LOGO: NUVEEN INVESTMENTS
SEMIANNUAL REPORT January 31, 2001
Municipal Closed-End Exchange-Traded Funds
Dependable, tax-free income to help you keep more of what you earn.
ARIZONA
NAZ
MICHIGAN
NUM
NMP
OHIO
NUO
TEXAS
NTX
INVEST WELL.
LOOK AHEAD.
LEAVE YOUR MARK.(SM)
PHOTO OF: 2 MEN TALKING.
PHOTO OF: GIRL AND WOMAN TALKING.
Credit Quality
HIGHLIGHTS As of January 31, 2001
PIECHART:
Nuveen Arizona Premium Income Municipal Fund, Inc. (NAZ)
AAA/U.S. Guaranteed 59%
AA 17%
A 6%
BBB 13%
NR 1%
Other 4%
PIECHART:
Nuveen Michigan Quality Income Municipal Fund, Inc.
AAA/U.S. Guaranteed 84%
AA 6%
A 5%
BBB 5%
PIECHART:
Nuveen Michigan Premium Income Municipal Fund, Inc. (NMP)
AAA/U.S. Guaranteed 68%
AA 19%
A 5%
BBB 8%
PIECHART:
Nuveen Ohio Quality Income Municipal Fund, Inc. (NUO)
AAA/U.S. Guaranteed 71%
AA 16%
A 6%
BBB 5%
NR 2%
PIECHART:
Nuveen Texas Quality Income Municipal Fund (NTX)
AAA/U.S. Guaranteed 57%
AA 12%
A 9%
BBB 21%
NR 1%
CONTENTS
1 Dear Shareholder
3 Portfolio Managers' Comments
8 NAZ Performance Overview
9 NUM Performance Overview
10 NMP Performance Overview
11 NUO Performance Overview
12 NTX Performance Overview
13 Shareholder
Meeting Report
17 Portfolio of Investments
40 Statement of
Net Assets
41 Statement of Operations
42 Statement
of Changes
in Net Assets
44 Notes to Financial Statements
50 Financial Highlights
52 Build Your Wealth Automatically
53 Fund Information
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COMPOUND YOUR WEALTH - AUTOMATICALLY
All Nuveen Municipal Closed-End ETFs let you reinvest dividends and capital
gains directly into additional shares of your Fund. This is a great way to see
your investment grow through the power of compounding.
For more information about Dividend Reinvestment, see the last page of this
report or speak with your financial advisor.
--------------------------------------------------------------------------------
Photo of: Timothy R. Schwertfeger
Chairman of the Board
SIDEBAR TEXT: "A WELL-BALANCED PORTFOLIO CAN HELP YOU REDUCE YOUR INVESTMENT
RISKS."
Dear
SHAREHOLDER
One of the primary goals of your Nuveen Fund is to provide you with attractive,
dependable tax-free income from a quality portfolio. I am pleased to report that
over the period covered by this report your Fund has continued to meet these
objectives. I urge you to read the Portfolio Managers' Comments and Performance
Overview pages included in this report, which provide more details about Fund
results, how they were achieved, and how the Funds are trying to position
themselves for the future.
The uncertain markets of this past reporting period also remind us of another
important reason for investing in Nuveen Funds. In times such as these, your
Nuveen Fund can help bring a measure of diversification to your overall
portfolio and serve as a useful counterbalance to other holdings. A
well-balanced portfolio can help you reduce your investment risks and provide
one of the keys to strong long-term performance.
Invest Well. Look Ahead. Leave Your Mark.
At Nuveen, we believe that investors should focus not only on investments that
can help them accumulate wealth, but also on the plans and services that can
help preserve that wealth and pass it along to future generations. This
long-term perspective is an integral part of our portfolio management
strategies, our insistence on quality, and our desire to provide investments
that can withstand the test of time.
In establishing a program tailored to your needs, the sound ongoing advice and
disciplined focus provided by a trusted financial advisor can be an invaluable
resource, enabling you to make wise investment decisions and build a program
that can result in a lasting legacy.
For more than a century, Nuveen has offered quality investments to those who
recognize and embrace the need for building, preserving and managing wealth. All
of us at Nuveen are dedicated to working with you and your financial advisor to
provide the services, products, perspectives, and solutions that can help you
meet your personal and family financial goals, now and for years to come. We
thank you for your continued confidence.
Sincerely,
/s/ Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
March 16, 2001
Sidebar text: "IN ESTABLISHING A PROGRAM TAILORED TO YOUR NEEDS, THE SOUND
ONGOING ADVICE AND DISCIPLINED FOCUS PROVIDED BY A TRUSTED FINANCIAL ADVISOR CAN
BE AN INVALUABLE RESOURCE."
Nuveen Municipal Closed-End Exchange-Traded Funds (NAZ, NUM, NMP, NUO, NTX)
Portfolio Managers'
COMMENTS
Portfolio managers Mike Davern and Tom Futrell discuss national and state
economic conditions, key investment strategies, and the performance of the
Nuveen Municipal Closed-End Exchange-Traded Funds for Arizona, Michigan, Ohio,
and Texas. Mike has managed NAZ, NUM, NMP, and NTX since 1998, and Tom also
assumed portfolio management responsibility for NUO in 1998.
WHAT MAJOR FACTORS AFFECTED THE U.S. ECONOMY AND THE MUNICIPAL MARKET DURING
THIS REPORTING PERIOD?
The major factor affecting the fixed-income markets for the past two years has
been the Federal Reserve's interest rate policies. After a period of significant
tightening, the Fed has cut interest rates twice since the beginning of this
year, first by 50 basis points on January 3 and then another 50 basis points on
January 31. This marked the first time in Alan Greenspan's 13-year tenure at the
Fed that rates have been reduced by a full percentage point within a single
month. Currently, the Fed appears to consider economic weakness a more serious
risk than the possibility of inflation that it was fighting last year. The
consensus among many market observers is that the Fed may continue to ease as
long as signs of a significant economic slowdown remain.
In the municipal market, indications of economic slowing and tight new issue
supply helped many bonds perform well. For the 12 months ended January 31, 2001,
new issuance of municipal bonds totaled just over $202 billion nationwide, down
8% from the previous 12-month period (February 1999 through January 2000). Part
of this decline stemmed from higher rate concerns in early 2000, which made it
less attractive for some issuers to offer bonds. In addition, generally
favorable economic conditions in most cities and states enabled many issuers to
use pay-as-you-go funding for necessary projects, rather than financing obtained
through new issuance.
At the same time, demand for municipal bonds continued to be strong from
individual investors looking for diversification, income, and an alternative to
a volatile stock market. As a result, municipal bond prices generally were
higher, and yields were correspondingly lower, at the end of January 2001 than
they were 12 months earlier. Nevertheless, we believe municipals continued to
represent good value. As of January 31, 2001, long-term municipal yields were
97.3% of 30-year Treasury yields, compared with 97.7% in January 2000 and the
historical average of 86.0% for the period 1986-1999.
MIKE, WHAT ABOUT THE ECONOMIC AND MARKET ENVIRONMENT IN ARIZONA, MICHIGAN, AND
TEXAS?
Arizona can boast of having the second fastest growing state economy in the
nation (behind Nevada) over the past year, as well as the most rapidly growing
metropolitan area (Tucson). The key drivers of the state's booming economy were
robust growth in the manufacturing sector and rapid employment gains in
semiconductor manufacturing, Internet, and business services. Many expect this
growth to continue at an aggressive pace, based on Arizona's large number of
innovative, rapidly expanding companies, which may enable the state to take
continued advantage of its emerging high-tech economy. Additional infusions of
venture capital also are expected to lead to strong near-term employment gains,
especially in communications and business services. In addition, Arizona should
continue to benefit from the North American Free Trade Agreement because of
exports to Mexico. The influx of new residents, both retirees as well as younger
people, should continue to stimulate the housing market, increase demand for
service industries, and help to alleviate some of the constraints imposed by a
tight job market. Arizona's municipal market continued to see tight new issue
supply, with issuance over the past six months (August 2000-January 2001)
totaling $1.16 billion, down 16% from levels seen during the previous six
months.
Michigan's supply of municipal bonds, on the other hand, was somewhat more
plentiful over the six months ended January 2001, with $3.46 billion in new
issuance, compared with $2.18 billion for the previous six months. The state
also benefited from Moody's and Standard &
Poor's recent upgrades of its credit rating to Aaa and AAA, respectively,
reflecting continued strong budget performance and Michigan's low debt burden. A
third major rating agency, Fitch, maintained its rating at AA+. The Michigan
economy, which remains heavily reliant on manufacturing, especially auto
production, continued to grow more moderately than the national average. Growing
efficiency in the auto manufacturing process and weaker consumer demand for
automobiles led to numerous job cuts for autoworkers in recent years. Tight
labor markets and lower capital goods spending could also further negatively
impact the auto industry. While Michigan remains hampered by above-average
business costs, the state is attempting to become more competitive in attracting
new businesses by implementing aggressive economic development initiatives and
by gradually phasing out the state's single business tax. In the years ahead,
Michigan's construction and service industries are expected to lead the state's
employment growth, although the manufacturing sector, which should continue to
diversify, will likely remain the anchor of the state economy.
Municipal issuance in Texas followed the pattern seen in most other states, with
new issue supply for the period August 2000 through January 2001 totaling $1.38
billion, a decline of 27% from the previous six months. Over the past year,
Texas showed strong growth, as the state economy continued to diversify away
from energy-related industries into high-tech businesses, especially in the
Dallas and Austin metropolitan areas. In terms of the total number of high-tech
jobs, Texas is second only to California. The growing presence of technology has
helped to offset the recent volatility the state experienced in the oil and gas
industry. In addition, the resurgence of the Mexican economy led to significant
increases in state exports, which reached record levels during the second
quarter of 2000.
TOM, WHAT ABOUT OHIO?
Ohio also saw its supply of new municipal bonds continue to decline, as issuance
over the most recent six-month period totaled $2.79 billion, down 12% from the
previous six months. Given Ohio's high marginal income tax rate, demand from
individual investors continued to be very strong, and this, in turn, caused Ohio
municipal bonds to trade at high prices relative to the national market. The
Ohio economy continued to rely heavily on manufacturing, while the financial and
business service sectors, which led the state's moderate economic expansion in
recent years, began to slow. The state's economy is primarily anchored by
Cleveland, Cincinnati, and Columbus, which account for 47% of Ohio's population
and 53% of the state's total income. The Columbus and Cincinnati metropolitan
areas, in particular, have strong, diverse economies, which should continue to
grow at a faster pace than that of the state as a whole. Overall, however,
Ohio's near-term economic growth is projected to continue to lag national levels
due to slowing construction activity and labor shortages resulting from
continued population losses. During 2000, the Ohio Supreme Court again declared
the state's school district funding formulas unconstitutional, and funding
remains a hotly debated issue. In June, the court is expected to hear testimony
on methods to alleviate the funding concerns of low-wealth districts.
HOW DID THESE NUVEEN FUNDS PERFORM OVER THE PAST YEAR?
For the year ended January 31, 2001, the Nuveen Municipal Closed-End
Exchange-Traded Funds for Arizona, Michigan, Ohio, and Texas produced total
returns on net asset value (NAV) as shown in the accompanying table. The annual
returns for the Lehman Brothers Municipal Bond Index1 and the appropriate Lipper
Peer Groups2 are also presented.
Total Return Lehman Lipper
Market Yield on NAV Total Return1 Average2
--------------------------------------------------------------------------------
1 Year 1 Year 1 Year
Taxable- Ended Ended Ended
1/31/01 Equivalent3 1/31/01 1/31/01 1/31/01
--------------------------------------------------------------------------------
NAZ 5.19% 7.92% 13.59% 13.28% 18.60%
--------------------------------------------------------------------------------
NUM 5.86% 8.88% 15.67% 13.28% 22.43%
--------------------------------------------------------------------------------
NMP 5.76% 8.73% 18.58% 13.28% 22.43%
--------------------------------------------------------------------------------
NUO 5.31% 8.23% 12.82% 13.28% 18.60%
--------------------------------------------------------------------------------
NTX 5.89% 8.54% 15.74% 13.28% 18.60%
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Past performance is not predictive of future results.
For additional information, see the individual Performance Overview for your
Fund in this report.
Early in 2000, as the Fed's interest rate hikes pushed yields higher, municipal
bond prices took a corresponding drop. Over the summer, however, the tight
supply of new municipal issues and generally favorable technicals helped to
prompt a shift in market outlook, rallying the municipal market and boosting the
prices of many bonds. The Funds' participation in the recovery of the municipal
market is reflected in the total returns on NAV listed in the previous table,
which show dramatic improvement over the performance results presented in the
Funds' annual report for the period ending July 31, 2000.
During the 12 months ended January 31, 2001, the yield on the Bond Buyer 25
Revenue Bond Index fell from 6.31% to 5.43%. In this environment of falling
yields (and rising bond values), you would expect funds with longer durations4
to perform well. As of January 31, 2001, the duration of the unleveraged Lehman
Brothers Municipal Bond Index was 7.51. By comparison, the durations of NAZ,
NUM, NMP, and NTX ranged from 8.50 to 9.86, while NUO's duration was 6.28. The
relative performance of the Funds was also impacted by their weightings of U.S.
guaranteed bonds, which ranged from 24% in NUO to 6% in NMP. In the current
environment, the extremely short durations of these prerefunded and escrowed
bonds, which benefited the Funds through higher yields, limited the Funds'
degree of participation in the market rally.
WERE THE FUNDS' DIVIDENDS AFFECTED BY THE MARKET ENVIRONMENT?
Changes in the interest rate environment over the past 12 months had an impact
on the dividends of the five Nuveen Funds covered in this report. All of these
Funds use leverage as a way to potentially enhance the dividends paid to common
shareholders. The extent of this benefit is tied in part to the short-term rates
that the Funds pay their MuniPreferred(R) shareholders. When short-term rates
rise, the Funds must pay out more income to preferred shareholders, decreasing
the amount of income available for common shareholders. As the Federal Reserve
raised short-term rates between June 1999 and May 2000, these increases had a
corresponding impact on short-term municipal rates. The increase in short-term
municipal rates, as well as the pressure of bond calls, was sufficient to cause
decreases in the common share dividends of all five Funds during 2000. Despite
these dividend adjustments, the Nuveen Funds continued to provide competitive
market yields, as shown in the earlier table.
Recently, the Fed's interest rate cuts have contributed to a steepening of the
slope in the municipal yield curve. The lower rates offered by municipal
securities with shorter maturities could potentially have beneficial effects on
the dividend stability of these leveraged Funds by reducing the amount the Funds
pay their MuniPreferred(R) shareholders. This, in turn, could leave more Fund
earnings to support common share dividends. However, this trend could be offset
by the effect of bond calls on higher-yielding bonds held by these portfolios.
All five of these Funds reach the 10-year point of the bond market cycle between
October 2001 and December 2002, a period when they will experience increased
risk of bond calls.
WHAT ABOUT THE FUNDS' SHARE PRICE PERFORMANCE?
During the first part of 2000, uncertainties about inflation and interest rates,
coupled with investors' focus on equity market performance, tended to dampen
interest in most fixed-income products. The lack of demand put pressure on the
prices of many municipal bond investments. In recent months, as the bond market
showed signs of recovery and the stock market continued to be volatile, many
investors once again appeared to be considering tax-free fixed-income
alternatives. As a result, the share prices of these Funds improved (see the
charts on the individual Performance Overview pages).
As investors recognized this opportunity, robust demand for these Nuveen Funds
caused the premiums (share price above NAV) on NAZ and NUO to widen, while the
discounts (share price below NAV) on NMP and NTX narrowed substantially over the
past 12 months. For NUM, the discount was virtually eliminated. While the market
prices of NMP and NTX continue to lag the actual value of the bonds in their
portfolios, shareholders
1 The Funds' performances are compared with that of the national Lehman
Brothers Municipal Bond Index, an unleveraged index comprising a broad
range of investment-grade municipal bonds. Results for the Lehman index do
not reflect any expenses.
2 The total returns of NAZ, NUO, and NTX are compared with the average
annualized return of the 19 funds in the Lipper Other States Municipal Debt
Funds category, while the returns of NUM and NMP are compared with the
average return of the 6 funds in the Lipper Michigan Municipal Debt Funds
category. Fund and Lipper returns assume reinvestment of dividends.
3 The taxable-equivalent yield represents the yield that must be earned on a
taxable investment in order to equal the yield of the Nuveen Fund on an
after-tax basis. The taxable-equivalent yield is based on the Fund's market
yield on the indicated date and a federal income tax rate of 31% plus the
applicable state income tax rate. The combined federal and state tax rates
used in this report are as follows: Arizona 34.5%, Michigan 34%, and Ohio
35.5%. Because Texas has no state income tax, NTX's taxable-equivalent
yield is based on the federal income tax rate of 31%.
4 Duration is a measure of a Fund's NAV volatility in reaction to interest
rate movements. Fund duration, also known as leverage-adjusted duration,
takes into account the leveraging process for a Fund and therefore is
generally longer than the duration of the actual portfolio of individual
bonds that make up the Fund. Unless otherwise noted, references to duration
in this commentary are intended to indicate Fund duration.
may want to consider taking advantage of this opportunity to add to their
holdings of these Nuveen Funds.
WHAT KEY STRATEGIES WERE USED TO MANAGE THESE FUNDS DURING THE YEAR ENDED
JANUARY 31, 2001?
Despite a slow start, the 12-month period ended January 31, 2001, turned out to
be generally positive for fixed-income markets, including municipal bonds. As
evidenced by their strong 12-month total returns on NAV, these Nuveen Funds were
well structured going into this period. Given the tight supply of new issuance
over the past 12 months, we found fewer opportunities to make trades that would
substantially enhance the Funds' holdings. As opportunities did become
available, we focused on strengthening long-term dividend-payment capabilities,
enhancing call protection, and purchasing bonds with the potential to add value
and diversification to the Funds' portfolios.
For example, in all of the funds covered in this report, we recently leveraged
our understanding of the complexities of bonds secured by payments under the
$250 billion master settlement agreement between four major tobacco companies
and 46 states in 1998 by purchasing Puerto Rico Children's Trust Fund bonds
backed by these revenues. These Aa3 rated bonds, which we purchased in late
October, offered attractive yields as well as federal and state income tax
exemption and have performed well since our purchase. If prices remain
attractive, we plan to continue to add to our holdings of these bonds,
especially through purchases in the secondary market.
To enhance NUO's ability to participate in market gains, we also worked to
lengthen the Fund's duration by purchasing appropriate issues as they became
available in the market. For example, in January, we added zero coupon bonds
issued by Hamilton County that we found very attractive versus historical spread
relationships. These Aaa bonds have a maturity date of 2028 and are noncallable.
As the municipal market rallied, many of the bonds in our portfolio registered
substantial gains. In view of this, we took advantage of opportunities to sell
bonds with short calls or lower yields, reinvesting the proceeds in bonds
offering higher yields. This enabled us to generate tax loss carryforwards to
offset future realized capital gains while improving the Fund's call structure
and enhancing potential dividend-paying capabilities.
Another area of the market in which we continued to identify value opportunities
was the healthcare sector, where credit spreads remained wide relative to
historical levels. Although this industry continues to face challenges,
healthcare providers on the whole are adjusting to the new environment, and
signs indicate that improvement could be on the way. This is a sector where our
considerable research expertise is crucial in identifying undervalued situations
and credits with the potential to improve over time. Over the past six months,
we found several such situations. In the Michigan Funds, we purchased the
Michigan State Hospital Finance Authority - Ascension Health Credit Group, while
NAZ added bonds issued by the Arizona Health Facilities Authority - John C.
Lincoln Health Network. The Ascension Health and Lincoln Health bonds provided
yields 100 and 200 basis points, respectively, over insured bonds currently
available in the market. In NTX, we also found opportunities to pick up
additional yield, including the purchase of AAA bonds issued by the Grand
Prairie Housing Finance Corporation - Landings at Carrier Project, a
GNMA-insured multifamily housing project, which provided 80 basis points of
incremental yield over AAA-insured general obligation bonds.
In terms of performance, the top two sectors of the municipal market over the
past 12 months were hospitals and water and sewer. During this period, the
Funds' performances benefited from their weightings in these two sectors, which
ranked among the top five holdings in NUM, NMP, NUO, and NTX. At the same time,
NAZ increased its healthcare weighting to 16% from 14% a year earlier.
All five Funds continued to offer excellent credit quality, with between 57% and
84% of their portfolios invested in bonds rated AAA/U.S. guaranteed as of
January 31, 2001. Over the past 12 months, bonds rated AAA were among the
market's top performers, and the Funds' overweighting in this credit sector
helped to enhance
performance. The Funds also had allocations of BBB and non-rated bonds that
ranged from 5% (NUM) to 22% (NTX), which generally provided higher yields over
the past year. For NAZ, NUM, and NMP, an additional strategy over the past six
months involved increasing the Funds' exposure to BBB and non-rated bonds as
credit spreads widened.
WHAT IS YOUR OUTLOOK FOR THESE NUVEEN FUNDS?
In general, our outlook for the fixed-income markets over the next 12 months is
positive. Current projections call for continued strong demand for municipal
bonds. Although we could see the pace of refundings pick up if interest rates
remain low or drop further, new municipal issuance nationwide in 2001 is
expected to remain around $200 billion. These supply-and-demand dynamics should
continue to provide support for the municipal market and municipal bond prices.
We will, of course, continue to closely monitor the economy, including the
progress of proposed tax reduction plans and Federal Reserve policy, in order to
be prepared to respond appropriately to any developing situations.
Looking specifically at these Nuveen Funds, both NAZ and NMP offer excellent
levels of call protection over the next two years, with a total of 12% and 16%,
respectively, of each portfolio subject to calls during 2001 and 2002. In
October 2001, NUM, NUO, and NTX reach the 10-year anniversary of their
inceptions, a period when they will experience the increased potential for bond
calls normally associated with this point of the bond market cycle. Over the
next two years, these three Funds could each see 29-40% of their portfolios
affected by bond calls, depending on market interest rates during this time. In
general, we believe these positions are very manageable, and we foresee no
problems in working through them.
