SEMIANNUAL REPORT April 30, 2000
NUVEEN Investments Invest well. Look ahead. LEAVE YOUR MARK.sm
EXCHANGE-TRADED Funds
Dependable, tax-free income to help you keep more of what you earn.
INVESTMENT QUALITY
NQM
SELECT QUALITY
NQS
QUALITY INCOME
NQU
PREMIER INCOME
NPF
PHOTO OF: WATER
PHOTO OF: 2 CHILDREN
<PAGE>
Credit Quality Highlights
As of April 30, 2000
Nuveen Investment Quality Municipal Fund, Inc. (NQM)
AAA/U.S. Guaranteed 69%
AA 13%
A 10%
BBB/NR 9%
Nuveen Select Quality Municipal Fund, Inc. (NQS)
AAA/U.S. Guaranteed 71%
AA 9%
A 8%
BBB/NR 12%
Nuveen Quality Income Municipal Fund, Inc. (NQU)
AAA/U.S. Guaranteed 62%
AA 14%
A 6%
BBB/NR 18%
Nuveen Premier Municipal Income Fund, Inc. (NPF)
AAA/U.S. Guaranteed 62%
AA 14%
A 9%
BBB/NR 15%
CONTENTS
1 Dear Shareholder
3 Portfolio Managers' Comments
6 NQM's Performance Overview
7 NQS's Performance Overview
8 NQU's Performance Overview
9 NPF's Performance Overview
10 Portfolio of Investments
37 Statement of Net Assets
38 Statement of Operations
39 Statement of Changes in Net Assets
41 Notes to Financial Statements
46 Financial Highlights
48 Build Your Wealth Automatically
49 Fund Information
<PAGE>
Photo of: TIMOTHY R. SCHWERTFEGER
CHAIRMAN OF THE BOARD
Side bar text:
"Building and sustaining wealth requires sound, ongoing advice."
Dear Shareholder
The primary objective of your Nuveen Municipal Exchange-Traded Fund is to
provide dependable, attractive tax-free dividends. I am pleased to report that
your Fund continued to achieve this goal during the period covered by this
report. I also encourage you to read the Portfolio Manager's Comments later in
this report, where your Fund's manager takes a com prehensive look at the
investment environ ment and performance of your Fund for this period.
As an income-oriented investment, we believe your Nuveen Exchange-Traded Fund is
well positioned to be a core element of your long-term investment
program. With the help of your financial advisor, all of us at Nuveen
Investments are dedicated to providing the services, products, perspectives and
solutions you need to help you meet your personal and family goals.
NEW WAYS TO
THINK ABOUT WEALTH
In the past few years, much attention
has been directed toward the ways we're accumulating wealth. At Nuveen, we
believe it is just as important for investors also to focus on preserving that
wealth, on the responsibilities wealth brings with it, and on the legacies we
will leave for future generations.
This long-term perspective is a key to understanding our portfolio management
strategies, our insistence on quality and our determination to provide
investments that can withstand the test of time. It is a philosophy that we
think is encapsulated well in our brand theme: Invest Well. Look Ahead. Leave
Your Mark.SM
INVEST WELL
Building and sustaining the wealth that can result in lasting legacies requires
a well-developed plan, sound on-going advice, and the discipline to stay focused
on long-term results. With today's abun dance of investment products and offers,
it also increasingly requires an experienced and trusted advisor who can guide
you through the opportunities and the pitfalls. With so much potentially at
stake, Nuveen Investments is dedicated to delivering quality products like your
Nuveen Fund through the financial advisors who assist you in making wise
investment choices and help you manage your most impor tant financial assets.
<PAGE>
LOOK AHEAD
We urge all our investors to look ahead, not only to their own goals and
futures, but toward those of future generations as well. We now stand on the
threshold of a new century, anticipating a time of change, discovery and
potential that may one day make the year 2000 seem as archaic as the year 1900.
We don't know all that the future will bring, but we do know that a
well-diversified, carefully-monitored investment program that combines elements
of growth, income and capital preservation will form a solid foundation that can
help meet whatever opportunities and challenges the new century has to offer.
LEAVE YOUR MARK
With the enormous wealth creation of the last decade and the considerable
intergenerational transfer of wealth that is expected to occur over the next 20
years, investors today have a significant opportunity to shape their own and
their family's financial future. These may include establishing trusts,
endowments or legacies that can directly affect our families and communities for
generations to come. We at Nuveen Investments are committed to facilitating and
raising the level of dialogue between investors and their financial advisors in
ways that can help meet goals that extend far beyond the boundaries of a single
lifespan.
Since 1898, the name Nuveen has been synonymous with quality investments,
careful research and prudent management. Today, more than ever, the investments
and services we offer through financial advisors may be well suited to those who
recognize and embrace the need for building and managing wealth. We encourage
you to speak with your financial advisor about how you can enhance your
investment program in ways that help you Look Ahead, Invest Well and Leave Your
Mark.
Sincerely,
/s/ Timothy R. Schwertfeger
TIMOTHY R. SCHWERTFEGER
Chairman of the Board
June 15, 2000
Sidebar text: "We believe your Nuveen Exchange-Traded Fund is well positioned to
be a core element of your long-term investment program."
<PAGE>
Nuveen National Exchange-Traded Funds (NQM, NQS, NQU, NPF)
PORTFOLIO MANAGER'S COMMENTS
PORTFOLIO MANAGERS TOM FUTRELL, RICK HUBER, BILL FITZGERALD, AND STEVE PETERSON
REVIEW THE NATIONAL ECONOMY, ITS IMPACT ON THE MUNICIPAL MARKET AND FUND
PERFORMANCE, AND THE KEY STRATEGIES USED TO MANAGE THE NUVEEN NATIONAL
EXCHANGE-TRADED FUNDS. TOM, BILL, AND STEVE HAVE HAD PORTFOLIO MANAGEMENT
RESPONSIBILITIES FOR NQM, NQU, AND NPF, RESPECTIVELY, SINCE THE FUNDS'
INCEPTIONS IN THE EARLY 1990S, WHILE RICK HAS MANAGED NQS SINCE 1998.
WHAT FACTORS AFFECTED THE U.S. ECONOMY
OVER THE PAST 12 MONTHS?
In April 2000, the United States entered its tenth year of uninterrupted
economic expansion, the longest continuous expansion in the nation's history.
While the strong growth trends and relatively benign inflation that have been
the hallmarks of this expansion remained largely in place, unabated consumer
spending and tight labor markets kept the Federal Reserve concerned that the
pace of growth would eventually trigger a resurgence of inflation.
The shift in financial market sentiment to worries about runaway growth and
inflationary pressures was a marked contrast to the concerns about slower growth
and deflation that followed the global financial crisis of 1998. The primary
catalysts behind this change in sentiment - in addition to consumer spending and
the scarcity of qualified workers - include the quick recovery of the global
economy following the 1998 events, rising commodity prices, and the accelerating
effect of excess cash created to ensure liquidity during the transition into the
year 2000.
All of this prompted the Federal Reserve to embark on a tightening path. In June
1999 the Fed began a series of five short-term interest rate increases that
eventually increased the federal funds rate by 1.25% to 6.0%. (In May, the Fed
raised rates a sixth time, bringing the fed funds rate to 6.5%.) As the Fed
acted and then continued to leave the door open for additional tightenings,
investor uncertainty grew, the equity markets became increasingly volatile, and
bond prices declined as yields pushed higher. The shift in the economic
landscape has been complicated by the rapidly shrinking supply of long-term
Treasuries, as the U.S. government accelerated its program to buy back Treasury
debt. This has created some severe dislocations within and between Treasuries
and other bond markets. Following the Fed's rate hikes, the Treasury yield curve
remained inverted, with the yield on a two-year notes about 60 basis points
higher than that of a 30-year bond.
The Fed's rapid action to rein in the monetary base, plus the shift in policy
from global monetary stimulus to restraint, has provided a foundation that may
help to counterbalance some of the current pressures in the economy. Investors
continue to hope that the Fed's moves will not jeopardize the expansion by doing
too little or too much, but instead successfully engineer a soft landing for the
U.S. economy.
HOW HAVE THESE EVENTS
AFFECTED THE MUNICIPAL MARKET?
The cumulative effects of the economic events of the past 12 months were
negative for the fixed-income markets, including municipal bonds. Once the Fed
began its series of interest rate hikes, the rise in municipal yields
accelerated. Over the 12 months ending April 2000, long-term municipal yields
rose about 80 basis points, compared with a 30-point gain in 30-year Treasury
yields. Concurrent with the rise in yields, municipal bond prices slumped. As a
result, by the end of April 2000, long-term municipal yields were 102% of
30-year Treasury yields, compared with the historical average of 86% for the
period 1986-1999.
During the first four months of 2000, new municipal issuance declined more than
26% from the level of the first four months of 1999. This continued the trend
begun last year, as the rising interest rate environment deterred municipalities
from issuing new bonds or refinancing old debt. In addition, robust tax revenue
collections have enabled many state and local govern ments to use more
pay-as-you-go financings rather than bond issuance to fund projects. Overall,
the decline in supply helped to offset some of the negative impact that higher
interest rates and equity market activity had on the demand for municipal bonds
and, ultimately, on bond prices.
According to the most recent data released by the Federal Reserve Board, demand
for municipal bonds on the part of individual investors continued to grow in
1999, maintaining a trend seen over the past four years. While total U.S.
municipal debt grew by 5% in 1999, holdings by individual investors grew 11%. As
of January 2000, these investors held 34% of the out standing municipal debt in
the U.S. This provided some support for a municipal market experiencing a
decline in demand from institutional investors. Buying by mutual and money
market funds, which together accounted for
<PAGE>
29% of municipal debt holdings, reflected the lower demand for bond funds.
Property and casualty insurance companies, the fourth largest group of municipal
bond holders with 14%, had less cash to spend on municipals due to claims from
natural disasters and pricing competition - although we have seen a recent pick
up in demand from this group.
The economic prosperity of the past decade has benefited all sectors of the
municipal bond market, resulting in upgrades in debt ratings. In 1999, upgrades
by Standard & Poor's outnumbered downgrades by a ratio of almost 4 to 1. In
fact, the fourth quarter of 1999 marked the 17th consecutive quarter in which
upgrades exceeded downgrades. The tax-backed sector, which includes general
obligation bonds issued by states, local munici palities, and school and special
purpose districts, fared particularly well in 1999, with upgrades outnumbering
downgrades 30 to 1.
WERE THE FUNDS' DIVIDENDS
AFFECTED BY THIS ENVIRONMENT?
During the past year, good call protection helped to support the dividend of NPF
and shield the income of this Fund from erosion. As of April 30, 2000, NPF had
provided shareholders with 21 consecutive months of stable dividends. However,
the eroding effect of a num ber of bond calls removed some higher-yielding bonds
from the portfolios of NQM, NQS, and NQU. This, as well as higher rates paid to
the Funds' MuniPreferred(R) shareholders, led to dividend adjustments in each of
these Funds over the past 12 months. Despite these adjustments, all of the Funds
continued to provide competitive market yields.
All of these Funds are approaching their ten-year anniversaries, meaning many of
the high coupon bonds purchased at the time of their inceptions may become
subject to calls. The proceeds from these calls will be used to purchase current
coupon bonds that generally may pay a lower rate of interest than the bonds they
replace. While we actively manage the portfolios to try to mitigate the effects
of this process, continued bond calls in the current market environment may have
the net effect of reducing the income the Funds generate to pay dividends.
In addition, all four Funds are leveraged. Leverage tends to enhance the
dividends paid to common shareholders, but the extent of that benefit is tied to
some degree to the short-term rates the Funds pay their MuniPreferred
shareholders. As short-term rates rise, the income available for common
shareholders decreases. As noted, the Federal Reserve raised short-term rates
six times between June 1999 and May 2000, and these actions have had a
corresponding impact on short-term municipal rates. This contributed to the
recent dividend adjust ments in three of the Funds, and may continue to exert an
influence on the common share dividends if short-term rates continue at
historically high recent levels.
OVERALL, HOW DID THESE NUVEEN FUNDS
PERFORM OVER THE PAST YEAR?
For the 12 months ended April 30, 2000, the Nuveen Funds produced total returns
on NAV as shown in the accompanying table. For comparison purposes, the annual
returns for the Lehman Brothers Municipal Bond Index1 and Lipper Peer Group2
also are presented.
<TABLE>
<CAPTION>
LEHMAN
TOTAL LIPPER
MARKET YIELD TOTAL RETURN ON NAV RETURN1 AVERAGE2
============================================================================================================
1 YEAR 1 YEAR 1 YEAR
TAXABLE- ENDED TAXABLE- ENDED ENDED
4/30/00 EQUIVALENT3 4/30/00 EQUIVALENT3 4/30/00 4/30/00
============================================================================================================
<S> <C> <C> <C> <C> <C> <C>
NQM 7.19% 10.42% -5.03% -2.26% -0.92% -5.73%
------------------------------------------------------------------------------------------------------------
NQS 7.39% 10.71% -3.19% -0.35% -0.92% -5.73%
------------------------------------------------------------------------------------------------------------
NQU 7.53% 10.91% -2.68% 0.32% -0.92% -5.73%
------------------------------------------------------------------------------------------------------------
NPF 7.16% 10.38% -2.93% -0.05% -0.92% -5.73%
============================================================================================================
</TABLE>
Past performance is not predictive of future results.
For additional information, see the individual Performance Overview for your
Fund later in this report.
The relative underperformance of the Funds' total returns on NAV when compared
with the Lehman Index can be attributed largely to their durations,4 which are a
measure of each Fund's NAV volatility in reaction to interest rate movements.
These are leveraged Funds, and while leveraging can enhance the dividends paid
to common shareholders, it also has the effect of lengthening a Fund's duration.
In addition, durations often are lengthened when we look to add call protec tion
to the portfolios. As of April 30, 2000, the durations of the four national
Funds covered in this report ranged from 9.66 to 14.39, compared with the Lehman
Brothers Municipal Bond Index's 7.42.
The longer the duration, the more sensitive the Fund's NAV is to changes in
interest rates in either direction. During a period of falling interest rates,
bond prices rise and a long duration enables a Fund's NAV to participate more
fully in market gains. Conversely, when interest rates rise (as they have over
most of the past year), a long duration can make the Fund's NAV more vulnerable
to price declines and produce weaker total return performance.
Even though leveraging and increasing call protection tend to lengthen duration,
we believe these actions strengthen each Fund's ability to maintain attractive
dividends over the long-term and should position the Funds to benefit from any
bond market recovery.
WHAT ABOUT THE FUNDS'
SHARE PRICE PERFORMANCE?
The uncertain economic environment, coupled with an investor focus on equity
market performance, has tended to dampen interest in most fixed-income products.
This lack of demand has put pressure on the prices of many municipal bond
investments, including these four Funds.
1 The Funds' performance is com pared with that of the Lehman Brothers
Municipal Bond Index, an unleveraged index compris ing a broad range of
investment-grade municipal bonds. Results for the Lehman index do not
reflect any expenses.
2 The Funds' total returns are compared with the average annualized return of
the 50 funds in the Lipper General Leveraged Municipal Debt Funds category.
Fund and Lipper returns assume reinvestment of dividends.
3 The taxable-equivalent yield/ total return represents the yield/total
return that must be earned on a taxable investment in order to equal the
yield/total return of the Nuveen Fund on an after-tax basis. The
taxable-equivalent yield is based on the Fund's current market yield and a
federal income tax rate of 31%, while the taxable-equivalent total return
is based on the annualized total return and the 31% federal income tax
rate.
4 Fund duration, also known as leverage-adjusted duration, takes into account
the leverag ing process for the Funds and therefore differs from the dura
tion of the actual portfolio of individual bonds that make up the Funds.
Unless otherwise noted, references to duration in this commentary are
intended to indicate Fund duration.
<PAGE>
As shown in the charts on the Performance Overview pages, the share prices for
all four Funds have gradually declined over much of the past year. These price
declines generally were larger than the declines in the Funds' NAVs. Over the
past year, all four Funds saw their premiums (share price above NAV) move to
discounts (share price below NAV). With the market prices of the Funds now lower
than the actual value of the bonds in their portfolios, shareholders may want to
consider taking advantage of this opportunity to add to their holdings of these
Nuveen Funds.
WHAT KEY STRATEGIES WERE USED TO MANAGE THESE NUVEEN FUNDS DURING THE 12 MONTHS
ENDED APRIL 30, 2000?
The past 12 months represented a challenging period for fixed-income
investments, including these Nuveen funds. However, it also provided
opportunities to improve the Funds' structures by adding diversification,
strengthening the Funds' long-term dividend-paying capabilities, and enhancing
tax efficiency by offsetting potential capital gains with capital losses.
Overall, we continued to be value investors, searching for undervalued bonds,
overlooked sectors of the market, and value not yet recognized by other
investors. We believe Nuveen's experienced Research team provided an advantage
in this area, helping us identify attractive situations and supplying the
background we needed to understand issuers.
This was especially true in sectors such as healthcare and utilities, where
deregulation and other concerns have caused some investors to stay away
completely. In NQM, Nuveen Research helped us explore and take advantage of
opportunities in the single and multi-family housing sectors.
As of April 30, 2000, NQU's largest concentration was in New York. In NQM and
NQS, we have been replacing prerefunded bonds, especially those in demand by the
retail market, with issues offering longer maturities and extended call
protection. The recent market provided opportunities to implement this strategy
with no significant loss of income.
As of April 30, 2000, all four Funds offered excellent credit quality, with the
portion of their assets invested in bonds rated AAA/U.S. guaranteed and AA
ranging from 76% to 81%. This was balanced by allocations of BBB/non-rated bonds
- from 9% in NQM to 18% in NQU - that generally provided higher yields as credit
spreads (or the difference in yield between higher credit quality securities and
those of lower credit quality) widened in recent months.
WHAT IS YOUR OUTLOOK FOR THE NUVEEN FUNDS?
The bonds we added to the portfolios during the past year should help to
increase the Funds' call protection and protect portfolio income. NPF currently
offers good levels of call protection, with approximately 13% of its portfolio
subject to calls between now and the end of 2001. We have also been watching for
pricing inefficiencies and trading bonds with special call features when it
benefited the Fund. While NQS and NQU are well protected for the remainder of
this year, in 2001 these Funds enter the period when the likeli hood of bond
calls increases. In 2001, these two Funds face potential calls affecting 20-35%
of their portfolios. Conversely, once NQM, the oldest of these four Funds,
completes the calls it faces in 2000, it will again offer good levels of
protection.
Our strategies for addressing the bonds calls include closely monitoring call
activity and taking advantage of opportunities to sell bonds before their call
dates, replacing them with the best bonds available in the market at the time of
sale. In NQU, our goal will be to spread out the call exposure as evenly as
possible over the next few years.
In addition, we plan to further diversify NQU by purchasing additional
California and Illinois bonds. These two states not only are characterized by
strong economies, but also offer adequate supply, which enhances our ability to
find the types of bonds that can potentially benefit our shareholders.
NQU also plans to look at purchasing some of the so-called "tobacco bonds."
These high-yield bonds, which are backed by payments from tobacco companies
participating in the master settlement agreement with 46 states, have performed
well in recent months.
More generally, we plan to focus on the same strategies that we have emphasized
in all of these Funds over the past six months, including portfolio
diversification and enhanced dividend payment capabilities. We also plan to
continue to monitor the call activity in these Funds and address call protection
needs as opportunities present themselves. In NQS, this includes selling bonds
with short call dates as the market enables us to do so. We expect the market to
continue working its way through a period of uncertainty that may last beyond
the fall elections. Opportunities do arise in these types of markets, and we are
ready to take advantage of developing situations. We believe the Funds continue
to be well positioned to provide attractive income and a measure of portfolio
diversification that can be a valuable benefit to investors now and in the
future.
<PAGE>
Nuveen Investment Quality Municipal Fund, Inc.
Performance Overview
As of April 30, 2000
NQM
PORTFOLIO STATISTICS
Inception Date 6/90
---------------------------------------------------
Share Price $12 7/16
---------------------------------------------------
Net Asset Value $13.98
---------------------------------------------------
Market Yield 7.19%
---------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 10.42%
---------------------------------------------------
Fund Net Assets ($000) $800,612
---------------------------------------------------
Average Effective Maturity (Years) 20.61
---------------------------------------------------
Leverage-Adjusted Duration 14.39
---------------------------------------------------
ANNUALIZED TOTAL RETURN
ON SHARE PRICE ON NAV
---------------------------------------------------
1-Year -15.66% -5.03%
---------------------------------------------------
5-Year 3.26% 4.83%
---------------------------------------------------
Since Inception 5.03% 7.00%
---------------------------------------------------
TAXABLE-EQUIVALENT TOTAL RETURN2
ON SHARE PRICE ON NAV
---------------------------------------------------
1-Year -12.91% -2.26%
---------------------------------------------------
5-Year 6.30% 7.82%
---------------------------------------------------
Since Inception 8.16% 10.18%
---------------------------------------------------
TOP FIVE SECTORS (AS A % OF TOTAL INVESTMENTS)
U.S. Guaranteed 20%
---------------------------------------------------
Healthcare 16%
---------------------------------------------------
Housing/Single-Family 11%
---------------------------------------------------
Water and Sewer 10%
---------------------------------------------------
Transportation 10%
---------------------------------------------------
BARCHART:
1999-2000 MONTHLY TAX-FREE DIVIDENDS PER SHARE3
5/99 0.08
6/99 0.08
7/99 0.08
8/99 0.08
9/99 0.08
10/99 0.08
11/99 0.08
12/99 0.077
1/00 0.077
2/00 0.077
3/00 0.0745
3/00 0.0745
LINECHART:
SHARE PRICE PERFORMANCE
5/7/99 15.63
15.56
15.25
15.25
15.31
14.94
15.38
14.94
15.25
15.25
15.25
15.06
15.13
14.88
14.19
14.38
14.38
14.19
13.94
13.88
13.63
13.69
13.13
13.06
13.31
13.5
13
12.94
12.75
12.38
11.5
11.88
11.69
12.25
12.13
12.13
12.75
13.06
13.06
12.69
12.75
12.56
12.19
11.88
12.25
12.75
12.81
12.5
12.31
12.44
4/28/00 12.44
Weekly Closing Price
Past performance is not predictive of future results.
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen Fund on an after-tax basis. It
is calculated using the current market yield and a federal income tax rate
of 31%.
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 1999 of $0.0038 per share.
<PAGE>
Nuveen Select Quality Municipal Fund, Inc.
