nad.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 811-09297

Nuveen Dividend Advantage Municipal Fund
(Exact name of registrant as specified in charter)

Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Address of principal executive offices) (Zip code)

Kevin J. McCarthy
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Name and address of agent for service)

Registrant's telephone number, including area code: (312) 917-7700

Date of fiscal year end: October 31

Date of reporting period: April 30, 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
8
   
Common Share Information
10
   
Risk Considerations
12
   
Performance Overview and Holding Summaries
13
   
Portfolios of Investments
25
   
Statement of Assets and Liabilities
98
   
Statement of Operations
100
   
Statement of Changes in Net Assets
101
   
Statement of Cash Flows
103
   
Financial Highlights
106
   
Notes to Financial Statements
115
   
Additional Fund Information
128
   
Glossary of Terms Used in this Report
129
   
Reinvest Automatically, Easily and Conveniently
131
   
Annual Investment Management Agreement Approval Process
132

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

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Portfolio Managers’ Comments
 
Nuveen Performance Plus Municipal Fund, Inc. (NPP)
Nuveen Municipal Advantage Fund, Inc. (NMA)
Nuveen Municipal Market Opportunity Fund, Inc. (NMO)
Nuveen Dividend Advantage Municipal Fund (NAD)
Nuveen Dividend Advantage Municipal Fund 2 (NXZ)
Nuveen Dividend Advantage Municipal Fund 3 (NZF)
 
These Funds feature management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments. Portfolio managers Thomas C. Spalding, CFA, and Paul L. Brennan, CFA, discuss key investment strategies and the six-month performance of these six national Funds. Tom has managed NXZ since its inception in 2001 and NPP, NMA, NMO and NAD since 2003. Paul assumed portfolio management responsibility for NZF in 2006.
 
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 shift from volatility to a more stable environment. As 2014 began, the selling pressure that had been triggered 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.
 
During this period, the Funds generally emphasized staying fully invested in credit sensitive sectors and longer maturity bonds that tend to perform well when new issuance is scarce and credit spreads are stable or tightening, as money flowed back into the municipal market. Overall, we were focused on finding bonds in the new issue and secondary markets that could enhance our efforts to achieve portfolio objectives. Because the Funds experienced turnover in short-term bonds, some of that focus was on purchasing bonds with longer maturities to maintain the Funds’ longer durations. During the last part of 2013 and early 2014, this included the purchase of zero coupon bonds in NPP, NMA, NMO, NAD and NXZ, which provided long maturities and additional income to support the Funds’ dividends. In general, NPP, NMA, NMO, NAD and NXZ continued to find value in sectors that represent some of our larger exposures, including transportation (e.g., tollroads, highways), water and sewer, health care and tobacco. One of our additions in the transportation sector was a new 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
 

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)
 
and revenues on the tollroads in F/ETCA’s 36-mile network, which links major population centers in Southern California, have increased and the bonds have performed very well for the Funds since purchase.
 
NZF also found value in diversified areas of the market, including transportation, health care and general obligation (GO) bonds. Despite the challenging environment created by the 20% decrease in new issuance during this reporting period, we continued to find opportunities to purchase bonds that helped achieve our goals. In the primary market, we added some new BBB-rated bond offerings, including the F/ETCA issue as well as bonds issued to finance the Downtown Crossing bridge across the Ohio River from Indiana to Louisville, Kentucky. In addition, we purchased bonds for 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. We also increased our exposure to GO bonds issued by the state of Illinois. 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 for NZF.
 
Also during this period, S&P upgraded its credit rating on National Public Finance Guarantee Corp. (NPFG), the insurance subsidiary of MBIA, to AA-rated from A-rated, citing NPFG’s strong operating performance and competitive position in the financial guarantee market. As a result, 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. In addition, NPP, NMA, NMO and NAD sold several holdings of Puerto Rico paper. This activity is further discussed in our comments on Puerto Rico at the end of this Portfolio Managers’ Comments section.
 
As of April 30, 2014, all six of these Funds continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management, income enhancement and total return enhancement.
 
How did the Funds perform during the six-month reporting period ended April 30, 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 common share NAV for all six of these Funds outperformed the return for the national S&P Municipal Bond Index. For the same period, NPP exceeded the average return for the Lipper General & Insured Leveraged Municipal Debt Funds Classification Average, while the remaining five Funds lagged this Lipper 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 reporting period, municipal bonds with longer maturities generally outperformed those with shorter maturities. Overall, credits with long-intermediate maturities (15 years and longer) posted the best returns, 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 ascribed to individual differences in duration and yield curve positioning. Overall, NPP was the most advantageously positioned in terms of duration and yield curve, while the performance of NXZ and NZF was restrained by their shorter durations.
 
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

6
 
Nuveen Investments

 
 

 
 
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-rated and AA-rated. These Funds benefited from their lower rated holdings during this reporting period.
 
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. Each of these Funds had strong exposures to the health care and transportation sectors, which benefited their performance. 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. All of these Funds were overweighted in tobacco bonds, with NPP and NMO having the largest allocations of these credits and NZF the smallest.
 
In contrast, pre-refunded bonds, which are often backed by U.S. Treasury securities, were among the weaker performers. The under-performance of these bonds relative to the market can be attributed primarily to their shorter effective maturities and higher credit quality. All of these Funds had holdings of pre-refunded bonds, with NMO and NZF having the heaviest exposures to these bonds and NAD 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 had allocations of Detroit water and sewer credits, which are supported by revenue streams generated by service fees. Many of these holdings also are insured. In addition, NPP and NMO held positions in Detroit distributable state aid general obligation (limited tax) bonds secured by liens on certain shared revenue streams and NZF held insured Detroit City School District bonds. Neither of these issues are part of the Detroit bankruptcy. During this reporting period, the Fund’s Detroit holdings generally posted positive results.
 
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 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. At the beginning of this reporting period, all of these Funds had limited exposure to Puerto Rico bonds, generally between under 1% and 5%. 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 helped to limit the negative impact of the underperformance. 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). As previously mentioned, NPP, NMA, NMO and NAD sold some of their holdings of uninsured Puerto Rico paper. 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 bonds that Nuveen considers to be of higher quality. NPP, NMA, NMO, NAD, NXZ and NZF began the reporting period with portfolio allocations of 3.7%, 4.6%, 3.4%, 3.6%, 2.4% and 0.3% to Puerto Rico, respectively and ended the reporting period with an exposure to Puerto Rico of 3.2%, 3.2%, 1.8%, 2.3%, 2.1% and 0.2%, respectively. We believe that our decision to maintain limited exposure to Puerto Rico bonds will enable participation in any future upside for the commonwealth’s obligations.

Nuveen Investments
 
7

 
 

 
 
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.
 
     
NPP
   
NMA
   
NMO
   
NAD
   
NXZ
   
NZF
 
Effective Leverage*
   
38.45
%
 
35.79
%
 
37.82
%
 
35.93
%
 
34.46
%
 
34.50
%
Regulatory Leverage*
   
36.20
%
 
31.49
%
 
34.50
%
 
30.87
%
 
30.33
%
 
28.34
%

*
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.

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Nuveen Investments

 
 

 
 
THE FUNDS’ REGULATORY LEVERAGE
 
As of April 30, 2014, the Funds have issued and outstanding Institutional MuniFund Term Preferred (iMTP) Shares, Variable Rate MuniFund Term Preferred (VMTP) Shares and Variable Rate Demand Preferred (VRDP) Shares as shown in the accompanying table.

   
iMTP Shares
 
VMTP Shares
 
VRDP Shares
       
           
Shares
         
Shares
         
Shares
       
           
Issued at
         
Issued at
         
Issued at
       
     
Series
   
Liquidation Value
   
Series
   
Liquidation Value
   
Series
   
Liquidation Value
   
Total
 
NPP
   
   
   
2015
 
$
535,000,000
   
   
 
$
535,000,000
 
NMA
   
   
   
   
   
1
 
$
296,800,000
 
$
296,800,000
 
NMO
   
   
   
   
   
1
 
$
350,900,000
 
$
350,900,000
 
NAD
   
   
   
2016
 
$
265,000,000
   
   
 
$
265,000,000
 
NXZ
   
   
   
   
   
2
 
$
196,000,000
 
$
196,000,000
 
NZF
   
2017
 
$
150,000,000
   
2017
 
$
91,000,000
   
   
 
$
241,000,000
 
 
During the current reporting period, NAD refinanced all of its outstanding MuniFund Term Preferred (MTP) and VMTP shares with the issuance of new VMTP Shares, and NZF refinanced all of its outstanding MTP and VMTP shares with the issuance of new iMTP and VMTP Shares. Refer to Notes to Financial Statements, Note 1 – General Information and Significant Accounting Policies for further details on iMTP, MTP, VMTP and VRDP Shares and each Fund’s respective transactions.

Nuveen Investments
 
9

 
 

 
 
Common Share Information
 
COMMON SHARE DIVIDEND INFORMATION
 
The following information regarding the Fund’s 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
   
NPP
   
NMA
   
NMO
   
NAD
   
NXZ
   
NZF
 
November 2013
 
$
0.0770
 
$
0.0670
 
$
0.0645
 
$
0.0730
 
$
0.0670
 
$
0.0580
 
December
   
0.0770
   
0.0670
   
0.0645
   
0.0730
   
0.0670
   
0.0580
 
January
   
0.0770
   
0.0670
   
0.0670
   
0.0740
   
0.0695
   
0.0595
 
February
   
0.0770
   
0.0670
   
0.0670
   
0.0740
   
0.0695
   
0.0595
 
March
   
0.0770
   
0.0670
   
0.0670
   
0.0740
   
0.0695
   
0.0595
 
April 2014
   
0.0770
   
0.0670
   
0.0670
   
0.0740
   
0.0695
   
0.0595
 
                                       
Ordinary Income Distribution*
 
$
0.0006
 
$
0.0009
 
$
0.0042
 
$
0.0183
 
$
0.0002
 
$
0.0002
 
                                       
Market Yield**
   
6.27
%
 
6.05
%
 
6.09
%
 
6.44
%
 
6.03
%
 
5.34
%
Taxable-Equivalent Yield**
   
8.71
%
 
8.40
%
 
8.46
%
 
8.94
%
 
8.38
%
 
7.42
%

*
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.

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Nuveen Investments

 
 

 

COMMON SHARE REPURCHASES
 
As of April 30, 2014, and since the inception of the Funds’ repurchase programs, the Funds have not repurchased any of their outstanding common shares.
                                       
     
NPP
   
NMA
   
NMO
   
NAD
   
NXZ
   
NZF
 
Common Shares Cumulatively Repurchased and Retired
   
   
   
   
   
   
 
Common Shares Authorized for Repurchase
   
6,005,000
   
4,370,000
   
4,585,000
   
3,930,000
   
2,950,000
   
4,040,000
 
 
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.
                                       
     
NPP
   
NMA
   
NMO
   
NAD
   
NXZ
   
NZF
 
Common Share NAV
 
$
15.71
 
$
14.78
 
$
14.52
 
$
15.10
 
$
15.27
 
$
15.08
 
Common Share Price
 
$
14.73
 
$
13.28
 
$
13.21
 
$
13.78
 
$
13.84
 
$
13.37
 
Premium/(Discount) to NAV
   
(6.24
)%
 
(10.15
)%
 
(9.02
)%
 
(8.74
)%
 
(9.36
)%
 
(11.34
)%
6-Month Average Premium/(Discount) to NAV
   
(7.52
)%
 
(10.99
)%
 
(10.75
)%
 
(9.61
)%
 
(10.09
)%
 
(12.34
)%

Nuveen Investments
 
11

 
 

 

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.
 
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 a Fund could lose more than its original principal investment.
 
Tax Risk. The tax treatment of Fund distributions may be affected by new IRS interpretations of the Internal Revenue Code and future changes in tax laws and regulations.
 
Issuer Credit Risk. This is the risk that a security in a Fund’s portfolio will fail to make dividend or interest payments when due.
 
Interest Rate Risk. Fixed-income securities such as bonds, preferred, convertible and other debt securities will decline in value if market interest rates rise.
 
Reinvestment Risk. If market interest rates decline, income earned from a Fund’s portfolio may be reinvested at rates below that of the original bond that generated the income.
 
Call Risk or Prepayment Risk. Issuers may exercise their option to prepay principal earlier than scheduled, forcing a Fund to reinvest in lower-yielding securities.
 
Derivatives Risk. The Funds may use derivative instruments which involve a high degree of financial risk, including the risk that the loss on a derivative may be greater than the principal amount investment.

12
 
Nuveen Investments

 
 

 
 
NPP
 
 
Nuveen Performance Plus 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
 
NPP at Common Share NAV
   
9.37%
   
(1.23)%
   
9.62%
   
6.37%
 
NPP at Common Share Price
   
11.60%
   
(0.90)%
   
10.43%
   
7.29%
 
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
 
13

 
 

 
 
NPP
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
 
158.7%
 
Corporate Bonds
 
0.0%
 
Floating Rate Obligations
 
(3.8)%
 
Variable Rate MuniFund Term Preferred Shares
 
(56.7)%
 
Other Assets Less Liabilities
 
1.8%
 
       
Credit Quality
     
(% of total investment exposure)
     
AAA/U.S. Guaranteed
 
11.8%
 
AA
 
49.9%
 
A
 
22.4%
 
BBB
 
7.8%
 
BB or Lower
 
7.0%
 
N/R (not rated)
 
1.1%
 
       
Portfolio Composition
     
(% of total investments)
     
Tax Obligation/Limited
 
21.7%
 
Health Care
 
18.1%
 
Transportation
 
17.1%
 
Tax Obligation/General
 
14.8%
 
Utilities
 
7.5%
 
U.S. Guaranteed
 
7.1%
 
Consumer Staples
 
6.5%
 
Other Industries
 
7.2%
 
       
States
     
(% of total municipal bonds)
     
Illinois
 
17.2%
 
California
 
13.4%
 
Texas
 
9.3%
 
Colorado
 
6.0%
 
Florida
 
4.9%
 
Ohio
 
4.3%
 
New York
 
3.6%
 
Puerto Rico
 
3.2%
 
Virginia
 
2.7%
 
Pennsylvania
 
2.7%
 
Massachusetts
 
2.6%
 
New Jersey
 
2.5%
 
South Carolina
 
2.5%
 
Michigan
 
2.4%
 
Indiana
 
2.3%
 
Nevada
 
2.3%
 
Other States
 
18.1%
 

14
 
Nuveen Investments

 
 

 
 
NMA
 
 
Nuveen Municipal Advantage 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
 
NMA at Common Share NAV
   
8.28%
   
(2.09)%
   
9.84%
   
6.05%
 
NMA at Common Share Price
   
9.46%
   
(4.39)%
   
8.98%
   
6.02%
 
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

 
 

 
 
NMA
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
 
149.2%
 
Corporate Bonds
 
0.0%
 
Short-Term Investments
 
0.3%
 
Floating Rate Obligations
 
(5.9)%
 
Variable Rate Demand Preferred Shares
 
(46.0)%
 
Other Assets Less Liabilities
 
2.4%
 
       
Credit Quality
     
(% of total investment exposure)
     
AAA/U.S. Guaranteed
 
14.5%
 
AA
 
46.6%
 
A
 
20.9%
 
BBB
 
9.2%
 
BB or Lower
 
8.3%
 
N/R (not rated)
 
0.5%
 
       
Portfolio Composition
     
(% of total investments)
     
Health Care
 
20.6%
 
Transportation
 
17.8%
 
Tax Obligation/Limited
 
16.2%
 
Tax Obligation/General
 
16.1%
 
U.S. Guaranteed
 
9.1%
 
Utilities
 
5.8%
 
Consumer Staples
 
5.5%
 
Other Industries
 
8.9%
 
       
States
     
(% of total municipal bonds)
     
California
 
15.9%
 
Illinois
 
10.8%
 
Texas
 
9.0%
 
Colorado
 
8.3%
 
New York
 
4.9%
 
Ohio
 
4.8%
 
Louisiana
 
4.3%
 
Pennsylvania
 
3.8%
 
Nevada
 
3.4%
 
Indiana
 
3.2%
 
Puerto Rico
 
3.2%
 
Michigan
 
3.1%
 
Florida
 
2.5%
 
Arizona
 
2.4%
 
New Jersey
 
1.9%
 
Other States
 
18.5%
 

16
 
Nuveen Investments

 
 

 
 
NMO
 
 
Nuveen Municipal Market 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
 
NMO at Common Share NAV
   
8.82%
   
(0.43)%
   
9.49%
   
5.88%
 
NMO at Common Share Price
   
11.89%
   
(1.83)%
   
9.39%
   
6.44%
 
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

 
 

 
 
NMO
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
 
154.8%
 
Common Stocks
 
0.5%
 
Corporate Bonds
 
0.0%
 
Floating Rate Obligations
 
(5.2)%
 
Variable Rate Demand Preferred Shares
 
(52.7)%
 
Other Assets Less Liabilities
 
2.6%
 
       
Credit Quality
     
(% of total investment exposure)
     
AAA/U.S. Guaranteed
 
12.6%
 
AA
 
50.2%
 
A
 
21.3%
 
BBB
 
7.3%
 
BB or Lower
 
8.1%
 
N/R (not rated)
 
0.2%
 
N/A (not applicable)
 
0.3%
 
       
Portfolio Composition
     
(% of total investments)
     
Transportation
 
22.2%
 
Health Care
 
19.4%
 
Tax Obligation/General
 
14.9%
 
Tax Obligation/Limited
 
14.3%
 
U.S. Guaranteed
 
7.0%
 
Consumer Staples
 
6.2%
 
Utilities
 
5.2%
 
Other Industries
 
10.8%
 
       
States
     
(% of total municipal bonds)
     
California
 
16.5%
 
Illinois
 
11.1%
 
Texas
 
10.5%
 
Ohio
 
6.1%
 
Colorado
 
5.3%
 
Pennsylvania
 
4.1%
 
New York
 
4.0%
 
Florida
 
3.7%
 
Nevada
 
3.3%
 
Virginia
 
3.2%
 
Michigan
 
2.9%
 
North Carolina
 
2.8%
 
Arkansas
 
2.3%
 
New Jersey
 
2.2%
 
Indiana
 
2.2%
 
Other States
 
19.8%
 

18
 
Nuveen Investments

 
 

 
 
NAD
 
 
Nuveen Dividend Advantage Municipal 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
 
NAD at Common Share NAV
   
8.07%
   
(1.38)%
   
10.36%
   
6.35%
 
NAD at Common Share Price
   
10.43%
   
(2.60)%
   
10.25%
   
6.44%
 
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

 
 

 
 
NAD
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
 
149.8%
 
Corporate Bonds
 
0.0%
 
Investment Companies
 
0.1%
 
Floating Rate Obligations
 
(7.2)%
 
Variable Rate MuniFund Preferred Shares
 
(44.7)%
 
Other Assets Less Liabilities
 
2.0%
 
       
Credit Quality
     
(% of total investment exposure)
     
AAA/U.S. Guaranteed
 
11.3%
 
AA
 
53.5%
 
A
 
19.9%
 
BBB
 
8.2%
 
BB or Lower
 
5.1%
 
N/R (not rated)
 
1.9%
 
N/A (not applicable)
 
0.1%
 
       
Portfolio Composition
     
(% of total investments)
     
Health Care
 
20.1%
 
Tax Obligation/Limited
 
19.6%
 
Transportation
 
19.0%
 
Tax Obligation/General
 
16.5%
 
Consumer Staples
 
6.0%
 
U.S. Guaranteed
 
5.7%
 
Other Industries
 
13.1%
 
       
States
     
(% of total municipal bonds)
     
Illinois
 
16.4%
 
California
 
9.9%
 
Texas
 
7.8%
 
New York
 
6.7%
 
Colorado
 
6.1%
 
Florida
 
6.0%
 
Washington
 
4.7%
 
Wisconsin
 
4.1%
 
Ohio
 
3.9%
 
Nevada
 
3.7%
 
New Jersey
 
2.7%
 
Massachusetts
 
2.6%
 
Michigan
 
2.6%
 
Puerto Rico
 
2.3%
 
Indiana
 
2.2%
 
Other States
 
18.3%
 

20
 
Nuveen Investments

 
 

 
 
NXZ
 
 
Nuveen Dividend Advantage Municipal Fund 2
 
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
 
NXZ at Common Share NAV
   
7.76%
   
(1.26)%
   
9.49%
   
6.66%
 
NXZ at Common Share Price
   
9.88%
   
(3.65)%
   
8.55%
   
6.44%
 
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

 
 

 
 
NXZ
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
 
145.7%
 
Corporate Bonds
 
0.0%
 
Floating Rate Obligations
 
(4.3)%
 
Variable Rate Demand Preferred Shares
 
(43.5)%
 
Other Assets Less Liabilities
 
2.1%
 
       
Credit Quality
     
(% of total investment exposure)
     
AAA/U.S. Guaranteed
 
11.7%
 
AA
 
49.8%
 
A
 
18.8%
 
BBB
 
8.0%
 
BB or Lower
 
7.9%
 
N/R (not rated)
 
3.8%
 
       
Portfolio Composition
     
(% of total investments)
     
Tax Obligation/Limited
 
23.0%
 
Health Care
 
20.2%
 
Transportation
 
14.9%
 
Tax Obligation/General
 
10.6%
 
U.S. Guaranteed
 
7.1%
 
Consumer Staples
 
5.8%
 
Water and Sewer
 
5.3%
 
Utilities
 
5.2%
 
Other Industries
 
7.9%
 
       
States
     
(% of total municipal bonds)
     
Texas
 
18.3%
 
California
 
16.1%
 
Illinois
 
11.5%
 
Colorado
 
6.5%
 
New York
 
5.2%
 
Michigan
 
4.9%
 
Florida
 
4.0%
 
Indiana
 
2.8%
 
South Carolina
 
2.7%
 
Ohio
 
2.3%
 
Puerto Rico
 
2.1%
 
Georgia
 
2.1%
 
Nevada
 
1.9%
 
Other States
 
19.6%
 

22
 
Nuveen Investments

 
 

 
 
NZF
 
 
Nuveen Dividend Advantage Municipal Fund 3
 
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
NZF at Common Share NAV
   
7.89%
   
(1.30)%
   
9.41%
   
6.54%
NZF at Common Share Price
   
8.55%
   
(4.10)%
   
8.81%
   
6.59%
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
 
23

 
 

 
 
NZF
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
 
140.5%
 
Corporate Bonds
 
0.0%
 
Investment Companies
 
0.6%
 
Short-Term Investments
 
3.1%
 
Floating Rate Obligations
 
(7.3)%
 
Institutional MuniFund Term Preferred Shares
 
(24.6)%
 
Variable Rate MuniFund Term Preferred Shares
 
(14.9)%
 
Other Assets Less Liabilities
 
2.6%
 
       
Credit Quality
     
(% of total investment exposure)
     
AAA/U.S. Guaranteed
 
18.9%
 
AA
 
43.7%
 
A
 
19.4%
 
BBB
 
6.8%
 
BB or Lower
 
4.6%
 
N/R (not rated)
 
6.2%
 
N/A (not applicable)
 
0.4%
 
       
Portfolio Composition
     
(% of total investments)
     
Tax Obligation/Limited
 
21.5%
 
Health Care
 
16.3%
 
Transportation
 
14.4%
 
Tax Obligation/General
 
11.8%
 
U.S. Guaranteed
 
8.8%
 
Utilities
 
6.4%
 
Education and Civic Organizations
 
6.2%
 
Water and Sewer
 
5.6%
 
Other Industries
 
9.0%
 
       
States
     
(% of total municipal bonds)
     
Texas
 
13.0%
 
Illinois
 
11.4%
 
California
 
9.8%
 
New York
 
6.8%
 
Indiana
 
5.2%
 
Michigan
 
4.7%
 
Nevada
 
3.9%
 
Georgia
 
3.8%
 
Louisiana
 
3.7%
 
New Jersey
 
3.5%
 
Washington
 
3.4%
 
Colorado
 
3.0%
 
Massachusetts
 
3.0%
 
Florida
 
2.3%
 
Ohio
 
2.3%
 
Arizona
 
2.2%
 
Other States
 
18.0%
 

24
 
Nuveen Investments

 
 

 
 
NPP
 
 
Nuveen Performance Plus 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 – 158.7% (100.0% of Total Investments)
             
     
MUNICIPAL BONDS – 158.7% (100.0% of Total Investments)
             
     
Alaska – 1.3% (0.8% of Total Investments)
             
$
3,945
 
CivicVentures, Alaska, Revenue Bonds, Anchorage Convention Center Series 2006, 5.000%, 9/01/34 – NPFG Insured
 
9/15 at 100.00
 
AA–
$
4,128,916
 
     
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A:
             
 
7,500
 
5.000%, 6/01/32
 
6/14 at 100.00
 
B2
 
6,010,125
 
 
3,080
 
5.000%, 6/01/46
 
6/14 at 100.00
 
B2
 
2,250,864
 
 
14,525
 
Total Alaska
         
12,389,905
 
     
Arizona – 1.1% (0.7% of Total Investments)
             
 
7,780
 
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Airport Revenue Bonds, Series 2010A, 5.000%, 7/01/40
 
7/20 at 100.00
 
A+
 
8,104,037
 
 
2,500
 
Phoenix Civic Improvement Corporation, Arizona, Subordinate Excise Tax Revenue Bonds, Civic Plaza Expansion Project, Series 2005A, 5.000%, 7/01/35 – FGIC Insured
 
No Opt. Call
 
AA
 
2,601,775
 
 
10,280
 
Total Arizona
         
10,705,812
 
     
Arkansas – 0.5% (0.3% of Total Investments)
             
 
5,080
 
Independence County, Arkansas, Hydroelectric Power Revenue Bonds, Series 2003, 5.350%, 5/01/28 – ACA Insured
 
7/14 at 100.00
 
N/R
 
3,476,346
 
 
1,000
 
Washington County, Arkansas, Hospital Revenue Bonds, Washington Regional Medical Center, Series 2005A, 5.000%, 2/01/35
 
2/15 at 100.00
 
Baa1
 
1,005,650
 
 
6,080
 
Total Arkansas
         
4,481,996
 
     
California – 21.2% (13.4% of Total Investments)
             
 
3,500
 
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate Lien Series 2004A, 5.450%, 10/01/25 – AMBAC Insured
 
10/17 at 100.00
 
BBB+
 
3,770,130
 
 
4,225
 
Alameda Unified School District, Alameda County, California, General Obligation Bonds, Series 2005B, 0.000%, 8/01/28 – AGM Insured
 
No Opt. Call
 
AA
 
2,303,977
 
 
15,870
 
Anaheim Public Financing Authority, California, Subordinate Lease Revenue Bonds, Public Improvement Project, Series 1997C, 0.000%, 9/01/20 – AGM Insured
 
No Opt. Call
 
AA
 
13,549,647
 
 
5,000
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2013S-4, 5.000%, 4/01/38
 
4/23 at 100.00
 
A+
 
5,420,650
 
 
3,250
 
California Department of Water Resources, Power Supply Revenue Bonds, Refunding Series 2008H, 5.000%, 5/01/22 – AGM Insured
 
5/18 at 100.00
 
AA
 
3,766,913
 
     
California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanante System, Series 2006:
             
 
5,000
 
5.000%, 4/01/37
 
4/16 at 100.00
 
A+
 
5,121,100
 
 
7,000
 
5.250%, 4/01/39
 
4/16 at 100.00
 
A+
 
7,192,500
 
 
2,330
 
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2010A, 5.750%, 7/01/40
 
7/20 at 100.00
 
Baa2
 
2,452,535
 
 
3,700
 
California Pollution Control Financing Authority, Revenue Bonds, Pacific Gas and Electric Company, Series 2004C, 4.750%, 12/01/23 – FGIC Insured (Alternative Minimum Tax)
 
6/17 at 100.00
 
A3
 
3,945,828
 
 
1,300
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2013I, 5.000%, 11/01/38
 
11/23 at 100.00
 
A2
 
1,396,083
 
 
5,000
 
California State, General Obligation Bonds, Series 2005, 5.000%, 3/01/31
 
3/16 at 100.00
 
A1
 
5,292,700
 
 
16,000
 
California State, General Obligation Bonds, Various Purpose Series 2007, 5.000%, 6/01/37
 
6/17 at 100.00
 
A1
 
17,001,760
 
 
10,000
 
California State, General Obligation Bonds, Various Purpose Series 2011, 5.000%, 10/01/41
 
10/21 at 100.00
 
A1
 
10,705,800
 
 
6,435
 
California State, General Obligation Refunding Bonds, Series 2002, 6.000%, 4/01/16 – AMBAC Insured
 
No Opt. Call
 
A1
 
7,137,123
 
 
Nuveen Investments
 
25

 
 

 
 
NPP
Nuveen Performance Plus 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)
             
$
3,770
 
California Statewide Communities Development Authority, Revenue Bonds, Cottage Health System Obligated Group, Series 2010, 5.250%, 11/01/30
 
11/20 at 100.00
 
AA–
$
4,068,810
 
 
3,000
 
California Statewide Community Development Authority, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2008C, 5.625%, 7/01/35
 
7/18 at 100.00
 
A
 
3,274,980
 
 
5,000
 
Coast Community College District, Orange County, California, General Obligation Bonds, Series 2006C, 5.000%, 8/01/32 – AGM Insured
 
8/18 at 100.00
 
Aa1
 
5,337,500
 
 
7,240
 
Desert Community College District, Riverside County, California, General Obligation Bonds, Election 2004 Series 2007C, 0.000%, 8/01/28 – AGM Insured
 
8/17 at 56.01
 
AA
 
3,557,881
 
 
910
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Series 2013A, 0.000%, 1/15/42
 
1/31 at 100.00
 
BBB–
 
524,306
 
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
             
 
2,520
 
4.500%, 6/01/27
 
6/17 at 100.00
 
B
 
2,212,434
 
 
7,750
 
5.000%, 6/01/33
 
6/17 at 100.00
 
B
 
6,226,040
 
 
1,500
 
5.125%, 6/01/47
 
6/17 at 100.00
 
B
 
1,143,225
 
 
10,000
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-2, 5.300%, 6/01/37
 
6/22 at 100.00
 
B
 
7,835,800
 
 
2,500
 
Huntington Beach Union High School District, Orange County, California, General Obligation Bonds, Series 2007, 0.000%, 8/01/32 – FGIC Insured
 
No Opt. Call
 
Aa2
 
1,074,550
 
 
5,000
 
Los Angeles Community College District, California, General Obligation Bonds, Series 2007C, 5.000%, 8/01/32 – FGIC Insured
 
8/17 at 100.00
 
Aa1
 
5,546,150
 
 
2,495
 
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2009A, 5.375%, 7/01/34
 
1/19 at 100.00
 
AA
 
2,832,174
 
 
2,490
 
Madera Unified School District, Madera County, California, General Obligation Bonds, Election 2002 Series 2005, 0.000%, 8/01/27 – NPFG Insured
 
No Opt. Call
 
AA–
 
1,367,558
 
 
1,855
 
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
 
1,011,847
 
 
3,300
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009B, 6.500%, 11/01/39
 
No Opt. Call
 
A
 
4,283,202
 
 
1,000
 
Mt. Diablo Hospital District, California, Insured Hospital Revenue Bonds, Series 1993A, 5.125%, 12/01/23 – AMBAC Insured (ETM)
 
7/14 at 100.00
 
N/R (4)
 
1,161,390
 
 
2,000
 
Murrieta Valley Unified School District Public Financing Authority, California, Special Tax Revenue Bonds, Series 2006A, 5.125%, 9/01/26 – AGM Insured
 
9/16 at 100.00
 
AA
 
2,158,720
 
 
3,600
 
New Haven Unified School District, Alameda County, California, General Obligation Bonds, Series 2004A, 0.000%, 8/01/28 – NPFG Insured
 
No Opt. Call
 
AA–
 
1,725,624
 
 
10,575
 
Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue Refunding Bonds, Redevelopment Project 1, Series 1995, 7.200%,
8/01/17 – NPFG Insured
 
No Opt. Call
 
AA–
 
11,482,018
 
 
2,325
 
Palmdale Community Redevelopment Agency, California, Restructured Single Family Mortgage Revenue Bonds, Series 1986D, 8.000%, 4/01/16 (Alternative Minimum Tax) (ETM)
 
No Opt. Call
 
Aaa
 
2,665,427
 
 
2,525
 
Palmdale, California, Certificates of Participation, Park Improvement and Avenue Construction, Series 2002, 5.000%, 9/01/32 – NPFG Insured
 
9/14 at 100.00
 
AA–
 
2,531,186
 
 
5,960
 
Palomar Pomerado Health, California, General Obligation Bonds, Election of 2004, Series 2007A, 5.000%, 8/01/32 – NPFG Insured
 
8/17 at 100.00
 
AA–
 
6,151,674
 
 
9,320
 
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/33 – AGC Insured
 
No Opt. Call
 
AA
 
3,588,014
 
 
1,945
 
Rancho Mirage Joint Powers Financing Authority, California, Certificates of Participation, Eisenhower Medical Center, Series 1997B, 4.875%, 7/01/22 – NPFG Insured
 
7/15 at 102.00
 
Baa1
 
1,995,687
 
 
1,830
 
San Diego Public Facilities Financing Authority, California, Water Utility Revenue Bonds, Tender Option Bond Trust 3504, 20.033%, 2/01/33 (IF)
 
8/19 at 100.00
 
Aa2
 
2,982,479
 
 
26
 
Nuveen Investments

 
 

 
 
 
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:
             
$
7,210
 
0.000%, 1/15/23 – NPFG Insured
 
No Opt. Call
 
AA–
$
4,616,779
 
 
13,540
 
0.000%, 1/15/32 – NPFG Insured
 
No Opt. Call
 
AA–
 
4,822,948
 
 
3,000
 
0.000%, 1/15/35 – NPFG Insured
 
No Opt. Call
 
AA–
 
870,510
 
 
2,965
 
San Juan Unified School District, Sacramento County, California, General Obligation Bonds, Series 2004A, 0.000%, 8/01/28 – NPFG Insured
 
No Opt. Call
 
Aa2
 
1,587,846
 
 
4,005
 
San Mateo Union High School District, San Mateo County, California, General Obligation Bonds, Election of 2000, Series 2002B, 0.000%, 9/01/26 – FGIC Insured
 
No Opt. Call
 
AA+
 
2,576,857
 
 
2,385
 
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 4.750%, 6/01/23
 
6/15 at 100.00
 
B+
 
2,293,750
 
 
2,630
 
Union Elementary School District, Santa Clara County, California, General Obligation Bonds, Series 2001B, 0.000%, 9/01/25 – FGIC Insured
 
No Opt. Call
 
AA+
 
1,751,817
 
 
5,245
 
Vacaville Unified School District, California, General Obligation Bonds, Series 2005, 5.000%, 8/01/30 – NPFG Insured
 
8/15 at 100.00
 
AA–
 
5,489,207
 
 
230,000
 
Total California
         
199,805,136
 
     
Colorado – 9.6% (6.0% of Total Investments)
             
 
5,240
 
Adams 12 Five Star Schools, Adams County, Colorado, General Obligation Bonds, Series 2005, 5.000%, 12/15/24 (Pre-refunded 12/15/15) – AGM Insured
 
12/15 at 100.00
 
AA (4)
 
5,642,642
 
 
3,000
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Peak-to-Peak Charter School, Series 2004, 5.250%, 8/15/34 – SYNCORA GTY Insured
 
8/14 at 100.00
 
A
 
3,008,280
 
 
6,350
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2006A, 4.500%, 9/01/38
 
9/16 at 100.00
 
A+
 
6,369,177
 
 
2,295
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2011A, 5.000%, 2/01/41
 
2/21 at 100.00
 
A+
 
2,407,340
 
 
14,000
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
 
1/20 at 100.00
 
AA–
 
14,627,340
 
 
2,000
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Valley View Hospital Association, Series 2007, 5.250%, 5/15/42
 
5/17 at 100.00
 
BBB+
 
2,034,760
 
 
3,225
 
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 11/15/43
 
11/23 at 100.00
 
A
 
3,450,911
 
 
13,620
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 9/01/21 – NPFG Insured
 
No Opt. Call
 
AA–
 
10,648,252
 
     
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:
             
 
16,200
 
0.000%, 9/01/32 – NPFG Insured
 
No Opt. Call
 
AA–
 
6,174,954
 
 
33,120
 
0.000%, 9/01/33 – NPFG Insured
 
No Opt. Call
 
AA–
 
11,776,147
 
     
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A:
             
 
9,310
 
0.000%, 9/01/28 – NPFG Insured
 
No Opt. Call
 
AA–
 
4,743,073
 
 
18,500
 
0.000%, 3/01/36 – NPFG Insured
 
No Opt. Call
 
AA–
 
5,645,645
 
 
755
 
Jefferson County School District R1, Colorado, General Obligation Bonds, Series 2004, 5.000%, 12/15/22 (Pre-refunded 12/15/14) – AGM Insured
 
12/14 at 100.00
 
AA (4)
 
777,846
 
     
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010:
             
 
5,000
 
6.500%, 1/15/30
 
7/20 at 100.00
 
Baa3
 
5,579,000
 
 
3,750
 
6.000%, 1/15/41
 
7/20 at 100.00
 
Baa3
 
4,001,250
 
 
40
 
University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 – FGIC Insured
 
6/15 at 100.00
 
Aa2
 
41,740
 
     
University of Colorado, Enterprise System Revenue Bonds, Series 2005:
             
 
2,130
 
5.000%, 6/01/30 (Pre-refunded 6/01/15) – FGIC Insured
 
6/15 at 100.00
 
Aa2 (4)
 
2,240,590
 
 
1,145
 
5.000%, 6/01/30 (Pre-refunded 6/01/15) – FGIC Insured
 
6/15 at 100.00
 
Aa2 (4)
 
1,204,448
 
 
139,680
 
Total Colorado
         
90,373,395
 
 
Nuveen Investments
 
27

 
 

 
 
NPP
Nuveen Performance Plus Municipal Fund, Inc.
 