While we cannot control the direction of interest rates, we continue to work to
reduce the Funds' call exposure and to actively manage the Funds to mitigate the
longer-term effects of the bond call process. These strategies include selling
bonds with short call dates and prerefunded bonds with short maturities. At the
present time, we anticipate holding older bonds with higher yields until six
months to a year before their call dates and then selling these bonds and
reinvesting the proceeds in the longer end of the primary market. In this way,
we can keep the principal gains achieved over the past 12 months while
maximizing tax-exempt income.
In addition to bond calls, we plan to continue to focus on keeping the Funds
fully invested and working for shareholders and on strengthening the Funds'
dividend-payment capabilities as market conditions allow. This will include
exploring additional opportunities to add to our allocations of BBB and
non-rated bonds where Nuveen Research has made favorable assessments of credit
quality. Depending on the interest rate environment, bond calls in NUM, NUO, and
NTX could create opportunities to further enhance the structure of these Funds.
In NUO, we will also seek to purchase bonds that can further extend the Fund's
duration. As value-oriented investors, we will continue to look for areas of the
market that can add value for our shareholders. We believe these Nuveen Funds
will continue to serve as a dependable source of tax-free income and portfolio
diversification, two essential elements of a comprehensive investment strategy.
Nuveen Arizona Premium Income Municipal Fund, Inc.
Performance
OVERVIEW As of January 31, 2001
NAZ
PORTFOLIO STATISTICS
--------------------------------------------------
Inception Date 11/92
--------------------------------------------------
Share Price $15.74
--------------------------------------------------
Net Asset Value $14.68
--------------------------------------------------
Market Yield 5.19%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 7.52%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 7.92%
--------------------------------------------------
Fund Net Assets ($000) $94,278
--------------------------------------------------
Average Effective Maturity (Years) 17.76
--------------------------------------------------
Leverage-Adjusted Duration 8.83
--------------------------------------------------
ANNUALIZED TOTAL RETURN
--------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------
1-Year 17.98% 13.59%
--------------------------------------------------
5-Year 7.74% 5.01%
--------------------------------------------------
Since Inception 6.21% 6.24%
--------------------------------------------------
TOP FIVE SECTORS (AS A % OF TOTAL INVESTMENTS)
--------------------------------------------------
U.S. Guaranteed 22%
--------------------------------------------------
Healthcare 16%
--------------------------------------------------
Tax Obligation/Limited 16%
--------------------------------------------------
Utilities 9%
--------------------------------------------------
Tax Obligation/General 9%
--------------------------------------------------
Bar Chart:
2000-2001 Monthly Tax-Free Dividends Per Share2
2/00 0.0705
3/00 0.0705
4/00 0.0705
5/00 0.0705
6/00 0.068
7/00 0.068
8/00 0.068
9/00 0.068
10/00 0.068
11/00 0.068
12/00 0.068
1/01 0.068
Line Chart:
Share Price Performance
2/4/00 14.38
14.25
14.06
14.06
14.06
14
13.81
13.81
13.75
13.94
13.88
13.94
13.94
14.19
14.13
13.94
14.13
14.38
14.5
14.44
14.38
14.31
14.5
14.5
14.56
14.63
14.75
14.69
14.69
14.75
14.94
14.94
14.75
14.75
14.75
14.81
14.38
13.81
13.94
14.56
14.75
14.81
14.75
15
15.31
15.44
15.69
15.88
15.94
15.75
15.5
1/31/01 15.7188
Weekly Closing Price
Past performance is not predictive of future results.
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen Fund on an after-tax basis. It
is calculated using the current market yield and a federal income tax rate
of 31%. The rate shown for federal and state highlights the added value of
owning shares that are also exempt from state income taxes. It is based on
a combined federal and state income tax rate of 34.5%.
2 The Fund also paid shareholders a capital gains distribution in December
2000 of $0.0061 per share.
Nuveen Michigan Quality Income Municipal Fund, Inc.
Performance
OVERVIEW As of January 31, 2001
NUM
PORTFOLIO STATISTICS
--------------------------------------------------
Inception Date 10/91
--------------------------------------------------
Share Price $15.08
--------------------------------------------------
Net Asset Value $15.10
--------------------------------------------------
Market Yield 5.86%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 8.49%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 8.88%
--------------------------------------------------
Fund Net Assets ($000) $267,916
--------------------------------------------------
Average Effective Maturity (Years) 18.28
--------------------------------------------------
Leverage-Adjusted Duration 8.86
--------------------------------------------------
ANNUALIZED TOTAL RETURN
--------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------
1-Year 22.11% 15.67%
--------------------------------------------------
5-Year 5.00% 5.46%
--------------------------------------------------
Since Inception 6.50% 7.40%
--------------------------------------------------
TOP FIVE SECTORS (AS A % OF TOTAL INVESTMENTS)
--------------------------------------------------
Tax Obligation/General 25%
--------------------------------------------------
Utilities 17%
--------------------------------------------------
U.S. Guaranteed 17%
--------------------------------------------------
Healthcare 10%
--------------------------------------------------
Water and Sewer 8%
--------------------------------------------------
Bar Chart:
2000-2001 Monthly Tax-Free Dividends Per Share 2
2/00 0.076
3/00 0.076
4/00 0.076
5/00 0.076
6/00 0.0735
7/00 0.0735
8/00 0.0735
9/00 0.0735
10/00 0.0735
11/00 0.0735
12/00 0.0735
1/01 0.0735
Line Chart:
Share Price Performance
2/4/00 13.5
13.19
13.13
13.25
13.19
13.19
13.13
13.06
13
13.63
13.56
13.31
13.81
13.63
13.56
13.5
13.63
13.81
13.56
13.56
13.56
13.94
14
14.13
13.75
13.75
13.75
13.31
13.56
13.69
13.81
13.94
13.75
13.63
13.81
13.63
13.31
13.25
13.31
13.56
13.56
13.5
14
14
13.63
13.69
13.88
14.56
14.94
15.06
14.94
1/31/01 15.0625
Weekly Closing Price
Past performance is not predictive of future results.
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen Fund on an after-tax basis. It
is calculated using the current market yield and a federal income tax rate
of 31%. The rate shown for federal and state highlights the added value of
owning shares that are also exempt from state income taxes. It is based on
a combined federal and state income tax rate of 34%.
2 The Fund also paid shareholders a capital gains distribution in December
2000 of $0.0193 per share.
Nuveen Michigan Premium Income Municipal Fund, Inc.
Performance
OVERVIEW As of January 31, 2001
NMP
PORTFOLIO STATISTICS
--------------------------------------------------
Inception Date 12/92
--------------------------------------------------
Share Price $14.09
--------------------------------------------------
Net Asset Value $14.95
--------------------------------------------------
Market Yield 5.76%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 8.35%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 8.73%
--------------------------------------------------
Fund Net Assets ($000) $171,047
--------------------------------------------------
Average Effective Maturity (Years) 18.75
--------------------------------------------------
Leverage-Adjusted Duration 8.50
--------------------------------------------------
ANNUALIZED TOTAL RETURN
--------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------
1-Year 23.26% 18.58%
--------------------------------------------------
5-Year 7.39% 5.92%
--------------------------------------------------
Since Inception 5.17% 6.49%
--------------------------------------------------
TOP FIVE SECTORS (AS A % OF TOTAL INVESTMENTS)
--------------------------------------------------
Healthcare 20%
--------------------------------------------------
Tax Obligation/Limited 20%
--------------------------------------------------
Tax Obligation/General 14%
--------------------------------------------------
Water and Sewer 13%
--------------------------------------------------
Utilities 12%
--------------------------------------------------
Bar Chart:
2000-2001 Monthly Tax-Free Dividends Per Share 2
2/00 0.069
3/00 0.069
4/00 0.069
5/00 0.069
6/00 0.069
7/00 0.069
8/00 0.069
9/00 0.069
10/00 0.069
11/00 0.069
12/00 0.0675
1/01 0.0675
LINE CHART:
Share Price Performance
2/4/00 12.5
12.19
12
12.13
12.25
12
11.81
11.94
12.06
12.25
12.25
12.25
12.25
12.38
12.19
12.19
12.25
12.56
12.81
12.94
12.75
12.75
13
13.25
13.13
13.13
13.25
13.25
13.38
13.38
13.38
13.31
13.31
13.25
13.13
13.06
12.69
12.38
12.25
12.75
12.25
12.69
12.75
12.75
12.81
13.13
12.94
14
13.94
13.94
13.75
1/31/01 14.0625
Weekly Closing Price
Past performance is not predictive of future results.
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen Fund on an after-tax basis. It
is calculated using the current market yield and a federal income tax rate
of 31%. The rate shown for federal and state highlights the added value of
owning shares that are also exempt from state income taxes. It is based on
a combined federal and state income tax rate of 34%.
2 The Fund also paid shareholders a net ordinary income distribution in
December 2000 of $0.0025 per share.
Nuveen Ohio Quality Income Municipal Fund, Inc.
Performance
OVERVIEW As of January 31, 2001
NUO
PORTFOLIO STATISTICS
--------------------------------------------------
Inception Date 10/91
--------------------------------------------------
Share Price $16.95
--------------------------------------------------
Net Asset Value $15.95
--------------------------------------------------
Market Yield 5.31%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 7.70%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 8.23%
--------------------------------------------------
Fund Net Assets ($000) $228,376
--------------------------------------------------
Average Effective Maturity (Years) 14.71
--------------------------------------------------
Leverage-Adjusted Duration 6.28
--------------------------------------------------
ANNUALIZED TOTAL RETURN
--------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------
1-Year 15.56% 12.82%
--------------------------------------------------
5-Year 6.61% 5.66%
--------------------------------------------------
Since Inception 7.42% 7.69%
--------------------------------------------------
TOP FIVE SECTORS (AS A % OF TOTAL INVESTMENTS)
--------------------------------------------------
U.S. Guaranteed 24%
--------------------------------------------------
Tax Obligation/General 17%
--------------------------------------------------
Housing/Multifamily 12%
--------------------------------------------------
Healthcare 10%
--------------------------------------------------
Water and Sewer 8%
--------------------------------------------------
BAR CHART:
2000-2001 Monthly Tax-Free Dividends Per Share
2/00 0.082
3/00 0.082
4/00 0.082
5/00 0.082
6/00 0.077
7/00 0.077
8/00 0.077
9/00 0.077
10/00 0.077
11/00 0.077
12/00 0.075
1/01 0.075
LINE CHART:
Share Price Performance
2/4/00 16
15.94
15.5
15.38
15.5
15.44
15.44
15.63
16
15.81
15.88
15.63
15.56
15.69
15.75
15.69
15.56
15.94
15.75
15.75
15.88
15.88
16.13
16.31
16.25
16.63
16.56
16.5
16.38
16.13
16.38
16.63
16.31
16
16
16
15.75
15.31
15.13
15.31
15.5
15.44
15.5
15.75
15.5
15.56
15.81
16.63
16.81
17.06
16.94
1/31/01 16.9375
Weekly Closing Price
Past performance is not predictive of future results.
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen Fund on an after-tax basis. It
is calculated using the current market yield and a federal income tax rate
of 31%. The rate shown for federal and state highlights the added value of
owning shares that are also exempt from state income taxes. It is based on
a combined federal and state income tax rate of 35.5%.
Nuveen Texas Quality Income Municipal Fund
Performance
OVERVIEW As of January 31, 2001
NTX
PORTFOLIO STATISTICS
--------------------------------------------------
Inception Date 10/91
--------------------------------------------------
Share Price $14.57
--------------------------------------------------
Net Asset Value $14.85
--------------------------------------------------
Market Yield 5.89%
--------------------------------------------------
Taxable-Equivalent Yield1 8.54%
--------------------------------------------------
Fund Net Assets ($000) $209,182
--------------------------------------------------
Average Effective Maturity (Years) 20.39
--------------------------------------------------
Leverage-Adjusted Duration 9.86
--------------------------------------------------
ANNUALIZED TOTAL RETURN
--------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------
1-Year 27.92% 15.74%
--------------------------------------------------
5-Year 5.89% 5.32%
--------------------------------------------------
Since Inception 6.35% 7.18%
--------------------------------------------------
TOP FIVE SECTORS (AS A % OF TOTAL INVESTMENTS)
--------------------------------------------------
Tax Obligation/General 18%
--------------------------------------------------
Healthcare 15%
--------------------------------------------------
Transportation 12%
--------------------------------------------------
Water and Sewer 11%
--------------------------------------------------
U.S. Guaranteed 10%
--------------------------------------------------
2000-2001 Monthly Tax-Free Dividends Per Share
2/00 0.076
3/00 0.076
4/00 0.076
5/00 0.076
6/00 0.073
7/00 0.073
8/00 0.073
9/00 0.073
10/00 0.073
11/00 0.073
12/00 0.0715
1/01 0.0715
LINE CHART:
Share Price Performance
2/4/00 12.63
12.63
12.5
12.63
12.31
12.06
12
12.19
12.56
13.06
12.75
12.5
12.5
12.5
12.44
12.38
12.31
12.81
12.81
12.81
12.75
12.75
12.88
12.94
12.88
12.81
13
13.13
13.19
13.31
13.31
13.31
13.06
13.25
13.25
13.44
13.13
12.81
12.75
12.75
12.63
12.81
12.81
13.25
12.94
12.94
13.25
13.94
13.94
14.56
14.44
1/31/01 14.5625
Weekly Closing Price
Past performance is not predictive of future results.
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen Fund on an after-tax basis. It
is calculated using the current market yield and a federal income tax rate
of 31%.
Shareholder
MEETING REPORT
The Shareholder Meeting was held October 18, 2000, in Chicago at Nuveen's
headquarters.
NAZ NUM
------------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE DIRECTORS WAS REACHED AS FOLLOWS:
Preferred Preferred Preferred
Common Shares Common Shares Shares
Shares Series-TH Shares Series-TH Series-F
------------------------------------------------------------------------------------------------------------------------------------
Robert P. Bremner
For 4,110,241 1,178 10,622,976 3,035 558
Withhold 33,042 5 164,657 11 --
------------------------------------------------------------------------------------------------------------------------------------
Total 4,143,283 1,183 10,787,633 3,046 558
------------------------------------------------------------------------------------------------------------------------------------
Lawrence H. Brown
For 4,110,241 1,178 10,620,946 3,035 558
Withhold 33,042 5 166,687 11 --
------------------------------------------------------------------------------------------------------------------------------------
Total 4,143,283 1,183 10,787,633 3,046 558
------------------------------------------------------------------------------------------------------------------------------------
Anne E. Impellizzeri
For 4,107,798 1,178 10,611,318 3,035 558
Withhold 35,485 5 176,315 11 --
------------------------------------------------------------------------------------------------------------------------------------
Total 4,143,283 1,183 10,787,633 3,046 558
------------------------------------------------------------------------------------------------------------------------------------
Peter R. Sawers
For 4,108,443 1,178 10,609,812 3,035 558
Withhold 34,840 5 177,821 11 --
------------------------------------------------------------------------------------------------------------------------------------
Total 4,143,283 1,183 10,787,633 3,046 558
------------------------------------------------------------------------------------------------------------------------------------
Judith M. Stockdale
For 4,109,241 1,178 10,614,342 3,035 558
Withhold 34,042 5 173,291 11 --
------------------------------------------------------------------------------------------------------------------------------------
Total 4,143,283 1,183 10,787,633 3,046 558
------------------------------------------------------------------------------------------------------------------------------------
William J. Schneider
For -- 1,178 -- 3,035 558
Withhold -- 5 -- 11 --
------------------------------------------------------------------------------------------------------------------------------------
Total -- 1,183 -- 3,046 558
------------------------------------------------------------------------------------------------------------------------------------
Timothy R. Schwertfeger
For -- 1,178 -- 3,035 558
Withhold -- 5 -- 11 --
------------------------------------------------------------------------------------------------------------------------------------
Total -- 1,183 -- 3,046 558
------------------------------------------------------------------------------------------------------------------------------------
RATIFICATION OF AUDITORS WAS REACHED AS FOLLOWS:
For 4,067,295 1,182 10,662,218 3,032 558
Against 26,255 1 27,231 -- --
Abstain 49,733 -- 98,184 14 --
------------------------------------------------------------------------------------------------------------------------------------
Total 4,143,283 1,183 10,787,633 3,046 558
------------------------------------------------------------------------------------------------------------------------------------
Shareholder
MEETING REPORT (continued)
NMP
------------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE DIRECTORS WAS REACHED AS FOLLOWS:
Preferred Preferred
Common Shares Shares
Shares Series-M Series-TH
------------------------------------------------------------------------------------------------------------------------------------
Robert P. Bremner
For 7,007,848 817 1,246
Withhold 138,990 12 134
------------------------------------------------------------------------------------------------------------------------------------
Total 7,146,838 829 1,380
------------------------------------------------------------------------------------------------------------------------------------
Lawrence H. Brown
For 7,001,477 817 1,246
Withhold 145,361 12 134
------------------------------------------------------------------------------------------------------------------------------------
Total 7,146,838 829 1,380
------------------------------------------------------------------------------------------------------------------------------------
Anne E. Impellizzeri
For 6,995,176 817 1,246
Withhold 151,662 12 134
------------------------------------------------------------------------------------------------------------------------------------
Total 7,146,838 829 1,380
------------------------------------------------------------------------------------------------------------------------------------
Peter R. Sawers
For 7,007,483 817 1,246
Withhold 139,355 12 134
------------------------------------------------------------------------------------------------------------------------------------
Total 7,146,838 829 1,380
------------------------------------------------------------------------------------------------------------------------------------
Judith M. Stockdale
For 7,004,012 817 1,246
Withhold 142,826 12 134
------------------------------------------------------------------------------------------------------------------------------------
Total 7,146,838 829 1,380
------------------------------------------------------------------------------------------------------------------------------------
William J. Schneider
For -- 817 1,246
Withhold -- 12 134
------------------------------------------------------------------------------------------------------------------------------------
Total -- 829 1,380
------------------------------------------------------------------------------------------------------------------------------------
Timothy R. Schwertfeger
For -- 817 1,246
Withhold -- 12 134
------------------------------------------------------------------------------------------------------------------------------------
Total -- 829 1,380
------------------------------------------------------------------------------------------------------------------------------------
RATIFICATION OF AUDITORS WAS REACHED AS FOLLOWS:
For 7,050,915 823 1,371
Against 21,003 3 7
Abstain 74,920 3 2
------------------------------------------------------------------------------------------------------------------------------------
Total 7,146,838 829 1,380
------------------------------------------------------------------------------------------------------------------------------------
NUO
------------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE DIRECTORS WAS REACHED AS FOLLOWS:
Preferred Preferred Preferred
Common Shares Shares Shares
Shares Series-M Series-TH Series-TH2
------------------------------------------------------------------------------------------------------------------------------------
Robert P. Bremner
For 8,408,084 680 1,371 986
Withhold 108,134 -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total 8,516,218 680 1,371 986
------------------------------------------------------------------------------------------------------------------------------------
Lawrence H. Brown
For 8,404,362 680 1,371 986
Withhold 111,856 -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total 8,516,218 680 1,371 986
------------------------------------------------------------------------------------------------------------------------------------
Anne E. Impellizzeri
For 8,397,935 680 1,371 986
Withhold 118,283 -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total 8,516,218 680 1,371 986
------------------------------------------------------------------------------------------------------------------------------------
Peter R. Sawers
For 8,405,926 680 1,371 986
Withhold 110,292 -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total 8,516,218 680 1,371 986
------------------------------------------------------------------------------------------------------------------------------------
Judith M. Stockdale
For 8,386,535 680 1,371 986
Withhold 129,683 -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total 8,516,218 680 1,371 986
------------------------------------------------------------------------------------------------------------------------------------
William J. Schneider
For -- 680 1,371 986
Withhold -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total -- 680 1,371 986
------------------------------------------------------------------------------------------------------------------------------------
