0.074 Jun 0.074 Jul 0.074 Aug 0.074 Sep 0.075 Oct 0.075 Nov 0.075 Dec 0.082 Jan 0.082 Feb 0.082 Mar 0.082 Apr 0.082 COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE [LINE CHART] 5/01/09 $ 12.22 12.48 12.88 12.82 12.96 13.07 12.82 12.89 12.7 12.88 13.3 13.2 13.22 13.27 13.466 13.43 13.5 13.61 13.91 14.07 14.38 14.16 14.37 14.62 13.73 13.93 13.77 14 13.7 13.69 14.269 14.2 14.42 14.06 14.09 14.07 14.02 14.2697 14.59 14.64 14.61 14.61 14.38 14.43 14.5 14.3 14.46 14.64 14.68 14.74 14.74 14.95 4/30/10 14.69 FUND SNAPSHOT -------------------------------------------------------------------------------- Common Share Price $ 14.69 -------------------------------------------------------------------------------- Common Share Net Asset Value $ 14.46 -------------------------------------------------------------------------------- Premium/(Discount) to NAV 1.59% -------------------------------------------------------------------------------- Market Yield 6.70% -------------------------------------------------------------------------------- Taxable-Equivalent Yield(1) 9.31% -------------------------------------------------------------------------------- Net Assets Applicable to Common Shares ($000) $ 492,967 -------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 16.22 -------------------------------------------------------------------------------- Leverage-Adjusted Duration 10.96 -------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 3/21/91) -------------------------------------------------------------------------------- ON SHARE PRICE ON NAV -------------------------------------------------------------------------------- 6-Month (Cumulative) 10.47% 5.91% -------------------------------------------------------------------------------- 1-Year 28.66% 20.30% -------------------------------------------------------------------------------- 5-Year 6.54% 4.40% -------------------------------------------------------------------------------- 10-Year 8.42% 6.77% -------------------------------------------------------------------------------- STATES (as a % of total investments) -------------------------------------------------------------------------------- Illinois 12.7% -------------------------------------------------------------------------------- Texas 10.0% -------------------------------------------------------------------------------- Colorado 7.3% -------------------------------------------------------------------------------- New Jersey 5.2% -------------------------------------------------------------------------------- South Carolina 4.6% -------------------------------------------------------------------------------- California 4.1% -------------------------------------------------------------------------------- Nevada 3.7% -------------------------------------------------------------------------------- Ohio 3.6% -------------------------------------------------------------------------------- Tennessee 3.4% -------------------------------------------------------------------------------- Washington 3.3% -------------------------------------------------------------------------------- New Mexico 3.2% -------------------------------------------------------------------------------- North Carolina 3.2% -------------------------------------------------------------------------------- Michigan 3.0% -------------------------------------------------------------------------------- Utah 2.7% -------------------------------------------------------------------------------- Florida 2.5% -------------------------------------------------------------------------------- New York 2.3% -------------------------------------------------------------------------------- Alabama 2.0% -------------------------------------------------------------------------------- Arizona 1.9% -------------------------------------------------------------------------------- Puerto Rico 1.9% -------------------------------------------------------------------------------- Other 19.4% -------------------------------------------------------------------------------- PORTFOLIO COMPOSITION (as a % of total investments) -------------------------------------------------------------------------------- U.S. Guaranteed 20.5% -------------------------------------------------------------------------------- Health Care 19.6% -------------------------------------------------------------------------------- Utilities 14.7% -------------------------------------------------------------------------------- Transportation 13.3% -------------------------------------------------------------------------------- Tax Obligation/Limited 9.8% -------------------------------------------------------------------------------- Tax Obligation/General 8.2% -------------------------------------------------------------------------------- Consumer Staples 6.6% -------------------------------------------------------------------------------- Other 7.3% -------------------------------------------------------------------------------- (1) Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. (2) The Fund paid shareholders a capital gains distribution in December 2009 of $0.0152 per share. (3) Ratings shown are the highest rating given by one or more national rating agencies. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Holdings designated N/R are not rated by a national rating agency. Nuveen Investments 11 NQU Performance OVERVIEW | Nuveen Quality Income Municipal Fund, Inc. as of April 30, 2010 FUND SNAPSHOT -------------------------------------------------------------------------------- Common Share Price $ 14.38 -------------------------------------------------------------------------------- Common Share Net Asset Value $ 14.59 -------------------------------------------------------------------------------- Premium/(Discount) to NAV -1.44% -------------------------------------------------------------------------------- Market Yield 6.34% -------------------------------------------------------------------------------- Taxable-Equivalent Yield(1) 8.81% -------------------------------------------------------------------------------- Net Assets Applicable to Common Shares ($000) $ 791,066 -------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 15.02 -------------------------------------------------------------------------------- Leverage-Adjusted Duration 10.05 -------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 6/19/91) -------------------------------------------------------------------------------- ON SHARE PRICE ON NAV -------------------------------------------------------------------------------- 6-Month (Cumulative) 12.01% 5.36% -------------------------------------------------------------------------------- 1-Year 20.69% 15.84% -------------------------------------------------------------------------------- 5-Year 6.41% 4.25% -------------------------------------------------------------------------------- 10-Year 7.74% 6.45% -------------------------------------------------------------------------------- STATES (as a % of total investments) -------------------------------------------------------------------------------- Texas 9.8% -------------------------------------------------------------------------------- California 9.6% -------------------------------------------------------------------------------- Illinois 8.0% -------------------------------------------------------------------------------- New York 6.8% -------------------------------------------------------------------------------- Washington 6.8% -------------------------------------------------------------------------------- South Carolina 5.4% -------------------------------------------------------------------------------- Puerto Rico 5.1% -------------------------------------------------------------------------------- Nevada 4.6% -------------------------------------------------------------------------------- Massachusetts 3.9% -------------------------------------------------------------------------------- Ohio 3.9% -------------------------------------------------------------------------------- Colorado 3.5% -------------------------------------------------------------------------------- New Jersey 3.4% -------------------------------------------------------------------------------- Pennsylvania 2.7% -------------------------------------------------------------------------------- Louisiana 2.4% -------------------------------------------------------------------------------- Oklahoma 2.2% -------------------------------------------------------------------------------- Virginia 2.1% -------------------------------------------------------------------------------- Other 19.8% -------------------------------------------------------------------------------- PORTFOLIO COMPOSITION (as a % of total investments) -------------------------------------------------------------------------------- U.S. Guaranteed 28.4% -------------------------------------------------------------------------------- Tax Obligation/General 15.6% -------------------------------------------------------------------------------- Transportation 13.0% -------------------------------------------------------------------------------- Utilities 11.2% -------------------------------------------------------------------------------- Health Care 10.0% -------------------------------------------------------------------------------- Tax Obligation/Limited 8.2% -------------------------------------------------------------------------------- Consumer Staples 6.0% -------------------------------------------------------------------------------- Other 7.6% -------------------------------------------------------------------------------- CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(3) [PIE CHART] AAA/U.S. Guaranteed 47% AA 17% A 24% BBB 10% BB or Lower 1% N/R 1% 2009-2010 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE(2) [BAR CHART] May $ 0.0685 Jun 0.0685 Jul 0.0685 Aug 0.0685 Sep 0.072 Oct 0.072 Nov 0.072 Dec 0.076 Jan 0.076 Feb 0.076 Mar 0.076 Apr 0.076 COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE [LINE CHART] 5/01/09 $ 12.69 13.04 12.83 12.8 12.66 12.69 12.35 12.43 12.73 12.8 13.05 13.15 13.35 13.31 13.25 13.09 13.29 13.44 13.69 13.72 13.92 13.87 13.99 14.01 13.37 13.6 13.26 13.39 13.12 13.36 13.35 13.63 13.86 13.69 13.6 13.63 13.82 13.85 13.98 14.021 14.13 14.05 14.04 14.03 14.07 13.96 14.04 14.14 14.29 14.32 14.14 14.4 4/30/10 14.38 (1) Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. (2) The Fund paid shareholders a net ordinary income distribution in December 2009 of $0.0015 per share. (3) Ratings shown are the highest rating given by one or more national rating agencies. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Holdings designated N/R are not rated by a national rating agency. 12 Nuveen Investments NPF Performance OVERVIEW | Nuveen Premier Municipal Income Fund, Inc. as of April 30, 2010 CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(2) [PIE CHART] AAA/U.S. Guaranteed 20% AA 34% A 31% BBB 13% BB or Lower 1% N/R 1% 2009-2010 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE [BAR CHART] May $ 0.063 Jun 0.063 Jul 0.063 Aug 0.063 Sep 0.066 Oct 0.066 Nov 0.066 Dec 0.07 Jan 0.07 Feb 0.07 Mar 0.07 Apr 0.07 COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE [LINE CHART] 5/01/09 $ 11.68 11.87 12.04 12.01 11.96 12.01 11.57 11.6 11.67 11.64 11.794 11.98 12.02 12.22 12.25 12.24 12.65 12.53 12.76 13.01 13.31 13.3794 13.42 13.18 12.66 12.67 12.4 12.57 12.33 12.47 12.63 12.78 12.93 12.86 12.8305 12.96 13 13.04 13.02 13.11 13.1 13.05 12.98 13.15 13.25 13.36 13.4095 13.3566 13.27 13.31 13.2801 13.46 4/30/10 13.49 FUND SNAPSHOT -------------------------------------------------------------------------------- Common Share Price $ 13.49 -------------------------------------------------------------------------------- Common Share Net Asset Value $ 14.32 -------------------------------------------------------------------------------- Premium/(Discount) to NAV -5.80% -------------------------------------------------------------------------------- Market Yield 6.23% -------------------------------------------------------------------------------- Taxable-Equivalent Yield(1) 8.65% -------------------------------------------------------------------------------- Net Assets Applicable to Common Shares ($000) $ 284,781 -------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 14.60 -------------------------------------------------------------------------------- Leverage-Adjusted Duration 10.32 -------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 12/19/91) -------------------------------------------------------------------------------- ON SHARE PRICE ON NAV -------------------------------------------------------------------------------- 6-Month (Cumulative) 12.28% 6.40% -------------------------------------------------------------------------------- 1-Year 22.31% 16.95% -------------------------------------------------------------------------------- 5-Year 5.45% 3.78% -------------------------------------------------------------------------------- 10-Year 6.43% 6.19% -------------------------------------------------------------------------------- STATES (as a % of total investments) -------------------------------------------------------------------------------- California 13.0% -------------------------------------------------------------------------------- New York 10.4% -------------------------------------------------------------------------------- Colorado 6.9% -------------------------------------------------------------------------------- Illinois 6.7% -------------------------------------------------------------------------------- South Carolina 5.0% -------------------------------------------------------------------------------- Arizona 4.8% -------------------------------------------------------------------------------- Texas 4.4% -------------------------------------------------------------------------------- Louisiana 4.0% -------------------------------------------------------------------------------- Wisconsin 3.7% -------------------------------------------------------------------------------- Washington 3.6% -------------------------------------------------------------------------------- New Jersey 3.6% -------------------------------------------------------------------------------- Minnesota 2.8% -------------------------------------------------------------------------------- Georgia 2.8% -------------------------------------------------------------------------------- North Carolina 2.6% -------------------------------------------------------------------------------- Michigan 2.5% -------------------------------------------------------------------------------- Indiana 2.2% -------------------------------------------------------------------------------- Ohio 1.7% -------------------------------------------------------------------------------- Other 19.3% -------------------------------------------------------------------------------- PORTFOLIO COMPOSITION (as a % of total investments) -------------------------------------------------------------------------------- Tax Obligation/Limited 18.7% -------------------------------------------------------------------------------- Utilities 14.9% -------------------------------------------------------------------------------- Health Care 13.4% -------------------------------------------------------------------------------- Transportation 13.0% -------------------------------------------------------------------------------- U.S. Guaranteed 11.3% -------------------------------------------------------------------------------- Tax Obligation/General 9.3% -------------------------------------------------------------------------------- Water and Sewer 5.2% -------------------------------------------------------------------------------- Other 14.2% -------------------------------------------------------------------------------- (1) Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. (2) Ratings shown are the highest rating given by one or more national rating agencies. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Holdings designated N/R are not rated by a national rating agency. Nuveen Investments 13 NMZ Performance OVERVIEW | Nuveen Municipal High Income Opportunity Fund as of April 30, 2010 FUND SNAPSHOT -------------------------------------------------------------------------------- Common Share Price $ 13.18 -------------------------------------------------------------------------------- Common Share Net Asset Value $ 11.76 -------------------------------------------------------------------------------- Premium/(Discount) to NAV 12.07% -------------------------------------------------------------------------------- Market Yield 7.60% -------------------------------------------------------------------------------- Taxable-Equivalent Yield(2) 10.56% -------------------------------------------------------------------------------- Net Assets Applicable to Common Shares ($000) $ 304,581 -------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 22.16 -------------------------------------------------------------------------------- Leverage-Adjusted Duration 12.07 -------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 11/19/03) -------------------------------------------------------------------------------- ON SHARE PRICE ON NAV -------------------------------------------------------------------------------- 6-Month (Cumulative) 15.25% 9.90% -------------------------------------------------------------------------------- 1-Year 40.73% 42.81% -------------------------------------------------------------------------------- 5-Year 4.51% 2.79% -------------------------------------------------------------------------------- Since Inception 5.55% 4.80% -------------------------------------------------------------------------------- STATES (as a % of total investments)(1) -------------------------------------------------------------------------------- Florida 9.2% -------------------------------------------------------------------------------- Texas 8.1% -------------------------------------------------------------------------------- Indiana 7.8% -------------------------------------------------------------------------------- California 7.8% -------------------------------------------------------------------------------- Illinois 6.0% -------------------------------------------------------------------------------- Colorado 5.3% -------------------------------------------------------------------------------- Arizona 5.1% -------------------------------------------------------------------------------- Wisconsin 4.7% -------------------------------------------------------------------------------- Louisiana 4.3% -------------------------------------------------------------------------------- Ohio 3.3% -------------------------------------------------------------------------------- Michigan 3.2% -------------------------------------------------------------------------------- Tennessee 2.9% -------------------------------------------------------------------------------- Nebraska 2.5% -------------------------------------------------------------------------------- Washington 2.4% -------------------------------------------------------------------------------- Pennsylvania 2.2% -------------------------------------------------------------------------------- Missouri 2.1% -------------------------------------------------------------------------------- North Carolina 2.0% -------------------------------------------------------------------------------- New Jersey 1.9% -------------------------------------------------------------------------------- Other 19.2% -------------------------------------------------------------------------------- PORTFOLIO COMPOSITION (as a % of total investments)(1) -------------------------------------------------------------------------------- Health Care 22.0% -------------------------------------------------------------------------------- Tax Obligation/Limited 19.7% -------------------------------------------------------------------------------- Utilities 8.8% -------------------------------------------------------------------------------- Education and Civic Organizations 7.5% -------------------------------------------------------------------------------- Water and Sewer 6.9% -------------------------------------------------------------------------------- Transportation 6.8% -------------------------------------------------------------------------------- Housing/Multifamily 6.4% -------------------------------------------------------------------------------- Materials 5.4% -------------------------------------------------------------------------------- Consumer Staples 4.5% -------------------------------------------------------------------------------- Other 12.0% -------------------------------------------------------------------------------- CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(1,4) [PIE CHART] AAA/U.S. Guaranteed 4% AA 11% A 7% BBB 25% BB or Lower 13% N/R 40% 2009-2010 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE(3) [BAR CHART] May $ 0.0835 Jun 0.0835 Jul 0.0835 Aug 0.0835 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] 5/01/09 $ 10.485 10.62 10.41 10.59 10.92 11.44 10.85 10.51 10.35 10.52 10.63 10.59 10.85 11.39 11.01 10.96 11.04 11.2 11.56 12.1 12.48 12.7532 12.99 12.87 12.3 12.71 11.92 12.32 11.87 11.75 12.08 12.42 12.5076 12.14 12.3 12.6 12.82 12.69 12.5 12.55 12.5 12.31 12.25 12.44 12.55 12.53 12.7 12.81 12.9432 13.15 13.09 13.19 4/30/10 13.18 (1) Excluding investments in derivatives. (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 a net ordinary income distribution in December 2009 of $0.0043 per share. (4) Ratings shown are the highest rating given by one or more national rating agencies. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Holdings designated N/R are not rated by a national rating agency. 14 Nuveen Investments NMD Performance OVERVIEW | Nuveen Municipal High Income Opportunity Fund 2 as of April 30, 2010 CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(1,4) [PIE CHART] AAA/U.S. Guaranteed 3% AA 11% A 7% BBB 26% BB or Lower 15% N/R 38% 2009-2010 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE(3) [BAR CHART] May $ 0.08 Jun 0.08 Jul 0.08 Aug 0.08 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] 5/01/09 $ 9.99 10.36 10.1201 10.01 10.24 10.96 10.55 10.16 10.21 10.26 10.3601 10.47 10.52 10.88 11.05 10.78 11.05 11.0099 11.26 11.82 11.85 12.39 12.35 12.5099 11.8186 11.92 11.39 11.66 11.35 11.22 11.29 11.57 11.5932 11.4 11.36 11.46 12 11.98 11.9582 11.85 11.63 11.7 11.5405 11.93 12.04 12.06 12.2034 12.32 12.4 12.6 12.52 12.63 4/30/10 12.681 FUND SNAPSHOT -------------------------------------------------------------------------------- Common Share Price $ 12.68 -------------------------------------------------------------------------------- Common Share Net Asset Value $ 11.54 -------------------------------------------------------------------------------- Premium/(Discount) to NAV 9.88% -------------------------------------------------------------------------------- Market Yield 7.57% -------------------------------------------------------------------------------- Taxable-Equivalent Yield(2) 10.51% -------------------------------------------------------------------------------- Net Assets Applicable to Common Shares ($000) $ 192,931 -------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 24.09 -------------------------------------------------------------------------------- Modified Duration 10.83 -------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 11/15/07) -------------------------------------------------------------------------------- ON SHARE PRICE ON NAV -------------------------------------------------------------------------------- 6-Month (Cumulative) 16.11% 10.72% -------------------------------------------------------------------------------- 1-Year 41.25% 43.58% -------------------------------------------------------------------------------- Since Inception 1.51% -0.21% -------------------------------------------------------------------------------- STATES (as a % of total investments)(1) -------------------------------------------------------------------------------- California 12.2% -------------------------------------------------------------------------------- Florida 12.0% -------------------------------------------------------------------------------- Texas 9.7% -------------------------------------------------------------------------------- Illinois 8.8% -------------------------------------------------------------------------------- Colorado 6.2% -------------------------------------------------------------------------------- Washington 5.3% -------------------------------------------------------------------------------- Arizona 4.1% -------------------------------------------------------------------------------- New Jersey 3.6% -------------------------------------------------------------------------------- Louisiana 3.3% -------------------------------------------------------------------------------- Ohio 3.0% -------------------------------------------------------------------------------- Utah 3.0% -------------------------------------------------------------------------------- Indiana 2.8% -------------------------------------------------------------------------------- Tennessee 2.7% -------------------------------------------------------------------------------- Nevada 2.3% -------------------------------------------------------------------------------- Georgia 2.3% -------------------------------------------------------------------------------- Other 18.7% -------------------------------------------------------------------------------- PORTFOLIO COMPOSITION (as a % of total investments)(1) -------------------------------------------------------------------------------- Health Care 23.1% -------------------------------------------------------------------------------- Tax Obligation/Limited 21.3% -------------------------------------------------------------------------------- Education and Civic Organizations 13.8% -------------------------------------------------------------------------------- Utilities 7.8% -------------------------------------------------------------------------------- Transportation 6.9% -------------------------------------------------------------------------------- Consumer Discretionary 5.6% -------------------------------------------------------------------------------- Materials 4.6% -------------------------------------------------------------------------------- Consumer Staples 4.4% -------------------------------------------------------------------------------- Other 12.5% -------------------------------------------------------------------------------- (1) Excluding investments in derivatives. (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 a net ordinary income distribution in December 2009 of $0.0037 per share. (4) Ratings shown are the highest rating given by one or more national rating agencies. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Holdings designated N/R are not rated by a national rating agency. Nuveen Investments 15 NQM | Nuveen Investment Quality Municipal Fund, Inc. | Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- ALABAMA - 1.4% (0.9% OF TOTAL INVESTMENTS) $ 3,800 Alabama Special Care Facilities Financing Authority, Revenue 11/16 at 100.00 Aa1 $ 3,850,654 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 Baa2 1,174,332 800 5.000%, 11/15/30 11/15 at 100.00 Baa2 704,512 1,650 Courtland Industrial Development Board, Alabama, Pollution 6/15 at 100.00 BBB 1,523,082 Control Revenue Bonds, International Paper Company, Series 2005A, 5.000%, 6/01/25 ----------------------------------------------------------------------------------------------------------------------------------- 7,450 Total Alabama 7,252,580 ----------------------------------------------------------------------------------------------------------------------------------- ALASKA - 1.6% (1.0% OF TOTAL INVESTMENTS) 4,000 Northern Tobacco Securitization Corporation, Alaska, Tobacco 6/10 at 100.00 AAA 4,021,040 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 3,155,880 1,500 5.000%, 6/01/46 6/14 at 100.00 Baa3 1,008,345 ----------------------------------------------------------------------------------------------------------------------------------- 9,500 Total Alaska 8,185,265 ----------------------------------------------------------------------------------------------------------------------------------- ARIZONA - 2.2% (1.4% 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 200,662 265 5.250%, 12/01/25 12/15 at 100.00 BBB 265,140 2,500 Mesa, Arizona, Utility System Revenue Bonds, Reset Option 7/17 at 100.00 AAA 2,227,150 Longs, Series 11032- 11034, 14.719%, 7/01/31 - AGM Insured (IF) 5,000 Phoenix, Arizona, Civic Improvement Corporation, Senior Lien 7/18 at 100.00 AA- 5,126,500 Airport Revenue Bonds, Series 2008, Trust 1132, 9.185%, 7/01/38 (IF) 3,450 Salt Verde Financial Corporation, Arizona, Senior Gas Revenue No Opt. Call A 3,076,572 Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37 1,000 Watson Road Community Facilities District, Arizona, Special 7/16 at 100.00 N/R 812,340 Assessment Revenue Bonds, Series 2005, 6.000%, 7/01/30 ----------------------------------------------------------------------------------------------------------------------------------- 12,415 Total Arizona 11,708,364 ----------------------------------------------------------------------------------------------------------------------------------- ARKANSAS - 0.7% (0.5% OF TOTAL INVESTMENTS) 3,290 University of Arkansas, Pine Bluff Campus, Revenue Bonds, 12/15 at 100.00 Aa3 3,419,725 Series 2005A, 5.000%, 12/01/30 - AMBAC Insured 445 Van Buren County, Arkansas, Sales and Use Tax Revenue 12/10 at 100.00 N/R 451,243 Refunding and Construction Bonds, Series 2000, 5.600%, 12/01/25 - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- 3,735 Total Arkansas 3,870,968 ----------------------------------------------------------------------------------------------------------------------------------- CALIFORNIA - 22.6% (14.6% OF TOTAL INVESTMENTS) 2,250 California Educational Facilities Authority, Revenue Bonds, 10/15 at 100.00 AA+ 2,304,428 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 1,000,000 University of the Pacific, Series 2006, 5.000%, 11/01/30 2,500 California Health Facilities Financing Authority, Revenue 11/15 at 100.00 AAA 2,503,525 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+ 4,113,429 Bonds, Kaiser Permanante System, Series 2006, 5.000%, 4/01/37 5,500 California Health Facilities Financing Authority, Revenue 11/16 at 100.00 Aa3 5,069,845 Bonds, Sutter Health, Series 2007A, 5.000%, 11/15/42 (UB) 810 California State Public Works Board, Lease Revenue Bonds, 11/19 at 100.00 A2 870,288 Various Capital Projects, Series 2009I-1, 6.375%, 11/01/34
16 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- CALIFORNIA (continued) $ 1,500 California State Public Works Board, Lease Revenue Bonds, 3/20 at 100.00 A2 $ 1,542,990 Various Capital Projects, Series 2010A-1, 5.750%, 3/01/30 2,100 California State, General Obligation Bonds, Various Purpose 3/20 at 100.00 A1 2,156,679 Series 2010, 5.250%, 3/01/30 California Statewide Communities Development Authority, Revenue Bonds, American Baptist Homes of the West, Series 2010: 900 6.000%, 10/01/29 10/19 at 100.00 BBB- 880,776 1,030 6.250%, 10/01/39 10/19 at 100.00 BBB- 1,029,938 1,055 California Statewide Communities Development Authority, 1/19 at 100.00 N/R 1,044,735 School Facility Revenue Bonds, Aspire Public Schools, Series 2010, 6.000%, 7/01/40 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 915,030 2,000 5.000%, 7/01/39 7/15 at 100.00 BBB 1,680,300 1,390 California Statewide Community Development Authority, Revenue 5/18 at 100.00 Aa3 1,455,441 Bonds, Sutter Health, Tender Option Bond Trust 3175, 13.554%, 11/15/48 (IF) 1,900 Chula Vista, California, Industrial Development Revenue 6/14 at 102.00 A2 2,019,966 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 BBB 2,251,422 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) 162,860 Allocation Refunding Bonds, Redevelopment Projects 2 and 3, Series 2003A, 5.000%, 8/01/28 (Pre-refunded 8/01/13) - RAAI Insured 2,000 Glendale, California, Redevelopment Agency, Central Glendale 12/16 at 100.00 A- 2,004,280 Redevelopment Project, Tax Allocation Bonds, Series 2010, 5.500%, 12/01/24 Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1: 3,000 5.000%, 6/01/33 6/17 at 100.00 BBB 2,450,250 610 5.125%, 6/01/47 6/17 at 100.00 BBB 426,018 1,000 5.750%, 6/01/47 6/17 at 100.00 BBB 770,830 1,740 Golden State Tobacco Securitization Corporation, California, 6/22 at 100.00 BBB 1,136,046 Tobacco Settlement Asset-Backed Bonds, Series 2007A-2, 0.000%, 6/01/37 9,740 Huntington Park Redevelopment Agency, California, Single No Opt. Call AAA 13,811,710 Family Residential Mortgage Revenue Refunding Bonds, Series 1986A, 8.000%, 12/01/19 (ETM) 2,700 M-S-R Energy Authority, California, Gas Revenue Bonds, No Opt. Call A 3,192,480 Citigroup Prepay Contracts, Series 2009A, 7.000%, 11/01/34 1,030 Natomas Union School District, Sacramento County, California, No Opt. Call A 1,181,657 General Obligation Refunding Bonds, Series 1999, 5.950%, 9/01/21 - NPFG Insured 15,770 Ontario Redevelopment Financing Authority, San Bernardino No Opt. Call A 18,357,384 County, California, Revenue Refunding Bonds, Redevelopment Project 1, Series 1995, 7.400%, 8/01/25 - NPFG Insured 1,265 Palomar Pomerado Health Care District, California, 11/19 at 100.00 Baa2 1,325,682 Certificates of Participation, Series 2009, 6.750%, 11/01/39 13,145 Perris, California, GNMA Mortgage-Backed Securities Program No Opt. Call AAA 19,154,763 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) 4,027,958 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 Aa2 5,117,800 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 238,325 275 5.000%, 9/01/23 9/15 at 102.00 Baa3 257,656 660 San Francisco Redevelopment Finance Authority, California, 8/19 at 100.00 A- 710,761 Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2009C, 6.500%, 8/01/39 5,000 San Francisco Unified School District, California, General 6/17 at 100.00 AAA 4,242,550 Obligation Bonds, Series 2007A, 3.000%, 6/15/25 - AGM Insured
Nuveen Investments 17 NQM | Nuveen Investment Quality Municipal Fund, Inc. (continued) | Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- CALIFORNIA (continued) San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A: $ 6,175 0.000%, 1/15/28 - NPFG Insured No Opt. Call A $ 1,529,054 8,135 0.000%, 1/15/34 - NPFG Insured No Opt. Call A 1,255,231 17,195 0.000%, 1/15/35 - NPFG Insured No Opt. Call A 2,423,119 1,000 Sierra View Local Health Care District, Tulare County, 7/10 at 100.00 A- 1,000,060 California, Refunding Revenue Bonds, Series 1998, 5.400%, 7/01/22 3,185 University of California, General Revenue Bonds, Series 5/13 at 101.00 Aa1 3,199,460 2005G, 4.750%, 5/15/31 - NPFG Insured ----------------------------------------------------------------------------------------------------------------------------------- 134,185 Total California 118,814,726 ----------------------------------------------------------------------------------------------------------------------------------- COLORADO - 4.0% (2.6% OF TOTAL INVESTMENTS) 1,465 Colorado Health Facilities Authority, Colorado, Revenue No Opt. Call N/R 1,492,278 Bonds, American Baptist Homes Project, Series 2009A, 7.750%, 8/01/39 12,450 Denver City and County, Colorado, Airport System Revenue 11/10 at 100.00 A+ 12,748,925 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 A 2,585,060 Series 2004B, 0.000%, 3/01/36 - NPFG Insured 3,000 Park Creek Metropolitan District, Colorado, Senior Property 12/19 at 100.00 AAA 3,387,540 Tax Supported Revenue Bonds, Series 2009, 6.250%, 12/01/30 - AGC Insured 650 Public Authority for Colorado Energy, Natural Gas Purchase No Opt. Call A 715,026 Revenue Bonds, Colorado Springs Utilities, Series 2008, 6.500%, 11/15/38 ----------------------------------------------------------------------------------------------------------------------------------- 32,065 Total Colorado 20,928,829 ----------------------------------------------------------------------------------------------------------------------------------- CONNECTICUT - 0.5% (0.3% OF TOTAL INVESTMENTS) 2,500 Harbor Point Infrastructure Improvement District, 4/20 at 100.00 N/R 2,629,350 Connecticut, Special Obligation Revenue Bonds, Harbor Point Project, Series 2010A, 7.875%, 4/01/39 ----------------------------------------------------------------------------------------------------------------------------------- DISTRICT OF COLUMBIA - 7.2% (4.7% OF TOTAL INVESTMENTS) 23,745 District of Columbia Water and Sewerage Authority, Public 4/09 at 160.00 AAA 28,405,906 Utility Revenue Bonds, Series 1998, 5.500%, 10/01/23 - AGM Insured (UB) 3,000 District of Columbia, General Obligation Bonds, Series 1998B, No Opt. Call Aa2 3,529,110 6.000%, 6/01/16 - NPFG Insured 15,950 District of Columbia, Revenue Bonds, Georgetown University, 4/11 at 31.03 A (4) 4,921,213 Series 2001A, 0.000%, 4/01/31 (Pre-refunded 4/01/11) - NPFG Insured 1,200 Washington Convention Center Authority, District of Columbia, 10/16 at 100.00 AA+ 1,188,984 Senior Lien Dedicated Tax Revenue Bonds, Series 2007, Residuals 1606, 11.356%, 10/01/30 - AMBAC Insured (IF) ----------------------------------------------------------------------------------------------------------------------------------- 43,895 Total District of Columbia 38,045,213 ----------------------------------------------------------------------------------------------------------------------------------- FLORIDA - 5.6% (3.6% OF TOTAL INVESTMENTS) 1,000 Board of Regents, Florida State University, Housing Facility 5/15 at 101.00 A+ 1,019,200 Revenue Bonds, Series 2005A, 5.000%, 5/01/27 - NPFG Insured 4,230 Brevard County Health Facilities Authority, Florida, Revenue 4/16 at 100.00 A- 4,229,831 Bonds, Health First Inc. Project, Series 2005, 5.000%, 4/01/24 250 Brevard County Health Facilities Authority, Florida, Revenue 4/19 at 100.00 A- 276,328 Bonds, Health First Inc. Project, Series 2009B, 7.000%, 4/01/39 1,200 Hillsborough County Industrial Development Authority, 4/12 at 100.00 N/R 1,051,440 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 A 13,015,940 International Airport Hub, Series 2007B, 4.500%, 10/01/31 - NPFG Insured 5,895 South Miami Health Facilities Authority, Florida, Hospital 8/17 at 100.00 AA- 5,792,545 Revenue, Baptist Health System Obligation Group, Series 2007, 5.000%, 8/15/42 (UB) 1,470 Tolomato Community Development District, Florida, Special 5/14 at 101.00 N/R 1,087,991 Assessment Bonds, Series 2006, 5.400%, 5/01/37 1,905 Westchester Community Development District 1, Florida, 5/13 at 101.00 N/R 1,570,996 Special Assessment Bonds, Series 2003, 6.000%, 5/01/23
18 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- FLORIDA (continued) $ 1,250 Wyndam Park Community Development District, Florida, Special 5/13 at 101.00 A $ 1,276,688 Assessment Bonds,Series 2003, 6.375%, 5/01/34 ----------------------------------------------------------------------------------------------------------------------------------- 31,200 Total Florida 29,320,959 ----------------------------------------------------------------------------------------------------------------------------------- GEORGIA - 3.0% (1.9% OF TOTAL INVESTMENTS) 1,000 Atlanta, Georgia, Tax Allocation Bonds, Beltline Project 1/19 at 100.00 N/R 1,018,950 Series 2008A. Remarketed, 7.500%, 1/01/31 1,500 Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 11/19 at 100.00 AAA 1,566,150 2009B, 5.250%, 11/01/34 - AGM Insured 2,000 Dalton Development Authority, Georgia, Revenue Certificates, No Opt. Call A 1,961,460 Hamilton Health Care System Inc., Series 1996, 5.500%, 8/15/26 - NPFG Insured 5,980 Fulton County Development Authority, Georgia, Revenue Bonds, 9/11 at 102.00 N/R 6,215,851 Georgia State University - TUFF/Atlanta Housing LLC, Series 2001A, 5.500%, 9/01/22 - AMBAC Insured 2,500 Gainesville and Hall County Hospital Authority, Georgia, 2/20 at 100.00 A- 2,432,450 Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010A, 5.000%, 2/15/30 2,250 Georgia Municipal Electric Authority, Project One Special No Opt. Call A+ 2,667,848 Obligation Bonds, Fourth Crossover Series 1997E, 6.500%, 1/01/20 ----------------------------------------------------------------------------------------------------------------------------------- 15,230 Total Georgia 15,862,709 ----------------------------------------------------------------------------------------------------------------------------------- IDAHO - 1.7% (1.1% OF TOTAL INVESTMENTS) 4,810 Boise City, Idaho, Revenue Refunding Bonds, Series 2001A, 12/11 at 100.00 Aa2 4,987,826 5.375%, 12/01/31 - NPFG Insured 2,940 Idaho Housing and Finance Association, Single Family No Opt. Call Aa3 3,050,485 Mortgage Revenue Bonds, Series 2009BI, 5.650%, 7/01/26 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- 462,575 500 5.250%, 9/01/30 9/16 at 100.00 BBB- 458,435 ----------------------------------------------------------------------------------------------------------------------------------- 8,750 Total Idaho 8,959,321 ----------------------------------------------------------------------------------------------------------------------------------- ILLINOIS - 11.7% (7.6% OF TOTAL INVESTMENTS) 4,775 Chicago Public Building Commission, Illinois, General 3/13 at 100.00 N/R (4) 5,325,653 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 Aa1 (4) 2,185,327 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) - AGM Insured 510 Illinois Finance Authority, Revenue and Refunding Bonds, 10/19 at 100.00 Baa2 536,734 Roosevelt University Project, Series 2009, 6.500%, 4/01/44 1,125 Illinois Finance Authority, Revenue Bonds, Central DuPage 11/19 at 100.00 AA 1,173,184 Health, Series 2009B, 5.500%, 11/01/39 Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2004: 2,500 5.250%, 11/15/21 5/14 at 100.00 A 2,539,900 1,000 5.250%, 11/15/22 5/14 at 100.00 A 1,012,670 395 Illinois Finance Authority, Revenue Bonds, Proctor Hospital, 1/16 at 100.00 BB+ 342,414 Series 2006, 5.125%, 1/01/25 1,000 Illinois Finance Authority, Revenue Bonds, Provena Health, 8/19 at 100.00 BBB+ 1,133,040 Series 2009A, 7.750%, 8/15/34 1,120 Illinois Finance Authority, Revenue Bonds, Rush University 5/19 at 100.00 A- 1,211,000 Medical Center Obligated Group, Series 2009C, 6.625%, 11/01/39 1,000 Illinois Finance Authority, Revenue Bonds, Sherman Health 8/17 at 100.00 BBB 908,370 Systems, Series 2007A, 5.500%, 8/01/37 Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2009: 2,000 6.875%, 8/15/38 8/19 at 100.00 BBB 2,128,880 3,000 7.000%, 8/15/44 8/19 at 100.00 BBB 3,201,270 1,000 Illinois Finance Authority, Revenue Bonds, Southern Illinois 3/20 at 100.00 AAA 1,029,350 Healthcare Enterprises, Inc., Series 2005 Remarketed, 5.250%, 3/01/30 - AGM Insured 1,400 Illinois Finance Authority, Revenue Bonds, The University of 8/20 at 100.00 AAA 1,437,310 Chicago Medical Center, Series 2009B, 5.000%, 8/15/26 3,000 Illinois Finance Authority, Revenue Refunding Bonds, 5/19 at 100.00 BBB+ 3,059,940 Resurrection Health Care Corporation, Series 2009, 6.125%, 5/15/25 2,600 Illinois Health Facilities Authority, Revenue Bonds, Condell 5/12 at 100.00 Aaa 2,841,176 Medical Center, Series 2002, 5.500%, 5/15/32 (Pre-refunded 5/15/12)
Nuveen Investments 19 NQM | Nuveen Investment Quality Municipal Fund, Inc. (continued) | Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- ILLINOIS (continued) $ 4,000 Illinois Health Facilities Authority, Revenue Refunding 1/13 at 100.00 Baa1 $ 3,986,040 Bonds, Elmhurst Memorial Healthcare, Series 2002, 5.500%, 1/01/22 12,725 Kane, Cook and DuPage Counties School District 46, Elgin, No Opt. Call Aa3 14,142,438 Illinois, General Obligation School Bonds, Series 1997, 7.800%, 1/01/12 - AGM Insured 5,000 Madison County Community Unit School District 7, No Opt. Call N/R (4) 5,421,400 Edwardsville, Illinois, School Building Bonds, Series 1994, 5.850%, 2/01/13 - FGIC Insured (ETM) 6,015 Metropolitan Pier and Exposition Authority, Illinois, No Opt. Call A1 3,438,415 Revenue Refunding Bonds, McCormick Place Expansion Project, Series 1996A, 0.000%, 12/15/21 - NPFG Insured Will County High School District 204, Joliet, Illinois, General Obligation Bonds, Series 2001: 1,145 8.700%, 12/01/13 - AGM Insured No Opt. Call AAA 1,426,521 1,300 8.700%, 12/01/14 - AGM Insured No Opt. Call AAA 1,678,378 1,180 Will County School District 17, Channahon, Illinois, General No Opt. Call Aa3 1,456,450 Obligation School Building Bonds, Series 2001, 8.400%, 12/01/13 - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- 59,900 Total Illinois 61,615,860 ----------------------------------------------------------------------------------------------------------------------------------- INDIANA - 3.7% (2.4% OF TOTAL INVESTMENTS) 5,530 Allen County Jail Building Corporation, Indiana, First 4/11 at 101.00 N/R (4) 5,859,256 Mortgage Bonds, Series 2000, 5.750%, 4/01/20 (Pre-refunded 4/01/11) 1,050 Indiana Finance Authority, Educational Facilities Revenue 10/19 at 100.00 BBB- 1,100,789 Bonds, Drexel Foundation For Educational Excellence, Inc., Series 2009A, 7.000%, 10/01/39 1,500 Indiana Finance Authority, Hospital Refunding Revenue Bonds, 3/20 at 100.00 A- 1,441,230 Floyd Memorial Hospital and Health Services Project, Series 2010, 5.125%, 3/01/30 1,880 Indianapolis, Indiana, GNMA Collateralized Multifamily 7/10 at 102.00 Aaa 1,921,830 Housing Mortgage Revenue Bonds, Cloverleaf Apartments Project Phase I, Series 2000, 6.000%, 1/20/31 2,495 Shelbyville, Indiana, GNMA Collateralized Multifamily 7/10 at 102.00 Aaa 2,550,364 Housing Revenue Bonds, Blueridge Terrace Project, Series 2000, 6.050%, 1/20/36 St. Joseph County Hospital Authority, Indiana, Revenue Bonds, Madison Center Inc., Series 2005: 1,550 5.250%, 2/15/23 2/15 at 100.00 BB+ 1,373,409 2,500 5.375%, 2/15/34 2/15 at 100.00 BB+ 1,927,850 2,765 Wayne County Jail Holding Corporation, Indiana, First 1/13 at 101.00 A1 (4) 3,130,118 Mortgage Bonds, Series 2001, 5.750%, 7/15/14 (Pre-refunded 1/15/13) - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- 19,270 Total Indiana 19,304,846 ----------------------------------------------------------------------------------------------------------------------------------- IOWA - 1.9% (1.2% OF TOTAL INVESTMENTS) 800 Iowa Finance Authority, Health Facilities Revenue Bonds, 8/19 at 100.00 Aa3 856,376 Iowa Health System, Series 2008A, 5.625%, 8/15/37 - AGC Insured 3,000 Iowa Student Loan Liquidity Corporation, Student Loan 12/19 at 100.00 A1 3,071,670 Revenue Bonds, Refunding Series 2009-2, 5.500%, 12/01/25 8,000 Iowa Tobacco Settlement Authority, Asset Backed Settlement 6/15 at 100.00 BBB 5,908,720 Revenue Bonds, Series 2005C, 5.500%, 6/01/42 ----------------------------------------------------------------------------------------------------------------------------------- 11,800 Total Iowa 9,836,766 ----------------------------------------------------------------------------------------------------------------------------------- KANSAS - 1.1% (0.7% OF TOTAL INVESTMENTS) 1,000 Kansas Development Finance Authority, Health Facilities 11/15 at 100.00 A2 1,024,260 Revenue Bonds, Hays Medical Center Inc., Series 2005L, 5.000%, 11/15/22 600 Overland Park Transportation Development District, Kansas, 4/20 at 100.00 BBB 603,996 Sales Tax Revenue Bonds, Oak Park Mall Project, Series 2010, 5.900%, 4/01/32 (WI/DD, Settling 5/13/10) 375 Sedgwick and Shawnee Counties, Kansas, GNMA Mortgage-Backed No Opt. Call Aaa 403,474 Securities Program Single Family Revenue Bonds, Series 1997A-1, 6.950%, 6/01/29 (Alternative Minimum Tax) 2,865 Topeka, Kansas, Industrial Revenue Refunding Bonds, Sunwest 8/16 at 100.00 AAA 3,624,397 Hotel Corporation, Series 1988, 9.500%, 10/01/16 (Pre-refunded 8/15/16) (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- 4,840 Total Kansas 5,656,127 -----------------------------------------------------------------------------------------------------------------------------------
