NUVEEN Exchange-Traded Funds
April 30, 1999
Semiannual Report
Dependable, tax-free income to help you keep more of what you earn.
NPP
Performance Plus
NMA
Advantage
NMO
Opportunity
Photo of: People playing a game of chess.
<PAGE>
Highlights
As of April 30. 1999
Contents
1 Dear Shareholder
3 Portfolio Manager Roundtable
6 NPP's Performance Overview
7 NMA's Performance Overview
8 NMO's Performance Overview
9 Portfolio of Investments
31 Statement of Net Assets
32 Statement of Operations
33 Statement of Changes in Net Assets
34 Notes to Financial Statements
38 Financial Highlights
40 Building a Better Portfolio
41 Fund Information
Credit Quality Performance Highlights
Nuveen Performance Plus Municipal Fund, Inc. (NPP)
o HHHH Four-star Morningstar RatingTM *
o Taxable-equivalent yield of 8.70% **
o Paralleled the total return of its Lipper Peer Group
and the Lehman Brothers Municipal Bond Index ***
Pie Chart:
AAA/U.S. Guaranteed 78%
AA 5%
A 10%
BBB/NR 7%
Nuveen Municipal Advantage Fund, Inc. (NMA)
o HHHH Four-star Morningstar RatingTM *
o Taxable-equivalent yield of 9.03% **
o Stable tax-free dividend for 18 consecutive months
Pie Chart:
AAA/U.S. Guaranteed 73%
AA 12%
A 6%
BBB/NR 9%
Nuveen Municipal Market Opportunity Fund, Inc. (NMO)
o HHHH Four-star Morningstar RatingTM *
o Taxable-equivalent yield of 9.03% **
o Stable tax-free dividend for 18 consecutive months
Pie Chart:
AAA/U.S. Guaranteed 52%
AA 14%
A 15%
BBB/NR 19%
* Morningstar proprietary ratings reflect historical risk-adjusted
performance as of April 30, 1999. The ratings are subject to change every
month. Past performance is no guarantee of future results. Morningstar
ratings are calculated from the fund's three-, five-, and ten-year average
annual returns. NPP and NMO received 4 stars for the three and five-year
periods. NMA received 3 and 4 stars for the three and five-year periods,
respectively. The top 10% of the funds in a broad asset class receive 5
stars, the next 22.5% receive 4 stars and the next 33% receive 3 stars. The
funds are rated among 193 funds for the three year period, 191 funds for
the five-year period, and 25 funds for the 10-year period.
** For investors in the 31% federal income tax bracket. See your Fund's
Performance Overview for more information.
*** The Lipper Peer Group return represents the average annualized returns of
the Funds in the appropriate Lipper Municipal Debt category. The return
assumes reinvestment of dividends and does not reflect any applicable sales
charge.
The Lehman Brothers Municipal Bond Index is an unleveraged index covering a
broad range of investment-grade municipal bonds. The return for the index
does not reflect any initial or ongoing expenses.
<PAGE>
Photo of: Timothy R. Schwertfeger
Chairman of the Board
Sidebar text: Wealth takes a lifetime to build. Once achieved, it should be
preserved.
Dear Shareholder
I would like to take this opportunity to discuss the performance of your Nuveen
Exchange-Traded Fund over the past six months. Over this period, your Fund
continued to provide a stable, tax-free dividend, which is its primary
objective. In addition, we also looked for the opportunity to enhance the Fund's
after-tax total return while striving to maintain capital preservation. The
combination of these two components demonstrates that Nuveen's municipal bond
funds can serve as excellent investment options for income-oriented investors.
The Year in Review
The past six to 12 months saw the U.S. economy continue its pattern of
non-inflationary growth, accompanied by low interest rates and unemployment
levels that remain among the lowest in three decades. Much of the current
economic growth is propelled by consumer demand, which has helped the U.S.
resist the downward pull of weaker overseas markets. All indications point to a
confident American consumer who is comfortable with the current state of the
economy, especially the performance of the housing, stock, and job markets. This
confidence is reflected in the most recent Consumer Confidence Index report
issued by the Conference Board, which showed a record-setting seventh
consecutive month of gains in May. On the global front, the turmoil of the past
two years appears to be fading somewhat, as international financial markets have
begun to recover.
Inflation in the U.S. continued to operate at benign levels, with an increase of
2.2% for the 12 months ended April 30, 1999. Despite a spike in consumer prices
in April, which was propelled by rising energy costs (which have subsequently
declined), the general backdrop of inflation indicators continued to be mild,
with the employment cost index, average hourly earnings, and import and producer
price trends all remaining favorable. As Federal Reserve Chairman Alan Greenspan
recently stated, one of the key factors in achieving today's peaceful
coexistence of economic growth and low inflation has been increased
productivity. Improvements in productivity, spurred by technological advances,
have been responsible for offsetting wage and other inflationary pressures that
we would normally expect to see as part of a growing economy.
On the interest rate front, last fall saw the Federal Reserve ease short-term
rates for the first time in almost three years. Between the end of September and
mid-November 1998, three successive cuts brought the federal funds rate to
4.75%, averting a potential domestic credit crunch and restoring some stability
to global markets. Following the success of these preemptive moves, the Federal
Reserve indicated that fighting inflation continued to be a top priority by
remaining in a proactive mode and responding to April's increased consumer
prices with a shift to a tightening bias. By doing this, the Fed signaled its
continued support of the market without changing interest rates or fundamentally
altering the economy. In the months ahead, we will continue to watch for
indications from the Fed and other factors that affect the economy's future,
including wage and employment statistics, reports on productivity growth,
capital equipment spending, and the progress of international economic recovery.
We believe these key components will influence the outlook for fixed-income
markets well into the new millennium.
Municipal Bonds: An Attractive Investment Option
As interest rates declined over the past year, our municipal bond funds
continued to provide bright spots among the various investment options,
generally offering attractive, stable income in a market that places a high
premium on yield. In 1998, municipal bonds represented a reasonably insulated
haven in an otherwise turbulent market, with lower volatility relative to
Treasury bonds and other fixed-income investments. In fact, for the first four
months of 1999, municipals continued to outperform Treasuries.
The high ratio of tax-exempt municipal yields to Treasury yields sheltered
municipal bonds from the price decline that occurred in the Treasury market
during the first four months of the year. While the interest rate on 30-year
Treasury bonds rose from 5.10% at the end of December to 5.66% as of April 30,
1999, the yield on the Bond Buyer Revenue Bond Index, an unmanaged index of
long-term municipal revenue bonds, gained just three basis points - from 5.26%
to 5.29%. Given the inverse relationship between interest rates and bond prices,
Treasury bond prices fell as rates rose over this period. Though municipal bond
prices did decrease, the decline was not as dramatic as the drop in Treasuries.
The differential in performance reflects the fact that Treasuries had become
relatively expensive as the result of safe-haven buying during the international
economic crises of the past year.
Chart of: The Bond Buyer Revenue Bond Index
As the financial turmoil subsided in the first quarter of 1999, however, foreign
investors returned to investing in their own countries rather than in U.S.
dollar-denominated securities. The combination of an increase in interest rates
and a decline in demand caused U.S.
Treasuries to drop in price.
At the end of April 1999, the ratio between long-term municipal yields and
30-year Treasury yields stood at 94%, compared with the historical average of
86% for the period of 1986-1999. For investors, this meant that quality
long-term municipal bonds offered yields comparable to those of long Treasury
bonds - even before the tax advantages of municipal bonds were taken into
account. On an after-tax basis in today's market, municipal bonds continue to
present an exceptionally attractive investment option relative to Treasuries.
During 1998, lower interest rates and the strong economy combined to generate
high levels of new municipal issuance and a significant increase in the
refinancing of existing bonds. Municipal issuance in 1998 reached $284 billion,
up 29% over 1997. In terms of total municipal issuance, 1998 ranked as the
second largest year on record, next to 1993's $292 billion. In the first four
months of 1999, however, as the market settled into a more stable interest rate
environment, refunding activity dropped off dramatically. As a result, municipal
supply in 1999 has declined by approximately 25% from the levels of a year ago.
This, in turn, has enhanced the attractiveness of the municipal bonds that were
brought to market, as demand - especially from individual investors - remained
relatively strong.
The Value of Nuveen Expertise
The solid track record of a proven investment manager is one key to taking
advantage of the attractive values currently available in the municipal market.
The near-record level of municipal issuance in 1998, for example, highlighted
the value of Nuveen's in-depth knowledge of the municipal market, as our
portfolio management teams carefully analyzed each issue to select those
securities best suited to help the Funds achieve their investment objectives.
With the outlook for tighter supply and continued demand in 1999, Nuveen's
established market position ensures that we will have exceptional access to the
bond offerings that have the potential to add value for our shareholders.
As a further enhancement to our management capabilities, Nuveen has assembled a
strong group of investment managers - experts in their particular areas of the
market - to provide investors with the advantage of their experience and
insights. In addition to Nuveen Advisory Services for tax-free investing, you
and your financial adviser can rely on Institutional Capital Corporation for
value-oriented equity investing and Rittenhouse Financial Services, Inc. for
growth-oriented equity investing. We encourage you to talk with your financial
adviser about Nuveen's expanding array of investments and the ways that Nuveen
funds can help you establish a diversified portfolio designed to build and
sustain long-term financial security. For more information on our funds, contact
your adviser for a prospectus, or call Nuveen at (800) 621-7227. Please read it
carefully before you invest or send money.
Thank you for the confidence you have placed in Nuveen. We are committed to
maintaining the trust you have shown in us, and we look forward to meeting your
investment needs well into the next century.
/s/ Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
June 15, 1999
sidebar text: "The solid track record of a proven investment manager is one
key to taking advantage of the attractive values currently available in the
municipal market."
<PAGE>
Nuveen Exchange-Traded Funds
Portfolio Manager Roundtable
Portfolio managers Steve Peterson, Rick Huber, and Bill Fitzgerald discuss the
municipal market, recent fund performance, and key investment strategies for the
Nuveen national exchange-traded funds. Steve and Rick assumed portfolio
management responsibility for NPP and NMA, respectively, in July 1998, while
Bill has managed NMO since its inception in March 1990. All three portfolio
managers have more than a decade of experience as investment professionals.
What factors have influenced the municipal market during the past 12 months?
Over the past 12 months, the U.S. economy continued to enjoy strong
non-inflationary growth, low interest rates, and low unemployment. With tax
revenues rising along with the growth in personal income, the national
government is generating a budget surplus, putting an end to 28 straight years
of federal budget deficits (1970-97). In this environment, long-term municipal
bonds continued to outperform 30-year Treasury bonds, with yields that rivaled
and even surpassed those offered by Treasuries. Over the past year, this
municipal-to-Treasury ratio ranged as high as 104%, offering investors in
quality long-term municipal bonds yields comparable to those of Treasury bonds,
even before the tax advantage of municipals was taken into account.
The other major story in the municipal market over the past year was 1998's
impressive supply of new issuance. In the fourth quarter of 1998, investors saw
$25-30 billion in new bonds brought to market each month. Demand for municipal
bonds also remained high, due to cash flow from non-traditional investors as
well as from the traditional buyers of mutual and exchange-traded funds, such as
individual investors and insurance companies. In the first four months of 1999,
however, a higher interest rate environment than we experienced in 1998 prompted
fewer refundings and a 25% drop-off in new issue volume from 1998 levels. During
this period, the continued demand from individual investors compensated for
lower demand from insurance companies, which currently have fewer assets to
invest due to heavy insurance premium price competition and mounting claims from
a series of devastating spring storms in the Midwest and South.
For the remainder of 1999, the municipal market will be heavily influenced by
the direction of interest rates and inflation. If interest rates remain stable
or increase, we expect to see lower refinancing volume and a con-tinuation of
the tighter supply scenario of the past four months. Demand should remain
strong, as individual investors look to diversify their portfolios by
reallocating profits from the equity market into fixed-income investments. These
reallocation efforts will be expanded if the volatility in equities continues.
Even with lower supply and high demand, Nuveen's position in the municipal
market ensures that we will have access to the best offerings in the
marketplace.
How did the Funds perform over the past 12 months?
For the 12 months ended April 30, 1999, the Funds covered in this report
produced total returns on net asset value (NAV) ranging from 6.43% to 6.90%,
providing taxable-equivalent total returns of 9.40% to 9.70%, as shown in the
accompanying table. For comparison purposes, the total return on the Funds'
benchmark - the Lehman Brothers Municipal Bond Index - and the average for the
Lipper General Leveraged Municipal Debt category are also provided.
1-Yr Ended Taxable-
4/30/99 Equivalent(3)
- -----------------------------------------------------------------------
NPP
Total Return on NAV 6.90% 9.70%
Lehman Total Return(1) 6.95% N/A
Lipper Average(2) 7.01% N/A
Market Yield 6.00% 8.70%
- -----------------------------------------------------------------------
NMA
Total Return on NAV 6.50% 9.46%
Lehman Total Return(1) 6.95% N/A
Lipper Average(2) 7.01% N/A
Market Yield 6.23% 9.03%
- -----------------------------------------------------------------------
NMO
Total Return on NAV 6.43% 9.40%
Lehman Total Return(1) 6.95% N/A
Lipper Average(2) 7.01% N/A
Market Yield 6.23% 9.03%
- -----------------------------------------------------------------------
Over the past year, the yield on the Bond Buyer Revenue Bond Index, an unmanaged
index of long-term municipal revenue bonds, fell only 23 basis points, an
indication of a relatively stable interest rate climate. In this environment,
the funds' durations (the measure of a bond fund's
1 The Funds are compared with the Lehman Brothers Municipal Bond Index, an
unleveraged index comprising a broad range of investment-grade municipal
bonds. The return for the Lehman index does not reflect any initial or ongoing
expenses.
2 The Lipper Peer Group return represents the average annualized return of funds
in the Lipper General Leveraged Municipal Debt category. This return assumes
reinvestment of dividends and does not reflect any applicable sales charges.
3 Based on the 31% federal income tax rate.
<PAGE>
price volatility in response to interest rate changes) played a smaller, though
still significant role in determining their returns relative to the market, as
measured by the Lehman index. NPP, which had the longest leverage-adjusted
duration (8.92) among these funds as of April 30, 1999, also had the best
performance over the past 12 months, while NMO, with the shortest duration
(6.48), produced the lowest return. In comparison, the duration of the
unleveraged index was 7.21. Factors such as sector weightings and levels of call
protection also had an impact on the performance of each fund.
How were the Funds' dividends and share prices affected?
Good call protection helped support the dividends of NMA and NMO and shield the
income of these funds from erosion. As of April 30, 1999, both Funds had
provided shareholders with 18 consecutive months of steady income. During the
past year, lower interest rates also led to an increased number of bond calls,
as issuers sought to reduce debt financing costs. In addition, declining rates
meant that proceeds from prepaid or matured bonds had to be reinvested in issues
paying relatively lower current rates. Both of these situations contributed to a
reduction in the income level of NPP, which was originally assembled in the
higher interest environment of 1989, and necessitated a dividend cut in November
1998. Even with this single dividend adjustment, all of the Funds have continued
to provide attractive market yields.
As interest rates declined, active demand for funds such as NMA and NMO, with
their exceptional track record of steady income, resulted in solid share price
performance. For NPP, the dividend adjustment, combined with a current higher
potential for bond calls, led to a decline in share price. Over this period,
gains in the NAV of NPP reflected gains in the overall bond market, while the
NAVs of the other two Funds did not keep pace. As a result of these factors, NMA
and NMO saw their premiums (share price over NAV) widen over the past year,
while NPP moved from premium to discount (share price below NAV).
4/30/98 4/30/99
- ------------------------------------------------------------
NPP
Share Price ($) 15.5625 15.00
NAV$ 15.12 15.21
Premium/Discount to Nav(4) 2.93% -1.38%
1-Yr Ended Taxable-
4/30/99 Equivalent(3)
- ------------------------------------------------------------
NMA
Share Price ($) 15.875 16.00
NAV$ 15.57 15.57
Premium/Discount to Nav(4) 1.96% 2.76%
1-Yr Ended Taxable-
4/30/99 Equivalent(3)
- ------------------------------------------------------------
NMO
Share Price ($) 15.937 16.1875
NAV$ 15.73 15.70
Premium/Discount to Nav(4) 1.32% 3.11%
1-Yr Ended Taxable-
4/30/99 Equivalent(3)
- ------------------------------------------------------------
Total Return on Share Price 8.17% 11.09%
For additional information, see the individual Performance Overview for your
fund in this report.
What key strategies were used to manage the Funds during the past 12 months?
The focus of our management strategies for the Funds covered in this report
continued to be on supporting the highest level of tax-exempt dividends
consistent with capital preservation. Each of the Funds is managed on a relative
value basis, a strategy designed to add value and maximize income.
In NPP, we also focused on ways to take advantage of changes in the yield curve.
The yield curve plots the relationship between bond yields and corresponding
maturities. Usually, but not always, bonds with longer maturities offer higher
yields than those with shorter terms to maturity. When the yield curve
"steepens," the difference between short-term and long-term interest rates
widens; when the yield curve "flattens," the difference is relatively small. As
the yield curve steepens or flattens, different maturities on the curve become
more or less attractive. Over the past year, our objective was to purchase bonds
at the most attractive part of the curve and sell those at the least attractive
part. These trades enabled us to manage interest rate risk while maintaining the
Fund's yield. We also bought some zero coupon bonds in the 18- to 23-year range,
which we regard as an inexpensive way to add yield, enhance duration, and create
more performance potential for the Fund. This is due to the fact that zero
coupon bonds have longer durations, which make them more sensitive to interest
rate changes.
3 Based on the 31% federal income tax rate.
4 A fund's premium or discount represents the difference between of the fund's
share price and its NAV.
<PAGE>
NMA is in the process of a restructuring effort, which required a more active
approach than in previous years. Our goal is to enhance the Fund's total return
potential and maintain the income stream by purchasing bonds found across the
yield curve. This effort to add yield and protect future income levels should
also help us counter some of the effect of upcoming bond calls over the next
year. The healthcare, utilities (power and energy bonds), and transportation
(airlines) sectors have been among the most active issuers over the past year,
which presented us with increased trading opportunities and the ability to pick
up incremental yield. Nuveen's research capabilities were instrumental in
helping us examine issues in these sectors on a case-by-case basis and select
those that have the potential to add value to the portfolio.
Over the past year in NMO, we focused on individual investments that offered
exceptional value. Two examples of this were bonds issued by a Mississippi
investor-owned energy utility and New York resource recovery bonds, which will
finance efforts to use waste products such as wood and coal to generate energy.
During the past six months, 3% of the bonds in NMO's portfolio were called, and
the proceeds were reinvested in discount coupon bonds, which will have the
impact, over time, of increasing the Fund's duration and enabling it to
participate more fully in market rallies.
In the area of call protection, NPP, which was brought to market in 1989, is
experiencing the normal part of the market cycle in which bond calls are likely
to occur. This phase will continue until the year 2001, after which the Fund
will again offer good levels of call protection. Both NMA and NMO face a
significant number of bond calls in the year 2000. To minimize the impact of
these calls, we are already at work on strategies for managing through this
period. These strategies include holding the callable bonds that provide high
yields and support the Funds' dividends until the bonds approach their call
dates. We will then look for opportunities to sell these bonds at attractive
prices to those seeking short-term tax-exempt investments. Our goal is to
reinvest the proceeds from these bonds into securities that can add incremental
yield or into discount bonds that will extend the Funds' durations.
Overall, the credit quality of the Funds remained high. At the end of April
1999, NPP and NMA had 83% and 85%, respectively, of their portfolios invested in
bonds rated AAA and AA, reflecting a high level of prerefunded bonds. This level
is expected to decline somewhat in the next few years as bonds are called from
the portfolios. NMO balanced a 66% allocation of AAA and AA rated bonds with a
19% concentration in BBB and non-rated bonds.
What is Nuveen's outlook for the Fund's future?
Looking ahead for the Funds, our focus will remain on supporting their income
streams. One of our strategies for protecting fund income is to continue taking
advantage of changes in the yield curve. Investing in bonds found on the long
end of the yield curve should also allow us to boost the potential for both
income and total return. Strategies like these demonstrate the value that can be
added by an active bond manager such as Nuveen. As an experienced investment
manager knowledgeable about the unique aspects of the municipal market, we are
in the marketplace every day, monitoring market dynamics, looking for
opportunities, and capitalizing on them to the benefit of shareholders.
In our opinion, municipal bonds are currently one of the most compelling values
in the investment marketplace. Over the past 12 months, the value of these
quality investments has been enhanced by excellent municipal-to-Treasury ratios
as well as a market environment characterized by low interest rates and benign
inflation. With continued volatility in the equity markets and investors'
increasing awareness of the need for asset allocation rebalancing, the demand
for municipal bond funds is expected to grow. We believe that investors who take
advantage of current opportunities in the municipal market should be rewarded
with healthy returns and attractive yields in the months ahead.
<PAGE>
Nuveen Performance Plus Municipal Fund, Inc.
