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, 2014

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.


 
 

 

Nuveen Investments to be acquired by TIAA-CREF
 
On April 14, 2014, TIAA-CREF announced that it had entered into an agreement to acquire Nuveen Investments, the parent company of your fund’s investment adviser, Nuveen Fund Advisors, LLC (“NFAL”) and the Nuveen affiliates that act as sub-advisers to the majority of the Nuveen Funds. TIAA-CREF is a national financial services organization with approximately $569 billion in assets under management (as of March 31, 2014) and is a leading provider of retirement services in the academic, research, medical and cultural fields. Nuveen anticipates that it will operate as a separate subsidiary within TIAA-CREF’s asset management business, and that its current leadership and key investment teams will stay in place.
 
Your fund investment will not change as a result of Nuveen’s change of ownership. You will still own the same fund shares and the underlying value of those shares will not change as a result of the transaction. NFAL and your fund’s sub-adviser(s) will continue to manage your fund according to the same objectives and policies as before, and we do not anticipate any significant changes to your fund’s operations. Under the securities laws, the consummation of the transaction will result in the automatic termination of the investment management agreements between the funds and NFAL and the investment sub-advisory agreements between NFAL and each fund’s sub-adviser(s). New agreements will be presented to the funds’ shareholders for approval, and, if approved, will take effect upon consummation of the transaction or such later time as shareholder approval is obtained.
 
The transaction, expected to be completed by year end, is subject to customary closing conditions.
 

 
 

 

Table of Contents

Chairman’s Letter to Shareholders
4
   
Portfolio Managers’ Comments
5
   
Fund Leverage
10
   
Common Share Information
12
   
Risk Considerations
14
   
Performance Overview and Holding Summaries
15
   
Portfolios of Investments
23
   
Statement of Assets and Liabilities
85
   
Statement of Operations
86
   
Statement of Changes in Net Assets
87
   
Statement of Cash Flows
89
   
Financial Highlights
90
   
Notes to Financial Statements
96
   
Additional Fund Information
109
   
Glossary of Terms Used in this Report
110
   
Reinvest Automatically, Easily and Conveniently
112
   
Annual Investment Management Agreement Approval Process
113
 
Nuveen Investments
 
3

 
 

 

Chairman’s Letter to Shareholders
 
 
Dear Shareholders,
 
After significant growth in 2013, domestic and international equity markets have been less compelling during the first part of 2014. Concerns about deflation, political uncertainty in many places and the potential for more fragile economies to impact other countries have produced uncertainty in the markets.
 
Europe is beginning to emerge slowly from recession in mid-2013, with improved GDP and employment trends in some countries. However, Japan’s deflationary headwinds have resurfaced; and China shows signs of slowing from credit distress combined with declines in manufacturing and exports. Most recently, tensions between Russia and Ukraine may continue to hold back stocks and support government bonds in the near term.
 
Despite these headwinds, there are some encouraging signs of forward momentum in the markets. In the U.S., the news is more positive with financial risks slowly receding, positive GDP trends, downward trending unemployment and stronger household finances and corporate spending.
 
It is in such changeable markets that professional investment management is most important. Investment teams who have experienced challenging markets in the past understand how their asset class can behave in rapidly changing times. Remaining committed to their investment disciplines during these times is a critical component to achieving long-term success. In fact, many strong investment track records are established during challenging periods because experienced investment teams understand that volatile markets place a premium on companies and investment ideas that can weather the short-term volatility. By maintaining appropriate time horizons, diversification and relying on practiced investment teams, we believe that investors can achieve their long-term investment objectives.
 
As always, I encourage you to communicate with your financial consultant if you have any questions about your investment in a Nuveen Fund. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
 
 
William J. Schneider
Chairman of the Board
June 23, 2014
 

4
 
Nuveen Investments

 
 

 

Portfolio Managers’ Comments
 
Nuveen Quality Municipal Fund, Inc. (NQI)
Nuveen Municipal Opportunity Fund, Inc. (NIO)
Nuveen Dividend Advantage Municipal Income Fund (NVG)
Nuveen AMT-Free Municipal Income Fund (NEA)
 
These Funds feature management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments. Portfolio managers Paul L. Brennan, CFA, and Douglas J. White, CFA, review key investment strategies and the six-month performance of these four national Funds. Paul has managed NIO, NVG and NEA since 2006 and Douglas assumed portfolio management responsibility for NQI in 2011.
 
What key strategies were used to manage these Funds during the six-month reporting period ended April 30, 2014?
 
During this reporting period, we saw the municipal market environment shift from volatility to a more stable atmosphere. As 2014 began, the selling pressure that had been triggered last summer by uncertainty about the Federal Reserve’s (Fed) next steps and headline credit stories involving Detroit and Puerto Rico gave way to increased flows into municipal bond funds, as the Fed remained accommodative and municipal credit fundamentals continued to improve. Municipal bonds rebounded, driven by stronger demand and declining supply. For the reporting period as a whole, municipal bonds nationwide generally produced positive total returns. During this time, 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 and helped keep our Funds fully invested.
 
Despite the challenging environment created by the 20% decrease in municipal bond new issuance during this reporting period, we continued to find opportunities to purchase municipal bonds that helped achieve our goals for the Funds. During this reporting period, NIO, NVG and NEA found value in diversified areas of the market, particularly transportation, higher education, health care and general obligation (GO) bonds. One of our additions in the transportation sector was a new BBB-rated issue from the Foothill/Eastern Transportation Corridor Agency (F/ETCA) in California, which we purchased at attractive prices in December 2013. In one of the largest fixed-rate municipal transactions of 2013, F/ETCA refinanced $2.3 billion in outstanding debt originally issued in 1999. The refinancing extended the agency’s debt from 2040 to 2053, lowered annual payments through 2040 and reduced the maximum annual debt payment. Traffic and revenues on the tollroads in F/ETCA’s 36-mile network, which links major
 

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 (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc. (Fitch) 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.
 
Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers’ ability to meet their commitments.

Nuveen Investments
 
5

 
 

 

Portfolio Managers’ Comments (continued)
 
population centers in Southern California, have increased, and the bonds have performed well for the Funds since purchase. Also in the transportation sector, these three Funds added a new BBB-rated bond offering for the Downtown Crossing bridge across the Ohio River from Indiana to Louisville, Kentucky and NIO and NEA purchased bonds for the Tampa Hillsborough County Expressway Authority in Florida. In higher education, we added bonds issued for Nova Southeastern University and Hodges University, all in Florida and St. Louis College of Pharmacy in Missouri. During this reporting period, we also purchased bonds issued by Catholic Health Initiative, a national non-profit health system that operates hospitals and long-term care facilities in 17 states, for facilities in Colorado and Tennessee. In addition, we increased our exposure to GO bonds issued by the state of Illinois in NIO and NEA. Despite the state’s well-publicized fiscal difficulties, we believe Illinois has taken small positive steps to begin addressing these problems and these holdings have performed well.
 
In NQI, we also were active in areas where we saw value, including transportation, essential services, education and GOs. In addition, we selectively increased our exposure to health care. Among our purchases in the essential services area were bonds issued for the Central Valley Project, a federal water management project that provides irrigation and municipal water to California’s Central Valley by regulating and storing water in the northern half of the state and transporting it to the San Joaquin Valley and surrounding areas. Overall, the additions to NQI were well diversified geographically, including education credits in Texas and Minnesota, transportation bonds in Illinois and New Jersey and GOs in California, Kansas and North Carolina. Another area of focus during this reporting period was duration management. During the prior reporting period, NQI’s duration had extended beyond its target range as a natural consequence of reinvesting the proceeds from bonds called as part of current refundings. These bonds were priced to short calls and therefore had negligible durations; consequently, reinvesting their proceeds in anything other than cash had the effect of extending NQI’s duration. As a result, many of our purchases during this reporting period involved bonds with intermediate maturities to bring NQI’s duration closer to its benchmark.
 
Also during this reporting period, S&P upgraded its credit rating on National Public Finance Guarantee Corp. (NPFG), the insurance subsidiary of MBIA, to AA- from A, citing NPFG’s strong operating performance and competitive position in the financial guarantee market. As a result, the ratings on the Funds’ holdings of bonds backed by insurance from NPFG were similarly upgraded to AA-rated as of mid-March 2014. This action produced an increase in the percentage of our portfolios held in the AA-rated credit quality category (and a corresponding decrease in the A-rated category), improving the overall credit quality of the Funds. During this reporting period, S&P also upgraded its rating on Assured Guaranty Municipal (AGM) as well as AGM’s municipal-only insurer Municipal Assurance Corp. to AA from AA-.
 
Cash for new purchases during this reporting period was generated primarily by the proceeds from called and matured bonds, which we worked to redeploy to keep the Funds fully invested and support their income streams. The Funds also engaged in some light selling for cashflow management purposes or to take advantage of attractive prices for some of the Funds’ holdings.

6
 
Nuveen Investments

 
 

 

As of April 30, 2014, all four 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. As part of our duration management strategies, NEA also found it necessary to add an interest rate swap to reduce price volatility risk to movements in U.S. interest rates relative to the Fund’s benchmark. This derivative functioned as intended and remained in place at the end of the reporting period.
 
How did the Funds perform during the six-month reporting period ended April 30, 2014?
 
The tables in each Fund’s Performance Overview and Holding Summaries section of this report provide the Funds’ total returns for the six-month, one-year, five-year and ten-year periods ended April 30, 2014. Each Fund’s total returns at net asset value (NAV) are compared with the performance of a corresponding market index and Lipper classification average.
 
For the six months ended April 30, 2014, the total returns at NAV for all four of these Funds exceeded the return for the national S&P Municipal Bond Index. For the same period, the Funds underperformed the average return for the Lipper General & Insured Leveraged Municipal Debt Funds Classification Average.
 
Key management factors that influenced the Funds’ returns during this reporting 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. Leverage is discussed in more detail in the Fund Leverage section of this report.
 
As interest rates on longer bonds slipped and the yield curve flattened during this period, municipal bonds with longer maturities generally outperformed those with shorter maturities. Overall, credits with long-intermediate maturities (15 years and longer) outperformed the municipal market as a whole, while bonds at the shortest end of the municipal yield curve produced the weakest results. In general, the Funds’ durations and yield curve positioning were the key contributors to their performance. Consistent with our long-term strategy, these Funds tended to have longer durations than the municipal market in general, with overweightings in the longer parts of the yield curve that performed well and underweightings in the underperforming shorter end of the curve. This was beneficial for the Funds’ performance during this reporting period. Performance differentials among the Funds can be largely ascribed to individual differences in duration and yield curve positioning. Overall, NVG was the most advantageously positioned in terms of duration and yield curve, while NIO had the shortest duration among the four Funds. In NEA, as previously described, we added an interest rate swap to reduce the Fund’s duration, which had exceeded its target. Because the swap reduced NEA’s duration, it detracted somewhat from the Fund’s performance.
 
Credit exposure was another key factor in the Funds’ performance during this six-month reporting period. In general, lower rated bonds were rewarded as the environment shifted from selloff to rally, investors became more risk-tolerant and credit spreads, or the difference in yield spreads between U.S. Treasury securities and comparable investments such as municipal bonds, narrowed. Overall, A-rated credits and lower outperformed those AAA and AA-rated credits. Each of these Funds benefited from its lower rated holdings during this reporting period. This was particularly true in NVG and NEA, which had the largest allocations of A-rated bonds and lower.

Nuveen Investments
 
7

 
 

 

Portfolio Managers’ Comments (continued)
 
For the reporting period, revenue bonds generally outperformed tax-supported bonds as well as the municipal market as a whole. Top performers included the industrial development revenue (IDR) and health care sectors. In addition, transportation (especially lower rated tollroad issues), water and sewer, education and housing credits generally outperformed the municipal market return. All four Funds had double-digit weightings in the health care and transportation sectors, with NEA having the heaviest health care exposure and NIO having the heaviest exposure to transportation. Tobacco credits backed by the 1998 master tobacco settlement agreement also were among the best performing market sectors, due in part to their longer effective durations and lower credit quality. NIO, NVG and NEA were overweight in tobacco bonds, while NQI did not hold any tobacco credits.
 
In contrast, pre-refunded bonds, which are often backed by U.S. Treasury securities, were among the weaker performers. The underperformance of these bonds relative to the market can be attributed primarily to their shorter effective maturities and higher credit quality. Because of the quality and higher yields offered by pre-refunded bonds, we continued to hold these bonds and the Funds tended to be overweighted in this category, with NVG having the largest exposure and NEA the smallest. Utilities and GO bonds also trailed the market for the reporting period, although by a substantially smaller margin than the pre-refunded category.
 
Shareholders also should be aware of two events in the broader municipal bond market that continued to have an impact on the Funds’ holdings and performance: the City of Detroit’s ongoing bankruptcy proceedings and the downgrade of ratings on Puerto Rico GO bonds and related debt to below investment grade. Burdened by decades of population loss, changes in the auto manufacturing industry, and significant tax base deterioration, the City of Detroit filed for Chapter 9 in federal bankruptcy court in July 2013. Given the complexity of its debt portfolio, number of creditors, numerous union contracts, and significant legal questions that must be addressed, Detroit’s bankruptcy filing is expected to be a lengthy one. All of these Funds except NQI had allocations of Detroit water and sewer credits, which are supported by revenue streams generated by service fees. Some of these holdings also were insured. In addition, NIO held positions in insured Detroit GO bonds and insured Detroit City School District credits; the school bonds are not part of the Detroit bankruptcy.
 
In Puerto Rico, the commonwealth’s continued economic weakening, escalating debt service obligations and long-standing inability to deliver a balanced budget led to several downgrades on its debt. Following the most recent round of rating reductions in February 2014, Moody’s, S&P and Fitch Ratings rated Puerto Rico GO debt at Ba2/BB+/BB, respectively, with negative outlooks. Ratings on sales tax bonds issued by the Puerto Rico Sales Tax Financing Corporation (COFINA) also have been lowered, with senior sales tax revenue bonds rated Baa1/AA-/AA- and subordinate sales tax revenue bonds rated Baa2/A+/A+ by Moody’s, S&P and Fitch, respectively, as of April 2014. The COFINA bonds were able to maintain a higher credit 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 Puerto Rico’s GO bonds.
 
For the reporting period ended April 30, 2014, Puerto Rico paper underperformed the municipal market as a whole. During this reporting period, these four Funds had limited exposures to Puerto Rico bonds of less than 1% to 2%. The effect on performance from their Puerto Rico holdings differed from Fund to Fund in line with the type and amount of its position, but on the whole, the small nature of our exposures limited the impact. Puerto Rico bonds were originally added to our portfolios in order to keep assets fully invested and working for the Funds. We found Puerto Rico credits attractive because they offer higher yields, added diversification and triple exemption (i.e., exemption from most federal, state and local taxes).

8
 
Nuveen Investments

 
 

 

At period end, the majority of the Funds’ exposure to Puerto Rico consisted of COFINA sales tax credits, issues that were insured or escrowed and other bonds that Nuveen considers to be of higher quality. NQI, NIO, NVG and NEA began the reporting period with portfolio allocations of 1.0%, 0.5%, 0.7% and 1.6% to Puerto Rico, respectively and ended the reporting period with an exposure to Puerto Rico of 0.7%, 0.4%, 0.5% and 1.6%, respectively. We believe that our decision to maintain limited exposure to Puerto Rico bonds will enable us to participate in any future upside for the commonwealth’s obligations.

Nuveen Investments
 
9

 
 

 

Fund Leverage
 
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
 
One important factor impacting the returns of the Funds relative to their comparative benchmarks was the Funds’ use of leverage through their issuance of preferred shares and/or investments in inverse floating rate securities, which represent leveraged investments in underlying bonds. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income, particularly in the recent market environment where short-term market rates are at or near historical lows, meaning that the short-term rates the Fund has been paying on its leveraging instruments have been much lower than the interest the Fund has been earning on its portfolio of long-term bonds that it has bought with the proceeds of that leverage. However, use of leverage also can expose the Fund to additional price volatility. When a Fund uses leverage, the Fund will experience a greater increase in its net asset value if the municipal bonds acquired through the use of leverage increase in value, but it will also experience a correspondingly larger decline in its net asset value if the bonds acquired through leverage decline in value, which will make the Fund’s net asset value more volatile, and its total return performance more variable over time. In addition, income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease.  Leverage made a positive contribution to the performance of these Funds over this reporting period.
 
As of April 30, 2014, the Funds’ percentages of effective and regulatory leverage are as shown in the accompanying table.

     
NQI
   
NIO
   
NVG
   
NEA
 
Effective Leverage*
   
36.58
%
 
38.32
%
 
36.81
%
 
36.88
%
Regulatory Leverage*
   
30.09
%
 
31.49
%
 
30.43
%
 
30.50
%
 
*
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 subject to asset coverage limits set forth in the Investment Company Act of 1940.
 
THE FUNDS’ REGULATORY LEVERAGE
 
As of April 30, 2014, the Funds have issued and outstanding Variable Rate MuniFund Term Preferred (VMTP) Shares and Variable Rate Demand Preferred (VRDP) Shares as shown in the accompanying table.

   
VMTP Shares
 
VRDP Shares
       
Fund
   
Series
   
Shares Issued at Liquidation Value
   
Series
   
Shares Issued at Liquidation Value
   
Total
 
NQI
   
2015
 
$
240,400,000
   
   
 
$
240,000,000
 
NIO
   
   
   
1
 
$
667,200,000
 
$
667,200,000
 
NVG
   
   
   
1
 
$
201,000,000
 
$
201,000,000
 
NEA
   
2016
 
$
151,000,000
   
1
 
$
219,000,000
       
     
 
 
 
 
    2   $ 130,900,000        
         
$
151,000,000
       
$
349,900,000
 
$
500,900,000
 

10
 
Nuveen Investments

 
 

 

During the current reporting period, NVG refinanced all of its outstanding MTP and VMTP Shares with the proceeds from newly issued VRDP Shares. On December 13, 2013, the Fund’s VRDP Shares and NEA refinanced all of its outstanding MTP and VMTP Shares with the proceeds from newly issued VMTP Shares.
 
Refer to Notes to Financial Statements, Note 1 – General Information and Significant Accounting Policies for further details on MTP, VMTP and VRDP Shares and each Fund’s respective transactions.

Nuveen Investments
 
11

 
 

 

Common Share Information
 
COMMON SHARE DIVIDEND INFORMATION
 
The following information regarding the Funds’ distributions is current as of April 30, 2014. Each Fund’s distribution levels may vary over time based on each Fund’s investment activity and portfolio investments value changes.
 
During the current reporting period, the Funds’ monthly dividends to common shareholders were as shown in the accompanying table.

   
Per Common Share Amounts
Ex-Dividend Date
   
NQI
   
NIO
   
NVG
   
NEA
 
November 2013
 
$
0.0660
 
$
0.0730
 
$
0.0545
 
$
0.0685
 
December
   
0.0620
   
0.0730
   
0.0545
   
0.0685
 
January
   
0.0620
   
0.0730
   
0.0580
   
0.0685
 
February
   
0.0620
   
0.0730
   
0.0580
   
0.0685
 
March
   
0.0620
   
0.0730
   
0.0580
   
0.0685
 
April 2014
   
0.0620
   
0.0730
   
0.0580
   
0.0685
 
                           
Long-Term Capital Gain*
 
$
 
$
 
$
0.0508
 
$
 
Short-Term Capital Gain*
 
$
 
$
 
$
0.0166
 
$
 
Ordinary Income Distribution*
 
$
0.0011
 
$
0.0048
 
$
0.0001
 
$
0.0002
 
                           
Market Yield**
   
5.73
%
 
6.23
%
 
5.04
%
 
6.17
%
Taxable-Equivalent Yield**
   
7.96
%
 
8.65
%
 
7.00
%
 
8.57
%
 
**
Distribution paid in December 2013.
***
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, 2014, all of the Funds in this report had positive UNII balances, based upon our best estimate, for tax purposes and positive UNII balances for financial reporting purposes.
 
12
 
Nuveen Investments

 
 

 

COMMON SHARE REPURCHASES
 
As of April 30, 2014, 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 has not repurchased any of its outstanding common shares.

     
NQI
   
NIO
   
NVG
   
NEA
 
Common Shares Cumulatively Repurchased and Retired
   
   
2,900
   
171,600
   
19,300
 
Common Shares Authorized for Repurchase
   
3,845,000
   
9,560,000
   
2,980,000
   
2,225,000
 
 
During the current reporting period, the Funds repurchased and retired their common shares at a weighted average price per common share and a weighted average discount per common share as shown in the accompanying table.
                           
     
NQI
   
NIO
   
NVG
   
NEA
 
Common Shares Repurchased and Retired
   
   
   
96,342
   
 
Weighted Average Price per Common Share Repurchased and Retired
   
   
 
$
12.49
   
 
Weighted Average Discount per Common Share Repurchased and Retired
   
   
   
13.84
%
 
 
 
OTHER COMMON SHARE INFORMATION
 
As of April 30, 2014, and during the current reporting period, the Funds’ common share prices were trading at a premium/(discount) to their common share NAVs as shown in the accompanying table.

     
NQI
   
NIO
   
NVG
   
NEA
 
Common Share NAV
 
$
14.52
 
$
15.18
 
$
15.50
 
$
14.47
 
Common Share Price
 
$
12.99
 
$
14.06
 
$
13.80
 
$
13.33
 
Premium/(Discount) to NAV
   
(10.54
)%
 
(7.38
)%
 
(10.97
)%
 
(7.88
)%
6-Month Average Premium/(Discount) to NAV
   
(11.04
)%
 
(8.33
)%
 
(12.43
)%
 
(9.10
)%

Nuveen Investments
 
13

 
 

 

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 Funds, 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.
 
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. Certain aspects of the recently adopted Volcker Rule may limit the availability of tender option bonds, which are used by the Funds for leveraging and duration management purposes. The effects of this new Rule, expected to take effect in mid-2015, may make it more difficult for a Fund to maintain current or desired levels of leverage and may cause the Fund to incur additional expenses to maintain its leverage.
 
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.
 
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.
 
Derivatives Risk. The Funds may use derivative instruments which involve a high degree of financial risk, including the risk that the loss on a derivative may be greater than the principal amount invested.

14
 
Nuveen Investments

 
 

 

NQI
 
 
Nuveen Quality Municipal Fund, Inc.
 
Performance Overview and Holding Summaries as of April 30, 2014
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
 
Average Annual Total Returns as of April 30, 2014
 

 
Cumulative
  Average Annual
 
6-Month
 
1-Year
5-Year
10-Year
 
NQI at Common Share NAV
8.39%
 
(0.82)%
8.98%
5.44%
 
NQI at Common Share Price
9.19%
 
(6.17)%
7.80%
4.91%
 
S&P Municipal Bond Index
4.25%
 
0.47%
5.93%
4.88%
 
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average
9.29%
 
(0.78)%
10.51%
6.21%
 
 
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.
 
 
Nuveen Investments
 
15

 
 

 
 
NQI Performance Overview and Holding Summaries as of April 30, 2014 (continued)
 
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
 
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.

Fund Allocation
 
(% of net assets)
 
Municipal Bonds
144.7%
Corporate Bonds
0.0%
Short-Term Investments
0.6%
Floating Rate Obligations
(5.3)%
Variable Rate MuniFund Term
 
Preferred Shares
(43.0)%
Other Assets Less Liabilities
3.0%
   
Credit Quality
 
(as a % of total investment exposure)
 
AAA/U.S. Guaranteed
22.7%
AA
51.8%
A
20.8%
BBB
3.7%
N/R (not rated)
1.0%
   
Portfolio Composition
 
(as a % of total investments)
 
Tax Obligation/Limited
26.0%
Transportation
15.1%
Tax Obligation/General
13.4%
U.S Guaranteed
12.2%
Health Care
12.2%
Water and Sewer
9.0%
Utilities
5.7%
Other Industries
6.4%
   
States
 
(as a % of total municipal bonds)
 
California
10.2%
Florida
9.7%
Texas
7.9%
Illinois
6.9%
Washington
6.3%
Arizona
6.1%
Pennsylvania
5.9%
Colorado
4.7%
Louisiana
3.5%
New York
3.4%
New Jersey
3.3%
Indiana
2.9%
Massachusetts
2.7%
Wisconsin
2.6%
Ohio
2.4%
Nebraska
2.3%
Other States
19.2%

16
 
Nuveen Investments

 
 

 

NIO
 
 
Nuveen Municipal Opportunity Fund, Inc.
 
Performance Overview and Holding Summaries as of April 30, 2014
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
 
Average Annual Total Returns as of April 30, 2014

 
Cumulative
  Average Annual
 6-Month  
1-Year
5-Year
10-Year
NIO at Common Share NAV
8.19%
 
1.02%
8.53%
5.63%
NIO at Common Share Price
11.83%
 
(0.53)%
9.41%
6.08%
S&P Municipal Bond Index
4.25%
 
0.47%
5.93%
4.88%
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average
9.29%
 
(0.78)%
10.51%
6.21%
 
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.
 

Nuveen Investments
 
17

 
 

 
 
NIO
Performance Overview and Holding Summaries as of April 30, 2014 (continued)
 
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
 
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.

Fund Allocation
 
(% of net assets)
 
Municipal Bonds
149.0%
Corporate Bonds
0.0%
Floating Rate Obligations
(6.4)%
Variable Rate Demand Preferred Shares
(46.0)%
Other Assets Less Liabilities
3.4%
   
Credit Quality
 
(as a % of total investment exposure)
 
AAA/U.S. Guaranteed
19.0%
AA
56.5%
A
15.1%
BBB
4.4%
BB or Lower
3.6%
N/R (not rated)
1.4%
   
Portfolio Composition
 
(as a % of total investments)
 
Tax Obligation/Limited
22.1%
Transportation
15.4%
Health Care
14.5%
U.S. Guaranteed
12.6%
Tax Obligation/General
10.6%
Water and Sewer
9.2%
Utilities
6.3%
Other Industries
9.3%
   
States
 
(as a % of total municipal bonds)
 
California
13.0%
Florida
11.5%
Illinois
7.6%
Texas
5.6%
Ohio
5.4%
Washington
4.4%
New York
4.4%
Indiana
4.2%
Pennsylvania
3.7%
Colorado
3.3%
Louisiana
2.9%
South Carolina
2.9%
New Jersey
2.8%
Michigan
2.4%
Nevada
2.3%
Arizona
2.2%
Kentucky
1.9%
Other States
19.5%

18
 
Nuveen Investments

 
 

 

NVG
 
 
Nuveen Dividend Advantage Municipal Income Fund
 
Performance Overview and Holding Summaries as of April 30, 2014
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
 
Average Annual Total Returns as of April 30, 2014

 
Cumulative
  Average Annual
 
6-Month
 
1-Year
5-Year
10-Year
NVG at Common Share NAV
8.98%
 
0.36%
7.93%
5.97%
NVG at Common Share Price
11.68%
 
(1.80)%
8.05%
6.20%
S&P Municipal Bond Index
4.25%
 
0.47%
5.93%
4.88%
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average
9.29%
 
(0.78)%
10.51%
6.21%
 
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.
 

Nuveen Investments
 
19

 
 

 
 
NVG
Performance Overview and Holding Summaries as of April 30, 2014 (continued)
 
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
 
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.

Fund Allocation
 
(% of net assets)
 
Municipal Bonds
141.3%
Investment Companies
0.3%
Short-Term Investments
3.7%
Floating Rate Obligations
(4.0)%
Variable Rate Demand Preferred Shares
(43.7)%
Other Assets Less Liabilities
2.4%
   
Credit Quality
 
(as a % of total investment exposure)
 
AAA/U.S. Guaranteed
28.8%
AA
42.8%
A
18.0%
BBB
5.7%
BB or Lower
3.9%
N/R (not rated)
0.6%
N/A (not applicable)
0.2%
   
Portfolio Composition
 
(as a % of total investments)
 
Tax Obligation/Limited
22.5%
Health Care
14.4%
U.S. Guaranteed
14.1%
Tax Obligation/General
11.8%
Transportation
11.4%
Education and Civic Organizations
7.5%
Utilities
7.1%
Water and Sewer
5.8%
Investment Companies
0.2%
Other Industries
5.2%
   
States
 
(as a % of total municipal bonds)
 
California
12.8%
Illinois
7.1%
Texas
6.4%
Georgia
5.3%
Colorado
5.0%
Washington
4.7%
Florida
4.6%
New York
4.4%
Indiana
4.0%
Ohio
3.8%
Louisiana
3.7%
Pennsylvania
3.5%
Massachusetts
3.3%
Tennessee
2.6%
Michigan
2.6%
New Jersey
2.5%
South Carolina
2.2%
Nevada
1.7%
Other States
19.8%

20
 
Nuveen Investments

 
 

 

NEA
 
 
Nuveen AMT-Free Municipal Income Fund
 
Performance Overview and Holding Summaries as of April 30, 2014
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
 
Average Annual Total Returns as of April 30, 2014

 
Cumulative
  Average Annual
 
6-Month
 
1-Year
5-Year
10-Year
NEA at Common Share NAV
8.53%
 
(0.13)%
7.15%
5.65%
NEA at Common Share Price
11.28%
 
(2.81)%
7.34%
5.69%
S&P Municipal Bond Index
4.25%
 
0.47%
5.93%
4.88%
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average
9.29%
 
(0.78)%
10.51%
6.21%
 
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.
 

Nuveen Investments
 
21

 
 

 

NEA
Performance Overview and Holding Summaries as of April 30, 2014 (continued)
 
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
 
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.

Fund Allocation
 
(% of net assets)
 
Municipal Bonds
145.2%
Corporate Bonds
0.0%
Short-Term Investments
0.7%
Floating Rate Obligations
(5.0)%
Variable Rate MuniFund Term Preferred Shares
(13.2)%
Variable Rate Demand Preferred Shares
(30.7)%
Other Assets Less Liabilities
3.0%
   
Credit Quality1
 
(as a % of total investment exposure)
 
AAA/U.S. Guaranteed
17.6%
AA
52.6%
A
18.2%
BBB
5.5%
BB or Lower
5.2%
N/R (not rated)
0.9%
   
Portfolio Composition1
 
(as a % of total investments)
 
Tax Obligation/Limited
20.7%
Health Care
17.8%
Transportation
13.1%
Tax Obligation/General
10.5%
US Guaranteed
10.3%
Water and Sewer
9.9%
Education and Civic Organizations
7.7%
Other Industries
10.0%
   
States
 
(as a % of municipal bonds)
 
California
12.9%
Illinois
9.2%
Florida
7.0%
New York
5.6%
Pennsylvania
5.2%
Texas
5.0%
New Jersey
4.9%
Colorado
4.6%
Ohio
4.5%
Indiana
4.1%
Louisiana
3.6%
Arizona
3.3%
Washington
3.2%
Massachusetts
2.2%
Nevada
1.8%
South Carolina
1.8%
Georgia
1.8%
Other States
19.3%
 
1
Excluding investments in derivatives.
 
22
 
Nuveen Investments
 
 
 

 
 
NQI
 
 
Nuveen Quality Municipal Fund, Inc.
 
Portfolio of Investments
April 30, 2014 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
LONG-TERM INVESTMENTS – 144.7% (99.6% of Total Investments)
           
     
MUNICIPAL BONDS – 144.7% (99.6% 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
 
AA– (4)
$
7,365,820
 
     
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
 
1,290,088
 
 
1,000
 
4.250%, 6/01/31 – AGM Insured
6/21 at 100.00
 
AA
 
1,031,780
 
 
9,250
 
Total Alabama
       
9,687,688
 
     
Arizona – 8.8% (6.1% 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+
 
1,383,236
 
 
1,850
 
5.000%, 2/01/21
No Opt. Call
 
BBB+
 
2,093,978
 
 
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
 
10,759,100
 
     
Arizona State, Certificates of Participation, Series 2010A:
           
 
1,200
 
5.250%, 10/01/28 – AGM Insured
10/19 at 100.00
 
AA
 
1,327,452
 
 
1,500
 
5.000%, 10/01/29 – AGM Insured
10/19 at 100.00
 
AA
 
1,633,710
 
 
7,070
 
Arizona State, State Lottery Revenue Bonds, Series 2010A, 5.000%, 7/01/29 – AGC Insured
1/20 at 100.00
 
AA
 
7,677,030
 
 
2,750
 
Mesa, Arizona, Utility System Revenue Bonds, Tender Option Bond Trust, Series 11032-11034, 15.209%, 7/01/26 – AGM Insured (IF)
7/17 at 100.00
 
AA
 
2,904,220
 
 
8,755
 
Phoenix Civic Improvement Corporation, Arizona, Revenue Bonds, Civic Plaza Expansion Project, Series 2005B, 5.500%, 7/01/39 – FGIC Insured
No Opt. Call
 
AA
 
10,628,482
 
 
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–
 
10,957,800
 
 
44,345
 
Total Arizona
       
49,365,008
 
     
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 (Pre-refunded 11/01/14) – NPFG Insured
11/14 at 100.00
 
Aa2 (4)
 
2,304,833
 
     
California – 14.8% (10.2% of Total Investments)
           
 
3,800
 
California Department of Water Resources, Central Valley Project Water System Revenue Bonds, Series 2012AL, 5.000%, 12/01/15
No Opt. Call
 
AAA
 
4,094,158
 
     
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2005AC:
           
 
220
 
5.000%, 12/01/24 (Pre-refunded 12/01/14) – NPFG Insured
12/14 at 100.00
 
Aa1 (4)
 
226,246
 
 
3,790
 
5.000%, 12/01/24 (Pre-refunded 12/01/14) – NPFG Insured
12/14 at 100.00
 
AAA
 
3,897,598
 
 
205
 
5.000%, 12/01/26 (Pre-refunded 12/01/14)
12/14 at 100.00
 
Aa1 (4)
 
210,820
 
 
3,760
 
5.000%, 12/01/26 (Pre-refunded 12/01/14)
12/14 at 100.00
 
AAA
 
3,866,746
 
 
1,020
 
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+
 
1,134,097
 
 
5,000
 
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2013A, 5.000%, 8/15/52
8/23 at 100.00
 
AA–
 
5,306,800
 
 
80
 
California State, General Obligation Bonds, Series 2002, 5.000%, 10/01/32 – NPFG Insured
7/14 at 100.00
 
AA–
 
80,298
 
 
5
 
California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 – AMBAC Insured
7/14 at 100.00
 
A1
 
5,019
 
 
1,280
 
California State, General Obligation Bonds, Series 2007, 5.000%, 11/01/15
No Opt. Call
 
A1
 
1,372,045
 

Nuveen Investments
 
23

 
 

 

NQI
Nuveen Quality Municipal Fund, Inc.
 
 
Portfolio of Investments (continued)
 
April 30, 2014 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
California (continued)
           
$
7,000
 
California Statewide Communities Development Authority, Revenue Bonds, Sutter Health, Series 2011A, 6.000%, 8/15/42
8/20 at 100.00
 
AA–
$
8,303,120
 
 
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+
 
1,005,830
 
 
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)
 
3,688,950
 
 
5,000
 
Garden Grove, California, Certificates of Participation, Financing Project, Series 2002A, 5.125%, 3/01/32 – AMBAC Insured
7/14 at 100.00
 
A
 
5,002,200
 
 
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
 
8,665,920
 
 
5,795
 
Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%, 11/01/25 – AGM Insured
No Opt. Call
 
AA
 
3,844,925
 
 
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
 
1,247,126
 
 
3,785
 
Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue Bonds, Redevelopment Project 1, Series 1993, 5.850%, 8/01/22 – NPFG Insured (ETM)
No Opt. Call
 
AA– (4)
 
4,256,460
 
 
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–
 
2,024,140
 
 
1,390
 
San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Refunding Second Series 2010C, 5.000%, 5/01/16
No Opt. Call
 
A+
 
1,521,286
 
     
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+
 
2,103,360
 
 
3,655
 
5.000%, 7/01/22 – NPFG Insured
7/15 at 100.00
 
AA+
 
3,840,345
 
 
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
 
AA–
 
8,683,768
 
 
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
 
2,577,470
 
 
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)
 
1,012,310
 
 
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)
 
1,543,773
 
 
3,170
 
Ventura County Community College District, California, General Obligation Bonds, Series 2005B, 5.000%, 8/01/28 (Pre-refunded 8/01/15) – NPFG Insured
8/15 at 100.00
 
AA (4)
 
3,362,007
 
 
83,640
 
Total California
       
82,876,817
 
     
Colorado – 6.8% (4.7% of Total Investments)
           
 
2,015
 
Board of Trustees of the University of Northern Colorado, Revenue Bonds, Series 2005, 5.000%, 6/01/22 (Pre-refunded 6/01/15) – AGM Insured
6/15 at 100.00
 
AA (4)
 
2,119,619
 
     
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+
 
1,793,865
 
 
2,895
 
5.000%, 12/01/23
12/22 at 100.00
 
BBB+
 
3,099,908
 
 
4,200
 
5.000%, 12/01/24
12/22 at 100.00
 
BBB+
 
4,432,176
 
 
690
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013, 5.500%, 6/01/33
6/23 at 100.00
 
A–
 
747,926
 
 
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
 
2,867,076
 
 
1,000
 
Denver City and County, Colorado, Airport Revenue Bonds, Series 2006, 5.000%, 11/15/24 – NPFG Insured
11/16 at 100.00
 
A+
 
1,100,440
 
 
5,365
 
Denver City and County, Colorado, Airport Revenue Bonds, Series 2006, 5.000%, 11/15/23 – NPFG Insured (UB)
11/16 at 100.00
 
AA–
 
5,909,601
 

24
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Colorado (continued)
           
$
1,085
 
Denver, Colorado, Airport Revenue Bonds, Trust 2365, 15.972%, 11/15/25 – NPFG Insured (IF)
11/16 at 100.00
 
AA–
$
1,508,117
 
 
9,880
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/32 – NPFG Insured
No Opt. Call
 
AA–
 
3,765,960
 
 
10,000
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/27 – NPFG Insured
No Opt. Call
 
AA–
 
5,426,400
 
     
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+
 
437,788
 
 
1,000
 
3.000%, 12/01/32
No Opt. Call
 
A+
 
861,520
 
 
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
12/14 at 100.00
 
AA (4)
 
1,287,825
 
 
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
 
974,679
 
 
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
 
1,117,523
 
 
5
 
University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 – FGIC Insured
6/15 at 100.00
 
Aa2
 
5,218
 
     
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)
 
336,614
 
 
175
 
5.000%, 6/01/30 (Pre-refunded 6/01/15) – FGIC Insured
6/15 at 100.00
 
Aa2 (4)
 
184,086
 
 
46,440
 
Total Colorado
       
37,976,341
 
     
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, 11.656%, 10/01/30 – AMBAC Insured (IF) (5)
10/16 at 100.00
 
AA+
 
1,421,895
 
 
3,920
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1730, 11.648%, 10/01/36 (Pre-refunded 10/01/16) – AMBAC Insured (IF) (5)
10/16 at 100.00
 
AA+ (4)
 
5,060,681
 
 
5,255
 
Total District of Columbia
       
6,482,576
 
     
Florida – 14.1% (9.7% 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
 
4,660,821
 
 
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
 
10,593,400
 
 
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
 
2,183,520
 
 
1,025
 
Cityplace Community Development District, Florida, Special Assessment and Revenue Bonds, Refunding Series 2012, 5.000%, 5/01/26
No Opt. Call
 
A
 
1,123,523
 
 
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)
 
3,517,896
 
 
4,000
 
Davie, Florida, Water and Sewerage Revenue Bonds, Series 2011, 5.000%, 10/01/41 – AGM Insured
10/21 at 100.00
 
AA
 
4,240,000
 
 
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+
 
8,124,760
 
 
2,550
 
Florida State Board of Education, Public Education Capital Outlay Bonds, Tender Option Bond Trust 2929, 17.326%, 12/01/16 – AGC Insured (IF) (5)
No Opt. Call
 
AAA
 
3,656,471
 
 
1,560
 
Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006, 5.000%, 6/01/38
6/16 at 100.00
 
BBB+
 
1,563,292
 
 
6,000
 
Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Subordinate Refunding Series 2013A, 5.000%, 10/01/21 (Alternative Minimum Tax)
No Opt. Call
 
A
 
6,930,840
 
 
600
 
Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Refunding Series 2012, 5.000%, 10/01/30
10/22 at 100.00
 
A1
 
650,772
 
 
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
 
1,082,290
 

Nuveen Investments
 
25

 
 

 

NQI
Nuveen Quality Municipal Fund, Inc.
 