Timothy R. Schwertfeger
For -- 680 1,371 986
Withhold -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total -- 680 1,371 986
------------------------------------------------------------------------------------------------------------------------------------
RATIFICATION OF AUDITORS WAS REACHED AS FOLLOWS:
For 8,402,186 680 1,340 986
Against 36,216 -- 30 --
Abstain 77,816 -- 1 --
------------------------------------------------------------------------------------------------------------------------------------
Total 8,516,218 680 1,371 986
------------------------------------------------------------------------------------------------------------------------------------
Shareholder
MEETING REPORT (continued)
NTX
------------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE TRUSTEES WAS REACHED AS FOLLOWS:
Preferred Preferred
Common Shares Shares
Shares Series-M Series-TH
------------------------------------------------------------------------------------------------------------------------------------
Robert P. Bremner
For 8,577,804 744 1,936
Withhold 78,613 4 --
------------------------------------------------------------------------------------------------------------------------------------
Total 8,656,417 748 1,936
------------------------------------------------------------------------------------------------------------------------------------
Lawrence H. Brown
For 8,576,708 744 1,936
Withhold 79,709 4 --
------------------------------------------------------------------------------------------------------------------------------------
Total 8,656,417 748 1,936
------------------------------------------------------------------------------------------------------------------------------------
Anne E. Impellizzeri
For 8,578,158 744 1,936
Withhold 78,259 4 --
------------------------------------------------------------------------------------------------------------------------------------
Total 8,656,417 748 1,936
------------------------------------------------------------------------------------------------------------------------------------
Peter R. Sawers
For 8,578,442 744 1,936
Withhold 77,975 4 --
------------------------------------------------------------------------------------------------------------------------------------
Total 8,656,417 748 1,936
------------------------------------------------------------------------------------------------------------------------------------
Judith M. Stockdale
For 8,570,938 744 1,936
Withhold 85,479 4 --
------------------------------------------------------------------------------------------------------------------------------------
Total 8,656,417 748 1,936
------------------------------------------------------------------------------------------------------------------------------------
William J. Schneider
For -- 744 1,936
Withhold -- 4 --
------------------------------------------------------------------------------------------------------------------------------------
Total -- 748 1,936
------------------------------------------------------------------------------------------------------------------------------------
Timothy R. Schwertfeger
For -- 744 1,936
Withhold -- 4 --
------------------------------------------------------------------------------------------------------------------------------------
Total -- 748 1,936
------------------------------------------------------------------------------------------------------------------------------------
RATIFICATION OF AUDITORS WAS REACHED AS FOLLOWS:
For 8,568,747 725 1,936
Against 37,835 5 --
Abstain 49,835 18 --
------------------------------------------------------------------------------------------------------------------------------------
Total 8,656,417 748 1,936
------------------------------------------------------------------------------------------------------------------------------------
Nuveen Arizona Premium Income Municipal Fund, Inc. (NAZ)
Portfolio of
INVESTMENTS January 31, 2001 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
Basic Materials - 4.1%
$ 5,000 The Industrial Development Authority of the County of Gila, 1/08 at 102 BB $ 3,819,150
Environmental Revenue Refunding Bonds (ASARCO, Inc. Project),
Series 1998, 5.550%, 1/01/27
------------------------------------------------------------------------------------------------------------------------------------
Consumer Staples - 2.2%
2,000 The Children's Trust Fund, Tobacco Settlement Asset-Backed 7/10 at 100 Aa3 2,042,900
Bonds, Series 2000, 5.750%, 7/01/20
------------------------------------------------------------------------------------------------------------------------------------
Education and Civic Organizations - 3.2%
1,750 Student Loan Acquisition Authority of Arizona, Student Loan Revenue 5/04 at 102 Aa1 1,854,213
Bonds, Subordinated Fixed Rate Bonds, Series 1994B,
6.600%, 5/01/10 (Alternative Minimum Tax)
100 University of Arizona, Telecommunications System Certificates 7/02 at 102 A+ 105,692
of Participation, Series 1991, 6.500%, 7/15/12
1,000 Arizona Board of Regents, University of Arizona, System Revenue 6/02 at 102 AA 1,051,500
Refunding Bonds, Series 1992, 6.250%, 6/01/11
------------------------------------------------------------------------------------------------------------------------------------
Healthcare - 16.1%
2,000 Arizona Health Facilities Authority, Hospital Revenue Bonds 11/09 at 100 A2 2,028,940
(Phoenix Children's Hospital), Series 1999A, 6.125%, 11/15/22
2,125 Arizona Health Facilities Authority, Hospital System Revenue Bonds 12/10 at 102 BBB 2,102,518
(John C. Lincoln Health Network), Series 2000, 7.000%, 12/01/25
2,000 Arizona Health Facilities Authority, Revenue Bonds (Catholic 7/10 at 101 BBB 1,894,540
Healthcare West), Series 1999A, 6.625%, 7/01/20
500 The Industrial Development Authority of the County of Maricopa, 9/05 at 101 AAA 539,090
Baptist Hospital System Revenue Refunding Bonds, Series 1995,
5.500%, 9/01/16
3,000 The Industrial Development Authority of the City of Mesa, Discovery 1/10 at 101 AAA 3,125,250
Health System Revenue Bonds, Series 1999A, 5.750%, 1/01/25
2,000 Hospital District No. One of the County of Mohave, Refunding 6/02 at 101 AAA 2,088,840
General Obligation Bonds (Kingman Regional Medical Center
Project), Series 1992, 6.500%, 6/01/15
515 Puerto Rico Industrial, Tourist, Educational, Medical and 11/10 at 101 AA 582,898
Environmental Control Facilities Financing Authority, Hospital
Revenue Bonds (Hospital de la Concepcion Project), Series 2000A,
6.375%, 11/15/15
2,000 University Medical Center Corporation of Tucson, Hospital Revenue 7/02 at 102 AAA 2,078,100
Refunding Bonds, Series 1992, 6.250%, 7/01/16
1,055 The Industrial Development Authority of the City of Winslow, 6/08 at 101 N/R 820,896
Hospital Revenue Bonds (Winslow Memorial Hospital Project),
Series 1998, 5.500%, 6/01/22
------------------------------------------------------------------------------------------------------------------------------------
Housing/Multifamily - 7.4%
2,011 The Industrial Development Authority of the City of Glendale, 10/10 at 105 Aaa 2,339,577
Multifamily Housing Revenue Bonds, Series 2000A (GNMA
Collateralized Mortgage Loan - Maridale Apartments Project),
7.500%, 10/20/35
1,275 The Industrial Development Authority of the County of Maricopa, 10/10 at 105 Aaa 1,372,232
Multifamily Housing Revenue Bonds (GNMA Collateralized -
Villas at Augusta Project), Series 2000, 6.400%, 10/20/20
3,215 The Industrial Development Authority of the County of Tucson, 7/10 at 101 AA 3,249,915
Senior Living Facilities Revenue Bonds (The Christian Care
Project), Series 2000A, 5.625%, 7/01/20
------------------------------------------------------------------------------------------------------------------------------------
Housing/Single Family - 4.9%
330 The Industrial Development Authority of the City of Phoenix, 6/05 at 102 AAA 357,456
Statewide Single Family Mortgage Revenue Bonds,
Series 1995, 6.150%, 6/01/08 (Alternative Minimum Tax)
1,500 The Industrial Development Authority of the City of Phoenix, 6/10 at 105 AAA 1,698,510
Single Family Mortgage Revenue Bonds, Series 2000-1B,
6.000%, 6/01/31 (Alternative Minimum Tax)
Nuveen Arizona Premium Income Municipal Fund, Inc. (NAZ) (continued)
Portfolio of INVESTMENTS January 31, 2001 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
Housing/Single Family (continued)
$ 285 The Industrial Development Authority of the County of Pima, 8/05 at 102 A $ 293,658
Single Family Mortgage Revenue Refunding Bonds, Series 1995A,
6.500%, 2/01/17
2,165 The Industrial Development Authority of the County of Pima, 5/07 at 102 AAA 2,226,508
Single Family Mortgage Revenue Bonds, Series 1997A,
6.250%, 11/01/30 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
Long-Term Care - 1.1%
1,000 The Industrial Development Authority of the County of Mohave, 5/06 at 103 AAA 1,062,070
Health Care Revenue Refunding Bonds, Series 1996 (GNMA
Collateralized - Chris Ridge and Silver Ridge Village Projects),
6.375%, 11/01/31
------------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/General - 8.9%
1,400 Chandler Unified School District No. 80 of Maricopa County, 7/03 at 101 AAA 1,461,614
General Obligation Refunding Bonds, Series 1993, 5.950%, 7/01/10
3,625 City of Mesa, General Obligation Bonds, Series 1999, 5.000%, 7/01/18 7/09 at 100 AAA 3,631,018
2,500 City of Phoenix, General Obligation Refunding Bonds, Series 1992, 7/02 at 102 AA+ 2,639,375
6.375%, 7/01/13
585 Tempe Union High School District No. 213 of Maricopa County, 7/04 at 101 AAA 620,270
School Improvement and Refunding Bonds, Series 1994,
6.000%, 7/01/12
------------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited - 15.5%
Bullhead City, Bullhead Parkway Improvement District,
Improvement Bonds:
910 6.100%, 1/01/08 1/03 at 103 Baa2 955,873
970 6.100%, 1/01/09 1/03 at 103 Baa2 1,018,345
3,000 Maricopa County Industrial Development Authority, Education 7/10 at 102 Baa3 3,063,210
Revenue Bonds (Arizona Charter Schools Project I), Series 2000A,
6.750%, 7/01/29
Phoenix Industrial Development Authority, Government Office Lease
Revenue Bonds (Capitol Mall L.L.C. Project), Series 2000:
1,000 5.375%, 9/15/22 9/10 at 100 AAA 1,015,700
2,000 5.500%, 9/15/27 9/10 at 100 AAA 2,046,060
2,150 Phoenix Civic Plaza Building Corporation, Senior Lien Excise Tax 7/05 at 101 AA+ 2,290,546
Revenue Bonds, Series 1994, 6.000%, 7/01/14
1,000 Puerto Rico Highway and Transportation Authority, Transportation 7/10 at 101 A 1,134,740
Revenue Bonds, Series B, 6.500%, 7/01/27
500 Surprise Municipal Property Corporation, Excise Tax Revenue 7/09 at 101 AAA 529,095
Bonds, Series 2000, 5.700%, 7/01/20
500 City of Tucson, Certificates of Participation, Series 2000,
5.700%, 7/01/20 7/08 at 100 AAA 523,240
2,100 City of Tucson, Junior Lien Street and Highway User Revenue Bonds, 7/10 at 100 AAA 2,102,247
Series 1994-E, 5.000%, 7/01/18
------------------------------------------------------------------------------------------------------------------------------------
U.S. Guaranteed - 22.1%
3,500 The Industrial Development Authority of the County of Maricopa, No Opt. Call AAA 4,289,565
Samaritan Health Services, Hospital System Revenue Refunding
Bonds, Series 1990A, 7.000%, 12/01/16
The Industrial Development Authority of the County of Mohave,
Hospital System Revenue Refunding Bonds (Medical Environments,
Inc. and Phoenix Baptist Hospital and Medical Center Inc.),
Series 1993:
5,000 6.750%, 7/01/08 (Pre-refunded to 7/01/03) 7/03 at 102 Aaa 5,441,400
1,000 7.000%, 7/01/16 (Pre-refunded to 7/01/03) 7/03 at 102 Aaa 1,093,520
2,700 City of Phoenix, Civic Improvement Corporation, Wastewater 7/03 at 102 AAA 2,902,284
System Lease Revenue Bonds, Series 1993, 6.125%, 7/01/23
(Pre-refunded to 7/01/03)
1,510 Metropolitan Domestic Water Improvement District of Pima County, 1/03 at 101 AAA 1,595,693
Special Assessment and Water Revenue Bonds, Series 1992,
6.200%, 1/01/12 (Pre-refunded to 1/01/03)
1,415 Tempe Union High School District No. 213 of Maricopa County, 7/04 at 101 AAA 1,530,280
School Improvement and Refunding Bonds, Series 1994,
6.000%, 7/01/12 (Pre-refunded to 7/01/04)
3,000 City of Tucson, General Obligation Bonds, Series 1984-G (1994), 7/04 at 101 AAA 3,268,260
6.250%, 7/01/18 (Pre-refunded to 7/01/04)
725 City of Tucson, Certificates of Participation, Series 1994, 7/04 at 100 AA*** 785,349
6.375%, 7/01/09 (Pre-refunded to 7/01/04)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
Utilities - 9.4%
$ 3,000 Coconino County, Pollution Control Corporation, Pollution Control 10/06 at 102 BBB $ 2,958,510
Revenue Bonds (Nevada Power Company Project), Series 1996,
6.375%, 10/01/36 (Alternative Minimum Tax)
2,000 Mohave County, the Industrial Development Authority, Industrial 11/03 at 101 A- 2,061,480
Development Revenue Bonds (Citizen Utilities Company Projects),
1994 Series, 6.600%, 5/01/29 (Alternative Minimum Tax)
500 Navajo County, Pollution Control Corporation, Pollution Control 8/03 at 102 AAA 516,720
Revenue Refunding Bonds (Arizona Public Service Company),
1993 Series A, 5.875%, 8/15/28
1,465 Pima County, the Industrial Development Authority, Industrial 1/02 at 103 AAA 1,550,263
Development Lease Obligation Refunding Revenue Bonds
(Irvington Project), 1988 Series A, 7.250%, 7/15/10
2,000 Yavapai County, the Industrial Development Authority, Industrial 6/07 at 101 A- 1,730,759
Development Revenue Bonds (Citizens Utilities Company Project),
1998 Series, 5.450%, 6/01/33 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
Water and Sewer - 5.0%
500 County of Maricopa, the Industrial Development Authority, 12/07 at 102 AAA 502,924
Water System Improvement Revenue Bonds (Chaparral City Water
Company Project), Series 1997A, 5.400%, 12/01/22
(Alternative Minimum Tax)
2,000 City of Phoenix Civic Improvement Corporation, Junior Lien Wastewater 7/10 at 101 AAA 2,177,739
System Revenue Bonds, Series 2000, 6.000%, 7/01/24
2,000 City of Tucson, Water System Revenue Refunding Bonds, 7/02 at 102 Aa3 2,056,899
Series 1992A, 5.750%, 7/01/18
------------------------------------------------------------------------------------------------------------------------------------
$ 91,381 Total Investments (cost $91,004,045) - 99.9% 94,227,431
================--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 0.1% 51,000
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $ 94,278,431
====================================================================================================================
* Optional Call Provisions: Dates (month and year) and prices of the earliest
optional call or redemption. There may be other call provisions at varying
prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
*** Securities are backed by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities which ensures the timely
payment of principal and interest. Securities are normally considered to be
equivalent to AAA rated securities.
N/R Investment is not rated.
See accompanying notes to financial statements.
Nuveen Michigan Quality Income Municipal Fund, Inc. (NUM)
Portfolio of
INVESTMENTS January 31, 2001 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
Capital Goods - 0.4%
$ 1,000 Michigan Strategic Fund, Limited Obligation Revenue Bonds 12/03 at 102 BBB $ 969,060
(WMX Technologies, Inc. Project), Series 1993, 6.000%, 12/01/13
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
Consumer Staples - 0.1%
350 The Children's Trust Fund, Tobacco Settlement Asset-Backed 7/10 at 100 Aa3 357,508
Bonds, Series 2000, 5.750%, 7/01/20
------------------------------------------------------------------------------------------------------------------------------------
Education and Civic Organizations - 3.4%
1,720 Board of Trustees of Ferris State University, General Revenue 4/08 at 100 AAA 1,664,375
Bonds, Series 1998, 5.000%, 10/01/23
1,500 Michigan Higher Education Student Loan Authority, Student Loan No Opt. Call AAA 1,569,915
Refunding Revenue Bonds, Series XII-T, 5.300%, 9/01/10
(Alternative Minimum Tax)
1,000 Board of Trustees of Oakland University, General Revenue Bonds, 5/05 at 102 AAA 1,056,240
Series 1995, 5.750%, 5/15/15
3,430 Board of Governors of Wayne State University, General Revenue 11/09 at 101 AAA 3,470,303
Bonds, Series 1999, 5.250%, 11/15/19
1,450 Board of Trustees of Western Michigan University, General Revenue 7/03 at 102 AAA 1,414,606
Bonds, Series 1993A, 5.000%, 7/15/21
------------------------------------------------------------------------------------------------------------------------------------
Healthcare - 9.8%
2,900 The Economic Development Corporation of the City of Dearborn, 11/05 at 102 AAA 3,038,359
Hospital Revenue Bonds (Oakwood Obligated Group), Series 1995A,
5.875%, 11/15/25
2,235 City of Hancock Hospital Finance Authority, FHA-Insured Mortgage 8/08 at 100 AAA 2,236,095
Hospital Revenue Bonds (Portage Health System, Inc.),
Series 1998, 5.450%, 8/01/47
1,000 Michigan State Hospital Finance Authority, Revenue Refunding 11/09 at 101 A 1,018,060
Bonds, Series 1999 (OSF Healthcare System), 6.125%, 11/15/19
Michigan State Hospital Finance Authority, Revenue Bonds (Ascension
Health Credit Group), Series 1999A:
1,000 6.125%, 11/15/23 11/09 at 101 AAA 1,058,760
2,500 6.125%, 11/15/26 11/09 at 101 AA 2,594,750
1,700 Michigan State Hospital Finance Authority, Revenue and Refunding 8/09 at 101 AAA 1,774,120
Bonds (Mercy Health Services Obligated Group), Series 1999X,
5.750%, 8/15/19
Michigan State Hospital Finance Authority, Hospital Revenue and
Refunding Bonds (Mercy Mount Clemens Corporation Obligated
Group), Series 1999A:
3,385 5.750%, 5/15/17 5/09 at 101 AAA 3,557,398
500 5.750%, 5/15/29 5/09 at 101 AAA 514,630
4,500 Michigan State Hospital Finance Authority, Hospital Revenue Bonds 8/08 at 101 BBB- 3,036,510
(Detroit Medical Center Obligated Group), Series 1998A,
5.250%, 8/15/28
1,000 Michigan State Hospital Finance Authority, Revenue and Refunding 11/09 at 101 BBB+ 875,630
Bonds (Memorial Healthcare Center Obligated Group), Series 1999,
5.875%, 11/15/21
5,000 Michigan State Hospital Finance Authority, Hospital Revenue Bonds 11/09 at 101 AA- 5,100,950
(Henry Ford Health System), Series 1999A, 6.000%, 11/15/24
2,195 Regents of the University of Michigan, Medical Service Plan No Opt. Call Aa2 1,404,844
Revenue Bonds, Series 1991, 0.000%, 12/01/10
------------------------------------------------------------------------------------------------------------------------------------
Housing/Multifamily - 6.4%
5,250 Michigan State Housing Development Authority, Limited Obligation 10/02 at 103 AAA 5,504,258
Revenue Bonds (Parkway Meadows Project), Series 1991,
6.850%, 10/15/18
5,000 Michigan State Housing Development Authority, Rental Housing 6/05 at 102 AAA 5,277,350
Revenue Bonds, 1995 Series B, 6.150%, 10/01/15
6,795 Michigan State Housing Development Authority, Rental Housing 4/09 at 101 AAA 6,466,326
Revenue Bonds, 1999 Series A, 5.300%, 10/01/37
(Alternative Minimum Tax)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
Housing/Single Family - 0.5%
$ 1,405 Michigan State Housing Development Authority, Single Family 12/01 at 102 AA+ $ 1,455,608
Mortgage Revenue Bonds, 1991 Series B, 6.950%, 12/01/20
------------------------------------------------------------------------------------------------------------------------------------
Long-Term Care - 3.6%
2,000 The Economic Development Corporation of the Charter Township 7/09 at 101 A 1,885,760
of Grand Rapids, Limited Obligation Revenue Bonds (Porter Hills
Obligated Group - Cook Valley Estate Project), Series 1999,
5.450%, 7/01/29
1,250 Michigan State Hospital Finance Authority, Revenue Bonds 1/07 at 102 N/R 1,134,375
(Presbyterian Villages of Michigan Obligated Group),
Series 1997, 6.375%, 1/01/25
1,300 Michigan Strategic Fund, Limited Obligation Revenue Bonds (Porter 7/08 at 101 A 1,193,738
Hills Presbyterian Village, Inc. Project), Series 1998, 5.375%, 7/01/28
5,280 The Economic Development Corporation of the City of Warren, Nursing 3/02 at 101 Aaa 5,407,776
Home Revenue Refunding Bonds (GNMA Mortgage-Backed
Security - Autumn Woods Project), Series 1992, 6.900%, 12/20/22
------------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/General - 24.7%
Allegan Public Schools, County of Allegan, 2000 General Obligation Bonds:
1,850 5.600%, 5/01/20 5/10 at 100 AAA 1,922,224
1,150 5.750%, 5/01/30 5/10 at 100 AAA 1,204,913
2,190 Anchor Bay School District, Counties of Macomb and St.Clair, 5/09 at 100 AAA 2,340,190
1999 School Building and Site Bonds, Series I (General
Obligation - Unlimited Tax), 6.000%, 5/01/29
1,000 Belding Area Schools, Counties of Ionia, Kent and Montcalm, 5/08 at 100 AAA 963,140
1998 Refunding Bonds (General Obligation - Unlimited Tax),
5.000%, 5/01/26
1,000 Charlotte Public Schools, County of Easton, 1999 School Building 5/09 at 100 AAA 1,000,910
and Site Bonds (General Obligation - Unlimited Tax),
5.250%, 5/01/25
1,000 Chippewa Valley Schools, County of Macomb, 1993 Refunding 5/03 at 102 AAA 975,670
Bonds (General Obligation - Unlimited Tax), 5.000%, 5/01/21
2,000 Clarkston Community Schools, County of Oakland, 1997 School 5/07 at 100 AAA 2,003,520
Building and Site Bonds (General Obligation - Unlimited Tax),
5.250%, 5/01/23
4,720 School District of the City of Detroit, Wayne County, School 5/09 at 101 AAA 4,317,101
Building and Site Improvement Bonds (General Obligation -
Unlimited Tax), Series 1998A, 4.750%, 5/01/28
2,000 East Grand Rapids Public Schools, County of Kent, 2000 School 5/09 at 100 AAA 2,137,160
Building and Site Bonds (General Obligation - Unlimited Tax),
6.000%, 5/01/29
1,085 Freeland Community School District, Counties of Saginaw, 5/10 at 100 AAA 1,101,188
Midland, and Bay, 2000 School Building and Sites Bonds
(General Obligation - Unlimited Tax), 5.250%, 5/01/19
3,300 Grand Ledge Public Schools, Counties of Eaton, Clinton and Ionia, 5/05 at 102 AAA 3,325,806
1995 Refunding Bonds, 5.375%, 5/01/24
725 Lake Orion Community School District, County of Oakland, 5/05 at 101 AAA 739,319
1995 Refunding Bonds (General Obligation - Unlimited Tax),
5.500%, 5/01/20
1,000 Mancelona Public School District, Counties of Antrim and 5/06 at 100 AAA 1,009,740
Kalkaska, General Obligation Bonds, Series 1997, 5.200%, 5/01/17
6,400 Mattawan Consolidated School, Counties of Van Buren 5/02 at 102 AAA 6,690,688
and Kalamazoo, 1992 Refunding Bonds (General Obligation -
Unlimited Tax), 6.300%, 5/01/17
2,875 Milan Area Schools, Counties of Washtenaw and Monroe, 5/10 at 100 AAA 3,023,091
2000 School Building and Site Bonds (General Obligation -
Unlimited Tax), Series A and B, 5.750%, 5/01/24
2,000 Montcalm County Building Authority, Correctional Facility 5/10 at 100 AAA 2,002,000
Improvement General Obligation Bonds, Series 2000,
5.250%, 5/01/25
2,500 Montrose Township School District, School Building and Site No Opt. Call AAA 2,791,375
Bonds, Series 1997, 6.000%, 5/01/22
1,000 Muskegon Heights Public Schools, County of Muskegon, 5/09 at 100 AAA 958,350
1999 School Building and Site Bonds (General Obligation -
Unlimited Tax), 5.000%, 5/01/29
1,045 Nice Community School District, Counties of Marquette and Baraga, 5/04 at 101 AAA 1,051,333
1995 School Building and Site Bonds (General Obligation -
Unlimited Tax), 5.250%, 5/01/20
1,225 North Branch Area Schools, County of Lapeer, 1993 Refunding 5/03 at 101 1/2 AAA 1,234,604
