UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21449
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Nuveen Municipal High Income Opportunity Fund
------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
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(Address of principal executive offices) (Zip code)
Jessica R. Droeger
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
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(Name and address of agent for service)
Registrant's telephone number, including area code: (312) 917-7700
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Date of fiscal year end: October 31
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Date of reporting period: April 30, 2006
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Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
SEMIANNUAL REPORT April 30, 2006
Nuveen Investments
Municipal Exchange-Traded
Closed-End Funds
NUVEEN INVESTMENT
QUALITY MUNICIPAL
FUND, INC.
NQM
NUVEEN SELECT
QUALITY MUNICIPAL
FUND, INC.
NQS
NUVEEN QUALITY
INCOME MUNICIPAL
FUND, INC.
NQU
NUVEEN PREMIER
MUNICIPAL INCOME
FUND, INC.
NPF
NUVEEN MUNICIPAL
HIGH INCOME
OPPORTUNITY FUND
NMZ
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LOGO: NUVEEN INVESTMENTS.
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Timothy R. Schwertfeger
Chairman of the Board
Chairman's
LETTER TO SHAREHOLDERS
callout:
"PORTFOLIO DIVERSIFICATION IS A RECOGNIZED WAY TO TRY TO REDUCE SOME OF THE RISK
THAT COMES WITH INVESTING."
Once again, I am pleased to report that over the six-month period covered by
this report your Fund continued to provide you with attractive monthly tax-free
income. For more details about the management strategy and performance of your
Fund, please read the Portfolio Managers' Comments, the Dividend and Share Price
Information, and the Performance Overview sections of this report.
Municipal bonds can be an important building block in a well balanced investment
portfolio. In addition to providing attractive tax-free monthly income, a
municipal bond investment like your Fund may help you achieve and benefit from
greater portfolio diversification. Portfolio diversification is a recognized way
to try to reduce some of the risk that comes with investing. I encourage you to
contact your personal financial advisor who may help explain this important
investment strategy.
Nuveen Investments is pleased to offer you choices when it comes to receiving
your fund reports. In addition to mailed print copies, you can also sign up to
receive future Fund reports and other Fund information by e-mail and the
Internet. Not only will you receive the information faster, but this also may
help lower your Fund's expenses. The inside front cover of this report contains
information on how you can sign up.
We are grateful that you have chosen us as a partner as you pursue your
financial goals, and we look forward to continuing to earn your trust in the
months and years ahead. At Nuveen Investments, our mission continues to be to
assist you and your financial advisor by offering investment services and
products that can help you to secure your financial objectives.
Sincerely,
/s/Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
June 12, 2006
Nuveen Investments Municipal Exchange-Traded Closed-End Funds
NQM, NQS, NQU, NPF, NMZ
Portfolio Managers'
COMMENTS
Portfolio managers Dan Solender, Tom Spalding, and John Miller review key
investment strategies and the six-month performance of these five Funds. With 19
years of investment experience, Dan has managed NQM and NPF since 2003. A
29-year veteran of Nuveen, Tom has managed NQS and NQU since 2003. John, who has
13 years of municipal market experience, assumed portfolio management
responsibility for NMZ at its inception in 2003.
WHAT KEY STRATEGIES WERE USED TO MANAGE THESE FUNDS DURING THE SIX MONTHS ENDED
APRIL 30, 2006?
During this reporting period, we saw a general increase in interest rates,
although rates at the longer end of the yield curve remained more stable than
those at the short end throughout much of the period. Between November 1, 2005
and April 30, 2006, the Federal Reserve implemented four increases of 0.25% each
in the fed funds rate, raising this short-term target by 100 basis points--from
3.75% to 4.75%. (On May 10, 2006, the fed funds rate was increased by another 25
basis points to 5%, marking the Fed's 16th consecutive quarter-point hike since
June 2004.) In contrast, the yield on the benchmark 10-year U.S. Treasury note
ended April 2006 at 5.06%, up from 4.55% six months earlier, while the yield on
the Bond Buyer 25 Revenue Bond Index, a widely followed measure of longer-term
municipal market rates, was 5.22% at the end of April 2006, an increase of just
two basis points from the beginning of November 2005. As interest rates
increased, bond valuations generally declined, and the yield curve flattened as
short-term rates approached the levels of longer-term rates.
In this environment, one of our key strategies continued to be careful duration1
management. Depending on the differing duration needs of the Funds, our purchase
activity during this period targeted attractively priced bonds maturing in 15 to
20 years for NQM and NPF and 20 years and longer for NQS and NQU. We believed
that bonds these parts of the curve generally offered better value and reward
opportunities more commensurate with their risk levels. As the yield curve
continued to flatten, we started to see more opportunities to add value at the
longer end of the curve, and we began to move more of our purchases into the
20-year and longer range. In NMZ, our focus was on bonds maturing in 20 to 30
years that we believed could generate strong total returns through a combination
of yield and the potential for credit improvement. The longer durations of the
bonds we added to all of the Funds' portfolios enabled us to maintain the Funds'
durations within our preferred strategic range and contributed to their
performance for the period.
1 Duration is a measure of a bond's price sensitivity as interest rates change,
with longer duration bonds displaying more sensitivity to these changes than
bonds with shorter durations.
4
In NQM and NPF, we were selectively selling holdings with shorter durations and
reinvesting further out on the yield curve, which also helped to improve the
Funds' overall call protection. As yields rose during this period, we also found
some opportunities to sell a few of NQM's and NPF's holdings that had been
purchased when yields were lower. We then replaced these holdings with similar,
newer bonds that yielded comparatively more because they were being issued in a
higher interest rate environment. This process allowed us to maintain these
Funds' current portfolio characteristics while strengthening their income
streams. It also enabled us to realize some capital losses that can be used to
offset any capital gains realized in 2006 or carried forward to offset future
realized gains. In NQS, NQU, and NMZ, most of the cash we redeployed during this
period came from called or matured holdings and, in NMZ, sinking fund payments.
In looking for potential purchase candidates, we kept an opportunistic eye
toward all types of issuance that we believed could add value to the Funds'
portfolios and keep the Funds well diversified geographically. Overall,
portfolio activity was relatively light during this period. This was due in part
to the fact that, in general, these Funds entered the reporting period fully
invested and with routine call exposure. Another factor was the 5.5% decline in
municipal supply during this six-month period compared with the same period 12
months earlier (November 2004-April 2005). The decrease in supply was even more
evident during the first four months of 2006, when new issuance dropped almost
25% from the levels of January-April 2005. At the same time, demand for
municipal bonds continued to be diverse and broad-based, with retail investors,
property and casualty insurance companies, and third-party investors--such as
hedge funds and arbitrage accounts--all participating in the market.
In general, much of the new supply was highly rated and/or insured, and the
majority of our new purchases in NQM, NQS, NQU, and NPF during this time were
higher-rated credits. While we continued to emphasize maintaining the Funds'
weightings of bonds rated BBB or lower and nonrated bonds, tighter supply meant
fewer opportunities to find additional lower-rated issues that we believed
represented value for shareholders. In NQM and NPF, however, we did continue to
make some progress in adding to the Funds' weightings of bonds rated BBB,
purchasing higher-yielding credits that could potentially help to support the
Funds' income streams. In NQS and NQU, one of the few lower credit
5
quality areas where we found opportunities to add value was the tobacco sector,
and we purchased selected tobacco issues to maintain the Funds' exposure to this
sector.
Given the tight spreads in all parts of the municipal market, NQM and NPF also
continued to purchase paper issued in specialty states such as California and
New York when we found attractively priced opportunities. Because of the
relatively higher tax levels in many of these specialty states, municipal bonds
issued in these states are generally in great demand by retail investors, which
helps to support their value. They also provide additional liquidity, making it
easier for us to execute trades as part of implementing our strategies.
NMZ was established as a high-yield Fund that can invest up to 50% of its
portfolio in subinvestment-grade quality securities. During the past six months,
the enormous demand for high-yield paper--and the outperformance of the
high-yield sector of the market--created an environment that enabled us to focus
our efforts on security selection, targeting bonds that we believed demonstrated
the potential for strengthening credit quality. Because the majority of our
purchases for NMZ were at the longer end of the yield curve, which remained
relatively stable during this period, interest rate movements did not have a
major impact on the management of this Fund during this period. Our preferred
areas of the market during this time included healthcare, especially situations
that we considered to be good candidates for return to investment-grade status;
power plants; and industrial development/resource recovery bonds. Examples of
the types of healthcare credits added to NMZ's portfolio during this period
include Ba2 rated bonds issued by New York Dormitory Authority for Lenox Hill
Hospital as well as bonds issued for Hills and Dales General Hospital in
Michigan and Okeene Municipal Hospital in Oklahoma. These two facilities were
designated as critical access hospitals (rural community hospitals located at
least 35 miles from another facility), which improved their Medicare and
Medicaid reimbursement rates. We also purchased several power plant credits,
including Midland Cogeneration Venture in Michigan and Pioneer Valley in
Massachusetts. Another new name in our portfolio included small exposures to
industrial development bonds issued for Ford Motor Company, which were purchased
at very high yields due to the current financial situation of this company.
6
HOW DID THE FUNDS PERFORM?
Individual results for these Funds, as well as for relevant benchmarks and peer
groups, are presented in the accompanying table.
TOTAL RETURNS ON NET ASSET VALUE*
For periods ended 4/30/06
6-MONTH 1-YEAR 5-YEAR 10-YEAR
--------------------------------------------------------------------------------
NQM 1.99% 2.85% 6.94% 6.58%
--------------------------------------------------------------------------------
NQS 1.77% 3.21% 7.40% 6.92%
--------------------------------------------------------------------------------
NQU 1.84% 2.72% 7.10% 6.59%
--------------------------------------------------------------------------------
NPF 1.72% 1.64% 6.98% 6.49%
--------------------------------------------------------------------------------
Lehman Brothers
Municipal
Bond Index2 1.56% 2.16% 5.40% 5.90%
--------------------------------------------------------------------------------
Lipper General
Leveraged
Municipal Debt
Funds Average3 2.60% 3.86% 7.34% 6.68%
--------------------------------------------------------------------------------
NMZ 4.10% 8.37% NA NA
--------------------------------------------------------------------------------
Lehman Brothers
High-Yield
Municipal
Bond Index2 5.22% 7.46% -- --
--------------------------------------------------------------------------------
Lipper High-Yield
Municipal Debt
Funds Average3 4.19% 6.78% -- --
--------------------------------------------------------------------------------
*Six-month returns are cumulative; returns for one year, five years, and ten
years are annualized.
Past performance is not predictive of future results. Current performance may be
higher or lower than the data shown. Returns do not reflect the deduction of
taxes that shareholders may have to pay on Fund distributions or upon the sale
of Fund shares.
For additional information, see the individual Performance Overview for your
Fund in this report.
For the six months ended April 30, 2006, the cumulative returns on net asset
value (NAV) for NQM, NQS, NQU, and NPF exceeded the return on their Lehman
Brothers municipal benchmark. Each of these four Funds underperformed the
average return for their Lipper peer group for this period. During the same time
period, NMZ underperformed the Lehman High-Yield municipal index and performed
in line with the Lipper High-Yield peer group. We should note that the Lehman
High-Yield index is more aggressively positioned than NMZ, with 100% of the
index's bonds rated below investment grade. This compares with NMZ's maximum of
50% subinvestment-grade holdings. This difference was an important factor in the
relative performances of the index and NMZ during this period, when
subinvestment-grade credits outperformed other quality sectors.
2 The Lehman Brothers Municipal Bond Index is an unleveraged, unmanaged national
index comprising a broad range of investment-grade municipal bonds. The Lehman
Brothers High-Yield Municipal Bond Index is an unleveraged, unmanaged national
index comprising municipal bonds rated below investment grade (i.e., below Baa
by Moody's Investors Service and below BBB by Standard & Poor's or Fitch
Ratings). Results for the Lehman indexes do not reflect any expenses.
3 The Lipper General Leveraged Municipal Debt Funds category average is
calculated using the returns of all closed-end exchange-traded funds in this
category for each period as follows: 6 months, 56; 1 year, 56; 5 years, 45;
and 10 years, 39. The Lipper High-Yield Municipal Debt Funds category average
is calculated using the returns of all 15 closed-end exchange-traded funds in
this category for the six-month and one-year periods. Fund and Lipper returns
assume reinvestment of dividends.
7
One of the factors that, on balance, benefited the six-month performance of NQM,
NQS, NQU, and NPF relative to that of the unleveraged Lehman Brothers Municipal
Bond Index was the Funds' use of financial leverage. While leveraging can add
volatility to a Fund's NAV and share price, this strategy can also provide
opportunities for additional income and total return for common shareholders.
The benefits of leveraging are tied in part to the short-term rates leveraged
Funds pay their MuniPreferred(R) shareholders. During periods of low short-term
rates, leveraged Funds generally pay lower dividends to their MuniPreferred
shareholders, which can leave more earnings to support common share dividends.
Conversely, when short-term interest rates rise, as they did during this
reporting period, the Funds' borrowing costs also rise, which can impact the
Funds' income streams and total returns. However, as long as short-term yields
are lower than those of the long-term bonds in the Funds' portfolios, the income
received by the common shareholders of leveraged Funds will be higher than it
would be if the Funds were unleveraged. Despite the impact of rising interest
rates on bond valuations, the extra income, or yield advantage, resulting from
leveraging during this period generally remained strong enough to help the
Funds' total returns outperform the return on the Lehman index for this six
months. Over the long term, we believe the use of financial leverage will
continue to work to the benefit of the Funds, as demonstrated by the five-year
and ten-year return performance--both absolute and relative--of the Funds in
this report.
During this reporting period, positive contributors to the Funds' returns
included yield curve and duration positioning; exposure to lower-rated credits,
including airline bonds; and pre-refunding activity.
As the yield curve continued to flatten over the course of this period, yield
curve and duration positioning played important roles in the Funds'
performances. On the whole, shorter maturity bonds were the most impacted by
recent changes in the yield curve. As a result, these bonds generally
underperformed both intermediate and long bonds, with credits having the longest
durations posting the best returns for this period. Yield curve positioning or,
more specifically, greater exposure to those parts of the yield curve that
performed well helped the performances of these Funds during this period.
However, the Funds' holdings of bonds in the shortest part of the curve (with
maturities of six years or less) hampered their performances to a small degree.
8
With bonds rated BBB or lower and nonrated bonds generally outperforming other
credit quality sectors during this period, all of these Funds benefited from
their allocations of lower-quality credits. The performance of this sector was
largely the result of investor demand for the higher yields typically associated
with lower-quality bonds, which drove up their value and kept credit spreads
narrow. As of April 30, 2006, allocations of bonds rated BBB and lower and
nonrated bonds accounted for 12% of NPF, NQM and NQU, and 17% of NQS. In
addition to its 14% holding of bonds rated BBB, NMZ held 22% in bonds rated BB
or lower and 38% in nonrated bonds, some of which Nuveen has determined to be of
investment-grade quality. Overall, conditions in the high-yield market were very
positive during this period, and NMZ's holdings of high-yield credits benefited
the Fund's six-month performance.
Among the lower-rated holdings making contributions to the Funds' cumulative
returns for this period were healthcare bonds (including hospitals), tobacco
credits backed by the 1998 master tobacco settlement agreement, and airline
bonds.
In addition, NMZ had exposure to subinvestment-grade American and Continental
airline bonds, which performed very well during this period amid some signs of
recovery in the airline industry. These two airlines in particular have been
successful in lowering their cost structures, reducing capacity, and increasing
passenger revenues despite rising energy costs. As a result, NMZ's American and
Continental holdings dominated the top returns in NMZ and the market as a whole.
NMZ also continued to benefit from its holdings of BB- rated Pocahontas Parkway
Association (Virginia) bonds. Transurban Group, Australia's second largest toll
road operator, purchased the rights to manage, operate, and maintain this
highway for 99 years. As part of the purchase agreement, Transurban is required
to build an extension linking the parkway with Richmond's airport and pay off
all existing debt. We believe this could make the Pocahontas bonds ideal
candidates for advance refundings.4
4 Advance refundings, also known as pre-refundings or refinancings, occur when
an issuer sells new bonds and uses the proceeds to fund principal and interest
payments of older existing bonds. This process often results in lower
borrowing costs for bond issuers.
9
We continued to see a number of advance refundings during this period, which
benefited the Funds through price appreciation and enhanced credit quality.
However, as the yield curve flattened, more lower coupon bonds were being
pre-refunded, which meant that, in general, the positive impact from
refinancings was less than in the previous reporting period.
While advance refundings generally enhanced total return performance for this
six-month period, the rising interest rate environment--especially at the short
end of the yield curve--meant that the Funds' holdings of older, previously
pre-refunded bonds tended to underperform the general municipal market, due
primarily to the shorter effective maturities of these bonds. Because these
pre-refunded bonds tended to produce strong income, we continued to hold them in
our portfolios.
HOW WERE THE FUNDS POSITIONED IN TERMS OF CREDIT QUALITY AND BOND CALLS AS OF
APRIL 30, 2006?
Even though lower-rated credits continued to perform well during this period, we
believed that maintaining strong credit quality was an important requirement. As
of April 30, 2006, NQM, NQS, NQU, and NPF continued to offer excellent credit
quality, with allocations of bonds rated AAA/U.S. guaranteed and AA ranging from
72% in NPF, 77% in NQM, and 79% in NQS to 82% in NQU. NMZ's portfolio held a 14%
allocation to bonds rated AAA/U.S. guaranteed and AA.
At the end of April 2006, potential call exposure for the period May 2006
through the end of 2007 ranged from 5% in NPF, 7% in NMZ and NQU, and 10% in NQM
to 17% in NQS. In NQS in particular, we continued to watch the market for
opportunities to reinvest proceeds from bonds with shorter call dates into bonds
with maturities of at least 15 years. The number of actual bond calls in all of
these Funds depends largely on future market interest rates.
10
Dividend and Share Price
INFORMATION
As previously noted, all of the Funds in this report use leverage to potentially
enhance opportunities for additional income for common shareholders. During
periods of rising short-term interest rates, as was the case during this
reporting period, the Funds' borrowing costs also rise, reducing the extent of
the benefits of leveraging. This resulted in one monthly dividend reduction in
NQM and NQS and two in NPF over the six-month period ended April 30, 2006. The
dividends of NQU and NMZ remained stable throughout this reporting period.
Due to capital gains generated by normal portfolio activity, common shareholders
of NQM received a long-term capital gains distribution of $0.1434 per share and
a net ordinary income distribution of $0.0019 at the end of December 2005. These
distributions, which represented an important part of NQM's total return for
this period, were generated by bond calls or by sales of appreciated securities.
This had a slight negative impact on the Fund's earning power per common share
and was a minor factor in the common share dividend reduction noted above.
All of the Funds in this report seek to pay stable dividends at rates that
reflect each Fund's past results and projected future performance. During
certain periods, each Fund may pay dividends at a rate that may be more or less
than the amount of net investment income actually earned by the Fund during the
period. If a Fund has cumulatively earned more than it has paid in dividends, it
holds the excess in reserve as undistributed net investment income (UNII) as
part of the Fund's NAV. Conversely, if a Fund has cumulatively paid dividends in
excess of its earnings, the excess constitutes negative UNII that is likewise
reflected in the Fund's NAV. Each Fund will, over time, pay all of its net
investment income as dividends to shareholders. As of April 30, 2006, all of the
Funds in this report except NPF had a positive UNII balance for financial
statement purposes and a positive UNIIbalance, based upon our best estimate, for
tax purposes. NPF had a negative UNII balance for financial statement purposes
and a positive UNII balance, based upon our best estimate, for tax purposes.
At the end of the reporting period, the Funds' share prices were trading at
premiums or discounts to their NAVs as shown in the accompanying chart:
4/30/06 6-MONTH AVERAGE
PREMIUM/DISCOUNT PREMIUM/DISCOUNT
--------------------------------------------------------------------------------
NQM -3.35% -4.68%
--------------------------------------------------------------------------------
NQS -1.51% -2.27%
--------------------------------------------------------------------------------
NQU -0.60% -4.63%
--------------------------------------------------------------------------------
NPF -9.87% -10.26%
--------------------------------------------------------------------------------
NMZ +9.13% +5.66%
--------------------------------------------------------------------------------
11
Nuveen Investment Quality Municipal Fund, Inc.
NQM
Performance
OVERVIEW As of April 30, 2006
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
AAA/U.S. Guaranteed 71%
AA 6%
A 11%
BBB 10%
N/R 2%
Bar Chart:
2005-2006 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
May $0.081
Jun 0.077
Jul 0.077
Aug 0.077
Sep 0.0735
Oct 0.0735
Nov 0.0735
Dec 0.0735
Jan 0.0735
Feb 0.0735
Mar 0.07
Apr 0.07
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
5/1/05 $14.78
14.7
14.78
14.79
14.7
14.76
14.87
14.82
14.82
14.84
14.85
14.84
14.88
14.89
14.86
14.91
14.94
14.95
14.94
15.05
15.11
15.1
15.13
15.2
15.1
15.16
15.13
15.1
15.13
14.98
15.06
15.02
15.16
15.15
15.14
15.04
15.08
15.15
15.15
15.19
15.21
15.25
15.21
15.18
15.22
15.26
15.32
15.4
15.36
15.4
15.4
15.44
15.34
15.22
15.29
15.36
15.26
15.33
15.29
15.39
15.39
15.4
15.36
15.36
15.36
15.36
15.39
15.4
15.29
15.07
15.13
15.15
15.11
15.15
15.1
15.14
15.14
15.11
15.2
15.24
15.25
15.31
15.34
15.37
15.4
15.42
15.38
15.51
15.55
15.53
15.47
15.48
15.52
15.42
15.44
15.29
15.21
15.18
15.1
15.14
15.13
15.07
14.96
14.9
14.75
14.9
14.9
14.9
14.9
15.01
14.99
14.92
14.93
14.92
14.92
14.74
14.48
14.52
14.44
14.38
14.3
14.31
14.42
14.45
14.46
14.38
14.45
14.41
14.45
14.46
14.49
14.42
14.43
14.5
14.44
14.4
14.19
14.15
14.06
14.03
14.14
14.07
14.02
14.08
14.08
14.01
14.03
14.21
14.19
14.17
14.26
14.28
14.17
14.21
14.29
14.33
14.34
14.31
14.14
14.01
14
13.99
14.03
14.02
13.98
14.06
14.23
14.33
14.28
14.4
14.6
14.6
14.6
14.79
15
14.92
14.89
14.88
14.94
14.98
14.95
14.88
14.98
15.05
15.07
15.08
15.15
15.07
15.08
15.1
15.06
15.12
15.03
15
14.96
14.95
15.07
15
15.01
15.09
15.05
15.03
15.08
15.09
15.1
15.07
15.19
15.18
15.19
15.28
15.3
15.3
15.12
14.98
14.83
14.72
14.83
14.96
14.96
14.97
15.03
15.1
15.19
15.27
15.32
15.35
15.42
15.48
15.32
15.27
15.21
15.33
15.2
15.16
15.23
15.25
15.11
15.13
15.06
15
14.92
14.9
14.87
14.7
14.73
14.73
14.68
14.7
14.68
14.69
14.73
14.7
14.71
4/30/06 14.71
1 Taxable-Equivalent Yield represents the yield that must be earned on a fully
taxable investment in order to equal the yield of the Fund on an after-tax
basis. It is based on a federal income tax rate of 28%. When comparing this
Fund to investments that generate qualified dividend income, the
Taxable-Equivalent Yield is lower.
2 The Fund paid shareholders capital gains and net ordinary income distributions
in December 2005 of $0.1453 per share.
FUND SNAPSHOT
------------------------------------
Common Share Price $14.71
------------------------------------
Common Share Net Asset Value $15.22
------------------------------------
Premium/(Discount) to NAV -3.35%
------------------------------------
Market Yield 5.71%
------------------------------------
Taxable-Equivalent Yield1 7.93%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $544,165
------------------------------------
Average Effective Maturity on
Securities (Years) 15.43
------------------------------------
Leverage-Adjusted Duration 9.30
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 6/21/90)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) 5.84% 1.99%
------------------------------------
1-Year 6.52% 2.85%
------------------------------------
5-Year 7.94% 6.94%
------------------------------------
10-Year 6.64% 6.58%
------------------------------------
STATES
(as a % of total investments)
------------------------------------
California 13.1%
------------------------------------
New York 11.5%
------------------------------------
Texas 9.1%
------------------------------------
Illinois 5.8%
------------------------------------
Washington 5.7%
------------------------------------
Minnesota 4.9%
------------------------------------
District of Columbia 4.1%
------------------------------------
Georgia 3.9%
------------------------------------
Rhode Island 3.7%
------------------------------------
Colorado 3.3%
------------------------------------
Nevada 3.3%
------------------------------------
North Carolina 3.1%
------------------------------------
Louisiana 2.4%
------------------------------------
Michigan 2.4%
------------------------------------
Massachusetts 2.1%
------------------------------------
Indiana 2.1%
------------------------------------
Other 19.5%
------------------------------------
INDUSTRIES
(as a % of total investments)
------------------------------------
U.S. Guaranteed 24.5%
------------------------------------
Transportation 13.9%
------------------------------------
Tax Obligation/General 12.7%
------------------------------------
Health Care 12.2%
------------------------------------
Tax Obligation/Limited 11.7%
------------------------------------
Water and Sewer 6.5%
------------------------------------
Housing/Multifamily 4.1%
------------------------------------
Education and Civic
Organizations 4.1%
------------------------------------
Other 10.3%
------------------------------------
12
Nuveen Select Quality Municipal Fund, Inc.
NQS
Performance
OVERVIEW As of April 30, 2006
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
AAA/U.S. Guaranteed 74%
AA 5%
A 4%
BBB 13%
BB or Lower 2%
N/R 2%
Bar Chart:
2005-2006 MONTHLY TAX-FREE DIVIDENDS PER SHARE
May $0.08
Jun 0.08
Jul 0.08
Aug 0.08
Sep 0.077
Oct 0.077
Nov 0.077
Dec 0.077
Jan 0.077
Feb 0.077
Mar 0.073
Apr 0.073
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
5/1/05 $14.58
14.59
14.55
14.56
14.55
14.58
14.65
14.61
14.52
14.51
14.63
14.56
14.69
14.72
14.67
14.65
14.72
14.73
14.84
14.87
14.91
14.92
14.99
14.93
14.99
14.99
15.03
15.03
15.02
14.95
15.02
14.98
15.02
15.09
15.07
15.07
15.09
15.01
15.12
15.08
15.09
15.2
15.27
15.26
15.29
15.28
15.34
15.36
15.45
15.47
15.37
15.37
15.25
15.29
15.35
15.44
15.4
15.41
15.36
15.36
15.45
15.56
15.43
15.43
15.34
15.36
15.4
15.45
15.29
15.1
15.1
15.16
15.14
15.22
15.24
15.32
15.28
15.27
15.34
15.37
15.32
15.36
15.38
15.34
15.33
15.35
15.4
15.49
15.48
15.56
15.59
15.6
15.59
15.56
15.44
15.4
15.41
15.37
15.3
15.29
15.41
15.26
15.15
15.07
15.02
15.12
15.21
15.26
15.18
15.21
15.21
15.21
15.25
15.25
15.35
15.12
14.9
14.85
14.75
14.71
14.66
14.69
14.86
14.9
14.82
14.69
14.82
14.81
14.83
14.96
14.87
14.85
14.82
14.8
14.82
14.85
14.61
14.61
14.55
14.46
14.45
14.47
14.47
14.56
14.47
14.49
14.5
14.6
14.56
14.56
14.63
14.64
14.74
14.69
14.72
14.66
14.75
14.61
14.46
14.38
14.54
14.6
14.54
14.55
14.58
14.6
14.78
14.79
14.89
15.1
15.31
15.31
15.35
15.3
15.4
15.45
15.47
15.5
15.5
15.45
15.36
15.45
15.44
15.43
15.49
15.48
15.44
15.48
15.49
15.48
15.7
15.64
15.66
15.51
15.35
15.33
15.35
15.41
15.6
15.56
15.45
15.5
15.51
15.6
15.53
15.39
15.48
15.64
15.73
15.66
15.57
15.61
15.52
15.4
15.57
15.3
15.29
15.24
15.39
15.55
15.49
15.44
15.63
15.52
15.52
15.41
15.44
15.43
15.44
15.44
15.51
15.52
15.51
15.47
15.5
15.43
15.41
15.25
15.05
14.99
14.89
14.7
14.66
14.64
14.91
14.94
14.92
14.89
14.86
14.89
14.85
14.9
15.05
4/30/06 15.05
1 Taxable-Equivalent Yield represents the yield that must be earned on a fully
taxable investment in order to equal the yield of the Fund on an after-tax
basis. It is based on a federal income tax rate of 28%. When comparing this
Fund to investments that generate qualified dividend income, the
Taxable-Equivalent Yield is lower.
FUND SNAPSHOT
------------------------------------
Common Share Price $15.05
------------------------------------
Common Share Net Asset Value $15.28
------------------------------------
Premium/(Discount) to NAV -1.51%
------------------------------------
Market Yield 5.82%
------------------------------------
Taxable-Equivalent Yield1 8.08%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $518,086
------------------------------------
Average Effective Maturity on
Securities (Years) 15.35
------------------------------------
Leverage-Adjusted Duration 7.45
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 3/21/91)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) 4.54% 1.77%
------------------------------------
1-Year 10.07% 3.21%
------------------------------------
5-Year 8.41% 7.40%
------------------------------------
10-Year 7.16% 6.92%
------------------------------------
STATES
(as a % of total investments)
------------------------------------
Illinois 10.4%
------------------------------------
Texas 9.6%
------------------------------------
New York 9.1%
------------------------------------
Colorado 6.8%
------------------------------------
South Carolina 6.2%
------------------------------------
Michigan 5.7%
------------------------------------
Nevada 4.5%
------------------------------------
Tennessee 4.4%
------------------------------------
New Jersey 4.2%
------------------------------------
New Mexico 3.1%
------------------------------------
Utah 2.8%
------------------------------------
California 2.6%
------------------------------------
Alabama 2.6%
------------------------------------
Washington 2.5%
------------------------------------
North Carolina 2.4%
------------------------------------
Wisconsin 2.1%
------------------------------------
District of Columbia 2.1%
------------------------------------
Other 18.9%
------------------------------------
INDUSTRIES
(as a % of total investments)
------------------------------------
U.S. Guaranteed 28.7%
------------------------------------
Utilities 15.2%
------------------------------------
Transportation 14.1%
------------------------------------
Health Care 10.1%
------------------------------------
Tax Obligation/General 9.1%
------------------------------------
Tax Obligation/Limited 5.3%
------------------------------------
Consumer Staples 5.3%
------------------------------------
Housing/Single Family 5.0%
------------------------------------
Other 7.2%
------------------------------------
13
Nuveen Quality Income Municipal Fund, Inc.
NQU
Performance
OVERVIEW As of April 30, 2006
NQU
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
AAA/U.S. Guaranteed 76%
AA 6%
A 6%
BBB 8%
BB or Lower 3%
N/R 1%
Bar Chart:
2005-2006 MONTHLY TAX-FREE DIVIDENDS PER SHARE
May $0.0775
Jun 0.0735
Jul 0.0735
Aug 0.0735
Sep 0.07
Oct 0.07
Nov 0.07
Dec 0.07
Jan 0.07
Feb 0.07
Mar 0.07
Apr 0.07
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
5/1/05 $14.07
14.18
14.16
14.2
14.12
14.15
14.19
14.12
14.1
14.1
14.18
14.19
14.21
14.24
14.26
14.32
14.37
14.38
14.39
14.39
14.41
14.47
14.43
14.4
14.44
14.47
14.46
14.44
14.43
14.31
14.3
14.24
14.37
14.37
14.28
14.32
14.41
14.42
14.45
14.43
14.4
14.47
14.45
14.45
14.45
14.48
14.5
14.54
14.52
14.55
14.49
14.48
14.49
14.44
14.49
14.45
14.42
14.49
14.46
14.55
14.57
14.55
14.54
14.54
14.5
14.59
14.62
14.64
14.59
14.51
14.52
14.5
14.51
14.81
14.86
14.86
14.85
14.9
14.97
15.06
15.07
15.08
15.08
15.1
15.07
15.06
15.07
15.09
15.12
15.15
15.16
15.2
15.19
15.11
15.03
14.95
14.84
14.78
14.7
14.73
14.76
14.59
14.57
14.52
14.39
14.51
14.54
14.51
14.49
14.55
14.62
14.56
14.51
14.43
14.53
14.32
14.22
14.08
14.14
14.04
14.14
14.13
14.28
14.3
14.29
14.2
14.25
14.3
14.34
14.37
14.41
14.4
14.37
14.46
14.45
14.26
14.11
14.1
13.95
14.04
14.11
14.01
13.97
13.96
13.9
13.83
13.84
13.93
13.83
13.83
13.87
13.88
13.91
13.9
13.91
13.95
13.94
13.96
13.79
13.75
13.79
13.75
13.8
13.82
13.88
14.02
14.17
14.38
14.57
14.55
14.67
14.67
14.57
14.72
14.86
15
15.09
15.09
15.02
15
15.04
15.07
15.02
15.04
15.1
15.2
15.19
15.14
15.13
15.15
15.11
15.2
15.21
15.09
14.97
14.75
14.69
14.76
14.73
14.74
14.7
14.7
14.7
14.76
14.74
14.76
14.78
14.81
14.88
14.84
14.9
14.84
14.84
14.69
14.72
14.64
14.72
14.84
14.81
14.74
14.75
14.73
14.84
14.88
14.74
14.69
14.72
14.73
14.79
14.81
14.9
14.98
14.85
14.86
14.88
14.9
14.82
14.78
14.73
14.72
14.65
14.68
14.74
14.65
14.78
14.75
14.76
14.86
14.84
14.81
14.87
14.92
15.03
4/30/06 15.03
1 Taxable-Equivalent Yield represents the yield that must be earned on a fully
taxable investment in order to equal the yield of the Fund on an after-tax
basis. It is based on a federal income tax rate of 28%. When comparing this
Fund to investments that generate qualified dividend income, the
Taxable-Equivalent Yield is lower.
FUND SNAPSHOT
------------------------------------
Common Share Price $15.03
------------------------------------
Common Share Net Asset Value $15.12
------------------------------------
Premium/(Discount) to NAV -0.60%
------------------------------------
Market Yield 5.59%
------------------------------------
Taxable-Equivalent Yield1 7.76%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $819,615
------------------------------------
Average Effective Maturity on
Securities (Years) 13.83
------------------------------------
Leverage-Adjusted Duration 7.57
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 6/19/91)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) 7.83% 1.84%
------------------------------------
1-Year 13.31% 2.72%
------------------------------------
5-Year 7.54% 7.10%
------------------------------------
10-Year 6.91% 6.59%
------------------------------------
STATES
(as a % of total investments)
------------------------------------
New York 12.5%
------------------------------------
Texas 11.7%
------------------------------------
Illinois 8.9%
------------------------------------
Washington 7.1%
------------------------------------
South Carolina 5.9%
------------------------------------
Massachusetts 5.6%
------------------------------------
California 4.9%
------------------------------------
Nevada 4.9%
------------------------------------
Oklahoma 4.4%
------------------------------------
Colorado 3.8%
------------------------------------
New Jersey 2.8%
------------------------------------
Pennsylvania 2.5%
------------------------------------
Alabama 2.1%
------------------------------------
North Carolina 1.7%
------------------------------------
Indiana 1.6%
------------------------------------
Other 19.6%
------------------------------------
INDUSTRIES
(as a % of total investments)
------------------------------------
U.S. Guaranteed 35.5%
------------------------------------
Tax Obligation/General 13.8%
------------------------------------
Transportation 13.6%
------------------------------------
Water and Sewer 10.8%
------------------------------------
Health Care 8.2%
------------------------------------
Consumer Staples 4.3%
------------------------------------
Tax Obligation/Limited 3.8%
------------------------------------
Other 10.0%
------------------------------------
14
Nuveen Premier Municipal Income Fund, Inc.
NPF
Performance
OVERVIEW As of April 30, 2006
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
AAA/U.S. Guaranteed 57%
AA 15%
A 16%
BBB 11%
N/R 1%
Bar Chart:
2005-2006 MONTHLY TAX-FREE DIVIDENDS PER SHARE
May $0.074
Jun 0.07
Jul 0.07
Aug 0.07
Sep 0.066
Oct 0.066
Nov 0.066
Dec 0.0615
Jan 0.0615
Feb 0.0615
Mar 0.0585
Apr 0.0585
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
5/1/05 $13.71
13.79
13.81
13.83
13.74
13.8
13.88
13.86
13.9
13.92
13.99
13.97
14.05
14.05
14
14.07
14.12
14.12
14.01
14.1
14.09
14.06
14.13
14.15
14.13
14.16
14.24
14.16
14.18
14.12
14.16
13.99
14.08
14.03
14.04
14.05
14.1
14.09
14.09
14.14
14.15
14.17
14.21
14.19
14.13
14.19
14.16
14.23
14.22
14.28
14.21
14.2
14.16
14.2
14.2
14.18
14.18
14.2
14.2
14.22
14.2
14.22
14.27
14.27
14.32
14.33
14.34
14.24
14.08
14.09
14.04
14.05
14.05
14.02
14.01
14.06
14.06
14.05
14
14.03
14.03
14.07
14.11
14.08
14.12
14.13
14.16
14.23
14.23
14.25
14.21
14.23
14.25
14.25
14.19
14.1
13.98
13.97
13.95
13.97
14
13.95
13.89
13.79
13.75
13.91
13.97
14.02
13.89
13.88
13.94
13.86
13.85
13.89
13.89
13.77
13.51
13.56
13.45
13.36
13.38
13.33
13.4
13.49
13.49
13.45
13.52
13.52
13.57
13.6
13.59
13.57
13.5
13.58
13.62
13.45
13.24
13.18
13.08
13.03
13.16
13.25
13.16
13.24
13.22
13.22
13.27
13.35
13.34
13.41
13.34
13.32
13.25
13.3
13.2
13.21
13.19
13.15
13.07
13.13
13.09
13.09
13.09
13.05
13.06
13.05
13.12
13.11
13.12
13.25
13.39
13.39
13.51
13.55
13.66
13.63
13.73
13.71
13.65
13.56
13.58
13.58
13.62
13.69
13.71
13.82
13.83
13.86
13.83
13.74
13.77
13.79
13.7
13.69
13.65
13.69
13.7
13.66
13.7
13.7
13.76
13.77
13.7
13.7
13.77
13.77
13.82
13.82
13.87
13.83
13.81
13.88
13.85
13.69
13.55
13.58
13.6
13.64
13.61
13.55
13.57
13.47
13.58
13.58
13.65
13.54
13.58
13.56
13.58
13.65
13.65
13.63
13.61
13.59
13.55
13.62
13.55
13.44
13.45
13.43
13.32
13.34
13.24
13.29
13.3
13.35
13.27
13.21
13.29
13.23
13.24
13.26
13.33
4/30/06 13.33
1 Taxable-Equivalent Yield represents the yield that must be earned on a fully
taxable investment in order to equal the yield of the Fund on an after-tax
basis. It is based on a federal income tax rate of 28%. When comparing this
Fund to investments that generate qualified dividend income, the
Taxable-Equivalent Yield is lower.