Performance Overview
As of April 30, 1999
NPP
Portfolio Statistics
Inception Date 6/89
- --------------------------------------------------
Share Price $15
- --------------------------------------------------
Net Asset Value $15.21
- --------------------------------------------------
Market Yield 6.00%
- --------------------------------------------------
Taxable-Equivalent Yield (Federal Only)(1) 8.70%
- --------------------------------------------------
Fund Net Assets ($000) $1,310,367
- --------------------------------------------------
Effective Maturity (Years) 16.81
- --------------------------------------------------
Leverage-Adjusted Duration 8.92
- --------------------------------------------------
Annualized Total Return
On Share Price On NAV
- --------------------------------------------------
1-Year 2.50% 6.90%
- --------------------------------------------------
5-Year 6.96% 7.38%
- --------------------------------------------------
Since Inception 7.04% 8.02%
- --------------------------------------------------
Taxable-Equivalent Total Return(2)
On Share Price On NAV
- --------------------------------------------------
1-Year 5.22% 9.70%
- --------------------------------------------------
5-Year 10.09% 10.53%
- --------------------------------------------------
Since Inception 10.20% 11.26%
- --------------------------------------------------
Top Five Sectors (as a % of total investments)
U.S. Guaranteed 30%
- --------------------------------------------------
Utilities 13%
- --------------------------------------------------
Tax Obligation/General 11%
- --------------------------------------------------
Healthcare 11%
- --------------------------------------------------
Tax Obligation/Limited 11%
- --------------------------------------------------
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen fund on an after-tax basis. The
federal only rate is based on the current market yield and a federal income
tax rate of 31%.
2 Taxable-equivalent total return is based on the annualized total return and a
federal income tax rate of 31%. It represents the return on a taxable
investment necessary to equal the return of the Nuveen fund on an after-tax
basis.
3 The Fund also paid shareholders capital gains and net ordinary income
distributions in December of $0.0172 per share.
Bar Chart:
1998-1999 Monthly Tax-Free Dividends Per Share(3)
5/98 0.078
6/98 0.078
7/98 0.078
8/98 0.078
9/98 0.078
10/98 0.078
11/98 0.075
12/98 0.075
1/99 0.075
2/99 0.075
3/99 0.075
4/99 0.075
Line Chart:
Share Price Performance
5/1/98 15.5
15.188
15.188
15.313
15.25
15.563
15.5
15.563
15.625
14.75
14.5
14.625
14.813
14.813
14.688
14.75
14.75
14.813
14.875
15
15.063
15.188
15.25
15.313
15.44
15.44
15.19
15.5
15.38
15.44
15.13
15.25
15.25
15.13
14.69
14.56
14.69
14.75
14.56
14.75
15
15.06
14.88
15
15
15.125
15
15
4/30/99 15
Weekly Closing Price
Past performance is not predictive of future results.
<PAGE>
Nuveen Municipal Advantage Fund, Inc.
Performance Overview
As of April 30, 1999
NMA
Portfolio Statistics
Inception Date 12/89
- --------------------------------------------------
Share Price $16
- --------------------------------------------------
Net Asset Value $15.57
- --------------------------------------------------
Market Yield 6.23%
- --------------------------------------------------
Taxable-Equivalent Yield (Federal Only)(1) 9.03%
- --------------------------------------------------
Fund Net Assets ($000) $966,581
- --------------------------------------------------
Effective Maturity (Years) 15.65
- --------------------------------------------------
Leverage-Adjusted Duration 7.95
- --------------------------------------------------
Annualized Total Return
On Share Price On NAV
- --------------------------------------------------
1-Year 7.19% 6.50%
- --------------------------------------------------
5-Year 8.18% 7.52%
- --------------------------------------------------
Since Inception 7.85% 8.43%
- --------------------------------------------------
Taxable-Equivalent Total Return(2)
On Share Price On NAV
- --------------------------------------------------
1-Year 10.09% 9.46%
- --------------------------------------------------
5-Year 11.37% 10.69%
- --------------------------------------------------
Since Inception 11.05% 11.71%
- --------------------------------------------------
Top Five Sectors (as a % of total investments)
U.S. Guaranteed 36%
- --------------------------------------------------
Healthcare 11%
- --------------------------------------------------
Utilities 10%
- --------------------------------------------------
Housing/Single Family 7%
- --------------------------------------------------
Transportation 7%
- --------------------------------------------------
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen fund on an after-tax basis. The
federal only rate is based on the current market yield and a federal income
tax rate of 31%.
2 Taxable-equivalent total return is based on the annualized total return and a
federal income tax rate of 31%. It represents the return on a taxable
investment necessary to equal the return of the Nuveen fund on an after-tax
basis.
Bar Chart:
1998-1999 Monthly Tax-Free Dividends Per Share
5/98 0.083
6/98 0.083
7/98 0.083
8/98 0.083
9/98 0.083
10/98 0.083
11/98 0.083
12/98 0.083
1/99 0.083
2/99 0.083
3/99 0.083
4/99 0.083
Line Chart:
Share Price Performance
5/1/98 15.938
15.938
15.75
15.938
15.938
16
16.063
16
16.063
16.313
16.188
16.25
16.125
16.25
16.063
16.125
16.063
15.938
15.688
15.875
15.875
16.438
16.313
16.313
15.75
15.81
16.06
16.25
16.25
16.44
16.38
16.5
16.44
16.56
16.5
16.06
16
16
16.19
16.5
16.44
16.44
16.5
16.56
16.63
16.56
16.44
16.13
4/30/99 16
Weekly Closing Price
Past performance is not predictive of future results.
<PAGE>
Nuveen Municipal Market Opportunity Fund, Inc.
Performance Overview
As of April 30, 1999
NMO
Portfolio Statistics
Inception Date 3/90
- --------------------------------------------------
Share Price $16 3/16
- --------------------------------------------------
Net Asset Value Per Share $15.70
- --------------------------------------------------
Market Yield 6.23%
- --------------------------------------------------
Taxable-Equivalent Yield (Federal Only)(1) 9.03%
- --------------------------------------------------
Fund Net Assets ($000) $1,011,832
- --------------------------------------------------
Effective Maturity (Years) 15.93
- --------------------------------------------------
Leverage-Adjusted Duration 6.48
- --------------------------------------------------
Annualized Total Return
On Share Price On NAV
- --------------------------------------------------
1-Year 8.17% 6.43%
- --------------------------------------------------
5-Year 8.69% 7.54%
- --------------------------------------------------
Since Inception 8.03% 8.52%
- --------------------------------------------------
Taxable-Equivalent Total Return(2)
On Share Price On NAV
- --------------------------------------------------
1-Year 11.09% 9.40%
- --------------------------------------------------
5-Year 11.88% 10.69%
- --------------------------------------------------
Since Inception 11.23% 11.76%
- --------------------------------------------------
Top Five Sectors (as a % of total investments)
U.S. Guaranteed 32%
- --------------------------------------------------
Tax Obligation/Limited 15%
- --------------------------------------------------
Transportation 13%
- --------------------------------------------------
Tax Obligation/General 8%
- --------------------------------------------------
Utilities 8%
- --------------------------------------------------
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen fund on an after-tax basis. The
federal only rate is based on the current market yield and a federal income
tax rate of 31%.
2 Taxable-equivalent total return is based on the annualized total return and a
federal income tax rate of 31%. It represents the return on a taxable
investment necessary to equal the return of the Nuveen fund on an after-tax
basis.
3 The Fund also paid shareholders capital gains distributions in December of
$0.0149 per share.
Bar Chart:
1998-1999 Monthly Tax-Free Dividends Per Share(3)
5/98 0.084
6/98 0.084
7/98 0.084
8/98 0.084
9/98 0.084
10/98 0.084
11/98 0.084
12/98 0.084
1/99 0.084
2/99 0.084
3/99 0.084
4/99 0.084
Share Price Performance
5/1/98 15.875
15.813
15.813
15.813
16.063
16
16.063
16.125
16.125
16.313
16.25
16.25
16.188
16.188
16.125
16.188
16.188
16.188
15.938
16
16
16.438
16.063
16.25
15.94
15.94
16.06
16.38
16.5
16.75
16.5
16.63
16.5
16.56
16.38
16
16.13
16.19
16.13
16.31
16.31
16.44
16.44
16.44
16.56
16.5
16.38
16.25
4/30/99 16.19
Weekly Closing Price
Past performance is not predictive of future results.
<PAGE>
<TABLE>
Portfolio of Investments
Nuveen Performance Plus Municipal Fund, Inc. (NPP)
April 30,1999
(Unaudited)
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Alabama - 1.9%
$ 3,615,000 Alabama Water Pollution Control Authority, Revolving Fund Loan Bonds, 8/05 at 100 AAA $ 4,061,344
Series 1994, 6.750%, 8/15/17
5,075,000 Jefferson County, Alabama, Sewer Revenue Refunding Warrants, 2/07 at 101 AAA 5,339,357
Series 1997-A, 5.625%, 2/01/22
15,000,000 Jefferson County, Alabama, Sewer Revenue Capital Improvement 2/09 at 101 AAA 16,017,300
Warrants, Series 1999-A, 5.750%, 2/01/38
Alaska - 0.1%
- -----------------------------------------------------------------------------------------------------------------------------------
1,255,000 Alaska Housing Finance Corporation, Collateralized Bonds, 6/00 at 102 AAA 1,291,345
1989 First Series (Veterans Mortgage Program), 7.450%, 12/01/29
Arizona - 0.5
- -----------------------------------------------------------------------------------------------------------------------------------
5,430,000 Yuma Regional Medical Center on Behalf of Hospital District No. 1 8/02 at 101 1/2 N/R*** 6,210,291
of Yuma County, Arizona, Hospital Revenue Improvement and
Refunding Bonds (Yuma Regional Medical Center Project), Series 1992,
8.000%, 8/01/17 (Pre-refunded to 8/01/02)
Arkansas - 1.1%
- -----------------------------------------------------------------------------------------------------------------------------------
7,775,000 Arkansas Development Finance Authority, Single Family Mortgage 1/07 at 102 AAA 8,204,102
Revenue Bonds, 1996 Series H, 6.100%, 7/01/30
(Alternative Minimum Tax)
3,210,000 Arkansas Development Finance Authority, Home Mortgage 7/08 at 101 1/2 AAA 3,264,474
Revenue Bonds, 1998 Series B, 5.300%, 7/01/27
(Alternative Minimum Tax)
3,200,000 City of North Little Rock, Arkansas, Health Facilities Board 12/06 at 101 AAA 3,302,528
(Baptist Health), Healthcare Revenue Bonds, Series 1996A,
5.500%, 12/01/21
California - 8.4%
- -----------------------------------------------------------------------------------------------------------------------------------
22,500,000 Alameda Corridor Transportation Authority, California, No Opt. Call AAA 4,146,975
Tax-Exempt Senior Lien Revenue Bonds, Series 1999A,
0.000%, 10/01/31
11,900,000 State Public Works Board of the State of California, Lease 9/00 at 102 AAA 12,589,605
Revenue Bonds (The Trustees of The California State University),
1990 Series A (California State University Library Projects),
6.250%, 9/01/16 (Pre-refunded to 9/01/00)
5,000,000 Mt. Diablo Hospital District, California, Insured Hospital 12/03 at 102 AAA 5,024,450
Revenue Bonds, 1993 Series A, 5.750%, 12/01/23
13,450,000 Ontario Redevelopment Financing Authority (San Bernardino No Opt. Call AAA 17,276,794
County, California), 1995 Revenue Refunding Bonds (Ontario
Redevelopment Project No.1), 7.200%, 8/01/17
20,420,000 Community Redevelopment Agency of the City of Palmdale, No Opt. Call AAA 24,161,557
Residential Mortgage Revenue Refunding Bonds, 1991 Series A,
7.150%, 2/01/10
2,325,000 Community Redevelopment Agency of the City of Palmdale, No Opt. Call AAA 3,152,212
Restructured Single Family Mortgage Revenue Bonds,
Series 1986D, 8.000%, 4/01/16 (Alternative Minimum Tax)
8,140,000 San Bernardino Joint Powers Financing Authority, 12/05 at 102 A1 8,389,410
Lease Revenue Bonds (State of California Department of
Transportation Lease), 1995 Series A, 5.500%, 12/01/20
10,000,000 San Bernardino County, California, Certificates of 8/05 at 102 AAA 11,057,300
Participation, Series 1995 (Medical Center Financing Project),
5.500%, 8/01/15 (Pre-refunded to 8/01/05)
4,075,000 Southern California Public Power Authority (Palo Verde Project), 7/03 at 102 A+*** 4,156,785
Power Project Revenue Bonds, 1993 Refunding Series A,
5.000%, 7/01/15
15,745,000 Walnut Valley Unified School District, Los Angeles County, 8/11 at 103 AAA 19,469,007
California, General Obligation Refunding Bonds, Series 1997A,
7.200%, 2/01/16
Colorado - 2.9%
- -----------------------------------------------------------------------------------------------------------------------------------
3,000,000 Colorado Health Facilities Authority, Revenue Bonds (National 1/08 at 101 A 2,965,170
Jewish Medical and Research Center Project),
Series 1998, 5.375%, 1/01/28
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Colorado (continued)
City and County of Denver, Colorado, Airport System Revenue Bonds,
Series 1992B:
$ 1,020,000 7.250%, 11/15/23 (Alternative Minimum Tax) 11/02 at 102 Aaa $ 1,155,782
(Pre-refunded to 11/15/02)
3,980,000 7.250%, 11/15/23 (Alternative Minimum Tax) at 102 BBB+ 4,372,945
City and County of Denver, Colorado, Airport System Revenue Bonds,
Series 1990A:
1,035,000 8.000%, 11/15/25 (Alternative Minimum Tax) 11/00 at 102 Aaa 1,124,279
(Pre-refunded to 11/15/00)
10,910,000 8.000%, 11/15/25 (Alternative Minimum Tax) 11/00 at 102 BBB+ 11,673,482
City and County of Denver, Colorado, Airport System Revenue Bonds,
Series 1991A:
1,715,000 8.750%, 11/15/23 (Alternative Minimum Tax) 11/01 at 102 Aaa 1,956,626
(Pre-refunded to 11/15/01)
4,755,000 8.750%, 11/15/23 (Alternative Minimum Tax) 11/01 at 102 BBB+ 5,306,009
955,000 8.000%, 11/15/25 (Alternative Minimum Tax) 11/01 at 100 Aaa 1,055,065
(Pre-refunded to 11/15/01)
2,640,000 8.000%, 11/15/25 (Alternative Minimum Tax) 11/01 at 100 BBB+ 2,851,939
City and County of Denver, Colorado, Airport System Revenue Bonds,
Series 1991D:
1,000,000 7.000%, 11/15/25 (Alternative Minimum Tax) 11/01 at 100 Aaa 1,081,220
(Pre-refunded to 11/15/01)
3,720,000 7.000%, 11/15/25 (Alternative Minimum Tax) 11/01 at 100 BBB+ 3,934,942
Florida - 2.5%
- -----------------------------------------------------------------------------------------------------------------------------------
705,000 Florida Housing Finance Agency, GNMA Collateralized Home 6/99 at 103 Aaa 726,813
Ownership Mortgage Revenue Bonds, 1988 Series G1 Bonds,
8.300%, 6/01/20 (Alternative Minimum Tax)
4,770,000 School Board of Orange County, Florida, Master Lease Program, 8/07 at 101 Aaa 4,888,391
Certificates of Participation, Series 1997A, 5.375%, 8/01/22
25,935,000 City of St. Petersburg Health Facilities Authority, Florida, 12/99 at 102 Aaa 27,118,155
Allegany Health System Revenue Bonds (St. Mary's Hospital, Inc.),
Series 1985 B, 7.750%, 12/01/15 (Pre-refunded to 12/01/99)
Georgia - 2.2%
- -----------------------------------------------------------------------------------------------------------------------------------
2,200,000 City of Atlanta, Georgia, General Obligation Refunding Bonds, 12/08 at 100 AAA 2,158,684
Series 1998, 5.000%, 12/01/23
5,000,000 City of Atlanta, Georgia, Water and Wastewater Revenue Bonds, No Opt. Call AAA 5,361,400
Series 1999A, 5.500%, 11/01/22
9,000,000 George L. Smith II, World Congress Center Authority, 7/00 at 102 Aaa 9,594,990
Revenue Bonds (Domed Stadium Project), Series 1990,
7.875%, 7/01/20 (Alternative Minimum Tax)
2,000,000 George L. Smith II, World Congress Center Authority, Refunding 7/10 at 101 AAA 2,002,980
Revenue Bonds (Domed Stadium Project), Series 2000,
5.500%, 7/01/20 (Alternative Minimum Tax) (DD, settling 4/04/00)
10,000,000 Development Authority of Monroe County, Georgia, Pollution 10/99 at 102 A+ 10,290,900
Control Revenue Bonds (Georgia Power Company Plant-Scherer
Project), Second Series 1994, 6.750%, 10/01/24
Illinois - 12.5%
- -----------------------------------------------------------------------------------------------------------------------------------
3,000,000 City of Chicago, General Obligation Library Bonds, Series 1997, 1/08 at 102 AAA 3,218,730
5.750%, 1/01/17
20,500,000 Chicago School Reform Board of Trustees of the Board of Education 12/07 at 102 AAA 20,451,825
of the City of Chicago, Illinois, Unlimited Tax General Obligation
Bonds (Dedicated Tax Revenues), Series 1997A, 5.250%, 12/01/30
Chicago School Reform Board of Trustees of the Board of Education
of the City of Chicago, Illinois, Unlimited Tax General Obligation Bonds
(Dedicated Tax Revenues), Series 1998A:
10,000,000 0.000%, 12/01/19 No Opt. Call AAA 3,420,300
63,800,000 0.000%, 12/01/22 No Opt. Call AAA 18,454,150
34,000,000 0.000%, 12/01/23 No Opt. Call AAA 9,308,520
Chicago School Reform Board of Trustees of the Board of Education
of the City of Chicago, Illinois, Unlimited Tax General Obligation Bonds
(Dedicated Tax Revenues), Series 1999A:
10,000,000 0.000%, 12/01/20 No Opt. Call AAA 3,239,800
30,160,000 0.000%, 12/01/22 No Opt. Call AAA 8,723,780
16,715,000 0.000%, 12/01/23 No Opt. Call AAA 4,576,233
5,000,000 City of Chicago, Illinois, Gas Supply Revenue Bonds, 5/00 at 102 AA- 5,309,400
1990 Series A (The Peoples Gas Light and Coke Company Project),
8.100%, 5/01/20 (Alternative Minimum Tax)