Bonds (General Obligation - Unlimited Tax), 5.375%, 5/01/21
Nuveen Michigan Quality Income Municipal Fund, Inc. (NUM) (continued)
Portfolio of INVESTMENTS January 31, 2001 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/General (continued)
$ 1,470 Parchment School District, County of Kalamazoo, 1998 School No Opt. Call AAA $ 1,444,937
Building and Site Bonds (General Obligation - Unlimited Tax),
5.000%, 5/01/25
4,000 Pinckney Community Schools, Counties of Livingston and 5/07 at 100 AAA 4,063,400
Washtenaw, 1997 School Building and Site Bonds (General
Obligation - Unlimited Tax), 5.500%, 5/01/27
685 Reeths-Puffer Schools, County of Muskegon, 1995 School 5/05 at 101 AAA 717,853
Building, Site and Refunding Bonds, 5.750%, 5/01/15
1,000 Rochester Community School District, Counties of Oakland 5/10 at 100 AAA 1,060,620
and Macomb, 2000 School Building, Site and Refunding Bonds,
Series I (General Obligation - Unlimited Tax), 5.750%, 5/01/19
2,100 Romulus Community Schools, County of Wayne, 1999 School 5/09 at 100 AAA 2,334,885
Building and Site Bonds (General Obligation - Unlimited Tax),
5.750%, 5/01/25
2,500 Taylor Building Authority, County of Wayne, General Obligation - 3/10 at 100 AAA 2,525,200
Limited Tax Bonds, Series 2000, 5.125%, 3/01/17
1,980 Building Authority, County of Washtenaw, General Obligation - 9/07 at 100 AAA 2,026,669
Limited Tax Bonds, Series 1999, %, 9/01/17
2,600 West Bloomfield School District, County Of Oakland, 2000 School 5/10 at 100 AAA 2,803,944
Building and Site Bonds (General Obligation - Unlimited Tax),
5.900%, 5/01/18
Western Townships Utilities Authority, Sewage Disposal System
Refunding Bonds, Series 1991:
1,500 6.750%, 1/01/15 1/02 at 100 AAA 1,542,105
5,040 6.500%, 1/01/19 1/02 at 100 AAA 5,169,276
1,725 Williamston Community School District, General Obligation - No Opt. Call AAA 1,816,546
Unlimited Tax Bonds, Series 1996, 5.500%, 5/01/25
------------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited - 6.6%
1,000 City of Grand Rapids Building Authority, County of Kent, General No Opt. Call AA 1,019,680
Obligation - Limited Tax Bonds, Series 1998, 5.000%, 4/01/16
255 Michigan Municipal Bond Authority, Local Government Loan 5/02 at 102 A 266,345
Program Revenue Bonds, Series 1992D, 6.650%, 5/01/12
3,800 State Building Authority, 1991 Revenue Refunding Bonds, Series I, 10/01 at 102 AA+ 3,906,400
6.250%, 10/01/20
1,000 State Building Authority, 1998 Revenue Bonds Series I (Facilities 10/09 at 100 AA+ 931,280
Program), 4.750%, 10/15/21
The State of Michigan, Certificates of Participation (525 Redevco, Inc.):
2,000 5.500%, 6/01/19 6/10 at 100 AAA 2,069,940
2,000 5.500%, 6/01/27 6/10 at 100 AAA 2,043,920
Puerto Rico Highway and Transportation Authority, Highway Revenue
Bonds, Series Y of 1996:
2,000 5.000%, 7/01/36 7/16 at 100 A 1,931,720
4,100 5.500%, 7/01/36 7/16 at 100 A 4,250,306
1,125 Puerto Rico Highway and Transportation Authority, Transportation 7/10 at 101 A 1,220,985
Revenue Bonds, Series B, 6.000%, 7/01/39
------------------------------------------------------------------------------------------------------------------------------------
Transportation - 1.0%
2,505 Charter County of Wayne, Airport Revenue Bonds (Detroit 12/01 at 102 AAA 2,611,638
Metropolitan Wayne County Airport), Subordinate Lien,
Series 1991B, 6.750%, 12/01/21 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
U.S. Guaranteed - 16.4%
1,600 Gaylord Community Schools, Counties of Ostego and Antrim, 5/02 at 102 AAA 1,691,728
1992 School Building, Site and Refunding Bonds, 6.600%, 5/01/21
(Pre-refunded to 5/01/02)
1,000 Grosse Ile Township School District, School Improvement 5/07 at 100 AAA 1,112,190
Refunding Bonds, General Obligation, Series 1996,
6.000%, 5/01/22 (Pre-refunded to 5/01/07)
3,100 Hemlock Public School District, Counties of Saginaw and 5/02 at 102 AAA 3,286,124
Midland, 1992 School Building, Site and Refunding Bonds,
6.750%, 5/01/21 (Pre-refunded to 5/01/02)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. Guaranteed (continued)
$ 2,000 Lincoln Park School District, General Obligation Bonds, Series 1996, 5/06 at 101 AAA $ 2,202,940
5.900%, 5/01/26 (Pre-refunded to 5/01/06)
3,100 Michigan Municipal Bond Authority, State Revolving Fund Revenue 10/02 at 102 AAA 3,311,017
Bonds, Series 1992A, 6.600%, 10/01/18 (Pre-refunded to 10/01/02)
1,745 Michigan Municipal Bond Authority, Local Government Loan Program 5/02 at 102 A*** 1,845,669
Revenue Bonds, Series 1992D, 6.650%, 5/01/12
(Pre-refunded to 5/01/02)
3,035 Michigan State Hospital Finance Authority, Hospital Revenue 12/02 at 102 AAA 3,267,815
Bonds (MidMichigan Obligated Group), Series 1992,
6.900%, 12/01/24 (Pre-refunded to 12/01/02)
1,450 Michigan State Hospital Finance Authority, Hospital Revenue 9/01 at 102 Aaa 1,514,960
Bonds (McLaren Obligated Group), Series 1991A, 7.500%, 9/15/21
(Pre-refunded to 9/15/01)
9,355 Michigan State Hospital Finance Authority, Hospital Revenue 11/01 at 102 Aa2*** 9,785,143
Bonds (Daughters of Charity National Health System - Providence
Hospital), Series 1991, 7.000%, 11/01/21 (Pre-refunded to 11/01/01)
2,150 North Branch Area Schools, County of Lapeer, 1992 School Building, 5/02 at 102 AAA 2,273,260
Site and Refunding Bonds (General Obligation - Unlimited
Tax), 6.600%, 5/01/17 (Pre-refunded to 5/01/02)
1,500 Perry Public Schools, Counties of Shiawassee and Ingham, 5/02 at 101 1/2 AAA 1,575,480
1992 School Building and Site Bonds (General Obligation -
Unlimited Tax), 6.375%, 5/01/22 (Pre-refunded to 5/01/02)
4,845 Saginaw-Midland Municipal Water Supply Corporation, Water 9/04 at 102 A2*** 5,424,559
Supply Revenue Bonds (General Obligation - Limited Tax),
Series 1992, 6.875%, 9/01/16 (Pre-refunded to 9/01/04)
6,250 Regents of the University of Michigan, Medical Service Plan 12/01 at 102 Aa2*** 6,530,375
Revenue Bonds, Series 1991, 6.500%, 12/01/21
(Pre-refunded to 12/01/01)
------------------------------------------------------------------------------------------------------------------------------------
Utilities - 16.6%
6,425 The Economic Development Corporation of the City of Detroit, 5/01 at 102 AAA 6,589,673
Resource Recovery Revenue Bonds, Series 1991A, 6.875%, 5/01/09
(Alternative Minimum Tax)
2,390 Michigan South Central Power Agency, Power Supply System 11/01 at 102 Baa1 2,486,389
Revenue Refunding Bonds, 1991 Series, 6.750%, 11/01/10
4,475 Michigan South Central Power Agency, Power Supply System No Opt. Call Baa1 4,658,520
Revenue Bonds, 2000 Series, 6.000%, 5/01/12
3,630 Michigan Strategic Fund, Adjustable Rate Demand Limited No Opt. Call AAA 4,502,144
Obligation, Refunding Revenue Bonds (Detroit Edison Company
Pollution Control Bonds Project), Series 1990BB, 7.000%, 5/01/21
4,330 Michigan Strategic Fund, Limited Obligation Refunding Revenue 9/01 at 102 AAA 4,496,748
Bonds (Detroit Edison Company Pollution Control Bonds Project),
Collateralized, Series 1991CC, 6.950%, 9/01/21
7,600 Michigan Strategic Fund, Limited Obligation Refunding Revenue 12/01 at 102 AAA 7,947,320
Bonds (Detroit Edison Company Pollution Control Bonds Project),
Collateralized, Series 1991DD, 6.875%, 12/01/21
7,000 County of Monroe, Pollution Control Revenue Bonds (Detroit 9/02 at 102 AAA 7,430,360
Edison Company Monroe and Fermi Plants Project), Collateralized,
Series I 1992, 6.875%, 9/01/22 (Alternative Minimum Tax)
1,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/05 at 100 A- 1,011,850
Series X, 5.500%, 7/01/25
5,000 City of Wyandotte, County of Wayne, 1992 Electric Revenue 10/02 at 102 AAA 5,278,350
Refunding Bonds, 6.250%, 10/01/17
------------------------------------------------------------------------------------------------------------------------------------
Water and Sewer - 8.2%
5,250 City of Detroit, Sewage Disposal System Revenue Refunding Bonds, 7/05 at 100 AAA 5,066,775
Series 1995-B, 5.000%, 7/01/25
City of Detroit, Sewage Disposal System Revenue Bonds, Series 1997-A:
3,000 5.500%, 7/01/20 7/07 at 101 AAA 3,088,380
1,730 5.000%, 7/01/22 7/07 at 101 AAA 1,680,107
1,000 City of Detroit, Sewage Disposal System Revenue Bonds, 1/10 at 101 AAA 1,065,009
Series 1999-A, 5.875%, 7/01/27
6,000 City of Detroit, Water Supply System Revenue and Revenue 7/04 at 102 AAA 5,791,919
Refunding Bonds, Series 1993, 5.000%, 7/01/23
Nuveen Michigan Quality Income Municipal Fund, Inc. (NUM) (continued)
Portfolio of INVESTMENTS January 31, 2001 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
Water and Sewer (continued)
$ 2,000 City of Detroit, Water Supply System Revenue Senior Lien Bonds, 1/10 at 101 AAA $ 2,105,619
Series 1999-A, 5.750%, 7/01/26
1,000 City of Grand Rapids, Sanitary Sewer System Improvement and 7/08 at 101 AAA 915,549
Refunding Revenue Bonds, Series 1998A, 4.750%, 1/01/28
City of Muskegon Heights, Water Supply System Revenue Bonds,
Series 2000A:
1,040 5.625%, 11/01/25 11/10 at 100 Aaa 1,076,191
1,160 5.625%, 11/01/30 11/10 at 100 Aaa 1,197,676
------------------------------------------------------------------------------------------------------------------------------------
$ 256,255 Total Investments (cost $248,994,363) - 97.7% 261,797,114
================--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.3% 6,118,719
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $ 267,915,833
====================================================================================================================
* Optional Call Provisions: Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices at
later dates.
** Ratings: Using the higher of Standard & Poor's or
Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of
principal and interest. Securities are normally
considered to be equivalent to AAA rated securities.
N/R Investment is not rated.
See accompanying notes to financial statements.
Nuveen Michigan Premium Income Municipal Fund, Inc. (NMP)
Portfolio of
INVESTMENTS January 31, 2001 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
Capital Goods - 2.6%
$ 3,050 Michigan Strategic Fund, Limited Obligation Revenue Bonds 12/02 at 102 BBB $ 3,072,143
(Waste Management, Inc. Project), Series 1992, 6.625%, 12/01/12
(Alternative Minimum Tax)
1,370 Michigan Strategic Fund, Limited Obligation Revenue Bonds 12/03 at 102 BBB 1,327,612
(WMX Technologies, Inc. Project), Series 1993, 6.000%, 12/01/13
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
Consumer Staples - 0.3%
500 The Children's Trust Fund, Tobacco Settlement Asset-Backed Bonds, 7/10 at 100 Aa3 510,725
Series 2000, 5.750%, 7/01/20
------------------------------------------------------------------------------------------------------------------------------------
Education and Civic Organizations - 4.5%
3,000 Board of Regents of Eastern Michigan University, General Revenue 12/06 at 101 AAA 3,057,270
Bonds, Series 1997, 5.500%, 6/01/27
1,100 Michigan Higher Education Student Loan Authority, Student Loan 10/02 at 102 A 1,148,807
and Refunding Revenue Bonds, Series XV-A, 6.700%, 10/01/05
(Alternative Minimum Tax)
1,000 Board of Control of Saginaw Valley State University, General 7/09 at 100 Aaa 1,028,970
Revenue Bonds, Series 1999, 5.625%, 7/01/29
2,500 Board of Governors of Wayne State University, General Revenue 11/09 at 101 AAA 2,448,200
Bonds, Series 1999, 5.125%, 11/15/29
------------------------------------------------------------------------------------------------------------------------------------
Healthcare - 19.5%
2,050 City of Dearborn Economic Development Corporation, Hospital 11/05 at 102 AAA 2,147,806
Revenue Bonds (Oakwood Obligated Group), Series 1995A,
5.875%, 11/15/25
2,200 City of Hancock Hospital Finance Authority, FHA-Insured Mortgage 8/08 at 100 AAA 2,201,078
Hospital Revenue Bonds (Portage Health System, Inc.), Series 1998,
5.450%, 8/01/47
2,500 City of Kalamazoo Hospital Finance Authority, Hospital Revenue 5/06 at 102 AAA 2,610,825
Refunding and Improvement Bonds (Bronson Methodist Hospital),
Series 1996, 5.750%, 5/15/16
Michigan State Hospital Finance Authority, Revenue and Refunding
Bonds (Detroit Medical Center Obligated Group), Series 1993A:
3,000 6.250%, 8/15/13 8/03 at 102 BBB- 2,589,030
3,200 6.500%, 8/15/18 8/03 at 102 BBB- 2,682,880
4,000 Michigan State Hospital Finance Authority, Hospital Revenue and 9/02 at 102 AA- 4,027,400
Refunding Bonds (Henry Ford Health System), Series 1992A,
5.750%, 9/01/17
2,000 Michigan State Hospital Finance Authority, Hospital Revenue 1/05 at 102 A+ 2,057,000
and Refunding Bonds (Otsego Memorial Hospital Gaylord),
Series 1995, 6.250%, 1/01/20
2,500 Michigan State Hospital Finance Authority, Revenue Bonds 11/09 at 101 AA 2,594,750
(Ascension Health Credit Group), Series 1999A, 6.125%, 11/15/26
4,000 Michigan State Hospital Finance Authority, Hospital Revenue and 5/09 at 101 AAA 4,117,040
Refunding Bonds (Mercy Mount Clemens Corporation Obligated
Group), Series 1999A, 5.750%, 5/15/29
1,500 Michigan State Hospital Finance Authority, Hospital Revenue 8/08 at 101 BBB- 1,012,170
Bonds (Detroit Medical Center Obligated Group), Series 1998A,
5.250%, 8/15/28
4,300 Michigan State Hospital Finance Authority, Hospital Revenue 11/09 at 101 AA- 4,386,817
Bonds (Henry Ford Health System), Series 1999A, 6.000%, 11/15/24
3,000 Regents of the University of Michigan, Hospital Revenue Refunding 12/02 at 102 AA 3,007,440
Bonds, Series 1993A, 5.500%, 12/01/21
------------------------------------------------------------------------------------------------------------------------------------
Housing/Multifamily - 5.1%
1,335 Michigan Housing Development Authority, Multifamily Senior 12/10 at 100 AAA 1,363,169
Lien Revenue Bonds, Series 2000A-1 (Landings), 5.950%, 12/01/33
2,400 Michigan State Housing Development Authority, Limited Obligation 4/04 at 103 AAA 2,486,352
Revenue Bonds (Walled Lake Villa Project), Series 1993,
6.000%, 4/15/18
Nuveen Michigan Premium Income Municipal Fund, Inc. (NMP) (continued)
Portfolio of INVESTMENTS January 31, 2001 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
Housing/Multifamily (continued)
$ 1,500 Michigan State Housing Development Authority, Limited Obligation 10/03 at 103 AAA $ 1,524,705
Revenue Bonds (Brenton Village Green Project), Series 1993,
5.625%, 10/15/18
790 Michigan State Housing Development Authority, Rental Housing 4/03 at 102 AAA 807,901
Revenue Bonds, Series 1993A, 5.875%, 10/01/17
Mount Clemens Housing Corporation, Multifamily Housing Refunding
Revenue Bonds, Series 1992A (FHA-Insured Mortgage Loan - Section
8 Assisted Project):
1,000 6.600%, 6/01/13 6/03 at 102 AAA 1,047,820
1,500 6.600%, 6/01/22 6/03 at 102 AAA 1,566,660
------------------------------------------------------------------------------------------------------------------------------------
Housing/Single Family - 0.8%
1,290 Michigan State Housing Development Authority, Single Family 6/05 at 102 AA+ 1,303,416
Mortgage Revenue Bonds, 1995 Series A, 6.800%, 12/01/16
------------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/General - 13.7%
1,000 Central Montcalm Public Schools, Counties of Montcalm 5/09 at 100 AAA 1,046,320
and Ionia, 1999 School Building and Site Bonds (General
Obligation - Unlimited Tax), 5.750%, 5/01/24
730 Clarkston Community Schools, County of Oakland, 1993 School 5/03 at 102 AAA 759,660
Building, Site and Refunding Bonds, 5.900%, 5/01/16
2,500 School District of the City of Detroit, Wayne County, 5/01 at 102 AAA 2,567,525
School Building and Site Bonds (General Obligation - Unlimited
Tax), Series 1992, 6.250%, 5/01/12
1,500 School District of the City of Detroit, Wayne County, School 5/09 at 101 AAA 1,371,960
Building and Site Improvement Bonds (General Obligation -
Unlimited Tax), Series 1998A, 4.750%, 5/01/28
3,000 Dexter Community Schools, Counties of Washtenaw and 5/03 at 102 AAA 2,978,340
Livingston, School Building, Site and Refunding Bonds (General
Obligation - Unlimited Tax), 5.000%, 5/01/17
1,500 Durand Area Schools, Shiawasee County, General Obligation 5/07 at 100 AAA 1,512,525
Bonds, Series 1997, 5.375%, 5/01/23
3,815 City of East Lansing Building Authority, County of Ingham and 4/11 at 100 AA 3,850,403
Clinton, 2000 Building Authority Bonds (General Obligation -
Unlimited Tax), 5.375%, 4/01/25
1,240 Milan Area Schools, Counties of Washtenaw and Monroe, 5/10 at 100 AAA 1,314,164
2000 School Building and Site Bonds (General Obligation -
Unlimited Tax), Series A and B, 5.625%, 5/01/16
1,100 Commonwealth of Puerto Rico, Public Improvement Refunding 7/07 at 101 1/2 A 1,172,072
Bonds, Series 1997 (General Obligation Bonds), 5.750%, 7/01/17
380 Reeths-Puffer Schools, County of Muskegon, 1995 School Building, 5/05 at 101 AAA 398,225
Site and Refunding Bonds, 5.750%, 5/01/15
1,000 Rochester Community School District, Counties of Oakland and 5/10 at 100 AAA 1,060,620
Macomb, 2000 School Building, Site and Refunding Bonds,
Series I (General Obligation - Unlimited Tax), 5.750%, 5/01/19
1,500 Romulus Community Schools, County of Wayne, 1999 School 5/09 at 100 AAA 1,667,775
Building and Site Bonds (General Obligation - Unlimited Tax),
5.750%, 5/01/25
2,500 West Bloomfield School District, County Of Oakland, 2000 School 5/10 at 100 AAA 2,683,425
Building and Site Bonds (General Obligation - Unlimited Tax),
5.800%, 5/01/17
1,000 Western Townships Utilities Authority, Sewage Disposal System 1/02 at 100 AAA 1,025,790
Refunding Bonds, Series 1991, 6.500%, 1/01/10
------------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited - 19.5%
6,000 City of Detroit Convention Facility, Limited Tax Revenue Refunding 9/03 at 102 AAA 6,175,680
Bonds (Cobo Hall Expansion Project), Series 1993, 5.250%, 9/30/12
1,400 City of Detroit Downtown Development Authority, Tax Increment 7/08 at 100 AAA 1,290,660
Refunding Bonds (Development Area No. 1 Projects), Series 1998A,
4.750%, 7/01/25
7,000 Detroit/Wayne County Stadium Authority, Building Authority 2/07 at 102 AAA 7,001,820
Bonds, Series 1997 (General Obligation - Limited Tax),
5.250%, 2/01/27
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited (continued)
$ 5,000 Michigan Municipal Bond Authority, State Drinking Water Revolving 10/09 at 101 AAA $ 5,145,000
Fund, Revenue Bonds, Series 1999, 5.500%, 10/01/21
2,750 State Building Authority, 1991 Revenue Refunding Bonds, Series I, 10/01 at 102 AA+ 2,827,000
6.250%, 10/01/20
1,000 State Building Authority, 1991 Revenue Bonds, Series II, 6.250%, 10/01/20 10/01 at 102 AA+ 1,028,200
1,500 State Building Authority, 2000 Revenue Bonds, Series I (Facilities 10/10 at 100 AA+ 1,529,415
Program), 5.375%, 10/15/20
2,275 State of Michigan, Comprehensive Transportation Bonds, Series 1992A, 5/02 at 100 AA 2,311,332
5.750%, 5/15/12
1,500 State of Michigan, State Trunk Line Fund Refunding Bonds, 11/08 at 101 AAA 1,444,185
Series 1998A, 5.000%, 11/01/26
1,000 Puerto Rico Highway and Transportation Authority, Highway Revenue 7/16 at 100 A 965,860
Bonds, Series Y of 1996, 5.000%, 7/01/36
3,615 Saginaw-Midland Municipal Water Supply Corporation, Water 9/02 at 101 1/2 A2 3,679,962
Supply System Revenue Bonds, Series 1993 (General
Obligation - Limited Tax), Series 1993, 5.250%, 9/01/16
------------------------------------------------------------------------------------------------------------------------------------
Transportation - 1.7%
1,000 Puerto Rico Ports Authority, Special Facilities Revenue Bonds, 6/03 at 102 Baa2 1,015,270
1993 Series A (American Airlines, Inc. Project), 6.300%, 6/01/23
(Alternative Minimum Tax)
2,000 Charter County of Wayne, Detroit Metropolitan Wayne County 12/08 at 101 AAA 1,881,220
Airport, Airport Revenue Bonds, Series 1998A, 5.000%, 12/01/28
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
U.S. Guaranteed - 6.3%
2,000 Board of Control of Ferris State University, General Revenue 10/03 at 102 AAA 2,166,920
Bonds, Series 1993, 6.250%, 10/01/19 (Pre-refunded to 10/01/03)
1,950 Michigan Municipal Bond Authority, State Revolving Fund Revenue No Opt. Call AAA 2,113,137
Bonds, Series 1994, 7.000%, 10/01/03
3,000 Michigan State Hospital Finance Authority, Hospital Revenue 5/03 at 102 AAA 3,145,230
Refunding Bonds (St. John Hospital), Series 1993A, 6.000%, 5/15/13
2,500 Michigan State Hospital Finance Authority, Hospital Revenue 11/01 at 102 Aa2*** 2,614,950
Bonds (Daughters of Charity National Health System - Providence
Hospital), Series 1991, 7.000%, 11/01/21 (Pre-refunded to 11/01/01)
620 Reeths-Puffer Schools, County of Muskegon, 1995 School 5/05 at 101 AAA 672,663
Building, Site and Refunding Bonds, 5.750%, 5/01/15
(Pre-refunded to 5/01/05)
------------------------------------------------------------------------------------------------------------------------------------
Utilities - 12.0%
4,020 Michigan Public Power Agency, Refunding Revenue Bonds 1/03 at 102 AA- 4,030,372
(Belle River Project), 1993 Series A, 5.250%, 1/01/18
1,000 Michigan South Central Power Agency, Power Supply System No Opt. Call Baa1 1,041,010
Revenue Bonds, 2000 Series, 6.000%, 5/01/12
3,500 Michigan Strategic Fund, Limited Obligation Refunding Revenue 6/03 at 102 AAA 3,680,215
Bonds (Consumers' Power Company Project), Collateralized,
Series 1993B, 5.800%, 6/15/10
1,000 Michigan Strategic Fund, Limited Obligation Refunding Revenue 9/09 at 102 AAA 1,013,290
Bonds (Detroit Edison Company Pollution Control Bonds Project),
Collateralized, Series 1999A, 5.550%, 9/01/29
(Alternative Minimum Tax)
County of Monroe, Pollution Control Revenue Bonds (Detroit Edison
Company Project), Series CC-1992:
2,500 6.550%, 6/01/24 (Alternative Minimum Tax) 6/03 at 102 AAA 2,666,100
1,500 6.550%, 9/01/24 (Alternative Minimum Tax) 9/03 at 102 AAA 1,606,785
6,000 County of Monroe, Pollution Control Revenue Bonds (Detroit No Opt. Call AAA 6,497,220
Edison Company Project), Series A-1994, 6.350%, 12/01/04
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
Water and Sewer - 13.0%
3,000 City of Detroit, Sewage Disposal System Revenue Bonds, 7/07 at 101 AAA 3,088,380
Series 1997-A, 5.500%, 7/01/20
3,755 City of Detroit, Sewage Disposal System Revenue and Refunding 7/03 at 102 AAA 3,920,933
Bonds, Series 1993-A, 5.700%, 7/01/13
Nuveen Michigan Premium Income Municipal Fund, Inc. (NMP) (continued)
Portfolio of INVESTMENTS January 31, 2001 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
Water and Sewer (continued)
City of Detroit, Sewage Disposal System Revenue Bonds, Series 1999-A:
$ 5,000 5.750%, 7/01/26 1/10 at 101 AAA $ 5,271,400
2,000 5.875%, 7/01/27 1/10 at 101 AAA 2,130,020
2,250 City of Detroit, Water Supply System Revenue and Refunding 7/04 at 102 AAA 2,127,015
Revenue Bonds, Series 1993, 4.750%, 7/01/19
4,000 City of Detroit, Water Supply System Revenue Senior Lien Bonds, 1/10 at 101 AAA 4,211,240
Series 1999-A, 5.750%, 7/01/26
1,600 City of Grand Rapids, Sanitary Sewer System Improvement 7/08 at 101 AAA 1,464,879
and Refunding Revenue Bonds, Series 1998A, 4.750%, 1/01/28
------------------------------------------------------------------------------------------------------------------------------------
$ 166,585 Total Investments (cost $160,724,340) - 99.0% 169,294,153
================--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.0% 1,753,097
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $ 171,047,250
====================================================================================================================
* Optional Call Provisions: Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices at
later dates.
