UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21449
Nuveen Municipal High Income Opportunity Fund
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Address of principal executive offices) (Zip code)
Kevin J. McCarthy
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Name and address of agent for service)
Registrant's telephone number, including area code: (312) 917-7700
Date of fiscal year end: October 31
Date of reporting period: April 30, 2012
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
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Table of Contents
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Chairman’s Letter to Shareholders
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4
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Portfolio Managers’ Comments
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5
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Fund Leverage and Other Information
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10
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Common Share Dividend and Price Information
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13
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Performance Overviews
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15
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Portfolios of Investments
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21
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Statement of Assets and Liabilities
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92
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Statement of Operations
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94
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Statement of Changes in Net Assets
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96
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Statement of Cash Flows
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99
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Financial Highlights
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101
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Notes to Financial Statements
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110
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Reinvest Automatically, Easily and Conveniently
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124
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Glossary of Terms Used in this Report
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126
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Additional Fund Information
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131
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Chairman’s
Letter to Shareholders
Dear Shareholders,
Investors have many reasons to remain cautious. The challenges in the Euro area are casting a shadow over global economies and financial markets. The political support for addressing fiscal issues is eroding as the economic and social impacts become more visible. At the same time, member nations appear unwilling to provide adequate financial support or to surrender sufficient sovereignty to strengthen the banks or unify the Euro area financial system. The gains made in reducing deficits, and the hard-won progress on winning popular acceptance of the need for economic austerity, are at risk. To their credit, European political leaders press on to find compromise solutions, but there is increasing concern that time will begin to run out.
In the U.S., strong corporate earnings have enabled the equity markets to withstand much of the downward pressures coming from weakening job creation, slower economic growth and political uncertainty. The Fed remains committed to low interest rates but has refrained from predicting another program of quantitative easing unless economic growth were to weaken significantly or the threat of recession appears on the horizon. Pre-election maneuvering has added to the already highly partisan atmosphere in the Congress. The end of the Bush-era tax cuts and implementation of the spending restrictions of the Budget Control Act of 2011, both scheduled to take place at year-end, loom closer.
During the last year, U.S. based investors have experienced a sharp decline and a strong recovery in the equity markets. The experienced investment teams at Nuveen keep their eye on a longer time horizon and use their practiced investment disciplines to negotiate through market peaks and valleys to achieve long-term goals for investors. Experienced professionals pursue investments that will weather short-term volatility and at the same time, seek opportunities that are created by markets that overreact to negative developments. Monitoring this process is an important consideration for the Fund Board as it oversees your Nuveen funds on your behalf.
As always, I encourage you to contact your financial consultant if you have any questions about your investment in a Nuveen Fund. On behalf of the other members of your Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
Robert P. Bremner
Chairman of the Board
June 20, 2012
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4
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Nuveen Investments
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Portfolio Managers’ Comments
Nuveen Investment Quality Municipal Fund, Inc. (NQM)
Nuveen Select Quality Municipal Fund, Inc. (NQS)
Nuveen Quality Income Municipal Fund, Inc. (NQU)
Nuveen Premier Municipal Income Fund, Inc. (NPF)
Nuveen Municipal High Income Opportunity Fund (NMZ)
Nuveen Municipal High Income Opportunity Fund 2 (NMD)
Portfolio managers Chris Drahn, Tom Spalding, Daniel Close and John Miller review key investment strategies and the six-month performance of these six national Funds. Chris, who has 32 years of financial industry experience, assumed portfolio management responsibility for NQM in January 2011. A 35-year veteran of Nuveen, Tom has managed NQS and NQU since 2003. Dan, who joined Nuveen in 2000, assumed portfolio management responsibility for NPF in January 2011. John, who has 17 years of municipal market experience, has managed NMZ since its inception in 2003 and has been involved in the management of NMD since its inception in 2007. He assumed full portfolio management responsibility for NMD in 2010.
What key strategies were used to manage these Funds during the six-month reporting period ended April 30, 2012?
During this period, municipal bond prices generally rallied, amid strong demand and yields that continued to be relatively low. The availability of municipal supply improved in recent months from 2011 levels although the pattern of new issuance remained light compared with long-term historical trends. In addition, approximately half of the new bonds issued during this period came from borrowers that were calling existing debt and refinancing at lower rates.
In this environment, we continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that had the potential to perform well over the long term. In NQM, although we generally maintained focus on longer maturities throughout the period, we also took advantage of opportunities created by temporary market imbalances to purchase bonds in the intermediate part of the yield curve, including water revenue, electric revenue and health care sectors where new issues were more plentiful. In NQS and NQU, our focus was on maintaining the Funds’ durations and quality in the current market. NPF found value in various sectors of the market, including health care, tobacco, prepaid gas contracts, water and sewer, and
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investor Services, Inc., or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
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Nuveen Investments
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5
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general obligation and dedicated tax bonds, mostly in the new issue market. Although the pattern of issuance tended to be shorter on the yield curve during this period due to refunding activity, our focus generally remained on longer maturities in order to take advantage of attractive yields at the longer end of the municipal yield curve. The purchase of longer bonds also provided some protection for the Funds’ duration and yield curve positioning. The majority of our purchases were made in the mid-tier to lower credit quality categories, that is, bonds rated AA, A and BBB.
During this period, NMZ and NMD focused on their ability to take advantage of individual situations to add value. The two high yield Funds emphasized diversified credits that, in our opinion, had favorable fundamental outlooks, offered higher yields and strong potential for income generation, and were prospective candidates for credit improvement. Among the additions to both NMZ and NMD during this period were two turnaround situations purchased in the secondary market:
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•
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Illinois Finance Authority for the MJH Educational Assistance Project at DePaul University, Chicago. We purchased these student housing revenue bonds at a deep discount based on our belief that the recovery demonstrated by this dorm project over the past three years will continue.
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•
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Colorado Metropolitan District #2 for Stoneridge, Trinidad County. Construction of this master planned community of 1,700 homes, golf course and hotel/resort fell behind schedule. We purchased these limited obligation tax bonds at distressed levels after observing improvement in the project’s progress. The golf course and a number of homes have been finished and the hotel/resort is nearing completion. In our opinion, given real estate appreciation and completion of the project, these bonds offer good upside potential.
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We believe that the core of NMZ and NMD’s portfolio remains well positioned and continues to offer good opportunities for income and performance potential.
Cash for new purchases during this period was generated primarily by the proceeds from called and maturing bonds, which we worked to redeploy to keep the Funds fully invested. The increased number of refinancings provided a meaningful source of liquidity, which we sometimes reinvested in the new credits issued to replace the refunded bonds as a way of maintaining our exposure to those borrowers. NMZ and NMD also participated in a tender offer for holdings of Hovensa LLC, a Virgin Islands petroleum refinery that closed in February 2012. These two Funds also took advantage of the recovery in tobacco bond prices to trim their positions in tobacco holdings. Both the tender offer and the sale of tobacco bonds provided additional cash to redeploy in bonds that we believed had more upside performance potential. Overall, selling was minimal during this period, as the bonds in our portfolios generally offered higher yields than those available in the current marketplace.
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6
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Nuveen Investments
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As of April 30, 2012, all of these Funds continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management, income enhancement and total return enhancement. During this period, we found it advantageous to terminate some of NPF’s inverse floater positions. We accomplished this by using cash and proceeds from called bonds to buy back the inverse floaters, terminating the trusts that had held the securities and placing the bonds involved back on NPF’s balance sheet. This activity did not involve any issues with the credit fundamentals of the holdings in the trusts, but rather was due to the upcoming call dates of the trusts. NPF subsequently added a couple of new inverse floating rate trusts to replace those that were terminated. As part of our duration management strategies, NMZ and NMD also made moderate use of interest rate swaps and forward interest rate swap contracts to reduce their price volatility risk to movements in U.S. interest rates relative to the Funds’ benchmark. During this period, these derivatives functioned as intended, and they remained in place at period end.
How did the Funds perform during the six-month period ended April 30, 2012?
Individual results for these Funds, as well as relevant index and peer group information, are presented in the accompanying table.
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Average Annual Total Returns on Common Share Net Asset Value*
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||||
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For periods ended 4/30/12
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Fund
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6-Month
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1-Year
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5-Year
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10-Year
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NQM
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10.86%
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23.29%
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6.95%
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6.92%
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NQS
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11.52%
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24.93%
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6.92%
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7.11%
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NQU
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11.97%
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24.71%
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6.55%
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6.71%
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NPF
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8.88%
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19.01%
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5.78%
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6.36%
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Standard & Poor’s (S&P) Municipal Bond Index**
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5.70%
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11.89%
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5.26%
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5.42%
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Lipper General & Insured Leveraged Municipal Debt
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||||
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Funds Classification Average**
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10.74%
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23.04%
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6.00%
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6.68%
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NMZ
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14.24%
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29.09%
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4.19%
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N/A
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NMD
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14.25%
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26.17%
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N/A
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N/A
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Standard & Poor’s (S&P) Municipal Yield Index**
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9.45%
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18.29%
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3.50%
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6.02%
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Lipper High-Yield Municipal Debt Funds
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||||
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Classification Average**
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10.70%
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21.21%
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4.65%
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6.01%
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Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares.
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For additional information, see the individual Performance Overview for your Fund in this report.
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*
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Six-month returns are cumulative; all other returns are annualized.
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**
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Refer to Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment.
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Nuveen Investments
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7
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For the six months ended April 30, 2012, the cumulative returns on common share net asset value (NAV) for NQM, NQS, NQU and NPF exceeded the return for the Standard & Poor’s (S&P) Municipal Bond Index. NQM, NQS and NQU also outperformed the average return for the Lipper General & Insured Leveraged Municipal Debt Funds Classification Average, while NPF trailed this Lipper average. For the same period, NMZ and NMD significantly outperformed the Standard & Poor’s (S&P) Municipal Yield Index and the Lipper High-Yield Municipal Debt Funds Classification Average.
Key management factors that influenced the Funds’ returns during this period included duration and yield curve positioning, credit exposure and sector allocation. The use of regulatory leverage also was an important positive factor affecting the Funds’ performance. Leverage is discussed in more detail later in this report.
During this period, municipal bonds with longer maturities generally outperformed those with shorter maturities. Overall, credits at the longest end of the municipal yield curve posted the strongest returns, while bonds at the shortest end produced the weakest results. Among these Funds, NMZ, NMD and NQU, which had the longest durations among these Funds, were the most advantageously positioned in terms of duration and yield curve exposure. In addition, NQU and NQS had heavier holdings of zero coupon bonds with long durations, which outperformed during this period and provided an extra boost to these Funds’ performance. NQM also benefited from overweightings in the longer parts of the yield curve that performed well and underweightings in bonds with shorter durations that lagged the market. In contrast, duration was a negative factor in NPF, where an overweight in pre-refunded bonds with very short call dates detracted from the Fund’s performance.
Although both NMZ and NMD benefited from their longer durations, these Funds used derivative positions, including forward interest rate swaps, with the primary objective of reducing duration and moderating interest rate risk, as previously mentioned. Because the interest rate swaps were used to hedge against a potential rise in interest rates, the swaps performed poorly as interest rates fell. This had a slightly negative impact on the Funds’ total return performance for the period.
Credit exposure was another important factor in the Funds’ performance during these six months, as lower quality bonds generally outperformed higher quality bonds. This outperformance was due in part to the greater demand for lower rated bonds as investors looked for investment vehicles offering higher yields. As investors became more comfortable taking on additional investment risk, credit spreads or the difference in yield spreads between U.S. Treasury securities and comparable investments such as municipal bonds, narrowed through a variety of ratings categories. As a result of this spread compression, the performance of these Funds, especially in the high yield segment, benefited from their emphasis on the lower rated credit spectrum. All of the
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8
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Nuveen Investments
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Funds had significant weightings of bonds rated BBB, and the returns of NMZ and NMD were further boosted by their significant underweightings in bonds rated AAA. Even though its contribution from credit exposure was positive, NPF benefited to a smaller extent than the other Funds during this period, as the result of holding the fewest BBB and non-rated bonds as well as the largest allocation of bonds rated AAA.
Holdings that made positive contributions to the Funds’ returns during this period included health care (including hospitals), transportation and education credits. All of these Funds, particularly NQM and NQS, were overweight in health care bonds, which enhanced their returns, and NQM, NQS, NQU and NPF also had significant weightings in the transportation sector. In addition, NMZ and NMD saw good performance from their holdings of community development district bonds and industrial development revenue credits. Tobacco bonds backed by the 1998 master settlement agreement were one of the top performing market segments during this period, as these bonds benefited from several market developments, including increased demand for higher-yielding investments by investors who had become less risk-averse. In addition, based on recent data showing that cigarette sales had fallen less steeply than anticipated, the 46 states participating in the agreement stand to receive increased payments from the tobacco companies. As of April 30, 2012, all the Funds had allocations in tobacco bonds.
In contrast, pre-refunded bonds, which are often backed by U.S. Treasury securities, were the poorest performing market segment during this period. The underperformance of these bonds can be attributed primarily to their shorter effective maturities and higher credit quality. As of April 30, 2012, NPF had the heaviest weighting in pre-refunded bonds, which detracted from its performance, while NQS had the smallest allocation. Because of the shorter, higher quality nature of pre-refunded bonds, NMZ and NMD, as longer-term, higher yielding Funds, had little to no exposure to these credits. General obligation (GO) bonds, utilities and housing credits also lagged the performance of the general municipal market for this period. NQM, NQU and NPF generally had relatively light exposures to housing, and NQM and NPF also benefited from being underweighted in state and local GOs.
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Nuveen Investments
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9
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Fund Leverage and
Other Information
Other Information
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
One important factor impacting the returns of all these Funds relative to the comparative indexes was the Funds’ use of leverage. The Funds use leverage because their managers believe that, over time, leveraging provides opportunities for additional income and total return for common shareholders. However, use of leverage also can expose common shareholders to additional volatility. For example, as the prices of securities held by a Fund decline, the negative impact of these valuation changes on common share net asset value and common shareholder total return is magnified by the use of leverage. Conversely, leverage may enhance common share returns during periods when the prices of securities held by a Fund generally are rising. Leverage made a positive contribution to the performance of these Funds over this reporting period.
THE FUNDS’ REGULATORY LEVERAGE
As of April 30, 2012, the following Funds have issued and outstanding Variable Rate Demand Preferred (VRDP) Shares as shown in the accompanying table.
VRDP Shares
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VRDP Shares Issued
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|||
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Fund
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at Liquidation Value
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NQM
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$ | 211,800,000 | |
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NQS
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$ | 252,500,000 | |
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NQU
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$ | 388,400,000 | |
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NPF
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$ | 127,700,000 | |
(Refer to Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies for further details on VRDP Shares.)
Bank Borrowings
NMZ and NMD employ regulatory leverage through the use of bank borrowings. (Refer to Notes to Financial Statements, Footnote 8 — Borrowings Arrangements for further details on each Fund’s bank borrowings.)
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10
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Nuveen Investments
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RISK CONSIDERATIONS
Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation. Past performance is no guarantee of future results. Fund common shares are subject to a variety of risks, including:
Investment and Market Risk. An investment in common shares is subject to investment risk, including the possible loss of the entire principal amount that you invest. Your investment in common shares represents an indirect investment in the municipal securities owned by the Fund, which generally trade in the over-the-counter markets. Your common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.
Price Risk. Shares of closed-end investment companies like these Funds frequently trade at a discount to their NAV. Your common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.
Leverage Risk. Each Fund’s use of leverage creates the possibility of higher volatility for the Fund’s per share NAV, market price, distributions and returns. There is no assurance that a Fund’s leveraging strategy will be successful.
Issuer Credit Risk. This is the risk that a security in a Fund’s portfolio will fail to make dividend or interest payments when due.
Credit Risk. An issuer of a bond held by a Fund may be unable to make interest and principal payments when due. A failure by the issuer to make such payments is called a “default”. A default can cause the price of the issuer’s bonds to plummet. Even if the issuer does not default, the prices of its bonds can fall if the market perceives that the risk of default is increasing.
Low-Quality Bond Risk. NMZ and NMD concentrate a large portion of their investments in low-quality municipal bonds (sometimes called “junk bonds”), which have greater credit risk and generally are less liquid and have more volatile prices than higher quality securities.
Interest Rate Risk. Fixed-income securities such as bonds, preferred, convertible and other debt securities will decline in value if market interest rates rise.
Interest Rate Risk. Each Fund is subject to the risk that the value of the fund’s portfolio will decline because of rising interest rates. Debt securities generally increase in value when interest rates fall and decrease in value when interest rates rise. The Funds that invest in longer-term debt securities generally are more sensitive to interest rate changes.
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Nuveen Investments
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11
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Derivatives Risk. The Funds may use derivative instruments which involve a high degree of financial risk, including the risk that the loss on a derivative may be greater than the principal amount invested.
Inverse Floater Risk. The Funds may invest in inverse floaters. Due to their leveraged nature, these investments can greatly increase a Fund’s exposure to interest rate risk and credit risk. In addition, investments in inverse floaters involve the risk that the Fund could lose more than its original principal investment.
Reinvestment Risk. If market interest rates decline, income earned from a Fund’s portfolio may be reinvested at rates below that of the original bond that generated the income.
Call Risk or Prepayment Risk. Issuers may exercise their option to prepay principal earlier than scheduled, forcing a Fund to reinvest in lower-yielding securities.
Tax Risk. The tax treatment of Fund distributions may be affected by new IRS interpretations of the Internal Revenue Code and future changes in tax laws and regulations.
Below-Investment Grade Risk. Investments in securities below investment grade quality are predominantly speculative and subject to greater volatility and risk of default.
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12
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Nuveen Investments
|
Common Share Dividend
and Price Information
and Price Information
DIVIDEND INFORMATION
The monthly dividends of all six Funds in this report remained stable throughout the six-month reporting period ended April 30, 2012.
Due to normal portfolio activity, common shareholders of the following Funds received capital gains or net ordinary income distributions in December 2011 as follows:
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Short-Term Capital Gains
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|||||||
|
Long-Term Capital Gains
|
and/or Ordinary Income
|
||||||
|
Fund
|
(per share)
|
(per share)
|
|||||
|
NQS
|
$ | 0.0759 | — | ||||
|
NQU
|
$ | 0.0335 | — | ||||
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NMZ
|
— | $ | 0.0231 | ||||
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NMD
|
— | $ | 0.0035 | ||||
All of the Funds in this report seek to pay stable dividends at rates that reflect each Fund’s past results and projected future performance. During certain periods, each Fund may pay dividends at a rate that may be more or less than the amount of net investment income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it holds the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s NAV. Conversely, if a Fund has cumulatively paid dividends in excess of its earnings, the excess constitutes negative UNII that is likewise reflected in the Fund’s NAV. Each Fund will, over time, pay all of its net investment income as dividends to shareholders. As of April 30, 2012, all six Funds in this report had positive UNII balances, based upon our best estimate, for tax purposes and positive UNII balances for financial reporting purposes.
COMMON SHARE REPURCHASES AND SHARE PRICE INFORMATION
As of April 30, 2012, and since the inception of the Funds’ repurchase programs, NPF has cumulatively repurchased and retired its outstanding common shares as shown in the accompanying table. Since the inception of the Funds’ repurchase programs, NQM, NQS, NQU, NMZ and NMD have not repurchased any of their outstanding common shares.
|
Common Shares
|
% of Outstanding
|
||
|
Fund
|
Repurchased and Retired
|
Common Shares
|
|
|
NPF
|
202,500
|
1.0%
|
During the six-month reporting period, NPF did not repurchase any of its outstanding common shares.
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Nuveen Investments
|
13
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As of April 30, 2012, and during the six-month reporting period, the Funds’ common share prices were trading at (+) premiums or discounts to their common share NAVs as shown in the accompanying table.
|
4/30/12
|
Six-Month Average
|
||
|
Fund
|
(+) Premium/(-)Discount
|
(+) Premium/(-)Discount
|
|
|
NQM
|
(-)0.75%
|
(-)0.29%
|
|
|
NQS
|
(+)1.96%
|
(+)2.59%
|
|
|
NQU
|
(-)1.80%
|
(-)2.13%
|
|
|
NPF
|
(-)2.10%
|
(-)2.04%
|
|
|
NMZ
|
(+)2.67%
|
(+)3.18%
|
|
|
NMD
|
(-)1.22%
|
(-)0.12%
|
SHELF EQUITY PROGRAMS
NMZ and NMD have filed registration statements with the Securities and Exchange Commission (SEC) authorizing the Funds to issue an additional 2.5 million and 1.9 million common shares, respectively, through a shelf offering. Under these equity shelf programs, the Funds, subject to market conditions, may raise additional capital from time to time in varying amounts and offering methods at a net price at or above each Fund’s NAV per common share.
As of April 30, 2012, NMZ and NMD had cumulatively sold 4,527,255 and 1,756,326 common shares, respectively, through their shelf equity programs.
During the twelve-month reporting period, NMZ and NMD sold common shares through their shelf equity programs at a weighted average premium to NAV per common share as shown in the accompanying table.
|
Common Shares
|
Weighted Average
|
||
|
Sold through
|
Premium to NAV
|
||
|
Fund
|
Shelf Offering
|
Per Share Sold
|
|
|
NMZ
|
578,875
|
4.09%
|
|
|
NMD
|
156,107
|
1.62%
|
During June 2012, NQS filed a registration statement with the SEC to allow the Fund to issue an additional 3,400,000 common shares through a shelf offering. Under this shelf offering program, the Fund, subject to market conditions, may raise additional equity capital from time to time in varying amounts and offer methods at a net price at or above the Fund’s NAV per share.
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14
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Nuveen Investments
|
|
NQM
|
Nuveen Investment
|
|
|
Performance
|
Quality Municipal
|
|
|
OVERVIEW
|
Fund, Inc.
|
|
|
as of April 30, 2012
|
|
Fund Snapshot
|
|||||||
|
Common Share Price
|
$
|
15.91
|
|||||
|
Common Share Net Asset Value (NAV)
|
$
|
16.03
|
|||||
|
Premium/(Discount) to NAV
|
-0.75
|
%
|
|||||
|
Market Yield
|
6.34
|
%
|
|||||
|
Taxable-Equivalent Yield1
|
8.81
|
%
|
|||||
|
Net Assets Applicable to Common Shares ($000)
|
$
|
575,458
|
|||||
|
Leverage
|
|||||||
|
Regulatory Leverage
|
26.90
|
%
|
|||||
|
Effective Leverage
|
34.97
|
%
|
|||||
|
Average Annual Total Returns
|
|||||||
|
(Inception 6/21/90)
|
|||||||
|
On Share Price
|
On NAV
|
||||||
|
6-Month (Cumulative)
|
12.76
|
%
|
10.86
|
%
|
|||
|
1-Year
|
26.41
|
%
|
23.29
|
%
|
|||
|
5-Year
|
6.82
|
%
|
6.95
|
%
|
|||
|
10-Year
|
7.67
|
%
|
6.92
|
%
|
|||
|
States3
|
|||||||
|
(as a % of total investments)
|
|||||||
|
California
|
17.0
|
%
|
|||||
|
New York
|
10.5
|
%
|
|||||
|
Illinois
|
8.3
|
%
|
|||||
|
Texas
|
8.1
|
%
|
|||||
|
Florida
|
5.3
|
%
|
|||||
|
District of Columbia
|
4.2
|
%
|
|||||
|
Colorado
|
3.1
|
%
|
|||||
|
Wisconsin
|
2.9
|
%
|
|||||
|
Ohio
|
2.8
|
%
|
|||||
|
Minnesota
|
2.6
|
%
|
|||||
|
Michigan
|
2.5
|
%
|
|||||
|
Pennsylvania
|
2.5
|
%
|
|||||
|
Massachusetts
|
2.1
|
%
|
|||||
|
New Jersey
|
2.0
|
%
|
|||||
|
Arizona
|
1.8
|
%
|
|||||
|
Nebraska
|
1.6
|
%
|
|||||
|
Puerto Rico
|
1.6
|
%
|
|||||
|
South Carolina
|
1.6
|
%
|
|||||
|
Missouri
|
1.6
|
%
|
|||||
|
Georgia
|
1.4
|
%
|
|||||
|
Washington
|
1.3
|
%
|
|||||
|
Louisiana
|
1.3
|
%
|
|||||
|
Other
|
13.9
|
%
|
|||||
|
Portfolio Composition3
|
|||||||
|
(as a % of total investments)
|
|||||||
|
Health Care
|
22.0
|
%
|
|||||
|
Tax Obligation/Limited
|
18.7
|
%
|
|||||
|
Transportation
|
10.9
|
%
|
|||||
|
U.S. Guaranteed
|
9.5
|
%
|
|||||
|
Tax Obligation/General
|
9.4
|
%
|
|||||
|
Water and Sewer
|
9.0
|
%
|
|||||
|
Education and Civic Organizations
|
6.9
|
%
|
|||||
|
Utilities
|
5.8
|
%
|
|||||
|
Other
|
7.8
|
%
|
|||||
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
|
|
|
1
|
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
|
2
|
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings.Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
|
|
3
|
Holdings are subject to change.
|
|
Nuveen Investments
|
15
|
|
NQS
|
Nuveen Select
|
|
|
Performance
|
Quality Municipal
|
|
|
OVERVIEW
|
Fund, Inc.
|
|
|
as of April 30, 2012
|
|
Fund Snapshot
|
|||||||
|
Common Share Price
|
$
|
15.64
|
|||||
|
Common Share Net Asset Value (NAV)
|
$
|
15.34
|
|||||
|
Premium/(Discount) to NAV
|
1.96
|
%
|
|||||
|
Market Yield
|
6.60
|
%
|
|||||
|
Taxable-Equivalent Yield1
|
9.17
|
%
|
|||||
|
Net Assets Applicable to Common Shares ($000)
|
$
|
528,320
|
|||||
|
Leverage
|
|||||||
|
Regulatory Leverage
|
32.34
|
%
|
|||||
|
Effective Leverage
|
37.26
|
%
|
|||||
|
Average Annual Total Returns
|
|||||||
|
(Inception 3/21/91)
|
|||||||
|
On Share Price
|
On NAV
|
||||||
|
6-Month (Cumulative)
|
11.27
|
%
|
11.52
|
%
|
|||
|
1-Year
|
25.26
|
%
|
24.93
|
%
|
|||
|
5-Year
|
6.18
|
%
|
6.92
|
%
|
|||
|
10-Year
|
7.86
|
%
|
7.11
|
%
|
|||
|
States3
|
|||||||
|
(as a % of total investments)
|
|||||||
|
Illinois
|
15.2
|
%
|
|||||
|
Texas
|
12.5
|
%
|
|||||
|
California
|
9.0
|
%
|
|||||
|
Michigan
|
5.3
|
%
|
|||||
|
Colorado
|
4.3
|
%
|
|||||
|
Ohio
|
4.3
|
%
|
|||||
|
South Carolina
|
3.5
|
%
|
|||||
|
New Jersey
|
3.1
|
%
|
|||||
|
Florida
|
2.8
|
%
|
|||||
|
New York
|
2.7
|
%
|
|||||
|
Arizona
|
2.6
|
%
|
|||||
|
Tennessee
|
2.6
|
%
|
|||||
|
Puerto Rico
|
2.4
|
%
|
|||||
|
Pennsylvania
|
2.3
|
%
|
|||||
|
District of Columbia
|
1.9
|
%
|
|||||
|
Indiana
|
1.9
|
%
|
|||||
|
Massachusetts
|
1.8
|
%
|
|||||
|
Missouri
|
1.7
|
%
|
|||||
|
Washington
|
1.5
|
%
|
|||||
|
Nevada
|
1.5
|
%
|
|||||
|
Alaska
|
1.4
|
%
|
|||||
|
North Carolina
|
1.4
|
%
|
|||||
|
Other
|
14.3
|
%
|
|||||
|
Portfolio Composition3
|
|||||||
|
(as a % of total investments)
|
|||||||
|
Health Care
|
22.0
|
%
|
|||||
|
Tax Obligation/Limited
|
18.9
|
%
|
|||||
|
Tax Obligation/General
|
14.1
|
%
|
|||||
|
Transportation
|
12.7
|
%
|
|||||
|
U.S. Guaranteed
|
7.1
|
%
|
|||||
|
Utilities
|
7.1
|
%
|
|||||
|
Consumer Staples
|
6.9
|
%
|
|||||
|
Other
|
11.2
|
%
|
|||||
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
|
|
|
1
|
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
|
2
|
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S.Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
|
|
3
|
Holdings are subject to change.
|
|
4
|
The Fund paid shareholders a capital gains distribution in December 2011 of $0.0759 per share.
|
|
16
|
Nuveen Investments
|
|
NQU
|
Nuveen Quality
|
|
|
Performance
|
Income Municipal
|
|
|
OVERVIEW
|
Fund, Inc.
|
|
|
as of April 30, 2012
|
|
Fund Snapshot
|
|||||||
|
Common Share Price
|
$
|
15.28
|
|||||
|
Common Share Net Asset Value (NAV)
|
$
|
15.56
|
|||||
|
Premium/(Discount) to NAV
|
-1.80
|
%
|
|||||
|
Market Yield
|
6.20
|
%
|
|||||
|
Taxable-Equivalent Yield1
|
8.61
|
%
|
|||||
|
Net Assets Applicable to Common Shares ($000)
|
$
|
845,928
|
|||||
|
Leverage
|
|||||||
|
Regulatory Leverage
|
31.47
|
%
|
|||||
|
Effective Leverage
|
35.40
|
%
|
|||||
|
Average Annual Total Returns
|
|||||||
|
(Inception 6/19/91)
|
|||||||
|
On Share Price
|
On NAV
|
||||||
|
6-Month (Cumulative)
|
13.72
|
%
|
11.97
|
%
|
|||
|
1-Year
|
25.47
|
%
|
24.71
|
%
|
|||
|
5-Year
|
6.12
|
%
|
6.55
|
%
|
|||
|
10-Year
|
7.35
|
%
|
6.71
|
%
|
|||
|
States3
|
|||||||
|
(as a % of total investments)
|
|||||||
|
California
|
13.9
|
%
|
|||||
|
Illinois
|
10.0
|
%
|
|||||
|
New York
|
7.2
|
%
|
|||||
|
Puerto Rico
|
6.1
|
%
|
|||||
|
Texas
|
5.4
|
%
|
|||||
|
Nevada
|
4.7
|
%
|
|||||
|
Ohio
|
4.2
|
%
|
|||||
|
Colorado
|
3.8
|
%
|
|||||
|
New Jersey
|
3.6
|
%
|
|||||
|
Michigan
|
3.5
|
%
|
|||||
|
Louisiana
|
3.3
|
%
|
|||||
|
South Carolina
|
3.2
|
%
|
|||||
|
Pennsylvania
|
3.2
|
%
|
|||||
|
Washington
|
2.4
|
%
|
|||||
|
Massachusetts
|
2.2
|
%
|
|||||
|
Indiana
|
2.1
|
%
|
|||||
|
North Carolina
|
2.1
|
%
|
|||||
|
Virginia
|
2.0
|
%
|
|||||
|
Arizona
|
1.9
|
%
|
|||||
|
Missouri
|
1.6
|
%
|
|||||
|
Other
|
13.6
|
%
|
|||||
|
Portfolio Composition3
|
|||||||
|
(as a % of total investments)
|
|||||||
|
Health Care
|
19.3
|
%
|
|||||
|
Tax Obligation/Limited
|
17.0
|
%
|
|||||
|
Transportation
|
14.8
|
%
|
|||||
|
Tax Obligation/General
|
13.6
|
%
|
|||||
|
U.S. Guaranteed
|
13.0
|
%
|
|||||
|
Consumer Staples
|
7.2
|
%
|
|||||
|
Utilities
|
6.4
|
%
|
|||||
|
Other
|
8.7
|
%
|
|||||
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
|
|
|
1
|
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
|
2
|
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
|
|
3
|
Holdings are subject to change.
|
|
4
|
The Fund paid shareholders a capital gains distribution in December 2011 of $0.0335 per share.
|
|
Nuveen Investments
|
17
|
|
NPF
|
Nuveen Premier
|
|
|
Performance
|
Municipal Income
|
|
|
OVERVIEW
|
Fund, Inc.
|
|
|
as of April 30, 2012
|
|
Fund Snapshot
|
|||||||
|
Common Share Price
|
$
|
14.93
|
|||||
|
Common Share Net Asset Value (NAV)
|
$
|
15.25
|
|||||
|
Premium/(Discount) to NAV
|
-2.10
|
%
|
|||||
|
Market Yield
|
6.31
|
%
|
|||||
|
Taxable-Equivalent Yield1
|
8.76
|
%
|
|||||
|
Net Assets Applicable to Common Shares ($000)
|
$
|
303,247
|
|||||
|
Leverage
|
|||||||
|
Regulatory Leverage
|
29.63
|
%
|
|||||
|
Effective Leverage
|
37.06
|
%
|
|||||
|
Average Annual Total Returns
|
|||||||
|
(Inception 12/19/91)
|
|||||||
|
On Share Price
|
On NAV
|
||||||
|
6-Month (Cumulative)
|
10.78
|
%
|
8.88
|
%
|
|||
|
1-Year
|
24.69
|
%
|
19.01
|
%
|
|||
|
5-Year
|
7.45
|
%
|
5.78
|
%
|
|||
|
10-Year
|
6.93
|
%
|
6.36
|
%
|
|||
|
States3
|
|||||||
|
(as a % of total investments)
|
|||||||
|
California
|
11.8
|
%
|
|||||
|
Illinois
|
11.3
|
%
|
|||||
|
New York
|
11.1
|
%
|
|||||
|
Colorado
|
5.6
|
%
|
|||||
|
South Carolina
|
4.8
|
%
|
|||||
|
New Jersey
|
4.6
|
%
|
|||||
|
Texas
|
4.2
|
%
|
|||||
|
Louisiana
|
4.1
|
%
|
|||||
|
Michigan
|
4.0
|
%
|
|||||
|
Minnesota
|
3.4
|
%
|
|||||
|
Arizona
|
3.0
|
%
|
|||||
|
North Carolina
|
2.9
|
%
|
|||||
|
Massachusetts
|
2.7
|
%
|
|||||
|
Washington
|
2.3
|
%
|
|||||
|
Indiana
|
2.1
|
%
|
|||||
|
Georgia
|
1.8
|
%
|
|||||
|
Ohio
|
1.8
|
%
|
|||||
|
Tennessee
|
1.7
|
%
|
|||||
|
Pennsylvania
|
1.4
|
%
|
|||||
|
Nevada
|
1.4
|
%
|
|||||
|
Other
|
14.0
|
%
|
|||||
|
Portfolio Composition3
|
|||||||
|
(as a % of total investments)
|
|||||||
|
Tax Obligation/Limited
|
20.7
|
%
|
|||||
|
U.S. Guaranteed
|
16.3
|
%
|
|||||
|
Transportation
|
14.6
|
%
|
|||||
|
Health Care
|
12.2
|
%
|
|||||
|
Utilities
|
10.2
|
%
|
|||||
|
Tax Obligation/General
|
7.9
|
%
|
|||||
|
Water and Sewer
|
7.8
|
%
|
|||||
|
Other
|
10.3
|
%
|
|||||
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
|
|
|
1
|
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
|
2
|
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
|
|
3
|
Holdings are subject to change.
|
|
18
|
Nuveen Investments
|
|
NMZ
|
Nuveen Municipal
|
|
|
Performance
|
High Income
|
|
|
OVERVIEW
|
Opportunity Fund
|
|
|
as of April 30, 2012
|
|
Fund Snapshot
|
|||||||
|
Common Share Price
|
$
|
13.09
|
|||||
|
Common Share Net Asset Value (NAV)
|
$
|
12.75
|
|||||
|
Premium/(Discount) to NAV
|
2.67
|
%
|
|||||
|
Market Yield
|
6.69
|
%
|
|||||
|
Taxable-Equivalent Yield2
|
9.29
|
%
|
|||||
|
Net Assets Applicable to Common Shares ($000)
|
$
|
363,123
|
|||||
|
Leverage
|
|||||||
|
Regulatory Leverage
|
12.10
|
%
|
|||||
|
Effective Leverage
|
35.38
|
%
|
|||||
|
Average Annual Total Returns
|
|||||||
|
(Inception 11/19/03)
|
|||||||
|
On Share Price
|
On NAV
|
||||||
|
6-Month (Cumulative)
|
15.67
|
%
|
14.24
|
%
|
|||
|
1-Year
|
20.19
|
%
|
29.09
|
%
|
|||
|
5-Year
|
1.80
|
%
|
4.19
|
%
|
|||
|
Since Inception
|
6.16
|
%
|
6.72
|
%
|
|||
|
States1,4
|
|||||||
|
(as a % of total investments)
|
|||||||
|
California
|
14.5
|
%
|
|||||
|
Florida
|
10.2
|
%
|
|||||
|
Illinois
|
8.6
|
%
|
|||||
|
Texas
|
8.6
|
%
|
|||||
|
Arizona
|
5.8
|
%
|
|||||
|
Colorado
|
5.8
|
%
|
|||||
|
Indiana
|
4.0
|
%
|
|||||
|
Wisconsin
|
3.6
|
%
|
|||||
|
Louisiana
|
3.3
|
%
|
|||||
|
Michigan
|
3.3
|
%
|
|||||
|
Nebraska
|
2.6
|
%
|
|||||
|
Washington
|
2.5
|
%
|
|||||
|
Ohio
|
2.4
|
%
|
|||||
|
New Jersey
|
2.3
|
%
|
|||||
|
North Carolina
|
1.9
|
%
|
|||||
|
Tennessee
|
1.8
|
%
|
|||||
|
New York
|
1.7
|
%
|
|||||
|
Pennsylvania
|
1.7
|
%
|
|||||
|
Missouri
|
1.6
|
%
|
|||||
|
Other
|
13.8
|
%
|
|||||
|
Portfolio Composition1,4
|
|||||||
|
(as a % of total investments)
|
|||||||
|
Tax Obligation/Limited
|
24.5
|
%
|
|||||
|
Health Care
|
22.7
|
%
|
|||||
|
Education and Civic Organizations
|
12.0
|
%
|
|||||
|
Utilities
|
7.8
|
%
|
|||||
|
Transportation
|
7.7
|
%
|
|||||
|
Housing/Multifamily
|
6.1
|
%
|
|||||
|
Industrials
|
3.8
|
%
|
|||||
|
Consumer Discretionary
|
3.5
|
%
|
|||||
|
Other
|
11.9
|
%
|
|||||
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
|
|
|
1
|
Excluding investments in derivatives.
|
|
2
|
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
|
3
|
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
|
|
4
|
Holdings are subject to change.
|
|
5
|
The Fund paid shareholders a net ordinary income distribution in December 2011 of $0.0231 per share.
|
|
Nuveen Investments
|
19
|
|
NMD
|
Nuveen Municipal
|
|
|
Performance
|
High Income
|
|
|
OVERVIEW
|
Opportunity Fund 2
|
|
|
as of April 30, 2012
|
|
Fund Snapshot
|
|||||||
|
Common Share Price
|
$
|
12.19
|
|||||
|
Common Share Net Asset Value (NAV)
|
$
|
12.34
|
|||||
|
Premium/(Discount) to NAV
|
-1.22
|
%
|
|||||
|
Market Yield
|
6.45
|
%
|
|||||
|
Taxable-Equivalent Yield2
|
8.96
|
%
|
|||||
|
Net Assets Applicable to Common Shares ($000)
|
$
|
222,516
|
|||||
|
Leverage
|
|||||||
|
Regulatory Leverage
|
13.59
|
%
|
|||||
|
Effective Leverage
|
34.51
|
%
|
|||||
|
Average Annual Total Returns
|
|||||||
|
(Inception 11/15/07)
|
|||||||
|
On Share Price
|
On NAV
|
||||||
|
6-Month (Cumulative)
|
14.61
|
%
|
14.25
|
%
|
|||
|
1-Year
|
21.37
|
%
|
26.17
|
%
|
|||
|
Since Inception
|
3.48
|
%
|
4.97
|
%
|
|||
|
States4
|
|||||||
|
(as a % of total municipal bonds)
|
|||||||
|
California
|
16.8
|
%
|
|||||
|
Illinois
|
11.3
|
%
|
|||||
|
Florida
|
8.0
|
%
|
|||||
|
Colorado
|
7.9
|
%
|
|||||
|
Texas
|
6.1
|
%
|
|||||
|
Washington
|
5.3
|
%
|
|||||
|
Arizona
|
5.0
|
%
|
|||||
|
Indiana
|
3.3
|
%
|
|||||
|
Louisiana
|
3.1
|
%
|
|||||
|
New Jersey
|
3.0
|
%
|
|||||
|
Utah
|
2.9
|
%
|
|||||
|
New York
|
2.7
|
%
|
|||||
|
Missouri
|
2.6
|
%
|
|||||
|
Pennsylvania
|
2.1
|
%
|
|||||
|
Ohio
|
1.7
|
%
|
|||||
|
Nevada
|
1.7
|
%
|
|||||
|
Wisconsin
|
1.6
|
%
|
|||||
|
Other
|
14.9
|
%
|
|||||
|
Portfolio Composition1,4
|
|||||||
|
(as a % of total investments)
|
|||||||
|
Health Care
|
20.9
|
%
|
|||||
|
Tax Obligation/Limited
|
19.9
|
%
|
|||||
|
Education and Civic Organizations
|
16.8
|
%
|
|||||
|
Transportation
|
8.7
|
%
|
|||||
|
Consumer Discretionary
|
5.4
|
%
|
|||||
|
Utilities
|
5.0
|
%
|
|||||
|
Long-Term Care
|
4.7
|
%
|
|||||
|
Consumer Staples
|
4.0
|
%
|
|||||
|
Other
|
14.6
|
%
|
|||||
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
|
|
|
1
|
Excluding investments in derivatives.
|
|
2
|
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
|
3
|
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
|
|
4
|
Holdings are subject to change.
|
|
5
|
The Fund paid shareholders a net ordinary income distribution in December 2011 of $0.0035 per share.
|
|
20
|
Nuveen Investments
|
|
Nuveen Investment Quality Municipal Fund, Inc.
|
||
|
NQM
|
Portfolio of Investments
|
|
|
April 30, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Alabama – 1.5% (1.0% of Total Investments)
|
|||||||||
|
$
|
3,800
|
Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, Series 2006C-2, 5.000%, 11/15/36 (UB)
|
11/16 at 100.00
|
AA+
|
$
|
3,976,396
|
|||
|
Birmingham Special Care Facilities Financing Authority, Alabama, Revenue Bonds, Baptist Health System Inc., Series 2005A:
|
|||||||||
|
1,200
|
5.250%, 11/15/20
|
11/15 at 100.00
|
Baa2
|
1,247,040
|
|||||
|
800
|
5.000%, 11/15/30
|
11/15 at 100.00
|
Baa2
|
797,112
|
|||||
|
1,650
|
Courtland Industrial Development Board, Alabama, Pollution Control Revenue Bonds, International Paper Company, Series 2005A, 5.000%, 6/01/25
|
6/15 at 100.00
|
BBB
|
1,670,576
|
|||||
|
1,000
|
Jefferson County, Alabama, Limited Obligation School Warrants, Education Tax Revenue Bonds, Series 2004A, 5.250%, 1/01/23 – AGM Insured
|
1/14 at 100.00
|
AA
|
986,520
|
|||||
|
8,450
|
Total Alabama
|
8,677,644
|
|||||||
|
Alaska – 0.7% (0.4% of Total Investments)
|
|||||||||
|
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A:
|
|||||||||
|
4,000
|
5.000%, 6/01/32
|
6/14 at 100.00
|
BB–
|
3,436,280
|
|||||
|
500
|
5.000%, 6/01/46
|
6/14 at 100.00
|
BB–
|
380,635
|
|||||
|
4,500
|
Total Alaska
|
3,816,915
|
|||||||
|
Arizona – 2.6% (1.8% of Total Investments)
|
|||||||||
|
650
|
Apache County Industrial Development Authority, Arizona, Pollution Control Revenue Bonds, Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30
|
3/22 at 100.00
|
BBB–
|
655,421
|
|||||
|
1,000
|
Arizona Tourism and Sports Authority, Tax Revenue Bonds, Multipurpose Stadium Facility Project, Series 2003A, 5.000%, 7/01/31 – NPFG Insured
|
7/13 at 100.00
|
A1
|
1,006,820
|
|||||
|
Glendale Industrial Development Authority, Arizona, Revenue Bonds, John C. Lincoln Health Network, Series 2005B:
|
|||||||||
|
200
|
5.250%, 12/01/24
|
12/15 at 100.00
|
BBB
|
206,090
|
|||||
|
265
|
5.250%, 12/01/25
|
12/15 at 100.00
|
BBB
|
271,935
|
|||||
|
2,500
|
Mesa, Arizona, Utility System Revenue Bonds, Tender Option Bond Trust, Series 11032- 11034, 14.779%, 7/01/26 – AGM Insured (IF)
|
7/17 at 100.00
|
Aa2
|
2,744,400
|
|||||
|
5,000
|
Phoenix, Arizona, Civic Improvement Corporation, Senior Lien Airport Revenue Bonds, Series 2008, Trust 1132, 9.033%, 1/01/32 (IF)
|
7/18 at 100.00
|
AA–
|
5,668,100
|
|||||
|
3,450
|
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37
|
No Opt. Call
|
A–
|
3,505,028
|
|||||
|
962
|
Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, Series 2005, 6.000%, 7/01/30
|
7/16 at 100.00
|
N/R
|
873,919
|
|||||
|
14,027
|
Total Arizona
|
14,931,713
|
|||||||
|
Arkansas – 0.6% (0.4% of Total Investments)
|
|||||||||
|
3,290
|
University of Arkansas, Pine Bluff Campus, Revenue Bonds, Series 2005A, 5.000%, 12/01/30 – AMBAC Insured
|
12/15 at 100.00
|
Aa2
|
3,581,132
|
|||||
|
California – 25.0% (17.0% of Total Investments)
|
|||||||||
|
1,500
|
ABAG Finance Authority for Non-Profit Corporations, California, Cal-Mortgage Insured Revenue Bonds, Channing House, Series 2010, 6.000%, 5/15/30
|
5/20 at 100.00
|
A–
|
1,645,605
|
|||||
|
2,250
|
California Educational Facilities Authority, Revenue Bonds, University of Southern California, Series 2005, 4.750%, 10/01/28 (UB)
|
10/15 at 100.00
|
Aa1
|
2,373,638
|
|||||
|
1,000
|
California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2006, 5.000%, 11/01/30
|
11/15 at 100.00
|
A2
|
1,039,510
|
|||||
|
2,500
|
California Health Facilities Financing Authority, Revenue Bonds, Cedars-Sinai Medical Center, Series 2005, 5.000%, 11/15/27
|
11/15 at 100.00
|
AAA
|
2,624,275
|
|
Nuveen Investments
|
21
|
|
Nuveen Investment Quality Municipal Fund, Inc. (continued)
|
||
|
NQM
|
Portfolio of Investments
|
|
| April 30, 2012 (Unaudited) |
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
California (continued)
|
|||||||||
|
$
|
4,285
|
California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanante System, Series 2006, 5.000%, 4/01/37
|
4/16 at 100.00
|
A+
|
$
|
4,425,548
|
|||
|
5,500
|
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.000%, 11/15/42 (UB)
|
11/16 at 100.00
|
AA–
|
5,699,650
|
|||||
|
810
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009-I, 6.375%, 11/01/34
|
11/19 at 100.00
|
A2
|
947,360
|
|||||
|
1,500
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2010A-1, 5.750%, 3/01/30
|
3/20 at 100.00
|
A2
|
1,669,140
|
|||||
|
California State, General Obligation Bonds, Various Purpose Series 2010:
|
|||||||||
|
2,100
|
5.250%, 3/01/30
|
3/20 at 100.00
|
A1
|
2,335,410
|
|||||
|
3,000
|
5.500%, 3/01/40
|
3/20 at 100.00
|
A1
|
3,335,160
|
|||||
|
California Statewide Communities Development Authority, Revenue Bonds, American Baptist Homes of the West, Series 2010:
|
|||||||||
|
900
|
6.000%, 10/01/29
|
10/19 at 100.00
|
BBB+
|
972,243
|
|||||
|
1,030
|
6.250%, 10/01/39
|
10/19 at 100.00
|
BBB+
|
1,092,892
|
|||||
|
1,055
|
California Statewide Communities Development Authority, School Facility Revenue Bonds, Aspire Public Schools, Series 2010, 6.000%, 7/01/40
|
1/19 at 100.00
|
BBB
|
1,117,804
|
|||||
|
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A:
|
|||||||||
|
1,000
|
5.250%, 7/01/30
|
7/15 at 100.00
|
BBB
|
1,013,750
|
|||||
|
2,000
|
5.000%, 7/01/39
|
7/15 at 100.00
|
BBB
|
1,998,380
|
|||||
|
1,390
|
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3175, 13.558%, 5/15/14 (IF)
|
No Opt. Call
|
AA–
|
1,909,123
|
|||||
|
1,900
|
Chula Vista, California, Industrial Development Revenue Bonds, San Diego Gas and Electric Company, Series 1996A, 5.300%, 7/01/21
|
6/14 at 102.00
|
A+
|
2,022,094
|
|||||
|
2,530
|
Commerce Joint Power Financing Authority, California, Tax Allocation Bonds, Redevelopment Projects 2 and 3, Refunding Series 2003A, 5.000%, 8/01/28 – RAAI Insured
