nio.htm
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 811-06379

Nuveen Municipal Opportunity Fund, Inc.
(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, 2013

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
 
Chairman’s Letter to Shareholders
4
   
Portfolio Managers’ Comments
5
   
Fund Leverage
11
   
Common Share Information
13
   
Risk Considerations
15
   
Performance Overview and Holding Summaries
16
   
Shareholder Meeting Report
22
   
Portfolios of Investments
23
   
Statement of Assets and Liabilities
88
   
Statement of Operations
90
   
Statement of Changes in Net Assets
92
   
Statement of Cash Flows
95
   
Financial Highlights
98
   
Notes to Financial Statements
106
   
Reinvest Automatically, Easily and Conveniently
118
   
Glossary of Terms Used in this Report
120
   
Additional Fund Information
123

 
 

 
 
Chairman’s
Letter to Shareholders
 
 
Dear Shareholders,
 
After nine years of serving as lead director and independent chairman of the Nuveen Fund Board, my term of office is coming to an end. It has been a privilege to use this space to communicate with you on some of the broad economic trends in the U.S. and abroad and how they are impacting the investment environment in which your funds operate. In addition, I have enjoyed offering some perspective on how your Board views the various Nuveen investment teams as they apply their investment disciplines in that investment environment.
 
My term has coincided with a particularly challenging period for both mutual fund sponsors and investors. Since 2000 there have been three periods of unusually strong stock market growth and two major market declines. Recent years have been characterized by a search for yield in fixed income securities to compensate for an extended period of very low interest rates. Funds are investing more in foreign and emerging markets that require extensive research capabilities to overcome the more limited transparency and higher volatility in those markets. New fund concepts often incorporate derivative financial instruments that offer efficient ways to hedge investment risk or gain exposure to selected markets. Fund trading teams operate in many new domestic and international venues with quite different characteristics. Electronic trading and global communication networks mean that fund managers must be able to thrive in financial markets that react instantaneously to newsworthy events and are more interconnected than ever.
 
Nuveen has committed additional resources to respond to these changes in the fund industry environment. It has added IT and research resources to assemble and evaluate the increased flow of detailed information on economies, markets and individual companies. Based on its experience during the financial crisis of 2008-09, Nuveen has expanded its resources dedicated to valuing and trading portfolio securities with a particular focus on stressed financial market conditions. It has added systems and experienced risk management professionals to work with investment teams to better help evaluate whether their funds’ risk exposures are appropriate in view of the return targets. The investment teams have also reflected on recent experience to reaffirm or modify their investment disciplines. Finally, experienced professionals and IT resources have been added to address new regulatory requirements designed to better inform and protect investors. The Board has enthusiastically encouraged these initiatives.
 
The Nuveen Fund Board has always viewed itself as your representatives to assure that Nuveen brings together experienced people, proven technologies and effective processes designed to produce results that meet investor expectations. It is important to note that our activities are highlighted by the annual contract renewal process. Despite its somewhat formal language, I strongly encourage you to read the summary because it offers an insight into our oversight process. The report is included in the back of this or a subsequent shareholder report. The renewal process is very comprehensive and includes a number of evaluations and discussions between the Board and Nuveen during the year. The summary also describes what has been achieved across the Nuveen fund complex and at individual funds such as yours.
 
As I leave the chairmanship and resume my role as a member of the Board, please be assured that I and my fellow Board members will continue to hold your interests uppermost in our minds as we oversee the management of your funds and that we greatly appreciate your confidence in your Nuveen fund.
 
Very sincerely,
 
 
Robert P. Bremner
Chairman of the Board
June 21, 2013
 
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Portfolio Managers’ Comments
 
Nuveen Quality Municipal Fund, Inc. (NQI)
Nuveen Municipal Opportunity Fund, Inc. (NIO)
Nuveen Premier Municipal Opportunity Fund, Inc. (NIF)
Nuveen Premium Income Municipal Opportunity Fund (NPX)
Nuveen Dividend Advantage Municipal Income Fund (NVG)
Nuveen AMT-Free Municipal Income Fund (NEA)
 
Portfolio managers Paul Brennan and Douglas White review key investment strategies and the six-month performance of these six national Funds. Paul has managed NIO, NIF, NVG and NEA since 2006 and Douglas assumed portfolio management responsibility for NQI and NPX in January 2011.
 
FUND REORGANIZATIONS
 
Effective before the opening of business on May 6, 2013 (subsequent to the close of this reporting period), certain Funds (the Acquired Funds) were reorganized into one, larger Fund included in this report (the Acquiring Fund) as follows:
 
Acquired Funds
Symbol
Acquiring Fund
Symbol
Nuveen Premier Municipal
NIF
Nuveen AMT-Free Municipal
NEA
 
Opportunity Fund, Inc.
 
Income Fund
 
Nuveen Premium Income   NPX    
 
Municipal Opportunity Fund
     
 
Upon the closing of the reorganizations, the Acquired Funds transferred their assets to the Acquiring Fund in exchange for common and preferred shares of the Acquiring Funds and the assumption by the Acquiring Fund of the liabilities of the Acquired Funds. The Acquired Funds were then liquidated, dissolved and terminated in accordance with their Declaration of Trust. Shareholders of the Acquired Funds became shareholders of the Acquiring Fund. Holders of common shares of the Acquired Funds received newly issued common shares of the Acquiring Fund, the aggregate net asset value of which was equal to the aggregate net asset value of the common shares of the Acquired Funds held immediately prior to the reorganizations (including for this purpose fractional Acquiring Fund shares to which shareholders would be entitled). Fractional shares were sold on the open market and shareholders received cash in lieu of such fractional shares. Holders of preferred shares of the Acquired Funds received on a one-for-one basis newly issued preferred shares of the Acquiring Fund, in exchange for their preferred shares of the Acquired Funds held immediately prior to the reorganizations.
 
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, 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 these national rating agencies.
 
Nuveen Investments
 
5
 
 
 

 
 
What key strategies were used to manage these Funds during the six-month reporting period ended April 30, 2013?
 
In an environment characterized by tight supply, strong demand but a slightly mixed change in yields, 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. However, the municipal market also encountered some additional volatility generated by the political environment, particularly the “fiscal cliff” at the end of 2012 and the approach of federal tax season. On the revenue side, state tax collections have grown for eleven straight quarters, exceeding pre-recession levels beginning in September 2011, while on the expense side, the states made headway in cutting and controlling costs. The current low level of municipal issuance reflects the current political distaste for additional borrowing by state and local governments facing fiscal constraints and the prevalent atmosphere of municipal budget austerity. During this period, we continued to see municipal yields remain relatively low, although there were some very slight upward yield changes in the longest maturities. Borrowers seeking to take advantage of the low rate environment sparked an increase in refunding activity, with approximately 50% of municipal paper issued by borrowers that were calling existing debt and refinancing at lower rates.
 
As previously reported, the Funds eliminated the policy requiring them to invest at least 80% of their managed assets in municipal securities covered by insurance. While each Fund continues to invest substantially all of its assets in a portfolio of investment-grade quality municipal securities, this change provides more flexibility regarding the types of securities available for investment.
 
Following this change, we were active in working to enhance the Funds’ diversification and transition their portfolios to reflect their uninsured status, adding a variety of sectors across the credit spectrum, particularly mid-tier and lower rated bonds. During this period, we found value in health care, substantially increasing our exposure to this sector in all of the Funds, as well as hospital bonds in NIO, NEA, NVG and NIF. We also added tobacco bonds, as well as transportation and toll way bonds to NIO, NEA, NVG and NIF. NQI and NPX also added bonds secured by revenues from sales and use taxes as well as airport, public power, transportation and tollway bonds, primarily in the A and BBB credit sectors. Over the past few years, when there were fewer purchase opportunities due to the insured mandate, the Funds’ durations had drifted lower as bonds matured or were called from their portfolios, and we were unable to replace them with insured bonds with longer maturities. We continued to emphasize extending the Funds’
 
6
 
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durations through the purchase of bonds with longer maturities. This enabled us to take advantage of more attractive yields at the longer end of the municipal yield curve and helped to provide additional protection for the Funds’ duration and yield curve positioning. NQI and NPX’s duration was longer than the benchmark by the end of the period. In NIO, NVG, NEA and NIF, our opportunities in these areas were somewhat constrained by the structure of bonds typically issued as part of refinancing deals, which tend to be characterized by higher quality and shorter maturities.
 
We also took advantage of short-term opportunities created by the supply/demand dynamics in the municipal market. While demand for tax-exempt paper remained consistently strong throughout the period, supply fluctuated widely. We found that periods of substantial supply provided good short-term buying opportunities not only because of the increased number of issues available, but also because some investors became more hesitant in their buying as supply grew, as spreads narrowed. At times when supply was more plentiful, we were proactive in focusing on anticipating cash flows from bond calls and maturing bonds and closely monitored opportunities for reinvestment.
 
Cash for new purchases during this period was generated primarily by the proceeds from an increased number of bond calls resulting from the growth in refinancings. During this period, we worked to redeploy these proceeds as well as those from maturing bonds to keep the Funds as fully invested as possible. We also engaged in some tactical selling, that is, taking advantage of attractive bids for certain issues resulting from strong demand to sell a specific issue and reinvest the proceeds into bonds that we thought offered more potential. Overall, however, selling was relatively limited because the bonds in our portfolios generally offered higher yields than those available in the current marketplace.
 
As of April 30, 2013, 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.
 
How did the Funds perform during the six-month reporting period ended April 30, 2013?
 
The tables in each Fund’s Performance Overview and Holding Summaries section of this report provide total returns for the Funds for the six-month, one-year, five-year and ten-year periods ended April 30, 2013. Each Fund’s total returns are compared with the performance of a corresponding market index and Lipper classification average.
 
Nuveen Investments
 
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For the six-months ended April 30, 2013, the total returns on common share net asset value (NAV) for NQI, NIO, NIF NPX and NVG exceeded the returns for the S&P Municipal Bond Index, while NEA performed in line with the index. For this same period, the Funds lagged the average return for the Lipper General & Insured Leveraged 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. In addition, the use of regulatory leverage was an important positive factor affecting the Funds’ performance over this period. Leverage is discussed in more detail later in this report.
 
In an environment of very slightly rising long-term rates, essentially unchanged shorter rates and a steepening yield curve, results for municipal maturity categories remained positive across the yield curve, with longer maturities generally outperforming those with shorter maturities during this period. Overall, credits at the longest end of the municipal yield curve still posted the strongest returns, while bonds at the shortest end produced the weakest results. For this period, duration and yield curve positioning was a major factor in the performance of these Funds, with the net impact varying according to each Fund’s individual weightings along the curve. As previously mentioned, the Funds’ durations had shortened over the last several years as bonds matured or were called from their portfolios, and the lack of insured issuance hampered replacing them with bonds with longer maturities. With the investment policy change in January 2012, we worked to give these Funds better access to the longer segment of the yield curve. Overall for the period, NIF and NQI were the most advantageously positioned in terms of duration and yield curve. All of the Funds benefited from their holdings of long duration bonds, many of which had zero percent coupons, which generally outperformed the market during this period. This was especially true in NQI and NPX, which were overweight in zero coupon bonds. NEA, which reached its 10-year anniversary in November 2012, had the increased exposure to bonds with short call dates typically associated with that milestone, and its shorter effective duration constrained its participation in the market rally during this 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
 
8
 
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municipal bonds, narrowed through a variety of rating categories. As a result of this spread compression, these Funds benefited from their holdings of lower rated credits, especially NQI and NIO, which had the lowest allocation to AAA bonds as of April 30, 2013. NEA, on the other hand, had the heaviest weighting of bonds rated AAA, which detracted from its performance.
 
During this period, revenue bonds as a whole outperformed the general municipal market. Holdings that generally made positive contributions to the Funds’ returns included health care (together with hospitals), transportation (including airport and toll roads). All of these Funds had strong weightings in health care, while their transportation holdings, especially toll roads, also added to performance. Tobacco credits backed by the 1998 master tobacco settlement agreement also performed extremely well, helped in part by their longer effective durations. These bonds also benefited from 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. Benefiting from the recent change in investment policy, NIO, NIF, NVG and NEA now have allocations of lower rated tobacco bonds, while NQI and NPX do not hold any tobacco credits.
 
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, 2013, NEA and NPX held the heaviest weighting of pre-refunded bonds, which significantly detracted from its performance during this period, while NVG had the smallest exposure to these bonds. General obligation (GO) bonds and housing and utilities (e.g., resource recovery, public power) credits also lagged the performance of the general municipal market for this period.
 
Shareholders also should be aware of an issue involving some of the Funds’ holdings. In December 2012, Moody’s down-graded Puerto Rico GO bonds to Baa3 from Baa1 based on Puerto Rico’s ongoing economic problems, unfunded pension liabilities, elevated debt levels and structural budget gaps. Prior to this reporting period, bonds issued by the Puerto Rico Sales Tax Financing Corporation (COFINA) also were downgraded by Moody’s to Aa3 from Aa2 in July 2012. The downgrade of the COFINA bonds was due mainly to the performance of Puerto Rico’s economy and its impact on the projected growth of sales tax revenues, and not to any sector or structural issues. In
 
Nuveen Investments
 
9

 
 

 
addition, the COFINA bonds were able to maintain a higher rating than the GOs because, unlike the revenue streams supporting some Puerto Rican issues, the sales taxes supporting the COFINA bonds cannot be diverted and used to support the commonwealth’s GO bonds. Shareholders of these Funds should note that all of these Funds have exposure to Puerto Rico bonds, the majority of which are the dedicated sales tax bonds issued by COFINA.
 
For the reporting period ended April 30, 2013, Puerto Rico paper generally underperformed the market as whole. Because most of our holdings were the COFINA bonds, the overall impact on performance was minimal, differing from Fund to Fund in line with the type and amount of its holdings. As we continue to emphasize Puerto Rico’s stronger credits, we view the COFINA bonds as long-term holdings and note that the commonwealth recently introduced various sales tax enforcement initiatives aimed at improving future collections.
 
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Fund Leverage
 
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. As of April 30, 2013, the Funds’ percentages of effective and regulatory leverage are shown in the accompanying table.
 
 
Effective
 
Regulatory
 
Fund
Leverage
*
Leverage
*
NQI
36.71%
 
28.76%
 
NIO
36.62%
 
30.42%
 
NIF
36.45%
 
29.40%
 
NPX
34.72%
 
28.17%
 
NVG
35.56%
 
29.30%
 
NEA
38.47%
 
30.57%
 
 
*
Effective Leverage is a Fund’s effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund’s portfolio that increase the Fund’s investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage. Regulatory leverage consists of preferred shares issued 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 forth in the Investment Company Act of 1940.
 
THE FUNDS’ REGULATORY LEVERAGE
 
As of April 30, 2013, the Funds have issued and outstanding MuniFund Term Preferred (MTP) Shares, Variable Rate MuniFund Term Preferred (VMTP) Shares and Variable Rate Demand Preferred (VRDP) Shares as shown in the accompanying tables.
 
MTP Shares
       
MTP Shares Issued
 
Annual
 
NYSE
Fund
 
Series
 
at Liquidation Value
 
Interest Rate
 
Ticker
NVG
 
2014
 
$108,000,000
 
2.95%
 
NVG PrC
NEA
 
2015
 
$83,000,000
 
2.85%
 
NEA PrC

Nuveen Investments
 
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VMTP Shares
 
     
VMTP Shares Issued
 
Fund
Series
 
at Liquidation Value
 
NQI
2015
  $ 240,400,000  
NVG
2014
  $ 92,500,000  
NEA
2014
  $ 67,600,000  
 
During the current reporting period, NQI successfully exchanged of all its outstanding 2,404 Series 2014 VMTP Shares for 2,404 Series 2015 VMTP Shares. This transaction was completed in a privately negotiated offering.
 
The Fund completed the exchange offer in which it refinanced its existing VMTP Shares with new VMTP Shares at a reduced cost and with a term redemption date of December 1, 2015. Dividends on the VMTP Shares are set weekly at a fixed spread to the Securities Industry and Financial Markets Association Municipal Swap Index (SIFMA).
 
VRDP Shares
  VRDP Shares Issued
Fund
 
at Liquidation Value
NIO
$
667,200,000
NIF
$
130,900,000
NPX
$
219,000,000
 
Refer to Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies for further details on MTP Shares, VMTP Shares and VRDP Shares.
 
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Common Share Information
 
COMMON SHARE DIVIDEND INFORMATION
 
During the current reporting period ended April 30, 2013, the Funds’ monthly dividends to shareholders were as shown in the accompanying table.
 
     
Per Common Share Amounts
 
     
NQI
   
NIO
   
NIF
   
NPX
   
NVG
   
NEA
 
November
 
$
0.0750
 
$
0.0730
 
$
0.0755
 
$
0.0620
 
$
0.0750
 
$
0.0700
 
December
   
0.0730
   
0.0730
   
0.0720
   
0.0620
   
0.0690
   
0.0680
 
January
   
0.0730
   
0.0730
   
0.0720
   
0.0620
   
0.0690
   
0.0680
 
February
   
0.0730
   
0.0730
   
0.0720
   
0.0620
   
0.0690
   
0.0680
 
March
   
0.0730
   
0.0730
   
0.0720
   
0.0620
   
0.0610
   
0.0680
 
April
   
0.0730
   
0.0730
   
0.0720
   
0.0620
   
0.0610
   
0.0680
 
                                       
Long-Term Capital Gain**
 
$
 
$
 
$
 
$
 
$
0.1069
 
$
 
Short-Term Capital Gain**
   
   
   
   
 
$
0.0068
   
 
Ordinary Income Distribution**
   
   
   
   
 
$
0.0015
   
 
                                       
Market Yield***
   
5.95
%
 
5.81
%
 
5.71
%
 
5.28
%
 
4.92
%
 
5.58
%
Taxable-Equivalent Yield***
   
8.26
%
 
8.07
%
 
7.93
%
 
7.33
%
 
6.83
%
 
7.75
%
 
**
Distribution paid in December 2012.
***
Market Yield is based on the Fund’s current annualized monthly dividend divided by the Fund’s current market price as of the end of the reporting period. 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 28.0%. When comparing a Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
 
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, 2013, all of the Funds in this report had positive UNII balances, based on our best estimate, for tax purposes and positive UNII balances for financial reporting purposes.
 
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COMMON SHARE REPURCHASES
 
During November 2012, the Nuveen Funds’ Board of Directors/Trustees reauthorized the Funds’ open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding common shares.
 
As of April 30, 2013, and since the inception of the Funds’ repurchase programs, the following Funds have cumulatively repurchased and retired their common shares as shown in the accompanying table. Since the inception of the Funds’ repurchase programs, NQI, NIF and NPX have not repurchased any of their outstanding common shares.
 
 
Common Shares
 
% of Common Shares
Fund
Repurchased and Retired
 
Authorized for Repurchase
NIO
2,900
 
0.0%
NVG
10,400
 
0.3%
NEA
19,300
 
0.9%
 
During the current reporting period, the Funds did not repurchase any of their outstanding common shares.
 
COMMON SHARE OTHER INFORMATION
 
As of April 30, 2013, and during the current reporting period, the share prices of the Funds were trading at a premium/(discount) to their NAVs as shown in the accompanying table.
 
     
NQI
   
NIO
   
NIF
   
NPX
   
NVG
   
NEA
 
Common Share NAV
 
$
15.48
 
$
15.96
 
$
16.09
 
$
14.95
 
$
16.24
 
$
15.37
 
Common Share Price
 
$
14.73
 
$
15.09
 
$
15.13
 
$
14.10
 
$
14.88
 
$
14.63
 
Premium/(Discount) to NAV
   
-4.84
%
 
-5.45
%
 
-5.97
%
 
-5.69
%
 
-8.37
%
 
-4.81
%
6-Month Average                                        
    Premium/(Discount) to NAV
   
-1.95
%
 
-3.37
%
 
-3.63
%
 
-3.18
%
 
-5.50
%
 
-2.22
%

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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, Market and Price 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. Shares of closed-end investment companies like these Funds frequently trade at a discount to their net asset value (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.
 
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.
 
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.
 
Interest Rate Risk. Fixed-income securities such as bonds, preferred, convertible and other debt securities will decline in value if market interest rates rise.
 
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.
 
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.
 
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 investment.
 
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.
 
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15

 
 

 
 
Nuveen Quality Municipal Fund, Inc. (NQI)
Performance Overview and Holding Summaries as of April 30, 2013
 
Average Annual Total Returns as of April 30, 2013
 
     
Cumulative
 
Average Annual
 
     
6-Month
 
1-Year
   
5-Year
   
10-Year
 
NQI at Common Share NAV
   
2.80
%
 
9.68
%
 
8.04
%
 
5.71
%
NQI at Common Share Price
   
(2.13
)%
 
7.71
%
 
8.39
%
 
4.92
%
S&P Municipal Bond Index
   
2.01
%
 
5.74
%
 
6.08
%
 
5.16
%
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average
   
3.21
%
 
10.58
%
 
8.88
%
 
6.74
%
 
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. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
 
Portfolio Composition1
       
(as a % of total investments)
       
Tax Obligation/Limited
   
25.6
%
Transportation
   
16.1
%
Tax Obligation/General
   
12.0
%
Health Care
   
11.8
%
U.S. Guaranteed
   
11.6
%
Water and Sewer
   
11.3
%
Other
   
11.6
%

Credit Quality1,2,3
       
(as a % of total investment exposure)
       
AAA/U.S. Guaranteed
   
21.7
%
AA
   
43.3
%
A
   
21.5
%
BBB
   
11.3
%
N/R
   
0.4
%

States1
       
(as a % of total investments)
       
California
   
13.7
%
Florida
   
9.3
%
Illinois
   
6.2
%
Pennsylvania
   
6.1
%
Washington
   
6.1
%
Arizona
   
5.9
%
Texas
   
5.9
%
Colorado
   
4.4
%
Kentucky
   
3.5
%
Louisiana
   
3.4
%
Massachusetts
   
3.2
%
Indiana
   
3.0
%
Michigan
   
2.7
%
New York
   
2.6
%
Wisconsin
   
2.3
%
Ohio
   
2.3
%
Other
   
19.4
%
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
1
Holdings are subject to change.
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 these national rating agencies.
3
Percentage may not add to 100% due to the exclusion of Other Assets Less Liabilities from the table.
 
16
 
Nuveen Investments

 
 

 
 
Nuveen Municipal Opportunity Fund, Inc. (NIO)
Performance Overview and Holding Summaries as of April 30, 2013
 
Average Annual Total Returns as of April 30, 2013
 
     
Cumulative
 
Average Annual
 
     
6-Month
 
1-Year
   
5-Year
   
10-Year
 
NIO at Common Share NAV
   
2.70
%
 
8.92
%
 
7.82
%
 
5.75
%
NIO at Common Share Price
   
(0.04
)%
 
7.49
%
 
8.37
%
 
5.45
%
S&P Municipal Bond Index
   
2.01
%
 
5.74
%
 
6.08
%
 
5.16
%
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average
   
3.21
%
 
10.58
%
 
8.88
%
 
6.74
%
 
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. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
 
Portfolio Composition1
 
(as a % of total investments)
 
Tax Obligation/Limited
23.1%
U.S. Guaranteed
14.4%
Transportation
13.6%
Health Care
12.8%
Water and Sewer
10.8%
Tax Obligation/General
9.6%
Utilities
6.8%
Other
8.9%

Credit Quality1,2,3
 
(as a % of total investment exposure)
 
AAA/U.S. Guaranteed
21.0%
AA
44.9%
A
17.8%
BBB
10.2%
BB or Lower
3.6%
N/R
1.2%

States1
 
(as a % of total investments)
 
Florida
13.2%
California
12.8%
Illinois
6.2%
New York
4.8%
Ohio
4.7%
Texas
4.7%
Washington
4.4%
Indiana
4.4%
Pennsylvania
3.7%
New Jersey
3.4%
Nevada
3.0%
Louisiana
3.0%
South Carolina
2.9%
Colorado
2.8%
Massachusetts
2.4%
Michigan
2.2%
Arizona
2.1%
Other
19.3%
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
1
Holdings are subject to change.
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 these national rating agencies.
3
Percentage may not add to 100% due to the exclusion of Other Assets Less Liabilities from the table.
 
Nuveen Investments
 
17

 
 

 
 
Nuveen Premier Municipal Opportunity Fund, Inc. (NIF)
Performance Overview and Holding Summaries as of April 30, 2013
 
Average Annual Total Returns as of April 30, 2013

 
Cumulative
    Average Annual
 
6-Month
 
1-Year
 
5-Year
 
10-Year
NIF at Common Share NAV
2.86%
 
9.36%
 
8.29%
 
5.87%
NIF at Common Share Price
(1.20)%
 
4.93%
 
9.23%
 
5.32%
S&P Municipal Bond Index
2.01%
 
5.74%
 
6.08%
 
5.16%
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average
3.21%
 
10.58%
 
8.88%
 
6.74%
 
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. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.

 
Portfolio Composition1
 
(as a % of total investments)
 
Tax Obligation/Limited
21.5%
Tax Obligation/General
15.3%
U.S. Guaranteed
15.1%
Transportation
13.8%
Health Care
11.7%
Water and Sewer
8.0%
Education and Civic Organizations
5.5%
Other
9.1%

Credit Quality1,2,3
 
(as a % of total investment exposure)
 
AAA/U.S. Guaranteed
26.3%
AA
43.9%
A
13.8%
BBB
10.0%
BB or Lower
2.9%
N/R
0.5%

States1
 
(as a % of total investments)
 
California
15.2%
Illinois
11.0%
Texas
5.4%
Florida
5.4%
Colorado
5.4%
Indiana
5.2%
New York
4.8%
Pennsylvania
4.7%
Ohio
3.7%
New Jersey
3.6%
Arizona
3.6%
Massachusetts
3.4%
North Carolina
3.1%
Georgia
2.6%
Vermont
2.4%
Washington
2.4%
Other
18.1%
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
1
Holdings are subject to change.
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 these national rating agencies.
3
Percentage may not add to 100% due to the exclusion of Other Assets Less Liabilities from the table.
 
18
 
Nuveen Investments

 
 

 
 
Nuveen Premium Income Municipal Opportunity Fund (NPX)
Performance Overview and Holding Summaries as of April 30, 2013
 
Average Annual Total Returns as of April 30, 2013
 
   
Cumulative
  Average Annual
   
6-Month
 
1-Year
 
5-Year
 
10-Year
NPX at Common Share NAV
 
2.65%
 
9.05%
 
8.08%
 
5.80%
NPX at Common Share Price
 
(2.91)%
 
7.84%
 
9.50%
 
5.48%
S&P Municipal Bond Index
 
2.01%
 
5.74%
 
6.08%
 
5.16%
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average
 
3.21%
 
10.58%
 
8.88%
 
6.74%
 
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. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
 
Portfolio Composition1
 
(as a % of total investments)
 
Tax Obligation/Limited
21.0%
U.S. Guaranteed
14.6%
Transportation
13.8%
Health Care
13.2%
Water and Sewer
12.4%
Tax Obligation/General
9.3%
Utilities
6.9%
Other
8.8%

Credit Quality1,2,3
 
(as a % of total investment exposure)
 
AAA/U.S. Guaranteed
22.0%
AA
41.4%
A
23.2%
BBB
7.0%
BB or Lower
0.2%
N/R
0.3%

States1
 
(as a % of total investments)
 
California
16.7%
New York
7.4%
Pennsylvania
7.0%
New Jersey
6.8%
Illinois
6.3%
Colorado
5.9%
Florida
5.7%
Texas
5.2%
Indiana
4.0%
Louisiana
3.8%
Washington
3.7%
Arizona
3.4%
Puerto Rico
3.0%
Massachusetts
2.3%
Other
18.8%
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
1
Holdings are subject to change.
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 these national rating agencies.
3
Percentage may not add to 100% due to the exclusion of Other Assets Less Liabilities from the table.
 
Nuveen Investments
 
19

 
 

 
 
Nuveen Dividend Advantage Municipal Income Fund (NVG)
Performance Overview and Holding Summaries as of April 30, 2013
 
Average Annual Total Returns as of April 30, 2013
 
   
Cumulative
  Average Annual
   
6-Month
 
1-Year
 
5-Year
 
10-Year
NVG at Common Share NAV
 
2.66%
 
9.29%
 
7.90%
 
6.19%
NVG at Common Share Price
 
(2.72)%
 
4.34%
 
8.42%
 
6.09%
S&P Municipal Bond Index
 
2.01%
 
5.74%
 
6.08%
 
5.16%
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average
 
3.21%
 
10.58%
 
8.88%
 
6.74%
 
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. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
 
Portfolio Composition1
 
(as a % of total investments)
 
Tax Obligation/Limited
22.5%
Health Care
15.8%
Tax Obligation/General
11.6%
U.S. Guaranteed
11.2%
Transportation
10.3%
Water and Sewer
9.2%
Education and Civic Organizations
8.4%
Investment Companies
0.2%
Other
10.8%

Credit Quality1,2,3
 
(as a % of total investment exposure)
 
AAA/U.S. Guaranteed
28.4%
AA
39.8%
A
15.8%
BBB
6.3%
BB or Lower
3.4%
N/R
4.7%

States1
 
(as a % of municipal bonds)
 
California
12.3%
Washington
9.0%
Texas
8.4%
Illinois
6.3%
Georgia
5.3%
Indiana
4.6%
Colorado
4.5%
Florida
4.4%
New York
3.6%
Pennsylvania
3.6%
South Carolina
3.5%
Ohio
3.4%
New Jersey
3.0%
Louisiana
2.8%
Michigan
2.6%
Massachusetts
1.8%
Nevada
1.7%
Other
19.2%
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
1
Holdings are subject to change.
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 these national rating agencies.
3
Percentage may not add to 100% due to the exclusion of Other Assets Less Liabilities from the table.
 

20
 
Nuveen Investments

 
 

 
 
Nuveen AMT-Free Municipal Income Fund (NEA)
Performance Overview and Holding Summaries as of April 30, 2013
 
Average Annual Total Returns as of April 30, 2013
 
   
Cumulative
  Average Annual
   
6-Month
 
1-Year
 
5-Year
 
10-Year
NEA at Common Share NAV
 
1.89%
 
6.62%
 
7.01%
 
5.97%
NEA at Common Share Price
 
(4.85)%
 
4.76%
 
6.77%
 
5.51%
S&P Municipal Bond Index
 
2.01%
 
5.74%
 
6.08%
 
5.16%
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average
 
3.21%
 
10.58%
 
8.88%
 
6.74%
 
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. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
 
Portfolio Composition1
 
(as a % of total investments)
 
U.S. Guaranteed
23.8%
Tax Obligation/Limited
23.0%
Health Care
16.0%
Water and Sewer
11.5%
Tax Obligation/General
8.1%
Transportation
6.7%
Other
10.9%

Credit Quality1,2,3
 
(as a % of total investment exposure)
 
AAA/U.S. Guaranteed
29.5%
AA
35.4%
A
23.8%
BBB
2.8%
BB or Lower
3.8%
N/R
0.9%

States1
 
(as a % of total investments)
 
Florida
11.0%
California
9.8%
Illinois
7.3%
Indiana
5.9%
Washington
5.6%
Pennsylvania
5.2%
Texas
5.1%
New York
4.5%
Michigan
4.5%
Ohio
4.4%
Colorado
4.3%
Wisconsin
3.6%
South Carolina
2.9%
North Carolina
2.8%
Massachusetts
2.8%
Alabama
2.4%
Other
17.9%
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
1
Holdings are subject to change.
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 these national rating agencies.
3
Percentage may not add to 100% due to the exclusion of Other Assets Less Liabilities from the table.
 

Nuveen Investments
 
21
 
 
 

 
 
NEA
 
Shareholder Meeting Report
NIF
   
NPX
 
A special meeting of shareholders was held in the offices of Nuveen Investments on December 14, 2012; at this meeting the shareholders were asked to vote on the approval of an Agreement and Plan of Reorganization and the approval of the issuance of additional common shares. The meeting was subsequently adjourned to January 24, 2013. The meeting for NEA was subsequently adjourned to February 22, 2013, March 14, 2013 and April 5, 2013.

      NEA       NIF       NPX
   
Common and
           
Common and
       
Common and
   
   
Preferred shares
           
Preferred shares
       
Preferred shares
   
   
voting together
           
voting together
       
voting together
   
   
as a class
 
Preferred shares
 
Common Shares
   
as a class
 
Preferred shares
   
as a class
 
Preferred shares
To approve an Agreement
                               
and Plan of Reorganization.
                               
For
 
 
4,212,649
 
   
10,269,043
 
1,275
   
19,391,175
 
1,790
Against
 
 
189,364
 
   
520,134
 
   
1,057,501
 
Abstain
 
 
48,963
 
   
486,121
 
34
   
900,959
 
400
Total
 
 
4,450,976
 
   
11,275,298
 
1,309
   
21,349,635
 
2,190
To approve the issuance
                               
of additional common
                               
shares in connection with
                               
each Reorganization.
                               
For
 
14,184,204
 
 
10,601,529
   
 
   
 
Against
 
1,126,724
 
 
836,276
   
 
   
 
Abstain
 
716,845
 
 
674,182
   
 
   
 
Total
 
16,027,773
 
 
12,111,987
   
 
   
 
 
22
 
Nuveen Investments

 
 

 
 
   
Nuveen Quality Municipal Fund, Inc.
NQI
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)

 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
Municipal Bonds – 146.3% (100.0% of Total Investments)
           
     
Alabama – 1.7% (1.2% of Total Investments)
           
$
7,000
 
Huntsville Healthcare Authority, Alabama, Revenue Bonds, Series 2005A, 5.000%, 6/01/24 (Pre-refunded 6/01/15) – NPFG Insured
 
6/15 at 100.00
A1 (4)
$
7,663,600
 
     
Opelika Utilities Board, Alabama, Utility Revenue Bonds, Auburn Water Supply Agreement, Series 2011:
           
 
1,250
 
4.000%, 6/01/29 – AGM Insured
 
6/21 at 100.00
AA–
 
1,342,388
 
 
1,000
 
4.250%, 6/01/31 – AGM Insured
 
6/21 at 100.00
AA–
 
1,080,560
 
 
9,250
 
Total Alabama
       
10,086,548
 
     
Arizona – 8.7% (5.9% of Total Investments)
           
     
Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children’s Hospital, Refunding Series 2012A:
           
 
1,220
 
5.000%, 2/01/20
 
No Opt. Call
BBB+
 
1,437,965
 
 
1,850
 
5.000%, 2/01/21
 
No Opt. Call
BBB+
 
2,187,847
 
 
10,000
 
Arizona Sports and Tourism Authority, Senior Revenue Refunding Bonds, Multipurpose Stadium Facility Project, Series 2012A, 5.000%, 7/01/31
 
7/22 at 100.00
A1
 
11,238,400
 
     
Arizona State, Certificates of Participation, Series 2010A:
           
 
1,200
 
5.250%, 10/01/28 – AGM Insured
 
10/19 at 100.00
AA–
 
1,382,652
 
 
1,500
 
5.000%, 10/01/29 – AGM Insured
 
10/19 at 100.00
AA–
 
1,698,750
 
 
7,070
 
Arizona State, State Lottery Revenue Bonds, Series 2010A, 5.000%, 7/01/29 – AGC Insured
 
1/20 at 100.00
AA
 
7,989,383
 
 
2,750
 
Mesa, Arizona, Utility System Revenue Bonds, Tender Option Bond Trust, Series 11032-11034, 14.955%, 7/01/26 – AGM Insured (IF)
 
7/17 at 100.00
Aa2
 
3,216,730
 
 
10,000
 
Phoenix Civic Improvement Corporation, Arizona, Senior Lien Airport Revenue Bonds, Refunding Series 2013, 5.000%, 7/01/30 (Alternative Minimum Tax)
 
7/23 at 100.00
AA–
 
11,500,000
 
 
8,755
 
Phoenix, Arizona, Civic Improvement Revenue Bonds, Civic Plaza, Series 2005B, 0.000%, 7/01/39 – FGIC Insured
 
No Opt. Call
AA
 
11,001,008
 
 
44,345
 
Total Arizona
       
51,652,735
 
     
Arkansas – 0.4% (0.3% of Total Investments)
           
 
2,250
 
University of Arkansas, Fayetteville, Revenue Bonds, Medical Sciences Campus, Series 2004B, 5.000%, 11/01/24 – NPFG Insured
 
11/14 at 100.00
Aa2
 
2,392,560
 
     
California – 20.0% (13.7% of Total Investments)
           
     
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2005AC:
           
 
4,010
 
5.000%, 12/01/24 (Pre-refunded 12/01/14) – NPFG Insured (UB)
 
12/14 at 100.00
AAA
 
4,305,096
 
 
3,965
 
5.000%, 12/01/26 (Pre-refunded 12/01/14) – NPFG Insured (UB)
 
12/14 at 100.00
AAA
 
4,256,784
 
 
1,000
 
California Health Facilities Financing Authority, Revenue Bonds, Children’s Hospital Los Angeles, Series 2012A, 5.000%, 11/15/23
 
11/22 at 100.00
BBB+
 
1,153,100
 
 
5,000
 
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children’s Hospital, Series 2012A, 5.000%, 8/15/51
 
8/22 at 100.00
AA
 
5,621,950
 
 
80
 
California State, General Obligation Bonds, Series 2002, 5.000%, 10/01/32 – NPFG Insured
 
10/13 at 100.00
A1
 
80,271
 
 
5
 
California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 – AMBAC Insured
 
4/14 at 100.00
A1
 
5,180
 
 
3,745
 
California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 (Pre-refunded 4/01/14) – AMBAC Insured
 
4/14 at 100.00
AA+ (4)
 
3,908,619
 
 
7,000
 
California Statewide Communities Development Authority, Revenue Bonds, Sutter Health, Series 2011A, 6.000%, 8/15/42
 
8/20 at 100.00
AA–
 
8,672,510
 
 
1,000
 
California Statewide Community Development Authority, Revenue Bonds, Childrens Hospital of Los Angeles, Series 2007, 5.000%, 8/15/47
 
8/17 at 100.00
BBB+
 
1,046,450
 
 
2,340
 
Cerritos Public Financing Authority, California, Tax Allocation Revenue Bonds, Los Cerritos Redevelopment Projects, Series 2002A, 5.000%, 11/01/24 – AMBAC Insured
 
11/17 at 102.00
A–
 
2,512,856
 
 
5,000
 
Clovis Unified School District, Fresno County, California, General Obligation Bonds, Series 2001A, 0.000%, 8/01/25 – FGIC Insured (ETM)
 
No Opt. Call
AA+ (4)
 
3,709,050
 
 
Nuveen Investments
 
23

 
 

 
 
   
Nuveen Quality Municipal Fund, Inc. (continued)
NQI
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)

 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
California (continued)
           
     
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Series 1999:
           
$
22,985
 
0.000%, 1/15/24 – NPFG Insured
 
7/13 at 53.70
Baa2
$
12,197,220
 
 
22,000
 
0.000%, 1/15/31 – NPFG Insured
 
7/13 at 35.18
Baa2
 
7,645,660
 
 
50,000
 
0.000%, 1/15/37 – NPFG Insured
 
7/13 at 24.42
Baa2
 
12,059,000
 
 
5,000
 
Garden Grove, California, Certificates of Participation, Financing Project, Series 2002A, 5.125%, 3/01/32 – AMBAC Insured
 
3/14 at 100.00
A
 
5,028,300
 
 
8,500
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/35 – FGIC Insured
 
6/15 at 100.00
A2
 
8,924,745
 
 
5,795
 
Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%, 11/01/25 – AGM Insured
 
No Opt. Call
Aa2
 
3,673,219
 
 
1,195
 
Lincoln Public Financing Authority, Placer County, California, Twelve Bridges Limited Obligation Revenue Bonds, Refunding Series 2011A, 4.375%, 9/02/25 – AGM Insured
 
9/21 at 100.00
AA–
 
1,293,205
 
 
4,100
 
Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue Bonds, Redevelopment Project 1, Series 1993, 5.850%, 8/01/22 – NPFG Insured (ETM)
 
7/13 at 100.00
A (4)
 
4,715,205
 
 
2,590
 
Riverside County Public Financing Authority, California, Tax Allocation Bonds, Multiple Projects, Series 2004, 5.000%, 10/01/25 – SYNCORA GTY Insured
 
10/14 at 100.00
BBB
 
2,609,995
 
 
2,000
 
San Diego Redevelopment Agency, California, Subordinate Lien Tax Allocation Bonds, Centre City Project, Series 2004A, 5.000%, 9/01/21 – SYNCORA GTY Insured
 
9/14 at 100.00
AA–
 
2,098,260
 
     
San Francisco Bay Area Rapid Transit District, California, Sales Tax Revenue Bonds, Refunding Series 2005A:
           
 
2,000
 
5.000%, 7/01/21 – NPFG Insured
 
7/15 at 100.00
AA+
 
2,199,680
 
 
3,655
 
5.000%, 7/01/22 – NPFG Insured
 
7/15 at 100.00
AA+
 
4,018,234
 
 
8,965
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C, 4.250%, 8/01/30 – NPFG Insured
 
8/17 at 100.00
BBB
 
8,771,266
 
 
3,500
 
Saugus Union School District, Los Angeles County, California, General Obligation Bonds, Series 2006, 0.000%, 8/01/23 – FGIC Insured
 
No Opt. Call
Aa2
 
2,450,455
 
 
1,000
 
Sierra Joint Community College District, Tahoe Truckee, California, General Obligation Bonds, School Facilities Improvement District 1, Series 2005A, 5.000%, 8/01/27 (Pre-refunded 8/01/14) – FGIC Insured
 
8/14 at 100.00
Aa2 (4)
 
1,059,290
 
 
1,525
 
Sierra Joint Community College District, Western Nevada, California, General Obligation Bonds, School Facilities Improvement District 2, Series 2005A, 5.000%, 8/01/27 (Pre-refunded 8/01/14) – FGIC Insured
 
8/14 at 100.00
Aa2 (4)
 
1,615,417
 
 
3,170
 
Ventura County Community College District, California, General Obligation Bonds, Series 2005B, 5.000%, 8/01/28 – NPFG Insured
 
8/15 at 100.00
AA
 
3,457,044
 
 
181,125
 
Total California
       
119,088,061
 
     
Colorado – 6.5% (4.4% of Total Investments)
           
 
2,015
 
Board of Trustees of the University of Northern Colorado, Revenue Bonds, Series 2005, 5.000%, 6/01/22 – AGM Insured
 
6/15 at 100.00
AA–
 
2,187,605
 
     
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Covenant Retirement Communities Inc., Refunding Series 2012B:
           
 
1,640
 
5.000%, 12/01/22
 
No Opt. Call
BBB+
 
1,884,918
 
 
2,895
 
5.000%, 12/01/23
 
12/22 at 100.00
BBB+
 
3,288,257
 
 
4,200
 
5.000%, 12/01/24
 
12/22 at 100.00
BBB+
 
4,712,484
 
 
2,540
 
Commerce City Northern Infrastructure General Improvement District, Colorado, General Obligation Bonds, Series 2013, 5.000%, 12/01/25 – AGM Insured
 
12/22 at 100.00
AA–
 
3,051,454
 
 
1,000
 
Denver City and County, Colorado, Airport Revenue Bonds, Series 2006, 5.000%, 11/15/24, FGIC Insured
 
11/16 at 100.00
A+
 
1,120,230
 
 
5,365
 
Denver City and County, Colorado, Airport Revenue Bonds, Series 2006, 5.000%, 11/15/23 – FGIC Insured (UB)
 
11/16 at 100.00
A+
 
6,025,861
 
 
1,085
 
Denver, Colorado, Airport Revenue Bonds, Trust 2365, 13.866%, 11/15/25 – FGIC Insured (IF)
 
11/16 at 100.00
A+
 
1,590,675
 
 
9,880
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/32 – NPFG Insured
 
No Opt. Call
Baa2
 
3,849,149
 
 
10,000
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/27 – NPFG Insured
 
No Opt. Call
Baa2
 
5,302,200
 
 
24
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
Colorado (continued)
           
     
Eagle River Water and Sanitation District, Eagle County, Colorado, Enterprise Wastewater Revenue Bonds, Series 2012:
           
$
400
 
5.000%, 12/01/32
 
No Opt. Call
A+
$
462,780
 
 
1,000
 
3.000%, 12/01/32
 
No Opt. Call
A+
 
941,890
 
 
1,250
 
Jefferson County School District R1, Colorado, General Obligation Bonds, Series 2004, 5.000%, 12/15/24 (Pre-refunded 12/15/14) – AGM Insured (UB)
 
12/14 at 100.00
Aa2 (4)
 
1,345,513
 
 
880
 
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–
 
1,034,308
 
 
1,100
 
Poudre Tech Metro District, Colorado, Unlimited Property Tax Supported Revenue Bonds, Refunding & Improvement Series 2010A, 5.000%, 12/01/39 – AGM Insured
 
12/20 at 100.00
AA–
 
1,087,196
 
 
5
 
University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 – FGIC Insured
 
6/15 at 100.00
Aa2
 
5,384
 
     
University of Colorado, Enterprise System Revenue Bonds, Series 2005:
           
 
320
 
5.000%, 6/01/30 (Pre-refunded 6/01/15) – FGIC Insured
 
6/15 at 100.00
Aa2 (4)
 
348,653
 
 
175
 
5.000%, 6/01/30 (Pre-refunded 6/01/15) – FGIC Insured
 
6/15 at 100.00
Aa2 (4)
 
191,898
 
 
45,750
 
Total Colorado
       
38,430,455
 
     
Connecticut – 0.2% (0.1% of Total Investments)
           
 
1,000
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Wesleyan University, Series 2010G, 5.000%, 7/01/39
 
7/20 at 100.00
AA
 
1,122,290
 
     
District of Columbia – 1.2% (0.8% of Total Investments)
           
 
1,335
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1606, 11.456%, 10/01/30 – AMBAC Insured (IF) (5)
 
10/16 at 100.00
AA+
 
1,532,059
 
 
3,920
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1730, 11.448%, 10/01/36 (Pre-refunded 10/01/16) – AMBAC Insured (IF) (5)
 
10/16 at 100.00
AA+ (4)
 
5,470,752
 
 
5,255
 
Total District of Columbia
       
7,002,811
 
     
Florida – 13.5% (9.3% of Total Investments)
           
 
4,455
 
Broward County School Board, Florida, Certificates of Participation, Series 2005A, 5.000%, 7/01/28 – AGM Insured
 
7/15 at 100.00
AA–
 
4,777,141
 
 
10,000
 
Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 – AGM Insured
 
10/21 at 100.00
AA–
 
11,283,600
 
 
2,000
 
Citizens Property Insurance Corporation, Florida, High-Risk Account Senior Secured Bonds Series 2010A-1, 5.000%, 6/01/16 – AGM Insured
 
No Opt. Call
AA–
 
2,260,940
 
 
1,025
 
Cityplace Community Development District, Florida, Special Assessment and Revenue Bonds, Refunding Series 2012, 5.000%, 5/01/26
 
No Opt. Call
A
 
1,186,263
 
 
3,450
 
Collier County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/24 (Pre-refunded 10/01/14) – NPFG Insured
 
10/14 at 100.00
AA– (4)
 
3,679,218
 
 
4,000
 
Davie, Florida, Water and Sewerage Revenue Bonds, Series 2011, 5.000%, 10/01/41 – AGM Insured
 
10/21 at 100.00
AA–
 
4,507,200
 
 
7,000
 
Florida Citizens Property Insurance Corporation, Personal and Commercial Lines Account Bonds, Senior Secured Series 2012A-1, 5.000%, 6/01/22
 
No Opt. Call
A+
 
8,532,160
 
 
2,750
 
Florida State Board of Education, Full Faith and Credit Public Education Capital Outlay Bonds, Series 2003J, 5.000%, 6/01/22 (Pre-refunded 6/01/13) – AMBAC Insured
 
6/13 at 101.00
AAA
 
2,787,923
 
 
2,550
 
Florida State Board of Education, Public Education Capital Outlay Bonds, Tender Option Bond Trust 2929, 17.027%, 12/01/16 – AGC Insured (IF) (5)
 
No Opt. Call
AAA
 
4,088,849
 
 
600
 
Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Refunding Series 2012, 5.000%, 10/01/30
 
10/22 at 100.00
A1
 
694,884
 
 
1,000
 
Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Refunding Series 2011, 5.000%, 11/15/25
 
11/21 at 100.00
A2
 
1,137,390
 
 
13,045
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2004A, 5.000%, 10/01/30 – FGIC Insured (Alternative Minimum Tax)
 
10/14 at 100.00
A
 
13,690,336
 
 
10,085
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2008B, 5.000%, 10/01/41 – AGM Insured
 
10/18 at 100.00
AA–
 
11,357,424
 
 
3,730
 
Palm Beach County School Board, Florida, Certificates of Participation, Series 2003A, 5.000%,8/01/16 (Pre-refunded 8/01/13) – AMBAC Insured
 
8/13 at 100.00
AA– (4)
 
3,774,051
 
 
Nuveen Investments
 
25

 
 

 
 
   
Nuveen Quality Municipal Fund, Inc. (continued)
NQI
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)

 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
Florida (continued)
           
$
4,100
 
Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, 5.000%, 11/15/33
 
5/22 at 100.00
Aa2
$
4,677,116
 
 
2,000
 
Volusia County Educational Facilities Authority, Florida, Educational Facilities Revenue Bonds, Embry-Riddle Aeronautical University, Inc. Project, Refunding Series 2011, 5.000%, 10/15/29 – AGM Insured
 
10/21 at 100.00
AA–
 
2,224,940
 
 
71,790
 
Total Florida
       
80,659,435
 
     
Georgia – 3.2% (2.2% of Total Investments)
           
 
1,000
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2004, 5.000%, 11/01/22 – AGM Insured
 
11/14 at 100.00
AA–
 
1,063,520
 
 
7,000
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.375%, 11/01/39 – AGM Insured
 
11/19 at 100.00
AA–
 
7,986,650
 
 
2,000
 
City of Fairburn, Georgia, General Obligation Bonds, Series 2011, 5.750%, 12/01/31 – AGM Insured
 
12/21 at 100.00
AA–
 
2,335,220
 
 
7,295
 
Cobb County Development Authority, Georgia, University Facilities Revenue Bonds, Kennesaw State University Foundations, Student Housing Subordinate Lien Series 2004C, 5.000%, 7/15/36 – NPFG Insured
 
7/14 at 100.00
A3
 
7,605,767
 
 
17,295
 
Total Georgia
       
18,991,157
 
     
Hawaii – 1.2% (0.8% of Total Investments)
           
 
1,620
 
Hawaii County, Hawaii, General Obligation Bonds, Series 2003A, 5.000%, 7/15/21 (Pre-refunded 7/15/13) – AGM Insured
 
7/13 at 100.00
Aa2 (4)
 
1,636,232
 
 
4,250
 
Hawaii State, General Obligation Bonds, Refunding Series 2011EA, 5.000%, 12/01/20
 
No Opt. Call
AA
 
5,350,325
 
 
5,870
 
Total Hawaii
       
6,986,557
 
     
Illinois – 9.1% (6.2% of Total Investments)
           
 
3,490
 
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Refunding Series 2005A, 5.500%, 12/01/30 – AMBAC Insured
 