 
Portfolio of Investments (continued)
 
April 30, 2014 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Florida (continued)
           
$
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
 
AA–
$
13,100,441
 
 
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
 
10,479,122
 
 
4,100
 
Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, 5.000%, 11/15/33
5/22 at 100.00
 
Aa2
 
4,421,891
 
 
2,000
 
Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Embry-Riddle Aeronautical University, Inc. Project, Refunding Series 2011, 5.000%, 10/15/29 – AGM Insured
10/21 at 100.00
 
AA
 
2,171,480
 
 
72,870
 
Total Florida
       
78,500,519
 
     
Georgia – 3.3% (2.2% of Total Investments)
           
 
1,000
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2004, 5.000%, 11/01/22 (Pre-refunded 11/01/14) – AGM Insured
11/14 at 100.00
 
AA (4)
 
1,024,510
 
 
7,000
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.375%, 11/01/39 – AGM Insured
11/19 at 100.00
 
AA
 
7,571,690
 
 
2,000
 
City of Fairburn, Georgia, General Obligation Bonds, Series 2011, 5.750%, 12/01/31 – AGM Insured
12/21 at 100.00
 
AA
 
2,231,840
 
 
6,355
 
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
 
6,410,543
 
 
940
 
Cobb County Development Authority, Georgia, University Facilities Revenue Bonds, Kennesaw State University Foundations, Student Housing Subordinate Lien Series 2004C, 5.000%, 7/15/36 (Pre-refunded 7/15/14) – NPFG Insured
7/14 at 100.00
 
A3 (4)
 
949,494
 
 
17,295
 
Total Georgia
       
18,188,077
 
     
Hawaii – 0.9% (0.6% of Total Investments)
           
 
4,250
 
Hawaii State, General Obligation Bonds, Refunding Series 2011EA, 5.000%, 12/01/20
No Opt. Call
 
AA
 
5,087,293
 
     
Illinois – 10.1% (6.9% of Total Investments)
           
     
Bolingbrook, Illinois, General Obligation Bonds, Refunding Series 2013A:
           
 
675
 
5.000%, 1/01/25
7/23 at 100.00
 
Aa3
 
764,843
 
 
1,170
 
5.000%, 1/01/26
7/23 at 100.00
 
Aa3
 
1,310,973
 
 
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+
 
3,823,784
 
 
2,235
 
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
 
2,484,091
 
 
1,775
 
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien Series 2005A, 5.250%, 1/01/24 – NPFG Insured
1/16 at 100.00
 
AA–
 
1,875,678
 
 
2,660
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2007B, 5.000%, 11/15/21 – NPFG Insured
11/17 at 100.00
 
AA
 
2,920,574
 
 
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
 
2,531,357
 
 
1,150
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C, 5.500%, 8/15/41
2/21 at 100.00
 
AA–
 
1,241,345
 
 
825
 
Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/25
8/22 at 100.00
 
A–
 
909,785
 
 
455
 
Illinois State, General Obligation Bonds, Series 2013, 5.500%, 7/01/38
7/23 at 100.00
 
A–
 
497,247
 
 
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
 
A2
 
7,920,738
 
 
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
 
15,324,900
 
 
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
 
943,550
 

26
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Illinois (continued)
           
$
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
$
12,134,880
 
 
1,575
 
Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 2014A, 4.000%, 6/01/16
No Opt. Call
 
AA
 
1,690,778
 
 
63,650
 
Total Illinois
       
56,374,523
 
     
Indiana – 4.2% (2.9% of Total Investments)
           
 
4,100
 
Indiana Finance Authority, Provate 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
 
4,169,126
 
 
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–
 
11,674,146
 
 
3,680
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
1/17 at 100.00
 
AA–
 
3,869,741
 
 
3,375
 
Indiana Transportation Finance Authority, Highway Revenue Bonds, Series 1990A, 7.250%, 6/01/15 – AMBAC Insured
No Opt. Call
 
AA+
 
3,492,788
 
 
500
 
Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt Paper LLC Project, Series 2013, 5.875%, 1/01/24 (Alternative Minimum Tax)
No Opt. Call
 
N/R
 
535,160
 
 
22,785
 
Total Indiana
       
23,740,961
 
     
Iowa – 0.2% (0.1% of Total Investments)
           
 
1,000
 
Iowa Finance Authority, State Revolving Fund Revenue Bonds, Series 2010A, 5.000%, 8/01/15
No Opt. Call
 
AAA
 
1,060,590
 
     
Kansas – 1.0% (0.7% 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–
 
5,723,850
 
     
Kentucky – 1.0% (0.7% 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
 
AA–
 
3,133,640
 
 
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)
 
2,364,469
 
 
5,245
 
Total Kentucky
       
5,498,109
 
     
Louisiana – 5.1% (3.5% of Total Investments)
           
 
1,000
 
Lafayette Public Power Authority, Louisiana, Electric Revenue Bonds, Series 2012, 5.000%, 11/01/29
No Opt. Call
 
A+
 
1,110,660
 
     
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:
           
 
11,325
 
4.750%, 5/01/39 – AGM Insured
5/16 at 100.00
 
Aa1
 
11,892,836
 
 
8,940
 
4.500%, 5/01/41 – FGIC Insured (UB)
5/16 at 100.00
 
Aa1
 
9,213,922
 
 
10
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006, Residuals 660-1, 16.195%, 5/01/34 – NPFG Insured (IF)
5/16 at 100.00
 
Aa1
 
11,225
 
 
5
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006, Residuals 660-3, 16.163%, 5/01/34 – NPFG Insured (IF)
5/16 at 100.00
 
Aa1
 
5,611
 
 
5,000
 
Louisiana State, General Obligation Bonds, Series 2012C, 5.000%, 7/15/21
No Opt. Call
 
AA
 
6,019,950
 
 
26,280
 
Total Louisiana
       
28,254,204
 
     
Maine – 0.3% (0.2% of Total Investments)
           
 
1,465
 
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+
 
1,523,278
 
     
Maryland – 0.2% (0.1% of Total Investments)
           
 
1,000
 
Baltimore County, Maryland, General Obligation Bonds, Consolidated Public Improvement, Series 2012, 5.000%, 8/01/15
No Opt. Call
 
AAA
 
1,060,850
 

Nuveen Investments
 
27

 
 

 

NQI
Nuveen Quality Municipal Fund, Inc.
 
 
Portfolio of Investments (continued)
 
April 30, 2014 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Massachusetts – 4.0% (2.7% of Total Investments)
           
$
1,330
 
Massachusetts College Building Authority, Project Revenue Bonds, Series 2014A, 2.000%, 5/01/15
No Opt. Call
 
AA
$
1,354,672
 
 
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+
 
4,294,240
 
 
6,000
 
Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, Series 2002A, 5.750%, 1/01/42 – AMBAC Insured
No Opt. Call
 
A
 
7,188,360
 
 
3,335
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Massachusetts Institute of Technology, Tender Option Bond Trust 11824, 13.704%, 1/01/16 (IF)
No Opt. Call
 
AAA
 
4,544,771
 
 
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+
 
3,537,211
 
 
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
 
1,376,696
 
 
19,375
 
Total Massachusetts
       
22,295,950
 
     
Michigan – 2.9% (2.0% of Total Investments)
           
 
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
 
AA
 
1,993,959
 
 
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
 
3,022,388
 
 
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
 
A2
 
11,361,410
 
 
15,160
 
Total Michigan
       
16,377,757
 
     
Minnesota – 0.9% (0.6% 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
 
1,067,060
 
 
3,500
 
Moorhead Independent School District 152, Clay County, Minnesota, General Obligation Bonds, Refunding School Building Series 2014A, 5.000%, 4/01/17
No Opt. Call
 
Aa2
 
3,942,855
 
 
4,500
 
Total Minnesota
       
5,009,915
 
     
Mississippi – 1.1% (0.8% of Total Investments)
           
 
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
 
6,124,590
 
     
Nebraska – 3.3% (2.3% of Total Investments)
           
 
4,405
 
Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Series 2012, 5.000%, 9/01/32
9/22 at 100.00
 
A
 
4,618,863
 
 
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
 
12,493,517
 
 
1,225
 
Lincoln, Nebraska, Water Revenue Bonds, Refunding Series 2013, 5.000%, 8/15/20
No Opt. Call
 
Aa1
 
1,463,361
 
 
17,785
 
Total Nebraska
       
18,575,741
 
     
Nevada – 2.0% (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
 
2,772,325
 
 
2,500
 
5.000%, 7/01/26 (Alternative Minimum Tax)
1/23 at 100.00
 
A
 
2,738,125
 
 
5,000
 
5.000%, 7/01/27 (Alternative Minimum Tax)
1/23 at 100.00
 
A
 
5,433,700
 
 
10,000
 
Total Nevada
       
10,944,150
 
     
New Jersey – 4.8% (3.3% 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
 
AA–
 
1,712,631
 
 
1,700
 
5.000%, 7/01/23 – NPFG Insured
7/14 at 100.00
 
AA–
 
1,712,223
 
 
5,000
 
New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2013NN, 5.000%, 3/01/23
No Opt. Call
 
A1
 
5,814,750
 

28
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
New Jersey (continued)
           
$
3,850
 
New Jersey Transit Corporation, Certificates of Participation, Federal Transit Administration Grants, Series 2002A, 5.500%, 9/15/15 – AMBAC Insured
No Opt. Call
 
A
$
4,123,004
 
 
2,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/26
No Opt. Call
 
A1
 
1,192,720
 
 
4,475
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2007A, 5.000%, 12/15/34 – AMBAC Insured
No Opt. Call
 
AA+
 
4,988,506
 
 
6,000
 
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – AGM Insured
No Opt. Call
 
AA
 
7,199,400
 
 
24,725
 
Total New Jersey
       
26,743,234
 
     
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 (Pre-refunded 6/01/14) – AMBAC Insured
6/14 at 100.00
 
AAA
 
1,350,595
 
 
3,290
 
5.000%, 6/01/23 (Pre-refunded 6/01/14) – AMBAC Insured
6/14 at 100.00
 
AAA
 
3,303,686
 
 
4,635
 
Total New Mexico
       
4,654,281
 
     
New York – 4.9% (3.4% of Total Investments)
           
 
50
 
Dormitory Authority of the State of New York, Revenue Bonds, School Districts Financing Program, Series 2002D, 5.500%, 10/01/17 – NPFG Insured
7/14 at 100.00
 
AA–
 
50,217
 
 
4,080
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured
2/17 at 100.00
 
AA–
 
4,091,057
 
 
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
 
AA–
 
3,092,705
 
 
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
 
AA–
 
3,312,375
 
 
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
 
2,117,960
 
 
1,290
 
Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue Bonds, Unity Hospital of Rochestor Project, Series 2010, 5.500%, 8/15/40
2/21 at 100.00
 
Aa2
 
1,465,879
 
 
1,740
 
New York Convention Center Development Corporation, Hotel Unit Fee Revenue Bonds, Series 2005, Trust 2364, 17.361%, 11/15/44 – AMBAC Insured (IF)
11/15 at 100.00
 
AA+
 
2,105,957
 
 
430
 
New York State Housing Finance Agency, Mortgage Revenue Refunding Bonds, Housing Project, Series 1996A, 6.125%, 11/01/20 – AGM Insured
11/14 at 100.00
 
AA
 
431,023
 
     
New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series 2005B:
           
 
2,460
 
5.000%, 3/15/24 (Pre-refunded 3/15/15) – AGM Insured
3/15 at 100.00
 
AAA
 
2,564,894
 
 
2,465
 
5.000%, 3/15/25 (Pre-refunded 3/15/15) – AGM Insured
3/15 at 100.00
 
AAA
 
2,570,108
 
 
5,000
 
New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series 2010A, 5.000%, 3/15/17
No Opt. Call
 
AAA
 
5,632,050
 
 
25,705
 
Total New York
       
27,434,225
 
     
North Carolina – 0.4% (0.3% of Total Investments)
           
 
2,140
 
North Carolina State, General Obligation Bonds, Refunding Series 2013C, 3.500%, 5/01/16
No Opt. Call
 
AAA
 
2,275,976
 
     
North Dakota – 1.0% (0.7% 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
 
625,182
 
 
970
 
4.000%, 3/01/19
No Opt. Call
 
A
 
1,047,765
 
 
1,085
 
5.000%, 3/01/21
No Opt. Call
 
A
 
1,227,905
 
 
2,830
 
Williston, North Dakota, Limited Obligation Bonds, Certificates of Indebtedness, Series 2013A, 2.500%, 11/01/15
11/14 at 100.00
 
N/R
 
2,842,820
 
 
5,485
 
Total North Dakota
       
5,743,672
 

Nuveen Investments
 
29

 
 

 
 
NQI
Nuveen Quality Municipal Fund, Inc.
 
 
Portfolio of Investments (continued)
 
April 30, 2014 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Ohio – 3.5% (2.4% 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
 
AA- (4)
$
7,030,940
 
 
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+
 
9,140,787
 
 
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
 
3,259,536
 
 
19,110
 
Total Ohio
       
19,431,263
 
     
Pennsylvania – 8.5% (5.9% of Total Investments)
           
 
3,000
 
Allegheny County Sanitary Authority, Pennsylvania, Sewer Revenue Bonds, Series 2005A, 5.000%, 12/01/23 – NPFG Insured
12/15 at 100.00
 
AA–
 
3,191,400
 
 
1,165
 
Allegheny County Sanitary Authority, Pennsylvania, Sewer Revenue Bonds, Series 2010, 5.000%, 6/01/40 – AGM Insured
12/20 at 100.00
 
AA
 
1,221,176
 
 
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
 
6,300,352
 
 
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+
 
1,740,160
 
 
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
 
2,587,690
 
 
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
 
4,109,588
 
 
5,400
 
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured
12/16 at 100.00
 
AA
 
5,462,208
 
     
Philadelphia, Pennsylvania, Airport Revenue Bonds, Series 2010A:
           
 
5,000
 
5.000%, 6/15/35 – AGM Insured
6/20 at 100.00
 
AA
 
5,234,450
 
 
7,850
 
5.000%, 6/15/40 – AGM Insured
6/20 at 100.00
 
AA
 
8,170,673
 
 
2,000
 
Pittsburgh Public Parking Authority, Pennsylvania, Parking Revenue Bonds, Series 2005B, 5.000%, 12/01/23 – FGIC Insured
12/15 at 100.00
 
AA–
 
2,044,440
 
     
Scranton, Pennsylvania, Sewer Authority Revenue Bonds, Series 2011A:
           
 
1,125
 
5.250%, 12/01/31 – AGM Insured
12/21 at 100.00
 
AA
 
1,220,411
 
 
1,000
 
5.500%, 12/01/35 – AGM Insured
12/21 at 100.00
 
AA
 
1,087,390
 
 
5,790
 
Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, Series 2012B, 4.000%, 1/01/33
No Opt. Call
 
Baa3
 
5,381,631
 
 
46,145
 
Total Pennsylvania
       
47,751,569
 
     
Puerto Rico – 1.0% (0.7% of Total Investments)
           
 
5,000
 
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/16 – FGIC Insured (ETM)
No Opt. Call
 
BB+ (4)
 
5,560,050
 
     
South Carolina – 2.7% (1.9% of Total Investments)
           
 
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–
 
5,946,800
 
 
8,950
 
South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2007A, 4.500%, 10/01/34 – SYNCORA GTY Insured
10/16 at 100.00
 
A1
 
9,171,960
 
 
13,950
 
Total South Carolina
       
15,118,760
 
     
South Dakota – 0.9% (0.6% of Total Investments)
           
     
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Avera Health, Series 2012A:
           
 
250
 
5.000%, 7/01/27
7/21 at 100.00
 
AA–
 
270,700
 
 
4,350
 
5.000%, 7/01/42
7/21 at 100.00
 
AA–
 
4,544,097
 
 
4,600
 
Total South Dakota
       
4,814,797
 

30
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Texas – 11.5% (7.9% 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
$
2,433,216
 
 
1,700
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.250%, 1/01/46
1/21 at 100.00
 
Baa2
 
1,865,546
 
 
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
 
1,530,540
 
 
3,135
 
Corpus Christi, Texas, Utility System Revenue Bonds, Refunding & Improvement Series 2004, 5.250%, 7/15/20 (Pre-refunded 7/15/14) – AGM Insured
7/14 at 100.00
 
AA (4)
 
3,168,450
 
 
5,000
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series 2013C, 5.000%, 11/01/38 (Alternative Minimum Tax)
11/22 at 100.00
 
A+
 
5,166,100
 
 
3,355
 
Deer Park Independent School District, Harris County, Texas, Limited Tax School Building and Refunding Bonds, Series 2013, 5.000%, 2/15/23
2/22 at 100.00
 
AAA
 
4,024,557
 
 
4,000
 
Harris County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Memorial Hermann Healthcare System, Series 2008B, 7.250%, 12/01/35 (Pre-refunded 12/01/18)
12/18 at 100.00
 
A1 (4)
 
5,093,000
 
     
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
 
3,619,595
 
 
2,055
 
5.125%, 9/01/33 – AGM Insured
9/16 at 100.00
 
AA
 
2,124,274
 
 
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)
 
23,138,360
 
 
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
 
Aa3
 
2,621,935
 
     
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012:
           
 
2,500
 
5.000%, 12/15/29
No Opt. Call
 
A3
 
2,606,575
 
 
2,500
 
5.000%, 12/15/30
No Opt. Call
 
A3
 
2,592,025
 
 
800
 
5.000%, 12/15/32
No Opt. Call
 
A3
 
824,256
 
 
3,000
 
Texas State Transportation Commission, Highway Fund Revenue Bonds, First Tier Series 2014A, 5.000%, 4/01/22
No Opt. Call
 
AAA
 
3,650,070
 
 
54,735
 
Total Texas
       
64,458,499
 
     
Utah – 0.8% (0.6% of Total Investments)
           
 
3,615
 
Utah Transit Authority, Sales Tax Revenue Bonds, Tender Option Bond Trust R-11752, 12.844%, 6/15/27 – AGM Insured (IF)
6/18 at 100.00
 
AAA
 
4,637,684
 
     
Vermont – 0.4% (0.2% of Total Investments)
           
 
2,000
 
Vermont Economic Development Authority, Mortgage Revenue Bonds, Wake Robin Corporation Project, Refunding Series 2006A, 5.375%, 5/01/36
5/16 at 100.00
 
N/R
 
2,013,060
 
     
Washington – 9.1% (6.3% 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+
 
12,272,435
 
 
8,000
 
King County, Washington, Sewer Revenue Bonds, Series 2007, 5.000%, 1/01/42 – AGM Insured
7/17 at 100.00
 
AA+
 
8,648,720
 
 
1,665
 
King County, Washington, Sewer Revenue Bonds, Tender Option Bond Trust 3090, 13.606%, 7/01/32 – AGM Insured (IF) (5)
7/17 at 100.00
 
AA+
 
2,140,924
 
 
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
 
2,101,005
 
 
10,000
 
Washington State, General Obligation Bonds, Refunding Various Purpose Series 2012R-13A, 5.000%, 7/01/21
No Opt. Call
 
AA+
 
11,968,800
 
 
21,510
 
Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2002-03C, 0.000%, 6/01/28 – NPFG Insured (UB) (5)
No Opt. Call
 
AA+
 
13,545,923
 
 
53,500
 
Total Washington
       
50,677,807
 

Nuveen Investments
 
31

 
 

 

NQI
Nuveen Quality Municipal Fund, Inc.
 
 
Portfolio of Investments (continued)
 
April 30, 2014 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
West Virginia – 1.7% (1.2% of Total Investments)
           
$
8,655
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Refunding and Improvement Series 2013A, 5.500%, 6/01/44
6/23 at 100.00
 
A
$
9,469,868
 
     
Wisconsin – 3.8% (2.6% 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)
 
1,674,845
 
 
3,390
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2012B, 4.500%, 2/15/40
2/22 at 100.00
 
A–
 
3,369,321
 
 
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
 
11,605,440
 
 
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
 
1,379,250
 
 
1,000
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Three Pillars Senior Living Communities, Refunding Series 2013, 5.000%, 8/15/33
8/23 at 100.00
 
A–
 
1,047,620
 
 
1,000
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Services Inc., Series 2006B, 5.125%, 8/15/30
8/16 at 100.00
 
A–
 
1,022,360
 
 
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
 
1,038,570
 
 
20,275
 
Total Wisconsin
       
21,137,406
 
     
Wyoming – 0.6% (0.4% 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
 
1,085,750
 
 
1,000
 
6.000%, 12/01/36
12/21 at 100.00
 
BBB
 
1,102,890
 
 
1,265
 
Wyoming Community Development Authority, Housing Revenue Bonds, 2012 Series 1, 4.375%, 12/01/32 (Alternative Minimum Tax)
12/21 at 100.00
 
AA+
 
1,262,548
 
 
3,265
 
Total Wyoming
       
3,451,188
 
$
782,325
 
Total Municipal Bonds (cost $761,981,424)
       
808,406,959
 

32
 
Nuveen Investments

 
 

 
 
 
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)
               
$
601
 
Las Vegas Monorail Company, Senior Interest Bonds (6), (7)
5.500%
 
7/15/19
 
N/R
$
108,114
 
 
166
 
Las Vegas Monorail Company, Senior Interest Bonds (6), (7)
3.000%
 
7/15/55
 
N/R
 
22,259
 
$
767
 
Total Corporate Bonds (cost $45,911)
           
130,373
 
     
Total Long-Term Investments (cost $762,027,335)
           
808,537,332
 
 
 
Principal
   
Optional
         
 
Amount (1000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
SHORT-TERM INVESTMENTS – 0.6% (0.4% of Total Investments)
           
     
MUNICIPAL BONDS – 0.6% (0.4% of Total Investments)
           
     
Kansas – 0.6% (0.4% of Total Investments)
           
$
3,000
 
Wichita, Kansas, General Obligation Bonds, Temporary Notes, Variable Rate Demand Obligations, Series 2014-264, 0.500%, 4/15/15 (8)
No Opt. Call
 
SP-1+
$
3,004,470
 
     
Total Short-Term Investments (cost $3,003,437)
       
3,004,470
 
     
Total Investments (cost $765,030,772) – 145.3%
       
811,541,802
 
     
Floating Rate Obligations – (5.3)%
       
(29,590,000
)
     
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (43.0)% (9)
       
(240,400,000
)
     
Other Assets Less Liabilities – 3.0%
       
16,883,484
 
     
Net Assets Applicable to Common Shares – 100%
     
$
558,435,286
 
 
(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, Note 2 – Investment Valuation and Fair Value Measurements 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)
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 as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.
(9)
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 29.6%.
(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, Note 3 – Portfolio Securities and Investments Derivatives, Inverse Floating Rate Securities for more information.
 
See accompanying notes to financial statements.

Nuveen Investments
 
33

 
 

 

NIO
   
 
Nuveen Municipal Opportunity Fund, Inc.
 
 
Portfolio of Investments
 
April 30, 2014 (Unaudited)
 
 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
LONG-TERM INVESTMENTS – 149.0% (100.0% of Total Investments)
             
     
MUNICIPAL BONDS – 149.0% (100.0% of Total Investments)
             
     
Alabama – 0.5% (0.3% of Total Investments)
             
$
6,850
 
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+
 
$
7,055,637
 
     
Arizona – 3.2% (2.2% 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
 
Baa1
   
4,303,010
 
 
4,545
 
Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series 2012A, 5.000%, 1/01/43
1/22 at 100.00
 
AA–
   
4,791,703
 
     
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–
   
2,070,020
 
 
2,000
 
5.000%, 9/01/27 – AMBAC Insured
3/15 at 100.00
 
AA–
   
2,066,960
 
 
1,000
 
Arizona State University, System Revenue Bonds, Series 2005, 5.000%, 7/01/27 – AMBAC Insured
7/15 at 100.00
 
Aa3
   
1,046,920
 
 
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
   
3,193,230
 
 
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 (4)
   
1,008,260
 
 
5,200
 
Mesa, Arizona, Utility System Revenue Bonds, Tender Option Bond Trust, Series 11032- 11034, 15.179%, 7/01/26 – AGM Insured (IF)
7/17 at 100.00
 
AA
   
5,491,616
 
 
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
   
14,156,001
 
 
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+
   
5,207,700
 
 
1,150
 
Phoenix Civic Improvement Corporation, Arizona, Wastewater System Revenue Bonds, Junior Lien Series 2004, 5.000%, 7/01/27 (Pre-refunded 7/01/14) – NPFG Insured
7/14 at 100.00
 
AA+ (4)
   
1,159,453
 
 
2,000
 
Yavapai County Industrial Development Authority, Arizona, Hospital Revenue Bonds, Yavapai Regional Medical Center, Series 2013A, 5.250%, 8/01/33
8/23 at 100.00
 
Baa1
   
2,153,140
 
 
44,615
 
Total Arizona
         
46,648,013
 
     
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
   
2,781,482
 
     
California – 19.3% (13.0% 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+
   
4,683,000
 
     
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
   
30,852
 
 
200
 
5.000%, 12/01/24 (Pre-refunded 12/01/14) – NPFG Insured
12/14 at 100.00
 
Aa1 (4)
   
205,678
 
 
3,470
 
5.000%, 12/01/24 (Pre-refunded 12/01/14) – NPFG Insured
12/14 at 100.00
 
AAA
   
3,568,513
 
 
25
 
5.000%, 12/01/27 (Pre-refunded 12/01/14) – NPFG Insured
12/14 at 100.00
 
AAA
   
25,710
 
 
140
 
5.000%, 12/01/27 (Pre-refunded 12/01/14) – NPFG Insured
12/14 at 100.00
 
Aa1 (4)
   
143,975
 
 
2,655
 
5.000%, 12/01/27 (Pre-refunded 12/01/14) – NPFG Insured
12/14 at 100.00
 
AAA
   
2,730,375
 
 
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
   
3,197,760
 
 
345
 
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children’s Hospital, Series 2014A, 5.000%, 8/15/51
8/22 at 100.00
 
AA
   
373,801
 

34
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
California (continued)
           
$
710
 
California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, Series 2013A, 5.000%, 7/01/37
7/23 at 100.00
 
AA–
$
768,263
 
     
California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and Clinics, Tender Option Bond Trust 3294:
           
 
3,220
 
9.408%, 2/15/20 (IF) (5)
No Opt. Call
 
AA–
 
3,682,006
 
 
1,275
 
9.408%, 2/15/20 (IF) (5)
No Opt. Call
 
AA–
 
1,457,937
 
 
1,215
 
9.401%, 2/15/20 (IF) (5)
No Opt. Call
 
AA–
 
1,389,170
 
 
10,150
 
California State, General Obligation Bonds, Various Purpose Series 2004, 5.000%, 6/01/31 – AMBAC Insured
12/14 at 100.00
 
A1
 
10,413,799
 
 
3,500
 
Coachella Valley Unified School District, Riverside County, California, General Obligation Bonds, Series 2005A, 5.000%, 8/01/26 (Pre-refunded 8/01/15) – FGIC Insured
8/15 at 100.00
 
AA– (4)
 
3,711,995
 
 
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
 
6,016,858
 
     
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Series 2013A:
           
 
2,400
 
5.750%, 1/15/46
1/24 at 100.00
 
BBB–
 
2,557,824
 
 
5,400
 
6.000%, 1/15/49
1/24 at 100.00
 
BBB–
 
5,832,432
 
 
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
 
10,027,300
 
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
           
 
13,620
 
   4.500%, 6/01/27
6/17 at 100.00
 
B
 
11,957,679
 
 
5,290
 
   5.000%, 6/01/33
6/17 at 100.00
 
B
 
4,249,774
 
 
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–
 
1,531,430
 
 
5,600
 
Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%,11/01/24 – AGM Insured
No Opt. Call
 
AA
 
3,888,360
 
 
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
 
3,036,824
 
 
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
 
3,267,630
 
 
5,720
 
Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43
8/35 at 100.00
 
AA
 
3,120,088
 
 
5,200
 
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 – AGC Insured
8/29 at 100.00
 
AA
 
4,558,944
 
     
Poway Redevelopment Agency, California, Tax Allocation Bonds, Paguay Redevelopment Project, Series 2001:
           
 
15,000
 
5.200%, 6/15/30 – AMBAC Insured
6/14 at 100.00
 
N/R
 
15,010,050
 
 
6,000
 
5.125%, 6/15/33 – AMBAC Insured
6/14 at 100.00
 
N/R
 
6,002,940
 
 
2,035
 
Redding, California, Electric System Revenue Certificates of Participation, Series 2005, 5.000%, 6/01/30 – FGIC Insured
6/15 at 100.00
 
AA–
 
2,062,961
 
 
6,000
 
Redlands Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2003, 5.000%, 7/01/26 – AGM Insured
7/14 at 100.00
 
AA
 
6,020,280
 
 
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
 
3,140,240
 
 
510
 
Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series 2013A, 5.750%, 6/01/48
6/23 at 100.00
 
BBB–
 
537,591
 
 
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
 
2,662,400
 
 
4,000
 
San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Governmental Purpose, Second Series 2013B, 5.000%, 5/01/43
5/23 at 100.00
 
A+
 
4,288,960
 
 
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
 
59,251,623
 

Nuveen Investments
 
35

 
 

 

NIO
Nuveen Municipal Opportunity Fund, Inc.
 
Portfolio of Investments (continued)
April 30, 2014 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
California (continued)
           
     
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
7/14 at 100.00
 
AA–
$
31,614,684
 
 
21,500
 
0.000%, 1/15/32 – NPFG Insured
No Opt. Call
 
AA–
 
7,658,300
 
 
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
 
AA–
 
20,588,231
 
 
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
 
AA–
 
13,333,725
 
 
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
 
6,952,318
 
 
5,000
 
Walnut Energy Center Authority, California, Electric Revenue Bonds, Turlock Irrigation District, Series 2004A, 5.000%, 1/01/34 – AMBAC Insured
7/14 at 100.00
 
A+
 
5,018,500
 
 
304,880
 
Total California
       
280,570,780
 
     
Colorado – 5.0% (3.3% 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–
 
1,081,771
 
 
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
 
AA (4)
 
2,043,336
 
 
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– (4)
 
1,006,110
 
 
5,000
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45
1/23 at 100.00
 
A+
 
5,385,450
 
 
550
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013, 5.625%, 6/01/43
6/23 at 100.00
 
A–
 
590,189
 
 
7,415
 
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 11/15/43
11/23 at 100.00
 
A
 
7,934,421
 
 
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 (4)
 
1,792,652
 
 
35,995
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 9/01/23 – NPFG Insured
No Opt. Call
 
AA–
 
25,043,881
 
 
10,000
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/27 – NPFG Insured
No Opt. Call
 
AA–
 
5,426,400
 
 
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
12/14 at 100.00
 
AA (4)
 
4,656,775
 
 
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
 
4,404,057
 
 
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
 
Aa1 (4)
 
2,571,250
 
 
8,500
 
University of Colorado Hospital Authority, Colorado, Revenue Bonds, Series 2012A, 5.000%, 11/15/42
11/22 at 100.00
 
AA–
 
8,872,045
 
 
15
 
University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 – FGIC Insured
6/15 at 100.00
 
Aa2
 
15,653
 
     
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)
 
678,488
 
 
340
 
5.000%, 6/01/30 (Pre-refunded 6/01/15) – FGIC Insured
6/15 at 100.00
 
Aa2 (4)
 
357,653
 
 
85,535
 
Total Colorado
       
71,860,131
 
     
Connecticut – 0.3% (0.2% of Total Investments)
           
 
500
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hartford Healthcare, Series 2014E, 5.000%, 7/01/42
No Opt. Call
 
A
 
525,190
 
 
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
 
3,534,213
 
 
3,750
 
Total Connecticut
       
4,059,403
 

36
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
District of Columbia – 0.4% (0.2% 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–
$
2,529,461
 
 
2,670
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1606, 11.656%, 10/01/30 – AMBAC Insured (IF) (5)
10/16 at 100.00
 
AA+
 
2,843,790
 
 
5,520
 
Total District of Columbia
       
5,373,251
 
     
Florida – 17.1% (11.5% 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
 
Aa3
 
1,320,400
 
 
1,275
 
Broward County, Florida, Airport System Revenue Bonds, Series 2004L, 5.000%, 10/01/23 – AMBAC Insured
10/14 at 100.00
 
A+
 
1,298,384
 
 
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 (4)
 
892,658
 
 
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
 
6,356,040
 
     
Clay County, Florida, Utility System Revenue Bonds, Series 2007:
           
 
5,110
 
5.000%, 11/01/27 – AGM Insured (UB)
11/17 at 100.00
 
AA
 
5,672,764
 
 
12,585
 
5.000%, 11/01/32 – AGM Insured (UB)
11/17 at 100.00
 
AA
 
13,780,072
 
 
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– (4)
 
1,529,520
 
 
3,000
 
Collier County, Florida, Gas Tax Revenue Bonds, Series 2005, 5.000%, 6/01/22 – AMBAC Insured
6/15 at 100.00
 
AA–
 
3,127,530
 
     
Dade County Housing Finance Authority, Florida, Multifamily Mortgage Revenue Bonds, Siesta Pointe Apartments Project, Series 1997A:
           
 
895
 
5.650%, 9/01/17 – AGM Insured (Alternative Minimum Tax)
9/14 at 100.00
 
AA+
 
897,425
 
 
1,890
 
5.750%, 9/01/29 – AGM Insured (Alternative Minimum Tax)
9/14 at 100.00
 
AA+
 
1,892,249
 
 
2,500
 
Escambia County School Board, Florida, Certificates of Participation, Series 2004, 5.000%, 2/01/22 – NPFG Insured
2/15 at 100.00
 
AA–
 
2,530,800
 
 
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
 
2,610,275
 
 
1,200
 
Flagler County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/30 – NPFG Insured
10/15 at 100.00
 
AA–
 
1,223,256
 
 
90
 
Florida Municipal Loan Council, Revenue Bonds, Series 2001A, 5.250%, 11/01/18
7/14 at 100.00
 
Baa1
 
90,252
 
 
1,915
 
Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006, 5.500%,
6/01/38 – AGM Insured
6/18 at 100.00
 
AA
 
2,011,171
 
 
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
 
2,942,850
 
 
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
 
1,046,620
 
 
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+
 
1,064,710
 
 
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
 
AA–
 
2,725,658
 
     
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
 
Baa1
 
1,710,948
 
 
1,830
 
5.000%, 5/01/27 – NPFG Insured
5/15 at 102.00
 
Baa1
 
1,899,046
 
 
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
 
1,529,160
 
 
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
 
5,036,287
 
 
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
 
1,241,796
 

Nuveen Investments
 
37

 
 

 

NIO
Nuveen Municipal Opportunity Fund, Inc.
 
 
Portfolio of Investments (continued)
 
April 30, 2014 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Florida (continued)
           
$
1,505
 
Lee County, Florida, Transportation Facilities Revenue Bonds, Series 2004B, 5.000%, 10/01/21 – AMBAC Insured
10/14 at 100.00
 
A–
$
1,529,411
 
 
1,000
 
Lee Memorial Health System, Florida, Hospital Revenue Bonds, Series 2007A, 5.000%, 4/01/32 – NPFG Insured
4/17 at 100.00
 
AA–
 
1,029,770
 
 
3,000
 
Leesburg, Florida, Utility Revenue Bonds, Series 2007, 5.000%, 10/01/37 – NPFG Insured
10/17 at 100.00
 
AA–
 
3,218,190
 
     
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
 
3,446,880
 
 
1,545
 
5.000%, 10/01/31 (Alternative Minimum Tax)
No Opt. Call
 
A
 
1,650,477
 
 
915
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2002A, 5.125%, 10/01/35 – AGM Insured
7/14 at 100.00
 
AA
 
915,549
 
 
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
 
AA–
 
13,131,837
 
 
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
 
AA–
 
5,510,828
 
 
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
 
3,240,480
 
 
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
 
AA
 
2,417,320
 
 
6,655
 
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, 5.000%, 10/01/42
10/22 at 100.00
 
Aa3
 
7,031,473
 
     
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
 
AA–
 
1,338,556
 
 
2,145
 
5.000%, 8/01/29 – NPFG Insured
8/15 at 102.00
 
AA–
 
2,211,988
 
 
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
 
2,133,320
 
 
3,500
 
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
 
3,570,945
 
 
1,000
 
Orange County School Board, Florida, Certificates of Participation, Series 2007A, 5.000%, 8/01/27 – FGIC Insured
8/17 at 100.00
 
Aa2
 
1,104,200
 
 
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–
 
2,683,150
 
     
Osceola County, Florida, Transportation Revenue Bonds, Osceola Parkway, Series 2004:
           
 
2,500
 
5.000%, 4/01/21 – NPFG Insured
7/14 at 100.00
 
Aa3
 
2,509,600
 
 
7,820
 
5.000%, 4/01/23 – NPFG Insured
7/14 at 100.00
 
Aa3
 
7,847,683
 
 
170
 
Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Sinai Residences of Boca Raton Project, Series 2014A, 7.250%, 6/01/34 (WI/DD, Settling 5/21/14)
6/22 at 102.00
 
N/R
 
183,357
 
 
945
 
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)
7/14 at 100.00
 
AA
 
946,200
 
 
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– (4)
 
2,176,402
 
 
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–
 
3,305,580
 
 
8,000
 
Palm Beach County Solid Waste Authority, Florida, Revenue Bonds, Series 2002B, 0.000%, 10/01/14 – AMBAC Insured (ETM)
No Opt. Call
 
AA+ (4)
 
7,994,800
 
 
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
 
3,196,590
 
 
1,170
 
Polk County, Florida, Utility System Revenue Bonds, Series 2004A, 5.000%, 10/01/24 (Pre-refunded 10/01/14) – FGIC Insured
10/14 at 100.00
 
AA– (4)
 
1,193,810
 

38
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Florida (continued)
           
$
1,000
 
Port Saint Lucie. Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, Series 2007, 5.000%, 7/01/33 – NPFG Insured
7/17 at 100.00
 
AA–
$
1,029,290
 
     
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
 
6,106,071
 
 
8,500
 
5.000%, 9/01/35 – AGC Insured
9/18 at 100.00
 
AA
 
9,321,610
 
 
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– (4)
 
1,016,280
 
 
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
 
1,978,930
 
 
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 (4)
 
4,295,102
 
 
5,740
 
Seminole County, Florida, Water and Sewer Revenue Bonds, Refunding & Improvement Series 1992, 6.000%, 10/01/19 – NPFG Insured (ETM)
No Opt. Call
 
Aa2 (4)
 
6,673,783
 
 
2,185
 
Seminole County, Florida, Water and Sewer Revenue Bonds, Refunding & Improvement Series 1992, 6.000%, 10/01/19 – NPFG Insured
No Opt. Call
 
Aa2
 
2,262,873
 
     
St. Lucie County, Florida, Utility System Revenue Refunding Bonds, Series 1993:
           
 
2,635
 
5.500%, 10/01/15 – FGIC Insured (ETM)
No Opt. Call
 
N/R (4)
 
2,742,376
 
 
1,200
 
5.500%, 10/01/21 – FGIC Insured (ETM)
No Opt. Call
 
N/R (4)
 
1,453,920
 
     
St. Petersburg, Florida, Sales Tax Revenue Bonds, Professional Sports Facility, Series 2003:
           
 
1,475
 
5.125%, 10/01/20 – AGM Insured
7/14 at 100.00
 
A1
 
1,480,812
 
 
1,555
 
5.125%, 10/01/21 – AGM Insured
7/14 at 100.00
 
A1
 
1,561,065
 
 
2,500
 
Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/29 – NPFG Insured
10/15 at 100.00
 
AA
 
2,638,750
 
 
400
 
Tamarac, Florida, Utility System Revenue Bonds, Series 2009, 5.000%, 10/01/39 – AGC Insured
10/19 at 100.00
 
AA
 
427,032
 
 
1,485
 
Tampa, Florida, Healthcare System Revenue Bonds, Allegany Health System – St. Joseph’s Hospital, Series 1993, 5.125%, 12/01/23 – NPFG Insured (ETM)
No Opt. Call
 
Aaa
 
1,502,285
 
 
10,335
 
Tampa, Florida, Revenue Bonds, University of Tampa, Series 2006, 5.000%, 4/01/35 – CIFG Insured
4/16 at 100.00
 
A3
 
10,440,934
 
 
21,095
 
Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Refunding Series 2012B, 5.000%, 7/01/42
No Opt. Call
 
A
 
22,183,502
 
 
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
 
4,492,384
 
 
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 (4)
 
2,040,700
 
 
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
 
12,382,200
 
 
1,785
 
Volusia County, Florida, Tax Revenue Bonds, Tourist Development, Series 2004, 5.000%, 12/01/24 (Pre-refunded 12/01/14) – AGM Insured
12/14 at 100.00
 
A2 (4)
 
1,833,088
 
 
235,580
 
Total Florida
       
247,811,254
 
     
Georgia – 1.7% (1.1% of Total Investments)
           
 
1,000
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2004, 5.000%, 11/01/22 (Pre-refunded 11/01/14) – AGM Insured
11/14 at 100.00
 
AA (4)
 
1,024,510
 
 
10,000
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.375%, 11/01/39 – AGM Insured
11/19 at 100.00
 
AA
 
10,816,700
 
 
1,155
 
Augusta, Georgia, Water and Sewerage Revenue Bonds, Series 2004, 5.250%, 10/01/39 – AGM Insured
10/14 at 100.00
 
AA
 
1,177,257
 
 
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
 
2,998,540
 
 
1,520
 
College Park Business and Industrial Development Authority, Georgia, Revenue Bonds, Public Safety Project, Series 2004, 5.250%, 9/01/23 (Pre-refunded 9/01/14) – NPFG Insured
9/14 at 102.00
 
AA– (4)
 
1,576,590
 
 
4,660
 
Greene County Development Authority, Georgia, Health System Revenue Bonds, Catholic Health East Issue, Series 2012, 4.250%, 11/15/42
No Opt. Call
 
Aa2
 
4,711,540
 

Nuveen Investments
 
39

 
 

 

NIO
Nuveen Municipal Opportunity Fund, Inc.
 