|
8/13 at 100.00
|
BBB
|
2,530,708
|
|||||
|
145
|
Commerce Joint Power Financing Authority, California, Tax Allocation Bonds, Redevelopment Projects 2 and 3, Refunding Series 2003A, 5.000%, 8/01/28 (Pre-refunded 8/01/13) – RAAI Insured
|
8/13 at 100.00
|
N/R (4)
|
153,568
|
|||||
|
1,000
|
Davis Redevelopment Agency, California, Tax Allocation Bonds, Davis Redevelopment Project, Subordinate Series 2011A, 7.000%, 12/01/36
|
12/21 at 100.00
|
A+
|
1,179,630
|
|||||
|
1,500
|
Gavilan Joint Community College District, Santa Clara and San Benito Counties, California, General Obligation Bonds, Election of 2004 Series 2011D, 5.750%, 8/01/35
|
8/21 at 100.00
|
Aa2
|
1,775,775
|
|||||
|
2,000
|
Glendale Redevelopment Agency, California, Central Glendale Redevelopment Project, Tax Allocation Bonds, Series 2010, 5.500%, 12/01/24
|
12/16 at 100.00
|
A
|
2,097,400
|
|||||
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
|
|||||||||
|
3,000
|
5.000%, 6/01/33
|
6/17 at 100.00
|
BB–
|
2,368,530
|
|||||
|
1,000
|
5.750%, 6/01/47
|
6/17 at 100.00
|
BB–
|
824,040
|
|||||
|
610
|
5.125%, 6/01/47
|
6/17 at 100.00
|
BB–
|
453,724
|
|||||
|
9,740
|
Huntington Park Redevelopment Agency, California, Single Family Residential Mortgage Revenue Refunding Bonds, Series 1986A, 8.000%, 12/01/19 (ETM)
|
No Opt. Call
|
Aaa
|
14,496,529
|
|||||
|
400
|
Jurupa Public Financing Authority, California, Superior Lien Revenue Bonds, Series 2010A, 5.000%, 9/01/33
|
9/20 at 100.00
|
AA–
|
423,588
|
|||||
|
500
|
Madera County, California, Certificates of Participation, Children’s Hospital Central California, Series 2010, 5.375%, 3/15/36
|
3/20 at 100.00
|
A+
|
520,805
|
|||||
|
6,215
|
Marinez Unified School District, Contra Costa County, California, General Obligation Bonds, Series 2011, 0.000%, 8/01/31
|
8/24 at 100.00
|
AA–
|
6,178,083
|
|||||
|
2,700
|
M-S-R Energy Authority, California, Gas Revenue Bonds, Series 2009A, 7.000%, 11/01/34
|
No Opt. Call
|
A
|
3,450,627
|
|||||
|
1,030
|
Natomas Union School District, Sacramento County, California, General Obligation Refunding Bonds, Series 1999, 5.950%, 9/01/21 – NPFG Insured
|
No Opt. Call
|
BBB+
|
1,156,196
|
|||||
|
15,770
|
Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue Refunding Bonds, Redevelopment Project 1, Series 1995, 7.400%, 8/01/25 – NPFG Insured
|
No Opt. Call
|
BBB
|
19,388,269
|
|
22
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
California (continued)
|
|||||||||
|
$
|
1,265
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.750%, 11/01/39
|
11/19 at 100.00
|
Baa3
|
$
|
1,381,835
|
|||
|
1,875
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 5.250%, 11/01/21
|
11/20 at 100.00
|
Baa3
|
2,023,313
|
|||||
|
13,145
|
Perris, California, GNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue Bonds, Series 1988B, 8.200%, 9/01/23 (Alternative Minimum Tax) (ETM)
|
No Opt. Call
|
Aaa
|
19,848,819
|
|||||
|
2,500
|
Petaluma, Sonoma County, California, Wastewater Revenue Bonds, Refunding Series 2011, 5.500%, 5/01/32
|
5/21 at 100.00
|
AA–
|
2,826,575
|
|||||
|
3,415
|
Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical Center, Series 2004, 5.875%, 7/01/26 (Pre-refunded 7/01/14)
|
7/14 at 100.00
|
Baa2 (4)
|
3,825,961
|
|||||
|
San Diego County, California, Certificates of Participation, Burnham Institute, Series 2006:
|
|||||||||
|
250
|
5.000%, 9/01/21
|
9/15 at 102.00
|
Baa3
|
259,823
|
|||||
|
275
|
5.000%, 9/01/23
|
9/15 at 102.00
|
Baa3
|
281,441
|
|||||
|
660
|
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2009C, 6.500%, 8/01/39
|
8/19 at 100.00
|
A–
|
749,813
|
|||||
|
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A:
|
|||||||||
|
6,175
|
0.000%, 1/15/28 – NPFG Insured
|
No Opt. Call
|
BBB
|
2,233,436
|
|||||
|
8,135
|
0.000%, 1/15/34 – NPFG Insured
|
No Opt. Call
|
BBB
|
1,959,071
|
|||||
|
17,195
|
0.000%, 1/15/35 – NPFG Insured
|
No Opt. Call
|
BBB
|
3,833,109
|
|||||
|
660
|
Santee Community Development Commission, California, Santee Redevelopment Project Tax Allocation Bonds, Series 2011A, 7.000%, 8/01/31
|
2/21 at 100.00
|
A
|
756,868
|
|||||
|
1,000
|
Union City Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project, Subordinate Lien Series 2011, 6.375%, 12/01/23
|
12/21 at 100.00
|
A
|
1,152,980
|
|||||
|
3,185
|
University of California, General Revenue Bonds, Series 2005G, 4.750%, 5/15/31 – NPFG Insured
|
5/13 at 101.00
|
Aa1
|
3,319,120
|
|||||
|
3,750
|
Wiseburn School District, Los Angeles County, California, General Obligation Bonds, Series 2011B, 0.000%, 8/01/36 – AGM Insured
|
8/31 at 100.00
|
AA–
|
1,994,325
|
|||||
|
4,000
|
Yuba Community College District, California, General Obligation Bonds, Election 2006 Series 2011C, 5.250%, 8/01/47
|
8/21 at 100.00
|
Aa2
|
4,386,840
|
|||||
|
149,345
|
Total California
|
144,052,383
|
|||||||
|
Colorado – 4.6% (3.1% of Total Investments)
|
|||||||||
|
1,250
|
Colorado Educational and Cultural Facilities Authority, Revenue and Refunding Bonds, University Corporation for Atmospheric Research Project, Series 2012B, 0.000%, 9/01/22 (WI/DD, Settling 5/10/12)
|
No Opt. Call
|
A+
|
1,329,963
|
|||||
|
1,465
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, American Baptist Homes Project, Series 2009A, 7.750%, 8/01/39
|
8/19 at 100.00
|
N/R
|
1,539,144
|
|||||
|
2,500
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2011A, 5.000%, 2/01/41
|
2/21 at 100.00
|
AA
|
2,670,550
|
|||||
|
625
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Total Longterm Care National Obligated Group Project, Series 2010A, 6.000%, 11/15/30
|
11/20 at 100.00
|
BBB–
|
687,838
|
|||||
|
14,500
|
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%, 3/01/36 – NPFG Insured
|
9/20 at 41.72
|
BBB
|
3,279,030
|
|||||
|
500
|
Eagle County Air Terminal Corporation, Colorado, Airport Terminal Project Revenue Bonds, Refunding Series 2011A, 5.500%, 5/01/22 (Alternative Minimum Tax)
|
5/21 at 100.00
|
Baa2
|
517,980
|
|||||
|
2,000
|
Meridian Metropolitan District, Douglas County, Colorado, General Obligation Refunding Bonds, Series 2011A, 5.000%, 12/01/41
|
12/21 at 100.00
|
A
|
2,076,300
|
|||||
|
4,055
|
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Refunding Bonds, Series 2011, 6.125%, 12/01/41 – AGM Insured
|
12/20 at 100.00
|
AA–
|
4,620,470
|
|||||
|
3,000
|
Park Creek Metropolitan District, Colorado, Senior Property Tax Supported Revenue Bonds, Series 2009, 6.250%, 12/01/30 – AGC Insured
|
12/19 at 100.00
|
AA–
|
3,535,530
|
|||||
|
650
|
Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs Utilities, Series 2008, 6.500%, 11/15/38
|
No Opt. Call
|
A
|
806,813
|
|
Nuveen Investments
|
23
|
|
Nuveen Investment Quality Municipal Fund, Inc. (continued)
|
||
|
NQM
|
Portfolio of Investments
|
|
|
April 30, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Colorado (continued)
|
|||||||||
|
$
|
2,365
|
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010, 6.000%, 1/15/41
|
7/20 at 100.00
|
Baa3
|
$
|
2,594,973
|
|||
|
Ute Water Conservancy District, Mesa County, Colorado, Water Revenue Bonds, Refunding Series 2012:
|
|||||||||
|
1,370
|
4.250%, 6/15/27
|
6/22 at 100.00
|
AA
|
1,504,726
|
|||||
|
1,430
|
4.250%, 6/15/28
|
6/22 at 100.00
|
AA
|
1,554,424
|
|||||
|
35,710
|
Total Colorado
|
26,717,741
|
|||||||
|
Connecticut – 1.2% (0.8% of Total Investments)
|
|||||||||
|
3,430
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Sacred Heart University, Series 2012H, 5.000%, 7/01/24 – AGM Insured
|
7/22 at 100.00
|
AA–
|
3,871,578
|
|||||
|
2,500
|
Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue Bonds, Harbor Point Project, Series 2010A, 7.875%, 4/01/39
|
4/20 at 100.00
|
N/R
|
2,789,050
|
|||||
|
5,930
|
Total Connecticut
|
6,660,628
|
|||||||
|
District of Columbia – 6.3% (4.2% of Total Investments)
|
|||||||||
|
23,745
|
District of Columbia Water and Sewerage Authority, Public Utility Revenue Bonds, Series 1998, 5.500%, 10/01/23 – AGM Insured (UB)
|
No Opt. Call
|
AA+
|
31,072,470
|
|||||
|
3,000
|
District of Columbia, General Obligation Bonds, Series 1998B, 6.000%, 6/01/16 – NPFG Insured
|
No Opt. Call
|
Aa2
|
3,596,670
|
|||||
|
1,200
|
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1606, 11.096%, 10/01/30 – AMBAC Insured (IF)
|
10/16 at 100.00
|
AA+
|
1,331,916
|
|||||
|
27,945
|
Total District of Columbia
|
36,001,056
|
|||||||
|
Florida – 7.8% (5.3% of Total Investments)
|
|||||||||
|
1,000
|
Board of Regents, Florida State University, Housing Facility Revenue Bonds, Series 2005A, 5.000%, 5/01/27 – NPFG Insured
|
5/15 at 101.00
|
AA
|
1,089,130
|
|||||
|
3,730
|
Brevard County Health Facilities Authority, Florida, Revenue Bonds, Health First Inc. Project, Series 2005, 5.000%, 4/01/24
|
4/16 at 100.00
|
A–
|
3,891,173
|
|||||
|
250
|
Brevard County Health Facilities Authority, Florida, Revenue Bonds, Health First Inc. Project, Series 2009B, 7.000%, 4/01/39
|
4/19 at 100.00
|
A–
|
292,545
|
|||||
|
3,000
|
Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 – AGM Insured
|
10/21 at 100.00
|
AA–
|
3,241,980
|
|||||
|
1,150
|
Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Nova Southeastern University, Refunding Series 2011, 6.375%, 4/01/31
|
4/21 at 100.00
|
BBB+
|
1,275,707
|
|||||
|
1,000
|
Habitat Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2004, 5.850%, 5/01/35
|
5/14 at 101.00
|
N/R
|
990,020
|
|||||
|
13,000
|
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport Hub, Series 2007B, 4.500%, 10/01/31 – NPFG Insured
|
10/17 at 100.00
|
A2
|
13,316,680
|
|||||
|
4,000
|
North Sumter County Utility Dependent District, Florida, Utility Revenue Bonds, Series 2010, 5.375%, 10/01/40
|
10/20 at 100.00
|
AA–
|
4,343,560
|
|||||
|
3,000
|
Northern Palm Beach County Improvement District, Florida, Revenue Bonds, Water Control and Improvement Development Unit 46B, Series 2007A, 5.350%, 8/01/41
|
8/17 at 100.00
|
N/R
|
2,810,670
|
|||||
|
2,885
|
Old Palm Community Development District, Florida, Special Assessment Bonds, Palm Beach Gardens, Series 2004A, 5.900%, 5/01/35
|
5/15 at 101.00
|
N/R
|
2,849,255
|
|||||
|
5,895
|
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Series 2007, 5.000%, 8/15/42 (UB)
|
8/17 at 100.00
|
AA
|
6,134,750
|
|||||
|
1,380
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006, 5.400%, 5/01/37
|
5/14 at 101.00
|
BB
|
1,163,188
|
|||||
|
1,000
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2007, 6.650%, 5/01/40 (5)
|
5/18 at 100.00
|
N/R
|
427,120
|
|||||
|
1,700
|
Westchester Community Development District 1, Florida, Special Assessment Bonds, Series 2003, 6.000%, 5/01/23
|
5/13 at 101.00
|
N/R
|
1,694,322
|
|||||
|
1,230
|
Wyndam Park Community Development District, Florida, Special Assessment Bonds,Series 2003, 6.375%, 5/01/34
|
5/13 at 101.00
|
A
|
1,266,150
|
|||||
|
44,220
|
Total Florida
|
44,786,250
|
|
24
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Georgia – 2.0% (1.4% of Total Investments)
|
|||||||||
|
$
|
995
|
Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A. Remarketed, 7.500%, 1/01/31
|
1/19 at 100.00
|
N/R
|
$
|
1,119,504
|
|||
|
1,510
|
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.250%, 11/01/34 – AGM Insured
|
11/19 at 100.00
|
AA–
|
1,687,803
|
|||||
|
2,000
|
Dalton Development Authority, Georgia, Revenue Certificates, Hamilton Health Care System Inc., Series 1996, 5.500%, 8/15/26 – NPFG Insured
|
No Opt. Call
|
BBB
|
2,218,600
|
|||||
|
2,500
|
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010A, 5.000%, 2/15/30
|
2/20 at 100.00
|
A
|
2,661,500
|
|||||
|
2,250
|
Georgia Municipal Electric Authority, Project One Special Obligation Bonds, Fourth Crossover Series 1997E, 6.500%, 1/01/20
|
No Opt. Call
|
A+
|
2,669,670
|
|||||
|
1,160
|
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, Series Series 2012A, 5.250%, 10/01/27
|
10/21 at 100.00
|
Baa2
|
1,230,725
|
|||||
|
10,415
|
Total Georgia
|
11,587,802
|
|||||||
|
Guam – 0.4% (0.3% of Total Investments)
|
|||||||||
|
765
|
Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.000%, 1/01/31
|
1/22 at 100.00
|
A
|
842,242
|
|||||
|
1,770
|
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2010, 5.625%, 7/01/40
|
7/20 at 100.00
|
Ba2
|
1,776,390
|
|||||
|
2,535
|
Total Guam
|
2,618,632
|
|||||||
|
Idaho – 0.7% (0.5% of Total Investments)
|
|||||||||
|
2,570
|
Idaho Housing and Finance Association, Single Family Mortgage Revenue Bonds, Series 2009BI, 5.650%, 7/01/26
|
7/19 at 100.00
|
A1
|
2,775,369
|
|||||
|
1,145
|
Idaho Water Resource Board, Water Resource Loan Program Revenue, Ground Water Rights Mitigation Series 2012A, 4.750%, 9/01/26
|
9/22 at 100.00
|
Baa1
|
1,187,376
|
|||||
|
3,715
|
Total Idaho
|
3,962,745
|
|||||||
|
Illinois – 12.2% (8.3% of Total Investments)
|
|||||||||
|
4,775
|
Chicago Public Building Commission, Illinois, General Obligation Lease Bonds, Chicago Transit Authority, Series 2003, 5.250%, 3/01/23
(Pre-refunded 3/01/13) – AMBAC Insured |
3/13 at 100.00
|
N/R (4)
|
4,972,112
|
|||||
|
3,005
|
Chicago, Illinois, Certificates of Participation Tax Increment Revenue Notes, Fullerton/Milwaukee Redevelopment Project, Series 2011A, 6.830%, 3/15/24
|
3/17 at 100.00
|
Baa1
|
3,209,954
|
|||||
|
3,150
|
Chicago, Illinois, Sales Tax Revenue Bonds, Series 2011A, 5.000%, 1/01/41
|
1/22 at 100.00
|
AAA
|
3,433,343
|
|||||
|
500
|
Illinois Finance Authority, Revenue Bonds, Admiral at Lake Project, Series 2010A, 7.750%, 5/15/30
|
5/20 at 100.00
|
N/R
|
521,650
|
|||||
|
500
|
Illinois Finance Authority, Revenue Bonds, Admiral at Lake Project, Temps 75 Series 2010D-1, 7.000%, 5/15/18
|
11/12 at 100.00
|
N/R
|
502,000
|
|||||
|
1,125
|
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, 11/01/39
|
11/19 at 100.00
|
AA
|
1,233,068
|
|||||
|
1,000
|
Illinois Finance Authority, Revenue Bonds, Elmhurst Memorial Healthcare, Series 2008A, 5.625%, 1/01/37
|
1/18 at 100.00
|
A–
|
1,044,740
|
|||||
|
1,000
|
Illinois Finance Authority, Revenue Bonds, Little Company of Mary Hospital and Health Care Centers, Series 2010, 5.375%, 8/15/40
|
8/15 at 105.00
|
A+
|
1,052,500
|
|||||
|
975
|
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 6.000%, 5/15/39
|
5/20 at 100.00
|
A
|
1,096,183
|
|||||
|
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2004:
|
|||||||||
|
2,500
|
5.250%, 11/15/21
|
5/14 at 100.00
|
A
|
2,593,000
|
|||||
|
1,000
|
5.250%, 11/15/22
|
5/14 at 100.00
|
A
|
1,033,560
|
|||||
|
2,000
|
Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2010C, 5.125%, 5/15/35
|
5/20 at 100.00
|
AA–
|
2,099,340
|
|||||
|
395
|
Illinois Finance Authority, Revenue Bonds, Proctor Hospital, Series 2006, 5.125%, 1/01/25
|
1/16 at 100.00
|
BB+
|
365,924
|
|||||
|
1,000
|
Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34
|
8/19 at 100.00
|
BBB+
|
1,267,300
|
|
Nuveen Investments
|
25
|
|
Nuveen Investment Quality Municipal Fund, Inc. (continued)
|
||
|
NQM
|
Portfolio of Investments
|
|
|
April 30, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Illinois (continued)
|
|||||||||
|
$
|
1,120
|
Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2009C, 6.625%, 11/01/39
|
5/19 at 100.00
|
A2
|
$
|
1,375,035
|
|||
|
1,000
|
Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A, 5.500%, 8/01/37
|
8/17 at 100.00
|
BBB
|
1,028,110
|
|||||
|
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2009:
|
|||||||||
|
2,000
|
6.875%, 8/15/38
|
8/19 at 100.00
|
BBB+
|
2,216,280
|
|||||
|
3,000
|
7.000%, 8/15/44
|
8/19 at 100.00
|
BBB+
|
3,337,380
|
|||||
|
1,000
|
Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc., Series 2005 Remarketed, 5.250%, 3/01/30 – AGM Insured
|
3/20 at 100.00
|
AA–
|
1,100,620
|
|||||
|
1,400
|
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2009B, 5.000%, 8/15/26
|
8/20 at 100.00
|
AA–
|
1,561,560
|
|||||
|
3,000
|
Illinois Finance Authority, Revenue Refunding Bonds, Resurrection Health Care Corporation, Series 2009, 6.125%, 5/15/25
|
5/19 at 100.00
|
BBB+
|
3,393,120
|
|||||
|
Illinois Health Facilities Authority, Revenue Refunding Bonds, Elmhurst Memorial Healthcare, Series 2002:
|
|||||||||
|
4,000
|
5.500%, 1/01/22
|
1/13 at 100.00
|
A–
|
4,105,120
|
|||||
|
765
|
5.625%, 1/01/28
|
1/13 at 100.00
|
A–
|
772,757
|
|||||
|
Illinois State, General Obligation Bonds, Series 2012A:
|
|||||||||
|
5,395
|
4.000%, 1/01/26
|
1/22 at 100.00
|
A+
|
5,386,314
|
|||||
|
225
|
5.000%, 3/01/37
|
3/22 at 100.00
|
A+
|
236,498
|
|||||
|
1,430
|
Illinois State, Sales Tax Revenue Bonds, Build Illinois Series 2011, 3.750%, 6/15/25
|
6/21 at 100.00
|
AAA
|
1,490,275
|
|||||
|
1,510
|
Macon County School District 61 Decatur, Illinois, General Obligation Bonds, Series 2011A, 5.250%, 1/01/39 – AGM Insured
|
1/21 at 100.00
|
Aa3
|
1,656,908
|
|||||
|
1,830
|
Madison County Community Unit School District 7, Edwardsville, Illinois, School Building Bonds, Series 1994, 5.850%, 2/01/13 – FGIC Insured (ETM)
|
No Opt. Call
|
N/R (4)
|
1,899,503
|
|||||
|
1,000
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1, 5.000%, 6/15/50
|
6/20 at 100.00
|
AAA
|
1,043,340
|
|||||
|
6,015
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place Expansion Project, Series 1996A, 0.000%, 12/15/21 – NPFG Insured
|
No Opt. Call
|
AA–
|
4,170,621
|
|||||
|
Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010:
|
|||||||||
|
1,550
|
5.250%, 6/01/21
|
No Opt. Call
|
A
|
1,764,815
|
|||||
|
4,000
|
6.250%, 6/01/24
|
6/16 at 100.00
|
A–
|
4,500,400
|
|||||
|
800
|
6.000%, 6/01/28
|
6/21 at 100.00
|
A–
|
909,424
|
|||||
|
Will County High School District 204, Joliet, Illinois, General Obligation Bonds, Series 2001:
|
|||||||||
|
1,145
|
8.700%, 12/01/13 – AGM Insured
|
No Opt. Call
|
AA
|
1,286,064
|
|||||
|
1,300
|
8.700%, 12/01/14 – AGM Insured
|
No Opt. Call
|
AA
|
1,553,240
|
|||||
|
1,180
|
Will County School District 17, Channahon, Illinois, General Obligation School Building Bonds, Series 2001, 8.400%, 12/01/13 – AMBAC Insured
|
No Opt. Call
|
Aa3
|
1,305,399
|
|||||
|
67,590
|
Total Illinois
|
70,517,457
|
|||||||
|
Indiana – 1.4% (0.9% of Total Investments)
|
|||||||||
|
1,555
|
Indiana Finance Authority, Educational Facilities Refunding Revenue Bonds, Butler University Project, Series 2012B, 5.000%, 2/01/28
|
2/22 at 100.00
|
BBB+
|
1,651,690
|
|||||
|
1,050
|
Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For Educational Excellence, Inc., Series 2009A, 7.000%, 10/01/39
|
10/19 at 100.00
|
BBB–
|
1,143,503
|
|||||
|
1,500
|
Indiana Finance Authority, Hospital Refunding Revenue Bonds, Floyd Memorial Hospital and Health Services Project, Series 2010, 5.125%, 3/01/30
|
3/20 at 100.00
|
A–
|
1,572,855
|
|||||
|
St. Joseph County Hospital Authority, Indiana, Revenue Bonds, Madison Center Inc., Series 2005:
|
|||||||||
|
1,550
|
5.250%, 2/15/23 (5)
|
2/15 at 100.00
|
N/R
|
221,418
|
|||||
|
2,500
|
5.375%, 2/15/34 (5)
|
2/15 at 100.00
|
N/R
|
357,125
|
|||||
|
2,765
|
Wayne County Jail Holding Corporation, Indiana, First Mortgage Bonds, Series 2001, 5.750%, 7/15/14 (Pre-refunded 1/15/13) – AMBAC Insured
|
1/13 at 101.00
|
A1 (4)
|
2,901,038
|
|||||
|
10,920
|
Total Indiana
|
7,847,629
|
|
26
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Iowa – 1.7% (1.2% of Total Investments)
|
|||||||||
|
$
|
3,000
|
Iowa Student Loan Liquidity Corporation, Student Loan Revenue Bonds, Refunding Series 2009-2, 5.500%, 12/01/25
|
12/19 at 100.00
|
A1
|
$
|
3,289,770
|
|||
|
8,000
|
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.500%, 6/01/42
|
6/15 at 100.00
|
B+
|
6,535,520
|
|||||
|
11,000
|
Total Iowa
|
9,825,290
|
|||||||
|
Kansas – 1.4% (1.0% of Total Investments)
|
|||||||||
|
1,240
|
Johnson and Miami Counties Unified School District 230, Kansas, General Obligation Bonds, Series 2011A, 5.000%, 9/01/26
|
9/21 at 100.00
|
Aa3
|
1,451,048
|
|||||
|
1,000
|
Kansas Development Finance Authority, Health Facilities Revenue Bonds, Hays Medical Center Inc., Series 2005L, 5.000%, 11/15/22
|
11/15 at 100.00
|
A2
|
1,059,770
|
|||||
|
600
|
Overland Park Transportation Development District, Kansas, Sales Tax Revenue Bonds, Oak Park Mall Project, Series 2010, 5.900%, 4/01/32
|
4/20 at 100.00
|
BBB
|
654,792
|
|||||
|
235
|
Sedgwick and Shawnee Counties, Kansas, GNMA Mortgage-Backed Securities Program Single Family Revenue Bonds, Series 1997A-1, 6.950%, 6/01/29 (Alternative Minimum Tax)
|
No Opt. Call
|
Aaa
|
237,160
|
|||||
|
2,225
|
Topeka, Kansas, Industrial Revenue Refunding Bonds, Sunwest Hotel Corporation, Series 1988, 9.500%, 10/01/16 (Pre-refunded 8/15/16) (Alternative Minimum Tax)
|
8/16 at 100.00
|
AA+ (4)
|
2,668,064
|
|||||
|
2,980
|
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital Appreciation Revenue Bonds Redevelopment Project Area B – Major Multi-Sport Athletic Complex Project, Subordinate Lien Series 2010B, 0.000%, 6/01/21
|
No Opt. Call
|
BBB
|
2,015,940
|
|||||
|
8,280
|
Total Kansas
|
8,086,774
|
|||||||
|
Kentucky – 1.8% (1.2% of Total Investments)
|
|||||||||
|
2,000
|
Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro Medical Health System, Series 2010A, 6.000%, 6/01/30
|
6/20 at 100.00
|
BBB+
|
2,264,360
|
|||||
|
2,010
|
Louisville and Jefferson County Metropolitan Government, Kentucky, Industrial Building Revenue Bonds, Sisters of Mercy of the Americas, Series 2006, 5.000%, 10/01/35
|
10/16 at 100.00
|
A+
|
2,072,129
|
|||||
|
5,000
|
Pikeville, Kentucky, Hospital Revenue Bonds, Pikeville Medical Center, Inc. Project, Improvement and Refunding Series 2011, 6.250%, 3/01/31
|
3/21 at 100.00
|
A3
|
5,844,350
|
|||||
|
9,010
|
Total Kentucky
|
10,180,839
|
|||||||
|
Louisiana – 1.9% (1.3% of Total Investments)
|
|||||||||
|
380
|
East Baton Rouge Mortgage Finance Authority, Louisiana, GNMA/FNMA Mortgage-Backed Securities Program Family Mortgage Revenue Refunding Bonds, Series 1997D, 5.900%, 10/01/30 (Alternative Minimum Tax)
|
10/12 at 100.00
|
Aaa
|
393,832
|
|||||
|
1,800
|
Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Refunding Series 2012, 5.000%, 6/01/24 – AGM Insured
|
6/22 at 100.00
|
AA–
|
2,051,208
|
|||||
|
1,380
|
Louisiana Local Government Environment Facilities and Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Projects, Series 2009A, 6.500%, 8/01/29
|
8/20 at 100.00
|
BBB–
|
1,574,014
|
|||||
|
1,000
|
Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Project, Series 2007, 6.750%, 11/01/32
|
11/17 at 100.00
|
BBB–
|
1,103,020
|
|||||
|
3,000
|
Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our Lady Health System, Series 2005A, 5.250%, 8/15/31
|
8/15 at 100.00
|
A+
|
3,075,750
|
|||||
|
2,500
|
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A, 5.500%, 5/15/47
|
5/17 at 100.00
|
Baa1
|
2,564,200
|
|||||
|
10,060
|
Total Louisiana
|
10,762,024
|
|||||||
|
Maine – 0.7% (0.5% of Total Investments)
|
|||||||||
|
2,000
|
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, MaineGeneral Medical Center, Series 2011, 6.750%, 7/01/36
|
7/21 at 100.00
|
Baa3
|
2,254,740
|
|||||
|
1,665
|
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Series 2010A, 5.000%, 7/01/40
|
7/20 at 100.00
|
AA
|
1,773,392
|
|||||
|
3,665
|
Total Maine
|
4,028,132
|
|
Nuveen Investments
|
27
|
|
Nuveen Investment Quality Municipal Fund, Inc. (continued)
|
||
|
NQM
|
Portfolio of Investments
|
|
|
April 30, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Maryland – 0.6% (0.4% of Total Investments)
|
|||||||||
|
$
|
515
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Patterson Park Public Charter School Issue, Series 2010, 6.000%, 7/01/40
|
7/20 at 100.00
|
BBB
|
$
|
527,896
|
|||
|
2,500
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health, Series 2004, 5.375%, 8/15/24
|
8/14 at 100.00
|
A2
|
2,673,350
|
|||||
|
3,015
|
Total Maryland
|
3,201,246
|
|||||||
|
Massachusetts – 3.1% (2.1% of Total Investments)
|
|||||||||
|
4,600
|
Massachusetts Development Financing Authority, Assisted Living Revenue Bonds, Prospect House Apartments, Series 1999, 7.000%, 12/01/31
|
6/12 at 100.00
|
N/R
|
4,500,502
|
|||||
|
1,900
|
Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Suffolk University Issue, Series 2009A, 5.750%, 7/01/39
|
7/19 at 100.00
|
BBB
|
2,066,478
|
|||||
|
2,030
|
Massachusetts Industrial Finance Agency, Resource Recovery Revenue Refunding Bonds, Ogden Haverhill Project, Series 1998A, 5.600%, 12/01/19 (Alternative Minimum Tax)
|
6/12 at 100.00
|
A–
|
2,037,470
|
|||||
|
5,100
|
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A, 5.000%, 8/15/23 – AGM Insured (UB)
|
8/15 at 100.00
|
AA+
|
5,764,173
|
|||||
|
3,120
|
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 – AGM Insured (UB) (6)
|
2/17 at 100.00
|
AA+
|
3,212,477
|
|||||
|
16,750
|
Total Massachusetts
|
17,581,100
|
|||||||
|
Michigan – 3.7% (2.5% of Total Investments)
|
|||||||||
|
2,500
|
Detroit, Michigan, Distributable State Aid General Obligation Bonds, Limited Tax Series 2010, 5.000%, 11/01/30
|
11/20 at 100.00
|
AA
|
2,694,575
|
|||||
|
10,215
|
Detroit, Michigan, Water Supply System Revenue Refunding Bonds, Series 1993, 6.500%, 7/01/15 – FGIC Insured
|
No Opt. Call
|
A+
|
11,268,167
|
|||||
|
1,350
|
Michigan State Building Authority, Revenue Bonds, Facilities Program, Series 2005II, 5.000%, 10/15/22 – AMBAC Insured
|
10/15 at 100.00
|
Aa3
|
1,497,231
|
|||||
|
3,240
|
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2009, 5.750%, 11/15/39
|
11/19 at 100.00
|
A1
|
3,560,598
|
|||||
|
1,635
|
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A, 5.000%, 12/01/31 (UB)
|
12/16 at 100.00
|
Aa2
|
1,711,551
|
|||||
|
365
|
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A, 5.000%, 12/01/31 (Pre-refunded 12/01/16) (UB)
|
12/16 at 100.00
|
N/R (4)
|
433,441
|
|||||
|
340
|
Monroe County Hospital Finance Authority, Michigan, Mercy Memorial Hospital Corporation Revenue Bonds, Series 2006, 5.500%, 6/01/35
|
6/16 at 100.00
|
BBB
|
343,383
|
|||||
|
19,645
|
Total Michigan
|
21,508,946
|
|||||||
|
Minnesota – 3.8% (2.6% of Total Investments)
|
|||||||||
|
2,750
|
Cohasset, Minnesota, Pollution Control Revenue Bonds, Allete Inc., Series 2004, 4.950%, 7/01/22
|
7/14 at 100.00
|
A2
|
2,861,953
|
|||||
|
5,000
|
Dakota and Washington Counties Housing and Redevelopment Authority, Minnesota, GNMA Mortgage-Backed Securities Program Single Family Residential Mortgage Revenue Bonds, Series 1988, 8.450%, 9/01/19 (Alternative Minimum Tax) (ETM)
|
No Opt. Call
|
Aaa
|
7,068,400
|
|||||
|
2,000
|
Duluth Housing & Redevelopment Authority, Minnesota, Lease Revenue Bonds, Duluth Public Schools Academy, Series 2010A, 5.875%, 11/01/40
|
11/20 at 100.00
|
BBB–
|
2,007,300
|
|||||
|
620
|
Minnesota Agricultural and Economic Development Board, Healthcare System Revenue Bonds, Fairview Hospital and Healthcare Services, Series 2000A, 6.375%, 11/15/29
|
5/12 at 100.00
|
A
|
621,110
|
|||||
|
1,000
|
St. Paul Housing and Redevelopment Authority, Minnesota, Revenue Bonds, Healtheast Inc., Series 2005, 6.000%, 11/15/25
|
11/15 at 100.00
|
BBB–
|
1,028,150
|
|||||
|
2,000
|
Washington County Housing & Redevelopment Authority, Minnesota, Hospital Facility Revenue Bonds, Healtheast Project, Series 1998, 5.500%, 11/15/27
|
5/12 at 100.00
|
BBB–
|
2,000,060
|
|||||
|
6,280
|
Washington County, Minnesota, General Obligation Bonds, Capital Improvement Plan, Series 2007A, 3.500%, 2/01/28
|
8/17 at 100.00
|
AAA
|
6,423,686
|
|||||
|
19,650
|
Total Minnesota
|
22,010,659
|
|
28
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Mississippi – 0.6% (0.4% of Total Investments)
|
|||||||||
|
$
|
1,000
|
Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22
|
10/12 at 100.00
|
BBB
|
$
|
1,002,900
|
|||
|
2,275
|
Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial Healthcare, Series 2004B-1, 5.000%, 9/01/24 (UB)
|
9/14 at 100.00
|
AA
|
2,377,079
|
|||||
|
3,275
|
Total Mississippi
|
3,379,979
|
|||||||
|
Missouri – 2.3% (1.6% of Total Investments)
|
|||||||||
|
2,000
|
Hanley Road Corridor Transportation Development District, Brentwood and Maplewood, Missouri, Transportation Sales Revenue Bonds, Refunding Series 2009A, 5.875%, 10/01/36
|
10/19 at 100.00
|
A–
|
2,177,680
|
|||||
|
200
|
Hannibal Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Hannibal Regional Hospital, Series 2006, 5.000%, 3/01/22
|
3/16 at 100.00
|
BBB+
|
206,728
|
|||||
|
1,000
|
Jackson County Reorganized School District R-7, Lees Summit, Missouri, General Obligation Bonds, Series 2006, 5.250%, 3/01/26 – NPFG Insured
|
3/16 at 100.00
|
Aa1
|
1,143,090
|
|||||
|
Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, Branson Landing Project, Series 2005A:
|
|||||||||
|
780
|
6.000%, 6/01/20
|
No Opt. Call
|
A
|
889,676
|
|||||
|
1,525
|
5.000%, 6/01/35
|
6/15 at 100.00
|
A
|
1,561,905
|
|||||
|
2,985
|
Missouri Development Finance Board. Infrastructure Facilities Revenue Bonds, City of Independence, Missouri – Events Center Project, Series 2009F, 6.250%, 4/01/38
|
4/14 at 100.00
|
A–
|
3,119,325
|
|||||
|
3,775
|
Missouri Health and Educational Facilities Authority, Revenue Bonds, Webster University, Series 2011, 5.000%, 4/01/26
|
4/21 at 100.00
|
A2
|
4,188,098
|
|||||
|
12,265
|
Total Missouri
|
13,286,502
|
|||||||
|
Nebraska – 2.4% (1.6% of Total Investments)
|
|||||||||
|
1,965
|
Douglas County School District 10 Elkhorn, Nebraska, General Obligation Bonds, Public Schools Series 2012, 4.125%, 6/15/26
|
6/22 at 100.00
|
AA–
|
2,140,612
|
|||||
|
11,215
|
Lincoln, Nebraska, Electric System Revenue Bonds, Series 2007A, 4.500%, 9/01/37 – FGIC Insured (UB)
|
9/17 at 100.00
|
AA
|
11,653,619
|
|||||
|
13,180
|
Total Nebraska
|
13,794,231
|
|||||||
|
Nevada – 1.1% (0.7% of Total Investments)
|
|||||||||
|
4,000
|
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42
|
1/20 at 100.00
|
Aa3
|
4,473,560
|
|||||
|
1,600
|
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 8.000%, 6/15/30
|
6/19 at 100.00
|
BBB–
|
1,751,168
|
|||||
|
5,600
|
Total Nevada
|
6,224,728
|
|||||||
|
New Hampshire – 0.1% (0.1% of Total Investments)
|
|||||||||
|
515
|
New Hampshire Housing Finance Authority, Single Family Mortgage Acquisition Bonds, Series 2007-E, 5.750%, 1/01/37 (Alternative Minimum Tax)
|
7/17 at 100.00
|
Aa3
|
528,452
|
|||||
|
New Jersey – 2.9% (2.0% of Total Investments)
|
|||||||||
|
1,785
|
New Jersey Economic Development Authority, Cigarette Tax Revenue Bonds, Series 2004, 5.500%, 6/15/24 (Pre-refunded 6/15/12)
|
6/12 at 100.00
|
Aaa
|
1,796,620
|
|||||
|
New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2005P:
|
|||||||||
|
1,325
|
5.250%, 9/01/24
|
9/15 at 100.00
|
A+
|
1,461,104
|
|||||
|
1,000
|
5.250%, 9/01/26
|
9/15 at 100.00
|
A+
|
1,103,740
|
|||||
|
555
|
New Jersey Economic Development Authority, Student Housing Revenue Bonds, Provident Group-Montclair Properties LLC, Montclair State University Student Housing Project, Series 2010A, 5.750%, 6/01/31
|
6/20 at 100.00
|
Baa3
|
608,263
|
|||||
|
600
|
New Jersey Educational Facilities Authority, Revenue Refunding Bonds, University of Medicine and Dentistry of New Jersey, Series 2009B, 7.500%, 12/01/32
|
6/19 at 100.00
|
A–
|
728,646
|
|||||
|
680
|
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Series 2007, 5.750%, 7/01/37
|
7/18 at 100.00
|
BBB–
|
715,020
|
|
Nuveen Investments
|
29
|
|
Nuveen Investment Quality Municipal Fund, Inc. (continued)
|
||
|
NQM
|
Portfolio of Investments
|
|
|
April 30, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
New Jersey (continued)
|
|||||||||
|
$
|
665
|
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option Bond Trust PA-4643, 19.527%, 6/01/30 (IF) (6)
|
6/19 at 100.00
|
AA
|
$
|
956,164
|
|||
|
3,425
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A, 5.250%, 12/15/20
|
No Opt. Call
|
A+
|
4,193,878
|
|||||
|
700
|
New Jersey Turnpike Authority, Revenue Bonds, Series 2009E, 5.250%, 1/01/40
|
1/19 at 100.00
|
A+
|
772,926
|
|||||
|
1,050
|
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2002, 5.750%, 6/01/32 (Pre-refunded 6/01/12)
|
6/12 at 100.00
|
Aaa
|
1,055,009
|
|||||
|
4,250
|
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 4.750%, 6/01/34
|
6/17 at 100.00
|
B2
|
3,317,678
|
|||||
|
16,035
|
Total New Jersey
|
16,709,048
|
|||||||
|
New Mexico – 0.8% (0.5% of Total Investments)
|
|||||||||
|
Farmington, New Mexico, Hospital Revenue Bonds, San Juan Regional Medical Center Inc., Series 2004A:
|
|||||||||
|
880
|
5.125%, 6/01/17
|
6/14 at 100.00
|
A3
|
932,034
|
|||||
|
1,295
|
5.125%, 6/01/19
|
6/14 at 100.00
|
A3
|
1,357,315
|
|||||
|
2,000
|
Farmington, New Mexico, Pollution Control Revenue Refunding Bonds, Public Service Company of New Mexico San Juan Project, Series 2010D, 5.900%, 6/01/40
|
6/20 at 100.00
|
BBB–
|
2,157,720
|
|||||
|
4,175
|
Total New Mexico
|
4,447,069
|
|||||||
|
New York – 15.5% (10.5% of Total Investments)
|
|||||||||
|
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009:
|
|||||||||
|
1,945
|
6.000%, 7/15/30
|
1/20 at 100.00
|
BBB–
|
2,158,503
|
|||||
|
3,065
|
6.250%, 7/15/40
|
1/20 at 100.00
|
BBB–
|
3,398,227
|
|||||
|
1,665
|
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/24 – AMBAC Insured
|
3/15 at 100.00
|
AAA
|
1,847,601
|
|||||
|
1,500
|
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47
|
2/21 at 100.00
|
A
|
1,695,825
|
|||||
|
4,055
|
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured
|
2/17 at 100.00
|
A
|
4,037,077
|
|||||
|
1,000
|
Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 2009B, 5.000%, 11/15/34
|
11/19 at 100.00
|
AA
|
1,107,390
|
|||||
|
2,250
|
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005B, 5.000%, 11/15/30 – AMBAC Insured
|
11/15 at 100.00
|
A
|
2,370,285
|
|||||
|
3,200
|
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005F, 5.000%, 11/15/30
|
11/15 at 100.00
|
A
|
3,371,072
|
|||||
|
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bronx Parking Development Company, LLC Project, Series 2007:
|
|||||||||
|
500
|
5.750%, 10/01/37
|
10/17 at 100.00
|
N/R
|
254,750
|
|||||
|
1,000
|
5.875%, 10/01/46
|
10/17 at 102.00
|
N/R
|
509,220
|
|||||
|
7,800
|
New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Fiscal Series 2005B, 5.000%, 6/15/28 – AMBAC Insured
|
12/14 at 100.00
|
AAA
|
8,571,030
|
|||||
|
500
|
New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Tender Option Bond Trust 3484, 17.823%, 6/15/33 (IF)
|
6/19 at 100.00
|
AA+
|
681,740
|
|||||
|
5,570
|
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2004C, 5.000%, 2/01/22 (UB)
|
2/14 at 100.00
|
AAA
|
5,990,535
|
|||||
|
5,000
|
New York City, New York, General Obligation Bonds, Fiscal Series 2003J, 5.500%, 6/01/20 (Pre-refunded 6/01/13)
|
6/13 at 100.00
|
AA (4)
|
5,286,300
|
|||||
|
4,200
|
New York City, New York, General Obligation Bonds, Fiscal Series 2005J, 5.000%, 3/01/25
|
3/15 at 100.00
|
AA
|
4,601,898
|
|||||
|
7,000
|
New York City, New York, General Obligation Bonds, Fiscal Series 2005M, 5.000%, 4/01/24 (UB)
|
4/15 at 100.00
|
AA
|
7,677,180
|
|||||
|
5,000
|
New York City, New York, General Obligation Bonds, Series 2004C-1, 5.250%, 8/15/20 (UB)
|
8/14 at 100.00
|
AA
|
5,495,550
|
|||||
|
5,000
|
New York State Municipal Bond Bank Agency, Special School Purpose Revenue Bonds, Series 2003C, 5.250%, 12/01/19
|
6/13 at 100.00
|
AA–
|
5,249,150
|
|
30
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
New York (continued)
|
|||||||||
|
$
|
4,205
|
New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series 2004A-1, 5.000%, 3/15/23 – FGIC Insured
|
3/14 at 100.00
|
AAA
|
$
|
4,519,324
|
|||
|
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010:
|
|||||||||
|
590
|
5.500%, 12/01/31
|
12/20 at 100.00
|
BBB–
|
645,903
|
|||||
|
1,325
|
6.000%, 12/01/42
|
12/20 at 100.00
|
BBB–
|
1,472,579
|
|||||
|
16,445
|
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC, Sixth Series 1997, 7.000%, 12/01/12 – NPFG Insured (Alternative Minimum Tax)
|
No Opt. Call
|
Baa1
|
16,774,393
|
|||||
|
1,170
|
Suffolk County Economic Development Corporation, New York, Revenue Refunding Bonds, Peconic Landing At Southold, Inc. Project, Series 2010, 5.875%, 12/01/30
|
12/20 at 100.00
|
BBB–
|
1,279,559
|
|||||
|
83,985
|
Total New York
|
88,995,091
|
|||||||
|
North Dakota – 0.4% (0.3% of Total Investments)
|
|||||||||
|
2,190
|
Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011, 6.250%, 11/01/31
|
11/21 at 100.00
|
AA–
|
2,609,801
|
|||||
|
Ohio – 4.2% (2.8% of Total Investments)
|
|||||||||
|
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
|
|||||||||
|
3,120
|
5.125%, 6/01/24
|
6/17 at 100.00
|
B
|
2,550,506
|
|||||
|
530
|
5.875%, 6/01/30
|
6/17 at 100.00
|
B+
|
427,127
|
|||||
|
525
|
5.750%, 6/01/34
|
6/17 at 100.00
|
BB
|
409,700
|
|||||
|
1,000
|
6.500%, 6/01/47
|
6/17 at 100.00
|
BB
|
857,190
|
|||||
|
1,180
|
5.875%, 6/01/47
|
6/17 at 100.00
|
BB
|
922,288
|
|||||
|
Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010:
|
|||||||||
|
1,000
|
5.250%, 11/01/29
|
11/20 at 100.00
|
BBB+
|
1,060,840
|
|||||
|
1,000
|
5.750%, 11/01/40
|
11/20 at 100.00
|
BBB+
|
1,082,000
|
|||||
|
5,000
|
5.500%, 11/01/40
|
11/20 at 100.00
|
BBB+
|
5,293,900
|
|||||
|
760
|
Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement Services, Improvement Series 2010A, 5.625%, 7/01/26
|
7/21 at 100.00
|
BBB
|
812,235
|
|||||
|
1,400
|
Lorain County Port Authority, Ohio, Recovery Zone Facility Economic Development Revenue Bonds, United State Steel Corporation Project, Series 2010, 6.750%, 12/01/40
|
12/20 at 100.00
|
BB+
|
1,545,614
|
|||||
|
5,765
|
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2011A, 6.000%, 11/15/41
|
11/21 at 100.00
|
AA–
|
6,749,374
|
|||||
|
1,000
|
Middleburg Heights, Ohio, Hospital Facilities Revenue Bonds, Southwest General Health Center Project, Refunding Series 2011, 5.125%, 8/01/31
|
8/21 at 100.00
|
A2
|
1,061,190
|
|||||
|
800
|
Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2009E, 5.625%, 10/01/19
|
No Opt. Call
|
BBB–
|
917,528
|
|||||
|
250
|
Port of Greater Cincinnati Development Authority, Ohio, Economic Development Revenue Bonds, Sisters of Mercy of the Americas, Series 2006, 5.000%, 10/01/25
|
10/16 at 100.00
|
A+
|
258,870
|
|||||
|
23,330
|
Total Ohio
|
23,948,362
|
|||||||
|
Oklahoma – 1.1% (0.7% of Total Investments)
|
|||||||||
|
750
|
Norman Regional Hospital Authority, Oklahoma, Hospital Revenue Bonds, Series 2005, 5.375%, 9/01/36
|
9/16 at 100.00
|
BB+
|
728,340
|
|||||
|
5,280
|
Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health System, Series 2006, 5.000%, 12/15/36 (UB)
|
12/16 at 100.00
|
AA+
|
5,522,246
|
|||||
|
88
|
Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health System, Series 2008, Trust 3500, 8.325%, 6/15/30 (IF)
|
12/16 at 100.00
|
AA+
|
95,340
|
|||||
|
6,118
|
Total Oklahoma
|
6,345,926
|
|||||||
|
Pennsylvania – 3.7% (2.5% of Total Investments)
|
|||||||||
|
1,000
|
Allegheny Country Industrial Development Authority, Pennsylvania, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2009, 6.750%, 11/01/24
|
11/19 at 100.00
|
BB
|
1,096,580
|
|||||
|
2,000
|
Allegheny County Hospital Development Authority, Pennsylvania, University of Pittsburgh Medical Center Revenue Bonds, Series 2009A, 5.375%, 8/15/29
|
8/19 at 100.00
|
Aa3
|
2,233,260
|
|
Nuveen Investments
|
31
|
|
Nuveen Investment Quality Municipal Fund, Inc. (continued)
|
||
|
NQM
|
Portfolio of Investments
|
|
| April 30, 2012 (Unaudited) |
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Pennsylvania (continued)
|
|||||||||
|
$
|
1,000
|
Bucks County Industrial Development Authority, Pennsylvania, Charter School Revenue Bonds, School Lane Charter School, Series 2007A, 5.000%, 3/15/37
|
3/17 at 100.00
|
BBB
|
$
|
927,500
|
|||
|
3,000
|
Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Series 2006A, 5.000%, 6/01/26 – AGM Insured (UB)
|
6/16 at 100.00
|
AA
|
3,224,370
|
|||||
|
1,000
|
Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009, 6.125%, 1/01/29
|
1/19 at 100.00
|
BBB+
|
1,078,330
|
|||||
|
400
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University Foundation Student Housing Project, Series 2010, 6.000%, 7/01/43
|
7/20 at 100.00
|
BBB–
|
426,804
|
|||||
|
5,125
|
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured (UB)
|
12/16 at 100.00
|
Aa2
|
5,275,623
|
|||||
|
1,595
|
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010B, 5.000%, 5/15/40
|
5/20 at 100.00
|
AA
|
1,711,100
|
|||||
|
1,425
|
Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011, 6.500%, 8/01/41
|
8/20 at 100.00
|
A2
|
1,705,868
|
|||||
|
1,000
|
St. Mary Hospital Authority, Pennsylvania, Health System Revenue Bonds, Catholic Health East, Series 2004B, 5.500%, 11/15/24 (Pre-refunded 11/15/14)
|
11/14 at 100.00
|
A+ (4)
|
1,120,030
|
|||||
|
2,350
|
Union County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Evangelical Community Hospital Project, Refunding and Improvement Series 2011, 5.500%, 8/01/20
|
No Opt. Call
|
BBB+
|
2,618,253
|
|||||
|
19,895
|
Total Pennsylvania
|
21,417,718
|
|||||||
|
Puerto Rico – 2.4% (1.6% of Total Investments)
|
|||||||||
|
1,225
|
Puerto Rico Municipal Finance Agency, Series 2005C, 5.250%, 8/01/21 – CIFG Insured
|
No Opt. Call
|
AA–
|
1,351,249
|
|||||
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A:
|
|||||||||
|
1,100
|
6.375%, 8/01/39
|
8/19 at 100.00
|
A+
|
1,281,423
|
|||||
|
6,000
|
6.000%, 8/01/42
|
8/19 at 100.00
|
A+
|
6,778,800
|
|||||
|
1,500
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2011A-1, 5.250%, 8/01/40
|
8/21 at 100.00
|
Aa2
|
1,644,330
|
|||||
|
14,000
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/42 – FGIC Insured
|
No Opt. Call
|
Aa2
|
2,556,120
|
|||||
|
23,825
|
Total Puerto Rico
|
13,611,922
|
|||||||
|
Rhode Island – 0.5% (0.3% of Total Investments)
|
|||||||||
|
2,970
|
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A, 6.000%, 6/01/23
|
6/12 at 100.00
|
Baa1
|
2,980,573
|
|||||
|
South Carolina – 2.3% (1.6% of Total Investments)
|
|||||||||
|
2,000
|
Berkeley County School District, South Carolina, Installment Purchase Revenue Bonds, Securing Assets for Education, Series 2003, 5.250%, 12/01/24
|
12/13 at 100.00
|
A1
|
2,081,160
|
|||||
|
4,405
|
Dorchester County School District 2, South Carolina, Installment Purchase Revenue Bonds, GROWTH, Series 2004, 5.250%, 12/01/23
|
12/14 at 100.00
|
AA–
|
4,887,700
|
|||||
|
1,355
|
South Carolina JOBS Economic Development Authority, Economic Development Revenue Bonds, Bon Secours Health System Inc., Series 2002A, 5.625%, 11/15/30 (Pre-refunded 11/15/12)
|
11/12 at 100.00
|
A3 (4)
|
1,394,891
|
|||||
|
5,145
|
South Carolina JOBS Economic Development Authority, Economic Development Revenue Bonds, Bon Secours Health System Inc., Series 2002B, 5.625%, 11/15/30
|
11/12 at 100.00
|
A–
|
5,169,079
|
|||||
|
12,905
|
Total South Carolina
|
13,532,830
|
|||||||
|
South Dakota – 0.3% (0.2% of Total Investments)
|
|||||||||
|
1,750
|
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sioux Valley Hospitals, Series 2004A, 5.500%, 11/01/31
|
11/14 at 100.00
|
AA–
|
1,814,243
|
|
32
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Tennessee – 1.5% (1.0% of Total Investments)
|
|||||||||
|
$
|
3,200
|
Johnson City Health and Educational Facilities Board, Tennessee, Revenue Bonds, Mountain States Health Alliance, Series 2006A, 5.500%, 7/01/36
|
7/16 at 100.00
|
BBB+
|
$
|
3,343,072
|
|||
|
5,000
|
Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Refunding Bonds, Vanderbilt University, Series 2009B, 5.000%, 10/01/39
|
10/19 at 100.00
|
AA+
|
5,536,150
|
|||||
|
Sumner County Health, Educational, and Housing Facilities Board, Tennessee, Revenue Refunding Bonds, Sumner Regional Health System Inc., Series 2007:
|
|||||||||
|
700
|
5.500%, 11/01/37 (5)
|
11/17 at 100.00
|
N/R
|
13,993
|
|||||
|
1,200
|
5.500%, 11/01/46 (5)
|
11/17 at 100.00
|
B–
|
23,988
|
|||||
|
10,100
|
Total Tennessee
|
8,917,203
|
|||||||
|
Texas – 12.0% (8.1% of Total Investments)
|
|||||||||
|
5,000
|
Board of Regents, University of Texas System, Financing System Revenue Bonds, Series 2006F, 4.250%, 8/15/36 (UB)
|
2/17 at 100.00
|
AAA
|
5,180,650
|
|||||
|
Bryan, Brazos County, Texas, Electric System Revenue Bonds, Refunding Series 2012:
|
|||||||||
|
1,000
|
5.000%, 7/01/28
|
7/22 at 100.00
|
A+
|
1,130,570
|
|||||
|
1,000
|
5.000%, 7/01/29
|
7/22 at 100.00
|
A+
|
1,123,280
|
|||||
|
1,250
|
Central Texas Regional Mobility Authority, Senior Lien Revenue Bonds, Series 2010, 5.750%, 1/01/25
|
1/20 at 100.00
|
BBB–
|
1,372,825
|
|||||
|
12,030
|
Houston, Texas, Junior Lien Water and Sewerage System Revenue Refunding Bonds, Series 1998A, 0.000%, 12/01/22 – AGM Insured (ETM)
|
No Opt. Call
|
AA+ (4)
|
9,366,558
|
|||||
|
4,680
|
Houston, Texas, Junior Lien Water and Sewerage System Revenue Refunding Bonds, Series 1998A, 0.000%, 12/01/22 – AGM Insured
|
No Opt. Call
|
AA+
|
3,447,569
|
|||||
|
Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson Memorial Hospital Project, Series 2005:
|
|||||||||
|
800
|
5.250%, 8/15/21
|
2/16 at 100.00
|
BBB–
|
839,232
|
|||||
|
1,220
|
5.125%, 8/15/26
|
2/16 at 100.00
|
BBB–
|
1,240,398
|
|||||
|
1,100
|
North Texas Tollway Authority, First Tier System Revenue Refunding Bonds, Series 2008A, 5.750%, 1/01/40 – AGC Insured
|
1/18 at 100.00
|
AA–
|
1,211,067
|
|||||
|
3,150
|
North Texas Tollway Authority, Second Tier System Revenue Refunding Bonds, Series 2008F, 5.750%, 1/01/38
|
1/18 at 100.00
|
A3
|
3,404,583
|
|||||
|
1,960
|
North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A, 0.000%, 9/01/43
|
9/31 at 100.00
|
AA
|
1,274,470
|
|||||
|
1,100
|
North Texas Tollway Authority, System Revenue Bonds, First Tier Series 2009A, 6.250%, 1/01/39
|
1/19 at 100.00
|
A2
|
1,242,527
|
|||||
|
1,000
|
Sabine River Authority, Texas, Pollution Control Revenue Bonds, TXU Electric Company, Series 2001C, 5.200%, 5/01/28
|
11/15 at 100.00
|
CCC
|
102,580
|
|||||
|
3,960
|
Stafford Economic Development Corporation, Texas, Sales Tax Revenue Bonds, Series 2000, 5.500%, 9/01/30 – FGIC Insured
|
9/15 at 100.00
|
A+
|
4,253,000
|
|||||
|
7,500
|
Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds, Texas Health Resources, Series 2007A, 5.000%, 2/15/36 (UB)
|
2/17 at 100.00
|
AA–
|
7,878,750
|
|||||
|
1,910
|
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White HealthCare Project, Series 2010, 5.500%, 8/15/45
|
8/20 at 100.00
|
AA–
|
2,087,114
|
|||||
|
1,715
|
Tarrant County Health Facilities Development Corporation, Texas, GNMA Collateralized Mortgage Loan Revenue Bonds, Eastview Nursing Home, Ebony Lake Nursing Center, Ft. Stockton Nursing Center, Lynnhaven Nursing Center and Mission Oaks Manor, Series 2000A-1, 7.500%, 12/20/22
|
6/12 at 104.00
|
Aaa
|
1,788,248
|
|||||
|
650
|
Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior Lien Series 2008D, 6.250%, 12/15/26
|
No Opt. Call
|
A–
|
769,730
|
|||||
|
1,620
|
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project, Series 2009, 6.875%, 12/31/39
|
12/19 at 100.00
|
Baa2
|
1,862,482
|
|||||
|
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, LBJ Infrastructure Group LLC IH-635 Managed Lanes Project, Series 2010:
|
|||||||||
|
1,000
|
7.000%, 6/30/34
|
6/20 at 100.00
|
Baa3
|
1,169,940
|
|||||
|
1,000
|
7.000%, 6/30/40
|
6/20 at 100.00
|
Baa3
|
1,166,220
|
|||||
|
1,000
|
Texas Public Finance Authority, Charter School Finance Corporation Revenue Bonds, Idea Public School Project, Series 2007A, 5.000%, 8/15/37 – ACA Insured
|
8/17 at 100.00
|
BBB+
|
1,001,770
|
|
Nuveen Investments
|
33
|
|
Nuveen Investment Quality Municipal Fund, Inc. (continued)
|
||
|
NQM
|
Portfolio of Investments
|
|
|
April 30, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Texas (continued)
|
|||||||||
|
Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A:
|
|||||||||
|
$
|
10,000
|
0.000%, 8/15/21 – AMBAC Insured
|
No Opt. Call
|
BBB+
|
$
|
7,051,700
|
|||
|
12,000
|
0.000%, 8/15/23 – AMBAC Insured
|
No Opt. Call
|
BBB+
|
7,605,240
|
|||||
|
1,125
|
Travis County Health Facilities Development Corporation, Texas, Revenue Bonds, Westminster Manor, Series 2010, 7.000%, 11/01/30
|
11/20 at 100.00
|
BB+
|
1,272,645
|
|||||
|
78,770
|
Total Texas
|
68,843,148
|
|||||||
|
Virgin Islands – 0.2% (0.1% of Total Investments)
|
|||||||||
|
250
|
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Subordinate Lien Series 2009A, 6.000%, 10/01/39
|
10/19 at 100.00
|
Baa3
|
270,068
|
|||||
|
820
|
Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note – Diageo Project, Series 2009A, 6.750%, 10/01/37
|
10/19 at 100.00
|
BBB
|
946,313
|
|||||
|
1,070
|
Total Virgin Islands
|
1,216,381
|
|||||||
|
Virginia – 0.9% (0.6% of Total Investments)
|
|||||||||
|
1,000
|
Amherst Industrial Development Authority, Virginia, Revenue Bonds, Sweet Briar College, Series 2006, 5.000%, 9/01/26
|
9/16 at 100.00
|
BBB
|
1,034,960
|
|||||
|
1,830
|
Virginia Beach Development Authority, Virginia, Multifamily Residential Rental Housing Revenue Bonds, Hamptons and Hampton Court Apartments, Series 1999, 7.500%, 10/01/39 (Alternative Minimum Tax)
|
10/14 at 102.00
|
N/R
|
1,874,542
|
|||||
|
2,000
|
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012, 6.000%, 1/01/37 (Alternative Minimum Tax)
|
7/22 at 100.00
|
BBB–
|
2,179,419
|
|||||
|
4,830
|
Total Virginia
|
5,088,921
|
|||||||
|
Washington – 1.9% (1.3% of Total Investments)
|
|||||||||
|
11,345
|
Chelan County Public Utility District 1, Washington, Columbia River-Rock Island Hydro-Electric System Revenue Refunding Bonds, Series 1997A, 0.000%, 6/01/19 – NPFG Insured
|
No Opt. Call
|
AA+
|
9,445,279
|
|||||
|
500
|
Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Refunding Series 2012A, 5.000%, 8/01/33
|
8/22 at 100.00
|
Aa3
|
563,889
|
|||||
|
1,000
|
Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and Medical Center of Seattle, Series 2007, 5.700%, 12/01/32
|
12/17 at 100.00
|
N/R
|
980,949
|
|||||
|
12,845
|
Total Washington
|
10,990,117
|
|||||||
|
West Virginia – 0.5% (0.4% of Total Investments)
|
|||||||||
|
1,950
|
West Virginia Hospital Finance Authority , Hospital Revenue Bonds, Charleston Area Medical Center, Series 2009A, 5.625%, 9/01/32
|
9/19 at 100.00
|
A3
|
2,098,901
|
|||||
|
1,000
|
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Thomas Health System, Inc., Series 2008, 6.500%, 10/01/38
|
10/18 at 100.00
|
N/R
|
1,003,049
|
|||||
|
2,950
|
Total West Virginia
|
3,101,950
|
|||||||
|
Wisconsin – 4.3% (2.9% of Total Investments)
|
|||||||||
|
2,895
|
Badger Tobacco Asset Securitization Corporation, Wisconsin, Tobacco Settlement Asset-Backed Bonds, Series 2002, 6.125%, 6/01/27 (Pre-refunded 6/01/12)
|
6/12 at 100.00
|
Aaa
|
2,909,677
|
|||||
|
815
|
Monroe Redevelopment Authority, Wisconsin, Development Revenue Bonds, The Monroe Clinic, Inc., Series 2009, 5.875%, 2/15/39
|
2/19 at 100.00
|
A3
|
901,218
|
|||||
|
1,000
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health System, Inc., Series 2010B, 5.125%, 4/01/36
|
4/20 at 100.00
|
A–
|
1,017,539
|
|||||
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Eagle River Memorial Hospital Inc., Series 2000:
|
|||||||||
|
925
|
5.750%, 8/15/20 – RAAI Insured
|
8/12 at 100.00
|
N/R
|
929,967
|
|||||
|
3,100
|
5.875%, 8/15/30 – RAAI Insured
|
8/12 at 100.00
|
N/R
|
3,109,827
|
|||||
|
1,150
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Fort Healthcare Inc., Series 2004, 5.750%, 5/01/24
|
5/14 at 100.00
|
BBB+
|
1,180,888
|
|||||
|
2,750
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Gundersen Lutheran, Series 2011A, 5.250%, 10/15/39
|
10/21 at 100.00
|
A+
|
2,928,117
|
|
34
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Wisconsin (continued)
|
|||||||||
|
$
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Healthcare System, Series 2006:
|
||||||||
|
3,500
|
5.250%, 8/15/21
|
8/16 at 100.00
|
A–
|
$
|
3,764,179
|
||||
|
1,780
|
5.250%, 8/15/26
|
8/16 at 100.00
|
A–
|
1,857,055
|
|||||
|
1,000
|
5.250%, 8/15/34
|
8/16 at 100.00
|
A–
|
1,036,209
|
|||||
|
4,600
|
Wisconsin State, General Obligation Bonds, Series 2006A, 4.750%, 5/01/25 – FGIC Insured (UB)
|
5/16 at 100.00
|
AA
|
5,168,191
|
|||||
|
23,515
|
Total Wisconsin
|
24,802,867
|
|||||||
|
$
|
855,760
|
Total Investments (cost $778,090,073) – 147.6%
|
849,531,799
|
||||||
|
Floating Rate Obligations – (13.4)%
|
(76,992,000
|
) | |||||||
|
Variable Rate Demand Preferred Shares, at Liquidation Value – (36.8)%
|
(211,800,000
|
) | |||||||
|
Other Assets Less Liabilities – 2.6%
|
14,717,952
|
||||||||
|
Net Assets Applicable to Common Shares – 100%
|
$
|
575,457,751
|
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
|
|
|
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
|
|
(3)
|
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
|
|
(4)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities.
|
|
|
(5)
|
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing security, in the case of a bond, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.
|
|
|
(6)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
|
|
(7)
|
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments are 24.9%.
|
|
|
N/R
|
Not rated.
|
|
|
WI/DD
|
Purchased on a when-issued or delayed delivery basis.
|
|
|
(ETM)
|
Escrowed to maturity.
|
|
|
(IF)
|
Inverse floating rate investment.
|
|
|
(UB)
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
|
See accompanying notes to financial statements.
|
Nuveen Investments
|
35
|
|
Nuveen Select Quality Municipal Fund, Inc.