No Opt. Call
A+
 
4,462,105
 
 
1,500
 
Chicago Transit Authority, Illinois, Capital Grant Receipts Revenue Bonds, Federal Transit Administration Section 5307 Urbanized Area Formula Funds, Refunding Series 2011, 5.250%, 6/01/26 – AGM Insured
 
6/21 at 100.00
AA–
 
1,749,195
 
 
1,775
 
Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport, Series 2005A, 5.250%, 1/01/24 – NPFG Insured
 
1/16 at 100.00
A2
 
1,946,785
 
 
2,660
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2007B, 5.000%, 11/15/21 – NPFG Insured
 
11/17 at 100.00
AA
 
3,079,854
 
 
2,240
 
Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2011A, 6.000%, 8/15/41 – AGM Insured
 
8/21 at 100.00
AA–
 
2,647,837
 
 
1,000
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C, 5.500%, 8/15/41
 
2/21 at 100.00
AA–
 
1,138,600
 
 
825
 
Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/25
 
8/22 at 100.00
A2
 
937,538
 
 
7,400
 
Macon County School District 61 Decatur, Illinois, General Obligation Bonds, Series 2011A, 5.250%, 1/01/37 – AGM Insured
 
1/21 at 100.00
A1
 
8,383,756
 
 
15,000
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Refunding Bonds, Series 2012B, 5.000%, 6/15/52
 
6/22 at 100.00
AAA
 
16,503,150
 
 
5,000
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1, 0.000%, 6/15/45 – AGM Insured
 
No Opt. Call
AAA
 
1,044,250
 
 
18,000
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A, 0.000%, 12/15/24 – NPFG Insured
 
No Opt. Call
AAA
 
12,256,200
 
 
58,890
 
Total Illinois
       
54,149,270
 
     
Indiana – 4.4% (3.0% of Total Investments)
           
 
4,100
 
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013A, 5.000%, 7/01/48 (Alternative Minimum Tax)
 
7/23 at 100.00
BBB
 
4,313,446
 
 
11,130
 
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2011B, 5.000%, 10/01/41
 
10/21 at 100.00
AA–
 
12,368,101
 
 
3,680
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
 
1/17 at 100.00
A+
 
4,009,176
 
 
26
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
Indiana (continued)
           
$
4,935
 
Indiana Transportation Finance Authority, Highway Revenue Bonds, Series 1990A, 7.250%, 6/01/15 – AMBAC Insured
 
No Opt. Call
AA+
$
5,251,778
 
 
23,845
 
Total Indiana
       
25,942,501
 
     
Kansas – 1.3% (0.9% of Total Investments)
           
 
5,500
 
Kansas Development Finance Authority, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
 
1/20 at 100.00
AA
 
6,008,915
 
 
2,000
 
Wichita, Kansas, Water and Sewerage Utility Revenue Bonds, Series 2003, 5.000%, 10/01/21 (Pre-refunded 10/01/13) – FGIC Insured
 
10/13 at 100.00
Aa2 (4)
 
2,040,020
 
 
7,500
 
Total Kansas
       
8,048,935
 
     
Kentucky – 5.2% (3.5% of Total Investments)
           
 
3,015
 
Kentucky Asset/Liability Commission, General Fund Revenue Project Notes, First Series 2005, 5.000%, 5/01/25 – NPFG Insured
 
5/15 at 100.00
Aa3
 
3,237,236
 
     
Kentucky Economic Development Finance Authority, Health System Revenue Bonds, Norton Healthcare Inc., Series 2000C:
           
 
2,530
 
6.150%, 10/01/27 – NPFG Insured
 
10/13 at 101.00
Baa2
 
2,590,315
 
 
12,060
 
6.150%, 10/01/28 – NPFG Insured
 
10/13 at 101.00
Baa2
 
12,343,169
 
     
Kentucky Economic Development Finance Authority, Health System Revenue Bonds, Norton Healthcare Inc., Series 2000C:
           
 
3,815
 
6.150%, 10/01/27 (Pre-refunded 10/01/13) – NPFG Insured
 
10/13 at 101.00
A– (4)
 
3,946,999
 
 
6,125
 
6.150%, 10/01/28 (Pre-refunded 10/01/13) – NPFG Insured
 
10/13 at 101.00
A– (4)
 
6,336,925
 
 
2,230
 
Kentucky State Property and Buildings Commission, Revenue Bonds, Project 85, Series 2005, 5.000%, 8/01/23 (Pre-refunded 8/01/15) – AGM Insured
 
8/15 at 100.00
AA– (4)
 
2,459,623
 
 
29,775
 
Total Kentucky
       
30,914,267
 
     
Louisiana – 5.0% (3.4% of Total Investments)
           
 
1,000
 
Lafayette Public Power Authority, Louisiana, Electric Revenue Bonds, Series 2012, 5.000%, 11/01/29
 
No Opt. Call
A+
 
1,185,660
 
     
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:
           
 
11,325
 
4.750%, 5/01/39 – AGM Insured (UB)
 
5/16 at 100.00
Aa1
 
12,345,383
 
 
8,940
 
4.500%, 5/01/41 – FGIC Insured (UB)
 
5/16 at 100.00
Aa1
 
9,648,227
 
 
10
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006, Residuals 660-1, 15.895%, 5/01/34 – FGIC Insured (IF)
 
5/16 at 100.00
Aa1
 
13,168
 
 
5
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006, Residuals 660-3, 15.863%, 5/01/34 – FGIC Insured (IF)
 
5/16 at 100.00
Aa1
 
6,581
 
 
5,000
 
Louisiana State, General Obligation Bonds, Series 2012C, 5.000%, 7/15/21
 
No Opt. Call
AA
 
6,337,850
 
 
26,280
 
Total Louisiana
       
29,536,869
 
     
Maine – 0.4% (0.3% of Total Investments)
           
 
555
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Series 1999B, 6.000%, 7/01/29 – NPFG Insured
 
7/13 at 100.00
Aaa
 
557,348
 
 
1,640
 
Maine State Housing Authority, Single Family Mortgage Purchase Bonds, Series 2012A-1, 4.000%, 11/15/24 – AGM Insured (Alternative Minimum Tax)
 
11/21 at 100.00
AA+
 
1,732,808
 
 
2,195
 
Total Maine
       
2,290,156
 
     
Massachusetts – 4.7% (3.2% of Total Investments)
           
 
4,000
 
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Commonwealth Contract Assistance Secured, Refunding Series 2010B, 5.000%, 1/01/35
 
1/20 at 100.00
AA+
 
4,582,360
 
 
6,000
 
Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, Series 2002A, 5.750%, 1/01/42 – AMBAC Insured
 
No Opt. Call
A
 
8,129,220
 
 
3,335
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Massachusetts Institute of Technology, Tender Option Bond Trust 11824, 13.505%, 1/01/16 (IF)
 
No Opt. Call
AAA
 
4,755,276
 
     
Massachusetts State, Special Obligation Dedicated Tax Revenue Bonds, Series 2004:
           
 
1,250
 
5.250%, 1/01/21 (Pre-refunded 1/01/14) – FGIC Insured
 
1/14 at 100.00
A1 (4)
 
1,291,300
 
 
1,000
 
5.250%, 1/01/22 (Pre-refunded 1/01/14) – FGIC Insured
 
1/14 at 100.00
A1 (4)
 
1,033,040
 
 
1,195
 
5.250%, 1/01/23 (Pre-refunded 1/01/14) – FGIC Insured
 
1/14 at 100.00
A1 (4)
 
1,234,483
 
 
2,000
 
5.250%, 1/01/24 (Pre-refunded 1/01/14) – FGIC Insured
 
1/14 at 100.00
A1 (4)
 
2,066,080
 
 
Nuveen Investments
 
27

 
 

 
 
   
Nuveen Quality Municipal Fund, Inc. (continued)
NQI
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)

 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
Massachusetts (continued)
           
$
3,465
 
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 – AGM Insured (UB) (5)
 
2/17 at 100.00
AA+
$
3,656,753
 
 
1,245
 
Springfield Water and Sewerage Commission, Massachusetts, General Revenue Bonds, Refunding Series 2010B, 5.000%, 11/15/30 – AGC Insured
 
11/20 at 100.00
AA–
 
1,438,734
 
 
23,490
 
Total Massachusetts
       
28,187,246
 
     
Michigan – 3.9% (2.7% of Total Investments)
           
 
710
 
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
 
7/22 at 100.00
A+
 
776,101
 
 
5,000
 
Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2011A, 5.250%, 7/01/41
 
7/21 at 100.00
A+
 
5,429,800
 
 
1,825
 
Marysville Public School District, St Claire County, Michigan, General Obligation Bonds, Series 2007, 5.000%, 5/01/28 – AGM Insured
 
5/17 at 100.00
Aa2
 
2,057,742
 
 
2,750
 
Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2011-II-A, 5.375%, 10/15/36
 
10/21 at 100.00
Aa3
 
3,191,238
 
 
10,585
 
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
A
 
12,076,109
 
 
20,870
 
Total Michigan
       
23,530,990
 
     
Minnesota – 0.4% (0.2% of Total Investments)
           
 
1,000
 
Minneapolis-Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Children’s Health Care, Series 2004A-1 Remarketed, 4.625%, 8/15/29 – AGM Insured
 
8/20 at 100.00
AA–
 
1,109,480
 
 
1,040
 
Wayzata, Minnesota, Senior Housing Entrance Deposit Revenue Bonds, Folkestone Senior Living Community, Series 2012B, 4.875%, 5/01/19
 
5/14 at 100.00
N/R
 
1,056,567
 
 
2,040
 
Total Minnesota
       
2,166,047
 
     
Mississippi – 1.6% (1.1% of Total Investments)
           
 
2,715
 
Harrison County Wastewater Management District, Mississippi, Revenue Refunding Bonds, Wastewater Treatment Facilities, Series 1991B, 7.750%, 2/01/14 – FGIC Insured (ETM)
 
No Opt. Call
A (4)
 
2,867,556
 
 
5,445
 
Mississippi Development Bank, Special Obligation Bonds, Gulfport Water and Sewer System Project, Series 2005, 5.250%, 7/01/24 – AGM Insured
 
No Opt. Call
AA–
 
6,417,150
 
 
8,160
 
Total Mississippi
       
9,284,706
 
     
Nebraska – 2.2% (1.5% of Total Investments)
           
 
12,155
 
Lincoln, Nebraska, Electric System Revenue Bonds, Series 2007A, 4.500%, 9/01/37 – FGIC Insured (UB) (5)
 
9/17 at 100.00
AA
 
12,974,855
 
     
Nevada – 1.9% (1.3% of Total Investments)
           
     
Clark County, Nevada, Airport Revenue Bonds, Jet Aviation Fuel Tax, Refunding Series 2013A:
           
 
2,500
 
5.000%, 7/01/25 (Alternative Minimum Tax)
 
1/23 at 100.00
A
 
2,895,300
 
 
2,500
 
5.000%, 7/01/26 (Alternative Minimum Tax)
 
1/23 at 100.00
A
 
2,867,150
 
 
5,000
 
5.000%, 7/01/27 (Alternative Minimum Tax)
 
1/23 at 100.00
A
 
5,678,650
 
 
10,000
 
Total Nevada
       
11,441,100
 
     
New Jersey – 2.9% (2.0% of Total Investments)
           
     
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A:
           
 
1,700
 
5.000%, 7/01/22 – NPFG Insured
 
7/14 at 100.00
A
 
1,784,473
 
 
1,700
 
5.000%, 7/01/23 – NPFG Insured
 
7/14 at 100.00
A
 
1,784,473
 
 
2,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/26
 
No Opt. Call
A+
 
1,190,400
 
 
4,475
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2007A, 5.000%, 12/15/34 – AMBAC Insured
 
No Opt. Call
AA+
 
5,116,089
 
 
6,000
 
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – AGM Insured
 
No Opt. Call
AA–
 
7,554,900
 
 
15,875
 
Total New Jersey
       
17,430,335
 
 
28
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
New Mexico – 0.8% (0.6% of Total Investments)
           
     
New Mexico Finance Authority, Public Project Revolving Fund Revenue Bonds, Series 2004C:
           
$
1,345
 
5.000%, 6/01/22 – AMBAC Insured
 
6/14 at 100.00
AAA
$
1,410,502
 
 
3,290
 
5.000%, 6/01/23 – AMBAC Insured
 
6/14 at 100.00
AAA
 
3,448,019
 
 
4,635
 
Total New Mexico
       
4,858,521
 
     
New York – 3.8% (2.6% of Total Investments)
           
 
310
 
Dormitory Authority of the State of New York, Revenue Bonds, School Districts Financing Program, Series 2002D, 5.500%, 10/01/17 – NPFG Insured
 
10/13 at 100.00
A+
 
311,215
 
 
4,080
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured
 
2/17 at 100.00
A
 
4,222,351
 
 
2,890
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A, 5.000%, 12/01/25 – FGIC Insured
 
6/16 at 100.00
A
 
3,197,467
 
 
3,300
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2006F, 4.250%, 5/01/33 – NPFG Insured
 
11/16 at 100.00
A
 
3,388,473
 
 
2,000
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/36 – AGM Insured
 
5/21 at 100.00
AA–
 
2,236,680
 
 
1,290
 
Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue Bonds, Unity Hospital of Rochester Project, Series 2010, 5.500%, 8/15/40
 
2/21 at 100.00
Aa2
 
1,492,633
 
 
1,740
 
New York Convention Center Development Corporation, Hotel Unit Fee Revenue Bonds, Series 2005, Trust 2364, 17.046%, 11/15/44 – AMBAC Insured (IF)
 
11/15 at 100.00
AA+
 
2,065,032
 
 
430
 
New York State Housing Finance Agency, Mortgage Revenue Refunding Bonds, Housing Project, Series 1996A, 6.125%, 11/01/20 – AGM Insured
 
11/13 at 100.00
AA–
 
431,118
 
     
New York State Urban Development Corporation, Service Contract Revenue Bonds, Series 2005B:
           
 
2,460
 
5.000%, 3/15/24 (Pre-refunded 3/15/15) – AGM Insured (UB)
 
3/15 at 100.00
AAA
 
2,675,668
 
 
2,465
 
5.000%, 3/15/25 (Pre-refunded 3/15/15) – AGM Insured (UB)
 
3/15 at 100.00
AAA
 
2,681,107
 
 
20,965
 
Total New York
       
22,701,744
 
     
North Dakota – 0.5% (0.3% of Total Investments)
           
     
Williston Parks and Recreation District, North Dakota, Sales Tax & Gross Revenue Bonds, Series 2012A:
           
 
600
 
3.000%, 3/01/18
 
No Opt. Call
A
 
633,402
 
 
970
 
4.000%, 3/01/19
 
No Opt. Call
A
 
1,073,926
 
 
1,085
 
5.000%, 3/01/21
 
No Opt. Call
A
 
1,286,159
 
 
2,655
 
Total North Dakota
       
2,993,487
 
     
Ohio – 3.4% (2.3% of Total Investments)
           
 
7,000
 
Cleveland State University, Ohio, General Receipts Bonds, Series 2004, 5.250%, 6/01/19 (Pre-refunded 6/01/14) – FGIC Insured
 
6/14 at 100.00
A+ (4)
 
7,378,700
 
 
9,045
 
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, Series 2006A, 4.250%, 12/01/32 – AMBAC Insured
 
12/16 at 100.00
A+
 
9,308,752
 
 
3,065
 
Oak Hills Local School District, Hamilton County, Ohio, General Obligation Bonds, Refunding Series 2005, 5.000%, 12/01/24 – AGM Insured
 
12/15 at 100.00
AA–
 
3,366,565
 
 
19,110
 
Total Ohio
       
20,054,017
 
     
Pennsylvania – 8.9% (6.1% of Total Investments)
           
 
3,000
 
Allegheny County Sanitary Authority, Pennsylvania, Sewerage Revenue Bonds, Series 2005A, 5.000%, 12/01/23 – NPFG Insured
 
12/15 at 100.00
A1
 
3,296,790
 
 
1,165
 
Allegheny County Sanitary Authority, Pennsylvania, Sewerage Revenue Bonds, Series 2010, 5.000%, 6/01/40 – AGM Insured
 
12/20 at 100.00
AA–
 
1,320,737
 
 
6,015
 
Chester County Health and Educational Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010A, 5.000%, 5/15/40
 
5/20 at 100.00
AA
 
6,658,725
 
 
1,600
 
Delaware County Authority, Pennsylvania, Revenue Bonds, Villanova University, Series 2006, 5.000%, 8/01/24 – AMBAC Insured
 
8/16 at 100.00
A+
 
1,795,776
 
 
2,450
 
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40 – AGM Insured
 
1/20 at 100.00
AA–
 
2,738,610
 
 
3,750
 
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38
 
8/20 at 100.00
AA
 
4,327,763
 
 
Nuveen Investments
 
29

 
 

 
 
   
Nuveen Quality Municipal Fund, Inc. (continued)
NQI
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)

 
Principal
   
Optional Call
       
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
 
Value
 
     
Pennsylvania (continued)
         
$
5,400
 
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured (UB) (5)
12/16 at 100.00
AA
$
5,725,458
 
     
Philadelphia, Pennsylvania, Airport Revenue Bonds, Series 2010A:
         
 
5,000
 
5.000%, 6/15/35 – AGM Insured
6/20 at 100.00
AA–
 
5,584,350
 
 
7,850
 
5.000%, 6/15/40 – AGM Insured
6/20 at 100.00
AA–
 
8,730,378
 
 
2,500
 
Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Hotel Room Excise Tax Revenue Bonds, Refunding Series 2010, 5.000%, 2/01/35 – AGC Insured
8/20 at 100.00
AA–
 
2,717,375
 
 
2,000
 
Pittsburgh Public Parking Authority, Pennsylvania, Parking Revenue Bonds, Series 2005B, 5.000%, 12/01/23 – FGIC Insured
12/15 at 100.00
N/R
 
2,095,720
 
     
Scranton, Pennsylvania, Sewer Authority Revenue Bonds, Series 2011A:
         
 
1,125
 
5.250%, 12/01/31 – AGM Insured
12/21 at 100.00
AA–
 
1,272,105
 
 
1,000
 
5.500%, 12/01/35 – AGM Insured
12/21 at 100.00
AA–
 
1,140,420
 
 
5,790
 
Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, Series 2012B, 4.000%, 1/01/33
No Opt. Call
Baa3
 
5,628,170
 
 
48,645
 
Total Pennsylvania
     
53,032,377
 
     
Puerto Rico – 3.2% (2.2% of Total Investments)
         
 
2,500
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 5.000%, 7/01/22 – FGIC Insured
7/15 at 100.00
BBB+
 
2,529,550
 
 
31,870
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/42 – FGIC Insured
No Opt. Call
AA–
 
6,282,533
 
 
5,000
 
Puerto Rico, General Obligation Bonds, Public Improvement, Refunding Series 2012A, 5.000%, 7/01/41
7/22 at 100.00
BBB–
 
4,763,900
 
 
5,000
 
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/16 – FGIC Insured (ETM)
No Opt. Call
BBB+ (4)
 
5,794,550
 
 
44,370
 
Total Puerto Rico
     
19,370,533
 
     
South Carolina – 3.2% (2.2% of Total Investments)
         
 
2,425
 
Charleston County School District, South Carolina, General Obligation Bonds, Series 2004A, 5.000%, 2/01/22 (Pre-refunded 2/01/14) – AMBAC Insured
2/14 at 100.00
AA+ (4)
 
2,512,276
 
 
5,000
 
South Carolina Public Service Authority, Electric System Revenue Bonds, Santee Cooper, Refunding Series 2011B, 5.000%, 12/01/21
No Opt. Call
AA–
 
6,270,500
 
 
9,950
 
South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2007A, 4.500%, 10/01/34 – SYNCORA GTY Insured
10/16 at 100.00
A1
 
10,463,520
 
 
17,375
 
Total South Carolina
     
19,246,296
 
     
South Dakota – 0.5% (0.3% of Total Investments)
         
 
750
 
Rapid City, South Dakota, Sales Tax Revenue Bonds, Series 2013, 3.000%, 12/01/32
No Opt. Call
Aa3
 
732,885
 
     
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Avera Health, Series 2012A:
         
 
250
 
5.000%, 7/01/27
7/21 at 100.00
A+
 
281,828
 
 
1,850
 
5.000%, 7/01/42
7/21 at 100.00
A+
 
2,016,093
 
 
2,850
 
Total South Dakota
     
3,030,806
 
     
Texas – 8.6% (5.9% of Total Investments)
         
 
2,280
 
Bexar County, Texas, Venue Project Revenue Bonds, Refunding Series 2010, 5.500%, 8/15/49 – AGM Insured
8/19 at 100.00
AA–
 
2,560,828
 
 
1,700
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.250%, 1/01/46
1/21 at 100.00
Baa2
 
2,013,242
 
 
1,500
 
Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Idea Public Schools, Series 2012, 3.750%, 8/15/22
No Opt. Call
BBB
 
1,584,345
 
 
30
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
Texas (continued)
           
$
3,135
 
Corpus Christi, Texas, Utility System Revenue Bonds, Series 2004, 5.250%, 7/15/20 (Pre-refunded 7/15/14) – AGM Insured (UB)
 
7/14 at 100.00
AA– (4)
$
3,322,191
 
 
4,700
 
Houston, Texas, First Lien Combined Utility System Revenue Bonds, First Lien Series 2004A, 5.250%, 5/15/24 – FGIC Insured
 
5/14 at 100.00
AA
 
4,936,504
 
     
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Facilities Department, Refunding Series 2011B:
           
 
3,500
 
5.125%, 9/01/32 – AGM Insured
 
9/16 at 100.00
AA–
 
3,721,130
 
 
2,055
 
5.125%, 9/01/33 – AGM Insured
 
9/16 at 100.00
AA–
 
2,184,157
 
 
17,000
 
Houston, Texas, Junior Lien Water and Sewerage System Revenue Refunding Bonds, Series 2002A, 5.750%, 12/01/32 – AGM Insured (ETM)
 
No Opt. Call
AA (4)
 
25,331,355
 
 
2,000
 
Laredo Independent School District Public Facilities Corporation, Texas, Lease Revenue Bonds, Series 2004A, 5.000%, 8/01/24 – AMBAC Insured
 
8/13 at 100.00
A+
 
2,009,500
 
 
2,410
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Baylor Health Care System, Series 2011A, 5.000%, 11/15/30
 
11/21 at 100.00
AA–
 
2,761,981
 
 
800
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/32
 
No Opt. Call
A3
 
857,816
 
 
41,080
 
Total Texas
       
51,283,049
 
     
Utah – 0.8% (0.6% of Total Investments)
           
 
3,615
 
Utah Transit Authority, Sales Tax Revenue Bonds, Tender Option Bond Trust R-11752, 12.644%, 6/15/27 – AGM Insured (IF)
 
6/18 at 100.00
AAA
 
5,066,169
 
     
Washington – 8.9% (6.1% of Total Investments)
           
 
10,355
 
King County School District 403 Renton, Washington, General Obligation Bonds, Series 2012, 5.000%, 12/01/19
 
No Opt. Call
AA+
 
12,823,425
 
 
8,000
 
King County, Washington, Sewer Revenue Bonds, Series 2007, 5.000%, 1/01/42 – AGM Insured
 
7/17 at 100.00
AA+
 
8,987,760
 
 
1,665
 
King County, Washington, Sewer Revenue Bonds, Tender Option Bond Trust 3090, 13.406%, 7/01/32 – AGM Insured (IF) (5)
 
7/17 at 100.00
AA+
 
2,309,605
 
 
1,970
 
Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.625%, 1/01/35
 
1/21 at 100.00
A
 
2,212,015
 
 
10,000
 
Washington State, General Obligation Refunding Bonds, Various Purpose Series 2012R-13A, 5.000%, 7/01/21
 
No Opt. Call
AA+
 
12,624,700
 
 
21,510
 
Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2002-03C, 0.000%, 6/01/28 – NPFG Insured (UB)
 
No Opt. Call
AA+
 
13,921,272
 
 
53,500
 
Total Washington
       
52,878,777
 
     
Wisconsin – 3.4% (2.3% of Total Investments)
           
 
1,635
 
Green Bay, Wisconsin, Water System Revenue Bonds, Series 2004, 5.000%, 11/01/26 (Pre-refunded 11/01/14) – AGM Insured
 
11/14 at 100.00
Aa2 (4)
 
1,749,924
 
 
3,375
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2012B, 4.500%, 2/15/40
 
2/22 at 100.00
A–
 
3,510,304
 
 
11,000
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2012, 5.000%, 6/01/32
 
6/22 at 100.00
A2
 
12,269,840
 
 
1,250
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital, Inc., Series 2011A, 5.750%, 5/01/35
 
5/21 at 100.00
A+
 
1,472,025
 
 
1,000
 
Wisconsin Public Power Incorporated System, Power Supply System Revenue Bonds, Series 2005A, 5.000%, 7/01/30 – AMBAC Insured
 
7/15 at 100.00
A1
 
1,082,590
 
 
18,260
 
Total Wisconsin
       
20,084,683
 
 
Nuveen Investments
 
31

 
 

 
 
   
Nuveen Quality Municipal Fund, Inc. (continued)
NQI
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)

 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
Wyoming – 0.7% (0.5% of Total Investments)
           
     
Teton County Hospital District, Wyoming, Hospital Revenue Bonds, St. John’s Medical Center Project, Series 2011B:
           
$
1,000
 
5.500%, 12/01/27
 
12/21 at 100.00
BBB
$
1,158,160
 
 
1,000
 
6.000%, 12/01/36
 
12/21 at 100.00
BBB
 
1,185,210
 
 
1,530
 
Wyoming Community Development Authority, Housing Revenue Bonds, 2012 Series 1, 4.375%, 12/01/32 (Alternative Minimum Tax)
 
12/21 at 100.00
AA+
 
1,586,503
 
 
3,530
 
Total Wyoming
       
3,929,873
 
$
905,595
 
Total Municipal Bonds (cost $792,824,580)
       
870,840,218
 

 
Principal
                 
 
Amount (000)
 
Description (1)
 
Coupon
Maturity
Ratings (3)
 
Value
 
     
Corporate Bonds – 0.0% (0.0% of Total Investments)
             
     
Transportation – 0.0% (0.0% of Total Investments)
             
$
569
 
Las Vegas Monorail Company, Senior Interest Bonds (6), (7)
 
5.500%
7/15/19
N/R
$
142,176
 
 
166
 
Las Vegas Monorail Company, Senior Interest Bonds (6), (7)
 
3.000%
7/15/55
N/R
 
33,284
 
$
735
 
Total Corporate Bonds (cost $13,983)
         
175,460
 
     
Total Investments (cost $792,838,563) – 146.3%
         
871,015,678
 
     
Floating Rate Obligations – (8.9)%
         
(52,775,000
)
     
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (40.4)% (8)
         
(240,400,000
)
     
Other Assets Less Liabilities – 3.0%
         
17,515,746
 
     
Net Assets Applicable to Common Shares – 100%
       
$
595,356,424
 
 
(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. Certain bonds backed by U.S. Government or agency securities are regarded as having 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)
 
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Directors. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Investment Valuation for more information.
(7)
 
During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund’s custodian is not accruing income on the Fund’s records for either senior interest corporate bond.
(8)
 
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 27.6%.
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.
 
32
 
Nuveen Investments

 
 

 
 
   
Nuveen Municipal Opportunity Fund, Inc.
NIO
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)

 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
Municipal Bonds – 149.0% (100.0% of Total Investments)
           
     
Alabama – 1.2% (0.8% of Total Investments)
           
$
10,500
 
Birmingham Waterworks and Sewerage Board, Alabama, Water and Sewerage Revenue Bonds, Series 2007A, 4.500%, 1/01/43 – BHAC Insured
 
1/17 at 100.00
AA+
$
10,985,310
 
 
10,195
 
Jefferson County, Alabama, Sewer Revenue Refunding Warrants, Series 1997A, 5.375%, 2/01/27 – FGIC Insured (4)
 
8/13 at 100.00
Ca
 
7,599,353
 
 
20,695
 
Total Alabama
       
18,584,663
 
     
Arizona – 3.1% (2.1% of Total Investments)
           
 
4,230
 
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
 
4,411,552
 
 
5,545
 
Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series 2012A, 5.000%, 1/01/43
 
1/22 at 100.00
AA–
 
6,199,476
 
     
Arizona State University, Certificates of Participation, Resh Infrastructure Projects, Series 2005A:
           
 
2,000
 
5.000%, 9/01/25 – AMBAC Insured
 
3/15 at 100.00
AA–
 
2,146,380
 
 
2,000
 
5.000%, 9/01/27 – AMBAC Insured
 
3/15 at 100.00
AA–
 
2,138,680
 
 
1,000
 
Arizona State University, System Revenue Bonds, Series 2005, 5.000%,
7/01/27 – AMBAC Insured
 
7/15 at 100.00
Aa3
 
1,083,490
 
 
3,000
 
Arizona State, Certificates of Participation, Department of Administration Series 2010B, 5.000%, 10/01/29 – AGC Insured
 
4/20 at 100.00
AA–
 
3,359,400
 
 
1,000
 
Maricopa County Union High School District 210, Phoenix, Arizona, General Obligation Bonds, Series 2004A, 5.000%, 7/01/22 (Pre-refunded 7/01/14) – AGM Insured
 
7/14 at 100.00
AA (5)
 
1,055,250
 
 
5,200
 
Mesa, Arizona, Utility System Revenue Bonds, Tender Option Bond Trust, Series 11032-11034, 14.925%, 7/01/26 – AGM Insured (IF)
 
7/17 at 100.00
Aa2
 
6,082,544
 
 
1,150
 
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Wastewater System Revenue Bonds, Series 2004, 5.000%, 7/01/27 – NPFG Insured
 
7/14 at 100.00
AA+
 
1,206,787
 
 
13,490
 
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Water System Revenue Bonds, Series 2005, 4.750%, 7/01/25 – NPFG Insured
 
7/15 at 100.00
AAA
 
14,629,096
 
 
5,000
 
Phoenix Civic Improvement Corporation, Arizona, Subordinate Excise Tax Revenue Bonds, Civic Plaza Expansion Project, Series 2005A, 5.000%,
7/01/41 – FGIC Insured
 
7/15 at 100.00
AA+
 
5,360,450
 
 
43,615
 
Total Arizona
       
47,673,105
 
     
Arkansas – 0.2% (0.1% of Total Investments)
           
 
2,660
 
Arkansas State University, Student Fee Revenue Bonds, Beebe Campus, Series 2006, 5.000%, 9/01/35 – AMBAC Insured
 
9/15 at 100.00
A1
 
2,857,718
 
     
California – 19.0% (12.8% of Total Investments)
           
 
5,600
 
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate Lien Series 2004A, 0.000%, 10/01/20 – AMBAC Insured
 
No Opt. Call
BBB+
 
4,417,504
 
     
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2005AC:
           
 
30
 
5.000%, 12/01/24 (Pre-refunded 12/01/14) – NPFG Insured
 
12/14 at 100.00
AAA
 
32,208
 
 
25
 
5.000%, 12/01/27 (Pre-refunded 12/01/14) – NPFG Insured
 
12/14 at 100.00
AAA
 
26,840
 
     
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2005AC:
           
 
3,670
 
5.000%, 12/01/24 (Pre-refunded 12/01/14) – NPFG Insured (UB)
 
12/14 at 100.00
AAA
 
3,940,075
 
 
2,795
 
5.000%, 12/01/27 (Pre-refunded 12/01/14) – NPFG Insured (UB)
 
12/14 at 100.00
AAA
 
3,000,684
 
 
3,000
 
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children’s Hospital, Series 2012A, 5.000%, 8/15/51
 
8/22 at 100.00
AA
 
3,373,170
 
     
California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and Clinics, Tender Option Bond Trust 3294:
           
 
3,220
 
9.308%, 2/15/20 (IF) (6)
 
No Opt. Call
AA–
 
3,993,830
 
 
1,275
 
9.308%, 2/15/20 (IF)
 
No Opt. Call
AA–
 
1,581,408
 
 
1,215
 
9.301%, 2/15/20 (IF)
 
No Opt. Call
AA–
 
1,506,722
 
 
10,150
 
California State, General Obligation Bonds, Series 2004, 5.000%, 6/01/31 – AMBAC Insured
 
12/14 at 100.00
A1
 
10,744,993
 
 
3,500
 
Coachella Valley Unified School District, Riverside County, California, General Obligation Bonds, Series 2005A, 5.000%, 8/01/26 – FGIC Insured
 
8/15 at 100.00
A1
 
3,787,210
 
 
Nuveen Investments
 
33

 
 

 
 
   
Nuveen Municipal Opportunity Fund, Inc. (continued)
NIO
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)

 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
California (continued)
           
$
5,750
 
East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, Water System Subordinated Revenue Bonds, Series 2005A, 5.000%, 6/01/27 – NPFG Insured
 
6/15 at 100.00
AAA
$
6,240,935
 
 
10,000
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/38 – FGIC Insured
 
6/15 at 100.00
A2
 
10,478,800
 
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
           
 
15,545
 
4.500%, 6/01/27
 
6/17 at 100.00
B
 
15,164,148
 
 
5,290
 
5.000%, 6/01/33
 
6/17 at 100.00
B
 
4,879,919
 
 
1,520
 
Hayward Redevelopment Agency, California, Downtown Redevelopment Project Tax Allocation Bonds, Series 2006, 5.000%, 3/01/36 – SYNCORA GTY Insured
 
3/16 at 100.00
A–
 
1,540,535
 
 
5,600
 
Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%, 11/01/24 – AGM Insured
 
No Opt. Call
Aa2
 
3,735,928
 
 
2,740
 
Los Angeles Harbors Department, California, Revenue Bonds, Series 2006A, 5.000%, 8/01/22 – FGIC Insured (Alternative Minimum Tax)
 
8/16 at 102.00
AA
 
3,135,656
 
 
20,000
 
Los Angeles Unified School District, California, General Obligation Bonds, Series 2003A, 5.000%, 7/01/21 (Pre-refunded 7/01/13) – AGM Insured
 
7/13 at 100.00
Aa2 (5)
 
20,163,000
 
 
3,000
 
Los Angeles Unified School District, California, General Obligation Bonds, Series 2006F, 5.000%, 7/01/24 – FGIC Insured
 
7/16 at 100.00
Aa2
 
3,366,570
 
 
5,200
 
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 – AGC Insured
 
8/29 at 100.00
AA–
 
4,676,776
 
     
Poway Redevelopment Agency, California, Tax Allocation Bonds, Paguay Redevelopment Project, Series 2001:
           
 
15,000
 
5.200%, 6/15/30 – AMBAC Insured
 
6/13 at 100.00
N/R
 
15,013,350
 
 
6,000
 
5.125%, 6/15/33 – AMBAC Insured
 
6/13 at 100.00
N/R
 
6,004,140
 
 
2,035
 
Redding, California, Electric System Revenue Certificates of Participation, Series 2005, 5.000%, 6/01/30 – FGIC Insured
 
6/15 at 100.00
A
 
2,100,181
 
 
6,000
 
Redlands Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2003, 5.000%, 7/01/26 – AGM Insured
 
7/13 at 100.00
AA–
 
6,042,000
 
 
2,970
 
Riverside Community College District, California, General Obligation Bonds, Series 2005, 5.000%, 8/01/22 – AGM Insured
 
8/15 at 100.00
AA
 
3,261,119
 
 
2,500
 
Sacramento County Sanitation District Financing Authority, California, Revenue Bonds, Series 2005B, 4.750%, 12/01/21 – FGIC Insured
 
12/15 at 100.00
AA
 
2,779,625
 
 
66,685
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Senior Lien Toll Road Revenue Bonds, Series 1993, 0.000%, 1/01/21 (ETM)
 
No Opt. Call
Aaa
 
58,722,144
 
     
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A:
           
 
31,615
 
5.250%, 1/15/30 – NPFG Insured
 
7/13 at 100.00
Baa2
 
31,615,632
 
 
21,500
 
0.000%, 1/15/32 – NPFG Insured
 
No Opt. Call
Baa2
 
8,581,510
 
 
21,255
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C, 4.250%, 8/01/30 – NPFG Insured
 
8/17 at 100.00
BBB
 
20,795,679
 
 
11,250
 
Santa Ana Financing Authority, California, Lease Revenue Bonds, Police Administration and Housing Facility, Series 1994A, 6.250%, 7/01/24 – NPFG Insured
 
No Opt. Call
Baa2
 
13,191,975
 
 
6,785
 
Santa Clara Valley Water District, California, Water Revenue Bonds, Series 2006A, 3.750%, 6/01/25 – AGM Insured
 
6/16 at 100.00
Aa1
 
7,113,258
 
 
5,000
 
Walnut Energy Center Authority, California, Electric Revenue Bonds, Turlock Irrigation District, Series 2004A, 5.000%, 1/01/34 – AMBAC Insured
 
1/14 at 100.00
A+
 
5,127,100
 
 
307,720
 
Total California
       
290,134,624
 
     
Colorado – 4.1% (2.8% of Total Investments)
           
 
1,080
 
Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/40 – SYNCORA GTY Insured
 
10/16 at 100.00
BBB–
 
1,101,082
 
 
1,900
 
Aspen, Colorado, Sales Tax Revenue Bonds, Parks and Open Space, Series 2005B, 5.250%, 11/01/24 (Pre-refunded 11/01/15) – AGM Insured
 
11/15 at 100.00
Aa2 (5)
 
2,129,824
 
 
1,000
 
Colorado Department of Transportation, Certificates of Participation, Series 2004, 5.000%, 6/15/25 (Pre-refunded 6/15/14) – NPFG Insured
 
6/14 at 100.00
AA– (5)
 
1,052,840
 
 
34
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
Colorado (continued)
           
$
4,950
 
Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Senior Lien Series 2003A, 5.000%, 12/01/33 (Pre-refunded 12/01/13) – SYNCORA GTY Insured
 
12/13 at 100.00
N/R (5)
$
5,085,185
 
 
1,740
 
Douglas County School District RE1, Douglas and Elbert Counties, Colorado, General Obligation Bonds, Series 2005B, 5.000%, 12/15/28 (Pre-refunded 12/15/14) – AGM Insured
 
12/14 at 100.00
Aa1 (5)
 
1,872,066
 
 
35,995
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 9/01/23 – NPFG Insured
 
No Opt. Call
Baa2
 
24,158,764
 
 
10,000
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/27 – NPFG Insured
 
No Opt. Call
Baa2
 
5,302,200
 
 
4,520
 
Jefferson County School District R1, Colorado, General Obligation Bonds, Series 2004, 5.000%, 12/15/24 (Pre-refunded 12/15/14) – AGM Insured (UB)
 
12/14 at 100.00
Aa2 (5)
 
4,865,373
 
 
4,335
 
Poudre Tech Metro District, Colorado, Unlimited Property Tax Supported Revenue Bonds, Refunding & Improvement Series 2010A, 5.000%, 12/01/39 – AGM Insured
 
12/20 at 100.00
AA–
 
4,284,541
 
 
2,500
 
Summit County School District RE-1, Summit, Colorado, General Obligation Bonds, Series 2004B, 5.000%, 12/01/24 (Pre-refunded 12/01/14) – FGIC Insured
 
12/14 at 100.00
Aa2 (5)
 
2,686,550
 
 
8,500
 
University of Colorado Hospital Authority, Colorado, Revenue Bonds, Series 2012A, 5.000%, 11/15/42
 
11/22 at 100.00
A+
 
9,457,270
 
 
15
 
University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 – FGIC Insured University of Colorado, Enterprise System Revenue Bonds, Series 2005:
 
6/15 at 100.00
Aa2
 
16,152
 
 
645
 
5.000%, 6/01/30 (Pre-refunded 6/01/15) – FGIC Insured
 
6/15 at 100.00
Aa2 (5)
 
702,753
 
 
340
 
5.000%, 6/01/30 (Pre-refunded 6/01/15) – FGIC Insured
 
6/15 at 100.00
Aa2 (5)
 
372,830
 
 
77,520
 
Total Colorado
       
63,087,430
 
     
Connecticut – 0.2% (0.2% of Total Investments)
           
 
3,250
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Wesleyan University, Series 2010G, 5.000%, 7/01/39
 
7/20 at 100.00
AA
 
3,647,443
 
     
District of Columbia – 1.1% (0.7% of Total Investments)
           
 
2,850
 
District of Columbia Student Dormitory Revenue Bonds, Provident Group – Howard Properties LLC Issue, Series 2013, 5.000%, 10/01/45
 
10/22 at 100.00
BBB–
 
2,982,839
 
     
District of Columbia Water and Sewerage Authority, Public Utility Revenue Bonds, Subordinate Lien Series 2003:
           
 
5,000
 
5.125%, 10/01/24 (Pre-refunded 10/01/13) – FGIC Insured
 
10/13 at 100.00
AA (5)
 
5,102,650
 
 
5,000
 
5.125%, 10/01/25 (Pre-refunded 10/01/13) – FGIC Insured
 
10/13 at 100.00
AA (5)
 
5,102,650
 
 
2,670
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1606, 11.456%, 10/01/30 – AMBAC Insured (IF) (6)
 
10/16 at 100.00
AA+
 
3,064,119
 
 
15,520
 
Total District of Columbia
       
16,252,258
 
     
Florida – 19.6% (13.2% of Total Investments)
           
 
1,250
 
Bay County, Florida, Water System Revenue Bonds, Series 2005, 5.000%, 9/01/24 – AMBAC Insured
 
9/15 at 100.00
A1
 
1,371,613
 
 
3,820
 
Broward County School Board, Florida, Certificates of Participation, Series 2003, 5.250%, 7/01/19 (Pre-refunded 7/01/13) – NPFG Insured
 
7/13 at 100.00
Aa3 (5)
 
3,852,546
 
 
1,275
 
Broward County, Florida, Airport System Revenue Bonds, Series 2004L, 5.000%, 10/01/23 – AMBAC Insured
 
10/14 at 100.00
A+
 
1,351,449
 
 
875
 
Broward County, Florida, Airport System Revenue Bonds, Series 2004L, 5.000%, 10/01/23 (Pre-refunded 10/01/14) – AMBAC Insured
 
10/14 at 100.00
A1 (5)
 
932,496
 
 
4,500
 
Broward County, Florida, Water and Sewer Utility Revenue Bonds, Series 2003, 5.000%, 10/01/24 (Pre-refunded 10/01/13) – NPFG Insured
 
10/13 at 100.00
AA+ (5)
 
4,590,990
 
 
6,000
 
Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 – AGM Insured
 
10/21 at 100.00
AA–
 
6,770,160
 
     
Clay County, Florida, Utility System Revenue Bonds, Series 2007:
           
 
5,110
 
5.000%, 11/01/27 – AGM Insured (UB)
 
11/17 at 100.00
Aa2
 
5,823,254
 
 
12,585
 
5.000%, 11/01/32 – AGM Insured (UB)
 
11/17 at 100.00
Aa2
 
14,117,350
 
 
1,500
 
Collier County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/23 (Pre-refunded 10/01/14) – NPFG Insured
 
10/14 at 100.00
AA– (5)
 
1,599,660
 
 
3,000
 
Collier County, Florida, Gas Tax Revenue Bonds, Series 2005, 5.000%, 6/01/22 – AMBAC Insured
 
6/15 at 100.00
AA–
 
3,247,860
 
 
Nuveen Investments
 
35
 
 

 
 
   
Nuveen Municipal Opportunity Fund, Inc. (continued)
NIO
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)

 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
Florida (continued)
           
     
Dade County Housing Finance Authority, Florida, Multifamily Mortgage Revenue Bonds, Siesta Pointe Apartments Project, Series 1997A:
           
$
1,120
 
5.650%, 9/01/17 – AGM Insured (Alternative Minimum Tax)
 
9/13 at 100.00
AA+
$
1,123,013
 
 
1,890
 
5.750%, 9/01/29 – AGM Insured (Alternative Minimum Tax)
 
9/13 at 100.00
AA+
 
1,893,024
 
 
695
 
Dade County, Florida, Seaport Revenue Refunding Bonds, Series 1995, 5.750%, 10/01/15 – NPFG Insured
 
10/13 at 100.00
A2
 
698,190
 
     
Davie, Florida, Water and Sewerage Revenue Refunding and Improvement Bonds, Series 2003:
           
 
910
 
5.250%, 10/01/17 – AMBAC Insured
 
10/13 at 100.00
N/R
 
927,590
 
 
475
 
5.250%, 10/01/18 – AMBAC Insured
 
10/13 at 100.00
N/R
 
483,165
 
     
Deltona, Florida, Utility Systems Water and Sewer Revenue Bonds, Series 2003:
           
 
1,250
 
5.250%, 10/01/22 – NPFG Insured
 
10/13 at 100.00
A1
 
1,275,125
 
 
1,095
 
5.000%, 10/01/23 – NPFG Insured
 
10/13 at 100.00
A1
 
1,115,674
 
 
1,225
 
5.000%, 10/01/24 – NPFG Insured
 
10/13 at 100.00
A1
 
1,247,920
 
 
2,500
 
Escambia County School Board, Florida, Certificates of Participation, Series 2004, 5.000%, 2/01/22 – NPFG Insured
 
2/15 at 100.00
Baa2
 
2,590,500
 
 
2,500
 
Flagler County School Board, Florida, Certificates of Participation, Master Lease Revenue Program, Series 2005A, 5.000%, 8/01/30 – AGM Insured
 
8/15 at 100.00
AA–
 
2,683,150
 
 
1,200
 
Flagler County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/30 – NPFG Insured
 
10/15 at 100.00
A
 
1,252,296
 
 
3,945
 
Florida Governmental Utility Authority, Utility System Revenue Bonds, Citrus Project, Series 2003, 5.000%, 10/01/23 (Pre-refunded 10/01/13) – AMBAC Insured
 
10/13 at 100.00
A– (5)
 
4,024,768
 
 
120
 
Florida Municipal Loan Council, Revenue Bonds, Series 2001A, 5.250%, 11/01/18 – NPFG Insured
 
11/13 at 100.00
Baa2
 
120,352
 
 
2,000
 
Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Refunding Bonds, Series 2003A, 5.000%, 10/01/17 – AGM Insured
 
10/13 at 100.00
AA–
 
2,037,760
 
 
1,915
 
Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006, 5.500%, 6/01/38 – AGM Insured
 
6/18 at 100.00
AA–
 
2,077,564
 
 
2,500
 
Hillsborough County Industrial Development Authority, Florida, Industrial Development Revenue Bonds, University Community Hospital, Series 1994, 6.500%, 8/15/19 – NPFG Insured (ETM)
 
No Opt. Call
Aaa
 
3,065,650
 
 
1,000
 
Hillsborough County School Board, Florida, Certificates of Participation, Master Lease Program, Series 2005A, 5.000%, 7/01/26 – NPFG Insured
 
7/15 at 100.00
Aa2
 
1,082,130
 
 
6,000
 
Hillsborough County School Board, Florida, Certificates of Participation, Series 2003, 5.000%, 7/01/29 (Pre-refunded 7/01/13) – NPFG Insured
 
7/13 at 100.00
Aa2 (5)
 
6,048,600
 
 
2,000
 
Hillsborough County, Florida, Community Investment Tax Revenue Bonds, Series 2004, 5.000%, 5/01/23 (Pre-refunded 11/01/13) – AMBAC Insured
 
11/13 at 101.00
AA (5)
 
2,067,900
 
 
1,000
 
Hillsborough County, Florida, Revenue Refunding Bonds, Tampa Bay Arena, Series 2005, 5.000%, 10/01/25 – FGIC Insured
 
10/15 at 100.00
AA+
 
1,108,460
 
 
2,595
 
Indian River County School Board, Florida, Certificates of Participation, Series 2005, 5.000%, 7/01/22 – NPFG Insured
 
7/15 at 100.00
A+
 
2,825,696
 
     
Indian Trace Development District, Florida, Water Management Special Benefit Assessment Bonds, Series 2005:
           
 
1,645
 
5.000%, 5/01/25 – NPFG Insured
 
5/15 at 102.00
Baa2
 
1,711,984
 
 
1,830
 
5.000%, 5/01/27 – NPFG Insured
 
5/15 at 102.00
Baa2
 
1,891,488
 
 
1,480
 
Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Series 2003, 5.250%, 10/01/20 (Pre-refunded 10/01/13) – NPFG Insured
 
10/13 at 100.00
A1 (5)
 
1,511,346
 
 
1,500
 
JEA, Florida, Water and Sewerage System Revenue Bonds, Crossover Refunding Series 2007B, 5.000%, 10/01/24 – NPFG Insured
 
10/14 at 100.00
AA
 
1,595,685
 
 
1,450
 
Jupiter, Florida, Water Revenue Bonds, Series 2003, 5.000%, 10/01/22 – AMBAC Insured
 
10/13 at 100.00
AAA
 
1,478,870
 
 
4,665
 
Lee County, Florida, Airport Revenue Refunding Bonds, Series 2011A, 5.375%, 10/01/32 – AGM Insured (Alternative Minimum Tax)
 
8/21 at 100.00
AA–
 
5,289,550
 
 
1,230
 
Lee County, Florida, Local Option Gas Tax Revenue Bonds, Series 2004, 5.000%, 10/01/20 – FGIC Insured
 
10/14 at 100.00
A2
 
1,277,011
 
 
1,505
 
Lee County, Florida, Transportation Facilities Revenue Bonds, Series 2004B, 5.000%, 10/01/21 – AMBAC Insured
 
10/14 at 100.00
A–
 
1,601,004
 
 
1,000
 
Lee Memorial Health System, Florida, Hospital Revenue Bonds, Series 2007A, 5.000%, 4/01/32 – NPFG Insured
 
4/17 at 100.00
A
 
1,061,810
 
 
36
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
Florida (continued)
           
$
3,000
 
Leesburg, Florida, Utility Revenue Bonds, Series 2007, 5.000%, 10/01/37 – NPFG Insured
 
10/17 at 100.00
Aa3
$
3,323,550
 
 
2,000
 
Manatee County, Florida, Public Utilities Revenue Bonds, Series 2003, 5.125%, 10/01/20 (Pre-refunded 10/01/13) – NPFG Insured
 
10/13 at 100.00
Aa2 (5)
 
2,041,060
 
     
Marco Island, Florida, Water Utility System Revenue Bonds, Series 2003:
           
 
1,350
 
5.250%, 10/01/17 (Pre-refunded 10/01/13) – NPFG Insured
 
10/13 at 100.00
Aa3 (5)
 
1,378,418
 
 
1,000
 
5.250%, 10/01/18 (Pre-refunded 10/01/13) – NPFG Insured
 
10/13 at 100.00
Aa3 (5)
 
1,021,050
 
 
2,000
 
Marco Island, Florida, Water Utility System Revenue Bonds, Series 2003, 5.000%, 10/01/27 – NPFG Insured
 
10/13 at 100.00
Aa3
 
2,034,120
 
     
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Refunding Series 2012A:
           
 
3,200
 
5.000%, 10/01/30 (Alternative Minimum Tax)
 
No Opt. Call
A
 
3,591,808
 
 
1,545
 
5.000%, 10/01/31 (Alternative Minimum Tax)
 
No Opt. Call
A
 
1,726,275
 
 
2,200
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2002A, 5.125%, 10/01/35 – AGM Insured (Alternative Minimum Tax)
 