 
Portfolio of Investments (continued)
 
April 30, 2014 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Georgia (continued)
           
$
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+
$
2,424,578
 
 
23,410
 
Total Georgia
       
24,729,715
 
     
Hawaii – 0.0% (0.0% of Total Investments)
           
     
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific University, Series 2013A:
           
 
250
 
6.625%, 7/01/33
7/23 at 100.00
 
BB+
 
260,915
 
 
170
 
6.875%, 7/01/43
7/23 at 100.00
 
BB+
 
177,281
 
 
420
 
Total Hawaii
       
438,196
 
     
Idaho – 0.8% (0.5% of Total Investments)
           
 
8,730
 
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
 
9,142,493
 
     
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
 
A1
 
1,083,770
 
 
1,065
 
5.000%, 7/15/24 – NPFG Insured
7/16 at 100.00
 
A1
 
1,154,215
 
 
10,795
 
Total Idaho
       
11,380,478
 
     
Illinois – 11.3% (7.6% 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
 
1,080,314
 
 
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
 
8,089,774
 
 
7,200
 
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien Series 2005A, 5.250%, 1/01/24 – NPFG Insured
1/16 at 100.00
 
AA–
 
7,608,384
 
 
10,000
 
Chicago, Illinois, Water Revenue Bonds, Refunding Second Lien Series 2012-2, 5.000%, 11/01/42
11/22 at 100.00
 
AA
 
10,339,300
 
 
7,095
 
Cook County Community College District 508, Illinois, General Obligation Bonds, Chicago City Colleges, Series 2013, 5.250%, 12/01/43
12/23 at 100.00
 
AA
 
7,565,115
 
 
6,160
 
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
 
5,707,486
 
 
3,400
 
Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural History, Series 2002, 5.500%, 11/01/36
11/23 at 100.00
 
A2
 
3,599,852
 
 
3,295
 
Illinois Educational Facilities Authority, Revenue Bonds, Robert Morris College, Series 2000, 5.800%, 6/01/30 – NPFG Insured
6/14 at 100.00
 
Baa1
 
3,298,559
 
 
2,315
 
Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Series 2012, 5.000%, 6/01/42
No Opt. Call
 
AA
 
2,414,175
 
 
5,750
 
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 5.000%, 9/01/38
9/22 at 100.00
 
A–
 
5,784,673
 
 
1,435
 
Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A, 6.000%, 7/01/43
7/23 at 100.00
 
A–
 
1,572,559
 
 
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
 
7,594,070
 
 
14,965
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago, Series 2012A, 5.000%, 10/01/51
10/21 at 100.00
 
Aa1
 
15,626,303
 
     
Illinois State, General Obligation Bonds, February Series 2014:
           
 
3,200
 
5.250%, 2/01/32
2/24 at 100.00
 
A–
 
3,459,744
 
 
2,000
 
5.250%, 2/01/33
2/24 at 100.00
 
A–
 
2,150,740
 
 
1,575
 
5.250%, 2/01/34
2/24 at 100.00
 
A–
 
1,687,219
 
 
7,000
 
5.000%, 2/01/39
2/24 at 100.00
 
A–
 
7,264,950
 
     
Illinois State, General Obligation Bonds, May Series 2014:
           
 
510
 
5.000%, 5/01/36 (WI/DD, Settling 5/08/14)
5/24 at 100.00
 
A–
 
533,496
 
 
1,630
 
5.000%, 5/01/39 (WI/DD, Settling 5/08/14)
5/24 at 100.00
 
A–
 
1,693,065
 

40
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Illinois (continued)
           
     
Illinois State, General Obligation Bonds, Refunding Series 2012:
           
$
3,160
 
5.000%, 8/01/21
No Opt. Call
 
A–
$
3,624,520
 
 
1,225
 
5.000%, 8/01/22
No Opt. Call
 
A–
 
1,402,564
 
 
2,740
 
5.000%, 8/01/23
No Opt. Call
 
A–
 
3,139,876
 
 
270
 
5.000%, 8/01/25
8/22 at 100.00
 
A–
 
297,748
 
 
1,425
 
Illinois State, General Obligation Bonds, Series 2013, 5.500%, 7/01/38
7/23 at 100.00
 
A–
 
1,557,311
 
 
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
 
5,874,965
 
 
1,395
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust 4304, 18.105%, 1/01/21 (IF) (5)
No Opt. Call
 
AA–
 
1,710,256
 
 
5,000
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Tender Option Bond Trust 3861, 15.179%, 6/15/18 (IF) (5)
No Opt. Call
 
AAA
 
5,749,400
 
     
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
 
3,774,200
 
 
10,000
 
0.000%, 6/15/46 – AGM Insured
No Opt. Call
 
AAA
 
1,766,400
 
 
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
 
6,889,667
 
 
5,920
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Tender Option Bond Trust 3861, 13.570%, 6/15/42 (IF) (5)
6/20 at 100.00
 
AAA
 
6,299,176
 
     
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
 
4,380,686
 
 
2,365
 
5.000%, 12/01/23 (Pre-refunded 12/01/14) – FGIC Insured
12/14 at 100.00
 
AAA
 
2,432,000
 
 
5,250
 
Southwestern Illinois Development Authority, Health Facility Revenue Bonds, Memorial Group, Inc., Series 2013, 7.625%, 11/01/48
11/23 at 100.00
 
BB+
 
5,528,880
 
 
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
 
AA–
 
2,421,880
 
     
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
 
1,135,232
 
 
1,035
 
7.000%, 12/01/22 – AGM Insured
12/20 at 100.00
 
AA
 
1,256,117
 
 
1,155
 
7.000%, 12/01/23 – AGM Insured
12/20 at 100.00
 
AA
 
1,391,278
 
 
1,065
 
7.000%, 12/01/26 – AGM Insured
12/20 at 100.00
 
AA
 
1,247,829
 
 
2,085
 
7.250%, 12/01/29 – AGM Insured
12/20 at 100.00
 
AA
 
2,450,438
 
 
2,295
 
7.250%, 12/01/30 – AGM Insured
12/20 at 100.00
 
AA
 
2,684,645
 
 
194,025
 
Total Illinois
       
164,084,846
 
     
Indiana – 6.1% (4.2% of Total Investments)
           
 
12,360
 
Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 2012A, 5.000%, 5/01/42
5/23 at 100.00
 
A
 
12,925,099
 
 
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–
 
3,461,903
 
 
14,760
 
Indiana Finance Authority, Provate 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
 
15,335,788
 
 
5,000
 
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2010B., 5.000%, 12/01/37
12/20 at 100.00
 
Aa2
 
5,211,800
 
 
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
 
N/R (4)
 
11,740,848
 
 
8,500
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
1/17 at 100.00
 
AA–
 
8,938,260
 
 
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
 
5,464,400
 
 
20,000
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/28 – AMBAC Insured
No Opt. Call
 
AA
 
12,145,200
 

Nuveen Investments
 
41

 
 

 

NIO
Nuveen Municipal Opportunity Fund, Inc.
 
 
Portfolio of Investments (continued)
 
April 30, 2014 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Indiana (continued)
           
$
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
$
10,352,567
 
 
935
 
Shoals, Indiana, Exempt Facilities Revenue Bonds, National Gypsum Company Project, Series 2013, 7.250%, 11/01/43 (Alternative Minimum Tax)
11/23 at 100.00
 
N/R
 
973,382
 
 
2,040
 
Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt Paper LLC Project, Series 2013, 7.000%, 1/01/44 (Alternative Minimum Tax)
1/24 at 100.00
 
N/R
 
2,209,606
 
 
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
 
1,466,085
 
 
94,360
 
Total Indiana
       
90,224,938
 
     
Iowa – 1.3% (0.9% of Total Investments)
           
 
10,000
 
Iowa Finance Authority, Health Facilities Revenue Bonds, UnityPoint Health Project, Series 2013A, 5.250%, 2/15/44
2/23 at 100.00
 
Aa3
 
10,738,000
 
     
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:
           
 
1,945
 
5.375%, 6/01/38
6/15 at 100.00
 
B+
 
1,687,774
 
 
1,110
 
5.500%, 6/01/42
6/15 at 100.00
 
B+
 
944,199
 
 
445
 
5.625%, 6/01/46
6/15 at 100.00
 
B+
 
381,361
 
 
5,600
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34
6/17 at 100.00
 
B+
 
5,105,968
 
 
19,100
 
Total Iowa
       
18,857,302
 
     
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 (4)
 
2,109,170
 
     
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 (4)
 
2,180,092
 
 
4,835
 
5.000%, 9/01/29 (Pre-refunded 9/01/14) – AGM Insured
9/14 at 100.00
 
A2 (4)
 
4,914,101
 
 
9,035
 
Total Kansas
       
9,203,363
 
     
Kentucky – 2.8% (1.9% 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 (4)
 
3,886,293
 
 
5,170
 
Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro Medical Health System, Series 2010A, 6.000%, 6/01/30
6/20 at 100.00
 
BBB+
 
5,567,211
 
     
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Convertible Capital Appreciation Series 2013C:
           
 
3,330
 
0.000%, 7/01/43
7/31 at 100.00
 
Baa3
 
2,032,732
 
 
5,735
 
0.000%, 7/01/46
7/31 at 100.00
 
Baa3
 
3,471,854
 
     
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Series 2013A:
           
 
1,445
 
5.750%, 7/01/49
7/23 at 100.00
 
Baa3
 
1,565,267
 
 
290
 
6.000%, 7/01/53
7/23 at 100.00
 
Baa3
 
318,116
 
     
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
 
4,487,250
 
 
10,000
 
5.250%, 2/01/24 – AGC Insured
2/19 at 100.00
 
AA
 
11,432,600
 
 
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+
 
8,118,300
 
 
41,200
 
Total Kentucky
       
40,879,623
 
     
Louisiana – 4.4% (2.9% 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
 
3,655,008
 
 
3,025
 
Lafayette, Louisiana, Utilities Revenue Bonds, Series 2004, 5.250%, 11/01/22 (Pre-refunded 11/01/14) – NPFG Insured
11/14 at 100.00
 
AA– (4)
 
3,102,803
 

42
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Louisiana (continued)
           
$
4,170
 
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
 
AA– (4)
$
4,204,528
 
     
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 (4)
 
2,515,896
 
 
4,415
 
5.000%, 5/01/26 (Pre-refunded 5/01/15) – FGIC Insured
5/15 at 100.00
 
Aa1 (4)
 
4,628,200
 
 
5,000
 
5.000%, 5/01/27 (Pre-refunded 5/01/15) – FGIC Insured
5/15 at 100.00
 
Aa1 (4)
 
5,241,450
 
     
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:
           
 
3,300
 
4.750%, 5/01/39 – AGM Insured
5/16 at 100.00
 
Aa1
 
3,465,462
 
 
35,725
 
4.500%, 5/01/41 – FGIC Insured (UB)
5/16 at 100.00
 
Aa1
 
36,819,614
 
 
38
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006, Residuals 660-1, 16.195%, 5/01/34 – NPFG Insured (IF)
5/16 at 100.00
 
Aa1
 
43,030
 
 
61,403
 
Total Louisiana
       
63,675,991
 
     
Maine – 0.1% (0.0% of Total Investments)
           
 
1,015
 
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
 
1,051,956
 
     
Maryland – 0.4% (0.3% 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+
 
5,452,809
 
     
Massachusetts – 2.5% (1.7% 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+
 
4,831,020
 
 
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+
 
3,188,267
 
 
5,330
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Harvard University, Tender Option Bond Trust 2010-20W, 13.496%, 12/15/34 (IF) (5)
12/19 at 100.00
 
AAA
 
7,496,379
 
 
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+ (4)
 
11,682,990
 
 
7,255
 
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 – AGM Insured (UB) (5)
2/17 at 100.00
 
AA+
 
7,406,194
 
 
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 (4)
 
1,539,600
 
 
32,810
 
Total Massachusetts
       
36,144,450
 
     
Michigan – 3.5% (2.4% 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
 
AA
 
6,003,699
 
 
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
 
BB+
 
1,654,405
 
 
6,000
 
Detroit, Michigan, General Obligation Bonds, Series 2001A-1, 5.375%, 4/01/18 – NPFG Insured (6)
7/14 at 100.00
 
AA–
 
5,902,980
 
 
2,000
 
Detroit, Michigan, Sewage Disposal System Revenue Bonds, Series 2001D-2, 0.320%, 7/01/32 (7)
1/14 at 100.00
 
A
 
1,404,815
 
 
3,000
 
Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A, 5.000%, 1/01/43
1/22 at 100.00
 
A2
 
3,114,930
 
 
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
 
9,055,768
 
 
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
 
Aa2
 
11,463,540
 
 
2,200
 
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital Obligated Group, Refunding Series 2014D, 5.000%, 9/01/39 (WI/DD, Settling 5/13/14)
3/24 at 100.00
 
A1
 
2,300,452
 
 
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
7/14 at 100.00
 
AA–
 
10,003,100
 
 
49,645
 
Total Michigan
       
50,903,689
 

Nuveen Investments
 
43

 
 

 

NIO
Nuveen Municipal Opportunity Fund, Inc.
 
 
Portfolio of Investments (continued)
 
April 30, 2014 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Minnesota – 0.8% (0.6% of Total Investments)
           
$
5,450
 
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
$
6,401,243
 
 
5,020
 
Minnesota State, General Obligation Bonds, Various Purpose, Refunding Series 2010D, 5.000%, 8/01/18
No Opt. Call
 
AA+
 
5,847,798
 
 
10,470
 
Total Minnesota
       
12,249,041
 
     
Missouri – 0.5% (0.3% of Total Investments)
           
 
2,250
 
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
 
2,356,245
 
 
305
 
St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Sunset Hills, Series 2013A, 5.875%, 9/01/43
9/23 at 100.00
 
A–
 
323,059
 
 
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
 
AA–
 
4,774,811
 
 
6,680
 
Total Missouri
       
7,454,115
 
     
Montana – 0.2% (0.2% of Total Investments)
           
 
3,000
 
Montana Facility Finance Authority, Hospital Revenue Bonds, Benefis Health System Obligated Group, Series 2011A, 5.750%, 1/01/31 – AGM Insured
1/21 at 100.00
 
AA
 
3,349,110
 
     
Nebraska – 2.7% (1.8% of Total Investments)
           
 
4,045
 
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–
 
4,214,405
 
 
27,125
 
Lincoln, Nebraska, Electric System Revenue Bonds, Series 2007A, 4.500%, 9/01/37 – FGIC Insured (UB) (5)
9/17 at 100.00
 
AA
 
27,880,431
 
 
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+
 
5,492,450
 
 
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 (4)
 
1,056,460
 
 
37,170
 
Total Nebraska
       
38,643,746
 
     
Nevada – 3.5% (2.3% 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–
 
7,408,870
 
 
3,500
 
Clark County School District, Nevada, General Obligation Bonds, Series 2004B, 5.000%, 6/15/18 (Pre-refunded 6/15/14) – AGM Insured
6/14 at 100.00
 
AA (4)
 
3,521,280
 
 
7,370
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2004A-2, 5.125%, 7/01/25 (Pre-refunded 7/01/14) – FGIC Insured
7/14 at 100.00
 
AA– (4)
 
7,431,392
 
 
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
 
3,372,900
 
 
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
 
18,087,339
 
 
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 (4)
 
10,576,374
 
 
47,995
 
Total Nevada
       
50,398,155
 
     
New Jersey – 4.2% (2.8% 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
 
2,040,140
 
 
2,250
 
5.125%, 10/01/22 – NPFG Insured
10/14 at 100.00
 
Aa2
 
2,295,000
 
     
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
 
AA–
 
3,878,606
 
 
3,850
 
5.000%, 7/01/23 – NPFG Insured
7/14 at 100.00
 
AA–
 
3,877,682
 
 
5,900
 
5.000%, 7/01/29 – NPFG Insured
7/14 at 100.00
 
AA–
 
5,940,415
 

44
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
New Jersey (continued)
           
$
26,000
 
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – AGM Insured
No Opt. Call
 
AA
$
31,197,400
 
 
3,320
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.000%, 1/01/21 – AGM Insured
1/15 at 100.00
 
AA
 
3,420,496
 
     
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
           
 
4,750
 
4.500%, 6/01/23
6/17 at 100.00
 
BB
 
4,616,905
 
 
1,545
 
4.625%, 6/01/26
6/17 at 100.00
 
B+
 
1,365,981
 
 
1,470
 
4.750%, 6/01/34
6/17 at 100.00
 
B2
 
1,154,861
 
 
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
 
1,669,775
 
 
56,265
 
Total New Jersey
       
61,457,261
 
     
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
 
AA–
 
3,831,105
 
 
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
 
14,775,720
 
 
17,260
 
Total New Mexico
       
18,606,825
 
     
New York – 6.5% (4.4% 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
 
AA–
 
1,937,058
 
 
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
 
8,249,361
 
 
3,335
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/24 (Pre-refunded 3/15/15) – AMBAC Insured
3/15 at 100.00
 
AAA
 
3,477,204
 
 
3,720
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured
2/17 at 100.00
 
AA–
 
3,730,081
 
 
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
 
AA–
 
13,376,750
 
 
6,000
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006C, 5.000%, 9/01/35 – NPFG Insured
9/16 at 100.00
 
AA–
 
6,411,960
 
 
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
 
2,647,450
 
 
3,025
 
Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue Bonds, Unity Hospital of Rochestor Project, Series 2010, 5.500%, 8/15/40
2/21 at 100.00
 
Aa2
 
3,437,429
 
 
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
 
3,083,399
 
 
85
 
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
 
90,211
 
 
4,915
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005F-1, 5.000%, 9/01/21 (Pre-refunded 9/01/15) – AMBAC Insured
9/15 at 100.00
 
Aa2 (4)
 
5,230,150
 
 
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
 
10,401,200
 
 
3,345
 
New York State Thruway Authority, General Revenue Bonds, Series 2005F, 5.000%, 1/01/26 – AMBAC Insured
1/15 at 100.00
 
A
 
3,439,162
 
 
1,655
 
New York State Thruway Authority, General Revenue Bonds, Series 2005F, 5.000%, 1/01/26 (Pre-refunded 1/01/15) – AMBAC Insured
1/15 at 100.00
 
A2 (4)
 
1,709,085
 
 
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
 
14,648,480
 
 
3,650
 
New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series 2005B, 5.000%, 3/15/25 (Pre-refunded 3/15/15) – AGM Insured
3/15 at 100.00
 
AAA
 
3,805,636
 

Nuveen Investments
 
45

 
 

 

NIO
Nuveen Municipal Opportunity Fund, Inc.
 
 
Portfolio of Investments (continued)
 
April 30, 2014 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
New York (continued)
           
$
4,655
 
Onondaga Civic Development Corporation, New York, Revenue Bonds, Saint Joseph’s Hospital Health Center Project, Series 2012, 5.000%, 7/01/42
7/22 at 100.00
 
BB
$
4,386,686
 
     
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+
 
2,455,891
 
 
2,430
 
0.000%, 11/15/31
No Opt. Call
 
A+
 
1,152,889
 
 
1,460
 
0.000%, 11/15/32
No Opt. Call
 
A+
 
658,489
 
 
91,130
 
Total New York
       
94,328,571
 
     
North Carolina – 1.6% (1.1% of Total Investments)
           
 
750
 
Gaston County Industrial Facilities and Pollution Control Financing Authority, North Carolina, National Gypsum Company Project Exempt Facilities Revenue Bonds, Series 2005, 5.750%, 8/01/35 (Alternative Minimum Tax)
8/15 at 100.00
 
N/R
 
731,873
 
 
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
 
10,788,600
 
 
4,715
 
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+
 
5,024,445
 
     
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
 
3,326,213
 
 
3,295
 
5.000%, 5/01/24 – AMBAC Insured
5/15 at 100.00
 
Aa3
 
3,419,617
 
 
21,965
 
Total North Carolina
       
23,290,748
 
     
North Dakota – 0.8% (0.5% of Total Investments)
           
 
2,245
 
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–
 
2,325,147
 
     
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
 
2,338,312
 
 
1,355
 
5.000%, 12/15/23 – NPFG Insured
12/15 at 100.00
 
Aa3
 
1,441,652
 
 
3,000
 
5.000%, 12/15/24 – NPFG Insured
12/15 at 100.00
 
Aa3
 
3,187,830
 
 
1,890
 
Williston, North Dakota, Multifamily Housing Revenue Bonds, Eagle Crest Apartments LLC Project, Series 2013, 7.750%, 9/01/38
9/23 at 100.00
 
N/R
 
1,940,142
 
 
10,685
 
Total North Dakota
       
11,233,083
 
     
Ohio – 8.1% (5.4% 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
 
1,809,165
 
     
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–
 
2,069,944
 
 
2,665
 
4.000%, 5/01/33
5/22 at 100.00
 
AA–
 
2,665,906
 
 
2,420
 
5.000%, 5/01/42
5/22 at 100.00
 
AA–
 
2,547,921
 
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
           
 
12,565
 
5.125%, 6/01/24
6/17 at 100.00
 
B–
 
10,859,553
 
 
370
 
5.875%, 6/01/30
6/17 at 100.00
 
B
 
309,993
 
 
11,600
 
5.750%, 6/01/34
6/17 at 100.00
 
B
 
9,536,244
 
 
1,860
 
5.875%, 6/01/47
6/17 at 100.00
 
B
 
1,532,417
 
 
8,310
 
Cleveland Heights-University Heights City School District, Ohio, General Obligation Bonds, School Improvement Series 2014, 5.000%, 12/01/51
6/23 at 100.00
 
AA
 
8,626,029
 
 
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
 
AA– (4)
 
2,661,713
 
 
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 (4)
 
2,060,060
 
 
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 (4)
 
2,395,041
 

46
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Ohio (continued)
           
$
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
$
6,337,980
 
 
2,205
 
Hamilton City School District, Ohio, General Obligation Bonds, Series 2005, 5.000%, 12/01/24 – NPFG Insured
6/15 at 100.00
 
Baa1
 
2,302,174
 
 
19,535
 
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, Series 2006A, 4.250%, 12/01/32 – AMBAC Insured
12/16 at 100.00
 
A+
 
19,741,876
 
 
6,425
 
JobsOhio Beverage System, Ohio, Statewide Liquor Profits Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/38 (UB) (5)
1/23 at 100.00
 
AA
 
6,845,388
 
     
JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, Tender Option Bond Trust 1157:
           
 
1,725
 
17.437%, 1/01/38 (IF) (5)
1/23 at 100.00
 
AA
 
2,176,467
 
 
2,000
 
17.437%, 1/01/38 (IF) (5)
1/23 at 100.00
 
AA
 
2,523,440
 
 
1,250
 
17.437%, 1/01/38 (IF) (5)
1/23 at 100.00
 
AA
 
1,577,150
 
 
625
 
17.437%, 1/01/38 (IF) (5)
1/23 at 100.00
 
AA
 
788,575
 
 
1,750
 
17.430%, 1/01/38 (IF) (5)
1/23 at 100.00
 
AA
 
2,207,800
 
 
390
 
17.370%, 1/01/38 (IF) (5)
1/23 at 100.00
 
AA
 
491,661
 
     
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
 
5,191,264
 
 
6,000
 
5.250%, 12/01/31 – AGM Insured
No Opt. Call
 
A2
 
7,104,060
 
 
9,235
 
Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System Obligated Group Project, Series 2013, 5.000%, 2/15/48
2/23 at 100.00
 
BB+
 
8,077,116
 
     
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
 
1,985,240
 
 
1,320
 
6.000%, 12/01/42
12/22 at 100.00
 
N/R
 
1,309,216
 
 
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
 
2,173,860
 
 
117,325
 
Total Ohio
       
117,907,253
 
     
Oklahoma – 2.7% (1.8% of Total Investments)
           
     
Oklahoma Capitol Improvement Authority, State Facilities Revenue Bonds, Series 2005F:
           
 
3,500
 
5.000%, 7/01/24 (Pre-refunded 7/01/15) – AMBAC Insured
7/15 at 100.00
 
AA (4)
 
3,696,770
 
 
7,500
 
5.000%, 7/01/27 (Pre-refunded 7/01/15) – AMBAC Insured
7/15 at 100.00
 
AA (4)
 
7,921,650
 
     
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
 
1,129,770
 
 
1,500
 
5.000%, 7/01/40
7/21 at 100.00
 
AAA
 
1,644,990
 
 
120
 
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+
 
122,359
 
 
19,060
 
Oklahoma Municipal Power Authority, Power Supply System Revenue Bonds, Series 2007, 4.500%, 1/01/47 – FGIC Insured
1/17 at 100.00
 
AA–
 
19,155,300
 
 
4,880
 
University of Oklahoma, Student Housing Revenue Bonds, Series 2004, 5.000%, 7/01/22 (Pre-refunded 7/01/14) – AMBAC Insured
7/14 at 100.00
 
Aa3 (4)
 
4,920,211
 
 
37,560
 
Total Oklahoma
       
38,591,050
 
     
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 (4)
 
2,657,415
 
 
4,000
 
Oregon Department of Administrative Services, State Lottery Revenue Bonds, Series 2011A, 5.250%, 4/01/31
4/21 at 100.00
 
AAA
 
4,586,760
 
 
6,535
 
Total Oregon
       
7,244,175
 
     
Pennsylvania – 5.5% (3.7% of Total Investments)
           
 
2,165
 
Allegheny County Sanitary Authority, Pennsylvania, Sewer Revenue Bonds, Series 2010, 5.000%, 6/01/40 – AGM Insured
12/20 at 100.00
 
AA
 
2,269,396
 

Nuveen Investments
 
47

 
 

 
 
NIO
Nuveen Municipal Opportunity Fund, Inc.
 
 
Portfolio of Investments (continued)
 
April 30, 2014 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Pennsylvania (continued)
           
$
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
$
8,572,869
 
 
7,630
 
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
 
7,802,820
 
 
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
 
5,545,050
 
 
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
 
1,715,068
 
 
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
 
AA–
 
1,870,776
 
 
11,100
 
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured
12/16 at 100.00
 
AA
 
11,227,872
 
 
2,625
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 – AMBAC Insured
6/16 at 100.00
 
A+
 
2,809,118
 
 
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
 
BB+
 
1,251,068
 
 
10,000
 
Philadelphia, Pennsylvania, Airport Revenue Bonds, Series 2010A, 5.000%, 6/15/40 – AGM Insured
6/20 at 100.00
 
AA
 
10,408,500
 
 
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
 
7,387,784
 
 
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
 
5,563,009
 
 
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
 
6,641,171
 
     
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
 
3,527,302
 
 
3,450
 
5.000%, 1/15/23 – AGM Insured
1/16 at 100.00
 
AA
 
3,701,402
 
 
76,665
 
Total Pennsylvania
       
80,293,205
 
     
Puerto Rico – 0.7% (0.4% 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+ (4)
 
2,639,325
 
 
425
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2003G, 5.250%, 7/01/19 – FGIC Insured
7/14 at 100.00
 
BB+
 
302,281
 
 
1,550
 
Puerto Rico Municipal Finance Agency, Series 2005C, 5.250%, 8/01/21 – CIFG Insured
No Opt. Call
 
AA
 
1,557,006
 
     
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
           
 
20,300
 
0.000%, 8/01/41 – NPFG Insured
No Opt. Call
 
AA–
 
3,386,852
 
 
14,195
 
0.000%, 8/01/45 – NPFG Insured
No Opt. Call
 
AA–
 
1,820,935
 
 
38,970
 
Total Puerto Rico
       
9,706,399
 
     
Rhode Island – 1.1% (0.7% 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
7/14 at 100.00
 
AA–
 
2,200,839
 
 
1,405
 
Rhode Island Health & Educational Building Corporation, Higher Education Auxiliary Enterprise Revenue Bonds, Series 2004A, 5.500%, 9/15/24 (Pre-refunded 9/15/14) – AMBAC Insured
9/14 at 100.00
 
A1 (4)
 
1,433,198
 
     
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A:
           
 
250
 
6.125%, 6/01/32
7/14 at 100.00
 
BBB+
 
249,998
 
 
11,390
 
6.250%, 6/01/42
7/14 at 100.00
 
BBB–
 
11,389,317
 
 
15,240
 
Total Rhode Island
       
15,273,352
 

48
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
South Carolina – 4.3% (2.9% of Total Investments)
           
$
14,650
 
Anderson County School District 5, South Carolina, General Obligation Bonds, Series 2008, Trust 1181, 9.846%, 8/01/15 – AGM Insured (IF)
No Opt. Call
 
Aa1
$
17,858,936
 
     
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
 
AA– (4)
 
2,029,540
 
 
2,605
 
5.250%, 8/15/23 (Pre-refunded 8/15/14) – NPFG Insured
8/14 at 100.00
 
AA– (4)
 
2,643,476
 
 
2,385
 
5.250%, 8/15/25 (Pre-refunded 8/15/14) – NPFG Insured
8/14 at 100.00
 
AA– (4)
 
2,420,226
 
 
4,085
 
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
 
4,316,252
 
 
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
 
4,273,676
 
 
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
 
1,428,888
 
 
15,795
 
South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2007A, 4.500%, 10/01/34 – SYNCORA GTY Insured
10/16 at 100.00
 
A1
 
16,186,716
 
 
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
 
11,007,578
 
 
57,120
 
Total South Carolina
       
62,165,288
 
     
Tennessee – 0.5% (0.3% of Total Investments)
           
 
6,160
 
Chattanooga Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45
1/23 at 100.00
 
A+
 
6,634,874
 
     
Texas – 8.3% (5.6% 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
 
4,701,016
 
 
12,700
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series 2013C, 5.125%, 11/01/43 (Alternative Minimum Tax)
11/22 at 100.00
 
A+
 
13,151,231
 
 
9,035
 
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+
 
9,392,876
 
 
4,330
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender Option Bond Trust 2013- 9A, 18.125%, 4/01/53 (IF)
10/23 at 100.00
 
AA+
 
5,294,984
 
 
25,000
 
Harris County-Houston Sports Authority, Texas, Special Revenue Bonds, Refunding Junior Lien Series 2001B, 5.250%, 11/15/40 – NPFG Insured
5/14 at 100.00
 
AA–
 
25,006,750
 
 
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
 
7,028,970
 
 
3,500
 
Irving, Texas, Hotel Occupancy Tax Revenue Bonds, Series 2014B, 5.000%, 8/15/43
8/19 at 100.00
 
BBB+
 
3,528,070
 
 
60
 
Lower Colorado River Authority, Texas, Revenue Refunding and Improvement Bonds, Series 2001A, 5.000%, 5/15/21
7/14 at 100.00
 
A1
 
60,201
 
     
McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013:
           
 
2,355
 
5.750%, 12/01/33
12/25 at 100.00
 
Baa2
 
2,523,783
 
 
2,385
 
6.125%, 12/01/38
12/25 at 100.00
 
Baa2
 
2,553,596
 
 
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
 
9,193,444
 
 
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
 
26,001,958
 
 
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
 
1,814,418
 
 
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
 
AA– (4)
 
8,385,612
 
 
1,840
 
Ysleta Independent School District Public Facility Corporation, Texas, Lease Revenue Refunding Bonds, Series 2001, 5.375%, 11/15/24 – AMBAC Insured
5/14 at 100.00
 
AA–
 
1,887,325
 
 
114,415
 
Total Texas
       
120,524,234
 

Nuveen Investments
 
49

 
 

 

NIO
Nuveen Municipal Opportunity Fund, Inc.
 
 
Portfolio of Investments (continued)
 
April 30, 2014 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Utah – 1.1% (0.8% of Total Investments)
           
$
15,000
 
Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008A, 5.000%, 6/15/32 – AGM Insured (UB) (5)
6/18 at 100.00
 
AAA
$
16,634,550
 
     
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+
 
10,799,500
 
 
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+ (4)
 
1,041,603
 
 
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
 
1,041,086
 
 
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 (4)
 
17,951
 
 
5,740
 
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012A, 5.000%, 7/01/52
No Opt. Call
 
BBB–
 
5,815,481
 
     
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012B:
           
 
1,740
 
0.000%, 7/01/32
No Opt. Call
 
BBB–
 
644,061
 
 
2,465
 
0.000%, 7/01/33
No Opt. Call
 
BBB–
 
856,686
 
 
960
 
0.000%, 7/01/34
No Opt. Call
 
BBB–
 
316,051
 
 
1,330
 
0.000%, 7/01/35
No Opt. Call
 
BBB–
 
409,933
 
 
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–
 
2,302,737
 
 
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–
 
5,256,652
 
 
31,600
 
Total Virginia
       
28,501,741
 
     
Washington – 6.5% (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
8/14 at 100.00
 
AAA
 
10,117,200
 
 
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 (4)
 
2,581,525
 
 
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+ (4)
 
3,599,155
 
 
7,500
 
King County, Washington, General Obligation Sewer Bonds, Series 2009, Trust 1W, 9.649%, 1/01/39 – AGC Insured (IF) (5)
1/19 at 100.00
 
Aa1
 
9,275,250
 
 
17,000
 
King County, Washington, Sewer Revenue Bonds, Series 2007, 5.000%, 1/01/42 – AGM Insured
7/17 at 100.00
 
AA+
 
18,378,530
 
 
4,345
 
King County, Washington, Sewer Revenue Bonds, Tender Option Bond Trust 3090, 13.606%, 7/01/32 – AGM Insured (IF) (5)
7/17 at 100.00
 
AA+
 
5,586,975
 
 
11,000
 
Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Series 2005A, 5.000%, 3/01/35 – NPFG Insured
3/15 at 100.00
 
AA–
 
11,311,960
 
 
2,375
 
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
 
2,606,848
 
     
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
 
4,286,741
 
 
4,085
 
5.000%, 12/01/25 – SYNCORA GTY Insured
12/16 at 100.00
 
AA
 
4,478,508
 
 
4,290
 
5.000%, 12/01/26 – SYNCORA GTY Insured
12/16 at 100.00
 
AA
 
4,663,144
 
 
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
 
2,756,507
 
 
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
 
7,020,298
 
 
5,945
 
Washington State, General Obligation Bonds, Series 2009, Trust 1212, 13.669%, 7/01/14 – AGM Insured (IF)
No Opt. Call
 
AA+
 
7,725,765
 
 
85,480
 
Total Washington
       
94,388,406
 

50
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
West Virginia – 2.4% (1.6% 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
$
10,761,300
 
 
22,400
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Refunding and Improvement Series 2013A, 5.500%, 6/01/44
6/23 at 100.00
 
A
 
24,508,960
 
 
32,400
 
Total West Virginia
       
35,270,260
 
     
Wisconsin – 1.7% (1.2% 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
 
9,166,148
 
 
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–
 
5,426,290
 
 
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+
 
10,824,576
 
 
23,850
 
Total Wisconsin
       
25,417,014
 
$
2,192,893
 
Total Municipal Bonds (cost $2,039,684,697)
       
2,162,749,763
 

 
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)
               
$
572
 
Las Vegas Monorail Company, Senior Interest Bonds (7), (8)
5.500%
 
7/15/19
 
N/R
$
103,046
 
 
159
 
Las Vegas Monorail Company, Senior Interest Bonds (7), (8)
3.000%
 
7/15/55
 
N/R
 
21,214
 
$
731
 
Total Corporate Bonds (cost $43,759)
           
124,260
 
     
Total Long-Term Investments (cost $2,039,728,456)
           
2,162,874,023
 
     
Floating Rate Obligations – (6.4)%
           
(92,198,333
)
     
Variable Rate Demand Preferred Shares, at Liquidation
Value – (46.0)% (9)
           
(667,200,000
)
     
Other Assets Less Liabilities – 3.4%
           
48,208,676
 
     
Net Assets Applicable to Common Shares – 100%
         
$
1,451,684,366
 
 
(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)
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.
(7)
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, Note 2 – Investment Valuation and Fair Value Measurements for more information.
(8)
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.
(9)
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 30.8%.
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, Note 3 – Portfolio Securities and Investments Derivatives, Inverse Floating Rate Securities for more information.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
51

 
 

 

NVG
   
 
Nuveen Dividend Advantage Municipal Income Fund
 
 
Portfolio of Investments
 
April 30, 2014 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
LONG-TERM INVESTMENTS – 141.6% (97.5% of Total Investments)
           
     
MUNICIPAL BONDS – 141.3% (97.3% of Total Investments)
           
     
Alaska – 0.5% (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
 
B2
$
2,432,097
 
     
Arizona – 1.6% (1.1% of Total Investments)
           
 
6,000
 
Phoenix Civic Improvement Corporation, Arizona, Revenue Bonds, Civic Plaza Expansion Project, Series 2005B, 5.500%, 7/01/37 – FGIC Insured
No Opt. Call
 
AA
 
7,233,180
 
     
California – 18.5% (12.7% 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+
 
1,672,500
 
 
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
 
2,890,518
 
     
California Educational Facilities Authority, Revenue Bonds, Occidental College, Series 2005A:
           
 
1,485
 
5.000%, 10/01/26 (Pre-refunded 10/01/15) – NPFG Insured
10/15 at 100.00
 
Aa3 (4)
 
1,586,752
 
 
1,565
 
5.000%, 10/01/27 (Pre-refunded 10/01/15) – NPFG Insured
10/15 at 100.00
 
Aa3 (4)
 
1,672,234
 
 
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
 
10,659,200
 
     
California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and Clinics, Tender Option Bond Trust 3294:
           
 
855
 
9.408%, 2/15/20 (IF) (5)
No Opt. Call
 
AA–
 
977,675
 
 
375
 
9.408%, 2/15/20 (IF) (5)
No Opt. Call
 
AA–
 
428,805
 
 
340
 
9.401%, 2/15/20 (IF) (5)
No Opt. Call
 
AA–
 
388,739
 
 
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
 
AA
 
4,195,195
 
     
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
 
A2
 
1,853,041
 
 
3,600
 
0.000%, 8/01/34 – AGM Insured
8/28 at 100.00
 
A2
 
2,499,372
 
     
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Series 2013A:
           
 
1,210
 
5.750%, 1/15/46
1/24 at 100.00
 
BBB–
 
1,289,570
 
 
1,210
 
6.000%, 1/15/49
1/24 at 100.00
 
BBB–
 
1,306,897
 
 
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
 
2,484,364
 
 
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
 
19,029,341
 
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
           
 
3,110
 
4.500%, 6/01/27
6/17 at 100.00
 
B
 
2,730,425
 
 
1,570
 
5.000%, 6/01/33
6/17 at 100.00
 
B
 
1,261,275
 
 
1,000
 
5.750%, 6/01/47
6/17 at 100.00
 
B
 
827,930
 
 
365
 
5.125%, 6/01/47
6/17 at 100.00
 
B
 
278,185
 
 
1,990
 
Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%, 11/01/25 – AGM Insured
No Opt. Call
 
AA
 
1,320,345
 
     
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
 
3,560,951
 
 
2,220
 
0.000%, 8/01/28 – AGC Insured
No Opt. Call
 
AA
 
1,188,877
 

52
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
California (continued)
           
$
2,675
 
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 – AGC Insured
8/29 at 100.00
 
AA
$
2,345,226
 
 
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
 
4,087,211
 
 
160
 
Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series 2013A, 5.750%, 6/01/48
6/23 at 100.00
 
BBB–
 
168,656
 
     
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
 
AA
 
1,002,910
 
 
530
 
3.000%, 6/15/26 – AGM Insured
6/17 at 100.00
 
AA
 
527,011
 
 
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
 
AA–
 
6,606,057
 
 
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
 
4,295,734
 
 
1,690
 
Ventura County Community College District, California, General Obligation Bonds, Series 2005B, 5.000%, 8/01/28 (Pre-refunded 8/01/15) – NPFG Insured
8/15 at 100.00
 
AA (4)
 
1,792,363
 
 
104,310
 
Total California
       
84,927,359
 
     
Colorado – 7.2% (5.0% of Total Investments)
           
 
16,655
 
Adams County, Colorado, FHA-Insured Mortgage Revenue Bonds, Platte Valley Medical Center, Series 2005, 5.000%, 8/01/24 (Pre-refunded 8/01/15) – NPFG Insured
8/15 at 100.00
 
AA– (4)
 
17,648,471
 
 
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–
 
755,123
 
 
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 (4)
 