** Ratings: Using the higher of Standard & Poor's or
Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of
principal and interest. Securities are normally
considered to be equivalent to AAA rated securities.
See accompanying notes to financial statements.
Nuveen Ohio Quality Income Municipal Fund, Inc. (NUO)
Portfolio of
INVESTMENTS January 31, 2001 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
Capital Goods - 1.1%
$ 2,440 Ohio Water Development Authority, Revenue Bonds (USA Waste 3/02 at 102 N/R $ 2,517,031
Services), Series 1992, 7.750%, 9/01/07 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
Consumer Staples - 1.5%
3,250 The Children's Trust Fund, Tobacco Settlement Asset-Backed 7/10 at 100 Aa3 3,319,713
Bonds, Series 2000, 5.750%, 7/01/20
------------------------------------------------------------------------------------------------------------------------------------
Education and Civic Organizations - 6.3%
825 Bowling Green State University, General Receipts Bonds, 6/01 at 102 A 849,305
Series 1991, 6.700%, 6/01/07
3,665 State of Ohio, Education Loan Revenue Bonds, Series 1997A 6/07 at 102 AAA 3,779,165
(Supplemental Student Loan Program), 1997A1, 5.850%, 12/01/19
(Alternative Minimum Tax)
1,000 Ohio Higher Educational Facility Commission, Higher Educational 12/04 at 102 AAA 1,056,610
Facility Revenue Bonds (University of Dayton 1994 Project),
5.800%, 12/01/14
2,400 Ohio Higher Educational Facility Commission, Higher Educational 12/03 at 102 AAA 2,607,984
Facility Mortgage Revenue Bonds (University of Dayton
1992 Project), 6.600%, 12/01/17
1,200 Ohio Higher Educational Facility Commission, Higher Educational 9/06 at 101 N/R 1,233,228
Facility Revenue Bonds (University of Findlay 1996 Project),
6.125%, 9/01/16
1,575 Ohio State University, General Receipts Bonds, Series 1992A1, 12/02 at 102 AA 1,643,465
5.875%, 12/01/12
3,150 The Student Loan Funding Corporation, Student Loan Subordinated 7/02 at 100 A 3,194,352
Revenue Refunding Bonds, Series 1992D, 6.600%, 7/01/05
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
Energy - 1.0%
2,250 Ohio Air Quality Development Authority, Air Quality Development 4/01 at 102 Baa2 2,305,058
Refunding Revenue Bonds, Series 1992 (Ashland Oil, Inc. Project),
6.850%, 4/01/10
------------------------------------------------------------------------------------------------------------------------------------
Healthcare - 9.9%
1,300 Akron Bath and Copley Joint Township Hospital District, Hospital 11/03 at 102 Baa1 1,165,190
Facilities Revenue Bonds, Series 1993A (Summa Health System
Project), 5.500%, 11/15/13
1,000 County of Butler Hospital Facilities, Revenue Refunding and 1/02 at 102 Baa1 1,026,370
Improvement Bonds, Series 1991 (Fort Hamilton-Hughes Memorial
Hospital Center), 7.500%, 1/01/10
City of Cambridge, Hospital Revenue Refunding Bonds, Series 1991
(Guernsey Memorial Hospital Project):
1,680 8.000%, 12/01/06 12/01 at 102 BBB 1,735,423
750 8.000%, 12/01/11 12/01 at 102 BBB 772,973
2,675 County of Clermont, Hospital Facilities Revenue Refunding Bonds, 1/03 at 102 AAA 2,776,035
Series 1993A (Mercy Health System), 5.875%, 1/01/15
1,000 County of Cuyahoga, Hospital Improvement and Refunding 2/07 at 102 AAA 1,041,270
Revenue Bonds, Series 1997 (The MetroHealth System Project),
5.625%, 2/15/17
1,170 County of Cuyahoga, Hospital Facilities Revenue Bonds, 2/03 at 102 AA- 1,218,848
Series 1993 (Health Cleveland, Inc. - Fairview General Hospital
Project), 6.300%, 8/15/15
County of Franklin, Hospital Refunding and Improvement Revenue
Bonds, 1996 Series A (The Children's Hospital Project):
1,000 5.750%, 11/01/20 11/06 at 101 Aa 1,022,040
1,500 5.875%, 11/01/25 11/06 at 101 Aa 1,535,880
1,500 County of Franklin, Hospital Revenue Refunding and Improvement 11/02 at 102 Aa 1,595,925
Bonds, 1992 Series A (The Children's Hospital Project),
6.600%, 5/01/13
2,500 County of Marion, Hospital Refunding and Improvement Revenue 5/06 at 102 BBB+ 2,445,400
Bonds, Series 1996 (The Community Hospital), 6.375%, 5/15/11
1,500 County of Montgomery Hospital Facilities, Revenue Refunding 4/06 at 102 AAA 1,561,725
and Improvement Bonds, Series 1996 (Kettering Medical Center),
5.625%, 4/01/16
Nuveen Ohio Quality Income Municipal Fund, Inc. (NUO) (continued)
Portfolio of INVESTMENTS January 31, 2001 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
Healthcare (continued)
$ 2,500 County of Richland Hospital Facilities, Revenue Improvement 11/10 at 101 A- $ 2,452,325
Bonds, Series 2000B (MedCentral Health System Obligated
Group), 6.375%, 11/15/30
1,500 City of Steubenville Hospital Facilities, Revenue Refunding 10/10 at 100 A3 1,507,350
and Improvement Bonds, Series 2000 (Trinity Health System),
6.375%, 10/01/20
750 County of Tuscarawas, Hospital Facilities Revenue Bonds, 10/03 at 102 Baa2 692,378
Series 1993A (Union Hospital Project), 6.500%, 10/01/21
------------------------------------------------------------------------------------------------------------------------------------
Housing/Multifamily - 12.0%
1,385 County of Clermont, Mortgage Revenue Bonds, Series 1994-A, 8/03 at 103 Aaa 1,401,883
(GNMA Collateralized - Southeastern Ecumenical Ministry
Villa II Project), 5.950%, 2/20/30
1,435 County of Cuyahoga, Multifamily Housing Revenue Bonds, 6/08 at 105 Aaa 1,496,633
Series 1997(Water Street Associates Project),
6.150%, 12/20/26 (Alternative Minimum Tax)
985 County of Franklin, Multifamily Housing Mortgage Revenue 1/05 at 103 Aa 955,578
Bonds, Series 1994A (FHA-Insured Mortgage Loan - Hamilton
Creek Apartments Project), 5.550%, 7/01/24 (Alternative
Minimum Tax)
6,155 County of Franklin, Mortgage Revenue Bonds, Series 1992A 1/02 at 103 Aa 6,395,353
(FHA-Insured Mortgage Loan - Kensington Place Project),
6.750%, 1/01/34
5,200 Hamilton County, Multifamily Housing Revenue Bonds, 1/07 at 102 AAA 5,237,700
Series 1997 (Huntington Meadows Project), 5.700%, 1/01/27
(Alternative Minimum Tax)
4,060 Lucas Northgate Housing Development Corporation, Mortgage 1/04 at 102 Aaa 4,144,448
Revenue Refunding Bonds, Series 1999A (FHA-Insured
Mortgage Loan - Northgate Apartments Section 8 Assisted
Project), 6.000%, 7/01/24
3,265 Ohio Housing Finance Agency, Multifamily Housing Revenue 12/09 at 100 AAA 3,378,851
Bonds, Series 1999C (Timber Lake Apartments Project),
6.150%, 12/01/24 (Alternative Minimum Tax)
4,315 Ohio Capital Corporation for Housing, Mortgage Revenue 2/09 at 102 Aa2 4,460,847
Refunding Bonds, Series 1999G (FHA-Insured Mortgage
Loans - Section 8 Assisted Projects), 5.950%, 2/01/24
------------------------------------------------------------------------------------------------------------------------------------
Housing/Single Family - 2.8%
3,000 Ohio Housing Finance Agency, Residential Mortgage Revenue 9/09 at 100 Aaa 3,166,560
Bonds, 2000 Series A1 (Mortgage-Backed Securities Program),
6.350%, 9/01/31 (Alternative Minimum Tax)
3,080 Ohio Housing Finance Agency, Residential Mortgage Revenue 9/07 at 102 Aaa 3,127,740
Bonds, 1996 Series B-3 (Mortgage-Backed Securities
Program), 5.750%, 9/01/28 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
Long-Term Care - 0.9%
1,365 County of Franklin Health Care Facilities, Revenue Bonds, 7/03 at 102 N/R 1,227,190
Series 1993 (Ohio Presbyterian Retirement Services),
6.500%, 7/01/23
1,000 County of Marion Health Care Facilities, Refunding and 11/03 at 102 BBB- 908,640
Improvement Revenue Bonds, Series 1993 (United Church
Homes, Inc. Project), 6.300%, 11/15/15
------------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/General - 16.5%
1,000 Ansonia Local School District, Darke County, General 12/10 at 102 Aaa 1,031,990
Obligation Bonds, Series 2000, 5.500%, 2/01/22
Berea City School District, School Improvement Bonds, Series
1993 (General Obligation - Unlimited Tax):
650 7.500%, 12/15/06 12/03 at 102 AAA 725,914
680 7.450%, 12/15/07 12/03 at 102 AAA 758,506
1,750 Brecksville-Broadview Heights City School District, School 12/06 at 102 AAA 1,986,110
Improvement Bonds, Series 1996 (General Obligation -
Unlimited Tax), 6.500%, 12/01/16
2,000 City of Columbus, General Obligation Refunding Bonds, Series 1992B,
6.500%, 1/01/10 1/02 at 102 Aaa 2,093,080
1,000 City of Dublin, Various Purpose Improvement Bonds, Series 2000A
(Unlimited Tax), 5.000%, 12/01/20 12/10 at 100 Aa1 986,930
1,300 County of Franklin, Refunding Bonds, Series 1993 (General
Obligation - Limited Tax), 12/08 at 102 AAA 1,334,866
5.375%, 12/01/20
1,505 Greater Cleveland Regional Transit Authority, Capital Improvement
Bonds, Series 1996 (General Obligation), 5.650%, 12/01/16 12/06 at 101 Aaa 1,655,229
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/General (continued)
$ 1,000 Hilliard City School District, School Improvement Bonds, Series 2000 12/10 at 101 AAA $ 1,059,920
(General Obligation), 5.750%, 12/01/24
1,260 Morgan Local School District, Counties of Morgan, Muskingum 12/10 at 101 AA- 1,337,666
and Washington, School Improvement Bonds, Series 2000
(General Obligation - Unlimited Tax), 5.750%, 12/01/22
North Canton City School District, School Improvement Bonds,
Series 1994 (General Obligation - Unlimited Tax):
650 9.750%, 12/01/03 No Opt. Call AAA 753,656
715 9.700%, 12/01/04 No Opt. Call AAA 864,042
1,500 Plain Local School District, Franklin and Licking Counties, 12/10 at 100 Aaa 1,637,820
Various Purpose Bonds, Series 2000 (General Obligation -
q Unlimited Tax), 6.000%, 12/01/20
2,000 Commonwealth of Puerto Rico, Public Improvement Bonds 7/06 at 101 1/2 A 2,029,540
of 1996 (General Obligation), 5.400%, 7/01/25
1,300 Commonwealth of Puerto Rico, Public Improvement Refunding 7/07 at 101 1/2 A 1,385,176
Bonds, Series 1997 (General Obligation), 5.750%, 7/01/17
2,400 Commonwealth of Puerto Rico, Public Improvement Bonds of 7/08 at 101 A 2,331,360
1998, 5.000%, 7/01/27
1,000 Revere Local School District, School Improvement Bonds, 12/03 at 102 AAA 1,051,980
Series 1993 (General Obligation - Unlimited Tax Bonds),
6.000%, 12/01/16
2,870 City of Strongsville, Various Purpose Improvement Bonds, 12/06 at 102 Aa3 3,067,226
Series 1996 (General Obligation - Limited Tax), 5.950%, 12/01/21
1,000 Sylvania City School District, Series 1995 (General Obligation - 12/05 at 101 AAA 1,057,070
Unlimited Tax), 5.800%, 12/01/15
1,135 City of Toledo, Various Purpose Improvement Bonds, Series 1994 No Opt. Call AAA 1,234,313
(General Obligation - Limited Tax), 7.000%, 12/01/03
1,000 Upper Arlington City School District, Improvement Bonds, 12/06 at 101 AAA 1,004,770
Series 1996 (General Obligation), 5.250%, 12/01/22
2,000 Board of Education, Wayne Local School District, County of Warren, 12/06 at 101 AAA 2,130,700
School Improvement Bonds, Series 1996 (General Obligation -
Unlimited Tax), 6.100%, 12/01/24
3,000 Board of Education, West Clermont Local School District, County 12/05 at 100 AAA 3,156,720
of Clermont, School Improvement Bonds, Series 1995 (General
Obligation - Unlimited Tax), 6.000%, 12/01/18
1,000 City of Westlake, Various Purpose Improvement and Refunding 12/08 at 101 Aaa 1,054,310
Bonds, Series1997 (General Obligation), 5.550%, 12/01/17
1,820 Worthington City School District, Franklin County, Refunding Bonds 6/02 at 102 AAA 1,916,824
(General Obligation - Unlimited Tax), 6.375%, 12/01/12
------------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited - 4.1%
7,000 County of Hamilton, Sales Tax Revenue Bonds (Subordinate Lien), No Opt. Call Aaa 1,567,230
Series B, 0.000%, 12/01/28
1,250 City of Columbus, Tax Increment Financing Bonds (Easton Project), 6/09 at 101 AAA 1,177,688
Series 1999, 4.875%, 12/01/24
1,000 Ohio Building Authority, State Facilities Bonds (Juvenile Correctional 10/02 at 102 AA 1,057,780
Building Fund Projects), 1992 Series B, 6.000%, 10/01/12
3,000 Ohio Building Authority, State Facilities Bonds (Adult Correctional 10/03 at 102 AA 3,213,930
Building Fund Projects), 1993 Series A, 6.125%, 10/01/12
865 Ohio Department of Transportation, Certificates of Participation 4/01 at 102 AA 878,433
(Rickenbacker Port Authority Improvements), 6.125%, 4/15/15
(Alternative Minimum Tax)
1,500 Ohio Public Facilities Commission, Higher Education Capital Facilities 12/01 at 102 AA 1,548,390
Bonds, Series II-1992A, 5.500%, 12/01/06
Nuveen Ohio Quality Income Municipal Fund, Inc. (NUO) (continued)
Portfolio of INVESTMENTS January 31, 2001 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
Technology - 0.2%
$ 500 County of Franklin, Revenue Bonds, Series 1993 (Online Computer 4/03 at 100 N/R $ 506,060
Library Center, Inc. Project), 6.000%, 4/15/13
------------------------------------------------------------------------------------------------------------------------------------
Transportation - 3.0%
3,430 City of Cleveland Parking Facilities, Refunding Revenue Bonds, 9/06 at 102 AAA 3,501,413
Series 1996, 5.500%, 9/15/22
Columbus Municipal Airport Authority, Airport Improvement
Revenue Bonds, Series 1994A (Port Columbus International Airport
Project):
830 5.950%, 1/01/08 (Alternative Minimum Tax) 1/04 at 102 AAA 879,983
1,000 6.000%, 1/01/14 (Alternative Minimum Tax) 1/04 at 102 AAA 1,047,570
1,500 City of Dayton Special Facilities, Revenue Refunding Bonds, 2/08 at 102 BBB 1,341,330
Series 1998A (Emery Air Freight Corporation and Emery
Worldwide Airlines, Inc. - Guarantors) (Non-AMT),
5.625%, 2/01/18
------------------------------------------------------------------------------------------------------------------------------------
U.S. Guaranteed - 23.9%
1,500 City of Akron, Waterworks System Mortgage Revenue Improvement 3/01 at 102 AAA 1,533,855
Bonds, Series 1991, 6.550%, 3/01/12 (Pre-refunded to 3/01/01)
2,000 City of Barberton Hospital Facilities, Revenue Bonds, Series 1992 1/02 at 102 N/R*** 2,105,640
(Barberton Citizens Hospital Company Project), 7.250%, 1/01/12
(Pre-refunded to 1/01/02)
2,000 County of Carroll, Hospital Improvement Revenue Bonds, Series 1991 12/01 at 102 AAA 2,100,060
(Timken Mercy Medical Center), 7.125%, 12/01/18 (Pre-refunded
to 12/01/01)
2,500 County of Clermont, Waterworks System Revenue Bonds, 12/01 at 102 AAA 2,615,950
Series 1991 (Clermont County Sewer District), 6.625%, 12/01/14
(Pre-refunded to 12/01/01)
2,000 City of Cleveland, Public Power System First Mortgage Revenue 11/04 at 102 AAA 2,262,800
Bonds, Series 1994A, 7.000%, 11/15/24 (Pre-refunded to 11/15/04)
590 City of Cleveland, Public Power System Improvement First Mortgage 11/01 at 102 AAA 618,202
Revenue Bonds, Series 1991B, 7.000%, 11/15/17
(Pre-refunded to 11/15/01)
1,575 City of Cleveland, Waterworks Improvement First Mortgage Revenue 1/02 at 102 AAA 1,649,702
Bonds, Series F 1992A, 6.500%, 1/01/21 (Pre-refunded to 1/01/02)