|
||
|
NQS
|
Portfolio of Investments
|
|
|
April 30, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Alabama – 1.0% (0.7% of Total Investments)
|
|||||||||
|
$
|
5,155
|
Phenix City Industrial Development Board, Alabama, Environmental Improvement Revenue Bonds, MeadWestvaco Corporation, Series 2002A, 6.350%, 5/15/35 (Alternative Minimum Tax)
|
5/12 at 100.00
|
BBB
|
$
|
5,206,550
|
|||
|
Alaska – 2.0% (1.4% of Total Investments)
|
|||||||||
|
500
|
Alaska Housing Finance Corporation, General Housing Purpose Bonds, Series 2005A, 5.000%, 12/01/26 – FGIC Insured (UB)
|
12/14 at 100.00
|
AA+
|
517,875
|
|||||
|
6,000
|
Alaska Housing Finance Corporation, General Housing Purpose Bonds, Series 2005B-2, 5.250%, 12/01/30 – NPFG Insured
|
6/15 at 100.00
|
AA+
|
6,229,620
|
|||||
|
2,000
|
Kenai Peninsula Borough, Alaska, General Obligation Bonds, Central Kenai Peninsula Hospital Service Area, Series 2003, 5.000%, 8/01/23 – FGIC Insured
|
8/13 at 100.00
|
A1
|
2,096,180
|
|||||
|
2,000
|
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 4.625%, 6/01/23
|
6/14 at 100.00
|
BBB–
|
1,985,380
|
|||||
|
10,500
|
Total Alaska
|
10,829,055
|
|||||||
|
Arizona – 3.7% (2.6% of Total Investments)
|
|||||||||
|
2,300
|
Phoenix Civic Improvement Corporation, Arizona, Senior Lien Airport Revenue Bonds, Series 2008A, 5.000%, 7/01/33
|
7/18 at 100.00
|
AA–
|
2,478,595
|
|||||
|
1,000
|
Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Electric Power Company, Series 2010A, 5.250%, 10/01/40
|
10/20 at 100.00
|
BBB–
|
1,042,430
|
|||||
|
3,305
|
Salt River Project Agricultural Improvement and Power District, Arizona, Electric System Revenue Bonds, Series 2002B, 5.000%, 1/01/26 (Pre-refunded 1/01/13)
|
1/13 at 100.00
|
Aa1 (4)
|
3,410,958
|
|||||
|
3,750
|
Salt River Project Agricultural Improvement and Power District, Arizona, Electric System Revenue Bonds, Series 2003, 5.000%, 12/01/18 – NPFG Insured
|
12/13 at 100.00
|
Aa2
|
3,973,313
|
|||||
|
8,000
|
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37
|
No Opt. Call
|
A–
|
8,127,600
|
|||||
|
750
|
Scottsdale Industrial Development Authority, Arizona, Hospital Revenue Bonds, Scottsdale Healthcare, Series 2008A, 5.250%, 9/01/30
|
9/13 at 100.00
|
A–
|
759,645
|
|||||
|
19,105
|
Total Arizona
|
19,792,541
|
|||||||
|
Arkansas – 0.7% (0.5% of Total Investments)
|
|||||||||
|
3,205
|
Little Rock, Arkansas, Hotel and Restaurant Gross Receipts Tax Refunding Bonds, Series 1993, 7.375%, 8/01/15
|
No Opt. Call
|
A2
|
3,489,027
|
|||||
|
California – 12.9% (9.0% of Total Investments)
|
|||||||||
|
3,930
|
Brentwood Infrastructure Financing Authority, California, Infrastructure Revenue Bonds, Refunding Series 2002A, 5.200%, 9/02/29 – AGM Insured
|
9/12 at 100.00
|
AA–
|
3,957,274
|
|||||
|
Calexico Unified School District, Imperial County, California, General Obligation Bonds, Series 2005B:
|
|||||||||
|
3,685
|
0.000%, 8/01/31 – FGIC Insured
|
No Opt. Call
|
A
|
1,267,456
|
|||||
|
4,505
|
0.000%, 8/01/33 – FGIC Insured
|
No Opt. Call
|
A
|
1,356,816
|
|||||
|
1,360
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 5.000%, 6/01/26
|
6/15 at 100.00
|
B–
|
1,181,486
|
|||||
|
1,500
|
California State, General Obligation Bonds, Various Purpose Series 2006, 4.500%, 10/01/29
|
10/16 at 100.00
|
A1
|
1,569,330
|
|||||
|
1,550
|
California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Series 2007A, 5.750%, 7/01/47 – FGIC Insured
|
7/18 at 100.00
|
AA–
|
1,666,901
|
|||||
|
1,000
|
Coachella Valley Unified School District, Riverside County, California, General Obligation Bonds, Series 2005A, 0.000%, 8/01/30 – FGIC Insured
|
No Opt. Call
|
A1
|
375,560
|
|||||
|
Colton Joint Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2006C:
|
|||||||||
|
3,200
|
0.000%, 2/01/30 – FGIC Insured
|
2/15 at 45.69
|
Aa3
|
1,203,520
|
|||||
|
6,800
|
0.000%, 2/01/35 – FGIC Insured
|
2/15 at 34.85
|
Aa3
|
1,769,156
|
|
36
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
California (continued)
|
|||||||||
|
Cupertino Union School District, Santa Clara County, California, General Obligation Bonds, Series 2003B:
|
|||||||||
|
$
|
8,100
|
0.000%, 8/01/24 – FGIC Insured
|
8/13 at 58.68
|
Aa1
|
$
|
4,531,869
|
|||
|
11,430
|
0.000%, 8/01/27 – FGIC Insured
|
8/13 at 49.99
|
Aa1
|
5,390,617
|
|||||
|
7,000
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Revenue Bonds, Tender Option Bonds Trust 2040, 10.195%,
6/01/45 – FGIC Insured (IF) |
6/15 at 100.00
|
A2
|
7,241,290
|
|||||
|
4,500
|
Hemet Unified School District, Riverside County, California, General Obligation Bonds, Series 2008B, 5.125%, 8/01/37 – AGC Insured
|
8/16 at 102.00
|
AA–
|
4,798,440
|
|||||
|
1,045
|
Lake Tahoe Unified School District, El Dorado County, California, General Obligation Bonds, Series 2001B, 0.000%, 8/01/31 – NPFG Insured
|
No Opt. Call
|
Aa3
|
386,389
|
|||||
|
2,000
|
Murrieta Valley Unified School District Public Financing Authority, California, Special Tax Revenue Bonds, Series 2006A, 5.125%, 9/01/26 – AGM Insured
|
9/16 at 100.00
|
AA–
|
2,125,060
|
|||||
|
2,500
|
Palm Springs Unified School District, Riverside County, California, General Obligation Bonds, Series 2006A, 5.000%, 8/01/31 – AGM Insured
|
8/14 at 102.00
|
AA–
|
2,740,175
|
|||||
|
2,350
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.750%, 11/01/39
|
11/19 at 100.00
|
Baa3
|
2,567,046
|
|||||
|
2,000
|
Pasadena, California, Certificates of Participation, Refunding Series 2008C, 5.000%, 2/01/33
|
2/18 at 100.00
|
AA+
|
2,156,600
|
|||||
|
6,195
|
Peralta Community College District, Alameda County, California, General Obligation Bonds, Election of 2006, Series 2007B, 5.000%, 8/01/37 – AGM Insured
|
8/17 at 100.00
|
AA–
|
6,604,861
|
|||||
|
6,000
|
Placentia-Yorba Linda Unified School District, Orange County, California, Certificates of Participation, Series 2006, 0.000%, 10/01/34 – FGIC Insured
|
No Opt. Call
|
A+
|
1,698,540
|
|||||
|
5,000
|
Riverside County Asset Leasing Corporation, California, Leasehold Revenue Bonds, Riverside County Hospital Project, Series 1997, 0.000%, 6/01/25 – NPFG Insured
|
No Opt. Call
|
A+
|
2,449,450
|
|||||
|
3,205
|
San Diego Community College District, California, General Obligation Bonds, Series 2005, 5.000%, 5/01/25 (Pre-refunded 5/01/15) – AGM Insured
|
5/15 at 100.00
|
AA+ (4)
|
3,650,303
|
|||||
|
5,000
|
Santa Monica Community College District, Los Angeles County, California, General Obligation Bonds, Series 2005C, 0.000%, 8/01/26 – NPFG Insured
|
8/15 at 58.09
|
Aa1
|
2,512,500
|
|||||
|
2,460
|
Santee School District, County, California, General Obligation Bonds, Capital Appreciation, Election 2006, Series 2008D, 0.000%, 8/01/33 – AGC Insured
|
No Opt. Call
|
AA–
|
787,003
|
|||||
|
3,000
|
University of California, General Revenue Bonds, Series 2005F, 4.750%, 5/15/25 – AGM Insured
|
5/13 at 101.00
|
Aa1
|
3,140,670
|
|||||
|
2,500
|
Yuma Community College District, California, General Obligation Bonds, Series 2007B, 0.000%, 8/01/33 – AMBAC Insured
|
8/17 at 45.45
|
Aa2
|
766,925
|
|||||
|
101,815
|
Total California
|
67,895,237
|
|||||||
|
Colorado – 6.2% (4.3% of Total Investments)
|
|||||||||
|
3,435
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2009A, 5.500%, 7/01/34
|
7/19 at 100.00
|
AA
|
3,849,776
|
|||||
|
1,500
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Valley View Hospital Association, Series 2007, 5.250%, 5/15/42
|
5/17 at 100.00
|
BBB+
|
1,505,565
|
|||||
|
5,000
|
Colorado Health Facilities Authority, Health Facilities Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
|
1/20 at 100.00
|
AA
|
5,264,700
|
|||||
|
1,150
|
Colorado Health Facilities Authority, Revenue Bonds, Poudre Valley Health System, Series 2005C, 5.250%, 3/01/40 – AGM Insured
|
9/18 at 102.00
|
AA–
|
1,234,974
|
|||||
|
1,500
|
Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Senior Lien Series 2006, 4.625%, 12/01/30 – SYNCORA GTY Insured
|
11/16 at 100.00
|
BBB–
|
1,465,200
|
|||||
|
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B:
|
|||||||||
|
1,420
|
0.000%, 9/01/23 – NPFG Insured
|
No Opt. Call
|
BBB
|
845,922
|
|||||
|
9,615
|
0.000%, 9/01/25 – NPFG Insured
|
No Opt. Call
|
BBB
|
4,947,398
|
|||||
|
13,000
|
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%, 9/01/34 – NPFG Insured
|
9/20 at 45.40
|
BBB
|
3,305,900
|
|||||
|
5,000
|
Ebert Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Series 2007, 5.350%, 12/01/37 – RAAI Insured
|
12/17 at 100.00
|
N/R
|
3,905,950
|
|
Nuveen Investments
|
37
|
|
Nuveen Select Quality Municipal Fund, Inc. (continued)
|
||
|
NQS
|
Portfolio of Investments
|
|
|
April 30, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Colorado (continued)
|
|||||||||
|
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010:
|
|||||||||
|
$
|
2,500
|
6.500%, 1/15/30
|
7/20 at 100.00
|
Baa3
|
$
|
2,909,700
|
|||
|
3,115
|
6.000%, 1/15/34
|
7/20 at 100.00
|
Baa3
|
3,467,493
|
|||||
|
47,235
|
Total Colorado
|
32,702,578
|
|||||||
|
District of Columbia – 2.7% (1.9% of Total Investments)
|
|||||||||
|
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001:
|
|||||||||
|
1,960
|
6.250%, 5/15/24
|
5/12 at 100.00
|
A1
|
1,970,251
|
|||||
|
5,580
|
6.500%, 5/15/33
|
No Opt. Call
|
Baa1
|
6,122,934
|
|||||
|
5,000
|
District of Columbia, General Obligation Bonds, Series 1998B, 6.000%, 6/01/19 – NPFG Insured
|
No Opt. Call
|
Aa2
|
6,374,700
|
|||||
|
12,540
|
Total District of Columbia
|
14,467,885
|
|||||||
|
Florida – 4.1% (2.8% of Total Investments)
|
|||||||||
|
4,000
|
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 5.000%, 10/01/28
|
10/20 at 100.00
|
A2
|
4,326,520
|
|||||
|
1,950
|
Palm Beach County School Board, Florida, Certificates of Participation, Series 2002D, 5.250%, 8/01/20 (Pre-refunded 8/01/12) – AGM Insured
|
8/12 at 100.00
|
AA– (4)
|
1,974,785
|
|||||
|
9,250
|
Port Saint Lucie, Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, Series 2007, 5.000%, 7/01/40 – NPFG Insured
|
7/17 at 100.00
|
BBB
|
9,371,175
|
|||||
|
2,685
|
South Broward Hospital District, Florida, Hospital Refunding Revenue Bonds, Memorial Health System, Series 2006, 5.000%, 5/01/21 – NPFG Insured
|
5/16 at 100.00
|
AA–
|
2,921,549
|
|||||
|
2,500
|
South Miami Health Facilities Authority, Florida, Revenue Bonds, Baptist Health Systems of South Florida, Tender Option Bond Trust 11151, 17.736%, 2/15/15 (IF)
|
No Opt. Call
|
AA
|
2,906,700
|
|||||
|
20,385
|
Total Florida
|
21,500,729
|
|||||||
|
Georgia – 0.6% (0.4% of Total Investments)
|
|||||||||
|
3,000
|
Medical Center Hospital Authority, Georgia, Revenue Anticipation Certificates, Columbus Regional Healthcare System, Inc. Project, Series 2008, 6.500%, 8/01/38 – AGC Insured
|
8/18 at 100.00
|
AA–
|
3,417,300
|
|||||
|
Illinois – 21.8% (15.2% of Total Investments)
|
|||||||||
|
1,470
|
Chicago Board of Education, Cook County, Illinois, General Obligation Bonds, Dedicated Revenues Series 2011A, 5.000%, 12/01/41
|
12/21 at 100.00
|
AA–
|
1,584,219
|
|||||
|
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1:
|
|||||||||
|
3,855
|
0.000%, 12/01/25 – FGIC Insured
|
No Opt. Call
|
AA–
|
2,138,985
|
|||||
|
3,025
|
0.000%, 12/01/31 – FGIC Insured
|
No Opt. Call
|
AA–
|
1,146,142
|
|||||
|
1,500
|
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1999A, 5.500%, 12/01/26 – FGIC Insured
|
No Opt. Call
|
AA–
|
1,816,965
|
|||||
|
1,250
|
Chicago, Illinois, Motor Fuel Tax Revenue Bonds, Series 2003A, 5.000%,
1/01/33 – AMBAC Insured |
7/13 at 100.00
|
AA+
|
1,266,150
|
|||||
|
15,000
|
Chicago, Illinois, Second Lien Passenger Facility Charge Revenue Bonds, O’Hare International Airport, Series 2001A, 5.375%, 1/01/32 – AMBAC Insured (Alternative Minimum Tax)
|
7/12 at 100.00
|
A+
|
15,018,300
|
|||||
|
Chicago, Illinois, Second Lien Passenger Facility Charge Revenue Bonds, O’Hare International Airport, Series 2001C:
|
|||||||||
|
3,770
|
5.100%, 1/01/26 – AMBAC Insured (Alternative Minimum Tax)
|
7/12 at 100.00
|
AA
|
3,775,429
|
|||||
|
5,460
|
5.250%, 1/01/32 – AMBAC Insured (Alternative Minimum Tax)
|
7/12 at 100.00
|
AA
|
5,466,061
|
|||||
|
1,825
|
Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport, Series 2005A, 5.250%, 1/01/26 – NPFG Insured
|
1/16 at 100.00
|
A1
|
1,956,418
|
|||||
|
5,000
|
Illinois Educational Facilities Authority, Revenue Bonds, University of Chicago, Refunding Series 2003A, 5.000%, 7/01/33 (Pre-refunded 7/01/13)
|
7/13 at 100.00
|
Aa1 (4)
|
5,276,250
|
|||||
|
1,500
|
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, 11/01/39
|
11/19 at 100.00
|
AA
|
1,644,090
|
|||||
|
2,000
|
Illinois Finance Authority, Revenue Bonds, Children’s Memorial Hospital, Series 2008A, 5.250%, 8/15/47 – AGC Insured (UB)
|
8/18 at 100.00
|
AA–
|
2,107,800
|
|||||
|
1,000
|
Illinois Finance Authority, Revenue Bonds, Edward Health Services Corporation, Series 2008A, 5.500%, 2/01/40 – AMBAC Insured
|
2/18 at 100.00
|
A+
|
1,053,480
|
|
38
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Illinois (continued)
|
|||||||||
|
$
|
2,875
|
Illinois Finance Authority, Revenue Bonds, Elmhurst Memorial Healthcare, Series 2008A, 5.625%, 1/01/37
|
1/18 at 100.00
|
A–
|
$
|
3,003,628
|
|||
|
1,925
|
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A, 5.750%, 11/15/37
|
11/17 at 100.00
|
A
|
2,073,572
|
|||||
|
10,000
|
Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2010C, 5.125%, 5/15/35
|
5/20 at 100.00
|
AA–
|
10,496,700
|
|||||
|
3,975
|
Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A, 5.500%, 8/01/37
|
8/17 at 100.00
|
BBB
|
4,086,737
|
|||||
|
2,500
|
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C, 5.500%, 8/15/41
|
2/21 at 100.00
|
AA–
|
2,760,875
|
|||||
|
5,000
|
Illinois Finance Authority, Revenue Refunding Bonds, Silver Cross Hospital and Medical Centers, Series 2008A, 5.500%, 8/15/30
|
8/18 at 100.00
|
BBB+
|
5,076,500
|
|||||
|
2,000
|
Illinois Health Facilities Authority, Revenue Bonds, Midwest Care Center I Inc., Series 2001, 5.950%, 2/20/36
|
8/12 at 101.00
|
Aaa
|
2,023,000
|
|||||
|
4,605
|
Illinois Health Facilities Authority, Revenue Bonds, Sherman Health Systems, Series 1997, 5.250%, 8/01/17 – AMBAC Insured
|
8/12 at 100.00
|
BBB
|
4,615,039
|
|||||
|
8,945
|
Lake and McHenry Counties Community Unit School District 118, Wauconda, Illinois, General Obligation Bonds, Series 2005B, 0.000%, 1/01/21 – AGM Insured
|
1/15 at 74.44
|
Aa3
|
6,032,508
|
|||||
|
9,000
|
McHenry County Community Unit School District 200, Woodstock, Illinois, General Obligation Bonds, Series 2006B, 0.000%, 1/15/23 – FGIC Insured
|
No Opt. Call
|
Aa2
|
6,003,450
|
|||||
|
2,335
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 2010B-2, 5.000%, 6/15/50
|
6/20 at 100.00
|
AAA
|
2,435,405
|
|||||
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A:
|
|||||||||
|
6,700
|
0.000%, 12/15/23 – NPFG Insured
|
No Opt. Call
|
AAA
|
4,150,047
|
|||||
|
2,920
|
5.000%, 12/15/28 – NPFG Insured
|
6/12 at 101.00
|
AAA
|
2,961,406
|
|||||
|
1,100
|
0.000%, 12/15/35 – NPFG Insured
|
No Opt. Call
|
AAA
|
325,226
|
|||||
|
3,805
|
0.000%, 6/15/41 – NPFG Insured
|
No Opt. Call
|
AAA
|
809,514
|
|||||
|
8,910
|
University of Illinois, Auxiliary Facilities Systems Revenue Bonds, Series 2006, 5.000%, 4/01/27 – NPFG Insured
|
4/16 at 100.00
|
Aa2
|
9,744,243
|
|||||
|
7,500
|
Valley View Public Schools, Community Unit School District 365U of Will County, Illinois, General Obligation Bonds, Series 2005, 0.000%, 11/01/25 – NPFG Insured
|
No Opt. Call
|
AA
|
4,222,575
|
|||||
|
130,750
|
Total Illinois
|
115,070,714
|
|||||||
|
Indiana – 2.7% (1.9% of Total Investments)
|
|||||||||
|
2,000
|
Hospital Authority of Delaware County, Indiana, Hospital Revenue Bonds, Cardinal Health System, Series 2006, 5.250%, 8/01/36
|
8/16 at 100.00
|
Baa2
|
2,047,620
|
|||||
|
2,750
|
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2011B, 5.000%, 10/01/41
|
10/21 at 100.00
|
AA–
|
2,947,258
|
|||||
|
2,805
|
Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Deaconess Hospital Inc., Series 2004A, 5.375%, 3/01/34 – AMBAC Insured
|
3/14 at 100.00
|
A+
|
2,852,797
|
|||||
|
2,000
|
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest Indiana, Series 2007, 5.500%, 3/01/37
|
3/17 at 100.00
|
A–
|
2,061,820
|
|||||
|
2,225
|
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
|
1/17 at 100.00
|
A+
|
2,368,023
|
|||||
|
1,895
|
New Albany-Floyd County School Building Corporation, Indiana, First Mortgage Bonds, Series 2005, 5.000%, 7/15/26 – AGM Insured
|
7/15 at 100.00
|
AA+
|
2,008,226
|
|||||
|
13,675
|
Total Indiana
|
14,285,744
|
|||||||
|
Iowa – 0.5% (0.3% of Total Investments)
|
|||||||||
|
3,100
|
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.625%, 6/01/46
|
6/15 at 100.00
|
B+
|
2,528,887
|
|
Nuveen Investments
|
39
|
|
Nuveen Select Quality Municipal Fund, Inc. (continued)
|
||
|
NQS
|
Portfolio of Investments
|
|
|
April 30, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Kansas – 1.5% (1.0% of Total Investments)
|
|||||||||
|
$
|
3,790
|
Kansas Department of Transportation, Highway Revenue Bonds, Series 2004A, 5.000%, 3/01/23 (UB)
|
3/14 at 100.00
|
AAA
|
$
|
4,071,218
|
|||
|
3,710
|
Overland Park Development Corporation, Kansas, First Tier Revenue Bonds, Overland Park Convention Center, Series 2007A, 5.125%, 1/01/22 – AMBAC Insured
|
1/17 at 100.00
|
Baa3
|
3,639,102
|
|||||
|
7,500
|
Total Kansas
|
7,710,320
|
|||||||
|
Kentucky – 1.2% (0.8% of Total Investments)
|
|||||||||
|
5,000
|
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist Healthcare System Obligated Group, Series 2011, 5.250%, 8/15/46
|
8/21 at 100.00
|
AA–
|
5,369,500
|
|||||
|
1,000
|
Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008-A1, 6.000%, 12/01/33 – AGC Insured
|
6/18 at 100.00
|
AA–
|
1,108,480
|
|||||
|
6,000
|
Total Kentucky
|
6,477,980
|
|||||||
|
Louisiana – 1.7% (1.2% of Total Investments)
|
|||||||||
|
5,000
|
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A, 5.375%, 5/15/43
|
5/17 at 100.00
|
Baa1
|
5,083,650
|
|||||
|
2,545
|
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2002A, 5.000%, 6/01/32 – AMBAC Insured
|
6/12 at 100.00
|
Aa1
|
2,552,737
|
|||||
|
1,275
|
Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, Series 2001B, 5.500%, 5/15/30
|
5/12 at 100.00
|
A1
|
1,284,308
|
|||||
|
8,820
|
Total Louisiana
|
8,920,695
|
|||||||
|
Maine – 0.3% (0.2% of Total Investments)
|
|||||||||
|
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, MaineGeneral Medical Center, Series 2011:
|
|||||||||
|
1,000
|
6.750%, 7/01/36
|
7/21 at 100.00
|
Baa3
|
1,127,370
|
|||||
|
210
|
6.750%, 7/01/41
|
7/21 at 100.00
|
Baa3
|
235,108
|
|||||
|
1,210
|
Total Maine
|
1,362,478
|
|||||||
|
Massachusetts – 2.5% (1.8% of Total Investments)
|
|||||||||
|
4,410
|
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Senior Lien Series 2010B, 5.000%, 1/01/32
|
1/20 at 100.00
|
A+
|
4,812,633
|
|||||
|
500
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc., Series 2008E-1 &2, 5.125%, 7/01/38
|
7/18 at 100.00
|
A–
|
517,050
|
|||||
|
2,300
|
Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Suffolk University Issue, Series 2009A, 5.750%, 7/01/39
|
7/19 at 100.00
|
BBB
|
2,501,526
|
|||||
|
5,000
|
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A, 5.000%, 8/15/30 – AGM Insured
|
8/15 at 100.00
|
AA+
|
5,535,250
|
|||||
|
12,210
|
Total Massachusetts
|
13,366,459
|
|||||||
|
Michigan – 7.6% (5.3% of Total Investments)
|
|||||||||
|
540
|
Detroit, Michigan, General Obligation Bonds, Series 2003A, 5.250%, 4/01/19 – SYNCORA GTY Insured
|
4/13 at 100.00
|
BB
|
501,406
|
|||||
|
3,500
|
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%, 7/01/35 – NPFG Insured
|
7/15 at 100.00
|
A
|
3,515,540
|
|||||
|
7,745
|
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Remarketed Series 1998A, 5.250%, 7/01/21 – NPFG Insured
|
7/17 at 100.00
|
A+
|
8,460,870
|
|||||
|
1,700
|
Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2011A, 5.250%, 7/01/41
|
7/21 at 100.00
|
A+
|
1,736,482
|
|||||
|
8,125
|
Michigan State Building Authority, Revenue Bonds, Facilities Program, Series 2005II, 5.000%, 10/15/29 – AMBAC Insured
|
10/15 at 100.00
|
Aa3
|
8,865,756
|
|||||
|
2,000
|
Michigan State Building Authority, Revenue Bonds, Refunding Series 2006IA, 0.000%, 10/15/21 – FGIC Insured
|
10/16 at 79.00
|
Aa3
|
1,341,880
|
|||||
|
3,000
|
Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2003II, 5.000%, 10/15/29 – NPFG Insured
|
10/13 at 100.00
|
Aa3
|
3,120,660
|
|
40
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Michigan (continued)
|
|||||||||
|
$
|
7,500
|
Michigan Strategic Fund, Limited Obligation Revenue Refunding Bonds, Detroit Edison Company, Series 2002C, 5.450%, 12/15/32 – SYNCORA GTY Insured (Alternative Minimum Tax)
|
12/12 at 100.00
|
BBB+
|
$
|
7,536,450
|
|||
|
5,155
|
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital, Series 2001M, 5.250%, 11/15/35 – NPFG Insured
|
5/12 at 100.00
|
A1
|
5,158,093
|
|||||
|
39,265
|
Total Michigan
|
40,237,137
|
|||||||
|
Minnesota – 1.0% (0.7% of Total Investments)
|
|||||||||
|
2,275
|
Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien Series 2005C, 5.000%, 1/01/31 – FGIC Insured
|
1/15 at 100.00
|
A
|
2,350,280
|
|||||
|
2,765
|
Saint Francis Independent School District 15, Minnesota, General Obligation Bonds, Refunding Series 2005B, 5.000%, 2/01/13 – AGM Insured
|
No Opt. Call
|
Aa+
|
2,862,217
|
|||||
|
5,040
|
Total Minnesota
|
5,212,497
|
|||||||
|
Mississippi – 0.5% (0.3% of Total Investments)
|
|||||||||
|
2,475
|
Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial Healthcare, Series 2004B-1, 5.000%, 9/01/24 (UB)
|
9/14 at 100.00
|
AA
|
2,586,053
|
|||||
|
Missouri – 2.4% (1.7% of Total Investments)
|
|||||||||
|
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales Tax Appropriation Bonds, Metrolink Cross County Extension Project, Series 2002B:
|
|||||||||
|
8,455
|
5.250%, 10/01/12 – AGM Insured
|
No Opt. Call
|
AA–
|
8,622,409
|
|||||
|
1,500
|
5.000%, 10/01/32 – AGM Insured
|
10/13 at 100.00
|
AA–
|
1,564,365
|
|||||
|
5,000
|
Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, Series 2004B-1, 0.000%, 4/15/28 – AMBAC Insured
|
No Opt. Call
|
AA–
|
2,448,250
|
|||||
|
14,955
|
Total Missouri
|
12,635,024
|
|||||||
|
Nebraska – 1.2% (0.8% of Total Investments)
|
|||||||||
|
6,100
|
Omaha Convention Hotel Corporation, Nebraska, Convention Center Revenue Bonds, Series 2007, 5.000%, 2/01/35 – AMBAC Insured
|
2/17 at 100.00
|
Aa3
|
6,427,448
|
|||||
|
Nevada – 2.1% (1.5% of Total Investments)
|
|||||||||
|
5,040
|
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water Improvement Series 2003A Refunding, 5.000%, 6/01/32 – FGIC Insured
|
12/12 at 100.00
|
AA+
|
5,151,989
|
|||||
|
2,280
|
North Las Vegas, Nevada, General Obligation Bonds, Wastewater Reclamation System Series 2006, 5.000%, 10/01/25 – NPFG Insured
|
10/16 at 100.00
|
A+
|
2,429,910
|
|||||
|
2,500
|
Reno, Nevada, Health Facilities Revenue Bonds, Catholic Healthcare West, Series 2007A, Trust 2634, 17.962%, 7/01/31 – BHAC Insured (IF)
|
7/17 at 100.00
|
AA+
|
3,716,100
|
|||||
|
9,820
|
Total Nevada
|
11,297,999
|
|||||||
|
New Hampshire – 1.0% (0.7% of Total Investments)
|
|||||||||
|
5,000
|
New Hampshire Business Finance Authority, Revenue Bonds, Elliot Hospital Obligated Group Issue, Series 2009A, 6.125%, 10/01/39
|
10/19 at 100.00
|
Baa1
|
5,269,500
|
|||||
|
New Jersey – 4.5% (3.1% of Total Investments)
|
|||||||||
|
16,840
|
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Refunding Series 2006B, 0.000%, 7/01/35
|
1/17 at 39.39
|
BBB
|
4,704,928
|
|||||
|
1,905
|
New Jersey Housing and Mortgage Finance Agency, Multifamily Housing Revenue Bonds, Series 1997A, 5.550%, 5/01/27 – AMBAC Insured (Alternative Minimum Tax)
|
11/12 at 100.00
|
A+
|
1,907,400
|
|||||
|
20,000
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C, 0.000%, 12/15/33 – AGM Insured
|
No Opt. Call
|
AA–
|
6,887,200
|
|||||
|
4,925
|
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2002, 5.750%, 6/01/32 (Pre-refunded 6/01/12)
|
6/12 at 100.00
|
Aaa
|
4,948,492
|
|||||
|
6,500
|
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 5.000%, 6/01/41
|
6/17 at 100.00
|
B2
|
5,155,215
|
|||||
|
50,170
|
Total New Jersey
|
23,603,235
|
|
Nuveen Investments
|
41
|
|
Nuveen Select Quality Municipal Fund, Inc. (continued)
|
||
|
NQS
|
Portfolio of Investments
|
|
|
April 30, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
New York – 3.9% (2.7% of Total Investments)
|
|||||||||
|
$
|
5,005
|
Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt, Vassar College, Series 2007, 5.000%, 7/01/46
|
7/17 at 100.00
|
AA
|
$
|
5,319,214
|
|||
|
2,000
|
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.250%, 2/15/47
|
2/21 at 100.00
|
A
|
2,175,140
|
|||||
|
7,000
|
Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds, Series 2002A, 5.125%, 1/01/29
|
7/12 at 100.00
|
AA–
|
7,046,550
|
|||||
|
1,250
|
New York City Industrial Development Agency, New York, American Airlines-JFK International Airport Special Facility Revenue Bonds, Series 2005, 7.500%, 8/01/16 (Alternative Minimum Tax)
|
No Opt. Call
|
N/R
|
1,268,063
|
|||||
|
4,605
|
New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 79, 5.300%, 4/01/29 (Alternative Minimum Tax)
|
9/12 at 100.00
|
Aa1
|
4,608,316
|
|||||
|
19,860
|
Total New York
|
20,417,283
|
|||||||
|
North Carolina – 2.0% (1.4% of Total Investments)
|
|||||||||
|
3,000
|
Charlotte-Mecklenberg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Series 2008A, 5.000%, 1/15/47
|
1/18 at 100.00
|
AA–
|
3,129,780
|
|||||
|
5,535
|
North Carolina Eastern Municipal Power Agency, Power System Revenue Refunding Bonds, Series 1993B, 5.500%, 1/01/17 – FGIC Insured
|
7/12 at 100.00
|
A–
|
5,554,594
|
|||||
|
1,900
|
North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Series 2009A, 5.750%, 1/01/39 – AGC Insured
|
1/19 at 100.00
|
AA–
|
2,125,264
|
|||||
|
10,435
|
Total North Carolina
|
10,809,638
|
|||||||
|
North Dakota – 0.4% (0.3% of Total Investments)
|
|||||||||
|
1,875
|
Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2012, 5.000%, 12/01/32 (WI/DD, Settling 5/09/12)
|
12/21 at 100.00
|
A–
|
1,983,956
|
|||||
|
Ohio – 6.1% (4.3% of Total Investments)
|
|||||||||
|
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
|
|||||||||
|
3,045
|
5.375%, 6/01/24
|
6/17 at 100.00
|
B
|
2,549,183
|
|||||
|
1,180
|
5.125%, 6/01/24
|
6/17 at 100.00
|
B
|
964,615
|
|||||
|
2,700
|
5.875%, 6/01/30
|
6/17 at 100.00
|
B+
|
2,175,930
|
|||||
|
2,755
|
5.750%, 6/01/34
|
6/17 at 100.00
|
BB
|
2,149,947
|
|||||
|
7,995
|
5.875%, 6/01/47
|
6/17 at 100.00
|
BB
|
6,248,892
|
|||||
|
15,800
|
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-3, 0.000%, 6/01/37
|
6/22 at 100.00
|
B+
|
12,281,656
|
|||||
|
1,730
|
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2011A, 6.000%, 11/15/41
|
11/21 at 100.00
|
AA–
|
2,025,398
|
|||||
|
3,750
|
Ohio Higher Educational Facilities Commission, Revenue Bonds, University Hospitals Health System Inc., Series 2007A, Trust 2812, 12.290%, 1/15/46 – AMBAC Insured (IF)
|
1/17 at 100.00
|
A
|
3,852,750
|
|||||
|
38,955
|
Total Ohio
|
32,248,371
|
|||||||
|
Oklahoma – 1.0% (0.7% of Total Investments)
|
|||||||||
|
1,000
|
Fort Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise Revenue Bonds, Fort Sill Apache Casino, Series 2011A, 8.500%, 8/25/26
|
8/21 at 100.00
|
N/R
|
1,035,870
|
|||||
|
1,675
|
Oklahoma Development Finance Authority, Health System Revenue Bonds, Integris Baptist Medical Center, Series 2008B, 5.250%, 8/15/38
|
8/18 at 100.00
|
AA–
|
1,850,607
|
|||||
|
2,235
|
Oklahoma Development Finance Authority, Revenue Bonds, St. John Health System, Series 2004, 5.000%, 2/15/24
|
2/14 at 100.00
|
A
|
2,299,323
|
|||||
|
4,910
|
Total Oklahoma
|
5,185,800
|
|||||||
|
Pennsylvania – 3.3% (2.3% of Total Investments)
|
|||||||||
|
1,250
|
Erie Water Authority, Pennsylvania, Water Revenue Bonds, Series 2008, 5.000%, 12/01/43 – AGM Insured
|
12/18 at 100.00
|
AA–
|
1,327,275
|
|||||
|
3,250
|
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006-96A, 4.650%, 10/01/31 (Alternative Minimum Tax) (UB)
|
10/16 at 100.00
|
AA+
|
3,286,758
|
|
42
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Pennsylvania (continued)
|
|||||||||
|
$
|
8,550
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E, 0.000%, 12/01/38
|
12/27 at 100.00
|
A–
|
$
|
7,775,199
|
|||
|
5,000
|
Pennsylvania Turnpike Commission, Turnpike Subordinate Revenue Bonds, Series 2009C, 0.000%, 6/01/33 – AGM Insured
|
6/26 at 100.00
|
AA–
|
4,953,050
|
|||||
|
18,050
|
Total Pennsylvania
|
17,342,282
|
|||||||
|
Puerto Rico – 3.5% (2.4% of Total Investments)
|
|||||||||
|
800
|
Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Refunding Bonds, Series 2002D, 0.000%, 7/01/31 – AMBAC Insured
|
7/17 at 100.00
|
Baa1
|
814,824
|
|||||
|
2,200
|
Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Refunding Bonds, Series 2002D, 0.000%, 7/01/31 (Pre-refunded 7/01/17) – AMBAC Insured
|
7/17 at 100.00
|
Baa1 (4)
|
2,574,286
|
|||||
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A:
|
|||||||||
|
12,000
|
0.000%, 8/01/32
|
8/26 at 100.00
|
A+
|
11,975,040
|
|||||
|
1,000
|
6.000%, 8/01/42
|
8/19 at 100.00
|
A+
|
1,129,800
|
|||||
|
23,890
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/54 – AMBAC Insured
|
No Opt. Call
|
Aa2
|
1,926,012
|
|||||
|
39,890
|
Total Puerto Rico
|
18,419,962
|
|||||||
|
Rhode Island – 1.5% (1.1% of Total Investments)
|
|||||||||
|
Rhode Island Housing & Mortgage Finance Corporation, Homeownership Opportunity 57-B Bond Program, Series 2008, Trust 1177:
|
|||||||||
|
1,500
|
9.459%, 4/01/23 (Alternative Minimum Tax) (IF)
|
4/17 at 100.00
|
AA+
|
1,613,610
|
|||||
|
1,000
|
9.559%, 4/01/23 (Alternative Minimum Tax) (IF)
|
4/17 at 100.00
|
AA+
|
1,060,480
|
|||||
|
5,440
|
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A, 6.125%, 6/01/32
|
6/12 at 100.00
|
BBB+
|
5,459,584
|
|||||
|
7,940
|
Total Rhode Island
|
8,133,674
|
|||||||
|
South Carolina – 5.1% (3.5% of Total Investments)
|
|||||||||
|
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2002:
|
|||||||||
|
5,500
|
6.000%, 12/01/21 (Pre-refunded 12/01/12)
|
12/12 at 101.00
|
AA (4)
|
5,742,110
|
|||||
|
4,500
|
6.000%, 12/01/21 (Pre-refunded 12/01/12)
|
12/12 at 101.00
|
Aaa
|
4,698,090
|
|||||
|
2,500
|
Lexington County Health Service District, South Carolina, Hospital Revenue Refunding and Improvement Bonds, Series 2003, 5.750%, 11/01/28 (Pre-refunded 11/01/13)
|
11/13 at 100.00
|
AA– (4)
|
2,704,450
|
|||||
|
2,950
|
Medical University Hospital Authority, South Carolina, FHA-Insured Mortgage Revenue Bonds, Series 2004A, 5.250%, 2/15/22 – NPFG Insured
|
8/14 at 100.00
|
BBB
|
3,180,041
|
|||||
|
21,565
|
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2, 0.000%, 1/01/30 – AMBAC Insured
|
No Opt. Call
|
A–
|
9,580,251
|
|||||
|
820
|
South Carolina Housing Finance and Development Authority, Mortgage Revenue Bonds, Series 2000A-2, 6.000%, 7/01/20 – AGM Insured (Alternative Minimum Tax)
|
6/12 at 100.00
|
Aa1
|
843,870
|
|||||
|
37,835
|
Total South Carolina
|
26,748,812
|
|||||||
|
South Dakota – 1.2% (0.9% of Total Investments)
|
|||||||||
|
3,390
|
Sioux Falls, South Dakota, Industrial Revenue Refunding Bonds, Great Plains Hotel Corporation, Series 1989, 8.500%, 11/01/16 (Pre-refunded 10/15/14) (Alternative Minimum Tax)
|
10/14 at 100.00
|
AA+ (4)
|
3,844,497
|
|||||
|
1,280
|
South Dakota Education Loans Inc., Revenue Bonds, Subordinate Series 1998-1K, 5.600%, 6/01/20 (Alternative Minimum Tax)
|
6/12 at 100.00
|
Ca
|
960,845
|
|||||
|
1,750
|
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sioux Valley Hospitals, Series 2004A, 5.500%, 11/01/31
|
11/14 at 100.00
|
AA–
|
1,814,243
|
|||||
|
6,420
|
Total South Dakota
|
6,619,585
|
|||||||
|
Tennessee – 3.7% (2.6% of Total Investments)
|
|||||||||
|
3,125
|
Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue Bonds, Mountain States Health Alliance, Refunding Series 2010A, 6.000%, 7/01/38
|
7/20 at 100.00
|
BBB+
|
3,463,656
|
|||||
|
20,060
|
Knox County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue Refunding Bonds, Covenant Health, Series 2002A, 0.000%, 1/01/17 – AGM Insured
|
1/13 at 80.49
|
AA–
|
15,889,927
|
|||||
|
23,185
|
Total Tennessee
|
19,353,583
|
|
Nuveen Investments
|
43
|
|
Nuveen Select Quality Municipal Fund, Inc. (continued)
|
||
|
NQS
|
Portfolio of Investments
|
April 30, 2012 (Unaudited)
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Texas – 17.9% (12.5% of Total Investments)
|
|||||||||
|
$
|
5,110
|
Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company, Series 1999C, 7.700%, 3/01/32 (Alternative Minimum Tax)
|
4/13 at 101.00
|
Ca
|
$
|
728,175
|
|||
|
1,000
|
Capital Area Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, The Roman Catholic Diocese of Austin, Series 2005B. Remarketed, 6.125%, 4/01/45
|
4/20 at 100.00
|
Baa2
|
1,076,840
|
|||||
|
1,000
|
Central Texas Regional Mobility Authority, Senior Lien Revenue Bonds, Series 2011, 6.000%, 1/01/41
|
1/21 at 100.00
|
BBB–
|
1,106,620
|
|||||
|
4,080
|
Central Texas Regional Mobility Authority, Travis and Williamson Counties, Toll Road Revenue Bonds, Series 2005, 5.000%, 1/01/35 – FGIC Insured
|
1/15 at 100.00
|
BBB
|
4,044,218
|
|||||
|
3,000
|
Conroe Independent School District, Montgomery County, Texas, General Obligation Bonds, Schoolhouse Series 2005C, 5.000%, 2/15/30
|
2/15 at 100.00
|
AAA
|
3,266,580
|
|||||
|
3,375
|
Denton Independent School District, Denton County, Texas, General Obligation Bonds, Series 2002, 5.000%, 8/15/33
|
8/12 at 100.00
|
AAA
|
3,412,159
|
|||||
|
2,720
|
Edinburg Consolidated Independent School District, Hidalgo County, Texas, General Obligation Bonds, Refunding Series 2005, 5.000%, 2/15/30
|
2/15 at 100.00
|
AAA
|
2,957,048
|
|||||
|
2,000
|
Ennis Independent School District, Ellis County, Texas, General Obligation Bonds, Series 2006, 0.000%, 8/15/28
|
8/16 at 54.64
|
Aaa
|
981,720
|
|||||
|
3,070
|
Harris County Hospital District, Texas, Revenue Bonds, Series 2007A, 5.250%, 2/15/42 – NPFG Insured
|
2/17 at 100.00
|
AA+
|
3,296,106
|
|||||
|
1,000
|
Harris County, Texas, Toll Road Senior Lien Revenue Refunding Bonds, Series 2004A, 5.000%, 8/15/27 – FGIC Insured
|
8/14 at 100.00
|
AA–
|
1,073,580
|
|||||
|
7,570
|
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H, 0.000%, 11/15/31 – NPFG Insured
|
No Opt. Call
|
BBB
|
2,206,125
|
|||||
|
5,000
|
Houston Community College System, Texas, Limited Tax General Obligation Bonds, Series 2003, 5.000%, 2/15/26 (Pre-refunded 2/15/13) – AMBAC Insured
|
2/13 at 100.00
|
AA+ (4)
|
5,184,050
|
|||||
|
5,000
|
Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2005, 5.000%, 11/15/35 – AGM Insured
|
11/15 at 100.00
|
AA
|
5,503,700
|
|||||
|
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B:
|
|||||||||
|
3,250
|
0.000%, 9/01/25 – AMBAC Insured
|
No Opt. Call
|
AA–
|
1,775,540
|
|||||
|
4,130
|
0.000%, 9/01/26 – AMBAC Insured
|
No Opt. Call
|
AA–
|
2,117,368
|
|||||
|
9,000
|
Matagorda County Navigation District 1, Texas, Collateralized Revenue Refunding Bonds, Houston Light and Power Company, Series 1997, 5.125%, 11/01/28 – AMBAC Insured (Alternative Minimum Tax)
|
No Opt. Call
|
A–
|
9,859,860
|
|||||
|
5,000
|
Midland Independent School District, Midland County, Texas, General Obligation Bonds, School Building Series 2007, 5.000%, 2/15/32
|
2/17 at 100.00
|
AAA
|
5,622,300
|
|||||
|
7,000
|
North Texas Tollway Authority, First Tier System Revenue Refunding Bonds, Capital Appreciation Series 2008I, 0.000%, 1/01/43
|
1/25 at 100.00
|
A2
|
6,971,300
|
|||||
|
340
|
Panhandle Regional Housing Finance Corporation, Texas, GNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue Bonds, Series 1991A, 7.500%, 5/01/24 (Alternative Minimum Tax)
|
11/12 at 100.00
|
N/R
|
343,737
|
|||||
|
2,140
|
Pflugerville Independent School District, Travis County, Texas, General Obligation Bonds, Series 2005A, 5.000%, 2/15/30 (Pre-refunded 2/15/15)
|
2/15 at 100.00
|
AAA
|
2,411,395
|
|||||
|
2,210
|
Richardson Hospital Authority, Texas, Revenue Bonds, Richardson Regional Medical Center, Series 2004, 6.000%, 12/01/19
|
12/13 at 100.00
|
A
|
2,307,505
|
|||||
|
4,700
|
Sam Rayburn Municipal Power Agency, Texas, Power Supply System Revenue Refunding Bonds, Series 2002A, 6.000%, 10/01/21
|
10/12 at 100.00
|
BBB+
|
4,760,160
|
|||||
|
4,375
|
Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds, Texas Health Resources Tender Option Bond Trust 1197, 9.083%, 5/15/39 (IF) (5)
|
11/17 at 100.00
|
AA–
|
4,830,350
|
|||||
|
2,890
|
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White HealthCare Project, Series 2010, 5.500%, 8/15/45
|
8/20 at 100.00
|
AA–
|
3,157,990
|
|||||
|
3,335
|
Texas State, General Obligation Bonds, Water Financial Assistance, Tender Option Bond Trust 3479, 13.264%, 2/01/17 (IF)
|
No Opt. Call
|
Aaa
|
4,365,382
|
|
44
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Texas (continued)
|
|||||||||
|
$
|
2,700
|
Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A, 5.500%, 8/15/39 – AMBAC Insured
|
8/12 at 100.00
|
BBB+
|
$
|
2,711,745
|
|||
|
White Settlement Independent School District, Tarrant County, Texas, General Obligation Bonds, Series 2006:
|
|||||||||
|
9,110
|
0.000%, 8/15/36
|
8/15 at 33.75
|
AAA
|
2,706,034
|
|||||
|
9,110
|
0.000%, 8/15/41
|
8/15 at 25.73
|
AAA
|
2,041,004
|
|||||
|
7,110
|
0.000%, 8/15/45
|
8/15 at 20.76
|
AAA
|
1,280,156
|
|||||
|
1,280
|
Winter Garden Housing Finance Corporation, Texas, GNMA/FNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue Bonds, Series 1994, 6.950%, 10/01/27 (Alternative Minimum Tax)
|
10/12 at 100.00
|
AA+
|
1,282,803
|
|||||
|
2,000
|
Wylie Independent School District, Collin County, Texas, General Obligation Bonds, Series 2005, 0.000%, 8/15/26
|
8/15 at 57.10
|
AAA
|
1,059,100
|
|||||
|
123,605
|
Total Texas
|
94,440,650
|
|||||||
|
Utah – 0.7% (0.5% of Total Investments)
|
|||||||||
|
3,565
|
Utah Associated Municipal Power Systems, Revenue Bonds, Payson Power Project, Series 2003A, 5.000%, 4/01/24 (Pre-refunded 4/01/13) – AGM Insured
|
4/13 at 100.00
|
AA– (4)
|
3,721,254
|
|||||
|
Vermont – 0.1% (0.1% of Total Investments)
|
|||||||||
|
655
|
Vermont Housing Finance Agency, Single Family Housing Bonds, Series 2000-13A, 5.950%, 11/01/25 – AGM Insured (Alternative Minimum Tax)
|
11/12 at 100.00
|
AA–
|
675,849
|
|||||
|
Virginia – 1.9% (1.3% of Total Investments)
|
|||||||||
|
1,500
|
Fairfax County Economic Development Authority, Virginia, Residential Care Facilities Mortgage Revenue Bonds, Goodwin House, Inc., Series 2007A, 5.125%, 10/01/42
|
10/17 at 100.00
|
BBB
|
1,515,120
|
|||||
|
5,000
|
Metropolitan Washington DC Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Series 2009C, 0.000%, 10/01/41 – AGC Insured
|
10/26 at 100.00
|
AA–
|
4,531,750
|
|||||
|
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012:
|
|||||||||
|
2,470
|
6.000%, 1/01/37 (Alternative Minimum Tax)
|
7/22 at 100.00
|
BBB–
|
2,691,584
|
|||||
|
1,260
|
5.500%, 1/01/42 (Alternative Minimum Tax)
|
7/22 at 100.00
|
BBB–
|
1,300,320
|
|||||
|
10,230
|
Total Virginia
|
10,038,774
|
|||||||
|
Washington – 2.1% (1.5% of Total Investments)
|
|||||||||
|
3,750
|
FYI Properties, Washington, Lease Revenue Bonds, Washington State Department of Information Services Project, Series 2009, 5.500%, 6/01/39
|
6/19 at 100.00
|
AA
|
4,148,775
|
|||||
|
2,500
|
King County School District 001 Seattle, Washington, General Obligation Bonds, Series 2007A, 5.000%, 6/01/12
|
No Opt. Call
|
Aaa
|
2,510,475
|
|||||
|
2,000
|
Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2009A, 6.000%, 1/01/33
|
7/19 at 100.00
|
A
|
2,212,279
|
|||||
|
2,500
|
Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and Medical Center of Seattle, Series 2007, 5.700%, 12/01/32
|
12/17 at 100.00
|
N/R
|
2,452,374
|
|||||
|
10,750
|
Total Washington
|
11,323,903
|
|||||||
|
West Virginia – 1.4% (0.9% of Total Investments)
|
|||||||||
|
6,725
|
West Virginia University, University Revenue Improvement Bonds, West Virginia University Projects, Series 2004C, 5.000%, 10/01/34 – FGIC Insured
|
10/14 at 100.00
|
Aa3
|
7,239,933
|
|||||
|
Wisconsin – 1.3% (0.9% of Total Investments)
|
|||||||||
|
3,565
|
Badger Tobacco Asset Securitization Corporation, Wisconsin, Tobacco Settlement Asset-Backed Bonds, Series 2002, 6.125%, 6/01/27 (Pre-refunded 6/01/12)
|
6/12 at 100.00
|
Aaa
|
3,583,074
|
|||||
|
1,400
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Divine Savior Hospital Inc., Series 1999, 5.700%, 6/01/28 – ACA Insured
|
6/12 at 100.00
|
BBB
|
1,401,007
|
|
Nuveen Investments
|
45
|
|
Nuveen Select Quality Municipal Fund, Inc. (continued)
|
||
|
NQS
|
Portfolio of Investments
|
|
| April 30, 2012 (Unaudited) |
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Wisconsin (continued)
|
|||||||||
|
$
|
2,140
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Services Inc., Series 2003A, 5.125%, 8/15/33
|
8/13 at 100.00
|
A–
|
$
|
2,158,189
|
|||
|
7,105
|
Total Wisconsin
|
7,142,270
|
|||||||
| $ |
911,020
|
Total Investments (cost $715,782,351) – 143.5%
|
758,138,651
|
||||||
|
Floating Rate Obligations – (1.4)%
|
(7,495,000
|
) | |||||||
|
Variable Rate Demand Preferred Shares, at Liquidation Value – (47.8)%
|
(252,500,000
|
) | |||||||
|
Other Assets Less Liabilities – 5.7%
|
30,176,094
|
||||||||
|
Net Assets Applicable to Common Shares – 100%
|
$
|
528,319,745
|
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
|
|
|
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
|
|
(3)
|
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating.
|
|
|
Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
||
|
(4)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities.
|
|
|
(5)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
|
|
(6)
|
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments are 33.3%.
|
|
|
N/R
|
Not rated.
|
|
|
WI/DD
|
Purchased on a when-issued or delayed delivery basis.
|
|
|
(IF)
|
Inverse floating rate investment.
|
|
|
(UB)
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
|
See accompanying notes to financial statements.
|
46
|
Nuveen Investments
|
|
Nuveen Quality Income Municipal Fund, Inc.
|
||
|
NQU
|
Portfolio of Investments
|
|
|
April 30, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Alaska – 2.4% (1.6% of Total Investments)
|
|||||||||
|
$
|
6,110
|
Alaska Housing Finance Corporation, General Housing Purpose Bonds, Series 2005A, 5.000%, 12/01/27 – FGIC Insured (UB)
|
12/14 at 100.00
|
AA+
|
$
|
6,355,439
|
|||
|
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A:
|
|||||||||
|
3,930
|
5.000%, 6/01/32
|
6/14 at 100.00
|
BB–
|
3,376,145
|
|||||
|
13,835
|
5.000%, 6/01/46
|
6/14 at 100.00
|
BB–
|
10,532,170
|
|||||
|
23,875
|
Total Alaska
|
20,263,754
|
|||||||
|
Arizona – 2.8% (1.9% of Total Investments)
|
|||||||||
|
3,475
|
Arizona Health Facilities Authority, Revenue Bonds, Blood Systems Inc., Series 2004, 4.750%, 4/01/25
|
4/14 at 100.00
|
A
|
3,579,841
|
|||||
|
5,350
|
Arizona Tourism and Sports Authority, Tax Revenue Bonds, Multipurpose Stadium Facility Project, Series 2003A, 5.000%, 7/01/28 – NPFG Insured
|
7/13 at 100.00
|
A1
|
5,541,744
|
|||||
|
1,190
|
Maricopa County Industrial Development Authority, Arizona, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2007A, 5.250%, 7/01/32
|
7/17 at 100.00
|
A+
|
1,273,395
|
|||||
|
1,000
|
Mesa, Arizona, Utility System Revenue Refunding Bonds, Series 2002, 5.250%, 7/01/17 – FGIC Insured
|
No Opt. Call
|
Aa2
|
1,196,290
|
|||||
|
7,780
|
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Airport Revenue Bonds, Series 2010A, 5.000%, 7/01/40
|
7/20 at 100.00
|
A+
|
8,331,213
|
|||||
|
2,350
|
Phoenix Civic Improvement Corporation, Arizona, Senior Lien Airport Revenue Bonds, Series 2008A, 5.000%, 7/01/33
|
7/18 at 100.00
|
AA–
|
2,532,478
|
|||||
|
1,000
|
Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Electric Power Company, Series 2010A, 5.250%, 10/01/40
|
10/20 at 100.00
|
BBB–
|
1,042,430
|
|||||
|
22,145
|
Total Arizona
|
23,497,391
|
|||||||
|
Arkansas – 1.1% (0.8% of Total Investments)
|
|||||||||
|
Arkansas Development Finance Authority, Tobacco Settlement Revenue Bonds, Arkansas Cancer Research Center Project, Series 2006:
|
|||||||||
|
2,500
|
0.000%, 7/01/36 – AMBAC Insured
|
No Opt. Call
|
Aa2
|
902,575
|
|||||
|
19,800
|
0.000%, 7/01/46 – AMBAC Insured
|
No Opt. Call
|
Aa2
|
4,274,820
|
|||||
|
4,000
|
University of Arkansas, Fayetteville, Revenue Bonds, Medical Sciences Campus, Series 2004B, 5.000%, 11/01/34 – NPFG Insured
|
11/14 at 100.00
|
Aa2
|
4,301,360
|
|||||
|
26,300
|
Total Arkansas
|
9,478,755
|
|||||||
|
California – 20.9% (13.9% of Total Investments)
|
|||||||||
|
12,500
|
Anaheim Public Finance Authority, California, Subordinate Lease Revenue Bonds, Public Improvement Project, Series 1997C, 0.000%, 9/01/35 – AGM Insured
|
No Opt. Call
|
AA–
|
3,174,750
|
|||||
|
6,000
|
California Health Facilities Financing Authority, Health Facility Revenue Bonds, Adventist Health System/West, Series 2003A, 5.000%, 3/01/33
|
3/13 at 100.00
|
A
|
6,036,000
|
|||||
|
2,335
|
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2010A, 5.750%, 7/01/40
|
7/20 at 100.00
|
Baa2
|
2,443,928
|
|||||
|
14,600
|
California State, General Obligation Bonds, Series 2003, 5.250%, 2/01/28
|
8/13 at 100.00
|
A1
|
15,301,822
|
|||||
|
25,000
|
California State, General Obligation Bonds, Series 2005, 4.750%, 3/01/35 –
NPFG Insured
|
3/16 at 100.00
|
A1
|
25,952,250
|
|||||
|
California State, General Obligation Bonds, Various Purpose Series 2010:
|
|||||||||
|
3,500
|
5.250%, 3/01/30
|
3/20 at 100.00
|
A1
|
3,892,350
|
|||||
|
10,000
|
5.500%, 11/01/35
|
11/20 at 100.00
|
A1
|
11,392,900
|
|||||
|
16,000
|
California State, Various Purpose General Obligation Bonds, Series 2007, 5.000%, 6/01/37
|
6/17 at 100.00
|
A1
|
16,868,480
|
|||||
|
1,360
|
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A, 5.250%, 7/01/30
|
7/15 at 100.00
|
BBB
|
1,378,700
|
|||||
|
3,600
|
California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Series 2007A, 5.750%, 7/01/47 – FGIC Insured
|
7/18 at 100.00
|
AA–
|
3,871,512
|
|||||
|
4,855
|
California, Various Purpose General Obligation Bonds, Series 1999, 4.750%, 4/01/29 – NPFG Insured
|
10/12 at 100.00
|
A1
|
4,868,109
|
|
Nuveen Investments
|
47
|
|
Nuveen Quality Income Municipal Fund, Inc. (continued)
|
||
|
NQU
|
Portfolio of Investments
|
|
|
April 30, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
California (continued)
|
|||||||||
|
$
|
2,710
|
Chula Vista Elementary School District, San Diego County, California, Certificates of Participation, Series 2004, 5.000%, 9/01/29 – NPFG Insured
|
9/12 at 102.00
|
BBB
|
$
|
2,725,230
|
|||
|
3,400
|
Coachella Valley Unified School District, Riverside County, California, General Obligation Bonds, Capital Appreciation, Election 2005 Series 2010C, 0.000%, 8/01/33 – AGM Insured
|
No Opt. Call
|
AA–
|
1,048,628
|
|||||
|
1,000
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 1999, 5.875%, 1/15/27 – NPFG Insured
|
1/14 at 101.00
|
BBB
|
1,019,230
|
|||||
|
8,500
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 1995A, 5.000%, 1/01/35 – NPFG Insured
|
7/12 at 100.00
|
BBB
|
7,957,700
|
|||||
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
|
|||||||||
|
2,500
|
4.500%, 6/01/27
|
6/17 at 100.00
|
BB–
|
2,139,975
|
|||||
|
10,630
|
5.000%, 6/01/33
|
6/17 at 100.00
|
BB–
|
8,392,491
|
|||||
|
1,500
|
5.125%, 6/01/47
|
6/17 at 100.00
|
BB–
|
1,115,715
|
|||||
|
2,000
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2005A-2, 5.000%, 7/01/22 – AGM Insured
|
7/15 at 100.00
|
AA–
|
2,254,620
|
|||||
|
5,000
|
Los Angeles Unified School District, California, General Obligation Bonds, Series 2006F, 5.000%, 7/01/30 – FGIC Insured
|
7/16 at 100.00
|
Aa2
|
5,432,950
|
|||||
|
2,735
|
Los Gatos Union School District, Santa Clara County, California, General Obligation Bonds, Election of 2001, Series 2003B, 5.000%, 8/01/30 (Pre-refunded 8/01/13) – AGM Insured
|
8/13 at 100.00
|
AA+ (4)
|
2,896,611
|
|||||
|
3,300
|
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009B, 6.500%, 11/01/39
|
No Opt. Call
|
A
|
4,040,751
|
|||||
|
3,290
|
Murrieta Valley Unified School District Public Financing Authority, California, Special Tax Revenue Bonds, Series 2006A, 5.125%, 9/01/26 – AGM Insured
|
9/16 at 100.00
|
AA–
|
3,495,724
|
|||||
|
2,500
|
Palm Springs Unified School District, Riverside County, California, General Obligation Bonds, Series 2006A, 5.000%, 8/01/31 – AGM Insured
|
8/14 at 102.00
|
AA–
|
2,740,175
|
|||||
|
5,000
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/30
|
11/20 at 100.00
|
Baa3
|
5,309,100
|
|||||
|
3,700
|
Palomar Pomerado Health, California, General Obligation Bonds, Election of 2004, Series 2007A, 0.000%, 8/01/25 – NPFG Insured
|
No Opt. Call
|
A+
|
1,995,928
|
|||||
|
9,145
|
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Series 1999, 0.000%, 8/01/30 – AMBAC Insured
|
No Opt. Call
|
A+
|
2,989,683
|
|||||
|
2,500
|
Redding, California, Electric System Revenue Certificates of Participation, Series 2005, 5.000%, 6/01/30 – FGIC Insured
|
6/15 at 100.00
|
A
|
2,572,925
|
|||||
|
1,830
|
San Diego Public Facilities Financing Authority, California, Water Utility Revenue Bonds, Tender Option Bond Trust 3504, 19.498%, 2/01/33 (IF)
|
8/19 at 100.00
|
Aa2
|
2,903,661
|
|||||
|
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A:
|
|||||||||
|
7,210
|
0.000%, 1/15/23 – NPFG Insured
|
No Opt. Call
|
BBB
|
3,642,132
|
|||||
|
30,000
|
0.000%, 1/15/35 – NPFG Insured
|
No Opt. Call
|
BBB
|
6,687,600
|
|||||
|
3,000
|
San Mateo County Community College District, California, General Obligation Bonds, Series 2006C, 0.000%, 9/01/30 – NPFG Insured
|
No Opt. Call
|
Aaa
|
1,296,300
|
|||||
|
4,495
|
Stockton-East Water District, California, Certificates of Participation, Refunding Series 2002B, 0.000%, 4/01/28 – FGIC Insured
|
7/12 at 38.76
|
BBB+
|
1,721,585
|
|||||
|
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1:
|
|||||||||
|
1,140
|
4.750%, 6/01/23
|
6/15 at 100.00
|
B+
|
1,053,611
|
|||||
|
1,500
|
5.500%, 6/01/45
|
6/15 at 100.00
|
B–
|
1,073,985
|
|||||
|
2,175
|
Tobacco Securitization Authority of Southern California, Tobacco Settlement Asset-Backed Bonds, San Diego County Tobacco Asset Securitization Corporation, Senior Series 2001A, 4.750%, 6/01/25
|
6/14 at 100.00
|
BBB
|
2,149,879
|
|||||
|
3,000
|
University of California, General Revenue Bonds, Series 2005F, 4.750%, 5/15/25 – AGM Insured
|
5/13 at 101.00
|
Aa1
|
3,140,670
|
|||||
|
223,510
|
Total California
|
176,977,660
|
|
48
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Colorado – 5.7% (3.8% of Total Investments)
|
|||||||||
|
$
|
1,500
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Valley View Hospital Association, Series 2007, 5.250%, 5/15/42
|
5/17 at 100.00
|
BBB+
|
$
|
1,505,565
|
|||
|
11,830
|
Colorado Health Facilities Authority, Health Facilities Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
|
1/20 at 100.00
|
AA
|
12,456,280
|
|||||
|
1,000
|
Colorado Health Facilities Authority, Revenue Bonds, Poudre Valley Health System, Series 2005C, 5.250%, 3/01/40 – AGM Insured
|
9/18 at 102.00
|
AA–
|
1,073,890
|
|||||
|
11,700
|
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Capital Appreciation Series 2010A, 0.000%, 9/01/41
|
No Opt. Call
|
Baa2
|
1,993,680
|
|||||
|
6,525
|
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 9/01/26 – NPFG Insured
|
No Opt. Call
|
BBB
|
3,123,583
|
|||||
|
43,000
|
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/33 – NPFG Insured
|
No Opt. Call
|
BBB
|
12,500,530
|
|||||
|
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A:
|
|||||||||
|
1,000
|
0.000%, 9/01/28 – NPFG Insured
|
No Opt. Call
|
BBB
|
415,780
|
|||||
|
7,000
|
0.000%, 9/01/34 – NPFG Insured
|
No Opt. Call
|
BBB
|
1,895,600
|
|||||
|
1,180
|
Regional Transportation District, Colorado, Certificates of Participation, Series 2010A, 5.375%, 6/01/31
|
6/20 at 100.00
|
Aa3
|
1,314,827
|
|||||
|
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010:
|
|||||||||
|
6,500
|
6.500%, 1/15/30
|
7/20 at 100.00
|
Baa3
|
7,565,220
|
|||||
|
3,750
|
6.000%, 1/15/41
|
7/20 at 100.00
|
Baa3
|
4,114,650
|
|||||
|
94,985
|
Total Colorado
|
47,959,605
|
|||||||
|
Florida – 1.8% (1.2% of Total Investments)
|
|||||||||
|
2,000
|
Alachua County Health Facilities Authority, Florida, Revenue Bonds, Shands Teaching Hospital and Clinics Inc., Series 1996A, 6.250%, 12/01/16 – NPFG Insured
|
No Opt. Call
|
A2
|
2,200,480
|
|||||
|
2,500
|
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010A-1, 5.375%, 10/01/41
|
10/20 at 100.00
|
A2
|
2,767,125
|
|||||
|
2,500
|
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 5.000%, 10/01/30
|
10/20 at 100.00
|
A2
|
2,692,875
|
|||||
|
3,010
|
Orlando Utilities Commission, Florida, Subordinate Lien Water and Electric Revenue Refunding Bonds, Series 2003A, 5.000%, 10/01/21 (Pre-refunded 4/01/13)
|
4/13 at 100.00
|
Aa1 (4)
|
3,141,928
|
|||||
|
1,990
|
Orlando Utilities Commission, Florida, Subordinate Lien Water and Electric Revenue Refunding Bonds, Series 2003A, 5.000%, 10/01/21
|
4/13 at 100.00
|
Aa1
|
2,071,570
|
|||||
|
2,000
|
Port Saint Lucie, Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, Series 2007, 5.000%, 7/01/33 – NPFG Insured
|
7/17 at 100.00
|
BBB
|
2,040,000
|
|||||
|
14,000
|
Total Florida
|
14,913,978
|
|||||||
|
Georgia – 2.3% (1.5% of Total Investments)
|
|||||||||
|
1,250
|
DeKalb County Hospital Authority, Georgia, Anticipation Certificates Revenue Bonds, DeKalb Medical Center, Inc. Project, Series 2010, 6.000%, 9/01/30
|
9/20 at 100.00
|
BBB
|
1,380,413
|
|||||
|
2,500
|
Franklin County Industrial Building Authority, Georgia, Revenue Bonds, Ty Cobb Regional Medical Center Project, Series 2010, 7.625%, 12/01/30
|
12/20 at 100.00
|
N/R
|
2,675,350
|
|||||
|
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010B:
|
|||||||||
|
5,000
|
5.250%, 2/15/37
|
2/20 at 100.00
|
AA–
|
5,426,750
|
|||||
|
4,050
|
5.125%, 2/15/40
|
2/20 at 100.00
|
AA–
|
4,273,074
|
|||||
|
5,000
|
Medical Center Hospital Authority, Georgia, Revenue Anticipation Certificates, Columbus Regional Healthcare System, Inc. Project, Series 2008, 6.500%, 8/01/38 – AGC Insured
|
8/18 at 100.00
|
AA–
|
5,695,500
|
|||||
|
17,800
|
Total Georgia
|
19,451,087
|
|
Nuveen Investments
|
49
|
|
Nuveen Quality Income Municipal Fund, Inc. (continued)
|
||
|
NQU
|
Portfolio of Investments
|
|
|
April 30, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Illinois – 15.0% (10.0% of Total Investments)
|
|||||||||
|
$
|
1,470
|
Chicago Board of Education, Cook County, Illinois, General Obligation Bonds, Dedicated Revenues Series 2011A, 5.000%, 12/01/41
|
12/21 at 100.00
|
AA–
|
$
|
1,584,219
|
|||
|
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1:
|
|||||||||
|
9,400
|
0.000%, 12/01/14 – FGIC Insured
|
No Opt. Call
|
AA–
|
9,100,704
|
|||||
|
4,400
|
0.000%, 12/01/15 – FGIC Insured
|
No Opt. Call
|
AA–
|
4,154,260
|
|||||
|
1,100
|
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 5.250%, 12/01/40
|
12/21 at 100.00
|
AA
|
1,221,968
|
|||||
|
32,670
|
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999, 0.000%, 1/01/32 – FGIC Insured
|
No Opt. Call
|
Aa3
|
12,214,333
|
|||||
|
190
|
Chicago, Illinois, General Obligation Bonds, Series 2002A, 5.000%, 1/01/18 – AMBAC Insured Chicago, Illinois, General Obligation Bonds, Series 2002A:
|
7/12 at 100.00
|
Aa3
|
191,070
|
|||||
|
70
|
5.000%, 1/01/18 (Pre-refunded 7/01/12) – AMBAC Insured
|
7/12 at 100.00
|
Aa3 (4)
|
70,573
|
|||||
|
6,190
|
5.000%, 1/01/18 (Pre-refunded 7/01/12) – AMBAC Insured
|
7/12 at 100.00
|
Aa3 (4)
|
6,240,696
|
|||||
|
13,400
|
Chicago, Illinois, Revenue Bonds, Midway Airport, Series 1998A, 5.125%,
1/01/35 – NPFG Insured (Alternative Minimum Tax) |
7/12 at 100.00
|
A
|
13,405,226
|
|||||
|
2,000
|
Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport, Series 2003C-2, 5.250%, 1/01/30 – AGM Insured (Alternative Minimum Tax)
|
1/14 at 100.00
|
AA–
|
2,030,000
|
|||||
|
5,000
|
Illinois Educational Facilities Authority, Revenue Bonds, University of Chicago, Refunding Series 2003A, 5.000%, 7/01/33 (Pre-refunded 7/01/13)