2,291,772
 
 
170
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013, 5.625%, 6/01/43
6/23 at 100.00
 
A–
 
182,422
 
 
1,610
 
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 11/15/43
11/23 at 100.00
 
A
 
1,722,781
 
 
17,000
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/25 – NPFG Insured
No Opt. Call
 
AA–
 
10,491,210
 
 
38,410
 
Total Colorado
       
33,091,779
 
     
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–
 
798,777
 
 
6,805
 
District of Columbia, Revenue Bonds, Georgetown University, Series 2007A, 4.500%, 4/01/42 – AMBAC Insured
4/17 at 100.00
 
A–
 
6,767,232
 
 
935
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1606, 11.656%, 10/01/30 – AMBAC Insured (IF) (5)
10/16 at 100.00
 
AA+
 
995,859
 
 
8,640
 
Total District of Columbia
       
8,561,868
 
     
Florida – 6.7% (4.6% 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
 
3,178,020
 
 
1,430
 
Collier County Educational Facilities Authority, Florida, Revenue Bonds, Hodges University, Series 2013, 6.125%, 11/01/43
11/23 at 100.00
 
BBB–
 
1,476,232
 
     
Davie, Florida, Educational Facilities Revenue Bonds, Nova Southeastern University Project, Refunding Series 2013A:
           
 
3,445
 
6.000%, 4/01/42
4/23 at 100.00
 
Baa1
 
3,835,766
 
 
1,720
 
5.625%, 4/01/43
4/23 at 100.00
 
Baa1
 
1,854,900
 
     
Florida Municipal Loan Council, Revenue Bonds, Series 2003B:
           
 
165
 
5.250%, 12/01/17
7/14 at 100.00
 
AA–
 
165,578
 
 
100
 
5.250%, 12/01/18
7/14 at 100.00
 
AA–
 
100,311
 

Nuveen Investments
 
53

 
 

 

NVG
Nuveen Dividend Advantage Municipal Income Fund
 
 
Portfolio of Investments (continued)
 
April 30, 2014 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Florida (continued)
           
$
5,825
 
JEA, Florida, Electric System Revenue Bonds, Series Three 2013B, 5.000%, 10/01/38
10/18 at 100.00
 
Aa2
$
6,250,808
 
 
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
 
2,520,843
 
 
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
 
1,742,235
 
 
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
 
1,607,746
 
 
2,400
 
Miami-Dade County, Florida, Subordinate Special Obligation Refunding Bonds Series 2012B, 5.000%, 10/01/37
10/22 at 100.00
 
A+
 
2,502,888
 
 
2,590
 
Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2012, 5.000%, 7/01/42
7/22 at 100.00
 
AA
 
2,771,637
 
 
750
 
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
 
765,203
 
 
60
 
Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Sinai Residences of Boca Raton Project, Series 2014A, 7.250%, 6/01/34 (WI/DD, Settling 5/21/14)
6/22 at 102.00
 
N/R
 
64,714
 
 
1,000
 
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Series 2007, 5.000%, 8/15/42 (UB) (5)
8/17 at 100.00
 
AA
 
1,034,400
 
 
1,000
 
Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/28 – NPFG Insured
10/15 at 100.00
 
AA
 
1,053,860
 
 
28,870
 
Total Florida
       
30,925,141
 
     
Georgia – 7.6% (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
 
7,295,903
 
 
5,000
 
Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2012B, 5.000%, 1/01/29
No Opt. Call
 
Aa3
 
5,591,350
 
 
8,980
 
Atlanta, Georgia, Airport Passenger Facilities Charge Revenue Bonds, Refunding Series 2004C, 5.000%, 1/01/33 (Pre-refunded 7/01/14) – AGM Insured
7/14 at 100.00
 
AA (4)
 
9,054,175
 
 
1,000
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2004, 5.000%, 11/01/22 (Pre-refunded 11/01/14) – AGM Insured
11/14 at 100.00
 
AA (4)
 
1,024,510
 
 
1,480
 
Greene County Development Authority, Georgia, Health System Revenue Bonds, Catholic Health East Issue, Series 2012, 4.250%, 11/15/42
No Opt. Call
 
Aa2
 
1,496,369
 
 
7,000
 
Gwinnett County School District, Georgia, General Obligation Bonds, Series 2008, 5.000%, 2/01/36
2/18 at 100.00
 
AAA
 
7,784,140
 
 
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
 
1,079,670
 
 
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
 
1,822,740
 
 
33,095
 
Total Georgia
       
35,148,857
 
     
Guam – 0.2% (0.1% of Total Investments)
           
 
150
 
Guam International Airport Authority, Revenue Bonds, Series 2013C, 6.375%, 10/01/43 (Alternative Minimum Tax)
10/23 at 100.00
 
BBB
 
161,195
 
 
650
 
Guam Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.500%, 7/01/43
7/23 at 100.00
 
A–
 
686,147
 
 
800
 
Total Guam
       
847,342
 
     
Hawaii – 1.2% (0.8% of Total Investments)
           
 
5,000
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific Health Obligated Group, Series 2013A, 5.500%, 7/01/43
7/23 at 100.00
 
A2
 
5,492,100
 
     
Idaho – 1.6% (1.1% of Total Investments)
           
 
2,895
 
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
 
3,031,789
 

54
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Idaho (continued)
           
     
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
 
A1
$
3,251,310
 
 
1,130
 
5.000%, 7/15/24 – NPFG Insured
7/16 at 100.00
 
A1
 
1,224,660
 
 
7,025
 
Total Idaho
       
7,507,759
 
     
Illinois – 10.4% (7.1% of Total Investments)
           
 
3,600
 
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien Series 2005A, 5.250%, 1/01/24 – NPFG Insured
1/16 at 100.00
 
AA–
 
3,804,192
 
     
Community College District 523, Counties of DeKalb, Kane, LaSalle, Lee, Ogle, Winnebago, and Boone, Illinois, General Obligation Bonds, Kishwaukee Community College, Series 2011B:
           
 
2,500
 
0.000%, 2/01/33
2/21 at 100.00
 
AA
 
845,225
 
 
2,000
 
0.000%, 2/01/34
2/21 at 100.00
 
AA
 
626,400
 
 
2,845
 
Cook County Community College District 508, Illinois, General Obligation Bonds, Chicago City Colleges, Series 2013, 5.250%, 12/01/43
12/23 at 100.00
 
AA
 
3,033,510
 
 
1,000
 
Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Series 2012, 5.000%, 6/01/42
No Opt. Call
 
AA
 
1,042,840
 
 
5,000
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago, Series 2012A, 5.000%, 10/01/51
10/21 at 100.00
 
Aa1
 
5,220,950
 
 
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
 
AA–
 
3,664,115
 
     
Illinois State, General Obligation Bonds, Refunding Series 2012:
           
 
635
 
5.000%, 8/01/21
No Opt. Call
 
A–
 
728,345
 
 
310
 
5.000%, 8/01/22
No Opt. Call
 
A–
 
354,935
 
 
685
 
5.000%, 8/01/23
No Opt. Call
 
A–
 
784,969
 
 
4,000
 
Illinois State, General Obligation Bonds, Series 2004A, 5.000%, 3/01/28
7/14 at 100.00
 
A–
 
4,016,640
 
 
455
 
Illinois State, General Obligation Bonds, Series 2013, 5.500%, 7/01/38
7/23 at 100.00
 
A–
 
497,247
 
     
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
 
5,036,000
 
 
17,465
 
0.000%, 6/15/45 – AGM Insured
No Opt. Call
 
AAA
 
3,295,820
 
 
3,335
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Tender Option Bond Trust 3861, 13.570%, 6/15/42 (IF) (5)
6/20 at 100.00
 
AAA
 
3,548,607
 
 
3,900
 
Rosemont, Illinois, General Obligation Bonds, Series 2011A, 5.600%, 12/01/35 – AGM Insured
12/20 at 100.00
 
AA
 
4,200,690
 
 
5,000
 
Schaumburg, Illinois, General Obligation Bonds, Series 2004B, 5.250%, 12/01/34 (Pre-refunded 12/01/14) – FGIC Insured
12/14 at 100.00
 
AAA
 
5,149,850
 
 
1,650
 
Southwestern Illinois Development Authority, Health Facility Revenue Bonds, Memorial Group, Inc., Series 2013, 7.625%, 11/01/48
11/23 at 100.00
 
BB+
 
1,737,648
 
 
82,880
 
Total Illinois
       
47,587,983
 
     
Indiana – 5.8% (4.0% of Total Investments)
           
 
1,915
 
Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 2012A, 5.000%, 5/01/42
5/23 at 100.00
 
A
 
2,002,554
 
 
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–
 
1,053,623
 
 
5,370
 
Indiana Finance Authority, Provate 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
 
5,579,484
 
 
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
 
1,977,669
 
 
6,035
 
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
 
N/R (4)
 
6,326,430
 
 
3,215
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
1/17 at 100.00
 
AA–
 
3,380,765
 

Nuveen Investments
 
55

 
 

 

NVG
Nuveen Dividend Advantage Municipal Income Fund
 
 
Portfolio of Investments (continued)
 
April 30, 2014 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Indiana (continued)
           
$
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
$
5,383,550
 
 
315
 
Shoals, Indiana, Exempt Facilities Revenue Bonds, National Gypsum Company Project, Series 2013, 7.250%, 11/01/43 (Alternative Minimum Tax)
11/23 at 100.00
 
N/R
 
327,931
 
 
765
 
Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt Paper LLC Project, Series 2013, 7.000%, 1/01/44 (Alternative Minimum Tax)
1/24 at 100.00
 
N/R
 
828,602
 
 
25,515
 
Total Indiana
       
26,860,608
 
     
Iowa – 0.7% (0.5% of Total Investments)
           
 
480
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013, 5.250%, 12/01/25
12/23 at 100.00
 
BB–
 
481,627
 
 
450
 
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.500%, 6/01/42
6/15 at 100.00
 
B+
 
382,784
 
 
2,800
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34
6/17 at 100.00
 
B+
 
2,552,984
 
 
3,730
 
Total Iowa
       
3,417,395
 
     
Kansas – 0.8% (0.5% 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–
 
3,642,450
 
     
Kentucky – 2.0% (1.4% of Total Investments)
           
     
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Convertible Capital Appreciation Series 2013C:
           
 
1,030
 
0.000%, 7/01/43
7/31 at 100.00
 
Baa3
 
628,743
 
 
1,775
 
0.000%, 7/01/46
7/31 at 100.00
 
Baa3
 
1,074,550
 
     
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Series 2013A:
           
 
945
 
5.750%, 7/01/49
7/23 at 100.00
 
Baa3
 
1,023,652
 
 
190
 
6.000%, 7/01/53
7/23 at 100.00
 
Baa3
 
208,421
 
 
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
 
2,807,438
 
 
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
 
A+
 
3,565,104
 
 
9,705
 
Total Kentucky
       
9,307,908
 
     
Louisiana – 5.4% (3.7% of Total Investments)
           
 
1,175
 
Ascension Parish Industrial development Board, Louisiana, Revenue Bonds, Impala Warehousing (US) LLC Project, Series 2013, 6.000%, 7/01/36
7/23 at 100.00
 
N/R
 
1,227,429
 
 
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
 
1,097,600
 
 
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
 
5,445,850
 
 
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
 
AA– (4)
 
1,235,143
 
     
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:
           
 
6,000
 
5.000%, 5/01/36 – AGM Insured
No Opt. Call
 
Aa1
 
6,401,160
 
 
770
 
4.750%, 5/01/39 – AGM Insured
5/16 at 100.00
 
Aa1
 
808,608
 
 
8,270
 
4.500%, 5/01/41 – FGIC Insured (UB)
5/16 at 100.00
 
Aa1
 
8,523,393
 
 
3
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006, Residuals 660-3, 16.163%, 5/01/34 – NPFG Insured (IF)
5/16 at 100.00
 
Aa1
 
3,740
 
 
23,443
 
Total Louisiana
       
24,742,923
 

56
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
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 (4)
$
4,034,640
 
     
Maryland – 0.2% (0.1% of Total Investments)
           
 
825
 
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
 
762,944
 
     
Massachusetts – 4.7% (3.2% 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+ (4)
 
4,537,215
 
 
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+
 
1,073,560
 
 
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+
 
988,610
 
 
1,000
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Massachusetts Eye and Ear Infirmary, Series 2010C, 5.375%, 7/01/35
7/20 at 100.00
 
BBB–
 
1,040,060
 
 
8,050
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A, 5.000%, 8/15/30 (Pre-refunded 8/15/15)
8/15 at 100.00
 
AA (4)
 
8,549,825
 
 
2,775
 
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 – AGM Insured (UB) (5)
2/17 at 100.00
 
AA+
 
2,832,831
 
 
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+ (4)
 
2,569,800
 
 
20,825
 
Total Massachusetts
       
21,591,901
 
     
Michigan – 3.7% (2.7% 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
 
AA
 
1,144,612
 
 
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
 
BB+
 
1,259,105
 
 
3,230
 
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011, 5.000%, 12/01/39
12/21 at 100.00
 
Aa2
 
3,416,694
 
 
4,000
 
Michigan Finance Authority, Unemployment Obligation Assessment Revenue Bonds, Series 2012B, 5.000%, 7/01/22
7/16 at 100.00
 
AAA
 
4,377,240
 
 
1,000
 
Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A, 5.000%, 1/01/43
1/22 at 100.00
 
A2
 
1,038,310
 
 
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
 
Aa2
 
2,975,310
 
     
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 (4)
 
306,730
 
 
1,225
 
5.000%, 12/01/31 (UB)
12/16 at 100.00
 
Aa2
 
1,260,697
 
 
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
 
1,260,950
 
 
16,180
 
Total Michigan
       
17,039,648
 
     
Minnesota – 0.4% (0.3% of Total Investments)
           
 
1,980
 
Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Refunding Series 2009A, 5.000%, 1/01/15 – AGC Insured
No Opt. Call
 
AA
 
2,044,013
 
     
Missouri – 0.6% (0.4% of Total Investments)
           
 
2,460
 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Saint Louis College of Pharmacy, Series 2013, 5.500%, 5/01/43
5/23 at 100.00
 
BBB+
 
2,605,903
 
 
100
 
St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Sunset Hills, Series 2013A, 5.875%, 9/01/43
9/23 at 100.00
 
A–
 
105,921
 
 
2,560
 
Total Missouri
       
2,711,824
 

Nuveen Investments
 
57

 
 

 

NVG
Nuveen Dividend Advantage Municipal Income Fund
 
 
Portfolio of Investments (continued)
 
April 30, 2014 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
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 (4)
$
6,767,803
 
 
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
 
AA–
 
4,003,038
 
 
10,260
 
Total Nebraska
       
10,770,841
 
     
Nevada – 2.5% (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
 
2,642,105
 
 
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
 
7,244,602
 
 
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+
 
1,392,261
 
 
10,395
 
Total Nevada
       
11,278,968
 
     
New Jersey – 3.7% (2.5% 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
 
7,744,138
 
 
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
 
AA–
 
1,913,015
 
 
280
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Robert Wood Johnson University Hospital, Series 2013A, 5.500%, 7/01/43
7/23 at 100.00
 
A
 
306,779
 
 
2,150
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A, 5.250%, 12/15/20
No Opt. Call
 
A1
 
2,548,589
 
 
1,200
 
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – AGM Insured
No Opt. Call
 
AA
 
1,439,880
 
 
200
 
New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 1154, 17.340%, 1/01/43 (IF) (5)
7/22 at 100.00
 
A+
 
253,688
 
     
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
           
 
1,080
 
4.500%, 6/01/23
6/17 at 100.00
 
BB
 
1,049,738
 
 
2,025
 
4.750%, 6/01/34
6/17 at 100.00
 
B2
 
1,590,881
 
 
16,525
 
Total New Jersey
       
16,846,708
 
     
New Mexico – 0.5% (0.3% 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
 
2,093,062
 
     
New York – 6.4% (4.4% 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
 
AA–
 
1,153,992
 
 
3,660
 
Dormitory Authority of the State of New York, Revenue Bonds, Mental Health Services Facilities Improvements, Series 2005B, 5.000%, 2/15/23 (Pre-refunded 2/15/15) – AMBAC Insured
2/15 at 100.00
 
AA– (4)
 
3,800,690
 
     
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Tender Option Bond Trust 3518:
           
 
2,000
 
13.691%, 2/15/33 (IF)
2/19 at 100.00
 
AAA
 
2,556,260
 
 
1,335
 
13.679%, 2/15/33 (IF)
2/19 at 100.00
 
AAA
 
1,705,956
 
 
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
 
945,234
 
 
2,090
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured
2/17 at 100.00
 
AA–
 
2,095,664
 
 
3,000
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006C, 5.000%, 9/01/35 – NPFG Insured
9/16 at 100.00
 
AA–
 
3,205,980
 

58
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
New York (continued)
           
$
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
$
1,667,894
 
 
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–
 
2,115,040
 
 
480
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005B, 5.000%, 11/15/30 – AMBAC Insured
11/15 at 100.00
 
A+
 
505,723
 
 
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
 
1,692,037
 
 
6,000
 
New York City Sales Tax Asset Receivable Corporation, New York, Dedicated Revenue Bonds, Local Government Assistance Corporation, Series 2004A, 5.000%, 10/15/25 – NPFG Insured
10/14 at 100.00
 
AAA
 
6,127,860
 
 
1,340
 
Onondaga Civic Development Corporation, New York, Revenue Bonds, Saint Joseph’s Hospital Health Center Project, Series 2012, 5.000%, 7/01/42
7/22 at 100.00
 
BB
 
1,262,762
 
 
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+
 
517,635
 
 
27,335
 
Total New York
       
29,352,727
 
     
North Carolina – 0.7% (0.5% of Total Investments)
           
 
250
 
Gaston County Industrial Facilities and Pollution Control Financing Authority, North Carolina, National Gypsum Company Project Exempt Facilities Revenue Bonds, Series 2005, 5.750%, 8/01/35 (Alternative Minimum Tax)
8/15 at 100.00
 
N/R
 
243,958
 
 
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–
 
2,284,956
 
 
540
 
Oak Island, North Carolina, Enterprise System Revenue Bonds, Series 2009A, 6.000%, 6/01/34 – AGC Insured
6/19 at 100.00
 
AA
 
595,107
 
 
2,940
 
Total North Carolina
       
3,124,021
 
     
North Dakota – 0.1% (0.1% of Total Investments)
           
 
630
 
Williston, North Dakota, Multifamily Housing Revenue Bonds, Eagle Crest Apartments LLC Project, Series 2013, 7.750%, 9/01/38
9/23 at 100.00
 
N/R
 
646,714
 
     
Ohio – 5.5% (3.8% of Total Investments)
           
 
2,455
 
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
 
2,567,341
 
     
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–
 
825,833
 
 
1,620
 
4.000%, 5/01/33
5/22 at 100.00
 
AA–
 
1,620,551
 
 
985
 
5.000%, 5/01/42
5/22 at 100.00
 
AA–
 
1,037,067
 
     
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–
 
743,272
 
 
710
 
5.875%, 6/01/30
6/17 at 100.00
 
B
 
594,852
 
 
3,665
 
5.750%, 6/01/34
6/17 at 100.00
 
B
 
3,012,960
 
 
2,115
 
5.875%, 6/01/47
6/17 at 100.00
 
B
 
1,742,506
 
 
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
 
1,975,337
 
 
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
 
5,512,110
 
 
2,765
 
Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System Obligated Group Project, Series 2013, 5.000%, 2/15/48
2/23 at 100.00
 
BB+
 
2,418,324
 
 
1,290
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 2013A-1, 5.000%, 2/15/48
2/23 at 100.00
 
A+
 
1,369,980
 
 
1,240
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien Convertible Series 2013A-3, 0.000%, 2/15/36
2/31 at 100.00
 
A+
 
853,430
 

Nuveen Investments
 
59

 
 

 
 
NVG
Nuveen Dividend Advantage Municipal Income Fund
 
 
Portfolio of Investments (continued)
 
April 30, 2014 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Ohio (continued)
           
     
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
$
595,572
 
 
420
 
6.000%, 12/01/42
12/22 at 100.00
 
N/R
 
416,569
 
 
26,015
 
Total Ohio
       
25,285,704
 
     
Oklahoma – 0.5% (0.4% of Total Investments)
           
 
2,375
 
Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007, 5.000%, 2/15/37
2/17 at 100.00
 
A+
 
2,431,003
 
     
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
 
3,382,650
 
     
Pennsylvania – 5.1% (3.5% 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
 
1,109,010
 
 
1,995
 
Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, City of Allentown Concession, Series 2013A, 5.125%, 12/01/47
12/23 at 100.00
 
A
 
2,121,463
 
 
4,690
 
Pennsylvania Economic Development Financing Authority, Unemployment Compensation Revenue Bonds, Series 2012A, 5.000%, 7/01/19
No Opt. Call
 
Aaa
 
5,553,476
 
 
4,125
 
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured
12/16 at 100.00
 
AA
 
4,172,520
 
 
1,050
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 – AMBAC Insured
6/16 at 100.00
 
A+
 
1,123,647
 
 
6,000
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 0.000%, 6/01/33 – AGM Insured
6/26 at 100.00
 
AA
 
6,645,360
 
 
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
 
BB+
 
384,944
 
 
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
 
2,149,660
 
 
21,310
 
Total Pennsylvania
       
23,260,080
 
     
Puerto Rico – 0.7% (0.5% of Total Investments)
           
 
1,225
 
Puerto Rico Municipal Finance Agency, Series 2005C, 5.250%, 8/01/21 – CIFG Insured
No Opt. Call
 
AA
 
1,230,537
 
     
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Senior Series 2011C:
           
 
5,390
 
0.000%, 8/01/38
No Opt. Call
 
AA–
 
955,970
 
 
2,730
 
0.000%, 8/01/39
No Opt. Call
 
AA–
 
449,768
 
 
4,700
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/41 – NPFG Insured
No Opt. Call
 
AA–
 
784,148
 
 
14,045
 
Total Puerto Rico
       
3,420,423
 
     
Rhode Island – 1.3% (0.9% of Total Investments)
           
 
1,000
 
Rhode Island Health and Educational Building Corporation, Revenue Bonds, Care New England Health System, Series 2013A, 6.000%, 9/01/33
9/23 at 100.00
 
BBB
 
1,061,530
 
     
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A:
           
 
820
 
6.125%, 6/01/32
7/14 at 100.00
 
BBB+
 
819,992
 
 
4,310
 
6.250%, 6/01/42
7/14 at 100.00
 
BBB–
 
4,309,741
 
 
6,130
 
Total Rhode Island
       
6,191,263
 
     
South Carolina – 3.2% (2.2% of Total Investments)
           
     
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2006:
           
 
6,000
 
5.000%, 12/01/24
12/16 at 100.00
 
AA
 
6,537,840
 
 
1,950
 
5.000%, 12/01/28 – AGM Insured
12/16 at 100.00
 
AA
 
2,120,021
 

60
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
South Carolina (continued)
           
$
1,000
 
Scago Educational Facilities Corporation, South Carolina, Installment Purchase Revenue Bonds, Spartanburg County School District 5, Series 2005, 5.000%, 4/01/21 (Pre-refunded 10/01/15) – AGM Insured
10/15 at 100.00
 
AA (4)
$
1,066,740
 
 
1,310
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2013A, 5.125%, 12/01/43
12/23 at 100.00
 
AA–
 
1,415,376
 
 
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
 
3,576,120
 
 
13,590
 
Total South Carolina
       
14,716,097
 
     
Tennessee – 1.9% (1.3% of Total Investments)
           
 
3,395
 
Chattanooga Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45
1/23 at 100.00
 
A+
 
3,656,721
 
     
Memphis, Tennessee, Sanitary Sewerage System Revenue Bonds, Series 2004:
           
 
1,495
 
5.000%, 10/01/19 (Pre-refunded 10/01/14) – AGM Insured
10/14 at 100.00
 
AA (4)
 
1,525,423
 
 
1,455
 
5.000%, 10/01/20 (Pre-refunded 10/01/14) – AGM Insured
10/14 at 100.00
 
AA (4)
 
1,484,609
 
 
1,955
 
5.000%, 10/01/21 (Pre-refunded 10/01/14) – AGM Insured
10/14 at 100.00
 
AA (4)
 
1,994,784
 
 
8,300
 
Total Tennessee
       
8,661,537
 
     
Texas – 9.3% (6.4% of Total Investments)
           
     
Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift Education Charter School, Series 2013A:
           
 
765
 
4.350%, 12/01/42
12/22 at 100.00
 
BBB–
 
699,524
 
 
375
 
4.400%, 12/01/47
12/22 at 100.00
 
BBB–
 
340,815
 
 
3,300
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series 2013C, 5.125%, 11/01/43 (Alternative Minimum Tax)
11/22 at 100.00
 
A+
 
3,417,249
 
 
2,700
 
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+
 
2,806,947
 
 
1,140
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender Option Bond Trust 2013- 9A, 18.125%, 4/01/53 (IF)
10/23 at 100.00
 
AA+
 
1,394,060
 
 
1,100
 
Harris County Flood Control District, Texas, General Obligation Bonds, Improvement Series 2006, 5.000%, 10/01/26
No Opt. Call
 
AAA
 
1,210,770
 
 
1,545
 
Harris County Metropolitan Transit Authority, Texas, Sales and Use Tax Revenue Bonds, Tender Option Bond Trust 1014, 13.833%, 11/01/41 (IF) (5)
11/21 at 100.00
 
AA+
 
1,941,849
 
 
4,080
 
Harris County, Texas, General Obligation Toll Road Revenue Bonds, Tender Option Bond Trust 3418, 14.445%, 8/15/27- AGM Insured (IF)
No Opt. Call
 
Aaa
 
6,833,388
 
     
McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013:
           
 
740
 
5.750%, 12/01/33
12/25 at 100.00
 
Baa2
 
793,036
 
 
740
 
6.125%, 12/01/38
12/25 at 100.00
 
Baa2
 
792,311
 
 
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
 
3,077,212
 
 
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
 
3,441,697
 
     
North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A:
           
 
2,590
 
0.000%, 9/01/43
9/31 at 100.00
 
AA+
 
1,994,766
 
 
3,910
 
0.000%, 9/01/45
9/31 at 100.00
 
AA+
 
3,309,111
 
 
1,870
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Hendrick Medical Center, Series 2013, 5.500%, 9/01/43
9/23 at 100.00
 
A2
 
1,976,085
 
 
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
 
8,229,144
 
 
355
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/32
No Opt. Call
 
A3
 
365,764
 
 
38,950
 
Total Texas
       
42,623,728
 

Nuveen Investments
 
61

 
 

 

NVG
Nuveen Dividend Advantage Municipal Income Fund
 
 
Portfolio of Investments (continued)
 
April 30, 2014 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Utah – 2.1% (1.5% of Total Investments)
           
$
3,200
 
Utah Transit Authority, Sales Tax Revenue and Refunding Bonds, Series 2012, 5.000%, 6/15/42
6/22 at 100.00
 
A1
$
3,389,215
 
 
4,865
 
Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008, Tender Option Bond Trust 1193, 13.521%, 12/15/15- AGM Insured (IF)
No Opt. Call
 
AAA
 
6,393,778
 
 
8,065
 
Total Utah
       
9,782,993
 
     
Vermont – 1.8% (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
 
AA–
 
8,236,311
 
     
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–
 
1,818,603
 
 
2,050
 
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012B, 0.000%, 7/01/32
No Opt. Call
 
BBB–
 
758,807
 
 
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–
 
700,832
 
 
4,545
 
Total Virginia
       
3,278,242
 
     
Washington – 6.9% (4.7% of Total Investments)
           
 
5,265
 
Energy Northwest, Washington Public Power, Wind Project Revenue Bonds, Series 2006A, 4.500%, 7/01/30 – AMBAC Insured
7/16 at 100.00
 
A
 
5,432,847
 
 
5,000
 
King County, Washington, Sewer Revenue Bonds, Refunding Series 2012, 5.000%, 1/01/52
1/22 at 100.00
 
AA+
 
5,311,849
 
 
2,340
 
Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Refunding Series 2012A,
8/22 at 100.00
 
A+
 
2,590,473
 
     
   5.000%, 8/01/31
           
 
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
 
11,030,300
 
 
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
 
823,657
 
 
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
 
2,066,371
 
 
3,335
 
Washington State, General Obligation Bonds, Series 2009, Trust 1212, 13.669%, 7/01/14 – AGM Insured (IF)
No Opt. Call
 
AA+
 
4,333,966
 
 
28,615
 
Total Washington
       
31,589,463
 
     
West Virginia – 1.9% (1.3% of Total Investments)
           
 
7,800
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Refunding and Improvement Series 2013A, 5.500%, 6/01/44
6/23 at 100.00
 
A
 
8,534,368
 
     
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–
 
1,631,086
 
 
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+
 
2,333,064
 
 
3,750
 
Total Wisconsin
       
3,964,150
 
$
694,823
 
Total Municipal Bonds (cost $606,204,513)
       
649,382,772
 

62
 
Nuveen Investments

 
 

 


 
Shares
 
Description (1), (6)
       
Value
 
     
INVESTMENT COMPANIES – 0.3% (0.2% of Total Investments)
           
 
8,134
 
BlackRock MuniHoldings Fund Inc.
     
$
130,225
 
 
13,600
 
BlacRock MuniEnhanced Fund Inc.
       
153,272
 
 
7,920
 
Dreyfus Strategic Municipal Fund
       
64,944
 
 
3,500
 
DWS Municipal Income Trust
       
46,340
 
 
9,500
 
Invesco Advantage Municipal Income Fund II
       
106,020
 
 
9,668
 
Invesco Quality Municipal Income Trust
       
116,403
 
 
28,980
 
Invesco VK Investment Grade Municipal Trust
       
374,132
 
 
26,280
 
PIMCO Municipal Income Fund II
       
310,104
 
     
Total Investment Companies (cost $1,353,712)
       
1,301,440
 
     
Total Long-Term Investments (cost $607,558,225)
       
650,684,212
 
                   
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
SHORT-TERM INVESTMENTS – 3.7% (2.5% of Total Investments)
           
     
MUNICIPAL BONDS – 3.7% (2.5% of Total Investments)
           
     
Missouri – 1.0% (0.7% of Total Investments)
           
$
4,460
 
St. Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Variable Rate Demand Obligations, Tender Option Bond Trust DCL-017, 0.500%, 7/01/26 (7)
No Opt. Call
 
AA+
$
4,460,000
 
     
North Carolina – 0.8% (0.5% of Total Investments)
           
 
3,590
 
Winstom-Salem, North Carolina, Water and Sewer System Revenue Bonds, Variable Rate Demand Obligations, Tender Option Bond Trust 11023, 0.130%, 6/01/37 (7)
6/17 at 100.00
 
AAA
 
3,590,000
 
     
Tennessee – 1.9% (1.3% of Total Investments)
           
 
8,645
 
Chattanooga, Tennessee, Electric System Enterprise Revenue Bonds, Variable Rate Demand Obligations, Tender Option Bond Trust 08-29, 0.120%, 9/01/33 (7)
No Opt. Call
 
AA+
 
8,645,000
 
$
16,695
 
Total Short-Term Investments (cost $16,695,000)
       
16,695,000
 
     
Total Investments (cost $624,253,225) – 145.3%
       
667,379,212
 
     
Floating Rate Obligations – (4.0)%
       
(18,228,334
)
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (43.7)% (8)
       
(201,000,000
)
     
Other Assets Less Liabilities – 2.4%
       
11,310,918
 
     
Net Assets Applicable to Common Shares – 100%
     
$
459,461,796
 
 
(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)
A copy of the most recent financial statements for the investment companies in which the Fund invests can be obtained directly from the Securities and Exchange Commission on its website at http://www.sec.gov.
(7)
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 as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.
(8)
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 30.1%.
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, Note 3 – Portfolio Securities and Investments Derivatives, Inverse Floating Rate Securities for more information.
 
See accompanying notes to financial statements.

Nuveen Investments
 
63

 
 

 

NEA
   
 
Nuveen AMT-Free Municipal Income Fund
 
 
Portfolio of Investments
 
April 30, 2014 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
LONG-TERM INVESTMENTS 145.2% (99.5% of Total Investments)
           
     
MUNICIPAL BONDS – 145.2% (99.5% of Total Investments)
           
     
Alabama – 1.4% (0.9% 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+
$
1,029,650
 
 
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)
 
2,332,660
 
 
3,365
 
Colbert County-Northwest Health Care Authority, Alabama, Revenue Bonds, Helen Keller Hospital, Series 2003, 5.750%, 6/01/27
6/14 at 100.00
 
Ba2
 
3,277,375
 
 
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
 
AA– (4)
 
3,945,975
 
     
Jefferson County, Alabama, General Obligation Warrants, Series 2004A:
           
 
1,395
 
5.000%, 4/01/22 – NPFG Insured
7/14 at 100.00
 
AA–
 
1,395,098
 
 
1,040
 
5.000%, 4/01/23 – NPFG Insured
7/14 at 100.00
 
AA–
 
1,039,948
 
 
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
 
2,694,895
 
 
15,340
 
Total Alabama
       
15,715,601
 
     
Alaska – 0.2% (0.1% of Total Investments)
           
 
2,540
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/32
6/14 at 100.00
 
B2
 
2,035,429
 
     
Arizona – 4.8% (3.3% 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
 
Baa1
 
1,485,200
 
 
2,455
 
Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series 2012A, 5.000%, 1/01/43
1/22 at 100.00
 
AA–
 
2,588,257
 
     
Arizona State, Certificates of Participation, Series 2010A:
           
 
2,800
 
5.250%, 10/01/28 – AGM Insured
10/19 at 100.00
 
AA
 
3,097,388
 
 
3,500
 
5.000%, 10/01/29 – AGM Insured
10/19 at 100.00
 
AA
 
3,811,990
 
 
7,500
 
Arizona State, State Lottery Revenue Bonds, Series 2010A, 5.000%, 7/01/29 – AGC Insured
1/20 at 100.00
 
AA
 
8,143,950
 
     
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Water System Revenue Bonds, Series 2005:
           
 
4,370
 
4.750%, 7/01/25 – NPFG Insured
7/15 at 100.00
 
AAA
 
4,585,747
 
 
12,365
 
4.750%, 7/01/27 – NPFG Insured (UB)
7/15 at 100.00
 
AAA
 
12,934,532
 
     
Phoenix Civic Improvement Corporation, Arizona, Revenue Bonds, Civic Plaza Expansion Project, Series 2005B:
           
 
6,545
 
5.500%, 7/01/37 – FGIC Insured
No Opt. Call
 
AA
 
7,890,194
 
 
5,000
 
5.500%, 7/01/40 – FGIC Insured
No Opt. Call
 
AA
 
6,075,550
 
 
3,530
 
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37
No Opt. Call
 
A–
 
3,877,211
 
 
49,525
 
Total Arizona
       
54,490,019
 
     
Arkansas – 1.2% (0.8% 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)
 
5,770,335
 
 
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+
 
4,194,428
 
     
University of Arkansas, Fayetteville, Revenue Bonds, Medical Sciences Campus, Series 2004B:
           
 
2,000
 
5.000%, 11/01/27 (Pre-refunded 11/01/14) – NPFG Insured
11/14 at 100.00
 
Aa2 (4)
 
2,048,740
 
 
2,000
 
5.000%, 11/01/28 (Pre-refunded 11/01/14) – NPFG Insured
11/14 at 100.00
 
Aa2 (4)
 
2,048,740
 
 
13,765
 
Total Arkansas
       
14,062,243
 

64
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
California – 18.9% (12.9% 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
 
AA–
$
9,550,341
 
 
2,735
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2013S-4, 5.250%, 4/01/53
4/23 at 100.00
 
A+
 
2,945,212
 
     
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
 
20,568
 
 
110
 
5.000%, 12/01/24 (Pre-refunded 12/01/14) – NPFG Insured
12/14 at 100.00
 
Aa1 (4)
 
113,123
 
 
1,870
 
5.000%, 12/01/24 (Pre-refunded 12/01/14) – NPFG Insured
12/14 at 100.00
 
AAA
 
1,923,089
 
 
10
 
5.000%, 12/01/26 (Pre-refunded 12/01/14) – NPFG Insured
12/14 at 100.00
 
AAA
 
10,284
 
 
50
 
5.000%, 12/01/26 (Pre-refunded 12/01/14)
12/14 at 100.00
 
Aa1 (4)
 
51,420
 
 
940
 
5.000%, 12/01/26 (Pre-refunded 12/01/14)
12/14 at 100.00
 
AAA
 
966,687
 
 
1,300
 
California Educational Facilities Authority, Revenue Bonds, Occidental College, Series 2005A, 5.000%, 10/01/33 (Pre-refunded 10/01/15) – NPFG Insured
10/15 at 100.00
 
Aa3 (4)
 
1,389,076
 
     
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children’s Hospital, Series 2012A:
           
 
2,000
 
5.000%, 8/15/51
8/22 at 100.00
 
AA
 
2,131,840
 
 
3,000
 
5.000%, 8/15/51 (UB) (5)
8/22 at 100.00
 
AA
 
3,197,760
 
 
530
 
California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, Series 2013A, 5.000%, 7/01/37
7/23 at 100.00
 
AA–
 
573,492
 
 
1,710
 
California Health Facilities Financing Authority, Revenue Bonds, Scripps Health, Series 2012A, 5.000%, 11/15/40
11/21 at 100.00
 
AA
 
1,817,491
 
     
California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and Clinics, Tender Option Bond Trust 3294:
           
 
1,285
 
9.408%, 2/15/20 (IF) (5)
No Opt. Call
 
AA–
 
1,469,372
 
 
525
 
9.408%, 2/15/20 (IF) (5)
No Opt. Call
 
AA–
 
600,327
 
 
485
 
9.401%, 2/15/20 (IF) (5)
No Opt. Call
 
AA–
 
554,525
 
 
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
7/14 at 100.00
 
A2
 
5,016,000
 
 
5
 
California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 – AMBAC Insured
7/14 at 100.00
 
A1
 
5,019
 
 
10,000
 
California Statewide Communities Development Authority, Revenue Bonds, Sutter Health, Series 2011A, 6.000%, 8/15/42
8/20 at 100.00
 
AA–
 
11,861,600
 
     
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
 
B–
 
3,680,853
 
 
5,000
 
5.250%, 7/01/35
7/15 at 100.00
 
B–
 
4,678,900
 
 
5,000
 
5.000%, 7/01/39
7/15 at 100.00
 
B–
 
4,631,600
 
 
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
 
AA–
 
2,915,413
 
 
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)
 
3,522,947
 
 
1,665
 
Contra Costa Community College District, Contra Costa County, California, General Obligation Bonds, Election of 2006, Series 2013, 5.000%, 8/01/38
8/23 at 100.00
 
Aa1
 
1,840,757
 
 
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 (Pre-refunded 10/01/14) – AGM Insured
10/14 at 100.00
 
AA (4)
 
1,025,512
 
     
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Series 2013A:
           
 
1,510
 
5.750%, 1/15/46
1/24 at 100.00
 
BBB–
 
1,609,298
 
 
4,510
 
6.000%, 1/15/49
1/24 at 100.00
 
BBB–
 
4,871,161
 
 
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
 
1,777,473
 
 
15,065
 
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
 
15,359,069
 

Nuveen Investments
 
65

 
 

 
 
NEA
Nuveen AMT-Free Municipal Income Fund
 
 
Portfolio of Investments (continued)
 
April 30, 2014 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
California (continued)
           
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
           
$
8,790
 
4.500%, 6/01/27
6/17 at 100.00
 
B
$
7,717,181
 
 
3,990
 
5.000%, 6/01/33
6/17 at 100.00
 
B
 
3,205,406
 
 
250
 
5.125%, 6/01/47
6/17 at 100.00
 
B
 
190,538
 
 
3,040
 
Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%, 11/01/23 – AGM Insured
No Opt. Call
 
AA
 
2,214,549
 
 
2,110
 
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
 
2,453,825
 
 
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–
 
6,512,280
 
 
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
 
4,356,840
 
 
3,545
 
Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43
8/35 at 100.00
 
AA
 
1,933,691
 
 
3,515
 
Newport Beach, California, Revenue Bonds, Hoag Memorial Hospital Presbyterian, Series 2011A, 5.875%, 12/01/30 (Pre-refunded 12/01/21)
12/21 at 100.00
 
N/R (4)
 
4,506,933
 
 
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
 
AA–
 
5,886,900
 
     
Orange County Water District, California, Revenue Certificates of Participation, Series 2003B:
           
 
1,745
 
5.000%, 8/15/34 – NPFG Insured (ETM)
No Opt. Call
 
AAA
 
2,063,881
 
 
1,490
 
5.000%, 8/15/34 – NPFG Insured (ETM)
No Opt. Call
 
AAA
 
1,757,574
 
     
Plumas County, California, Certificates of Participation, Capital Improvement Program, Series 2003A:
           