Performance Overview
As of April 30, 2000
NQS
PORTFOLIO STATISTICS
Inception Date 3/91
---------------------------------------------------
Share Price $12 1/2
---------------------------------------------------
Net Asset Value $14.02
---------------------------------------------------
Market Yield 7.39%
---------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 10.71%
---------------------------------------------------
Fund Net Assets ($000) $754,003
---------------------------------------------------
Average Effective Maturity (Years) 19.26
---------------------------------------------------
Leverage-Adjusted Duration 12.46
---------------------------------------------------
ANNUALIZED TOTAL RETURN
ON SHARE PRICE ON NAV
---------------------------------------------------
1-Year -13.81% -3.19%
---------------------------------------------------
5-Year 4.04% 5.63%
---------------------------------------------------
Since Inception 4.85% 6.93%
---------------------------------------------------
TAXABLE-EQUIVALENT TOTAL RETURN2
ON SHARE PRICE ON NAV
---------------------------------------------------
1-Year -10.98% -0.35%
---------------------------------------------------
5-Year 7.08% 8.65%
---------------------------------------------------
Since Inception 7.96% 10.07%
---------------------------------------------------
TOP FIVE SECTORS (AS A % OF TOTAL INVESTMENTS)
U.S. Guaranteed 18%
---------------------------------------------------
Tax Obligation/General 13%
---------------------------------------------------
Utilities 12%
---------------------------------------------------
Transportation 12%
---------------------------------------------------
Tax Obligation/Limited 11%
---------------------------------------------------
BAR CHART:
1999-2000 MONTHLY TAX-FREE DIVIDENDS PER SHARE3
5/99 0.0795
6/99 0.0795
7/99 0.0795
8/99 0.0795
9/99 0.0795
10/99 0.0795
11/99 0.0795
12/99 0.0795
1/00 0.0795
2/00 0.0795
3/00 0.077
4/00 0.077
LINECHART:
SHARE PRICE PERFORMANCE
5/7/99 15.5
14.94
14.88
15.06
15
14.75
14.94
14.63
14.94
14.94
15.06
14.94
14.75
14.63
14
14.31
14.31
14.13
13.75
13.75
13.69
13.69
12.88
12.88
13.13
13.19
13.19
13.13
13
12.5
11.75
12
12.06
12.5
12.5
12.56
13.19
13.44
13.25
13.25
13.19
12.81
12.13
12.38
12.5
13
12.94
12.81
12.44
4/28/00 12.5
Weekly Closing Price
Past performance is not predictive of future results.
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen Fund on an after-tax basis. It
is calculated using the current market yield and a federal income tax rate
of 31%.
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 1999 of $0.0060 per share.
<PAGE>
Nuveen Quality Income Municipal Fund, Inc.
Performance Overview
As of April 30, 2000
NQU
PORTFOLIO STATISTICS
Inception Date 6/91
---------------------------------------------------
Share Price $12 3/4
---------------------------------------------------
Net Asset Value $14.14
---------------------------------------------------
Market Yield 7.53%
---------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 10.91%
---------------------------------------------------
Fund Net Assets ($000) $1,218,710
---------------------------------------------------
Average Effective Maturity (Years) 17.35
---------------------------------------------------
Leverage-Adjusted Duration 9.66
---------------------------------------------------
ANNUALIZED TOTAL RETURN
ON SHARE PRICE ON NAV
---------------------------------------------------
1-Year -16.69% -2.68%
---------------------------------------------------
5-Year 4.69% 5.76%
---------------------------------------------------
Since Inception 5.01% 7.01%
---------------------------------------------------
TAXABLE-EQUIVALENT TOTAL RETURN2
ON SHARE PRICE ON NAV
---------------------------------------------------
1-Year -13.85% 0.32%
---------------------------------------------------
5-Year 7.78% 8.85%
---------------------------------------------------
Since Inception 8.13% 10.15%
---------------------------------------------------
TOP FIVE SECTORS (AS A % OF TOTAL INVESTMENTS)
U.S. Guaranteed 32%
---------------------------------------------------
Transportation 15%
---------------------------------------------------
Tax Obligation/General 9%
---------------------------------------------------
Utilities 8%
---------------------------------------------------
Water and Sewer 8%
---------------------------------------------------
Bar Chart:
1999-2000 MONTHLY TAX-FREE DIVIDENDS PER SHARE
5/99 0.0855
6/99 0.0855
7/99 0.0855
8/99 0.0855
9/99 0.0855
10/99 0.0855
11/99 0.0855
12/99 0.0825
1/00 0.0825
2/00 0.0825
3/00 0.08
4/00 0.08
Line Chart:
SHARE PRICE PERFORMANCE
5/7/99 16.56
16.13
15.88
15.69
15.69
15.56
15.75
15.5
15.81
16.13
15.94
15.81
15.75
15.5
15.06
15.13
15.31
15.19
15.06
14.81
14.88
14.88
13.75
13.69
14
14
13.81
13.88
13.56
12.75
12.38
12.38
12.19
12.81
12.69
12.56
13.19
13.63
13.5
13.31
13.25
13.13
12.38
12.38
12.75
13.06
13.69
13.25
12.75
4/28/00 12.75
Weekly Closing Price
Past performance is not predictive of future results.
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen Fund on an after-tax basis. It
is calculated using the current market yield and a federal income tax rate
of 31%.
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.
<PAGE>
Nuveen Premier Municipal Income Fund, Inc.
Performance Overview
As of April 30, 2000
NPF
PORTFOLIO STATISTICS
Inception Date 12/91
---------------------------------------------------
Share Price $13 1/2
---------------------------------------------------
Net Asset Value $14.10
---------------------------------------------------
Market Yield 7.16%
---------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 10.38%
---------------------------------------------------
Fund Net Assets ($000) $447,830
---------------------------------------------------
Average Effective Maturity (Years) 13.48
---------------------------------------------------
Leverage-Adjusted Duration 11.24
---------------------------------------------------
ANNUALIZED TOTAL RETURN
ON SHARE PRICE ON NAV
---------------------------------------------------
1-Year -10.34% -2.93%
---------------------------------------------------
5-Year 6.10% 5.87%
---------------------------------------------------
Since Inception 5.53% 6.87%
---------------------------------------------------
TAXABLE-EQUIVALENT TOTAL RETURN2
ON SHARE PRICE ON NAV
---------------------------------------------------
1-Year -7.56% -0.05%
---------------------------------------------------
5-Year 9.13% 8.91%
---------------------------------------------------
Since Inception 8.54% 9.89%
---------------------------------------------------
TOP FIVE SECTORS (AS A % OF TOTAL INVESTMENTS)
U.S. Guaranteed 33%
---------------------------------------------------
Housing/Multifamily 13%
---------------------------------------------------
Tax Obligation/Limited 12%
---------------------------------------------------
Tax Obligation/General 9%
---------------------------------------------------
Healthcare 9%
---------------------------------------------------
Bar Chart:
1999-2000 MONTHLY TAX-FREE DIVIDENDS PER SHARE
5/99 0.0805
6/99 0.0805
7/99 0.0805
8/99 0.0805
9/99 0.0805
10/99 0.0805
11/99 0.0805
12/99 0.0805
1/00 0.0805
2/00 0.0805
3/00 0.0805
4/00 0.0805
Line Chart:
SHARE PRICE PERFORMANCE
5/7/99 16.13
15.81
15.81
15.63
15.56
15.31
15.38
15
15.19
15.25
15.31
15.19
15
15.13
14.88
14.5
14.5
14.5
14.38
14.19
14.13
13.69
13.19
13.13
13.31
14.25
13.94
13.81
13.56
13.75
12.38
12.75
12.56
13
13.38
13.5
13.63
14.06
14
13.81
13.75
13.75
13.38
13.44
13.44
13.56
13.88
13.75
13.5
4/28/00 13.5
Weekly Closing Price
Past performance is not predictive of future results.
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen Fund on an after-tax basis. It
is calculated using the current market yield and a federal income tax rate
of 31%.
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.
<PAGE>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN INVESTMENT QUALITY MUNICIPAL FUND, INC. (NQM)
April 30, 2000
<TABLE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
------------------------------------------------------------------------------------------------------------------------------------
ALABAMA - 3.7%
$ 22,225 Jefferson County, Alabama, Sewer Revenue Capital Improvement 2/09 at 101 AAA $21,412,010
Warrants, Series 1999-A, 5.750%, 2/01/38
10,000 BMC Special Care Facilities Financing Authority of the City of 11/08 at 101 AAA 8,436,100
Montgomery (Alabama), Revenue Bonds, Series 1998-B
(Baptist Health), 5.000%, 11/15/29
------------------------------------------------------------------------------------------------------------------------------------
ALASKA - 1.8%
14,850 Alaska Housing Finance Corporation, General Housing Purpose 6/04 at 102 Aa2 14,725,112
Bonds, 1994 Series A, 5.400%, 12/01/13
------------------------------------------------------------------------------------------------------------------------------------
ARKANSAS - 0.8%
6,440 Arkansas Development Finance Authority, Home Mortgage 7/08 at 101 1/2 AAA 6,009,293
Revenue Bonds, 1998 Series A, 5.150%, 7/01/17
------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA - 11.5%
9,455 Certificates of Participation (1991 Financing Project), County of 9/06 at 102 AAA 9,632,754
Alameda, California, Alameda County Public Facilities Corporation,
6.000%, 9/01/21
22,400 California Health Facilities Financing Authority, Kaiser Permanente, 5/03 at 102 A 19,880,224
Revenue Bonds, 1993 Series C, 5.600%, 5/01/33
5,925 State Public Works Board of the State of California, Lease 6/03 at 102 Aa3 5,706,486
Revenue Refunding Bonds (The Regents of the University of
California), 1993 Series A (Various University of California
Projects), 5.500%, 6/01/21
9,740 Huntington Park Redevelopment Agency, Single Family Residential No Opt. Call AAA* 12,315,353
Mortgage Revenue Refunding Bonds, 1986 Series A,
8.000%, 12/01/19
4,000 City of Loma Linda, California, Hospital Revenue Bonds 12/03 at 102 N/R 3,504,320
(Loma Linda University Medical Center Project), Series 1993-A,
6.500%, 12/01/18
5,000 Department of Water and Power of the City of Los Angeles, 5/03 at 102 AAA 4,035,200
Water Works Refunding Revenue Bonds, Second Issue of 1993,
4.500%, 5/15/23
1,030 Natomas Unified School District (County of Sacramento, No Opt. Call AAA 1,072,508
California), 1999 Refunding General Obligation Bonds,
5.950%, 9/01/21
15,770 Ontario Redevelopment Financing Authority (San Bernardino No Opt. Call AAA 19,127,906
County, California), 1995 Revenue Refunding Bonds (Ontario
Redevelopment Project No.1), 7.400%, 8/01/25
13,145 City of Perris, California, Single Family Mortgage Revenue No Opt. Call AAA 16,288,232
Bonds (GNMA Mortgage-Backed Securities), 1988 Series B,
8.200%, 9/01/23 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
COLORADO - 6.0%
4,940 Castle Pines Metropolitan District, Douglas County, Colorado, 12/00 at 102 AAA 5,130,980
General Obligation Refunding and Improvement Bonds,
Series 1990, 7.625%, 12/01/15 (Pre-refunded to 12/01/00)
1,745 Colorado Housing Finance Authority, Single Family Program 5/06 at 105 Aa2 1,841,481
Senior and Subordinate Bonds, 1996 Series B, 7.450%, 11/01/27
City and County of Denver, Colorado, Airport System Revenue
Bonds, Series 1991A:
820 8.000%, 11/15/25 (Alternative Minimum Tax) 11/01 at 100 Aaa 859,475
(Pre-refunded to 11/15/01)
2,265 8.000%, 11/15/25 (Alternative Minimum Tax) 11/01 at 100 BBB+ 2,346,472
26,000 City and County of Denver, Colorado, Airport System Revenue 11/08 at 101 AAA 22,276,020
Bonds, Series 1998B, 5.000%, 11/15/25
6,200 City and County of Denver, Colorado, Special Facilities Airport 10/02 at 102 Baa3 6,204,464
Revenue Bonds (United Air Lines Project), Series 1992A,
6.875%, 10/01/32 (Alternative Minimum Tax)
7,865 Colorado Springs School District No. 11, El Paso County, Colorado, 12/07 at 125 AA- 9,208,342
General Obligation Improvement Bonds, Series 1996,
7.125%, 12/01/21
<PAGE>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
------------------------------------------------------------------------------------------------------------------------------------
CONNECTICUT - 2.0%
Connecticut Housing Finance Authority, Housing Mortgage
Finance Program Bonds, 1997 Series C:
$ 1,000 5.700%, 11/15/17 (Alternative Minimum Tax) 11/07 at 102 AA $ 967,680
8,400 5.850%, 11/15/28 (Alternative Minimum Tax) 11/07 at 102 AA 8,008,476
6,640 Connecticut Housing Finance Authority, Housing Mortgage 5/06 at 102 AA 6,681,500
Finance Program Bonds, 1996 Series D, Subseries D-2,
6.200%, 11/15/27 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
DISTRICT OF COLUMBIA - 3.2%
2,500 District of Columbia (Washington, D.C.), General Obligation No Opt. Call AAA 2,603,650
Bonds, Series 1998B, 6.000%, 6/01/16
4,720 District of Columbia Housing Finance Agency, Collateralized 12/00 at 102 AAA 4,861,742
Single Family Mortgage Revenue Bonds, Series 1990A,
8.100%, 12/01/23 (Alternative Minimum Tax)
18,645 District of Columbia Water and Sewer Authority, Public Utility 4/09 at 160 AAA 17,806,161
Revenue Bonds, Series 1998, 5.500%, 10/01/23
------------------------------------------------------------------------------------------------------------------------------------
FLORIDA - 3.8%
4,000 Hillsborough County Port District, Florida (Tampa Port Authority), 12/00 at 102 Baa1*** 4,165,880
Revenue Bonds, Series 1990, 8.250%, 6/01/09
(Pre-refunded to 12/01/00)
20,000 Jacksonville Health Facilities Authority, Health Facilities Revenue 11/00 at 102 Aaa 20,704,000
Refunding Bonds, Daughters of Charity National Health System,
Inc., St. Vincent's Medical Center Issue, Series 1990,
7.500%, 11/01/15 (Pre-refunded to 11/01/00)
7,500 City of Miami Beach Health Facilities Authority, Hospital Revenue 11/08 at 101 BBB 5,648,475
Bonds, Series 1998 (Mount Sinai Medical Center of
Florida Project), 5.375%, 11/15/28
------------------------------------------------------------------------------------------------------------------------------------
GEORGIA - 6.2%
17,500 City of Atlanta (Georgia), Airport General Revenue and Refunding 1/10 at 101 AAA 16,778,825
Bonds, Series 2000A, 5.600%, 1/01/30
15,420 City of Atlanta (Georgia), Water and Wastewater, Revenue Bonds, 5/09 at 101 AAA 12,943,856
Series 1999A, 5.000%, 11/01/38
2,250 Municipal Electric Authority of Georgia, Project One Special No Opt. Call A 2,423,475
Obligation Bonds, Fourth Crossover Series, 6.500%, 1/01/20
10,000 Development Authority of Monroe County (Georgia), Pollution 10/00 at 101 A+ 10,157,000
Control Revenue Bonds (Georgia Power Company Plant
Scherer Project), Second Series 1994, 6.750%, 10/01/24
7,325 Wayne County Development Authority, Solid Waste Disposal 7/00 at 102 Baa2 7,490,618
Revenue Bonds (ITT Rayonier, Inc. Project), Series 1990,
8.000%, 7/01/15 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
ILLINOIS - 5.4%
4,705 Village of Bourbonnais, Illinois, Industrial Project Revenue 3/10 at 101 AA 4,772,940
Bonds (Olivet Nazarene University Project), Series 2000,
6.250%, 3/01/20
6,820 City of Chicago, O'Hare International Airport, Special Facility 11/00 at 102 Baa1 6,993,978
Revenue Bonds (American Airlines, Inc. Project), Series 1990A,
7.875%, 11/01/25 (Alternative Minimum Tax)
7,500 Community College District No. 508, Cook County, Illinois, No Opt. Call AAA 8,949,525
Certificates of Participation, 8.750%, 1/01/07
3,305 Illinois Health Facilities Authority, Revenue Bonds, 11/00 at 102 A3*** 3,419,518
Series 1990 (Riverside Senior Living Center Project),
7.500%, 11/01/20 (Pre-refunded to 11/01/00)
5,900 Community Unit School District Number 7, Madison County, No Opt. Call AAA 6,172,462
Illinois, School Building Bonds, Series 1994, 5.850%, 2/01/13
3,585 City of Pekin, Illinois, Multifamily Housing Refunding Revenue 5/03 at 103 AAA 3,677,780
Bonds, Series 1992A (FHA-Insured Mortgage Loan - Section 8
Assisted Project), 6.875%, 5/01/22
1,280 City of Peoria, Peoria County, City of Pekin, Tazewell and Peoria 8/00 at 103 AA 1,317,158
Counties, and City of Waukegan, Lake County (Illinois), Jointly,
GNMA Collateralized Mortgage Revenue Bonds, Series 1990,
7.875%, 8/01/22 (Alternative Minimum Tax)
5,390 Regional Transportation Authority, Cook, DuPage, Kane, Lake, No Opt. Call AAA 6,575,369
McHenry and Will Counties, Illinois, General Obligation Bonds,
Series 1992A, 9.000%, 6/01/07
860 Regional Transportation Authority, Cook, DuPage, Kane, Lake, No Opt. Call AAA 1,049,131
McHenry and Will Counties, Illinois, General Obligation
Bonds, Series 1992B, 9.000%, 6/01/07
<PAGE>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN INVESTMENT QUALITY MUNICIPAL FUND, INC. (NQM) (continued)
April 30, 2000
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
------------------------------------------------------------------------------------------------------------------------------------
INDIANA - 1.4%
$ 6,000 Hospital Authority of Delaware County (Indiana), Hospital 8/01 at 102 AAA $6,260,040
Revenue Bonds, Series 1991 (Ball Memorial
Hospital), 6.625%, 8/01/16 (Pre-refunded to 8/01/01)
5,065 M.S.D. of Steuben County K-5 Building Corporation, First 7/10 at 101 AAA 5,154,904
Mortgage Bonds, Steuben County, Indiana, Series 2000
Bonds, Non-Bank Qualified, 6.125%, 1/15/21
------------------------------------------------------------------------------------------------------------------------------------
KANSAS - 1.3%
4,070 Sedgwick and Shawnee Counties, Kansas, Single Family No Opt. Call Aaa 4,498,123
Mortgage Revenue Bonds (Mortgaged-Backed Securities
Program), 1997 Series A-1, 6.950%, 6/01/29
(Alternative Minimum Tax)
4,760 City of Topeka, Kansas, Variable Rate Demand Industrial Revenue 8/16 at 100 AAA 6,225,604
Refunding Bonds, Series 1988 (Sunwest Hotel Corporation
Project), 9.500%, 10/01/16 (Alternative Minimum Tax)
(Pre-refunded to 8/15/16)
------------------------------------------------------------------------------------------------------------------------------------
KENTUCKY - 2.1%
12,500 County of Jefferson, Kentucky, Pollution Control Revenue Bonds, 4/05 at 102 A1 12,331,125
1995 Series A (Louisville Gas and Electric Company
Project), 5.900%, 4/15/23
1,075 Kentucky Housing Corporation, Housing Revenue Bonds 7/00 at 102 AAA 1,103,058
(FHA-Insured/VA Guaranteed), 1990 Series C Bonds,
8.100%, 1/01/22 (Alternative Minimum Tax)
3,700 County of Warren, Kentucky, Hospital Revenue Bonds, 4/08 at 101 AAA 3,038,588
Series 1998 (Bowling Green - Warren County Community
Hospital Corporation), 4.875%, 4/01/27
------------------------------------------------------------------------------------------------------------------------------------
LOUISIANA - 3.7%
3,430 East Baton Rouge Mortgage Finance Authority, Single Family 8/00 at 102 Aaa 3,499,286
Mortgage Revenue Bonds (GNMA Mortgage-Backed Securities
Program), Series 1990A, 7.875%, 8/01/23 (Alternative Minimum Tax)
4,595 East Baton Rouge Mortgage Finance Authority, Single Family 10/07 at 102 Aaa 4,441,803
Mortgage Revenue Refunding Bonds (GNMA and FNMA
Mortgage-Backed Securities Program), Series 1997D,
5.900%, 10/01/30 (Alternative Minimum Tax)
3,200 Parish of Jefferson, Louisiana, Home Mortgage Authority, 12/09 at 103 Aaa 3,497,984
Single Family Mortgage Revenue Refunding Bonds,
Series 2000A-2, 7.500%, 12/01/30 (Alternative Minimum Tax)
3,320 Louisiana Public Facilities Authority, Extended Care Facilities No Opt. Call BBB 3,642,040
Revenue Bonds (Comm-Care Corporation Project),
Series 1994, 11.000%, 2/01/04
11,545 Orleans Parish School Board, Public School Refunding Bonds, No Opt. Call AAA 14,575,216
Series 1987, 9.000%, 2/01/09
------------------------------------------------------------------------------------------------------------------------------------
MAINE - 0.4%
3,095 Maine State Housing Authority, Mortgage Purchase Bonds, 10/04 at 102 AA 3,197,661
1994 Series C-2, 6.875%, 11/15/23 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS - 6.5%
16,250 City of Boston, Massachusetts, Revenue Bonds, Boston City 8/00 at 102 Aaa 16,685,988
