Nuveen Exchange-Traded Funds
Providing tax-free income
to help you live your dreams
NUVEEN ARIZONA PREMIUM
INCOME MUNICIPAL FUND, INC.
NUVEEN MICHIGAN QUALITY
INCOME MUNICIPAL FUND, INC.
NUVEEN MICHIGAN PREMIUM
INCOME MUNICIPAL FUND, INC.
NUVEEN OHIO QUALITY INCOME
MUNICIPAL FUND, INC.
NUVEEN TEXAS QUALITY
INCOME MUNICIPAL FUND
SEMIANNUAL REPORT/JANUARY 31, 1995
Photo of man reading statement on porch.
<PAGE>
CONTENTS
3 Dear shareholder
5 Answering your questions
9 Fund performance
11 Amendment to dividend reinvestment plan
12 Getting to know your fund
14 Portfolio of investments
36 Statement of net assets
38 Statement of operations
40 Statement of changes in net assets
43 Notes to financial statements
54 Financial highlights
<PAGE>
Dear shareholder
"Providing secure income remains our top priority"
Photo of Richard J. Franke, Chairman of the Board
The 12 months ended January 31, 1995, was one of the most difficult periods
the bond markets have experienced in decades. During the year, the Federal
Reserve Board raised interest rates seven times to fend off future inflation,
and the prices of all bonds and bond funds declined.
The unusually high volatility and uncertainty of the past 12 months has
brought home a basic fact about fixed-income securities: interest rates are
subject to change, and sometimes the changes can have marked effects on net
asset values. At Nuveen, we believe that the best approach to tax-free
investing in such tumultuous times is to focus on quality and income
dependability. By this standard, in one of the most challenging periods the
municipal market has seen in years, your Fund continued to meet its objectives
relatively well, providing an attractive level of tax free income while
holding portfolio values in line with or better than the market as a whole.
Looking first at income, current yields on share prices for the funds
covered in this report ranged from 5.94% to 7.05%. To equal these yields, an
investor in the 36% federal income tax bracket would need to earn at least
9.28% on taxable alternatives. This taxable yield is difficult to achieve on
investments of comparable quality.
The fact that your Fund is leveraged means that it will be more sensitive to
interest rate changes, both upward and downward, than unleveraged funds.
Nonetheless, for the one-year period ended January 31, Nuveen Michigan Quality
Income Municipal Fund, Inc. ranked number one among five closed-end Michigan
funds ranked by Lipper Analytical Services on total return, while our Texas,
Ohio, and Arizona Funds ranked number one, two, and four, respectively, among
19 state-specific closed-end funds ranked by Lipper.
Our newer Michigan Fund, holding bonds issued when interest rates were lower
and bond prices were correspondingly higher, was more affected by changing
interest rates and could be expected to rebound more quickly if interest rates
decline.
As we have noted in past reports, the municipal market's supply and demand
fundamentals continue to be sound. To put these trends in perspective, in
1994, the supply of new municipal bonds declined by approximately 40% from
1993, a trend expected to continue in 1995. At the same time, demand for
tax-free bonds, which has been subdued over the last 12 months as a result of
the market's extraordinary volatility, is likely to resume its long-term
upward trend, as investors recognize the exceptional yields tax-free bonds
offer at current price levels.
This combination of lower supply, which may be reduced further by the high
volume of bond calls expected in 1995, and the likelihood of rising demand
should help support municipal bond prices in the long term.
<PAGE>
At Nuveen also we are taking steps to increase the value our funds provide
to shareholders--steps reflected in the mergers of several of our
state-specific funds over the past six months. Following shareholder approval,
Nuveen Michigan Premium Income Municipal Fund 2 was merged into Nuveen
Michigan Premium Income Municipal Fund, Inc.; Nuveen Ohio Premium Income
Municipal Fund, Inc. and Nuveen Ohio Premium Income Municipal Fund 2 were
merged into Nuveen Ohio Quality Income Municipal Fund, Inc.; and Nuveen Texas
Premium Income Municipal Fund was merged into Nuveen Texas Quality Income
Municipal Fund. Through the merger of these funds, we expect to achieve
management efficiencies and improve liquidity for our shareholders.
All of us at Nuveen appreciate your confidence in our family of municipal
bond funds, and we look forward to helping you reach your tax-free investment
objectives in the future.
Sincerely,
Richard J. Franke
Chairman of the Board
March 15, 1995
<PAGE>
Answering your questions
In March, we spoke with Tom Spalding, head of Nuveen's portfolio management
team, and asked him about recent developments in the municipal market and the
outlook for Nuveen funds.
Why did my Fund's net asset value decline over the past year?
These have been difficult times for all fixed-income investors. The Bond Buyer
40 index--a measure of municipal market performance--declined by 15.8% over
the past 12 months. Even 30-year Treasury bonds declined by 16.9% during the
year.
Viewed in that context, the Nuveen funds covered in this report held their
value relatively well for the period ended January 31, 1995. Still, a few
funds were more affected by changing interest rates, for two reasons.
First, these funds are relatively new, and their portfolios hold bonds
issued when interest rates were lower than they are today. As a result, their
net asset values were more sensitive to rising interest rates.
The fact that these funds are leveraged also increases the impact of
interest rate changes on the funds' net asset values per common share. Keep in
mind that leverage also has enabled these funds to generate a higher level of
tax-free income than unleveraged funds.
Since my Fund is leveraged, will rising short-term interest rates affect my
dividends?
With the long-term bonds in these Funds' portfolios yielding around 6% and the
average 7-day rate on short-term preferred shares averaging 3.8% over the past
three months, leverage has provided an important income benefit to our
shareholders over the past year.
Although the funds' core dividends are set to provide relatively stable
income, steady increases in short-term interest rates will affect these
dividends over time.
In general, our leveraged funds' dividends continue to be highly attractive
compared with both unleveraged and taxable alternatives. All things
considered, prudent leverage can provide highly attractive returns in a
variety of market conditions to investors who understand its uses, benefits,
and characteristics, and are willing to accept somewhat higher short-term NAV
fluctuations in anticipation of greater long-range returns.
Will bond calls affect my income or the stability of the net asset value of my
shares?
In general, bond calls can mean some reduction in income for investors in both
individual bonds and bond funds, because bonds issued when interest rates were
higher need to be replaced with today's lower-yielding bonds. The effect of
bond calls, however, depends to some extent on the age of a fund and the types
of bonds in its portfolio.
For example, some of the funds covered in this report are relatively new,
and primarily hold bonds that can't be called for several years. As a result,
calls shouldn't significantly affect their income in the near future.
Older funds hold bonds that may be subject to calls, but these bonds also
often are priced at premiums to their par values. This premium is a "cushion"
that can soften the effect of rising interest rates. As these bonds approach
their call dates, the premiums gradually approach the bonds' par values,
reducing net asset values. Newer funds, on the other hand, primarily hold
bonds priced at discounts to their par values. As a result, these funds are
more sensitive to interest rate changes, both up and down, but they are
unaffected by the declining premium values related to called bonds.
Of course, we're continuing to manage all of our portfolios with calls in
mind. As part of our basic management process, we continually evaluate
opportunities to sell bonds approaching their call dates and to reinvest the
proceeds in bonds we think have high potential to provide above-market
returns.
<PAGE>
What is the outlook for tax-free bonds in my state?
Our outlook is optimistic for reasons related both to the municipal market in
general and to conditions in specific states.
Looking first at the municipal market overall, inflation remains under
control, the financial condition of issuers across the country is generally
strengthening, and the market's supply and demand characteristics are
positive. That is all good news for tax-free investors.
As for the states in this report, the outlook is, if anything, even more
positive. In addition to their fundamentally sound economies, the supply of
tax-free bonds issued by the states is limited, while demand for their
securities is rising. This combination of factors should help support bond
prices over time.
<PAGE>
<TABLE>
NUVEEN ARIZONA PREMIUM INCOME MUNICIPAL FUND, INC.
NAZ
In line with the Fund's objective of providing attractive, dependable tax-free
income, shareholders enjoyed 12 months of steady dividends.
<CAPTION>
12 MONTH DIVIDEND HISTORY
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
2/94 $0.0650
3/94 $0.0650
4/94 $0.0650
5/94 $0.0650
6/94 $0.0650
7/94 $0.0650
8/94 $0.0650
9/94 $0.0650
10/94 $0.0650
11/94 $0.0650
12/94 $0.0650
1/95 $0.0650
<CAPTION>
FUND HIGHLIGHTS 1/31/95
<S> <C>
Yield 5.94%
Taxable-equivalent yield 9.90%
Annual total return on NAV -8.50%
Taxable-equivalent total return -5.04%
Share price $13.125
NAV $13.30
The dividend history used in this chart constitutes past performance and does
not necessarily predict the future dividends of the Fund.
</TABLE>
<PAGE>
<TABLE>
NUVEEN MICHIGAN QUALITY INCOME MUNICIPAL FUND, INC.
NUM
In line with the Fund's objective of providing attractive, dependable tax-free
income, shareholders enjoyed a dividend increase in August to 8.25 cents per
common share, plus supplemental dividends totaling 5.2 cents per common share.
<CAPTION>
12 MONTH DIVIDEND HISTORY
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
2/94 $0.0800 $0.0220
3/94 $0.0800
4/94 $0.0800
5/94 $0.0800 $0.0150
6/94 $0.0800
7/94 $0.0800
8/94 $0.0825 $0.0150
9/94 $0.0825
10/94 $0.0825
11/94 $0.0825
12/94 $0.0825 $0.0491
1/95 $0.0825
<CAPTION>
FUND HIGHLIGHTS 1/31/95
<S> <C>
Yield 6.83%
Taxable-equivalent yield 11.58%
Annual total return on NAV -5.62%
Taxable-equivalent total return -1.15%
Share price $14.50
NAV $14.47
The dividend history used in this chart constitutes past performance and does
not necessarily predict the future dividends of the Fund.
</TABLE>
<PAGE>
<TABLE>
NUVEEN MICHIGAN PREMIUM INCOME MUNICIPAL FUND, INC.
NMP
In line with the Fund's objective of providing attractive, dependable tax-free
income, shareholders enjoyed 12 months of steady dividends.
<CAPTION>
12 MONTH DIVIDEND HISTORY
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
2/94 $0.0675
3/94 $0.0675
4/94 $0.0675
5/94 $0.0675
6/94 $0.0675
7/94 $0.0675
8/94 $0.0675
9/94 $0.0675
10/94 $0.0675
11/94 $0.0675
12/94 $0.0675
1/95 $0.0675
<CAPTION>
FUND HIGHLIGHTS 1/31/95
<S> <C>
Yield 6.75%
Taxable-equivalent yield 11.44%
Annual total return on NAV -10.13%
Taxable-equivalent total return -6.32%
Share price $12.00
NAV $12.82
The dividend history used in this chart constitutes past performance and does
not necessarily predict the future dividends of the Fund.
</TABLE>
<PAGE>
<TABLE>
NUVEEN OHIO QUALITY INCOME MUNICIPAL FUND, INC.
NUO
In line with the Fund's objective of providing attractive, dependable tax-free
income, shareholders enjoyed a modest increase in May as well as supplemental
dividends totaling 7.7 cents per common share.
<CAPTION>
12 MONTH DIVIDEND HISTORY
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
2/94 $0.0755 $0.0320
3/94 $0.0755
4/94 $0.0755
5/94 $0.0775 $0.0300
6/94 $0.0775
7/94 $0.0775
8/94 $0.0775 $0.0150
9/94 $0.0775
10/94 $0.0775
11/94 $0.0775
12/94 $0.0775
1/95 $0.0775
<CAPTION>
FUND HIGHLIGHTS 1/31/95
<S> <C>
Yield 6.47%
Taxable-equivalent yield 10.97%
Annual total return on NAV -5.00%
Taxable-equivalent total return -0.64%
Share price $14.375
NAV $14.58
The dividend history used in this chart constitutes past performance and does
not necessarily predict the future dividends of the Fund.
</TABLE>
<PAGE>
<TABLE>
NUVEEN TEXAS QUALITY INCOME MUNICIPAL FUND
NTX
In line with the Fund's objective of providing attractive, dependable tax-free
income, shareholders enjoyed 12 months of steady dividends, plus supplemental
dividends totaling 6.5 cents per common share.
<CAPTION>
12 MONTH DIVIDEND HISTORY
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
2/94 $0.0800 $0.0250
3/94 $0.0800
4/94 $0.0800
5/94 $0.0800 $0.0200
6/94 $0.0800
7/94 $0.0800
8/94 $0.0800 $0.0200
9/94 $0.0800
10/94 $0.0800
11/94 $0.0800
12/94 $0.0800
1/95 $0.0800
<CAPTION>
FUND HIGHLIGHTS 1/31/95
<S> <C>
Yield 7.05%
Taxable-equivalent yield 11.02%
Annual total return on NAV -4.16%
Taxable-equivalent total return -0.42%
Share price $13.625
NAV $14.19
The dividend history used in this chart constitutes past performance and does
not necessarily predict the future dividends of the Fund.
</TABLE>
Amendment to Dividend Reinvestment Plan
Effective July 1, 1995, your Fund's Dividend Reinvestment Plan will be amended
in order to enhance the ability of the Plan Agent to obtain the best execution
when making open-market purchases of Fund shares in connection with the Plan.