 
Portfolio of Investments (continued)
 
   
April 30, 2014 (Unaudited)
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Connecticut – 0.9% (0.6% of Total Investments)
             
$
7,640
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Series 2007Z-1, 5.000%, 7/01/42
 
7/16 at 100.00
 
AAA
$
8,179,690
 
     
District of Columbia – 0.8% (0.5% of Total Investments)
             
 
2,430
 
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001, 6.250%, 5/15/24
 
5/14 at 100.00
 
A1
 
2,429,781
 
 
5,000
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Senior Lien Refunding Series 2007A, 4.500%, 10/01/30 – AMBAC Insured
 
10/16 at 100.00
 
A1
 
5,065,600
 
 
7,430
 
Total District of Columbia
         
7,495,381
 
     
Florida – 7.8% (4.9% of Total Investments)
             
 
1,700
 
Beacon Tradeport Community Development District, Miami-Dade County, Florida, Special Assessment Bonds, Commercial Project, Series 2002A, 5.625%, 5/01/32 – RAAI Insured
 
7/14 at 100.00
 
N/R
 
1,700,510
 
     
Broward County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, Venice Homes Apartments, Series 2001A:
             
 
1,545
 
5.700%, 1/01/32 – AGM Insured (Alternative Minimum Tax)
 
7/14 at 100.00
 
AA
 
1,552,663
 
 
1,805
 
5.800%, 1/01/36 – AGM Insured (Alternative Minimum Tax)
 
7/14 at 100.00
 
AA
 
1,814,187
 
 
5,600
 
Escambia County Health Facilities Authority, Florida, Revenue Bonds, Ascension Health Credit Group, Series 2003A, 5.250%, 11/15/14
 
No Opt. Call
 
AA+
 
5,754,728
 
 
2,870
 
Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Series 2006-2, 4.950%, 7/01/37 (Alternative Minimum Tax)
 
1/16 at 100.00
 
AA+
 
2,935,379
 
 
10,000
 
JEA, Florida, Electric System Revenue Bonds, Series Three 2006A, 5.000%, 10/01/41 – AGM Insured (UB)
 
4/15 at 100.00
 
AA
 
10,342,700
 
 
3,775
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2005A, 5.000%, 10/01/37 – SYNCORA GTY Insured (Alternative Minimum Tax)
 
10/15 at 100.00
 
A
 
3,801,840
 
 
5,000
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010A-1, 5.375%, 10/01/41
 
10/20 at 100.00
 
A
 
5,432,850
 
 
2,500
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 5.000%, 10/01/27
 
10/20 at 100.00
 
A
 
2,785,300
 
 
2,410
 
Miami-Dade County, Florida, General Obligation Bonds, Parks Program, Series 2005, 4.300%, 11/01/30 – NPFG Insured
 
11/15 at 100.00
 
AA
 
2,451,476
 
 
5,500
 
Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2012, 5.000%, 7/01/31
 
No Opt. Call
 
AA
 
6,075,355
 
 
1,665
 
Orange County Health Facilities Authority, Florida, Orlando Regional Healthcare System Revenue Bonds, Series 2009, 5.125%, 10/01/26
 
10/19 at 100.00
 
A
 
1,786,412
 
 
2,500
 
Orange County School Board, Florida, Certificates of Participation, Series 2004A, 5.000%, 8/01/29 (Pre-refunded 8/01/14) – AMBAC Insured
 
8/14 at 100.00
 
Aa2 (4)
 
2,530,700
 
 
2,400
 
Orange County School Board, Florida, Certificates of Participation, Series 2005B, 5.000%, 8/01/25 – AMBAC Insured
 
8/15 at 100.00
 
Aa2
 
2,527,008
 
 
5,085
 
Orange County, Florida, Tourist Development Tax Revenue Bonds, Refunding Series 2007, 4.750%, 10/01/29 – FGIC Insured
 
No Opt. Call
 
AA–
 
5,428,034
 
     
Port Saint Lucie. Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, Series 2007:
             
 
2,000
 
5.000%, 7/01/33 – NPFG Insured
 
7/17 at 100.00
 
AA–
 
2,058,580
 
 
4,700
 
5.000%, 7/01/40 – NPFG Insured
 
7/17 at 100.00
 
AA–
 
4,805,327
 
 
6,000
 
Saint John’s County, Florida, Sales Tax Revenue Bonds, Series 2006, 5.000%, 10/01/36 – BHAC Insured
 
10/16 at 100.00
 
AA+
 
6,454,320
 
 
3,300
 
Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, 5.000%, 11/15/33
 
5/22 at 100.00
 
Aa2
 
3,559,083
 
 
70,355
 
Total Florida
         
73,796,452
 
 
28
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Georgia – 1.5% (0.9% of Total Investments)
             
$
5,000
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.500%, 11/01/22 – FGIC Insured
 
No Opt. Call
 
AA–
$
5,898,300
 
 
2,000
 
DeKalb County Hospital Authority, Georgia, Anticipation Certificates Revenue Bonds, DeKalb Medical Center, Inc. Project, Series 2010, 6.000%, 9/01/30
 
9/20 at 100.00
 
BBB
 
2,103,980
 
 
3,000
 
East Point Building Authority, Georgia, Revenue Bonds, Water and Sewer Project Series 2006A, 5.000%, 2/01/30 – SYNCORA GTY Insured
 
2/16 at 100.00
 
N/R
 
3,014,520
 
 
2,500
 
Medical Center Hospital Authority, Georgia, Revenue Anticipation Certificates, Columbus Regional Healthcare System, Inc. Project, Series 2008, 6.500%,
8/01/38 – AGC Insured
 
8/18 at 100.00
 
AA
 
2,761,025
 
 
12,500
 
Total Georgia
         
13,777,825
 
     
Idaho – 0.0% (0.0% of Total Investments)
             
 
30
 
Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 2000D, 6.200%, 7/01/14 (Alternative Minimum Tax)
 
6/14 at 100.00
 
A1
 
30,165
 
     
Illinois – 27.2% (17.2% of Total Investments)
             
 
1,470
 
Chicago Board of Education, Cook County, Illinois, General Obligation Bonds, Dedicated Revenues Series 2011A, 5.000%, 12/01/41
 
12/21 at 100.00
 
A+
 
1,455,815
 
 
10,000
 
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1, 0.000%, 12/01/19 – FGIC Insured
 
No Opt. Call
 
AA–
 
8,644,100
 
 
10,000
 
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1999A, 0.000%, 12/01/20 – FGIC Insured
 
No Opt. Call
 
AA–
 
8,205,700
 
 
1,785
 
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien Series 2005A, 5.000%, 1/01/33 – FGIC Insured
 
1/16 at 100.00
 
AA–
 
1,860,738
 
     
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999:
             
 
32,170
 
0.000%, 1/01/21 – FGIC Insured
 
No Opt. Call
 
AA–
 
25,725,706
 
 
32,670
 
0.000%, 1/01/22 – FGIC Insured
 
No Opt. Call
 
AA–
 
24,057,535
 
 
9,240
 
Chicago, Illinois, Revenue Bonds, Midway Airport, Series 1996A, 5.500%, 1/01/29 – NPFG Insured
 
7/14 at 100.00
 
AA–
 
9,277,514
 
 
5,325
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33
 
11/20 at 100.00
 
AA
 
5,703,128
 
     
DuPage County Forest Preserve District, Illinois, General Obligation Bonds, Series 2000:
             
 
8,000
 
0.000%, 11/01/18
 
No Opt. Call
 
AAA
 
7,503,520
 
 
15,285
 
0.000%, 11/01/19
 
No Opt. Call
 
AAA
 
13,849,127
 
 
1,500
 
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, 11/01/39
 
11/19 at 100.00
 
AA
 
1,667,295
 
 
2,000
 
Illinois Finance Authority, Revenue Bonds, Children’s Memorial Hospital, Series 2008A, 5.250%, 8/15/47 – AGC Insured (UB)
 
8/18 at 100.00
 
AA
 
2,066,480
 
 
5,245
 
Illinois Finance Authority, Revenue Bonds, Loyola University of Chicago, Tender Option Bond Trust 1137, 9.344%, 7/01/15 (IF)
 
No Opt. Call
 
Aa1
 
5,910,118
 
 
3,000
 
Illinois Finance Authority, Revenue Bonds, Memorial Health System, Series 2009, 5.500%, 4/01/34
 
4/19 at 100.00
 
A+
 
3,179,820
 
 
2,000
 
Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34
 
8/19 at 100.00
 
BBB+
 
2,483,280
 
 
870
 
Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A, 6.000%, 7/01/43
 
7/23 at 100.00
 
A–
 
953,398
 
 
2,500
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C, 5.500%, 8/15/41 (UB) (5)
 
2/21 at 100.00
 
AA–
 
2,698,575
 
     
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2004A:
             
 
815
 
5.000%, 7/01/34 (Pre-refunded 7/01/14)
 
7/14 at 100.00
 
Aa1 (4)
 
821,716
 
 
185
 
5.000%, 7/01/34 (Pre-refunded 7/01/14)
 
7/14 at 100.00
 
Aa1 (4)
 
186,524
 
     
Illinois Finance Authority, Revenue Refunding Bonds, Silver Cross Hospital and Medical Centers, Series 2008A:
             
 
2,250
 
6.000%, 8/15/23
 
8/18 at 100.00
 
BBB+
 
2,471,760
 
 
3,055
 
5.500%, 8/15/30
 
8/18 at 100.00
 
BBB+
 
3,160,764
 
 
Nuveen Investments
 
29

 
 

 

NPP
Nuveen Performance Plus Municipal Fund, Inc.
 
 
Portfolio of Investments (continued)
 
   
April 30, 2014 (Unaudited)
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Illinois (continued)
             
$
4,960
 
Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., Refunding Series 2007A, 5.250%, 5/01/34
 
5/17 at 100.00
 
BBB+
$
4,972,499
 
 
995
 
Illinois Health Facilities Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 1999, 5.250%, 8/15/15
 
8/14 at 100.00
 
BBB+
 
998,244
 
 
2,515
 
Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/24
 
8/22 at 100.00
 
A–
 
2,804,879
 
 
2,235
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/38
 
1/23 at 100.00
 
AA–
 
2,361,188
 
 
28,000
 
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
 
9,623,880
 
 
10,650
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Hospitality Facility, Series 1996A, 7.000%, 7/01/26 (ETM)
 
No Opt. Call
 
Aaa
 
14,383,251
 
     
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place Expansion Project, Series 1996A:
             
 
9,400
 
0.000%, 12/15/18 – NPFG Insured
 
No Opt. Call
 
AA–
 
8,567,536
 
 
16,570
 
0.000%, 12/15/20 – NPFG Insured
 
No Opt. Call
 
AA–
 
13,658,485
 
 
23,920
 
0.000%, 12/15/22 – NPFG Insured
 
No Opt. Call
 
AA–
 
17,773,517
 
 
13,350
 
0.000%, 12/15/24 – NPFG Insured
 
No Opt. Call
 
AA–
 
9,000,036
 
 
5,100
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place Expansion Project, Series 1998A, 5.500%, 12/15/23 – FGIC Insured
 
No Opt. Call
 
AAA
 
5,854,851
 
 
5,180
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place Expansion Project, Series 1998A, 5.500%, 12/15/23 – FGIC Insured (ETM)
 
No Opt. Call
 
AA– (4)
 
6,246,355
 
 
2,685
 
Midlothian, Illinois, General Obligation Bonds, Series 2010A, 5.000%, 2/01/30 – AGM Insured
 
2/20 at 100.00
 
AA
 
2,819,492
 
 
17,865
 
Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 1999, 5.750%, 6/01/23 – AGM Insured
 
No Opt. Call
 
AA
 
22,295,877
 
 
4,810
 
Will County Community High School District 210 Lincoln-Way, Illinois, General Obligation Bonds, Series 2006, 0.000%, 1/01/23 – AGM Insured
 
No Opt. Call
 
Aa2
 
3,551,367
 
 
297,600
 
Total Illinois
         
256,794,070
 
     
Indiana – 3.7% (2.3% of Total Investments)
             
 
3,000
 
Delaware County Hospital Authority, Indiana, Hospital Revenue Bonds, Cardinal Health System, Series 2006, 5.250%, 8/01/36
 
8/16 at 100.00
 
A3
 
3,097,470
 
 
2,525
 
Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 2012A, 5.000%, 5/01/42
 
5/23 at 100.00
 
A
 
2,640,443
 
 
3,075
 
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
 
3,126,845
 
 
750
 
Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Clarian Health Obligation Group, Series 2006B, 5.000%, 2/15/23
 
2/16 at 100.00
 
AA–
 
797,130
 
 
840
 
Indiana Health Facility Financing Authority, Hospital Revenue Refunding Bonds, Columbus Regional Hospital, Series 1993, 7.000%, 8/15/15 – AGM Insured
 
No Opt. Call
 
AA
 
874,541
 
 
4,320
 
Indiana Health Facility Financing Authority, Revenue Bonds, Ancilla Systems Inc. Obligated Group, Series 1997, 5.250%, 7/01/22 – NPFG Insured (ETM)
 
7/14 at 100.00
 
AA– (4)
 
4,337,971
 
 
3,000
 
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest Indiana, Series 2007, 5.500%, 3/01/37
 
3/17 at 100.00
 
A
 
3,139,020
 
 
2,000
 
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)
 
2,096,580
 
 
3,000
 
Indiana Municipal Power Agency, Power Supply System Revenue Bonds, Series 2011A, 5.000%, 1/01/31
 
No Opt. Call
 
A+
 
3,278,040
 
 
9,560
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/26 – AMBAC Insured
 
No Opt. Call
 
AA
 
6,405,774
 
 
2,395
 
Shelbyville Central Renovation School Building Corporation, Indiana, First Mortgage Bonds, Series 2005, 4.375%, 7/15/26 (Pre-refunded 7/15/15) – NPFG Insured
 
7/15 at 100.00
 
AA+ (4)
 
2,514,990
 
 
30
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Indiana (continued)
             
$
1,800
 
Sunman Dearborn High School Building Corporation, Indiana, First Mortgage Bonds, Series 2005, 5.000%, 7/15/25 (Pre-refunded 1/15/15) – NPFG Insured
 
1/15 at 100.00
 
AA+ (4)
$
1,861,560
 
 
1,580
 
Zionsville Community Schools Building Corporation, Indiana, First Mortgage Bonds, Series 2005Z, 0.000%, 1/15/28 – AGM Insured
 
No Opt. Call
 
AA
 
943,086
 
 
37,845
 
Total Indiana
         
35,113,450
 
     
Iowa – 2.5% (1.6% of Total Investments)
             
 
1,500
 
Iowa Finance Authority, Health Facility Revenue Bonds, Care Initiatives Project, Series 2006A, 5.500%, 7/01/21
 
7/16 at 100.00
 
BB+
 
1,555,545
 
     
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013:
             
 
3,000
 
5.000%, 12/01/19
 
No Opt. Call
 
BB–
 
3,043,650
 
 
2,220
 
5.250%, 12/01/25
 
12/23 at 100.00
 
BB–
 
2,227,526
 
     
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:
             
 
5,000
 
5.375%, 6/01/38
 
6/15 at 100.00
 
B+
 
4,338,750
 
 
4,465
 
5.500%, 6/01/42
 
6/15 at 100.00
 
B+
 
3,798,063
 
 
5,400
 
5.625%, 6/01/46
 
6/15 at 100.00
 
B+
 
4,627,746
 
 
4,500
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34
 
6/17 at 100.00
 
B+
 
4,103,010
 
 
26,085
 
Total Iowa
         
23,694,290
 
     
Kansas – 0.3% (0.2% of Total Investments)
             
 
3,755
 
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital Appreciation Revenue Bonds Redevelopment Project Area B – Major Multi-Sport Athletic Complex Project, Subordinate Lien Series 2010B, 0.000%, 6/01/21
 
No Opt. Call
 
A–
 
2,593,391
 
     
Louisiana – 0.5% (0.3% of Total Investments)
             
 
220
 
East Baton Rouge Mortgage Finance Authority, Louisiana, GNMA/FNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue Refunding Bonds, Series 1997B-1, 5.750%, 10/01/26
 
7/14 at 100.00
 
Aaa
 
220,354
 
 
4,000
 
Lafayette, Louisiana, Utilities Revenue Bonds, Series 2004, 5.250%, 11/01/25 (Pre-refunded 11/01/14) – NPFG Insured
 
11/14 at 100.00
 
AA– (4)
 
4,102,880
 
 
4,220
 
Total Louisiana
         
4,323,234
 
     
Maine – 0.1% (0.1% of Total Investments)
             
 
1,050
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Maine General Medical Center, Series 2011, 6.750%, 7/01/41
 
7/21 at 100.00
 
BBB–
 
1,137,129
 
     
Maryland – 0.7% (0.4% of Total Investments)
             
 
3,500
 
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
 
3,640,175
 
 
2,550
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Washington County Hospital, Series 2008, 6.000%, 1/01/28
 
1/18 at 100.00
 
BBB
 
2,698,206
 
 
6,050
 
Total Maryland
         
6,338,381
 
     
Massachusetts – 4.1% (2.6% of Total Investments)
             
 
6,250
 
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Senior Lien Series 2010B, 5.000%, 1/01/37
 
1/20 at 100.00
 
A+
 
6,584,938
 
 
1,250
 
Massachusetts Development Finance Agency, Hospital Revenue Bonds, Cape Cod Healthcare Obligated Group, Series 2013, 5.250%, 11/15/41
 
11/23 at 100.00
 
A–
 
1,332,038
 
     
Massachusetts Development Finance Authority, Revenue Bonds, 100 Cambridge Street Redevelopment, M/SRBC Project, Series 2002A:
             
 
4,000
 
5.125%, 8/01/28 – NPFG Insured
 
7/14 at 100.00
 
AA–
 
4,003,400
 
 
7,125
 
5.125%, 2/01/34 – NPFG Insured
 
7/14 at 100.00
 
AA–
 
7,128,491
 

 
Nuveen Investments
 
31

 
 

 

NPP
Nuveen Performance Plus Municipal Fund, Inc.
 
 
Portfolio of Investments (continued)
 
   
April 30, 2014 (Unaudited)
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Massachusetts (continued)
             
$
4,500
 
Massachusetts Health and Education Facilities Authority, Revenue Bonds, Partners HealthCare System, Series 2010J, 5.000%, 7/01/39
 
7/19 at 100.00
 
AA
$
4,813,830
 
 
8,730
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Berkshire Health System, Series 2005F, 5.000%, 10/01/19 – AGC Insured
 
10/15 at 100.00
 
AA
 
9,153,318
 
 
500
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc., Series 2008E-1 &2, 5.125%, 7/01/38
 
7/18 at 100.00
 
A–
 
517,685
 
 
4,560
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior Series 2013A, 5.000%, 5/15/43
 
5/23 at 100.00
 
AA+
 
5,028,540
 
 
36,915
 
Total Massachusetts
         
38,562,240
 
     
Michigan – 3.8% (2.4% of Total Investments)
             
 
1,060
 
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+
 
1,034,613
 
 
1,250
 
Detroit, Michigan, Distributable State Aid General Obligation Bonds, Limited Tax Series 2010, 4.500%, 11/01/23
 
11/20 at 100.00
 
AA
 
1,299,613
 
     
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A:
             
 
5,565
 
5.000%, 7/01/30 – NPFG Insured
 
7/15 at 100.00
 
AA–
 
5,418,362
 
 
5,000
 
5.000%, 7/01/35 – NPFG Insured
 
7/15 at 100.00
 
AA–
 
4,826,800
 
 
3,305
 
Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2006B, 5.000%, 7/01/33 – FGIC Insured
 
7/16 at 100.00
 
AA–
 
3,198,678
 
 
2,000
 
Detroit, Michigan, Water Supply System Second Lien Revenue Bonds, Series 2006A, 5.250%, 7/01/16 – NPFG Insured
 
No Opt. Call
 
AA–
 
2,008,340
 
 
1,000
 
Detroit, Michigan, Water Supply System Senior Lien Revenue Refunding Bonds, Series 2005C, 5.000%, 7/01/22 – FGIC Insured
 
7/15 at 100.00
 
AA–
 
992,390
 
 
2,000
 
Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Refunding Bonds, Bronson Methodist Hospital, Series 2010, 5.250%, 5/15/36 – AGM Insured
 
5/20 at 100.00
 
A2
 
2,111,000
 
 
6,250
 
Michigan State Building Authority, Revenue Bonds, Refunding Series 2006IA, 0.000%, 10/15/30 – FGIC Insured
 
10/16 at 50.02
 
AA–
 
2,814,750
 
 
3,050
 
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2008A, 6.875%, 6/01/42
 
6/18 at 100.00
 
BB–
 
2,918,576
 
 
2,500
 
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital Obligated Group, Refunding Series 2009W, 6.375%, 8/01/29
 
8/19 at 100.00
 
A1
 
2,827,900
 
 
1,150
 
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital, Refunding Series 2009V, 8.250%, 9/01/39
 
9/18 at 100.00
 
A1
 
1,411,821
 
 
4,930
 
Wayne County Airport Authority, Michigan, Revenue Bonds, Series 2007, 5.000%, 12/01/27 – NPFG Insured (Alternative Minimum Tax)
 
12/17 at 100.00
 
AA–
 
5,173,986
 
 
39,060
 
Total Michigan
         
36,036,829
 
     
Minnesota – 2.3% (1.4% of Total Investments)
             
 
5,000
 
Maple Grove, Minnesota, Health Care Facilities Revenue Bonds, Maple Grove Hospital Corporation, Series 2007, 5.250%, 5/01/37
 
5/17 at 100.00
 
Baa1
 
5,101,400
 
 
14,540
 
St. Paul Housing and Redevelopment Authority, Minnesota, Sales Tax Revenue Refunding Bonds, Civic Center Project, Series 1996, 7.100%, 11/01/23 – AGM Insured
 
11/15 at 103.00
 
AA
 
16,232,892
 
 
19,540
 
Total Minnesota
         
21,334,292
 
     
Mississippi – 1.3% (0.8% of Total Investments)
             
 
9,750
 
Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22
 
10/14 at 100.00
 
BBB
 
9,753,900
 
 
2,475
 
Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial Healthcare, Series 2004B-1, 5.000%, 9/01/24 (UB)
 
9/14 at 100.00
 
AA–
 
2,508,437
 
 
12,225
 
Total Mississippi
         
12,262,337
 
 
32
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Missouri – 3.5% (2.2% of Total Investments)
             
$
2,585
 
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/44
 
10/22 at 100.00
 
AA+
$
2,799,865
 
 
10,370
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2013A, 5.000%, 11/15/48
 
11/23 at 100.00
 
A2
 
10,833,954
 
 
4,885
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, BJC Health System, Series 1993, 5.250%, 5/15/14
 
No Opt. Call
 
AA
 
4,895,405
 
 
6,000
 
Missouri Joint Municipal Electric Utility Commission, Plum Point Project, Revenue Bonds, Series 2006, 5.000%, 1/01/34 – NPFG Insured
 
1/16 at 100.00
 
AA–
 
6,208,020
 
 
3,000
 
Missouri Joint Municipal Electric Utility Commission, Prairie State Power Project Revenue Bonds, Series 2007A, 5.000%, 1/01/32 – AMBAC Insured
 
1/17 at 100.00
 
AA+
 
3,251,070
 
 
5,130
 
Saint Louis, Missouri, Parking Revenue Bonds, Series 2006A, 5.000%, 12/15/31 – NPFG Insured
 
12/16 at 100.00
 
AA–
 
5,410,868
 
 
31,970
 
Total Missouri
         
33,399,182
 
     
Nevada – 3.6% (2.3% of Total Investments)
             
 
24,195
 
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.250%, 7/01/42
 
1/20 at 100.00
 
A+
 
25,885,263
 
     
Reno, Nevada, Health Facilities Revenue Bonds, Catholic Healthcare West, Trust 2634:
             
 
5,130
 
5.250%, 7/01/31
 
7/17 at 100.00
 
A
 
5,376,445
 
 
2,500
 
18.908%, 7/01/31 – BHAC Insured (IF) (5)
 
7/17 at 100.00
 
AA+
 
3,071,000
 
 
31,825
 
Total Nevada
         
34,332,708
 
     
New Hampshire – 0.6% (0.4% of Total Investments)
             
 
5,000
 
New Hampshire Business Finance Authority, Revenue Bonds, Elliot Hospital Obligated Group Issue, Series 2009A, 6.125%, 10/01/39
 
10/19 at 100.00
 
Baa1
 
5,359,400
 
     
New Jersey – 4.0% (2.5% of Total Investments)
             
 
940
 
New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge Replacement Project, Series 2013, 5.125%, 1/01/39 – AGM Insured (Alternative Minimum Tax)
 
1/24 at 100.00
 
AA
 
1,001,532
 
 
3,500
 
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A, 5.250%, 7/01/33 – NPFG Insured
 
7/14 at 100.00
 
AA–
 
3,527,370
 
 
1,500
 
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Series 2007, 5.750%, 7/01/37
 
7/18 at 100.00
 
BB+
 
1,505,640
 
 
4,500
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2001C, 5.500%, 12/15/18 – AGM Insured
 
No Opt. Call
 
AA
 
5,313,915
 
     
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C:
             
 
1,815
 
0.000%, 12/15/26 – AMBAC Insured
 
No Opt. Call
 
AA+
 
1,112,214
 
 
10,000
 
0.000%, 12/15/30 – FGIC Insured
 
No Opt. Call
 
AA–
 
4,530,200
 
 
38,000
 
0.000%, 12/15/33 – AGM Insured
 
No Opt. Call
 
AA
 
14,444,560
 
 
2,000
 
Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L, 5.000%, 5/01/38
 
5/23 at 100.00
 
AA–
 
2,211,260
 
 
5,000
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 4.750%, 6/01/34
 
6/17 at 100.00
 
B2
 
3,928,100
 
 
67,255
 
Total New Jersey
         
37,574,791
 
     
New York – 5.7% (3.6% of Total Investments)
             
 
1,175
 
Dormitory Authority of the State of New York, Insured Revenue Bonds, 853 Schools Program, Gateway-Longview Inc., Series 1998A, 5.500%, 7/01/18 – AMBAC Insured
 
7/14 at 100.00
 
N/R
 
1,177,879
 
 
8,115
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.250%, 2/15/47
 
2/21 at 100.00
 
A
 
8,609,609
 
 
2,000
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%, 2/15/47 – FGIC Insured
 
2/17 at 100.00
 
A
 
2,041,200
 
 
4,410
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/38
 
5/21 at 100.00
 
A–
 
4,631,691
 

 
Nuveen Investments
 
33

 
 

 

NPP
Nuveen Performance Plus Municipal 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)
             
$
1,000
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Refunding Series 2010A, 5.000%, 5/01/14
 
No Opt. Call
 
A–
$
1,000,130
 
 
13,600
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2006B, 4.500%, 11/15/32 – AGM Insured (UB)
 
11/16 at 100.00
 
AA
 
13,846,568
 
 
11,560
 
New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Fiscal Series 2005A, 5.000%, 6/15/39 (Pre-refunded 6/15/14)
 
6/14 at 100.00
 
AAA
 
11,630,632
 
 
5,000
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2013 Series I, 5.000%, 5/01/38
 
5/23 at 100.00
 
AAA
 
5,495,850
 
 
2,000
 
New York Liberty Development Corporation, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.750%, 11/15/51
 
No Opt. Call
 
A+
 
2,215,600
 
 
2,650
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42
 
12/20 at 100.00
 
BBB
 
2,917,862
 
 
51,510
 
Total New York
         
53,567,021
 
     
North Carolina – 2.4% (1.5% of Total Investments)
             
 
5,550
 
Charlotte-Mecklenberg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Series 2008A, 5.000%, 1/15/39
 
1/18 at 100.00
 
AA–
 
5,777,051
 
 
4,900
 
Charlotte-Mecklenburg Hospital Authority, North Carolina, Healthcare System Revenue Bonds, DBA Carolinas Healthcare System, Series 2005A, 5.000%, 1/15/45 (Pre-refunded 1/15/15)
 
1/15 at 100.00
 
AA+ (4)
 
5,068,315
 
 
3,300
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Refunding Bonds, WakeMed, Series 2012A, 5.000%, 10/01/31
 
10/22 at 100.00
 
AA–
 
3,585,450
 
 
3,500
 
North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Duke University Health System, Series 2009A, 5.000%, 6/01/42
 
6/19 at 100.00
 
AA
 
3,816,960
 
 
4,055
 
North Carolina Medical Care Commission, Healthcare Revenue Refunding Bonds, Novant Health Inc., Series 2006, 5.000%, 11/01/39 – NPFG Insured
 
11/16 at 100.00
 
AA+
 
4,376,115
 
 
21,305
 
Total North Carolina
         
22,623,891
 
     
North Dakota – 0.5% (0.3% of Total Investments)
             
 
3,910
 
Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011, 6.250%, 11/01/31
 
11/21 at 100.00
 
A+
 
4,571,963
 
     
Ohio – 6.8% (4.3% of Total Investments)
             
 
10,000
 
American Municipal Power Ohio Inc., General Revenue Bonds, Prairie State Energy Campus Project Series 2008A, 5.250%, 2/15/43
 
2/18 at 100.00
 
A1
 
10,855,200
 
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
             
 
7,400
 
5.125%, 6/01/24
 
6/17 at 100.00
 
B–
 
6,395,598
 
 
5,640
 
5.875%, 6/01/30
 
6/17 at 100.00
 
B
 
4,725,305
 
 
4,875
 
5.750%, 6/01/34
 
6/17 at 100.00
 
B
 
4,007,689
 
 
4,290
 
6.000%, 6/01/42
 
6/17 at 100.00
 
B+
 
3,525,179
 
 
14,830
 
5.875%, 6/01/47
 
6/17 at 100.00
 
B
 
12,218,140
 
 
11,460
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37
 
6/22 at 100.00
 
B
 
9,871,300
 
 
2,305
 
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2011A, 6.000%, 11/15/41
 
11/21 at 100.00
 
AA
 
2,635,583
 
 
6,280
 
Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2004A, 5.000%, 5/01/30
 
7/14 at 100.00
 
A+
 
6,295,637
 
 
3,685
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 2013A-1, 5.000%, 2/15/48
 
2/23 at 100.00
 
A+
 
3,913,470
 
 
70,765
 
Total Ohio
         
64,443,101
 
 
34
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Pennsylvania – 4.3% (2.7% of Total Investments)
             
$
1,250
 
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, University of Pittsburgh Medical Center, Series 2009A, 5.500%, 8/15/34
 
8/19 at 100.00
 
Aa3
$
1,413,988
 
     
Bethlehem Authority, Northampton and Lehigh Counties, Pennsylvania, Guaranteed Water Revenue Bonds, Series 1998:
             
 
3,125
 
0.000%, 5/15/22 – AGM Insured
 
No Opt. Call
 
AA
 
2,522,438
 
 
3,125
 
0.000%, 5/15/23 – AGM Insured
 
No Opt. Call
 
AA
 
2,419,969
 
 
3,135
 
0.000%, 5/15/24 – AGM Insured
 
No Opt. Call
 
AA
 
2,323,160
 
 
3,155
 
0.000%, 5/15/26 – AGM Insured
 
No Opt. Call
 
AA
 
2,129,310
 
 
4,145
 
0.000%, 11/15/26 – AGM Insured
 
No Opt. Call
 
AA
 
2,741,876
 
 
2,800
 
0.000%, 5/15/28 – AGM Insured
 
No Opt. Call
 
AA
 
1,727,292
 
 
3,000
 
0.000%, 11/15/28 – AGM Insured
 
No Opt. Call
 
AA
 
1,819,110
 
 
700
 
Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue Bonds, Northampton Generating Project, Senior Lien Series 2013A0 & AE2, 5.000%, 12/01/23
 
7/14 at 100.00
 
N/R
 
605,511
 
 
2,000
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue, Series 2011B, 5.000%, 12/01/41
 
12/21 at 100.00
 
AA
 
2,118,280
 
 
1,570
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E, 0.000%, 12/01/38
 
12/27 at 100.00
 
A–
 
1,577,332
 
 
5,750
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 0.000%, 6/01/33 – AGM Insured
 
6/26 at 100.00
 
AA
 
6,368,470
 
 
11,890
 
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
 
12,383,076
 
 
45,645
 
Total Pennsylvania
         
40,149,812
 
     
Puerto Rico – 5.1% (3.2% of Total Investments)
             
 
625
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005SS, 5.000%, 7/01/25 – NPFG Insured
 
7/15 at 100.00
 
AA–
 
587,200
 
 
1,305
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2005L, 5.250%, 7/01/23 – NPFG Insured
 
No Opt. Call
 
AA–
 
1,274,306
 
 
1,000
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.250%, 7/01/31 – AMBAC Insured
 
No Opt. Call
 
BB+
 
864,290
 
 
2,500
 
Puerto Rico Municipal Finance Agency, Series 2005A, 5.250%, 8/01/24
 
8/15 at 100.00
 
BB
 
1,822,300
 
 
1,060
 
Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Bonds, Series 2007M, 5.750%, 7/01/17
 
No Opt. Call
 
BB+
 
968,829
 
 
11,975
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A, 5.000%, 8/01/24
 
8/19 at 100.00
 
A+
 
10,218,627
 
 
13,125
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010A, 0.000%, 8/01/33
 
8/29 at 100.00
 
A+
 
7,424,419
 
 
8,625
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010C, 5.250%, 8/01/41
 
8/20 at 100.00
 
A+
 
6,169,549
 
     
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
             
 
25,000
 
0.000%, 8/01/47 – AMBAC Insured
 
No Opt. Call
 
AA–
 
2,812,000
 
 
64,335
 
0.000%, 8/01/54 – AMBAC Insured
 
No Opt. Call
 
AA–
 
4,621,826
 
 
15,000
 
5.250%, 8/01/57
 
8/17 at 100.00
 
AA–
 
11,683,348
 
 
144,550
 
Total Puerto Rico
         
48,446,694
 
     
Rhode Island – 0.2% (0.1% of Total Investments)
             
 
1,805
 
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A, 6.125%, 6/01/32
 
7/14 at 100.00
 
BBB+
 
1,804,982
 
 
Nuveen Investments
 
35

 
 

 

NPP
Nuveen Performance Plus Municipal Fund, Inc.
 
 
Portfolio of Investments (continued)
 
    April 30, 2014 (Unaudited)
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
South Carolina – 3.9% (2.5% of Total Investments)
             
$
2,000
 
Dorchester County School District 2, South Carolina, Installment Purchase Revenue Bonds, GROWTH, Series 2004, 5.250%, 12/01/17 (Pre-refunded 12/01/14)
 
12/14 at 100.00
 
AA– (4)
$
2,059,440
 
 
5,500
 
Dorchester County School District 2, South Carolina, Installment Purchase Revenue Bonds, GROWTH, Series 2004, 5.250%, 12/01/29 (Pre-refunded 12/01/14)
 
12/14 at 100.00
 
AA– (4)
 
5,663,900
 
 
2,725
 
Medical University Hospital Authority, South Carolina, FHA-Insured Mortgage Revenue Bonds, Series 2004A, 5.250%, 2/15/25 (Pre-refunded 8/15/14) – NPFG Insured
 
8/14 at 100.00
 
AA– (4)
 
2,765,248
 
 
1,345
 
Myrtle Beach, South Carolina, Hospitality and Accommodation Fee Revenue Bonds, Series 2004A, 5.375%, 6/01/20 (Pre-refunded 6/01/14) – FGIC Insured
 
6/14 at 100.00
 
AA– (4)
 
1,351,026
 
     
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2:
             
 
26,955
 
0.000%, 1/01/31 – AMBAC Insured
 
No Opt. Call
 
A–
 
12,671,004
 
 
15,420
 
0.000%, 1/01/32 – AMBAC Insured
 
No Opt. Call
 
A–
 
6,880,096
 
 
4,800
 
South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2010A, 5.250%, 10/01/40
 
10/19 at 100.00
 
A1
 
5,256,912
 
 
58,745
 
Total South Carolina
         
36,647,626
 
     
Tennessee – 1.9% (1.2% of Total Investments)
             
 
2,260
 
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+
 
2,434,223
 
 
3,240
 
Chattanooga-Hamilton County Hospital Authority, Tennessee, Hospital Revenue Bonds, Erlanger Health System, Refunding Series 2004, 5.000%, 10/01/22 – AGM Insured
 
10/19 at 100.00
 
AA
 
3,568,633
 
 
380
 
Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue Refunding and Improvement Bonds, Johnson City Medical Center, Series 1998C, 5.125%, 7/01/25 (Pre-refunded 7/01/23) – NPFG Insured
 
7/23 at 100.00
 
AA– (4)
 
381,486
 
 
6,000
 
Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Refunding and Improvement Bonds, Meharry Medical College, Series 1996, 6.000%, 12/01/19 – AMBAC Insured
 
12/17 at 100.00
 
N/R
 
6,767,880
 
 
4,965
 
Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds, Wellmont Health System, Series 2006C, 5.250%, 9/01/36
 
9/16 at 100.00
 
BBB+
 
5,026,616
 
 
16,845
 
Total Tennessee
         
18,178,838
 
     
Texas – 14.7% (9.3% of Total Investments)
             
 
5,000
 
Bexar Metropolitan Water District, Texas, Waterworks System Revenue Bonds, Series 2006, 5.000%, 5/01/35 – NPFG Insured
 
5/16 at 100.00
 
AA–
 
5,313,900
 
 
2,500
 
Capital Area Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, The Roman Catholic Diocese of Austin, Series 2005B. Remarketed, 6.125%, 4/01/45
 
4/20 at 100.00
 
Baa1
 
2,724,525
 
     
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2005:
             
 
4,000
 
5.000%, 1/01/35 (Pre-refunded 1/01/15) – FGIC Insured
 
1/15 at 100.00
 
AA– (4)
 
4,129,320
 
 
13,000
 
5.000%, 1/01/45 (Pre-refunded 1/01/15) – FGIC Insured
 
1/15 at 100.00
 
AA– (4)
 
13,420,290
 
 
1,000
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.000%, 1/01/41
 
1/21 at 100.00
 
Baa2
 
1,106,200
 
 
3,000
 
Conroe Independent School District, Montgomery County, Texas, General Obligation Bonds, Schoolhouse Series 2005C, 5.000%, 2/15/30 (Pre-refunded 2/15/15)
 
2/15 at 100.00
 
AAA
 
3,114,570
 
 
3,000
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2012E, 5.000%, 11/01/42 (Alternative Minimum Tax)
 
No Opt. Call
 
A+
 
3,097,500
 
     
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate Lien Series 2013B:
             
 
3,240
 
5.000%, 4/01/53
 
10/23 at 100.00
 
AA+
 
3,420,468
 
 
15,000
 
5.000%, 4/01/53 (UB)
 
10/23 at 100.00
 
AA+
 
15,835,500
 
 
9,000
 
Harris County Hospital District, Texas, Revenue Bonds, Series 2007A, 5.250%, 2/15/42 – NPFG Insured
 
2/17 at 100.00
 
AA+
 
9,829,260
 
 
2,980
 
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–
 
2,980,805
 
 
3,885
 
Houston Independent School District, Public Facility Corporation, Harris County, Texas, Lease
 
No Opt. Call
 
AA
 
3,497,899
 
     
Revenue Bonds, Cesar E. Chavez High School, Series 1998A, 0.000%, 9/15/19 – AMBAC Insured
             
 
36
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Texas (continued)
             
$
1,495
 
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B, 0.000%, 9/01/23 – AGM Insured
 
No Opt. Call
 
AA
$
1,045,573
 
 
1,600
 
Houston, Texas, Senior Lien Airport System Revenue Bonds, Refunding Series 2009A, 5.500%, 7/01/39
 
7/18 at 100.00
 
AA–
 
1,809,920
 
 
1,275
 
Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson Memorial Hospital Project, Series 2005, 5.375%, 8/15/35
 
2/16 at 100.00
 
BBB–
 
1,291,715
 
 
33,855
 
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2006, 0.000%, 8/15/40
 
8/14 at 23.67
 
AAA
 
7,904,804
 
     
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2008:
             
 
5,000
 
0.000%, 8/15/39
 
8/17 at 27.35
 
AAA
 
1,276,900
 
 
19,800
 
0.000%, 8/15/41 (WI/DD, Settling 5/02/14)
 
8/17 at 24.20
 
AAA
 
4,473,414
 
 
2,000
 
Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, Southwest Airlines Company – Love Field Modernization Program Project, Series 2012, 5.000%, 11/01/28 (Alternative Minimum Tax)
 
11/22 at 100.00
 
BBB–
 
2,134,780
 
 
7,630
 
Northwest Independent School District, Denton County, Texas, General Obligation Bonds, Series 2007, 5.000%, 2/15/32
 
No Opt. Call
 
Aaa
 
8,349,051
 
 
2,890
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2010, 5.500%, 8/15/45
 
8/20 at 100.00
 
Aa3
 
3,085,769
 
 
5,750
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas Health Resources, Series 2007B, 5.000%, 11/15/47
 
11/17 at 100.00
 
AA–
 
5,956,253
 
 
3,500
 
Texas A&M University, Permanent University Fund Bonds, Refunding Series 2006, 5.000%, 7/01/36
 
No Opt. Call
 
AAA
 
3,763,585
 
     
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012:
             
 
14,815
 
5.000%, 12/15/27
 
No Opt. Call
 
A3
 
15,609,675
 
 
3,250
 
5.000%, 12/15/30
 
No Opt. Call
 
A3
 
3,369,633
 
 
4,905
 
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–
 
5,047,196
 
 
4,000
 
Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A, 0.000%, 8/15/25 – AMBAC Insured
 
No Opt. Call
 
A–
 
2,593,720
 
 
2,710
 
Wood County Central Hospital District, Texas, Revenue Bonds, East Texas Medical Center Quitman Project, Series 2011, 6.000%, 11/01/41
 
11/21 at 100.00
 
Baa2
 
2,941,271
 
 
180,080
 
Total Texas
         
139,123,496
 
     
Utah – 0.5% (0.3% of Total Investments)
             
 
3,000
 
Riverton, Utah, Hospital Revenue Bonds, IHC Health Services, Inc., Series 2009, 5.000%, 8/15/41
 
8/19 at 100.00
 
AA+
 
3,168,720
 
 
860
 
Utah Housing Corporation, Single Family Mortgage Bonds, Series 2002A-1, 5.300%, 7/01/18 (Alternative Minimum Tax)
 
7/14 at 100.00
 
AA–
 
861,892
 
 
65
 
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2000D-1, 6.050%, 7/01/14 (Alternative Minimum Tax)
 
6/14 at 100.00
 
AA–
 
65,341
 
 
360
 
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2000E-1, Class II, 6.150%, 1/01/27 (Alternative Minimum Tax)
 
7/14 at 100.00
 
AAA
 
360,580
 
 
135
 
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2000E-1, Class III, 6.000%, 1/01/15 (Alternative Minimum Tax)
 
7/14 at 100.00
 
AA–
 
136,990
 
 
50
 
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2001A-2, 5.650%, 7/01/27 (Alternative Minimum Tax)
 
7/14 at 100.00
 
AA
 
50,064
 
 
230
 
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2001B-1, 5.750%, 7/01/19 (Alternative Minimum Tax)
 
7/14 at 100.00
 
Aaa
 
230,573
 
 
4,700
 
Total Utah
         
4,874,160
 
     
Virgin Islands – 0.6% (0.4% of Total Investments)
             
 
5,300
 
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Series 2003, 5.000%, 10/01/33 – RAAI Insured
 
10/14 at 100.00
 
BBB+
 
5,306,254
 
 
Nuveen Investments
 
37

 
 

 

NPP
Nuveen Performance Plus Municipal Fund, Inc.
 