Hospital (FHA-Insured Mortgage), Series A, 7.625%, 2/15/21
(Pre-refunded to 8/15/00)
5,375 Massachusetts Development Finance Agency, Assisted Living 12/09 at 102 N/R 5,360,918
Revenue Bonds (Prospect House Apartments), Series 1999,
7.000%, 12/01/31 (Alternative Minimum Tax)
Massachusetts Health and Educational Facilities Authority,
Revenue Bonds, Goddard Memorial Hospital Issue, Series B:
3,810 9.000%, 7/01/15 (Pre-refunded to 7/01/00) 7/00 at 102 Aaa 3,914,889
5,450 9.000%, 7/01/15 7/00 at 102 BBB 5,568,538
20,750 Massachusetts Turnpike Authority, Metropolitan Highway 1/09 at 101 AAA 17,386,010
System Revenue Bonds, 1999 Series A (Subordinated),
5.000%, 1/01/39
4,000 Massachusetts Water Resources Authority, General Revenue 3/03 at 100 AAA 3,509,680
Refunding Bonds, Series 1993, 5.000%, 3/01/22
------------------------------------------------------------------------------------------------------------------------------------
MICHIGAN - 1.8%
3,650 School District of the City of Detroit, Wayne County, Michigan, 5/09 at 101 AAA 3,001,578
School Building and Site Improvement Bonds (Unlimited Tax
General Obligation), Series 1998A, 4.750%, 5/01/28
10,000 City of Detroit, Michigan, Water Supply System Revenue and No Opt. Call AAA 11,079,100
Revenue Refunding Bonds, Series 1993, 6.500%, 7/01/15
<PAGE>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
------------------------------------------------------------------------------------------------------------------------------------
MINNESOTA - 3.6%
$ 5,000 The Dakota County Housing and Redevelopment Authority, No Opt. Call AAA $6,459,200
The Washington County Housing and Redevelopment Authority,
and the City of Bloomington, Minnesota, Single Family Residential
Mortgage Revenue Bonds, Series 1988, 8.450%, 9/01/19
(Alternative Minimum Tax)
2,860 City of Hopkins, Minnesota, Elderly Housing Revenue Refunding 3/04 at 102 AAA 3,044,470
Bonds (St. Therese Southwest, Inc. Project), Series 1994A,
6.500%, 3/01/19 (Pre-refunded to 3/01/04)
20,000 Minnesota Agricultural and Economic Development Board, 11/10 at 101 A 19,241,800
Health Care System Revenue Bonds, Series 2000A (Fairview
Health Services), 6.375%, 11/15/29 (WI)
------------------------------------------------------------------------------------------------------------------------------------
MISSISSIPPI - 0.2%
1,360 Mississippi Housing Finance Corporation, Single Family 10/00 at 101 AAA 1,388,900
Mortgage Purchase Revenue Bonds, Series 1989 (GNMA
Mortgage-Backed Securities Program), 8.250%, 10/15/18
(Alternative Minimum Tax)
560 Mississippi Home Corporation, Single Family Senior Revenue 9/00 at 103 AAA 579,477
Refunding Bonds, Series 1990A, 9.250%, 3/01/12
------------------------------------------------------------------------------------------------------------------------------------
MISSOURI - 0.3%
1,950 Missouri Housing Development Commission, Single Family 3/07 at 105 AAA 2,096,952
Mortgage Revenue Bonds (Homeownership Loan Program),
1997 Series A-2, 7.300%, 3/01/28 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
NEBRASKA - 2.1%
3,300 Nebraska Higher Education Loan Program, Inc., Student Loan 3/04 at 102 AAA 3,310,032
Program Revenue Bonds, 1993 Series B, 5.875%, 6/01/14
(Alternative Minimum Tax)
13,330 Nebraska Investment Finance Authority, Single Family Housing 3/05 at 101 1/2 AAA 13,495,159
Revenue Bonds, 1995 Series B, 6.450%, 3/01/35
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
NEW YORK - 7.4%
7,770 Metropolitan Transportation Authority (New York), Commuter 7/07 at 101 AAA 7,141,718
Facilities Revenue Bonds, Series 1997C, 5.375%, 7/01/27
The City of New York, General Obligation Bonds, Fiscal 1997 Series G:
95 6.000%, 10/15/26 (Pre-refunded to 10/15/07) 10/07 at 101 A-*** 100,691
9,905 6.000%, 10/15/26 10/07 at 101 A- 9,872,115
7,000 New York City Municipal Water Finance Authority, Water 6/06 at 101 AAA 6,864,970
and Sewer System Revenue Bonds, Fiscal 1996 Series B,
5.750%, 6/15/26
11,500 New York City Municipal Water Finance Authority, Water 6/00 at 100 AAA 11,524,380
and Sewer System Revenue Bonds, Fiscal 1991 Series A,
6.000%, 6/15/20 (Pre-refunded to 6/15/00)
New York City Transitional Finance Authority, Future Tax Secured
Bonds, Fiscal 2000 Series C:
3,850 5.875%, 11/01/16 (WI) 5/10 at 101 AA 3,929,811
5,000 5.500%, 11/01/24 (WI) 5/10 at 101 AA 4,764,250
14,235 Dormitory Authority of the State of New York, City University No Opt. Call Baa1 15,260,774
System Consolidated Second General Resolution Revenue
Bonds, Series 1990D, 8.750%, 7/01/02
------------------------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA - 2.7%
2,795 Charlotte Mortgage Revenue Refunding Bonds (FHA-Insured 11/07 at 100 AAA 2,967,284
Mortgage - Double Oaks Apartments), 7.350%, 5/15/26
19,200 North Carolina Eastern Municipal Power Agency, Power System 1/07 at 102 AAA 18,994,368
Revenue Bonds, Refunding Series 1996 B, 5.875%, 1/01/21
------------------------------------------------------------------------------------------------------------------------------------
NORTH DAKOTA - 0.2%
2,000 City of Bismarck, North Dakota, Health Care Revenue Bonds, 7/08 at 102 AAA 1,672,300
Series 1998A (St. Alexius Medical Center), 5.000%, 7/01/28
------------------------------------------------------------------------------------------------------------------------------------
OHIO - 1.0%
8,650 County of Cuyahoga, Ohio, Hospital Improvement Revenue 2/09 at 101 A- 8,040,089
Bonds, Series 1999 (The Metrohealth System Project),
6.150%, 2/15/29
<PAGE>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN INVESTMENT QUALITY MUNICIPAL FUND, INC. (NQM) (continued)
April 30, 2000
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
------------------------------------------------------------------------------------------------------------------------------------
OREGON - 1.3%
$ 8,990 Northern Wasco County Peoples Utility District, Wasco County, 12/03 at 102 Aa1 $8,135,051
Oregon, McNary Dam Fishway Hydroelectric Project Revenue
Bonds, Series 1993 (Bonneville Power Administration),
5.200%, 12/01/24
2,500 State of Oregon, Department of General Services, Certificates 9/00 at 102 AAA 2,575,825
of Participation (1990 Real Property Financing Program),
Series F, 7.500%, 9/01/15 (Pre-refunded to 9/01/00)
------------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA - 1.4%
4,905 McKean County Hospital Authority, Hospital Revenue Bonds, 10/00 at 102 BBB- 5,084,033
Series of 1990 (Bradford Hospital Project), 8.875%, 10/01/20
6,790 City of Philadelphia, Pennsylvania, Water and Wastewater 6/03 at 100 AAA 6,215,362
Revenue Bonds, Series 1993, 5.000%, 6/15/16
------------------------------------------------------------------------------------------------------------------------------------
RHODE ISLAND - 3.6%
4,790 Newport Housing Development Corporation, 1995 Multifamily 6/03 at 100 AAA 4,939,783
Mortgage Revenue Refunding Bonds (Broadway-West
Broadway Apartments - FHA-Insured Mortgage Section 8
Assisted Project), Series A, 6.800%, 8/01/24
25,000 Rhode Island Health and Educational Building Corporation, 5/07 at 102 AAA 24,118,250
Hospital Financing Revenue Bonds, Lifespan Obligated Group
Issue, Series 1996, 5.750%, 5/15/23
------------------------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA - 0.3%
2,370 South Carolina State Housing Finance and Development Authority, 7/00 at 102 AA 2,421,216
Homeownership Mortgage Purchase Bonds, 1990 Series C,
7.750%, 7/01/22 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
TEXAS - 6.8%
3,135 Austin Housing Finance Corporation (Texas), Multifamily Housing 12/10 at 105 Aaa 3,486,810
Revenue Bonds, Series 2000A (GNMA Collateralized
Mortgage Loan - Santa Maria Village Project), 7.375%, 6/20/35
(Alternative Minimum Tax) (WI)
3,500 Brazos River Authority (Texas), Collateralized Pollution Control 11/03 at 102 AAA 3,281,635
Revenue Refunding Bonds (Texas Utilities Electric Company
Project), Series 1993A, 5.500%, 5/01/22
1,875 The Cameron County Housing Finance Corporation, GNMA 9/00 at 103 AAA 1,935,525
Collateralized Mortgage Revenue Refunding Bonds,
1990 Series B, 7.850%, 3/01/24
18,710 Clear Creek Independent School District, Galveston and 2/10 at 100 AAA 17,874,037
Harris Counties, Texas, Unlimited Tax Schoolhouse and Refunding
Bonds, Series 2000, 5.500%, 2/15/22 (WI)
Dallas Housing Corporation, Refunding and Capital Program
Revenue Bonds (Section 8 Assisted Projects), Series 1990:
1,000 7.700%, 8/01/05 8/00 at 102 Baa2 1,022,520
2,000 7.850%, 8/01/13 8/00 at 102 Baa2 2,045,000
13,175 Harris County Hospital District (Texas), Refunding Revenue No Opt. Call AAA 14,745,724
Bonds, Series 1990, 7.400%, 2/15/10
3,500 Richardson Hospital Authority (Texas), Hospital Revenue 12/08 at 101 BBB+ 2,729,650
Refunding and Improvement Bonds (Baylor/Richardson
Medical Center Project), Series 1998, 5.625%, 12/01/28
8,080 Tyler Health Facilities Development Corporation (Texas), 2/09 at 102 AAA 7,264,970
Hospital Revenue Bonds (East Texas Medical Center Regional
Healthcare System Project), Series 1997D (Remarketed),
5.375%, 11/01/27
------------------------------------------------------------------------------------------------------------------------------------
VIRGINIA - 0.2%
2,000 City of Virginia Beach Development Authority, Multifamily 10/14 at 102 N/R 1,938,520
Housing Revenue Bonds (Residential Rental Hamptons Project),
Series 1999, 7.500%, 10/01/39
------------------------------------------------------------------------------------------------------------------------------------
WASHINGTON - 7.6%
17,075 Port of Seattle, Washington, Limited Tax General Obligation 12/10 at 100 AA+ 16,357,850
Bonds, 2000 Series B, 5.750%, 12/01/25 (Alternative Minimum Tax)
11,320 State of Washington, General Obligation Bonds, 10/03 at 100 AA+ 10,167,624
Series 1994A, 4.750%, 10/01/13
3,000 Washington Health Care Facilities Authority, Revenue 7/00 at 102 AAA 3,073,980
Bonds, Series 1990 (Franciscan Health System/St. Francis
Community Hospital of Federal Way), 7.250%, 7/01/15
(Pre-refunded to 7/01/00)
<PAGE>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
------------------------------------------------------------------------------------------------------------------------------------
WASHINGTON (continued)
$ 2,615 Washington Health Care Facilities Authority, Revenue Bonds, 12/09 at 101 AAA $2,401,642
Series 1999 (Providence Services), 5.500%, 12/01/26
2,000 Washington Public Power Supply System, Nuclear Project 7/00 at 102 AAA 2,051,900
No. 1 Refunding Revenue Bonds, Series 1990C,
8.000%, 7/01/17 (Pre-refunded to 7/01/00)
5,650 Washington Public Power Supply System, Nuclear Project 7/00 at 102 Aaa 5,787,239
No. 2 Refunding Revenue Bonds, Series 1990B,
7.000%, 7/01/12 (Pre-refunded to 7/01/00)
16,060 Washington Public Power Supply System, Nuclear Project 7/03 at 102 AAA 15,840,781
No. 3 Refunding Revenue Bonds, Series 1993B, 5.600%, 7/01/15
4,500 Washington Public Power Supply System, Nuclear Project 7/03 at 102 Aa1 4,267,032
No. 3 Refunding Revenue Bonds, Series 1993C, 5.375%, 7/01/15
------------------------------------------------------------------------------------------------------------------------------------
$ 805,600 Total Investments - (cost $803,239,186) - 100.3% 802,664,763
============= --------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 0.7%
1,000 Angelina and Neches River Authority, Solid Waste Disposal, P-1 1,000,000
Variable Rate Demand Bonds, 5.850%, 5/01/14+
500 California Health Facilities Financing Authority (Sutter/CHS), VMIG-1 500,000
Insured Revenue 1996B, Variable Rate Demand Bonds,
5.850%, 7/01/12+
1,900 District of Columbia (Washington, D.C.), General Obligation VMIG-1 1,900,000
General Fund Recovery Bonds, Series 1991B, Variable Rate
Demand Bonds, 6.100%, 6/01/03+
2,090 Gulf Coast Waste Disposal Authority, Pollution Control Revenue VMIG-1 2,090,000
Refunding Bonds (Exxon Project), 1995 Series, Variable Rate
Demand Bonds, 6.050%, 6/01/20+
------------------------------------------------------------------------------------------------------------------------------------
$ 5,490 Total Short-Term Investments - (cost $5,490,000) 5,490,000
============= --------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - (1.0)% (7,543,016)
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $800,611,747
====================================================================================================================
</TABLE>
* Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call
provisions at varying prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
*** Securities are backed by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities which ensures the
timely payment of principal and interest. Securities are normally
considered to be equivalent to AAA rated securities.
N/R Investment is not rated.
(WI) Security purchased on a when-issued basis.
+ 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.
<PAGE>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN SELECT QUALITY MUNICIPAL FUND, INC. (NQS)
April 30, 2000
<TABLE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
------------------------------------------------------------------------------------------------------------------------------------
ALABAMA - 2.0%
$ 2,900 The Water Works Board of the City of Arab (Alabama), Water 8/01 at 102 AAA $3,031,486
Revenue Bonds, Series 1991, 7.050%, 8/01/16
Jefferson County, Alabama, Sewer Revenue Capital Improvement
Warrants, Series 1999-A:
8,000 5.375%, 2/01/36 2/09 at 101 AAA 7,174,160
5,000 5.750%, 2/01/38 2/09 at 101 AAA 4,817,100
------------------------------------------------------------------------------------------------------------------------------------
ALASKA - 1.1%
9,200 Alaska Energy Authority, Power Revenue Refunding Bonds, 7/09 at 101 AAA 7,990,200
Third Series (Bradley Hydroelectric Project), 5.000%, 7/01/21
------------------------------------------------------------------------------------------------------------------------------------
ARKANSAS - 1.0%
2,440 Arkansas Development Finance Authority, Single Family 8/01 at 103 AA 2,550,532
Mortgage Revenue Refunding Bonds, 1991 Series A
(FHA-Insured/VA Guaranteed Mortgage Loans), 8.000%, 8/15/11
4,500 City of Little Rock, Arkansas, Hotel and Restaurant Gross Receipts No Opt. Call A 5,227,155
Tax Refunding Bonds, Series 1993, 7.375%, 8/01/15
------------------------------------------------------------------------------------------------------------------------------------
` CALIFORNIA - 1.3%
4,000 California Health Facilities Financing Authority, Kaiser Permanente, 10/08 at 101 A 3,324,680
Revenue Bonds, Series 1998B, 5.000%, 10/01/20
3,125 State of California Department of Transportation, Refunding 3/07 at 102 AAA 3,012,469
Certificates of Participation, Series 1997A, 5.250%, 3/01/16
3,785 Department of Water and Power of the City of Los Angeles 9/03 at 102 Aa3 3,550,481
(California), Electric Plant Refunding Revenue Bonds,
Issue of 1993, 5.375%, 9/01/23
------------------------------------------------------------------------------------------------------------------------------------
COLORADO - 6.4%
9,250 Colorado Health Facilities Authority Revenue Bonds, 7/06 at 102 A 8,259,233
1994 Series A (Kaiser Permanente), Remarketed,
5.350%, 11/01/16
City and County of Denver, Colorado, Airport System Revenue Bonds,
Series 1992C:
2,560 6.750%, 11/15/22 (Alternative Minimum Tax) (Pre-refunded to 11/15/02) 11/02 at 102 Aaa 2,718,874
9,590 6.750%, 11/15/22 (Alternative Minimum Tax) 11/02 at 102 9,645,238
City and County of Denver, Colorado, Airport System Revenue Bonds,
Series 1991A:
5,305 8.750%, 11/15/23 (Alternative Minimum Tax) (Pre-refunded to 11/15/01) 11/01 at 102 Aaa 5,716,509
14,695 8.750%, 11/15/23 (Alternative Minimum Tax) 11/01 at 102 A 15,654,877
City and County of Denver, Colorado, Airport System Revenue Bonds,
Series 1991D:
1,040 7.750%, 11/15/21 (Alternative Minimum Tax) (Pre-refunded to 11/15/01) 11/01 at 102 Aaa 1,105,738
3,960 7.750%, 11/15/21 (Alternative Minimum Tax) 11/01 at 102 4,168,850
765 Jefferson County, Colorado, Single Family Revenue Refunding 4/01 at 103 AAA 793,940
Bonds, Series 1991A, 8.875%, 10/01/13
------------------------------------------------------------------------------------------------------------------------------------
CONNECTICUT - 3.3%
7,195 City of Bridgeport, Connecticut, General Obligation Bonds, 7/10 at 101 AAA 7,417,469
2000 Series A, 6.000%, 7/15/16
7,245 Connecticut Development Authority, Health Facility Refunding 8/01 at 103 N/R*** 7,913,931
Revenue Bonds, Alzheimers Resource Center of Connecticut,
Inc. Project, Series 1991A, 10.000%, 8/15/21
(Pre-refunded to 8/15/01)
9,785 Connecticut Development Authority, Health Facility Refunding 8/04 at 102 N/R 9,651,043
Revenue Bonds, Alzheimers Resource Center of Connecticut,
Inc. Project, Series 1994A, 7.250%, 8/15/21
------------------------------------------------------------------------------------------------------------------------------------
DISTRICT OF COLUMBIA - 2.1%
District of Columbia (Washington, D.C.), General Obligation Bonds,
Series 1998B:
5,000 6.000%, 6/01/19 No Opt. Call AAA 5,164,000
10,265 5.250%, 6/01/26 6/08 at 101 AAA 9,126,201
<PAGE>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
------------------------------------------------------------------------------------------------------------------------------------
DISTRICT OF COLUMBIA (continued)
$ 1,465 District of Columbia Housing Finance Agency, Collateralized 12/00 at 102 AAA $1,508,994
Single Family Mortgage Revenue Bonds, Series 1990A,
8.100%, 12/01/23 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
FLORIDA - 1.1%
Lee County, Florida, Airport Revenue Bonds, Series 2000A:
3,075 5.875%, 10/01/18 (Alternative Minimum Tax) 10/10 at 101 AAA 3,092,620
4,860 5.875%, 10/01/19 (Alternative Minimum Tax) 10/10 at 101 AAA 4,867,776
------------------------------------------------------------------------------------------------------------------------------------
HAWAII - 2.2%
16,000 Department of Budget and Finance of the State of Hawaii, 7/01 at 102 AAA 16,857,440
Special Purpose Revenue Bonds, Kapiolani Health Care System
Obligated Group (Pali Momi Medical Center Project), Series 1991,
7.650%, 7/01/19 (Pre-refunded to 7/01/01)
------------------------------------------------------------------------------------------------------------------------------------
ILLINOIS - 9.3%
5,000 City of Chicago, General Obligation Bonds, Project and Refunding 1/06 at 102 AAA 4,380,100
Series 1995B, 5.125%, 1/01/25
5,865 City of Chicago, General Obligation Bonds (Neighborhoods 7/10 at 101 AAA 6,186,226
Alive 21 Program), Series 2000A, 6.500%, 1/01/35
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 1997:
4,000 5.750%, 12/01/20 12/07 at 102 AAA 3,931,120
10,000 5.750%, 12/01/27 12/07 at 102 AAA 9,672,100
12,555 Chicago School Reform Board of Trustees of the Board of 12/07 at 102 AAA 11,162,525
Education of the City of Chicago, Illinois, Unlimited Tax
General Obligation Bonds (Dedicated Tax Revenues),
Series 1997A, 5.250%, 12/01/27
30,000 Chicago School Reform Board of Trustees of the Board No Opt. Call AAA 6,195,000
of Education of the City of Chicago, Illinois, Unlimited
Tax General Obligation Bonds (Dedicated Tax Revenues),
Series 1998A, 0.000%, 12/01/25
Illinois Development Finance Authority, Multifamily Housing
Bonds, Series 1990 (Affordable Housing Preservation Foundation
Project), Subseries A (FHA-Insured Mortgage Loans - Lawless
Gardens Project):
775 7.650%, 7/01/07 1/02 at 105 AAA 827,375
6,780 7.650%, 12/31/31 1/02 at 105 AAA 7,222,395
1,585 Illinois Housing Development Authority, Multifamily Housing 7/01 at 102 A+ 1,642,821
Bonds, 1991 Series C, 7.400%, 7/01/23
The County of St. Clair, Illinois, General Obligation Bonds
(Alternate Revenue Source), Series 1999:
3,240 5.625%, 10/01/12 10/09 at 102 AAA 3,300,005
4,410 5.625%, 10/01/13 10/09 at 102 AAA 4,469,182
5,285 5.500%, 10/01/14 10/09 at 102 AAA 5,271,735