As of the effective date, the Plan Agent, United States Trust Company of New
York, may make Plan purchases in advance of the payment date of the applicable
Fund distribution, provided that settlement for such purchases shall occur no
earlier than the payment date for such distribution.
<PAGE>
Getting to know your fund
Yield
An exchange-traded fund's annualized monthly dividend on a given date (in the
case of this report, January 31, 1995) divided by its closing price per share
on that date.
Taxable equivalent yield
The return an investor subject to a given federal and state income tax rate
would need to obtain from a fully taxable investment to equal the fund's
stated annualized yield on share price. In this report, this combined tax rate
is assumed to be 40% for Arizona shareholders, based on incomes of
$143,600-$256,500 for those filing jointly, 36% for Texas shareholders, and
41% for Michigan and Ohio shareholders, based on incomes of $117,950-$256,500
for investors filing singly, $143,600-$256,500 for those filing jointly.
Net Asset Value (NAV)
The market value of all securities and other assets held by an exchange-traded
fund, minus any liabilities. The NAV per share is the fund's net assets, less
the value of its preferred shares, divided by its total number of common
shares outstanding.
Total return on NAV
The percentage change in a fund's NAV per common share for a given period,
assuming reinvestment of all dividends and capital gains distributions, if
any.
Taxable equivalent total return
The total return an investor subject to a given state and federal income tax
rate would need to obtain from a fully taxable investment to equal the Fund's
stated total return on NAV.
Leverage
A fund structure that enhances the income produced for common shareholders by
a long-term municipal bond fund through the issuance of short-term preferred
shares. Preferred shareholders receive short-term tax-free income, while the
proceeds can be used to purchase additional long-term bonds, thus increasing
the portfolio's income for common shareholders.
Each Fund intends to repurchase shares of its own common or preferred stock in
the future at such times and in such amounts as are deemed advisable. No
shares were repurchased during the 6-months ended January 31, 1995. Any future
repurchases will be reported to shareholders in the next annual or semiannual
report.
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
(Unaudited)
NUVEEN ARIZONA PREMIUM INCOME MUNICIPAL FUND, INC. (NAZ)
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 2,150,000 Arizona Municipal Financing Program, Certificates
of Participation, 6.000%, 8/01/17 8/02 at 101 Aaa $ 2,093,111
2,000,000 Arizona State Transportation Board, 6.000%, 7/01/10
(Pre-refunded to 7/01/00) 7/00 at 101 Aaa 2,070,580
500,000 Arizona State University, 5.750%, 7/01/12 7/02 at 101 AA 477,745
1,750,000 Arizona Student Loan Acquisition Authority,
Alternative Minimum Tax, 6.600%, 5/01/10 5/04 at 102 Aa 1,794,468
Bullhead City Special Assessment:
910,000 6.100%, 1/01/08 1/03 at 103 Baa 874,610
970,000 6.100%, 1/01/09 1/03 at 103 Baa 922,829
2,000,000 Central Arizona Conservation District,
5.500%, 11/01/10 No Opt. Call AA- 1,856,500
1,600,000 Lake Havasu Municipal Property Corporation,
6.000%, 6/01/08 6/02 at 101 Aaa 1,650,576
1,400,000 Maricopa Rural Road Improvement District,
7.000%, 7/01/07 7/99 at 101 N/R 1,429,526
3,000,000 Maricopa County Industrial Development Authority
(Catholic Healthcare West), 5.750%, 7/01/11 7/02 at 102 Aaa 2,856,060
3,500,000 Maricopa County Industrial Development Authority
(Samaritan Health Services), 7.000%, 12/01/16 No Opt. Call Aaa 3,890,495
605,000 Maricopa County School District No. 28, General
Obligation, 6.000%, 7/01/12 7/02 at 100 Aaa 603,663
3,195,000 Maricopa County School District No. 28,
6.000%, 7/01/12 (Pre-refunded to 7/01/02) 7/02 at 100 Aaa 3,277,335
Maricopa County School District No. 49:
100,000 6.400%, 7/01/03 7/00 at 101 Baa1 99,091
175,000 6.500%, 7/01/04 7/00 at 101 Baa1 173,105
2,500,000 Maricopa County Unified School District No. 69,
General Obligation, 5.875%, 7/01/12 7/03 at 102 Aaa 2,426,975
1,400,000 Maricopa County Unified School District No. 80,
General Obligation, 5.950%, 7/01/10 7/03 at 101 Aaa 1,399,902
Mohave County Industrial Development Authority
(Medical Environments Inc. and Phoenix Baptist
Hospital):
5,000,000 6.750%, 7/01/08 7/03 at 102 Baa 5,010,700
1,000,000 7.000%, 7/01/16 7/03 at 102 Baa 986,280
2,000,000 Mohave County Industrial Development Authority
(Citizens Utilities Company), Alternative Minimum
Tax, 6.600%, 5/01/29 11/03 at 101 AAA 1,980,940
2,000,000 Mohave County Hospital District No. 1, General
Obligation, 6.500%, 6/01/15 6/02 at 101 Aaa 2,047,500
1,000,000 Navajo County Pollution Control Corporation
(Arizona Public Service Company), 5.875%, 8/15/28 8/03 at 102 Baa2 852,980
2,500,000 Phoenix General Obligation, 6.375%, 7/01/13 7/02 at 102 AA+ 2,539,575
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
Phoenix Civic Improvement Corporation
Wastewater System:
$ 2,500,000 5.000%, 7/01/10 7/04 at 102 AAA $ 2,105,800
4,700,000 6.125%, 7/01/23 (Pre-refunded to 7/01/03) 7/03 at 102 AAA 4,935,517
2,150,000 Phoenix Civic Plaza Building Corporation,
6.000%, 7/01/14 7/05 at 101 AA+ 2,106,441
2,720,000 Phoenix Water System, 5.500%, 7/01/22 7/03 at 101 AA 2,395,803
2,400,000 Pima County Industrial Development Authority
(Tucson Electric), 7.250%, 7/15/10 1/02 at 103 Aaa 2,569,248
1,510,000 Pima County Metropolitan Domestic Water
Improvement District, 6.200%, 1/01/12 1/03 at 101 Aaa 1,526,610
Salt River Project Agricultural Improvement and
Power District:
3,900,000 5.000%, 1/01/16 1/04 at 102 AA 3,271,125
1,800,000 5.570%, 1/01/19 1/02 at 100 AA 1,667,934
2,000,000 Scottsdale Industrial Development Authority
(Scottsdale Memorial Hospitals), 5.250%, 9/01/18 9/03 at 102 Aaa 1,721,840
2,000,000 Tempe Union High School District No. 213,
General Obligation, 6.000%, 7/01/12 7/04 at 101 Aaa 1,995,580
3,000,000 Tucson General Obligation, 6.250%, 7/01/18 7/04 at 101 Aaa 3,036,420
5,000,000 Tucson Airport Authority, 5.700%, 6/01/13 6/03 at 102 Aaa 4,743,650
725,000 Tucson Certificates of Participation, 6.375%, 7/01/09 7/04 at 100 AA 735,447
2,000,000 Tucson Junior Lien Street and Highway,
5.500%, 7/01/12 7/03 at 102 Aaa 1,867,160
2,000,000 Tucson Senior Lien Street and Highway,
5.500%, 7/01/09 7/03 at 102 A1 1,864,100
3,500,000 Tucson Water System, 5.750%, 7/01/18 7/02 at 102 A1 3,245,550
100,000 University of Arizona, Certificates of Participation,
6.500%, 7/15/12 7/02 at 102 A+ 101,546
1,000,000 University of Arizona, 6.250%, 6/01/11 6/02 at 102 AA 1,015,420
2,250,000 University Medical Center Corporation (Tucson),
6.250%, 7/01/16 7/02 at 102 Aaa 2,260,957
2,000,000 Puerto Rico General Obligation, 5.250%, 7/01/18 7/03 at 101 1/2 A 1,675,000
$88,510,000 Total Investments - (cost $87,064,256) - 99.1% 86,155,694
===========
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 0.5%
$ 400,000 Maricopa County Pollution Control Corporation
=========== (Arizona Public Service Company Palo Verde
Project), Variable Rate Demand Bonds,
4.000%, 5/01/29t P-1 400,000
Other Assets Less Liabilities - 0.4% 373,719
Net Assets - 100% $86,929,413
===========
<PAGE>
<CAPTION>
NUMBER MARKET MARKET
STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 21 $51,059,919 59%
RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 10 17,860,458 21
PORTFOLIO OF A+ A1 3 5,211,196 6
INVESTMENTS A, A- A, A2, A3 1 1,675,000 2
(EXCLUDING BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 7 8,919,595 10
TEMPORARY Non-rated Non-rated 1 1,429,526 2
INVESTMENTS):
TOTAL 43 $86,155,694 100%
<FN>
* 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.
N/R - Investment is not rated.
t The security has a maturity of more than one year, but has variable rate and
demand features which qualify it as a short-term security. The rate disclosed
is that currently in effect. This rate changes periodically based on market
conditions or a specified market index.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
(Unaudited)
NUVEEN MICHIGAN QUALITY INCOME MUNICIPAL FUND, INC. (NUM)
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
Michigan Building Authority:
$ 8,095,000 6.250%, 10/01/20 10/01 at 102 AA- $ 7,843,003
4,255,000 6.800%, 10/01/21 10/01 at 102 AA- 4,383,458
3,800,000 Michigan Comprehensive Transportation,
5.750%, 5/15/11 5/02 at 100 AA- 3,607,112
Michigan Higher Education Student Loan Authority,
Alternative Minimum Tax:
1,000,000 6.800%, 10/01/07 10/02 at 102 A 1,029,830
1,250,000 6.800%, 10/01/08 10/02 at 102 A 1,301,013
990,000 6.800%, 10/01/09 10/02 at 102 A 1,017,383
1,450,000 Michigan Hospital Finance Authority (McLaren
Obligated Group), 7.500%, 9/15/21
(Pre-refunded to 9/15/01) 9/01 at 102 Aaa 1,627,538
8,800,000 Michigan Hospital Finance Authority (Mercy Mt.