10,600,000 Illinois Development Finance Authority, Revenue and 2/00 at 102 Baa2*** 11,205,260
Refunding Bonds, Series 1990A (Columbus-Cuneo-Cabrini
Medical Center), 8.500%, 2/01/15 (Pre-refunded to 2/01/00)
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Illinois (continued)
Illinois Development Finance Authority, Multi-Family Housing
Revenue Bonds, Series 1992 (Town and Garden Apartments Project):
$ 5,435,000 7.800%, 3/01/06 (Alternative Minimum Tax) 3/02 at 102 BBB+ $ 5,880,072
5,960,000 7.200%, 9/01/08 (Alternative Minimum Tax) 3/02 at 102 BBB+ 6,355,088
1,000,000 Illinois Educational Facilities Authority, Revenue Bonds, Midwestern 5/08 at 101 A 1,021,140
University, Series 1998B, 5.500%, 5/15/18
10,000,000 Illinois Educational Facilities Authority, Adjustable Demand 12/03 at 102 Aa1*** 10,963,800
Revenue Bonds, The University of Chicago, Series 1985 Remarketed,
5.700%, 12/01/25 (Pre-refunded to 12/01/03)
12,910,000 Illinois Health Facilities Authority, Revenue Bonds, Series 1994A 8/04 at 102 AA 13,779,230
(Northwestern Memorial Hospital), 6.000%, 8/15/24
Illinois Health Facilities Authority, Revenue Bonds, Series 1989B
(Northwestern Memorial Hospital):
5,380,000 7.200%, 8/15/07 (Pre-refunded to 8/15/99) 8/99 at 102 Aaa 5,546,995
4,620,000 7.200%, 8/15/07 8/99 at 102 AA 4,760,587
4,000,000 Illinois Health Facilities Authority, Revenue Refunding Bonds, 8/09 at 101 A- 3,869,960
Series 1999 (Silver Cross Hospital and Medical Centers),
5.250%, 8/15/15
6,330,000 Illinois Health Facilities Authority, Revenue Refunding Bonds, 11/08 at 102 A 6,343,230
Series 1998 (Midwest Physician Group Ltd.), 5.500%, 11/15/19
Metropolitan Pier and Exposition Authority, Illinois, McCormick
Place Expansion Project, Refunding Bonds, Series 1996A:
16,570,000 0.000%, 12/15/20 No Opt. Call AAA 5,391,547
23,550,000 0.000%, 12/15/22 (DD) No Opt. Call AAA 6,843,630
23,575,000 0.000%, 12/15/23 (DD) No Opt. Call AAA 6,485,954
Indiana - 4.2%
- -----------------------------------------------------------------------------------------------------------------------------------
3,750,000 Fort Wayne International Airport, Air Trade Center Building 1/08 at 101 Aaa 3,588,825
Corporation, Allen County, Indiana, First Mortgage Bonds,
Series 1998, 5.000%, 1/15/20 (Alternative Minimum Tax)
5,000,000 Fort Wayne South Side School Building Corporation, First 1/04 at 102 AAA 5,556,200
Mortgage Bonds, Series 1994, Allen County, Indiana,
6.125%, 1/15/12 (Pre-refunded to 1/15/04)
5,250,000 Indiana Bond Bank, State Revolving Fund Program Bonds, 2/04 at 102 AAA 5,617,973
Series 1994A, Guarantee Revenue Bonds, 6.000%, 2/01/16
Indiana Health Facility Financing Authority, Revenue Bonds,
Series 1997 (Ancilla Systems Incorporated Obligated Group):
15,380,000 5.250%, 7/01/17 7/07 at 101 AAA 15,554,102
13,735,000 5.250%, 7/01/22 7/07 at 101 AAA 13,579,657
4,980,000 Indiana Municipal Power Agency, Special Obligation Bonds, 11/02 at 100 AAA 5,024,073
First Crossover Series and Power Supply System Refunding
Revenue Bonds, 1998 Series B, 5.300%, 1/01/16
(Pre-refunded to 11/26/02)
5,730,000 Michigan City School Building Corporation, First Mortgage Bonds, 12/04 at 102 AAA 6,370,958
Series 1994 A, LaPorte and Porter Counties, Indiana,
6.125%, 12/15/09
Iowa - 0.6%
- -----------------------------------------------------------------------------------------------------------------------------------
8,020,000 Iowa Finance Authority, Single Family Mortgage Revenue Bonds, 5/99 at 102 Aaa 8,193,874
1988 Issue B (GNMA Mortgage-Backed Securities Program),
8.250%, 5/01/20 (Alternative Minimum Tax)
Kansas - 0.1%
- -----------------------------------------------------------------------------------------------------------------------------------
1,430,000 Sedgwick, Shawnee and Leavenworth Counties, Kansas, 6/99 at 103 AAA 1,474,959
GNMA Collateralized Mortgage Revenue Bonds, 1989 Series A,
7.875%, 12/01/21 (Alternative Minimum Tax)
Kentucky - 0.9%
- -----------------------------------------------------------------------------------------------------------------------------------
10,000,000 County of Carroll, Kentucky, Collateralized Pollution Control 9/02 at 102 Aa2 11,201,100
Revenue Bonds (Kentucky Utilities Company Project),
1992 Series A, 7.450%, 9/15/16
Louisiana - 5.8%
- -----------------------------------------------------------------------------------------------------------------------------------
4,120,000 East Baton Rouge Mortgage Finance Authority, Single Family 12/00 at 103 Aaa 4,325,629
Mortgage Revenue Bonds (GNMA Mortgage-Backed Securities
Program), Series 1988F, 7.875%, 12/01/21 (Alternative Minimum Tax)
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Louisiana (continued)
$ 1,850,000 East Baton Rouge Mortgage Finance Authority, Single Family 10/07 at 102 Aaa $ 1,917,414
Mortgage Revenue Refunding Bonds (GNMA and FNMA
Mortgage-Backed Securities Program), Series 1996C-1,
5.750%, 10/01/26
5,035,000 East Baton Rouge Mortgage Finance Authority, Single Family 10/07 at 102 Aaa 5,218,475
Mortgage Revenue Refunding Bonds (GNMA and FNMA
Mortgage-Backed Securities Program), Series 1997B-1,
5.750%, 10/01/26
6,000,000 East Baton Rouge Mortgage Finance Authority (Composite 4/08 at 101 Aaa 6,068,460
Remarketing, Refunding and New Issue), Single Family
Mortgage Revenue Bonds (GNMA and FNMA Mortgage-Backed
Securities Program), Series 1998A, 5.450%, 10/01/30
(Alternative Minimum Tax)
5,490,000 Parish of Jefferson Home Mortgage Authority, Louisiana, 12/00 at 103 Aaa 5,760,547
GNMA Collateralized Single Family Mortgage Revenue Bonds,
Series 1989A, 7.875%, 12/01/21 (Alternative Minimum Tax)
35,700,000 Louisiana Stadium and Exposition District, Hotel Occupancy 7/06 at 102 AAA 39,870,474
Tax Bonds, Series 1996, 5.750%, 7/01/26
(Pre-refunded to 7/01/06)
5,630,000 New Orleans Housing Development Corporation, 6/03 at 100 AAA 6,058,218
Multi-Family Housing Revenue Refunding Bonds,
Series 1990A (Curran Place Apartments/Fannie Mae Collateralized),
7.700%, 8/01/23
6,500,000 City of Shreveport, State of Louisiana, Water and Sewer 6/03 at 103 AAA 7,111,845
Revenue Bonds, 1986 Series A, 5.950%, 12/01/14
Maine - 0.9%
- -----------------------------------------------------------------------------------------------------------------------------------
11,000,000 Maine State Housing Authority, Mortgage Purchase Bonds, 2/04 at 102 AA 11,196,130
1994 Series A, 5.700%, 11/15/26
Maryland - 1.2%
- -----------------------------------------------------------------------------------------------------------------------------------
7,475,000 Housing Opportunities Commission of Montgomery County, 7/04 at 102 Aaa 7,897,861
Maryland, Multi-Family Housing Revenue Bonds, 1994 Series A,
6.250%, 7/01/28
7,090,000 City of Takoma Park, Maryland, Hospital Facilities Refunding No Opt. Call AAA 8,409,449
and Improvement Revenue Bonds (Washington Adventist Hospital),
Series 1995, 6.500%, 9/01/12
Massachusetts - 4.2%
- -----------------------------------------------------------------------------------------------------------------------------------
10,065,000 City of Boston, Massachusetts, Revenue Bonds, Boston 8/00 at 102 Aaa 10,788,975
City Hospital (FHA-Insured Mortgage), Series A,
7.625%, 2/15/21 (Pre-refunded to 8/15/00)
14,375,000 Massachusetts Bay Transportation Authority, General 3/01 at 102 AAA 15,738,613
Transportation System Bonds, 1990 Series B,
7.875%, 3/01/21 (Pre-refunded to 3/01/01)
430,000 Massachusetts Municipal Wholesale Electric Company, No Opt. Call BBB+ 502,242
Power Supply System Revenue Bonds, 1987 Series A, 8.750%, 7/01/18
4,000,000 Massachusetts Health and Educational Facilities Authority, 7/99 at 102 A+*** 4,107,280
Revenue Bonds, Baystate Medical Center Issue, Series C,
7.500%, 7/01/20 (Pre-refunded to 7/01/99)
10,100,000 Massachusetts Health and Educational Facilities Authority, 7/02 at 102 AAA 11,041,926
Revenue Bonds, New England Medical Center Hospitals Issue,
Series F, 6.625%, 7/01/25
3,480,000 Massachusetts Housing Finance Agency, Multi-Family 8/99 at 102 AAA 3,568,218
Residential Development Bonds, 1989 Series A
(Fannie Mae Collateralized), 7.650%, 2/01/28
(Alternative Minimum Tax)
1,420,000 Massachusetts Health and Educational Facilities Authority, 7/08 at 101 Aaa 1,317,064
Revenue Bonds, Southcoast Health System Obligated Group Issue,
Series A, 4.750%, 7/01/27
8,000,000 Massachusetts Water Resources Authority, General 4/00 at 102 AAA 8,462,400
Revenue Bonds, 1990 Series A, 7.500%, 4/01/16
(Pre-refunded to 4/01/00)
Michigan - 3.8%
- -----------------------------------------------------------------------------------------------------------------------------------
17,000,000 School District of the City of Birmingham, County of Oakland, 11/07 at 100 AAA 16,029,130
State of Michigan, School Building and Site Bonds,
Series 1998, 4.750%, 11/01/24
9,500,000 City of Detroit, Michigan, Water Supply System Senior 7/07 at 101 AAA 9,318,360
Lien Revenue Bonds, Series 1997-A, 5.000%, 7/01/21
4,260,000 Grand Rapids Housing Corporation, Multi-Family Revenue 1/04 at 104 AAA 4,705,127
Refunding Bonds, Series 1992 (FHA - Insured Mortgage
Loan - Section 8 Assisted Elderly Project), 7.375%, 7/15/41
4,030,000 City of Hancock Hospital Finance Authority, FHA - Insured 8/08 at 100 AAA 4,128,171
Mortgage Hospital Revenue Bonds (Portage Health System, Inc.),
Series 1998, 5.450%, 8/01/47
15,000,000 Michigan Public Power Agency, Belle River Project Refunding 1/03 at 102 AAA 15,134,250
Revenue Bonds, 1993 Series A, 5.250%, 1/01/18
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Minnesota - 4.0%
$ 8,820,000 The Dakota County Housing and Redevelopment Authority, 4/04 at 102 AAA $ 9,417,467
Single Family Mortgage Revenue Bonds (Fannie Mae Mortgage -
Backed Securities Program), Series 1994A, 6.900%, 10/01/27
(Alternative Minimum Tax)
24,030,000 The Housing and Redevelopment Authority of the City of 11/15 at 103 AAA 29,802,487
Saint Paul, Minnesota, Sales Tax Revenue Refunding Bonds
(Civic Center Project), Series 1996, 7.100%, 11/01/23
Housing and Redevelopment Authority of the City of Saint Paul,
Minnesota, Single Family Mortgage Revenue Refunding Bonds
(Middle Income Program, Phase II FNMA Mortgage - Backed
Securities Program), Series 1995:
2,590,000 6.400%, 3/01/21 3/05 at 102 Aaa 2,751,771
9,655,000 6.800%, 3/01/28 3/05 at 102 19/32 Aaa 10,416,007
Mississippi - 1.0%
- -----------------------------------------------------------------------------------------------------------------------------------
9,750,000 Mississippi Business Finance Corporation, Pollution Control 10/03 at 102 BBB- 9,798,555
Revenue Refunding Bonds (System Energy Resources, Inc. Project),
Series 1998, 5.875%, 4/01/22
3,635,000 Mississippi Hospital Equipment and Facilities Authority, 1/07 at 102 A 3,823,875
Revenue Refunding Bonds, Series 1997B (Rush Medical Foundation
Project), 6.000%, 1/01/22
Missouri - 0.4%
- -----------------------------------------------------------------------------------------------------------------------------------
5,105,000 Missouri Housing Development Commission, Single Family 5/99 at 102 AAA 5,215,676
Mortgage Revenue Bonds (GNMA Mortgage Backed Securities
Program), 1988 Series A, 8.300%, 5/01/19 (Alternative Minimum Tax)
Montana - 0.4%
- -----------------------------------------------------------------------------------------------------------------------------------
5,000,000 Montana Higher Education Student Assistance Corporation, 12/08 at 101 A2 5,044,550
Student Loan Revenue Bonds, Subordinate Series 1998B,
5.500%, 12/01/31 (Alternative Minimum Tax)
Nevada - 1.3%
- -----------------------------------------------------------------------------------------------------------------------------------
10,505,000 State of Nevada, General Obligation - Limited Tax Bonds 5/06 at 101 AA*** 11,763,079
(Nevada Municipal Bond Bank-Project No. 52), Series July 1,
1996A, 6.000%, 5/15/21 (Pre-refunded to 5/15/06)
5,000,000 Washoe County, Nevada, Hospital Revenue Bonds 6/99 at 102 N/R*** 5,117,150
(Washoe Medical Center, Inc. Project), Series 1989A,
7.600%, 6/01/19 (Pre-refunded to 6/01/99)
New Hampshire - 0.2%
- -----------------------------------------------------------------------------------------------------------------------------------
3,070,000 The Industrial Development Authority of the State of 12/99 at 103 BBB- 3,212,172
New Hampshire, Pollution Control Revenue Bonds (The United
Illuminating Company Project), 1989 Series A, 8.000%, 12/01/14
(Alternative Minimum Tax)
New York - 11.1%
- -----------------------------------------------------------------------------------------------------------------------------------
9,295,000 Municipal Assistance Corporation for the City of New York, 7/99 at 102 Aa2*** 9,546,709
New York, Series 67 Bonds, 7.625%, 7/01/08 (Pre-refunded to 7/01/99)
5,000 The City of New York, General Obligation Bonds, 8/99 at 101 A- 5,110
Fiscal 1987 Series D, 8.500%, 8/01/08
The City of New York, General Obligation Bonds, Fiscal 1992 Series C:
7,900,000 6.625%, 8/01/14 (Pre-refunded to 8/01/02) 8/02 at 101 1/2 AAA 8,725,866
100,000 6.625%, 8/01/14 8/02 at 101 1/2 AAA 109,871
12,500,000 The City of New York, General Obligation Bonds, No Opt. Call A- 14,402,375
Fiscal 1997 Series A, Fixed Rate Tax - Exempt Bonds, 7.000%, 8/01/05
16,295,000 The City of New York, General Obligation Bonds, 2/06 at 101 1/2 A- 17,398,823
Fiscal 1996 Series F, 5.750%, 2/01/15
5,000,000 The City of New York, General Obligation Bonds, 4/09 at 101 AAA 4,852,600
Fiscal 1999 Series I, 5.000%, 4/15/29 (DD)
20,650,000 New York City Municipal Water Finance Authority, 6/06 at 101 AAA 22,194,414
Water and Sewer System Revenue Bonds, Fiscal 1996 Series B,
5.750%, 6/15/26
6,500,000 New York City Municipal Water Finance Authority, 6/99 at 101 1/2 A*** 6,628,245
Water and Sewer System Revenue Bonds, Fiscal 1990 Series A,
7.250%, 6/15/11 (Pre-refunded to 6/15/99)
4,350,000 Dormitory Authority of the State of New York, 5/00 at 102 Aaa 4,628,705
State University Educational Facilities Revenue Bonds,
Series 1990A, 7.700%, 5/15/12 (Pre-refunded to 5/15/00)
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
New York (continued)
$ 4,000,000 Dormitory Authority of the State of New York, State University 5/00 at 100 A- $ 4,095,480
Educational Facilities Revenue Bonds, Series 1990B,
6.000%, 5/15/17
2,070,000 Dormitory Authority of the State of New York, Insured Revenue 7/08 at 101 AAA 2,162,115
Bonds (853 Schools Program, 1998 Issue 1, Gateway-Longview, Inc.),
Insured Revenue Bonds, Series 1998A, 5.500%, 7/01/18
4,600,000 Dormitory Authority of the State of New York, Skidmore College, 8/08 at 101 AAA 4,146,808
Insured Revenue Bonds, Series 1998, 4.500%, 8/15/28
12,125,000 Dormitory Authority of the State of New York, Mental 2/09 at 101 AAA 11,584,104
Health Services Facilities Improvement Revenue Bonds,
Series 1999C, 4.750%, 8/15/19
4,000,000 New York State Medical Care Facilities Finance Agency, 2/00 at 102 AA 4,159,080
St. Luke's - Roosevelt Hospital Center, FHA - Insured Mortgage
Revenue Bonds, 1989 Series A, 7.375%, 2/15/19
14,750,000 New York State Medical Care Facilities Finance Agency, 2/04 at 102 AAA 15,335,133
Mental Health Services Facilities Improvement Revenue Bonds,
1993 Series F Refunding, 5.375%, 2/15/14
15,000,000 New York State Urban Development Corporation, Correctional 1/00 at 102 Aaa 15,691,350
Facilities Revenue Bonds, Series G, 7.250%, 1/01/14
(Pre-refunded to 1/01/00)
North Carolina - 0.4%
- -----------------------------------------------------------------------------------------------------------------------------------
5,000,000 North Carolina Municipal Power Agency, Number 1 Catawba 1/08 at 102 AAA 4,926,800
Electric Revenue Bonds, Series 1998A, 5.000%, 1/01/20
Ohio - 0.9%
- -----------------------------------------------------------------------------------------------------------------------------------
4,975,000 Ohio Housing Finance Agency, Single Family Mortgage 9/99 at 102 AAA 5,090,718
Revenue Bonds (GNMA Mortgage Backed Securities Program),
1989 Series A, 7.650%, 3/01/29 (Alternative Minimum Tax)
4,000,000 Ohio Water Development Authority, Solid Waste Disposal 9/08 at 102 N/R 4,078,600
Revenue Bonds (Bay Shore Power Project), Tax Exempt Series 1998A,
5.875%, 9/01/20 (Alternative Minimum Tax)
935,000 Toledo - Lucas County Port Authority, Development Revenue 11/99 at 102 N/R 960,301
Bonds (Northwest Ohio Bond Fund), Series 1989A,
8.250%, 11/15/04 (Alternative Minimum Tax)
240,000 Toledo - Lucas County Port Authority, Development No Opt. Call N/R 242,952
Revenue Bonds (Northwest Ohio Bond Fund), Series 1989C,
8.250%, 11/15/99 (Alternative Minimum Tax)
650,000 Toledo - Lucas County Port Authority, Development Revenue 5/00 at 102 N/R*** 688,675
Bonds (Northwest Ohio Bond Fund), Series 1989E, 8.375%, 5/15/05
(Alternative Minimum Tax) (Pre-refunded to 5/15/00)
950,000 Toledo - Lucas County Port Authority, Development Revenue 11/99 at 102 N/R 976,021
Bonds (Northwest Ohio Bond Fund), Series 1989F, 8.375%, 11/15/04
(Alternative Minimum Tax)
Oklahoma - 1.1%
- -----------------------------------------------------------------------------------------------------------------------------------
4,475,000 The Comanche County Hospital Authority, Lawton, Oklahoma, 7/99 at 102 AAA 4,599,360
Hospital Revenue Bonds, Series 1989, 8.050%, 7/01/16
(Pre-refunded to 7/01/99)
9,850,000 Oklahoma Industries Authority, Health Facilities Revenue Bonds 6/99 at 102 Aaa 10,081,180
(Sisters of Mercy Health System, St. Louis, Inc.), Series 1989 A,
7.500%, 6/01/18 (Pre-refunded to 6/01/99)
Oregon - 0.7%