FUND SNAPSHOT
------------------------------------
Common Share Price $13.33
------------------------------------
Common Share Net Asset Value $14.79
------------------------------------
Premium/(Discount) to NAV -9.87%
------------------------------------
Market Yield 5.27%
------------------------------------
Taxable-Equivalent Yield1 7.32%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $297,173
------------------------------------
Average Effective Maturity on
Securities (Years) 15.32
------------------------------------
Leverage-Adjusted Duration 10.03
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 12/19/91)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) 0.92% 1.72%
------------------------------------
1-Year 3.10% 1.64%
------------------------------------
5-Year 4.86% 6.98%
------------------------------------
10-Year 5.77% 6.49%
------------------------------------
STATES
(as a % of total investments)
------------------------------------
New York 15.2%
------------------------------------
California 13.7%
------------------------------------
Illinois 7.1%
------------------------------------
Washington 6.1%
------------------------------------
South Carolina 5.1%
------------------------------------
Texas 3.7%
------------------------------------
Wisconsin 3.3%
------------------------------------
Minnesota 3.2%
------------------------------------
Arizona 3.1%
------------------------------------
Maine 2.9%
------------------------------------
Florida 2.9%
------------------------------------
Georgia 2.7%
------------------------------------
North Carolina 2.6%
------------------------------------
Indiana 2.3%
------------------------------------
New Jersey 1.8%
------------------------------------
Colorado 1.8%
------------------------------------
Rhode Island 1.7%
------------------------------------
Arkansas 1.7%
------------------------------------
Other 19.1%
------------------------------------
INDUSTRIES
(as a % of total investments)
------------------------------------
Utilities 16.3%
------------------------------------
Tax Obligation/General 13.8%
------------------------------------
U.S. Guaranteed 13.6%
------------------------------------
Tax Obligation/Limited 12.1%
------------------------------------
Health Care 11.7%
------------------------------------
Transportation 7.0%
------------------------------------
Education and Civic
Organizations 6.8%
------------------------------------
Water and Sewer 5.8%
------------------------------------
Other 12.9%
------------------------------------
15
Nuveen Municipal High Income Opportunity Fund
NMZ
Performance
OVERVIEW As of April 30, 2006
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
AAA/U.S. Guaranteed 11%
AA 3%
A 12%
BBB 14%
BB or lower 22%
N/R 38%
Bar Chart:
2005-2006 MONTHLY TAX-FREE DIVIDENDS PER SHARE
May $0.089
Jun 0.089
Jul 0.089
Aug 0.089
Sep 0.089
Oct 0.089
Nov 0.089
Dec 0.089
Jan 0.089
Feb 0.089
Mar 0.089
Apr 0.089
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
5/1/05 $15.26
15.37
15.39
15.47
15.47
15.63
15.62
15.44
15.48
15.44
15.44
15.31
15.4
15.36
15.35
15.47
15.33
15.32
15.4
15.39
15.42
15.46
15.56
15.55
15.62
15.64
15.6
15.61
15.63
15.49
15.6
15.63
15.64
15.65
15.67
15.59
15.64
15.68
15.67
15.73
15.73
15.75
15.67
15.75
15.84
15.84
15.94
16
15.97
16
15.97
15.91
15.63
15.42
15.45
15.47
15.5
15.51
15.5
15.8
15.69
15.79
15.77
15.77
15.8
15.89
15.81
15.86
15.84
15.75
15.8
15.8
15.68
15.74
15.78
15.78
15.75
15.73
15.7
15.73
15.84
15.85
15.77
15.79
15.81
15.8
15.96
16.01
16.04
16.03
16.02
16.07
16.18
16.29
16.14
16.05
16.05
15.98
15.95
15.92
15.98
15.95
15.92
15.87
15.8
15.92
15.87
16
16.05
16.02
15.98
16.05
16
16.09
16.18
16
15.78
15.73
15.7
15.68
15.66
15.65
15.85
15.81
15.86
15.88
16
16.02
15.99
16.07
16.02
16.03
16.04
16.03
16.02
16.05
15.91
15.81
15.82
15.74
15.76
15.8
16
15.92
15.98
15.93
15.93
16
15.94
15.91
15.96
16
15.9
15.85
15.9
15.79
15.68
15.52
15.53
15.6
15.65
15.64
15.7
15.72
15.72
15.8
15.8
15.98
16.04
16.12
16.1
16.1
16.11
16.19
16.2
16.23
16.23
16.35
16.29
16.18
16.12
16.29
16.29
16.3
16.44
16.43
16.38
16.26
16.29
16.4
16.48
16.56
16.59
16.74
16.69
16.6
16.62
16.63
16.62
16.71
16.67
16.51
16.5
16.43
16.47
16.42
16.42
16.4
16.39
16.45
16.45
16.5
16.75
16.65
16.47
16.59
16.51
16.52
16.65
16.88
16.65
16.64
16.65
16.71
16.8
16.92
17.08
17.08
16.98
16.96
16.92
16.85
16.98
16.94
17
16.95
16.79
16.74
16.78
16.75
16.64
16.65
16.62
16.51
16.59
16.53
16.48
16.45
16.66
16.73
16.92
16.94
16.86
4/30/06 16.86
1 Taxable-Equivalent Yield represents the yield that must be earned on a fully
taxable investment in order to equal the yield of the Fund on an after-tax
basis. It is based on a federal income tax rate of 28%. When comparing this
Fund to investments that generate qualified dividend income, the
Taxable-Equivalent Yield is lower.
FUND SNAPSHOT
-------------------------------------
Common Share Price $16.86
-------------------------------------
Common Share Net Asset Value $15.45
-------------------------------------
Premium/(Discount) to NAV 9.13%
-------------------------------------
Market Yield 6.33%
-------------------------------------
Taxable-Equivalent Yield1 8.79%
-------------------------------------
Net Assets Applicable to
Common Shares ($000) $359,578
-------------------------------------
Average Effective Maturity on
Securities (Years) 21.17
-------------------------------------
Leverage-Adjusted Duration 8.44
-------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 11/19/03)
-------------------------------------
ON SHARE PRICE ON NAV
-------------------------------------
6-Month
(Cumulative) 8.90% 4.10%
-------------------------------------
1-Year 16.71% 8.37%
-------------------------------------
Since
Inception 12.23% 10.54%
-------------------------------------
STATES
(as a % of total investments)
-------------------------------------
California 12.5%
-------------------------------------
Illinois 7.9%
-------------------------------------
Texas 6.9%
-------------------------------------
Colorado 6.7%
-------------------------------------
Florida 6.6%
-------------------------------------
Louisiana 4.5%
-------------------------------------
Wisconsin 4.0%
-------------------------------------
Michigan 3.8%
-------------------------------------
Pennsylvania 3.5%
-------------------------------------
New York 3.5%
-------------------------------------
Arizona 3.3%
-------------------------------------
Oklahoma 3.2%
-------------------------------------
Virginia 3.0%
-------------------------------------
New Jersey 2.9%
-------------------------------------
Ohio 2.9%
-------------------------------------
Washington 2.5%
-------------------------------------
Indiana 2.5%
-------------------------------------
Other 19.8%
-------------------------------------
INDUSTRIES
(as a % of total investments)
-------------------------------------
Health Care 24.6%
-------------------------------------
Tax Obligation/Limited 19.9%
-------------------------------------
Housing/Multifamily 9.2%
-------------------------------------
Transportation 8.4%
-------------------------------------
Education and Civic
Organizations 6.4%
-------------------------------------
U.S. Guaranteed 6.1%
-------------------------------------
Utilities 5.7%
-------------------------------------
Consumer Staples 4.7%
-------------------------------------
Materials 4.6%
-------------------------------------
Other 10.4%
-------------------------------------
16
Nuveen Investment Quality Municipal Fund, Inc. (NQM)
Portfolio of
INVESTMENTS April 30, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
ALABAMA - 0.6% (0.4% OF TOTAL INVESTMENTS)
$ Birmingham Special Care Facilities Financing Authority,
Alabama, Revenue Bonds, Baptist Health
System Inc., Series 2005A:
1,200 5.250%, 11/15/20 11/15 at 100.00 Baa1 $ 1,225,716
800 5.000%, 11/15/30 11/15 at 100.00 Baa1 780,640
1,250 Courtland Industrial Development Board, Alabama, 6/15 at 100.00 BBB 1,251,300
Pollution Control Revenue Bonds, International Paper
Company, Series 2005A, 5.000%, 6/01/25
------------------------------------------------------------------------------------------------------------------------------------
3,250 Total Alabama 3,257,656
------------------------------------------------------------------------------------------------------------------------------------
ALASKA - 0.8% (0.5% OF TOTAL INVESTMENTS)
4,000 Northern Tobacco Securitization Corporation, Alaska, 6/10 at 100.00 BBB 4,211,000
Tobacco Settlement Asset-Backed Bonds,
Series 2000, 6.500%, 6/01/31
------------------------------------------------------------------------------------------------------------------------------------
ARIZONA - 0.1% (0.1% OF TOTAL INVESTMENTS)
Glendale Industrial Development Authority, Arizona,
Revenue Bonds, John C. Lincoln Health
Network, Series 2005B:
200 5.250%, 12/01/24 12/15 at 100.00 BBB 205,220
265 5.250%, 12/01/25 12/15 at 100.00 BBB 271,917
------------------------------------------------------------------------------------------------------------------------------------
465 Total Arizona 477,137
------------------------------------------------------------------------------------------------------------------------------------
ARKANSAS - 2.4% (1.6% OF TOTAL INVESTMENTS)
1,795 Arkansas Development Finance Authority, Home 7/08 at 101.50 AAA 1,798,805
Mortgage Revenue Bonds, FNMA/GNMA
Mortgage-Backed Securities Program, Series 1998A,
5.150%, 7/01/17
University of Arkansas, Pine Bluff Campus, Revenue
Bonds, Series 2005A:
3,290 5.000%, 12/01/30 - AMBAC Insured 12/15 at 100.00 Aaa 3,397,451
2,000 5.000%, 12/01/35 - AMBAC Insured 12/15 at 100.00 Aaa 2,057,480
Van Buren County, Arkansas, Sales and Use Tax
Revenue Refunding and Construction Bonds,
Series 2000:
1,055 5.600%, 12/01/25 - AMBAC Insured 12/10 at 100.00 Aaa 1,124,219
3,600 5.650%, 12/01/31 - AMBAC Insured 12/10 at 100.00 Aaa 3,846,780
1,000 Washington County, Arkansas, Hospital Revenue Bonds, 2/15 at 100.00 BBB 981,510
Washington Regional Medical Center,
Series 2005B, 5.000%, 2/01/30
------------------------------------------------------------------------------------------------------------------------------------
12,740 Total Arkansas 13,206,245
------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA - 20.1% (13.1% OF TOTAL INVESTMENTS)
3,000 California Educational Facilities Authority, Revenue 10/15 at 100.00 AA+ 3,026,010
Bonds, University of Southern California,
Series 2005, 4.750%, 10/01/28
2,500 California Health Facilities Financing Authority, Revenue 11/15 at 100.00 A3 2,529,275
Bonds, Cedars-Sinai Medical Center, Series 2005,
5.000%, 11/15/27
5,925 California State Public Works Board, Lease Revenue 6/06 at 100.00 Aa2 5,928,318
Refunding Bonds, Various University of California
Projects, Series 1993A, 5.500%, 6/01/21
California Statewide Community Development Authority,
Revenue Bonds, Daughters of Charity
Health System, Series 2005A:
1,000 5.250%, 7/01/30 7/15 at 100.00 BBB+ 1,017,040
1,000 5.000%, 7/01/39 7/15 at 100.00 BBB+ 978,370
10,000 California, General Obligation Bonds, Series 2003, 8/13 at 100.00 A 10,500,400
5.250%, 2/01/25
1,900 Chula Vista, California, Industrial Development Revenue 6/14 at 102.00 A2 1,993,366
Bonds, San Diego Gas and Electric Company,
Series 1996A, 5.300%, 7/01/21
2,675 Commerce Joint Power Financing Authority, California, No Opt. Call AA 2,723,685
Tax Allocation Refunding Bonds, Redevelopment
Projects 2 and 3, Series 2003A, 5.000%, 8/01/28 -
RAAI Insured
17
Nuveen Investment Quality Municipal Fund, Inc. (NQM) (continued)
Portfolio of INVESTMENTS April 30, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA (continued)
$ 9,740 Huntington Park Redevelopment Agency, California, No Opt. Call AAA $ 13,437,986
Single Family Residential Mortgage Revenue
Refunding Bonds, Series 1986A, 8.000%,
12/01/19 (ETM)
5,730 Los Angeles Unified School District, California, General 7/12 at 100.00 AAA 6,028,075
Obligation Bonds, Series 2002E,
5.125%, 7/01/22 - MBIA Insured
1,030 Natomas Union School District, Sacramento County, No Opt. Call AAA 1,189,660
California, General Obligation Refunding
Bonds, Series 1999, 5.950%, 9/01/21 - MBIA Insured
15,770 Ontario Redevelopment Financing Authority, San No Opt. Call AAA 20,975,045
Bernardino County, California, Revenue Refunding
Bonds, Redevelopment Project 1, Series 1995, 7.400%,
8/01/25 - MBIA Insured
13,145 Perris, California, GNMA Mortgage-Backed Securities No Opt. Call AAA 18,323,867
Program Single Family Mortgage Revenue Bonds,
Series 1988B, 8.200%, 9/01/23 (Alternative
Minimum Tax) (ETM)
3,415 Rancho Mirage Joint Powers Financing Authority, 7/14 at 100.00 A3 3,674,916
California, Revenue Bonds, Eisenhower Medical
Center, Series 2004, 5.875%, 7/01/26
5,000 Riverside Unified School District, Riverside County, 2/12 at 101.00 AAA 5,145,400
California, General Obligation Bonds, Series 2002A,
5.000%, 2/01/27 - FGIC Insured
San Diego County, California, Certificates of
Participation, Burnham Institute, Series 2006:
250 5.000%, 9/01/21 9/15 at 102.00 Baa3 251,123
275 5.000%, 9/01/23 9/15 at 102.00 Baa3 274,255
San Joaquin Hills Transportation Corridor Agency,
Orange County, California, Toll Road Revenue
Refunding Bonds, Series 1997A:
6,175 0.000%, 1/15/28 - MBIA Insured No Opt. Call AAA 2,117,593
8,135 0.000%, 1/15/34 - MBIA Insured No Opt. Call AAA 2,053,193
17,195 0.000%, 1/15/35 - MBIA Insured No Opt. Call AAA 4,083,641
3,185 University of California, General Revenue Bonds, 5/13 at 101.00 AAA 3,202,932
Series 2005G, 4.750%, 5/15/31 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
117,045 Total California 109,454,150
------------------------------------------------------------------------------------------------------------------------------------
COLORADO - 5.1% (3.3% OF TOTAL INVESTMENTS)
1,000 Colorado Health Facilities Authority, Revenue Bonds, 6/16 at 100.00 A- 992,510
Evangelical Lutheran Good Samaritan Society,
Series 2005, 5.000%, 6/01/29
75 Colorado Housing Finance Authority, Single Family 5/06 at 105.00 Aa2 75,489
Program Senior Bonds, Series 1996B, 7.450%, 11/01/27
12,450 Denver City and County, Colorado, Airport System 11/10 at 100.00 AAA 13,350,509
Revenue Refunding Bonds, Series 2000A, 6.000%,
11/15/19 - AMBAC Insured (Alternative Minimum Tax)
3,200 Denver City and County, Colorado, Special Facilities 10/06 at 100.00 N/R 3,264,000
Airport Revenue Bonds, United Air Lines Corporation,
Series 1992A, 6.875%, 10/01/32 (Alternative
Minimum Tax) (5)
7,865 El Paso County School District 11, Colorado Springs, 12/07 at 125.00 AA- 10,015,684
Colorado, General Obligation Improvement Bonds,
Series 1996, 7.125%, 12/01/21
------------------------------------------------------------------------------------------------------------------------------------
24,590 Total Colorado 27,698,192
------------------------------------------------------------------------------------------------------------------------------------
DISTRICT OF COLUMBIA - 6.3% (4.1% OF TOTAL INVESTMENTS)
23,645 District of Columbia Water and Sewerage Authority, 4/09 at 160.00 AAA 26,678,176
Public Utility Revenue Bonds, Series 1998, 5.500%,
10/01/23 - FSA Insured
3,000 District of Columbia, General Obligation Bonds, No Opt. Call AAA 3,412,530
Series 1998B, 6.000%, 6/01/16 - MBIA Insured
15,950 District of Columbia, Revenue Bonds, Georgetown 4/11 at 31.03 AAA 3,950,656
University, Series 2001A, 0.000%, 4/01/31 - MBIA
Insured
------------------------------------------------------------------------------------------------------------------------------------
42,595 Total District of Columbia 34,041,362
------------------------------------------------------------------------------------------------------------------------------------
FLORIDA - 1.9% (1.3% OF TOTAL INVESTMENTS)
4,230 Brevard County Health Facilities Authority, Florida, 4/16 at 100.00 A 4,317,815
Revenue Bonds, Health First Inc. Project, Series 2005,
5.000%, 4/01/24
1,570 Escambia County Health Facilities Authority, Florida, 10/08 at 101.00 BBB+ 1,591,007
Health Facility Revenue Refunding Bonds, Baptist
Hospital and Baptist Manor, Series 1998, 5.125%,
10/01/19
18
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
FLORIDA (continued)
$ 3,200 Hillsborough County Industrial Development Authority, 4/10 at 101.00 N/R $ 3,534,752
Florida, Exempt Facilities Remarketed Revenue Bonds,
National Gypsum Company, Apollo Beach Project,
Series 2000B, 7.125%, 4/01/30
(Alternative Minimum Tax)
1,000 Orange County, Florida, Sales Tax Revenue Bonds, 1/13 at 100.00 AAA 1,031,810
Series 2002B, 5.000%, 1/01/25 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
10,000 Total Florida 10,475,384
------------------------------------------------------------------------------------------------------------------------------------
GEORGIA - 6.0% (3.9% OF TOTAL INVESTMENTS)
17,500 Atlanta, Georgia, Airport General Revenue Refunding 1/10 at 101.00 AAA 18,762,800
Bonds, Series 2000A, 5.600%, 1/01/30 (Pre-refunded
1/01/10) - FGIC Insured
2,710 Atlanta, Georgia, Water and Wastewater Revenue 11/14 at 100.00 AAA 2,813,630
Bonds, Series 2004, 5.000%, 11/01/23 - FSA Insured
2,000 Dalton Development Authority, Georgia, Revenue No Opt. Call AAA 2,251,300
Certificates, Hamilton Health Care System Inc.,
Series 1996, 5.500%, 8/15/26 - MBIA Insured
5,980 Fulton County Development Authority, Georgia, Revenue 9/11 at 102.00 AAA 6,430,533
Bonds, Georgia State University - TUFF/Atlanta
Housing LLC, Series 2001A, 5.500%, 9/01/22 -
AMBAC Insured
2,250 Georgia Municipal Electric Authority, Project One No Opt. Call A+ 2,621,475
Special Obligation Bonds, Fourth Crossover Series
1997E, 6.500%, 1/01/20
------------------------------------------------------------------------------------------------------------------------------------
30,440 Total Georgia 32,879,738
------------------------------------------------------------------------------------------------------------------------------------
IDAHO - 1.0% (0.7% OF TOTAL INVESTMENTS)
4,810 Boise City, Idaho, Revenue Refunding Bonds, Series 12/11 at 100.00 Aaa 5,101,678
2001A, 5.375%, 12/01/31 - MBIA Insured
500 Madison County, Idaho, Hospital Revenue Certificates 9/16 at 100.00 BBB- 508,550
of Participation, Madison Memorial Hospital,
Series 2006, 5.250%, 9/01/26
------------------------------------------------------------------------------------------------------------------------------------
5,310 Total Idaho 5,610,228
------------------------------------------------------------------------------------------------------------------------------------
ILLINOIS - 8.9% (5.8% OF TOTAL INVESTMENTS)
4,705 Bourbonnais, Illinois, Revenue Bonds, Olivet Nazarene 3/10 at 101.00 AA 5,072,037
University, Series 2000, 6.250%, 3/01/20 - RAAI Insured
4,775 Chicago Public Building Commission, Illinois, General 3/13 at 100.00 AAA 5,019,480
Obligation Lease Bonds, Chicago Transit Authority,
Series 2003, 5.250%, 3/01/23 - AMBAC Insured
2,110 Illinois Development Finance Authority, Local Government 1/11 at 100.00 Aaa 2,310,302
Program Revenue Bonds, DuPage and Cook Counties
Community Unit School District 205 - Elmhurst,
Series 2000, 6.000%, 1/01/19
(Pre-refunded 1/01/11) - FSA Insured
Illinois Finance Authority, Revenue Bonds, OSF
Healthcare System, Series 2004:
2,500 5.250%, 11/15/21 5/14 at 100.00 A 2,568,425
1,000 5.250%, 11/15/22 5/14 at 100.00 A 1,024,690
395 Illinois Finance Authority, Revenue Bonds, Proctor 1/16 at 100.00 BBB- 391,465
Hospital, Series 2006, 5.125%, 1/01/25 (WI/DD,
Settling 5/11/06)
2,600 Illinois Health Facilities Authority, Revenue Bonds, 5/12 at 100.00 Baa2 2,652,780
Condell Medical Center, Series 2002, 5.500%, 5/15/32
12,725 Kane, Cook and DuPage Counties School District 46, No Opt. Call Aaa 15,152,294
Elgin, Illinois, General Obligation School Bonds,
Series 1997, 7.800%, 1/01/12 - FSA Insured
6,300 Madison County Community Unit School District 7, No Opt. Call AAA 6,935,985
Edwardsville, Illinois, School Building Bonds, Series
1994, 5.850%, 2/01/13 - FGIC Insured (ETM)
6,015 Metropolitan Pier and Exposition Authority, Illinois, No Opt. Call AAA 2,848,343
Revenue Refunding Bonds, McCormick Place Expansion
Project, Series 1996A, 0.000%, 12/15/21 - MBIA Insured
Will County High School District 204, Joliet, Illinois,
General Obligation Bonds, Series 2001:
1,145 8.700%, 12/01/13 - FSA Insured No Opt. Call AAA 1,480,703
1,300 8.700%, 12/01/14 - FSA Insured No Opt. Call AAA 1,713,114
1,180 Will County School District 17, Channahon, Illinois, No Opt. Call Aaa 1,503,650
General Obligation School Building Bonds, Series 2001,
8.400%, 12/01/13 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
46,750 Total Illinois 48,673,268
------------------------------------------------------------------------------------------------------------------------------------
19
Nuveen Investment Quality Municipal Fund, Inc. (NQM) (continued)
Portfolio of INVESTMENTS April 30, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
INDIANA - 3.3% (2.1% OF TOTAL INVESTMENTS)
$ 5,530 Allen County Jail Building Corporation, Indiana, First 4/11 at 101.00 Aa3 (4) $ 6,059,885
Mortgage Bonds, Series 2000, 5.750%, 4/01/20
(Pre-refunded 4/01/11)
1,880 Indianapolis, Indiana, GNMA Collateralized Multifamily 7/10 at 102.00 Aaa 1,967,608
Housing Mortgage Revenue Bonds, Cloverleaf
Apartments Project Phase I, Series 2000, 6.000%,
1/20/31
2,495 Shelbyville, Indiana, GNMA Collateralized Multifamily 7/10 at 102.00 Aaa 2,612,165
Housing Revenue Bonds, Blueridge Terrace Project,
Series 2000, 6.050%, 1/20/36
St. Joseph County Hospital Authority, Indiana, Revenue
Bonds, Madison Center Inc.,
Series 2005:
1,550 5.250%, 2/15/23 2/15 at 100.00 BBB 1,552,573
2,500 5.375%, 2/15/34 2/15 at 100.00 BBB 2,499,425
2,765 Wayne County Jail Holding Corporation, Indiana, First 1/13 at 101.00 AAA 3,046,643
Mortgage Bonds, Series 2001, 5.750%, 7/15/14 -
AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
16,720 Total Indiana 17,738,299
------------------------------------------------------------------------------------------------------------------------------------
IOWA - 1.5% (1.0% OF TOTAL INVESTMENTS)
8,000 Iowa Tobacco Settlement Authority, Asset Backed 6/15 at 100.00 BBB 8,070,720
Settlement Revenue Bonds, Series 2005C, 5.500%,
6/01/42
------------------------------------------------------------------------------------------------------------------------------------
KANSAS - 1.3% (0.8% OF TOTAL INVESTMENTS)
1,000 Kansas Development Finance Authority, Health Facilities 11/15 at 100.00 A2 1,015,530
Revenue Bonds, Hays Medical Center Inc., Series
2005L, 5.000%, 11/15/22
855 Sedgwick and Shawnee Counties, Kansas, GNMA No Opt. Call Aaa 892,432
Mortgage-Backed Securities Program Single Family
Revenue Bonds, Series 1997A-1, 6.950%, 6/01/29
(Alternative Minimum Tax)
3,840 Topeka, Kansas, Industrial Revenue Refunding Bonds, 8/16 at 100.00 AAA 4,926,989
Sunwest Hotel Corporation, Series 1988, 9.500%,
10/01/16 (Pre-refunded 8/15/16) (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
5,695 Total Kansas 6,834,951
------------------------------------------------------------------------------------------------------------------------------------
KENTUCKY - 0.5% (0.3% OF TOTAL INVESTMENTS)
2,000 Jefferson County, Kentucky, Health Facilities Revenue 1/07 at 102.00 AAA 2,062,280
Refunding Bonds, Jewish Hospital HealthCare
Services Inc., Series 1996, 5.700%, 1/01/21 -
AMBAC Insured
510 Louisville and Jefferson County Metropolitan 10/16 at 100.00 N/R 513,524
Government, Kentucky, Industrial Building Revenue
Bonds, Sisters of Mercy of the Americas, Series 2006,
5.000%, 10/01/35
------------------------------------------------------------------------------------------------------------------------------------
2,510 Total Kentucky 2,575,804
------------------------------------------------------------------------------------------------------------------------------------
LOUISIANA - 3.7% (2.4% OF TOTAL INVESTMENTS)
1,105 East Baton Rouge Mortgage Finance Authority, 10/07 at 102.00 Aaa 1,113,265
Louisiana, GNMA/FNMA Mortgage-Backed Securities
Program Family Mortgage Revenue Refunding Bonds,
Series 1997D, 5.900%, 10/01/30 (Alternative Minimum Tax)
Jefferson Parish Home Mortgage Authority, Louisiana,
Single Family Mortgage Revenue Bonds,
Series 2000G-2:
1,380 6.300%, 6/01/32 (Alternative Minimum Tax) 12/10 at 102.00 Aaa 1,420,682
895 5.550%, 6/01/32 (Alternative Minimum Tax) 12/10 at 102.00 Aaa 908,112
645 Jefferson Parish Home Mortgage Authority, Louisiana, 12/09 at 103.00 Aaa 657,081
Single Family Mortgage Revenue Refunding Bonds,
Series 2000A-2, 7.500%, 12/01/30 (Alternative Minimum Tax)
3,000 Louisiana Public Facilities Authority, Hospital Revenue 8/15 at 100.00 A+ 3,062,820
Bonds, Franciscan Missionaries of Our Lady Health
System, Series 2005A, 5.250%, 8/15/31
11,545 Orleans Parish School Board, Louisiana, General No Opt. Call AAA 13,101,266
Obligation Refunding Bonds, Series 1987,
9.000%, 2/01/09 - MBIA Insured (ETM)
------------------------------------------------------------------------------------------------------------------------------------
18,570 Total Louisiana 20,263,226
------------------------------------------------------------------------------------------------------------------------------------
MARYLAND - 0.5% (0.3% OF TOTAL INVESTMENTS)
2,500 Maryland Health and Higher Educational Facilities 8/14 at 100.00 BBB+ 2,597,250
Authority, Revenue Bonds, MedStar Health, Series 2004,
5.375%, 8/15/24
------------------------------------------------------------------------------------------------------------------------------------
20
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS - 3.3% (2.1% OF TOTAL INVESTMENTS)
$ 5,120 Massachusetts Development Financing Authority, 12/09 at 102.00 N/R $ 4,971,520
Assisted Living Revenue Bonds, Prospect House Apartments,
Series 1999, 7.000%, 12/01/31
1,100 Massachusetts Health and Educational Facilities 1/09 at 101.00 BBB 1,122,517
Authority, Revenue Bonds, Caritas Christi Obligated
Group, Series 1999A, 5.625%, 7/01/20
1,870 Massachusetts Health and Educational Facilities 7/11 at 100.00 BBB 2,034,953
Authority, Revenue Bonds, UMass Memorial Health
Care, Series 2001C, 6.500%, 7/01/21
1,325 Massachusetts Health and Educational Facilities 7/15 at 100.00 BBB 1,314,201
Authority, Revenue Bonds, UMass Memorial Health
Care, Series 2005D, 5.000%, 7/01/33
2,000 Massachusetts Industrial Finance Agency, Resource 12/08 at 102.00 BBB 2,062,400
Recovery Revenue Refunding Bonds, Ogden Haverhill
Project, Series 1998A, 5.600%, 12/01/19 (Alternative Minimum Tax)
5,100 Massachusetts School Building Authority, Dedicated 8/15 at 100.00 AAA 5,321,187
Sales Tax Revenue Bonds, Series 2005A, 5.000%,
8/15/23 - FSA Insured
1,000 Massachusetts Water Resources Authority, General 8/17 at 100.00 AAA 1,079,840
Revenue Bonds, Series 2005A, 5.250%, 8/01/26 -
MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
17,515 Total Massachusetts 17,906,618
------------------------------------------------------------------------------------------------------------------------------------
MICHIGAN - 3.7% (2.4% OF TOTAL INVESTMENTS)
4,250 Detroit City School District, Wayne County, Michigan, 5/12 at 100.00 AAA 4,621,067
Unlimited Tax School Building and Site Improvement
Bonds, Series 2001A, 5.500%, 5/01/20 (Pre-refunded
5/01/12) - FSA Insured
10,215 Detroit, Michigan, Water Supply System Revenue No Opt. Call AAA 11,931,937
Refunding Bonds, Series 1993, 6.500%, 7/01/15 - FGIC Insured
1,800 Kent Hospital Finance Authority, Michigan, Revenue 7/15 at 100.00 BBB 1,918,458
Bonds, Metropolitan Hospital, Series 2005A, 6.000%, 7/01/35
1,350 Michigan State Building Authority, Revenue Bonds, 10/15 at 100.00 AAA 1,412,654
Facilities Program, Series 2005II, 5.000%, 10/15/22 -
AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
17,615 Total Michigan 19,884,116
------------------------------------------------------------------------------------------------------------------------------------
MINNESOTA - 7.5% (4.9% OF TOTAL INVESTMENTS)
8,250 Cohasset, Minnesota, Pollution Control Revenue Bonds, 7/14 at 100.00 A 8,221,290
Allete Inc., Series 2004, 4.950%, 7/01/22
5,000 Dakota and Washington Counties Housing and No Opt. Call AAA 7,003,000
Redevelopment Authority, Minnesota, GNMA
Mortgage-Backed Securities Program Single Family
Residential Mortgage Revenue Bonds, Series
1988, 8.450%, 9/01/19 (Alternative Minimum Tax) (ETM)
620 Minnesota Agricultural and Economic Development 11/10 at 101.00 A 664,578
Board, Healthcare System Revenue Bonds, Fairview
Hospital and Healthcare Services, Series 2000A,
6.375%, 11/15/29
19,380 Minnesota Agricultural and Economic Development 11/10 at 101.00 A (4) 21,565,869
Board, Healthcare System Revenue Bonds, Fairview
Hospital and Healthcare Services, Series 2000A,
6.375%, 11/15/29 (Pre-refunded 11/15/10)
700 Minnesota Higher Education Facilities Authority, St. 10/15 at 100.00 A2 727,713
John's University Revenue Bonds, Series 2005-6G,
5.000%, 10/01/22
1,665 Rochester, Minnesota, Health Care Facilities Revenue 5/16 at 100.00 AA 1,699,166
Bonds, Series 2006, 5.000%, 11/15/36 (WI/DD, Settling 5/11/06)
1,000 St. Paul Housing and Redevelopment Authority, 11/15 at 100.00 Baa3 1,079,490
Minnesota, Revenue Bonds, Healtheast Inc., Series 2005,
6.000%, 11/15/25
------------------------------------------------------------------------------------------------------------------------------------
36,615 Total Minnesota 40,961,106
------------------------------------------------------------------------------------------------------------------------------------
MISSISSIPPI - 0.2% (0.2% OF TOTAL INVESTMENTS)
1,275 Mississippi Hospital Equipment and Facilities Authority, 9/14 at 100.00 N/R 1,273,853
Revenue Bonds, Baptist Memorial Healthcare, Series 2004B-1,
5.000%, 9/01/24
------------------------------------------------------------------------------------------------------------------------------------
21
Nuveen Investment Quality Municipal Fund, Inc. (NQM) (continued)
Portfolio of INVESTMENTS April 30, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
MISSOURI - 1.8% (1.2% OF TOTAL INVESTMENTS)
$ 200 Hannibal Industrial Development Authority, Missouri, 3/16 at 100.00 N/R $ 202,392
Health Facilities Revenue Bonds, Hannibal Regional
Hospital, Series 2006, 5.000%, 3/01/22
7,385 Kansas City Industrial Development Authority, Missouri, 1/07 at 102.00 AAA 7,592,002
FNMA Multifamily Housing Revenue Bonds, Royal
Woods Apartments Project, Series 1997, 5.600%,
1/01/30 (Mandatory put 1/01/10) (Alternative Minimum Tax)
Missouri Development Finance Board, Infrastructure
Facilities Revenue Bonds, Branson Landing
Project, Series 2005A:
780 6.000%, 6/01/20 No Opt. Call BBB+ 874,591
1,225 5.000%, 6/01/35 6/15 at 100.00 BBB+ 1,220,284
90 Missouri Housing Development Commission, 3/07 at 105.00 AAA 90,956
GNMA/FNMA Single Family Mortgage Revenue Bonds,
Homeownership Loan Program, Series 1997A-2, 7.300%,
3/01/28 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
9,680 Total Missouri 9,980,225
------------------------------------------------------------------------------------------------------------------------------------
MONTANA - 0.5% (0.4% OF TOTAL INVESTMENTS)
3,000 Montana Board of Housing, Single Family Program 6/14 at 100.00 AA+ 2,939,820
Bonds, Series 2005-RA-1, 4.750%, 6/01/44
------------------------------------------------------------------------------------------------------------------------------------
NEBRASKA - 0.8% (0.5% OF TOTAL INVESTMENTS)
2,520 NebHelp Inc., Nebraska, Revenue Bonds, Student Loan 9/06 at 101.00 AAA 2,544,847
Program, Series 1993B, 5.875%, 6/01/14 -MBIA
Insured (Alternative Minimum Tax)
1,650 Nebraska Investment Finance Authority, Single Family 9/06 at 100.75 AAA 1,661,715
Housing Revenue Bonds, Series 1995B, 6.450%,
3/01/35 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
4,170 Total Nebraska 4,206,562
------------------------------------------------------------------------------------------------------------------------------------
NEVADA - 5.1% (3.3% OF TOTAL INVESTMENTS)
11,000 Clark County School District, Nevada, General Obligation 6/12 at 100.00 AAA 11,961,510
Bonds, Series 2002C, 5.500%, 6/15/19 (Pre-refunded
6/15/12) - MBIA Insured
14,530 Director of Nevada State Department of Business and I 1/10 at 102.00 AAA 15,538,527
ndustry, Revenue Bonds, Las Vegas Monorail Project,
First Tier, Series 2000, 5.625%, 1/01/34 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
25,530 Total Nevada 27,500,037
------------------------------------------------------------------------------------------------------------------------------------
NEW JERSEY - 1.8% (1.2% OF TOTAL INVESTMENTS)
3,350 Essex County, New Jersey, General Obligation Bonds, 5/15 at 100.00 Aaa 3,486,780
Series 2005A, 5.000%, 5/01/26 - MBIA Insured
New Jersey Economic Development Authority, School
Facilities Construction Bonds, Series 2005P:
1,325 5.250%, 9/01/24 9/15 at 100.00 AA- 1,406,779
1,000 5.250%, 9/01/26 9/15 at 100.00 AA- 1,059,370
2,000 New Jersey Educational Facilities Authority, Revenue 7/15 at 100.00 AAA 2,101,220
Bonds, Princeton University, Series 2005A, 5.000%, 7/01/24
1,895 Tobacco Settlement Financing Corporation, New Jersey, 6/12 at 100.00 BBB 1,966,233
Tobacco Settlement Asset-Backed Bonds, Series 2002,
5.750%, 6/01/32
------------------------------------------------------------------------------------------------------------------------------------
9,570 Total New Jersey 10,020,382
------------------------------------------------------------------------------------------------------------------------------------
NEW MEXICO - 0.4% (0.3% OF TOTAL INVESTMENTS)
Farmington, New Mexico, Hospital Revenue Bonds,
San Juan Regional Medical Center Inc.,
Series 2004A:
880 5.125%, 6/01/17 6/14 at 100.00 A3 906,866
1,295 5.125%, 6/01/19 6/14 at 100.00 A3 1,326,818
------------------------------------------------------------------------------------------------------------------------------------
2,175 Total New Mexico 2,233,684
------------------------------------------------------------------------------------------------------------------------------------
NEW YORK - 17.6% (11.5% OF TOTAL INVESTMENTS)
1,665 Dormitory Authority of the State of New York, State 3/15 at 100.00 AAA 1,733,348
Personal Income Tax Revenue Bonds, Series 2005F,
5.000%, 3/15/24 - AMBAC Insured
2,250 Metropolitan Transportation Authority, New York, 11/15 at 100.00 AAA 2,332,058
Transportation Revenue Bonds, Series 2005B,5.000%,
11/15/30 - AMBAC Insured
22
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
NEW YORK (continued)
$ 3,200 Metropolitan Transportation Authority, New York, 11/15 at 100.00 A $ 3,279,520
Transportation Revenue Bonds, Series 2005F, 5.000%, 11/15/30
7,800 New York City Municipal Water Finance Authority, New 12/14 at 100.00 AAA 8,073,156
York, Water and Sewerage System Revenue Bonds,
Fiscal Series 2005B, 5.000%, 6/15/28 - AMBAC Insured
1,250 New York City Municipal Water Finance Authority, New 6/15 at 100.00 AAA 1,301,538
York, Water and Sewerage System Revenue Bonds,
Fiscal Series 2005C, 5.000%, 6/15/25 - MBIA Insured
New York City Sales Tax Asset Receivable Corporation,
New York, Dedicated Revenue Bonds, Local
Government Assistance Corporation, Series 2004A:
3,225 5.000%, 10/15/24 - MBIA Insured 10/14 at 100.00 AAA 3,363,933
1,665 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 1,736,728
5,570 New York City Transitional Finance Authority, New York, 2/14 at 100.00 AAA 5,796,588
Future Tax Secured Bonds, Fiscal Series 2004C, 5.000%, 2/01/22
5,000 New York City, New York, General Obligation Bonds, 6/13 at 100.00 A+ 5,356,900
Fiscal Series 2003J, 5.500%, 6/01/20
5,000 New York City, New York, General Obligation Bonds, 8/14 at 100.00 A+ 5,283,550
Fiscal Series 2004C, 5.250%, 8/15/20
4,200 New York City, New York, General Obligation Bonds, 3/15 at 100.00 A+ 4,316,046
Fiscal Series 2005J, 5.000%, 3/01/25
7,000 New York City, New York, General Obligation Bonds, 4/15 at 100.00 A+ 7,200,270
Fiscal Series 2005M, 5.000%, 4/01/24
5,000 New York State Municipal Bond Bank Agency, Special 6/13 at 100.00 A+ 5,271,850
School Purpose Revenue Bonds, Series 2003C, 5.250%, 12/01/19
New York State Thruway Authority, General Revenue
Bonds, Series 2005G:
6,440 5.000%, 1/01/26 - FSA Insured 7/15 at 100.00 AAA 6,701,593
3,000 4.750%, 1/01/29 - FSA Insured 7/15 at 100.00 AAA 3,020,910
2,030 New York State Thruway Authority, Highway and Bridge 10/15 at 100.00 AAA 2,128,658
Trust Fund Bonds, Second Generation, Series 2005B,
5.000%, 4/01/21 - AMBAC Insured
5,400 New York State Tobacco Settlement Financing Corporation, 6/10 at 100.00 AA- 5,685,012
Tobacco Settlement Asset-Backed and State Contingency
Contract-Backed Bonds, Series 2003A-1, 5.500%, 6/01/16
4,205 New York State Urban Development Corporation, State 3/14 at 100.00 AAA 4,364,201
Personal Income Tax Revenue Bonds, Series 2004A-1,
5.000%, 3/15/23 - FGIC Insured
16,445 Port Authority of New York and New Jersey, Special No Opt. Call AAA 18,938,720
Project Bonds, JFK International Air Terminal LLC, Sixth
Series 1997, 7.000%, 12/01/12 - MBIA Insured (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
90,345 Total New York 95,884,579
------------------------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA - 4.8% (3.1% OF TOTAL INVESTMENTS)
2,795 Charlotte, North Carolina, FHA-Insured Mortgage 11/07 at 100.00 AAA 2,876,642
Revenue Bonds, Double Oaks Apartments, Series 1992,
7.350%, 5/15/26
14,775 North Carolina Eastern Municipal Power Agency, Power 1/07 at 102.00 AAA 15,281,783
System Revenue Refunding Bonds, Series 1996B, 5.875%,
1/01/21 (Pre-refunded 1/01/07) - MBIA Insured
7,420 North Carolina Medical Care Commission, Health System 10/11 at 101.00 AA 7,744,106
Revenue Bonds, Mission St. Joseph's Health System,
Series 2001, 5.250%, 10/01/26
------------------------------------------------------------------------------------------------------------------------------------
24,990 Total North Carolina 25,902,531
------------------------------------------------------------------------------------------------------------------------------------
OHIO - 1.8% (1.1% OF TOTAL INVESTMENTS)
8,650 Cuyahoga County, Ohio, Hospital Revenue and 2/09 at 101.00 A- (4) 9,270,205
Improvement Bonds, MetroHealth System, Series 1999,
6.150%, 2/15/29 (Pre-refunded 2/15/09)
250 Port of Greater Cincinnati Development Authority, Ohio, 10/16 at 100.00 N/R 253,748
Economic Development Revenue Bonds, Sisters of Mercy
of the Americas, Series 2006, 5.000%, 10/01/25
------------------------------------------------------------------------------------------------------------------------------------
8,900 Total Ohio 9,523,953
------------------------------------------------------------------------------------------------------------------------------------
OKLAHOMA - 0.8% (0.5% OF TOTAL INVESTMENTS)
Norman Regional Hospital Authority, Oklahoma, Hospital
Revenue Bonds, Series 2005:
500 5.375%, 9/01/29 9/16 at 100.00 BBB- 501,735
750 5.375%, 9/01/36 9/16 at 100.00 BBB- 751,710
23
Nuveen Investment Quality Municipal Fund, Inc. (NQM) (continued)
Portfolio of INVESTMENTS April 30, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
OKLAHOMA (continued)
$ 3,300 Tulsa Municipal Airport Trust, Oklahoma, Revenue 6/09 at 100.00 B- $ 3,300,792
Refunding Bonds, American Airlines Inc., Series 2000B,
6.000%, 6/01/35 (Mandatory put 12/01/08) (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
4,550 Total Oklahoma 4,554,237
------------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA - 1.7% (1.1% OF TOTAL INVESTMENTS)
3,000 Commonwealth Financing Authority, Pennsylvania, State 6/16 at 100.00 AAA 3,126,660
Appropriation Lease Bonds, Series 2006A, 5.000%,
6/01/26 - FSA Insured
5,000 Philadelphia, Pennsylvania, General Obligation Bonds, 3/11 at 100.00 AAA 5,248,400
Series 2001, 5.250%, 9/15/18 - FSA Insured
1,000 St. Mary Hospital Authority, Pennsylvania, Health System 11/14 at 100.00 A1 1,049,650
Revenue Bonds, Catholic Health East, Series 2004B,
5.500%, 11/15/24
------------------------------------------------------------------------------------------------------------------------------------
9,000 Total Pennsylvania 9,424,710
------------------------------------------------------------------------------------------------------------------------------------
PUERTO RICO - 0.7% (0.5% OF TOTAL INVESTMENTS)
1,000 Puerto Rico Electric Power Authority, Power Revenue 7/15 at 100.00 AAA 1,035,280
Bonds, Series 2005RR, 5.000%, 7/01/30 - XLCA Insured
1,500 Puerto Rico Infrastructure Financing Authority, Special 10/10 at 101.00 AAA 1,601,385
Obligation Bonds, Series 2000A, 5.500%, 10/01/40
1,225 Puerto Rico Municipal Finance Agency, Series 2005C, No Opt. Call AAA 1,340,469
5.250%, 8/01/21 - CIFG Insured
------------------------------------------------------------------------------------------------------------------------------------
3,725 Total Puerto Rico 3,977,134
------------------------------------------------------------------------------------------------------------------------------------
RHODE ISLAND - 5.7% (3.7% OF TOTAL INVESTMENTS)
2,410 Rhode Island Health and Educational Building 5/07 at 102.00 AAA 2,502,062
Corporation, Hospital Financing Revenue Bonds, Lifespan
Obligated Group, Series 1996, 5.750%, 5/15/23 - MBIA Insured
21,590 Rhode Island Health and Educational Building Corporation, 5/07 at 102.00 AAA 22,458,997
Hospital Financing Revenue Bonds, Lifespan Obligated
Group, Series 1996, 5.750%, 5/15/23 (Pre-refunded
5/15/07) - MBIA Insured
5,610 Rhode Island Tobacco Settlement Financing Corporation, 6/12 at 100.00 BBB 5,875,690
Tobacco Settlement Asset-Backed Bonds, Series 2002A,
6.000%, 6/01/23
------------------------------------------------------------------------------------------------------------------------------------
29,610 Total Rhode Island 30,836,749
------------------------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA - 2.5% (1.6% OF TOTAL INVESTMENTS)
2,000 Berkeley County School District, South Carolina, 12/13 at 100.00 AA 2,064,300
Installment Purchase Revenue Bonds, Securing Assets
for Education, Series 2003, 5.250%, 12/01/24
4,405 Dorchester County School District 2, South Carolina, 12/14 at 100.00 A 4,591,816
Installment Purchase Revenue Bonds, GROWTH,
Series 2004, 5.250%, 12/01/23
6,500 South Carolina JOBS Economic Development Authority, 11/12 at 100.00 A- 6,773,975
Economic Development Revenue Bonds, Bon Secours
Health System Inc., Series 2002A, 5.625%, 11/15/30
------------------------------------------------------------------------------------------------------------------------------------
12,905 Total South Carolina 13,430,091
------------------------------------------------------------------------------------------------------------------------------------
SOUTH DAKOTA - 0.3% (0.2% OF TOTAL INVESTMENTS)
1,750 South Dakota Health and Educational Facilities Authority, 11/14 at 100.00 A+ 1,844,115
Revenue Bonds, Sioux Valley Hospitals, Series 2004A,
5.500%, 11/01/31
------------------------------------------------------------------------------------------------------------------------------------
TENNESSEE - 1.2% (0.8% OF TOTAL INVESTMENTS)
3,200 Johnson City Health and Educational Facilities Board, 7/16 at 100.00 BBB+ 3,317,088
Tennessee, Revenue Bonds, Mountain States Health
Alliance, Series 2006A, 5.500%, 7/01/36
3,000 Knox County Health, Educational and Housing Facilities 4/12 at 101.00 Baa3 3,174,210
Board, Tennessee, Hospital Revenue Bonds, Baptist
Health System of East Tennessee Inc., Series 2002,
6.500%, 4/15/31
------------------------------------------------------------------------------------------------------------------------------------
6,200 Total Tennessee 6,491,298
------------------------------------------------------------------------------------------------------------------------------------
TEXAS - 13.9% (9.1% OF TOTAL INVESTMENTS)
3,135 Austin Housing Finance Corporation, Texas, GNMA 12/10 at 105.00 Aaa 3,445,898
Collateralized Mortgage Loan Multifamily Housing
Revenue Bonds, Santa Maria Village Project, Series
2000A, 7.375%, 6/20/35 (Alternative
Minimum Tax)
24
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TEXAS (continued)
$ 635 Clear Creek Independent School District, Galveston and 2/10 at 100.00 AAA $ 667,474
Harris Counties, Texas, Unlimited Tax Schoolhouse and
Refunding Bonds, Series 2000, 5.500%, 2/15/22
18,075 Clear Creek Independent School District, Galveston and 2/10 at 100.00 AAA 19,200,168
Harris Counties, Texas, Unlimited Tax Schoolhouse and
Refunding Bonds, Series 2000, 5.500%, 2/15/22
(Pre-refunded 2/15/10)
4,915 Harris County Hospital District, Texas, Revenue No Opt. Call AAA 5,292,374
Refunding Bonds, Series 1990, 7.400%, 2/15/10 - AMBAC Insured
1,885 Harris County Hospital District, Texas, Revenue No Opt. Call AAA 2,004,622
Refunding Bonds, Series 1990, 7.400%, 2/15/10 - AMBAC Insured (ETM)
5,000 Harris County Hospital District, Texas, Revenue 8/10 at 100.00 AAA 5,397,050
Refunding Bonds, Series 2000, 6.000%, 2/15/14 - MBIA Insured
2,256 Heart of Texas Housing Finance Corporation, GNMA 6/10 at 105.00 AAA 2,460,326
Collateralized Mortgage Loan Revenue Bonds, Robinson
Garden Project, Series 2000A, 7.375%, 6/20/35 (Alternative
Minimum Tax)
11,950 Houston, Texas, Junior Lien Water and Sewerage System No Opt. Call AAA 5,422,193
Revenue Refunding Bonds, Series 1998A, 0.000%,
12/01/22 - FSA Insured (ETM)
4,680 Houston, Texas, Junior Lien Water and Sewerage System No Opt. Call AAA 2,102,958
Revenue Refunding Bonds, Series 1998A, 0.000%, 12/01/22 - FSA Insured
Kerrville Health Facilities Development Corporation,
Texas, Revenue Bonds, Sid Peterson
Memorial Hospital Project, Series 2005:
800 5.250%, 8/15/21 No Opt. Call BBB- 816,216
1,000 5.125%, 8/15/26 No Opt. Call BBB- 993,680
1,000 Sabine River Authority, Texas, Pollution Control Revenue 11/15 at 100.00 Baa2 1,020,290
Bonds, TXU Electric Company, Series 2001C, 5.200%, 5/01/28
3,960 Stafford Economic Development Corporation, Texas, 9/15 at 100.00 AAA 4,301,550
Sales Tax Revenue Bonds, Series 2000, 5.500%, 9/01/30 - FGIC Insured
5,450 Tarrant County Health Facilities Development 12/10 at 105.00 Aaa 6,085,852
Corporation, Texas, GNMA Collateralized Mortgage Loan
Revenue Bonds, Eastview Nursing Home, Ebony Lake Nursing
Center, Ft. Stockton Nursing Center, Lynnhaven Nursing
Center and Mission Oaks Manor, Series 2000A-1, 7.500%, 12/20/22
Texas Turnpike Authority, First Tier Revenue Bonds,
Central Texas Turnpike System, Series 2002A:
10,000 0.000%, 8/15/21 - AMBAC Insured No Opt. Call AAA 4,804,400
12,000 0.000%, 8/15/23 - AMBAC Insured No Opt. Call AAA 5,203,080
2,500 Tomball Hospital Authority, Texas, Hospital Revenue 7/15 at 100.00 Baa3 2,488,525
Bonds, Tomball Regional Hospital, Series 2005, 5.000%, 7/01/20
3,965 Tyler Health Facilities Development Corporation, Texas, 11/07 at 102.00 AAA 4,132,085
Hospital Revenue Bonds, East Texas Medical Center
Regional Healthcare Center, Series 1997C, 5.600%, 11/01/27 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
93,206 Total Texas 75,838,741
------------------------------------------------------------------------------------------------------------------------------------
VIRGINIA - 0.6% (0.4% OF TOTAL INVESTMENTS)
1,000 Amherst Industrial Development Authority, Virginia, 9/16 at 100.00 BBB 1,024,700
Revenue Bonds, Sweet Briar College, Series 2006, 5.000%, 9/01/26
1,935 Virginia Beach Development Authority, Virginia, 10/14 at 102.00 N/R 2,051,893
Multifamily Residential Rental Housing Revenue Bonds,
Hamptons and Hampton Court Apartments, Series 1999,
7.500%, 10/01/39 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
2,935 Total Virginia 3,076,593
------------------------------------------------------------------------------------------------------------------------------------
WASHINGTON - 8.7% (5.7% OF TOTAL INVESTMENTS)
11,345 Chelan County Public Utility District 1, Washington, No Opt. Call AAA 6,081,487
Columbia River-Rock Island Hydro-Electric System Revenue
Refunding Bonds, Series 1997A, 0.000%, 6/01/19 - MBIA Insured
17,075 Port of Seattle, Washington, Limited Tax General 12/10 at 100.00 AAA 18,027,614
Obligation Bonds, Series 2000B, 5.750%, 12/01/25
(Alternative Minimum Tax)
16,750 Port of Seattle, Washington, Revenue Bonds, Series 8/10 at 100.00 AAA 17,777,948
2000A, 5.625%, 2/01/30 - MBIA Insured
5,000 Port of Seattle, Washington, Revenue Bonds, Series 10/11 at 100.00 AAA 5,303,700
2001B, 5.625%, 4/01/17 - FGIC Insured (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
50,170 Total Washington 47,190,749
------------------------------------------------------------------------------------------------------------------------------------
25
Nuveen Investment Quality Municipal Fund, Inc. (NQM) (continued)
Portfolio of INVESTMENTS April 30, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
WEST VIRGINIA - 0.9% (0.6% OF TOTAL INVESTMENTS)
$ 5,000 Mason County, West Virginia, Pollution Control Revenue 10/11 at 100.00 BBB $ 5,092,350
Bonds, Appalachian Power Company, Series 2003L, 5.500%, 10/01/22
------------------------------------------------------------------------------------------------------------------------------------
WISCONSIN - 2.5% (1.6% OF TOTAL INVESTMENTS)
7,490 Badger Tobacco Asset Securitization Corporation, 6/12 at 100.00 BBB 7,909,290
Wisconsin, Tobacco Settlement Asset-Backed Bonds,
Series 2002, 6.125%, 6/01/27
315 Wisconsin Health and Educational Facilities Authority, 5/16 at 100.00 BBB 305,415
Revenue Bonds, Divine Savior Healthcare, Series 2006,
5.000%, 5/01/32
Wisconsin Health and Educational Facilities Authority,
Revenue Bonds, Eagle River Memorial
Hospital Inc., Series 2000:
1,000 5.750%, 8/15/20 - RAAI Insured 8/10 at 101.00 AA 1,062,530
3,000 5.875%, 8/15/30 - RAAI Insured 8/10 at 101.00 AA 3,208,230
1,150 Wisconsin Health and Educational Facilities Authority, 5/14 at 100.00 BBB+ 1,223,106
Revenue Bonds, Fort Healthcare Inc., Series 2004,
5.750%, 5/01/24
------------------------------------------------------------------------------------------------------------------------------------
12,955 Total Wisconsin 13,708,571
------------------------------------------------------------------------------------------------------------------------------------
WYOMING - 0.5% (0.3% OF TOTAL INVESTMENTS)
2,500 Sweetwater County, Wyoming, Solid Waste Disposal 12/15 at 100.00 BBB- 2,611,700
Revenue Bonds, FMC Corporation, Series 2005, 5.600%,
12/01/35 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
$ 837,066 Total Investments (cost $788,580,628) - 153.3% 834,359,114
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.0% 10,806,236
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (55.3)% (301,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 544,165,350
====================================================================================================================
(1) All percentages shown in the Portfolio of
Investments are based on net assets applicable to
Common shares unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year)
and prices of the earliest optional call or
redemption. There may be other call provisions at
varying prices at later dates. Certain
mortgage-backed securities may be subject to
periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's or
Moody's rating. Ratings below BBB by Standard &
Poor's Group or Baa by Moody's Investor Service,
Inc. are considered to be below investment grade.