20 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- KENTUCKY - 1.1% (0.7% OF TOTAL INVESTMENTS) $ 2,000 Jefferson County, Kentucky, Health Facilities Revenue 7/10 at 100.00 A $ 2,001,640 Refunding Bonds, Jewish Hospital HealthCare Services Inc., Series 1996, 5.700%, 1/01/21 - AMBAC Insured 2,000 Kentucky Economic Development Finance Authority, Hospital 6/20 at 100.00 Baa2 2,042,360 Facilities Revenue Bonds, Owensboro Medical Health System, Series 2010A, 6.000%, 6/01/30 2,010 Louisville and Jefferson County Metropolitan Government, 10/16 at 100.00 N/R 1,896,797 Kentucky, Industrial Building Revenue Bonds, Sisters of Mercy of the Americas, Series 2006, 5.000%, 10/01/35 ----------------------------------------------------------------------------------------------------------------------------------- 6,010 Total Kentucky 5,940,797 ----------------------------------------------------------------------------------------------------------------------------------- LOUISIANA - 1.5% (1.0% OF TOTAL INVESTMENTS) 565 East Baton Rouge Mortgage Finance Authority, Louisiana, 10/10 at 100.50 Aaa 585,600 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: 475 5.550%, 6/01/32 (Alternative Minimum Tax) 12/10 at 102.00 Aaa 487,003 680 6.300%, 6/01/32 (Alternative Minimum Tax) 12/10 at 102.00 Aaa 723,384 1,000 Louisiana Local Government Environmental Facilities & 11/17 at 100.00 BB 1,031,940 Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Project, Series 2007, 6.750%, 11/01/32 3,000 Louisiana Public Facilities Authority, Hospital Revenue 8/15 at 100.00 A+ 3,001,110 Bonds, Franciscan Missionaries of Our Lady Health System, Series 2005A, 5.250%, 8/15/31 2,500 Louisiana Public Facilities Authority, Revenue Bonds, 5/17 at 100.00 Baa1 2,271,450 Ochsner Clinic Foundation Project, Series 2007A, 5.500%, 5/15/47 ----------------------------------------------------------------------------------------------------------------------------------- 8,220 Total Louisiana 8,100,487 ----------------------------------------------------------------------------------------------------------------------------------- MAINE - 0.3% (0.2% OF TOTAL INVESTMENTS) 1,665 Maine Health and Higher Educational Facilities Authority 7/20 at 100.00 Aa3 1,684,747 Revenue Bonds, Series 2010A, 5.000%, 7/01/40 ----------------------------------------------------------------------------------------------------------------------------------- MARYLAND - 0.6% (0.4% OF TOTAL INVESTMENTS) 515 Maryland Health and Higher Educational Facilities Authority, 7/20 at 100.00 BBB- 519,645 Revenue Bonds, Patterson Park Public Charter School Issue, Series 2010, 6.000%, 7/01/40 2,500 Maryland Health and Higher Educational Facilities Authority, 8/14 at 100.00 A2 2,565,675 Revenue Bonds, MedStar Health, Series 2004, 5.375%, 8/15/24 ----------------------------------------------------------------------------------------------------------------------------------- 3,015 Total Maryland 3,085,320 ----------------------------------------------------------------------------------------------------------------------------------- MASSACHUSETTS - 3.8% (2.5% OF TOTAL INVESTMENTS) 4,795 Massachusetts Development Financing Authority, Assisted 6/10 at 102.00 N/R 4,644,485 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 1,091,033 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+ 1,904,906 Revenue Bonds, UMass Memorial Health Care, Series 2001C, 6.500%, 7/01/21 1,900 Massachusetts Health and Educational Facilities Authority, 7/19 at 100.00 BBB 1,938,475 Revenue Refunding Bonds, Suffolk University Issue, Series 2009A, 5.750%, 7/01/39 2,030 Massachusetts Industrial Finance Agency, Resource Recovery 6/10 at 101.00 BBB 2,004,300 Revenue Refunding Bonds, Ogden Haverhill Project, Series 1998A, 5.600%, 12/01/19 (Alternative Minimum Tax) 5,100 Massachusetts School Building Authority, Dedicated Sales Tax 8/15 at 100.00 AAA 5,503,410 Revenue Bonds, Series 2005A, 5.000%, 8/15/23 - AGM Insured (UB) 3,120 Massachusetts Water Resources Authority, General Revenue 2/17 at 100.00 AAA 3,044,590 Bonds, Series 2007A, 4.500%, 8/01/46 - AGM Insured (UB) ----------------------------------------------------------------------------------------------------------------------------------- 19,925 Total Massachusetts 20,131,199 ----------------------------------------------------------------------------------------------------------------------------------- MICHIGAN - 4.9% (3.2% OF TOTAL INVESTMENTS) 4,250 Detroit City School District, Wayne County, Michigan, 5/12 at 100.00 AAA 4,633,180 Unlimited Tax School Building and Site Improvement Bonds, Series 2001A, 5.500%, 5/01/20 (Pre-refunded 5/01/12) - AGM Insured 2,500 Detroit, Michigan, Distributable State Aid General 11/20 at 100.00 AA- 2,496,825 Obligation Bonds, Limited Tax Series 2010, 5.000%, 11/01/30
Nuveen Investments 21 NQM | Nuveen Investment Quality Municipal Fund, Inc. (continued) | Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- MICHIGAN (continued) $ 10,215 Detroit, Michigan, Water Supply System Revenue Refunding No Opt. Call A+ $ 11,787,804 Bonds, Series 1993, 6.500%, 7/01/15 - FGIC Insured 1,350 Michigan State Building Authority, Revenue Bonds, Facilities 10/15 at 100.00 Aa3 1,402,164 Program, Series 2005II, 5.000%, 10/15/22 - AMBAC Insured 3,240 Michigan State Hospital Finance Authority, Hospital Revenue 11/19 at 100.00 A1 3,217,126 Bonds, Henry Ford Health System, Refunding Series 2009, 5.750%, 11/15/39 2,000 Michigan State Hospital Finance Authority, Revenue Bonds, 12/16 at 100.00 AA 1,981,660 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 282,169 Memorial Hospital Corporation Revenue Bonds, Series 2006, 5.500%, 6/01/35 ----------------------------------------------------------------------------------------------------------------------------------- 23,895 Total Michigan 25,800,928 ----------------------------------------------------------------------------------------------------------------------------------- MINNESOTA - 7.4% (4.8% OF TOTAL INVESTMENTS) 2,750 Cohasset, Minnesota, Pollution Control Revenue Bonds, Allete 7/14 at 100.00 A2 2,793,258 Inc., Series 2004, 4.950%, 7/01/22 5,000 Dakota and Washington Counties Housing and Redevelopment No Opt. Call AAA 6,665,750 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 628,810 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) 20,162,758 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+ 995,970 Revenue Bonds, Healtheast Inc., Series 2005, 6.000%, 11/15/25 2,000 Washington County Housing & Redevelopment Authority, 5/10 at 100.50 BB+ 1,853,520 Minnesota, Hospital Facility Revenue Bonds, Healtheast Project, Series 1998, 5.500%, 11/15/27 6,280 Washington County, Minnesota, General Obligation Bonds, 8/17 at 100.00 AAA 5,849,192 Capital Improvement Plan, Series 2007A, 3.500%, 2/01/28 ----------------------------------------------------------------------------------------------------------------------------------- 37,030 Total Minnesota 38,949,258 ----------------------------------------------------------------------------------------------------------------------------------- MISSISSIPPI - 0.6% (0.4% OF TOTAL INVESTMENTS) 1,000 Mississippi Business Finance Corporation, Pollution Control 10/10 at 100.00 BBB 999,890 Revenue Refunding Bonds, System Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22 2,275 Mississippi Hospital Equipment and Facilities Authority, 9/14 at 100.00 AA 2,335,447 Revenue Bonds, Baptist Memorial Healthcare, Series 2004B-1, 5.000%, 9/01/24 (UB) ----------------------------------------------------------------------------------------------------------------------------------- 3,275 Total Mississippi 3,335,337 ----------------------------------------------------------------------------------------------------------------------------------- MISSOURI - 1.7% (1.1% OF TOTAL INVESTMENTS) 2,000 Hanley Road Corridor Transportation Development District, 10/19 at 100.00 A- 2,055,940 Brentwood and Maplewood, Missouri, Transportation Sales Revenue Bonds, Refunding Series 2009A, 5.875%, 10/01/36 200 Hannibal Industrial Development Authority, Missouri, Health 3/16 at 100.00 BBB+ 195,964 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 Aa1 1,094,200 Missouri, General Obligation Bonds, Series 2006, 5.250%, 3/01/26 - NPFG Insured Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, Branson Landing Project, Series 2005A: 780 6.000%, 6/01/20 No Opt. Call A 853,125 1,525 5.000%, 6/01/35 6/15 at 100.00 A 1,402,405 2,985 Missouri Development Finance Board. Infrastructure 4/14 at 100.00 A 3,104,340 Facilities Revenue Bonds, City of Independence, Missouri - Events Center Project, Series 2009F, 6.250%, 4/01/38 ----------------------------------------------------------------------------------------------------------------------------------- 8,490 Total Missouri 8,705,974 ----------------------------------------------------------------------------------------------------------------------------------- NEBRASKA - 2.1% (1.4% OF TOTAL INVESTMENTS) 11,215 Lincoln, Nebraska, Electric System Revenue Bonds, Series 9/17 at 100.00 AA 11,109,803 2007A, 4.500%, 9/01/37 - FGIC Insured (UB) -----------------------------------------------------------------------------------------------------------------------------------
22 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- NEVADA - 2.7% (1.7% OF TOTAL INVESTMENTS) $ 5,000 Clark County School District, Nevada, General Obligation 6/12 at 100.00 AA (4) $ 5,480,300 Bonds, Series 2002C, 5.500%, 6/15/19 (Pre-refunded 6/15/12) - NPFG Insured 4,000 Clark County, Nevada, Airport Revenue Bonds, Subordinte Lien 1/20 at 100.00 Aa3 4,249,560 Series 2010B, 5.750%, 7/01/42 7,530 Director of Nevada State Department of Business and Industry, 1/12 at 100.00 Caa2 2,418,410 Revenue Bonds, Las Vegas Monorail Project, First Tier, Series 2000, 5.625%, 1/01/34 - AMBAC Insured (5) 1,600 Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue 6/19 at 100.00 A 1,834,304 Bonds, Series 2009A, 8.000%, 6/15/30 ----------------------------------------------------------------------------------------------------------------------------------- 18,130 Total Nevada 13,982,574 ----------------------------------------------------------------------------------------------------------------------------------- NEW HAMPSHIRE - 0.2% (0.1% OF TOTAL INVESTMENTS) 830 New Hampshire Housing Finance Authority, Single Family 7/17 at 100.00 Aa2 888,142 Mortgage Acquisition Bonds, Series 2007-E, 5.750%, 1/01/37 (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- NEW JERSEY - 2.5% (1.6% 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- 1,417,989 1,000 5.250%, 9/01/26 9/15 at 100.00 AA- 1,057,800 600 New Jersey Educational Facilities Authority, Revenue 6/19 at 100.00 Baa2 689,040 Refunding Bonds, University of Medicine and Dentistry of New Jersey, Series 2009B, 7.500%, 12/01/32 680 New Jersey Health Care Facilities Financing Authority, New 7/18 at 100.00 Baa2 678,082 Jersey, Revenue Bonds, Saint Peters University Hospital, Series 2007, 5.750%, 7/01/37 665 New Jersey Higher Education Assistance Authority, Student 6/19 at 100.00 AA 802,961 Loan Revenue Bonds, Tender Option Bond Trust PA-4643, 19.310%, 6/01/30 (IF) (6) 3,425 New Jersey Transportation Trust Fund Authority, No Opt. Call AA- 3,849,940 Transportation System Bonds, Refunding Series 2006A, 5.250%, 12/15/20 700 New Jersey Turnpike Authority, Revenue Bonds, Series 2009E, 1/19 at 100.00 A+ 734,734 5.250%, 1/01/40 1,380 Tobacco Settlement Financing Corporation, New Jersey, Tobacco 6/12 at 100.00 AAA 1,479,153 Settlement Asset-Backed Bonds, Series 2002, 5.750%, 6/01/32 (Pre-refunded 6/01/12) 3,250 Tobacco Settlement Financing Corporation, New Jersey, Tobacco 6/17 at 100.00 BBB 2,330,738 Settlement Asset-Backed Bonds, Series 2007-1A, 4.750%, 6/01/34 ----------------------------------------------------------------------------------------------------------------------------------- 13,025 Total New Jersey 13,040,437 ----------------------------------------------------------------------------------------------------------------------------------- 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 920,322 1,295 5.125%, 6/01/19 6/14 at 100.00 A3 1,337,334 ----------------------------------------------------------------------------------------------------------------------------------- 2,175 Total New Mexico 2,257,656 ----------------------------------------------------------------------------------------------------------------------------------- NEW YORK - 17.2% (11.1% OF TOTAL INVESTMENTS) Brooklyn Areba Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009: 1,945 6.000%, 7/15/30 1/20 at 100.00 BBB- 2,003,934 3,065 6.250%, 7/15/40 No Opt. Call BBB- 3,156,797 1,665 Dormitory Authority of the State of New York, State Personal 3/15 at 100.00 AAA 1,774,907 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 A 3,774,272 Bonds, Series 2006A, 4.500%, 2/15/47 - NPFG Insured 3,000 Long Island Power Authority, New York, Electric System 11/16 at 100.00 A 2,783,520 Revenue Bonds, Series 2006F, 4.250%, 5/01/33 - NPFG Insured 1,000 Metropolitan Transportation Authority, New York, Dedicated 11/19 at 100.00 AA 1,050,300 Tax Fund Bonds, Series 2009B, 5.000%, 11/15/34 2,250 Metropolitan Transportation Authority, New York, 11/15 at 100.00 A 2,301,278 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 3,272,928 Transportation Revenue Bonds, Series 2005F, 5.000%, 11/15/30
Nuveen Investments 23 NQM | Nuveen Investment Quality Municipal Fund, Inc. (continued) | Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- NEW YORK (continued) $ 7,800 New York City Municipal Water Finance Authority, New York, 12/14 at 100.00 AAA $ 8,196,630 Water and Sewerage System Revenue Bonds, Fiscal Series 2005B, 5.000%, 6/15/28 - AMBAC Insured 500 New York City Municipal Water Finance Authority, New York, 6/19 at 100.00 AA+ 606,200 Water and Sewerage System Revenue Bonds, Tender Option Bond Trust 3484, 17.554%, 6/15/39 (IF) 5,570 New York City Transitional Finance Authority, New York, 2/14 at 100.00 AAA 5,964,412 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 1,935,676 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) 3,699,861 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 4,399,710 Series 2005J, 5.000%, 3/01/25 7,000 New York City, New York, General Obligation Bonds, Fiscal 4/15 at 100.00 AA 7,360,640 Series 2005M, 5.000%, 4/01/24 (UB) 5,000 New York City, New York, General Obligation Bonds, Series 8/14 at 100.00 AA 5,542,500 2004C-1, 5.250%, 8/15/20 (UB) 5,000 New York State Municipal Bond Bank Agency, Special School 6/13 at 100.00 A+ 5,407,050 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- 5,418,306 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 4,485,431 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 A 17,524,121 Bonds, JFK International Air Terminal LLC, Sixth Series 1997, 7.000%, 12/01/12 - NPFG Insured (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- 86,300 Total New York 90,658,473 ----------------------------------------------------------------------------------------------------------------------------------- NORTH CAROLINA - 1.5% (1.0% OF TOTAL INVESTMENTS) 7,420 North Carolina Medical Care Commission, Health System Revenue 10/11 at 101.00 AA (4) 7,986,591 Bonds, Mission St. Joseph's Health System, Series 2001, 5.250%, 10/01/26 (Pre-refunded 10/01/11) ----------------------------------------------------------------------------------------------------------------------------------- OHIO - 1.3% (0.8% OF TOTAL INVESTMENTS) Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2: 3,150 5.125%, 6/01/24 6/17 at 100.00 BBB 2,909,970 530 5.875%, 6/01/30 6/17 at 100.00 BBB 448,799 525 5.750%, 6/01/34 6/17 at 100.00 BBB 413,075 1,180 5.875%, 6/01/47 6/17 at 100.00 BBB 885,732 1,000 6.500%, 6/01/47 6/17 at 100.00 BBB 824,630 800 Ohio Air Quality Development Authority, Ohio, Revenue Bonds, No Opt. Call BBB- 850,752 Ohio Valley Electric Corporation Project, Series 2009E, 5.625%, 10/01/19 250 Port of Greater Cincinnati Development Authority, Ohio, 10/16 at 100.00 N/R 235,743 Economic Development Revenue Bonds, Sisters of Mercy of the Americas, Series 2006, 5.000%, 10/01/25 ----------------------------------------------------------------------------------------------------------------------------------- 7,435 Total Ohio 6,568,701 ----------------------------------------------------------------------------------------------------------------------------------- OKLAHOMA - 1.7% (1.1% OF TOTAL INVESTMENTS) 750 Norman Regional Hospital Authority, Oklahoma, Hospital 9/16 at 100.00 BB+ 622,148 Revenue Bonds, Series 2005, 5.375%, 9/01/36 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 1,795,443 990 5.000%, 2/15/42 2/17 at 100.00 A 922,967 88 Tulsa County Industrial Authority, Oklahoma, Health Care 12/16 at 100.00 AA 88,115 Revenue Bonds, Saint Francis Health System, Series 2006, Trust 3500, 8.380%, 12/15/36 (IF) 5,280 Tulsa County Industrial Authority, Oklahoma, Health Care 12/16 at 100.00 AA 5,288,554 Revenue Bonds, Saint Francis Health System, Series 2006, 5.000%, 12/15/36 (UB) ----------------------------------------------------------------------------------------------------------------------------------- 9,008 Total Oklahoma 8,717,227 -----------------------------------------------------------------------------------------------------------------------------------
24 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- PENNSYLVANIA - 2.9% (1.9% OF TOTAL INVESTMENTS) $ 1,000 Allegheny Country Industrial Development Authority, Allegheny No Opt. Call BB $ 1,065,650 County, Pennsylvania, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2009, 6.750%, 11/01/24 2,000 Allegheny County Hospital Development Authority, 8/19 at 100.00 Aa3 2,059,540 Pennsylvania, University of Pittsburgh Medical Center Revenue Bonds, Series 2009A, 5.375%, 8/15/29 500 Bucks County Industrial Development Authority, Pennsylvania, 3/17 at 100.00 BBB 430,675 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 3,158,880 Appropriation Lease Bonds, Series 2006A, 5.000%, 6/01/26 - AGM Insured (UB) 1,000 Cumberland County Municipal Authority Revenue Bonds, 1/19 at 100.00 N/R 1,008,250 Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009, 6.125%, 1/01/29 1,500 Pennsylvania Economic Development Financing Authority, Health No Opt. Call A3 1,628,130 System Revenue Bonds , Albert Einstein Healthcare, Series 2009A, 6.250%, 10/15/23 5,125 Pennsylvania Public School Building Authority, Lease Revenue 12/16 at 100.00 AAA 4,889,968 Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 - AGM Insured (UB) 1,000 St. Mary Hospital Authority, Pennsylvania, Health System 11/14 at 100.00 A1 (4) 1,162,790 Revenue Bonds, Catholic Health East, Series 2004B, 5.500%, 11/15/24 (Pre-refunded 11/15/14) ----------------------------------------------------------------------------------------------------------------------------------- 15,125 Total Pennsylvania 15,403,883 ----------------------------------------------------------------------------------------------------------------------------------- PUERTO RICO - 1.6% (1.0% OF TOTAL INVESTMENTS) 1,500 Puerto Rico Infrastructure Financing Authority, Special 10/10 at 101.00 AAA 1,547,805 Obligation Bonds, Series 2000A, 5.500%, 10/01/40 1,225 Puerto Rico Municipal Finance Agency, Series 2005C, 5.250%, No Opt. Call A3 1,281,411 8/01/21 - CIFG Insured Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A: 1,100 6.375%, 8/01/39 8/19 at 100.00 A+ 1,238,622 2,000 6.000%, 8/01/42 8/19 at 100.00 A+ 2,169,660 14,000 Puerto Rico Sales Tax Financing Corporation, Sales Tax No Opt. Call Aa2 2,095,660 Revenue Bonds, Series 2007A, 0.000%, 8/01/42 - FGIC Insured ----------------------------------------------------------------------------------------------------------------------------------- 19,825 Total Puerto Rico 8,333,158 ----------------------------------------------------------------------------------------------------------------------------------- RHODE ISLAND - 1.3% (0.8% OF TOTAL INVESTMENTS) 2,410 Rhode Island Health and Educational Building Corporation, 5/10 at 100.00 A 2,411,494 Hospital Financing Revenue Bonds, Lifespan Obligated Group, Series 1996, 5.750%, 5/15/23 - NPFG Insured 4,315 Rhode Island Tobacco Settlement Financing Corporation, 6/12 at 100.00 BBB 4,358,409 Tobacco Settlement Asset-Backed Bonds, Series 2002A, 6.000%, 6/01/23 ----------------------------------------------------------------------------------------------------------------------------------- 6,725 Total Rhode Island 6,769,903 ----------------------------------------------------------------------------------------------------------------------------------- SOUTH CAROLINA - 2.5% (1.6% OF TOTAL INVESTMENTS) 2,000 Berkeley County School District, South Carolina, Installment 12/13 at 100.00 A1 2,056,420 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- 4,615,030 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) 1,508,982 Development Revenue Bonds, Bon Secours Health System Inc., Series 2002A, 5.625%, 11/15/30 (Pre-refunded 11/15/12) 5,145 South Carolina JOBS Economic Development Authority, Economic 11/12 at 100.00 A- 5,150,248 Development Revenue Bonds, Bon Secours Health System Inc., Series 2002B, 5.625%, 11/15/30 ----------------------------------------------------------------------------------------------------------------------------------- 12,905 Total South Carolina 13,330,680 ----------------------------------------------------------------------------------------------------------------------------------- SOUTH DAKOTA - 0.3% (0.2% OF TOTAL INVESTMENTS) 1,750 South Dakota Health and Educational Facilities Authority, 11/14 at 100.00 AA- 1,784,178 Revenue Bonds, Sioux Valley Hospitals, Series 2004A, 5.500%, 11/01/31 -----------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 25 NQM | Nuveen Investment Quality Municipal Fund, Inc. (continued) | Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- TENNESSEE - 2.8% (1.8% OF TOTAL INVESTMENTS) $ 3,200 Johnson City Health and Educational Facilities Board, 7/16 at 100.00 BBB+ $ 3,067,136 Tennessee, Revenue Bonds, Mountain States Health Alliance, Series 2006A, 5.500%, 7/01/36 5,000 Knox County Health, Educational and Housing Facilities Board, 4/12 at 101.00 A1 5,303,700 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 5,314,350 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 (8) 11/17 at 100.00 N/R 454,580 1,200 5.500%, 11/01/46 (8) 11/17 at 100.00 N/R 779,280 ----------------------------------------------------------------------------------------------------------------------------------- 15,100 Total Tennessee 14,919,046 ----------------------------------------------------------------------------------------------------------------------------------- TEXAS - 11.2% (7.2% OF TOTAL INVESTMENTS) 5,000 Board of Regents, University of Texas System, Financing 2/17 at 100.00 AAA 4,941,150 System Revenue Bonds, Series 2006F, 4.250%, 8/15/36 (UB) 1,250 Central Texas Regional Mobility Authority, Senior Lien 1/20 at 100.00 BBB- 1,267,475 Revenue Bonds, Series 2010, 5.750%, 1/01/25 11,950 Houston, Texas, Junior Lien Water and Sewerage System Revenue No Opt. Call AAA 7,287,827 Refunding Bonds, Series 1998A, 0.000%, 12/01/22 - AGM Insured (ETM) 4,680 Houston, Texas, Junior Lien Water and Sewerage System Revenue No Opt. Call AAA 2,857,655 Refunding Bonds, Series 1998A, 0.000%, 12/01/22 - AGM 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- 781,960 1,220 5.125%, 8/15/26 No Opt. Call BBB- 1,120,338 1,100 North Texas Thruway Authority, First Tier System Revenue 1/18 at 100.00 AAA 1,183,842 Refunding Bonds, Series 2008A, 5.750%, 1/01/40 - AGC Insured 3,150 North Texas Thruway Authority, Second Tier System Revenue 1/18 at 100.00 A3 3,306,902 Refunding Bonds, Series 2008, 5.750%, 1/01/38 1,100 North Texas Tollway Authority, System Revenue Bonds, First 1/19 at 100.00 A2 1,218,525 Tier Series 2009A, 6.250%, 1/01/39 2,000 Port of Bay City Authority of Matagorda County, Texas, 5/10 at 100.00 B+ 1,951,520 Revenue Bonds (Hoechst Celanese Corporation Project) Series 1996, 6.500%, 5/01/26 (Alternative Minimum Tax) 1,000 Sabine River Authority, Texas, Pollution Control Revenue 11/15 at 100.00 CCC 468,300 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 A+ 4,103,946 Revenue Bonds, Series 2000, 5.500%, 9/01/30 - FGIC Insured 7,500 Tarrant County Cultural & Educational Facilities Financing 2/17 at 100.00 AA- 7,550,925 Corporation, Texas, Revenue Bonds, Texas Health Resources, Series 2007A, 5.000%, 2/15/36 (UB) 2,965 Tarrant County Health Facilities Development Corporation, 12/10 at 105.00 Aaa 3,150,105 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%, 12/20/22 650 Texas Municipal Gas Acquisition and Supply Corporation I, Gas No Opt. Call A 706,108 Supply Revenue Bonds, Senior Lien Series 2008D, 6.250%, 12/15/26 1,620 Texas Private Activity Bond Surface Transportation 12/19 at 100.00 Baa2 1,699,639 Corporation, Senior Lien Revenue Bonds, NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project, Series 2009, 6.875%, 12/31/39 1,000 Texas Public Finance Authority, Charter School Finance 8/17 at 100.00 BBB 847,550 Corporation Revenue Bonds, Idea Public School Project, Series 2007A, 5.000%, 8/15/37 - ACA Insured 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 BBB+ 5,341,100 12,000 0.000%, 8/15/23 - AMBAC Insured No Opt. Call BBB+ 5,581,920 2,500 Tomball Hospital Authority, Texas, Hospital Revenue Bonds, 7/15 at 100.00 Baa3 2,320,525 Tomball Regional Hospital, Series 2005, 5.000%, 7/01/20 1,125 Travis County Health Facilities Development Corporation, No Opt. Call N/R 1,136,655 Texas, Revenue Bonds, Westminster Manor, Series 2010, 7.000%, 11/01/30 ----------------------------------------------------------------------------------------------------------------------------------- 76,570 Total Texas 58,823,967 -----------------------------------------------------------------------------------------------------------------------------------
26 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- VIRGIN ISLANDS - 0.2% (0.1% OF TOTAL INVESTMENTS) $ 250 Virgin Islands Public Finance Authority, Matching Fund Loan 10/19 at 100.00 Baa3 $ 260,760 Notes Revenue Bonds, Subordinate Lien Series 2009A, 6.000%, 10/01/39 820 Virgin Islands Public Finance Authority, Matching Fund 10/19 at 100.00 BBB 893,767 Revenue Loan Note - Diageo Project, Series 2009A, 6.750%, 10/01/37 ----------------------------------------------------------------------------------------------------------------------------------- 1,070 Total Virgin Islands 1,154,527 ----------------------------------------------------------------------------------------------------------------------------------- VIRGINIA - 0.5% (0.3% OF TOTAL INVESTMENTS) 1,000 Amherst Industrial Development Authority, Virginia, Revenue 9/16 at 100.00 BBB 999,930 Bonds, Sweet Briar College, Series 2006, 5.000%, 9/01/26 1,870 Virginia Beach Development Authority, Virginia, Multifamily 10/14 at 102.00 N/R 1,809,636 Residential Rental Housing Revenue Bonds, Hamptons and Hampton Court Apartments, Series 1999, 7.500%, 10/01/39 (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- 2,870 Total Virginia 2,809,566 ----------------------------------------------------------------------------------------------------------------------------------- WASHINGTON - 5.9% (3.8% OF TOTAL INVESTMENTS) 11,345 Chelan County Public Utility District 1, Washington, Columbia No Opt. Call AA 7,820,222 River-Rock Island Hydro-Electric System Revenue Refunding Bonds, Series 1997A, 0.000%, 6/01/19 - NPFG Insured 17,075 Port of Seattle, Washington, Limited Tax General Obligation 12/10 at 100.00 AAA 17,168,742 Bonds, 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 Aa2 5,269,100 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 826,060 Bonds, Northwest Hospital and Medical Center of Seattle, Series 2007, 5.700%, 12/01/32 ----------------------------------------------------------------------------------------------------------------------------------- 34,420 Total Washington 31,084,124 ----------------------------------------------------------------------------------------------------------------------------------- WEST VIRGINIA - 1.3% (0.8% OF TOTAL INVESTMENTS) 3,550 Mason County, West Virginia, Pollution Control Revenue Bonds, 10/11 at 100.00 BBB 3,585,003 Appalachian Power Company, Series 2003L, 5.500%, 10/01/22 1,950 West Virginia Hospital Finance Authority, Hospital Revenue 9/19 at 100.00 A2 2,001,831 Bonds, Charleston Area Medical Center, Series 2009A, 5.625%, 9/01/32 1,000 West Virginia Hospital Finance Authority, Hospital Revenue 10/18 at 100.00 N/R 963,620 Bonds, Thomas Health System, Inc., Series 2008, 6.500%, 10/01/38 ----------------------------------------------------------------------------------------------------------------------------------- 6,500 Total West Virginia 6,550,454 ----------------------------------------------------------------------------------------------------------------------------------- WISCONSIN - 3.2% (2.1% OF TOTAL INVESTMENTS) 4,830 Badger Tobacco Asset Securitization Corporation, Wisconsin, 6/12 at 100.00 AAA 5,172,108 Tobacco Settlement Asset-Backed Bonds, Series 2002, 6.125%, 6/01/27 (Pre-refunded 6/01/12) 815 Monroe Redevelopment Authority, Wisconsin, Development 2/19 at 100.00 A3 827,485 Revenue Bonds, The Monroe Clinic, Inc., Series 2009, 5.875%, 2/15/39 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 N/R 1,007,569 3,000 5.875%, 8/15/30 - RAAI Insured 8/10 at 101.00 N/R 2,959,469 1,150 Wisconsin Health and Educational Facilities Authority, 5/14 at 100.00 BBB+ 1,151,218 Revenue Bonds, Fort Healthcare Inc., Series 2004, 5.750%, 5/01/24 1,000 Wisconsin Health and Educational Facilities Authority, 8/16 at 100.00 BBB+ 912,969 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 4,826,273 4.750%, 5/01/25 - FGIC Insured (UB) ----------------------------------------------------------------------------------------------------------------------------------- 16,395 Total Wisconsin 16,857,091 -----------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 27 NQM | Nuveen Investment Quality Municipal Fund, Inc. (continued) | Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- WYOMING - 0.8% (0.5% OF TOTAL INVESTMENTS) $ 1,720 Sweetwater County, Wyoming, Pollution Control Revenue 8/19 at 100.00 A2 $ 1,825,160 Refunding Bonds, Idaho Power Company Project, Series 2006, 5.250%, 7/15/26 (Mandatory put 8/21/19) 2,500 Sweetwater County, Wyoming, Solid Waste Disposal Revenue 12/15 at 100.00 BBB+ 2,420,675 Bonds, FMC Corporation, Series 2005, 5.600%, 12/01/35 (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- 4,220 Total Wyoming 4,245,835 ----------------------------------------------------------------------------------------------------------------------------------- $ 877,273 Total Investments (cost $791,741,498) - 154.9% 815,001,946 ===============-------------------------------------------------------------------------------------------------------------------- Floating Rate Obligations - (17.7)% (93,297,000) ----------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 2.8% 15,185,817 ----------------------------------------------------------------------------------------------------------------- Auction Rate Preferred Shares, at Liquidation Value - (40.0)% (7) (210,700,000) ----------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 526,190,763 =================================================================================================================
(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. (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 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) Investment, or portion of investment, has been pledged as collateral for inverse floating rate transactions. (7) Auction Rate Preferred Shares, at Liquidation Value as a percentage of Total Investments is 25.9%. (8) For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Footnote 2 - Fair Value Measurements for more information. N/R Not rated. WI/DD Purchased on a when-issued or delayed delivery basis. (ETM) Escrowed to maturity. (IF) Inverse floating rate investment. (UB) Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 - Inverse Floating Rate Securities for more information. See accompanying notes to financial statements. 28 Nuveen Investments NQS | Nuveen Select Quality Municipal Fund, Inc. | Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- ALABAMA - 3.0% (2.0% OF TOTAL INVESTMENTS) $ 10,000 Lauderdale County and Florence Health Authority, Alabama, 7/10 at 102.00 A $ 9,765,500 Revenue Bonds, Coffee Health Group, Series 2000A, 6.000%, 7/01/29 - NPFG Insured 5,155 Phenix City Industrial Development Board, Alabama, 5/12 at 100.00 BBB 4,772,396 Environmental Improvement Revenue Bonds, MeadWestvaco Corporation, Series 2002A, 6.350%, 5/15/35 (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- 15,155 Total Alabama 14,537,896 ----------------------------------------------------------------------------------------------------------------------------------- ALASKA - 1.0% (0.7% OF TOTAL INVESTMENTS) 500 Alaska Housing Finance Corporation, General Housing Purpose 12/14 at 100.00 AA 517,775 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 A1 2,056,500 Peninsula Hospital Service Area, Series 2003, 5.000%, 8/01/23 - FGIC Insured 2,310 Northern Tobacco Securitization Corporation, Alaska, Tobacco 6/14 at 100.00 Baa3 2,293,114 Settlement Asset-Backed Bonds, Series 2006A, 4.625%, 6/01/23 ----------------------------------------------------------------------------------------------------------------------------------- 4,810 Total Alaska 4,867,389 ----------------------------------------------------------------------------------------------------------------------------------- ARIZONA - 2.9% (1.9% OF TOTAL INVESTMENTS) 2,300 Phoenix, Arizona, Civic Improvement Corporation, Senior Lien 7/18 at 100.00 AA- 2,341,538 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 4,082,363 District, Arizona, Electric System Revenue Bonds, Series 2003, 5.000%, 12/01/18 - NPFG Insured 8,000 Salt Verde Financial Corporation, Arizona, Senior Gas Revenue No Opt. Call A 7,134,080 Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37 750 Scottsdale Industrial Development Authority, Arizona, 9/13 at 100.00 A3 744,390 Hospital Revenue Bonds, Scottsdale Healthcare, Series 2008A, 5.250%, 9/01/30 ----------------------------------------------------------------------------------------------------------------------------------- 14,800 Total Arizona 14,302,371 ----------------------------------------------------------------------------------------------------------------------------------- ARKANSAS - 1.0% (0.7% OF TOTAL INVESTMENTS) 4,500 Little Rock, Arkansas, Hotel and Restaurant Gross Receipts No Opt. Call A2 5,125,860 Tax Refunding Bonds, Series 1993, 7.375%, 8/01/15 ----------------------------------------------------------------------------------------------------------------------------------- CALIFORNIA - 6.1% (4.1% 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 A1 934,516 4,505 0.000%, 8/01/33 - FGIC Insured No Opt. Call A1 998,443 1,110 California County Tobacco Securitization Agency, Tobacco 6/15 at 100.00 BBB 970,429 Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 5.000%, 6/01/26 550 California Pollution Control Financing Authority, Remarketed 4/11 at 102.00 A 573,392 Revenue Bonds, Pacific Gas and Electric Company, Series 1996A, 5.350%, 12/01/16 - NPFG Insured (Alternative Minimum Tax) 1,550 California Statewide Community Development Authority, Revenue 7/18 at 100.00 AA- 1,595,942 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 A1 271,570 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 Aa3 898,144 6,800 0.000%, 2/01/35 - FGIC Insured 2/15 at 34.85 Aa3 1,309,136 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 Aa1 3,834,621 11,430 0.000%, 8/01/27 - FGIC Insured 8/13 at 49.98 Aa1 4,250,931 7,000 Golden State Tobacco Securitization Corporation, California, 6/15 at 100.00 A2 5,223,400 Enhanced Tobacco Settlement Revenue Bonds, Tender Option Bonds Trust 2040, 10.360%, 6/01/45 - FGIC Insured (IF) 1,045 Lake Tahoe Unified School District, El Dorado County, No Opt. Call Aa3 268,356 California, General Obligation Bonds, Series 2001B, 0.000%, 8/01/31 - NPFG Insured
Nuveen Investments 29 NQS | Nuveen Select Quality Municipal Fund, Inc. (continued) | Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- CALIFORNIA (continued) $ 2,350 Palomar Pomerado Health Care District, California, 11/19 at 100.00 Baa2 $ 2,462,730 Certificates of Participation, Series 2009, 6.750%, 11/01/39 6,000 Placentia-Yorba Linda Unified School District, Orange County, No Opt. Call A+ 1,255,920 California, Certificates of Participation, Series 2006, 0.000%, 10/01/34 - FGIC Insured 5,000 Riverside County Asset Leasing Corporation, California, No Opt. Call A1 2,019,700 Leasehold Revenue Bonds, Riverside County Hospital Project, Series 1997, 0.000%, 6/01/25 - NPFG Insured 5,000 Santa Monica Community College District, Los Angeles County, No Opt. Call Aa1 1,989,900 California, General Obligation Bonds, Series 2005C, 0.000%, 8/01/26 - NPFG Insured 2,460 Santee School District, County, California, General No Opt. Call AAA 606,956 Obligation Bonds, Capital Appreciation, Election 2006, Series 2008D, 0.000%, 8/01/33 - AGC Insured 2,000 Yuma Community College District, California, General 8/17 at 45.45 Aa2 450,400 Obligation Bonds, Series 2007B, 0.000%, 8/01/33 - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- 72,785 Total California 29,914,486 ----------------------------------------------------------------------------------------------------------------------------------- COLORADO - 10.9% (7.3% OF TOTAL INVESTMENTS) 11,000 Colorado Department of Transportation, Revenue Anticipation 6/10 at 100.50 Aaa 11,133,980 Bonds, Series 2000, 6.000%, 6/15/15 (Pre-refunded 6/15/10) - AMBAC Insured 3,335 Colorado Health Facilities Authority, Colorado, Revenue 7/19 at 100.00 AA 3,549,574 Bonds, Catholic Health Initiatives, Series 2009A, 5.500%, 7/01/34 1,150 Colorado Health Facilities Authority, Revenue Bonds, Poudre 9/18 at 102.00 AAA 1,166,135 Valley Health System, Series 2005C, 5.250%, 3/01/40 - AGM Insured 16,995 Denver City and County, Colorado, Airport System Revenue 11/10 at 100.00 A+ 17,088,812 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 A+ 4,753,845 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- 1,245,570 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 - NPFG Insured No Opt. Call A 621,477 8,515 0.000%, 9/01/25 - NPFG Insured No Opt. Call A 3,225,993 13,000 E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, 9/20 at 45.40 A 2,601,170 Series 2004B, 0.000%, 9/01/34 - NPFG Insured 5,000 Ebert Metropolitan District, Colorado, Limited Tax General 12/17 at 100.00 N/R 3,431,000 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 4,938,911 Lien Revenue Bonds, Series 2001B, 0.000%, 6/15/26 (Pre-refunded 6/15/11) - AGM Insured ----------------------------------------------------------------------------------------------------------------------------------- 78,770 Total Colorado 53,756,467 ----------------------------------------------------------------------------------------------------------------------------------- DISTRICT OF COLUMBIA - 2.8% (1.9% OF TOTAL INVESTMENTS) District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001: 2,415 6.250%, 5/15/24 5/11 at 101.00 BBB 2,428,645 5,485 6.500%, 5/15/33 No Opt. Call BBB 5,407,497 5,000 District of Columbia, General Obligation Bonds, Series 1998B, No Opt. Call Aa2 5,965,100 6.000%, 6/01/19 - NPFG Insured ----------------------------------------------------------------------------------------------------------------------------------- 12,900 Total District of Columbia 13,801,242 ----------------------------------------------------------------------------------------------------------------------------------- FLORIDA - 3.8% (2.5% OF TOTAL INVESTMENTS) Lee County, Florida, Airport Revenue Bonds, Series 2000A: 3,075 5.875%, 10/01/18 - AGM Insured (Alternative Minimum Tax) 10/10 at 101.00 AAA 3,131,119 4,860 5.875%, 10/01/19 - AGM Insured (Alternative Minimum Tax) 10/10 at 101.00 AAA 4,945,828 9,250 Port Saint Lucie, Florida, Special Assessment Revenue Bonds, 7/17 at 100.00 A 8,260,898 Southwest Annexation District 1B, Series 2007, 5.000%, 7/01/40 - NPFG Insured 2,500 South Miami Health Facilities Authority, Florida, Revenue 8/17 at 100.00 AA- 2,326,650 Bonds, Baptist Health Systems of South Florida, Series 2007, ROLS 11151, 17.728%, 8/15/42 (IF) ----------------------------------------------------------------------------------------------------------------------------------- 19,685 Total Florida 18,664,495 -----------------------------------------------------------------------------------------------------------------------------------
30 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- GEORGIA - 0.8% (0.5% OF TOTAL INVESTMENTS) $ 3,750 Atlanta, Georgia, Airport General Revenue Bonds, Series 7/10 at 101.00 A+ $ 3,780,188 2000B, 5.625%, 1/01/30 - FGIC Insured (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- ILLINOIS - 19.0% (12.7% 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 Aa2 1,744,619 2,925 0.000%, 12/01/31 - FGIC Insured No Opt. Call Aa2 889,931 5,865 Chicago, Illinois, General Obligation Bonds, Neighborhoods 7/10 at 101.00 AAA 5,985,115 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 A2 14,856,750 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 A2 3,774,524 5,460 5.250%, 1/01/32 - AMBAC Insured (Alternative Minimum Tax) 1/11 at 101.00 A2 5,321,698 1,500 Illinois Finance Authority, Revenue Bonds, Central DuPage 11/19 at 100.00 AA 1,564,245 Health, Series 2009B, 5.500%, 11/01/39 2,000 Illinois Finance Authority, Revenue Bonds, Children's 8/18 at 100.00 AAA 2,012,120 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+ 1,003,040 Services Corporation, Series 2008A, 5.500%, 2/01/40 - AMBAC Insured 10,000 Illinois Finance Authority, Revenue Bonds, Palos Community 5/20 at 100.00 N/R 9,909,200 Hospital, Series 2010C, 5.125%, 5/15/35 (WI/DD, Settling 5/06/10) 3,975 Illinois Finance Authority, Revenue Bonds, Sherman Health 8/17 at 100.00 BBB 3,610,771 Systems, Series 2007A, 5.500%, 8/01/37 5,000 Illinois Finance Authority, Revenue Refunding Bonds, Silver 8/18 at 100.00 BBB 4,686,100 Cross Hospital and Medical Centers, Series 2008A, 5.500%, 8/15/30 10,000 Illinois Health Facilities Authority, Revenue Bonds, Condell 5/12 at 100.00 Aaa 10,978,100 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 2,046,260 Care Center I Inc., Series 2001, 5.950%, 2/20/36 4,505 Illinois Health Facilities Authority, Revenue Bonds, Sherman 8/10 at 100.00 BBB 4,505,000 Health Systems, Series 1997, 5.250%, 8/01/17 - AMBAC Insured 8,945 Lake and McHenry Counties Community Unit School District 118, 1/15 at 74.44 Aa3 5,406,984 Wauconda, Illinois, General Obligation Bonds, Series 2005B, 0.000%, 1/01/21 - AGM Insured 9,000 McHenry County Community Unit School District 200, Woodstock, No Opt. Call Aa2 5,080,230 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 - NPFG Insured No Opt. Call AAA 3,347,119 2,920 5.000%, 12/15/28 - NPFG Insured 6/12 at 101.00 AAA 2,963,683 1,100 0.000%, 12/15/35 - NPFG Insured No Opt. Call AAA 244,233 2,455 0.000%, 6/15/41 - NPFG Insured No Opt. Call AAA 388,700 7,500 Valley View Public Schools, Community Unit School District No Opt. Call AA 3,535,725 365U of Will County, Illinois, General Obligation Bonds, Series 2005, 0.000%, 11/01/25 - NPFG Insured ----------------------------------------------------------------------------------------------------------------------------------- 115,475 Total Illinois 93,854,147 ----------------------------------------------------------------------------------------------------------------------------------- INDIANA - 2.8% (1.9% OF TOTAL INVESTMENTS) 2,000 Hospital Authority of Delaware County, Indiana, Hospital 8/16 at 100.00 Baa3 1,781,060 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 1,961,340 Community Foundation of Northwest Indiana, Series 2007, 5.500%, 3/01/37 2,225 Indiana Municipal Power Agency, Power Supply Revenue Bonds, 1/17 at 100.00 A+ 2,236,125 Series 2007A, 5.000%, 1/01/42 - NPFG Insured 7,660 St. Joseph County Hospital Authority, Indiana, Revenue Bonds, 2/11 at 100.00 AA- (4) 7,979,728 Memorial Health System, Series 2000, 5.625%, 8/15/33 (Pre-refunded 2/15/11) - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- 13,885 Total Indiana 13,958,253 -----------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 31 NQS | Nuveen Select Quality Municipal Fund, Inc. (continued) | Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- IOWA - 0.5% (0.3% OF TOTAL INVESTMENTS) $ 3,100 Iowa Tobacco Settlement Authority, Asset Backed Settlement 6/15 at 100.00 BBB $ 2,319,048 Revenue Bonds, Series 2005C, 5.625%, 6/01/46 ----------------------------------------------------------------------------------------------------------------------------------- KANSAS - 0.8% (0.6% OF TOTAL INVESTMENTS) 3,790 Kansas Department of Transportation, Highway Revenue Bonds, 3/14 at 100.00 AAA 4,135,875 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 1,098,560 Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008-A1, 6.000%, 12/01/33 - AGC Insured ----------------------------------------------------------------------------------------------------------------------------------- LOUISIANA - 1.2% (0.8% OF TOTAL INVESTMENTS) 5,000 Louisiana Public Facilities Authority, Revenue Bonds, Ochsner 5/17 at 100.00 Baa1 4,487,200 Clinic Foundation Project, Series 2007A, 5.375%, 5/15/43 1,350 Tobacco Settlement Financing Corporation, Louisiana, Tobacco 5/11 at 101.00 BBB 1,351,769 Settlement Asset-Backed Bonds, Series 2001B, 5.500%, 5/15/30 ----------------------------------------------------------------------------------------------------------------------------------- 6,350 Total Louisiana 5,838,969 ----------------------------------------------------------------------------------------------------------------------------------- MASSACHUSETTS - 0.6% (0.4% OF TOTAL INVESTMENTS) 500 Massachusetts Health and Educational Facilities Authority, 7/18 at 100.00 A3 480,875 Revenue Bonds, CareGroup Inc., Series 2008E-1 &2, 5.125%, 7/01/38 2,300 Massachusetts Health and Educational Facilities Authority, 7/19 at 100.00 BBB 2,346,575 Revenue Refunding Bonds, Suffolk University Issue, Series 2009A, 5.750%, 7/01/39 ----------------------------------------------------------------------------------------------------------------------------------- 2,800 Total Massachusetts 2,827,450 ----------------------------------------------------------------------------------------------------------------------------------- MICHIGAN - 4.6% (3.0% OF TOTAL INVESTMENTS) 540 Detroit, Michigan, General Obligation Bonds, Series 2003A, 4/13 at 100.00 BB 480,028 5.250%, 4/01/19 - SYNCORA GTY Insured 3,275 Michigan State Hospital Finance Authority, Revenue Refunding 8/10 at 100.00 BB- 3,249,815 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 A2 6,001,740 Pollution Control Revenue Refunding Bonds, Fixed Rate Conversion, Detroit Edison Company, Series 1999C, 5.650%, 9/01/29 - SYNCORA GTY Insured (Alternative Minimum Tax) 7,500 Michigan Strategic Fund, Limited Obligation Revenue Refunding 12/12 at 100.00 Baa1 7,170,975 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 A1 5,507,355 Revenue Bonds, William Beaumont Hospital, Series 2001M, 5.250%, 11/15/35 - NPFG Insured ----------------------------------------------------------------------------------------------------------------------------------- 23,215 Total Michigan 22,409,913 ----------------------------------------------------------------------------------------------------------------------------------- MINNESOTA - 1.5% (1.0% OF TOTAL INVESTMENTS) 7,000 Minneapolis-St. Paul Metropolitan Airports Commission, 1/11 at 100.00 AAA 7,232,750 Minnesota, Airport Revenue Bonds, Series 2001A, 5.250%, 1/01/32 (Pre-refunded 1/01/11) - FGIC Insured ----------------------------------------------------------------------------------------------------------------------------------- MISSISSIPPI - 0.5% (0.3% OF TOTAL INVESTMENTS) 2,475 Mississippi Hospital Equipment and Facilities Authority, 9/14 at 100.00 AA 2,540,761 Revenue Bonds, Baptist Memorial Healthcare, Series 2004B-1, 5.000%, 9/01/24 (UB) ----------------------------------------------------------------------------------------------------------------------------------- MISSOURI - 0.7% (0.5% OF TOTAL INVESTMENTS) 5,000 Kansas City Municipal Assistance Corporation, Missouri, No Opt. Call AA- 1,888,150 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 1,515,420 Agency, Mass Transit Sales Tax Appropriation Bonds, Metrolink Cross County Extension Project, Series 2002B, 5.000%, 10/01/32 - AGM Insured ----------------------------------------------------------------------------------------------------------------------------------- 6,500 Total Missouri 3,403,570 ----------------------------------------------------------------------------------------------------------------------------------- NEVADA - 5.5% (3.7% OF TOTAL INVESTMENTS) 4,885 Clark County, Nevada, Limited Tax General Obligation Bank 7/10 at 100.00 Aaa 4,928,428 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 Aa3 (4) 7,648,050 Series 1999A, 6.000%, 7/01/29 (Pre-refunded 7/01/10) - NPFG Insured