 
1,130
 
5.250%, 6/01/19 – AMBAC Insured
6/14 at 100.00
 
A
 
1,132,656
 
 
1,255
 
5.250%, 6/01/21 – AMBAC Insured
6/14 at 100.00
 
A
 
1,259,154
 
 
7,255
 
Pomona, California, GNMA/FHLMC Collateralized Single Family Mortgage Revenue Refunding Bonds, Series 1990B, 7.500%, 8/01/23 (ETM)
No Opt. Call
 
Aaa
 
9,284,949
 
 
1,800
 
Rialto Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2011A, 0.000%, 8/01/28
No Opt. Call
 
AA
 
992,610
 
 
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
 
1,059,450
 
 
390
 
Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series 2013A, 5.750%, 6/01/44
6/23 at 100.00
 
BBB–
 
412,445
 
 
735
 
Sacramento City Financing Authority, California, Capital Improvement Revenue Bonds, Solid Waste and Redevelopment Projects, Series 1999, 5.800%, 12/01/19 – AMBAC Insured
7/14 at 100.00
 
N/R
 
736,492
 
 
6,900
 
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
 
8,770,659
 
 
2,250
 
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41
12/21 at 100.00
 
BB
 
2,559,533
 
     
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+
 
1,729,320
 
 
720
 
5.000%, 2/01/25 – AMBAC Insured
2/15 at 100.00
 
AA+
 
742,903
 
 
4,000
 
San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Governmental Purpose, Second Series 2013B, 5.000%, 5/01/43
5/23 at 100.00
 
A+
 
4,288,960
 
     
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A:
           
 
29,000
 
0.000%, 1/15/31 – NPFG Insured
No Opt. Call
 
AA–
 
11,075,100
 
 
3,825
 
0.000%, 1/15/32 – NPFG Insured
No Opt. Call
 
AA–
 
1,362,465
 
 
23,900
 
0.000%, 1/15/34 – NPFG Insured
No Opt. Call
 
AA–
 
7,432,661
 
 
4,000
 
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
 
AA–
 
4,029,320
 

66
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
California (continued)
           
$
12,580
 
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
 
AA–
$
12,185,365
 
 
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
 
3,735,161
 
 
1,055
 
Turlock Irrigation District, California, Certificates of Participation, Series 2003A, 5.000%, 1/01/28 – NPFG Insured
7/14 at 100.00
 
AA–
 
1,057,099
 
 
3,600
 
Ventura County Community College District, California, General Obligation Bonds, Series 2005B, 5.000%, 8/01/28 (Pre-refunded 8/01/15) – NPFG Insured
8/15 at 100.00
 
AA (4)
 
3,818,052
 
 
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
 
4,512,261
 
 
260,425
 
Total California
       
215,086,422
 
     
Colorado – 6.7% (4.6% of Total Investments)
           
 
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
 
1,459,266
 
 
3,405
 
Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Classical Academy Charter School, Series 2003, 5.250%, 12/01/23 – SYNCORA GTY Insured
7/14 at 100.00
 
A
 
3,411,095
 
 
7,500
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2006C-1, Trust 1090, 14.809%, 10/01/41 – AGM Insured (IF) (5)
4/18 at 100.00
 
AA
 
8,459,700
 
 
5,000
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45
1/23 at 100.00
 
A+
 
5,385,450
 
 
425
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013, 5.625%, 6/01/43
6/23 at 100.00
 
A–
 
456,055
 
 
5,000
 
Colorado Health Facilities Authority, Revenue Bonds, Children’s Hospital Colorado Project, Series 2013A, 5.000%, 12/01/36
12/23 at 100.00
 
A+
 
5,292,550
 
 
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
 
3,248,185
 
 
4,835
 
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 11/15/43
11/23 at 100.00
 
A
 
5,173,692
 
 
35,285
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/30 - NPFG Insured
No Opt. Call
 
AA–
 
15,474,237
 
 
2,900
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/34 – NPFG Insured
No Opt. Call
 
AA–
 
963,960
 
 
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
 
AA (4)
 
4,538,868
 
     
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
12/14 at 100.00
 
AA (4)
 
2,575,650
 
 
5,125
 
5.000%, 12/15/23 (Pre-refunded 12/15/14) – AGM Insured
12/14 at 100.00
 
AA (4)
 
5,280,083
 
 
4,065
 
5.000%, 12/15/24 (Pre-refunded 12/15/14) – AGM Insured
12/14 at 100.00
 
AA (4)
 
4,188,007
 
 
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
 
2,924,038
 
 
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)
 
1,429,698
 
 
4,000
 
University of Colorado Hospital Authority, Colorado, Revenue Bonds, Series 2012A, 5.000%, 11/15/42
11/22 at 100.00
 
AA–
 
4,175,080
 
 
25
 
University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 – FGIC Insured
6/15 at 100.00
 
Aa2
 
26,088
 
     
University of Colorado, Enterprise System Revenue Bonds, Series 2005:
           
 
1,285
 
5.000%, 6/01/30 (Pre-refunded 6/01/15) – FGIC Insured
6/15 at 100.00
 
Aa2 (4)
 
1,351,717
 
 
690
 
5.000%, 6/01/30 (Pre-refunded 6/01/15) – FGIC Insured
6/15 at 100.00
 
Aa2 (4)
 
725,825
 
 
94,840
 
Total Colorado
       
76,539,244
 

Nuveen Investments
 
67

 
 

 
 
NEA
Nuveen AMT-Free Municipal Income Fund
 
 
Portfolio of Investments (continued)
 
April 30, 2014 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Delaware – 0.3% (0.2% of Total Investments)
           
$
3,250
 
Delaware Health Facilities Authority, Revenue Bonds, Nanticoke Memorial Hospital, Series 2013, 5.000%, 7/01/32
7/23 at 100.00
 
BBB–
$
3,133,228
 
     
District of Columbia – 1.3% (0.9% of Total Investments)
           
 
1,250
 
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–
 
1,109,413
 
 
10,150
 
District of Columbia, Revenue Bonds, Georgetown University, Series 2007A, 0.000%, 4/01/40 – AMBAC Insured
4/21 at 100.00
 
A–
 
8,568,326
 
 
7,000
 
Metropolitan Washington Airports Authority, District of Columbia, Dulles Toll Road Second Senior Lien Revenue Bonds, Series 2009B, 0.000%, 10/01/36 – AGC Insured
No Opt. Call
 
AA
 
2,111,130
 
 
2,395
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1606, 11.656%, 10/01/30 – AMBAC Insured (IF) (5)
10/16 at 100.00
 
AA+
 
2,550,891
 
 
20,795
 
Total District of Columbia
       
14,339,760
 
     
Florida – 10.3% (7.0% 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
 
Aa3
 
1,055,210
 
 
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
 
11,652,740
 
     
Clay County, Florida, Utility System Revenue Bonds, Series 2007:
           
 
1,500
 
5.000%, 11/01/27 – AGM Insured (UB)
11/17 at 100.00
 
AA
 
1,665,195
 
 
3,000
 
5.000%, 11/01/32 – AGM Insured (UB)
11/17 at 100.00
 
AA
 
3,284,880
 
 
3,570
 
Collier County Educational Facilities Authority, Florida, Revenue Bonds, Hodges University, Series 2013, 6.125%, 11/01/43
11/23 at 100.00
 
BBB–
 
3,685,418
 
 
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)
 
407,872
 
     
Davie, Florida, Educational Facilities Revenue Bonds, Nova Southeastern University Project, Refunding Series 2013A:
           
 
8,555
 
6.000%, 4/01/42
4/23 at 100.00
 
Baa1
 
9,525,394
 
 
4,280
 
5.625%, 4/01/43
4/23 at 100.00
 
Baa1
 
4,615,680
 
 
500
 
Flagler County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/30 – NPFG Insured
10/15 at 100.00
 
AA–
 
509,690
 
 
40
 
Florida Housing Finance Agency, GNMA Collateralized Home Ownership Revenue Refunding Bonds, Series 1987G-1, 8.595%, 11/01/17
No Opt. Call
 
AA+
 
43,196
 
 
2,100
 
Florida Municipal Loan Council, Revenue Bonds, Series 2005A, 5.000%, 2/01/23
2/15 at 100.00
 
AA–
 
2,157,603
 
 
185
 
Florida Municipal Loan Council, Revenue Bonds, Series 2005A, 5.000%, 2/01/23 (Pre-refunded 2/01/15)
2/15 at 100.00
 
AA– (4)
 
191,625
 
 
2,500
 
Florida State Board of Education, Public Education Capital Outlay Bonds, Tender Option Bond Trust 2929, 17.326%, 12/01/16 – AGC Insured (IF) (5)
No Opt. Call
 
AAA
 
3,584,775
 
 
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
 
2,283,613
 
 
350
 
Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006, 5.500%,
6/01/38 – AGM Insured
6/18 at 100.00
 
AA
 
367,577
 
 
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)
 
193,046
 
 
400
 
Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Refunding Series 2012, 5.000%, 10/01/30
10/22 at 100.00
 
A1
 
433,848
 
 
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
 
1,662,712
 
 
1,730
 
Lee County, Florida, Transportation Facilities Revenue Bonds, Series 2004B, 5.000%, 10/01/22 – AMBAC Insured
10/14 at 100.00
 
A–
 
1,756,953
 
 
500
 
Lee Memorial Health System, Florida, Hospital Revenue Bonds, Series 2007A, 5.000%, 4/01/32 – NPFG Insured
4/17 at 100.00
 
AA–
 
514,885
 

68
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Florida (continued)
           
$
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
$
1,361,592
 
 
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
 
10,577,800
 
 
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+
 
6,822,377
 
 
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
 
4,246,440
 
 
5,720
 
Miami-Dade County, Florida, General Obligation Bonds, Series 2005, 5.000%,
7/01/33 – AGM Insured
7/15 at 100.00
 
AA
 
5,958,982
 
 
1,850
 
Miami-Dade County, Florida, Subordinate Special Obligation Refunding Bonds Series 2012B, 5.000%, 10/01/37
10/22 at 100.00
 
A+
 
1,929,310
 
 
1,550
 
Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2012, 5.000%, 7/01/42
7/22 at 100.00
 
AA
 
1,658,702
 
 
500
 
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Refunding Series 2008B, 5.250%, 10/01/22 – AGM Insured
No Opt. Call
 
AA
 
604,330
 
 
5,770
 
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, 5.000%, 10/01/42
10/22 at 100.00
 
Aa3
 
6,096,409
 
 
750
 
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
 
765,203
 
 
3,335
 
Palm Bay, Florida, Local Optional Gas Tax Revenue Bonds, Series 2004, 5.250%, 10/01/20 (Pre-refunded 10/01/14) – NPFG Insured
10/14 at 100.00
 
AA– (4)
 
3,406,369
 
 
1,095
 
Palm Bay, Florida, Utility System Revenue Bonds, Series 2004, 5.250%, 10/01/20 (Pre-refunded 10/01/14) – NPFG Insured
10/14 at 100.00
 
AA– (4)
 
1,118,433
 
 
140
 
Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Sinai Residences of Boca Raton Project, Series 2014A, 7.250%, 6/01/34 (WI/DD, Settling 5/21/14)
6/22 at 102.00
 
N/R
 
151,000
 
 
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
 
AA–
 
1,029,290
 
 
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
 
537,782
 
 
1,730
 
Saint 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)
 
1,764,911
 
 
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)
 
4,032,960
 
 
2,000
 
Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/28 – NPFG Insured
10/15 at 100.00
 
AA
 
2,107,720
 
 
1,200
 
Tamarac, Florida, Utility System Revenue Bonds, Series 2009, 5.000%, 10/01/39 – AGC Insured
10/19 at 100.00
 
AA
 
1,281,096
 
 
9,720
 
Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Refunding Series 2012B, 5.000%, 7/01/42
No Opt. Call
 
A
 
10,221,552
 
 
1,500
 
Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Embry-Riddle Aeronautical University, Inc. Project, Refunding Series 2011, 5.000%, 10/15/29 – AGM Insured
10/21 at 100.00
 
AA
 
1,628,610
 
 
109,450
 
Total Florida
       
116,892,780
 
     
Georgia – 2.6% (1.8% of Total Investments)
           
 
6,950
 
Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2010A, 5.000%, 1/01/40 – AGM Insured
1/20 at 100.00
 
AA
 
7,290,064
 
 
2,700
 
Atlanta, Georgia, Airport General Revenue Bonds, Series 2004G, 5.000%, 1/01/25 (Pre-refunded 1/01/15) – AGM Insured
1/15 at 100.00
 
AA (4)
 
2,787,669
 
 
3,000
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.375%, 11/01/39 – AGM Insured
11/19 at 100.00
 
AA
 
3,245,010
 
 
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
 
1,629,295
 

Nuveen Investments
 
69

 
 

 

NEA
Nuveen AMT-Free Municipal Income Fund
 
 
Portfolio of Investments (continued)
 
April 30, 2014 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Georgia (continued)
           
$
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
$
4,038,360
 
 
1,410
 
DeKalb County, Georgia, Water and Sewer Revenue Bonds, Series 2006A, 5.000%, 10/01/35 – AGM Insured
10/16 at 100.00
 
AA
 
1,513,988
 
 
965
 
Greene County Development Authority, Georgia, Health System Revenue Bonds, Catholic Health East Issue, Series 2012, 4.250%, 11/15/42
No Opt. Call
 
Aa2
 
975,673
 
 
3,055
 
Gwinnett County School District, Georgia, General Obligation Bonds, Series 2008, 5.000%, 2/01/36
2/18 at 100.00
 
AAA
 
3,397,221
 
 
1,350
 
Henry County Water and Sewerage Authority, Georgia, Revenue Bonds, Series 2005, 5.250%, 2/01/27 – BHAC Insured
No Opt. Call
 
AA+
 
1,696,383
 
 
2,615
 
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
 
2,787,407
 
 
27,580
 
Total Georgia
       
29,361,070
 
     
Guam – 0.2% (0.1% of Total Investments)
           
 
2,030
 
Guam Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.500%, 7/01/43
7/23 at 100.00
 
A–
 
2,142,888
 
     
Hawaii – 0.0% (0.0% of Total Investments)
           
     
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific University, Series 2013A:
           
 
200
 
6.625%, 7/01/33
7/23 at 100.00
 
BB+
 
208,732
 
 
125
 
6.875%, 7/01/43
7/23 at 100.00
 
BB+
 
130,354
 
 
325
 
Total Hawaii
       
339,086
 
     
Idaho – 0.2% (0.1% of Total Investments)
           
 
2,110
 
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
 
2,209,698
 
     
Illinois – 13.5% (9.2% of Total Investments)
           
 
4,000
 
Bolingbrook, Illinois, General Obligation Refunding Bonds, Series 2002B, 0.000%, 1/01/34 – FGIC Insured
No Opt. Call
 
AA–
 
1,508,440
 
 
2,240
 
Chicago Board of Education, Illinois, General Obligation Lease Certificates, Series 1992A, 6.250%, 1/01/15 – NPFG Insured
No Opt. Call
 
AA–
 
2,325,680
 
 
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
 
3,890,075
 
 
13,100
 
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
 
13,763,122
 
 
1,450
 
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien Series 2005A, 5.250%, 1/01/24 – NPFG Insured
1/16 at 100.00
 
AA–
 
1,532,244
 
 
4,735
 
Cook County Community College District 508, Illinois, General Obligation Bonds, Chicago City Colleges, Series 2013, 5.250%, 12/01/43
12/23 at 100.00
 
AA
 
5,048,741
 
     
Cook County School District 145, Arbor Park, Illinois, General Obligation Bonds, Series 2004:
           
 
1,650
 
5.125%, 12/01/20 – AGM Insured (ETM)
No Opt. Call
 
A2 (4)
 
1,681,400
 
 
1,475
 
5.125%, 12/01/23 – AGM Insured (ETM)
No Opt. Call
 
A2 (4)
 
1,497,833
 
     
Cook County School District 145, Arbor Park, Illinois, General Obligation Bonds, Series 2004:
           
 
1,635
 
5.125%, 12/01/20 (Pre-refunded 12/01/14) – AGM Insured
12/14 at 100.00
 
A2 (4)
 
1,682,693
 
 
1,465
 
5.125%, 12/01/23 (Pre-refunded 12/01/14) – AGM Insured
12/14 at 100.00
 
A2 (4)
 
1,507,734
 
 
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
 
20,783,832
 
 
2,050
 
Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural History, Series 2002, 5.500%, 11/01/36
11/23 at 100.00
 
A2
 
2,170,499
 
 
5,020
 
Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Series 2012, 5.000%, 6/01/42
No Opt. Call
 
AA
 
5,235,057
 
 
4,200
 
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 5.000%, 9/01/38
9/22 at 100.00
 
A–
 
4,225,326
 
 
2,910
 
Illinois Finance Authority, Revenue Bonds, Ingalls Health System, Series 2013, 5.000%, 5/15/43
5/22 at 100.00
 
Baa1
 
2,861,752
 

70
 
Nuveen Investments
 
 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Illinois (continued)
           
$
1,145
 
Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A, 6.000%, 7/01/43
7/23 at 100.00
 
A–
$
1,254,760
 
 
3,560
 
Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2011A, 6.000%, 8/15/41 - AGM Insured
8/21 at 100.00
 
AA
 
4,023,049
 
 
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–
 
1,079,430
 
 
9,510
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago, Series 2012A, 5.000%, 10/01/51
10/21 at 100.00
 
Aa1
 
9,930,247
 
 
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)
 
5,696,310
 
 
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)
 
1,960,784
 
 
6,500
 
Illinois Municipal Electric Agency, Power Supply System Revenue Bonds, Series 2007A, 5.000%, 2/01/35 – FGIC Insured
2/17 at 100.00
 
AA–
 
6,804,785
 
     
Illinois State, General Obligation Bonds, May Series 2014:
           
 
1,700
 
5.000%, 5/01/36 (WI/DD, Settling 5/08/14)
5/24 at 100.00
 
A–
 
1,778,319
 
 
5,420
 
5.000%, 5/01/39 (WI/DD, Settling 5/08/14)
5/24 at 100.00
 
A–
 
5,629,700
 
     
Illinois State, General Obligation Bonds, Series 2012A:
           
 
2,500
 
5.000%, 3/01/25
3/22 at 100.00
 
A–
 
2,751,725
 
 
4,500
 
5.000%, 3/01/27
3/22 at 100.00
 
A–
 
4,848,615
 
 
1,125
 
Illinois State, General Obligation Bonds, Series 2013, 5.500%, 7/01/38
7/23 at 100.00
 
A–
 
1,229,456
 
 
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
 
A2
 
5,336,800
 
 
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
 
5,108,300
 
     
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1:
           
 
33,000
 
0.000%, 6/15/45 – AGM Insured
No Opt. Call
 
AAA
 
6,227,430
 
 
5,000
 
0.000%, 6/15/46 – AGM Insured
No Opt. Call
 
AAA
 
883,200
 
 
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
 
5,496,973
 
 
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–
 
3,908,852
 
 
3,500
 
Schaumburg, Illinois, General Obligation Bonds, Series 2004B, 5.000%, 12/01/41 (Pre-refunded 12/01/14) – AGM Insured
12/14 at 100.00
 
AAA
 
3,599,750
 
 
4,050
 
Southwestern Illinois Development Authority, Health Facility Revenue Bonds, Memorial Group, Inc., Series 2013, 7.625%, 11/01/48
11/23 at 100.00
 
BB+
 
4,265,136
 
 
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
 
2,236,991
 
 
183,425
 
Total Illinois
       
153,765,040
 
     
Indiana – 6.0% (4.1% 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
 
2,130,913
 
 
2,215
 
5.000%, 8/01/24 (Pre-refunded 8/01/14) – AGM Insured
8/14 at 100.00
 
Aaa
 
2,242,267
 
 
4,725
 
Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 2012A, 5.000%, 5/01/42
5/23 at 100.00
 
A
 
4,941,027
 
 
1,500
 
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–
 
1,505,175
 
 
10,000
 
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2009A, 5.250%, 12/01/38 (UB)
12/19 at 100.00
 
AA
 
10,932,700
 
 
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–
 
5,244,450
 

Nuveen Investments
 
71

 
 

 

NEA
Nuveen AMT-Free Municipal Income Fund
 
 
Portfolio of Investments (continued)
 
April 30, 2014 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Indiana (continued)
           
$
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
$
3,287,206
 
 
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
 
N/R (4)
 
2,143,753
 
 
8,310
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
1/17 at 100.00
 
AA–
 
8,738,464
 
     
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
 
1,043,116
 
 
1,060
 
5.250%, 11/15/20 (Pre-refunded 11/15/14) – AMBAC Insured
11/14 at 100.00
 
Aaa
 
1,089,362
 
 
1,100
 
5.250%, 11/15/21 (Pre-refunded 11/15/14) – AMBAC Insured
11/14 at 100.00
 
Aaa
 
1,130,470
 
 
9,255
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/25 – AMBAC Insured
No Opt. Call
 
AA
 
6,518,852
 
     
Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A:
           
 
3,000
 
5.500%, 1/01/38 – AGC Insured
1/19 at 100.00
 
AA
 
3,230,130
 
 
5,000
 
5.500%, 1/01/38 – AGC Insured (UB)
1/19 at 100.00
 
AA
 
5,383,550
 
 
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
 
1,030,220
 
 
7,760
 
Saint Joseph County Hospital Authority, Indiana, Revenue Bonds, Beacon Health System Obligated Group, Series 2013C, 4.000%, 8/15/44
8/23 at 100.00
 
AA–
 
7,187,855
 
 
500
 
Vigo County Hospital Authority, Indiana, Revenue Bonds, Union Hospital, Series 2007, 5.800%, 9/01/47
9/17 at 100.00
 
N/R
 
488,695
 
 
68,665
 
Total Indiana
       
68,268,205
 
     
Iowa – 1.5% (1.0% 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
 
4,204,720
 
 
425
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013, 5.250%, 12/01/25
12/23 at 100.00
 
BB–
 
426,441
 
     
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:
           
 
7,125
 
5.375%, 6/01/38
6/15 at 100.00
 
B+
 
6,182,719
 
 
185
 
5.625%, 6/01/46
6/15 at 100.00
 
B+
 
158,543
 
 
6,600
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34
6/17 at 100.00
 
B+
 
6,017,748
 
 
18,335
 
Total Iowa
       
16,990,171
 
     
Kansas – 0.3% (0.2% of Total Investments)
           
 
630
 
Kansas Development Finance Authority, Board of Regents, Revenue Bonds, Scientific Research and Development Facilities Projects, Series 2003C, 5.000%, 10/01/22 – AMBAC Insured
4/15 at 101.00
 
AA
 
641,901
 
 
2,000
 
Kansas Development Finance Authority, Health Facilities Revenue Bonds, Stormont-Vail Health Care Inc., Series 2013J, 5.000%, 11/15/38
11/22 at 100.00
 
A2
 
2,088,980
 
     
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)
 
477,670
 
 
515
 
5.000%, 9/01/31 (Pre-refunded 9/01/14)
9/14 at 100.00
 
A2 (4)
 
523,425
 
 
3,615
 
Total Kansas
       
3,731,976
 
     
Kentucky – 1.2% (0.9% 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
 
AA–
 
3,123,818
 
 
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
 
AA–
 
5,302,950
 
     
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Convertible Capital Appreciation Series 2013C:
           
 
2,575
 
0.000%, 7/01/43
7/31 at 100.00
 
Baa3
 
1,571,857
 
 
4,430
 
0.000%, 7/01/46
7/31 at 100.00
 
Baa3
 
2,681,833
 

72
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Kentucky (continued)
           
     
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Series 2013A:
           
$
1,115
 
5.750%, 7/01/49
7/23 at 100.00
 
Baa3
$
1,207,801
 
 
220
 
6.000%, 7/01/53
7/23 at 100.00
 
Baa3
 
241,329
 
 
19,350
 
Total Kentucky
       
14,129,588
 
     
Louisiana – 5.3% (3.6% of Total Investments)
           
 
4,690
 
Ascension Parish Industrial development Board, Louisiana, Revenue Bonds, Impala Warehousing (US) LLC Project, Series 2013, 6.000%, 7/01/36
7/23 at 100.00
 
N/R
 
4,899,268
 
 
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
 
735,392
 
 
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
 
5,445,850
 
 
4,450
 
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
 
AA– (4)
 
4,486,846
 
 
5,870
 
Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A, 5.000%, 7/01/36
7/23 at 100.00
 
A
 
6,203,416
 
 
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
 
2,128,280
 
     
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)
 
1,058,773
 
 
2,210
 
5.000%, 5/01/26 (Pre-refunded 5/01/15) – FGIC Insured
5/15 at 100.00
 
Aa1 (4)
 
2,316,721
 
     
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:
           
 
9,000
 
5.000%, 5/01/36 – AGM Insured
No Opt. Call
 
Aa1
 
9,601,740
 
 
8,480
 
4.750%, 5/01/39 – AGM Insured
5/16 at 100.00
 
Aa1
 
8,905,187
 
 
14,265
 
4.500%, 5/01/41 – FGIC Insured (UB)
5/16 at 100.00
 
Aa1
 
14,702,080
 
 
57,645
 
Total Louisiana
       
60,483,553
 
     
Maine – 0.1% (0.1% of Total Investments)
           
 
1,010
 
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
 
1,046,774
 
     
Maryland – 0.5% (0.4% 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+
 
1,910,954
 
 
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
 
1,251,192
 
 
2,705
 
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
 
2,813,335
 
 
5,770
 
Total Maryland
       
5,975,481
 
     
Massachusetts – 3.2% (2.2% of Total Investments)
           
 
5,500
 
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+
 
5,904,580
 
 
1,430
 
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+
 
1,413,712
 
 
3,000
 
Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, Series 2002A, 5.750%, 1/01/42 – AMBAC Insured
No Opt. Call
 
A
 
3,594,180
 
 
3,335
 
Massachusetts Health and Education Facilities Authority, Revenue Bonds, Partners HealthCare System, Tender Option Bond Trust 3627, 13.796%, 7/01/29 (IF)
7/19 at 100.00
 
AA
 
4,228,146
 
 
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)
 
4,673,196
 
 
7,500
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Tender Option Bond Trust 14021, 9.418%, 2/15/20 (IF)
No Opt. Call
 
AA+
 
10,287,750
 

Nuveen Investments
 
73

 
 

 

NEA
Nuveen AMT-Free Municipal Income Fund
 
 
Portfolio of Investments (continued)
 
April 30, 2014 (Unaudited)
 
 
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, 13.560%, 8/15/37 – AMBAC Insured (IF)
8/17 at 100.00
 
AA+
$
4,241,987
 
 
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+
 
1,760,949
 
 
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
 
552,890
 
 
30,725
 
Total Massachusetts
       
36,657,390
 
     
Michigan – 2.3% (1.6% of Total Investments)
           
 
1,220
 
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
 
BB+
 
1,190,781
 
 
10,000
 
Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2011A, 5.250%, 7/01/41
7/21 at 100.00
 
B1
 
9,752,000
 
 
4,465
 
Detroit, Michigan, Water Supply System Senior Lien Revenue Refunding Bonds, Series 2003C, 5.000%, 7/01/22 – NPFG Insured
7/14 at 100.00
 
AA–
 
4,431,021
 
 
1,315
 
Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A, 5.000%, 1/01/43
1/22 at 100.00
 
A2
 
1,365,378
 
 
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
 
Aa2
 
2,084,280
 
     
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)
 
200,768
 
 
820
 
5.000%, 12/01/31 (UB)
12/16 at 100.00
 
Aa2
 
843,895
 
 
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
7/14 at 100.00
 
AA–
 
6,503,640
 
 
26,500
 
Total Michigan
       
26,371,763
 
     
Missouri – 0.7% (0.5% 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 (Pre-refunded 3/01/16) – NPFG Insured
3/16 at 100.00
 
Aa1 (4)
 
1,082,920
 
 
6,165
 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Saint Louis College of Pharmacy, Series 2013, 5.500%, 5/01/43
5/23 at 100.00
 
BBB+
 
6,530,646
 
 
220
 
St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Sunset Hills, Series 2013A, 5.875%, 9/01/43
9/23 at 100.00
 
A–
 
233,026
 
 
7,385
 
Total Missouri
       
7,846,592
 
     
Montana – 0.1% (0.1% of Total Investments)
           
 
1,300
 
Montana State University, Facilties Revenue Bonds, Improvement Series 2013A, 4.500%, 11/15/38
11/23 at 100.00
 
Aa3
 
1,369,576
 
     
Nebraska – 0.3% (0.2% of Total Investments)
           
 
2,285
 
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–
 
2,380,696
 
 
865
 
Omaha Public Power District, Nebraska, Separate Electric System Revenue Bonds, Nebraska City 2, Tender Option Bond Trust 11673, 20.234%, 8/01/40 – AMBAC Insured (IF)
2/17 at 100.00
 
AA+
 
1,375,540
 
 
3,150
 
Total Nebraska
       
3,756,236
 
     
Nevada – 2.7% (1.8% of Total Investments)
           
 
3,280
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2004A-2, 5.125%, 7/01/24 (Pre-refunded 7/01/14) – FGIC Insured
7/14 at 100.00
 
AA– (4)
 
3,307,322
 
 
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
 
2,248,600
 
 
12,260
 
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
 
13,168,098
 
 
950
 
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water Series 2012B, 5.000%, 6/01/42
6/22 at 100.00
 
AA+
 
1,017,422
 

74
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Nevada (continued)
           
$
10,000
 
Nevada System of Higher Education, Universities Revenue Bonds, Series 2005B, 5.000%, 7/01/35 – AMBAC Insured
No Opt. Call
 
Aa2
$
10,511,000
 
 
28,490
 
Total Nevada
       
30,252,442
 
     
New Jersey – 7.1% (4.9% 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
 
1,300,589
 
 
2,250
 
5.125%, 10/01/22 – NPFG Insured
10/14 at 100.00
 
Aa2
 
2,295,000
 
 
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
 
1,605,505
 
     
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A:
           
 
2,675
 
5.000%, 7/01/22 – NPFG Insured
7/14 at 100.00
 
AA–
 
2,694,875
 
 
4,445
 
5.000%, 7/01/23 – NPFG Insured
7/14 at 100.00
 
AA–
 
4,476,960
 
 
1,200
 
5.000%, 7/01/29 – NPFG Insured
7/14 at 100.00
 
AA–
 
1,208,220
 
 
720
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Robert Wood Johnson University Hospital, Series 2013A, 5.500%, 7/01/43
7/23 at 100.00
 
A
 
788,861
 
 
3,075
 
New Jersey Transit Corporation, Certificates of Participation Refunding, Series 2003, 5.500%, 10/01/15 – AGM Insured
No Opt. Call
 
AA
 
3,290,588
 
 
5,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/26
No Opt. Call
 
A1
 
2,981,800
 
     
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C:
           
 
25,000
 
0.000%, 12/15/35 – AMBAC Insured
No Opt. Call
 
A1
 
8,611,000
 
 
10,000
 
0.000%, 12/15/36 – AMBAC Insured
No Opt. Call
 
A1
 
3,200,100
 
 
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
 
11,283,195
 
 
9,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2012AA, 5.000%, 6/15/38
No Opt. Call
 
A1
 
9,544,950
 
 
14,000
 
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – AGM Insured
No Opt. Call
 
AA
 
16,798,600
 
 
1,500
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.000%, 1/01/25 – AGM Insured
1/15 at 100.00
 
AA
 
1,542,225
 
 
330
 
New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 1154, 17.340%, 1/01/43 (IF) (5)
7/22 at 100.00
 
A+
 
418,585
 
     
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
           
 
2,065
 
4.500%, 6/01/23
6/17 at 100.00
 
BB
 
2,007,139
 
 
785
 
4.625%, 6/01/26
6/17 at 100.00
 
B+
 
694,042
 
 
3,300
 
4.750%, 6/01/34
6/17 at 100.00
 
B2
 
2,592,546
 
 
5,000
 
5.000%, 6/01/41
6/17 at 100.00
 
B2
 
3,938,200
 
 
103,680
 
Total New Jersey
       
81,272,980
 
     
New Mexico – 0.7% (0.5% of Total Investments)
           
     
New Mexico Finance Authority, Public Project Revolving Fund Revenue Bonds, Series 2004C:
           
 
1,415
 
5.000%, 6/01/22 (Pre-refunded 6/01/14) – AMBAC Insured
6/14 at 100.00
 
AAA
 
1,420,886
 
 
1,050
 
5.000%, 6/01/24 (Pre-refunded 6/01/14) – AMBAC Insured
6/14 at 100.00
 
AAA
 
1,054,368
 
 
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
 
2,089,800
 
 
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
 
3,118,190
 
 
7,190
 
Total New Mexico
       
7,683,244
 

Nuveen Investments
 
75

 
 

 

NEA
Nuveen AMT-Free Municipal Income Fund
 
 
Portfolio of Investments (continued)
 
April 30, 2014 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
New York – 8.2% (5.6% of Total Investments)
           
$
2,115
 
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
 
AA–
$
2,179,190
 
 
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
 
3,286,890
 
 
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
 
8,062,217
 
 
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–
 
3,492,000
 
 
1,000
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/24 (Pre-refunded 3/15/15) – AMBAC Insured
3/15 at 100.00
 
AAA
 
1,042,640
 
 
1,300
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47
2/21 at 100.00
 
A
 
1,445,652
 
 
8,150
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured
2/17 at 100.00
 
AA–
 
8,172,087
 
 
11,415
 
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
 
AA–
 
12,215,648
 
 
3,000
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006C, 5.000%, 9/01/35 – NPFG Insured
9/16 at 100.00
 
AA–
 
3,205,980
 
 
2,830
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/38
5/21 at 100.00
 
A–
 
2,972,264
 
 
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
 
5,110,100
 
 
3,490
 
New York City, New York, General Obligation Bonds, Fiscal Series 2004E, 5.000%, 11/01/21 – AGM Insured
No Opt. Call
 
AA
 
3,570,689
 
 
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
 
AA (4)
 
1,546,799
 
 
665
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005D, 5.000%, 11/01/24
11/14 at 100.00
 
AA
 
679,351
 
 
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)
 
599,256
 
 
6,165
 
New York Convention Center Development Corporation, Hotel Unit Fee Revenue Bonds, Series 2005, 5.000%, 11/15/44 – AMBAC Insured
11/15 at 100.00
 
AA+
 
6,489,464
 
 
10,000
 
New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, Series 2005, 5.250%, 10/01/35
No Opt. Call
 
A
 
11,450,200
 
 
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, Tender Option Bond Trust 2012-9W, 13.714%, 6/15/26 (IF) (5)
6/22 at 100.00
 
AAA
 
6,127,123
 
 
355
 
New York State Housing Finance Agency, Mortgage Revenue Refunding Bonds, Housing Project, Series 1996A, 6.125%, 11/01/20 – AGM Insured
11/14 at 100.00
 
AA
 
355,845
 
 
1,850
 
New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series 2005B, 5.000%, 3/15/25 (Pre-refunded 3/15/15) – AGM Insured
3/15 at 100.00
 
AAA
 
1,928,884
 
 
3,335
 
New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Tender Option Bond Trust 09-6W, 13.302%, 3/15/37 (IF) (5)
3/17 at 100.00
 
AAA
 
4,282,707
 
 
2,105
 
Onondaga Civic Development Corporation, New York, Revenue Bonds, Saint Joseph’s Hospital Health Center Project, Series 2012, 5.000%, 7/01/42
7/22 at 100.00
 
BB
 
1,983,668
 
     
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Subordinate Lien Series 2013A:
           
 
775
 
5.000%, 11/15/28
No Opt. Call
 
A+
 
891,483
 
 
5,545
 
0.000%, 11/15/31
No Opt. Call
 
A+
 
2,630,770
 
 
405
 
0.000%, 11/15/32
No Opt. Call
 
A+
 
182,663
 
 
89,275
 
Total New York
       
93,903,570
 

76
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
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
$
816,777
 
 
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)
 
492,207
 
 
3,555
 
Charlotte, North Carolina, Water and Sewer System Refunding Bonds, Tender Option Bond Trust 43W, 13.565%, 7/01/38 (IF) (5)
7/20 at 100.00
 
AAA
 
4,518,369
 
 
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)
 
1,200,258
 
 
5,000
 
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
 
5,394,300
 
 
1,455
 
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+
 
1,550,492
 
 
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–
 
1,594,155
 
 
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
 
3,170,018
 
 
17,005
 
Total North Carolina
       
18,736,576
 
     
North Dakota – 0.7% (0.5% of Total Investments)
           
 
5,000
 
Burleigh County, North Dakota, Health Care Revenue Bonds, Saint Alexius Medical Center Project, Refunding Series 2012A, 4.500%, 7/01/32
7/22 at 100.00
 
BBB+
 
5,068,000
 
 
1,015
 
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–
 
1,051,236
 
 
1,420
 
Williston, North Dakota, Multifamily Housing Revenue Bonds, Eagle Crest Apartments LLC Project, Series 2013, 7.750%, 9/01/38
9/23 at 100.00
 
N/R
 
1,457,673
 
 
7,435
 
Total North Dakota
       
7,576,909
 
     
Ohio – 6.5% (4.5% 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
 
334,643
 
     
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–
 
697,132
 
 
930
 
4.000%, 5/01/33
5/22 at 100.00
 
AA–
 
930,316
 
 
800
 
5.000%, 5/01/42
5/22 at 100.00
 
AA–
 
842,288
 
     
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–
 
21,781
 
 
3,755
 
5.125%, 6/01/24
6/17 at 100.00
 
B–
 
3,245,334
 
 
710
 
5.875%, 6/01/30
6/17 at 100.00
 
B
 
594,852
 
 
13,445
 
5.750%, 6/01/34
6/17 at 100.00
 
B
 
11,053,000
 
 
2,485
 
5.875%, 6/01/47
6/17 at 100.00
 
B
 
2,047,342
 
 
6,205
 
Cleveland Heights-University Heights City School District, Ohio, General Obligation Bonds, School Improvement Series 2014, 5.000%, 12/01/51
6/23 at 100.00
 
AA
 
6,440,976
 
 
5,975
 
Fairfield County, Ohio, Hospital Facilities Revenue Bonds, Fairfield Medical Center Project, Series 2013, 5.000%, 6/15/43
6/23 at 100.00
 
Baa2
 
6,155,624
 
 
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
 
1,547,523
 
     
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, Series 2006A:
           
 
7,775
 
4.250%, 12/01/32 – AMBAC Insured
12/16 at 100.00
 
A+
 
7,857,337
 
 
4,605
 
4.250%, 12/01/32 – AMBAC Insured (UB)
12/16 at 100.00
 
A+
 
4,653,767
 
 
6,920
 
JobsOhio Beverage System, Ohio, Statewide Liquor Profits Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/38
1/23 at 100.00
 
AA
 
7,372,776
 
 
6,000
 
Middletown City School District, Butler County, Ohio, General Obligation Bonds, Refunding Series 2007, 5.250%, 12/01/31 – AGM Insured
No Opt. Call
 
A2
 
7,104,060
 

Nuveen Investments
 
77

 
 

 
 
NEA
Nuveen AMT-Free Municipal Income Fund
 
 
Portfolio of Investments (continued)
 
April 30, 2014 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Ohio (continued)
           
$
4,795
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 2013A-1, 5.000%, 2/15/48
2/23 at 100.00
 
A+
$
5,092,290
 
 
3,960
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien Convertible Series 2013A-3, 0.000%, 2/15/36
2/31 at 100.00
 
A+
 
2,725,470
 
     
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
 
397,048
 
 
260
 
6.000%, 12/01/42
12/22 at 100.00
 
N/R
 
257,876
 
 
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
 
5,070,738
 
 
75,670
 
Total Ohio
       
74,442,173
 
     
Oklahoma – 0.7% (0.5% of Total Investments)
           
     
Oklahoma Capitol Improvement Authority, State Facilities Revenue Bonds, Series 2005F:
           
 
6,000
 
5.000%, 7/01/24 (Pre-refunded 7/01/15) – AMBAC Insured
7/15 at 100.00
 
AA (4)
 
6,337,320
 
 
1,610
 
5.000%, 7/01/27 (Pre-refunded 7/01/15) – AMBAC Insured
7/15 at 100.00
 
AA (4)
 
1,700,514
 
 
7,610
 
Total Oklahoma
       
8,037,834
 
     
Oregon – 0.3% (0.2% of Total Investments)
           
 
2,500
 
Oregon Health and Science University, Revenue Bonds, Series 2012E, 5.000%, 7/01/32
No Opt. Call
 
A+
 
2,737,350
 
 
1,000
 
Tigard, Washington County, Oregon, Water System Revenue Bonds, Series 2012, 5.000%, 8/01/42
8/22 at 100.00
 
AA–
 
1,080,960
 
 
3,500
 
Total Oregon
       
3,818,310
 
     
Pennsylvania – 7.6% (5.2% of Total Investments)
           