(4) Backed by an escrow or trust containing sufficient
U.S. Government or U.S. Government agency
securities which ensure the timely payment of
principal and interest. Such investments are
normally considered to be equivalent to AAA rated
securities.
(5) On December 9, 2002, UAL Corporation, the holding
company of United Air Lines, Inc., filed for
federal bankruptcy protection. The Adviser
determined that it was likely United would not
remain current on their interest payment
obligations with respect to these bonds and thus
has stopped accruing interest.
N/R Not rated.
WI/DD Purchased on a when-issued or delayed delivery
basis.
(ETM) Escrowed to maturity.
See accompanying notes to financial statements.
26
Nuveen Select Quality Municipal Fund, Inc. (NQS)
Portfolio of
INVESTMENTS April 30, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
ALABAMA - 4.0% (2.6% OF TOTAL INVESTMENTS)
$ 4,000 Jefferson County, Alabama, Sewer Revenue Capital 2/09 at 101.00 AAA $ 4,208,760
Improvement Warrants, Series 1999A, 5.375%, 2/01/36
(Pre-refunded 2/01/09) - FGIC Insured
10,000 Lauderdale County and Florence Health Authority, 7/10 at 102.00 AAA 10,922,800
Alabama, Revenue Bonds, Coffee Health Group,
Series 2000A, 6.000%, 7/01/29 - MBIA Insured
5,155 Phenix City Industrial Development Board, Alabama, 5/12 at 100.00 BBB 5,523,067
Environmental Improvement Revenue Bonds,
MeadWestvaco Corporation, Series 2002A, 6.350%,
5/15/35 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
19,155 Total Alabama 20,654,627
------------------------------------------------------------------------------------------------------------------------------------
ALASKA - 0.4% (0.2% OF TOTAL INVESTMENTS)
2,000 Kenai Peninsula Borough, Alaska, Revenue Bonds, 8/13 at 100.00 Aaa 2,072,740
Central Kenai Peninsula Hospital Service Area,
Series 2003, 5.000%, 8/01/23 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
ARIZONA - 0.8% (0.5% OF TOTAL INVESTMENTS)
3,750 Salt River Project Agricultural Improvement and Power 12/13 at 100.00 AAA 3,899,850
District, Arizona, Electric System Revenue Bonds, Series
2003, 5.000%, 12/01/18 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
ARKANSAS - 1.0% (0.7% OF TOTAL INVESTMENTS)
4,500 Little Rock, Arkansas, Hotel and Restaurant Gross No Opt. Call A3 5,258,745
Receipts Tax Refunding Bonds, Series 1993, 7.375%, 8/01/15
------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA - 4.0% (2.6% OF TOTAL INVESTMENTS)
Calexico Unified School District, Imperial County,
California, General Obligation Bonds,
Series 2005B:
3,685 0.000%, 8/01/31 - FGIC Insured No Opt. Call AAA 1,044,034
4,505 0.000%, 8/01/33 - FGIC Insured No Opt. Call AAA 1,152,875
550 California Pollution Control Financing Authority, 4/11 at 102.00 AAA 580,712
Remarketed Revenue Bonds, Pacific Gas and Electric
Company, Series 1996A, 5.350%, 12/01/16 - MBIA
Insured (Alternative Minimum Tax)
1,000 Coachella Valley Unified School District, Riverside No Opt. Call AAA 297,540
County, California, General Obligation Bonds, Series
2005A, 0.000%, 8/01/30 - FGIC Insured
Colton Joint Unified School District, San Bernardino
County, California, General Obligation
Bonds, Series 2006C:
3,200 0.000%, 2/01/30 - FGIC Insured 2/15 at 45.69 AAA 932,960
6,800 0.000%, 2/01/35 - FGIC Insured 2/15 at 34.85 AAA 1,507,152
Cupertino Union School District, Santa Clara County,
California, General Obligation Bonds,
Series 2003B:
8,100 0.000%, 8/01/24 - FGIC Insured 8/13 at 58.68 AAA 3,235,383
11,430 0.000%, 8/01/27 - FGIC Insured 8/13 at 49.98 AAA 3,840,366
1,045 Lake Tahoe Unified School District, El Dorado County, No Opt. Call Aaa 306,154
California, General Obligation Bonds, Series 2001B,
0.000%, 8/01/31 - MBIA Insured
5,000 Placentia-Yorba Linda Unified School District, Orange No Opt. Call AAA 1,193,450
County, California, Certificates of Participation, Series
2006, 0.000%, 10/01/34 - FGIC Insured
5,000 Riverside County Asset Leasing Corporation, California, No Opt. Call AAA 1,947,600
Leasehold Revenue Bonds, Riverside County Hospital
Project, Series 1997, 0.000%, 6/01/25 - MBIA Insured
12,615 San Joaquin Hills Transportation Corridor Agency, No Opt. Call AAA 2,995,936
Orange County, California, Toll Road Revenue Refunding
Bonds, Series 1997A, 0.000%, 1/15/35 - MBIA Insured
5,000 Santa Monica Community College District, Los Angeles 8/15 at 58.08 AAA 1,781,350
County, California, General Obligation Bonds, Series
2005C, 0.000%, 8/01/26 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
67,930 Total California 20,815,512
------------------------------------------------------------------------------------------------------------------------------------
27
Nuveen Select Quality Municipal Fund, Inc. (NQS) (continued)
Portfolio of INVESTMENTS April 30, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
COLORADO - 10.4% (6.8% OF TOTAL INVESTMENTS)
$ 11,000 Colorado Department of Transportation, Revenue 6/10 at 100.50 AAA $ 11,984,170
Anticipation Bonds, Series 2000, 6.000%, 6/15/15
(Pre-refunded 6/15/10) - AMBAC Insured
9,250 Colorado Health Facilities Authority, Remarketed 7/06 at 102.00 AAA 9,462,935
Revenue Bonds, Kaiser Permanente System,Series
1994A, 5.350%, 11/01/16 (ETM)
16,995 Denver City and County, Colorado, Airport System 11/10 at 100.00 AAA 17,905,591
Revenue Refunding Bonds, Series 2000A, 5.625%,
11/15/23 - AMBAC Insured (Alternative Minimum Tax)
1,500 Denver Convention Center Hotel Authority, Colorado, 11/16 at 100.00 AAA 1,457,010
Senior Revenue Bonds, Convention Center Hotel, Series
2006, 4.625%, 12/01/30 (WI/DD, Settling 5/02/06) - XLCA Insured
E-470 Public Highway Authority, Colorado, Senior
Revenue Bonds, Series 1997B:
1,045 0.000%, 9/01/23 - MBIA Insured No Opt. Call AAA 450,604
8,515 0.000%, 9/01/25 - MBIA Insured No Opt. Call AAA 3,300,840
7,500 E-470 Public Highway Authority, Colorado, Senior No Opt. Call AAA 2,368,275
Revenue Bonds, Series 2000B, 0.000%, 9/01/29 - MBIA Insured
13,000 E-470 Public Highway Authority, Colorado, Toll Revenue 9/20 at 45.40 AAA 2,850,640
Bonds, Series 2004B, 0.000%, 9/01/34 - MBIA Insured
12,355 Northwest Parkway Public Highway Authority, Colorado, 6/11 at 40.52 AAA 3,934,820
Senior Lien Revenue Bonds, Series 2001B, 0.000%,
6/15/26 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
81,160 Total Colorado 53,714,885
------------------------------------------------------------------------------------------------------------------------------------
CONNECTICUT - 1.8% (1.2% OF TOTAL INVESTMENTS)
9,285 Connecticut Development Authority, Health Facilities 8/06 at 100.00 N/R 9,311,741
Revenue Refunding Bonds, Alzheimer's Resource
Center of Connecticut Inc., Series 1994A, 7.250%, 8/15/21
------------------------------------------------------------------------------------------------------------------------------------
DISTRICT OF COLUMBIA - 3.2% (2.1% OF TOTAL INVESTMENTS)
3,045 District of Columbia Tobacco Settlement Corporation, 5/11 at 101.00 BBB 3,224,716
Tobacco Settlement Asset-Backed Bonds, Series 2001,
6.250%, 5/15/24
District of Columbia, General Obligation Bonds, Series 1998B:
5,000 6.000%, 6/01/19 - MBIA Insured No Opt. Call AAA 5,786,800
7,265 5.250%, 6/01/26 - FSA Insured 6/08 at 101.00 AAA 7,500,241
------------------------------------------------------------------------------------------------------------------------------------
15,310 Total District of Columbia 16,511,757
------------------------------------------------------------------------------------------------------------------------------------
FLORIDA - 1.6% (1.1% OF TOTAL INVESTMENTS)
Lee County, Florida, Airport Revenue Bonds, Series 2000A:
3,075 5.875%, 10/01/18 - FSA Insured (Alternative Minimum Tax) 10/10 at 101.00 AAA 3,293,356
4,860 5.875%, 10/01/19 - FSA Insured (Alternative Minimum Tax) 10/10 at 101.00 AAA 5,205,109
------------------------------------------------------------------------------------------------------------------------------------
7,935 Total Florida 8,498,465
------------------------------------------------------------------------------------------------------------------------------------
GEORGIA - 0.8% (0.5% OF TOTAL INVESTMENTS)
3,750 Atlanta, Georgia, Airport General Revenue Bonds, Series 1/10 at 101.00 AAA 3,911,738
2000B, 5.625%, 1/01/30 - FGIC Insured (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
ILLINOIS - 15.7% (10.4% OF TOTAL INVESTMENTS)
7,555 Chicago Board of Education, Illinois, Unlimited Tax 12/07 at 102.00 AAA 7,829,247
General Obligation Bonds, Dedicated Tax Revenues,
Series 1997A, 5.250%, 12/01/27 - AMBAC Insured
Chicago Board of Education, Illinois, Unlimited Tax
General Obligation Bonds, Dedicated Tax
Revenues, Series 1997:
4,000 5.750%, 12/01/20 (Pre-refunded 12/01/07) - AMBAC Insured 12/07 at 102.00 AAA 4,203,160
9,230 5.750%, 12/01/27 (Pre-refunded 12/01/07) - AMBAC Insured 12/07 at 102.00 AAA 9,698,792
1,070 5.750%, 12/01/27 (Pre-refunded 12/01/07) - AMBAC Insured 12/07 at 102.00 AAA 1,124,345
Chicago Board of Education, Illinois, Unlimited Tax
General Obligation Bonds, Dedicated Tax
Revenues, Series 1998B-1:
3,665 0.000%, 12/01/25 - FGIC Insured No Opt. Call AAA 1,416,926
1,375 0.000%, 12/01/31 - FGIC Insured No Opt. Call AAA 388,328
5,865 Chicago, Illinois, General Obligation Bonds, 7/10 at 101.00 AAA 6,531,616
Neighborhoods Alive 21 Program, Series 2000A, 6.500%,
1/01/35 (Pre-refunded 7/01/10) - FGIC Insured
28
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
ILLINOIS (continued)
$ 570 Chicago, Illinois, General Obligation Refunding Bonds, 1/08 at 100.00 AAA $ 579,052
Series 1996B, 5.125%, 1/01/25 - FGIC Insured
15,000 Chicago, Illinois, Second Lien Passenger Facility Charge 1/11 at 101.00 AAA 15,425,999
Revenue Bonds, O'Hare International Airport, Series
2001A, 5.375%, 1/01/32 - AMBAC Insured (Alternative Minimum Tax)
Chicago, Illinois, Second Lien Passenger Facility Charge
Revenue Bonds, O'Hare International
Airport, Series 2001C:
3,770 5.100%, 1/01/26 - AMBAC Insured (Alternative Minimum Tax) 1/11 at 101.00 AAA 3,828,699
5,460 5.250%, 1/01/32 - AMBAC Insured (Alternative Minimum Tax) 1/11 at 101.00 AAA 5,573,623
10,000 Illinois Health Facilities Authority, Revenue Bonds, 5/12 at 100.00 Baa2 10,463,900
Condell Medical Center, Series 2002, 5.750%, 5/15/22
2,000 Illinois Health Facilities Authority, Revenue Bonds, 2/11 at 102.00 Aaa 2,129,180
Midwest Care Center I Inc., Series 2001, 5.950%, 2/20/36
8,945 Lake and McHenry Counties Community Unit School 1/15 at 74.44 Aaa 4,294,584
District 118, Wauconda, Illinois, General Obligation
Bonds, Series 2005B, 0.000%, 1/01/21 - FSA Insured
Metropolitan Pier and Exposition Authority, Illinois,
Revenue Bonds, McCormick Place Expansion
Project, Series 2002A:
4,500 0.000%, 12/15/23 - MBIA Insured No Opt. Call AAA 1,929,915
2,920 5.000%, 12/15/28 - MBIA Insured 6/12 at 101.00 AAA 2,996,416
1,100 0.000%, 12/15/35 - MBIA Insured No Opt. Call AAA 255,497
7,500 Valley View Public Schools, Community Unit School No Opt. Call AAA 2,900,250
District 365U of Will County, Illinois, General Obligation
Bonds, Series 2005, 0.000%, 11/01/25 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
94,525 Total Illinois 81,569,529
------------------------------------------------------------------------------------------------------------------------------------
INDIANA - 1.8% (1.2% OF TOTAL INVESTMENTS)
900 Indiana Housing Finance Authority, Single Family 1/10 at 100.00 Aaa 929,619
Mortgage Revenue Bonds, Series 2000D-3, 5.950%,
7/01/26 (Alternative Minimum Tax)
7,660 St. Joseph County Hospital Authority, Indiana, Revenue 2/11 at 100.00 AAA 8,256,867
Bonds, Memorial Health System, Series 2000, 5.625%,
8/15/33 (Pre-refunded 2/15/11) - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
8,560 Total Indiana 9,186,486
------------------------------------------------------------------------------------------------------------------------------------
KANSAS - 1.7% (1.1% OF TOTAL INVESTMENTS)
5,000 Burlington, Kansas, Environmental Improvement Revenue 9/15 at 100.00 A3 5,036,200
Bonds, Kansas City Power and Light Company Project,
Series 1998A, 4.750%, 9/01/15 (Mandatory put 10/01/07)
3,790 Kansas Department of Transportation, Highway Revenue 3/14 at 100.00 AA+ 3,937,924
Bonds, Series 2004A, 5.000%, 3/01/23
------------------------------------------------------------------------------------------------------------------------------------
8,790 Total Kansas 8,974,124
------------------------------------------------------------------------------------------------------------------------------------
KENTUCKY - 0.5% (0.4% OF TOTAL INVESTMENTS)
2,795 Lakeland Wesley Village Inc., Kentucky, FHA-Insured 5/06 at 100.00 N/R 2,822,139
Section 8 Assisted Multifamily Housing Mortgage
Revenue Refunding Bonds, Lakeland Wesley Village I
Elderly Project, Series 1991, 7.500%, 11/01/21
------------------------------------------------------------------------------------------------------------------------------------
MARYLAND - 1.6% (1.0% OF TOTAL INVESTMENTS)
7,500 Maryland Health and Higher Educational Facilities 7/09 at 101.00 AA (4) 8,077,425
Authority, Revenue Bonds, Johns Hopkins University,
Series 1999, 6.000%, 7/01/39 (Pre-refunded 7/01/09)
------------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS - 0.9% (0.6% OF TOTAL INVESTMENTS)
3,545 Boston Housing Development Corporation, 7/06 at 100.00 AAA 3,546,560
Massachusetts, FHA-Insured Section 8 Mortgage Loan
Project Bonds, Series 1994A, 5.500%, 7/01/24 - MBIA Insured
1,045 Massachusetts Educational Finance Authority, Student 12/09 at 101.00 AAA 1,062,932
Loan Revenue Refunding Bonds, Series 2000G, 5.700%,
12/01/11 - MBIA Insured (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
4,590 Total Massachusetts 4,609,492
------------------------------------------------------------------------------------------------------------------------------------
29
Nuveen Select Quality Municipal Fund, Inc. (NQS) (continued)
Portfolio of INVESTMENTS April 30, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
MICHIGAN - 8.7% (5.7% OF TOTAL INVESTMENTS)
$ 10,000 Detroit, Michigan, Sewerage Disposal System Revenue 1/10 at 101.00 AAA $ 10,772,700
Bonds, Series 1999A, 5.750%, 7/01/26 (Pre-refunded
1/01/10) - FGIC Insured
3,625 Fowlerville Community Schools, Ingham, Livingston and 5/07 at 100.00 AAA 3,694,636
Shiawassee Counties, Michigan, School Building and
Site Bonds, Series 1996, 5.600%, 5/01/26 (Pre-refunded
5/01/07) - MBIA Insured
6,475 Michigan State Hospital Finance Authority, Hospital 11/09 at 101.00 AAA 6,951,301
Revenue Bonds, Ascension Health Credit Group, Series
1999A, 5.750%, 11/15/16 (Pre-refunded 11/15/09) - MBIA Insured
3,275 Michigan State Hospital Finance Authority, Revenue 8/06 at 100.00 BB- 3,276,572
Refunding Bonds, Detroit Medical Center Obligated Group,
Series 1993A, 6.500%, 8/15/18
6,000 Michigan Strategic Fund, Collateralized Limited 9/11 at 100.00 A3 6,222,780
Obligation Pollution Control Revenue Refunding Bonds,
Fixed Rate Conversion, Detroit Edison Company, Series
1999C, 5.650%, 9/01/29 (Alternative Minimum Tax)
7,500 Michigan Strategic Fund, Limited Obligation Revenue 12/12 at 100.00 AAA 7,858,575
Refunding Bonds, Detroit Edison Company, Series 2002C,
5.450%, 12/15/32 - XLCA Insured (Alternative Minimum Tax)
5,900 Royal Oak Hospital Finance Authority, Michigan, 11/11 at 100.00 AAA 6,082,841
Hospital Revenue Bonds, William Beaumont Hospital,
Series 2001M, 5.250%, 11/15/35 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
42,775 Total Michigan 44,859,405
------------------------------------------------------------------------------------------------------------------------------------
MINNESOTA - 2.0% (1.3% OF TOTAL INVESTMENTS)
7,000 Minneapolis-St. Paul Metropolitan Airports Commission, 1/11 at 100.00 AAA 7,277,620
Minnesota, Airport Revenue Bonds, Series 2001A,
5.250%, 1/01/32 - FGIC Insured
3,025 Minnesota Housing Finance Agency, Single Family 7/09 at 100.00 AA+ 3,061,421
Mortgage Revenue Bonds, Series 2000C, 6.100%,
7/01/30 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
10,025 Total Minnesota 10,339,041
------------------------------------------------------------------------------------------------------------------------------------
MISSISSIPPI - 0.5% (0.3% OF TOTAL INVESTMENTS)
2,475 Mississippi Hospital Equipment and Facilities Authority, 9/14 at 100.00 N/R 2,472,773
Revenue Bonds, Baptist Memorial Healthcare, Series
2004B-1, 5.000%, 9/01/24
------------------------------------------------------------------------------------------------------------------------------------
MISSOURI - 0.6% (0.4% OF TOTAL INVESTMENTS)
5,000 Kansas City Municipal Assistance Corporation, Missouri, No Opt. Call AAA 1,679,200
Leasehold Revenue Bonds, Series 2004B-1, 0.000%,
4/15/28 - AMBAC Insured
1,500 Missouri-Illinois Metropolitan District Bi-State 10/13 at 100.00 AAA 1,544,460
Development Agency, Mass Transit Sales Tax
Appropriation Bonds, Metrolink Cross County Extension
Project, Series 2002B, 5.000%, 10/01/32 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
6,500 Total Missouri 3,223,660
------------------------------------------------------------------------------------------------------------------------------------
NEBRASKA - 0.2% (0.1% OF TOTAL INVESTMENTS)
530 Nebraska Investment Finance Authority, Single Family 9/06 at 100.75 AAA 534,267
Housing Revenue Bonds, Series 1995A, 6.800%,
3/01/35 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
NEVADA - 6.8% (4.5% OF TOTAL INVESTMENTS)
4,885 Clark County, Nevada, Limited Tax General Obligation 7/10 at 100.00 AA 5,164,862
Bank Bonds, Series 2000, 5.500%, 7/01/18
7,500 Clark County, Nevada, Subordinate Lien Airport Revenue 7/10 at 101.00 AAA 8,205,750
Bonds, Series 1999A, 6.000%, 7/01/29 (Pre-refunded 7/01/10) -
MBIA Insured
Director of Nevada State Department of Business and
Industry, Revenue Bonds, Las Vegas
Monorail Project, First Tier, Series 2000:
1,950 5.625%, 1/01/32 - AMBAC Insured 1/10 at 102.00 AAA 2,085,350
2,000 5.375%, 1/01/40 - AMBAC Insured 1/10 at 100.00 AAA 2,072,920
10,750 Truckee Meadows Water Authority, Nevada, Water 7/11 at 100.00 AAA 11,229,772
Revenue Bonds, Series 2001A, 5.250%, 7/01/34 - FSA Insured
6,000 Washoe County, Nevada, Reno-Sparks Convention and 1/10 at 100.00 AAA 6,534,540
Visitors Authority, Limited Tax General Obligation Bonds,
Series 1999A, 6.375%, 7/01/23 (Pre-refunded 1/01/10) - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
33,085 Total Nevada 35,293,194
------------------------------------------------------------------------------------------------------------------------------------
30
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
NEW JERSEY - 6.4% (4.2% OF TOTAL INVESTMENTS)
$ 2,400 New Jersey Health Care Facilities Financing Authority, 7/10 at 101.00 BBB- $ 2,645,232
Revenue Bonds, Trinitas Hospital Obligated Group,
Series 2000, 7.500%, 7/01/30
17,670 New Jersey Housing and Mortgage Finance Agency, 10/10 at 100.00 AAA 18,349,057
Home Buyer Program Revenue Bonds, Series 2000CC,
5.850%, 10/01/25 - MBIA Insured (Alternative Minimum Tax)
3,000 New Jersey Housing and Mortgage Finance Agency, 11/07 at 101.50 AAA 3,106,080
Multifamily Housing Revenue Bonds, Series1997A,
5.550%, 5/01/27 - AMBAC Insured (Alternative Minimum Tax)
8,855 Tobacco Settlement Financing Corporation, New Jersey, 6/12 at 100.00 BBB 9,187,859
Tobacco Settlement Asset-Backed Bonds, Series 2002, 5.750%, 6/01/32
------------------------------------------------------------------------------------------------------------------------------------
31,925 Total New Jersey 33,288,228
------------------------------------------------------------------------------------------------------------------------------------
NEW MEXICO - 4.6% (3.1% OF TOTAL INVESTMENTS)
8,500 Farmington, New Mexico, Pollution Control Revenue 10/06 at 101.00 BBB 8,629,540
Refunding Bonds, Public Service Company of New Mexico -
San Juan Project, Series 1997B, 5.800%, 4/01/22
New Mexico Hospital Equipment Loan Council, Hospital
Revenue Bonds, Presbyterian Healthcare
Services, Series 2001A:
8,000 5.500%, 8/01/25 (Pre-refunded 8/01/11) 8/11 at 101.00 AA- (4) 8,667,200
6,200 5.500%, 8/01/30 (Pre-refunded 8/01/11) 8/11 at 101.00 AA- (4) 6,717,080
------------------------------------------------------------------------------------------------------------------------------------
22,700 Total New Mexico 24,013,820
------------------------------------------------------------------------------------------------------------------------------------
NEW YORK - 13.8% (9.1% OF TOTAL INVESTMENTS)
5,650 Dormitory Authority of the State of New York, 8/09 at 101.00 AAA 5,936,851
Improvement Revenue Bonds, Mental Health Services
Facilities, Series 1999D, 5.250%, 8/15/24 - FSA Insured
10,000 Dormitory Authority of the State of New York, New York 5/10 at 101.00 A+ (4) 10,943,200
City, Lease Revenue Bonds, Court Facilities, Series 1999,
6.000%, 5/15/39 (Pre-refunded 5/15/10)
7,000 Metropolitan Transportation Authority, New York, State 7/12 at 100.00 AA- 7,260,260
Service Contract Refunding Bonds, Series 2002A, 5.125%, 1/01/29
5,000 New York City Municipal Water Finance Authority, New 6/09 at 101.00 AAA 5,148,100
York, Water and Sewerage System Revenue Bonds, Fiscal
Series 1999B, 5.000%, 6/15/29 - FSA Insured
6,000 New York City Municipal Water Finance Authority, New 6/09 at 101.00 AAA 6,370,980
York, Water and Sewerage System Revenue Bonds, Fiscal
Series 2000A, 5.500%, 6/15/32 (Pre-refunded 6/15/09) - FGIC Insured
2,255 New York City Transit Authority, New York, Metropolitan 1/10 at 101.00 AAA 2,436,505
Transportation Authority, Triborough Bridge and Tunnel
Authority, Certificates of Participation, Series 2000A, 5.750%,
1/01/20 (Pre-refunded 1/01/10) -AMBAC Insured
9,750 New York City Transitional Finance Authority, New York, 5/10 at 101.00 AAA 10,669,620
Future Tax Secured Bonds, Fiscal Series 2000B, 6.000%,
11/15/29 (Pre-refunded 5/15/10)
9,290 New York City, New York, General Obligation Bonds, 10/07 at 101.00 Aaa 9,686,033
Fiscal Series 1997G, 6.000%, 10/15/26 (Pre-refunded 10/15/07)
5,400 New York State Mortgage Agency, Homeowner 3/09 at 101.00 Aa1 5,511,078
Mortgage Revenue Bonds, Series 79, 5.300%, 4/01/29
(Alternative Minimum Tax)
7,545 New York State Urban Development Corporation, Senior 7/06 at 102.00 AAA 7,717,026
Lien Corporate Purpose Bonds, Series 1996, 5.500%, 7/01/26
------------------------------------------------------------------------------------------------------------------------------------
67,890 Total New York 71,679,653
------------------------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA - 3.6% (2.4% OF TOTAL INVESTMENTS)
18,555 North Carolina Eastern Municipal Power Agency, Power 7/06 at 100.00 AAA 18,579,862
System Revenue Refunding Bonds, Series 1993B, 5.500%,
1/01/17 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
NORTH DAKOTA - 2.1% (1.4% OF TOTAL INVESTMENTS)
10,490 Grand Forks, North Dakota, Sales Tax Revenue Bonds, 12/07 at 100.00 AAA 10,812,043
Aurora Project, Series 1997A, 5.625%, 12/15/29
(Pre-refunded 12/15/07) - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
31
Nuveen Select Quality Municipal Fund, Inc. (NQS) (continued)
Portfolio of INVESTMENTS April 30, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
OHIO - 2.2% (1.5% OF TOTAL INVESTMENTS)
Montgomery County, Ohio, Hospital Facilities Revenue
Bonds, Kettering Medical Center,
Series 1999:
$ 5,000 6.750%, 4/01/18 (Pre-refunded 4/01/10) 4/10 at 101.00 A (4) $ 5,571,250
5,000 6.750%, 4/01/22 (Pre-refunded 4/01/10) 4/10 at 101.00 A (4) 5,571,250
335 Ohio Housing Finance Agency, GNMA Mortgage-Backed 8/10 at 100.00 Aaa 337,231
Securities Program Residential Mortgage Revenue Bonds,
Series 2000C, 6.050%, 3/01/32 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
10,335 Total Ohio 11,479,731
------------------------------------------------------------------------------------------------------------------------------------
OKLAHOMA - 2.5% (1.7% OF TOTAL INVESTMENTS)
1,030 Central Oklahoma Transportation and Parking Authority, 7/06 at 100.00 AAA 1,032,833
Oklahoma City, Parking System Revenue Refunding Bonds,
Series 1996, 5.300%, 7/01/12 (Pre-refunded 7/01/06) - FSA Insured
2,235 Oklahoma Development Finance Authority, Revenue 2/14 at 100.00 AA 2,284,796
Bonds, St. John Health System, Series 2004, 5.000%, 2/15/24
10,000 Tulsa Municipal Airport Trust, Oklahoma, Revenue 12/08 at 100.00 B- 9,839,100
Refunding Bonds, American Airlines Inc., Series 2001B,
5.650%, 12/01/35 (Mandatory put 12/01/08) (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
13,265 Total Oklahoma 13,156,729
------------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA - 0.0% (0.0% OF TOTAL INVESTMENTS)
95 Delaware River Port Authority, New Jersey and 1/10 at 100.00 AAA 101,225
Pennsylvania, Revenue Bonds, Series 1999, 5.750%, 1/01/15 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
PUERTO RICO - 0.5% (0.3% OF TOTAL INVESTMENTS)
3,000 Puerto Rico Public Buildings Authority, Guaranteed 7/17 at 100.00 AAA 2,340,870
Government Facilities Revenue Refunding Bonds, Series
2002D, 0.000%, 7/01/31 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA - 9.3% (6.2% OF TOTAL INVESTMENTS)
Greenville County School District, South Carolina,
Installment Purchase Revenue Bonds,
Series 2002:
5,500 6.000%, 12/01/21 (Pre-refunded 12/01/12) 12/12 at 101.00 AA- (4) 6,190,305
4,500 6.000%, 12/01/21 (Pre-refunded 12/01/12) 12/12 at 101.00 AA- (4) 5,064,795
3,750 Greenwood County, South Carolina, Hospital Revenue 10/11 at 100.00 A 3,869,400
Bonds, Self Memorial Hospital, Series 2001, 5.500%, 10/01/31
2,500 Lexington County Health Service District, South Carolina, 11/13 at 100.00 A 2,636,150
Hospital Revenue Refunding and Improvement Bonds,
Series 2003, 5.750%, 11/01/28
2,825 Medical University Hospital Authority, South Carolina, 8/14 at 100.00 AAA 2,990,234
FHA-Insured Mortgage Revenue Bonds, Series 2004A,
5.250%, 2/15/22 - MBIA Insured
21,565 Piedmont Municipal Power Agency, South Carolina, No Opt. Call AAA 6,636,844
Electric Revenue Bonds, Series 2004A-2, 0.000%, 1/01/30 -
AMBAC Insured
1,325 South Carolina Housing Finance and Development 6/10 at 100.00 Aaa 1,355,025
Authority, Mortgage Revenue Bonds, Series 2000A-2,
6.000%, 7/01/20 - FSA Insured (Alternative Minimum Tax)
Tobacco Settlement Revenue Management Authority,
South Carolina, Tobacco Settlement
Asset-Backed Bonds, Series 2001B:
11,530 6.000%, 5/15/22 5/11 at 101.00 BBB 12,079,059
4,000 6.375%, 5/15/28 5/11 at 101.00 BBB 4,274,640
3,000 6.375%, 5/15/30 No Opt. Call BBB 3,336,960
------------------------------------------------------------------------------------------------------------------------------------
60,495 Total South Carolina 48,433,412
------------------------------------------------------------------------------------------------------------------------------------
SOUTH DAKOTA - 2.2% (1.5% OF TOTAL INVESTMENTS)
5,875 Sioux Falls, South Dakota, Industrial Revenue Refunding 10/14 at 100.00 AAA 7,175,138
Bonds, Great Plains Hotel Corporation, Series 1989,
8.500%, 11/01/16 (Pre-refunded 10/15/14) (Alternative Minimum Tax)
2,500 South Dakota Education Loans Inc., Revenue Bonds, 6/08 at 102.00 A2 2,599,850
Subordinate Series 1998-1K, 5.600%, 6/01/20 (Alternative Minimum Tax)
1,750 South Dakota Health and Educational Facilities Authority, 11/14 at 100.00 A+ 1,844,115
Revenue Bonds, Sioux Valley Hospitals, Series 2004A, 5.500%, 11/01/31
------------------------------------------------------------------------------------------------------------------------------------
10,125 Total South Dakota 11,619,103
------------------------------------------------------------------------------------------------------------------------------------
32
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TENNESSEE - 6.7% (4.4% OF TOTAL INVESTMENTS)
$ 5,000 Knox County Health, Educational and Housing Facilities 4/12 at 101.00 Baa3 $ 5,290,350
Board, Tennessee, Hospital Revenue Bonds, Baptist
Health System of East Tennessee Inc., Series 2002, 6.500%, 4/15/31
20,060 Knox County Health, Educational and Housing Facilities 1/13 at 80.49 AAA 11,772,010
Board, Tennessee, Hospital Revenue Refunding Bonds,
Covenant Health, Series 2002A, 0.000%, 1/01/17 - FSA Insured
12,500 Metropolitan Government of Nashville-Davidson County 11/09 at 101.00 AAA 13,468,750
Health and Educational Facilities Board, Tennessee,
Revenue Bonds, Ascension Health Credit Group, Series
1999A, 5.875%, 11/15/28 (Pre-refunded 11/15/09) - AMBAC Insured
Tennessee Housing Development Agency,
Homeownership Program Bonds, Series 2000-1:
1,785 5.750%, 7/01/10 (Alternative Minimum Tax) No Opt. Call AA 1,799,905
2,145 6.000%, 7/01/13 - MBIA Insured (Alternative Minimum Tax) 7/10 at 101.00 AAA 2,166,793
------------------------------------------------------------------------------------------------------------------------------------
41,490 Total Tennessee 34,497,808
------------------------------------------------------------------------------------------------------------------------------------
TEXAS - 14.6% (9.6% OF TOTAL INVESTMENTS)
5,110 Brazos River Authority, Texas, Pollution Control Revenue 4/13 at 101.00 Baa2 5,981,204
Refunding Bonds, TXU Electric Company, Series 1999C,
7.700%, 3/01/32 (Alternative Minimum Tax)
7,925 Brazos River Authority, Texas, Pollution Control Revenue 5/36 at 100.00 Baa2 8,403,908
Refunding Bonds, TXU Electric Company, Series 2001C,
5.750%, 5/01/36 (Mandatory put 11/01/11) (Alternative Minimum Tax)
4,500 Brazos River Authority, Texas, Revenue Bonds, Reliant 12/08 at 102.00 BBB- 4,880,565
Energy Inc., Series 1999B, 7.750%, 12/01/18
4,080 Central Texas Regional Mobility Authority, Travis and 1/15 at 100.00 AAA 4,161,722
Williamson Counties, Toll Road Revenue Bonds, Series
2005, 5.000%, 1/01/35 - FGIC Insured
5,500 Dallas Area Rapid Transit, Texas, Senior Lien Sales Tax 12/11 at 100.00 AAA 5,600,375
Revenue Bonds, Series 2001, 5.000%, 12/01/31 - AMBAC Insured
2,000 Ennis Independent School District, Ellis County, Texas, 8/16 at 54.64 Aaa 630,900
General Obligation Bonds, Series 2006, 0.000%, 8/15/28
1,550 Gulf Coast Waste Disposal Authority, Texas, Waste 4/11 at 101.00 BBB- 1,671,458
Disposal Revenue Bonds, Valero Energy Corporation,
Series 2001, 6.650%, 4/01/32 (Alternative Minimum Tax)
5,000 Houston Community College, Texas, Limited Tax General 2/13 at 100.00 AAA 5,131,400
Obligation Bonds, Series 2003, 5.000%, 2/15/26 - AMBAC Insured
4,590 Houston, Texas, Subordinate Lien Airport System 7/10 at 100.00 AAA 4,828,818
Revenue Bonds, Series 2000A, 5.625%, 7/01/30 - FSA
Insured (Alternative Minimum Tax)
5,000 Katy Independent School District, Harris, Fort Bend and 2/12 at 100.00 AAA 5,106,800
Waller Counties, Texas, General Obligation Bonds, Series
2002A, 5.000%, 2/15/27
9,000 Matagorda County Navigation District 1, Texas, No Opt. Call AAA 9,468,630
Collateralized Revenue Refunding Bonds, Houston Light
and Power Company, Series 1997, 5.125%, 11/01/28 -
AMBAC Insured (Alternative Minimum Tax)
775 Panhandle Regional Housing Finance Corporation, Texas, 5/06 at 100.00 AAA 779,092
GNMA Mortgage-Backed Securities Program Single Family
Mortgage Revenue Bonds, Series 1991A, 7.500%, 5/01/24
(Alternative Minimum Tax)
4,700 Sam Rayburn Municipal Power Agency, Texas, Power 10/12 at 100.00 Baa2 4,954,035
Supply System Revenue Refunding Bonds, Series 2002A, 6.000%, 10/01/21
5,500 Spring Independent School District, Harris County, 8/11 at 100.00 AAA 5,616,270
Texas, Unlimited Tax Schoolhouse Bonds, Series 2001, 5.000%, 8/15/26
4,520 Texas, General Obligation Bonds, Water Financial 8/09 at 100.00 Aa1 4,723,490
Assistance, State Participation Program, Series 1999C, 5.500%, 8/01/35
2,810 Winter Garden Housing Finance Corporation, Texas, 10/06 at 101.00 AAA 2,825,848
GNMA/FNMA Mortgage-Backed Securities Program
Single Family Mortgage Revenue Bonds, Series 1994, 6.950%,
10/01/27 (Alternative Minimum Tax)
2,000 Wylie Independent School District, Taylor County, Texas, 8/15 at 57.10 AAA 706,920
General Obligation Bonds, Series 2005, 0.000%, 8/15/26
------------------------------------------------------------------------------------------------------------------------------------
74,560 Total Texas 75,471,435
------------------------------------------------------------------------------------------------------------------------------------
UTAH - 4.3% (2.8% OF TOTAL INVESTMENTS)
2,000 Intermountain Power Agency, Utah, Power Supply 7/06 at 102.00 AAA 2,047,620
Revenue Bonds, Special Obligation Crossover, Sixth Series
1996B, 6.000%, 7/01/16 (Pre-refunded 7/01/06) - MBIA Insured
33
Nuveen Select Quality Municipal Fund, Inc. (NQS) (continued)
Portfolio of INVESTMENTS April 30, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
UTAH (CONTINUED)
$ 3,565 Utah Associated Municipal Power Systems, Revenue 4/13 at 100.00 AAA $ 3,678,474
Bonds, Payson Power Project, Series 2003A, 5.000%, 4/01/24 -
FSA Insured
16,050 Utah County, Utah, Hospital Revenue Bonds, IHC Health 8/07 at 101.00 AAA 16,514,326
Services Inc., Series 1997, 5.250%, 8/15/26 - MBIA Insured (ETM)
------------------------------------------------------------------------------------------------------------------------------------
21,615 Total Utah 22,240,420
------------------------------------------------------------------------------------------------------------------------------------
VERMONT - 2.0% (1.3% OF TOTAL INVESTMENTS)
Vermont Educational and Health Buildings Financing
Agency, Revenue Bonds, Fletcher Allen
Health Care Inc., Series 2000A:
3,720 6.125%, 12/01/15 - AMBAC Insured 12/10 at 101.00 AAA 4,107,438
4,265 6.250%, 12/01/16 - AMBAC Insured 12/10 at 101.00 AAA 4,714,403
1,505 Vermont Housing Finance Agency, Single Family Housing 11/09 at 100.00 AAA 1,529,501
Bonds, Series 2000-13A, 5.950%, 11/01/25 - FSA Insured
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
9,490 Total Vermont 10,351,342
------------------------------------------------------------------------------------------------------------------------------------
WASHINGTON - 3.8% (2.5% OF TOTAL INVESTMENTS)
8,810 Chelan County Public Utility District 1, Washington, 7/11 at 101.00 AAA 9,352,520
Hydro Consolidated System Revenue Bonds, Series 2001A,
5.600%, 1/01/36 - MBIA Insured (Alternative Minimum Tax)
2,500 Energy Northwest, Washington, Electric Revenue 7/12 at 100.00 AAA 2,727,125
Refunding Bonds, Columbia Generating Station - Nuclear
Project 2, Series 2002C, 5.750%, 7/01/17 - MBIA Insured
7,225 Port of Seattle, Washington, Special Facility Revenue 3/10 at 101.00 AAA 7,727,138
Bonds, Terminal 18, Series 1999B, 6.000%, 9/01/20 -
MBIA Insured (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
18,535 Total Washington 19,806,783
------------------------------------------------------------------------------------------------------------------------------------
WEST VIRGINIA - 1.0% (0.6% OF TOTAL INVESTMENTS)
5,000 Mason County, West Virginia, Pollution Control Revenue 10/11 at 100.00 BBB 5,092,350
Bonds, Appalachian Power Company, Series 2003L, 5.500%, 10/01/22
------------------------------------------------------------------------------------------------------------------------------------
WISCONSIN - 3.2% (2.1% OF TOTAL INVESTMENTS)
8,790 Badger Tobacco Asset Securitization Corporation, 6/12 at 100.00 BBB 9,282,064
Wisconsin, Tobacco Settlement Asset-Backed Bonds,
Series 2002, 6.125%, 6/01/27
5,000 Madison, Wisconsin, Industrial Development Revenue 4/12 at 100.00 AA- 5,325,300
Refunding Bonds, Madison Gas and Electric Company
Projects, Series 2002A, 5.875%, 10/01/34 (Alternative Minimum Tax)
2,100 Wisconsin Health and Educational Facilities Authority, 8/13 at 100.00 A 2,117,640
Revenue Bonds, Wheaton Franciscan Services Inc.,
Series 2003A, 5.125%, 8/15/33
------------------------------------------------------------------------------------------------------------------------------------
15,890 Total Wisconsin 16,725,004
------------------------------------------------------------------------------------------------------------------------------------
$ 872,380 Total Investments (cost $740,765,462) - 151.8% 786,301,413
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.1% 10,784,565
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (53.9)% (279,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 518,085,978
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares
unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices
at later dates. Certain mortgage-backed securities
may be subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's or
Moody's rating. Ratings below BBB by Standard &
Poor's Group or Baa by Moody's Investor Service, Inc.