32 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- NEVADA (continued) $ 1,950 Director of Nevada State Department of Business and Industry, 1/12 at 100.00 Caa2 $ 626,301 Revenue Bonds, Las Vegas Monorail Project, First Tier, Series 2000, 5.625%, 1/01/32 - AMBAC Insured (5) 2,500 Reno, Nevada, Health Facilities Revenue Bonds, Catholic 7/17 at 100.00 AA+ 2,775,700 Healthcare West, Trust 2634, 18.389%, 7/01/31 - BHAC Insured (IF) 10,750 Truckee Meadows Water Authority, Nevada, Water Revenue Bonds, 7/11 at 100.00 AAA 11,351,785 Series 2001A, 5.250%, 7/01/34 (Pre-refunded 7/01/11) - AGM Insured ----------------------------------------------------------------------------------------------------------------------------------- 27,585 Total Nevada 27,330,264 ----------------------------------------------------------------------------------------------------------------------------------- NEW HAMPSHIRE - 1.0% (0.7% OF TOTAL INVESTMENTS) 5,000 New Hampshire Business Finance Authority, Revenue Bonds, 10/19 at 100.00 BBB+ 5,087,350 Elliot Hospital Obligated Group Issue, Series 2009A, 6.125%, 10/01/39 ----------------------------------------------------------------------------------------------------------------------------------- NEW JERSEY - 7.9% (5.2% OF TOTAL INVESTMENTS) 16,840 New Jersey Health Care Facilities Financing Authority, 1/17 at 39.39 BB+ 2,265,990 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) 2,452,824 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 15,239,747 Program Revenue Bonds, Series 2000CC, 5.850%, 10/01/25 - NPFG Insured (Alternative Minimum Tax) 1,905 New Jersey Housing and Mortgage Finance Agency, Multifamily 5/10 at 100.00 A+ 1,905,724 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 5,462,000 Transportation System Bonds, Series 2006C, 0.000%, 12/15/33 - AGM Insured 6,470 Tobacco Settlement Financing Corporation, New Jersey, Tobacco 6/12 at 100.00 AAA 6,934,870 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 4,517,695 Settlement Asset-Backed Bonds, Series 2007-1A, 5.000%, 6/01/41 ----------------------------------------------------------------------------------------------------------------------------------- 68,980 Total New Jersey 38,778,850 ----------------------------------------------------------------------------------------------------------------------------------- NEW MEXICO - 4.8% (3.2% OF TOTAL INVESTMENTS) 8,500 Farmington, New Mexico, Pollution Control Revenue Refunding 10/10 at 100.00 Baa3 8,500,425 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) 8,567,280 6,200 5.500%, 8/01/30 (Pre-refunded 8/01/11) 8/11 at 101.00 AA- (4) 6,639,642 ----------------------------------------------------------------------------------------------------------------------------------- 22,700 Total New Mexico 23,707,347 ----------------------------------------------------------------------------------------------------------------------------------- NEW YORK - 3.5% (2.3% OF TOTAL INVESTMENTS) 7,000 Metropolitan Transportation Authority, New York, State 7/12 at 100.00 AA- 7,157,290 Service Contract Refunding Bonds, Series 2002A, 5.125%, 1/01/29 5,000 New York City Municipal Water Finance Authority, New York, 6/10 at 100.00 AAA 5,029,700 Water and Sewerage System Revenue Bonds, Fiscal Series 1999B, 5.000%, 6/15/29 - AGM Insured 5,135 New York State Mortgage Agency, Homeowner Mortgage Revenue 9/10 at 100.50 Aa1 5,151,278 Bonds, Series 79, 5.300%, 4/01/29 (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- 17,135 Total New York 17,338,268 ----------------------------------------------------------------------------------------------------------------------------------- NORTH CAROLINA - 4.8% (3.2% OF TOTAL INVESTMENTS) 3,000 Charlotte-Mecklenberg Hospital Authority, North Carolina, 1/18 at 100.00 AA- 3,020,760 Carolinas HealthCare System Revenue Bonds, Series 2008A, 5.000%, 1/15/47 18,555 North Carolina Eastern Municipal Power Agency, Power System 7/10 at 100.00 Baa1 18,584,317 Revenue Refunding Bonds, Series 1993B, 5.500%, 1/01/17 - FGIC Insured 1,900 North Carolina Turnpike Authority, Triangle Expressway System 1/19 at 100.00 AAA 2,039,175 Revenue Bonds, Series 2009A, 5.750%, 1/01/39 - AGC Insured ----------------------------------------------------------------------------------------------------------------------------------- 23,455 Total North Carolina 23,644,252 -----------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 33 NQS | Nuveen Select Quality Municipal Fund, Inc. (continued) | Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- OHIO - 5.4% (3.6% OF TOTAL INVESTMENTS) Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2: $ 810 5.125%, 6/01/24 6/17 at 100.00 BBB $ 748,278 3,075 5.375%, 6/01/24 6/17 at 100.00 BBB 2,913,378 2,700 5.875%, 6/01/30 6/17 at 100.00 BBB 2,286,333 2,755 5.750%, 6/01/34 6/17 at 100.00 BBB 2,167,662 7,995 5.875%, 6/01/47 6/17 at 100.00 BBB 6,001,207 14,800 Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco 6/22 at 100.00 BBB 10,004,060 Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-3, 0.000%, 6/01/37 3,750 Ohio Higher Educational Facilities Commission, Revenue Bonds, 1/17 at 100.00 A 2,455,725 University Hospitals Health System Inc., Tender Option Bond Trust 2812-1, 12.512%, 1/15/46 - AMBAC Insured (IF) 165 Ohio Housing Finance Agency, GNMA Mortgage-Backed Securities 8/10 at 100.00 Aaa 171,884 Program Residential Mortgage Revenue Bonds, Series 2000C, 6.050%, 3/01/32 (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- 36,050 Total Ohio 26,748,527 ----------------------------------------------------------------------------------------------------------------------------------- OKLAHOMA - 0.8% (0.5% OF TOTAL INVESTMENTS) 1,675 Oklahoma Development Finance Authority, Health System Revenue 8/18 at 100.00 AA- 1,746,891 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 2,238,665 John Health System, Series 2004, 5.000%, 2/15/24 ----------------------------------------------------------------------------------------------------------------------------------- 3,910 Total Oklahoma 3,985,556 ----------------------------------------------------------------------------------------------------------------------------------- PENNSYLVANIA - 2.8% (1.8% OF TOTAL INVESTMENTS) 1,250 Erie Water Authority, Pennsylvania, Water Revenue Bonds, 12/18 at 100.00 AAA 1,276,188 Series 2008, 5.000%, 12/01/43 - AGM Insured 3,250 Pennsylvania Housing Finance Agency, Single Family Mortgage 10/16 at 100.00 AA+ 3,087,435 Revenue Bonds, Series 2006-96A, 4.650%, 10/01/31 (Alternative Minimum Tax) (UB) 8,200 Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, 12/27 at 100.00 A2 5,511,138 Capital Appreciation Series 2009E, 0.000%, 12/01/38 5,000 Pennsylvania Turnpike Commission, Turnpike Subordinate 6/26 at 100.00 AAA 3,763,650 Revenue Bonds, Series 2009C, 0.000%, 6/01/33 - AGM Insured ----------------------------------------------------------------------------------------------------------------------------------- 17,700 Total Pennsylvania 13,638,411 ----------------------------------------------------------------------------------------------------------------------------------- PUERTO RICO - 2.9% (1.9% OF TOTAL INVESTMENTS) 800 Puerto Rico Public Buildings Authority, Guaranteed Government 7/17 at 100.00 A3 640,760 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 A3 (4) 2,278,716 Facilities Revenue Refunding Bonds, Series 2002D, 0.000%, 7/01/31 (Pre-refunded 7/01/17) - AMBAC Insured 12,000 Puerto Rico Sales Tax Financing Corporation, Sales Tax 8/26 at 100.00 A+ 9,641,400 Revenue Bonds, First Subordinate Series 2009A, 0.000%, 8/01/32 23,890 Puerto Rico Sales Tax Financing Corporation, Sales Tax No Opt. Call Aa2 1,506,981 Revenue Bonds, Series 2007A, 0.000%, 8/01/54 - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- 38,890 Total Puerto Rico 14,067,857 ----------------------------------------------------------------------------------------------------------------------------------- RHODE ISLAND - 1.6% (1.1% OF TOTAL INVESTMENTS) Rhode Island Housing & Mortgage Finance Corporation, Homeownership Opportunity 57-B Bond Program, Series 2008, Trust 1177: 1,500 9.509%, 10/01/27 (Alternative Minimum Tax) (IF) 4/17 at 100.00 AA+ 1,567,935 1,000 9.609%, 10/01/32 (Alternative Minimum Tax) (IF) 4/17 at 100.00 AA+ 1,029,980 5,440 Rhode Island Tobacco Settlement Financing Corporation, 6/12 at 100.00 BBB 5,276,528 Tobacco Settlement Asset-Backed Bonds, Series 2002A, 6.125%, 6/01/32 ----------------------------------------------------------------------------------------------------------------------------------- 7,940 Total Rhode Island 7,874,443 ----------------------------------------------------------------------------------------------------------------------------------- SOUTH CAROLINA - 6.9% (4.6% 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) 6,261,200 4,500 6.000%, 12/01/21 (Pre-refunded 12/01/12) 12/12 at 101.00 Aaa 5,122,800
34 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- SOUTH CAROLINA (continued) $ 3,750 Greenwood County, South Carolina, Hospital Revenue Bonds, 10/11 at 100.00 A $ 3,756,413 Self Memorial Hospital, Series 2001, 5.500%, 10/01/31 2,500 Lexington County Health Service District, South Carolina, 11/13 at 100.00 A+ (4) 2,874,650 Hospital Revenue Refunding and Improvement Bonds, Series 2003, 5.750%, 11/01/28 (Pre-refunded 11/01/13) 2,825 Medical University Hospital Authority, South Carolina, 8/14 at 100.00 A 2,947,859 FHA-Insured Mortgage Revenue Bonds, Series 2004A, 5.250%, 2/15/22 - NPFG Insured 21,565 Piedmont Municipal Power Agency, South Carolina, Electric No Opt. Call A- 7,166,481 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 1,266,513 Mortgage Revenue Bonds, Series 2000A-2, 6.000%, 7/01/20 - AGM Insured (Alternative Minimum Tax) 4,565 Tobacco Settlement Revenue Management Authority, South 5/12 at 100.00 BBB (4) 4,717,699 Carolina, Tobacco Settlement Asset-Backed Bonds, Series 2001B, 6.000%, 5/15/22 (Pre-refunded 5/15/12) ----------------------------------------------------------------------------------------------------------------------------------- 46,455 Total South Carolina 34,113,615 ----------------------------------------------------------------------------------------------------------------------------------- SOUTH DAKOTA - 1.6% (1.1% OF TOTAL INVESTMENTS) 4,375 Sioux Falls, South Dakota, Industrial Revenue Refunding 10/14 at 100.00 AAA 5,285,700 Bonds, Great Plains Hotel Corporation, Series 1989, 8.500%, 11/01/16 (Pre-refunded 10/15/14) (Alternative Minimum Tax) 1,280 South Dakota Education Loans Inc., Revenue Bonds, Subordinate 6/10 at 100.00 B3 933,709 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- 1,784,178 Revenue Bonds, Sioux Valley Hospitals, Series 2004A, 5.500%, 11/01/31 ----------------------------------------------------------------------------------------------------------------------------------- 7,405 Total South Dakota 8,003,587 ----------------------------------------------------------------------------------------------------------------------------------- TENNESSEE - 5.1% (3.4% OF TOTAL INVESTMENTS) 3,125 Johnson City Health and Educational Facilities Board, 7/20 at 100.00 BBB+ 3,160,250 Tennessee, Hospital Revenue Bonds, Mountain States Health Alliance, Refunding Series 2010A, 6.000%, 7/01/38 5,000 Knox County Health, Educational and Housing Facilities Board, 4/12 at 101.00 A1 5,303,700 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 14,598,866 Tennessee, Hospital Revenue Refunding Bonds, Covenant Health, Series 2002A, 0.000%, 1/01/17 - AGM Insured 2,000 Sullivan County Health Educational and Housing Facilities 3/13 at 100.00 N/R 1,854,900 Board, Tennessee, Revenue Bonds, Wellmont Health System, Refunding Series 2006A, 5.440%, 9/01/32 ----------------------------------------------------------------------------------------------------------------------------------- 30,185 Total Tennessee 24,917,716 ----------------------------------------------------------------------------------------------------------------------------------- TEXAS - 15.0% (10.0% OF TOTAL INVESTMENTS) 5,110 Brazos River Authority, Texas, Pollution Control Revenue 4/13 at 101.00 Caa3 3,057,364 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 7,710,391 Refunding Bonds, TXU Electric Company, Series 2001C, 5.750%, 5/01/36 (Mandatory put 11/01/11) (Alternative Minimum Tax) 1,000 Capital Area Cultural Education Facilities Finance 4/20 at 100.00 Baa2 1,005,470 Corporation, Texas, Revenue Bonds, The Roman Catholic Diocese of Austin, Series 2005B, Remarketed, 6.125%, 4/01/45 4,080 Central Texas Regional Mobility Authority, Travis and 1/15 at 100.00 A 3,644,419 Williamson Counties, Toll Road Revenue Bonds, Series 2005, 5.000%, 1/01/35 - FGIC Insured 5,500 Dallas Area Rapid Transit, Texas, Senior Lien Sales Tax 12/11 at 100.00 AAA 5,882,800 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 819,720 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 1,565,950 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 A 1,766,762 Revenue Bonds, Series 2001H, 0.000%, 11/15/31 - NPFG Insured 5,000 Houston Community College System, Texas, Limited Tax General 2/13 at 100.00 AA+ 5,219,250 Obligation Bonds, Series 2003, 5.000%, 2/15/26 - AMBAC Insured (UB) 9,000 Matagorda County Navigation District 1, Texas, Collateralized No Opt. Call BBB+ 8,702,460 Revenue Refunding Bonds, Houston Light and Power Company, Series 1997, 5.125%, 11/01/28 - AMBAC Insured (Alternative Minimum Tax)
Nuveen Investments 35 NQS | Nuveen Select Quality Municipal Fund, Inc. (continued) | Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- TEXAS (continued) $ 7,000 North Texas Thruway Authority, First Tier System Revenue 1/25 at 100.00 A2 $ 5,399,660 Refunding Bonds, Capital Appreciation Series 2008I, 0.000%, 1/01/43 340 Panhandle Regional Housing Finance Corporation, Texas, GNMA 5/10 at 100.00 N/R 344,281 Mortgage-Backed Securities Program Single Family Mortgage Revenue Bonds, Series 1991A, 7.500%, 5/01/24 (Alternative Minimum Tax) 2,210 Richardson Hospital Authority, Texas, Revenue Bonds, 12/13 at 100.00 Baa2 2,228,962 Richardson Regional Medical Center, Series 2004, 6.000%, 12/01/19 4,700 Sam Rayburn Municipal Power Agency, Texas, Power Supply 10/12 at 100.00 Baa2 4,825,020 System 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 5,733,860 Unlimited Tax Schoolhouse Bonds, Series 2001, 5.000%, 8/15/26 4,375 Tarrant County Cultural & Educational Facilities Financing 11/17 at 100.00 AA- 4,346,781 Corporation, Texas, Revenue Bonds, Tarrant County Health Resources, Series 2008, Trust 1197, 9.185%, 11/15/47 (IF) 3,335 Texas State, General Obligation Bonds, Water Financial 8/19 at 100.00 Aaa 3,915,290 Assistance, Tender Option Bond Trust 3479, 13.240%, 8/01/39 (IF) White Settlement Independent School District, Tarrant County, Texas, General Obligation Bonds, Series 2006: 9,110 0.000%, 8/15/36 8/15 at 33.75 AAA 2,358,488 9,110 0.000%, 8/15/41 8/15 at 25.73 AAA 1,787,291 7,110 0.000%, 8/15/45 8/15 at 20.76 AAA 1,121,318 1,710 Winter Garden Housing Finance Corporation, Texas, GNMA/FNMA 10/10 at 100.00 AA+ 1,712,753 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 905,060 General Obligation Bonds, Series 2005, 0.000%, 8/15/26 ----------------------------------------------------------------------------------------------------------------------------------- 105,235 Total Texas 74,053,350 ----------------------------------------------------------------------------------------------------------------------------------- UTAH - 4.0% (2.7% OF TOTAL INVESTMENTS) 3,565 Utah Associated Municipal Power Systems, Revenue Bonds, 4/13 at 100.00 AAA 3,792,697 Payson Power Project, Series 2003A, 5.000%, 4/01/24 - AGM Insured (UB) 16,050 Utah County, Utah, Hospital Revenue Bonds, IHC Health 8/10 at 100.00 A (4) 16,113,237 Services Inc., Series 1997, 5.250%, 8/15/26 - NPFG Insured (ETM) ----------------------------------------------------------------------------------------------------------------------------------- 19,615 Total Utah 19,905,934 ----------------------------------------------------------------------------------------------------------------------------------- VERMONT - 1.9% (1.2% 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 Baa1 3,802,658 4,265 6.250%, 12/01/16 - AMBAC Insured 12/10 at 101.00 Baa1 4,351,665 925 Vermont Housing Finance Agency, Single Family Housing Bonds, 5/10 at 100.00 AAA 947,431 Series 2000-13A, 5.950%, 11/01/25 - AGM Insured (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- 8,910 Total Vermont 9,101,754 ----------------------------------------------------------------------------------------------------------------------------------- VIRGINIA - 1.1% (0.8% OF TOTAL INVESTMENTS) 2,000 Fairfax County Economic Development Authority, Virginia, 10/17 at 100.00 N/R 1,925,040 Residential Care Facilities Mortgage Revenue Bonds, Goodwin House, Inc., Series 2007A, 5.125%, 10/01/42 5,000 Metropolitan Washington DC Airports Authority, Virginia, 10/26 at 100.00 AAA 3,636,150 Dulles Toll Road Revenue Bonds, Series 2009C, 0.000%, 10/01/41 - AGC Insured ----------------------------------------------------------------------------------------------------------------------------------- 7,000 Total Virginia 5,561,190 ----------------------------------------------------------------------------------------------------------------------------------- WASHINGTON - 4.9% (3.3% OF TOTAL INVESTMENTS) 8,810 Chelan County Public Utility District 1, Washington, Hydro 7/11 at 101.00 AA 8,848,500 Consolidated System Revenue Bonds, Series 2001A, 5.600%, 1/01/36 - NPFG Insured (Alternative Minimum Tax) (UB) 3,750 FYI Properties, Washington, Lease Revenue Bonds, Washington 6/19 at 100.00 AA 3,986,738 State Department of Information Services Project, Series 2009, 5.500%, 6/01/39 7,225 Port of Seattle, Washington, Special Facility Revenue Bonds, 9/10 at 101.00 A 7,282,293 Terminal 18, Series 1999B, 6.000%, 9/01/20 - NPFG Insured (Alternative Minimum Tax) 2,000 Washington Health Care Facilities Authority, Revenue Bonds, 7/19 at 100.00 A 2,065,259 Fred Hutchinson Cancer Research Center, Series 2009A, 6.000%, 1/01/33
36 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- WASHINGTON (continued) $ 2,500 Washington State Health Care Facilities Authority, Revenue No Opt. Call N/R $ 2,065,149 Bonds, Northwest Hospital and Medical Center of Seattle, Series 2007, 5.700%, 12/01/32 ----------------------------------------------------------------------------------------------------------------------------------- 24,285 Total Washington 24,247,939 ----------------------------------------------------------------------------------------------------------------------------------- WEST VIRGINIA - 1.0% (0.7% OF TOTAL INVESTMENTS) 5,000 Mason County, West Virginia, Pollution Control Revenue Bonds, 10/11 at 100.00 BBB 5,049,299 Appalachian Power Company, Series 2003L, 5.500%, 10/01/22 ----------------------------------------------------------------------------------------------------------------------------------- WISCONSIN - 2.7% (1.8% OF TOTAL INVESTMENTS) 5,950 Badger Tobacco Asset Securitization Corporation, Wisconsin, 6/12 at 100.00 AAA 6,371,438 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- 5,052,449 Bonds, Madison Gas and Electric Company Projects, Series 2002A, 5.875%, 10/01/34 (Alternative Minimum Tax) 2,100 Wisconsin Health and Educational Facilities Authority, 8/13 at 100.00 BBB+ 1,880,507 Revenue Bonds, Wheaton Franciscan Services Inc., Series 2003A, 5.125%, 8/15/33 ----------------------------------------------------------------------------------------------------------------------------------- 13,050 Total Wisconsin 13,304,394 ----------------------------------------------------------------------------------------------------------------------------------- $ 949,230 Total Investments (cost $729,434,638) - 149.9% 738,829,593 ===============-------------------------------------------------------------------------------------------------------------------- Floating Rate Obligations - (3.8)% (18,540,000) ----------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 4.9% 23,951,917 ----------------------------------------------------------------------------------------------------------------- Auction Rate Preferred Shares, at Liquidation Value - (51.0)% (6) (251,275,000) ----------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 492,966,510 =================================================================================================================
(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. (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 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) Auction Rate Preferred Shares, at Liquidation Value as a percentage of Total Investments is 34.0%. N/R Not rated. WI/DD Purchased on a when-issued or delayed delivery basis. (ETM) Escrowed to maturity. (IF) Inverse floating rate investment. (UB) Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 - Inverse Floating Rate Securities for more information. See accompanying notes to financial statements. Nuveen Investments 37 NQU | Nuveen Quality Income Municipal Fund, Inc. | Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- ALABAMA - 2.7% (1.8% 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 $ 7,811,226 6,340 5.500%, 2/01/31 (Pre-refunded 2/01/11) - FGIC Insured 2/11 at 101.00 AAA 6,596,136 6,970 5.500%, 2/01/31 (Pre-refunded 2/01/11) - FGIC Insured 2/11 at 101.00 AAA 7,283,511 ----------------------------------------------------------------------------------------------------------------------------------- 20,785 Total Alabama 21,690,873 ----------------------------------------------------------------------------------------------------------------------------------- ALASKA - 1.7% (1.1% OF TOTAL INVESTMENTS) 6,110 Alaska Housing Finance Corporation, General Housing Purpose 12/14 at 100.00 AA 6,306,620 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 7,394,530 Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/46 ----------------------------------------------------------------------------------------------------------------------------------- 17,110 Total Alaska 13,701,150 ----------------------------------------------------------------------------------------------------------------------------------- ARIZONA - 2.2% (1.4% OF TOTAL INVESTMENTS) 5,350 Arizona Tourism and Sports Authority, Tax Revenue Bonds, 7/13 at 100.00 A1 5,365,141 Multipurpose Stadium Facility Project, Series 2003A, 5.000%, 7/01/28 - NPFG Insured 1,000 Mesa, Arizona, Utility System Revenue Refunding Bonds, Series No Opt. Call Aa2 1,135,850 2002, 5.250%, 7/01/17 - FGIC Insured 2,350 Phoenix, Arizona, Civic Improvement Corporation, Senior Lien 7/18 at 100.00 AA- 2,392,441 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 8,254,385 District, Arizona, Electric System Revenue Refunding Bonds, Series 2002A, 5.125%, 1/01/27 ----------------------------------------------------------------------------------------------------------------------------------- 16,710 Total Arizona 17,147,817 ----------------------------------------------------------------------------------------------------------------------------------- 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 681,650 19,800 0.000%, 7/01/46 - AMBAC Insured No Opt. Call Aa3 3,090,186 4,000 University of Arkansas, Fayetteville, Revenue Bonds, Medical 11/14 at 100.00 Aa3 4,106,920 Sciences Campus, Series 2004B, 5.000%, 11/01/34 - NPFG Insured ----------------------------------------------------------------------------------------------------------------------------------- 26,300 Total Arkansas 7,878,756 ----------------------------------------------------------------------------------------------------------------------------------- CALIFORNIA - 14.7% (9.6% OF TOTAL INVESTMENTS) 12,500 Anaheim Public Finance Authority, California, Subordinate No Opt. Call AAA 2,454,000 Lease Revenue Bonds, Public Improvement Project, Series 1997C, 0.000%, 9/01/35 - AGM Insured 1,000 California Department of Water Resources, Power Supply 5/12 at 101.00 Aaa 1,109,800 Revenue Bonds, Series 2002A, 5.750%, 5/01/17 (Pre-refunded 5/01/12) 6,000 California Health Facilities Financing Authority, Health 3/13 at 100.00 A 5,832,480 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- 3,361,818 Bonds, J. David Gladstone Institutes, Series 2001, 5.250%, 10/01/34 3,500 California State, General Obligation Bonds, Various Purpose 3/20 at 100.00 A1 3,594,465 Series 2010, 5.250%, 3/01/30 1,360 California Statewide Community Development Authority, Revenue 7/15 at 100.00 BBB 1,244,441 Bonds, Daughters of Charity Health System, Series 2005A, 5.250%, 7/01/30 3,600 California Statewide Community Development Authority, Revenue 7/18 at 100.00 AA- 3,706,704 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 A1 14,794,618 2/01/28 25,000 California, General Obligation Bonds, Series 2005, 4.750%, 3/16 at 100.00 A1 23,639,250 3/01/35 - NPFG Insured 10,000 California, Various Purpose General Obligation Bonds, Series 10/10 at 100.00 A1 9,779,800 1999, 4.750%, 4/01/29 - NPFG Insured 16,000 California, Various Purpose General Obligation Bonds, Series 6/17 at 100.00 A1 15,881,920 2007, 5.000%, 6/01/37 8,500 Foothill/Eastern Transportation Corridor Agency, California, 7/10 at 100.00 A 7,334,905 Toll Road Revenue Bonds, Series 1995A, 5.000%, 1/01/35 - NPFG Insured
38 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- CALIFORNIA (continued) Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1: $ 10,355 5.000%, 6/01/33 6/17 at 100.00 BBB $ 8,457,446 1,500 5.125%, 6/01/47 6/17 at 100.00 BBB 1,047,585 3,300 M-S-R Energy Authority, California, Gas Revenue Bonds, No Opt. Call A 3,664,749 Citigroup Prepay Contracts, Series 2009B, 6.500%, 11/01/39 1,830 San Diego Public Facilities Financing Authority, California, 8/19 at 100.00 Aa2 2,384,234 Water Utility Revenue Bonds, Tender Option Bond Trust 3504, 19.460%, 8/01/39 (IF) 30,000 San Joaquin Hills Transportation Corridor Agency, Orange No Opt. Call A 4,227,600 County, California, Toll Road Revenue Refunding Bonds, Series 1997A, 0.000%, 1/15/35 - NPFG Insured 3,000 San Mateo County Community College District, California, No Opt. Call Aaa 966,510 General Obligation Bonds, Series 2006C, 0.000%, 9/01/30 - NPFG Insured 1,500 Tobacco Securitization Authority of Northern California, 6/15 at 100.00 BBB 1,114,260 Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 5.500%, 6/01/45 1,955 Tobacco Securitization Authority of Southern California, 6/14 at 100.00 BBB 1,869,430 Tobacco Settlement Asset-Backed Bonds, San Diego County Tobacco Asset Securitization Corporation, Senior Series 2001A, 4.750%, 6/01/25 ----------------------------------------------------------------------------------------------------------------------------------- 158,950 Total California 116,466,015 ----------------------------------------------------------------------------------------------------------------------------------- COLORADO - 5.4% (3.5% OF TOTAL INVESTMENTS) 1,000 Colorado Health Facilities Authority, Revenue Bonds, Poudre 9/18 at 102.00 AAA 1,014,030 Valley Health System, Series 2005C, 5.250%, 3/01/40 - AGM Insured 10,000 Denver City and County, Colorado, Airport System Revenue 11/10 at 100.00 A+ 10,055,200 Refunding Bonds, Series 2000A, 5.625%, 11/15/23 - AMBAC Insured (Alternative Minimum Tax) 6,185 E-470 Public Highway Authority, Colorado, Senior Revenue No Opt. Call A 2,175,326 Bonds, Series 1997B, 0.000%, 9/01/26 - NPFG Insured 43,000 E-470 Public Highway Authority, Colorado, Senior Revenue No Opt. Call A 9,195,980 Bonds, Series 2000B, 0.000%, 9/01/33 - NPFG Insured 14,400 E-470 Public Highway Authority, Colorado, Senior Revenue 9/10 at 65.63 Aaa 9,436,464 Bonds, Series 2000B, 0.000%, 9/01/17 (Pre-refunded 9/01/10) - NPFG Insured 7,000 E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, No Opt. Call A 1,383,900 Series 2004A, 0.000%, 9/01/34 - NPFG Insured 8,740 Larimer County School District R1, Poudre, Colorado, General 12/10 at 100.00 Aa2 (4) 9,006,220 Obligation Bonds, Series 2000, 5.125%, 12/15/19 (Pre-refunded 12/15/10) - FGIC Insured ----------------------------------------------------------------------------------------------------------------------------------- 90,325 Total Colorado 42,267,120 ----------------------------------------------------------------------------------------------------------------------------------- CONNECTICUT - 0.6% (0.4% OF TOTAL INVESTMENTS) 4,395 Bridgeport, Connecticut, General Obligation Bonds, Series 8/11 at 100.00 A1 (4) 4,664,062 2001C, 5.375%, 8/15/17 (Pre-refunded 8/15/11) - FGIC Insured ----------------------------------------------------------------------------------------------------------------------------------- FLORIDA - 1.0% (0.6% OF TOTAL INVESTMENTS) 2,500 Miami-Dade County, Florida, Aviation Revenue Bonds, Miami 10/20 at 100.00 A2 2,536,750 International Airport, Series 2010A-1, 5.375%, 10/01/41 5,000 Orange County Health Facilities Authority, Florida, Hospital 11/10 at 101.00 A1 (4) 5,214,300 Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2000, 6.500%, 11/15/30 (Pre-refunded 11/15/10) ----------------------------------------------------------------------------------------------------------------------------------- 7,500 Total Florida 7,751,050 ----------------------------------------------------------------------------------------------------------------------------------- GEORGIA - 0.9% (0.6% OF TOTAL INVESTMENTS) 1,250 DeKalb County Hospital Authority, Georgia, Revenue 9/20 at 100.00 N/R 1,255,613 Anticipation Certificates, DeKalb Medical Center, Inc. Project, Series 2010, 6.000%, 9/01/30 (WI/DD, Settling 5/03/10) 5,000 Medical Center Hospital Authority, Georgia, Revenue 8/18 at 100.00 AAA 5,544,400 Anticipation Certificates, Columbus Regional Healthcare System, Inc. Project, Series 2008, 6.500%, 8/01/38 ----------------------------------------------------------------------------------------------------------------------------------- 6,250 Total Georgia 6,800,013 ----------------------------------------------------------------------------------------------------------------------------------- HAWAII - 1.3% (0.8% OF TOTAL INVESTMENTS) 10,000 Hawaii Department of Transportation, Airport System Revenue 7/10 at 101.00 A 10,168,100 Refunding Bonds, Series 2000B, 5.750%, 7/01/21 - FGIC Insured -----------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 39 NQU | Nuveen Quality Income Municipal Fund, Inc. (continued) | Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- ILLINOIS - 12.2% (8.0% OF TOTAL INVESTMENTS) Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Revenues, Series 2001C: $ 1,000 5.500%, 12/01/18 (Pre-refunded 12/01/11) - AGM Insured 12/11 at 100.00 AAA $ 1,077,980 3,000 5.000%, 12/01/20 (Pre-refunded 12/01/11) - AGM Insured 12/11 at 100.00 AAA 3,210,270 2,000 5.000%, 12/01/21 (Pre-refunded 12/01/11) - AGM Insured 12/11 at 100.00 AAA 2,140,180 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 Aa2 8,255,174 4,400 0.000%, 12/01/15 - FGIC Insured No Opt. Call Aa2 3,682,140 32,670 Chicago, Illinois, General Obligation Bonds, City Colleges, No Opt. Call Aa2 10,472,042 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 Aa2 (4) 693,267 4,320 6.000%, 1/01/28 (Pre-refunded 7/01/10) - FGIC Insured 7/10 at 101.00 Aa2 (4) 4,404,283 190 Chicago, Illinois, General Obligation Bonds, Series 2002A, 7/12 at 100.00 Aa2 202,287 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 Aa2 (4) 76,365 6,190 5.000%, 1/01/18 (Pre-refunded 7/01/12) - AMBAC Insured 7/12 at 100.00 Aa2 (4) 6,752,857 13,300 Chicago, Illinois, Revenue Bonds, Midway Airport, Series 7/10 at 100.50 A 12,578,475 1998A, 5.125%, 1/01/35 - NPFG Insured (Alternative Minimum Tax) 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 3,373,140 1,800 6.000%, 5/01/22 (Pre-refunded 5/01/12) 5/12 at 101.00 Aaa 2,001,582 1,050 Illinois Finance Authority, General Obligation Debt 12/14 at 100.00 A1 1,078,676 Certificates, Local Government Program - Kankakee County, Series 2005B, 5.000%, 12/01/20 - AMBAC Insured 15,000 Illinois Finance Authority, Illinois, Northwestern 12/15 at 100.00 AAA 15,388,650 University, Revenue Bonds, Series 2006, 5.000%, 12/01/42 (UB) 2,000 Illinois Finance Authority, Revenue Bonds, Children's 8/18 at 100.00 AAA 2,012,120 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+ 1,003,040 Services Corporation, Series 2008A, 5.500%, 2/01/40 - AMBAC Insured 4,000 Illinois Finance Authority, Revenue Bonds, Memorial Health No Opt. Call A+ 4,005,400 System, Series 2009, 5.500%, 4/01/34 5,000 Illinois Finance Authority, Revenue Bonds, Northwestern 8/14 at 100.00 N/R (4) 5,842,900 Memorial Hospital, Series 2004A, 5.500%, 8/15/43 (Pre-refunded 8/15/14) 5,000 Illinois, General Obligation Bonds, Illinois FIRST Program, 12/10 at 100.00 Aa3 5,150,500 Series 2000, 5.450%, 12/01/21 - NPFG Insured 2,270 Metropolitan Pier and Exposition Authority, Illinois, Revenue 6/12 at 101.00 AAA 2,303,959 Bonds, McCormick Place Expansion Project, Series 2002A, 5.000%, 12/15/28 - NPFG Insured 940 Montgomery, Illinois, Lakewood Creek Project Special 3/16 at 100.00 N/R 806,125 Assessment Bonds, Series 2007, 4.700%, 3/01/30 - RAAI Insured ----------------------------------------------------------------------------------------------------------------------------------- 118,280 Total Illinois 96,511,412 ----------------------------------------------------------------------------------------------------------------------------------- INDIANA - 1.7% (1.1% OF TOTAL INVESTMENTS) 2,000 Indiana Health Facility Financing Authority, Hospital Revenue 3/14 at 100.00 A+ 2,003,620 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+ 3,324,078 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 2,256,600 Community Hospitals of Indiana, Series 2005A, 5.000%, 5/01/35 - AMBAC Insured 6,015 St. Joseph County Hospital Authority, Indiana, Revenue Bonds, 8/10 at 100.00 AA- 6,015,180 Memorial Health System, Series 1998A, 4.625%, 8/15/28 - NPFG Insured ----------------------------------------------------------------------------------------------------------------------------------- 13,655 Total Indiana 13,599,478 -----------------------------------------------------------------------------------------------------------------------------------
40 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- IOWA - 1.0% (0.7% 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 $ 2,972,800 7,000 5.625%, 6/01/46 6/15 at 100.00 BBB 5,236,560 ----------------------------------------------------------------------------------------------------------------------------------- 11,000 Total Iowa 8,209,360 ----------------------------------------------------------------------------------------------------------------------------------- KANSAS - 0.8% (0.5% OF TOTAL INVESTMENTS) 4,585 Johnson County Unified School District 232, Kansas, General 9/10 at 100.00 Aa3 (4) 4,654,325 Obligation Bonds, Series 2000, 4.750%, 9/01/19 (Pre-refunded 9/01/10) - AGM Insured 1,750 Wamego, Kansas, Pollution Control Revenue Bonds, Kansas Gas 6/14 at 100.00 A 1,780,100 and Electric Company, Series 2004, 5.300%, 6/01/31 - NPFG Insured ----------------------------------------------------------------------------------------------------------------------------------- 6,335 Total Kansas 6,434,425 ----------------------------------------------------------------------------------------------------------------------------------- KENTUCKY - 1.3% (0.8% OF TOTAL INVESTMENTS) 6,015 Kentucky Economic Development Finance Authority, Hospital 6/20 at 100.00 Baa2 6,206,397 Facilities Revenue Bonds, Owensboro Medical Health System, Series 2010B, 6.375%, 3/01/40 1,000 Kentucky Economic Development Finance Authority, Louisville 6/18 at 100.00 AAA 1,098,560 Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008-A1, 6.000%, 12/01/33 - AGC Insured 2,500 Kentucky State Property and Buildings Commission, Revenue 2/12 at 100.00 AAA 2,702,525 Refunding Bonds, Project 74, Series 2002, 5.375%, 2/01/18 (Pre-refunded 2/01/12) - AGM Insured ----------------------------------------------------------------------------------------------------------------------------------- 9,515 Total Kentucky 10,007,482 ----------------------------------------------------------------------------------------------------------------------------------- LOUISIANA - 3.6% (2.4% OF TOTAL INVESTMENTS) 10,000 Louisiana Public Facilities Authority, Hospital Revenue No Opt. Call AAA 11,238,200 Bonds, Franciscan Missionaries of Our Lady Health System, Series 1998A, 5.750%, 7/01/25 - AGM Insured (UB) 9,000 Louisiana Public Facilities Authority, Revenue Bonds, Ochsner 5/17 at 100.00 Baa1 8,177,220 Clinic Foundation Project, Series 2007A, 5.500%, 5/15/47 5,500 Louisiana Public Facilities Authority, Revenue Bonds, Tulane 7/12 at 100.00 N/R (4) 5,985,210 University, Series 2002A, 5.000%, 7/01/32 (Pre-refunded 7/01/12) - AMBAC Insured 3,490 Tobacco Settlement Financing Corporation, Louisiana, Tobacco 5/11 at 101.00 BBB 3,383,625 Settlement Asset-Backed Bonds, Series 2001B, 5.875%, 5/15/39 ----------------------------------------------------------------------------------------------------------------------------------- 27,990 Total Louisiana 28,784,255 ----------------------------------------------------------------------------------------------------------------------------------- MASSACHUSETTS - 5.9% (3.9% OF TOTAL INVESTMENTS) 500 Massachusetts Health and Educational Facilities Authority, 7/18 at 100.00 A3 480,875 Revenue Bonds, CareGroup Inc., Series 2008E-1 &2, 5.125%, 7/01/38 7,405 Massachusetts Health and Educational Facilities Authority, No Opt. Call AAA 9,064,535 Revenue Bonds, Massachusetts Institute of Technology, Series 2002K, 5.500%, 7/01/32 (UB) 2,300 Massachusetts Health and Educational Facilities Authority, 7/19 at 100.00 BBB 2,346,575 Revenue Refunding Bonds, Suffolk University Issue, Series 2009A, 5.750%, 7/01/39 6,000 Massachusetts Industrial Finance Agency, Resource Recovery 6/10 at 101.00 BBB 5,924,040 Revenue Refunding Bonds, Ogden Haverhill Project, Series 1998A, 5.600%, 12/01/19 (Alternative Minimum Tax) 12,500 Massachusetts Turnpike Authority, Metropolitan Highway System 7/10 at 100.00 A 12,500,250 Revenue Bonds, Senior Series 1997A, 5.000%, 1/01/37 - NPFG Insured 425 Massachusetts Water Pollution Abatement Trust, Revenue Bonds, 8/10 at 100.00 AAA 429,352 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) 10,236,600 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) 5,873,995 Project Revenue Bonds, Series 2000-2, 5.250%, 11/01/20 (Pre-refunded 11/01/10) - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- 44,860 Total Massachusetts 46,856,222 ----------------------------------------------------------------------------------------------------------------------------------- MICHIGAN - 1.0% (0.7% OF TOTAL INVESTMENTS) 3,790 Michigan Municipal Bond Authority, General Obligation Bonds, 6/15 at 100.00 AAA 4,009,024 Detroit City School District, Series 2005, 5.000%, 6/01/20 - AGM Insured 3,050 Michigan Tobacco Settlement Finance Authority, Tobacco 6/18 at 100.00 Baa3 2,836,836 Settlement Asset-Backed Revenue Bonds, Series 2008A, 6.875%, 6/01/42
Nuveen Investments 41 NQU | Nuveen Quality Income Municipal Fund, Inc. (continued) | Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- MICHIGAN (continued) $ 1,150 Royal Oak Hospital Finance Authority, Michigan, Hospital 9/18 at 100.00 A1 $ 1,361,600 Revenue Bonds, William Beaumont Hospital, Refunding Series 2009V, 8.250%, 9/01/39 ----------------------------------------------------------------------------------------------------------------------------------- 7,990 Total Michigan 8,207,460 ----------------------------------------------------------------------------------------------------------------------------------- MINNESOTA - 1.2% (0.8% 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) 1,976,281 2,685 6.000%, 10/01/25 (Pre-refunded 10/01/10) 10/10 at 100.00 A3 (4) 2,749,386 3,655 Dakota and Washington Counties Housing and Redevelopment No Opt. Call AAA 4,872,663 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 9,598,330 ----------------------------------------------------------------------------------------------------------------------------------- MISSISSIPPI - 0.6% (0.4% OF TOTAL INVESTMENTS) 1,875 Mississippi Hospital Equipment and Facilities Authority, 9/14 at 100.00 AA 1,924,819 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) 2,609,975 Revenue Bonds, Forrest County General Hospital, Series 2000, 5.500%, 1/01/27 (Pre-refunded 1/01/11) - AGM Insured ----------------------------------------------------------------------------------------------------------------------------------- 4,375 Total Mississippi 4,534,794 ----------------------------------------------------------------------------------------------------------------------------------- MISSOURI - 1.6% (1.1% OF TOTAL INVESTMENTS) 15,000 Kansas City Municipal Assistance Corporation, Missouri, No Opt. Call AA- 5,664,450 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 2,473,968 Agency, Mass Transit Sales Tax Appropriation Bonds, Metrolink Cross County Extension Project, Series 2002B, 5.000%, 10/01/23 - AGM Insured 15,350 Springfield Public Building Corporation, Missouri, Lease No Opt. Call N/R 4,811,304 Revenue Bonds, Jordan Valley Park Projects, Series 2000A, 0.000%, 6/01/30 - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- 32,750 Total Missouri 12,949,722 ----------------------------------------------------------------------------------------------------------------------------------- NEVADA - 7.0% (4.6% OF TOTAL INVESTMENTS) 34,470 Clark County School District, Nevada, General Obligation 6/12 at 100.00 AA (4) 37,419,253 Bonds, Series 2002C, 5.000%, 6/15/20 (Pre-refunded 6/15/12) - NPFG Insured 14,515 Clark County, Nevada, Passenger Facility Charge Revenue 1/20 at 100.00 Aa3 14,491,486 Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.250%, 7/01/42 6,845 Director of Nevada State Department of Business and Industry, No Opt. Call Caa2 1,007,242 Revenue Bonds, Las Vegas Monorail Project, First Tier, Series 2000, 0.000%, 1/01/23 - AMBAC Insured 2,500 Reno, Nevada, Health Facilities Revenue Bonds, Catholic 7/17 at 100.00 AA+ 2,775,700 Healthcare West, Trust 2634, 18.389%, 7/01/31 - BHAC Insured (IF) ----------------------------------------------------------------------------------------------------------------------------------- 58,330 Total Nevada 55,693,681 ----------------------------------------------------------------------------------------------------------------------------------- NEW HAMPSHIRE - 0.7% (0.4% OF TOTAL INVESTMENTS) 5,000 New Hampshire Business Finance Authority, Revenue Bonds, 10/19 at 100.00 BBB+ 5,087,350 Elliot Hospital Obligated Group Issue, Series 2009A, 6.125%, 10/01/39 ----------------------------------------------------------------------------------------------------------------------------------- NEW JERSEY - 5.1% (3.4% OF TOTAL INVESTMENTS) 1,000 New Jersey Building Authority, State Building Revenue Bonds, 12/12 at 100.00 AAA 1,103,670 Series 2002A, 5.000%, 12/15/21 (Pre-refunded 12/15/12) - AGM Insured 10,000 New Jersey Health Care Facilities Financing Authority, 1/17 at 37.38 BB+ 1,233,100 Revenue Bonds, Saint Barnabas Health Care System, Series 2006A, 0.000%, 7/01/36 2,150 New Jersey Health Care Facilities Financing Authority, 7/10 at 101.00 BBB- (4) 2,197,322 Revenue 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, 12/11 at 100.00 AA- (4) 2,202,208 Transportation System Bonds, Series 2001B, 6.000%, 12/15/19 (Pre-refunded 12/15/11) - NPFG Insured 3,200 New Jersey Transportation Trust Fund Authority, 6/13 at 100.00 AAA 3,633,632 Transportation System Bonds, Series 2003C, 5.500%, 6/15/22 (Pre-refunded 6/15/13)