|
7/13 at 100.00
|
Aa1 (4)
|
5,276,250
|
|||||
|
1,050
|
Illinois Finance Authority, General Obligation Debt Certificates, Local Government Program – Kankakee County, Series 2005B, 5.000%, 12/01/20 – AMBAC Insured
|
12/14 at 100.00
|
A2
|
1,106,574
|
|||||
|
15,000
|
Illinois Finance Authority, Illinois, Northwestern University, Revenue Bonds, Series 2006, 5.000%, 12/01/42 (UB)
|
12/15 at 100.00
|
AAA
|
16,411,050
|
|||||
|
2,000
|
Illinois Finance Authority, Revenue Bonds, Children’s Memorial Hospital, Series 2008A, 5.250%, 8/15/47 – AGC Insured (UB)
|
8/18 at 100.00
|
AA–
|
2,107,800
|
|||||
|
1,000
|
Illinois Finance Authority, Revenue Bonds, Edward Health Services Corporation, Series 2008A, 5.500%, 2/01/40 – AMBAC Insured
|
2/18 at 100.00
|
A+
|
1,053,480
|
|||||
|
2,500
|
Illinois Finance Authority, Revenue Bonds, Elmhurst Memorial Healthcare, Series 2008A, 5.625%, 1/01/37
|
1/18 at 100.00
|
A–
|
2,611,850
|
|||||
|
4,200
|
Illinois Finance Authority, Revenue Bonds, Memorial Health System, Series 2009, 5.500%, 4/01/34
|
4/19 at 100.00
|
A+
|
4,515,630
|
|||||
|
5,000
|
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Series 2004A, 5.500%, 8/15/43 (Pre-refunded 8/15/14)
|
8/14 at 100.00
|
N/R (4)
|
5,581,700
|
|||||
|
5,725
|
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2009, 7.000%, 8/15/44
|
8/19 at 100.00
|
BBB+
|
6,368,834
|
|||||
|
2,500
|
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C, 5.500%, 8/15/41
|
2/21 at 100.00
|
AA–
|
2,760,875
|
|||||
|
4,105
|
Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., Refunding Series 2007A, 5.250%, 5/01/34
|
5/17 at 100.00
|
BBB+
|
4,186,279
|
|||||
|
5,025
|
Illinois Health Facilities Authority, Revenue Refunding Bonds, Elmhurst Memorial Healthcare, Series 2002, 5.625%, 1/01/28
|
1/13 at 100.00
|
A–
|
5,075,954
|
|||||
|
2,335
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 2010B-2, 5.000%, 6/15/50
|
6/20 at 100.00
|
AAA
|
2,435,405
|
|||||
|
8,750
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1994B, 0.000%, 6/15/28 – NPFG Insured
|
No Opt. Call
|
AAA
|
4,146,713
|
|||||
|
2,370
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A, 5.000%, 12/15/28 – NPFG Insured
|
6/12 at 101.00
|
AAA
|
2,403,607
|
|||||
|
879
|
Montgomery, Illinois, Lakewood Creek Project Special Assessment Bonds, Series 2007, 4.700%, 3/01/30 – RAAI Insured
|
3/16 at 100.00
|
N/R
|
810,746
|
|||||
|
3,500
|
Northfield Township High School District 225, Cook County, Illinois, Glenbrook, General Obligation School Bonds, Series 2007B, 0.000%, 12/01/23
|
12/16 at 72.44
|
AAA
|
2,186,625
|
|||||
|
12,780
|
Will County School District 122, New Lenox, Illinois, General Obligation Bonds, Capital Appreciation School Series 2004D, 0.000%, 11/01/24 – AGM Insured
|
No Opt. Call
|
Aa3
|
7,858,039
|
|||||
|
154,609
|
Total Illinois
|
127,110,460
|
|
50
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Indiana – 3.2% (2.1% of Total Investments)
|
|||||||||
|
$
|
2,600
|
Crown Point Multi-School Building Corporation, Indiana, First Mortgage Bonds, Crown Point Community School Corporation, Series 2000, 0.000%, 1/15/24 – NPFG Insured
|
No Opt. Call
|
A
|
$
|
1,633,944
|
|||
|
2,750
|
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2011B, 5.000%, 10/01/41
|
10/21 at 100.00
|
AA–
|
2,947,258
|
|||||
|
2,000
|
Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Deaconess Hospital Inc., Series 2004A, 5.375%, 3/01/34 – AMBAC Insured
|
3/14 at 100.00
|
A+
|
2,034,080
|
|||||
|
3,240
|
Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Marion General Hospital, Series 2002, 5.625%, 7/01/19 – AMBAC Insured
|
7/12 at 100.00
|
A+
|
3,255,228
|
|||||
|
2,400
|
Indiana Health Facility Financing Authority, Revenue Bonds, Community Hospitals of Indiana, Series 2005A, 5.000%, 5/01/35 – AMBAC Insured
|
5/15 at 100.00
|
A+
|
2,439,744
|
|||||
|
2,500
|
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1995A, 6.500%, 1/01/13 – AGM Insured
|
No Opt. Call
|
AA–
|
2,598,100
|
|||||
|
10,000
|
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/26 – AMBAC Insured
|
No Opt. Call
|
AA
|
5,835,600
|
|||||
|
6,420
|
St. Joseph County Hospital Authority, Indiana, Revenue Bonds, Memorial Health System, Series 1998A, 4.625%, 8/15/28 – NPFG Insured
|
8/12 at 100.00
|
AA–
|
6,425,521
|
|||||
|
31,910
|
Total Indiana
|
27,169,475
|
|||||||
|
Iowa – 1.1% (0.7% of Total Investments)
|
|||||||||
|
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:
|
|||||||||
|
4,000
|
5.375%, 6/01/38
|
6/15 at 100.00
|
B+
|
3,282,880
|
|||||
|
7,000
|
5.625%, 6/01/46
|
6/15 at 100.00
|
B+
|
5,710,390
|
|||||
|
11,000
|
Total Iowa
|
8,993,270
|
|||||||
|
Kansas – 0.5% (0.3% of Total Investments)
|
|||||||||
|
1,750
|
Wamego, Kansas, Pollution Control Revenue Bonds, Kansas Gas and Electric Company, Series 2004, 5.300%, 6/01/31 – NPFG Insured
|
6/14 at 100.00
|
A3
|
1,804,338
|
|||||
|
3,730
|
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital Appreciation Revenue Bonds Redevelopment Project
Area B – Major Multi-Sport Athletic Complex Project,
Subordinate Lien Series 2010B, 0.000%, 6/01/21
|
No Opt. Call
|
BBB
|
2,523,308
|
|||||
|
5,480
|
Total Kansas
|
4,327,646
|
|||||||
|
Kentucky – 0.9% (0.6% of Total Investments)
|
|||||||||
|
6,015
|
Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro Medical Health System, Series 2010B, 6.375%, 3/01/40
|
6/20 at 100.00
|
BBB+
|
6,897,220
|
|||||
|
1,000
|
Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008-A1, 6.000%, 12/01/33 – AGC Insured
|
6/18 at 100.00
|
AA–
|
1,108,480
|
|||||
|
7,015
|
Total Kentucky
|
8,005,700
|
|||||||
|
Louisiana – 5.0% (3.3% of Total Investments)
|
|||||||||
|
10,000
|
Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our Lady Health System, Series 1998A, 5.750%, 7/01/25 – AGM Insured (UB)
|
No Opt. Call
|
AA–
|
12,036,400
|
|||||
|
4,095
|
Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital, Series 2004, 5.250%, 7/01/33 – NPFG Insured
|
7/14 at 100.00
|
BBB
|
4,287,383
|
|||||
|
9,000
|
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A, 5.500%, 5/15/47
|
5/17 at 100.00
|
Baa1
|
9,231,120
|
|||||
|
5,500
|
Louisiana Public Facilities Authority, Revenue Bonds, Tulane University, Series 2002A, 5.000%, 7/01/32 (Pre-refunded 7/01/12) – AMBAC Insured
|
7/12 at 100.00
|
N/R (4)
|
5,544,935
|
|||||
|
3,000
|
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2002A, 5.000%, 6/01/32 – AMBAC Insured
|
6/12 at 100.00
|
Aa1
|
3,009,120
|
|||||
|
8,305
|
Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, Series 2001B, 5.875%, 5/15/39
|
5/12 at 100.00
|
A–
|
8,338,386
|
|||||
|
39,900
|
Total Louisiana
|
42,447,344
|
|
Nuveen Investments
|
51
|
|
Nuveen Quality Income Municipal Fund, Inc. (continued)
|
||
|
NQU
|
Portfolio of Investments
|
|
|
April 30, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Maine – 0.1% (0.1% of Total Investments)
|
|||||||||
|
$
|
1,050
|
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, MaineGeneral Medical Center, Series 2011, 6.750%, 7/01/41
|
7/21 at 100.00
|
Baa3
|
$
|
1,175,538
|
|||
|
Maryland – 0.3% (0.2% of Total Investments)
|
|||||||||
|
2,500
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist Healthcare, Series 2011A, 6.000%, 1/01/26
|
1/22 at 100.00
|
Baa2
|
2,873,725
|
|||||
|
Massachusetts – 3.3% (2.2% of Total Investments)
|
|||||||||
|
3,125
|
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Senior Lien Series 2010B, 5.000%, 1/01/37
|
1/20 at 100.00
|
A+
|
3,386,375
|
|||||
|
500
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc., Series 2008E-1 &2, 5.125%, 7/01/38
|
7/18 at 100.00
|
A–
|
517,050
|
|||||
|
7,405
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Massachusetts Institute of Technology, Series 2002K, 5.500%, 7/01/32 (UB)
|
No Opt. Call
|
AAA
|
10,392,177
|
|||||
|
2,300
|
Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Suffolk University Issue, Series 2009A, 5.750%, 7/01/39
|
7/19 at 100.00
|
BBB
|
2,501,526
|
|||||
|
6,000
|
Massachusetts Industrial Finance Agency, Resource Recovery Revenue Refunding Bonds, Ogden Haverhill Project, Series 1998A, 5.600%, 12/01/19 (Alternative Minimum Tax)
|
6/12 at 100.00
|
A–
|
6,022,080
|
|||||
|
4,000
|
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A, 5.000%, 8/15/30 – AGM Insured
|
8/15 at 100.00
|
AA+
|
4,428,200
|
|||||
|
425
|
Massachusetts Water Pollution Abatement Trust, Revenue Bonds, MWRA Loan Program, Subordinate Series 1999A, 5.750%, 8/01/29
|
8/12 at 100.00
|
AAA
|
426,551
|
|||||
|
23,755
|
Total Massachusetts
|
27,673,959
|
|||||||
|
Michigan – 5.3% (3.5% of Total Investments)
|
|||||||||
|
3,785
|
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%, 7/01/35 – NPFG Insured
|
7/15 at 100.00
|
A
|
3,801,805
|
|||||
|
1,500
|
Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2001E, 5.750%, 7/01/31 – BHAC Insured
|
7/18 at 100.00
|
AA+
|
1,693,275
|
|||||
|
2,000
|
Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Refunding Bonds, Bronson Methodist Hospital, Series 2010, 5.250%, 5/15/36 – AGM Insured
|
5/20 at 100.00
|
Aa3
|
2,165,420
|
|||||
|
3,790
|
Michigan Municipal Bond Authority, General Obligation Bonds, Detroit City School District, Series 2005, 5.000%, 6/01/20 – AGM Insured
|
6/15 at 100.00
|
AA–
|
3,960,588
|
|||||
|
Michigan State Building Authority, Revenue Bonds, Facilities Program, Series 2005II:
|
|||||||||
|
7,975
|
5.000%, 10/15/25 – AMBAC Insured
|
10/15 at 100.00
|
Aa3
|
8,804,879
|
|||||
|
10,470
|
5.000%, 10/15/26 – AMBAC Insured
|
10/15 at 100.00
|
Aa3
|
11,559,508
|
|||||
|
5,500
|
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2009, 5.625%, 11/15/29
|
11/19 at 100.00
|
A1
|
6,074,915
|
|||||
|
3,050
|
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2008A, 6.875%, 6/01/42
|
6/18 at 100.00
|
BB+
|
2,979,728
|
|||||
|
1,150
|
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital, Refunding Series 2009V, 8.250%, 9/01/39
|
9/18 at 100.00
|
A1
|
1,465,066
|
|||||
|
1,950
|
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2005, 5.000%, 12/01/34 – NPFG Insured (Alternative Minimum Tax)
|
12/15 at 100.00
|
A
|
1,958,483
|
|||||
|
41,170
|
Total Michigan
|
44,463,667
|
|||||||
|
Minnesota – 0.6% (0.4% of Total Investments)
|
|||||||||
|
3,655
|
Dakota and Washington Counties Housing and Redevelopment Authority, Minnesota, GNMA Mortgage-Backed Securities Program Single Family Residential Mortgage Revenue Bonds, Series 1988, 8.450%, 9/01/19 (Alternative Minimum Tax) (ETM)
|
No Opt. Call
|
Aaa
|
5,167,000
|
|||||
|
Mississippi – 0.2% (0.2% of Total Investments)
|
|||||||||
|
1,875
|
Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial Healthcare, Series 2004B-1, 5.000%, 9/01/24 (UB)
|
9/14 at 100.00
|
AA
|
1,959,131
|
|
52
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Missouri – 2.4% (1.6% of Total Investments)
|
|||||||||
|
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales Tax Appropriation Bonds, Metrolink Cross County Extension Project, Series 2002B:
|
|||||||||
|
$
|
4,295
|
5.250%, 10/01/16 – AGM Insured
|
10/13 at 100.00
|
AA–
|
$
|
4,580,961
|
|||
|
2,400
|
5.000%, 10/01/23 – AGM Insured
|
10/13 at 100.00
|
AA–
|
2,523,600
|
|||||
|
15,000
|
Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, Series 2004B-1, 0.000%, 4/15/28 – AMBAC Insured
|
No Opt. Call
|
AA–
|
7,344,750
|
|||||
|
15,350
|
Springfield Public Building Corporation, Missouri, Lease Revenue Bonds, Jordan Valley Park Projects, Series 2000A, 0.000%, 6/01/30 – AMBAC Insured
|
No Opt. Call
|
N/R
|
6,092,569
|
|||||
|
37,045
|
Total Missouri
|
20,541,880
|
|||||||
|
Nevada – 7.0% (4.7% of Total Investments)
|
|||||||||
|
34,470
|
Clark County School District, Nevada, General Obligation Bonds, Series 2002C, 5.000%, 6/15/20 (Pre-refunded 6/15/12) – NPFG Insured
|
6/12 at 100.00
|
AA (4)
|
34,677,854
|
|||||
|
14,515
|
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.250%, 7/01/42
|
1/20 at 100.00
|
Aa3
|
15,548,903
|
|||||
|
3,000
|
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Series 2003B Refunding, 5.000%, 6/01/25 (Pre-refunded 12/01/12) – NPFG Insured
|
12/12 at 100.00
|
AA+ (4)
|
3,084,510
|
|||||
|
2,280
|
North Las Vegas, Nevada, General Obligation Bonds, Wastewater Reclamation System Series 2006, 5.000%, 10/01/25 – NPFG Insured
|
10/16 at 100.00
|
A+
|
2,429,910
|
|||||
|
2,500
|
Reno, Nevada, Health Facilities Revenue Bonds, Catholic Healthcare West, Series 2007A, Trust 2634, 17.962%, 7/01/31 – BHAC Insured (IF)
|
7/17 at 100.00
|
AA+
|
3,716,100
|
|||||
|
56,765
|
Total Nevada
|
59,457,277
|
|||||||
|
New Hampshire – 0.6% (0.4% of Total Investments)
|
|||||||||
|
5,000
|
New Hampshire Business Finance Authority, Revenue Bonds, Elliot Hospital Obligated Group Issue, Series 2009A, 6.125%, 10/01/39
|
10/19 at 100.00
|
Baa1
|
5,269,500
|
|||||
|
New Jersey – 5.4% (3.6% of Total Investments)
|
|||||||||
|
1,000
|
New Jersey Building Authority, State Building Revenue Bonds, Series 2002A, 5.000%, 12/15/21 (Pre-refunded 12/15/12) – AGM Insured
|
12/12 at 100.00
|
AA– (4)
|
1,030,020
|
|||||
|
600
|
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Refunding Series 2011, 6.000%, 7/01/26
|
7/21 at 100.00
|
BBB–
|
675,852
|
|||||
|
1,500
|
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Series 2007, 5.750%, 7/01/37
|
7/18 at 100.00
|
BBB–
|
1,577,250
|
|||||
|
10,000
|
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Refunding Series 2006B, 0.000%, 7/01/36
|
1/17 at 37.38
|
BBB
|
2,607,200
|
|||||
|
3,200
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2003C, 5.500%, 6/15/22 (Pre-refunded 6/15/13)
|
6/13 at 100.00
|
Aaa
|
3,388,320
|
|||||
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C:
|
|||||||||
|
20,000
|
0.000%, 12/15/33 – AGM Insured
|
No Opt. Call
|
AA–
|
6,887,200
|
|||||
|
20,000
|
0.000%, 12/15/35 – AMBAC Insured
|
No Opt. Call
|
A+
|
5,829,400
|
|||||
|
20,000
|
0.000%, 12/15/36 – AMBAC Insured
|
No Opt. Call
|
A+
|
5,506,400
|
|||||
|
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2002:
|
|||||||||
|
1,495
|
5.750%, 6/01/32 (Pre-refunded 6/01/12)
|
6/12 at 100.00
|
Aaa
|
1,502,131
|
|||||
|
1,000
|
6.125%, 6/01/42 (Pre-refunded 6/01/12)
|
6/12 at 100.00
|
Aaa
|
1,005,090
|
|||||
|
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2003:
|
|||||||||
|
9,420
|
6.750%, 6/01/39 (Pre-refunded 6/01/13)
|
6/13 at 100.00
|
Aaa
|
10,074,878
|
|||||
|
1,850
|
6.250%, 6/01/43 (Pre-refunded 6/01/13)
|
6/13 at 100.00
|
Aaa
|
1,968,585
|
|||||
|
5,000
|
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 4.750%, 6/01/34
|
6/17 at 100.00
|
B2
|
3,903,150
|
|||||
|
95,065
|
Total New Jersey
|
45,955,476
|
|
Nuveen Investments
|
53
|
|
Nuveen Quality Income Municipal Fund, Inc. (continued)
|
||
|
NQU
|
Portfolio of Investments
|
|
|
April 30, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
New York – 10.9% (7.2% of Total Investments)
|
|||||||||
|
$
|
275
|
Dormitory Authority of the State of New York, Insured Revenue Bonds, Fordham University, Series 1998, 5.000%, 7/01/28 – NPFG Insured
|
7/12 at 100.00
|
A2
|
$
|
275,360
|
|||
|
2,250
|
Dormitory Authority of the State of New York, Insured Revenue Bonds, Mount Sinai School of Medicine, Series 1994A, 5.150%, 7/01/24 – NPFG Insured
|
No Opt. Call
|
A–
|
2,592,788
|
|||||
|
5,005
|
Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt, Vassar College, Series 2007, 5.000%, 7/01/46
|
7/17 at 100.00
|
AA
|
5,319,214
|
|||||
|
2,400
|
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.250%, 2/15/47
|
2/21 at 100.00
|
A
|
2,610,168
|
|||||
|
1,320
|
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured
|
2/17 at 100.00
|
A
|
1,314,166
|
|||||
|
13,600
|
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2006B, 4.500%, 11/15/32 – AGM Insured (UB)
|
11/16 at 100.00
|
AA–
|
14,105,512
|
|||||
|
1,250
|
New York City Industrial Development Agency, New York, American Airlines-JFK International Airport Special Facility Revenue Bonds, Series 2005, 7.500%, 8/01/16 (Alternative Minimum Tax)
|
No Opt. Call
|
N/R
|
1,268,063
|
|||||
|
5,045
|
New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal Series 2012EE, 4.000%, 6/15/45
|
6/22 at 100.00
|
AA+
|
5,071,991
|
|||||
|
4,865
|
New York City, New York, General Obligation Bonds, Fiscal Series 2002A, 5.750%, 8/01/16
|
8/12 at 100.00
|
AA
|
4,929,996
|
|||||
|
135
|
New York City, New York, General Obligation Bonds, Fiscal Series 2002A, 5.750%, 8/01/16 (Pre-refunded 8/01/12)
|
8/12 at 100.00
|
Aa2 (4)
|
136,897
|
|||||
|
New York City, New York, General Obligation Bonds, Fiscal Series 2002G:
|
|||||||||
|
690
|
5.000%, 8/01/17
|
8/12 at 100.00
|
AA
|
697,804
|
|||||
|
5,430
|
5.750%, 8/01/18
|
8/12 at 100.00
|
AA
|
5,501,839
|
|||||
|
New York City, New York, General Obligation Bonds, Fiscal Series 2002G:
|
|||||||||
|
260
|
5.000%, 8/01/17 (Pre-refunded 8/01/12)
|
8/12 at 100.00
|
Aa2 (4)
|
263,159
|
|||||
|
5,115
|
5.750%, 8/01/18 (Pre-refunded 8/01/12)
|
8/12 at 100.00
|
AAA
|
5,187,122
|
|||||
|
6,805
|
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1, 5.250%, 6/01/22 – AMBAC Insured
|
6/13 at 100.00
|
AA–
|
7,151,987
|
|||||
|
7,000
|
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2011B, 5.000%, 6/01/18
|
No Opt. Call
|
AA–
|
8,386,980
|
|||||
|
11,540
|
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Twenty-Eighth Series 2002, 5.000%, 11/01/20 – AGM Insured
|
11/12 at 101.00
|
Aa2
|
11,925,090
|
|||||
|
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010:
|
|||||||||
|
8,550
|
5.500%, 12/01/31
|
12/20 at 100.00
|
BBB–
|
9,360,113
|
|||||
|
2,755
|
6.000%, 12/01/36
|
12/20 at 100.00
|
BBB–
|
3,093,424
|
|||||
|
2,470
|
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC, Sixth Series 1997, 6.250%, 12/01/15 – NPFG Insured (Alternative Minimum Tax)
|
No Opt. Call
|
BBB
|
2,735,871
|
|||||
|
86,760
|
Total New York
|
91,927,544
|
|||||||
|
North Carolina – 3.2% (2.1% of Total Investments)
|
|||||||||
|
3,000
|
Charlotte-Mecklenberg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Series 2008A, 5.000%, 1/15/47
|
1/18 at 100.00
|
AA–
|
3,129,780
|
|||||
|
9,790
|
North Carolina Capital Facilities Financing Agency, Revenue Bonds, Duke University, Series 2005A, 5.000%, 10/01/41
|
10/15 at 100.00
|
AA+
|
10,393,064
|
|||||
|
4,000
|
North Carolina Medical Care Commission, Health System Revenue Bonds, Mission St. Joseph’s Health System, Series 2007, 4.500%, 10/01/31 (UB)
|
10/17 at 100.00
|
AA
|
4,132,880
|
|||||
|
1,000
|
North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Duke University Health System, Series 2009A, 5.000%, 6/01/39
|
6/19 at 100.00
|
AA
|
1,078,740
|
|||||
|
665
|
North Carolina Medical Care Commission, Hospital Revenue Bonds, Pitt County Memorial Hospital, Series 1998A, 4.750%, 12/01/28 – NPFG Insured
|
6/12 at 100.00
|
A1
|
665,326
|
|||||
|
7,500
|
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2003A, 5.250%, 1/01/19 – NPFG Insured
|
1/13 at 100.00
|
A
|
7,733,850
|
|||||
|
25,955
|
Total North Carolina
|
27,133,640
|
|
54
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
North Dakota – 1.3% (0.8% of Total Investments)
|
|||||||||
|
Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2012:
|
|||||||||
|
$
|
7,000
|
5.000%, 12/01/29 (WI/DD, Settling 5/09/12)
|
12/21 at 100.00
|
A–
|
$
|
7,469,280
|
|||
|
3,000
|
5.000%, 12/01/32 (WI/DD, Settling 5/09/12)
|
12/21 at 100.00
|
A–
|
3,174,330
|
|||||
|
10,000
|
Total North Dakota
|
10,643,610
|
|||||||
|
Ohio – 6.3% (4.2% of Total Investments)
|
|||||||||
|
10,000
|
American Municipal Power Ohio Inc., General Revenue Bonds, Prairie State Energy Campus Project Series 2008A, 5.250%, 2/15/43
|
2/18 at 100.00
|
A1
|
10,754,900
|
|||||
|
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
|
|||||||||
|
1,055
|
5.125%, 6/01/24
|
6/17 at 100.00
|
B
|
862,431
|
|||||
|
2,925
|
5.875%, 6/01/30
|
6/17 at 100.00
|
B+
|
2,357,258
|
|||||
|
5,040
|
5.750%, 6/01/34
|
6/17 at 100.00
|
BB
|
3,933,115
|
|||||
|
2,715
|
6.000%, 6/01/42
|
6/17 at 100.00
|
BBB
|
2,174,444
|
|||||
|
5,730
|
5.875%, 6/01/47
|
6/17 at 100.00
|
BB
|
4,478,568
|
|||||
|
10,000
|
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-3, 0.000%, 6/01/37
|
6/22 at 100.00
|
B+
|
7,773,200
|
|||||
|
Cincinnati City School District, Hamilton County, Ohio, General Obligation Bonds, Series 2002:
|
|||||||||
|
2,165
|
5.250%, 6/01/19 (Pre-refunded 12/01/12) – AGM Insured
|
12/12 at 100.00
|
Aa2 (4)
|
2,228,803
|
|||||
|
2,600
|
5.250%, 6/01/21 (Pre-refunded 12/01/12) – AGM Insured
|
12/12 at 100.00
|
Aa2 (4)
|
2,676,622
|
|||||
|
2,000
|
5.000%, 12/01/22 (Pre-refunded 12/01/12) – AGM Insured
|
12/12 at 100.00
|
Aa2 (4)
|
2,056,020
|
|||||
|
10,000
|
Columbus City School District, Franklin County, Ohio, General Obligation Bonds, Series 2006, 4.250%, 12/01/32 – AGM Insured (UB)
|
12/16 at 100.00
|
AA+
|
10,291,500
|
|||||
|
2,885
|
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2011A, 6.000%, 11/15/41
|
11/21 at 100.00
|
AA–
|
3,377,614
|
|||||
|
57,115
|
Total Ohio
|
52,964,475
|
|||||||
|
Oklahoma – 1.8% (1.2% of Total Investments)
|
|||||||||
|
1,400
|
Fort Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise Revenue Bonds, Fort Sill Apache Casino, Series 2011A, 8.500%, 8/25/26
|
8/21 at 100.00
|
N/R
|
1,450,218
|
|||||
|
3,500
|
Grand River Dam Authority, Oklahoma, Revenue Bonds, Series 2010A, 5.250%, 6/01/40
|
6/20 at 100.00
|
A
|
3,926,720
|
|||||
|
1,675
|
Oklahoma Development Finance Authority, Health System Revenue Bonds, Integris Baptist Medical Center, Series 2008B, 5.250%, 8/15/38
|
8/18 at 100.00
|
AA–
|
1,850,607
|
|||||
|
6,040
|
Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007, 5.000%, 2/15/42
|
2/17 at 100.00
|
A
|
6,291,264
|
|||||
|
2,000
|
Oklahoma Municipal Power Authority, Power Supply System Revenue Bonds, Series 2007, 4.500%, 1/01/47 – FGIC Insured
|
1/17 at 100.00
|
A
|
2,054,300
|
|||||
|
14,615
|
Total Oklahoma
|
15,573,109
|
|||||||
|
Oregon – 0.0% (0.0% of Total Investments)
|
|||||||||
|
50
|
Oregon Housing and Community Services Department, Single Family Mortgage Revenue Bonds, Series 2004H, 5.125%, 1/01/29 (Alternative Minimum Tax)
|
1/14 at 100.00
|
Aa2
|
51,433
|
|||||
|
Pennsylvania – 4.7% (3.2% of Total Investments)
|
|||||||||
|
2,000
|
Allegheny County Hospital Development Authority, Pennsylvania, University of Pittsburgh Medical Center Revenue Bonds, Series 2009A, 5.625%, 8/15/39
|
8/19 at 100.00
|
Aa3
|
2,216,340
|
|||||
|
65
|
Allentown, Pennsylvania, General Obligation Bonds, Series 2003, 5.500%, 10/01/19 – FGIC Insured
|
10/13 at 100.00
|
A2
|
68,613
|
|||||
|
155
|
Allentown, Pennsylvania, General Obligation Bonds, Series 2003, 5.500%, 10/01/19 (Pre-refunded 10/01/13) – FGIC Insured
|
10/13 at 100.00
|
A2 (4)
|
166,442
|
|||||
|
8,000
|
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Series 2010, 5.250%, 8/01/33
|
8/20 at 100.00
|
AA
|
8,841,520
|
|||||
|
1,500
|
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006-96A, 4.650%, 10/01/31 (Alternative Minimum Tax) (UB)
|
10/16 at 100.00
|
AA+
|
1,516,965
|
|
Nuveen Investments
|
55
|
|
Nuveen Quality Income Municipal Fund, Inc. (continued)
|
||
|
NQU
|
Portfolio of Investments
|
|
|
April 30, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Pennsylvania (continued)
|
|||||||||
|
$
|
2,600
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2004A, 5.500%, 12/01/31 – AMBAC Insured
|
12/14 at 100.00
|
Aa3
|
$
|
2,844,452
|
|||
|
5,000
|
Pennsylvania Turnpike Commission, Turnpike Subordinate Revenue Bonds, Series 2009C, 0.000%, 6/01/33 – AGM Insured
|
6/26 at 100.00
|
AA–
|
4,953,050
|
|||||
|
7,800
|
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fourth Series 1998, 5.000%, 8/01/32 – AGM Insured
|
8/13 at 100.00
|
AA–
|
7,887,750
|
|||||
|
Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2002B:
|
|||||||||
|
6,000
|
5.625%, 8/01/19 (Pre-refunded 8/01/12) – FGIC Insured
|
8/12 at 100.00
|
Aa2 (4)
|
6,082,680
|
|||||
|
5,500
|
5.625%, 8/01/20 (Pre-refunded 8/01/12) – FGIC Insured
|
8/12 at 100.00
|
Aa2 (4)
|
5,575,790
|
|||||
|
38,620
|
Total Pennsylvania
|
40,153,602
|
|||||||
|
Puerto Rico – 9.2% (6.1% of Total Investments)
|
|||||||||
|
2,500
|
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A, 6.000%, 7/01/44
|
7/18 at 100.00
|
Baa2
|
2,635,850
|
|||||
|
2,500
|
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2012A, 5.125%, 7/01/37
|
7/22 at 100.00
|
Baa2
|
2,501,775
|
|||||
|
7,000
|
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010XX, 5.750%, 7/01/36
|
7/20 at 100.00
|
BBB+
|
7,427,560
|
|||||
|
5,000
|
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005A, 0.000%, 7/01/42 – FGIC Insured
|
No Opt. Call
|
BBB+
|
786,200
|
|||||
|
5,000
|
Puerto Rico Municipal Finance Agency, Series 2002A, 5.000%, 8/01/27 – AGM Insured
|
8/12 at 100.00
|
AA–
|
5,010,300
|
|||||
|
1,600
|
Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Refunding Bonds, Series 2002D, 5.125%, 7/01/20
|
7/12 at 100.00
|
Baa1
|
1,603,952
|
|||||
|
8,000
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A, 0.000%, 8/01/32
|
8/26 at 100.00
|
A+
|
7,983,360
|
|||||
|
13,125
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010A, 0.000%, 8/01/33
|
8/29 at 100.00
|
A+
|
11,005,444
|
|||||
|
4,310
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010C, 5.250%, 8/01/41
|
8/20 at 100.00
|
A+
|
4,590,107
|
|||||
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
|
|||||||||
|
50,000
|
0.000%, 8/01/47 – AMBAC Insured
|
No Opt. Call
|
Aa2
|
6,605,500
|
|||||
|
86,250
|
0.000%, 8/01/54 – AMBAC Insured
|
No Opt. Call
|
Aa2
|
6,953,475
|
|||||
|
15,000
|
5.250%, 8/01/57 (UB) (5)
|
8/17 at 100.00
|
Aa2
|
15,834,300
|
|||||
|
1,500
|
Puerto Rico, General Obligation and Public Improvement Bonds, Series 2002A, 5.500%, 7/01/29
|
No Opt. Call
|
Baa1
|
1,624,500
|
|||||
|
3,385
|
Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33
|
5/12 at 100.00
|
BBB+
|
3,384,763
|
|||||
|
205,170
|
Total Puerto Rico
|
77,947,086
|
|||||||
|
Rhode Island – 0.6% (0.4% of Total Investments)
|
|||||||||
|
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A:
|
|||||||||
|
2,765
|
6.125%, 6/01/32
|
6/12 at 100.00
|
BBB+
|
2,774,954
|
|||||
|
2,065
|
6.250%, 6/01/42
|
6/12 at 100.00
|
BBB+
|
2,072,826
|
|||||
|
4,830
|
Total Rhode Island
|
4,847,780
|
|||||||
|
South Carolina – 4.9% (3.2% of Total Investments)
|
|||||||||
|
24,725
|
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2002, 5.500%, 12/01/22 (Pre-refunded 12/01/12)
|
12/12 at 101.00
|
Aaa
|
25,740,950
|
|||||
|
Medical University Hospital Authority, South Carolina, FHA-Insured Mortgage Revenue Bonds, Series 2004A:
|
|||||||||
|
5,240
|
5.250%, 8/15/20 – NPFG Insured
|
8/14 at 100.00
|
BBB
|
5,648,615
|
|||||
|
3,000
|
5.250%, 2/15/24 – NPFG Insured
|
8/14 at 100.00
|
BBB
|
3,226,410
|
|||||
|
3,100
|
5.250%, 8/15/34 – NPFG Insured
|
8/14 at 100.00
|
BBB
|
3,301,810
|
|||||
|
7,600
|
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2, 0.000%, 1/01/31 – AMBAC Insured
|
No Opt. Call
|
A–
|
3,195,496
|
|||||
|
43,665
|
Total South Carolina
|
41,113,281
|
|
56
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
South Dakota – 0.2% (0.1% of Total Investments)
|
|||||||||
|
$
|
1,325
|
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sioux Valley Hospitals, Series 2004A, 5.250%, 11/01/34
|
11/14 at 100.00
|
AA–
|
$
|
1,360,099
|
|||
|
Texas – 8.1% (5.4% of Total Investments)
|
|||||||||
|
1,500
|
Central Texas Regional Mobility Authority, Texas, Senior Lien Revenue Bonds, Series 2011, 5.750%, 1/01/31
|
1/21 at 100.00
|
BBB–
|
1,655,925
|
|||||
|
5,500
|
Central Texas Regional Mobility Authority, Texas, Travis and Williamson Counties, Toll Road Revenue Bonds, Series 2005, 5.000%, 1/01/45 – FGIC Insured
|
1/15 at 100.00
|
BBB
|
5,357,110
|
|||||
|
4,000
|
Conroe Independent School District, Montgomery County, Texas, General Obligation Bonds, Schoolhouse Series 2005C, 5.000%, 2/15/30
|
2/15 at 100.00
|
AAA
|
4,355,440
|
|||||
|
1,425
|
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding and Improvement Bonds, Series 2001A, 5.625%, 11/01/21 – FGIC Insured (Alternative Minimum Tax)
|
5/12 at 100.00
|
A+
|
1,429,745
|
|||||
|
3,570
|
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Series 2007, 5.000%, 11/01/22 – SYNCORA GTY Insured (Alternative Minimum Tax)
|
11/14 at 100.00
|
A+
|
3,784,343
|
|||||
|
3,500
|
Harris County-Houston Sports Authority, Texas, Junior Lien Revenue Refunding Bonds, Series 2001B, 5.250%, 11/15/40 – NPFG Insured
|
5/12 at 100.00
|
BBB
|
3,499,825
|
|||||
|
2,700
|
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Senior Lien Series 2001G, 5.250%, 11/15/30 – NPFG Insured
|
5/12 at 100.00
|
BBB
|
2,727,000
|
|||||
|
15,880
|
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3, 0.000%, 11/15/34 – NPFG Insured
|
11/24 at 55.69
|
BBB
|
3,738,946
|
|||||
|
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B:
|
|||||||||
|
4,130
|
0.000%, 9/01/26 – AMBAC Insured
|
No Opt. Call
|
AA–
|
2,117,368
|
|||||
|
4,865
|
0.000%, 9/01/27 – AMBAC Insured
|
No Opt. Call
|
AA–
|
2,345,222
|
|||||
|
1,185
|
Houston, Texas, Subordinate Lien Airport System Revenue Bonds, Series 2000A, 5.625%, 7/01/30 (Pre-refunded 5/07/12) – AGM Insured (Alternative Minimum Tax)
|
5/12 at 100.00
|
AA– (4)
|
1,186,185
|
|||||
|
875
|
Lamar Consolidated Independent School District, Fort Bend County, Texas, General Obligation Bonds, Refunding Series 2005, 5.000%, 2/15/21
|
2/15 at 100.00
|
AAA
|
974,444
|
|||||
|
6,000
|
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2006, 0.000%, 8/15/34
|
8/14 at 33.33
|
AAA
|
1,878,540
|
|||||
|
Lower Colorado River Authority, Texas, Refunding Revenue Bonds, Series 2010:
|
|||||||||
|
5
|
5.000%, 5/15/12 (ETM)
|
No Opt. Call
|
N/R (4)
|
5,010
|
|||||
|
5
|
5.000%, 5/15/12 (ETM)
|
No Opt. Call
|
N/R (4)
|
5,010
|
|||||
|
2,725
|
Lower Colorado River Authority, Texas, Refunding Revenue Bonds, Series 2010, 5.000%, 5/15/12
|
No Opt. Call
|
A1
|
2,730,450
|
|||||
|
2,500
|
Sam Rayburn Municipal Power Agency, Texas, Power Supply System Revenue Refunding Bonds, Series 2002A, 5.750%, 10/01/21 – RAAI Insured
|
10/12 at 100.00
|
BBB+
|
2,528,350
|
|||||
|
9,535
|
San Antonio, Texas, Electric and Gas System Revenue Refunding Bonds, New Series 1992, 5.000%, 2/01/17 (ETM)
|
No Opt. Call
|
AA+ (4)
|
10,593,004
|
|||||
|
4,375
|
Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds, Texas Health Resources Tender Option Bond Trust 1197, 9.083%, 5/15/39 (IF) (5)
|
11/17 at 100.00
|
AA–
|
4,830,350
|
|||||
|
2,890
|
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White HealthCare Project, Series 2010, 5.500%, 8/15/45
|
8/20 at 100.00
|
AA–
|
3,157,990
|
|||||
|
White Settlement Independent School District, Tarrant County, Texas, General Obligation Bonds, Series 2006:
|
|||||||||
|
9,110
|
0.000%, 8/15/38
|
8/15 at 30.30
|
AAA
|
2,418,341
|
|||||
|
9,110
|
0.000%, 8/15/39
|
8/15 at 28.63
|
AAA
|
2,275,951
|
|||||
|
6,610
|
0.000%, 8/15/42
|
8/15 at 24.42
|
AAA
|
1,404,162
|
|||||
|
7,110
|
0.000%, 8/15/43
|
8/15 at 23.12
|
AAA
|
1,428,826
|
|||||
|
1,670
|
Wood County Central Hospital District, Texas, Revenue Bonds, East Texas Medical Center Quitman Project, Series 2011, 6.000%, 11/01/41
|
11/21 at 100.00
|
Baa2
|
1,811,533
|
|||||
|
110,775
|
Total Texas
|
68,239,070
|
|
Nuveen Investments
|
57
|
|
Nuveen Quality Income Municipal Fund, Inc. (continued)
|
||
|
NQU
|
Portfolio of Investments
|
|
|
April 30, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Utah – 1.1% (0.8% of Total Investments)
|
|||||||||
|
$
|
7,155
|
Utah Associated Municipal Power Systems, Revenue Bonds, Payson Power Project, Series 2003A, 5.000%, 4/01/25 (Pre-refunded 4/01/13) – AGM Insured
|
4/13 at 100.00
|
AA– (4)
|
$
|
7,468,604
|
|||
|
1,840
|
West Valley City Municipal Building Authority, Salt Lake County, Utah, Lease Revenue Bonds, Series 2006A., 4.500%, 8/01/24 – FGIC Insured
|
8/16 at 100.00
|
A+
|
1,963,004
|
|||||
|
8,995
|
Total Utah
|
9,431,608
|
|||||||
|
Virginia – 3.0% (2.0% of Total Investments)
|
|||||||||
|
10,000
|
Metropolitan Washington DC Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail Capital Appreciation, Series 2010B, 0.000%, 10/01/44
|
10/28 at 100.00
|
BBB+
|
7,941,400
|
|||||
|
11,000
|
Metropolitan Washington DC Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Series 2009C, 0.000%, 10/01/41 – AGC Insured
|
10/26 at 100.00
|
AA–
|
9,969,850
|
|||||
|
3,500
|
Virginia Public Building Authority, Public Facilities Revenue Bonds, Series 2007, 5.000%, 8/01/12
|
No Opt. Call
|
AA+
|
3,542,735
|
|||||
|
Virginia Resources Authority, Water System Revenue Refunding Bonds, Series 2002:
|
|||||||||
|
500
|
5.000%, 4/01/18
|
10/12 at 102.00
|
AA
|
511,800
|
|||||
|
500
|
5.000%, 4/01/19
|
10/12 at 102.00
|
AA
|
511,800
|
|||||
|
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012:
|
|||||||||
|
820
|
6.000%, 1/01/37 (Alternative Minimum Tax)
|
7/22 at 100.00
|
BBB–
|
893,562
|
|||||
|
1,760
|
5.500%, 1/01/42 (Alternative Minimum Tax)
|
7/22 at 100.00
|
BBB–
|
1,816,320
|
|||||
|
28,080
|
Total Virginia
|
25,187,467
|
|||||||
|
Washington – 3.5% (2.4% of Total Investments)
|
|||||||||
|
3,305
|
Energy Northwest, Washington, Electric Revenue Refunding Bonds, Columbia Generating Station – Nuclear Project 2, Series 2002B, 5.350%, 7/01/18 (Pre-refunded 7/01/12) – AGM Insured
|
7/12 at 100.00
|
AA– (4)
|
3,334,018
|
|||||
|
3,445
|
Energy Northwest, Washington, Electric Revenue Refunding Bonds, Columbia Generating Station – Nuclear Project 2, Series 2002B, 5.350%, 7/01/18 – AGM Insured
|
7/12 at 100.00
|
AA–
|
3,473,249
|
|||||
|
2,500
|
Energy Northwest, Washington, Electric Revenue Refunding Bonds, Columbia Generating Station, Series 2002A, 5.750%, 7/01/17 – NPFG Insured
|
7/12 at 100.00
|
Aa1
|
2,522,400
|
|||||
|
3,750
|
FYI Properties, Washington, Lease Revenue Bonds, Washington State Department of Information Services Project, Series 2009, 5.500%, 6/01/39
|
6/19 at 100.00
|
AA
|
4,148,775
|
|||||
|
3,780
|
Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.625%, 1/01/35
|
1/21 at 100.00
|
A
|
4,075,180
|
|||||
|
5,000
|
Washington State Health Care Facilities Authority, Revenue Bonds, Providence Health Care Services, Series 2006A, 4.625%, 10/01/34 – FGIC Insured (UB)
|
10/16 at 100.00
|
AA
|
5,131,400
|
|||||
|
6,840
|
Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2002, 6.500%, 6/01/26
|
6/13 at 100.00
|
A3
|
7,112,437
|
|||||
|
28,620
|
Total Washington
|
29,797,459
|
|||||||
|
West Virginia – 0.9% (0.6% of Total Investments)
|
|||||||||
|
6,725
|
West Virginia University, University Revenue Improvement Bonds, West Virginia University Projects, Series 2004C, 5.000%, 10/01/34 – FGIC Insured
|
10/14 at 100.00
|
Aa3
|
7,239,932
|
|||||
|
Wisconsin – 1.8% (1.2% of Total Investments)
|
|||||||||
|
Badger Tobacco Asset Securitization Corporation, Wisconsin, Tobacco Settlement Asset-Backed Bonds, Series 2002:
|
|||||||||
|
75
|
6.125%, 6/01/27 (Pre-refunded 6/01/12)
|
6/12 at 100.00
|
Aaa
|
75,379
|
|||||
|
3,380
|
6.375%, 6/01/32 (Pre-refunded 6/01/12)
|
6/12 at 100.00
|
Aaa
|
3,397,710
|
|||||
|
3,000
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Fort Healthcare Inc., Series 2004, 5.750%, 5/01/29
|
5/14 at 100.00
|
BBB+
|
3,065,579
|
|||||
|
3,670
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Gundersen Lutheran, Series 2011A, 5.250%, 10/15/39
|
10/21 at 100.00
|
A+
|
3,907,705
|
|||||
|
2,255
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Services Inc., Series 2003A, 5.125%, 8/15/33
|
8/13 at 100.00
|
A–
|
2,274,167
|
|||||
|
2,040
|
Wisconsin, Clean Water Revenue Bonds, Refunding Series 2002-2, 5.500%, 6/01/13 – NPFG Insured
|
No Opt. Call
|
AA+
|
2,156,891
|
|||||
|
14,420
|
Total Wisconsin
|
14,877,431
|
|
58
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Wyoming – 0.8% (0.5% of Total Investments)
|
|||||||||
|
$
|
2,035
|
Campbell County, Wyoming Solid Waste Facilities Revenue Bonds, Basin Electric Power Cooperative – Dry Fork Station Facilities, Series 2009A, 5.750%, 7/15/39
|
7/19 at 100.00
|
A1
|
$
|
2,294,665
|
|||
|
4,000
|
Wyoming Municipal Power Agency Power Supply System Revenue Bonds, 2008 Series A, 5.375%, 1/01/42
|
1/18 at 100.00
|
A2
|
4,317,319
|
|||||
|
6,035
|
Total Wyoming
|
6,611,984
|
|||||||
|
$
|
1,632,164
|
Total Investments (cost $1,184,006,461) – 150.2%
|
1,270,233,888
|
||||||
|
Floating Rate Obligations – (6.8)%
|
(57,830,000
|
) | |||||||
|
Variable Rate Demand Preferred Shares, at Liquidation Value – (45.9)%
|
(388,400,000
|
) | |||||||
|
Other Assets Less Liabilities – 2.5%
|
21,924,212
|
||||||||
|
Net Assets Applicable to Common Shares – 100%
|
$
|
845,928,100
|
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
|
|
|
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
|
|
(3)
|
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
|
|
(4)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities.
|
|
|
(5)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
|
|
(6)
|
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments are 30.6%.
|
|
|
N/R
|
Not rated.
|
|
|
WI/DD
|
Purchased on a when-issued or delayed delivery basis.
|
|
|
(ETM)
|
Escrowed to maturity.
|
|
|
(IF)
|
Inverse floating rate investment.
|
|
|
(UB)
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
|
|
|
See accompanying notes to financial statements.
|
|
Nuveen Investments
|
59
|
|
|
Nuveen Premier Municipal Income Fund, Inc.
|
|
| NPF |
Portfolio of Investments
|
|
|
April 30, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Alabama – 1.6% (1.0% of Total Investments)
|
|||||||||
|
$
|
2,010
|
Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, Series 2006C-2, 5.000%, 11/15/39
|
11/16 at 100.00
|
AA+
|
$
|
2,109,294
|
|||
|
Birmingham Special Care Facilities Financing Authority, Alabama, Revenue Bonds, Baptist Health System Inc., Series 2005A:
|
|||||||||
|
1,200
|
5.250%, 11/15/20
|
11/15 at 100.00
|
Baa2
|
1,247,040
|
|||||
|
400
|
5.000%, 11/15/30
|
11/15 at 100.00
|
Baa2
|
398,556
|
|||||
|
1,000
|
Montgomery BMC Special Care Facilities Financing Authority, Alabama, Revenue Bonds, Baptist Medical Center, Series 2004C, 5.250%, 11/15/29 (Pre-refunded 11/15/14)
|
11/14 at 100.00
|
A3 (4)
|
1,118,870
|
|||||
|
4,610
|
Total Alabama
|
4,873,760
|
|||||||
|
Alaska – 0.2% (0.2% of Total Investments)
|
|||||||||
|
1,000
|
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/46
|
6/14 at 100.00
|
BB–
|
761,270
|
|||||
|
Arizona – 4.6% (3.0% of Total Investments)
|
|||||||||
|
Glendale Industrial Development Authority, Arizona, Revenue Bonds, John C. Lincoln Health Network, Series 2005B:
|
|||||||||
|
100
|
5.250%, 12/01/24
|
12/15 at 100.00
|
BBB
|
103,045
|
|||||
|
135
|
5.250%, 12/01/25
|
12/15 at 100.00
|
BBB
|
138,533
|
|||||
|
7,000
|
Phoenix, Arizona, Civic Improvement Revenue Bonds, Civic Plaza, Series 2005B, 0.000%, 7/01/39 – FGIC Insured
|
No Opt. Call
|
AA
|
7,416,570
|
|||||
|
5,000
|
Salt River Project Agricultural Improvement and Power District, Arizona, Electric System Revenue Bonds, Series 2002B, 5.000%, 1/01/25 (Pre-refunded 1/01/13)
|
1/13 at 100.00
|
Aa1 (4)
|
5,160,300
|
|||||
|
1,200
|
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37
|
No Opt. Call
|
A–
|
1,219,140
|
|||||
|
13,435
|
Total Arizona
|
14,037,588
|
|||||||
|
Arkansas – 0.8% (0.5% of Total Investments)
|
|||||||||
|
2,155
|
Arkansas Development Finance Authority, State Facility Revenue Bonds, Department of Correction Special Needs Unit Project, Series 2005B, 5.000%, 11/01/25 – AGM Insured
|
11/15 at 100.00
|
AA–
|
2,378,646
|
|||||
|
California – 18.1% (11.8% of Total Investments)
|
|||||||||
|
3,000
|
Anaheim Public Finance Authority, California, Senior Lease Bonds, Public Improvement Project, Refunding Series 2007A-1, 4.375%, 3/01/37 – FGIC Insured
|
9/17 at 100.00
|
A1
|
2,990,820
|
|||||
|
1,350
|
California Educational Facilities Authority, Revenue Bonds, University of Southern California, Series 2005, 4.750%, 10/01/28
|
10/15 at 100.00
|
Aa1
|
1,424,183
|
|||||
|
1,975
|
California Health Facilities Financing Authority, Revenue Bonds, Catholic Healthcare West, Series 2004I, 4.950%, 7/01/26 (Mandatory put 7/01/14)
|
No Opt. Call
|
A+
|
2,125,377
|
|||||
|
1,700
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2009B, 5.500%, 10/01/39
|
10/19 at 100.00
|
AA
|
1,905,683
|
|||||
|
4,900
|
California State, General Obligation Bonds, Series 2004, 5.000%, 6/01/23 – AMBAC Insured
|
12/14 at 100.00
|
A1
|
5,338,452
|
|||||
|
500
|
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A, 5.000%, 7/01/39
|
7/15 at 100.00
|
BBB
|
499,595
|
|||||
|
1,600
|
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2001C, 5.250%, 8/01/31
|
8/16 at 100.00
|
A+
|
1,768,176
|
|||||
|
1,025
|
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3175, 13.558%, 5/15/14 (IF)
|
No Opt. Call
|
AA–
|
1,407,807
|
|||||
|
1,000
|
Chula Vista, California, Industrial Development Revenue Bonds, San Diego Gas and Electric Company, Series 1996A, 5.300%, 7/01/21
|
6/14 at 102.00
|
A+
|
1,064,260
|
|||||
|
5,045
|
Culver City Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project, Capital Appreciation Series 2011A, 0.000%, 11/01/27
|
11/21 at 61.42
|
A
|
1,702,990
|
|||||
|
25,000
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 1995A, 0.000%, 1/01/17 (ETM)
|
No Opt. Call
|
Aaa
|
23,879,000
|
|
60
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
California (continued)
|
|||||||||
|
$
|
450
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2003A-1, 6.750%, 6/01/39 (Pre-refunded 6/01/13)
|
6/13 at 100.00
|
Aaa
|
$
|
481,284
|
|||
|
3,500
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.125%, 6/01/47
|
6/17 at 100.00
|
BB–
|
2,603,335
|
|||||
|
6,005
|
Los Angeles Unified School District, California, General Obligation Bonds, Series 2005E, 5.000%, 7/01/22 – AMBAC Insured
|
7/15 at 100.00
|
Aa2
|
6,747,458
|
|||||
|
4,615
|
Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project Area, Series 2011B, 0.000%, 10/01/38
|
No Opt. Call
|
A–
|
747,538
|
|||||
|
San Diego County, California, Certificates of Participation, Burnham Institute, Series 2006:
|
|||||||||
|
100
|
5.000%, 9/01/21
|
9/15 at 102.00
|
Baa3
|
103,929
|
|||||
|
110
|
5.000%, 9/01/23
|
9/15 at 102.00
|
Baa3
|
112,576
|
|||||
|
61,875
|
Total California
|
54,902,463
|
|||||||
|
Colorado – 8.5% (5.6% of Total Investments)
|
|||||||||
|
1,000
|
Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan Society, Series 2005, 5.000%, 6/01/29
|
6/16 at 100.00
|
A–
|
1,013,780
|
|||||
|
1,150
|
Colorado Health Facilities Authority, Revenue Bonds, Parkview Medical Center, Series 2004, 5.000%, 9/01/25
|
9/14 at 100.00
|
A3
|
1,164,939
|
|||||
|
400
|
Colorado Health Facilities Authority, Revenue Bonds, Poudre Valley Health Care, Series 2005F, 5.000%, 3/01/25
|
3/15 at 100.00
|
A
|
412,848
|
|||||
|
750
|
Colorado Health Facilities Authority, Revenue Bonds, Vail Valley Medical Center, Series 2004, 5.000%, 1/15/17
|
1/15 at 100.00
|
A–
|
796,793
|
|||||
|
Denver City and County, Colorado, Airport Revenue Bonds, Series 2006:
|
|||||||||
|
4,060
|
5.000%, 11/15/23 – FGIC Insured
|
11/16 at 100.00
|
A+
|
4,492,065
|
|||||
|
6,800
|
5.000%, 11/15/24 – FGIC Insured
|
11/16 at 100.00
|
A+
|
7,471,228
|
|||||
|
8,940
|
5.000%, 11/15/25 – FGIC Insured
|
11/16 at 100.00
|
A+
|
9,757,295
|
|||||
|
660
|
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Refunding Bonds, Series 2011, 6.125%, 12/01/41 – AGM Insured
|
12/20 at 100.00
|
AA–
|
752,037
|
|||||
|
23,760
|
Total Colorado
|
25,860,985
|
|||||||
|
Florida – 2.0% (1.3% of Total Investments)
|
|||||||||
|
2,500
|
Hillsborough County Industrial Development Authority, Florida, Pollution Control Revenue Bonds, Tampa Electric Company Project, Series 2002, 5.100%, 10/01/13
|
10/12 at 100.00
|
A–
|
2,536,950
|
|||||
|
105
|
Marion County Hospital District, Florida, Revenue Bonds, Munroe Regional Medical Center, Series 2007, 5.000%, 10/01/34
|
10/17 at 100.00
|
A3
|
107,167
|
|||||
|
1,000
|
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Series 2007, 5.000%, 8/15/42
|
8/17 at 100.00
|
AA
|
1,040,670
|
|||||
|
2,150
|
Sumter County, Florida, Capital Improvement Revenue Bonds, Series 2006, 5.000%, 6/01/30 - AMBAC Insured
|
6/16 at 100.00
|
A
|
2,239,698
|
|||||
|
5,755
|
Total Florida
|
5,924,485
|
|||||||
|
Georgia – 2.8% (1.8% of Total Investments)
|
|||||||||
|
Coffee County Hospital Authority, Georgia, Revenue Bonds, Coffee County Regional Medical Center, Series 2004:
|
|||||||||
|
500
|
5.000%, 12/01/19
|
12/14 at 100.00
|
BBB–
|
501,900
|
|||||
|
1,000
|
5.250%, 12/01/22
|
12/14 at 100.00
|
BBB–
|
1,004,750
|
|||||
|
1,000
|
Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2006B, 5.000%, 3/15/20
|
No Opt. Call
|
A
|
1,059,770
|
|||||
|
4,105
|
Municipal Electric Authority of Georgia, Combustion Turbine Revenue Bonds, Series 2003A, 5.125%, 11/01/17 – NPFG Insured
|
11/13 at 100.00
|
A1
|
4,342,844
|
|||||
|
1,425
|
Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South Georgia Medical Center Project, Series 2011B, 5.000%, 10/01/41
|
10/21 at 100.00
|
Aa2
|
1,539,941
|
|||||
|
8,030
|
Total Georgia
|
8,449,205
|
|||||||
|
Idaho – 0.3% (0.2% of Total Investments)
|
|||||||||
|
25
|
Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 1996E, 6.350%, 7/01/14 (Alternative Minimum Tax)
|
7/12 at 100.00
|
AAA
|
25,070
|
|
Nuveen Investments
|
61
|
|
Nuveen Premier Municipal Income Fund, Inc. (continued)
|
||
|
NPF
|
Portfolio of Investments
|
|
|
April 30, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Idaho (continued)
|
|||||||||
|
$
|
310
|
Idaho Water Resource Board, Water Resource Loan Program Revenue, Ground Water Rights Mitigation Series 2012A, 5.000%, 9/01/32
|
9/22 at 100.00
|
Baa1
|
$
|
322,812
|
|||
|
Madison County, Idaho, Hospital Revenue Certificates of Participation, Madison Memorial Hospital, Series 2006:
|
|||||||||
|
500
|
5.250%, 9/01/26
|
9/16 at 100.00
|
BB+
|
502,560
|
|||||
|
200
|
5.250%, 9/01/37
|
9/16 at 100.00
|
BB+
|
192,268
|
|||||
|
1,035
|
Total Idaho
|
1,042,710
|
|||||||
|
Illinois – 17.3% (11.3% of Total Investments)
|
|||||||||
|
3,000
|
Bensenville, Illinois, General Obligation Bonds, Series 2011A, 5.000%, 12/15/30 – AGM Insured
|
12/21 at 100.00
|
AA–
|
3,236,340
|
|||||
|
320
|
Chicago Public Building Commission, Illinois, General Obligation Lease Certificates, Chicago Board of Education, Series 1990B, 7.000%, 1/01/15 – NPFG Insured (ETM)
|
No Opt. Call
|
BBB (4)
|
351,779
|
|||||
|
4,100
|
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 5.250%, 12/01/40
|
12/21 at 100.00
|
AA
|
4,554,608
|
|||||
|
8,670
|
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999, 0.000%, 1/01/24 – FGIC Insured
|
No Opt. Call
|
Aa3
|
5,262,170
|
|||||
|
5,000
|
Chicago, Illinois, Motor Fuel Tax Revenue Bonds, Series 2003A, 5.000%,
1/01/33 – AMBAC Insured |
7/13 at 100.00
|
AA+
|
5,064,600
|
|||||
|
2,000
|
Chicago, Illinois, Revenue Bonds, Midway Airport, Series 1996A, 5.500%,
1/01/29 – NPFG Insured |
7/12 at 100.00
|
A
|
2,005,840
|
|||||
|
785
|
Chicago, Illinois, Revenue Bonds, Midway Airport, Series 1998B, 5.000%,
1/01/35 – NPFG Insured |
7/12 at 100.00
|
A
|
785,447
|
|||||
|
5,000
|
Chicago, Illinois, Second Lien Wastewater Transmission Revenue Bonds, Series 2001A, 5.500%, 1/01/30 – NPFG Insured
|
No Opt. Call
|
Aa3
|
5,939,900
|
|||||
|
8,500
|
Chicago, Illinois, Senior Lien Water Revenue Bonds, Series 2001, 5.750%,
11/01/30 – AMBAC Insured (UB) (6) |
No Opt. Call
|
Aa3
|
10,405,190
|
|||||
|
200
|
Illinois Finance Authority, Revenue Bonds, Proctor Hospital, Series 2006, 5.125%, 1/01/25
|
1/16 at 100.00
|
BB+
|
185,278
|
|||||
|
Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel Revenue Bonds, Series 2005B:
|
|||||||||
|
850
|
5.250%, 1/01/25
|
1/16 at 100.00
|
CCC
|
558,076
|
|||||
|
1,750
|
5.250%, 1/01/30
|
1/16 at 100.00
|
CCC
|
1,159,078
|
|||||
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place Expansion Project, Series 1996A:
|
|||||||||
|
10,575
|
0.000%, 12/15/23 – NPFG Insured
|
No Opt. Call
|
AA–
|
6,550,261
|
|||||
|
10,775
|
0.000%, 12/15/24 – NPFG Insured
|
No Opt. Call
|
AA–
|
6,318,245
|
|||||
|
61,525
|
Total Illinois
|
52,376,812
|
|||||||
|
Indiana – 3.3% (2.1% of Total Investments)
|
|||||||||
|
2,275
|
Anderson School Building Corporation, Madison County, Indiana, First Mortgage Bonds, Series 2003, 5.500%, 7/15/23 (Pre-refunded 1/15/14) – AGM Insured
|
1/14 at 100.00
|
AA+ (4)
|
2,472,811
|
|||||
|
6,180
|
Crown Point Multi-School Building Corporation, Indiana, First Mortgage Bonds, Crown Point Community School Corporation, Series 2000, 0.000%, 1/15/23 – NPFG Insured
|
No Opt. Call
|
A
|
4,109,391
|
|||||
|
1,250
|
Portage, Indiana, Revenue Bonds, Series 2006, 5.000%, 7/15/23
|
7/16 at 100.00
|
A
|
1,297,900
|
|||||
|
1,700
|
Saint Joseph County, Indiana, Educational Facilities Revenue Bonds, University of Notre Dame du Lac Project, Refunding Series 2009, 5.000%, 3/01/36
|
3/18 at 100.00
|
Aaa
|
1,873,264
|
|||||
|
1,000
|
St. Joseph County Hospital Authority, Indiana, Revenue Bonds, Madison Center Inc., Series 2005, 5.250%, 2/15/28 (5)
|
2/15 at 100.00
|
N/R
|
142,850
|
|||||
|
12,405
|
Total Indiana
|
9,896,216
|
|||||||
|
Iowa – 1.1% (0.7% of Total Investments)
|
|||||||||
|
4,000
|
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.500%, 6/01/42
|
6/15 at 100.00
|
B+
|
3,267,760
|
|||||
|
Kentucky – 0.8% (0.5% of Total Investments)
|
|||||||||
|
1,700
|
Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro Medical Health System, Series 2010A, 6.500%, 3/01/45
|
6/20 at 100.00
|
BBB+
|
1,959,998
|
|||||
|
510
|
Louisville and Jefferson County Metropolitan Government, Kentucky, Industrial Building Revenue Bonds, Sisters of Mercy of the Americas, Series 2006, 5.000%, 10/01/35
|
10/16 at 100.00
|
A+
|
525,764
|
|||||
|
2,210
|
Total Kentucky
|
2,485,762
|
|
62
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Louisiana – 6.3% (4.1% of Total Investments)
|
|||||||||
|
$
|
1,310
|
Louisiana Housing Finance Agency, GNMA Collateralized Mortgage Revenue Bonds, St. Dominic Assisted Care Facility, Series 1995, 6.850%, 9/01/25
|
9/12 at 100.00
|
AA+
|
$
|
1,313,406
|
|||
|
1,500
|
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A, 5.500%, 5/15/47
|
5/17 at 100.00
|
Baa1
|
1,538,520
|
|||||
|
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:
|
|||||||||
|
825
|
4.750%, 5/01/39 – AGM Insured (UB)
|
5/16 at 100.00
|
Aa1
|
857,109
|
|||||
|
8,880
|
4.500%, 5/01/41 – FGIC Insured (UB)
|
5/16 at 100.00
|
Aa1
|
9,080,688
|
|||||
|
5
|
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A, Trust 660, 15.683%, 5/01/34 – FGIC Insured (IF)
|
5/16 at 100.00
|
Aa1
|
5,451
|
|||||
|
3,950
|
Morehouse Parish, Louisiana, Pollution Control Revenue Bonds, International Paper Company, Series 2002A, 5.700%, 4/01/14
|
No Opt. Call
|
BBB
|
4,247,475
|
|||||
|
2,090
|
Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, Series 2001B, 5.875%, 5/15/39
|
5/12 at 100.00
|
A–
|
2,098,402
|
|||||
|
18,560
|
Total Louisiana
|
19,141,051
|
|||||||
|
Maine – 0.3% (0.2% of Total Investments)
|
|||||||||
|
830
|
Maine State Housing Authority, Single Family Mortgage Purchase Bonds, Series 2004A-2, 5.000%, 11/15/21 (Alternative Minimum Tax)
|
5/13 at 100.00
|
AA+
|
841,520
|
|||||
|
Maryland – 1.2% (0.8% of Total Investments)
|
|||||||||
|
2,000
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health, Series 2004, 5.375%, 8/15/24
|
8/14 at 100.00
|
A2
|
2,138,680
|
|||||
|
1,500
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Western Maryland Health, Series 2006A, 4.750%, 7/01/36 – NPFG Insured
|
7/16 at 100.00
|
BBB
|
1,543,020
|
|||||
|
3,500
|
Total Maryland
|
3,681,700
|
|||||||
|
Massachusetts – 4.1% (2.7% of Total Investments)
|
|||||||||
|
7,500
|
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Senior Lien Series 2010B, 5.000%, 1/01/37
|
1/20 at 100.00
|
A+
|
8,127,300
|
|||||
|
1,000
|
Massachusetts Development Finance Authority, Revenue Bonds, Hampshire College, Series 2004, 5.625%, 10/01/24
|
10/14 at 100.00
|
BBB
|
1,034,520
|
|||||
|
3,000
|
Massachusetts State, Special Obligation Dedicated Tax Revenue Bonds, Series 2004, 5.250%, 1/01/24 (Pre-refunded 1/01/14) – FGIC Insured
|
1/14 at 100.00
|
A1 (4)
|
3,245,250
|
|||||
|
11,500
|
Total Massachusetts
|
12,407,070
|
|||||||
|
Michigan – 6.1% (4.0% of Total Investments)
|
|||||||||
|
2,925
|
Detroit, Michigan, General Obligation Bonds, Series 2003A, 5.250%, 4/01/17 – SYNCORA GTY Insured
|
4/13 at 100.00
|
BB
|
2,705,011
|
|||||
|
4,600
|
Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2006B, 4.625%, 7/01/34 – FGIC Insured
|
7/16 at 100.00
|
A
|
4,460,068
|
|||||
|
5,000
|
Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2011A, 5.250%, 7/01/41
|
7/21 at 100.00
|
A+
|
5,107,300
|
|||||
|
815
|
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A, 5.000%, 12/01/31
|
12/16 at 100.00
|
AA
|
853,158
|
|||||
|
185
|
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A, 5.000%, 12/01/31 (Pre-refunded 12/01/16)
|
12/16 at 100.00
|
N/R (4)
|
219,689
|
|||||
|
2,000
|
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2008A, 6.875%, 6/01/42
|
6/18 at 100.00
|
BB+
|
1,953,920
|
|||||
|
170
|
Monroe County Hospital Finance Authority, Michigan, Mercy Memorial Hospital Corporation Revenue Bonds, Series 2006, 5.500%, 6/01/35
|
6/16 at 100.00
|
BBB
|
171,692
|
|||||
|
290
|
Wayne County, Michigan, Airport Revenue Refunding Bonds, Detroit Metropolitan Airport, Series 2002C, 5.375%, 12/01/19 – FGIC Insured
|
12/12 at 100.00
|
A2
|
296,455
|
|||||
|
2,735
|
Wayne County, Michigan, Airport Revenue Refunding Bonds, Detroit Metropolitan Airport, Series 2002C, 5.375%, 12/01/19 (Pre-refunded 12/01/12) – FGIC Insured
|
12/12 at 100.00
|
A2 (4)
|
2,813,057
|
|||||
|
18,720
|
Total Michigan
|
18,580,350
|
|||||||
|
Minnesota – 5.2% (3.4% of Total Investments)
|
|||||||||
|
4,350
|
Cohasset, Minnesota, Pollution Control Revenue Bonds, Allete Inc., Series 2004, 4.950%, 7/01/22
|
7/14 at 100.00
|
A2
|
4,527,089
|
|
Nuveen Investments
|
63
|
|
Nuveen Premier Municipal Income Fund, Inc. (continued)
|
||
|
NPF
|
Portfolio of Investments
|
|
|
April 30, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Minnesota (continued)
|
|||||||||
|
$
|
1,000
|
Duluth Economic Development Authority, Minnesota, Healthcare Facilities Revenue Bonds, Benedictine Health System – St. Mary’s Duluth Clinic, Series 2004, 5.250%, 2/15/21 (Pre-refunded 2/15/14)
|
2/14 at 100.00
|
N/R (4)
|
$
|
1,085,650
|
|||
|
2,290
|
Minneapolis-St. Paul Housing and Redevelopment Authority, Minnesota, Revenue Bonds, HealthPartners Inc., Series 2003, 6.000%, 12/01/20
|
12/13 at 100.00
|
A3
|
2,426,049
|
|||||
|
530
|
Minnesota Higher Education Facilities Authority, Revenue Bonds, University of St. Thomas, Series 2004-5Y, 5.250%, 10/01/19
|
10/14 at 100.00
|
A2
|
572,792
|
|||||
|
1,000
|
Minnesota Municipal Power Agency, Electric Revenue Bonds, Series 2004A, 5.250%, 10/01/19
|
10/14 at 100.00
|
A3
|
1,095,030
|
|||||
|
1,000
|
Minnesota State, General Obligation Bonds, Various Purpose, Refunding Series 2010D, 5.000%, 8/01/18
|
No Opt. Call
|
AA+
|
1,236,310
|
|||||
|
3,000
|
St. Paul Port Authority, Minnesota, Lease Revenue Bonds, Office Building at Cedar Street, Series 2003, 5.250%, 12/01/20
|
12/13 at 100.00
|
AA
|
3,205,140
|
|||||
|
1,500
|
Tobacco Securitization Authority, Minnesota, Tobacco Settlement Revenue Bonds, Tax-Exempt Series 2011B, 5.250%, 3/01/31
|
3/22 at 100.00
|
A–
|
1,653,075
|
|||||
|
14,670
|
Total Minnesota
|
15,801,135
|
|||||||
|
Mississippi – 0.8% (0.5% of Total Investments)
|
|||||||||
|
2,325
|
Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial Healthcare, Series 2004B-1, 5.000%, 9/01/24
|
9/14 at 100.00
|
AA
|
2,429,323
|
|||||
|
Missouri – 1.0% (0.7% of Total Investments)
|
|||||||||
|
100
|
Hannibal Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Hannibal Regional Hospital, Series 2006, 5.000%, 3/01/22
|
3/16 at 100.00
|
BBB+
|
103,364
|
|||||
|
2,880
|
Joplin Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Freeman Health System, Series 2004, 5.500%, 2/15/24
|
2/15 at 102.00
|
BBB+
|
3,028,838
|
|||||
|
2,980
|
Total Missouri
|
3,132,202
|
|||||||
|
Nebraska – 1.0% (0.7% of Total Investments)
|
|||||||||
|
1,580
|
Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, Nebraska Medical Center, Series 2003, 5.000%, 11/15/16