Clemens), 6.000%, 5/15/17 5/01 at 100 AA 7,876,616
Michigan Housing Development Authority, Single
Family Mortgage:
4,740,000 6.950%, 12/01/20 12/01 at 102 AA 4,807,972
2,440,000 6.875%, 6/01/23 6/02 at 102 AA 2,463,912
5,250,000 Michigan Housing Development Authority, Limited
Obligation (Parkway Meadows Project),
6.850%, 10/15/18 10/02 at 103 Aaa 5,336,835
9,750,000 Michigan Housing Development Authority, Rental
Housing, 7.100%, 4/01/21 1/02 at 102 A+ 9,929,303
2,300,000 Michigan Housing Development Authority, Rental
Housing, Alternative Minimum Tax,
7.150%, 4/01/10 1/02 at 102 A+ 2,369,989
Michigan Municipal Bond Authority:
2,000,000 6.650%, 5/01/12 5/02 at 102 A 1,974,240
3,100,000 6.600%, 10/01/18 10/02 at 102 AA 3,134,906
Michigan Public Power Agency, Belle River Project:
5,750,000 5.250%, 1/01/18 1/03 at 102 AA- 4,881,003
4,765,000 6.625%, 1/01/19 (Pre-refunded to 1/01/96) 1/96 at 100 Aaa 4,830,709
3,000,000 6.625%, 1/01/19 (Pre-refunded to 1/01/96) 1/96 at 100 AAA 3,048,360
2,390,000 Michigan South Central Power Agency,
6.750%, 11/01/10 11/01 at 102 A 2,453,096
Michigan State Hospital Finance Authority (The
Detroit Medical Center):
5,090,000 8.125%, 8/15/08 (Pre-refunded to 8/15/98) 8/98 at 102 Aaa 5,615,492
410,000 8.125%, 8/15/08 8/98 at 102 A- 450,102
1,720,000 5.500%, 8/15/23 8/04 at 102 A- 1,387,025
9,355,000 Michigan State Hospital Finance Authority (Daughters
of Charity Health System), 7.000%, 11/01/21 11/01 at 102 Aa 9,593,085
3,035,000 Michigan State Hospital Finance Authority (Mid-
Michigan Obligated Group), 6.900%, 12/01/24 12/02 at 102 A 3,039,947
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 7,200,000 Michigan State Trunk Line, 7.000%, 8/15/17
(Pre-refunded to 8/15/99) 8/99 at 102 Aaa $ 7,774,128
3,000,000 Michigan State University, 6.250%, 8/15/15 8/02 at 101 AA- 2,952,210
Michigan Strategic Fund (The Detroit Edison Company):
4,330,000 6.950%, 9/01/21 9/01 at 102 Aaa 4,525,067
7,600,000 6.875%, 12/01/21 12/01 at 102 Aaa 7,865,696
1,500,000 Ann Arbor Water Supply System, 5.500%, 2/01/13 2/03 at 101 1/2 Aaa 1,370,370
7,000,000 Detroit Economic Development Corporation,
Resource Recovery, Alternative Minimum Tax,
6.875%, 5/01/09 5/01 at 102 Aaa 7,259,490
Detroit Sewage Disposal System:
1,000,000 6.900%, 12/15/99 No Opt. Call Aaa 1,019,700
5,750,000 6.625%, 7/01/21 7/01 at 102 Aaa 5,870,175
1,600,000 Gaylord Community Schools, General Obligation,
6.600%, 5/01/21 (Pre-refunded to 5/01/02) 5/02 at 102 AA 1,719,504
1,280,000 Grand Haven Electric System, 6.750%, 7/01/16
(Pre-refunded to 7/01/95) 7/95 at 101 Aaa 1,305,165
3,000,000 Grand Rapids Community College District, Limited
Tax, General Obligation, 5.000%, 5/01/21 5/03 at 102 AA- 2,442,960
6,245,000 Grand Rapids Water Supply System, 6.500%, 1/01/15 1/01 at 102 Aaa 6,336,989
1,250,000 Gull Lake Community Schools, 6.800%, 5/01/21
(Pre-refunded to 5/01/01) 5/01 at 102 Aaa 1,350,563
4,000,000 Haslett Public School District, General Obligation,
6.625%, 5/01/19 5/02 at 102 AA 4,025,520
3,100,000 Hemlock Public Schools, General Obligation,
6.750%, 5/01/21 5/02 at 102 AA 3,189,683
1,000,000 Marquette Area Public Schools, General Obligation,
6.700%, 5/01/21 (Pre-refunded to 5/01/01) 5/01 at 102 Aaa 1,075,780
6,400,000 Mattawan Consolidated School District,
6.300%, 5/01/17 5/02 at 102 AA 6,323,776
7,000,000 Monroe County Economic Development Corporation,
Pollution Control (The Detroit Edison Company),
Alternative Minimum Tax, 6.875%, 9/01/22 9/02 at 102 Aaa 7,209,650
North Branch Area Schools, General Obligation:
2,150,000 6.600%, 5/01/17 (Pre-refunded to 5/01/02) 5/02 at 102 AA 2,298,587
1,475,000 5.375%, 5/01/21 5/03 at 101 1/2 Aaa 1,267,173
1,500,000 Perry Public Schools General Obligation,
6.375%, 5/01/22 (Pre-refunded to 5/01/02) 5/02 at 101 1/2 Aaa 1,585,245
4,650,000 Plymouth-Canton Community School District,
6.800%, 5/01/11 (Pre-refunded to 5/01/01) 5/01 at 101 AA 4,993,542
6,385,000 Royal Oak Hospital Finance Authority (William
Beaumont Hospital), 6.750%, 1/01/20 1/01 at 102 AA 6,392,215
5,000,000 Saginaw Hospital Finance Authority (Saginaw
General Hospital), 7.625%, 10/01/19 10/99 at 102 A- 5,142,100
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 4,845,000 Saginaw-Midland Municipal Water Supply Corporation,
6.875%, 9/01/16 9/04 at 102 A- $ 4,958,858
University of Michigan Medical Service Plan:
2,195,000 0.000%, 12/01/10 No Opt. Call AA- 805,828
8,250,000 6.500%, 12/01/21 12/01 at 102 AA- 8,292,983
4,200,000 Warren Consolidated Schools, 6.700%, 5/01/21
(Pre-refunded to 5/01/01) 5/01 at 102 A1 4,490,598
5,280,000 Warren Economic Development Corporation
(Autumn Woods Project-GNMA), 6.900%, 12/20/22 3/02 at 101 Aaa 5,240,664
2,505,000 Wayne County (The Detroit Metropolitan Airport),
Alternative Minimum Tax, 6.750%, 12/01/21 12/01 at 102 Aaa 2,541,247
1,500,000 Wayne County (The Detroit Metropolitan Airport),
6.000%, 12/01/20 12/00 at 100 Aaa 1,437,270
2,300,000 Western Michigan University, 5.500%, 7/15/16 7/03 at 102 Aaa 2,055,256
Western Township Utilities Authority, Sewage
Disposal System:
1,500,000 6.750%, 1/01/15 1/02 at 100 Aaa 1,538,954
1,895,000 8.300%, 1/01/19 1/99 at 102 BBB+ 2,077,127
6,250,000 6.500%, 1/01/19 1/02 at 100 Aaa 6,287,500
5,000,000 Wyandotte Electric System, 6.250%, 10/01/17 10/02 at 102 Aaa 4,987,400
$233,870,000 Total Investments - (cost $228,709,740) - 97.3% 234,010,902
============
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 2.1%
$ 1,000,000 Grand Rapids Water Supply System, Variable Rate
Demand Bonds, 4.200%, 1/01/20t VMIG-1 1,000,000
2,500,000 Michigan State Strategic Fund Pollution Control
(Consumers Power Company), Variable Rate
Demand Bonds, 4.100%, 4/15/18t P-1 2,500,000
1,500,000 University of Michigan Hospital, Variable Rate
Demand Bonds, 3.800%, 12/01/19t VMIG-1 1,500,000
$ 5,000,000 Total Temporary Investments - 2.1% 5,000,000
============
Other Assets Less Liabilities - 0.6% 1,365,231
Net Assets - 100% $240,376,133
============
<PAGE>
<CAPTION>
NUMBER MARKET MARKET
STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 26 $100,362,416 43%
RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 20 92,027,875 39
PORTFOLIO OF A+ A1 3 16,789,890 7
INVESTMENTS A, A- A, A2, A3 10 22,753,594 10
(EXCLUDING BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 1 2,077,127 1
TEMPORARY
INVESTMENTS):
TOTAL 60 $234,010,902 100%
<FN>
* 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.
t The security has a maturity of more than one year, but has variable rate and
demand features which qualify it as a short-term security. The rate disclosed
is that currently in effect. This rate changes periodically based on market
conditions or a specified market index.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
(Unaudited)
NUVEEN MICHIGAN PREMIUM INCOME MUNICIPAL FUND, INC. (NMP)
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 3,750,000 Michigan Building Authority, 6.250%, 10/01/20 10/01 at 102 AA- $ 3,633,263
Michigan Comprehensive Transportation:
1,090,000 5.750%, 5/15/11 5/02 at 100 AA- 1,034,672
3,275,000 5.750%, 5/15/12 5/02 at 100 AA- 3,079,974
5,000,000 Michigan Housing Development Authority, Single
Family Mortgage, 6.800%, 12/01/16 (WI) 6/05 at 102 AA+ 5,036,700
2,400,000 Michigan Housing Development Authority (Walled
Lake Villa Project), 6.000%, 4/15/18 4/04 at 103 Aaa 2,221,848
Michigan Housing Development Authority:
3,500,000 5.875%, 10/01/17 4/03 at 102 Aaa 3,203,375
2,000,000 5.625%, 10/15/18 10/03 at 103 Aaa 1,756,880
Michigan Housing Development Authority,
Rental Housing:
4,000,000 6.500%, 4/01/06 10/02 at 102 A+ 3,993,240
4,300,000 6.600%, 4/01/12 10/02 at 102 A+ 4,302,494
1,950,000 Michigan Municipal Bond Authority, State
Revolving Fund, 7.000%, 10/01/03 No Opt. Call AA 2,118,480
3,750,000 Michigan Public Power Agency (Belle River Project),
5.250%, 1/01/18 1/03 at 102 AA- 3,183,263
700,000 Michigan State Hospital Finance Authority
(Daughters of Charity Health System),
7.000%, 11/01/21 11/01 at 102 Aa 717,815
4,000,000 Michigan State Hospital Finance Authority (Henry
Ford Health System), 5.750%, 9/01/17 9/02 at 102 AA 3,539,440
3,000,000 Michigan State Hospital Finance Authority (St. John
Hospital), 6.000%, 5/15/13 5/03 at 102 Aaa 2,921,760
1,025,000 Michigan State Hospital Finance Authority
(St. Joseph Hospital), 8.125%, 7/01/05 1/96 at 102 A+ 1,075,235
7,000,000 Michigan State Hospital Finance Authority
(Oakwood Hospital), 5.500%, 11/01/13 11/03 at 102 Aaa 6,359,500
Michigan State Hospital Finance Authority (The
Detroit Medical Center):
1,500,000 5.000%, 8/15/02 No Opt. Call A- 1,354,230
3,000,000 6.250%, 8/15/13 8/03 at 102 A- 2,818,470
3,200,000 6.500%, 8/15/18 8/03 at 102 A- 3,037,696
Michigan State Trunk Line:
1,750,000 5.700%, 11/15/15 11/04 at 102 AA- 1,610,053
2,500,000 7.000%, 8/15/17 (Pre-refunded to 8/15/99) 8/99 at 102 Aaa 2,699,350
2,000,000 5.500%, 10/01/21 10/02 at 100 AA- 1,752,540
2,845,000 5.500%, 8/15/22 8/02 at 100 AA- 2,488,948
3,050,000 Michigan Strategic Fund (Waste Management, Inc.),
Alternative Minimum Tax, 6.625%, 12/01/12 12/02 at 102 AA- 3,026,027
8,500,000 Michigan Strategic Fund (Consumers Power),
5.800%, 6/15/10 6/03 at 102 Aaa 8,255,455
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 1,500,000 Ann Arbor Water Supply System, 5.500%, 2/01/13 2/03 at 101 1/2 Aaa $ 1,370,370
2,500,000 Breitung Township School District, 5.500%, 5/01/12 5/03 at 102 AA 2,301,025
3,000,000 Clarkston Community Schools General Obligation,
5.900%, 5/01/16 5/03 at 102 AA 2,813,490
2,500,000 Detroit City School District, General Obligation,
6.250%, 5/01/12 (DD) 5/01 at 102 AA 2,499,675
2,000,000 Detroit Convention Facility (Cobo Hall),
5.250%, 9/30/12 9/03 at 102 A 1,729,980
2,550,000 Detroit Sewage Disposal System, 5.700%, 7/01/13 7/03 at 102 Aaa 2,389,733
4,500,000 Detroit Water Supply System, 4.750%, 7/01/19 7/04 at 102 Aaa 3,496,770
3,000,000 Dexter Community Schools General Obligation,
5.000%, 5/01/17 5/03 at 102 AA 2,425,980
2,000,000 Ferris State University, 6.250%, 10/01/19 10/03 at 102 Aaa 2,001,320
6,750,000 Grand Haven Electric System, 5.250%, 7/01/16 7/03 at 102 Aaa 5,851,373
3,200,000 Grand Rapids Sanitary Sewer System,
6.000%, 1/01/20 1/00 at 100 AA- 3,022,432
1,000,000 Kent Hospital Finance Authority (Butterworth
Hospital), 5.100%, 1/15/07 No Opt. Call A1 898,670
2,000,000 Lansing Board of Water and Light, 4.900%, 7/01/11 7/01 at 100 AA 1,678,060
Monroe County Pollution Control (Detroit Edison
Company), Alternative Minimum Tax:
6,000,000 6.350%, 12/01/04 No Opt. Call Aaa 6,162,600
2,500,000 6.550%, 6/01/24 6/03 at 102 Aaa 2,518,350
1,500,000 6.550%, 9/01/24 9/03 at 103 Aaa 1,511,265
Mount Clemens Housing Corporation Multifamily:
1,000,000 6.600%, 6/01/13 6/03 at 102 AAA 1,002,100
1,500,000 6.600%, 6/01/22 6/03 at 102 AAA 1,477,425
3,615,000 Saginaw-Midland Municipal Water Supply
Corporation, Limited Tax, 5.250%, 9/01/16 9/02 at 101 1/2 A 3,086,921
2,000,000 University of Michigan Student Fee,
5.500%, 4/01/12 4/03 at 102 AA+ 1,831,440
1,000,000 University of Michigan Hospital, 5.750%, 12/01/12 12/02 at 102 AA 920,390
Wayne County (Detroit Metropolitan Airport),
Alternative Minimum Tax:
1,000,000 4.750%, 12/01/02 No Opt. Call Aaa 921,520
1,000,000 4.800%, 12/01/03 No Opt. Call Aaa 913,420
400,000 5.400%, 12/01/16 12/03 at 102 Aaa 345,265
1,000,000 Wayne County (Detroit Metropolitan Airport),
8.000%, 12/01/14 12/96 at 102 Aaa 1,058,500
3,750,000 Western Michigan University, 5.500%, 7/15/16 7/03 at 102 Aaa 3,350,964
1,000,000 Western Township Utilities Authority, Sewage
Disposal System, 6.500%, 1/01/10 1/02 at 100 AAA 1,019,410
2,165,000 Wyandotte City School District, General Obligation,
5.625%, 5/01/16 5/03 at 102 Aaa 1,962,010
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 5,625,000 Puerto Rico General Obligation, 5.375%, 7/01/06 No Opt. Call A $ 5,145,582
5,750,000 Puerto Rico Public Buildings Authority,
5.750%, 7/01/15 7/03 at 101 1/2 A 5,253,775
4,000,000 Puerto Rico Electric Power Authority,
5.875%, 7/01/06 7/95 at 101 A 3,945,880
1,000,000 Puerto Rico Ports Authority, Special Facilities
(American Airlines, Inc. Project), 6.300%, 6/01/23 6/03 at 102 Baa3 869,124
$161,390,000 Total Investments - (cost $157,825,853) - 97.8% 150,995,527
============
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 1.5%
$ 900,000 Delta County Economic Development Corporation
(Mead-Escanaba Paper), Variable Rate Demand
Bonds, 4.000%, 12/01/13t A-1+ 900,000
1,000,000 Midland County Economic Development Corporation
(The Dow Chemical Company), Variable Rate
Demand Bonds, Alternative Minimum Tax,
4.450%, 12/01/23t P-1 1,000,000
500,000 Monroe County Economic Development Corporation
Pollution Control (The Detroit Edison Company),
Variable Rate Demand Bonds, 3.900%, 10/01/24t VMIG-1 500,000
$ 2,400,000 Total Temporary Investments - 1.5% 2,400,000
============
Other Assets Less Liabilities - 0.7% 1,011,103
Net Assets - 100% $154,406,630
============
<PAGE>
<CAPTION>
NUMBER MARKET MARKET
STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 24 $ 64,770,563 43%
RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 20 48,713,667 32
PORTFOLIO OF A+ A1 4 10,269,639 7
INVESTMENTS A, A- A, A2, A3 8 26,372,534 17
(EXCLUDING BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 1 869,124 1
TEMPORARY
INVESTMENTS):
TOTAL 57 $150,995,527 100%
<FN>
* 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.