10/13 at 100.00
AA–
 
2,207,040
 
 
12,930
 
Miami-Dade County, Florida, Public Facilities Revenue Bonds, Jackson Health System, Series 2005A, 5.000%, 6/01/32 – NPFG Insured
 
12/15 at 100.00
Aa3
 
13,460,777
 
 
5,320
 
Miami-Dade County, Florida, Public Facilities Revenue Bonds, Jackson Health System, Series 2005B, 5.000%, 6/01/25 – NPFG Insured
 
6/15 at 100.00
Aa3
 
5,688,676
 
 
3,000
 
Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2008, 5.000%, 7/01/35 – AGM Insured
 
7/18 at 100.00
AA
 
3,329,190
 
 
2,000
 
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Refunding Series 2008B, 5.250%, 10/01/22 – AGM Insured
 
No Opt. Call
Aa2
 
2,508,620
 
     
Northern Palm Beach County Improvement District, Florida, Revenue Bonds, Water Control and Improvement Development Unit 9B, Series 2005:
           
 
1,290
 
5.000%, 8/01/23 – NPFG Insured
 
8/15 at 102.00
Baa2
 
1,369,864
 
 
2,145
 
5.000%, 8/01/29 – NPFG Insured
 
8/15 at 102.00
Baa2
 
2,253,923
 
 
2,000
 
Okaloosa County, Florida, Water and Sewer Revenue Bonds, Series 2006, 5.000%, 7/01/36 – AGM Insured
 
7/16 at 100.00
AA–
 
2,190,440
 
 
7,000
 
Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, Inc., Series 2012A, 5.000%, 10/01/42
 
4/22 at 100.00
A
 
7,722,120
 
 
1,000
 
Orange County School Board, Florida, Certificates of Participation, Series 2007A, 5.000%, 8/01/27 – FGIC Insured
 
8/17 at 100.00
AA
 
1,132,980
 
 
2,500
 
Orange County, Florida, Tourist Development Tax Revenue Bonds, Series 2006, 5.000%, 10/01/31 – SYNCORA GTY Insured
 
10/16 at 100.00
AA–
 
2,755,150
 
     
Osceola County, Florida, Transportation Revenue Bonds, Osceola Parkway, Series 2004:
           
 
2,500
 
5.000%, 4/01/21 – NPFG Insured
 
4/14 at 100.00
Aa3
 
2,602,000
 
 
7,820
 
5.000%, 4/01/23 – NPFG Insured
 
4/14 at 100.00
Aa3
 
8,112,546
 
 
1,750
 
Palm Bay, Florida, Utility System Revenue Bonds, Palm Bay Utility Corporation, Series 2003, 5.000%, 10/01/20 – NPFG Insured
 
10/13 at 100.00
Aa3
 
1,783,933
 
 
1,025
 
Palm Beach County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, Westlake Apartments Phase II, Series 2002, 5.150%, 7/01/22 – AGM Insured (Alternative Minimum Tax)
 
7/13 at 100.00
AA–
 
1,026,722
 
 
2,150
 
Palm Beach County School Board, Florida, Certificates of Participation, Series 2004A, 5.000%, 8/01/24 (Pre-refunded 8/01/14) – FGIC Insured
 
8/14 at 100.00
AA– (5)
 
2,276,291
 
 
3,000
 
Palm Beach County School Board, Florida, Certificates of Participation, Series 2007E, 5.000%, 8/01/27 – NPFG Insured
 
8/17 at 100.00
AA–
 
3,398,940
 
 
8,000
 
Palm Beach County Solid Waste Authority, Florida, Revenue Bonds, Series 2002B, 0.000%, 10/01/14 – AMBAC Insured
 
No Opt. Call
AA+
 
7,932,800
 
     
Palm Coast, Florida, Water Utility System Revenue Bonds, Series 2003:
           
 
1,000
 
5.250%, 10/01/19 – NPFG Insured
 
10/13 at 100.00
A1
 
1,018,470
 
 
500
 
5.250%, 10/01/20 – NPFG Insured
 
10/13 at 100.00
A1
 
509,235
 
 
500
 
5.250%, 10/01/21 – NPFG Insured
 
10/13 at 100.00
A1
 
509,020
 
 
3,000
 
Pasco County, Florida, Water and Sewer Revenue Bonds, Series 2006 Refunding, 5.000%, 10/01/36 – AGM Insured
 
4/16 at 100.00
AA
 
3,295,410
 
     
Plantation, Florida, Non-Ad Valorem Revenue Refunding and Improvement Bonds, Series 2003:
           
 
2,225
 
5.000%, 8/15/18 – AGM Insured
 
8/13 at 100.00
Aa3
 
2,255,305
 
 
1,300
 
5.000%, 8/15/21 – AGM Insured
 
8/13 at 100.00
Aa3
 
1,317,550
 
 
Nuveen Investments
 
37

 
 

 
 
   
Nuveen Municipal Opportunity Fund, Inc. (continued)
NIO
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)

 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
Florida (continued)
           
$
1,170
 
Polk County, Florida, Utility System Revenue Bonds, Series 2004A, 5.000%, 10/01/24 – FGIC Insured
 
10/14 at 100.00
Aa3
$
1,235,017
 
 
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
Baa2
 
1,059,070
 
     
Port St. Lucie, Florida, Utility System Revenue Bonds, Refunding Series 2009:
           
 
5,450
 
5.250%, 9/01/35 – AGC Insured
 
9/18 at 100.00
AA–
 
6,273,005
 
 
8,500
 
5.000%, 9/01/35 – AGC Insured
 
9/18 at 100.00
AA–
 
9,663,395
 
 
1,830
 
Port St. Lucie, Florida, Utility System Revenue Bonds, Series 2003, 5.000%, 9/01/21 (Pre-refunded 9/01/13) – NPFG Insured
 
9/13 at 100.00
AA– (5)
 
1,859,664
 
 
1,000
 
Port St. Lucie, Florida, Utility System Revenue Bonds, Series 2004, 5.000%, 9/01/21 (Pre-refunded 9/01/14) – NPFG Insured
 
9/14 at 100.00
AA– (5)
 
1,061,900
 
 
1,895
 
Reedy Creek Improvement District, Orange and Osceola Counties, Florida, General Obligation Bonds, Series 2005B, 5.000%, 6/01/25 – AMBAC Insured
 
6/15 at 100.00
Aa3
 
2,048,287
 
 
4,260
 
Saint Lucie County School Board, Florida, Certificates of Participation, Master Lease Program, Series 2004A, 5.000%, 7/01/24 (Pre-refunded 7/01/14) – AGM Insured
 
7/14 at 100.00
AA– (5)
 
4,493,789
 
 
5,740
 
Seminole County, Florida, Water and Sewer Revenue Refunding and Improvement Bonds, Series 1992, 6.000%, 10/01/19 – NPFG Insured (ETM)
 
No Opt. Call
Aa2 (5)
 
6,920,029
 
 
3,530
 
Seminole County, Florida, Water and Sewer Revenue Refunding and Improvement Bonds, Series 1992, 6.000%, 10/01/19 – NPFG Insured
 
No Opt. Call
Aa2
 
3,729,163
 
     
St. Lucie County, Florida, Utility System Revenue Refunding Bonds, Series 1993:
           
 
3,850
 
5.500%, 10/01/15 – FGIC Insured (ETM)
 
No Opt. Call
N/R (5)
 
4,117,575
 
 
1,200
 
5.500%, 10/01/21 – FGIC Insured (ETM)
 
No Opt. Call
N/R (5)
 
1,530,876
 
     
St. Petersburg, Florida, Sales Tax Revenue Bonds, Professional Sports Facility, Series 2003:
           
 
1,475
 
5.125%, 10/01/20 – AGM Insured
 
10/13 at 100.00
A1
 
1,503,866
 
 
1,555
 
5.125%, 10/01/21 – AGM Insured
 
10/13 at 100.00
A1
 
1,585,167
 
 
2,500
 
Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/29 – NPFG Insured
 
10/15 at 100.00
AA
 
2,721,775
 
 
400
 
Tamarac, Florida, Utility System Revenue Bonds, Series 2009, 5.000%, 10/01/39 – AGC Insured
 
10/19 at 100.00
Aa2
 
451,492
 
 
1,500
 
Tampa, Florida, Healthcare System Revenue Bonds, Allegany Health System – St. Joseph’s Hospital, Series 1993, 5.125%, 12/01/23 – NPFG Insured (ETM)
 
7/13 at 100.00
Aaa
 
1,518,525
 
 
10,335
 
Tampa, Florida, Revenue Bonds, University of Tampa, Series 2006, 5.000%, 4/01/35 – CIFG Insured
 
4/16 at 100.00
A3
 
10,649,804
 
 
16,095
 
Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Refunding Series 2012B, 5.000%, 7/01/42
 
No Opt. Call
A–
 
17,967,331
 
 
1,390
 
Venice, Florida, General Obligation Bonds, Series 2004, 5.000%, 2/01/24 – AMBAC Insured
 
2/14 at 100.00
AA+
 
1,439,206
 
 
4,275
 
Volusia County School Board, Florida, Certificates of Participation, Series 2005B, 5.000%, 8/01/24 – AGM Insured
 
8/15 at 100.00
Aa3
 
4,478,063
 
 
2,000
 
Volusia County, Florida, Gas Tax Revenue Bonds, Series 2004, 5.000%, 10/01/21 (Pre-refunded 10/01/14) – AGM Insured
 
10/14 at 100.00
AA– (5)
 
2,131,420
 
 
12,000
 
Volusia County, Florida, School Board Certificates of Participation, Master Lease Program Series 2007, 5.000%, 8/01/32 – AGM Insured
 
8/17 at 100.00
Aa3
 
12,721,920
 
 
1,785
 
Volusia County, Florida, Tax Revenue Bonds, Tourist Development, Series 2004, 5.000%, 12/01/24 – AGM Insured
 
12/14 at 100.00
A2
 
1,910,610
 
 
279,140
 
Total Florida
       
299,668,885
 
     
Georgia – 2.2% (1.5% of Total Investments)
           
 
1,000
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2004, 5.000%, 11/01/22 – AGM Insured
 
11/14 at 100.00
AA–
 
1,063,520
 
 
10,000
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.375%, 11/01/39 – AGM Insured
 
11/19 at 100.00
AA–
 
11,409,500
 
 
1,155
 
Augusta, Georgia, Water and Sewerage Revenue Bonds, Series 2004, 5.250%, 10/01/39 – AGM Insured
 
10/14 at 100.00
AA–
 
1,224,254
 
 
2,825
 
Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Refunding Series 2007, 4.000%, 8/01/26
 
8/20 at 100.00
AA
 
3,114,930
 
 
1,520
 
College Park Business and Industrial Development Authority, Georgia, Revenue Bonds, Public Safety Project, Series 2004, 5.250%, 9/01/23 – NPFG Insured
 
9/14 at 102.00
AA–
 
1,639,168
 
 
38
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
Georgia (continued)
           
     
Fulton County Development Authority, Georgia, Revenue Bonds, Georgia Tech Molecular Science Building, Series 2004:
           
$
1,695
 
5.250%, 5/01/19 – NPFG Insured
 
5/14 at 100.00
Aa3
$
1,775,767
 
 
1,135
 
5.250%, 5/01/20 – NPFG Insured
 
5/14 at 100.00
Aa3
 
1,188,379
 
 
4,500
 
5.000%, 5/01/36 – NPFG Insured
 
5/14 at 100.00
Aa3
 
4,667,445
 
 
5,295
 
Greene County Development Authority, Georgia, Health System Revenue Bonds, Catholic Health East Issue, Series 2012, 4.250%, 11/15/42
 
No Opt. Call
A+
 
5,452,050
 
 
2,250
 
Gwinnett County Hospital Authority, Georgia, Revenue Anticipation Certificates, Gwinnett Hospital System Inc. Project, Series 2007C, 5.500%, 7/01/39 – AGM Insured
 
7/19 at 100.00
A+
 
2,504,903
 
 
31,375
 
Total Georgia
       
34,039,916
 
     
Idaho – 1.1% (0.7% of Total Investments)
           
 
12,930
 
Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project, Series 2012A, 5.000%, 3/01/47 – AGM Insured
 
3/22 at 100.00
A
 
14,150,721
 
     
Idaho Housing and Finance Association, Grant and Revenue Anticipation Bonds, Federal Highway Trust Funds, Series 2006:
           
 
1,000
 
5.000%, 7/15/23 – NPFG Insured
 
7/16 at 100.00
Aa3
 
1,117,830
 
 
1,065
 
5.000%, 7/15/24 – NPFG Insured
 
7/16 at 100.00
Aa3
 
1,190,489
 
 
14,995
 
Total Idaho
       
16,459,040
 
     
Illinois – 9.2% (6.2% of Total Investments)
           
 
1,050
 
Bedford Park, Illinois, General Obligation Bonds, Series 2004A, 5.250%,
12/15/20 – AGM Insured
 
12/14 at 100.00
AA–
 
1,133,412
 
 
7,700
 
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien Refunding Series 2010C, 5.250%, 1/01/35 – AGC Insured
 
1/20 at 100.00
AA–
 
8,772,302
 
 
7,200
 
Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport, Series 2005A, 5.250%, 1/01/24 – NPFG Insured
 
1/16 at 100.00
A2
 
7,896,816
 
 
10,000
 
Chicago, Illinois, Water Revenue Bonds, Refunding Second Lien Series 2012-2, 5.000%, 11/01/42
 
11/22 at 100.00
AA
 
11,346,500
 
 
6,380
 
De Witt, Ford, Livingston, Logan, Mc Lean and Tazewell Community College District 540, Illinois, General Obligation Bonds, Series 2007, 3.000%,
12/01/26 – AGM Insured
 
12/17 at 100.00
Aa2
 
6,238,428
 
 
10,580
 
Illinois Development Finance Authority, Revenue Bonds, Provena Health, Series 1998A, 5.500%, 5/15/21 – NPFG Insured
 
5/13 at 100.00
Baa1
 
10,625,811
 
 
3,295
 
Illinois Educational Facilities Authority, Revenue Bonds, Robert Morris College, Series 2000, 5.800%, 6/01/30 – NPFG Insured
 
6/13 at 100.00
Baa2
 
3,299,877
 
 
3,750
 
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 5.000%, 9/01/38
 
9/22 at 100.00
A–
 
4,038,075
 
 
2,315
 
Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Series 2012, 5.000%, 6/01/42
 
No Opt. Call
AA
 
2,578,447
 
 
6,720
 
Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2011A, 6.000%, 8/15/41 – AGM Insured
 
8/21 at 100.00
AA–
 
7,943,510
 
 
14,965
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago, Series 2012A, 5.000%, 10/01/51 Illinois State, General Obligation Bonds, Refunding Series 2012:
 
10/21 at 100.00
Aa1
 
16,652,753
 
 
3,160
 
5.000%, 8/01/21
 
No Opt. Call
A2
 
3,720,142
 
 
1,225
 
5.000%, 8/01/22
 
No Opt. Call
A2
 
1,444,300
 
 
2,740
 
5.000%, 8/01/23
 
No Opt. Call
A2
 
3,209,472
 
 
1,055
 
5.000%, 8/01/24
 
8/22 at 100.00
A2
 
1,209,262
 
 
270
 
5.000%, 8/01/25
 
8/22 at 100.00
A2
 
306,831
 
 
5,405
 
Illinois Toll Highway Authority, State Toll Highway Authority Revenue Bonds, Series 2006A-1, 5.000%, 1/01/24 – AGM Insured
 
7/16 at 100.00
AA–
 
6,065,437
 
 
1,395
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust 4304, 17.980%, 1/01/21 (WI/DD, Settling 5/16/13) (IF)
 
No Opt. Call
AA–
 
2,137,838
 
     
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1:
           
 
20,000
 
0.000%, 6/15/45 – AGM Insured
 
No Opt. Call
AAA
 
4,177,000
 
 
15,000
 
0.000%, 6/15/46 – AGM Insured
 
No Opt. Call
AAA
 
2,974,050
 
 
20,045
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A, 0.000%, 12/15/35 – AGM Insured
 
No Opt. Call
AAA
 
7,283,551
 
 
5,920
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Tender Option Bond Trust 3861, 13.474%, 6/15/42 (IF) (6)
 
6/20 at 100.00
AAA
 
7,358,915
 
 
Nuveen Investments
 
39

 
 

 
 
   
Nuveen Municipal Opportunity Fund, Inc. (continued)
NIO
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)

 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
Illinois (continued)
           
     
Schaumburg, Illinois, General Obligation Bonds, Series 2004B:
           
$
4,260
 
5.000%, 12/01/22 (Pre-refunded 12/01/14) – FGIC Insured
 
12/14 at 100.00
Aaa
$
4,577,881
 
 
2,365
 
5.000%, 12/01/23 (Pre-refunded 12/01/14) – FGIC Insured
 
12/14 at 100.00
Aaa
 
2,541,476
 
 
4,000
 
Southwestern Illinois Development Authority, School Revenue Bonds, Triad School District 2, Madison County, Illinois, Series 2006, 0.000%, 10/01/25 – NPFG Insured
 
No Opt. Call
A+
 
2,376,240
 
     
Williamson & Johnson Counties Community Unit School District 2, Marion, Illinois, General Obligation Bonds, Series 2011:
           
 
930
 
7.000%, 12/01/21 – AGM Insured
 
12/20 at 100.00
AA–
 
1,197,217
 
 
1,035
 
7.000%, 12/01/22 – AGM Insured
 
12/20 at 100.00
AA–
 
1,320,101
 
 
1,155
 
7.000%, 12/01/23 – AGM Insured
 
12/20 at 100.00
AA–
 
1,466,330
 
 
1,065
 
7.000%, 12/01/26 – AGM Insured
 
12/20 at 100.00
AA–
 
1,315,222
 
 
2,085
 
7.250%, 12/01/29 – AGM Insured
 
12/20 at 100.00
AA–
 
2,567,886
 
 
2,295
 
7.250%, 12/01/30 – AGM Insured
 
12/20 at 100.00
AA–
 
2,813,326
 
 
169,360
 
Total Illinois
       
140,588,408
 
     
Indiana – 6.6% (4.4% of Total Investments)
           
 
2,030
 
Decatur Township-Marion County Multi-School Building Corporation, Indiana, First Mortgage Bonds, Series 2003, 5.000%, 7/15/20 (Pre-refunded 7/15/13) – FGIC Insured
 
7/13 at 100.00
AA+ (5)
 
2,050,341
 
 
13,070
 
Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 2012A, 5.000%, 5/01/42
 
5/23 at 100.00
A
 
14,497,113
 
 
3,450
 
Indiana Finance Authority, Midwestern Disaster Relief Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2012A, 5.000%, 6/01/39 – AGM Insured
 
6/22 at 100.00
BBB–
 
3,695,606
 
 
14,760
 
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013A, 5.250%, 1/01/51 (Alternative Minimum Tax)
 
7/23 at 100.00
BBB
 
15,891,797
 
 
5,000
 
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2010B., 5.000%, 12/01/37
 
12/20 at 100.00
AA
 
5,494,000
 
 
11,200
 
Indiana Health Facility Financing Authority, Revenue Bonds, Community Hospitals of Indiana, Series 2005A, 5.000%, 5/01/35 (Pre-refunded 5/01/15) – AMBAC Insured
 
5/15 at 100.00
A (5)
 
12,227,152
 
 
8,500
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
 
1/17 at 100.00
A+
 
9,260,325
 
 
5,000
 
Indianapolis Local Public Improvement Bond Bank Bonds, Indiana, PILOT Infrastructure Project Revenue Bonds, Series 2010F, 5.000%, 1/01/35 – AGM Insured
 
1/20 at 100.00
AA
 
5,811,700
 
 
20,000
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/28 – AMBAC Insured
 
No Opt. Call
AA
 
12,493,400
 
 
9,615
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A, 5.500%, 1/01/38 – AGC Insured
 
1/19 at 100.00
AA–
 
10,883,315
 
 
1,340
 
Monroe-Gregg Grade School Building Corporation, Morgan County, Indiana, First Mortgage Bonds, Series 2004, 5.000%, 1/15/25 (Pre-refunded 1/15/14) – AGM Insured
 
1/14 at 100.00
AA+ (5)
 
1,385,426
 
 
5,000
 
Noblesville Redevelopment Authority, Indiana, Economic Development Lease Rental Bonds, Exit 10 Project, Series 2003, 5.000%, 1/15/28 (Pre-refunded 7/15/13) – AMBAC Insured
 
7/13 at 100.00
AA– (5)
 
5,050,100
 
 
1,500
 
Vigo County Hospital Authority, Indiana, Revenue Bonds, Union Hospital, Series 2007, 5.800%, 9/01/47
 
9/17 at 100.00
N/R
 
1,571,250
 
 
100,465
 
Total Indiana
       
100,311,525
 
     
Iowa – 0.6% (0.4% of Total Investments)
           
     
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:
           
 
1,745
 
5.375%, 6/01/38
 
6/15 at 100.00
B+
 
1,683,227
 
 
955
 
5.500%, 6/01/42
 
6/15 at 100.00
B+
 
927,572
 
 
190
 
5.625%, 6/01/46
 
6/15 at 100.00
B+
 
186,354
 
 
5,600
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34
 
6/17 at 100.00
B+
 
5,603,752
 
 
8,490
 
Total Iowa
       
8,400,905
 
     
Kansas – 0.6% (0.4% of Total Investments)
           
 
2,055
 
Kansas Turnpike Authority, Revenue Bonds, Series 2004A-2, 5.000%, 9/01/23 (Pre-refunded 9/01/14) – AGM Insured
 
9/14 at 101.00
AA– (5)
 
2,204,974
 
 
40
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
Kansas (continued)
           
     
Neosho County Unified School District 413, Kansas, General Obligation Bonds, Series 2006:
           
$
2,145
 
5.000%, 9/01/27 (Pre-refunded 9/01/14) – AGM Insured
 
9/14 at 100.00
A2 (5)
$
2,280,156
 
 
4,835
 
5.000%, 9/01/29 (Pre-refunded 9/01/14) – AGM Insured
 
9/14 at 100.00
A2 (5)
 
5,139,653
 
 
9,035
 
Total Kansas
       
9,624,783
 
     
Kentucky – 1.9% (1.3% of Total Investments)
           
 
3,870
 
Kenton County School District Finance Corporation, Kentucky, School Building Revenue Bonds, Series 2004, 5.000%, 6/01/20 (Pre-refunded 6/01/14) – NPFG Insured
 
6/14 at 100.00
Aa3 (5)
 
4,067,564
 
     
Kentucky State Property and Buildings Commission, Revenue Bonds, Project 93, Refunding Series 2009:
           
 
3,860
 
5.250%, 2/01/20 – AGC Insured
 
2/19 at 100.00
AA–
 
4,683,454
 
 
10,000
 
5.250%, 2/01/24 – AGC Insured
 
2/19 at 100.00
AA–
 
11,909,600
 
 
7,500
 
Kentucky Turnpike Authority, Economic Development Road Revenue Bonds, Revitalization Project, Series 2006B, 5.000%, 7/01/25 – AMBAC Insured
 
7/16 at 100.00
AA+
 
8,504,400
 
 
25,230
 
Total Kentucky
       
29,165,018
 
     
Louisiana – 4.4% (3.0% of Total Investments)
           
 
3,330
 
Jefferson Parish Hospital District1, Louisiana, Hospital Revenue Bonds, West Jefferson Medical Center, Refunding Series 2011A, 6.000%, 1/01/39 – AGM Insured
 
1/21 at 100.00
AA–
 
3,857,639
 
 
3,025
 
Lafayette City and Parish, Louisiana, Utilities Revenue Bonds, Series 2004, 5.250%, 11/01/22 (Pre-refunded 11/01/14) – NPFG Insured
 
11/14 at 100.00
A+ (5)
 
3,248,941
 
 
4,180
 
Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital, Series 2004, 5.250%, 7/01/24 (Pre-refunded 7/01/14) – NPFG Insured
 
7/14 at 100.00
Baa2 (5)
 
4,408,939
 
     
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2005A:
           
 
2,400
 
5.000%, 5/01/25 (Pre-refunded 5/01/15) – FGIC Insured
 
5/15 at 100.00
Aa1 (5)
 
2,623,800
 
 
4,415
 
5.000%, 5/01/26 (Pre-refunded 5/01/15) – FGIC Insured
 
5/15 at 100.00
Aa1 (5)
 
4,826,699
 
 
5,000
 
5.000%, 5/01/27 (Pre-refunded 5/01/15) – FGIC Insured
 
5/15 at 100.00
Aa1 (5)
 
5,466,250
 
     
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:
           
 
3,300
 
4.750%, 5/01/39 – AGM Insured (UB)
 
5/16 at 100.00
Aa1
 
3,597,330
 
 
35,725
 
4.500%, 5/01/41 – FGIC Insured (UB)
 
5/16 at 100.00
Aa1
 
38,555,135
 
 
38
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006, Residuals 660-1, 15.895%, 5/01/34 – FGIC Insured (IF)
 
5/16 at 100.00
Aa1
 
50,476
 
     
Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, Series 2001B:
           
 
235
 
5.500%, 5/15/30
 
5/13 at 100.00
A1
 
236,295
 
 
250
 
5.875%, 5/15/39
 
5/13 at 100.00
A–
 
251,378
 
 
61,898
 
Total Louisiana
       
67,122,882
 
     
Maine – 0.3% (0.2% of Total Investments)
           
 
2,015
 
Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2013, 5.000%, 7/01/43
 
7/23 at 100.00
Baa1
 
2,189,801
 
 
3,000
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Series 2003B, 5.000%, 7/01/28 (Pre-refunded 7/01/13) – AGM Insured
 
7/13 at 100.00
AAA
 
3,023,010
 
 
5,015
 
Total Maine
       
5,212,811
 
     
Maryland – 0.4% (0.2% of Total Investments)
           
 
5,345
 
Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%, 9/01/28 – SYNCORA GTY Insured
 
9/16 at 100.00
BB+
 
5,493,377
 
     
Massachusetts – 3.5% (2.4% of Total Investments)
           
 
4,500
 
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Commonwealth Contract Assistance Secured, Refunding Series 2010B, 5.000%, 1/01/35
 
1/20 at 100.00
AA+
 
5,155,155
 
 
3,225
 
Massachusetts Development Finance Agency, Resource Recovery Revenue Refunding Bonds, Covanta Energy Project, Series 2012B, 4.875%, 11/01/42
 
11/17 at 100.00
BB+
 
3,273,794
 
 
5,330
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Harvard University, Tender Option Bond Trust 2010-20W, 13.732%, 12/15/34 (IF) (6)
 
12/19 at 100.00
AAA
 
8,168,118
 
 
11,000
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A, 5.000%, 8/15/23 (Pre-refunded 8/15/15) – AGM Insured (UB)
 
8/15 at 100.00
AA+ (5)
 
12,169,190
 
 
Nuveen Investments
 
41

 
 

 
 
   
Nuveen Municipal Opportunity Fund, Inc. (continued)
NIO
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)

 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
Massachusetts (continued)
           
$
15,000
 
Massachusetts State, Special Obligation Dedicated Tax Revenue Bonds, Series 2004, 5.250%, 1/01/23 (Pre-refunded 1/01/14) – FGIC Insured
 
1/14 at 100.00
A1 (5)
$
15,495,600
 
 
7,255
 
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 – AGM Insured (UB) (6)
 
2/17 at 100.00
AA+
 
7,656,492
 
 
1,500
 
University of Massachusetts Building Authority, Senior Lien Project Revenue Bonds, Series 2004-1, 5.375%, 11/01/20 (Pre-refunded 11/01/14) – AMBAC Insured
 
11/14 at 100.00
AA (5)
 
1,613,850
 
 
47,810
 
Total Massachusetts
       
53,532,199
 
     
Michigan – 3.3% (2.2% of Total Investments)
           
 
5,490
 
Detroit City School District, Wayne County, Michigan, Unlimited Tax School Building and Site Improvement Bonds, Series 2001A, 6.000%, 5/01/29 – AGM Insured (UB)
 
No Opt. Call
Aa2
 
6,746,167
 
 
1,695
 
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
 
7/22 at 100.00
A+
 
1,852,805
 
 
6,000
 
Detroit, Michigan, General Obligation Bonds, Series 2001A-1, 5.375%, 4/01/18 – NPFG Insured
 
10/13 at 100.00
Baa2
 
5,778,780
 
 
2,000
 
Detroit, Michigan, Sewage Disposal System Revenue Bonds, Series 2001D-2, 5.500%, 7/01/32 – NPFG Insured (7)
 
1/13 at 100.00
A
 
1,569,449
 
 
3,000
 
Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A, 5.000%, 1/01/43
 
1/22 at 100.00
A2
 
3,260,160
 
 
8,260
 
Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2011-II-A, 5.375%, 10/15/41
 
10/21 at 100.00
Aa3
 
9,545,586
 
 
11,000
 
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2009C, 5.000%, 12/01/48
 
6/22 at 100.00
AA
 
12,170,620
 
 
10,000
 
Wayne Charter County, Michigan, Limited Tax General Obligation Airport Hotel Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2001A, 5.250%, 12/01/25 – NPFG Insured
 
12/13 at 100.00
BBB+
 
10,007,800
 
 
47,445
 
Total Michigan
       
50,931,367
 
     
Minnesota – 0.8% (0.5% of Total Investments)
           
 
5,005
 
Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 2008B, 6.500%, 11/15/38 – AGC Insured
 
11/18 at 100.00
AA–
 
6,135,930
 
 
5,020
 
Minnesota State, General Obligation Bonds, Various Purpose, Refunding Series 2010D, 5.000%, 8/01/18
 
No Opt. Call
AA+
 
6,109,139
 
 
10,025
 
Total Minnesota
       
12,245,069
 
     
Missouri – 0.9% (0.6% of Total Investments)
           
 
7,250
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Heartland Regional Medical Center, Series 2012, 5.000%, 2/15/43
 
2/22 at 100.00
A1
 
8,017,413
 
 
4,125
 
St. Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Series 2005, 5.500%, 7/01/29 – NPFG Insured
 
No Opt. Call
A–
 
5,059,148
 
 
11,375
 
Total Missouri
       
13,076,561
 
     
Montana – 0.2% (0.2% of Total Investments)
           
 
3,000
 
Montana Facility Finance Authority, Hospital Revenue Bonds, Benefits Health System Obligated Group, Series 2011A, 5.750%, 1/01/31 – AGM Insured
 
1/21 at 100.00
AA–
 
3,502,050
 
     
Nebraska – 2.8% (1.9% of Total Investments)
           
 
6,145
 
Lincoln County Hospital Authority 1, Nebraska, Hospital Revenue and Refunding Bonds, Great Plains Regional Medical Center Project, Series 2012, 5.000%, 11/01/42
 
No Opt. Call
A–
 
6,688,157
 
 
27,125
 
Lincoln, Nebraska, Electric System Revenue Bonds, Series 2007A, 4.500%, 9/01/37 – FGIC Insured (UB) (6)
 
9/17 at 100.00
AA
 
28,954,581
 
 
5,000
 
Municipal Energy Agency of Nebraska, Power Supply System Revenue and Refunding Bonds, Series 2009A, 5.375%, 4/01/39 – BHAC Insured
 
4/19 at 100.00
AA+
 
5,793,750
 
 
1,000
 
Nebraska Public Power District, General Revenue Bonds, Series 2005A, 5.000%, 1/01/25 (Pre-refunded 7/01/15) – AGM Insured
 
7/15 at 100.00
AA– (5)
 
1,098,460
 
 
39,270
 
Total Nebraska
       
42,534,948
 
     
Nevada – 4.4% (3.0% of Total Investments)
           
 
7,000
 
Clark County School District, Nevada, General Obligation Bonds, Refunding Series 2005A, 5.000%, 6/15/19 – FGIC Insured
 
6/15 at 101.00
AA–
 
7,734,020
 
 
3,500
 
Clark County School District, Nevada, General Obligation Bonds, Series 2004B, 5.000%, 6/15/18 – AGM Insured
 
6/14 at 100.00
AA–
 
3,683,645
 
 
42
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
Nevada (continued)
           
$
3,000
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2009C, 5.000%, 7/01/26 – AGM Insured
 
7/19 at 100.00
AA–
$
3,481,290
 
 
16,840
 
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.250%, 7/01/39 – AGM Insured
 
1/20 at 100.00
AA–
 
19,021,790
 
 
7,370
 
Clark County, Nevada, Subordinate Lien Airport Revenue Bonds, Series 2004A-2, 5.125%, 7/01/25 – FGIC Insured
 
7/14 at 100.00
A+
 
7,727,371
 
 
10,285
 
Henderson, Nevada, General Obligation Bonds, Sewer Series 2004, 5.000%, 6/01/34 (Pre-refunded 12/01/14) – FGIC Insured
 
12/14 at 100.00
AA (5)
 
11,040,228
 
 
14,985
 
Reno, Nevada, Capital Improvement Revenue Bonds, Series 2002, 5.375%, 6/01/32 – FGIC Insured
 
6/13 at 100.00
BBB
 
15,005,080
 
 
62,980
 
Total Nevada
       
67,693,424
 
     
New Jersey – 5.0% (3.4% of Total Investments)
           
     
Essex County Improvement Authority, New Jersey, Guaranteed Revenue Bonds, Project Consolidation, Series 2004:
           
 
2,000
 
5.125%, 10/01/21 – NPFG Insured
 
10/14 at 100.00
Aa2
 
2,133,460
 
 
2,250
 
5.125%, 10/01/22 – NPFG Insured
 
10/14 at 100.00
Aa2
 
2,398,815
 
     
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A:
           
 
3,850
 
5.000%, 7/01/22 – NPFG Insured
 
7/14 at 100.00
A
 
4,041,307
 
 
3,850
 
5.000%, 7/01/23 – NPFG Insured
 
7/14 at 100.00
A
 
4,041,307
 
 
5,900
 
5.000%, 7/01/29 – NPFG Insured
 
7/14 at 100.00
A
 
6,170,102
 
 
26,000
 
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – AGM Insured
 
No Opt. Call
AA–
 
32,737,880
 
     
New Jersey Turnpike Authority, Revenue Bonds, Series 2003A:
           
 
8,250
 
5.000%, 1/01/19 (Pre-refunded 7/01/13) – FGIC Insured
 
7/13 at 100.00
A+ (5)
 
8,316,825
 
 
2,000
 
5.000%, 1/01/23 (Pre-refunded 7/01/13) – AGM Insured
 
7/13 at 100.00
AA– (5)
 
2,016,200
 
 
3,320
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.000%, 1/01/21 – AGM Insured
 
1/15 at 100.00
AA–
 
3,563,721
 
     
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
           
 
6,760
 
4.500%, 6/01/23
 
6/17 at 100.00
B1
 
6,764,732
 
 
1,045
 
4.625%, 6/01/26
 
6/17 at 100.00
B1
 
1,017,537
 
 
1,415
 
4.750%, 6/01/34
 
6/17 at 100.00
B2
 
1,246,459
 
 
1,330
 
Washington Township Board of Education, Mercer County, New Jersey, General Obligation Bonds, Series 2005, 5.250%, 1/01/26 – AGM Insured
 
No Opt. Call
Aa3
 
1,730,929
 
 
67,970
 
Total New Jersey
       
76,179,274
 
     
New Mexico – 1.3% (0.9% of Total Investments)
           
 
3,660
 
San Juan County, New Mexico, Gross Receipts Tax Revenue Bonds, Refunding Subordinate Series 2005, 5.000%, 6/15/25 – NPFG Insured
 
6/15 at 100.00
A+
 
3,967,733
 
 
13,600
 
University of New Mexico, System Improvement Subordinated Lien Revenue Bonds, Series 2007A, 5.000%, 6/01/36 – AGM Insured
 
6/17 at 100.00
AA
 
15,251,720
 
 
17,260
 
Total New Mexico
       
19,219,453
 
     
New York – 7.2% (4.8% of Total Investments)
           
 
1,880
 
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/23 – FGIC Insured
 
2/15 at 100.00
N/R
 
2,006,844
 
 
7,225
 
Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt, Cornell University, Series 2010A, 5.000%, 7/01/35
 
7/20 at 100.00
Aa1
 
8,380,422
 
 
3,335
 
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
 
3,613,973
 
 
3,820
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured
 
2/17 at 100.00
A
 
3,953,280
 
 
12,500
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A, 5.000%, 12/01/25 – FGIC Insured
 
6/16 at 100.00
A
 
13,829,875
 
 
6,900
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2006F, 4.250%, 5/01/33 – NPFG Insured
 
11/16 at 100.00
A
 
7,084,989
 
 
2,500
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/36 – AGM Insured
 
5/21 at 100.00
AA–
 
2,795,850
 
 
Nuveen Investments
 
43

 
 

 
 
   
Nuveen Municipal Opportunity Fund, Inc. (continued)
NIO
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)

 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
New York (continued)
           
$
3,025
 
Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue Bonds, Unity Hospital of Rochester Project, Series 2010, 5.500%, 8/15/40
 
2/21 at 100.00
Aa2
$
3,500,167
 
 
2,615
 
New York City Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium Project PILOT, Series 2009A, 7.000%, 3/01/49 – AGC Insured
 
3/19 at 100.00
AA–
 
3,228,610
 
 
5,000
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005F-1, 5.000%, 9/01/21 – AMBAC Insured
 
9/15 at 100.00
AA
 
5,524,550
 
 
10,000
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005M, 5.000%, 4/01/26 – FGIC Insured
 
4/15 at 100.00
AA
 
10,843,500
 
 
5,000
 
New York State Thruway Authority, General Revenue Bonds, Series 2005F, 5.000%, 1/01/26 – AMBAC Insured
 
1/15 at 100.00
A+
 
5,335,850
 
 
14,000
 
New York State Thruway Authority, General Revenue Bonds, Series 2005G, 5.000%, 1/01/30 – AGM Insured
 
7/15 at 100.00
AA–
 
15,112,300
 
 
3,650
 
New York State Urban Development Corporation, Service Contract Revenue Bonds, Series 2005B, 5.000%, 3/15/25 (Pre-refunded 3/15/15) – AGM Insured (UB)
 
3/15 at 100.00
AAA
 
3,969,996
 
     
New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series 2004A-1:
           
 
1,000
 
5.000%, 3/15/23 (Pre-refunded 3/15/14) – FGIC Insured
 
3/14 at 100.00
AAA
 
1,040,490
 
 
5,000
 
5.000%, 3/15/25 (Pre-refunded 3/15/14) – FGIC Insured
 
3/14 at 100.00
AAA
 
5,202,450
 
 
4,655
 
Onondaga Civic Development Corporation, New York, Revenue Bonds, St. Joseph’s Hospital Health Center Project, Series 2012, 5.000%, 7/01/42
 
7/22 at 100.00
BB+
 
4,828,026
 
 
4,155
 
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Subordinate Lien Series 2002E, 5.000%, 11/15/32 – NPFG Insured
 
11/13 at 100.00
A+
 
4,169,418
 
     
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Subordinate Lien Series 2013A:
           
 
2,135
 
5.000%, 11/15/28
 
No Opt. Call
A+
 
2,544,685
 
 
2,450
 
0.000%, 11/15/31
 
No Opt. Call
A+
 
1,221,178
 
 
625
 
3.125%, 11/15/32
 
No Opt. Call
A+
 
599,306
 
 
1,815
 
0.000%, 11/15/32
 
No Opt. Call
A+
 
861,689
 
 
103,285
 
Total New York
       
109,647,448
 
     
North Carolina – 1.9% (1.3% of Total Investments)
           
     
Mooresville, North Carolina, Enterprise System Revenue Bonds, Series 2004:
           
 
2,115
 
5.000%, 5/01/22 (Pre-refunded 5/01/14) – FGIC Insured
 
5/14 at 100.00
AA– (5)
 
2,214,870
 
 
2,575
 
5.000%, 5/01/26 (Pre-refunded 5/01/14) – FGIC Insured
 
5/14 at 100.00
AA– (5)
 
2,696,592
 
 
10,000
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University Health System, Series 2012A, 5.000%, 6/01/42
 
6/22 at 100.00
AA
 
11,362,800
 
 
4,970
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Vidant Health, Refunding Series 2012A, 5.000%, 6/01/36
 
6/22 at 100.00
A+
 
5,478,680
 
     
Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Series 2005A:
           
 
3,205
 
5.000%, 5/01/23 – AMBAC Insured
 
5/15 at 100.00
Aa3
 
3,434,638
 
 
3,295
 
5.000%, 5/01/24 – AMBAC Insured
 
5/15 at 100.00
Aa3
 
3,531,087
 
 
26,160
 
Total North Carolina
       
28,718,667
 
     
North Dakota – 0.8% (0.5% of Total Investments)
           
 
4,200
 
Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2012, 5.000%, 12/01/35
 
12/21 at 100.00
A–
 
4,580,604
 
     
Grand Forks, North Dakota, Sales Tax Revenue Bonds, Alerus Project, Series 2005A:
           
 
2,195
 
5.000%, 12/15/22 – NPFG Insured
 
12/15 at 100.00
Aa3
 
2,415,180
 
 
1,355
 
5.000%, 12/15/23 – NPFG Insured
 
12/15 at 100.00
Aa3
 
1,490,920
 
 
3,000
 
5.000%, 12/15/24 – NPFG Insured
 
12/15 at 100.00
Aa3
 
3,312,450
 
 
10,750
 
Total North Dakota
       
11,799,154
 
     
Ohio – 7.0% (4.7% of Total Investments)
           
 
1,730
 
Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Revenue Bonds, Children’s Hospital Medical Center, Improvement & Refunding Series 2012, 5.000%, 11/15/42
 
5/22 at 100.00
A1
 
1,878,607
 
 
44
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
Ohio (continued)
           
     
Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Health Partners, Refunding and Improvement Series 2012A:
           
$
1,930
 
5.000%, 5/01/33
 
5/22 at 100.00
AA–
$
2,208,808
 
 
2,755
 
4.000%, 5/01/33
 
5/22 at 100.00
AA–
 
2,829,495
 
 
2,420
 
5.000%, 5/01/42
 
5/22 at 100.00
AA–
 
2,691,330
 
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
           
 
9,815
 
5.125%, 6/01/24
 
6/17 at 100.00
B–
 
9,111,265
 
 
8,535
 
5.750%, 6/01/34
 
6/17 at 100.00
B
 
7,486,475
 
 
1,495
 
5.875%, 6/01/47
 
6/17 at 100.00
B
 
1,335,738
 
 
2,650
 
Cleveland State University, Ohio, General Receipts Bonds, Series 2004, 5.250%, 6/01/24 (Pre-refunded 6/01/14) – FGIC Insured
 
6/14 at 100.00
A+ (5)
 
2,793,365
 
 
2,000
 
Columbus City School District, Franklin County, Ohio, General Obligation Bonds, Series 2004, 5.250%, 12/01/25 (Pre-refunded 12/01/14) – AGM Insured
 
12/14 at 100.00
AA (5)
 
2,156,420
 
 
2,385
 
Columbus, Ohio, Tax Increment Financing Bonds, Easton Project, Series 2004A, 5.000%, 12/01/22 (Pre-refunded 6/01/14) – AMBAC Insured
 
6/14 at 100.00
N/R (5)
 
2,504,083
 
 
6,000
 
Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children’s Hospital Project, Improvement Series 2012A, 5.000%, 11/01/42
 
5/22 at 100.00
Aa2
 
6,716,940
 
 
2,205
 
Hamilton City School District, Ohio, General Obligation Bonds, Series 2005, 5.000%, 12/01/24 – NPFG Insured
 
6/15 at 100.00
Baa2
 
2,382,414
 
 
19,595
 
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, Series 2006A, 4.250%, 12/01/32 – AMBAC Insured
 
12/16 at 100.00
A+
 
20,166,390
 
 
6,425
 
JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, Tax Exempt Series 2013A, 5.000%, 1/01/38 (UB) (6)
 
1/23 at 100.00
AA
 
7,297,001
 
     
JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, Tender Option Bond Trust 1157:
           
 
1,250
 
17.137%, 1/01/38 (IF) (6)
 
1/23 at 100.00
AA
 
1,928,600
 
 
1,750
 
17.130%, 1/01/38 (IF) (6)
 
1/23 at 100.00
AA
 
2,699,620
 
     
Middletown City School District, Butler County, Ohio, General Obligation Bonds, Refunding Series 2007:
           
 
4,380
 
5.250%, 12/01/27 – AGM Insured
 
No Opt. Call
A2
 
5,407,329
 
 
6,000
 
5.250%, 12/01/31 – AGM Insured
 
No Opt. Call
A2
 
7,591,560
 
 
9,235
 
Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System Obligated Group Project, Series 2013, 5.000%, 2/15/48 (WI/DD, Settling 5/09/13)
 
2/23 at 100.00
BB+
 
9,234,354
 
 
3,000
 
Ross Local School District, Butler County, Ohio, General Obligation Bonds, Series 2003, 5.000%, 12/01/28 (Pre-refunded 12/01/13) – AGM Insured
 
12/13 at 100.00
Aa2 (5)
 
3,084,630
 
     
Southeastern Ohio Port Authority, Hospital Facilities Revenue Bonds, Memorial Health System Obligated Group Project, Refunding and Improvement Series 2012:
           
 
2,000
 
5.750%, 12/01/32
 
12/22 at 100.00
N/R
 
2,207,580
 
 
1,320
 
6.000%, 12/01/42
 
12/22 at 100.00
N/R
 
1,471,642
 
 
2,000
 
University of Akron, Ohio, General Receipts Bonds, Federally Taxable Build America Bonds, Series 2010B, 5.000%, 1/01/29 – AGM Insured
 
1/20 at 100.00
AA–
 
2,251,020
 
 
100,875
 
Total Ohio
       
107,434,666
 
     
Oklahoma – 2.8% (1.9% of Total Investments)
           
     
Oklahoma Capitol Improvement Authority, State Facilities Revenue Bonds, Series 2005F:
           
 
3,500
 
5.000%, 7/01/24 – AMBAC Insured
 
7/15 at 100.00
AA
 
3,811,150
 
 
7,500
 
5.000%, 7/01/27 – AMBAC Insured
 
7/15 at 100.00
AA
 
8,143,050
 
     
Oklahoma City Water Utilities Trust, Oklahoma, Water and Sewer Revenue Bonds, Series 2010:
           
 
1,000
 
5.375%, 7/01/40
 
7/21 at 100.00
AAA
 
1,195,300
 
 
1,500
 
5.000%, 7/01/40
 
7/21 at 100.00
AAA
 
1,732,920
 
 
450
 
Oklahoma Housing Finance Agency, GNMA Collateralized Single Family Mortgage Revenue Bonds, Series 1987A, 7.997%, 8/01/18 (Alternative Minimum Tax)
 
No Opt. Call
AA+
 
459,567
 
 
21,000
 
Oklahoma Municipal Power Authority, Power Supply System Revenue Bonds, Series 2007, 4.500%, 1/01/47 – FGIC Insured
 
1/17 at 100.00
A
 
21,685,020
 
 
4,880
 
University of Oklahoma, Student Housing Revenue Bonds, Series 2004, 5.000%, 7/01/22 – AMBAC Insured
 
7/14 at 100.00
Aa3
 
5,128,343
 
 
39,830
 
Total Oklahoma
       
42,155,350
 
 
Nuveen Investments
 
45

 
 

 
 
   
Nuveen Municipal Opportunity Fund, Inc. (continued)
NIO
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)

 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
Oregon – 0.5% (0.3% of Total Investments)
           
$
2,535
 
Oregon Department of Administrative Services, Certificates of Participation, Series 2005A, 5.000%, 5/01/25 (Pre-refunded 5/01/15) – AGM Insured
 
5/15 at 100.00
AA (5)
$
2,768,195
 
 
4,000
 
Oregon Department of Administrative Services, State Lottery Revenue Bonds, Series 2011A, 5.250%, 4/01/31
 
4/21 at 100.00
AAA
 
4,857,880
 
 
6,535
 
Total Oregon
       
7,626,075
 
     
Pennsylvania – 5.5% (3.7% of Total Investments)
           
 
2,165
 
Allegheny County Sanitary Authority, Pennsylvania, Sewerage Revenue Bonds, Series 2010, 5.000%, 6/01/40 – AGM Insured
 
12/20 at 100.00
AA–
 
2,454,417
 
 
7,925
 
Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Series 2006A, 5.000%, 6/01/26 – AGM Insured (UB)
 
6/16 at 100.00
AA
 
8,788,429
 
 
6,555
 
Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle Health System Project, Series 2012A, 5.000%, 6/01/42
 
6/22 at 100.00
A
 
7,078,548
 
 
5,250
 
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40 – AGM Insured
 
1/20 at 100.00
AA–
 
5,868,450
 
 
1,565
 
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38
 
8/20 at 100.00
AA
 
1,806,120
 
 
1,800
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Drexel University, Series 2005A, 5.000%, 5/01/28 – NPFG Insured
 
5/15 at 100.00
A
 
1,932,444
 
     
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B:
           
 
5,000
 
4.500%, 6/01/32 – AGM Insured
 
12/16 at 100.00
AA
 
5,301,350
 
 
6,740
 
4.500%, 6/01/32 – AGM Insured (UB) (6)
 
12/16 at 100.00
AA
 
7,146,220
 
 
2,625
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 – AMBAC Insured
 
6/16 at 100.00
A+
 
2,870,123
 
 
1,300
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Temple University Health System Obligated Group, Series 2012A, 5.625%, 7/01/42
 
7/22 at 100.00
BBB–
 
1,413,893
 
 
10,000
 
Philadelphia, Pennsylvania, Airport Revenue Bonds, Series 2010A, 5.000%, 6/15/40 – AGM Insured
 
6/20 at 100.00
AA–
 
11,121,500
 
 
7,055
 
Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Hotel Room Excise Tax Revenue Bonds, Refunding Series 2010, 5.000%, 2/01/35 – AGC Insured
 
8/20 at 100.00
AA–
 
7,668,432
 
 
5,180
 
Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Sales Tax Revenue Bonds, Refunding Series 2010, 5.000%, 2/01/31 – AGM Insured
 
8/20 at 100.00
AA–
 
5,827,189
 
 
6,335
 
Radnor Township School District, Delaware County, Pennsylvania, General Obligation Bonds, Series 2005B, 5.000%, 2/15/30 – AGM Insured
 
8/15 at 100.00
Aa2
 
6,853,583
 
     
Reading School District, Berks County, Pennsylvania, General Obligation Bonds, Series 2005:
           
 
3,285
 
5.000%, 1/15/22 – AGM Insured
 
1/16 at 100.00
AA–
 
3,654,990
 
 
3,450
 
5.000%, 1/15/23 – AGM Insured
 
1/16 at 100.00
AA–
 
3,832,640
 
 
76,230
 
Total Pennsylvania
       
83,618,328
 
     
Puerto Rico – 0.8% (0.5% of Total Investments)
           
 
2,500
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 5.000%, 7/01/30 (Pre-refunded 7/01/15) – SYNCORA GTY Insured
 
7/15 at 100.00
AA+ (5)
 
2,753,025
 
 
670
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2003G, 5.250%, 7/01/19 – FGIC Insured
 
7/13 at 100.00
BBB
 
673,672
 
 
1,550
 
Puerto Rico Municipal Finance Agency, Series 2005C, 5.250%, 8/01/21 – CIFG Insured
 