are considered to be below investment grade.
(4) Backed by an escrow or trust containing sufficient
U.S. Government or U.S. Government agency securities
which ensure the timely payment of principal and
interest. Such investments are normally considered to
be equivalent to AAA rated securities.
N/R Not rated.
WI/DD Purchased on a when-issued or delayed delivery
basis.
(ETM) Escrowed to maturity.
See accompanying notes to financial statements.
34
Nuveen Quality Income Municipal Fund, Inc. (NQU)
Portfolio of
INVESTMENTS April 30, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
ALABAMA - 3.2% (2.1% OF TOTAL INVESTMENTS)
$ 3,500 Bessemer Governmental Utility Services Corporation, 6/08 at 102.00 AAA $ 3,647,910
Alabama, Water Supply Revenue Bonds, Series 1998,
5.200%, 6/01/24 - MBIA Insured
Jefferson County, Alabama, Sewer Revenue Capitol
Improvement Warrants, Series 2001A:
7,475 5.500%, 2/01/31 (Pre-refunded 2/01/11) - FGIC Insured 2/11 at 101.00 AAA 8,099,686
6,340 5.500%, 2/01/31 (Pre-refunded 2/01/11) - FGIC Insured 2/11 at 101.00 AAA 6,855,442
6,970 5.500%, 2/01/31 (Pre-refunded 2/01/11) - FGIC Insured 2/11 at 101.00 AAA 7,552,483
------------------------------------------------------------------------------------------------------------------------------------
24,285 Total Alabama 26,155,521
------------------------------------------------------------------------------------------------------------------------------------
ALASKA - 0.8% (0.5% OF TOTAL INVESTMENTS)
6,110 Alaska Housing Finance Corporation, General Housing 12/14 at 100.00 AAA 6,270,693
Purpose Bonds, Series 2005A, 5.000%, 12/01/27 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
ARIZONA - 1.8% (1.2% OF TOTAL INVESTMENTS)
5,350 Arizona Tourism and Sports Authority, Tax Revenue 7/13 at 100.00 Aaa 5,507,183
Bonds, Multipurpose Stadium Facility Project, Series 2003A,
5.000%, 7/01/28 - MBIA Insured
1,000 Mesa, Arizona, Utility System Revenue Refunding Bonds, No Opt. Call AAA 1,088,170
Series 2002, 5.250%, 7/01/17 - FGIC Insured
8,010 Salt River Project Agricultural Improvement and Power 1/12 at 101.00 AA 8,313,659
District, Arizona, Electric System Revenue Refunding Bonds,
Series 2002A, 5.125%, 1/01/27
------------------------------------------------------------------------------------------------------------------------------------
14,360 Total Arizona 14,909,012
------------------------------------------------------------------------------------------------------------------------------------
ARKANSAS - 0.5% (0.3% OF TOTAL INVESTMENTS)
4,000 University of Arkansas, Fayetteville, Revenue Bonds, 11/14 at 100.00 Aaa 4,121,520
Medical Sciences Campus, Series 2004B, 5.000%, 11/01/34 -
MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA - 7.6% (4.9% OF TOTAL INVESTMENTS)
1,000 California Department of Water Resources, Power 5/12 at 101.00 Aaa 1,115,380
Supply Revenue Bonds, Series 2002A, 5.750%, 5/01/17
(Pre-refunded 5/01/12)
6,000 California Health Facilities Financing Authority, Health 3/13 at 100.00 A 6,025,500
Facility Revenue Bonds, Adventist Health System/West,
Series 2003A, 5.000%, 3/01/33
3,450 California Infrastructure Economic Development Bank, 10/11 at 101.00 A- 3,526,797
Revenue Bonds, J. David Gladstone Institutes, Series 2001,
5.250%, 10/01/34
1,360 California Statewide Community Development Authority, 7/15 at 100.00 BBB+ 1,383,174
Revenue Bonds, Daughters of Charity Health System,
Series 2005A, 5.250%, 7/01/30
14,600 California, General Obligation Bonds, Series 2003, 5.250%, 2/01/28 8/13 at 100.00 A 15,238,458
5,000 California, General Obligation Veterans Welfare Bonds, 6/06 at 100.00 AA- 5,008,700
Series 1997BH, 5.600%, 12/01/32 (Alternative Minimum Tax)
10,000 California, Various Purpose General Obligation Bonds, 4/09 at 101.00 AAA 10,026,300
Series 1999, 4.750%, 4/01/29 - MBIA Insured
8,500 Foothill/Eastern Transportation Corridor Agency, 1/10 at 100.00 AAA 8,675,100
California, Toll Road Revenue Bonds, Series 1995A, 5.000%,
1/01/35 - MBIA Insured
30,000 San Joaquin Hills Transportation Corridor Agency, No Opt. Call AAA 7,124,700
Orange County, California, Toll Road Revenue Refunding
Bonds, Series 1997A, 0.000%, 1/15/35 - MBIA Insured
1,500 San Jose Redevelopment Agency, California, Tax 8/10 at 101.00 AAA 1,531,785
Allocation Bonds, Merged Area Redevelopment Project,
Series 2002, 5.000%, 8/01/32 - MBIA Insured
35
Nuveen Quality Income Municipal Fund, Inc. (NQU) (continued)
Portfolio of INVESTMENTS April 30, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA (CONTINUED)
$ 3,000 San Mateo County Community College District, No Opt. Call AAA $ 888,930
California, General Obligation Bonds, Series 2006C,
0.000%, 9/01/30 - MBIA Insured
1,500 Tobacco Securitization Authority of Northern California, 6/15 at 100.00 BBB 1,517,565
Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 5.500%, 6/01/45
------------------------------------------------------------------------------------------------------------------------------------
85,910 Total California 62,062,389
------------------------------------------------------------------------------------------------------------------------------------
COLORADO - 5.8% (3.8% OF TOTAL INVESTMENTS)
5,240 Adams 12 Five Star Schools, Adams County, Colorado, 12/15 at 100.00 AAA 5,473,914
General Obligation Bonds, Series 2005, 5.000%, 12/15/24 - FSA Insured
10,000 Denver City and County, Colorado, Airport System 11/10 at 100.00 AAA 10,535,800
Revenue Refunding Bonds, Series 2000A, 5.625%, 11/15/23 -
AMBAC Insured (Alternative Minimum Tax)
12,000 E-470 Public Highway Authority, Colorado, Senior 9/07 at 101.00 AAA 12,102,600
Revenue Bonds, Series 1997A, 4.750%, 9/01/23 - MBIA Insured
5,385 E-470 Public Highway Authority, Colorado, Senior No Opt. Call AAA 1,979,849
Revenue Bonds, Series 1997B, 0.000%, 9/01/26 - MBIA Insured
14,400 E-470 Public Highway Authority, Colorado, Senior 9/10 at 65.63 AAA 7,978,752
Revenue Bonds, Series 2000B, 0.000%, 9/01/17 (Pre-refunded
9/01/10) - MBIA Insured
8,740 Larimer County School District R1, Poudre, Colorado, 12/10 at 100.00 AAA 9,244,997
General Obligation Bonds, Series 2000, 5.125%, 12/15/19
(Pre-refunded 12/15/10) - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
55,765 Total Colorado 47,315,912
------------------------------------------------------------------------------------------------------------------------------------
CONNECTICUT - 0.6% (0.4% OF TOTAL INVESTMENTS)
4,395 Bridgeport, Connecticut, General Obligation Bonds, Series 8/11 at 100.00 AAA 4,733,898
2001C, 5.375%, 8/15/17 (Pre-refunded 8/15/11) - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
DISTRICT OF COLUMBIA - 0.6% (0.4% OF TOTAL INVESTMENTS)
5,000 Washington Convention Center Authority, District of 10/08 at 101.00 AAA 5,191,850
Columbia, Senior Lien Dedicated Tax Revenue Bonds,
Series 1998, 5.250%, 10/01/17 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
FLORIDA - 1.7% (1.1% OF TOTAL INVESTMENTS)
2,250 Dade County, Florida, Water and Sewerage System 10/07 at 102.00 AAA 2,342,250
Revenue Bonds, Series 1997, 5.375%, 10/01/16 - FGIC Insured
5,300 Escambia County Health Facilities Authority, Florida, No Opt. Call AA 5,648,263
Revenue Bonds, Ascension Health Credit Group, Series 2003A,
5.250%, 11/15/14
5,000 Orange County Health Facilities Authority, Florida, 11/10 at 101.00 A+ (4) 5,600,900
Hospital Revenue Bonds, Adventist Health System/Sunbelt
Obligated Group, Series 2000, 6.500%, 11/15/30 (Pre-refunded 11/15/10)
------------------------------------------------------------------------------------------------------------------------------------
12,550 Total Florida 13,591,413
------------------------------------------------------------------------------------------------------------------------------------
HAWAII - 1.3% (0.9% OF TOTAL INVESTMENTS)
10,000 Hawaii Department of Transportation, Airport System 7/10 at 101.00 AAA 10,730,900
Revenue Refunding Bonds, Series 2000B, 5.750%, 7/01/21 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
ILLINOIS - 13.7% (8.9% OF TOTAL INVESTMENTS)
Chicago Board of Education, Illinois, Unlimited Tax
General Obligation Bonds, Dedicated
Revenues, Series 2001C:
1,000 5.500%, 12/01/18 (Pre-refunded 12/01/11) - FSA Insured 12/11 at 100.00 AAA 1,085,300
3,690 5.000%, 12/01/19 (Pre-refunded 12/01/11) - FSA Insured 12/11 at 100.00 AAA 3,912,581
3,000 5.000%, 12/01/20 (Pre-refunded 12/01/11) - FSA Insured 12/11 at 100.00 AAA 3,180,960
2,000 5.000%, 12/01/21 (Pre-refunded 12/01/11) - FSA Insured 12/11 at 100.00 AAA 2,120,640
Chicago Board of Education, Illinois, Unlimited Tax
General Obligation Bonds, Dedicated Tax
Revenues, Series 1998B-1:
9,400 0.000%, 12/01/14 - FGIC Insured No Opt. Call AAA 6,484,872
4,400 0.000%, 12/01/15 - FGIC Insured No Opt. Call AAA 2,874,520
32,670 Chicago, Illinois, General Obligation Bonds, City No Opt. Call AAA 9,262,925
Colleges of Chicago Capital Improvement Project,
Series 1999, 0.000%, 1/01/32 - FGIC Insured
36
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
ILLINOIS (CONTINUED)
Chicago, Illinois, General Obligation Bonds,
Neighborhoods Alive 21 Program, Series 2000A:
$ 680 6.000%, 1/01/28 (Pre-refunded 7/01/10) - FGIC Insured 7/10 at 101.00 AAA $ 744,267
4,320 6.000%, 1/01/28 (Pre-refunded 7/01/10) - FGIC Insured 7/10 at 101.00 AAA 4,728,283
6,380 Chicago, Illinois, General Obligation Bonds, Series 7/12 at 100.00 AAA 6,624,801
2002A, 5.000%, 1/01/18 - AMBAC Insured
70 Chicago, Illinois, General Obligation Bonds, Series 7/12 at 100.00 AAA 74,324
2002A, 5.000%, 1/01/18 (Pre-refunded 7/01/12) - AMBAC Insured
5,045 Chicago, Illinois, General Obligation Refunding Bonds, 1/10 at 101.00 AAA 5,401,581
Series 2000D, 5.750%, 1/01/30 - FGIC Insured
12,750 Chicago, Illinois, Revenue Bonds, Midway Airport, Series 1/09 at 101.00 AAA 12,917,663
1998A, 5.125%, 1/01/35 - MBIA Insured (Alternative Minimum Tax)
Chicago, Illinois, Second Lien Wastewater Transmission
Revenue Bonds, Series 2000:
8,000 5.750%, 1/01/25 (Pre-refunded 1/01/10) - MBIA Insured 1/10 at 101.00 AAA 8,618,160
7,750 6.000%, 1/01/30 (Pre-refunded 1/01/10) - MBIA Insured 1/10 at 101.00 AAA 8,412,005
Illinois Educational Facilities Authority, Student Housing
Revenue Bonds, Educational Advancement Foundation
Fund, University Center Project, Series 2002:
3,000 6.625%, 5/01/17 5/12 at 101.00 Baa3 3,318,960
1,800 6.000%, 5/01/22 5/12 at 101.00 Baa3 1,934,370
1,050 Illinois Finance Authority, General Obligation Debt 12/14 at 100.00 Aaa 1,091,202
Certificates, Local Government Program - Kankakee
County, Series 2005B, 5.000%, 12/01/20 - AMBAC Insured
5,000 Illinois Finance Authority, Revenue Bonds, Northwestern 8/14 at 100.00 AA+ 5,267,950
Memorial Hospital, Series 2004A, 5.500%, 8/15/43
10,000 Illinois Health Facilities Authority, Revenue Bonds, Iowa 2/10 at 101.00 AAA 10,794,900
Health System, Series 2000, 5.875%, 2/15/30 - AMBAC Insured (ETM)
2,385 Illinois Housing Development Authority, Section 8 Elderly 9/06 at 100.00 A 2,395,971
Housing Revenue Bonds, Garden House of Maywood
Development, Series 1992, 7.000%, 9/01/18
5,000 Illinois, General Obligation Bonds, Illinois FIRST Program, 12/10 at 100.00 AAA 5,293,000
Series 2000, 5.450%, 12/01/21 - MBIA Insured
3,105 Joliet Regional Port District, Illinois, Airport Facilities 7/07 at 103.00 N/R (4) 3,235,720
Revenue Bonds, Lewis University Airport, Series 1997A,
7.250%, 7/01/18 (Pre-refunded 7/01/07) (Alternative Minimum Tax)
2,270 Metropolitan Pier and Exposition Authority, Illinois, 6/12 at 101.00 AAA 2,329,406
Revenue Bonds, McCormick Place Expansion Project,
Series 2002A, 5.000%, 12/15/28 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
134,765 Total Illinois 112,104,361
------------------------------------------------------------------------------------------------------------------------------------
INDIANA - 2.4% (1.6% OF TOTAL INVESTMENTS)
2,000 Indiana Health Facility Financing Authority, Hospital 3/14 at 100.00 AAA 2,107,400
Revenue Bonds, Deaconess Hospital Inc., Series 2004A,
5.375%, 3/01/34 - AMBAC Insured
3,240 Indiana Health Facility Financing Authority, Hospital 7/12 at 100.00 AAA 3,465,018
Revenue Bonds, Marion General Hospital, Series 2002,
5.625%, 7/01/19 - AMBAC Insured
2,400 Indiana Health Facility Financing Authority, Revenue 5/15 at 100.00 AAA 2,457,696
Bonds, Community Hospitals of Indiana, Series 2005A,
5.000%, 5/01/35 - AMBAC Insured
5,125 Petersburg, Indiana, Pollution Control Revenue Refunding 12/24 at 100.00 A 5,226,475
Bonds, Indianapolis Power and Light Company, Series 1995A,
6.625%, 12/01/24 - ACA Insured
6,540 St. Joseph County Hospital Authority, Indiana, Revenue 2/08 at 101.00 AAA 6,392,719
Bonds, Memorial Health System, Series 1998A, 4.625%,
8/15/28 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
19,305 Total Indiana 19,649,308
------------------------------------------------------------------------------------------------------------------------------------
IOWA - 2.0% (1.3% OF TOTAL INVESTMENTS)
8,585 Iowa Finance Authority, Hospital Facilities Revenue 7/08 at 102.00 AAA 8,991,843
Bonds, Iowa Health System, Series 1998A, 5.125%,
1/01/28 (Pre-refunded 7/01/08) - MBIA Insured
7,000 Iowa Tobacco Settlement Authority, Asset Backed 6/15 at 100.00 BBB 7,144,340
Settlement Revenue Bonds, Series 2005C, 5.625%, 6/01/46
------------------------------------------------------------------------------------------------------------------------------------
15,585 Total Iowa 16,136,183
------------------------------------------------------------------------------------------------------------------------------------
37
Nuveen Quality Income Municipal Fund, Inc. (NQU) (continued)
Portfolio of INVESTMENTS April 30, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
KANSAS - 0.8% (0.5% OF TOTAL INVESTMENTS)
$ 4,585 Johnson County Unified School District 232, Kansas, 9/10 at 100.00 Aaa $ 4,767,850
General Obligation Bonds, Series 2000, 4.750%, 9/01/19
(Pre-refunded 9/01/10) - FSA Insured
1,750 Wamego, Kansas, Pollution Control Revenue Bonds, 6/14 at 100.00 AAA 1,846,548
Kansas Gas and Electric Company, Series 2004, 5.300%,
6/01/31 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
6,335 Total Kansas 6,614,398
------------------------------------------------------------------------------------------------------------------------------------
KENTUCKY - 0.3% (0.1% OF TOTAL INVESTMENTS)
2,500 Kentucky State Property and Buildings Commission, 2/12 at 100.00 AAA 2,696,150
Revenue Refunding Bonds, Project 74, Series 2002, 5.375%,
2/01/18 (Pre-refunded 2/01/12) - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
LOUISIANA - 2.1% (1.4% OF TOTAL INVESTMENTS)
10,000 Louisiana Public Facilities Authority, Hospital Revenue No Opt. Call AAA 11,419,500
Bonds, Franciscan Missionaries of Our Lady Health System,
Series 1998A, 5.750%, 7/01/25 - FSA Insured
5,500 Louisiana Public Facilities Authority, Revenue Bonds, 7/12 at 100.00 AAA 5,568,090
Tulane University, Series 2002A, 5.000%, 7/01/32 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
15,500 Total Louisiana 16,987,590
------------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS - 8.6% (5.6% OF TOTAL INVESTMENTS)
4,365 Massachusetts Health and Educational Facilities Authority, 10/15 at 100.00 AAA 4,524,192
Revenue Bonds, Berkshire Health System, Series 2005F,
5.000%, 10/01/19 - AGC Insured
7,405 Massachusetts Health and Educational Facilities No Opt. Call AAA 8,568,029
Authority, Revenue Bonds, Massachusetts Institute of
Technology, Series 2002K, 5.500%, 7/01/32
6,000 Massachusetts Industrial Finance Agency, Resource 12/08 at 102.00 BBB 6,187,200
Recovery Revenue Refunding Bonds, Ogden Haverhill Project,
Series 1998A, 5.600%, 12/01/19 (Alternative Minimum Tax)
13,500 Massachusetts Turnpike Authority, Metropolitan Highway 1/07 at 102.00 AAA 13,680,360
System Revenue Bonds, Senior Series 1997A, 5.000%, 1/01/37 -
MBIA Insured
13,500 Massachusetts Turnpike Authority, Metropolitan Highway 1/09 at 101.00 AAA 13,614,885
System Revenue Bonds, Subordinate Series 1999A, 5.000%, 1/01/39 -
AMBAC Insured
1,375 Massachusetts Water Pollution Abatement Trust, 8/09 at 101.00 AAA 1,471,800
Revenue Bonds, MWRA Loan Program, Subordinate Series
1999A, 5.750%, 8/01/29 (Pre-refunded 8/01/09)
5,570 Massachusetts Water Pollution Abatement Trust, 8/09 at 101.00 AAA 5,931,159
Revenue Bonds, MWRA Loan Program, Subordinate Series
1999A, 5.750%, 8/01/29
10,000 Massachusetts Water Resources Authority, General 8/10 at 101.00 AAA 10,830,200
Revenue Bonds, Series 2000A, 5.750%, 8/01/39 (Pre-refunded
8/01/10) - FGIC Insured
5,730 University of Massachusetts Building Authority, Senior 11/10 at 100.00 AAA 6,083,942
Lien Project Revenue Bonds, Series 2000-2, 5.250%,
11/01/20 (Pre-refunded 11/01/10) - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
67,445 Total Massachusetts 70,891,767
------------------------------------------------------------------------------------------------------------------------------------
MICHIGAN - 2.1% (1.3% OF TOTAL INVESTMENTS)
5,000 Detroit, Michigan, Second Lien Sewerage Disposal 7/15 at 100.00 AAA 5,142,350
System Revenue Bonds, Series 2005A, 5.000%, 7/01/35 - MBIA Insured
3,790 Michigan Municipal Bond Authority, General Obligation 6/15 at 100.00 AAA 3,931,405
Bonds, Detroit City School District, Series 2005, 5.000%,
6/01/20 - FSA Insured
7,425 Michigan State Hospital Finance Authority, Hospital 11/09 at 101.00 A1 7,825,876
Revenue Bonds, Henry Ford Health System, Series 1999A,
6.000%, 11/15/24
------------------------------------------------------------------------------------------------------------------------------------
16,215 Total Michigan 16,899,631
------------------------------------------------------------------------------------------------------------------------------------
MINNESOTA - 1.6% (1.0% OF TOTAL INVESTMENTS)
Chaska, Minnesota, Electric Revenue Bonds, Generating
Facility Project, Series 2000A:
1,930 6.000%, 10/01/20 (Pre-refunded 10/01/10) 10/10 at 100.00 A3 (4) 2,105,070
2,685 6.000%, 10/01/25 (Pre-refunded 10/01/10) 10/10 at 100.00 A3 (4) 2,928,556
3,655 Dakota and Washington Counties Housing and No Opt. Call AAA 5,119,193
Redevelopment Authority, Minnesota, GNMA
Mortgage-Backed Securities Program Single Family
Residential Mortgage Revenue Bonds, Series 1988,
8.450%, 9/01/19 (Alternative Minimum Tax) (ETM)
38
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
MINNESOTA (continued)
$ 3,000 Minneapolis-St. Paul Metropolitan Airports Commission, 1/08 at 101.00 AAA $ 3,040,470
Minnesota, Airport Revenue Bonds, Series 1998A, 5.000%,
1/01/30 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
11,270 Total Minnesota 13,193,289
------------------------------------------------------------------------------------------------------------------------------------
MISSISSIPPI - 0.5% (0.4% OF TOTAL INVESTMENTS)
1,875 Mississippi Hospital Equipment and Facilities Authority, 9/14 at 100.00 N/R 1,873,313
Revenue Bonds, Baptist Memorial Healthcare, Series 2004B-1,
5.000%, 9/01/24
2,500 Mississippi Hospital Equipment and Facilities Authority, 1/11 at 101.00 Aaa 2,618,725
Revenue Bonds, Forrest County General Hospital, Series 2000,
5.500%, 1/01/27 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
4,375 Total Mississippi 4,492,038
------------------------------------------------------------------------------------------------------------------------------------
MISSOURI - 1.5% (1.0% OF TOTAL INVESTMENTS)
15,000 Kansas City Municipal Assistance Corporation, Missouri, No Opt. Call AAA 5,037,600
Leasehold Revenue Bonds, Series 2004B-1, 0.000%, 4/15/28 - AMBAC Insured
2,400 Missouri-Illinois Metropolitan District Bi-State 10/13 at 100.00 AAA 2,488,752
Development Agency, Mass Transit Sales Tax
Appropriation Bonds, Metrolink Cross County Extension
Project, Series 2002B, 5.000%, 10/01/23 - FSA Insured
15,350 Springfield Public Building Corporation, Missouri, Lease No Opt. Call AAA 4,421,107
Revenue Bonds, Jordan Valley Park Projects, Series 2000A,
0.000%, 6/01/30 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
32,750 Total Missouri 11,947,459
------------------------------------------------------------------------------------------------------------------------------------
NEBRASKA - 0.2% (0.1% OF TOTAL INVESTMENTS)
555 Nebraska Investment Finance Authority, Single Family 9/06 at 100.75 AAA 559,468
Housing Revenue Bonds, Series 1995A,6.800%,
3/01/35 (Alternative Minimum Tax)
995 Nebraska Investment Finance Authority, Single Family 9/06 at 100.75 AAA 1,002,064
Housing Revenue Bonds, Series 1995B, 6.450%, 3/01/35
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
1,550 Total Nebraska 1,561,532
------------------------------------------------------------------------------------------------------------------------------------
NEVADA - 7.5% (4.9% OF TOTAL INVESTMENTS)
Clark County School District, Nevada, General
Obligation Bonds, Series 2002C:
34,470 5.000%, 6/15/20 (Pre-refunded 6/15/12) - MBIA Insured 6/12 at 100.00 AAA 36,550,952
12,150 5.000%, 6/15/21 (Pre-refunded 6/15/12) - MBIA Insured 6/12 at 100.00 AAA 12,883,496
10,380 5.000%, 6/15/22 (Pre-refunded 6/15/12) - MBIA Insured 6/12 at 100.00 AAA 11,006,641
1,275 Nevada, General Obligation Refunding Bonds, Municipal 5/08 at 100.00 AAA 1,300,296
Bond Bank Projects 65 and R-6, Series 1998, 5.000%, 5/15/22 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
58,275 Total Nevada 61,741,385
------------------------------------------------------------------------------------------------------------------------------------
NEW JERSEY - 4.2% (2.8% OF TOTAL INVESTMENTS)
1,090 Camden County Pollution Control Financing Authority, 6/06 at 100.00 Baa3 1,109,315
New Jersey, Solid Waste Disposal and Resource
Recovery System Revenue Bonds, Series 1991D, 7.250%, 12/01/10
1,000 New Jersey Building Authority, State Building Revenue 12/12 at 100.00 AAA 1,065,910
Bonds, Series 2002A, 5.000%, 12/15/21 (Pre-refunded
12/15/12) - FSA Insured
2,150 New Jersey Health Care Facilities Financing Authority, 7/10 at 101.00 BBB- 2,369,687
Revenue Bonds, Trinitas Hospital Obligated Group, Series 2000,
7.500%, 7/01/30
2,025 New Jersey Transportation Trust Fund Authority, 12/11 at 100.00 AAA 2,251,962
Transportation System Bonds, Series 2001B, 6.000%,
12/15/19 (Pre-refunded 12/15/11) - MBIA Insured
3,200 New Jersey Transportation Trust Fund Authority, 6/13 at 100.00 AAA 3,508,576
Transportation System Bonds, Series 2003C, 5.500%,
6/15/22 (Pre-refunded 6/15/13)
2,695 Tobacco Settlement Financing Corporation, New Jersey, 6/12 at 100.00 BBB 2,796,305
Tobacco Settlement Asset-Backed Bonds, Series 2002, 5.750%, 6/01/32
19,485 Tobacco Settlement Financing Corporation, New Jersey, 6/13 at 100.00 BBB 21,639,846
Tobacco Settlement Asset-Backed Bonds, Series 2003, 6.750%, 6/01/39
------------------------------------------------------------------------------------------------------------------------------------
31,645 Total New Jersey 34,741,601
------------------------------------------------------------------------------------------------------------------------------------
39
Nuveen Quality Income Municipal Fund, Inc. (NQU) (continued)
Portfolio of INVESTMENTS April 30, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
NEW MEXICO - 0.8% (0.5% OF TOTAL INVESTMENTS)
$ 5,925 New Mexico Hospital Equipment Loan Council, Hospital 8/11 at 101.00 AA- (4) $ 6,419,145
Revenue Bonds, Presbyterian Healthcare Services,
Series 2001A, 5.500%, 8/01/21 (Pre-refunded 8/01/11)
------------------------------------------------------------------------------------------------------------------------------------
NEW YORK - 19.1% (12.5% OF TOTAL INVESTMENTS)
60 Dormitory Authority of the State of New York, 2/07 at 102.00 AA- 61,989
Improvement Revenue Bonds, Mental Health Services
Facilities, Series 1997A, 5.750%, 2/15/27
Dormitory Authority of the State of New York,
Improvement Revenue Bonds, Mental Health
Services Facilities, Series 1997A:
115 5.750%, 2/15/27 (Pre-refunded 2/15/07) 2/07 at 102.00 AA- (4) 119,126
4,825 5.750%, 2/15/27 (Pre-refunded 2/15/07) 2/07 at 102.00 AA- (4) 4,998,121
165 Dormitory Authority of the State of New York, 2/10 at 100.00 AAA 176,989
Improvement Revenue Bonds, Mental Health Services
Facilities, Series 2000B, 6.000%, 2/15/30 - MBIA Insured
Dormitory Authority of the State of New York,
Improvement Revenue Bonds, Mental Health
Services Facilities, Series 2000B:
1,005 6.000%, 2/15/30 (Pre-refunded 2/15/10) - MBIA Insured 2/10 at 100.00 AAA 1,087,792
8,830 6.000%, 2/15/30 (Pre-refunded 2/15/10) - MBIA Insured 2/10 at 100.00 AAA 9,557,415
275 Dormitory Authority of the State of New York, Insured 7/08 at 101.00 AAA 282,601
Revenue Bonds, Fordham University, Series 1998, 5.000%,
7/01/28 - MBIA Insured
2,250 Dormitory Authority of the State of New York, Insured No Opt. Call AAA 2,422,823
Revenue Bonds, Mount Sinai School of Medicine, Series
1994A, 5.150%, 7/01/24 - MBIA Insured
1,900 Dormitory Authority of the State of New York, Revenue 7/10 at 101.00 Ba1 2,027,775
Bonds, Mount Sinai NYU Health Obligated Group, Series
2000A, 6.500%, 7/01/25
20,000 Erie County Tobacco Asset Securitization Corporation, 7/10 at 101.00 AAA 22,001,200
New York, Senior Tobacco Settlement Asset-Backed Bonds,
Series 2000, 6.125%, 7/15/30 (Pre-refunded 7/15/10)
1,130 Long Island Power Authority, New York, Electric System 9/11 at 100.00 A- 1,189,009
General Revenue Bonds, Series 2001A, 5.375%, 9/01/25
15,000 Metropolitan Transportation Authority, New York, 4/10 at 100.00 AAA 16,274,850
Dedicated Tax Fund Bonds, Series 2000A, 6.000%,
4/01/30 (Pre-refunded 4/01/10) - FGIC Insured
12,500 Nassau County Tobacco Settlement Corporation, New 7/09 at 101.00 BBB- (4) 13,622,125
York, Tobacco Settlement Asset-Backed Bonds, Series
1999A, 6.400%, 7/15/33 (Pre-refunded 7/15/09)
New York City Transitional Finance Authority, New York,
Future Tax Secured Bonds, Fiscal Series 2000B:
8,035 5.750%, 11/15/19 (Pre-refunded 5/15/10) 5/10 at 101.00 AAA 8,727,456
2,065 5.750%, 11/15/19 (Pre-refunded 5/15/10) 5/10 at 101.00 AAA 2,242,962
380 New York City, New York, General Obligation Bonds, 8/07 at 101.00 A+ 393,828
Fiscal Series 1997H, 6.125%, 8/01/25
5,620 New York City, New York, General Obligation Bonds, 8/07 at 101.00 A+ (4) 5,842,327
Fiscal Series 1997H, 6.125%, 8/01/25 (Pre-refunded 8/01/07)
7,600 New York City, New York, General Obligation Bonds, 6/07 at 101.00 AAA 7,817,360
Fiscal Series 1997M, 5.500%, 6/01/17 -AMBAC Insured
7,200 New York City, New York, General Obligation Bonds, 6/07 at 101.00 AAA 7,410,888
Fiscal Series 1997M, 5.500%, 6/01/17 (Pre-refunded
6/01/07) - AMBAC Insured
New York City, New York, General Obligation Bonds,
Fiscal Series 2002G:
950 5.000%, 8/01/17 8/12 at 100.00 A+ 981,084
10,545 5.750%, 8/01/18 8/12 at 100.00 A+ 11,417,493
5,000 New York City, New York, General Obligation Bonds, 8/12 at 100.00 A+ 5,453,000
Fiscal Series 2003A, 5.750%, 8/01/16
New York State Environmental Facilities Corporation,
State Clean Water and Drinking Water Revolving Funds
Revenue Bonds, New York City Municipal Water Finance
Authority Projects, Second Resolution Bonds, Series 2001C:
6,035 5.000%, 6/15/20 6/11 at 100.00 AAA 6,284,004
6,575 5.000%, 6/15/22 6/11 at 100.00 AAA 6,855,227
2,855 Penfield-Crown Oak Housing Development Corporation, 8/06 at 100.00 AAA 2,874,985
New York, FHA-Insured Section 8 Assisted Multifamily
Mortgage Revenue Refunding Bonds, Crown Oak Estates,
Series 1991A, 7.350%, 8/01/23
40
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
NEW YORK (continued)
$ 13,620 Port Authority of New York and New Jersey, Consolidated 11/12 at 101.00 AAA $ 14,223,911
Revenue Bonds, One Hundred Twenty-Eighth Series 2002,
5.000%, 11/01/20 - FSA Insured
2,250 United Nations Development Corporation, New York, 1/08 at 100.00 A3 2,295,360
Senior Lien Revenue Bonds, Series 2004A, 5.250%, 7/01/21
------------------------------------------------------------------------------------------------------------------------------------
146,785 Total New York 156,641,700
------------------------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA - 2.6% (1.7% OF TOTAL INVESTMENTS)
665 North Carolina Medical Care Commission, Hospital 12/08 at 101.00 AAA 666,330
Revenue Bonds, Pitt County Memorial Hospital, Series
1998A, 4.750%, 12/01/28 - MBIA Insured
12,405 North Carolina Medical Care Commission, Hospital 12/08 at 101.00 AAA 12,826,522
Revenue Bonds, Pitt County Memorial Hospital, Series 1998A,
4.750%, 12/01/28 (Pre-refunded 12/01/08) - MBIA Insured
7,500 North Carolina Municipal Power Agency 1, Catawba 1/13 at 100.00 AAA 7,930,575
Electric Revenue Bonds, Series 2003A, 5.250%, 1/01/19 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
20,570 Total North Carolina 21,423,427
------------------------------------------------------------------------------------------------------------------------------------
OHIO - 2.2% (1.5% OF TOTAL INVESTMENTS)
Cincinnati City School District, Hamilton County, Ohio,
General Obligation Bonds, Series 2002:
2,165 5.250%, 6/01/19 - FSA Insured 12/12 at 100.00 AAA 2,301,027
2,600 5.250%, 6/01/21 - FSA Insured 12/12 at 100.00 AAA 2,760,576
2,000 5.000%, 12/01/22 - FSA Insured 12/12 at 100.00 AAA 2,077,920
11,150 Ohio Water Development Authority, Solid Waste 9/08 at 102.00 N/R 11,238,866
Disposal Revenue Bonds, Bay Shore Power, Series 1998A,
5.875%, 9/01/20 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
17,915 Total Ohio 18,378,389
------------------------------------------------------------------------------------------------------------------------------------
OKLAHOMA - 6.7% (4.4% OF TOTAL INVESTMENTS)
17,510 Pottawatomie County Home Finance Authority, Oklahoma, No Opt. Call AAA 20,682,462
Single Family Mortgage Revenue Bonds, Series 1991A, 8.625%,
7/01/10 (ETM)
11,750 Tulsa Municipal Airport Trust, Oklahoma, Revenue 6/09 at 100.00 B- 11,752,820
Refunding Bonds, American Airlines Inc., Series 2000B,
6.000%, 6/01/35 (Mandatory put 12/01/08) (Alternative Minimum Tax)
23,005 Tulsa Municipal Airport Trust, Oklahoma, Revenue 12/08 at 100.00 B- 22,634,850
Refunding Bonds, American Airlines Inc., Series 2001B,
5.650%, 12/01/35 (Mandatory put 12/01/08) (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
52,265 Total Oklahoma 55,070,132
------------------------------------------------------------------------------------------------------------------------------------
OREGON - 0.4% (0.2% OF TOTAL INVESTMENTS)
3,000 Deschutes County School District 1, Bend-La Pine, 6/11 at 100.00 Aaa 3,240,630
Oregon, General Obligation Bonds, Series 2001A,
5.500%, 6/15/18 (Pre-refunded 6/15/11) - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA - 3.8% (2.5% OF TOTAL INVESTMENTS)
4,780 Carbon County Industrial Development Authority, No Opt. Call BBB- 5,030,854
Pennsylvania, Resource Recovery Revenue Refunding
Bonds, Panther Creek Partners Project, Series 2000,
6.650%, 5/01/10 (Alternative Minimum Tax)
2,375 Falls Township Hospital Authority, Pennsylvania, 8/06 at 100.00 AAA 2,391,435
FHA-Insured Revenue Refunding Bonds, Delaware Valley
Medical Center, Series 1992, 7.000%, 8/01/22
2,600 Pennsylvania Turnpike Commission, Turnpike Revenue 12/14 at 100.00 AAA 2,826,902
Bonds, Series 2004A, 5.500%, 12/01/31 - AMBAC Insured
7,800 Philadelphia Gas Works, Pennsylvania, Revenue Bonds, 8/13 at 100.00 AAA 7,982,910
General Ordinance, Fourth Series 1998, 5.000%, 8/01/32 - FSA Insured
Philadelphia School District, Pennsylvania, General
Obligation Bonds, Series 2002B:
6,000 5.625%, 8/01/19 (Pre-refunded 8/01/12) - FGIC Insured 8/12 at 100.00 AAA 6,584,100