(WI) Security purchased on a when-issued basis (note 1).
(DD) Security purchased on a delayed delivery basis (note 1).
t The security has a maturity of more than one year, but has variable rate and
demand features which qualify it as a short-term security. The rate disclosed
is that currently in effect. This rate changes periodically based on market
conditions or a specified market index.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
NUVEEN OHIO QUALITY INCOME MUNICIPAL FUND, INC. (NUO)
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 2,250,000 Ohio Air Quality Development Authority (Ashland
Oil, Inc.), 6.850%, 4/01/10 4/01 at 102 Baa1 $ 2,252,475
4,000,000 Ohio Air Quality Development Authority, Pollution
Control (Cleveland Electric Illuminating Company),
8.000%, 12/01/13 6/02 at 103 Aaa 4,528,360
Ohio Air Quality Development Authority (JMG
Funding Limited Partnership Project), Alternative
Minimum Tax:
2,000,000 6.375%, 1/01/29 10/04 at 102 Aaa 1,984,740
2,000,000 6.375%, 4/01/29 10/04 at 102 Aaa 1,984,620
1,500,000 Ohio Building Authority (Toledo Center),
9.100%, 10/01/04 10/95 at 103 A1 1,586,370
1,250,000 Ohio Building Authority (Adult Correctional
Building Fund), 6.300%, 10/01/11 10/02 at 102 A+ 1,281,675
1,000,000 Ohio Building Authority (Juvenile Correction
Building Fund), 6.000%, 10/01/12 10/02 at 102 A+ 985,990
3,000,000 Ohio Building Authority (Adult Correctional
Facilities), 6.125%, 10/01/12 10/03 at 102 A+ 2,950,470
1,000,000 Ohio Building Authority State Facilities,
5.500%, 10/01/12 10/03 at 102 A1 907,940
1,000,000 Ohio General Obligation, 0.000%, 9/01/99 No Opt. Call AA 779,810
Ohio Higher Educational Facility Commission
(University of Dayton):
1,000,000 5.800%, 12/01/14 12/04 at 102 Aaa 956,800
2,400,000 6.600%, 12/01/17 12/03 at 102 Aaa 2,476,560
1,250,000 Ohio Higher Educational Facility Commission
(Oberlin College), 5.375%, 10/01/15 10/03 at 102 AA 1,100,238
500,000 Ohio Higher Educational Facility Commission
(Kenyon College), 5.375%, 12/01/16 12/03 at 102 A+ 431,180
1,100,000 Ohio Higher Educational Facility Commission
(Ohio Northern University), 5.650%, 5/01/18 5/04 at 102 AAA 989,747
Ohio Higher Educational Facility Commission
(John Carroll University):
750,000 5.600%, 10/01/13 10/03 at 102 A 678,293
1,350,000 5.300%, 11/15/14 11/03 at 102 A 1,158,840
1,100,000 Ohio Higher Educational Facility (Case Western
Reserve University), 6.000%, 10/01/22 10/02 at 102 AA- 1,056,913
370,000 Ohio Housing Finance Agency, Single Family
Mortgage, 8.250%, 2/01/16 2/98 at 103 AAA 394,050
10,405,000 Ohio Housing Finance Agency, Single Family
Mortgage (GNMA), Alternative Minimum Tax,
7.650%, 3/01/29 9/99 at 102 AAA 10,895,180
1,500,000 Ohio State Public Facilities Commission, Higher
Education, 5.500%, 12/01/06 12/01 at 102 A+ 1,417,530
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 1,575,000 Ohio State University General Receipts,
5.875%, 12/01/12 12/02 at 102 AA- $ 1,513,496
Ohio Water Development Authority:
2,000,000 5.500%, 12/01/11 12/02 at 102 Aaa 1,874,620
1,000,000 8.000%, 12/10/18 (Pre-refunded to 12/01/00) 12/00 at 100 AAA 1,124,790
Ohio Water Development Authority, State of Ohio,
Water Development Revenue Refunding Bonds,
Safe Water Refunding and Improvement:
1,600,000 9.375%, 12/01/07 (Pre-refunded to 6/01/95) 6/95 at 103 Aaa 1,672,480
2,500,000 9.250%, 12/01/12 (Pre-refunded to 6/01/95) 6/95 at 103 Aaa 2,612,225
1,000,000 Ohio Water Development Authority (Cincinnati
Gas and Electric Company), 5.450%, 1/01/24 1/04 at 102 Aaa 870,800
2,500,000 Ohio Water Development Authority, Pollution
Control (Ohio Edison Company),
10.625%, 7/01/15 7/95 at 103 Baa2 2,635,825
3,500,000 Ohio Water Development Authority (Pennsylvania
Power Company), Alternative Minimum Tax,
5.900%, 5/01/18 5/03 at 102 Aaa 3,281,320
1,830,000 Akron Bath Copley Joint Township Hospital District
(Summa Health System), 5.500%, 11/15/13 11/03 at 102 A 1,569,152
1,500,000 Akron Waterworks System Mortgage,
6.550%, 3/01/12 3/01 at 102 Aaa 1,541,505
2,000,000 Ashtabula County Industrial Development (Ashland
Oil Inc.), 6.900%, 5/01/10 5/02 at 102 Baa1 2,022,840
2,000,000 Barberton (The Barberton Citizens Hospital),
7.250%, 1/01/12 1/02 at 102 A 2,066,000
Berea City School District, General Obligation:
650,000 7.500%, 12/15/06 12/03 at 102 Aaa 740,870
680,000 7.450%, 12/15/07 12/03 at 102 Aaa 766,095
825,000 Bowling Green State University, 6.700%, 6/01/07 6/01 at 102 A 864,551
Butler County (Fort Hamilton-Hughes
Memorial Hospital):
535,000 7.250%, 1/01/01 No Opt. Call BBB 533,668
1,000,000 7.500%, 1/01/10 1/02 at 102 BBB- 1,003,590
Cambridge (Guernsey Memorial Hospital):
1,680,000 8.000%, 12/01/06 12/01 at 102 BBB 1,735,457
750,000 8.000%, 12/01/11 12/01 at 102 BBB 769,890
2,000,000 Carroll County Hospital Improvement (Timken
Mercy Medical Center), 7.125%, 12/01/18
(Pre-refunded to 12/01/01) 12/01 at 102 A+ 2,191,240
1,000,000 Clermont County Limited Tax, 5.600%, 9/01/14 9/03 at 102 Aaa 924,970
3,175,000 Clermont County (Mercy Health System),
5.875%, 1/01/15 1/03 at 102 Aaa 3,026,315
1,385,000 Clermont County Mortgage (GNMA),
5.950%, 2/20/30 8/03 at 103 Aaa 1,215,199
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 2,000,000 Clermont County Sewer System, 5.200%, 12/01/21 12/03 at 102 Aaa $ 1,698,480
2,500,000 Clermont County Waterworks System,
6.625%, 12/01/14 (Pre-refunded to 12/01/01) 12/01 at 102 Aaa 2,685,250
2,075,000 Cleveland Airport System, Alternative Minimum
Tax, 7.400%, 1/01/20 1/00 at 102 Aaa 2,194,084
5,000,000 Cleveland City School District, 7.000%, 4/15/95 No Opt. Call N/R 4,986,150
Cleveland Public Power System Revenue:
3,000,000 7.000%, 11/15/17 11/01 at 102 Aaa 3,160,350
2,000,000 7.000%, 11/15/24 11/04 at 102 Aaa 2,125,260
1,000,000 Cleveland State University, 5.500%, 6/01/13 6/03 at 102 Aaa 924,890
Cleveland Waterworks Mortgage Revenue:
3,000,000 6.500%, 1/01/11 1/02 at 102 Aaa 3,076,200
3,605,000 6.250%, 1/01/16 1/02 at 102 Aaa 3,607,163
1,575,000 6.500%, 1/01/21 (Pre-refunded to 1/01/02) 1/02 at 102 Aaa 1,678,635
3,000,000 5.500%, 1/01/21 No Opt. Call Aaa 2,669,010
3,000,000 Columbus General Obligation, Unlimited Tax,
6.500%, 1/01/10 1/02 at 102 Aa1 3,089,700
2,100,000 Columbus City School District, General Obligation,
Unlimited Tax, 6.650%, 12/01/12 (Pre-refunded
to 12/01/02) 12/02 at 102 Aaa 2,273,670
Columbus Municipal Airport Authority, Alternative
Minimum Tax:
830,000 5.950%, 1/01/08 1/04 at 102 Aaa 820,389
1,500,000 6.000%, 1/01/14 1/04 at 102 Aaa 1,444,155
2,500,000 Columbus Sewerage System, 6.250%, 6/01/08 6/02 at 102 A1 2,561,850
2,250,000 Columbus Water System, 6.375%, 11/01/10 11/01 at 102 AA- 2,294,258
500,000 Cuyahoga County General Obligation,
5.650%, 5/15/18 No Opt. Call A1 443,835
3,000,000 Cuyahoga County (Meridia Health System),
7.000%, 8/15/23 8/01 at 102 A1 3,003,660
1,500,000 Cuyahoga County (University Hospitals),
6.500%, 1/15/19 1/02 at 102 AA 1,473,150
1,170,000 Cuyahoga County (Fairview General Hospital),
6.300%, 8/15/15 2/03 at 102 A1 1,100,783
3,200,000 Dayton (James M. Cox Dayton International Airport),
5.800%, 12/01/11 12/02 at 101 1/2 Aaa 3,106,080
2,000,000 Dublin City School District, General Obligation,
6.200%, 12/01/19 12/02 at 102 Aaa 2,001,240
1,400,000 Fairfield County (Lancaster-Fairfield Community
Hospital), 5.500%, 6/15/21 6/03 at 102 Aaa 1,238,762
1,300,000 Franklin County Limited Tax, 5.375%, 12/01/20 12/08 at 102 Aaa 1,139,970
2,200,000 Franklin County Convention Facility Authority,
5.850%, 12/01/19 12/02 at 102 Aaa 2,081,574
3,625,000 Franklin County (OCLC, Inc. Project),
7.500%, 6/01/09 No Opt. Call Aaa 3,882,085
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 1,365,000 Franklin County, Hospital Facilities (Ohio
Presbyterian Retirement Services), 6.500%, 7/01/23 7/03 at 102 N/R $ 1,178,391
1,000,000 Franklin County (Mt. Carmel Health),
7.650%, 6/01/10 (Pre-refunded to 6/01/00) 6/00 at 102 Aaa 1,113,080
1,500,000 Franklin County (Children's Hospital),
6.600%, 5/01/13 11/02 at 102 Aa 1,498,215
5,300,000 Franklin County, Hospital Facilities (Riverside
United Methodist Hospital), 5.750%, 5/15/20 5/03 at 102 Aa 4,689,811
1,000,000 Franklin County Multi-Family Housing (Hamilton
Creek Apartments), Alternative Minimum Tax,
5.550%, 7/01/24 1/05 at 103 Aa 830,880
6,200,000 Franklin County (Kensington Place Project),
6.750%, 1/01/34 1/02 at 103 Aa 6,094,848
500,000 Franklin County (OCLC Online Computer Library
Center Project), 6.000%, 4/15/13 4/03 at 100 N/R 471,955
3,250,000 Garfield Heights (Marymount Hospital),
6.650%, 11/15/11 11/02 at 102 A 3,263,455
3,250,000 Hamilton Electric System Mortgage,
6.300%, 10/15/25 10/02 at 102 Aaa 3,273,043
1,000,000 Hamilton County Sewer System, 6.700%, 12/01/13
(Pre-refunded to 6/01/01) 6/01 at 102 AAA 1,077,530
3,000,000 Hamilton County Sewer System (Metropolitan Sewer
District of Greater Cincinnati), 5.250%, 12/01/16 12/03 at 100 Aaa 2,631,990
1,500,000 Hudson Local School District, General Obligation,
Unlimited Tax, 5.600%, 12/15/14 12/03 at 102 Aaa 1,381,785
3,000,000 Kent State University, General Receipts,
6.500%, 5/01/22 5/02 at 102 Aaa 3,060,150
800,000 Lucas County (St. Vincent Medical Center),
5.250%, 8/15/22 8/03 at 102 Aaa 678,856
1,000,000 Marion County, Health Care Facilities (United
Church Homes Project), 6.300%, 11/15/15 11/03 at 102 BBB- 852,170
1,250,000 Miami University, 5.600%, 12/01/13 12/03 at 102 Aaa 1,169,850
1,400,000 Middleburg Heights (Southwest General Hospital),
6.750%, 8/15/21 8/01 at 102 A 1,398,222
1,800,000 Montgomery County Sewer System (Greater Moraine-
Beavercreek Sewer District), 5.600%, 9/01/11 9/02 at 102 Aaa 1,702,332
1,000,000 Montgomery County Water (Greater Moraine-
Beavercreek Sewer District), 6.250%, 11/15/17 11/02 at 102 Aaa 1,006,420
1,000,000 Newark Water System, Limited Tax, General
Obligation, 6.000%, 12/01/18 12/03 at 102 Aaa 977,600
North Canton City School District,
General Obligation:
650,000 9.750%, 12/01/03 No Opt. Call Aaa 827,502
715,000 9.700%, 12/01/04 No Opt. Call Aaa 920,398
1,250,000 Oxford Water Supply System Mortgage,
6.000%, 12/01/14 12/02 at 102 Aaa 1,229,950
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 1,000,000 Revere Local School District, General Obligation,
Unlimited Tax, 6.000%, 12/01/16 12/03 at 102 Aaa $ 974,970
1,400,000 Reynoldsburg City School District, General
Obligation, Unlimited Tax, 6.550%, 12/01/17 12/02 at 102 Aaa 1,436,554
Solon City School District, General Obligation:
1,000,000 7.150%, 12/01/13 (Pre-refunded to 12/01/01) 12/01 at 102 N/R 1,104,220
1,085,000 5.300%, 12/01/13 12/04 at 102 AA 955,343
3,895,000 Student Loan Funding Corporation of Cincinnati,
Alternative Minimum Tax, 6.600%, 7/01/05 7/02 at 100 A 3,926,433
1,700,000 Student Loan Funding Corporation of Cincinnati,
6.150%, 8/01/10 8/03 at 100 A1 1,631,218
Toledo General Obligation, Limited Tax:
1,135,000 7.000%, 12/01/03 No Opt. Call Aaa 1,246,911
2,000,000 6.500%, 12/01/11 12/02 at 102 Aaa 2,062,760
750,000 Tuscarawas County, Hospital Facilities (Union
Hospital), 6.500%, 10/01/21 10/03 at 102 Baa 660,044
3,500,000 University of Cincinnati, General Receipts,
6.300%, 6/01/12 12/02 at 102 AA- 3,540,494
1,000,000 University of Cincinnati, 5.350%, 6/01/08 6/03 at 102 AA- 919,290
1,500,000 University of Toledo, 5.900%, 6/01/20 12/02 at 102 Aaa 1,426,200
1,000,000 Washington Water System Mortgage,
5.375%, 12/01/19 12/03 at 101 Aaa 871,020
1,750,000 Worthington City School District, General
Obligation, Unlimited Tax, 6.375%, 12/01/12 6/02 at 102 Aaa 1,784,912
1,500,000 Puerto Rico General Obligation, 3.000%, 7/01/06 7/97 at 100 A 1,078,440
2,500,000 Commonwealth of Puerto Rico, General Obligation,
6.600%, 7/01/13 (Pre-refunded to 7/01/02) 7/02 at 101 1/2 Aaa 2,703,274
1,400,000 Puerto Rico Highway and Transportation Authority,
5.500%, 7/01/19 7/03 at 101 1/2 A 1,206,813
1,300,000 Puerto Rico Public Buildings Authority,
5.750%, 7/01/15 7/03 at 101 1/2 A 1,187,810
1,000,000 Puerto Rico Industrial, Medical, Educational and
Environmental Authority Pollution Control
(Motorola, Inc.), 6.750%, 1/01/14 1/02 at 103 Aa3 1,040,190
$211,385,000 Total Investments - (cost $212,218,653) - 99.0% 209,200,641
============
Other Assets Less Liabilities - 1.0% 2,056,872
Net Assets - 100% $211,257,513
============
<PAGE>
<CAPTION>
NUMBER MARKET MARKET
STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 61 $119,225,580 57
RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 15 30,876,636 15
PORTFOLIO OF A+ A1 13 20,493,741 10
INVESTMENTS: A, A- A, A2, A3 11 18,398,009 9
BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 10 12,465,959 6
Non-rated Non-rated 4 7,740,716 3
TOTAL 114 $209,200,641 100%
<FN>
* 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.