No Opt. Call
AA–
 
1,742,309
 
 
36,000
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/42 – FGIC Insured
 
No Opt. Call
AA–
 
7,096,680
 
 
40,720
 
Total Puerto Rico
       
12,265,686
 
     
Rhode Island – 0.5% (0.3% of Total Investments)
           
 
2,195
 
Providence Housing Development Corporation, Rhode Island, FHA-Insured Section 8 Assisted Mortgage Revenue Refunding Bonds, Barbara Jordan Apartments, Series 1994A, 6.750%, 7/01/25 – NPFG Insured
 
7/13 at 100.00
Baa2
 
2,201,344
 
 
1,405
 
Rhode Island Health & Educational Building Corporation, Higher Education Auxiliary Enterprise Revenue Bonds, Series 2004A, 5.500%, 9/15/24 – AMBAC Insured
 
9/14 at 100.00
A1
 
1,490,677
 
 
46
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
Rhode Island (continued)
           
     
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A:
           
$
215
 
6.125%, 6/01/32
 
6/13 at 100.00
BBB+
$
217,129
 
 
3,550
 
6.250%, 6/01/42
 
6/13 at 100.00
BBB–
 
3,634,348
 
 
7,365
 
Total Rhode Island
       
7,543,498
 
     
South Carolina – 4.4% (2.9% of Total Investments)
           
 
14,650
 
Anderson County School District 5, South Carolina, General Obligation Bonds, Series 2008, Trust 1181, 9.768%, 8/01/15 – AGM Insured (IF)
 
No Opt. Call
Aa1
 
18,698,381
 
     
Medical University Hospital Authority, South Carolina, FHA-Insured Mortgage Revenue Bonds, Series 2004A:
           
 
2,000
 
5.250%, 8/15/22 (Pre-refunded 8/15/14) – NPFG Insured
 
8/14 at 100.00
Baa2 (5)
 
2,123,280
 
 
2,605
 
5.250%, 8/15/23 (Pre-refunded 8/15/14) – NPFG Insured
 
8/14 at 100.00
Baa2 (5)
 
2,765,572
 
 
2,385
 
5.250%, 8/15/25 (Pre-refunded 8/15/14) – NPFG Insured
 
8/14 at 100.00
Baa2 (5)
 
2,532,011
 
 
4,500
 
Saint Peters Parish/Jasper County Public Facilities Corporation, South Carolina, Installment Purchase Revenue Bonds, County Office Building Projects, Series 2011A, 5.250%, 4/01/44 – AGC Insured
 
4/21 at 100.00
AA–
 
5,002,650
 
 
4,100
 
South Carolina JOBS Economic Development Authority, Industrial Revenue Bonds, South Carolina Electric and Gas Company, Series 2013, 4.000%, 2/01/28
 
2/23 at 100.00
A
 
4,399,423
 
 
1,250
 
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–
 
1,528,238
 
 
17,500
 
South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2007A, 4.500%, 10/01/34 – SYNCORA GTY Insured
 
10/16 at 100.00
A1
 
18,403,175
 
 
10,250
 
Spartanburg Regional Health Services District, Inc., South Carolina, Hospital Revenue Refunding Bonds, Series 2012A, 5.000%, 4/15/32
 
4/22 at 100.00
A1
 
11,419,218
 
 
59,240
 
Total South Carolina
       
66,871,948
 
     
Texas – 7.0% (4.7% of Total Investments)
           
 
4,405
 
Bexar County, Texas, Venue Project Revenue Bonds, Refunding Series 2010, 5.500%, 8/15/49 – AGM Insured
 
8/19 at 100.00
AA–
 
4,947,564
 
 
8,700
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding and Improvement Bonds, Series 2012C, 5.000%, 11/01/45 – AGM Insured
 
11/21 at 100.00
A+
 
9,676,227
 
 
25,000
 
Harris County-Houston Sports Authority, Texas, Junior Lien Revenue Refunding Bonds, Series 2001B, 5.250%, 11/15/40 – NPFG Insured
 
5/13 at 100.00
Baa2
 
25,053,500
 
     
Houston, Texas, First Lien Combined Utility System Revenue Bonds, First Lien Series 2004A:
           
 
4,000
 
5.250%, 5/15/24 – FGIC Insured
 
5/14 at 100.00
AA
 
4,201,280
 
 
5,000
 
5.250%, 5/15/25 – NPFG Insured
 
5/14 at 100.00
AA
 
5,249,400
 
 
6,700
 
Hutto Independent School District, Williamson County, Texas, General Obligation Bonds, Refunding Series 2012A, 5.000%, 8/01/46
 
8/21 at 100.00
A
 
7,355,193
 
 
1,180
 
Lower Colorado River Authority, Texas, Revenue Refunding and Improvement Bonds, Series 2001A, 5.000%, 5/15/21
 
No Opt. Call
A1
 
1,184,460
 
 
8,425
 
North Central Texas Health Facilities Development Corporation, Texas, Revenue Bonds, Children’s Medical Center Dallas Project, Series 2012, 5.000%, 8/15/32
 
8/22 at 100.00
AA
 
9,668,025
 
 
24,330
 
Tarrant Regional Water District, Texas, Water Revenue Bonds, Refunding and Improvement Series 2012, 5.000%, 3/01/52
 
3/22 at 100.00
AAA
 
27,189,992
 
 
1,750
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/30
 
No Opt. Call
A3
 
1,890,928
 
 
7,600
 
Waco Health Facilities Development Corporation, Texas, Hillcrest Health System Project, FHA Insured Mortgage Revenue Bonds, Series 2006A, 5.000%, 8/01/31 (Pre-refunded 8/01/16) – NPFG Insured
 
8/16 at 100.00
Baa2 (5)
 
8,685,660
 
 
1,840
 
Ysleta Independent School District Public Facility Corporation, Texas, Lease Revenue Refunding Bonds, Series 2001, 5.375%, 11/15/24 – AMBAC Insured
 
5/13 at 100.00
AA–
 
1,887,325
 
 
98,930
 
Total Texas
       
106,989,554
 
     
Utah – 1.3% (0.8% of Total Investments)
           
  200  
Clearfield City, Utah, Sales Tax Revenue Bonds, Series 2003, 5.000%, 7/01/28 (Pre-refunded 7/01/13) – FGIC Insured
  7/13 at 100.00 AA–(5)   2,016,020  
 
Nuveen Investments
 
47

 
 

 
 
   
Nuveen Municipal Opportunity Fund, Inc. (continued)
NIO
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)

 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
Utah (continued)
           
$
15,000
 
Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008A, 5.000%, 6/15/32 – AGM Insured (UB) (6)
 
6/18 at 100.00
AAA
$
17,102,550
 
 
17,000
 
Total Utah
       
19,118,570
 
     
Virginia – 2.0% (1.3% of Total Investments)
           
 
10,000
 
Fairfax County Industrial Development Authority, Virginia, Healthcare Revenue Bonds, Inova Health System, Series 2012A, 5.000%, 5/15/40
 
5/22 at 100.00
AA+
 
11,432,900
 
 
1,035
 
Loudoun County Industrial Development Authority, Virginia, Lease Revenue Bonds, Public Safety Facilities, Series 2003A, 5.250%, 12/15/20 (Pre-refunded 6/15/14) – AGM Insured
 
6/14 at 100.00
AA+ (5)
 
1,091,987
 
 
985
 
Roanoke Industrial Development Authority, Virginia, Hospital Revenue Bonds, Carillion Health System Obligated Group, Series 2005B, 5.000%, 7/01/38
 
7/20 at 100.00
AA–
 
1,082,840
 
 
15
 
Roanoke Industrial Development Authority, Virginia, Hospital Revenue Bonds, Carillion Health System Obligated Group, Series 2005B, 5.000%, 7/01/38 (Pre-refunded 7/01/20)
 
7/20 at 100.00
AA– (5)
 
18,811
 
 
5,740
 
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012A, 5.000%, 7/01/52
 
No Opt. Call
BBB–
 
6,143,235
 
     
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012B:
           
 
1,740
 
0.000%, 7/01/32
 
No Opt. Call
BBB–
 
706,840
 
 
2,465
 
0.000%, 7/01/33
 
No Opt. Call
BBB–
 
947,891
 
 
960
 
0.000%, 7/01/34
 
No Opt. Call
BBB–
 
350,275
 
 
1,330
 
0.000%, 7/01/35
 
No Opt. Call
BBB–
 
460,180
 
 
2,300
 
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, 95 Express Lanes LLC Project, Series 2012, 5.000%, 1/01/40 (Alternative Minimum Tax)
 
1/22 at 100.00
BBB–
 
2,398,440
 
 
5,030
 
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–
 
5,491,050
 
 
31,600
 
Total Virginia
       
30,124,449
 
     
Washington – 6.6% (4.4% of Total Investments)
           
 
10,000
 
Central Puget Sound Regional Transit Authority, Washington, Sales Tax and Motor Vehicle Excise Tax Bonds, Series 1999, 4.750%, 2/01/28 – FGIC Insured
 
8/13 at 100.00
AAA
 
10,130,000
 
 
2,500
 
Grant County Public Utility District 2, Washington, Revenue Bonds, Wanapum Hydroelectric Development, Series 2005A, 5.000%, 1/01/29 (Pre-refunded 1/01/15) – FGIC Insured
 
1/15 at 100.00
AA (5)
 
2,695,300
 
 
3,500
 
King County School District 401, Highline, Washington, General Obligation Bonds, Series 2004, 5.000%, 10/01/24 (Pre-refunded 12/01/14) – FGIC Insured
 
12/14 at 100.00
AA+ (5)
 
3,762,325
 
 
7,500
 
King County, Washington, General Obligation Sewer Bonds, Series 2009, Trust 1W, 9.805%, 1/01/39 – AGC Insured (IF) (6)
 
1/19 at 100.00
Aa1
 
10,175,100
 
 
17,000
 
King County, Washington, Sewer Revenue Bonds, Series 2007, 5.000%,
1/01/42 – AGM Insured
 
7/17 at 100.00
AA+
 
19,098,990
 
 
4,345
 
King County, Washington, Sewer Revenue Bonds, Tender Option Bond Trust 3090, 13.406%, 7/01/32 – AGM Insured (IF) (6)
 
7/17 at 100.00
AA+
 
6,027,167
 
 
11,000
 
Port of Seattle, Washington, Revenue Bonds, Series 2005A, 5.000%, 3/01/35 – NPFG Insured
 
3/15 at 100.00
Aa3
 
11,719,840
 
 
3,375
 
Snohomish County Public Utility District 1, Washington, Generation System Revenue Bonds, Series 1989, 6.650%, 1/01/16 – FGIC Insured (ETM)
 
No Opt. Call
Aaa
 
3,786,953
 
     
Tacoma, Washington, Solid Waste Utility Revenue Refunding Bonds, Series 2006:
           
 
3,890
 
5.000%, 12/01/24 – SYNCORA GTY Insured
 
12/16 at 100.00
AA
 
4,422,736
 
 
4,085
 
5.000%, 12/01/25 – SYNCORA GTY Insured
 
12/16 at 100.00
AA
 
4,616,704
 
 
4,290
 
5.000%, 12/01/26 – SYNCORA GTY Insured
 
12/16 at 100.00
AA
 
4,811,450
 
 
2,510
 
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, Refunding Series 2012B, 5.000%, 10/01/30
 
10/22 at 100.00
AA
 
2,895,812
 
 
6,540
 
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, Series 2012A, 5.000%, 10/01/42
 
10/22 at 100.00
AA
 
7,296,220
 
     
Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2002:
           
 
165
 
6.500%, 6/01/26
 
6/13 at 100.00
A3
 
168,297
 
 
415
 
6.625%, 6/01/32
 
6/13 at 100.00
Baa1
 
423,292
 
 
5,945
 
Washington State, General Obligation Bonds, Series 2009, Trust 1212, 13.513%, 7/01/14 – AGM Insured (IF)
 
No Opt. Call
AA+
 
8,493,146
 
 
87,060
 
Total Washington
       
100,523,332
 
 
48
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
West Virginia – 0.7% (0.5% of Total Investments)
           
$
10,000
 
West Virginia Economic Development Authority, State Lottery Revenue Bonds, Series 2010A, 5.000%, 6/15/40
 
6/20 at 100.00
AAA
$
11,195,800
 
     
Wisconsin – 2.0% (1.3% of Total Investments)
           
 
8,460
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2012A, 5.000%, 7/15/25
 
7/21 at 100.00
A
 
9,685,431
 
 
5,090
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Health Inc. Obligated Group, Series 2012A, 5.000%, 4/01/42
 
10/22 at 100.00
AA–
 
5,691,536
 
 
10,300
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Gundersen Lutheran, Series 2011A, 5.250%, 10/15/39
 
10/21 at 100.00
A+
 
11,509,735
 
 
290
 
Wisconsin State, General Obligation Bonds, Series 2004-3, 5.250%, 5/01/20 – FGIC Insured
 
5/14 at 100.00
AA
 
304,549
 
 
2,600
 
Wisconsin State, General Obligation Bonds, Series 2004-3, 5.250%, 5/01/20 (Pre-refunded 5/01/14) – FGIC Insured
 
5/14 at 100.00
Aa2 (5)
 
2,727,920
 
 
26,740
 
Total Wisconsin
       
29,919,171
 
$
2,230,783
 
Total Municipal Bonds (cost $2,080,301,890)
       
2,272,790,832
 

 
Principal
                 
 
Amount (000)
 
Description (1)
 
Coupon
Maturity
Ratings (3)
 
Value
 
     
Corporate Bonds – 0.0% (0.0% of Total Investments)
             
     
Transportation – 0.0% (0.0% of Total Investments)
             
$
542
 
Las Vegas Monorail Company, Senior Interest Bonds (4), (7)
 
5.500%
7/15/19
N/R
$
135,511
 
 
159
 
Las Vegas Monorail Company, Senior Interest Bonds (4), (7)
 
3.000%
7/15/55
N/R
 
31,722
 
$
701
 
Total Corporate Bonds (cost $13,328)
         
167,233
 
     
Total Investments (cost $2,080,315,218) – 149.0%
         
2,272,958,065
 
     
Floating Rate Obligations – (7.2)%
         
(109,248,333
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (43.7)% (8)
         
(667,200,000
     
Other Assets Less Liabilities – 1.9%
         
29,299,254
 
     
Net Assets Applicable to Common Shares – 100%
       
$
1,525,808,986
 
 
(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)
 
During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund’s custodian is not accruing income on the Fund’s records for either senior interest corporate bond.
(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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(6)
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(7)
 
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Directors. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Investment Valuation for more information.
(8)
 
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 29.4%.
 N/R   Not rated.
WI/DD
 
Investment, or portion of investment, 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
 
49

 
 

 

   
Nuveen Premier Municipal Opportunity Fund, Inc.
NIF
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)

 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
Municipal Bonds – 143.7% (100% of Total Investments)
           
     
Alabama – 0.8% (0.5% of Total Investments)
           
$
2,200
 
Auburn, Alabama, General Obligation Warrants, Series 2005, 5.000%, 8/01/30 (Pre-refunded 8/01/15) – AMBAC Insured
 
8/15 at 100.00
AA+ (4)
$
2,428,624
 
     
Alaska – 0.5% (0.3% of Total Investments)
           
 
1,530
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/32
 
6/14 at 100.00
B+
 
1,431,636
 
     
Arizona – 5.1% (3.6% of Total Investments)
           
 
1,460
 
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
 
1,522,663
 
 
1,135
 
Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series 2012A, 5.000%, 1/01/43
 
1/22 at 100.00
AA–
 
1,268,964
 
 
2,000
 
Arizona State, State Lottery Revenue Bonds, Series 2010A, 5.000%, 7/01/29 – AGC Insured
 
1/20 at 100.00
AA
 
2,260,080
 
 
4,370
 
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Water System Revenue Bonds, Series 2005, 4.750%, 7/01/25 – NPFG Insured
 
7/15 at 100.00
AAA
 
4,739,003
 
 
5,000
 
Phoenix, Arizona, Civic Improvement Revenue Bonds, Civic Plaza, Series 2005B, 0.000%, 7/01/40 – FGIC Insured
 
No Opt. Call
AA
 
6,291,800
 
 
13,965
 
Total Arizona
       
16,082,510
 
     
Arkansas – 1.4% (1.0% of Total Investments)
           
 
4,020
 
Northwest Community College District, Arkansas, General Obligation Bonds, Series 2005, 5.000%, 5/15/23 – AMBAC Insured
 
5/15 at 100.00
A+
 
4,345,459
 
     
California – 21.8% (15.2% of Total Investments)
           
 
10
 
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2005AC, 5.000%, 12/01/26 (Pre-refunded 12/01/14) – NPFG Insured
 
12/14 at 100.00
AAA
 
10,736
 
 
990
 
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2005AC, 5.000%, 12/01/26 (Pre-refunded 12/01/14) – NPFG Insured (UB)
 
12/14 at 100.00
AAA
 
1,062,854
 
 
2,000
 
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children’s Hospital, Series 2012A, 5.000%, 8/15/51
 
8/22 at 100.00
AA
 
2,248,780
 
 
4,775
 
Clovis Unified School District, Fresno County, California, General Obligation Bonds, Series 2001A, 0.000%, 8/01/25 – FGIC Insured (ETM)
 
No Opt. Call
AA+ (4)
 
3,542,143
 
 
1,005
 
Folsom Cordova Unified School District, Sacramento County, California, General Obligation Bonds, School Facilities Improvement District 2, Series 2004B, 5.000%, 10/01/26 – AGM Insured
 
10/14 at 100.00
AA–
 
1,064,968
 
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
           
 
3,030
 
4.500%, 6/01/27
 
6/17 at 100.00
B
 
2,955,765
 
 
1,115
 
5.000%, 6/01/33
 
6/17 at 100.00
B
 
1,028,565
 
 
1,150
 
Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%, 11/01/23 – AGM Insured
 
No Opt. Call
Aa2
 
812,924
 
 
2,590
 
La Verne-Grand Terrace Housing Finance Agency, California, Single Family Residential Mortgage Revenue Bonds, Series 1984A, 10.250%, 7/01/17 (ETM)
 
No Opt. Call
Aaa
 
3,129,860
 
 
5,000
 
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
Baa2
 
6,166,950
 
 
7,760
 
Pomona, California, GNMA/FHLMC Collateralized Single Family Mortgage Revenue Refunding Bonds, Series 1990B, 7.500%, 8/01/23 (ETM)
 
No Opt. Call
Aaa
 
10,283,009
 
 
7,425
 
San Bernardino, California, GNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue Refunding Bonds, Series 1990A, 7.500%, 5/01/23 (ETM)
 
No Opt. Call
Aaa
 
9,756,599
 
 
29,000
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A, 0.000%, 1/15/31 – NPFG Insured
 
No Opt. Call
Baa2
 
12,262,940
 
 
2,000
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2004A, 5.250%, 8/01/19 – NPFG Insured
 
8/14 at 100.00
BBB
 
2,044,400
 
 
4,725
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C, 4.250%, 8/01/30 – NPFG Insured
 
8/17 at 100.00
BBB
 
4,622,893
 
 
50
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
California (continued)
           
$
4,455
 
San Mateo County Community College District, California, General Obligation Bonds, Series 2006A, 0.000%, 9/01/21 – NPFG Insured
 
No Opt. Call
Aaa
$
3,719,880
 
 
3,600
 
Ventura County Community College District, California, General Obligation Bonds, Series 2005B, 5.000%, 8/01/28 – NPFG Insured
 
8/15 at 100.00
AA
 
3,925,980
 
 
80,630
 
Total California
       
68,639,246
 
     
Colorado – 7.7% (5.4% of Total Investments)
           
 
3,000
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2006C-1, Trust 1090, 15.089%, 10/01/41 – AGM Insured (IF) (5)
 
4/18 at 100.00
AA–
 
4,033,680
 
 
20,000
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/30 – NPFG Insured
 
No Opt. Call
Baa2
 
8,825,600
 
 
4,405
 
Garfield, Eagle and Pitkin Counties School District RE-1, Roaring Fork, Colorado, General Obligation Bonds, Series 2005A, 5.000%, 12/15/24 (Pre-refunded 12/15/14) – AGM Insured
 
12/14 at 100.00
Aa2 (4)
 
4,741,586
 
 
2,065
 
Jefferson County School District R1, Colorado, General Obligation Bonds, Series 2004, 5.000%, 12/15/24 (Pre-refunded 12/15/14) – AGM Insured (UB)
 
12/14 at 100.00
Aa2 (4)
 
2,222,787
 
 
1,390
 
Teller County School District RE-2, Woodland Park, Colorado, General Obligation Bonds, Series 2004, 5.000%, 12/01/22 (Pre-refunded 12/01/14) – NPFG Insured
 
12/14 at 100.00
Aa2 (4)
 
1,494,181
 
 
1,700
 
University of Colorado Hospital Authority, Colorado, Revenue Bonds, Series 2012A, 5.000%, 11/15/42
 
11/22 at 100.00
A+
 
1,891,454
 
 
10
 
University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 – FGIC Insured
 
6/15 at 100.00
Aa2
 
10,768
 
     
University of Colorado, Enterprise System Revenue Bonds, Series 2005:
           
 
645
 
5.000%, 6/01/30 (Pre-refunded 6/01/15) – FGIC Insured
 
6/15 at 100.00
Aa2 (4)
 
702,753
 
 
345
 
5.000%, 6/01/30 (Pre-refunded 6/01/15) – FGIC Insured
 
6/15 at 100.00
Aa2 (4)
 
378,313
 
 
33,560
 
Total Colorado
       
24,301,122
 
     
District of Columbia – 1.3% (0.9% of Total Investments)
           
 
600
 
District of Columbia Student Dormitory Revenue Bonds, Provident Group – Howard Properties LLC Issue, Series 2013, 5.000%, 10/01/45
 
10/22 at 100.00
BBB–
 
627,966
 
 
3,150
 
District of Columbia, Revenue Bonds, Georgetown University, Series 2007A, 0.000%, 4/01/40 – AMBAC Insured
 
4/21 at 100.00
A–
 
2,561,202
 
 
665
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1606, 11.456%, 10/01/30 – AMBAC Insured (IF) (5)
 
10/16 at 100.00
AA+
 
763,161
 
 
4,415
 
Total District of Columbia
       
3,952,329
 
     
Florida – 7.8% (5.4% of Total Investments)
           
 
2,285
 
Florida Municipal Loan Council, Revenue Bonds, Series 2005A, 5.000%, 2/01/23 – NPFG Insured
 
2/15 at 100.00
Baa2
 
2,424,362
 
 
1,200
 
Miami, Florida, Special Obligation Non-Ad Valorem Revenue Refunding Bonds, Series 2011A, 6.000%, 2/01/30 – AGM Insured
 
2/21 at 100.00
AA–
 
1,422,228
 
 
4,000
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 5.000%, 10/01/35 – AGM Insured
 
10/20 at 100.00
AA–
 
4,575,680
 
 
600
 
Miami-Dade County, Florida, Subordinate Special Obligation Refunding Bonds Series 2012B, 5.000%, 10/01/37
 
10/22 at 100.00
A+
 
671,418
 
 
3,175
 
Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2012, 5.000%, 7/01/42
 
7/22 at 100.00
AA
 
3,584,194
 
 
1,500
 
Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, Inc., Series 2012A, 5.000%, 10/01/42
 
4/22 at 100.00
A
 
1,654,740
 
 
4,240
 
Reedy Creek Improvement District, Florida, Utility Revenue Bonds, Series 2003-1, 5.250%, 10/01/17 – NPFG Insured
 
10/13 at 100.00
A1
 
4,328,870
 
 
2,000
 
Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/28 – NPFG Insured
 
10/15 at 100.00
AA
 
2,171,920
 
 
3,290
 
Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Refunding Series 2012B, 5.000%, 7/01/42
 
No Opt. Call
A–
 
3,672,726
 
 
22,290
 
Total Florida
       
24,506,138
 
     
Georgia – 3.7% (2.6% of Total Investments)
           
 
2,700
 
Atlanta, Georgia, Airport General Revenue Bonds, Series 2004G, 5.000%,
1/01/25 – AGM Insured
 
1/15 at 100.00
AA–
 
2,863,242
 
 
1,250
 
Atlanta, Georgia, Airport General Revenue Refunding Bonds, Series 2010A, 5.000%, 1/01/40 – AGM Insured
 
1/20 at 100.00
AA–
 
1,382,138
 
 
Nuveen Investments
 
51

 
 

 
 
   
Nuveen Premier Municipal Opportunity Fund, Inc. (continued)
NIF
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)

 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
Georgia (continued)
           
$
1,075
 
Greene County Development Authority, Georgia, Health System Revenue Bonds, Catholic Health East Issue, Series 2012, 4.250%, 11/15/42
 
No Opt. Call
A+
$
1,106,885
 
 
2,805
 
Gwinnett County School District, Georgia, General Obligation Bonds, Series 2008, 5.000%, 2/01/36
 
2/18 at 100.00
AAA
 
3,203,310
 
 
1,350
 
Henry County Water and Sewerage Authority, Georgia, Revenue Bonds, Series 2005, 5.250%, 2/01/27 – BHAC Insured
 
No Opt. Call
AA+
 
1,776,344
 
 
1,165
 
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
 
1,291,903
 
 
10,345
 
Total Georgia
       
11,623,822
 
     
Illinois – 15.8% (11.0% of Total Investments)
           
 
4,345
 
Chicago Board of Education, Illinois, General Obligation Lease Certificates, Series 1992A, 6.250%, 1/01/15 – NPFG Insured
 
No Opt. Call
A2
 
4,569,419
 
 
1,450
 
Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport, Series 2005A, 5.250%, 1/01/24 – NPFG Insured
 
1/16 at 100.00
A2
 
1,590,331
 
 
21,860
 
Illinois Development Finance Authority, Local Government Program Revenue Bonds, Kane, Cook and DuPage Counties School District U46 – Elgin, Series 2002, 0.000%, 1/01/17 – AGM Insured
 
No Opt. Call
Aa3
 
20,361,273
 
 
750
 
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 5.000%, 9/01/38
 
9/22 at 100.00
A–
 
807,615
 
 
485
 
Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Series 2012, 5.000%, 6/01/42
 
No Opt. Call
AA
 
540,193
 
 
2,910
 
Illinois Finance Authority, Revenue Bonds, Ingalls Health System, Series 2013, 5.000%, 5/15/43
 
5/22 at 100.00
Baa1
 
3,105,028
 
 
1,320
 
Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2011A, 6.000%, 8/15/41 – AGM Insured
 
8/21 at 100.00
AA–
 
1,560,332
 
 
3,000
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago, Series 2012A, 5.000%, 10/01/51
 
10/21 at 100.00
Aa1
 
3,338,340
 
 
2,500
 
Illinois Municipal Electric Agency, Power Supply System Revenue Bonds, Series 2007A, 5.000%, 2/01/35 – FGIC Insured
 
2/17 at 100.00
A+
 
2,729,225
 
 
5,000
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1, 0.000%, 6/15/46 – AGM Insured
 
No Opt. Call
AAA
 
991,350
 
 
5,010
 
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–
 
4,009,453
 
 
3,500
 
Schaumburg, Illinois, General Obligation Bonds, Series 2004B, 5.000%,
12/01/41 – AGM Insured
 
12/14 at 100.00
Aaa
 
3,698,345
 
 
1,895
 
Williamson & Johnson Counties Community Unit School District 2, Marion, Illinois, General Obligation Bonds, Series 2011, 7.250%, 12/01/28 – AGM Insured
 
12/20 at 100.00
AA–
 
2,345,555
 
 
54,025
 
Total Illinois
       
49,646,459
 
     
Indiana – 7.5% (5.2% of Total Investments)
           
 
2,260
 
Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 2012A, 5.000%, 5/01/42
 
5/23 at 100.00
A
 
2,506,769
 
 
700
 
Indiana Finance Authority, Midwestern Disaster Relief Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2012A, 5.000%, 6/01/39 – AGM Insured
 
6/22 at 100.00
BBB–
 
749,833
 
 
2,045
 
Indiana Health Facility Financing Authority, Revenue Bonds, Community Hospitals of Indiana, Series 2005A, 5.000%, 5/01/35 (Pre-refunded 5/01/15) – AMBAC Insured
 
5/15 at 100.00
A (4)
 
2,232,547
 
 
2,720
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
 
1/17 at 100.00
A+
 
2,963,304
 
     
Indiana University, Parking Facility Revenue Bonds, Series 2004:
           
 
1,015
 
5.250%, 11/15/19 (Pre-refunded 11/15/14) – AMBAC Insured
 
11/14 at 100.00
Aaa
 
1,092,546
 
 
1,060
 
5.250%, 11/15/20 (Pre-refunded 11/15/14) – AMBAC Insured
 
11/14 at 100.00
Aaa
 
1,140,984
 
 
1,100
 
5.250%, 11/15/21 (Pre-refunded 11/15/14) – AMBAC Insured
 
11/14 at 100.00
Aaa
 
1,184,040
 
 
9,255
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/25 – AMBAC Insured
 
No Opt. Call
AA
 
6,661,471
 
 
3,000
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A, 5.500%, 1/01/38 – AGC Insured
 
1/19 at 100.00
AA–
 
3,395,730
 
 
1,000
 
Metropolitan School District Steuben County K-5 Building Corporation, Indiana, First Mortgage Bonds, Series 2003, 5.250%, 1/15/21 – AGM Insured
 
7/14 at 102.00
AA–
 
1,078,460
 
 
500
 
Vigo County Hospital Authority, Indiana, Revenue Bonds, Union Hospital, Series 2007, 5.800%, 9/01/47
 
9/17 at 100.00
N/R
 
523,750
 
 
24,655
 
Total Indiana
       
23,529,434
 
 
52
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
Iowa – 1.7% (1.1% of Total Investments)
           
$
3,345
 
Ames, Iowa, Hospital Revenue Refunding Bonds, Mary Greeley Medical Center, Series 2003, 5.000%, 6/15/17 (Pre-refunded 6/15/13) – AMBAC Insured
 
6/13 at 100.00
N/R (4)
$
3,364,602
 
     
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:
           
 
585
 
5.375%, 6/01/38
 
6/15 at 100.00
B+
 
564,291
 
 
80
 
5.625%, 6/01/46
 
6/15 at 100.00
B+
 
78,465
 
 
1,170
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34
 
6/17 at 100.00
B+
 
1,170,784
 
 
5,180
 
Total Iowa
       
5,178,142
 
     
Kansas – 0.3% (0.2% of Total Investments)
           
     
Neosho County Unified School District 413, Kansas, General Obligation Bonds, Series 2006:
           
 
470
 
5.000%, 9/01/31 (Pre-refunded 9/01/14) – AGM Insured
 
9/14 at 100.00
A2 (4)
 
499,422
 
 
515
 
5.000%, 9/01/31 (Pre-refunded 9/01/14)
 
9/14 at 100.00
A2 (4)
 
547,450
 
 
985
 
Total Kansas
       
1,046,872
 
     
Louisiana – 3.0% (2.1% of Total Investments)
           
 
670
 
Jefferson Parish Hospital District1, Louisiana, Hospital Revenue Bonds, West Jefferson Medical Center, Refunding Series 2011A, 6.000%, 1/01/39 – AGM Insured
 
1/21 at 100.00
AA–
 
776,162
 
 
820
 
Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital, Series 2004, 5.250%, 7/01/24 (Pre-refunded 7/01/14) – NPFG Insured
 
7/14 at 100.00
Baa2 (4)
 
864,911
 
 
7,160
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A, 4.750%, 5/01/39 – AGM Insured (UB)
 
5/16 at 100.00
Aa1
 
7,805,116
 
 
30
 
Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, Series 2001B, 5.875%, 5/15/39
 
5/13 at 100.00
A–
 
30,165
 
 
8,680
 
Total Louisiana
       
9,476,354
 
     
Maine – 0.2% (0.1% of Total Investments)
           
 
505
 
Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2013, 5.000%, 7/01/43
 
7/23 at 100.00
Baa1
 
548,809
 
     
Maryland – 0.4% (0.3% of Total Investments)
           
 
1,200
 
Maryland Economic Development Corporation, Student Housing Revenue Refunding Bonds, University of Maryland College Park Projects, Series 2006, 5.000%, 6/01/28 – CIFG Insured
 
6/16 at 100.00
AA–
 
1,257,024
 
     
Massachusetts – 4.9% (3.4% of Total Investments)
           
 
2,500
 
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Commonwealth Contract Assistance Secured, Refunding Series 2010B, 5.000%, 1/01/35
 
1/20 at 100.00
AA+
 
2,863,975
 
 
660
 
Massachusetts Development Finance Agency, Resource Recovery Revenue Refunding Bonds, Covanta Energy Project, Series 2012B, 4.875%, 11/01/42
 
11/17 at 100.00
BB+
 
669,986
 
 
3,335
 
Massachusetts Health and Education Facilities Authority, Revenue Bonds, Partners HealthCare System, Tender Option Bond Trust 3627, 13.576%, 7/01/29 (IF)
 
7/19 at 100.00
AA
 
4,570,217
 
 
4,400
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A, 5.000%, 8/15/23 (Pre-refunded 8/15/15) – AGM Insured (UB)
 
8/15 at 100.00
AA+ (4)
 
4,867,676
 
 
1,725
 
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 – AGM Insured (UB) (5)
 
2/17 at 100.00
AA+
 
1,820,462
 
 
500
 
Springfield Water and Sewerage Commission, Massachusetts, General Revenue Bonds, Refunding Series 2010B, 5.000%, 11/15/30 – AGC Insured
 
11/20 at 100.00
AA–
 
577,805
 
 
13,120
 
Total Massachusetts
       
15,370,121
 
     
Michigan – 0.5% (0.4% of Total Investments)
           
 
830
 
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
 
7/22 at 100.00
A+
 
907,273
 
 
615
 
Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A, 5.000%, 1/01/43
 
1/22 at 100.00
A2
 
668,333
 
 
1,445
 
Total Michigan
       
1,575,606
 
     
Missouri – 0.7% (0.5% of Total Investments)
           
 
2,000
 
Missouri Western State College, Auxiliary System Revenue Bonds, Series 2003, 5.000%, 10/01/21 (Pre-refunded 10/01/13) – NPFG Insured
 
10/13 at 100.00
A– (4)
 
2,039,580
 
 
Nuveen Investments
 
53

 
 

 
 
   
Nuveen Premier Municipal Opportunity Fund, Inc. (continued)
NIF
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)

 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
Nebraska – 0.4% (0.3% of Total Investments)
           
$
1,260
 
Lincoln County Hospital Authority 1, Nebraska, Hospital Revenue and Refunding Bonds, Great Plains Regional Medical Center Project, Series 2012, 5.000%, 11/01/42
 
No Opt. Call
A–
$
1,371,371
 
     
Nevada – 2.4% (1.7% of Total Investments)
           
 
2,000
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2009C, 5.000%, 7/01/26 – AGM Insured
 
7/19 at 100.00
AA–
 
2,320,860
 
 
4,715
 
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.250%, 7/01/39 – AGM Insured
 
1/20 at 100.00
AA–
 
5,325,875
 
 
6,715
 
Total Nevada
       
7,646,735
 
     
New Jersey – 5.1% (3.6% of Total Investments)
           
     
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A:
           
 
1,200
 
5.000%, 7/01/22 – NPFG Insured
 
7/14 at 100.00
A
 
1,259,628
 
 
1,200
 
5.000%, 7/01/23 – NPFG Insured
 
7/14 at 100.00
A
 
1,259,628
 
 
1,200
 
5.000%, 7/01/29 – NPFG Insured
 
7/14 at 100.00
A
 
1,254,936
 
 
4,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2012AA, 5.000%, 6/15/38
 
No Opt. Call
A+
 
4,490,000
 
 
4,000
 
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – AGM Insured
 
No Opt. Call
AA–
 
5,036,600
 
     
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
           
 
1,625
 
4.500%, 6/01/23
 
6/17 at 100.00
B1
 
1,626,138
 
 
450
 
4.625%, 6/01/26
 
6/17 at 100.00
B1
 
438,174
 
 
885
 
4.750%, 6/01/34
 
6/17 at 100.00
B2
 
779,588
 
 
14,560
 
Total New Jersey
       
16,144,692
 
     
New Mexico – 1.0% (0.7% of Total Investments)
           
 
2,725
 
Rio Rancho, New Mexico, Water and Wastewater Revenue Bonds, Refunding Series 2009, 5.000%, 5/15/21 – AGM Insured
 
5/19 at 100.00
AA–
 
3,270,382
 
     
New York – 6.9% (4.8% of Total Investments)
           
 
1,000
 
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/23 – FGIC Insured
 
2/15 at 100.00
N/R
 
1,067,470
 
 
3,200
 
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2012A, 5.000%, 7/01/42
 
7/22 at 100.00
AA–
 
3,683,296
 
 
650
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47
 
2/21 at 100.00
A
 
772,954
 
 
2,185
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured
 
2/17 at 100.00
A
 
2,261,235
 
 
5,330
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A, 5.000%, 12/01/25 – FGIC Insured
 
6/16 at 100.00
A
 
5,897,059
 
 
5,000
 
New York City Sales Tax Asset Receivable Corporation, New York, Dedicated Revenue Bonds, Local Government Assistance Corporation, Series 2004A, 5.000%, 10/15/21 – NPFG Insured
 
10/14 at 100.00
AAA
 
5,325,900
 
 
665
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005D, 5.000%, 11/01/24
 
11/14 at 100.00
AA
 
710,453
 
 
585
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005D, 5.000%, 11/01/24 (Pre-refunded 11/01/14)
 
11/14 at 100.00
AA (4)
 
626,085
 
 
945
 
Onondaga Civic Development Corporation, New York, Revenue Bonds, St. Joseph’s Hospital Health Center Project, Series 2012, 5.000%, 7/01/42
 
7/22 at 100.00
BB+
 
980,126
 
 
290
 
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Subordinate Lien Series 2013A, 5.000%, 11/15/28
 
No Opt. Call
A+
 
345,648
 
 
19,850
 
Total New York
       
21,670,226
 
 
54
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
North Carolina – 4.5% (3.1% of Total Investments)
           
$
1,775
 
Charlotte, North Carolina, Water and Sewer System Refunding Bonds, Tender Option Bond Trust 43W, 13.763%, 7/01/38 (IF) (5)
 
7/20 at 100.00
AAA
$
2,577,371
 
 
1,195
 
Dare County, North Carolina, Certificates of Participation, Series 2004, 5.250%, 6/01/15 (Pre-refunded 6/01/14) – AMBAC Insured
 
6/14 at 100.00
AA– (4)
 
1,258,574
 
 
3,100
 
North Carolina Medical Care Commission, FHA-Insured Mortgage Revenue Bonds, Betsy Johnson Regional Hospital Project, Series 2003, 5.125%, 10/01/32 (Pre-refunded 10/01/13) – AGM Insured
 
10/13 at 100.00
AA– (4)
 
3,160,326
 
 
3,300
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University Health System, Series 2012A, 5.000%, 6/01/42
 
6/22 at 100.00
AA
 
3,749,724
 
 
3,050
 
Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Series 2005A, 5.000%, 5/01/22 – AMBAC Insured
 
5/15 at 100.00
Aa3
 
3,274,816
 
 
12,420
 
Total North Carolina
       
14,020,811
 
     
Ohio – 5.2% (3.7% of Total Investments)
           
 
320
 
Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Revenue Bonds, Children’s Hospital Medical Center, Improvement & Refunding Series 2012, 5.000%, 11/15/42
 
5/22 at 100.00
A1
 
347,488
 
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
           
 
25
 
5.375%, 6/01/24
 
6/17 at 100.00
B–
 
23,573
 
 
950
 
5.125%, 6/01/24
 
6/17 at 100.00
B–
 
881,885
 
 
1,425
 
5.750%, 6/01/34
 
6/17 at 100.00
B
 
1,249,939
 
 
745
 
5.875%, 6/01/47
 
6/17 at 100.00
B
 
665,635
 
 
4,605
 
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien Series 2006A, 4.250%, 12/01/32 – AMBAC Insured (UB)
 
12/16 at 100.00
A+
 
4,739,282
 
 
2,000
 
Middletown City School District, Butler County, Ohio, General Obligation Bonds, Refunding Series 2007, 5.250%, 12/01/31 – AGM Insured
 
No Opt. Call
A2
 
2,530,520
 
     
Southeastern Ohio Port Authority, Hospital Facilities Revenue Bonds, Memorial Health System Obligated Group Project, Refunding and Improvement Series 2012:
           
 
400
 
5.750%, 12/01/32
 
12/22 at 100.00
N/R
 
441,516
 
 
260
 
6.000%, 12/01/42
 
12/22 at 100.00
N/R
 
289,869
 
 
4,190
 
Springboro Community City School District, Warren County, Ohio, General Obligation Bonds, Refunding Series 2007, 5.250%, 12/01/26 – AGM Insured
 
No Opt. Call
AA–
 
5,315,644
 
 
14,920
 
Total Ohio
       
16,485,351
 
     
Oklahoma – 1.8% (1.2% of Total Investments)
           
     
Oklahoma Capitol Improvement Authority, State Facilities Revenue Bonds, Series 2005F:
           
 
3,500
 
5.000%, 7/01/24 – AMBAC Insured
 
7/15 at 100.00
AA
 
3,811,150
 
 
1,610
 
5.000%, 7/01/27 – AMBAC Insured
 
7/15 at 100.00
AA
 
1,748,041
 
 
5,110
 
Total Oklahoma
       
5,559,191
 
     
Oregon – 0.8% (0.6% of Total Investments)
           
 
1,165
 
Oregon Health and Science University, Revenue Bonds, Series 2012E, 5.000%, 7/01/32
 
No Opt. Call
A+
 
1,345,983
 
 
1,000
 
Tigard, Washington County, Oregon, Water System Revenue Bonds, Series 2012, 5.000%, 8/01/42
 
8/22 at 100.00
AA–
 
1,148,740
 
 
2,165
 
Total Oregon
       
2,494,723
 
     
Pennsylvania – 6.7% (4.7% of Total Investments)
           
 
1,545
 
Allegheny County Sanitary Authority, Pennsylvania, Sewerage Revenue Bonds, Series 2005A, 5.000%, 12/01/23 – NPFG Insured
 
12/15 at 100.00
A1
 
1,697,847
 
 
6,000
 
Chester County Health and Educational Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010A, 5.000%, 5/15/40
 
5/20 at 100.00
AA
 
6,642,120
 
 
4,000
 
Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Series 2006A, 5.000%, 6/01/26 – AGM Insured (UB)
 
6/16 at 100.00
AA
 
4,435,800
 
 
1,750
 
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40 – AGM Insured
 
1/20 at 100.00
AA–
 
1,956,150
 
 
2,680
 
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured (UB) (5)
 
12/16 at 100.00
AA
 
2,841,524
 
 
Nuveen Investments
 
55

 
 

 
 
   
Nuveen Premier Municipal Opportunity Fund, Inc. (continued)
NIF
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)

 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
Pennsylvania (continued)
           
$
1,050
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 – AMBAC Insured
 
6/16 at 100.00
A+
$
1,148,049
 
 
2,065
 
Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Sales Tax Revenue Bonds, Refunding Series 2010, 5.000%, 2/01/31 – AGM Insured
 
8/20 at 100.00
AA–
 
2,323,001
 
 
19,090
 
Total Pennsylvania
       
21,044,491
 
     
Puerto Rico – 2.6% (1.8% of Total Investments)
           
 
2,500
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 5.000%, 7/01/22 – FGIC Insured
 
7/15 at 100.00
BBB+
 
2,529,550
 
 
1,000
 
Puerto Rico Municipal Finance Agency, Series 2005C, 5.250%, 8/01/21 – CIFG Insured
 
No Opt. Call
AA–
 
1,124,070
 
 
1,175
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010C, 5.125%, 8/01/42 – AGM Insured
 
8/20 at 100.00
AA–
 
1,245,665
 
 
5,000
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/42 – FGIC Insured
 
No Opt. Call
AA–
 
985,650
 
 
810
 
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/17 – NPFG Insured
 
No Opt. Call
BBB+
 
870,029
 
 
1,190
 
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/17 – NPFG Insured (ETM)
 
No Opt. Call
A (4)
 
1,433,581
 
 
11,675
 
Total Puerto Rico
       
8,188,545
 
     
Rhode Island – 0.4% (0.3% of Total Investments)
           
     
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A:
           
 
320
 
6.125%, 6/01/32
 
6/13 at 100.00
BBB+
 
323,168
 
 
845
 
6.250%, 6/01/42
 
6/13 at 100.00
BBB–
 
865,077
 
 
1,165
 
Total Rhode Island
       
1,188,245
 
     
South Carolina – 0.9% (0.6% of Total Investments)
           
 
375
 
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–
 
458,471
 
 
2,100
 
Spartanburg Regional Health Services District, Inc., South Carolina, Hospital Revenue Refunding Bonds, Series 2012A, 5.000%, 4/15/32
 
4/22 at 100.00
A1
 
2,339,547
 
 
2,475
 
Total South Carolina
       
2,798,018
 
     
Tennessee – 1.7% (1.2% of Total Investments)
           
 
3,000
 
Blount County Public Building Authority, Tennessee, Local Government Improvement Loans, Oak Ridge General Obligation, 2005 Series B9A, Variable Rate Demand Obligations, 5.000%, 6/01/24 – AMBAC Insured
 
6/15 at 100.00
AA
 
3,262,860
 
 
2,055
 
Memphis, Tennessee, Sanitary Sewerage System Revenue Bonds, Series 2004, 5.000%, 10/01/22 – AGM Insured
 
10/14 at 100.00
AA
 
2,192,151
 
 
5,055
 
Total Tennessee
       
5,455,011
 
     
Texas – 7.8% (5.4% of Total Investments)
           
 
1,150
 
Bexar County, Texas, Venue Project Revenue Bonds, Refunding Series 2010, 5.500%, 8/15/49 – AGM Insured
 
8/19 at 100.00
AA–
 
1,291,646
 
 
4,040
 
Harris County, Texas, Subordinate Lien Unlimited Tax Toll Road Revenue Bonds, Tender Options Bond Trust 3028, 14.090%, 8/15/28 – AGM Insured (IF)
 
No Opt. Call
AAA
 
7,543,044
 
 
1,730
 
North Central Texas Health Facilities Development Corporation, Texas, Revenue Bonds, Children’s Medical Center Dallas Project, Series 2012, 5.000%, 8/15/32
 
8/22 at 100.00
AA
 
1,985,244
 
 
56
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
Texas (continued)
           
$
2,145
 
North Fort Bend Water Authority, Texas, Water System Revenue Bonds, Series 2011, 5.000%, 12/15/36 – AGM Insured
 
12/21 at 100.00
AA–
$
2,391,975
 
     
North Harris County Regional Water Authority, Texas, Senior Water Revenue Bonds, Series 2003:
           
 
4,565
 
5.250%, 12/15/20 (Pre-refunded 12/15/13) – FGIC Insured
 
12/13 at 100.00
A+ (4)
 
4,706,469
 
 
4,800
 
5.250%, 12/15/21 (Pre-refunded 12/15/13) – FGIC Insured
 
12/13 at 100.00
A+ (4)
 
4,948,752
 
 
345
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/32
 
No Opt. Call
A3
 
369,933
 
 
1,190
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier Refunding Series 2012A, 5.000%, 8/15/41
 
8/22 at 100.00
A–
 
1,299,385
 
 
19,965
 
Total Texas
       
24,536,448
 
     
Utah – 2.1% (1.4% of Total Investments)
           
 
5,760
 
Central Weber Sewer Improvement District, Utah, Sewer Revenue Bonds, Refunding Series 2010A, 5.000%, 3/01/33 – AGC Insured
 
3/20 at 100.00
AA
 
6,465,139
 
     
Vermont – 3.5% (2.4% of Total Investments)
           
 
5,000
 
University of Vermont and State Agricultural College, Revenue Bonds, Refunding Series 2007, 5.000%, 10/01/43 – AGM Insured
 
10/17 at 100.00
AA–
 
5,523,600
 
 
5,100
 
University of Vermont and State Agricultural College, Revenue Bonds, Series 2005, 5.000%, 10/01/35 – NPFG Insured
 
10/15 at 100.00
Aa3
 
5,524,422
 
 
10,100
 
Total Vermont
       
11,048,022
 
     
Virginia – 0.6% (0.4% of Total Investments)
           
 
245
 
Roanoke Industrial Development Authority, Virginia, Hospital Revenue Bonds, Carillion Health System Obligated Group, Series 2005B, 5.000%, 7/01/38
 
7/20 at 100.00
AA–
 
269,336
 
 
5
 
Roanoke Industrial Development Authority, Virginia, Hospital Revenue Bonds, Carillion Health System Obligated Group, Series 2005B, 5.000%, 7/01/38 (Pre-refunded 7/01/20)
 
7/20 at 100.00
AA– (4)
 
6,270
 
 
1,175
 
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012A, 5.000%, 7/01/52
 
No Opt. Call
BBB–
 
1,257,544
 
 
1,350
 
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012B, 0.000%, 7/01/37
 
No Opt. Call
BBB–
 
416,516
 
 
2,775
 
Total Virginia
       
1,949,666
 
     
Washington – 3.5% (2.4% of Total Investments)
           
 
2,000
 
King County, Washington, Sewer Revenue Bonds, Refunding Series 2012, 5.000%, 1/01/52
 
1/22 at 100.00
AA+
 
2,231,280
 
 
2,755
 
Pierce County School District 343, Dieringer, Washington, General Obligation Refunding Bonds, Series 2003, 5.250%, 12/01/18 (Pre-refunded 6/01/13) – FGIC Insured
 
6/13 at 100.00
Aa1 (4)
 
2,766,847
 
 
1,560
 
Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Refunding Series 2012A, 5.000%, 8/01/31
 
8/22 at 100.00
Aa3
 
1,826,198
 
 
1,250
 
University of Washington, General Revenue Bonds, Tender Option Bond Trust 3005, 17.605%, 6/01/31 – AMBAC Insured (IF)
 
6/17 at 100.00
Aaa
 
1,874,050
 
 
500
 
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, Refunding Series 2012B, 5.000%, 10/01/30
 
10/22 at 100.00
AA
 
576,855
 
 
1,290
 
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, Series 2012A, 5.000%, 10/01/42
 
10/22 at 100.00
AA
 
1,439,163
 
 
280
 
Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2002, 6.625%, 6/01/32
 
6/13 at 100.00
Baa1
 
285,594
 
 
9,635
 
Total Washington
       
10,999,987
 
 
Nuveen Investments
 
57

 
 

 
 
   
Nuveen Premier Municipal Opportunity Fund, Inc. (continued)
NIF
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)

 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
Wisconsin – 0.7% (0.5% of Total Investments)
           
$
1,015
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Health Inc. Obligated Group, Series 2012A, 5.000%, 4/01/42
 
10/22 at 100.00
AA–
$
1,134,953
 
 
1,000
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Gundersen Lutheran, Series 2011A, 5.250%, 10/15/39
 
10/21 at 100.00
A+
 
1,117,450
 
 
2,015
 
Total Wisconsin
       
2,252,403
 
$
454,185
 
Total Municipal Bonds (cost $410,602,774)
       
451,568,744
 

                     
 
Principal
                 
 
Amount (000)
 
Description (1)
 
Coupon
Maturity
Ratings (3)
 
Value
 
     
Corporate Bonds – 0.0% (0.0% of Total Investments)
             
     
Transportation – 0.0% (0.0% of Total Investments)
             
$
42
 
Las Vegas Monorail Company, Senior Interest Bonds (6), (7)
 
5.500%
7/15/19
N/R
$
10,550
 
 
13
 
Las Vegas Monorail Company, Senior Interest Bonds (6), (7)
 
3.000%
7/15/55
N/R
 
2,470
 
$
55
 
Total Corporate Bonds (cost $1,037)
         
13,020
 
     
Total Investments (cost $410,603,811) – 143.7%
         
451,581,764
 
     
Floating Rate Obligations – (6.0)%
         
(19,000,000
)
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (41.7)% (8)
         
(130,900,000
)
     
Other Assets Less Liabilities – 4.0%
         
12,599,556
 
     
Net Assets Applicable to Common Shares – 100%
       
$
314,281,320
 
 

(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. Certain bonds backed by U.S. Government or agency securities are regarded as having 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)
 
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Directors. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Investment Valuation for more information.
(7)
 
During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund’s custodian is not accruing income on the Fund’s records for either senior interest corporate bond.
(8)
 
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 29.0%.
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.
 