5,500 5.625%, 8/01/20 (Pre-refunded 8/01/12) - FGIC Insured 8/12 at 100.00 AAA 6,035,425
------------------------------------------------------------------------------------------------------------------------------------
29,055 Total Pennsylvania 30,851,626
------------------------------------------------------------------------------------------------------------------------------------
41
Nuveen Quality Income Municipal Fund, Inc. (NQU) (continued)
Portfolio of INVESTMENTS April 30, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
PUERTO RICO - 1.5% (1.0% OF TOTAL INVESTMENTS)
$ 5,000 Puerto Rico Municipal Finance Agency, Series 2002A, 8/12 at 100.00 AAA $ 5,178,300
5.000%, 8/01/27 - FSA Insured
1,500 Puerto Rico Public Buildings Authority, Guaranteed 7/12 at 100.00 BBB 1,536,960
Government Facilities Revenue Refunding Bonds, Series 2002D,
5.125%, 7/01/20
1,500 Puerto Rico, General Obligation and Public Improvement No Opt. Call BBB 1,638,015
Bonds, Series 2001A, 5.500%, 7/01/29
4,035 Puerto Rico, The Children's Trust Fund, Tobacco 5/12 at 100.00 BBB 4,114,086
Settlement Asset-Backed Refunding Bonds, Series 2002,
5.375%, 5/15/33
------------------------------------------------------------------------------------------------------------------------------------
12,035 Total Puerto Rico 12,467,361
------------------------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA - 9.1% (5.9% OF TOTAL INVESTMENTS)
24,725 Greenville County School District, South Carolina, 12/12 at 101.00 AA- (4) 27,132,226
Installment Purchase Revenue Bonds, Series 2002, 5.500%,
12/01/22 (Pre-refunded 12/01/12)
Horry County School District, South Carolina, General
Obligation Bonds, Series 2001A:
5,840 5.000%, 3/01/20 3/12 at 100.00 Aa1 6,042,181
5,140 5.000%, 3/01/21 3/12 at 100.00 Aa1 5,330,797
Medical University Hospital Authority, South Carolina,
FHA-Insured Mortgage Revenue Bonds,
Series 2004A:
5,240 5.250%, 8/15/20 - MBIA Insured 8/14 at 100.00 AAA 5,553,928
3,000 5.250%, 2/15/24 - MBIA Insured 8/14 at 100.00 AAA 3,169,050
13,615 South Carolina Transportation Infrastructure Bank, 10/11 at 100.00 Aaa 14,267,022
Junior Lien Revenue Bonds, Series 2001B, 5.125%,
10/01/21 - AMBAC Insured
12,305 Tobacco Settlement Revenue Management Authority, 5/11 at 101.00 BBB 13,149,861
South Carolina, Tobacco Settlement Asset-Backed Bonds,
Series 2001B, 6.375%, 5/15/28
------------------------------------------------------------------------------------------------------------------------------------
69,865 Total South Carolina 74,645,065
------------------------------------------------------------------------------------------------------------------------------------
TENNESSEE - 1.7% (1.1% OF TOTAL INVESTMENTS)
3,000 Knox County Health, Educational and Housing Facilities 4/12 at 101.00 Baa3 3,165,150
Board, Tennessee, Hospital Revenue Bonds, Baptist Health
System of East Tennessee Inc., Series 2002, 6.375%, 4/15/22
7,415 Memphis, Tennessee, General Improvement Bonds, 11/10 at 101.00 A1 7,660,659
Series 2002, 5.000%, 11/01/20
3,205 Tennessee Housing Development Agency, Homeownership 7/10 at 100.00 AA 3,218,589
Program Bonds, Series 2000-2B, 6.350%, 1/01/31 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
13,620 Total Tennessee 14,044,398
------------------------------------------------------------------------------------------------------------------------------------
TEXAS - 18.0% (11.7% OF TOTAL INVESTMENTS)
1,000 Alamo Community College District, Bexar County, Texas, 11/11 at 100.00 AAA 1,073,660
Combined Fee Revenue Refunding Bonds, Series 2001, 5.375%,
11/01/16 - FSA Insured
6,500 Bell County Health Facilities Development Corporation, 11/08 at 101.00 A- 6,590,220
Texas, Retirement Facility Revenue Bonds, Buckner
Retirement Services Inc. Obligated Group, Series 1998,
5.250%, 11/15/19
11,255 Brazos River Authority, Texas, Pollution Control Revenue 5/36 at 100.00 Baa2 11,935,140
Refunding Bonds, TXU Electric Company, Series 2001C, 5.750%,
5/01/36 (Mandatory put 11/01/11) (Alternative Minimum Tax)
5,500 Central Texas Regional Mobility Authority, Travis and 1/15 at 100.00 AAA 5,571,115
Williamson Counties, Toll Road Revenue Bonds, Series 2005,
5.000%, 1/01/45 - FGIC Insured
5,000 Dallas-Ft. Worth International Airport, Texas, Joint 11/11 at 100.00 AAA 5,287,950
Revenue Refunding and Improvement Bonds, Series 2001A,
5.625%, 11/01/21 - FGIC Insured (Alternative Minimum Tax)
8,235 Grand Prairie Housing Finance Corporation, Texas, 9/10 at 105.00 AAA 8,960,751
GNMA Multifamily Housing Revenue Bonds, Landings of
Carrier Project, Series 2000A, 6.875%, 9/20/42
2,500 Harris County Health Facilities Development Corporation, 11/13 at 100.00 AAA 2,543,950
Texas, Thermal Utility Revenue Bonds, TECO Project, Series
2003, 5.000%, 11/15/30 - MBIA Insured
2,700 Harris County-Houston Sports Authority, Texas, Senior 11/11 at 100.00 AAA 2,799,036
Lien Revenue Bonds, Series 2001G, 5.250%, 11/15/30 - MBIA Insured
22,500 Houston, Texas, Junior Lien Water and Sewerage 12/10 at 100.00 AAA 23,860,125
System Revenue Refunding Bonds, Series 2000B, 5.250%,
12/01/30 (Pre-refunded 12/01/10) - FGIC Insured
42
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TEXAS (continued)
Lubbock Health Facilities Development Corporation,
Texas, Revenue Bonds, St. Joseph Health
System, Series 1998:
$ 4,900 5.250%, 7/01/15 7/08 at 101.00 AA- $ 5,046,216
8,495 5.250%, 7/01/16 7/08 at 101.00 AA- 8,747,641
17,655 Matagorda County Navigation District 1, Texas, Revenue 11/08 at 102.00 AAA 18,261,802
Refunding Bonds, Houston Industries Inc., Series 1998B,
5.150%, 11/01/29 - MBIA Insured
7,650 Port of Corpus Christi Authority, Nueces County, Texas, 5/06 at 101.00 BBB 7,754,422
Revenue Refunding Bonds, Union Pacific Corporation,
Series 1992, 5.350%, 11/01/10
2,000 Sam Rayburn Municipal Power Agency, Texas, Power 10/12 at 100.00 AA 2,160,060
Supply System Revenue Refunding Bonds, Series 2002A,
5.750%, 10/01/21 - RAAI Insured
14,680 San Antonio Independent School District, Bexar County, 8/09 at 100.00 AAA 15,605,721
Texas, General Obligation Bonds, Series 1999, 5.800%,
8/15/29 (Pre-refunded 8/15/09)
11,300 San Antonio, Texas, Electric and Gas System Revenue 2/17 at 100.00 AAA 11,936,981
Refunding Bonds, New Series 1992, 5.000%, 2/01/17 (ETM)
3,750 Spring Branch Independent School District, Harris 2/11 at 100.00 AAA 3,907,312
County, Texas, Limited Tax Schoolhouse and Refunding
Bonds, Series 2001, 5.125%, 2/01/23
5,000 Wichita Falls, Wichita County, Texas, Priority Lien 8/11 at 100.00 AAA 5,167,800
Water and Sewerage System Revenue Bonds, Series 2001,
5.000%, 8/01/22 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
140,620 Total Texas 147,209,902
------------------------------------------------------------------------------------------------------------------------------------
UTAH - 1.6% (1.1% OF TOTAL INVESTMENTS)
5,800 Carbon County, Utah, Solid Waste Disposal Revenue 8/06 at 101.00 BB- 5,847,908
Refunding Bonds, Laidlaw/ECDC Project, Guaranteed by
Allied Waste Industries, Series 1995, 7.500%, 2/01/10
(Alternative Minimum Tax)
7,155 Utah Associated Municipal Power Systems, Revenue 4/13 at 100.00 AAA 7,374,158
Bonds, Payson Power Project, Series 2003A, 5.000%, 4/01/25 -
FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
12,955 Total Utah 13,222,066
------------------------------------------------------------------------------------------------------------------------------------
VIRGINIA - 2.1% (1.4% OF TOTAL INVESTMENTS)
4,000 Norfolk Airport Authority, Virginia, Airport Revenue 7/11 at 100.00 AAA 4,068,560
Refunding Bonds, Series 2001B, 5.125%, 7/01/31 - FGIC
Insured (Alternative Minimum Tax)
11,040 Suffolk Redevelopment and Housing Authority, Virginia, 7/31 at 100.00 Aaa 11,421,984
FNMA Multifamily Housing Revenue Refunding Bonds,
Windsor at Potomac Vista L.P. Project, Series 2001, 4.850%,
7/01/31 (Mandatory put 7/01/11)
665 Virginia Housing Development Authority, Rental Housing 5/09 at 101.00 AA+ 677,136
Bonds, Series 1999F, 5.000%, 5/01/15 (Alternative Minimum Tax)
Virginia Resources Authority, Water System Revenue
Refunding Bonds, Series 2002:
500 5.000%, 4/01/18 4/12 at 102.00 AA 526,835
500 5.000%, 4/01/19 4/12 at 102.00 AA 525,485
------------------------------------------------------------------------------------------------------------------------------------
16,705 Total Virginia 17,220,000
------------------------------------------------------------------------------------------------------------------------------------
WASHINGTON - 11.0% (7.1% OF TOTAL INVESTMENTS)
4,185 Douglas County Public Utility District 1, Washington, 9/06 at 106.00 AA 4,502,851
Revenue Bonds, Wells Hydroelectric, Series 1986, 8.750%, 9/01/18
6,750 Energy Northwest, Washington, Electric Revenue 7/12 at 100.00 AAA 7,160,400
Refunding Bonds, Columbia Generating Station - Nuclear
Project 2, Series 2002B, 5.350%, 7/01/18 - FSA Insured
2,500 Energy Northwest, Washington, Electric Revenue 7/12 at 100.00 AAA 2,727,125
Refunding Bonds, Columbia Generating Station - Nuclear
Project 2, Series 2002C, 5.750%, 7/01/17 - MBIA Insured
6,950 Port of Seattle, Washington, Revenue Bonds, Series 8/10 at 100.00 AAA 7,317,864
2000B, 5.625%, 2/01/24 - MBIA Insured (Alternative Minimum Tax)
13,400 Seattle, Washington, Municipal Light and Power 12/10 at 100.00 Aa3 14,065,712
Revenue Bonds, Series 2000, 5.400%, 12/01/25
9,440 Tacoma, Washington, Electric System Revenue Refunding 1/11 at 101.00 AAA 10,319,430
Bonds, Series 2001A, 5.750%, 1/01/18 (Pre-refunded 1/01/11) -
FSA Insured
43
Nuveen Quality Income Municipal Fund, Inc. (NQU) (continued)
Portfolio of INVESTMENTS April 30, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
WASHINGTON (continued)
$ 5,500 Washington State Healthcare Facilities Authority, 11/08 at 101.00 Aaa $ 5,752,945
Revenue Bonds, Swedish Health Services, Series 1998,
5.500%, 11/15/14 - AMBAC Insured
3,430 Washington State Tobacco Settlement Authority, Tobacco 6/13 at 100.00 BBB 3,730,640
Settlement Asset-Backed Revenue Bonds, Series 2002, 6.500%, 6/01/26
18,145 Washington, General Obligation Bonds, Series 2001-02A, 7/11 at 100.00 AAA 18,732,717
5.000%, 7/01/23 - FSA Insured
Washington, Motor Vehicle Fuel Tax General Obligation
Bonds, Series 2002C:
7,000 5.000%, 1/01/21 - FSA Insured 1/12 at 100.00 AAA 7,235,130
7,960 5.000%, 1/01/22 - FSA Insured 1/12 at 100.00 AAA 8,230,162
------------------------------------------------------------------------------------------------------------------------------------
85,260 Total Washington 89,774,976
------------------------------------------------------------------------------------------------------------------------------------
WISCONSIN - 1.4% (0.9% OF TOTAL INVESTMENTS)
195 Badger Tobacco Asset Securitization Corporation, 6/12 at 100.00 BBB 205,916
Wisconsin, Tobacco Settlement Asset-Backed Bonds,
Series 2002, 6.125%, 6/01/27
7,545 La Crosse, Wisconsin, Pollution Control Revenue 12/08 at 102.00 AAA 7,954,165
Refunding Bonds, Dairyland Power Cooperative, Series 1997A,
5.450%, 9/01/14 - AMBAC Insured
3,000 Wisconsin Health and Educational Facilities Authority, 5/14 at 100.00 BBB+ 3,176,400
Revenue Bonds, Fort Healthcare Inc., Series 2004, 5.750%, 5/01/29
535 Wisconsin Housing and Economic Development 7/06 at 100.00 AA 535,754
Authority, Housing Revenue Bonds, Series 1992A, 6.850%, 11/01/12
------------------------------------------------------------------------------------------------------------------------------------
11,275 Total Wisconsin 11,872,235
------------------------------------------------------------------------------------------------------------------------------------
$ 1,277,740 Total Investments (cost $1,182,573,933) - 153.4% 1,257,220,852
============------------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.7% 14,394,626
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (55.1)% (452,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 819,615,478
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares
unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices
at later dates. Certain mortgage-backed securities
may be subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's or
Moody's rating. Ratings below BBB by Standard &
Poor's Group or Baa by Moody's Investor Service, Inc.
are considered to be below investment grade.
(4) Backed by an escrow or trust containing sufficient
U.S. Government or U.S. Government agency securities
which ensure the timely payment of principal and
interest. Such investments are normally considered to
be equivalent to AAA rated securities.
N/R Not rated.
(ETM) Escrowed to maturity.
See accompanying notes to financial statements.
44
Nuveen Premier Municipal Income Fund, Inc. (NPF)
Portfolio of
INVESTMENTS April 30, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
ALABAMA - 1.6% (1.0% OF TOTAL INVESTMENTS)
Birmingham Special Care Facilities Financing Authority,
Alabama, Revenue Bonds, Baptist Health
System Inc., Series 2005A:
$ 1,200 5.250%, 11/15/20 11/15 at 100.00 Baa1 $ 1,225,716
400 5.000%, 11/15/30 11/15 at 100.00 Baa1 390,320
1,000 Montgomery BMC Special Care Facilities Financing 11/14 at 100.00 A3 (4) 1,076,220
Authority, Alabama, Revenue Bonds, Baptist Medical Center,
Series 2004C, 5.250%, 11/15/29 (Pre-refunded 11/15/14)
2,000 University of South Alabama, Student Tuition Revenue 3/14 at 100.00 Aaa 2,075,720
Bonds, Series 2004, 5.000%, 3/15/23 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
4,600 Total Alabama 4,767,976
------------------------------------------------------------------------------------------------------------------------------------
ALASKA - 0.7% (0.4% OF TOTAL INVESTMENTS)
2,000 Alaska Housing Finance Corporation, General Mortgage 6/09 at 101.00 AAA 2,062,560
Revenue Bonds, Series 1999A, 6.000%,6/01/49 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
ARIZONA - 4.8% (3.1% OF TOTAL INVESTMENTS)
Glendale Industrial Development Authority, Arizona,
Revenue Bonds, John C. Lincoln Health
Network, Series 2005B:
100 5.250%, 12/01/24 12/15 at 100.00 BBB 102,610
135 5.250%, 12/01/25 12/15 at 100.00 BBB 138,524
7,500 Salt River Project Agricultural Improvement and Power 1/13 at 100.00 AA 7,738,575
District, Arizona, Electric System Revenue Bonds, Series
2002B, 5.000%, 1/01/25
6,000 Salt River Project Agricultural Improvement and Power 1/12 at 101.00 AA 6,419,640
District, Arizona, Electric System Revenue Refunding Bonds,
Series 2002A, 5.250%, 1/01/15
------------------------------------------------------------------------------------------------------------------------------------
13,735 Total Arizona 14,399,349
------------------------------------------------------------------------------------------------------------------------------------
ARKANSAS - 2.6% (1.7% OF TOTAL INVESTMENTS)
4,655 Arkansas Development Finance Authority, State Facility 11/15 at 100.00 AAA 4,835,242
Revenue Bonds, Department of Correction Special Needs
Unit Project, Series 2005B, 5.000%, 11/01/25 - FSA Insured
39 Drew County Public Facilities Board, Arkansas, FNMA 8/06 at 100.00 Aaa 39,239
Mortgage-Backed Single Family Revenue Refunding Bonds,
Series 1993A-2, 7.900%, 8/01/11
36 Stuttgart Public Facilities Board, Arkansas, Single Family 9/06 at 100.00 Aaa 36,304
Mortgage Revenue Refunding Bonds, Series 1993A, 7.900%, 9/01/11
2,835 University of Arkansas, Fayetteville, Revenue Bonds, 11/14 at 100.00 Aaa 2,935,302
Medical Sciences Campus, Series 2004B, 5.000%, 11/01/25 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
7,565 Total Arkansas 7,846,087
------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA - 21.4% (13.7% OF TOTAL INVESTMENTS)
5,690 California Department of Veterans Affairs, Home 6/12 at 101.00 AAA 6,018,370
Purchase Revenue Bonds, Series 2002A, 5.300%, 12/01/21 -
AMBAC Insured
1,875 California Department of Water Resources, Water 6/15 at 100.00 AAA 1,960,631
System Revenue Bonds, Central Valley Project, Series
2005AD, 5.000%, 12/01/21 - FSA Insured
1,800 California Educational Facilities Authority, Revenue 10/15 at 100.00 AA+ 1,815,606
Bonds, University of Southern California, Series 2005,
4.750%, 10/01/28
2,000 California Health Facilities Financing Authority, Health 7/26 at 100.00 A- 2,067,780
Facility Revenue Bonds, Catholic Healthcare West,
Series 2004I, 4.950%, 7/01/26 (Mandatory put 7/01/14)
4,500 California Health Facilities Financing Authority, Revenue 11/15 at 100.00 A3 4,552,695
Bonds, Cedars-Sinai Medical Center, Series 2005, 5.000%, 11/15/27
45
Nuveen Premier Municipal Income Fund, Inc. (NPF) (continued)
Portfolio of INVESTMENTS April 30, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA (continued)
$ 500 California Statewide Community Development Authority, 7/15 at 100.00 BBB+ $ 489,185
Revenue Bonds, Daughters of Charity Health System,
Series 2005A, 5.000%, 7/01/39
1,000 California, Economic Recovery Revenue Bonds, Series No Opt. Call AA- 1,082,390
2004A, 5.250%, 7/01/14
California, General Obligation Bonds, Series 2004:
4,000 5.000%, 2/01/23 2/14 at 100.00 A 4,120,240
4,900 5.000%, 6/01/23 - AMBAC Insured 12/14 at 100.00 AAA 5,092,276
1,000 Chula Vista, California, Industrial Development Revenue 6/14 at 102.00 A2 1,049,140
Bonds, San Diego Gas and Electric Company, Series 1996A,
5.300%, 7/01/21
28,000 Foothill/Eastern Transportation Corridor Agency, No Opt. Call AAA 17,375,676
California, Toll Road Revenue Bonds, Series 1995A,
0.000%, 1/01/17 (ETM)
450 Golden State Tobacco Securitization Corporation, 6/13 at 100.00 BBB 501,192
California, Tobacco Settlement Asset-Backed Bonds,
Series 2003A-1, 6.750%, 6/01/39
3,475 Los Angeles Department of Water and Power, California, 7/15 at 100.00 AAA 3,618,796
Power System Revenue Bonds, Series 2005A-2, 5.000%,
7/01/25 - FSA Insured
3,255 Los Angeles Unified School District, California, General 7/15 at 100.00 AAA 3,404,697
Obligation Bonds, Series 2005E, 5.000%, 7/01/22 - AMBAC Insured
2,090 Peralta Community College District, Alameda County, 8/13 at 102.00 AAA 2,177,111
California, General Obligation Bonds, Series 2005D, 5.000%,
8/01/25 - FSA Insured
San Diego County, California, Certificates of
Participation, Burnham Institute, Series 2006:
100 5.000%, 9/01/21 9/15 at 102.00 Baa3 100,449
110 5.000%, 9/01/23 9/15 at 102.00 Baa3 109,702
7,500 San Jose Redevelopment Agency, California, Tax 8/10 at 101.00 AAA 7,961,400
Allocation Bonds, Merged Area Redevelopment Project,
Series 2002, 5.000%, 8/01/17 (Pre-refunded 8/01/10) - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
72,245 Total California 63,497,336
------------------------------------------------------------------------------------------------------------------------------------
COLORADO - 2.8% (1.8% OF TOTAL INVESTMENTS)
Adams and Weld Counties School District 27J, Brighton,
Colorado, General Obligation Bonds,
Series 2004:
1,000 5.000%, 12/01/23 - FGIC Insured 12/14 at 100.00 AAA 1,042,140
1,500 5.000%, 12/01/24 - FGIC Insured 12/14 at 100.00 AAA 1,562,115
1,000 Colorado Health Facilities Authority, Revenue Bonds, 6/16 at 100.00 A- 992,510
Evangelical Lutheran Good Samaritan Society, Series 2005,
5.000%, 6/01/29
1,150 Colorado Health Facilities Authority, Revenue Bonds, 9/14 at 100.00 A3 1,151,679
Parkview Medical Center, Series 2004, 5.000%, 9/01/25
1,000 Colorado Health Facilities Authority, Revenue Bonds, 12/09 at 101.00 Aaa 1,074,220
Poudre Valley Healthcare Inc., Series 1999A, 5.750%,
12/01/23 (Pre-refunded 12/01/09) - FSA Insured
750 Colorado Health Facilities Authority, Revenue Bonds, 1/15 at 100.00 BBB+ 769,875
Vail Valley Medical Center, Series 2004, 5.000%, 1/15/17
1,625 Superior Metropolitan District 1, Colorado, Special 12/15 at 100.00 AAA 1,679,340
Revenue Bonds, Series 2006, 5.000%, 12/01/28 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
8,025 Total Colorado 8,271,879
------------------------------------------------------------------------------------------------------------------------------------
CONNECTICUT - 1.2% (0.7% OF TOTAL INVESTMENTS)
2,000 Connecticut Development Authority, Pollution Control 10/08 at 102.00 Baa1 2,114,760
Revenue Refunding Bonds, Connecticut Light and Power
Company, Series 1993A, 5.850%, 9/01/28
1,300 Connecticut Housing Finance Authority, Housing 5/06 at 102.00 AAA 1,327,417
Mortgage Finance Program Bonds, Series 1996C-2, 6.250%, 11/15/18
------------------------------------------------------------------------------------------------------------------------------------
3,300 Total Connecticut 3,442,177
------------------------------------------------------------------------------------------------------------------------------------
FLORIDA - 4.5% (2.9% OF TOTAL INVESTMENTS)
4,000 Dade County, Florida, Aviation Revenue Bonds, Series 10/06 at 102.00 AAA 4,108,560
1996A, 5.750%, 10/01/18 - MBIA Insured (Alternative Minimum Tax)
46
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
FLORIDA (continued)
$ 1,700 Hillsborough County Industrial Development Authority, 4/10 at 101.00 N/R $ 1,877,837
Florida, Exempt Facilities Remarketed Revenue Bonds,
National Gypsum Company, Apollo Beach Project,
Series 2000B, 7.125%, 4/01/30
(Alternative Minimum Tax)
2,500 Hillsborough County Industrial Development Authority, 10/12 at 100.00 Baa2 2,593,675
Florida, Pollution Control Revenue Bonds, Tampa Electric
Company Project, Series 2002, 5.100%, 10/01/13
4,790 Jacksonville, Florida, Sales Tax Revenue Bonds, River 4/07 at 100.00 AAA 4,842,546
City Renaissance Project, Series 1996, 5.125%, 10/01/18 -
FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
12,990 Total Florida 13,422,618
------------------------------------------------------------------------------------------------------------------------------------
GEORGIA - 4.3% (2.7% OF TOTAL INVESTMENTS)
8,000 George L. Smith II World Congress Center Authority, 7/10 at 101.00 AAA 8,418,160
Atlanta, Georgia, Revenue Refunding Bonds, Domed Stadium
Project, Series 2000, 5.500%, 7/01/20 - MBIA Insured
(Alternative Minimum Tax)
4,105 Municipal Electric Authority of Georgia, Combustion 11/13 at 100.00 AAA 4,329,790
Turbine Revenue Bonds, Series 2003A, 5.125%, 11/01/17 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
12,105 Total Georgia 12,747,950
------------------------------------------------------------------------------------------------------------------------------------
HAWAII - 0.8% (0.5% OF TOTAL INVESTMENTS)
2,250 Hawaii Department of Budget and Finance, Special 1/09 at 101.00 AAA 2,386,642
Purpose Revenue Bonds, Hawaiian Electric Company Inc.,
Series 1999D, 6.150%, 1/01/20 - AMBAC Insured (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
Idaho - 0.2% (0.1% of Total Investments)
140 Idaho Housing and Finance Association, Single Family 7/06 at 102.00 Aa1 140,538
Mortgage Bonds, Series 1996E, 6.350%, 7/01/14 (Alternative
Minimum Tax)
500 Madison County, Idaho, Hospital Revenue Certificates 9/16 at 100.00 BBB- 508,550
of Participation, Madison Memorial Hospital, Series 2006,
5.250%, 9/01/26
------------------------------------------------------------------------------------------------------------------------------------
640 Total Idaho 649,088
------------------------------------------------------------------------------------------------------------------------------------
ILLINOIS - 11.1% (7.1% OF TOTAL INVESTMENTS)
790 Chicago Public Building Commission, Illinois, General No Opt. Call AAA 889,319
Obligation Lease Certificates, Chicago Board of Education,
Series 1990B, 7.000%, 1/01/15 - MBIA Insured (ETM)
8,670 Chicago, Illinois, General Obligation Bonds, City No Opt. Call AAA 3,703,997
Colleges of Chicago Capital Improvement Project,
Series 1999, 0.000%, 1/01/24 - FGIC Insured
8,500 Chicago, Illinois, Senior Lien Water Revenue Bonds, No Opt. Call AAA 9,962,595
Series 2001, 5.750%, 11/01/30 - AMBAC Insured
200 Illinois Finance Authority, Revenue Bonds, Proctor 1/16 at 100.00 BBB- 198,210
Hospital, Series 2006, 5.125%, 1/01/25 (WI/DD, Settling 5/11/06)
1,000 Illinois Health Facilities Authority, Revenue Bonds, 5/12 at 100.00 Baa2 1,020,300
Condell Medical Center, Series 2002, 5.500%, 5/15/32
4,020 Illinois Housing Development Authority, Section 8 Elderly 9/06 at 100.00 A 4,038,492
Housing Revenue Bonds, Garden House of Maywood
Development, Series 1992, 7.000%, 9/01/18
1,500 Illinois, General Obligation Bonds, Illinois FIRST Program, 2/12 at 100.00 AAA 1,606,005
Series 2002, 5.500%, 2/01/17 - FGIC Insured
Lombard Public Facilities Corporation, Illinois, Second
Tier Conference Center and Hotel
Revenue Bonds, Series 2005B:
850 5.250%, 1/01/25 1/16 at 100.00 AA- 888,641
1,750 5.250%, 1/01/30 1/16 at 100.00 AA- 1,818,495
Metropolitan Pier and Exposition Authority, Illinois,
Revenue Refunding Bonds, McCormick Place
Expansion Project, Series 1996A:
10,575 0.000%, 12/15/23 - MBIA Insured No Opt. Call AAA 4,543,126
10,775 0.000%, 12/15/24 - MBIA Insured No Opt. Call AAA 4,396,416
------------------------------------------------------------------------------------------------------------------------------------
48,630 Total Illinois 33,065,596
------------------------------------------------------------------------------------------------------------------------------------
47
Nuveen Premier Municipal Income Fund, Inc. (NPF) (continued)
Portfolio of INVESTMENTS April 30, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
INDIANA - 3.6% (2.3% OF TOTAL INVESTMENTS)
Anderson School Building Corporation, Madison County,
Indiana, First Mortgage Bonds,
Series 2003:
$ 1,000 5.500%, 7/15/19 (Pre-refunded 1/15/14) - FSA Insured 1/14 at 100.00 AAA $ 1,096,710
2,275 5.500%, 7/15/23 (Pre-refunded 1/15/14) - FSA Insured 1/14 at 100.00 AAA 2,495,015
6,180 Crown Point Multi-School Building Corporation, Indiana, No Opt. Call AAA 2,738,234
First Mortgage Bonds, Crown Point Community School
Corporation, Series 2000, 0.000%, 1/15/23 - MBIA Insured
500 Portage, Indiana, Revenue Bonds, Series 2006, 5.000%, 7/15/23 7/16 at 100.00 BBB+ 491,410
1,000 St. Joseph County Hospital Authority, Indiana, Revenue 2/15 at 100.00 BBB 985,240
Bonds, Madison Center Inc., Series 2005, 5.250%, 2/15/28
2,860 St. Joseph County PHM Elementary/Middle School No Opt. Call A 2,978,032
Building Corporation, Indiana, First Mortgage Bonds,
Series 1994, 6.300%, 1/15/09
------------------------------------------------------------------------------------------------------------------------------------
13,815 Total Indiana 10,784,641
------------------------------------------------------------------------------------------------------------------------------------
IOWA - 1.4% (0.9% OF TOTAL INVESTMENTS)
4,000 Iowa Tobacco Settlement Authority, Asset Backed 6/15 at 100.00 BBB 4,035,360
Settlement Revenue Bonds, Series 2005C, 5.500%, 6/01/42
------------------------------------------------------------------------------------------------------------------------------------
KENTUCKY - 0.2% (0.1% OF TOTAL INVESTMENTS)
510 Louisville and Jefferson County Metropolitan 10/16 at 100.00 N/R 513,524
Government, Kentucky, Industrial Building Revenue Bonds,
Sisters of Mercy of the Americas, Series 2006, 5.000%, 10/01/35
------------------------------------------------------------------------------------------------------------------------------------
LOUISIANA - 2.4% (1.5% OF TOTAL INVESTMENTS)
1,310 Louisiana Housing Finance Agency, GNMA Collateralized 9/06 at 102.00 AAA 1,350,518
Mortgage Revenue Bonds, St. Dominic Assisted Care Facility,
Series 1995, 6.850%, 9/01/25
3,950 Morehouse Parish, Louisiana, Pollution Control Revenue No Opt. Call BBB 4,200,904
Bonds, International Paper Company, Series 2002A, 5.700%, 4/01/14
1,375 Tobacco Settlement Financing Corporation, Louisiana, 5/11 at 101.00 BBB 1,441,825
Tobacco Settlement Asset-Backed Bonds, Series 2001B, 5.875%, 5/15/39
------------------------------------------------------------------------------------------------------------------------------------
6,635 Total Louisiana 6,993,247
------------------------------------------------------------------------------------------------------------------------------------
MAINE - 4.5% (2.9% OF TOTAL INVESTMENTS)
7,965 Maine Educational Loan Marketing Corporation, Student No Opt. Call A2 8,048,633
Loan Revenue Bonds, Subordinate Series 1994B-2, 6.250%,
11/01/06 (Alternative Minimum Tax)
5,335 Maine State Housing Authority, Single Family Mortgage 5/13 at 100.00 AA+ 5,434,124
Purchase Bonds, Series 2004A-2, 5.000%, 11/15/21 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
13,300 Total Maine 13,482,757
------------------------------------------------------------------------------------------------------------------------------------
MARYLAND - 0.7% (0.4% OF TOTAL INVESTMENTS)
2,000 Maryland Health and Higher Educational Facilities 8/14 at 100.00 BBB+ 2,077,800
Authority, Revenue Bonds, MedStar Health, Series 2004, 5.375%, 8/15/24
------------------------------------------------------------------------------------------------------------------------------------
Massachusetts - 2.1% (1.4% of Total Investments)
1,000 Massachusetts Development Finance Authority, Revenue 10/14 at 100.00 BBB 1,056,220
Bonds, Hampshire College, Series 2004, 5.625%, 10/01/24
1,900 Massachusetts, General Obligation Bonds, Series 2003D, 10/13 at 100.00 AA (4) 2,042,994
5.250%, 10/01/20 (Pre-refunded 10/01/13)
3,000 Massachusetts, Special Obligation Dedicated Tax 1/14 at 100.00 AAA 3,219,930
Revenue Bonds, Series 2004, 5.250%, 1/01/24
(Pre-refunded 1/01/14) - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
5,900 Total Massachusetts 6,319,144
------------------------------------------------------------------------------------------------------------------------------------
MICHIGAN - 2.1% (1.4% OF TOTAL INVESTMENTS)
2,925 Detroit, Michigan, General Obligation Bonds, Series 4/13 at 100.00 AAA 3,086,753
2003A, 5.250%, 4/01/17 - XLCA Insured
3,025 Wayne County, Michigan, Airport Revenue Refunding 12/12 at 100.00 AAA 3,225,346
Bonds, Detroit Metropolitan Airport, Series 2002C, 5.375%,
12/01/19 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
5,950 Total Michigan 6,312,099
------------------------------------------------------------------------------------------------------------------------------------
48
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
MINNESOTA - 5.0% (3.2% OF TOTAL INVESTMENTS)
$ 4,350 Cohasset, Minnesota, Pollution Control Revenue Bonds, 7/14 at 100.00 A $ 4,334,862
Allete Inc., Series 2004, 4.950%, 7/01/22
1,000 Duluth Economic Development Authority, Minnesota, 2/14 at 100.00 A- 1,032,520
Healthcare Facilities Revenue Bonds, Benedictine Health
System - St. Mary's Duluth Clinic, Series 2004, 5.250%, 2/15/21
2,290 Minneapolis-St. Paul Housing and Redevelopment 12/13 at 100.00 BBB+ 2,474,345
Authority, Minnesota, Revenue Bonds, HealthPartners Inc.,
Series 2003, 6.000%, 12/01/20
Minnesota Higher Education Facilities Authority,
Revenue Bonds, University of St. Thomas,
Series 2004-5Y:
530 5.250%, 10/01/19 10/14 at 100.00 A2 560,645
1,500 5.250%, 10/01/34 10/14 at 100.00 A2 1,562,415
665 Minnesota Higher Education Facilities Authority, 4/16 at 100.00 A2 690,815
Revenue Bonds, University of St. Thomas, Series 2006-6I,
5.000%, 4/01/23
1,000 Minnesota Municipal Power Agency, Electric Revenue 10/14 at 100.00 A3 1,054,940
Bonds, Series 2004A, 5.250%, 10/01/19
3,000 St. Paul Port Authority, Minnesota, Lease Revenue 12/13 at 100.00 AA+ 3,197,220
Bonds, Office Building at Cedar Street, Series 2003, 5.250%, 12/01/20
------------------------------------------------------------------------------------------------------------------------------------