42 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- NEW JERSEY (continued) New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C: $ 20,000 0.000%, 12/15/33 - AGM Insured No Opt. Call AAA $ 5,462,000 20,000 0.000%, 12/15/35 - AMBAC Insured No Opt. Call AA- 4,331,600 20,000 0.000%, 12/15/36 - AMBAC Insured No Opt. Call AA- 4,059,400 Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2002: 1,965 5.750%, 6/01/32 (Pre-refunded 6/01/12) 6/12 at 100.00 AAA 2,106,185 1,000 6.125%, 6/01/42 (Pre-refunded 6/01/12) 6/12 at 100.00 AAA 1,110,710 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 11,017,349 1,850 6.250%, 6/01/43 (Pre-refunded 6/01/13) 6/13 at 100.00 AAA 2,135,733 ----------------------------------------------------------------------------------------------------------------------------------- 92,610 Total New Jersey 40,592,909 ----------------------------------------------------------------------------------------------------------------------------------- NEW MEXICO - 0.8% (0.5% OF TOTAL INVESTMENTS) 5,925 New Mexico Hospital Equipment Loan Council, Hospital Revenue 8/11 at 101.00 AA- (4) 6,345,142 Bonds, Presbyterian Healthcare Services, Series 2001A, 5.500%, 8/01/21 (Pre-refunded 8/01/11) ----------------------------------------------------------------------------------------------------------------------------------- NEW YORK - 10.5% (6.8% OF TOTAL INVESTMENTS) 275 Dormitory Authority of the State of New York, Insured Revenue 7/10 at 100.00 A 275,231 Bonds, Fordham University, Series 1998, 5.000%, 7/01/28 - NPFG Insured 2,250 Dormitory Authority of the State of New York, Insured Revenue No Opt. Call A 2,326,388 Bonds, Mount Sinai School of Medicine, Series 1994A, 5.150%, 7/01/24 - NPFG Insured 20,000 Erie County Tobacco Asset Securitization Corporation, New 7/10 at 101.00 AAA 20,441,600 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 A 1,228,616 Bonds, Series 2006A, 4.500%, 2/15/47 - NPFG Insured 1,130 Long Island Power Authority, New York, Electric System 9/11 at 100.00 AAA 1,203,473 General Revenue Bonds, Series 2001A, 5.375%, 9/01/25 (Pre-refunded 9/01/11) 13,600 Metropolitan Transportation Authority, New York, 11/16 at 100.00 AAA 13,428,912 Transportation Revenue Bonds, Series 2006B, 4.500%, 11/15/32 - AGM Insured (UB) 5,000 New York City, New York, General Obligation Bonds, Fiscal 8/12 at 100.00 AA 5,452,750 Series 2002A, 5.750%, 8/01/16 New York City, New York, General Obligation Bonds, Fiscal Series 2002G: 950 5.000%, 8/01/17 8/12 at 100.00 AA 992,380 6,540 5.750%, 8/01/18 8/12 at 100.00 AA 7,118,528 4,005 New York City, New York, General Obligation Bonds, Fiscal 8/12 at 100.00 AA (4) 4,452,879 Series 2002G, 5.750%, 8/01/18 (Pre-refunded 8/01/12) 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 6,288,470 6,575 5.000%, 6/15/22 6/11 at 100.00 AAA 6,825,639 11,540 Port Authority of New York and New Jersey, Consolidated 11/12 at 101.00 AAA 12,653,725 Revenue Bonds, One Hundred Twenty-Eighth Series 2002, 5.000%, 11/01/20 - AGM Insured ----------------------------------------------------------------------------------------------------------------------------------- 79,220 Total New York 82,688,591 ----------------------------------------------------------------------------------------------------------------------------------- NORTH CAROLINA - 3.2% (2.1% OF TOTAL INVESTMENTS) 3,000 Charlotte-Mecklenberg Hospital Authority, North Carolina, 1/18 at 100.00 AA- 3,020,760 Carolinas HealthCare System Revenue Bonds, Series 2008A, 5.000%, 1/15/47 8,960 North Carolina Capital Facilities Financing Agency, Revenue 10/15 at 100.00 AA+ 9,279,782 Bonds, Duke University, Series 2005A, 5.000%, 10/01/41 4,000 North Carolina Medical Care Commission, Health System Revenue 10/17 at 100.00 AA 3,929,680 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 A1 638,001 Bonds, Pitt County Memorial Hospital, Series 1998A, 4.750%, 12/01/28 - NPFG Insured
Nuveen Investments 43 NQU | Nuveen Quality Income Municipal Fund, Inc. (continued) | Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- NORTH CAROLINA (continued) $ 7,500 North Carolina Municipal Power Agency 1, Catawba Electric 1/13 at 100.00 A $ 8,079,525 Revenue Bonds, Series 2003A, 5.250%, 1/01/19 - NPFG Insured ----------------------------------------------------------------------------------------------------------------------------------- 24,125 Total North Carolina 24,947,748 ----------------------------------------------------------------------------------------------------------------------------------- OHIO - 5.9% (3.9% OF TOTAL INVESTMENTS) 10,000 American Municipal Power Ohio Inc., General Revenue Bonds, 2/18 at 100.00 A1 10,269,300 Prairie State Energy Campus Project Series 2008A, 5.250%, 2/15/43 Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2: 205 5.125%, 6/01/24 6/17 at 100.00 BBB 189,379 2,925 5.875%, 6/01/30 6/17 at 100.00 BBB 2,476,861 5,040 5.750%, 6/01/34 6/17 at 100.00 BBB 3,965,522 2,400 6.000%, 6/01/42 6/17 at 100.00 BBB 1,854,888 5,730 5.875%, 6/01/47 6/17 at 100.00 BBB 4,301,053 10,000 Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco 6/22 at 100.00 BBB 6,759,500 Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-3, 0.000%, 6/01/37 Cincinnati City School District, Hamilton County, Ohio, General Obligation Bonds, Series 2002: 2,165 5.250%, 6/01/19 - AGM Insured 12/12 at 100.00 AAA 2,352,186 2,600 5.250%, 6/01/21 - AGM Insured 12/12 at 100.00 AAA 2,827,214 2,000 5.000%, 12/01/22 - AGM Insured 12/12 at 100.00 AAA 2,086,940 10,000 Columbus City School District, Franklin County, Ohio, General 12/16 at 100.00 AAA 9,702,700 Obligation Bonds, Series 2006, 4.250%, 12/01/32 - AGM Insured (UB) ----------------------------------------------------------------------------------------------------------------------------------- 53,065 Total Ohio 46,785,543 ----------------------------------------------------------------------------------------------------------------------------------- OKLAHOMA - 3.4% (2.2% OF TOTAL INVESTMENTS) 1,675 Oklahoma Development Finance Authority, Health System Revenue 8/18 at 100.00 AA- 1,746,891 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 5,631,032 John Health System, Series 2007, 5.000%, 2/15/42 2,000 Oklahoma Municipal Power Authority, Power Supply System 1/17 at 100.00 A 1,868,140 Revenue Bonds, Series 2007, 4.500%, 1/01/47 - FGIC Insured 17,510 Pottawatomie County Home Finance Authority, Oklahoma, Single No Opt. Call AAA 17,755,315 Family Mortgage Revenue Bonds, Series 1991A, 8.625%, 7/01/10 (ETM) ----------------------------------------------------------------------------------------------------------------------------------- 27,225 Total Oklahoma 27,001,378 ----------------------------------------------------------------------------------------------------------------------------------- OREGON - 0.4% (0.3% OF TOTAL INVESTMENTS) 3,000 Deschutes County School District 1, Bend-La Pine, Oregon, 6/11 at 100.00 Aa1 (4) 3,169,560 General Obligation Bonds, Series 2001A, 5.500%, 6/15/18 (Pre-refunded 6/15/11) - AGM Insured 185 Oregon Housing and Community Services Department, Single 1/14 at 100.00 Aa2 192,977 Family Mortgage Revenue Bonds, Series 2004H, 5.125%, 1/01/29 (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- 3,185 Total Oregon 3,362,537 ----------------------------------------------------------------------------------------------------------------------------------- PENNSYLVANIA - 4.1% (2.7% OF TOTAL INVESTMENTS) 2,000 Allegheny County Hospital Development Authority, No Opt. Call Aa3 2,055,900 Pennsylvania, University of Pittsburgh Medical Center Revenue Bonds, Series 2009A, 5.625%, 8/15/39 220 Allentown, Pennsylvania, General Obligation Bonds, Series 10/13 at 100.00 A1 242,821 2003, 5.500%, 10/01/19 - FGIC Insured 1,450 Carbon County Industrial Development Authority, Pennsylvania, No Opt. Call BBB- 1,449,986 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+ 1,424,970 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 2,741,882 Series 2004A, 5.500%, 12/01/31 - AMBAC Insured 5,000 Pennsylvania Turnpike Commission, Turnpike Subordinate 6/26 at 100.00 AAA 3,763,650 Revenue Bonds, Series 2009C, 0.000%, 6/01/33 - AGM Insured 7,800 Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General 8/13 at 100.00 AAA 7,855,224 Ordinance, Fourth Series 1998, 5.000%, 8/01/32 - AGM Insured
44 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- PENNSYLVANIA (continued) 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 Aa2 (4) $ 6,627,600 5,500 5.625%, 8/01/20 (Pre-refunded 8/01/12) - FGIC Insured 8/12 at 100.00 Aa2 (4) 6,075,300 ----------------------------------------------------------------------------------------------------------------------------------- 32,070 Total Pennsylvania 32,237,333 ----------------------------------------------------------------------------------------------------------------------------------- PUERTO RICO - 7.9% (5.1% OF TOTAL INVESTMENTS) 2,500 Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, 7/18 at 100.00 Baa1 2,609,550 Senior Lien Series 2008A, 6.000%, 7/01/44 7,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/20 at 100.00 A3 7,512,120 Series 2010XX, 5.750%, 7/01/36 5,000 Puerto Rico Infrastructure Financing Authority, Special Tax No Opt. Call A3 560,100 Revenue Bonds, Series 2005A, 0.000%, 7/01/42 - FGIC Insured 5,000 Puerto Rico Municipal Finance Agency, Series 2002A, 5.000%, 8/12 at 100.00 AAA 5,039,850 8/01/27 - AGM Insured 1,500 Puerto Rico Public Buildings Authority, Guaranteed Government 7/12 at 100.00 A3 1,509,375 Facilities Revenue Refunding Bonds, Series 2002D, 5.125%, 7/01/20 8,000 Puerto Rico Sales Tax Financing Corporation, Sales Tax 8/26 at 100.00 A+ 6,427,600 Revenue Bonds, First Subordinate Series 2009A, 0.000%, 8/01/32 13,125 Puerto Rico Sales Tax Financing Corporation, Sales Tax 8/29 at 100.00 A+ 7,815,019 Revenue Bonds, First Subordinate Series 2010A, 0.000%, 8/01/33 Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A: 50,000 0.000%, 8/01/47 - AMBAC Insured No Opt. Call Aa2 5,291,000 86,250 0.000%, 8/01/54 - AMBAC Insured No Opt. Call Aa2 5,440,650 15,000 Puerto Rico Sales Tax Financing Corporation, Sales Tax 8/17 at 100.00 AA- 15,132,900 Revenue Bonds, Tender Option Bond, 5.250%, 8/01/57 (UB) 1,500 Puerto Rico, General Obligation and Public Improvement Bonds, No Opt. Call AAA 1,568,970 Series 2001A, 5.500%, 7/01/29 3,375 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB 3,312,833 Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33 ----------------------------------------------------------------------------------------------------------------------------------- 198,250 Total Puerto Rico 62,219,967 ----------------------------------------------------------------------------------------------------------------------------------- RHODE ISLAND - 0.5% (0.3% OF TOTAL INVESTMENTS) Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A: 2,230 6.125%, 6/01/32 6/12 at 100.00 BBB 2,162,989 1,865 6.250%, 6/01/42 6/12 at 100.00 BBB 1,790,251 ----------------------------------------------------------------------------------------------------------------------------------- 4,095 Total Rhode Island 3,953,240 ----------------------------------------------------------------------------------------------------------------------------------- SOUTH CAROLINA - 8.2% (5.4% OF TOTAL INVESTMENTS) 24,725 Greenville County School District, South Carolina, 12/12 at 101.00 Aaa 27,831,944 Installment Purchase Revenue Bonds, Series 2002, 5.500%, 12/01/22 (Pre-refunded 12/01/12) Horry County School District, South Carolina, General Obligation Bonds, Series 2001A: 5,840 5.000%, 3/01/20 3/12 at 100.00 Aa1 6,297,856 5,140 5.000%, 3/01/21 3/12 at 100.00 Aa1 5,542,976 Medical University Hospital Authority, South Carolina, FHA-Insured Mortgage Revenue Bonds, Series 2004A: 5,240 5.250%, 8/15/20 - NPFG Insured 8/14 at 100.00 A 5,496,498 3,000 5.250%, 2/15/24 - NPFG Insured 8/14 at 100.00 A 3,111,600 7,600 Piedmont Municipal Power Agency, South Carolina, Electric No Opt. Call A- 2,388,072 Revenue Bonds, Series 2004A-2, 0.000%, 1/01/31 - AMBAC Insured 13,615 South Carolina Transportation Infrastructure Bank, Junior 10/11 at 100.00 N/R (4) 14,491,398 Lien Revenue Bonds, Series 2001B, 5.125%, 10/01/21 (Pre-refunded 10/01/11) - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- 65,160 Total South Carolina 65,160,344 ----------------------------------------------------------------------------------------------------------------------------------- TENNESSEE - 0.4% (0.3% OF TOTAL INVESTMENTS) 3,000 Knox County Health, Educational and Housing Facilities Board, 4/12 at 101.00 A1 3,175,200 Tennessee, Hospital Revenue Bonds, Baptist Health System of East Tennessee Inc., Series 2002, 6.375%, 4/15/22 ----------------------------------------------------------------------------------------------------------------------------------- TEXAS - 14.9% (9.8% OF TOTAL INVESTMENTS) 535 Alamo Community College District, Bexar County, Texas, 11/11 at 100.00 AAA 571,990 Combined Fee Revenue Refunding Bonds, Series 2001, 5.375%, 11/01/16 - AGM Insured
Nuveen Investments 45 NQU | Nuveen Quality Income Municipal Fund, Inc. (continued) | Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- TEXAS (continued) $ 465 Alamo Community College District, Bexar County, Texas, 11/11 at 100.00 AAA $ 498,568 Combined Fee Revenue Refunding Bonds, Series 2001, 5.375%, 11/01/16 (Pre-refunded 11/01/11) - AGM Insured 11,255 Brazos River Authority, Texas, Pollution Control Revenue No Opt. Call CCC 10,950,215 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 A 4,860,295 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 A+ 5,101,100 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 A 2,538,405 Revenue Bonds, Series 2001G, 5.250%, 11/15/30 - NPFG Insured 15,680 Harris County-Houston Sports Authority, Texas, Third Lien 11/24 at 55.69 A 2,809,542 Revenue Bonds, Series 2004-A3., 0.000%, 11/15/34 - NPFG Insured 4,865 Houston, Texas, Hotel Occupancy Tax and Special Revenue No Opt. Call AAA 1,934,811 Bonds, Convention and Entertainment Project, Series 2001B, 0.000%, 9/01/27 - AMBAC Insured 22,500 Houston, Texas, Junior Lien Water and Sewerage System Revenue 12/10 at 100.00 AA (4) 23,146,875 Refunding Bonds, Series 2000B, 5.250%, 12/01/30 (Pre-refunded 12/01/10) - FGIC Insured 4,735 Houston, Texas, Subordinate Lien Airport System Revenue 7/10 at 100.00 AAA 4,737,368 Bonds, Series 2000A, 5.625%, 7/01/30 - AGM Insured (Alternative Minimum Tax) 6,000 Leander Independent School District, Williamson and Travis 8/14 at 33.33 AAA 1,622,280 Counties, Texas, General Obligation Bonds, Series 2006, 0.000%, 8/15/34 17,655 Matagorda County Navigation District 1, Texas, Revenue 5/10 at 101.00 A 17,023,657 Refunding Bonds, Houston Industries Inc., Series 1998B, 5.150%, 11/01/29 - NPFG Insured 7,650 Port of Corpus Christi Authority, Nueces County, Texas, 5/10 at 100.00 BBB 7,652,984 Revenue Refunding Bonds, Union Pacific Corporation, Series 1992, 5.350%, 11/01/10 2,000 Sam Rayburn Municipal Power Agency, Texas, Power Supply 10/12 at 100.00 BBB 2,046,960 System Revenue Refunding Bonds, Series 2002A, 5.750%, 10/01/21 - RAAI Insured 11,300 San Antonio, Texas, Electric and Gas System Revenue Refunding No Opt. Call AAA 12,515,089 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 3,885,975 Texas, Limited Tax Schoolhouse and Refunding Bonds, Series 2001, 5.125%, 2/01/23 (Pre-refunded 2/01/11) 4,375 Tarrant County Cultural & Educational Facilities Financing 11/17 at 100.00 AA- 4,346,781 Corporation, Texas, Revenue Bonds, Tarrant County Health Resources, Series 2008, Trust 1197, 9.185%, 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 2,111,151 9,110 0.000%, 8/15/39 8/15 at 28.63 AAA 1,993,450 6,610 0.000%, 8/15/42 8/15 at 24.42 AAA 1,230,187 7,110 0.000%, 8/15/43 8/15 at 23.11 AAA 1,251,076 5,000 Wichita Falls, Wichita County, Texas, Priority Lien Water and 8/11 at 100.00 AA- (4) 5,278,350 Sewerage System Revenue Bonds, Series 2001, 5.000%, 8/01/22 (Pre-refunded 8/01/11) - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- 162,905 Total Texas 118,107,109 ----------------------------------------------------------------------------------------------------------------------------------- UTAH - 1.0% (0.6% OF TOTAL INVESTMENTS) 7,155 Utah Associated Municipal Power Systems, Revenue Bonds, 4/13 at 100.00 AAA 7,586,590 Payson Power Project, Series 2003A, 5.000%, 4/01/25 - AGM Insured (UB) -----------------------------------------------------------------------------------------------------------------------------------
46 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- VIRGINIA - 3.2% (2.1% OF TOTAL INVESTMENTS) $ 11,000 Metropolitan Washington DC Airports Authority, Virginia, 10/26 at 100.00 AAA $ 7,999,530 Dulles Toll Road Revenue Bonds, Series 2009C, 0.000%, 10/01/41 - AGC Insured 4,000 Norfolk Airport Authority, Virginia, Airport Revenue 7/11 at 100.00 A 3,842,440 Refunding 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 11,492,971 Multifamily Housing Revenue Refunding Bonds, Windsor at Potomac Vista L.P. Project, Series 2001, 4.850%, 7/01/31 (Mandatory put 7/01/11) 940 Virginia Port Authority, Port Facilities Revenue Refunding 7/19 at 100.00 Aa3 973,502 Bonds Series 2010, 5.000%, 7/01/40 (WI/DD, Settling 5/06/10) Virginia Resources Authority, Water System Revenue Refunding Bonds, Series 2002: 500 5.000%, 4/01/18 4/12 at 102.00 AA 542,500 500 5.000%, 4/01/19 4/12 at 102.00 AA 542,500 ----------------------------------------------------------------------------------------------------------------------------------- 27,980 Total Virginia 25,393,443 ----------------------------------------------------------------------------------------------------------------------------------- WASHINGTON - 10.3% (6.8% OF TOTAL INVESTMENTS) 6,750 Energy Northwest, Washington, Electric Revenue Refunding 7/12 at 100.00 AAA 7,284,465 Bonds, Columbia Generating Station - Nuclear Project 2, Series 2002B, 5.350%, 7/01/18 - AGM Insured 2,500 Energy Northwest, Washington, Electric Revenue Refunding 7/12 at 100.00 Aaa 2,730,400 Bonds, Columbia Generating Station - Nuclear Project 2, Series 2002C, 5.750%, 7/01/17 - NPFG Insured 3,750 FYI Properties, Washington, Lease Revenue Bonds, Washington 6/19 at 100.00 AA 3,986,738 State Department of Information Services Project, Series 2009, 5.500%, 6/01/39 6,950 Port of Seattle, Washington, Revenue Bonds, Series 2000B, 8/10 at 100.00 Aa2 7,013,245 5.625%, 2/01/24 - NPFG Insured (Alternative Minimum Tax) (UB) 13,400 Seattle, Washington, Municipal Light and Power Revenue Bonds, 12/10 at 100.00 Aa2 13,724,548 Series 2000, 5.400%, 12/01/25 5,000 Washington State Healthcare Facilities Authority, Revenue 10/16 at 100.00 AA 4,924,250 Bonds, Providence Health Care Services, Series 2006A, 4.625%, 10/01/34 - FGIC Insured (UB) 7,325 Washington State Tobacco Settlement Authority, Tobacco 6/13 at 100.00 BBB 7,453,041 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 18,845,760 5.000%, 7/01/23 - AGM Insured Washington, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2002C: 7,000 5.000%, 1/01/21 - AGM Insured 1/12 at 100.00 AAA 7,373,730 7,960 5.000%, 1/01/22 - AGM Insured 1/12 at 100.00 AAA 8,321,782 ----------------------------------------------------------------------------------------------------------------------------------- 78,780 Total Washington 81,657,959 ----------------------------------------------------------------------------------------------------------------------------------- WISCONSIN - 2.1% (1.4% OF TOTAL INVESTMENTS) Badger Tobacco Asset Securitization Corporation, Wisconsin, Tobacco Settlement Asset-Backed Bonds, Series 2002: 130 6.125%, 6/01/27 (Pre-refunded 6/01/12) 6/12 at 100.00 AAA 139,207 3,380 6.375%, 6/01/32 (Pre-refunded 6/01/12) 6/12 at 100.00 AAA 3,756,700 7,545 La Crosse, Wisconsin, Pollution Control Revenue Refunding 12/10 at 100.00 A 7,747,884 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+ 2,959,079 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+ 1,880,507 Revenue Bonds, Wheaton Franciscan Services Inc., Series 2003A, 5.125%, 8/15/33 ----------------------------------------------------------------------------------------------------------------------------------- 16,155 Total Wisconsin 16,483,377 -----------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 47 NQU | Nuveen Quality Income Municipal Fund, Inc. (continued) | Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- WYOMING - 0.8% (0.5% OF TOTAL INVESTMENTS) $ 2,035 Campbell County, Wyoming Solid Waste Facilities Revenue 7/19 at 100.00 A+ $ 2,185,202 Bonds, Basin Electric Power Cooperative - Dry Fork Station Facilities, Series 2009A, 5.750%, 7/15/39 4,000 Wyoming Municipal Power Agency Power Supply System Revenue 1/18 at 100.00 A2 4,145,839 Bonds, 2008 Series A, 5.375%, 1/01/42 ----------------------------------------------------------------------------------------------------------------------------------- 6,035 Total Wyoming 6,331,041 ----------------------------------------------------------------------------------------------------------------------------------- $ 1,593,615 Total Investments (cost $1,171,224,590) - 152.8% 1,209,038,378 ===============-------------------------------------------------------------------------------------------------------------------- Floating Rate Obligations - (8.4)% (66,620,000) ----------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 4.5% 35,523,086 ----------------------------------------------------------------------------------------------------------------- Auction Rate Preferred Shares, at Liquidation Value - (48.9)% (5) (386,875,000) ----------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 791,066,464 =================================================================================================================
(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. (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) Auction Rate Preferred Shares, at Liquidation Value as a percentage of Total Investments is 32.0%. N/R Not rated. WI/DD Purchased on a when-issued or delayed delivery basis. (ETM) Escrowed to maturity. (IF) Inverse floating rate investment. (UB) Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 - Inverse Floating Rate Securities for more information. See accompanying notes to financial statements. 48 Nuveen Investments NPF | Nuveen Premier Municipal Income Fund, Inc. | Portfolio of Investments April 30, 2010 (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 $ 2,026,660 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 Baa2 1,174,332 400 5.000%, 11/15/30 11/15 at 100.00 Baa2 352,256 1,000 Montgomery BMC Special Care Facilities Financing Authority, 11/14 at 100.00 A3 (4) 1,144,860 Alabama, Revenue Bonds, Baptist Medical Center, Series 2004C, 5.250%, 11/15/29 (Pre-refunded 11/15/14) ----------------------------------------------------------------------------------------------------------------------------------- 4,600 Total Alabama 4,698,108 ----------------------------------------------------------------------------------------------------------------------------------- ALASKA - 0.2% (0.2% OF TOTAL INVESTMENTS) 1,000 Northern Tobacco Securitization Corporation, Alaska, Tobacco 6/14 at 100.00 Baa3 672,230 Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/46 ----------------------------------------------------------------------------------------------------------------------------------- ARIZONA - 7.7% (4.8% OF TOTAL INVESTMENTS) Glendale Industrial Development Authority, Arizona, Revenue Bonds, John C. Lincoln Health Network, Series 2005B: 100 5.250%, 12/01/24 12/15 at 100.00 BBB 100,331 135 5.250%, 12/01/25 12/15 at 100.00 BBB 135,072 7,000 Phoenix, Arizona, Civic Improvement Revenue Bonds, Civic No Opt. Call AA 6,135,150 Plaza, Series 2005B, 0.000%, 7/01/39 - FGIC Insured 7,500 Salt River Project Agricultural Improvement and Power 1/13 at 100.00 Aa1 7,988,250 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 6,444,600 District, Arizona, Electric System Revenue Refunding Bonds, Series 2002A, 5.250%, 1/01/15 1,200 Salt Verde Financial Corporation, Arizona, Senior Gas Revenue No Opt. Call A 1,070,112 Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37 ----------------------------------------------------------------------------------------------------------------------------------- 21,935 Total Arizona 21,873,515 ----------------------------------------------------------------------------------------------------------------------------------- ARKANSAS - 0.8% (0.5% OF TOTAL INVESTMENTS) 2,155 Arkansas Development Finance Authority, State Facility 11/15 at 100.00 AAA 2,312,746 Revenue Bonds, Department of Correction Special Needs Unit Project, Series 2005B, 5.000%, 11/01/25 - AGM Insured 1 Stuttgart Public Facilities Board, Arkansas, Single Family 9/10 at 100.00 Aaa 700 Mortgage Revenue Refunding Bonds, Series 1993A, 7.900%, 9/01/11 ----------------------------------------------------------------------------------------------------------------------------------- 2,156 Total Arkansas 2,313,446 ----------------------------------------------------------------------------------------------------------------------------------- CALIFORNIA - 20.8% (13.0% OF TOTAL INVESTMENTS) 10,000 Anaheim Public Finance Authority, California, Public 9/17 at 100.00 A1 8,598,500 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 AA- 5,836,404 Revenue Bonds, Series 2002A, 5.300%, 12/01/21 - AMBAC Insured 1,350 California Educational Facilities Authority, Revenue Bonds, 10/15 at 100.00 AA+ 1,382,657 University of Southern California, Series 2005, 4.750%, 10/01/28 (UB) 1,975 California Health Facilities Financing Authority, Revenue No Opt. Call A 2,135,587 Bonds, Catholic Healthcare West, Series 2004I, 4.950%, 7/01/26 (Mandatory put 7/01/14) 1,700 California Health Facilities Financing Authority, Revenue 10/19 at 100.00 AA 1,787,941 Bonds, Providence Health & Services, Series 2009B, 5.500%, 10/01/39 500 California Statewide Community Development Authority, Revenue 7/15 at 100.00 BBB 420,075 Bonds, Daughters of Charity Health System, Series 2005A, 5.000%, 7/01/39 1,600 California Statewide Community Development Authority, Revenue 8/16 at 100.00 A+ 1,607,472 Bonds, Kaiser Permanente System, Series 2001C, 5.250%, 8/01/31 1,025 California Statewide Community Development Authority, Revenue 5/18 at 100.00 Aa3 1,073,257 Bonds, Sutter Health, Tender Option Bond Trust 3175, 13.554%, 11/15/48 (IF) 4,900 California, General Obligation Bonds, Series 2004, 5.000%, 12/14 at 100.00 A1 5,030,732 6/01/23 - AMBAC Insured
Nuveen Investments 49 NPF | Nuveen Premier Municipal Income Fund, Inc. (continued) | Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- CALIFORNIA (continued) $ 1,000 Chula Vista, California, Industrial Development Revenue 6/14 at 102.00 A2 $ 1,063,140 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 20,864,250 Toll Road Revenue Bonds, Series 1995A, 0.000%, 1/01/17 (ETM) 450 Golden State Tobacco Securitization Corporation, California, 6/13 at 100.00 AAA 525,407 Tobacco Settlement Asset-Backed Bonds, Series 2003A-1, 6.750%, 6/01/39 (Pre-refunded 6/01/13) 3,500 Golden State Tobacco Securitization Corporation, California, 6/17 at 100.00 BBB 2,444,365 Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.125%, 6/01/47 6,005 Los Angeles Unified School District, California, General 7/15 at 100.00 Aa2 6,357,373 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 95,330 110 5.000%, 9/01/23 9/15 at 102.00 Baa3 103,062 ----------------------------------------------------------------------------------------------------------------------------------- 64,905 Total California 59,325,552 ----------------------------------------------------------------------------------------------------------------------------------- COLORADO - 11.0% (6.9% OF TOTAL INVESTMENTS) 1,000 Colorado Health Facilities Authority, Revenue Bonds, 6/16 at 100.00 A- 949,240 Evangelical Lutheran Good Samaritan Society, Series 2005, 5.000%, 6/01/29 1,150 Colorado Health Facilities Authority, Revenue Bonds, Parkview 9/14 at 100.00 A3 1,151,219 Medical Center, Series 2004, 5.000%, 9/01/25 400 Colorado Health Facilities Authority, Revenue Bonds, Poudre 3/15 at 100.00 A- 400,772 Valley Health Care, Series 2005F, 5.000%, 3/01/25 750 Colorado Health Facilities Authority, Revenue Bonds, Vail 1/15 at 100.00 BBB+ 772,118 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 A+ 4,406,147 6,800 5.000%, 11/15/24 - FGIC Insured 11/16 at 100.00 A+ 7,143,944 Denver, Colorado, Airport Revenue Bonds, Series 2006: 6,890 5.000%, 11/15/23 - FGIC Insured (UB) 11/16 at 100.00 A+ 7,280,181 8,940 5.000%, 11/15/25 - FGIC Insured (UB) 11/16 at 100.00 A+ 9,345,250 ----------------------------------------------------------------------------------------------------------------------------------- 30,100 Total Colorado 31,448,871 ----------------------------------------------------------------------------------------------------------------------------------- CONNECTICUT - 0.7% (0.5% OF TOTAL INVESTMENTS) 2,020 Connecticut Development Authority, Pollution Control Revenue 10/10 at 101.00 Baa1 2,038,927 Refunding Bonds, Connecticut Light and Power Company, Series 1993A, 5.850%, 9/01/28 ----------------------------------------------------------------------------------------------------------------------------------- FLORIDA - 2.6% (1.6% OF TOTAL INVESTMENTS) 1,700 Hillsborough County Industrial Development Authority, 4/12 at 100.00 N/R 1,489,540 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 Baa1 2,654,650 Florida, Pollution Control Revenue Bonds, Tampa Electric Company Project, Series 2002, 5.100%, 10/01/13 125 Marion County Hospital District, Florida, Revenue Bonds, 10/17 at 100.00 A3 115,078 Munroe Regional Medical Center, Series 2007, 5.000%, 10/01/34 1,000 South Miami Health Facilities Authority, Florida, Hospital 8/17 at 100.00 AA- 982,620 Revenue, Baptist Health System Obligation Group, Series 2007, 5.000%, 8/15/42 (UB) 2,150 Sumter County, Florida, Capital Improvement Revenue Bonds, 6/16 at 100.00 A 2,149,914 Series 2006, 5.000%, 6/01/30 - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- 7,475 Total Florida 7,391,802 ----------------------------------------------------------------------------------------------------------------------------------- GEORGIA - 4.4% (2.8% OF TOTAL INVESTMENTS) 8,050 George L. Smith II World Congress Center Authority, Atlanta, 7/10 at 101.00 A 8,145,473 Georgia, Revenue Refunding Bonds, Domed Stadium Project, Series 2000, 5.500%, 7/01/20 - NPFG Insured (Alternative Minimum Tax) 4,105 Municipal Electric Authority of Georgia, Combustion Turbine 11/13 at 100.00 A1 4,490,377 Revenue Bonds, Series 2003A, 5.125%, 11/01/17 - NPFG Insured ----------------------------------------------------------------------------------------------------------------------------------- 12,155 Total Georgia 12,635,850 -----------------------------------------------------------------------------------------------------------------------------------
50 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- HAWAII - 0.8% (0.5% OF TOTAL INVESTMENTS) $ 2,250 Hawaii Department of Budget and Finance, Special Purpose 7/10 at 100.00 Baa1 $ 2,253,218 Revenue Bonds, Hawaiian Electric Company Inc., Series 1999D, 6.150%, 1/01/20 - AMBAC Insured (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- IDAHO - 0.3% (0.2% OF TOTAL INVESTMENTS) 65 Idaho Housing and Finance Association, Single Family Mortgage 7/10 at 100.00 Aa1 65,117 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- 462,575 200 5.250%, 9/01/37 9/16 at 100.00 BBB- 176,302 ----------------------------------------------------------------------------------------------------------------------------------- 765 Total Idaho 703,994 ----------------------------------------------------------------------------------------------------------------------------------- ILLINOIS - 10.7% (6.7% OF TOTAL INVESTMENTS) 500 Chicago Public Building Commission, Illinois, General No Opt. Call A (4) 569,625 Obligation Lease Certificates, Chicago Board of Education, Series 1990B, 7.000%, 1/01/15 - NPFG Insured (ETM) 8,670 Chicago, Illinois, General Obligation Bonds, City Colleges, No Opt. Call Aa2 4,425,862 Series 1999, 0.000%, 1/01/24 - FGIC Insured 8,500 Chicago, Illinois, Senior Lien Water Revenue Bonds, Series No Opt. Call Aa3 9,666,370 2001, 5.750%, 11/01/30 - AMBAC Insured 200 Illinois Finance Authority, Revenue Bonds, Proctor Hospital, 1/16 at 100.00 BB+ 173,374 Series 2006, 5.125%, 1/01/25 1,000 Illinois Health Facilities Authority, Revenue Bonds, Condell 5/12 at 100.00 Aaa 1,092,760 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 Aa3 1,624,785 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 877,668 1,750 5.250%, 1/01/30 1/16 at 100.00 AA 1,779,873 Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place Expansion Project, Series 1996A: 10,575 0.000%, 12/15/23 - NPFG Insured No Opt. Call A1 5,282,953 10,775 0.000%, 12/15/24 - NPFG Insured No Opt. Call A1 5,020,935 ----------------------------------------------------------------------------------------------------------------------------------- 44,320 Total Illinois 30,514,205 ----------------------------------------------------------------------------------------------------------------------------------- INDIANA - 3.5% (2.2% OF TOTAL INVESTMENTS) 2,275 Anderson School Building Corporation, Madison County, 1/14 at 100.00 AAA 2,605,808 Indiana, First Mortgage Bonds, Series 2003, 5.500%, 7/15/23 (Pre-refunded 1/15/14) - AGM Insured 6,180 Crown Point Multi-School Building Corporation, Indiana, First No Opt. Call A 3,365,010 Mortgage Bonds, Crown Point Community School Corporation, Series 2000, 0.000%, 1/15/23 - NPFG Insured 1,250 Portage, Indiana, Revenue Bonds, Series 2006, 5.000%, 7/15/23 7/16 at 100.00 A 1,235,638 1,700 Saint Joseph County, Indiana, Educational Facilities Revenue 3/18 at 100.00 Aaa 1,803,326 Bonds, University of Notre Dame du Lac, Refunding Series 2009., 5.000%, 3/01/36 1,000 St. Joseph County Hospital Authority, Indiana, Revenue Bonds, 2/15 at 100.00 BB+ 819,870 Madison Center Inc., Series 2005, 5.250%, 2/15/28 ----------------------------------------------------------------------------------------------------------------------------------- 12,405 Total Indiana 9,829,652 ----------------------------------------------------------------------------------------------------------------------------------- IOWA - 1.0% (0.6% OF TOTAL INVESTMENTS) 4,000 Iowa Tobacco Settlement Authority, Asset Backed Settlement 6/15 at 100.00 BBB 2,954,360 Revenue Bonds, Series 2005C, 5.500%, 6/01/42 ----------------------------------------------------------------------------------------------------------------------------------- KENTUCKY - 0.8% (0.5% OF TOTAL INVESTMENTS) 1,700 Kentucky Economic Development Finance Authority, Hospital No Opt. Call Baa2 1,762,203 Facilities Revenue Bonds, Owensboro Medical Health System, Series 2010A, 6.500%, 3/01/45 510 Louisville and Jefferson County Metropolitan Government, 10/16 at 100.00 N/R 481,277 Kentucky, Industrial Building Revenue Bonds, Sisters of Mercy of the Americas, Series 2006, 5.000%, 10/01/35 ----------------------------------------------------------------------------------------------------------------------------------- 2,210 Total Kentucky 2,243,480 -----------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 51 NPF | Nuveen Premier Municipal Income Fund, Inc. (continued) | Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- LOUISIANA - 6.5% (4.0% OF TOTAL INVESTMENTS) $ 1,310 Louisiana Housing Finance Agency, GNMA Collateralized 9/10 at 100.00 AA+ $ 1,311,926 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 Baa1 1,362,870 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 - AGM Insured (UB) 5/16 at 100.00 AAA 826,922 8,880 4.500%, 5/01/41 - FGIC Insured (UB) 5/16 at 100.00 Aa1 8,748,488 5 Louisiana State, Gasoline Tax Revenue Bonds, Series 2006, 5/16 at 100.00 Aa1 4,705 Residuals 660-1, 16.535%, 5/01/41 - FGIC Insured (IF) 3,950 Morehouse Parish, Louisiana, Pollution Control Revenue Bonds, No Opt. Call BBB 4,146,789 International Paper Company, Series 2002A, 5.700%, 4/01/14 2,090 Tobacco Settlement Financing Corporation, Louisiana, Tobacco 5/11 at 101.00 BBB 2,026,297 Settlement Asset-Backed Bonds, Series 2001B, 5.875%, 5/15/39 ----------------------------------------------------------------------------------------------------------------------------------- 18,560 Total Louisiana 18,427,997 ----------------------------------------------------------------------------------------------------------------------------------- MAINE - 0.8% (0.5% OF TOTAL INVESTMENTS) 2,150 Maine State Housing Authority, Single Family Mortgage 5/13 at 100.00 AA+ 2,223,294 Purchase Bonds, Series 2004A-2, 5.000%, 11/15/21 (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- MARYLAND - 1.2% (0.8% OF TOTAL INVESTMENTS) 2,000 Maryland Health and Higher Educational Facilities Authority, 8/14 at 100.00 A2 2,052,540 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 A 1,474,143 Revenue Bonds, Western Maryland Health, Series 2006A, 4.750%, 7/01/36 - NPFG Insured ----------------------------------------------------------------------------------------------------------------------------------- 3,550 Total Maryland 3,526,683 ----------------------------------------------------------------------------------------------------------------------------------- MASSACHUSETTS - 1.5% (1.0% OF TOTAL INVESTMENTS) 1,000 Massachusetts Development Finance Authority, Revenue Bonds, 10/14 at 100.00 BBB 1,006,350 Hampshire College, Series 2004, 5.625%, 10/01/24 3,000 Massachusetts, Special Obligation Dedicated Tax Revenue 1/14 at 100.00 A1 (4) 3,375,510 Bonds, Series 2004, 5.250%, 1/01/24 (Pre-refunded 1/01/14) - FGIC Insured ----------------------------------------------------------------------------------------------------------------------------------- 4,000 Total Massachusetts 4,381,860 ----------------------------------------------------------------------------------------------------------------------------------- MICHIGAN - 4.0% (2.5% OF TOTAL INVESTMENTS) 2,925 Detroit, Michigan, General Obligation Bonds, Series 2003A, 4/13 at 100.00 BB 2,711,358 5.250%, 4/01/17 - SYNCORA GTY Insured 4,600 Detroit, Michigan, Sewer Disposal System Revenue Bonds, 7/16 at 100.00 A1 4,238,118 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 990,830 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 141,085 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 A 3,273,595 Detroit Metropolitan Airport, Series 2002C, 5.375%, 12/01/19 - FGIC Insured ----------------------------------------------------------------------------------------------------------------------------------- 11,720 Total Michigan 11,354,986 ----------------------------------------------------------------------------------------------------------------------------------- MINNESOTA - 4.5% (2.8% OF TOTAL INVESTMENTS) 4,350 Cohasset, Minnesota, Pollution Control Revenue Bonds, Allete 7/14 at 100.00 A2 4,418,426 Inc., Series 2004, 4.950%, 7/01/22 1,000 Duluth Economic Development Authority, Minnesota, Healthcare 2/14 at 100.00 N/R (4) 1,139,200 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 2,355,883 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 563,417 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 1,063,680 Series 2004A, 5.250%, 10/01/19 3,000 St. Paul Port Authority, Minnesota, Lease Revenue Bonds, 12/13 at 100.00 AA+ 3,192,360 Office Building at Cedar Street, Series 2003, 5.250%, 12/01/20 ----------------------------------------------------------------------------------------------------------------------------------- 12,170 Total Minnesota 12,732,966 -----------------------------------------------------------------------------------------------------------------------------------
52 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- MISSISSIPPI - 0.8% (0.5% OF TOTAL INVESTMENTS) $ 2,325 Mississippi Hospital Equipment and Facilities Authority, 9/14 at 100.00 AA $ 2,386,775 Revenue Bonds, Baptist Memorial Healthcare, Series 2004B-1, 5.000%, 9/01/24 (UB) ----------------------------------------------------------------------------------------------------------------------------------- MISSOURI - 1.0% (0.7% OF TOTAL INVESTMENTS) 100 Hannibal Industrial Development Authority, Missouri, Health 3/16 at 100.00 BBB+ 97,982 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+ 2,874,240 Facilities Revenue Bonds, Freeman Health System, Series 2004, 5.500%, 2/15/24 ----------------------------------------------------------------------------------------------------------------------------------- 2,980 Total Missouri 2,972,222 ----------------------------------------------------------------------------------------------------------------------------------- NEBRASKA - 1.3% (0.8% OF TOTAL INVESTMENTS) 1,580 Douglas County Hospital Authority 2, Nebraska, Health No Opt. Call Aa3 1,693,128 Facilities Revenue Bonds, Nebraska Medical Center, Series 2003, 5.000%, 11/15/16 1,105 Grand Island, Nebraska, Electric System Revenue Bonds, Series 9/10 at 100.00 A1 (4) 1,178,781 1977, 6.100%, 9/01/12 (ETM) 515 Omaha Public Power District, Nebraska, Separate Electric 2/17 at 100.00 AA+ 803,009 System Revenue Bonds, Nebraska City 2, Series 2006A, 19.751%, 2/01/49 - AMBAC Insured (IF) ----------------------------------------------------------------------------------------------------------------------------------- 3,200 Total Nebraska 3,674,918 ----------------------------------------------------------------------------------------------------------------------------------- NEVADA - 1.5% (0.9% OF TOTAL INVESTMENTS) 4,000 Clark County, Nevada, Airport Revenue Bonds, Subordinte Lien 1/20 at 100.00 Aa3 4,249,560 Series 2010B, 5.750%, 7/01/42 ----------------------------------------------------------------------------------------------------------------------------------- NEW HAMPSHIRE - 2.3% (1.4% OF TOTAL INVESTMENTS) 1,110 New Hampshire Health and Education Facilities Authority, 6/19 at 100.00 AA+ 1,401,908 Revenue Bonds, Dartmouth College, Tender Option Bond Trust 09-7W, 13.902%, 6/01/39 (IF) 5,000 New Hampshire Housing Finance Authority, FHLMC Multifamily 7/10 at 101.00 Aaa 5,059,550 Housing Remarketed Revenue Bonds, Countryside LP, Series 1994, 6.100%, 7/01/24 (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- 6,110 Total New Hampshire 6,461,458 ----------------------------------------------------------------------------------------------------------------------------------- NEW JERSEY - 5.7% (3.6% OF TOTAL INVESTMENTS) 1,000 New Jersey Economic Development Authority, School Facilities 9/15 at 100.00 AA- 1,070,180 Construction Bonds, Series 2005P, 5.250%, 9/01/24 3,000 New Jersey Transportation Trust Fund Authority, 6/13 at 100.00 AAA 3,406,530 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- 5,414,500 10,000 0.000%, 12/15/36 - AMBAC Insured No Opt. Call AA- 2,029,700 1,500 New Jersey Turnpike Authority, Revenue Bonds, Series 2003A, 7/13 at 100.00 A+ 1,613,055 5.000%, 1/01/19 - FGIC Insured 2,500 New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 1/15 at 100.00 AAA 2,656,825 5.000%, 1/01/25 - AGM Insured ----------------------------------------------------------------------------------------------------------------------------------- 43,000 Total New Jersey 16,190,790 ----------------------------------------------------------------------------------------------------------------------------------- NEW YORK - 16.6% (10.4% OF TOTAL INVESTMENTS) Brooklyn Areba Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009: 660 6.000%, 7/15/30 1/20 at 100.00 BBB- 679,998 1,600 0.000%, 7/15/44 No Opt. Call BBB- 145,168 1,500 Dormitory Authority of the State of New York, State and Local 7/14 at 100.00 AA- 1,617,240 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 A 2,047,694 Bonds, Series 2006A, 4.500%, 2/15/47 - NPFG Insured 7,500 Long Island Power Authority, New York, Electric System 6/16 at 100.00 AA+ 8,094,600 General Revenue Bonds, Series 2006A, 5.000%, 12/01/25 - FGIC Insured (UB) 5,000 Metropolitan Transportation Authority, New York, 11/12 at 100.00 A 5,254,950 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 2,135,640 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 4,609,868 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 1,348,188 Series 2004B, 5.250%, 8/01/15
Nuveen Investments 53 NPF | Nuveen Premier Municipal Income Fund, Inc. (continued) | Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- NEW YORK (continued) $ 4,000 New York City, New York, General Obligation Bonds, Series 8/14 at 100.00 AA $ 4,434,000 2004C-1, 5.250%, 8/15/20 (UB) 910 New York Convention Center Development Corporation, Hotel Fee 11/15 at 100.00 AA+ 1,032,577 Revenue Bonds, Trust 2364, 16.925%, 11/15/44 - AMBAC Insured (IF) 3,250 New York State Municipal Bond Bank Agency, Special School 6/13 at 100.00 A+ 3,410,063 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 - AGM Insured (UB) 7/15 at 100.00 AAA 6,804,899 2,580 5.000%, 1/01/26 - AGM Insured (UB) 7/15 at 100.00 AAA 2,706,652 1,850 New York State Urban Development Corporation, Service 3/15 at 100.00 AAA 2,015,094 Personal Income Tax Revenue Bonds, Series 2005B, 5.000%, 3/15/24 - AGM Insured (UB) 1,000 New York State Urban Development Corporation, Subordinate 7/14 at 100.00 A 1,056,920 Lien Corporate Purpose Bonds, Series 2004A, 5.125%, 1/01/22 ----------------------------------------------------------------------------------------------------------------------------------- 45,975 Total New York 47,393,551 ----------------------------------------------------------------------------------------------------------------------------------- NORTH CAROLINA - 4.2% (2.6% OF TOTAL INVESTMENTS) 10,300 North Carolina Eastern Municipal Power Agency, Power System No Opt. Call A 12,026,898 Revenue Refunding Bonds, Series 1993B, 6.000%, 1/01/22 - CAPMAC Insured ----------------------------------------------------------------------------------------------------------------------------------- OHIO - 2.8% (1.7% OF TOTAL INVESTMENTS) Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2: 100 5.125%, 6/01/24 6/17 at 100.00 BBB 92,380 1,050 5.875%, 6/01/30 6/17 at 100.00 BBB 889,130 1,055 5.750%, 6/01/34 6/17 at 100.00 BBB 830,085 2,355 5.875%, 6/01/47 6/17 at 100.00 BBB 1,767,710 4,000 Ohio, Solid Waste Revenue Bonds, Republic Services Inc., No Opt. Call BBB 4,009,920 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 235,743 Economic Development Revenue Bonds, Sisters of Mercy of the Americas, Series 2006, 5.000%, 10/01/25 ----------------------------------------------------------------------------------------------------------------------------------- 8,810 Total Ohio 7,824,968 ----------------------------------------------------------------------------------------------------------------------------------- OKLAHOMA - 1.1% (0.7% OF TOTAL INVESTMENTS) 450 Norman Regional Hospital Authority, Oklahoma, Hospital 9/16 at 100.00 BB+ 373,289 Revenue Bonds, Series 2005, 5.375%, 9/01/36 2,725 Tulsa County Industrial Authority, Oklahoma, Health Care 12/16 at 100.00 AA 2,729,415 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 44,058 Revenue Bonds, Saint Francis Health System, Series 2008, Trust 3500, 8.380%, 12/15/36 (IF) ----------------------------------------------------------------------------------------------------------------------------------- 3,219 Total Oklahoma 3,146,762 ----------------------------------------------------------------------------------------------------------------------------------- OREGON - 1.2% (0.7% 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 Aa1 1,977,354 1,240 5.000%, 8/01/23 8/14 at 100.00 Aa1 1,319,038 ----------------------------------------------------------------------------------------------------------------------------------- 3,035 Total Oregon 3,296,392 ----------------------------------------------------------------------------------------------------------------------------------- PENNSYLVANIA - 1.9% (1.2% OF TOTAL INVESTMENTS) 2,000 Allegheny County Sanitary Authority, Pennsylvania, Sewerage 12/15 at 100.00 A 2,046,060 Revenue Bonds, Series 2005A, 5.000%, 12/01/23 - NPFG Insured 4,500 Pennsylvania Turnpike Commission, Turnpike Subordinate 6/26 at 100.00 AAA 3,387,285 Revenue Bonds, Series 2009C, 0.000%, 6/01/33 - AGM Insured ----------------------------------------------------------------------------------------------------------------------------------- 6,500 Total Pennsylvania 5,433,345 ----------------------------------------------------------------------------------------------------------------------------------- PUERTO RICO - 0.9% (0.5% OF TOTAL INVESTMENTS) 3,000 Puerto Rico Sales Tax Financing Corporation, Sales Tax 8/26 at 100.00 A+ 2,410,350 Revenue Bonds, First Subordinate Series 2009A, 0.000%, 8/01/32 -----------------------------------------------------------------------------------------------------------------------------------