2,745 City of Cleveland, First Mortgage Revenue Refunding Bonds, 1/02 at 102 AAA 2,875,195
Series F 1992-B, 6.500%, 1/01/11 (Pre-refunded to 1/01/02)
3,960 City of Cleveland, Waterworks Improvement and Refunding 1/06 at 102 AAA 4,347,446
First Mortgage Revenue Bonds, Series H 1996, 5.750%, 1/01/26
(Pre-refunded to 1/01/06)
1,950 City School District of Columbus, Franklin County, School Building 12/02 at 102 AAA 2,092,682
Renovation and Improvement Bonds, Series 1992 (General
Obligation - Unlimited Tax), 6.650%, 12/01/12 (Pre-refunded
to 12/01/02)
3,250 County of Cuyahoga, Hospital Revenue Bonds, Series 1991 (Meridia 8/01 at 102 AAA 3,376,425
Health System), 7.000%, 8/15/23 (Pre-refunded to 8/15/01)
1,500 County of Cuyahoga, Hospital Improvement Revenue Bonds, 1/02 at 102 AA-*** 1,572,795
Series 1992 (University Hospitals Health System, Inc. Project),
6.500%, 1/15/19 (Pre-refunded to 1/15/02)
2,000 Dublin City School District, Franklin, Delaware and Union Counties, 12/02 at 102 AAA 2,129,020
Various Purpose School Building Construction and Improvement
Bonds (General Obligation - Unlimited Tax), 6.200%, 12/01/19
(Pre-refunded to 12/01/02)
2,705 County of Franklin, First Mortgage Revenue Bonds, Series 1979 6/01 at 103 AAA 3,048,427
(Online Computer Learning Center, Inc. Project), 7.500%, 6/01/09
3,250 City of Garfield Heights, Hospital Improvement and Refunding 11/02 at 102 AA-*** 3,480,588
Revenue Bonds, Series 1992B (Marymount Hospital Project),
6.650%, 11/15/11 (Pre-refunded to 11/15/02)
3,000 Kent State University, General Receipts Bonds, Series 1992, 5/02 at 102 AAA 3,169,890
6.500%, 5/01/22 (Pre-refunded to 5/01/02)
1,000 City of Lakewood, Various Purpose General Obligation Bonds, 12/02 at 102 Aa3*** 1,069,790
Series 1992 (Limited Tax Obligation), 6.500%, 12/01/12
(Pre-refunded to 12/01/02)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. Guaranteed (continued)
$ 2,100 Lakota Local School District, County of Butler, School Improvement 12/05 at 100 AAA $ 2,326,569
Bonds, Series 1994 (General Obligation - Unlimited Tax),
6.250%, 12/01/14 (Pre-refunded to 12/01/05)
1,400 City of Middleburg Heights, Hospital Improvement Revenue Bonds, 8/01 at 102 AAA 1,452,528
Series 1991 (Southwest General Hospital Project), 6.750%, 8/15/21
(Pre-refunded to 8/15/01)
1,000 City of Newark, Water System Improvement Bonds (General 12/03 at 102 AAA 1,080,570
Obligation - Limited Tax), 6.000%, 12/01/18 (Pre-refunded
to 12/01/03)
2,500 Commonwealth of Puerto Rico, Public Improvement Bonds of 1992 7/02 at 101 1/2 AAA 2,644,150
(General Obligation), 6.600%, 7/01/13 (Pre-refunded to 7/01/02)
1,400 Reynoldsburg City School District, School Building Construction 12/02 at 102 AAA 1,499,974
and Improvement Bonds (General Obligation), 6.550%, 12/01/17
(Pre-refunded to 12/01/02)
1,000 Solon City School District, School Improvement Bonds, 12/01 at 102 N/R*** 1,049,640
Series 1990 (General Obligation - Unlimited Tax),
7.150%, 12/01/13 (Pre-refunded to 12/01/01)
3,500 University of Cincinnati, General Receipts Bonds, Series O, 12/02 at 102 AA*** 3,731,945
6.300%, 6/01/12 (Pre-refunded to 12/01/02)
1,000 University of Toledo, General Receipts Bonds, Series B, 12/02 at 102 AAA 1,059,980
5.900%, 6/01/20 (Pre-refunded to 12/01/02)
------------------------------------------------------------------------------------------------------------------------------------
Utilities - 7.7%
2,410 City of Cleveland, Public Power System Improvement First Mortgage 11/01 at 102 AAA 2,524,210
Revenue Bonds, Series 1991B, 7.000%, 11/15/17
1,250 City of Hamilton, Electric System Mortgage Revenue Bonds, 10/02 at 102 AAA 1,300,050
1992 Series B, 6.300%, 10/15/25
4,000 Ohio Air Quality Development Authority, Collateralized Pollution 6/02 at 103 AAA 4,336,400
Control Revenue Refunding Bonds (Cleveland Electric Illuminating
Company Project), Series 1992, 8.000%, 12/01/13
Ohio Air Quality Development Authority, Air Quality Development
Revenue Refunding Bonds (JMG Funding Limited Partnership
Project), Series 1994:
2,000 6.375%, 1/01/29 (Alternative Minimum Tax) 10/04 at 102 AAA 2,114,280
4,000 6.375%, 4/01/29 (Alternative Minimum Tax) 10/04 at 102 AAA 4,228,560
3,000 Ohio Air Quality Development Authority, Air Quality Development 4/07 at 102 AAA 3,056,550
Revenue Bonds (JMG Funding Limited Partnership Project),
Series 1997, 5.625%, 1/01/23 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
Water and Sewer - 8.2%
1,000 City of Cleveland, Waterworks Improvement First Mortgage No Opt. Call AAA 1,063,210
Refunding Revenue Bonds, Series G 1993, 5.500%, 1/01/21
City of Cleveland, Waterworks Improvement First Mortgage Revenue
Refunding Bonds, Series F 1992B:
255 6.500%, 1/01/11 1/02 at 102 AAA 266,868
3,720 6.250%, 1/01/16 1/02 at 102 AAA 3,878,770
1,000 City of Cleveland, Waterworks Improvement and Refunding 1/08 at 101 AAA 963,440
Revenue Bonds, Series I 1998, 5.000%, 1/01/28
40 City of Cleveland, Waterworks Improvement and Refunding First 1/06 at 102 AAA 41,627
Mortgage Revenue Bonds, Series H 1996, 5.750%, 1/01/26
2,500 City of Columbus, Sewerage System Revenue Refunding Bonds, 6/02 at 102 Aa2 2,615,399
Series 1992, 6.250%, 6/01/08
2,110 Hamilton County, Metropolitan Sewer District of Greater Cincinnati, 6/10 at 101 AAA 2,230,227
Sewer System Improvement Revenue Bonds, Series 2000A,
5.750%, 12/01/25
1,000 County of Montgomery, Greater Moraine Beavercreek Sewer District, 11/02 at 102 AAA 1,043,649
Water Revenue Bonds, Series 1992, 6.250%, 11/15/17
Nuveen Ohio Quality Income Municipal Fund, Inc. (NUO) (continued)
Portfolio of INVESTMENTS January 31, 2001 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
Water and Sewer (continued)
$ 2,000 Northeast Ohio Regional Sewer District, Wastewater Improvement 11/05 at 101 AAA $ 2,082,539
Revenue Refunding Bonds, Series 1995, 5.600%, 11/15/16
1,000 Ohio Water Development Authority, Water Development Revenue 6/05 at 102 AAA 1,052,859
Bonds, 1995 Fresh Water Series, 5.900%, 12/01/21
1,250 City of Oxford, Water Supply System Mortgage Revenue Refunding 12/02 at 102 AAA 1,321,287
Bonds, Series 1992, 6.000%, 2/01/14
2,000 Southwest Regional Water District, Waterworks System Revenue 12/05 at 101 AAA 2,107,999
Bonds, Series 1995, 6.000%, 12/01/20
------------------------------------------------------------------------------------------------------------------------------------
$ 222,695 Total Investments (cost $216,204,280) - 99.1% 226,443,738
================--------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 0.9%
$ 2,000 Cuyahoga County, University Hospital of Cleveland, Variable Rate VMIG-1 2,000,000
Demand Bonds, Series 1985, 4.150%, 1/01/16+
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 0.0% (68,096)
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $ 228,375,642
====================================================================================================================
* Optional Call Provisions: Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices at
later dates.
** Ratings: Using the higher of Standard & Poor's or
Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of
principal and interest. Securities are normally
considered to be equivalent to AAA rated securities.
N/R Investment is not rated.
+ The security has a maturity of more than one year, but
has variable rate and demand features which qualify it
as a short-term security. The rate disclosed is that
currently in effect. This rate changes periodically
based on market conditions or a specified market index.
See accompanying notes to financial statements.
Nuveen Texas Quality Income Municipal Fund (NTX)
Portfolio of
INVESTMENTS January 31, 2001 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
Basic Materials - 3.7%
$ 4,500 Cass County Industrial Development Corporation, Environmental 3/10 at 101 BBB+ $ 4,620,870
Improvement Revenue Bonds, 2000 Series A (International Paper
Company Project), 6.600%, 3/15/24 (Alternative Minimum Tax)
3,000 Guadalupe-Blanco River Authority, Sewage and Solid Waste 4/06 at 102 AA- 3,186,120
Disposal Facility Bonds, Series 1996 (E.I. du Pont de Nemours and
Company Project), 6.400%, 4/01/26 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
Consumer Staples - 0.5%
1,000 The Children's Trust Fund, Tobacco Settlement Asset-Backed Bonds, 7/10 at 100 Aa3 1,021,450
Series 2000, 5.750%, 7/01/20
------------------------------------------------------------------------------------------------------------------------------------
Education and Civic Organizations - 4.4%
2,255 Brazos Higher Education Authority, Student Loan Revenue Refunding 3/02 at 102 A 2,351,176
Bonds, Series 1992-A, 6.875%, 9/01/04 (Alternative Minimum Tax)
1,055 Brazos Higher Education Authority, Student Loan Revenue Refunding No Opt. Call Aaa 1,122,647
Bonds, Series 1992C-1, 6.650%, 11/01/04 (Alternative Minimum Tax)
205 Brazos Higher Education Authority, Student Loan Revenue Refunding No Opt. Call A 219,479
Bonds, Subordinate Series 1993A-2, 6.800%, 12/01/04
(Alternative Minimum Tax)
1,000 Georgetown Higher Education Finance Corporation, Higher Education 2/04 at 100 A+ 1,043,210
Revenue Bonds, Series 1994 (Southwestern University Project),
6.300%, 2/15/14
1,000 Southwest Higher Education Authority, Higher Educational Facilities 10/08 at 101 A+ 946,150
Revenue Bonds, Series 1998D (Southern Methodist University),
5.000%, 10/01/22
1,445 Tyler Junior College District, Smith and Van Zanlt Counties, 8/04 at 100 AAA 1,506,485
Combined Fee Improvement Revenue and Refunding Bonds,
Series 1994, 5.900%, 8/15/13
2,000 Board of Regents of the University of Houston System, 2/05 at 100 AAA 2,085,260
Consolidated Revenue Bonds, Series 1995, 6.000%, 2/15/17
------------------------------------------------------------------------------------------------------------------------------------
Energy - 5.4%
5,000 Gulf Coast Waste Disposal Authority, Revenue Bond (Valero 4/08 at 102 BBB- 4,306,950
Energy Corporation Project), Series 1998, 5.600%, 4/01/32
(Alternative Minimum Tax)
5,000 Gulf Coast Industrial Development Authority, Waste Disposal 6/08 at 102 BBB- 4,309,250
Revenue Bonds (Valero Refining and Marketing Company Project),
Series 1997, 5.600%, 12/01/31 (Alternative Minimum Tax)
3,000 Gulf Coast Waste Disposal Authority, Waste Disposal Revenue 4/09 at 101 BBB- 2,623,380
Bonds (Valero Energy Corporation Project), Series 1999,
5.700%, 4/01/32 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
Healthcare - 14.5%
3,500 Abilene Health Facilities Development Corporation, Hospital 9/05 at 102 AAA 3,678,605
Revenue Refunding and Improvement Bonds (Hendrick Medical
Center Project), Series 1995C, 6.150%, 9/01/25
Gregg County Health Facilities Development Corporation, Hospital
Revenue Bonds (Good Shepherd Medical Center Project), Series
2000:
2,000 6.875%, 10/01/20 10/10 at 101 AA 2,235,660
3,250 6.375%, 10/01/25 10/10 at 101 AA 3,461,055
1,000 Harris County Health Facilities Development Corporation, Hospital 10/09 at 101 AA 936,060
Revenue Bonds (Texas Children's Hospital Project), Series 1999A,
5.250%, 10/01/29
5,750 Midland County Hospital District, Hospital Revenue Bonds, No Opt. Call A- 3,334,195
Series 1992, 0.000%, 6/01/11
1,760 Parker County Hospital District, Hospital Revenue Bonds (Campbell 8/09 at 102 BBB 1,603,659
Health System), Series 1999, 6.250%, 8/15/19
4,500 Nueces County, Port of Corpus Christi Authority, Pollution Control 4/02 at 102 BBB 4,608,945
Revenue Bonds (Hoechst Celanese Corporation), Series 1992,
6.875%, 4/01/17 (Alternative Minimum Tax)
Nuveen Texas Quality Income Municipal Fund (NTX) (continued)
Portfolio of INVESTMENTS January 31, 2001 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
Healthcare (continued)
$ 5,350 Richardson Hospital Authority, Hospital Revenue Refunding and 12/08 at 101 BBB+ $ 4,453,394
Improvement Bonds (Baylor/Richardson Medical Center Project),
Series 1998, 5.625%, 12/01/28
1,050 Tarrant County Health Facilities Development Corporation, Hospital 11/08 at 101 A- 894,002
Revenue Bonds (Adventist Health System - Sunbelt Obligated
Group), Series 1998, 5.375%, 11/15/20
3,500 Tarrant County Health Facilities Development Corporation, 11/10 at 101 A- 3,529,470
Hospital Revenue Bonds (Adventist Health System - Sunbelt
Obligated Group), Series 2000, 6.625%, 11/15/20
1,500 Texas Health Facilities Development Corporation, Hospital Revenue 8/03 at 102 AAA 1,564,575
Bonds (All Saints Episcopal Hospitals of Fort Worth Project),
Series 1993B, 6.250%, 8/15/22
------------------------------------------------------------------------------------------------------------------------------------
Housing/Multifamily - 1.6%
Grand Prairie Housing Finance Corporation, Multifamily Housing
Revenue Bonds (Landings at Carrier Project) (GNMA), Series
2000A:
1,000 6.650%, 9/20/22 9/10 at 105 AAA 1,085,880
2,030 6.750%, 9/20/28 9/10 at 105 AAA 2,207,808
------------------------------------------------------------------------------------------------------------------------------------
Housing/Single Family - 5.4%
810 Baytown Housing Finance Corporation, Single Family Mortgage 9/02 at 103 Aa2 900,104
Revenue Refunding Bonds, Series 1992A, 8.500%, 9/01/11
790 El Paso Housing Finance Corporation, Single Family Mortgage 4/01 at 103 A2 819,104
Revenue Refunding Bonds, Series 1991A, 8.750%, 10/01/11
545 Galveston Property Finance Authority, Single Family Mortgage 9/01 at 103 A3 573,858
Revenue Bonds, Series 1991A, 8.500%, 9/01/11
1,560 Harrison County Finance Corporation, Single Family Mortgage 12/01 at 103 A1 1,613,165
Revenue Refunding Bonds, Series 1991, 8.875%, 12/01/11
995 Houston Housing Finance Corporation, Single Family Mortgage 6/03 at 102 AAA 1,015,039
Revenue Refunding Bonds, Series 1993A, 5.950%, 12/01/10
580 Port Arthur Housing Finance Corporation, Single Family Mortgage 9/02 at 103 A 645,314
Revenue Refunding Bonds, Series 1992, 8.700%, 3/01/12
2,375 Texas Department of Housing and Community Affairs, Single Family 9/06 at 102 AAA 2,497,241
Mortgage Revenue Bonds, 1996 Series E, 6.000%, 9/01/17
2,260 Travis County Housing Finance Corporation, Residential Mortgage 12/01 at 103 AAA 2,344,411
Bonds (GNMA and FNMA Mortgage-Backed Securities Program),
Senior Bonds, Series 1991A, 7.050%, 12/01/25
815 Victoria Housing Finance Corporation, Single Family Mortgage No Opt. Call Aaa 845,840
Revenue Refunding Bonds, Series 1995, 8.125%, 1/01/11
------------------------------------------------------------------------------------------------------------------------------------
Long-Term Care - 2.5%
3,400 Bell County Health Facilities Development Corporation, Retirement 11/08 at 101 A- 3,001,146
Facility Revenue Bonds (Buckner Retirement Services, Inc.