14,335 Total Minnesota 14,907,762
------------------------------------------------------------------------------------------------------------------------------------
MISSISSIPPI - 1.0% (0.7% OF TOTAL INVESTMENTS)
1,525 Mississippi Hospital Equipment and Facilities Authority, 9/14 at 100.00 N/R 1,523,628
Revenue Bonds, Baptist Memorial Healthcare, Series 2004B-1,
5.000%, 9/01/24
1,500 Mississippi State University Educational Building 8/15 at 100.00 AAA 1,539,600
Corporation, Revenue Bonds, Residence Hall and Campus
Improvement Project, Series 2005, 5.000%, 8/01/28 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
3,025 Total Mississippi 3,063,228
------------------------------------------------------------------------------------------------------------------------------------
MISSOURI - 1.0% (0.7% OF TOTAL INVESTMENTS)
100 Hannibal Industrial Development Authority, Missouri, 3/16 at 100.00 N/R 101,196
Health Facilities Revenue Bonds, Hannibal Regional Hospital,
Series 2006, 5.000%, 3/01/22
2,880 Joplin Industrial Development Authority, Missouri, 2/15 at 102.00 BBB+ 3,004,906
Health Facilities Revenue Bonds, Freeman Health System,
Series 2004, 5.500%, 2/15/24
------------------------------------------------------------------------------------------------------------------------------------
2,980 Total Missouri 3,106,102
------------------------------------------------------------------------------------------------------------------------------------
NEBRASKA - 2.2% (1.4% OF TOTAL INVESTMENTS)
1,580 Douglas County Hospital Authority 2, Nebraska, Health No Opt. Call A1 1,634,842
Facilities Revenue Bonds, Nebraska Medical Center, Series
2003, 5.000%, 11/15/16
2,320 Grand Island, Nebraska, Electric System Revenue 9/06 at 100.00 A+ (4) 2,456,138
Bonds, Series 1977, 6.100%, 9/01/12 (ETM)
2,350 NebHelp Inc., Nebraska, Senior Subordinate Bonds, No Opt. Call AAA 2,382,289
Student Loan Program, Series 1993A-5B, 6.250%, 6/01/18 -
MBIA Insured (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
6,250 Total Nebraska 6,473,269
------------------------------------------------------------------------------------------------------------------------------------
NEW HAMPSHIRE - 1.9% (1.2% OF TOTAL INVESTMENTS)
5,000 New Hampshire Housing Finance Authority, FHLMC 7/10 at 101.00 Aaa 5,231,550
Multifamily Housing Remarketed Revenue Bonds, Countryside LP,
Series 1994, 6.100%, 7/01/24 (Alternative Minimum Tax)
290 New Hampshire Municipal Bond Bank, Revenue Bonds, No Opt. Call N/R 292,619
Coe-Brown Northwood Academy, Series 1994, 7.250%, 5/01/09
------------------------------------------------------------------------------------------------------------------------------------
5,290 Total New Hampshire 5,524,169
------------------------------------------------------------------------------------------------------------------------------------
NEW JERSEY - 2.9% (1.8% OF TOTAL INVESTMENTS)
1,000 New Jersey Economic Development Authority, School 9/15 at 100.00 AA- 1,061,720
Facilities Construction Bonds, Series 2005P, 5.250%, 9/01/24
3,000 New Jersey Transportation Trust Fund Authority, 6/13 at 100.00 AAA 3,293,220
Transportation System Bonds, Series 2003C, 5.500%,
6/15/24 (Pre-refunded 6/15/13)
1,500 New Jersey Turnpike Authority, Revenue Bonds, Series 7/13 at 100.00 AAA 1,562,730
2003A, 5.000%, 1/01/19 - FGIC Insured
2,500 New Jersey Turnpike Authority, Revenue Bonds, Series 1/15 at 100.00 AAA 2,600,650
2005A, 5.000%, 1/01/25 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
8,000 Total New Jersey 8,518,320
------------------------------------------------------------------------------------------------------------------------------------
49
Nuveen Premier Municipal Income Fund, Inc. (NPF) (continued)
Portfolio of INVESTMENTS April 30, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
NEW YORK - 23.7% (15.2% OF TOTAL INVESTMENTS)
$ 10,000 Dormitory Authority of the State of New York, Revenue 5/10 at 101.00 AAA $ 10,776,400
Bonds, State University Educational Facilities Revenue
Bonds, 1999 Resolution, Series 2000B, 5.500%,
5/15/30 (Pre-refunded 5/15/10) - FSA Insured
1,500 Dormitory Authority of the State of New York, State 7/14 at 100.00 AA- 1,582,965
and Local Appropriation Lease Bonds, Upstate Community
Colleges, Series 2004B, 5.250%, 7/01/19
Long Island Power Authority, New York, Electric System
General Revenue Bonds, Series 2006A:
5,000 5.000%, 12/01/24 - FGIC Insured 6/16 at 100.00 AAA 5,219,350
7,500 5.000%, 12/01/25 - FGIC Insured 6/16 at 100.00 AAA 7,816,650
3,200 Metropolitan Transportation Authority, New York, 11/15 at 100.00 A 3,279,520
Transportation Revenue Bonds, Series 2005F, 5.000%, 11/15/30
5,000 Metropolitan Transportation Authority, New York, 11/12 at 100.00 AAA 5,263,100
Transportation Revenue Refunding Bonds, Series 2002A,
5.125%, 11/15/21 - FGIC Insured
1,250 New York City Municipal Water Finance Authority, New 6/16 at 100.00 AA+ 1,292,625
York, Water and Sewerage System Revenue Bonds, Fiscal
Series 2006D, 5.000%, 6/15/29
1,795 New York City Transitional Finance Authority, New York, 8/07 at 101.00 AAA 1,845,511
Future Tax Secured Bonds, Fiscal Series 1998A, 5.125%,
8/15/21 (Pre-refunded 8/15/07)
15 New York City, New York, General Obligation Bonds, 2/08 at 100.00 A+ 15,247
Fiscal Series 1996J, 5.875%, 2/15/19
4,265 New York City, New York, General Obligation Bonds, 10/13 at 100.00 A+ 4,497,613
Fiscal Series 2003D, 5.250%, 10/15/22
1,200 New York City, New York, General Obligation Bonds, 8/14 at 100.00 A+ 1,281,300
Fiscal Series 2004B, 5.250%, 8/01/15
4,000 New York City, New York, General Obligation Bonds, 8/14 at 100.00 A+ 4,226,840
Fiscal Series 2004C, 5.250%, 8/15/20
3,500 New York City, New York, General Obligation Bonds, 6/15 at 100.00 A+ 3,579,660
Fiscal Series 2005O, 5.000%, 6/01/30
790 New York State Medical Care Facilities Finance Agency, 8/06 at 100.00 AAA 792,575
FHA-Insured Mortgage Revenue Bonds, Hospital and
Nursing Home Projects, Series 1992B, 6.200%, 8/15/22
3,250 New York State Municipal Bond Bank Agency, Special 6/13 at 100.00 A+ 3,424,070
School Purpose Revenue Bonds, Series 2003C, 5.250%, 6/01/22
New York State Thruway Authority, General Revenue Bonds,
Series 2005G:
6,460 5.000%, 1/01/25 - FSA Insured 7/15 at 100.00 AAA 6,727,315
2,580 5.000%, 1/01/26 - FSA Insured 7/15 at 100.00 AAA 2,684,800
1,850 New York State Urban Development Corporation, Service 3/15 at 100.00 AAA 1,927,330
Contract Revenue Bonds, Series 2005B, 5.000%, 3/15/24 - FSA Insured
1,000 New York State Urban Development Corporation, 7/14 at 100.00 A 1,046,120
Subordinate Lien Corporate Purpose Bonds, Series 2004A, 5.125%, 1/01/22
3,000 Port Authority of New York and New Jersey, Consolidated 6/15 at 101.00 AA- 3,185,520
Revenue Bonds, One Hundred Fortieth Series 2005, 5.000%, 12/01/16
------------------------------------------------------------------------------------------------------------------------------------
67,155 Total New York 70,464,511
------------------------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA - 4.1% (2.6% OF TOTAL INVESTMENTS)
10,300 North Carolina Eastern Municipal Power Agency, Power No Opt. Call AAA 12,080,767
System Revenue Refunding Bonds, Series 1993B, 6.000%,
1/01/22 - CAPMAC Insured
------------------------------------------------------------------------------------------------------------------------------------
Ohio - 2.1% (1.3% of Total Investments)
2,000 Granville Exempt Village School District, Ohio, General 12/11 at 100.00 Aa2 2,068,240
Obligation Bonds, Series 2001, 5.000%, 12/01/24
4,000 Ohio, Solid Waste Revenue Bonds, Republic Services 4/33 at 100.00 BBB+ 3,829,520
Inc., Series 2004, 4.250%, 4/01/33 (Mandatory put 4/01/14)
(Alternative Minimum Tax)
250 Port of Greater Cincinnati Development Authority, Ohio, 10/16 at 100.00 N/R 253,748
Economic Development Revenue Bonds, Sisters of Mercy
of the Americas, Series 2006, 5.000%, 10/01/25
------------------------------------------------------------------------------------------------------------------------------------
6,250 Total Ohio 6,151,508
------------------------------------------------------------------------------------------------------------------------------------
50
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
OKLAHOMA - 0.3% (0.2% OF TOTAL INVESTMENTS)
Norman Regional Hospital Authority, Oklahoma,
Hospital Revenue Bonds, Series 2005:
$ 500 5.375%, 9/01/29 9/16 at 100.00 BBB- $ 501,735
450 5.375%, 9/01/36 9/16 at 100.00 BBB- 451,026
------------------------------------------------------------------------------------------------------------------------------------
950 Total Oklahoma 952,761
------------------------------------------------------------------------------------------------------------------------------------
OREGON - 1.3% (0.8% OF TOTAL INVESTMENTS)
Oregon, General Obligation Bonds, State Board of
Higher Education, Series 2004A:
1,795 5.000%, 8/01/21 8/14 at 100.00 AA- 1,870,677
1,990 5.000%, 8/01/23 8/14 at 100.00 AA- 2,066,913
------------------------------------------------------------------------------------------------------------------------------------
3,785 Total Oregon 3,937,590
------------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA - 2.3% (1.5% OF TOTAL INVESTMENTS)
3,000 Allegheny County Sanitary Authority, Pennsylvania, 12/15 at 100.00 AAA 3,123,990
Sewerage Revenue Bonds, Series 2005A, 5.000%, 12/01/23 - MBIA Insured
1,590 Falls Township Hospital Authority, Pennsylvania, 8/06 at 100.00 AAA 1,601,003
FHA-Insured Revenue Refunding Bonds, Delaware Valley
Medical Center, Series 1992, 7.000%, 8/01/22
2,000 Pittsburgh Water and Sewerage Authority, Pennsylvania, 9/15 at 100.00 AAA 2,070,060
First Lien Water and Sewerage System Revenue Bonds,
Series 2005, 5.000%, 9/01/29 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
6,590 Total Pennsylvania 6,795,053
------------------------------------------------------------------------------------------------------------------------------------
RHODE ISLAND - 2.7% (1.7% OF TOTAL INVESTMENTS)
7,655 Rhode Island Tobacco Settlement Financing Corporation, 6/12 at 100.00 BBB 8,017,541
Tobacco Settlement Asset-Backed Bonds, Series 2002A, 6.000%, 6/01/23
------------------------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA - 7.9% (5.1% OF TOTAL INVESTMENTS)
2,500 Berkeley County School District, South Carolina, 12/13 at 100.00 AA 2,580,375
Installment Purchase Revenue Bonds, Securing Assets for
Education, Series 2003, 5.250%, 12/01/24
4,405 Dorchester County School District 2, South Carolina, 12/14 at 100.00 A 4,591,816
Installment Purchase Revenue Bonds, GROWTH,
Series 2004, 5.250%, 12/01/23
3,340 Greenville County School District, South Carolina, 12/13 at 100.00 AA- 3,510,407
Installment Purchase Revenue Bonds, Series 2003, 5.250%, 12/01/19
3,620 Greenville, South Carolina, Hospital Facilities Revenue 5/13 at 100.00 AAA 3,800,493
Refunding Bonds, Series 2003A, 5.250%, 5/01/21 - AMBAC Insured
1,500 South Carolina JOBS Economic Development Authority, 11/12 at 100.00 A- 1,563,225
Economic Development Revenue Bonds, Bon Secours Health
System Inc., Series 2002A, 5.625%, 11/15/30
605 South Carolina JOBS Economic Development Authority, 8/13 at 100.00 BBB+ 671,961
Hospital Refunding and Improvement Revenue Bonds,
Palmetto Health Alliance, Series 2003C, 6.375%, 8/01/34
4,895 South Carolina JOBS Economic Development Authority, 8/13 at 100.00 BBB+ (4) 5,598,216
Hospital Refunding and Improvement Revenue Bonds,
Palmetto Health Alliance, Series 2003C, 6.375%, 8/01/34
(Pre-refunded 8/01/13)
1,145 Tobacco Settlement Revenue Management Authority, 5/11 at 101.00 BBB 1,199,525
South Carolina, Tobacco Settlement Asset-Backed Bonds,
Series 2001B, 6.000%, 5/15/22
------------------------------------------------------------------------------------------------------------------------------------
22,010 Total South Carolina 23,516,018
------------------------------------------------------------------------------------------------------------------------------------
SOUTH DAKOTA - 0.6% (0.4% OF TOTAL INVESTMENTS)
1,750 South Dakota Health and Educational Facilities Authority, 11/14 at 100.00 A+ 1,844,115
Revenue Bonds, Sioux Valley Hospitals, Series 2004A, 5.500%, 11/01/31
------------------------------------------------------------------------------------------------------------------------------------
TENNESSEE - 1.3% (0.8% OF TOTAL INVESTMENTS)
2,060 Johnson City Health and Educational Facilities Board, 7/23 at 100.00 AAA 2,131,338
Tennessee, Hospital Revenue Refunding and Improvement
Bonds, Johnson City Medical Center, Series 1998C,
5.125%, 7/01/25 (Pre-refunded 7/01/23) - MBIA Insured
1,600 Johnson City Health and Educational Facilities Board, 7/16 at 100.00 BBB+ 1,658,544
Tennessee, Revenue Bonds, Mountain States Health
Alliance, Series 2006A, 5.500%, 7/01/36
------------------------------------------------------------------------------------------------------------------------------------
3,660 Total Tennessee 3,789,882
------------------------------------------------------------------------------------------------------------------------------------
51
Nuveen Premier Municipal Income Fund, Inc. (NPF) (continued)
Portfolio of INVESTMENTS April 30, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TEXAS - 5.7% (3.7% OF TOTAL INVESTMENTS)
$ 1,075 Brazos River Authority, Texas, Pollution Control Revenue 10/13 at 101.00 Baa2 $ 1,210,493
Bonds, TXU Energy Company LLC Project, Series 2003C,
6.750%, 10/01/38 (Alternative Minimum Tax)
3,000 Houston, Texas, First Lien Combined Utility System 5/14 at 100.00 AAA 3,165,960
Revenue Bonds, Series 2004A, 5.250%, 5/15/25 - MBIA Insured
Kerrville Health Facilities Development Corporation,
Texas, Revenue Bonds, Sid Peterson
Memorial Hospital Project, Series 2005:
400 5.250%, 8/15/21 No Opt. Call BBB- 408,108
500 5.125%, 8/15/26 No Opt. Call BBB- 496,840
2,265 Lower Colorado River Authority, Texas, Contract Revenue 5/13 at 100.00 AAA 2,391,183
Refunding Bonds, Transmission Services Corporation,
Series 2003C, 5.250%, 5/15/25 - AMBAC Insured
2,000 Mansfield Independent School District, Tarrant County, 2/11 at 100.00 AAA 2,089,080
Texas, General Obligation Bonds, Series 2001, 5.375%, 2/15/26
1,000 Sabine River Authority, Texas, Pollution Control Revenue 11/15 at 100.00 Baa2 1,020,290
Bonds, TXU Electric Company, Series 2001C, 5.200%, 5/01/28
Texas Tech University, Financing System Revenue
Bonds, 9th Series 2003:
3,525 5.250%, 2/15/18 - AMBAC Insured 8/13 at 100.00 AAA 3,736,007
2,250 5.250%, 2/15/19 - AMBAC Insured 8/13 at 100.00 AAA 2,377,463
70 Victoria Housing Finance Corporation, Texas, FNMA No Opt. Call Aaa 70,453
Single Family Mortgage Revenue Refunding Bonds,
Series 1995, 8.125%, 1/01/11
------------------------------------------------------------------------------------------------------------------------------------
16,085 Total Texas 16,965,877
------------------------------------------------------------------------------------------------------------------------------------
UTAH - 0.3% (0.2% OF TOTAL INVESTMENTS)
595 Utah Housing Corporation, Single Family Mortgage Bonds, 7/11 at 100.00 Aa2 606,608
Series 2001D, 5.500%, 1/01/21 (Alternative Minimum Tax)
35 Utah Housing Finance Agency, Single Family Mortgage 1/07 at 102.00 AA 35,125
Bonds, Series 1996C, 6.450%, 7/01/14 (Alternative Minimum Tax)
255 Utah Housing Finance Agency, Single Family Mortgage 7/07 at 101.50 AA 261,054
Bonds, Series 1997F, 5.750%, 7/01/15 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
885 Total Utah 902,787
------------------------------------------------------------------------------------------------------------------------------------
WASHINGTON - 9.5% (6.1% OF TOTAL INVESTMENTS)
2,500 Energy Northwest, Washington, Electric Revenue 7/12 at 100.00 AAA 2,727,125
Refunding Bonds, Columbia Generating Station - Nuclear
Project 2, Series 2002C, 5.750%, 7/01/17 - MBIA Insured
7,000 Energy Northwest, Washington, Electric Revenue 7/13 at 100.00 Aaa 7,520,100
Refunding Bonds, Nuclear Project 1, Series 2003A, 5.500%, 7/01/16
6,160 King County Public Hospital District 2, Washington, 6/11 at 101.00 AAA 6,440,218
Limited Tax General Obligation Bonds,Evergreen Hospital
Medical Center, Series 2001A, 5.250%, 12/01/24 - AMBAC Insured
1,000 Skagit County Public Hospital District 1, Washington, No Opt. Call Baa3 1,062,800
Revenue Bonds, Skagit Valley Hospital, Series 2003, 6.000%, 12/01/23
9,750 Washington, General Obligation Refunding Bonds, No Opt. Call Aa1 10,389,405
Series 1992A and 1992AT-6, 6.250%, 2/01/11
------------------------------------------------------------------------------------------------------------------------------------
26,410 Total Washington 28,139,648
------------------------------------------------------------------------------------------------------------------------------------
WEST VIRGINIA - 1.9% (1.2% OF TOTAL INVESTMENTS)
2,000 West Virginia Water Development Authority, Infrastructure 10/13 at 101.00 AAA 2,175,120
Revenue Bonds, Series 2003A, 5.500%, 10/01/23 - AMBAC Insured
3,150 West Virginia Water Development Authority, Loan 11/13 at 101.00 AAA 3,361,334
Program II Revenue Bonds, Series 2003B, 5.250%, 11/01/23 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
5,150 Total West Virginia 5,536,454
------------------------------------------------------------------------------------------------------------------------------------
52
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
WISCONSIN - 5.2% (3.3% OF TOTAL INVESTMENTS)
$ 5,670 Wisconsin Health and Educational Facilities Authority, 7/11 at 100.00 A- $ 5,918,686
Revenue Bonds, Agnesian Healthcare Inc., Series 2001,
6.000%, 7/01/30
160 Wisconsin Health and Educational Facilities Authority, 5/16 at 100.00 BBB 155,131
Revenue Bonds, Divine Savior Healthcare, Series 2006,
5.000%, 5/01/32
1,000 Wisconsin Health and Educational Facilities Authority, 5/14 at 100.00 BBB+ 1,047,880
Revenue Bonds, Fort Healthcare Inc., Series 2004,
5.375%, 5/01/18
2,350 Wisconsin Health and Educational Facilities Authority, 10/11 at 101.00 AA- 2,521,386
Revenue Bonds, Froedtert and Community Health Obligated
Group, Series 2001, 5.375%, 10/01/30
5,000 Wisconsin Health and Educational Facilities Authority, 2/10 at 101.00 AA 5,386,600
Revenue Bonds, Marshfield Clinic, Series 1999, 6.250%,
2/15/18 - RAAI Insured
455 Wisconsin Housing and Economic Development Authority, 7/06 at 100.00 AA 455,642
Housing Revenue Bonds, Series 1992A, 6.850%, 11/01/12
------------------------------------------------------------------------------------------------------------------------------------
14,635 Total Wisconsin 15,485,325
------------------------------------------------------------------------------------------------------------------------------------
WYOMING - 0.5% (0.3% OF TOTAL INVESTMENTS)
1,350 Sweetwater County, Wyoming, Solid Waste Disposal 12/15 at 100.00 BBB- 1,410,318
Revenue Bonds, FMC Corporation, Series 2005, 5.600%,
12/01/35 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
$ 474,695 Total Investments (cost $446,303,106) - 156.4% 464,660,835
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - (0.9)% (2,487,949)
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (55.5)% (165,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 297,172,886
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares
unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices
at later dates. Certain mortgage-backed securities
may be subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's or
Moody's rating. Ratings below BBB by Standard &
Poor's Group or Baa by Moody's Investor Service, Inc.
are considered to be below investment grade.
(4) Backed by an escrow or trust containing sufficient
U.S. Government or U.S. Government agency securities
which ensure the timely payment of principal and
interest. Such investments are normally considered to
be equivalent to AAA rated securities.
N/R Not rated.
WI/DD Purchased on a when-issued or delayed delivery basis.
(ETM) Escrowed to maturity.
See accompanying notes to financial statements.
53
Nuveen Municipal High Income Opportunity Fund (NMZ)
Portfolio of
INVESTMENTS April 30, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
NATIONAL - 2.1% (1.5% OF TOTAL INVESTMENTS)
Charter Mac Equity Issuer Trust, Preferred Shares,
Series 2004A-4:
$ 5,000 6.000%, 12/31/45 (Mandatory put 4/30/19) (Alternative Minimum Tax) 12/45 at 100.00 A3 $ 5,354,250
1,000 5.750%, 12/31/45 (Mandatory put 4/30/15) 12/45 at 100.00 A3 1,047,220
1,000 GMAC Municipal Mortgage Trust, Series B-1, 5.600%, 10/39 at 100.00 Baa1 1,018,600
10/31/39 (Mandatory put 10/31/19) (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
7,000 Total National 7,420,070
------------------------------------------------------------------------------------------------------------------------------------
ALABAMA - 1.8% (1.3% OF TOTAL INVESTMENTS)
6,200 Baldwin County Eastern Shore Healthcare Authority, 4/08 at 102.00 N/R (4) 6,507,272
Alabama, Hospital Revenue Bonds, Thomas Hospital,
Series 1998, 5.750%, 4/01/27 (Pre-refunded 4/01/08)
------------------------------------------------------------------------------------------------------------------------------------
ARIZONA - 4.6% (3.3% OF TOTAL INVESTMENTS)
566 Estrella Mountain Ranch Community Facilities District, 7/10 at 102.00 N/R 616,414
Goodyear, Arizona, Special Assessment Lien Bonds, Series
2001A, 7.875%, 7/01/25
6,720 Maricopa County Industrial Development Authority, 1/11 at 103.00 BB 6,743,184
Arizona, Senior Living Facility Revenue Bonds, Christian
Care Mesa II Inc., Series 2004A, 6.625%, 1/01/34 (Alternative
Minimum Tax)
Phoenix Industrial Development Authority, Arizona,
Educational Revenue Bonds, Keystone
Montessori School, Series 2004A:
350 6.375%, 11/01/13 11/11 at 103.00 N/R 356,464
790 7.250%, 11/01/23 11/11 at 103.00 N/R 818,480
1,715 7.500%, 11/01/33 11/11 at 103.00 N/R 1,776,105
1,645 Pima County Industrial Development Authority, Arizona, 7/14 at 100.00 N/R 1,693,758
Charter School Revenue Bonds, Heritage Elementary School,
Series 2004, 7.500%, 7/01/34
550 Pima County Industrial Development Authority, Arizona, 12/14 at 100.00 BBB- 558,783
Charter School Revenue Bonds, Noah Webster Basic Schools Inc.,
Series 2004, 6.125%, 12/15/34
500 Pima County Industrial Development Authority, Arizona, No Opt. Call AAA 574,935
Charter School Revenue Bonds, Pointe Educational Services
Charter School, Series 2004, 6.250%, 7/01/14 (ETM)
1,000 Pima County Industrial Development Authority, Arizona, 7/14 at 100.00 N/R (4) 1,178,180
Charter School Revenue Bonds, Pointe
Educational Services Charter School, Series 2004, 7.125%,
7/01/24 (Pre-refunded 7/01/14)
1,150 Pinal County Industrial Development Authority, Arizona, 10/12 at 100.00 A 1,175,404
Correctional Facilities Contract Revenue Bonds, Florence
West Prison LLC, Series 2002A, 5.250%, 10/01/22 - ACA Insured
1,000 Tucson Industrial Development Authority, Arizona, Charter 9/14 at 100.00 BBB- 1,010,750
School Revenue Bonds, Arizona Agribusiness and Equine
Center Charter School, Series 2004A, 5.850%, 9/01/24
------------------------------------------------------------------------------------------------------------------------------------
15,986 Total Arizona 16,502,457
------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA - 17.7% (12.5% OF TOTAL INVESTMENTS)
8,000 Alameda Public Finance Authority, California, Revenue No Opt. Call N/R 7,988,800
Bond Anticipation Notes, Alameda Power and Telecom,
Series 2004, 7.000%, 6/01/09
500 California Health Facilities Financing Authority, Health 7/26 at 100.00 A- 516,945
Facility Revenue Bonds, Catholic Healthcare West, Series
2004I, 4.950%, 7/01/26 (Mandatory put 7/01/14)
1,005 California Health Facilities Financing Authority, Hospital 5/06 at 100.00 BB 1,005,090
Revenue Bonds, Downey Community Hospital, Series 1993,
5.750%, 5/15/15
California State Public Works Board, Lease Revenue
Bonds, Department of General Services,
Series 2003D:
1,090 5.000%, 6/01/21 12/13 at 100.00 A- 1,122,199
1,170 5.100%, 6/01/23 12/13 at 100.00 A- 1,212,015
3,000 California State Public Works Board, Lease Revenue 6/14 at 100.00 A- 3,075,090
Bonds, Department of Mental Health, Coalinga State
Hospital, Series 2004A, 5.000%, 6/01/25
54
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA (continued)
$ 2,925 California Statewide Community Development Authority, 3/14 at 102.00 N/R $ 3,051,711
Revenue Bonds, Epidaurus Project, Series 2004A, 7.750%, 3/01/34
1,015 California Statewide Community Development Authority, 1/14 at 100.00 N/R 1,086,710
Subordinate Lien Multifamily Housing Revenue Bonds, Corona
Park Apartments, Series 2004I-S, 7.750%, 1/01/34 (Alternative
Minimum Tax)
3,360 California, General Obligation Bonds, Series 2003, 5.000%, 11/01/21 11/13 at 100.00 A 3,467,117
4,975 Golden State Tobacco Securitization Corporation, California, 6/13 at 100.00 AAA 5,477,773
Enhanced Tobacco Settlement Asset-Backed Bonds, Series
2003B, 5.625%, 6/01/33 (Pre-refunded 6/01/13)
5,500 Golden State Tobacco Securitization Corporation, California, 6/13 at 100.00 BBB 6,125,680
Tobacco Settlement Asset-Backed Bonds, Series 2003A-1,
6.750%, 6/01/39
1,000 Golden State Tobacco Securitization Corporation, California, 6/13 at 100.00 BBB 1,192,700
Tobacco Settlement Asset-Backed Revenue Bonds, Series 2003A-2,
7.900%, 6/01/42
Huntington Beach, California, Special Tax Bonds,
Community Facilities District 2003-1,
Huntington Center, Series 2004:
500 5.800%, 9/01/23 9/14 at 100.00 N/R 515,970
1,000 5.850%, 9/01/33 9/14 at 100.00 N/R 1,031,690
2,500 Independent Cities Lease Finance Authority, California, 5/14 at 100.00 N/R 2,761,200
Revenue Bonds, El Granada Mobile Home Park, Series 2004A,
6.450%, 5/15/44
1,015 Independent Cities Lease Finance Authority, California, 5/14 at 100.00 N/R 1,073,160
Subordinate Lien Revenue Bonds, El Granada Mobile Home
Park, Series 2004B, 6.500%, 5/15/44
1,200 Lake Elsinore, California, Special Tax Bonds, Community 9/13 at 102.00 N/R 1,266,288
Facilities District 2003-2 Improvement Area A, Canyon Hills,
Series 2004A, 5.950%, 9/01/34
3,400 Lee Lake Water District, Riverside County, California, 9/13 at 102.00 N/R 3,587,816
Special Tax Bonds, Community Facilities District 3,
Series 2004, 5.950%, 9/01/34
300 Los Angeles Regional Airports Improvement Corporation, 12/12 at 102.00 B- 318,372
California, Sublease Revenue Bonds, Los Angeles International
Airport, American Airlines Inc. Terminal 4 Project, Series 2002B,
7.500%, 12/01/24 (Alternative Minimum Tax)
2,950 Los Angeles Regional Airports Improvement Corporation, 12/12 at 102.00 B- 3,130,658
California, Sublease Revenue Bonds, Los Angeles International
Airport, American Airlines Inc. Terminal 4 Project, Series 2002C,
7.500%, 12/01/24 (Alternative Minimum Tax)
Moreno Valley Unified School District, Riverside County,
California, Special Tax Bonds,
Community Facilities District, Series 2004:
800 5.550%, 9/01/29 9/14 at 100.00 N/R 816,920
1,250 5.650%, 9/01/34 9/14 at 100.00 N/R 1,276,463
1,555 Murrieta Valley Unified School District, Riverside County, 9/11 at 100.00 N/R 1,590,361
California, Special Tax Bonds, Community Facilities
District 2000-1, Series 2004B, 5.300%, 9/01/34
1,000 Oceanside, California, Special Tax Revenue Bonds, 3/14 at 100.00 N/R 1,043,800
Community Facilities District - Morro Hills, Series 2004,
5.750%, 9/01/28
Orange County, California, Special Tax Bonds, Community
Facilities District 03-1 of Ladera
Ranch, Series 2004A:
500 5.500%, 8/15/23 8/12 at 101.00 N/R 524,590
1,625 5.600%, 8/15/28 8/12 at 101.00 N/R 1,706,461
1,000 5.625%, 8/15/34 8/12 at 101.00 N/R 1,053,040
2,250 San Diego County, California, Certificates of Participation, 9/12 at 100.00 BBB- 2,291,378
San Diego-Imperial Counties Developmental Services Foundation
Project, Series 2002, 5.500%, 9/01/27
3,895 West Patterson Financing Authority, California, Special 9/13 at 103.00 N/R 4,180,075
Tax Bonds, Community Facilities District 2001-1, Series
2004A, 6.125%, 9/01/39
------------------------------------------------------------------------------------------------------------------------------------
60,280 Total California 63,490,072
------------------------------------------------------------------------------------------------------------------------------------
COLORADO - 9.4% (6.7% OF TOTAL INVESTMENTS)
925 Bradburn Metropolitan District 3, Colorado, General 12/13 at 101.00 N/R 1,020,691
Obligation Bonds, Series 2003, 7.500%, 12/01/33
5,600 Buffalo Ridge Metropolitan District, Colorado, Limited 12/13 at 101.00 N/R 6,179,320
Obligation Assessment Bonds, Series 2003, 7.500%, 12/01/33
55
Nuveen Municipal High Income Opportunity Fund (NMZ) (continued)
Portfolio of INVESTMENTS April 30, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
COLORADO (continued)
$ 400 Colorado Educational and Cultural Facilities Authority, 12/10 at 101.00 BBB $ 434,504
Charter School Revenue Bonds, Academy Charter School -
Douglas County School District Re. 1, Series 2000, 6.875%, 12/15/20
650 Colorado Educational and Cultural Facilities Authority, 9/11 at 100.00 Ba1 (4) 744,484
Charter School Revenue Bonds, Bromley East Charter School,
Series 2000A, 7.250%, 9/15/30 (Pre-refunded 9/15/11)
920 Colorado Educational and Cultural Facilities Authority, 7/08 at 100.00 N/R (4) 964,372
Charter School Revenue Bonds, Compass Montessori
Elementary Charter School, Series 2000, 7.750%, 7/15/31
(Pre-refunded 7/15/08)
3,500 Colorado Educational and Cultural Facilities Authority, 5/14 at 101.00 N/R 3,703,385
Charter School Revenue Bonds, Denver Arts and Technology
Academy, Series 2003, 8.000%, 5/01/34
Colorado Educational and Cultural Facilities Authority,
Charter School Revenue Bonds, Excel
Academy Charter School, Series 2003:
500 7.300%, 12/01/23 (Pre-refunded 12/01/11) 12/11 at 100.00 AAA 586,235
875 7.500%, 12/01/33 (Pre-refunded 12/01/11) 12/11 at 100.00 AAA 1,034,635
1,797 Colorado Educational and Cultural Facilities Authority, 2/12 at 100.00 N/R 1,883,310
Charter School Revenue Bonds, Jefferson County School
District R-1 - Compass Montessori Secondary School,
Series 2002, 8.000%, 2/15/32
1,450 Colorado Educational and Cultural Facilities Authority, 6/11 at 100.00 Ba1 1,495,748
Charter School Revenue Bonds, Weld County School District 6 -
Frontier Academy, Series 2001, 7.250%, 6/01/20
1,500 Colorado Educational and Cultural Facilities Authority, 6/14 at 100.00 N/R 1,626,960
Independent School Improvement Revenue Bonds, Heritage
Christian School of Northern Colorado, Series 2004A, 7.500%, 6/01/34
2,000 Colorado Educational and Cultural Facilities Authority, 6/14 at 100.00 N/R 1,722,640
Revenue Bonds, Colorado Lutheran High School Association,
Series 2004A, 7.500%, 6/01/24
900 Colorado Housing and Finance Authority, Multifamily 10/12 at 100.00 AA 915,732
Project Bonds, Class II Series 2002C-6, 5.300%, 10/01/42
4,300 Denver Health and Hospitals Authority, Colorado, 12/14 at 100.00 BBB 4,679,303
Revenue Bonds, Series 2004A, 6.250%, 12/01/33
1,000 Denver, Colorado, FHA-Insured Multifamily Housing 7/08 at 102.00 AAA 1,017,810
Mortgage Loan Revenue Bonds, Garden Court Community
Project, Series 1998, 5.400%, 7/01/39
735 Eagle County Air Terminal Corporation, Colorado, Airport 5/06 at 101.00 N/R 743,423
Terminal Revenue Bonds, Series 1996, 7.500%, 5/01/21
(Alternative Minimum Tax)
1,250 Mesa County, Colorado, Residential Care Facilities 12/11 at 101.00 AA 1,299,300
Mortgage Revenue Bonds, Hilltop Community Resources Inc.