54 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- RHODE ISLAND - 2.1% (1.3% OF TOTAL INVESTMENTS) $ 5,890 Rhode Island Tobacco Settlement Financing Corporation, 6/12 at 100.00 BBB $ 5,949,253 Tobacco Settlement Asset-Backed Bonds, Series 2002A, 6.000%, 6/01/23 ----------------------------------------------------------------------------------------------------------------------------------- SOUTH CAROLINA - 8.0% (5.0% OF TOTAL INVESTMENTS) 2,500 Berkeley County School District, South Carolina, Installment 12/13 at 100.00 A1 2,570,525 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- 4,615,030 Installment Purchase Revenue Bonds, GROWTH, Series 2004, 5.250%, 12/01/23 3,340 Greenville County School District, South Carolina, 12/13 at 100.00 AA 3,620,593 Installment Purchase Revenue Bonds, Series 2003, 5.250%, 12/01/19 (UB) 3,620 Greenville, South Carolina, Hospital Facilities Revenue 5/13 at 100.00 AA- 3,721,034 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) 345,228 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- 1,191,214 Development Revenue Bonds, Bon Secours Health System Inc., Series 2002B, 5.625%, 11/15/30 South Carolina JOBS Economic Development Authority, Hospital Refunding and Improvement Revenue Bonds, Palmetto Health Alliance, Series 2003C: 4,895 6.375%, 8/01/34 (Pre-refunded 8/01/13) 8/13 at 100.00 BBB+ (4) 5,664,543 605 6.375%, 8/01/34 (Pre-refunded 8/01/13) 8/13 at 100.00 BBB+ (4) 702,635 455 Tobacco Settlement Revenue Management Authority, South 5/12 at 100.00 BBB (4) 470,220 Carolina, Tobacco Settlement Asset-Backed Bonds, Series 2001B, 6.000%, 5/15/22 (Pre-refunded 5/15/12) ----------------------------------------------------------------------------------------------------------------------------------- 21,320 Total South Carolina 22,901,022 ----------------------------------------------------------------------------------------------------------------------------------- SOUTH DAKOTA - 0.6% (0.4% OF TOTAL INVESTMENTS) 1,750 South Dakota Health and Educational Facilities Authority, 11/14 at 100.00 AA- 1,784,178 Revenue Bonds, Sioux Valley Hospitals, Series 2004A, 5.500%, 11/01/31 ----------------------------------------------------------------------------------------------------------------------------------- TENNESSEE - 1.4% (0.9% OF TOTAL INVESTMENTS) 2,060 Johnson City Health and Educational Facilities Board, 7/23 at 100.00 A (4) 2,077,737 Tennessee, Hospital Revenue Refunding and Improvement Bonds, Johnson City Medical Center, Series 1998C, 5.125%, 7/01/25 (Pre-refunded 7/01/23) - NPFG Insured 1,600 Johnson City Health and Educational Facilities Board, 7/16 at 100.00 BBB+ 1,533,568 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 259,760 Board, Tennessee, Revenue Refunding Bonds, Sumner Regional Health System Inc., Series 2007, 5.500%, 11/01/37 (6) ----------------------------------------------------------------------------------------------------------------------------------- 4,060 Total Tennessee 3,871,065 ----------------------------------------------------------------------------------------------------------------------------------- TEXAS - 7.1% (4.4% OF TOTAL INVESTMENTS) 1,075 Brazos River Authority, Texas, Pollution Control Revenue 10/13 at 101.00 CCC 594,647 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 3,206,730 Bonds, Series 2004A, 5.250%, 5/15/25 - NPFG 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- 390,980 600 5.125%, 8/15/26 No Opt. Call BBB- 550,986 2,265 Lower Colorado River Authority, Texas, Contract Revenue 5/13 at 100.00 A 2,335,917 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 298,509 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 1,778,417 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 997,320 Refunding Bonds, Series 2008, 5.750%, 1/01/38 1,000 Sabine River Authority, Texas, Pollution Control Revenue 11/15 at 100.00 CCC 468,300 Bonds, TXU Electric Company, Series 2001C, 5.200%, 5/01/28
Nuveen Investments 55 NPF | Nuveen Premier Municipal Income Fund, Inc. (continued) | Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- TEXAS (continued) $ 3,000 Tarrant County Cultural & Educational Facilities Financing 2/17 at 100.00 AA- $ 3,020,370 Corporation, Texas, Revenue Bonds, Texas Health Resources, Series 2007A, 5.000%, 2/15/36 (UB) 185 Tarrant County Cultural & Educational Facilities Finance 2/17 at 100.00 AA- 188,395 Corporation, Texas, Revenue Bonds, Texas Health Resources Project, Trust 1031, 12.134%, 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 3,903,197 2,250 5.250%, 2/15/19 - AMBAC Insured 8/13 at 100.00 AA 2,486,070 ----------------------------------------------------------------------------------------------------------------------------------- 20,250 Total Texas 20,219,838 ----------------------------------------------------------------------------------------------------------------------------------- UTAH - 0.1% (0.1% OF TOTAL INVESTMENTS) 320 Utah Housing Corporation, Single Family Mortgage Bonds, 7/11 at 100.00 Aaa 323,693 Series 2001D, 5.500%, 1/01/21 (Alternative Minimum Tax) 25 Utah Housing Finance Agency, Single Family Mortgage Bonds, 7/10 at 100.00 Aaa 25,047 Series 1996C, 6.450%, 7/01/14 (Alternative Minimum Tax) 20 Utah Housing Finance Agency, Single Family Mortgage Bonds, 7/10 at 100.00 Aaa 20,028 Series 1997F, 5.750%, 7/01/15 (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- 365 Total Utah 368,768 ----------------------------------------------------------------------------------------------------------------------------------- WASHINGTON - 5.8% (3.6% OF TOTAL INVESTMENTS) 2,000 Energy Northwest, Washington, Electric Revenue Refunding 7/12 at 100.00 Aaa 2,184,320 Bonds, Columbia Generating Station - Nuclear Project 2, Series 2002C, 5.750%, 7/01/17 - NPFG Insured 7,000 Energy Northwest, Washington, Electric Revenue Refunding 7/13 at 100.00 Aaa 7,806,890 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- 3,224,211 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 1,030,419 Bonds, Skagit Valley Hospital, Series 2003, 6.000%, 12/01/23 2,200 Washington, General Obligation Refunding Bonds, Series 1992A No Opt. Call AA+ 2,275,305 and 1992AT-6, 6.250%, 2/01/11 ----------------------------------------------------------------------------------------------------------------------------------- 15,360 Total Washington 16,521,145 ----------------------------------------------------------------------------------------------------------------------------------- WEST VIRGINIA - 1.6% (1.0% OF TOTAL INVESTMENTS) 2,000 West Virginia Water Development Authority, Infrastructure 10/13 at 101.00 AAA 2,309,019 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- 2,258,123 Revenue Bonds, Series 2003B, 5.250%, 11/01/23 - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- 4,150 Total West Virginia 4,567,142 ----------------------------------------------------------------------------------------------------------------------------------- WISCONSIN - 6.0% (3.7% OF TOTAL INVESTMENTS) 5,670 Wisconsin Health and Educational Facilities Authority, 7/11 at 100.00 A- 5,685,251 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 133,916 Revenue Bonds, Divine Savior Healthcare, Series 2006, 5.000%, 5/01/32 1,000 Wisconsin Health and Educational Facilities Authority, 5/14 at 100.00 BBB+ 1,010,199 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- 208,541 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) 2,304,265 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, 8/10 at 101.00 BBB+ 5,045,499 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 2,622,974 4.750%, 5/01/25 - FGIC Insured (UB) ----------------------------------------------------------------------------------------------------------------------------------- 16,680 Total Wisconsin 17,010,645 -----------------------------------------------------------------------------------------------------------------------------------
56 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- WYOMING - 0.5% (0.3% OF TOTAL INVESTMENTS) $ 1,350 Sweetwater County, Wyoming, Solid Waste Disposal Revenue 12/15 at 100.00 BBB+ $ 1,307,164 Bonds, FMC Corporation, Series 2005, 5.600%, 12/01/35 (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- $ 498,075 Total Investments (cost $436,545,765) - 160.0% 455,513,205 ===============-------------------------------------------------------------------------------------------------------------------- Floating Rate Obligations - (21.2)% (60,373,400) ----------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 5.7% 16,490,830 ----------------------------------------------------------------------------------------------------------------- Auction Rate Preferred Shares, at Liquidation Value - (44.5)% (5) (126,850,000) ----------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 284,780,635 =================================================================================================================
(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. (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) Auction Rate Preferred Shares, at Liquidation Value as a percentage of Total Investments is 27.8%. (6) For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Footnote 2 - Fair Value Measurements for more information. 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. See Notes to Financial Statements, Footnote 1 - Inverse Floating Rate Securities for more information. See accompanying notes to financial statements. Nuveen Investments 57 NMZ | Nuveen Municipal High Income Opportunity Fund | Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- NATIONAL - 1.7% (1.3% OF TOTAL INVESTMENTS) $ 5,000 Charter Mac Equity Issuer Trust, Preferred Shares, Series 4/19 at 100.00 Aaa $ 5,230,950 2004A-4, 6.000%, 12/31/45 (Mandatory put 4/30/19) (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- ALABAMA - 1.0% (0.8% OF TOTAL INVESTMENTS) 1,975 Bessemer, Alabama, General Obligation Warrants, Series 2007, 2/17 at 102.00 N/R 1,421,901 6.500%, 2/01/37 2,000 Birmingham Special Care Facilities Financing Authority, 11/15 at 100.00 Baa2 1,761,280 Alabama, Revenue Bonds, Baptist Health System Inc., Series 2005A, 5.000%, 11/15/30 ----------------------------------------------------------------------------------------------------------------------------------- 3,975 Total Alabama 3,183,181 ----------------------------------------------------------------------------------------------------------------------------------- ALASKA - 0.2% (0.1% OF TOTAL INVESTMENTS) 450 Alaska Municipal Bond Bank Authority, Revenue Bonds, Series 9/18 at 100.00 Aa3 479,043 2009, 5.625%, 9/01/29 ----------------------------------------------------------------------------------------------------------------------------------- ARIZONA - 6.8% (5.1% OF TOTAL INVESTMENTS) 427 Estrella Mountain Ranch Community Facilities District, 7/10 at 102.00 N/R 436,146 Goodyear, Arizona, Special Assessment Lien Bonds, Series 2001A, 7.875%, 7/01/25 2,000 Maricopa County Industrial Development Authority, Arizona, 5/10 at 100.00 N/R 1,951,240 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 5,386,013 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: 195 6.375%, 11/01/13 11/11 at 103.00 N/R 198,015 790 7.250%, 11/01/23 11/11 at 103.00 N/R 790,198 1,715 7.500%, 11/01/33 11/11 at 103.00 N/R 1,716,732 550 Pima County Industrial Development Authority, Arizona, 12/14 at 100.00 BBB- 516,461 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 598,655 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- 1,068,511 Correctional Facilities Contract Revenue Bonds, Florence West Prison LLC, Series 2002A, 5.250%, 10/01/22 - ACA Insured Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007: 1,000 5.500%, 12/01/29 No Opt. Call A 985,800 5,000 5.000%, 12/01/37 No Opt. Call A 4,458,800 Surprise Municipal Property Corporation, Arizona, Wastewater System Revenue Bonds, Series 2007: 1,000 4.700%, 4/01/22 4/14 at 100.00 N/R 904,640 1,000 4.900%, 4/01/32 4/17 at 100.00 N/R 840,420 1,000 Tucson Industrial Development Authority, Arizona, Charter 9/14 at 100.00 BBB- 955,100 School Revenue Bonds, Arizona Agribusiness and Equine Center Charter School, Series 2004A, 5.850%, 9/01/24 ----------------------------------------------------------------------------------------------------------------------------------- 23,047 Total Arizona 20,806,731 ----------------------------------------------------------------------------------------------------------------------------------- CALIFORNIA - 10.3% (7.8% OF TOTAL INVESTMENTS) 1,810 California County Tobacco Securitization Agency, Tobacco 6/15 at 100.00 BBB 1,441,683 Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 5.125%, 6/01/38 685 California Health Facilities Financing Authority, Hospital 5/10 at 100.00 N/R 452,675 Revenue Bonds, Downey Community Hospital, Series 1993, 5.750%, 5/15/15 (8) 3,000 California Health Facilities Financing Authority, Revenue 8/18 at 100.00 Aa3 2,662,260 Bonds, Sutter Health, Tender Option Bond Trust 3103, 14.590%, 8/15/38 (IF) 500 California Municipal Financing Authority, Certificates of 2/17 at 100.00 Baa2 470,735 Participation, Community Hospitals of Central California, Series 2007, 5.250%, 2/01/27 4,000 California Statewide Communities Development Authority, No Opt. Call BB 2,504,080 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 2,946,265 Revenue Bonds, Epidaurus Project, Series 2004A, 7.750%, 3/01/34
58 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- CALIFORNIA (continued) $ 2,185 California Statewide Community Development Authority, Revenue 5/18 at 100.00 Aa3 $ 1,876,085 Bonds, Sutter Health, Tender Option Bond Trust 3048, 12.454%, 11/15/38 (IF) California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3102: 745 17.357%, 11/15/38 (IF) 5/18 at 100.00 Aa3 619,117 1,000 18.449%, 11/15/48 (IF) 5/18 at 100.00 Aa3 795,500 1,005 California Statewide Community Development Authority, 1/14 at 100.00 N/R 949,424 Subordinate Lien Multifamily Housing Revenue Bonds, Corona Park Apartments, Series 2004I-S, 7.750%, 1/01/34 (Alternative Minimum Tax) 1,000 Goden State Tobacco Securitization Corporation, California, 6/15 at 100.00 AA+ 828,040 Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Tender Option Bonds Trust 3107, 17.273%, 6/01/45 - AMBAC Insured (IF) 500 Golden State Tobacco Securitization Corporation, California, 6/17 at 100.00 BBB 385,415 Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.750%, 6/01/47 1,015 Independent Cities Lease Finance Authority, California, 5/14 at 100.00 N/R 940,814 Subordinate Lien Revenue Bonds, El Granada Mobile Home Park, Series 2004B, 6.500%, 5/15/44 1,200 Lake Elsinore, California, Special Tax Bonds, Community 9/13 at 102.00 N/R 1,119,744 Facilities District 2003-2 Improvement Area A, Canyon Hills, Series 2004A, 5.950%, 9/01/34 335 Lancaster Redevelopment Agency, California, Combined Project 8/19 at 100.00 A 373,679 Areas Housing Programs, Tax Allocation Bonds, Series 2009, 6.875%, 8/01/39 3,400 Lee Lake Water District, Riverside County, California, 9/13 at 102.00 N/R 2,814,044 Special Tax Bonds, Community Facilities District 3, Series 2004, 5.950%, 9/01/34 1,125 Los Angeles Department of Airports, California, Revenue 5/20 at 100.00 AA 1,224,765 Bonds, Los Angeles International Airport, Tender Option Bond Trust 10-27B, 17.746%, 5/15/40 (IF) 2,950 Los Angeles Regional Airports Improvement Corporation, 12/12 at 102.00 B- 2,973,836 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 708,432 California, Special Tax Bonds, Community Facilities District, Series 2004, 5.550%, 9/01/29 1,000 M-S-R Energy Authority, Gas Revenue Bonds, California, No Opt. Call A 1,110,530 Citigroup Prepay Contracts, Series 2009B, 6.500%, 11/01/39 1,250 San Diego County, California, Certificates of Participation, 9/12 at 100.00 Baa1 1,085,875 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 3,072,999 Bonds, Community Facilities District 2001-1, Series 2004A, 6.125%, 9/01/39 ----------------------------------------------------------------------------------------------------------------------------------- 36,325 Total California 31,355,997 ----------------------------------------------------------------------------------------------------------------------------------- COLORADO - 7.0% (5.3% OF TOTAL INVESTMENTS) 915 Bradburn Metropolitan District 3, Colorado, General 12/13 at 101.00 N/R 808,924 Obligation Bonds, Series 2003, 7.500%, 12/01/33 1,015 Bradburn Metropolitan District 3, Westminster, Adams County, 12/13 at 101.00 N/R 1,015,000 Colorado, General Obligation Limited Tax Refunding Bonds, Series 2010, 7.500%, 12/01/39 6 Buffalo Ridge Metropolitan District, Colorado, Limited 12/13 at 101.00 N/R 5,908 Obligation Assessment Bonds, Series 2003, 7.500%, 12/01/33 400 Colorado Educational and Cultural Facilities Authority, 12/10 at 101.00 N/R (4) 418,340 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) 708,065 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 2,834,720 Charter School Revenue Bonds, Cesar Chavez Academy, Series 2003, 8.000%, 5/01/34 435 Colorado Educational and Cultural Facilities Authority, 12/11 at 100.00 AAA 480,627 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 809,480 Charter School Revenue Bonds, Jefferson County School District R-1 - Compass Montessori Secondary School, Series 2006, 5.625%, 2/15/36
Nuveen Investments 59 NMZ | Nuveen Municipal High Income Opportunity Fund (continued) | Portfolio of Investments April 30, 2010 (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: $ 345 13.107%, 9/01/41 (IF) 9/16 at 100.00 AA $ 349,399 1,335 13.734%, 9/01/41 (IF) 9/16 at 100.00 AA 1,352,021 1,200 Colorado Health Facilities Authority, Colorado, Revenue 4/18 at 100.00 AAA 1,236,564 Bonds, Catholic Health Initiatives, Series 2006C-1, Trust 1090, 14.945%, 10/01/41 - AGM Insured (IF) 3,145 Kit Carson County Health Service District, Colorado, Health No Opt. Call N/R 2,937,682 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 N/R 1,168,488 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 720,020 Obligation Limited Tax Bonds, Series 2007, 5.500%, 12/01/27 1,990 Park Creek Metropolitan District, Colorado, Limited Tax 12/13 at 100.00 N/R 2,057,839 Obligation Revenue Bonds, Series 2003CR-2, 7.875%, 12/01/32 (Mandatory put 12/01/13) 3,565 Public Authority for Colorado Energy, Natural Gas Purchase No Opt. Call A 3,921,643 Revenue Bonds, Colorado Springs Utilities, Series 2008, 6.500%, 11/15/38 500 Tallyn's Reach Metropolitan District 3, Aurora, Colorado, 12/13 at 100.00 N/R 505,330 Limited Tax General Obligation Bonds, Series 2004, 6.750%, 12/01/33 ----------------------------------------------------------------------------------------------------------------------------------- 22,251 Total Colorado 21,330,050 ----------------------------------------------------------------------------------------------------------------------------------- CONNECTICUT - 0.3% (0.3% OF TOTAL INVESTMENTS) 1,000 Harbor Point Infrastructure Improvement District, 4/20 at 100.00 N/R 1,051,740 Connecticut, Special Obligation Revenue Bonds, Harbor Point Project, Series 2010A, 7.875%, 4/01/39 ----------------------------------------------------------------------------------------------------------------------------------- DISTRICT OF COLUMBIA - 0.1% (0.1% OF TOTAL INVESTMENTS) 225 District of Columbia Tobacco Settlement Corporation, Tobacco No Opt. Call BBB 221,821 Settlement Asset-Backed Bonds, Series 2001, 6.500%, 5/15/33 ----------------------------------------------------------------------------------------------------------------------------------- FLORIDA - 12.3% (9.2% OF TOTAL INVESTMENTS) 1,450 Aberdeen Community Development District, Florida, Special 5/14 at 100.00 N/R 814,146 Assessment Bonds, Series 2005, 5.500%, 5/01/36 7,335 Beacon Lakes Community Development District, Florida, Special 5/13 at 101.00 N/R 7,257,469 Assessment Bonds, Series 2003A, 6.900%, 5/01/35 700 Broward County, Florida, Airport Facility Revenue Bonds, 11/14 at 101.00 Ba2 744,100 Learjet Inc., Series 2000, 7.500%, 11/01/20 (Alternative Minimum Tax) 100 Century Gardens Community Development District, Miami-Dade 5/14 at 101.00 N/R 96,158 County, Florida, Special Assessment Revenue Bonds, Series 2004, 5.900%, 5/01/34 8,205 Harmony Community Development District, Florida, Special 5/14 at 103.25 N/R 8,279,173 Assessment Bonds, Series 2001, 7.250%, 5/01/32 400 Islands at Doral Northeast Community Development District, 5/14 at 101.00 N/R 393,548 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 3,004,050 Care Facilities Revenue Bonds, The Florida Proton Therapy Institute Project, Series 2007, 6.250%, 9/01/27 2,000 Martin County Industrial Development Authority, Florida, 6/10 at 100.00 BB+ 1,999,720 Industrial Development Revenue Bonds, Indiantown Cogeneration LP, Series 1994A, 7.875%, 12/15/25 (Alternative Minimum Tax) 1,600 Miami-Dade County, Florida, Aviation Revenue Bonds, Series 10/18 at 100.00 AAA 1,584,992 2008, Trust 1145, 11.612%, 10/01/38 - AGC Insured (Alternative Minimum Tax) (IF) 1,250 Miami-Dade County, Florida, Water and Sewer System Revenue 10/20 at 100.00 AAA 1,388,900 Bonds, Tender Option Bond Trust 11834, 17.300%, 10/01/39 - AGM Insured (IF) 955 Old Palm Community Development District, Florida, Special 5/15 at 101.00 N/R 837,879 Assessment Bonds, Palm Beach Gardens, Series 2004A, 5.900%, 5/01/35 3,675 Palm Beach County Housing Finance Authority, Florida, 7/12 at 100.00 N/R 3,139,883 Multifamily Housing Revenue Bonds, Lake Delray Apartments, Series 1999A, 6.400%, 1/01/31 (Alternative Minimum Tax) 1,920 Pine Island Community Development District, Florida, Special 5/12 at 101.00 N/R 1,285,459 Assessment Bonds, Bella Collina, Series 2004, 5.750%, 5/01/35
60 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- FLORIDA (continued) $ 1,000 Sarasota County Health Facility Authority, Florida, Revenue 7/17 at 100.00 N/R $ 791,150 Bonds, Sarasota-Manatee Jewish Housing Council, Inc., Series 2007, 5.750%, 7/01/45 955 Tolomato Community Development District, Florida, Special 5/14 at 101.00 N/R 706,824 Assessment Bonds, Series 2006, 5.400%, 5/01/37 1,715 Tolomato Community Development District, Florida, Special 5/18 at 100.00 N/R 1,373,989 Assessment Bonds, Series 2007, 6.650%, 5/01/40 Westchester Community Development District 1, Florida, Special Assessment Bonds, Series 2003: 125 6.000%, 5/01/23 5/13 at 101.00 N/R 103,084 4,735 6.125%, 5/01/35 5/13 at 101.00 N/R 3,515,359 ----------------------------------------------------------------------------------------------------------------------------------- 41,120 Total Florida 37,315,883 ----------------------------------------------------------------------------------------------------------------------------------- GEORGIA - 1.0% (0.7% OF TOTAL INVESTMENTS) 500 Effingham County Development Authority, Georgia, Solid Waste 7/10 at 100.00 BB- 487,545 Disposal Revenue Bonds, Ft. James Project, Series 1998, 5.625%, 7/01/18 (Alternative Minimum Tax) 1,000 Fulton County Residential Care Facilities Authority, Georgia, 7/17 at 100.00 N/R 658,030 Revenue Bonds, Elderly Care, Lenbrook Square Project, Series 2006A, 5.125%, 7/01/37 1,865 Fulton County Residential Care Facilities Authority, Georgia, 12/13 at 102.00 N/R 1,892,639 Revenue Bonds, St. Anne's Terrace, Series 2003, 7.625%, 12/01/33 ----------------------------------------------------------------------------------------------------------------------------------- 3,365 Total Georgia 3,038,214 ----------------------------------------------------------------------------------------------------------------------------------- GUAM - 0.5% (0.4% OF TOTAL INVESTMENTS) 1,445 Guam Government, General Obligation Bonds, 2009 Series A, No Opt. Call B+ 1,549,531 7.000%, 11/15/39 ----------------------------------------------------------------------------------------------------------------------------------- HAWAII - 0.8% (0.6% OF TOTAL INVESTMENTS) 980 Hawaii State Department of Budget and Finance, Private School 2/17 at 100.00 N/R 790,439 Revenue Bonds, Montessori of Maui, Series 2007, 5.500%, 1/01/37 1,655 Hawaii State Department of Budget and Finance, Special 7/19 at 100.00 Baa1 1,790,114 Purpose Revenue Bonds, Hawaiian Electric Company, Inc. and Subsidiary Projects, Series 2009, 6.500%, 7/01/39 ----------------------------------------------------------------------------------------------------------------------------------- 2,635 Total Hawaii 2,580,553 ----------------------------------------------------------------------------------------------------------------------------------- ILLINOIS - 8.0% (6.0% OF TOTAL INVESTMENTS) 1,350 Chicago, Illinois, Certificates of Participation Tax 6/10 at 100.00 N/R 1,349,852 Increment Revenue Notes, Chicago/Kingsbury Redevelopment Project, Series 2004A, 6.570%, 2/15/13 980 Chicago, Illinois, Certificates of Participation, Tax 7/11 at 100.00 N/R 981,098 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 712,850 Medical Center Galena-Stauss Hospital, Series 2006, 6.750%, 10/01/46 (8) 1,000 Illinois Finance Authority, Revenue Bonds, Provena Health, 8/19 at 100.00 BBB+ 1,133,040 Series 2009A, 7.750%, 8/15/34 3,850 Illinois Finance Authority, Revenue Bonds, Silver Cross 8/19 at 100.00 BBB 4,108,297 Hospital and Medical Centers, Series 2009, 7.000%, 8/15/44 1,350 Illinois Health Facilities Authority, FHA-Insured Mortgage 8/13 at 100.00 AAA 1,351,917 Revenue Refunding Bonds, Sinai Health System, Series 2003, 5.150%, 2/15/37 1,000 Illinois Health Facilities Authority, Revenue Bonds, Condell 5/12 at 100.00 Aaa 1,092,760 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 AA+ 7,945,548 Forest Hospital, Series 2002A, 5.750%, 7/01/29 (UB) 1,150 Lombard Public Facilities Corporation, Illinois, First Tier 1/16 at 100.00 N/R 934,444 Conference Center and Hotel Revenue Bonds, Series 2005A-1, 7.125%, 1/01/36 1,431 Lombard Public Facilities Corporation, Illinois, Third Tier 7/18 at 100.00 N/R 886,186 Conference Center and Hotel Revenue Bonds, Series 2005C-3, 4.000%, 1/01/36 1,988 Plano Special Service Area 1, Illinois, Special Tax Bonds, 3/14 at 102.00 N/R 1,883,809 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 783,041 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 1/17 at 102.00 N/R 572,440 Water and Water Improvement Project Revenue Bonds, Series 2007, 6.000%, 1/01/26
Nuveen Investments 61 NMZ | Nuveen Municipal High Income Opportunity Fund (continued) | Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- ILLINOIS (continued) $ 960 Yorkville, Illinois, Special Service Area 2005-108 3/16 at 102.00 N/R $ 728,016 Assessment Bonds, Autumn Creek Project, Series 2006, 6.000%, 3/01/36 ----------------------------------------------------------------------------------------------------------------------------------- 25,857 Total Illinois 24,463,298 ----------------------------------------------------------------------------------------------------------------------------------- INDIANA - 10.4% (7.8% OF TOTAL INVESTMENTS) 6,360 Carmel Redevelopment District, Indiana, Tax Increment 7/12 at 103.00 N/R 5,613,400 Revenue Bonds, Series 2004A, 6.650%, 1/15/24 22,770 Indiana Finance Authority, Water Facilities Refunding 10/16 at 100.00 Baa1 19,475,181 Revenue 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 Facilities Financing 11/16 at 100.00 Aa1 1,303,338 Authority, Revenue Bonds, Ascension Health, Series 2009, Trust 3301, 14.299%, 11/15/39 (IF) 2,500 Indiana Health Facility Financing Authority, Hospital 3/14 at 101.00 BBB 2,520,525 Revenue Bonds, Community Foundation of Northwest Indiana, Series 2004A, 6.000%, 3/01/34 200 Jasper County, Indiana, Economic Development Revenue 10/10 at 101.00 Ba3 200,354 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 977,750 Bonds, Chicago Trail Village Apartments, Series 2005A, 7.500%, 7/01/35 1,560 Whitley County, Indiana, Solid Waste and Sewerage Disposal 11/10 at 102.00 N/R 1,502,717 Revenue Bonds, Steel Dynamics Inc., Series 1998, 7.250%, 11/01/18 (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- 35,640 Total Indiana 31,593,265 ----------------------------------------------------------------------------------------------------------------------------------- IOWA - 0.3% (0.2% OF TOTAL INVESTMENTS) 1,000 Iowa Finance Authority, Health Facility Revenue Bonds, Care 7/16 at 100.00 BB+ 818,150 Initiatives Project, Series 2006A, 5.500%, 7/01/25 ----------------------------------------------------------------------------------------------------------------------------------- LOUISIANA - 5.7% (4.3% OF TOTAL INVESTMENTS) 5,000 Louisiana Local Government Environmental Facilities & 11/17 at 100.00 BB 5,159,700 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 502,240 Community Development Authority, Carter Plantation Hotel Project Revenue Bonds, Series 2006A, 6.000%, 9/01/36 (5) 1,000 Louisiana Local Government Environmental Facilities and 6/16 at 101.00 N/R 892,050 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 2,147,340 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: 760 8.250%, 3/01/19 (Alternative Minimum Tax) 3/14 at 100.00 N/R 734,137 805 8.500%, 3/01/24 (Alternative Minimum Tax) 3/14 at 100.00 N/R 779,007 5,125 St. James Parish, Louisiana, Solid Waste Disposal Revenue 4/11 at 100.00 N/R 5,124,898 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 1,939,040 Settlement Asset-Backed Bonds, Series 2001B, 5.875%, 5/15/39 ----------------------------------------------------------------------------------------------------------------------------------- 18,690 Total Louisiana 17,278,412 ----------------------------------------------------------------------------------------------------------------------------------- MAINE - 1.0% (0.8% OF TOTAL INVESTMENTS) 3,155 Portland Housing Development Corporation, Maine, Section 8 2/14 at 102.00 Baa2 3,046,342 Assisted Senior Living Revenue Bonds, Avesta Housing Development Corporation, Series 2004A, 6.000%, 2/01/34 ----------------------------------------------------------------------------------------------------------------------------------- MARYLAND - 1.1% (0.9% OF TOTAL INVESTMENTS) 1,000 Baltimore, Maryland, Senior Lien Convention Center Hotel 9/16 at 100.00 Baa3 815,890 Revenue Bonds, Series 2006A, 5.250%, 9/01/39 - SYNCORA GTY Insured 2,000 Maryland Energy Financing Administration, Revenue Bonds, AES 9/10 at 100.00 N/R 2,000,680 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 A2 355,443 Revenue Bonds, MedStar Health, Series 2004, 5.500%, 8/15/33
62 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- MARYLAND (continued) $ 435 Prince George's County, Maryland, Revenue Bonds, Dimensions 7/10 at 100.00 B3 $ 301,151 Health Corporation, Series 1994, 5.300%, 7/01/24 (8) ----------------------------------------------------------------------------------------------------------------------------------- 3,785 Total Maryland 3,473,164 ----------------------------------------------------------------------------------------------------------------------------------- MASSACHUSETTS - 0.5% (0.4% OF TOTAL INVESTMENTS) 465 Massachusetts Development Finance Agency, Pioneer Valley No Opt. Call N/R 422,099 Resource Recovery Revenue Bonds, Eco/Springfield LLC, Series 2006, 5.875%, 7/01/14 (Alternative Minimum Tax) 1,350 Massachusetts Health and Educational Facilities Authority, 7/14 at 100.00 BB 1,013,148 Revenue Bonds, Northern Berkshire Community Services Inc., Series 2004B, 6.375%, 7/01/34 ----------------------------------------------------------------------------------------------------------------------------------- 1,815 Total Massachusetts 1,435,247 ----------------------------------------------------------------------------------------------------------------------------------- MICHIGAN - 4.3% (3.2% OF TOTAL INVESTMENTS) 1,180 Countryside Charter School, Berrien County, Michigan, 10/10 at 100.00 N/R 1,064,773 Charter School Revenue Bonds, Series 1999, 7.000%, 4/01/29 835 Countryside Charter School, Berrien County, Michigan, 10/10 at 100.00 N/R 835,067 Charter School Revenue Bonds, Series 2000, 8.000%, 4/01/29 Detroit Local Development Finance Authority, Michigan, Tax Increment Bonds, Series 1998A: 1,390 5.500%, 5/01/21 5/10 at 100.00 B- 840,561 15 5.500%, 5/01/21 - ACA Insured 5/10 at 100.00 B- 9,071 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 730,060 1,000 5.000%, 8/15/38 8/17 at 100.00 N/R 668,880 1,000 Michigan Public Educational Facilities Authority, Limited 11/15 at 100.00 BBB 1,013,340 Obligation Revenue Bonds, Chandler Park Academy Project, Series 2008, 6.500%, 11/01/35 1,000 Michigan Public Educational Facilities Authority, Limited 9/17 at 100.00 BBB- 775,660 Obligation Revenue Bonds, Richfield Public School Academy, Series 2007, 5.000%, 9/01/36 3,580 Michigan State Hospital Finance Authority, Hospital Revenue 8/10 at 100.00 BB- 3,142,381 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 AAA 576,675 Chelsea Community Hospital, Series 2005, 5.000%, 5/15/30 (Pre-refunded 5/15/15) 1,500 Michigan State Hospital Finance Authority, Revenue Bonds, 11/15 at 102.00 N/R 1,367,460 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 1,184,000 Revenue Bonds, William Beaumont Hospital, Refunding Series 2009V, 8.250%, 9/01/39 1,000 Summit Academy North Charter School, Michigan, Charter 11/15 at 100.00 BB+ 780,110 School Revenue Bonds, Series 2005, 5.500%, 11/01/30 ----------------------------------------------------------------------------------------------------------------------------------- 15,000 Total Michigan 12,988,038 ----------------------------------------------------------------------------------------------------------------------------------- MINNESOTA - 1.6% (1.2% 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) 101,109 100 7.300%, 7/01/15 (Pre-refunded 7/01/10) 7/10 at 100.00 N/R (4) 101,126 1,325 Ramsey, Anoka County, Minnesota, Charter School Lease 6/14 at 102.00 N/R 1,262,725 Revenue Bonds, PACT Charter School, Series 2004A, 6.750%, 12/01/33 1,335 St. Paul Housing and Redevelopment Authority, Minnesota, 6/14 at 102.00 N/R 1,338,671 Charter School Revenue Bonds, Higher Ground Academy Charter School, Series 2004A, 6.625%, 12/01/23 1,100 St. Paul Housing and Redevelopment Authority, Minnesota, 6/14 at 102.00 N/R 1,048,300 Charter School Revenue Bonds, HOPE Community Academy Charter School, Series 2004A, 6.750%, 12/01/33 1,000 St. Paul Port Authority, Minnesota, Lease Revenue Bonds, 5/15 at 100.00 N/R 945,540 HealthEast Midway Campus, Series2005B, 6.000%, 5/01/30 ----------------------------------------------------------------------------------------------------------------------------------- 4,960 Total Minnesota 4,797,471 -----------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 63 NMZ | Nuveen Municipal High Income Opportunity Fund (continued) | Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- MISSISSIPPI - 0.6% (0.4% OF TOTAL INVESTMENTS) $ 912 Mississippi Home Corporation, Multifamily Housing Revenue 10/19 at 101.00 N/R $ 671,501 Bonds, Tupelo Personal Care Apartments, Series 2004-2, 6.125%, 9/01/34 (Alternative Minimum Tax) 1,000 Warren County, Mississippi, Gulf Opportunity Zone Revenue 9/18 at 100.00 BBB 1,041,630 Bonds, International Paper Company Project, Series 2008A, 6.500%, 9/01/32 ----------------------------------------------------------------------------------------------------------------------------------- 1,912 Total Mississippi 1,713,131 ----------------------------------------------------------------------------------------------------------------------------------- MISSOURI - 2.8% (2.1% OF TOTAL INVESTMENTS) 2,000 Branson Regional Airport Transportation Development 7/17 at 100.00 N/R 1,108,100 District, Missouri, Project Revenue Bonds, Series 2007B, 6.000%, 7/01/37 (Alternative Minimum Tax) 1,000 Hanley Road Corridor Transportation Development District, 10/19 at 100.00 A- 1,027,970 Brentwood and Maplewood, Missouri, Transportation Sales Revenue Bonds, Refunding Series 2009A, 5.875%, 10/01/36 5,935 Missouri Environmental Improvement and Energy Resources 12/16 at 100.00 AA+ 5,416,875 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, 12/10 at 102.00 Ca 417,144 Saint Louis Convention Center Headquarters Hotel Project, Series 2000A, 7.250%, 12/15/35 (Alternative Minimum Tax) (5) 795 Saint Louis, Missouri, Tax Increment Financing Revenue 12/10 at 100.00 N/R 595,240 Bonds, Grace Lofts Redevelopment Projects, Series 2007A, 6.000%, 3/27/26 ----------------------------------------------------------------------------------------------------------------------------------- 11,030 Total Missouri 8,565,329 ----------------------------------------------------------------------------------------------------------------------------------- MONTANA - 2.1% (1.6% OF TOTAL INVESTMENTS) 5,200 Montana Board of Investments, Exempt Facility Revenue Bonds, 7/10 at 101.00 B 4,776,096 Stillwater Mining Company, Series 2000, 8.000%, 7/01/20 (Alternative Minimum Tax) 1,985 Montana Board of Investments, Resource Recovery Revenue No Opt. Call N/R 1,746,443 Bonds, Yellowstone Energy LP, Series 1993, 7.000%, 12/31/19 (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- 7,185 Total Montana 6,522,539 ----------------------------------------------------------------------------------------------------------------------------------- NEBRASKA - 3.3% (2.5% OF TOTAL INVESTMENTS) 6,485 Omaha Public Power District, Nebraska, Separate Electric 2/17 at 100.00 AA+ 10,111,671 System Revenue Bonds, Nebraska City 2, Series 2006A, 19.751%, 2/01/49 - AMBAC Insured (IF) ----------------------------------------------------------------------------------------------------------------------------------- NEVADA - 0.5% (0.4% OF TOTAL INVESTMENTS) 1,425 Clark County, Nevada, Local Improvement Bonds, Mountain's 8/16 at 100.00 N/R 1,354,591 Edge Special Improvement District 142, Series 2003, 6.375%, 8/01/23 4,500 Director of Nevada State Department of Business and 1/12 at 100.00 N/R 135,000 Industry, Revenue Bonds, Las Vegas Monorail Project, Second Tier, Series 2000, 7.375%, 1/01/40 (5) ----------------------------------------------------------------------------------------------------------------------------------- 5,925 Total Nevada 1,489,591 ----------------------------------------------------------------------------------------------------------------------------------- NEW JERSEY - 2.6% (1.9% OF TOTAL INVESTMENTS) 1,500 New Jersey Economic Development Authority, Cigarette Tax 6/14 at 100.00 BBB 1,479,360 Revenue Bonds, Series 2004, 5.750%, 6/15/29 1,660 New Jersey Economic Development Authority, Special 9/10 at 100.50 B 1,567,438 Facilities Revenue Bonds, Continental Airlines Inc., Series 1999, 6.250%, 9/15/29 (Alternative Minimum Tax) 500 New Jersey Economic Development Authority, Special 11/10 at 101.00 B 500,385 Facilities Revenue Bonds, Continental Airlines Inc., Series 2000, 7.000%, 11/15/30 (Alternative Minimum Tax) 600 New Jersey Educational Facilities Authority, Revenue 6/19 at 100.00 Baa1 689,040 Refunding Bonds, University of Medicine and Dentistry of New Jersey, Series 2009B, 7.500%, 12/01/32 1,000 New Jersey Higher Education Assistance Authority, Student 6/18 at 100.00 AAA 1,069,220 Loan Revenue Bonds, Series 2008A, 6.125%, 6/01/30 - AGC Insured (Alternative Minimum Tax) 3,500 New Jersey Transportation Trust Fund Authority, No Opt. Call AA+ 1,450,680 Transportation System Bonds, Series 2006C, 0.000%, 12/15/27 - NPFG Insured 700 New Jersey Turnpike Authority, Revenue Bonds, Series 2009E, 1/19 at 100.00 A+ 734,734 5.250%, 1/01/40 500 Tobacco Settlement Financing Corporation, New Jersey, 6/17 at 100.00 BBB 347,515 Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 5.000%, 6/01/41 ----------------------------------------------------------------------------------------------------------------------------------- 9,960 Total New Jersey 7,838,372 -----------------------------------------------------------------------------------------------------------------------------------
64 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- NEW YORK - 1.5% (1.1% OF TOTAL INVESTMENTS) $ 1,000 Brooklyn Areba Local Development Corporation, New York, No Opt. Call BBB- $ 1,028,660 Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009, 6.375%, 7/15/43 1,000 Metropolitan Transportation Authority, New York, Dedicated 11/19 at 100.00 AA 1,050,300 Tax Fund Bonds, Series 2009B, 5.000%, 11/15/34 1,700 New York City Industrial Development Agency, New York, 8/10 at 100.00 CCC+ 1,475,753 Special Facilities Revenue Bonds, American Airlines Inc., Series 1994, 6.900%, 8/01/24 (Alternative Minimum Tax) 1,000 Seneca Nation of Indians Capital Improvements Authority, New No Opt. Call BB 944,770 York, Special Obligation Bonds, Series 2007A, 5.250%, 12/01/16 ----------------------------------------------------------------------------------------------------------------------------------- 4,700 Total New York 4,499,483 ----------------------------------------------------------------------------------------------------------------------------------- NORTH CAROLINA - 2.6% (2.0% OF TOTAL INVESTMENTS) 1,260 Charlotte-Mecklenberg Hospital Authority, North Carolina, 1/18 at 100.00 AA- 1,286,183 Carolinas HealthCare System Revenue Bonds, Series 2008, Trust 1149, 13.326%, 1/15/47 (IF) 5,500 North Carolina Capital Facilities Finance Agency, Solid 7/12 at 106.00 N/R 4,959,790 Waste Facilities Revenue Bonds, Liberty Tire Services of North Carolina LLC, Series 2004A, 6.750%, 7/01/29 960 North Carolina Capital Facilities Financing Agency, Revenue 10/16 at 100.00 AA+ 1,660,819 Bonds, Duke University, Series 2008, Tender Option Bonds Trust 3248, 26.619%, 10/01/44 (IF) ----------------------------------------------------------------------------------------------------------------------------------- 7,720 Total North Carolina 7,906,792 ----------------------------------------------------------------------------------------------------------------------------------- OHIO - 4.3% (3.3% OF TOTAL INVESTMENTS) Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2: 320 5.125%, 6/01/24 6/17 at 100.00 BBB 295,616 375 5.750%, 6/01/34 6/17 at 100.00 BBB 295,054 10,855 5.875%, 6/01/47 6/17 at 100.00 BBB 8,147,980 2,990 Cleveland-Cuyahoga County Port Authority, Ohio, Development 5/14 at 102.00 N/R 2,203,152 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 B3 900,050 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 1,408,360 Revenue Bonds, Central Waste Inc., Series 2007A, 6.350%, 7/01/27 (Alternative Minimum Tax) (8) ----------------------------------------------------------------------------------------------------------------------------------- 19,540 Total Ohio 13,250,212 ----------------------------------------------------------------------------------------------------------------------------------- OKLAHOMA - 1.1% (0.8% OF TOTAL INVESTMENTS) 955 Okeene Municipal Hospital and Schallmo Authority, Oklahoma, 1/16 at 101.00 N/R 843,446 Revenue Bonds, Series 2006, 7.000%, 1/01/35 2,500 Tulsa Municipal Airport Trust, Oklahoma, Revenue Refunding No Opt. Call Caa2 2,532,300 Bonds, American Airlines Inc., Series 2004A, 7.750%, 6/01/35 (Mandatory put 12/01/14) ----------------------------------------------------------------------------------------------------------------------------------- 3,455 Total Oklahoma 3,375,746 ----------------------------------------------------------------------------------------------------------------------------------- PENNSYLVANIA - 3.0% (2.2% OF TOTAL INVESTMENTS) 800 Allegheny Country Industrial Development Authority, 11/19 at 100.00 BB 843,504 Allegheny County, Pennsylvania, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2009, 6.875%, 5/01/30 420 Allentown Area Hospital Authority, Pennsylvania, Revenue No Opt. Call BB- 403,116 Bonds, Sacred Heart Hospital, Series 2005, 6.000%, 11/15/16 985 Berks County Industrial Development Authority, Pennsylvania, 11/17 at 101.00 N/R 817,028 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 1,790,300 Pennsylvania, Revenue Bonds, Immaculata University, Series 2005, 5.750%, 10/15/37 400 Chester County Industrial Development Authority, 12/17 at 100.00 BB+ 368,900 Pennsylvania, Avon Grove Charter School Revenue Bonds, Series 2007A, 6.375%, 12/15/37 750 New Morgan Industrial Development Authority, Pennsylvania, 10/10 at 100.00 BBB 749,895 Solid Waste Disposal Revenue Bonds, New Morgan Landfill Company Inc., Series 1994, 6.500%, 4/01/19 (Alternative Minimum Tax) 4,000 Pennsylvania Economic Development Financing Authority, 6/12 at 102.00 BBB+ 4,079,760 Revenue Bonds, Amtrak 30th Street Station Parking Garage, Series 2002, 5.800%, 6/01/23 - ACA Insured (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- 9,355 Total Pennsylvania 9,052,503 -----------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 65 NMZ | Nuveen Municipal High Income Opportunity Fund (continued) | Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- PUERTO RICO - 1.5% (1.1% OF TOTAL INVESTMENTS) $ 3,000 Puerto Rico Sales Tax Financing Corporation, Sales Tax 8/26 at 100.00 A+ $ 2,410,350 Revenue Bonds, First Subordinate Series 2009A, 0.000%, 8/01/32 2,000 Puerto Rico Sales Tax Financing Corporation, Sales Tax 2/20 at 100.00 A+ 2,088,840 Revenue Bonds, First Subordinate Series 2010A, 5.500%, 8/01/42 ----------------------------------------------------------------------------------------------------------------------------------- 5,000 Total Puerto Rico 4,499,190 ----------------------------------------------------------------------------------------------------------------------------------- RHODE ISLAND - 1.9% (1.4% OF TOTAL INVESTMENTS) 1,000 Rhode Island Student Loan Authority, Student Loan Program 12/17 at 100.00 A 1,051,630 Revenue Bonds, Series 2008A, 6.750%, 12/01/28 (Alternative Minimum Tax) 4,835 Rhode Island Tobacco Settlement Financing Corporation, 6/12 at 100.00 BBB 4,641,213 Tobacco Settlement Asset-Backed Bonds, Series 2002A, 6.250%, 6/01/42 ----------------------------------------------------------------------------------------------------------------------------------- 5,835 Total Rhode Island 5,692,843 ----------------------------------------------------------------------------------------------------------------------------------- SOUTH CAROLINA - 1.5% (1.2% OF TOTAL INVESTMENTS) 4,000 Lancaster County, South Carolina, Assessment Bonds, 11/17 at 100.00 N/R 3,513,440 Edgewater II Improvement District, Series 2007A, 7.750%, 11/01/39 1,185 Richland County, South Carolina, Environmental Improvement 4/13 at 101.00 BBB 1,201,791 Revenue Refunding Bonds, International Paper Company, Series 2003A, 6.100%, 4/01/23 (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- 5,185 Total South Carolina 4,715,231 ----------------------------------------------------------------------------------------------------------------------------------- TENNESSEE - 3.8% (2.9% OF TOTAL INVESTMENTS) 1,000 Sullivan County Health Educational and Housing Facilities 3/13 at 100.00 N/R 927,450 Board, Tennessee, Revenue Bonds, Wellmont Health System, Refunding Series 200A, 5.440%, 9/01/32 2,000 Sullivan County Health Educational and Housing Facilities 9/16 at 100.00 BBB+ 1,933,860 Board, Tennessee, Revenue Bonds, Wellmont Health System, Series 2006C, 5.250%, 9/01/26 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 (8) 11/17 at 100.00 N/R 1,298,800 500 5.500%, 11/01/46 (8) 11/17 at 100.00 N/R 324,700 1,000 The Tennessee Energy Acquisition Corporation, Gas Revenue No Opt. Call BB+ 982,070 Bonds, Series 2006A, 5.250%, 9/01/23 5,601 The Tennessee Energy Acquisition Corporation, Gas Revenue No Opt. Call N/R 5,333,328 Bonds, Series 2006B, 5.625%, 9/01/26 980 Wilson County Health and Educational Facilities Board, 7/17 at 100.00 N/R 841,281 Tennessee, Senior Living Revenue Bonds, Rutland Place, Series 2007A, 6.300%, 7/01/37 ----------------------------------------------------------------------------------------------------------------------------------- 13,081 Total Tennessee 11,641,489 ----------------------------------------------------------------------------------------------------------------------------------- TEXAS - 10.8% (8.1% OF TOTAL INVESTMENTS) 1,000 Alliance Airport Authority, Texas, Special Facilities 12/12 at 100.00 CCC+ 698,880 Revenue Bonds, American Airlines Inc., Series 2007, 5.250%, 12/01/29 (Alternative Minimum Tax) 2,000 Austin Convention Enterprises Inc., Texas, Convention Center 1/17 at 100.00 BB 1,710,660 Hotel Revenue Bonds, Second Tier Series 2006B, 5.750%, 1/01/34 1,845 Austin Convention Enterprises Inc., Texas, Convention Center 1/11 at 100.00 N/R 1,845,830 Hotel Revenue Bonds, Third Tier Series 2001C, 9.750%, 1/01/26 10 Brazos River Authority, Texas, Pollution Control Revenue No Opt. Call CCC 9,729 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 436,065 Refunding Bonds, TXU Electric Company, Series 2001D, 8.250%, 5/01/33 (Alternative Minimum Tax) 1,000 Clifton Higher Education Finance Corporation, Texas, 12/20 at 100.00 BBB- 997,590 Education Revenue Bonds, Uplift Education Charter School, Series 2010A, 6.000%, 12/01/30 2,000 Clifton Higher Education Finance Corporation, Texas, No Opt. Call BBB- 2,344,300 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+ 1,277,028 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 1,845,189 6,600 7.125%, 9/01/34 9/14 at 100.00 N/R 6,622,902