N/R - Investment is not rated.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
(Unaudited)
NUVEEN TEXAS QUALITY INCOME MUNICIPAL FUND (NTX)
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 1,500,000 Texas Health Facilities Development Corporation
(All Saints Episcopal Hospitals of Fort Worth),
6.250%, 8/15/22 8/03 at 102 Aaa $ 1,454,025
5,520,000 Texas Housing Agency, Single Family Mortgage,
8.250%, 3/01/17 3/96 at 102 Aa 5,699,124
625,000 Texas Municipal Power Agency, 5.750%, 9/01/12
(Pre-refunded to 9/01/02) 9/02 at 100 Aaa 633,775
2,490,000 Texas Southern University, 5.750%, 8/01/18 8/03 at 101 Aaa 2,320,331
2,015,000 Texas Turnpike Authority, Dallas North Tollway,
6.000%, 1/01/20 1/98 at100 A- 1,865,689
5,125,000 Texas Veterans' Housing, General Obligation,
Alternative Minimum Tax, 6.800%, 12/01/23 12/03 at 102 AA 5,098,658
Texas Veterans' Housing, General Obligation:
1,930,000 8.300%, 12/01/16 12/95 at 102 AA 2,040,126
3,070,000 8.300%, 12/01/16 (Pre-refunded to 12/01/99) 12/99 at 100 AAA 3,449,483
2,000,000 Texas Veterans' Land, General Obligation, Alternative
Minimum Tax, 6.400%, 12/01/24 12/04 at 100 AA 1,912,820
385,000 Abilene Housing Development Corporation,
7.000%, 7/01/08 No Opt. Call N/R 390,321
5,295,000 Alliance Airport Authority (American Airlines, Inc.),
Alternative Minimum Tax, 7.500%, 12/01/29 12/00 at 102 Baa2 5,191,589
4,500,000 Amarillo (High Plains Baptist Hospital),
6.500%, 1/01/07 1/02 at 102 Aaa 4,653,315
Austin Combined Utility System:
3,500,000 6.750%, 5/15/12 5/01 at 102 A 3,583,020
3,500,000 5.750%, 11/15/16 11/02 at 100 Aaa 3,249,715
1,000,000 5.875%, 5/15/21 5/01 at 100 Aaa 940,750
2,695,000 Baytown Housing Finance Corporation, Single Family
Mortgage, 8.500%, 9/01/11 9/02 at 103 A 2,953,990
1,000,000 Beaumont General Obligation, 6.250%, 3/01/10 3/02 at 100 Aaa 1,015,910
1,000,000 Bexar Metropolitan Water District, 5.000%, 5/01/19 5/04 at 100 Aaa 818,050
Brazos River Authority, Pollution Control (Texas
Utilities Electric Company), Alternative
Minimum Tax:
2,110,000 9.875%, 10/01/17 10/97 at 102 Baa2 2,334,525
1,225,000 8.125%, 2/01/20 2/00 at 102 Baa2 1,306,071
2,000,000 7.875%, 3/01/21 3/01 at 102 Baa2 2,107,700
1,500,000 6.500%, 12/01/27 12/02 at 102 Aaa 1,464,075
1,000,000 6.050%, 4/01/25 4/03 at 102 Aaa 920,990
Brazos River Authority (Houston Lighting
and Power):
5,500,000 7.750%, 10/01/15 10/98 at 102 A 5,827,690
1,200,000 5.600%, 12/01/17 12/03 at 102 Aaa 1,088,136
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
Brazos Higher Education Authority, Student Loan,
Alternative Minimum Tax:
$ 2,500,000 6,875%, 9/01/04 3/02 at 102 A $ 2,543,625
1,115,000 6.650%, 11/01/04 No Opt. Call Aa 1,126,786
250,000 6.800%, 12/01/04 No Opt. Call A 255,538
2,000,000 Brownsville General Obligation, 6.750%, 2/15/12
(Pre-refunded to 2/15/01) 2/01 at 100 Aaa 2,116,400
3,500,000 Brownsville Utility System, 6.500%, 9/01/17 9/00 at 102 Aaa 3,522,575
1,400,000 Coastal Bend Health Facilities Corporation (Incarnate
Word Health Services), 6.000%, 11/15/22 11/02 at 102 Aaa 1,312,052
2,500,000 Conroe Independent School District, General
Obligation, 5.000%, 2/01/18 2/04 at 100 Aaa 2,052,975
4,130,000 Coppell Independent School District, General
Obligation, 0.000%, 8/15/14 8/09 at 75 5/16 Aaa 1,066,614
3,450,000 Corpus Christi Limited Tax, 6.700%, 3/01/08 3/02 at 100 Aaa 3,589,484
5,020,000 Dallas-Fort Worth International Airport (United
Parcel Service, Inc.), Alternative Minimum Tax,
6.600%, 5/01/32 5/02 at 102 Aaa 4,917,140
Dallas Civic Center Convention Complex:
1,000,000 8.000%, 1/01/09 1/96 at 100 A 1,043,620
1,500,000 6.250%, 1/01/20 1/02 at 100 AAA 1,492,395
2,065,000 El Paso Housing Finance Corporation, Single Family
Mortgage, 8.750%, 10/01/11 4/01 at 103 A 2,240,257
2,800,000 Ennis General Obligation, 6.500%, 8/01/13 8/02 at 100 Aaa 2,854,796
1,185,000 Fort Bend County Levee Improvement District
No. 11, General Obligation, 6.900%, 9/01/17 9/04 at 100 Aaa 1,232,886
1,515,000 Galveston Property Finance Authority, Single Family
Mortgage, 8.500%, 9/01/11 9/01 at 103 A 1,634,397
1,000,000 Georgetown Higher Education Finance Corporation
(Southwestern University), 6.300%, 2/15/14 2/04 at 100 A1 989,040
2,245,000 Grapevine Industrial Development Corporation
(American Airlines, Inc.), 9.250%, 12/01/12 12/95 at 102 Baa3 2,345,464
Harris County Toll Road, Senior Lien:
1,680,000 6.625%, 8/15/17 (Pre-refunded to 8/15/97) 8/97 at 102 Aaa 1,766,520
320,000 6.625%, 8/15/17 8/97 at 102 Aaa 323,786
1,780,000 6.500%, 8/15/17 (Pre-refunded to 8/15/02) 8/02 at 102 Aaa 1,905,383
320,000 6.500%, 8/15/17 8/02 at 102 Aaa 324,982
2,000,000 5.375%, 8/15/20 8/04 at 102 Aaa 1,728,020
2,000,000 Harris County Toll Road Unlimited Tax and
Subordinate Lien, 6.500%, 8/15/15 8/02 at 102 AA+ 2,031,140
4,000,000 Harris County Health Facilities Development
Corporation (Texas Children's Hospital),
7.000%, 10/01/19 10/99 at 102 Aaa 4,106,320
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 6,110,000 Harris County Health Facilities Development
Corporation (Memorial Hospital System),
7.125%, 6/01/15 6/02 at 102 A- $ 6,219,430
3,830,000 Harrison County Housing Finance Corporation,
Single Family Mortgage, 8.875%, 12/01/11 12/01 at 103 A 4,014,606
1,000,000 Houston Airport System, Alternative Minimum Tax,
8.000%, 7/01/08 7/98 at 102 1/2 A 1,119,240
5,000,000 Houston Airport System, Subordinate Lien,
Alternative Minimum Tax, 6.750%, 7/01/21 7/01 at 102 Aaa 5,066,750
2,140,000 Houston Housing Finance Corporation, Single
Family Mortgage, 5.950%, 12/01/10 6/03 at 102 Aaa 2,065,400
4,000,000 Houston Water and Sewer System, Junior Lien,
6.375%, 12/01/17 12/01 at 102 Aaa 4,030,400
1,000,000 Houston Water and Sewer System, 6.375%, 12/01/14 12/02 at 102 A 993,770
800,000 Laredo Waterworks System, 5.625%, 8/15/11 8/04 at 100 Aaa 743,432
1,500,000 Lone Star Airport Improvement Authority (American
Airlines Project, Inc.), 9.125%, 12/01/15 12/95 at 102 Baa2 1,565,505
3,400,000 Lower Colorado River Authority, 6.000%, 1/01/17 1/02 at 100 Aaa 3,256,112
Lower Colorado River Authority, Junior Lien:
2,480,000 5.250%, 1/01/15 1/03 at 102 Aaa 2,151,251
190,000 5.625%, 1/01/17 (Pre-refunded to 1/01/02) 1/02 at 100 Aaa 174,340
1,310,000 5.625%, 1/01/17 1/02 at 102 Aaa 1,181,201
Matagorda County Navigation District No. 1,
Pollution Control (Central Power & Light Company):
610,000 10.125%, 10/15/14 10/95 at 103 Aaa 650,547
3,250,000 6.000%, 7/01/28 7/03 at 102 A3 2,967,803
1,800,000 Matagorda County Navigation No. 1 (Houston
Lighting and Power), Pollution Control,
Alternative Minimum Tax, 7.875%, 2/01/19 2/09 at 102 A 1,868,544
5,750,000 Midland County Hospital District, 0.000%, 6/01/11 No Opt. Call BBB 1,823,843
2,850,000 North Central Texas Health Facilities Development
Corporation (Presbyterian Healthcare System),
5.900%, 6/01/21 6/03 at 102 Aa 2,556,479
2,500,000 North Texas Higher Educational Authority, Student
Loan, 6.100%, 4/01/08 4/03 at 102 Aa 2,566,400
1,500,000 North Texas Municipal Water District, Regional
Solid Waste Disposal System, 5.250%, 9/01/12 9/03 at 100 Aaa 1,306,530
1,485,000 Port Arthur Housing Finance Corporation, Single
Family Mortgage, 8.700%, 3/01/12 9/02 at 103 A 1,610,171
4,500,000 Port of Corpus Christi Authority of Nueces County,
Pollution Control (Hoechst Celanese Corporation
Project), Alternative Minimum Tax, 6.875%, 4/01/17 4/02 at 102 AA- 4,506,975
1,000,000 Sam Rayburn Municipal Power Agency,
9.625%, 9/01/04 (Pre-refunded to 9/01/95) 9/95 at 102 Aaa 1,045,080
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 1,500,000 San Antonio Limited Tax, General Obligation,
5.750%, 8/01/03 8/02 at 100 AA $ 1,413,735
4,500,000 San Antonio Water System, 6.500%, 5/15/10 5/02 at 102 Aaa 4,616,055
3,250,000 Tarrant County Health Facilities Development
Corporation (Harris Methodist Health System),
6.000%, 9/01/24 9/04 at 102 Aa 2,935,498
2,500,000 Tarrant County Water Control and Improvement
District, 5.750%, 3/01/13 (Pre-refunded to 3/01/01) 3/01 at 100 Aaa 2,531,799
2,500,000 Terrell Hills Higher Education Facilities Corporation
(Incarnate Word College), 5.750%, 3/15/13 3/03 at 101 1/2 AAA 2,316,849
5,400,000 Travis County Health Facilities Development
Corporation (Daughters of Charity Health System),
6.000%, 11/15/22 11/03 at 102 Aa 4,765,715
3,310,000 Travis County Residential Mortgage (GNMA and
FNMA), 7.050%, 12/01/25 12/01 at 103 AAA 3,392,021
1,445,000 Tyler Junior College District, 5.900%, 8/15/13 8/04 at 100 Aaa 1,391,418
2,965,000 Victoria Housing Finance Corporation, Single Family
Mortgage, 8.500%, 1/01/11 1/02 at 103 A 3,186,692
1,030,000 Webb County Limited Tax Obligation, 5.400%, 2/15/09 2/03 at 100 Aaa 952,553
$199,365,000 Total Investments - (cost $192,610,022) - 94.9% 191,828,217
============
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 3.1%
$ 2,900,000 Angelina and Neches River Authority, Solid Waste
Disposal, Variable Rate Demand Bonds,
4.000%, 5/01/14t VMIG-1 2,900,000
2,000,000 Harris County Health Facilities Development
Corporation (The Methodist Hospital), Variable
Rate Demand Bonds, 3.850%, 12/01/25t A-1+ 2,000,000
1,400,000 North Central Texas Health Facilities Development
Corporation (Presbyterian Medical Center),
Variable Rate Demand Bonds, 3.900%, 12/01/15t VMIG-1 1,400,000
$ 6,300,000 Total Temporary Investments - 3.1% 6,300,000
============
Other Assets Less Liabilities - 2.0% 4,068,380
Net Assets - 100% $202,196,597
============
<PAGE>
<CAPTION>
NUMBER MARKET MARKET
STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 45 $ 93,192,621 48%
RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 12 36,653,456 19
PORTFOLIO OF A+ A1 1 989,040 1
INVESTMENTS A, A- A, A2, A3 17 43,928,082 23
(EXCLUDING BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 7 16,674,697 8
TEMPORARY Non-rated Non-rated 1 390,321 1
INVESTMENTS):
TOTAL 83 $191,828,217 100%
<FN>
* 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.