Obligated Group, Series 2001A, 5.250%, 12/01/21 - RAAI Insured
2,000 Park Creek Metropolitan District, Colorado, Limited Tax 12/32 at 100.00 N/R 2,245,640
Obligation Revenue Bonds, Series 2003CR-2, 7.875%, 12/01/32
(Mandatory put 12/01/13)
Tallyn's Reach Metropolitan District 2, Aurora, Colorado,
Limited Tax General Obligation
Bonds, Series 2004:
250 6.000%, 12/01/18 12/13 at 100.00 N/R 254,170
315 6.375%, 12/01/23 12/13 at 100.00 N/R 323,546
Tallyn's Reach Metropolitan District 3, Aurora, Colorado,
Limited Tax General Obligation
Bonds, Series 2004:
500 6.625%, 12/01/23 12/13 at 100.00 N/R 521,115
500 6.750%, 12/01/33 12/13 at 100.00 N/R 525,825
------------------------------------------------------------------------------------------------------------------------------------
31,867 Total Colorado 33,922,148
------------------------------------------------------------------------------------------------------------------------------------
CONNECTICUT - 0.2% (0.2% OF TOTAL INVESTMENTS)
1,025 Eastern Connecticut Resource Recovery Authority, Solid 7/06 at 100.00 BBB 1,025,226
Waste Revenue Bonds, Wheelabrator Lisbon Project, Series
1993A, 5.500%, 1/01/20 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
FLORIDA - 9.3% (6.6% OF TOTAL INVESTMENTS)
4,390 Bartram Springs Community Development District, Duval 5/13 at 102.00 N/R 4,792,651
County, Florida, Special Assessment Bonds, Series 2003A,
6.650%, 5/01/34
700 Broward County, Florida, Airport Facility Revenue Bonds, 11/14 at 101.00 BBB- 819,042
Learjet Inc., Series 2000, 7.500%, 11/01/20 (Alternative
Minimum Tax)
1,175 Century Gardens Community Development District, 5/14 at 101.00 N/R 1,220,285
Miami-Dade County, Florida, Special Assessment Revenue
Bonds, Series 2004, 5.900%, 5/01/34
56
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
FLORIDA (continued)
Islands at Doral Northeast Community Development
District, Miami-Dade County, Florida, Special
Assessment Bonds, Series 2004:
$ 470 6.125%, 5/01/24 5/14 at 101.00 N/R $ 504,625
450 6.250%, 5/01/34 5/14 at 101.00 N/R 477,495
6,880 Lee County Industrial Development Authority, Florida, No Opt. Call B2 6,494,445
Multifamily Housing Revenue Bonds, Legacy at Lehigh
Project, Senior Series 2003A, 6.000%, 12/01/43
630 Lexington Community Development District, Florida, 5/14 at 101.00 N/R 657,449
Special Assessment Revenue Bonds, Series 2004, 6.125%, 5/01/34
3,330 Meadowwoods Community Development District, Pasco 5/14 at 101.00 N/R 3,426,570
County, Florida, Special Assessment Revenue Bonds,
Series 2004A, 6.050%, 5/01/35
3,936 MMA Financial CDD Junior Securitization Trust, Florida, 11/07 at 100.00 N/R 3,979,375
Pass-Through Certificates, Class A, Series 2003I, 8.000%, 11/01/13
3,945 Palm Beach County Housing Finance Authority, Florida, 7/09 at 103.00 N/R 4,067,019
Multifamily Housing Revenue Bonds, Lake Delray
Apartments, Series 1999A, 6.400%, 1/01/31 (Alternative
Minimum Tax)
1,700 South-Dade Venture Community Development District, 5/14 at 101.00 N/R 1,796,305
Florida, Special Assessment Revenue Bonds, Series 2004,
6.125%, 5/01/34
Stonegate Community Development District, Florida,
Special Assessment Revenue Bonds, Series 2004:
470 6.000%, 5/01/24 5/14 at 101.00 N/R 499,723
500 6.125%, 5/01/34 5/14 at 101.00 N/R 525,405
Westchester Community Development District 1, Florida,
Special Assessment Bonds, Series 2003:
145 6.000%, 5/01/23 5/13 at 101.00 N/R 152,665
3,750 6.125%, 5/01/35 5/13 at 101.00 N/R 3,932,550
------------------------------------------------------------------------------------------------------------------------------------
32,471 Total Florida 33,345,604
------------------------------------------------------------------------------------------------------------------------------------
GEORGIA - 1.0% (0.7% OF TOTAL INVESTMENTS)
500 Effingham County Development Authority, Georgia, Solid 7/08 at 102.00 B1 497,300
Waste Disposal Revenue Bonds, Ft. James Project, Series 1998,
5.625%, 7/01/18 (Alternative Minimum Tax)
900 Fulton County Residential Care Facilities Authority, 2/09 at 100.00 N/R 921,132
Georgia, Revenue Bonds, Canterbury Court, Series 2004A,
6.125%, 2/15/34
1,955 Fulton County Residential Care Facilities Authority, 12/13 at 102.00 N/R 2,149,738
Georgia, Revenue Bonds, St. Anne's Terrace, Series 2003,
7.625%, 12/01/33
------------------------------------------------------------------------------------------------------------------------------------
3,355 Total Georgia 3,568,170
------------------------------------------------------------------------------------------------------------------------------------
ILLINOIS - 11.1% (7.9% OF TOTAL INVESTMENTS)
2,000 Chicago, Illinois, Certificates of Participation Tax Increment 12/08 at 100.00 N/R 2,084,900
Revenue Notes, Chicago/Kingsbury Redevelopment Project,
Series 2004A, 6.570%, 2/15/13
Illinois Health Facilities Authority, FHA-Insured Mortgage
Revenue Refunding Bonds, Sinai
Health System, Series 2003:
5,000 5.000%, 8/15/24 8/13 at 100.00 AAA 5,091,400
10,000 5.100%, 8/15/33 8/13 at 100.00 AAA 10,174,700
5,000 5.150%, 2/15/37 8/13 at 100.00 AAA 5,112,800
8,800 Illinois Health Facilities Authority, Revenue Bonds, Lake 7/12 at 100.00 A- 9,248,712
Forest Hospital, Series 2002A, 5.750%, 7/01/29
1,400 Illinois Health Facilities Authority, Revenue Bonds, 11/08 at 102.00 N/R 1,296,974
Midwest Physicians Group Ltd., Series 1998, 5.500%, 11/15/19
795 Illinois Health Facilities Authority, Revenue Bonds, Victory 8/07 at 101.00 BBB- 795,938
Health Services, Series 1997A, 5.750%, 8/15/27
305 Illinois Health Facilities Authority, Revenue Refunding 6/06 at 100.00 BBB- 305,177
Bonds, Proctor Community Hospital, Series 1991, 7.375%, 1/01/23
1,650 Lombard Public Facilities Corporation, Illinois, First Tier 1/16 at 100.00 N/R 1,750,122
Conference Center and Hotel Revenue Bonds, Series
2005A-1, 7.125%, 1/01/36
1,022 Lombard Public Facilities Corporation, Illinois, Third Tier 1/36 at 100.00 N/R 1,013,922
Conference Center and Hotel Revenue Bonds, Series
2005C-3, 4.000%, 1/01/36
57
Nuveen Municipal High Income Opportunity Fund (NMZ) (continued)
Portfolio of INVESTMENTS April 30, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
ILLINOIS (continued)
$ 2,065 Plano Special Service Area 1, Illinois, Special Tax Bonds, 3/14 at 102.00 N/R $ 2,119,082
Lakewood Springs Project, Series 2004A, 6.200%, 3/01/34
1,000 Yorkville, Illinois, Special Service Area 2005-108 3/16 at 102.00 N/R 995,090
Assessment Bonds, Autumn Creek Project, Series 2006, 6.000%, 3/01/36
------------------------------------------------------------------------------------------------------------------------------------
39,037 Total Illinois 39,988,817
------------------------------------------------------------------------------------------------------------------------------------
INDIANA - 3.5% (2.5% OF TOTAL INVESTMENTS)
6,360 Carmel Redevelopment District, Indiana, Tax Increment 7/12 at 103.00 N/R 6,323,176
Revenue Bonds, Series 2004A, 6.650%, 1/15/24
Indiana Health Facility Financing Authority, Hospital
Revenue Bonds, Community Foundation of
Northwest Indiana, Series 2004A:
500 6.250%, 3/01/25 3/14 at 101.00 BBB- 533,265
2,500 6.000%, 3/01/34 3/14 at 101.00 BBB- 2,621,400
1,000 St. Joseph County, Indiana, Economic Development 7/15 at 103.00 N/R 1,060,170
Revenue Bonds, Chicago Trail Village Apartments, Series 2005A,
7.500%, 7/01/35
1,865 Whitley County, Indiana, Solid Waste and Sewerage 11/10 at 102.00 N/R 2,016,046
Disposal Revenue Bonds, Steel Dynamics Inc., Series 1998,
7.250%, 11/01/18 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
12,225 Total Indiana 12,554,057
------------------------------------------------------------------------------------------------------------------------------------
LOUISIANA - 6.3% (4.5% OF TOTAL INVESTMENTS)
2,590 Carter Plantation Community Development District, 5/16 at 100.00 N/R 2,594,895
Livingston Parish, Louisiana, Special Assessment Bonds,
Series 2004, 5.500%, 5/01/16
8,500 Hodge, Louisiana, Combined Utility System Revenue Bonds, No Opt. Call CCC+ 9,532,580
Smurfit-Stone Container Corporation, Series 2003, 7.450%,
3/01/24 (Alternative Minimum Tax)
2,610 Lafourche Parish Housing Authority, Louisiana, 1/11 at 105.00 AAA 2,750,522
GNMA Collateralized Mortgage Loan Multifamily Mortgage
Revenue Bonds, City Place II Apartments, Series 2001,
6.700%, 1/20/40
Ouachita Parish Industrial Development Authority, Louisiana,
Solid Waste Disposal Revenue
Bonds, White Oaks Project, Series 2004A:
865 8.250%, 3/01/19 (Alternative Minimum Tax) 3/10 at 102.00 N/R 897,593
805 8.500%, 3/01/24 (Alternative Minimum Tax) 3/10 at 102.00 N/R 833,771
5,125 St. James Parish, Louisiana, Solid Waste Disposal 10/22 at 100.00 N/R 5,130,330
Revenue Bonds, Freeport McMoran Project, Series 1992,
7.700%, 10/01/22 (Alternative Minimum Tax)
1,000 Tobacco Settlement Financing Corporation, Louisiana, 5/11 at 101.00 BBB 1,048,600
Tobacco Settlement Asset-Backed Bonds, Series 2001B, 5.875%, 5/15/39
------------------------------------------------------------------------------------------------------------------------------------
21,495 Total Louisiana 22,788,291
------------------------------------------------------------------------------------------------------------------------------------
MAINE - 0.9% (0.6% OF TOTAL INVESTMENTS)
3,155 Portland Housing Development Corporation, Maine, 2/14 at 102.00 Baa2 3,259,336
Section 8 Assisted Senior Living Revenue Bonds, Avesta
Housing Development Corporation, Series 2004A, 6.000%, 2/01/34
------------------------------------------------------------------------------------------------------------------------------------
Maryland - 3.4% (2.4% of Total Investments)
2,000 Maryland Energy Financing Administration, Revenue Bonds, 9/07 at 100.00 N/R 2,021,680
AES Warrior Run Project, Series 1995, 7.400%, 9/01/19
(Alternative Minimum Tax)
3,815 Maryland Health and Higher Educational Facilities 8/14 at 100.00 BBB+ 3,957,376
Authority, Revenue Bonds, MedStar Health, Series 2004,
5.500%, 8/15/33
7,435 Prince George's County, Maryland, Revenue Bonds, 7/06 at 100.00 B3 6,159,005
Dimensions Health Corporation, Series 1994, 5.300%, 7/01/24
------------------------------------------------------------------------------------------------------------------------------------
13,250 Total Maryland 12,138,061
------------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS - 1.0% (0.7% OF TOTAL INVESTMENTS)
650 Massachusetts Development Finance Agency, Pioneer No Opt. Call N/R 650,435
Valley Resource Recovery Revenue Bonds, Eco/Springfield
LLC, Series 2006, 5.875%, 7/01/14 (Alternative Minimum Tax)
1,350 Massachusetts Health and Educational Facilities Authority, 7/14 at 100.00 BB- 1,415,489
Revenue Bonds, Northern Berkshire Community Services Inc.,
Series 2004B, 6.375%, 7/01/34
58
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS (continued)
$ 1,455 Massachusetts Housing Finance Agency, Rental Housing 7/10 at 100.00 AAA $ 1,548,091
Mortgage Revenue Bonds, Series 2000H, 6.650%, 7/01/41 -
MBIA Insured (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
3,455 Total Massachusetts 3,614,015
------------------------------------------------------------------------------------------------------------------------------------
MICHIGAN - 5.3% (3.8% OF TOTAL INVESTMENTS)
1,290 Countryside Charter School, Berrien County, Michigan, 4/09 at 100.00 N/R 1,292,425
Charter School Revenue Bonds, Series 1999, 7.000%, 4/01/29
900 Countryside Charter School, Berrien County, Michigan, 4/09 at 100.00 N/R 925,146
Charter School Revenue Bonds, Series 2000, 8.000%, 4/01/29
1,440 Detroit Local Development Finance Authority, Michigan, 5/09 at 101.00 BB- 1,361,923
Tax Increment Bonds, Series 1998A, 5.500%, 5/01/21
3,580 Michigan State Hospital Finance Authority, Hospital 8/06 at 100.00 BB- 3,448,256
Revenue Refunding Bonds, Detroit Medical Center Obligated
Group, Series 1993B, 5.500%, 8/15/23
1,500 Michigan State Hospital Finance Authority, Revenue Bonds, 11/15 at 102.00 N/R 1,481,250
Hills and Dales General Hospital, Series 2005A, 6.750%, 11/15/38
1,000 Midland County Economic Development Corporation, 7/07 at 101.00 BB- 999,340
Michigan, Subordinated Pollution Control Limited Obligation
Revenue Refunding Bonds, Midland Cogeneration Project,
Series 2000A, 6.875%, 7/23/09 (Alternative Minimum Tax)
2,740 Nataki Talibah Schoolhouse, Wayne County, Michigan, 6/10 at 102.00 N/R 2,904,619
Certificates of Participation, Series 2000, 8.250%, 6/01/30
Pontiac Hospital Finance Authority, Michigan, Hospital
Revenue Refunding Bonds, NOMC Obligated
Group, Series 1993:
1,000 6.000%, 8/01/13 8/06 at 100.00 Ba2 999,710
1,500 6.000%, 8/01/18 8/06 at 100.00 Ba2 1,451,850
1,800 6.000%, 8/01/23 8/06 at 100.00 Ba2 1,693,026
2,500 Saginaw Hospital Finance Authority, Michigan, Hospital 7/14 at 100.00 A 2,556,775
Revenue Bonds, Covenant Medical Center, Series 2004G, 5.125%, 7/01/22
------------------------------------------------------------------------------------------------------------------------------------
19,250 Total Michigan 19,114,320
------------------------------------------------------------------------------------------------------------------------------------
MINNESOTA - 2.9% (2.0% OF TOTAL INVESTMENTS)
Minneapolis, Minnesota, Student Housing Revenue
Bonds, Riverton Community Housing Project,
Series 2000:
100 7.200%, 7/01/14 (Pre-refunded 7/01/10) 7/10 at 100.00 N/R (4) 111,594
100 7.300%, 7/01/15 (Pre-refunded 7/01/10) 7/10 at 100.00 N/R (4) 111,974
1,325 Ramsey, Anoka County, Minnesota, Charter School Lease 6/14 at 102.00 N/R 1,342,768
Revenue Bonds, PACT Charter School, Series 2004A, 6.750%, 12/01/33
5,000 St. Louis Park, Minnesota, Revenue Bonds, Park Nicollet 7/14 at 100.00 A 5,128,200
Health Services, Series 2003B, 5.250%, 7/01/30
1,430 St. Paul Housing and Redevelopment Authority, Minnesota, 6/14 at 102.00 N/R 1,455,669
Charter School Revenue Bonds, Higher Ground Academy
Charter School, Series 2004A, 6.625%, 12/01/23
1,100 St. Paul Housing and Redevelopment Authority, Minnesota, 6/14 at 102.00 N/R 1,141,877
Charter School Revenue Bonds, HOPE Community Academy
Charter School, Series 2004A, 6.750%, 12/01/33
1,000 St. Paul Port Authority, Minnesota, Lease Revenue Bonds, 5/15 at 100.00 N/R 1,016,680
HealthEast Midway Campus, Series 2005B, 6.000%, 5/01/30
------------------------------------------------------------------------------------------------------------------------------------
10,055 Total Minnesota 10,308,762
------------------------------------------------------------------------------------------------------------------------------------
MISSISSIPPI - 0.2% (0.1% OF TOTAL INVESTMENTS)
1,000 Mississippi Home Corporation, Multifamily Housing 10/19 at 101.00 N/R 1,015,690
Revenue Bonds, Tupelo Personal Care Apartments,
Series 2004-2, 6.125%, 9/01/34 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
MISSOURI - 1.4% (1.0% OF TOTAL INVESTMENTS)
2,355 Kansas City Industrial Development Authority, Missouri, 2/14 at 102.00 N/R 2,464,037
Multifamily Housing Revenue Bonds, Pickwick Apartments Project,
Series 2004, 8.000%, 2/01/34 (Alternative Minimum Tax)
59
Nuveen Municipal High Income Opportunity Fund (NMZ) (continued)
Portfolio of INVESTMENTS April 30, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
MISSOURI (continued)
$ 2,500 St. Louis County Industrial Development Authority, Missouri, 6/06 at 100.00 N/R $ 2,522,500
Revenue Bonds, Kiel Center Multipurpose Arena, Series 1992,
7.875%, 12/01/24 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
4,855 Total Missouri 4,986,537
------------------------------------------------------------------------------------------------------------------------------------
MONTANA - 2.1% (1.5% OF TOTAL INVESTMENTS)
5,200 Montana Board of Investments, Exempt Facility Revenue 7/10 at 101.00 B1 5,453,396
Bonds, Stillwater Mining Company, Series 2000, 8.000%,
7/01/20 (Alternative Minimum Tax)
1,995 Montana Board of Investments, Resource Recovery Revenue No Opt. Call N/R 1,987,619
Bonds, Yellowstone Energy LP, Series1993, 7.000%,
12/31/19 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
7,195 Total Montana 7,441,015
------------------------------------------------------------------------------------------------------------------------------------
NEVADA - 2.3% (1.6% OF TOTAL INVESTMENTS)
3,670 Clark County, Nevada, Industrial Development Revenue 10/30 at 100.00 B- 3,600,233
Bonds, Nevada Power Company Project,Series 1995C, 5.500%, 10/01/30
2,000 Clark County, Nevada, Industrial Development Revenue 10/30 at 100.00 B- 2,012,760
Bonds, Nevada Power Company, Series 1995A, 5.600%,
10/01/30 (Alternative Minimum Tax)
500 Clark County, Nevada, Industrial Development Revenue 11/32 at 100.00 B- 499,990
Bonds, Nevada Power Company, Series 1997A, 5.900%,
11/01/32 (Alternative Minimum Tax)
1,500 Clark County, Nevada, Local Improvement Bonds, 8/06 at 103.00 N/R 1,552,005
Mountain's Edge Special Improvement District 142, Series
2003, 6.375%, 8/01/23
550 Director of Nevada State Department of Business and 1/10 at 102.00 N/R 573,177
Industry, Revenue Bonds, Las Vegas Monorail Project,
Second Tier, Series 2000, 7.375%, 1/01/40
------------------------------------------------------------------------------------------------------------------------------------
8,220 Total Nevada 8,238,165
------------------------------------------------------------------------------------------------------------------------------------
NEW JERSEY - 4.1% (2.9% OF TOTAL INVESTMENTS)
1,000 New Jersey Economic Development Authority, Revenue 1/08 at 102.00 BB+ 950,150
Bonds, United Methodist Homes of New Jersey Obligated
Group, Series 1998, 5.125%, 7/01/25
1,510 New Jersey Economic Development Authority, Special 9/09 at 101.00 B 1,477,218
Facilities Revenue Bonds, Continental Airlines Inc., Series
1999, 6.250%, 9/15/29 (Alternative Minimum Tax)
500 New Jersey Health Care Facilities Financing Authority, 7/10 at 101.00 BBB- 551,090
Revenue Bonds, Trinitas Hospital Obligated Group,
Series 2000, 7.500%, 7/01/30
Tobacco Settlement Financing Corporation, New Jersey,
Tobacco Settlement Asset-Backed Bonds,
Series 2003:
7,825 6.750%, 6/01/39 6/13 at 100.00 BBB 8,690,367
2,760 7.000%, 6/01/41 6/13 at 100.00 BBB 3,125,590
------------------------------------------------------------------------------------------------------------------------------------
13,595 Total New Jersey 14,794,415
------------------------------------------------------------------------------------------------------------------------------------
NEW MEXICO - 1.3% (0.9% OF TOTAL INVESTMENTS)
4,500 Jicarilla Apache Nation, New Mexico, Revenue Bonds, 9/13 at 101.00 N/R 4,578,930
Series 2002A, 5.000%, 9/01/18
------------------------------------------------------------------------------------------------------------------------------------
NEW YORK - 4.9% (3.5% OF TOTAL INVESTMENTS)
4,000 Dormitory Authority of the State of New York, Revenue 7/11 at 101.00 Ba2 3,918,480
Bonds, Lenox Hill Hospital Obligated Group, Series 2001,
5.500%, 7/01/30
1,000 New York City Industrial Development Agency, New York, 8/16 at 101.00 B- 1,100,650
American Airlines-JFK International Airport Special Facility
Revenue Bonds, Series 2005, 7.750%, 8/01/31 (Alternative
Minimum Tax)
500 New York City Industrial Development Agency, New York, 3/09 at 103.00 N/R 525,245
Liberty Revenue Bonds, 7 World Trade Center, Series 2005A,
6.250%, 3/01/15
1,700 New York City Industrial Development Agency, New York, 8/06 at 100.00 CCC 1,584,842
Special Facilities Revenue Bonds, American Airlines Inc.,
Series 1994, 6.900%, 8/01/24 (Alternative Minimum Tax)
750 New York City Industrial Development Agency, New York, No Opt. Call B- 819,038
Special Facilities Revenue Bonds, JFK Airport - American
Airlines Inc., Series 2002A, 8.000%, 8/01/12 (Alternative
Minimum Tax)
60
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
NEW YORK (continued)
New York State Tobacco Settlement Financing Corporation,
Tobacco Settlement Asset-Backed and
State Contingency Contract-Backed Bonds, Series 2003B-1C:
$ 4,000 5.500%, 6/01/21 6/13 at 100.00 AA- $ 4,281,720
5,000 5.500%, 6/01/22 6/13 at 100.00 AA- 5,339,550
------------------------------------------------------------------------------------------------------------------------------------
16,950 Total New York 17,569,525
------------------------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA - 1.6% (1.1% OF TOTAL INVESTMENTS)
5,500 North Carolina Capital Facilities Finance Agency, Solid 7/12 at 106.00 N/R 5,596,030
Waste Facilities Revenue Bonds, Liberty Tire Services of
North Carolina LLC, Series 2004A, 6.750%, 7/01/29
------------------------------------------------------------------------------------------------------------------------------------
OHIO - 4.1% (2.9% OF TOTAL INVESTMENTS)
Belmont County, Ohio, Revenue Bonds, Ohio Valley
Health Services and Education Corporation,
Series 1998:
500 5.700%, 1/01/13 1/08 at 102.00 B 479,865
400 5.800%, 1/01/18 1/08 at 102.00 B 376,048
3,375 Cleveland-Cuyahoga County Port Authority, Ohio, 5/14 at 102.00 N/R 3,423,600
Development Revenue Bonds, Bond Fund Program -
Garfield Heights Project, Series 2004D, 5.250%, 5/15/23
7,600 Ohio Water Development Authority, Solid Waste Disposal 9/08 at 102.00 N/R 7,660,572
Revenue Bonds, Bay Shore Power, Series 1998A, 5.875%,
9/01/20 (Alternative Minimum Tax)
1,000 Ohio, Environmental Facilities Revenue Bonds, Ford 4/15 at 100.00 Ba1 859,460
Motor Company, Series 2005, 5.750%, 4/01/35 (Alternative Minimum Tax)
800 Toledo-Lucas County Port Authority, Ohio, Port Revenue 3/14 at 101.00 A+ 794,776
Bonds, Cargill Inc., Series 2004A,4.800%, 3/01/22
1,275 Trumbull County, Ohio, Sewerage Disposal Revenue Bonds, No Opt. Call B 1,175,486
General Motors Corporation, Series 1994, 6.750%,
7/01/14 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
14,950 Total Ohio 14,769,807
------------------------------------------------------------------------------------------------------------------------------------
OKLAHOMA - 4.5% (3.2% OF TOTAL INVESTMENTS)
1,000 Okeene Municipal Hospital and Schallmo Authority, 1/16 at 101.00 N/R 985,200
Oklahoma, Revenue Bonds, Series 2006, 7.000%, 1/01/35
Oklahoma Development Finance Authority, Revenue Refunding
Bonds, Hillcrest Healthcare System,
Series 1999A:
1,200 5.750%, 8/15/15 (Pre-refunded 8/15/09) 8/09 at 101.00 AAA 1,281,432
11,680 5.625%, 8/15/29 (Pre-refunded 8/15/09) 8/09 at 101.00 AAA 12,427,870
1,335 Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds, 6/06 at 101.00 B- 1,308,126
American Airlines Inc., Series 1995, 6.250%, 6/01/20
------------------------------------------------------------------------------------------------------------------------------------
15,215 Total Oklahoma 16,002,628
------------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA - 4.9% (3.5% OF TOTAL INVESTMENTS)
Allegheny County Hospital Development Authority,
Pennsylvania, Revenue Bonds, West Penn
Allegheny Health System, Series 2000B:
695 9.250%, 11/15/22 11/10 at 102.00 Ba3 828,030
6,455 9.250%, 11/15/30 11/10 at 102.00 Ba3 7,684,678
500 Allentown Area Hospital Authority, Pennsylvania, No Opt. Call BB+ 509,370
Revenue Bonds, Sacred Heart Hospital, Series 2005, 6.000%, 11/15/16
2,000 Chester County Health and Education Facilities Authority, 10/15 at 102.00 N/R 1,998,500
Pennsylvania, Revenue Bonds, Immaculata University,
Series 2005, 5.750%, 10/15/37
190 Monroeville Hospital Authority, Pennsylvania, Revenue 10/13 at 100.00 Ba3 190,257
Bonds, Forbes Health System, Series 1992, 7.000%, 10/01/13
300 Monroeville Hospital Authority, Pennsylvania, Revenue 10/06 at 101.00 Ba3 304,215
Bonds, Forbes Health System, Series 1995, 6.250%, 10/01/15
500 New Morgan Industrial Development Authority, 10/06 at 100.00 BB- 495,835
Pennsylvania, Solid Waste Disposal Revenue Bonds, New
Morgan Landfill Company Inc., Series 1994, 6.500%, 4/01/19
(Alternative Minimum Tax)
400 Pennsylvania Economic Development Financing Authority, 12/09 at 103.00 B2 426,228
Exempt Facilities Revenue Bonds, Reliant Energy Inc.,
Series 2002A, 6.750%, 12/01/36 (Alternative Minimum Tax)
61
Nuveen Municipal High Income Opportunity Fund (NMZ) (continued)
Portfolio of INVESTMENTS April 30, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA (continued)
$ 600 Pennsylvania Economic Development Financing Authority, 12/09 at 103.00 B2 $ 639,342
Exempt Facilities Revenue Bonds, Reliant Energy Inc.,
Series 2003A, 6.750%, 12/01/36 (Alternative Minimum Tax)
4,000 Pennsylvania Economic Development Financing Authority, 6/12 at 102.00 A 4,263,200
Revenue Bonds, Amtrak 30th Street Station Parking Garage,
Series 2002, 5.800%, 6/01/23 - ACA Insured (Alternative
Minimum Tax)
230 Pennsylvania Higher Educational Facilities Authority, 9/17 at 100.00 Ba3 230,343
Revenue Bonds, Allegheny General Hospital, Series 1991A,
7.250%, 9/01/17
------------------------------------------------------------------------------------------------------------------------------------
15,870 Total Pennsylvania 17,569,998
------------------------------------------------------------------------------------------------------------------------------------
RHODE ISLAND - 1.3% (0.9% OF TOTAL INVESTMENTS)
1,500 Central Falls Detention Facility Corporation, Rhode Island, 7/15 at 103.00 N/R 1,641,420
Detention Facility Revenue Bonds, Series 2005, 7.250%, 7/15/35
3,000 Rhode Island Tobacco Settlement Financing Corporation, 6/12 at 100.00 BBB 3,148,950
Tobacco Settlement Asset-Backed Bonds, Series 2002A, 6.250%, 6/01/42
------------------------------------------------------------------------------------------------------------------------------------
4,500 Total Rhode Island 4,790,370
------------------------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA - 0.1% (0.1% OF TOTAL INVESTMENTS)
490 Tobacco Settlement Revenue Management Authority, No Opt. Call BBB 545,037
South Carolina, Tobacco Settlement Asset-Backed Bonds,
Series 2001B, 6.375%, 5/15/30
------------------------------------------------------------------------------------------------------------------------------------
TENNESSEE - 1.2% (0.8% OF TOTAL INVESTMENTS)
3,500 Knox County Health, Educational and Housing Facilities 4/12 at 101.00 Baa3 3,703,245
Board, Tennessee, Hospital Revenue Bonds, Baptist Health
System of East Tennessee Inc., Series 2002, 6.500%, 4/15/31
500 Maury County Industrial Development Board, Tennessee, 9/06 at 100.00 B 438,400
Multi-Modal Interchangeable Rate Pollution Control Revenue
Refunding Bonds, Saturn Corporation, Series 1994, 6.500%, 9/01/24
------------------------------------------------------------------------------------------------------------------------------------
4,000 Total Tennessee 4,141,645
------------------------------------------------------------------------------------------------------------------------------------
TEXAS - 9.8% (6.9% OF TOTAL INVESTMENTS)
1,200 Dallas-Ft. Worth International Airport Facility Improvement 5/06 at 100.00 CCC 1,118,484
Corporation, Texas, Revenue Bonds, American Airlines Inc.,
Series 1992, 7.250%, 11/01/30 (Alternative Minimum Tax)
2,705 Dallas-Ft. Worth International Airport Facility Improvement 11/07 at 100.00 CCC 2,409,668
Corporation, Texas, Revenue Bonds, American Airlines Inc.,
Series 1995, 6.000%, 11/01/14
565 Dallas-Ft. Worth International Airport Facility Improvement 11/09 at 101.00 CCC 474,108
Corporation, Texas, Revenue Bonds, American Airlines Inc.,
Series 1999, 6.375%, 5/01/35 (Alternative Minimum Tax)
Decatur Hospital Authority, Texas, Revenue Bonds, Wise
Regional Health System, Series 2004A:
1,840 7.000%, 9/01/25 9/14 at 100.00 N/R 1,990,512
6,600 7.125%, 9/01/34 9/14 at 100.00 N/R 7,136,778
585 Gulf Coast Industrial Development Authority, Texas, Solid 4/12 at 100.00 Ba1 656,809
Waste Disposal Revenue Bonds, Citgo Petroleum Corporation
Project, Series 1998, 8.000%, 4/01/28 (Alternative Minimum Tax)
3,000 Harris County Health Facilities Development Corporation, 12/14 at 100.00 A 3,047,790
Texas, Hospital Revenue Bonds, Memorial Hermann
Healthcare System, Series 2004A, 5.125%, 12/01/23
Houston Health Facilities Development Corporation,
Texas, Revenue Bonds, Buckingham Senior
Living Community Inc., Series 2004A:
250 7.000%, 2/15/23 2/14 at 101.00 N/R 274,130
1,400 7.125%, 2/15/34 2/14 at 101.00 N/R 1,530,648
2,020 Houston, Texas, Airport System Special Facilities Revenue 7/09 at 101.00 B- 1,749,542
Bonds, Continental Air Lines Inc., Series 1998B, 5.700%,
7/15/29 (Alternative Minimum Tax)
975 Houston, Texas, Airport System Special Facilities Revenue 7/09 at 101.00 B- 844,457
Bonds, Continental Air Lines Inc., Series 1998C, 5.700%,
7/15/29 (Alternative Minimum Tax)
Houston, Texas, Airport System Special Facilities
Revenue Bonds, Continental Air Lines Inc.,
Series 2001E:
600 7.375%, 7/01/22 (Alternative Minimum Tax) 7/11 at 101.00 B- 629,070
5,350 6.750%, 7/01/29 (Alternative Minimum Tax) 7/11 at 101.00 B- 5,440,897
2,000 Sea Breeze Public Facility Corporation, Texas, Multifamily 1/21 at 100.00 N/R 1,998,340
Housing Revenue Bonds, Sea Breeze Senior Apartments,
Series 2006, 6.500%, 1/01/46 (Alternative Minimum Tax)
62
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TEXAS (continued)
$ 5,850 Texas Department of Housing and Community Affairs, 7/21 at 100.00 N/R $ 5,837,423
Multifamily Housing Revenue Bonds, Humble Parkway
Townhomes, Series 2004, 6.600%, 1/01/41 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
34,940 Total Texas 35,138,656
------------------------------------------------------------------------------------------------------------------------------------
VIRGIN ISLANDS - 3.4% (2.4% OF TOTAL INVESTMENTS)
3,000 Virgin Islands Public Finance Authority, Gross Receipts 10/14 at 100.00 AA 3,097,740
Taxes Loan Note, Series 2003, 5.000%, 10/01/26 - RAAI Insured
5,000 Virgin Islands Public Finance Authority, Revenue Bonds, 1/14 at 100.00 BBB 5,493,100
Refinery Project - Hovensa LLC, Series 2003, 6.125%,
7/01/22 (Alternative Minimum Tax)
3,300 Virgin Islands Public Finance Authority, Senior Secured 7/14 at 100.00 BBB 3,586,110
Lien Revenue Bonds, Refinery Project - Hovensa LLC,
Series 2004, 5.875%, 7/01/22
------------------------------------------------------------------------------------------------------------------------------------
11,300 Total Virgin Islands 12,176,950
------------------------------------------------------------------------------------------------------------------------------------
VIRGINIA - 4.2% (3.0% OF TOTAL INVESTMENTS)
Pocahontas Parkway Association, Virginia, Senior Lien
Revenue Bonds, Route 895 Connector Toll
Road, Series 1998A:
2,000 0.000%, 8/15/14 8/08 at 73.23 BB- 1,282,340
4,250 5.500%, 8/15/28 8/08 at 102.00 BB- 4,334,192
1,850 0.000%, 8/15/30 8/08 at 28.38 BB- 458,745
Pocahontas Parkway Association, Virginia, Senior Lien
Revenue Bonds, Route 895 Connector Toll
Road, Series 1998B:
2,000 0.000%, 8/15/12 8/08 at 82.10 BB- 1,434,900
3,000 0.000%, 8/15/15 8/08 at 68.82 BB- 1,807,530
9,000 0.000%, 8/15/19 8/08 at 54.38 BB- 4,268,070
650 Rockbridge County Industrial Development Authority, 7/11 at 105.00 B2 673,446
Virginia, Horse Center Revenue Bonds, Series 2001A, 7.400%, 7/15/21
1,000 Rockbridge County Industrial Development Authority, 7/11 at 100.00 B2 1,000,940
Virginia, Horse Center Revenue Refunding Bonds, Series 2001C,
6.850%, 7/15/21
------------------------------------------------------------------------------------------------------------------------------------
23,750 Total Virginia 15,260,163
------------------------------------------------------------------------------------------------------------------------------------
WASHINGTON - 3.5% (2.5% OF TOTAL INVESTMENTS)
3,000 Skagit County Public Hospital District 1, Washington, 12/13 at 100.00 Baa3 3,196,590
Revenue Bonds, Skagit Valley Hospital, Series 2003,
6.000%, 12/01/18
Vancouver Downtown Redevelopment Authority,
Washington, Revenue Bonds, Conference Center
Project, Series 2003A:
1,750 6.000%, 1/01/28 - ACA Insured 1/14 at 100.00 A 1,882,773
4,725 6.000%, 1/01/34 - ACA Insured 1/14 at 100.00 A 5,055,325
2,500 5.250%, 1/01/34 - ACA Insured 1/14 at 100.00 A 2,522,600
------------------------------------------------------------------------------------------------------------------------------------
11,975 Total Washington 12,657,288
------------------------------------------------------------------------------------------------------------------------------------
WISCONSIN - 5.7% (4.0% OF TOTAL INVESTMENTS)
550 Lac Courte Oreilles Band of Lake Superior Chippewa 12/14 at 101.00 N/R 548,119
Indians, Wisconsin, Revenue Bonds, Series 2003A, 7.750%, 6/01/16
Wisconsin Health and Educational Facilities Authority,
Revenue Bonds, Aurora Health Care Inc.,
Series 1999A:
9,380 5.600%, 2/15/29 2/09 at 101.00 BBB+ 9,576,605
2,300 5.600%, 2/15/29 - ACA Insured 2/09 at 101.00 A 2,348,990
300 Wisconsin Health and Educational Facilities Authority, 7/06 at 102.00 N/R 306,282
Revenue Bonds, Milwaukee Catholic Home Inc., Series 1996,
7.250%, 7/01/17
500 Wisconsin Health and Educational Facilities Authority, 8/15 at 100.00 N/R 500,655
Revenue Bonds, Oakwood Village Obligated Group, Series 2000A,
7.000%, 8/15/15
Wisconsin Health and Educational Facilities Authority,
Revenue Bonds, Southwest Health Center
Inc., Series 2004A:
875 6.125%, 4/01/24 4/14 at 100.00 N/R 892,811
1,000 6.250%, 4/01/34 4/14 at 100.00 N/R 1,015,526
63
Nuveen Municipal High Income Opportunity Fund (NMZ) (continued)
Portfolio of INVESTMENTS April 30, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
WISCONSIN (continued)
$ 5,030 Wisconsin Health and Educational Facilities Authority, 2/12 at 101.00 A $ 5,296,489
Revenue Bonds, Wheaton Franciscan Services Inc.,
Series 2002, 5.750%, 8/15/30
------------------------------------------------------------------------------------------------------------------------------------
19,935 Total Wisconsin 20,485,477
------------------------------------------------------------------------------------------------------------------------------------
$ 498,846 Total Investments (cost $477,396,013) - 141.1% 507,305,004
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.0% 7,272,616
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (43.1)% (155,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 359,577,620
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares
unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices
at later dates. Certain mortgage-backed securities
may be subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's or
Moody's rating. Ratings below BBB by Standard &
Poor's Group or Baa by Moody's Investor Service, Inc.
are considered to be below investment grade.
(4) Backed by an escrow or trust containing sufficient
U.S. Government or U.S. Government agency securities
which ensure the timely payment of principal and
interest. Such investments are normally considered to
be equivalent to AAA rated securities.
N/R Not rated.
(ETM) Escrowed to maturity.
See accompanying notes to financial statements.
64
Statement of
ASSETS AND LIABILITIES April 30, 2006 (Unaudited)
Investment Select Quality Premier High Income
Quality Quality Income Income Opportunity
(NQM) (NQS) (NQU) (NPF) (NMZ)
------------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments, at value (cost $788,580,628, $834,359,114 $786,301,413 $1,257,220,852 $464,660,835 $507,305,004
$740,765,462, $1,182,573,933, $446,303,106
and $477,396,013, respectively)
Receivables:
Interest 13,541,436 12,246,174 20,888,021 7,075,050 9,514,734
Investments sold 3,635,243 2,324,352 725,000 100,000 230,000
Other assets 74,250 68,629 108,100 35,109 27,044
Total assets 851,610,043 800,940,568 1,278,941,973 471,870,994 517,076,782
------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Cash overdraft 3,610,449 1,696,412 6,230,226 1,256,176 1,901,145
Payable for investments purchased 2,090,631 1,460,175 -- 8,041,818 --
Accrued expenses:
Management fees 427,693 403,699 635,755 237,636 170,564
Other 162,218 151,082 246,533 92,424 296,526
Preferred share dividends payable 153,702 143,222 213,981 70,054 130,927
Total liabilities 6,444,693 3,854,590 7,326,495 9,698,108 2,499,162
------------------------------------------------------------------------------------------------------------------------------------
Preferred shares, at liquidation value 301,000,000 279,000,000 452,000,000 165,000,000 155,000,000
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $544,165,350 $518,085,978 $ 819,615,478 $297,172,886 $359,577,620
====================================================================================================================================
Common shares outstanding 35,748,959 33,909,733 54,204,488 20,091,018 23,276,503
====================================================================================================================================
Net asset value per Common share outstanding
(net assets applicable to Common
shares, divided by Common
shares outstanding) $ 15.22 $ 15.28 $ 15.12 $ 14.79 $ 15.45
====================================================================================================================================
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
------------------------------------------------------------------------------------------------------------------------------------
Common shares, $.01 par value per share $ 357,490 $ 339,097 $ 542,045 $ 200,910 $ 232,765
Paid-in surplus 498,308,982 472,187,936 755,082,993 279,089,642 329,259,703
Undistributed (Over-distribution of)
net investment income 3,107,071 3,194,351 3,463,033 (407,929) 489,034
Accumulated net realized gain (loss)
from investments (3,386,679) (3,171,357) (14,119,512) (67,466) (312,873)
Net unrealized appreciation (depreciation)
of investments 45,778,486 45,535,951 74,646,919 18,357,729 29,908,991
Net assets applicable to Common shares $544,165,350 $518,085,978 $ 819,615,478 $297,172,886 $359,577,620
====================================================================================================================================
Authorized shares:
Common 200,000,000 200,000,000 200,000,000 200,000,000 Unlimited
Preferred 1,000,000 1,000,000 1,000,000 1,000,000 Unlimited
====================================================================================================================================
See accompanying notes to financial statements.
65
Statement of
OPERATIONS Six Months Ended April 30, 2006 (Unaudited)
Investment Select Quality Premier High Income
Quality Quality Income Income Opportunity
(NQM) (NQS) (NQU) (NPF) (NMZ)
------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $21,626,353 $21,108,074 $32,203,474 $11,229,350 $15,510,009
------------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 2,603,086 2,452,042 3,859,148 1,445,324 1,845,753
Preferred shares - auction fees 373,517 346,196 560,927 204,809 116,706
Preferred shares - dividend disbursing agent fees 26,493 24,795 33,151 14,877 10,234
Shareholders' servicing agent fees and expenses 34,128 31,114 52,432 19,499 1,712
Custodian's fees and expenses 99,872 88,371 134,909 61,801 84,613
Directors'/Trustees' fees and expenses 8,808 7,744 12,256 4,577 5,170
Professional fees 53,179 18,439 32,627 22,304 12,749
Shareholders' reports - printing and
mailing expenses 40,525 39,369 62,727 24,592 26,120
Stock exchange listing fees 6,603 6,259 10,011 4,965 980
Investor relations expense 27,881 26,468 40,941 16,289 15,489
Other expenses 25,644 23,586 32,621 15,948 15,876
------------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit and
expense reimbursement 3,299,736 3,064,383 4,831,750 1,834,985 2,135,402
Custodian fee credit (6,806) (33,361) (37,901) (3,949) (3,967)
Expense reimbursement -- -- -- -- (816,902)
Net expenses 3,292,930 3,031,022 4,793,849 1,831,036 1,314,533
------------------------------------------------------------------------------------------------------------------------------------
Net investment income 18,333,423 18,077,052 27,409,625 9,398,314 14,195,476
------------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from investments (3,386,494) (1,773,622) 686,714 526,514 103,196
Change in net unrealized appreciation (depreciation)
of investments 604,284 (3,095,321) (6,231,233) (2,429,462) 2,258,980
------------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) (2,782,210) (4,868,943) (5,544,519) (1,902,948) 2,362,176
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS
From net investment income (3,576,091) (4,075,218) (6,560,419) (2,361,984) (2,046,153)
From accumulated net realized gains (957,218) -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common shares
from distributions to Preferred shareholders (4,533,309) (4,075,218) (6,560,419) (2,361,984) (2,046,153)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to
Common shares from operations $11,017,904 $ 9,132,891 $15,304,687 $ 5,133,382 $14,511,499
====================================================================================================================================
See accompanying notes to financial statements.
66
Statement of
CHANGES IN NET ASSETS (Unaudited)
INVESTMENT QUALITY (NQM) SELECT QUALITY (NQS)
-------------------------------- -----------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
4/30/06 10/31/05 4/30/06 10/31/05
-----------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 18,333,423 $ 37,473,065 $ 18,077,052 $ 36,101,610
Net realized gain (loss) from investments (3,386,494) 6,082,899 (1,773,622) 960,964
Change in net unrealized appreciation
(depreciation) of investments 604,284 (20,140,785) (3,095,321) (6,444,043)
Distributions to Preferred Shareholders:
From net investment income (3,576,091) (5,597,765) (4,075,218) (5,583,403)
From accumulated net realized gains (957,218) (283,920) -- --
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares
from operations 11,017,904 17,533,494 9,132,891 25,035,128
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (15,585,054) (34,211,757) (15,387,359) (32,735,302)
From accumulated net realized gains (5,124,321) (3,628,521) -- --
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to
Common shares from distributions
to Common shareholders (20,709,375) (37,840,278) (15,387,359) (32,735,302)
------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Net proceeds from Common shares issued
to shareholders due to
reinvestment of distributions -- -- 346,249 --
Preferred shares offering costs adjustments -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable
to Common shares from
capital share transactions -- -- 346,249 --
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares (9,691,471) (20,306,784) (5,908,219) (7,700,174)
Net assets applicable to Common shares
at the beginning of period 553,856,821 574,163,605 523,994,197 531,694,371
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares
at the end of period $544,165,350 $553,856,821 $518,085,978 $523,994,197
===================================================================================================================================
Undistributed (Over-distribution of)
net investment income
at the end of period $ 3,107,071 $ 3,934,793 $ 3,194,351 $ 4,579,876
===================================================================================================================================
See accompanying notes to financial statements.