66 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 Ba1 $ 598,350 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 851,850 Charter Academy, Series 2006A, 6.000%, 2/15/36 2,020 Houston, Texas, Airport System Special Facilities Revenue 7/11 at 100.00 B3 1,737,240 Bonds, Continental Air Lines Inc., Series 1998B, 5.700%, 7/15/29 (Alternative Minimum Tax) Houston, Texas, Airport System Special Facilities Revenue Bonds, Continental Air Lines Inc., Series 2001E: 600 7.375%, 7/01/22 (Alternative Minimum Tax) 7/11 at 101.00 B3 609,696 975 6.750%, 7/01/29 (Alternative Minimum Tax) 7/11 at 101.00 B3 980,909 1,000 La Vernia Education Financing Corporation, Texas, Charter 8/11 at 100.00 N/R 786,860 School Revenue Bonds, Riverwalk Education Foundation, Series 2007A, 5.450%, 8/15/36 1,035 North Texas Tollway Authority, System Revenue Bonds, First 1/19 at 100.00 A2 1,146,521 Tier Series 2009A, 6.250%, 1/01/39 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 1,951,160 1,000 6.000%, 12/01/34 12/13 at 100.00 Baa2 954,280 1,000 Sabine River Authority, Texas, Pollution Control Revenue 8/13 at 101.00 CCC 603,920 Refunding Bonds, TXU Energy Company LLC Project, Series 2003B, 6.150%, 8/01/22 2,960 Tarrant County Cultural & Educational Facilities Finance 2/17 at 100.00 AA- 3,014,316 Corporation, Texas, Revenue Bonds, Texas Health Resources Project, Trust 1031, 12.134%, 2/15/36 (IF) 810 Texas Private Activity Bond Surface Transportation 12/19 at 100.00 Baa2 849,820 Corporation, Senior Lien Revenue Bonds, NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project, Series 2009, 6.875%, 12/31/39 1,000 Texas Public Finance Authority, Charter School Finance 2/15 at 100.00 N/R 815,820 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 181,387 Refunding Bonds, TXU Electric Company, Series 2003, 6.250%, 5/01/28 (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- 35,070 Total Texas 32,870,302 ----------------------------------------------------------------------------------------------------------------------------------- VIRGIN ISLANDS - 2.5% (1.9% OF TOTAL INVESTMENTS) 420 Virgin Islands Public Finance Authority, Matching Fund 10/19 at 100.00 BBB 457,783 Revenue Loan Note - Diageo Project, Series 2009A, 6.750%, 10/01/37 5,000 Virgin Islands Public Finance Authority, Revenue Bonds, 1/14 at 100.00 Baa3 5,045,950 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 Baa3 2,012,640 Revenue Bonds, Refinery Project - Hovensa LLC, Series 2004, 5.875%, 7/01/22 ----------------------------------------------------------------------------------------------------------------------------------- 7,420 Total Virgin Islands 7,516,373 ----------------------------------------------------------------------------------------------------------------------------------- VIRGINIA - 1.3% (1.0% OF TOTAL INVESTMENTS) 1,000 Giles County Industrial Development Authority, Virginia, 5/10 at 100.00 B+ 970,910 Exempt Facility Revenue Bonds, Hoechst Celanese Project, Series 1996, 6.450%, 5/01/26 1,940 Isle of Wight County Industrial Development Authority, 3/17 at 100.00 BBB 1,640,115 Virginia, Environmental Improvement Revenue Bonds, International Paper Company Project, Series 2007A, 4.700%, 3/01/31 (Alternative Minimum Tax) 9,400 Metropolitan Washington Airports Authority, Virginia, Dulles No Opt. Call BBB+ 1,440,550 Toll Road Revenue Bonds, Capital Appreciation Series 2009B-2, 0.000%, 10/01/38 - AGC Insured ----------------------------------------------------------------------------------------------------------------------------------- 12,340 Total Virginia 4,051,575 ----------------------------------------------------------------------------------------------------------------------------------- WASHINGTON - 3.2% (2.4% OF TOTAL INVESTMENTS) Vancouver Downtown Redevelopment Authority, Washington, Revenue Bonds, Conference Center Project, Series 2003A: 1,780 6.000%, 1/01/28 - ACA Insured 1/14 at 100.00 N/R 1,539,914 2,500 5.250%, 1/01/34 - ACA Insured 1/14 at 100.00 N/R 1,874,350 4,745 6.000%, 1/01/34 - ACA Insured 1/14 at 100.00 N/R 4,014,887 1,000 Washington State Economic Development Finance Authority, 12/17 at 100.00 N/R 716,700 Revenue Bonds, Coeur D'Alene Fiber Project, Series 2007G, 7.000%, 12/01/27 (Alternative Minimum Tax)
Nuveen Investments 67 NMZ | Nuveen Municipal High Income Opportunity Fund (continued) | Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- WASHINGTON (continued) $ 2,000 Washington State Health Care Facilities Authority, Revenue No Opt. Call N/R $ 1,652,120 Bonds, Northwest Hospital and Medical Center of Seattle, Series 2007, 5.700%, 12/01/32 ----------------------------------------------------------------------------------------------------------------------------------- 12,025 Total Washington 9,797,971 ----------------------------------------------------------------------------------------------------------------------------------- WEST VIRGINIA - 0.6% (0.5% OF TOTAL INVESTMENTS) 500 Ohio County Commission, West Virginia, Special District 3/16 at 100.00 BBB 419,375 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 452,815 Bonds, Fort Henry Centre Financing District, Series 2007A, 5.850%, 6/01/34 1,000 West Virginia Hospital Finance Authority , Hospital Revenue 9/14 at 100.00 A2 1,014,529 Bonds, Charleston Area Medical Center, Series 2009A, 5.500%, 9/01/28 ----------------------------------------------------------------------------------------------------------------------------------- 2,000 Total West Virginia 1,886,719 ----------------------------------------------------------------------------------------------------------------------------------- WISCONSIN - 6.3% (4.7% OF TOTAL INVESTMENTS) 550 Lac Courte Oreilles Band of Lake Superior Chippewa Indians, 12/14 at 101.00 N/R (4) 702,828 Wisconsin, Revenue Bonds, Series 2003A, 7.750%, 6/01/16 (Pre-refunded 12/01/14) 2,300 Wisconsin Health and Educational Facilities Authority, 7/10 at 100.00 A3 2,268,236 Revenue Bonds, Aurora Health Care Inc., Series 1999A, 5.600%, 2/15/29 - ACA Insured 2,500 Wisconsin Health and Educational Facilities Authority, 8/10 at 100.00 A 2,500,099 Revenue Bonds, Marshfield Clinic, Series 1997, 5.750%, 2/15/27 - NPFG Insured 1,000 Wisconsin Health and Educational Facilities Authority, 4/14 at 100.00 N/R 974,529 Revenue Bonds, Southwest Health Center Inc., Series 2004A, 6.250%, 4/01/34 1,000 Wisconsin Health and Educational Facilities Authority, 12/19 at 100.00 A1 1,025,469 Revenue Bonds, ThedaCare, Inc., Series 2009A, 5.500%, 12/15/38 Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Healthcare System, Series 2006: 7,995 5.250%, 8/15/26 8/16 at 100.00 BBB+ 7,573,503 4,500 5.250%, 8/15/34 8/16 at 100.00 BBB+ 4,108,364 ----------------------------------------------------------------------------------------------------------------------------------- 19,845 Total Wisconsin 19,153,028 ----------------------------------------------------------------------------------------------------------------------------------- $ 455,808 Total Investments (cost $410,962,722) - 132.7% 404,187,171 ===============-------------------------------------------------------------------------------------------------------------------- Floating Rate Obligations - (3.4)% (10,300,000) ----------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 1.9% 5,694,058 ----------------------------------------------------------------------------------------------------------------- Auction Rate Preferred Shares, at Liquidation Value - (95,000,000) (31.2)% (6) ----------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 304,581,229 =================================================================================================================
68 Nuveen Investments Investments in Derivatives FORWARD SWAPS OUTSTANDING AT APRIL 30, 2010:
FUND PAY/RECEIVE FIXED RATE UNREALIZED NOTIONAL FLOATING FLOATING RATE FIXED RATE PAYMENT EFFECTIVE TERMINATION APPRECIATION COUNTERPARTY AMOUNT RATE INDEX (ANNUALIZED) FREQUENCY DATE (7) DATE (DEPRECIATION) --------------------------------------------------------------------------------------------------------------------------------- Barclays Bank PLC $ 2,500,000 Receive 3-Month USD-LIBOR 4.720% Semi-Annually 5/25/11 5/25/40 $ (79,000) Barclays Bank PLC 15,000,000 Receive 3-Month USD-LIBOR 4.675 Semi-Annually 7/23/10 7/23/39 (850,500) JPMorgan 4,000,000 Receive 3-Month USD-LIBOR 4.783 Semi-Annually 5/05/11 5/05/40 $ (174,400) --------------------------------------------------------------------------------------------------------------------------------- $ (1,103,900) =================================================================================================================================
(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. (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 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) Auction Rate Preferred Shares, at Liquidation Value as a percentage of Total Investments is 23.5%. (7) Effective date represents the date on which both the Fund and Counterparty commence interest payment accruals on each forward swap contract. (8) For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Footnote 2 - Fair Value Measurements for more information. 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. 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 69 NMD | Nuveen Municipal High Income Opportunity Fund 2 | Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- ALABAMA - 1.6% (1.4% OF TOTAL INVESTMENTS) $ 2,290 Birmingham Special Care Facilities Financing Authority, 11/15 at 100.00 Baa2 $ 2,241,017 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 925,780 Environmental Improvement Revenue Bonds, MeadWestvaco Corporation, Series 2002A, 6.350%, 5/15/35 (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- 3,290 Total Alabama 3,166,797 ----------------------------------------------------------------------------------------------------------------------------------- ARIZONA - 4.7% (4.1% OF TOTAL INVESTMENTS) 1,000 Estrella Mountain Ranch Community Facilities District, 7/17 at 100.00 N/R 930,540 Goodyear, Arizona, General Obligation Bonds, Series 2007, 6.200%, 7/15/32 500 Pima County Industrial Development Authority, Arizona, No Opt. Call N/R 530,940 Education Revenue Bonds Legacy Traditional School Project, Series 2009, 8.500%, 7/01/39 2,575 Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, 12/17 at 102.00 N/R 2,112,092 Government Project Bonds, Series 2007, 7.000%, 12/01/27 5,325 Salt Verde Financial Corporation, Arizona, Senior Gas No Opt. Call A 4,748,622 Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37 1,000 Yuma County Industrial Development Authority, Arizona, 12/17 at 100.00 N/R 790,270 Exempt Revenue Bonds, Far West Water & Sewer Inc. Refunding, Series 2007A, 6.375%, 12/01/37 (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- 10,400 Total Arizona 9,112,464 ----------------------------------------------------------------------------------------------------------------------------------- ARKANSAS - 0.1% (0.0% OF TOTAL INVESTMENTS) 125 Little River County, Arkansas, Revenue Refunding Bonds, 10/10 at 100.00 Ba3 116,240 Georgia-Pacific Corporation, Series 1998, 5.600%, 10/01/26 (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- CALIFORNIA - 14.1% (12.2% OF TOTAL INVESTMENTS) 1,470 Bay Area Toll Authority, California, Revenue Bonds, San 4/18 at 100.00 AA 1,644,107 Francisco Bay Area Toll Bridge, Tender Option Bond Trust 2985, 17.167%, 4/01/34 (IF) 2,000 California Educational Facilities Authority, Revenue Bonds, 12/16 at 100.00 Baa3 1,726,320 Dominican University, Series 2006, 5.000%, 12/01/36 1,020 California Housing Finance Agency, California, Home Mortgage 8/17 at 100.00 A 939,767 Revenue Bonds, Series 2008B, 5.000%, 2/01/28 (Alternative Minimum Tax) 1,000 California Municipal Finance Authority, Revenue Bonds, 11/19 at 100.00 Baa1 1,063,600 Harbor Regional Center Project, Series 2009, 8.500%, 11/01/39 795 California State Public Works Board, Lease Revenue Bonds, 3/20 at 100.00 A2 817,785 Various Capital Projects, Series 2010A-1, 5.750%, 3/01/30 520 California Statewide Communities Development Authority, 10/19 at 100.00 BBB- 519,969 Revenue Bonds, American Baptist Homes of the West, Series 2010, 6.250%, 10/01/39 1,825 California Statewide Community Development Authority, 7/15 at 100.00 BBB 1,620,162 Revenue Bonds, Daughters of Charity Health System, Series 2005A, 5.250%, 7/01/35 2,000 California Statewide Community Development Authority, 7/18 at 100.00 AA- 2,039,360 Revenue Bonds, St. Joseph Health System, Series 2007C, 5.750%, 7/01/47 - FGIC Insured 1,350 California Statewide Community Development Authority, 11/16 at 100.00 Aa3 1,130,531 Revenue Bonds, Sutter Health, Tender Option Bond Trust 3048, 13.292%, 11/15/46 (IF) 1,300 California, General Obligation Bonds, Tender Option Bond 3/20 at 100.00 AAA 1,569,880 Trust 3162, 19.363%, 3/01/40 - AGM Insured (IF) Daly City Housing Development Finance Agency, California, Mobile Home Park Revenue Bonds, Franciscan Mobile Home Park Refunding, Series 2007A: 2,000 5.000%, 12/15/37 12/17 at 100.00 A- 1,679,800 1,975 6.500%, 12/15/47 12/17 at 100.00 N/R 1,712,661 1,370 Elk Grove Community Facilities District 2005-1, California, 9/15 at 102.00 N/R 920,914 Special Tax Bonds, Series 2007, 5.250%, 9/01/37
70 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- CALIFORNIA (continued) Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1: $ 2,500 5.125%, 6/01/47 6/17 at 100.00 BBB $ 1,745,975 4,000 5.750%, 6/01/47 6/17 at 100.00 BBB 3,083,320 1,000 Lathrop Financing Authority, California, Revenue Bonds, 6/13 at 100.00 N/R 974,650 Water Supply Project Series 2003, 6.000%, 6/01/35 700 Los Angeles Department of Airports, California, Revenue 5/20 at 100.00 AA 762,076 Bonds, Los Angeles International Airport, Tender Option Bond Trust 10-27B, 17.747%, 5/15/40 (IF) 500 Los Angeles Regional Airports Improvement Corporation, 12/12 at 102.00 B- 504,040 California, Sublease Revenue Bonds, Los Angeles International Airport, American Airlines Inc. Terminal 4 Project, Series 2002C, 7.500%, 12/01/24 (Alternative Minimum Tax) 2,500 San Bernardino Community College District, California, 8/16 at 100.00 AAA 2,752,750 General Obligation Bonds, Tender Option Bond Trust 11780-1, 17.562%, 8/01/31 - AGM Insured (IF) ----------------------------------------------------------------------------------------------------------------------------------- 29,825 Total California 27,207,667 ----------------------------------------------------------------------------------------------------------------------------------- COLORADO - 7.2% (6.2% OF TOTAL INVESTMENTS) 1,500 Arista Metropolitan District, Colorado, Special Revenue 12/15 at 100.00 N/R 1,374,135 Bonds, Series 2008, 9.250%, 12/01/37 1,520 Colorado Educational and Cultural Facilities Authority, 5/17 at 100.00 BB+ 1,261,114 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 1,826,780 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 1,486,275 Bonds, Catholic Health Initiatives, Series 2006A, 5.000%, 9/01/41 5,045 Colorado Housing and Finance Authority, Revenue Bonds, 4/17 at 100.00 N/R 3,248,072 Confluence Energy LLC Project, Series 2007, 6.750%, 4/01/27 (Alternative Minimum Tax) 1,000 Confluence Metropolitan District, Colorado, General 12/17 at 100.00 N/R 740,060 Obligation Limited Tax Bonds, Series 2007, 5.400%, 12/01/27 1,070 Fitzsimons Village Metropolitan District 1, Aurora, Arapahoe 3/20 at 100.00 N/R 1,077,223 County, Colorado, Tax Increment Public Improvement Fee Supported Revenue Bonds, Series 2010A, 7.500%, 3/01/40 1,000 Plaza Metropolitan District 1, Lakewood, Colorado, Tax 6/14 at 101.00 N/R 1,003,600 Increment Revenue Bonds, Series 2003, 8.000%, 12/01/25 1,700 Public Authority for Colorado Energy, Natural Gas Purchase No Opt. Call A 1,870,068 Revenue Bonds, Colorado Springs Utilities, Series 2008, 6.500%, 11/15/38 ----------------------------------------------------------------------------------------------------------------------------------- 16,315 Total Colorado 13,887,327 ----------------------------------------------------------------------------------------------------------------------------------- CONNECTICUT - 0.5% (0.5% OF TOTAL INVESTMENTS) 1,000 Harbor Point Infrastructure Improvement District, 4/20 at 100.00 N/R 1,051,740 Connecticut, Special Obligation Revenue Bonds, Harbor Point Project, Series 2010A, 7.875%, 4/01/39 ----------------------------------------------------------------------------------------------------------------------------------- FLORIDA - 13.9% (12.0% OF TOTAL INVESTMENTS) 615 Amelia Walk Community Development District, Florida, Special 5/16 at 100.00 N/R 307,967 Assessment Bonds, Series 2006A, 5.500%, 5/01/37 985 Ave Maria Stewardship Community Development District, 5/16 at 100.00 N/R 745,044 Florida, Capital Improvement Revenue Bonds, Series 2006A, 5.125%, 5/01/38 1,000 Beeline Community Development District, Palm Beach County, 5/18 at 100.00 N/R 1,007,900 Florida, Special Assessment Bonds, Series 2008A, 7.000%, 5/01/37 990 Colonial Country Club Community Development District, 5/13 at 101.00 A+ 1,020,195 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 1,803,620 Bonds, International Paper Company Projects, Series 2006B, 5.000%, 8/01/26 (Alternative Minimum Tax) 1,295 Fishhawk Community Development District II, Florida, Special 5/14 at 100.00 N/R 1,248,548 Assessment Revenue Bonds, Series 2004A, 6.125%, 5/01/34 1,995 Habitat Community Development District, Florida, Capital No Opt. Call N/R 1,753,505 Improvement Revenue Bonds, Series 2004, 5.850%, 5/01/35 1,000 Martin County Industrial Development Authority, Florida, 6/10 at 100.00 BB+ 999,860 Industrial Development Revenue Bonds, Indiantown Cogeneration LP, Series 1994A, 7.875%, 12/15/25 (Alternative Minimum Tax)
Nuveen Investments 71 NMD | Nuveen Municipal High Income Opportunity Fund 2 (continued) | Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- FLORIDA (continued) $ 2,865 Old Palm Community Development District, Florida, Special 5/15 at 101.00 N/R $ 2,513,636 Assessment Bonds, Palm Beach Gardens, Series 2004A, 5.900%, 5/01/35 1,485 Palm Glades Community Development District, Florida, Special 5/18 at 100.00 N/R 1,118,294 Assessment Bond, Series 2008A, 7.125%, 5/01/39 1,160 Pine Island Community Development District, Florida, Special 5/12 at 101.00 N/R 776,632 Assessment Bonds, Bella Collina, Series 2004, 5.750%, 5/01/35 995 Poinciana West Community Development District, Florida, 5/17 at 100.00 N/R 865,869 Special Assessment Bonds, Series 2007, 6.000%, 5/01/37 970 Reunion West Community Development District, Florida, 5/12 at 101.00 N/R 402,502 Special Assessment Bonds, Series 2004, 6.250%, 5/01/36 3,255 South Miami Health Facilities Authority, Florida, Revenue 8/17 at 100.00 AA- 3,170,761 Bonds, Baptist Health Systems of South Florida, Trust 1030, 15.468%, 8/15/37 (IF) 1,345 Stoneybrook Venice Community Development District, Florida, 5/18 at 100.00 N/R 1,347,461 Capital Improvement Revenue Bonds, Series 2007, 6.750%, 5/01/38 2,900 Tolomato Community Development District, Florida, Special 5/14 at 101.00 N/R 2,146,377 Assessment Bonds, Series 2006, 5.400%, 5/01/37 5,915 Tolomato Community Development District, Florida, Special No Opt. Call N/R 4,120,507 Assessment Bonds, Series 2007, 5.250%, 5/01/39 2,000 Westchester Community Development District 1, Florida, 5/13 at 101.00 N/R 1,484,840 Special Assessment Bonds, Series 2003, 6.125%, 5/01/35 ----------------------------------------------------------------------------------------------------------------------------------- 32,770 Total Florida 26,833,518 ----------------------------------------------------------------------------------------------------------------------------------- GEORGIA - 2.6% (2.3% OF TOTAL INVESTMENTS) 1,000 Atlanta, Georgia, Tax Allocation Bonds, Beltline Project 1/19 at 100.00 N/R 1,018,950 Series 2008A, Remarketed, 7.500%, 1/01/31 1,250 Clayton County Development Authority, Georgia, Special 6/20 at 100.00 CCC+ 1,338,938 Facilities Revenue Bonds, Delta Air Lines, Inc. Project, Series 2009A, 8.750%, 6/01/29 1,170 Clayton County Development Authority, Georgia, Special 6/15 at 100.00 CCC+ 1,221,925 Facilities Revenue Bonds, Delta Air Lines, Inc. Project, Series 2009B, 9.000%, 6/01/35 (Alternative Minimum Tax) 855 Effingham County Development Authority, Georgia, Solid Waste 7/10 at 100.00 BB- 833,702 Disposal Revenue Bonds, Ft. James Project, Series 1998, 5.625%, 7/01/18 (Alternative Minimum Tax) 1,000 Fulton County Residential Care Facilities Authority, 7/17 at 100.00 N/R 634,830 Georgia, Revenue Bonds, Elderly Care, Lenbrook Square Project, Series 2006A, 5.125%, 7/01/42 ----------------------------------------------------------------------------------------------------------------------------------- 5,275 Total Georgia 5,048,345 ----------------------------------------------------------------------------------------------------------------------------------- ILLINOIS - 10.3% (8.8% OF TOTAL INVESTMENTS) 1,100 Hillside, Cook County, Illinois, Senior Lien Tax Increment 1/18 at 102.00 N/R 996,710 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 4,972,520 Chicago Charter School Foundation, Series 2007, 5.000%, 12/01/36 1,900 Illinois Finance Authority, Revenue Bonds, Provena Health, 8/19 at 100.00 BBB+ 2,152,776 Series 2009A, 7.750%, 8/15/34 1,500 Illinois Finance Authority, Revenue Bonds, Roosevelt 4/17 at 100.00 Baa2 1,429,185 University, Series 2007, 5.500%, 4/01/37 2,000 Illinois Finance Authority, Revenue Bonds, Silver Cross 8/19 at 100.00 BBB 2,128,880 Hospital and Medical Centers, Series 2009, 6.875%, 8/15/38 500 Illinois Finance Authority, Revenue Bonds, Southern Illinois 3/20 at 100.00 AAA 514,675 Healthcare Enterprises, Inc., Series 2005 Remarketed, 5.250%, 3/01/30 - AGM Insured 500 Illinois Health Facilities Authority, Revenue Refunding 1/13 at 100.00 Baa1 498,255 Bonds, Elmhurst Memorial Healthcare, Series 2002, 5.500%, 1/01/22 2,000 Lombard Public Facilities Corporation, Illinois, First Tier 1/16 at 100.00 B- 1,301,720 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 1,258,144 3,020 6.625%, 6/01/37 6/17 at 103.00 N/R 2,788,185
72 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- ILLINOIS (continued) $ 1,000 Southwestern Illinois Development Authority, Local 3/14 at 100.00 N/R $ 997,930 Government Program Revenue Bonds, Granite City Project, Series 2009B, 7.750%, 3/01/22 750 Springfield, Sangamon County, Illinois, Special Service 3/17 at 102.00 N/R 761,535 Area, Legacy Pointe, Special Assessment Bonds, Series 2009, 7.875%, 3/01/32 ----------------------------------------------------------------------------------------------------------------------------------- 21,185 Total Illinois 19,800,515 ----------------------------------------------------------------------------------------------------------------------------------- INDIANA - 3.2% (2.8% OF TOTAL INVESTMENTS) 3,000 Hospital Authority of Delaware County, Indiana, Hospital 8/16 at 100.00 Baa3 2,711,910 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 1,914,224 Morgan Ventures Energy Corporation Guaranteed, Series 2007A, 14.931%, 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 218,820 1,625 5.800%, 9/01/47 9/17 at 100.00 N/R 1,393,974 ----------------------------------------------------------------------------------------------------------------------------------- 6,475 Total Indiana 6,238,928 ----------------------------------------------------------------------------------------------------------------------------------- IOWA - 0.3% (0.2% OF TOTAL INVESTMENTS) 500 Iowa Student Loan Liquidity Corporation, Student Loan 12/19 at 100.00 A1 511,945 Revenue Bonds, Refunding Series 2009-2, 5.500%, 12/01/25 ----------------------------------------------------------------------------------------------------------------------------------- KENTUCKY - 0.5% (0.5% OF TOTAL INVESTMENTS) Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro Medical Health System, Series 2010A: 500 6.000%, 6/01/30 6/20 at 100.00 Baa2 510,590 500 6.500%, 3/01/45 No Opt. Call Baa2 518,295 ----------------------------------------------------------------------------------------------------------------------------------- 1,000 Total Kentucky 1,028,885 ----------------------------------------------------------------------------------------------------------------------------------- LOUISIANA - 3.9% (3.3% OF TOTAL INVESTMENTS) 3,500 Louisiana Local Government Environmental Facilities & 11/17 at 100.00 BB 3,611,790 Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Project, Series 2007, 6.750%, 11/01/32 4,000 Louisiana Local Government Environmental Facilities and 12/17 at 100.00 N/R 2,863,120 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 969,520 Settlement Asset-Backed Bonds, Series 2001B, 5.875%, 5/15/39 ----------------------------------------------------------------------------------------------------------------------------------- 8,500 Total Louisiana 7,444,430 ----------------------------------------------------------------------------------------------------------------------------------- MARYLAND - 0.4% (0.3% OF TOTAL INVESTMENTS) 1,000 Maryland Economic Development Corporation, Revenue Bonds, 12/16 at 100.00 N/R 727,200 Chesapeake Bay Hyatt Conference Center, Series 2006A, 5.000%, 12/01/31 ----------------------------------------------------------------------------------------------------------------------------------- MASSACHUSETTS - 0.0% (0.0% OF TOTAL INVESTMENTS) 90 Boston Industrial Development Financing Authority, 9/12 at 102.00 Caa3 52,203 Massachusetts, Senior Revenue Bonds, Crosstown Center Project, Series 2002, 6.500%, 9/01/35 (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- MICHIGAN - 1.0% (0.8% OF TOTAL INVESTMENTS) 1,750 Michigan Public Educational Facilities Authority, Charter 12/17 at 100.00 N/R 1,569,453 School Revenue Bonds, American Montessori Academy, Series 2007, 6.500%, 12/01/37 20 Michigan State Hospital Finance Authority, Hospital Revenue 8/10 at 100.00 Ba3 17,125 Bonds, Detroit Medical Center Obligated Group, Series 1998A, 5.250%, 8/15/23 325 Michigan State Hospital Finance Authority, Hospital Revenue 8/10 at 100.00 BB- 259,841 Refunding Bonds, Detroit Medical Center Obligated Group, Series 1997A, 5.250%, 8/15/27 - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- 2,095 Total Michigan 1,846,419 ----------------------------------------------------------------------------------------------------------------------------------- MINNESOTA - 1.5% (1.3% OF TOTAL INVESTMENTS) 3,000 St. Paul Housing and Redevelopment Authority, Minnesota, 11/15 at 100.00 BB+ 2,800,050 Revenue Bonds, Healtheast Inc., Series 2005, 6.000%, 11/15/35 -----------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 73 NMD | Nuveen Municipal High Income Opportunity Fund 2 (continued) | Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- MISSISSIPPI - 1.0% (0.9% OF TOTAL INVESTMENTS) $ 1,000 Mississippi Business Finance Corporation, Gulf Opportunity 2/21 at 102.00 N/R $ 1,009,460 Zone Revenue Bonds, Roberts Hotel of Jackson, LLC Project, Series 2010, 8.500%, 2/01/30 1,000 Mississippi Business Finance Corporation, Pollution Control 10/10 at 100.00 BBB 999,890 Revenue Refunding Bonds, System Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22 ----------------------------------------------------------------------------------------------------------------------------------- 2,000 Total Mississippi 2,009,350 ----------------------------------------------------------------------------------------------------------------------------------- MISSOURI - 2.4% (2.0% OF TOTAL INVESTMENTS) 1,000 Hanley Road Corridor Transportation Development District, 10/19 at 100.00 A- 1,027,970 Brentwood and Maplewood, Missouri, Transportation Sales Revenue Bonds, Refunding Series 2009A, 5.875%, 10/01/36 1,000 Missouri Development Finance Board. Infrastructure 4/14 at 100.00 A 1,039,980 Facilities Revenue Bonds, City of Independence, Missouri - Events Center Project, Series 2009F, 6.250%, 4/01/38 40 Saint Louis Industrial Development Authority, Missouri, 12/10 at 102.00 Ca 12,960 Saint Louis Convention Center Headquarters Hotel Project, Series 2000A, 7.000%, 12/15/15 (Alternative Minimum Tax) (4) 1,000 Saint Louis, Missouri, Orpheum Theater Community No Opt. Call N/R 1,006,510 Improvement District, Saint Louis, Missouri, Property and Sales Tax Revenue Bonds, Series 2009, 9.000%, 3/01/29 1,894 Saint Louis, Missouri, Tax Increment Financing Revenue 9/10 at 100.00 N/R 1,460,672 Bonds, Fashion Square Redevelopment Project, Series 2008A, 6.300%, 8/22/26 ----------------------------------------------------------------------------------------------------------------------------------- 4,934 Total Missouri 4,548,092 ----------------------------------------------------------------------------------------------------------------------------------- MONTANA - 0.3% (0.3% OF TOTAL INVESTMENTS) 710 Montana Board of Investments, Resource Recovery Revenue No Opt. Call N/R 624,672 Bonds, Yellowstone Energy LP, Series 1993, 7.000%, 12/31/19 (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- NEVADA - 2.6% (2.3% OF TOTAL INVESTMENTS) 2,500 Clark County, Nevada, General Obligation Bank Bonds, 6/18 at 100.00 Aaa 2,740,100 Southern Nevada Water Authority Loan, Tender Option Bond Trust Series 2010-11836, 17.415%, 6/01/33 (IF) 55 Clark County, Nevada, Industrial Development Revenue Bonds, 7/10 at 100.00 BB+ 51,385 Nevada Power Company, Series 1995A, 5.600%, 10/01/30 (Alternative Minimum Tax) 1,200 Director of Nevada State Department of Business and 7/10 at 100.00 Caa2 385,428 Industry, Revenue Bonds, Las Vegas Monorail Project, First Tier, Series 2000, 5.375%, 1/01/40 - AMBAC Insured (4) 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 Ba3 973,220 1,000 6.750%, 6/15/28 6/18 at 100.00 Ba3 928,080 ----------------------------------------------------------------------------------------------------------------------------------- 5,755 Total Nevada 5,078,213 ----------------------------------------------------------------------------------------------------------------------------------- NEW JERSEY - 4.2% (3.6% OF TOTAL INVESTMENTS) 700 Bayonne Redevelopment Agency, New Jersey, Revenue Bonds, 11/16 at 100.00 BB- 595,637 Royal Caribbean Cruises Project, Series 2006A, 5.375%, 11/01/35 (Alternative Minimum Tax) 1,000 Camden County Pollution Control Financing Authority, New 6/10 at 100.00 Ba2 977,680 Jersey, Solid Waste Disposal and Resource Recovery System Revenue Bonds, Series 1991A, 7.500%, 12/01/10 (Alternative Minimum Tax) New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 1999: 2,000 6.250%, 9/15/19 (Alternative Minimum Tax) 9/11 at 100.00 B 1,929,820 55 6.400%, 9/15/23 (Alternative Minimum Tax) 9/10 at 100.50 B 53,059 240 6.250%, 9/15/29 (Alternative Minimum Tax) 9/10 at 100.50 B 226,618 25 New Jersey Economic Development Authority, Special 11/10 at 101.00 B 25,019 Facilities Revenue Bonds, Continental Airlines Inc., Series 2000, 7.000%, 11/15/30 (Alternative Minimum Tax) 3,200 New Jersey Health Care Facilities Financing Authority, New 7/18 at 100.00 Baa2 3,190,976 Jersey, Revenue Bonds, Saint Peters University Hospital, Series 2007, 5.750%, 7/01/37 1,000 New Jersey Health Care Facilities Financing Authority, No Opt. Call BBB- 1,048,540 Revenue Bonds, Saint Joseph's Healthcare System Obligated Group Issue, Series 2008, 6.000%, 7/01/18 ----------------------------------------------------------------------------------------------------------------------------------- 8,220 Total New Jersey 8,047,349 ----------------------------------------------------------------------------------------------------------------------------------- NEW MEXICO - 0.2% (0.2% OF TOTAL INVESTMENTS) 500 Montecito Estates Public Improvement District, New Mexico, 10/17 at 100.00 N/R 439,255 Special Levee Revenue Bonds, Series 2007, 7.000%, 10/01/37 -----------------------------------------------------------------------------------------------------------------------------------
74 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- NEW YORK - 1.0% (0.9% OF TOTAL INVESTMENTS) $ 1,000 New York City Industrial Development Agency, New York, 8/16 at 100.00 B- $ 1,017,670 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, 7/16 at 101.00 N/R 908,501 Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2008A-1, 5.800%, 7/01/23 ----------------------------------------------------------------------------------------------------------------------------------- 2,030 Total New York 1,926,171 ----------------------------------------------------------------------------------------------------------------------------------- NORTH CAROLINA - 2.5% (2.2% OF TOTAL INVESTMENTS) 1,970 Albemarle Hospital Authority, North Carolina, Health Care 10/17 at 100.00 N/R 1,523,322 Facilities Revenue Bonds, Series 2007, 5.250%, 10/01/38 1,260 Charlotte-Mecklenberg Hospital Authority, North Carolina, 1/18 at 100.00 AA- 1,286,183 Carolinas HealthCare System Revenue Bonds, Series 2008, Trust 1149, 13.326%, 1/15/47 (IF) North Carolina Capital Facilities Financing Agency, Educational Facilities Revenue Bond, Meredith College, Series 2008A: 1,000 6.000%, 6/01/31 6/18 at 100.00 BBB 1,033,550 1,000 6.125%, 6/01/35 6/18 at 100.00 BBB 1,025,220 ----------------------------------------------------------------------------------------------------------------------------------- 5,230 Total North Carolina 4,868,275 ----------------------------------------------------------------------------------------------------------------------------------- OHIO - 3.5% (3.0% OF TOTAL INVESTMENTS) 4,845 Buckeye Tobacco Settlement Financing Authority, Ohio, 6/17 at 100.00 BBB 3,636,754 Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2, 5.875%, 6/01/47 1,250 Ohio State, Hospital Facility Revenue Refunding Bonds, 1/19 at 100.00 Aa2 1,491,900 Cleveland Clinic Health System Obligated Group, Tender Option Bond Trust 3551, 19.577%, 1/01/39 (IF) 1,015 Ohio, Environmental Facilities Revenue Bonds, Ford Motor 6/10 at 101.00 B3 967,975 Company, Series 2000, 6.150%, 6/01/30 (Alternative Minimum Tax) 2,000 Western Reserve Port Authority, Ohio, Solid Waste Facility 7/17 at 102.00 N/R 704,180 Revenue Bonds, Central Waste Inc., Series 2007A, 6.350%, 7/01/27 (Alternative Minimum Tax) (8) ----------------------------------------------------------------------------------------------------------------------------------- 9,110 Total Ohio 6,800,809 ----------------------------------------------------------------------------------------------------------------------------------- OKLAHOMA - 0.4% (0.3% OF TOTAL INVESTMENTS) 165 Oklahoma Development Finance Authority, Revenue Bonds, 2/17 at 100.00 A 153,828 Saint John Health System, Series 2007, 5.000%, 2/15/42 45 Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds, 6/10 at 100.00 B- 41,244 American Airlines Inc., Series 1995, 6.250%, 6/01/20 500 Tulsa Municipal Airport Trust, Oklahoma, Revenue Refunding No Opt. Call Caa2 506,460 Bonds, American Airlines Inc., Series 2004A, 7.750%, 6/01/35 (Mandatory put 12/01/14) ----------------------------------------------------------------------------------------------------------------------------------- 710 Total Oklahoma 701,532 ----------------------------------------------------------------------------------------------------------------------------------- OREGON - 0.1% (0.1% OF TOTAL INVESTMENTS) 25 Oregon, Economic Development Revenue Bonds, Georgia Pacific 8/10 at 100.00 BB- 24,900 Corp., Series 1995CLVII, 6.350%, 8/01/25 (Alternative Minimum Tax) 125 Oregon, Economic Development Revenue Refunding Bonds, 6/10 at 100.00 Ba3 115,976 Georgia Pacific Corp., Series 1997-183, 5.700%, 12/01/25 ----------------------------------------------------------------------------------------------------------------------------------- 150 Total Oregon 140,876 ----------------------------------------------------------------------------------------------------------------------------------- PENNSYLVANIA - 1.7% (1.5% OF TOTAL INVESTMENTS) 500 Allegheny Country Industrial Development Authority, No Opt. Call BB 532,825 Allegheny County, Pennsylvania, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2009, 6.750%, 11/01/24 1,010 Chester County Industrial Development Authority, 12/17 at 100.00 BB+ 931,473 Pennsylvania, Avon Grove Charter School Revenue Bonds, Series 2007A, 6.375%, 12/15/37 1,000 Pennsylvania Economic Development Finance Authority, Solid 6/10 at 101.00 B+ 894,590 Waste Disposal Revenue Bonds (USG Corporation Project) Series 1999, 6.000%, 6/01/31 (Alternative Minimum Tax) 1,000 Pennsylvania Housing Finance Agency, Single Family Mortgage 4/19 at 100.00 AA+ 972,020 Revenue Bonds, Tender Option Bond Trust 4657, 16.007%, 10/01/29 (IF) (5) ----------------------------------------------------------------------------------------------------------------------------------- 3,510 Total Pennsylvania 3,330,908 -----------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 75 NMD | Nuveen Municipal High Income Opportunity Fund 2 (continued) | Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- PUERTO RICO - 0.0% (0.0% OF TOTAL INVESTMENTS) $ 20 Puerto Rico Ports Authority, Special Facilities Revenue 6/10 at 100.00 CCC+ $ 16,196 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 479,960 Tobacco Settlement Asset-Backed Bonds, Series 2002A, 6.250%, 6/01/42 ----------------------------------------------------------------------------------------------------------------------------------- SOUTH CAROLINA - 1.8% (1.5% OF TOTAL INVESTMENTS) 3,477 Lancaster County, South Carolina, Special Assessment Bonds, No Opt. Call N/R 3,477,000 Edgewater II Improvement District, Series 2007B, 7.700%, 11/01/17 ----------------------------------------------------------------------------------------------------------------------------------- TENNESSEE - 3.2% (2.7% OF TOTAL INVESTMENTS) 2,000 Sullivan County Health Educational and Housing Facilities 3/13 at 100.00 N/R 1,854,900 Board, Tennessee, Revenue Bonds, Wellmont Health System, Refunding Series 200A, 5.440%, 9/01/32 Sumner County Health, Educational, and Housing Facilities Board, Tennessee, Revenue Refunding Bonds, Sumner Regional Health System Inc., Series 2007: 1,500 5.500%, 11/01/37 (8) 11/17 at 100.00 N/R 974,100 1,000 5.500%, 11/01/46 (8) 11/17 at 100.00 N/R 649,400 2,761 The Tennessee Energy Acquistion Corporation, Gas Revenue No Opt. Call N/R 2,629,052 Bonds, Series 2006B, 5.625%, 9/01/26 ----------------------------------------------------------------------------------------------------------------------------------- 7,261 Total Tennessee 6,107,452 ----------------------------------------------------------------------------------------------------------------------------------- TEXAS - 11.3% (9.7% OF TOTAL INVESTMENTS) 1,000 Alliance Airport Authority, Texas, Special Facilities 12/12 at 100.00 CCC+ 698,880 Revenue Bonds, American Airlines Inc., Series 2007, 5.250%, 12/01/29 (Alternative Minimum Tax) 440 Brazos River Authority, Texas, Pollution Control Revenue No Opt. Call CCC 428,085 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- 2,465,652 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+ 2,774,430 Charter School Revenue Bonds, Series 2008A, 6.500%, 8/15/38 990 Hidalgo Willacy Housing Finance Corporation, Texas, 1/14 at 102.00 N/R 969,507 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 1,154,640 Education Revenue Bonds, Amigos Por Vida Friends For Life Public Charter School, Series 2008, 6.375%, 2/15/37 335 North Texas Thruway Authority, Second Tier System Revenue 1/18 at 100.00 A3 351,686 Refunding Bonds, Series 2008, 5.750%, 1/01/38 110 Sabine River Authority, Texas, Pollution Control Revenue No Opt. Call CCC 107,147 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 375,360 Refunding Bonds, TXU Electric Company, Series 2001A, 5.500%, 5/01/22 (Mandatory put 11/01/11) 2,000 Sabine River Authority, Texas, Pollution Control Revenue 8/13 at 101.00 CCC 1,207,840 Refunding Bonds, TXU Energy Company LLC Project, Series 2003B, 6.150%, 8/01/22 4,255 Tarrant County Cultural & Educational Facilities Finance 2/17 at 100.00 AA- 4,333,079 Corporation, Texas, Revenue Bonds, Texas Health Resources Project, Trust 1031, 12.138%, 2/15/36 (IF) 500 Texas Municipal Gas Acquisition and Supply Corporation I, No Opt. Call A 543,160 Gas Supply Revenue Bonds, Senior Lien Series 2008D, 6.250%, 12/15/26 985 Texas Public Finance Authority, Charter School Revenue 12/14 at 100.00 BB+ 979,198 Bonds, 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 BBB+ 4,828,800 Texas Turnpike System, Series 2002A, 5.000%, 8/15/42 - AMBAC Insured 550 Travis County Health Facilities Development Corporation, No Opt. Call N/R 555,698 Texas, Revenue Bonds, Westminster Manor, Series 2010, 7.000%, 11/01/30 ----------------------------------------------------------------------------------------------------------------------------------- 22,980 Total Texas 21,773,162 -----------------------------------------------------------------------------------------------------------------------------------
76 Nuveen Investments
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- UTAH - 3.5% (3.0% 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 $ 447,180 1,430 6.500%, 6/15/38 6/17 at 100.00 N/R 1,261,703 5,550 Utah State Charter School Finance Authority, Revenue Bonds, 12/17 at 100.00 BBB- 5,024,304 Summit Academy Project, Series 2007A, 5.800%, 6/15/38 ----------------------------------------------------------------------------------------------------------------------------------- 7,480 Total Utah 6,733,187 ----------------------------------------------------------------------------------------------------------------------------------- VIRGIN ISLANDS - 0.5% (0.4% OF TOTAL INVESTMENTS) 1,000 Virgin Islands Public Finance Authority, Revenue Bonds, 1/14 at 100.00 Baa3 1,009,190 Refinery Project - Hovensa LLC, Series 2003, 6.125%, 7/01/22 (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- VIRGINIA - 0.6% (0.5% OF TOTAL INVESTMENTS) 50 Goochland County Industrial Development Authority, 6/10 at 100.50 Ba3 46,566 Virginia, Industrial Development Revenue Refunding Bonds, Nekoosa Packaging Corporation Project, Series 1998, 5.650%, 12/01/25 (Alternative Minimum Tax) 1,000 Virginia Small Business Financing Authority, Revenue Bonds 7/14 at 102.00 N/R 1,045,290 Hampton Roads Proton Beam Therapy Institute at Hampton University, LLC Project, Series 2009, 9.000%, 7/01/39 ----------------------------------------------------------------------------------------------------------------------------------- 1,050 Total Virginia 1,091,856 ----------------------------------------------------------------------------------------------------------------------------------- WASHINGTON - 6.1% (5.3% OF TOTAL INVESTMENTS) 2,415 FYI Properties, Washington, Lease Revenue Bonds, Washington 6/19 at 100.00 AA 3,106,270 State Department of Information Services Project, Tender Option Bond Trust 2009-14A&B, 19.200%, 6/01/34 (IF) 3,500 Kalispel Indian Tribe, Washington, Priority Distribution No Opt. Call N/R 2,932,685 Bonds, Series 2008, 6.750%, 1/01/38 7,000 Washington State Health Care Facilities Authority, Revenue No Opt. Call N/R 5,782,420 Bonds, Northwest Hospital and Medical Center of Seattle, Series 2007, 5.700%, 12/01/32 ----------------------------------------------------------------------------------------------------------------------------------- 12,915 Total Washington 11,821,375 ----------------------------------------------------------------------------------------------------------------------------------- WEST VIRGINIA - 0.3% (0.3% OF TOTAL INVESTMENTS) 740 Ohio County Commission, West Virginia, Special District 3/16 at 100.00 BBB 620,675 Excise Tax Revenue Bonds, Fort Henry Economic Development, Series 2006B, 5.625%, 3/01/36 ----------------------------------------------------------------------------------------------------------------------------------- WISCONSIN - 1.7% (1.5% OF TOTAL INVESTMENTS) 30 Green Bay Redevelopment Authority, Wisconsin, Industrial No Opt. Call N/R 28,395 Development Revenue Bonds, Fort James Project, Series 1999, 5.600%, 5/01/19 (Alternative Minimum Tax) 360 Nekoosa, Wisconsin, Pollution Control Revenue Bonds, No Opt. Call Ba3 354,999 Nekoosa Paper Inc. Project, Series 1999B, 5.500%, 7/01/15 1,000 Wisconsin Health and Educational Facilities Authority, 4/19 at 100.00 AA- 1,099,839 Revenue Bonds, Froedtert Community Health, Inc. Obligated Group, Tender Option Bond Trust 3592, 22.882%, 4/01/39 (IF) 1,000 Wisconsin Health and Educational Facilities Authority, 2/12 at 101.00 A+ 868,739 Revenue Bonds, Ministry Healthcare Inc., Tender Option Bond Trust 09-3114, 15.767%, 2/15/32 - NPFG Insured (WI/DD, Settling 5/03/10) (IF) 1,500 Wisconsin Health and Educational Facilities Authority, 8/16 at 100.00 BBB+ 977,970 Revenue Bonds, Wheaton Franciscan Healthcare System, Series 2006, Trust 2187, 14.529%, 8/15/34 (IF) ----------------------------------------------------------------------------------------------------------------------------------- 3,890 Total Wisconsin 3,329,942 -----------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 77 NMD | Nuveen Municipal High Income Opportunity Fund 2 (continued) | Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- WYOMING - 1.0% (0.9% OF TOTAL INVESTMENTS) $ 2,000 Sweetwater County, Wyoming, Solid Waste Disposal Revenue 12/15 at 100.00 BBB+ $ 1,936,539 Bonds, FMC Corporation, Series 2005, 5.600%, 12/01/35 (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- $ 249,017 Total Investments (cost $230,506,168) - 116.0% 223,786,709 ===============-------------------------------------------------------------------------------------------------------------------- Borrowings - (18.1)% (6) (35,000,000) ----------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 2.1% 4,143,842 ----------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 192,930,551 =================================================================================================================