|
No Opt. Call
|
Aa3
|
1,817,632
|
|||||
|
390
|
Grand Island, Nebraska, Electric System Revenue Bonds, Series 1977, 6.100%, 9/01/12 (ETM)
|
No Opt. Call
|
A1 (4)
|
397,656
|
|||||
|
515
|
Omaha Public Power District, Nebraska, Separate Electric System Revenue Bonds, Nebraska City 2, Series 2006A, 19.731%, 8/01/40 – AMBAC Insured (IF)
|
2/17 at 100.00
|
AA+
|
859,350
|
|||||
|
2,485
|
Total Nebraska
|
3,074,638
|
|||||||
|
Nevada – 2.2% (1.4% of Total Investments)
|
|||||||||
|
4,000
|
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42
|
1/20 at 100.00
|
Aa3
|
4,473,560
|
|||||
|
2,050
|
Washoe County, Nevada, General Obligation Bonds, Reno-Sparks Convention & Visitors Authority, Refunding Series 2011, 5.000%, 7/01/32
|
7/21 at 100.00
|
AA
|
2,214,943
|
|||||
|
6,050
|
Total Nevada
|
6,688,503
|
|||||||
|
New Hampshire – 0.5% (0.3% of Total Investments)
|
|||||||||
|
1,110
|
New Hampshire Health and Education Facilities Authority, Revenue Bonds, Dartmouth College, Tender Option Bond Trust 09-7W, 14.267%, 6/01/39 (IF) (6)
|
6/19 at 100.00
|
AA+
|
1,612,797
|
|||||
|
New Jersey – 7.0% (4.6% of Total Investments)
|
|||||||||
|
1,000
|
New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2005P, 5.250%, 9/01/24
|
9/15 at 100.00
|
A+
|
1,102,720
|
|||||
|
2,000
|
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Refunding Series 2011A, 5.625%, 7/01/32
|
7/21 at 100.00
|
BBB
|
2,147,940
|
|||||
|
1,000
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/26
|
No Opt. Call
|
A+
|
513,840
|
|||||
|
3,000
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2003C, 5.500%, 6/15/24 (Pre-refunded 6/15/13)
|
6/13 at 100.00
|
Aaa
|
3,176,550
|
|||||
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C:
|
|||||||||
|
25,000
|
0.000%, 12/15/35 – AMBAC Insured
|
No Opt. Call
|
A+
|
7,286,750
|
|||||
|
10,000
|
0.000%, 12/15/36 – AMBAC Insured
|
No Opt. Call
|
A+
|
2,753,200
|
|
64
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
New Jersey (continued)
|
|||||||||
|
$
|
1,500
|
New Jersey Turnpike Authority, Revenue Bonds, Series 2003A, 5.000%, 1/01/19 – FGIC Insured
|
7/13 at 100.00
|
A+
|
$
|
1,573,620
|
|||
|
2,500
|
New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.000%, 1/01/25 – AGM Insured
|
1/15 at 100.00
|
AA–
|
2,656,000
|
|||||
|
46,000
|
Total New Jersey
|
21,210,620
|
|||||||
|
New York – 17.0% (11.1% of Total Investments)
|
|||||||||
|
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009:
|
|||||||||
|
660
|
6.000%, 7/15/30
|
1/20 at 100.00
|
BBB–
|
732,448
|
|||||
|
1,600
|
0.000%, 7/15/44
|
No Opt. Call
|
BBB–
|
260,160
|
|||||
|
1,500
|
Dormitory Authority of the State of New York, State and Local Appropriation Lease Bonds, Upstate Community Colleges, Series 2004B, 5.250%, 7/01/19
|
7/14 at 100.00
|
AA–
|
1,610,745
|
|||||
|
1,100
|
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47
|
2/21 at 100.00
|
A
|
1,243,605
|
|||||
|
2,200
|
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured
|
2/17 at 100.00
|
A
|
2,190,276
|
|||||
|
7,500
|
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A, 5.000%, 12/01/25 – FGIC Insured (UB)
|
6/16 at 100.00
|
AA+
|
8,474,475
|
|||||
|
5,000
|
Metropolitan Transportation Authority, New York, Transportation Revenue Refunding Bonds, Series 2002A, 5.125%, 11/15/21 – FGIC Insured
|
11/12 at 100.00
|
A
|
5,101,750
|
|||||
|
2,000
|
New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Fiscal Series 2005B, 5.000%, 6/15/23 – AMBAC Insured
|
12/14 at 100.00
|
AAA
|
2,228,160
|
|||||
|
New York City, New York, General Obligation Bonds, Fiscal Series 2003D:
|
|||||||||
|
1,815
|
5.250%, 10/15/22 (Pre-refunded 10/15/13)
|
10/13 at 100.00
|
Aa2 (4)
|
1,946,805
|
|||||
|
2,450
|
5.250%, 10/15/22 (Pre-refunded 10/15/13)
|
10/13 at 100.00
|
AA (4)
|
2,627,919
|
|||||
|
1,050
|
New York City, New York, General Obligation Bonds, Fiscal Series 2004B, 5.250%, 8/01/15
|
8/14 at 100.00
|
AA
|
1,162,707
|
|||||
|
4,000
|
New York City, New York, General Obligation Bonds, Series 2004C-1, Trust 3217, 5.250%, 8/15/20 (UB)
|
8/14 at 100.00
|
AA
|
4,396,440
|
|||||
|
910
|
New York Convention Center Development Corporation, Hotel Unit Fee Revenue Bonds, Series 2005, Trust 2364, 16.498%, 11/15/44 – AMBAC Insured (IF)
|
11/15 at 100.00
|
AA+
|
1,089,707
|
|||||
|
1,560
|
New York Liberty Development Corporation, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.000%, 11/15/44
|
11/21 at 100.00
|
A+
|
1,666,735
|
|||||
|
3,250
|
New York State Municipal Bond Bank Agency, Special School Purpose Revenue Bonds, Series 2003C, 5.250%, 6/01/22
|
6/13 at 100.00
|
AA–
|
3,409,413
|
|||||
|
New York State Thruway Authority, General Revenue Bonds, Residual Series 2005G:
|
|||||||||
|
6,460
|
5.000%, 1/01/25 – AGM Insured (UB)
|
7/15 at 100.00
|
AA–
|
7,126,478
|
|||||
|
2,580
|
5.000%, 1/01/26 – AGM Insured (UB)
|
7/15 at 100.00
|
AA–
|
2,846,179
|
|||||
|
1,850
|
New York State Urban Development Corporation, Service Contract Revenue Bonds, Series 2005B, 5.000%, 3/15/24 – AGM Insured (UB)
|
3/15 at 100.00
|
AAA
|
2,052,890
|
|||||
|
1,000
|
New York State Urban Development Corporation, Subordinate Lien Corporate Purpose Bonds, Series 2004A, 5.125%, 1/01/22
|
7/14 at 100.00
|
A
|
1,062,590
|
|||||
|
395
|
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42
|
12/20 at 100.00
|
BBB–
|
438,994
|
|||||
|
48,880
|
Total New York
|
51,668,476
|
|||||||
|
North Carolina – 4.4% (2.9% of Total Investments)
|
|||||||||
|
10,300
|
North Carolina Eastern Municipal Power Agency, Power System Revenue Refunding Bonds, Series 1993B, 6.000%, 1/01/22 – CAPMAC Insured (UB) (6)
|
No Opt. Call
|
Baa1
|
13,261,456
|
|||||
|
North Dakota – 0.2% (0.1% of Total Investments)
|
|||||||||
|
560
|
Burleigh County, North Dakota, Health Care Revenue Refunding Bonds, St. Alexius Medical Center Project, Series 2012A, 5.000%, 7/01/38
|
7/22 at 100.00
|
BBB+
|
580,070
|
|||||
|
Ohio – 2.8% (1.8% of Total Investments)
|
|||||||||
|
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
|
|||||||||
|
1,600
|
5.125%, 6/01/24
|
6/17 at 100.00
|
B
|
1,307,952
|
|||||
|
1,055
|
5.750%, 6/01/34
|
6/17 at 100.00
|
BB
|
823,301
|
|||||
|
2,355
|
5.875%, 6/01/47
|
6/17 at 100.00
|
BB
|
1,840,668
|
|
Nuveen Investments
|
65
|
|
Nuveen Premier Municipal Income Fund, Inc. (continued)
|
||
|
NPF
|
Portfolio of Investments
|
|
|
April 30, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Ohio (continued)
|
|||||||||
|
$
|
4,000
|
Ohio, Solid Waste Revenue Bonds, Republic Services Inc., Series 2004, 4.250%, 4/01/33 (Mandatory put 4/01/14) (Alternative Minimum Tax)
|
No Opt. Call
|
BBB
|
$
|
4,168,040
|
|||
|
250
|
Port of Greater Cincinnati Development Authority, Ohio, Economic Development Revenue Bonds, Sisters of Mercy of the Americas, Series 2006, 5.000%, 10/01/25
|
10/16 at 100.00
|
A+
|
258,870
|
|||||
|
9,260
|
Total Ohio
|
8,398,831
|
|||||||
|
Oklahoma – 1.1% (0.7% of Total Investments)
|
|||||||||
|
450
|
Norman Regional Hospital Authority, Oklahoma, Hospital Revenue Bonds, Series 2005, 5.375%, 9/01/36
|
9/16 at 100.00
|
BB+
|
437,004
|
|||||
|
2,705
|
Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health System, Series 2006, 5.000%, 12/15/36
|
12/16 at 100.00
|
AA+
|
2,829,105
|
|||||
|
3,155
|
Total Oklahoma
|
3,266,109
|
|||||||
|
Oregon – 1.1% (0.7% of Total Investments)
|
|||||||||
|
Oregon State, General Obligation Bonds, State Board of Higher Education, Series 2004A:
|
|||||||||
|
1,795
|
5.000%, 8/01/21 (Pre-refunded 8/01/14)
|
8/14 at 100.00
|
AA+ (4)
|
1,981,734
|
|||||
|
1,240
|
5.000%, 8/01/23 (Pre-refunded 8/01/14)
|
8/14 at 100.00
|
AA+ (4)
|
1,368,997
|
|||||
|
3,035
|
Total Oregon
|
3,350,731
|
|||||||
|
Pennsylvania – 2.2% (1.4% of Total Investments)
|
|||||||||
|
2,000
|
Allegheny County Sanitary Authority, Pennsylvania, Sewerage Revenue Bonds, Series 2005A, 5.000%, 12/01/23 – NPFG Insured
|
12/15 at 100.00
|
A1
|
2,240,360
|
|||||
|
4,500
|
Pennsylvania Turnpike Commission, Turnpike Subordinate Revenue Bonds, Series 2009C, 0.000%, 6/01/33 – AGM Insured
|
6/26 at 100.00
|
AA–
|
4,457,745
|
|||||
|
6,500
|
Total Pennsylvania
|
6,698,105
|
|||||||
|
Puerto Rico – 1.2% (0.8% of Total Investments)
|
|||||||||
|
3,000
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A, 0.000%, 8/01/32
|
8/26 at 100.00
|
A+
|
2,993,760
|
|||||
|
10,000
|
Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Bonds, Series 2005A, 0.000%, 5/15/50
|
5/15 at 11.19
|
BBB–
|
721,900
|
|||||
|
13,000
|
Total Puerto Rico
|
3,715,660
|
|||||||
|
Rhode Island – 1.3% (0.9% of Total Investments)
|
|||||||||
|
4,060
|
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A, 6.000%, 6/01/23
|
6/12 at 100.00
|
Baa1
|
4,074,454
|
|||||
|
South Carolina – 7.3% (4.8% of Total Investments)
|
|||||||||
|
2,500
|
Berkeley County School District, South Carolina, Installment Purchase Revenue Bonds, Securing Assets for Education, Series 2003, 5.250%, 12/01/24
|
12/13 at 100.00
|
A1
|
2,601,450
|
|||||
|
4,405
|
Dorchester County School District 2, South Carolina, Installment Purchase Revenue Bonds, GROWTH, Series 2004, 5.250%, 12/01/23
|
12/14 at 100.00
|
AA–
|
4,887,700
|
|||||
|
3,340
|
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2003, 5.250%, 12/01/19
|
12/13 at 100.00
|
AA
|
3,533,486
|
|||||
|
3,620
|
Greenville, South Carolina, Hospital Facilities Revenue Refunding Bonds, Series 2003A, 5.250%, 5/01/21 – AMBAC Insured
|
5/13 at 100.00
|
AA–
|
3,713,070
|
|||||
|
310
|
South Carolina JOBS Economic Development Authority, Economic Development Revenue Bonds, Bon Secours Health System Inc., Series 2002A, 5.625%, 11/15/30 (Pre-refunded 11/15/12)
|
11/12 at 100.00
|
A3 (4)
|
319,126
|
|||||
|
1,190
|
South Carolina JOBS Economic Development Authority, Economic Development Revenue Bonds, Bon Secours Health System Inc., Series 2002B, 5.625%, 11/15/30
|
11/12 at 100.00
|
A–
|
1,195,569
|
|||||
|
South Carolina JOBS Economic Development Authority, Hospital Refunding and Improvement Revenue Bonds, Palmetto Health Alliance, Series 2003C:
|
|||||||||
|
4,895
|
6.375%, 8/01/34 (Pre-refunded 8/01/13)
|
8/13 at 100.00
|
BBB+ (4)
|
5,259,971
|
|||||
|
605
|
6.375%, 8/01/34 (Pre-refunded 8/01/13)
|
8/13 at 100.00
|
BBB+ (4)
|
650,508
|
|||||
|
20,865
|
Total South Carolina
|
22,160,880
|
|||||||
|
South Dakota – 0.6% (0.4% of Total Investments)
|
|||||||||
|
1,750
|
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sioux Valley Hospitals, Series 2004A, 5.500%, 11/01/31
|
11/14 at 100.00
|
AA–
|
1,814,243
|
|
66
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Tennessee – 2.5% (1.7% of Total Investments)
|
|||||||||
|
$
|
1,585
|
Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue Refunding and Improvement Bonds, Johnson City Medical Center, Series 1998C, 5.125%, 7/01/25 (Pre-refunded 7/01/23) – NPFG Insured
|
7/23 at 100.00
|
Baa1 (4)
|
$
|
1,590,357
|
|||
|
1,600
|
Johnson City Health and Educational Facilities Board, Tennessee, Revenue Bonds, Mountain States Health Alliance, Series 2006A, 5.500%, 7/01/36
|
7/16 at 100.00
|
BBB+
|
1,671,536
|
|||||
|
400
|
Sumner County Health, Educational, and Housing Facilities Board, Tennessee, Revenue Refunding Bonds, Sumner Regional Health System Inc., Series 2007, 5.500%, 11/01/37 (5)
|
11/17 at 100.00
|
N/R
|
7,996
|
|||||
|
4,000
|
The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006A, 5.250%, 9/01/26
|
No Opt. Call
|
A2
|
4,409,880
|
|||||
|
7,585
|
Total Tennessee
|
7,679,769
|
|||||||
|
Texas – 6.5% (4.2% of Total Investments)
|
|||||||||
|
1,075
|
Brazos River Authority, Texas, Pollution Control Revenue Bonds, TXU Energy Company LLC Project, Series 2003C, 6.750%, 10/01/38 (Alternative Minimum Tax)
|
10/13 at 101.00
|
CC
|
139,632
|
|||||
|
4,245
|
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H, 0.000%, 11/15/29 – NPFG Insured
|
No Opt. Call
|
BBB
|
1,415,453
|
|||||
|
3,000
|
Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2004A, 5.250%, 5/15/25 – NPFG Insured
|
5/14 at 100.00
|
AA
|
3,237,030
|
|||||
|
Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson Memorial Hospital Project, Series 2005:
|
|||||||||
|
400
|
5.250%, 8/15/21
|
2/16 at 100.00
|
BBB–
|
419,616
|
|||||
|
600
|
5.125%, 8/15/26
|
2/16 at 100.00
|
BBB–
|
610,032
|
|||||
|
800
|
Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, Southwest Airlines Company, Series 2010, 5.250%, 11/01/40
|
11/20 at 100.00
|
BBB–
|
829,240
|
|||||
|
2,265
|
Lower Colorado River Authority, Texas, Contract Revenue Refunding Bonds, Transmission Services Corporation, Series 2003C, 5.250%, 5/15/25 – AMBAC Insured
|
5/13 at 100.00
|
A+
|
2,353,041
|
|||||
|
950
|
North Texas Tollway Authority, Second Tier System Revenue Refunding Bonds, Series 2008F, 5.750%, 1/01/38
|
1/18 at 100.00
|
A3
|
1,026,779
|
|||||
|
1,000
|
Sabine River Authority, Texas, Pollution Control Revenue Bonds, TXU Electric Company, Series 2001C, 5.200%, 5/01/28
|
11/15 at 100.00
|
CCC
|
102,580
|
|||||
|
3,000
|
Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds, Texas Health Resources, Series 2007A, 5.000%, 2/15/36 (UB)
|
2/17 at 100.00
|
AA–
|
3,151,500
|
|||||
|
125
|
Tarrant County Cultural and Educational Facilities Finance Corporation, Texas, Revenue Bonds, Texas Health Resources Project, Trust 1031, 17.310%, 2/15/30 (IF) (6)
|
2/17 at 100.00
|
AA–
|
150,250
|
|||||
|
Texas Tech University, Financing System Revenue Bonds, 9th Series 2003:
|
|||||||||
|
20
|
5.250%, 2/15/18 – AMBAC Insured
|
8/13 at 100.00
|
AA
|
21,156
|
|||||
|
15
|
5.250%, 2/15/19 – AMBAC Insured
|
8/13 at 100.00
|
AA
|
15,867
|
|||||
| Texas Tech University, Financing System Revenue Bonds, 9th Series 2003: | |||||||||
|
3,505
|
5.250%, 2/15/18 (Pre-refunded 8/15/13) – AMBAC Insured
|
8/13 at 100.00
|
Aa2 (4)
|
3,723,537
|
|||||
|
2,235
|
5.250%, 2/15/19 (Pre-refunded 8/15/13) – AMBAC Insured
|
8/13 at 100.00
|
Aa2 (4)
|
2,374,352
|
|||||
|
23,235
|
Total Texas
|
19,570,065
|
|||||||
|
Utah – 0.1% (0.1% of Total Investments)
|
|||||||||
|
315
|
Utah Housing Corporation, Single Family Mortgage Bonds, Series 2001D, 5.500%, 1/01/21 (Alternative Minimum Tax)
|
7/12 at 100.00
|
Aaa
|
315,495
|
|||||
|
15
|
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 1996C, 6.450%, 7/01/14 (Alternative Minimum Tax)
|
7/12 at 100.00
|
Aaa
|
15,043
|
|||||
|
330
|
Total Utah
|
330,538
|
|||||||
|
Virginia – 0.9% (0.6% of Total Investments)
|
|||||||||
|
2,520
|
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012, 5.500%, 1/01/42 (Alternative Minimum Tax)
|
7/22 at 100.00
|
BBB–
|
2,600,640
|
|||||
|
Washington – 3.5% (2.3% of Total Investments)
|
|||||||||
|
2,000
|
Energy Northwest, Washington, Electric Revenue Refunding Bonds, Columbia Generating Station, Series 2002A, 5.750%, 7/01/17 – NPFG Insured
|
7/12 at 100.00
|
Aa1
|
2,017,920
|
|||||
|
7,000
|
Energy Northwest, Washington, Electric Revenue Refunding Bonds, Nuclear Project 1, Series 2003A, 5.500%, 7/01/16 (Pre-refunded 7/01/13)
|
7/13 at 100.00
|
Aa1 (4)
|
7,427,560
|
|
Nuveen Investments
|
67
|
|
Nuveen Premier Municipal Income Fund, Inc. (continued)
|
||
|
NPF
|
Portfolio of Investments
|
|
|
April 30, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Washington (continued)
|
|||||||||
|
$
|
1,000
|
Skagit County Public Hospital District 1, Washington, Revenue Bonds, Skagit Valley Hospital, Series 2003, 6.000%, 12/01/23
|
12/13 at 100.00
|
Baa2
|
$
|
1,031,330
|
|||
|
10,000
|
Total Washington
|
10,476,810
|
|||||||
|
West Virginia – 1.5% (0.9% of Total Investments)
|
|||||||||
|
2,000
|
West Virginia Water Development Authority, Infrastructure Revenue Bonds, Series 2003A, 5.500%, 10/01/23 (Pre-refunded 10/01/13) – AMBAC Insured
|
10/13 at 101.00
|
AA+ (4)
|
2,168,160
|
|||||
|
2,150
|
West Virginia Water Development Authority, Loan Program II Revenue Bonds, Series 2003B, 5.250%, 11/01/23 – AMBAC Insured
|
11/13 at 101.00
|
A
|
2,252,383
|
|||||
|
4,150
|
Total West Virginia
|
4,420,543
|
|||||||
|
Wisconsin – 1.4% (0.9% of Total Investments)
|
|||||||||
|
160
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Divine Savior Healthcare, Series 2006, 5.000%, 5/01/32
|
5/16 at 100.00
|
BBB
|
161,354
|
|||||
|
1,000
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Fort Healthcare Inc., Series 2004, 5.375%, 5/01/18
|
5/14 at 100.00
|
BBB+
|
1,040,469
|
|||||
|
205
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert and Community Health Obligated Group, Series 2001, 5.375%, 10/01/30
|
10/12 at 100.00
|
AA–
|
206,528
|
|||||
|
2,500
|
Wisconsin State, General Obligation Bonds, Series 2006A, 4.750%, 5/01/25 – FGIC Insured (UB)
|
5/16 at 100.00
|
AA
|
2,808,799
|
|||||
|
3,865
|
Total Wisconsin
|
4,217,150
|
|||||||
|
Wyoming – 0.5% (0.3% of Total Investments)
|
|||||||||
|
1,350
|
Sweetwater County, Wyoming, Solid Waste Disposal Revenue Bonds, FMC Corporation, Series 2005, 5.600%, 12/01/35 (Alternative Minimum Tax)
|
12/15 at 100.00
|
BBB+
|
1,395,009
|
|||||
|
$
|
504,925
|
Total Investments (cost $432,397,804) – 153.2%
|
464,538,110
|
||||||
|
Floating Rate Obligations – (13.9)%
|
(42,295,000
|
) | |||||||
|
Variable Rate Demand Preferred Shares, at Liquidation Value – (42.1)%
|
(127,700,000
|
) | |||||||
|
Other Assets Less Liabilities – 2.8%
|
8,703,916
|
||||||||
|
Net Assets Applicable to Common Shares – 100%
|
$
|
303,247,026
|
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
|
|
|
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
|
|
(3)
|
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
|
|
(4)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities.
|
|
|
(5)
|
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing security, in the case of a bond, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.
|
|
|
(6)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
|
|
(7)
|
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments are 27.5%.
|
|
|
N/R
|
Not rated.
|
|
|
(ETM)
|
Escrowed to maturity.
|
|
|
(IF)
|
Inverse floating rate investment.
|
|
|
(UB)
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
|
See accompanying notes to financial statements.
|
68
|
Nuveen Investments
|
|
Nuveen Municipal High Income Opportunity Fund
|
||
|
NMZ
|
Portfolio of Investments
|
|
|
April 30, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Alabama – 1.2% (1.0% of Total Investments)
|
|||||||||
|
$
|
1,000
|
Adamsville Solid Waste Disposal Authority, Alabama, Solid Waste Disposal Revenue Bonds, Green Mountain Management LLC Project,Series 2010, 8.750%, 8/01/30
|
8/20 at 100.00
|
N/R
|
$
|
979,910
|
|||
|
1,000
|
Alabama Industrial Development Authority, Solid Waste Disposal Revenue Bonds, Pine City Fiber Co. Project, Series 1993, 6.450%, 12/01/23 (Alternative Minimum Tax)
|
7/12 at 100.00
|
B2
|
959,050
|
|||||
|
1,915
|
Bessemer, Alabama, General Obligation Warrants, Series 2007, 6.500%, 2/01/37
|
2/17 at 102.00
|
N/R
|
1,450,000
|
|||||
|
1,000
|
Jefferson County, Alabama, Limited Obligation School Warrants, Education Tax Revenue Bonds, Series 2004A, 5.250%, 1/01/14
|
No Opt. Call
|
B
|
998,520
|
|||||
|
4,915
|
Total Alabama
|
4,387,480
|
|||||||
|
Arizona – 6.8% (5.8% of Total Investments)
|
|||||||||
|
1,420
|
Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Tender Option Bond Trust 3256, 17.277%, 1/01/29 (IF)
|
1/18 at 100.00
|
AA–
|
1,697,184
|
|||||
|
1,760
|
Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Tender Option Bond Trust 4695, 18.607%, 1/01/32 (IF) (4)
|
1/18 at 100.00
|
AA–
|
2,353,314
|
|||||
|
366
|
Estrella Mountain Ranch Community Facilities District, Goodyear, Arizona, Special Assessment Lien Bonds, Series 2001A, 7.875%, 7/01/25
|
7/12 at 100.00
|
N/R
|
367,171
|
|||||
|
2,000
|
Maricopa County Industrial Development Authority, Arizona, Multifamily Housing Revenue Bonds,
|
5/12 at 100.00
|
N/R
|
1,886,480
|
|||||
|
Privado Park Apartments Project, Series 2010, 5.000%, 11/01/46 (Mandatory put 11/01/15) (Alternative Minimum Tax)
|
|||||||||
|
6,720
|
Maricopa County Industrial Development Authority, Arizona, Senior Living Facility Revenue Bonds, Christian Care Mesa II Inc., Series 2004A, 6.625%, 1/01/34 (Alternative Minimum Tax)
|
1/14 at 100.00
|
CC
|
5,256,182
|
|||||
|
Phoenix Industrial Development Authority, Arizona, Educational Revenue Bonds, Keystone Montessori School, Series 2004A:
|
|||||||||
|
100
|
6.375%, 11/01/13
|
11/13 at 100.00
|
N/R
|
100,916
|
|||||
|
790
|
7.250%, 11/01/23
|
11/16 at 100.00
|
N/R
|
799,788
|
|||||
|
1,715
|
7.500%, 11/01/33
|
11/16 at 100.00
|
N/R
|
1,719,510
|
|||||
|
550
|
Pima County Industrial Development Authority, Arizona, Charter School Revenue Bonds, Noah Webster Basic Schools Inc., Series 2004, 6.125%, 12/15/34
|
12/14 at 100.00
|
BBB–
|
550,413
|
|||||
|
305
|
Pima County Industrial Development Authority, Arizona, Charter School Revenue Bonds, Pointe Educational Services Charter School, Series 2004, 6.250%, 7/01/14 (ETM)
|
No Opt. Call
|
AA+ (5)
|
344,391
|
|||||
|
1,500
|
Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Carden Traditional Schools Project, Series 2012, 7.500%, 1/01/42
|
1/22 at 100.00
|
BBB–
|
1,567,905
|
|||||
|
Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Paradise Education Center Project, Series 2010:
|
|||||||||
|
500
|
6.000%, 6/01/40
|
6/19 at 100.00
|
BBB–
|
491,965
|
|||||
|
500
|
6.100%, 6/01/45
|
6/19 at 100.00
|
BBB–
|
493,665
|
|||||
|
1,150
|
Pinal County Industrial Development Authority, Arizona, Correctional Facilities Contract Revenue Bonds, Florence West Prison LLC, Series 2002A, 5.250%, 10/01/22 – ACA Insured
|
10/12 at 100.00
|
BBB–
|
1,151,932
|
|||||
|
1,000
|
Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Government Project Bonds, Series 2008, 7.000%, 12/01/27
|
12/17 at 102.00
|
N/R
|
893,210
|
|||||
|
1,000
|
Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Tribal Economic Development Bonds, Series 2012A, 9.750%, 5/01/25
|
5/22 at 100.00
|
N/R
|
1,037,250
|
|||||
|
2,000
|
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007, 5.500%, 12/01/37
|
No Opt. Call
|
B
|
1,938,520
|
|||||
|
1,000
|
Surprise Municipal Property Corporation, Arizona, Wastewater System Revenue Bonds, Series 2007, 4.700%, 4/01/22
|
4/14 at 100.00
|
A–
|
1,016,350
|
|||||
|
1,000
|
Tucson Industrial Development Authority, Arizona, Charter School Revenue Bonds, Arizona Agribusiness and Equine Center Charter School, Series 2004A, 5.850%, 9/01/24
|
9/14 at 100.00
|
BB+
|
967,520
|
|||||
|
25,376
|
Total Arizona
|
24,633,666
|
|||||||
|
California – 16.9% (14.5% of Total Investments)
|
|||||||||
|
1,000
|
California Enterprise Development Authority, Recovery Zone Facility Revenue Bonds, SunPower Corporation – Headquarters Project, Series 2010, 8.500%, 4/01/31
|
4/21 at 100.00
|
N/R
|
1,137,320
|
|
Nuveen Investments
|
69
|
|
Nuveen Municipal High Income Opportunity Fund (continued)
|
||
|
NMZ
|
Portfolio of Investments
|
|
| April 30, 2012 (Unaudited) |
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
California (continued)
|
|||||||||
|
$
|
1,810
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 5.125%, 6/01/38
|
6/15 at 100.00
|
B–
|
$
|
1,351,998
|
|||
|
1,250
|
California Health Facilities Financing Authority, Refunding Revenue Bonds, Stanford Hospital and Clinics, Tender Option Bond Trust 3267, 18.271%, 5/15/31 (IF)
|
11/21 at 100.00
|
AA–
|
1,777,150
|
|||||
|
3,425
|
California State University, Systemwide Revenue Bonds, Tender Option Bond Trust 4696, 16.508%, 11/01/35 – AMBAC Insured (IF) (4)
|
5/15 at 100.00
|
Aa2
|
4,360,025
|
|||||
|
4,000
|
California Statewide Communities Development Authority, Revenue Bonds, EnerTech Regional Biosolids Project, Series 2007A, 5.500%, 12/01/33 (Alternative Minimum Tax) (6)
|
No Opt. Call
|
D
|
875,400
|
|||||
|
1,000
|
California Statewide Communities Development Authority, Statewide Community Infrastructure Program Revenue Bonds, Series 2011A, 8.000%, 9/02/41
|
9/21 at 100.00
|
N/R
|
1,039,790
|
|||||
|
2,915
|
California Statewide Community Development Authority, Revenue Bonds, Epidaurus Project, Series 2004A, 7.750%, 3/01/34
|
3/14 at 102.00
|
N/R
|
3,009,213
|
|||||
|
515
|
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3048, 16.766%, 11/15/38 (IF)
|
5/18 at 100.00
|
AA–
|
627,126
|
|||||
|
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3102:
|
|||||||||
|
745
|
16.879%, 11/15/38 (IF)
|
5/18 at 100.00
|
AA–
|
908,371
|
|||||
|
1,000
|
17.960%, 11/15/48 (IF)
|
5/18 at 100.00
|
AA–
|
1,261,080
|
|||||
|
1,005
|
California Statewide Community Development Authority, Subordinate Lien Multifamily Housing Revenue Bonds, Corona Park Apartments, Series 2004I-S, 7.750%, 1/01/34 (Alternative Minimum Tax)
|
1/14 at 100.00
|
N/R
|
1,005,533
|
|||||
|
500
|
Fontana Public Financing Authority, California, Tax Allocation Revenue Bonds, North Fontana Redevelopment Project, Tender Option Bonds Trust 1013, 18.734%, 9/01/32 – AMBAC Insured (IF) (4)
|
9/12 at 100.00
|
A+
|
544,720
|
|||||
|
1,000
|
Goden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Tender Option Bonds Trust 3107, 16.854%, 6/01/45 – AMBAC Insured (IF)
|
6/15 at 100.00
|
AA+
|
1,060,890
|
|||||
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Tender Option Bond Trust 1011:
|
|||||||||
|
750
|
16.851%, 6/01/45 (IF) (4)
|
6/15 at 100.00
|
A2
|
784,470
|
|||||
|
500
|
16.831%, 6/01/45 (IF) (4)
|
6/15 at 100.00
|
A2
|
522,950
|
|||||
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
|
|||||||||
|
1,750
|
5.000%, 6/01/33
|
6/17 at 100.00
|
BB–
|
1,381,643
|
|||||
|
500
|
5.750%, 6/01/47
|
6/17 at 100.00
|
BB–
|
412,020
|
|||||
|
1,000
|
5.125%, 6/01/47
|
6/17 at 100.00
|
BB–
|
743,810
|
|||||
|
1,000
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-2, 0.000%, 6/01/37
|
6/22 at 100.00
|
BB–
|
748,160
|
|||||
|
1,500
|
Grossmont Healthcare District, California, General Obligation Bonds, Tender Option Bond Trust 3253, 21.774%, 1/15/19 (IF)
|
No Opt. Call
|
Aa2
|
2,640,240
|
|||||
|
1,200
|
Lake Elsinore, California, Special Tax Bonds, Community Facilities District 2003-2 Improvement Area A, Canyon Hills, Series 2004A, 5.950%, 9/01/34
|
9/13 at 102.00
|
N/R
|
1,212,876
|
|||||
|
335
|
Lancaster Redevelopment Agency, California, Tax Allocation Bonds, Combined Redevelopment Project Areas Housing Programs, Series 2009, 6.875%, 8/01/39
|
8/19 at 100.00
|
BBB+
|
369,870
|
|||||
|
3,400
|
Lee Lake Water District, Riverside County, California, Special Tax Bonds, Community Facilities District 3, Series 2004, 5.950%, 9/01/34
|
9/13 at 102.00
|
N/R
|
3,490,508
|
|||||
|
1,000
|
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A, 5.500%, 11/15/37
|
No Opt. Call
|
A
|
1,091,490
|
|||||
|
1,125
|
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Tender Option Bond Trust 10-27B, 18.235%, 5/15/40 (IF) (4)
|
5/20 at 100.00
|
AA
|
1,520,460
|
|||||
|
3,190
|
Los Angeles Regional Airports Improvement Corporation, California, Sublease Revenue Bonds, Los Angeles International Airport, American Airlines Inc. Terminal 4 Project, Series 2002C, 7.500%, 12/01/24 (Alternative Minimum Tax)
|
12/12 at 102.00
|
N/R
|
3,192,712
|
|||||
|
1,000
|
Lynwood Redevelopment Agency, California, Project A Revenue Bonds, Subordinate Lien Series 2011A, 7.000%, 9/01/31
|
9/21 at 100.00
|
A–
|
1,151,690
|
|
70
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
California (continued)
|
|||||||||
|
March Joint Powers Redevelopment Agency, California, March Air Force Base Redevelopment Project Tax Allocation Revenue Bonds, Series 2011A:
|
|||||||||
|
$
|
1,000
|
7.000%, 8/01/26
|
8/21 at 100.00
|
BBB+
|
$
|
1,155,430
|
|||
|
1,000
|
7.500%, 8/01/41
|
8/21 at 100.00
|
BBB+
|
1,146,530
|
|||||
|
1,000
|
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009B, 6.500%, 11/01/39 (4)
|
No Opt. Call
|
A
|
1,224,470
|
|||||
|
500
|
National City Community Development Commission, California, Tax Allocation Bonds, National City Redevelopment Project, Series 2011, 7.000%, 8/01/32
|
8/21 at 100.00
|
A–
|
593,080
|
|||||
|
330
|
Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment Project, Series 2011, 6.750%, 9/01/40
|
9/21 at 100.00
|
A–
|
372,372
|
|||||
|
1,000
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41
|
11/20 at 100.00
|
Baa3
|
1,042,210
|
|||||
|
250
|
Palomar Pomerado Health, California, General Obligation Bonds, Tender Option Bond Trust 4683, 16.558%, 8/01/37 – NPFG Insured (IF) (4)
|
8/17 at 100.00
|
A+
|
308,350
|
|||||
|
1,000
|
River Rock Entertainment Authority, California, Revenue Bonds, Senior Notes Series 2011B, 8.000%, 11/01/18
|
11/15 at 104.00
|
N/R
|
951,990
|
|||||
|
1,000
|
Riverside County Public Financing Authority, California, Tax Allocation Bonds, Multiple Projects, Series 2004, 5.000%, 10/01/35 – SYNCORA GTY Insured
|
10/14 at 100.00
|
BBB
|
943,350
|
|||||
|
1,200
|
Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project Area, Series 2011B, 6.750%, 10/01/30
|
10/21 at 100.00
|
A–
|
1,320,180
|
|||||
|
Sacramento City Financing Authority California, Lease Revenue Bonds, Master Lease Program Facilities Projects, Tender Option Bond Trust 4698:
|
|||||||||
|
750
|
17.460%, 12/01/30 – AMBAC Insured (IF) (4)
|
No Opt. Call
|
Aa3
|
1,126,500
|
|||||
|
2,015
|
17.941%, 12/01/33 – AMBAC Insured (IF) (4)
|
No Opt. Call
|
Aa3
|
2,921,186
|
|||||
|
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011:
|
|||||||||
|
960
|
8.000%, 12/01/26
|
12/21 at 100.00
|
BB
|
1,182,941
|
|||||
|
1,000
|
8.000%, 12/01/31
|
12/21 at 100.00
|
BB
|
1,216,820
|
|||||
|
1,000
|
San Jose, California, Airport Revenue Bonds, Tender Option Bond Trust 3923, 17.070%, 9/01/31 – AMBAC Insured (IF) (4)
|
3/17 at 100.00
|
AA–
|
1,182,160
|
|||||
|
1,000
|
Santee Community Development Commission, California, Santee Redevelopment Project Tax Allocation Bonds, Series 2011A, 7.000%, 8/01/41
|
2/21 at 100.00
|
A
|
1,126,300
|
|||||
|
1,000
|
Temecula Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project 1, Series 2002, 5.250%, 8/01/36 – NPFG Insured
|
8/12 at 100.00
|
A–
|
1,000,330
|
|||||
|
650
|
Twentynine Palms Redevelopment Agency, California, Tax Allocation Bonds, Four Corners Project Area, Series 2011A, 7.650%, 9/01/42
|
9/21 at 100.00
|
BBB+
|
725,738
|
|||||
|
3,895
|
West Patterson Financing Authority, California, Special Tax Bonds, Community Facilities District 2001-1, Series 2004A, 6.125%, 9/01/39
|
9/13 at 103.00
|
N/R
|
3,638,514
|
|||||
|
58,965
|
Total California
|
61,399,966
|
|||||||
|
Colorado – 6.8% (5.8% of Total Investments)
|
|||||||||
|
1,015
|
Bradburn Metropolitan District 3, Westminster, Adams County, Colorado, General Obligation Limited Tax Refunding Bonds, Series 2010, 7.500%, 12/01/39
|
12/13 at 102.00
|
N/R
|
1,042,689
|
|||||
|
6
|
Buffalo Ridge Metropolitan District, Colorado, Limited Obligation Assessment Bonds, Series 2003, 7.500%, 12/01/33 (Pre-refunded 12/01/13)
|
12/13 at 101.00
|
N/R (5)
|
6,606
|
|||||
|
3,500
|
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Cesar Chavez Academy, Series 2003, 8.000%, 5/01/34 (6)
|
5/14 at 101.00
|
N/R
|
2,829,050
|
|||||
|
1,000
|
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Jefferson County School District R-1 – Compass Montessori Secondary School, Series 2006, 5.625%, 2/15/36
|
2/16 at 101.00
|
N/R
|
848,810
|
|||||
|
1,350
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Colorado Senior Residences Project, Series 2012, 6.750%, 6/01/32 (WI/DD, Settling 5/03/12)
|
6/22 at 100.00
|
N/R
|
1,344,020
|
|||||
|
1,000
|
Confluence Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Series 2007, 5.450%, 12/01/34
|
12/17 at 100.00
|
N/R
|
784,370
|
|||||
|
2,000
|
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/27 – NPFG Insured
|
No Opt. Call
|
BBB
|
890,640
|
|
Nuveen Investments
|
71
|
|
Nuveen Municipal High Income Opportunity Fund (continued)
|
||
|
NMZ
|
Portfolio of Investments
|
|
|
April 30, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Colorado (continued)
|
|||||||||
|
$
|
3,145
|
Kit Carson County Health Service District, Colorado, Health Care Facility Revenue Bonds, Series 2007, 6.750%, 1/01/34
|
1/18 at 100.00
|
N/R
|
$
|
3,188,841
|
|||
|
1,250
|
Mesa County, Colorado, Residential Care Facilities Mortgage Revenue Bonds, Hilltop Community Resources Inc. Obligated Group, Series 2001A, 5.250%, 12/01/21 – RAAI Insured
|
12/12 at 100.00
|
N/R
|
1,243,900
|
|||||
|
1,000
|
Mountain Shadows Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Series 2007, 5.500%, 12/01/27
|
12/16 at 100.00
|
N/R
|
834,820
|
|||||
|
1,985
|
Park Creek Metropolitan District, Colorado, Limited Tax Obligation Revenue Bonds, Series 2003CR-2, 7.875%, 12/01/32 (Mandatory put 12/01/13)
|
12/13 at 100.00
|
N/R
|
2,065,134
|
|||||
|
1,500
|
Plaza Metropolitan District 1, Lakewood, Colorado, Tax Increment Revenue Bonds, Series 2003, 8.000%, 12/01/25
|
6/14 at 101.00
|
N/R
|
1,550,610
|
|||||
|
3,565
|
Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs Utilities, Series 2008, 6.500%, 11/15/38
|
No Opt. Call
|
A
|
4,425,056
|
|||||
|
500
|
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010, 6.500%, 1/15/30
|
7/20 at 100.00
|
Baa3
|
581,940
|
|||||
|
625
|
Rendezous Residential Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Refunding Series 2007, 5.375%, 12/01/21
|
12/17 at 100.00
|
N/R
|
565,431
|
|||||
|
1,000
|
Stoneridge Metropolitan District 2, Colorado, General Obligation Bonds, Limited Tax Convertible to Unlimited, Series 2007, 7.250%, 12/01/31
|
12/17 at 100.00
|
N/R
|
251,390
|
|||||
|
1,000
|
Tallyn’s Reach Metropolitan District 3, Aurora, Colorado, Limited Tax General Obligation Bonds, Series 2004, 6.750%, 12/01/33
|
12/13 at 100.00
|
N/R
|
1,022,940
|
|||||
|
1,000
|
Three Springs Metropolitan District 3, Durango, La Plata County, Colorado, Property Tax Supported Revenue Bonds, Series 2010, 7.750%, 12/01/39
|
12/20 at 100.00
|
N/R
|
1,029,070
|
|||||
|
26,441
|
Total Colorado
|
24,505,317
|
|||||||
|
Connecticut – 0.7% (0.6% of Total Investments)
|
|||||||||
|
1,000
|
Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue Bonds, Harbor Point Project, Series 2010A, 7.875%, 4/01/39
|
4/20 at 100.00
|
N/R
|
1,115,620
|
|||||
|
2,000
|
Mashantucket Western Pequot Tribe, Connecticut, Special Revenue Bonds, Subordinate Lien Series 1997B, 5.750%, 9/01/27 (6)
|
5/12 at 100.00
|
N/R
|
784,200
|
|||||
|
500
|
Stamford, Connecticut, Special Obligation Revenue Bonds, Mill River Corridor Project, Series 2011aA, 7.000%, 4/01/41
|
4/21 at 100.00
|
N/R
|
520,115
|
|||||
|
3,500
|
Total Connecticut
|
2,419,935
|
|||||||
|
District of Columbia – 0.4% (0.3% of Total Investments)
|
|||||||||
|
225
|
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001, 6.500%, 5/15/33
|
No Opt. Call
|
Baa1
|
246,893
|
|||||
|
1,000
|
District of Columbia, Revenue Bonds, Cesar Chavez Public Charter Schools for Public Policy, Series 2011, 7.500%, 11/15/31
|
11/20 at 100.00
|
BBB–
|
1,092,090
|
|||||
|
1,225
|
Total District of Columbia
|
1,338,983
|
|||||||
|
Florida – 11.9% (10.2% of Total Investments)
|
|||||||||
|
5,000
|
Beacon Lakes Community Development District, Florida, Special Assessment Bonds, Series 2003A, 6.900%, 5/01/35
|
5/13 at 101.00
|
N/R
|
5,135,900
|
|||||
|
700
|
Broward County, Florida, Airport Facility Revenue Bonds, Learjet Inc., Series 2000, 7.500%, 11/01/20 (Alternative Minimum Tax)
|
11/14 at 101.00
|
Ba2
|
747,817
|
|||||
|
955
|
Colonial Country Club Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2003, 6.400%, 5/01/33
|
5/13 at 101.00
|
A
|
1,005,434
|
|||||
|
1,000
|
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2011A, 7.625%, 6/15/41
|
6/21 at 100.00
|
BB+
|
1,070,520
|
|||||
|
7,845
|
Harmony Community Development District, Florida, Special Assessment Bonds, Series 2001, 7.250%, 5/01/32
|
5/14 at 103.25
|
N/R
|
8,161,154
|
|||||
|
3,000
|
Jacksonville, Florida, Economic Development Commission Health Care Facilities Revenue Bonds, The Florida Proton Therapy Institute Project, Series 2007, 6.250%, 9/01/27
|
9/17 at 100.00
|
N/R
|
3,224,310
|
|||||
|
2,000
|
Martin County Industrial Development Authority, Florida, Industrial Development Revenue Bonds, Indiantown Cogeneration LP, Series 1994A, 7.875%, 12/15/25 (Alternative Minimum Tax)
|
6/12 at 100.00
|
BB+
|
2,007,220
|
|
72
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Florida (continued)
|
|||||||||
|
$
|
1,000
|
Miami-Dade County, Florida, Aviation Revenue Bonds, Series 2008, Trust 1145, 17.470%, 4/01/32 – AGC Insured (Alternative Minimum Tax) (IF) (4)
|
10/18 at 100.00
|
AA–
|
$
|
1,171,160
|
|||
|
1,250
|
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Tender Option Bond Trust 11834, 17.375%, 10/01/33 – AGM Insured (IF)
|
10/20 at 100.00
|
Aa2
|
1,673,100
|
|||||
|
1,000
|
Mid-Bay Bridge Authority, Florida, Springing Lien Revenue Bonds, Series 2011, 7.250%, 10/01/34
|
10/21 at 100.00
|
BBB
|
1,166,510
|
|||||
|
3,520
|
Palm Beach County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, Lake Delray Apartments, Series 1999A, 6.400%, 1/01/31 (Alternative Minimum Tax)
|
7/12 at 100.00
|
N/R
|
3,421,862
|
|||||
|
3,615
|
Pine Island Community Development District, Florida, Special Assessment Bonds, Bella Collina, Series 2004, 5.750%, 5/01/35
|
5/13 at 100.00
|
N/R
|
3,234,377
|
|||||
|
1,000
|
Sarasota County Health Facility Authority, Florida, Revenue Bonds, Sarasota-Manatee Jewish Housing Council, Inc., Series 2007, 5.750%, 7/01/45
|
7/17 at 100.00
|
N/R
|
720,150
|
|||||
|
475
|
South Village Community Development District, Clay County, Florida, Capital Improvement Revenue Bonds, Series 2005A, 5.700%, 5/01/35
|
5/13 at 100.00
|
N/R
|
408,766
|
|||||
|
890
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006, 5.400%, 5/01/37
|
5/14 at 101.00
|
BB
|
750,172
|
|||||
|
11,715
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2007, 6.650%, 5/01/40 (6)
|
5/18 at 100.00
|
N/R
|
5,003,711
|
|||||
|
4,485
|
Westchester Community Development District 1, Florida, Special Assessment Bonds, Series 2003, 6.125%, 5/01/35
|
5/13 at 101.00
|
N/R
|
4,374,355
|
|||||
|
49,450
|
Total Florida
|
43,276,518
|
|||||||
|
Georgia – 0.7% (0.6% of Total Investments)
|
|||||||||
|
1,000
|
Fulton County Residential Care Facilities Authority, Georgia, Revenue Bonds, Elderly Care, Lenbrook Square Project, Series 2006A, 5.125%, 7/01/37
|
7/17 at 100.00
|
N/R
|
794,600
|
|||||
|
1,810
|
Fulton County Residential Care Facilities Authority, Georgia, Revenue Bonds, St. Anne’s Terrace, Series 2003, 7.625%, 12/01/33
|
12/13 at 102.00
|
N/R
|
1,867,486
|
|||||
|
2,810
|
Total Georgia
|
2,662,086
|
|||||||
|
Guam – 0.7% (0.6% of Total Investments)
|
|||||||||
|
2,445
|
Guam Government, General Obligation Bonds, 2009 Series A, 7.000%, 11/15/39
|
11/19 at 100.00
|
B+
|
2,676,737
|
|||||
|
Hawaii – 0.8% (0.7% of Total Investments)
|
|||||||||
|
940
|
Hawaii Department of Budget and Finance, Private School Revenue Bonds, Montessori of Maui, Series 2007, 5.500%, 1/01/37
|
2/17 at 100.00
|
N/R
|
863,973
|
|||||
|
1,655
|
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaiian Electric Company, Inc. and Subsidiary Projects, Series 2009, 6.500%, 7/01/39
|
7/19 at 100.00
|
Baa1
|
1,898,351
|
|||||
|
2,595
|
Total Hawaii
|
2,762,324
|
|||||||
|
Illinois – 10.0% (8.6% of Total Investments)
|
|||||||||
|
1,330
|
CenterPoint Intermodal Center Program, Illinois, Trust Series 2004 Class A Certificates, 5.950%, 6/15/23
|
12/12 at 100.00
|
N/R
|
1,333,152
|
|||||
|
475
|
Chicago, Illinois, Certificates of Participation Tax Increment Revenue Notes, Chicago/Kingsbury Redevelopment Project, Series 2004A, 6.570%, 2/15/13
|
6/12 at 100.00
|
N/R
|
475,276
|
|||||
|
940
|
Chicago, Illinois, Certificates of Participation, Tax Increment Allocation Revenue Bonds, Diversey-Narragansett Project, Series 2006, 7.460%, 2/15/26
|
7/12 at 100.00
|
N/R
|
939,944
|
|||||
|
1,000
|
Evanston, Illinois, Educational Facility Revenue Bonds, Roycemore School Project, Series 2011, 8.250%, 7/01/41
|
7/21 at 100.00
|
N/R
|
1,060,490
|
|||||
|
1,875
|
Illinois Finance Authority, Revenue Bonds, Admiral at Lake Project, Series 2010A, 8.000%, 5/15/46
|
5/20 at 100.00
|
N/R
|
1,966,444
|
|||||
|
1,000
|
Illinois Finance Authority, Revenue Bonds, Elmhurst Memorial Healthcare, Series 2008A, 5.625%, 1/01/37
|
1/18 at 100.00
|
A–
|
1,044,740
|
|||||
|
1,000
|
Illinois Finance Authority, Revenue Bonds, Montgomery Place Project, Series 2006A, 5.750%, 5/15/38
|
5/17 at 100.00
|
N/R
|
939,730
|
|||||
|
1,250
|
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Tender Option Bond Trust 4702, 19.943%, 11/15/37 (IF) (4)
|
11/17 at 100.00
|
A
|
1,635,900
|
|||||
|
1,000
|
Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34
|
8/19 at 100.00
|
BBB+
|
1,267,300
|
|
Nuveen Investments
|
73
|
|
Nuveen Municipal High Income Opportunity Fund (continued)
|
||
|
NMZ
|
Portfolio of Investments
|
|
|
April 30, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Illinois (continued)
|
|||||||||
|
$
|
2,000
|
Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A, 5.500%, 8/01/37
|
8/17 at 100.00
|
BBB
|
$
|
2,056,220
|
|||
|
3,850
|
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2009, 7.000%, 8/15/44
|
8/19 at 100.00
|
BBB+
|
4,282,971
|
|||||
|
Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Tender Option Bond Trust 3908:
|
|||||||||
|
250
|
21.274%, 2/15/19 – AGM Insured (IF) (4)
|
No Opt. Call
|
AA–
|
378,610
|
|||||
|
1,685
|
21.258%, 2/15/19 – AGM Insured (IF) (4)
|
No Opt. Call
|
AA–
|
2,551,174
|
|||||
|
4,000
|
Illinois Finance Authority, Student Housing Revenue Bonds, MJH Education Assistance Illinois IV LLC, Fullerton Village Project, Series 2004A, 5.125%, 6/01/35 (6)
|
6/14 at 100.00
|
Ca
|
3,440,000
|
|||||
|
7,800
|
Illinois Health Facilities Authority, Revenue Bonds, Lake Forest Hospital, Series 2002A, 5.750%, 7/01/29 (UB)
|
7/12 at 100.00
|
AA+
|
7,832,136
|
|||||
|
1,105
|
Lombard Public Facilities Corporation, Illinois, First Tier Conference Center and Hotel Revenue Bonds, Series 2005A-1, 7.125%, 1/01/36
|
1/16 at 100.00
|
N/R
|
769,069
|
|||||
|
1,431
|
Lombard Public Facilities Corporation, Illinois, Third Tier Conference Center and Hotel Revenue Bonds, Series 2005C-3, 12.000%, 1/01/36 (6)
|
7/18 at 100.00
|
N/R
|
314,876
|
|||||
|
1,942
|
Plano Special Service Area 1, Illinois, Special Tax Bonds, Lakewood Springs Project, Series 2004A, 6.200%, 3/01/34
|
3/14 at 102.00
|
N/R
|
1,973,519
|
|||||
|
986
|
Volo Village, Illinois, Special Service Area 3 Special Tax Bonds, Symphony Meadows Project 1, Series 2006, 6.000%, 3/01/36 (Mandatory put 2/29/16)
|
3/16 at 102.00
|
N/R
|
827,540
|
|||||
|
970
|
Yorkville United City Business District, Illinois, Storm Water and Water Improvement Project Revenue Bonds, Series 2007, 6.000%, 1/01/26
|
1/17 at 102.00
|
N/R
|
651,995
|
|||||
|
832
|
Yorkville, Illinois, Special Service Area 2005-108 Assessment Bonds, Autumn Creek Project, Series 2006, 6.000%, 3/01/36
|
3/16 at 102.00
|
N/R
|
695,876
|
|||||
|
36,721
|
Total Illinois
|
36,436,962
|
|||||||
|
Indiana – 4.7% (4.0% of Total Investments)
|
|||||||||
|
1,000
|
Anderson, Indiana, Multifamily Housing Revenue Bonds, Cross Lakes and Giant Oaks Apartments, Series 2011A, 7.250%, 12/01/45
|
12/20 at 100.00
|
A–
|
1,105,090
|
|||||
|
6,360
|
Carmel Redevelopment District, Indiana, Tax Increment Revenue Bonds, Series 2004A, 6.650%, 1/15/24
|
7/12 at 103.00
|
N/R
|
6,124,362
|
|||||
|
1,000
|
Indiana Bond Bank, Special Program Bonds, Hendricks Regional Health Project, Tender Option Bond Trust 10-77W, 18.851%, 4/01/30 – AMBAC Insured (IF) (4)
|
No Opt. Call
|
AA
|
1,808,580
|
|||||
|
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Tender Option Bond Trust 3611:
|
|||||||||
|
1,290
|
17.620%, 6/01/17 (IF) (4)
|
No Opt. Call
|
AA
|
1,617,299
|
|||||
|
1,250
|
18.615%, 6/01/17 (IF) (4)
|
No Opt. Call
|
AA
|
1,704,850
|
|||||
|
1,000
|
Indiana Health and Educational Facilities Financing Authority, Revenue Bonds, Ascension Health, Tender Option Bond Trust 3301, 17.803%, 11/15/30 (IF) (4)
|
11/16 at 100.00
|
AA+
|
1,182,280
|
|||||
|
2,500
|
Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Community Foundation of Northwest Indiana, Series 2004A, 6.000%, 3/01/34
|
3/14 at 101.00
|
A–
|
2,603,750
|
|||||
|
1,000
|
St. Joseph County, Indiana, Economic Development Revenue Bonds, Chicago Trail Village Apartments, Series 2005A, 7.500%, 7/01/35
|
7/15 at 103.00
|
N/R
|
1,006,690
|
|||||
|
15,400
|
Total Indiana
|
17,152,901
|
|||||||
|
Iowa – 0.3% (0.2% of Total Investments)
|
|||||||||
|
1,000
|
Iowa Finance Authority, Health Facility Revenue Bonds, Care Initiatives Project, Series 2006A, 5.500%, 7/01/25
|
7/16 at 100.00
|
BB+
|
1,002,500
|
|||||
|
Louisiana – 3.9% (3.3% of Total Investments)
|
|||||||||
|
1,000
|
Louisiana Public Facilities Authority, Revenue Bonds, Lake Charles Charter Academy Foundation Project, Series 2011A, 7.750%, 12/15/31
|
12/21 at 100.00
|
N/R
|
1,031,290
|
|||||
|
5,000
|
Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Project, Series 2007, 6.750%, 11/01/32
|
11/17 at 100.00
|
BBB–
|
5,515,100
|
|||||
|
980
|
Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, CDF Healthcare of Louisiana LLC, Series 2006A, 7.000%, 6/01/36
|
6/16 at 101.00
|
N/R
|
943,583
|
|
74
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Louisiana (continued)
|
|||||||||
|
$
|
3,000
|
Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Southgate Suites Hotel LLC Project, Series 2007A, 6.750%, 12/15/37 (6)
|
12/17 at 100.00
|
N/R
|
$
|
1,415,220
|
|||
|
Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Womans Hospital Foundation Project, Tender Option Bonds Trust 1012:
|
|||||||||
|
750
|
20.135%, 10/01/40 (IF) (4)
|
10/20 at 100.00
|
A3
|
1,022,040
|
|||||
|
750
|
20.123%, 10/01/40 (IF) (4)
|
10/20 at 100.00
|
A3
|
1,021,868
|
|||||
|
1,500
|
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A, 5.250%, 5/15/38
|
5/17 at 100.00
|
Baa1
|
1,525,515
|
|||||
|
1,590
|
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation, Series 2007B, 5.500%, 5/15/47
|
5/17 at 100.00
|
Baa1
|
1,630,831
|
|||||
|
14,570
|
Total Louisiana
|
14,105,447
|
|||||||
|
Maine – 0.9% (0.8% of Total Investments)
|
|||||||||
|
3,155
|
Portland Housing Development Corporation, Maine, Section 8 Assisted Senior Living Revenue Bonds, Avesta Housing Development Corporation, Series 2004A, 6.000%, 2/01/34
|
2/14 at 102.00
|
Baa2
|
3,213,935
|
|||||
|
Maryland – 1.4% (1.2% of Total Investments)
|
|||||||||
|
1,000
|
Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%, 9/01/39 – SYNCORA GTY Insured
|
9/16 at 100.00
|
BB+
|
951,900
|
|||||
|
2,500
|
Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt Conference Center, Series 2006B, 5.250%, 12/01/31
|
12/16 at 100.00
|
N/R
|
1,716,175
|
|||||
|
2,000
|
Maryland Energy Financing Administration, Revenue Bonds, AES Warrior Run Project, Series 1995, 7.400%, 9/01/19 (Alternative Minimum Tax)
|
9/12 at 100.00
|
N/R
|
2,012,400
|
|||||
|
435
|
Prince George’s County, Maryland, Revenue Bonds, Dimensions Health Corporation, Series 1994, 5.300%, 7/01/24
|
7/12 at 100.00
|
B3
|
405,089
|
|||||
|
5,935
|
Total Maryland
|
5,085,564
|
|||||||
|
Massachusetts – 0.3% (0.2% of Total Investments)
|
|||||||||
|
330
|
Massachusetts Development Finance Agency, Pioneer Valley Resource Recovery Revenue Bonds, Eco/Springfield LLC, Series 2006, 5.875%, 7/01/14 (Alternative Minimum Tax)
|
No Opt. Call
|
N/R
|
324,974
|
|||||
|
1,350
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Northern Berkshire Community Services Inc., Series 2004B, 6.375%, 7/01/34 (6), (7), (8)
|
7/14 at 100.00
|
D
|
486,000
|
|||||
|
190
|
Massachusetts Port Authority, Special Facilities Revenue Bonds, Delta Air Lines Inc., Series 2001A, 5.000%, 1/01/27 – AMBAC Insured (Alternative Minimum Tax)
|
7/12 at 100.00
|
N/R
|
168,057
|
|||||
|
1,870
|
Total Massachusetts
|
979,031
|
|||||||
|
Michigan – 3.8% (3.3% of Total Investments)
|
|||||||||
|
1,110
|
Countryside Charter School, Berrien County, Michigan, Charter School Revenue Bonds, Series 1999, 7.000%, 4/01/29
|
10/12 at 100.00
|
N/R
|
1,039,082
|
|||||
|
795
|
Countryside Charter School, Berrien County, Michigan, Charter School Revenue Bonds, Series 2000, 8.000%, 4/01/29
|
10/12 at 100.00
|
N/R
|
795,811
|
|||||
|
Detroit Local Development Finance Authority, Michigan, Tax Increment Bonds, Series 1998A:
|
|||||||||
|
1,205
|
5.500%, 5/01/21
|
11/12 at 100.00
|
B–
|
1,026,841
|
|||||
|
15
|
5.500%, 5/01/21 – ACA Insured
|
5/12 at 100.00
|
B–
|
12,782
|
|||||
|
1,000
|
Detroit, Michigan, Distributable State Aid General Obligation Bonds, Tender Option Bond Trust 3789, 17.971%, 5/01/18 (IF) (4)
|
No Opt. Call
|
AA
|
1,284,400
|
|||||
|
Garden City Hospital Finance Authority, Michigan, Revenue Bonds, Garden City Hospital Obligated Group, Series 2007A:
|
|||||||||
|
1,000
|
4.875%, 8/15/27
|
8/17 at 100.00
|
N/R
|
859,120
|
|||||
|
1,000
|
5.000%, 8/15/38
|
8/17 at 100.00
|
N/R
|
792,060
|
|||||
|
1,000
|
Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Voyageur Academy Project, Series 2011, 8.000%, 7/15/41
|
7/21 at 100.00
|
BB
|
1,024,640
|
|||||
|
1,000
|
Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Hope Academy Project, Series 2011, 8.125%, 4/01/41
|
4/21 at 100.00
|
BBB–
|
1,119,750
|
|||||
|
1,000
|
Michigan Public Educational Facilities Authority, Limited Obligation Revenue Bonds, Chandler Park Academy Project, Series 2008, 6.500%, 11/01/35
|
11/15 at 100.00
|
BBB
|
1,010,250
|
|
Nuveen Investments
|
75
|
|
Nuveen Municipal High Income Opportunity Fund (continued)
|
||
|
NMZ
|
Portfolio of Investments
|
|
|
April 30, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Michigan (continued)
|
|||||||||
|
$
|
1,000
|
Michigan Public Educational Facilities Authority, Limited Obligation Revenue Bonds, Richfield Public School Academy, Series 2007, 5.000%, 9/01/36
|
9/17 at 100.00
|
BBB–
|
$
|
844,640
|
|||
|
1,500
|
Michigan State Hospital Finance Authority, Revenue Bonds, Hills and Dales General Hospital, Series 2005A, 6.750%, 11/15/38
|
11/15 at 102.00
|
N/R
|
1,501,995
|
|||||
|
1,000
|
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital, Refunding Series 2009V, 8.250%, 9/01/39
|
9/18 at 100.00
|
A1
|
1,273,970
|
|||||
|
1,000
|
Summit Academy North, Michigan, Revenue Bonds, Public School Academy Series 2005, 5.500%, 11/01/30
|
11/15 at 100.00
|
BB+
|
869,980
|
|||||
|
500
|
Summit Academy, Michigan, Revenue Bonds, Public School Academy Series 2005, 6.375%, 11/01/35
|
11/15 at 100.00
|
BB+
|
472,725
|
|||||
|
14,125
|
Total Michigan
|
13,928,046
|
|||||||
|
Minnesota – 1.3% (1.1% of Total Investments)
|
|||||||||
|
1,325
|
Ramsey, Anoka County, Minnesota, Charter School Lease Revenue Bonds, PACT Charter School, Series 2004A, 6.750%, 12/01/33
|
6/14 at 102.00
|
N/R
|
1,347,750
|
|||||
|
1,185
|
St. Paul Housing and Redevelopment Authority, Minnesota, Charter School Revenue Bonds, Higher Ground Academy Charter School, Series 2004A, 6.625%, 12/01/23
|
6/14 at 102.00
|
N/R
|
1,226,641
|
|||||
|
1,100
|
St. Paul Housing and Redevelopment Authority, Minnesota, Charter School Revenue Bonds, HOPE Community Academy Charter School, Series 2004A, 6.750%, 12/01/33
|
6/14 at 102.00
|
N/R
|
1,114,949
|
|||||
|
1,000
|
St. Paul Port Authority, Minnesota, Lease Revenue Bonds, HealthEast Midway Campus, Series 2005B, 6.000%, 5/01/30
|
5/15 at 100.00
|
N/R
|
1,013,390
|
|||||
|
4,610
|
Total Minnesota
|
4,702,730
|
|||||||
|
Mississippi – 0.5% (0.4% of Total Investments)
|
|||||||||
|
856
|
Mississippi Home Corporation, Multifamily Housing Revenue Bonds, Tupelo Personal Care Apartments, Series 2004-2, 6.125%, 9/01/34 (Alternative Minimum Tax)
|
10/19 at 101.00
|
N/R
|
674,413
|
|||||
|
1,000
|
Warren County, Mississippi, Gulf Opportunity Zone Revenue Bonds, International Paper Company Project, Series 2008A, 6.500%, 9/01/32
|
9/18 at 100.00
|
BBB
|
1,111,160
|
|||||
|
1,856
|
Total Mississippi
|
1,785,573
|
|||||||
|
Missouri – 1.9% (1.6% of Total Investments)
|
|||||||||
|
5,935
|
Missouri Environmental Improvement and Energy Resources Authority, Water Facility Revenue Bonds, Missouri-American Water Company, Series 2006, 4.600%, 12/01/36 – AMBAC Insured (Alternative Minimum Tax) (UB)
|
12/16 at 100.00
|
AA+
|
6,052,750
|
|||||
|
788
|
Saint Louis, Missouri, Tax Increment Financing Revenue Bonds, Grace Lofts Redevelopment Projects, Series 2007A, 6.000%, 3/27/26
|
6/12 at 100.00
|
N/R
|
692,494
|
|||||
|
6,723
|
Total Missouri
|
6,745,244
|
|||||||
|
Montana – 1.4% (1.2% of Total Investments)
|
|||||||||
|
2,700
|
Montana Board of Investments, Exempt Facility Revenue Bonds, Stillwater Mining Company, Series 2000, 8.000%, 7/01/20 (Alternative Minimum Tax)
|
7/12 at 100.00
|
B+
|
2,717,010
|
|||||
|
2,450
|
Montana Board of Investments, Resource Recovery Revenue Bonds, Yellowstone Energy LP, Series 1993, 7.000%, 12/31/19 (Alternative Minimum Tax)
|
6/12 at 100.00
|
N/R
|
2,449,461
|
|||||
|
5,150
|
Total Montana
|
5,166,471
|
|||||||
|
Nebraska – 3.0% (2.6% of Total Investments)
|
|||||||||
|
6,485
|
Omaha Public Power District, Nebraska, Separate Electric System Revenue Bonds, Nebraska City 2, Series 2006A, 19.731%, 8/01/40 – AMBAC Insured (IF)
|
2/17 at 100.00
|
AA+
|
10,821,130
|
|||||
|
Nevada – 0.0% (0.0% of Total Investments)
|
|||||||||
|
4,500
|
Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas Monorail Project, Second Tier, Series 2000, 7.375%, 1/01/40 (6)
|
7/12 at 100.00
|
N/R
|
45
|
|||||
|
New Jersey – 2.7% (2.3% of Total Investments)
|
|||||||||
|
1,660
|
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 1999, 6.250%, 9/15/29 (Alternative Minimum Tax)
|
9/12 at 100.00
|
B
|
1,664,034
|
|||||
|
1,000
|
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 2000, 7.000%, 11/15/30 (Alternative Minimum Tax)
|
5/12 at 100.00
|
B
|
1,003,780
|
|
76
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
New Jersey (continued)
|
|||||||||
|
$
|
1,000
|
New Jersey Economic Development Authority, Student Housing Revenue Bonds, Provident Group-Montclair Properties LLC, Montclair State University Student Housing Project, Series 2010A, 5.875%, 6/01/42
|
6/20 at 100.00
|
Baa3
|
$
|
1,087,350
|
|||
|
600
|
New Jersey Educational Facilities Authority, Revenue Refunding Bonds, University of Medicine and Dentistry of New Jersey, Series 2009B, 7.500%, 12/01/32
|
6/19 at 100.00
|
A–
|
728,646
|
|||||
|
2,000
|
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Series 2007, 5.750%, 7/01/37
|
7/18 at 100.00
|
BBB–
|
2,103,000
|
|||||
|
2,000
|
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Joseph’s Healthcare System Obligated Group Issue, Series 2008, 6.625%, 7/01/38
|
7/18 at 100.00
|
BBB–
|
2,287,320
|
|||||
|
1,000
|
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2008A, 6.125%, 6/01/30 – AGC Insured (Alternative Minimum Tax) (4)
|
6/18 at 100.00
|
AA–
|
1,082,590
|
|||||
|
9,260
|
Total New Jersey
|
9,956,720
|
|||||||
|
New Mexico – 0.2% (0.2% of Total Investments)
|
|||||||||
|
1,000
|
Mariposa East Public Improvement District, New Mexico, General Obligation Bonds, Series 2006, 6.000%, 9/01/32
|
9/16 at 100.00
|
N/R
|
856,650
|
|||||
|
New York – 2.0% (1.7% of Total Investments)
|
|||||||||
|
1,000
|
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009, 6.375%, 7/15/43
|
1/20 at 100.00
|
BBB–
|
1,114,700
|
|||||
|
1,500
|
New York City Industrial Development Agency, New York, American Airlines-JFK International Airport Special Facility Revenue Bonds, Series 2005, 7.500%, 8/01/16 (Alternative Minimum Tax)
|
No Opt. Call
|
N/R
|
1,521,675
|
|||||
|
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bronx Parking Development Company, LLC Project, Series 2007:
|
|||||||||
|
1,000
|
5.750%, 10/01/37
|
10/17 at 100.00
|
N/R
|
509,500
|
|||||
|
3,000
|
5.875%, 10/01/46
|
10/17 at 102.00
|
N/R
|
1,527,660
|
|||||
|
1,700
|
New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, American Airlines Inc., Series 1994, 6.900%, 8/01/24 (Alternative Minimum Tax) (6)
|
8/12 at 100.00
|
N/R
|
911,863
|
|||||
|
1,375
|
New York Liberty Development Corporation, Second Priority Liberty Revenue Refunding Bonds, Bank of America Tower at One Bryant Park Project, Series 2010, 6.375%, 7/15/49
|
1/20 at 100.00
|
BBB
|
1,534,610
|
|||||
|
265
|
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42
|
12/20 at 100.00
|
BBB–
|
294,516
|
|||||
|
9,840
|
Total New York
|
7,414,524
|
|||||||
|