- -----------------------------------------------------------------------------------------------------------------------------------
9,150,000 Port Saint Helens Pollution Control (Portland General Electric), No Opt. Call A3 9,263,552
Series 1985-B, Variable Rate Demand Bonds, 4.800%, 6/01/10
Pennsylvania - 2.5%
- -----------------------------------------------------------------------------------------------------------------------------------
Bethlehem Authority, Northampton and Lehigh Counties,
Pennsylvania, Guaranteed Water Revenue Bonds, Series of 1998:
3,125,000 0.000%, 5/15/22 No Opt. Call AAA 943,844
3,125,000 0.000%, 5/15/23 No Opt. Call AAA 893,969
3,135,000 0.000%, 5/15/24 No Opt. Call AAA 849,240
3,155,000 0.000%, 5/15/26 No Opt. Call AAA 762,532
4,145,000 0.000%, 11/15/26 No Opt. Call AAA 975,609
2,800,000 0.000%, 5/15/28 No Opt. Call AAA 608,412
3,000,000 0.000%, 11/15/28 No Opt. Call AAA 634,770
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Pennsylvania (continued)
$ 11,000,000 Delaware County Authority, Pennsylvania, Health System 11/08 at 102 AAA $ 10,583,980
Revenue Bonds, Catholic Health East Issue, Series 1998A,
4.875%, 11/15/18
4,500,000 Delaware County Industrial Development Authority, 1/08 at 102 A- 4,657,230
Pennsylvania, Refunding Revenue Bonds, Series A 1997
(Resource Recovery Facility), 6.200%, 7/01/19
5,250,000 Lehigh County Industrial Development Authority, Pollution 2/04 at 102 AAA 5,425,088
Control Revenue Refunding Bonds, 1994 Series A (Pennsylvania
Power and Light Company Project), 5.500%, 2/15/27
5,390,000 Pennsylvania Higher Educational Facilities Authority, 11/00 at 102 A*** 5,825,243
Commonwealth of Pennsylvania, Revenue Bonds (Thomas
Jefferson University - Jefferson Park Hospital), 1990 Series,
7.750%, 11/01/15 (Pre-refunded to 11/01/00)
South Carolina - 0.2%
- -----------------------------------------------------------------------------------------------------------------------------------
2,095,000 South Carolina State Housing Finance and Development 7/99 at 101 1/2 AA 2,138,429
Authority, Homeownership Mortgage Purchase Bonds, 1988 Series A,
8.600%, 7/01/19 (Alternative Minimum Tax)
Tennessee - 1.0%
- -----------------------------------------------------------------------------------------------------------------------------------
6,000,000 The Health and Educational Facilities Board of the 1/09 at 101 AAA 5,931,360
City of Johnson, Tennessee, Hospital Revenue Refunding and
Improvement Bonds, Series 1998C (Johnson City Medical Center
Hospital), 5.125%, 7/01/25
7,110,000 The Health, Educational and Housing Facility Board of the 1/03 at 103 AAA 7,518,612
City of Memphis, Tennessee, Multi-Family Mortgage Revenue
Refunding Bonds (Riverdale Plaza Apartments Project), Series 1993,
6.350%, 7/20/28
Texas - 10.4%
- -----------------------------------------------------------------------------------------------------------------------------------
11,800,000 City of Austin, Texas, Combined Utility Systems Revenue 11/02 at 100 AAA 12,457,378
Refunding Bonds, Series 1992, 5.750%, 11/15/16
25,000,000 Brazos River Authority, Texas, Collateralized Revenue Refunding 7/99 at 102 A2 25,670,750
Bonds (Houston Lighting and Power Company Project),
Series 1989A, 7.625%, 5/01/19
20,000,000 Dallas - Fort Worth International Airport Facility Improvement 11/00 at 102 Baa2 21,292,400
Corporation, American Airlines, Inc., Revenue Bonds, Series 1990,
7.500%, 11/01/25 (Alternative Minimum Tax)
4,380,000 Fort Worth Housing Finance Corporation, Home Mortgage Revenue 10/01 at 103 Aa 4,672,891
Refunding Bonds, Series 1991A, 8.500%, 10/01/11
4,250,000 Harris County Health Facilities Development Corporation, 10/99 at 102 AAA 4,399,558
Hospital Revenue Bonds (Texas Children's Hospital Project),
Series 1989A, 7.000%, 10/01/19 (Pre-refunded to 10/01/99)
650,000 Hidalgo County Housing Finance Corporation, Florida, 4/04 at 102 Aaa 688,539
Single Family Mortgage Revenue Bonds (GNMA and FNMA
Collateralized), Series 1994A, 6.750%, 10/01/15
(Alternative Minimum Tax)
3,885,000 Houston Independent School District, Public Facility No Opt. Call AAA 1,346,153
Corporation, Harris County, Texas, Lease Revenue Bonds
(Cesar E. Chavez High School), Series 1998A, 0.000%, 9/15/19
1,690,000 City of Laredo, Texas, Webb County, Combination Tax and 2/08 at 100 AAA 1,569,199
Sewer System, Revenue Certificates of Obligation, Series 1998A,
4.500%, 2/15/18
Leander Independent School District, Williamson and Travis
Counties, Texas, Unlimited Tax School Building and Refunding
Bonds, Series 1998:
4,930,000 0.000%, 8/15/20 8/06 at 46 15/32 AAA 1,566,606
3,705,000 0.000%, 8/15/22 8/06 at 41 5/16 AAA
1,825,000 The Lubbock Housing Finance Corporation, Texas, 6/07 at 102 AAA 1,948,717
Single Family Mortgage Revenue Refunding Bonds (GNMA
Mortgage Backed Securities Program), Series 1997A, 6.125%, 12/01/17
25,200,000 Matagorda County Navigation District Number One, Texas, 7/99 at 102 AAA 25,863,768
Collateralized Revenue Refunding Bonds (Houston Lighting and
Power Company Project), Series 1989C, 7.125%, 7/01/19
13,740,000 McAllen Health Facilities Development Corporation, Texas, 6/99 at 102 Aaa 14,059,592
Health Facilities Revenue Bonds (Sisters of Mercy Health System,
St. Louis, Inc), Series 1989A, 7.250%, 6/01/15
(Pre-refunded to 6/01/99)
6,050,000 City of San Antonio, Texas, Electric and Gas Systems Revenue 2/09 at 100 Aa1 5,572,050
Refunding Bonds, New Series 1998A, 4.500%, 2/01/21
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Texas (continued)
$ 9,570,000 State of Texas, Veterans General Obligation Bonds, Series 1985, 12/99 at 100 AAA $ 9,849,540
8.300%, 12/01/16 (Pre-refunded to 12/01/99)
4,000,000 Tyler Health Facilities Development Corporation, Texas, 2/09 at 102 AAA 4,003,120
Hospital Revenue Bonds (East Texas Medical Center Regional
Healthcare System Project), Series 1997D (Remarketed), 5.375%, 11/01/27
Utah - 1.0%
- -----------------------------------------------------------------------------------------------------------------------------------
13,000,000 Utah County, Utah, Hospital Revenue Bonds, Series 1997 8/07 at 101 AAA 12,906,140
(IHC Health Services, Inc.), 5.250%, 8/15/21
Vermont - 0.9%
- -----------------------------------------------------------------------------------------------------------------------------------
11,000,000 Vermont Housing Finance Agency, Single Family Housing Bonds, 11/04 at 102 A+ 11,893,860
Series 5, 7.000%, 11/01/27 (Alternative Minimum Tax)
Virginia - 0.9%
- -----------------------------------------------------------------------------------------------------------------------------------
10,865,000 Fairfax County Water Authority, Virginia, Water Revenue Bonds, 1/00 at 102 AAA 11,364,355
Series 1989, 7.250%, 1/01/27 (Pre-refunded to 1/01/00)
Washington - 5.8%
- -----------------------------------------------------------------------------------------------------------------------------------
2,815,000 Grant County Public Utility District 2, Wanapum Hydro Electric 1/06 at 102 AAA 2,932,301
Revenue Bonds, Series 1997A, Master Lease Program,
5.625%, 1/01/26
Washington Public Power Supply System, Nuclear Project No. 1,
Refunding Revenue Bonds, Series 1989A:
22,305,000 7.500%, 7/01/15 (Pre-refunded to 7/01/99) 7/99 at 102 AAA 22,903,219
17,985,000 7.500%, 7/01/15 (Pre-refunded to 7/01/99) 7/99 at 102 Aaa 18,467,357
7,500,000 6.000%, 7/01/17 (Pre-refunded to 7/01/99) 7/99 at 100 Aa1*** 7,533,900
16,000,000 Washington Public Power Supply System, Nuclear Project No. 1, 7/03 at 102 AAA 16,665,440
Series 1993A, 5.700%, 7/01/17
2,560,000 Washington Public Power Supply System, Nuclear No Opt. Call Aaa 2,833,586
Project No. 2, Revenue Bonds, Series 1981A, 14.375%, 7/01/01
4,000,000 Washington Public Power Supply System, Nuclear Project No. 3, 7/03 at 102 Aa1 4,153,439
Refunding Revenue Bonds, Series 1993B, 5.700%, 7/01/18
West Virginia - 0.3%
- -----------------------------------------------------------------------------------------------------------------------------------
2,105,000 West Virginia Housing Development Fund, Housing Finance Bonds, 5/02 at 102 AAA 2,175,938
1992 Series C, 7.200%, 11/01/18 (Alternative Minimum Tax)
1,105,000 West Virginia Housing Development Fund, Housing Finance Bonds, 5/02 at 102 AAA 1,146,249
1992 Series B, 7.200%, 11/01/20 (Alternative Minimum Tax)
Wisconsin - 1.6%
- -----------------------------------------------------------------------------------------------------------------------------------
13,400,000 Wisconsin Health and Educational Facilities Authority, Revenue 8/03 at 102 AAA 13,226,871
Bonds, Series 1993 (Aurora Health Care Obligated Group),
5.250%, 8/15/23
7,490,000 Wisconsin Health and Educational Facilities Authority, Revenue 7/08 at 103 N/R 7,411,204
Bonds, Series 1998 (Agnesian Healthcare, Inc.), 6.100%, 1/01/28
- -----------------------------------------------------------------------------------------------------------------------------------
$ 1,449,545,000 Total Investments - (cost $1,239,508,539) - 99.9% 1,309,026,357
===============
Other Assets Less Liabilities - 0.1% 1,340,578
-------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $1,310,366,935
===================================================================================================================
* Optional Call Provisions: Dates (month and year) and prices of the earliest
optional call or redemption. There may be other call provisions at varying
prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
*** Securities are backed by an escrow or trust containing sufficient U.S.
government or U.S. government agency securities which ensures the timely
payment of principal and interest. Securities are normally considered to be
equivalent to AAA rated securities.
N/R Investment is not rated.
(DD) Security purchased on a delayed delivery basis (note 1).
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
Portfolio of Investments
Nuveen Municipal Advantage Fund, Inc. (NMA)
April 30,1999
(Unaudited)
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Alabama - 0.6%
$ 6,000,000 Jefferson County, Alabama, Sewer Revenue Capital Improvement 2/09 at 101 AAA $ 5,786,460
Warrants, Series 1999-A, 5.000%, 2/01/33
Alaska - 0.4%
- -----------------------------------------------------------------------------------------------------------------------------------
3,700,000 Alaska Housing Finance Corporation, General Housing Purpose 12/02 at 102 Aa2*** 4,110,737
Bonds, 1992 Series A, 6.600%, 12/01/23 (Pre-refunded to 12/01/02)
California - 11.8%
- -----------------------------------------------------------------------------------------------------------------------------------
5,000,000 California Health Facilities Financing Authority, Kaiser Permanente 10/08 at 102 A 4,863,550
Revenue Bonds, Series 1998B, 5.000%, 10/01/18
4,500,000 California Health Facilities Financing Authority, Insured Health 5/00 at 102 A+*** 4,755,015
Facilities Revenue Bonds (ValleyCare Hospital Corporation),
1989 Series A, 7.000%, 5/01/20 (Pre-refunded to 5/01/00)
24,260,000 State Public Works Board of the State of California, 6/03 at 102 Aa3 25,087,751
Lease Revenue Refunding Bonds (The Regents of the University
of California), 1993 Series A (Various University of California Projects),
5.500%, 6/01/21
7,535,000 County of Contra Costa, California, 1989 Home Mortgage Revenue No Opt. Call AAA 9,970,387
Bonds (GNMA Mortgage Backed Securities Program),
7.750%, 5/01/22 (Alternative Minimum Tax)
City of Duarte, California, Certificates of Participation, City
of Hope National Medical Center, Series 1999A:
1,800,000 5.000%, 4/01/13 4/09 at 101 BBB+ 1,779,318
5,000,000 5.250%, 4/01/31 4/09 at 101 BBB+ 4,856,600
10,455,000 Department of Water and Power of the City of Los Angeles, 11/03 at 102 Aa3 9,973,025
Electric Plant Refunding Revenue Bonds, Second Issue of 1993,
4.750%, 11/15/19
10,000,000 Department of Water and Power of the City of Los Angeles, 5/01 at 102 AA 10,688,700
Water Works Refunding Revenue Bonds, Issue of 1992, 6.400%, 5/15/28
14,490,000 Palm Desert Financing Authority, Tax Allocation Revenue 8/02 at 102 AAA 15,718,172
Bonds (Project Area No. 2), 1992 Series A, 6.125%, 8/01/22
5,000,000 Community Redevelopment Agency of the City of Palmdale, No Opt. Call AAA 6,329,700
California, Residential Mortgage Revenue Refunding Bonds,
Series 1991-B, 7.375%, 2/01/12
5,000,000 Community Redevelopment Agency of the City of Palmdale, No Opt. Call AAA 6,773,050
California, Single Family Mortgage Revenue Bonds, Series 1986A
Restructured, 8.000%, 3/01/16 (Alternative Minimum Tax)
9,315,000 City of Perris, California, Single Family Mortgage Revenue No Opt. Call AAA 12,606,455
Bonds (GNMA Mortgage Backed Securities), 1989 Series A,
7.600%, 1/01/23 (Alternative Minimum Tax)
Colorado - 1.0%
- -----------------------------------------------------------------------------------------------------------------------------------
City and County of Denver, Colorado, Airport System Revenue Bonds,
Series 1990A:
815,000 8.500%, 11/15/23 (Alternative Minimum Tax) 11/00 at 102 Aaa 891,308
(Pre-refunded to 11/15/00)
8,575,000 8.500%, 11/15/23 (Alternative Minimum Tax) 11/00 at 102 BBB+ 9,238,191
District of Columbia - 2.0%
- -----------------------------------------------------------------------------------------------------------------------------------
5,000,000 District of Columbia, General Obligation Bonds, Series 1998B, No Opt. Call AAA 5,625,450
6.000%, 6/01/19
6,585,000 District of Columbia Housing Finance Agency, Collateralized Single 12/04 at 103 AAA 6,993,204
Family Mortgage Revenue Bonds, Series 1988F-1, 6.375%, 6/01/26
(Alternative Minimum Tax)
6,385,000 District of Columbia Housing Finance Agency, Single 6/07 at 102 AAA 6,686,053
Family Revenue Bonds, Series 1997-B, 5.900%, 12/01/28
(Alternative Minimum Tax)
Florida - 2.2%
- -----------------------------------------------------------------------------------------------------------------------------------
5,000,000 Dade County, Florida, Educational Facilities Authority, Revenue 1/00 at 102 N/R*** 5,242,200
Bonds, Series 1990 (St. Thomas University Issue), 7.650%, 1/01/14
(Pre-refunded to 1/01/00)
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Florida (continued)
$ 5,065,000 Dade County Health Facilities Authority, Hospital Revenue 2/00 at 102 A+*** $ 5,322,049
Bonds (South Shore Hospital and Medical Center, FHA-Insured
Mortgage), Series 1989A, 7.600%, 8/01/24 (Pre-refunded to 2/01/00)
10,990,000 City of Tampa, Florida, Allegany Health System Revenue Bonds, 12/03 at 102 AAA 11,043,741
St. Mary's Hospital, Inc. Issue, Series 1993, 5.125%, 12/01/23
Hawaii - 0.4%
- -----------------------------------------------------------------------------------------------------------------------------------
3,750,000 Housing Finance and Development Corporation, State of Hawaii, 7/07 at 102 Aa1 3,866,175
Single Family Mortgage Purchase Revenue Bonds, 1997 Series A,
5.750%, 7/01/30 (Alternative Minimum Tax)
Illinois - 8.4%
- -----------------------------------------------------------------------------------------------------------------------------------
15,000,000 Chicago School Reform Board of Trustees of the Board of No Opt. Call AAA 3,886,200
Education of the City of Chicago, Illinois, Unlimited Tax General
Obligation Bonds (Dedicated Tax Revenues), Series 1998A,
0.000%, 12/01/24
10,750,000 Illinois Development Finance Authority, Revenue and Refunding 2/00 at 102 Baa2*** 11,363,825
Bonds, Series 1990A (Columbus-Cuneo-Cabrini Medical Center),
8.500%, 2/01/15 (Pre-refunded to 2/01/00)
5,625,000 Illinois Educational Facilities Authority, Adjustable Demand 12/03 at 102 Aa1*** 6,167,138
Revenue Bonds, The University of Chicago, Series 1985 Remarketed,
5.700%, 12/01/25 (Pre-refunded to 12/01/03)
10,115,000 Illinois Health Facilities Authority, Revenue Refunding Bonds, 11/06 at 102 AAA 11,226,133
Series 1996A (Rush-Presbyterian St. Luke's Medical Center
Obligated Group), 6.250%, 11/15/20
5,000,000 Illinois Health Facilities Authority, Revenue Refunding Bonds, 8/99 at 102 N/R*** 5,162,700
Series 1989A (ServantCor), 7.875%, 8/15/19 (Pre-refunded to 8/15/99)
11,000,000 Illinois Health Facilities Authority, Revenue Bonds, Series 1989B 8/99 at 102 N/R*** 11,357,940
(ServantCor), 7.875%, 8/15/19 (Pre-refunded to 8/15/99)
7,905,000 Illinois Health Facilities Authority, Revenue Refunding Bonds, 11/99 at 100 A*** 8,038,595
Series 1989B (Riverside Medical Center), 6.750%, 11/01/15
(Pre-refunded to 11/01/99)
11,800,000 Metropolitan Pier and Exposition Authority, Illinois, McCormick 6/03 at 102 Aaa 13,233,700
Place Expansion Project Bonds, Series 1992A, 6.500%, 6/15/27
(Pre-refunded to 6/15/03)
7,375,000 Metropolitan Pier and Exposition Authority, Illinois, McCormick No Opt. Call AAA 7,855,481
Place Expansion Project Refunding Bonds, Series 1998A,
5.500%, 12/15/23
2,500,000 Regional Transportation Authority, Cook, DuPage, Kane, Lake, No Opt. Call AAA 3,198,200
McHenry and Will Counties, Illinois, General Obligation Bonds,
Series 1990A, 7.200%, 11/01/20
Indiana - 3.3%
- -----------------------------------------------------------------------------------------------------------------------------------
7,425,000 Fort Wayne International Airport Building Corporation, 1/04 at 101 Aa 7,810,803
Airport Improvement Bonds, Series 1994, Fort Wayne, Indiana,
5.900%, 1/01/14 (Alternative Minimum Tax)
5,000,000 Indiana Health Facility Financing Authority, Hospital Revenue 5/09 at 101 Aaa 4,785,300
Bonds, Series 1999A (Sisters of St. Francis Health Services, Inc.