5,930 5.500%, 10/01/15 10/09 at 102 AAA 5,878,053
------------------------------------------------------------------------------------------------------------------------------------
INDIANA - 1.9%
8,640 Avon Community School Building Corporation, First Mortgage 7/04 at 101 AAA 8,379,072
Bonds, Series 1994 (Hendricks County, Indiana),
5.500%, 1/01/16
5,005 Beacon Heights Housing Development Corporation, 6/01 at 100 AAA 5,084,529
1991 Multifamily Mortgage Revenue Refunding Bonds
(FHA-Insured Mortgage - Section 8 Assisted Project),
Series A, 7.625%, 2/01/21
1,060 Michigan City Housing Development Corporation, 6/01 at 100 AAA 1,076,843
1991 Multifamily Mortgage Revenue Refunding Bonds
(FHA-Insured Mortgage - Section 8 Assisted Project),
Series A, 7.625%, 2/01/21
------------------------------------------------------------------------------------------------------------------------------------
KANSAS - 1.2%
8,800 City of Merriam, Kansas, Hospital Refunding Revenue 9/01 at 102 AAA 9,247,304
Bonds, Series 1991B (Shawnee Mission Medical Center,
Inc. Project), 7.250%, 9/01/21 (Pre-refunded to 9/01/01)
------------------------------------------------------------------------------------------------------------------------------------
KENTUCKY - 1.4%
7,500 City of Ashland, Kentucky, Pollution Control Revenue Refunding No Opt. Call Baa2 7,402,650
Bonds (Ashland, Inc. Project), Series 1999, 5.700%, 11/01/09
3,015 Lakeland Wesley Village, Inc., Mortgage Revenue Refunding 11/01 at 103 Aa 3,078,164
Bonds (Lakeland Wesley Village I Elderly - Section 8 Assisted
Project/FHA-Insured Mortgage), Series 1991, 7.500%, 11/01/21
<PAGE>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN SELECT QUALITY MUNICIPAL FUND, INC. (NQS) (continued)
April 30, 2000
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
------------------------------------------------------------------------------------------------------------------------------------
LOUISIANA - 0.1%
$ 1,015 Calcasieu Parish Public Trust Authority (Louisiana), Mortgage 6/01 at 103 A1 $1,045,927
Revenue Refunding Bonds, 1991 Series A, 7.750%, 6/01/12
------------------------------------------------------------------------------------------------------------------------------------
MARYLAND - 1.0%
7,500 Maryland Health and Higher Educational Facilities Authority, 7/09 at 101 AA 7,529,550
Revenue Bonds, The Johns Hopkins University Issue,
Series 1999, 6.000%, 7/01/39
------------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS - 2.9%
7,375 Boston Housing Development Corporation, Mortgage Revenue 1/04 at 102 AAA 6,827,333
Refunding Bonds, Series 1994A (FHA-Insured Mortgage
Loans - Section 8 Assisted Projects), 5.500%, 7/01/24
5,000 Massachusetts Bay Transportation Authority, General 3/07 at 101 Aa2 4,280,800
Transportation System Bonds, 1998 Series B, 5.000%, 3/01/28
2,000 Massachusetts Educational Financing Authority, Education Loan 12/10 at 101 AAA 1,997,360
Revenue and Refunding Bonds, Issue G, Series 2000A,
5.700%, 12/01/11 (Alternative Minimum Tax)
2,000 Massachusetts Health and Educational Facilities Authority, 6/01 at 102 A3*** 2,117,660
Revenue Bonds, Lowell General Hospital Issue, Series A,
8.400%, 6/01/11 (Pre-refunded to 6/01/01)
6,300 Somerville Housing Authority (Massachusetts), Mortgage 5/00 at 102 AAA 6,431,985
Revenue Bonds, Series 1990 (GNMA Collateralized -
Clarendon Hill Towers Project), 7.950%, 11/20/30
------------------------------------------------------------------------------------------------------------------------------------
MICHIGAN - 3.8%
10,000 City of Detroit, Michigan, Sewage Disposal System Revenue 1/10 at 101 AAA 9,833,000
Bonds, Series 1999-A, 5.750%, 7/01/26
3,625 Fowlerville Community Schools, Counties of Livingston, Ingham, 5/07 at 100 AAA 3,731,756
and Shiawassee, State of Michigan, 1996 School Building
and Site Bonds, 5.600%, 5/01/26 (Pre-refunded to 5/01/07)
7,890 Michigan State Hospital Finance Authority, Hospital Revenue 8/01 at 102 Aaa 8,322,530
Bonds (The Detroit Medical Center Obligated Group),
Series 1991A, 7.500%, 8/15/11 (Pre-refunded to 8/15/01)
6,525 Michigan State Hospital Finance Authority, Revenue Bonds 11/00 at 100 AAA 6,500,662
(Ascension Health Credit Group), Series 1999A, 5.750%, 11/15/16
------------------------------------------------------------------------------------------------------------------------------------
MINNESOTA - 1.6%
3,465 Chisago County, Southcentral Minnesota Multi-County and 3/04 at 102 27/3 AAA 3,622,103
Stearns County Housing and Redevelopment Authorities,
Single Family Mortgage Revenue Refunding Bonds (Fannie Mae
Mortgage-Backed Securities Program), Series 1994B,
7.050%, 9/01/27 (Alternative Minimum Tax)
The Dakota, Washington, and Stearns Counties Housing and
Redevelopment Authority, Single Family Mortgage Revenue
Refunding Bonds (Fannie Mae Mortgage-Backed Securities Program),
Series 1994A:
820 6.600%, 9/01/17 (Alternative Minimum Tax) 3/04 at 102 AAA 831,382
580 6.700%, 3/01/21 (Alternative Minimum Tax) 3/04 at 102 AAA 588,584
7,230 Minnesota Housing Finance Agency, Single Family Mortgage 7/09 at 100 AA+ 7,119,453
Bonds, 2000 Series C, 6.100%, 7/01/30 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
MISSISSIPPI - 0.2%
1,395 Goodman Housing Development Corporation, 1991 Multifamily 8/01 at 100 AAA 1,416,148
Mortgage Revenue Refunding Bonds (Goodhaven Manor -
FHA-Insured Mortgage, Section 8 Assisted Project), Series A,
7.625%, 2/01/22
------------------------------------------------------------------------------------------------------------------------------------
NEBRASKA - 1.4%
10,550 Nebraska Investment Finance Authority, Single Family Housing 3/05 at 101 1/2 AAA 10,779,674
Revenue Bonds, 1995 Series A, 6.800%, 3/01/35
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
NEVADA - 2.4%
7,500 Clark County, Nevada, Airport System Subordinate Lien Revenue 7/10 at 101 AAA 7,538,700
Bonds, Series 1999A, 6.000%, 7/01/29
10,000 Clark County School District, Nevada, General Obligation 6/06 at 101 AAA 10,560,400
Limited Tax School Improvement Bonds, Series 1996,
6.000%, 6/15/15
------------------------------------------------------------------------------------------------------------------------------------
NEW JERSEY - 0.6%
4,420 New Jersey Housing and Mortgage Finance Agency, Section 8 11/01 at 102 AA+ 4,579,518
Bonds, 1991 Series A, 6.850%, 11/01/06
<PAGE>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
------------------------------------------------------------------------------------------------------------------------------------
NEW YORK - 13.0%
The City of New York, General Obligation Bonds, Fiscal 1991 Series F:
$ 5,000 8.250%, 11/15/10 (Pre-refunded to 11/15/01) 11/01 at 101 1/2 AAA $5,335,450
7,750 8.250%, 11/15/15 (Pre-refunded to 11/15/01) 11/01 at 101 1/2 AAA 8,269,948
The City of New York, General Obligation Bonds, Fiscal 1997 Series G:
90 6.000%, 10/15/26 (Pre-refunded to 10/15/07) 10/07 at 101 A-*** 95,391
9,200 6.000%, 10/15/26 10/07 at 101 A- 9,169,456
6,240 The City of New York, General Obligation Bonds, Fiscal 3/09 at 101 A- 5,828,222
1999 Series H, 5.250%, 3/15/16
5,000 New York City Health and Hospitals Corporation, Health 2/09 at 101 AAA 4,385,350
System Bonds, 1999 Series A, 5.000%, 2/15/20
6,000 New York City Municipal Water Finance Authority, Water 6/09 at 101 AAA 5,647,380
and Sewer System Revenue Bonds, Fiscal 2000 Series A,
5.500%, 6/15/32
9,750 New York City Transitional Finance Authority, Future Tax Secured 5/10 at 101 AA 9,820,298
Bonds, Fiscal 2000 Series B, 6.000%, 11/15/29
10,000 Dormitory Authority of the State of New York, Court Facilities 5/10 at 101 A- 9,873,400
Lease Revenue Bonds (The City of New York Issue),
Series 1999, 6.000%, 5/15/39
5,650 Dormitory Authority of the State of New York, Mental Health 8/09 at 101 AAA 5,107,826
Services Facilities Improvement Revenue Bonds, Series 1999D,
5.250%, 8/15/24
5,000 New York Local Government Assistance Corporation 4/02 at 102 AAA 5,295,250
(A Public Benefit Corporation of the State of New York),
Series 1991D Bonds, 7.000%, 4/01/18 (Pre-refunded to 4/01/02)
New York State Medical Care Facilities Finance Agency, Mental
Health Services Facilities Improvement Revenue Bonds, 1991
Series B:
1,020 7.600%, 2/15/06 (Pre-refunded to 8/15/01) 8/01 at 102 A*** 1,076,998
595 7.600%, 2/15/06 8/01 at 102 A 625,012
1,010 7.600%, 8/15/06 (Pre-refunded to 8/15/01) 8/01 at 102 A*** 1,066,439
580 7.600%, 8/15/06 8/01 at 102 A 609,255
5,970 7.625%, 8/15/17 (Pre-refunded to 8/15/01) 8/01 at 102 A*** 6,305,395
1,980 7.625%, 8/15/17 8/01 at 102 A 2,078,960
New York State Medical Care Facilities Finance Agency, Mental
Health Services Facilities Improvement Revenue Bonds, 1991
Series D:
5,380 7.400%, 2/15/18 (Pre-refunded to 2/15/02) 2/02 at 102 A*** 5,713,022
40 7.400%, 2/15/18 2/02 at 102 A 42,135
12,940 New York State Urban Development Corporation, 7/06 at 102 AAA 12,228,300
1996 Corporate Purpose Senior Lien Bonds, 5.500%, 7/01/26
------------------------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA - 2.4%
18,555 North Carolina Eastern Municipal Power Agency, Power 1/03 at 100 AAA 17,992,412
System Revenue Bonds, Refunding Series 1993 B,
5.500%, 1/01/17
------------------------------------------------------------------------------------------------------------------------------------
NORTH DAKOTA - 1.3%
10,000 City of Grand Forks, North Dakota, Sales Tax Revenue Bonds 12/07 at 100 AAA 9,609,600
(The Aurora Project), Series 1997A, 5.625%, 12/15/29
------------------------------------------------------------------------------------------------------------------------------------
OHIO - 0.9%
5,000 Akron, Bath and Copley Joint Township Hospital District, 11/09 at 101 Baa1 4,027,900
Ohio, Hospital Facilities Revenue Bonds, Series 1998A
(Summa Health System Project), 5.375%, 11/15/18
1,000 State of Ohio, Turnpike Revenue Bonds, 1998 Series A, Issued No Opt. Call AAA 967,080
by the Ohio Turnpike Commission, 5.500%, 2/15/24
1,160 Toledo-Lucas County Port Authority, Development Revenue 11/00 at 102 N/R 1,178,247
Bonds (Northwest Ohio Bond Fund), Series 1989C,
8.400%, 11/15/09 (Alternative Minimum Tax)
805 Toledo-Lucas County Port Authority, Development Revenue 5/00 at 100 N/R 806,691
Bonds (Northwest Ohio Bond Fund), Series 1989D,
8.500%, 11/15/00 (Alternative Minimum Tax)
85 Toledo-Lucas County Port Authority, Development Revenue No Opt. Call N/R*** 85,150
Bonds (Northwest Ohio Bond Fund), Series 1990D,
8.500%, 5/15/00 (Alternative Minimum Tax)
<PAGE>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN SELECT QUALITY MUNICIPAL FUND, INC. (NQS) (continued)
April 30, 2000
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
------------------------------------------------------------------------------------------------------------------------------------
OKLAHOMA - 3.5%
$ 4,440 Oklahoma County Home Finance Authority (Oklahoma County, 7/01 at 102 Aaa $4,577,418
Oklahoma), Single Family Mortgage Revenue Refunding
Bonds, 1991 Series A, 8.750%, 7/01/12
21,025 Trustees of the Tulsa Municipal Airport Trust, Revenue Bonds, 6/01 at 102 Baa1 21,567,235
Series 1991, 7.600%, 12/01/30 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA - 1.1%
7,895 Delaware River Port Authority (New Jersey and Pennsylvania), 1/10 at 100 AAA 8,037,900
Revenue Bonds, Series of 1999, 5.750%, 1/01/15
------------------------------------------------------------------------------------------------------------------------------------
PUERTO RICO - 0.7%
5,000 Puerto Rico Municipal Finance Agency, 1999 Series A 8/09 at 101 AAA 5,233,350
Bonds, 6.000%, 8/01/16
------------------------------------------------------------------------------------------------------------------------------------
RHODE ISLAND - 0.8%
7,500 Rhode Island Health and Educational Building Corporation, 4/09 at 101 AAA 6,336,000
Higher Education Facility Revenue Bonds, Johnson and
Wales University Issue, Series 1999, 5.000%, 4/01/29
------------------------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA - 1.2%
5,000 Oconee County, South Carolina, Pollution Control Facilities 4/03 at 102 Aa2 5,009,250
Revenue Refunding Bonds, Series 1993, (Duke Power
Company Project), 5.800%, 4/01/14
5,000 Piedmont Municipal Power Agency (South Carolina), Electric 1/09 at 101 BBB- 4,083,750
Revenue Bonds, 1999A Refunding Series, 5.250%, 1/01/21
------------------------------------------------------------------------------------------------------------------------------------
SOUTH DAKOTA - 1.9%
7,315 City of Sioux Falls, South Dakota, Variable Rate Demand 10/14 at 100 AAA 8,968,263
Industrial Revenue Refunding Bonds, Series 1989 (Great Plains
Hotel Corporation Project), 8.500%, 11/01/16
(Alternative Minimum Tax) (Pre-refunded to 10/15/14)
4,970 South Dakota Housing Development Authority, Homeownership 11/06 at 102 AAA 5,025,316
Mortgage Bonds, 1996 Series D, 6.300%, 5/01/27
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
TENNESSEE - 3.2%
7,220 The Metropolitan Government of Nashville and Davidson County 5/02 at 102 AAA 7,542,301
(Tennessee), General Obligation Multi-Purpose Improvement
Bonds, Series 1994, 6.150%, 5/15/25 (Pre-refunded to 5/15/02)
12,500 The Health and Educational Facilities Board of the Metropolitan 11/09 at 101 AAA 12,247,125
Government of Nashville and Davidson County Tennessee,
Revenue Bonds (Ascension Health Credit Group), Series 1999A,
5.875%, 11/15/28
Tennessee Housing Development Agency, Homeownership
Program Bonds, Issue 2000-1:
1,785 5.750%, 7/01/10 (Alternative Minimum Tax) No Opt. Call AA 1,808,151
2,145 6.000%, 7/01/13 (Alternative Minimum Tax) 7/10 at 101 AAA 2,183,245
------------------------------------------------------------------------------------------------------------------------------------
TEXAS - 6.3%
6,000 Brazos River Authority (Texas), Revenue Refunding Bonds 11/08 at 102 AAA 5,350,860
(Houston Industries Incorporated Project), Series 1998C,
5.125%, 11/01/20
3,295 Comal County Health Facilities Development Corporation, 1/01 at 102 AAA 3,386,667
Hospital Revenue Refunding Bonds (McKenna Memorial
Hospital FHA-Insured Project), Series 1991, 7.375%, 1/15/21
6,915 El Paso Housing Finance Corporation, Single Family Mortgage 4/01 at 103 A2 7,627,245
Revenue Refunding Bonds, Series 1991A, 8.750%, 10/01/11
1,760 The Harrison County Finance Corporation, Single Family 12/01 at 103 A1 1,803,595
Mortgage Revenue Refunding Bonds, Series 1991,
8.875%, 12/01/11
4,500 City of Houston, Texas, Airport System Subordinate Lien Revenue 7/08 at 100 AAA 3,808,305
Bonds, Series 1998B, 5.000%, 7/01/25 (Alternative Minimum Tax)
9,000 Matagorda County Navigation District Number One (Texas), No Opt. Call AAA 7,838,280
Collateralized Revenue Refunding Bonds, (Houston Lighting
and Power Company Project), Series 1997, 5.125%, 11/01/28
(Alternative Minimum Tax)
<PAGE>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
------------------------------------------------------------------------------------------------------------------------------------
TEXAS (continued)
$ 7,500 Matagorda County Navigation District Number One (Texas), 5/09 at 101 Baa1 $6,719,100
Revenue Refunding Bonds (Reliant Energy Incorporated Project),
Series 1999B, 5.950%, 5/01/30
2,120 Panhandle Regional Housing Finance Corporation, Single Family 5/01 at 100 AAA 2,137,278
Mortgage Revenue Bonds (GNMA Mortgage-Backed Securities
Program), Series 1991A, 7.500%, 5/01/24
(Alternative Minimum Tax)
4,520 State of Texas, General Obligation Bonds, Water Financial 8/09 at 100 Aa1 4,245,546
Assistance Bonds, Series 1999C (State Participation
Program), 5.500%, 8/01/35
4,560 Winter Garden Housing Finance Corporation, Single 4/04 at 103 AAA 4,680,293
Family Mortgage Revenue Bonds (GNMA and FNMA
Mortgage-Backed Securities Program), Series 1994,
6.950%, 10/01/27 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
UTAH - 3.7%
13,650 Intermountain Power Agency, Power Supply Revenue 7/03 at 102 AAA 13,048,445
Refunding Bonds, 1993 Series A, 5.500%, 7/01/20
16,550 Utah County, Utah, Hospital Revenue Bonds, Series 1997 8/07 at 101 AAA 14,609,182
(IHC Health Services, Inc.), 5.250%, 8/15/26
------------------------------------------------------------------------------------------------------------------------------------
VERMONT - 1.1%
Vermont Educational and Health Buildings Financing Agency,
Hospital Revenue Bonds (Fletcher Allen Health Care Project),
Series 2000A:
3,720 6.125%, 12/01/15 12/10 at 100 AAA 3,838,184
4,265 6.250%, 12/01/16 12/10 at 101 AAA 4,437,860
------------------------------------------------------------------------------------------------------------------------------------
WASHINGTON - 6.7%
7,225 Port of Seattle (Washington), Special Facility Revenue Bonds 3/10 at 101 AAA 7,203,253
(Terminal 18 Project), Series 1999C, 6.000%, 9/01/20
(Alternative Minimum Tax)
Municipality of Metropolitan Seattle, Washington, Sewer
Refunding Revenue Bonds, Series Z:
2,160 5.450%, 1/01/16 1/03 at 102 AAA 2,105,849
3,095 5.450%, 1/01/17 1/03 at 102 AAA 2,998,250
2,490 5.450%, 1/01/19 1/03 at 102 AAA 2,376,705
1,800 5.450%, 1/01/20 1/03 at 102 AAA 1,705,284
10,000 Washington Public Power Supply System, Nuclear Project 7/07 at 102 AAA 9,184,800
No. 1 Refunding Revenue Bonds, Series 1997A,
5.125%, 7/01/16
Washington Public Power Supply System, Nuclear Project No. 2
Refunding Revenue Bonds, Series 1992A:
7,880 6.250%, 7/01/12 (Pre-refunded to 7/01/02) 7/02 at 102 Aaa 8,247,287
2,130 6.250%, 7/01/12 7/02 at 102 Aa1 2,193,069
2,000 Washington Public Power Supply System, Nuclear Project 7/00 at 102 AAA 2,049,840
No. 2 Refunding Revenue Bonds, Series 1990A,
7.375%, 7/01/12 (Pre-refunded to 7/01/00)
5,000 Washington Public Power Supply System, Nuclear Project 7/00 at 102 Aaa 5,121,450
No. 2 Refunding Revenue Bonds, Series 1990B,
7.000%, 7/01/12 (Pre-refunded to 7/01/00)
5,000 Washington Public Power Supply System, Nuclear Project 7/04 at 102 Aa1 4,921,300
No. 2 Refunding Revenue Bonds, Series 1994A,
5.375%, 7/01/11
2,935 Washington Public Power Supply System, Nuclear Project 7/03 at 102 Aa1 2,783,055
No. 3 Refunding Revenue Bonds, Series 1993C, 5.375%, 7/01/15
------------------------------------------------------------------------------------------------------------------------------------
WISCONSIN - 1.5%
11,080 Wisconsin Center District, Junior Dedicated Tax Revenue Bonds, 12/06 at 101 AAA 11,588,127
Series 1996B, 5.750%, 12/15/27 (Pre-refunded to 12/15/06)
------------------------------------------------------------------------------------------------------------------------------------
$ 768,385 Total Investments - (cost $733,566,008) - 97.6% 736,271,700
============= --------------------------------------------------------------------------------------------------------------------
<PAGE>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN SELECT QUALITY MUNICIPAL FUND, INC. (NQS) (continued)
April 30, 2000
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
------------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 1.2%
$ 4,500 East Baton Rouge Parish (Exxon), Pollution Control Revenue A-1+ $4,500,000
Refunding, Variable Rate Demand Bonds, 5.800%, 3/01/22+
2,000 Forsyth, Montana, Pollution Control Revenue Bonds N/R 2,000,000
(Pacificorp Colstrip), Variable Rate Demand Bonds,
Series 1986, 5.950%, 12/01/16 (Alternative Minimum Tax)+
2,500 Lincoln County, Wyoming Pollution Control (Exxon), Series A, A-1+ 2,500,000
Variable Rate Demand Bonds, 5.950% 11/01/14+
------------------------------------------------------------------------------------------------------------------------------------
$ 9,000 Total Short-Term Investments - (cost $9,000,000) 9,000,000
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.2% 8,731,388
-----------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $754,003,088
=======================================================================================================================
</TABLE>
* 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.