 
Portfolio of Investments (continued)
 
   
April 30, 2014 (Unaudited)
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Virginia – 4.3% (2.7% of Total Investments)
             
$
900
 
Henrico County Economic Development Authority, Virginia, Revenue Bonds, Bon Secours Health System Obligated Group, Series 2013, 5.000%, 11/01/30
 
No Opt. Call
 
A–
$
975,807
 
 
10,500
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Second Senior Lien Revenue Bonds, Series 2009C, 0.000%, 10/01/41 – AGC Insured
 
10/26 at 100.00
 
AA
 
10,949,085
 
 
18,000
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Second Senior Lien Revenue Bonds, Dulles Metrorail Capital Appreciation, Series 2010B, 0.000%, 10/01/44
 
10/28 at 100.00
 
BBB+
 
15,501,598
 
     
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012A:
             
 
3,000
 
5.125%, 7/01/49
 
No Opt. Call
 
BBB–
 
3,078,150
 
 
4,150
 
5.000%, 7/01/52
 
No Opt. Call
 
BBB–
 
4,204,573
 
 
5,755
 
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012B, 0.000%, 7/01/35
 
No Opt. Call
 
BBB–
 
1,773,806
 
 
4,030
 
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–
 
4,211,592
 
 
46,335
 
Total Virginia
         
40,694,611
 
     
Washington – 3.5% (2.2% of Total Investments)
             
 
12,235
 
Chelan County Public Utility District 1, Washington, Columbia River-Rock Island Hydro-Electric System Revenue Refunding Bonds, Series 1997A, 0.000%,
6/01/26 – NPFG Insured
 
No Opt. Call
 
AA+
 
8,035,579
 
     
Cowlitz County Public Utilities District 1, Washington, Electric Production Revenue Bonds, Series 2004:
             
 
465
 
5.000%, 9/01/22 – FGIC Insured
 
9/14 at 100.00
 
A1
 
472,031
 
 
3,100
 
5.000%, 9/01/28 – FGIC Insured
 
9/14 at 100.00
 
A1
 
3,139,432
 
 
4,000
 
Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, Series 2012A, 5.000%, 10/01/32
 
10/22 at 100.00
 
AA
 
4,405,800
 
 
2,000
 
Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2009A, 6.000%, 1/01/33
 
7/19 at 100.00
 
A
 
2,173,340
 
 
10,000
 
Washington State Health Care Facilities Authority, Revenue Bonds, Providence Health Care Services, Series 2006A, 4.625%, 10/01/34 – NPFG Insured (UB) (5)
 
10/16 at 100.00
 
AA
 
10,176,000
 
 
4,065
 
Washington State, General Obligation Motor Vehicle Fuel Tax Bonds, Series 2008D, 5.000%, 1/01/33
 
No Opt. Call
 
AA+
 
4,498,085
 
 
35,865
 
Total Washington
         
32,900,267
 
     
Wisconsin – 1.4% (0.9% of Total Investments)
             
 
2,500
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2013A, 5.125%, 4/15/31
 
4/23 at 100.00
 
A
 
2,644,325
 
 
1,780
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2012B, 5.000%, 2/15/40
 
2/22 at 100.00
 
A–
 
1,852,072
 
 
3,000
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Healthcare System, Series 2006A, 5.250%, 8/15/23
 
8/16 at 100.00
 
A–
 
3,190,590
 
 
5,000
 
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 6.250%, 5/01/37
 
5/19 at 100.00
 
AA–
 
5,902,050
 
 
12,280
 
Total Wisconsin
         
13,589,037
 
$
1,818,555
 
Total Municipal Bonds (cost $1,393,355,874)
         
1,496,813,234
 
 
38
 
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)
                 
$
212
 
Las Vegas Monorail Company, Senior Interest Bonds (6), (7)
 
5.500%
 
7/15/19
 
N/R
$
38,214
 
 
59
 
Las Vegas Monorail Company, Senior Interest Bonds (6), (7)
 
3.000%
 
7/15/55
 
N/R
 
7,868
 
$
271
 
Total Corporate Bonds (cost $16,225)
             
46,082
 
     
Total Long-Term Investments (cost $1,393,372,099)
             
1,496,859,316
 
     
Floating Rate Obligations – (3.8)%
             
(35,925,000
)
     
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (56.7)% (8)
             
(535,000,000
)
     
Other Assets Less Liabilities – 1.8%
             
17,115,488
 
     
Net Assets Applicable to Common Shares – 100%
           
$
943,049,804
 

(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 categorized 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)
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 35.7%
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 in Derivatives, Inverse Floating Rate Securities for more information.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
39

 
 

 

NMA
 
 
Nuveen Municipal Advantage Fund, Inc.
 
Portfolio of Investments
 
April 30, 2014 (Unaudited)
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
LONG-TERM INVESTMENTS – 149.2% (99.8% of Total Investments)
             
     
MUNICIPAL BONDS – 149.2% (99.8% of Total Investments)
             
     
Alaska – 1.6% (1.1% of Total Investments)
             
     
Alaska Housing Finance Corporation, General Housing Purpose Bonds, Series 2005A:
             
$
1,125
 
5.250%, 12/01/34 (Pre-refunded 12/01/14) – FGIC Insured (UB)
 
12/14 at 100.00
 
AA+ (4)
$
1,158,525
 
 
1,280
 
5.250%, 12/01/41 (Pre-refunded 12/01/14) – FGIC Insured (UB)
 
12/14 at 100.00
 
AA+ (4)
 
1,318,144
 
 
1,690
 
Alaska Railroad Corporation, Capital Grant Receipts Bonds, Section 5307 and 5309 Formula Funds, Series 2006, 5.000%, 8/01/17 – FGIC Insured
 
8/16 at 100.00
 
AA–
 
1,834,901
 
 
2,495
 
CivicVentures, Alaska, Revenue Bonds, Anchorage Convention Center Series 2006, 5.000%, 9/01/34 – NPFG Insured
 
9/15 at 100.00
 
AA–
 
2,611,317
 
     
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A:
             
 
670
 
4.625%, 6/01/23
 
6/14 at 100.00
 
Ba1
 
648,955
 
 
3,595
 
5.000%, 6/01/46
 
6/14 at 100.00
 
B2
 
2,627,226
 
 
10,855
 
Total Alaska
         
10,199,068
 
     
Arizona – 3.6% (2.4% of Total Investments)
             
 
3,465
 
Arizona Board of Regents, Certificates of Participation, Arizona State University, Refunding Series 2006, 5.000%, 7/01/25 – NPFG Insured
 
7/17 at 100.00
 
AA–
 
3,821,445
 
 
4,905
 
Maricopa County Industrial Development Authority, Arizona, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2007A, 5.250%, 7/01/32
 
7/17 at 100.00
 
A
 
5,112,236
 
 
10,700
 
Phoenix Civic Improvement Corporation, Arizona, Senior Lien Airport Revenue Bonds, Series 2008A, 5.000%, 7/01/38
 
7/18 at 100.00
 
AA–
 
11,559,424
 
 
2,500
 
Phoenix Civic Improvement Corporation, Arizona, Subordinate Excise Tax Revenue Bonds, Civic Plaza Expansion Project, Series 2005A, 5.000%, 7/01/35 – FGIC Insured
 
No Opt. Call
 
AA
 
2,601,775
 
 
21,570
 
Total Arizona
         
23,094,880
 
     
California – 23.7% (15.9% of Total Investments)
             
 
2,000
 
ABC Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2000B, 0.000%, 8/01/23 – FGIC Insured
 
No Opt. Call
 
AA–
 
1,451,560
 
 
3,500
 
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate Lien Series 2004A, 5.450%, 10/01/25 – AMBAC Insured
 
10/17 at 100.00
 
BBB+
 
3,770,130
 
 
4,225
 
Alameda Unified School District, Alameda County, California, General Obligation Bonds, Series 2005B, 0.000%, 8/01/28 – AGM Insured
 
No Opt. Call
 
AA
 
2,303,977
 
     
Calexico Unified School District, Imperial County, California, General Obligation Bonds, Series 2005B:
             
 
4,070
 
0.000%, 8/01/32 – FGIC Insured
 
No Opt. Call
 
AA–
 
1,376,922
 
 
6,410
 
0.000%, 8/01/34 – FGIC Insured
 
No Opt. Call
 
AA–
 
1,887,873
 
 
625
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Merced County Tobacco Funding Corporation, Series 2005A, 5.000%, 6/01/26
 
6/15 at 100.00
 
BBB
 
622,450
 
 
3,840
 
California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, Series 2013A, 5.000%, 7/01/33
 
7/23 at 100.00
 
AA–
 
4,207,795
 
 
7,500
 
California State Public Works Board, Lease Revenue Bonds, Department of Mental Health, Coalinga State Hospital, Series 2004A, 5.125%, 6/01/29 (Pre-refunded 6/01/14)
 
6/14 at 100.00
 
AAA
 
7,532,250
 
 
2,500
 
California State, General Obligation Bonds, Series 2004, 5.000%, 3/01/34 – AMBAC Insured
 
9/14 at 100.00
 
AA+
 
2,536,600
 
 
16,000
 
California State, General Obligation Bonds, Various Purpose Series 2007, 5.000%, 6/01/37
 
6/17 at 100.00
 
A1
 
17,001,760
 
 
4,250
 
California State, General Obligation Bonds, Various Purpose Series 2010, 5.250%, 11/01/40
 
11/20 at 100.00
 
A1
 
4,727,530
 
 
2,455
 
California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital Project,Series 2009, 6.750%, 2/01/38
 
8/19 at 100.00
 
Aa2
 
2,945,534
 
 
9,955
 
Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community Facilities District 98-2, Series 2005, 0.000%, 9/01/31 – FGIC Insured
 
No Opt. Call
 
AA–
 
3,760,800
 
 
40
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
California (continued)
             
     
Colton Joint Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2006C:
             
$
3,800
 
0.000%, 2/01/33 – FGIC Insured
 
2/15 at 38.73
 
AA–
$
1,417,894
 
 
3,795
 
0.000%, 2/01/37 – FGIC Insured
 
No Opt. Call
 
AA–
 
1,139,031
 
 
5,650
 
Contra Costa County, California, GNMA Mortgage-Backed Securities Program Home Mortgage Revenue Bonds, Series 1989, 7.750%, 5/01/22 (Alternative Minimum Tax) (ETM)
 
No Opt. Call
 
Aaa
 
7,049,279
 
 
2,510
 
Folsom Cordova Unified School District, Sacramento County, California, General Obligation Bonds, School Facilities Improvement District 1, Series 2004B, 0.000%, 10/01/28 – NPFG Insured
 
No Opt. Call
 
AA–
 
1,289,989
 
 
3,360
 
Folsom Cordova Unified School District, Sacramento County, California, General Obligation Bonds, School Facilities Improvement District 2, Series 2002A, 0.000%, 7/01/27 – NPFG Insured (ETM)
 
No Opt. Call
 
AA– (4)
 
1,901,525
 
 
2,000
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Series 2013A, 6.000%, 1/15/49
 
1/24 at 100.00
 
BBB–
 
2,160,160
 
 
2,315
 
Gateway Unified School District, California, General Obligation Bonds, Series 2004B, 0.000%, 8/01/32 – FGIC Insured
 
No Opt. Call
 
AA–
 
913,476
 
 
3,000
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 0.000%, 6/01/26 – AGM Insured
 
No Opt. Call
 
AA
 
1,903,620
 
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
             
 
1,385
 
4.500%, 6/01/27
 
6/17 at 100.00
 
B
 
1,215,961
 
 
4,885
 
5.000%, 6/01/33
 
6/17 at 100.00
 
B
 
3,924,414
 
 
1,000
 
5.125%, 6/01/47
 
6/17 at 100.00
 
B
 
762,150
 
 
5,000
 
Huntington Beach Union High School District, Orange County, California, General Obligation Bonds, Series 2005, 0.000%, 8/01/31 – NPFG Insured
 
No Opt. Call
 
Aa2
 
2,269,900
 
 
2,500
 
Huntington Beach Union High School District, Orange County, California, General Obligation Bonds, Series 2007, 0.000%, 8/01/32 – FGIC Insured
 
No Opt. Call
 
Aa2
 
1,074,550
 
 
5,000
 
Los Angeles Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2007A, 4.500%, 1/01/28 – NPFG Insured
 
7/17 at 100.00
 
Aa2
 
5,435,600
 
 
1,160
 
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
 
632,745
 
 
2,200
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009C, 6.500%, 11/01/39
 
No Opt. Call
 
A
 
2,855,468
 
 
2,000
 
Murrieta Valley Unified School District Public Financing Authority, California, Special Tax Revenue Bonds, Series 2006A, 5.125%, 9/01/26 – AGM Insured
 
9/16 at 100.00
 
AA
 
2,158,720
 
     
North Orange County Community College District, California, General Obligation Bonds, Series 2003B:
             
 
7,735
 
0.000%, 8/01/25 – FGIC Insured
 
No Opt. Call
 
Aa1
 
5,269,159
 
 
4,180
 
0.000%, 8/01/26 – FGIC Insured
 
No Opt. Call
 
Aa1
 
2,699,444
 
 
5,000
 
Palmdale Community Redevelopment Agency, California, Single Family Restructured Mortgage Revenue Bonds, Series 1986A, 8.000%, 3/01/16 (ETM)
 
No Opt. Call
 
Aaa
 
5,701,600
 
 
6,000
 
Palomar Pomerado Health, California, General Obligation Bonds, Election of 2004, Series 2007A, 0.000%, 8/01/24 – NPFG Insured
 
No Opt. Call
 
AA–
 
4,026,480
 
 
2,000
 
Pasadena, California, Certificates of Participation, Refunding Series 2008C, 5.000%, 2/01/33
 
2/18 at 100.00
 
AA+
 
2,112,120
 
 
9,315
 
Perris, California, GNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue Bonds, Series 1989A, 7.600%, 1/01/23 (Alternative Minimum Tax) (ETM)
 
No Opt. Call
 
Aaa
 
13,197,306
 
 
3,205
 
San Diego Community College District, California, General Obligation Bonds, Series 2005, 5.000%, 5/01/25 (Pre-refunded 5/01/15) – AGM Insured
 
5/15 at 100.00
 
AA+ (4)
 
3,360,186
 
 
1,830
 
San Diego Public Facilities Financing Authority, California, Water Utility Revenue Bonds, Tender Option Bond Trust 3504, 20.033%, 2/01/33 (IF)
 
8/19 at 100.00
 
Aa2
 
2,982,479
 
 
7,660
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Senior Lien Toll Road Revenue Bonds, Series 1993, 0.000%, 1/01/24 (ETM)
 
No Opt. Call
 
Aaa
 
6,018,385
 
     
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A:
             
 
7,205
 
0.000%, 1/15/23 – NPFG Insured
 
No Opt. Call
 
AA–
 
4,613,578
 
 
23,000
 
0.000%, 1/15/35 – NPFG Insured
 
No Opt. Call
 
AA–
 
6,673,910
 
 
1,345
 
San Jose-Evergreen Community College District, Santa Clara County, California, General Obligation Bonds, Series 2005A, 0.000%, 9/01/29 – NPFG Insured
 
No Opt. Call
 
Aa1
 
611,773
 
 
Nuveen Investments
 
41

 
 

 

NMA
Nuveen Municipal Advantage Fund, Inc.
 
 
Portfolio of Investments (continued)
 
April 30, 2014 (Unaudited)
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
California (continued)
             
$
5,905
 
San Jose-Evergreen Community College District, Santa Clara County, California, General Obligation Bonds, Series 2005A, 0.000%, 9/01/29 (Pre-refunded 9/01/15) – NPFG Insured
 
9/15 at 47.82
 
Aa1 (4)
$
2,814,618
 
 
1,800
 
Walnut Valley Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2000 Series 2003D, 0.000%, 8/01/27 – FGIC Insured
 
No Opt. Call
 
Aa2
 
1,041,228
 
 
205,070
 
Total California
         
153,351,929
 
     
Colorado – 12.4% (8.3% of Total Investments)
             
 
1,600
 
Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/40 – SYNCORA GTY Insured
 
10/16 at 100.00
 
BBB–
 
1,602,624
 
 
9,440
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2006A, 4.500%, 9/01/38
 
9/16 at 100.00
 
A+
 
9,468,509
 
 
3,335
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2009A, 5.500%, 7/01/34
 
7/19 at 100.00
 
A+
 
3,786,092
 
 
4,890
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45
 
1/23 at 100.00
 
A+
 
5,266,970
 
 
1,150
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Poudre Valley Health System, Series 2005C, 5.250%, 3/01/40 – AGM Insured
 
9/18 at 102.00
 
AA
 
1,223,405
 
 
7,500
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
 
1/20 at 100.00
 
AA–
 
7,836,075
 
 
1,500
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Valley View Hospital Association, Series 2007, 5.250%, 5/15/42
 
5/17 at 100.00
 
BBB+
 
1,526,070
 
     
Denver City and County, Colorado, Airport Revenue Bonds, Series 2006:
             
 
5,365
 
5.000%, 11/15/23 – NPFG Insured (UB)
 
11/16 at 100.00
 
AA–
 
5,909,601
 
 
3,300
 
5.000%, 11/15/24 – FGIC Insured
 
11/16 at 100.00
 
AA–
 
3,631,452
 
 
4,340
 
5.000%, 11/15/25 – NPFG Insured (UB)
 
11/16 at 100.00
 
AA–
 
4,763,280
 
 
1,055
 
Denver City and County, Colorado, Airport System Revenue Bonds, Series 2005A, 5.000%, 11/15/25 – SYNCORA GTY Insured
 
11/15 at 100.00
 
A+
 
1,120,505
 
 
3,870
 
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 11/15/43
 
11/23 at 100.00
 
A
 
4,141,094
 
 
2,200
 
Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Senior Lien Series 2006, 4.750%, 12/01/35 – SYNCORA GTY Insured
 
11/16 at 100.00
 
BBB–
 
2,202,816
 
     
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B:
             
 
2,650
 
0.000%, 9/01/16 – NPFG Insured
 
No Opt. Call
 
AA–
 
2,533,003
 
 
8,845
 
0.000%, 9/01/26 – NPFG Insured
 
No Opt. Call
 
AA–
 
5,106,307
 
     
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:
             
 
7,500
 
0.000%, 9/01/29 – NPFG Insured
 
No Opt. Call
 
AA–
 
3,543,150
 
 
10,000
 
0.000%, 9/01/31 – NPFG Insured
 
No Opt. Call
 
AA–
 
4,134,600
 
 
10,000
 
0.000%, 9/01/32 – NPFG Insured
 
No Opt. Call
 
AA–
 
3,811,700
 
 
3,110
 
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010, 6.000%, 1/15/34
 
7/20 at 100.00
 
Baa3
 
3,335,631
 
 
5,000
 
Thornton, Colorado, Water Enterprise Revenue Bonds, Series 2004, 5.000%, 12/01/34 (Pre-refunded 12/01/14) – NPFG Insured
 
12/14 at 100.00
 
AA (4)
 
5,142,800
 
 
96,650
 
Total Colorado
         
80,085,684
 
     
Florida – 3.7% (2.5% of Total Investments)
             
 
2,000
 
Florida Hurricane Catastrophe Fund, Financial Corporation Revenue Bonds, Series 2010A, 5.000%, 7/01/15
 
No Opt. Call
 
AA
 
2,110,740
 
 
2,225
 
Miami-Dade County, Florida, General Obligation Bonds, Parks Program, Series 2005, 4.300%, 11/01/30 – NPFG Insured
 
11/15 at 100.00
 
AA
 
2,263,292
 
 
590
 
South Broward Hospital District, Florida, Hospital Refunding Revenue Bonds, Memorial Health System, Series 2008, 5.000%, 5/01/28
 
5/18 at 100.00
 
AA–
 
647,383
 
 
14,730
 
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Series 2007, 5.000%, 8/15/42 (UB)
 
8/17 at 100.00
 
AA
 
15,236,712
 
 
3,300
 
Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, 5.000%, 11/15/33
 
5/22 at 100.00
 
Aa2
 
3,559,083
 
 
22,845
 
Total Florida
         
23,817,210
 
 
42
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Georgia – 1.6% (1.1% of Total Investments)
             
$
4,000
 
Augusta, Georgia, Water and Sewerage Revenue Bonds, Series 2004, 5.250%, 10/01/39 – AGM Insured
 
10/14 at 100.00
 
AA
$
4,077,080
 
 
2,900
 
Coffee County Hospital Authority, Georgia, Revenue Bonds, Coffee County Regional Medical Center, Series 2004, 5.000%, 12/01/26
 
12/14 at 100.00
 
BB–
 
2,832,401
 
 
1,250
 
DeKalb County Hospital Authority, Georgia, Anticipation Certificates Revenue Bonds, DeKalb Medical Center, Inc. Project, Series 2010, 6.000%, 9/01/30
 
9/20 at 100.00
 
BBB
 
1,314,988
 
 
2,400
 
Franklin County Industrial Building Authority, Georgia, Revenue Bonds, Ty Cobb Regional Medical Center Project, Series 2010, 7.625%, 12/01/30
 
12/20 at 100.00
 
N/R
 
1,996,416
 
 
10,550
 
Total Georgia
         
10,220,885
 
     
Illinois – 16.1% (10.8% of Total Investments)
             
 
1,470
 
Chicago Board of Education, Cook County, Illinois, General Obligation Bonds, Dedicated Revenues Series 2011A, 5.000%, 12/01/41
 
12/21 at 100.00
 
A+
 
1,455,815
 
 
2,950
 
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Revenues, Refunding Series 2004A, 5.000%, 12/01/20 – NPFG Insured
 
12/14 at 100.00
 
AA–
 
3,024,901
 
 
7,345
 
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1, 0.000%, 12/01/28 – FGIC Insured
 
No Opt. Call
 
AA–
 
3,538,601
 
     
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1999A:
             
 
1,385
 
0.000%, 12/01/27 – NPFG Insured
 
No Opt. Call
 
AA–
 
709,286
 
 
4,260
 
0.000%, 12/01/31 – FGIC Insured
 
No Opt. Call
 
AA–
 
1,694,926
 
 
1,100
 
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 5.250%, 12/01/40
 
12/21 at 100.00
 
AA
 
1,176,175
 
 
5,320
 
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Refunding Third Lien Series 2004A, 5.000%, 1/01/28 – NPFG Insured
 
1/15 at 100.00
 
AA–
 
5,447,627
 
 
17,310
 
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999, 0.000%, 1/01/37 – FGIC Insured
 
No Opt. Call
 
AA–
 
4,788,292
 
 
3,880
 
Chicago, Illinois, General Obligation Bonds, Series 2004A, 5.000%, 1/01/34 – AGM Insured
 
7/14 at 100.00
 
AA
 
3,880,854
 
 
7,100
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33
 
11/20 at 100.00
 
AA
 
7,604,171
 
 
1,500
 
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, 11/01/39
 
11/19 at 100.00
 
AA
 
1,667,295
 
 
2,000
 
Illinois Finance Authority, Revenue Bonds, Children’s Memorial Hospital, Series 2008A, 5.250%, 8/15/47 – AGC Insured (UB)
 
8/18 at 100.00
 
AA
 
2,066,480
 
 
8,395
 
Illinois Finance Authority, Revenue Bonds, Loyola University of Chicago, Tender Option Bond Trust 1137, 9.344%, 7/01/15 (IF)
 
No Opt. Call
 
Aa1
 
9,459,570
 
 
2,500
 
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2009, 6.875%, 8/15/38
 
8/19 at 100.00
 
BBB+
 
2,777,850
 
 
4,000
 
Illinois Finance Authority, Revenue Refunding Bonds, Silver Cross Hospital and Medical Centers, Series 2008A, 6.000%, 8/15/23
 
8/18 at 100.00
 
BBB+
 
4,394,240
 
 
7,565
 
Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/21
 
No Opt. Call
 
A–
 
8,677,055
 
 
3,000
 
Illinois Toll Highway Authority, State Toll Highway Authority Revenue Bonds, Series 2006A-1, 5.000%, 1/01/20 – AGM Insured
 
7/16 at 100.00
 
AA
 
3,270,090
 
 
10,740
 
Lake and McHenry Counties Community Unit School District 118, Wauconda, Illinois, General Obligation Bonds, Series 2005B, 0.000%, 1/01/23 – AGM Insured
 
1/15 at 66.94
 
A1
 
7,019,342
 
 
1,315
 
McHenry and Kane Counties Community Consolidated School District 158, Huntley, Illinois, General Obligation Bonds, Series 2003, 0.000%, 1/01/21 – FGIC Insured
 
No Opt. Call
 
Baa1
 
1,057,115
 
 
1,165
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1993A, 0.000%, 6/15/21 – FGIC Insured
 
No Opt. Call
 
Baa1
 
930,066
 
 
3,720
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A, 0.000%, 6/15/41 – NPFG Insured
 
No Opt. Call
 
AAA
 
885,992
 
 
6,075
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place Expansion Project, Series 1996A, 0.000%, 6/15/24 – NPFG Insured
 
No Opt. Call
 
AA–
 
4,193,026
 
 
3,315
 
Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 1990A, 7.200%, 11/01/20 – AMBAC Insured
 
No Opt. Call
 
AA
 
3,872,119
 
 
2,410
 
Springfield, Illinois, Electric Revenue Bonds, Series 2006, 5.000%, 3/01/26 – NPFG Insured
 
3/16 at 100.00
 
AA–
 
2,479,288
 
 
Nuveen Investments
 
43

 
 

 
 
NMA
Nuveen Municipal Advantage Fund, Inc.
 
 
Portfolio of Investments (continued)
 
April 30, 2014 (Unaudited)
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Illinois (continued)
             
$
11,350
 
Will County Community High School District 210 Lincoln-Way, Illinois, General Obligation Bonds, Series 2006, 0.000%, 1/01/24 – AGM Insured
 
No Opt. Call
 
Aa2
$
7,909,588
 
 
12,775
 
Will County Community High School District 210 Lincoln-Way, Illinois, General Obligation Bonds, Series 2006, 0.000%, 1/01/24 – AGM Insured (ETM)
 
No Opt. Call
 
Aa2 (4)
 
9,875,586
 
 
133,945
 
Total Illinois
         
103,855,350
 
     
Indiana – 4.8% (3.2% of Total Investments)
             
 
4,400
 
Crown Point Multi-School Building Corporation, Indiana, First Mortgage Bonds, Crown Point Community School Corporation, Series 2000, 0.000%, 1/15/24 – NPFG Insured
 
No Opt. Call
 
AA–
 
3,125,584
 
 
4,465
 
Indiana Finance Authority Health System Revenue Bonds, Sisters of St. Francis Health Services, Inc. Obligated Group, Series 2009, 5.250%, 11/01/39
 
11/19 at 100.00
 
AA
 
4,723,524
 
 
1,260
 
Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 2012A, 5.000%, 5/01/42
 
5/23 at 100.00
 
A
 
1,317,607
 
 
2,460
 
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013A, 5.000%, 7/01/48 (Alternative Minimum Tax)
 
7/23 at 100.00
 
BBB
 
2,501,476
 
 
6,000
 
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2009A, 5.250%, 12/01/38
 
12/19 at 100.00
 
Aa2
 
6,559,620
 
 
3,485
 
Indiana Health and Educational Facilities Financing Authority, Revenue Bonds, Ascension Health, Series 2006B-5, 5.000%, 11/15/36
 
11/16 at 100.00
 
AA+
 
3,584,079
 
 
2,435
 
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest Indiana, Series 2007, 5.500%, 3/01/37
 
3/17 at 100.00
 
A
 
2,547,838
 
 
10,000
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/26 – AMBAC Insured
 
No Opt. Call
 
AA
 
6,700,600
 
 
1,005
 
St. Joseph County Hospital Authority, Indiana, Revenue Bonds, Madison Center Inc., Series 1999, 5.450%, 2/15/14 (5)
 
No Opt. Call
 
N/R
 
107,605
 
 
35,510
 
Total Indiana
         
31,167,933
 
     
Iowa – 2.0% (1.3% of Total Investments)
             
 
7,055
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013, 5.500%, 12/01/22
 
12/18 at 100.00
 
BB–
 
7,183,189
 
 
6,300
 
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.375%, 6/01/38
 
6/15 at 100.00
 
B+
 
5,466,825
 
 
250
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34
 
6/17 at 100.00
 
B+
 
227,945
 
 
13,605
 
Total Iowa
         
12,877,959
 
     
Kansas – 1.0% (0.7% of Total Investments)
             
 
3,310
 
Overland Park Development Corporation, Kansas, First Tier Revenue Bonds, Overland Park Convention Center, Series 2007A, 5.125%, 1/01/22 – AMBAC Insured
 
1/17 at 100.00
 
BB+
 
3,333,534
 
 
1,750
 
Wamego, Kansas, Pollution Control Revenue Bonds, Kansas Gas and Electric Company, Series 2004, 5.300%, 6/01/31 – NPFG Insured
 
6/14 at 100.00
 
AA–
 
1,752,310
 
 
2,445
 
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital Appreciation Revenue Bonds Redevelopment Project Area B – Major Multi-Sport Athletic Complex Project, Subordinate Lien Series 2010B, 0.000%, 6/01/21
 
No Opt. Call
 
A–
 
1,688,639
 
 
7,505
 
Total Kansas
         
6,774,483
 
     
Kentucky – 1.4% (1.0% of Total Investments)
             
 
6,015
 
Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro Medical Health System, Series 2010B, 6.375%, 3/01/40
 
6/20 at 100.00
 
BBB+
 
6,505,764
 
 
1,500
 
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist Healthcare System Obligated Group, Series 2009A, 5.375%, 8/15/24
 
8/19 at 100.00
 
A+
 
1,679,400
 
 
1,000
 
Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008-A1, 6.000%,
12/01/33 – AGC Insured
 
6/18 at 100.00
 
AA
 
1,033,330
 
 
8,515
 
Total Kentucky
         
9,218,494
 
 
44
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Louisiana – 6.4% (4.3% of Total Investments)
             
$
9,000
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A, 5.500%, 5/15/47
 
5/17 at 100.00
 
Baa1
$
9,289,080
 
 
28
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A, Trust 660, 16.195%, 5/01/34 – NPFG Insured (IF)
 
5/16 at 100.00
 
Aa1
 
31,804
 
     
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:
             
 
10,000
 
5.000%, 5/01/41 – FGIC Insured
 
5/16 at 100.00
 
Aa1
 
10,668,600
 
 
20,690
 
4.500%, 5/01/41 – NPFG Insured (UB)
 
5/16 at 100.00
 
Aa1
 
21,323,942
 
 
39,718
 
Total Louisiana
         
41,313,426
 
     
Maine – 0.2% (0.1% of Total Investments)
             
 
1,050
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Maine General Medical Center, Series 2011, 6.750%, 7/01/41
 
7/21 at 100.00
 
BBB–
 
1,137,129
 
     
Massachusetts – 2.6% (1.8% of Total Investments)
             
 
8,825
 
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Senior Lien Series 2010B, 5.000%, 1/01/32
 
1/20 at 100.00
 
A+
 
9,469,490
 
 
620
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc., Series 2008E-1 &2, 5.125%, 7/01/33
 
7/18 at 100.00
 
A–
 
647,478
 
 
1,750
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, UMass Memorial Healthcare, Series 1998A, 5.000%, 7/01/28 – AMBAC Insured
 
7/14 at 100.00
 
BBB+
 
1,750,420
 
 
2,300
 
Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Suffolk University Issue, Series 2009A, 5.750%, 7/01/39
 
7/19 at 100.00
 
BBB
 
2,446,924
 
 
2,280
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior Series 2013A, 5.000%, 5/15/43
 
5/23 at 100.00
 
AA+
 
2,514,270
 
 
15,775
 
Total Massachusetts
         
16,828,582
 
     
Michigan – 4.6% (3.1% of Total Investments)
             
 
1,975
 
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.000%, 7/01/32
 
7/22 at 100.00
 
BB+
 
1,911,879
 
 
3,695
 
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%, 7/01/35 – NPFG Insured
 
7/15 at 100.00
 
AA–
 
3,567,005
 
 
3,000
 
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B, 5.500%, 7/01/29 – FGIC Insured
 
No Opt. Call
 
AA–
 
2,995,170
 
 
2,835
 
Detroit, Michigan, Sewage Disposal System Revenue Bonds, Second Lien Series 2006A, 5.500%, 7/01/36 – BHAC Insured
 
7/18 at 100.00
 
AA+
 
2,863,237
 
 
2,500
 
Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2001E, 5.750%, 7/01/31 – BHAC Insured
 
7/18 at 100.00
 
AA+
 
2,561,475
 
 
2,000
 
Detroit, Michigan, Water Supply System Senior Lien Revenue Refunding Bonds, Series 2005C, 5.000%, 7/01/16 – FGIC Insured
 
No Opt. Call
 
AA–
 
2,007,020
 
 
4,000
 
Detroit, Michigan, Water Supply System Senior Lien Revenue Refunding Bonds, Series 2006D, 5.000%, 7/01/32 – AGM Insured
 
7/16 at 100.00
 
AA
 
3,904,120
 
 
1,500
 
Michigan Finance Authority, Unemployment Obligation Assessment Revenue Bonds, Series 2012A, 5.000%, 1/01/15
 
No Opt. Call
 
AAA
 
1,549,020
 
 
2,500
 
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2009-I, 5.000%, 10/15/23 – AGC Insured
 
No Opt. Call
 
AA
 
2,821,925
 
 
6,250
 
Michigan State Building Authority, Revenue Bonds, Refunding Series 2006IA, 0.000%, 10/15/30 – FGIC Insured
 
10/16 at 50.02
 
AA–
 
2,814,750
 
 
3,050
 
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2008A, 6.875%, 6/01/42
 
6/18 at 100.00
 
BB–
 
2,918,576
 
 
33,305
 
Total Michigan
         
29,914,177
 
     
Missouri – 2.4% (1.6% of Total Investments)
             
 
12,005
 
Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, Series 2004B-1, 0.000%, 4/15/29 – AMBAC Insured
 
No Opt. Call
 
AA–
 
6,322,553
 
 
6,930
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2013A, 5.000%, 11/15/48
 
11/23 at 100.00
 
A2
 
7,240,048
 
 
Nuveen Investments
 
45

 
 

 

NMA
Nuveen Municipal Advantage Fund, Inc.
 
 
Portfolio of Investments (continued)
 
   
April 30, 2014 (Unaudited)
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Missouri (continued)
             
$
2,000
 
Missouri Joint Municipal Electric Utility Commission, Prairie State Power Project Revenue Bonds, Series 2007A, 5.000%, 1/01/32 – AMBAC Insured
 
1/17 at 100.00
 
AA+
$
2,167,380
 
 
20,935
 
Total Missouri
         
15,729,981
 
     
Nevada – 5.1% (3.4% of Total Investments)
             
 
2,500
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2004A-2, 5.000%, 7/01/36 (Pre-refunded 7/01/14) – FGIC Insured
 
7/14 at 100.00
 
AA– (4)
 
2,520,300
 
 
15,000
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42
 
1/20 at 100.00
 
A+
 
17,208,450
 
 
3,750
 
Henderson, Nevada, Healthcare Facility Revenue Refunding Bonds, Catholic Healthcare West, Series 2008, 19.185%, 7/01/31 – BHAC Insured (IF) (6)
 
7/17 at 100.00
 
AA+
 
4,606,500
 
 
3,395
 
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water & Refunding Series 2009D, 5.000%, 6/01/27
 
6/19 at 100.00
 
AA+
 
3,840,764
 
 
5,000
 
North Las Vegas, Nevada, General Obligation Bonds, Series 2006, 5.000%, 5/01/36 – NPFG Insured
 
5/16 at 100.00
 
AA–
 
4,626,150
 
 
29,645
 
Total Nevada
         
32,802,164
 
     
New Hampshire – 0.2% (0.2% of Total Investments)
             
 
1,500
 
New Hampshire Business Finance Authority, Revenue Bonds, Elliot Hospital Obligated Group Issue, Series 2009A, 6.125%, 10/01/39
 
10/19 at 100.00
 
Baa1
 
1,607,820
 
     
New Jersey – 2.8% (1.9% of Total Investments)
             
 
1,100
 
New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge Replacement Project, Series 2013, 5.125%, 7/01/42 – AGM Insured (Alternative Minimum Tax)
 
1/24 at 100.00
 
AA
 
1,163,085
 
 
2,500
 
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A, 5.250%, 7/01/33 – NPFG Insured
 
7/14 at 100.00
 
AA–
 
2,519,550
 
 
3,050
 
New Jersey Educational Facilities Authority, Revenue Bonds, Princeton University, Series 2004D, 5.000%, 7/01/29 (Pre-refunded 7/01/14)
 
7/14 at 100.00
 
AAA
 
3,075,224
 
 
15,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C, 0.000%, 12/15/30 – FGIC Insured
 
No Opt. Call
 
AA–
 
6,795,300
 
 
6,060
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 4.750%, 6/01/34
 
6/17 at 100.00
 
B2
 
4,760,857
 
 
27,710
 
Total New Jersey
         
18,314,016
 
     
New York – 7.3% (4.9% of Total Investments)
             
 
2,000
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.250%, 2/15/47
 
2/21 at 100.00
 
A
 
2,121,900
 
 
2,500
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Series 2012F, 5.000%, 11/15/26
 
11/22 at 100.00
 
A+
 
2,839,250
 
 
875
 
New York City Industrial Development Agency, New York, American Airlines-JFK International Airport Special Facility Revenue Bonds, Series 2005, 7.500%, 8/01/16 (Alternative Minimum Tax)
 
No Opt. Call
 
N/R
 
926,144
 
 
4,975
 
New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, British Airways PLC, Series 1998, 5.250%, 12/01/32 (Alternative Minimum Tax)
 
6/14 at 100.00
 
BB
 
4,867,888
 
 
3,000
 
New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, British Airways PLC, Series 2002, 7.625%, 12/01/32 (Alternative Minimum Tax)
 
7/14 at 100.00
 
BB
 
3,015,360
 
 
3,800
 
New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Fiscal Series 2005D, 5.000%, 6/15/38
 
6/15 at 100.00
 
AAA
 
3,959,562
 
 
10,000
 
New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Series 2004B, 5.000%, 6/15/36 – AGM Insured (UB)
 
12/14 at 100.00
 
AAA
 
10,285,300
 
 
5,000
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2007B, 4.750%, 11/01/27
 
5/17 at 100.00
 
AAA
 
5,504,200
 
 
5,000
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2013 Series I, 5.000%, 5/01/38
 
5/23 at 100.00
 
AAA
 
5,495,850
 
 
46
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
New York (continued)
             
     
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010:
             
$
6,065
 
6.500%, 12/01/28
 
12/15 at 100.00
 
BBB
$
6,335,863
 
 
1,760
 
6.000%, 12/01/36
 
12/20 at 100.00
 
BBB
 
1,941,086
 
 
44,975
 
Total New York
         
47,292,403
 
     
North Carolina – 1.8% (1.2% of Total Investments)
             
 
3,000
 
North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2005, 5.250%, 1/01/20 – AMBAC Insured
 
1/16 at 100.00
 
A–
 
3,228,990
 
 
3,500
 
North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Duke University Health System, Series 2009A, 5.000%, 6/01/42
 
6/19 at 100.00
 
AA
 
3,816,960
 
 
2,380
 
North Carolina Medical Care Commission, Healthcare Revenue Refunding Bonds, Novant Health Inc., Series 2006, 5.000%, 11/01/39 – NPFG Insured
 
11/16 at 100.00
 
AA+
 
2,568,472
 
 
1,900
 
North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Series 2009A, 5.750%, 1/01/39 – AGC Insured
 
1/19 at 100.00
 
AA
 
2,082,153
 
 
10,780
 
Total North Carolina
         
11,696,575
 
     
North Dakota – 0.6% (0.4% of Total Investments)
             
 
1,500
 
Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011, 6.000%, 11/01/28
 
11/21 at 100.00
 
A+
 
1,742,355
 
 
2,350
 
Ward County Health Care, North Dakota, Revenue Bonds, Trinity Obligated Group, Series 2006, 5.125%, 7/01/25
 
7/16 at 100.00
 
BBB–
 
2,403,298
 
 
3,850
 
Total North Dakota
         
4,145,653
 
     
Ohio – 7.2% (4.8% of Total Investments)
             
 
10,000
 
American Municipal Power Ohio Inc., General Revenue Bonds, Prairie State Energy Campus Project Series 2008A, 5.250%, 2/15/43
 
2/18 at 100.00
 
A1
 
10,855,200
 
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
             
 
1,760
 
5.125%, 6/01/24
 
6/17 at 100.00
 
B–
 
1,521,115
 
 
5,700
 
5.875%, 6/01/30
 
6/17 at 100.00
 
B
 
4,775,574
 
 
9,135
 
5.750%, 6/01/34
 
6/17 at 100.00
 
B
 
7,509,792
 
 
3,920
 
6.000%, 6/01/42
 
6/17 at 100.00
 
B+
 
3,221,142
 
 
6,080
 
5.875%, 6/01/47
 
6/17 at 100.00
 
B
 
5,009,190
 
 
6,625
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37
 
6/22 at 100.00
 
B
 
5,706,576
 
 
7,050
 
Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2009E, 5.625%, 10/01/19
 
No Opt. Call
 
BBB–
 
7,925,892
 
 
50,270
 
Total Ohio
         
46,524,481
 
     
Oklahoma – 2.8% (1.8% of Total Investments)
             
 
1,000
 
Fort Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise Revenue Bonds, Fort Sill Apache Casino, Series 2011A, 8.500%, 8/25/26
 
8/21 at 100.00
 
N/R
 
1,101,800
 
 
1,675
 
Oklahoma Development Finance Authority, Health System Revenue Bonds, Integris Baptist Medical Center, Series 2008B, 5.250%, 8/15/38
 
8/18 at 100.00
 
AA–
 
1,780,827
 
 
12,600
 
Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007, 5.000%, 2/15/42
 
2/17 at 100.00
 
A+
 
12,887,154
 
 
2,000
 
Oklahoma Municipal Power Authority, Power Supply System Revenue Bonds, Series 2007, 4.500%, 1/01/47 – FGIC Insured
 
1/17 at 100.00
 
AA–
 
2,010,000
 
 
17,275
 
Total Oklahoma
         
17,779,781
 
     
Oregon – 0.5% (0.3% of Total Investments)
             
 
3,000
 
Oregon State Facilities Authority, Revenue Bonds, Willamette University, Series 2007A, 5.000%, 10/01/36
 
10/17 at 100.00
 
A
 
3,095,370
 
 
Nuveen Investments
 
47

 
 

 

NMA
Nuveen Municipal Advantage Fund, Inc.
 