58
 
Nuveen Investments

 
 

 

   
Nuveen Premium Income Municipal Opportunity Fund
NPX
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)

 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
Municipal Bonds – 140.8% (100% of Total Investments)
           
     
Alabama – 1.7% (1.2% of Total Investments)
           
$
3,750
 
Huntsville Healthcare Authority, Alabama, Revenue Bonds, Series 2005A, 5.000%, 6/01/24 (Pre-refunded 6/01/15) – NPFG Insured
 
6/15 at 100.00
A1 (4)
$
4,105,500
 
     
Jefferson County, Alabama, General Obligation Warrants, Series 2004A:
           
 
1,395
 
5.000%, 4/01/22 – NPFG Insured
 
4/14 at 100.00
Baa2
 
1,369,276
 
 
1,040
 
5.000%, 4/01/23 – NPFG Insured
 
4/14 at 100.00
Baa2
 
1,021,228
 
 
2,590
 
Montgomery Water and Sewerage Board, Alabama, Water and Sewerage Revenue Bonds, Series 2005, 5.000%, 3/01/25 (Pre-refunded 3/01/15) – AGM Insured
 
3/15 at 100.00
AAA
 
2,810,979
 
 
8,775
 
Total Alabama
       
9,306,983
 
     
Arizona – 4.8% (3.4% of Total Investments)
           
     
Arizona State, Certificates of Participation, Series 2010A:
           
 
2,800
 
5.250%, 10/01/28 – AGM Insured
 
10/19 at 100.00
AA–
 
3,226,188
 
 
3,500
 
5.000%, 10/01/29 – AGM Insured
 
10/19 at 100.00
AA–
 
3,963,750
 
 
5,500
 
Arizona State, State Lottery Revenue Bonds, Series 2010A, 5.000%, 7/01/29 – AGC Insured
 
1/20 at 100.00
AA
 
6,215,220
 
 
12,365
 
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Water System Revenue Bonds, Series 2005, 4.750%, 7/01/27 – NPFG Insured (UB)
 
7/15 at 100.00
AAA
 
13,264,925
 
 
24,165
 
Total Arizona
       
26,670,083
 
     
Arkansas – 2.3% (1.6% of Total Investments)
           
 
5,745
 
Arkansas Development Finance Authority, State Facility Revenue Bonds, Donaghey Plaza Project, Series 2004, 5.250%, 6/01/25 (Pre-refunded 6/01/14) – AGM Insured
 
6/14 at 100.00
AA– (4)
 
6,053,851
 
     
University of Arkansas, Fayetteville, Revenue Bonds, Medical Sciences Campus, Series 2004B:
           
 
2,000
 
5.000%, 11/01/27 – NPFG Insured
 
11/14 at 100.00
Aa2
 
2,118,000
 
 
2,000
 
5.000%, 11/01/28 – NPFG Insured
 
11/14 at 100.00
Aa2
 
2,112,120
 
 
2,480
 
University of Arkansas, Monticello Campus, Revenue Bonds, Series 2005, 5.000%, 12/01/35 (Pre-refunded 12/01/13) – AMBAC Insured
 
12/13 at 100.00
Aa2 (4)
 
2,549,961
 
 
12,225
 
Total Arkansas
       
12,833,932
 
     
California – 23.5% (16.7% of Total Investments)
           
 
22,880
 
Alameda Corridor Transportation Authority, California, Senior Lien Revenue Bonds, Series 1999A, 0.000%, 10/01/32 – NPFG Insured
 
No Opt. Call
A
 
9,632,251
 
     
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2005AC:
           
 
20
 
5.000%, 12/01/24 (Pre-refunded 12/01/14) – NPFG Insured
 
12/14 at 100.00
AAA
 
21,472
 
 
110
 
5.000%, 12/01/24 (Pre-refunded 12/01/14) – NPFG Insured
 
12/14 at 100.00
Aa1 (4)
 
118,095
 
 
1,870
 
5.000%, 12/01/24 (Pre-refunded 12/01/14) – NPFG Insured
 
12/14 at 100.00
AAA
 
2,007,613
 
 
1,300
 
California Educational Facilities Authority, Revenue Bonds, Occidental College, Series 2005A, 5.000%, 10/01/33 – NPFG Insured
 
10/15 at 100.00
Aa3
 
1,375,972
 
 
3,000
 
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children’s Hospital, Series 2012A, 5.000%, 8/15/51 (UB) (5)
 
8/22 at 100.00
AA
 
3,373,170
 
 
1,710
 
California Health Facilities Financing Authority, Revenue Bonds, Scripps Health, Series 2012A, 5.000%, 11/15/40
 
11/21 at 100.00
AA–
 
1,952,837
 
 
10,000
 
California Statewide Communities Development Authority, Revenue Bonds, Sutter Health, Series 2011A, 6.000%, 8/15/42
 
8/20 at 100.00
AA–
 
12,389,300
 
     
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A:
           
 
3,895
 
5.250%, 7/01/30
 
7/15 at 100.00
BBB–
 
4,101,513
 
 
5,000
 
5.250%, 7/01/35
 
7/15 at 100.00
BBB–
 
5,239,200
 
 
5,000
 
5.000%, 7/01/39
 
7/15 at 100.00
BBB–
 
5,187,500
 
 
31,375
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Series 1999, 0.000%, 1/15/34 – NPFG Insured
 
7/13 at 29.29
Baa2
 
9,077,729
 
 
1,735
 
Fullerton Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2005, 5.000%, 9/01/27 – AMBAC Insured
 
9/15 at 100.00
A
 
1,823,953
 
 
Nuveen Investments
 
59

 
 

 
 
   
Nuveen Premium Income Municipal Opportunity Fund (continued)
NPX
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)

 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
California (continued)
           
$
7,000
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/35 – FGIC Insured
 
6/15 at 100.00
A2
$
7,349,790
 
 
1,890
 
Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%, 11/01/23 – AGM Insured
 
No Opt. Call
Aa2
 
1,336,022
 
 
4,000
 
Los Angeles Unified School District, California, General Obligation Bonds, Series 2006F, 5.000%, 7/01/24 – FGIC Insured
 
7/16 at 100.00
Aa2
 
4,488,760
 
 
3,510
 
Newport Beach, California, Revenue Bonds, Hoag Memorial Hospital Presbyterian, Series 2011A, 5.875%, 12/01/30
 
12/21 at 100.00
AA
 
4,397,082
 
 
15,000
 
Orange County Sanitation District, California, Certificates of Participation, Series 2003, 5.250%, 2/01/30 (Pre-refunded 8/01/13) – FGIC Insured
 
8/13 at 100.00
AAA
 
15,186,750
 
 
1,750
 
Orange County Water District, California, Revenue Certificates of Participation, Series 2003B, 5.000%, 8/15/34 – NPFG Insured (ETM)
 
No Opt. Call
AAA
 
2,330,283
 
 
8,250
 
Orange County Water District, California, Revenue Certificates of Participation, Series 2003B, 5.000%, 8/15/34 – NPFG Insured
 
8/13 at 100.00
AAA
 
8,347,185
 
 
1,435
 
Pasadena Area Community College District, Los Angeles County, California, General Obligation Bonds, Series 2003A, 5.000%, 6/01/22 (Pre-refunded 6/01/13) – FGIC Insured
 
6/13 at 100.00
AA+ (4)
 
1,440,984
 
 
1,800
 
Rialto Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2011A, 0.000%, 8/01/28
 
No Opt. Call
AA–
 
912,348
 
 
1,000
 
Rim of the World Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2011C, 5.000%, 8/01/38 – AGM Insured
 
8/21 at 100.00
AA–
 
1,118,440
 
 
735
 
Sacramento City Financing Authority, California, Capital Improvement Revenue Bonds, Solid Waste and Redevelopment Projects, Series 1999, 5.800%, 12/01/19 – AMBAC Insured
 
12/13 at 100.00
N/R
 
736,507
 
     
San Diego County, California, Certificates of Participation, Edgemoor Facility Project and Regional System, Series 2005:
           
 
1,675
 
5.000%, 2/01/24 – AMBAC Insured
 
2/15 at 100.00
AA+
 
1,792,568
 
 
720
 
5.000%, 2/01/25 – AMBAC Insured
 
2/15 at 100.00
AA+
 
769,493
 
     
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A:
           
 
3,825
 
0.000%, 1/15/32 – NPFG Insured
 
No Opt. Call
Baa2
 
1,526,711
 
 
23,900
 
0.000%, 1/15/34 – NPFG Insured
 
No Opt. Call
Baa2
 
8,525,847
 
 
2,000
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2004A, 5.250%, 8/01/19 – NPFG Insured
 
8/14 at 100.00
BBB
 
2,044,400
 
 
7,855
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C, 4.250%, 8/01/30 – NPFG Insured
 
8/17 at 100.00
BBB
 
7,685,253
 
 
3,900
 
West Hills Community College District, California, General Obligation Bonds, School Facilities Improvement District 3, 2008 Election Series 2011, 6.500%, 8/01/41 – AGM Insured
 
8/21 at 100.00
AA–
 
4,818,762
 
 
178,140
 
Total California
       
131,107,790
 
     
Colorado – 8.3% (5.9% of Total Investments)
           
 
1,940
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Adams School District 12 – Pinnacle School, Series 2003, 5.250%, 6/01/23 – SYNCORA GTY Insured
 
6/13 at 100.00
A
 
1,948,264
 
 
3,405
 
Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Classical Academy Charter School, Series 2003, 5.250%, 12/01/23 – SYNCORA GTY Insured
 
12/13 at 100.00
A
 
3,451,274
 
 
2,915
 
Commerce City Northern Infrastructure General Improvement District, Colorado, General Obligation Bonds, Series 2013, 5.000%, 12/01/27 – AGM Insured
 
12/22 at 100.00
AA–
 
3,428,477
 
 
16,095
 
Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Senior Lien Series 2003A, 5.000%, 12/01/33 (Pre-refunded 12/01/13) – SYNCORA GTY Insured
 
12/13 at 100.00
N/R (4)
 
16,534,545
 
     
Denver School District 1, Colorado, General Obligation Bonds, Series 2004:
           
 
1,000
 
5.000%, 12/01/18 (Pre-refunded 12/01/13) – AGM Insured
 
12/13 at 100.00
Aa2 (4)
 
1,027,910
 
 
125
 
5.000%, 12/01/18 (Pre-refunded 12/01/13) – AGM Insured
 
12/13 at 100.00
AA+ (4)
 
128,511
 
 
12,285
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/30 – NPFG Insured
 
No Opt. Call
Baa2
 
5,421,125
 
     
Jefferson County School District R1, Colorado, General Obligation Bonds, Series 2004:
           
 
2,500
 
5.000%, 12/15/22 (Pre-refunded 12/15/14) – AGM Insured (UB)
 
12/14 at 100.00
Aa2 (4)
 
2,691,025
 
 
5,125
 
5.000%, 12/15/23 (Pre-refunded 12/15/14) – AGM Insured (UB)
 
12/14 at 100.00
Aa2 (4)
 
5,516,601
 
 
2,000
 
5.000%, 12/15/24 (Pre-refunded 12/15/14) – AGM Insured (UB)
 
12/14 at 100.00
Aa2 (4)
 
2,152,820
 
 
60
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
Colorado (continued)
           
$
2,640
 
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–
$
3,102,924
 
 
15
 
University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 – FGIC Insured University of Colorado, Enterprise System Revenue Bonds, Series 2005:
 
6/15 at 100.00
Aa2
 
16,152
 
 
640
 
5.000%, 6/01/30 (Pre-refunded 6/01/15) – FGIC Insured
 
6/15 at 100.00
Aa2 (4)
 
697,306
 
 
345
 
5.000%, 6/01/30 (Pre-refunded 6/01/15) – FGIC Insured
 
6/15 at 100.00
Aa2 (4)
 
378,313
 
 
51,030
 
Total Colorado
       
46,495,247
 
     
District of Columbia – 0.2% (0.2% of Total Investments)
           
 
1,065
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1606, 11.456%, 10/01/30 – AMBAC Insured (IF) (5)
 
10/16 at 100.00
AA+
 
1,222,205
 
     
Florida – 8.0% (5.7% of Total Investments)
           
 
11,000
 
Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 – AGM Insured
 
10/21 at 100.00
AA–
 
12,411,960
 
 
4,000
 
Florida State Board of Education, Full Faith and Credit Public Education Capital Outlay Bonds, Series 2003J, 5.000%, 6/01/22 (Pre-refunded 6/01/13) – AMBAC Insured
 
6/13 at 101.00
AAA
 
4,055,160
 
 
400
 
Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Refunding Series 2012, 5.000%, 10/01/30
 
10/22 at 100.00
A1
 
463,256
 
 
1,530
 
Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Refunding Series 2011, 5.000%, 11/15/24
 
11/21 at 100.00
A2
 
1,757,970
 
 
10,000
 
Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2010A, 5.000%, 7/01/35
 
7/20 at 100.00
AA–
 
11,087,100
 
 
6,350
 
Miami-Dade County School Board, Florida, Certificates of Participation, Series 2006A, 5.000%, 11/01/31 – AGM Insured
 
11/16 at 100.00
AA+
 
6,989,826
 
 
5,720
 
Miami-Dade County, Florida, General Obligation Bonds, Series 2005, 5.000%, 7/01/33 – AGM Insured
 
7/15 at 100.00
Aa2
 
6,138,704
 
 
1,500
 
Volusia County Educational Facilities Authority, Florida, Educational Facilities Revenue Bonds, Embry-Riddle Aeronautical University, Inc. Project, Refunding Series 2011, 5.000%, 10/15/29 – AGM Insured
 
10/21 at 100.00
AA–
 
1,668,705
 
 
40,500
 
Total Florida
       
44,572,681
 
     
Georgia – 3.0% (2.1% of Total Investments)
           
 
5,600
 
Atlanta, Georgia, Airport General Revenue Refunding Bonds, Series 2010A, 5.000%, 1/01/40 – AGM Insured
 
1/20 at 100.00
AA–
 
6,191,976
 
 
1,535
 
Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Refunding Series 2007, 4.000%, 8/01/26
 
8/20 at 100.00
AA
 
1,692,537
 
 
4,000
 
Cobb County Development Authority, Georgia, Parking Revenue Bonds, Kennesaw State University, Series 2004, 5.000%, 7/15/24 – NPFG Insured
 
7/14 at 100.00
A1
 
4,216,640
 
     
Municipal Electric Authority of Georgia, Combustion Turbine Revenue Bonds, Series 2003A:
           
 
1,775
 
5.000%, 11/01/21 – NPFG Insured
 
11/13 at 100.00
A1
 
1,813,056
 
 
2,580
 
5.000%, 11/01/22 – NPFG Insured
 
11/13 at 100.00
A1
 
2,633,999
 
 
15,490
 
Total Georgia
       
16,548,208
 
     
Illinois – 8.9% (6.3% of Total Investments)
           
 
3,500
 
Chicago Transit Authority, Illinois, Capital Grant Receipts Revenue Bonds, Federal Transit Administration Section 5307 Urbanized Area Formula Funds, Refunding Series 2011, 5.250%, 6/01/26 – AGM Insured
 
6/21 at 100.00
AA–
 
4,081,455
 
 
8,000
 
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien Refunding Series 2010C, 5.250%, 1/01/35 – AGC Insured
 
1/20 at 100.00
AA–
 
9,114,080
 
 
2,240
 
Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2011A, 6.000%, 8/15/41 – AGM Insured
 
8/21 at 100.00
AA–
 
2,647,837
 
 
1,000
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C, 5.500%, 8/15/41
 
2/21 at 100.00
AA–
 
1,138,600
 
 
5,045
 
Illinois Health Facilities Authority, Revenue Bonds, Lutheran General Health System, Series 1993A, 6.250%, 4/01/18 – AGM Insured (ETM)
 
No Opt. Call
AA– (4)
 
5,908,603
 
 
1,950
 
Illinois Health Facilities Authority, Revenue Refunding Bonds, SSM Healthcare System, Series 1992AA, 6.550%, 6/01/14 – NPFG Insured (ETM)
 
No Opt. Call
AA– (4)
 
2,078,661
 
 
Nuveen Investments
 
61

 
 

 
 
   
Nuveen Premium Income Municipal Opportunity Fund (continued)
NPX
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)

 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
Illinois (continued)
           
$
4,000
 
Illinois Municipal Electric Agency, Power Supply System Revenue Bonds, Series 2007A, 5.000%, 2/01/35 – FGIC Insured
 
2/17 at 100.00
A+
$
4,366,760
 
 
5,000
 
Macon County School District 61 Decatur, Illinois, General Obligation Bonds, Series 2011A, 5.250%, 1/01/39 – AGM Insured
 
1/21 at 100.00
A1
 
5,661,100
 
 
5,000
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Refunding Bonds, Series 2012B, 5.000%, 6/15/52 (UB) (5)
 
6/22 at 100.00
AAA
 
5,501,050
 
 
19,700
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1, 0.000%, 6/15/45 – AGM Insured
 
No Opt. Call
AAA
 
4,114,345
 
 
5,725
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A, 0.000%, 6/15/27 – NPFG Insured
 
6/22 at 101.00
AAA
 
5,332,437
 
 
61,160
 
Total Illinois
       
49,944,928
 
     
Indiana – 5.6% (4.0% of Total Investments)
           
     
Hamilton County Public Building Corporation, Indiana, First Mortgage Bonds, Series 2004:
           
 
2,105
 
5.000%, 8/01/23 (Pre-refunded 8/01/14) – AGM Insured
 
8/14 at 100.00
Aaa
 
2,229,469
 
 
2,215
 
5.000%, 8/01/24 (Pre-refunded 8/01/14) – AGM Insured
 
8/14 at 100.00
Aaa
 
2,345,973
 
 
10,000
 
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2009A, 5.250%, 12/01/38 (UB) (5)
 
12/19 at 100.00
AA
 
11,413,600
 
 
5,000
 
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2011B, 5.000%, 10/01/41
 
10/21 at 100.00
AA–
 
5,556,200
 
 
3,730
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
 
1/17 at 100.00
A+
 
4,063,649
 
 
5,000
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A, 5.500%, 1/01/38 – AGC Insured (UB)
 
1/19 at 100.00
AA–
 
5,659,550
 
 
28,050
 
Total Indiana
       
31,268,441
 
     
Iowa – 0.8% (0.6% of Total Investments)
           
 
4,000
 
Ames, Iowa, Hospital Revenue Bonds, Mary Greeley Medical Center, Series 2011, 5.250%, 6/15/36
 
6/20 at 100.00
A2
 
4,386,360
 
     
Kentucky – 1.5% (1.1% of Total Investments)
           
 
6,010
 
Kentucky Economic Development Finance Authority, Health System Revenue Bonds, Norton Healthcare Inc., Series 2000B, 0.000%, 10/01/28 – NPFG Insured
 
No Opt. Call
A–
 
3,060,412
 
 
5,000
 
Kentucky Municipal Power Agency, Power Supply System Revenue Bonds, Prairie State Project Series 2007A, 5.000%, 9/01/37 – NPFG Insured
 
9/17 at 100.00
A–
 
5,482,000
 
 
11,010
 
Total Kentucky
       
8,542,412
 
     
Louisiana – 5.4% (3.8% of Total Investments)
           
 
5,000
 
Lafayette Public Trust Financing Authority, Louisiana, Revenue Bonds, Ragin’ Cajun Facilities Inc. Project, Series 2010, 5.500%, 10/01/41 – AGM Insured
 
10/20 at 100.00
AA–
 
5,709,700
 
 
3,640
 
Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital, Series 2004, 5.250%, 7/01/24 (Pre-refunded 7/01/14) – NPFG Insured
 
7/14 at 100.00
Baa2 (4)
 
3,839,363
 
     
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2005A:
           
 
1,010
 
5.000%, 5/01/25 (Pre-refunded 5/01/15) – FGIC Insured
 
5/15 at 100.00
Aa1 (4)
 
1,104,183
 
 
2,210
 
5.000%, 5/01/26 (Pre-refunded 5/01/15) – FGIC Insured
 
5/15 at 100.00
Aa1 (4)
 
2,416,083
 
     
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:
           
 
1,320
 
4.750%, 5/01/39 – AGM Insured (UB)
 
5/16 at 100.00
Aa1
 
1,438,932
 
 
14,265
 
4.500%, 5/01/41 – FGIC Insured (UB)
 
5/16 at 100.00
Aa1
 
15,395,074
 
 
27,445
 
Total Louisiana
       
29,903,335
 
     
Maryland – 0.3% (0.2% of Total Investments)
           
 
1,865
 
Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%, 9/01/26 – SYNCORA GTY Insured
 
9/16 at 100.00
BB+
 
1,925,557
 
     
Massachusetts – 3.2% (2.3% of Total Investments)
           
 
3,000
 
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Commonwealth Contract Assistance Secured, Refunding Series 2010B, 5.000%, 1/01/35
 
1/20 at 100.00
AA+
 
3,436,770
 
 
3,000
 
Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, Series 2002A, 5.750%, 1/01/42 – AMBAC Insured
 
No Opt. Call
A
 
4,064,610
 
 
62
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
Massachusetts (continued)
           
$
3,335
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Tender Option Bond Trust 3091, 13.340%, 8/15/37 – AGM Insured (IF)
 
8/17 at 100.00
AA+
$
4,656,394
 
     
Massachusetts State, Special Obligation Dedicated Tax Revenue Bonds, Series 2004:
           
 
3,650
 
5.250%, 1/01/22 (Pre-refunded 1/01/14) – FGIC Insured
 
1/14 at 100.00
A1 (4)
 
3,770,596
 
 
2,000
 
5.250%, 1/01/24 (Pre-refunded 1/01/14) – FGIC Insured
 
1/14 at 100.00
A1 (4)
 
2,066,080
 
 
14,985
 
Total Massachusetts
       
17,994,450
 
     
Michigan – 1.9% (1.4% of Total Investments)
           
 
10,000
 
Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2011A, 5.250%, 7/01/41
 
7/21 at 100.00
A+
 
10,859,600
 
     
Minnesota – 0.2% (0.1% of Total Investments)
           
 
870
 
Wayzata, Minnesota, Senior Housing Entrance Deposit Revenue Bonds, Folkestone Senior Living Community, Series 2012B, 4.875%, 5/01/19
 
5/14 at 100.00
N/R
 
883,859
 
     
Missouri – 0.3% (0.2% of Total Investments)
           
 
1,000
 
Jackson County Reorganized School District R-7, Lees Summit, Missouri, General Obligation Bonds, Series 2006, 5.250%, 3/01/25 – NPFG Insured
 
3/16 at 100.00
Aa1
 
1,128,770
 
 
750
 
Missouri Western State College, Auxiliary System Revenue Bonds, Series 2003, 5.000%, 10/01/33 (Pre-refunded 10/01/13) – NPFG Insured
 
10/13 at 100.00
A– (4)
 
764,843
 
 
1,750
 
Total Missouri
       
1,893,613
 
     
Nebraska – 0.3% (0.2% of Total Investments)
           
 
865
 
Omaha Public Power District, Nebraska, Separate Electric System Revenue Bonds, Nebraska City 2, Series 2006A, 19.934%, 8/01/40 – AMBAC Insured (IF)
 
2/17 at 100.00
AA+
 
1,494,426
 
     
Nevada – 2.1% (1.5% of Total Investments)
           
 
7,545
 
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.250%, 7/01/39 – AGM Insured
 
1/20 at 100.00
AA–
 
8,522,530
 
 
3,280
 
Clark County, Nevada, Subordinate Lien Airport Revenue Bonds, Series 2004A-2, 5.125%, 7/01/24 – FGIC Insured
 
7/14 at 100.00
A+
 
3,442,983
 
 
10,825
 
Total Nevada
       
11,965,513
 
     
New Jersey – 9.5% (6.8% of Total Investments)
           
     
Essex County Improvement Authority, New Jersey, Guaranteed Revenue Bonds, Project Consolidation, Series 2004:
           
 
1,275
 
5.125%, 10/01/21 – NPFG Insured
 
10/14 at 100.00
Aa2
 
1,360,081
 
 
2,250
 
5.125%, 10/01/22 – NPFG Insured
 
10/14 at 100.00
Aa2
 
2,398,815
 
 
1,560
 
Mount Olive Township Board of Education, Morris County, New Jersey, General Obligation Bonds, Series 2004, 5.000%, 1/15/22 – NPFG Insured
 
1/15 at 100.00
Aa3
 
1,664,364
 
     
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A:
           
 
1,475
 
5.000%, 7/01/22 – NPFG Insured
 
7/14 at 100.00
A
 
1,548,293
 
 
1,475
 
5.000%, 7/01/23 – NPFG Insured
 
7/14 at 100.00
A
 
1,548,293
 
 
3,075
 
New Jersey Transit Corporation, Certificates of Participation Refunding, Series 2003, 5.500%, 10/01/15 – AGM Insured
 
No Opt. Call
AA–
 
3,415,095
 
 
5,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/26
 
No Opt. Call
A+
 
2,976,000
 
     
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C:
           
 
25,000
 
0.000%, 12/15/35 – AMBAC Insured
 
No Opt. Call
A+
 
8,924,500
 
 
10,000
 
0.000%, 12/15/36 – AMBAC Insured
 
No Opt. Call
A+
 
3,442,600
 
 
10,500
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2007A, 5.000%, 12/15/34 – AMBAC Insured
 
12/17 at 100.00
AA
 
11,854,605
 
 
10,000
 
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – AGM Insured
 
No Opt. Call
AA–
 
12,591,500
 
 
1,500
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.000%, 1/01/25 – AGM Insured
 
1/15 at 100.00
AA–
 
1,601,790
 
 
73,110
 
Total New Jersey
       
53,325,936
 
 
Nuveen Investments
 
63

 
 

 
 
   
Nuveen Premium Income Municipal Opportunity Fund (continued)
NPX
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)

 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
New Mexico – 0.9% (0.6% of Total Investments)
           
     
New Mexico Finance Authority, Public Project Revolving Fund Revenue Bonds, Series 2004C:
           
$
1,415
 
5.000%, 6/01/22 – AMBAC Insured
 
6/14 at 100.00
AAA
$
1,483,911
 
 
1,050
 
5.000%, 6/01/24 – AMBAC Insured
 
6/14 at 100.00
AAA
 
1,101,608
 
 
2,000
 
New Mexico Finance Authority, Public Project Revolving Fund Revenue Bonds, Series 2005E, 5.000%, 6/15/25 – NPFG Insured
 
6/15 at 100.00
Aa2
 
2,161,100
 
 
4,465
 
Total New Mexico
       
4,746,619
 
     
New York – 10.4% (7.4% of Total Investments)
           
 
1,120
 
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/23 – FGIC Insured
 
2/15 at 100.00
N/R
 
1,195,566
 
 
3,000
 
Dormitory Authority of the State of New York, Revenue Bonds, Columbia University, Series 2011A, 5.000%, 10/01/41
 
4/21 at 100.00
AAA
 
3,506,430
 
 
7,435
 
Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series 2010, 5.500%, 7/01/43 – AGM Insured
 
7/20 at 100.00
AA–
 
8,484,079
 
 
1,000
 
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
 
1,083,650
 
 
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
 
4,196,479
 
 
10,000
 
Liberty Development Corporation, New York, Goldman Sachs Headquarter Revenue Bonds, Series 2005, 5.250%, 10/01/35
 
No Opt. Call
A
 
11,896,600
 
     
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A:
           
 
10,675
 
5.000%, 12/01/23 – FGIC Insured
 
6/16 at 100.00
A
 
11,838,041
 
 
5,000
 
5.000%, 12/01/25 – FGIC Insured
 
6/16 at 100.00
A
 
5,531,950
 
 
2,700
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2006F, 4.250%, 5/01/33 – NPFG Insured
 
11/16 at 100.00
A
 
2,772,387
 
 
3,490
 
New York City, New York, General Obligation Bonds, Fiscal Series 2004E, 5.000%, 11/01/21 – AGM Insured
 
No Opt. Call
AA
 
3,730,740
 
 
1,510
 
New York City, New York, General Obligation Bonds, Fiscal Series 2004E, 5.000%, 11/01/21 (Pre-refunded 11/01/14) – AGM Insured
 
11/14 at 100.00
Aa2 (4)
 
1,616,047
 
 
1,540
 
New York Convention Center Development Corporation, Hotel Unit Fee Revenue Bonds, Series 2005, Trust 2364, 17.046%, 11/15/44 – AMBAC Insured (IF)
 
11/15 at 100.00
AA+
 
1,827,672
 
 
355
 
New York State Housing Finance Agency, Mortgage Revenue Refunding Bonds, Housing Project, Series 1996A, 6.125%, 11/01/20 – AGM Insured
 
11/13 at 100.00
AA–
 
355,923
 
 
51,880
 
Total New York
       
58,035,564
 
     
North Carolina – 1.6% (1.1% of Total Investments)
           
 
785
 
Appalachian State University, North Carolina, Revenue Bonds, Series 2005, 5.000%, 7/15/30
 
7/15 at 100.00
Aa3
 
838,733
 
 
465
 
Appalachian State University, North Carolina, Revenue Bonds, Series 2005, 5.000%, 7/15/30 (Pre-refunded 7/15/15)
 
7/15 at 100.00
Aa3 (4)
 
511,993
 
 
1,780
 
Charlotte, North Carolina, Water and Sewer System Refunding Bonds, Tender Option Bond Trust 43W, 13.763%, 7/01/38 (IF) (5)
 
7/20 at 100.00
AAA
 
2,584,631
 
     
Mooresville, North Carolina, Enterprise System Revenue Bonds, Series 2004:
           
 
2,225
 
5.000%, 5/01/23 (Pre-refunded 5/01/14) – FGIC Insured
 
5/14 at 100.00
AA– (4)
 
2,330,065
 
 
2,335
 
5.000%, 5/01/24 (Pre-refunded 5/01/14) – FGIC Insured
 
5/14 at 100.00
AA– (4)
 
2,445,259
 
 
7,590
 
Total North Carolina
       
8,710,681
 
     
North Dakota – 0.9% (0.7% of Total Investments)
           
 
5,000
 
Burleigh County, North Dakota, Health Care Revenue Refunding Bonds, St. Alexius Medical Center Project, Series 2012A, 4.500%, 7/01/32
 
7/22 at 100.00
A–
 
5,254,750
 
     
Ohio – 1.6% (1.1% of Total Investments)
           
 
7,825
 
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, Series 2006A, 4.250%, 12/01/32 – AMBAC Insured
 
12/16 at 100.00
A+
 
8,053,177
 
 
700
 
Shaker Heights, Ohio, General Obligation Bonds, Series 2003, 5.250%, 12/01/26 (Pre-refunded 12/01/13) – AMBAC Insured
 
12/13 at 100.00
AAA
 
720,685
 
 
8,525
 
Total Ohio
       
8,773,862
 
 
64
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
Oklahoma – 0.3% (0.2% of Total Investments)
           
$
1,500
 
Oklahoma Capitol Improvement Authority, State Facilities Revenue Bonds, Series 2005F, 5.000%, 7/01/24 – AMBAC Insured
 
7/15 at 100.00
AA
$
1,633,350
 
     
Pennsylvania – 9.9% (7.0% 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
 
2,197,860
 
 
4,235
 
Delaware County Authority, Pennsylvania, Revenue Bonds, Villanova University, Series 2006, 5.000%, 8/01/24 – AMBAC Insured
 
8/16 at 100.00
A+
 
4,753,195
 
 
1,750
 
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40 – AGM Insured
 
1/20 at 100.00
AA–
 
1,956,150
 
 
4,000
 
Erie Water Authority, Erie County, Pennsylvania, Water Revenue Bonds, Series 2011A, 4.625%, 12/01/44 – AGM Insured
 
12/21 at 100.00
A1
 
4,334,200
 
 
1,045
 
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38 (UB) (5)
 
8/20 at 100.00
AA
 
1,206,003
 
 
5,235
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Drexel University, Series 2005A, 5.000%, 5/01/28 – NPFG Insured
 
5/15 at 100.00
A
 
5,620,191
 
 
4,585
 
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured (UB) (5)
 
12/16 at 100.00
AA
 
4,861,338
 
 
1,050
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 – AMBAC Insured
 
6/16 at 100.00
A+
 
1,148,049
 
     
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fifth Series 2004A-1:
           
 
5,235
 
5.000%, 9/01/24 – AGM Insured
 
9/14 at 100.00
AA–
 
5,502,247
 
 
3,000
 
5.000%, 9/01/25 – AGM Insured
 
9/14 at 100.00
AA–
 
3,149,040
 
 
2,985
 
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
 
3,271,053
 
 
1,425
 
Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011, 6.500%, 8/01/41
 
8/20 at 100.00
A2
 
1,733,840
 
 
2,385
 
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 1997A, 5.125%, 8/01/27 – AMBAC Insured (ETM)
 
No Opt. Call
A1 (4)
 
2,994,177
 
 
3,785
 
Reading School District, Berks County, Pennsylvania, General Obligation Bonds, Series 2005, 5.000%, 1/15/25 – AGM Insured (UB)
 
1/16 at 100.00
AA–
 
4,204,794
 
 
1,125
 
Scranton, Pennsylvania, Sewer Authority Revenue Bonds, Series 2011A, 5.250%, 12/01/31 – AGM Insured
 
12/21 at 100.00
AA–
 
1,272,105
 
 
1,455
 
Solebury Township, Pennsylvania, General Obligation Bonds, Series 2005, 5.000%, 12/15/25 – AMBAC Insured
 
6/15 at 100.00
Aa3
 
1,587,012
 
 
3,650
 
State Public School Building Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia School District, Series 2003, 5.000%, 6/01/29 (Pre-refunded 6/01/13) – AGM Insured
 
6/13 at 100.00
AA+ (4)
 
3,665,075
 
 
1,930
 
Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, Series 2012B, 4.000%, 1/01/33
 
No Opt. Call
Baa3
 
1,876,057
 
 
50,875
 
Total Pennsylvania
       
55,332,386
 
     
Puerto Rico – 4.2% (3.0% of Total Investments)
           
 
2,500
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 5.000%, 7/01/22 – FGIC Insured
 
7/15 at 100.00
BBB+
 
2,529,550
 
 
4,705
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010C, 5.125%, 8/01/42 – AGM Insured
 
8/20 at 100.00
AA–
 
4,987,959
 
     
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
           
 
50,700
 
0.000%, 8/01/45 – NPFG Insured
 
No Opt. Call
AA–
 
8,330,517
 
 
88,000
 
0.000%, 8/01/54 – AMBAC Insured
 
No Opt. Call
AA–
 
7,623,440
 
 
145,905
 
Total Puerto Rico
       
23,471,466
 
     
South Carolina – 0.4% (0.3% of Total Investments)
           
 
1,955
 
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2006, 5.000%, 12/01/28 – AGM Insured
 
12/16 at 100.00
AA
 
2,183,970
 
     
South Dakota – 0.1% (0.1% of Total Investments)
           
 
750
 
Rapid City, South Dakota, Sales Tax Revenue Bonds, Series 2013, 3.000%, 12/01/32
 
No Opt. Call
Aa3
 
732,885
 
 
Nuveen Investments
 
65

 
 

 
 
   
Nuveen Premium Income Municipal Opportunity Fund (continued)
NPX
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)

 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
Texas – 7.4% (5.2% of Total Investments)
           
$
1,700
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.250%, 1/01/46
 
1/21 at 100.00
Baa2
$
2,013,242
 
     
Corpus Christi, Texas, Utility System Revenue Bonds, Series 2004:
           
 
3,475
 
5.000%, 7/15/22 (Pre-refunded 7/15/14) – AGM Insured (UB)
 
7/14 at 100.00
AA–
 
3,672,033
 
 
3,645
 
5.000%, 7/15/23 (Pre-refunded 7/15/14) – AGM Insured (UB)
 
7/14 at 100.00
AA–
 
3,851,672
 
 
10,000
 
Dallas, Texas, Waterworks and Sewer System Revenue Bonds, Series 2007, 4.375%, 10/01/32 – AMBAC Insured (UB)
 
10/17 at 100.00
AAA
 
10,824,200
 
 
1,500
 
El Paso, Texas, Airport Revenue Bonds, El Paso International Airport Series 2011, 5.250%, 8/15/33
 
8/20 at 100.00
A+
 
1,660,950
 
 
5,625
 
Harris County Hospital District, Texas, Revenue Bonds, Series 2007A, 5.250%, 2/15/42 – NPFG Insured
 
2/17 at 100.00
A
 
6,025,838
 
 
805
 
Houston, Texas, Subordinate Lien Airport System Revenue Bonds, Series 2000B, 5.450%, 7/01/24 – AGM Insured
 
No Opt. Call
AA–
 
955,116
 
 
2,340
 
Laredo, Webb County, Texas, Waterworks and Sewer System Revenue Bonds, Series 2011, 5.000%, 3/01/41 – AGM Insured
 
3/21 at 100.00
AA–
 
2,623,772
 
 
4,151
 
Panhandle Regional Housing Finance Corporation, Texas, GNMA Collateralized Multifamily Housing
 
7/13 at 104.00
Aaa
 
4,365,192
 
     
Mortgage Revenue Bonds, Renaissance of Amarillo Apartments, Series 2001A, 6.650%, 7/20/42
           
 
2,410
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Baylor Health Care System, Series 2011A, 5.000%, 11/15/30
 
11/21 at 100.00
AA–
 
2,761,981
 
 
2,200
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/30
 
No Opt. Call
A3
 
2,377,166
 
 
37,851
 
Total Texas
       
41,131,162
 
     
Utah – 2.0% (1.4% of Total Investments)
           
 
8,600
 
Intermountain Power Agency, Utah, Power Supply Revenue Refunding Bonds, Series 2003A, 5.000%, 7/01/18 (Pre-refunded 7/01/13) – AGM Insured
 
7/13 at 100.00
AA– (4)
 
8,668,886
 
 
2,385
 
Mountain Regional Water Special Service District, Utah, Water Revenue Bonds, Series 2003, 5.000%, 12/15/33 (Pre-refunded 12/15/13) – NPFG Insured
 
12/13 at 100.00
AA– (4)
 
2,455,501
 
 
10,985
 
Total Utah
       
11,124,387
 
     
Virginia – 2.1% (1.5% of Total Investments)
           
     
Greater Richmond Convention Center Authority, Virginia, Hotel Tax Revenue Bonds, Series 2005:
           
 
4,000
 
5.000%, 6/15/20 – NPFG Insured
 
6/15 at 100.00
A+
 
4,376,280
 
 
5,000
 
5.000%, 6/15/22 – NPFG Insured
 
6/15 at 100.00
A+
 
5,454,750
 
     
Loudoun County Industrial Development Authority, Virginia, Lease Revenue Bonds, Public Safety Facilities, Series 2003A:
           
 
1,150
 
5.250%, 12/15/22 (Pre-refunded 6/15/14) – AGM Insured
 
6/14 at 100.00
AA+ (4)
 
1,213,319
 
 
500
 
5.250%, 12/15/23 (Pre-refunded 6/15/14) – AGM Insured
 
6/14 at 100.00
AA+ (4)
 
527,530
 
 
10,650
 
Total Virginia
       
11,571,879
 
     
Washington – 5.2% (3.7% of Total Investments)
           
 
3,000
 
King County, Washington, Sewer Revenue Bonds, Series 2007, 5.000%, 1/01/42 – AGM Insured
 
7/17 at 100.00
AA+
 
3,370,410
 
 
4,900
 
Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.625%, 1/01/35
 
1/21 at 100.00
A
 
5,501,965
 
 
10,000
 
Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, Series 2012A, 4.250%, 10/01/40
 
10/22 at 100.00
AA
 
10,389,400
 
 
10,855
 
Washington, General Obligation Bonds, Series 2000S-5, 0.000%, 1/01/20 – FGIC Insured
 
No Opt. Call
AA+
 
9,699,268
 
 
28,755
 
Total Washington
       
28,961,043
 
     
Wisconsin – 1.6% (1.1% of Total Investments)
           
 
4,360
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2012, 5.000%, 6/01/39
 
6/22 at 100.00
A2
 
4,795,608
 
 
3,775
 
Wisconsin State, General Obligation Bonds, Series 2006A, 4.750%, 5/01/25 – FGIC Insured
 
5/16 at 100.00
AA
 
4,226,830
 
 
8,135
 
Total Wisconsin
       
9,022,438
 
 
66
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
Wyoming – 0.4% (0.3% of Total Investments)
           
     
Teton County Hospital District, Wyoming, Hospital Revenue Bonds, St. John’s Medical Center Project, Series 2011B:
           
$
1,000
 
5.500%, 12/01/27
 
12/21 at 100.00
BBB
$
1,158,160
 
 
1,000
 
6.000%, 12/01/36
 
12/21 at 100.00
BBB
 
1,185,210
 
 
2,000
 
Total Wyoming
       
2,343,370
 
$
954,146
 
Total Municipal Bonds (cost $720,102,711)
       
786,175,371
 

 
Principal
                 
 
Amount (000)
 
Description (1)
 
Coupon
Maturity
Ratings (3)
 
Value
 
     
Corporate Bonds – 0.0% (0.0% of Total Investments)
             
     
Transportation – 0.0% (0.0% of Total Investments)
             
$
151
 
Las Vegas Monorail Company, Senior Interest Bonds (6), (7)
 
5.500%
7/15/19
N/R
$
37,780
 
 
44
 
Las Vegas Monorail Company, Senior Interest Bonds (6), (7)
 
3.000%
7/15/55
N/R
 
8,843
 
$
195
 
Total Corporate Bonds (cost $3,715)
         
46,623
 
     
Total Investments (cost $720,106,426) – 140.8%
         
786,221,994
 
     
Floating Rate Obligations – (10.5)%
         
(58,525,000
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (39.2)% (8)
         
(219,000,000
     
Other Assets Less Liabilities – 8.9%
         
49,798,138
 
     
Net Assets Applicable to Common Shares – 100%
       
$
558,495,132
 
 
(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. Certain bonds backed by U.S. Government or agency securities are regarded as having 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)
 
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Trustees. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Investment Valuation for more information.
(7)
 
During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund’s custodian is not accruing income on the Fund’s records for either senior interest corporate bond.
(8)
 
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 27.9%.
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

Nuveen Investments
 
67

 
 

 

   
Nuveen Dividend Advantage Municipal Income Fund
NVG
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)

 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
Municipal Bonds – 140.3% (97.7% of Total Investments)
           
     
Alabama – 0.5% (0.4% of Total Investments)
           
$
2,270
 
Auburn University, Alabama, General Fee Revenue Bonds, Series 2012A, 5.000%, 6/01/34
 
6/22 at 100.00
Aa2
$
2,655,242
 
     
Alaska – 0.6% (0.4% of Total Investments)
           
 
3,035
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/32
 
6/14 at 100.00
B+
 
2,839,880
 
     
Arizona – 1.6% (1.1% of Total Investments)
           
 
6,000
 
Phoenix, Arizona, Civic Improvement Revenue Bonds, Civic Plaza, Series 2005B, 0.000%, 7/01/37 – FGIC Insured
 
No Opt. Call
AA
 
7,565,160
 
     
California – 17.6% (12.3% of Total Investments)
           
 
2,000
 
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate Lien Series 2004A, 0.000%, 10/01/20 – AMBAC Insured
 
No Opt. Call
BBB+
 
1,577,680
 
 
6,160
 
Alhambra Unified School District, Los Angeles County, California, General Obligation Bonds, Capital Appreciation Series 2009B, 0.000%, 8/01/30 – AGC Insured
 
No Opt. Call
AA–
 
2,880,293
 
     
California Educational Facilities Authority, Revenue Bonds, Occidental College, Series 2005A:
           
 
1,485
 
5.000%, 10/01/26 – NPFG Insured
 
10/15 at 100.00
Aa3
 
1,583,515
 
 
1,565
 
5.000%, 10/01/27 – NPFG Insured
 
10/15 at 100.00
Aa3
 
1,664,424
 
 
10,000
 
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children’s Hospital, Series 2012A, 5.000%, 8/15/51
 
8/22 at 100.00
AA
 
11,243,900
 
     
California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and Clinics, Tender Option Bond Trust 3294:
           
 
855
 
9.308%, 2/15/20 (IF) (4)
 
No Opt. Call
AA–
 
1,060,474
 
 
375
 
9.308%, 2/15/20 (IF)
 
No Opt. Call
AA–
 
465,120
 
 
340
 
9.301%, 2/15/20 (IF)
 
No Opt. Call
AA–
 
421,634
 
 
14,345
 
Corona-Norco Unified School District, Riverside County, California, General Obligation Bonds, Capital Appreciation, Election 2006 Refunding Series 2009C, 0.000%, 8/01/39 – AGM Insured
 
No Opt. Call
Aa2
 
4,286,860
 
     
El Rancho Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2010 Series 2011A:
           
 
2,615
 
0.000%, 8/01/31 – AGM Insured
 
8/28 at 100.00
A1
 
1,859,631
 
 
3,600
 
0.000%, 8/01/34 – AGM Insured
 
8/28 at 100.00
A1
 
2,528,136
 
 
2,425
 
Fullerton Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2005, 5.000%, 9/01/27 – AMBAC Insured
 
9/15 at 100.00
A
 
2,549,330
 
 
18,665
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/35 – FGIC Insured
 
6/15 at 100.00
A2
 
19,597,673
 
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
           
 
3,550
 
4.500%, 6/01/27
 
6/17 at 100.00
B
 
3,463,025
 
 
1,570
 
5.000%, 6/01/33
 
6/17 at 100.00
B
 
1,448,294
 
 
1,000
 
5.750%, 6/01/47
 
6/17 at 100.00
B
 
955,470
 
 
365
 
5.125%, 6/01/47
 
6/17 at 100.00
B
 
317,900
 
 
1,990
 
Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%, 11/01/25 – AGM Insured
 
No Opt. Call
Aa2
 
1,261,381
 
     
Oceanside Unified School District, San Diego County, California, General Obligation Bonds, Series 2009A:
           
 
5,905
 
0.000%, 8/01/26 – AGC Insured
 
No Opt. Call
AA–
 
3,493,162
 
 
2,220
 
0.000%, 8/01/28 – AGC Insured
 
No Opt. Call
AA–
 
1,168,009
 
 
2,675
 
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 – AGC Insured
 
8/29 at 100.00
AA–
 
2,405,842
 
 
4,150
 
Placentia-Yorba Linda Unified School District, Orange County, California, Certificates of Participation, Series 2011, 0.000%, 10/01/28 – AGM Insured
 
10/25 at 100.00
AA–
 
3,973,418
 
 
68
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
California (continued)
           
     
San Francisco Unified School District, California, General Obligation Bonds, Series 2007A:
           
$
1,000
 
3.000%, 6/15/25 – AGM Insured
 
6/17 at 100.00
Aa2
$
1,021,710
 
 
1,180
 
3.000%, 6/15/26 – AGM Insured
 
6/17 at 100.00
Aa2
 
1,195,364
 
 
6,820
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C, 4.250%, 8/01/30 – NPFG Insured
 
8/17 at 100.00
BBB
 
6,672,620
 
 
4,275
 
Sequoia Union High School District, San Mateo County, California, General Obligation Bonds, Series 2006, 3.500%, 7/01/29 – AGM Insured
 
7/14 at 102.00
Aa1
 
4,351,352
 
 
1,690
 
Ventura County Community College District, California, General Obligation Bonds, Series 2005B, 5.000%, 8/01/28 – NPFG Insured
 
8/15 at 100.00
AA
 
1,843,030
 
 
102,820
 
Total California
       
85,289,247
 
     
Colorado – 6.5% (4.5% of Total Investments)
           
 
16,655
 
Adams County, Colorado, FHA-Insured Mortgage Revenue Bonds, Platte Valley Medical Center, Series 2005, 5.000%, 8/01/24 – NPFG Insured
 
8/15 at 100.00
N/R
 
17,894,299
 
 
750
 
Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/32 – SYNCORA GTY Insured
 
10/16 at 100.00
BBB–
 
768,450
 
 
2,225
 
Colorado Department of Transportation, Revenue Anticipation Bonds, Series 2004A, 5.000%, 12/15/16 (Pre-refunded 12/15/14) – FGIC Insured
 
12/14 at 100.00
Aa2 (5)
 
2,395,769
 
 
17,000
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/25 – NPFG Insured
 
No Opt. Call
Baa2
 
10,198,810
 
 
36,630
 
Total Colorado
       
31,257,328
 
     
District of Columbia – 1.9% (1.3% of Total Investments)
           
 
900
 
District of Columbia Student Dormitory Revenue Bonds, Provident Group – Howard Properties LLC Issue, Series 2013, 5.000%, 10/01/45
 
10/22 at 100.00
BBB–
 
941,949
 
 
6,805
 
District of Columbia, Revenue Bonds, Georgetown University, Series 2007A, 4.500%, 4/01/42 – AMBAC Insured
 
4/17 at 100.00
A–
 
6,977,983
 
 
935
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1606, 11.456%, 10/01/30 – AMBAC Insured (IF) (4)
 
10/16 at 100.00
AA+
 
1,073,015
 
 
8,640
 
Total District of Columbia
       
8,992,947
 
     
Florida – 6.3% (4.4% of Total Investments)
           
 
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–
 
3,385,080
 
     
Florida Municipal Loan Council, Revenue Bonds, Series 2003B:
           
 
1,470
 
5.250%, 12/01/17
 
12/13 at 100.00
Baa2
 
1,505,442
 
 
950
 
5.250%, 12/01/18
 
12/13 at 100.00
Baa2
 
971,584
 
     
Florida Municipal Loan Council, Revenue Bonds, Series 2003B:
           
 
580
 
5.250%, 12/01/17 (Pre-refunded 12/01/13)
 
12/13 at 100.00
Baa2 (5)
 
596,861
 
 
255
 
5.250%, 12/01/17 (Pre-refunded 12/01/13) – NPFG Insured
 
12/13 at 100.00
Baa2 (5)
 
262,413
 
 
370
 
5.250%, 12/01/18 (Pre-refunded 12/01/13)
 
12/13 at 100.00
Baa2 (5)
 
380,756
 
 
160
 
5.250%, 12/01/18 (Pre-refunded 12/01/13) – NPFG Insured
 
12/13 at 100.00
Baa2 (5)
 