North Carolina – 2.3% (1.9% of Total Investments)
|
|||||||||
|
940
|
Charlotte-Mecklenberg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Tender Option Bond Trust 11963, 18.656%, 1/15/19 (IF)
|
No Opt. Call
|
AA–
|
1,347,330
|
|||||
|
5,250
|
North Carolina Capital Facilities Finance Agency, Solid Waste Facilities Revenue Bonds, Liberty Tire Services of North Carolina LLC, Series 2004A, 6.750%, 7/01/29
|
7/12 at 106.00
|
N/R
|
4,952,115
|
|||||
|
960
|
North Carolina Capital Facilities Financing Agency, Revenue Bonds, Duke University, Series 2008, Tender Option Bonds Trust 3248, 26.797%, 10/01/21 (IF)
|
10/16 at 100.00
|
AA+
|
1,962,480
|
|||||
|
7,150
|
Total North Carolina
|
8,261,925
|
|||||||
|
Ohio – 2.8% (2.4% of Total Investments)
|
|||||||||
|
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
|
|||||||||
|
315
|
5.125%, 6/01/24
|
6/17 at 100.00
|
B
|
257,503
|
|||||
|
4,375
|
5.750%, 6/01/34
|
6/17 at 100.00
|
BB
|
3,414,163
|
|||||
|
2,380
|
Cleveland-Cuyahoga County Port Authority, Ohio, Development Revenue Bonds, Bond Fund Program – Garfield Heights Project, Series 2004D, 5.250%, 5/15/23
|
5/14 at 102.00
|
BBB–
|
2,274,661
|
|||||
|
1,270
|
Medina County Port Authority, Ohio, Development Revenue Bond, Fiber Network Project, Series 2010B, 6.000%, 12/01/30
|
12/20 at 100.00
|
A+
|
1,416,342
|
|||||
|
500
|
Ohio, Environmental Facilities Revenue Bonds, Ford Motor Company, Series 2005, 5.750%, 4/01/35 (Alternative Minimum Tax)
|
4/15 at 100.00
|
BB+
|
503,035
|
|||||
|
2,000
|
State of Ohio, Solid Waste Disposal Revenue Bonds (USG Corporation Project) Series 1997 Remarketed, 5.600%, 8/01/32 (Alternative Minimum Tax)
|
8/12 at 100.00
|
B–
|
1,693,320
|
|
Nuveen Investments
|
77
|
|
Nuveen Municipal High Income Opportunity Fund (continued)
|
||
|
NMZ
|
Portfolio of Investments
|
|
|
April 30, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Ohio (continued)
|
|||||||||
|
$
|
4,000
|
Western Reserve Port Authority, Ohio, Solid Waste Facility Revenue Bonds, Central Waste Inc., Series 2007A, 6.350%, 7/01/27 (Alternative Minimum Tax) (6)
|
7/17 at 102.00
|
N/R
|
$
|
560,280
|
|||
|
14,840
|
Total Ohio
|
10,119,304
|
|||||||
|
Oklahoma – 0.9% (0.8% of Total Investments)
|
|||||||||
|
1,000
|
Fort Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise Revenue Bonds, Fort Sill Apache Casino, Series 2011A, 8.500%, 8/25/26
|
8/21 at 100.00
|
N/R
|
1,035,870
|
|||||
|
940
|
Okeene Municipal Hospital and Schallmo Authority, Oklahoma, Revenue Bonds, Series 2006, 7.000%, 1/01/35
|
1/16 at 101.00
|
N/R
|
861,388
|
|||||
|
1,500
|
Tulsa Municipal Airport Trust, Oklahoma, Revenue Refunding Bonds, American Airlines Inc., Series 2000A, 7.750%, 6/01/35 (Mandatory put 12/01/14)
|
No Opt. Call
|
N/R
|
1,381,830
|
|||||
|
3,440
|
Total Oklahoma
|
3,279,088
|
|||||||
|
Pennsylvania – 1.9% (1.7% of Total Investments)
|
|||||||||
|
2,500
|
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, West Penn Allegheny Health System, Series 2007A, 5.375%, 11/15/40
|
11/17 at 100.00
|
B+
|
2,094,675
|
|||||
|
325
|
Allentown Area Hospital Authority, Pennsylvania, Revenue Bonds, Sacred Heart Hospital, Series 2005, 6.000%, 11/15/16
|
No Opt. Call
|
N/R
|
320,434
|
|||||
|
945
|
Berks County Industrial Development Authority, Pennsylvania, First Mortgage Revenue Bonds, One Douglassville Properties Project, Series 2007A, 6.125%, 11/01/34 (Alternative Minimum Tax)
|
11/17 at 101.00
|
N/R
|
882,299
|
|||||
|
2,000
|
Chester County Health and Education Facilities Authority, Pennsylvania, Revenue Bonds, Immaculata University, Series 2005, 5.750%, 10/15/37
|
10/15 at 102.00
|
N/R
|
2,005,500
|
|||||
|
400
|
Chester County Industrial Development Authority, Pennsylvania, Avon Grove Charter School Revenue Bonds, Series 2007A, 6.375%, 12/15/37
|
12/17 at 100.00
|
BB+
|
399,460
|
|||||
|
1,500
|
Pennsylvania Economic Development Finance Authority, Solid Waste Disposal Revenue Bonds (USG Corporation Project) Series 1999, 6.000%, 6/01/31 (Alternative Minimum Tax)
|
6/12 at 100.00
|
B–
|
1,338,900
|
|||||
|
7,670
|
Total Pennsylvania
|
7,041,268
|
|||||||
|
Rhode Island – 1.0% (0.9% of Total Investments)
|
|||||||||
|
1,000
|
Rhode Island Student Loan Authority, Student Loan Program Revenue Bonds, Series 2008A, 6.750%,12/01/28 (Alternative Minimum Tax)
|
12/17 at 100.00
|
A
|
1,097,580
|
|||||
|
2,565
|
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A, 6.250%, 6/01/42
|
6/12 at 100.00
|
BBB+
|
2,574,721
|
|||||
|
3,565
|
Total Rhode Island
|
3,672,301
|
|||||||
|
South Carolina – 0.8% (0.6% of Total Investments)
|
|||||||||
|
4,000
|
Lancaster County, South Carolina, Special Assessment Bonds, Edgewater II Improvement District, Series 2007A, 7.750%, 11/01/39 (6)
|
11/17 at 100.00
|
N/R
|
2,005,880
|
|||||
|
625
|
South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Palmetto Health, Refunding Series 2011A, 6.500%, 8/01/39 – AGM Insured
|
8/21 at 100.00
|
AA–
|
735,006
|
|||||
|
4,625
|
Total South Carolina
|
2,740,886
|
|||||||
|
Tennessee – 2.1% (1.8% of Total Investments)
|
|||||||||
|
2,500
|
Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue Bonds, Mountain States Health Alliance, Refunding Series 2010A, 6.500%, 7/01/38
|
7/20 at 100.00
|
BBB+
|
2,861,425
|
|||||
|
Sumner County Health, Educational, and Housing Facilities Board, Tennessee, Revenue Refunding Bonds, Sumner Regional Health System Inc., Series 2007:
|
|||||||||
|
2,000
|
5.500%, 11/01/37 (6)
|
11/17 at 100.00
|
N/R
|
39,980
|
|||||
|
500
|
5.500%, 11/01/46 (6)
|
11/17 at 100.00
|
B–
|
9,995
|
|||||
|
4,000
|
The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006B, 5.625%, 9/01/26
|
No Opt. Call
|
BBB
|
4,261,840
|
|||||
|
965
|
Wilson County Health and Educational Facilities Board, Tennessee, Senior Living Revenue Bonds, Rutland Place, Series 2007A, 6.300%, 7/01/37
|
7/17 at 100.00
|
N/R
|
586,170
|
|||||
|
9,965
|
Total Tennessee
|
7,759,410
|
|
78
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Texas – 10.0% (8.6% of Total Investments)
|
|||||||||
|
$
|
2,000
|
Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, Second Tier Series 2006B, 5.750%, 1/01/34
|
1/17 at 100.00
|
Ba2
|
$
|
2,021,800
|
|||
|
1,715
|
Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, Third Tier Series 2001C1, 9.750%, 1/01/26
|
7/12 at 100.00
|
N/R
|
1,726,816
|
|||||
|
550
|
Bexar County Housing Finance Corporation, Texas, Multifamily Housing Revenue Bonds, America Opportunity for Housing – Colinas LLC Project, Series 2001A, 5.800%, 1/01/31 – NPFG Insured
|
1/13 at 100.00
|
Baa2
|
530,519
|
|||||
|
5,200
|
Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company, Series 2001D, 8.250%, 5/01/33 (Alternative Minimum Tax)
|
7/18 at 100.00
|
CCC
|
783,640
|
|||||
|
1,000
|
Central Texas Regional Mobility Authority, Texas, Senior Lien Revenue Bonds, Series 2011, 6.750%, 1/01/41
|
1/21 at 100.00
|
BB+
|
1,091,660
|
|||||
|
2,000
|
Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Tejano Center for Community Concerns, Inc.-Raul Yzaguirre School for Success, Refunding Series 2009A, 9.000%, 2/15/38
|
2/18 at 100.00
|
BBB–
|
2,310,740
|
|||||
|
1,750
|
Dallas-Ft. Worth International Airport Facility Improvement Corporation, Texas, Revenue Bonds, American Airlines Inc., Series 2007, 5.500%, 11/01/30 (Alternative Minimum Tax) (6)
|
11/12 at 100.00
|
N/R
|
939,523
|
|||||
|
Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2004A:
|
|||||||||
|
1,840
|
7.000%, 9/01/25
|
9/14 at 100.00
|
N/R
|
1,934,944
|
|||||
|
6,600
|
7.125%, 9/01/34
|
9/14 at 100.00
|
N/R
|
6,904,986
|
|||||
|
585
|
Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds, Citgo Petroleum Corporation Project, Series 1998, 8.000%, 4/01/28 (Alternative Minimum Tax)
|
10/12 at 100.00
|
BB+
|
585,766
|
|||||
|
2,045
|
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Senior Lien Series 2001G, 5.250%, 11/15/30 – NPFG Insured
|
5/12 at 100.00
|
BBB
|
2,065,450
|
|||||
|
1,000
|
Heart of Texas Education Finance Corporation, Texas, Gateway Charter Academy, Series 2006A, 6.000%, 2/15/36
|
8/16 at 100.00
|
N/R
|
920,520
|
|||||
|
Houston, Texas, Airport System Special Facilities Revenue Bonds, Continental Air Lines Inc., Series 2001E:
|
|||||||||
|
600
|
7.375%, 7/01/22 (Alternative Minimum Tax)
|
7/12 at 100.00
|
B
|
604,620
|
|||||
|
975
|
6.750%, 7/01/29 (Alternative Minimum Tax)
|
7/12 at 100.00
|
B
|
979,641
|
|||||
|
1,000
|
La Vernia Education Financing Corporation, Texas, Charter School Revenue Bonds, Riverwalk Education Foundation, Series 2007A, 5.450%, 8/15/36
|
8/12 at 100.00
|
N/R
|
843,600
|
|||||
|
2,250
|
North Texas Tollway Authority, Special Projects System Revenue Bonds, Tender Option Bond Trust 11946, 19.470%, 3/01/19 (IF)
|
No Opt. Call
|
AA
|
3,723,210
|
|||||
|
1,810
|
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project, Series 2009, 6.875%, 12/31/39
|
12/19 at 100.00
|
Baa2
|
2,080,921
|
|||||
|
4,500
|
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, LBJ Infrastructure Group LLC IH-635 Managed Lanes Project, Series 2010, 7.000%, 6/30/40
|
6/20 at 100.00
|
Baa3
|
5,247,990
|
|||||
|
340
|
Trinity River Authority of Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company, Series 2003, 6.250%, 5/01/28 (Alternative Minimum Tax)
|
5/13 at 101.00
|
CC
|
42,789
|
|||||
|
1,000
|
Tyler Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, East Texas Medical Center Regional Healthcare System, Series 2007A, 5.250%, 11/01/32
|
11/17 at 100.00
|
Baa2
|
1,020,570
|
|||||
|
38,760
|
Total Texas
|
36,359,705
|
|||||||
|
Utah – 0.9% (0.7% of Total Investments)
|
|||||||||
|
1,000
|
Utah State Charter School Finance Authority, Charter School Revenue Bonds, Noah Webster Academy, Series 2008A, 6.250%, 6/15/28
|
6/17 at 100.00
|
N/R
|
982,000
|
|||||
|
1,980
|
Utah State Charter School Finance Authority, Charter School Revenue Bonds, Summit Academy High School, Series 2011A, 8.125%, 5/15/31
|
5/21 at 100.00
|
N/R
|
2,111,591
|
|||||
|
2,980
|
Total Utah
|
3,093,591
|
|||||||
|
Vermont – 0.3% (0.3% of Total Investments)
|
|||||||||
|
1,155
|
Vermont Educational and Health Buildings Financing Agency, Revenue Bonds, Vermont Law School Project, Series 2011A, 6.250%, 1/01/41
|
1/21 at 100.00
|
Baa2
|
1,252,932
|
|
Nuveen Investments
|
79
|
|
Nuveen Municipal High Income Opportunity Fund (continued)
|
||
|
NMZ
|
Portfolio of Investments
|
|
|
April 30, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Virgin Islands – 0.1% (0.1% of Total Investments)
|
|||||||||
|
$
|
420
|
Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note – Diageo Project, Series 2009A, 6.750%, 10/01/37
|
10/19 at 100.00
|
BBB
|
$
|
484,697
|
|||
|
Virginia – 1.3% (1.1% of Total Investments)
|
|||||||||
|
881
|
Celebrate Virginia North Community Development Authority, Special Assessment Revenue Bonds, Series 2003B, 6.250%, 3/01/18
|
3/14 at 102.00
|
N/R
|
613,872
|
|||||
|
1,000
|
Giles County Industrial Development Authority, Virginia, Exempt Facility Revenue Bonds, Hoechst Celanese Project, Series 1996, 6.450%, 5/01/26
|
5/12 at 100.00
|
B+
|
1,000,410
|
|||||
|
9,400
|
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Capital Appreciation Series 2009B-2, 0.000%, 10/01/38
|
No Opt. Call
|
BBB+
|
2,029,648
|
|||||
|
1,000
|
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, Series 2007B1, 5.000%, 6/01/47
|
6/17 at 100.00
|
B2
|
686,370
|
|||||
|
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012:
|
|||||||||
|
100
|
6.000%, 1/01/37 (Alternative Minimum Tax)
|
7/22 at 100.00
|
BBB–
|
108,971
|
|||||
|
130
|
5.500%, 1/01/42 (Alternative Minimum Tax)
|
7/22 at 100.00
|
BBB–
|
134,160
|
|||||
|
12,511
|
Total Virginia
|
4,573,431
|
|||||||
|
Washington – 2.9% (2.5% of Total Investments)
|
|||||||||
|
500
|
FYI Properties, Washington, Lease Revenue Bonds, Washington State Department of Information Services Project, Tender Option Bond Trust 11-14W-B, 19.497%, 6/01/39 (IF) (4)
|
6/19 at 100.00
|
AA
|
712,680
|
|||||
|
Vancouver Downtown Redevelopment Authority, Washington, Revenue Bonds, Conference Center Project, Series 2003A:
|
|||||||||
|
1,780
|
6.000%, 1/01/28 – ACA Insured
|
1/14 at 100.00
|
N/R
|
1,594,880
|
|||||
|
4,745
|
6.000%, 1/01/34 – ACA Insured
|
1/14 at 100.00
|
N/R
|
4,118,328
|
|||||
|
2,660
|
5.250%, 1/01/34 – ACA Insured
|
1/14 at 100.00
|
N/R
|
2,091,212
|
|||||
|
2,000
|
Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and Medical Center of Seattle, Series 2007, 5.700%, 12/01/32
|
12/17 at 100.00
|
N/R
|
1,961,900
|
|||||
|
11,685
|
Total Washington
|
10,479,000
|
|||||||
|
West Virginia – 0.3% (0.2% of Total Investments)
|
|||||||||
|
500
|
Ohio County Commission, West Virginia, Special District Excise Tax Revenue Bonds, Fort Henry Economic Development, Series 2006B, 5.625%, 3/01/36
|
3/16 at 100.00
|
BBB
|
520,925
|
|||||
|
500
|
Ohio County Commission, West Virginia, Tax Increment Revenue Bonds, Fort Henry Centre Financing District, Series 2007A, 5.850%, 6/01/34
|
6/17 at 100.00
|
N/R
|
508,530
|
|||||
|
1,000
|
Total West Virginia
|
1,029,455
|
|||||||
|
Wisconsin – 4.2% (3.6% of Total Investments)
|
|||||||||
|
550
|
Lac Courte Oreilles Band of Lake Superior Chippewa Indians, Wisconsin, Revenue Bonds, Series 2003A, 7.750%, 6/01/16 (Pre-refunded 12/01/14)
|
12/14 at 101.00
|
N/R (5)
|
656,931
|
|||||
|
1,000
|
Lac Courte Oreilles Band of Lake Superior Chippewa Indians, Wisconsin, Revenue Bonds, Series 2006, 7.000%, 12/01/26
|
12/18 at 102.00
|
N/R
|
930,440
|
|||||
|
1,650
|
Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Thomas Jefferson Classical Academy, Series 2011, 7.125%, 7/01/42
|
7/19 at 100.00
|
BBB–
|
1,764,906
|
|||||
|
1,000
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Southwest Health Center Inc., Series 2004A, 6.250%, 4/01/34
|
4/14 at 100.00
|
N/R
|
1,007,458
|
|||||
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Healthcare System, Series 2006:
|
|||||||||
|
5,995
|
5.250%, 8/15/26 (UB)
|
8/16 at 100.00
|
A–
|
6,254,524
|
|||||
|
4,500
|
5.250%, 8/15/34 (UB)
|
8/16 at 100.00
|
A–
|
4,662,945
|
|||||
|
14,695
|
Total Wisconsin
|
15,277,204
|
|||||||
|
$
|
454,383
|
Total Investments (cost $401,246,330) – 117.0%
|
424,840,682
|
||||||
|
Floating Rate Obligations – (5.0)%
|
(18,170,000
|
) | |||||||
|
Borrowings – (13.8)% (9), (10)
|
(50,000,000
|
) | |||||||
|
Other Assets Less Liabilities – 1.8% (11)
|
6,452,676
|
||||||||
|
Net Assets Applicable to Common Shares – 100%
|
$
|
363,123,358
|
|
80
|
Nuveen Investments
|
Investments in Derivatives at April 30, 2012:
Swaps outstanding
|
Counterparty
|
Notional Amount | Fund Pay/Receive Floating Rate | Floating Rate Index |
Fixed Rate
(Annualized)
|
Fixed Rate Payment Frequency |
Effective
Date (12)
|
Termination
Date
|
Unrealized Appreciation (Depreciation) | |||||||||||||||||
|
Barclays Bank PLC
|
$
|
50,000,000
|
Receive
|
1-Month USD-LIBOR
|
1.333
|
%
|
Monthly
|
4/25/11
|
4/25/14
|
$
|
(964,388
|
)
|
|||||||||||||
|
Morgan Stanley
|
4,000,000
|
Receive
|
3-Month USD-LIBOR
|
4.356
|
Semi-Annually
|
5/25/12
|
5/25/41
|
(1,298,756
|
)
|
||||||||||||||||
|
$
|
(2,263,144
|
)
|
|||||||||||||||||||||||
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
|
|
|
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
|
|
(3)
|
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
|
|
(4)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives and/or inverse floating rate transactions.
|
|
|
(5)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities.
|
|
|
(6)
|
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing security, in the case of a bond, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.
|
|
|
(7)
|
For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Investment Valuation for more information.
|
|
|
(8)
|
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Trustees.
|
|
| (9) | Borrowings as a percentage of Total Investments is 11.8%. | |
|
(10)
|
The Fund segregates 100% of its eligible investments in the Portfolio of Investments as collateral for Borrowings.
|
|
|
(11)
|
Other Assets Less Liabilities include the net Unrealized Appreciation (Depreciation) of derivative instruments as noted within Investments in Derivatives at April 30, 2012.
|
|
|
(12)
|
Effective date represents the date on which both the Fund and Counterparty commence interest payment accruals on each swap contract.
|
|
| N/R | Not rated. | |
|
WI/DD
|
Purchased on a when-issued or delayed delivery basis.
|
|
| (ETM) | Escrowed to maturity. | |
|
(IF)
|
Inverse floating rate investment.
|
|
|
(UB)
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
|
|
|
USD-LIBOR
|
United States Dollar-London Inter-Bank Offered Rate
|
See accompanying notes to financial statements.
|
Nuveen Investments
|
81
|
|
Nuveen Municipal High Income Opportunity Fund 2
|
||
|
NMD
|
Portfolio of Investments
|
|
|
April 30, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Municipal Bonds – 113.0% (100.0% of Total Investments)
|
|||||||||
|
Alabama – 1.5% (1.4% of Total Investments)
|
|||||||||
|
$
|
2,290
|
Birmingham Special Care Facilities Financing Authority, Alabama, Revenue Bonds, Baptist Health System Inc., Series 2005A, 5.250%, 11/15/20
|
11/15 at 100.00
|
Baa2
|
$
|
2,379,768
|
|||
|
1,000
|
Phenix City Industrial Development Board, Alabama, Environmental Improvement Revenue Bonds, MeadWestvaco Corporation, Series 2002A, 6.350%, 5/15/35 (Alternative Minimum Tax)
|
5/12 at 100.00
|
BBB
|
1,010,000
|
|||||
|
3,290
|
Total Alabama
|
3,389,768
|
|||||||
|
Arizona – 5.7% (5.0% of Total Investments)
|
|||||||||
|
1,000
|
Estrella Mountain Ranch Community Facilities District, Goodyear, Arizona, General Obligation Bonds, Series 2007, 6.200%, 7/15/32
|
7/17 at 100.00
|
N/R
|
1,019,000
|
|||||
|
70
|
Pima County Industrial Development Authority, Arizona, Choice Education and Development Charter School Revenue Bonds, Series 2006, 6.000%, 6/01/16
|
No Opt. Call
|
N/R
|
71,827
|
|||||
|
500
|
Pima County Industrial Development Authority, Arizona, Education Revenue Bonds Legacy Traditional School Project, Series 2009, 8.500%, 7/01/39
|
7/19 at 100.00
|
N/R
|
538,140
|
|||||
|
1,000
|
Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Carden Traditional Schools Project, Series 2012, 7.500%, 1/01/42
|
1/22 at 100.00
|
BBB–
|
1,045,270
|
|||||
|
825
|
Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Paradise Education Center Project, Series 2010, 6.000%, 6/01/40
|
6/19 at 100.00
|
BBB–
|
811,742
|
|||||
|
2,575
|
Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Government Project Bonds, Series 2008, 7.000%, 12/01/27
|
12/17 at 102.00
|
N/R
|
2,300,016
|
|||||
|
1,000
|
Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Tribal Economic Development Bonds, Series 2012A, 9.750%, 5/01/25
|
5/22 at 100.00
|
N/R
|
1,037,250
|
|||||
|
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007:
|
|||||||||
|
1,000
|
5.500%, 12/01/37
|
No Opt. Call
|
B
|
969,260
|
|||||
|
3,825
|
5.000%, 12/01/37
|
No Opt. Call
|
A–
|
3,886,009
|
|||||
|
1,000
|
Yuma County Industrial Development Authority, Arizona, Exempt Revenue Bonds, Far West Water & Sewer Inc. Refunding, Series 2007A, 6.375%, 12/01/37 (Alternative Minimum Tax)
|
12/17 at 100.00
|
N/R
|
963,830
|
|||||
|
12,795
|
Total Arizona
|
12,642,344
|
|||||||
|
California – 19.0% (16.8% of Total Investments)
|
|||||||||
|
1,470
|
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Tender Option Bond Trust 2985, 16.847%, 4/01/16 (IF)
|
No Opt. Call
|
AA
|
1,945,457
|
|||||
|
2,000
|
California Educational Facilities Authority, Revenue Bonds, Dominican University, Series 2006, 5.000%, 12/01/36
|
12/16 at 100.00
|
Baa3
|
1,991,500
|
|||||
|
1,875
|
California Health Facilities Financing Authority, Refunding Revenue Bonds, Stanford Hospital and Clinics, Tender Option Bond Trust 3267, 19.272%, 11/15/40 (IF)
|
11/21 at 100.00
|
AA–
|
2,987,625
|
|||||
|
565
|
California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Series 2008B, 5.000%, 2/01/28 (Alternative Minimum Tax)
|
8/17 at 100.00
|
BBB
|
547,293
|
|||||
|
1,000
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010B, 7.250%, 8/15/45
|
8/20 at 100.00
|
N/R
|
1,021,990
|
|||||
|
1,000
|
California Municipal Finance Authority, Revenue Bonds, Harbor Regional Center Project, Series 2009, 8.500%, 11/01/39
|
11/19 at 100.00
|
Baa1
|
1,168,340
|
|||||
|
1,300
|
California State, General Obligation Bonds, Tender Option Bond Trust 3162, 19.050%, 3/01/18 – AGM Insured (IF)
|
No Opt. Call
|
AA–
|
1,880,944
|
|||||
|
520
|
California Statewide Communities Development Authority, Revenue Bonds, American Baptist Homes of the West, Series 2010, 6.250%, 10/01/39
|
10/19 at 100.00
|
BBB+
|
551,751
|
|||||
|
1,000
|
California Statewide Communities Development Authority, Statewide Community Infrastructure Program Revenue Bonds, Series 2011A, 8.000%, 9/02/41
|
9/21 at 100.00
|
N/R
|
1,039,790
|
|||||
|
500
|
California Statewide Community Development Authority, Revenue Bonds, California Baptist University, Series 2011A, 7.500%, 11/01/41
|
11/21 at 100.00
|
N/R
|
589,075
|
|||||
|
1,825
|
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A, 5.250%, 7/01/35
|
7/15 at 100.00
|
BBB
|
1,849,565
|
|
82
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
California (continued)
|
|||||||||
|
$
|
500
|
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2007A, 5.000%, 4/01/31 – BHAC Insured
|
4/17 at 100.00
|
AA+
|
$
|
547,635
|
|||
|
2,000
|
California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Series 2007C, 5.750%, 7/01/47 – FGIC Insured
|
7/18 at 100.00
|
AA–
|
2,150,840
|
|||||
|
Daly City Housing Development Finance Agency, California, Mobile Home Park Revenue Bonds, Franciscan Mobile Home Park Refunding, Series 2007A:
|
|||||||||
|
2,000
|
5.000%, 12/15/37
|
12/17 at 100.00
|
A
|
2,016,460
|
|||||
|
1,945
|
6.500%, 12/15/47
|
12/17 at 100.00
|
N/R
|
1,952,060
|
|||||
|
1,370
|
Elk Grove Community Facilities District 2005-1, California, Special Tax Bonds, Series 2007, 5.250%, 9/01/37
|
9/15 at 102.00
|
N/R
|
967,974
|
|||||
|
1,000
|
Fontana, California, Special Tax Bonds, Community Facilities District 31 Citrus Heights North, Series 2006, 5.000%, 9/01/26
|
9/14 at 102.00
|
N/R
|
977,920
|
|||||
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Tender Option Bond Trust 1011:
|
|||||||||
|
1,500
|
16.851%, 6/01/29 – AMBAC Insured (IF) (4)
|
6/12 at 100.00
|
A2
|
1,503,900
|
|||||
|
250
|
16.851%, 6/01/38 – FGIC Insured (IF) (4)
|
6/15 at 100.00
|
A2
|
262,350
|
|||||
|
500
|
16.831%, 6/01/45 (IF) (4)
|
6/15 at 100.00
|
A2
|
522,950
|
|||||
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
|
|||||||||
|
4,500
|
5.000%, 6/01/33
|
6/17 at 100.00
|
BB–
|
3,552,795
|
|||||
|
1,000
|
5.750%, 6/01/47
|
6/17 at 100.00
|
BB–
|
824,040
|
|||||
|
2,500
|
5.125%, 6/01/47
|
6/17 at 100.00
|
BB–
|
1,859,525
|
|||||
|
1,000
|
Hercules Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series 2005, 5.000%, 8/01/25 – AMBAC Insured
|
8/15 at 100.00
|
CC
|
656,520
|
|||||
|
1,000
|
Lathrop Financing Authority, California, Revenue Bonds, Water Supply Project Series 2003, 6.000%, 6/01/35
|
6/13 at 100.00
|
N/R
|
1,006,190
|
|||||
|
850
|
Los Angeles County, California, Community Development Commission Headquarters Office Building, Lease Revenue Bonds, Community Development Properties Los Angeles County Inc., Tender Option Bond Trust Series 2011-23B, 18.599%, 9/01/42 (IF) (4)
|
9/21 at 100.00
|
Aa3
|
1,086,224
|
|||||
|
700
|
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Tender Option Bond Trust 10-27B, 18.235%, 5/15/40 (IF) (4)
|
5/20 at 100.00
|
AA
|
946,064
|
|||||
|
1,000
|
Los Angeles Regional Airports Improvement Corporation, California, Sublease Revenue Bonds, Los Angeles International Airport, American Airlines Inc. Terminal 4 Project, Series 2002C, 7.500%, 12/01/24 (Alternative Minimum Tax)
|
12/12 at 102.00
|
N/R
|
1,000,850
|
|||||
|
500
|
March Joint Powers Redevelopment Agency, California, March Air Force Base Redevelopment Project Tax Allocation Revenue Bonds, Series 2011A, 7.500%, 8/01/41
|
8/21 at 100.00
|
BBB+
|
573,265
|
|||||
|
625
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 5.250%, 11/01/21
|
11/20 at 100.00
|
Baa3
|
674,438
|
|||||
|
2,500
|
San Bernardino Community College District, California, General Obligation Bonds, Tender Option Bond Trust 11780-1, 17.535%, 2/01/27 – AGM Insured (IF)
|
8/16 at 100.00
|
Aa2
|
3,613,700
|
|||||
|
40,295
|
Total California
|
42,269,030
|
|||||||
|
Colorado – 8.9% (7.9% of Total Investments)
|
|||||||||
|
1,500
|
Arista Metropolitan District, Colorado, Special Revenue Bonds, Series 2008, 9.250%, 12/01/37
|
12/15 at 100.00
|
N/R
|
1,141,005
|
|||||
|
1,975
|
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Windsor Academy, Series 2007A, 5.700%, 5/01/37
|
5/17 at 100.00
|
BBB–
|
1,864,657
|
|||||
|
1,950
|
Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Pikes Peak School of Expeditionary Learning Charter School, Series 2008, 6.625%, 6/01/38
|
6/18 at 102.00
|
N/R
|
1,913,555
|
|||||
|
750
|
Colorado Health Facilities Authority, Health Facilities Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Tender Option Bond Trust 3702, 18.721%, 1/01/18 (IF) (4)
|
No Opt. Call
|
AA
|
1,088,580
|
|||||
|
1,000
|
Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan Society, Series 2006, 5.250%, 6/01/36
|
6/16 at 100.00
|
A–
|
1,016,290
|
|
Nuveen Investments
|
83
|
|
Nuveen Municipal High Income Opportunity Fund 2 (continued)
|
||
|
NMD
|
Portfolio of Investments
|
|
|
April 30, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Colorado (continued)
|
|||||||||
|
Colorado Housing and Finance Authority, Revenue Bonds, Confluence Energy LLC Project, Series 2007:
|
|||||||||
|
$
|
993
|
0.000%, 4/21/14 (Alternative Minimum Tax) (5), (7)
|
No Opt. Call
|
N/R
|
$
|
99,300
|
|||
|
5,045
|
6.750%, 4/01/27 (Alternative Minimum Tax)
|
4/17 at 100.00
|
N/R
|
4,062,184
|
|||||
|
1,000
|
Confluence Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Series 2007, 5.400%, 12/01/27
|
12/17 at 100.00
|
N/R
|
830,650
|
|||||
|
1,070
|
Fitzsimons Village Metropolitan District 1, Aurora, Arapahoe County, Colorado, Tax Increment Public Improvement Fee Supported Revenue Bonds, Series 2010A, 7.500%, 3/01/40
|
3/20 at 100.00
|
N/R
|
1,129,385
|
|||||
|
5
|
Maher Ranch Metropolitan District 4, Colorado, General Obligation Limited Tax Bonds, Series 2007, 5.250%, 12/01/36 – RAAI Insured
|
12/17 at 100.00
|
N/R
|
4,281
|
|||||
|
500
|
Pinery West Metropolitan District 2, Colorado, General Obligation Limited Tax Bonds, Series 2007, 5.000%, 12/01/27 – RAAI Insured
|
12/17 at 100.00
|
N/R
|
489,385
|
|||||
|
1,000
|
Plaza Metropolitan District 1, Lakewood, Colorado, Tax Increment Revenue Bonds, Series 2003, 8.000%, 12/01/25
|
6/14 at 101.00
|
N/R
|
1,033,740
|
|||||
|
1,700
|
Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs Utilities, Series 2008, 6.500%, 11/15/38
|
No Opt. Call
|
A
|
2,110,125
|
|||||
|
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010:
|
|||||||||
|
500
|
6.500%, 1/15/30
|
7/20 at 100.00
|
Baa3
|
581,940
|
|||||
|
1,000
|
6.000%, 1/15/41
|
7/20 at 100.00
|
Baa3
|
1,097,240
|
|||||
|
2,000
|
Stoneridge Metropolitan District 2, Colorado, General Obligation Bonds, Limited Tax Convertible to Unlimited, Series 2007, 7.250%, 12/01/31
|
12/17 at 100.00
|
N/R
|
502,780
|
|||||
|
815
|
Three Springs Metropolitan District 3, Durango, La Plata County, Colorado, Property Tax Supported Revenue Bonds, Series 2010, 7.750%, 12/01/39
|
12/20 at 100.00
|
N/R
|
838,692
|
|||||
|
22,803
|
Total Colorado
|
19,803,789
|
|||||||
|
Connecticut – 0.7% (0.7% of Total Investments)
|
|||||||||
|
1,000
|
Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue Bonds, Harbor Point Project, Series 2010A, 7.875%, 4/01/39
|
4/20 at 100.00
|
N/R
|
1,115,620
|
|||||
|
500
|
Stamford, Connecticut, Special Obligation Revenue Bonds, Mill River Corridor Project, Series 2011aA, 7.000%, 4/01/41
|
4/21 at 100.00
|
N/R
|
520,115
|
|||||
|
1,500
|
Total Connecticut
|
1,635,735
|
|||||||
|
District of Columbia – 1.7% (1.5% of Total Investments)
|
|||||||||
|
2,500
|
District of Columbia, Revenue Bonds, Howard University, Tender Option Bond Trust 1006, 22.823%, 10/01/37 (IF) (4)
|
4/21 at 100.00
|
A–
|
3,678,900
|
|||||
|
Florida – 9.1% (8.0% of Total Investments)
|
|||||||||
|
945
|
Ave Maria Stewardship Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2006A, 5.125%, 5/01/38
|
5/16 at 100.00
|
N/R
|
800,689
|
|||||
|
985
|
Beacon Lakes Community Development District, Florida, Special Assessment Bonds, Series 2003A, 6.900%, 5/01/35
|
5/13 at 101.00
|
N/R
|
1,011,772
|
|||||
|
975
|
Beeline Community Development District, Palm Beach County, Florida, Special Assessment Bonds, Series 2008A, 7.000%, 5/01/37
|
5/18 at 100.00
|
N/R
|
1,020,552
|
|||||
|
430
|
Colonial Country Club Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2003, 6.400%, 5/01/33
|
5/13 at 101.00
|
A
|
452,708
|
|||||
|
2,000
|
Escambia County, Florida, Environmental Improvement Revenue Bonds, International Paper Company Projects, Series 2006B, 5.000%, 8/01/26 (Alternative Minimum Tax)
|
8/12 at 100.00
|
BBB
|
2,000,260
|
|||||
|
1,000
|
Martin County Industrial Development Authority, Florida, Industrial Development Revenue Bonds, Indiantown Cogeneration LP, Series 1994A, 7.875%, 12/15/25 (Alternative Minimum Tax)
|
6/12 at 100.00
|
BB+
|
1,003,610
|
|||||
|
2,275
|
Old Palm Community Development District, Florida, Special Assessment Bonds, Palm Beach Gardens, Series 2004A, 5.900%, 5/01/35
|
5/15 at 101.00
|
N/R
|
2,246,813
|
|||||
|
1,065
|
Pine Island Community Development District, Florida, Special Assessment Bonds, Bella Collina, Series 2004, 5.750%, 5/01/35
|
5/13 at 100.00
|
N/R
|
952,866
|
|||||
|
995
|
Poinciana West Community Development District, Florida, Special Assessment Bonds, Series 2007, 6.000%, 5/01/37
|
5/17 at 100.00
|
N/R
|
952,006
|
|
84
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Florida (continued)
|
|||||||||
|
$
|
1,000
|
Port Saint Lucie, Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, Series 2007, 5.000%, 7/01/33 – NPFG Insured
|
7/17 at 100.00
|
BBB
|
$
|
1,020,000
|
|||
|
480
|
South Village Community Development District, Clay County, Florida, Capital Improvement Revenue Bonds, Series 2005A, 5.700%, 5/01/35
|
5/13 at 100.00
|
N/R
|
413,069
|
|||||
|
1,315
|
Stoneybrook Venice Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2007, 6.750%, 5/01/38
|
5/18 at 100.00
|
N/R
|
1,354,108
|
|||||
|
2,720
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006, 5.400%, 5/01/37
|
5/14 at 101.00
|
BB
|
2,292,661
|
|||||
|
5,820
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2007, 5.250%, 5/01/39 (6)
|
5/17 at 100.00
|
N/R
|
2,496,605
|
|||||
|
Westchester Community Development District 1, Florida, Special Assessment Bonds, Series 2003:
|
|||||||||
|
445
|
6.000%, 5/01/23
|
5/13 at 101.00
|
N/R
|
443,514
|
|||||
|
1,750
|
6.125%, 5/01/35
|
5/13 at 101.00
|
N/R
|
1,706,828
|
|||||
|
24,200
|
Total Florida
|
20,168,061
|
|||||||
|
Georgia – 1.7% (1.5% of Total Investments)
|
|||||||||
|
990
|
Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A. Remarketed, 7.500%, 1/01/31
|
1/19 at 100.00
|
N/R
|
1,113,879
|
|||||
|
1,250
|
Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta Air Lines, Inc. Project, Series 2009A, 8.750%, 6/01/29
|
6/20 at 100.00
|
CCC+
|
1,457,213
|
|||||
|
1,170
|
Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta Air Lines, Inc. Project, Series 2009B, 9.000%, 6/01/35 (Alternative Minimum Tax)
|
6/15 at 100.00
|
CCC+
|
1,263,694
|
|||||
|
3,410
|
Total Georgia
|
3,834,786
|
|||||||
|
Illinois – 12.8% (11.3% of Total Investments)
|
|||||||||
|
1,000
|
Cook County, Illinois, Recovery Zone Facility Revenue Bonds, Navistar International Corporation Project, Series 2010, 6.500%, 10/15/40
|
10/20 at 100.00
|
BB
|
1,084,820
|
|||||
|
1,180
|
Evanston, Illinois, Educational Facility Revenue Bonds, Roycemore School Project, Series 2011, 8.250%, 7/01/41
|
7/21 at 100.00
|
N/R
|
1,251,378
|
|||||
|
1,100
|
Hillside, Cook County, Illinois, Senior Lien Tax Increment Revenue Bonds, Mannheim Redevelopment Project, Series 2008, 7.000%, 1/01/28
|
1/18 at 102.00
|
N/R
|
1,071,334
|
|||||
|
1,000
|
Illinois Finance Authority Revenue Bonds, Christian Homes, Inc., Refunding Series 2010, 5.500%, 5/15/23
|
5/15 at 100.00
|
BBB–
|
1,024,600
|
|||||
|
3,370
|
Illinois Finance Authority, Charter School Revenue Bonds, Chicago Charter School Foundation, Series 2007, 5.000%, 12/01/36
|
12/16 at 100.00
|
BBB+
|
3,322,921
|
|||||
|
500
|
Illinois Finance Authority, Revenue Bonds, Admiral at Lake Project, Series 2010A, 7.750%, 5/15/30
|
5/20 at 100.00
|
N/R
|
521,650
|
|||||
|
500
|
Illinois Finance Authority, Revenue Bonds, Admiral at Lake Project, Temps 75 Series 2010D-1, 7.000%, 5/15/18
|
11/12 at 100.00
|
N/R
|
502,000
|
|||||
|
1,250
|
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Tender Option Bond Trust 4702, 19.943%, 11/15/37 (IF) (4)
|
11/17 at 100.00
|
A
|
1,635,900
|
|||||
|
1,900
|
Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34
|
8/19 at 100.00
|
BBB+
|
2,407,870
|
|||||
|
1,770
|
Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A, 5.500%, 8/01/37
|
8/17 at 100.00
|
BBB
|
1,819,755
|
|||||
|
2,000
|
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2009, 6.875%, 8/15/38
|
8/19 at 100.00
|
BBB+
|
2,216,280
|
|||||
|
500
|
Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc., Series 2005 Remarketed, 5.250%, 3/01/30 – AGM Insured
|
3/20 at 100.00
|
AA–
|
550,310
|
|||||
|
2,000
|
Illinois Finance Authority, Student Housing Revenue Bonds, MJH Education Assistance Illinois IV LLC, Fullerton Village Project, Series 2004A, 5.125%, 6/01/35 (6)
|
6/14 at 100.00
|
Ca
|
1,720,000
|
|||||
|
500
|
Illinois Health Facilities Authority, Revenue Refunding Bonds, Elmhurst Memorial Healthcare, Series 2002, 5.500%, 1/01/22
|
1/13 at 100.00
|
A–
|
513,140
|
|||||
|
200
|
Illinois State, General Obligation Bonds, Series 2012A, 5.000%, 3/01/36
|
3/22 at 100.00
|
A+
|
210,712
|
|
Nuveen Investments
|
85
|
|
Nuveen Municipal High Income Opportunity Fund 2 (continued)
|
||
|
NMD
|
Portfolio of Investments
|
|
|
April 30, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Illinois (continued)
|
|||||||||
|
$
|
2,000
|
Lombard Public Facilities Corporation, Illinois, First Tier Conference Center and Hotel Revenue Bonds, Series 2005A-2, 5.500%, 1/01/36 – ACA Insured
|
1/16 at 100.00
|
CCC
|
$
|
1,324,980
|
|||
|
Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel Revenue Bonds, Series 2005B:
|
|||||||||
|
285
|
5.250%, 1/01/25
|
1/16 at 100.00
|
CCC
|
187,120
|
|||||
|
175
|
5.250%, 1/01/36
|
1/16 at 100.00
|
CCC
|
116,009
|
|||||
|
800
|
Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010, 6.000%, 6/01/28
|
6/21 at 100.00
|
A–
|
909,424
|
|||||
|
Southwestern Illinois Development Authority, Illinois, Saint Clair County Comprehensive Mental Health Center, Series 2007:
|
|||||||||
|
1,170
|
6.200%, 6/01/17
|
No Opt. Call
|
N/R
|
1,211,921
|
|||||
|
3,020
|
6.625%, 6/01/37
|
6/17 at 103.00
|
N/R
|
3,094,654
|
|||||
|
975
|
Southwestern Illinois Development Authority, Local Government Program Revenue Bonds, Granite City Project, Series 2009B, 7.750%, 3/01/22
|
3/14 at 100.00
|
N/R
|
997,250
|
|||||
|
750
|
Springfield, Sangamon County, Illinois, Special Service Area, Legacy Pointe, Special Assessment Bonds, Series 2009, 7.875%, 3/01/32
|
3/17 at 102.00
|
N/R
|
800,963
|
|||||
|
27,945
|
Total Illinois
|
28,494,991
|
|||||||
|
Indiana – 3.7% (3.3% of Total Investments)
|
|||||||||
|
4,100
|
Hospital Authority of Delaware County, Indiana, Hospital Revenue Bonds, Cardinal Health System, Series 2006, 5.125%, 8/01/29
|
8/16 at 100.00
|
Baa2
|
4,203,484
|
|||||
|
1,250
|
Indiana Bond Bank, Special Program Gas Revenue Bonds, JP Morgan Ventures Energy Corporation Guaranteed, Tender Option Bond Trust 2882, 17.700%, 4/15/17 (IF)
|
No Opt. Call
|
Aa3
|
2,047,850
|
|||||
|
Vigo County Hospital Authority, Indiana, Revenue Bonds, Union Hospital, Series 2007:
|
|||||||||
|
250
|
5.700%, 9/01/37
|
9/17 at 100.00
|
N/R
|
250,410
|
|||||
|
1,800
|
5.800%, 9/01/47
|
9/17 at 100.00
|
N/R
|
1,804,914
|
|||||
|
7,400
|
Total Indiana
|
8,306,658
|
|||||||
|
Kentucky – 0.5% (0.5% of Total Investments)
|
|||||||||
|
Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro Medical Health System, Series 2010A:
|
|||||||||
|
500
|
6.000%, 6/01/30
|
6/20 at 100.00
|
BBB+
|
566,090
|
|||||
|
500
|
6.500%, 3/01/45
|
6/20 at 100.00
|
BBB+
|
576,470
|
|||||
|
1,000
|
Total Kentucky
|
1,142,560
|
|||||||
|
Louisiana – 3.6% (3.1% of Total Investments)
|
|||||||||
|
1,000
|
Louisiana Public Facilities Authority, Revenue Bonds, Lake Charles Charter Academy Foundation Project, Series 2011A, 7.750%, 12/15/31
|
12/21 at 100.00
|
N/R
|
1,031,290
|
|||||
|
500
|
Louisiana Local Government Environment Facilities and Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Projects, Series 2010A-1, 6.500%, 11/01/35
|
11/20 at 100.00
|
BBB–
|
562,675
|
|||||
|
3,500
|
Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Project, Series 2007, 6.750%, 11/01/32
|
11/17 at 100.00
|
BBB–
|
3,860,570
|
|||||
|
4,000
|
Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Southgate Suites Hotel LLC Project, Series 2007A, 6.750%, 12/15/37 (6)
|
12/17 at 100.00
|
N/R
|
1,886,960
|
|||||
|
555
|
Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, Series 2001B, 5.875%, 5/15/39
|
5/12 at 100.00
|
A–
|
557,231
|
|||||
|
9,555
|
Total Louisiana
|
7,898,726
|
|||||||
|
Maryland – 0.5% (0.4% of Total Investments)
|
|||||||||
|
375
|
Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%, 9/01/39 – SYNCORA GTY Insured
|
9/16 at 100.00
|
BB+
|
356,963
|
|||||
|
1,000
|
Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt Conference Center, Series 2006A, 5.000%, 12/01/31
|
12/16 at 100.00
|
N/R
|
657,960
|
|||||
|
1,375
|
Total Maryland
|
1,014,923
|
|
86
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Massachusetts – 0.0% (0.0% of Total Investments)
|
|||||||||
|
$
|
90
|
Boston Industrial Development Financing Authority, Massachusetts, Senior Revenue Bonds, Crosstown Center Project, Series 2002, 6.500%, 9/01/35 (Alternative Minimum Tax)
|
9/12 at 102.00
|
Caa3
|
$
|
67,827
|
|||
|
Michigan – 1.3% (1.2% of Total Investments)
|
|||||||||
|
1,750
|
Michigan Public Educational Facilities Authority, Charter School Revenue Bonds, American Montessori Academy, Series 2007, 6.500%, 12/01/37
|
12/17 at 100.00
|
N/R
|
1,656,288
|
|||||
|
960
|
Michigan Public Educational Facilities Authority, Limited Obligation Revenue Bonds, David Ellis Academy-West Charter School Project, Series 2007, 5.875%, 6/01/37
|
6/17 at 100.00
|
N/R
|
877,354
|
|||||
|
500
|
Summit Academy North, Michigan, Revenue Bonds, Public School Academy Series 2005, 5.500%, 11/01/35
|
11/15 at 100.00
|
BB+
|
418,640
|
|||||
|
3,210
|
Total Michigan
|
2,952,282
|
|||||||
|
Minnesota – 1.4% (1.2% of Total Investments)
|
|||||||||
|
3,000
|
St. Paul Housing and Redevelopment Authority, Minnesota, Revenue Bonds, Healtheast Inc., Series 2005, 6.000%, 11/15/35
|
11/15 at 100.00
|
BBB–
|
3,050,490
|
|||||
|
Mississippi – 0.3% (0.3% of Total Investments)
|
|||||||||
|
975
|
Mississippi Business Finance Corporation, Gulf Opportunity Zone Revenue Bonds, Roberts Hotel of Jackson, LLC Project, Series 2010, 8.500%, 2/01/30 (6)
|
2/21 at 102.00
|
N/R
|
762,489
|
|||||
|
Missouri – 3.0% (2.6% of Total Investments)
|
|||||||||
|
1,000
|
Hanley Road Corridor Transportation Development District, Brentwood and Maplewood, Missouri, Transportation Sales Revenue Bonds, Refunding Series 2009A, 5.875%, 10/01/36
|
10/19 at 100.00
|
A–
|
1,088,840
|
|||||
|
1,000
|
Missouri Development Finance Board. Infrastructure Facilities Revenue Bonds, City of Independence, Missouri – Events Center Project, Series 2009F, 6.250%, 4/01/38
|
4/14 at 100.00
|
A–
|
1,045,000
|
|||||
|
990
|
Orpheum Theater Community Improvement District, Saint Louis, Missouri, Property and Sales Tax Revenue Bonds, Series 2009, 9.000%, 3/01/29
|
3/14 at 102.00
|
N/R
|
750,994
|
|||||
|
1,100
|
Saint Louis Industrial Development Authority, Missouri, Confluence Academy Project, Series 2007A, 5.350%, 6/15/32
|
6/15 at 103.00
|
N/R
|
974,776
|
|||||
|
1,000
|
Saint Louis Land Clearance for Redevelopment Authority, Missouri, Tax-Exempt Recovery Zone Facilities Improvement, Special Revenue Bonds, Kiel Opera House Project, Series 2010B, 7.000%, 9/01/35
|
9/20 at 100.00
|
N/R
|
1,020,140
|
|||||
|
1,868
|
Saint Louis, Missouri, Tax Increment Financing Revenue Bonds, Fashion Square Redevelopment Project, Series 2008A, 6.300%, 8/22/26
|
9/12 at 100.00
|
N/R
|
1,702,028
|
|||||
|
6,958
|
Total Missouri
|
6,581,778
|
|||||||
|
Nevada – 1.9% (1.7% of Total Investments)
|
|||||||||
|
2,500
|
Clark County, Nevada, General Obligation Bank Bonds, Southern Nevada Water Authority Loan, Tender Option Bond Trust Series 2010-11836, 17.465%, 6/01/16 (IF)
|
No Opt. Call
|
AA+
|
3,318,400
|
|||||
|
950
|
Sparks Tourism Improvement District 1, Legends at Sparks Marina, Nevada, Senior Sales Tax Revenue Bonds Series 2008A, 6.500%, 6/15/20
|
6/18 at 100.00
|
B2
|
959,918
|
|||||
|
3,450
|
Total Nevada
|
4,278,318
|
|||||||
|
New Jersey – 3.4% (3.0% of Total Investments)
|
|||||||||
|
2,000
|
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 1999, 6.250%, 9/15/19 (Alternative Minimum Tax)
|
9/12 at 100.00
|
B
|
2,004,860
|
|||||
|
1,000
|
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 2000, 7.000%, 11/15/30 (Alternative Minimum Tax)
|
5/12 at 100.00
|
B
|
1,003,780
|
|||||
|
3,200
|
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Series 2007, 5.750%, 7/01/37
|
7/18 at 100.00
|
BBB–
|
3,364,800
|
|||||
|
1,000
|
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Joseph’s Healthcare System Obligated Group Issue, Series 2008, 6.000%, 7/01/18
|
No Opt. Call
|
BBB–
|
1,160,750
|
|||||
|
7,200
|
Total New Jersey
|
7,534,190
|
|
Nuveen Investments
|
87
|
|
Nuveen Municipal High Income Opportunity Fund 2 (continued)
|
||
|
NMD
|
Portfolio of Investments
|
|
|
April 30, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
New Mexico – 0.7% (0.6% of Total Investments)
|
|||||||||
|
$
|
485
|
Montecito Estates Public Improvement District, New Mexico, Special Levee Revenue Bonds, Series 2007, 7.000%, 10/01/37
|
10/17 at 100.00
|
N/R
|
$
|
491,266
|
|||
|
965
|
New Mexico Hospital Equipment Loan Council, First Mortgage Revenue Bonds, La Vida LLena Project, Series 2010A, 5.875%, 7/01/30
|
7/20 at 100.00
|
BBB
|
1,009,458
|
|||||
|
1,450
|
Total New Mexico
|
1,500,724
|
|||||||
|
New York – 3.0% (2.7% of Total Investments)
|
|||||||||
|
New York City Industrial Development Agency, New York, American Airlines-JFK International Airport Special Facility Revenue Bonds, Series 2005:
|
|||||||||
|
1,000
|
7.500%, 8/01/16 (Alternative Minimum Tax)
|
No Opt. Call
|
N/R
|
1,014,450
|
|||||
|
1,000
|
7.625%, 8/01/25 (Alternative Minimum Tax)
|
8/16 at 101.00
|
N/R
|
1,015,710
|
|||||
|
1,000
|
8.000%, 8/01/28
|
8/16 at 101.00
|
N/R
|
1,021,970
|
|||||
|
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bronx Parking Development Company, LLC Project, Series 2007:
|
|||||||||
|
500
|
5.750%, 10/01/37
|
10/17 at 100.00
|
N/R
|
254,750
|
|||||
|
2,000
|
5.875%, 10/01/46
|
10/17 at 102.00
|
N/R
|
1,018,440
|
|||||
|
1,030
|
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2008A-1, 5.800%, 7/01/23
|
7/16 at 101.00
|
N/R
|
974,514
|
|||||
|
New York Liberty Development Corporation, Second Priority Liberty Revenue Refunding Bonds, Bank of America Tower at One Bryant Park Project, Tender Option Bond Trust PT4704:
|
|||||||||
|
250
|
17.831%, 1/15/44 (IF) (4)
|
1/20 at 100.00
|
AA
|
317,440
|
|||||
|
625
|
17.831%, 1/15/44 (IF) (4)
|
1/20 at 100.00
|
AA
|
793,600
|
|||||
|
265
|
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42
|
12/20 at 100.00
|
BBB–
|
294,516
|
|||||
|
7,670
|
Total New York
|
6,705,390
|
|||||||
|
North Carolina – 1.8% (1.6% of Total Investments)
|
|||||||||
|
1,970
|
Albemarle Hospital Authority, North Carolina, Health Care Facilities Revenue Bonds, Series 2007, 5.250%, 10/01/38
|
10/17 at 100.00
|
N/R
|
1,834,385
|
|||||
|
North Carolina Capital Facilities Financing Agency, Educational Facilities Revenue Bond, Meredith College, Series 2008A:
|
|||||||||
|
1,000
|
6.000%, 6/01/31
|
6/18 at 100.00
|
BBB
|
1,092,100
|
|||||
|
1,000
|
6.125%, 6/01/35
|
6/18 at 100.00
|
BBB
|
1,085,910
|
|||||
|
3,970
|
Total North Carolina
|
4,012,395
|
|||||||
|
Ohio – 1.9% (1.7% of Total Investments)
|
|||||||||
|
500
|
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2, 5.750%, 6/01/34
|
6/17 at 100.00
|
BB
|
390,190
|
|||||
|
1,700
|
Lorain County Port Authority, Ohio, Recovery Zone Facility Economic Development Revenue Bonds, United State Steel Corporation Project, Series 2010, 6.750%, 12/01/40
|
12/20 at 100.00
|
BB+
|
1,876,817
|
|||||
|
1,250
|
Ohio State, Hospital Facility Revenue Refunding Bonds, Cleveland Clinic Health System Obligated Group, Tender Option Bond Trust 3551, 19.852%, 1/01/17 (IF)
|
No Opt. Call
|
Aa2
|
1,769,600
|
|||||
|
2,000
|
Western Reserve Port Authority, Ohio, Solid Waste Facility Revenue Bonds, Central Waste Inc., Series 2007A, 6.350%, 7/01/27 (Alternative Minimum Tax) (6)
|
7/17 at 102.00
|
N/R
|
280,140
|
|||||
|
5,450
|
Total Ohio
|
4,316,747
|
|||||||
|
Oklahoma – 0.7% (0.6% of Total Investments)
|
|||||||||
|
1,000
|
Fort Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise Revenue Bonds, Fort Sill Apache Casino, Series 2011A, 8.500%, 8/25/26
|
8/21 at 100.00
|
N/R
|
1,035,870
|
|||||
|
45
|
Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds, American Airlines Inc., Series 1995, 6.250%, 6/01/20
|
6/12 at 100.00
|
N/R
|
40,603
|
|||||
|
500
|
Tulsa Municipal Airport Trust, Oklahoma, Revenue Refunding Bonds, American Airlines Inc., Series 2000A, 7.750%, 6/01/35 (Mandatory put 12/01/14)
|
No Opt. Call
|
N/R
|
460,610
|
|||||
|
1,545
|
Total Oklahoma
|
1,537,083
|
|
88
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Pennsylvania – 2.4% (2.1% of Total Investments)
|
|||||||||
|
$
|
500
|
Allegheny Country Industrial Development Authority, Pennsylvania, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2009, 6.750%, 11/01/24
|
11/19 at 100.00
|
BB
|
$
|
548,290
|
|||
|
1,010
|
Chester County Industrial Development Authority, Pennsylvania, Avon Grove Charter School Revenue Bonds, Series 2007A, 6.375%, 12/15/37
|
12/17 at 100.00
|
BB+
|
1,008,637
|
|||||
|
185
|
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Tender Option Bond Trust 62B, 19.296%, 8/01/38 (IF) (4)
|
8/20 at 100.00
|
AA
|
257,239
|
|||||
|
2,115
|
Pennsylvania Economic Development Finance Authority, Solid Waste Disposal Revenue Bonds (USG Corporation Project) Series 1999, 6.000%, 6/01/31 (Alternative Minimum Tax)
|
6/12 at 100.00
|
B–
|
1,887,849
|
|||||
|
1,000
|
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Tender Option Bond Trust 4657, 15.764%, 10/01/29 (IF) (4)
|
4/19 at 100.00
|
AA+
|
1,184,160
|
|||||
|
395
|
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010B, 5.000%, 5/15/40
|
5/20 at 100.00
|
AA
|
423,752
|
|||||
|
5,205
|
Total Pennsylvania
|
5,309,927
|
|||||||
|
Puerto Rico – 0.0% (0.0% of Total Investments)
|
|||||||||
|
20
|
Puerto Rico Ports Authority, Special Facilities Revenue Bonds, American Airlines Inc., Series 1996A, 6.250%, 6/01/26 (Alternative Minimum Tax) (6)
|
6/12 at 100.00
|
N/R
|
10,731
|
|||||
|
South Carolina – 1.1% (1.0% of Total Investments)
|
|||||||||
|
3,477
|
Lancaster County, South Carolina, Special Assessment Bonds, Edgewater II Improvement District, Series 2007B, 7.700%, 11/01/17 (6)
|
No Opt. Call
|
N/R
|
1,743,090
|
|||||
|
625
|
South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Palmetto Health, Refunding Series 2011A, 6.500%, 8/01/39 – AGM Insured
|
8/21 at 100.00
|
AA–
|
735,006
|
|||||
|
4,102
|
Total South Carolina
|
2,478,096
|
|||||||
|
Tennessee – 1.2% (1.0% of Total Investments)
|
|||||||||
|
500
|
Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue Bonds, Mountain States Health Alliance, Refunding Series 2010A, 6.500%, 7/01/38
|
7/20 at 100.00
|
BBB+
|
572,285
|
|||||
|
Sumner County Health, Educational, and Housing Facilities Board, Tennessee, Revenue Refunding Bonds, Sumner Regional Health System Inc., Series 2007:
|
|||||||||
|
1,500
|
5.500%, 11/01/37 (6)
|
11/17 at 100.00
|
N/R
|
29,985
|
|||||
|
1,000
|
5.500%, 11/01/46 (6)
|
11/17 at 100.00
|
B–
|
19,990
|
|||||
|
1,824
|
The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006B, 5.625%, 9/01/26
|
No Opt. Call
|
BBB
|
1,943,399
|
|||||
|
4,824
|
Total Tennessee
|
2,565,659
|
|||||||
|
Texas – 6.9% (6.1% of Total Investments)
|
|||||||||
|
1,000
|
Alliance Airport Authority, Texas, Special Facilities Revenue Bonds, American Airlines Inc., Series 2007, 5.750%, 12/01/29 (Alternative Minimum Tax) (6)
|
6/12 at 100.00
|
N/R
|
536,800
|
|||||
|
250
|
Central Texas Regional Mobility Authority, Senior Lien Revenue Bonds, Series 2011, 6.000%, 1/01/41
|
1/21 at 100.00
|
BBB–
|
276,655
|
|||||
|
2,100
|
Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Tejano Center for Community Concerns, Inc.-Raul Yzaguirre School for Success, Refunding Series 2009A, 8.750%, 2/15/28
|
2/18 at 100.00
|
BBB–
|
2,404,647
|
|||||
|
10
|
Dallas-Ft. Worth International Airport Facility Improvement Corporation, Texas, Revenue Bonds, American Airlines Inc., Series 1999, 6.375%, 5/01/35 (Alternative Minimum Tax) (6)
|
11/12 at 100.00
|
N/R
|
4,262
|
|||||
|
2,955
|
Danbury Higher Education Authority Inc., Texas, Golden Rule Charter School Revenue Bonds, Series 2008A, 6.500%, 8/15/38
|
2/18 at 100.00
|
BB+
|
2,972,996
|
|||||
|
970
|
Hidalgo Willacy Housing Finance Corporation, Texas, Multifamily Housing Revenue Bonds, Heritage Square Apartments Project, Series 2003A, 7.000%, 1/01/39
|
1/14 at 102.00
|
N/R
|
980,146
|
|||||
|
1,330
|
La Vernia Higher Education Financing Corporation, Texas, Education Revenue Bonds, Amigos Por Vida Friends For Life Public Charter School, Series 2008, 6.375%, 2/15/37
|
2/16 at 100.00
|
N/R
|
1,297,508
|
|||||
|
335
|
North Texas Tollway Authority, Second Tier System Revenue Refunding Bonds, Series 2008F, 5.750%, 1/01/38
|
1/18 at 100.00
|
A3
|
362,075
|
|
Nuveen Investments
|
89
|
|
Nuveen Municipal High Income Opportunity Fund 2 (continued)
|
||
|
NMD
|
Portfolio of Investments
|
|
|
April 30, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Texas (continued)
|
|||||||||
|
$
|
2,000
|
Sabine River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Energy Company LLC Project, Series 2003B, 6.150%, 8/01/22
|
8/13 at 101.00
|
CC
|
$
|
250,740
|
|||
|
250
|
Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior Lien Series 2008D, 6.250%, 12/15/26
|
No Opt. Call
|
A–
|
296,050
|
|||||
|
1,000
|
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project, Series 2009, 6.875%, 12/31/39
|
12/19 at 100.00
|
Baa2
|
1,149,680
|
|||||
|
1,000
|
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, LBJ Infrastructure Group LLC IH-635 Managed Lanes Project, Series 2010, 7.000%, 6/30/34
|
6/20 at 100.00
|
Baa3
|
1,169,940
|
|||||
|
955
|
Texas Public Finance Authority Charter School Finance Corporation, Charter School Revenue Bonds, School of Excellence Education Project, Series 2004A, 7.000%, 12/01/34
|
12/14 at 100.00
|
BB+
|
971,789
|
|||||
|
2,000
|
Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A, 5.750%, 8/15/38 – AMBAC Insured
|
8/12 at 100.00
|
BBB+
|
2,021,080
|
|||||
|
550
|
Travis County Health Facilities Development Corporation, Texas, Revenue Bonds, Westminster Manor, Series 2010, 7.000%, 11/01/30
|
11/20 at 100.00
|
BB+
|
622,182
|
|||||
|
16,705
|
Total Texas
|
15,316,550
|
|||||||
|
Utah – 3.2% (2.9% of Total Investments)
|
|||||||||
|
Utah State Charter School Finance Authority, Charter School Revenue Bonds, Noah Webster Academy, Series 2008A:
|
|||||||||
|
500
|
6.250%, 6/15/28
|
6/17 at 100.00
|
N/R
|
491,000
|
|||||
|
1,430
|
6.500%, 6/15/38
|
6/17 at 100.00
|
N/R
|
1,389,660
|
|||||
|
5,550
|
Utah State Charter School Finance Authority, Revenue Bonds, Summit Academy Project, Series 2007A, 5.800%, 6/15/38
|
12/17 at 100.00
|
BBB–
|
5,298,585
|
|||||
|
7,480
|
Total Utah
|
7,179,245
|
|||||||
|
Virginia – 1.4% (1.2% of Total Investments)
|
|||||||||
|
3,000
|
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, Series 2007B1, 5.000%, 6/01/47
|
6/17 at 100.00
|
B2
|
2,059,109
|
|||||
|
1,000
|
Virginia Small Business Financing Authority, Revenue Bonds Hampton Roads Proton Beam Therapy Institute at Hampton University, LLC Project, Series 2009, 9.000%, 7/01/39
|
7/14 at 102.00
|
N/R
|
1,078,900
|
|||||
|
4,000
|
Total Virginia
|
3,138,009
|
|||||||
|
Washington – 6.0% (5.3% of Total Investments)
|
|||||||||
|
2,415
|
FYI Properties, Washington, Lease Revenue Bonds, Washington State Department of Information Services Project, Tender Option Bond Trust 2009-14A&B, 19.767%, 6/01/34 (IF) (4)
|
6/19 at 100.00
|
AA
|
3,524,837
|
|||||
|
3,600
|
Kalispel Indian Tribe, Washington, Priority Distribution Bonds, Series 2008, 6.750%, 1/01/38
|
1/18 at 100.00
|
N/R
|
3,032,387
|
|||||
|
7,000
|
Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and Medical Center of Seattle, Series 2007, 5.700%, 12/01/32
|
12/17 at 100.00
|
N/R
|
6,866,649
|
|||||
|
15
|
Washington State Health Care Facilities Authority, Revenue Bonds, Virginia Mason Medical Center, Series 2007B, 5.750%, 8/15/37 – ACA Insured
|
8/17 at 100.00
|
BBB
|
15,675
|
|||||
|
13,030
|
Total Washington
|
13,439,548
|
|||||||
|
West Virginia – 0.2% (0.2% of Total Investments)
|
|||||||||
|
400
|
Ohio County Commission, West Virginia, Special District Excise Tax Revenue Bonds, Fort Henry Economic Development, Series 2006B, 5.625%, 3/01/36
|
3/16 at 100.00
|
BBB
|
416,739
|
|||||
|
Wisconsin – 1.8% (1.6% of Total Investments)
|
|||||||||
|
30
|
Green Bay Redevelopment Authority, Wisconsin, Industrial Development Revenue Bonds, Fort James Project, Series 1999, 5.600%, 5/01/19 (Alternative Minimum Tax)
|
No Opt. Call
|
N/R
|
33,452
|
|||||
|
1,000
|
Lac Courte Oreilles Band of Lake Superior Chippewa Indians, Wisconsin, Revenue Bonds, Series 2006, 7.000%, 12/01/26
|
12/18 at 102.00
|
N/R
|
930,439
|
|
90
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Wisconsin (continued)
|
|||||||||
|
$
|
1,000
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Community Health, Inc. Obligated Group, Tender Option Bond Trust 3592, 18.615%, 4/01/17 (IF) (4)
|
No Opt. Call
|
AA–
|
$
|
1,353,680
|
|||
|
1,500
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Healthcare System, Series 2006, Trust 2187, 14.289%, 8/15/34 (IF)
|
8/16 at 100.00
|
A–
|
1,717,260
|
|||||
|
3,530
|
Total Wisconsin
|
4,034,831
|
|||||||
|
$
|
262,332
|
Total Municipal Bonds (cost $240,814,097)
|
251,469,319
|
|
Shares
|
Description (1)
|
Value
|
|||||||
|
Promissory Note – 0.0% (0.0% of Total Investments)
|
|||||||||
|
217,841
|
Confluence Energy, LLC (5), (7), (8)
|
$
|
76,244
|
||||||
|
Total Promissory Note (cost $76,244)
|
76,244
|
||||||||
|
Total Investments (cost $240,890,341) – 113.0%
|
251,545,563
|
||||||||
|
Borrowings – (15.7)% (9), (10)
|
(35,000,000
|
) | |||||||
|
Other Assets Less Liabilities – 2.7% (11)
|
5,970,021
|
||||||||
|
Net Assets Applicable to Common Shares – 100%
|
$
|
222,515,584
|
|
Investments in Derivatives at April 30, 2012:
|
Swaps outstanding:
|
Counterparty
|
Notional
Amount
|
Fund
Pay/Receive
Floating Rate
|
Floating Rate
Index
|
Fixed Rate
(Annualized)
|
Fixed Rate
Payment
Frequency
|
Effective
Date (12)
|
Termination
Date
|
Unrealized
Appreciation
(Depreciation)
|
|||||||||||||||||
|
Barclays Bank PLC
|
$
|
35,000,000
|
Receive
|
1-Month USD-LIBOR
|
1.333
|
%
|
Monthly
|
4/25/11
|
4/25/14
|
$
|
(675,072
|
)
|
|||||||||||||
|
Morgan Stanley
|
7,000,000
|
Receive
|
3-Month USD-LIBOR
|
2.788
|
%
|
Semi-Annually
|
1/16/13
|
1/16/41
|
148,403
|
||||||||||||||||
|
$
|
(526,669
|
)
|
|||||||||||||||||||||||
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
|
|
|
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
|
|
(3)
|
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
|
|
(4)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives and/or inverse floating rate transactions.