 
Portfolio of Investments (continued)
 
   
April 30, 2014 (Unaudited)
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Pennsylvania – 5.7% (3.8% of Total Investments)
             
$
5,000
 
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, University of Pittsburgh Medical Center, Series 2009A, 5.625%, 8/15/39
 
8/19 at 100.00
 
Aa3
$
5,662,150
 
 
1,250
 
Erie Water Authority, Erie County, Pennsylvania, Water Revenue Bonds, Series 2008, 5.000%, 12/01/43 – AGM Insured
 
12/18 at 100.00
 
AA
 
1,294,175
 
 
7,100
 
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Series 2010, 5.750%, 8/01/30
 
8/15 at 100.00
 
AA
 
7,495,470
 
 
1,500
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006-96A, 4.650%, 10/01/31 (Alternative Minimum Tax) (UB)
 
10/16 at 100.00
 
AA+
 
1,505,400
 
 
1,750
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010A, 0.000%, 12/01/34
 
12/20 at 100.00
 
AA
 
1,765,138
 
 
5,140
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue, Series 2011B, 5.000%, 12/01/34
 
No Opt. Call
 
AA
 
5,513,267
 
 
2,600
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2004A, 5.500%, 12/01/31 – AMBAC Insured
 
12/14 at 100.00
 
A+
 
2,669,524
 
 
10,000
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010B, 5.250%, 5/15/30
 
5/20 at 100.00
 
AA
 
10,880,099
 
 
34,340
 
Total Pennsylvania
         
36,785,223
 
     
Puerto Rico – 4.8% (3.2% of Total Investments)
             
 
5,000
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 5.000%, 7/01/26 – SYNCORA GTY Insured
 
7/15 at 100.00
 
BBB
 
3,618,300
 
     
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N:
             
 
215
 
5.500%, 7/01/29 – AMBAC Insured
 
No Opt. Call
 
Ba2
 
193,861
 
 
10,070
 
5.250%, 7/01/39 – FGIC Insured
 
No Opt. Call
 
BB+
 
5,894,978
 
 
1,455
 
Puerto Rico Highway and Transportation Authority, Subordinate Lien Highway Revenue Bonds, Series 2003, 5.000%, 7/01/28 – CIFG Insured
 
7/14 at 100.00
 
BB+
 
927,475
 
 
10,000
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A, 6.000%, 8/01/42
 
8/19 at 100.00
 
A+
 
7,975,500
 
 
2,105
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010A, 5.500%, 8/01/37
 
2/20 at 100.00
 
A+
 
1,592,411
 
 
9,310
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010C, 5.250%, 8/01/41
 
8/20 at 100.00
 
A+
 
6,659,536
 
 
3,975
 
Puerto Rico, General Obligation and Public Improvement Bonds, Series 2002A, 5.500%, 7/01/20 – NPFG Insured
 
No Opt. Call
 
AA–
 
4,061,973
 
 
42,130
 
Total Puerto Rico
         
30,924,034
 
     
Rhode Island – 1.1% (0.7% of Total Investments)
             
 
650
 
Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue Bonds, Lifespan Obligated Group, Series 1996, 5.500%, 5/15/16 – NPFG Insured
 
7/14 at 100.00
 
AA–
 
652,444
 
 
6,280
 
Rhode Island Housing and Mortgage Finance Corporation, Homeownership Opportunity Bond Program, Series 50A, 4.650%, 10/01/34
 
10/14 at 100.00
 
AA+
 
6,297,082
 
 
6,930
 
Total Rhode Island
         
6,949,526
 
     
South Carolina – 2.2% (1.5% of Total Investments)
             
 
5,000
 
Dorchester County School District 2, South Carolina, Installment Purchase Revenue Bonds, GROWTH, Series 2004, 5.250%, 12/01/29 (Pre-refunded 12/01/14)
 
12/14 at 100.00
 
AA– (4)
 
5,149,000
 
 
2,105
 
Medical University Hospital Authority, South Carolina, FHA-Insured Mortgage Revenue Bonds, Series 2004A, 5.250%, 8/15/34 (Pre-refunded 8/15/14) – NPFG Insured
 
8/14 at 100.00
 
AA– (4)
 
2,136,091
 
 
3,100
 
Myrtle Beach, South Carolina, Hospitality and Accommodation Fee Revenue Bonds, Series 2004A, 5.000%, 6/01/36 (Pre-refunded 6/01/14) – FGIC Insured
 
6/14 at 100.00
 
AA– (4)
 
3,112,896
 
 
1,220
 
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2, 0.000%, 1/01/23 – FGIC Insured
 
No Opt. Call
 
AA–
 
920,173
 
 
2,900
 
South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2010A, 5.250%, 10/01/40
 
10/19 at 100.00
 
A1
 
3,176,051
 
 
14,325
 
Total South Carolina
         
14,494,211
 
 
48
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
South Dakota – 0.5% (0.3% of Total Investments)
             
$
2,945
 
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2007, 5.000%, 11/01/40
 
5/17 at 100.00
 
A+
$
3,004,165
 
     
Tennessee – 0.2% (0.1% of Total Investments)
             
 
1,000
 
Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Refunding and Improvement Bonds, Meharry Medical College, Series 1996, 6.000%, 12/01/19 – AMBAC Insured
 
12/17 at 100.00
 
N/R
 
1,127,980
 
     
Texas – 13.5% (9.0% of Total Investments)
             
 
5,555
 
Beaumont Independent School District, Jefferson County, Texas, General Obligation Bonds, Series 2008, 5.000%, 2/15/38
 
2/17 at 100.00
 
AAA
 
6,012,676
 
 
6,000
 
Brazos River Authority, Texas, Revenue Refunding Bonds, Houston Lighting and Power Company, Series 1998, 5.050%, 11/01/18 – AMBAC Insured (Alternative Minimum Tax)
 
No Opt. Call
 
A1
 
6,569,460
 
 
2,075
 
Brownsville, Texas, Utility System Priority Revenue Bonds, Series 2005A, 5.000%, 9/01/26 (Pre-refunded 9/01/15) – AMBAC Insured
 
9/15 at 100.00
 
A2 (4)
 
2,207,468
 
 
925
 
Brownsville, Texas, Utility System Priority Revenue Bonds, Series 2005A, 5.000%, 9/01/26 – AMBAC Insured
 
9/15 at 100.00
 
A+
 
973,276
 
 
2,000
 
Capital Area Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, The Roman Catholic Diocese of Austin, Series 2005B. Remarketed, 6.125%, 4/01/45
 
4/20 at 100.00
 
Baa1
 
2,179,620
 
 
1,000
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.000%, 1/01/41
 
1/21 at 100.00
 
Baa2
 
1,106,200
 
 
20
 
Denton Independent School District, Denton County, Texas, General Obligation Bonds, Refunding Series 2004, 5.000%, 8/15/33
 
No Opt. Call
 
AAA
 
20,267
 
 
2,080
 
Denton Independent School District, Denton County, Texas, General Obligation Bonds, Refunding Series 2004, 5.000%, 8/15/33 (Pre-refunded 8/15/14)
 
8/14 at 100.00
 
N/R (4)
 
2,109,536
 
 
4,250
 
Ennis Independent School District, Ellis County, Texas, General Obligation Bonds, Series 2006, 0.000%, 8/15/26
 
8/16 at 60.73
 
Aaa
 
2,422,670
 
 
10,000
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate Lien Series 2013B, 5.250%, 10/01/51
 
10/23 at 100.00
 
AA+
 
10,781,300
 
 
5,000
 
Harris County Hospital District, Texas, Revenue Bonds, Series 2007A, 5.250%, 2/15/42 – NPFG Insured
 
2/17 at 100.00
 
AA+
 
5,460,700
 
 
2,550
 
Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson Memorial Hospital Project, Series 2005, 5.375%, 8/15/35
 
2/16 at 100.00
 
BBB–
 
2,583,431
 
 
6,080
 
Laredo Independent School District, Webb County, Texas, General Obligation Bonds, Series 2006, 5.000%, 8/01/29
 
8/16 at 100.00
 
AAA
 
6,575,824
 
 
9,345
 
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2005, 0.000%, 8/15/34 – FGIC Insured
 
8/15 at 35.34
 
AA–
 
3,233,370
 
 
1,100
 
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2007, 0.000%, 8/15/14
 
No Opt. Call
 
AAA
 
1,099,604
 
 
13,510
 
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2008, 0.000%, 8/15/39
 
8/17 at 27.35
 
AAA
 
3,450,184
 
 
3,520
 
Marble Falls Independent School District, Burnet County, Texas, General Obligation Bonds, Series 2007, 5.000%, 8/15/34
 
8/16 at 100.00
 
Aaa
 
3,809,027
 
     
North Texas Tollway Authority, First Tier System Revenue Refunding Bonds, Capital Appreciation Series 2008I:
             
 
2,555
 
0.000%, 1/01/42 – AGC Insured
 
1/25 at 100.00
 
AA
 
2,922,460
 
 
7,000
 
0.000%, 1/01/43
 
1/25 at 100.00
 
A2
 
7,967,610
 
 
8,235
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/29
 
No Opt. Call
 
A3
 
8,586,056
 
 
2,500
 
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–
 
2,572,475
 
 
3,600
 
Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A, 0.000%, 8/15/25 – AMBAC Insured
 
No Opt. Call
 
A–
 
2,334,348
 
 
3,000
 
Wylie Independent School District, Collin County, Texas, General Obligation Bonds, Series 2005, 0.000%, 8/15/21 (Pre-refunded 8/15/15)
 
8/15 at 74.57
 
AAA
 
2,229,000
 
 
101,900
 
Total Texas
         
87,206,562
 
 
Nuveen Investments
 
49

 
 

 

NMA
Nuveen Municipal Advantage Fund, Inc.
 
 
Portfolio of Investments (continued)
 
   
April 30, 2014 (Unaudited)
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Utah – 0.5% (0.3% of Total Investments)
             
$
3,000
 
Riverton, Utah, Hospital Revenue Bonds, IHC Health Services, Inc., Series 2009, 5.000%, 8/15/41
 
8/19 at 100.00
 
AA+
$
3,168,720
 
     
Virgin Islands – 0.3% (0.2% of Total Investments)
             
 
1,480
 
Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note – Diageo Project, Series 2009A, 6.750%, 10/01/37
 
10/19 at 100.00
 
BBB
 
1,628,947
 
     
Virginia – 2.2% (1.5% of Total Investments)
             
 
1,200
 
Henrico County Economic Development Authority, Virginia, Revenue Bonds, Bon Secours Health System Obligated Group, Series 2013, 5.000%, 11/01/30
 
No Opt. Call
 
A–
 
1,301,076
 
     
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012A:
             
 
5,100
 
5.125%, 7/01/49
 
No Opt. Call
 
BBB–
 
5,232,855
 
 
1,000
 
5.000%, 7/01/52
 
No Opt. Call
 
BBB–
 
1,013,150
 
 
1,085
 
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012B, 0.000%, 7/01/34
 
No Opt. Call
 
BBB–
 
357,204
 
 
2,855
 
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset-Backed Bonds, Series 2007B2, 5.200%, 6/01/46
 
6/17 at 100.00
 
B–
 
2,114,413
 
 
3,810
 
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–
 
3,981,679
 
 
15,050
 
Total Virginia
         
14,000,377
 
     
Washington – 1.1% (0.7% of Total Investments)
             
 
1,260
 
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
 
1,274,767
 
 
2,485
 
Grant County Public Utility District 2, Washington, Revenue Bonds, Wanapum Hydroelectric Development, Series 2006B, 5.000%, 1/01/32 – NPFG Insured
 
1/17 at 100.00
 
AA
 
2,680,818
 
 
2,000
 
Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2009A, 6.000%, 1/01/33
 
7/19 at 100.00
 
A
 
2,173,340
 
 
1,410
 
Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2003F, 0.000%, 12/01/24 – NPFG Insured
 
No Opt. Call
 
AA+
 
1,037,196
 
 
7,155
 
Total Washington
         
7,166,121
 
     
Wisconsin – 0.7% (0.4% of Total Investments)
             
 
565
 
Green Bay, Wisconsin, Water System Revenue Bonds, Series 2004, 5.000%, 11/01/29 – AGM Insured
 
11/14 at 100.00
 
Aa2
 
576,097
 
 
3,000
 
Southeast Wisconsin Professional Baseball Park District, Sales Tax Revenue Refunding Bonds, Series 1998A, 5.500%, 12/15/19 – NPFG Insured (ETM)
 
No Opt. Call
 
AA– (4)
 
3,640,980
 
 
3,565
 
Total Wisconsin
         
4,217,077
 
$
1,100,228
 
Total Municipal Bonds (cost $920,484,753)
         
963,518,376
 
 
 
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)
                 
$
218
 
Las Vegas Monorail Company, Senior Interest Bonds (7), (8)
 
5.500%
 
7/15/19
 
N/R
$
39,291
 
 
60
 
Las Vegas Monorail Company, Senior Interest Bonds (7), (8)
 
3.000%
 
7/15/55
 
N/R
 
8,089
 
$
278
 
Total Corporate Bonds (cost $16,683)
             
47,380
 
     
Total Long-Term Investments – (cost $920,501,436)
             
963,565,756
 
 
50
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
SHORT-TERM INVESTMENTS – 0.3% (0.2% of Total Investments)
             
     
MUNICIPAL BONDS – 0.3% (0.2% of Total Investments)
             
     
Virginia – 0.3% (0.2% of Total Investments)
             
$
2,040
 
Virginia Public School Authority, School Financing Bonds, 1997 Resolution, Series 2006B, 5.000%, 8/01/14
 
No Opt. Call
 
AA+
$
2,065,047
 
     
Total Short-term Investments (cost $2,065,047)
         
2,065,047
 
     
Total Investments (cost $922,566,483) – 149.5%
         
965,630,803
 
     
Floating Rate Obligations – (5.9)%
         
(37,988,333
)
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (46.0)% (9)
         
(296,800,000
)
     
Other Assets Less Liabilities – 2.4%
         
15,028,807
 
     
Net Assets Applicable to Common Shares – 100%
       
$
645,871,277
 

(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)
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing security, in the case of a 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.
(6)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(7)
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Directors. For fair value measurement disclosure purposes, investment categorized 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 30.7%.
(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 in Derivatives, Inverse Floating Rate Securities for more information.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
51

 
 

 

NMO
 
 
Nuveen Municipal Market 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 – 155.3% (100.0% of Total Investments)
             
     
MUNICIPAL BONDS – 154.8% (99.7% of Total Investments)
             
     
Alabama – 0.7% (0.5% of Total Investments)
             
     
Henry County Water Authority, Alabama, Water Revenue Bonds, Series 2006:
             
$
1,720
 
5.000%, 1/01/36 (Pre-refunded 1/01/16) – RAAI Insured
 
1/16 at 100.00
 
N/R (4)
$
1,852,560
 
 
2,215
 
5.000%, 1/01/41 (Pre-refunded 1/01/16) – RAAI Insured
 
1/16 at 100.00
 
N/R (4)
 
2,385,710
 
     
Henry County Water Authority, Alabama, Water Revenue Bonds, Series 2006:
             
 
215
 
5.000%, 1/01/36 – RAAI Insured
 
1/16 at 100.00
 
N/R
 
215,718
 
 
270
 
5.000%, 1/01/41 – RAAI Insured
 
1/16 at 100.00
 
N/R
 
270,473
 
 
4,420
 
Total Alabama
         
4,724,461
 
     
Alaska – 3.5% (2.3% of Total Investments)
             
     
Alaska Housing Finance Corporation, General Housing Purpose Bonds, Series 2005A:
             
 
1,125
 
5.250%, 12/01/34 (Pre-refunded 12/01/14) – FGIC Insured (UB)
 
12/14 at 100.00
 
AA+ (4)
 
1,158,525
 
 
1,275
 
5.250%, 12/01/41 (Pre-refunded 12/01/14) – FGIC Insured (UB)
 
12/14 at 100.00
 
AA+ (4)
 
1,312,995
 
 
7,000
 
Alaska Housing Finance Corporation, General Housing Purpose Bonds, Series 2005B-2, 5.250%, 12/01/30 – NPFG Insured
 
6/15 at 100.00
 
AA+
 
7,415,800
 
     
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A:
             
 
5,000
 
5.000%, 6/01/32
 
6/14 at 100.00
 
B2
 
4,006,750
 
 
13,025
 
5.000%, 6/01/46
 
6/14 at 100.00
 
B2
 
9,518,670
 
 
27,425
 
Total Alaska
         
23,412,740
 
     
Arizona – 0.9% (0.6% of Total Investments)
             
 
3,000
 
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Airport Revenue Bonds, Series 2010A, 5.000%, 7/01/40
 
7/20 at 100.00
 
A+
 
3,124,950
 
 
2,500
 
Phoenix Civic Improvement Corporation, Arizona, Subordinate Excise Tax Revenue Bonds, Civic Plaza Expansion Project, Series 2005A, 5.000%, 7/01/35 – FGIC Insured
 
No Opt. Call
 
AA
 
2,601,775
 
 
5,500
 
Total Arizona
         
5,726,725
 
     
California – 25.6% (16.5% of Total Investments)
             
 
3,450
 
Antelope Valley Union High School District, Los Angeles County, California, General Obligation Bonds, Series 2004B, 0.000%, 8/01/29 – NPFG Insured
 
No Opt. Call
 
Aa3
 
1,703,645
 
     
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2009F-1:
             
 
2,500
 
5.125%, 4/01/39
 
4/19 at 100.00
 
AA
 
2,791,875
 
 
2,500
 
5.625%, 4/01/44
 
4/19 at 100.00
 
AA
 
2,738,700
 
 
8,000
 
Beverly Hills Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2009, 0.000%, 8/01/33
 
No Opt. Call
 
Aa1
 
3,421,920
 
 
7,845
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A, 5.600%, 6/01/36
 
12/18 at 100.00
 
BB–
 
6,561,087
 
 
5,000
 
California Department of Water Resources, Central Valley Project Water System Revenue Bonds, Series 2009-AF, 5.000%, 12/01/29
 
12/18 at 100.00
 
AAA
 
5,744,150
 
 
1,350
 
California Educational Facilities Authority, Revenue Refunding Bonds, Loyola Marymount University, Series 2001A, 0.000%, 10/01/39 – NPFG Insured
 
No Opt. Call
 
A2
 
367,929
 
 
1,630
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2013I, 5.000%, 11/01/38
 
11/23 at 100.00
 
A2
 
1,750,473
 
 
2,000
 
California State, General Obligation Bonds, Various Purpose Series 2004, 5.000%, 6/01/31 – AMBAC Insured
 
12/14 at 100.00
 
AA+
 
2,052,220
 
     
California State, General Obligation Bonds, Various Purpose Series 2010:
             
 
7,000
 
5.250%, 3/01/30
 
3/20 at 100.00
 
A1
 
7,996,170
 
 
4,250
 
5.250%, 11/01/40
 
11/20 at 100.00
 
A1
 
4,727,530
 
 
52
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
California (continued)
             
$
25,000
 
California State, Various Purpose General Obligation Bonds, Series 2005, 4.750%, 3/01/35 – NPFG Insured (UB)
 
3/16 at 100.00
 
AA–
$
25,977,500
 
 
2,500
 
California Statewide Communities Development Authority, Revenue Bonds, Cottage Health System Obligated Group, Series 2010, 5.250%, 11/01/30
 
11/20 at 100.00
 
AA–
 
2,698,150
 
 
9,000
 
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2006, 5.250%, 3/01/45
 
3/16 at 100.00
 
A+
 
9,204,750
 
 
1,550
 
California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Series 2007A, 5.750%, 7/01/47 – FGIC Insured
 
7/18 at 100.00
 
AA–
 
1,760,103
 
 
10,445
 
Castaic Lake Water Agency, California, Certificates of Participation, Water System Improvement Project, Series 1999, 0.000%, 8/01/29 – AMBAC Insured
 
No Opt. Call
 
AA
 
5,298,122
 
     
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A:
             
 
13,500
 
0.000%, 6/01/26 – AGM Insured
 
No Opt. Call
 
AA
 
8,566,290
 
 
3,485
 
5.000%, 6/01/45
 
6/15 at 100.00
 
A2
 
3,489,391
 
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
             
 
6,800
 
4.500%, 6/01/27
 
6/17 at 100.00
 
B
 
5,970,060
 
 
1,640
 
5.000%, 6/01/33
 
6/17 at 100.00
 
B
 
1,317,510
 
 
1,000
 
5.125%, 6/01/47
 
6/17 at 100.00
 
B
 
762,150
 
 
2,500
 
Huntington Beach Union High School District, Orange County, California, General Obligation Bonds, Series 2007, 0.000%, 8/01/32 – FGIC Insured
 
No Opt. Call
 
Aa2
 
1,074,550
 
 
1,500
 
Lincoln Unified School District, Placer County, California, Community Facilities District 1, Special Tax Bonds, Series 2005, 0.000%, 9/01/26 – AMBAC Insured
 
No Opt. Call
 
N/R
 
773,955
 
 
3,500
 
Los Angeles County Sanitation Districts Financing Authority, California, Capital Projects Revenue Bonds, District 14, Series 2005, 5.000%, 10/01/34 – FGIC Insured
 
10/15 at 100.00
 
AA–
 
3,679,235
 
 
490
 
Los Angeles Department of Water and Power, California, Electric Plant Revenue Bonds, Second Series 1993, 4.750%, 10/15/20 (ETM)
 
7/14 at 100.00
 
N/R (4)
 
491,789
 
 
995
 
Los Angeles Department of Water and Power, California, Electric Plant Revenue Bonds, Series 1994, 5.375%, 2/15/34 (ETM)
 
7/14 at 100.00
 
Aa3 (4)
 
999,269
 
 
2,500
 
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2005A-2, 5.000%, 7/01/22 – AGM Insured
 
7/15 at 100.00
 
AA
 
2,635,250
 
 
1,160
 
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
 
632,745
 
 
2,200
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009B, 6.500%, 11/01/39
 
No Opt. Call
 
A
 
2,855,468
 
 
14,000
 
New Haven Unified School District, California, General Obligation Bonds, Refunding Series 2009, 0.000%, 8/01/34 – AGC Insured
 
No Opt. Call
 
AA
 
5,190,220
 
 
2,500
 
Norwalk La Mirada Unified School District, Los Angeles County, California, General Obligation Bonds, Election of 2002 Series 2005B, 0.000%, 8/01/29
 
No Opt. Call
 
AA
 
1,268,100
 
 
1,000
 
Pajaro Valley Unified School District, Santa Cruz County, California, General Obligation Bonds, Series 2005B, 0.000%, 8/01/29 – AGM Insured
 
No Opt. Call
 
AA
 
553,980
 
 
5,000
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/30
 
11/20 at 100.00
 
Ba1
 
5,064,300
 
     
Palomar Pomerado Health, California, General Obligation Bonds, Election of 2004, Series 2007A:
             
 
2,000
 
0.000%, 8/01/24 – NPFG Insured
 
No Opt. Call
 
AA–
 
1,342,160
 
 
4,795
 
5.000%, 8/01/32 – NPFG Insured
 
8/17 at 100.00
 
AA–
 
4,949,207
 
 
2,000
 
Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical Center, Series 2007A, 5.000%, 7/01/47
 
7/17 at 100.00
 
Baa2
 
2,013,040
 
 
2,500
 
Redding, California, Electric System Revenue Certificates of Participation, Series 2005, 5.000%, 6/01/30 – FGIC Insured
 
6/15 at 100.00
 
AA–
 
2,534,350
 
 
3,205
 
San Diego Community College District, California, General Obligation Bonds, Series 2005, 5.000%, 5/01/25 (Pre-refunded 5/01/15) – AGM Insured
 
5/15 at 100.00
 
AA+ (4)
 
3,360,186
 
 
Nuveen Investments
 
53

 
 

 
 
NMO
Nuveen Municipal Market 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:
             
$
5,000
 
5.650%, 1/15/17 – NPFG Insured
 
7/14 at 102.00
 
AA–
$
5,106,100
 
 
26,000
 
0.000%, 1/15/35 – NPFG Insured
 
No Opt. Call
 
AA–
 
7,544,420
 
 
925
 
San Jose-Evergreen Community College District, Santa Clara County, California, General Obligation Bonds, Series 2005A, 0.000%, 9/01/28 – NPFG Insured
 
No Opt. Call
 
Aa1
 
445,767
 
 
4,075
 
San Jose-Evergreen Community College District, Santa Clara County, California, General Obligation Bonds, Series 2005A, 0.000%, 9/01/28 (Pre-refunded 9/01/15) – NPFG Insured
 
9/15 at 50.47
 
Aa1 (4)
 
2,050,051
 
 
7,345
 
Sanger Unified School District, Fresno County, California, General Obligation Bonds, Series 2006A, 5.000%, 8/01/27 – AGM Insured
 
8/16 at 102.00
 
AA
 
8,043,142
 
 
4,825
 
Santa Monica Community College District, Los Angeles County, California, General Obligation Bonds, Series 2005C, 0.000%, 8/01/25 (Pre-refunded 8/01/15) – NPFG Insured
 
8/15 at 61.27
 
AA (4)
 
2,947,351
 
 
220,460
 
Total California
         
170,454,360
 
     
Colorado – 8.1% (5.2% of Total Investments)
             
 
1,085
 
Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/40 – SYNCORA GTY Insured
 
10/16 at 100.00
 
BBB–
 
1,086,779
 
 
11,200
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
 
1/20 at 100.00
 
AA–
 
11,701,872
 
 
3,250
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Yampa Valley Medical Center, Series 2007, 5.125%, 9/15/29
 
9/17 at 100.00
 
BBB+
 
3,331,185
 
     
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:
             
 
6,200
 
0.000%, 9/01/22 – NPFG Insured
 
No Opt. Call
 
AA–
 
4,602,322
 
 
9,945
 
0.000%, 9/01/30 – NPFG Insured
 
No Opt. Call
 
AA–
 
4,361,380
 
 
16,060
 
0.000%, 9/01/33 – NPFG Insured
 
No Opt. Call
 
AA–
 
5,710,294
 
     
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B:
             
 
3,800
 
0.000%, 9/01/27 – NPFG Insured
 
9/20 at 67.94
 
AA–
 
1,930,818
 
 
13,300
 
0.000%, 9/01/31 – NPFG Insured
 
9/20 at 53.77
 
AA–
 
5,178,887
 
 
6,250
 
0.000%, 9/01/32 – NPFG Insured
 
9/20 at 50.83
 
AA–
 
2,276,188
 
 
10,000
 
0.000%, 3/01/36 – NPFG Insured
 
9/20 at 41.72
 
AA–
 
2,934,800
 
 
10,000
 
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010, 6.500%, 1/15/30
 
7/20 at 100.00
 
Baa3
 
11,158,000
 
 
91,090
 
Total Colorado
         
54,272,525
 
     
District of Columbia – 1.5% (1.0% of Total Investments)
             
 
10,000
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Senior Lien Refunding Series 2007A, 4.500%, 10/01/30 – AMBAC Insured
 
10/16 at 100.00
 
A1
 
10,131,200
 
     
Florida – 5.7% (3.7% of Total Investments)
             
 
1,275
 
Alachua County Health Facilities Authority, Florida, Revenue Bonds, Shands Teaching Hospital and Clinics Inc., Series 1996A, 6.250%, 12/01/16 – NPFG Insured
 
No Opt. Call
 
AA–
 
1,358,360
 
 
2,080
 
Brevard County School Board, Florida, Certificates of Participation, Series 2007C, 5.000%, 7/01/21 – AMBAC Insured
 
7/17 at 100.00
 
Aa3
 
2,328,914
 
 
2,130
 
Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Series 2008, Trust 1191, 8.805%, 1/01/27 (Alternative Minimum Tax) (IF)
 
1/17 at 100.00
 
AA+
 
2,253,817
 
 
3,235
 
Lee County, Florida, Transportation Facilities Revenue Bonds, Sanibel Bridges and Causeway Project, Series 2005B, 5.000%, 10/01/30 – CIFG Insured
 
10/15 at 100.00
 
AA
 
3,379,378
 
 
2,500
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010A-1, 5.375%, 10/01/41
 
10/20 at 100.00
 
A
 
2,716,425
 
 
3,000
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 5.000%, 10/01/26
 
10/20 at 100.00
 
A
 
3,360,450
 
 
2,410
 
Miami-Dade County, Florida, General Obligation Bonds, Parks Program, Series 2005, 4.300%, 11/01/30 – NPFG Insured
 
11/15 at 100.00
 
AA
 
2,451,476
 
 
54
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Florida (continued)
             
$
2,425
 
Miami-Dade County, Florida, Public Facilities Revenue Bonds, Jackson Health System, Series 2005B, 5.000%, 6/01/22 – NPFG Insured
 
6/15 at 100.00
 
AA–
$
2,483,273
 
 
2,000
 
Orange County School Board, Florida, Certificates of Participation, Series 2004A, 5.000%, 8/01/29 (Pre-refunded 8/01/14) – AMBAC Insured
 
8/14 at 100.00
 
Aa2 (4)
 
2,024,560
 
 
2,400
 
Orange County School Board, Florida, Certificates of Participation, Series 2005B, 5.000%, 8/01/25 – AMBAC Insured
 
8/15 at 100.00
 
Aa2
 
2,527,008
 
 
5,085
 
Orange County, Florida, Tourist Development Tax Revenue Bonds, Refunding Series 2007, 4.750%, 10/01/29 – FGIC Insured
 
No Opt. Call
 
AA–
 
5,428,034
 
 
4,000
 
Orlando, Florida, Tourist Development Tax Revenue Bonds, Senior Lien 6th Cent Contract Payments, Series 2008A, 5.250%, 11/01/23 – AGC Insured
 
11/17 at 100.00
 
AA
 
4,218,720
 
 
3,500
 
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Series 2007, 5.000%, 8/15/37
 
8/17 at 100.00
 
AA
 
3,626,945
 
 
36,040
 
Total Florida
         
38,157,360
 
     
Georgia – 1.6% (1.0% of Total Investments)
             
 
10,000
 
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010B, 5.250%, 2/15/45
 
2/41 at 100.00
 
AA–
 
10,515,800
 
     
Guam – 0.0% (0.0% of Total Investments)
             
 
165
 
Guam International Airport Authority, Revenue Bonds, Series 2013C, 6.375%, 10/01/43 (Alternative Minimum Tax)
 
10/23 at 100.00
 
BBB
 
177,314
 
     
Illinois – 17.2% (11.1% of Total Investments)
             
 
4,595
 
Bolingbrook, Illinois, General Obligation Refunding Bonds, Series 2002B, 0.000%, 1/01/32 – FGIC Insured
 
No Opt. Call
 
AA–
 
1,943,363
 
 
1,470
 
Chicago Board of Education, Cook County, Illinois, General Obligation Bonds, Dedicated Revenues Series 2011A, 5.000%, 12/01/41
 
12/21 at 100.00
 
A+
 
1,455,815
 
     
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1999A:
             
 
4,600
 
0.000%, 12/01/20 – FGIC Insured
 
No Opt. Call
 
AA–
 
3,774,622
 
 
1,000
 
5.500%, 12/01/26 – FGIC Insured
 
No Opt. Call
 
AA–
 
1,126,290
 
 
1,615
 
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien Series 2003C-2, 5.250%, 1/01/30 – AGM Insured (Alternative Minimum Tax)
 
7/14 at 100.00
 
AA
 
1,616,583
 
 
2,355
 
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien Series 2005A, 5.250%, 1/01/26 – NPFG Insured
 
1/16 at 100.00
 
AA–
 
2,484,972
 
 
4,000
 
Chicago, Illinois, Motor Fuel Tax Revenue Bonds, Series 2003A, 5.000%, 1/01/33 – AMBAC Insured
 
7/14 at 100.00
 
AA+
 
4,003,280
 
 
5,050
 
Chicago, Illinois, Motor Fuel Tax Revenue Bonds, Series 2008A, 5.000%, 1/01/38 – AGC Insured
 
1/18 at 100.00
 
AA+
 
5,124,841
 
 
4,620
 
Chicago, Illinois, Revenue Bonds, Midway Airport, Series 1998B, 5.000%, 1/01/28 – NPFG Insured
 
7/14 at 100.00
 
AA–
 
4,635,708
 
 
7,100
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33
 
11/20 at 100.00
 
AA
 
7,604,171
 
 
10,000
 
Illinois Finance Authority, Illinois, Northwestern University, Revenue Bonds, Series 2006, 5.000%, 12/01/42 (UB)
 
12/15 at 100.00
 
AAA
 
10,577,700
 
 
3,040
 
Illinois Finance Authority, Revenue Bonds, Edward Health Services Corporation, Series 2008A, 5.500%, 2/01/40 – AMBAC Insured
 
2/18 at 100.00
 
A
 
3,125,698
 
 
1,750
 
Illinois Finance Authority, Revenue Bonds, Hospital Sisters Services Inc., Series 2007, 5.000%, 3/15/26
 
No Opt. Call
 
AA–
 
1,902,950
 
 
3,000
 
Illinois Finance Authority, Revenue Bonds, Memorial Health System, Series 2009, 5.500%, 4/01/34
 
4/19 at 100.00
 
A+
 
3,179,820
 
 
5,390
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 6.000%, 5/15/39
 
5/20 at 100.00
 
A
 
6,009,257
 
 
1,970
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A, 5.750%, 11/15/37
 
11/17 at 100.00
 
A
 
2,080,753
 
 
2,000
 
Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34
 
8/19 at 100.00
 
BBB+
 
2,483,280
 
 
3,200
 
Illinois Finance Authority, Revenue Bonds, Resurrection Health Care System, Series 1999B, 5.000%, 5/15/24 – AGM Insured
 
5/18 at 100.00
 
AA
 
3,412,672
 
 
Nuveen Investments
 
55

 
 

 

NMO
Nuveen Municipal Market Opportunity Fund, Inc.
 
 
Portfolio of Investments (continued)
April 30, 2014 (Unaudited)
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Illinois (continued)
             
$
5,550
 
Illinois Finance Authority, Revenue Refunding Bonds, Silver Cross Hospital and Medical Centers, Series 2008A, 5.500%, 8/15/30
 
8/18 at 100.00
 
BBB+
$
5,742,141
 
 
2,795
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/38
 
1/23 at 100.00
 
AA–
 
2,952,806
 
     
Lake and McHenry Counties Community Unit School District 118, Wauconda, Illinois, General Obligation Bonds, Series 2005B:
             
 
10,230
 
0.000%, 1/01/22 – AGM Insured
 
1/15 at 70.63
 
A1
 
7,068,828
 
 
6,780
 
0.000%, 1/01/24 – AGM Insured
 
1/15 at 63.44
 
A1
 
4,195,125
 
 
2,330
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 2010B-2, 5.000%, 6/15/50
 
6/20 at 100.00
 
AAA
 
2,379,769
 
     
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A:
             
 
6,500
 
0.000%, 6/15/25 – NPFG Insured
 
6/22 at 101.00
 
AAA
 
6,324,305
 
 
3,700
 
0.000%, 6/15/30 – NPFG Insured
 
No Opt. Call
 
AAA
 
1,777,110
 
 
3,280
 
0.000%, 6/15/37 – NPFG Insured
 
No Opt. Call
 
AAA
 
1,012,044
 
 
11,715
 
0.000%, 12/15/38 – NPFG Insured
 
No Opt. Call
 
AAA
 
3,309,253
 
 
2,080
 
Midlothian, Illinois, General Obligation Bonds, Series 2010A, 5.250%, 2/01/34
 
2/20 at 100.00
 
AA
 
2,200,806
 
 
3,000
 
Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2007, 5.000%, 3/01/22 – NPFG Insured
 
3/17 at 100.00
 
AA–
 
3,251,730
 
 
2,685
 
Sterling, Whiteside County, Illinois, General Obligation Bonds, Recovery Zone Facility Series 2010A, 5.250%, 5/01/31 – AGM Insured
 
5/20 at 100.00
 
AA
 
2,882,535
 
 
2,000
 
University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 6.250%, 10/01/38
 
10/23 at 100.00
 
A
 
2,207,220
 
 
3,330
 
Will County Community Unit School District 201U, Crete-Monee, Illinois, General Obligation Bonds, Capital Appreciation Series 2004, 0.000%, 11/01/22 – NPFG Insured
 
No Opt. Call
 
AA–
 
2,481,949
 
 
132,730
 
Total Illinois
         
114,327,396
 
     
Indiana – 3.3% (2.1% of Total Investments)
             
 
4,030
 
Indiana Finance Authority Health System Revenue Bonds, Sisters of St. Francis Health Services, Inc. Obligated Group, Series 2009, 5.250%, 11/01/39
 
11/19 at 100.00
 
AA
 
4,263,337
 
 
5,000
 
Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 2012A, 4.000%, 5/01/35
 
5/23 at 100.00
 
A
 
4,669,050
 
 
2,050
 
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013A, 5.000%, 7/01/48 (Alternative Minimum Tax)
 
7/23 at 100.00
 
BBB
 
2,084,563
 
 
6,000
 
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2009A, 5.250%, 12/01/38
 
12/19 at 100.00
 
Aa2
 
6,559,620
 
 
2,500
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
 
1/17 at 100.00
 
AA–
 
2,628,900
 
 
1,890
 
New Albany-Floyd County School Building Corporation, Indiana, First Mortgage Bonds, Series 2005, 5.000%, 7/15/26 (Pre-refunded 7/15/15) – AGM Insured
 
7/15 at 100.00
 
AA+ (4)
 
2,000,111
 
 
21,470
 
Total Indiana
         
22,205,581
 
     
Iowa – 1.9% (1.3% of Total Investments)
             
 
970
 
Iowa Finance Authority, Health Facility Revenue Bonds, Care Initiatives Project, Series 2006A, 5.000%, 7/01/19
 
7/16 at 100.00
 
BB+
 
999,992
 
 
7,255
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013, 5.500%, 12/01/22
 
12/18 at 100.00
 
BB–
 
7,386,823
 
 
5,000
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34
 
6/17 at 100.00
 
B+
 
4,558,900
 
 
13,225
 
Total Iowa
         
12,945,715
 
 
56
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Kansas – 1.5% (1.0% of Total Investments)
             
$
3,000
 
Kansas Development Finance Authority, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2012A, 5.000%, 11/15/28
 
5/22 at 100.00
 
AA
$
3,367,740
 
 
3,750
 
Overland Park Development Corporation, Kansas, First Tier Revenue Bonds, Overland Park Convention Center, Series 2007A, 5.125%, 1/01/22 – AMBAC Insured
 
1/17 at 100.00
 
BB+
 
3,776,663
 
 
600
 
Salina, Kansas, Hospital Revenue Bonds, Salina Regional Medical Center, Series 2006, 4.625%, 10/01/31
 
4/16 at 100.00
 
A1
 
606,954
 
 
3,275
 
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital Appreciation Revenue Bonds Redevelopment Project Area B – Major Multi-Sport Athletic Complex Project, Subordinate Lien Series 2010B, 0.000%, 6/01/21
 
No Opt. Call
 
A–
 
2,261,879
 
 
10,625
 
Total Kansas
         
10,013,236
 
     
Kentucky – 0.2% (0.1% of Total Investments)
             
 
1,000
 
Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008-A1, 6.000%,
12/01/38 – AGC Insured
 
6/18 at 100.00
 
AA
 
1,029,610
 
     
Louisiana – 0.2% (0.2% of Total Investments)
             
 
1,635
 
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)
 
1,648,538
 
     
Maryland – 2.1% (1.3% of Total Investments)
             
 
4,410
 
Maryland Community Development Administration, Department of Housing and Community Development, Residential Revenue Bonds, Series 2007D, 4.900%, 9/01/42 (Alternative Minimum Tax)
 
3/17 at 100.00
 
Aa2
 
4,432,888
 
 
2,500
 
Maryland Department of Transportation, Consolidated Transportation Revenue Bonds, Series 2002, 5.500%, 2/01/16
 
No Opt. Call
 
AAA
 
2,727,775
 
 
6,500
 
Montgomery County, Maryland, Consolidated General Obligation Public Improvement Bonds, Refunding Series 2010A, 5.000%, 8/01/14
 
No Opt. Call
 
AAA
 
6,580,860
 
 
13,410
 
Total Maryland
         
13,741,523
 
     
Massachusetts – 1.5% (0.9% of Total Investments)
             
 
2,500
 
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)
 
2,520,675
 
 
1,500
 
Massachusetts Development Finance Authority, Revenue Bonds, 100 Cambridge Street Redevelopment, M/SRBC Project, Series 2002A, 5.125%, 2/01/34 – NPFG Insured
 
7/14 at 100.00
 
AA–
 
1,500,735
 
 
2,280
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior Series 2013A, 5.000%, 5/15/43
 
5/23 at 100.00
 
AA+
 
2,514,270
 
 
120
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A, 5.000%, 8/15/30
 
8/15 at 100.00
 
AA+
 
126,539
 
     
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A:
             
 
385
 
5.000%, 8/15/30 (Pre-refunded 8/15/15) – AGM Insured
 
8/15 at 100.00
 
AA (4)
 
408,905
 
 
2,495
 
5.000%, 8/15/30 (Pre-refunded 8/15/15)
 
8/15 at 100.00
 
AA (4)
 
2,649,915
 
 
9,280
 
Total Massachusetts
         
9,721,039
 
     
Michigan – 4.5% (2.9% of Total Investments)
             
 
1,975
 
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.000%, 7/01/32
 
7/22 at 100.00
 
BB+
 
1,911,879
 
 
3,000
 
Detroit, Michigan, Distributable State Aid General Obligation Bonds, Limited Tax Series 2010, 4.500%, 11/01/23
 
11/20 at 100.00
 
AA
 
3,119,070
 
 
2,830
 
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B, 5.500%, 7/01/29 – FGIC Insured
 
No Opt. Call
 
AA–
 
2,825,444
 
 
2,435
 
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2003A, 5.000%, 7/01/23 – AGM Insured
 
7/14 at 100.00
 
AA
 
2,434,951
 
 
Nuveen Investments
 
57

 
 

 

NMO
Nuveen Municipal Market Opportunity Fund, Inc.
 