Obligated Group Project), Series 1998, 5.250%, 11/15/19
2,000 Tarrant County Health Facilities Development Corporation, 1/08 at 105 AAA 2,124,240
Tax-Exempt Mortgage Revenue Bonds (South Central Nursing
Homes, Inc. Project), Series 1997A, 6.000%, 1/01/37
------------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/General - 18.0%
1,000 Caddo Mills Independent School District, Hunt County, Unlimited 2/05 at 100 N/R 1,096,540
Tax School Building and Refunding Bonds, Series 1995,
6.375%, 8/15/25
4,130 Coppell Independent School District, Dallas County, Unlimited 8/09 at 75 11/32 AAA 2,013,995
Tax School Building and Refunding Bonds, Series 1992,
0.000%, 8/15/14
1,475 City of Corpus Christi, General Improvement and Refunding Bonds, 3/02 at 100 AAA 1,524,796
Series 1992, 6.700%, 3/01/08
1,450 Donna Independent School District, Hidalgo County, Unlimited Tax 2/11 at 100 AAA 1,589,113
School Building Bonds, Series 2000, 6.000%, 2/15/17
2,800 City of Ennis, Ennis County, General Obligation Refunding and 8/02 at 100 AAA 2,912,504
Improvement Bonds, Series 1992, 6.500%, 8/01/13
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/General (continued)
$ 2,000 Harlingen Consolidated Independent School District, Cameron 8/09 at 100 AAA $ 2,060,260
County, Unlimited Tax School Building Bonds, Series 1999,
5.650%, 8/15/29
3,600 Klein Independent School District, Harris County, Unlimited Tax 8/09 at 100 AAA 3,585,456
Schoolhouse Bonds, Series 1999A, 5.000%, 8/01/18
5,220 Leander Independent School District, Williamson & Travis Counties, 8/09 at 46 3/4 AAA 1,522,361
Unlimited Tax School Building and Refunding Bonds, Series 2000,
0.000%, 8/15/21
1,545 Montgomery County (A political subdivision of the State of Texas), 9/07 at 72 3/8 AAA 786,204
Refunding Bonds, Series 1997, 0.000%, 3/01/14
2,000 Northside Independent School District, Bexar County, Unlimited Tax 8/10 at 100 AAA 2,121,300
School Building and Refunding Bonds, Series 2000, 5.875%, 8/15/25
1,825 Socorro Independent School District, El Pasco County, Unlimited 2/06 at 100 Aaa 1,884,039
Tax School Building Bonds, Series 1996, 5.750%, 2/15/21
2,000 State of Texas, Veterans Land Bonds, Series 1994, General 12/04 at 100 Aa1 2,066,480
Obligation Bonds, 6.400%, 12/01/24 (Alternative Minimum Tax)
3,490 State of Texas, Veterans Housing Assistance Bonds, Series 1993, 12/03 at 102 Aa1 3,653,925
General Obligation Bonds, 6.800%, 12/01/23 (Alternative Minimum Tax)
6,290 State of Texas, College Student Loan Bonds, Series 1997, 8/10 at 100 Aa1 5,803,154
5.000%, 8/01/22 (Alternative Minimum Tax)
2,500 Tomball Independent School District, Harris and Montgomery 2/11 at 100 AAA 2,414,150
Counties, Unlimited Tax Refunding Bonds, Series 2001A,
5.000%, 2/15/23 (WI, settling 2/28/01)
1,795 United Independent School District, Webb County, Unlimited Tax 8/12 at 100 AAA 1,843,124
School Building Bonds, Series 2000, 5.375%, 8/15/18
West Independent School District, McLennan & Hill Counties,
Unlimited Tax School Building and Refunding Bonds, Series 1998:
1,000 0.000%, 8/15/22 8/13 at 61 7/32 AAA 295,550
1,000 0.000%, 8/15/23 8/13 at 57 31/32 AAA 278,680
1,000 0.000%, 8/15/24 8/13 at 54 7/8 AAA 262,720
------------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited - 6.7%
4,500 City of Austin, Hotel Occupancy Tax and Subordinate Lien Revenue 11/09 at 100 AAA 4,718,205
Refunding Bonds, Series 1999, 5.800%, 11/15/29
1,450 Industrial Development Corporation of the City of Galveston, 9/05 at 100 AAA 1,508,116
Sales Tax Revenue Bonds, Series 1995, 5.750%, 9/01/15
1,575 Harris County, Toll Road Unlimited Tax and Subordinate Lien Revenue 8/02 at 102 AA+ 1,671,705
Refunding Bonds, Series 1992A, 6.500%, 8/15/15
565 City of Jersey Village in Harris County, Combined Tax and Revenue 2/15 at 100 AAA 549,231
Certificates of Obligation, Series 2000, 5.000%, 2/01/25
800 City of Laredo, Webb County, Combination Tax and Waterworks 8/04 at 100 AAA 850,168
System Revenue Certificates of Obligation, Series 1994, 5.625%, 8/15/11
4,580 City of San Antonio, Hotel Occupancy Tax Revenue Bonds 8/06 at 102 AAA 4,734,163
(Henry B Gonzalez Convention Center Project), 5.700%, 8/15/26
------------------------------------------------------------------------------------------------------------------------------------
Transportation - 11.9%
5,295 Alliance Airport Authority, Special Facilities Revenue Bonds, 6/01 at 102 Baa1 5,405,824
Series 1990 (American Airlines, Inc. Project), 7.500%, 12/01/29
(Alternative Minimum Tax)
5,020 Dallas-Fort Worth International Airport Facility Improvement 5/02 at 102 AAA 5,279,634
Corporation, United Parcel Service, Inc. Revenue Bonds, Series 1992,
6.600%, 5/01/32 (Alternative Minimum Tax)
5,050 Dallas-Fort Worth International Airport Facility Improvement 11/09 at 101 Baa1 4,949,505
Corporation, American Airlines, Inc. Revenue Bonds, Series 1999,
6.375%, 5/01/35 (Alternative Minimum Tax)
Nuveen Texas Quality Income Municipal Fund (NTX) (continued)
Portfolio of INVESTMENTS January 31, 2001 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
Transportation (continued)
$ 1,500 Harris County, Toll Road Senior Lien Revenue Refunding Bonds, 8/04 at 102 AAA $ 1,513,530
Series 1994, 5.375%, 8/15/20
220 Harris County, Toll Road Senior Lien Revenue Refunding Bonds, 8/02 at 102 AAA 233,187
Series 1992A, 6.500%, 8/15/17
320 Harris County, Toll Road Senior Lien Revenue Refunding Bonds, 2/01 at 100 AAA 320,749
Series 1992B, 6.625%, 8/15/17
5,000 City of Houston, Airport System Subordinate Lien Revenue Bonds, 7/01 at 102 AAA 5,159,850
Series 1991A, 6.750%, 7/01/21 (Alternative Minimum Tax)
2,000 Puerto Rico Ports Authority, Special Facilities Revenue Bonds, 6/06 at 102 Baa2 2,040,980
1996 Series A (American Airlines, Inc. Project), 6.250%, 6/01/26
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
U.S. Guaranteed - 9.9%
270 Abilene Housing Development Corporation, First Lien Revenue No Opt. Call N/R*** 296,185
Bonds, Series 1978, 7.000%, 7/01/08
1,000 Amarillo Health Facilities Corporation, Hospital Revenue Bonds 1/02 at 102 AAA 1,047,430
(High Plains Baptist Hospital Project), Series 1992C,
6.500%, 1/01/07 (Pre-refunded to 1/01/02)
1,000 The City of Beaumont, Public Improvement Bonds, Series 1992, 3/02 at 100 AAA 1,030,560
6.250%, 3/01/10 (Pre-refunded to 3/01/02)
1,975 City of Corpus Christi, General Improvement and Refunding Bonds, 3/02 at 100 AAA 2,044,718
Series 1992, 6.700%, 3/01/08 (Pre-refunded to 3/01/02)
1,185 Fort Bend County Levee Improvement District No. 11 (A Political 9/04 at 100 AAA 1,310,693
Subdivision of the State of Texas), Unlimited Tax Levee
Improvement Bonds, Series 1994, 6.900%, 9/01/17
(Pre-refunded to 9/01/04)
1,780 Harris County, Toll Road Senior Lien Revenue Refunding Bonds, 8/02 at 102 AAA 1,892,710
Series 1992A, 6.500%, 8/15/17 (Pre-refunded to 8/15/02)
425 Harris County, Toll Road Unlimited Tax and Subordinate Lien 8/02 at 102 AA+*** 451,648
Revenue Refunding Bonds, Series 1992, 6.500%, 8/15/15
(Pre-refunded to 8/15/02)
6,110 Harris County Health Facilities Development Corporation, Hospital 6/02 at 102 A3*** 6,515,337
Revenue Bonds (Memorial Hospital System Project), Series 1992,
7.125%, 6/01/15 (Pre-refunded to 6/01/02)
485 City of Houston, Water and Sewer System, Junior Lien Revenue 12/01 at 102 AAA 506,510
Refunding Bonds, 1991C, 6.375%, 12/01/17 (Pre-refunded to 12/01/01)
1,000 North Central Texas Health Facilities Development Corporation, No Opt. Call AAA 1,071,140
Hospital Revenue Bonds (Presbyterian Healthcare System Project),
Series 1996B, 5.750%, 6/01/26
2,500 Retama Development Corporation, Special Facilities Revenue Bonds No Opt. Call AAA 3,612,600
(Retama Park Racetrack Project), Series 1993, 8.750%, 12/15/17
City of San Antonio, Water System Revenue Refunding Bonds,
Series 1992:
140 6.500%, 5/15/10 (Pre-refunded to 5/15/04) 5/04 at 100 AAA 151,822
665 6.500%, 5/15/10 No Opt. Call AAA 760,168
------------------------------------------------------------------------------------------------------------------------------------
Utilities - 4.5%
2,000 Brazos River Authority, Collateralized Pollution Control Revenue 3/01 at 102 BBB+ 2,043,300
Bonds (Texas Utilities Electric Company Project), Series 1994A,
7.875%, 3/01/21 (Alternative Minimum Tax)
1,500 Brazos River Authority, Collateralized Pollution Control Revenue 12/02 at 102 AAA 1,561,125
Refunding Bonds (Texas Utilities Electric Company Project),
Series 1992, 6.500%, 12/01/27 (Alternative Minimum Tax)
2,500 Brazos River Authority, Revenue Refunding Bonds (Reliant Energy, 4/09 at 101 Baa1 2,257,900
Inc. Project), Series 1999A, 5.375%, 4/01/19
2,000 Harris County, Health Facilities Development Corporation, 2/10 at 100 AAA 2,099,800
Thermal Utility Revenue Bonds (TECO Project), Series 2000,
5.750%, 2/15/15 (Alternative Minimum Tax)
1,500 Matagorda County Navigation District Number One, Pollution 7/03 at 102 AAA 1,550,310
Control Revenue Refunding Bonds (Central Power and Light
Company Project), Series 1993, 6.000%, 7/01/28
------------------------------------------------------------------------------------------------------------------------------------
Water and Sewer - 10.9%
2,500 Bexar Metropolitan Development Corporation, Water Facility 5/08 at 102 AAA 2,393,000
Contract Revenue Bonds, Series 1998, 5.000%, 5/01/28
7,000 City of Houston, Water and Sewer System Junior Lien Revenue No Opt. Call AAA 1,617,490
Refunding Bonds, Series 1998A and 1998B, 0.000%, 12/01/27
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
Water and Sewer (continued)
$ 1,000 City of Houston, Water and Sewer System Prior Lien Revenue 12/02 at 102 Aaa $ 1,048,650
Refunding Bonds, Series 1992B, 6.375%, 12/01/14
4,000 City of Houston, Water and Sewer System Junior Lien Revenue 12/10 at 100 AAA 3,978,799
Refunding Bonds, Series 2000B, 5.250%, 12/01/30
6,050 City of Houston, Water and Sewer System Junior Lien Revenue 12/07 at 101 AAA 6,092,228
Bonds, Series 1997C, 5.375%, 12/01/27
3,515 City of Houston, Water and Sewer System Junior Lien Revenue 12/01 at 102 AAA 3,670,292
Refunding Bonds, Series 1991C, 6.375%, 12/01/17
2,385 City of San Antonio, Water System Revenue Refunding Bonds, 5/02 at 102 AAA 2,516,484
Series 1992, 6.500%, 5/15/10
1,500 Texas Water Development Board, State Revolving Fund, 7/09 at 100 AAA 1,538,159
Senior Lien Revenue Bonds, Program Series 1999A,
5.500%, 7/15/21
------------------------------------------------------------------------------------------------------------------------------------
$ 222,760 Total Investments (cost $202,040,249) - 99.9% 209,023,453
================--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 0.1% 158,963
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $ 209,182,416
====================================================================================================================
* Optional Call Provisions: Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices at
later dates.
** Ratings: Using the higher of Standard & Poor's or
Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of
principal and interest. Securities are normally
considered to be equivalent to AAA rated securities.
N/R Investment is not rated.
(WI) Security purchased on a when-issued basis.
See accompanying notes to financial statements.
Statement of
NET ASSETS January 31, 2001 (Unaudited)
ARIZONA MICHIGAN MICHIGAN OHIO TEXAS
PREMIUM QUALITY PREMIUM QUALITY QUALITY
(NAZ) (NUM) (NMP) (NUO) (NTX)
------------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments in municipal securities,
at market value $94,227,431 $261,797,114 $169,294,153 $226,443,738 $209,023,453
Temporary investments in short-term municipal
securities, at amortized cost, which approximates
market value -- -- -- 2,000,000 --
Cash -- 3,544,230 213,275 -- --
Receivables:
Interest 813,649 3,707,567 2,324,679 2,711,093 3,648,200
Investments sold 15,051 -- -- -- --
Other assets 394 1,171 2,389 466 1,552
------------------------------------------------------------------------------------------------------------------------------------
Total assets 95,056,525 269,050,082 171,834,496 231,155,297 212,673,205
------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Cash overdraft 333,350 -- -- 179,524 96,059
Payable for investments purchased -- -- -- 1,559,670 2,407,789
Accrued expenses:
Management fees 52,200 146,762 94,321 125,251 114,993
Other 78,739 83,441 145,532 166,423 159,520
Preferred share dividends payable 16,025 57,813 27,907 37,069 37,456
Common share dividends payable 297,780 846,233 519,486 711,718 674,972
------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 778,094 1,134,249 787,246 2,779,655 3,490,789
------------------------------------------------------------------------------------------------------------------------------------
Net assets $94,278,431 $267,915,833 $171,047,250 $228,375,642 $209,182,416
====================================================================================================================================
Preferred shares, at liquidation value $30,000,000 $ 94,000,000 $ 56,000,000 $ 77,000,000 $ 69,000,000
====================================================================================================================================
Preferred shares outstanding 1,200 3,760 2,240 3,080 2,760
====================================================================================================================================
Common shares outstanding 4,379,647 11,513,997 7,695,609 9,489,876 9,440,806
====================================================================================================================================
Net asset value per Common share outstanding
(net assets less Preferred shares
at liquidation value,
divided by Common shares outstanding) $ 14.68 $ 15.10 $ 14.95 $ 15.95 $ 14.85
====================================================================================================================================
See accompanying notes to financial statements.
Statement of
OPERATIONS Six Months Ended January 31, 2001 (Unaudited)
ARIZONA MICHIGAN MICHIGAN OHIO TEXAS
PREMIUM QUALITY PREMIUM QUALITY QUALITY
(NAZ) (NUM) (NMP) (NUO) (NTX)
-----------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $2,764,527 $ 7,885,988 $4,829,047 $6,692,133 $ 6,298,956
-----------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 305,411 854,401 547,151 732,984 669,573
Preferred shares - auction fees 37,808 118,467 70,575 97,042 86,958
Preferred shares - dividend disbursing agent fees 5,042 10,081 10,081 15,123 10,081
Shareholders' servicing agent fees and expenses 960 7,137 3,449 5,880 3,038
Custodian's fees and expenses 19,820 33,867 24,373 36,622 27,387
Directors'/Trustees' fees and expenses 410 1,169 729 994 921
Professional fees 7,846 27,109 32,044 33,240 29,604
Shareholders' reports - printing and mailing expenses 16,749 30,617 17,796 35,659 24,889
Stock exchange listing fees 8,571 8,413 8,192 8,065 8,571
Investor relations expense 5,450 12,643 10,931 14,865 11,673
Other expenses 8,756 5,803 7,891 9,807 10,159
-----------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit 416,823 1,109,707 733,212 990,281 882,854
Custodian fee credit (3,398) (12,820) (3,481) (9,275) (6,985)
-----------------------------------------------------------------------------------------------------------------------------------
Net expenses 413,425 1,096,887 729,731 981,006 875,869
-----------------------------------------------------------------------------------------------------------------------------------
Net investment income 2,351,102 6,789,101 4,099,316 5,711,127 5,423,087
-----------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS
Net realized gain (loss) from
investment transactions 516,598 390,648 560,841 (241,828) 271,297
Change in net unrealized appreciation
(depreciation) of investments 1,378,790 6,529,854 5,082,679 4,431,364 5,394,777
-----------------------------------------------------------------------------------------------------------------------------------
Net gain from investments 1,895,388 6,920,502 5,643,520 4,189,536 5,666,074
-----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations $4,246,490 $13,709,603 $9,742,836 $9,900,663 $11,089,161
===================================================================================================================================
See accompanying notes to financial statements.
Statement of
CHANGES IN NET ASSETS (Unaudited)
ARIZONA PREMIUM (NAZ) MICHIGAN QUALITY (NUM) MICHIGAN PREMIUM (NMP)
-----------------------------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
1/31/01 7/31/00 1/31/01 7/31/00 1/31/01 7/31/00
-----------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 2,351,102 $ 4,661,222 $ 6,789,101 $ 13,701,756 $ 4,099,316 $ 8,268,966
Net realized gain (loss)
from investment
transactions 516,598 110,480 390,648 134,066 560,841 226,680
Change in net unrealized
appreciation
(depreciation) of investments 1,378,790 (2,782,750) 6,529,854 (6,273,884) 5,082,679 (3,456,913)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets
from operations 4,246,490 1,988,952 13,709,603 7,561,938 9,742,836 5,038,733
-----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS
From undistributed net
investment income:
Common shareholders (1,785,328) (3,737,712) (5,080,137) (10,559,526) (3,182,129) (6,371,737)
Preferred shareholders (582,928) (1,096,502) (1,846,347) (3,452,672) (1,078,656) (2,058,248)
From accumulated net realized gains
from investment transactions:
Common shareholders (26,704) -- (222,220) (871,610) -- --
Preferred shareholders (7,956) -- (73,780) (233,861) -- --
-----------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets from
distributions to shareholders (2,402,916) (4,834,214) (7,222,484) (15,117,669) (4,260,785) (8,429,985)
-----------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Net proceeds from Common shares
issued to shareholders due to
reinvestment of distributions 148,045 357,127 -- 393,288 -- 104,960
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease)
in net assets 1,991,619 (2,488,135) 6,487,119 (7,162,443) 5,482,051 (3,286,292)
Net assets at the
beginning of period 92,286,812 94,774,947 261,428,714 268,591,157 165,565,199 168,851,491
-----------------------------------------------------------------------------------------------------------------------------------
Net assets at the end of period $94,278,431 $92,286,812 $267,915,833 $261,428,714 $171,047,250 $165,565,199
===================================================================================================================================
Balance of undistributed net
investment income at the
end of period $ 103,785 $ 120,939 $ 35,061 $ 169,982 $ 65,960 $ 227,429
===================================================================================================================================
See accompanying notes to financial statements.
OHIO QUALITY (NUO) TEXAS QUALITY (NTX)
-----------------------------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
1/31/01 7/31/00 1/31/01 7/31/00
-----------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 5,711,127 $ 11,464,050 $ 5,423,087 $ 10,931,368
Net realized gain (loss) from investment
transactions (241,828) (648,266) 271,297 (1,016,933)
Change in net unrealized appreciation
(depreciation) of investments 4,431,364 (4,699,152) 5,394,777 (5,912,218)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations 9,900,663 6,116,632 11,089,161 4,002,217
-----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS
From undistributed net investment income:
Common shareholders (4,345,305) (9,203,697) (4,106,751) (8,553,372)
Preferred shareholders (1,443,864) (2,750,729) (1,437,424) (2,571,967)
From accumulated net realized gains
from investment transactions:
Common shareholders -- -- -- (875,163)
Preferred shareholders -- -- -- (214,112)
-----------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets from
distributions to shareholders (5,789,169) (11,954,426) (5,544,175) (12,214,614)
-----------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Net proceeds from Common shares
issued to shareholders due to
reinvestment of distributions 219,608 921,543 -- 65,432
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets 4,331,102 (4,916,251) 5,544,986 (8,146,965)
Net assets at the beginning of period 224,044,540 228,960,791 203,637,430 211,784,395
-----------------------------------------------------------------------------------------------------------------------------------
Net assets at the end of period $228,375,642 $224,044,540 $209,182,416 $203,637,430
===================================================================================================================================
Balance of undistributed net
investment income at the end of period $ 7,262 $ 85,304 $ 79,246 $ 200,334
===================================================================================================================================
See accompanying notes to financial statements.
Notes to
FINANCIAL STATEMENTS (Unaudited)
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
The state funds (the "Funds") covered in this report and their corresponding New
York Stock Exchange symbols are Nuveen Arizona Premium Income Municipal Fund,
Inc. (NAZ), Nuveen Michigan Quality Income Municipal Fund, Inc. (NUM), Nuveen
Michigan Premium Income Municipal Fund, Inc. (NMP), Nuveen Ohio Quality Income
Municipal Fund, Inc. (NUO) and Nuveen Texas Quality Income Municipal Fund (NTX).
Each Fund seeks to provide current income exempt from both regular federal and
designated state income taxes, where applicable, by investing primarily in a
diversified portfolio of municipal obligations issued by state and local
government authorities within a single state. The Funds are registered under the
Investment Company Act of 1940 as closed-end, diversified management investment
companies.
The following is a summary of significant accounting policies followed by the
Funds in the preparation of their financial statements in accordance with
accounting principles generally accepted in the United States.
Securities Valuation
The prices of municipal bonds in each Fund's investment portfolio are provided
by a pricing service approved by the Fund's Board of Directors/Trustees. When
price quotes are not readily available (which is usually the case for municipal
securities), the pricing service establishes fair market value based on yields
or prices of municipal bonds of comparable quality, type of issue, coupon,
maturity and rating, indications of value from securities dealers and general
market conditions. Temporary investments in securities that have variable rate
and demand features qualifying them as short-term securities are valued at
amortized cost, which approximates market value.
Securities Transactions
Securities transactions are recorded on a trade date basis. Realized gains and
losses from such transactions are determined on the specific identification
method. Securities purchased or sold on a when-issued or delayed delivery basis
may have extended settlement periods. The securities so purchased are subject to
market fluctuation during this period. The Funds have instructed the custodian
to segregate assets in a separate account with a current value at least equal to
the amount of the when-issued and delayed delivery purchase commitments. At
January 31, 2001, Texas Quality (NTX) had an outstanding when-issued purchase
commitment of $2,407,789. There were no such outstanding purchase commitments in
any of the other Funds.
Investment Income
Interest income is determined on the basis of interest accrued, adjusted for
amortization of premiums and accretion of discounts on long-term debt securities
when required for federal income tax purposes.
Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund
intends to comply with the requirements of the Internal Revenue Code applicable
to regulated investment companies and to distribute all of its net investment
income to its share holders. Therefore, no federal income tax provision is
required. Furthermore, each Fund intends to satisfy conditions which will enable
interest from municipal securities, which is exempt from regular federal and
designated state income taxes, where applicable, to retain such tax-exempt
status when distributed to shareholders of the Funds.
Dividends and Distributions to Shareholders
Tax-exempt net investment income is declared monthly as a dividend and payment
is made or reinvestment is credited to shareholder accounts after month-end. Net
realized capital gains and/or market discount from investment transactions, if
any, are distributed to shareholders not less frequently than annually.
Furthermore, capital gains are distributed only to the extent they exceed
available capital loss carryforwards.
Distributions to shareholders of tax-exempt net investment income, net realized
capital gains and/or market discount are recorded on the ex-dividend date. The
amount and timing of distributions are determined in accordance with federal
income tax regulations, which may differ from accounting principles generally
accepted in the United States. Accordingly, temporary over-distributions as a
result of these differences may occur and will be classified as either
distributions in excess of net investment income, distributions in excess of net
realized gains and/or distributions in excess of net ordinary taxable income
from investment transactions, where applicable.
Preferred Shares
The Funds have issued and outstanding $25,000 stated value Preferred shares.
Each Fund's Preferred shares are issued in one or more Series. The dividend rate
on each Series may change every seven days, as set by the auction agent. The
number of shares outstanding, by Series and in total, for each Fund is as
follows:
ARIZONA MICHIGAN MICHIGAN OHIO TEXAS
PREMIUM QUALITY PREMIUM QUALITY QUALITY
(NAZ) (NUM) (NMP) (NUO) (NTX)
--------------------------------------------------------------------------------
Number of shares:
Series M -- -- 840 680 760
Series Th 1,200 3,200 1,400 1,400 2,000
Series Th2 -- -- -- 1,000 --
Series F -- 560 -- -- --
--------------------------------------------------------------------------------
Total 1,200 3,760 2,240 3,080 2,760
================================================================================
Derivative Financial Instruments
The Funds may invest in certain derivative financial instruments including
futures, forward, swap, and option contracts, and other financial instruments
with similar characteristics. Although the Funds are authorized to invest in
such financial instruments, and may do so in the future, they did not make any
such investments during the six months ended January 31, 2001.
Custodian Fee Credit
Each Fund has an arrangement with the custodian bank whereby certain custodian
fees and expenses are reduced by credits earned on each Fund's cash on deposit
with the bank. Such deposit arrangements are an alternative to overnight
investments.
Use of Estimates
The preparation of financial statements in conformity with accounting principles
generally accepted in the United States requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities at
the date of the financial statements and the reported amounts of increases and
decreases in net assets from operations during the reporting period. Actual
results may differ from those estimates.
Audit Guide
In November 2000, the American Institute of Certified Public Accountants (AICPA)
issued a revised version of the AICPA Audit and Accounting Guide for Investment
Companies (the "Guide"). The Guide is effective for annual financial statements
issued for fiscal years beginning after December 15, 2000. It is not anticipated
that the adoption of the Guide will have a significant effect on the financial
statements.