Project), 5.000%, 11/01/29
9,000,000 Indiana Health Facility Financing Authority, Hospital Revenue 5/06 at 102 AAA 9,403,650
Refunding and Improvement Bonds, Series 1995 (Community
Hospitals Projects), 5.700%, 5/15/22
6,075,000 LaGrange County Jail Building Corporation, First Mortgage 10/09 at 101 A3 6,180,098
Jail Bonds, Series 1998 (LaGrange County, Indiana), 5.400%, 10/01/21
3,215,000 Mooresville Consolidated School Building Corporation, First 1/04 at 102 A*** 3,595,527
Mortgage Bonds, Series 1994B (Morgan County, Indiana),
6.400%, 7/15/15 (Pre-refunded to 1/15/04)
Iowa - 0.9%
- -----------------------------------------------------------------------------------------------------------------------------------
4,470,000 Iowa Finance Authority, Single Family Mortgage Bonds, 1/05 at 102 AAA 4,743,877
1995 Series C, 6.450%, 1/01/24
3,500,000 City of Marshalltown, Iowa, Pollution Control Revenue Refunding 11/03 at 102 AAA 3,601,010
Bonds (Iowa Electric Light and Power Company Project), Series 1993,
5.500%, 11/01/23
Louisiana - 2.0%
- -----------------------------------------------------------------------------------------------------------------------------------
4,970,000 Louisiana Stadium and Exposition District, Hotel Occupancy 7/09 at 102 AAA 4,822,341
Tax Refunding Bonds, Series 1998B, 5.000%, 7/01/26
10,000,000 Louisiana Public Facilities Authority, Extended Care Facilities No Opt. Call BBB 14,044,800
Revenue Bonds (Comm-Care Corporation Project), Series 1994,
11.000%, 2/01/14
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Massachusetts - 7.6%
$ 1,000,000 City of Boston, Massachusetts, General Obligation Bonds, 2/00 at 102 Aa3*** $ 1,049,820
1990 Series A, 7.375%, 2/01/10 (Pre-refunded to 2/01/00)
Massachusetts Bay Transportation Authority, General Transportation
System Bonds, 1990 Series A:
5,000,000 7.000%, 3/01/10 (Pre-refunded to 3/01/00) 3/00 at 100 Aaa 5,155,150
3,500,000 7.625%, 3/01/15 (Pre-refunded to 3/01/00) 3/00 at 102 Aaa 3,694,040
13,915,000 Massachusetts Health and Educational Facilities Authority, 4/00 at 102 AAA 14,689,091
Revenue Bonds, Capital Asset Program Issue, Series F,
7.300%, 10/01/18 (Pre-refunded to 4/01/00)
7,415,000 Massachusetts Health and Educational Facilities Authority, 7/00 at 102 AAA 7,944,431
Revenue Bonds, Emerson Hospital Issue, Series C, 8.000%, 7/01/18
(Pre-refunded to 7/01/00)
7,000,000 Massachusetts Health and Educational Facilities Authority, 1/09 at 101 AAA 6,734,630
Revenue Bonds, Brandeis University Issue, Series I, 5.000%, 7/01/28
1,045,000 Massachusetts Housing Finance Agency, Residential Housing 8/99 at 102 A- 1,070,989
Revenue Bonds, 1988 Series B, 8.100%, 8/01/23
(Alternative Minimum Tax)
10,300,000 Massachusetts Industrial Finance Agency, Resource Recovery 7/01 at 103 N/R 11,383,251
Revenue Bonds (SEMASS Project), Series 1991A, 9.000%, 7/01/15
Massachusetts Water Resources Authority, General Revenue Bonds,
1990 Series A:
8,770,000 7.625%, 4/01/14 (Pre-refunded to 4/01/00) 4/00 at 102 AAA 9,286,816
11,535,000 7.500%, 4/01/16 (Pre-refunded to 4/01/00) 4/00 at 102 AAA 12,201,723
Michigan - 3.3%
- -----------------------------------------------------------------------------------------------------------------------------------
Chippewa Valley Schools, County of Macomb, State of Michigan,
1998 School Building and Site and Refunding Bonds:
9,740,000 4.750%, 5/01/23 5/08 at 100 AAA 9,213,163
11,175,000 5.000%, 5/01/27 5/08 at 100 AAA 10,887,467
The Economic Development Corporation of the City of Lapeer,
Limited Obligation Revenue Bonds (Lapeer Health Services Corporation
Project), Series 1990:
2,915,000 8.250%, 2/01/04 (Pre-refunded to 2/01/00) 2/00 at 102 BBB*** 3,076,141
3,000,000 8.500%, 2/01/12 (Pre-refunded to 2/01/00) 2/00 at 102 BBB*** 3,171,300
2,000,000 8.625%, 2/01/20 (Pre-refunded to 2/01/00) 2/00 at 102 BBB*** 2,116,020
4,000,000 Michigan State Hospital Finance Authority, Hospital Revenue 8/08 at 101 BBB 3,628,880
Bonds (The Detroit Medical Center Obligated Group), Series 1998A,
5.250%, 8/15/28
Minnesota - 0.9%
- -----------------------------------------------------------------------------------------------------------------------------------
Minneapolis/Saint Paul Housing Finance Board, Single Family Mortgage
Revenue Bonds (Minneapolis/Saint Paul Housing Program, Phase VIII),
Series 1990A:
460,000 7.750%, 8/01/10 (Alternative Minimum Tax) 2/00 at 102 AA+ 474,596
2,505,000 8.000%, 82/01/23 (Alternative Minimum Tax) 2/00 at 102 AA+ 2,585,335
3,275,000 Minneapolis Community Development Agency, Limited Tax Supported 6/99 at 102 A- 3,354,059
Development Revenue Bonds, Series 1988-1, 8.750%, 12/01/17
(Alternative Minimum Tax)
2,435,000 Minneapolis Community Development Agency, Limited Tax 12/99 at 102 A- 2,523,147
Supported Development Revenue Bonds, Series 1989-1,
8.250%, 6/01/19 (Alternative Minimum Tax)
Mississippi - 1.5%
- -----------------------------------------------------------------------------------------------------------------------------------
5,245,000 Coahoma - Clarksdale Housing Development Corporation, 8/03 at 100 AAA 5,636,959
1990 Multifamily Mortgage Revenue Refunding Bonds (Gooden
Estates and McLaurin Arms Project), Series B, 8.000%, 8/01/24
1,585,000 Greenwood - Leflore Housing Development Corporation, 2/01 at 100 AA- 1,627,526
1990 Multifamily Mortgage Revenue Refunding Bonds (Ivory
Apartment Project), Series D, 7.950%, 2/01/22
2,610,000 Greenwood - Leflore Housing Development Corporation, 8/01 at 100 AA- 2,698,740
1990 Multifamily Mortgage Revenue Refunding Bonds (Bishop
Apartment Project), Series B, 7.950%, 8/01/22
2,650,000 Greenwood - Leflore Housing Development Corporation, 6/02 at 100 AA- 2,777,465
1990 Multifamily Mortgage Revenue Refunding Bonds (Jones
Apartment Projects), Series C, 7.950%, 8/01/22
1,665,000 Greenwood - Leflore Housing Development Corporation, 3/02 at 100 AA- 1,739,059
1990 Multifamily Mortgage Revenue Refunding Bonds (McNeace
Apartment Projects), Series A, 7.950%, 8/01/22
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Montana - 1.7%
$ 15,595,000 Montana Board of Housing, Single Family Program Bonds, 12/05 at 102 AA+ $ 16,533,351
1995 Series B (Federally Insured or Guaranteed Mortgage Loan),
6.400%, 12/01/27 (Alternative Minimum Tax)
Nevada - 0.5%
- -----------------------------------------------------------------------------------------------------------------------------------
4,500,000 Nevada Housing Division, Single Family Mortgage Bonds, 4/07 at 102 Aaa 4,633,425
1997 Series C-2 Senior Bonds, 5.750%, 4/01/29
(Alternative Minimum Tax)
New Hampshire - 1.3%
- -----------------------------------------------------------------------------------------------------------------------------------
3,000,000 Business Finance Authority of the State of New Hampshire, 12/04 at 102 AAA 3,360,030
Water Facility Revenue Bonds (Pennichuck Water Works, Inc.),
1994 Issue, Series A, 6.350%, 12/01/19
1,900,000 Business Finance Authority of the State of New Hampshire, 12/04 at 102 AAA 2,124,276
Water Facility Revenue Bonds (Pennichuck Water Works, Inc.),
Series B, 6.450%, 12/01/16 (Alternative Minimum Tax)
4,105,000 New Hampshire Housing Finance Authority, Single Family 7/99 at 102 Aa 4,204,300
Residential Mortgage Bonds, 1989 Series A, 7.900%, 7/01/22
(Alternative Minimum Tax)
2,670,000 New Hampshire Housing Finance Authority, Single Family 7/00 at 102 Aa 2,775,171
Residential Mortgage Bonds, 1990 Series A, 7.950%, 7/01/22
(Alternative Minimum Tax)
New Jersey - 1.1%
- -----------------------------------------------------------------------------------------------------------------------------------
8,750,000 New Jersey Turnpike Authority, Turnpike Revenue Bonds, No Opt. Call AAA 10,432,625
Series 1991C, 6.500%, 1/01/16
New Mexico - 0.2%
- -----------------------------------------------------------------------------------------------------------------------------------
2,155,000 New Mexico Mortgage Finance Authority, Single Family 7/07 at 102 AAA 2,216,805
Mortgage Program Bonds, 1997 Series F-2 Bonds, 5.700%, 7/01/29
(Alternative Minimum Tax)
New York - 11.6%
- -----------------------------------------------------------------------------------------------------------------------------------
8,000,000 The City of New York, General Obligation Bonds, No Opt. Call A- 9,636,320
Fiscal 1991 Series B, 9.500%, 6/01/03
The City of New York, General Obligation Bonds, Fiscal 1997 Series G:
95,000 6.000%, 10/15/26 (Pre-refunded to 10/15/07) 10/07 at 101 A-*** 107,699
9,905,000 6.000%, 10/15/26 10/07 at 101 A- 10,814,675
The City of New York, General Obligation Bonds, Fiscal 1999 Series H:
5,000,000 5.250%, 3/15/12 3/09 at 101 A- 5,213,100
5,000,000 5.250%, 3/15/16 3/09 at 101 A- 5,081,500
4,605,000 Dormitory Authority of the State of New York, United Health 2/00 at 102 N/R*** 4,828,803
Services, Inc., FHA-Insured Mortgage Revenue Bonds, Series 1989,
7.350%, 8/01/29 (Pre-refunded to 2/01/00)
26,000,000 Dormitory Authority of the State of New York, City University 7/00 at 102 Aaa 27,758,120
System Consolidated Revenue Bonds, Series 1990A,
7.625%, 7/01/20 (Pre-refunded to 7/01/00)
19,965,000 Dormitory Authority of the State of New York, State University 5/00 at 102 Aaa 21,244,158
Educational Facilities Revenue Bonds, Series 1990A,
7.700%, 5/15/12 (Pre-refunded to 5/15/00)
New York State Housing Finance Agency, Health Facilities Revenue
Bonds, New York City, 1990 Series A Refunding:
16,315,000 8.000%, 11/01/08 (Pre-refunded to 11/01/00) 11/00 at 102 AAA 17,709,280
3,885,000 8.000%, 11/01/08 11/00 at 102 BBB+ 4,135,233
5,000,000 New York State Medical Care Facilities Finance Agency, 2/00 at 102 AAA 5,259,750
St. Luke's - Roosevelt Hospital Center, FHA-Insured Mortgage
Revenue Bonds, 1989 Series B, 7.450%, 2/15/29
(Pre-refunded to 2/15/00)
North Carolina - 1.9%
- -----------------------------------------------------------------------------------------------------------------------------------
5,000,000 North Carolina Medical Care Commission, Health Care Revenue 10/08 at 101 AAA 4,868,300
Bonds (Novant Health Project), Series 1998B, 5.000%, 10/01/28
13,565,000 North Carolina Eastern Municipal Power Agency, Power 1/03 at 100 AAA 13,809,306
System Revenue Bonds, Refunding Series 1993 B, 5.500%, 1/01/17
North Dakota - 1.1%
- -----------------------------------------------------------------------------------------------------------------------------------
10,000,000 City of Grand Forks, North Dakota, Sales Tax Revenue Bonds 12/07 at 100 AAA 10,522,400
(The Aurora Project), Series 1997A, 5.625%, 12/15/29
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Oklahoma - 2.7%
$ 10,480,000 Central Oklahoma Transportation and Parking Authority, 7/06 at 100 AAA $ 10,676,605
Oklahoma City, Oklahoma, Parking System Revenue and Refunding
Bonds, Series 1996, 5.250%, 7/01/16
1,120,000 Cleveland County Home Loan Authority, Oklahoma, Single Family 8/01 at 102 A1 1,189,373
Mortgage Revenue Refunding Bonds, Series 1992, 8.375%, 2/01/12
13,615,000 Trustees of the Tulsa Municipal Airport Trust, Revenue Bonds, 6/01 at 102 Baa2 14,679,693
Series 1991, 7.600%, 12/01/30 (Alternative Minimum Tax)
Pennsylvania - 3.0%
- -----------------------------------------------------------------------------------------------------------------------------------
3,500,000 Pennsylvania Housing Finance Agency, Rental Housing 7/03 at 102 AAA 3,698,905
Refunding Bonds, Issue 1993, 5.800%, 7/01/18
12,000,000 Philadelphia Authority for Industrial Development, 7/08 at 101 AAA 11,503,800
Airport Revenue Bonds, Series 1998A (Philadelphia Airport
System Project), 5.000%, 7/01/23 (Alternative Minimum Tax)
8,500,000 City of Philadelphia, Pennsylvania, Water and Wastewater 6/03 at 100 AAA 8,465,660
Revenue Bonds, Series 1993, 5.000%, 6/15/16
4,610,000 Venango Housing Corporation, Multifamily Mortgage 2/03 at 100 AAA 4,891,256
Revenue Refunding Bonds (FHA-Insured Mortgage/Evergreen
Arbors Project), 1990 Series A, 8.000%, 2/01/24
Rhode Island - 2.9%
- -----------------------------------------------------------------------------------------------------------------------------------
6,000,000 Rhode Island Convention Center Authority, Refunding Revenue Bonds, 5/04 at 102 AAA 5,808,240
1993 Series C, 5.000%, 5/15/23
The Housing Authority of the City of Providence, Rhode Island,
Multifamily Mortgage Revenue Bonds (FHA-Insured Mortgage Loan,
Cathedral Square Apartments II Project), 1992 Series:
435,000 7.375%, 4/01/10 (Alternative Minimum Tax) 4/02 at 105 AAA 473,763
1,060,000 7.400%, 4/01/20 (Alternative Minimum Tax) 4/02 at 105 AAA 1,155,167
3,050,000 7.500%, 10/01/32 (Alternative Minimum Tax) 4/02 at 105 AAA 3,331,942
4,695,000 Rhode Island Housing and Mortgage Finance Corporation, 4/00 at 102 AA+ 4,860,358
Homeownership Opportunity Bonds, Series 2, 7.750%, 4/01/22
12,250,000 Rhode Island Health and Educational Building Corporation, 5/07 at 102 AAA 12,733,508
Hospital Financing Revenue Bonds, Lifespan Obligated Group Issue,
Series 1996, 5.500%, 5/15/16
South Carolina - 0.5%
- -----------------------------------------------------------------------------------------------------------------------------------
4,650,000 South Carolina Public Service Authority, Revenue Bonds, 1/03 at 102 AAA 4,521,893
1993 Refunding Series C, 5.000%, 1/01/25
Tennessee - 1.0%
- -----------------------------------------------------------------------------------------------------------------------------------
5,500,000 The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, No Opt. Call AAA 5,547,740
Series 1998A, 4.500%, 9/01/08
3,500,000 Tennessee Housing Development Agency, Mortgage Finance 7/04 at 102 A+ 3,752,420
Program Bonds, 1994 Series A, 6.900%, 7/01/25
(Alternative Minimum Tax)
Texas - 6.8%
- -----------------------------------------------------------------------------------------------------------------------------------
8,000,000 Brazos River Authority, Texas, Collaterlized Pollution Control 2/00 at 102 BBB+ 8,355,600
Revenue Bonds (Texas Utilities Electric Company Project),
Series 1990A, 8.125%, 2/01/20 (Alternative Minimum Tax)
4,925,000 The Cameron County Housing Finance Corporation, 9/02 at 103 AAA 5,219,121
Single Family Mortgage Revenue Refunding Bonds (GNMA and
FNMA Mortgage Backed Securities Program), Series 1992,
6.750%, 3/01/26
3,000,000 El Paso Housing Finance Corporation, Multifamily Housing 1/00 at 103 AAA 3,125,370
Revenue Refunding Bonds (Las Flores Development Company
Project), Series 1990A, 7.500%, 3/20/25
7,900,000 Gulf Coast Industrial Development Authority, Waste Disposal 6/08 at 102 BBB- 7,788,926
Revenue Bonds (Valero Refining and Marketing Company Project),
Series 1997, 5.600%, 12/01/31 (Alternative Minimum Tax)
6,000,000 Harris County, Health Facilities Development Corporation, 5/00 at 102 AAA 6,360,780
Special Facilities Revenue Bonds (Texas Medical Center Project),
Series 1990, 7.375%, 5/15/20 (Pre-refunded to 5/15/00)
10,000,000 Harris County, Health Facilities Development Corporation, 5/06 at 102 AAA 10,734,500
Special Facilities Revenue Bonds (Texas Medical Center Project),
Series 1996, 5.900%, 5/15/16
5,000,000 City of Houston, Texas, Airport System Subordinate Lien Revenue 7/08 at 100 AAA 4,792,000
Bonds, Series 1998B, 5.000%, 7/01/25 (Alternative Minimum Tax)
City of Houston, Texas, Water Conveyance System Contract,
Certificates of Participation, Series 1993:
5,490,000 A-J, 6.800%, 12/15/10 No Opt. Call AAA 6,530,026
2,000,000 A-J, 6.800%, 12/15/11 No Opt. Call AAA 2,392,360
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Texas (continued)
$ 7,500,000 Sabine River Authority of Texas, Texas Utilities Electric 2/00 at 102 BBB+ $ 7,833,825
Company Project, Series 1990A, 8.125%, 2/01/20
(Alternative Minimum Tax)
The Wood Glen, Texas, Housing Finance Corporation, Mortgage
Revenue Refunding Bonds, Series 1990C (FHA-Insured Mortgage Loan
Section 8 Assisted, Copperwood II Project):
1,345,000 7.625%, 1/01/10 1/00 at 103 AAA 1,404,410
1,250,000 7.650%, 7/01/23 1/00 at 103 AAA 1,301,163
Utah - 0.4%
- -----------------------------------------------------------------------------------------------------------------------------------
4,000,000 Intermountain Power Agency, Power Supply Revenue Refunding 7/06 at 102 A+ 3,839,880
Bonds, 1996 Series D, 5.000%, 7/01/23
275,000 Utah Housing Finance Agency, Single Family Mortgage 7/99 at 102 AAA 280,877
Senior Bonds, 1989 Issue B (Federally Insured or Guaranteed
Mortgage Loans), 8.250%, 7/01/21 (Alternative Minimum Tax)
Virginia - 0.9%
- -----------------------------------------------------------------------------------------------------------------------------------
8,130,000 Capital Region Airport Commission, Richmond, Virginia, 7/05 at 102 AAA 8,541,866
International Airport Projects, Airport Revenue Bonds, Series 1995A,
5.625%, 7/01/20
Washington - 10.0%
- -----------------------------------------------------------------------------------------------------------------------------------
5,250,000 Everett School District No. 2, Snohomish County, Washington, 12/03 at 102 AAA 5,874,960
Unlimited Tax General Obligation Bonds, Series 1993,
6.200%, 12/01/12 (Pre-refunded to 12/01/03)
2,500,000 City of Walla Walla, Washington, Water and Wastewater 8/07 at 100 AAA 2,480,600
Revenue Bonds, Series 1997, 5.000%, 8/01/17
7,195,000 State of Washington, Various Purpose General Obligation Bonds, 3/01 at 100 AA+*** 7,499,780
Series 1991A, 6.000%, 3/01/16 (Pre-refunded to 3/01/01)
9,000,000 Washington Health Care Facilities Authority, Revenue Bonds, 10/08 at 101 Aaa 8,618,850
Series 1998 (Children's Hospital and Regional Medical Center),
5.000%, 10/01/28
11,135,000 Washington Public Power Supply System, Nuclear Project No. 1, 1/00 at 102 AAA 11,639,861
Refunding Revenue Bonds, Series 1989B, 7.250%, 7/01/15
(Pre-refunded to 1/01/00)
3,000,000 Washington Public Power Supply System, Nuclear Project No. 1, 7/03 at 102 Aa1 3,199,620
Refunding Revenue Bonds, Series 1993A, 5.750%, 7/01/13
Washington Public Power Supply System, Nuclear Project No. 1,
Refunding Revenue Bonds, Series 1989A:
5,520,000 7.500%, 7/01/15 (Pre-refunded to 7/01/99) 7/99 at 102 AAA 5,668,046
3,595,000 7.500%, 7/01/15 (Pre-refunded to 7/01/99) 7/99 at 102 Aaa 3,691,418
19,300,000 Washington Public Power Supply System, Nuclear 7/00 at 102 AAA 20,524,778
Project No. 2, Refunding Revenue Bonds, Series 1990A,
7.375%, 7/01/12 (Pre-refunded to 7/01/00)
11,340,000 Washington Public Power Supply System, Nuclear 7/04 at 102 AAA 11,694,035
Project No. 2, Refunding Revenue Bonds, Series 1994A,
5.000%, 7/01/09
6,615,000 Washington Public Power Supply System, Nuclear 7/99 at 102 AAA 6,789,636
Project No. 3, Refunding Revenue Bonds, Series 1989A,
7.250%, 7/01/16 (Pre-refunded to 7/01/99)
8,750,000 Washington Public Power Supply System, Nuclear 7/08 at 102 Aa1 8,675,538
Project No. 3, Refunding Revenue Bonds, Series 1998A,
5.125%, 7/01/18
Wisconsin - 4.3%
- -----------------------------------------------------------------------------------------------------------------------------------
3,000,000 Housing Authority of the City of Milwaukee, Wisconsin, 6/00 at 102 Aa 3,125,910
Multifamily Housing Refunding Revenue Bonds Series 1990
(FHA-Insured Mortgage Loan, The Blatz Apartments Project),
7.500%, 12/01/28
11,835,000 Wisconsin Health and Educational Facilities Authority, Revenue 3/00 at 102 Aaa 12,568,532
Bonds, Series 1990 (Franciscan Health System, Inc. Project),
8.500%, 3/01/20 (Pre-refunded to 3/01/00)
Wisconsin Health and Educational Facilities Authority, Revenue
Bonds, Series 1996 (Aurora Medical Group, Inc. Project):
10,000,000 5.600%, 11/15/16 5/06 at 102 AAA 10,440,099
15,000,000 5.750%, 11/15/25 5/06 at 102 AAA 15,793,199
- -----------------------------------------------------------------------------------------------------------------------------------
$ 907,510,000 Total Investments - (cost $884,914,562) - 98.2% 948,748,923
=============
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Short-Term Investments - 0.2%
$ 2,000,000 Massachusetts Health and Educational Facilities Authority, SP-1 $ 2,000,000
============= Capital Asset Program, Variable Rate Demand Bonds, 4.200%, 1/01/35+
-------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.6% 15,832,179
-------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $966,581,102
===================================================================================================================
* Optional Call Provisions: Dates (month and year) and prices of the earliest
optional call or redemption. There may be other call provisions at varying
prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
*** Securities are backed by an escrow or trust containing sufficient U.S.
government or U.S. government agency securities which ensures the timely
payment of principal and interest. Securities are normally considered to be
equivalent to AAA rated securities.
N/R Investment is not rated.