Investments in Derivatives FORWARD SWAPS OUTSTANDING AT APRIL 30, 2010:
FUND FIXED RATE UNREALIZED NOTIONAL PAY/RECEIVE FLOATING RATE FIXED RATE PAYMENT EFFECTIVE TERMINATION APPRECIATION COUNTERPARTY AMOUNT FLOATING RATE INDEX (ANNUALIZED) FREQUENCY DATE (7) DATE (DEPRECIATION) ---------------------------------------------------------------------------------------------------------------------------------- Barclays Bank PLC $ 3,500,000 Receive 3-Month USD-LIBOR 4.720% Semi-Annually 5/25/11 5/25/40 $ (110,600) JPMorgan 5,000,000 Receive 3-Month USD-LIBOR 4.783 Semi-Annually 5/05/11 5/05/40 (218,000) ---------------------------------------------------------------------------------------------------------------------------------- $ (328,600) ==================================================================================================================================
FUTURES CONTRACTS AT APRIL 30, 2010:
VALUE AT UNREALIZED CONTRACT NUMBER OF CONTRACT APRIL 30, APPRECIATION TYPE POSITION CONTRACTS EXPIRATION 2010 (DEPRECIATION) ---------------------------------------------------------------------------------------------------------- U.S. Treasury 30-Year Bond Short (87) 6/10 $ (10,358,438) $ (245,589) ==========================================================================================================
(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. (4) 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. (5) Investment, or portion of investment, has been pledged as collateral for inverse floating rate transactions. (6) Borrowings as a percentage of Total investments is 15.6%. (7) Effective date represents the date on which both the Fund and Counterparty commence interest payment accruals on each forward swap contract. (8) For fair value measurement disclosure purposes, investment categorized as Level 3. See notes to Financial Statements, Footnote 2 - Fair Value Measurements for more information. N/R Not rated. WI/DD Purchased on a when-issued or delayed delivery basis. (IF) Inverse floating rate investment. USD-LIBOR United States Dollar-London Inter-Bank Offered Rate. See accompanying notes to financial statements. 78 Nuveen Investments | Statement of | Assets & Liabilities April 30, 2010 (Unaudited)
INVESTMENT SELECT QUALITY QUALITY QUALITY INCOME (NQM) (NQS) (NQU) ------------------------------------------------------------------------------------------------------------------------------ ASSETS Investments, at value (cost $791,741,498, $729,434,638 and $1,171,224,590, respectively) $ 815,001,946 $ 738,829,593 $ 1,209,038,378 Cash 6,967,137 2,243,447 -- Deposits with brokers for open futures contracts -- -- -- Receivables: Interest 12,930,517 11,498,193 18,573,331 Investments sold 135,352 23,047,500 24,249,162 Shares sold -- -- -- Deferred offering costs -- -- -- Other assets 189,774 170,834 288,538 ------------------------------------------------------------------------------------------------------------------------------ Total assets 835,224,726 775,789,567 1,252,149,409 ------------------------------------------------------------------------------------------------------------------------------ LIABILITIES Borrowings -- -- -- Cash overdraft -- -- 607,877 Floating rate obligations 93,297,000 18,540,000 66,620,000 Unrealized depreciation on forward swaps -- -- -- Payables: Investments purchased 2,024,868 9,837,093 2,194,071 Auction Rate Preferred share dividends 8,528 10,423 14,127 Common share dividends 2,389,091 2,490,890 3,709,276 Variation margin on futures contracts -- -- -- Accrued expenses: Interest on borrowings -- -- -- Management fees 413,388 386,221 614,012 Shelf offering costs -- -- -- Other 201,088 283,430 448,582 ------------------------------------------------------------------------------------------------------------------------------ Total liabilities 98,333,963 31,548,057 74,207,945 ------------------------------------------------------------------------------------------------------------------------------ Auction Rate Preferred shares, at liquidation value 210,700,000 251,275,000 386,875,000 ------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares $ 526,190,763 $ 492,966,510 $ 791,066,464 ============================================================================================================================== Common shares outstanding 35,820,767 34,093,290 54,219,374 ============================================================================================================================== Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding) $ 14.69 $ 14.46 $ 14.59 ============================================================================================================================== NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF: ------------------------------------------------------------------------------------------------------------------------------ Common shares, $.01 par value per share $ 358,208 $ 340,933 $ 542,194 Paid-in surplus 500,073,411 474,994,523 755,208,196 Undistributed (Over-distribution of) net investment income 7,980,321 8,141,900 12,752,876 Accumulated net realized gain (loss) (5,481,625) 94,199 (15,250,590) Net unrealized appreciation (depreciation) 23,260,448 9,394,955 37,813,788 ------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares $ 526,190,763 $ 492,966,510 $ 791,066,464 ============================================================================================================================== Authorized shares: Common 200,000,000 200,000,000 200,000,000 Auction Rate Preferred 1,000,000 1,000,000 1,000,000 ==============================================================================================================================
See accompanying notes to financial statements. Nuveen Investments 79 | Statement of | Assets & Liabilities (continued) April 30, 2010 (Unaudited)
PREMIER HIGH INCOME HIGH INCOME INCOME OPPORTUNITY OPPORTUNITY 2 (NPF) (NMZ) (NMD) ------------------------------------------------------------------------------------------------------------------------------ ASSETS Investments, at value (cost $436,545,765, $410,962,722 and $230,506,168, respectively) $ 455,513,205 $ 404,187,171 $ 223,786,709 Cash 533,701 -- 771,929 Deposits with brokers for open futures contracts -- -- 165,300 Receivables: Interest 7,057,305 9,384,265 5,826,516 Investments sold 10,395,000 697,245 275,000 Shares sold -- 19,126 -- Deferred offering costs -- 118,950 102,943 Other assets 124,011 105,655 6,784 ------------------------------------------------------------------------------------------------------------------------------ Total assets 473,623,222 414,512,412 230,935,181 ------------------------------------------------------------------------------------------------------------------------------ LIABILITIES Borrowings -- -- 35,000,000 Cash overdraft -- 48,760 -- Floating rate obligations 60,373,400 10,300,000 -- Unrealized depreciation on forward swaps -- 1,103,900 328,600 Payables: Investments purchased -- 1,015,000 1,119,422 Auction Rate Preferred share dividends 3,804 9,051 -- Common share dividends 1,235,036 2,099,237 1,204,058 Variation margin on futures contracts -- -- 73,406 Accrued expenses: Interest on borrowings -- -- 38,043 Management fees 228,194 183,722 177,395 Shelf offering costs -- 49,430 -- Other 152,153 122,083 63,706 ------------------------------------------------------------------------------------------------------------------------------ Total liabilities 61,992,587 14,931,183 38,004,630 ------------------------------------------------------------------------------------------------------------------------------ Auction Rate Preferred shares, at liquidation value 126,850,000 95,000,000 -- ------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares $ 284,780,635 $ 304,581,229 $ 192,930,551 ============================================================================================================================== Common shares outstanding 19,888,518 25,893,889 16,723,329 ============================================================================================================================== Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding) $ 14.32 $ 11.76 $ 11.54 ============================================================================================================================== NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF: ------------------------------------------------------------------------------------------------------------------------------ Common shares, $.01 par value per share $ 198,885 $ 258,939 $ 167,233 Paid-in surplus 276,697,009 360,192,659 236,018,998 Undistributed (Over-distribution of) net investment income 3,822,772 1,398,434 310,321 Accumulated net realized gain (loss) (14,905,471) (49,389,352) (36,272,353) Net unrealized appreciation (depreciation) 18,967,440 (7,879,451) (7,293,648) ------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares $ 284,780,635 $ 304,581,229 $ 192,930,551 ============================================================================================================================== Authorized shares: Common 200,000,000 Unlimited Unlimited Auction Rate Preferred 1,000,000 Unlimited Unlimited ==============================================================================================================================
See accompanying notes to financial statements. 80 Nuveen Investments | Statement of | Operations Six Months Ended April 30, 2010 (Unaudited)
INVESTMENT SELECT QUALITY QUALITY QUALITY INCOME (NQM) (NQS) (NQU) ------------------------------------------------------------------------------------------------------------------------------ INVESTMENT INCOME $ 21,888,422 $ 22,205,818 $ 33,085,402 ------------------------------------------------------------------------------------------------------------------------------ EXPENSES Management fees 2,494,233 2,334,474 3,723,663 Auction Rate Preferred shares - auction fees 156,726 186,908 287,772 Auction Rate Preferred shares - dividend disbursing agent fees 24,795 24,795 29,753 Shareholders' servicing agent fees and expenses 21,529 19,169 31,708 Interest expense 300,923 73,181 241,779 Custodian's fees and expenses 64,460 64,072 99,317 Directors'/Trustees' fees and expenses 11,799 11,971 19,023 Professional fees 32,125 35,792 56,207 Shareholders' reports - printing and mailing expenses 60,791 58,229 94,041 Stock exchange listing fees 6,035 5,768 9,134 Investor relations expense 29,733 29,195 46,070 Other expenses 30,739 29,649 40,263 ------------------------------------------------------------------------------------------------------------------------------ Total expenses before custodian fee credit and expense reimbursement 3,233,888 2,873,203 4,678,730 Custodian fee credit (6,108) (1,782) (3,430) Expense reimbursement -- -- -- ------------------------------------------------------------------------------------------------------------------------------ Net expenses 3,227,780 2,871,421 4,675,300 ------------------------------------------------------------------------------------------------------------------------------ Net investment income 18,660,642 19,334,397 28,410,102 ------------------------------------------------------------------------------------------------------------------------------ REALIZED AND UNREALIZED GAIN (LOSS) Net realized gain (loss) from: Investments (1,909,740) 1,092,810 2,918,368 Forward swaps -- -- -- Futures -- -- -- Change in net unrealized appreciation (depreciation) of: Investments 14,868,195 7,911,134 10,094,405 Forward swaps -- -- -- Futures -- -- -- ------------------------------------------------------------------------------------------------------------------------------ Net realized and unrealized gain (loss) 12,958,455 9,003,944 13,012,773 ------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO AUCTION RATE PREFERRED SHAREHOLDERS From net investment income (398,310) (458,679) (749,860) From accumulated net realized gains -- (36,384) -- ------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets applicable to Common shares from distributions to Auction Rate Preferred shareholders (398,310) (495,063) (749,860) ------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares from operations $ 31,220,787 $ 27,843,278 $ 40,673,015 ==============================================================================================================================
See accompanying notes to financial statements. Nuveen Investments 81 | Statement of | Operations (continued) Six Months Ended April 30, 2010 (Unaudited)
PREMIER HIGH INCOME HIGH INCOME INCOME OPPORTUNITY OPPORTUNITY 2 (NPF) (NMZ) (NMD) ------------------------------------------------------------------------------------------------------------------------------ INVESTMENT INCOME $ 11,572,352 $ 14,897,859 $ 8,802,454 ------------------------------------------------------------------------------------------------------------------------------ EXPENSES Management fees 1,376,390 1,404,264 1,024,331 Auction Rate Preferred shares - auction fees 94,355 70,664 -- Auction Rate Preferred shares - dividend disbursing agent fees 14,877 14,877 -- Shareholders' servicing agent fees and expenses 11,882 1,190 245 Interest expense 161,699 21,641 257,303 Custodian's fees and expenses 37,232 39,257 24,050 Directors'/Trustees' fees and expenses 6,576 6,286 3,173 Professional fees 22,109 60,762 13,674 Shareholders' reports - printing and mailing expenses 42,639 42,671 19,126 Stock exchange listing fees 4,529 1,671 4,603 Investor relations expense 16,426 17,186 8,921 Other expenses 23,615 16,996 7,135 ------------------------------------------------------------------------------------------------------------------------------ Total expenses before custodian fee credit and expense reimbursement 1,812,329 1,697,465 1,362,561 Custodian fee credit (2,011) (431) (1,106) Expense reimbursement -- (334,996) -- ------------------------------------------------------------------------------------------------------------------------------ Net expenses 1,810,318 1,362,038 1,361,455 ------------------------------------------------------------------------------------------------------------------------------ Net investment income 9,762,034 13,535,821 7,440,999 ------------------------------------------------------------------------------------------------------------------------------ REALIZED AND UNREALIZED GAIN (LOSS) Net realized gain (loss) from: Investments 264,771 354,507 (630,789) Forward swaps -- 1,451,429 1,632,857 Futures -- -- 78,636 Change in net unrealized appreciation (depreciation) of: Investments 7,595,464 14,368,077 11,826,877 Forward swaps -- (1,398,700) (1,653,400) Futures -- -- (163,805) ------------------------------------------------------------------------------------------------------------------------------ Net realized and unrealized gain (loss) 7,860,235 14,775,313 11,090,376 ------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO AUCTION RATE PREFERRED SHAREHOLDERS From net investment income (239,133) (184,184) -- From accumulated net realized gains -- -- -- ------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets applicable to Common shares from distributions to Auction Rate Preferred shareholders (239,133) (184,184) -- ------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares from operations $ 17,383,136 $ 28,126,950 $ 18,531,375 ==============================================================================================================================
See accompanying notes to financial statements. 82 Nuveen Investments | Statement of Changes in Net Assets (Unaudited)
INVESTMENT QUALITY (NQM) SELECT QUALITY (NQS) ---------------------------------- --------------------------------- SIX MONTHS YEAR SIX MONTHS YEAR ENDED ENDED ENDED ENDED 4/30/10 10/31/09 4/30/10 10/31/09 ------------------------------------------------------------------------------------------------------------------------------------ OPERATIONS Net investment income $ 18,660,642 $ 36,434,226 $ 19,334,397 $ 37,989,135 Net realized gain (loss) from: Investments (1,909,740) (3,071,534) 1,092,810 838,871 Forward swaps -- -- -- -- Futures -- -- -- -- Change in net unrealized appreciation (depreciation) of: Investments 14,868,195 71,805,746 7,911,134 64,648,767 Forward swaps -- -- -- -- Futures -- -- -- -- Distributions to Auction Rate Preferred Shareholders: From net investment income (398,310) (1,535,175) (458,679) (2,102,870) From accumulated net realized gains -- (401,006) (36,384) -- ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares from operations 31,220,787 103,232,257 27,843,278 101,373,903 ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO COMMON SHAREHOLDERS From net investment income (15,940,244) (27,621,403) (16,519,804) (28,847,903) From accumulated net realized gains -- (1,071,041) (517,408) -- ------------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets applicable to Common shares from distributions to Common shareholders (15,940,244) (28,692,444) (17,037,212) (28,847,903) ------------------------------------------------------------------------------------------------------------------------------------ CAPITAL SHARE TRANSACTIONS Common shares: Proceeds from shelf offering, net of offering costs -- -- -- -- Net proceeds from shares issued to shareholders due to reinvestment of distributions -- -- 927,134 165,835 Repurchased and retired -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares from capital share transactions -- -- 927,134 165,835 ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares 15,280,543 74,539,813 11,733,200 72,691,835 Net assets applicable to Common shares at the beginning of period 510,910,220 436,370,407 481,233,310 408,541,475 ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares at the end of period $ 526,190,763 $ 510,910,220 $ 492,966,510 $ 481,233,310 ==================================================================================================================================== Undistributed (Over-distribution of) net investment income at the end of period $ 7,980,321 $ 5,658,233 $ 8,141,900 $ 5,785,986 ====================================================================================================================================
See accompanying notes to financial statements. Nuveen Investments 83 | Statement of Changes in Net Assets (Unaudited) (continued)
QUALITY INCOME (NQU) PREMIER INCOME (NPF) ---------------------------------- --------------------------------- SIX MONTHS YEAR SIX MONTHS YEAR ENDED ENDED ENDED ENDED 4/30/10 10/31/09 4/30/10 10/31/09 ------------------------------------------------------------------------------------------------------------------------------------ OPERATIONS Net investment income $ 28,410,102 $ 56,708,363 $ 9,762,034 $ 19,195,590 Net realized gain (loss) from: Investments 2,918,368 (8,583,481) 264,771 (7,068,813) Forward swaps -- -- -- (4,125,000) Futures -- -- -- -- Change in net unrealized appreciation (depreciation) of: Investments 10,094,405 85,907,477 7,595,464 47,005,036 Forward swaps -- -- -- 3,882,335 Futures -- -- -- -- Distributions to Auction Rate Preferred Shareholders: From net investment income (749,860) (3,267,537) (239,133) (1,007,804) From accumulated net realized gains -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares from operations 40,673,015 130,764,822 17,383,136 57,881,344 ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO COMMON SHAREHOLDERS From net investment income (24,588,487) (43,375,504) (8,273,624) (14,562,011) From accumulated net realized gains -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets applicable to Common shares from distributions to Common shareholders (24,588,487) (43,375,504) (8,273,624) (14,562,011) ------------------------------------------------------------------------------------------------------------------------------------ CAPITAL SHARE TRANSACTIONS Common shares: Proceeds from shelf offering, net of offering costs -- -- -- -- Net proceeds from shares issued to shareholders due to reinvestment of distributions -- -- -- -- Repurchased and retired -- -- -- (165,375) ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares from capital share transactions -- -- -- (165,375) ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares 16,084,528 87,389,318 9,109,512 43,153,958 Net assets applicable to Common shares at the beginning of period 774,981,936 687,592,618 275,671,123 232,517,165 ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares at the end of period $ 791,066,464 $ 774,981,936 $ 284,780,635 $ 275,671,123 ==================================================================================================================================== Undistributed (Over-distribution of) net investment income at the end of period $ 12,752,876 $ 9,681,121 $ 3,822,772 $ 2,573,495 ====================================================================================================================================
See accompanying notes to financial statements. 84 Nuveen Investments
HIGH INCOME HIGH INCOME OPPORTUNITY (NMZ) OPPORTUNITY 2 (NMD) ---------------------------------- --------------------------------- SIX MONTHS YEAR SIX MONTHS YEAR ENDED ENDED ENDED ENDED 4/30/10 10/31/09 4/30/10 10/31/09 ------------------------------------------------------------------------------------------------------------------------------------ OPERATIONS Net investment income $ 13,535,821 $ 25,924,511 $ 7,440,999 $ 14,629,108 Net realized gain (loss) from: Investments 354,507 (32,716,070) (630,789) (30,433,348) Forward swaps 1,451,429 -- 1,632,857 -- Futures -- (4,745,444) 78,636 (1,952,740) Change in net unrealized appreciation (depreciation) of: Investments 14,368,077 77,003,728 11,826,877 60,267,241 Forward swaps (1,398,700) 294,800 (1,653,400) 1,324,800 Futures -- (1,213,249) (163,805) (551,429) Distributions to Auction Rate Preferred Shareholders: From net investment income (184,184) (992,448) -- -- From accumulated net realized gains -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares from operations 28,126,950 63,555,828 18,531,375 43,283,632 ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO COMMON SHAREHOLDERS From net investment income (13,068,046) (25,434,721) (7,947,455) (15,314,000) From accumulated net realized gains -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets applicable to Common shares from distributions to Common shareholders (13,068,046) (25,434,721) (7,947,455) (15,314,000) ------------------------------------------------------------------------------------------------------------------------------------ CAPITAL SHARE TRANSACTIONS Common shares: Proceeds from shelf offering, net of offering costs 286,839 20,102,553 7,186,209 -- Net proceeds from shares issued to shareholders due to reinvestment of distributions 272,117 616,836 807,724 1,638,496 Repurchased and retired -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares from capital share transactions 558,956 20,719,389 7,993,933 1,638,496 ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares 15,617,860 58,840,496 18,577,853 29,608,128 Net assets applicable to Common shares at the beginning of period 288,963,369 230,122,873 174,352,698 144,744,570 ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares at the end of period $ 304,581,229 $ 288,963,369 $ 192,930,551 $ 174,352,698 ==================================================================================================================================== Undistributed (Over-distribution of) net investment income at the end of period $ 1,398,434 $ 1,114,843 $ 310,321 $ 816,777 ====================================================================================================================================
See accompanying notes to financial statements. Nuveen Investments 85 | Statement of Cash Flows Six months ended April 30, 2010 (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 $ 31,220,787 $ 17,383,136 $ 18,531,375 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 (72,639,066) (8,762,493) (29,530,361) Proceeds from sales and maturities of investments 68,800,147 16,256,592 18,913,599 Proceeds from (Purchases of) short-term investments, net -- 1,300,000 -- Proceeds from (Payments for) terminated forward swaps -- -- 1,632,857 Proceeds from (Payments for) closed/expired futures -- -- 78,636 contracts (29,583) (1,076,503) (135,301) Amortization (Accretion) of premiums and discounts, net (Increase) Decrease in receivable for interest (144,040) (47,947) (212,103) (Increase) Decrease in receivable for investments sold 3,399,868 (9,915,446) (265,000) (Increase) Decrease in other assets (26,419) (1,778) 17,684 Increase (Decrease) in payable for investments purchased (2,123,210) -- 1,119,422 Increase (Decrease) in payable for Auction Rate Preferred share dividends (1,500) (1,056) -- Increase (Decrease) in payable for variation margin on futures contracts -- -- (54,375) Increase (Decrease) in accrued interest on borrowings -- -- 36,542 Increase (Decrease) in accrued management fees (17,620) (9,887) 6,243 Increase (Decrease) in accrued other liabilities (356,203) (2,379) 152 Net realized (gain) loss from investments 1,909,740 (264,771) 630,789 Net realized (gain) loss from forward swaps -- -- (1,632,857) Net realized (gain) loss from futures -- -- (78,636) Change in net unrealized (appreciation) depreciation of investments (14,868,195) (7,595,464) (11,826,877) Change in net unrealized (appreciation) depreciation of forward swaps -- -- 1,653,400 Taxes paid on undistributed capital gains (1,104) -- (302) ------------------------------------------------------------------------------------------------------------------- Net cash provided by (used in) operating activities 15,123,602 7,262,004 (1,115,113) ------------------------------------------------------------------------------------------------------------------- CASH FLOWS FROM FINANCING ACTIVITIES: Increase (Decrease) in floating rate obligations (80,000) -- -- (Increase) Decrease in cash equivalents -- -- 113,100 Cash distributions paid to Common shareholders (15,754,582) (8,195,933) (7,084,179) (Increase) Decrease in deferred offering costs -- -- (102,943) Proceeds from shelf offering -- -- 7,186,209 ------------------------------------------------------------------------------------------------------------------- Net cash provided by (used in) financing activities (15,834,582) (8,195,933) 112,187 ------------------------------------------------------------------------------------------------------------------- NET INCREASE (DECREASE) IN CASH (710,980) (933,929) (1,002,926) Cash at the beginning of period 7,678,117 1,467,630 1,774,855 ------------------------------------------------------------------------------------------------------------------- Cash at the End of Period $ 6,967,137 $ 533,701 $ 771,929 -------------------------------------------------------------------------------------------------------------------
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION Non-cash financing activities not included herein consist of reinvestments of Common share distributions of $807,724 for High Income Opportunity 2 (NMD). Cash paid for interest was as follows:
INVESTMENT PREMIER HIGH INCOME QUALITY INCOME OPPORTUNITY 2 (NQM) (NPF) (NMD) ------------------------------------------------------------------------------------------------------------------- $ 300,923 $ 161,699 $ 220,761 ===================================================================================================================
See accompanying notes to financial statements. 86 Nuveen Investments | 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 ("NYSE") while Common shares of High Income Opportunity (NMZ) are traded on the NYSE Amex. The Funds are registered under the Investment Company Act of 1940, as amended, as closed-end, management investment companies. 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 ("U.S. GAAP"). 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, 2010, Investment Quality (NQM), Select Quality (NQS), Quality Income (NQU), High Income Opportunity (NMZ) and High Income Opportunity 2 (NMD) had outstanding when-issued/delayed delivery purchase commitments of $600,000, $9,826,800, $2,194,071, $1,015,000 and $1,119,422, respectively. There were no such outstanding purchase commitments in any of the other Funds. Investment Income Interest income, which includes the amortization of premiums and accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Investment income also includes paydown gains and losses, if any. 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 that 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. Nuveen Investments 87 | Notes to Financial Statements (Unaudited) (continued) 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 U.S. GAAP. Auction Rate Preferred Shares Although authorized, High Income Opportunity 2 (NMD) has not issued Auction Rate Preferred Shares ("ARPS"), since its commencement of operations on November 17, 2007. The following Funds have issued and outstanding ARPS, $25,000 stated value per share, as a means of effecting financial leverage. Each Fund's ARPS 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, 2010, the number of ARPS 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 1,801 2,567 769 1,826 Series T 1,750 1,801 2,569 2,153 987 Series W 1,749 2,522 2,568 -- 987 Series W2 -- -- 1,780 -- -- Series TH 1,429 1,405 3,423 2,152 -- Series F 1,750 2,522 2,568 -- -- -------------------------------------------------------------------------------- Total 8,428 10,051 15,475 5,074 3,800 ================================================================================ Beginning in February 2008, more shares for sale were submitted in the regularly scheduled auctions for the ARPS issued by the Funds than there were offers to buy. This meant that these auctions "failed to clear," and that many ARPS shareholders who wanted to sell their shares in these auctions were unable to do so. ARPS 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 ARPS. As of April 30, 2010, the aggregate amount of outstanding ARPS redeemed by each Fund is as follows:
HIGH INVESTMENT SELECT QUALITY PREMIER INCOME QUALITY QUALITY INCOME INCOME OPPORTUNITY (NQM) (NQS) (NQU) (NPF) (NMZ) ----------------------------------------------------------------------------------------------------------------- ARPS redeemed, at liquidation value $ 90,300,000 $ 27,725,000 $ 65,125,000 $ 38,150,000 $ 60,000,000 =================================================================================================================
88 Nuveen Investments Common Shares Shelf Offering During the fiscal year ended October 31, 2009, High Income Opportunity (NMZ) filed a registration statement with the Securities and Exchange Commission ("SEC") to issue the remaining 1,900,000 Common shares through its ongoing shelf offering which became effective with the SEC on September 24, 2007, authorizing the Fund to issue up to 2,400,000 Common shares. During the fiscal year ended October 31, 2009, the Fund issued 1,900,000 Common shares, receiving aggregate offering proceeds of $20,102,553. During the current fiscal period, the Fund filed another registration statement with the SEC to register an additional 2,600,000 Common shares. During the six months ended April 30, 2010, the Fund issued 22,501 Common shares, receiving aggregate offering proceeds of $286,839. Under this new 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. On October 30, 2009, a registration statement filed by High Income Opportunity 2 (NMD) with the SEC became effective authorizing the Fund to issue 1,600,000 Common shares through a shelf offering. During the six months ended April 30, 2010, the Fund issued Common shares, receiving aggregate offering proceeds of $7,186,209. 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. Shelf Offering Costs Costs incurred by High Income Opportunity (NMZ) and High Income Opportunity 2 (NMD) in connection with the shelf offerings of their 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 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 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 reflected as a financing transaction," 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 recognizes the related interest paid to the holders of the short-term floating rate certificates as "Interest expense" on the Statement of Operations. During the six months ended April 30, 2010, 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. Nuveen Investments 89 | Notes to Financial Statements (Unaudited) (continued) At April 30, 2010, 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 $ 4,330,000 $ 18,750,000 $ 7,500,000 $ 4,955,000 $ 27,445,000 $ 17,624,283 ===============================================================================================================================
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, 2010, were as follows:
INVESTMENT SELECT QUALITY PREMIER HIGH INCOME QUALITY QUALITY INCOME INCOME OPPORTUNITY (NQM) (NQS) (NQU) (NPF) (NMZ) --------------------------------------------------------------------------------------------------------------------------- Average floating rate obligations outstanding $ 93,297,000 $ 18,540,000 $ 66,620,000 $ 60,373,400 $ 10,300,000 Average annual interest rate and fees 0.65% 0.80% 0.73% 0.54% 0.42% ===========================================================================================================================
Forward Swap Contracts Each Fund is authorized to enter into forward interest rate swap contracts consistent with their investment objectives and policies to reduce, increase or otherwise alter its risk profile or to alter its portfolio characteristics (i.e. duration, yield curve positioning and credit quality). Each Fund is subject to interest rate risk in the normal course of pursuing its investment objectives. 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 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. Forward interest rate swap contracts are valued daily. The net amount recorded on these transactions for each counterparty is recognized on the Statement of Assets and Liabilities as "Unrealized appreciation or depreciation on forward swaps" with the change during the fiscal period recognized on the Statement of Operations as "Change in net unrealized appreciation (depreciation) of forward swaps." 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. Net realized gains and losses during the fiscal period are recognized on the Statement of Operations as "Net realized gain (loss) from forward swaps." 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. The following Funds invested in forward swap contracts during the six months ended April 30, 2010. The average notional amount of forward swap contracts outstanding during the six months ended April 30, 2010, were as follows: HIGH INCOME HIGH INCOME OPPORTUNITY OPPORTUNITY 2 (NMZ) (NMD) -------------------------------------------------------------------------------- Average notional amount of forward swap contracts outstanding $ 22,500,000 $ 8,833,333 ================================================================================ Refer to Footnote 3 - Derivative Instruments and Hedging Activities for further details on forward swap contract activity. Futures Contracts Each Fund is subject to interest rate risk in the normal course of pursuing its investment objectives and is authorized to invest in futures contracts in attempt to manage such risk. 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." Cash held by the broker to cover initial margin requirements on open futures contracts, if any, is recognized as "Deposits with brokers for open futures contracts" on the Statement of Assets and Liabilities. Subsequent payments ("variation margin") are made or received by a Fund each day, depending on the daily fluctuation of the value of the contract. Variation margin is recognized as a receivable or payable for "Variation margin on futures contracts" on the Statement of Assets and Liabilities, when applicable. During the period the futures contract is open, changes in the value of the contract are recorded as an unrealized gain or loss by "marking-to-market" on a daily basis to reflect the changes in market value of the contract and is recognized as "Change in net unrealized appreciation (depreciation) of futures contracts" on the Statement of Operations. When the contract is closed or expired, a Fund records a realized gain or loss equal to the 90 Nuveen Investments difference between the value of the contract on the closing date and value of the contract when originally entered into and is recognized as "Net realized gain (loss) from futures contracts" on the Statement of Operations. 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. The following Fund invested in futures contracts during the six months ended April 30, 2010. The average number of futures contracts outstanding during the six months ended April 30, 2010, were as follows: HIGH INCOME OPPORTUNITY 2 (NMD) -------------------------------------------------------------------------------- Average number of futures contracts outstanding 87 ================================================================================ Refer to Footnote 3 - Derivative Instruments and Hedging Activities for further details on futures contract activity. Market and Counterparty 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 (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund's exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities. Futures contracts, when applicable, expose a Fund to minimal counterparty credit risk as they are exchange traded and the exchange's clearinghouse, which is counterparty to all exchange traded futures, guarantees the futures contracts against default. Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties Nuveen Asset Management (the "Adviser" a wholly-owned subsidiary of Nuveen Investments, Inc. ("Nuveen")), 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. 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. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP 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. Nuveen Investments 91 | Notes to Financial Statements (Unaudited) (continued) 2. 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, 2010:
INVESTMENT QUALITY (NQM) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL ------------------------------------------------------------------------------------------------------------------------- Investments: Municipal Bonds $ -- $ 813,768,086 $1,233,860 $ 815,001,946 ========================================================================================================================= SELECT QUALITY (NQS) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL ------------------------------------------------------------------------------------------------------------------------- Investments: Municipal Bonds $ -- $ 738,829,593 $ -- $ 738,829,593 ========================================================================================================================= QUALITY INCOME (NQU) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL ------------------------------------------------------------------------------------------------------------------------- Investments: Municipal Bonds $ -- $1,209,038,378 $ -- $1,209,038,378 ========================================================================================================================= PREMIER INCOME (NPF) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL ------------------------------------------------------------------------------------------------------------------------- Investments: Municipal Bonds $ -- $ 455,253,445 $ 259,760 $455,513,205 ========================================================================================================================= HIGH INCOME OPPORTUNITY (NMZ) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL ------------------------------------------------------------------------------------------------------------------------- Investments: Municipal Bonds $ -- $ 399,688,635 $4,498,536 $ 404,187,171 Derivatives: Forward Swaps* -- (1,103,900) -- (1,103,900) ------------------------------------------------------------------------------------------------------------------------- Total $ -- $ 398,584,735 $4,498,536 $ 403,083,271 ========================================================================================================================= HIGH INCOME OPPORTUNITY 2 (NMD) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL ------------------------------------------------------------------------------------------------------------------------- Investments: Municipal Bonds $ -- $ 221,459,029 $2,327,680 223,786,709 Derivatives: Forward Swaps* -- (328,600) -- (328,600) Futures Contracts* (245,589) -- -- (245,589) ------------------------------------------------------------------------------------------------------------------------- Total $ (245,589) $ 221,130,429 $2,327,680 $ 223,212,520 =========================================================================================================================
* Represents net unrealized appreciation (depreciation). The following is a reconciliation of the Funds' Level 3 investments held at the beginning and end of the measurement period:
HIGH HIGH INVESTMENT PREMIER INCOME INCOME QUALITY INCOME OPPORTUNITY OPPORTUNITY (2) (NQM) (NPF) (NMZ) (NMD) LEVEL 3 LEVEL 3 LEVEL 3 LEVEL 3 MUNICIPAL MUNICIPAL MUNICIPAL MUNICIPAL BONDS BONDS BONDS BONDS ------------------------------------------------------------------------------------------------------------------------- Balance at the beginning of period $ -- $ -- $ -- $ -- Gains (losses): Net realized gains (losses) -- -- -- -- Net change in unrealized appreciation (depreciation) -- -- -- -- Net purchases at cost (sales at proceeds) -- -- -- -- Net discounts (premiums) -- -- -- -- Net transfers in to (out of) at end of period fair value 1,233,860 259,760 4,498,536 2,327,680 ------------------------------------------------------------------------------------------------------------------------- Balance at the end of period $1,233,860 $ 259,760 $ 4,498,536 $ 2,327,680 =========================================================================================================================
92 Nuveen Investments "Change in net appreciation (depreciation) of investments" presented on the Statement of Operations includes net unrealized appreciation (depreciation) related to securities classified as Level 3 at period end as follows:
HIGH HIGH INVESTMENT PREMIER INCOME INCOME QUALITY INCOME OPPORTUNITY OPPORTUNITY 2 (NQM) (NPF) (NMZ) (NMD) ------------------------------------------------------------------------------------------------------------------------- Level 3 net appreciation (depreciation) $512,018 $107,720 $(915,844) $(146,590) =========================================================================================================================
3. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds' investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes. For additional information on the derivative instruments in which the Funds were invested during and at the end of the reporting period, refer to the Portfolio of Investments, Financial Statements and Footnote 1 - General Information and Significant Accounting Policies. The following tables present the fair value of all derivative instruments held by the Funds as of April 30, 2010, the location of these instruments on the Statement of Assets and Liabilities, and the primary underlying risk exposure. HIGH INCOME OPPORTUNITY (NMZ)
LOCATION ON THE STATEMENT OF ASSETS AND LIABILITIES -------------------------------------------------------------------------------------------------- ASSET DERIVATIVES LIABILITY DERIVATIVES UNDERLYING DERIVATIVE ---------------------------------------------- ------------------------------------------------- RISK EXPOSURE INSTRUMENT LOCATION VALUE LOCATION VALUE ---------------------------------------------------------------------------------------------------------------------------------- Interest Rate Forward Swaps Unrealized appreciation Unrealized depreciation on forward swap* $ -- on forward swaps* $1,103,900 ==================================================================================================================================
HIGH INCOME OPPORTUNITY 2 (NMD)
LOCATION ON THE STATEMENT OF ASSETS AND LIABILITIES -------------------------------------------------------------------------------------------------- ASSET DERIVATIVES LIABILITY DERIVATIVES UNDERLYING DERIVATIVE ---------------------------------------------- ------------------------------------------------- RISK EXPOSURE INSTRUMENT LOCATION VALUE LOCATION VALUE ---------------------------------------------------------------------------------------------------------------------------------- Interest Rate Forward Swaps Unrealized appreciation Unrealized depreciation on forward swap* $ -- on forward swaps* $ 328,600 ---------------------------------------------------------------------------------------------------------------------------------- Interest Rate Futures Deposits with brokers for open -- Deposits with brokers for open 245,589 futures contracts and Receivable for futures contracts and Payable for variation margin on futures contracts** variation margin on futures contracts** ---------------------------------------------------------------------------------------------------------------------------------- Total $ -- $ 574,189 ==================================================================================================================================
* Represents cumulative unrealized appreciation (depreciation) of swap contracts as reported in the Portfolio of Investments. ** Represents cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments and not the deposits with brokers, if any, or the receivable or payable for variation margin on futures contracts presented on the Statement of Assets and Liabilities. The following tables present the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the six months ended April 30, 2010, on derivative instruments, as well as the primary risk exposure associated with each.