 
Portfolio of Investments (continued)
 
April 30, 2014 (Unaudited)
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Michigan (continued)
             
$
1,000
 
Detroit, Michigan, Water Supply System Senior Lien Revenue Bonds, Series 1997A, 6.000%, 7/01/14 – NPFG Insured
 
No Opt. Call
 
AA–
$
1,002,360
 
 
725
 
Detroit, Michigan, Water Supply System Senior Lien Revenue Bonds, Series 2004A, 5.250%, 7/01/18 – NPFG Insured
 
7/16 at 100.00
 
AA–
 
727,523
 
     
Detroit, Michigan, Water Supply System Senior Lien Revenue Refunding Bonds, Series 2006D:
             
 
4,000
 
5.000%, 7/01/32 – AGM Insured
 
7/16 at 100.00
 
AA
 
3,904,120
 
 
5,000
 
4.625%, 7/01/32 – AGM Insured
 
7/16 at 100.00
 
AA
 
4,661,550
 
 
5,000
 
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
 
5,366,750
 
 
3,050
 
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2008A, 6.875%, 6/01/42
 
6/18 at 100.00
 
BB–
 
2,918,576
 
 
1,150
 
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital, Refunding Series 2009V, 8.250%, 9/01/39
 
9/18 at 100.00
 
A1
 
1,411,821
 
 
30,165
 
Total Michigan
         
30,284,044
 
     
Minnesota – 0.5% (0.3% of Total Investments)
             
 
930
 
Minnesota Agricultural and Economic Development Board, Healthcare System Revenue Bonds, Fairview Hospital and Healthcare Services, Series 2000A, 6.375%, 11/15/29
 
7/14 at 100.00
 
A
 
934,222
 
 
2,260
 
St. Paul Housing and Redevelopment Authority, Minnesota, Sales Tax Revenue Refunding Bonds, Civic Center Project, Series 1996, 7.100%, 11/01/23 – AGM Insured
 
11/15 at 103.00
 
AA
 
2,523,132
 
 
3,190
 
Total Minnesota
         
3,457,354
 
     
Mississippi – 0.9% (0.6% of Total Investments)
             
 
5,900
 
Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22
 
10/14 at 100.00
 
BBB
 
5,902,360
 
     
Missouri – 3.0% (1.9% of Total Investments)
             
     
Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, Series 2004B-1:
             
 
8,150
 
0.000%, 4/15/27 – AMBAC Insured
 
No Opt. Call
 
AA–
 
4,840,367
 
 
5,000
 
0.000%, 4/15/31 – AMBAC Insured
 
No Opt. Call
 
AA–
 
2,358,650
 
 
6,930
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2013A, 5.000%, 11/15/48
 
11/23 at 100.00
 
A2
 
7,240,048
 
 
5,000
 
Saint Louis, Missouri, Parking Revenue Bonds, Series 2006A, 5.000%, 12/15/31 – NPFG Insured
 
12/16 at 100.00
 
AA–
 
5,273,750
 
 
25,080
 
Total Missouri
         
19,712,815
 
     
Nebraska – 1.8% (1.2% of Total Investments)
             
 
11,690
 
Omaha Convention Hotel Corporation, Nebraska, Convention Center Revenue Bonds, Series 2007, 5.000%, 2/01/35 – AMBAC Insured
 
2/17 at 100.00
 
A1
 
12,063,496
 
     
Nevada – 5.0% (3.3% of Total Investments)
             
 
15,000
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42
 
1/20 at 100.00
 
A+
 
17,208,449
 
 
11,665
 
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.250%, 7/01/42
 
1/20 at 100.00
 
A+
 
12,479,917
 
 
3,760
 
Reno, Nevada, Capital Improvement Revenue Bonds, Series 2005B, 0.000%,
6/01/37 – FGIC Insured
 
6/15 at 33.61
 
AA–
 
898,678
 
 
2,500
 
Reno, Nevada, Health Facilities Revenue Bonds, Catholic Healthcare West, Series 2008, 18.908%, 7/01/31 – BHAC Insured (IF) (5)
 
7/17 at 100.00
 
AA+
 
3,071,000
 
 
32,925
 
Total Nevada
         
33,658,044
 
     
New Hampshire – 0.5% (0.3% of Total Investments)
             
 
3,000
 
New Hampshire Business Finance Authority, Revenue Bonds, Elliot Hospital Obligated Group Issue, Series 2009A, 6.125%, 10/01/39
 
10/19 at 100.00
 
Baa1
 
3,215,640
 
 
58
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
New Jersey – 3.5% (2.2% of Total Investments)
             
$
1,100
 
New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge Replacement Project, Series 2013, 5.125%, 7/01/42 – AGM Insured (Alternative Minimum Tax)
 
1/24 at 100.00
 
AA
$
1,163,085
 
 
2,550
 
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A, 5.250%, 7/01/33 – NPFG Insured
 
7/14 at 100.00
 
AA–
 
2,569,941
 
 
3,200
 
New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Series 2009Z, 5.000%, 12/15/14
 
No Opt. Call
 
A1
 
3,298,048
 
 
18,400
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Refunding Series 2006B, 0.000%, 7/01/37
 
1/17 at 35.47
 
BBB+
 
5,664,624
 
 
5,065
 
New Jersey Turnpike Authority, Revenue Bonds, Growth and Income Securities, Series 2004B, 0.000%, 1/01/35 – AMBAC Insured
 
1/17 at 100.00
 
A+
 
4,986,948
 
 
3,000
 
Rahway Valley Sewerage Authority, New Jersey, Sewer Revenue Bonds, Series 2005A, 0.000%, 9/01/25 – NPFG Insured
 
No Opt. Call
 
Aa2
 
1,976,130
 
 
910
 
Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L, 5.000%, 5/01/43
 
5/23 at 100.00
 
AA–
 
998,052
 
 
3,000
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 5.000%, 6/01/41
 
6/17 at 100.00
 
B2
 
2,362,920
 
 
37,225
 
Total New Jersey
         
23,019,748
 
     
New York – 6.2% (4.0% of Total Investments)
             
 
7,000
 
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009, 0.000%, 7/15/45
 
No Opt. Call
 
BBB–
 
1,193,290
 
 
2,460
 
Dormitory Authority of the State of New York, Revenue Bonds, The New York and Presbyterian Hospital Project, Series 2007, 5.250%, 8/15/26 (Pre-refunded
8/15/14) – AGM Insured
 
8/14 at 100.00
 
AA (4)
 
2,496,629
 
 
2,000
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.250%, 2/15/47
 
2/21 at 100.00
 
A
 
2,121,900
 
 
3,290
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006B, 5.000%, 12/01/35
 
6/16 at 100.00
 
A–
 
3,505,429
 
 
2,500
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Series 2012F, 5.000%, 11/15/26
 
11/22 at 100.00
 
A+
 
2,839,250
 
 
3,500
 
Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue Bonds, Unity Hospital of Rochestor Project, Series 2010, 5.750%, 8/15/30
 
2/21 at 100.00
 
Aa2
 
4,182,430
 
 
875
 
New York City Industrial Development Agency, New York, American Airlines-JFK International Airport Special Facility Revenue Bonds, Series 2005, 7.500%, 8/01/16 (Alternative Minimum Tax)
 
No Opt. Call
 
N/R
 
926,144
 
 
5
 
New York City, New York, General Obligation Bonds, Fiscal Series 1997H, 6.125%, 8/01/25
 
7/14 at 100.00
 
AA
 
5,023
 
     
New York City, New York, General Obligation Bonds, Fiscal Series 2002G:
             
 
20
 
5.000%, 8/01/17
 
7/14 at 100.00
 
AA
 
20,079
 
 
150
 
5.750%, 8/01/18
 
7/14 at 100.00
 
AA
 
150,683
 
 
2,000
 
New York Liberty Development Corporation, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.750%, 11/15/51
 
No Opt. Call
 
A+
 
2,215,600
 
 
8,550
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 5.500%, 12/01/31
 
12/20 at 100.00
 
BBB
 
9,196,124
 
     
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC, Sixth Series 1997:
             
 
2,475
 
6.250%, 12/01/15 – NPFG Insured (Alternative Minimum Tax)
 
No Opt. Call
 
AA–
 
2,589,296
 
 
10,000
 
5.750%, 12/01/22 – NPFG Insured (Alternative Minimum Tax)
 
6/14 at 100.00
 
AA–
 
10,061,900
 
 
44,825
 
Total New York
         
41,503,777
 
     
North Carolina – 4.4% (2.8% of Total Investments)
             
 
1,900
 
Charlotte-Mecklenburg Hospital Authority, North Carolina, Healthcare System Revenue Bonds, DBA Carolinas Healthcare System, Series 2005A, 5.000%, 1/15/45 (Pre-refunded 1/15/15)
 
1/15 at 100.00
 
AA+ (4)
 
1,965,265
 
 
17,000
 
North Carolina Capital Facilities Financing Agency, Revenue Bonds, Duke University, Series 2005A, 5.000%, 10/01/41
 
10/15 at 100.00
 
AA+
 
17,848,979
 
 
Nuveen Investments
 
59

 
 

 

NMO
Nuveen Municipal Market Opportunity Fund, Inc.
 
 
Portfolio of Investments (continued)
 
April 30, 2014 (Unaudited)
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
North Carolina (continued)
             
$
3,000
 
North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2005, 5.250%, 1/01/20 – AMBAC Insured
 
1/16 at 100.00
 
A–
$
3,228,990
 
 
4,000
 
North Carolina Medical Care Commission, Health System Revenue Bonds, Mission St. Joseph’s Health System, Series 2007, 4.500%, 10/01/31 (UB)
 
10/17 at 100.00
 
AA–
 
4,071,520
 
 
1,900
 
North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Series 2009A, 5.750%, 1/01/39 – AGC Insured
 
1/19 at 100.00
 
AA
 
2,082,153
 
 
27,800
 
Total North Carolina
         
29,196,907
 
     
North Dakota – 0.3% (0.2% of Total Investments)
             
 
1,500
 
Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011, 6.000%, 11/01/28
 
11/21 at 100.00
 
A+
 
1,742,355
 
     
Ohio – 9.4% (6.0% of Total Investments)
             
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
             
 
4,415
 
5.375%, 6/01/24
 
6/17 at 100.00
 
B–
 
3,846,525
 
 
1,340
 
5.125%, 6/01/24
 
6/17 at 100.00
 
B–
 
1,158,122
 
 
1,695
 
5.875%, 6/01/30
 
6/17 at 100.00
 
B
 
1,420,105
 
 
6,215
 
5.750%, 6/01/34
 
6/17 at 100.00
 
B
 
5,109,289
 
 
4,300
 
6.000%, 6/01/42
 
6/17 at 100.00
 
B+
 
3,533,396
 
 
1,500
 
6.500%, 6/01/47
 
6/17 at 100.00
 
B
 
1,328,250
 
 
4,750
 
5.875%, 6/01/47
 
6/17 at 100.00
 
B
 
3,913,430
 
 
3,110
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37
 
6/22 at 100.00
 
B
 
2,678,861
 
 
6,000
 
Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010, 5.250%, 11/01/29
 
11/20 at 100.00
 
A–
 
6,408,000
 
 
2,000
 
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)
 
2,008,840
 
 
10,000
 
Columbus City School District, Franklin County, Ohio, General Obligation Bonds, Series 2006, 4.250%, 12/01/32 – AGM Insured (UB)
 
12/16 at 100.00
 
AA+
 
10,049,600
 
 
2,435
 
Hamilton County Convention Facilities Authority, Ohio, Second Lien Revenue Bonds, Series 2004, 5.000%, 12/01/33 (Pre-refunded 6/01/14) – FGIC Insured
 
6/14 at 100.00
 
AA (4)
 
2,445,251
 
 
5,500
 
Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2009E, 5.625%, 10/01/19
 
No Opt. Call
 
BBB–
 
6,183,320
 
 
7,500
 
Ohio State, Hospital Facility Revenue Refunding Bonds, Cleveland Clinic Health System Obligated Group, Series 2009A, 5.500%, 1/01/39
 
1/19 at 100.00
 
Aa2
 
8,452,050
 
 
3,690
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 2013A-1, 5.000%, 2/15/48
 
2/23 at 100.00
 
A+
 
3,918,780
 
 
64,450
 
Total Ohio
         
62,453,819
 
     
Oklahoma – 0.3% (0.2% of Total Investments)
             
 
1,675
 
Oklahoma Development Finance Authority, Health System Revenue Bonds, Integris Baptist Medical Center, Series 2008B, 5.250%, 8/15/38
 
8/18 at 100.00
 
AA–
 
1,780,827
 
     
Pennsylvania – 6.3% (4.1% of Total Investments)
             
 
3,000
 
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, University of Pittsburgh Medical Center, Series 2009A, 5.625%, 8/15/39
 
8/19 at 100.00
 
Aa3
 
3,397,290
 
 
4,820
 
Delaware County Industrial Development Authority, Pennsylvania, Resource Recovery Revenue Refunding Bonds, Series 1997A, 6.200%, 7/01/19
 
7/14 at 100.00
 
Ba1
 
4,821,687
 
 
6,975
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010A, 0.000%, 12/01/34
 
12/20 at 100.00
 
AA
 
7,035,334
 
 
3,115
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue, Series 2013A, 5.000%, 12/01/36
 
12/22 at 100.00
 
AA
 
3,349,933
 
 
60
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Pennsylvania (continued)
             
$
10,000
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 0.000%, 6/01/33 – AGM Insured
 
6/26 at 100.00
 
AA
$
11,075,600
 
 
11,890
 
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
 
12,383,078
 
 
39,800
 
Total Pennsylvania
         
42,062,922
 
     
Puerto Rico – 2.8% (1.8% of Total Investments)
             
 
1,000
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2007VV, 5.250%, 7/01/24 – FGIC Insured
 
No Opt. Call
 
AA–
 
966,300
 
 
4,300
 
Puerto Rico Housing Finance Authority, Capital Fund Program Revenue Bonds, Series 2003, 4.500%, 12/01/23
 
7/14 at 100.00
 
AA–
 
4,285,595
 
 
12,425
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A, 6.000%, 8/01/42
 
8/19 at 100.00
 
A+
 
9,909,559
 
 
4,310
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010C, 5.250%, 8/01/41
 
8/20 at 100.00
 
A+
 
3,082,986
 
 
525
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2011A-1, 5.250%, 8/01/40
 
8/21 at 100.00
 
AA–
 
429,802
 
 
22,560
 
Total Puerto Rico
         
18,674,242
 
     
Rhode Island – 0.5% (0.3% of Total Investments)
             
 
3,310
 
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A, 6.250%, 6/01/42
 
7/14 at 100.00
 
BBB–
 
3,309,801
 
     
South Carolina – 0.3% (0.2% of Total Investments)
             
 
1,900
 
Medical University Hospital Authority, South Carolina, FHA-Insured Mortgage Revenue Bonds, Series 2004A, 5.250%, 8/15/34 (Pre-refunded 8/15/14) – NPFG Insured
 
8/14 at 100.00
 
AA– (4)
 
1,928,063
 
     
Tennessee – 0.3% (0.2% of Total Investments)
             
 
2,125
 
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+
 
2,288,816
 
     
Texas – 16.3% (10.5% of Total Investments)
             
 
5,080
 
Board of Regents of the University of Texas, Permanent University Fund Bonds, Refunding Series 2005B, 5.000%, 7/01/35
 
7/15 at 100.00
 
AAA
 
5,313,223
 
 
1,210
 
Cedar Hill Independent School District, Dallas County, Texas, General Obligation Bonds, Refunding School Building Series 2005, 5.000%, 8/15/34
 
8/15 at 100.00
 
AAA
 
1,271,045
 
 
1,635
 
Cedar Hill Independent School District, Dallas County, Texas, General Obligation Bonds, Refunding School Building Series 2005, 5.000%, 8/15/34 (Pre-refunded 8/15/15)
 
8/15 at 100.00
 
N/R (4)
 
1,736,517
 
 
1,000
 
Cedar Hill Independent School District, Dallas County, Texas, General Obligation Bonds, Series 2002, 0.000%, 8/15/32 – FGIC Insured
 
No Opt. Call
 
AA–
 
470,050
 
 
15,000
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2005, 5.000%, 1/01/45 (Pre-refunded 1/01/15) – FGIC Insured
 
1/15 at 100.00
 
AA– (4)
 
15,484,949
 
 
2,005
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 5.750%, 1/01/31
 
1/21 at 100.00
 
Baa2
 
2,196,217
 
 
2,500
 
Comal Independent School District, Comal, Bexar, Guadalupe, Hays, and Kendall Counties, Texas, General Obligation Bonds, Series 2005A, 0.000%, 2/01/23
 
No Opt. Call
 
Aaa
 
2,004,550
 
 
20
 
Denton Independent School District, Denton County, Texas, General Obligation Bonds, Refunding Series 2004, 5.000%, 8/15/33
 
No Opt. Call
 
AAA
 
20,267
 
 
2,180
 
Denton Independent School District, Denton County, Texas, General Obligation Bonds, Refunding Series 2004, 5.000%, 8/15/33 (Pre-refunded 8/15/14)
 
8/14 at 100.00
 
N/R (4)
 
2,210,956
 
     
Ennis Independent School District, Ellis County, Texas, General Obligation Bonds, Series 2006:
             
 
3,950
 
0.000%, 8/15/30
 
8/16 at 49.21
 
Aaa
 
1,799,739
 
 
4,000
 
0.000%, 8/15/31
 
8/16 at 46.64
 
Aaa
 
1,721,600
 
 
Nuveen Investments
 
61

 
 

 

NMO
Nuveen Municipal Market Opportunity Fund, Inc.
 
 
Portfolio of Investments (continued)
 
   
April 30, 2014 (Unaudited)
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Texas (continued)
             
$
13,680
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 4/01/53
 
10/23 at 100.00
 
AA+
$
14,441,975
 
 
3,070
 
Harris County Hospital District, Texas, Revenue Bonds, Series 2007A, 5.250%, 2/15/42 – NPFG Insured
 
2/17 at 100.00
 
AA+
 
3,352,870
 
 
2,000
 
Houston, Texas, First Lien Combined Utility System Revenue Bonds, Refunding Series 2011A, 5.250%, 11/15/30
 
No Opt. Call
 
AA
 
2,319,400
 
 
1,715
 
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B, 0.000%, 9/01/32 – AMBAC Insured
 
No Opt. Call
 
A2
 
686,017
 
 
2,400
 
Houston, Texas, Senior Lien Airport System Revenue Bonds, Refunding Series 2009A, 5.500%, 7/01/39
 
7/18 at 100.00
 
AA–
 
2,714,880
 
 
9,350
 
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2005, 0.000%, 8/15/32 – FGIC Insured
 
8/15 at 39.49
 
AA–
 
3,614,523
 
 
6,000
 
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2006, 0.000%, 8/15/33 (Pre-refunded 8/15/14)
 
8/14 at 35.27
 
AAA
 
2,115,480
 
 
3,525
 
Marble Falls Independent School District, Burnet County, Texas, General Obligation Bonds, Series 2007, 5.000%, 8/15/34
 
8/16 at 100.00
 
Aaa
 
3,814,438
 
 
1,845
 
Midlothian Independent School District, Ellis County, Texas, General Obligation Bonds, Series 2005, 5.000%, 2/15/34
 
No Opt. Call
 
Aaa
 
1,903,062
 
 
3,405
 
Midlothian Independent School District, Ellis County, Texas, General Obligation Bonds, Series 2005, 5.000%, 2/15/34 (Pre-refunded 2/15/15)
 
2/15 at 100.00
 
N/R (4)
 
3,535,616
 
 
4,000
 
North Texas Tollway Authority, First Tier System Revenue Refunding Bonds, Capital Appreciation Series 2008I, 0.000%, 1/01/43
 
1/25 at 100.00
 
A2
 
4,552,920
 
 
2,125
 
North Texas Tollway Authority, First Tier System Revenue Refunding Bonds, Series 2008D, 0.000%, 1/01/28 – AGC Insured
 
No Opt. Call
 
AA
 
1,180,013
 
 
3,295
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas Health Resources Revenue Bonds, Tender Option Bond Trust 1760-3, 17.364%, 2/15/36 (IF)
 
2/17 at 100.00
 
AA
 
3,802,957
 
 
2,890
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2010, 5.500%, 8/15/45
 
8/20 at 100.00
 
Aa3
 
3,085,769
 
     
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012:
             
 
7,925
 
5.000%, 12/15/28
 
No Opt. Call
 
A3
 
8,309,204
 
 
1,600
 
5.000%, 12/15/32
 
No Opt. Call
 
A3
 
1,648,512
 
 
2,500
 
Texas State, General Obligation Bonds, Transportation Commission Highway Improvement Series 2012A, 5.000%, 4/01/31
 
No Opt. Call
 
AAA
 
2,860,475
 
 
5,000
 
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–
 
5,144,950
 
 
5,000
 
White Settlement Independent School District, Tarrant County, Texas, General Obligation Bonds, Series 2005, 0.000%, 8/15/34
 
8/15 at 36.81
 
AAA
 
1,744,550
 
     
Wylie Independent School District, Collin County, Texas, General Obligation Bonds, Series 2005:
             
 
3,000
 
0.000%, 8/15/23 (Pre-refunded 8/15/15)
 
8/15 at 67.10
 
AAA
 
2,005,620
 
 
2,000
 
0.000%, 8/15/24 (Pre-refunded 8/15/15)
 
8/15 at 63.56
 
AAA
 
1,266,460
 
 
124,905
 
Total Texas
         
108,328,804
 
     
Utah – 0.9% (0.6% of Total Investments)
             
 
3,000
 
Riverton, Utah, Hospital Revenue Bonds, IHC Health Services, Inc., Series 2009, 5.000%, 8/15/41
 
8/19 at 100.00
 
AA+
 
3,168,720
 
 
2,000
 
Utah Transit Authority, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 6/15/25 – NPFG Insured
 
No Opt. Call
 
AA–
 
1,279,320
 
 
1,695
 
West Valley City Municipal Building Authority, Salt Lake County, Utah, Lease Revenue Bonds, Series 2006A., 4.500%, 8/01/23 – FGIC Insured
 
8/16 at 100.00
 
AA–
 
1,825,057
 
 
6,695
 
Total Utah
         
6,273,097
 
 
62
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Virginia – 5.0% (3.2% of Total Investments)
             
$
900
 
Henrico County Economic Development Authority, Virginia, Revenue Bonds, Bon Secours Health System Obligated Group, Series 2013, 5.000%, 11/01/30
 
No Opt. Call
 
A–
$
975,807
 
 
21,500
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Second Senior Lien Revenue Bonds, Series 2009C, 0.000%, 10/01/41 – AGC Insured
 
10/26 at 100.00
 
AA
 
22,419,550
 
 
2,500
 
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012A, 5.125%, 7/01/49
 
No Opt. Call
 
BBB–
 
2,565,125
 
 
19,400
 
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012B, 0.000%, 7/01/44
 
No Opt. Call
 
BBB–
 
3,461,930
 
 
3,600
 
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–
 
3,762,216
 
 
47,900
 
Total Virginia
         
33,184,628
 
     
Washington – 3.0% (1.9% of Total Investments)
             
 
2,755
 
Cowlitz County, Washington, Special Sewerage Revenue Refunding Bonds, CSOB Wastewater Treatment Facilities, Series 2002, 5.500%, 11/01/16 – FGIC Insured
 
No Opt. Call
 
AA–
 
2,909,087
 
 
3,000
 
Spokane County School District 81, Spokane, Washington, General Obligation Bonds, Series 2005, 5.000%, 6/01/24 (Pre-refunded 6/01/15) – NPFG Insured
 
6/15 at 100.00
 
Aa1 (4)
 
3,158,130
 
 
8,000
 
Washington State Health Care Facilities Authority, Revenue Bonds, MultiCare Health System, Series 2008A, 5.250%, 8/15/34 – AGM Insured
 
5/18 at 100.00
 
AA
 
8,388,640
 
 
9,000
 
Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2003C, 0.000%, 6/01/28 – FGIC Insured
 
No Opt. Call
 
AA+
 
5,667,750
 
 
22,755
 
Total Washington
         
20,123,607
 
     
West Virginia – 0.5% (0.3% of Total Investments)
             
 
3,000
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Refunding and Improvement Series 2013A, 5.375%, 6/01/38
 
6/23 at 100.00
 
A
 
3,266,220
 
     
Wisconsin – 2.4% (1.5% of Total Investments)
             
 
1,830
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Divine Savior Healthcare, Series 2006, 4.750%, 5/01/25
 
5/16 at 100.00
 
BBB
 
1,854,522
 
     
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2012B:
             
 
1,000
 
5.000%, 2/15/27
 
2/22 at 100.00
 
A–
 
1,080,830
 
 
1,000
 
5.000%, 2/15/28
 
2/22 at 100.00
 
A–
 
1,073,240
 
 
10,070
 
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A,
 
5/19 at 100.00
 
AA–
 
11,911,199
 
     
5.750%, 5/01/33
             
 
13,900
 
Total Wisconsin
         
15,919,791
 
     
Wyoming – 0.7% (0.4% of Total Investments)
             
 
4,080
 
Campbell County, Wyoming Solid Waste Facilities Revenue Bonds, Basin Electric Power Cooperative – Dry Fork Station Facilities, Series 2009A, 5.750%, 7/15/39
 
7/19 at 100.00
 
A1
 
4,512,358
 
$
1,190,830
 
Total Municipal Bonds (cost $975,812,037)
         
1,031,068,658
 
 
Nuveen Investments
 
63

 
 

 

NMO
Nuveen Municipal Market Opportunity Fund, Inc.
 
 
Portfolio of Investments (continued)
 
April 30, 2014 (Unaudited)
 
 
Shares
 
Description (1)
             
Value
 
     
COMMON STOCKS – 0.5% (0.3% of Total Investments)
                 
     
Airlines – 0.5% (0.3% of Total Investments)
                 
 
93,589
 
American Airlines Group Inc., (6)
           
$
3,282,166
 
     
Total Common Stocks (cost $2,908,042)
             
3,282,166
 
                         
 
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)
                 
$
643
 
Las Vegas Monorail Company, Senior Interest Bonds (7), (8)
 
5.500%
 
7/15/19
 
N/R
$
115,651
 
 
178
 
Las Vegas Monorail Company, Senior Interest Bonds (7), (8)
 
3.000%
 
7/15/55
 
N/R
 
23,809
 
$
821
 
Total Corporate Bonds (cost $49,111)
             
139,460
 
     
Total Long-Term Investments (cost $978,769,190)
             
1,034,490,284
 
     
Floating Rate Obligations – (5.2)%
             
(34,730,000
)
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (52.7)% (9)
             
(350,900,000
)
     
Other Assets Less Liabilities – 2.6%
             
17,342,664
 
     
Net Assets Applicable to Common Shares – 100%
           
$
666,202,948
 

(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)
On November 28, 2011, AMR Corp. (“AMR”), the parent company of American Airlines Group, Inc. (“AAL”) filed for federal bankruptcy protection. On December 9, 2013, AMR emerged from federal bankruptcy with the acceptance of its reorganization plan by the bankruptcy court. Under the settlement agreement established to meet AMR’s unsecured bond obligations, the bondholders, including the Fund, received a distribution of AAL preferred stock which was converted to AAL common stock over a 120-day period. Every 30 days, a quarter of the preferred stock was converted to AAL common stock based on the 5-day volume-weighted average price and the amount of preferred shares tendered during the optional preferred conversion period.
(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 categorized 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 33.9%.
(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 in Derivatives, Inverse Floating Rate Securities for more information.
 
See accompanying notes to financial statements.
 
64
 
Nuveen Investments

 
 

 
 
NAD
Nuveen Dividend Advantage Municipal Fund
 
 
Portfolio of Investments
 
April 30, 2014  (Unaudited)

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
LONG-TERM INVESTMENTS – 149.9% (100.0% of Total Investments)
             
     
MUNICIPAL BONDS – 149.8% (99.9% of Total Investments)
             
     
Alaska – 0.1% (0.1% of Total Investments)
             
$
750
 
Alaska Housing Finance Corporation, General Housing Purpose Bonds, Series 2005A, 5.250%, 12/01/34 (Pre-refunded 12/01/14) – FGIC Insured (UB)
 
12/14 at 100.00
 
AA+ (4)
$
772,350
 
     
Arizona – 3.3% (2.2% of Total Investments)
             
 
2,000
 
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Airport Revenue Bonds, Series 2010A, 5.000%, 7/01/40
 
7/20 at 100.00
 
A+
 
2,083,300
 
     
Phoenix Civic Improvement Corporation, Arizona, Senior Lien Airport Revenue Bonds, Series 2008A:
             
 
2,350
 
5.000%, 7/01/33
 
7/18 at 100.00
 
AA–
 
2,585,094
 
 
8,200
 
5.000%, 7/01/38
 
7/18 at 100.00
 
AA–
 
8,858,624
 
     
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007:
             
 
500
 
5.500%, 12/01/29
 
No Opt. Call
 
A–
 
577,510
 
 
5,000
 
5.000%, 12/01/37
 
No Opt. Call
 
A–
 
5,491,800
 
 
18,050
 
Total Arizona
         
19,596,328
 
     
California – 14.9% (9.9% of Total Investments)
             
 
1,535
 
Alameda Corridor Transportation Authority, California, Senior Lien Revenue Bonds, Series 1999A, 0.000%, 10/01/37 – NPFG Insured
 
No Opt. Call
 
AA–
 
485,060
 
 
7,150
 
Anaheim Public Financing Authority, California, Subordinate Lease Revenue Bonds, Public Improvement Project, Series 1997C, 0.000%, 9/01/28 – AGM Insured
 
No Opt. Call
 
AA
 
3,761,901
 
 
5,000
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2013S-4, 5.000%, 4/01/38
 
4/23 at 100.00
 
A+
 
5,420,650
 
 
3,335
 
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.000%, 11/15/42
 
11/16 at 100.00
 
AA–
 
3,455,927
 
 
5,000
 
California State, General Obligation Bonds, Series 2005, 5.000%, 3/01/31
 
3/16 at 100.00
 
A1
 
5,292,700
 
 
4,250
 
California State, General Obligation Bonds, Various Purpose Series 2010, 5.250%, 11/01/40
 
11/20 at 100.00
 
A1
 
4,727,530
 
 
2,250
 
California Statewide Communities Development Authority, Revenue Bonds, Cottage Health System Obligated Group, Series 2010, 5.250%, 11/01/30
 
11/20 at 100.00
 
AA–
 
2,428,335
 
 
6,025
 
California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital Project, Series 2009, 6.750%, 2/01/38
 
8/19 at 100.00
 
Aa2
 
7,228,855
 
 
65
 
California, General Obligation Bonds, Series 1997, 5.000%, 10/01/18 – AMBAC Insured
 
7/14 at 100.00
 
A1
 
65,255
 
 
5,000
 
Corona-Norco Unified School District, Riverside County, California, General Obligation Bonds, Election 2006 Series 2007A, 5.000%, 8/01/31 – AGM Insured
 
8/17 at 100.00
 
AA
 
5,546,150
 
 
2,000
 
Dublin Unified School District, Alameda County, California, General Obligation Bonds, Series 2007C, 0.000%, 8/01/31 – NPFG Insured
 
8/17 at 49.41
 
Aa2
 
846,600
 
 
3,000
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Series 2013A, 6.000%, 1/15/49
 
1/24 at 100.00
 
BBB–
 
3,240,240
 
     
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A:
             
 
1,855
 
0.000%, 6/01/24 – AMBAC Insured
 
No Opt. Call
 
A2
 
1,305,735
 
 
3,500
 
0.000%, 6/01/26 – AGM Insured
 
No Opt. Call
 
AA
 
2,220,890
 
 
10,730
 
5.000%, 6/01/45 – AGC Insured
 
6/15 at 100.00
 
AA
 
10,752,533
 
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
             
 
5,030
 
4.500%, 6/01/27
 
6/17 at 100.00
 
B
 
4,416,089
 
 
12,805
 
5.000%, 6/01/33
 
6/17 at 100.00
 
B
 
10,287,025
 
 
1,000
 
5.125%, 6/01/47
 
6/17 at 100.00
 
B
 
762,150
 
 
2,500
 
Huntington Beach Union High School District, Orange County, California, General Obligation Bonds, Series 2007, 0.000%, 8/01/32 – FGIC Insured
 
No Opt. Call
 
Aa2
 
1,074,550
 
 
Nuveen Investments
 
65

 
 

 
 
NAD
Nuveen Dividend Advantage Municipal Fund
 
 
Portfolio of Investments (continued)
 
April 30, 2014  (Unaudited)

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
California (continued)
             
$
2,200
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009C, 6.500%, 11/01/39
 
No Opt. Call
 
A
$
2,855,468
 
 
2,000
 
Murrieta Valley Unified School District Public Financing Authority, California, Special Tax Revenue Bonds, Series 2006A, 5.125%, 9/01/26 – AGM Insured
 
9/16 at 100.00
 
AA
 
2,158,720
 
 
2,000
 
Riverside Unified School District, Riverside County, California, General Obligation Bonds, Election 2001 Series 2006B, 5.000%, 8/01/30 – AGC Insured
 
8/15 at 101.00
 
Aa2
 
2,112,820
 
     
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A:
             
 
2,350
 
0.000%, 1/15/29 – NPFG Insured
 
No Opt. Call
 
AA–
 
1,023,026
 
 
17,000
 
0.000%, 1/15/35 – NPFG Insured
 
No Opt. Call
 
AA–
 
4,932,890
 
 
575
 
Seaside Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series 2003, 5.375%, 8/01/18 – NPFG Insured
 
7/14 at 100.00
 
AA–
 
576,311
 
 
2,410
 
Victor Elementary School District, San Bernardino County, California, General Obligation Bonds, Series 2002A, 0.000%, 8/01/26 – FGIC Insured
 
No Opt. Call
 
AA–
 
1,413,754
 
 
110,565
 
Total California
         
88,391,164
 
     
Colorado – 9.1% (6.1% of Total Investments)
             
 
1,125
 
Antelope Heights Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Series 2007, 5.000%, 12/01/37 – RAAI Insured
 
12/17 at 100.00
 
N/R
 
1,103,940
 
 
3,475
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2009A, 5.500%, 7/01/34
 
7/19 at 100.00
 
A+
 
3,945,029
 
 
2,300
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2011A, 5.000%, 2/01/41
 
2/21 at 100.00
 
A+
 
2,412,585
 
 
4,890
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45
 
1/23 at 100.00
 
A+
 
5,266,970
 
 
4,000
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
 
1/20 at 100.00
 
AA–
 
4,179,240
 
 
8,765
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 9/01/25 – NPFG Insured
 
No Opt. Call
 
AA–
 
5,409,144
 
 
25,000
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/31 – NPFG Insured
 
No Opt. Call
 
AA–
 
10,336,500
 
 
60,000
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 3/01/36 – NPFG Insured
 
No Opt. Call
 
AA–
 
18,310,200
 
 
12,500
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2006A, 0.000%, 9/01/38 – NPFG Insured
 
9/26 at 54.77
 
AA–
 
3,213,750
 
 
122,055
 
Total Colorado
         
54,177,358
 
     
Connecticut – 0.4% (0.3% of Total Investments)
             
 
3,820
 
Mashantucket Western Pequot Tribe, Connecticut, Special Revenue Bonds, Subordinate Series 2013A, 6.050%, 7/01/31
 
No Opt. Call
 
N/R
 
2,444,934
 
     
District of Columbia – 0.1% (0.1% of Total Investments)
             
 
2,000
 
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
 
603,180
 
     
Florida – 9.0% (6.0% of Total Investments)
             
 
15,000
 
Florida State Board of Education, Public Education Capital Outlay Bonds, Series 2005E, 4.500%, 6/01/35 (UB)
 
6/15 at 101.00
 
AAA
 
15,656,100
 
 
2,500
 
Marion County Hospital District, Florida, Revenue Bonds, Munroe Regional Medical Center, Series 2007, 5.000%, 10/01/34 (Pre-refunded 10/01/17)
 
10/17 at 100.00
 
Baa1 (4)
 
2,858,450
 
 
1,665
 
Orange County Health Facilities Authority, Florida, Orlando Regional Healthcare System Revenue Bonds, Series 2009, 5.125%, 10/01/26
 
10/19 at 100.00
 
A
 
1,786,412
 
 
2,620
 
Orange County School Board, Florida, Certificates of Participation, Series 2004A, 5.000%, 8/01/29 (Pre-refunded 8/01/14) – AMBAC Insured
 
8/14 at 100.00
 
Aa2 (4)
 
2,652,174
 
 
66
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Florida (continued)
             
     
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Series 2007:
             
$
22,000
 
5.000%, 8/15/37 (UB)
 
8/17 at 100.00
 
AA
$
22,797,940
 
 
7,370
 
5.000%, 8/15/42 (UB)
 
8/17 at 100.00
 
AA
 
7,623,528
 
 
51,155
 
Total Florida
         
53,374,604
 
     
Georgia – 2.1% (1.4% of Total Investments)
             
 
5,000
 
Cobb County Development Authority, Georgia, Student Housing Revenue Bonds, KSU Village II Real Estate Foundation LLC Project, Series 2007A, 5.250%, 7/15/38 – AMBAC Insured
 
7/17 at 100.00
 
Baa2
 
5,051,750
 
 
5,000
 
Franklin County Industrial Building Authority, Georgia, Revenue Bonds, Ty Cobb Regional Medical Center Project, Series 2010, 8.000%, 12/01/40
 
12/20 at 100.00
 
N/R
 
4,101,400
 
 
3,000
 
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010B, 5.250%, 2/15/37
 
2/20 at 100.00
 
AA–
 
3,186,390
 
 
13,000
 
Total Georgia
         
12,339,540
 
     
Idaho – 0.0% (0.0% of Total Investments)
             
 
60
 
Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 1999E, 5.750%, 1/01/21 (Alternative Minimum Tax)
 
7/14 at 100.00
 
AAA
 
61,253
 
 
90
 
Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 2000D, 6.350%, 7/01/22 (Alternative Minimum Tax)
 
7/14 at 100.00
 
Aa2
 
91,474
 
 
80
 
Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 2000E, 5.950%, 7/01/20 (Alternative Minimum Tax)
 
7/14 at 100.00
 
Aaa
 
80,187
 
 
230
 
Total Idaho
         
232,914
 
     
Illinois – 24.6% (16.4% of Total Investments)
             
 
2,205
 
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1, 0.000%, 12/01/29 – FGIC Insured
 
No Opt. Call
 
AA–
 
998,204
 
 
7,250
 
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1999A, 5.500%, 12/01/26 – FGIC Insured
 
No Opt. Call
 
AA–
 
8,165,603
 
     
Chicago, Illinois, FHA/GNMA Multifamily Housing Revenue Bonds, Archer Court Apartments, Series 1999A:
             
 
450
 
5.500%, 12/20/19 (Alternative Minimum Tax)
 
10/14 at 100.00
 
AA–
 
450,905
 
 
1,210
 
5.600%, 12/20/29 (Alternative Minimum Tax)
 
10/14 at 100.00
 
AA–
 
1,211,319
 
 
1,925
 
5.650%, 12/20/40 (Alternative Minimum Tax)
 
10/14 at 100.00
 
AA–
 
1,926,309
 
 
5,320
 
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Refunding Third Lien Series 2004A, 5.000%, 1/01/28 – NPFG Insured
 
1/15 at 100.00
 
AA–
 
5,447,627
 
 
3,465
 
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien Series 2005A, 5.000%, 1/01/33 – FGIC Insured
 
1/16 at 100.00
 
AA–
 
3,612,020
 
 
3,000
 
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999, 0.000%, 1/01/33 – FGIC Insured
 