67
Statement of
CHANGES IN NET ASSETS (Unaudited) (continued)
HIGH INCOME
QUALITY INCOME (NQU) PREMIER INCOME (NPF) OPPORTUNITY (NMZ)
------------------------------ ------------------------------- -----------------------------
SIX MONTHS YEAR SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
4/30/06 10/31/05 4/30/06 10/31/05 4/30/06 10/31/05
------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 27,409,625 $ 55,329,356 $ 9,398,314 $ 18,954,617 $ 14,195,476 $ 28,356,278
Net realized gain (loss)
from investments 686,714 2,451,781 526,514 (575,979) 103,196 (419,282)
Change in net unrealized
appreciation (depreciation)
of investments (6,231,233) (14,338,193) (2,429,462) (7,270,490) 2,258,980 12,786,268
Distributions to
Preferred Shareholders:
From net investment income (6,560,419) (8,862,398) (2,361,984) (3,156,277) (2,046,153) (3,009,376)
From accumulated net
realized gains -- -- -- (210,150) -- (126,806)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares
from operations 15,304,687 34,580,546 5,133,382 7,741,721 14,511,499 37,587,082
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (22,765,885) (49,597,118) (7,383,451) (17,603,925) (12,423,500) (24,809,067)
From accumulated net realized gains -- -- -- (2,706,087) -- (1,439,677)
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to
Common shares from distributions
to Common shareholders (22,765,885) (49,597,118) (7,383,451) (20,310,012) (12,423,500) (26,248,744)
------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Net proceeds from Common shares issued
to shareholders due to
reinvestment of distributions -- -- -- -- 464,198 679,398
Preferred shares offering costs -- -- -- -- -- (15,476)
------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable
to Common shares from
capital share transactions -- -- -- -- 464,198 663,922
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease)
in net assets
applicable to Common shares (7,461,198) (15,016,572) (2,250,069) (12,568,291) 2,552,197 12,002,260
Net assets applicable
to Common shares
at the beginning of period 827,076,676 842,093,248 299,422,955 311,991,246 357,025,423 345,023,163
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to
Common shares at
the end of period $819,615,478 $827,076,676 $297,172,886 $299,422,955 $359,577,620 $357,025,423
====================================================================================================================================
Undistributed (Over-distribution of)
net investment income
at the end of period $ 3,463,033 $ 5,379,712 $ (407,929) $ (60,808) $ 489,034 $ 763,211
====================================================================================================================================
See accompanying notes to financial statements.
68
Notes to
FINANCIAL STATEMENTS (Unaudited)
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
The funds (the "Funds") covered in this report and their corresponding Common
share stock exchange symbols are Nuveen Investment Quality Municipal Fund, Inc.
(NQM), Nuveen Select Quality Municipal Fund, Inc. (NQS), Nuveen Quality Income
Municipal Fund, Inc. (NQU), Nuveen Premier Municipal Income Fund, Inc. (NPF) and
Nuveen Municipal High Income Opportunity Fund (NMZ). Common shares of Investment
Quality (NQM), Select Quality (NQS), Quality Income (NQU) and Premier Income
(NPF) are traded on the New York Stock Exchange while Common shares of High
Income Opportunity (NMZ) are traded on the American Stock Exchange. The Funds
are registered under the Investment Company Act of 1940, as amended, as
closed-end, diversified management investment companies.
Each Fund seeks to provide current income exempt from regular federal income tax
by investing primarily in a diversified portfolio of municipal obligations
issued by state and local government authorities or certain U.S. territories.
The following is a summary of significant accounting policies followed by the
Funds in the preparation of their financial statements in accordance with U.S.
generally accepted accounting principles.
Investment Valuation
The prices of municipal bonds in each Fund's investment portfolio are provided
by a pricing service approved by the Fund's Board of Directors/Trustees. When
market price quotes are not readily available (which is usually the case for
municipal securities), the pricing service or, in the absence of a pricing
service for a particular security, the Board of Directors/Trustees of the Funds,
or its designee, may establish fair market value using a wide variety of market
data including yields or prices of municipal bonds of comparable quality, type
of issue, coupon, maturity and rating, market quotes or indications of value
from securities dealers, evaluations of anticipated cash flows or collateral,
general market conditions and other information and analysis, including the
obligor's credit characteristics considered relevant by the pricing service or
the Board of Directors'/Trustees' designee. Exchange-listed securities are
generally valued at the last sales price on the securities exchange on which
such securities are primarily traded. Securities traded on a securities exchange
for which there are no transactions on a given day or securities not listed on a
securities exchange are valued at the mean of the closing bid and asked prices.
Securities traded on Nasdaq are valued at the Nasdaq Official Closing Price.
Temporary investments in securities that have variable rate and demand features
qualifying them as short-term investments are valued at amortized cost, which
approximates market value.
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and
losses from transactions are determined on the specific identification method.
Investments purchased on a when-issued or delayed delivery basis may have
extended settlement periods. Any investments so purchased are subject to market
fluctuation during this period. The Funds have instructed the custodian to
segregate assets with a current value at least equal to the amount of the
when-issued and delayed delivery purchase commitments. At April 30, 2006,
Investment Quality (NQM), Select Quality (NQS) and Premier Income (NPF) had
when-issued/delayed delivery purchase commitments of $2,090,631, $1,460,175 and
$198,210, respectively. There were no such outstanding purchase commitments in
any of the other Funds.
Investment Income
Interest income, which includes the amortization of premiums and accretion of
discounts for financial reporting purposes, is recorded on an accrual basis.
Investment income also includes paydown gains and losses, if any. Dividend
income, if any, is recorded on the ex-dividend date.
Professional Fees
Professional fees presented in the Statement of Operations consist of legal fees
incurred in the normal course of operations, audit fees, tax consulting fees
and, in some cases, workout expenditures. Workout expenditures are incurred in
an attempt to protect or enhance an investment, or to pursue other claims or
legal actions on behalf of Fund shareholders.
Federal Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund
intends to distribute substantially all net investment income and net capital
gains to shareholders and to otherwise comply with the requirements of
Subchapter M of the Internal Revenue Code applicable to regulated investment
companies. Therefore, no federal income tax provision is required. Furthermore,
each Fund intends to satisfy conditions which will enable interest from
municipal securities, which is exempt from regular federal income tax, to retain
such tax-exempt status when distributed to shareholders of the Funds. Net
realized capital gains and ordinary income distributions paid by the Funds are
subject to federal taxation.
69
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
Dividends and Distributions to Common Shareholders
Dividends from tax-exempt net investment income are declared monthly. Net
realized capital gains and/or market discount from investment transactions, if
any, are distributed to shareholders not less frequently than annually.
Furthermore, capital gains are distributed only to the extent they exceed
available capital loss carryforwards.
Distributions to Common shareholders of tax-exempt net investment income, net
realized capital gains and/or market discount, if any, are recorded on the
ex-dividend date. The amount and timing of distributions are determined in
accordance with federal income tax regulations, which may differ from U.S.
generally accepted accounting principles.
Preferred Shares
The Funds have issued and outstanding Preferred shares, $25,000 stated value per
share, as a means of effecting financial leverage. Each Fund's Preferred shares
are issued in more than one Series. The dividend rate paid by the Funds on each
Series, with the exception of High Income Opportunity's (NMZ) Series W, is
determined every seven days, pursuant to a dutch auction process overseen by the
auction agent, and is payable at the end of each rate period. The initial
dividend rate for High Income Opportunity's (NMZ) Series W was negotiated at the
time of the Preferred share offering and is set for a three year period, from
its inception, and payable monthly. The number of Preferred shares outstanding,
by Series and in total, for each Fund is as follows:
INVESTMENT SELECT QUALITY PREMIER HIGH INCOME
QUALITY QUALITY INCOME INCOME OPPORTUNITY
(NQM) (NQS) (NQU) (NPF) (NMZ)
---------------------------------------------------------------------------------------------------------
Number of shares:
Series M 2,500 2,000 3,000 1,000 3,000
Series T 2,500 2,000 3,000 2,800 1,600
Series W 2,500 2,800 3,000 -- 1,600
Series W2 -- -- 2,080 -- --
Series TH 2,040 1,560 4,000 2,800 --
Series F 2,500 2,800 3,000 -- --
---------------------------------------------------------------------------------------------------------
Total 12,040 11,160 18,080 6,600 6,200
=========================================================================================================
Derivative Financial Instruments
The Funds may invest in certain derivative financial instruments including
futures, forward, swap and option contracts, and other financial instruments
with similar characteristics. Although the Funds are authorized to invest in
such financial instruments, and may do so in the future, they did not invest in
any such instruments during the six months ended April 30, 2006.
Custodian Fee Credit
Each Fund has an arrangement with the custodian bank whereby certain custodian
fees and expenses are reduced by credits earned on each Fund's cash on deposit
with the bank. Such deposit arrangements are an alternative to overnight
investments.
Indemnifications
Under the Funds' organizational documents, their Officers and Directors/Trustees
are indemnified against certain liabilities arising out of the performance of
their duties to the Funds. In addition, in the normal course of business, the
Funds enter into contracts that provide general indemnifications to other
parties. The Funds' maximum exposure under these arrangements is unknown as this
would involve future claims that may be made against the Funds that have not yet
occurred. However, the Funds have not had prior claims or losses pursuant to
these contracts and expect the risk of loss to be remote.
Use of Estimates
The preparation of financial statements in conformity with U.S. generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of increases and
decreases in net assets applicable to Common shares from operations during the
reporting period. Actual results may differ from those estimates.
70
2. FUND SHARES
Transactions in Common shares were as follows:
INVESTMENT SELECT QUALITY
QUALITY (NQM) QUALITY (NQS) INCOME (NQU)
----------------------- ------------------------ -----------------------
SIX MONTHS YEAR SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
4/30/06 10/31/05 4/30/06 10/31/05 4/30/06 10/31/05
---------------------------------------------------------------------------------------------------------
Common shares issued
to shareholders
due to reinvestment
of distributions -- -- 22,259 -- -- --
=========================================================================================================
PREMIER HIGH INCOME
INCOME (NPF) OPPORTUNITY (NMZ)
--------------------- ------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
4/30/06 10/31/05 4/30/06 10/31/05
---------------------------------------------------------------------------------------------------------
Common shares issued
to shareholders
due to reinvestment
of distributions -- -- 28,381 44,087
=========================================================================================================
3. SECURITIES TRANSACTIONS
Purchases and sales (including maturities but excluding short-term investments)
during the six months ended April 30, 2006, were as follows:
INVESTMENT SELECT QUALITY PREMIER HIGH INCOME
QUALITY QUALITY INCOME INCOME OPPORTUNITY
(NQM) (NQS) (NQU) (NPF) (NMZ)
---------------------------------------------------------------------------------------------------------
Purchases $55,283,703 $25,294,284 $31,158,772 $63,814,290 $15,229,661
Sales and maturities 66,556,885 23,790,596 29,019,020 56,994,873 15,176,851
=========================================================================================================
4. INCOME TAX INFORMATION
The following information is presented on an income tax basis. Differences
between amounts for financial statement and federal income tax purposes are
primarily due to the treatment of paydown gains and losses, timing differences
in recognizing taxable market discount and timing differences in recognizing
certain gains and losses on investment transactions.
At April 30, 2006, the cost of investments was as follows:
INVESTMENT SELECT QUALITY PREMIER HIGH INCOME
QUALITY QUALITY INCOME INCOME OPPORTUNITY
(NQM) (NQS) (NQU) (NPF) (NMZ)
------------------------------------------------------------------------------------------------------------
Cost of investments $788,128,848 $740,269,641 $1,182,323,384 $446,245,257 $476,446,780
============================================================================================================
Gross unrealized appreciation and gross unrealized depreciation of investments
at April 30, 2006, were as follows:
INVESTMENT SELECT QUALITY PREMIER HIGH INCOME
QUALITY QUALITY INCOME INCOME OPPORTUNITY
(NQM) (NQS) (NQU) (NPF) (NMZ)
---------------------------------------------------------------------------------------------------------
Gross unrealized:
Appreciation $47,452,435 $46,934,171 $77,363,688 $20,105,935 $32,362,932
Depreciation (1,222,169) (902,399) (2,466,220) (1,690,357) (1,504,708)
---------------------------------------------------------------------------------------------------------
Net unrealized appreciation
(depreciation) of investments $46,230,266 $46,031,772 $74,897,468 $18,415,578 $30,858,224
=========================================================================================================
The tax components of undistributed net investment income and net realized gains
at October 31, 2005, the Funds' last tax year end, were as follows:
INVESTMENT SELECT QUALITY PREMIER HIGH INCOME
QUALITY QUALITY INCOME INCOME OPPORTUNITY
(NQM) (NQS) (NQU) (NPF) (NMZ)
---------------------------------------------------------------------------------------------------------
Undistributed net
tax-exempt income * $6,155,980 $6,819,511 $8,701,944 $1,265,315 $2,255,401
Undistributed net
ordinary income ** 83,080 772 -- 2,490 8,072
Undistributed net long-term
capital gains 6,081,356 -- -- -- --
=========================================================================================================
* Undistributed net tax-exempt income (on a tax basis) has not been reduced
for the dividend declared on October 3, 2005, paid on November 1, 2005.
** Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
71
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
The tax character of distributions paid during the Funds' last tax year ended
October 31, 2005, was designated for purposes of the dividends paid deduction as
follows:
INVESTMENT SELECT QUALITY PREMIER HIGH INCOME
QUALITY QUALITY INCOME INCOME OPPORTUNITY
(NQM) (NQS) (NQU) (NPF) (NMZ)
---------------------------------------------------------------------------------------------------------
Distributions from net
tax-exempt income $40,152,471 $38,496,292 $58,975,142 $20,987,782 $27,803,988
Distributions from net
ordinary income ** -- -- -- 26,171 1,567,342
Distributions from net
long-term capital gains 3,912,439 -- -- 2,914,704 --
=========================================================================================================
** Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
At October 31, 2005, the Funds' last tax year end, the following Funds had
unused capital loss carryforwards available for federal income tax purposes to
be applied against future capital gains, if any. If not applied, the
carryforwards will expire as follows:
SELECT QUALITY PREMIER HIGH INCOME
QUALITY INCOME INCOME OPPORTUNITY
(NQS) (NQU) (NPF) (NMZ)
-----------------------------------------------------------------------------------------------------------
Expiration year:
2011 $ -- $14,391,926 $ -- $ --
2012 1,397,851 -- -- --
2013 -- -- 594,354 417,280
-----------------------------------------------------------------------------------------------------------
Total $1,397,851 $14,391,926 $594,354 $417,280
-----------------------------------------------------------------------------------------------------------
5. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Each Fund's management fee is separated into two components - a complex-level
component, based on the aggregate amount of all fund assets managed by Nuveen
Asset Management (the "Adviser"), a wholly owned subsidiary of Nuveen
Investments, Inc., and a specific fund-level component, based only on the amount
of assets within each individual Fund. This pricing structure enables Nuveen
fund shareholders to benefit from growth in the assets within each individual
fund as well as from growth in the amount of complex-wide assets managed by the
Adviser.
72
The annual fund-level fee, payable monthly, for each Fund is based upon the
average daily net assets (including net assets attributable to Preferred shares)
of each Fund as follows:
INVESTMENT QUALITY (NQM)
SELECT QUALITY (NQS)
AVERAGE DAILY NET ASSETS QUALITY INCOME (NQU)
(INCLUDING NET ASSETS PREMIER INCOME (NPF)
ATTRIBUTABLE TO PREFERRED SHARES) FUND-LEVEL FEE RATE
--------------------------------------------------------------------------------
For the first $125 million .4500%
For the next $125 million .4375
For the next $250 million .4250
For the next $500 million .4125
For the next $1 billion .4000
For the next $3 billion .3875
For net assets over $5 billion .3750
================================================================================
AVERAGE DAILY NET ASSETS
(INCLUDING NET ASSETS HIGH INCOME OPPORTUNITY (NMZ)
ATTRIBUTABLE TO PREFERRED SHARES) FUND-LEVEL FEE RATE
--------------------------------------------------------------------------------
For the first $125 million .5500%
For the next $125 million .5375
For the next $250 million .5250
For the next $500 million .5125
For the next $1 billion .5000
For net assets over $2 billion .4750
================================================================================
The annual complex-level fee, payable monthly, which is additive to the
fund-level fee, for all Nuveen sponsored funds in the U.S., is based on the
aggregate amount of total fund assets managed as stated in the table below. As
of April 30, 2006, the complex-level fee rate was .1888%.
COMPLEX-LEVEL ASSETS(1) COMPLEX-LEVEL FEE RATE
--------------------------------------------------------------------------------
For the first $55 billion .2000%
For the next $1 billion .1800
For the next $1 billion .1600
For the next $3 billion .1425
For the next $3 billion .1325
For the next $3 billion .1250
For the next $5 billion .1200
For the next $5 billion .1175
For the next $15 billion .1150
For Managed Assets over $91 billion(2) .1400
================================================================================
(1) The complex-level fee component of the management fee for the funds is
calculated based upon the aggregate Managed Assets ("Managed Assets" means
the average daily net assets of each fund including assets attributable to
all types of leverage used by the Nuveen funds) of Nuveen-sponsored funds
in the U.S.
(2) With respect to the complex-wide Managed Assets over $91 billion, the fee
rate or rates that will apply to such assets will be determined at a later
date. In the unlikely event that complex-wide Managed Assets reach $91
billion prior to a determination of the complex-level fee rate or rates to
be applied to Managed Assets in excess of $91 billion, the complex-level
fee rate for such complex-wide Managed Assets shall be .1400% until such
time as a different rate or rates is determined.
73
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
The management fee compensates the Adviser for overall investment advisory and
administrative services and general office facilities. The Funds pay no
compensation directly to their Directors/Trustees who are affiliated with the
Adviser or to their Officers, all of whom receive remuneration for their
services to the Funds from the Adviser or its affiliates. The Board of
Directors/Trustees has adopted a deferred compensation plan for independent
Directors/Trustees that enables Directors/Trustees to elect to defer receipt of
all or a portion of the annual compensation they are entitled to receive from
certain Nuveen advised funds. Under the plan, deferred amounts are treated as
though equal dollar amounts had been invested in shares of select Nuveen advised
funds.
For the first eight years of High Income Opportunity's (NMZ) operations, the
Adviser has agreed to reimburse the Fund, as a percentage of average daily net
assets (including net assets attributable to Preferred shares), for fees and
expenses in the amounts, and for the time periods set forth below:
YEAR ENDING YEAR ENDING
NOVEMBER 30, NOVEMBER 30,
--------------------------------------------------------------------------------
2003* .32% 2009 .24%
2004 .32 2010 .16
2005 .32 2011 .08
2006 .32
2007 .32
2008 .32
================================================================================
* From the commencement of operations.
The Adviser has not agreed to reimburse High Income Opportunity (NMZ) for any
portion of its fees and expenses beyond November 30, 2011.
6. SUBSEQUENT EVENT - DISTRIBUTIONS TO COMMON SHAREHOLDERS
The Funds declared Common share dividend distributions from their tax-exempt net
investment income which were paid on June 1, 2006, to shareholders of record on
May 15, 2006, as follows:
INVESTMENT SELECT QUALITY PREMIER HIGH INCOME
QUALITY QUALITY INCOME INCOME OPPORTUNITY
(NQM) (NQS) (NQU) (NPF) (NMZ)
----------------------------------------------------------------------------------------------------------
Dividend per share $.0700 $.0730 $.0700 $.0585 $.0890
==========================================================================================================
74
Financial
HIGHLIGHTS (Unaudited)
75
Financial
HIGHLIGHTS (Unaudited)
Selected data for a Common share outstanding throughout each period:
Investment Operations Less Distributions
-------------------------------------------------------------------- -------------------------------
Distributions Distributions
from Net from Net
Beginning Investment Capital Investment Capital
Common Net Income to Gains to Income to Gains to
Share Net Realized/ Preferred Preferred Common Common
Net Asset Investment Unrealized Share- Share- Share- Share-
Value Income Gain (Loss) holders+ holders+ Total holders holders Total
====================================================================================================================================
INVESTMENT QUALITY (NQM)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2006(b) $15.49 $ .51 $ (.07) $(.10) $(.03) $ .31 $ (.44) $(.14) $ (.58)
2005 16.06 1.05 (.39) (.16) (.01) .49 (.96) (.10) (1.06)
2004 15.65 1.07 .43 (.08) -- 1.42 (1.01) -- (1.01)
2003 15.63 1.11 .02 (.08) -- 1.05 (1.01) (.02) (1.03)
2002 15.71 1.15 (.15) (.11) (.01) .88 (.94) (.02) (.96)
2001 14.67 1.16 1.00 (.27) -- 1.89 (.85) -- (.85)
SELECT QUALITY (NQS)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2006(b) 15.46 .53 (.14) (.12) -- .27 (.45) -- (.45)
2005 15.69 1.06 (.16) (.16) -- .74 (.97) -- (.97)
2004 15.33 1.09 .42 (.07) (.01) 1.43 (1.00) (.07) (1.07)
2003 15.00 1.08 .30 (.07) -- 1.31 (.98) -- (.98)
2002 15.48 1.12 (.38) (.09) (.04) .61 (.94) (.15) (1.09)
2001 14.48 1.19 .95 (.26) (.01) 1.87 (.87) -- (.87)
QUALITY INCOME (NQU)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2006(b) 15.26 .51 (.11) (.12) -- .28 (.42) -- (.42)
2005 15.54 1.02 (.22) (.16) -- .64 (.92) -- (.92)
2004 15.04 1.04 .51 (.08) -- 1.47 (.97) -- (.97)
2003 14.70 1.06 .34 (.07) -- 1.33 (.96) (.03) (.99)
2002 15.32 1.12 (.59) (.10) (.03) .40 (.93) (.09) (1.02)
2001 14.53 1.21 .76 (.26) -- 1.71 (.91) (.01) (.92)
PREMIER INCOME (NPF)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2006(b) 14.90 .47 (.09) (.12) -- .26 (.37) -- (.37)
2005 15.53 .94 (.39) (.16) (.01) .38 (.88) (.13) (1.01)
2004 15.13 1.00 .47 (.08) -- 1.39 (.99) -- (.99)
2003 15.23 1.06 (.01) (.07) (.01) .97 (.98) (.09) (1.07)
2002 15.31 1.15 (.13) (.11) (.01) .90 (.96) (.02) (.98)
2001 14.42 1.23 .84 (.26) -- 1.81 (.92) -- (.92)
HIGH INCOME
OPPORTUNITY (NMZ)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2006(b) 15.36 .61 .10 (.09) -- .62 (.53) -- (.53)
2005 14.87 1.22 .54 (.13) (.01) 1.62 (1.07) (.06) (1.13)
2004(a) 14.33 .98 .71 (.08) -- 1.61 (.89) -- (.89)
====================================================================================================================================
Total Returns
----------------------
Offering Based
Costs and Ending on
Preferred Common Based Common
Share Share Ending on Share Net
Underwriting Net Asset Market Market Asset
Discounts Value Value Value** Value**
================================================================================================
INVESTMENT QUALITY (NQM)
------------------------------------------------------------------------------------------------
Year Ended 10/31:
2006(b) $ -- $15.22 $14.71 5.84% 1.99%
2005 -- 15.49 14.45 1.17 3.10
2004 -- 16.06 15.33 8.54 9.37
2003 -- 15.65 15.10 7.78 6.88
2002 -- 15.63 14.99 7.71 5.85
2001 -- 15.71 14.84 22.33 13.16
SELECT QUALITY (NQS)
------------------------------------------------------------------------------------------------
Year Ended 10/31:
2006(b) -- 15.28 15.05 4.54 1.77
2005 -- 15.46 14.83 4.14 4.77
2004 -- 15.69 15.19 10.19 9.64
2003 -- 15.33 14.81 9.91 8.96
2002 -- 15.00 14.40 5.24 4.22
2001 -- 15.48 14.75 20.09 13.23
QUALITY INCOME (NQU)
------------------------------------------------------------------------------------------------
Year Ended 10/31:
2006(b) -- 15.12 15.03 7.83 1.84
2005 -- 15.26 14.34 4.78 4.15
2004 -- 15.54 14.58 8.76 10.07
2003 -- 15.04 14.33 9.31 9.37
2002 -- 14.70 14.04 3.05 2.71
2001 -- 15.32 14.62 18.72 12.09
PREMIER INCOME (NPF)
------------------------------------------------------------------------------------------------
Year Ended 10/31:
2006(b) -- 14.79 13.33 0.92 1.72
2005 -- 14.90 13.57 1.05 2.49
2004 -- 15.53 14.43 4.75 9.48
2003 -- 15.13 14.74 9.13 6.57
2002 -- 15.23 14.52 4.57 6.19
2001 -- 15.31 14.84 15.93 12.89
HIGH INCOME
OPPORTUNITY (NMZ)
------------------------------------------------------------------------------------------------
Year Ended 10/31:
2006(b) -- 15.45 16.86 8.90 4.10
2005 -- 15.36 15.99 14.35 11.20
2004(a) (.18) 14.87 15.04 6.49 10.38
================================================================================================
Ratios/Supplemental Data
-------------------------------------------------------------------------------------------------------
Before Credit/ After Credit/
Reimbursement/Refund Reimbursement/Refund***
------------------------------- ---------------------------------
Ratio of Net Ratio of Net
Ratio of Investment Ratio of Investment
Ending Expenses Income to Expenses Income to
Net to Average Average to Average Average
Assets Net Assets Net Assets Net Assets Net Assets
Applicable Applicable Applicable Applicable Applicable Portfolio
to Common to Common to Common to Common to Common Turnover
Shares (000) Shares++ Shares++ Shares++ Shares++ Rate
====================================================================================================================================
INVESTMENT QUALITY (NQM)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2006(b) $544,165 1.20%* 6.68%* 1.20%* 6.68%* 7%
2005 553,857 1.20 6.59 1.18 6.61 22
2004 574,164 1.20 6.78 1.20 6.79 16
2003 559,644 1.22 7.05 1.22 7.05 5
2002 558,604 1.21 7.48 1.21 7.49 5
2001 561,577 1.24 7.56 1.23 7.56 17
SELECT QUALITY (NQS)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2006(b) 518,086 1.18* 6.94* 1.17* 6.95* 3
2005 523,994 1.18 6.76 1.16 6.78 4
2004 531,694 1.21 6.96 1.15 7.02 4
2003 519,361 1.26 7.06 1.25 7.06 9
2002 508,300 1.24 7.46 1.23 7.47 19
2001 524,597 1.24 7.89 1.23 7.89 28
QUALITY INCOME (NQU)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2006(b) 819,615 1.18* 6.66* 1.17* 6.67* 2
2005 827,077 1.18 6.57 1.17 6.57 6
2004 842,093 1.20 6.83 1.20 6.83 6
2003 815,270 1.21 7.12 1.21 7.13 9
2002 796,591 1.23 7.50 1.22 7.51 32
2001 830,636 1.21 8.05 1.21 8.06 30
PREMIER INCOME (NPF)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2006(b) 297,173 1.23* 6.28* 1.22* 6.28* 12
2005 299,423 1.23 6.16 1.22 6.17 20
2004 311,991 1.28 6.57 1.27 6.58 22
2003 304,048 1.24 6.91 1.23 6.91 19
2002 305,958 1.29 7.66 1.28 7.67 25
2001 307,496 1.28 8.25 1.26 8.26 14
HIGH INCOME
OPPORTUNITY (NMZ)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2006(b) 359,578 1.20* 7.49* .74* 7.95* 3
2005 357,025 1.20 7.54 .74 8.00 6
2004(a) 345,023 1.15* 6.75* .70* 7.20* 52
====================================================================================================================================
Preferred Shares at End of Period
------------------------------------------
Aggregate Liquidation
Amount and Market Asset
Outstanding Value Coverage
(000) Per Share Per Share
============================================================================
INVESTMENT QUALITY (NQM)
----------------------------------------------------------------------------
Year Ended 10/31:
2006(b) $301,000 $25,000 $70,196
2005 301,000 25,000 71,001
2004 301,000 25,000 72,688
2003 301,000 25,000 71,482
2002 301,000 25,000 71,396
2001 301,000 25,000 71,643
SELECT QUALITY (NQS)
----------------------------------------------------------------------------
Year Ended 10/31:
2006(b) 279,000 25,000 71,423
2005 279,000 25,000 71,953
2004 279,000 25,000 72,643
2003 279,000 25,000 71,538
2002 279,000 25,000 70,547
2001 279,000 25,000 72,007
QUALITY INCOME (NQU)
----------------------------------------------------------------------------
Year Ended 10/31:
2006(b) 452,000 25,000 70,333
2005 452,000 25,000 70,745
2004 452,000 25,000 71,576
2003 452,000 25,000 70,092
2002 452,000 25,000 69,059
2001 452,000 25,000 70,942
PREMIER INCOME (NPF)
----------------------------------------------------------------------------
Year Ended 10/31:
2006(b) 165,000 25,000 70,026
2005 165,000 25,000 70,367
2004 165,000 25,000 72,271
2003 165,000 25,000 71,068
2002 165,000 25,000 71,357
2001 165,000 25,000 71,590
HIGH INCOME
OPPORTUNITY (NMZ)
----------------------------------------------------------------------------
Year Ended 10/31:
2006(b) 155,000 25,000 82,996
2005 155,000 25,000 82,585
2004(a) 155,000 25,000 80,649
============================================================================
* Annualized.
** Total Return on Market Value is the combination of changes in the market
price per share and the effect of reinvested dividend income and reinvested
capital gains distributions, if any, at the average price paid per share at
the time of reinvestment. Total Return on Common Share Net Asset Value is
the combination of changes in Common share net asset value, reinvested
dividend income at net asset value and reinvested capital gains
distributions at net asset value, if any. Total returns are not annualized.
*** After custodian fee credit, expense reimbursement and legal fee refund,
where applicable.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Preferred
shareholders; income ratios reflect income earned on assets attributable to
Preferred shares.
(a) For the period November 19, 2003 (commencement of operations) through
October 31, 2004.
(b) For the six months ended April 30, 2006.
See accompanying notes to financial statements.
76-77 spread
Reinvest Automatically
EASILY AND CONVENIENTLY
Sidebar text:
NUVEEN MAKES REINVESTING EASY. A PHONE CALL IS ALL IT TAKES TO SET UP YOUR
REINVESTMENT ACCOUNT.
NUVEEN EXCHANGE-TRADED CLOSED-END FUNDS
DIVIDEND REINVESTMENT PLAN
Your Nuveen Exchange-Traded Closed-End Fund allows you to conveniently reinvest
dividends and/or capital gains distributions in additional fund shares.
By choosing to reinvest, you'll be able to invest money regularly and
automatically, and watch your investment grow through the power of tax-free
compounding. Just like dividends or distributions in cash, there may be times
when income or capital gains taxes may be payable on dividends or distributions
that are reinvested.
It is important to note that an automatic reinvestment plan does not ensure a
profit, nor does it protect you against loss in a declining market.
EASY AND CONVENIENT
To make recordkeeping easy and convenient, each month you'll receive a statement
showing your total dividends and distributions, the date of investment, the
shares acquired and the price per share, and the total number of shares you own.
HOW SHARES ARE PURCHASED
The shares you acquire by reinvesting will either be purchased on the open
market or newly issued by the Fund. If the shares are trading at or above net
asset value at the time of valuation, the Fund will issue new shares at the
then-current market price. If the shares are trading at less than net asset
value, shares for your account will be purchased on the open market. Dividends
and distributions received to purchase shares in the open market will normally
be invested shortly after the dividend payment date. No interest will be paid on
dividends and distributions awaiting reinvestment. Because the market price of
the shares may increase before purchases are completed, the average purchase
price per share may exceed the market price at the time of valuation, resulting
in the acquisition of fewer shares than if the dividend or distribution had been
paid in shares issued by the Fund. A pro rata portion of any applicable
brokerage commissions on open market purchases will be paid by Plan
participants. These commissions usually will be lower than those charged on
individual transactions.
FLEXIBLE
You may change your distribution option or withdraw from the Plan at any time,
should your needs or situation change. Should you withdraw, you can receive a
certificate for all whole shares credited to your reinvestment account and cash
payment for fractional shares, or cash payment for all reinvestment account
shares, less brokerage commissions and a $2.50 service fee.
You can reinvest whether your shares are registered in your name, or in the name
of a brokerage firm, bank, or other nominee. Ask your investment advisor if his
or her firm will participate on your behalf. Participants whose shares are
registered in the name of one firm may not be able to transfer the shares to
another firm and continue to participate in the Plan.
The Fund reserves the right to amend or terminate the Plan at any time. Although
the Fund reserves the right to amend the Plan to include a service charge
payable by the participants, there is no direct service charge to participants
in the Plan at this time.
CALL TODAY TO START REINVESTING DIVIDENDS AND/OR DISTRIBUTIONS
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in
or withdraw from the Plan, speak with your financial advisor or call us at (800)
257-8787.
78
Other Useful
INFORMATION
QUARTERLY PORTFOLIO OF INVESTMENTS AND PROXY VOTING INFORMATION
Each Fund's (i) quarterly portfolio of investments, (ii) information regarding
how the Funds voted proxies relating to portfolio securities held during the
12-month period ended June 30, 2005, and (iii) a description of the policies and
procedures that the Funds used to determine how to vote proxies relating to
portfolio securities are available without charge, upon request, by calling
Nuveen Investments toll-free at (800) 257-8787 or on Nuveen's website at
www.nuveen.com. You may also obtain this and other Fund information directly
from the Securities and Exchange Commission ("SEC"). The SEC may charge a
copying fee for this information. Visit the SEC on-line at http://www.sec.gov or
in person at the SEC's Public Reference Room in Washington, D.C. Call the SEC at
1-202-942-8090 for room hours and operation. You may also request Fund
information by sending an e-mail request to publicinfo@sec.gov or by writing to
the SEC's Public References Section at 450 Fifth Street NW, Washington, D.C.
20549. CEO CERTIFICATION DISCLOSURE Each Fund's Chief Executive Officer has
submitted to the New York Stock Exchange the annual CEO certification as
required by Section 303A.12(a) of the NYSE Listed Company Manual.
Each Fund has filed with the Securities and Exchange Commission the
certification of its Chief Executive Officer and Chief Financial Officer
required by Section 302 of the Sarbanes-Oxley Act.
GLOSSARY OF TERMS USED IN THIS REPORT
AVERAGE ANNUAL TOTAL RETURN: This is a commonly used method to express an
investment's performance over a particular, usually multi-year time period. It
expresses the return that would have been necessary each year to equal the
investment's actual cumulative performance (including change in NAV or market
price and reinvested dividends and capital gains distributions, if any) over the
time period being considered.
AVERAGE EFFECTIVE MATURITY: The average of all the maturities of the bonds in a
Fund's portfolio, computed by weighting each maturity date (the date the
security comes due) by the market value of the security. This figure does not
account for the likelihood of prepayments or the exercise of call provisions.
LEVERAGE-ADJUSTED DURATION: Duration is a measure of the expected period over
which a bond's principal and interest will be paid, and consequently is a
measure of the sensitivity of a bond's or bond Fund's value to changes when
market interest rates change. Generally, the longer a bond's or Fund's duration,
the more the price of the bond or Fund will change as interest rates change.
Leverage-adjusted duration takes into account the leveraging process for a Fund
and therefore is longer than the duration of the Fund's portfolio of bonds.
MARKET YIELD (ALSO KNOWN AS DIVIDEND YIELD OR CURRENT YIELD): An investment's
current annualized dividend divided by its current market price.
NET ASSET VALUE (NAV): A Fund's common share NAV per share is calculated by
subtracting the liabilities of the Fund (including any MuniPreferred shares
issued in order to leverage the Fund) from its total assets and then dividing
the remainder by the number of shares outstanding. Fund NAVs are calculated at
the end of each business day.
TAXABLE-EQUIVALENT YIELD: The yield necessary from a fully taxable investment to
equal, on an after-tax basis, the yield of a municipal bond investment.
BOARD OF DIRECTORS/TRUSTEES
Robert P. Bremner
Lawrence H. Brown
Jack B. Evans
William C. Hunter
David J. Kundert
William J. Schneider
Timothy R. Schwertfeger
Judith M. Stockdale
Eugene S. Sunshine
FUND MANAGER
Nuveen Asset Management
333 West Wacker Drive
Chicago, IL 60606
CUSTODIAN
State Street Bank & Trust
Boston, MA
TRANSFER AGENT AND SHAREHOLDER SERVICES
State Street Bank & Trust
Nuveen Funds
P.O. Box 43071
Providence, RI 02940-3071
(800) 257-8787
LEGAL COUNSEL
Chapman and Cutler LLP
Chicago, IL
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Ernst & Young LLP
Chicago, IL
Each Fund intends to repurchase shares of its own common or preferred stock in
the future at such times and in such amounts as is deemed advisable. No shares
were repurchased during the period covered by this report. Any future
repurchases will be reported to shareholders in the next annual or semiannual
report.
79
Photo of: 2 women looking at a photo album.
Nuveen Investments:
SERVING Investors
For GENERATIONS
Since 1898, financial advisors and their clients have relied on Nuveen
Investments to provide dependable investment solutions. For the past century,
Nuveen Investments has adhered to the belief that the best approach to investing
is to apply conservative risk-management principles to help minimize volatility.
Building on this tradition, we today offer a range of high quality equity and
fixed-income solutions that are integral to a well-diversified core portfolio.
Our clients have come to appreciate this diversity, as well as our continued
adherence to proven, long-term investing principles.
WE OFFER MANY DIFFERENT INVESTING SOLUTIONS FOR OUR CLIENTS' DIFFERENT NEEDS.
Managing more than $131 billion in assets, Nuveen Investments offers access to a
number of different asset classes and investing solutions through a variety of
products. Nuveen Investments markets its capabilities under four distinct
brands: Nuveen, a leader in fixed-income investments; NWQ, a leader in
value-style equities; Rittenhouse, a leader in growth-style equities; and
Symphony, a leading institutional manager of market-neutral alternative
investment portfolios.
FIND OUT HOW WE CAN HELP YOU REACH YOUR FINANCIAL GOALS.
To learn more about the products and services Nuveen Investments offers, talk to
your financial advisor, or call us at (800) 257-8787. Please read the
information provided carefully before you invest.
Be sure to obtain a prospectus, where applicable. Investors should consider the
investment objective and policies, risk considerations, charges and expenses of
the Fund carefully before investing. The prospectus contains this and other
information relevant to an investment in the Fund. For a prospectus, please
contact your securities representative or Nuveen Investments, 333 W. Wacker Dr.,
Chicago, IL 60606. Please read the prospectus carefully before you invest or
send money.
o Share prices
o Fund details
Learn more o Daily financial news
about Nuveen Funds at o Investor education
www.nuveen.com/etf o Interactive planning tools
Logo: NUVEEN Investments
ESA-C-0406D
ITEM 2. CODE OF ETHICS.
Not applicable to this filing.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable to this filing.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable to this filing.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to this filing.
ITEM 6. SCHEDULE OF INVESTMENTS.
See Portfolio of Investments in Item 1.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this filing.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this filing.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
During this reporting period, the registrant's Board of Trustees implemented a
change to the procedures by which shareholders may recommend nominees to the
registrant's board of trustees by amending the registrant's by-laws to include a
provision specifying the date by which shareholder nominations for election as
trustee at a subsequent meeting must be submitted to the registrant.
Shareholders must deliver or mail notice to the registrant not less than
forty-five days nor more than sixty days prior to the first anniversary date of
the date on which the registrant first mailed its proxy materials for the prior
year's annual meeting; provided, however, if an only if the annual meeting is
not scheduled to be held within a period that commences thirty days before the
first anniversary date of the annual meeting for the preceding year and ends
thirty days after such anniversary date (an annual meeting date outside such
period being referred to as an "Other Annual Meeting Date" hereafter), the
shareholder notice must be given no later than the close of business on the date
forty-five days prior to such Other Annual Meeting Date or the tenth business
day following the date such Other Annual Meeting Date is first publicly
announced or disclosed. The shareholder's notice must be in writing and set
forth the name, age, date of birth, business address, residence address and
nationality of the person(s) being nominated and the class or series, number of
all shares of the registrant owned of record or beneficially be each such
person(s), any other information regarding such person required by Item 401 of
Regulation S-K or Item 22 of Rule 14a-101 (Schedule 14A) under the Securities
Exchange Act of 1934, as amended, any other information regarding the person(s)
to be nominated that would be required to be disclosed in a proxy statement or
other filings required to be made in connection with solicitation of proxies for
election of trustees, and whether such shareholder believes any nominee is or
will be an "interested person" (as that term is defined in the Investment
Company Act of 1940, as amended) of the registrant or sufficient information to
enable the registrant to make that determination and the written and signed
consent of the person(s) to be nominated.
ITEM 11. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial officers,
or persons performing similar functions, have concluded that the
registrant's disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940, as amended (the
"1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within
90 days of the filing date of this report that includes the disclosure
required by this paragraph, based on their evaluation of the controls
and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR
270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934, as amended (the "Exchange Act")(17 CFR
240.13a-15(b) or 240.15d-15(b)).
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act
(17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter
of the period covered by this report that has materially affected, or
is reasonably likely to materially affect, the registrant's internal
control over financial reporting.
ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit: Not applicable to
this filing.
(a)(2) A separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2(a) under
the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: Ex-99.CERT
attached hereto.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under
the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the
report by or on behalf of the registrant to 10 or more persons: Not applicable.
(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act,
provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR
270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR
240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of
the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished
pursuant to this paragraph will not be deemed "filed" for purposes of Section 18
of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of
that section. Such certification will not be deemed to be incorporated by
reference into any filing under the Securities Act of 1933 or the Exchange Act,
except to the extent that the registrant specifically incorporates it by
reference. Ex-99.906 CERT attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen Municipal High Income Opportunity Fund
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By (Signature and Title)* /s/ Jessica R. Droeger
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Jessica R. Droeger
Vice President and Secretary
Date: July 7, 2006
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Gifford R. Zimmerman
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Gifford R. Zimmerman
Chief Administrative Officer
(principal executive officer)
Date: July 7, 2006
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By (Signature and Title)* /s/ Stephen D. Foy
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Stephen D. Foy
Vice President and Controller
(principal financial officer)
Date: July 7, 2006
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* Print the name and title of each signing officer under his or her signature.