 
3,545
 
Allegheny County Sanitary Authority, Pennsylvania, Sewer Revenue Bonds, Series 2005A, 5.000%, 12/01/23 – NPFG Insured
12/15 at 100.00
 
AA–
 
3,771,171
 
 
7,000
 
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
 
7,332,080
 
 
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
 
4,327,000
 
 
2,150
 
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
 
2,198,698
 
 
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+
 
4,605,986
 
 
3,500
 
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
 
3,696,700
 
 
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
 
4,089,760
 
 
4,585
 
Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, City of Allentown Concession, Series 2013A, 5.125%, 12/01/47
12/23 at 100.00
 
A
 
4,875,643
 
 
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
 
1,145,205
 
 
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
 
AA–
 
5,440,840
 
 
7,275
 
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured
12/16 at 100.00
 
AA
 
7,358,808
 
 
2,100
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 – AMBAC Insured
6/16 at 100.00
 
A+
 
2,247,294
 
 
3,500
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 0.000%, 6/01/33 – AGM Insured
6/26 at 100.00
 
AA
 
3,876,460
 
     
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
 
5,305,725
 
 
3,000
 
5.000%, 9/01/25 – AGM Insured
9/14 at 100.00
 
AA
 
3,041,550
 

78
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Pennsylvania (continued)
           
$
2,000
 
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fourth Series 1998, 5.000%, 8/01/32 – AGM Insured
7/14 at 100.00
 
AA
$
2,006,640
 
 
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
 
3,108,788
 
 
335
 
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
 
BB+
 
322,391
 
 
1,425
 
Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011, 6.500%, 8/01/41
8/20 at 100.00
 
A+
 
1,614,782
 
 
3,310
 
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 1997A, 5.125%, 8/01/27 - AMBAC Insured (ETM)
No Opt. Call
 
A1 (4)
 
3,894,016
 
 
3,415
 
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
 
3,667,505
 
 
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
 
4,060,813
 
 
1,125
 
Scranton, Pennsylvania, Sewer Authority Revenue Bonds, Series 2011A, 5.250%, 12/01/31 – AGM Insured
12/21 at 100.00
 
AA
 
1,220,411
 
 
1,455
 
Solebury Township, Pennsylvania, General Obligation Bonds, Series 2005, 5.000%, 12/15/25 – AMBAC Insured
6/15 at 100.00
 
Aa3
 
1,528,259
 
 
1,930
 
Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, Series 2012B, 4.000%, 1/01/33
No Opt. Call
 
Baa3
 
1,793,877
 
 
82,170
 
Total Pennsylvania
       
86,530,402
 
     
Puerto Rico – 2.4% (1.6% of Total Investments)
           
 
2,140
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 5.000%, 7/01/22 – FGIC Insured
7/15 at 100.00
 
AA–
 
2,086,650
 
 
1,000
 
Puerto Rico Municipal Finance Agency, Series 2005C, 5.250%, 8/01/21 – CIFG Insured
No Opt. Call
 
AA
 
1,004,520
 
 
5,880
 
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
 
5,234,376
 
 
8,480
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Senior Series 2011C, 0.000%, 8/01/39
No Opt. Call
 
AA–
 
1,397,080
 
     
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
           
 
17,000
 
0.000%, 8/01/42 – FGIC Insured
No Opt. Call
 
AA–
 
2,655,910
 
 
47,300
 
0.000%, 8/01/44 – NPFG Insured
No Opt. Call
 
AA–
 
6,479,627
 
 
88,000
 
0.000%, 8/01/54 – AMBAC Insured
No Opt. Call
 
AA–
 
6,321,920
 
 
810
 
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/17 – NPFG Insured
No Opt. Call
 
AA–
 
829,513
 
 
1,190
 
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/17 – NPFG Insured (ETM)
No Opt. Call
 
Baa1 (4)
 
1,371,761
 
 
171,800
 
Total Puerto Rico
       
27,381,357
 
     
Rhode Island – 1.0% (0.7% of Total Investments)
           
     
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A:
           
 
795
 
6.125%, 6/01/32
7/14 at 100.00
 
BBB+
 
794,992
 
 
10,225
 
6.250%, 6/01/42
7/14 at 100.00
 
BBB–
 
10,224,387
 
 
11,020
 
Total Rhode Island
       
11,019,379
 
     
South Carolina – 2.3% (1.6% 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
 
5,109,800
 
     
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2006:
           
 
8,000
 
5.000%, 12/01/24
12/16 at 100.00
 
AA
 
8,717,120
 
 
1,955
 
5.000%, 12/01/28 – AGM Insured
12/16 at 100.00
 
AA
 
2,125,456
 

Nuveen Investments
 
79

 
 

 
 
NEA
Nuveen AMT-Free Municipal Income Fund
 
 
Portfolio of Investments (continued)
 
April 30, 2014 (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
$
938,124
 
 
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
 
428,666
 
 
3,475
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2013A, 5.125%, 12/01/43
12/23 at 100.00
 
AA–
 
3,754,529
 
 
4,500
 
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
 
4,832,595
 
 
24,205
 
Total South Carolina
       
25,906,290
 
     
Tennessee – 1.0% (0.7% 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
 
3,143,250
 
 
5,085
 
Chattanooga Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45
1/23 at 100.00
 
A+
 
5,477,003
 
 
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
 
1,219,968
 
 
2,055
 
Memphis, Tennessee, Sanitary Sewerage System Revenue Bonds, Series 2004, 5.000%, 10/01/22 (Pre-refunded 10/01/14) – AGM Insured
10/14 at 100.00
 
AA (4)
 
2,096,819
 
 
11,340
 
Total Tennessee
       
11,937,040
 
     
Texas – 7.3% (5.0% of Total Investments)
           
 
3,035
 
Bexar County, Texas, Venue Project Revenue Bonds, Refunding Series 2010, 5.500%, 8/15/49 – AGM Insured
8/19 at 100.00
 
AA
 
3,238,952
 
 
365
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Refunding Series 2013A, 5.000%, 1/01/43
1/23 at 100.00
 
Baa2
 
379,553
 
 
1,700
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.250%, 1/01/46
1/21 at 100.00
 
Baa2
 
1,865,546
 
     
Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift Education Charter School, Series 2013A:
           
 
1,925
 
4.350%, 12/01/42
12/22 at 100.00
 
BBB–
 
1,760,239
 
 
1,000
 
4.400%, 12/01/47
12/22 at 100.00
 
BBB–
 
908,840
 
     
Corpus Christi, Texas, Utility System Revenue Bonds, Refunding & Improvement Series 2004:
           
 
3,475
 
5.000%, 7/15/22 (Pre-refunded 7/15/14) – AGM Insured
7/14 at 100.00
 
AA (4)
 
3,510,271
 
 
3,645
 
5.000%, 7/15/23 (Pre-refunded 7/15/14) – AGM Insured
7/14 at 100.00
 
AA (4)
 
3,681,997
 
 
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
 
10,216,300
 
 
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+
 
1,596,855
 
 
2,735
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender Option Bond Trust 2013- 9A, 18.125%, 4/01/53 (IF)
10/23 at 100.00
 
AA+
 
3,344,522
 
 
5,625
 
Harris County Hospital District, Texas, Revenue Bonds, Series 2007A, 5.250%,
2/15/42 – NPFG Insured
2/17 at 100.00
 
AA–
 
5,801,906
 
 
4,040
 
Harris County, Texas, Subordinate Lien Unlimited Tax Toll Road Revenue Bonds, Tender Options Bond Trust 3028, 14.309%, 8/15/28 – AGM Insured (IF)
No Opt. Call
 
Aaa
 
6,851,315
 
 
805
 
Houston, Texas, Subordinate Lien Airport System Revenue Bonds, Series 2000B, 5.450%, 7/01/24 – AGM Insured
No Opt. Call
 
AA
 
911,550
 
 
4,550
 
Houston, Texas, Subordinate Lien Airport System Revenue Refunding Bonds, Series Series 2012B, 5.000%, 7/01/31
7/22 at 100.00
 
A+
 
4,911,907
 
 
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
 
3,010,917
 
 
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
 
2,500,992
 

80
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Texas (continued)
           
     
McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013:
           
$
1,780
 
5.750%, 12/01/33
12/25 at 100.00
 
Baa2
$
1,907,573
 
 
1,800
 
6.125%, 12/01/38
12/25 at 100.00
 
Baa2
 
1,927,242
 
 
3,845
 
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
 
4,195,702
 
 
4,290
 
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
 
4,585,367
 
 
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
 
Aa3
 
2,621,935
 
 
3,480
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Hendrick Medical Center, Series 2013, 5.500%, 9/01/43
9/23 at 100.00
 
A2
 
3,677,420
 
     
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012:
           
 
2,200
 
5.000%, 12/15/30
No Opt. Call
 
A3
 
2,280,982
 
 
740
 
5.000%, 12/15/32
No Opt. Call
 
A3
 
762,437
 
 
4,000
 
Texas State, General Obligation Bonds, Transportation Commission Highway Improvement Series 2012A, 5.000%, 4/01/42
No Opt. Call
 
AAA
 
4,387,120
 
 
2,855
 
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–
 
2,937,766
 
 
77,010
 
Total Texas
       
83,775,206
 
     
Utah – 0.8% (0.6% 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
 
6,176,102
 
 
2,830
 
Utah Transit Authority, Sales Tax Revenue and Refunding Bonds, Series 2012, 5.000%, 6/15/42
6/22 at 100.00
 
A1
 
2,997,338
 
 
8,590
 
Total Utah
       
9,173,440
 
     
Vermont – 0.9% (0.6% 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
 
5,308,000
 
 
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
 
AA–
 
5,357,805
 
 
10,100
 
Total Vermont
       
10,665,805
 
     
Virginia – 1.3% (0.9% 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
 
224,903
 
     
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
 
AA–
 
4,205,120
 
 
5,000
 
5.000%, 6/15/22 – NPFG Insured
6/15 at 100.00
 
AA–
 
5,251,750
 
     
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)
 
1,157,337
 
 
500
 
5.250%, 12/15/23 (Pre-refunded 6/15/14) – AGM Insured
6/14 at 100.00
 
AA+ (4)
 
503,190
 
 
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
 
258,950
 
 
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)
 
5,984
 
 
2,465
 
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012A, 5.000%, 7/01/52
No Opt. Call
 
BBB–
 
2,497,415
 
     
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012B:
           
 
955
 
0.000%, 7/01/34
No Opt. Call
 
BBB–
 
314,405
 
 
520
 
0.000%, 7/01/35
No Opt. Call
 
BBB–
 
160,274
 
 
1,350
 
0.000%, 7/01/37
No Opt. Call
 
BBB–
 
366,917
 
 
16,620
 
Total Virginia
       
14,946,245
 

Nuveen Investments
 
81

 
 

 
 
NEA
Nuveen AMT-Free Municipal Income Fund
 
 
Portfolio of Investments (continued)
 
April 30, 2014 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Washington – 4.2% (2.9% of Total Investments)
           
$
5,000
 
King County, Washington, Sewer Revenue Bonds, Refunding Series 2012, 5.000%, 1/01/52
1/22 at 100.00
 
AA+
$
5,311,850
 
 
5,000
 
King County, Washington, Sewer Revenue Bonds, Series 2006-2, 13.667%, 1/01/26 – AGM Insured (IF)
1/17 at 100.00
 
AA+
 
6,234,950
 
 
3,000
 
King County, Washington, Sewer Revenue Bonds, Series 2007, 5.000%, 1/01/42 – AGM Insured
7/17 at 100.00
 
AA+
 
3,243,270
 
 
1,560
 
Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Refunding Series 2012A, 5.000%, 8/01/31
8/22 at 100.00
 
A+
 
1,726,982
 
 
1,250
 
University of Washington, General Revenue Bonds, Tender Option Bond Trust 3005, 17.935%, 6/01/31 – AMBAC Insured (IF)
6/17 at 100.00
 
Aaa
 
1,765,150
 
 
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
 
5,225,850
 
 
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
 
9,851,300
 
 
1,250
 
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
 
1,372,763
 
 
3,290
 
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, Series 2012A, 5.000%, 10/01/42
10/22 at 100.00
 
AA
 
3,531,618
 
 
10,855
 
Washington, General Obligation Bonds, Series 2000S-5, 0.000%, 1/01/20 – FGIC Insured
No Opt. Call
 
AA+
 
9,795,335
 
 
46,105
 
Total Washington
       
48,059,068
 
     
West Virginia – 1.9% (1.3% of Total Investments)
           
 
16,800
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Refunding and Improvement Series 2013A, 5.500%, 6/01/44
6/23 at 100.00
 
A
 
18,381,720
 
 
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
 
3,295,020
 
 
19,800
 
Total West Virginia
       
21,676,740
 
     
Wisconsin – 1.8% (1.2% of Total Investments)
           
 
4,100
 
University of Wisconsin Hospitals and Clinics Authority, Revenue Bonds, Refunding Series 2013A, 5.000%, 4/01/38
4/23 at 100.00
 
Aa3
 
4,355,881
 
 
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–
 
1,082,061
 
 
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+
 
1,050,930
 
 
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
 
4,524,198
 
 
2,300
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital Inc., Series 1992A, 6.000%, 12/01/22 – FGIC Insured
No Opt. Call
 
A2
 
2,580,410
 
 
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+
 
2,852,720
 
 
3,775
 
Wisconsin State, General Obligation Bonds, Series 2006A, 4.750%, 5/01/25 (Pre-refunded 5/01/16) – FGIC Insured
5/16 at 100.00
 
AA (4)
 
4,106,100
 
 
19,200
 
Total Wisconsin
       
20,552,300
 
     
Wyoming – 1.1% (0.8% of Total Investments)
           
 
9,625
 
Sweetwater County, Wyoming, Hospital Revenue Refunding Bonds, Memorial Hospital Project, Series 2013A, 5.000%, 9/01/37
9/23 at 100.00
 
BBB
 
9,746,179
 
     
Teton County Hospital District, Wyoming, Hospital Revenue Bonds, St. John’s Medical Center Project, Series 2011B:
           
 
2,000
 
5.500%, 12/01/27
12/21 at 100.00
 
BBB
 
2,171,500
 
 
1,000
 
6.000%, 12/01/36
12/21 at 100.00
 
BBB
 
1,102,890
 
 
12,625
 
Total Wyoming
       
13,020,569
 
$
1,879,290
 
Total Municipal Bonds (cost $1,577,835,832)
       
1,657,107,692
 

82
 
Nuveen Investments

 
 

 

 
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)
             
$
204
 
Las Vegas Monorail Company, Senior Interest Bonds (6), (7)
5.500%
7/15/19
 
N/R
$
36,751
 
 
57
 
Las Vegas Monorail Company, Senior Interest Bonds (6), (7)
3.000%
7/15/55
 
N/R
 
7,565
 
$
261
 
Total Corporate Bonds (cost $15,604)
         
44,316
 
     
Total Long-Term Investments (cost $1,577,851,436)
         
1,657,152,008
 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
SHORT-TERM INVESTMENTS – 0.7% (0.5% of Total Investments)
           
     
MUNICIPAL BONDS – 0.7% (0.5% of Total Investments)
           
     
South Carolina – 0.3% (0.2% of Total Investments)
           
$
4,005
 
South Carolina Educational Facilities Authority, Charleston Southern University Education Facilities Revenue Bond, Variable Rate Demand Obligations, Series 2003, 0.110%, 4/01/28 (8)
2/14 at 100.00
 
F-1
$
4,005,000
 
     
Washington – 0.4% (0.3% of Total Investments)
           
 
4,480
 
Bellingham, Washington, Water and Sewer Revenue Bonds, Variable Rate Demand Obligations, Tender Option Bond Trust 11981X, 0.130%, 8/01/19 (8)
No Opt. Call
 
Aa2
 
4,480,000
 
$
8,485
 
Total Short-Term Investments (cost $8,485,000)
       
8,485,000
 
     
Total Investments (cost $1,586,336,436) – 145.9%
       
1,665,637,008
 
     
Floating Rate Obligations – (5.0)%
       
(57,495,000
)
     
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (13.2)% (9)
       
(151,000,000
)
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (30.7)% (10)
       
(349,900,000
)
     
Other Assets Less Liabilities – 3.0% (11)
       
34,219,614
 
     
Net Assets Applicable to Common Shares – 100%
     
$
1,141,461,622
 

Nuveen Investments
 
83

 
 

 
 
NEA
Nuveen AMT-Free Municipal Income Fund
 
 
Portfolio of Investments (continued)
 
April 30, 2014 (Unaudited)
 
Investments in Derivatives as of April 30, 2014
Interest Rate Swaps outstanding:

       
Fund
       
Fixed Rate
     
Unrealized
 
   
Notional
 
Pay/Receive
Floating Rate
 
Fixed Rate
 
Payment
Effective
Termination
 
Appreciation
 
Counterparty
 
Amount
 
Floating Rate
Index
 
(Annualized)
 
Frequency
Date (12)
Date
 
(Depreciation) (11)
 
Barclays PLC
  $ 85,600,000  
Receive
US-BMA
    3.258 %
Quarterly
2/20/15
2/20/30
  $ (4,414,736 )
 
(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, Note 2 – Investment Valuation and Fair Value Measurements 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)
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 as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.
(9)
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 9.1%.
(10)
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 21.0%.
(11)
Other Assets Less Liabilities includes the Unrealized Appreciation (Depreciation) of derivative instruments as listed within Investments in Derivatives as of the end of the reporting period.
(12)
Effective date represents the date on which both the Fund and Counterparty commence interest payment accruals on each contract.
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, Note 3 – Portfolio Securities and Investments Derivatives, Inverse Floating Rate Securities for more information.
US-BMA
United States Dollar-Bond Market Association.
 
See accompanying notes to financial statements.
 
84
 
Nuveen Investments

 
 

 
 
Statement of
   
 
Assets and Liabilities
April 30, 2014 (Unaudited)
 
                 
Dividend
   
AMT-Free
 
     
Quality
   
Opportunity
   
Advantage
   
Income
 
     
(NQI
)
 
(NIO
)
 
(NVG
)
 
(NEA
)
Assets
                         
Long-term investments, at value (cost $762,027,335, $2,039,728,456, $607,558,225 and $1,577,851,436, respectively)
 
$
808,537,332
 
$
2,162,874,023
 
$
650,684,212
 
$
1,657,152,008
 
Short-term investments, at value (cost $3,003,437, $—, $16,695,000 and $8,485,000, respectively)
   
3,004,470
   
   
16,695,000
   
8,485,000
 
Cash
   
1,721,293
   
6,900,924
   
2,849,347
   
13,209,895
 
Receivable for:
                         
Dividends and interest
   
12,339,210
   
32,668,258
   
9,276,573
   
24,103,501
 
Investments sold
   
5,740,000
   
23,554,479
   
1,000,000
   
11,928,445
 
Deferred offering costs
   
56,661
   
2,957,934
   
384,182
   
3,062,940
 
Other assets
   
108,381
   
726,591
   
69,161
   
474,037
 
Total assets
   
831,507,347
   
2,229,682,209
   
680,958,475
   
1,718,415,826
 
Liabilities
                         
Floating rate obligations
   
29,590,000
   
92,198,333
   
18,228,334
   
57,495,000
 
Unrealized depreciation on interest rate swaps
   
   
   
   
4,414,736
 
Payables:
                         
Common share dividends
   
2,127,776
   
6,386,252
   
1,691,814
   
5,172,215
 
Interest
   
244,615
   
   
   
128,826
 
Investments purchased
   
   
10,454,990
   
60,000
   
7,528,708
 
Offering costs
   
52,476
   
   
   
 
Variable Rate MuniFund Term Preferred (“VMTP”) Shares, at liquidation value
   
240,400,000
   
   
   
151,000,000
 
Variable Rate Demand Preferred (“VRDP”) Shares, at liquidation value
   
   
667,200,000
   
201,000,000
   
349,900,000
 
Accrued expenses:
                         
Management fees
   
406,534
   
1,058,090
   
337,547
   
831,578
 
Directors/Trustees fees
   
104,370
   
274,293
   
66,029
   
192,395
 
Other
   
146,290
   
425,885
   
112,955
   
290,746
 
Total liabilities
   
273,072,061
   
777,997,843
   
221,496,679
   
576,954,204
 
Net assets applicable to common shares
 
$
558,435,286
 
$
1,451,684,366
 
$
459,461,796
 
$
1,141,461,622
 
Common shares outstanding
   
38,461,871
   
95,610,971
   
29,641,700
   
78,883,061
 
Net asset value (“NAV”) per common share outstanding (net assets applicable to
                         
common shares, divided by common shares outstanding)
 
$
14.52
 
$
15.18
 
$
15.50
 
$
14.47
 
Net assets applicable to common shares consist of:
                         
Common shares, $.01 par value per share
 
$
384,619
 
$
956,110
 
$
296,417
 
$
788,831
 
Paid-in surplus
   
538,134,449
   
1,333,837,341
   
421,480,730
   
1,081,749,211
 
Undistributed (Over-distribution of) net investment income
   
284,591
   
16,975,999
   
2,228,717
   
6,436,600
 
Accumulated net realized gain (loss)
   
(26,879,403
)
 
(23,230,651
)
 
(7,670,055
)
 
(22,398,856
)
Net unrealized appreciation (depreciation)
   
46,511,030
   
123,145,567
   
43,125,987
   
74,885,836
 
Net assets applicable to common shares
 
$
558,435,286
 
$
1,451,684,366
 
$
459,461,796
 
$
1,141,461,622
 
Authorized shares:
                         
Common
   
200,000,000
   
200,000,000
   
Unlimited
   
Unlimited
 
Preferred
   
1,000,000
   
1,000,000
   
Unlimited
   
Unlimited
 

See accompanying notes to financial statements.

Nuveen Investments
 
85

 
 

 

Statement of
   
 
Operations
Six Months Ended April 30, 2014 (Unaudited)
 
                 
Dividend
   
AMT-Free
 
     
Quality
   
Opportunity
   
Advantage
   
Income
 
     
(NQI
)
 
(NIO
)
 
(NVG
)
 
(NEA
)
Investment Income
 
$
17,521,474
 
$
52,075,444
 
$
14,316,501
 
$
40,026,340
 
Expenses
                         
Management fees
   
2,408,204
   
6,277,280
   
1,994,221
   
4,925,879
 
Shareholder servicing agent fees and expenses
   
32,359
   
44,636
   
12,119
   
36,494
 
Interest expense and amortization of offering costs
   
1,535,425
   
794,692
   
2,014,885
   
2,037,384
 
Liquidity fees
   
   
2,562,444
   
   
1,624,187
 
Remarketing fees
   
   
335,453
   
   
175,921
 
Custodian fees and expenses
   
58,340
   
148,764
   
51,699
   
123,032
 
Directors/Trustees fees and expenses
   
10,924
   
28,987
   
9,184
   
22,529
 
Professional fees
   
26,235
   
58,651
   
25,255
   
49,717
 
Shareholder reporting expenses
   
29,118
   
71,140
   
26,535
   
61,927
 
Stock exchange listing fees
   
6,217
   
15,423
   
4,224
   
5,709
 
Investor relations expenses
   
44,316
   
116,272
   
37,393
   
92,004
 
Other expenses
   
29,641
   
56,899
   
27,052
   
143,270
 
Total expenses
   
4,180,779
   
10,510,641
   
4,202,567
   
9,298,053
 
Net investment income (loss)
   
13,340,695
   
41,564,803
   
10,113,934
   
30,728,287
 
Realized and Unrealized Gain (Loss)
                         
Net realized gain (loss) from investments
   
167,133
   
(3,893,807
)
 
(155,432
)
 
(2,475,674
)
Change in net unrealized appreciation (depreciation) of:
                         
Investments
   
30,049,055
   
73,697,448
   
27,970,807
   
66,721,806
 
Swaps
   
   
   
   
(4,414,736
)
Net realized and unrealized gain (loss)
   
30,216,188
   
69,803,641
   
27,815,375
   
59,831,396
 
Net increase (decrease) in net assets applicable to common shares from operations
 
$
43,556,883
 
$
111,368,444
 
$
37,929,309
 
$
90,559,683
 
 
See accompanying notes to financial statements.
 
86
 
Nuveen Investments

 
 

 

Statement of
 
 
Changes in Net Assets (Unaudited)

   
Quality (NQI)
 
Opportunity (NIO)
 
     
Six Months
         
Six Months
       
     
Ended
   
Year Ended
   
Ended
   
Year Ended
 
     
4/30/14
   
10/31/13
   
4/30/14
   
10/31/13
 
Operations
                         
Net investment income (loss)
 
$
13,340,695
 
$
27,675,201
 
$
41,564,803
 
$
81,048,214
 
Net realized gain (loss) from investments
   
167,133
   
(1,754,720
)
 
(3,893,807
)
 
4,152,346
 
Change in net unrealized appreciation (depreciation) of:
                         
Investments
   
30,049,055
   
(59,994,163
)
 
73,697,448
   
(145,584,412
)
Swaps
   
   
   
   
 
Net increase (decrease) in net assets applicable to common shares from operations
   
43,556,883
   
(34,073,682
)
 
111,368,444
   
(60,383,852
)
Distributions to Common Shareholders
                         
From net investment income
   
(14,503,972
)
 
(32,423,362
)
 
(42,336,541
)
 
(83,755,216
)
From accumulated net realized gains
   
   
   
   
 
Decrease in net assets applicable to common shares from distributions to common shareholders
   
(14,503,972
)
 
(32,423,362
)
 
(42,336,541
)
 
(83,755,216
)
Capital Share Transactions
                         
Common shares:
                         
Issued in the reorganizations
   
   
   
   
 
Net proceeds from shares issued to shareholders due to reinvestment of distributions
   
   
139,159
   
   
 
Repurchased and retired
   
   
   
   
 
Net increase (decrease) in net assets applicable to common
                         
shares from capital share transactions
   
   
139,159
   
   
 
Net increase (decrease) in net assets applicable to common shares
   
29,052,911
   
(66,357,885
)
 
69,031,903
   
(144,139,068
)
Net assets applicable to common shares at the beginning of period
   
529,382,375
   
595,740,260
   
1,382,652,463
   
1,526,791,531
 
Net assets applicable to common shares at the end of period
 
$
558,435,286
 
$
529,382,375
 
$
1,451,684,366
 
$
1,382,652,463
 
Undistributed (Over-distribution of) net investment income
                         
at the end of period
 
$
284,591
 
$
1,447,868
 
$
16,975,999
 
$
17,747,737
 
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
87

 
 

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

   
Dividend
Advantage (NVG)
 
AMT-Free
Income (NEA)
 
     
Six Months
         
Six Months
       
     
Ended
   
Year Ended
   
Ended
   
Year Ended
 
     
4/30/14
   
10/31/13
   
4/30/14
   
10/31/13
 
Operations
                         
Net investment income (loss)
 
$
10,113,934
 
$
17,883,440
 
$
30,728,287
 
$
36,496,269
 
Net realized gain (loss) from investments
   
(155,432
)
 
1,830,780
   
(2,475,674
)
 
1,511,869
 
Change in net unrealized appreciation (depreciation) of:
                         
Investments
   
27,970,807
   
(45,390,091
)
 
66,721,806
   
(138,067,575
)
Swaps
   
   
   
(4,414,736
)
 
 
Net increase (decrease) in net assets applicable
                         
to common shares from operations
   
37,929,309
   
(25,675,871
)
 
90,559,683
   
(100,059,437
)
Distributions to Common Shareholders
                         
From net investment income
   
(10,114,997
)
 
(22,017,550
)
 
(32,436,714
)
 
(34,943,477
)
From accumulated net realized gains
   
(1,997,851
)
 
(3,388,590
)
 
   
 
Decrease in net assets applicable to common shares
                         
from distribution to common shareholders
   
(12,112,848
)
 
(25,406,140
)
 
(32,436,714
)
 
(34,943,477
)
Capital Share Transactions
                         
Common shares:
                         
Issued in the reorganizations
   
   
   
   
873,836,287
 
Net proceeds from shares issued to shareholders due to reinvestment of distributions
   
   
   
   
18,775
 
Repurchased and retired
   
(1,205,243
)
 
(817,331
)
 
   
 
Net increase (decrease) in net assets applicable to common
                         
shares from capital share transactions
   
(1,205,243
)
 
(817,331
)
 
   
873,855,062
 
Net increase (decrease) in net assets applicable to common shares
   
24,611,218
   
(51,899,342
)
 
58,122,969
   
738,852,148
 
Net assets applicable to common shares at the beginning of period
   
434,850,578
   
486,749,920
   
1,083,338,653
   
344,486,505
 
Net assets applicable to common shares at the end of period
 
$
459,461,796
 
$
434,850,578
 
$
1,141,461,622
 
$
1,083,338,653
 
Undistributed (Over-distribution of) net investment income at the end of period
 
$
2,228,717
 
$
2,229,780
 
$
6,436,600
 
$
8,145,027
 
 
See accompanying notes to financial statements.

88
 
Nuveen Investments

 
 

 

Statement of
   
 
Cash Flows
Six Months Ended April 30, 2014 (Unaudited)
 
                 
Dividend
   
AMT-Free
 
     
Quality
   
Opportunity
   
Advantage
   
Income
 
     
(NQI
)
 
(NIO
)
 
(NVG
)
 
(NEA
)
Cash Flows from Operating Activities:
                         
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
 
$
43,556,883
 
$
111,368,444
 
$
37,929,309
 
$
90,559,683
 
Adjustments to reconcile the net increase (decrease) in net assets applicable to commonshares from operations to net cash provided by (used in)operating activities:
                         
Purchases of investments
   
(56,808,187
)
 
(90,103,136
)
 
(49,767,302
)
 
(105,568,428
)
Proceeds from sales and maturities of investments
   
57,861,361
   
115,456,459
   
28,579,946
   
126,015,340
 
Proceeds from (Purchases of) short-term investments, net
   
(3,004,470
)
 
   
3,015,000
   
(4,260,000
)
Amortization (Accretion) of premiums and discounts, net
   
992,493
   
(517,510
)
 
796,605
   
(1,334,648
)
(Increase) Decrease in:
                         
Receivable for interest
   
(690,074
)
 
(126,460
)
 
(491,798
)
 
(444,105
)
Receivable for investments sold
   
(5,740,000
)
 
(20,711,732
)
 
23,450,473
   
(844,927
)
Other assets
   
(202
)
 
(15,953
)
 
1,774
   
25,433
 
Increase (Decrease) in:
                         
Payable for interest
   
(6,389
)
 
   
(350,325
)
 
(133,139
)
Payable for investment purchased
   
   
2,379,141
   
(1,761,105
)
 
(800,783
)
Accrued management fees
   
(33
)
 
(5,182
)
 
231
   
(1,911
)
Accrued Directors/Trustees fees
   
(6,496
)
 
(18,024
)
 
(5,355
)
 
(12,586
)
Accrued other expenses
   
13,228
   
50,077
   
(3,696
)
 
20,479
 
Net realized (gain) loss from investments
   
(167,133
)
 
3,893,807
   
155,432
   
2,475,674
 
Change in net unrealized (appreciation) depreciation of:
                         
Investments
   
(30,049,055
)
 
(73,697,448
)
 
(27,970,807
)
 
(66,721,806
)
Swaps
   
   
   
   
4,414,736
 
Taxes paid on undistributed capital gains
   
   
   
(3,690
)
 
 
Net cash provided by (used in) operating activities
   
5,951,926
   
47,952,483
   
13,574,692
   
43,389,012
 
Cash Flows from Financing Activities:
                         
(Increase) Decrease in deferred offering costs
   
17,682
   
53,958
   
168,847
   
423,020
 
Increase (Decrease) in:
                         
Floating rate obligations
   
(8,330,000
)
 
(2,475,000
)
 
(575,000
)
 
(9,805,000
)
MTP Shares, at liquidation value
   
   
   
(108,000,000
)
 
(83,000,000
)
VMTP Shares, at liquidation value
   
   
   
(92,500,000
)
 
83,400,000
 
VRDP Shares, at liquidation value
   
   
   
201,000,000
   
 
Cash distributions paid to common shareholders
   
(14,637,440
)
 
(42,322,002
)
 
(12,015,861
)
 
(32,422,985
)
Cost of common shares repurchased and retired
   
   
   
(1,205,243
)
 
 
Net cash provided by (used in) financing activities
   
(22,949,758
)
 
(44,743,044
)
 
(13,127,257
)
 
(41,404,965
)
Net Increase (Decrease) in Cash
   
(16,997,832
)
 
3,209,439
   
447,435
   
1,984,047
 
Cash at the beginning of period
   
18,719,125
   
3,691,485
   
2,401,912
   
11,225,848
 
Cash at the end of period
 
$
1,721,293
 
$
6,900,924
 
$
2,849,347
 
$
13,209,895
 
                           
Supplemental Disclosure of Cash Flow Information
                         
                           
                 
Dividend
   
AMT-Free
 
     
Quality
   
Opportunity
   
Advantage
   
Income
 
     
(NQI
)
 
(NIO
)
 
(NVG
)
 
(NEA
)
Cash paid for interest (excluding amortization of offering costs)
 
$
1,524,132
 
$
739,586
 
$
1,808,690
 
$
1,592,812
 
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
89

 
 

 

Financial
 
 
Highlights (Unaudited)
 
Selected data for a common share outstanding throughout each period:

       
Investment Operations
 
Less Distributions
             
   
Beginning
Common
Share
NAV
 
Net
Investment
Income
(Loss)
 
Net
Realized/
Unrealized
Gain (Loss)
 
Distributions
from Net
Investment
Income to
Auction Rate
Preferred
Shareholders
(a)
Distributions
from
Accumulated Net
Realized
Gains to
Auction Rate
Preferred
Shareholders
(a)
Total
 
From
Net
Investment
Income to
Common
Shareholders
 
From
Accumulated Net
Realized
Gains to
Common
Shareholders
 
Total
 
Discount
from
Common
Shares
Repurchased
and
Retired
 
Ending
Common
Share
NAV
 
Ending
Market
Value
 
Quality (NQI)
Year Ended 10/31:
2014(f)
 
$
13.76
 
$
.35
 
$
.79
 
$
 
$
 
$
1.14
 
$
(.38
)
$
 
$
(.38
)
$
 
$
14.52
 
$
12.99
 
2013
   
15.49
   
.72
   
(1.61
)
 
   
   
(.89
)
 
(.84
)
 
   
(.84
)
 
   
13.76
   
12.26
 
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
 
                                                                           
Opportunity (NIO)
Year Ended 10/31:
2014(f)
   
14.46
   
.44
   
.72
   
   
   
1.16
   
(.44
)
 
   
(.44
)
 
   
15.18
   
14.06
 
2013
   
15.97
   
.85
   
(1.48
)
 
   
   
(.63
)
 
(.88
)
 
   
(.88
)
 
   
14.46
   
12.99
 
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
 
 
(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 NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, 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 NAV. 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 NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
 
90
 
Nuveen Investments

 
 

 

         
Ratios/Supplemental Data
Total Returns
       
Ratios to Average Net Assets
Applicable to Common Shares(c)
       
Based
on
Common
Share
NAV
(b)
 
Based
on
Market
Value
(b)
 
Ending
Net
Assets
Applicable
to Common
Shares (000)
   
Expenses
(d)
 
Net
Investment
Income (Loss)
   
Portfolio
Turnover
Rate
(e)
                                 
                                 
8.39
%
 
9.19
%
$
558,435
   
1.57
%**
 
5.01
%**
 
7
%
(5.93
)
 
(15.89
)
 
529,382
   
1.67
   
4.88
   
15
 
16.06
   
16.65
   
595,740
   
1.69
   
5.55
   
23
 
5.98
   
4.65
   
544,500
   
1.66
   
6.43
   
18
 
11.30
   
15.03
   
547,598
   
1.19
   
6.81
   
11
 
23.65
   
26.98
   
521,216
   
1.32
   
7.86
   
4
 
                                 
                                 
8.19
   
11.83
   
1,451,684
   
1.52
**
 
6.00
**
 
4
 
(4.10
)
 
(11.09
)
 
1,382,652
   
1.50
   
5.54
   
15
 
15.03
   
15.92
   
1,526,792
   
1.54
   
5.45
   
18
 
4.73
   
2.08
   
1,404,814
   
1.63
   
6.28
   
10
 
11.08
   
21.20
   
1,426,419
   
1.14
   
6.61
   
7
 
21.18
   
23.62
   
1,358,844
   
1.29
   
7.36
   
8
 
 
(c)
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to Auction Rate Preferred Shares (“ARPS”), 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 Note 1 – General Information and Significant Accounting Policies, Variable Rate MuniFund Term Preferred Shares and Variable Rate Demand Preferred Shares and Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities, respectively, as follows:
 
Quality (NQI)
     
Year Ended 10/31:
     
2014(f)
 
.58
%**
2013
 
.71
 
2012
 
.70
 
2011
 
.57
 
2010
 
.07
 
2009
 
.11
 
       
Opportunity (NIO)
     
Year Ended 10/31:
     
2014(f)
 
.53
%**
2013
 
.55
 
2012
 
.57
 
2011
 
.59
 
2010
 
.06
 
2009
 
.11
 
 
(e)
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
(f)
For the six months ended April 30, 2014.
*
Rounds to less than $.01 per share.
**
Annualized.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
91

 
 

 
 
Financial Highlights (Unaudited) (continued)
 
Selected data for a share outstanding throughout each period:

         
Investment Operations
 
Less Distributions
                   
   
Beginning
Common
Share
NAV
 
Net
Investment
Income
(Loss)
 
Net
Realized/
Unrealized
Gain (Loss)
 
Distributions
from Net
Investment
Income to
Auction Rate
Preferred
Shareholders
(a)
Distributions
from
Accumulated Net
Realized
Gains to
Auction Rate
Preferred
Shareholders
(a)
Total
 
From
Net
Investment
Income to
Common
Shareholders
 
From
Accumulated Net
Realized
Gains to
Common
Shareholders
 
Total
 
Discount
from
Common
Shares
Repurchased
and
Retired
 
Ending
Common
Share
NAV
 
Ending
Market
Value
 
Dividend Advantage (NVG)
Year Ended 10/31:
2014(g)
 
$
14.62
 
$
.34
 
$
.95
 
$
 
$
 
$
1.29
 
$
(.34
)
$
(.07
)
$
(.41
)
$
*
$
15.50
 
$
13.80
 
2013
   
16.33
   
.60
   
(1.46
)
 
   
   
(.86
)
 
(.74
)
 
(.11
)
 
(.85
)
 
*  
14.62
   
12.75
 
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
 
                                                                           
AMT-Free Income (NEA)
Year Ended 10/31:
2014(g)
   
13.73
   
.39
   
.76
   
   
   
1.15
   
(.41
)
 
   
(.41
)
 
   
14.47
   
13.33
 
2013
   
15.49
   
.72
   
(1.66
)
 
   
   
(.94
)
 
(.82
)
 
   
(.82
)
 
   
13.73
   
12.37
 
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
 
 
(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 NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, 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 NAV. 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 NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
 
92
 
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
Common
Share
NAV
(b)  
Based
on
Market
Value
(b)  
Ending
Net
Assets
Applicable
to Common
Shares (000
)  
Expenses
(e)  
Net
Investment
Income (Loss
)  
Expenses
(e)  
Net
Investment
Income (Loss
)  
Portfolio
Turnover
Rate
(f)
                                             
8.98
%
 
11.68
%
$
459,462
   
1.82
%**
 
4.76
%**
 
N/A
   
N/A
   
5
%
(5.46
)
 
(14.46
)
 
434,851
   
2.03
   
3.87
   
N/A
   
N/A
   
32
 
15.30
   
17.44
   
486,750
   
2.08
   
5.17
   
2.05
%
 
5.20
%
 
29
 
4.83
   
2.89
   
448,070
   
1.95
   
6.12
   
1.84
   
6.23
   
7
 
8.89
   
13.51
   
452,908
   
1.89
   
5.79
   
1.71
   
5.98
   
2
 
21.54
   
28.72
   
441,207
   
1.25
   
6.86
   
.98
   
7.12
   
9
 
                                             
                                             
8.53
   
11.28
   
1,141,462
   
1.66
**
 
5.71
**
 
N/A
   
N/A
   
7
 
(6.25
)
 
(16.89
)
 
1,083,339
   
1.97
   
5.14
   
N/A
   
N/A
   
26
 
11.32
   
20.64
   
344,487
   
2.13
   
5.13
   
N/A
   
N/A
   
26
 
3.92
   
(1.60
)
 
326,909
   
2.02
   
5.86
   
2.01
   
5.87
   
2
 
9.76
   
17.27
   
333,074
   
1.76
   
5.80
   
1.63
   
5.93
   
2
 
23.05
   
25.41
   
320,587
   
1.24
   
7.14
   
.99
   
7.39
   
6
 
 
(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, VMTP Shares and/or VRDP 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)
The expense ratios reflect, among other things, all interest expense and other costs related to MTP Shares, 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 Note 1 – General Information and Significant Accounting Policies, MuniFund Term Preferred Shares, Variable Rate MuniFund Term Preferred Shares and Variable Rate Demand Preferred Shares and Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities, respectively, as follows:
 
Dividend Advantage (NVG)
     
Year Ended 10/31:
     
2014(g)
 
.81
%**
2013
 
1.06
 
2012
 
1.05
 
2011
 
.90
 
2010
 
.84
 
2009
 
.08
 
 
AMT-Free Income (NEA)
     
Year Ended 10/31:
     
2014(g)
 
.66
%**
2013
 
.87
 
2012
 
1.07
 
2011
 
.94
 
2010
 
.67
 
2009
 
.05
 
 
(f)
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
(g)
For the six months ended April 30, 2014.
*
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
 
93

 
 

 
 
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
Amount
Outstanding
(000
)
Asset
Coverage
Per $25,000
Share
 
Aggregate
Amount
Outstanding
(000
)
Asset
Coverage
Per $100,000
Share
 
Aggregate
Amount
Outstanding
(000
)
Asset
Coverage
Per $100,000
Share
 
Quality (NQI)
Year Ended 10/31:
2014(a)
 
$
 
$
 
$
240,400
 
$
332,294
 
$
 
$
 
2013
   
   
   
240,400
   
320,209
   
   
 
2012
   
   
   
240,400
   
347,812
   
   
 
2011
   
   
   
240,400
   
326,498
   
   
 
2010
   
239,200
   
82,232
   
   
   
   
 
2009
   
245,850
   
78,001
   
   
   
   
 
                                       
Opportunity (NIO)
Year Ended 10/31:
2014(a)
   
   
   
   
   
667,200
   
317,579
 
2013
   
   
   
   
   
667,200
   
307,232
 
2012
   
   
   
   
   
667,200
   
328,836
 
2011
   
   
   
   
   
667,200
   
310,554
 
2010
   
664,825
   
78,639
   
   
   
   
 
2009
   
675,475
   
75,292
   
   
   
   
 
 
(a)
For the six months ended April 30, 2014.
 