164,651
 
 
5,825
 
JEA, Florida, Electric System Revenue Bonds, Series Three 2013B, 5.000%, 10/01/38 (WI/DD, Settling 5/16/13)
 
10/18 at 100.00
Aa2
 
6,507,632
 
 
2,335
 
Lee County, Florida, Airport Revenue Refunding Bonds, Series 2011A, 5.375%, 10/01/32 – AGM Insured (Alternative Minimum Tax)
 
8/21 at 100.00
AA–
 
2,647,610
 
 
1,545
 
Miami, Florida, Special Obligation Non-Ad Valorem Revenue Refunding Bonds, Series 2011A, 6.000%, 2/01/31 – AGM Insured
 
2/21 at 100.00
AA–
 
1,821,849
 
 
1,505
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Refunding Series 2012A, 5.000%, 10/01/31 (Alternative Minimum Tax)
 
No Opt. Call
A
 
1,681,582
 
 
800
 
Miami-Dade County, Florida, Subordinate Special Obligation Refunding Bonds Series 2012B, 5.000%, 10/01/37
 
10/22 at 100.00
A+
 
895,224
 
 
5,300
 
Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2012, 5.000%, 7/01/42
 
7/22 at 100.00
AA
 
5,983,064
 
 
Nuveen Investments
 
69

 
 

 
 
   
Nuveen Dividend Advantage Municipal Income Fund (continued)
NVG
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)

 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
Florida (continued)
           
$
1,500
 
Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, Inc., Series 2012A, 5.000%, 10/01/42
 
4/22 at 100.00
A
$
1,654,740
 
 
1,000
 
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Series 2007, 5.000%, 8/15/42 (UB) (4)
 
8/17 at 100.00
AA
 
1,095,760
 
 
1,000
 
Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/28 – NPFG Insured
 
10/15 at 100.00
AA
 
1,085,960
 
 
27,595
 
Total Florida
       
30,640,208
 
     
Georgia – 7.5% (5.3% of Total Investments)
           
 
6,925
 
Atlanta and Fulton County Recreation Authority, Georgia, Guaranteed Revenue Bonds, Park Improvement, Series 2005A, 5.000%, 12/01/30 – NPFG Insured
 
12/15 at 100.00
Aa2
 
7,493,612
 
 
5,000
 
Atlanta, Georgia, Airport General Revenue Bonds, Series 2012B, 5.000%, 1/01/29
 
No Opt. Call
A+
 
5,789,200
 
 
8,980
 
Atlanta, Georgia, Airport Passenger Facilities Charge Revenue Bonds, Refunding Series 2004C, 5.000%, 1/01/33 – AGM Insured
 
7/14 at 100.00
AA–
 
9,383,022
 
 
1,000
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2004, 5.000%, 11/01/22 – AGM Insured
 
11/14 at 100.00
AA–
 
1,063,520
 
 
1,690
 
Greene County Development Authority, Georgia, Health System Revenue Bonds, Catholic Health East Issue, Series 2012, 4.250%, 11/15/42
 
No Opt. Call
A+
 
1,740,125
 
 
7,000
 
Gwinnett County School District, Georgia, General Obligation Bonds, Series 2008, 5.000%, 2/01/36
 
2/18 at 100.00
AAA
 
7,994,000
 
 
1,000
 
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University Project, Refunding Series 2012C, 5.250%, 10/01/27
 
10/22 at 100.00
Baa2
 
1,154,990
 
 
1,710
 
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
 
1,896,270
 
 
33,305
 
Total Georgia
       
36,514,739
 
     
Idaho – 1.9% (1.3% of Total Investments)
           
 
3,995
 
Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project, Series 2012A, 5.000%, 3/01/47 – AGM Insured
 
3/22 at 100.00
A
 
4,372,168
 
     
Idaho Housing and Finance Association, Grant and Revenue Anticipation Bonds, Federal Highway Trust Funds, Series 2006:
           
 
3,000
 
5.000%, 7/15/23 – NPFG Insured
 
7/16 at 100.00
Aa3
 
3,353,490
 
 
1,130
 
5.000%, 7/15/24 – NPFG Insured
 
7/16 at 100.00
Aa3
 
1,263,148
 
 
8,125
 
Total Idaho
       
8,988,806
 
     
Illinois – 9.0% (6.3% of Total Investments)
           
 
3,600
 
Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport, Series 2005A, 5.250%, 1/01/24 – NPFG Insured
 
1/16 at 100.00
A2
 
3,948,408
 
     
Community College District 523, Counties of DeKalb, Kane, LaSalle, Lee, Ogle, Winnebago, and Boone, Illinois, General Obligation Bonds, Kishwaukee Community College, Capital Appreciation, Series 2011B:
           
 
2,500
 
0.000%, 2/01/33
 
2/21 at 100.00
AA
 
838,875
 
 
2,000
 
0.000%, 2/01/34
 
2/21 at 100.00
AA
 
620,640
 
     
DuPage County Community School District 200, Wheaton, Illinois, General Obligation Bonds, Series 2003C:
           
 
770
 
5.250%, 10/01/22 (Pre-refunded 10/01/13) – AGM Insured
 
10/13 at 100.00
Aa3 (5)
 
786,209
 
 
250
 
5.250%, 10/01/22 (Pre-refunded 10/01/13) – AGM Insured
 
10/13 at 100.00
Aa3 (5)
 
255,263
 
 
480
 
5.250%, 10/01/22 (Pre-refunded 10/01/13) – AGM Insured
 
10/13 at 100.00
Aa3 (5)
 
489,893
 
 
745
 
Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Series 2012, 5.000%, 6/01/42
 
No Opt. Call
AA
 
829,781
 
 
5,000
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago, Series 2012A, 5.000%, 10/01/51
 
10/21 at 100.00
Aa1
 
5,563,900
 
 
3,500
 
Illinois Municipal Electric Agency, Power Supply System Revenue Bonds, Series 2007A, 5.000%, 2/01/35 – FGIC Insured
 
2/17 at 100.00
A+
 
3,820,915
 
     
Illinois State, General Obligation Bonds, Refunding Series 2012:
           
 
635
 
5.000%, 8/01/21
 
No Opt. Call
A2
 
747,560
 
 
310
 
5.000%, 8/01/22
 
No Opt. Call
A2
 
365,496
 
 
685
 
5.000%, 8/01/23
 
No Opt. Call
A2
 
802,368
 
 
1,265
 
5.000%, 8/01/24
 
8/22 at 100.00
A2
 
1,449,968
 
 
70
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
Illinois (continued)
           
     
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1:
           
$
25,000
 
0.000%, 6/15/44 – AGM Insured
 
No Opt. Call
AAA
$
5,498,750
 
 
17,465
 
0.000%, 6/15/45 – AGM Insured
 
No Opt. Call
AAA
 
3,647,565
 
 
3,335
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Tender Option Bond Trust 3861, 13.474%, 6/15/42 (IF) (4)
 
6/20 at 100.00
AAA
 
4,145,605
 
 
3,900
 
Rosemont, Illinois, General Obligation Bonds, Series 2011A, 5.600%, 12/01/35 – AGM Insured
 
12/20 at 100.00
AA–
 
4,398,459
 
 
5,000
 
Schaumburg, Illinois, General Obligation Bonds, Series 2004B, 5.250%, 12/01/34 – FGIC Insured
 
12/14 at 100.00
Aaa
 
5,329,000
 
 
76,440
 
Total Illinois
       
43,538,655
 
     
Indiana – 6.6% (4.6% of Total Investments)
           
 
3,380
 
Evansville, Indiana, Sewerage Works Revenue Refunding Bonds, Series 2003A, 5.000%, 7/01/20 – AMBAC Insured
 
7/13 at 100.00
A1
 
3,403,254
 
 
1,050
 
Indiana Finance Authority, Midwestern Disaster Relief Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2012A, 5.000%, 6/01/39 – AGM Insured
 
6/22 at 100.00
BBB–
 
1,124,750
 
 
5,370
 
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013A, 5.250%, 1/01/51 (Alternative Minimum Tax)
 
7/23 at 100.00
BBB
 
5,781,772
 
 
1,850
 
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2012A, 5.000%, 10/01/37
 
10/22 at 100.00
AA
 
2,108,427
 
 
5,915
 
Indiana Health Facility Financing Authority, Revenue Bonds, Community Hospitals of Indiana, Series 2005A, 5.000%, 5/01/35 (Pre-refunded 5/01/15) – AMBAC Insured
 
5/15 at 100.00
A (5)
 
6,457,465
 
 
3,215
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
 
1/17 at 100.00
A+
 
3,502,582
 
 
5,000
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A, 5.500%,
1/01/38 – AGC Insured
 
1/19 at 100.00
AA–
 
5,659,550
 
     
IPS Multi-School Building Corporation, Indiana, First Mortgage Revenue Bonds, Series 2003:
           
 
1,000
 
5.000%, 7/15/25 (Pre-refunded 7/15/13) – NPFG Insured
 
7/13 at 100.00
AA (5)
 
1,010,020
 
 
2,750
 
5.000%, 7/15/27 (Pre-refunded 7/15/13) – NPFG Insured
 
7/13 at 100.00
AA (5)
 
2,777,555
 
 
29,530
 
Total Indiana
       
31,825,375
 
     
Iowa – 0.5% (0.3% of Total Investments)
           
 
450
 
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.500%, 6/01/42
 
6/15 at 100.00
B+
 
437,076
 
 
1,800
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34
 
6/17 at 100.00
B+
 
1,801,206
 
 
2,250
 
Total Iowa
       
2,238,282
 
     
Kansas – 0.8% (0.6% of Total Investments)
           
 
3,500
 
Kansas Development Finance Authority, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
 
1/20 at 100.00
AA
 
3,823,855
 
     
Kentucky – 1.4% (1.0% of Total Investments)
           
 
2,415
 
Kentucky State Property and Buildings Commission, Revenue Bonds, Project 93, Refunding Series 2009, 5.250%, 2/01/20 – AGC Insured
 
2/19 at 100.00
AA–
 
2,930,192
 
 
3,350
 
Louisville/Jefferson County Metro Government, Kentucky, Revenue Bonds, Catholic Health Initiatives, Series 2012A, 5.000%, 12/01/35
 
6/22 at 100.00
AA–
 
3,792,435
 
 
5,765
 
Total Kentucky
       
6,722,627
 
     
Louisiana – 4.1% (2.8% of Total Investments)
           
 
1,000
 
Jefferson Parish Hospital District1, Louisiana, Hospital Revenue Bonds, West Jefferson Medical Center, Refunding Series 2011A, 6.000%, 1/01/39 – AGM Insured
 
1/21 at 100.00
AA–
 
1,158,450
 
 
5,000
 
Lafayette Public Trust Financing Authority, Louisiana, Revenue Bonds, Ragin’ Cajun Facilities Inc. Project, Series 2010, 5.500%, 10/01/41 – AGM Insured
 
10/20 at 100.00
AA–
 
5,709,700
 
 
1,225
 
Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital, Series 2004, 5.250%, 7/01/24 (Pre-refunded 7/01/14) – NPFG Insured
 
7/14 at 100.00
Baa2 (5)
 
1,292,093
 
 
Nuveen Investments
 
71

 
 

 
 
   
Nuveen Dividend Advantage Municipal Income Fund (continued)
NVG
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)

 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
Louisiana (continued)
           
$
1,260
 
Louisiana State Office Facilities Corporation, Lease Revenue Bonds, State Capitol Complex Program, Series 2003, 5.250%, 11/01/14 (Pre-refunded 11/01/13) – NPFG Insured
 
11/13 at 100.00
AA– (5)
$
1,291,966
 
 
3
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006, Residuals 660-3, 15.863%, 5/01/34 – FGIC Insured (IF)
 
5/16 at 100.00
Aa1
 
4,387
 
     
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:
           
 
770
 
4.750%, 5/01/39 – AGM Insured (UB)
 
5/16 at 100.00
Aa1
 
839,377
 
 
8,270
 
4.500%, 5/01/41 – FGIC Insured (UB)
 
5/16 at 100.00
Aa1
 
8,925,150
 
 
595
 
Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, Series 2001B, 5.875%, 5/15/39
 
5/13 at 100.00
A–
 
598,278
 
 
18,123
 
Total Louisiana
       
19,819,401
 
     
Maine – 0.9% (0.6% of Total Investments)
           
 
4,000
 
Maine Turnpike Authority, Turnpike Revenue Bonds, Series 2004, 5.250%, 7/01/30 (Pre-refunded 7/01/14) – AGM Insured
 
7/14 at 100.00
AA– (5)
 
4,233,640
 
     
Maryland – 0.2% (0.1% of Total Investments)
           
 
920
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health Issue, Series 2013A, 4.000%, 8/15/41
 
8/23 at 100.00
A2
 
925,750
 
     
Massachusetts – 2.6% (1.8% of Total Investments)
           
 
4,500
 
Massachusetts Bay Transportation Authority, Assessment Bonds, Series 2004A, 5.000%, 7/01/28 (Pre-refunded 7/01/14)
 
7/14 at 100.00
AA+ (5)
 
4,749,705
 
 
1,000
 
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Commonwealth Contract Assistance Secured, Refunding Series 2010B, 5.000%, 1/01/35
 
1/20 at 100.00
AA+
 
1,145,590
 
 
1,000
 
Massachusetts Development Finance Agency, Resource Recovery Revenue Refunding Bonds, Covanta Energy Project, Series 2012B, 4.875%, 11/01/42
 
11/17 at 100.00
BB+
 
1,015,130
 
 
2,775
 
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 – AGM Insured (UB) (4)
 
2/17 at 100.00
AA+
 
2,928,569
 
 
2,500
 
Massachusetts, General Obligation Bonds, Consolidated Loan, Series 2004D, 5.000%, 12/01/22 (Pre-refunded 12/01/14) – AGM Insured
 
12/14 at 100.00
AA+ (5)
 
2,683,225
 
 
11,775
 
Total Massachusetts
       
12,522,219
 
     
Michigan – 3.7% (2.6% of Total Investments)
           
 
1,055
 
Battle Creek School District, Calhoun County, Michigan, General Obligation Bonds, Series 2007, 5.000%, 5/01/31 – AGM Insured
 
5/17 at 100.00
Aa2
 
1,179,712
 
 
1,290
 
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
 
7/22 at 100.00
A+
 
1,410,099
 
 
3,230
 
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011, 5.000%, 12/01/39
 
12/21 at 100.00
AA
 
3,597,962
 
 
4,000
 
Michigan Finance Authority, Unemployment Obligation Assessment Revenue Bonds, Series 2012B, 5.000%, 7/01/22
 
7/16 at 100.00
AAA
 
4,530,280
 
 
1,000
 
Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A, 5.000%, 1/01/43
 
1/22 at 100.00
A2
 
1,086,720
 
 
2,855
 
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2009C, 5.000%, 12/01/48
 
6/22 at 100.00
AA
 
3,158,829
 
     
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A:
           
 
275
 
5.000%, 12/01/31 (Pre-refunded 12/01/16) (UB)
 
12/16 at 100.00
N/R (5)
 
317,350
 
 
1,225
 
5.000%, 12/01/31 (UB)
 
12/16 at 100.00
AA
 
1,351,506
 
 
1,250
 
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
 
1,335,513
 
 
16,180
 
Total Michigan
       
17,967,971
 
     
Minnesota – 0.4% (0.3% of Total Investments)
           
 
1,970
 
Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Refunding Series 2009A, 5.000%, 1/01/15 – AGC Insured
 
No Opt. Call
AA–
 
2,121,138
 
 
72
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
Missouri – 0.3% (0.2% of Total Investments)
           
$
1,600
 
St. Louis County Pattonville School District R3, Missouri, General Obligation Bonds, Series 2004, 5.250%, 3/01/19 (Pre-refunded 3/01/14) – AGM Insured
 
3/14 at 100.00
AA (5)
$
1,666,528
 
     
Nebraska – 2.3% (1.6% of Total Investments)
           
 
6,360
 
Lincoln, Nebraska, Electric System Revenue Bonds, Series 2005, 5.000%, 9/01/32 (Pre-refunded 9/01/15)
 
9/15 at 100.00
AA (5)
 
7,037,658
 
 
3,900
 
Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Subordinate Lien Series 2007AA, 4.500%, 2/01/27 – FGIC Insured
 
No Opt. Call
Aa2
 
4,132,401
 
 
10,260
 
Total Nebraska
       
11,170,059
 
     
Nevada – 2.4% (1.7% of Total Investments)
           
 
2,350
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2009C, 5.000%, 7/01/26 – AGM Insured
 
7/19 at 100.00
AA–
 
2,727,011
 
 
6,745
 
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.250%, 7/01/39 – AGM Insured
 
1/20 at 100.00
AA–
 
7,618,882
 
 
1,300
 
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water Series 2012B, 5.000%, 6/01/42
 
6/22 at 100.00
AA+
 
1,473,875
 
 
10,395
 
Total Nevada
       
11,819,768
 
     
New Jersey – 4.4% (3.0% of Total Investments)
           
 
7,690
 
New Jersey Economic Development Authority, Cigarette Tax Revenue Bonds, Series 2004, 5.750%, 6/15/34 (Pre-refunded 6/15/14)
 
6/14 at 100.00
Aaa
 
8,159,167
 
 
1,900
 
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A, 5.000%, 7/01/29 – NPFG Insured
 
7/14 at 100.00
A
 
1,986,982
 
 
2,150
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A, 5.250%, 12/15/20
 
No Opt. Call
A+
 
2,669,741
 
 
1,200
 
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – AGM Insured
 
No Opt. Call
AA–
 
1,510,980
 
 
3,250
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2003A, 5.000%, 1/01/19 (Pre-refunded 7/01/13) – FGIC Insured
 
7/13 at 100.00
A+ (5)
 
3,276,325
 
 
200
 
New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 1154, 17.041%, 1/01/43 (IF) (4)
 
7/22 at 100.00
A+
 
292,186
 
     
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
           
 
1,535
 
4.500%, 6/01/23
 
6/17 at 100.00
B1
 
1,536,075
 
 
1,940
 
4.750%, 6/01/34
 
6/17 at 100.00
B2
 
1,708,927
 
 
19,865
 
Total New Jersey
       
21,140,383
 
     
New Mexico – 1.5% (1.0% of Total Investments)
           
 
2,080
 
New Mexico Finance Authority, State Transportation Revenue Bonds, Senior Lien Series 2004A, 5.250%, 6/15/16 (Pre-refunded 6/15/14) – NPFG Insured
 
6/14 at 100.00
AAA
 
2,196,480
 
 
5,000
 
State of New Mexico, State Severance Tax Revenue Bonds, Series 2008-A1, 4.000%, 7/01/17 (Pre-refunded 7/01/13)
 
7/13 at 100.00
Aa1 (5)
 
5,032,450
 
 
7,080
 
Total New Mexico
       
7,228,930
 
     
New York – 5.1% (3.6% of Total Investments)
           
 
1,120
 
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/23 – FGIC Insured
 
2/15 at 100.00
N/R
 
1,195,566
 
 
3,660
 
Dormitory Authority of the State of New York, Revenue Bonds, Mental Health Services Facilities Improvements, Series 2005B, 5.000%, 2/15/23 – AMBAC Insured
 
2/15 at 100.00
AA–
 
3,917,591
 
 
Nuveen Investments
 
73

 
 

 
 
   
Nuveen Dividend Advantage Municipal Income Fund (continued)
NVG
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)

 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
New York (continued)
           
     
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Tender Option Bond Trust 3518:
           
$
2,000
 
13.366%, 2/15/33 (IF)
 
2/19 at 100.00
AAA
$
2,906,900
 
 
1,335
 
13.355%, 2/15/33 (IF)
 
2/19 at 100.00
AAA
 
1,939,795
 
 
850
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47
 
2/21 at 100.00
A
 
1,010,786
 
 
3,130
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured
 
2/17 at 100.00
A
 
3,239,206
 
 
2,400
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2006F, 4.250%, 5/01/33 – NPFG Insured
 
11/16 at 100.00
A
 
2,464,344
 
 
1,575
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/36 – AGM Insured
 
5/21 at 100.00
AA–
 
1,761,386
 
 
2,000
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2012A, 5.000%, 9/01/42
 
9/22 at 100.00
A
 
2,232,860
 
 
480
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005B, 5.000%, 11/15/30 – AMBAC Insured
 
11/15 at 100.00
A
 
517,867
 
 
1,435
 
New York City Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium Project PILOT, Series 2009A, 7.000%, 3/01/49 – AGC Insured
 
3/19 at 100.00
AA–
 
1,771,723
 
 
1,340
 
Onondaga Civic Development Corporation, New York, Revenue Bonds, St. Joseph’s Hospital Health Center Project, Series 2012, 5.000%, 7/01/42
 
7/22 at 100.00
BB+
 
1,389,808
 
 
450
 
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Subordinate Lien Series 2013A, 5.000%, 11/15/28
 
No Opt. Call
A+
 
536,351
 
 
21,775
 
Total New York
       
24,884,183
 
     
North Carolina – 1.1% (0.7% of Total Investments)
           
 
2,080
 
North Carolina Medical Care Commission, FHA-Insured Mortgage Revenue Bonds, Betsy Johnson Regional Hospital Project, Series 2003, 5.375%, 10/01/24 (Pre-refunded 10/01/13) – AGM Insured
 
10/13 at 100.00
AA– (5)
 
2,122,640
 
 
2,150
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Refunding Bonds, WakeMed, Series 2012A, 5.000%, 10/01/38
 
10/22 at 100.00
AA–
 
2,385,877
 
 
540
 
Oak Island, North Carolina, Enterprise System Revenue Bonds, Series 2009A, 6.000%, 6/01/34 – AGC Insured
 
6/19 at 100.00
AA–
 
625,099
 
 
4,770
 
Total North Carolina
       
5,133,616
 
     
Ohio – 4.9% (3.4% of Total Investments)
           
 
2,755
 
Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Revenue Bonds, Children’s Hospital Medical Center, Improvement & Refunding Series 2012, 5.000%, 11/15/42
 
5/22 at 100.00
A1
 
2,991,655
 
     
Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Health Partners, Refunding and Improvement Series 2012A:
           
 
770
 
5.000%, 5/01/33
 
5/22 at 100.00
AA–
 
881,234
 
 
1,640
 
4.000%, 5/01/33
 
5/22 at 100.00
AA–
 
1,684,346
 
 
985
 
5.000%, 5/01/42
 
5/22 at 100.00
AA–
 
1,095,438
 
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
           
 
860
 
5.125%, 6/01/24
 
6/17 at 100.00
B–
 
798,338
 
 
710
 
5.875%, 6/01/30
 
6/17 at 100.00
B
 
636,920
 
 
2,465
 
5.750%, 6/01/34
 
6/17 at 100.00
B
 
2,162,175
 
 
2,115
 
5.875%, 6/01/47
 
6/17 at 100.00
B
 
1,889,689
 
 
1,870
 
Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children’s Hospital Project, Improvement Series 2012A, 5.000%, 11/01/42
 
5/22 at 100.00
Aa2
 
2,093,446
 
 
4,650
 
Middletown City School District, Butler County, Ohio, General Obligation Bonds, Refunding Series 2007, 5.250%, 12/01/28 – AGM Insured
 
No Opt. Call
A2
 
5,776,835
 
 
74
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
Ohio (continued)
           
$
2,765
 
Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System Obligated Group Project, Series 2013, 5.000%, 2/15/48 (WI/DD, Settling 5/09/13)
 
2/23 at 100.00
BB+
$
2,764,806
 
     
Southeastern Ohio Port Authority, Hospital Facilities Revenue Bonds, Memorial Health System Obligated Group Project, Refunding and Improvement Series 2012:
           
 
600
 
5.750%, 12/01/32
 
12/22 at 100.00
N/R
 
662,274
 
 
420
 
6.000%, 12/01/42
 
12/22 at 100.00
N/R
 
468,250
 
 
22,605
 
Total Ohio
       
23,905,406
 
     
Oklahoma – 0.4% (0.3% of Total Investments)
           
 
2,000
 
Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007, 5.000%, 2/15/37
 
2/17 at 100.00
A
 
2,127,120
 
     
Oregon – 0.7% (0.5% of Total Investments)
           
 
3,000
 
Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Series 2009A, 5.000%, 11/15/33
 
5/19 at 100.00
AAA
 
3,415,410
 
     
Pennsylvania – 5.1% (3.6% of Total Investments)
           
 
1,050
 
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40 – AGM Insured
 
1/20 at 100.00
AA–
 
1,173,690
 
 
4,690
 
Pennsylvania Economic Development Financing Authority, Unemployment Compensation Revenue Bonds, Series 2012A, 5.000%, 7/01/19
 
No Opt. Call
Aaa
 
5,795,527
 
 
4,130
 
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured (UB) (4)
 
12/16 at 100.00
AA
 
4,378,915
 
 
1,050
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 – AMBAC Insured
 
6/16 at 100.00
A+
 
1,148,049
 
 
6,000
 
Pennsylvania Turnpike Commission, Turnpike Subordinate Revenue Bonds, Series 2009C, 0.000%, 6/01/33 – AGM Insured
 
6/26 at 100.00
AA
 
6,455,940
 
 
400
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Temple University Health System Obligated Group, Series 2012A, 5.625%, 7/01/42
 
7/22 at 100.00
BBB–
 
435,044
 
 
2,000
 
Philadelphia Municipal Authority, Pennsylvania, Lease Revenue Bonds, Series 2003B, 5.250%, 11/15/18 – AGM Insured
 
11/13 at 100.00
AA–
 
2,052,740
 
 
2,000
 
Reading School District, Berks County, Pennsylvania, General Obligation Bonds, Series 2005, 5.000%, 1/15/19 – AGM Insured (UB)
 
1/16 at 100.00
AA–
 
2,229,260
 
 
1,000
 
State Public School Building Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia School District, Series 2003, 5.000%, 6/01/23 (Pre-refunded 6/01/13) -AGM Insured
 
6/13 at 100.00
AA+ (5)
 
1,004,130
 
 
22,320
 
Total Pennsylvania
       
24,673,295
 
     
Puerto Rico – 0.9% (0.6% of Total Investments)
           
 
1,225
 
Puerto Rico Municipal Finance Agency, Series 2005C, 5.250%, 8/01/21 – CIFG Insured
 
No Opt. Call
AA–
 
1,376,986
 
 
8,480
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Senior Series 2011C, 0.000%, 8/01/39
 
No Opt. Call
AA–
 
2,032,910
 
 
5,035
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/42 – FGIC Insured
 
No Opt. Call
AA–
 
992,550
 
 
14,740
 
Total Puerto Rico
       
4,402,446
 
     
Rhode Island – 0.7% (0.5% of Total Investments)
           
     
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A:
           
 
820
 
6.125%, 6/01/32
 
6/13 at 100.00
BBB+
 
828,118
 
 
2,610
 
6.250%, 6/01/42
 
6/13 at 100.00
BBB–
 
2,672,014
 
 
3,430
 
Total Rhode Island
       
3,500,132
 
 
Nuveen Investments
 
75

 
 

 
 
   
Nuveen Dividend Advantage Municipal Income Fund (continued)
NVG
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)
 
 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
South Carolina – 4.2% (2.9% of Total Investments)
           
$
3,340
 
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2003, 5.250%, 12/01/19 (Pre-refunded 12/01/13)
 
12/13 at 100.00
AA (5)
$
3,438,697
 
     
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2006:
           
 
5,000
 
5.000%, 12/01/24
 
12/16 at 100.00
AA
 
5,701,800
 
 
1,950
 
5.000%, 12/01/28 – AGM Insured
 
12/16 at 100.00
AA
 
2,178,384
 
 
1,000
 
Scago Educational Facilities Corporation, South Carolina, Installment Purchase Revenue Bonds, Spartanburg County School District 5, Series 2005, 5.000%, 4/01/21 – AGM Insured
 
10/15 at 100.00
AA–
 
1,098,530
 
 
4,030
 
South Carolina Public Service Authority, Revenue Refunding Bonds, Santee Cooper Electric System, Series 2003A, 5.000%, 1/01/27 (Pre-refunded 7/01/13) – AMBAC Insured
 
7/13 at 100.00
Aa3 (5)
 
4,063,006
 
 
3,330
 
Spartanburg Regional Health Services District, Inc., South Carolina, Hospital Revenue Refunding Bonds, Series 2012A, 5.000%, 4/15/32
 
4/22 at 100.00
A1
 
3,709,853
 
 
18,650
 
Total South Carolina
       
20,190,270
 
     
Tennessee – 1.1% (0.8% of Total Investments)
           
     
Memphis, Tennessee, Sanitary Sewerage System Revenue Bonds, Series 2004:
           
 
1,495
 
5.000%, 10/01/19 – AGM Insured
 
10/14 at 100.00
AA
 
1,595,225
 
 
1,455
 
5.000%, 10/01/20 – AGM Insured
 
10/14 at 100.00
AA
 
1,552,543
 
 
1,955
 
5.000%, 10/01/21 – AGM Insured
 
10/14 at 100.00
AA
 
2,086,063
 
 
4,905
 
Total Tennessee
       
5,233,831
 
     
Texas – 12.0% (8.4% of Total Investments)
           
 
2,600
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding and Improvement Bonds, Series 2012C, 5.000%, 11/01/45 – AGM Insured
 
11/21 at 100.00
A+
 
2,891,746
 
     
Harris County Health Facilities Development Corporation, Texas, Thermal Utility Revenue Bonds, TECO Project, Series 2003:
           
 
2,240
 
5.000%, 11/15/16 (Pre-refunded 11/15/13) – NPFG Insured
 
11/13 at 100.00
AA (5)
 
2,297,187
 
 
2,355
 
5.000%, 11/15/17 (Pre-refunded 11/15/13) – NPFG Insured
 
11/13 at 100.00
AA (5)
 
2,415,123
 
 
1,545
 
Harris County Metropolitan Transit Authority, Texas, Sales and Use Tax Revenue Bonds, Tender Option Bond Trust 1014, 13.633%, 11/01/41 (IF)
 
11/21 at 100.00
AA
 
2,186,654
 
 
4,080
 
Harris County, Texas, General Obligation Toll Road Revenue Bonds, Tender Option Bond Trust 3418, 13.911%, 8/15/27 – AGM Insured (IF)
 
No Opt. Call
AAA
 
7,910,508
 
 
1,000
 
Houston, Texas, First Lien Combined Utility System Revenue Bonds, First Lien Series 2004A, 5.250%, 5/15/24 – FGIC Insured
 
5/14 at 100.00
AA
 
1,050,320
 
 
2,820
 
North Central Texas Health Facilities Development Corporation, Texas, Revenue Bonds, Children’s Medical Center Dallas Project, Series 2012, 5.000%, 8/15/32
 
8/22 at 100.00
AA
 
3,236,063
 
 
3,220
 
North Fort Bend Water Authority, Texas, Water System Revenue Bonds, Series 2011, 5.000%, 12/15/36 – AGM Insured
 
12/21 at 100.00
AA–
 
3,590,751
 
     
North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A:
           
 
2,590
 
0.000%, 9/01/43
 
9/31 at 100.00
AA
 
2,005,903
 
 
3,910
 
0.000%, 9/01/45
 
9/31 at 100.00
AA
 
3,303,403
 
 
7,700
 
Tarrant Regional Water District, Texas, Water Revenue Bonds, Refunding and Improvement Series 2012, 5.000%, 3/01/52
 
3/22 at 100.00
AAA
 
8,605,135
 
 
6,130
 
Texas Department of Housing and Community Affairs, Single Family Mortgage Bonds, Series 2002B, 5.550%, 9/01/33 – NPFG Insured (Alternative Minimum Tax)
 
9/13 at 100.00
AA+
 
6,138,643
 
 
355
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/32
 
No Opt. Call
A3
 
380,656
 
     
Texas Public Finance Authority, Revenue Bonds, Texas Southern University Financing System, Series 2002:
           
 
3,520
 
5.125%, 11/01/20 – NPFG Insured
 
11/13 at 100.00
Baa1
 
3,523,872
 
 
3,520
 
5.125%, 11/01/21 – NPFG Insured
 
11/13 at 100.00
Baa1
 
3,523,274
 
 
5,000
 
Texas Water Development Board, Senior Lien State Revolving Fund Revenue Bonds, Series 1999B, 5.250%, 7/15/17
 
7/13 at 100.00
AAA
 
5,021,050
 
 
52,585
 
Total Texas
       
58,080,288
 
 
76
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
Utah – 2.3% (1.6% of Total Investments)
           
$
3,700
 
Utah Transit Authority, Sales Tax Revenue and Refunding Bonds, Series 2012, 5.000%, 6/15/42
 
6/22 at 100.00
A1
$
4,193,543
 
 
4,865
 
Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008, Tender Option Bond Trust 1193, 13.366%, 12/15/15 – AGM Insured (IF)
 
No Opt. Call
AAA
 
6,909,370
 
 
8,565
 
Total Utah
       
11,102,913
 
     
Vermont – 1.7% (1.2% of Total Investments)
           
 
7,840
 
University of Vermont and State Agricultural College, Revenue Bonds, Series 2005, 5.000%, 10/01/35 – NPFG Insured
 
10/15 at 100.00
Aa3
 
8,492,445
 
     
Virginia – 0.7% (0.5% of Total Investments)
           
 
1,795
 
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012A, 5.000%, 7/01/52
 
No Opt. Call
BBB–
 
1,921,099
 
 
2,050
 
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012B, 0.000%, 7/01/32
 
No Opt. Call
BBB–
 
832,772
 
 
700
 
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, 95 Express Lanes LLC Project, Series 2012, 5.000%, 1/01/40 (Alternative Minimum Tax)
 
1/22 at 100.00
BBB–
 
729,960
 
 
4,545
 
Total Virginia
       
3,483,831
 
     
Washington – 13.0% (9.0% of Total Investments)
           
 
5,265
 
Energy Northwest, Washington Public Power, Nine Canyon Wind Project Revenue Bonds, Series 2006A, 4.500%, 7/01/30 – AMBAC Insured
 
7/16 at 100.00
A
 
5,613,964
 
 
5,000
 
King County, Washington, Sewer Revenue Bonds, Refunding Series 2012, 5.000%, 1/01/52
 
1/22 at 100.00
AA+
 
5,578,200
 
 
2,340
 
Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Refunding Series 2012A, 5.000%, 8/01/31
 
8/22 at 100.00
Aa3
 
2,739,298
 
 
7,850
 
Seattle, Washington, Water System Revenue Bonds, Series 2003, 5.000%, 9/01/20 (Pre-refunded 9/01/13) – NPFG Insured
 
9/13 at 100.00
Aa1 (5)
 
7,976,778
 
 
2,200
 
Snohomish County School District 2, Everett, Washington, General Obligation Bonds, Series 2003B, 5.000%, 6/01/17 (Pre-refunded 12/01/13) – AGM Insured
 
12/13 at 100.00
AA+ (5)
 
2,261,138
 
 
3,255
 
Thurston and Pierce Counties School District, Washington, General Obligation Bonds, Yelm Community Schools, Series 2003, 5.250%, 12/01/16 (Pre-refunded 6/01/13) – AGM Insured
 
6/13 at 100.00
Aa1 (5)
 
3,269,257
 
 
10,000
 
University of Washington, General Revenue Bonds, Refunding Series 2007, 5.000%, 6/01/37 – AMBAC Insured (UB)
 
6/17 at 100.00
Aaa
 
11,248,100
 
 
750
 
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, Refunding Series 2012B, 5.000%, 10/01/30
 
10/22 at 100.00
AA
 
865,283
 
 
1,925
 
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, Series 2012A, 5.000%, 10/01/42
 
10/22 at 100.00
AA
 
2,147,588
 
 
15,000
 
Washington State Health Care Facilities Authority, Revenue Bonds, Harrison Memorial Hospital, Series 1998, 5.000%, 8/15/28 – AMBAC Insured
 
8/13 at 102.00
N/R
 
15,283,350
 
     
Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2002:
           
 
300
 
6.500%, 6/01/26
 
6/13 at 100.00
A3
 
305,994
 
 
765
 
6.625%, 6/01/32
 
6/13 at 100.00
Baa1
 
780,285
 
 
3,335
 
Washington State, General Obligation Bonds, Series 2009, Trust 1212, 13.513%, 7/01/14 – AGM Insured (IF)
 
No Opt. Call
AA+
 
4,764,448
 
 
57,985
 
Total Washington
       
62,833,683
 
     
Wisconsin – 0.9% (0.6% of Total Investments)
           
 
1,530
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Health Inc. Obligated Group, Series 2012A, 5.000%, 4/01/42
 
10/22 at 100.00
AA–
 
1,710,815
 
 
2,220
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Gundersen Lutheran, Series 2011A, 5.250%, 10/15/39
 
10/21 at 100.00
A+
 
2,480,740
 
 
3,750
 
Total Wisconsin
       
4,191,555
 
$
701,538
 
Total Municipal Bonds (cost $616,211,437)
       
679,158,562
 
 
Nuveen Investments
 
77

 
 

 
 
   
Nuveen Dividend Advantage Municipal Income Fund (continued)
NVG
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)

 
Shares
 
Description (1)
   
Value
 
     
Investment Companies – 0.3% (0.2% of Total Investments)
       
 
8,134
 
BlackRock MuniHoldings Fund Inc.
 
$
148,039
 
 
13,600
 
BlackRock MuniEnhanced Fund Inc.
   
172,040
 
 
7,920
 
Dreyfus Strategic Municipal Fund
   
75,082
 
 
3,500
 
DWS Municipal Income Trust
   
52,150
 
 
9,500
 
Invesco Advantage Municipal Income Fund II
   
123,405
 
 
9,668
 
Invesco Quality Municipal Income Trust
   
130,034
 
 
28,980
 
Invesco VK Investment Grade Municipal Trust
   
429,773
 
 
26,280
 
PIMCO Municipal Income Fund II
   
344,531
 
     
Total Investment Companies (cost $1,353,712)
   
1,475,054
 

 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
Short-Term Investments – 3.1% (2.1% of Total Investments)
           
     
Missouri – 0.8% (0.6% of Total Investments)
           
$
3,970
 
St. Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Variable Rate Demand Obligations, Tender Option Bond Trust DCL-017, 0.600%, 7/01/26 (6)
 
No Opt. Call
A-2
$
3,970,000
 
     
North Carolina – 1.4% (0.9% of Total Investments)
           
 
6,590
 
Winston-Salem, North Carolina, Water and Sewer System Revenue Bonds, Variable Rate Demand Obligations, Tender Option Bond Trust 11023, 0.250%, 6/01/37 (6)
 
No Opt. Call
A-1
 
6,590,000
 
     
South Carolina – 0.9% (0.6% of Total Investments)
           
 
4,225
 
South Carolina Educational Facilities Authority, Charleston Southern University Education Facilities Revenue Bond, Variable Rate Demand Obligations, Series 2003, 0.250%, 4/01/28 (6)
 
8/13 at 100.00
F-1
 
4,225,000
 
$
14,785
 
Total Short-Term Investments (cost $14,785,000)
       
14,785,000
 
     
Total Investments (cost $632,350,149) – 143.7%
       
695,418,616
 
     
Floating Rate Obligations – (4.5)%
       
(21,558,334
     
MuniFund Term Preferred Shares, at Liquidation Value – (22.3)% (7)
       
(108,000,000
     
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (19.1)% (7)
       
(92,500,000
     
Other Assets Less Liabilities – 2.2%
       
10,556,016
 
     
Net Assets Applicable to Common Shares – 100%
     
$
483,916,298
 
 
(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 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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(6)
 
Investment has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.
(7)
 
MuniFund Term Preferred Shares and Variable Rate MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments are 15.5% and 13.3%, respectively.
N/R
 
Not rated.
WI/DD
 
Investment, or portion of investment, 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.
 
78
 
Nuveen Investments

 
 

 
 
   
Nuveen AMT-Free Municipal Income Fund
NEA
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)

 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
Alabama – 3.3% (2.4% of Total Investments)
           
$
1,000
 
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+
$
1,106,090
 
 
5,655
 
Colbert County-Northwest Health Care Authority, Alabama, Revenue Bonds, Helen Keller Hospital, Series 2003, 5.750%, 6/01/27
 
6/13 at 101.00
Ba2
 
5,658,223
 
 
3,515
 
Sheffield, Alabama, Electric Revenue Bonds, Series 2003, 5.500%, 7/01/29 (Pre-refunded 7/01/13) – AMBAC Insured
 
7/13 at 100.00
Aa3 (4)
 
3,546,459
 
 
985
 
Sheffield, Alabama, Electric Revenue Bonds, Series 2003, 5.500%, 7/01/29 – AMBAC Insured
 
1/14 at 100.00
Aa3
 
988,753
 
 
11,155
 
Total Alabama
       
11,299,525
 
     
Alaska – 0.3% (0.2% of Total Investments)
           
 
1,010
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/32
 
6/14 at 100.00
B+
 
945,067
 
     
Arizona – 2.8% (2.0% of Total Investments)
           
 
1,320
 
Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series 2012A, 5.000%, 1/01/43
 
1/22 at 100.00
AA–
 
1,475,800
 
 
6,545
 
Phoenix, Arizona, Civic Improvement Revenue Bonds, Civic Plaza, Series 2005B, 0.000%, 7/01/37 – FGIC Insured
 
No Opt. Call
AA
 
8,252,329
 
 
7,865
 
Total Arizona
       
9,728,129
 
     
California – 13.7% (9.8% of Total Investments)
           
     
California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and Clinics, Tender Option Bond Trust 3294:
           
 
1,285
 
9.308%, 2/15/20 (IF) (5)
 
No Opt. Call
AA–
 
1,593,811
 
 
525
 
9.308%, 2/15/20 (IF)
 
No Opt. Call
AA–
 
651,168
 
 
485
 
9.301%, 2/15/20 (IF)
 
No Opt. Call
AA–
 
601,449
 
 
5,000
 
California State Public Works Board, Lease Revenue Bonds, Department of General Services, Capital East End Project, Series 2002A, 5.000%, 12/01/27 – AMBAC Insured
 
12/13 at 100.00
A2
 
5,014,750
 
 
5
 
California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 – AMBAC Insured
 
4/14 at 100.00
A1
 
5,180
 
 
7,495
 
California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 (Pre-refunded 4/01/14) – AMBAC Insured
 
4/14 at 100.00
AA+ (4)
 
7,822,457
 
 
2,910
 
Cathedral City Public Financing Authority, California, Tax Allocation Bonds, Housing Set-Aside, Series 2002D, 5.000%, 8/01/26 – NPFG Insured
 
8/14 at 100.00
A
 
2,952,777
 
 
8,060
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/35 – FGIC Insured
 
6/15 at 100.00
A2
 
8,462,758
 
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
           
 
2,850
 
4.500%, 6/01/27
 
6/17 at 100.00
B
 
2,780,175
 
 
1,575
 
5.000%, 6/01/33
 
6/17 at 100.00
B
 
1,452,906
 
 
250
 
5.125%, 6/01/47
 
6/17 at 100.00
B
 
217,740
 
 
6,000
 
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2012B, 5.000%, 7/01/43
 
7/22 at 100.00
AA–
 
6,885,540
 
     
Plumas County, California, Certificates of Participation, Capital Improvement Program, Series 2003A:
           
 
1,130
 
5.250%, 6/01/19 – AMBAC Insured
 
6/13 at 101.00
A
 
1,144,035
 
 
1,255
 
5.250%, 6/01/21 – AMBAC Insured
 
6/13 at 101.00
A
 
1,271,943
 
 
1,210
 
Redding Joint Powers Financing Authority, California, Lease Revenue Bonds, Capital Improvement Projects, Series 2003A, 5.000%, 3/01/23 – AMBAC Insured
 
9/13 at 100.00
A
 
1,212,033
 
 
2,610
 
Sacramento Municipal Utility District, California, Electric Revenue Bonds, Series 2003R, 5.000%, 8/15/28 (Pre-refunded 8/15/13)
 
8/13 at 100.00
A1 (4)
 
2,646,592
 
 
1,140
 
Sacramento Municipal Utility District, California, Electric Revenue Bonds, Series 2003R, 5.000%, 8/15/28 – NPFG Insured
 
8/13 at 100.00
AA–
 
1,155,983
 
 
1,055
 
Turlock Irrigation District, California, Certificates of Participation, Series 2003A, 5.000%, 1/01/28 – NPFG Insured
 
1/13 at 100.00
A+
 
1,057,806
 
 
44,840
 
Total California
       
46,929,103
 
 
Nuveen Investments
 
79

 
 

 
 
   
Nuveen AMT-Free Municipal Income Fund (continued)
NEA
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)

 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
Colorado – 6.0% (4.3% of Total Investments)
           
     
Bowles Metropolitan District, Colorado, General Obligation Bonds, Series 2003:
           
$
4,300
 
5.500%, 12/01/23 – AGM Insured
 
12/13 at 100.00
AA–
$
4,415,025
 
 
3,750
 
5.500%, 12/01/28 – AGM Insured
 
12/13 at 100.00
AA–
 
3,807,600
 
 
1,450
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Peak-to-Peak Charter School, Series 2004, 5.250%, 8/15/24 – SYNCORA GTY Insured
 
8/14 at 100.00
A
 
1,500,678
 
 
4,500
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2006C-1, Trust 1090, 15.089%, 10/01/41 – AGM Insured (IF) (5)
 
4/18 at 100.00
AA–
 
6,050,520
 
 
3,000
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/30 – NPFG Insured
 
No Opt. Call
Baa2
 
1,323,840
 
 
2,900
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/34 – NPFG Insured
 
No Opt. Call
Baa2
 
999,572
 
 
2,300
 
University of Colorado Hospital Authority, Colorado, Revenue Bonds, Series 2012A, 5.000%, 11/15/42
 
11/22 at 100.00
A+
 
2,559,026
 
 
22,200
 
Total Colorado
       
20,656,261
 
     
District of Columbia – 2.7% (2.0% of Total Investments)
           
 
650
 
District of Columbia Student Dormitory Revenue Bonds, Provident Group – Howard Properties LLC Issue, Series 2013, 5.000%, 10/01/45
 
10/22 at 100.00
BBB–
 
680,297
 
 
7,000
 
District of Columbia, Revenue Bonds, Georgetown University, Series 2007A, 0.000%, 4/01/40 – AMBAC Insured
 
4/21 at 100.00
A–
 
5,691,560
 
 
7,000
 
Metropolitan Washington Airports Authority, District of Columbia, Dulles Toll Road Revenue Bonds, Capital Appreciation Series 2009B-2, 0.000%, 10/01/36 – AGC Insured
 
No Opt. Call
AA–
 
2,252,110
 
 
665
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1606, 11.456%, 10/01/30 – AMBAC Insured (IF) (5)
 
10/16 at 100.00
AA+
 
763,161
 
 
15,315
 
Total District of Columbia
       
9,387,128
 
     
Florida – 15.5% (11.0% of Total Investments)
           
 
1,000
 
Bay County, Florida, Water System Revenue Bonds, Series 2005, 5.000%, 9/01/25 – AMBAC Insured
 
9/15 at 100.00
A1
 
1,095,330
 
     
Clay County, Florida, Utility System Revenue Bonds, Series 2007:
           
 
1,500
 
5.000%, 11/01/27 – AGM Insured (UB)
 
11/17 at 100.00
Aa2
 
1,709,370
 
 
3,000
 
5.000%, 11/01/32 – AGM Insured (UB)
 
11/17 at 100.00
Aa2
 
3,365,280
 
 
400
 
Collier County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/23 (Pre-refunded 10/01/14) – NPFG Insured
 
10/14 at 100.00
AA– (4)
 
426,576
 
 
1,525
 
Fernandina Beach, Florida, Utility Acquisition and Improvement Revenue Bonds, Series 2003, 5.000%, 9/01/23 – FGIC Insured
 
9/13 at 100.00
N/R
 
1,532,503
 
 
500
 
Flagler County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/30 – NPFG Insured
 
10/15 at 100.00
A
 
521,790
 
 
60
 
Florida Housing Finance Agency, GNMA Collateralized Home Ownership Revenue Refunding Bonds, Series 1987G-1, 8.595%, 11/01/17
 
No Opt. Call
AA+
 
64,888
 
 
2,500
 
Florida State Board of Education, Public Education Capital Outlay Bonds, Tender Option Bond Trust 2929, 17.027%, 12/01/16 – AGC Insured (IF) (5)
 
No Opt. Call
AAA
 
4,008,675
 
 
2,240
 
FSU Financial Assistance Inc., Florida, General Revenue Bonds, Educational and Athletic Facilities Improvements, Series 2004, 5.000%, 10/01/14 – AMBAC Insured
 
No Opt. Call
A1
 
2,379,821
 
 
105
 
Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Refunding Bonds, Series 2003A, 5.000%, 10/01/17 – AGM Insured
 
10/13 at 100.00
AA–
 
106,982
 
 
350
 
Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006, 5.500%, 6/01/38 – AGM Insured
 
6/18 at 100.00
AA–
 
379,712
 
 
1,765
 
Highlands County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health System, Series 2005D, 5.000%, 11/15/35 – NPFG Insured
 
11/15 at 100.00
AA–
 
1,901,505
 
 
180
 
Highlands County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health System, Series 2005D, 5.000%, 11/15/35 (Pre-refunded 11/15/15) – NPFG Insured
 
11/15 at 100.00
AA– (4)
 
200,565
 
 
3,500
 
Highlands County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2003D, 5.875%, 11/15/29 (Pre-refunded 11/15/13)
 
11/13 at 100.00
N/R (4)
 
3,604,930
 
 
80
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
Florida (continued)
           
$
1,500
 
Hillsborough County School Board, Florida, Certificates of Participation, Series 2003, 5.000%, 7/01/29 (Pre-refunded 7/01/13) – NPFG Insured
 
7/13 at 100.00
Aa2 (4)
$
1,512,150
 
 
1,730
 
Lee County, Florida, Transportation Facilities Revenue Bonds, Series 2004B, 5.000%, 10/01/22 – AMBAC Insured
 
10/14 at 100.00
A–
 
1,840,357
 
 
500
 
Lee Memorial Health System, Florida, Hospital Revenue Bonds, Series 2007A, 5.000%, 4/01/32 – NPFG Insured
 
4/17 at 100.00
A
 
530,905
 
 
3,000
 
Marco Island, Florida, Water Utility System Revenue Bonds, Series 2003, 5.000%, 10/01/27 – NPFG Insured
 
10/13 at 100.00
Aa3
 
3,051,180
 
 
500
 
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Refunding Series 2008B, 5.250%, 10/01/22 – AGM Insured
 
No Opt. Call
Aa2
 
627,155
 
 
2,000
 
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 1999A, 5.000%, 10/01/29 – FGIC Insured
 
10/13 at 100.00
Aa2
 
2,006,800
 
 
3,335
 
Palm Bay, Florida, Local Optional Gas Tax Revenue Bonds, Series 2004, 5.250%, 10/01/20 – NPFG Insured
 
10/14 at 100.00
AA–
 
3,554,576
 
 
1,095
 
Palm Bay, Florida, Utility System Revenue Bonds, Series 2004, 5.250%, 10/01/20 – NPFG Insured
 
10/14 at 100.00
Aa3
 
1,168,715
 
 
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
Baa2
 
1,059,070
 
 
2,115
 
Port St. Lucie, Florida, Sales Tax Revenue Bonds, Series 2003, 5.000%, 9/01/23 (Pre-refunded 9/01/13) – NPFG Insured
 