<PAGE>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN QUALITY INCOME MUNICIPAL FUND, INC. (NQU)
April 30, 2000
<TABLE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
------------------------------------------------------------------------------------------------------------------------------------
ALABAMA - 2.6%
$ 5,180 Alabama Drinking Water Finance Authority, Revolving Fund Loan 9/08 at 100 AAA $4,403,363
Bonds, Series 1998A, 4.850%, 8/15/22
6,500 The Governmental Utility Services Corporation of the City of 6/08 at 102 AAA 5,861,440
Bessemer (Alabama), Water Supply Revenue Bonds,
Series 1998, 5.200%, 6/01/24
17,000 The Industrial Development Board of the Town of Courtland, 6/05 at 102 Baa1 16,299,600
Pollution Control Refunding Revenue Bonds (Champion
International Corporation Project), Series 1995, 6.150%, 6/01/19
6,480 The Industrial Development Board of the Town of Courtland 10/08 at 102 Baa1 5,617,058
(Alabama), Solid Waste Disposal Revenue Bonds (Champion
International Corporation Project), Refunding Series 1998A,
5.700%, 10/01/28 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
ALASKA - 1.5%
6,750 Alaska Housing Finance Corporation, General Housing 12/02 at 102 Aa2*** 6,931,710
Purpose Bonds, 1992 Series A, 6.600%, 12/01/23
(Pre-refunded to 12/01/02)
11,590 Alaska State Housing Finance Corporation, Governmental 12/05 at 102 AAA 11,286,110
Purpose Bonds, 1995 Series A, 5.875%, 12/01/30
------------------------------------------------------------------------------------------------------------------------------------
ARIZONA - 0.5%
5,245 Yuma Regional Medical Center on behalf of Hospital District No. 1 8/02 at 101 1/2 N/R*** 5,664,967
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 - 0.7%
2,195 Arkansas Development Finance Authority, Single Family 8/01 at 103 AA 2,294,434
Mortgage Revenue Refunding Bonds, 1991 Series A
(FHA-Insured/VA Guaranteed Mortgage Loans), 8.000%, 8/15/11
5,975 Arkansas Development Finance Authority, Single Family Mortgage 7/05 at 102 AAA 6,114,038
Revenue Bonds, 1995 Series B (Mortgage-Backed Securities
Program). 6.700%, 7/01/27 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA - 10.1%
Brea Public Financing Authority (Orange County, California),
1991 Tax Allocation Revenue Bonds, Series A (Redevelopment
Project AB):
10,580 7.000%, 8/01/15 (Pre-refunded to 8/01/01) 8/01 at 102 AAA 11,135,027
4,420 7.000%, 8/01/15 8/01 at 102 AAA 4,623,320
2,685 California Housing Finance Agency, Home Mortgage Revenue 8/01 at 102 Aa2 2,741,546
Bonds, 1991 Series G, 7.050%, 8/01/27 (Alternative Minimum Tax)
5,860 California Housing Finance Agency, Multifamily Housing Revenue 8/08 at 101 1/2 AAA 5,291,170
Bonds III, 1998 Series A, 5.450%, 8/01/28 (Alternative Minimum Tax)
3,000 California Health Facilities Financing Authority, Kaiser 5/03 at 102 A 2,662,530
Permanente, Revenue Bonds, 1993 Series C, 5.600%, 5/01/33
13,750 State of California, General Obligation Bonds, 4.500%, 12/01/18 12/08 at 101 AA- 11,559,213
5,000 State of California, Veterans General Obligation Bonds, 12/03 at 102 AA- 4,698,600
Series BH, 5.600%, 12/01/32 (Alternative Minimum Tax)
4,100 State of California, Veterans General Obligation Bonds, 12/08 at 101 AA- 4,046,823
Series BL, 5.300%, 12/01/12 (Alternative Minimum Tax)
10,250 State of California, General Obligation Refunding Bonds, 2/08 at 101 AA- 9,102,615
5.000%, 2/01/21
20,000 State of California, Various Purpose General Obligation Bonds, 4/09 at 101 AA- 16,503,400
4.750%, 4/01/29
3,500 State Public Works Board of the State of California, Lease 10/02 at 102 Aaa 3,732,155
Revenue Bonds (The Trustees of the California State University),
1992 Series A (Various California State University Projects),
6.625%, 10/01/10 (Pre-refunded to 10/01/02)
<PAGE>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN QUALITY INCOME MUNICIPAL FUND, INC. (NQU) (continued)
April 30, 2000
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA (continued)
$ 17,000 State Public Works Board of the State of California, Lease 11/04 at 102 Aaa $18,829,370
Revenue Bonds (Department of Corrections), 1994 Series A
(California State Prison - Monterey County (Soledad II)),
7.000%, 11/01/19 (Pre-refunded to 11/01/04)
36,735 City of Houston, Texas, Water and Sewer System, Junior Lien No Opt. Call AAA 6,341,563
Revenue Refunding Bonds, Series 1998A, 0.000%, 12/01/28
2,500 The Community Redevelopment Agency of the City of 7/00 at 100 BBB*** 2,528,650
Los Angeles, California, Central Business District
Redevelopment Project, Tax Allocation Refunding Bonds,
Series G, 6.750%, 7/01/10
3,280 County of Orange, California, 1996 Recovery Certificates of 7/06 at 102 AAA 3,316,605
Participation, Series A, 6.000%, 7/01/26
4,500 San Joaquin Hills Transportation Corridor Agency (Orange 1/03 at 102 AAA 4,841,730
County, California), Senior Lien Toll Road Revenue Bonds,
7.000%, 1/01/30 (Pre-refunded to 1/01/03)
9,190 City of San Jose Financing Authority (Santa Clara County, 9/01 at 102 Aa3 9,353,582
California), 1993 Revenue Bonds, Series C (Convention Center
Refunding Project), 6.400%, 9/01/22
1,955 Southern California Home Financing Authority, Single Family 3/01 at 102 AAA 2,003,855
Mortgage Revenue Bonds (GNMA and FNMA Mortgage-Backed
Securities Program), 1991 Issue A, 7.350%, 9/01/24
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
COLORADO - 4.7%
City and County of Denver, Colorado, Airport System
Revenue Bonds, Series 1991A:
3,425 8.750%, 11/15/23 (Alternative Minimum Tax) 11/01 at 102 Aaa 3,690,677
(Pre-refunded to 11/15/01)
9,485 8.750%, 11/15/23 (Alternative Minimum Tax) 11/01 at 102 A 10,104,560
3,040 8.000%, 11/15/25 (Alternative Minimum Tax) 11/01 at 100 A 3,149,349
City and County of Denver, Colorado, Airport System
Revenue Bonds, Series 1990A:
8,765 8.500%, 11/15/23 (Alternative Minimum Tax) 11/00 at 102 A 9,081,066
15,910 8.000%, 11/15/25 (Alternative Minimum Tax) 11/00 at 102 A 16,441,394
City and County of Denver, Colorado, Airport System
Revenue Bonds, Series 1991D:
3,165 7.750%, 11/15/21 (Alternative Minimum Tax) 11/01 at 102 A 3,331,922
3,825 7.000%, 11/15/25 (Alternative Minimum Tax) 11/01 at 100 A 3,844,202
5,000 Mesa County, Colorado, Residual Revenue and Refunding No Opt. Call Aaa 2,627,050
Bonds, Series 1992, 0.000%, 12/01/11
5,110 County of Pueblo, Colorado, Hospital Refunding and Improvement 9/01 at 100 N/R*** 5,336,833
Revenue Bonds (Parkview Episcopal Medical Center, Inc.
Project), Series 1991B, 8.300%, 9/01/11 (Pre-refunded to 9/01/01)
------------------------------------------------------------------------------------------------------------------------------------
FLORIDA - 1.2%
5,250 Dade County Industrial Development Authority, Solid Waste 2/01 at 102 AA- 5,420,730
Disposal Revenue Bonds (Florida Power and Light Company
Project), Series 1991, 7.150%, 2/01/23 (Alternative Minimum Tax)
8,485 St. Lucie County, Florida, Solid Waste Disposal Revenue 2/01 at 102 AA- 8,770,605
Bonds (Florida Power and Light Company Project),
Series 1991, 7.150%, 2/01/23 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
GEORGIA - 2.0%
Clayton County Hospital Authority, Revenue Anticipation
Certificates (Southern Regional Medical Center Project),
Georgia, Series 1991:
2,900 6.500%, 8/01/10 (Pre-refunded to 8/01/01) 8/01 at 102 AAA 3,021,684
4,500 7.000%, 8/01/13 (Pre-refunded to 8/01/01) 8/01 at 102 AAA 4,716,000
15,900 The Fulton-De Kalb Hospital Authority, Georgia, Revenue 1/01 at 102 AAA 16,478,124
Certificates, Series 1991 (Grady Memorial Hospital),
6.900%, 1/01/20 (Pre-refunded to 1/01/01)
------------------------------------------------------------------------------------------------------------------------------------
ILLINOIS - 10.8%
10,000 Central Lake County Joint Action Water Agency, Lake County, 5/01 at 102 AAA 10,443,200
Illinois, Water Revenue Bonds, Series 1991, 7.000%, 5/01/20
(Pre-refunded to 5/01/01)
32,670 City of Chicago, General Obligation Bonds (City Colleges of No Opt. Call AAA 4,708,400
Chicago Capital Improvement Project), Series 1999,
0.000%, 1/01/32
5,000 City of Chicago, General Obligation Bonds (Neighborhoods 7/10 at 101 AAA 5,009,600
Alive 21 Program), Series 2000A, 6.000%, 1/01/28
<PAGE>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
------------------------------------------------------------------------------------------------------------------------------------
ILLINOIS (continued)
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
1998B-1:
$ 9,400 0.000%, 12/01/14 No Opt. Call AAA $4,012,484
4,400 0.000%, 12/01/15 No Opt. Call AAA 1,753,092
6,100 City of Chicago, O'Hare International Airport, Special Facility 11/00 at 103 Baa2 6,354,797
Revenue Bonds (United Air Lines, Inc. Project), Series 1984B,
8.850%, 5/01/18
City of Chicago, Second Lien Wastewater Transmission
Revenue Bonds, Series 2000:
8,000 5.750%, 1/01/25 1/10 at 101 AAA 7,778,480
7,750 6.000%, 1/01/30 1/10 at 101 AAA 7,752,248
24,430 The County of Cook, Illinois, General Obligation Bonds, 11/01 at 102 AAA 25,632,445
Series 1991, 6.750%, 11/01/18 (Pre-refunded to 11/01/01)
Illinois Development Finance Authority, Multifamily Housing
Revenue Bonds, Series 1992 (Town and Garden Apartments Project):
4,720 7.800%, 3/01/06 (Alternative Minimum Tax) 3/02 at 102 N/R 4,939,197
1,150 7.200%, 9/01/08 (Alternative Minimum Tax) 3/02 at 102 N/R 1,191,423
11,000 Illinois Health Facilities Authority, Hospital Revenue Bonds, 11/03 at 102 AAA 11,955,790
Series 1993-A (Hindsdale Hospital), 7.000%, 11/15/19
10,000 Illinois Health Facilities Authority, Revenue Bonds, Series 2000 2/10 at 101 AAA 9,685,000
(Iowa Health System), 5.875%, 2/15/30 (WI)
2,765 Illinois Housing Development Authority, Section 8 Elderly 9/02 at 102 A 2,825,664
Housing Revenue Bonds (Garden House of Maywood
Development), Series 1992, 7.000%, 9/01/18
5,265 Illinois Health Facilities Authority (Rockford Memorial 8/01 at 100 AAA 5,356,085
Hospital), Revenue Refunding Bonds, Series 1991A,
6.000%, 8/15/21 (Pre-refunded to 8/15/01)
14,500 Illinois Health Facilities Authority (Northwestern Memorial 8/01 at 102 AA+ 15,110,305
Hospital), Revenue Bonds, Series 1991, 6.750%, 8/15/11
3,000 Illinois Health Facilities Authority, Revenue Refunding Bonds, 8/01 at 102 AAA 3,134,550
Series 1991 (Sherman Hospital Project), 6.750%, 8/01/21
(Pre-refunded to 8/01/01)
3,570 Joliet Regional Port District Airport Facilities, Revenue Bonds, 7/07 at 103 N/R 3,447,406
Lewis University Airport, Series 1997A, 7.250%, 7/01/18
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
INDIANA - 0.9%
5,905 Indiana Health Facility Financing Authority, Hospital Revenue 7/01 at 102 AAA 6,178,461
Bonds, Series 1992 (Community Hospitals Projects),
7.000%, 7/01/11 (Pre-refunded to 7/01/01)
5,125 City of Petersburg, Indiana, Pollution Control Refunding 12/04 at 102 Aa2 5,263,272
Revenue Bonds, Series 1995A (Indianapolis Power and Light
Company Project), 6.625%, 12/01/24
------------------------------------------------------------------------------------------------------------------------------------
IOWA - 0.4%
4,500 Polk County, Iowa, Health Facilities Revenue Bonds, Catholic 11/01 at 101 AAA 4,680,180
Health Corporation (Mercy Health Center of Central Iowa
Project), Series 1991, 6.750%, 11/01/15 (Pre-refunded to 11/01/01)
------------------------------------------------------------------------------------------------------------------------------------
KANSAS - 1.5%
City of Merriam, Kansas, Hospital Refunding Revenue Bonds,
Series 1991B (Shawnee Mission Medical Center, Inc. Project):
7,380 7.250%, 9/01/11 (Pre-refunded to 9/01/01) 9/01 at 102 AAA 7,755,125
10,000 7.250%, 9/01/21 (Pre-refunded to 9/01/01) 9/01 at 102 AAA 10,508,300
------------------------------------------------------------------------------------------------------------------------------------
KENTUCKY - 2.0%
10,000 City of Danville, Kentucky, Multi-City Lease Revenue Bonds 3/02 at 102 AAA 10,535,500
(Louisville and Jefferson County Metropolitan Sewer District -
Sewer and Drainage System Revenue Project), Series 1991-G,
6.800%, 3/01/19 (Pre-refunded to 3/01/02)
3,000 Kentucky Development Finance Authority, Hospital Facilities 9/01 at 102 N/R*** 3,145,650
Revenue Bonds, Series 1991 (St. Claire Medical Center, Inc.
Project), 7.125%, 9/01/21 (Pre-refunded to 9/01/01)
9,920 Kentucky Housing Corporation, Housing Revenue Bonds 1/05 at 102 AAA 10,124,749
(Federally Insured or Guaranteed Mortgage Loans),
1995 Series B, 6.625%, 7/01/26 (Alternative Minimum Tax)
<PAGE>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN QUALITY INCOME MUNICIPAL FUND, INC. (NQU) (continued)
April 30, 2000
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
------------------------------------------------------------------------------------------------------------------------------------
MARYLAND - 0.3%
$ 3,385 Community Development Administration, Department of Housing 5/01 at 102 Aa2 $3,475,820
and Community Development, State of Maryland, Multifamily
Housing Revenue Bonds (Insured Mortgage Loans), 1991 Series E,
7.100%, 5/15/28
------------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS - 9.2%
8,185 Boston Water and Sewer Commission, General Revenue Bonds 11/08 at 101 AAA 6,846,343
(Senior Series), 1998 Series D, 4.750%, 11/01/22
19,600 Massachusetts Bay Transportation Authority, General 3/01 at 102 Aaa 20,408,696
Transportation System Bonds, 1991 Series A,
7.000%, 3/01/22 (Pre-refunded to 3/01/01)
15,000 Massachusetts Industrial Finance Agency, Resource Recovery 7/01 at 103 N/R 15,913,050
Revenue Bonds (SEMASS Project), Series 1991A,
9.000%, 7/01/15
3,285 Massachusetts Industrial Finance Agency, Resource Recovery 7/01 at 103 N/R 3,484,761
Revenue Bonds (SEMASS Project), Series 1991B,
9.250%, 7/01/15 (Alternative Minimum Tax)
6,000 Massachusetts Industrial Finance Agency, Resource Recovery 12/08 at 102 BBB 5,232,300
Revenue Refunding Bonds (Ogden Haverhill Project),
Series 1998A, 5.600%, 12/01/19 (Alternative Minimum Tax)
26,000 Massachusetts Turnpike Authority, Metropolitan Highway 1/07 at 102 AAA 21,942,440
System Revenue Bonds, 1997 Series C (Senior), 5.000%, 1/01/37
33,500 Massachusetts Turnpike Authority, Metropolitan Highway 1/09 at 101 AAA 28,068,980
System Revenue Bonds, 1999 Series A (Subordinated),
5.000%, 1/01/39
10,000 Massachusetts Water Resources Authority, General Revenue 8/10 at 101 AAA 9,703,800
Bonds, 2000 Series A, 5.750%, 8/01/39
------------------------------------------------------------------------------------------------------------------------------------
MICHIGAN - 3.7%
7,000 City of Grand Rapids, Michigan, Water Supply System Refunding 1/01 at 102 AAA 7,180,740
Revenue Bonds, Series 1991, 6.250%, 1/01/11
5,000 Michigan State Hospital Finance Authority, Hospital Revenue 8/01 at 102 Aaa 5,274,100
Bonds (The Detroit Medical Center Obligated Group),
Series 1991A, 7.500%, 8/15/11 (Pre-refunded to 8/15/01)
7,425 Michigan State Hospital Finance Authority, Hospital Revenue 11/09 at 101 AA- 7,099,265
Bonds (Henry Ford Health System), Series 1999A,
6.000%, 11/15/24
8,500 Michigan Strategic Fund, Limited Obligation Revenue Bonds 12/02 at 102 BBB 8,221,625
(Waste Management, Inc. Project), Series 1992,
6.625%, 12/01/12 (Alternative Minimum Tax)
16,875 Michigan Strategic Fund Limited Obligation Refunding 12/01 at 102 AAA 17,649,731
Revenue Bonds (The Detroit Edison Company -Pollution
Control Bonds Project), Collateralized Series 1991DD,
6.875%, 12/01/21
------------------------------------------------------------------------------------------------------------------------------------
MINNESOTA - 0.9%
3,655 The Dakota County Housing and Redevelopment Authority, No Opt. Call AAA 4,721,675
The Washington County Housing andRedevelopment Authority,
and the City of Bloomington, Minnesota, Single Family Residential
Mortgage Revenue Bonds, Series 1988, 8.450%, 9/01/19
(Alternative Minimum Tax)
3,560 Minnesota Housing Finance Agency, Single Family Mortgage 1/04 at 102 AA 3,651,528
Bonds, 1994 Series J, 6.950%, 7/01/26 (Alternative Minimum Tax)
2,410 Washington County Housing and Redevelopment Authority, 8/01 at 102 AAA 2,488,855
Multifamily Housing Revenue Bonds (FHA-Insured Mortgage
Loan-Cottages Phase III Project), Series 1991, 7.650%, 8/01/32
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
MISSISSIPPI - 0.5%
3,265 Canton Housing Development Corporation, 1990 Multifamily No Opt. Call AAA 3,759,354
Mortgage Revenue Refunding Bonds (Canton Estates
Apartments Project - FHA-Insured Mortgage, Section 8
Assisted Project), Series A, 7.750%, 8/01/24
1,175 Charter Mortgage Corporation, 1990 Multifamily Mortgage 8/01 at 100 AAA 1,342,778
Revenue Refunding Bonds (Church Garden Apartments -
FHA-Insured Mortgage, Section 8 Assisted Project), Series A,
7.750%, 8/01/21
1,295 Pearl Housing Development Corporation, 1990 Multifamily 12/00 at 100 AAA 1,303,677
Mortgage Revenue Refunding Bonds (Rose Garden
Apartments Project - FHA-Insured Mortgage, Section 8
Assisted Project), Series A, 7.750%, 8/01/22
<PAGE>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
------------------------------------------------------------------------------------------------------------------------------------
MISSOURI - 0.9%
The Industrial Development Authority of the County of Jackson,
State of Missouri, Health Care System Revenue Bonds,
St. Mary's Hospital of Blue Springs Issue, Series 1994:
$ 5,465 6.500%, 7/01/12 7/02 at 102 Baa1 $5,354,334
5,605 7.000%, 7/01/22 7/02 at 102 Baa1 5,604,832
------------------------------------------------------------------------------------------------------------------------------------
MONTANA - 0.6%
7,000 City of Forsyth, Rosebud County, Montana, Pollution Control 8/01 at 102 AAA 7,292,880
Revenue Refunding Bonds (Puget Sound Power and
Light Company - Colstrip Project), Series 1992, 7.050%, 8/01/21
------------------------------------------------------------------------------------------------------------------------------------
NEBRASKA - 1.6%
11,000 Nebraska Investment Finance Authority, Single Family Housing 3/05 at 101 1/2 AAA 11,239,470
Revenue Bonds, 1995 Series A, 6.800%, 3/01/35
(Alternative Minimum Tax)
8,000 Nebraska Investment Finance Authority, Single Family Housing 3/05 at 101 1/2 AAA 8,099,120
Revenue Bonds, 1995 Series B, 6.450%, 3/01/35
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
NEW HAMPSHIRE - 0.2%
2,820 New Hampshire Housing Finance Authority, Single Family 7/01 at 102 Aa3 2,927,724
Residential Mortgage Bonds, 1991 Series C, 7.100%, 1/01/23
------------------------------------------------------------------------------------------------------------------------------------
NEW JERSEY - 1.0%
13,000 Pollution Control Financing Authority of Camden County 12/01 at 102 B2 12,246,390
(Camden County, New Jersey), Solid Waste Disposal and
Resource Recovery System Revenue Bonds, Series 1991 D,
7.250%, 12/01/10
------------------------------------------------------------------------------------------------------------------------------------
NEW YORK - 15.9%
15,000 Metropolitan Transportation Authority, New York, Dedicated 4/10 at 100 AAA 15,116,250
Tax Fund Bonds, Series 2000A, 6.000%, 4/01/30
2,130 N.F. Housing and Commercial Rehabilitation Corporation, No Opt. Call AA 2,326,343
1992 Multifamily Mortgage Revenue Refunding Bonds
(FHA-Insured Mortgage - Section 8 Assisted Project),
7.350%, 8/01/23
25,000 Nassau County Tobacco Settlement Corporation (New York), 7/09 at 101 A- 24,911,500
Tobacco Settlement Asset-Backed Bonds, Series A,
6.400%, 7/15/33
6,000 The City of New York, General Obligation Bonds, Fiscal 1997 8/07 at 101 A- 6,045,660
Series H, 6.125%, 8/01/25
5,475 The City of New York, General Obligation Bonds, 8/04 at 101 Aaa 5,997,589
Fiscal 1995 Series B, 7.250%, 8/15/19 (Pre-refunded to 8/15/04)
The City of New York, General Obligation Bonds, Fiscal 1996
Series J (Subseries J-1):
255 6.000%, 2/15/24 (Pre-refunded to 2/15/06) 2/06 at 101 1/2 A-*** 269,293
9,075 6.000%, 2/15/24 2/06 at 101 1/2 A- 9,011,566
6,700 The City of New York, General Obligation Bonds, Fiscal 2/05 at 101 A-*** 7,195,197
1995 Series F, 6.625%, 2/15/25 (Pre-refunded to 2/15/05)
5,660 The City of New York, General Obligation Bonds, Fiscal 10/02 at 101 1/2 A-*** 5,983,243
1993 Series B, 6.750%, 10/01/17 (Pre-refunded to 10/01/02)
14,190 New York City Municipal Water Finance Authority, Water and 6/05 at 101 AAA 14,096,630
Sewer System Revenue Bonds, Fiscal 1996 Series A,
5.875%, 6/15/25
10,795 New York City Municipal Water Finance Authority, Water 6/07 at 101 AAA 9,652,025
and Sewer System Revenue Bonds, Fiscal 1998 Series B,
5.250%, 6/15/29
10,100 New York City Transitional Finance Authority, Future Tax Secured 5/10 at 101 AA 10,058,590
Bonds, Fiscal 2000 Series B, 5.750%, 11/15/19
8,325 Dormitory Authority of the State of New York, Menorah 8/01 at 102 AA*** 8,766,308
Campus, Inc., FHA-Insured Mortgage Revenue Bonds,
Series 1991, 7.400%, 2/01/31 (Pre-refunded to 8/01/01)
Dormitory Authority of the State of New York, Mental Health
Services Facilities Improvement Revenue Bonds, Series 1997A:
13,060 5.750%, 8/15/22 2/07 at 102 A 12,467,337
5,000 5.750%, 2/15/27 2/07 at 102 A 4,722,150
10,000 Dormitory Authority of the State of New York, Mental 2/10 at 100 AAA 10,046,700
Health Services Facilities Improvement Revenue Bonds,
Series 2000B, 6.000%, 2/15/30
<PAGE>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN QUALITY INCOME MUNICIPAL FUND, INC. (NQU) (continued)
April 30, 2000
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
------------------------------------------------------------------------------------------------------------------------------------
NEW YORK (continued)
$ 21,075 New York Local Government Assistance Corporation, New York, 4/01 at 102 AAA $22,077,538
Series 1991B, 7.500%, 4/01/20 (Pre-refunded to 4/01/01)
8,000 New York State Medical Care Facilities Finance Agency, 2/05 at 102 AAA 8,615,760
New York Hospital FHA-Insured Mortgage Revenue Bonds,