94
 
Nuveen Investments

 
 

 

   
ARPS at the End of Period
 
MTP Shares
at the End of Period (b)
 
VMTP Shares
at the End of Period
 
VRDP Shares
at the End of Period
 
MTP,
VMTP and/or
VRDP Shares
at the End
of Period
 
   
Aggregate
Amount
Outstanding
(000)
 
Asset
Coverage
Per
$25,000
Share
 
Aggregate
Amount
Outstanding
(000)
 
Asset
Coverage Per
$10 Share
 
Aggregate
Amount
Outstanding
(000)
 
Asset
Coverage
Per $100,000
Share
 
Aggregate
Amount
Outstanding
(000)
 
Asset
Coverage
Per $100,000
Share
 
Asset
Coverage
Per $1
Liquidation
Preference
 
Dividend Advantage (NVG)
Year Ended 10/31:
                                           
2014(a)
 
$
 
$
 
$
 
$
 
$
 
$
 
$
201,000
 
$
328,588
 
$
 
2013
   
   
   
108,000
   
31.69
   
92,500
   
316,883
   
   
   
3.17
 
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
 
                                                         
AMT-Free Income (NEA)
Year Ended 10/31:
                                                 
2014(a)
   
   
   
   
   
151,000
   
855,935
   
349,900
   
426,225
   
3.28
 
2013
   
   
   
83,000
   
31.65
   
67,600
   
316,451
   
349,900
   
316,451
   
3.16
 
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
   
   
   
   
   
   
   
 
 
(a)
For the six months ended April 30, 2014.
(b)
The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares outstanding were as follows:
 
     
2014
(a)
 
2013
   
2012
   
2011
   
2010
   
2009
 
Dividend Advantage (NVG)
                                     
Series 2014 (NVG PRCCL)
                                     
Ending Market Value per Share
 
$
 
$
10.09
 
$
10.12
 
$
10.10
 
$
10.22
 
$
9.98
 
Average Market Value per Share
   
10.05
^
 
10.11
   
10.16
   
10.12
   
10.19
   
10.03
Ω 
                                       
AMT-Free Income (NEA)
                                     
Series 2015 (NEA PRCCL)
                                     
Ending Market Value per Share
 
$
   
10.07
   
10.16
   
10.14
   
10.14
   
 
Average Market Value per Share
   
10.05
^^
 
10.10
   
10.14
   
10.08
   
10.15
ΩΩ   
 
 
Ω
For the period October 19, 2009 (first issuance date of shares) through October 31, 2009.
ΩΩ
For the period January 19, 2010 (first issuance date of shares) through October 31, 2010.
^
For the period November 1, 2013 through December 23, 2013.
^^
For the period November 1, 2013 through December 20, 2013.
 
See accompanying notes to financial statements.

Nuveen Investments
 
95

 
 

 

Notes to Financial Statements (Unaudited)
 
1. General Information and Significant Accounting Policies
 
General Information
 
Fund Information
The funds covered in this report and their corresponding New York Stock Exchange (“NYSE”) or NYSE MKT symbols are as follows (each a “Fund” and collectively, the “Funds”):
 
 
Nuveen Quality Municipal Fund, Inc. (NQI) (“Quality (NQI)”)
 
Nuveen Municipal Opportunity Fund, Inc. (NIO) (“Opportunity (NIO)”)
 
Nuveen Dividend Advantage Municipal Income Fund (NVG) (“Dividend Advantage (NVG)”)
 
Nuveen AMT-Free Municipal Income Fund (NEA) (“AMT-Free Income (NEA)”)
 
The Funds are registered under the Investment Company Act of 1940, as amended, as diversified closed-end registered investment companies. Common shares of Quality (NQI), Opportunity (NIO) and AMT-Free Income (NEA) are traded on the NYSE while common shares of Dividend Advantage (NVG) are traded on the NYSE MKT. Quality (NQI) and Opportunity (NIO) were incorporated under the state laws of Minnesota on October 23, 1990 and July 25, 1991, respectively. Dividend Advantage (NVG) and AMT-Free Income (NEA) were organized as Massachusetts business trusts on July 12, 1999 and July 29, 2002, respectively.
 
Investment Adviser
The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”). The Adviser is responsible for each Fund’s overall investment strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the “Sub-Adviser”), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.
 
Agreement and Plan of Merger
On April 14, 2014, TIAA-CREF, a national financial services organization, announced that it had entered into an agreement (the “Purchase Agreement”) to acquire Nuveen, the parent company of the Adviser. The transaction is expected to be completed by the end of the year, subject to customary closing conditions, including obtaining necessary Nuveen Fund and client consents sufficient to satisfy the terms of the Purchase Agreement and obtaining customary regulatory approvals. There can be no assurance that the transaction described above will be consummated as contemplated or that necessary conditions will be satisfied.
 
The consummation of the transaction will be deemed to be an “assignment” (as defined in the Investment Company Act of 1940) of the investment management agreements between the Nuveen Funds and the Adviser and the investment sub-advisory agreements between the Adviser and each Nuveen Fund’s sub-adviser or sub-advisers, and will result in automatic termination of each agreement. It is anticipated that the Board of Directors/Trustees of the Nuveen Funds (the “Board”) will consider a new investment management agreement with the Adviser and new investment sub-advisory agreements with each sub-adviser. If approved by the Board, the new agreements will be presented to the Nuveen Funds’ shareholders for approval, and, if so approved by shareholders, will take effect upon consummation of the transaction or such later time as shareholder approval is obtained.
 
The transaction is not expected to result in any change in the portfolio management of the Fund or in the Fund’s investment objectives or policies.
 
Investment Objectives
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.
 
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”).

96
 
Nuveen Investments

 
 

 
 
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from investment 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, 2014, the Funds’ outstanding when-issued/delayed delivery purchase commitments were as follows:

                 
Dividend
   
AMT-Free
 
     
Quality
   
Opportunity
   
Advantage
   
Income
 
     
(NQI
)
 
(NIO
)
 
(NVG
)
 
(NEA
)
Outstanding when-issued/delayed delivery purchase commitments
 
$
 
$
5,065,011
 
$
60,000
 
$
7,528,708
 
 
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. If a refund is received for workout expenditures paid in a prior reporting period, such amounts will be recognized as “Legal fee refund” on the Statement of Operations.
 
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
During the current fiscal period, Dividend Advantage (NVG) and AMT-Free Income (NEA) had issued and outstanding MuniFund Term Preferred (“MTP”) Shares, with a $10 liquidation value per share. Each Fund’s MTP Shares were issued in one or more Series and trade on the NYSE/NYSE MKT. Dividend Advantage (NVG) redeemed all of its outstanding Series 2014 MTP Shares on December 23, 2013. AMT-Free Income (NEA) redeemed all of its outstanding Series 2015 MTP Shares on December 20, 2013.
 
Dividend Advantage’s (NVG) MTP Shares were redeemed at their $10.00 liquidation value per share, plus dividend amounts owed, using proceeds from its issuance of VRDP Shares (as described below in Variable Rate Demand Preferred Shares).
 
AMT-Free Income’s (NEA) MTP Shares were redeemed at their $10.00 liquidation value per share, plus dividend amounts owed, using proceeds from its issuance of VMTP Shares (as described below in Variable Rate MuniFund Term Preferred Shares).
 
The average liquidation value of MTP Shares outstanding for each Fund during the current fiscal period were as follows:

     
Dividend
   
AMT-Free
 
     
Advantage
   
Income
 
     
(NVG
)*
 
(NEA
)**
Average liquidation value of MTP Shares outstanding
 
$
108,000,000
 
$
83,000,000
 

*
For the period November 1, 2013 through December 23, 2013.
**
For the period November 1, 2013 through December 20, 2013.
 
For financial reporting purposes, the liquidation value of MTP Shares was 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 were recognized as a component of “Interest payable” on the Statement of Assets and Liabilities. Dividends accrued on MTP Shares were 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 were 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.

Nuveen Investments
 
97

 
 

 
 
Notes to Financial Statements (Unaudited) (continued)
 
In conjunction with Dividend Advantage’s (NVG) and AMT-Free Income’s (NEA) redemption of MTP Shares, the remaining deferred offering costs of $336,677 and $410,196, respectively, were fully expensed during the current fiscal period, as the redemptions were deemed an extinguishment of debt.
 
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. VMTP Shares are issued via private placement and are not publicly available.
 
As of April 30, 2014, the details of each Fund’s VMTP Shares outstanding are as follows:

                 
Shares
 
               
Outstanding at
 
           
Shares
 
$100,000 Per Share
 
Fund
   
Series
   
Outstanding
 
Liquidation Value
 
Quality (NQI)
   
2015
   
2,404
 
$
240,400,000
 
AMT-Free Income (NEA)
   
2016
   
1,510
 
$
151,000,000
 
 
Dividend Advantage (NVG) redeemed all 925 shares of its outstanding Series 2014 VMTP on December 23, 2013. The Fund’s VMTP Shares were redeemed at their $100,000 liquidation value per share, plus dividend amounts owed, using proceeds from its issuance of VRDP Shares (as described below in Variable Rate Demand Preferred Shares).
 
AMT-Free Income (NEA) redeemed and exchanged all 676 shares of its outstanding Series 2014 VMTP for Series 2016 VMTP on December 20, 2013. Concurrent with the exchange, the Fund issued an additional 834 shares of Series 2016 VMTP Shares through a privately negotiated offering. The Fund completed the refinancing of its existing VMTP Shares with new VMTP Shares, which have a term redemption date of December 30, 2016.
 
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 the Fund (“Optional Redemption Date”), subject to payment of premium for approximately one year following the date of issuance (“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 series of VMTP Shares are as follows:

           
Term
   
Optional
   
Premium
 
Fund
   
Series
   
Redemption Date
   
Redemption Date
   
Expiration Date
 
Quality (NQI)
   
2015
   
December 1, 2015
   
December 1, 2013
   
November 30, 2013
 
AMT-Free Income (NEA)
   
2016
   
December 30, 2016
   
January 1, 2015
   
December 31, 2014
 
 
The average liquidation value of VMTP Shares outstanding and annualized dividend rate for each Fund during the six months ended April 30, 2014, 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
 
$
143,113,812
 
Annualized dividend rate
   
1.20
%
 
1.04
%
 
1.02
%
 
*
For the period November 1, 2013 through December 23, 2013.
 
VMTP Shares generally do not trade, and market quotations are generally not available. VMTP Shares are short-term or short/intermediate-term instruments that pay a variable dividend rate tied to a short-term index, plus an additional fixed “spread” amount established at the time of issuance. The fair value of VMTP Shares is expected to be approximately their liquidation par value so long as the fixed “spread” on the VMTP Shares remains roughly in line with the “spread” rates being demanded by investors on instruments having similar terms in the current market environment. In present market conditions, the Funds’ Adviser has determined that fair value of VMTP Shares is their liquidation value, but their fair value could vary if market conditions change materially. For financial reporting purposes, 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.
 
Dividends on the VMTP shares (which are treated as interest payments for financial reporting purposes) are set weekly. Unpaid dividends on VMTP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities, when applicable. Dividends accrued on VMTP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
 
98
 
Nuveen Investments

 
 

 
 
Costs incurred by the Funds in connection with their 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.
 
In conjunction with Dividend Advantage’s (NVG) and AMT-Free Income’s (NEA) redemption of VMTP Shares, the remaining deferred offering costs of $151,055 and $49,266, respectively, were fully expensed during the current fiscal period, as the redemptions were deemed an extinguishment of debt.
 
AMT-Free Income (NEA) incurred offering costs of $130,000 in connection with its issuance of Series 2016 VMTP Shares, which were recorded as a deferred charge and are being amortized over the life of the shares.
 
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. VRDP Shares are issued via private placement and are not publicly available.
 
As of April 30, 2014, the details of each Fund’s VRDP Shares outstanding are as follows:

               
Shares Outstanding at
       
           
Shares
 
$100,000 Per Share
       
Fund
   
Series
   
Outstanding
 
Liquidation Value
   
Maturity
 
Opportunity (NIO)
   
1
   
6,672
 
$
667,200,000
   
December 1, 2040
 
                           
Dividend Advantage (NVG)
   
1
   
2,010
 
$
201,000,000
   
December 1, 2043
 
                           
AMT-Free Income (NEA)
   
1
   
2,190
 
$
219,000,000
   
June 1, 2040
 
     
2
   
1,309
 
$
130,900,000
   
December 1, 2040
 
 
Dividend Advantage (NVG) issued 2,010 Series 1 VRDP Shares on December 13, 2013 in connection with the redemption of its outstanding VMTP Shares.
 
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. Opportunity (NIO) and AMT-Free Income (NEA) 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.
 
VRDP shares in Dividend Advantage (NVG) are considered to be Special Rate Period VRDP. Special Rate Period VRDP are sold to banks with an initial special short/intermediate rate period (typically three years) with a dividend rate set at a fixed spread to a specified short-term municipal index rate calculated weekly. Weekly remarketings do not take place during the initial special rate period. After the initial special rate period, Special Rate Period VRDP Shares will revert back to traditional VRDP Shares with dividends set at weekly remarketings, with an option to sell the shares to a designated liquidity provider, unless the Fund’s Board of Directors/Trustees approves another special rate period.
 
Dividends on the VRDP Shares (which are treated as interest payments for financial reporting purposes) are set weekly at a rate established by a remarketing agent; therefore, the market value of the VRDP Shares is expected to approximate its liquidation value. If remarketings for VRDP Shares are continuously unsuccessful for six months, the maximum rate is designed to escalate according to a specified schedule in order to enhance the remarketing agent’s ability to successfully remarket the VRDP Shares.
 
Subject to certain conditions, VRDP Shares may be redeemed, in whole or in part, at any time at the option of each Fund. Each Fund may also redeem certain of the VRDP Shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends.
 
The average liquidation value of VRDP Shares outstanding and annualized dividend rate for each Fund during the six months ended April 30, 2014, were as follows:
                     
           
Dividend
   
AMT-Free
 
     
Opportunity
   
Advantage
   
Income
 
     
(NIO
)
 
(NVG
)*
 
(NEA
)
Average liquidation value of VRDP Shares outstanding
 
$
667,200,000
 
$
201,000,000
 
$
349,900,000
 
Annualized dividend rate
   
0.15
%
 
1.05
%
 
0.14
%
 
*
For the period December 13, 2013 (first issuance of shares) through April 30, 2014.
 
For financial reporting purposes, 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
 
Nuveen Investments
 
99

 
 

 
Notes to Financial Statements (Unaudited) (continued)
 
VRDP 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 offerings costs” on the Statement of Operations. Dividend Advantage (NVG) incurred $275,000 of offering costs in conjunction with its shares issued during the current fiscal period. In addition to interest expense, Opportunity (NIO) and AMT-Free Income (NEA) 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.
 
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.
 
Netting Agreements
In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and Derivative Association, Inc. (“ISDA”) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, a Fund manages its cash collateral and securities collateral on a counterparty basis.
 
As of April 30, 2014, AMT-Free Income (NEA) was invested in swap contracts that are subject to netting agreements and further described in Note 3 –Portfolio Securities and Investments in Derivatives.
 
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. Investment Valuation and Fair Value Measurements
 
Investment Valuation
The fair valuation input levels as described below are for fair value measurement purposes.
 
Prices of municipal bonds, other fixed income securities and swaps are provided by a pricing service approved by the Funds’ Board of Directors/Trustees. These securities are generally classified as Level 2. 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 (“NAVs”) 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 NAV (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 those 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.

100
 
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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
 
$
 
$
808,406,959
 
$
 
$
808,406,959
 
Corporate Bonds
   
   
   
130,373
   
130,373
 
Short-Term Investments*:
                         
Municipal Bonds
   
   
3,004,470
   
   
3,004,470
 
Total
 
$
 
$
811,411,429
 
$
130,373
 
$
811,541,802
 
Opportunity (NIO)
                         
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
2,161,344,948
 
$
1,404,815
 
$
2,162,749,763
 
Corporate Bonds
   
   
   
124,260
   
124,260
 
Total
 
$
 
$
2,161,344,948
 
$
1,529,075
 
$
2,162,874,023
 
Dividend Advantage (NVG)
                         
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
649,382,772
 
$
 
$
649,382,772
 
Investment Companies
   
1,301,440
   
   
   
1,301,440
 
Short-Term Investments*:
                         
Municipal Bonds
   
   
16,695,000
   
   
16,695,000
 
Total
 
$
1,301,440
 
$
666,077,772
 
$
 
$
667,379,212
 
AMT-Free Income (NEA)
                         
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
1,657,107,692
 
$
 
$
1,657,107,692
 
Corporate Bonds
   
   
   
44,316
   
44,316
 
Short-Term Investments*:
                         
Municipal Bonds
   
   
8,485,000
   
   
8,485,000
 
Derivatives:
                         
Interest Rate Swaps**
   
   
(4,414,736
)
 
   
(4,414,736
)
Total
 
$
 
$
1,661,177,956
 
$
44,316
 
$
1,661,222,272
 
 
*
Refer to the Fund’s Portfolio of Investments for state classifications of Municipal Bonds, industry classifications of Corporate Bonds and breakdown of Municipal Bonds and Corporate Bonds classified as Level 3.
**
Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments.
 
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.

Nuveen Investments
 
101

 
 

 
Notes to Financial Statements (Unaudited) (continued)
 
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. Portfolio Securities and Investments in Derivatives
 
Portfolio Securities
 
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.
 
The inverse floater held by a Fund gives the Fund the right (a) to cause the holders of the floating rate certificates to tender their notes at par, and (b) to have the broker transfer the fixed-rate bond held by the trust to the Fund, thereby collapsing the trust.
 
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”).
 
An investment in an externally-deposited inverse floater is identified in the Portfolio of Investments as “(IF) – Inverse floating rate investment.” The Fund’s Statement of Assets and Liabilities shows only the inverse floaters and not the underlying bonds as an asset, and does not reflect the short-term floating rate certificates as liabilities. Also, the Fund reflects in “Investment Income” only the net amount of earnings on its inverse floater investment (net of the interest paid to the holders of the short-term floating rate certificates and the expenses of the trust), and does not show the amount of that interest paid as an interest expense on the Statement of Operations.
 
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.
 
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, 2014, were as follows:
 
                 
Dividend
   
AMT-Free
 
     
Quality
   
Opportunity
   
Advantage
   
Income
 
     
(NQI
)
 
(NIO
)
 
(NVG
)
 
(NEA
)
Average floating rate obligations outstanding
 
$
35,144,420
 
$
93,825,543
 
$
18,606,373
 
$
62,283,094
 
Average annual interest rate and fees
   
0.47
%
 
0.55
%
 
0.57
%
 
0.54
%

102
 
Nuveen Investments

 
 

 
 
As of April 30, 2014, the total amount of floating rate obligations issued by each Fund’s self-deposited inverse floaters and externally-deposited inverse floaters was as follows:
 
                 
Dividend
   
AMT-Free
 
     
Quality
   
Opportunity
   
Advantage
   
Income
 
     
(NQI
)
 
(NIO
)
 
(NVG
)
 
(NEA
)
Floating rate obligations: self-deposited inverse floaters
 
$
29,590,000
 
$
92,198,333
 
$
18,228,334
 
$
57,495,000
 
Floating rate obligations: externally-deposited inverse floaters
   
52,100,000
   
142,351,667
   
48,421,666
   
108,410,000
 
Total
 
$
81,690,000
 
$
234,550,000
 
$
66,650,000
 
$
165,905,000
 
 
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, 2014, each Fund’s maximum exposure to the floating rate obligations issued by externally-deposited Recourse Trusts was as follows:
 
                 
Dividend
   
AMT-Free
 
     
Quality
   
Opportunity
   
Advantage
   
Income
 
     
(NQI
)
 
(NIO
)
 
(NVG
)
 
(NEA
)
Maximum exposure to Recourse Trusts
 
$
26,610,000
 
$
96,535,000
 
$
12,240,000
 
$
51,845,000
 
 
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.
 
Investments in Derivatives
Each Fund is authorized to invest in certain derivative instruments such as futures, options and swap contracts. Each Fund will limit its investments in futures, options on futures and swap contracts to the extent necessary for the Adviser to claim the exclusion from registration by the Commodity Futures Trading Commission as a commodity pool operator with respect to the Fund. 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.
 
Swap Contracts
Interest rate swap contracts involve a Fund’s agreement with the counterparty to pay or receive a fixed rate payment in exchange for the counterparty receiving or paying a variable rate payment. Forward interest rate swap transactions involve a Fund’s agreement with a counterparty to pay or receive, in the future, a fixed or variable rate payment in exchange for the counterparty receiving or paying the Fund a variable or fixed rate payment, the accruals for which would begin at a specified date in the future (the “effective date”). The amount of the payment obligation is based on the notional amount of the swap contract and the termination date of the swap (which is akin to a bond’s maturity). Swap contracts do not involve the delivery of securities or other underlying assets or principal. Accordingly, the risk of loss with respect to the swap counterparty on such transactions is limited to the net amount of interest payments that each Fund is to receive. Swap contracts are valued daily. Upon entering into an interest rate swap contract (and beginning on the effective date for a forward interest rate swap contract), a Fund accrues the fixed rate payment expected to be paid or received and the variable rate payment expected to be received or paid on a daily basis, and recognizes the daily change in the fair value of the Fund’s contractual rights and obligations under the contracts. The net amount recorded for these transactions for each counterparty is recognized on the Statement of Assets and Liabilities as a component of “Unrealized appreciation or depreciation on interest rate swaps (,net)” with the change during the fiscal period recognized on the Statement of Operations as a component of “Change in net unrealized appreciation (depreciation) of swaps.” Income received or paid by a Fund is recognized as a component of “Net realized gain (loss) from swaps” on the Statement of Operations, in addition to the net realized gains or losses recognized upon the termination of a swap contract and are equal to the difference between a Fund’s basis in the swap and the proceeds from (or cost of) the closing transaction. Payments received or made at the beginning of the measurement period are recognized as a component of “Interest rate swap premiums paid and/or received” on the Statement of Assets and Liabilities, when applicable. For tax purposes, periodic payments are treated as ordinary income or expense.
 
During the six months ended April 30, 2014, AMT-Free Income (NEA) invested in forward interest rate swap contracts to reduce the duration of its portfolio.

Nuveen Investments
 
103

 
 

 
 
Notes to Financial Statements (Unaudited) (continued)
 
The average notional amount of interest rate swap contracts outstanding during the six months ended April 30, 2014, was as follows:
 
     
AMT-Free
 
     
Income
 
     
(NEA
)
Average notional amount of interest rate swap contracts outstanding*
 
$
28,533,333
 
 
*
The average notional amount is calculated based on the outstanding notional at the beginning of the fiscal year and at the end of each fiscal quarter within the current fiscal year.
 
The following table presents the fair value of all swap contracts held by AMT-Free Income (NEA) as of April 30, 2014, the location of these instruments on the Statement of Assets and Liabilities and the primary underlying risk exposure.

           
Location on the Statement of Assets and Liabilities
Underlying
   
Derivative
   
Asset Derivatives
   
(Liability) Derivatives
 
Risk Exposure
   
Instrument
   
Location
   
Value
   
Location
   
Value
 
                       
Unrealized depreciation on
       
Interest rate
   
Swaps
   
 
$
   
interest rate swaps
 
$
(4,414,736
)
 
The following table presents the Fund’s swap contacts subject to netting agreements as of the end of the reporting period, and the collateral delivered related to those swap contracts.
 
           
Gross
   
Gross
   
Amounts
   
Net Unrealized
             
           
Unrealized
   
Unrealized
   
Netted on
   
Appreciation
   
Collateral
       
           
Appreciation
   
(Depreciation
)
 
Statement of
   
(Depreciation
)
 
Pledged
       
           
on Interest
   
on Interest
   
Assets and
   
on Interest
   
to (from
)
 
Net
 
Fund
   
Counterparty
   
Rate Swaps*
   
Rate Swaps*
   
Liabilities
   
Rate Swaps
   
Counterparty
   
Exposure
 
AMT-Free Income (NEA)
   
Barclays PLC
 
$
 
$
(4,414,736
)
$
 
$
(4,414,736
)
$
4,414,736
 
$
 
 
The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on swap contracts on the Statement of Operations during the six months ended April 30, 2014, and the primary underlying risk exposure.
                           
     
Underlying
   
Derivative
   
Net Realized
   
Change in Net Unrealized
 
Fund
   
Risk Exposure
   
Instrument
   
Gain (Loss) from Swaps
 
Appreciation (Depreciation) of Swaps
 
AMT-Free Income (NEA)
   
Interest rate
   
Swaps
 
$
 
$
(4,414,736
)
 
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.
 
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 pre-determined 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.
 
4. Fund Shares
 
Common Shares
During the fiscal year ended October 31, 2013, AMT-Free Income (NEA) issued 56,638,035 common shares in connection with its reorganizations.
 
Transactions in common shares were as follows:
 
     
Quality (NQI)
   
Opportunity (NIO)
 
     
Six Months
   
Year
   
Six Months
   
Year
 
     
Ended
   
Ended
   
Ended
   
Ended
 
     
4/30/14
   
10/31/13
   
4/30/14
   
10/31/13
 
Common shares issued to shareholders due to reinvestment of distributions
   
   
8,989
   
   
 

104
 
Nuveen Investments

 
 

 
 
     
Dividend Advantage (NVG)
   
AMT-Free Income (NEA)
 
     
Six Months
   
Year
   
Six Months
   
Year
 
     
Ended
   
Ended
   
Ended
   
Ended
 
     
4/30/14
   
10/31/13
   
4/30/14
   
10/31/13
 
Common shares:
                         
Issued to shareholders due to reinvestment of distributions
   
   
   
   
1,212
 
Repurchased and retired
   
(96,342
)
 
(64,858
)
 
   
 
Weighted average common share:
                         
Price per share repurchased and retired
   
12.49
 
$
12.58
   
   
 
Discount per share repurchased and retired
   
13.84
%
 
13.31
   
   
 
 
Preferred Shares
Transactions in preferred shares for the Funds during the six months ended April 30, 2014 and the fiscal year ended October 31, 2013, where applicable, were as noted in the following tables.
 
Transactions in MTP Shares for the Funds were as follows:
     
Six Months Ended 4/30/14
           
NYSE
             
Dividend Advantage (NVG)
   
Series
   
Ticker
   
Shares
   
Amount
 
MTP Shares redeemed
   
2014
   
NVG PRCCL
   
(10,800,000
)
$
(108,000,000
)
AMT-Free Income (NEA)
                         
MTP Shares redeemed
   
2015
   
NEA PRCCL
   
(8,300,000
)
$
(83,000,000
)
 
Transactions in VMTP Shares for the Funds were as follows:

     
Six Months Ended 4/30/14
Dividend Advantage (NVG)
   
Series
   
Shares
   
Amount
 
VMTP Shares redeemed
   
2014
   
(925
)
$
(92,500,000
)
AMT-Free Income (NEA)
                   
VMTP Shares issued
   
2016
   
1,510
 
$
151,000,000
 
VMTP Shares redeemed
   
2014
   
(676
)
 
(67,600,000
)
Net increase (decrease)
         
834
 
$
83,400,000
 

     
Year Ended October 31, 2013
Quality (NQI)
   
Series
   
Shares
   
Amount
 
VMTP Shares issued
   
2015
   
2,404
 
$
240,400,000
 
VTMP Shares exchanged
   
2014
   
(2,404
)
 
(240,400,000
)
Total
         
 
$
 
 
Transactions in VRDP Shares for the Funds were as follows:
 
     
Six Months Ended 4/30/14
AMT-Free Income (NEA)
   
Series
   
Shares
   
Amount
 
VRDP Shares issued
   
1
   
2,010
 
$
201,000,000
 
                     
     
Year Ended October 31, 2013
AMT-Free Income (NEA)
   
Series
   
Shares
   
Amount
 
VRDP Shares issued in connection with the reorganizations:
                   
     
1
   
1,309
 
$
130,900,000
 
     
2
   
2,190
   
219,000,000
 
Total
         
3,499
 
$
349,900,000
 

Nuveen Investments
 
105

 
 

 
Notes to Financial Statements (Unaudited) (continued)
 
5. Investment Transactions
Purchases and sales (including maturities but excluding short-term investments and investments in derivatives, where applicable) during the six months ended April 30, 2014, were as follows:
                           
                 
Dividend
   
AMT-Free
 
     
Quality
   
Opportunity
   
Advantage
   
Income
 
     
(NQI
)
 
(NIO
)
 
(NVG
)
 
(NEA
)
Purchases
 
$
56,808,187
 
$
90,103,136
 
$
49,767,302
 
$
105,568,428
 
Sales and maturities
   
57,861,361
   
115,456,459
   
28,579,946
   
126,015,340
 
 
6. Income Tax Information
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.
 
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 NAVs of the Funds.
 
As of April 30, 2014, the cost and unrealized appreciation (depreciation) of investments (excluding investments in derivatives, where applicable), as determined on a federal income tax basis, were as follows:
                           
                 
Dividend
   
AMT-Free
 
     
Quality
   
Opportunity
   
Advantage
   
Income
 
     
(NQI
)
 
(NIO
)
 
(NVG
)
 
(NEA
)
Cost of investments
 
$
738,130,094
 
$
1,949,989,869
 
$
611,361,309
 
$
1,532,330,905
 
Gross unrealized:
                         
Appreciation
   
52,464,187
   
142,045,752
   
49,119,875
   
104,812,879
 
Depreciation
   
(8,642,784
)
 
(21,359,355
)
 
(11,330,973
)
 
(29,000,719
)
Net unrealized appreciation (depreciation) of investments
 
$
43,821,403
 
$
120,686,397
 
$
37,788,902
 
$
75,812,160
 
 
Permanent differences, primarily due to federal taxes paid, taxable market discount, nondeductible offering costs, nondeductible reorganization expense and reorganization adjustments, resulted in reclassifications among the Funds’ components of common share net assets as of October 31, 2013, the Funds’ last tax year end, as follows:
                           
                 
Dividend
   
AMT-Free
 
     
Quality
   
Opportunity
   
Advantage
   
Income
 
     
(NQI
)
 
(NIO
)
 
(NVG
)
 
(NEA
)
Paid-in surplus
 
$
(719,769
)
$
5,064
 
$
(162,043
)
$
11,860,304
 
Undistributed (Over-distribution of) net investment income
   
615,552
   
(49,725
)
 
321,525
   
2,934,999
 
Accumulated net realized gain (loss)
   
104,217
   
44,661
   
(159,482
)
 
(14,795,303
)
 
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of October 31, 2013, the Funds’ last tax year end, were as follows:
                           
                 
Dividend
   
AMT-Free
 
     
Quality
   
Opportunity
   
Advantage
   
Income
 
     
(NQI
)
 
(NIO
)
 
(NVG
)
 
(NEA
)
Undistributed net tax-exempt income1
 
$
3,112,345
 
$
20,879,039
 
$
3,100,825
 
$
11,158,087
 
Undistributed net ordinary income2
   
46,445
   
463,231
   
591,284
   
16,609
 
Undistributed net long-term capital gains
   
   
   
1,790,638
   
 
 
1
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on October 1, 2013, paid on November 1, 2013.
2
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
 
106
 
Nuveen Investments

 
 

 
The tax character of distributions paid during the Funds’ last tax year ended October 31, 2013 was designated for purposes of the dividends paid deduction as follows:
 
                 
Dividend
   
AMT-Free
 
     
Quality
   
Opportunity
   
Advantage
   
Income
 
     
(NQI
)
 
(NIO
)
 
(NVG
)
 
(NEA
)
Distributions from net tax-exempt income
 
$
35,837,331
 
$
85,181,792
 
$
26,806,718
 
$
34,564,740
 
Distributions from net ordinary income2
   
   
   
247,364
   
 
Distributions from net long-term capital gains
   
   
   
3,185,930
   
 
 
2
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
 
As of October 31, 2013, 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 shown in the following table. The losses not subject to expiration retain the character reflected and will be utilized first by a Fund, while the losses subject to expiration are considered short-term.
 
                     
                 
AMT-Free
 
     
Quality
   
Opportunity
   
Income
 
     
(NQI
)
 
(NIO
)
 
(NEA
)
Expiration:
                   
October 31, 2015
 
$
 
$
 
$
2,809,878
 
October 31, 2016
   
2,623,034
   
   
2,374,066
 
October 31, 2017
   
217,918
   
   
 
October 31, 2018
   
322,087
   
   
 
Not subject to expiration:
                   
Short-term losses
   
   
   
 
Long-term losses
   
17,643,419
   
9,289,619
   
 
Total
 
$
20,806,458
 
$
9,289,619
 
$
5,183,944
 

During the Funds’ last tax year ended October 31, 2013, the following Funds utilized capital loss carryforwards as follows:
               
           
AMT-Free
 
     
Opportunity
   
Income
 
     
(NIO
)
 
(NEA
)
Utilized capital loss carryforwards
 
$
4,352,999
 
$
1,972,985
 
 
As of October 31, 2013, the Funds’ last tax year end, $204,894 of AMT-Free Income’s (NEA) capital loss carryforward expired.
 
7. Management Fees and Other Transactions with Affiliates
Each Fund’s management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
 
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.
 
Nuveen Investments
 
107

 
 

 
Notes to Financial Statements (Unaudited) (continued)
 
The annual fund-level fee for each Fund, payable monthly, is calculated according to the following schedules:
       
    Quality (NQI)
    Opportunity (NIO)
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
 
       
    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 certain types of leverage. For these purposes, 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, 2014, the complex-level fee rate for each of these Funds was .1661%.
 
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.

108
 
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Additional
  Fund Information
 
Board of Directors/Trustees
               
William Adams IV*
 
Robert P. Bremner
 
Jack B. Evans
 
William C. Hunter
 
David J. Kundert
 
John K. Nelson
William J. Schneider
 
Thomas S. Schreier, Jr.*
 
Judith M. Stockdale
 
Carole E. Stone
 
Virginia L. Stringer
 
Terence J. Toth
                     
* Interested Board Member.
               
                     

Fund Manager
 
Custodian
 
Legal Counsel
 
Independent Registered
 
Transfer Agent and
Nuveen Fund Advisors, LLC
 
State Street Bank
 
Chapman and Cutler LLP
 
Public Accounting Firm
 
Shareholder Services
333 West Wacker Drive
 
& Trust Company
 
Chicago, IL 60603
 
Ernst & Young LLP
 
State Street Bank
Chicago, IL 60606
 
Boston, MA 02111
     
Chicago, IL 60606
 
& Trust Company
               
Nuveen Funds
               
P.O. Box 43071
               
Providence, RI 02940-3071
               
(800) 257-8787
                 

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 CEO 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, each Fund repurchased shares of its common stock as shown in the accompanying table. Any future repurchases will be reported to shareholders in the next annual or semi-annual report.

     
NQI
   
NIO
   
NVG
   
NEA
 
Common shares repurchased
   
   
   
96,342
   
 

FINRA BrokerCheck: The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org.

Nuveen Investments
 
109

 
 

 

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. Alternatively, 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 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: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.
   
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.

110
 
Nuveen Investments

 
 

 
 
Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund’s Net Assets divided by its 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 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 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. Tax-exempt income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.

Nuveen Investments
 
111
 
 
 

 
 
 
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
 
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 as -set 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 imme -diately 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 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.

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Annual Investment Management
  Agreement Approval Process (Unaudited)
 
I. The Approval Process
The Board of Trustees or Directors (as the case may be) of each Fund (each, a “Board” and each Trustee or Director, a “Board Member”), including the Board Members who are not parties to the Funds’ advisory or sub-advisory agreements or “interested persons” of any such parties (the “Independent Board Members”), is responsible for overseeing the performance of the investment adviser and the sub-adviser to the respective Fund and determining whether to approve or continue such Fund’s advisory agreement (each, an “Original Investment Management Agreement”) between the Fund and Nuveen Fund Advisors, LLC (the “Adviser”) and sub-advisory agreement (each, an “Original Sub-Advisory Agreement” and, together with the Original Investment Management Agreement, the “Original Advisory Agreements”) between the Adviser and Nuveen Asset Management, LLC (the “Sub-Adviser”). Pursuant to the Investment Company Act of 1940, as amended (the “1940 Act”), each Board is required to consider the continuation of the respective Original Advisory Agreements on an annual basis. In addition, prior to its annual review, the Board Members were advised of the potential acquisition of Nuveen Investments, Inc. (“Nuveen”) by TIAA-CREF (the “Transaction”). For purposes of this section, references to “Nuveen” herein include all affiliates of Nuveen Investments, Inc. providing advisory, sub-advisory, distribution or other services to the Funds and references to the “Board” refer to the Board of each Fund. In accordance with the 1940 Act and the terms of the Original Advisory Agreements, the completion of the Transaction would terminate each of the Original Investment Management Agreements and the Original Sub-Advisory Agreements. Accordingly, at an in-person meeting held on April 30, 2014 (the “April Meeting”), the Board, including all of the Independent Board Members, performed its annual review of the Original Advisory Agreements and approved the continuation of the Original Advisory Agreements for the Funds. Furthermore, in anticipation of the termination of the Original Advisory Agreements that would occur upon the consummation of the Transaction, the Board also approved for each Fund a new advisory agreement (each, a “New Investment Management Agreement”) between the Fund and the Adviser and a new sub-advisory agreement (each, a “New Sub-Advisory Agreement” and, together with the New Investment Management Agreement, the “New Advisory Agreements”) between the Adviser and the Sub-Adviser, each on behalf of the respective Fund to be effective following the completion of the Transaction and the receipt of the requisite shareholder approval.
 