+ Security has a maturity of more than one year, but has variable rate and
demand features which qualify it as a short-term security. The rate
disclosed is that currently in effect. This rate changes periodically based
on market conditions or a specified market index.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
Portfolio of Investments
Nuveen Municipal Market Opportunity Fund, Inc. (NMO)
April 30,1999
(Unaudited)
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Alabama - 0.9%
$ 4,000,000 The Governmental Utility Services Corporation of the City of 6/08 at 102 AAA $ 4,014,880
Bessemer, Alabama, Water Supply Revenue Bonds, Series 1998,
5.200%, 6/01/24
5,000,000 Baptist Medical Center Special Care Facilities Financing 11/08 at 101 AAA 4,814,350
Authority of the City of Montgomery, Alabama, Revenue Bonds,
Series 1998-B (Baptist Health), 5.000%, 11/15/29
Alaska - 1.2%
- -----------------------------------------------------------------------------------------------------------------------------------
12,000,000 Alaska State Housing Finance Corporation, Governmental 12/05 at 102 AAA 12,579,960
Purpose Bonds, 1995 Series A, 5.875%, 12/01/30
Arizona - 0.2%
- -----------------------------------------------------------------------------------------------------------------------------------
2,150,000 The Industrial Development Authority of the County of Pima, 5/07 at 105 27/32 AAA 2,371,515
Single Family Mortgage Revenue Bonds, Series 1997A,
7.100%, 11/01/29 (Alternative Minimum Tax)
Arkansas - 0.1%
- -----------------------------------------------------------------------------------------------------------------------------------
1,350,000 Arkansas Development Finance Authority, Single Family 8/01 at 103 AA 1,416,083
Mortgage Revenue Refunding Bonds, 1991 Series A (FHA-Insured or
VA Guaranteed Mortgage Loans), 8.000%, 8/15/11
California - 13.6%
- -----------------------------------------------------------------------------------------------------------------------------------
13,490,000 Certificates of Participation (1991 Financing Project), County of 9/06 at 102 AAA 14,798,260
Alameda, California, Alameda County Public Facilities Corporation,
6.000%, 9/01/21
8,745,000 Bell Community Redevelopment Agency, Bell Redevelopment Area, 11/03 at 102 AAA 9,728,550
1994 Tax Allocation Refunding Bonds, 6.350%, 11/01/23
6,050,000 California Housing Finance Agency, Multifamily Housing 8/08 at 101 1/2 AAA 6,166,765
Revenue Bonds III, 1998 Series A, 5.450%, 8/01/28
(Alternative Minimum Tax)
4,000,000 California Health Facilities Financing Authority, Insured Health 5/00 at 102 A+*** 4,226,680
Facilities Revenue Bonds (ValleyCare Hospital Corporation),
1989 Series A, 7.000%, 5/01/20 (Pre-refunded to 5/01/00)
7,300,000 California Health Facilities Financing Authority, Insured Hospital 7/00 at 102 AAA 7,707,194
Revenue Bonds (Children's Hospital - San Diego), Series 1990,
6.500%, 7/01/20 (Pre-refunded to 7/01/00)
6,810,000 California Health Facilities Financing Authority, Kaiser Permanente 5/03 at 102 A 6,922,637
Revenue Bonds, 1993 Series C, 5.600%, 5/01/33
5,000,000 State of California, Veterans General Obligation Bonds, Series BH, 12/03 at 102 AA- 5,135,300
5.600%, 12/01/32 (Alternative Minimum Tax)
12,250,000 State of California, Veterans General Obligation Bonds, Series BL, 12/08 at 101 Aa3 12,579,035
5.300%, 12/01/12 (Alternative Minimum Tax)
3,500,000 State of California, General Obligation Refunding Bonds, 2/08 at 101 Aa3 3,442,740
5.000%, 2/01/21
2,500,000 The Community Redevelopment Agency of the City of 7/00 at 100 BBB*** 2,533,425
Los Angeles, California, Central Business District Redevelopment
Project, Tax Allocation Refunding Bonds, Series G, 6.750%, 7/01/10
Department of Water and Power of the City of Los Angeles,
California, Electric Plant Revenue Bonds, Second Issue of 1993:
6,000,000 4.750%, 10/15/20 10/03 at 102 Aa3 5,709,060
6,815,000 5.400%, 11/15/31 11/03 at 102 Aa3 6,982,513
12,080,000 Department of Water and Power of the City of Los Angeles, 2/04 at 102 Aa3 12,278,112
California, Electric Plant Revenue Bonds, Issue of 1994, 5.375%, 2/15/34
6,000,000 Department of Water and Power of the City of Los Angeles, 5/01 at 102 AA 6,413,220
California, Water Works Refunding Revenue Bonds, Issue of 1992,
6.400%, 5/15/28
5,000,000 The Metropolitan Water District of Southern California, Water 1/08 at 101 AA 4,895,350
Revenue Bonds, 1997 Authorization, Series A, 5.000%, 7/01/37
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
California (continued)
County of Orange, California, 1996 Recovery Certificates of
Participation, Series A:
$ 13,000,000 5.875%, 7/01/19 7/06 at 102 AAA $ 14,201,720
3,450,000 6.000%, 7/01/26 7/06 at 102 AAA 3,746,390
5,870,000 Sacramento Municipal Utility District, California, Electric Revenue 9/03 at 100 AAA 5,578,789
Refunding Bonds, 1993 Series G, 4.750%, 9/01/21
San Joaquin Hills Transportation Corridor Agency, Toll Road
Refunding Revenue Bonds, Series 1997 A:
5,000,000 0.000%, 1/15/17 1/14 at 102 AAA 3,657,900
5,000,000 0.000%, 1/15/26 No Opt. Call AAA 1,244,600
Colorado - 4.6%
- -----------------------------------------------------------------------------------------------------------------------------------
1,900,000 Colorado Housing and Finance Authority, Single Family Program 8/00 at 102 AA+ 1,969,977
Senior Bonds, 1990 Issue C (Federally Insured or Guaranteed
Mortgage Loans), 7.650%, 8/01/22 (Alternative Minimum Tax)
25,000,000 Colorado Health Facilities Authority, Retirement Facilities No Opt. Call AAA 6,469,500
(Liberty Heights), 0.000%, 7/15/24
City and County of Denver, Colorado, Airport System Revenue Bonds,
Series 1992C:
1,605,000 6.750%, 11/15/22 (Alternative Minimum Tax) 11/02 at 102 Aaa 1,793,411
(Pre-refunded to 11/15/02)
6,020,000 6.750%, 11/15/22 (Alternative Minimum Tax) 11/02 at 102 BBB+ 6,496,724
City and County of Denver, Colorado, Airport System Revenue Bonds,
Series 1991A:
3,240,000 8.000%, 11/15/25 (Alternative Minimum Tax) 11/01 at 100 Aaa 3,579,487
(Pre-refunded to 11/15/01)
9,010,000 8.000%, 11/15/25 (Alternative Minimum Tax) 11/01 at 100 BBB+ 9,733,323
City and County of Denver, Colorado, Airport System Revenue Bonds,
Series 1991D:
1,045,000 7.750%, 11/15/21 (Alternative Minimum Tax) 11/01 at 102 Aaa 1,167,275
(Pre-refunded to 11/15/01)
3,955,000 7.750%, 11/15/21 (Alternative Minimum Tax) 11/01 at 102 BBB+ 4,314,470
1,060,000 7.000%, 11/15/25 (Alternative Minimum Tax) 11/01 at 100 Aaa 1,146,093
(Pre-refunded to 11/15/01)
3,940,000 7.000%, 11/15/25 (Alternative Minimum Tax) 11/01 at 100 BBB+ 4,167,653
2,785,000 City and County of Denver, Colorado, Airport System Revenue Bonds, 11/02 at 102 BBB+ 3,059,963
Series 1992B, 7.250%, 11/15/23 (Alternative Minimum Tax)
3,100,000 Poudre School District R-1, Larimer County, Colorado, General 12/08 at 100 AA- 3,112,741
Obligation Refunding Bonds, Series 1998, 5.000%, 12/15/16
District of Columbia - 0.2%
- -----------------------------------------------------------------------------------------------------------------------------------
2,105,000 District of Columbia, Housing Finance Agency, Collateralized 12/00 at 102 AAA 2,228,920
Single Family Mortgage Revenue Bonds, Series 1990A,
8.100%, 12/01/23 (Alternative Minimum Tax)
Florida - 0.4%
- -----------------------------------------------------------------------------------------------------------------------------------
560,000 Orange County Housing Finance Authority, GNMA Collateralized 7/00 at 103 AAA 586,522
Mortgage Revenue Refunding Bonds, 1990 Series A,
7.500%, 7/01/10
2,955,000 Housing Finance Authority of Palm Beach County, Florida, 9/00 at 103 Aaa 3,101,125
Single Family Mortgage Revenue Bonds, 1990 Series B,
7.600%, 3/01/23
Georgia - 1.5%
- -----------------------------------------------------------------------------------------------------------------------------------
8,000,000 City of Atlanta, Georgia, Water and Wastewater Revenue Bonds, No Opt. Call AAA 8,600,320
Series 1999A, 5.500%, 11/01/19
6,450,000 Development Authority of Fulton County, Georgia, Special 5/08 at 101 BBB- 6,415,815
Facilities Revenue Bonds (Delta Air Lines, Inc. Project),
Series 1998, 5.450%, 5/01/23 (Alternative Minimum Tax)
Illinois - 8.0%
- -----------------------------------------------------------------------------------------------------------------------------------
6,500,000 City of Chicago, Illinois, Gas Supply Refunding Revenue Bonds, 6/05 at 102 AA- 7,043,855
1995 Series A (The Peoples Gas, Light and Coke Company Project),
6.100%, 6/01/25
21,805,000 City of Chicago, Chicago - O'Hare International Airport, 1/00 at 102 A 22,680,253
International Terminal Special Revenue Bonds, Series 1990A,
7.500%, 1/01/17 (Alternative Minimum Tax)
7,300,000 City of Chicago, Chicago - O'Hare International Airport, 11/00 at 102 Baa2 7,811,146
Special Facility Revenue Bonds (American Airlines Inc. Project),
Series 1990A, 7.875%, 11/01/25 (Alternative Minimum Tax)
3,945,000 City of Chicago, Sales Tax Revenue Bonds, Series 1997, 1/08 at 102 AAA 4,015,260
5.375%, 1/01/27
4,000,000 Community College District No. 508, Cook County, Illinois, No Opt. Call AAA 5,014,320
Certificates of Participation, 8.750%, 1/01/06
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Illinois (continued)
$ 15,000,000 Illinois Development Finance Authority, Revenue and Refunding 2/00 at 102 Baa2*** $ 15,856,500
Bonds, Series 1990A (Columbus-Cuneo-Cabrini Medical Center),
8.500%, 2/01/15 (Pre-refunded to 2/01/00)
5,210,000 Illinois Housing Development Authority, Section 8 Elderly Housing 1/03 at 102 A 5,489,048
Revenue Bonds (Garden House of River Oaks West Development),
Series 1992A, 6.875%, 1/01/20
1,685,000 Illinois Housing Development Authority, Section 8 Elderly Housing 3/03 at 102 A 1,777,928
Revenue Bonds (Village Center Development), Series 1992C,
6.600%, 3/01/07
1,650,000 City of Peoria, Peoria County, City of Pekin, Tazewell and Peoria 8/00 at 103 AA+ 1,722,732
Counties, City of Waukegan, Lake County, Illinois, Jointly, GNMA
Collateralized Mortgage Revenue Bonds, Series 1990,
7.875%, 8/01/22 (Alternative Minimum Tax)
9,195,000 Regional Transportation Authority, Cook, DuPage, Kane, Lake, 6/02 at 100 AAA 9,714,242
McHenry and Will Counties, Illinois, General Obligation Bonds,
Series 1992A, 6.125%, 6/01/22
Indiana - 5.7%
- -----------------------------------------------------------------------------------------------------------------------------------
5,000,000 Columbus Multi-School Building Corporation, Bartholomew 1/01 at 102 N/R*** 5,411,100
County, Indiana, First Mortgage Bonds, 7.600%, 1/15/14
(Pre-refunded to 1/15/01)
9,400,000 Fort Wayne, Indiana, Economic Development Revenue Bonds 4/08 at 102 N/R 9,387,686
(Oaklawn Court Apartments Project), Series 1998A,
7.000%, 4/01/28 (Alternative Minimum Tax)
13,500,000 Indiana Health Facility Financing Authority, Hospital Revenue 8/00 at 102 AAA 14,482,395
Bonds, Series 1990 (Bartholomew County Hospital District),
7.750%, 8/15/20 (Pre-refunded to 8/15/00)
2,325,000 Indiana Housing Finance Authority, Single Family Mortgage Revenue 7/00 at 102 Aaa 2,411,211
Bonds (GNMA Collateralized Home Mortgage Program),
1990 Series D, 7.800%, 1/01/22 (Alternative Minimum Tax)
10,000,000 Indiana State Office Building Commission, Capitol Complex Revenue 7/00 at 102 AAA 10,627,600
Bonds, Series 1990B (State Office Building I Facility),
7.250%, 7/01/12 (Pre-refunded to 7/01/00)
3,750,000 The Indianapolis Local Public Improvement Bond Bank, 2/03 at 102 AA 4,113,113
Series 1992 D Bonds, 6.750%, 2/01/20
10,080,000 The Trustees of Purdue University, Purdue University Student Fee 7/06 at 101 Aa2 11,359,253
Bonds, Series M, 6.100%, 7/01/17
Iowa - 0.8%
- -----------------------------------------------------------------------------------------------------------------------------------
3,310,000 City of Des Moines, Iowa, Aviation System Revenue Bonds, 7/08 at 100 AAA 3,280,045
Series 1998A, 5.125%, 7/01/28
4,215,000 Iowa Finance Authority, Solid Waste Disposal Revenue Bonds, No Opt. Call N/R 4,442,736
Series 1997 (IPSCO Project), 6.000%, 6/01/27
(Alternative Minimum Tax) (Mandatory put 6/01/07)
Kentucky - 0.3%
- -----------------------------------------------------------------------------------------------------------------------------------
1,500,000 Kentucky Economic Development Finance Authority, Health 5/08 at 102 BBB 1,475,865
Care Facilities Revenue Bonds, Series 1998 (The Christian
Church Homes of Kentucky Inc. Obligated Group), 5.375%, 11/15/23
1,430,000 Kentucky Housing Corporation, Housing Revenue Bonds 7/00 at 102 AAA 1,491,919
(FHA - Insured/VA Guaranteed), 1990 Series C Bonds,
8.100%, 1/01/22 (Alternative Minimum Tax)
Louisiana - 0.4%
- -----------------------------------------------------------------------------------------------------------------------------------
4,250,000 East Baton Rouge Mortgage Finance Authority, Single Family 8/00 at 102 Aaa 4,413,923
Mortgage Revenue Bonds (GNMA Mortgage Backed Securities
Program), Series 1990A, 7.875%, 8/01/23 (Alternative Minimum Tax)
Maryland - 0.4%
- -----------------------------------------------------------------------------------------------------------------------------------
4,245,000 Community Development Administration, Department of Housing 4/00 at 102 Aa2 4,370,058
and Community Development, State of Maryland, Single Family
Program Bonds, 1990 Fifth Series, 7.700%, 4/01/15
(Alternative Minimum Tax)
Massachusetts - 7.0%
- -----------------------------------------------------------------------------------------------------------------------------------
Massachusetts Bay Transportation Authority, General Transportation
System Bonds, 1990 Series A:
7,500,000 7.000%, 3/01/10 (Pre-refunded to 3/01/00) 3/00 at 100 Aaa 7,732,725
10,800,000 7.625%, 3/01/15 (Pre-refunded to 3/01/00) 3/00 at 102 Aaa 11,398,752
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Massachusetts (continued)
Massachusetts Health and Educational Facilities Authority, Revenue
Bonds, Daughters of Charity National Health System - Carney Hospital
Issue, Series C:
$ 4,200,000 7.500%, 7/01/05 (Pre-refunded to 7/01/00) 7/00 at 102 Aaa $ 4,476,024
10,800,000 7.750%, 7/01/14 (Pre-refunded to 7/01/00) 7/00 at 102 Aaa 11,540,448
5,900,000 Massachusetts Health and Educational Facilities Authority, 7/02 at 102 AAA 6,450,234
Revenue Bonds, New England Medical Center Hospitals Issue,
Series F, 6.625%, 7/01/25
Massachusetts Health and Educational Facilities Authority,
Revenue Bonds, Goddard Memorial Hospital Issue, Series B:
3,090,000 9.000%, 7/01/15 (Pre-refunded to 7/01/00) 7/00 at 102 Aaa 3,345,327
4,615,000 9.000%, 7/01/15 7/00 at 102 BBB 4,898,915
Massachusetts Water Resources Authority, General Revenue Bonds,
1990 Series A:
8,450,000 7.625%, 4/01/14 (Pre-refunded to 4/01/00) 4/00 at 102 AAA 8,947,959
6,615,000 7.500%, 4/01/16 (Pre-refunded to 4/01/00) 4/00 at 102 AAA 6,997,347
5,195,000 7.000%, 4/01/18 (Pre-refunded to 4/01/00) 4/00 at 102 AAA 5,472,933
Michigan - 3.3%
- -----------------------------------------------------------------------------------------------------------------------------------
10,630,000 School District of the City of Detroit, Wayne County, Michigan, 5/09 at 101 AAA 9,970,515
School Building and Site Improvement Bonds (Unlimited Tax
General Obligation), Series 1998A, 4.750%, 5/01/28
8,500,000 Michigan State Hospital Finance Authority, Hospital Revenue 7/00 at 102 A3 9,122,795
and Refunding Bonds (Bay Medical Center), Series 1990A,
8.250%, 7/01/12
4,500,000 Michigan State Hospital Finance Authority, Hospital Revenue 8/01 at 102 Aaa 4,963,725
Bonds (The Detroit Medical Center Obligated Group), Series 1991A,
7.500%, 8/15/11 (Pre-refunded to 8/15/01)
8,500,000 Michigan Strategic Fund, Limited Obligation Revenue Bonds 12/02 at 102 BBB+ 9,125,090
(Waste Management, Inc. Project), Series 1992, 6.625%, 12/01/12
(Alternative Minimum Tax)
Minnesota - 1.6%
- -----------------------------------------------------------------------------------------------------------------------------------
2,125,000 The Dakota County Housing and Redevelopment Authority, 6/00 at 102 AAA 2,199,949
The Washington County Housing and Redevelopment Authority
and Stearns County Housing and Redevelopment Authority, Single
Family Residential Mortgage Revenue Bonds (GNMA - MBS Program),
Series 1990, 7.850%, 12/01/30 (Alternative Minimum Tax)
8,845,000 City of Minneapolis, Minnesota and The Housing and Redevelopment 8/00 at 102 AAA 9,515,097
Authority of the City of Saint Paul, Minnesota, Health Care System
Revenue Bonds (Health One Obligated Group), Series 1990C,
8.000%, 8/15/19 (Pre-refunded to 8/15/00)
3,720,000 The Housing and Redevelopment Authority of the City of 11/15 at 103 AAA 4,613,618
Saint Paul, Minnesota, Sales Tax Revenue Refunding Bonds
(Civic Center Project), Series 1996, 7.100%, 11/01/23
Mississippi - 1.2%
- -----------------------------------------------------------------------------------------------------------------------------------
5,900,000 Mississippi Business Finance Corporation, Pollution Control 10/03 at 102 BBB- 5,929,382
Revenue Refunding Bonds (System Energy Resources, Inc. Project),
Series 1998, 5.875%, 4/01/22
5,410,000 Mississippi Home Corporation, Single Family Mortgage Revenue 7/07 at 105 Aaa 6,008,833
Bonds, Series 1997D, Class 5, 0.000%, 7/01/29 (Alternative Minimum Tax)
Nevada - 1.0%
- -----------------------------------------------------------------------------------------------------------------------------------
Nevada Housing Division, Single Family Program Senior Bonds,
1990 Issue B (Federally Insured or Guaranteed Mortgage Loans):
1,735,000 7.850%, 10/01/10 (Alternative Minimum Tax) 4/00 at 102 AA+ 1,792,029
1,500,000 7.900%, 4/01/22 (Alternative Minimum Tax) 4/00 at 102 AA+ 1,546,020
6,000,000 State of Nevada, General Obligation - Limited Tax Bonds 5/06 at 101 AA*** 6,718,560
(Nevada Municipal Bond Bank Project No. 52), Series July 1, 1996A,
6.000%, 5/15/21 (Pre-refunded to 5/15/06)
New Jersey - 0.7%
- -----------------------------------------------------------------------------------------------------------------------------------
4,750,000 Pollution Control Financing Authority of Camden County, No Opt. Call B2 4,723,163
New Jersey, Solid Waste Disposal and Resource Recovery System
Revenue Bonds, Series 1991 C, 7.125%, 12/01/01
(Alternative Minimum Tax)
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
New Jersey (continued)
$ 2,000,000 Pollution Control Financing Authority of Camden County, 12/01 at 102 B2 $ 2,007,300
New Jersey, Solid Waste Disposal and Resource Recovery
System Revenue Bonds, Series 1991 D, 7.250%, 12/01/10
New Mexico - 0.6%
- -----------------------------------------------------------------------------------------------------------------------------------
6,060,000 New Mexico Mortgage Finance Authority, Single Family 9/00 at 102 AAA 6,369,908
Mortgage Program Senior Bonds, 1990 Series A (Federally Insured
or Guaranteed Mortgage Loans), 7.800%, 9/01/17
New York - 24.9%
- -----------------------------------------------------------------------------------------------------------------------------------
10,000,000 Erie County, New York, Industrial Development Agency, Solid Waste 12/10 at 103 N/R 10,203,500
Disposal Facility Revenue Bonds (1998 CanFibre of Lackawanna
Project), 9.050%, 12/01/25 (Alternative Minimum Tax)
10,000,000 The City of New York, General Obligation Bonds, 2/06 at 101 1/2 A- 10,576,200
Fiscal 1996 Series G, 5.750%, 2/01/20
21,715,000 The City of New York, General Obligation Bonds, 3/06 at 101 1/2 A- 23,282,172
Fiscal 1996 Series I, 5.875%, 3/15/18
10,000,000 The City of New York, General Obligation Bonds, 8/07 at 101 A- 11,022,000
Fiscal 1997 Series H, 6.125%, 8/01/25
6,750,000 The City of New York, General Obligation Bonds, 2/05 at 101 A-*** 7,701,683
Fiscal 1995 Series F, 6.625%, 2/15/25 (Pre-refunded to 2/15/05)
New York City Municipal Water Finance Authority, Water and Sewer
System Revenue Bonds, Fiscal 1991 Series A:
12,875,000 7.500%, 6/15/19 (Pre-refunded to 6/15/00) 6/00 at 101 1/2 Aaa 13,646,856
13,500,000 6.000%, 6/15/20 (Pre-refunded to 6/15/00) 6/00 at 100 Aaa 13,895,685
2,550,000 New York City Municipal Water Finance Authority, 6/02 at 101 1/2 AAA 2,649,705