No Opt. Call
 
AA–
 
1,146,330
 
 
22,750
 
Chicago, Illinois, General Obligation Refunding Bonds, Emergency Telephone System, Series 1999, 5.500%, 1/01/23 – FGIC Insured
 
No Opt. Call
 
AA–
 
25,091,203
 
 
3,935
 
Illinois Development Finance Authority, Local Government Program Revenue Bonds, Lake County School District 116 – Round Lake, Series 1999, 0.000%, 1/01/15 – NPFG Insured
 
No Opt. Call
 
Baa1
 
3,907,888
 
 
1,500
 
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, 11/01/39
 
11/19 at 100.00
 
AA
 
1,667,295
 
 
2,000
 
Illinois Finance Authority, Revenue Bonds, Children’s Memorial Hospital, Series 2008A, 5.250%, 8/15/47 – AGC Insured (UB)
 
8/18 at 100.00
 
AA
 
2,066,480
 
 
1,120
 
Illinois Finance Authority, Revenue Bonds, Edward Health Services Corporation, Series 2008A, 5.500%, 2/01/40 – AMBAC Insured
 
2/18 at 100.00
 
A
 
1,151,573
 
     
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2004A:
             
 
4,580
 
5.000%, 7/01/34 (Pre-refunded 7/01/14)
 
7/14 at 100.00
 
Aa1 (4)
 
4,617,739
 
 
1,060
 
5.000%, 7/01/34 (Pre-refunded 7/01/14)
 
7/14 at 100.00
 
Aa1 (4)
 
1,068,734
 
 
1,225
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2007, 5.000%, 7/01/19
 
7/17 at 100.00
 
Aa1
 
1,360,657
 
 
Nuveen Investments
 
67

 
 

 

NAD
Nuveen Dividend Advantage Municipal Fund
 
 
Portfolio of Investments (continued)
 
April 30, 2014 (Unaudited)
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Illinois (continued)
             
$
4,000
 
Illinois Finance Authority, Revenue Refunding Bonds, Silver Cross Hospital and Medical Centers, Series 2008A, 6.000%, 8/15/23
 
8/18 at 100.00
 
BBB+
$
4,394,240
 
 
5,945
 
Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., Refunding Series 2007A, 5.250%, 5/01/34
 
5/17 at 100.00
 
BBB+
 
5,959,981
 
 
1,500
 
Illinois Housing Development Authority, Housing Finance Bonds, Series 2005E, 4.800%, 1/01/36 – FGIC Insured
 
1/15 at 100.00
 
AA
 
1,504,965
 
 
2,000
 
Illinois Toll Highway Authority, State Toll Highway Authority Revenue Bonds, Series 2006A-1, 5.000%, 1/01/20 – AGM Insured
 
7/16 at 100.00
 
AA
 
2,180,060
 
 
2,000
 
Kane & DeKalb Counties Community Unit School District 301, Illinois, General Obligation Bonds, Series 2006, 0.000%, 12/01/21 – NPFG Insured
 
No Opt. Call
 
Aa3
 
1,598,660
 
 
11,345
 
Lake and McHenry Counties Community Unit School District 118, Wauconda, Illinois, General Obligation Bonds, Series 2005B, 0.000%, 1/01/25 – AGM Insured
 
1/15 at 60.14
 
A1
 
6,650,212
 
 
3,000
 
Lombard Public Facilities Corporation, Illinois, First Tier Conference Center and Hotel Revenue Bonds, Series 2005A-1, 7.125%, 1/01/36
 
1/16 at 100.00
 
N/R
 
1,666,590
 
     
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place Expansion Project, Series 1996A:
             
 
12,250
 
0.000%, 12/15/22 – NPFG Insured
 
No Opt. Call
 
AA–
 
9,102,240
 
 
13,000
 
0.000%, 12/15/23 – NPFG Insured
 
No Opt. Call
 
AA–
 
9,191,260
 
 
1,840
 
Oak Park, Illinois, General Obligation Bonds, Series 2005B, 0.000%, 11/01/27 – SYNCORA GTY Insured
 
11/15 at 54.13
 
AA–
 
938,694
 
     
Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 1999:
             
 
22,650
 
5.750%, 6/01/19 – AGM Insured
 
No Opt. Call
 
AA
 
27,249,989
 
 
3,500
 
5.750%, 6/01/23 – AGM Insured
 
No Opt. Call
 
AA
 
4,368,070
 
 
1,300
 
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
 
1,338,961
 
 
4,930
 
Will County Community High School District 210 Lincoln-Way, Illinois, General Obligation Bonds, Series 2006, 0.000%, 1/01/23 – AGM Insured
 
No Opt. Call
 
Aa2
 
3,639,967
 
 
2,475
 
Will County School District 122, New Lenox, Illinois, General Obligation Bonds, Series 2000B, 0.000%, 11/01/18 – AGM Insured
 
No Opt. Call
 
A2
 
2,254,725
 
 
154,730
 
Total Illinois
         
145,928,500
 
     
Indiana – 3.3% (2.2% of Total Investments)
             
 
4,495
 
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2009A, 5.250%, 12/01/38
 
12/19 at 100.00
 
Aa2
 
4,914,249
 
 
2,000
 
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest Indiana, Series 2007, 5.500%, 3/01/37
 
3/17 at 100.00
 
A
 
2,092,680
 
 
3,400
 
Indiana Housing and Community Development Authority, Single Family Mortgage Revenue Bonds, Tender Option Bond Trust 1847, 7.812%, 1/01/25 (Alternative Minimum Tax) (IF)
 
1/17 at 100.00
 
Aaa
 
3,520,564
 
 
8,675
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
 
1/17 at 100.00
 
AA–
 
9,122,283
 
 
18,570
 
Total Indiana
         
19,649,776
 
     
Iowa – 1.6% (1.1% of Total Investments)
             
 
1,335
 
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–
 
1,339,526
 
     
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:
             
 
2,420
 
5.500%, 6/01/42
 
6/15 at 100.00
 
B+
 
2,058,525
 
 
7,000
 
5.625%, 6/01/46
 
6/15 at 100.00
 
B+
 
5,998,930
 
 
10,755
 
Total Iowa
         
9,396,981
 
     
Kansas – 0.3% (0.2% of Total Investments)
             
 
2,445
 
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital Appreciation Revenue Bonds Redevelopment Project Area B – Major Multi-Sport Athletic Complex Project, Subordinate Lien Series 2010B, 0.000%, 6/01/21
 
No Opt. Call
 
A–
 
1,688,639
 
 
68
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Kentucky – 0.3% (0.2% of Total Investments)
             
$
2,670
 
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Convertible Capital Appreciation Series 2013C, 0.000%, 7/01/43
 
7/31 at 100.00
 
Baa3
$
1,629,848
 
     
Louisiana – 2.8% (1.9% of Total Investments)
             
 
1,725
 
Louisiana Local Government Environmental Facilities and Community Development Authority, GNMA Collateralized Mortgage Revenue Refunding Bonds, Sharlo Apartments, Series 2002A, 6.500%, 6/20/37
 
6/36 at 101.00
 
Ba3
 
1,800,503
 
 
9,000
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A, 5.500%, 5/15/47
 
5/17 at 100.00
 
Baa1
 
9,289,080
 
 
5,445
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A, 4.500%, 5/01/41 – NPFG Insured (UB)
 
5/16 at 100.00
 
Aa1
 
5,611,835
 
 
16,170
 
Total Louisiana
         
16,701,418
 
     
Maine – 0.2% (0.1% of Total Investments)
             
 
1,050
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Maine General Medical Center, Series 2011, 6.750%, 7/01/41
 
7/21 at 100.00
 
BBB–
 
1,137,129
 
     
Massachusetts – 3.9% (2.6% of Total Investments)
             
 
1,440
 
Boston Industrial Development Financing Authority, Massachusetts, Subordinate Revenue Bonds, Crosstown Center Project, Series 2002, 8.000%, 9/01/35 (Alternative Minimum Tax) (5)
 
9/14 at 100.00
 
N/R
 
471,211
 
 
4,365
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Berkshire Health System, Series 2005F, 5.000%, 10/01/19 – AGC Insured
 
10/15 at 100.00
 
AA
 
4,576,659
 
 
620
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc., Series 2008E-1 &2, 5.125%, 7/01/33
 
7/18 at 100.00
 
A–
 
647,478
 
 
2,300
 
Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Suffolk University Issue, Series 2009A, 5.750%, 7/01/39
 
7/19 at 100.00
 
BBB
 
2,446,924
 
 
2,785
 
Massachusetts Housing Finance Agency, Housing Bonds, Series 2009F, 5.700%, 6/01/40
 
12/18 at 100.00
 
AA–
 
2,885,789
 
 
820
 
Massachusetts Port Authority, Special Facilities Revenue Bonds, US Airways Group Inc., Series 1996A, 5.875%, 9/01/23 – NPFG Insured (Alternative Minimum Tax)
 
9/14 at 100.00
 
AA–
 
820,607
 
 
2,280
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior Series 2013A, 5.000%, 5/15/43
 
5/23 at 100.00
 
AA+
 
2,514,270
 
 
160
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A, 5.000%, 8/15/30
 
8/15 at 100.00
 
AA+
 
168,718
 
     
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A:
             
 
515
 
5.000%, 8/15/30 (Pre-refunded 8/15/15) – AGM Insured
 
8/15 at 100.00
 
AA (4)
 
546,976
 
 
3,325
 
5.000%, 8/15/30 (Pre-refunded 8/15/15)
 
8/15 at 100.00
 
AA (4)
 
3,531,449
 
 
3,775
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2009A, 5.000%, 5/15/15
 
No Opt. Call
 
AA+
 
3,965,902
 
 
1,100
 
Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Senior Series 1997A, 0.000%, 1/01/24 – NPFG Insured
 
No Opt. Call
 
AA–
 
836,671
 
 
23,485
 
Total Massachusetts
         
23,412,654
 
     
Michigan – 3.9% (2.6% of Total Investments)
             
 
885
 
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+
 
863,804
 
 
6,000
 
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%, 7/01/35 – NPFG Insured
 
7/15 at 100.00
 
AA–
 
5,792,160
 
 
2,500
 
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2003A, 5.000%, 7/01/23 – AGM Insured
 
7/14 at 100.00
 
AA
 
2,499,950
 
 
1,550
 
Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2001E, 5.750%, 7/01/31 – BHAC Insured
 
7/18 at 100.00
 
AA+
 
1,588,115
 
 
3,215
 
Detroit, Michigan, Water Supply System Senior Lien Revenue Bonds, Series 2004A, 5.250%, 7/01/18 – NPFG Insured
 
7/16 at 100.00
 
AA–
 
3,226,188
 
 
Nuveen Investments
 
69

 
 

 

NAD
Nuveen Dividend Advantage Municipal Fund
 
 
Portfolio of Investments (continued)
 
April 30, 2014 (Unaudited)
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Michigan (continued)
             
$
1,000
 
Detroit, Michigan, Water Supply System Senior Lien Revenue Refunding Bonds, Series 2005C, 5.000%, 7/01/17 – FGIC Insured
 
7/15 at 100.00
 
AA–
$
1,003,510
 
 
4,000
 
Detroit, Michigan, Water Supply System Senior Lien Revenue Refunding Bonds, Series 2006D, 5.000%, 7/01/32 – AGM Insured
 
7/16 at 100.00
 
AA
 
3,904,120
 
 
2,500
 
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2009-I, 5.000%, 10/15/23 – AGC Insured
 
No Opt. Call
 
AA
 
2,821,925
 
 
1,150
 
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital, Refunding Series 2009V, 8.250%, 9/01/39
 
9/18 at 100.00
 
A1
 
1,411,821
 
 
22,800
 
Total Michigan
         
23,111,593
 
     
Minnesota – 1.8% (1.2% of Total Investments)
             
 
6,375
 
Minneapolis Health Care System, Minnesota, Revenue Bonds, Fairview Hospital and Healthcare Services, Series 2008A, 6.625%, 11/15/28
 
11/18 at 100.00
 
A
 
7,575,413
 
 
3,000
 
Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien Series 2005C, 5.000%, 1/01/25 – FGIC Insured
 
1/15 at 100.00
 
AA–
 
3,081,150
 
 
9,375
 
Total Minnesota
         
10,656,563
 
     
Missouri – 2.1% (1.4% of Total Investments)
             
     
Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, Series 2004B-1:
             
 
7,000
 
0.000%, 4/15/27 – AMBAC Insured
 
No Opt. Call
 
AA–
 
4,157,370
 
 
5,000
 
0.000%, 4/15/29 – AMBAC Insured
 
No Opt. Call
 
AA–
 
2,633,300
 
 
5,545
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2013A, 5.000%, 11/15/48
 
11/23 at 100.00
 
A2
 
5,793,083
 
 
17,545
 
Total Missouri
         
12,583,753
 
     
Nevada – 5.5% (3.7% of Total Investments)
             
 
10,000
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42
 
1/20 at 100.00
 
A+
 
11,472,300
 
 
9,675
 
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.250%, 7/01/42
 
1/20 at 100.00
 
A+
 
10,350,896
 
 
3,750
 
Henderson, Nevada, Healthcare Facility Revenue Refunding Bonds, Catholic Healthcare West, Series 2008, Trust 2633, 19.185%, 7/01/31 – BHAC Insured (IF) (6)
 
7/17 at 100.00
 
AA+
 
4,606,500
 
 
1,500
 
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 8.000%, 6/15/30
 
6/19 at 100.00
 
BBB–
 
1,703,550
 
 
5,000
 
North Las Vegas, Nevada, General Obligation Bonds, Series 2006, 5.000%, 5/01/36 – NPFG Insured
 
5/16 at 100.00
 
AA–
 
4,626,150
 
 
29,925
 
Total Nevada
         
32,759,396
 
     
New Jersey – 4.1% (2.7% of Total Investments)
             
 
1,100
 
New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge Replacement Project, Series 2013, 5.125%, 7/01/42 – AGM Insured (Alternative Minimum Tax)
 
1/24 at 100.00
 
AA
 
1,163,085
 
 
6,850
 
New Jersey Educational Facilities Authority, Revenue Bonds, University of Medicine and Dentistry of New Jersey, Refunding Series 2009B, 5.750%, 12/01/15 (ETM)
 
No Opt. Call
 
N/R (4)
 
7,453,211
 
 
4,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 1999A, 5.750%, 6/15/18
 
No Opt. Call
 
A1
 
4,701,240
 
 
20,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C, 0.000%, 12/15/28 – AMBAC Insured
 
No Opt. Call
 
A1
 
10,417,400
 
 
570
 
Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L, 5.000%, 5/01/43
 
5/23 at 100.00
 
AA–
 
625,153
 
 
32,520
 
Total New Jersey
         
24,360,089
 
     
New Mexico – 0.6% (0.4% of Total Investments)
             
 
3,730
 
University of New Mexico, FHA-Insured Hospital Mortgage Revenue Bonds, University of Mexico Hospital Project, Series 2004, 5.000%, 7/01/32 – AGM Insured
 
7/14 at 100.00
 
AA
 
3,757,602
 
     
New York – 10.1% (6.7% of Total Investments)
             
 
7,500
 
Dormitory Authority of the State of New York, Secured Hospital Revenue Refunding Bonds, Wyckoff Heights Medical Center, Series 1998H, 5.300%, 8/15/21 – NPFG Insured
 
8/14 at 100.00
 
AA–
 
7,531,350
 
 
70
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
New York (continued)
             
$
1,100
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.250%, 2/15/47
 
2/21 at 100.00
 
A
$
1,167,045
 
 
6,000
 
New York City Industrial Development Agency, New York, American Airlines-JFK International Airport Special Facility Revenue Bonds, Series 2005, 7.750%, 8/01/31 (Alternative Minimum Tax)
 
8/16 at 101.00
 
N/R
 
6,608,280
 
 
4,755
 
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
 
5,606,716
 
 
5,000
 
New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Series 2004B, 5.000%, 6/15/36 – AGM Insured (UB)
 
12/14 at 100.00
 
AAA
 
5,142,650
 
 
8,800
 
New York City Sales Tax Asset Receivable Corporation, New York, Dedicated Revenue Bonds, Local Government Assistance Corporation, Series 2004A, 5.000%, 10/15/32 – AMBAC Insured (UB) (6)
 
10/14 at 100.00
 
AAA
 
8,981,368
 
 
5,000
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2013 Series I, 5.000%, 5/01/38
 
5/23 at 100.00
 
AAA
 
5,495,850
 
 
2,000
 
New York Liberty Development Corporation, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.750%, 11/15/51
 
No Opt. Call
 
A+
 
2,215,600
 
     
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010:
             
 
5,000
 
6.500%, 12/01/28
 
12/15 at 100.00
 
BBB
 
5,223,300
 
 
1,670
 
6.000%, 12/01/36
 
12/20 at 100.00
 
BBB
 
1,841,826
 
 
10,000
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC, Sixth Series 1997, 5.900%, 12/01/17 – NPFG Insured (Alternative Minimum Tax)
 
6/14 at 100.00
 
AA–
 
10,016,100
 
 
56,825
 
Total New York
         
59,830,085
 
     
North Carolina – 1.6% (1.1% of Total Investments)
             
 
1,500
 
Charlotte-Mecklenberg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Series 2008A, 5.250%, 1/15/24 – AGC Insured
 
1/18 at 100.00
 
AA–
 
1,666,515
 
 
3,830
 
Charlotte-Mecklenburg Hospital Authority, North Carolina, Healthcare System Revenue Bonds, DBA Carolinas Healthcare System, Series 2005A, 5.000%, 1/15/45 (Pre-refunded 1/15/15)
 
1/15 at 100.00
 
AA+ (4)
 
3,961,561
 
 
3,400
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Refunding Bonds, WakeMed, Series 2012A, 5.000%, 10/01/31
 
10/22 at 100.00
 
AA–
 
3,694,100
 
 
8,730
 
Total North Carolina
         
9,322,176
 
     
North Dakota – 0.8% (0.5% of Total Investments)
             
 
3,910
 
Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011, 6.250%, 11/01/31
 
11/21 at 100.00
 
A+
 
4,571,963
 
     
Ohio – 5.9% (3.9% of Total Investments)
             
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
             
 
1,820
 
5.375%, 6/01/24
 
6/17 at 100.00
 
B–
 
1,585,657
 
 
210
 
5.125%, 6/01/24
 
6/17 at 100.00
 
B–
 
181,497
 
 
5,155
 
5.875%, 6/01/30
 
6/17 at 100.00
 
B
 
4,318,962
 
 
1,890
 
5.750%, 6/01/34
 
6/17 at 100.00
 
B
 
1,553,750
 
 
1,000
 
6.500%, 6/01/47
 
6/17 at 100.00
 
B
 
885,500
 
 
3,930
 
5.875%, 6/01/47
 
6/17 at 100.00
 
B
 
3,237,848
 
 
6,135
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37
 
6/22 at 100.00
 
B
 
5,284,505
 
 
6,000
 
Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010, 5.250%, 11/01/29
 
11/20 at 100.00
 
A–
 
6,408,000
 
 
2,400
 
Hamilton County Convention Facilities Authority, Ohio, Second Lien Revenue Bonds, Series 2004, 5.000%, 12/01/33 (Pre-refunded 6/01/14) – FGIC Insured
 
6/14 at 100.00
 
AA (4)
 
2,410,104
 
 
3,650
 
Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2004A, 5.000%, 5/01/30
 
7/14 at 100.00
 
A+
 
3,659,089
 
 
1,000
 
Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2009E, 5.625%, 10/01/19
 
No Opt. Call
 
BBB–
 
1,124,240
 
 
Nuveen Investments
 
71

 
 

 

NAD
Nuveen Dividend Advantage Municipal Fund
 
 
Portfolio of Investments (continued)
 
   
April 30, 2014 (Unaudited)
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Ohio (continued)
             
     
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 2013A-1:
             
$
1,500
 
5.250%, 2/15/39
 
2/23 at 100.00
 
A+
$
1,650,000
 
 
1,845
 
5.000%, 2/15/48
 
2/23 at 100.00
 
A+
 
1,959,390
 
 
520
 
Warren County, Ohio, Limited Tax General Obligations, Series 1997, 5.500%, 12/01/17
 
6/14 at 100.00
 
Aa1
 
522,267
 
 
37,055
 
Total Ohio
         
34,780,809
 
     
Oklahoma – 0.2% (0.1% of Total Investments)
             
 
1,000
 
Fort Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise Revenue Bonds, Fort Sill Apache Casino, Series 2011A, 8.500%, 8/25/26
 
8/21 at 100.00
 
N/R
 
1,101,800
 
     
Pennsylvania – 2.8% (1.9% of Total Investments)
             
 
1,250
 
Erie Water Authority, Erie County, Pennsylvania, Water Revenue Bonds, Series 2008, 5.000%, 12/01/43 – AGM Insured
 
12/18 at 100.00
 
AA
 
1,294,175
 
 
1,500
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006-96A, 4.650%, 10/01/31 (Alternative Minimum Tax) (UB)
 
10/16 at 100.00
 
AA+
 
1,505,400
 
 
8,200
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E, 0.000%, 12/01/38
 
12/27 at 100.00
 
A–
 
8,238,294
 
 
5,000
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 0.000%, 6/01/33 – AGM Insured
 
6/26 at 100.00
 
AA
 
5,537,800
 
 
15,950
 
Total Pennsylvania
         
16,575,669
 
     
Puerto Rico – 3.5% (2.3% of Total Investments)
             
 
1,045
 
Puerto Rico Highway and Transportation Authority, Subordinate Lien Highway Revenue Bonds, Series 2003, 5.250%, 7/01/17 – FGIC Insured
 
7/14 at 100.00
 
BB+
 
787,063
 
 
4,300
 
Puerto Rico Housing Finance Authority, Capital Fund Program Revenue Bonds, Series 2003, 4.500%, 12/01/23
 
7/14 at 100.00
 
AA–
 
4,285,595
 
 
12,845
 
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005A, 0.000%, 7/01/42 – FGIC Insured
 
No Opt. Call
 
BB+
 
883,993
 
 
12,500
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A, 6.000%, 8/01/42
 
8/19 at 100.00
 
A+
 
9,969,374
 
 
2,105
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010A, 5.500%, 8/01/37
 
2/20 at 100.00
 
A+
 
1,592,411
 
 
4,310
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010C, 5.250%, 8/01/41
 
8/20 at 100.00
 
A+
 
3,082,986
 
 
37,105
 
Total Puerto Rico
         
20,601,422
 
     
Rhode Island – 2.9% (1.9% of Total Investments)
             
 
3,000
 
Rhode Island Economic Development Corporation, Airport Revenue Bonds, Refunding Series 2005A, 4.625%, 7/01/26 – NPFG Insured (Alternative Minimum Tax)
 
7/15 at 100.00
 
AA–
 
3,012,030
 
 
1,428
 
Rhode Island Housing & Mortgage Finance Corporation, Homeownership Opportunity 57-B Bond Program, Series 2008, Trust 1177, 9.617%, 4/01/23 (Alternative Minimum Tax) (IF)
 
4/17 at 100.00
 
AA+
 
1,534,329
 
 
12,500
 
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A, 6.125%, 6/01/32
 
7/14 at 100.00
 
BBB+
 
12,499,875
 
 
16,928
 
Total Rhode Island
         
17,046,234
 
     
South Carolina – 0.5% (0.3% of Total Investments)
             
 
2,045
 
Florence County, South Carolina, Hospital Revenue Bonds, McLeod Regional Medical Center, Series 2004A, 5.250%, 11/01/27 – AGM Insured
 
11/14 at 100.00
 
AA
 
2,088,968
 
 
1,250
 
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2, 0.000%, 1/01/31 – AMBAC Insured
 
No Opt. Call
 
AA
 
587,600
 
 
3,295
 
Total South Carolina
         
2,676,568
 
     
Tennessee – 0.4% (0.3% of Total Investments)
             
 
2,310
 
Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds, Wellmont Health System, Series 2006C, 5.250%, 9/01/36
 
9/16 at 100.00
 
BBB+
 
2,338,667
 
 
72
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Texas – 11.7% (7.8% of Total Investments)
             
$
2,560
 
Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company, Series 1999C, 7.700%, 3/01/32 (Alternative Minimum Tax) (5)
 
7/14 at 100.00
 
C
$
70,400
 
 
2,000
 
Capital Area Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, The Roman Catholic Diocese of Austin, Series 2005B. Remarketed, 6.125%, 4/01/45
 
4/20 at 100.00
 
Baa1
 
2,179,620
 
 
1,215
 
Cedar Hill Independent School District, Dallas County, Texas, General Obligation Bonds, Refunding School Building Series 2005, 5.000%, 8/15/34
 
8/15 at 100.00
 
AAA
 
1,276,297
 
 
1,630
 
Cedar Hill Independent School District, Dallas County, Texas, General Obligation Bonds, Refunding School Building Series 2005, 5.000%, 8/15/34 (Pre-refunded 8/15/15)
 
8/15 at 100.00
 
N/R (4)
 
1,731,207
 
 
2,820
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2005, 5.000%, 1/01/45 (Pre-refunded 1/01/15) – FGIC Insured
 
1/15 at 100.00
 
AA– (4)
 
2,911,171
 
 
3,000
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2012E, 5.000%, 11/01/42 (Alternative Minimum Tax)
 
No Opt. Call
 
A+
 
3,097,500
 
 
15
 
Denton Independent School District, Denton County, Texas, General Obligation Bonds, Refunding Series 2004, 5.000%, 8/15/33
 
No Opt. Call
 
AAA
 
15,200
 
 
2,085
 
Denton Independent School District, Denton County, Texas, General Obligation Bonds, Refunding Series 2004, 5.000%, 8/15/33 (Pre-refunded 8/15/14)
 
8/14 at 100.00
 
N/R (4)
 
2,114,607
 
 
730
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H, 0.000%, 11/15/30 – NPFG Insured
 
No Opt. Call
 
AA–
 
277,656
 
 
2,305
 
Harris County-Houston Sports Authority, Texas, Special Revenue Bonds, Refunding Senior Lien Series 2001A, 0.000%, 11/15/20 – NPFG Insured
 
No Opt. Call
 
AA–
 
1,699,315
 
 
245
 
Harris County-Houston Sports Authority, Texas, Special Revenue Bonds, Senior Lien Series 1998A, 5.000%, 11/15/28 – NPFG Insured
 
7/14 at 100.00
 
AA–
 
245,071
 
 
4,000
 
Houston, Texas, First Lien Combined Utility System Revenue Bonds, Refunding Series 2009A, 5.125%, 11/15/32 – AGC Insured
 
No Opt. Call
 
AA
 
4,487,280
 
     
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B:
             
 
3,130
 
0.000%, 9/01/30 – AMBAC Insured
 
No Opt. Call
 
A2
 
1,435,293
 
 
12,030
 
0.000%, 9/01/31 – AMBAC Insured
 
No Opt. Call
 
A2
 
5,153,652
 
 
9,345
 
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2005, 0.000%, 8/15/33 – FGIC Insured
 
8/15 at 37.33
 
AA–
 
3,413,542
 
 
33,160
 
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2006, 0.000%, 8/15/38
 
8/14 at 26.50
 
AAA
 
8,671,671
 
 
1,845
 
Midlothian Independent School District, Ellis County, Texas, General Obligation Bonds, Series 2005, 5.000%, 2/15/34
 
No Opt. Call
 
Aaa
 
1,903,062
 
 
3,405
 
Midlothian Independent School District, Ellis County, Texas, General Obligation Bonds, Series 2005, 5.000%, 2/15/34 (Pre-refunded 2/15/15)
 
2/15 at 100.00
 
N/R (4)
 
3,535,616
 
 
1,000
 
San Antonio, Texas, Water System Revenue Bonds, Series 2005, 4.750%, 5/15/37 – NPFG Insured
 
5/15 at 100.00
 
AA+
 
1,037,800
 
 
3,295
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas Health Resources Revenue Bonds, Tender Option Bond Trust 1760-3, 17.364%, 2/15/36 (IF)
 
2/17 at 100.00
 
AA
 
3,802,957
 
 
8,230
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/29
 
No Opt. Call
 
A3
 
8,580,845
 
 
5,000
 
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–
 
5,144,950
 
 
7,000
 
White Settlement Independent School District, Tarrant County, Texas, General Obligation Bonds, Series 2005, 0.000%, 8/15/35
 
8/15 at 34.92
 
AAA
 
2,317,210
 
     
Wylie Independent School District, Collin County, Texas, General Obligation Bonds, Series 2005:
             
 
3,000
 
0.000%, 8/15/20 (Pre-refunded 8/15/15)
 
8/15 at 78.46
 
AAA
 
2,345,280
 
 
3,000
 
0.000%, 8/15/22 (Pre-refunded 8/15/15)
 
8/15 at 70.77
 
AAA
 
2,115,390
 
 
116,045
 
Total Texas
         
69,562,592
 
     
Utah – 0.0% (0.0% of Total Investments)
             
 
70
 
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2000F-2, Class III, 6.000%, 1/01/15 (Alternative Minimum Tax)
 
7/14 at 100.00
 
AAA
 
70,218
 
 
Nuveen Investments
 
73
 
 
 

 
 
NAD
Nuveen Dividend Advantage Municipal Fund
 
 
Portfolio of Investments (continued)
 
   
April 30, 2014 (Unaudited)
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Virginia – 2.3% (1.5% of Total Investments)
             
$
1,500
 
Fairfax County Economic Development Authority, Virginia, Residential Care Facilities Mortgage Revenue Bonds, Goodwin House, Inc., Series 2007A, 5.125%, 10/01/42
 
10/17 at 100.00
 
BBB
$
1,531,740
 
 
1,500
 
Henrico County Economic Development Authority, Virginia, Revenue Bonds, Bon Secours Health System Obligated Group, Series 2013, 5.000%, 11/01/30
 
No Opt. Call
 
A–
 
1,626,345
 
 
3,000
 
Prince William County Industrial Development Authority, Virginia, Health Care Facilities Revenue Refunding Bonds, Novant Health Obligated Group-Prince William Hospital, Series 2013B, 5.000%, 11/01/46
 
11/22 at 100.00
 
AA–
 
3,141,720
 
     
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012A:
             
 
2,500
 
5.125%, 7/01/49
 
No Opt. Call
 
BBB–
 
2,565,125
 
 
3,455
 
5.000%, 7/01/52
 
No Opt. Call
 
BBB–
 
3,500,433
 
     
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012B:
             
 
2,900
 
0.000%, 7/01/34
 
No Opt. Call
 
BBB–
 
954,738
 
 
1,050
 
0.000%, 7/01/35
 
No Opt. Call
 
BBB–
 
323,631
 
 
15,905
 
Total Virginia
         
13,643,732
 
     
Washington – 7.0% (4.7% of Total Investments)
             
 
4,000
 
Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, Series 2012A, 5.000%, 10/01/32
 
10/22 at 100.00
 
AA
 
4,405,800
 
 
2,000
 
Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2009A, 6.000%, 1/01/33
 
7/19 at 100.00
 
A
 
2,173,340
 
 
3,350
 
Washington, General Obligation Compound Interest Bonds, Series 1999S-2, 0.000%, 1/01/18 – AGM Insured
 
No Opt. Call
 
AA+
 
3,223,705
 
     
Washington, General Obligation Compound Interest Bonds, Series 1999S-3:
             
 
17,650
 
0.000%, 1/01/20
 
No Opt. Call
 
AA+
 
15,927,007
 
 
18,470
 
0.000%, 1/01/21
 
No Opt. Call
 
AA+
 
16,046,550
 
 
45,470
 
Total Washington
         
41,776,402
 
     
Wisconsin – 6.1% (4.1% of Total Investments)
             
 
1,690
 
Green Bay, Wisconsin, Water System Revenue Bonds, Series 2004, 5.000%, 11/01/29 (Pre-refunded 11/01/14) – AGM Insured
 
11/14 at 100.00
 
Aa2 (4)
 
1,731,185
 
 
560
 
Green Bay, Wisconsin, Water System Revenue Bonds, Series 2004, 5.000%, 11/01/29 – AGM Insured
 
11/14 at 100.00
 
Aa2
 
570,998
 
 
7,620
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health, Series 2006A, 5.000%, 11/15/36
 
11/16 at 100.00
 
AA+
 
7,855,305
 
 
950
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Bellin Memorial Hospital Inc., Series 2003, 5.500%, 2/15/19 – AMBAC Insured
 
No Opt. Call
 
A2
 
1,021,896
 
 
4,330
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Childrens Hospital of Wisconsin Inc., Series 2008B, 5.500%, 8/15/29
 
2/20 at 100.00
 
AA–
 
4,747,758
 
 
1,965
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Fort Healthcare Inc., Series 2004, 6.100%, 5/01/34
 
7/14 at 100.00
 
BBB
 
1,973,371
 
 
1,250
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2012B, 5.000%, 2/15/32
 
2/22 at 100.00
 
A–
 
1,314,938
 
 
3,000
 
Wisconsin Public Power Incorporated System, Power Supply System Revenue Bonds, Series 2005A, 5.000%, 7/01/35 – AMBAC Insured
 
7/15 at 100.00
 
AA+
 
3,124,620
 
     
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A:
             
 
6,650
 
6.000%, 5/01/36
 
5/19 at 100.00
 
AA–
 
7,788,879
 
 
5,100
 
6.250%, 5/01/37
 
5/19 at 100.00
 
AA–
 
6,020,091
 
 
33,115
 
Total Wisconsin
         
36,149,041
 
$
1,061,108
 
Total Municipal Bonds (cost $845,731,945)
         
888,753,691
 
 
74
 
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)
                 
$
255
 
Las Vegas Monorail Company, Senior Interest Bonds (7), (8)
 
5.500%
 
7/15/19
 
N/R
$
45,923
 
 
71
 
Las Vegas Monorail Company, Senior Interest Bonds (7), (8)
 
3.000%
 
7/15/55
 
N/R
 
9,454
 
$
326
 
Total Corporate Bonds (cost $19,500)
             
55,377
 
                         
 
Shares
 
Description (1), (9)
             
Value
 
     
INVESTMENT COMPANIES – 0.1% (0.1% of Total Investments)
                 
 
8,812
 
BlackRock MuniHoldings Fund Inc.
           
$
141,080
 
 
32,524
 
Invesco Quality Municipal Income Trust
             
391,589
 
     
Total Investment Companies (cost $530,611)
             
532,669
 
     
Total Long-Term Investments (cost $846,282,056)
             
889,341,737
 
     
Floating Rate Obligations – (7.2)%
             
(42,810,000
)
     
Variable Rate MuniFund Preferred Shares, at Liquidation Value – (44.7%) (10)
             
(265,000,000
)
     
Other Assets Less Liabilities – 2.0%
             
11,857,033
 
     
Net Assets Applicable to Common Shares – 100%
           
$
593,388,770
 

(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)
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing security, in the case of a 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.
(6)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(7)
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Trustees. For fair value measurement disclosure purposes, investment categorized 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)
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.
(10)
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 29.8%.
(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 in Derivatives, Inverse Floating Rate Securities for more information.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
75

 
 

 

NXZ
 
 
Nuveen Dividend Advantage Municipal Fund 2
 
Portfolio of Investments
 
April 30, 2014 (Unaudited)
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
LONG-TERM INVESTMENTS – 145.7% (100.0% of Total Investments)
             
     
MUNICIPAL BONDS – 145.7% (100.0% of Total Investments)
             
     
Alabama – 0.5% (0.3% of Total Investments)
             
$
2,030
 
Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, Series 2006C-2, 5.000%, 11/15/39
 
11/16 at 100.00
 
AA+
$
2,084,729
 
     
Alaska – 0.9% (0.6% of Total Investments)
             
 
2,290
 
Anchorage, Alaska, Water Revenue Bonds, Refunding Series 2007, 5.000%,
5/01/37 – NPFG Insured
 
5/17 at 100.00
 
AA
 
2,489,253
 
 
2,285
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/46
 
6/14 at 100.00
 
B2
 
1,669,878
 
 
4,575
 
Total Alaska
         
4,159,131
 
     
Arizona – 1.8% (1.2% of Total Investments)
             
 
4,500
 
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Airport Revenue Bonds, Series 2010A, 5.000%, 7/01/40
 
7/20 at 100.00
 
A+
 
4,687,425
 
 
2,905
 
Salt River Project Agricultural Improvement and Power District, Arizona, Electric System Revenue Bonds, Series 2008A, 5.000%, 1/01/33
 
No Opt. Call
 
Aa1
 
3,196,081
 
 
7,405
 
Total Arizona
         
7,883,506
 
     
California – 23.5% (16.1% of Total Investments)
             
 
1,000
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Golden Gate Tobacco Funding Corporation, Turbo, Series 2007A, 5.000%, 6/01/36
 
6/17 at 100.00
 
BB
 
834,060
 
     
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A:
             
 
3,280
 
5.450%, 6/01/28
 
12/18 at 100.00
 
B+
 
2,986,866
 
 
9,000
 
5.600%, 6/01/36
 
12/18 at 100.00
 
BB–
 
7,527,060
 
 
4,080
 
California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanante System, Series 2006, 5.000%, 4/01/37 – BHAC Insured
 
4/16 at 100.00
 
AA+
 
4,173,106
 
 
4,000
 
California State, General Obligation Bonds, Various Purpose Series 2004, 5.000%, 6/01/31 – AMBAC Insured
 
12/14 at 100.00
 
AA+
 
4,104,440
 
 
4,250
 
California State, General Obligation Bonds, Various Purpose Series 2010, 5.250%, 11/01/40
 
11/20 at 100.00
 
A1
 
4,727,530
 
 
3,000
 
California State, General Obligation Bonds, Various Purpose Series 2011, 5.250%, 10/01/32
 
10/21 at 100.00
 
A1
 
3,389,490
 
 
4,000
 
Coast Community College District, Orange County, California, General Obligation Bonds, Series 2005, 0.000%, 8/01/22 – NPFG Insured
 
No Opt. Call
 
Aa1
 
3,097,720
 
 
4,505
 
Foothill-De Anza Community College District, Santa Clara County, California, Election of 1999 General Obligation Bonds, Series A, 0.000%, 8/01/30 – NPFG Insured
 
No Opt. Call
 
Aaa
 
2,277,953
 
 
20,000
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement
 
6/15 at 100.00
 
A2
 
20,025,200
 
     
Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/45 – FGIC Insured
             
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
             
 
4,350
 
5.000%, 6/01/33
 
6/17 at 100.00
 
B
 
3,494,616
 
 
1,000
 
5.125%, 6/01/47
 
6/17 at 100.00
 
B
 
762,150
 
 
3,000
 
Los Angeles County Sanitation Districts Financing Authority, California, Capital Projects Revenue Bonds, District 14, Series 2005, 5.000%, 10/01/34 – FGIC Insured
 
10/15 at 100.00
 
AA–
 
3,153,630
 
 
5,795
 
Los Angeles Regional Airports Improvement Corporation, California, Sublease Revenue Bonds, Los
 
12/14 at 100.00
 
N/R
 
5,867,380
 
     
Angeles International Airport, American Airlines Inc. Terminal 4 Project, Series 2002C, 7.500%, 12/01/24 (Alternative Minimum Tax)
             
 
1,160
 
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
 
632,745
 
 
3,285
 
Murrieta Valley Unified School District Public Financing Authority, California, Special Tax Revenue Bonds, Series 2006A, 5.125%, 9/01/26 – AGM Insured
 
9/16 at 100.00
 
AA
 
3,545,698
 
 
76
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
California (continued)
             
$
10,885
 
Norwalk La Mirada Unified School District, Los Angeles County, California, General Obligation Bonds, Election of 2002 Series 2005B, 0.000%, 8/01/25 – FGIC Insured
 
No Opt. Call
 
AA–
$
7,070,787
 
 
5,000
 
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 – AGC Insured
 
8/29 at 100.00
 
AA
 
4,383,600
 
 
1,750
 
Paramount Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2001B, 0.000%, 9/01/23 – AGM Insured
 
No Opt. Call
 
AA
 
1,256,885
 
 
2,000
 
Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical Center, Series 2007A, 5.000%, 7/01/47
 
7/17 at 100.00
 
Baa2
 
2,013,040
 
 
3,200
 
Redlands Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2003, 0.000%, 7/01/27 – AGM Insured
 
No Opt. Call
 
AA
 
1,829,728
 
 
3,000
 
Riverside Unified School District, Riverside County, California, General Obligation Bonds, Election 2001 Series 2006B, 5.000%, 8/01/30 – AGC Insured
 
8/15 at 101.00
 
Aa2
 
3,169,230
 
 
2,755
 
Sacramento City Unified School District, Sacramento County, California, General Obligation Bonds, Series 2007, 0.000%, 7/01/25 – AGM Insured
 
No Opt. Call
 
A1
 
1,739,424
 
 
4,150
 
San Joaquin Delta Community College District, California, General Obligation Bonds, Election 2004 Series 2008B, 0.000%, 8/01/29 – AGM Insured
 
8/18 at 53.32
 
AA
 
1,929,958
 
 
12,705
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A, 0.000%, 1/15/32 – NPFG Insured
 
No Opt. Call
 
AA–
 
4,525,521
 
 
5,000
 
San Jose, California, Airport Revenue Bonds, Series 2007A, 6.000%, 3/01/47 – AMBAC Insured (Alternative Minimum Tax)
 