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
2. FUND SHARES
Transactions in Common shares were as follows:
ARIZONA PREMIUM (NAZ) MICHIGAN QUALITY (NUM)
--------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
1/31/01 7/31/00 1/31/01 7/31/00
--------------------------------------------------------------------------------------------------------------
Common shares issued to shareholders
due to reinvestment of distributions 9,951 23,803 -- 24,984
--------------------------------------------------------------------------------------------------------------
MICHIGAN PREMIUM (NMP) OHIO QUALITY (NUO)
--------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
1/31/01 7/31/00 1/31/01 7/31/00
--------------------------------------------------------------------------------------------------------------
Common shares issued to shareholders
due to reinvestment of distributions -- 7,104 13,518 57,710
--------------------------------------------------------------------------------------------------------------
TEXAS QUALITY (NTX)
--------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED
1/31/01 7/31/00
--------------------------------------------------------------------------------------------------------------
Common shares issued to shareholders
due to reinvestment of distributions -- 4,269
--------------------------------------------------------------------------------------------------------------
3. DISTRIBUTIONS TO COMMON SHAREHOLDERS
The Funds declared Common share dividend distributions from their tax-exempt net
investment income which were paid March 1, 2001, to shareholders of record on
February 15, 2001, as follows:
ARIZONA MICHIGAN MICHIGAN OHIO TEXAS
PREMIUM QUALITY PREMIUM QUALITY QUALITY
(NAZ) (NUM) (NMP) (NUO) (NTX)
--------------------------------------------------------------------------------
Dividend per share $.0680 $.0735 $.0675 $.0750 $.0715
================================================================================
4. SECURITIES TRANSACTIONS
Purchases and sales (including maturities) of investments in long-term municipal
securities and short-term municipal securities during the six months ended
January 31, 2001, were as follows:
ARIZONA MICHIGAN MICHIGAN OHIO TEXAS
PREMIUM QUALITY PREMIUM QUALITY QUALITY
(NAZ) (NUM) (NMP) (NUO) (NTX)
---------------------------------------------------------------------------------------------------------
Purchases:
Long-term municipal securities $13,918,232 $21,801,421 $10,954,884 $9,774,001 $15,340,789
Short-term municipal securities 7,850,000 -- 500,000 6,000,000 7,499,875
Sales and maturities:
Long-term municipal securities 14,347,138 24,610,675 10,847,583 9,450,700 17,422,237
Short-term municipal securities 7,850,000 2,000,000 500,000 4,000,000 7,500,000
=========================================================================================================
At January 31, 2001, the identified cost of investments owned for federal income
tax purposes were as follows:
ARIZONA MICHIGAN MICHIGAN OHIO TEXAS
PREMIUM QUALITY PREMIUM QUALITY QUALITY
(NAZ) (NUM) (NMP) (NUO) (NTX)
--------------------------------------------------------------------------------
$91,047,796 $249,171,283 $160,883,372 $218,585,186 $202,637,576
================================================================================
At July 31, 2000, the Funds' last fiscal year end, the following Funds had
unused capital loss carryforwards available for federal income tax purposes to
be applied against future capital gains, if any. If not applied, the
carryforwards will expire as follows:
ARIZONA MICHIGAN OHIO TEXAS
PREMIUM PREMIUM QUALITY QUALITY
(NAZ) (NMP) (NUO) (NTX)
--------------------------------------------------------------------------------
Expiration year:
2002 $ -- $ -- $ 780,558 $ --
2003 261,670 -- 16,493 --
2004 -- 1,571,409 622,243 --
2005 -- -- -- --
2006 -- -- -- --
2007 -- -- -- --
2008 -- -- 279,929 419,606
--------------------------------------------------------------------------------
Total $261,670 $1,571,409 $1,699,223 $419,606
================================================================================
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
5. UNREALIZED APPRECIATION (DEPRECIATION)
Gross unrealized appreciation and gross unrealized depreciation of investments
for federal income tax purposes at January 31, 2001, were as follows:
ARIZONA MICHIGAN MICHIGAN OHIO TEXAS
PREMIUM QUALITY PREMIUM QUALITY QUALITY
(NAZ) (NUM) (NMP) (NUO) (NTX)
---------------------------------------------------------------------------------------------------------
Gross unrealized:
appreciation $ 4,990,244 $14,825,116 $10,164,423 $10,882,936 $10,576,236
depreciation (1,810,609) (2,199,285) (1,753,642) (1,024,384) (4,190,359)
---------------------------------------------------------------------------------------------------------
Net unrealized appreciation $ 3,179,635 $12,625,831 $ 8,410,781 $ 9,858,552 $ 6,385,877
=========================================================================================================
6. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Under the Funds' investment management agreements with Nuveen Advisory Corp.
(the "Adviser"), a wholly owned subsidiary of The John Nuveen Company, each Fund
pays an annual management fee, payable monthly, at the rates set forth below,
which are based upon the average daily net assets of each Fund as follows:
Average Daily Net Assets Management Fee
--------------------------------------------------------------------------------
For the first $125 million .6500 of 1%
For the next $125 million .6375 of 1
For the next $250 million .6250 of 1
For the next $500 million .6125 of 1
For the next $1 billion .6000 of 1
For net assets over $2 billion .5875 of 1
================================================================================
The fee compensates the Adviser for overall investment advisory and
administrative services and general office facilities. The Funds pay no
compensation directly to those of its Directors/Trustees who are affiliated with
the Adviser or to their officers, all of whom receive remuneration for their
services to the Funds from the Adviser.
7. COMPOSITION OF NET ASSETS
At January 31, 2001, net assets consisted of:
ARIZONA MICHIGAN MICHIGAN
PREMIUM QUALITY PREMIUM
(NAZ) (NUM) (NMP)
---------------------------------------------------------------------------------------------------------
Preferred shares, $25,000 stated value per share,
at liquidation value $30,000,000 $ 94,000,000 $ 56,000,000
Common shares, $.01 par value per share 43,796 115,140 76,956
Paid-in surplus 60,730,947 160,749,491 107,504,120
Balance of undistributed net investment income 103,785 35,061 65,960
Accumulated net realized gain (loss)
from investment transactions 176,517 213,390 (1,169,599)
Net unrealized appreciation of investments 3,223,386 12,802,751 8,569,813
---------------------------------------------------------------------------------------------------------
Net assets $94,278,431 $267,915,833 $171,047,250
=========================================================================================================
Authorized shares:
Common 200,000,000 200,000,000 200,000,000
Preferred 1,000,000 1,000,000 1,000,000
=========================================================================================================
OHIO TEXAS
QUALITY QUALITY
(NUO) (NTX)
---------------------------------------------------------------------------------------------------------
Preferred shares, $25,000 stated value per share,
at liquidation value $ 77,000,000 $ 69,000,000
Common shares, $.01 par value per share 94,899 94,408
Paid-in surplus 143,355,979 133,770,404
Balance of undistributed net investment income 7,262 79,246
Accumulated net realized gain (loss) from investment transactions (2,321,956) (744,846)
Net unrealized appreciation of investments 10,239,458 6,983,204
---------------------------------------------------------------------------------------------------------
Net assets $228,375,642 $209,182,416
=========================================================================================================
Authorized shares:
Common 200,000,000 Unlimited
Preferred 1,000,000 Unlimited
=========================================================================================================
Financial HIGHLIGHTS (Unaudited)
Selected data for a Common share outstanding throughout each period:
Investment Operations Less Distributions
------------------------------------- --------------------------------------------------------
Net Net
Net Investment Investment Capital Capital
Realized/ Income to Income to Gains to Gains to
Beginning Net Unrealized Common Preferred Common Preferred
Net Asset Investment Investment Share- Share- Share- Share-
Value Income Gain (Loss) Total holders holders+ holders holders+ Total
ARIZONA PREMIUM (NAZ)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 7/31:
2001(a) $14.25 $ .54 $ .44 $ .98 $ (.41) $ (.13) $ (.01) $ -- $ (.55)
2000 14.90 1.06 (.61) .45 (.85) (.25) -- -- (1.10)
1999 15.43 1.07 (.55) .52 (.84) (.21) -- -- (1.05)
1998 15.34 1.05 .10 1.15 (.83) (.23) -- -- (1.06)
1997 14.51 1.06 .81 1.87 (.82) (.22) -- -- (1.04)
1996 14.12 1.05 .38 1.43 (.80) (.24) -- -- (1.04)
MICHIGAN QUALITY (NUM)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 7/31:
2001(a) 14.54 .59 .60 1.19 (.44) (.16) (.02) (.01) (.63)
2000 15.20 1.19 (.53) .66 (.92) (.30) (.08) (.02) (1.32)
1999 15.91 1.15 (.63) .52 (.92) (.21) (.06) (.02) (1.21)
1998 15.95 1.17 (.01) 1.16 (.95) (.24) (.01) -- (1.20)
1997 15.28 1.18 .72 1.90 (.95) (.24) (.03) (.01) (1.23)
1996 15.10 1.19 .27 1.46 (.95) (.24) (.07) (.02) (1.28)
MICHIGAN PREMIUM (NMP)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 7/31:
2001(a) 14.24 .53 .73 1.26 (.41) (.14) -- -- (.55)
2000 14.68 1.07 (.41) .66 (.83) (.27) -- -- (1.10)
1999 15.30 1.05 (.64) .41 (.82) (.21) -- -- (1.03)
1998 15.14 1.04 .19 1.23 (.82) (.25) -- -- (1.07)
1997 14.16 1.05 .97 2.02 (.80) (.24) -- -- (1.04)
1996 13.73 1.05 .41 1.46 (.78) (.25) -- -- (1.03)
OHIO QUALITY (NUO)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 7/31:
2001(a) 15.52 .60 .44 1.04 (.46) (.15) -- -- (.61)
2000 16.13 1.21 (.56) .65 (.97) (.29) -- -- (1.26)
1999 16.65 1.21 (.51) .70 (.98) (.24) -- -- (1.22)
1998 16.57 1.22 .09 1.31 (.97) (.26) -- -- (1.23)
1997 15.69 1.23 .88 2.11 (.96) (.27) -- -- (1.23)
1996 15.33 1.23 .35 1.58 (.95) (.27) -- -- (1.22)
TEXAS QUALITY (NTX)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 7/31:
2001(a) 14.26 .57 .61 1.18 (.44) (.15) -- -- (.59)
2000 15.13 1.16 (.74) .42 (.91) (.27) (.09) (.02) (1.29)
1999 15.90 1.16 (.72) .44 (.90) (.22) (.07) (.02) (1.21)
1998 15.86 1.17 .07 1.24 (.93) (.27) -- -- (1.20)
1997 15.06 1.19 .81 2.00 (.94) (.26) -- -- (1.20)
1996 14.91 1.21 .21 1.42 (.95) (.27) (.04)+++ (.01)+++ (1.27)
====================================================================================================================================
Total Returns
------------------------
Offering
Costs and Based
Preferred Ending Based on
Share Net Ending on Net
Underwriting Asset Market Market Asset
Discounts Value Value Value** Value**
ARIZONA PREMIUM (NAZ)
-----------------------------------------------------------------------------------------------------------
Year Ended 7/31:
2001(a) $ -- $14.68 $15.7400 10.65% 6.00%
2000 -- 14.25 14.6250 (8.80) 1.61
1999 -- 14.90 17.0000 8.67 1.92
1998 -- 15.43 16.4375 12.18 6.14
1997 -- 15.34 15.4375 17.81 11.74
1996 -- 14.51 13.8750 7.83 8.48
MICHIGAN QUALITY (NUM)
-----------------------------------------------------------------------------------------------------------
Year Ended 7/31:
2001(a) -- 15.10 15.0800 11.29 7.13
2000 -- 14.54 14.0000 (9.92) 2.51
1999 (.02) 15.20 16.6875 2.18 1.62
1998 -- 15.91 17.3125 10.27 5.97
1997 -- 15.95 16.6250 14.02 11.19
1996 -- 15.28 15.5000 11.32 8.07
MICHIGAN PREMIUM (NMP)
-----------------------------------------------------------------------------------------------------------
Year Ended 7/31:
2001(a) -- 14.95 14.0900 9.71 8.00
2000 -- 14.24 13.2500 (6.16) 2.95
1999 -- 14.68 15.0625 5.95 1.23
1998 -- 15.30 15.0000 13.74 6.62
1997 -- 15.14 13.9375 14.95 12.97
1996 -- 14.16 12.8750 14.00 8.88
OHIO QUALITY (NUO)
-----------------------------------------------------------------------------------------------------------
Year Ended 7/31:
2001(a) -- 15.95 16.9500 4.92 5.81
2000 -- 15.52 16.6250 (1.80) 2.50
1999 -- 16.13 18.0000 5.09 2.74
1998 -- 16.65 18.0625 10.14 6.53
1997 -- 16.57 17.3125 14.70 12.14
1996 -- 15.69 16.0000 12.39 8.68
TEXAS QUALITY (NTX)
-----------------------------------------------------------------------------------------------------------
Year Ended 7/31:
2001(a) -- 14.85 14.5700 16.33 7.29
2000 -- 14.26 12.9375 (7.93) 1.15
1999 -- 15.13 15.1875 2.97 1.21
1998 -- 15.90 15.6875 6.45 6.27
1997 -- 15.86 15.6250 11.76 11.93
1996 -- 15.06 14.8750 14.60 7.72
===========================================================================================================
Ratios/Supplemental Data
---------------------------------------------------------------------------------
Before Credit
------------------------------------------------------------------
Ratio of Net Ratio of Net
Ratio of Investment Ratio of Investment
Expenses Income to Expenses Income to
to Average Average to Average Average
Ending Net Assets Net Assets Total Total
Net Applicable Applicable Net Assets Net Assets
Assets to Common to Common Including Including
(000) Shares++ Shares++ Preferred++ Preferred++
ARIZONA PREMIUM (NAZ)
-------------------------------------------------------------------------------------------------------------
Year Ended 7/31:
2001(a) $ 94,278 1.31%* 7.37%* .89%* 5.00%*
2000 92,287 1.26 7.58 .85 5.09
1999 94,775 1.29 6.88 .89 4.75
1998 96,546 1.28 6.85 .88 4.71
1997 95,731 1.29 7.18 .87 4.86
1996 92,095 1.33 7.22 .90 4.88
MICHIGAN QUALITY (NUM)
-------------------------------------------------------------------------------------------------------------
Year Ended 7/31:
2001(a) 267,916 1.30* 7.92* .83* 5.10*
2000 261,429 1.29 8.29 .82 5.28
1999 268,591 1.19 7.28 .82 5.02
1998 261,259 1.19 7.35 .82 5.09
1997 260,247 1.21 7.64 .83 5.23
1996 251,033 1.21 7.77 .83 5.29
MICHIGAN PREMIUM (NMP)
-------------------------------------------------------------------------------------------------------------
Year Ended 7/31:
2001(a) 171,047 1.30* 7.27* .87* 4.84*
2000 165,565 1.29 7.73 .85 5.07
1999 168,851 1.29 6.82 .87 4.62
1998 173,451 1.29 6.87 .87 4.64
1997 172,275 1.29 7.27 .86 4.83
1996 164,688 1.32 7.38 .87 4.87
OHIO QUALITY (NUO)
-------------------------------------------------------------------------------------------------------------
Year Ended 7/31:
2001(a) 228,376 1.32* 7.61* .87* 5.01*
2000 224,045 1.31 7.88 .85 5.15
1999 228,961 1.26 7.26 .84 4.87
1998 232,940 1.29 7.37 .86 4.92
1997 231,232 1.30 7.73 .85 5.08
1996 222,151 1.32 7.79 .87 5.09
TEXAS QUALITY (NTX)
-------------------------------------------------------------------------------------------------------------
Year Ended 7/31:
2001(a) 209,182 1.28* 7.85* .85* 5.22*
2000 203,637 1.27 8.18 .84 5.39
1999 211,784 1.23 7.31 .84 5.00
1998 218,669 1.22 7.40 .83 5.06
1997 217,999 1.22 7.81 .83 5.27
1996 210,423 1.23 7.95 .83 5.36
=============================================================================================================
Ratios/Supplemental Data
--------------------------------------------------------------------- Municipal Auction Rate Cumulative
After Credit*** Preferred Stock at End of Period
----------------------------------------------------------- -----------------------------------
Ratio of Net Ratio of Net
Ratio of Investment Ratio of Investment
Expenses Income to Expenses Income to
to Average Average to Average Average
Net Assets Net Assets Total Total Aggregate Liquidation
Applicable Applicable Net Assets Net Assets Portfolio Amount and Market Asset
to Common to Common Including Including Turnover Outstanding Value Coverage
Shares++ Shares++ Preferred++ Preferred++ Rate (000) Per Share Per Share
ARIZONA PREMIUM (NAZ)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 7/31:
2001(a) 1.30%* 7.38%* .88%* 5.00%* 15% $ 30,000 $ 25,000 $ 78,565
2000 1.25 7.59 .84 5.10 33 30,000 25,000 76,906
1999 1.29 6.88 .89 4.75 6 30,000 25,000 78,979
1998 1.28 6.85 .88 4.71 17 30,000 25,000 80,455
1997 1.29 7.18 .87 4.86 11 30,000 25,000 79,776
1996 1.33 7.22 .90 4.88 15 30,000 25,000 76,745
MICHIGAN QUALITY (NUM)
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Year Ended 7/31:
2001(a) 1.28* 7.94* .83* 5.11* 8 94,000 25,000 71,254
2000 1.27 8.31 .81 5.29 25 94,000 25,000 69,529
1999 1.19 7.28 .82 5.03 21 94,000 25,000 71,434
1998 1.19 7.35 .82 5.09 8 80,000 25,000 81,644
1997 1.21 7.64 .83 5.23 11 80,000 25,000 81,327
1996 1.21 7.77 .83 5.29 15 80,000 25,000 78,448
MICHIGAN PREMIUM (NMP)
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Year Ended 7/31:
2001(a) 1.30* 7.28* .86* 4.85* 7 56,000 25,000 76,360
2000 1.28 7.74 .84 5.08 34 56,000 25,000 73,913
1999 1.28 6.83 .87 4.63 9 56,000 25,000 75,380
1998 1.29 6.87 .87 4.64 6 56,000 25,000 77,433
1997 1.29 7.27 .86 4.83 4 56,000 25,000 76,908
1996 1.32 7.38 .87 4.87 17 56,000 25,000 73,521
OHIO QUALITY (NUO)
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Year Ended 7/31:
2001(a) 1.31* 7.62* .86* 5.02* 4 77,000 25,000 74,148
2000 1.29 7.89 .84 5.16 11 77,000 25,000 72,742
1999 1.25 7.27 .84 4.88 3 77,000 25,000 74,338
1998 1.29 7.37 .86 4.92 9 77,000 25,000 75,630
1997 1.30 7.73 .85 5.08 25 77,000 25,000 75,075
1996 1.32 7.79 .87 5.09 19 77,000 25,000 72,127
TEXAS QUALITY (NTX)
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Year Ended 7/31:
2001(a) 1.27* 7.86* .84* 5.23* 8 69,000 25,000 75,791
2000 1.26 8.19 .83 5.40 32 69,000 25,000 73,782
1999 1.23 7.32 .84 5.00 19 69,000 25,000 76,733
1998 1.22 7.40 .83 5.06 17 69,000 25,000 79,228
1997 1.22 7.81 .83 5.27 13 69,000 25,000 78,985
1996 1.23 7.95 .83 5.36 17 69,000 25,000 76,240
====================================================================================================================================
* Annualized.
** Total Investment Return on Market Value is the combination of reinvested
dividend income, reinvested capital gains distributions, if any, and
changes in stock price per share. Total Return on Net Asset Value is the
combination of reinvested dividend income, reinvested capital gains
distributions, if any, and changes in net asset value per share. Total
returns are not annualized.
*** After custodian fee credit, where applicable.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Preferred
shareholders; income ratios reflect income earned on assets attributable to
Preferred shares.
+++ The amounts shown include distributions in excess of capital gains of $.008
for Common shareholders and $.002 for Preferred shareholders.
(a) For the six months ended January 31, 2001.
See accompanying notes to financial statements.
Build Your Wealth
AUTOMATICALLY
NUVEEN EXCHANGE-TRADED FUNDS DIVIDEND REINVESTMENT PLAN
Your Nuveen Exchange-Traded Fund allows you to conveniently reinvest dividends
and/or capital gains distributions in additional fund shares.
By choosing to reinvest, you'll be able to invest money regularly and
automatically, and watch your investment grow through the power of tax-free
compounding. Just like dividends or distributions in cash, there may be times
when income or capital gains taxes may be payable on dividends or distributions
that are reinvested.
It is important to note that an automatic reinvestment plan does not ensure a
profit, nor does it protect you against loss in a declining market.
EASY AND CONVENIENT
To make recordkeeping easy and convenient, each month you'll receive a statement
showing your total dividends and distributions, the date of investment, the
shares acquired and the price per share, and the total number of shares you own.
HOW SHARES ARE PURCHASED
The shares you acquire by reinvesting will either be purchased on the open
market or newly issued by the Fund. If the shares are trading at or above net
asset value at the time of valuation, the Fund will issue new shares at the
then-current market price. If the shares are trading at less than net asset
value, shares for your account will be purchased on the open market. Dividends
and distributions received to purchase shares in the open market will normally
be invested shortly after the dividend payment date. No interest will be paid on
dividends and distributions awaiting reinvestment. Because the market price of
shares may increase before purchases are completed, the average purchase price
per share may exceed the market price at the time of valuation, resulting in the
acquisition of fewer shares than if the dividend or distribution had been paid
in shares issued by the Fund. A pro rata portion of any applicable brokerage
commissions on open market purchases will be paid by Plan participants. These
commissions usually will be lower than those charged on individual transactions.
FLEXIBILITY
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.
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.
Sidebar text: NUVEEN MAKES REINVESTING EASY. A PHONE CALL IS ALL IT TAKES TO SET
UP YOUR REINVESTMENT ACCOUNT.
Fund
INFORMATION
BOARD OF DIRECTORS/TRUSTEES
Robert P. Bremner
Lawrence H. Brown
Anne E. Impellizzeri
Peter R. Sawers
William J. Schneider
Timothy R. Schwertfeger
Judith M. Stockdale
FUND MANAGER
Nuveen Advisory Corp.
333 West Wacker Drive
Chicago, IL 60606
CUSTODIAN, TRANSFER AGENT
AND SHAREHOLDER SERVICES
The Chase Manhattan Bank
4 New York Plaza
New York, NY 10004-2413
(800) 257-8787
LEGAL COUNSEL
Morgan, Lewis &
Bockius LLP
Washington, D.C.
INDEPENDENT AUDITORS
Ernst & Young LLP
Chicago, IL
Each Fund intends to repurchase shares of its own common or preferred stock in
the future at such times and in such amounts as is deemed advisable. No shares
were repurchased during the 6-month period ended January 31, 2001. Any future
repurchases will be reported to shareholders in the next annual or semiannual
report.
Serving Investors
FOR GENERATIONS
PHOTO OF: John Nuveen, Sr.
For over a century, generations of Americans have relied on Nuveen Investments
to help them grow and keep the money they've earned. Financial advisors,
investors and their families have associated Nuveen Investments with quality,
expertise and dependability since 1898. That is why financial advisors have
entrusted the assets of more than 1.3 million investors to Nuveen.
With the know-how that comes from a century of experience, Nuveen continues to
build upon its reputation for quality. Now, financial advisors and investors can
count on Nuveen Investments to help them design customized solutions that meet
the far-reaching financial goals unique to family wealth strategies - solutions
that can translate into legacies.
To find out more about how Nuveen Investments' products and services can help
you preserve your financial security, talk with your financial advisor, or call
us at (800) 257-8787 for more information, including a prospectus where
applicable. Please read that information carefully before you invest.
Invest well.
Look ahead.
LEAVE YOUR MARK.(SM)
LOGO: NUVEEN Investments
Nuveen Investments o 333 West Wacker Drive FSA-1-1-01
Chicago, IL 60606 o www.nuveen.com