Water and Sewer System Revenue Bonds, Fiscal 1993 Series A,
5.750%, 6/15/18
13,515,000 New York City Transitional Finance Authority, 8/07 at 101 AA 13,125,498
Future Tax Secured Bonds, Fiscal 1998 Series A, 5.000%, 8/15/27
6,080,000 Dormitory Authority of the State of New York, City University No Opt. Call Baa1 6,138,733
System Consolidated Second General Resolution Revenue Bonds,
Series 1990C, 9.250%, 7/01/99
15,000,000 Dormitory Authority of the State of New York, City University System No Opt. Call BBB+ 17,653,200
Consolidated Second General Resolution Revenue Bonds,
Series 1990D, 8.750%, 7/01/03
9,010,000 Dormitory Authority of the State of New York, State University 5/00 at 102 Aaa 9,546,095
Educational Facilities Revenue Bonds, Series 1989B,
7.250%, 5/15/15 (Pre-refunded to 5/15/00)
13,250,000 New York State Dormitory Authority, Mental Health Services 2/06 at 102 A- 13,480,948
Authority Improvement Bonds, Series 1996-B, 5.375%, 2/15/26
27,000,000 Dormitory Authority of the State of New York, Mental Health 2/07 at 102 A- 28,711,800
Services Facilities Improvement Revenue Bonds, Series 1997A,
5.750%, 2/15/27
5,765,000 Dormitory Authority of the State of New York, Mental Health 2/07 at 102 A- 5,965,276
Services Facilities Improvement Revenue Bonds, Series 1997B,
5.500%, 8/15/17
4,000,000 Dormitory Authority of the State of New York, Mental Health 8/08 at 101 AAA 3,959,520
Services Facilities Improvement Revenue Bonds, Series 1998D,
5.000%, 8/15/17
4,500,000 New York State Energy Research and Development Authority, 7/03 at 102 AAA 4,667,940
Gas Facilities Revenue Bonds, Series C (The Brooklyn Union Gas
Company Project), 5.600%, 6/01/25 (Alternative Minimum Tax) New
York State Housing Finance Agency, Health Facilities Revenue
Bonds, New York City, 1990 Series A Refunding:
16,580,000 8.000%, 11/01/08 (Pre-refunded to 11/01/00) 11/00 at 102 AAA 17,996,927
3,420,000 8.000%, 11/01/08 11/00 at 102 BBB+ 3,640,282
3,685,000 New York State Medical Care Facilities Finance Agency, Hospital 8/99 at 100 AA 3,726,751
and Nursing Home Insured Mortgage Revenue Bonds, 1987 Series A,
8.000%, 2/15/27
5,000,000 New York State Medical Care Facilities Finance Agency, Hospital 2/05 at 102 AAA 5,810,700
Medical Center, Secured Hospital Revenue Bonds, Series 1995-A,
6.850%, 2/15/17 (Pre-refunded to 2/15/05)
4,785,000 New York State Medical Care Facilities Finance Agency, 11/05 at 102 Aa1 5,309,532
Health Center Projects Revenue Bonds (Secured Mortgage Program),
1995 Series A, 6.375%, 11/15/19
7,150,000 New York State Thruway Authority, General Revenue Bonds, 1/05 at 102 AAA 7,984,691
Series C, 6.000%, 1/01/25 (Pre-refunded to 1/01/05)
10,000,000 The Port Authority of New York and New Jersey, Special 12/07 at 102 AAA 10,707,900
Project Bonds, Series 6, JFK International Air Terminal LLC Project,
5.750%, 12/01/22 (Alternative Minimum Tax)
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
North Carolina - 1.4%
$ 10,500,000 North Carolina Eastern Municipal Power Agency, Power System 1/02 at 102 Baa1 $ 11,085,270
Revenue Bonds, Refunding Series 1991 A, 6.250%, 1/01/03
2,745,000 North Carolina Housing Finance Agency, Single Family Revenue 3/00 at 102 AA 2,841,432
Bonds, Series M (1985 Resolution), 7.850%, 9/01/28
(Alternative Minimum Tax)
Oklahoma - 1.4%
- -----------------------------------------------------------------------------------------------------------------------------------
8,500,000 Trustees of the Tulsa Municipal Airport Trust, 1988 Adjustable 12/00 at 102 Baa2 9,053,010
Rate Revenue Obligations, 7.375%, 12/01/20 (Alternative Minimum Tax)
5,000,000 Trustees of the Tulsa Municipal Airport Trust, Revenue Bonds, 6/01 at 102 Baa2 5,391,000
Series 1991, 7.600%, 12/01/30 (Alternative Minimum Tax)
Pennsylvania - 0.8%
- -----------------------------------------------------------------------------------------------------------------------------------
2,675,000 Allegheny County Residential Finance Authority, 12/00 at 102 Aaa 2,787,671
Single Family Mortgage Revenue Bonds (GNMA Mortgage Backed
Securities Program), Series 1990M, 7.950%, 6/01/23
(Alternative Minimum Tax)
5,000,000 Delaware County Industrial Development Authority, Pennsylvania, 1/08 at 102 A- 5,174,700
Refunding Revenue Bonds, Series A 1997 (Resource Recovery
Facility), 6.200%, 7/01/19
Rhode Island - 1.4%
- -----------------------------------------------------------------------------------------------------------------------------------
8,165,000 Rhode Island Housing and Mortgage Finance Corporation, 4/00 at 102 AA+ 8,452,571
Homeownership Opportunity Bonds, Series 2, 7.750%, 4/01/22
5,000,000 Rhode Island Health and Educational Building Corporation, 4/00 at 102 AAA 5,326,700
Higher Education Facility Revenue Bonds, Johnson & Wales
University, Series 1990, 8.375%, 4/01/20 (Pre-refunded to 4/01/00)
South Carolina - 0.7%
- -----------------------------------------------------------------------------------------------------------------------------------
3,640,000 South Carolina Jobs Economic Development Authority, 9/02 at 102 N/R*** 4,122,336
Economic Development Revenue Bonds (Carolinas Hospital
System Project), Series 1992, 7.550%, 9/01/22 (Pre-refunded to 9/01/02)
2,450,000 Three Rivers Solid Waste Authority, South Carolina, 1/07 at 102 AAA 2,480,331
Solid Waste Disposal Facilities Revenue Bonds, Series 1997,
5.300%, 1/01/27
Tennessee - 0.5%
- -----------------------------------------------------------------------------------------------------------------------------------
4,750,000 The Health and Educational Facilities Board of the 7/03 at 102 N/R 4,677,800
Metropolitan Government of Nashville and Davidson County,
Tennessee, Revenue Refunding Bonds, Series 1998 (The Blakford
at Green Hills), 5.650%, 7/01/16
Texas - 6.9%
- -----------------------------------------------------------------------------------------------------------------------------------
6,000,000 Alliance Airport Authority, Inc., Special Facilities Revenue 12/00 at 102 Baa2 6,401,760
Bonds, Series 1990 (American Airlines, Inc. Project),
7.500%, 12/01/29 (Alternative Minimum Tax)
Arlington Independent School District, Tarrant County, Texas,
Unlimited Tax Refunding and Improvement Bonds, Series 1995:
8,940,000 0.000%, 2/15/12 (Pre-refunded to 2/15/05) 2/05 at 67 5/16 Aaa 4,739,452
3,710,000 0.000%, 2/15/12 2/05 at 67 5/16 Aaa 1,875,442
8,930,000 0.000%, 2/15/13 (Pre-refunded to 2/15/05) 2/05 at 62 15/16 Aaa 4,425,797
3,710,000 0.000%, 2/15/13 2/05 at 62 15/16 Aaa 1,746,371
20,500,000 Dallas - Fort Worth International Airport Facility Improvement 11/00 at 102 Baa2 21,824,710
Corporation, American Airlines, Inc., Revenue Bonds, Series 1990,
7.500%, 11/01/25 (Alternative Minimum Tax)
2,575,000 El Paso Housing Finance Corporation, Single Family Mortgage 4/01 at 103 A2 2,813,007
Revenue Refunding Bonds, Series 1991A, 8.750%, 10/01/11
1,145,000 County of Fort Bend, Texas, Municipal Utility District No. 42, 9/06 at 100 AAA 1,220,788
5.875%, 9/01/21
3,885,000 Houston Independent School District, Public Facility Corporation, No Opt. Call AAA 2,020,045
Harris County, Texas, Lease Revenue Bonds (Cesar E. Chavez
High School), Series 1998A, 0.000%, 9/15/12
15,130,000 Lubbock Health Facilities Development Corporation, Hospital 12/00 at 102 AAA 16,296,069
Revenue Bonds (Methodist Hospital, Lubbock, Texas), Series 1990,
7.250%, 12/01/19 (Pre-refunded to 12/01/00)
4,694,828 General Services Commission (an Agency of the State of Texas, 9/99 at 101 1/2 A 4,838,208
as Lessee), Participation Interests, 7.500%, 9/01/22
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Texas (continued)
$ 2,000,000 Tyler Health Facilities Development Corporation, Texas, Hospital 2/09 at 102 AAA $ 2,001,560
Revenue Bonds (East Texas Medical Center Regional Healthcare
System Project), Series 1997D (Remarketed), 5.375%, 11/01/27
Utah - 0.5%
- -----------------------------------------------------------------------------------------------------------------------------------
4,750,000 Tooele County, Hazardous Waste Disposal Revenue Bonds 8/05 at 102 BBB 5,135,605
(Laidlaw Inc/USPCI Clive PJ), Series 1995, 6.750%, 8/01/10
(Alternative Minimum Tax)
Virginia - 1.1%
- -----------------------------------------------------------------------------------------------------------------------------------
4,190,000 Industrial Development Authority of the County of Henrico, Virginia, 8/00 at 102 A+*** 4,469,096
Adjustable Rate Revenue Bonds (St. Mary's Hospital Project),
Series 1985C, 7.500%, 9/01/07 (Pre-refunded to 8/01/00)
4,000,000 Virginia Housing Development Authority, Commonwealth 1/02 at 102 AA+ 4,179,920
Mortgage Revenue Bonds, 1992 Series B, Subseries B-4,
6.550%, 1/01/27 (Alternative Minimum Tax)
2,000,000 Virginia Housing Development Authority, Multi-Family Housing 5/02 at 102 AA+ 2,173,280
Bonds, 1992 Series D, 7.050%, 5/01/18
Washington - 4.5%
- -----------------------------------------------------------------------------------------------------------------------------------
650,000 Washington Public Power Supply System, Nuclear Project No. 1, No Opt. Call AAA 727,415
Revenue Bonds, 14.375%, 7/01/01
3,225,000 Washington Public Power Supply System, Nuclear Project No. 1, 1/00 at 102 AAA 3,371,222
Refunding Revenue Bonds, Series 1989B, 7.250%, 7/01/15
(Pre-refunded to 1/01/00)
5,430,000 Washington Public Power Supply System, Nuclear Project No. 1, 7/00 at 102 AAA 5,788,434
Refunding Revenue Bonds, Series 1990A, 7.600%, 7/01/05
(Pre-refunded to 7/01/00)
9,775,000 Washington Public Power Supply System, Nuclear Project No. 1, 7/01 at 102 Aaa 10,607,927
Refunding Revenue Bonds, Series 1991A, 6.875%, 7/01/17
(Pre-refunded to 7/01/01)
Washington Public Power Supply System, Nuclear Project No. 2,
Refunding Revenue Bonds, Series 1990A:
6,835,000 7.625%, 7/01/08 (Pre-refunded to 7/01/00) 7/00 at 102 AAA 7,288,160
13,240,000 7.375%, 7/01/12 (Pre-refunded to 7/01/00) 7/00 at 102 AAA 14,080,209
3,650,000 Washington Public Power Supply System, Nuclear Project No. 3, 1/00 at 102 AAA 3,815,490
Refunding Revenue Bonds, Series 1989B, 7.250%, 7/01/15
(Pre-refunded to 1/01/00)
Wisconsin - 0.2%
- -----------------------------------------------------------------------------------------------------------------------------------
2,250,000 Wisconsin Health and Educational Facilities Authority, Revenue 3/08 at 101 N/R 2,206,124
Bonds, Series 1998 (United Lutheran Program for the Aging, Inc.),
5.700%, 3/01/28
Wyoming - 0.3%
- -----------------------------------------------------------------------------------------------------------------------------------
2,800,000 Town of Jackson, Wyoming, National Rural Utilities Cooperative 5/07 at 101 AA- 2,913,819
Finance Corporation, Guaranteed Gas Supply Revenue Bonds
(Lower Valley Power and Light, Inc. Project), Series 1997B,
5.875%, 5/01/26 (Alternative Minimum Tax)
- -----------------------------------------------------------------------------------------------------------------------------------
$ 980,294,828 Total Investments - (cost $920,266,669) - 98.3% 995,103,508
=============
Other Assets Less Liabilities - 1.7% 16,728,504
-------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $1,011,832,012
===================================================================================================================
* Optional Call Provisions: Dates (month and year) and prices of the earliest
optional call or redemption. There may be other call provisions at varying
prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
*** Securities are backed by an escrow or trust containing sufficient U.S.
government or U.S. government agency securities which ensures the timely
payment of principal and interest. Securities are normally considered to be
equivalent to AAA rated securities.
N/R Investment is not rated.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Statement of Net Assets
April 30, 1999
(Unaudited)
Performance Plus Advantage Opportunity
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Assets
Investments in municipal securities, at market value (note 1) $1,309,026,357 $948,748,923 $ 995,103,508
Temporary investments in short-term municipal securities,
at amortized cost, which approximates market value (note 1) -- 2,000,000 --
Cash -- -- 1,459,842
Receivables:
Interest 24,711,385 19,280,129 19,513,702
Investments sold 12,476,963 5,589,506 648,200
Other assets 94,498 51,660 54,744
- ------------------------------------------------------------------------------------------------------------------------------------
Liabilities
Cash overdraft 10,080,825 935,483 --
Payable for investments purchased 20,064,004 3,645,027 --
Accrued expenses:
Management fees (note 6) 666,773 496,448 519,055
Other 504,327 360,780 506,361
Preferred share dividends payable 138,768 99,239 113,156
Common share dividends payable 4,487,571 3,552,139 3,809,412
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets (note 7) $1,310,366,935 $966,581,102 $1,011,832,012
====================================================================================================================================
Preferred shares, at liquidation value $ 400,000,000 $300,000,000 $ 300,000,000
====================================================================================================================================
Preferred shares outstanding 16,000 12,000 12,000
====================================================================================================================================
Common shares outstanding 59,834,385 42,800,037 45,350,596
====================================================================================================================================
Net asset value per Common share outstanding (net assets less Preferred shares
at liquidation value, divided by Common shares
outstanding) $ 15.21 $ 15.57 $ 15.70
====================================================================================================================================
</TABLE>
See accompanying notes to financial statements.
<PAGE>
Statement of Operations
Six Months Ended April 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
Performance Plus Advantage Opportunity
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Investment Income (note 1) $ 39,552,221 $ 29,732,744 $ 31,688,457
- ------------------------------------------------------------------------------------------------------------------------------------
Expenses
Management fees (note 6) 4,033,776 3,005,868 3,141,039
Preferred shares - auction fees 495,891 371,917 371,917
Preferred shares - dividend disbursing agent fees 19,836 19,836 14,876
Shareholders' servicing agent fees and expenses 111,601 65,238 73,946
Custodian's fees and expenses 76,668 60,237 63,272
Directors' fees and expenses (note 6) 6,216 4,585 4,818
Professional fees 11,066 10,563 10,636
Shareholders' reports - printing and mailing expenses 129,688 92,080 104,694
Stock exchange listing fees 26,381 18,272 19,237
Investor relations expense 58,894 41,223 44,363
Other expenses 33,920 22,632 23,391
- ------------------------------------------------------------------------------------------------------------------------------------
Net investment income 34,548,284 26,020,293 27,816,268
- ------------------------------------------------------------------------------------------------------------------------------------
Realized and Unrealized Gain (Loss) from Investments
Net realized gain from investment transactions (notes 1 and 4) 1,250,155 3,775,127 1,947,107
Net change in unrealized appreciation or depreciation of investments (14,926,964) (15,816,111) (13,494,984)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations $ 20,871,475 $ 13,979,309 $ 16,268,391
====================================================================================================================================
</TABLE>
See accompanying notes to financial statements.
<PAGE>
Statement of Changes in Net Assets
(Unaudited)
<TABLE>
<CAPTION>
Performance Plus Advantage Opportunity
- ------------------------------------------------------------------------------------------------------------------------------------
Six Months Ended Year Ended Six Months Ended Year Ended Six Months Ended Year Ended
4/30/99 10/31/98 4/30/99 10/31/98 4/30/99 10/31/98
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Operations
Net investment income $ 34,548,284 $ 70,718,467 $ 26,020,293 $ 52,460,342 $ 27,816,268 $ 56,435,388
Net realized gain from
investment transactions
(notes 1 and 4) 1,250,155 6,830,490 3,775,127 410,207 1,947,107 797,092
Net change in unrealized appreciation
or depreciation of investments (14,926,964) 5,944,124 (15,816,111) 6,827,515 (13,494,984) 5,539,573
Net increase in net assets 20,871,475 83,493,081 13,979,309 59,698,064 16,268,391 62,772,053
from operations
- ------------------------------------------------------------------------------------------------------------------------------------
Distributions to Shareholders (note 1)
From undistributed net investment
income:
Common shareholders (27,215,207) (56,892,715) (21,278,046) (42,274,725) (22,817,092) (45,439,581)
Preferred shareholders (6,011,223) (13,848,428) (4,437,335) (10,287,913) (4,535,234) (10,834,625)
From accumulated net realized gains
from investment transactions:
Common shareholders (720,584) -- -- -- (673,781) (1,234,583)
Preferred shareholders -- -- -- -- (164,760) (310,600)
Decrease in net assets from (33,947,014) (70,741,143) (25,715,381) (52,562,638) (28,190,867) (57,819,389)
distributions to shareholders
- ------------------------------------------------------------------------------------------------------------------------------------
Capital Share Transactions (note 2)
Net proceeds from Common shares
issued to shareholders due to
reinvestment of distributions 1,255,973 5,237,739 2,907,558 6,216,101 2,547,747 5,052,060
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets(11,819,566) 17,989,677 (8,828,514) 13,351,527 (9,374,729) 10,004,724
Net assets at beginning of period1,322,186,501 1,304,196,824 975,409,616 962,058,089 1,021,206,741 1,011,202,017
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets at end of period $1,310,366,935 $1,322,186,501 $966,581,102 $975,409,616 $1,011,832,012 $1,021,206,741
====================================================================================================================================
Balance of undistributed net investment
income at end of period $ 2,674,626 $ 1,352,772 $ 1,260,200 $ 955,288 $ 1,387,895 $ 923,953
====================================================================================================================================
</TABLE>
See accompanying notes to financial statements.
<PAGE>
Notes to Financial Statements
(Unaudited)
1. General Information and Significant Accounting Policies The National Funds
(the "Funds") covered in this report and their corresponding New York Stock
Exchange symbols are Nuveen Performance Plus Municipal Fund, Inc. (NPP), Nuveen
Municipal Advantage Fund, Inc. (NMA) and Nuveen Municipal Market Opportunity
Fund, Inc. (NMO).
Each Fund invests primarily in a diversified portfolio of municipal obligations
issued by state and local government authorities. The Funds are registered under
the Investment Company Act of 1940 as closed-end, diversified management
investment companies.
The following is a summary of significant accounting policies followed by the
Funds in the preparation of their financial statements in accordance with
generally accepted accounting principles.
Securities Valuation
The prices of municipal bonds in each Fund's investment portfolio are provided
by a pricing service approved by the Fund's Board of Directors. When price
quotes are not readily available (which is usually the case for municipal
securities), the pricing service establishes fair market value based on yields
or prices of municipal bonds of comparable quality, type of issue, coupon,
maturity and rating, indications of value from securities dealers and general
market conditions. Temporary investments in securities that have variable rate
and demand features qualifying them as short-term securities are valued at
amortized cost, which approximates market value.