3/17 at 100.00
 
A2
 
5,294,500
 
 
1,930
 
San Mateo County Transit District, California, Sales Tax Revenue Bonds, Series 2005A, 5.000%, 6/01/29 – NPFG Insured
 
6/15 at 100.00
 
AA
 
2,016,329
 
 
128,080
 
Total California
         
105,828,646
 
     
Colorado – 9.5% (6.5% of Total Investments)
             
 
4,445
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45
 
1/23 at 100.00
 
A+
 
4,787,665
 
 
4,000
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
 
1/20 at 100.00
 
AA–
 
4,179,240
 
 
2,000
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Valley View Hospital Association, Series 2007, 5.250%, 5/15/42
 
5/17 at 100.00
 
BBB+
 
2,034,760
 
 
3,250
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Yampa Valley Medical Center, Series 2007, 5.125%, 9/15/29
 
9/17 at 100.00
 
BBB+
 
3,331,185
 
 
3,300
 
Denver City and County, Colorado, Airport Revenue Bonds, Series 2006, 5.000%, 11/15/24 – FGIC Insured
 
11/16 at 100.00
 
AA–
 
3,631,452
 
     
Denver, Colorado, Airport Revenue Bonds, Series 2006A:
             
 
5,365
 
5.000%, 11/15/23 – NPFG Insured (UB)
 
11/16 at 100.00
 
AA–
 
5,909,601
 
 
4,335
 
5.000%, 11/15/25 – NPFG Insured (UB)
 
11/16 at 100.00
 
AA–
 
4,757,793
 
 
10,000
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Capital Appreciation Series 2010A, 0.000%, 9/01/41
 
No Opt. Call
 
BBB
 
2,258,700
 
 
8,135
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%, 9/01/28 – NPFG Insured
 
9/20 at 63.98
 
AA–
 
3,863,556
 
 
755
 
Jefferson County School District R1, Colorado, General Obligation Bonds, Series 2004, 5.000%, 12/15/22 (Pre-refunded 12/15/14) – AGM Insured
 
12/14 at 100.00
 
AA (4)
 
777,846
 
 
1,000
 
Plaza Metropolitan District 1, Lakewood, Colorado, Tax Increment Revenue Bonds, Series 2003, 8.000%, 12/01/25 (Pre-refunded 6/01/14)
 
6/14 at 100.00
 
N/R (4)
 
1,006,770
 
 
960
 
Regional Transportation District, Colorado, Certificates of Participation, Series 2010A, 5.375%, 6/01/31
 
6/20 at 100.00
 
Aa3
 
1,048,522
 
 
5,000
 
Thornton, Colorado, Water Enterprise Revenue Bonds, Series 2004, 5.000%, 12/01/34 (Pre-refunded 12/01/14) – NPFG Insured
 
12/14 at 100.00
 
AA (4)
 
5,142,800
 
 
52,545
 
Total Colorado
         
42,729,890
 
 
Nuveen Investments
 
77

 
 

 
 
NXZ
Nuveen Dividend Advantage Municipal Fund 2
 
 
Portfolio of Investments (continued)
 
   
April 30, 2014 (Unaudited)
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Connecticut – 0.9% (0.6% of Total Investments)
             
$
3,650
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Series 2007Z-1, 5.000%, 7/01/42
 
7/16 at 100.00
 
AAA
$
3,907,836
 
     
District of Columbia – 1.2% (0.8% of Total Investments)
             
 
455
 
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001, 6.250%, 5/15/24
 
5/14 at 100.00
 
A1
 
454,959
 
 
5,000
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Senior Lien Refunding Series 2007A, 4.500%, 10/01/30 – AMBAC Insured
 
10/16 at 100.00
 
A1
 
5,065,600
 
 
5,455
 
Total District of Columbia
         
5,520,559
 
     
Florida – 5.8% (4.0% of Total Investments)
             
 
2,000
 
Florida Citizens Property Insurance Corporation, High Risk Account Revenue Bonds, Series 2007A, 5.000%, 3/01/15 – NPFG Insured
 
No Opt. Call
 
AA–
 
2,079,680
 
 
3,405
 
Florida State Department of General Services, Division of Facilities Management, Florida Facilities Pool Revenue Bonds, Series 2005A, 5.000%, 9/01/14 – AMBAC Insured
 
No Opt. Call
 
AA+
 
3,460,808
 
 
1,100
 
Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Refunding Bonds, Series 2007A, 5.000%, 10/01/14 – AGM Insured (Alternative Minimum Tax)
 
No Opt. Call
 
AA
 
1,122,649
 
 
2,600
 
Miami-Dade County, Florida, General Obligation Bonds, Parks Program, Series 2005, 4.300%, 11/01/30 – NPFG Insured
 
11/15 at 100.00
 
AA
 
2,644,746
 
 
2,400
 
Orange County School Board, Florida, Certificates of Participation, Series 2005B, 5.000%, 8/01/25 – AMBAC Insured
 
8/15 at 100.00
 
Aa2
 
2,527,008
 
 
5,085
 
Orange County, Florida, Tourist Development Tax Revenue Bonds, Refunding Series 2007, 4.750%, 10/01/29 – FGIC Insured
 
No Opt. Call
 
AA–
 
5,428,034
 
     
Port Saint Lucie. Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, Series 2007:
             
 
2,000
 
5.000%, 7/01/33 – NPFG Insured
 
7/17 at 100.00
 
AA–
 
2,058,580
 
 
1,500
 
5.000%, 7/01/40 – NPFG Insured
 
7/17 at 100.00
 
AA–
 
1,533,615
 
 
5,000
 
Seminole Tribe of Florida, Special Obligation Bonds, Series 2007A, 144A, 5.250%, 10/01/27
 
10/17 at 100.00
 
BBB–
 
5,353,650
 
 
25,090
 
Total Florida
         
26,208,770
 
     
Georgia – 3.1% (2.1% of Total Investments)
             
 
2,000
 
DeKalb County Hospital Authority, Georgia, Anticipation Certificates Revenue Bonds, DeKalb Medical Center, Inc. Project, Series 2010, 6.000%, 9/01/30
 
9/20 at 100.00
 
BBB
 
2,103,980
 
 
2,000
 
Franklin County Industrial Building Authority, Georgia, Revenue Bonds, Ty Cobb Regional Medical Center Project, Series 2010, 8.125%, 12/01/45
 
12/20 at 100.00
 
N/R
 
1,653,200
 
     
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010B:
             
 
2,000
 
5.250%, 2/15/37
 
2/20 at 100.00
 
AA–
 
2,124,260
 
 
5,000
 
5.125%, 2/15/40
 
2/20 at 100.00
 
AA–
 
5,226,100
 
 
2,500
 
Medical Center Hospital Authority, Georgia, Revenue Anticipation Certificates, Columbus Regional Healthcare System, Inc. Project, Series 2008, 6.500%,
8/01/38 – AGC Insured
 
8/18 at 100.00
 
AA
 
2,761,025
 
 
13,500
 
Total Georgia
         
13,868,565
 
     
Idaho – 1.2% (0.8% of Total Investments)
             
 
5,360
 
Pocatello Development Authority, Idaho, Revenue Allocation Tax Increment Bonds, Series 2004A, 6.000%, 8/01/28 (Pre-refunded 8/01/14)
 
8/14 at 100.00
 
N/R (4)
 
5,439,221
 
     
Illinois – 16.8% (11.5% of Total Investments)
             
 
3,075
 
Board of Trustees of Southern Illinois University, Housing and Auxiliary Facilities System Revenue Bonds, Series 2006A, 5.000%, 4/01/36 – NPFG Insured
 
4/16 at 100.00
 
AA–
 
3,251,259
 
 
3,365
 
Chicago, Illinois, FHA/GNMA Collateralized Multifamily Housing Revenue Bonds, Stone Terrace Apartments, Series 2001A, 5.750%, 12/20/42 (Alternative Minimum Tax)
 
6/14 at 100.00
 
AA
 
3,368,870
 
 
5,000
 
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999, 0.000%, 1/01/34 – FGIC Insured
 
No Opt. Call
 
AA–
 
1,773,350
 
 
78
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Illinois (continued)
             
$
3,000
 
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2006A, 4.625%, 1/01/31 – AGM Insured
 
1/16 at 100.00
 
AA
$
3,006,510
 
 
3,360
 
Cook County Township High School District 225 Northfield, Illinois, General Obligation Bonds, Series 2007B, 0.000%, 12/01/24
 
12/16 at 69.01
 
AAA
 
2,205,067
 
 
7,100
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33
 
11/20 at 100.00
 
AA
 
7,604,171
 
 
5,000
 
Illinois Finance Authority, Revenue Bonds, Elmhurst Memorial Healthcare, Series 2008A, 5.625%, 1/01/37
 
1/18 at 100.00
 
Baa2
 
5,234,450
 
 
1,000
 
Illinois Finance Authority, Revenue Bonds, Hospital Sisters Services Inc., Series 2007, 5.000%, 3/15/26
 
No Opt. Call
 
AA–
 
1,087,400
 
 
10,270
 
Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2007A, 5.000%, 5/15/32 – NPFG Insured
 
5/17 at 100.00
 
AA–
 
10,478,584
 
 
1,000
 
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2005, 5.250%, 8/15/20 – AGC Insured
 
8/15 at 100.00
 
AA
 
1,035,890
 
 
2,500
 
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2009, 6.875%, 8/15/38
 
8/19 at 100.00
 
BBB+
 
2,777,850
 
 
2,500
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C, 5.500%, 8/15/41 (UB) (5)
 
2/21 at 100.00
 
AA–
 
2,698,575
 
 
6,920
 
Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., Refunding Series 2007A, 5.250%, 5/01/34
 
5/17 at 100.00
 
BBB+
 
6,937,438
 
 
1,565
 
Illinois Housing Development Authority, Homeowner Mortgage Revenue Bonds, Series 2006C2, 5.050%, 8/01/27 (Alternative Minimum Tax)
 
2/16 at 100.00
 
AA
 
1,594,344
 
 
2,925
 
Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/22
 
No Opt. Call
 
A–
 
3,348,979
 
 
1,955
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/38
 
1/23 at 100.00
 
AA–
 
2,065,379
 
 
2,500
 
Kane & DeKalb Counties Community Unit School District 301, Illinois, General Obligation Bonds, Series 2006, 0.000%, 12/01/23 – NPFG Insured
 
No Opt. Call
 
Aa3
 
1,795,850
 
     
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A:
             
 
8,200
 
0.000%, 12/15/30 – NPFG Insured
 
No Opt. Call
 
AAA
 
3,849,900
 
 
10,000
 
0.000%, 12/15/36 – NPFG Insured
 
No Opt. Call
 
AAA
 
3,228,500
 
 
2,500
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place Expansion Project, Series 2002B, 5.550%, 6/15/21 – NPFG Insured
 
6/17 at 101.00
 
AAA
 
2,753,475
 
 
3,256
 
Montgomery, Illinois, Lakewood Creek Project Special Assessment Bonds, Series 2007, 4.700%, 3/01/30 – RAAI Insured
 
3/16 at 100.00
 
N/R
 
3,067,152
 
 
1,890
 
Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 2003A, 5.500%, 7/01/22 – FGIC Insured
 
No Opt. Call
 
AA
 
2,314,437
 
 
88,881
 
Total Illinois
         
75,477,430
 
     
Indiana – 4.0% (2.8% of Total Investments)
             
 
2,640
 
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013A, 5.000%, 7/01/48 (Alternative Minimum Tax)
 
7/23 at 100.00
 
BBB
 
2,684,510
 
 
2,295
 
Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Methodist Hospitals Inc., Series 2001, 5.500%, 9/15/31
 
9/14 at 100.00
 
BBB
 
2,296,193
 
 
840
 
Indiana Health Facility Financing Authority, Hospital Revenue Refunding Bonds, Columbus Regional Hospital, Series 1993, 7.000%, 8/15/15 – AGM Insured
 
No Opt. Call
 
AA
 
874,541
 
 
2,305
 
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest Indiana, Series 2007, 5.500%, 3/01/37
 
3/17 at 100.00
 
A
 
2,411,814
 
 
5,180
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
 
1/17 at 100.00
 
AA–
 
5,447,081
 
 
2,470
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/25 – AMBAC Insured
 
No Opt. Call
 
AA
 
1,739,769
 
 
1,890
 
New Albany-Floyd County School Building Corporation, Indiana, First Mortgage Bonds, Series 2005, 5.000%, 7/15/26 (Pre-refunded 7/15/15) – AGM Insured
 
7/15 at 100.00
 
AA+ (4)
 
2,000,111
 
 
Nuveen Investments
 
79

 
 

 
 
NXZ
Nuveen Dividend Advantage Municipal Fund 2
 
 
Portfolio of Investments (continued)
 
   
April 30, 2014 (Unaudited)
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Indiana (continued)
             
$
6,100
 
St. Joseph County Hospital Authority, Indiana, Revenue Bonds, Madison Center Inc., Series 1999, 5.800%, 2/15/24 (6)
 
8/14 at 100.00
 
N/R
$
653,127
 
 
23,720
 
Total Indiana
         
18,107,146
 
     
Iowa – 1.5% (1.0% of Total Investments)
             
 
1,000
 
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–
 
1,003,390
 
 
6,340
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34
 
6/17 at 100.00
 
B+
 
5,780,685
 
 
7,340
 
Total Iowa
         
6,784,075
 
     
Kansas – 1.0% (0.7% of Total Investments)
             
 
2,000
 
Kansas Development Finance Authority, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2012A, 5.000%, 11/15/28
 
5/22 at 100.00
 
AA
 
2,245,160
 
 
3,275
 
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital
 
No Opt. Call
 
A–
 
2,261,879
 
     
Appreciation Revenue Bonds Redevelopment Project Area B – Major Multi-Sport Athletic Complex Project, Subordinate Lien Series 2010B, 0.000%, 6/01/21
             
 
5,275
 
Total Kansas
         
4,507,039
 
     
Kentucky – 0.2% (0.2% of Total Investments)
             
 
1,000
 
Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008-A1, 6.000%,
12/01/38 – AGC Insured
 
6/18 at 100.00
 
AA
 
1,029,610
 
     
Louisiana – 1.4% (1.0% of Total Investments)
             
 
3,960
 
Louisiana State, Gasoline and Fuel Tax Revenue Bonds, Series 2006A, 4.500%, 5/01/41 – NPFG Insured (UB)
 
5/16 at 100.00
 
Aa1
 
4,081,334
 
 
2,305
 
New Orleans, Louisiana, Sewerage Service Revenue Bonds, Series 2002, 5.000%, 6/01/21 – NPFG Insured
 
No Opt. Call
 
AA–
 
2,309,725
 
 
6,265
 
Total Louisiana
         
6,391,059
 
     
Massachusetts – 2.4% (1.7% of Total Investments)
             
 
2,500
 
Martha’s Vineyard Land Bank, Massachusetts, Revenue Bonds, Series 2002, 5.000%, 5/01/32 – AMBAC Insured
 
7/14 at 100.00
 
A–
 
2,509,300
 
 
1,500
 
Massachusetts Health and Education Facilities Authority, Revenue Bonds, Partners HealthCare System, Series 2010J, 5.000%, 7/01/39
 
7/19 at 100.00
 
AA
 
1,604,610
 
 
2,280
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior Series 2013A, 5.000%, 5/15/43
 
5/23 at 100.00
 
AA+
 
2,514,270
 
 
160
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A, 5.000%, 8/15/30
 
8/15 at 100.00
 
AA+
 
168,718
 
     
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A:
             
 
515
 
5.000%, 8/15/30 (Pre-refunded 8/15/15) – AGM Insured
 
8/15 at 100.00
 
AA (4)
 
546,976
 
 
3,325
 
5.000%, 8/15/30 (Pre-refunded 8/15/15)
 
8/15 at 100.00
 
AA (4)
 
3,531,449
 
 
10,280
 
Total Massachusetts
         
10,875,323
 
     
Michigan – 7.1% (4.9% of Total Investments)
             
     
Detroit Academy of Arts and Sciences, Michigan, Public School Academy Revenue Bonds, Series 2013:
             
 
1,085
 
6.000%, 10/01/33
 
10/23 at 100.00
 
N/R
 
885,610
 
 
1,250
 
6.000%, 10/01/43
 
10/23 at 100.00
 
N/R
 
985,900
 
 
885
 
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+
 
863,804
 
 
1,075
 
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 4.500%, 7/01/35 – NPFG Insured
 
7/15 at 100.00
 
AA–
 
970,714
 
 
3,135
 
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 1998B Remarketed, 5.250%, 7/01/22 – NPFG Insured
 
7/17 at 100.00
 
AA–
 
3,119,356
 
 
80
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Michigan (continued)
             
$
6,460
 
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2003A, 5.000%, 7/01/32 – AGM Insured
 
7/14 at 100.00
 
AA
$
6,305,154
 
 
4,375
 
Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2006B, 5.000%, 7/01/36 – MBIA-NPFG Insured
 
7/16 at 100.00
 
AA–
 
4,224,063
 
 
2,000
 
Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2011A, 5.750%, 7/01/37
 
7/21 at 100.00
 
B1
 
1,986,400
 
 
3,500
 
Detroit, Michigan, Water Supply System Second Lien Revenue Refunding Bonds, Series 2006C, 5.000%, 7/01/33 – AGM Insured
 
No Opt. Call
 
AA
 
3,414,215
 
 
6,880
 
Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Bronson Methodist Hospital, Refunding Series 2010, 5.500%, 5/15/36
 
5/20 at 100.00
 
A2
 
7,285,026
 
 
1,950
 
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2005, 5.000%, 12/01/34 – NPFG Insured (Alternative Minimum Tax)
 
12/15 at 100.00
 
AA–
 
1,964,547
 
 
32,595
 
Total Michigan
         
32,004,789
 
     
Minnesota – 1.6% (1.1% of Total Investments)
             
 
5,000
 
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
 
5,872,700
 
 
1,200
 
Minnesota State, General Obligation Bonds, Series 2007, 5.000%, 8/01/14
 
No Opt. Call
 
AA+
 
1,214,928
 
 
6,200
 
Total Minnesota
         
7,087,628
 
     
Missouri – 0.7% (0.5% of Total Investments)
             
     
Saint Louis, Missouri, Parking Revenue Bonds, Series 2006A:
             
 
1,325
 
4.500%, 12/15/23 – NPFG Insured
 
12/16 at 100.00
 
AA–
 
1,415,908
 
 
1,475
 
4.500%, 12/15/26 – NPFG Insured
 
12/16 at 100.00
 
AA–
 
1,580,566
 
 
2,800
 
Total Missouri
         
2,996,474
 
     
Nevada – 2.8% (1.9% of Total Investments)
             
 
1,405
 
Clark County, Nevada, Airport Revenue Bonds, Senior Lien Series 2005A, 5.000%, 7/01/40 – AMBAC Insured
 
7/15 at 100.00
 
Aa2
 
1,460,694
 
 
5,065
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2004A-2, 5.000%, 7/01/36 (Pre-refunded 7/01/14) – FGIC Insured
 
7/14 at 100.00
 
AA– (4)
 
5,106,128
 
 
2,000
 
Henderson, Nevada, Healthcare Facility Revenue Refunding Bonds, Catholic Healthcare West, Tender Option Bond Trust 2633, 19.185%, 7/01/31 – BHAC Insured (IF) (5)
 
7/17 at 100.00
 
AA+
 
2,456,800
 
 
1,455
 
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Series 2005A, 5.000%, 6/01/24 – FGIC Insured
 
6/15 at 100.00
 
AA+
 
1,524,476
 
 
1,750
 
Reno, Nevada, Health Facility Revenue Bonds, Catholic Healthcare West, Trust 2634, 18.908%, 7/01/31 – BHAC Insured (IF) (5)
 
7/17 at 100.00
 
AA+
 
2,149,700
 
 
11,675
 
Total Nevada
         
12,697,798
 
     
New Jersey – 0.7% (0.5% of Total Investments)
             
 
2,550
 
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A, 5.250%, 7/01/33 – NPFG Insured
 
7/14 at 100.00
 
AA–
 
2,569,941
 
 
600
 
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Refunding Series 2011, 6.000%, 7/01/26
 
7/21 at 100.00
 
BB+
 
643,572
 
 
3,150
 
Total New Jersey
         
3,213,513
 
     
New York – 7.6% (5.2% of Total Investments)
             
 
12,020
 
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009, 0.000%, 7/15/46
 
No Opt. Call
 
BBB–
 
1,906,132
 
 
4,160
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.250%, 2/15/47
 
2/21 at 100.00
 
A
 
4,413,552
 
 
12,800
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2006B, 4.500%, 11/15/32 – AGM Insured (UB)
 
11/16 at 100.00
 
AA
 
13,032,064
 
 
5,000
 
New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, JFK Airport – American Airlines Inc., Series 2002B, 8.500%, 8/01/28 (Alternative Minimum Tax)
 
8/14 at 100.00
 
N/R
 
5,296,200
 
 
Nuveen Investments
 
81

 
 

 

NXZ
Nuveen Dividend Advantage Municipal Fund 2
 
 
Portfolio of Investments (continued)
 
   
April 30, 2014 (Unaudited)
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
New York (continued)
             
$
5,000
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2013 Series I, 5.000%, 5/01/38
 
5/23 at 100.00
 
AAA
$
5,495,850
 
 
2,000
 
New York Liberty Development Corporation, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.750%, 11/15/51
 
No Opt. Call
 
A+
 
2,215,600
 
 
1,670
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/36
 
12/20 at 100.00
 
BBB
 
1,841,826
 
 
42,650
 
Total New York
         
34,201,224
 
     
North Carolina – 2.1% (1.5% of Total Investments)
             
 
3,200
 
North Carolina Capital Facilities Financing Agency, General Revenue Bonds, Duke University, Series 2006A, 5.000%, 10/01/41
 
No Opt. Call
 
AA+
 
3,446,048
 
 
3,300
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Refunding Bonds, WakeMed, Series 2012A, 5.000%, 10/01/31
 
10/22 at 100.00
 
AA–
 
3,585,450
 
 
2,375
 
North Carolina Medical Care Commission, Healthcare Revenue Refunding Bonds, Novant Health Inc., Series 2006, 5.000%, 11/01/39 – NPFG Insured
 
11/16 at 100.00
 
AA+
 
2,563,076
 
 
8,875
 
Total North Carolina
         
9,594,574
 
     
North Dakota – 0.7% (0.5% of Total Investments)
             
 
3,000
 
Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2012, 5.000%, 12/01/29
 
12/21 at 100.00
 
A–
 
3,152,430
 
     
Ohio – 3.3% (2.3% of Total Investments)
             
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
             
 
655
 
5.375%, 6/01/24
 
6/17 at 100.00
 
B–
 
570,662
 
 
500
 
5.125%, 6/01/24
 
6/17 at 100.00
 
B–
 
432,135
 
 
4,115
 
5.875%, 6/01/30
 
6/17 at 100.00
 
B
 
3,447,629
 
 
10,000
 
5.750%, 6/01/34
 
6/17 at 100.00
 
B
 
8,220,900
 
 
1,500
 
6.500%, 6/01/47
 
6/17 at 100.00
 
B
 
1,328,250
 
 
1,000
 
5.875%, 6/01/47
 
6/17 at 100.00
 
B
 
823,880
 
 
17,770
 
Total Ohio
         
14,823,456
 
     
Oklahoma – 1.1% (0.8% of Total Investments)
             
 
1,000
 
Fort Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise Revenue Bonds, Fort Sill Apache Casino, Series 2011A, 8.500%, 8/25/26
 
8/21 at 100.00
 
N/R
 
1,101,800
 
 
3,500
 
Grand River Dam Authority, Oklahoma, Revenue Bonds, Series 2010A, 5.250%, 6/01/40
 
6/20 at 100.00
 
A
 
3,923,010
 
 
4,500
 
Total Oklahoma
         
5,024,810
 
     
Pennsylvania – 0.8% (0.5% of Total Investments)
             
 
3,475
 
Erie Water Authority, Erie County, Pennsylvania, Water Revenue Bonds, Series 2008, 5.000%, 12/01/43 – AGM Insured
 
12/18 at 100.00
 
AA
 
3,597,807
 
     
Puerto Rico – 3.1% (2.1% of Total Investments)
             
 
1,500
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2004-I, 5.000%, 7/01/24 – FGIC Insured
 
No Opt. Call
 
BB+
 
921,750
 
 
5,020
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A, 6.000%, 8/01/42
 
8/19 at 100.00
 
A+
 
4,003,701
 
 
9,310
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010C, 5.250%, 8/01/41
 
8/20 at 100.00
 
A+
 
6,659,536
 
     
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
             
 
30,000
 
0.000%, 8/01/54 – AMBAC Insured
 
No Opt. Call
 
AA–
 
2,155,200
 
 
6,150
 
0.000%, 8/01/56
 
No Opt. Call
 
AA–
 
352,887
 
 
51,980
 
Total Puerto Rico
         
14,093,074
 
     
Rhode Island – 0.7% (0.5% of Total Investments)
             
 
3,000
 
Rhode Island Economic Development Corporation, Airport Revenue Bonds, Refunding Series 2005A, 4.625%, 7/01/26 – NPFG Insured (Alternative Minimum Tax)
 
7/15 at 100.00
 
AA–
 
3,012,030
 
 
82
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
South Carolina – 4.0% (2.7% of Total Investments)
             
$
2,500
 
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
$
2,554,900
 
 
2,000
 
Medical University Hospital Authority, South Carolina, FHA-Insured Mortgage Revenue Bonds, Series 2004A, 5.250%, 8/15/34 (Pre-refunded 8/15/14) – NPFG Insured
 
8/14 at 100.00
 
AA– (4)
 
2,029,540
 
     
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2:
             
 
21,570
 
0.000%, 1/01/30 – AMBAC Insured
 
No Opt. Call
 
A–
 
10,756,743
 
 
5,560
 
0.000%, 1/01/31 – AMBAC Insured
 
No Opt. Call
 
AA
 
2,613,645
 
 
31,630
 
Total South Carolina
         
17,954,828
 
     
Texas – 26.7% (18.3% of Total Investments)
             
 
4,000
 
Board of Regents, University of Texas System, Financing System Revenue Refunding Bonds, Series 2006B, 5.000%, 8/15/31
 
8/16 at 100.00
 
AAA
 
4,328,440
 
 
10,000
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2005, 5.000%, 1/01/45 (Pre-refunded 1/01/15) – FGIC Insured
 
1/15 at 100.00
 
AA– (4)
 
10,323,300
 
 
1,250
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.000%, 1/01/41
 
1/21 at 100.00
 
Baa2
 
1,382,750
 
 
6,000
 
Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2004A, 7.125%, 9/01/34
 
9/14 at 100.00
 
N/R
 
6,053,940
 
 
7,000
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate Lien Series 2013B, 5.250%, 10/01/51
 
10/23 at 100.00
 
AA+
 
7,546,910
 
 
10,000
 
Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds, Citgo Petroleum Corporation Project, Series 1998, 8.000%, 4/01/28 (Alternative Minimum Tax)
 
7/14 at 100.00
 
BB+
 
10,012,600
 
 
4,000
 
Harris County Hospital District, Texas, Revenue Bonds, Series 2007A, 5.250%, 2/15/42 – NPFG Insured
 
2/17 at 100.00
 
AA+
 
4,368,560
 
 
1,920
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H, 0.000%, 11/15/37 – NPFG Insured
 
11/31 at 69.08
 
AA–
 
450,643
 
 
4,565
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3, 0.000%, 11/15/35 – NPFG Insured
 
11/24 at 52.47
 
AA–
 
1,221,366
 
 
31,170
 
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–
 
31,178,416
 
 
40,000
 
Harris County-Houston Sports Authority, Texas, Special Revenue Bonds, Refunding Senior Lien Series 2001A, 0.000%, 11/15/40 – NPFG Insured
 
11/30 at 54.04
 
AA–
 
8,288,000
 
 
2,000
 
Houston, Texas, First Lien Combined Utility System Revenue Bonds, Refunding Series 2011A, 5.250%, 11/15/30
 
No Opt. Call
 
AA
 
2,319,400
 
     
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B:
             
 
5,000
 
0.000%, 9/01/30 – AMBAC Insured
 
No Opt. Call
 
A2
 
2,292,800
 
 
5,540
 
0.000%, 9/01/31 – AMBAC Insured
 
No Opt. Call
 
A2
 
2,373,336
 
 
4,285
 
Little Elm Independent School District, Denton County, Texas, General Obligation Bonds, Refunding Series 2006, 5.000%, 8/15/37
 
8/16 at 100.00
 
AAA
 
4,627,757
 
 
10,000
 
North Texas Tollway Authority, First Tier System Revenue Refunding Bonds, Series 2008D, 0.000%, 1/01/28 – AGC Insured
 
No Opt. Call
 
AA
 
5,553,000
 
 
3,295
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas Health Resources Revenue Bonds, Tender Option Bond Trust 1760-3, 17.364%, 2/15/36 (IF)
 
2/17 at 100.00
 
AA
 
3,802,957
 
 
2,890
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2010, 5.500%, 8/15/45
 
8/20 at 100.00
 
Aa3
 
3,085,769
 
 
5,000
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/29
 
No Opt. Call
 
A3
 
5,213,150
 
 
1,190
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier Refunding Series 2012A, 5.000%, 8/15/41
 
8/22 at 100.00
 
A–
 
1,224,498
 
 
1,000
 
Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A, 0.000%, 8/15/28 – AMBAC Insured
 
8/14 at 43.53
 
A–
 
429,050
 
 
4,095
 
Texas, General Obligation Bonds, Water Financial Assistance Program, Series 2001, 5.250%, 8/01/35
 
8/14 at 100.00
 
AAA
 
4,111,626
 
 
164,200
 
Total Texas
         
120,188,268
 
 
Nuveen Investments
 
83

 
 

 
 
NXZ
Nuveen Dividend Advantage Municipal Fund 2
 
 
Portfolio of Investments (continued)
 
   
April 30, 2014 (Unaudited)
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Virginia – 1.5% (1.0% of Total Investments)
             
$
600
 
Henrico County Economic Development Authority, Virginia, Revenue Bonds, Bon Secours Health System Obligated Group, Series 2013, 5.000%, 11/01/30
 
No Opt. Call
 
A–
$
650,538
 
 
2,500
 
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012A, 5.125%, 7/01/49
 
No Opt. Call
 
BBB–
 
2,565,125
 
 
1,335
 
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012B, 0.000%, 7/01/33
 
No Opt. Call
 
BBB–
 
463,966
 
     
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012:
             
 
1,885
 
5.250%, 1/01/32 (Alternative Minimum Tax)
 
7/22 at 100.00
 
BBB–
 
1,981,418
 
 
820
 
6.000%, 1/01/37 (Alternative Minimum Tax)
 
7/22 at 100.00
 
BBB–
 
892,144
 
 
7,140
 
Total Virginia
         
6,553,191
 
     
Washington – 1.6% (1.1% of Total Investments)
             
 
3,780
 
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
 
4,031,370
 
 
2,940
 
Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, Series 2010, 5.500%, 12/01/39
 
12/20 at 100.00
 
Baa3
 
3,076,857
 
 
6,720
 
Total Washington
         
7,108,227
 
     
West Virginia – 2.2% (1.5% of Total Investments)
             
 
2,950
 
West Virginia Economic Development Authority, Solid Waste Disposal Facilities Revenue Bonds, Appalachian Power Company Amos Project, Series 2010, 5.375%, 12/01/38
 
12/20 at 100.00
 
Baa1
 
3,172,991
 
 
6,720
 
West Virginia University, Revenue Bonds, West Virginia University Projects, Improvement Series 2004C, 5.000%, 10/01/34 (Pre-refunded 10/01/14) – FGIC Insured
 
10/14 at 100.00
 
AA– (4)
 
6,856,752
 
 
9,670
 
Total West Virginia
         
10,029,743
 
     
Wisconsin – 1.7% (1.2% of Total Investments)
             
 
1,250
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2012B, 5.000%, 2/15/32
 
2/22 at 100.00
 
A–
 
1,314,938
 
 
2,500
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2012, 5.000%, 6/01/39
 
6/22 at 100.00
 
A2
 
2,594,150
 
 
3,690
 
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–
 
3,772,507
 
 
7,440
 
Total Wisconsin
         
7,681,595
 
$
808,921
 
Total Municipal Bonds (cost $615,913,134)
         
655,817,994
 
 
84
 
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)
                 
$
266
 
Las Vegas Monorail Company, Senior Interest Bonds (7), (8)
 
5.500%
 
7/15/19
 
N/R
$
47,909
 
 
74
 
Las Vegas Monorail Company, Senior Interest Bonds (7), (8)
 
3.000%
 
7/15/55
 
N/R
 
9,864
 
$
340
 
Total Corporate Bonds (cost $20,344)
             
57,773
 
     
Total Long-Term Investments (cost $615,933,478)
             
655,875,767
 
     
Floating Rate Obligations – (4.3)%
             
(19,570,000
)
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (43.5)% (9)
             
(196,000,000
)
     
Other Assets Less Liabilities – 2.1%
             
9,901,972
 
     
Net Assets Applicable to Common Shares – 100%
           
$
450,207,739
 

(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 security, 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 Trustees. For fair value measurement disclosure purposes, investment categorized 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 29.9%.
(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 in Derivatives, Inverse Floating Rate Securities for more information.
144A
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
85

 
 

 

NZF
 
 
Nuveen Dividend Advantage Municipal Fund 3
 
Portfolio of Investments
 
April 30, 2014 (Unaudited)
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
LONG-TERM INVESTMENTS – 141.1% (97.8% of Total Investments)
             
     
MUNICIPAL BONDS – 140.5% (97.4% of Total Investments)
             
     
Alabama – 0.6% (0.4% of Total Investments)
             
$
3,500
 
Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, Series 2006C-2, 5.000%, 11/15/36 (UB)
 
11/16 at 100.00
 
AA+
$
3,603,775
 
     
Alaska – 0.1% (0.1% of Total Investments)
             
 
1,000
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/46
 
6/14 at 100.00
 
B2
 
730,800
 
     
Arizona – 2.3% (1.6% of Total Investments)
             
 
3,390
 
Arizona State Transportation Board, Highway Revenue Bonds, Tender Option Bond Trust 3151, 13.459%, 7/01/16 (IF)
 
No Opt. Call
 
AAA
 
4,516,497
 
 
5,000
 
Phoenix Civic Improvement Corporation, Arizona, Subordinate Excise Tax Revenue Bonds, Civic Plaza Expansion Project, Series 2005A, 5.000%, 7/01/30 – FGIC Insured
 
7/15 at 100.00
 
AA
 
5,201,750
 
 
3,800
 
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–
 
4,173,768
 
 
12,190
 
Total Arizona
         
13,892,015
 
     
California – 14.1% (9.7% of Total Investments)
             
 
1,670
 
California Health Facilities Financing Authority, Refunding Revenue Bonds, Stanford Hospital and Clinics, Series 2008A-2. Remarketed, 5.250%, 11/15/40
 
11/21 at 100.00
 
AA–
 
1,853,466
 
 
3,400
 
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2009B, 5.500%, 10/01/39
 
10/19 at 100.00
 
AA
 
3,905,070
 
 
2,900
 
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.000%, 11/15/42 (UB)
 
11/16 at 100.00
 
AA–
 
3,005,154
 
 
5,355
 
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3175, 13.659%, 5/15/40 (IF)
 
5/18 at 100.00
 
AA–
 
7,094,518
 
 
20
 
California, General Obligation Veterans Welfare Bonds, Series 2001BZ, 5.350%, 12/01/21 – NPFG Insured (Alternative Minimum Tax)
 
6/14 at 100.00
 
AA
 
20,033
 
     
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Series 2013A:
             
 
1,560
 
5.750%, 1/15/46
 
1/24 at 100.00
 
BBB–
 
1,662,586
 
 
1,560
 
6.000%, 1/15/49
 
1/24 at 100.00
 
BBB–
 
1,684,925
 
 
8,820
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/45 – AGC Insured
 
6/15 at 100.00
 
AA
 
8,838,522
 
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
             
 
900
 
5.000%, 6/01/33
 
6/17 at 100.00
 
B
 
723,024
 
 
11,865
 
5.125%, 6/01/47
 
6/17 at 100.00
 
B
 
9,042,910
 
 
7,150
 
Grossmont Healthcare District, California, General Obligation Bonds, Series 2011B, 6.125%, 7/15/40
 
7/21 at 100.00
 
Aa2
 
8,334,970
 
 
10,000
 
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2011A, 5.000%, 7/01/41
 
1/21 at 100.00
 
AA
 
10,758,598
 
 
2,750
 
Los Angeles Regional Airports Improvement Corporation, California, Lease Revenue Refunding
 
1/22 at 100.00
 
A
 
2,887,170
 
     
Bonds, LAXFUEL Corporation at Los Angeles International Airport, Series 2012, 4.500%, 1/01/27 (Alternative Minimum Tax)
             
 
12,000
 
Palomar Pomerado Health, California, General Obligation Bonds, Convertible Capital Appreciation, Election 2004 Series 2010A, 0.000%, 8/01/40
 
8/30 at 100.00
 
A+
 
9,505,800
 
 
3,850
 
Placentia-Yorba Linda Unified School District, Orange County, California, Certificates of Participation, Series 2011, 0.000%, 10/01/28 – AGM Insured
 
10/25 at 100.00
 
AA
 
3,791,750
 
 
86
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
California (continued)
             
$
205
 
Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series 2013A, 5.750%, 6/01/44
 
6/23 at 100.00
 
BBB–
$
216,798
 
 
3,550
 
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41
 
12/21 at 100.00
 
BB
 
4,038,374
 
 
3,000
 
San Diego Community College District, California, General Obligation Bonds, Tender Option Bond Trust 1005, 13.816%, 8/01/41 (IF) (5)
 
8/21 at 100.00
 
AA+
 
3,776,610
 
 
10,000
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A, 0.000%, 1/15/35 – NPFG Insured
 
No Opt. Call
 
AA–
 
2,901,700
 
 
3,000
 
San Mateo County Community College District, California, General Obligation Bonds, Series 2006C, 0.000%, 9/01/30 – NPFG Insured
 
No Opt. Call
 
Aaa
 
1,593,660
 
 
93,555
 
Total California
         
85,635,638
 
     
Colorado – 4.3% (3.0% of Total Investments)
             
 
2,650
 
Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Montessori Peaks Academy, Series 2006A, 5.400%, 5/01/26
 
5/16 at 102.00
 
N/R
 
2,451,224
 
 
5,000
 
Compark Business Campus Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Series 2007A, 5.600%, 12/01/34 – RAAI Insured
 
12/17 at 100.00
 
N/R
 
5,020,900
 
     
Denver City and County, Colorado, Airport Revenue Bonds, Series 2006:
             
 
5,365
 
5.000%, 11/15/23 – FGIC Insured
 
11/16 at 100.00
 
AA–
 
5,909,601
 
 
3,300
 
5.000%, 11/15/24 – FGIC Insured
 
11/16 at 100.00
 
AA–
 
3,631,452
 
 
4,335
 
5.000%, 11/15/25 – FGIC Insured
 
11/16 at 100.00
 
AA–
 
4,757,793
 
     
Maher Ranch Metropolitan District 4, Colorado, General Obligation Limited Tax Bonds, Series 2007:
             
 
950
 
5.125%, 12/01/27 – RAAI Insured
 
12/17 at 100.00
 
N/R
 
943,987
 
 
2,000
 
5.250%, 12/01/36 – RAAI Insured
 
12/17 at 100.00
 
N/R
 
1,888,540
 
 
1,000
 
Plaza Metropolitan District 1, Lakewood, Colorado, Tax Increment Revenue Bonds, Series 2003, 8.000%, 12/01/25 (Pre-refunded 6/01/14)
 
6/14 at 100.00
 
N/R (4)
 
1,006,770
 
 
630
 
Regional Transportation District, Colorado, Certificates of Participation, Series 2010A, 5.375%, 6/01/31
 
6/20 at 100.00
 
Aa3
 
688,092
 
 
25,230
 
Total Colorado
         
26,298,359
 
     
Connecticut – 0.3% (0.2% of Total Investments)
             
 
1,500
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hartford Healthcare, Series 2011A, 5.000%, 7/01/41
 
7/21 at 100.00
 
A
 
1,558,470
 
     
District of Columbia – 1.9% (1.2% of Total Investments)
             
 
10,000
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Senior Lien Refunding Series 2007A, 4.500%, 10/01/30 – AMBAC Insured
 
10/16 at 100.00
 
AA+
 
10,217,000
 
 
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
 
 
11,335
 
Total District of Columbia
         
11,638,895
 
     
Florida – 3.3% (2.3% of Total Investments)
             
 
4,980
 
Broward County, Florida, Airport System Revenue Refunding Bonds, Series 2009O, 5.375%, 10/01/29
 
10/19 at 100.00
 
A+
 
5,664,003
 
 
1,950
 
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
 
2,083,127
 
 
2,490
 
Miami-Dade County, Florida, Subordinate Special Obligation Refunding Bonds Series 2012B, 5.000%, 10/01/37
 