N/R - Investment is not rated.
t The security has a maturity of more than one year, but has variable rate and
demand features which qualify it as a short-term security. The rate disclosed
is that currently in effect. This rate changes periodically based on market
conditions or a specified market index.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF NET ASSETS
(Unaudited)
<CAPTION>
NAZ NUM NMP NUO
<S> <C> <C> <C> <C>
ASSETS
Investments in municipal securities, at market
value (note 1) $86,155,694 $234,010,902 $150,995,527 $209,200,641
Temporary investments in short-term municipal
securities, at market value which equals cost (note 1) 400,000 5,000,000 2,400,000 --
Cash 173,303 -- 60,879 271,500
Receivables:
Interest 688,919 3,854,888 2,136,791 2,792,141
Investments sold -- -- 7,038,330 5,000
Other assets 1,948 1,630 -- 14,558
----------- ------------ ------------ ------------
Total assets 87,419,864 242,867,420 162,631,527 212,283,840
----------- ------------ ------------ ------------
LIABILITIES
Payable for investments purchased -- -- 7,489,543 --
Cash overdraft -- 1,294,128 -- --
Accrued expenses:
Management fees (note 6) 46,961 129,660 83,297 113,839
Other 63,506 120,167 112,897 169,315
Preferred share dividends payable 101,748 32,869 20,916 29,422
Common share dividends payable 278,236 914,463 518,244 713,751
----------- ------------ ------------ ------------
Total liabilities 490,451 2,491,287 8,224,897 1,026,327
----------- ------------ ------------ ------------
Net assets (note 7) $86,929,413 $240,376,133 $154,406,630 $211,257,513
=========== ============ ============ ============
Preferred shares, at liquidation value $30,000,000 $ 80,000,000 $ 56,000,000 $ 77,000,000
=========== ============ ============ ============
Preferred shares outstanding 1,200 3,200 2,240 3,080
=========== ============ ============ ============
Common shares outstanding 4,280,555 11,084,391 7,677,686 9,209,687
=========== ============ ============ ============
Net asset value per Common share outstanding
(net assets less Preferred shares at liquidation value,
divided by Common shares outstanding) $ 13.30 $ 14.47 $ 12.82 $ 14.58
=========== ============ ============ ============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF NET ASSETS
(Unaudited)
<CAPTION>
NTX
<S> <C>
ASSETS
Investments in municipal securities, at market
value (note 1) $191,828,217
Temporary investments in short-term municipal
securities, at market value which equals cost (note 1) 6,300,000
Cash 12,509
Receivables:
Interest 3,610,237
Investments sold 1,447,942
Other assets --
------------
Total assets 203,198,905
------------
LIABILITIES
Payable for investments purchased --
Cash overdraft --
Accrued expenses:
Management fees (note 6) 109,247
Other 113,595
Preferred share dividends payable 28,599
Common share dividends payable 750,867
------------
Total liabilities 1,002,308
------------
Net assets (note 7) $202,196,597
============
Preferred shares, at liquidation value $ 69,000,000
============
Preferred shares outstanding 2,760
============
Common shares outstanding 9,385,839
============
Net asset value per Common share outstanding
(net assets less Preferred shares at liquidation value,
divided by Common shares outstanding) $ 14.19
============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF OPERATIONS
Six months ended January 31, 1995
(Unaudited)
<CAPTION>
NAZ NUM NMP NUO
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Interest income (note 1) $ 2,652,682 $ 7,761,212 $ 3,787,141 $4,705,180
----------- ----------- ----------- ----------
Expenses:
Management fees (note 6) 278,072 772,866 396,278 480,757
Preferred shares--auction fees -- 100,823 70,575 68,274
Preferred shares--dividend disbursing agent fees 2,521 7,562 15,123 14,466
Shareholders' servicing agent fees and expenses 4,343 24,452 19,126 28,395
Custodian's fees and expenses 20,206 28,770 22,606 19,558
Directors'/Trustees' fees and expenses (note 6) 657 2,184 764 1,375
Professional fees 9,908 7,431 45,499 47,453
Shareholders' reports--printing and mailing expenses 14,571 43,054 90,211 89,882
Stock exchange listing fees 7,451 12,230 6,778 5,092
Investor relations expense 3,236 6,380 5,146 6,329
Other expenses 10,528 5,771 15,253 8,060
----------- ----------- ----------- ----------
Total expenses 351,493 1,011,523 687,359 769,641
----------- ----------- ----------- ----------
Net investment income 2,301,189 6,749,689 3,099,782 3,935,539
----------- ----------- ----------- ----------
REALIZED AND UNREALIZED GAIN
(LOSS) FROM INVESTMENTS
Net realized gain (loss) from investment transactions,
net of taxes, if applicable (notes 1 and 3) (660,317) 46,057 (1,633,504) (421,468)
Net change in unrealized appreciation or depreciation
of investments (737,268) (5,278,406) 2,568,439 5,926,854
----------- ----------- ----------- ----------
Net gain (loss) from investments (1,397,585) (5,232,349) 934,935 5,505,386
----------- ----------- ----------- ----------
Net increase in net assets from operations $ 903,604 $ 1,517,340 $ 4,034,717 $9,440,925
=========== =========== =========== ==========
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF OPERATIONS
Six months ended January 31, 1995
(Unaudited)
<CAPTION>
NTX
<S> <C>
INVESTMENT INCOME
Interest income (note 1) $5,679,585
----------
Expenses:
Management fees (note 6) 559,223
Preferred shares--auction fees 73,945
Preferred shares--dividend disbursing agent fees 11,014
Shareholders' servicing agent fees and expenses 12,170
Custodian's fees and expenses 25,217
Directors'/Trustees' fees and expenses (note 6) 1,733
Professional fees 55,262
Shareholders' reports--printing and mailing expenses 89,577
Stock exchange listing fees 6,844
Investor relations expense 8,259
Other expenses 1,581
----------
Total expenses 844,825
----------
Net investment income 4,834,760
----------
REALIZED AND UNREALIZED GAIN
(LOSS) FROM INVESTMENTS
Net realized gain (loss) from investment transactions,
net of taxes, if applicable (notes 1 and 3) 442,024
Net change in unrealized appreciation or depreciation
of investments 180,440
----------
Net gain (loss) from investments 622,464
----------
Net increase in net assets from operations $5,457,224
==========
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
<CAPTION>
NAZ NUM
6 months ended Year ended 6 months ended Year ended
1/31/95 7/31/94 1/31/95 7/31/94
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 2,301,189 $ 4,543,660 $ 6,749,689 $ 13,337,189
Net realized gain (loss) from investment transactions,
net of taxes, if applicable (660,317) (732,963) 46,057 630,917
Net change in unrealized appreciation or depreciation
of investments (737,268) (2,850,317) (5,278,406) (9,650,958)
----------- ----------- ------------ ------------
Net increase in net assets from operations 903,604 960,380 1,517,340 4,317,148
----------- ----------- ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS (note 1)
From undistributed net investment income:
Common shareholders (1,669,418) (3,361,364) (5,650,731) (11,575,052)
Preferred shareholders (567,312) (1,095,983) (1,306,825) (1,890,336)
From accumulated net realized gains from
investment transactions:
Common shareholders -- (157,464) (544,244) --
Preferred shareholders -- (39,760) (87,936) --
In excess of net realized gains from investment transactions:
Common shareholders -- (66,603) -- --
Preferred shareholders -- (16,817) -- --
----------- ----------- ------------ ------------
Decrease in net assets from distributions
to shareholders (2,236,730) (4,737,991) (7,589,736) (13,465,388)
----------- ----------- ------------ ------------
CAPITAL SHARE TRANSACTIONS (note 2)
Common shares:
Net proceeds from sale of Common shares issued
in acquisition of NMH (note 1) -- -- -- --
Net proceeds from sale of Common shares issued
in acquisition of NOH and NOO (note 1) -- -- -- --
Net proceeds from Common shares issued to
shareholders due to reinvestment of distributions
from net investment income and from net
realized gains from investment transactions -- 676,957 366,622 1,349,265
----------- ----------- ------------ ------------
Net increase in net assets derived from capital
share transactions -- 676,957 366,622 1,349,265
----------- ----------- ------------ ------------
Net increase (decrease) in net assets (1,333,126) (3,100,654) (5,705,774) (7,798,975)
Net assets at beginning of period 88,262,539 91,363,193 246,081,907 253,880,882
----------- ----------- ------------ ------------
Net assets at end of period $86,929,413 $88,262,539 $240,376,133 $246,081,907
=========== =========== ============ ============
Balance of undistributed net investment income
at end of period $ 111,268 $ 46,809 $ 853,124 $ 1,060,991
=========== =========== ============ ============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
<CAPTION>
NMP NUO
6 months ended Year ended 6 months ended Year ended
1/31/95 7/31/94 1/31/95 7/31/94
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 3,099,782 $ 5,045,455 $ 3,935,539 $ 5,309,708
Net realized gain (loss) from investment transactions,
net of taxes, if applicable (1,633,504) (434,358) (421,468) (17,564)
Net change in unrealized appreciation or depreciation
of investments 2,568,439 (4,557,367) 5,926,854 (3,728,253)
------------ ------------ ------------ ------------
Net increase in net assets from operations 4,034,717 53,730 9,440,925 1,563,891
------------ ------------ ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS (note 1)
From undistributed net investment income:
Common shareholders (2,358,551) (3,956,704) (2,883,363) (4,563,578)
Preferred shareholders (804,289) (828,344) (956,082) (777,481)
From accumulated net realized gains from
investment transactions:
Common shareholders -- (192,903) -- (150,917)
Preferred shareholders -- (37,254) -- (30,863)
In excess of net realized gains from investment transactions:
Common shareholders -- -- -- --
Preferred shareholders -- -- -- --
------------ ------------ ------------ ------------
Decrease in net assets from distributions
to shareholders (3,162,840) (5,015,205) (3,839,445) (5,522,839)
------------ ------------ ------------ ------------
CAPITAL SHARE TRANSACTIONS (note 2)
Common shares:
Net proceeds from sale of Common shares issued
in acquisition of NMH (note 1) 52,646,603 -- -- --
Net proceeds from sale of Common shares issued
in acquisition of NOH and NOO (note 1) -- -- 104,177,336 --
Net proceeds from Common shares issued to
shareholders due to reinvestment of distributions
from net investment income and from net
realized gains from investment transactions -- 355,164 143,321 787,326
------------ ------------ ------------ ------------
Net increase in net assets derived from capital
share transactions 52,646,603 355,164 104,320,657 787,326
------------ ------------ ------------ ------------
Net increase (decrease) in net assets 53,518,480 (4,606,311) 109,922,137 (3,171,622)
Net assets at beginning of period 100,888,150 105,494,461 101,335,376 104,506,998
------------ ------------ ------------ ------------
Net assets at end of period $154,406,630 $100,888,150 $211,257,513 $101,335,376
============ ============ ============ ============
Balance of undistributed net investment income
at end of period $ 177,742 $ 328,505 $ 339,162 $ 408,156
============ ============ ============ ============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
<CAPTION>
NTX
6 months ended Year ended
1/31/95 7/31/94
<S> <C> <C>
OPERATIONS
Net investment income $ 4,834,760 $ 8,588,110
Net realized gain (loss) from investment transactions,
net of taxes, if applicable 442,024 212,363
Net change in unrealized appreciation or depreciation
of investments 180,440 (6,104,830)
------------ ------------
Net increase in net assets from operations 5,457,224 2,695,643
------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS (note 1)
From undistributed net investment income:
Common shareholders (3,933,486) (7,556,945)
Preferred shareholders (1,072,105) (1,235,562)
From accumulated net realized gains from
investment transactions:
Common shareholders -- (182,246)
Preferred shareholders -- (31,450)
In excess of net realized gains from investment transactions:
Common shareholders -- --
Preferred shareholders -- --
------------ ------------
Decrease in net assets from distributions
to shareholders (5,005,591) (9,006,203)
------------ ------------
CAPITAL SHARE TRANSACTIONS (note 2)
Common shares:
Net proceeds from sale of Common shares issued
in acquisition of NOH and NOO (note 1) -- --
Net proceeds from sale of Common shares issued
in acquisition of NTE (note 1) 47,805,776 --
Net proceeds from Common shares issued to
shareholders due to reinvestment of distributions
from net investment income and from net
realized gains from investment transactions 215,114 706,014
------------ ------------
Net increase in net assets derived from capital
share transactions 48,020,890 706,014
------------ ------------
Net increase (decrease) in net assets 48,472,523 (5,604,546)
Net assets at beginning of period 153,724,074 159,328,620
------------ ------------
Net assets at end of period $202,196,597 $153,724,074
============ ============
Balance of undistributed net investment income
at end of period $ 376,808 $ 613,515
============ ============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
At January 31, 1995, the state Funds (the "Funds") covered in this report and
their corresponding stock exchange symbols are Nuveen Arizona Premium Income
Municipal Fund, Inc. (NAZ), Nuveen Michigan Quality Income Municipal Fund,
Inc. (NUM), Nuveen Michigan Premium Income Municipal Fund, Inc. (NMP), Nuveen
Ohio Quality Income Municipal Fund, Inc. (NUO) and Nuveen Texas Quality Income
Municipal Fund (NTX). All of the above mentioned funds are traded on the New
York Stock Exchange.