1994 Series A, 6.500%, 8/15/29 (Pre-refunded to 2/15/05)
5,000 New York State Medical Care Facilities Finance Agency, 2/05 at 102 AAA 5,449,600
Hospital Medical Center Secured Hospital Revenue Bonds,
Series 1995-A, 6.850%, 2/15/17 (Pre-refunded to 2/15/05)
New York State Medical Care Facilities Finance Agency,
FHA-Insured Mortgage Project Revenue Bonds, 1995 Series F:
4,140 6.200%, 8/15/15 (Pre-refunded to 8/15/05) 8/05 at 102 AA*** 4,415,103
4,250 6.300%, 8/15/25 8/05 at 102 AA 4,551,920
3,250 Penfield-Crown Oak Housing Development Corporation, 2/03 at 100 AAA 3,338,855
1991 Multifamily Mortgage Revenue Refunding Bonds
(Crown Oak Estates - FHA-Insured Mortgage, Section 8
Assisted Project), Series A, 7.350%, 8/01/23
------------------------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA - 0.9%
10,500 North Carolina Eastern Municipal Power Agency, Power System 1/02 at 102 BBB 10,653,405
Revenue Bonds, Refunding Series 1991 A, 6.250%, 1/01/03
------------------------------------------------------------------------------------------------------------------------------------
OHIO - 0.9%
4,800 County of Butler, Ohio, Hospital Facilities Revenue Refunding 1/02 at 102 Baa1 4,944,048
and Improvement Bonds, Series 1991 (Fort Hamilton - Hughes
Memorial Hospital Center), 7.500%, 1/01/10
5,995 Ohio Housing Finance Agency, Residential Mortgage Revenue 3/05 at 102 Aaa 6,124,612
Bonds (GNMA Mortgage-Backed Securities Program),
1995 Series A-2, 6.625%, 3/01/26 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
OKLAHOMA - 3.9%
4,495 Oklahoma County Home Finance Authority (Oklahoma County, 7/01 at 102 Aaa 4,634,120
Oklahoma), Single Family Mortgage Revenue Refunding
Bonds, 1991 Series A, 8.750%, 7/01/12
17,510 Pottawatomie County Home Finance Authority (Oklahoma), No Opt. Call AAA 22,009,895
Municipal Refunding, Collateralized Mortgage Obligations,
Series 1991A, 8.625%, 7/01/10
10,000 Trustees of the Tulsa Municipal Airport Trust, 1988 Adjustable Rate 12/00 at 102 Baa1 10,166,700
Revenue Obligations, 7.375%, 12/01/20 (Alternative Minimum Tax)
10,100 Trustees of the Tulsa Municipal Airport Trust, Revenue Bonds, 6/01 at 102 Baa1 10,360,479
Series 1991, 7.600%, 12/01/30 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA - 0.5%
Falls Township Hospital Authority, Refunding Revenue Bonds, The
Delaware Valley Medical Center Project (FHA-Insured Mortgage),
Series 1992:
3,215 6.900%, 8/01/11 8/02 at 102 AAA 3,288,784
3,000 7.000%, 8/01/22 8/02 at 102 AAA 3,162,480
------------------------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA - 0.6%
6,500 Lexington County Health Services District, Inc., South Carolina, 10/01 at 102 AAA 6,813,560
Hospital Revenue Bonds, Series 1991, 6.750%, 10/01/18
(Pre-refunded to 10/01/01)
------------------------------------------------------------------------------------------------------------------------------------
TENNESSEE - 0.9%
10,300 Metropolitan Nashville Airport Authority (Tennessee), 7/01 at 102 AAA 10,715,811
Airport Improvement Revenue Bonds, Refunding Series 1991C,
6.625%, 7/01/07
------------------------------------------------------------------------------------------------------------------------------------
TEXAS - 8.5%
14,360 Alliance Airport Authority, Inc., Special Facilities Revenue 12/00 at 102 Baa1 14,641,456
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:
3,410 0.000%, 2/15/11 2/05 at 71 15/16 Aaa 1,837,342
4,105 0.000%, 2/15/14 2/05 at 58 25/32 Aaa 1,791,094
<PAGE>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN QUALITY INCOME MUNICIPAL FUND, INC. (NQU) (continued)
April 30, 2000
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
------------------------------------------------------------------------------------------------------------------------------------
TEXAS (continued)
$ 6,500 Bell County Health Facilities Development Corporation, 11/08 at 101 A- $5,391,555
Retirement Facility Revenue Bonds (Buckner Retirement
Services, Inc. Obligated Group Project), Series 1998,
5.250%, 11/15/19
5,600 Dallas-Fort Worth International Airport Facility Improvement 11/00 at 102 Baa1 5,712,112
Corporation, American Airlines, Inc. Revenue Bonds,
Series 1990, 7.500%, 11/01/25 (Alternative Minimum Tax)
5,445 Fort Worth Housing Finance Corporation, Home Mortgage Revenue 10/01 at 103 Aa 5,674,888
Refunding Bonds, Series 1991A, 8.500%, 10/01/11
11,000 Harris County Health Facilities Development Corporation (Texas), 10/09 at 101 AA 9,533,810
Hospital Revenue Bonds (Texas Children's Hospital Project),
Series 1999A, 5.250%, 10/01/29
7,815 City of Houston, Texas, Airport System Subordinate Lien Revenue 7/01 at 102 AAA 8,147,450
Bonds, Series 1991B, 6.625%, 7/01/22 (Pre-refunded to 7/01/01)
13,175 Houston Independent School District (Texas), Limited Tax 2/09 at 100 AAA 10,884,263
Schoolhouse and Refunding Bonds, Series 1999A,
4.750%, 2/15/26
City of Houston, Texas, Water and Sewer System, Junior Lien
Revenue Refunding Bonds, Series 1991C:
1,075 6.375%, 12/01/17 (Pre-refunded to 12/01/01) 12/01 at 102 AAA 1,123,031
16,270 6.375%, 12/01/17 12/01 at 102 AAA 16,912,177
7,650 Port of Corpus Christi Authority of Nueces County, Texas, 5/06 at 101 BBB- 6,965,784
Revenue Refunding Bonds, Series 1992 (Union Pacific
Corporation Project), 5.350%, 11/01/10
14,680 San Antonio Independent School District (Bexar County, Texas), 8/09 at 100 AAA 14,400,786
Unlimited Tax School Building Bonds, Series 1999,
5.800%, 8/15/29
------------------------------------------------------------------------------------------------------------------------------------
UTAH - 0.4%
5,800 Carbon County, Utah, Solid Waste Disposal Refunding 2/05 at 102 N/R 5,347,310
Revenue Bonds (Laidlaw Inc./ECDC Environmental, L.C. Project),
1995 Series A, 7.500%, 2/01/10 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
VIRGINIA - 1.0%
3,860 Industrial Development Authority of the City of Roanoke, Virginia, 7/00 at 100 AAA 3,874,050
Hospital Revenue Bonds (Roanoke Memorial Hospitals,
Community Hospital of Roanoke Valley and Franklin
Memorial Hospital Project), Series 1990, 6.500%, 7/01/25
(Pre-refunded to 7/01/00)
8,320 Virginia Housing Development Authority, Commonwealth 1/02 at 102 AA+ 8,494,054
Mortgage Bonds, 1992 Series A, 7.150%, 1/01/33
------------------------------------------------------------------------------------------------------------------------------------
WASHINGTON - 5.1%
4,185 Public Utility District No. 1 of Douglas County, Washington, Wells 9/06 at 106 AA- 5,073,476
Hydro-Electric Revenue Bonds, Series of 1986,8.750%, 9/01/18
12,415 Federal Way School District No. 210, King County, Washington, 12/03 at 100 A1*** 13,199,131
Unlimited Tax General Obligation Bonds, 1991, 6.950%, 12/01/11
(Pre-refunded to 12/01/03)
1,675 Spokane Downtown Foundation, Parking Revenue Bonds, 8/08 at 102 N/R 1,287,254
Series 1998 (River Park Square Project), 5.600%, 8/01/19
4,000 North Thurston School District No. 3, Thurston County, Washington, 12/02 at 100 A 4,133,120
Unlimited Tax General Obligation Bonds, Series 1992,
6.500%, 12/01/09
4,750 Washington Health Care Facilities Authority, Revenue Bonds, 1/01 at 102 A*** 4,927,793
Series 1991 (Yakima Valley Memorial Hospital Association,
Yakima), 7.250%, 1/01/21 (Pre-refunded to 1/01/01)
18,000 Washington Health Care Facilities Authority, Revenue Bonds, 8/13 at 102 AAA 14,981,760
Series 1998 (Harrison Memorial Hospital), 5.000%, 8/15/28
14,850 Washington Public Power Supply System, Nuclear Project 7/00 at 102 Aaa 15,210,707
No. 2 Refunding Revenue Bonds, Series 1990B,
7.000%, 7/01/12 (Pre-refunded to 7/01/00)
4,175 Washington State University, Recreation Center Revenue 4/08 at 101 AAA 3,559,062
Bonds, Series 1998, 5.000%, 4/01/28
------------------------------------------------------------------------------------------------------------------------------------
WISCONSIN - 1.5%
7,000 Wisconsin Housing and Economic Development Authority, 1/02 at 102 AA 7,302,750
Housing Revenue Bonds, 1992 Series A, 6.850%, 11/01/12
10,820 Wisconsin Health and Educational Facilities Authority, 12/01 at 102 AAA 11,362,839
Revenue Bonds, Series 1991-B (Novus Health Group),
6.750%, 12/15/20 (Pre-refunded to 12/15/01)
<PAGE>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN QUALITY INCOME MUNICIPAL FUND, INC. (NQU) (continued)
April 30, 2000
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
------------------------------------------------------------------------------------------------------------------------------------
WYOMING - 0.1%
$ 1,290 Wyoming Community Development Authority, Single Family 11/01 at 103 AA $1,329,227
Mortgage Bonds, Series G 1988 (Federally Insured or
Guaranteed Mortgage Loans), 7.250%, 6/01/21
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
$ 1,268,655 Total Investments - (cost $1,184,488,499) - 98.0% 1,194,701,673
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.0% 24,008,761
-----------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $1,218,710,434
=======================================================================================================================
</TABLE>
* Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call
provisions at varying prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
*** Securities are backed by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities which ensures the
timely payment of principal and interest. Securities are normally
considered to be equivalent to AAA rated securities.
N/R Investment is not rated.
(WI) Security purchased on a when-issued basis.
See accompanying notes to financial statements.
<PAGE>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN PREMIER MUNICIPAL INCOME FUND, INC. (NPF)
April 30, 2000
<TABLE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
------------------------------------------------------------------------------------------------------------------------------------
ALABAMA - 1.0%
$ 4,360 Alabama Higher Education Loan Corporation, Student Loan No Opt. Call AAA $4,428,757
Revenue Refunding Bonds, Series 1994-D, 5.850%, 9/01/04
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
ALASKA - 0.1%
630 Municipality of Anchorage, Alaska, Home Mortgage Revenue 3/02 at 102 AAA 653,499
Bonds (Mortgage-Back Securities Program), 1992,
8.000%, 3/01/09
------------------------------------------------------------------------------------------------------------------------------------
ARIZONA - 4.8%
5,500 Arizona Educational Loan Marketing Corporation, No Opt. Call Aa2 5,600,870
1992 Educational Loan Revenue Bonds, Series B,
6.950%, 3/01/01 (Alternative Minimum Tax)
3,650 Gilbert Unified School District No. 41 of Maricopa County, 7/04 at 100 AAA 3,805,563
Arizona, School Improvement Bonds, Project of 1993,
Series 1994C, 6.100%, 7/01/14 (Pre-refunded to 7/01/04)
11,260 Yuma Regional Medical Center on behalf of Hospital District 8/02 at 101 1/2 N/R*** 12,161,588
No. 1 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 - 0.8%
1,160 Arkansas Development Finance Authority, Single Family 7/05 at 102 AAA 1,184,534
Mortgage Revenue Bonds, 1994 Series C (Mortgage-Backed
Securities Program), 6.600%, 7/01/17
1,480 Arkansas Development Finance Authority, Single Family 7/05 at 102 AAA 1,506,906
Mortgage Revenue Bonds, 1995 Series B (Mortgage-Backed
Securities Program), 6.550%, 7/01/18 (Alternative Minimum Tax)
197 Drew County (Arkansas), Public Facilities Board, Single Family 8/03 at 103 Aaa 203,996
Mortgage Revenue Refunding Bonds, Series 1993A,
7.900%, 8/01/11
430 Residential Housing Facilities Board of Greene County, 1/02 at 103 Aa 442,160
Arkansas, Subordinated Mortgage Revenue Bonds,
Series 1991-1, 7.250%, 1/01/10
294 Public Facilities Board of Stuttgart, Arkansas, Single Family 9/03 at 103 Aaa 308,944
Mortgage Revenue Refunding Bonds, Series 1993A,
7.900%, 9/01/11
------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA - 3.5%
Foothill/Eastern Transportation Corridor Agency (California),
Toll Road Revenue Bonds, Series 1995A:
33,000 0.000%, 1/01/17 No Opt. Call AAA 12,729,420
10,000 0.000%, 1/01/22 No Opt. Call AAA 2,767,800
------------------------------------------------------------------------------------------------------------------------------------
COLORADO - 1.4%
Colorado Health Facilities Authority, Hospital Refunding Revenue
Bonds (National Jewish Center for Immunology and Respiratory
Medicine Project), Series 1992:
795 6.600%, 2/15/02 No Opt. Call N/R*** 810,177
1,250 6.875%, 2/15/12 (Pre-refunded to 2/15/02) 2/02 at 102 N/R*** 1,312,450
3,040 7.100%, 2/15/22 (Pre-refunded to 2/15/02) 2/02 at 102 N/R*** 3,203,491
1,000 Colorado Health Facilities Authority, Hospital Revenue Bonds 12/09 at 101 Aaa 977,850
(Poudre Valley Health Care, Inc.), Series 1999A, 5.750%, 12/01/23
------------------------------------------------------------------------------------------------------------------------------------
CONNECTICUT - 1.5%
4,635 Connecticut Housing Finance Authority, Housing Mortgage 5/06 at 102 AA 4,675,649
Finance Program Bonds, 1997 Series A, Subseries A-4,
6.200%, 11/15/22 (Alternative Minimum Tax)
2,000 Connecticut Housing Finance Authority, Housing Mortgage 5/06 at 102 AA 2,045,540
Finance Program Bonds, 1996 Series C-2, 6.250%, 11/15/18
<PAGE>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN PREMIER MUNICIPAL INCOME FUND, INC. (NPF) (continued)
April 30, 2000
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
------------------------------------------------------------------------------------------------------------------------------------
DISTRICT OF COLUMBIA - 1.5%
$ 2,000 District of Columbia, Hospital Revenue Refunding Bonds 8/02 at 102 A3*** $2,097,160
(Washington Hospital Center Issue), Series 1992A,
7.000%, 8/15/05 (Pre-refunded to 8/15/02)
District of Columbia Housing Finance Agency, Multifamily Housing
Refunding Revenue Bonds, Series 1992B (FHA-Insured Mortgage
Loans - Section 8 Assisted Project):
920 7.200%, 9/01/12 9/02 at 102 Aa 951,970
3,505 7.250%, 3/01/24 9/02 at 102 Aa
------------------------------------------------------------------------------------------------------------------------------------
FLORIDA - 0.9%
4,000 Dade County, Florida, Aviation Bonds, Series 1996A, 10/06 at 102 AAA 3,961,720
5.750%, 10/01/18 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
GEORGIA - 2.2%
8,000 George L. Smith II World Congress Center Authority, Refunding 7/10 at 101 AAA 7,557,200
Revenue Bonds (Domed Stadium Project), Series 2000,
5.500%, 7/01/20 (Alternative Minimum Tax)
2,000 Municipal Electric Authority of Georgia, Power Revenue Bonds, No Opt. Call AAA 2,363,380
Series EE, 7.250%, 1/01/24
------------------------------------------------------------------------------------------------------------------------------------
HAWAII - 0.5%
2,250 Department of Budget and Finance of the State of Hawaii, 1/09 at 101 AAA 2,268,203
Special Purpose Revenue Bonds (Hawaii Electric Company,
Inc. and Subsidiaries Project), Series 1999D, 6.150%, 1/01/20
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
IDAHO - 0.3%
1,180 Idaho Housing and Finance Association, Single Family Mortgage 7/06 at 102 Aa1 1,191,092
Bonds, 1996 Series E, 6.350%, 7/01/14 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
ILLINOIS - 22.7%
4,500 City of Chicago (Illinois), General Obligation Adjustable Rate 7/02 at 101 1/2 AAA 4,748,400
Bonds, Central Public Library Project, Series C of 1988,
6.850%, 1/01/17 (Pre-refunded to 7/01/02)
City of Chicago (Illinois), General Obligation Bonds (City
Colleges of Chicago Capital Improvement Project), Series 1999:
8,670 0.000%, 1/01/24 No Opt. Call AAA 2,056,871
16,670 0.000%, 1/01/26 No Opt. Call AAA 3,493,532
Chicago School Reform Board of Trustees of the Board of
Education of the City Chicago, Illinois, Unlimited Tax General
Obligation Bonds (Dedicated Tax Revenues), Series 1998A:
10,000 0.000%, 12/01/20 No Opt. Call AAA 2,867,000
9,900 0.000%, 12/01/24 No Opt. Call AAA 2,179,485
5,000 Chicago School Reform Board of Trustees of the Board of No Opt. Call AAA 1,856,900
Education of the City Chicago, Illinois, Unlimited Tax General
Obligation Bonds (Dedicated Tax Revenues), Series 1998B-1,
0.000%, 12/01/16
Chicago School Reform Board of Trustees of the Board of
Education of the City Chicago, Illinois, Unlimited Tax General
Obligation Bonds (Dedicated Tax Revenues), Series 1999A:
15,000 0.000%, 12/01/21 No Opt. Call AAA 4,022,100
10,000 0.000%, 12/01/23 No Opt. Call AAA 2,346,600
1,100 Public Building Commission of Chicago (Illinois), Building Revenue No Opt. Call AAA 1,199,957
Bonds, Series B of 1990 (Board of Education of the
City of Chicago), 7.000%, 1/01/15
13,000 City of Chicago, Illinois, Wastewater Transmission Revenue 1/06 at 102 AAA 11,388,260
Bonds, Series 1995, 5.125%, 1/01/25
7,775 Town of Cicero, Cook County, Illinois, General Obligation Tax 12/04 at 102 N/R*** 8,647,744
Increment Bonds, Series 1995A, 8.125%, 12/01/12
(Pre-refunded to 12/01/04)
6,635 Illinois Development Finance Authority, Multifamily Housing 3/02 at 102 N/R 6,943,129
Revenue Bonds, Series 1992 (Town and Garden Apartment
Project), 7.800%, 3/01/06 (Alternative Minimum Tax)
Illinois Development Finance Authority, Multifamily Housing
Bonds (Affordable Housing Preservation Foundation Project),
Series 1990 Subseries B (FHA-Insured Mortgage Loans - Lawless
Gardens Project):
600 7.650%, 7/01/07 1/02 at 105 AAA 640,548
5,270 7.650%, 12/31/31 1/02 at 105 AAA 5,613,868
7,400 Illinois Health Facilities Authority, Revenue Bonds, Series 1992 7/02 at 102 Baa2*** 7,828,164
(Trinity Medical Center), 7.000%, 7/01/12
(Pre-refunded to 7/01/02)
125 Illinois Health Facilities Authority, Revenue Refunding Bonds, 4/02 at 102 AA-*** 131,628
Series 1992A (Evangelical Hospitals Corporation),
6.750%, 4/15/12 (Pre-refunded to 4/15/02)
<PAGE>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN PREMIER MUNICIPAL INCOME FUND, INC. (NPF) (continued)
April 30, 2000
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
------------------------------------------------------------------------------------------------------------------------------------
ILLINOIS (continued)
$ 4,660 Illinois Housing Development Authority, Section 8 Elderly 9/02 at 102 A $4,762,240
Housing Revenue Bonds (Garden House of Maywood
Development), Series 1992, 7.000%, 9/01/18
620 Illinois Housing Development Authority, Section 8 Elderly 1/03 at 102 A*** 653,362
Housing Revenue Bonds (Morningside North Development),
Series 1992D, 6.600%, 1/01/07 (Pre-refunded to 1/01/03)
6,390 State of Illinois, Build Illinois Bonds (Sales Tax Revenue Bonds), 6/00 at 102 AAA 6,536,970
Series S, 6.800%, 6/15/12 (Pre-refunded to 6/15/00)
Metropolitan Pier and Exposition Authority (Illinois), McCormick
Place Expansion Project Refunding Bonds, Series 1996A:
8,330 0.000%, 12/15/16 No Opt. Call AAA 3,146,824
9,400 0.000%, 12/15/18 No Opt. Call AAA 3,113,374
10,775 0.000%, 12/15/24 No Opt. Call AAA 2,412,092
2,000 Onterie Center Housing Finance Corporation (An Illinois Not 7/02 at 102 AAA 2,079,240
For Profit Corporation), Mortgage Revenue Refunding Bonds,
Series 1992A (FHA-Insured Mortgage Loan - Onterie Center
Project), 7.050%, 7/01/27
Village of Sugar Grove, Kane County, Illinois, Waterworks and
Sewerage Refunding Revenue Bonds, Series 1992:
1,395 7.500%, 5/01/17 (Pre-refunded to 5/01/02) 5/02 at 102 N/R*** 1,488,549
1,440 7.500%, 5/01/17 5/02 at 102 N/R 1,502,669
5,190 Town of Wood River, Wood River Township Hospital, Madison 2/04 at 102 N/R 5,004,925
County, Illinois, General Obligation Bonds (Alternate
Revenue Source), Series 1993, 6.625%, 2/01/14
5,135 Town of Wood River, Wood River Township Hospital, 2/04 at 102 N/R 4,895,914
Madison County, Illinois, General Obligation Tort Immunity
Bonds, Series 1993, 6.500%, 2/01/14
------------------------------------------------------------------------------------------------------------------------------------
INDIANA - 3.4%
Crown Point Multi-School Building Corporation, First Mortgage
Bonds, Series 2000 (Crown Point Community School Corporation,
Indiana):
7,480 0.000%, 1/15/21 No Opt. Call AAA 2,128,733
7,980 0.000%, 1/15/22 No Opt. Call AAA 2,123,877
6,180 0.000%, 1/15/23 No Opt. Call AAA 1,544,135
29,255 The Indianapolis (Indiana), Local Public Improvement No Opt. Call AAA 6,359,452
Bond Bank, Series 1999E, 0.000%, 2/01/25
2,860 PHM Elementary/Middle School Building Corporation No Opt. Call A 3,033,287
(St. Joseph County, Indiana), First Mortgage Bonds,
Series 1994, 6.300%, 1/15/09
------------------------------------------------------------------------------------------------------------------------------------
IOWA - 0.4%
1,655 Iowa Student Loan Liquidity Corporation, Student Loan 12/02 at 102 Aaa 1,679,196
Revenue Bonds, Senior Series B, 5.750%, 12/01/06
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
KANSAS - 0.9%
1,925 City of Hutchinson, Kansas, Single Family Mortgage Revenue 6/02 at 103 A 2,002,116
Refunding Bonds, Series 1992, 8.875%, 12/01/12
6,440 The Unified Government of Wyandotte County/Kansas City, No Opt. Call AAA 1,864,895
Kansas, Sales Tax Special Obligation Revenue Bonds (Kansas
International Speedway Corporation Project),
Series 1999, 0.000%, 12/01/20
------------------------------------------------------------------------------------------------------------------------------------
KENTUCKY - 1.1%
5,000 Kentucky Rural Economic Development Authority, Economic 7/02 at 102 N/R 5,127,350
Development Project Revenue Bonds, Series 1992
(Donnelly Corporation Project), 8.125%, 7/01/12
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
LOUISIANA - 0.3%
1,310 Louisiana Housing Finance Agency, Mortgage Revenue Bonds 9/05 at 103 AAA 1,325,917
(GNMA Collateralized Mortgage Loan - St. Dominic Assisted
Care Facility), Series 1995, 6.850%, 9/01/25
------------------------------------------------------------------------------------------------------------------------------------
MAINE - 1.8%
7,965 Maine Educational Loan Marketing Corporation, No Opt. Call A 7,941,822