|
|
|
(5)
|
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Trustees.
|
|
|
(6)
|
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing security, in the case of a bond, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.
|
|
|
(7)
|
For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Investment Valuation for more information.
|
|
|
(8)
|
Promissory Note entered into as part of the acquisition of competing creditor interests and claims in connection with the restructuring of Colorado State Housing and Finance Authority Revenue - Confluence Energy LLC Revenue Bonds, 6.20% coupon, maturity 4/1/2016, and the recapitalization of the bonds’ issuer.
|
|
|
(9)
|
Borrowings as a percentage of Total Investments is 13.9%.
|
|
|
(10)
|
The Fund segregates 100% of its eligible investments in the Portfolio of Investments as collateral for Borrowings.
|
|
|
(11)
|
Other Assets Less Liabilities include the net Unrealized Appreciation (Depreciation) of derivative instruments as noted within Investments in Derivatives at April 30, 2012.
|
|
|
(12)
|
Effective date represents the date on which both the Fund and Counterparty commence interest payment accruals on each swap contract.
|
|
|
N/R
|
Not rated.
|
|
|
(IF)
|
Inverse floating rate investment.
|
|
|
USD-LIBOR
|
United States Dollar-London Inter-Bank Offered Rate.
|
|
|
See accompanying notes to financial statements.
|
|
Nuveen Investments
|
91
|
|
Statement of
|
||
|
Assets & Liabilities
|
April 30, 2012 (Unaudited)
|
Investment
|
Select
|
Quality
|
||||||||
|
Quality
|
Quality
|
Income
|
||||||||
|
(NQM
|
)
|
(NQS
|
)
|
(NQU
|
)
|
|||||
|
Assets
|
||||||||||
|
Investments, at value (cost $778,090,073, $715,782,351 and $1,184,006,461, respectively)
|
$
|
849,531,799
|
$
|
758,138,651
|
$
|
1,270,233,888
|
||||
|
Cash
|
1,130,451
|
7,473,666
|
7,992,704
|
|||||||
|
Unrealized appreciation on swaps
|
—
|
—
|
—
|
|||||||
|
Receivables:
|
||||||||||
|
Interest
|
12,313,733
|
10,185,397
|
17,224,823
|
|||||||
|
Investments sold
|
4,495,000
|
19,139,649
|
11,045,500
|
|||||||
|
Deferred offering costs
|
1,099,743
|
1,271,029
|
1,432,111
|
|||||||
|
Other assets
|
284,823
|
315,962
|
580,428
|
|||||||
|
Total assets
|
868,855,549
|
796,524,354
|
1,308,509,454
|
|||||||
|
Liabilities
|
||||||||||
|
Borrowings
|
—
|
—
|
—
|
|||||||
|
Floating rate obligations
|
76,992,000
|
7,495,000
|
57,830,000
|
|||||||
|
Unrealized depreciation on swaps
|
—
|
—
|
—
|
|||||||
|
Payables:
|
||||||||||
|
Common share dividends
|
2,708,317
|
2,674,917
|
3,918,813
|
|||||||
|
Investments purchased
|
1,293,975
|
4,871,108
|
10,612,330
|
|||||||
|
Variable Rate Demand Preferred (VRDP) Shares, at liquidation value
|
211,800,000
|
252,500,000
|
388,400,000
|
|||||||
|
Accrued expenses:
|
||||||||||
|
Interest on borrowings
|
—
|
—
|
—
|
|||||||
|
Management fees
|
428,349
|
395,361
|
626,769
|
|||||||
|
Offering costs
|
—
|
—
|
776,910
|
|||||||
|
Shelf offering costs
|
—
|
—
|
—
|
|||||||
|
Other
|
175,157
|
268,223
|
416,532
|
|||||||
|
Total liabilities
|
293,397,798
|
268,204,609
|
462,581,354
|
|||||||
|
Net assets applicable to Common shares
|
$
|
575,457,751
|
$
|
528,319,745
|
$
|
845,928,100
|
||||
|
Common shares outstanding
|
35,907,599
|
34,430,667
|
54,366,717
|
|||||||
|
Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding)
|
$
|
16.03
|
$
|
15.34
|
$
|
15.56
|
||||
|
Net assets applicable to Common shares consist of:
|
||||||||||
|
Common shares, $.01 par value per share
|
$
|
359,076
|
$
|
344,307
|
$
|
543,667
|
||||
|
Paid-in surplus
|
500,737,404
|
479,717,212
|
757,204,644
|
|||||||
|
Undistributed (Over-distribution of) net investment income
|
9,208,502
|
6,448,372
|
11,722,533
|
|||||||
|
Accumulated net realized gain (loss)
|
(6,288,957
|
)
|
(546,446
|
)
|
(9,770,171
|
)
|
||||
|
Net unrealized appreciation (depreciation)
|
71,441,726
|
42,356,300
|
86,227,427
|
|||||||
|
Net assets applicable to Common shares
|
$
|
575,457,751
|
$
|
528,319,745
|
$
|
845,928,100
|
||||
|
Authorized shares:
|
||||||||||
|
Common
|
200,000,000
|
200,000,000
|
200,000,000
|
|||||||
|
Preferred
|
1,000,000
|
1,000,000
|
1,000,000
|
See accompanying notes to financial statements.
|
92
|
Nuveen Investments
|
|
Premier
|
High Income
|
High Income
|
||||||||
|
Income
|
Opportunity
|
Opportunity 2
|
||||||||
|
(NPF
|
)
|
(NMZ
|
)
|
(NMD
|
)
|
|||||
|
Assets
|
||||||||||
|
Investments, at value (cost $432,397,804, $401,246,330 and $240,890,341, respectively)
|
$
|
464,538,110
|
$
|
424,840,682
|
$
|
251,545,563
|
||||
|
Cash
|
1,951,926
|
1,008,665
|
365,623
|
|||||||
|
Unrealized appreciation on swaps
|
—
|
—
|
148,403
|
|||||||
|
Receivables:
|
||||||||||
|
Interest
|
6,669,666
|
10,530,004
|
6,346,197
|
|||||||
|
Investments sold
|
1,000,000
|
1,167,494
|
1,398,481
|
|||||||
|
Deferred offering costs
|
807,408
|
81,352
|
16,803
|
|||||||
|
Other assets
|
167,568
|
63,949
|
8,750
|
|||||||
|
Total assets
|
475,134,678
|
437,692,146
|
259,829,820
|
|||||||
|
Liabilities
|
||||||||||
|
Borrowings
|
—
|
50,000,000
|
35,000,000
|
|||||||
|
Floating rate obligations
|
42,295,000
|
18,170,000
|
—
|
|||||||
|
Unrealized depreciation on swaps
|
—
|
2,263,144
|
675,072
|
|||||||
|
Payables:
|
||||||||||
|
Common share dividends
|
1,411,991
|
2,016,535
|
1,130,798
|
|||||||
|
Investments purchased
|
—
|
1,335,285
|
—
|
|||||||
|
Variable Rate Demand Preferred (VRDP) Shares, at liquidation value
|
127,700,000
|
—
|
—
|
|||||||
|
Accrued expenses:
|
||||||||||
|
Interest on borrowings
|
—
|
40,262
|
34,342
|
|||||||
|
Management fees
|
233,064
|
295,764
|
197,565
|
|||||||
|
Offering costs
|
87,583
|
—
|
—
|
|||||||
|
Shelf offering costs
|
—
|
69,350
|
43,065
|
|||||||
|
Other
|
160,014
|
378,448
|
233,394
|
|||||||
|
Total liabilities
|
171,887,652
|
74,568,788
|
37,314,236
|
|||||||
|
Net assets applicable to Common shares
|
$
|
303,247,026
|
$
|
363,123,358
|
$
|
222,515,584
|
||||
|
Common shares outstanding
|
19,888,518
|
28,480,745
|
18,028,819
|
|||||||
|
Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding)
|
$
|
15.25
|
$
|
12.75
|
$
|
12.34
|
||||
|
Net assets applicable to Common shares consist of:
|
||||||||||
|
Common shares, $.01 par value per share
|
$
|
198,885
|
$
|
284,807
|
$
|
180,288
|
||||
|
Paid-in surplus
|
276,683,169
|
390,969,880
|
251,017,046
|
|||||||
|
Undistributed (Over-distribution of) net investment income
|
4,157,932
|
1,003,837
|
715,880
|
|||||||
|
Accumulated net realized gain (loss)
|
(9,933,266
|
)
|
(50,466,374
|
)
|
(39,526,183
|
)
|
||||
|
Net unrealized appreciation (depreciation)
|
32,140,306
|
21,331,208
|
10,128,553
|
|||||||
|
Net assets applicable to Common shares
|
$
|
303,247,026
|
$
|
363,123,358
|
$
|
222,515,584
|
||||
|
Authorized shares:
|
||||||||||
|
Common
|
200,000,000
|
Unlimited
|
Unlimited
|
|||||||
|
Preferred
|
1,000,000
|
Unlimited
|
Unlimited
|
See accompanying notes to financial statements.
|
Nuveen Investments
|
93
|
|
Statement of
|
|||
|
Operations
|
|||
|
Six Months Ended April 30, 2012
(Unaudited)
|
|
Investment
|
Select
|
Quality
|
||||||||
|
Quality
|
Quality
|
Income
|
||||||||
|
(NQM
|
)
|
(NQS
|
)
|
(NQU
|
)
|
|||||
|
Investment Income
|
$
|
21,622,529
|
$
|
20,270,476
|
$
|
31,975,350
|
||||
|
Expenses
|
||||||||||
|
Management fees
|
2,572,055
|
2,367,841
|
3,749,081
|
|||||||
|
Dividend disbursing agent fees
|
1,249
|
17,966
|
—
|
|||||||
|
Shareholders’ servicing agent fees and expenses
|
20,004
|
17,935
|
28,823
|
|||||||
|
Interest expense and amortization of offering costs
|
515,535
|
413,180
|
714,036
|
|||||||
|
Fees on VRDP Shares
|
1,197,653
|
1,427,797
|
2,693,195
|
|||||||
|
Custodian’s fees and expenses
|
62,198
|
57,839
|
86,798
|
|||||||
|
Directors’/Trustees’ fees and expenses
|
9,827
|
9,733
|
15,265
|
|||||||
|
Professional fees
|
37,928
|
27,677
|
31,442
|
|||||||
|
Shareholders’ reports – printing and mailing expenses
|
87,588
|
91,157
|
141,965
|
|||||||
|
Stock exchange listing fees
|
5,754
|
5,765
|
8,787
|
|||||||
|
Investor relations expense
|
26,883
|
26,570
|
42,652
|
|||||||
|
Other expenses
|
29,561
|
27,687
|
32,577
|
|||||||
|
Total expenses before custodian fee credit, expense reimbursement and legal fee refund
|
4,566,235
|
4,491,147
|
7,544,621
|
|||||||
|
Custodian fee credit
|
(1,308
|
)
|
(3,962
|
)
|
(4,929
|
)
|
||||
|
Expense reimbursement
|
—
|
—
|
—
|
|||||||
|
Legal fee refund
|
(79,282
|
)
|
(20,531
|
)
|
(33,822
|
)
|
||||
|
Net expenses
|
4,485,645
|
4,466,654
|
7,505,870
|
|||||||
|
Net investment income (loss)
|
17,136,884
|
15,803,822
|
24,469,480
|
|||||||
|
Realized and Unrealized Gain (Loss)
|
||||||||||
|
Net realized gain (loss) from:
|
||||||||||
|
Investments
|
(5,087,470
|
)
|
(561,951
|
)
|
(434,810
|
)
|
||||
|
Swaps
|
—
|
—
|
—
|
|||||||
|
Change in net unrealized appreciation (depreciation) of:
|
||||||||||
|
Investments
|
45,191,481
|
40,727,939
|
68,423,900
|
|||||||
|
Swaps
|
—
|
—
|
—
|
|||||||
|
Net realized and unrealized gain (loss)
|
40,104,011
|
40,165,988
|
67,989,090
|
|||||||
|
Net increase (decrease) in net assets applicable to Common shares from operations
|
$
|
57,240,895
|
$
|
55,969,810
|
$
|
92,458,570
|
See accompanying notes to financial statements.
|
94
|
Nuveen Investments
|
|
Premier
|
High Income
|
High Income
|
||||||||
|
Income
|
Opportunity
|
Opportunity 2
|
||||||||
|
(NPF
|
)
|
(NMZ
|
)
|
(NMD
|
)
|
|||||
|
Investment Income
|
$
|
10,993,333
|
$
|
15,842,682
|
$
|
9,789,491
|
||||
|
Expenses
|
||||||||||
|
Management fees
|
1,406,545
|
1,717,871
|
1,164,848
|
|||||||
|
Dividend disbursing agent fees
|
30,459
|
35,014
|
—
|
|||||||
|
Shareholders’ servicing agent fees and expenses
|
10,962
|
1,543
|
739
|
|||||||
|
Interest expense and amortization of offering costs
|
302,876
|
379,660
|
234,738
|
|||||||
|
Fees on VRDP Shares
|
722,098
|
—
|
—
|
|||||||
|
Custodian’s fees and expenses
|
36,118
|
38,191
|
26,666
|
|||||||
|
Directors’/Trustees’ fees and expenses
|
5,491
|
5,088
|
3,237
|
|||||||
|
Professional fees
|
21,955
|
197,269
|
65,171
|
|||||||
|
Shareholders’ reports – printing and mailing expenses
|
58,795
|
91,445
|
72,985
|
|||||||
|
Stock exchange listing fees
|
4,284
|
1,838
|
4,284
|
|||||||
|
Investor relations expense
|
15,302
|
16,784
|
9,506
|
|||||||
|
Other expenses
|
23,091
|
11,365
|
6,818
|
|||||||
|
Total expenses before custodian fee credit, expense reimbursement and legal fee refund
|
2,637,976
|
2,496,068
|
1,588,992
|
|||||||
|
Custodian fee credit
|
(1,060
|
)
|
(571
|
)
|
(294
|
)
|
||||
|
Expense reimbursement
|
—
|
(30,160
|
)
|
—
|
||||||
|
Legal fee refund
|
—
|
—
|
(12,635
|
)
|
||||||
|
Net expenses
|
2,636,916
|
2,465,337
|
1,576,063
|
|||||||
|
Net investment income (loss)
|
8,356,417
|
13,377,345
|
8,213,428
|
|||||||
|
Realized and Unrealized Gain (Loss)
|
||||||||||
|
Net realized gain (loss) from:
|
||||||||||
|
Investments
|
5,172,936
|
(727,422
|
)
|
403,334
|
||||||
|
Swaps
|
—
|
(267,156
|
)
|
(1,874,009
|
)
|
|||||
|
Change in net unrealized appreciation (depreciation) of:
|
||||||||||
|
Investments
|
11,612,129
|
33,440,847
|
19,948,677
|
|||||||
|
Swaps
|
—
|
(138,483
|
)
|
1,466,257
|
||||||
|
Net realized and unrealized gain (loss)
|
16,785,065
|
32,307,786
|
19,944,259
|
|||||||
|
Net increase (decrease) in net assets applicable to Common shares from operations
|
$
|
25,141,482
|
$
|
45,685,131
|
$
|
28,157,687
|
See accompanying notes to financial statements.
|
Nuveen Investments
|
95
|
|
Statement of
|
||
|
Changes in Net Assets (Unaudited)
|
|
Investment Quality (NQM)
|
Select Quality (NQS)
|
||||||||||||
|
Six Months
Ended
4/30/12
|
Year
Ended
10/31/11
|
Six Months
Ended
4/30/12
|
Year
Ended
10/31/11
|
||||||||||
|
Operations
|
|||||||||||||
|
Net investment income (loss)
|
$
|
17,136,884
|
$
|
35,922,227
|
$
|
15,803,822
|
$
|
35,552,096
|
|||||
|
Net realized gain (loss) from:
|
|||||||||||||
|
Investments
|
(5,087,470
|
)
|
714,102
|
(561,951
|
)
|
3,535,741
|
|||||||
|
Futures contracts
|
—
|
—
|
—
|
—
|
|||||||||
|
Swaps
|
—
|
—
|
—
|
—
|
|||||||||
|
Change in net unrealized appreciation (depreciation) of:
|
|||||||||||||
|
Investments
|
45,191,481
|
(8,504,182
|
)
|
40,727,939
|
(17,285,740
|
)
|
|||||||
|
Futures contracts
|
—
|
—
|
—
|
—
|
|||||||||
|
Swaps
|
—
|
—
|
—
|
—
|
|||||||||
|
Distributions to Auction Rate Preferred Shareholders:
|
|||||||||||||
|
From net investment income
|
—
|
(492,570
|
)
|
—
|
(547,198
|
)
|
|||||||
|
From accumulated net realized gains
|
—
|
—
|
—
|
(50,852
|
)
|
||||||||
|
Net increase (decrease) in net assets applicable to Common shares from operations
|
57,240,895
|
27,639,577
|
55,969,810
|
21,204,047
|
|||||||||
|
Distributions to Common Shareholders
|
|||||||||||||
|
From net investment income
|
(18,087,097
|
)
|
(34,702,658
|
)
|
(17,748,928
|
)
|
(35,622,035
|
)
|
|||||
|
From accumulated net realized gains
|
—
|
—
|
(2,608,829
|
)
|
(2,776,673
|
)
|
|||||||
|
Decrease in net assets applicable to Common shares from distributions to Common shareholders
|
(18,087,097
|
)
|
(34,702,658
|
)
|
(20,357,757
|
)
|
(38,398,708
|
)
|
|||||
|
Capital Share Transactions
|
|||||||||||||
|
Common shares:
|
|||||||||||||
|
Proceeds from shelf offering, net of offering costs
|
—
|
—
|
—
|
—
|
|||||||||
|
Net proceeds issued to shareholders due to reinvestment of distributions
|
784,944
|
—
|
1,255,182
|
2,410,413
|
|||||||||
|
Net increase (decrease) in net assets applicable to Common shares from capital share transactions
|
784,944
|
—
|
1,255,182
|
2,410,413
|
|||||||||
|
Net increase (decrease) in net assets applicable to Common shares
|
39,938,742
|
(7,063,081
|
)
|
36,867,235
|
(14,784,248
|
)
|
|||||||
|
Net assets applicable to Common shares at the beginning of period
|
535,519,009
|
542,582,090
|
491,452,510
|
506,236,758
|
|||||||||
|
Net assets applicable to Common shares at the end of period
|
$
|
575,457,751
|
$
|
535,519,009
|
$
|
528,319,745
|
$
|
491,452,510
|
|||||
|
Undistributed (Over-distribution of) net investment income at the end of period
|
$
|
9,208,502
|
$
|
10,158,715
|
$
|
6,448,372
|
$
|
8,393,478
|
|||||
See accompanying notes to financial statements.
|
96
|
Nuveen Investments
|
|
Quality Income (NQU)
|
Premier Income (NPF)
|
||||||||||||
|
Six Months
Ended
4/30/12
|
Year
Ended
10/31/11
|
Six Months
Ended
4/30/12
|
Year
Ended
10/31/11
|
||||||||||
|
Operations
|
|||||||||||||
|
Net investment income (loss)
|
$
|
24,469,480
|
$
|
50,843,479
|
$
|
8,356,417
|
$
|
18,663,756
|
|||||
|
Net realized gain (loss) from:
|
|||||||||||||
|
Investments
|
(434,810
|
)
|
3,765,383
|
5,172,936
|
(307,094
|
)
|
|||||||
|
Futures contracts
|
—
|
—
|
—
|
—
|
|||||||||
|
Swaps
|
—
|
—
|
—
|
—
|
|||||||||
|
Change in net unrealized appreciation (depreciation) of:
|
|||||||||||||
|
Investments
|
68,423,900
|
(27,770,509
|
)
|
11,612,129
|
(5,239,224
|
)
|
|||||||
|
Futures contracts
|
—
|
—
|
—
|
—
|
|||||||||
|
Swaps
|
—
|
—
|
—
|
—
|
|||||||||
|
Distributions to Auction Rate Preferred Shareholders:
|
|||||||||||||
|
From net investment income
|
—
|
(361,048
|
)
|
—
|
(291,522
|
)
|
|||||||
|
From accumulated net realized gains
|
—
|
—
|
—
|
—
|
|||||||||
|
Net increase (decrease) in net assets applicable to Common shares from operations
|
92,458,570
|
26,477,305
|
25,141,482
|
12,825,916
|
|||||||||
|
Distributions to Common Shareholders
|
|||||||||||||
|
From net investment income
|
(25,769,826
|
)
|
(51,519,713
|
)
|
(9,367,493
|
)
|
(17,780,337
|
)
|
|||||
|
From accumulated net realized gains
|
(1,821,285
|
)
|
—
|
—
|
—
|
||||||||
|
Decrease in net assets applicable to Common shares from distributions to Common shareholders
|
(27,591,111
|
)
|
(51,519,713
|
)
|
(9,367,493
|
)
|
(17,780,337
|
)
|
|||||
|
Capital Share Transactions
|
|||||||||||||
|
Common shares:
|
|||||||||||||
|
Proceeds from shelf offering, net of offering costs
|
—
|
—
|
—
|
—
|
|||||||||
|
Net proceeds issued to shareholders due to reinvestment of distributions
|
—
|
1,118,232
|
—
|
—
|
|||||||||
|
Net increase (decrease) in net assets applicable to Common shares from capital share transactions
|
—
|
1,118,232
|
—
|
—
|
|||||||||
|
Net increase (decrease) in net assets applicable to Common shares
|
64,867,459
|
(23,924,176
|
)
|
15,773,989
|
(4,954,421
|
)
|
|||||||
|
Net assets applicable to Common shares at the beginning of period
|
781,060,641
|
804,984,817
|
287,473,037
|
292,427,458
|
|||||||||
|
Net assets applicable to Common shares at the end of period
|
$
|
845,928,100
|
$
|
781,060,641
|
$
|
303,247,026
|
$
|
287,473,037
|
|||||
|
Undistributed (Over-distribution of) net investment income at the end of period
|
$
|
11,722,533
|
$
|
13,022,879
|
$
|
4,157,932
|
$
|
5,169,008
|
|||||
|
See accompanying notes to financial statements.
|
|
Nuveen Investments
|
97
|
|
Statement of
|
||
|
Changes in Net Assets (Unaudited) (continued)
|
|
High Income
Opportunity (NMZ)
|
High Income
Opportunity 2 (NMD)
|
||||||||||||
|
Six Months
Ended
4/30/12
|
Year
Ended
10/31/11
|
Six Months
Ended
4/30/12
|
Year
Ended
10/31/11
|
||||||||||
|
Operations
|
|||||||||||||
|
Net investment income (loss)
|
$
|
13,377,345
|
$
|
26,278,161
|
$
|
8,213,428
|
$
|
15,412,305
|
|||||
|
Net realized gain (loss) from:
|
|||||||||||||
|
Investments
|
(727,422
|
)
|
2,246,427
|
403,334
|
(12,101
|
)
|
|||||||
|
Futures contracts
|
—
|
—
|
—
|
288,859
|
|||||||||
|
Swaps
|
(267,156
|
)
|
(1,050,533
|
)
|
(1,874,009
|
)
|
(1,206,353
|
)
|
|||||
|
Change in net unrealized appreciation (depreciation) of:
|
|||||||||||||
|
Investments
|
33,440,847
|
(13,973,562
|
)
|
19,948,677
|
(11,295,422
|
)
|
|||||||
|
Futures contracts
|
—
|
—
|
—
|
(137,711
|
)
|
||||||||
|
Swaps
|
(138,483
|
)
|
(925,269
|
)
|
1,466,257
|
(427,646
|
)
|
||||||
|
Distributions to Auction Rate Preferred Shareholders:
|
|||||||||||||
|
From net investment income
|
—
|
(234,848
|
)
|
—
|
—
|
||||||||
|
From accumulated net realized gains
|
—
|
—
|
—
|
—
|
|||||||||
|
Net increase (decrease) in net assets applicable to Common shares from operations
|
45,685,131
|
12,340,376
|
28,157,687
|
2,621,931
|
|||||||||
|
Distributions to Common Shareholders
|
|||||||||||||
|
From net investment income
|
(13,021,170
|
)
|
(26,440,461
|
)
|
(7,115,232
|
)
|
(15,416,043
|
)
|
|||||
|
From accumulated net realized gains
|
—
|
—
|
—
|
—
|
|||||||||
|
Decrease in net assets applicable to Common shares from distributions to Common shareholders
|
(13,021,170
|
)
|
(26,440,461
|
)
|
(7,115,232
|
)
|
(15,416,043
|
)
|
|||||
|
Capital Share Transactions
|
|||||||||||||
|
Common shares:
|
|||||||||||||
|
Proceeds from shelf offering, net of offering costs
|
7,006,055
|
12,084,719
|
1,836,889
|
4,923,964
|
|||||||||
|
Net proceeds issued to shareholders due to reinvestment of distributions
|
363,084
|
655,672
|
211,115
|
956,366
|
|||||||||
|
Net increase (decrease) in net assets applicable to Common shares from capital share transactions
|
7,369,139
|
12,740,391
|
2,048,004
|
5,880,330
|
|||||||||
|
Net increase (decrease) in net assets applicable to Common shares
|
40,033,100
|
(1,359,694
|
)
|
23,090,459
|
(6,913,782
|
)
|
|||||||
|
Net assets applicable to Common shares at the beginning of period
|
323,090,258
|
324,449,952
|
199,425,125
|
206,338,907
|
|||||||||
|
Net assets applicable to Common shares at the end of period
|
$
|
363,123,358
|
$
|
323,090,258
|
$
|
222,515,584
|
$
|
199,425,125
|
|||||
|
Undistributed (Over-distribution of) net investment income at the end of period
|
$
|
1,003,837
|
$
|
647,662
|
$
|
715,880
|
$
|
(382,316
|
)
|
||||
See accompanying notes to financial statements.
|
98
|
Nuveen Investments
|
|
Statement of
|
|||
|
Cash Flows
|
|||
|
Six Months Ended April 30, 2012
|
|||
|
(Unaudited)
|
|
Investment
|
Select
|
Quality
|
||||||||
|
Quality
|
Quality
|
Income
|
||||||||
|
(NQM
|
)
|
(NQS
|
)
|
(NQU
|
)
|
|||||
|
Cash Flows from Operating Activities:
|
||||||||||
|
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
|
$
|
57,240,895
|
$
|
55,969,810
|
$
|
92,458,570
|
||||
|
Adjustments to reconcile the net increase (decrease) in net assets applicable to Common shares from operations to net cash provided by (used in) operating activities:
|
||||||||||
|
Purchases of investments
|
(37,899,006
|
)
|
(73,973,048
|
)
|
(98,518,259
|
)
|
||||
|
Proceeds from sales and maturities of investments
|
44,135,083
|
81,593,262
|
98,848,982
|
|||||||
|
Proceeds from (Payments for) swap contracts, net
|
—
|
—
|
—
|
|||||||
|
Amortization (Accretion) of premiums and discounts, net
|
(540,285
|
)
|
(3,409,197
|
)
|
(4,776,263
|
)
|
||||
|
(Increase) Decrease in:
|
||||||||||
|
Receivable for interest
|
366,578
|
265,644
|
669,536
|
|||||||
|
Receivable for investments sold
|
(4,485,000
|
)
|
6,197,721
|
11,074,084
|
||||||
|
Other assets
|
(2,890
|
)
|
3,264
|
(18,590
|
)
|
|||||
|
Increase (Decrease) in:
|
||||||||||
|
Payable for investments purchased
|
(1,149,475
|
)
|
236,015
|
4,847,845
|
||||||
|
Accrued interest on borrowings
|
—
|
—
|
—
|
|||||||
|
Accrued management fees
|
(410
|
)
|
100
|
1,293
|
||||||
|
Accrued other expenses
|
11,372
|
8,555
|
22,003
|
|||||||
|
Net realized (gain) loss from:
|
||||||||||
|
Investments
|
5,087,470
|
561,951
|
434,810
|
|||||||
|
Swaps
|
—
|
—
|
—
|
|||||||
|
Net unrealized (appreciation) depreciation of:
|
||||||||||
|
Investments
|
(45,191,481
|
)
|
(40,727,939
|
)
|
(68,423,900
|
)
|
||||
|
Swaps
|
—
|
—
|
—
|
|||||||
|
Taxes paid on undistributed capital gains
|
(321
|
)
|
(37,714
|
)
|
(26,608
|
)
|
||||
|
Net cash provided by (used in) operating activities
|
17,572,530
|
26,688,424
|
36,593,503
|
|||||||
|
Cash Flows from Financing Activities:
|
||||||||||
|
(Increase) Decrease deferred offering costs
|
(27,653
|
)
|
(80,910
|
)
|
24,961
|
|||||
|
Increase (Decrease) in:
|
||||||||||
|
Cash overdraft
|
—
|
—
|
—
|
|||||||
|
Floating rate obligations
|
—
|
(5,115,000
|
)
|
(3,580,000
|
)
|
|||||
|
Accrued offering costs
|
(291,858
|
)
|
(209,612
|
)
|
(499,532
|
)
|
||||
|
Accrued shelf offering costs
|
—
|
—
|
—
|
|||||||
|
Cash distributions paid to Common shareholders
|
(17,282,144
|
)
|
(19,082,881
|
)
|
(27,581,124
|
)
|
||||
|
Proceeds from shelf offering, net of offering costs
|
—
|
—
|
—
|
|||||||
|
Net cash provided by (used in) financing activities
|
(17,601,655
|
)
|
(24,488,403
|
)
|
(31,635,695
|
)
|
||||
|
Net Increase (Decrease) in Cash
|
(29,125
|
)
|
2,200,021
|
4,957,808
|
||||||
|
Cash at the beginning of period
|
1,159,576
|
5,273,645
|
3,034,896
|
|||||||
|
Cash at the End of Period
|
$
|
1,130,451
|
$
|
7,473,666
|
$
|
7,992,704
|
|
Supplemental Disclosure of Cash Flow Information
|
|
Non-cash financing activities not included herein consist of reinvestments of Common share distributions of $784,944 and $1,255,182 for Investment Quality (NQM) and Select Quality (NQS), respectively.
|
|
Investment
|
Select
|
Quality
|
||||||||
|
Quality
|
Quality
|
Income
|
||||||||
|
(NQM
|
)
|
(NQS
|
)
|
(NQU
|
)
|
|||||
|
Cash paid for interest (excluding amortization of offering costs)
|
$
|
497,426
|
$
|
393,078
|
$
|
689,075
|
||||
|
See accompanying notes to financial statements
|
|
Nuveen Investments
|
99
|
|
Statement of
|
||
|
Cash Flows (Unaudited) (continued)
|
|
Premier
|
High Income
|
High Income
|
||||||||
|
Income
|
Opportunity
|
Opportunity 2
|
||||||||
|
(NPF
|
)
|
(NMZ
|
)
|
(NMD
|
)
|
|||||
|
Cash Flows from Operating Activities:
|
||||||||||
|
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
|
$
|
25,141,482
|
$
|
45,685,131
|
$
|
28,157,687
|
||||
|
Adjustments to reconcile the net increase (decrease) in net assets applicable to Common shares from operations to net cash provided by (used in) operating activities:
|
||||||||||
|
Purchases of investments
|
(57,644,193
|
)
|
(33,115,330
|
)
|
(9,909,753
|
)
|
||||
|
Proceeds from sales and maturities of investments
|
61,600,841
|
26,084,477
|
10,005,233
|
|||||||
|
Proceeds from (Payments for) swap contracts, net
|
—
|
(267,156
|
)
|
(1,874,009
|
)
|
|||||
|
Amortization (Accretion) of premiums and discounts, net
|
(1,828,745
|
)
|
(26,830
|
)
|
43,727
|
|||||
|
(Increase) Decrease in:
|
||||||||||
|
Receivable for interest
|
(25,288
|
)
|
66,660
|
93,796
|
||||||
|
Receivable for investments sold
|
(895,000
|
)
|
(470,083
|
)
|
(988,481
|
)
|
||||
|
Other assets
|
9,052
|
39,221
|
(6,018
|
)
|
||||||
|
Increase (Decrease) in:
|
||||||||||
|
Payable for investments purchased
|
(2,854,472
|
)
|
945,441
|
(389,844
|
)
|
|||||
|
Accrued interest on borrowings
|
—
|
(6,748
|
)
|
3,475
|
||||||
|
Accrued management fees
|
(2,895
|
)
|
48,679
|
5,718
|
||||||
|
Accrued other expenses
|
1,691
|
109,188
|
41,922
|
|||||||
|
Net realized (gain) loss from:
|
||||||||||
|
Investments
|
(5,172,936
|
)
|
727,422
|
(403,334
|
)
|
|||||
|
Swaps
|
—
|
267,156
|
1,874,009
|
|||||||
|
Net unrealized (appreciation) depreciation of:
|
||||||||||
|
Investments
|
(11,612,129
|
)
|
(33,440,847
|
)
|
(19,948,677
|
)
|
||||
|
Swaps
|
—
|
138,483
|
(1,466,257
|
)
|
||||||
|
Taxes paid on undistributed capital gains
|
(230
|
)
|
(841
|
)
|
(13
|
)
|
||||
|
Net cash provided by (used in) operating activities
|
6,717,178
|
6,784,023
|
5,239,181
|
|||||||
|
Cash Flows from Financing Activities:
|
||||||||||
|
(Increase) Decrease deferred offering costs
|
13,872
|
(37,705
|
)
|
24,864
|
||||||
|
Increase (Decrease) in:
|
||||||||||
|
Cash overdraft
|
—
|
(209,241
|
)
|
—
|
||||||
|
Floating rate obligations
|
(2,475,000
|
)
|
—
|
—
|
||||||
|
Accrued offering costs
|
(198,632
|
)
|
—
|
—
|
||||||
|
Accrued shelf offering costs
|
—
|
69,350
|
—
|
|||||||
|
Cash distributions paid to Common shareholders
|
(9,357,831
|
)
|
(12,603,817
|
)
|
(6,883,962
|
)
|
||||
|
Proceeds from shelf offering, net of offering costs
|
—
|
7,006,055
|
1,836,889
|
|||||||
|
Net cash provided by (used in) financing activities
|
(12,017,591
|
)
|
(5,775,358
|
)
|
(5,022,209
|
)
|
||||
|
Net Increase (Decrease) in Cash
|
(5,300,413
|
)
|
1,008,665
|
216,972
|
||||||
|
Cash at the beginning of period
|
7,252,339
|
—
|
148,651
|
|||||||
|
Cash at the End of Period
|
$
|
1,951,926
|
$
|
1,008,665
|
$
|
365,623
|
||||
|
Supplemental Disclosure of Cash Flow Information
|
|
Non-cash financing activities not included herein consist of reinvestments of Common share distributions of $363,084 and $211,115 for High Income Opportunity (NMZ) and High Income Opportunity 2 (NMD), respectively.
|
|
Premier
|
High Income
|
High Income
|
||||||||
|
Income
|
Opportunity
|
Opportunity 2
|
||||||||
|
(NPF
|
)
|
(NMZ
|
)
|
(NMD
|
)
|
|||||
|
Cash paid for interest (excluding amortization of offering costs)
|
$
|
289,004
|
$
|
328,488
|
$
|
428,897
|
||||
See accompanying notes to financial statements.
|
100
|
Nuveen Investments
|
|
Financial
|
||
|
Highlights (Unaudited)
|
|
Nuveen Investments
|
101
|
|
Financial
|
||
|
Highlights (Unaudited)
|
||
|
Selected data for a Common share outstanding throughout each period:
|
||
|
Investment Operations
|
Less Distributions
|
||||||||||||||||||||||||||||||||||||
|
Beginning
Common
Share
Net Asset
Value
|
Net
Investment
Income
(Loss)
|
Net
Realized/
Unrealized
Gain (Loss)
|
Distributions
from Net
Investment
Income to
Auction Rate
Preferred
Shareholders
|
(a)
|
Distributions
from
Capital
Gains to
Auction Rate
Preferred
Shareholders
|
(a)
|
Total
|
Net
Investment
Income to
Common
Share-
holders
|
Capital
Gains to
Common
Share-
holders
|
Total
|
Discount
from
Common
Shares
Repur-
chased
and
Retired
|
Ending
Common
Share
Net Asset
Value
|
Ending
Market
Value
|
||||||||||||||||||||||||
|
Investment Quality (NQM)
|
|||||||||||||||||||||||||||||||||||||
|
Year Ended 10/31:
|
|||||||||||||||||||||||||||||||||||||
|
2012(f)
|
$
|
14.93
|
$
|
.48
|
$
|
1.12
|
$
|
—
|
$
|
—
|
$
|
1.60
|
$
|
(.50
|
)
|
$
|
—
|
$
|
(.50
|
)
|
$
|
—
|
$
|
16.03
|
$
|
15.91
|
|||||||||||
|
2011
|
15.13
|
1.00
|
(.22
|
)
|
(.01
|
)
|
—
|
.77
|
(.97
|
)
|
—
|
(.97
|
)
|
—
|
14.93
|
14.57
|
|||||||||||||||||||||
|
2010
|
14.26
|
1.04
|
.76
|
(.02
|
)
|
—
|
1.78
|
(.91
|
)
|
—
|
(.91
|
)
|
—
|
15.13
|
14.95
|
||||||||||||||||||||||
|
2009
|
12.18
|
1.02
|
1.91
|
(.04
|
)
|
(.01
|
)
|
2.88
|
(.77
|
)
|
(.03
|
)
|
(.80
|
)
|
—
|
14.26
|
13.13
|
||||||||||||||||||||
|
2008
|
15.03
|
1.01
|
(2.80
|
)
|
(.29
|
)
|
—
|
(2.08
|
)
|
(.77
|
)
|
—
|
(.77
|
)
|
—
|
12.18
|
10.64
|
||||||||||||||||||||
|
2007
|
15.71
|
1.02
|
(.60
|
)
|
(.30
|
)
|
—
|
.12
|
(.80
|
)
|
—
|
(.80
|
)
|
—
|
15.03
|
13.88
|
|||||||||||||||||||||
|
Select Quality (NQS)
|
|||||||||||||||||||||||||||||||||||||
|
Year Ended 10/31:
|
|||||||||||||||||||||||||||||||||||||
|
2012(f)
|
14.31
|
.46
|
1.17
|
—
|
—
|
1.63
|
(.52
|
)
|
(.08
|
)
|
(.60
|
)
|
—
|
15.34
|
15.64
|
||||||||||||||||||||||
|
2011
|
14.82
|
1.03
|
(.40
|
)
|
(.02
|
)
|
—
|
*
|
.61
|
(1.04
|
)
|
(.08
|
)
|
(1.12
|
)
|
—
|
14.31
|
14.62
|
|||||||||||||||||||
|
2010
|
14.14
|
1.12
|
.61
|
(.03
|
)
|
—
|
*
|
1.70
|
(1.00
|
)
|
(.02
|
)
|
(1.02
|
)
|
—
|
14.82
|
15.35
|
||||||||||||||||||||
|
2009
|
12.01
|
1.12
|
1.92
|
(.06
|
)
|
—
|
2.98
|
(.85
|
)
|
—
|
(.85
|
)
|
—
|
14.14
|
13.77
|
||||||||||||||||||||||
|
2008
|
15.05
|
1.08
|
(3.02
|
)
|
(.30
|
)
|
—
|
(2.24
|
)
|
(.80
|
)
|
—
|
(.80
|
)
|
—
|
12.01
|
10.99
|
||||||||||||||||||||
|
2007
|
15.62
|
1.07
|
(.52
|
)
|
(.29
|
)
|
—
|
.26
|
(.83
|
)
|
—
|
(.83
|
)
|
—
|
15.05
|
15.00
|
|||||||||||||||||||||
|
(a)
|
The amounts shown are based on Common share equivalents.
|
|
(b)
|
Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
|
|
Total Return Based on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
|
|
102
|
Nuveen Investments
|
|
Ratios/Supplemental Data
|
||||||||||||||||||
|
Total Returns
|
Ratios to Average Net Assets
Applicable to Common Shares(c)(d)
|
|||||||||||||||||
|
Based
on
Market
Value
|
(b)
|
Based
on
Common
Share Net
Asset
Value
|
(b)
|
Ending
Net
Assets
Applicable
to Common
Shares (000)
|
Expenses
|
(e)
|
Net
Investment
Income (Loss)
|
Portfolio
Turnover
Rate
|
||||||||||
|
12.76
|
%
|
10.86
|
%
|
$
|
575,458
|
1.64
|
%**
|
6.12
|
%**
|
5
|
%
|
|||||||
|
4.45
|
5.58
|
535,519
|
1.50
|
7.03
|
12
|
|||||||||||||
|
21.33
|
12.85
|
542,582
|
1.24
|
7.08
|
14
|
|||||||||||||
|
31.77
|
24.35
|
510,910
|
1.34
|
7.66
|
8
|
|||||||||||||
|
(18.72
|
)
|
(14.43
|
)
|
436,370
|
1.46
|
7.07
|
9
|
|||||||||||
|
(6.17
|
)
|
.82
|
538,266
|
1.35
|
6.67
|
11
|
||||||||||||
|
11.27
|
11.52
|
528,320
|
1.76
|
** |
6.19
|
** |
10
|
|||||||||||
|
3.35
|
4.82
|
491,453
|
1.53
|
7.61
|
13
|
|||||||||||||
|
19.50
|
12.38
|
506,237
|
1.16
|
7.77
|
20
|
|||||||||||||
|
34.19
|
25.67
|
481,233
|
1.29
|
8.66
|
8
|
|||||||||||||
|
(22.19
|
)
|
(15.50
|
)
|
408,541
|
1.27
|
7.54
|
10
|
|||||||||||
|
2.31
|
1.70
|
511,670
|
1.21
|
6.95
|
8
|
|||||||||||||
|
(c)
|
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to Auction Rate Preferred Shares (“ARPS”) and/or VRDP Shares, where applicable.
|
|
(d)
|
Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank or legal fee refund, where applicable.
|
|
(e)
|
The expense ratios reflect, among other things, all interest expense and other costs related to VRDP Shares and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, both as described in Footnote 1 – General Information and Significant Accounting Policies, Variable Rate Demand Preferred Shares and Inverse Floating Rate Securities, respectively, as follows:
|
|
Investment Quality (NQM)
|
||||
|
Year Ended 10/31:
|
||||
|
2012(f)
|
.61
|
%**
|
||
|
2011
|
.40
|
|||
|
2010
|
.12
|
|||
|
2009
|
.17
|
|||
|
2008
|
.26
|
|||
|
2007
|
.16
|
|||
|
Select Quality (NQS)
|
||||
|
Year Ended 10/31:
|
||||
|
2012(f)
|
.72
|
%**
|
||
|
2011
|
.42
|
|||
|
2010
|
.03
|
|||
|
2009
|
.04
|
|||
|
2008
|
.05
|
|||
|
2007
|
.03
|
|
(f)
|
For the six months ended April 30, 2012.
|
|
*
|
Rounds to less than $.01 per share.
|
|
**
|
Annualized.
|
See accompanying notes to financial statements.
.
|
Nuveen Investments
|
103
|
|
Financial
|
||
|
Highlights (Unaudited) (continued)
|
||
|
Selected data for a Common share outstanding throughout each period:
|
||
|
Investment Operations
|
Less Distributions
|
||||||||||||||||||||||||||||||||||||
|
Beginning
Common
Share
Net Asset
Value
|
Net
Investment
Income
(Loss)
|
Net
Realized/
Unrealized
Gain (Loss)
|
Distributions
from Net
Investment
Income to
Auction Rate
Preferred
Shareholders
|
(a) |
Distributions
from
Capital
Gains to
Auction Rate
Preferred
Shareholders
|
(a) |
Total
|
Net
Investment
Income to
Common
Share-
holders
|
Capital
Gains to
Common
Share-
holders
|
Total
|
Discount
from
Common
Shares
Repur-
chased
and
Retired
|
Ending
Common
Share
Net Asset
Value
|
Ending
Market
Value
|
||||||||||||||||||||||||
|
Quality Income (NQU)
|
|||||||||||||||||||||||||||||||||||||
|
Year Ended 10/31:
|
|||||||||||||||||||||||||||||||||||||
|
2012(f)
|
$
|
14.37
|
$
|
.45
|
$
|
1.24
|
$
|
—
|
$
|
—
|
$
|
1.69
|
$
|
(.47
|
)
|
$
|
(.03
|
)
|
$
|
(.50
|
)
|
$
|
—
|
$
|
15.56
|
$
|
15.28
|
||||||||||
|
2011
|
14.83
|
.93
|
(.43
|
)
|
(.01
|
)
|
—
|
.49
|
(.95
|
)
|
—
|
(.95
|
)
|
—
|
14.37
|
13.90
|
|||||||||||||||||||||
|
2010
|
14.29
|
1.04
|
.45
|
(.03
|
)
|
—
|
1.46
|
(.92
|
)
|
—
|
(.92
|
)
|
—
|
14.83
|
14.79
|
||||||||||||||||||||||
|
2009
|
12.68
|
1.05
|
1.42
|
(.06
|
)
|
—
|
2.41
|
(.80
|
)
|
—
|
(.80
|
)
|
—
|
14.29
|
13.26
|
||||||||||||||||||||||
|
2008
|
14.94
|
1.03
|
(2.26
|
)
|
(.30
|
)
|
—
|
(1.53
|
)
|
(.73
|
)
|
—
|
(.73
|
)
|
—
|
12.68
|
11.67
|
||||||||||||||||||||
|
2007
|
15.49
|
1.01
|
(.51
|
)
|
(.30
|
)
|
—
|
.20
|
(.75
|
)
|
—
|
(.75
|
)
|
—
|
14.94
|
13.64
|
|||||||||||||||||||||
|
Premier Income (NPF)
|
|||||||||||||||||||||||||||||||||||||
|
Year Ended 10/31:
|
|||||||||||||||||||||||||||||||||||||
|
2012(f)
|
14.45
|
.42
|
.85
|
—
|
—
|
1.27
|
(.47
|
)
|
—
|
(.47
|
)
|
—
|
15.25
|
14.93
|
|||||||||||||||||||||||
|
2011
|
14.70
|
.94
|
(.29
|
)
|
(.01
|
)
|
—
|
.64
|
(.89
|
)
|
—
|
(.89
|
)
|
—
|
14.45
|
13.91
|
|||||||||||||||||||||
|
2010
|
13.86
|
.98
|
.74
|
(.03
|
)
|
—
|
1.69
|
(.85
|
)
|
—
|
(.85
|
)
|
—
|
14.70
|
14.36
|
||||||||||||||||||||||
|
2009
|
11.68
|
.96
|
2.00
|
(.05
|
)
|
—
|
2.91
|
(.73
|
)
|
—
|
(.73
|
)
|
—
|
* |
13.86
|
12.40
|
|||||||||||||||||||||
|
2008
|
14.79
|
.94
|
(3.09
|
)
|
(.28
|
)
|
—
|
(2.43
|
)
|
(.68
|
)
|
—
|
(.68
|
)
|
—
|
* |
11.68
|
10.07
|
|||||||||||||||||||
|
2007
|
15.39
|
.95
|
(.59
|
)
|
(.29
|
)
|
—
|
.07
|
(.67
|
)
|
—
|
(.67
|
)
|
—
|
* |
14.79
|
13.30
|
||||||||||||||||||||
|
(a)
|
The amounts shown are based on Common share equivalents.
|
|
(b)
|
Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
|
|
Total Return Based on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
|
|
104
|
Nuveen Investments
|
|
Ratios/Supplemental Data
|
||||||||||||||||||
|
Total Returns
|
Ratios to Average Net Assets
Applicable to Common Shares(c)(d)
|
|||||||||||||||||
|
Based
on
Market
Value
|
(b)
|
Based
on
Common
Share Net
Asset
Value
|
(b)
|
Ending
Net
Assets
Applicable
to Common
Shares (000)
|
Expenses
|
(e)
|
Net
Investment
Income (Loss)
|
Portfolio
Turnover
Rate
|
||||||||||
|
13.72
|
%
|
11.97
|
%
|
$
|
845,928
|
1.85
|
%**
|
6.00
|
%**
|
8
|
%
|
|||||||
|
.79
|
3.79
|
781,061
|
1.92
|
6.80
|
16
|
|||||||||||||
|
18.94
|
10.56
|
804,985
|
1.18
|
7.16
|
17
|
|||||||||||||
|
21.10
|
19.58
|
774,982
|
1.28
|
7.80
|
8
|
|||||||||||||
|
(9.55
|
)
|
(10.67
|
)
|
687,593
|
1.38
|
7.15
|
9
|
|||||||||||
|
(2.54
|
)
|
1.31
|
810,086
|
1.38
|
6.65
|
5
|
||||||||||||
|
10.78
|
8.88
|
303,247
|
1.78
|
** |
5.64
|
** |
13
|
|||||||||||
|
3.59
|
4.65
|
287,473
|
1.55
|
6.74
|
10
|
|||||||||||||
|
23.21
|
12.65
|
292,427
|
1.29
|
6.80
|
4
|
|||||||||||||
|
31.11
|
25.53
|
275,671
|
1.43
|
7.47
|
7
|
|||||||||||||
|
(19.97
|
)
|
(17.03
|
)
|
232,517
|
1.78
|
6.74
|
7
|
|||||||||||
|
2.28
|
.48
|
294,378
|
1.84
|
6.30
|
10
|
|||||||||||||
|
(c)
|
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS and/or VRDP Shares, where applicable.
|
|
(d)
|
Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank or legal fee refund, where applicable.
|
|
(e)
|
The expense ratios reflect, among other things, all interest expense and other costs related to VRDP Shares and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, both as described in Footnote 1 – General Information and Significant Accounting Policies, Variable Rate Demand Preferred Shares and Inverse Floating Rate Securities, respectively, as follows:
|
|
Quality Income (NQU)
|
||||
|
Year Ended 10/31:
|
||||
|
2012(f)
|
.84
|
%**
|
||
|
2011
|
.85
|
|||
|
2010
|
.06
|
|||
|
2009
|
.08
|
|||
|
2008
|
.19
|
|||
|
2007
|
.21
|
|||
|
Premier Income (NPF)
|
||||
|
Year Ended 10/31:
|
||||
|
2012(f)
|
.69
|
%**
|
||
|
2011
|
.44
|
|||
|
2010
|
.12
|
|||
|
2009
|
.22
|
|||
|
2008
|
.55
|
|||
|
2007
|
.64
|
|
(f)
|
For the six months ended April 30, 2012.
|
|
*
|
Rounds to less than $.01 per share.
|
|
**
|
Annualized.
|
|
See accompanying notes to financial statements.
|
|
Nuveen Investments
|
105
|
|
Financial
|
||
|
Highlights (Unaudited) (continued)
|
||
|
Selected data for a Common share outstanding throughout each period:
|
||
|
Investment Operations
|
Less Distributions
|
||||||||||||||||||||||||||||||||||||||||||
|
Beginning
Common
Share
Net Asset
Value
|
Net
Investment
Income
(Loss)
|
Net
Realized/
Unrealized
Gain (Loss)
|
Distributions
from Net
Investment
Income to
Auction
Rate
Preferred
Share-
holders
|
(a)
|
Distributions
from
Capital
Gains to
Auction
Rate
Preferred
Share-
holders
|
(a)
|
Total
|
Net
Investment
Income to
Common
Share-
holders
|
Capital
Gains to
Common
Share-
holders
|
Total
|
Discount
from
Common
Shares
Repur-
chased
and
Retired
|
Premium
from
Common
Shares
Sold
through
Shelf
Offering
|
Offering
Costs and
Auction
Rate
Preferred
Share
Under-
writing
Discounts
|
Ending
Common
Share
Net Asset
Value
|
Ending
Market
Value
|
||||||||||||||||||||||||||||
|
High Income Opportunity (NMZ)
|
|||||||||||||||||||||||||||||||||||||||||||
|
Year Ended 10/31:
|
|||||||||||||||||||||||||||||||||||||||||||
|
2012(g)
|
$
|
11.59
|
$
|
.47
|
$
|
1.13
|
$
|
—
|
$
|
—
|
$
|
1.60
|
$
|
(.46
|
)
|
$
|
—
|
$
|
(.46
|
)
|
$
|
—
|
$
|
.02
|
$
|
—
|
$
|
12.75
|
$
|
13.09
|
|||||||||||||
|
2011
|
12.13
|
.96
|
(.57
|
)
|
(.01
|
)
|
—
|
.38
|
(.96
|
)
|
—
|
(.96
|
)
|
—
|
.04
|
—
|
*
|
11.59
|
11.75
|
||||||||||||||||||||||||
|
2010
|
11.18
|
1.04
|
.89
|
(.01
|
)
|
—
|
1.92
|
(1.01
|
)
|
—
|
(1.01
|
)
|
—
|
.04
|
—
|
*
|
12.13
|
12.95
|
|||||||||||||||||||||||||
|
2009
|
9.63
|
1.06
|
1.48
|
(.04
|
)
|
—
|
2.50
|
(1.04
|
)
|
—
|
(1.04
|
)
|
—
|
.09
|
—
|
*
|
11.18
|
11.92
|
|||||||||||||||||||||||||
|
2008
|
15.36
|
1.29
|
(5.71
|
)
|
(.23
|
)
|
(.02
|
)
|
(4.67
|
)
|
(.98
|
)
|
(.09
|
)
|
(1.07
|
)
|
—
|
.01
|
—
|
*
|
9.63
|
11.02
|
|||||||||||||||||||||
|
2007
|
16.00
|
1.23
|
(.66
|
)
|
(.24
|
)
|
—
|
*
|
.33
|
(.98
|
)
|
—
|
*
|
(.98
|
)
|
—
|
.01
|
—
|
15.36
|
15.82
|
|||||||||||||||||||||||
|
High Income Opportunity 2 (NMD)
|
|||||||||||||||||||||||||||||||||||||||||||
|
Year Ended 10/31:
|
|||||||||||||||||||||||||||||||||||||||||||
|
2012(g)
|
11.17
|
.46
|
1.10
|
—
|
—
|
1.56
|
(.40
|
)
|
—
|
(.40
|
)
|
—
|
.01
|
—
|
12.34
|
12.19
|
|||||||||||||||||||||||||||
|
2011
|
11.92
|
.87
|
(.78
|
)
|
—
|
—
|
.09
|
(.87
|
)
|
—
|
(.87
|
)
|
—
|
.03
|
—
|
*
|
11.17
|
11.00
|
|||||||||||||||||||||||||
|
2010
|
10.88
|
.91
|
1.04
|
—
|
—
|
1.95
|
(.96
|
)
|
—
|
(.96
|
)
|
—
|
.07
|
(.02
|
)
|
11.92
|
12.59
|
||||||||||||||||||||||||||
|
2009
|
9.13
|
.92
|
1.79
|
—
|
—
|
2.71
|
(.96
|
)
|
—
|
(.96
|
)
|
—
|
—
|
—
|
10.88
|
11.39
|
|||||||||||||||||||||||||||
|
2008(f)
|
14.33
|
.89
|
(5.27
|
)
|
—
|
—
|
(4.38
|
)
|
(.79
|
)
|
—
|
(.79
|
)
|
—
|
—
|
(.03
|
)
|
9.13
|
10.04
|
||||||||||||||||||||||||
|
(a)
|
The amounts shown are based on Common share equivalents.
|
|
(b)
|
Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
|
|
Total Return Based on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
|
|
106
|
Nuveen Investments
|
|
Ratios/Supplemental Data
|
||||||||||||||||||||||||
|
Total Returns
|
Ratios to Average Net Assets
Applicable to Common Shares
Before Reimbursement(c)
|
Ratios to Average Net Assets
Applicable to Common Shares
After Reimbursement(c)(d)
|
||||||||||||||||||||||
|
Based
on
Market
Value
|
(b)
|
Based
on
Common
Share Net
Asset
Value
|
(b)
|
Ending
Net
Assets
Applicable
to Common
Shares (000
|
) |
Expenses
|
(e)
|
Net
Investment
Income (Loss
|
) |
Expenses
|
(e)
|
Net
Investment
Income (Loss
|
) |
Portfolio
Turnover
Rate
|
||||||||||
|
15.67
|
%
|
14.24
|
%
|
$
|
363,123
|
1.46
|
%**
|
7.83
|
%**
|
1.45
|
%**
|
7.85
|
%**
|
6
|
%
|
|||||||||
|
(1.22
|
)
|
4.24
|
323,090
|
1.52
|
8.55
|
1.40
|
8.66
|
32
|
||||||||||||||||
|
17.90
|
18.18
|
324,450
|
1.22
|
8.66
|
1.00
|
8.88
|
7
|
|||||||||||||||||
|
20.00
|
30.90
|
288,963
|
1.53
|
10.88
|
1.17
|
11.24
|
28
|
|||||||||||||||||
|
(24.77
|
)
|
(32.63
|
)
|
230,123
|
1.56
|
8.95
|
1.08
|
9.43
|
23
|
|||||||||||||||
|
(2.68
|
)
|
2.14
|
361,484
|
1.50
|
7.31
|
1.05
|
7.76
|
12
|
||||||||||||||||
|
14.61
|
14.25
|
222,516
|
1.52
|
**
|
7.85
|
**
|
N/A
|
N/A
|
4
|
|||||||||||||||
|
(5.26
|
)
|
1.55
|
199,425
|
1.61
|
8.04
|
N/A
|
N/A
|
17
|
||||||||||||||||
|
20.03
|
19.12
|
206,339
|
1.50
|
7.95
|
N/A
|
N/A
|
19
|
|||||||||||||||||
|
25.45
|
32.43
|
174,353
|
1.50
|
10.07
|
N/A
|
N/A
|
45
|
|||||||||||||||||
|
(28.82
|
)
|
(32.15
|
)
|
144,745
|
1.19
|
**
|
6.69
|
**
|
.82
|
**
|
7.06
|
**
|
22
|
|||||||||||
|
(c)
|
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS and/or Borrowings, where applicable.
|
|
(d)
|
After expense reimbursement from the Adviser, where applicable. Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank or legal fee refund, where applicable. As of November 30, 2011 and August 31, 2008, the Adviser is no longer reimbursing High Income Opportunity (NMZ) and High Income Opportunity 2 (NMD), respectively, for any fees and expenses.
|
|
(e)
|
The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, and/or the effect of the interest expense and fees paid on borrowings, where applicable, both as described in Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities Footnote 8 – Borrowing Arrangements, respectively, as follows:
|
|
High Income Opportunity (NMZ)
|
||||
|
Year Ended 10/31:
|
||||
|
2012(g)
|
.22
|
%**
|
||
|
2011
|
.15
|
|||
|
2010
|
.01
|
|||
|
2009
|
.03
|
|||
|
2008
|
.20
|
|||
|
2007
|
.22
|
|||
|
High Income Opportunity 2 (NMD)
|
||||
|
Year Ended 10/31:
|
||||
|
2012(g)
|
.22
|
%**
|
||
|
2011
|
.23
|
|||
|
2010
|
.25
|
|||
|
2009
|
.26
|
|||
|
2008(f)
|
.30
|
**
|
|
(f)
|
For the period November 15, 2007 (commencement of operations) through October 31, 2008.
|
| (g) | For the six months ended April 30, 2012. |
|
*
|
Rounds to less than $.01 per share.
|
|
**
|
Annualized.
|
|
N/A
|
Fund no longer has a contractual reimbursement agreement with the Adviser.
|
See accompanying notes to financial statements.
|
Nuveen Investments
|
107
|
|
Financial
|
||
|
Highlights (Unaudited) (continued)
|
|
ARPS at the End of Period
|
VRDP Shares at the End of Period
|
||||||||||||||||||
|
Aggregate
Amount
Outstanding
(000
|
) |
Liquidation
Value
Per Share
|
Asset
Coverage
Per Share
|
Aggregate
Amount
Outstanding
(000
|
) |
Liquidation
Value
Per Share
|
Asset
Coverage
Per Share
|
||||||||||||
|
Investment Quality (NQM)
|
|||||||||||||||||||
|
Year Ended 10/31:
|
|||||||||||||||||||
|
2012(b)
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
211,800
|
$
|
100,000
|
$
|
371,699
|
|||||||
|
2011
|
—
|
—
|
—
|
211,800
|
100,000
|
352,842
|
|||||||||||||
|
2010
|
210,700
|
25,000
|
89,379
|
—
|
—
|
—
|
|||||||||||||
|
2009
|
210,700
|
25,000
|
85,621
|
—
|
—
|
—
|
|||||||||||||
|
2008
|
229,450
|
25,000
|
72,545
|
—
|
—
|
—
|
|||||||||||||
|
2007
|
301,000
|
25,000
|
69,706
|
—
|
—
|
—
|
|||||||||||||
|
Select Quality (NQS)
|
|||||||||||||||||||
|
Year Ended 10/31:
|
|||||||||||||||||||
|
2012(b)
|
—
|
—
|
—
|
252,500
|
100,000
|
309,236
|
|||||||||||||
|
2011
|
—
|
—
|
—
|
252,500
|
100,000
|
294,635
|
|||||||||||||
|
2010
|
251,275
|
25,000
|
75,367
|
—
|
—
|
—
|
|||||||||||||
|
2009
|
251,275
|
25,000
|
72,879
|
—
|
—
|
—
|
|||||||||||||
|
2008
|
267,575
|
25,000
|
63,171
|
—
|
—
|
—
|
|||||||||||||
|
2007
|
279,000
|
25,000
|
70,849
|
—
|
—
|
—
|
|||||||||||||
|
Quality Income (NQU)
|
|||||||||||||||||||
|
Year Ended 10/31:
|
|||||||||||||||||||
|
2012(b)
|
—
|
—
|
—
|
388,400
|
100,000
|
317,798
|
|||||||||||||
|
2011
|
—
|
—
|
—
|
388,400
|
100,000
|
301,097
|
|||||||||||||
|
2010
|
386,875
|
25,000
|
77,018
|
—
|
—
|
—
|
|||||||||||||
|
2009
|
386,875
|
25,000
|
75,080
|
—
|
—
|
—
|
|||||||||||||
|
2008
|
416,375
|
25,000
|
66,284
|
—
|
—
|
—
|
|||||||||||||
|
2007
|
452,000
|
25,000
|
69,806
|
—
|
—
|
—
|
|||||||||||||
|
Premier Income (NPF)
|
|||||||||||||||||||
|
Year Ended 10/31:
|
|||||||||||||||||||
|
2012(b)
|
—
|
—
|
—
|
127,700
|
100,000
|
337,468
|
|||||||||||||
|
2011
|
—
|
—
|
—
|
127,700
|
100,000
|
325,116
|
|||||||||||||
|
2010
|
126,850
|
25,000
|
82,633
|
—
|
—
|
—
|
|||||||||||||
|
2009
|
126,850
|
25,000
|
79,330
|
—
|
—
|
—
|
|||||||||||||
|
2008
|
126,850
|
25,000
|
70,825
|
—
|
—
|
—
|
|||||||||||||
|
2007
|
165,000
|
25,000
|
69,603
|
—
|
—
|
—
|
|||||||||||||
See accompanying notes to financial statements.
|
108
|
Nuveen Investments
|
|
ARPS at the End of Period
|
Borrowings at
the End of Period
|
|||||||||||||||
|
Aggregate
Amount
Outstanding
(000
|
) |
Liquidation
Value
Per Share
|
Asset
Coverage
Per Share
|
Aggregate
Amount
Outstanding
(000
|
) |
Asset
Coverage
Per $1,000
|
||||||||||
|
High Income Opportunity (NMZ)
|
||||||||||||||||
|
Year Ended 10/31:
|
||||||||||||||||
|
2012(b)
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
50,000
|
$
|
8,262
|
||||||
|
2011
|
—
|
—
|
—
|
50,000
|
7,462
|
|||||||||||
|
2010
|
95,000
|
25,000
|
110,382
|
—
|
—
|
|||||||||||
|
2009
|
95,000
|
25,000
|
101,043
|
—
|
—
|
|||||||||||
|
2008
|
155,000
|
25,000
|
62,117
|
—
|
—
|
|||||||||||
|
2007
|
155,000
|
25,000
|
83,304
|
—
|
—
|
|||||||||||
|
High Income Opportunity 2 (NMD)
|
||||||||||||||||
|
Year Ended 10/31:
|
||||||||||||||||
|
2012(b)
|
—
|
—
|
—
|
35,000
|
7,358
|
|||||||||||
|
2011
|
—
|
—
|
—
|
35,000
|
6,698
|
|||||||||||
|
2010
|
—
|
—
|
—
|
35,000
|
6,895
|
|||||||||||
|
2009
|
—
|
—
|
—
|
35,000
|
5,982
|
|||||||||||
|
2008(a)
|
—
|
—
|
—
|
40,000
|
4,619
|
|||||||||||
|
(a)
|
For the period November 15, 2007 (commencement of operations) through October 31, 2008.
|
|
(b)
|
For the six months ended April 30, 2012.
|
See accompanying notes to financial statements.
|
Nuveen Investments
|
109
|
|
Notes to
|
||
|
Financial Statements (Unaudited)
|
1. General Information and Significant Accounting Policies
General Information
The funds covered in this report and their corresponding Common share stock exchange symbols are Nuveen Investment Quality Municipal Fund, Inc. (NQM), Nuveen Select Quality Municipal Fund, Inc. (NQS), Nuveen Quality Income Municipal Fund, Inc. (NQU), Nuveen Premier Municipal Income Fund, Inc. (NPF), Nuveen Municipal High Income Opportunity Fund (NMZ) and Nuveen Municipal High Income Opportunity Fund 2 (NMD) (each a “Fund” and collectively, the “Funds”). Common shares of Investment Quality (NQM), Select Quality (NQS), Quality Income (NQU), Premier Income (NPF) and High Income Opportunity 2 (NMD) are traded on the New York Stock Exchange (“NYSE”) while Common shares of High Income Opportunity (NMZ) are traded on the NYSE Amex. The Funds are registered under the Investment Company Act of 1940, as amended, as closed-end registered investment companies.