The Funds are registered under the Investment Company Act of 1940 as
closed-end, diversified management investment companies.
On November 8, 1994, NMP acquired all of the net assets of NMH pursuant to
a plan of reorganization approved by the shareholders of the Funds on October
6, 1994. The acquisition was accomplished by a tax-free exchange of 2,781,169
shares of NMP (valued at $52,646,603) for the 2,871,673 shares of NMH
outstanding on November 8, 1994. NMH's net assets at that date of $52,646,603
included $7,603,233 of unrealized depreciation which was combined with that of
NMP. The combined net assets of NMP immediately after the acquisition was
$143,363,478.
On November 8, 1994, NUO acquired all of the net assets of NOH and NOO
pursuant to a plan of reorganization approved by the shareholders of the Funds
on October 6, 1994. The acquisition was accomplished by a tax-free exchange of
4,728,624 shares of NUO (valued at $104,177,336) for the 3,341,640 shares of
NOH and for the 2,229,722 shares of NOO outstanding on November 8, 1994. NOH
and NOO net assets at that date of $63,748,523 and $40,428,813, respectively,
included $7,012,254 and $6,049,469, respectively, of unrealized depreciation
which was combined with that of NUO. The combined net assets of NUO
immediately after the acquisition was $198,099,459.
On November 8, 1994, NTX acquired all of the net assets of NTE pursuant to
a plan of reorganization approved by the shareholders of the Funds on October
21, 1994. The acquisition was accomplished by a tax-free exchange of 2,231,243
shares of NTX (valued at $47,805,776) for the 2,476,985 shares of NTE
outstanding on November 8, 1994. NTE's net assets at that date of $47,805,776
included $5,095,320 of unrealized depreciation which was combined with that of
NTX. The combined net assets of NTX immediately after the acquisition was
$190,172,942.
The following is a summary of significant accounting policies followed by
the Funds in the preparation of their financial statements in accordance with
generally accepted accounting principles.
<PAGE>
Securities Valuation
Portfolio securities for which market quotations are readily available are
valued at the mean between the quoted bid and asked prices or the yield
equivalent. Portfolio securities for which market quotations are not readily
available are valued at fair value by consistent application of methods
determined in good faith by the Directors/Trustees. Temporary investments in
securities that have variable rate and demand features qualifying them as
short-term securities are traded and valued at principal amount.
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 be settled a month or more after the transaction date. 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 their purchase
commitments. At January 31, 1995, NMP had outstanding purchase commitments
which amounted to $7,489,543. There were no such purchase commitments in any
of the other Funds.
Interest Income
Interest income is determined on the basis of interest accrued and discount
earned, adjusted for amortization of premiums or discounts on long-term debt
securities when required for federal income tax purposes.
Income Taxes
The Funds intend to comply with the requirements of the Internal Revenue Code
applicable to regulated investment companies by distributing all of their net
investment income, in addition to any significant amounts of net realized
gains from investments, to shareholders. The Funds currently consider
significant net realized gains 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 and
designated state income taxes, to retain such tax exempt status when
distributed to shareholders of the Funds.
Dividends and Distributions to Shareholders
Net investment income is declared as a dividend monthly and payment is made or
reinvestment is credited to shareholder accounts after month-end. Net realized
gains from investment transactions are distributed to shareholders not less
frequently than annually only to the extent they exceed available capital loss
carryovers.
Distributions to shareholders of net investment income and net realized
gains from investment transactions are recorded on the ex-dividend date. The
amount and timing of such 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 result and will be classified as either distributions
in excess of net investment income or distributions in excess of net realized
gains from investment transactions, if applicable.
<PAGE>
<TABLE>
Preferred Shares
The following Funds have issued and outstanding $25,000 stated value Preferred
shares. Each Fund's Preferred shares are issued in one or more Series. The
dividend rate on each Series may change every 7 days, as set by the auction
agent (except for NAZ which has lengthened its current dividend period to two
years through 1995). The number of shares outstanding, by series and in total,
at January 31, 1995, for each Fund is as follows:
<CAPTION>
NAZ NUM NMP NUO
<S> <C> <C> <C> <C>
Number of shares:
Series M -- -- 840 680
Series Th 1,200 3,200 1,400 1,400
Series Th2 -- -- -- 1,000
----- ----- ----- -----
Total 1,200 3,200 2,240 3,080
===== ===== ===== =====
<CAPTION>
NTX
<S> <C>
Number of shares:
Series M 760
Series Th 2,000
Series Th2 --
-----
Total 2,760
=====
</TABLE>
<PAGE>
<TABLE>
2. FUND SHARES
Transactions in Common shares were as follows:
<CAPTION>
NAZ NUM
6 months ended Year ended 6 months ended Year ended
1/31/95 7/31/94 1/31/95 7/31/94
<S> <C> <C> <C> <C>
Common shares:
Shares issued in acquisition of NMH -- -- -- --
Shares issued in acquisition of NOH and NOO -- -- -- --
Shares issued in acquisition of NTE -- -- -- --
Shares issued to shareholders due to reinvestment of
distributions from net investment income and from
net realized gains from investment transactions -- 46,168 24,622 86,467
------ ------ ------ ------
Net increase -- 46,168 24,622 86,467
====== ====== ====== ======
<CAPTION>
NMP NUO
6 months ended Year ended 6 months ended Year ended
1/31/95 7/31/94 1/31/95 7/31/94
<S> <C> <C> <C> <C>
Common shares:
Shares issued in acquisition of NMH 2,781,169 -- -- --
Shares issued in acquisition of NOH and NOO -- -- 4,728,624 --
Shares issued in acquisition of NTE -- -- -- --
Shares issued to shareholders due to reinvestment of
distributions from net investment income and from
net realized gains from investment transactions -- 25,053 9,528 49,646
--------- ------- --------- ------
Net increase 2,781,169 25,053 4,738,152 49,646
========= ====== ========= ======
<CAPTION>
NTX
6 months ended Year ended
1/31/95 7/31/94
<S> <C> <C>
Common shares:
Shares issued in acquisition of NMH -- --
Shares issued in acquisition of NOH and NOO -- --
Shares issued in acquisition of NTE 2,231,243 --
Shares issued to shareholders due to reinvestment of
distributions from net investment income and from
net realized gains from investment transactions 14,584 45,924
--------- -------
Net increase 2,245,827 45,924
========= ======
</TABLE>
<PAGE>
<TABLE>
3. SECURITIES TRANSACTIONS
Purchase and sales (including maturities) of investments in municipal
securities and temporary municipal investments during the six months ended
January 31, 1995, were as follows:
<CAPTION>
NAZ NUM NMP NUO
<S> <C> <C> <C> <C>
PURCHASES
Investments in municipal securities $8,578,070 $11,479,818 $29,960,325 $ 11,089,126
Investments in municipal securities in acquisition
of NMH -- -- 58,692,130 --
Investments in municipal securities in acquisition
of NOH and NOO -- -- -- 111,811,464
Investments in municipal securities in acquisition
of NTE -- -- -- --
Temporary municipal investments 5,600,000 11,900,000 15,700,000 5,700,000
Temporary investments in municipal securities in
acquisition of NMH -- -- 600,000 --
Temporary investments in municipal securities in
acquisition of NOH and NOO -- -- -- 1,300,000
SALES AND MATURITIES
Investments in municipal securities 7,511,787 11,258,697 29,230,941 6,358,956
Temporary municipal investments 6,700,000 11,000,000 15,100,000 7,000,000
========== =========== =========== ============
<CAPTION>
NTX
<S> <C>
PURCHASES
Investments in municipal securities $ 4,697,795
Investments in municipal securities in acquisition
of NMH --
Investments in municipal securities in acquisition
of NOH and NOO --
Investments in municipal securities in acquisition
of NTE 51,631,816
Temporary municipal investments 19,600,000
Temporary investments in municipal securities in
acquisition of NMH --
Temporary investments in municipal securities in
acquisition of NOH and NOO --
SALES AND MATURITIES
Investments in municipal securities 12,152,462
Temporary municipal investments 14,300,000
===========
</TABLE>
<PAGE>
<TABLE>
At January 31, 1995, the identified cost of investments owned for federal
income tax purposes was the same as the cost for financial reporting purposes
for each Fund.
At July 31, 1994, the Funds' last fiscal year end, the following Funds had
unused capital loss carryovers available for federal income tax purposes to be
applied against future security gains, if any. If not applied, the carryovers
will expire as follows:
<CAPTION>
NAZ NMP NUO NTX
<S> <C> <C> <C> <C>
Expiration Year:
2002 $732,963 $676,893 $1,513,957 $131,562
======== ======== ========== ========
4. Distributions to COMMON Shareholders
On February 1, 1995, the following Funds declared Common share dividend
distributions from their ordinary income which were paid March 1, 1995, to
shareholders of record on February 15, 1995, as follows:
<CAPTION>
NAZ NUM NMP NUO
<S> <C> <C> <C> <C>
Dividend per share $.0650 $.0825 $.0675 $.0775
====== ====== ====== ======
<CAPTION>
NTX
<S> <C>
Dividend per share $.0800
======
</TABLE>
<PAGE>
<TABLE>
5. Unrealized Appreciation (Depreciation)
Gross unrealized appreciation and gross unrealized depreciation of
investments at January 31, 1995, were as follows:
<CAPTION>
NAZ NUM NMP NUO
<S> <C> <C> <C> <C>
Gross unrealized:
Appreciation $ 974,134 $ 6,404,529 $ 672,750 $ 2,801,557
Depreciation (1,882,696) (1,103,367) (7,503,076) (5,819,569)
----------- ----------- ----------- -----------
Net unrealized appreciation (depreciation) $ (908,562) $ 5,301,162 $(6,830,326) $(3,018,012)
=========== =========== =========== ===========
<CAPTION>
NTX
<S> <C>
Gross unrealized:
Appreciation $ 3,303,938
Depreciation (4,085,743)
-----------
Net unrealized appreciation (depreciation) $ (781,805)
===========
</TABLE>
<PAGE>
<TABLE>
6. MANAGEMENT Fee and Other Transactions with Affiliates
Under the Funds' investment management agreements with Nuveen Advisory
Corp. ("the Adviser"), each Fund pays to the Adviser an annual management fee,
payable monthly, at the rates set forth below, which are based upon the
average daily net asset value of each Fund:
<CAPTION>
Average daily net asset value Management fee
<S> <C>
For the first $125,000,000 .65 of 1%
For the next $125,000,000 .6375 of 1
For the next $250,000,000 .625 of 1
For the next $500,000,000 .6125 of 1
For the next $1,000,000,000 .6 of 1
For net assets over $2,000,000,000 .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 Directors/Trustees who are affiliated with the
Adviser or to their officers, all of whom receive remuneration for their
services to the Funds from the Adviser.