Securities Transactions
Securities transactions are recorded on a trade date basis. Realized gains and
losses from such transactions are determined on the specific identification
method. Securities purchased or sold on a when-issued or delayed delivery basis
may have extended settlement periods. The securities so purchased are subject to
market fluctuation during this period. The Funds have instructed the custodian
to segregate assets in a separate account with a current value at least equal to
the amount of the when-issued and delayed delivery purchase commitments. At
April 30, 1999, Performance Plus had outstanding delayed delivery purchase
commitments of $20,064,004.
Investment Income
Interest income is determined on the basis of interest accrued, adjusted for
amortization of premiums and accretion of discounts on long-term debt securities
when required for federal income tax purposes.
Federal Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund
intends to comply with the requirements of the Internal Revenue Code applicable
to regulated investment companies and to distribute all of its tax-exempt net
investment income, in addition to any significant amounts of net realized
capital gains and/or market discount realized from investment transactions. The
Funds currently consider significant net realized capital gains and/or market
discount as amounts in excess of $.001 per Common share for Performance Plus and
$.01 per Common share for Advantage and Opportunity. 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 gain and market discount distributions are subject to federal taxation.
<PAGE>
Dividends and Distributions to Shareholders
Tax-exempt net investment income is declared monthly as a dividend and payment
is made or reinvestment is credited to shareholder accounts on the first
business day after month-end. Net realized capital gains and/or market discount
from investment transactions are distributed to shareholders not less frequently
than annually. Furthermore, capital gains are distributed only to the extent
they exceed available capital loss carryforwards.
Distributions to shareholders of tax-exempt net investment income, net realized
capital gains and/or market discount, 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 generally accepted
accounting principles. Accordingly, temporary over-distributions as a result of
these differences may occur and will be classified as either distributions in
excess of net investment income, distributions in excess of net realized gains
and/or distributions in excess of net ordinary taxable income from investment
transactions, where applicable.
Preferred Shares
The Funds have issued and outstanding $25,000 stated value Preferred shares.
Each Fund's Preferred shares are issued in more than one Series. The dividend
rate on each Series may change every seven days, as set by the auction agent.
The number of shares outstanding, by Series and in total, for each Fund is as
follows:
Performance
Plus Advantage Opportunity
- -----------------------------------------------------------
Number of shares:
Series M 4,000 3,000 4,000
Series T 4,000 3,000 4,000
Series W 4,000 3,000 --
Series F 4,000 3,000 4,000
- -----------------------------------------------------------
Total 16,000 12,000 12,000
===========================================================
Effective May 14, 1999, Advantage issued 2,320 Series Th $25,000 stated value
Preferred shares.
Effective May 7, 1999, Opportunity issued 3,200 Series W $25,000 stated value
Preferred shares.
Derivative Financial Instruments
The Funds may invest in transactions in certain derivative financial instruments
including futures, forward, swap and option contracts, and other financial
instruments with similar characteristics. Although the Funds are authorized to
invest in such financial instruments, and may do so in the future, they did not
make any such investments during the six months ended April 30, 1999.
Use of Estimates
The preparation of financial statements in conformity with 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 from operations during the reporting period. Actual results may differ
from those estimates.
2. Fund Shares
Transactions in Common shares were as follows:
<TABLE>
<CAPTION>
Performance Plus Advantage
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Six Months Ended Year Ended Six Months Ended Year Ended
4/30/99 10/31/98 4/30/99 10/31/98
- --------------------------------------------------------------------------------------------
Shares issued to shareholders
due to reinvestment of
distributions 81,818 335,829 178,673 389,093
============================================================================================
</TABLE>
Opportunity
- ----------------------------------------------------------------
Six Months Ended Year Ended
4/30/99 10/31/98
- ----------------------------------------------------------------
Shares issued to shareholders
due to reinvestment of
distributions 155,767 313,666
================================================================
<PAGE>
3. Distributions to Common Shareholders
The Funds declared Common share dividend distributions from their tax-exempt net
investment income which were paid on June 1, 1999, to shareholders of record on
May 15, 1999, as follows:
Performance
Plus Advantage Opportunity
- --------------------------------------------------------------
Dividend per share $.0750 $.0830 $.0840
==============================================================
4. Securities Transactions
Purchases and sales (including maturities) of investments in long-term municipal
securities and short-term municipal securities during the six months ended April
30, 1999, were as follows:
Performance
Plus Advantage Opportunity
- --------------------------------------------------------------------------
Purchases:
Long-term municipal securities $146,717,282 $64,038,616 $79,735,151
Short-term municipal securities 43,100,000 14,000,000 17,100,000
Sales and Maturities:
Long-term municipal securities 120,888,146 66,075,997 77,299,739
Short-term municipal securities 45,200,000 13,300,000 23,100,000
==========================================================================
At April 30, 1999, the identified cost of investments owned for federal income
tax purposes was the same as the cost for financial reporting purposes for each
Fund.
At October 31, 1999, the Funds' last fiscal year end, Advantage had unused
capital loss carryforwards of $929,166 available for federal income tax purposes
to be applied against future capital gains, if any. If not applied, $427,467 of
the carryforward will expire in the year 2001 and $501,699 of the carryforward
will expire in the year 2002.
5. Unrealized Appreciation (Depreciation)
Gross unrealized appreciation and gross unrealized depreciation of investments
at April 30, 1999, were as follows:
Performance
Plus Advantage Opportunity
- ----------------------------------------------------------------------
Gross unrealized:
appreciation $70,912,593 $64,717,805 $75,407,657
depreciation (1,394,775) (883,444) (570,818)
- ----------------------------------------------------------------------
Net unrealized appreciation $69,517,818 $63,834,361 $74,836,839
======================================================================
<PAGE>
6. Management Fee and Other Transactions with Affiliates
Under the Funds' investment management agreements with Nuveen Advisory Corp.
(the "Adviser"), a wholly owned subsidiary of The John Nuveen Company, each Fund
pays to the Adviser an annual management fee, payable monthly, at the rates set
forth below, which are based upon the average daily net asset value of each Fund
as follows:
Average Daily Net Asset Value Management Fee
- ------------------------------------------------------
For the first $125 million .6500 of 1%
For the next $125 million .6375 of 1
For the next $250 million .6250 of 1
For the next $500 million .6125 of 1
For the next $1 billion .6000 of 1
For net assets over $2 billion .5875 of 1
======================================================
The fee compensates the Adviser for overall investment advisory and
administrative services and general office facilities. The Funds pay no
compensation directly to those of its Directors who are affiliated with the
Adviser or to their officers, all of whom receive remuneration for their
services to the Funds from the Adviser.
7. Composition of Net Assets At April 30, 1999, net assets consisted of:
<TABLE>
<CAPTION>
Performance
Plus Advantage Opportunity
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Preferred shares, $25,000 stated value per share, $ 400,000,000 $300,000,000 $ 300,000,000
at liquidation value
Common shares, $.01 par value per share 598,344 428,000 453,506
Paid-in surplus 836,262,802 598,212,580 633,250,404
Balance of undistributed net investment income 2,674,626 1,260,200 1,387,895
Accumulated net realized gain from investment transactions 1,313,345 2,845,961 1,903,368
Net unrealized appreciation of investments 69,517,818 63,834,361 74,836,839
- ------------------------------------------------------------------------------------------------------------------------
Net assets $1,310,366,935 $966,581,102 $1,011,832,012
- ------------------------------------------------------------------------------------------------------------------------
Authorized shares:
Common 200,000,000 200,000,000 200,000,000
Preferred 1,000,000 1,000,000 1,000,000
========================================================================================================================
</TABLE>
8. Investment Composition
At April 30, 1999, the revenue sources by municipal purpose, expressed as a
percent of total investments, were as follows:
Performance
Plus Advantage Opportunity
- ------------------------------------------------------------------------
Education and Civic Organizations 1% 3% 4%
Health Care 11 11 4
Housing/Multifamily 4 4 3
Housing/Single Family 9 7 8
Tax Obligation/General 11 6 8
Tax Obligation/Limited 11 7 15
Transportation 4 7 13
U.S. Guaranteed 30 36 32
Utilities 13 10 8
Water and Sewer 6 6 3
Other -- 3 2
- -----------------------------------------------------------------------
100% 100% 100%
=======================================================================
Certain long-term and intermediate-term investments owned by the Funds are
either covered by insurance issued by several private insurers or are backed by
an escrow or trust containing U.S. government or U.S. government agency
securities, both of which ensure the timely payment of principal and interest in
the event of default (70% for Performance Plus, 67% for Advantage and 48% for
Opportunity).
For additional information regarding each investment security, refer to the
Portfolio of Investments of each Fund.
<PAGE>
Financial Highlights
(Unaudited)
Selected data for a Common share outstanding throughout each
period is as follows:
Investment Operations
------------------------------
Net
Realized/
Beginning Net Unrealized
Net Asset Investment Investment
Value Income Gain (Loss) Total
Performance Plus
Year Ended 10/31:
1999 (a) $15.43 $ .57 $ (.22) $ .35
1998 15.22 1.19 .20 1.39
1997 15.07 1.24 .15 1.39
1996 15.21 1.27 (.12) 1.15
1995 14.40 1.32 .85 2.17
1994 15.95 1.32 (1.53) (.21)
Advantage
Year Ended 10/31:
1999 (a) 15.85 .61 (.29) .32
1998 15.68 1.24 .17 1.41
1997 15.48 1.27 .21 1.48
1996 15.57 1.29 (.07) 1.22
1995 14.60 1.33 1.01 2.34
1994 16.38 1.33 (1.76) (.43)
Opportunity
Year Ended 10/31:
1999 (a) 15.96 .61 .26) .35
1998 15.85 1.25 .15 1.40
1997 15.66 1.29 .20 1.49
1996 15.77 1.30 (.10) 1.20
1995 14.69 1.33 1.12 2.45
1994 16.58 1.33 (1.81) (.48)
<TABLE>
<CAPTION>
Less Distributions
-----------------------------------------------------------------------------
Net Net
Investment Investment Capital Capital
Income Income Gains Gains
To Common To Preferred To Common To Preferred
Shareholders Shareholders+ Shareholders Shareholders+ Total
<S> <C> <C> <C> <C> <C>
Performance Plus
Year Ended 10/31:
1999 (a) $ (.46) $(.10) $(.01) $-- $ (.55)
1998 (.95) (.23) -- -- (1.18)
1997 (1.00) (.24) -- -- (1.24)
1996 (1.04) (.25) -- -- (1.29)
1995 (1.08) (.28) -- -- (1.36)
1994 (1.10) (.24) -- -- (1.34)
Advantage
Year Ended 10/31:
1999 (a) (.50) (.10) -- -- (.60)
1998 (1.00) (.24) -- -- (1.24)
1997 (1.03) (.25) -- -- (1.28)
1996 (1.05) (.26) -- -- (1.31)
1995 (1.09) (.28) -- -- (1.37)
1994 (1.13) (.22) -- -- (1.35)
Opportunity
Year Ended 10/31:
1999 (a) (.50) (.10) (.01) -- (.61)
1998 (1.01) (.24) (.03) (.01) (1.29)
1997 (1.04) (.26) -- -- (1.30)
1996 (1.05) (.26) -- -- (1.31)
1995 (1.09) (.28) -- -- (1.37)
1994 (1.13) (.23) (.04) (.01) (1.41)
</TABLE>
<TABLE>
<CAPTION>
Total Returns
-------------------------------------------------
Ending Ending
Net Asset Ending Based on Based on Net Net Assets
Value Market Value Market Value** Asset Value** (000)
<S> <C> <C> <C> <C> <C>
Performance Plus
Year Ended 10/31:
1999 (a) $15.21 $15.0000 .21% 1.62% $1,310,367
1998 15.43 15.4375 9.48 7.87 1,322,187
1997 15.22 15.0000 5.94 7.89 1,304,197
1996 15.07 15.1250 6.17 6.15 1,290,635
1995 15.21 15.2500 22.77 13.58 1,289,804
1994 14.40 13.3750 (13.56) (2.92) 1,240,637
Advantage
Year Ended 10/31:
1999 (a) 15.57 16.0000 4.32 1.39 966,581
1998 15.85 15.8125 5.58 7.65 975,410
1997 15.68 15.9375 12.57 8.20 962,058
1996 15.48 15.1250 7.04 6.37 951,656
1995 15.57 15.1250 20.69 14.62 954,277
1994 14.60 13.5000 (14.66) (4.16) 913,355
Opportunity
Year Ended 10/31:
1999 (a) 15.70 16.1875 4.84 1.64 1,011,832
1998 15.96 15.9375 5.40 7.45 1,021,207
1997 15.85 16.1250 13.01 8.12 1,011,202
1996 15.66 15.2500 8.82 6.15 1,000,987
1995 15.77 15.0000 21.98 15.30 1,005,798
1994 14.69 13.2500 (17.27) (4.57) 957,443
</TABLE>
<TABLE>
<CAPTION>
Ratios/Supplemental Data
-------------------------------------------------------------------------------------
Ratio of Net Ratio of Net
Ratio of Investment Ratio of Investment
Expenses to Income to Expenses to Income to
Average Average Average Total Average Total
Net Assets Net Assets Net Assets Net Assets Portfolio
Applicable to Applicable to Including Including Turnover
Common Shares++ Common Shares++ Preferred++ Preferred++ Rate
<S> <C> <C> <C> <C> <C>
Performance Plus
Year Ended 10/31:
1999 (a) 1.10%* 7.60%* .77%* 5.29%* 9%
1998 1.11 7.74 .77 5.38 23
1997 1.12 8.24 .77 5.69 12
1996 1.13 8.47 .78 5.83 15
1995 1.13 8.88 .78 6.08 7
1994 1.15 8.73 .79 6.01 12
Advantage
Year Ended 10/31:
1999 (a) 1.11* 7.81* .77* 5.40* 7
1998 1.12 7.84 .78 5.41 8
1997 1.14 8.23 .78 5.64 8
1996 1.14 8.37 .78 5.72 13
1995 1.15 8.80 .78 5.98 4
1994 1.15 8.60 .79 5.88 10
Opportunity
Year Ended 10/31:
1999 (a) 1.09* 7.83* .77* 5.52* 8
1998 1.09 7.88 .77 5.55 13
1997 1.10 8.25 .77 5.78 20
1996 1.10 8.29 .77 5.81 19
1995 1.10 8.70 .76 6.04 13
1994 1.11 8.51 .78 5.96 18
* Annualized.
** Total Return on Market Value is the combination of reinvested dividend
income, reinvested capital gains distributions, if any, and changes in stock
price per share.
Total Return on Net Asset Value is the combination of reinvested dividend
income, reinvested capital gains distributions, if any, and changes in net
asset value per share.
Total returns are not annualized.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Preferred
shareholders; income ratios reflect income earned on assets attributable to
Preferred shares.
(a) For the six months ended April 30, 1999.
</TABLE>
<PAGE>
Building a Better Portfolio Can Make You a Successful Investor
Nuveen Family of Mutual Funds
Nuveen offers a variety of funds designed to help you reach your financial
goals.
Growth
Nuveen Rittenhouse Growth Fund
Growth and Income
European Value Fund
Growth and Income Stock Fund
Balanced Stock and Bond Fund
Balanced Municipal and Stock Fund
Dividend and Growth Fund
Income
Income Fund
Tax-Free Income
National Funds
Long-Term
Insured
Intermediate-Term
Limited-Term
State Funds
Arizona
California
Colorado
Connecticut
Florida
Georgia
Kansas
Kentucky
Louisiana
Maryland
Massachusetts
Michigan
Missouri
New Jersey
New Mexico
New York
North Carolina
Ohio
Pennsylvania
Tennessee
Virginia
Wisconsin
Successful investors know that a well-diversified portfolio - one that balances
different types of investments, levels of risk and tax management - can be the
foundation for building and sustaining wealth. That's why Nuveen offers you and
your financial adviser a wide range of quality investments that can help you
build a better portfolio in the pursuit of your financial goals
Exchange-Traded Funds
Nuveen Exchange-Traded Funds offer investors actively managed portfolios of
investment-grade quality municipal bonds. The fund shares are listed and traded
on the New York and American stock exchanges. Exchange-traded funds provide the
investment convenience, price visibility and liquidity of common stocks.
MuniPreferred(R)
Nuveen MuniPreferred offers investors a AAA rated investment with an attractive
tax-free yield for the cash reserves portion of an investment portfolio.
MuniPreferred shares are backed 2-to-1 by the long-term portfolios of Nuveen
dual-class exchange-traded funds and are available for national as well as a
wide variety of state-specific portfolios.
Mutual Funds
Nuveen offers a family of equity, balanced and municipal bond funds featuring
Premier AdvisersSM including Institutional Capital Corporation, Rittenhouse
Financial Services, and Nuveen Advisory Corp. Each brings a specialized
expertise in a particular investment style or asset class, time-tested
investment strategies and a focus on consistent, long-term performance. With
Nuveen's Premier Adviser funds, you have all the advantages of a family of funds
plus the benefits of specialized investment expertise.
Private Asset Management
Rittenhouse Financial Services and Nuveen Asset Management offer comprehensive,
customized investment management solutions to investors with assets of $250,000
or more to invest. A range of actively managed growth, balanced and municipal
income-oriented portfolios are available, all based upon a disciplined
investment philosophy.
Defined Portfolios
Nuveen Defined Portfolios are fixed portfolios of quality securities that are a
convenient, attractive alternative to purchasing individual securities. They
provide low-cost diversification to reduce risk, while also offering
experienced, professional security selection and surveillance. In addition,
Nuveen Defined Portfolios provide daily liquidity at that day's net asset value
for quick access to your assets.
<PAGE>
Fund Information
Board of Directors
Robert P. Bremner
Lawrence H. Brown
Anne E. Impellizzeri
Peter R. Sawers
William J. Schneider
Timothy R. Schwertfeger
Judith M. Stockdale
Fund Manager
Nuveen Advisory Corp.
333 West Wacker Drive
Chicago, IL 60606
Custodian, Transfer Agent and Shareholder Services
The Chase Manhattan Bank
4 New York Plaza
New York, NY 10004-2413
(800) 257-8787
Legal Counsel
Morgan, Lewis &
Bockius LLP
Washington, D.C.
Independent Auditors
Ernst & Young LLP
Chicago, IL
Year 2000
The concern that computer systems may have problems processing date-related
information in the year 2000 and beyond has challenged businesses and
organizations to thoroughly review all aspects of their operations. We have
undertaken just such an approach at Nuveen in preparation for the millennium.
Over the last 10 years, we have updated or replaced our trading, fund
management, and pricing systems at Nuveen - systems that directly affect our
investors and their financial advisers - to address Year 2000 concerns.
We continue to work closely with our transfer agent, custodian, firms through
whom we buy and sell portfolio securities, and other service partners to monitor
the Year 2000 readiness of their systems, while addressing other remaining
systems issues.
In addition, the Funds hold securities of issuers whose business operations
leave them susceptible to Year 2000 concerns. We seek to evaluate an issuer's
Year 2000 readiness as part of our initial and ongoing research of these
issuers. This is only one of the many factors considered in determining whether
to buy, sell, or continue holding a particular security.
We anticipate that all significant components of our Year 2000 review, repair,
and testing program will be complete by mid-1999. This includes appropriate
industry-wide testing of critical systems and receipt of satisfactory assurances
from critical service providers, vendors, and issuers regarding their Year 2000
readiness. We are also making Year 2000 contingency plans to guide recovery
efforts in the event that, despite our remediation attempts, Year 2000 issues
adversely affect the Funds. Although we cannot give complete assurance at this
time that the steps we take will be sufficient to prevent any problems that
would impact the Nuveen Exchange-Traded Funds, we can assure you that we will
take all reasonable steps to prevent disruption of the services provided by your
Fund.
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 six-month period ended April 30, 1999. Any future
repurchases will be reported to shareholders in the next annual or semiannual
report.
<PAGE>
Serving Investors for Generations
Photo of: John Nuveen, Sr.
Since our founding in 1898, John Nuveen & Co. has been synonymous with
investments that withstand the test of time. Today we offer a broad range of
quality investments designed for individuals seeking to build and sustain
wealth. In fact, more than 1.3 million investors have trusted Nuveen to help
them pursue their financial goals.
The cornerstone of Nuveen's investment philosophy is a commitment to disciplined
long-term investment strategies focused on providing consistent, attractive
performance over time - with moderated risk. We emphasize quality securities
carefully chosen through in-depth research, and we follow those securities
closely over time to ensure that they continue to meet our exacting standards.
Whether your focus is long-term growth, dependable current income or sustaining
accumulated wealth, Nuveen offers a wide variety of investments and services to
help meet your unique circumstances and financial planning needs. Our equity,
balanced, and tax-free income funds, along with our defined portfolios and
private asset management, can help you build a better, well-diversified
portfolio.
Talk with your financial adviser to learn more about how Nuveen investment
products and services can help you. Or call us at (800) 257-8787 for more
information, including a prospectus where applicable. Please read that
information carefully before investing.
LOGO:
NUVEEN
helping investors sustain the wealth of a lifetime(tm).
John Nuveen & Co. Incorporated
333 West Wacker Drive
Chicago, IL 60606-1286
www.nuveen.com
FSA-2-4-99