Each Fund seeks to provide current income exempt from regular federal income tax by investing primarily in a portfolio of municipal obligations issued by state and local government authorities or certain U.S. territories.
Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).
Investment Valuation
Prices of municipal bonds and swap contracts are provided by a pricing service approved by the Funds’ Board of Directors/Trustees. These securities are generally classified as Level 2 for fair value measurement purposes. The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer, or market activity, provided by Nuveen Fund Advisors, Inc. (the “Adviser”), a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”). These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.
Promissory Notes and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1. Securities primarily traded on the NASDAQ National Market (“NASDAQ”) are valued, except as indicated below, at the NASDAQ Official Closing Price and are generally classified as Level 1. However, securities traded on a securities exchange or NASDAQ for which there were no transactions on a given day or securities not listed on a securities exchange or NASDAQ are valued at the quoted bid price and are generally classified as Level 2.
Futures contracts are valued using the closing settlement price or, in the absence of such a price, the last traded price. Futures contracts are generally classified as Level 1.
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Funds’ Board of Directors/Trustees or its designee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s net asset value (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of these securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated
|
110
|
Nuveen Investments
|
cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Funds’ Board of Directors/Trustees or its designee.
Refer to Footnote 2 – Fair Value Measurements for further details on the leveling of securities held by the Funds as of the end of the reporting period.
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to segregate assets with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. At April 30, 2012, Investment Quality (NQM), Select Quality (NQS), Quality Income (NQU) and High Income Opportunity (NMZ) had outstanding when- issued/delayed delivery purchase commitments of $1,293,975, $1,973,944, $10,612,330, and $1,335,285, respectively. There were no such outstanding purchase commitments in any of the other Funds.
Investment Income
Investment income, which reflects the amortization of premiums and includes accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Investment income also reflects paydown gains and losses, if any.
Professional Fees
Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment, or to pursue other claims or legal actions on behalf of Fund shareholders. Legal fee refund presented on the Statement of Operations reflect a refund of workout expenditures paid in a prior reporting period.
Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies (“RICs”). Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal income tax, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Dividends and Distributions to Common Shareholders
Dividends from net investment income are declared monthly. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
Distributions to Common shareholders of net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
Auction Rate Preferred Shares
Each Fund is authorized to issue Auction Rate Preferred Shares (“ARPS”). As of October 31, 2011, the Funds redeemed all of their outstanding ARPS at liquidation value. Although authorized, High Income Opportunity 2 (NMD) has not issued ARPS since its commencement of operations on November 17, 2007.
Common Shares Shelf Offering and Shelf Offering Costs
High Income Opportunity (NMZ) and High Income Opportunity 2 (NMD) have filed registration statements with the Securities and Exchange Commission (“SEC”) through their ongoing shelf offerings, which became effective with the SEC on September 27, 2007 and October 30, 2010, respectively, authorizing the Funds to issue additional Common shares through a shelf offering. Under these equity shelf programs, the Funds, subject to market conditions, may raise additional capital from time to time in varying amounts and offering methods at a net price at or above each Fund’s net asset value (NAV) per Common share.
|
Nuveen Investments
|
111
|
|
Notes to
|
||
|
Financial Statements (Unaudited) (continued)
|
During the six months ended April 30, 2012, and fiscal year ended October 31, 2011, High Income Opportunity (NMZ) and High Income Opportunity 2 (NMD) issued Common shares receiving offering proceeds, net of offering costs, as follows:
|
High Income Opportunity (NMZ)
|
High Income Opportunity 2 (NMD)
|
||||||||||||
|
Six Months Ended
4/30/12
|
Year Ended
10/31/11
|
Six Months Ended
4/30/12
|
Year Ended
10/31/11
|
||||||||||
|
Authorized shares
|
2,500,000
|
2,500,000
|
1,900,000
|
1,900,000
|
|||||||||
|
Common shares issued
|
578,875
|
1,068,324
|
156,107
|
458,754
|
|||||||||
|
Offering proceeds, net of offering costs
|
$
|
7,006,055
|
$
|
12,084,719
|
$
|
1,836,889
|
$
|
4,923,964
|
|||||
Costs incurred by High Income Opportunity (NMZ) and High Income Opportunity 2 (NMD) in connection with their shelf offerings are recorded as a deferred charge which are amortized over the period such additional Common shares are sold not to exceed the one-year life of the shelf offering period. Shelf offering costs incurred by the Funds are expensed as incurred.
During the six months ended April 30, 2012, Nuveen Securities, LLC, the Fund’s distributor and a wholly-owned subsidiary of Nuveen, received commissions of $37,320 and $3,711, related to the sale of Common shares as a result of High Income Opportunity’s (NMZ) and High Income Opportunity 2’s (NMD) shelf offerings, respectively.
Variable Rate Demand Preferred Shares
The following Funds have issued and outstanding Variable Rate Demand Preferred (“VRDP”) Shares, with a $100,000 liquidation value per share. Investment Quality (NQM), Select Quality (NQS), Quality Income (NQU) and Premier Income (NPF) issued their VRDP Shares in a privately negotiated offering during May 2011, May 2011, December 2010 and May 2011, respectively. Proceeds of each Fund’s offering were used to redeem all, or a portion of, each Fund’s remaining outstanding ARPS. The VRDP Shares were offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933. As of April 30, 2012, the number of VRDP Shares outstanding and maturity date for each Fund are as follows:
|
Investment
|
Select
|
Quality
|
Premier
|
||||||||||
|
Quality
|
Quality
|
Income
|
Income
|
||||||||||
|
(NQM
|
)
|
(NQS
|
)
|
(NQU
|
)
|
(NPF
|
)
|
||||||
|
Series
|
1
|
1
|
1
|
1
|
|||||||||
|
Shares outstanding
|
2,118
|
2,525
|
3,884
|
1,277
|
|||||||||
|
Maturity
|
May 1, 2041
|
May 1, 2041
|
December 1, 2040
|
May 1, 2041
|
VRDP Shares include a liquidity feature that allows VRDP shareholders to have their shares purchased by a liquidity provider with whom each Fund has contracted in the event that purchase orders for VRDP Shares in a remarketing are not sufficient in number to be matched with the sale orders in that remarketing. Each Fund is required to redeem any VRDP Shares that are still owned by the liquidity provider after six months of continuous, unsuccessful remarketing.
Dividends on the VRDP Shares (which are treated as interest payments for financial reporting purposes) are set weekly at a rate established by a remarketing agent; therefore, the market value of the VRDP Shares is expected to approximate its liquidation value. If remarketings for VRDP Shares are continuously unsuccessful for six months, the maximum rate is designed to escalate according to a specified schedule in order to enhance the remarketing agent’s ability to successfully remarket the VRDP Shares.
Subject to certain conditions, VRDP Shares may be redeemed, in whole or in part, at any time at the option of each Fund. Each Fund may also redeem certain of the VRDP Shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends.
The average liquidation value outstanding and annualized dividend rate of VRDP Shares for each Fund during six months ended April 30, 2012, were as follows:
|
Investment
|
Select
|
Quality
|
Premier
|
||||||||||
|
Quality
|
Quality
|
Income
|
Income
|
||||||||||
|
(NQM
|
)
|
(NQS
|
)
|
(NQU
|
)
|
(NPF
|
)
|
||||||
|
Average liquidation value outstanding
|
211,800,000
|
252,500,000
|
388,400,000
|
127,700,000
|
|||||||||
|
Annualized dividend rate
|
0.29
|
%
|
0.29
|
%
|
0.26
|
%
|
0.29
|
%
|
|||||
For financial reporting purposes only, the liquidation value of VRDP Shares is recognized as a liability on the Statement of Assets and Liabilities. Unpaid dividends on VRDP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities, when applicable. Dividends paid on the VRDP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations. In addition to interest expense, each Fund also pays a per annum liquidity fee to the liquidity provider as well as a remarketing fee, which are recognized as a component of “Fees on VRDP Shares” on the Statement of Operations.
|
112
|
Nuveen Investments
|
Inverse Floating Rate Securities
Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. In turn, this trust (a) issues floating rate certificates, in face amounts equal to some fraction of the deposited bond’s par amount or market value, that typically pay short-term tax-exempt interest rates to third parties, and (b) issues to a long-term investor (such as one of the Funds) an inverse floating rate certificate (sometimes referred to as an “inverse floater”) that represents all remaining or residual interest in the trust. The income received by the inverse floater holder varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the inverse floater holder bears substantially all of the underlying bond’s downside investment risk and also benefits disproportionately from any potential appreciation of the underlying bond’s value. The price of an inverse floating rate security will be more volatile than that of the underlying bond because the interest rate is dependent on not only the fixed coupon rate of the underlying bond but also on the short-term interest paid on the floating rate certificates, and because the inverse floating rate security essentially bears the risk of loss of the greater face value of the underlying bond.
A Fund may purchase an inverse floating rate security in a secondary market transaction without first owning the underlying bond (referred to as an “externally-deposited inverse floater”), or instead by first selling a fixed-rate bond to a broker-dealer for deposit into the special purpose trust and receiving in turn the residual interest in the trust (referred to as a “self-deposited inverse floater”). The inverse floater held by a Fund gives the Fund the right (a) to cause the holders of the floating rate certificates to tender their notes at par, and (b) to have the broker transfer the fixed-rate bond held by the trust to the Fund, thereby collapsing the trust. An investment in an externally-deposited inverse floater is identified in the Portfolio of Investments as “(IF) – Inverse floating rate investment.” An investment in a self-deposited inverse floater is accounted for as a financing transaction. In such instances, a fixed-rate bond deposited into a special purpose trust is identified in the Portfolio of Investments as “(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction,” with the Fund accounting for the short-term floating rate certificates issued by the trust as “Floating rate obligations” on the Statement of Assets and Liabilities. In addition, the Fund reflects in “Investment Income” the entire earnings of the underlying bond and recognizes the related interest paid to the holders of the short-term floating rate certificates as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
During the six months ended April 30, 2012, each Fund invested in externally-deposited inverse floaters and/or self-deposited inverse floaters.
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse trust” or “credit recovery swap”) (such agreements referred to herein as “Recourse Trusts”) with a broker-dealer by which a Fund agrees to reimburse the broker-dealer, in certain circumstances, for the difference between the liquidation value of the fixed-rate bond held by the trust and the liquidation value of the floating rate certificates issued by the trust plus any shortfalls in interest cash flows. Under these agreements, a Fund’s potential exposure to losses related to or on inverse floaters may increase beyond the value of a Fund’s inverse floater investments as a Fund may potentially be liable to fulfill all amounts owed to holders of the floating rate certificates. At period end, any such shortfall is recognized as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities.
At April 30, 2012, each Fund’s maximum exposure to externally-deposited Recourse Trusts, was as follows:
|
Investment
Quality
(NQM
|
)
|
Select
Quality
(NQS
|
)
|
Quality
Income
(NQU
|
)
|
Premier
Income
(NPF
|
)
|
High Income
Opportunity
(NMZ
|
)
|
High Income
Opportunity 2
(NMD
|
)
|
||||||||
|
Maximum exposure to Recourse Trusts
|
$
|
4,330,000
|
$
|
18,750,000
|
$
|
7,500,000
|
$
|
4,955,000
|
$
|
103,895,000
|
$
|
78,500,000
|
|||||||
The average floating rate obligations outstanding and average annual interest rate and fees related to self-deposited inverse floaters during the six months ended April 30, 2012, were as follows:
|
Investment
Quality
(NQM
|
)
|
Select
Quality
(NQS
|
)
|
Quality
Income
(NQU
|
)
|
Premier
Income
(NPF
|
)
|
High Income
Opportunity
(NMZ
|
)
|
|||||||
|
Average floating rate obligations outstanding
|
$
|
76,992,000
|
$
|
10,814,121
|
$
|
60,780,549
|
$
|
43,574,615
|
$
|
18,170,000
|
||||||
|
Average annual interest rate and fees
|
0.51
|
%
|
0.58
|
%
|
0.62
|
%
|
0.49
|
%
|
0.57
|
%
|
||||||
Swap Contracts
Each Fund is authorized to enter into interest rate swap and forward interest rate swap contracts consistent with their investment objectives and policies to reduce, increase or otherwise alter its risk profile or to alter its portfolio characteristics (i.e. duration, yield curve positioning and credit quality), and is subject to interest rate risk in the normal course of pursuing its investment objectives. Each Fund’s use of interest rate swap and forward interest rate swap transactions is intended to help the Fund manage its overall interest rate sensitivity, either shorter or longer, generally to more closely align the Fund’s interest rate sensitivity with that of the broader market.
|
Nuveen Investments
|
113
|
|
Notes to
|
||
|
Financial Statements (Unaudited) (continued)
|
Interest rate swap contracts involve each Fund’s agreement with the counterparty to pay or receive a fixed rate payment in exchange for the counterparty receiving or paying a variable rate payment. Forward interest rate swap transactions involve a Fund’s agreement with a counterparty to pay, in the future, a fixed or variable rate payment in exchange for the counterparty paying a Fund a variable or fixed rate payment, the accruals for which would begin at a specified date in the future (the “effective date”). The amount of the payment obligation on a swap contract is based on the notional amount and the termination date of the swap (which is akin to a bond’s maturity). The value of a Fund’s swap commitment will increase or decrease based primarily on the extent to which long-term interest rates for bonds having a maturity of the swap’s termination date increase or decrease. Interest rate swap and forward interest rate swap contracts are valued daily. Upon entering into an interest rate swap (and beginning on the effective date for a forward interest rate swap), each Fund accrues the fixed rate payment expected to be paid or received and the variable rate payment expected to be received or paid on a daily basis, and recognizes the daily change in the market value of the Fund’s contractual rights and obligations under the contracts. The net amount recorded on these transactions, for each counterparty, is recognized on the Statement of Assets and Liabilities as a component of “Unrealized appreciation or depreciation on swaps” with the change during the fiscal period recognized on the Statement of Operations as a component of “Net unrealized appreciation (depreciation) of swaps.”
When an interest rate swap or forward interest rate swap contract is terminated, it ordinarily does not involve the delivery of securities or other underlying assets or principal, but rather is settled in cash on a net basis. Once periodic payments are settled in cash, they are combined with the net realized gain or loss recorded upon the termination of the swap contracts. For tax purposes, periodic payments are treated as ordinary income or expense. Net realized gains and losses on swap contracts during the fiscal period are recognized on the Statement of Operations as a component of “Net realized gain (loss) from swaps.”
During the six months ended April 30, 2012, High Income Opportunity (NMZ) and High Income Opportunity 2 (NMD) entered into swap contracts to reduce the duration of their portfolios. The average notional amount of swap contracts outstanding during the six months ended April 30, 2012, was as follows:
|
High Income
|
High Income
|
||||||
|
Opportunity
|
Opportunity 2
|
||||||
|
(NMZ
|
)
|
(NMD
|
)
|
||||
|
Average notional amount of swap contracts outstanding*
|
$
|
54,000,000
|
$
|
41,666,667
|
|||
|
*
|
The average notional amount is calculated based on the outstanding notional amount at the beginning of the fiscal year and at the end of each fiscal quarter within the current fiscal year.
|
Refer to Footnote 3 – Derivative Instruments and Hedging Activities for further details on swap contract activity.
Futures Contracts
Each Fund is subject to interest rate risk in the normal course of pursuing its investment objectives and is authorized to invest in futures contracts in an attempt to manage such risk. Upon entering into a futures contract, a Fund is required to deposit with the broker an amount of cash or liquid securities equal to a specified percentage of the contract amount. This is known as the “initial margin.” Cash held by the broker to cover initial margin requirements on open futures contracts, if any, is recognized as “Deposits with brokers for open futures contracts” on the Statement of Assets and Liabilities. Subsequent payments (“variation margin”) are made or received by a Fund each day, depending on the daily fluctuation of the value of the contract. Variation margin is recognized as a receivable or payable for “Variation margin on futures contracts” on the Statement of Assets and Liabilities, when applicable.
During the period the futures contract is open, changes in the value of the contract are recorded as an unrealized gain or loss by “marking-to-market” on a daily basis to reflect the changes in market value of the contract, which is recognized as a component of “Change in net unrealized appreciation (depreciation) of futures contracts” on the Statement of Operations. When the contract is closed or expired, a Fund records a realized gain or loss equal to the difference between the value of the contract on the closing date and value of the contract when originally entered into, which is recognized as a component of “Net realized gain (loss) from futures contracts” on the Statement of Operations.
Risks of investments in futures contracts include the possible adverse movement in the price of the securities or indices underlying the contracts, the possibility that there may not be a liquid secondary market for the contracts and/or that a change in the value of the contract may not correlate with a change in the value of the underlying securities or indices. The Funds did not invest in futures contracts during the six months ended April 30, 2012.
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities. Futures contracts, when applicable, expose a Fund to minimal counterparty credit risk as they are exchange traded and the exchange’s clearinghouse, which is counterparty to all exchange traded futures, guarantees the futures contracts against default.
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be
|
114
|
Nuveen Investments
|
required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the predetermined threshold amount.
Zero Coupon Securities
Each Fund is authorized to invest in zero coupon securities. A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Tax-exempt income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
Offering Costs
Costs incurred by Investment Quality (NQM), Select Quality (NQS), Quality Income (NQU) and Premier Income (NPF) in connection with their offerings of VRDP Shares ($1,090,00, $1,210,000, $1,500,000 and $835,000, respectively) were recorded as a deferred charge, which are being amortized over the life of the shares. Each Fund’s amortized deferred charges are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
Custodian Fee Credit
Each Fund has an arrangement with the custodian bank whereby certain custodian fees and expenses are reduced by net credits earned on each Fund’s cash on deposit with the bank. Such deposit arrangements are an alternative to overnight investments. Credits for cash balances may be offset by charges for any days on which a Fund overdraws its account at the custodian bank.
Indemnifications
Under the Funds’ organizational documents, their officers and directors/trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets applicable to Common shares from operations during the reporting period. Actual results may differ from those estimates.
2. Fair Value Measurements
Fair value is defined as the price that the Funds would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes.
Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad levels listed below:
|
Level 1 –
|
Quoted prices in active markets for identical securities.
|
|
Level 2 –
|
Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
|
|
Level 3 –
|
Significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
|
The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of April 30, 2012:
|
Investment Quality (NQM)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||
|
Long-Term Investments:
|
|||||||||||||
|
Municipal Bonds
|
$
|
—
|
$
|
849,531,799
|
$
|
—
|
$
|
849,531,799
|
|||||
|
Select Quality (NQS)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||
|
Long-Term Investments:
|
|||||||||||||
|
Municipal Bonds
|
$
|
—
|
$
|
758,138,651
|
$
|
—
|
$
|
758,138,651
|
|
Nuveen Investments
|
115
|
|
Notes to
|
||
|
Financial Statements (Unaudited) (continued)
|
|
Quality Income (NQU)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||
|
Long-Term Investments:
|
|||||||||||||
|
Municipal Bonds
|
$
|
—
|
$
|
1,270,233,888
|
$
|
—
|
$
|
1,270,233,888
|
|||||
|
Premier Income (NPF)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||
|
Long-Term Investments:
|
|||||||||||||
|
Municipal Bonds
|
$
|
—
|
$
|
464,538,110
|
$
|
—
|
$
|
464,538,110
|
|||||
|
High Income Opportunity (NMZ)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||
|
Long-Term Investments:
|
|||||||||||||
|
Municipal Bonds
|
$
|
—
|
$
|
424,354,682
|
$
|
486,000
|
$
|
424,840,682
|
|||||
|
Derivatives:
|
|||||||||||||
|
Swaps*
|
—
|
(2,263,144
|
)
|
—
|
(2,263,144
|
)
|
|||||||
|
Total
|
$
|
—
|
$
|
422,091,538
|
$
|
486,000
|
$
|
422,577,538
|
|||||
|
High Income Opportunity 2 (NMD)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||
|
Long-Term Investments:
|
|||||||||||||
|
Municipal Bonds
|
$
|
—
|
$
|
251,370,019
|
$
|
99,300
|
$
|
251,469,319
|
|||||
|
Promissory Note
|
—
|
—
|
76,244
|
76,244
|
|||||||||
|
Derivatives:
|
|||||||||||||
|
Swaps*
|
—
|
(526,669
|
)
|
—
|
(526,669
|
)
|
|||||||
|
Total
|
$
|
—
|
$
|
250,843,350
|
$
|
175,544
|
$
|
251,018,894
|
|
*
|
Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments.
|
The following is a reconciliation of the Funds’ Level 3 investments held at the beginning and end of the measurement period:
|
Investment
Quality
(NQM
|
)
|
Premier
Income
(NPF
|
)
|
High
Income
Opportunity
(NMZ
|
)
|
|||||
|
Level 3
Municipal
Bonds
|
Level 3
Municipal
Bonds
|
Level 3
Municipal
Bonds
|
||||||||
|
Balance at the beginning of period
|
$
|
140,790
|
$
|
29,640
|
$
|
6,473,337
|
||||
|
Gains (losses):
|
||||||||||
|
Net realized gains (losses)
|
—
|
—
|
(1,953,657
|
)
|
||||||
|
Net change in unrealized appreciation (depreciation)
|
24,799
|
5,221
|
1,979,633
|
|||||||
|
Purchases at cost
|
—
|
—
|
—
|
|||||||
|
Sales at proceeds
|
(127,608
|
)
|
(26,865
|
)
|
(1,395,788
|
)
|
||||
|
Net discounts (premiums)
|
—
|
—
|
—
|
|||||||
|
Transfers into
|
—
|
—
|
—
|
|||||||
|
Transfers out of
|
(37,981
|
)
|
(7,996
|
)
|
(4,617,525
|
)
|
||||
|
Balance at the end of period
|
$
|
—
|
$
|
—
|
$
|
486,000
|
||||
|
Change in net in unrealized appreciation (depreciation) during the period of Level 3 securities held as of April 30, 2012
|
$
|
—
|
$
|
—
|
$
|
—
|
||||
|
116
|
Nuveen Investments
|
|
High
Income
Opportunity 2
(NMD)
Level 3
Municipal
Bonds
|
High
Income
Opportunity 2
(NMD)
Level 3
Promissory
Notes
|
High
Income
Opportunity 2
(NMD)
Level 3
Total
|
||||||||
|
Balance at the beginning of period
|
$
|
6,360,854
|
$
|
261,409
|
$
|
6,622,263
|
||||
|
Gains (losses):
|
||||||||||
|
Net realized gains (losses)
|
—
|
—
|
—
|
|||||||
|
Net change in unrealized appreciation (depreciation)
|
2,019,469
|
(185,165
|
)
|
1,834,304
|
||||||
|
Purchases at cost
|
—
|
—
|
—
|
|||||||
|
Sales at proceeds
|
(258,675
|
)
|
—
|
(258,675
|
)
|
|||||
|
Net discounts (premiums)
|
—
|
—
|
—
|
|||||||
|
Transfers into
|
—
|
—
|
—
|
|||||||
|
Transfers (out of)
|
(8,022,348
|
)
|
—
|
(8,022,348
|
)
|
|||||
|
Balance at the end of period
|
$
|
99,300
|
$
|
76,244
|
$
|
175,544
|
||||
|
Change in net unrealized appreciation (depreciation) during the period of Level 3 securities held as of April 30, 2012
|
$
|
—
|
$
|
(185,165
|
)
|
$
|
(185,165
|
)
|
||
During the six months ended April 30, 2012, the Funds recognized no transfers to or from Level 1 or Level 2. Transfers in and/or out of Level 3 are shown using end of period values.
3. Derivative Instruments and Hedging Activities
The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes. For additional information on the derivative instruments in which each Fund was invested during and at the end of the reporting period, refer to the Portfolios of Investments, Financial Statements and Footnote 1 - General Information and Significant Accounting Policies.
The following tables present the fair value of all derivative instruments held by the Funds as of April 30, 2012, the location of these instruments on the Statement of Assets and Liabilities, and the primary underlying risk exposure.
High Income Opportunity (NMZ)
|
Location on the Statement of Assets and Liabilities
|
|||||||||||||
|
Underlying
|
Derivative
|
Asset Derivatives
|
Liability Derivatives
|
||||||||||
|
Risk Exposure
|
Instrument
|
Location
|
Value
|
Location
|
Value
|
||||||||
|
Interest Rate
|
Swaps
|
Unrealized appreciation
|
Unrealized depreciation
|
||||||||||
|
on swaps*
|
$
|
—
|
on swaps*
|
$
|
2,263,144
|
||||||||
|
High Income Opportunity 2 (NMD)
|
|
Location on the Statement of Assets and Liabilities
|
|||||||||||||
|
Underlying
|
Derivative
|
Asset Derivatives
|
Liability Derivatives
|
||||||||||
|
Risk Exposure
|
Instrument
|
Location
|
Value
|
Location
|
Value
|
||||||||
|
Interest Rate
|
Swaps
|
Unrealized appreciation
|
Unrealized depreciation
|
||||||||||
|
on swaps*
|
$
|
148,403
|
on swaps*
|
$
|
675,072
|
||||||||
|
*
|
Value represents cumulative gross unrealized appreciation (depreciation) of swap contracts as reported in the Fund’s Portfolio of Investments.
|
|
Nuveen Investments
|
117
|
|
Notes to
|
||
|
Financial Statements (Unaudited) (continued)
|
The following tables present the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the six months ended April 30, 2012, on derivative instruments, as well as the primary risk exposure associated with each.
|
High Income
|
High Income
|
||||||
|
Opportunity
|
Opportunity 2
|
||||||
|
Net Realized Gain (Loss) from Swaps
|
(NMZ
|
)
|
(NMD
|
)
|
|||
|
Risk Exposure
|
|||||||
|
Interest Rate
|
$
|
(267,156
|
)
|
$
|
(1,874,009
|
)
|
|
|
High Income
|
High Income
|
||||||
|
Opportunity
|
Opportunity 2
|
||||||
|
Change in Net Unrealized Appreciation (Depreciation) of Swaps
|
(NMZ
|
)
|
(NMD
|
)
|
|||
|
Risk Exposure
|
|||||||
|
Interest Rate
|
$
|
(138,483
|
)
|
$
|
1,466,257
|
||
4. Fund Shares
Common Shares
Since the inception of the Funds’ repurchase programs, Investment Quality (NQM), Select Quality (NQS), Quality Income (NQU), High Income Opportunity (NMZ) and High Income Opportunity 2 (NMD) have not repurchased any of their outstanding Common shares.
Premier Income (NPF) did not repurchase any of its outstanding Common shares during the six months ended April 30, 2012 and fiscal year ended October 31, 2011.
Transactions in Common shares were as follows:
|
Investment Quality (NQM)
|
Select Quality (NQS)
|
Quality Income (NQU)
|
|||||||||||||||||
|
Six Months
Ended
4/30/12
|
Year Ended
10/31/11
|
Six Months
Ended
4/30/12
|
Year Ended
10/31/11
|
Six Months
Ended
4/30/12
|
Year Ended
10/31/11
|
||||||||||||||
|
Common shares:
|
|||||||||||||||||||
|
Issued to shareholders due to reinvestment of distributions
|
50,340
|
—
|
84,706
|
176,531
|
—
|
83,558
|
|||||||||||||
|
Premier Income (NPF)
|
High Income
Opportunity (NMZ)
|
High Income
Opportunity 2 (NMD)
|
|||||||||||||||||
|
Six Months
Ended
4/30/12
|
Year Ended
10/31/11
|
Six Months
Ended
4/30/12
|
Year Ended
10/31/11
|
Six Months
Ended
4/30/12
|
Year Ended
10/31/11
|
||||||||||||||
|
Common shares:
|
|||||||||||||||||||
|
Sold through shelf offering*
|
—
|
—
|
578,875
|
1,068,324
|
156,107
|
458,754
|
|||||||||||||
|
Issued to shareholders due to reinvestment of distributions
|
—
|
—
|
30,299
|
57,836
|
18,333
|
88,448
|
|||||||||||||
|
—
|
—
|
609,174
|
1,126,160
|
174,440
|
547,202
|
||||||||||||||
|
Weighted average Common share:
|
|||||||||||||||||||
|
Premium per shelf offering share sold*
|
—
|
—
|
4.09
|
%
|
6.52
|
%
|
1.62
|
%
|
3.64
|
%
|
|||||||||
|
*
|
High Income Opportunity (NMZ) and High Income Opportunity 2 (NMD) are the only Funds authorized to issue additional shares of their Common stock through a shelf offering.
|
Preferred Shares
Transactions in ARPS were as follows:
|
Investment Quality (NQM)
|
Select Quality (NQS)
|
||||||||||||||||||||||||
|
Six Months Ended
4/30/12
|
Year Ended
10/31/11
|
Six Months Ended
4/30/12
|
Year Ended
10/31/11
|
||||||||||||||||||||||
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
||||||||||||||||||
|
ARPS redeemed:
|
|||||||||||||||||||||||||
|
Series M
|
N/A
|
N/A
|
1,750
|
$
|
43,750,000
|
N/A
|
N/A
|
1,801
|
$
|
45,025,000
|
|||||||||||||||
|
Series T
|
N/A
|
N/A
|
1,750
|
43,750,000
|
N/A
|
N/A
|
1,801
|
45,025,000
|
|||||||||||||||||
|
Series W
|
N/A
|
N/A
|
1,749
|
43,725,000
|
N/A
|
N/A
|
2,522
|
63,050,000
|
|||||||||||||||||
|
Series TH
|
N/A
|
N/A
|
1,429
|
35,725,000
|
N/A
|
N/A
|
1,405
|
35,125,000
|
|||||||||||||||||
|
Series F
|
N/A
|
N/A
|
1,750
|
43,750,000
|
N/A
|
N/A
|
2,522
|
63,050,000
|
|||||||||||||||||
|
Total
|
N/A
|
N/A
|
8,428
|
$
|
210,700,000
|
N/A
|
N/A
|
10,051
|
$
|
251,275,000
|
|||||||||||||||
|
118
|
Nuveen Investments
|
|
Quality Income (NQU)
|
Premier Income (NPF)
|
||||||||||||||||||||||||
|
Six Months Ended
4/30/12
|
Year Ended
10/31/11
|
Six Months Ended
4/30/12
|
Year Ended
10/31/11
|
||||||||||||||||||||||
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
||||||||||||||||||
|
ARPS redeemed:
|
|||||||||||||||||||||||||
|
Series M
|
N/A
|
N/A
|
2,567
|
$
|
64,175,000
|
N/A
|
N/A
|
769
|
$
|
19,225,000
|
|||||||||||||||
|
Series T
|
N/A
|
N/A
|
2,569
|
64,225,000
|
N/A
|
N/A
|
2,153
|
53,825,000
|
|||||||||||||||||
|
Series W
|
N/A
|
N/A
|
2,568
|
64,200,000
|
N/A
|
N/A
|
—
|
—
|
|||||||||||||||||
|
Series W2
|
N/A
|
N/A
|
1,780
|
44,500,000
|
N/A
|
N/A
|
—
|
—
|
|||||||||||||||||
|
Series TH
|
N/A
|
N/A
|
3,423
|
85,575,000
|
N/A
|
N/A
|
2,152
|
53,800,000
|
|||||||||||||||||
|
Series F
|
N/A
|
N/A
|
2,568
|
64,200,000
|
N/A
|
N/A
|
—
|
—
|
|||||||||||||||||
|
Total
|
N/A
|
N/A
|
15,475
|
$
|
386,875,000
|
N/A
|
N/A
|
5,074
|
$
|
126,850,000
|
|||||||||||||||
|
High Income Opportunity (NMZ)
|
|||||||||||||
|
Six Months Ended
4/30/12
|
Year Ended
10/31/11
|
||||||||||||
|
Shares
|
Amount
|
Shares
|
Amount
|
||||||||||
|
ARPS redeemed:
|
|||||||||||||
|
Series M
|
N/A
|
N/A
|
1,826
|
$
|
45,650,000
|
||||||||
|
Series T
|
N/A
|
N/A
|
987
|
24,675,000
|
|||||||||
|
Series W
|
N/A
|
N/A
|
987
|
24,675,000
|
|||||||||
|
Total
|
N/A
|
N/A
|
3,800
|
$
|
95,000,000
|
||||||||
N/A – As of October 31, 2011, the Fund redeemed all of its outstanding ARPS at liquidation value.
Transactions in VRDP Shares were as follows:
|
Investment Quality (NQM)
|
Select Quality (NQS)
|
||||||||||||||||||||||||
|
Six Months Ended
4/30/12
|
Year Ended
10/31/11
|
Six Months Ended
4/30/12
|
Year Ended
10/31/11
|
||||||||||||||||||||||
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
||||||||||||||||||
|
VRDP Shares issued:
|
|||||||||||||||||||||||||
|
Series 1
|
—
|
$
|
—
|
2,118
|
$
|
211,800,000
|
—
|
$
|
—
|
2,525
|
$
|
252,500,000
|
|||||||||||||
|
Quality Income (NQU)
|
Premier Income (NPF)
|
||||||||||||||||||||||||
|
Six Months Ended
4/30/12
|
Year Ended
10/31/11
|
Six Months Ended
4/30/12
|
Year Ended
10/31/11
|
||||||||||||||||||||||
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
||||||||||||||||||
|
VRDP Shares issued:
|
|||||||||||||||||||||||||
|
Series 1
|
—
|
$
|
—
|
3,884
|
$
|
388,400,000
|
—
|
$
|
—
|
1,277
|
$
|
127,700,000
|
|||||||||||||
5. Investment Transactions
Purchases and sales (including maturities but excluding short-term investments and derivative transactions, where applicable) during the six months ended April 30, 2012, were as follows:
|
Investment
|
Select
|
Quality
|
Premier
|
High Income
|
High Income
|
||||||||||||||
|
Quality
|
Quality
|
Income
|
Income
|
Opportunity
|
Opportunity 2
|
||||||||||||||
|
(NQM
|
)
|
(NQS
|
)
|
(NQU
|
)
|
(NPF
|
)
|
(NMZ
|
)
|
(NMD
|
)
|
||||||||
|
Purchases
|
$
|
37,899,006
|
$
|
73,973,048
|
$
|
98,518,259
|
$
|
57,644,193
|
$
|
33,115,330
|
$
|
9,909,753
|
|||||||
|
Sales and maturities
|
44,135,083
|
81,593,262
|
98,848,982
|
61,600,841
|
26,084,477
|
10,005,233
|
|||||||||||||
|
Nuveen Investments
|
119
|
|
Notes to
|
||
|
Financial Statements (Unaudited) (continued)
|
6. Income Tax Information
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset values of the Funds.
At April 30, 2012, the cost and unrealized appreciation (depreciation) of investments (excluding investments in derivatives, where applicable), as determined on a federal income tax basis, were as follows:
|
Investment
Quality
(NQM
|
)
|
Select
Quality
(NQS
|
)
|
Quality
Income
(NQU
|
)
|
Premier
Income
(NPF
|
)
|
High Income
Opportunity
(NMZ
|
)
|
High Income
Opportunity 2
(NMD
|
)
|
||||||||
|
Cost of investments
|
$
|
701,196,261
|
$
|
707,503,613
|
$
|
1,133,792,088
|
$
|
396,227,280
|
$
|
384,743,893
|
$
|
243,353,410
|
|||||||
|
Gross unrealized:
|
|||||||||||||||||||
|
Appreciation
|
$
|
83,836,448
|
$
|
54,596,609
|
$
|
100,558,179
|
$
|
38,849,077
|
$
|
52,518,479
|
$
|
26,256,380
|
|||||||
|
Depreciation
|
(12,391,901
|
)
|
(11,457,280
|
)
|
(21,941,225
|
)
|
(12,832,961
|
)
|
(30,591,644
|
)
|
(18,064,227
|
)
|
|||||||
|
Net unrealized appreciation (depreciation) of investments
|
$
|
71,444,547
|
$
|
43,139,329
|
$
|
78,616,954
|
$
|
26,016,116
|
$
|
21,926,835
|
$
|
8,192,153
|
|||||||
Permanent differences, primarily due to federal taxes paid, taxable market discount, nondeductible offering costs and distribution character reclassifications, resulted in reclassifications among the Funds’ components of Common share net assets at October 31, 2011, the Funds’ last tax year end, as follows:
|
Investment
Quality
(NQM
|
) |
Select
Quality
(NQS
|
) |
Quality
Income
(NQU
|
) |
Premier
Income
(NPF
|
) |
High Income
Opportunity
(NMZ
|
) |
High Income
Opportunity 2
(NMD
|
) | ||||||||
|
Paid-in-surplus
|
$
|
(17,369
|
)
|
$
|
(18,771
|
)
|
$
|
(34,071
|
)
|
$
|
(13,610
|
)
|
$
|
22,891
|
$
|
45,865
|
|||
|
Undistributed (Over-distribution of) net investment income
|
6,680
|
(35,047
|
)
|
(209,525
|
)
|
(3,907
|
)
|
(508,095
|
)
|
(283,229
|
)
|
||||||||
|
Accumulated net realized gain (loss)
|
10,689
|
53,818
|
243,596
|
17,517
|
485,204
|
237,364
|
|||||||||||||
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains at October 31, 2011, the Funds’ last tax year end, were as follows:
|
Investment
Quality
(NQM
|
) |
Select
Quality
(NQS
|
) |
Quality
Income
(NQU
|
) |
Premier
Income
(NPF
|
) |
High Income
Opportunity
(NMZ
|
) |
High Income
Opportunity 2
(NMD
|
) | ||||||||
|
Undistributed net tax-exempt income *
|
$
|
12,209,738
|
$
|
10,541,759
|
$
|
15,257,117
|
$
|
6,179,190
|
$
|
1,210,517
|
$
|
99,171
|
|||||||
|
Undistributed net ordinary income **
|
2,142
|
31,370
|
17,603
|
1,531
|
651,771
|
62,597
|
|||||||||||||
|
Undistributed net long-term capital gains
|
—
|
2,688,044
|
1,889,763
|
—
|
—
|
—
|
|||||||||||||
|
*
|
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on October 3, 2011, paid on November 1, 2011.
|
|
**
|
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
|
The tax character of distributions paid during the Funds’ last tax year ended October 31, 2011, was designated for purposes of the dividends paid deduction as follows:
|
Investment
Quality
(NQM
|
) |
Select
Quality
(NQS
|
) |
Quality
Income
(NQU
|
) |
Premier
Income
(NPF
|
) |
High Income
Opportunity
(NMZ
|
) |
High Income
Opportunity 2
(NMD
|
) | ||||||||
|
Distributions from net tax-exempt income
|
$
|
35,245,662
|
$
|
36,310,157
|
$
|
53,146,411
|
$
|
18,162,277
|
$
|
26,877,757
|
$
|
15,625,171
|
|||||||
|
Distributions from net ordinary income **
|
102,219
|
271,678
|
—
|
—
|
—
|
—
|
|||||||||||||
|
Distributions from net long-term capital gains
|
—
|
2,817,065
|
—
|
—
|
—
|
—
|
|||||||||||||
|
**
|
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
|
|
120
|
Nuveen Investments
|
At October 31, 2011, the Funds’ last tax year end, the following Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as follows:
|
Investment
Quality
(NQM
|
) |
Premier
Income
(NPF
|
) |
High Income
Opportunity
(NMZ
|
) |
High Income
Opportunity 2
(NMD
|
) | ||||||
|
Expiration:
|
|||||||||||||
|
October 31, 2016
|
$
|
—
|
$
|
3,248,618
|
$
|
12,119,476
|
$
|
4,564,842
|
|||||
|
October 31, 2017
|
166,678
|
4,764,079
|
34,412,364
|
28,536,506
|
|||||||||
|
October 31, 2018
|
—
|
—
|
209,148
|
541,658
|
|||||||||
|
October 31, 2019
|
—
|
76,136
|
—
|
1,153,591
|
|||||||||
|
Total
|
$
|
166,678
|
$
|
8,088,833
|
$
|
46,740,988
|
$
|
34,796,597
|
|||||
During the Funds’ last tax year ended October 31, 2011, the following Funds utilized capital loss carryforwards as follows:
|
Investment
Quality
(NQM
|
) |
Quality
Income
(NQU
|
) |
High Income
Opportunity
(NMZ
|
) | |||||
|
Utilized capital loss carryforwards
|
$
|
763,342
|
$
|
2,119,216
|
$
|
761,448
|
||||
|
7. Management Fees and Other Transactions with Affiliates
|
|
Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within the Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
The annual fund-level fee for each Fund, payable monthly, is calculated according to the following schedule:
|
|
Investment Quality (NQM)
|
||
|
Select Quality (NQS)
|
||
|
Quality Income (NQU)
|
||
|
Premier Income (NPF)
|
||
|
Average Daily Managed Assets*
|
Fund-Level Fee Rate
|
|
|
For the first $125 million
|
.4500
|
%
|
|
For the next $125 million
|
.4375
|
|
|
For the next $250 million
|
.4250
|
|
|
For the next $500 million
|
.4125
|
|
|
For the next $1 billion
|
.4000
|
|
|
For the next $3 billion
|
.3875
|
|
|
For managed assets over $5 billion
|
.3750
|
|
|
High Income Opportunity (NMZ)
|
||
|
High Income Opportunity Fund 2 (NMD)
|
||
|
Average Daily Managed Assets*
|
Fund-Level Fee Rate
|
|
|
For the first $125 million
|
.5500
|
%
|
|
For the next $125 million
|
.5375
|
|
|
For the next $250 million
|
.5250
|
|
|
For the next $500 million
|
.5125
|
|
|
For the next $1 billion
|
.5000
|
|
|
For managed assets over $2 billion
|
.4750
|
|
|
Nuveen Investments
|
121
|
|
Notes to
|
||
|
Financial Statements (Unaudited) (continued)
|
The annual complex-level fee for each Fund, payable monthly, is calculated according to the following schedule:
|
Complex-Level Managed Asset Breakpoint Level*
|
Effective Rate at Breakpoint Level
|
|
|
$55 billion
|
.2000
|
%
|
|
$56 billion
|
.1996
|
|
|
$57 billion
|
.1989
|
|
|
$60 billion
|
.1961
|
|
|
$63 billion
|
.1931
|
|
|
$66 billion
|
.1900
|
|
|
$71 billion
|
.1851
|
|
|
$76 billion
|
.1806
|
|
|
$80 billion
|
.1773
|
|
|
$91 billion
|
.1691
|
|
|
$125 billion
|
.1599
|
|
|
$200 billion
|
.1505
|
|
|
$250 billion
|
.1469
|
|
|
$300 billion
|
.1445
|
|
|
*
|
For the fund-level and complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen Funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen Funds or assets in excess of $2 billion added to the Nuveen Fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. As of April 30, 2012, the complex-level fee rate for each of these Funds was .1724%.
|
The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Adviser is responsible for each Fund’s overall strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the “Sub-Adviser”), a wholly-owned subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
The Funds pay no compensation directly to those of its directors/trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Board of Directors/Trustees has adopted a deferred compensation plan for independent directors/trustees that enables directors/trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
For the first eight years of High Income Opportunity’s (NMZ) operations, the Adviser has agreed to reimburse the Fund, as a percentage of average daily managed assets for fees and expenses in the amounts, and for the time periods set forth below:
|
Year Ending
|
Year Ending
|
||||
|
November 30,
|
November 30,
|
||||
|
2003*
|
.32
|
%
|
2009
|
.24
|
%
|
|
2004
|
.32
|
2010
|
.16
|
||
|
2005
|
.32
|
2011
|
.08
|
||
|
2006
|
.32
|
||||
|
2007
|
.32
|
||||
|
2008
|
.32
|
|
*
|
From the commencement of operations.
|
The Adviser has not agreed to reimburse High Income Opportunity (NMZ) for any portion of its fees and expenses beyond November 30, 2011.
8. Borrowing Arrangements
High Income Opportunity (NMZ) and High Income Opportunity 2 (NMO) have each entered into a senior committed secured 364-day revolving line of credit (“Borrowings”) with its custodian bank as a means of financial leverage. Each Fund’s maximum commitment amount under these Borrowings is as follows:
|
High Income
|
High Income
|
||||||
|
Opportunity
|
Opportunity 2
|
||||||
|
(NMZ
|
)
|
(NMD
|
)
|
||||
|
Maximum commitment amount
|
$
|
75,000,000
|
$
|
50,000,000
|
|
122
|
Nuveen Investments
|
As of April 30, 2012, each Fund’s outstanding balance on its Borrowings was as follows:
|
High Income
|
High Income
|
||||||
|
Opportunity
|
Opportunity 2
|
||||||
|
(NMZ
|
)
|
(NMD
|
)
|
||||
|
Outstanding balance on Borrowings
|
$
|
50,000,000
|
$
|
35,000,000
|
During the six months ended April 30, 2012, the average daily balance outstanding and average annual interest rate on each Fund’s Borrowings were as follows:
|
High Income
|
High Income
|
||||||
|
Opportunity
|
Opportunity 2
|
||||||
|
(NMZ
|
)
|
(NMD
|
)
|
||||
|
Average daily balance outstanding
|
$
|
50,000,000
|
$
|
35,000,000
|
|||
|
Average annual interest rate
|
0.94
|
%
|
1.21
|
%
|
In order to maintain these Borrowings, the Funds must meet certain collateral, asset coverage and other requirements. Borrowings outstanding are fully secured by securities held in each Fund’s portfolio of investments. Interest expense incurred on the Borrowings for High Income Opportunity (NMZ) is calculated at a rate per annum equal to the overnight London Inter-bank Offered Rate (LIBOR) offered rate plus .80% on the amounts borrowed. Interest expense incurred on the Borrowings for High Income Opportunity (NMD) is calculated at a rate per annum equal to the higher of the overnight Federal Funds Rate or the overnight LIBOR plus 1.00% on the amounts borrowed and .15% on the undrawn balance.
Borrowings outstanding are recognized as “Borrowings” on the Statement of Assets and Liabilities. Interest expense incurred on each Fund’s borrowed amount and undrawn balance is recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
In addition to the interest expense, High Income Opportunity (NMZ) pays a .15% per annum facility fee, based on the maximum commitment amount of the Borrowings through the renewal date. High Income Opportunity 2 (NMD) pays a .65% per annum program fee, based on the average daily outstanding balance and a .35% per annum liquidity fee, based on the maximum commitment amount of the Borrowings through the renewal date. Each Fund recognizes these fees as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
On May 24, 2012, High Income Opportunity (NMZ) entered into a new 364-day secured line of credit. The Fund paid a one-time closing fee of .10% on the maximum commitment amount of the Borrowings, which will be fully expensed through the expiration date of the Borrowings on May 23, 2013. All other terms of the Borrowings remain unchanged.
High Income Opportunity 2’s (NMD) borrowings are scheduled to expire on August 2, 2012.
9. New Accounting Pronouncements
Fair Value Measurements and Disclosures
On May 12, 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-04 (“ASU No. 2011-04”) modifying Topic 820, Fair Value Measurements and Disclosures. At the same time, the International Accounting Standards Board (“IASB”) issued International Financial Reporting Standard (“IFRS”) 13, Fair Value Measurement. The objective of the FASB and IASB is convergence of their guidance on fair value measurements and disclosures. Specifically, ASU No. 2011-04 requires reporting entities to disclose i) the amounts of any transfers between Level 1 and Level 2 and the reasons for the transfers and ii) for Level 3 fair value measurements, a) quantitative information about significant unobservable inputs used, b) a description of the valuation processes used by the reporting entity and c) a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs if a change in those inputs might result in a significantly higher or lower fair value measurement. The effective date of ASU No. 2011-04 is for interim and annual periods beginning after December 15, 2011. At this time, management is evaluating the implications of this guidance and the impact it will have to the financial statement amounts and footnote disclosures, if any.
10. Subsequent Events
Shelf Offering
During June 2012, Select Quality (NQS) filed a registration statement with the SEC to allow the Fund to issue an additional 3,400,000 Common shares through a shelf offering. Under this shelf offering program, the Fund, subject to market conditions, may raise additional equity capital from time to time in varying amounts and offer methods at a net price at or above the Fund’s NAV per share.
|
Nuveen Investments
|
123
|
Reinvest Automatically,
Easily and Conveniently
Easily and Conveniently
Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account.
Nuveen Closed-End Funds Automatic Reinvestment Plan
Your Nuveen Closed-End Fund allows you to conveniently reinvest distributions in additional Fund shares.
By choosing to reinvest, you’ll be able to invest money regularly and automatically, and watch your investment grow through the power of compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on distributions that are reinvested.
It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.
Easy and convenient
To make recordkeeping easy and convenient, each month you’ll receive a statement showing your total distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.
How shares are purchased
The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net asset value, shares for your account will be purchased on the open market. If the Plan Agent begins purchasing Fund shares on the open market while shares are trading below net asset value, but the Fund’s shares subsequently trade at or above their net asset value before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares’ net asset value or 95% of the shares’ market value on the last business day immediately prior to the purchase date. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may
|
124
|
Nuveen Investments
|
exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions.
Flexible
You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change.
You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan.
The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.
Call today to start reinvesting distributions
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787.
|
Nuveen Investments
|
125
|
Glossary of Terms
Used in this Report
Used in this Report
|
■
|
Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have “failed,” with current holders receiving a formula-based interest rate until the next scheduled auction.
|
|
■
|
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
|
|
■
|
Average Effective Maturity: The market-value-weighted average of the effective maturity dates of the individual securities including cash. In the case of a bond that has been advance-refunded to a call date, the effective maturity is the date on which the bond is scheduled to be redeemed using the proceeds of an escrow account. In most other cases the effective maturity is the stated maturity date of the security.
|
|
■
|
Effective Leverage: Effective leverage is a Fund’s effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative investments in the Fund’s portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.
|
|
■
|
Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a Fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
|
|
126
|
Nuveen Investments
|
|
■
|
Leverage: Using borrowed money to invest in securities or other assets, seeking to increase the return of an investment or portfolio.
|
|
■
|
Leverage-Adjusted Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s or bond Fund’s value to changes when market interest rates change. Generally, the longer a bond’s or Fund’s duration, the more the price of the bond or Fund will change as interest rates change. Leverage-adjusted duration takes into account the leveraging process for a Fund and therefore is longer than the duration of the Fund’s portfolio of bonds.
|
|
■
|
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average: Calculated using the returns of all closed-end funds in this category. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.
|
|
■
|
Lipper High Yield Municipal Debt Funds Classification Average: Calculated using the returns of all closed-end funds in this category. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.
|
|
■
|
Market Yield (also known as Dividend Yield or Current Yield): An investment’s current annualized dividend divided by its current market price.
|
|
■
|
Net Asset Value (NAV): The net market value of all securities held in a portfolio.
|
|
■
|
Net Asset Value (NAV) Per Share: The market value of one share of a mutual fund or closed-end fund. For a Fund, the NAV is calculated daily by taking the Fund’s total assets (securities, cash, and accrued earnings), subtracting the Fund’s liabilities, and dividing by the number of shares outstanding.
|
|
■
|
Pre-Refunding: Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond’s credit rating and thus its value.
|
|
■
|
Regulatory Leverage: Regulatory Leverage consists of preferred shares issued by or borrowings of a Fund. Both of these are part of a Fund’s capital structure. Regulatory leverage is sometimes referred to as “‘40 Act Leverage” and is subject to asset coverage limits set in the Investment Company Act of 1940.
|
|
■
|
Standard & Poor’s (S&P) Municipal Yield Index: The Standard & Poor’s (S&P) Municipal Yield Index comprises all of the bonds in the S&P Municipal Bond Index that are non-rated or rated BB+ by S&P and/or Ba1 or lower by Moody’s Investor Services, Inc. The index does not contain bonds that are pre-refunded or escrowed to maturity. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
|
|
Nuveen Investments
|
127
|
Glossary of Terms
Used in this Report (continued)
|
■
|
Standard & Poor’s (S&P) Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
|
|
■
|
Taxable-Equivalent Yield: The yield necessary from a fully taxable investment to equal, on an after-tax basis, the yield of a municipal bond investment.
|
|
■
|
Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Tax-exempt income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.
|
|
128
|
Nuveen Investments
|
Notes
|
Nuveen Investments
|
129
|
Notes
|
130
|
Nuveen Investments
|
Additional Fund Information
|
Board of
|
|
Directors/Trustees
|
|
John P. Amboian
|
|
Robert P. Bremner
|
|
Jack B. Evans
|
|
William C. Hunter
|
|
David J. Kundert
|
|
William J. Schneider
|
|
Judith M. Stockdale
|
|
Carole E. Stone
|
|
Virginia L. Stringer
|
|
Terence J. Toth
|
|
Fund Manager
|
|
Nuveen Fund Advisors, Inc.
|
|
333 West Wacker Drive
|
|
Chicago, IL 60606
|
|
Custodian
|
|
State Street Bank
|
|
& Trust Company
|
|
Boston, MA
|
|
Transfer Agent and
|
|
Shareholder Services
|
|
State Street Bank & Trust
|
|
Company
|
|
Nuveen Funds
|
|
P.O. Box 43071
|
|
Providence, RI 02940-3071
|
|
(800) 257-8787
|
|
Legal Counsel
|
|
Chapman and Cutler LLP
|
|
Chicago, IL
|
|
Independent Registered
|
|
Public Accounting Firm
|
|
Ernst & Young LLP
|
|
Chicago, IL
|
Quarterly Portfolio of Investments and Proxy Voting Information
You may obtain (i) each Fund’s quarterly portfolio of investments, (ii) information regarding how the Funds voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, and (iii) a description of the policies and procedures that the Funds used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com.
You may also obtain this and other Fund information directly from the Securities and Exchange Commission (SEC). The SEC may charge a copying fee for this information. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC at (202) 942-8090 for room hours and operation. You may also request Fund information by sending an e-mail request to publicinfo@sec.gov or by writing to the SEC’s Public References Section at 100 F Street NE, Washington, D.C. 20549.
CEO Certification Disclosure
Each Fund’s Chief Executive Officer (CEO) has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual.
Each Fund has filed with the SEC the certification of its Chief Executive Officer and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.
Common Share Information
Each Fund intends to repurchase shares of its own common stock in the future at such times and in such amounts as is deemed advisable. During the period covered by this report, the Funds repurchased shares of their common stock as shown in the accompanying table.
|
Common Shares
|
|
|
Fund
|
Repurchased
|
|
NQM
|
—
|
|
NQS
|
—
|
|
NQU
|
—
|
|
NPF
|
—
|
|
NMZ
|
—
|
|
NMD
|
—
|
Any future repurchases will be reported to shareholders in the next annual or semiannual report.
|
Nuveen Investments
|
131
|
Nuveen Investments:
Serving Investors for Generations
Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.
Focused on meeting investor needs.
Nuveen Investments provides high-quality investment services designed to help secure the long-term goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates - Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management and Gresham Investment Management. In total, Nuveen Investments managed approximately $227 billion as of March 31, 2012.
Find out how we can help you.
To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at: www.nuveen.com/cef
Distributed by
Nuveen Securities, LLC
333 West Wacker Drive
Chicago, IL 60606
www.nuveen.com
ESA-C-0412D
ITEM 2. CODE OF ETHICS.
Not applicable to this filing.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable to this filing.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable to this filing.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to this filing.
ITEM 6. SCHEDULE OF INVESTMENTS.
(a) See Portfolio of Investments in Item 1.
(b) Not applicable.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this filing.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this filing.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board implemented after the registrant last provided disclosure in response to this Item.
ITEM 11. CONTROLS AND PROCEDURES.
|
(a)
|
The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")(17 CFR 240.13a-15(b) or 240.15d-15(b)).
|
|
(b)
|
There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
|
ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form.
|
(a)(1)
|
Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.
|
|
(a)(2)
|
A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See Ex-99.CERT attached hereto.
|
|
(a)(3)
|
Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable.
|
|
(b)
|
If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference: See Ex-99.906 CERT attached hereto.
|
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen Municipal High Income Opportunity Fund
By (Signature and Title) /s/ Kevin J. McCarthy
Kevin J. McCarthy
Vice President and Secretary
Date: July 9, 2012
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title) /s/ Gifford R. Zimmerman
Gifford R. Zimmerman
Chief Administrative Officer
(principal executive officer)
Date: July 9, 2012
By (Signature and Title) /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller
(principal financial officer)
Date: July 9, 2012