9/13 at 100.00
A+ (4)
 
2,148,925
 
 
480
 
Port St. Lucie, Florida, Utility System Revenue Bonds, Refunding Series 2009, 5.250%, 9/01/35 – AGC Insured
 
9/18 at 100.00
AA–
 
552,485
 
 
4,000
 
Saint Lucie County School Board, Florida, Certificates of Participation, Master Lease Program, Series 2004A, 5.000%, 7/01/24 (Pre-refunded 7/01/14) – AGM Insured
 
7/14 at 100.00
AA– (4)
 
4,219,520
 
 
1,730
 
St. John’s County, Florida, Sales Tax Revenue Bonds, Series 2004A, 5.000%, 10/01/24 (Pre-refunded 10/01/14) – AMBAC Insured
 
10/14 at 100.00
A+ (4)
 
1,842,398
 
 
1,200
 
Tamarac, Florida, Utility System Revenue Bonds, Series 2009, 5.000%, 10/01/39 – AGC Insured
 
10/19 at 100.00
Aa2
 
1,354,476
 
 
4,430
 
Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Refunding Series 2012B, 5.000%, 7/01/42
 
No Opt. Call
A–
 
4,945,342
 
 
1,250
 
Volusia County Educational Facilities Authority, Florida, Revenue Refunding Bonds, Embry-Riddle Aeronautical University, Series 2003, 5.200%, 10/15/33 – RAAI Insured
 
10/13 at 100.00
A–
 
1,257,413
 
 
48,490
 
Total Florida
       
52,969,394
 
     
Georgia – 1.9% (1.4% of Total Investments)
           
 
3,000
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.375%, 11/01/39 – AGM Insured
 
11/19 at 100.00
AA–
 
3,422,850
 
 
1,410
 
DeKalb County, Georgia, Water and Sewer Revenue Bonds, Series 2006A, 5.000%, 10/01/35 – AGM Insured
 
10/16 at 100.00
Aa2
 
1,554,892
 
 
1,450
 
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
 
1,607,949
 
 
5,860
 
Total Georgia
       
6,585,691
 
     
Idaho – 1.0% (0.7% of Total Investments)
           
 
3,075
 
Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project, Series 2012A, 5.000%, 3/01/47 – AGM Insured
 
3/22 at 100.00
A
 
3,365,311
 
     
Illinois – 10.3% (7.3% of Total Investments)
           
 
4,000
 
Bolingbrook, Illinois, General Obligation Refunding Bonds, Series 2002B, 0.000%, 1/01/34 – FGIC Insured
 
No Opt. Call
Aa3
 
1,579,920
 
 
5,100
 
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien Refunding Series 2010C, 5.250%, 1/01/35 – AGC Insured
 
1/20 at 100.00
AA–
 
5,810,226
 
     
Cook County School District 145, Arbor Park, Illinois, General Obligation Bonds, Series 2004:
           
 
1,635
 
5.125%, 12/01/20 – AGM Insured
 
12/14 at 100.00
A2
 
1,755,434
 
 
1,465
 
5.125%, 12/01/23 – AGM Insured
 
12/14 at 100.00
A2
 
1,570,978
 
 
Nuveen Investments
 
81

 
 

 
 
   
Nuveen AMT-Free Municipal Income Fund (continued)
NEA
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)

 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
Illinois (continued)
           
     
Cook County School District 145, Arbor Park, Illinois, General Obligation Bonds, Series 2004:
           
$
1,650
 
5.125%, 12/01/20 – AGM Insured (ETM)
 
12/14 at 100.00
A2 (4)
$
1,744,067
 
 
1,475
 
5.125%, 12/01/23 – AGM Insured (ETM)
 
12/14 at 100.00
A2 (4)
 
1,545,697
 
 
540
 
Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Series 2012, 5.000%, 6/01/42
 
No Opt. Call
AA
 
601,452
 
 
4,000
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago, Series 2012A, 5.000%, 10/01/51
 
10/21 at 100.00
Aa1
 
4,451,120
 
 
2,500
 
Illinois Health Facilities Authority, Revenue Bonds, Lake Forest Hospital, Series 2003, 5.250%, 7/01/23 (Pre-refunded 7/01/13)
 
7/13 at 100.00
AA+ (4)
 
2,521,300
 
     
Illinois State, General Obligation Bonds, Series 2012A:
           
 
2,500
 
5.000%, 3/01/25
 
3/22 at 100.00
A2
 
2,831,225
 
 
4,500
 
5.000%, 3/01/27
 
3/22 at 100.00
A2
 
5,001,840
 
     
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1:
           
 
13,300
 
0.000%, 6/15/45 – AGM Insured
 
No Opt. Call
AAA
 
2,777,705
 
 
15,000
 
0.000%, 6/15/46 – AGM Insured
 
No Opt. Call
AAA
 
2,974,050
 
 
57,665
 
Total Illinois
       
35,165,014
 
     
Indiana – 8.3% (5.9% of Total Investments)
           
 
2,500
 
Evansville, Indiana, Sewerage Works Revenue Refunding Bonds, Series 2003A, 5.000%, 7/01/23 – AMBAC Insured
 
7/13 at 100.00
A1
 
2,518,500
 
 
2,190
 
Indiana Bond Bank, Advance Purchase Funding Bonds, Common School Fund, Series 2003B, 5.000%, 8/01/19 (Pre-refunded 8/01/13) – NPFG Insured
 
8/13 at 100.00
Baa2 (4)
 
2,215,864
 
 
1,820
 
Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 2012A, 5.000%, 5/01/42
 
5/23 at 100.00
A
 
2,018,726
 
 
800
 
Indiana Finance Authority, Midwestern Disaster Relief Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2012A, 5.000%, 6/01/39 – AGM Insured
 
6/22 at 100.00
BBB–
 
856,952
 
 
3,075
 
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2012A, 5.000%, 10/01/37
 
10/22 at 100.00
AA
 
3,504,547
 
 
1,860
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
 
1/17 at 100.00
A+
 
2,026,377
 
 
1,000
 
Indiana University, Student Fee Revenue Bonds, Series 2003O, 5.000%, 8/01/22 (Pre-refunded 8/01/13) – FGIC Insured
 
8/13 at 100.00
Aaa
 
1,012,150
 
     
IPS Multi-School Building Corporation, Indiana, First Mortgage Revenue Bonds, Series 2003:
           
 
11,020
 
5.000%, 7/15/19 (Pre-refunded 7/15/13) – NPFG Insured
 
7/13 at 100.00
AA (4)
 
11,130,420
 
 
3,000
 
5.000%, 7/15/20 (Pre-refunded 7/15/13) – NPFG Insured
 
7/13 at 100.00
AA (4)
 
3,030,060
 
 
27,265
 
Total Indiana
       
28,313,596
 
     
Iowa – 0.4% (0.3% of Total Investments)
           
 
1,430
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34
 
6/17 at 100.00
B+
 
1,430,958
 
     
Kansas – 0.2% (0.1% of Total Investments)
           
 
630
 
Kansas Development Finance Authority, Board of Regents, Revenue Bonds, Scientific Research and Development Facilities Projects, Series 2003C, Reg S, 5.000%, 10/01/22 – AMBAC Insured
 
4/14 at 101.50
AA
 
645,063
 
     
Kentucky – 0.3% (0.2% of Total Investments)
           
 
985
 
Kentucky State Property and Buildings Commission, Revenue Refunding Bonds, Project 77, Series 2003, 5.000%, 8/01/23 (Pre-refunded 8/01/13) – NPFG Insured
 
8/13 at 100.00
A+ (4)
 
996,761
 
     
Louisiana – 2.1% (1.5% of Total Investments)
           
 
4,205
 
Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A, 5.000%, 7/01/36
 
7/23 at 100.00
A
 
4,731,003
 
 
2,000
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Second Lien Series 2010B, 5.000%, 5/01/45
 
5/20 at 100.00
AA
 
2,299,140
 
 
6,205
 
Total Louisiana
       
7,030,143
 
 
82
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
Maine – 0.2% (0.1% of Total Investments)
           
$
505
 
Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2013, 5.000%, 7/01/43
 
7/23 at 100.00
Baa1
$
548,809
 
     
Maryland – 1.2% (0.9% of Total Investments)
           
 
3,800
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of Maryland Medical System Issue, Series 2013A, 5.000%, 7/01/43
 
7/22 at 100.00
A2
 
4,160,848
 
     
Massachusetts – 3.9% (2.8% of Total Investments)
           
 
770
 
Massachusetts Development Finance Agency, Resource Recovery Revenue Refunding Bonds, Covanta Energy Project, Series 2012B, 4.875%, 11/01/42
 
11/17 at 100.00
BB+
 
781,650
 
 
1,125
 
Massachusetts Development Finance Authority, Revenue Bonds, Middlesex School, Series 2003, 5.125%, 9/01/23
 
9/13 at 100.00
A1
 
1,136,025
 
 
7,500
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Tender Option Bond Trust 14021, 9.318%, 2/15/20 (IF)
 
No Opt. Call
AA+
 
11,303,700
 
 
9,395
 
Total Massachusetts
       
13,221,375
 
     
Michigan – 6.3% (4.5% of Total Investments)
           
 
390
 
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
 
7/22 at 100.00
A+
 
426,309
 
 
6,130
 
Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, Series 2003A, 5.000%, 7/01/23 (Pre-refunded 7/01/13) – NPFG Insured
 
7/13 at 100.00
A+ (4)
 
6,179,960
 
 
4,465
 
Detroit, Michigan, Senior Lien Water Supply System Revenue Refunding Bonds, Series 2003C, 5.000%, 7/01/22 – NPFG Insured
 
7/13 at 100.00
A+
 
4,486,343
 
 
700
 
Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A, 5.000%, 1/01/43
 
1/22 at 100.00
A2
 
760,704
 
 
2,000
 
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2009C, 5.000%, 12/01/48
 
6/22 at 100.00
AA
 
2,212,840
 
     
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A:
           
 
180
 
5.000%, 12/01/31 (Pre-refunded 12/01/16) (UB)
 
12/16 at 100.00
N/R (4)
 
207,720
 
 
820
 
5.000%, 12/01/31 (UB)
 
12/16 at 100.00
AA
 
904,681
 
 
6,500
 
Wayne Charter County, Michigan, Limited Tax General Obligation Airport Hotel Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2001A, 5.000%, 12/01/30 – NPFG Insured
 
12/13 at 100.00
BBB+
 
6,517,745
 
 
21,185
 
Total Michigan
       
21,696,302
 
     
Missouri – 0.9% (0.6% of Total Investments)
           
 
240
 
Clay County Public School District 53, Liberty, Missouri, General Obligation Bonds, Series 2004, 5.250%, 3/01/24 – AGM Insured
 
3/14 at 100.00
AA+
 
249,442
 
 
215
 
Clay County Public School District 53, Liberty, Missouri, General Obligation Bonds, Series 2004, 5.250%, 3/01/23 – AGM Insured
 
3/14 at 100.00
AA+
 
223,791
 
     
Clay County Public School District 53, Liberty, Missouri, General Obligation Bonds, Series 2004:
           
 
1,110
 
5.250%, 3/01/23 (Pre-refunded 3/01/14) – AGM Insured
 
3/14 at 100.00
AA+ (4)
 
1,156,631
 
 
1,260
 
5.250%, 3/01/24 (Pre-refunded 3/01/14) – AGM Insured
 
3/14 at 100.00
AA+ (4)
 
1,312,933
 
 
2,825
 
Total Missouri
       
2,942,797
 
     
Nebraska – 2.0% (1.4% of Total Investments)
           
 
1,530
 
Lincoln County Hospital Authority 1, Nebraska, Hospital Revenue and Refunding Bonds, Great Plains Regional Medical Center Project, Series 2012, 5.000%, 11/01/42
 
No Opt. Call
A–
 
1,665,237
 
 
5,000
 
Lincoln, Nebraska, Sanitary Sewer Revenue Bonds, Refunding Series 2003, 5.000%, 6/15/28 (Pre-refunded 6/15/13) – NPFG Insured
 
6/13 at 100.00
AA+ (4)
 
5,030,250
 
 
6,530
 
Total Nebraska
       
6,695,487
 
     
Nevada – 0.3% (0.2% of Total Investments)
           
 
950
 
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water Series 2012B, 5.000%, 6/01/42
 
6/22 at 100.00
AA+
 
1,077,063
 
 
Nuveen Investments
 
83

 
 

 
 
   
Nuveen AMT-Free Municipal Income Fund (continued)
NEA
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)

 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
New Jersey – 2.5% (1.8% of Total Investments)
           
$
5,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2012AA, 5.000%, 6/15/38
 
No Opt. Call
A+
$
5,612,500
 
 
330
 
New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 1154, 17.041%, 1/01/43 (IF) (5)
 
7/22 at 100.00
A+
 
482,107
 
     
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
           
 
1,315
 
4.500%, 6/01/23
 
6/17 at 100.00
B1
 
1,315,921
 
 
330
 
4.625%, 6/01/26
 
6/17 at 100.00
B1
 
321,328
 
 
1,020
 
4.750%, 6/01/34
 
6/17 at 100.00
B2
 
898,508
 
 
7,995
 
Total New Jersey
       
8,630,364
 
     
New Mexico – 0.6% (0.4% of Total Investments)
           
 
1,975
 
New Mexico State University, Revenue Bonds, Series 2004B, 5.000%, 4/01/19 (Pre-refunded 4/01/14) – AMBAC Insured
 
4/14 at 100.00
AA (4)
 
2,060,636
 
     
New York – 6.4% (4.5% of Total Investments)
           
 
650
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47
 
2/21 at 100.00
A
 
772,954
 
 
2,020
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured
 
2/17 at 100.00
A
 
2,090,478
 
 
2,805
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/38
 
5/21 at 100.00
A
 
3,089,259
 
 
4,045
 
New York State Environmental Facilities Corporation, State Clean Water and Drinking Water Revolving Funds Revenue Bonds, New York City Municipal Water Finance Authority Projects,
 
6/22 at 100.00
AAA
 
6,967,432
 
     
Tender Option Bond Trust 2012-9W, 13.514%, 6/15/26 (IF) (5)
           
 
1,850
 
New York State Urban Development Corporation, Service Contract Revenue Bonds, Series 2005B, 5.000%, 3/15/25 (Pre-refunded 3/15/15) – AGM Insured (UB)
 
3/15 at 100.00
AAA
 
2,012,190
 
 
3,335
 
New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Tender Option Bond Trust 09-6W, 13.625%, 3/15/37 (IF) (5)
 
3/17 at 100.00
AAA
 
4,530,164
 
 
1,060
 
Onondaga Civic Development Corporation, New York, Revenue Bonds, St. Joseph’s Hospital Health Center Project, Series 2012, 5.000%, 7/01/42
 
7/22 at 100.00
BB+
 
1,099,400
 
     
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Subordinate Lien Series 2013A:
           
 
485
 
5.000%, 11/15/28
 
No Opt. Call
A+
 
578,067
 
 
580
 
0.000%, 11/15/31
 
No Opt. Call
A+
 
289,095
 
 
120
 
3.125%, 11/15/32
 
No Opt. Call
A+
 
115,067
 
 
425
 
0.000%, 11/15/32
 
No Opt. Call
A+
 
201,773
 
 
17,375
 
Total New York
       
21,745,879
 
     
North Carolina – 3.9% (2.8% of Total Investments)
           
 
1,700
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University Health System, Series 2012A, 5.000%, 6/01/42
 
6/22 at 100.00
AA
 
1,931,676
 
 
700
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Vidant Health, Refunding Series 2012A, 5.000%, 6/01/36
 
6/22 at 100.00
A+
 
771,645
 
 
1,500
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Refunding Bonds, WakeMed, Series 2012A, 5.000%, 10/01/38
 
10/22 at 100.00
AA–
 
1,664,565
 
 
8,700
 
North Carolina Medical Care Commission, Revenue Bonds, Maria Parham Medical Center, Series 2003, 5.375%, 10/01/33 (Pre-refunded 10/01/13) – RAAI Insured
 
10/13 at 100.00
N/R (4)
 
8,885,832
 
 
12,600
 
Total North Carolina
       
13,253,718
 
     
North Dakota – 0.6% (0.4% of Total Investments)
           
 
1,800
 
Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2012, 5.000%, 12/01/35
 
12/21 at 100.00
A–
 
1,963,116
 
     
Ohio – 6.2% (4.4% of Total Investments)
           
     
Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Health Partners, Refunding and Improvement Series 2012A:
           
 
650
 
5.000%, 5/01/33
 
5/22 at 100.00
AA–
 
743,899
 
 
960
 
4.000%, 5/01/33
 
5/22 at 100.00
AA–
 
985,958
 
 
800
 
5.000%, 5/01/42
 
5/22 at 100.00
AA–
 
889,696
 
 
84
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
Ohio (continued)
           
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
           
$
205
 
5.125%, 6/01/24
 
6/17 at 100.00
B–
$
190,302
 
 
710
 
5.875%, 6/01/30
 
6/17 at 100.00
B
 
636,920
 
 
2,015
 
5.750%, 6/01/34
 
6/17 at 100.00
B
 
1,767,457
 
 
1,700
 
5.875%, 6/01/47
 
6/17 at 100.00
B
 
1,518,899
 
 
1,465
 
Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children’s Hospital Project, Improvement Series 2012A, 5.000%, 11/01/42
 
5/22 at 100.00
Aa2
 
1,640,053
 
 
6,920
 
JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, Tax Exempt Series 2013A, 5.000%, 1/01/38
 
1/23 at 100.00
AA
 
7,859,182
 
 
4,000
 
Middletown City School District, Butler County, Ohio, General Obligation Bonds, Refunding Series 2007, 5.250%, 12/01/31 – AGM Insured
 
No Opt. Call
A2
 
5,061,040
 
 
19,425
 
Total Ohio
       
21,293,406
 
     
Oklahoma – 0.3% (0.2% of Total Investments)
           
 
1,000
 
Oklahoma Capitol Improvement Authority, State Facilities Revenue Bonds, Series 2005F, 5.000%, 7/01/24 – AMBAC Insured
 
7/15 at 100.00
AA
 
1,088,900
 
     
Oregon – 0.4% (0.3% of Total Investments)
           
 
1,335
 
Oregon Health and Science University, Revenue Bonds, Series 2012E, 5.000%, 7/01/32
 
No Opt. Call
A+
 
1,542,392
 
     
Pennsylvania – 7.3% (5.2% of Total Investments)
           
 
3,000
 
Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, St. Luke’s Hospital of Bethlehem, Series 2003, 5.375%, 8/15/33 (Pre-refunded 8/15/13)
 
8/13 at 100.00
AA+ (4)
 
3,045,330
 
 
3,500
 
Pennsylvania Turnpike Commission, Turnpike Subordinate Revenue Bonds, Series 2009C, 0.000%, 6/01/33 – AGM Insured
 
6/26 at 100.00
AA
 
3,765,965
 
 
2,000
 
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fourth Series 1998, 5.000%, 8/01/32 – AGM Insured
 
8/13 at 100.00
AA–
 
2,018,080
 
 
300
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Temple University Health System Obligated Group, Series 2012A, 5.625%, 7/01/42
 
7/22 at 100.00
BBB–
 
326,283
 
 
925
 
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 1997A, 5.125%, 8/01/27 – AMBAC Insured (ETM)
 
No Opt. Call
A1 (4)
 
1,161,264
 
 
1,350
 
Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Sales Tax Revenue Bonds, Refunding Series 2010, 5.000%, 2/01/31 – AGM Insured
 
8/20 at 100.00
AA–
 
1,518,669
 
 
13,000
 
State Public School Building Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia School District, Series 2003, 5.000%, 6/01/33 (Pre-refunded 6/01/13) – AGM Insured
 
6/13 at 100.00
AA+ (4)
 
13,053,680
 
 
24,075
 
Total Pennsylvania
       
24,889,271
 
     
Puerto Rico – 1.2% (0.8% of Total Investments)
           
 
8,480
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Senior Series 2011C, 0.000%, 8/01/39
 
No Opt. Call
AA–
 
2,032,910
 
 
10,350
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/43 – NPFG Insured
 
No Opt. Call
AA–
 
1,921,995
 
 
18,830
 
Total Puerto Rico
       
3,954,905
 
     
Rhode Island – 0.2% (0.2% of Total Investments)
           
     
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A:
           
 
450
 
6.125%, 6/01/32
 
6/13 at 100.00
BBB+
 
454,455
 
 
380
 
6.250%, 6/01/42
 
6/13 at 100.00
BBB–
 
389,029
 
 
830
 
Total Rhode Island
       
843,484
 
     
South Carolina – 4.1% (2.9% of Total Investments)
           
 
5,000
 
Florence County, South Carolina, Hospital Revenue Bonds, McLeod Regional Medical Center, Series 2004A, 5.250%, 11/01/23 – AGM Insured
 
11/14 at 100.00
AA–
 
5,319,900
 
     
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2003:
           
 
3,000
 
5.000%, 12/01/22 (UB)
 
12/13 at 100.00
AA
 
3,084,270
 
 
1,785
 
5.000%, 12/01/23 (UB)
 
12/13 at 100.00
AA
 
1,835,141
 
 
Nuveen Investments
 
85

 
 

 
 
   
Nuveen AMT-Free Municipal Income Fund (continued)
NEA
 
Portfolio of Investments
   
April 30, 2013 (Unaudited)

 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
South Carolina (continued)
           
$
900
 
South Carolina JOBS Economic Development Authority, Industrial Revenue Bonds, South Carolina Electric and Gas Company, Series 2013, 4.000%, 2/01/28
 
2/23 at 100.00
A
$
965,727
 
 
2,400
 
Spartanburg Regional Health Services District, Inc., South Carolina, Hospital Revenue Refunding Bonds, Series 2012A, 5.000%, 4/15/32
 
4/22 at 100.00
A1
 
2,673,768
 
 
13,085
 
Total South Carolina
       
13,878,806
 
     
Tennessee – 0.4% (0.3% of Total Investments)
           
 
1,200
 
Harpeth Valley Utilities District, Davidson and Williamson Counties, Tennessee, Utilities Revenue Bonds, Series 2012A, 4.000%, 9/01/40
 
9/22 at 100.00
AA
 
1,240,596
 
     
Texas – 7.2% (5.1% of Total Investments)
           
 
1,885
 
Bexar County, Texas, Venue Project Revenue Bonds, Refunding Series 2010, 5.500%, 8/15/49 – AGM Insured
 
8/19 at 100.00
AA–
 
2,117,175
 
 
365
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Refunding Series 2013A, 5.000%, 1/01/43 (WI/DD, Settling 5/16/13)
 
1/23 at 100.00
Baa2
 
395,229
 
 
2,000
 
Houston, Texas, First Lien Combined Utility System Revenue Bonds, First Lien Series 2004A, 5.250%, 5/15/25 – NPFG Insured
 
5/14 at 100.00
AA
 
2,099,760
 
 
4,550
 
Houston, Texas, Subordinate Lien Airport System Revenue Refunding Bonds, Series 2012B, 5.000%, 7/01/31
 
7/22 at 100.00
A+
 
5,241,100
 
 
2,870
 
Hutto Independent School District, Williamson County, Texas, General Obligation Bonds, Refunding Series 2012A, 5.000%, 8/01/46
 
8/21 at 100.00
A
 
3,150,657
 
 
2,115
 
North Central Texas Health Facilities Development Corporation, Texas, Revenue Bonds, Children’s Medical Center Dallas Project, Series 2012, 5.000%, 8/15/32
 
8/22 at 100.00
AA
 
2,427,047
 
 
2,145
 
North Fort Bend Water Authority, Texas, Water System Revenue Bonds, Series 2011, 5.000%, 12/15/36 – AGM Insured
 
12/21 at 100.00
AA–
 
2,391,975
 
 
395
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/32
 
No Opt. Call
A3
 
423,547
 
 
4,000
 
Texas State, General Obligation Bonds, Transportation Commission Highway Improvement Series 2012A, 5.000%, 4/01/42
 
No Opt. Call
Aaa
 
4,650,800
 
 
1,665
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier Refunding Series 2012A, 5.000%, 8/15/41
 
8/22 at 100.00
A–
 
1,818,047
 
 
21,990
 
Total Texas
       
24,715,337
 
     
Utah – 0.9% (0.7% of Total Investments)
           
 
2,880
 
Utah Transit Authority, Sales Tax Revenue and Refunding Bonds, Series 2012, 5.000%, 6/15/42
 
6/22 at 100.00
A1
 
3,264,163
 
     
Virginia – 0.6% (0.5% of Total Investments)
           
 
430
 
Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Capital Appreciation Series 2012B, 0.000%, 7/15/40
 
7/28 at 100.00
BBB
 
263,134
 
 
1,290
 
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012A, 5.000%, 7/01/52
 
No Opt. Call
BBB–
 
1,380,623
 
     
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012B:
           
 
955
 
0.000%, 7/01/34
 
No Opt. Call
BBB–
 
348,451
 
 
520
 
0.000%, 7/01/35
 
No Opt. Call
BBB–
 
179,920
 
 
3,195
 
Total Virginia
       
2,172,128
 
     
Washington – 7.9% (5.6% of Total Investments)
           
 
3,000
 
King County, Washington, Sewer Revenue Bonds, Refunding Series 2012, 5.000%, 1/01/52
 
1/22 at 100.00
AA+
 
3,346,920
 
 
5,000
 
King County, Washington, Sewer Revenue Bonds, Series 2006-2, 13.511%, 1/01/26 – AGM Insured (IF)
 
1/17 at 100.00
AA+
 
6,739,100
 
     
Kitsap County Consolidated Housing Authority, Washington, Revenue Bonds, Bremerton Government Center, Series 2003:
           
 
775
 
5.000%, 7/01/23 (Pre-refunded 7/01/13) – NPFG Insured
 
7/13 at 100.00
Aaa
 
781,278
 
 
1,360
 
5.000%, 7/01/23 (Pre-refunded 7/01/13) – NPFG Insured
 
7/13 at 100.00
Aa3 (4)
 
1,371,016
 
 
1,935
 
Pierce County School District 343, Dieringer, Washington, General Obligation Refunding Bonds, Series 2003, 5.250%, 12/01/17 (Pre-refunded 6/01/13) – FGIC Insured
 
6/13 at 100.00
Aa1 (4)
 
1,943,321
 
 
750
 
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, Refunding Series 2012B, 5.000%, 10/01/30
 
10/22 at 100.00
AA
 
865,283
 
 
86
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
Washington (continued)
           
$
2,000
 
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, Series 2012A, 5.000%, 10/01/42
 
10/22 at 100.00
AA
$
2,231,260
 
 
9,670
 
Washington State, General Obligation Bonds, Series 2003D, 5.000%, 12/01/21 (Pre-refunded 6/01/13) – NPFG Insured
 
6/13 at 100.00
AA+ (4)
 
9,709,937
 
 
24,490
 
Total Washington
       
26,988,115
 
     
West Virginia – 1.0% (0.7% of Total Investments)
           
 
3,000
 
West Virginia State Building Commission, Lease Revenue Refunding Bonds, Regional Jail and Corrections Facility, Series 1998A, 5.375%, 7/01/21 – AMBAC Insured
 
No Opt. Call
N/R
 
3,432,150
 
     
Wisconsin – 5.0% (3.6% of Total Investments)
           
 
1,190
 
Sun Prairie Area School District, Dane County, Wisconsin, General Obligation Bonds, Series 2004C, 5.250%, 3/01/24 (Pre-refunded 3/01/14) – AGM Insured
 
3/14 at 100.00
Aa2 (4)
 
1,236,053
 
 
1,615
 
University of Wisconsin Hospitals and Clinics Authority, Revenue Bonds, Refunding Series 2013A, 5.000%, 4/01/38
 
4/23 at 100.00
Aa3
 
1,821,559
 
 
4,605
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Franciscan Sisters of Christian Charity Healthcare Ministry, Series 2003A, 5.875%, 9/01/33 (Pre-refunded 9/01/13)
 
9/13 at 100.00
BBB+ (4)
 
4,690,008
 
 
2,490
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital Inc., Series 1992A, 6.000%, 12/01/22 – FGIC Insured
 
No Opt. Call
A1
 
2,864,994
 
 
2,650
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Health Care, Inc., Refunding 2012C, 5.000%, 8/15/32
 
8/22 at 100.00
A+
 
2,961,746
 
 
3,600
 
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–
 
3,635,496
 
 
16,150
 
Total Wisconsin
       
17,209,856
 
$
492,410
 
Total Investments (cost $449,362,829) – 140.3%
       
479,957,047
 
     
Floating Rate Obligations – (2.4)%
       
(8,315,000
     
MuniFund Term Preferred Shares, at Liquidation Value – (24.3)% (6)
       
(83,000,000
     
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (19.8)% (6)
       
(67,600,000
     
Other Assets Less Liabilities – 6.2%
       
20,932,232
 
     
Net Assets Applicable to Common Shares – 100%
     
$
341,974,279
 
 
(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. Certain bonds backed by U.S. Government or agency securities are regarded as having 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)
 
MuniFund Term Preferred Shares and Variable Rate MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments are 17.3% and 14.1%, respectively.
N/R
 
Not rated.
WI/DD
 
Investment, or portion of investment, 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.
Reg S
 
Regulation S allows U.S. companies to sell securities to persons or entities located outside of the United States without registering those securities with the Securities and Exchange Commission. Specifically, Regulation S provides a safe harbor from the registration requirements of the Securities Act for the offers and sales of securities by both foreign and domestic issuers that are made outside the United States.
 
 See accompanying notes to financial statements.
 
Nuveen Investments
 
87

 
 

 

   
Statement of
   
Assets & Liabilities
   
April 30, 2013 (Unaudited)

                 
Premier
 
     
Quality
   
Opportunity
   
Opportunity
 
     
(NQI
)
 
(NIO
)
 
(NIF
)
Assets
                   
Investments, at value (cost $792,838,563, $2,080,315,218 and $410,603,811, respectively)
 
$
871,015,678
 
$
2,272,958,065
 
$
451,581,764
 
Cash
   
4,821,659
   
2,590,655
   
4,891,147
 
Receivables:
                   
Dividends and interest
   
11,374,761
   
31,736,392
   
5,835,755
 
Investments sold
   
4,656,557
   
10,383,350
   
2,774,092
 
Deferred offering costs
   
92,318
   
3,067,911
   
685,195
 
Other assets
   
112,668
   
738,544
   
140,118
 
Total assets
   
892,073,641
   
2,321,474,917
   
465,908,071
 
Liabilities
                   
Floating rate obligations
   
52,775,000
   
109,248,333
   
19,000,000
 
Payables:
                   
Common share dividends
   
2,486,210
   
6,357,373
   
1,290,729
 
Interest
   
261,344
   
   
 
Investments purchased
   
   
10,999,273
   
 
Offering costs
   
86,145
   
   
 
MuniFund Term Preferred (MTP) Shares, at liquidation value
   
   
   
 
Variable Rate MuniFund Term Preferred (VMTP) Shares, at liquidation value
   
240,400,000
   
   
 
Variable Rate Demand Preferred (VRDP) Shares, at liquidation value
   
   
667,200,000
   
130,900,000
 
Accrued expenses:
                   
Management fees
   
424,402
   
1,084,349
   
230,898
 
Directors/Trustees fees
   
108,128
   
284,792
   
56,418
 
Other
   
175,988
   
491,811
   
148,706
 
Total liabilities
   
296,717,217
   
795,665,931
   
151,626,751
 
Net assets applicable to Common shares
 
$
595,356,424
 
$
1,525,808,986
 
$
314,281,320
 
Common shares outstanding
   
38,461,871
   
95,610,971
   
19,526,645
 
Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding)
 
$
15.48
 
$
15.96
 
$
16.09
 
Net assets applicable to Common shares consist of:
                   
Common shares, $.01 par value per share
 
$
384,619
 
$
956,110
 
$
195,266
 
Paid-in surplus
   
538,854,218
   
1,333,832,277
   
271,648,606
 
Undistributed (Over-distribution of) net investment income
   
2,846,063
   
18,788,099
   
2,493,606
 
Accumulated net realized gain (loss)
   
(24,905,591
)
 
(20,410,347
)
 
(1,034,111
)
Net unrealized appreciation (depreciation)
   
78,177,115
   
192,642,847
   
40,977,953
 
Net assets applicable to Common shares
 
$
595,356,424
 
$
1,525,808,986
 
$
314,281,320
 
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.
 
88
 
Nuveen Investments

 
 

 

     
Premium
             
     
Income
   
Dividend
   
AMT-Free
 
     
Opportunity
   
Advantage
   
Income
 
     
(NPX
)
 
(NVG
)
 
(NEA
)
Assets
                   
Investments, at value (cost $720,106,426, $632,350,149 and $449,362,829, respectively)
 
$
786,221,994
 
$
695,418,616
 
$
479,957,047
 
Cash
   
18,958,973
   
3,200,425
   
319,762
 
Receivables:
                   
Dividends and interest
   
10,686,736
   
9,080,667
   
7,111,118
 
Investments sold
   
20,870,928
   
10,097,973
   
16,932,464
 
Deferred offering costs
   
2,344,022
   
847,225
   
724,522
 
Other assets
   
282,548
   
78,943
   
53,804
 
Total assets
   
839,365,201
   
718,723,849
   
505,098,717
 
Liabilities
                   
Floating rate obligations
   
58,525,000
   
21,558,334
   
8,315,000
 
Payables:
                   
Common share dividends
   
2,140,907
   
1,785,916
   
1,471,764
 
Interest
   
   
354,662
   
265,058
 
Investments purchased
   
   
10,045,134
   
1,737,716
 
Offering costs
   
   
7,500
   
 
MuniFund Term Preferred (MTP) Shares, at liquidation value
   
   
108,000,000
   
83,000,000
 
Variable Rate MuniFund Term Preferred (VMTP) Shares, at liquidation value
   
   
92,500,000
   
67,600,000
 
Variable Rate Demand Preferred (VRDP) Shares, at liquidation value
   
219,000,000
   
   
 
Accrued expenses:
                   
Management fees
   
402,619
   
349,941
   
254,016
 
Directors/Trustees fees
   
94,670
   
69,055
   
47,980
 
Other
   
706,873
   
137,009
   
432,904
 
Total liabilities
   
280,870,069
   
234,807,551
   
163,124,438
 
Net assets applicable to Common shares
 
$
558,495,132
 
$
483,916,298
 
$
341,974,279
 
Common shares outstanding
   
37,359,200
   
29,802,900
   
22,245,026
 
Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding)
 
$
14.95
 
$
16.24
 
$
15.37
 
Net assets applicable to Common shares consist of:
                   
Common shares, $.01 par value per share
 
$
373,592
 
$
298,029
 
$
222,450
 
Paid-in surplus
   
499,288,146
   
423,461,042
   
314,684,889
 
Undistributed (Over-distribution of) net investment income
   
6,886,545
   
3,183,465
   
2,504,761
 
Accumulated net realized gain (loss)
   
(14,168,719
)
 
(6,094,705
)
 
(6,032,039
)
Net unrealized appreciation (depreciation)
   
66,115,568
   
63,068,467
   
30,594,218
 
Net assets applicable to Common shares
 
$
558,495,132
 
$
483,916,298
 
$
341,974,279
 
Authorized shares:
                   
Common
   
Unlimited
   
Unlimited
   
Unlimited
 
Preferred
   
Unlimited
   
Unlimited
   
Unlimited
 
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
89

 
 

 

   
Statement of
   
Operations
 
Six Months Ended April 30, 2013
 
(Unaudited)

                 
Premier
 
     
Quality
   
Opportunity
   
Opportunity
 
     
(NQI
)
 
(NIO
)
 
(NIF
)
Investment Income
 
$
19,388,777
 
$
51,318,478
 
$
10,186,318
 
Expenses
                   
Management fees
   
2,578,898
   
6,569,279
   
1,401,218
 
Shareholder servicing agent fees and expenses
   
39,415
   
49,428
   
10,507
 
Interest expense and amortization of offering costs
   
2,380,820
   
1,178,105
   
224,292
 
Liquidity fees
   
   
2,562,444
   
502,735
 
Remarketing fees
   
   
335,454
   
65,814
 
Custodian fees and expenses
   
62,929
   
156,814
   
34,737
 
Directors/Trustees fees and expenses
   
9,985
   
25,809
   
5,379
 
Professional fees
   
39,120
   
72,820
   
13,503
 
Shareholder reporting expenses
   
14,664
   
43,594
   
12,700
 
Stock exchange listing fees
   
6,505
   
15,050
   
10,104
 
Investor relations expense
   
37,101
   
83,444
   
18,463
 
Reorganization expense
   
   
   
45,000
 
Other expenses
   
30,528
   
64,994
   
40,116
 
Total expenses
   
5,199,965
   
11,157,235
   
2,384,568
 
Net investment income (loss)
   
14,188,812
   
40,161,243
   
7,801,750
 
Realized and Unrealized Gain (Loss)
                   
Net realized gain (loss) from investments
   
490,442
   
3,123,504
   
518,238
 
Change in net unrealized appreciation (depreciation) of investments
   
1,720,977
   
(2,389,684
)
 
729,750
 
Net realized and unrealized gain (loss)
   
2,211,419
   
733,820
   
1,247,988
 
Net increase (decrease) in net assets applicable to Common shares from operations
 
$
16,400,231
 
$
40,895,063
 
$
9,049,738
 
 
See accompanying notes to financial statements.
 
90
 
Nuveen Investments

 
 

 

        Premium              
     
Income
   
Dividend
   
AMT-Free
 
     
Opportunity
   
Advantage
   
Income
 
     
(NPX
)
 
(NVG
)
 
(NEA
)
Investment Income
 
$
18,489,889
 
$
13,975,831
 
$
11,813,713
 
Expenses
                   
Management fees
   
2,427,843
   
2,127,965
   
1,544,798
 
Shareholder servicing agent fees and expenses
   
15,286
   
18,714
   
18,117
 
Interest expense and amortization of offering costs
   
445,511
   
2,462,607
   
1,821,415
 
Liquidity fees
   
1,121,452
   
   
 
Remarketing fees
   
110,109
   
   
 
Custodian fees and expenses
   
57,674
   
41,824
   
43,845
 
Directors/Trustees fees and expenses
   
9,248
   
8,179
   
5,603
 
Professional fees
   
519
   
43,410
   
34,554
 
Shareholder reporting expenses
   
15,998
   
5,871
   
3,881
 
Stock exchange listing fees
   
13,910
   
9,464
   
6,842
 
Investor relations expense
   
31,572
   
30,436
   
23,435
 
Reorganization expense
   
540,000
   
   
320,000
 
Other expenses
   
13,272
   
1,185
   
23,237
 
Total expenses
   
4,802,394
   
4,749,655
   
3,845,727
 
Net investment income (loss)
   
13,687,495
   
9,226,176
   
7,967,986
 
Realized and Unrealized Gain (Loss)
                   
Net realized gain (loss) from investments
   
3,450,565
   
890,672
   
606,995
 
Change in net unrealized appreciation (depreciation) of investments
   
(2,367,885
)
 
2,523,196
   
(1,985,521
)
Net realized and unrealized gain (loss)
   
1,082,680
   
3,413,868
   
(1,378,526
)
Net increase (decrease) in net assets applicable to Common shares from operations
 
$
14,770,175
 
$
12,640,044
 
$
6,589,460
 
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
91

 
 

 

   
Statement of
   
Changes in Net Assets (Unaudited)

   
Quality (NQI)
 
Opportunity (NIO)
 
     
Six Months
   
 
    Six Months        
     
Ended
   
Year Ended
   
Ended
   
Year Ended
 
     
4/30/13
   
10/31/12
   
4/30/13
   
10/31/12
 
Operations
                         
Net investment income (loss)
 
$
14,188,812
 
$
32,257,082
 
$
40,161,243
 
$
80,781,739
 
Net realized gain (loss) from investments
   
490,442
   
(16,400,909
)
 
3,123,504
   
(13,687,810
)
Change in net unrealized appreciation (depreciation) of investments
   
1,720,977
   
69,624,703
   
(2,389,684
)
 
138,887,743
 
Net increase (decrease) in net assets applicable to Common shares from operations
   
16,400,231
   
85,480,876
   
40,895,063
   
205,981,672
 
Distributions to Common Shareholders
                         
From net investment income
   
(16,923,226
)
 
(34,705,158
)
 
(41,877,608
)
 
(83,755,217
)
From accumulated net realized gains
   
   
   
   
(248,589
)
Decrease in net assets applicable to Common shares from distribution to Common shareholders
   
(16,923,226
)
 
(34,705,158
)
 
(41,877,608
)
 
(84,003,806
)
Capital Share Transactions
                         
Net proceeds from Common shares issued to shareholders due to reinvestment of distributions
   
139,159
   
464,200
   
   
 
Net increase (decrease) in net assets applicable to Common shares from capital share transactions
   
139,159
   
464,200
   
   
 
Net increase (decrease) in net assets applicable to Common shares
   
(383,836
)
 
51,239,918
   
(982,545
)
 
121,977,866
 
Net assets applicable to Common shares at the beginning of period
   
595,740,260
   
544,500,342
   
1,526,791,531
   
1,404,813,665
 
Net assets applicable to Common shares at the end of period
 
$
595,356,424
 
$
595,740,260
 
$
1,525,808,986
 
$
1,526,791,531
 
Undistributed (Over-distribution of) net investment income at the end of period
 
$
2,846,063
 
$
5,580,477
 
$
18,788,099
 
$
20,504,464
 
 
See accompanying notes to financial statements.
 
92
 
Nuveen Investments

 
 

 

   
Premier
 
Premium Income
 
   
Opportunity (NIF)
 
Opportunity (NPX)
 
     
Six Months
         
Six Months
       
     
Ended
   
Year Ended
   
Ended
   
Year Ended
 
     
4/30/13
   
10/31/12
   
4/30/13
   
10/31/12
 
Operations
                         
Net investment income (loss)
 
$
7,801,750
 
$
16,542,975
 
$
13,687,495
 
$
28,629,149
 
Net realized gain (loss) from investments
   
518,238
   
342,397
   
3,450,565
   
(1,740,582
)
Change in net unrealized appreciation (depreciation) of investments
   
729,750
   
26,999,213
   
(2,367,885
)
 
52,674,743
 
Net increase (decrease) in net assets applicable to Common shares from operations
   
9,049,738
   
43,884,585
   
14,770,175
   
79,563,310
 
Distributions to Common Shareholders
                         
From net investment income
   
(8,503,854
)
 
(17,681,389
)
 
(13,897,623
)
 
(27,791,366
)
From accumulated net realized gains
   
   
   
   
 
Decrease in net assets applicable to Common shares from distribution to Common shareholders
   
(8,503,854
)
 
(17,681,389
)
 
(13,897,623
)
 
(27,791,366
)
Capital Share Transactions
                         
Net proceeds from Common shares issued to shareholders due to reinvestment of distributions
   
   
464,494
   
   
84,877
 
Net increase (decrease) in net assets applicable to Common shares from capital share transactions
   
   
464,494
   
   
84,877
 
Net increase (decrease) in net assets applicable to Common shares
   
545,884
   
26,667,690
   
872,552
   
51,856,821
 
Net assets applicable to Common shares at the beginning of period
   
313,735,436
   
287,067,746
   
557,622,580
   
505,765,759
 
Net assets applicable to Common shares at the end of period
 
$
314,281,320
 
$
313,735,436
 
$
558,495,132
 
$
557,622,580
 
Undistributed (Over-distribution of) net investment income at the end of period
 
$
2,493,606
 
$
3,195,710
 
$
6,886,545
 
$
7,096,673
 
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
93

 
 

 

   
Statement of
   
Changes in Net Assets (Unaudited) (continued)

   
Dividend
 
AMT-Free
 
   
Advantage (NVG)
 
Income (NEA)
 
     
Six Months
   
 
   
Six Months
       
     
Ended
   
Year Ended
   
Ended
   
Year Ended
 
     
4/30/13
   
10/31/12
   
4/30/13
   
10/31/12
 
Operations
                         
Net investment income (loss)
 
$
9,226,176
 
$
24,439,334
 
$
7,967,986
 
$
17,348,944
 
Net realized gain (loss) from investments
   
890,672
   
4,325,317
   
606,995
   
2,298,488
 
Change in net unrealized appreciation (depreciation) of investments
   
2,523,196
   
37,968,520
   
(1,985,521
)
 
16,571,315
 
Net increase (decrease) in net assets applicable to Common shares from operations
   
12,640,044
   
66,733,171
   
6,589,460
   
36,218,747
 
Distributions to Common Shareholders
                         
From net investment income
   
(12,085,076
)
 
(26,822,612
)
 
(9,120,461
)
 
(18,682,905
)
From accumulated net realized gains
   
(3,388,590
)
 
(1,230,860
)
 
   
 
Decrease in net assets applicable to Common shares from distribution to Common shareholders
   
(15,473,666
)
 
(28,053,472
)
 
(9,120,461
)
 
(18,682,905
)
Capital Share Transactions
                         
Net proceeds from Common shares issued to shareholders due to reinvestment of distributions
   
   
   
18,775
   
41,859
 
Net increase (decrease) in net assets applicable to Common shares from capital share transactions
   
   
   
18,775
   
41,859
 
Net increase (decrease) in net assets applicable to Common shares
   
(2,833,622
)
 
38,679,699
   
(2,512,226
)
 
17,577,701
 
Net assets applicable to Common shares at the beginning of period
   
486,749,920
   
448,070,221
   
344,486,505
   
326,908,804
 
Net assets applicable to Common shares at the end of period
 
$
483,916,298
 
$
486,749,920
 
$
341,974,279
 
$
344,486,505
 
Undistributed (Over-distribution of) net investment income at the end of period
 
$
3,183,465
 
$
6,042,365
 
$
2,504,761
 
$
3,657,236
 
 
See accompanying notes to financial statements.
 
94
 
Nuveen Investments

 
 

 

   
Statement of
   
Cash Flows
 
Six Months Ended April 30, 2013
 
(Unaudited)

                 
Premier
 
     
Quality
   
Opportunity
   
Opportunity
 
     
(NQI
)
 
(NIO
)
 
(NIF
)
Cash Flows from Operating Activities:
                   
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
 
$
16,400,231
 
$
40,895,063
 
$
9,049,738
 
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
   
(59,088,716
)
 
(162,359,675
)
 
(38,700,498
)
Proceeds from sales and maturities of investments
   
60,200,785
   
162,876,226
   
49,617,171
 
Proceeds from (Purchases of) short-term investments, net
   
   
   
 
Amortization (Accretion) of premiums and discounts, net
   
(759,576
)
 
(520,442
)
 
(562,703
)
(Increase) Decrease in:
                   
Receivable for dividends and interest
   
(347,218
)
 
(1,021,289
)
 
222,380
 
Receivable for investments sold
   
13,878,240
   
919,865
   
(2,425,403
)
Other assets
   
(10,684
)
 
(47,205
)
 
(1,964
)
Increase (Decrease) in:
                   
Payable for interest
   
(31,208
)
 
   
 
Payable for investments purchased
   
   
(3,500,311
)
 
(3,418,247
)
Accrued management fees
   
(16,625
)
 
(38,410
)
 
(8,426
)
Accrued Directors/Trustees fees
   
5,279
   
13,990
   
2,760
 
Accrued other expenses
   
(11,793
)
 
(6,663
)
 
21,724
 
Net realized (gain) loss from investments
   
(490,442
)
 
(3,123,504
)
 
(518,238
)
Change in net unrealized (appreciation) depreciation of investments
   
(1,720,977
)
 
2,389,684
   
(729,750
)
Taxes paid on undistributed capital gains
   
   
   
 
Net cash provided by (used in) operating activities
   
28,007,296
   
36,477,329
   
12,548,544
 
Cash Flows from Financing Activities:
                   
(Increase) Decrease in deferred offering costs
   
591,794
   
55,105
   
12,308
 
Increase (Decrease) in:
                   
Cash overdraft
   
(7,175,669
)
 
   
 
Floating rate obligations
   
150,000
   
4,815,000
   
 
Payable for offering costs
   
86,145
   
   
 
Cash distributions paid to Common shareholders
   
(16,837,907
)
 
(41,849,320
)
 
(8,563,338
)
Net cash provided by (used in) financing activities
   
(23,185,637
)
 
(36,979,215
)
 
(8,551,030
)
Net Increase (Decrease) in Cash
   
4,821,659
   
(501,886
)
 
3,997,514
 
Cash at the beginning of period
   
   
3,092,541
   
893,633
 
Cash at the End of Period
 
$
4,821,659
 
$
2,590,655
 
$
4,891,147
 

Supplemental Disclosure of Cash Flow Information
Non-cash financing activities not included herein consists of reinvestments of Common share distributions of $139,159 for Quality (NQI).

                 
Premier
 
     
Quality
   
Opportunity
   
Opportunity
 
     
(NQI
)
 
(NIO
)
 
(NIF
)
Cash paid for interest (excluding amortization of offering costs)
 
$
1,710,234
 
$
1,122,999
 
$
211,984
 
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
95

 
 

 

   
Statement of
   
Cash Flows (Unaudited) (continued)

     
Premium
             
     
Income
   
Dividend
   
AMT-Free
 
     
Opportunity
   
Advantage
   
Income
 
     
(NPX
)
 
(NVG
)
 
(NEA
)
Cash Flows from Operating Activities:
                   
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
 
$
14,770,175
 
$
12,640,044
 
$
6,589,460
 
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
   
(20,081,037
)
 
(138,107,474
)
 
(65,198,719
)
Proceeds from sales and maturities of investments
   
48,596,661
   
113,018,803
   
76,531,316
 
Proceeds from (Purchases of) short-term investments, net
   
   
(10,810,000
)
 
 
Amortization (Accretion) of premiums and discounts, net
   
(1,781,691
)
 
879,206
   
317,644
 
(Increase) Decrease in:
                   
Receivable for dividends and interest
   
183,772
   
537,906
   
(196,960
)
Receivable for investments sold
   
(20,870,928
)
 
30,872,027
   
(9,628,945
)
Other assets
   
(1,975
)
 
(12,666
)
 
(6,872
)
Increase (Decrease) in:
                   
Payable for interest
   
   
(3,829
)
 
(2,880
)
Payable for investments purchased
   
   
9,153,281
   
(1,027,214
)
Accrued management fees
   
(11,894
)
 
15,454
   
(10,975
)
Accrued Directors/Trustees fees
   
4,803
   
3,331
   
1,543
 
Accrued other expenses
   
437,680
   
(54,657
)
 
289,470
 
Net realized (gain) loss from investments
   
(3,450,565
)
 
(890,672
)
 
(606,995
)
Change in net unrealized (appreciation) depreciation of investments
   
2,367,885
   
(2,523,196
)
 
1,985,521
 
Taxes paid on undistributed capital gains
   
   
(206,382
)
 
(714
)
Net cash provided by (used in) operating activities
   
20,162,886
   
14,511,176
   
9,034,680
 
Cash Flows from Financing Activities:
                   
(Increase) Decrease in deferred offering costs
   
42,880
   
284,054
   
215,138
 
Increase (Decrease) in:
                   
Cash overdraft
   
   
   
 
Floating rate obligations
   
11,580,000
   
   
 
Payable for offering costs
   
   
   
 
Cash distributions paid to Common shareholders
   
(13,903,887
)
 
(15,881,047
)
 
(9,144,390
)
Net cash provided by (used in) financing activities
   
(2,281,007
)
 
(15,596,993
)
 
(8,929,252
)
Net Increase (Decrease) in Cash
   
17,881,879
   
(1,085,817
)
 
105,428
 
Cash at the beginning of period
   
1,077,094
   
4,286,242
   
214,334
 
Cash at the End of Period
 
$
18,958,973
 
$
3,200,425
 
$
319,762
 

Supplemental Disclosure of Cash Flow Information
Non-cash financing activities not included herein consists of reinvestments of Common share distributions of $18,775 for AMT-Free Income (NEA).
 