HIGH INCOME HIGH INCOME OPPORTUNITY OPPORTUNITY 2 NET REALIZED GAIN (LOSS) FROM FORWARD SWAPS (NMZ) (NMD) ---------------------------------------------------------------------------------------------------------------------------------- RISK EXPOSURE Interest Rate $1,451,429 $1,632,857 ==================================================================================================================================
HIGH INCOME OPPORTUNITY 2 NET REALIZED GAIN (LOSS) FROM FUTURES (NMD) ---------------------------------------------------------------------------------------------------------------------------------- RISK EXPOSURE Interest Rate $78,636 ==================================================================================================================================
HIGH INCOME HIGH INCOME OPPORTUNITY OPPORTUNITY 2 CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) OF FORWARD SWAPS (NMZ) (NMD) ---------------------------------------------------------------------------------------------------------------------------------- RISK EXPOSURE Interest Rate $(1,398,700) $(1,653,400) ==================================================================================================================================
Nuveen Investments 93 | Notes to Financial Statements (Unaudited) (continued)
HIGH INCOME OPPORTUNITY 2 CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) OF FUTURES (NMD) ---------------------------------------------------------------------------------------------------------------------------------- RISK EXPOSURE Interest Rate $(163,805) ==================================================================================================================================
4. FUND SHARES Common Shares Transactions in Common shares were as follows:
INVESTMENT QUALITY (NQM) SELECT QUALITY (NQS) QUALITY INCOME (NQU) ------------------------ ----------------------- ------------------------ SIX MONTHS SIX MONTHS SIX MONTHS ENDED YEAR ENDED ENDED YEAR ENDED ENDED YEAR ENDED 4/30/10 10/31/09 4/30/10 10/31/09 4/30/10 10/31/09 ----------------------------------------------------------------------------------------------------------------------------------- Common shares: Issued to shareholders due to reinvestment of distributions -- -- 65,259 12,611 -- -- Repurchased and retired -- -- -- -- -- -- =================================================================================================================================== Weighted average Common share: Price per share repurchased and retired -- -- -- -- -- -- Discount per share repurchased and retired -- -- -- -- -- -- ===================================================================================================================================
HIGH INCOME HIGH INCOME PREMIER INCOME (NPF) OPPORTUNITY (NMZ) OPPORTUNITY 2 (NMD) ------------------------ ----------------------- ----------------------- SIX MONTHS SIX MONTHS SIX MONTHS ENDED YEAR ENDED ENDED YEAR ENDED ENDED YEAR ENDED 4/30/10 10/31/09 4/30/10 10/31/09 4/30/10 10/31/09 ---------------------------------------------------------------------------------------------------------------------------------- Common shares: Sold through shelf offering* -- -- 22,501 1,900,000 622,965 -- Issued to shareholders due to reinvestment of distributions -- -- 23,001 62,054 72,174 174,451 Repurchased and retired -- (15,700) -- -- -- -- ---------------------------------------------------------------------------------------------------------------------------------- -- (15,700) 45,502 1,962,054 695,139 174,451 ================================================================================================================================== Weighted average Common share: Price per share repurchased and retired -- $ 10.51 -- -- -- -- Discount per share repurchased and retired -- 17.21% -- -- -- -- Premium per shelf offering share sold* -- -- 12.31% 11.92% 5.56% -- ==================================================================================================================================
* High Income Opportunity (NMZ) and High Income Opportunity 2 (NMD) are the only Funds authorized to issue additional shares of their Common stock through a shelf offering. Auction Rate Preferred Shares High Income Opportunity 2 (NMD) has not issued ARPS since commencement of operations on November 15, 2007. Transactions in ARPS were as follows:
INVESTMENT QUALITY (NQM) SELECT QUALITY (NQS) -------------------------------------- -------------------------------------- SIX MONTHS SIX MONTHS ENDED YEAR ENDED ENDED YEAR ENDED 4/30/10 10/31/09 4/30/10 10/31/09 -------------------------------------------------------------------------------- SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT ----------------------------------------------------------------------------------------------------------------------------------- ARPS redeemed and/or noticed for redemption: Series M -- $ -- 156 $ 3,900,000 -- $ -- 117 $ 2,925,000 Series T -- -- 156 3,900,000 -- -- 117 2,925,000 Series W -- -- 156 3,900,000 -- -- 164 4,100,000 Series TH -- -- 126 3,150,000 -- -- 91 2,275,000 Series F -- -- 156 3,900,000 -- -- 163 4,075,000 ----------------------------------------------------------------------------------------------------------------------------------- Total -- $ -- 750 $18,750,000 -- $ -- 652 $16,300,000 ===================================================================================================================================
94 Nuveen Investments
QUALITY INCOME (NQU) PREMIER INCOME (NPF) ----------------------------------------- ------------------------------------- SIX MONTHS SIX MONTHS ENDED YEAR ENDED ENDED YEAR ENDED 4/30/10 10/31/09 4/30/10 10/31/09 --------------------------------------------------------------------------------- SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT ----------------------------------------------------------------------------------------------------------------------------------- ARPS redeemed and/or noticed for redemption: Series M -- $ -- 196 $ 4,900,000 -- $ -- -- $ -- Series T -- -- 195 4,875,000 -- -- -- -- Series W -- -- 196 4,900,000 -- -- -- -- Series W2 -- -- 136 3,400,000 -- -- -- -- Series TH -- -- 261 6,525,000 -- -- -- -- Series F -- -- 196 4,900,000 -- -- -- -- ----------------------------------------------------------------------------------------------------------------------------------- Total -- $ -- 1 ,180 $29,500,000 -- $ -- -- $ -- ===================================================================================================================================
HIGH INCOME OPPORTUNITY (NMZ) -------------------------------------------- SIX MONTHS ENDED YEAR ENDED 4/30/10 10/31/09 --------------------------------------------- SHARES AMOUNT SHARES AMOUNT ----------------------------------------------------------------------------------------------------------------------------------- ARPS redeemed and/or noticed for redemption: Series M -- $ -- 864 $21,600,000 Series T -- -- 468 11,700,000 Series W -- -- 468 11,700,000 ----------------------------------------------------------------------------------------------------------------------------------- Total -- $ -- 1,800 $45,000,000 ===================================================================================================================================
5. INVESTMENT TRANSACTIONS Purchases and sales (including maturities but excluding short-term investments and derivative transactions) during the six months ended April 30, 2010, 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 $72,639,066 $44,770,084 $84,284,334 $ 8,762,493 $13,588,266 $29,530,361 Sales and maturities 68,800,147 49,463,000 98,327,273 16,256,592 11,593,157 18,913,599 ==================================================================================================================================
6. 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 securities reflected as financing transactions, 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 (Unaudited) (continued) At April 30, 2010, the cost and unrealized appreciation (depreciation) of investments as determined on a federal income tax basis, were 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 $698,907,892 $711,144,793 $1,113,392,934 $382,417,540 $403,545,066 $234,495,929 ----------------------------------------------------------------------------------------------------------------------------------- Gross unrealized appreciation $ 45,859,417 $ 34,714,893 $ 68,628,862 $ 26,098,689 $ 31,401,008 $ 11,388,370 Gross unrealized depreciation (22,966,902) (25,570,855) (39,598,976) (13,374,126) (41,059,162) (22,097,590) ----------------------------------------------------------------------------------------------------------------------------------- Net unrealized appreciation (depreciation) of investments $ 22,892,515 $ 9,144,038 $ 29,029,886 $ 12,724,563 $ (9,658,154) $(10,709,220) ===================================================================================================================================
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains at October 31, 2009, 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 * $7,653,863 $7,736,348 $12,160,734 $3,674,261 $2,380,245 $1,791,876 Undistributed net ordinary income ** 5,782 818 85,425 -- 113,393 60,076 Undistributed net long-term capital gains -- 555,014 -- -- -- -- ===================================================================================================================================
* Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on October 1, 2009, paid on November 2, 2009. ** 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, 2009, 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 $28,837,685 $30,740,421 $46,239,909 $15,422,213 $25,228,758 $15,300,039 Distributions from net ordinary income ** 104,651 -- -- -- 1,107,374 -- Distributions from net long-term capital gains 1,470,419 -- -- -- -- -- ===================================================================================================================================
** Net ordinary income consists of taxable market discount income and net short- term capital gains, if any. At October 31, 2009, the Funds' last tax year end, the following Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as follows:
INVESTMENT QUALITY PREMIER HIGH INCOME HIGH INCOME QUALITY INCOME INCOME OPPORTUNITY OPPORTUNITY 2 (NQM) (NQU) (NPF) (NMZ) (NMD) ----------------------------------------------------------------------------------------------------------------------------------- Expiration: October 31, 2011 $ -- $7,997,041 $ -- $ -- $ -- October 31, 2013 -- -- 156,322 -- -- October 31, 2016 -- -- 3,445,683 12,880,924 4,564,842 October 31, 2017 1,915,769 -- 4,764,079 34,412,364 28,536,506 ----------------------------------------------------------------------------------------------------------------------------------- Total $ 1,915,769 $7,997,041 $8,366,084 $47,293,288 $33,101,348 ===================================================================================================================================
96 Nuveen Investments 7. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES Each Fund's management fee is separated into two components - a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all fund assets managed by the Adviser. This pricing structure enables each Fund's shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser. The annual fund-level fee for each Fund, payable monthly, is calculated according to the following schedule: INVESTMENT QUALITY (NQM) SELECT QUALITY (NQS) QUALITY INCOME (NQU) PREMIER INCOME (NPF) AVERAGE DAILY NET ASSETS* 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* 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 for each Fund, payable monthly, is calculated according to the following schedule: COMPLEX-LEVEL ASSET BREAKPOINT LEVEL* 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 =============================================================================== * The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen funds, with such daily managed 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 fees, daily managed assets include assets managed by the Adviser that are attributable to 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 a 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 assets in certain circumstances. As of April 30, 2010, the complex- level fee rate was .1852%. Nuveen Investments 97 | Notes to Financial Statements (Unaudited) (continued) The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Funds pay no compensation directly to 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 for fees and expenses in the amounts, and for the time periods set forth below: YEAR ENDING YEAR ENDING NOVEMBER 30, NOVEMBER 30, -------------------------------------------------------------------------------- 2003* .32% 2009 .24% 2004 .32 2010 .16 2005 .32 2011 .08 2006 .32 2007 .32 2008 .32 ================================================================================ * From the commencement of operations. The Adviser has not agreed to reimburse High Income Opportunity (NMZ) for any portion of its fees and expenses beyond November 30, 2011. During the six months ended April 30, 2010, Nuveen Investments, LLC, a wholly-owned subsidiary of Nuveen, received commissions of $1,781 and $14,644, related to the sale of Common shares as a result of the High Income Opportunity (NMZ) and High Income Opportunity 2 (NMD) shelf offerings, respectively. 8. NEW ACCOUNTING STANDARDS Accounting for Transfers of Financial Assets During June 2009, the Financial Accounting Standards Board ("FASB") issued changes to the authoritative guidance under U.S. GAAP on accounting for transfers of financial assets. The objective of this guidance is to improve the relevance, representational faithfulness, and comparability of the information that a reporting entity provides in its financial statements about a transfer of financial assets; the effects of a transfer on its financial position, financial performance, and cash flows; and a transferor's continuing involvement, if any, in transferred financial assets. This guidance is effective as of the beginning of each reporting entity's first annual reporting period that begins after November 15, 2009, for interim periods within that first annual reporting period and for interim and annual reporting periods thereafter. Earlier application is prohibited. The recognition and measurement provisions of this guidance must be applied to transfers occurring on or after the effective date. Additionally, the disclosure provisions of this guidance should be applied to transfers that occurred both before and after the effective date of this guidance. At this time, management is evaluating the implications of this guidance and the impact it will have on the financial statement amounts and disclosures, if any. Fair Value Measurements On January 21, 2010, FASB issued changes to the authoritative guidance under U.S. GAAP for fair value measurements. The objective of this guidance is to provide guidance on how investment assets and liabilities are to be valued and disclosed. Specifically, the amendment requires reporting entities to disclose i) the input and valuation techniques used to measure fair value for both recurring and nonrecurring fair value measurements, for both Level 2 and Level 3 positions, ii) transfers between all levels (including Level 1 and Level 2) on a gross basis (i.e., transfers out must be disclosed separately from transfers in) as well as the reason(s) for the transfer and iii) purchases, sales, issuances and settlements in the Level 3 rollforward must be shown on a gross basis rather than as one net number. The effective date of the amendment is for interim and annual periods beginning after December 15, 2009, however, the requirement to provide the Level 3 activity for purchases, sales, issuances and settlements on a gross basis will be effective for interim and annual periods beginning after December 15, 2010. At this time, management is evaluating the implications of this guidance and the impact it will have to the financial statement amounts and footnote disclosures, if any. 98 Nuveen Investments 9. BORROWINGS During January 2008, credit issues associated with sub-prime mortgages and municipal bond insurers caused High Income Opportunity 2 (NMD) to postpone its ARPS offering, and subsequent failed auctions of the ARPS issued by other closed-end funds have postponed the issuance of the Fund's ARPS indefinitely. Management determined that leveraging the Fund with debt as a replacement for the ARPS continued to benefit the Fund's shareholders. As a result, the Fund entered into a $50 million senior committed secured 364-day revolving line of credit with its custodian bank. During the fiscal year ended October 31, 2009, the Fund extended the maturity date of its line of credit to July 29, 2010. Amounts drawn on the line of credit are recognized as "Borrowings" on the Statement of Assets and Liabilities. During the six months ended April 30, 2010, the average daily balance outstanding on the line of credit and average annual interest rate were $35,000,000 and 1.48%, respectively. Interest on the line of credit is calculated at a rate per annum of the Federal Funds Rate plus .75%. Interest expense incurred on the line of credit is recognized as a component of "Interest expense" on the Statement of Operations. In addition to interest expense, the Fund accrued a commitment fee of .15% per annum on the unused portion of the line of credit which is recognized as a component of "Other expenses" on the Statement of Operations. Nuveen Investments 99 | FInancial | HIghlights (Unaudited) Selected data for a Common share outstanding throughout each period:
INVESTMENT OPERATIONS LESS DISTRIBUTIONS -------------------------------------------------------------- ---------------------------- DISTRIBUTIONS DISTRIBUTIONS FROM NET FROM NET BEGINNING INVESTMENT CAPITAL INVESTMENT CAPITAL COMMON NET INCOME TO GAINS TO INCOME TO GAINS TO SHARE NET REALIZED/ AUCTION RATE AUCTION RATE COMMON COMMON NET ASSET INVESTMENT UNREALIZED PREFERRED PREFERRED SHARE- SHARE- VALUE INCOME GAIN (LOSS) SHAREHOLDERS+ SHAREHOLDERS+ TOTAL HOLDERS HOLDERS TOTAL --------------------------------------------------------------------------------------------------------------------------- INVESTMENT QUALITY (NQM) --------------------------------------------------------------------------------------------------------------------------- Year Ended 10/31: 2010(d) $ 14.26 $ .52 $ .37 $ (.01) $ -- $ .88 $ (.45) $ -- $ (.45) 2009 12.18 1.02 1.91 (.04) (.01) 2.88 (.77) (.03) (.80) 2008 15.03 1.01 (2.80) (.29) -- (2.08) (.77) -- (.77) 2007 15.71 1.02 (.60) (.30) -- .12 (.80) -- (.80) 2006 15.49 1.05 .42 (.24) (.03) 1.20 (.84) (.14) (.98) 2005 16.06 1.05 (.39) (.16) (.01) .49 (.96) (.10) (1.06) SELECT QUALITY NQS) --------------------------------------------------------------------------------------------------------------------------- Year Ended 10/31: 2010(d) 14.14 .57 .27 (.01) --** .83 (.49) (.02) (.51) 2009 12.01 1.12 1.92 (.06) -- 2.98 (.85) -- (.85) 2008 15.05 1.08 (3.02) (.30) -- (2.24) (.80) -- (.80) 2007 15.62 1.07 (.52) (.29) -- .26 (.83) -- (.83) 2006 15.46 1.07 .23 (.26) -- 1.04 (.88) -- (.88) 2005 15.69 1.06 (.16) (.16) -- .74 (.97) -- (.97) ===========================================================================================================================
DISCOUNT FROM COMMON SHARES ENDING REPUR- COMMON CHASED SHARE ENDING AND NET ASSET MARKET RETIRED VALUE VALUE ---------------------------------------------------- INVESTMENT QUALITY (NQM) ---------------------------------------------------- Year Ended 10/31: 2010(d) $ -- $ 14.69 $ 14.21 2009 -- 14.26 13.13 2008 -- 12.18 10.64 2007 -- 15.03 13.88 2006 -- 15.71 15.60 2005 -- 15.49 14.45 SELECT QUALITY NQS) ---------------------------------------------------- Year Ended 10/31: 2010(d) -- 14.46 14.69 2009 -- 14.14 13.77 2008 -- 12.01 10.99 2007 -- 15.05 15.00 2006 -- 15.62 15.47 2005 -- 15.46 14.83 ====================================================
AUCTION RATE 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: 2010(d) $ 210,700 $ 25,000 $ 87,434 2009 210,700 25,000 85,621 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 SELECT QUALITY NQS) ----------------------------------------------------------------------------- Year Ended 10/31: 2010(d) 251,275 25,000 74,047 2009 251,275 25,000 72,879 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 =============================================================================
100 Nuveen Investments
RATIOS/SUPPLEMENTAL DATA --------------------------------------------------------------- RATIOS TO AVERAGE NET ASSETS TOTAL RETURNS APPLICABLE TO COMMON SHARES++(b) -------------------- ----------------------------------- BASED ENDING ON NET BASED COMMON ASSETS ON SHARE NET APPLICABLE EXPENSES EXPENSES NET PORTFOLIO MARKET ASSET TO COMMON INCLUDING EXCLUDING INVESTMENT TURNOVER VALUE(a) VALUE(a) SHARES (000) INTEREST(c) INTEREST INCOME RATE ------------------------------------------------------------------------------------------------------ 11.76% 6.22% $ 526,191 1.26%* 1.14%* 7.26%* 9% 31.77 24.35 510,910 1.34 1.17 7.66 8 (18.72) (14.43) 436,370 1.46 1.20 7.07 9 (6.17) .82 538,266 1.35 1.19 6.67 11 15.33 8.09 561,471 1.20 1.20 6.79 10 1.17 3.10 553,857 1.20 1.20 6.59 22 ------------------------------------------------------------------------------------------------------ 10.47 5.91 492,967 1.20* 1.17* 8.05* 6 34.19 25.67 481,233 1.29 1.25 8.66 8 (22.19) (15.50) 408,541 1.27 1.22 7.54 10 2.31 1.70 511,670 1.21 1.18 6.95 8 10.47 6.94 529,996 1.18 1.18 6.91 5 4.14 4.77 523,994 1.18 1.18 6.76 4 ======================================================================================================
* Annualized. ** Rounds to less than $.01 per share. + The amounts shown are based on Common share equivalents. ++ Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders; Net Investment Income ratios reflect income earned and expenses incurred on assets attributable to Auction Rate Preferred shares. (a) 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. (b) Expense ratios do not reflect the reduction of custodian fee credits earned on the Fund's net cash on deposit with the custodian bank, were applicable. (c) The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, as described in Footnote 1 - Inverse Floating Rate Securities. (d) For the six months ended April 30, 2010. See accompanying notes to financial statements. Nuveen Investments 101 | Financial | Highlights (Unaudited) (continued) Selected data for a Common share outstanding throughout each period:
INVESTMENT OPERATIONS LESS DISTRIBUTIONS --------------------------------------------------------------- ---------------------------- DISTRIBUTIONS DISTRIBUTIONS FROM NET FROM NET BEGINNING INVESTMENT CAPITAL INVESTMENT CAPITAL COMMON NET INCOME TO GAINS TO INCOME TO GAINS TO SHARE NET REALIZED/ AUCTION RATE AUCTION RATE COMMON COMMON NET ASSET INVESTMENT UNREALIZED PREFERRED PREFERRED SHARE- SHARE- VALUE INCOME GAIN (LOSS) SHAREHOLDERS+ SHAREHOLDERS+ TOTAL HOLDERS HOLDERS TOTAL --------------------------------------------------------------------------------------------------------------------------------- QUALITY INCOME (NQU) --------------------------------------------------------------------------------------------------------------------------------- Year Ended 10/31: 2010(d) $ 14.29 $ .52 $ .24 $ (.01) $ -- $ .75 $ (.45) $ -- $ (.45) 2009 12.68 1.05 1.42 (.06) -- 2.41 (.80) -- (.80) 2008 14.94 1.03 (2.26) (.30) -- (1.53) (.73) -- (.73) 2007 15.49 1.01 (.51) (.30) -- .20 (.75) -- (.75) 2006 15.26 1.01 .30 (.26) -- 1.05 (.82) -- (.82) 2005 15.54 1.02 (.22) (.16) -- .64 (.92) -- (.92) PREMIER INCOME (NPF) --------------------------------------------------------------------------------------------------------------------------------- Year Ended 10/31: 2010(d) 13.86 .49 .40 (.01) -- .88 (.42) -- (.42) 2009 11.68 .96 2.00 (.05) -- 2.91 (.73) -- (.73) 2008 14.79 .94 (3.09) (.28) -- (2.43) (.68) -- (.68) 2007 15.39 .95 (.59) (.29) -- .07 (.67) -- (.67) 2006 14.90 .94 .51 (.26) -- 1.19 (.70) -- (.70) 2005 15.53 .94 (.39) (.16) (.01) .38 (.88) (.13) (1.01) =================================================================================================================================
DISCOUNT FROM COMMON SHARES ENDING REPUR- COMMON CHASED SHARE ENDING AND NET ASSET MARKET RETIRED VALUE VALUE ---------------------------------------------------------- QUALITY INCOME (NQU) ---------------------------------------------------------- Year Ended 10/31: 2010(d) $ -- $ 14.59 $ 14.38 2009 -- 14.29 13.26 2008 -- 12.68 11.67 2007 -- 14.94 13.64 2006 -- 15.49 14.73 2005 -- 15.26 14.34 PREMIER INCOME (NPF) ---------------------------------------------------------- Year Ended 10/31: 2010(d) -- 14.32 13.49 2009 --** 13.86 12.40 2008 --** 11.68 10.07 2007 --** 14.79 13.30 2006 -- 15.39 13.65 2005 -- 14.90 13.57 ==========================================================
AUCTION RATE 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: 2010(d) $ 386,875 $ 25,000 $ 76,119 2009 386,875 25,000 75,080 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 PREMIER INCOME (NPF) ------------------------------------------------------------------ Year Ended 10/31: 2010(d) 126,850 25,000 81,125 2009 126,850 25,000 79,330 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 ==================================================================
102 Nuveen Investments
RATIOS/SUPPLEMENTAL DATA ----------------------------------------------------------------- RATIOS TO AVERAGE NET ASSETS TOTAL RETURNS APPLICABLE TO COMMON SHARES++(b) ------------------------ ------------------------------------ BASED ENDING ON NET BASED COMMON ASSETS ON SHARE NET APPLICABLE EXPENSES EXPENSES NET PORTFOLIO MARKET ASSET TO COMMON INCLUDING EXCLUDING INVESTMENT TURNOVER VALUE(a) VALUE(a) SHARES (000) INTEREST(c) INTEREST INCOME RATE ---------------------------------------------------------------------------------------------------- 12.01% 5.36% $ 791,066 1.21%* 1.15%* 7.35%* 7% 21.10 19.58 774,982 1.28 1.20 7.80 8 (9.55) (10.67) 687,593 1.38 1.19 7.15 9 (2.54) 1.31 810,086 1.38 1.17 6.65 5 8.55 7.07 839,751 1.18 1.18 6.62 11 4.78 4.15 827,077 1.18 1.18 6.57 6 ---------------------------------------------------------------------------------------------------- 12.28 6.40 284,781 1.30* 1.19* 7.02* 2 31.11 25.53 275,671 1.43 1.21 7.47 7 (19.97) (17.03) 232,517 1.78 1.23 6.74 7 2.28 .48 294,378 1.84 1.20 6.30 10 5.93 8.20 309,140 1.24 1.24 6.27 35 1.05 2.49 299,423 1.23 1.23 6.16 20 ====================================================================================================
* Annualized. ** Rounds to less than $.01 per share. + The amounts shown are based on Common share equivalents. ++ Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders; Net Investment Income ratios reflect income earned and expenses incurred on assets attributable to Auction Rate Preferred shares. (a) 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. (b) Expense ratios do not reflect the reduction of custodian fee credits earned on the Fund's net cash on deposit with the custodian bank, were applicable. (c) The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, as described in Footnote 1 - Inverse Floating Rate Securities. (d) For the six months ended April 30, 2010. See accompanying notes to financial statements. Nuveen Investments 103 | Financial Highlights (Unaudited) (continued) Selected data for a Common share outstanding throughout each period:
INVESTMENT OPERATIONS LESS DISTRIBUTIONS ----------------------------------------------------------- ------------------------------- DISTRIBUTIONS DISTRIBUTIONS FROM NET FROM NET BEGINNING INVESTMENT CAPITAL INVESTMENT CAPITAL COMMON NET INCOME TO GAINS TO INCOME TO GAINS TO SHARE NET REALIZED/ AUCTION RATE AUCTION RATE COMMON COMMON NET ASSET INVESTMENT UNREALIZED PREFERRED PREFERRED SHARE- SHARE- VALUE INCOME GAIN (LOSS) SHAREHOLDERS+ SHAREHOLDERS+ TOTAL HOLDERS HOLDERS TOTAL ---------------------------------------------------------------------------------------------------------------------------- HIGH INCOME OPPORTUNITY (NMZ) ---------------------------------------------------------------------------------------------------------------------------- Year Ended 10/31: 2010(e) $11.18 $ .52 $ .58 $(.01) $ -- $1.09 $ (.51) $ -- $ (.51) 2009 9.63 1.06 1.57 (.04) -- 2.59 (1.04) -- (1.04) 2008 15.36 1.29 (5.70) (.23) (.02) (4.66) (.98) (.09) (1.07) 2007 16.00 1.23 (.65) (.24) --** .34 (.98) --** (.98) 2006 15.36 1.21 .65 (.19) -- 1.67 (1.04) -- (1.04) 2005 14.87 1.22 .54 (.13) (.01) 1.62 (1.07) (.06) (1.13) HIGH INCOME OPPORTUNITY 2 (NMD) ---------------------------------------------------------------------------------------------------------------------------- Year Ended 10/31: 2010(e) 10.88 .45 .69 -- -- 1.14 (.48) -- (.48) 2009 9.13 .92 1.79 -- -- 2.71 (.96) -- (.96) 2008(f) 14.33 .89 (5.27) -- -- (4.38) (.79) -- (.79) ============================================================================================================================
DISCOUNT FROM OFFERING COMMON COSTS AND SHARES AUCTION RATE ENDING REPUR- PREFERRED COMMON CHASED SHARE SHARE ENDING AND UNDERWRITING NET ASSET MARKET RETIRED DISCOUNTS VALUE VALUE ------------------------------------------------------------------- HIGH INCOME OPPORTUNITY (NMZ) ------------------------------------------------------------------- YEAR ENDED 10/31: 2010(e) $-- $ --** $11.76 $13.18 2009 -- --** 11.18 11.92 2008 -- --** 9.63 11.02 2007 -- -- 15.36 15.82 2006 -- .01 16.00 17.25 2005 -- -- 15.36 15.99 HIGH INCOME OPPORTUNITY 2 (NMD) ------------------------------------------------------------------- Year Ended 10/31: 2010(e) -- --** 11.54 12.68 2009 -- -- 10.88 11.39 2008(f) -- (.03) 9.13 10.04 ===================================================================
AUCTION RATE 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: 2010(e) $ 95,000 $25,000 $105,153 $ -- $ -- 2009 95,000 25,000 101,043 -- -- 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 -- -- HIGH INCOME OPPORTUNITY 2 (NMD) ------------------------------------------------------------------------------------------------- Year Ended 10/31: 2010(e) -- -- -- 35,000 6,512 2009 -- -- -- 35,000 5,982 2008(f) -- -- -- 40,000 4,619 =================================================================================================
104 Nuveen Investments
RATIOS/SUPPLEMENTAL DATA ----------------------------------------------------------------------------------------------------------- RATIOS TO AVERAGE NET ASSETS RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHARES APPLICABLE TO COMMON SHARES TOTAL RETURNS BEFORE REIMBURSEMENT++ AFTER REIMBURSEMENT++(b) -------------------- ---------------------------------------- ---------------------------------------- BASED ENDING ON NET BASED COMMON ASSETS ON SHARE NET APPLICABLE EXPENSES EXPENSES NET EXPENSES EXPENSES NET PORTFOLIO MARKET ASSET TO COMMON INCLUDING EXCLUDING INVESTMENT INCLUDING EXCLUDING INVESTMENT TURNOVER VALUE(a) VALUE(a) SHARES (000) INTEREST(c)(d) INTEREST INCOME(d) INTEREST(c)(d) INTEREST INCOME(d) RATE ----------------------------------------------------------------------------------------------------------------------------------- 15.25% 9.90% $ 304,581 1.16%* 1.14%* 9.00%* .93%* .91%* 9.23%* 3% 20.00 30.90 288,963 1.53 1.50 10.88 1.17 1.14 11.24 28 (24.77) (32.63) 230,123 1.56 1.36 8.95 1.08 .88 9.43 23 (2.68) 2.14 361,484 1.50 1.28 7.31 1.05 .83 7.76 12 14.79 11.34 372,700 1.21 1.21 7.31 .75 .75 7.77 9 14.35 11.20 357,025 1.20 1.20 7.54 .74 .74 8.00 6 ----------------------------------------------------------------------------------------------------------------------------------- 16.11 10.72 192,931 1.50* 1.21* 8.17* 1.50* 1.21* 8.17* 9 25.45 32.43 174,353 1.50 1.24 10.07 1.50 1.24 10.07 45 (28.82) (32.15) 144,745 1.19* .89* 6.69* .82* .52* 7.06* 22 ===================================================================================================================================
* Annualized. ** Rounds to less than $.01 per share. + The amounts shown are based on Common share equivalents. ++ Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders; Net Investment Income ratios reflect income earned and expenses incurred on assets attributable to Auction Rate Preferred shares and/or Borrowings, where applicable. (a) 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. (b) After expense reimbursement from the Advisor, where applicable. Expense ratios do not reflect the reduction of custodian fee credits earned on the Fund's net cash on deposit with the custodian bank, were applicable. As of August 31, 2008, the Adviser is no longer reimbursing High Income Opportunity 2 (NMD) for any fees and expenses. (c) The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, as described in Footnote 1 - Inverse Floating Rate Securities. (d) Each Ratio of Expenses Including Interest and Net Investment Income 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 described in Footnote 9 - 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: 2010(d) .28%* 2009 .26 2008(f) .30* ================================================================================ (e) For the six months ended April 30, 2010. (f) For the period November 15, 2007 (commencement of operations) through October 31, 2008. See accompanying notes to financial statements. Nuveen Investments 105 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 106 Nuveen Investments per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the dividend or distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions. FLEXIBLE You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. Should you withdraw, you can receive a certificate for all whole shares credited to your reinvestment account and cash payment for fractional shares, or cash payment for all reinvestment account shares, less brokerage commissions and a $2.50 service fee. You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan. The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time. CALL TODAY TO START REINVESTING DIVIDENDS AND/OR DISTRIBUTIONS For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787. Nuveen Investments 107 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 investment's performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment's actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered. 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, also known as inverse floaters, are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond's par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an "inverse floater") to an investor (such as a Fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates' holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond's downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond's value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis. 108 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 duration 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 share is calculated by subtracting the liabilities of the Fund from its total assets and then dividing the remainder by the number of shares outstanding. Fund NAVs are calculated at the end of each business day. o PRE-REFUNDING: Pre-refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond's credit rating and thus its value. 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 109 Notes 110 Nuveen Investments Notes Nuveen Investments 111 Notes 112 Nuveen Investments Other Useful Information 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, 2009, 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 and/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. 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 AUCTION RATE COMMON PREFERRED SHARES SHARES FUND REPURCHASED REDEEMED NQM -- -- NQS -- -- NQU -- -- NPF -- -- NMZ -- -- NMD -- -- Any future repurchases and/or redemptions will be reported to shareholders in the next annual or semi-annual report. Nuveen Investments 113 Nuveen Investments: Serving Investors for Generations Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, longterm investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio. FOCUSED ON MEETING INVESTOR 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. We market our growing range of specialized investment solutions under the high-quality brands of HydePark, NWQ, Nuveen, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, Nuveen Investments managed approximately $150 billion of assets on March 31, 2010. FIND OUT HOW WE CAN HELP YOU. To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain 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 Distributed by Nuveen Investments, LLC 333 West Wacker Drive Chicago, IL 60606 www.nuveen.com ESA-C-0410D 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. (a) See Portfolio of Investments in Item 1. (b) Not applicable. 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, 2010 ------------------------------------------------------------------- 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, 2010 ------------------------------------------------------------------- By (Signature and Title) /s/ Stephen D. Foy ---------------------------------------------- Stephen D. Foy Vice President and Controller (principal financial officer) Date: July 8, 2010 -------------------------------------------------------------------