Subordinate Student Loan Revenue Bonds, Series 1994-2,
6.250%, 11/01/06 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
MARYLAND - 1.4%
6,000 Anne Arundel County, Maryland, Multifamily Housing No Opt. Call BBB 6,280,800
Revenue Bonds (Woodside Apartments Project), Series 1994,
7.450%, 12/01/24 (Alternative Minimum Tax)
<PAGE>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN PREMIER MUNICIPAL INCOME FUND, INC. (NPF) (continued)
April 30, 2000
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
------------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS - 7.5%
$ 30 Massachusetts Municipal Wholesale Electric Company, No Opt. Call BBB+ $ 32,995
Power Supply System Revenue Bonds,
1987 Series A, 8.750%, 7/01/18
2,450 Massachusetts Health and Educational Facilities Authority, 4/02 at 102 AAA 2,586,784
Revenue Bonds, New England Deaconess Hospital Issue,
Series D, 6.875%, 4/01/22 (Pre-refunded to 4/01/02)
3,875 Massachusetts Health and Educational Facilities Authority, 2/04 at 102 Aa2 3,699,346
Revenue Refunding Bonds, Youville HospitalIssue (FHA-Insured
Project), Series B, 6.000%, 2/15/25
6,585 Massachusetts Health and Educational Facilities Authority, 5/08 at 102 AAA 5,492,022
Catholic Health East Issue, Series 1998B, 5.000%, 11/15/28
9,085 Massachusetts Industrial Finance Agency, Resource Recovery 7/01 at 103 N/R 9,637,459
Revenue Bonds, SEMASS Project, Series 1991B,
9.250%, 7/01/15 (Alternative Minimum Tax)
2,000 Massachusetts Housing Finance Agency, Rental Housing 7/07 at 101 AAA 1,813,980
Mortgage Revenue Bonds, 1997 Series C, 5.625%, 7/01/40
(Alternative Minimum Tax)
9,780 Massachusetts Water Resources Authority, General Revenue 7/02 at 102 AAA 10,354,379
Bonds, 1992 Series A, 6.750%, 7/15/12 (Pre-refunded to 7/15/02)
------------------------------------------------------------------------------------------------------------------------------------
MICHIGAN - 0.9%
1,975 Charter Township of Clinton, County of Macomb, State 4/09 at 101 AAA 1,516,701
of Michigan, 1998 General Obligation Unlimited Tax
Police Building Bonds, 4.000%, 4/01/18
2,500 Wayne County Building Authority (State of Michigan), Capital 3/02 at 102 A-*** 2,681,525
Improvement Bonds, Series 1992A (LimitedTax General
Obligation), 8.000%, 3/01/17 (Pre-refunded to 3/01/02)
------------------------------------------------------------------------------------------------------------------------------------
MINNESOTA - 2.2%
10,780 Northwest Minnesota Multi-County Housing and Redevelopment 10/04 at 102 N/R 9,636,026
Authority, Governmental Housing Revenue Bonds (Pooled
Housing Program), Series 1994A, 8.125%, 10/01/26
------------------------------------------------------------------------------------------------------------------------------------
MISSISSIPPI - 0.6%
8,610 Mississippi Home Corporation, Residual Revenue Capital 3/04 at 41 21/32 Aaa 2,898,987
Appreciation Bonds, Series 1992-I, 0.000%, 9/15/16
------------------------------------------------------------------------------------------------------------------------------------
NEBRASKA - 3.7%
2,830 City of Grand Island, Nebraska, Electric System Revenue Bonds, 9/00 at 100 A+*** 2,959,416
1977 Series, 6.100%, 9/01/12
2,350 Nebraska Higher Education Loan Program, Inc., Senior No Opt. Call AAA 2,405,014
Subordinate Bonds, Series A-5B,6.250%, 6/01/18
(Alternative Minimum Tax)
10,935 Omaha Public Power District (Nebraska), Electric 2/02 at 101 1/2 AAA 11,399,409
System Revenue Bonds, 1992 Series A,
6.500%, 2/01/17 (Pre-refunded to 2/01/02)
------------------------------------------------------------------------------------------------------------------------------------
NEW HAMPSHIRE - 0.2%
890 New Hampshire Municipal Bond Bank, Educational No Opt. Call N/R 914,893
Institutions Division Revenue Bonds (1994 Coe-Brown
Northwood Academy Project), 7.250%, 5/01/09
------------------------------------------------------------------------------------------------------------------------------------
NEW YORK - 12.9%
1,000 The City of New York, General Obligation Bonds, Fiscal No Opt. Call A- 1,068,450
1995 Series A, 7.000%, 8/01/04
2,075 The City of New York, General Obligation Bonds, Fiscal 1990 11/01 at 101 1/2 AAA 2,218,715
Series F, 8.400%, 11/15/05 (Pre-refunded to 11/15/01)
2,000 The City of New York, General Obligation Bonds, Fiscal 1992 8/02 at 101 1/2 AAA 2,105,100
Series C, Fixed Rate Bonds, Subseries C-1, 6.625%, 8/01/12
(Pre-refunded to 8/01/02)
4,000 The City of New York, General Obligation Bonds, Fiscal 1996 2/06 at 101 1/2 A- 3,982,040
Series J (Subseries J-1), 5.875%, 2/15/19
The City of New York, General Obligation Bonds, Fiscal 1991 Series D:
3,920 9.500%, 8/01/02 (Pre-refunded to 8/01/01) 8/01 at 101 1/2 Aaa 4,208,159
80 9.500%, 8/01/02 8/01 at 101 1/2 A- 85,398
The City of New York, General Obligation Bonds, Fiscal 1995 Series E:
450 6.500%, 8/01/02 No Opt. Call Aaa 466,389
1,100 6.500%, 8/01/02 No Opt. Call A- 1,135,068
3,080 6.600%, 8/01/04 No Opt. Call A- 3,246,228
<PAGE>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
------------------------------------------------------------------------------------------------------------------------------------
NEW YORK (continued)
$ 4,480 New York City Transitional Finance Authority, Future Tax Secured 8/07 at 101 AA $3,999,386
Bonds, Fiscal 1998 Series A, 5.125%, 8/15/21
6,500 Dormitory Authority of the State of New York, City University 7/00 at 102 Aaa 6,665,490
System Consolidated Revenue Bonds, Series 1990A,
7.625%, 7/01/20 (Pre-refunded to 7/01/00)
5,000 New York Local Government Assistance Corporation, 4/01 at 102 AAA 5,237,850
New York, Series 1991B, 7.500%, 4/01/20
(Pre-refunded to 4/01/01)
5,780 New York State Medical Care Facilities Finance Agency, 8/02 at 102 AAA 5,827,165
Hospital and Nursing Home FHA-Insured Mortgage
Revenue Bonds, 1992 Series B, 6.200%, 8/15/22
4,705 New York State Medical Care Facilities Finance Agency, 8/03 at 102 AAA 4,697,990
St. Luke's-Roosevelt Hospital Center FHA-Insured Mortgage
Revenue Bonds, 1993 Series A, 5.600%, 8/15/13
4,000 New York State Medical Care Facilities Finance Agency, 2/04 at 102 AAA 3,767,440
Hospital Insured Mortgage Revenue Bonds, 1994 Series A
Refunding, 5.500%, 8/15/24
8,450 New York State Urban Development Corporation, State 4/01 at 102 Aaa 8,851,967
Facilities Revenue Bonds, Series 1991, 7.500%, 4/01/20
(Pre-refunded to 4/01/01)
------------------------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA - 3.2%
10,300 North Carolina Eastern Municipal Power Agency, Power System No Opt. Call AAA 10,532,059
Revenue Bonds, Refunding Series 1993 B, 6.000%, 1/01/22
2,130 North Carolina Housing Finance Agency, Multifamily 7/02 at 102 AA 2,219,055
Revenue Refunding Bonds (1992 Refunding Bond Resolution),
Series B, 6.900%, 7/01/24
1,750 North Carolina Housing Finance Agency, Home Ownership Revenue 7/08 at 101 AA 1,592,150
Bonds, Series 1-A (1998 Trust Agreement), 5.375%, 1/01/29
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
OHIO - 0.6%
2,110 Cleveland-Rock Glen Housing Assistance Corporation, Mortgage 7/04 at 103 AAA 2,182,605
Revenue Refunding Bonds, Series 1994A (FHA-Insured
Mortgage Loans - Section 8 Assisted Projects),
6.750%, 1/15/25
715 Toledo-Lucas County Port Authority, Development Revenue 5/00 at 102 N/R 726,869
Bonds (Northwest Ohio Bond Fund), Series 1992A,
7.750%, 5/15/07 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA - 5.0%
5,000 Delaware County Industrial Development Authority 1/08 at 102 BB- 4,357,600
(Pennsylvania), Refunding Revenue Bonds, Series A 1997
(Resource Recovery Facility), 6.200%, 7/01/19
2,000 Falls Township Hospital Authority, Refunding Revenue Bonds, 8/02 at 102 AAA 2,108,320
The Delaware Valley Medical Center Project (FHA-Insured
Mortgage), Series 1992, 7.000%, 8/01/22
520 Northampton County Hospital Authority (Pennsylvania), Hospital No Opt. Call BBB 522,002
Revenue Bonds (Easton Hospital), Series A of 1992,
6.900%, 1/01/02
7,540 City of Philadelphia, Pennsylvania, Water and Sewer Revenue No Opt. Call AAA 7,983,578
Bonds, Tenth Series, 7.350%, 9/01/04
2,500 The Hospitals and Higher Education Facilities Authority of 8/02 at 102 A+ 2,610,775
Philadelphia, Hospital Revenue Bonds (Children's Seashore
House), Series 1992A, 7.000%, 8/15/12
4,450 The Hospitals and Higher Education Facilities Authority of 8/00 at 100 A+ 4,621,103
Philadelphia, Hospital Revenue Bonds (Children's Seashore
House), Series 1992B, 7.000%, 8/15/22
------------------------------------------------------------------------------------------------------------------------------------
TENNESSEE - 0.7%
The Health and Educational Facilities Board of the City of
Johnson City, Tennessee, Hospital Revenue Refunding and
Improvement Bonds, Series 1998C (Johnson City Medical Center
Hospital):
2,060 5.125%, 7/01/25 (Pre-refunded to 7/01/23) 7/23 at 100 1,865,577
1,590 5.125%, 7/01/25 1/09 at 101 AAA 1,430,285
------------------------------------------------------------------------------------------------------------------------------------
TEXAS - 1.2%
4,157 General Services Commission (An Agency of the State of Texas), 9/01 at 101 A 4,323,310
as Lessee, Participation Interests, 7.500%, 9/01/22
970 Victoria Housing Finance Corporation, Single Family Mortgage No Opt. Call Aaa 1,008,412
Revenue Refunding Bonds, Series 1995, 8.125%, 1/01/11
<PAGE>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN PREMIER MUNICIPAL INCOME FUND, INC. (NPF) (continued)
April 30, 2000
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
------------------------------------------------------------------------------------------------------------------------------------
UTAH - 0.6%
$ 665 Utah Housing Finance Agency, Single Family Mortgage Bonds, 1/07 at 102 AA $ 667,986
1996 Series C, 6.450%, 7/01/14 (Alternative Minimum Tax)
1,975 Utah Housing Finance Agency, Single Family Mortgage Bonds, 7/07 at 101 1/2 AA 1,959,042
1997 Series F, 5.750%, 7/01/15 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
VIRGINIA - 1.9%
3,200 Suffolk Redevelopment and Housing Authority, Multifamily 7/02 at 104 Baa2 3,348,672
Housing Revenue Refunding Bonds, Series 1994 (Chase
Heritage at Dulles Project), 7.000%, 7/01/24
5,000 Virginia Housing Development Authority, Commonwealth 1/02 at 102 AA+ 5,087,900
Mortgage Bonds, 1992 Series A, 7.100%, 1/01/22
------------------------------------------------------------------------------------------------------------------------------------
WASHINGTON - 3.3%
9,500 State of Washington, General Obligation and General Obligation No Opt. Call AA+ 10,221,335
Refunding Bonds, Series 1992A and AT-6, 6.250%, 2/01/11
2,500 Washington Health Care Facilities Authority, Revenue Bonds, 2/02 at 102 AA-*** 2,626,225
Series 1992 (Sacred Heart Medical Center, Spokane),
6.875%, 2/15/12 (Pre-refunded to 2/15/02)
2,000 Washington Public Power Supply System, Nuclear Project 7/00 at 102 Aa1 2,046,640
No. 3 Refunding Revenue Bonds, Series 1990B, 7.375%, 7/01/04
------------------------------------------------------------------------------------------------------------------------------------
WEST VIRGINIA - 0.3%
1,375 West Virginia Housing Development Fund, Housing Finance 5/02 at 102 AAA 1,405,085
Bonds, 1992 Series B, 7.200%, 11/01/20
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
WISCONSIN - 3.2%
2,985 Silver Lake Sanitary District, Waushar County, Wisconsin, 10/02 at 100 N/R*** 3,200,696
Sewer System Mortgage Revenue Bonds,
8.000%, 10/01/18 (Pre-refunded to 10/01/02)
5,950 Wisconsin Housing and Economic Development Authority, 1/02 at 102 AA 6,207,334
Housing Revenue Bonds, 1992 Series A, 6.850%, 11/01/12
5,000 Wisconsin Health and Educational Facilities Authority, Revenue 2/10 at 101 AA 5,020,850
Bonds, Series 1999 (Marshfield Clinic), 6.250%, 2/15/18
------------------------------------------------------------------------------------------------------------------------------------
$ 588,803 Total Investments - (cost $436,545,685) - 98.5% 441,291,897
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.5% 6,538,547
-----------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $447,830,444
=======================================================================================================================
</TABLE>
* 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.
<PAGE>
STATEMENT OF NET ASSETS (Unaudited)
April 30, 2000
<TABLE>
<CAPTION>
INVESTMENT SELECT QUALITY PREMIER
QUALITY QUALITY INCOME INCOME
<S> <C> <C> <C> <C>
------------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments in municipal securities, at market value $802,664,763 $736,271,700 $1,194,701,673 $441,291,897
Temporary investments in short-term municipal securities,
at amortized cost, which approximates market value 5,490,000 9,000,000 -- --
Cash 10,143,893 -- 3,122,428 1,218,674
Receivables:
Interest 15,385,177 14,833,308 24,614,761 6,997,861
Investments sold 20,001,423 3,803,773 14,243,489 444,934
Other assets 57,466 62,175 35,456 32,798
------------------------------------------------------------------------------------------------------------------------------------
Total assets 853,742,722 763,970,956 1,236,717,807 449,986,164
------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Cash overdraft -- 6,563,939 -- --
Payable for investments purchased 49,629,185 -- 12,339,011 --
Accrued expenses:
Management fees 414,565 390,508 622,570 234,974
Other 235,251 227,636 437,088 219,220
Preferred share dividends payable 188,830 176,475 272,390 87,404
Common share dividends payable 2,663,144 2,609,310 4,336,314 1,614,122
------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 53,130,975 9,967,868 18,007,373 2,155,720
------------------------------------------------------------------------------------------------------------------------------------
Net assets $800,611,747 $754,003,088 $1,218,710,434 $447,830,444
====================================================================================================================================
Preferred shares, at liquidation value $301,000,000 $279,000,000 $ 452,000,000 $165,000,000
====================================================================================================================================
Preferred shares outstanding 12,040 11,160 18,080 6,600
====================================================================================================================================
Common shares outstanding 35,748,959 33,887,474 54,204,488 20,051,949
====================================================================================================================================
Net asset value per Common share outstanding (net assets less Preferred shares
at liquidation value, divided by Common
shares outstanding) $ 13.98 $ 14.02 $ 14.14 $ 14.10
====================================================================================================================================
See accompanying notes to financial statements.
</TABLE>
<PAGE>
STATEMENT OF OPERATIONS (Unaudited)
Six Months Ended April 30, 2000
<TABLE>
<CAPTION>
INVESTMENT SELECT QUALITY PREMIER
QUALITY QUALITY INCOME INCOME
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Investment Income $25,056,778 $23,687,010 $39,559,051 $14,369,065
------------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 2,489,939 2,346,070 3,759,551 1,415,600
Preferred shares - auction fees 353,911 331,500 541,726 195,240
Preferred shares - dividend disbursing agent fees 24,932 32,932 29,917 14,959
Shareholders' servicing agent fees and expenses 34,639 17,986 50,159 17,359
Custodian's fees and expenses 53,826 39,608 77,928 43,959
Directors' fees and expenses 9,223 8,766 13,194 5,546
Professional fees 6,775 6,251 6,747 14,682
Shareholders' reports - printing and mailing expenses 31,163 22,685 52,561 8,479
Stock exchange listing fees 16,451 16,721 26,726 13,886
Investor relations expense 36,553 24,248 47,968 20,258
Other expenses 28,109 23,454 55,950 35,937
------------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit 3,085,521 2,870,221 4,662,427 1,785,905
Custodian fee credit (37,096) (22,515) (13,516) (17,926)
------------------------------------------------------------------------------------------------------------------------------------
Net expenses 3,048,425 2,847,706 4,648,911 1,767,979
------------------------------------------------------------------------------------------------------------------------------------
Net investment income 22,008,353 20,839,304 34,910,140 12,601,086
------------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS
Net realized gain (loss) from investment transactions 1,178,258 66,819 1,835,919 (792,142)
Change in net unrealized appreciation (depreciation)
of investments (2,588,255) (178,272) (11,274,177) (1,521,774)
------------------------------------------------------------------------------------------------------------------------------------
Net gain (loss) from investments (1,409,997) (111,453) (9,438,258) (2,313,916)
------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations $20,598,356 $20,727,851 $25,471,882 $10,287,170
====================================================================================================================================
See accompanying notes to financial statements.
</TABLE>
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS (Unaudited)
<TABLE>
<CAPTION>
INVESTMENT QUALITY SELECT QUALITY
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
4/30/00 10/31/99 4/30/00 10/31/99
------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 22,008,353 $ 43,074,759 $ 20,839,304 $ 41,453,626
Net realized gain (loss) from investment transactions 1,178,258 338,511 66,819 5,858,883
Change in net unrealized appreciation (depreciation)
of investments (2,588,255) (70,205,721) (178,272) (61,475,965)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from operations 20,598,356 (26,792,451) 20,727,851 (14,163,456)
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS
From undistributed net investment income:
Common shareholders (16,450,653) (34,265,653) (16,119,831) (32,426,412)
Preferred shareholders (5,877,368) (8,670,344) (5,606,918) (8,276,367)
From accumulated net realized gains from investment
transactions:
Common shareholders (129,711) -- (78,386) --
Preferred shareholders (37,355) -- (21,716) --
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets from distributions to shareholders (22,495,087) (42,935,997) (21,826,851) (40,702,779)
------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Net proceeds from Common shares issued to shareholders
due to reinvestment of distributions -- 1,719,616 -- 1,695,759
Net proceeds from sale of Preferred shares -- 50,366,822 -- 38,498,158
------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from capital share transactions -- 52,086,438 -- 40,193,917
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets (1,896,731) (17,642,010) (1,099,000) (14,672,318)
Net assets at the beginning of period 802,508,478 820,150,488 755,102,088 769,774,406
------------------------------------------------------------------------------------------------------------------------------------
Net assets at the end of period $800,611,747 $802,508,478 $754,003,088 $755,102,088
------------------------------------------------------------------------------------------------------------------------------------
Balance of undistributed net investment income at the
end of period $ 439,652 $ 759,320 $ 517,349 $ 1,404,794
====================================================================================================================================
See accompanying notes to financial statements.
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS (Unaudited) (continued)
QUALITY INCOME PREMIER INCOME
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
4/30/00 10/31/99 4/30/00 10/31/99
------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 34,910,140 $ 68,385,627 $ 12,601,086 $ 24,338,021
Net realized gain (loss) from investment transactions 1,835,919 1,695,294 (792,142) (103,628)
Change in net unrealized appreciation (depreciation)
of investments (11,274,177) (81,930,200) (1,521,774) (30,317,584)
Net increase (decrease) in net assets from operations 25,471,882 (11,849,279) 10,287,170 (6,083,191)
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS
From undistributed net investment income:
Common shareholders (26,722,820) (55,411,229) (9,685,094) (19,324,413)
Preferred shareholders (8,884,094) (13,547,036) (3,280,910) (4,817,350)
From accumulated net realized gains from investment
transactions:
Common shareholders -- -- -- (45,889)
Preferred shareholders -- -- -- (11,424)
Decrease in net assets from distributions to shareholders (35,606,914) (68,958,265) (12,966,004) (24,199,076)
------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Net proceeds from Common shares issued to shareholders
due to reinvestment of distributions -- 6,887,216 -- 2,004,966
Net proceeds from sale of Preferred shares -- 51,357,544 -- 24,638,050
------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from capital share transactions -- 58,244,760 -- 26,643,016
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets (10,135,032) (22,562,784) (2,678,834) (3,639,251)
Net assets at the beginning of period 1,228,845,466 1,251,408,250 450,509,278 454,148,529
------------------------------------------------------------------------------------------------------------------------------------
Net assets at the end of period $1,218,710,434 $1,228,845,466 $447,830,444 $450,509,278
------------------------------------------------------------------------------------------------------------------------------------
Balance of undistributed net investment income at the
end of period $ 246,577 $ 943,351 $ 280,504 $ 645,422
====================================================================================================================================
See accompanying notes to financial statements.