     
Premium
             
     
Income
   
Dividend
   
AMT-Free
 
     
Opportunity
   
Advantage
   
Income
 
     
(NPX
)
 
(NVG
)
 
(NEA
)
Cash paid for interest (excluding amortization of offering costs)
 
$
402,631
 
$
2,182,381
 
$
1,609,157
 
 
See accompanying notes to financial statements.
 
96
 
Nuveen Investments

 
 

 
 
THIS PAGE INTENTIONALLY LEFT BLANK
 
Nuveen Investments
 
97

 
 

 

   
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
Accumu-
lated Net
Realized
Gains to
Auction Rate
Preferred Shareholders
(a)
Total
 
From
Net
Investment
Income to
Common
Share-
holders
 
From
Accumu-
lated Net
Realized
Gains to
Common
Share-
holders
 
Total
 
Discount
from
Common
Shares Repurchased and Retired
 
Ending
Common
Share
Net Asset
Value
 
Ending
Market
Value
 
Quality (NQI)
                                                             
Year Ended 10/31:
                                                                   
2013(e)
 
$
15.49
 
$
.37
 
$
.06
 
$
 
$
 
$
.43
 
$
(.44
)
$
 
$
(.44
)
$
 
$
15.48
 
$
14.73
 
2012
   
14.17
   
.84
   
1.38
   
   
   
2.22
   
(.90
)
 
   
(.90
)
 
   
15.49
   
15.49
 
2011
   
14.26
   
.87
   
(.08
)
 
(.01
)
 
   
.78
   
(.87
)
 
   
(.87
)
 
   
14.17
   
14.11
 
2010
   
13.61
   
.95
   
.58
   
(.03
)
 
   
1.50
   
(.85
)
 
   
(.85
)
 
   
14.26
   
14.40
 
2009
   
11.68
   
.99
   
1.76
   
(.06
)
 
   
2.69
   
(.76
)
 
   
(.76
)
 
   
13.61
   
13.30
 
2008
   
14.88
   
.99
   
(3.16
)
 
(.30
)
 
   
(2.47
)
 
(.73
)
 
   
(.73
)
 
   
11.68
   
11.15
 
                                                                           
Opportunity (NIO)
                                                             
Year Ended 10/31:
                                                                   
2013(e)
   
15.97
   
.42
   
.01
   
   
   
.43
   
(.44
)
 
   
(.44
)
 
   
15.96
   
15.09
 
2012
   
14.69
   
.84
   
1.32
   
   
   
2.16
   
(.88
)
 
*
 
(.88
)
 
   
15.97
   
15.53
 
2011
   
14.92
   
.88
   
(.23
)
 
(.01
)
 
   
.64
   
(.87
)
 
   
(.87
)
 
   
14.69
   
14.20
 
2010
   
14.22
   
.97
   
.60
   
(.03
)
 
   
1.54
   
(.84
)
 
   
(.84
)
 
*
 
14.92
   
14.83
 
2009
   
12.39
   
.96
   
1.66
   
(.06
)
 
   
2.56
   
(.73
)
 
   
(.73
)
 
   
14.22
   
12.98
 
2008
   
15.04
   
.97
   
(2.62
)
 
(.30
)
 
*
 
(1.95
)
 
(.70
)
 
*
 
(.70
)
 
   
12.39
   
11.15
 
 
(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.
 
98
 
Nuveen Investments

 
 

 

       
Ratios/Supplemental Data
 
   
Total Returns
     
Ratios to Average Net Assets
Applicable to Common Shares(c)
     
                           
   
Based
on
Market
Value
(b)
Based
on
Common
Share Net
Asset
Value
(b)
Ending
Net
Assets
Applicable
to Common
Shares (000)
 
Expenses
(d)
Net
Investment
Income (Loss)
 
Portfolio
Turnover
Rate
 
                                       
                                       
     
(2.13
)%
 
2.80
%
$
595,356
   
1.64
%**
 
4.92
%**
 
7
%
     
16.65
   
16.06
   
595,740
   
1.69
   
5.55
   
23
 
     
4.65
   
5.98
   
544,500
   
1.66
   
6.43
   
18
 
     
15.03
   
11.30
   
547,598
   
1.19
   
6.81
   
11
 
     
26.98
   
23.65
   
521,216
   
1.32
   
7.86
   
4
 
     
(13.35
)
 
(17.24
)
 
447,463
   
1.49
   
7.03
   
7
 
                                       
                                       
     
(.04
)
 
2.70
   
1,525,809
   
1.47
**
 
5.30
**
 
7
 
     
15.92
   
15.03
   
1,526,792
   
1.54
   
5.45
   
18
 
     
2.08
   
4.73
   
1,404,814
   
1.63
   
6.28
   
10
 
     
21.20
   
11.08
   
1,426,419
   
1.14
   
6.61
   
7
 
     
23.62
   
21.18
   
1,358,844
   
1.29
   
7.36
   
8
 
     
(13.17
)
 
(13.45
)
 
1,005,218
   
1.43
   
6.76
   
9
 
 
(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”), VMTP Shares and/or VRDP Shares, where applicable.
(d)
The expense ratios reflect, among other things, all interest expense and other costs related to VMTP Shares, 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, each as described in Footnote 1 – General Information and Significant Accounting Policies, Variable Rate MuniFund Term Preferred Shares, Variable Rate Demand Preferred Shares and Inverse Floating Rate Securities, respectively, as follows:
 
Quality (NQI)
       
Year Ended 10/31:
       
2013(e)
   
.69
%**
2012
   
.70
 
2011
   
.57
 
2010
   
.07
 
2009
   
.11
 
2008
   
.26
 

Opportunity (NIO)
       
Year Ended 10/31:
       
2013(e)
   
.54
**
2012
   
.57
 
2011
   
.59
 
2010
   
.06
 
2009
   
.11
 
2008
   
.24
 
 
(e)
For the six months ended April 30, 2013.
*
Rounds to less than $.01 per share.
**
Annualized.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
99

 
 

 

   
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
Accumu-
lated Net
Realized
Gains to
Auction Rate
Preferred
Shareholders
(a)
Total
 
From
Net
Investment
Income to
Common
Share-
holders
 
From
Accumu-
lated Net
Realized
Gains to
Common
Share-
holders
 
Total
 
Discount
from
Common
Shares Repurchased and Retired
 
Ending
Common
Share
Net Asset
Value
 
Ending
Market
Value
 
Premier Opportunity (NIF)
                                                             
Year Ended 10/31:
                                                                   
2013(e)
 
$
16.07
 
$
.40
 
$
.06
 
$
 
$
 
$
.46
 
$
(.44
)
$
 
$
(.44
)
$
 
$
16.09
 
$
15.13
 
2012
   
14.72
   
.85
   
1.41
   
   
   
2.26
   
(.91
)
 
   
(.91
)
 
   
16.07
   
15.75
 
2011
   
15.01
   
.88
   
(.27
)
 
(.01
)
 
   
.60
   
(.89
)
 
   
(.89
)
 
   
14.72
   
14.26
 
2010
   
14.38
   
.96
   
.57
   
(.03
)
 
   
1.50
   
(.87
)
 
   
(.87
)
 
   
15.01
   
15.50
 
2009
   
12.54
   
.99
   
1.64
   
(.06
)
 
   
2.57
   
(.73
)
 
   
(.73
)
 
   
14.38
   
13.10
 
2008
   
14.90
   
.96
   
(2.37
)
 
(.31
)
 
   
(1.72
)
 
(.64
)
 
   
(.64
)
 
   
12.54
   
11.19
 
                                                                           
Premium Income Opportunity (NPX)
                                                       
Year Ended 10/31:
                                                                   
2013(e)
   
14.93
   
.37
   
.02
   
   
   
.39
   
(.37
)
 
   
(.37
)
 
   
14.95
   
14.10
 
2012
   
13.54
   
.77
   
1.36
   
   
   
2.13
   
(.74
)
 
   
(.74
)
 
   
14.93
   
14.90
 
2011
   
13.53
   
.77
   
(.02
)
 
   
   
.75
   
(.74
)
 
   
(.74
)
 
   
13.54
   
12.83
 
2010
   
12.96
   
.78
   
.53
   
   
   
1.31
   
(.74
)
 
   
(.74
)
 
   
13.53
   
13.40
 
2009
   
11.39
   
.80
   
1.44
   
   
   
2.24
   
(.67
)
 
   
(.67
)
 
   
12.96
   
11.86
 
2008
   
13.73
   
.80
   
(2.32
)
 
(.20
)
 
   
(1.72
)
 
(.62
)
 
   
(.62
)
 
   
11.39
   
9.56
 
 
(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.
 
100
 
Nuveen Investments

 
 

 

       
Ratios/Supplemental Data
 
   
Total Returns
     
Ratios to Average Net Assets
Applicable to Common Shares(c)
     
                           
   
Based
on
Market
Value
(b)
Based
on
Common
Share Net
Asset
Value
(b)
Ending
Net
Assets
Applicable
to Common
Shares (000)
 
Expenses
(d)
Net
Investment
Income (Loss)
 
Portfolio
Turnover
Rate
 
                                       
                                       
     
(1.20
)%
 
2.86
%
$
314,281
   
1.51
%*
 
5.02
%*
 
9
%
     
17.06
   
15.67
   
313,735
   
1.57
   
5.44
   
17
 
     
(1.98
)
 
4.40
   
287,068
   
1.65
   
6.19
   
8
 
     
25.60
   
10.74
   
292,018
   
1.20
   
6.56
   
12
 
     
24.07
   
20.90
   
279,312
   
1.30
   
7.25
   
2
 
     
(11.12
)
 
(11.92
)
 
243,589
   
1.42
   
6.72
   
6
 
                                       
                                       
     
(2.91
)
 
2.65
   
558,495
   
1.64
*
 
5.04
*
 
2
 
     
22.39
   
16.07
   
557,623
   
1.66
   
5.31
   
14
 
     
1.75
   
6.01
   
505,766
   
1.80
   
5.99
   
20
 
     
19.70
   
10.39
   
505,332
   
1.82
   
5.87
   
10
 
     
31.78
   
20.15
   
484,069
   
1.98
   
6.56
   
7
 
     
(17.17
)
 
(12.98
)
 
425,557
   
2.13
   
6.12
   
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 ARPS and/or VRDP Shares, where applicable.
(d)
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, each as described in Footnote 1 – General Information and Significant Accounting Policies, Variable Rate Demand Preferred Shares and Inverse Floating Rate Securities, respectively, as follows:
 
Premier Opportunity (NIF)
       
Year Ended 10/31:
       
2013(e)
   
.51
%*
2012
   
.54
 
2011
   
.59
 
2010
   
.06
 
2009
   
.07
 
2008
   
.17
 

Premium Income Opportunity (NPX)
       
Year Ended 10/31:
       
2013(e)
   
.61
*
2012
   
.64
 
2011
   
.77
 
2010
   
.59
 
2009
   
.89
 
2008
   
.88
 
 
(e)
For the six months ended April 30, 2013.
*
Annualized.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
101

 
 

 

   
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
Accumu-
lated Net
Realized
Gains to
Auction Rate
Preferred
Shareholders
(a)
Total
 
From
Net
Investment
Income to
Common
Share-
holders
 
From
Accumu-
lated Net
Realized
Gains to
Common
Share-
holders
 
Total
 
Discount
from
Common
Shares Repurchased and Retired
 
Ending
Common
Share
Net Asset
Value
 
Ending
Market
Value
 
Dividend Advantage (NVG)
                                                             
Year Ended 10/31:
                                                                   
2013(e)
 
$
16.33
 
$
.31
 
$
.12
 
$
 
$
 
$
.43
 
$
(.41
)
$
(.11
)
$
(.52
)
$
 
$
16.24
 
$
14.88
 
2012
   
15.03
   
.82
   
1.42
   
   
   
2.24
   
(.90
)
 
(.04
)
 
(.94
)
 
   
16.33
   
15.82
 
2011
   
15.20
   
.91
   
(.22
)
 
(.01
)
 
   
.68
   
(.85
)
 
*
 
(.85
)
 
   
15.03
   
14.32
 
2010
   
14.80
   
.90
   
.39
   
(.01
)
 
*
 
1.28
   
(.84
)
 
(.04
)
 
(.88
)
 
   
15.20
   
14.80
 
2009
   
12.85
   
1.00
   
1.77
   
(.06
)
 
   
2.71
   
(.76
)
 
   
(.76
)
 
*
 
14.80
   
13.85
 
2008
   
15.09
   
1.00
   
(2.25
)
 
(.29
)
 
   
(1.54
)
 
(.70
)
 
   
(.70
)
 
   
12.85
   
11.42
 
                                                                           
AMT-Free Income (NEA)
                                                             
Year Ended 10/31:
                                                                   
2013(e)
   
15.49
   
.36
   
(.07
)
 
   
   
.29
   
(.41
)
 
   
(.41
)
 
   
15.37
   
14.63
 
2012
   
14.70
   
.78
   
.85
   
   
   
1.63
   
(.84
)
 
   
(.84
)
 
   
15.49
   
15.80
 
2011
   
14.98
   
.84
   
(.29
)
 
(.01
)
 
   
.54
   
(.82
)
 
   
(.82
)
 
   
14.70
   
13.85
 
2010
   
14.42
   
.87
   
.52
   
(.02
)
 
   
1.37
   
(.81
)
 
   
(.81
)
 
   
14.98
   
14.95
 
2009
   
12.37
   
.98
   
1.86
   
(.06
)
 
   
2.78
   
(.73
)
 
   
(.73
)
 
*
 
14.42
   
13.48
 
2008
   
14.71
   
.95
   
(2.31
)
 
(.27
)
 
   
(1.63
)
 
(.71
)
 
   
(.71
)
 
   
12.37
   
11.40
 
 
(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
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
(f)
Net
Investment
Income (Loss)
 
Expenses
(f)
Net
Investment
Income (Loss)
 
Portfolio
Turnover
Rate
 
                                                   
                                                   
     
(2.72
)%
 
2.66
%
$
483,916
   
1.97
%**
 
3.83
%**
 
N/A
   
N/A
   
17
%
     
17.44
   
15.30
   
486,750
   
2.08
   
5.17
   
2.05
%
 
5.20
%
 
29
 
     
2.89
   
4.83
   
448,070
   
1.95
   
6.12
   
1.84
   
6.23
   
7
 
     
13.51
   
8.89
   
452,908
   
1.89
   
5.79
   
1.71
   
5.98
   
2
 
     
28.72
   
21.54
   
441,207
   
1.25
   
6.86
   
.98
   
7.12
   
9
 
     
(12.11
)
 
(10.64
)
 
383,035
   
1.32
   
6.48
   
.98
   
6.82
   
7
 
                                                   
                                                   
     
(4.85
)
 
1.89
   
341,974
   
2.16
**
 
4.77
**
 
N/A
   
N/A
   
13
 
     
20.64
   
11.32
   
344,487
   
2.13
   
5.13
   
N/A
   
N/A
   
26
 
     
(1.60
)
 
3.92
   
326,909
   
2.02
   
5.86
   
2.01
   
5.87
   
2
 
     
17.27
   
9.76
   
333,074
   
1.76
   
5.80
   
1.63
   
5.93
   
2
 
     
25.41
   
23.05
   
320,587
   
1.24
   
7.14
   
.99
   
7.39
   
6
 
     
(15.97
)
 
(11.56
)
 
229,075
   
1.26
   
6.27
   
.87
   
6.66
   
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 ARPS, MTP Shares and/or VMTP Shares, where applicable.
(d)
After expense reimbursement from the Adviser, where applicable. As of March 31, 2012 and November 30, 2010, the Adviser is no longer reimbursing Dividend Advantage (NVG) and ATM-Free Income (NEA), respectively, for any fees or expenses.
(e)
For the six months ended April 30, 2013.
(f)
The expense ratios reflect, among other things, all interest expense and other costs related to MTP Shares, VMTP 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, each as described in Footnote 1 – General Information and Significant Accounting Policies, MuniFund Term Preferred Shares, Variable Rate MuniFund Term Preferred Shares and Inverse Floating Rate Securities, respectively, as follows:
 
Dividend Advantage (NVG)
       
Year Ended 10/31:
       
2013(e)
   
1.02
%**
2012
   
1.05
 
2011
   
.90
 
2010
   
.84
 
2009
   
.08
 
2008
   
.15
 

AMT-Free Income (NEA)
       
Year Ended 10/31:
       
2013(e)
   
1.07
**
2012
   
1.07
 
2011
   
.94
 
2010
   
.67
 
2009
   
.05
 
2008
   
.07
 
 
*
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
 
103

 
 

 

   
Financial
   
Highlights (Unaudited) (continued)

   
ARPS at the End of Period
 
VMTP Shares at the End of Period
 
VRDP Shares at the End of Period
 
     
Aggregate
   
Asset
   
Aggregate
   
Asset
   
Aggregate
   
Asset
 
     
Amount
   
Coverage
   
Amount
   
Coverage
   
Amount
   
Coverage
 
   
Outstanding
 
Per $25,000
 
Outstanding
 
Per $100,000
 
Outstanding
 
Per $100,000
 
     
(000
)
 
Share
   
(000
)
 
Share
   
(000
)
 
Share
 
Quality (NQI)
                                     
Year Ended 10/31:
                                     
2013(e)
 
$
 
$
 
$
240,400
 
$
347,652
 
$
 
$
 
2012
   
   
   
240,400
   
347,812
   
   
 
2011
   
   
   
240,400
   
326,498
   
   
 
2010
   
239,200
   
82,232
   
   
   
   
 
2009
   
245,850
   
78,001
   
   
   
   
 
2008
   
298,425
   
62,485
   
   
   
   
 
                                       
Opportunity (NIO)
                                     
Year Ended 10/31:
                                     
2013(e)
   
   
   
   
   
667,200
   
328,688
 
2012
   
   
   
   
   
667,200
   
328,836
 
2011
   
   
   
   
   
667,200
   
310,554
 
2010
   
664,825
   
78,639
   
   
   
   
 
2009
   
675,475
   
75,292
   
   
   
   
 
2008
   
623,350
   
65,315
   
   
   
   
 

   
ARPS at the End of Period
 
VRDP Shares at the End of Period
 
     
Aggregate
   
Asset
   
Aggregate
   
Asset
 
     
Amount
   
Coverage
   
Amount
   
Coverage
 
   
Outstanding
 
Per $25,000
 
Outstanding
 
Per $100,000
 
     
(000
)
 
Share
   
(000
)
 
Share
 
Premier Opportunity (NIF)
                         
Year Ended 10/31:
                         
2013(e)
 
$
 
$
 
$
130,900
 
$
340,093
 
2012
   
   
   
130,900
   
339,676
 
2011
   
   
   
130,900
   
319,303
 
2010
   
130,125
   
81,103
   
   
 
2009
   
130,125
   
78,662
   
   
 
2008
   
154,950
   
64,301
   
   
 
                           
Premium Income Opportunity (NPX)
                         
Year Ended 10/31:
                         
2013(e)
   
   
   
219,000
   
355,021
 
2012
   
   
   
219,000
   
354,622
 
2011
   
   
   
219,000
   
330,943
 
2010
   
   
   
219,000
   
330,745
 
2009
   
   
   
219,000
   
321,036
 
2008
   
   
   
219,000
   
294,318
 
 
(e)
For the six months ended April 30, 2013.
 
104
 
Nuveen Investments

 
 

 

                                         
ARPS, MTP
 
                                         
and/or VMTP
 
                                         
Shares
 
                                         
at the End
 
   
ARPS at the End of Period
 
MTP Shares at the End of Period (g)
 
VMTP Shares at the End of Period
   
of Period
 
                                         
Asset
 
     
Aggregate
   
Asset
   
Aggregate
   
Asset
   
Aggregate
   
Asset
   
Coverage
 
     
Amount
   
Coverage
   
Amount
   
Coverage
   
Amount
   
Coverage
   
Per $1
 
   
Outstanding
 
Per $25,000
 
Outstanding
 
Per $10
 
Outstanding
 
Per $100,000
 
Liquidation
 
     
(000
)
 
Share
   
(000
)
 
Share
   
(000
)
 
Share
   
Preference
 
Dividend Advantage (NVG)
                                     
Year Ended 10/31:
                                           
2013(e)
 
$
 
$
 
$
108,000
 
$
34.14
 
$
92,500
 
$
341,355
 
$
3.41
 
2012
   
   
   
108,000
   
34.28
   
92,500
   
342,768
   
3.43
 
2011
   
   
   
108,000
   
32.35
   
92,500
   
323,476
   
3.23
 
2010
   
91,950
   
81,628
   
108,000
   
32.65
   
   
   
3.27
 
2009
   
91,950
   
80,165
   
108,000
   
32.07
   
   
   
3.21
 
2008
   
226,975
   
67,189
   
   
   
   
   
 
                                             
AMT-Free Income (NEA)
                                     
Year Ended 10/31:
                                           
2013(e)
   
   
   
83,000
   
32.71
   
67,600
   
327,075
   
3.27
 
2012
   
   
   
83,000
   
32.87
   
67,600
   
328,743
   
3.29
 
2011
   
   
   
83,000
   
31.71
   
67,600
   
317,071
   
3.17
 
2010
   
67,375
   
80,374
   
83,000
   
32.15
   
   
   
3.21
 
2009
   
148,750
   
78,880
   
   
   
   
   
 
2008
   
132,800
   
68,124
   
   
   
   
   
 
 
(e)
For the six months ended April 30, 2013.
(g)
The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares were as follows:
 
           
Ending
   
Average
 
         
Market Value
 
Market Value
 
     
Series
   
Per Share
   
Per Share
 
Dividend Advantage (NVG)
                   
Year Ended 10/31:
                   
2013(e)
   
2014
 
$
10.10
 
$
10.13
 
2012
   
2014
   
10.12
   
10.16
 
2011
   
2014
   
10.10
   
10.12
 
2010
   
2014
   
10.22
   
10.19
 
2009
   
2014
   
9.98
   
10.03
^
2008
   
   
   
 
                     
AMT-Free Income (NEA)
                   
Year Ended 10/31:
                   
2013(e)
   
2015
 
$
10.11
 
$
10.13
 
2012
   
2015
   
10.16
   
10.14
 
2011
   
2015
   
10.14
   
10.08
 
2010
   
2015
   
10.14
   
10.15
^^
2009
   
   
   
 
2008
   
   
   
 
 
^
For the period October 19, 2009 (first issuance date of shares) through October 31, 2009.
^^
For the period January 19, 2010 (first issuance date of shares) through October 31, 2010.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
105

 
 

 

   
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 Quality Municipal Fund, Inc. (NQI), Nuveen Municipal Opportunity Fund, Inc. (NIO), Nuveen Premier Municipal Opportunity Fund, Inc. (NIF), Nuveen Premium Income Municipal Opportunity Fund, Inc. (NPX), Nuveen Dividend Advantage Municipal Income Fund (NVG) and Nuveen AMT-Free Municipal Income Fund (NEA) (each a “Fund” and collectively, the “Funds”). Common shares of Quality (NQI), Opportunity (NIO), Premier Opportunity (NIF) and Premium Income Opportunity (NPX) are traded on the New York Stock Exchange (“NYSE”) while Common shares of Dividend Advantage (NVG) and AMT-Free Income (NEA) are traded on the NYSE MKT. The Funds are registered under the Investment Company Act of 1940, as amended, as diversified, closed-end registered investment companies.
 
On December 31, 2012, the Funds’ investment adviser converted from a Delaware corporation to a Delaware limited liability company. As a result, Nuveen Fund Advisers, Inc., a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”), changed its name to Nuveen Fund Advisers, LLC (the “Adviser”). There were no changes to the identities or roles of any personnel as a result of the change.
 
Each Fund seeks to provide current income exempt from regular federal income tax, and in the case of AMT-Free Income (NEA) the alternative minimum tax applicable to individuals, by investing primarily in a portfolio of municipal obligations issued by state and local government authorities or certain U.S. territories.
 
Fund Reorganizations
On June 22, 2012, the Funds’ Board of Directors/Trustees approved a series of reorganizations for certain Funds included in this report (the “Reorganizations”). The Reorganizations are intended to create a single larger Fund, which would potentially offer shareholders the following benefits:
 
 
Lower Fund expense ratios (excluding the effects of leverage), as fixed costs are spread over a larger asset base;
 
Enhanced secondary market trading, as larger Funds potentially make it easier for investors to buy and sell Fund shares;
 
Lower per share trading costs through reduced bid/ask spreads due to a larger common share float; and
 
Increased Fund flexibility in managing the structure and cost of leverage over time.
 
The approved Reorganizations are as follows:
 
 
Acquired Funds
Acquiring Fund
 
Premier Opportunity (NIF)
AMT-Free Income (NEA)
 
Premium Income Opportunity (NPX)
 
 
The Reorganizations were approved by shareholders of the Acquired Funds at a special meeting on April 5, 2013, which was completed before the opening of business on May 6, 2013 (subsequent to the close of this reporting period).
 
Upon the closing of the Reorganizations, the Acquired Funds transferred all of their assets to the Acquiring Fund in exchange for common and preferred shares of the Acquiring Fund, and the assumption by the Acquiring Fund of the liabilities of the Acquired Funds. The Acquired Funds were liquidated, dissolved and terminated in accordance with their Declaration of Trust. Shareholders of the Acquired Funds became shareholders of the Acquiring Fund. Holders of common shares received newly issued common shares of the Acquiring Fund, the aggregate net asset value of which was equal to the aggregate net asset value of the common shares of the Acquired Funds, held immediately prior to the Reorganizations (including for this purpose fractional Acquiring Fund shares to which shareholders would be entitled). Fractional shares were sold on the open market and shareholders received cash in lieu of such fractional shares. Holders of preferred shares of each Acquired Fund received on a one-for-one basis newly issued preferred shares of the Acquiring Fund, in exchange for preferred shares of their Acquired Fund held immediately prior to the Reorganizations.
 
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”).
 
106
 
Nuveen Investments

 
 

 
 
Investment Valuation
Prices of municipal bonds and other fixed income securities 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 the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.
 
Investments in investment companies are valued at their respective net asset values on the valuation date. These investment vehicles 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 such 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 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 earmark securities in the Funds’ portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. As of April 30, 2013, Opportunity (NIO) and Dividend Advantage (NVG) had outstanding when-issued/delayed delivery purchase commitments of $10,999,273 and $9,142,545, respectively. There were no such outstanding purchase commitments in any of the other Funds.
 
Investment Income
Dividend income is recorded on the ex-dividend date. 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 in the Statement of Operations reflects a refund of workout expenditures paid in a prior reporting period, when applicable.
 
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. 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, and in the case of AMT-Free Income (NEA) the alternative minimum tax applicable to individuals, 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.
 
Nuveen Investments
 
107

 
 

 

   
Notes to
   
Financial Statements (Unaudited) (continued)
 
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”). During prior fiscal periods, the Funds redeemed all of their outstanding ARPS, at liquidation value.
 
MuniFund Term Preferred Shares
The following Funds have issued and outstanding MuniFund Term Preferred (“MTP”) Shares, with a $10 stated (“par”) value per share. Each Fund’s MTP Shares are issued in one Series. Dividends on MTP Shares, which are recognized as interest expense for financial reporting purposes, are paid monthly at a fixed annual rate, subject to adjustments in certain circumstances. MTP Shares trade on the NYSE or NYSE MKT. As of April 30, 2013, the number of MTP Shares outstanding, annual interest rate and the NYSE or NYSE MKT “ticker” symbol for each Fund are as follows:
                                 
                       
Shares
       
           
NYSE/
         
Outstanding
   
Annual
 
           
NYSE MKT
   
Shares
 
at $10 Per Share
   
Interest
 
     
Series
   
Ticker
   
Outstanding
 
Liquidation Value
   
Rate
 
Dividend Advantage (NVG)
                               
     
2014
   
NVG PrC
   
10,800,000
 
$
108,000,000
   
2.95
%
                                 
AMT-Free Income (NEA)
                               
     
2015
   
NEA PrC
   
8,300,000
 
$
83,000,000
   
2.85
%
 
Each Fund is obligated to redeem its MTP Shares by the date as specified in its offering document (“Term Redemption Date”), unless earlier redeemed or repurchased by the Fund. MTP Shares are subject to optional and mandatory redemption in certain circumstances. MTP Shares will be subject to redemption at the option of each Fund (“Optional Redemption Date”), subject to a payment of premium for one year following the Optional Redemption Date (“Premium Expiration Date”), and at par thereafter. MTP Shares also will be subject to redemption, at the option of each Fund, at par in the event of certain changes in the credit rating of the MTP Shares. Each Fund may be obligated to redeem certain of the MTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio 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 Term Redemption Date, Optional Redemption Date and Premium Expiration Date for each Fund’s series of MTP Shares by NYSE or NYSE MKT ticker symbol are as follows:
           
   
NYSE/
Term
Optional
Premium
   
NYSE MKT
Redemption
Redemption
Expiration
 
Series
Ticker
Date
Date
Date
Dividend Advantage (NVG)
         
 
2014
NVG PrC
November 1, 2014
November 1, 2010
October 31, 2011
           
AMT-Free Income (NEA)
         
 
2015
NEA PrC
February 1, 2015
February 1, 2011
January 31, 2012
 
The average liquidation value for all series of MTP Shares outstanding for each Fund during the six months ended April 30, 2013, was as follows:
 
     
Dividend
   
AMT-Free
 
     
Advantage
   
Income
 
     
(NVG
)
 
(NEA
)
Average liquidation value of MTP Shares outstanding
 
$
108,000,000
 
$
83,000,000
 
 
For financial reporting purposes only, the liquidation value of MTP Shares is recorded as a liability and recognized as “MuniFund Term Preferred (MTP) Shares, at liquidation value” on the Statement of Assets and Liabilities. Unpaid dividends on MTP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities. Dividends paid on MTP Shares and each Fund’s amortized deferred charges are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations. Costs incurred by the Funds in connection with their offerings of MTP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are
 
108
 
Nuveen Investments

 
 

 
 
recognized as components of “Deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offerings costs” on the Statement of Operations.
 
Variable Rate MuniFund Term Preferred Shares
The following Funds have issued and outstanding Variable Rate MuniFund Term Preferred (“VMTP”) Shares, with $100,000 liquidation value per share. Quality (NQI), Dividend Advantage (NVG) and AMT-Free Income (NEA) issued their VMTP Shares in privately negotiated offerings. Each Fund’s VMTP Shares were offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933. As of April 30, 2013, the number of VMTP Shares outstanding, at liquidation value, for each Fund is as follows:
 
Quality (NQI) exchanged all 2,404 Series 2014 VMTP Shares for 2,404 Series 2015 Shares, respectively. In connection with this transaction, the Fund expensed the remainder of the deferred offering costs associated with the Series 2014 VMTP Shares and recorded new deferred offering costs of $110,000, which are being amortized over the life of the Series 2015 Shares.
 
As of April 30, 2013, the number of VMTP Shares outstanding, at liquidation value, for each Fund is as follows:
 
           
Dividend
   
AMT-Free
 
     
Quality
   
Advantage
   
Income
 
     
(NQI
)
 
(NVG
)
 
(NEA
)
Series 2014
   
 
$
92,500,000
 
$
67,600,000
 
Series 2015
 
$
240,400,000
   
   
 
 
Each Fund is obligated to redeem its VMTP Shares by the date as specified in its offering document (“Term Redemption Date”), unless earlier redeemed or repurchased by the Fund. VMTP Shares are subject to optional and mandatory redemption in certain circumstances . The VMTP Shares are subject to redemption at the option of each Fund (“Optional Redemption Date”), subject to payment of premium for one year following the Optional Redemption Date (“Premium Expiration Date”), and at par thereafter. Each Fund may be obligated to redeem certain of the VMTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio 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 Term Redemption Date, Optional Redemption Date and Premium Expiration Date for each Fund’s VMTP Shares are as follows:
 
           
Dividend
   
AMT-Free
 
     
Quality
   
Advantage
   
Income
 
     
(NQI
)
 
(NVG
)
 
(NEA
)
Term Redemption Date
   
December 1, 2015
   
October 1, 2014
   
August 1, 2014
 
Optional Redemption Date
   
December 1, 2013
   
October 1, 2012
   
August 1, 2012
 
Premium Expiration Date
   
November 30, 2013
   
September 30, 2012
   
July 31, 2012
 
 
The average liquidation value of VMTP Shares outstanding and annualized dividend rate of VMTP Shares for each Fund during the six months ended April 30, 2013, were as follows:
 
           
Dividend
   
AMT-Free
 
     
Quality
   
Advantage
   
Income
 
     
(NQI
)
 
(NVG
)
 
(NEA
)
Average liquidation value of VMTP Shares outstanding
 
$
240,400,000
 
$
92,500,000
 
$
67,600,000
 
Annualized dividend rate
   
1.28
%
 
1.13
%
 
1.18
%
 
Dividends on the VMTP Shares (which are treated as interest payments for financial reporting purposes) are set weekly.
 
For financial reporting purposes only, the liquidation value of VMTP Shares is recorded as a liability and recognized as “Variable Rate MuniFund Term Preferred (VMTP) Shares, at liquidation value” on the Statement of Assets and Liabilities. Unpaid dividends on VMTP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities. Dividends paid on VMTP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations. Costs incurred by the Fund in connection with its offering of VMTP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as components of “Deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations.
 
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. Opportunity (NIO), Premier Opportunity (NIF) and Premium Income Opportunity (NPX) issued their VRDP Shares in privately negotiated offerings. The
 
Nuveen Investments
 
109
 
 
 

 
 
   
Notes to
   
Financial Statements (Unaudited) (continued)
 
VRDP Shares were offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933. As of April 30, 2013, the number of VRDP Shares outstanding and maturity date for each Fund are as follows:
 
                 
Premium
 
           
Premier
   
Income
 
     
Opportunity
   
Opportunity
   
Opportunity
 
     
(NIO
)
 
(NIF
)
 
(NPX
)
Series
   
1
   
1
   
2
 
VRDP Shares outstanding
   
6,672
   
1,309
   
2,190
 
Maturity
 
December 1, 2040
 
December 1, 2040
 
August 1, 2038
 
               
 
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. Each Fund pays an annual remarketing fee of .10% on the aggregate principal amount of all VRDP Shares outstanding. Each Fund’s VRDP Shares have successfully remarketed since issuance.
 
Dividends on 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 of VRDP Shares outstanding and annualized dividend rate for each Fund during the six months ended April 30, 2013, were as follows:
 
                 
Premium
 
           
Premier
   
Income
 
     
Opportunity
   
Opportunity
   
Opportunity
 
     
(NIO
)
 
(NIF
)
 
(NPX
)
Average liquidation value of VRDP Shares outstanding
   
667,200,000
   
130,900,000
   
219,000,000
 
Annualized dividend rate
   
0.24
%
 
0.24
%
 
0.25
%
 
For financial reporting purposes only, the liquidation value of VRDP Shares is recorded as a liability and recognized as “Variable Rate Demand Preferred (VRDP) Shares, at liquidation value” 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. Costs incurred by the Funds in connection with their offerings of VRDP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as a component of “Deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offerings 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 “Liquidity fees” and “Remarketing fees,” respectively, on the Statement of Operations.
 
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
 
110
 
Nuveen Investments

 
 

 
 
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, at their liquidation value, 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, 2013, 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.
 
As of April 30, 2013, each Fund’s maximum exposure to the floating rate obligations issued by externally-deposited Recourse Trusts, was as follows:
 
                       
Premium
             
                 
Premier
   
Income
   
Dividend
   
AMT-Free
 
     
Quality
   
Opportunity
   
Opportunity
   
Opportunity
   
Advantage
   
Income
 
     
(NQI
)
 
(NIO
)
 
(NIF
)
 
(NPX
)
 
(NVG
)
 
(NEA
)
Maximum exposure to Recourse Trusts
 
$
26,610,000
 
$
59,325,000
 
$
15,375,000
 
$
14,845,000
 
$
8,820,000
 
$
18,040,000
 
 
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, 2013, were as follows:
 
                       
Premium
             
                 
Premier
   
Income
   
Dividend
   
AMT-Free
 
     
Quality
   
Opportunity
   
Opportunity
   
Opportunity
   
Advantage
   
Income
 
     
(NQI
)
 
(NIO
)
 
(NIF
)
 
(NPX
)
 
(NVG
)
 
(NEA
)
Average floating rate obligations outstanding
 
$
52,750,138
 
$
104,779,162
 
$
19,000,000
 
$
46,311,354
 
$
21,558,334
 
$
8,315,000
 
Average annual interest rate and fees
   
0.56
%
 
0.61
%
 
0.57
%
 
0.58
%
 
0.61
%
 
0.64
%
 
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 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 predetermined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined 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. 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.
 
Nuveen Investments
 
111

 
 

 

   
Notes to
   
Financial Statements (Unaudited) (continued)
 
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 following is a summary of the three-tiered hierarchy of valuation input levels.
 
Level 1 –  
Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 –   Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates,prepayment speeds, credit risk, etc.).
Level 3 –  
Prices are determined using 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 risks associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of the end of the reporting period:
 
Quality (NQI)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
870,840,218
 
$
 
$
870,840,218
 
Corporate Bonds
   
   
   
175,460
   
175,460
 
Total
 
$
 
$
870,840,218
 
$
175,460
 
$
871,015,678
 
                           
Opportunity (NIO)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
2,271,221,383
 
$
1,569,449
 
$
2,272,790,832
 
Corporate Bonds
   
   
   
167,233
   
167,233
 
Total
 
$
 
$
2,271,221,383
 
$
1,736,682
 
$
2,272,958,065
 
                           
Premier Opportunity (NIF)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
451,568,744
 
$
 
$
451,568,744
 
Corporate Bonds
   
   
   
13,020
   
13,020
 
Total
 
$
 
$
451,568,744
 
$
13,020
 
$
451,581,764
 
 
*
Refer to the Fund’s Portfolio of Investments for state classifications of Municipal Bonds and breakdown of Municipal and Corporate Bonds classified as Level 3, where applicable.
 
112
 
Nuveen Investments

 
 

 
 
Premium Income Opportunity (NPX)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
786,175,371
 
$
 
$
786,175,371
 
Corporate Bonds
   
   
   
46,623
   
46,623
 
Total
 
$
 
$
786,175,371
 
$
46,623
 
$
786,221,994
 
                           
Dividend Advantage (NVG)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
679,158,562
 
$
 
$
679,158,562
 
Investment Companies
   
1,475,054
   
   
   
1,475,054
 
Short-Term Investments*:
                         
Municipal Bonds
   
   
14,785,000
   
   
14,785,000
 
Total
 
$
1,475,054
 
$
693,943,562
 
$
 
$
695,418,616
 
                           
AMT-Free Income (NEA)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
479,957,047
 
$
 
$
479,957,047
 
 
*
Refer to the Fund’s Portfolio of Investments for state classifications of Municipal Bonds and breakdown of Corporate Bonds classified as Level 3.
 
The Nuveen funds’ Board of Directors/Trustees is responsible for the valuation process and has delegated the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board of Directors/Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the funds’ pricing policies, and reporting to the Board of Directors/Trustees. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
 
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:
 
 
(i.)
If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities.
     
 
(ii.)
If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis.
 
The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument’s current value.
 
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors/Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board of Directors/Trustees.
 
3. Derivative Instruments and Hedging Activities
Each Fund is authorized to invest in certain derivative instruments, including futures, options and swap contracts. 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. Although the Funds are authorized to invest in such derivatives, and may do so in the future, they did not make any investments during the six months ended April 30, 2013.
 
Nuveen Investments
 
113

 
 

 

   
Notes to
   
Financial Statements (Unaudited) (continued)
 
4. Fund Shares
 
Common Shares
The Funds did not repurchase any of their outstanding Common shares during the six months ended April 30, 2013 and fiscal year October 31, 2012.
 
Transactions in Common shares were as follows:
 
   
Quality (NQI)
 
Opportunity (NIO)
 
Premier Opportunity (NIF)
 
     
Six Months
   
Year
   
Six Months
   
Year
   
Six Months
   
Year
 
     
Ended
   
Ended
   
Ended
   
Ended
   
Ended
   
Ended
 
     
4/30/13
   
10/31/12
   
4/30/13
   
10/31/12
   
4/30/13
   
10/31/12
 
Common shares issued to shareholders due to reinvestment of distributions
   
8,989
   
32,488
   
   
   
   
29,949
 

   
Premium Income
                         
   
Opportunity (NPX)
 
Dividend Advantage (NVG)
 
AMT-Free Income (NEA)
 
     
Six Months
   
Year
   
Six Months
   
Year
   
Six Months
   
Year
 
     
Ended
   
Ended
   
Ended
   
Ended
   
Ended
   
Ended
 
     
4/30/13
   
10/31/12
   
4/30/13
   
10/31/12
   
4/30/13
   
10/31/12
 
Common shares issued to shareholders due to reinvestment of distributions
   
   
5,688
   
   
   
1,212
   
2,697
 
 
Preferred Shares
Transactions in VMTP Shares were as follows:
 
   
Quality (NQI)
   
Six Months Ended
 
Year Ended
   
4/30/13
 
10/31/12
     
Shares
   
Amount
   
Shares
   
Amount
 
VMTP Shares issued: Series 2015
   
2,404
 
$
240,400,000
   
 
$
 
VMTP Shares exchanged: Series 2014
   
(2,404
)
 
(240,400,000
)
 
   
 
Total
   
 
$
   
 
$
 
 
5. Investment Transactions
Purchases and sales (including maturities but excluding short-term investments, where applicable) during the six months ended April 30, 2013, were as follows:
 
                       
Premium
             
                 
Premier
   
Income
   
Dividend
   
AMT-Free
 
     
Quality
 
Opportunity
 
Opportunity
 
Opportunity
   
Advantage
   
Income
 
     
(NQI
)
 
(NIO
)
 
(NIF
)
 
(NPX
)
 
(NVG
)
 
(NEA
)
Purchases
 
$
59,088,716
 
$
162,359,675
 
$
38,700,498
 
$
20,081,037
 
$
138,107,474
 
$
65,198,719
 
Sales and maturities
   
60,200,785
   
162,876,226
   
49,617,171
   
48,596,661
   
113,018,803
   
76,531,316
 
 
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.
 
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As of April 30, 2013, the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:
 
                       
Premium
             
                 
Premier
   
Income
   
Dividend
   
AMT-Free
 
     
Quality
 
Opportunity
 
Opportunity
 
Opportunity
   
Advantage
   
Income
 
     
(NQI
)
 
(NIO
)
 
(NIF
)
 
(NPX
)
 
(NVG
)
 
(NEA
)
Cost of investments
 
$
742,485,474
 
$
1,973,513,293
 
$
391,312,499
 
$
663,714,163
 
$
616,051,473
 
$
442,515,369
 
Gross unrealized:
                                     
Appreciation
 
$
82,225,277
 
$
204,265,835
 
$
42,264,788
 
$
77,052,386
 
$
66,067,862
 
$
32,614,469
 
Depreciation
   
(6,471,815
)
 
(14,068,649
)
 
(996,125
)
 
(13,069,495
)
 
(8,259,694
)
 
(3,485,748
)
Net unrealized appreciation (depreciation) of investments
 
$
75,753,462
 
$
190,197,186
 
$
41,268,663
 
$
63,982,891
 
$
57,808,168
 
$
29,128,721
 
 
Permanent differences, primarily due to federal taxes paid, taxable market discount, non-deductible offering costs and prior non-deductible reorganization expense, resulted in reclassifications among the Funds’ components of Common share net assets as of October 31, 2012, the Funds’ last tax year end, as follows:
 
                       
Premium
             
                 
Premier
   
Income
   
Dividend
   
AMT-Free
 
     
Quality
 
Opportunity
 
Opportunity
 
Opportunity
   
Advantage
   
Income
 
     
(NQI
)
 
(NIO
)
 
(NIF
)
 
(NPX
)
 
(NVG
)
 
(NEA
)
Paid-in surplus
 
$
(375,361
)
$
(76,405
)
$
(19,740
)
$
(36,738
)
$
(426,013
)
$
(391,611
)
Undistributed (Over-distribution of) net investment income
   
88,196
   
(10,717
)
 
(11,615
)
 
5,634
   
481,011
   
309,431
 
Accumulated net realized gain (loss)
   
287,165
   
87,122
   
31,355
   
31,104
   
(54,998
)
 
82,180
 
 
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of October 31, 2012, the Funds’ last tax year end, were as follows:
 
                       
Premium
             
                 
Premier
   
Income
   
Dividend
   
AMT-Free
 
     
Quality
 
Opportunity
 
Opportunity
 
Opportunity
   
Advantage
   
Income
 
     
(NQI
)
 
(NIO
)
 
(NIF
)
 
(NPX
)
 
(NVG
)
 
(NEA
)
Undistributed net tax-exempt income1
 
$
7,770,058
 
$
24,436,250
 
$
4,336,956
 
$
8,123,917
 
$
7,575,251
 
$
5,236,866
 
Undistributed net ordinary income2
   
   
   
   
   
292,862
   
4,763
 
Undistributed net long-term capital gains
   
   
   
   
   
3,756,050
   
 
 
1
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on October 1, 2012, paid on November 1, 2012.
2
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, 2012 was designated for purposes of the dividends paid deduction as follows:
 
                       
Premium
             
                 
Premier
   
Income
   
Dividend
   
AMT-Free
 
     
Quality
 
Opportunity
 
Opportunity
 
Opportunity
   
Advantage
   
Income
 
     
(NQI
)
 
(NIO
)
 
(NIF
)
 
(NPX
)
 
(NVG
)
 
(NEA
)
Distributions from net tax-exempt income
 
$
37,976,832
 
$
85,683,885
 
$
18,057,546
 
$
28,414,820
 
$
31,075,415
 
$
21,861,702
 
Distributions from net ordinary income2
   
99,950
   
273
   
27
   
   
   
 
Distributions from net long-term capital gains
   
   
248,589
   
   
   
1,230,860
   
 
 
2
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
 
Nuveen Investments
 
115
 
 

 

   
Notes to
   
Financial Statements (Unaudited) (continued)
 
As of October 31, 2012, 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:
 
                 
Premium
       
           
Premier
   
Income
   
AMT-Free
 
     
Quality
 
Opportunity
 
Opportunity
   
Income
 
     
(NQI
)
 
(NIF
)
 
(NPX
)
 
(NEA
)
Expiration:
                         
October 31, 2013
 
$
 
$
 
$
 
$
2,177,879
 
October 31, 2015
   
   
   
   
174,026
 
October 31, 2016
   
2,623,034
   
897,386
   
3,274,999
   
1,917,479
 
October 31, 2017
   
217,918
   
   
456,587
   
 
October 31, 2018
   
322,087
   
   
   
 
Total
 
$
3,163,039
 
$
897,386
 
$
3,731,586
 
$
4,269,384
 
 
During the Funds’ last tax year ended October 31, 2012, the following Funds utilized capital loss carryforwards as follows:
 
     
Premier
   
AMT-Free
 
   
Opportunity
   
Income
 
     
(NIF
)
 
(NEA
)
Utilized capital loss carryforwards
 
$
342,731
 
$
2,380,668
 
 
Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), capital losses incurred by Fund after December 31, 2010, will not be subject to expiration.
 
Capital losses incurred that will be carried forward under the provisions of the Act are as follows:
 
                 
Premium
 
                 
Income
 
     
Quality
 
Opportunity
 
Opportunity
 
     
(NQI
)
 
(NIO
)
 
(NPX
)
Post-enactment losses:
                   
Short-term
 
$
 
$
 
$
 
Long-term
   
16,113,744
   
13,642,618
   
1,709,478
 
 
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:
 
 
Quality (NQI)
 
Opportunity (NIO)
 
Premier Opportunity (NIF)
 
Premium Income Opportunity (NPX)
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
 

116
 
Nuveen Investments

 
 

 

 
Dividend Advantage (NVG)
 
AMT-Free Income (NEA)
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 managed assets over $2 billion
.3750
 
 
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, 2013, the complex-level fee rate for these Funds was .1661%.
 
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.
 
8. New Accounting Pronouncements
 
Financial Accounting Standards Board (“FASB”) Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities
In January 2013, Accounting Standards Update (“ASU”) 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, replaced ASU 2011-11, Disclosures about Offsetting Assets and Liabilities. ASU 2013-01 is effective for fiscal years beginning on or after January 1, 2013. ASU 2011-11 was intended to enhance disclosure requirements on the offsetting of financial assets and liabilities. ASU 2013-01 limits the scope of the new balance sheet offsetting disclosures to derivatives, repurchase agreements and securities lending transactions to the extent that they are (1) offset in the financial statements or (2) subject to an enforceable master netting arrangement or similar agreement. Management is currently evaluating the application of ASU 2013-01 and its impact to the financial statements and footnote disclosures, if any.
 
Nuveen Investments
 
117

 
 

 
 
Reinvest Automatically,
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
 
118
 
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
 
119

 
 

 
 
Glossary of Terms
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.
   
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.
   
Effective Leverage: Effective leverage is a Fund’s effective economic leverage, and includes both regulatory leverage (see 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.
   
Forward Interest Rate Swap: A contractual agreement between two counterparties under which one party agrees to make periodic payments to the other for an agreed period of time based on a fixed rate, while the other party agrees to make periodic payments based on a floating rate of interest based on an underlying index. Alterna -tively, both series of cash flows to be exchanged could be calculated using floating rates of interest but floating rates that are based upon different underlying indexes.
   
Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.
   
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
 
120
 
Nuveen Investments

 
 

 

 
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.
   
Leverage: Using borrowed money to invest in securities or other assets, seeking to increase the return of an investment or portfolio.
   
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.
   
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.
   
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.
   
Total Investment Exposure: Total investment exposure is a Fund’s assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes a Fund’s use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender
 
Nuveen Investments
 
121

 
 

 
 
Glossary of Terms
Used in this Report (continued)
 
 
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.
   
Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. 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.
 
122
 
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, LLC
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 Form N-Q Portfolio of Investments Information
 
Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. 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 toll-free at (800) SEC -0330 for room hours and operation.
 
Nuveen Funds’ Proxy Voting Information
 
You may obtain (i) information regarding how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com and (ii) a description of the policies and procedures that each Fund 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. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.
 
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 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
NQI
NIO
NIF
NPX
NVG
NEA
 
Any future repurchases will be reported to shareholders in the next annual or semiannual report.
 
 Nuveen Investments
 
123

 
 

 
 
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 $224 billion as of March 31, 2013.
 
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-D-0413D

 
 

 
 
 
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 Opportunity Fund, Inc.

By (Signature and Title) /s/ Kevin J. McCarthy
Kevin J. McCarthy
Vice President and Secretary

Date: July 8, 2013
 
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 8, 2013

By (Signature and Title) /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller
 (principal financial officer)

Date: July 8, 2013