Leading up to the April Meeting, the Independent Board Members had several meetings and deliberations, with and without management from Nuveen present and with the advice of legal counsel, regarding the Original Advisory Agreements, the Transaction and its impact and the New Advisory Agreements. At its meeting held on February 25-27, 2014 (the “February Meeting”), the Board Members met with a senior executive representative of TIAA-CREF to discuss the proposed Transaction. At the February Meeting, the Independent Board Members also established an ad hoc committee comprised solely of the Independent Board Members to monitor and evaluate the Transaction and to keep the Independent Board Members updated with developments regarding the Transaction. On March 20, 2014, the ad hoc committee met telephonically to discuss with management of Nuveen, and separately with independent legal counsel, the terms of the proposed Transaction and its impact on, among other things: the governance structure of Nuveen; the strategic plans for Nuveen; the operations of the Nuveen funds (which include the Funds); the quality or level of services provided to the Nuveen funds; key personnel that service the Nuveen funds and/or the Board and the compensation or incentive arrangements to retain such personnel; Nuveen’s capital structure; the regulatory requirements applicable to Nuveen or fund operations; and the Nuveen funds’ fees and expenses, including the funds’ complex-wide fee arrangement. Following the meeting of the ad hoc committee, the Board met in person (two Independent Board Members participating telephonically) in an executive session on March 26, 2014 to further discuss the proposed Transaction. At the executive session, the Board met privately with independent legal counsel to review its duties with respect to reviewing advisory agreements, particularly in the context of a change of control, and to evaluate further the Transaction and its impact on the Nuveen funds, the Adviser and the Sub-Adviser (collectively, the “Fund Advisers” and each, a “Fund Adviser”) and the services provided. Representatives of Nuveen also met with the Board to update the Board Members on developments regarding the Transaction, to respond to questions and to

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Annual Investment Management Agreement Approval Process (Unaudited) (continued)
 
discuss, among other things: the governance of the Fund Advisers following the Transaction; the background, culture (including with respect to regulatory and compliance matters) and resources of TIAA-CREF; the general plans and intentions of TIAA-CREF for Nuveen; the terms and conditions of the Transaction (including financing terms); any benefits or detriments the Transaction may impose on the Nuveen funds, TIAA-CREF or the Fund Advisers; the reaction from the Fund Advisers’ employees knowledgeable of the Transaction; the incentive and retention plans for key personnel of the Fund Advisers; the potential access to additional distribution platforms and economies of scale; and the impact of any additional regulatory schemes that may be applicable to the Nuveen funds given the banking and insurance businesses operated in the TIAA-CREF enterprise. As part of its review, the Board also held a separate meeting on April 15-16, 2014 to review the Nuveen funds’ investment performance and consider an analysis provided by the Adviser of each sub-adviser of the Nuveen funds (including the Sub-Adviser) and the Transaction and its implications to the Nuveen funds. During their review of the materials and discussions, the Independent Board Members presented the Adviser with questions and the Adviser responded. Further, the Independent Board Members met in an executive session with independent legal counsel on April 29, 2014 and April 30, 2014.
 
In connection with their review of the Original Advisory Agreements and the New Advisory Agreements, the Independent Board Members received extensive information regarding the Funds and the Fund Advisers including, among other things: the nature, extent and quality of services provided by each Fund Adviser; the organization and operations of any Fund Adviser; the expertise and background of relevant personnel of each Fund Adviser; a review of each Fund’s performance (including performance comparisons against the performance of peer groups and appropriate benchmarks); a comparison of Fund fees and expenses relative to peers; a description and assessment of shareholder service levels for the Funds; a summary of the performance of certain service providers; a review of fund initiatives and shareholder communications; and an analysis of the Adviser’s profitability with comparisons to peers in the managed fund business. In light of the proposed Transaction, the Independent Board Members, through their independent legal counsel, also requested in writing and received additional information regarding the proposed Transaction and its impact on the provision of services by the Fund Advisers.
 
The Independent Board Members received, well in advance of the April Meeting, materials which responded to the request for information regarding the Transaction and its impact on Nuveen and the Nuveen funds including, among other things: the structure and terms of the Transaction; the impact of the Transaction on Nuveen, its operations and the nature, quality and level of services provided to the Nuveen funds, including, in particular, any changes to those services that the Nuveen funds may experience following the Transaction; the strategic plan for Nuveen, including any financing arrangements following the Transaction and any cost-cutting efforts that may impact services; the organizational structure of TIAA-CREF, including the governance structure of Nuveen following the Transaction; any anticipated effect on each Nuveen fund’s expense ratios (including changes to advisory and sub-advisory fees) and economies of scale that may be expected; any benefits or conflicts of interest that TIAA-CREF, Nuveen or their affiliates can expect from the Transaction; any benefits or undue burdens or other negative implications that may be imposed on the Nuveen funds as a result of the Transaction; the impact on Nuveen or the Nuveen funds as a result of being subject to additional regulatory schemes that TIAA-CREF must comply with in operating its various businesses; and the costs associated with obtaining necessary shareholder approvals and the bearer of such costs. The Independent Board Members also received a memorandum describing the applicable laws, regulations and duties in approving advisory contracts, including in conjunction with a change of control, from their independent legal counsel.
 
The materials and information prepared in connection with the review of the Original Advisory Agreements and New Advisory Agreements supplemented the information and analysis provided to the Board during the year. In this regard, throughout the year, the Board, acting directly or through its committees, regularly reviewed the performance and various services provided by the Adviser and Sub-Adviser. The Board met at least quarterly as well as at other times as the need arose. At its quarterly meetings, the Board reviewed reports by the Adviser regarding, among other things, fund performance, fund expenses, premium and discount levels of closed-end funds, the performance of the investment teams and compliance, regulatory and risk management matters. In addition to regular reports, the Adviser provided special reports to the Board or a committee thereof from time to time to enhance

114
 
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the Board’s understanding of various topics that impact some or all the Nuveen funds (such as distribution channels, oversight of omnibus accounts and leverage management topics), to update the Board on regulatory developments impacting the investment company industry or to update the Board on the business plans or other matters impacting the Adviser. The Board also met with key investment personnel managing certain Nuveen fund portfolios during the year.
 
In addition, the Board has created several standing committees (the Executive Committee; the Dividend Committee; the Audit Committee; the Compliance, Risk Management and Regulatory Oversight Committee; the Nominating and Governance Committee; the Open-End Funds Committee; and the Closed-End Funds Committee). The Open-End Funds Committee and Closed-End Funds Committee are intended to assist the full Board in monitoring and gaining a deeper insight into the distinctive business practices of closed-end and open-end funds. These two Committees have met prior to each quarterly Board meeting, and the Adviser provided presentations to these Committees permitting them to delve further into specific matters or initiatives impacting the respective product line.
 
Further, the Board continued its program of seeking to have the Board Members or a subset thereof visit each sub-adviser to the Nuveen funds and meet key investment and business personnel at least once over a multiple year rotation. In this regard, the Independent Board Members made site visits to certain equity and fixed income teams of the Sub-Adviser in September 2013 and met with the Sub-Adviser’s municipal team at the August and November 2013 quarterly meetings.
 
The Board considered the information provided and knowledge gained at these meetings and visits during the year when performing its annual review of the Original Advisory Agreements and its review of the New Advisory Agreements. The Independent Board Members also were assisted throughout the process by independent legal counsel. During the course of the year and during their deliberations regarding the review of advisory contracts, the Independent Board Members met with independent legal counsel in executive sessions without management present. In addition, it is important to recognize that the management arrangements for the funds are the result of many years of review and discussion between the Independent Board Members and Nuveen fund management and that the Board Members’ conclusions may be based, in part, on their consideration of fee arrangements and other factors developed in previous years.
 
The Board considered all factors it believed relevant with respect to each Fund, including, among other things: (a) the nature, extent and quality of the services provided by the Fund Advisers, (b) the investment performance of the Fund and the Fund Advisers, (c) the advisory fees and costs of the services to be provided to the Fund and the profitability of the Fund Advisers, (d) the extent of any economies of scale, (e) any benefits derived by the Fund Advisers from the relationship with the Fund and (f) other factors. With respect to the New Advisory Agreements, the Board also considered the Transaction and its impact on the foregoing factors. Each Board Member may have accorded different weight to the various factors in reaching his or her conclusions with respect to a Fund’s Original Advisory Agreements and New Advisory Agreements. The Independent Board Members did not identify any single factor as all-important or controlling. The Independent Board Members’ considerations were instead based on a comprehensive consideration of all the information presented. The principal factors considered by the Board and its conclusions are described below.
 
A. Nature, Extent and Quality of Services
 
1. The Original Advisory Agreements
In considering renewal of each Original Advisory Agreement, the Independent Board Members considered the nature, extent and quality of the respective Fund Adviser’s services, including portfolio management services (and the resulting Fund performance) and administrative services. The Independent Board Members further considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Funds, their overall confidence in the capability and integrity of the Adviser and its staff and the Adviser’s responsiveness to questions and concerns raised by them. The Independent Board Members reviewed materials outlining, among other things: each Fund

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Annual Investment Management Agreement Approval Process (Unaudited) (continued)

Adviser’s organization and business; the types of services that each Fund Adviser or its affiliates provide to each Fund; the performance record of each Fund (as described in further detail below); and any initiatives Nuveen had taken for the closed-end fund product line.
 
In considering the services provided by the Fund Advisers, the Board recognized that the Adviser provides a myriad of investment management, administrative, compliance, oversight and other services for the Funds, and the Sub-Adviser generally provides the portfolio advisory services to the Funds under the oversight of the Adviser. The Board considered the wide range of services provided by the Adviser to the Nuveen funds beginning with developing the fund and monitoring and analyzing its performance to providing or overseeing the services necessary to support a fund’s daily operations. The Board recognized the Adviser, among other things, provides: (a) product management (such as analyzing ways to better position a fund in the marketplace, maintaining relationships to gain access to distribution platforms and setting dividends); (b) fund administration (such as preparing a fund’s tax returns, regulatory filings and shareholder communications; managing fund budgets and expenses; overseeing a fund’s various service providers; and supporting and analyzing new and existing funds); (c) Board administration (such as supporting the Board and its committees, in relevant part, by organizing and administering the Board and committee meetings and preparing the necessary reports to assist the Board in its duties); (d) compliance (such as monitoring adherence to a fund’s investment policies and procedures and applicable law; reviewing the compliance program periodically and developing new policies or updating existing compliance policies and procedures as considered necessary or appropriate; responding to regulatory requests; and overseeing compliance testing of sub-advisers); (e) legal support (such as preparing or reviewing fund registration statements, proxy statements and other necessary materials; interpreting regulatory requirements and compliance thereof; and maintaining applicable registrations); and (f) investment services (such as overseeing and reviewing sub-advisers and their investment teams; analyzing performance of the funds; overseeing investment and risk management; overseeing the daily valuation process for portfolio securities and developing and recommending valuation policies and methodologies and changes thereto; and participating in fund development, leverage management and the development of investment policies and parameters). With respect to closed-end funds, the Adviser also monitors asset coverage levels on leveraged funds, manages leverage, negotiates the terms of leverage, evaluates alternative forms and types of leverage, promotes an orderly secondary market for common shares and maintains an asset maintenance system for compliance with certain rating agency criteria.
 
In its review, the Board also considered the new services, initiatives or other changes adopted since the last advisory contract review that were designed to enhance the services and support the Adviser provides to the Nuveen funds. The Board recognized that some initiatives are a multi-year process. In reviewing the activities of 2013, the Board recognized that the year reflected the Adviser’s continued focus on fund rationalization for both closed-end and open-end funds, consolidating certain funds through mergers that were designed to improve efficiencies and economies of scale for shareholders, repositioning various funds through updates in their investment policies and guidelines with the expectation of bringing greater value to shareholders, and liquidating certain funds. As in the past, the Board recognized the Adviser’s significant investment in its technology initiatives, including the continued progress toward a central repository for fund and other Nuveen product data and implementing a data system to support the risk oversight group enabling it to provide more detailed risk analysis for the Nuveen funds. The Board noted the new data system has permitted more in-depth analysis of the investment risks of the Funds and across the complex providing additional feedback and insights to the investment teams and more comprehensive risk reporting to the Board. The Adviser also conducted several workshops for the Board regarding the new data system, including explaining the risk measures being applied and their purpose. The Board also recognized the enhancements in the valuation group within the Adviser, including centralizing the fund pricing process within the valuation group, trending to more automated and expedient reviews and continuing to expand its valuation team. The Board further considered the expansion of personnel in the compliance department enhancing the collective expertise of the group, investments in additional compliance systems and the updates of various compliance policies.

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In addition to the foregoing actions, the Board also considered other initiatives related to the closed-end funds, including the continued investment of considerable resources and personnel dedicated to managing and overseeing the various forms of leverage utilized by certain funds. The Board recognized the results of these efforts included the development of less expensive forms of leverage, expansion of leverage providers, the negotiation of more favorable terms for existing leverage, the enhanced ability to respond to market and regulatory developments and the enhancements to technology systems to manage and track the various forms of leverage. The Board also noted Nuveen’s continued capital management services, including executing share repurchase programs, its implementation of data systems that permit more targeted solicitation strategies for fund mergers and more targeted marketing and promotional efforts and its continued focus and efforts to address the discounts of various funds. The Board further noted Nuveen’s continued commitment to supporting the secondary market for the common shares of its closed-end funds through a comprehensive communication program designed to further educate the investor and analyst about closed-end funds. Nuveen’s support services included, among other things, maintaining and enhancing a closed-end fund website, creating marketing campaigns and educational materials, communicating with financial advisers, sponsoring and participating in conferences, providing educational seminars and programs and evaluating the results of these marketing efforts.
 
As noted, the Adviser also oversees the Sub-Adviser who provides the portfolio advisory services to the Funds. In reviewing the portfolio advisory services provided to each Fund, the Nuveen Investment Services Oversight Team of the Adviser analyzes the performance of the Sub-Adviser and may recommend changes to the investment team or investment strategies as appropriate. In assisting the Board’s review of the Sub-Adviser, the Adviser provides a report analyzing, among other things, the Sub-Adviser’s investment team and changes thereto, organization and history, assets under management, the investment team’s philosophy and strategies in managing each Fund, developments affecting the Sub-Adviser or the Funds and their performance. In their review of the Sub-Adviser, the Independent Board Members considered, among other things, the experience and qualifications of the relevant investment personnel, their investment philosophy and strategies, the Sub-Adviser’s organization and stability, its capabilities and any initiatives taken or planned to enhance its current capabilities or support potential growth of business and, as outlined in further detail below, the performance of the Funds. The Independent Board Members also reviewed portfolio manager compensation arrangements to evaluate each Fund Adviser’s ability to attract and retain high quality investment personnel, preserve stability, and reward performance while not providing an inappropriate incentive to take undue risks.
 
Given the importance of compliance, the Independent Board Members also considered Nuveen’s compliance program, including the report of the chief compliance officer regarding the Nuveen funds’ compliance policies and procedures; the resources dedicated to compliance; the record of compliance with the policies and procedures; and Nuveen’s supervision of the Funds’ service providers. The Board recognized Nuveen’s commitment to compliance and strong commitment to a culture of compliance. Given the Adviser’s emphasis on monitoring investment risk, the Board has also appointed two Independent Board Members as point persons to review and keep the Board apprised of developments in this area and work with applicable Fund Adviser personnel.
 
Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services provided to each Fund under the respective Original Advisory Agreement were satisfactory.
 
2. The New Advisory Agreements
In evaluating the nature, quality and extent of the services expected to be provided by the Fund Advisers under the New Investment Management Agreements and the New Sub-Advisory Agreements, the Board Members concluded that no diminution in the nature, quality and extent of services provided to each Fund and its shareholders by the respective Fund Advisers is expected as a result of the Transaction. In making their determination, the Independent Board Members considered, among other things: the expected impact, if any, of the Transaction on the operations, facilities, organization and personnel of each Fund Adviser; the ability of each Fund Adviser to perform its duties after the Transaction, including any changes to the level or quality of services provided to the Funds; the potential implications of any additional regulatory requirements imposed on the Fund Advisers or the Nuveen funds following the Transaction; and any anticipated changes to the investment and other practices of the Nuveen funds.

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Annual Investment Management Agreement Approval Process (Unaudited) (continued)
 
The Board noted that the terms of each New Investment Management Agreement, including the fees payable thereunder, are substantially identical to those of the Original Investment Management Agreement relating to the same Fund. Similarly, the terms of each New Sub-Advisory Agreement, including fees payable thereunder, are substantially identical to those of the Original Sub-Advisory Agreement relating to the same Fund. The Board considered that the services to be provided and the standard of care under the New Investment Management Agreements and the New Sub-Advisory Agreements are the same as the corresponding original agreements. The Board Members noted the Transaction also does not alter the allocation of responsibilities between the Adviser and the Sub-Adviser. The Sub-Adviser will continue to furnish an investment program, make investment decisions and place all orders for the purchase and sale of securities, all on behalf of each Fund and subject to oversight of the Board and the Adviser. The Board noted that TIAA-CREF did not anticipate any material changes to the advisory, sub-advisory or other services provided to the Nuveen funds as a result of the Transaction. The Independent Board Members recognized that there were not any planned “cost cutting” measures that could be expected to reduce the nature, extent or quality of services. The Independent Board Members further noted that there were currently no plans for material changes to senior personnel at Nuveen or key personnel who provide services to the Nuveen funds and the Board following the Transaction. The key personnel who have responsibility for the Nuveen funds in each area, including portfolio management, investment oversight, fund management, fund operations, product management, legal/compliance and board support functions, are expected to be the same following the Transaction, although such personnel may have additional reporting requirements to TIAA-CREF. The Board also considered the anticipated incentive plans designed to retain such key personnel. Notwithstanding the foregoing, the Board Members recognized that personnel changes may occur in the future as a result of normal business developments or personal career decisions.
 
The Board Members also considered Nuveen’s proposed governance structure following the Transaction and noted that Nuveen was expected to remain a stand-alone business within the TIAA-CREF enterprise and operate relatively autonomously from the other TIAA-CREF businesses, but would receive the general support and oversight from certain TIAA-CREF functional groups (such as legal, finance, internal audit, compliance, and risk management groups). The Board recognized, however, that Nuveen may be subject to additional reporting requirements as it keeps TIAA-CREF abreast of developments affecting the Nuveen business, may be required to modify certain of its reports, policies and procedures as necessary to conform to the practices followed in the TIAA-CREF enterprise and may need to collaborate with TIAA-CREF with respect to strategic planning for its business.
 
In considering the implications of the Transaction, the Board Members also recognized the reputation and size of TIAA-CREF and the benefits that the Transaction may bring to the Nuveen funds and Nuveen. In this regard, the Board recognized, among other things, that the increased resources and support that may be available to Nuveen from TIAA-CREF and the improved capital structure of Nuveen Investments, Inc. (the parent of the Adviser) that would result from the significant reduction in its debt level may reinforce and enhance Nuveen’s ability to provide quality services to the Nuveen funds and to invest further into its infrastructure.
 
Further, with the consummation of the Transaction, the Board recognized the enhanced distribution capabilities for the Nuveen funds as the funds may gain access to TIAA-CREF’s distribution network, particularly through TIAA-CREF’s retirement platform and institutional client base. The Board also considered that investors in TIAA-CREF’s retirement platform may choose to roll their investments as they exit their retirement plans into the Nuveen funds. The Independent Board Members recognized the potential cost savings to the benefit of all shareholders of the Nuveen funds from reduced expenses as assets in the Nuveen fund complex rise pursuant to the complex-wide fee arrangement described in further detail below.
 
Based on their review, the Independent Board Members found that the expected nature, extent and quality of services to be provided to each Fund under its New Advisory Agreements were satisfactory and supported approval of the New Advisory Agreements.

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B. The Investment Performance of the Funds and Fund Advisers
 
1. The Original Advisory Agreements
The Board, including the Independent Board Members, considered the performance history of each Fund over various time periods. The Board reviewed reports, including an analysis of each Fund’s performance and the applicable investment team. In considering each Fund’s performance, the Board recognized that a fund’s performance can be reviewed through various measures including the fund’s absolute return, the fund’s return compared to the performance of other peer funds and the fund’s performance compared to its respective benchmark. Accordingly, the Board reviewed, among other things, each Fund’s historic investment performance as well as information comparing the Fund’s performance information with that of other funds (the “Performance Peer Group”) and with recognized and/or customized benchmarks (i.e., generally benchmarks derived from multiple recognized benchmarks) for the quarter, one-, three- and five-year periods ending December 31, 2013, as well as performance information reflecting the first quarter of 2014. With respect to closed-end funds, the Independent Board Members also reviewed historic premium and discount levels, including a summary of actions taken to address or discuss other developments affecting the secondary market discounts of various funds. This information supplemented the Nuveen fund performance information provided to the Board at each of its quarterly meetings.
 
In evaluating performance, the Board recognized several factors that may impact the performance data as well as the consideration given to particular performance data.
 
•      The performance data reflects a snapshot in time, in this case as of the end of the most recent calendar year or quarter. A different performance period, however, could generate significantly different results.
 
•      Long-term performance can be adversely affected by even one period of significant underperformance so that a single investment decision or theme has the ability to disproportionately affect long-term performance.
 
•      The investment experience of a particular shareholder in a fund will vary depending on when such shareholder invests in such fund, the class held (if multiple classes offered in the fund) and the performance of the fund (or respective class) during that shareholder’s investment period.
 
•      The usefulness of comparative performance data as a frame of reference to measure a fund’s performance may be limited because the Performance Peer Group, among other things, does not adequately reflect the objectives and strategies of the fund, has a different investable universe, or the composition of the peer set may be limited in size or number as well as other factors. In this regard, the Board noted that the Adviser classified the Performance Peer Groups of the Nuveen funds from highly relevant to less relevant. For funds classified with less relevant Performance Peer Groups, the Board considered a fund’s performance compared to its benchmark to help assess the fund’s comparative performance. A fund was generally considered to have performed comparably to its benchmark if the fund’s performance was within certain thresholds compared to the performance of its benchmark and was considered to have outperformed or underperformed its benchmark if the fund’s performance was beyond these thresholds for the one- and three-year periods, subject to certain exceptions. iWhile the Board is cognizant of the relative performance of a fund’s peer set and/or benchmark(s), the Board evaluated fund performance in light of the respective fund’s investment objectives, investment parameters and guidelines and considered that the variations between the objectives and investment parameters or guidelines of the fund with its peers and/or benchmarks result in differences in performance results. Further, for funds that utilize leverage, the Board understands that leverage during different periods can provide both benefits and risks to a portfolio as compared to an unlevered benchmark.
 
With respect to any Nuveen funds for which the Board has identified performance concerns, the Board monitors such funds closely until performance improves, discusses with the Adviser the reasons for such results, considers those steps necessary or appropriate to address such issues and reviews the results of any efforts undertaken. The Board is aware, however, that shareholders chose to invest or remain invested in a fund knowing that the Adviser manages the fund and knowing the fund’s fee structure.

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Annual Investment Management Agreement Approval Process (Unaudited) (continued)
 
In considering the performance data, the Independent Board Members noted that, although Nuveen Quality Municipal Fund, Inc. (“Quality Municipal Fund”), Nuveen Municipal Opportunity Fund, Inc. (“Municipal Opportunity Fund”), Nuveen AMT-Free Municipal Income Fund (“AMT-Free Municipal Income Fund”) and Nuveen Dividend Advantage Municipal Income Fund (“Dividend Advantage Municipal Income Fund”) appeared to lag their respective peers over longer periods and demonstrated more favorable performance in the shorter periods, there were some differences between the Funds and their respective Performance Peer Groups, limiting some of the usefulness of the comparative data. Such Funds, however, outperformed their respective benchmarks over the longer periods. In this regard, although Quality Municipal Fund was in the fourth quartile in the five-year period and the third quartile in the three-year period, it was in the second quartile in the one-year period, and, although such Fund underperformed its benchmark in the one-year period, it outperformed its benchmark in the three- and five-year periods. Although Municipal Opportunity Fund was in the fourth quartile in the three- and five-year periods, it was in the first quartile in the one-year period, and, although such Fund underperformed its benchmark in the one-year period, it outperformed its benchmark in the three- and five-year periods. With respect to Dividend Advantage Municipal Income Fund, although it was in the fourth quartile in the three- and five-year periods, such Fund was in the second quartile in the one-year period, and, although such Fund underperformed its benchmark in the one-year period, it outperformed its benchmark in the three- and five-year periods. Finally, although AMT-Free Municipal Income Fund was in the fourth quartile for the three- and five-year periods, it was in the third quartile for the one-year period, and, although such Fund underperformed its benchmark in the one- and three-year periods, it outperformed its benchmark in the five-year period.

Based on their review, the Independent Board Members determined that each Fund’s investment performance had been satisfactory.
 
2. The New Advisory Agreements
With respect to the performance of each Fund, the Board considered that the portfolio investment personnel responsible for the management of the respective Fund portfolios were expected to continue to manage such portfolios following the completion of the Transaction and the investment strategies of the Funds were not expected to change as a result of the Transaction. Accordingly, the findings regarding performance outlined above for the Original Advisory Agreements are applicable to the review of the New Advisory Agreements.
 
C. Fees, Expenses and Profitability
 
1. Fees and Expenses
The Board evaluated the management fees and expenses of each Fund, reviewing, among other things, such Fund’s gross management fees, net management fees and net expense ratios in absolute terms as well as compared to the fees and expenses of a comparable universe of funds provided by an independent fund data provider (the “Peer Universe”) and any expense limitations.
 
The Independent Board Members further reviewed the methodology regarding the construction of the applicable Peer Universe. In reviewing the comparisons of fee and expense information, the Independent Board Members took into account that in certain instances various factors such as the limited size and particular composition of the Peer Universe (including the inclusion of other Nuveen funds in the peer set); expense anomalies; changes in the funds comprising the Peer Universe from year to year; levels of reimbursement or fee waivers; the timing of information used; and the differences in the type and use of leverage may impact the comparative data thereby limiting somewhat the ability to make a meaningful comparison with peers.
 
In reviewing the fee schedule for a fund, the Independent Board Members also considered the fund-level and complex-wide breakpoint schedules (described in further detail below) and any fee waivers and reimbursements provided by Nuveen. In reviewing fees and expenses (excluding leverage costs and leveraged assets for the closed-end funds), the Board considered the expenses and fees to be higher if they were over 10 basis points higher, slightly higher if they were approximately 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were

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below the peer average of the Peer Universe. In reviewing the reports, the Board noted that the majority of the Nuveen funds were at, close to or below their peer average based on the net total expense ratio. The Independent Board Members observed that the Funds had net management fees and net expense ratios (including fee waivers and expense reimbursements) below or in line with their peer averages, except AMT-Free Municipal Income Fund, which had a slightly higher net management fee and a higher net expense ratio compared to its peer average (generally due to one-time costs associated with being the survival fund of a merger).
 
Based on their review of the fee and expense information provided, the Independent Board Members determined that each Fund’s management fees (as applicable) to a Fund Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.
 
2. Comparisons with the Fees of Other Clients
The Board recognized that all Nuveen funds have a sub-adviser, either affiliated or non-affiliated, and therefore the overall fund management fee can be divided into two components, the fee retained by the Adviser and the fee paid to the sub-adviser. In general terms, the fee to the Adviser reflects the administrative and other services it provides to support the Nuveen fund (as described above) and, while some administrative services may occur at the sub-adviser level, the fee to the sub-adviser generally reflects the portfolio management services provided by the sub-adviser. The Independent Board Members considered the fees a Fund Adviser assesses to the Funds compared to that of other clients. With respect to municipal funds, such other clients of a Fund Adviser may include: municipal separately managed accounts and passively managed exchange traded funds (ETFs) sub-advised by the Adviser.
 
The Independent Board Members reviewed the nature of services provided by the Adviser, including through its affiliated sub-advisers and the average fee the affiliated sub-advisers assessed such clients as well as the range of fees assessed to the different types of separately managed accounts (such as retail, institutional or wrap accounts) to the extent applicable to the respective sub-adviser. In their review, the Independent Board Members considered the differences in the product types, including, but not limited to: the services provided, the structure and operations, product distribution and costs thereof, portfolio investment policies, investor profiles, account sizes and regulatory requirements. In evaluating the comparisons of fees, the Independent Board Members noted that the fee rates charged to the Nuveen funds and other clients vary, among other things, because of the different services involved and the additional regulatory and compliance requirements associated with registered investment companies, such as the Funds. The Independent Board Members noted that, as a general matter, higher fee levels reflect higher levels of service, increased investment management complexity, greater product management requirements and higher levels of risk or a combination of the foregoing. The Independent Board Members further noted, in particular, that the range of services provided to the Funds (as discussed above) is generally much more extensive than that provided to separately managed accounts. Many of the additional administrative services provided by the Adviser are not required for institutional clients. The Independent Board Members also recognized that the management fee rates of the foreign funds advised by the Adviser may vary due to, among other things, differences in the client base, governing bodies, operational complexities and services covered by the management fee. Given the inherent differences in the various products, particularly the extensive services provided to the Funds, the Independent Board Members believe such facts justify the different levels of fees.
 
3. Profitability of Fund Advisers
In conjunction with their review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities and its financial condition. The Independent Board Members reviewed the revenues and expenses of Nuveen’s advisory activities for the last two calendar years, the allocation methodology used in preparing the profitability data, an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2013 and Nuveen’s consolidated financial statements for 2013. The Independent Board Members noted this information supplemented the profitability information requested and received during the year to help keep them apprised of developments affecting

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Annual Investment Management Agreement Approval Process (Unaudited) (continued)
 
profitability (such as changes in fee waivers and expense reimbursement commitments). In this regard, the Independent Board Members noted that two Independent Board Members served as point persons to review the profitability analysis and methodologies employed, and any changes thereto, and to keep the Board apprised of such changes. The Independent Board Members also considered Nuveen’s revenues for advisory activities, expenses and profit margin compared to that of various unaffiliated management firms.
 
In reviewing profitability, the Independent Board Members noted the Adviser’s continued investment in its business with expenditures to, among other things, upgrade its investment technology and compliance systems and provide for additional personnel and other resources. The Independent Board Members recognized the Adviser’s continued commitment to its business should enhance the Adviser’s capacity and capabilities in providing the services necessary to meet the needs of the Nuveen funds as they grow or change over time. In addition, in evaluating profitability, the Independent Board Members also noted the subjective nature of determining profitability which may be affected by numerous factors including the allocation of expenses and that various allocation methodologies may each be reasonable but yield different results. Further, the Independent Board Members recognized the difficulties in making comparisons as the profitability of other advisers generally is not publicly available, and the profitability information that is available for certain advisers or management firms may not be representative of the industry and may be affected by, among other things, an adviser’s particular business mix, capital costs, size, types of funds managed and expense allocations. Notwithstanding the foregoing, the Independent Board Members noted the Adviser’s adjusted operating margin appears to be reasonable in relation to other investment advisers and sufficient to operate as a viable investment management firm meeting its obligations to the Nuveen funds. Based on their review, the Independent Board Members concluded that the Adviser’s level of profitability for its advisory activities was reasonable in light of the services provided.
 
With respect to sub-advisers affiliated with Nuveen, including the Sub-Adviser, the Independent Board Members reviewed such sub-advisers’ revenues, expenses and profitability margins (pre- and post-tax) for their advisory activities and the methodology used for allocating expenses among the internal sub-advisers. Based on their review, the Independent Board Members were satisfied that the Sub-Adviser’s level of profitability was reasonable in light of the services provided.
 
In evaluating the reasonableness of the compensation, the Independent Board Members also considered other amounts paid to a Fund Adviser by the funds as well as indirect benefits (such as soft dollar arrangements), if any, the Fund Adviser and its affiliates receive or are expected to receive that are directly attributable to the management of a Nuveen fund. See Section E below for additional information on indirect benefits the Fund Advisers may receive as a result of its relationship with a Nuveen fund. Based on their review of the overall fee arrangements of each Fund, the Independent Board Members determined that the advisory fees and expenses of the Funds were reasonable.
 
4. The New Advisory Agreements
As noted above, the terms of the New Advisory Agreements are substantially identical to their corresponding Original Advisory Agreements. The fee schedule, including the breakpoint schedule and complex-wide fee schedule, in each New Advisory Agreement is identical to that under the corresponding Original Advisory Agreement. The Board Members also noted that Nuveen has committed for a period of two years from the date of closing the Transaction not to increase contractual management fee rates for any Nuveen fund. This commitment shall not limit or otherwise affect mergers or liquidations of any funds in the ordinary course. Based on the information provided, the Board Members did not believe that the overall expenses would increase as a result of the Transaction. In addition, the Board Members recognized that the Nuveen funds may gain access to the retirement platform and institutional client base of TIAA-CREF, and the investors in the retirement platforms may roll their investments into one or more Nuveen funds as they exit their retirement plans. The enhanced distribution access may result in additional sales of the Nuveen funds resulting in an increase in total assets under management in the complex and a corresponding decrease in overall management fees if additional breakpoints at the fund-level or complex-wide level are met. Based on its review, the Board determined that the management fees and expenses under each New Advisory Agreement were reasonable.

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Further, other than from a potential reduction in the debt level of Nuveen Investments, Inc., the Board recognized that it is difficult to predict with any degree of certainty the impact of the Transaction on Nuveen’s profitability. Given the fee schedule was not expected to change under the New Advisory Agreements, however, the Independent Board Members concluded that each Fund Adviser’s level of profitability for its advisory activities under the respective New Advisory Agreements would continue to be reasonable in light of the services provided.
 
D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
 
1. The Original Advisory Agreements
With respect to economies of scale, the Independent Board Members have recognized the potential benefits resulting from the costs of a fund being spread over a larger asset base, although economies of scale are difficult to measure and predict with precision, particularly on a fund-by-fund basis. One method to help ensure the shareholders share in these benefits is to include breakpoints in the advisory fee schedule. Generally, management fees for funds in the Nuveen complex are comprised of a fund-level component and a complex-level component, subject to certain exceptions. Accordingly, the Independent Board Members reviewed and considered the applicable fund-level breakpoints in the advisory fee schedules that reduce advisory fees as asset levels increase. Further, the Independent Board Members noted that, although closed-end funds may from time-to-time make additional share offerings, the growth of their assets would occur primarily through the appreciation of such funds’ investment portfolios.
 
In addition to fund-level advisory fee breakpoints, the Board also considered the Nuveen funds’ complex-wide fee arrangement. Pursuant to the complex-wide fee arrangement, the fees of the funds in the Nuveen complex are reduced as the assets in the fund complex reach certain levels. The complex-wide fee arrangement seeks to provide the benefits of economies of scale to fund shareholders when total fund complex assets increase, even if assets of a particular fund are unchanged or have decreased. The approach reflects the notion that some of Nuveen’s costs are attributable to services provided to all its funds in the complex and therefore all funds benefit if these costs are spread over a larger asset base.
 
Based on their review, the Independent Board Members concluded that the breakpoint schedules and complex-wide fee arrangement (as applicable) were acceptable and reflect economies of scale to be shared with shareholders when assets under management increase.
 
2. The New Advisory Agreements
As noted, the Independent Board Members recognized that the fund-level and complex-wide schedules will not change under the New Advisory Agreements. Assets in the funds advised by TIAA-CREF or its current affiliates will not be included in the complex-wide fee calculation. Nevertheless, the Nuveen funds may have access to TIAA-CREF’s retirement platform and institutional client base. The access to this distribution network may enhance the distribution of the Nuveen funds which, in turn, may lead to reductions in management and sub-advisory fees if the Nuveen funds reach additional fund-level and complex-wide breakpoint levels. Based on their review, including the considerations in the annual review of the Original Advisory Agreements, the Independent Board Members determined that the fund-level breakpoint schedules and complex-wide fee schedule continue to be appropriate and desirable in ensuring that shareholders participate in the benefits derived from economies of scale under the New Advisory Agreements.
 
E. Indirect Benefits
 
1. The Original Advisory Agreements
In evaluating fees, the Independent Board Members received and considered information regarding potential “fall out” or ancillary benefits the respective Fund Adviser or its affiliates may receive as a result of its relationship with each Fund. In this regard, with respect to closed-end funds, the Independent Board Members considered any revenues received by affiliates of the Adviser for serving as co-manager in initial public offerings of new closed-end funds as well as revenues received in connection with secondary offerings.

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Annual Investment Management Agreement Approval Process (Unaudited) (continued)
 
In addition to the above, the Independent Board Members considered whether the Fund Advisers received any benefits from soft dollar arrangements whereby a portion of the commissions paid by a fund for brokerage may be used to acquire research that may be useful to a Fund Adviser in managing the assets of the fund and other clients. Each Fund’s portfolio transactions are allocated by the Sub-Adviser. Accordingly, the Independent Board Members considered that the Sub-Adviser may benefit from its soft dollar arrangements pursuant to which it receives research from brokers that execute the applicable Fund’s portfolio transactions. With respect to any fixed income securities, however, the Board recognized that such securities generally trade on a principal basis that does not generate soft dollar credits. Similarly, the Board recognized that the research received pursuant to soft dollar arrangements by the Sub-Adviser may also benefit the Funds and their shareholders to the extent the research enhances the ability of the Sub-Adviser to manage the Funds. The Independent Board Members noted that the Sub-Adviser’s profitability may be somewhat lower if it did not receive the research services pursuant to the soft dollar arrangements and had to acquire such services directly.
 
Based on their review, the Independent Board Members concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable and within acceptable parameters.
 
2. The New Advisory Agreements
The Independent Board Members noted that, as the applicable policies and operations of the Fund Advisers with respect to the Nuveen funds were not anticipated to change significantly after the Transaction, such indirect benefits should remain after the Transaction. The Independent Board Members further noted the benefits the Transaction would provide to TIAA-CREF and Nuveen, including a larger-scale fund complex, certain shared services (noted above) and a broader range of investment capabilities, distribution capabilities and product line. Further, the Independent Board Members noted that Nuveen Investments, Inc. (the parent of the Adviser) would benefit from an improved capital structure through a reduction in its debt level.
 
F. Other Considerations for the New Advisory Agreements
In addition to the factors above, the Board Members also considered the following with respect to the Nuveen funds:
 
•      Nuveen would rely on the provisions of Section 15(f) of the 1940 Act. In this regard, to help ensure that an unfair burden is not imposed on the Nuveen funds, Nuveen has committed for a period of two years from the date of the closing of the Transaction not to increase contractual management fee rates for any fund. This commitment shall not limit or otherwise affect mergers or liquidations of any funds in the ordinary course.
 
•      The Nuveen funds would not incur any costs in seeking the necessary shareholder approvals for the New Investment Management Agreements or the New Sub-Advisory Agreements (except for any costs attributed to seeking shareholder approvals of fund specific matters unrelated to the Transaction, such as election of Board Members or changes to investment policies, in which case a portion of such costs will be borne by the applicable funds).
 
  The reputation, financial strength and resources of TIAA-CREF.
 
•      The long-term investment philosophy of TIAA-CREF and anticipated plans to grow Nuveen’s business to the benefit of the Nuveen funds.
 
•      The benefits to the Nuveen funds as a result of the Transaction including: (i) increased resources and support available to Nuveen as well as an improved capital structure that may reinforce and enhance the quality and level of services it provides to the funds; (ii) potential additional distribution capabilities for the funds to access new markets and customer segments through TIAA-CREF’s distribution network, including, in particular, its retirement platforms and institutional client base; and (iii) access to TIAA-CREF’s expertise and investment capabilities in additional asset classes.

124
 
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G. Other Considerations
The Independent Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, unanimously concluded that the terms of each Original Advisory Agreement and New Advisory Agreement are fair and reasonable, that the respective Fund Adviser’s fees are reasonable in light of the services provided to each Fund and that the Original Advisory Agreements be renewed and the New Advisory Agreements be approved.
 
II. Approval of Interim Advisory Agreements
At the April Meeting, the Board Members, including the Independent Board Members, unanimously approved for each Fund an interim advisory agreement (the “Interim Investment Management Agreement”) between the respective Fund and the Adviser and an interim sub-advisory agreement (the “Interim Sub-Advisory Agreement”) between the Adviser and the Sub-Adviser. If necessary to assure continuity of advisory services, each respective Interim Investment Management Agreement and Interim Sub-Advisory Agreement will take effect upon the closing of the Transaction if shareholders have not yet approved the corresponding New Investment Management Agreement or New Sub-Advisory Agreement. The terms of each Interim Investment Management Agreement and Interim Sub-Advisory Agreement are substantially identical to those of the corresponding Original Investment Management Agreement and New Investment Management Agreement and the corresponding Original Sub-Advisory Agreement and New Sub-Advisory Agreement, respectively, except for certain term and fee escrow provisions. In light of the foregoing, the Board Members, including the Independent Board Members, unanimously determined that the scope and quality of services to be provided to the Funds under the respective Interim Investment Management Agreements and Interim Sub-Advisory Agreements are at least equivalent to the scope and quality of services provided under the applicable Original Investment Management Agreements and Original Sub-Advisory Agreements.

i
The Board recognized that the Adviser considered a fund to have outperformed or underperformed its benchmark if the fund’s performance was higher or lower than the performance of the benchmark by the following thresholds: for open-end funds (+/- 100 basis points for equity funds excluding index funds; +/- 30 basis points for tax exempt fixed income funds; +/- 40 basis points for taxable fixed income funds) and for closed-end funds (assuming 30% leverage) (+/- 130 basis points for equity funds excluding index funds; +/- 39 basis points for tax exempt funds and +/-52 basis points for taxable fixed income funds).

Nuveen Investments
 
125

 
 

 

Notes
 
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Nuveen Investments

 
 

 

Notes
 
Nuveen Investments
 
127

 
 

 

 
Nuveen Investments:
  Serving Investors for Generations
 

Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.
 

Focused on meeting investor needs.
 
Nuveen Investments provides high-quality investment services designed to help secure the long-term goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates—Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management and Gresham Investment Management. In total, Nuveen Investments managed approximately $225 billion as of March 31, 2014.
 

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 Investments, LLC  |  333 West Wacker Drive  |  Chicago, IL 60606  |  www.nuveen.com

ESA-D-0414D

 
 

 
  
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 7, 2014
 
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 7, 2014

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

Date: July 7, 2014