</TABLE>
<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 Investment Quality Municipal Fund,
Inc. (NQM), Nuveen Select Quality Municipal Fund, Inc. (NQS), Nuveen Quality
Income Municipal Fund, Inc. (NQU) and Nuveen Premier Municipal Income Fund, Inc.
(NPF).
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
accounting principles generally accepted in the United States.
Securities Valuation
The prices of municipal bonds in each Fund's investment portfolio are provided
by a pricing service approved by the Fund's Board of Directors. 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, 2000, Investment Quality and Quality Income had outstanding
when-issued purchase commitments of $49,629,185 and $9,744,411, respectively.
There were no such outstanding purchase commitments in either Select Quality or
Premier Income.
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 $.01 per Common share. 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.
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, if any, are distributed to shareholders not less
frequently than annually. Furthermore, capital gains are distributed only to the
extent they exceed available capital loss carryforwards.
Distributions to shareholders of tax-exempt net investment income, net realized
capital gains and/or market discount are recorded on the ex-dividend date. The
amount and timing of distributions are determined in accordance with federal
income tax regulations, which may differ from 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.
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
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:
<TABLE>
<CAPTION>
INVESTMENT SELECT QUALITY PREMIER
QUALITY QUALITY INCOME INCOME
------------------------------------------------------------------------------------------------------------
Number of shares:
<S> <C> <C> <C> <C>
Series M 2,500 2,000 3,000 1,000
Series T 2,500 2,000 3,000 2,800
Series W 2,500 2,800 3,000 --
Series W2 -- -- 2,080 --
Series Th 2,040 1,560 4,000 2,800
Series F 2,500 2,800 3,000 --
------------------------------------------------------------------------------------------------------------
Total 12,040 11,160 18,080 6,600
============================================================================================================
</TABLE>
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, 2000.
Custodian Fee Credit
Each Fund has an arrangement with the custodian bank whereby the custodian fees
and expenses are reduced by credits earned on each Fund's cash on deposit with
the bank. Such deposit arrangements are an alternative to overnight investments.
Use of Estimates
The preparation of financial statements in conformity with accounting principles
generally accepted in the United States requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities at
the date of the financial statements and the reported amounts of increases and
decreases in net assets from operations during the reporting period. Actual
results may differ from those estimates.
2. FUND SHARES
<TABLE>
<CAPTION>
Transactions in Common and Preferred shares were as follows:
INVESTMENT QUALITY SELECT QUALITY
------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
4/30/00 10/31/99 4/30/00 10/31/99
------------------------------------------------------------------------------------------------------------
Common shares issued to shareholders
due to reinvestment of
distributions -- 110,452 -- 106,069
============================================================================================================
Preferred shares sold -- 2,040 -- 1,560
============================================================================================================
QUALITY INCOME PREMIER INCOME
------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
4/30/00 10/31/99 4/30/00 10/31/99
------------------------------------------------------------------------------------------------------------
Common shares issued to shareholders
due to reinvestment of
distributions -- 427,864 -- 124,386
============================================================================================================
Preferred shares sold -- 2,080 -- 1,000
============================================================================================================
</TABLE>
<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, 2000, to shareholders of record on
May 15, 2000, as follows:
<TABLE>
<CAPTION>
INVESTMENT SELECT QUALITY PREMIER
QUALITY QUALITY INCOME INCOME
------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Dividend per share $.0745 $.0770 $.0800 $.0805
============================================================================================================
4. SECURITIES TRANSACTIONS
Purchases and sales (including maturities) of investments in long-term municipal
securities and short-term municipal securities for the six months ended April
30, 2000, were as follows:
INVESTMENT SELECT QUALITY PREMIER
QUALITY QUALITY INCOME INCOME
------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Purchases:
Long-term municipal securities $107,595,562 $124,119,219 $109,698,738 $25,190,544
Short-term municipal securities 47,440,000 55,100,000 8,700,000 2,450,000
Sales and maturities:
Long-term municipal securities 97,398,991 130,752,934 115,315,402 13,791,955
Short-term municipal securities 41,950,000 72,500,000 8,700,000 22,040,000
============================================================================================================
At April 30, 2000, the identified cost of investments owned for federal income
tax purposes were as follows:
INVESTMENT SELECT QUALITY PREMIER
QUALITY QUALITY INCOME INCOME
------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$808,729,186 $742,628,975 $1,184,964,944 $436,545,685
============================================================================================================
At October 31, 1999, the Funds' last fiscal year end, the following Funds had
unused capital loss carryforwards available for federal income tax purposes to
be applied against future capital gains, if any. If not applied, the
carryforwards will expire as follows:
SELECT QUALITY PREMIER
QUALITY INCOME INCOME
------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Expiration year:
2003 $ -- $162,599 $ --
2004 119,959 486,077 --
2005 260,112 -- --
2006 -- -- --
2007 -- -- 103,628
------------------------------------------------------------------------------------------------------------
Total $380,071 $648,676 $103,628
============================================================================================================
5. UNREALIZED APPRECIATION (DEPRECIATION)
Gross unrealized appreciation and gross unrealized depreciation of investments
for federal income tax purposes at April 30, 2000, were as follows:
INVESTMENT SELECT QUALITY PREMIER
QUALITY QUALITY INCOME INCOME
------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Gross unrealized:
appreciation $ 20,397,553 $ 18,343,214 $ 39,636,508 $ 15,836,728
depreciation (20,971,976) (15,700,489) (29,899,779) (11,090,516)
------------------------------------------------------------------------------------------------------------
Net unrealized appreciation (depreciation) $ (574,423) $ 2,642,725 $ 9,736,729 $ 4,746,212
------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
6. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Under the Funds' investment management agreements with Nuveen Advisory Corp.
(the "Adviser"), a wholly owned subsidiary of The John Nuveen Company, each Fund
pays an annual management fee, payable monthly, at the rates set forth below,
which are based upon the average daily net 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
<TABLE>
<CAPTION>
At April 30, 2000, net assets consisted of:
<S> <C> <C> <C> <C>
INVESTMENT SELECT QUALITY PREMIER
QUALITY QUALITY INCOME INCOME
------------------------------------------------------------------------------------------------------------
Preferred shares, $25,000 stated value per share,
at liquidation value $301,000,000 $279,000,000 $ 452,000,000 $165,000,000
Common shares, $.01 par value per share 357,490 338,875 542,045 200,519
Paid-in surplus 498,212,449 471,917,493 754,990,467 278,496,084
Balance of undistributed net investment income 439,652 517,349 246,577 280,504
Accumulated net realized gain (loss) from
investment transactions 1,176,579 (476,321) 718,171 (892,875)
Net unrealized appreciation (depreciation) of investments (574,423) 2,705,692 10,213,174 4,746,212
------------------------------------------------------------------------------------------------------------
Net assets $800,611,747 $754,003,088 $1,218,710,434 $447,830,444
============================================================================================================
Authorized shares:
Common 200,000,000 200,000,000 200,000,000 200,000,000
Preferred 1,000,000 1,000,000 1,000,000 1,000,000
============================================================================================================
<PAGE>
8. INVESTMENT COMPOSITION
At April 30, 2000, the revenue sources by municipal purpose, expressed as a
percent of long-term investments, were as follows:
INVESTMENT SELECT QUALITY PREMIER
QUALITY QUALITY INCOME INCOME
------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Education and Civic Organizations 4% 2% --% 5%
Healthcare 16 9 7 9
Housing/Multifamily 3 7 3 13
Housing/Single Family 11 8 7 5
Tax Obligation/General 9 13 9 9
Tax Obligation/Limited 7 11 6 12
Transportation 10 12 15 1
U.S. Guaranteed 20 18 32 33
Utilities 9 12 8 6
Water and Sewer 10 5 8 3
Other 1 3 5 4
------------------------------------------------------------------------------------------------------------
100% 100% 100% 100%
============================================================================================================
</TABLE>
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 (58% for Investment Quality, 62% for Select Quality, 54%
for Quality Income and 56% for Premier Income).
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:
<TABLE>
<CAPTION>
INVESTMENT OPERATIONS LESS DISTRIBUTIONS
------------------------------------- ----------------------------------------------------------
NET NET
NET INVESTMENT INVESTMENT CAPITAL CAPITAL
REALIZED/ INCOME TO INCOME TO GAINS TO GAINS TO
BEGINNING NET UNREALIZED COMMON PREFERRED COMMON PREFERRED
NET ASSET INVESTMENT INVESTMENT SHARE- SHARE- SHARE- SHARE-
VALUE INCOME GAIN (LOSS) TOTAL HOLDERS HOLDERS+ HOLDERS HOLDERS+ TOTAL
------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT QUALITY
Year Ended 10/31:
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2000 (a) $14.03 $ .61 $ (.04) $ .57 $ (.46) $ (.16) $-- $-- $ (.62)
1999 16.00 1.21 (1.96) (.75) (.96) (.24) -- -- (1.20)
1998 15.77 1.22 .25 1.47 (.98) (.25) (.01) -- (1.24)
1997 15.48 1.25 .30 1.55 (1.01) (.25) -- -- (1.26)
1996 15.65 1.29 (.17) 1.12 (1.03) (.26) -- -- (1.29)
1995 14.65 1.33 1.04 2.37 (1.08) (.29) -- -- (1.37)
SELECT QUALITY
Year Ended 10/31:
2000 (a) 14.05 .61 .01 .62 (.48) (.17) -- -- (.65)
1999 15.68 1.22 (1.64) (.42) (.96) (.24) -- -- (1.20)
1998 15.48 1.23 .19 1.42 (.97) (.25) -- -- (1.22)
1997 15.12 1.25 .37 1.62 (1.01) (.25) -- -- (1.26)
1996 15.29 1.27 (.17) 1.10 (1.01) (.26) -- -- (1.27)
1995 14.03 1.30 1.30 2.60 (1.05) (.29) -- -- (1.34)
QUALITY INCOME
Year Ended 10/31:
2000 (a) 14.33 .64 (.18) .46 (.49) (.16) -- -- (.65)
1999 15.83 1.27 (1.48) (.21) (1.03) (.25) -- -- (1.28)
1998 15.73 1.27 .12 1.39 (1.03) (.26) -- -- (1.29)
1997 15.44 1.29 .29 1.58 (1.03) (.26) -- -- (1.29)
1996 15.43 1.30 .02 1.32 (1.03) (.28) -- -- (1.31)
1995 14.20 1.31 1.26 2.57 (1.03) (.31) -- -- (1.34)
PREMIER INCOME
Year Ended 10/31:
2000 (a) 14.24 .63 (.13) .50 (.48) (.16) -- -- (.64)
1999 15.76 1.22 (1.51) (.29) (.97) (.24) -- -- (1.21)
1998 15.62 1.22 .17 1.39 (1.00) (.25) -- -- (1.25)
1997 15.38 1.25 .31 1.56 (1.03) (.24) (.04) (.01) (1.32)
1996 15.34 1.27 .12 1.39 (1.01) (.26) (.06) (.02) (1.35)
1995 14.08 1.28 1.34 2.62 (1.01) (.28) (.06) (.01) (1.36)
====================================================================================================================================
<CAPTION>
TOTAL RETURNS
------------------------
ORGANIZATION
AND OFFERING
COSTS AND BASED
PREFERRED ENDING BASED ON
SHARE NET ENDING ON NET
UNDERWRITING ASSET MARKET MARKET ASSET
DISCOUNTS VALUE VALUE VALUE** VALUE**
----------------------------------------------------------------------------------------------------
INVESTMENT QUALITY
Year Ended 10/31:
<S> <C> <C> <C> <C> <C> <C>
2000 (a) $-- $13.98 $12.4375 (3.09)% 3.01%
1999 (.02) 14.03 13.3125 (8.51) (6.64)
1998 -- 16.00 15.5000 5.97 7.97
1997 -- 15.77 15.5625 10.82 8.68
1996 -- 15.48 15.0000 6.13 5.70
1995 -- 15.65 15.1250 21.89 14.71
SELECT QUALITY
Year Ended 10/31:
2000 (a) -- 14.02 12.5000 (1.15) 3.26
1999 (.01) 14.05 13.1250 (13.63) (4.55)
1998 -- 15.68 16.1875 10.96 7.77
1997 -- 15.48 15.5000 9.43 9.35
1996 -- 15.12 15.1250 9.71 5.71
1995 -- 15.29 14.7500 21.03 17.03
QUALITY INCOME
Year Ended 10/31:
2000 (a) -- 14.14 12.7500 (5.43) 2.16
1999 (.01) 14.33 14.0000 (11.17) (3.20)
1998 -- 15.83 16.8125 9.64 7.37
1997 -- 15.73 16.3125 14.22 8.81
1996 -- 15.44 15.2500 10.61 6.93
1995 -- 15.43 14.7500 23.26 16.51
PREMIER INCOME
Year Ended 10/31:
2000 (a) -- 14.10 13.5000 5.10 2.46
1999 (.02) 14.24 13.3125 (17.25) (3.71)
1998 -- 15.76 17.1250 10.29 7.49
1997 -- 15.62 16.5000 16.81 8.85
1996 -- 15.38 15.1250 11.00 7.51
1995 -- 15.34 14.6250 23.92 17.15
====================================================================================================
<CAPTION>
RATIOS/SUPPLEMENTAL DATA
----------------------------------------------------------------------------------------
BEFORE CREDIT
--------------------------------------------------------------------
RATIO OF NET RATIO OF NET
RATIO OF INVESTMENT RATIO OF INVESTMENT
EXPENSES INCOME TO EXPENSES INCOME TO
TO AVERAGE AVERAGE TO AVERAGE AVERAGE
ENDING NET ASSETS NET ASSETS TOTAL TOTAL
NET APPLICABLE APPLICABLE NET ASSETS NET ASSETS
ASSETS TO COMMON TO COMMON INCLUDING INCLUDING
(000) SHARES++ SHARES++ PREFERRED++ PREFERRED++
-------------------------------------------------------------------------------------------------------------------
INVESTMENT QUALITY
Year Ended 10/31:
<S> <C> <C> <C> <C> <C> <C>
2000 (a) $800,612 1.24%* 8.83%* .77%* 5.51%*
1999 802,508 1.17 7.85 .77 5.24
1998 820,150 1.12 7.66 .78 5.31
1997 809,337 1.13 8.08 .78 5.56
1996 798,349 1.14 8.32 .78 5.71
1995 804,221 1.15 8.74 .78 5.97
SELECT QUALITY
Year Ended 10/31:
2000 (a) 754,003 1.22* 8.82* .76* 5.55*
1999 755,102 1.17 8.07 .78 5.39
1998 769,774 1.14 7.87 .78 5.40
1997 759,770 1.15 8.22 .78 5.59
1996 745,059 1.15 8.39 .78 5.69
1995 749,883 1.18 8.81 .79 5.91
QUALITY INCOME
Year Ended 10/31:
2000 (a) 1,218,710 1.22* 9.10* .77* 5.73*
1999 1,228,845 1.17 8.26 .77 5.47
1998 1,251,408 1.13 8.08 .77 5.49
1997 1,238,536 1.15 8.35 .77 5.62
1996 1,219,663 1.15 8.44 .77 5.67
1995 1,218,905 1.18 8.84 .78 5.86
PREMIER INCOME
Year Ended 10/31:
2000 (a) 447,830 1.27* 8.92* .80* 5.63*
1999 450,509 1.19 7.98 .79 5.35
1998 454,149 1.15 7.80 .79 5.38
1997 448,807 1.17 8.14 .80 5.57
1996 442,153 1.18 8.29 .81 5.66
1995 441,381 1.19 8.66 .80 5.84
===================================================================================================================
RATIOS/SUPPLEMENTAL DATA
----------------------------------------------------------------------------------------
AFTER CREDIT***
---------------------------------------------------------------------------
RATIO OF NET RATIO OF NET
RATIO OF INVESTMENT RATIO OF INVESTMENT
EXPENSES INCOME TO EXPENSES INCOME TO
TO AVERAGE AVERAGE TO AVERAGE AVERAGE
NET ASSETS NET ASSETS TOTAL TOTAL
APPLICABLE APPLICABLE NET ASSETS NET ASSETS PORTFOLIO
TO COMMON TO COMMON INCLUDING INCLUDING TURNOVER
SHARES++ SHARES++ PREFERRED++ PREFERRED++ RATE
---------------------------------------------------------------------------------------------------------------------
INVESTMENT QUALITY
Year Ended 10/31:
<S> <C> <C> <C> <C> <C> <C>
2000 (a) 1.23%* 8.85%* .76%* 5.52%* 12%
1999 1.16 7.86 .77 5.24 16
1998 1.12 7.66 .78 5.31 7
1997 1.13 8.08 .78 5.56 14
1996 1.14 8.32 .78 5.71 8
1995 1.15 8.74 .78 5.97 11
SELECT QUALITY
Year Ended 10/31:
2000 (a) 1.21* 8.83* .76* 5.55* 17
1999 1.16 8.08 .78 5.39 27
1998 1.14 7.87 .78 5.40 7
1997 1.15 8.22 .78 5.59 10
1996 1.15 8.39 .78 5.69 13
1995 1.18 8.81 .79 5.91 7
QUALITY INCOME
Year Ended 10/31:
2000 (a) 1.21* 9.10* .76* 5.73* 9
1999 1.16 8.27 .77 5.47 13
1998 1.13 8.08 .77 5.49 19
1997 1.15 8.35 .77 5.62 9
1996 1.15 8.44 .77 5.67 11
1995 1.18 8.84 .78 5.86 17
PREMIER INCOME
Year Ended 10/31:
2000 (a) 1.25* 8.93* .79* 5.64* 3
1999 1.18 7.99 .79 5.35 11
1998 1.15 7.80 .79 5.38 19
1997 1.17 8.14 .80 5.57 5
1996 1.18 8.29 .81 5.66 8
1995 1.19 8.66 .80 5.84 22
==================================================================================================================
</TABLE>
* Annualized.
** Total Investment Return on Market Value is the combination of
reinvested dividend income, reinvested capital gains distributions, if
any, and changes in stock price per share. Total Return on Net Asset
Value is the combination of reinvested dividend income, reinvested
capital gains distributions, if any, and changes in net asset value
per share. Total returns are not annualized.
*** After custodian fee credit, where applicable.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to preferred
shareholders; income ratios reflect income earned on assets
attributable to Preferred shares.
(a) For the six months ended April 30, 2000.
<PAGE>
Build Your Wealth Automatically
Sidebar text: Nuveen offers a number of convenient ways to add to your portfolio
and earn the tax-free income you need to achieve your financial goals.
Sidebar text: Nuveen makes reinvesting easy. A phone call is all it takes to set
up your reinvestment account.
NUVEEN EXCHANGE-TRADED FUNDS DIVIDEND REINVESTMENT PLAN
Your Nuveen Exchange-Traded Fund allows you to conveniently reinvest dividends
and/or capital gains distributions in additional fund shares. If you do not
elect to reinvest distributions, all distributions are paid by check or can be
deposited directly into your bank or brokerage account.
By choosing to reinvest, you'll be able to invest money regularly and
automatically, and watch your investment grow through the power of tax-free
compounding. You'll also potentially benefit from dollar-cost averaging, a
technique of investing at regular intervals, which allows you to build a
high-quality, tax-free portfolio conveniently and cost effectively over time.
Dollar-cost averaging does not ensure a profit, nor does it protect you against
loss in a declining market. Because such a plan involves continuous investment
regardless of fluctuating prices, investors should consider their financial
ability to continue purchases through periods of low price levels.
EASY AND CONVENIENT
To make recordkeeping easy and convenient, each month you'll receive a statement
showing your total dividends and distributions, the date of investment, the
shares acquired and the price per share, and the total number of shares you own.
Income or capital gains taxes may be payable on dividends or distributions that
are reinvested.
HOW SHARES ARE PURCHASED
The shares you acquire by reinvesting will either be purchased on the open
market or newly issued by the Fund. If the shares are trading at or above net
asset value at the time of valuation, the Fund will issue new shares at the
then-current market price. If the shares are trading at less than net asset
value, shares for your account will be purchased on the open market. Dividends
and distributions received to purchase shares in the open market will normally
be invested shortly after the dividend payment date. No interest will be paid on
dividends and distributions awaiting reinvestment. Because the market price of
shares may increase before purchases are completed, the average purchase price
per share may exceed the market price at the time of valuation, resulting in the
acquisition of fewer shares than if the dividend or distribution had been paid
in shares issued by the Fund. A pro rata portion of any applicable brokerage
commissions on open market purchases will be paid by Plan participants. These
commissions usually will be lower than those charged on individual transactions.
FLEXIBILITY
You may, of course, change your distribution option or withdraw from the Plan at
any time, should your needs or situation change. Should you withdraw, you can
receive a certificate for all whole shares credited to your reinvestment account
and cash payment for fractional shares, or cash payment for all reinvestment
account shares, less brokerage commissions and a $2.50 service fee.
You can also reinvest if your shares are registered in the name of a brokerage
firm, bank, or other nominee. Just ask your investment advisor if the firm will
participate on your behalf. If not, it's
easy to have the shares registered in your name and to apply for a reinvestment
account directly. Participants whose shares are registered in the name of one
firm may not be able to transfer the shares to another firm and continue to
participate in the Plan.
The Fund reserves the right to amend or terminate the Plan at any time. Although
the Fund reserves the right to amend the Plan to include a service charge
payable by the participants, there is no direct service charge to participants
in the Plan at this time.
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in
or withdraw from the Plan, speak with your financial advisor or call us at (800)
257-8787.
<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
Each fund intends to repurchase shares of its own common or preferred stock in
the future at such times and in such amounts as is deemed advisable. No shares
were repurchased during the 6-month period ended April 30, 2000. Any future
repurchases will be reported to shareholders in the next annual or semiannual
report.
<PAGE>
Serving Investors
FOR GENERATIONS
PHOTO: John Nuveen, Sr.
John Nuveen, Sr.
For over a century, generations of Americans have relied on Nuveen to help them
grow and keep the money they've earned. Financial advisors, investors and their
families have associated Nuveen investments with quality, expertise and
dependability since 1898. That is why financial advisors have entrusted the
assets of more than 1.3 million investors to Nuveen.
With the know-how that comes from a century of experience, Nuveen continues to
build upon its reputation for quality. Now, financial advisors and investors can
count on Nuveen Investments to help them design customized solutions that meet
the far-reaching financial goals unique to family wealth strategies - solutions
that can translate into legacies.
To find out more about how Nuveen investment products and services can help you
preserve your financial security, talk with your financial advisor, or call us
at (800) 257-8787 for more information, including a prospectus where applicable.
Please read that information carefully before you invest.
LOGO:NUVEEN Investments
Invest well. Look ahead. LEAVE YOUR MARK.sm
John Nuveen & Co. Incorporated o 333 West Wacker Drive
Chicago, IL 60606 o www.nuveen.com
FSA-3-4-00