</TABLE>
<PAGE>
<TABLE>
7. Composition of Net Assets
At January 31, 1995, net assets consisted of:
<CAPTION>
NAZ NUM NMP NUO
<S> <C> <C> <C> <C>
Preferred shares, $25,000 stated value per share,
at liquidation value $30,000,000 $ 80,000,000 $ 56,000,000 $ 77,000,000
Common shares, $.01 par value per share 42,806 110,844 76,777 92,097
Paid-in surplus 59,165,270 154,064,946 107,292,544 138,769,506
Undistributed net investment income 111,268 853,124 177,742 339,162
Accumulated net realized gain (loss) from
investment transactions, net of taxes, if applicable (1,481,369) 46,057 (2,310,107) (1,925,240)
Net unrealized appreciation or depreciation
of investments (908,562) 5,301,162 (6,830,326) (3,018,012)
---------- ------------ ------------ ------------
Net assets $86,929,413 $240,376,133 $154,406,630 $211,257,513
=========== ============ ============ ============
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
=========== ============ ============ ============
<CAPTION>
NTX
<S> <C>
Preferred shares, $25,000 stated value per share,
at liquidation value $ 69,000,000
Common shares, $.01 par value per share 93,858
Paid-in surplus 133,193,738
Undistributed net investment income 376,808
Accumulated net realized gain (loss) from
investment transactions, net of taxes, if applicable 313,998
Net unrealized appreciation or depreciation
of investments (781,805)
------------
Net assets $202,196,597
============
Authorized shares:
Common Unlimited
Preferred Unlimited
============
</TABLE>
<PAGE>
<TABLE>
8. Investment Composition
Each Fund invests in municipal securities which include general obligation,
escrowed and revenue bonds. At January 31, 1995, the revenue sources by
municipal purpose for these investments, expressed as a percent of total
investments, were as follows:
<CAPTION>
NAZ NUM NMP NUO
<S> <C> <C> <C> <C>
Revenue Bonds:
Pollution Control Facilities 6% 8% 13% 10%
Health Care Facilities 19 18 16 16
Housing Facilities -- 13 15 9
Water / Sewer Facilities 9 8 8 13
Educational Facilities 4 4 6 13
Electric Utilities 8 5 10 4
Transportation 6 2 2 4
Lease Rental Facilities 5 -- 3 4
Other 11 4 8 4
General Obligation Bonds 20 20 17 12
Escrowed Bonds 12 18 2 11
---- ---- ---- ----
100% 100% 100% 100%
==== ==== ==== ====
<CAPTION>
NTX
<S> <C>
Revenue Bonds:
Pollution Control Facilities 20%
Health Care Facilities 16
Housing Facilities 14
Water / Sewer Facilities 6
Educational Facilities 7
Electric Utilities 9
Transportation 6
Lease Rental Facilities --
Other 1
General Obligation Bonds 13
Escrowed Bonds 8
----
100%
====
</TABLE>
Certain long-term and intermediate-term investments owned by the Funds are
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, either of which ensure the timely payment of principal and
interest in the event of default (55% for NAZ, 46% for NUM, 39% for NMP, 54%
for NUO, and 41% for NTX). Such insurance or escrow, however, does not
guarantee the market value of the municipal securities or the value of any of
the Funds' shares.
Certain temporary investments in short-term municipal securities have
credit enhancements (letters of credit, guarantees or insurance) issued by
third party domestic or foreign banks or other institutions (100% for NAZ, 70%
for NUM, 58% for NMP and 100% for NTX).
For additional information regarding each investment security, refer to the
Portfolio of Investments of each Fund.
<PAGE>
<TABLE>
FINANCIAL HIGHLIGHTS
(Unaudited)
<CAPTION>
selected data for a common share outstanding throughout each period is as
follows:
<CAPTION>
Operating performance Dividends from net investment income
Net
realized &
Net asset Net unrealized
value invest- gain (loss) To To
beginning ment from invest- Common Preferred
of period income mentstt shareholders shareholderst
NAZ
<S> <C> <C> <C> <C> <C>
6 Mos. ended
1/31/95 $13.610 $ .538 $ (.325) $ (.390) $(.133)
Year ended
7/31/94 14.490 1.067 (.835) (.789) (.257)
11/19/92 to
7/31/93 14.050 .524 .694 (.420) (.114)
<CAPTION>
NUM
<S> <C> <C> <C> <C> <C>
6 Mos. ended
1/31/95 15.020 .609 (.474) (.510) (.118)
Year ended 7/31,
1994 15.850 1.210 (.817) (1.051) (.172)
1993 15.230 1.205 .583 (.970) (.172)
2 Mos. ended
7/31/92 14.290 .201 .923 (.151) (.033)
10/17/91 to
5/31/92 14.050 .473 .402 (.378) (.067)
<CAPTION>
NMP
<S> <C> <C> <C> <C> <C>
6 Mos. ended
1/31/95 13.460 .493 (.596) (.405) (.132)
Year ended
7/31/94 14.470 1.033 (1.015) (.810) (.170)
12/17/92 to
7/31/93 14.050 .405 .622 (.338) (.054)
<PAGE>
<CAPTION>
Distributions from capital gains
Per
Common
share
market
To To Organiza- Net asset value
Common Preferred tion and value end end of
shareholders shareholderst offering costs of period period
NAZ
<S> <C> <C> <C> <C> <C>
6 Mos. ended
1/31/95 $ -- $ -- $ -- $13.300 $13.125
Year ended
7/31/94 (.053)@ (.013)@ -- 13.610 13.125
11/19/92 to
7/31/93 -- -- (.244) 14.490 15.750
<CAPTION>
NUM
<S> <C> <C> <C> <C> <C>
6 Mos. ended
1/31/95 (.049) (.008) -- 14.470 14.500
Year ended 7/31,
1994 -- -- -- 15.020 15.250
1993 (.022) (.004) -- 15.850 16.000
2 Mos. ended
7/31/92 -- -- -- 15.230 15.500
10/17/91 to
5/31/92 -- -- (.190) 14.290 15.125
<CAPTION>
NMP
<S> <C> <C> <C> <C> <C>
6 Mos. ended
1/31/95 -- -- -- 12.820 12.000
Year ended
7/31/94 (.040) (.008) -- 13.460 12.500
12/17/92 to
7/31/93 -- -- (.215) 14.470 15.000
<PAGE>
<CAPTION>
Ratios/Supplemental data
Total
invest- Ratio of
ment net
return Total Net assets Ratio of investment
on return on end of expenses income Portfolio
market net asset period (in to average to average turnover
value** value** thousands) net assets net assets rate
NAZ
<S> <C> <C> <C> <C> <C> <C>
6 Mos. ended
1/31/95 3.29% .77% $ 86,929 .82*% 5.38*% 9%
Year ended
7/31/94 (11.66) (.43) 88,263 .84 4.97 21
11/19/92 to
7/31/93 7.92 6.19 91,363 .91* 4.22* 40
<CAPTION>
NUM
<S> <C> <C> <C> <C> <C> <C>
6 Mos. ended
1/31/95 (1.12) .21 240,376 .84* 5.63* 5
Year ended 7/31,
1994 1.82 1.33 246,082 .85 5.27 4
1993 9.97 11.09 253,881 .88 5.36 6
2 Mos. ended
7/31/92 3.51 7.69 244,930 .85* 5.45* --
10/17/91 to
5/31/92 3.38 4.46 234,439 .82* 4.54* 1
<CAPTION>
NMP
<S> <C> <C> <C> <C> <C> <C>
6 Mos. ended
1/31/95 (.59) (1.62) 154,407 1.13* 5.08* 25
Year ended
7/31/94 (11.43) (1.27) 100,888 .94 4.82 17
12/17/92 to
7/31/93 2.25 5.44 105,494 .92* 3.73* 15
</TABLE>
PAGE>
<TABLE>
FINANCIAL HIGHLIGHTS
(Unaudited)
selected data for a common share outstanding throughout each period is as
follows:
<CAPTION>
Operating performance Dividends from net investment
Net
realized &
Net asset Net unrealized
value invest- gain (loss) To To
beginning ment from invest- Common Preferred
of period income mentstt shareholders shareholderst
NUO
<S> <C> <C> <C> <C> <C>
6 Mos. ended
1/31/95 $14.840 $ .573 $(.206) $ (.480) $(.147)
Year ended 7/31,
1994 15.720 1.193 (.830) (1.027) (.175)
1993 15.020 1.175 .697 (.925) (.194)
2 Mos. ended
7/31/92 14.070 .197 .935 (.146) (.036)
10/17/91 to
5/31/92 14.050 .464 .261 (.365) (.071)
<CAPTION>
NTX
<S> <C> <C> <C> <C> <C>
6 Mos. ended
1/31/95 14.530 .586 (.294) (.500) (.132)
Year ended 7/31,
1994 15.410 1.206 (.820) (1.062) (.174)
1993 15.090 1.204 .304 (.973) (.181)
2 Mos. ended
7/31/92 14.190 .203 .883 (.151) (.035)
10/17/91 to
5/31/92 14.050 .494 .309 (.378) (.067)
<PAGE>
<CAPTION>
Distributions from capital gains
Per
Common
share
market
To To Organiza- Net asset value
Common Preferred tion and value end end of
shareholders shareholderst offering costs of period period
NUO
<S> <C> <C> <C> <C> <C>
6 Mos. ended
1/31/95 $ -- $ -- $ -- $14.580 $14.375
Year ended 7/31,
1994 (.034) (.007) -- 14.840 15.125
1993 (.042) (.011) -- 15.720 15.750
2 Mos. ended
7/31/92 -- -- -- 15.020 15.250
10/17/91 to
5/31/92 -- -- (.269) 14.070 15.000
<CAPTION>
NTX
<S> <C> <C> <C> <C> <C>
6 Mos. ended
1/31/95 -- -- -- 14.190 13.625
Year ended 7/31,
1994 (.026) (.004) -- 14.530 14.750
1993 (.028) (.006) -- 15.410 15.875
2 Mos. ended
7/31/92 -- -- -- 15.090 15.375
10/17/91 to
5/31/92 -- -- (.218) 14.190 14.875
<PAGE>
<CAPTION>
Ratios/Supplemental data
Total
invest- Ratio of
ment net
return Total Net assets Ratio of investment
on return on end of expenses income Portfolio
market net asset period (in to average to average turnover
value** value** thousands) net assets net assets rate
NUO
<S> <C> <C> <C> <C> <C> <C>
6 Mos. ended
1/31/95 (1.62)% 1.65% $211,258 1.04*% 5.29*% 4%
Year ended 7/31,
1994 2.72 1.06 101,335 .94 5.09 2
1993 9.89 11.64 104,507 1.00 5.13 23
2 Mos. ended
7/31/92 2.66 7.84 100,696 1.00* 5.25* 5
10/17/91 to
5/31/92 2.43 2.79 96,465 .89* 4.40* 4
<CAPTION>
NTX
<S> <C> <C> <C> <C> <C> <C>
6 Mos. ended
1/31/95 (4.02) 1.26 202,197 .98* 5.59* 3
Year ended 7/31,
1994 (.27) 1.28 153,724 .86 5.43 10
1993 10.24 9.19 159,329 .89 5.49 6
2 Mos. ended
7/31/92 4.44 7.46 156,031 .86* 5.60* 4
10/17/91 to
5/31/92 1.68 3.74 149,694 .86* 5.65* --
<FN>
* 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.
t The amounts shown are based on Common share equivalents.
tt Net of taxes, if applicable.
@ The amounts shown include distributions in excess of capital gains of $.016
to Common shareholders and $.004 to Preferred shareholders.
</TABLE>
<PAGE>
The human bond
Photo of John Nuveen
At John Nuveen & Co. Incorporated, where our tax-free municipal bonds have
helped people live their dreams for nearly 100 years, we still believe our
strongest bond is human.TM
For almost a century, John Nuveen & Company has concentrated its resources and
expertise in one area: municipal bonds. We are one of the oldest and largest
investment banking firms specializing exclusively in municipal securities, and
we strive to be the best.
Our approach to managing our shareholders' investments endures. We maintain
a sharp focus on the needs of prudent investors and their families, offer
investments of quality, and then work to make them better by seeking out
opportunity. We hold to a dedicated belief in the importance of research. And
we sustain a commitment to sound financial management through value investing.
Our hope is that by providing quality investments we may foster opportunity
for our investors. Through careful research, attention to detail, and our
philosophy of managing for long-term value, we strive to provide our
shareholders with the attractive level of income they need to achieve their
personal goals and aspirations.
These are the things that matter most, and it's why we say that, at Nuveen,
our strongest bond is human.
John Nuveen & Co. Incorporated
333 West Wacker Drive
Chicago, Illinois 60606-1286
ETF 1-Mar 95