10/22 at 100.00
 
A+
 
2,596,746
 
 
3,345
 
Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2012, 5.000%, 7/01/42
 
7/22 at 100.00
 
AA
 
3,579,585
 
 
85
 
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
 
91,678
 
 
5,455
 
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
 
5,642,652
 
 
70
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-2, 0.000%, 5/01/39
 
5/17 at 100.00
 
N/R
 
51,348
 
 
Nuveen Investments
 
87

 
 

 
 
NZF
Nuveen Dividend Advantage Municipal Fund 3
 
 
Portfolio of Investments (continued)
 
   
April 30, 2014 (Unaudited)
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Florida (continued)
             
$
200
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-3, 0.000%, 5/01/40
 
5/19 at 100.00
 
N/R
$
119,580
 
 
85
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40
 
5/22 at 100.00
 
N/R
 
37,646
 
 
110
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series 2007-3, 6.650%, 5/01/40 (6)
 
5/18 at 100.00
 
N/R
 
1
 
 
10
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Non Performing ParcelSeries 2007-1. Remarketed, 6.650%, 5/01/40 (6)
 
5/18 at 100.00
 
N/R
 
10,131
 
 
200
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2012A-1, 6.650%, 5/01/40
 
5/17 at 100.00
 
N/R
 
202,256
 
 
475
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Southern/Forbearance Parcel Series 2007-2, 6.650%, 5/01/40 (6)
 
5/18 at 100.00
 
N/R
 
276,621
 
 
19,455
 
Total Florida
         
20,355,374
 
     
Georgia – 5.5% (3.8% of Total Investments)
             
 
15,205
 
Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2010C, 5.250%, 1/01/30
 
1/21 at 100.00
 
Aa3
 
17,019,411
 
 
1,000
 
Atlanta, Georgia, Airport General Revenue Bonds, Series 2004G, 5.000%, 1/01/26 (Pre-refunded1/01/15) – AGM Insured
 
1/15 at 100.00
 
AA (4)
 
1,032,470
 
 
2,000
 
Atlanta, Georgia, Airport Passenger Facilities Charge Revenue Bonds, Series 2004J, 5.000%, 1/01/29 (Pre-refunded 1/01/15) – AGM Insured
 
1/15 at 100.00
 
AA (4)
 
2,064,940
 
 
3,000
 
Franklin County Industrial Building Authority, Georgia, Revenue Bonds, Ty Cobb Regional Medical Center Project, Series 2010, 8.125%, 12/01/45
 
12/20 at 100.00
 
N/R
 
2,479,800
 
 
2,000
 
Fulton County Residential Care Facilities Elderly Authority, Georgia, First Mortgage Revenue Bonds, Lenbrook Project, Series 2006A, 5.125%, 7/01/42
 
7/17 at 100.00
 
N/R
 
1,833,620
 
 
8,150
 
Gwinnett County School District, Georgia, General Obligation Bonds, Series 2008, 5.000%, 2/01/36
 
2/18 at 100.00
 
AAA
 
9,062,963
 
 
31,355
 
Total Georgia
         
33,493,204
 
     
Guam – 0.1% (0.1% of Total Investments)
             
 
810
 
Guam Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.500%, 7/01/43
 
7/23 at 100.00
 
A–
 
855,044
 
     
Illinois – 16.4% (11.4% of Total Investments)
             
 
3,200
 
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 5.250%, 12/01/40
 
12/21 at 100.00
 
AA
 
3,421,600
 
 
3,630
 
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien Series 2005A, 5.000%, 1/01/33 – FGIC Insured
 
1/16 at 100.00
 
AA–
 
3,784,021
 
 
4,855
 
Chicago, Illinois, Sales Tax Revenue Bonds, Series 2011A, 5.000%, 1/01/41
 
1/22 at 100.00
 
AAA
 
4,986,910
 
 
2,220
 
Chicago, Illinois, Second Lien Wastewater Transmission Revenue Bonds, Series 2001A, 5.500%, 1/01/16 – NPFG Insured
 
No Opt. Call
 
AA–
 
2,388,986
 
 
7,500
 
Community Unit School District 308, Oswego, in the Counties of Kendall, Kane, and Will, Illinois, General Obligation Bonds, Series 2004, 5.375%, 10/01/17 (Pre-refunded 10/01/14) – AGM Insured
 
10/14 at 100.00
 
Aa2 (4)
 
7,664,550
 
 
11,175
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33
 
11/20 at 100.00
 
AA
 
11,968,537
 
 
2,415
 
Illinois Finance Authority, General Obligation Debt Certificates, Local Government Program – Kankakee County, Series 2005B, 5.000%, 12/01/24 (Pre-refunded 12/01/14) – AMBAC Insured
 
12/14 at 100.00
 
Baa2 (4)
 
2,483,417
 
 
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
 
 
5,805
 
Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A, 5.500%, 8/01/37
 
8/17 at 100.00
 
Baa1
 
6,335,693
 
 
4,125
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago, Series 2012A, 5.000%, 10/01/51
 
10/21 at 100.00
 
Aa1
 
4,307,284
 
     
Illinois State, General Obligation Bonds, February Series 2014:
             
 
1,600
 
5.250%, 2/01/32
 
2/24 at 100.00
 
A–
 
1,729,872
 
 
1,000
 
5.250%, 2/01/33
 
2/24 at 100.00
 
A–
 
1,075,370
 
 
1,130
 
5.250%, 2/01/34
 
2/24 at 100.00
 
A–
 
1,210,513
 
 
1,000
 
5.000%, 2/01/39
 
2/24 at 100.00
 
A–
 
1,037,850
 
 
88
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Illinois (continued)
             
$
6,000
 
Illinois State, General Obligation Bonds, Series 2004A, 5.000%, 3/01/28
 
7/14 at 100.00
 
A–
$
6,024,960
 
 
560
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust 4304, 18.105%, 1/01/21 (IF) (5)
 
No Opt. Call
 
AA–
 
686,554
 
 
7,000
 
Lombard Public Facilities Corporation, Illinois, First Tier Conference Center and Hotel Revenue Bonds, Series 2005A-1, 7.125%, 1/01/36
 
1/16 at 100.00
 
N/R
 
3,888,710
 
 
12,000
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Refunding Bonds, Series 2010A, 5.500%, 6/15/50
 
6/20 at 100.00
 
AAA
 
12,599,518
 
 
45,000
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1, 0.000%, 6/15/43 – AGM Insured
 
No Opt. Call
 
AAA
 
9,614,700
 
 
2,790
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place Expansion Project, Series 1998A, 5.500%, 6/15/29 – FGIC Insured
 
No Opt. Call
 
AAA
 
3,238,214
 
 
10,000
 
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
 
10,285,000
 
 
134,005
 
Total Illinois
         
99,775,099
 
     
Indiana – 7.5% (5.2% of Total Investments)
             
 
4,230
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, Tudor Park Foundation, Series 2005B, 5.000%, 6/01/24
 
6/15 at 100.00
 
Aa3
 
4,328,178
 
 
4,310
 
Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 2012A, 5.000%, 5/01/42
 
5/23 at 100.00
 
A
 
4,507,053
 
 
5,370
 
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013A, 5.250%, 1/01/51 (Alternative Minimum Tax)
 
7/23 at 100.00
 
BBB
 
5,579,484
 
 
6,700
 
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2011B, 5.000%, 10/01/41
 
10/21 at 100.00
 
AA–
 
7,027,563
 
 
10,925
 
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)
 
11,452,568
 
 
7,000
 
Indiana Municipal Power Agency, Power Supply System Revenue Bonds, Series 2004A, 5.000%, 1/01/32 – FGIC Insured
 
1/15 at 100.00
 
AA–
 
7,170,730
 
 
830
 
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
 
899,006
 
     
Vigo County Hospital Authority, Indiana, Revenue Bonds, Union Hospital, Series 2007:
             
 
2,500
 
5.750%, 9/01/42
 
9/17 at 100.00
 
N/R
 
2,440,050
 
 
2,500
 
5.800%, 9/01/47
 
9/17 at 100.00
 
N/R
 
2,443,475
 
 
44,365
 
Total Indiana
         
45,848,107
 
     
Iowa – 0.2% (0.2% of Total Investments)
             
     
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:
             
 
525
 
5.500%, 6/01/42
 
6/15 at 100.00
 
B+
 
446,581
 
 
1,000
 
5.625%, 6/01/46
 
6/15 at 100.00
 
B+
 
856,990
 
 
1,525
 
Total Iowa
         
1,303,571
 
     
Kansas – 0.3% (0.2% of Total Investments)
             
     
Manhattan Health Care Facility Revenue Bonds, Kansas, Meadowlarks Hills Retirement, Series 2007B:
             
 
1,000
 
5.125%, 5/15/37
 
5/14 at 103.00
 
N/R
 
947,260
 
 
1,000
 
5.125%, 5/15/42
 
5/14 at 103.00
 
N/R
 
931,510
 
 
2,000
 
Total Kansas
         
1,878,770
 
     
Kentucky – 2.2% (1.5% of Total Investments)
             
 
1,000
 
Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008-A1, 6.000%, 12/01/42 – AGC Insured
 
6/18 at 100.00
 
AA
 
1,027,050
 
     
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Convertible Capital Appreciation Series 2013C:
             
 
1,335
 
0.000%, 7/01/43
 
7/31 at 100.00
 
Baa3
 
814,924
 
 
2,295
 
0.000%, 7/01/46
 
7/31 at 100.00
 
Baa3
 
1,389,347
 
 
Nuveen Investments
 
89

 
 

 

NZF
Nuveen Dividend Advantage Municipal Fund 3
 
 
Portfolio of Investments (continued)
 
   
April 30, 2014 (Unaudited)
 
 
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:
             
$
3,080
 
5.750%, 7/01/49
 
7/23 at 100.00
 
Baa3
$
3,336,348
 
 
615
 
6.000%, 7/01/53
 
7/23 at 100.00
 
Baa3
 
674,624
 
 
5,400
 
Lexington-Fayette Urban County Government Public Facilities Corporation, Kentucky State Lease Revenue Bonds, Eastern State Hospital Project, Series 2011A, 5.250%, 6/01/29
 
6/21 at 100.00
 
Aa3
 
5,958,090
 
 
215
 
Warren County, Kentucky, Hospital Revenue Bonds, Bowling Green-Warren County Community Hospital Corporation, Series 2012A, 4.000%, 10/01/29
 
10/22 at 100.00
 
A
 
214,994
 
 
13,940
 
Total Kentucky
         
13,415,377
 
     
Louisiana – 5.3% (3.7% of Total Investments)
             
 
2,000
 
Jefferson Parish Hospital Service District 2, Louisiana, Hospital Revenue Bonds, East Jefferson General Hospital, Refunding Series 2011, 6.375%, 7/01/41
 
7/21 at 100.00
 
BB+
 
2,107,780
 
 
3,000
 
Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Project, Series 2007, 6.750%, 11/01/32
 
11/17 at 100.00
 
BBB
 
3,333,960
 
 
10,000
 
Louisiana Public Facilities Authority, Revenue Bonds, Loyola University Project, Refunding Series 2011, 5.000%, 10/01/41
 
10/21 at 100.00
 
A
 
10,666,000
 
 
3,700
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A, 5.500%, 5/15/47
 
5/17 at 100.00
 
Baa1
 
3,818,844
 
 
4,425
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2011, 6.750%, 5/15/41
 
5/21 at 100.00
 
Baa1
 
5,054,456
 
 
6,855
 
Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A, 5.000%, 7/01/36
 
7/23 at 100.00
 
A
 
7,244,364
 
 
29,980
 
Total Louisiana
         
32,225,404
 
     
Maryland – 0.7% (0.5% of Total Investments)
             
 
1,000
 
Howard County, Maryland, Retirement Community Revenue Bonds, Vantage House, Series 2007B, 5.250%, 4/01/37
 
4/17 at 100.00
 
N/R
 
881,750
 
 
2,000
 
Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt Conference Center, Series 2006A, 5.000%, 12/01/31 (6)
 
12/16 at 100.00
 
N/R
 
999,380
 
 
555
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Ridge Retirement Community, Series 2007, 4.750%, 7/01/34
 
7/17 at 100.00
 
A–
 
563,281
 
 
1,675
 
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
 
1,549,007
 
 
5,230
 
Total Maryland
         
3,993,418
 
     
Massachusetts – 4.2% (2.9% of Total Investments)
             
 
1,375
 
Massachusetts Development Finance Agency, Revenue Bonds, Orchard Cove, Series 2007, 5.250%, 10/01/26
 
10/14 at 101.00
 
N/R
 
1,389,066
 
 
1,000
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Milton Hospital Project, Series 2005D, 5.250%, 7/01/30
 
7/15 at 100.00
 
BB+
 
1,003,860
 
 
1,600
 
Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Suffolk University Issue, Series 2009A, 5.750%, 7/01/39
 
7/19 at 100.00
 
BBB
 
1,702,208
 
 
400
 
Massachusetts Port Authority, Special Facilities Revenue Bonds, ConRac Project, Series 2011A, 5.125%, 7/01/41
 
7/21 at 100.00
 
A
 
420,780
 
 
5,000
 
Massachusetts Port Authority, Special Facilities Revenue Bonds, Delta Air Lines Inc., Series 2001A, 5.500%, 1/01/18 – AMBAC Insured (Alternative Minimum Tax)
 
7/14 at 100.00
 
N/R
 
5,003,450
 
 
1,855
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A, 5.000%, 8/15/30
 
8/15 at 100.00
 
AA+
 
1,956,079
 
 
3,000
 
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)
 
3,186,270
 
 
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
 
 
90
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Massachusetts (continued)
             
$
7,165
 
Metropolitan Boston Transit Parking Corporation, Massachusetts, Systemwide Senior Lien Parking Revenue Bonds, Series 2011, 5.000%, 7/01/41
 
7/21 at 100.00
 
A+
$
7,646,488
 
 
24,860
 
Total Massachusetts
         
25,845,412
 
     
Michigan – 6.8% (4.7% of Total Investments)
             
 
15,000
 
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
 
16,403,550
 
 
690
 
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+
 
673,475
 
 
2,000
 
Garden City Hospital Finance Authority, Michigan, Revenue Bonds, Garden City Hospital Obligated Group, Series 2007A, 5.000%, 8/15/38
 
8/17 at 100.00
 
N/R
 
1,988,720
 
 
3,580
 
Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Series 2011A, 5.500%, 7/01/41
 
7/21 at 100.00
 
AA–
 
4,063,121
 
 
5,000
 
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011, 5.000%, 12/01/39
 
12/21 at 100.00
 
Aa2
 
5,289,000
 
 
6,000
 
Michigan Finance Authority, Unemployment Obligation Assessment Revenue Bonds, Series 2012A, 5.000%, 7/01/14
 
No Opt. Call
 
AAA
 
6,049,920
 
 
2,250
 
Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2011-I-A, 5.375%, 10/15/41
 
10/21 at 100.00
 
Aa3
 
2,466,765
 
 
650
 
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Sisters of Mercy Health Corporation, Series 1993P, 5.375%, 8/15/14 – NPFG Insured (ETM)
 
No Opt. Call
 
AA– (4)
 
659,880
 
 
2,865
 
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A, 5.000%, 12/01/31 (UB)
 
12/16 at 100.00
 
Aa2
 
2,948,486
 
 
635
 
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A, 5.000%, 12/01/31 (Pre-refunded 12/01/16) (UB)
 
12/16 at 100.00
 
Aa2
 
708,266
 
 
38,670
 
Total Michigan
         
41,251,183
 
     
Minnesota – 1.2% (0.8% of Total Investments)
             
 
2,100
 
Dakota County Community Development Agency, Minnesota, GNMA Collateralized Multifamily
 
10/14 at 102.00
 
Aa1
 
2,165,520
 
     
Housing Revenue Bonds, Rose Apartments Project, Series 2001, 6.350%, 10/20/37 (Alternative Minimum Tax)
             
 
3,000
 
Minnesota State, General Obligation Bonds, Various Purpose, Refunding Series 2010D, 5.000%, 8/01/18
 
No Opt. Call
 
AA+
 
3,494,700
 
 
1,375
 
Saint Paul Port Authority, Minnesota, Lease Revenue Bonds, Regions Hospital Parking Ramp Project, Series 2007-1, 5.000%, 8/01/36
 
8/16 at 100.00
 
N/R
 
1,371,233
 
 
6,475
 
Total Minnesota
         
7,031,453
 
     
Mississippi – 0.8% (0.6% of Total Investments)
             
 
2,110
 
Mississippi Business Finance Corporation, GNMA Collateralized Retirement Facility Mortgage Revenue Refunding Bonds, Aldersgate Retirement Community Inc. Project, Series 1999A, 5.450%, 5/20/34
 
5/14 at 100.00
 
AA+
 
2,113,313
 
 
3,000
 
Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial Healthcare, Series 2004B-1, 5.000%, 9/01/24 (UB)
 
9/14 at 100.00
 
AA–
 
3,040,530
 
 
5,110
 
Total Mississippi
         
5,153,843
 
     
Missouri – 2.9% (2.0% of Total Investments)
             
 
1,495
 
Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Southeast Missouri Hospital Association, Series 2007, 5.000%, 6/01/36
 
6/17 at 100.00
 
BBB+
 
1,515,825
 
 
1,000
 
Clinton County Industrial Development Authority, Missouri, Revenue Bonds, Cameron Regional Medical Center, Series 2007, 5.000%, 12/01/32
 
12/17 at 100.00
 
N/R
 
987,450
 
 
2,500
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Washington University, Series 2011B, 5.000%, 11/15/37
 
11/21 at 100.00
 
AAA
 
2,775,500
 
 
12,000
 
Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Iatan 2 Project Series 2006A, 5.000%, 1/01/34 – AMBAC Insured
 
No Opt. Call
 
AA+
 
12,613,200
 
 
16,995
 
Total Missouri
         
17,891,975
 
 
Nuveen Investments
 
91

 
 

 

NZF
Nuveen Dividend Advantage Municipal Fund 3
 
 
Portfolio of Investments (continued)
 
April 30, 2014 (Unaudited)
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Montana – 0.8% (0.6% of Total Investments)
             
$
5,000
 
Montana Board of Investments, Exempt Facility Revenue Bonds, Stillwater Mining Company, Series 2000, 8.000%, 7/01/20 (Alternative Minimum Tax)
 
7/14 at 100.00
 
B+
$
5,014,900
 
     
Nebraska – 0.3% (0.2% of Total Investments)
             
 
1,005
 
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+
 
1,598,171
 
     
Nevada – 5.5% (3.9% of Total Investments)
             
 
10,000
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42
 
1/20 at 100.00
 
A+
 
11,472,300
 
 
6,000
 
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.250%, 7/01/42
 
1/20 at 100.00
 
A+
 
6,419,160
 
 
5,000
 
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)
 
5,141,650
 
 
10,000
 
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water & Refunding Series 2011C, 5.000%, 6/01/38
 
6/21 at 100.00
 
AA+
 
10,787,400
 
 
31,000
 
Total Nevada
         
33,820,510
 
     
New Jersey – 5.0% (3.4% of Total Investments)
             
 
2,850
 
New Jersey Economic Development Authority, Cigarette Tax Revenue Bonds, Series 2004, 5.500%, 6/15/31 (Pre-refunded 6/15/14)
 
6/14 at 100.00
 
Aaa
 
2,869,181
 
     
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Somerset Medical Center, Series 2003:
             
 
200
 
5.500%, 7/01/23
 
6/14 at 100.00
 
Ba2
 
200,098
 
 
1,125
 
5.500%, 7/01/33
 
6/14 at 100.00
 
Ba2
 
1,125,203
 
 
12,970
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/33
 
No Opt. Call
 
A1
 
5,015,888
 
 
20,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C, 0.000%, 12/15/33 – AGM Insured
 
No Opt. Call
 
AA
 
7,602,400
 
 
7,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2012AA, 5.000%, 6/15/38
 
No Opt. Call
 
A1
 
7,423,850
 
 
7,670
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 4.750%, 6/01/34
 
6/17 at 100.00
 
B2
 
6,025,705
 
 
51,815
 
Total New Jersey
         
30,262,325
 
     
New York – 8.4% (5.8% of Total Investments)
             
 
900
 
Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter Schools, Series 2007A, 5.000%, 4/01/32
 
4/17 at 100.00
 
BB+
 
850,068
 
     
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009:
             
 
1,275
 
6.000%, 7/15/30
 
1/20 at 100.00
 
BBB–
 
1,391,675
 
 
3,400
 
0.000%, 7/15/44
 
No Opt. Call
 
BBB–
 
622,506
 
 
4,675
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2011C, 5.000%, 3/15/41
 
3/21 at 100.00
 
AAA
 
5,027,542
 
 
2,100
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47
 
2/21 at 100.00
 
A
 
2,335,284
 
 
4,945
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured
 
2/17 at 100.00
 
AA–
 
4,958,401
 
 
1,000
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2003B, 5.250%, 6/01/14 (ETM)
 
No Opt. Call
 
A– (4)
 
1,004,280
 
 
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
 
 
1,200
 
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
 
1,270,776
 
 
92
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
New York (continued)
             
$
5,000
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2012A, 5.000%, 9/01/42
 
9/22 at 100.00
 
A–
$
5,287,600
 
 
750
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2011A, 5.000%, 11/15/41
 
11/21 at 100.00
 
A+
 
790,658
 
 
8,000
 
New York City Industrial Development Agency, New York, American Airlines-JFK International Airport Special Facility Revenue Bonds, Series 2005, 7.750%, 8/01/31 (Alternative Minimum Tax)
 
8/16 at 101.00
 
N/R
 
8,811,040
 
 
3,125
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Fiscal 2011 Series EE, 5.375%, 6/15/43
 
12/20 at 100.00
 
AA+
 
3,549,125
 
 
8,000
 
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
 
8,176,160
 
 
60
 
New York City, New York, General Obligation Bonds, Fiscal Series 2002G, 5.625%, 8/01/20 – NPFG Insured
 
8/14 at 100.00
 
AA
 
60,264
 
 
3,000
 
New York State Power Authority, General Revenue Bonds, Series 2011A, 5.000%, 11/15/38
 
11/21 at 100.00
 
Aa2
 
3,286,590
 
 
585
 
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+
 
672,926
 
 
51,015
 
Total New York
         
51,300,875
 
     
North Carolina – 0.8% (0.6% of Total Investments)
             
 
1,710
 
Charlotte-Mecklenberg Hospital Authority, North Carolina, Carolinas HealthCare System Revenue Bonds, Series 2008, Trust 1149, 15.248%, 7/15/32 (IF) (5)
 
1/18 at 100.00
 
AA–
 
1,898,733
 
 
1,200
 
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care System Revenue Bonds, Carolinas Health Care, Series 2007A, 5.000%, 1/15/31
 
1/17 at 100.00
 
AA–
 
1,249,056
 
 
1,750
 
Charlotte-Mecklenburg Hospital Authority, North Carolina, Healthcare System Revenue Bonds, DBA Carolinas Healthcare System, Series 2005A, 4.875%, 1/15/32 (Pre-refunded 1/15/15)
 
1/15 at 100.00
 
AA+ (4)
 
1,808,555
 
 
4,660
 
Total North Carolina
         
4,956,344
 
     
Ohio – 3.2% (2.3% of Total Investments)
             
     
Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Health Partners, Refunding and Improvement Series 2012A:
             
 
650
 
5.000%, 5/01/33
 
5/22 at 100.00
 
AA–
 
697,132
 
 
970
 
4.000%, 5/01/33
 
5/22 at 100.00
 
AA–
 
970,330
 
 
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:
             
 
4,735
 
5.125%, 6/01/24
 
6/17 at 100.00
 
B–
 
4,092,318
 
 
710
 
5.875%, 6/01/30
 
6/17 at 100.00
 
B
 
594,852
 
 
3,705
 
5.750%, 6/01/34
 
6/17 at 100.00
 
B
 
3,045,843
 
 
1,670
 
5.875%, 6/01/47
 
6/17 at 100.00
 
B
 
1,375,880
 
 
1,915
 
Chagrin Falls Exempt Village School District, Ohio, General Obligation Bonds, Refunding Series 2005, 5.250%, 12/01/19 (Pre-refunded 12/01/14) – NPFG Insured
 
12/14 at 100.00
 
Aa1 (4)
 
1,972,507
 
 
5,800
 
Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Series 2011A, 5.000%, 11/15/41
 
11/21 at 100.00
 
AA+
 
6,160,702
 
 
20,955
 
Total Ohio
         
19,751,852
 
     
Oklahoma – 2.1% (1.4% of Total Investments)
             
     
Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007:
             
 
4,535
 
5.000%, 2/15/37
 
2/17 at 100.00
 
A+
 
4,641,935
 
 
1,145
 
5.000%, 2/15/42
 
2/17 at 100.00
 
A+
 
1,171,095
 
 
6,305
 
Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health System, Series 2006, 5.000%, 12/15/36 (UB)
 
12/16 at 100.00
 
AA+
 
6,781,532
 
 
88
 
Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health System, Tender Option Bond Trust 3500, 8.510%, 6/15/30 (IF)
 
12/16 at 100.00
 
AA+
 
100,092
 
 
12,073
 
Total Oklahoma
         
12,694,654
 
 
Nuveen Investments
 
93

 
 

 
 
NZF
Nuveen Dividend Advantage Municipal Fund 3
 
 
Portfolio of Investments (continued)
 
   
April 30, 2014 (Unaudited)
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Oregon – 0.2% (0.2% of Total Investments)
             
$
1,435
 
Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Series 2004B, 5.250%, 11/15/16 (Pre-refunded 11/15/14)
 
11/14 at 100.00
 
AAA
$
1,474,750
 
     
Pennsylvania – 1.4% (1.0% of Total Investments)
             
 
500
 
Bucks County Industrial Development Authority, Pennsylvania, Charter School Revenue Bonds, School Lane Charter School, Series 2007A, 5.000%, 3/15/37
 
3/17 at 100.00
 
BBB
 
480,860
 
 
2,451
 
Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue Bonds, Northampton Generating Project, Senior Lien Series 2013A0 & AE2, 5.000%, 12/01/23
 
7/14 at 100.00
 
N/R
 
2,119,289
 
 
5,605
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Senior Lien Series 2012A, 5.000%, 12/01/42
 
12/22 at 100.00
 
A+
 
5,973,080
 
 
8,556
 
Total Pennsylvania
         
8,573,229
 
     
Puerto Rico – 0.3% (0.2% of Total Investments)
             
 
2,375
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 5.250%, 8/01/57
 
8/17 at 100.00
 
AA–
 
1,849,864
 
     
Rhode Island – 1.4% (1.0% of Total Investments)
             
     
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A:
             
 
25
 
6.000%, 6/01/23
 
7/14 at 100.00
 
A2
 
25,004
 
 
8,730
 
6.250%, 6/01/42
 
7/14 at 100.00
 
BBB–
 
8,729,476
 
 
8,755
 
Total Rhode Island
         
8,754,480
 
     
South Carolina – 1.9% (1.3% of Total Investments)
             
 
10,600
 
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2006, 5.000%, 12/01/24
 
12/16 at 100.00
 
AA
 
11,550,184
 
     
Tennessee – 1.3% (0.9% of Total Investments)
             
 
4,885
 
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+
 
5,261,585
 
 
1,595
 
Harpeth Valley Utilities District, Davidson and Williamson Counties, Tennessee, Utilities Revenue Bonds, Series 2012A, 4.000%, 9/01/42
 
9/22 at 100.00
 
AA
 
1,618,112
 
 
3,680
 
Knox County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue Refunding Bonds, Covenant Health, Series 2006, 0.000%, 1/01/41
 
1/17 at 30.07
 
A
 
751,971
 
 
415
 
Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds, Wellmont Health System, Series 2006C, 5.250%, 9/01/36
 
9/16 at 100.00
 
BBB+
 
420,150
 
 
10,575
 
Total Tennessee
         
8,051,818
 
     
Texas – 18.7% (13.0% of Total Investments)
             
 
5,445
 
Board of Regents, University of Texas System, Financing System Revenue Bonds, Series 2006F, 4.250%, 8/15/36 (UB)
 
2/17 at 100.00
 
AAA
 
5,534,352
 
 
2,700
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.250%, 1/01/46
 
1/21 at 100.00
 
Baa2
 
2,962,926
 
 
4,500
 
Colorado River Municipal Water District, Texas, Water System Revenue Bonds, Series 2011, 5.000%, 1/01/36
 
1/21 at 100.00
 
AA–
 
4,802,985
 
 
5,000
 
Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2004A, 7.000%, 9/01/25
 
9/14 at 100.00
 
N/R
 
5,051,850
 
 
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
 
 
10,000
 
Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2011D, 5.000%, 11/15/40
 
11/21 at 100.00
 
AA
 
10,893,200
 
 
4,965
 
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Facilities Department, Refunding Series 2011B, 5.250%, 9/01/27
 
9/16 at 100.00
 
A2
 
5,358,327
 
 
6,000
 
Houston, Texas, Junior Lien Water and Sewerage System Revenue Refunding Bonds, Series 2001B, 5.500%, 12/01/29 – NPFG Insured (ETM)
 
No Opt. Call
 
AA+ (4)
 
7,904,880
 
 
14,200
 
Hutto Independent School District, Williamson County, Texas, General Obligation Bonds, Series 2007A, 4.750%, 8/01/43 (UB)
 
8/16 at 100.00
 
AAA
 
14,510,980
 
 
94
 
Nuveen Investments

 
 

 
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Texas (continued)
             
$
8,000
 
Lower Colorado River Authority, Texas, Transmission Contract Refunding Revenue Bonds, LCRA Transmission Services Corporation Project, Refunding & Improvement Series 2010, 5.000%, 5/15/40
 
5/20 at 100.00
 
A+
$
8,275,680
 
 
1,750
 
Martin County Hospital District, Texas, Combination Limited Tax and Revenue Bonds, Series 2011A, 7.250%, 4/01/36
 
4/21 at 100.00
 
BBB
 
1,894,375
 
 
2,500
 
Matagorda County Navigation District 1, Texas, Collateralized Revenue Refunding Bonds, Houston Light and Power Company, Series 1997, 5.125%, 11/01/28 – AMBAC Insured (Alternative Minimum Tax)
 
No Opt. Call
 
A1
 
2,783,850
 
 
3,500
 
North Texas Municipal Water District, Water System Revenue Bonds, Series 2004, 5.000%, 9/01/24 (Pre-refunded 9/01/14) – NPFG Insured
 
9/14 at 100.00
 
AAA
 
3,557,260
 
 
6,390
 
North Texas Tollway Authority, Second Tier System Revenue Refunding Bonds, Series 2008F, 5.750%, 1/01/38
 
1/18 at 100.00
 
A3
 
6,962,352
 
     
North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A:
             
 
4,370
 
0.000%, 9/01/43
 
9/31 at 100.00
 
AA+
 
3,365,687
 
 
9,130
 
0.000%, 9/01/45
 
9/31 at 100.00
 
AA+
 
7,726,902
 
 
3,500
 
Southwest Higher Education Authority Inc, Texas, Revenue Bonds, Southern Methodist University, Series 2010, 5.000%, 10/01/41
 
10/20 at 100.00
 
AA–
 
3,861,620
 
 
7,700
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas Health Resources, Series 2007A, 5.000%, 2/15/36 (UB)
 
2/17 at 100.00
 
AA
 
7,996,989
 
 
435
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/32
 
No Opt. Call
 
A3
 
448,189
 
 
1,665
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier Refunding Series 2012A, 5.000%, 8/15/41
 
8/22 at 100.00
 
A–
 
1,713,268
 
     
White Settlement Independent School District, Tarrant County, Texas, General Obligation Bonds, Series 2006:
             
 
1,445
 
0.000%, 8/15/37
 
8/15 at 31.98
 
AAA
 
437,734
 
 
1,445
 
0.000%, 8/15/40
 
8/15 at 27.11
 
AAA
 
370,830
 
 
1,125
 
0.000%, 8/15/44
 
8/15 at 21.88
 
AAA
 
232,718
 
     
White Settlement Independent School District, Tarrant County, Texas, General Obligation Bonds, Series 2006:
             
 
7,665
 
0.000%, 8/15/37 (Pre-refunded 8/15/15)
 
8/15 at 31.98
 
N/R (4)
 
2,442,222
 
 
7,665
 
0.000%, 8/15/40 (Pre-refunded 8/15/15)
 
8/15 at 27.11
 
N/R (4)
 
2,070,317
 
 
5,985
 
0.000%, 8/15/44 (Pre-refunded 8/15/15)
 
8/15 at 21.88
 
N/R (4)
 
1,304,431
 
 
128,220
 
Total Texas
         
113,857,984
 
     
Utah – 1.1% (0.7% of Total Investments)
             
     
Utah Housing Corporation, Single Family Mortgage Bonds, Series 2001E:
             
 
345
 
5.200%, 1/01/18 (Alternative Minimum Tax)
 
7/14 at 100.00
 
AA–
 
345,890
 
 
160
 
5.500%, 1/01/23 (Alternative Minimum Tax)
 
7/14 at 100.00
 
Aaa
 
162,922
 
     
Utah Housing Corporation, Single Family Mortgage Bonds, Series 2001F-1:
             
 
540
 
4.950%, 7/01/18 (Alternative Minimum Tax)
 
7/14 at 100.00
 
AA–
 
541,053
 
 
215
 
5.300%, 7/01/23 (Alternative Minimum Tax)
 
7/14 at 100.00
 
Aaa
 
218,586
 
 
4,935
 
Utah Transit Authority, Sales Tax Revenue and Refunding Bonds, Series 2012, 5.000%, 6/15/42
 
6/22 at 100.00
 
A1
 
5,226,807
 
 
6,195
 
Total Utah
         
6,495,258
 
     
Vermont – 1.6% (1.1% of Total Investments)
             
 
9,000
 
University of Vermont and State Agricultural College, Revenue Bonds, Series 2005, 5.000%, 10/01/35 – NPFG Insured
 
10/15 at 100.00
 
AA–
 
9,454,950
 
     
Virginia – 0.3% (0.2% of Total Investments)
             
 
1,000
 
Chesterfield County Health Center Commission, Virginia, Mortgage Revenue Bonds, Lucy Corr Village, Series 2005, 5.375%, 12/01/28
 
12/15 at 100.00
 
N/R
 
733,730
 
 
1,000
 
Virginia Commonwealth University Health System Authority, General Revenue Bonds, Series 2011, 4.750%, 7/01/41
 
7/21 at 100.00
 
AA–
 
1,045,980
 
 
2,000
 
Total Virginia
         
1,779,710
 
 
Nuveen Investments
 
95

 
 

 

NZF
Nuveen Dividend Advantage Municipal Fund 3
 
 
Portfolio of Investments (continued)
 
April 30, 2014 (Unaudited)
 
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
Washington – 5.0% (3.4% of Total Investments)
             
$
2,500
 
King County, Washington, Sewer Revenue Bonds, Series 2009, 5.250%, 1/01/42
 
1/19 at 100.00
 
AA+
$
2,800,550
 
 
1,820
 
Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Refunding Series 2012A, 5.000%, 8/01/30
 
8/22 at 100.00
 
A+
 
2,025,842
 
 
5,205
 
Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Series 2005A, 5.000%, 3/01/35 –
 
3/15 at 100.00
 
AA–
 
5,352,614
 
     
NPFG Insured
             
 
10,000
 
Washington Health Care Facilities Authority, Revenue Bonds, Catholic Health, Series 2011A, 5.000%, 2/01/41
 
2/21 at 100.00
 
A+
 
10,429,698
 
 
3,410
 
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
 
3,636,765
 
     
Washington State Health Care Facilities Authority, Revenue Bonds, Group Health Cooperative of Puget Sound, Series 2001:
             
 
3,005
 
5.375%, 12/01/17 – AMBAC Insured
 
6/14 at 100.00
 
BBB– (4)
 
3,010,800
 
 
2,915
 
5.375%, 12/01/18 – AMBAC Insured
 
6/14 at 100.00
 
BBB– (4)
 
2,919,897
 
 
28,855
 
Total Washington
         
30,176,166
 
     
Wisconsin – 0.2% (0.1% of Total Investments)
             
 
1,000
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Franciscan Sisters of Christian Charity HealthCare Ministry, Series 2007, 5.000%, 9/01/33
 
9/17 at 100.00
 
BBB+
 
1,015,580
 
$
918,174
 
Total Municipal Bonds (cost $817,166,385)
         
856,108,790
 
 
 
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)
                 
$
43
 
Las Vegas Monorail Company, Senior Interest Bonds (7), (8)
 
5.500%
 
7/15/19
 
N/R
$
7,806
 
 
12
 
Las Vegas Monorail Company, Senior Interest Bonds (7), (8)
 
3.000%
 
7/15/55
 
N/R
 
1,607
 
$
55
 
Total Corporate Bonds (cost $3,313)
             
9,413
 
                         
 
Shares
 
Description (1), (9)
             
Value
 
     
INVESTMENT COMPANIES – 0.6% (0.4% of Total Investments)
                 
 
6,266
 
BlackRock MuniHoldings Fund Inc.
           
$
100,319
 
 
26,880
 
Dreyfus Strategic Municipal Fund
             
220,416
 
 
131,278
 
DWS Municipal Income Trust
             
1,738,121
 
 
43,020
 
Invesco VK Investment Grade Municipal Trust
             
555,388
 
 
30,000
 
Invesco VK Municipal Opportunity Trust
             
372,000
 
 
43,420
 
PIMCO Municipal Income Fund II
             
512,356
 
     
Total Investment Companies (cost $3,325,133)
             
3,498,600
 
     
Total Long-Term Investments (cost $820,494,831)
           
$
859,616,803
 
 
96
 
Nuveen Investments

 
 

 

 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
SHORT-TERM INVESTMENTS – 3.1% (2.2% of Total Investments)
             
     
MUNICIPAL BONDS – 3.1% (2.2% of Total Investments)
             
     
Arizona – 0.8% (0.6% of Total Investments)
             
$
5,000
 
Arizona School Facilities Board, Certificates of Participation, Variable Rate Demand Obligations, Tender Option Bond Trust 3199X, 0.170%, 9/01/21 – AGC Insured (10)
 
No Opt. Call
 
A-1
$
5,000,000
 
     
Iowa– 1.0% (0.7% of Total Investments)
             
 
1,500
 
Iowa State, Special Obligation Bonds, I-Jobs Program, Variable Rate Demand Obligations, Tender Option Bond Trust 13B-A, 0.140%, 6/01/25 (10)
 
6/19 at 100.00
 
A-1
 
1,500,000
 
 
4,500
 
Iowa State, Special Obligation Bonds, I-Jobs Program, Variable Rate Demand Obligations, Tender Option Bond Trust 13B-B ., 0.170%, 6/01/26 (10)
 
6/19 at 100.00
 
A-1
 
4,500,000
 
 
6,000
 
Total Iowa
         
6,000,000
 
     
New York– 1.3% (0.9% of Total Investments)
             
 
7,914
 
Liberty Development Corporation, New York, Goldman Sachs Headquarter Revenue Bonds, Variable Rate Demand Obligations, Tender Option Bond Trust 1251, 0.410%, 10/01/35 (10)
 
No Opt. Call
 
VMIG-3
 
7,914,000
 
$
18,914
 
Total Short-Term Investments (cost $18,914,000)
         
18,914,000
 
     
Total Investments (cost $839,408,831) – 144.2%
         
878,530,803
 
     
Floating Rate Obligations – (7.3)%
         
(44,412,000
)
     
Institutional MuniFund Term Preferred Shares, at Liquidation Value – (24.6)% (11)
         
(150,000,000
)
     
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (14.9)% (11)
         
(91,000,000
)
     
Other Assets Less Liabilities – 2.6%
         
16,214,015
 
     
Net Assets Applicable to Common Shares – 100%
       
$
609,332,818
 
 
(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 security, 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 Trustees. For fair value measurement disclosure purposes, investment categorized 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)
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.
(10)
Investment has a maturity of more than a year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.
(11)
Institutional MuniFund Term Preferred Shares and Variable Rate MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments are 17.1% and 10.4%, respectively.
WI/DD
Purchased on a when-issued or delayed delivery basis.
(ETM)
Escrowed to maturity.
(IF)
Inverse floating rate investment.
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
97

 
 

 
 
Statement of Assets and Liabilities
April 30, 2014 (Unaudited)

     
Performance
   
Municipal
   
Market
 
     
Plus
   
Advantage
   
Opportunity
 
     
(NPP
)
 
(NMA
)
 
(NMO
)
Assets
                   
Long-term investments, at value (cost $1,393,372,099, $920,501,436 and $978,769,190, respectively)
 
$
1,496,859,316
 
$
963,565,756
 
$
1,034,490,284
 
Short-term investments, at value (cost approximates value)
   
   
2,065,047
   
 
Cash
   
6,591,837
   
   
 
Receivable for:
                   
Dividend and interest
   
18,364,718
   
14,183,693
   
13,632,871
 
Investments sold
   
10,000
   
4,684,213
   
4,250,000
 
Deferred offering costs
   
90,141
   
2,200,524
   
3,805,284
 
Other assets
   
171,713
   
377,786
   
444,495
 
Total assets
 
$
1,522,087,725
 
$
987,077,019
 
$
1,056,622,934
 
Liabilities
                   
Cash overdraft
   
   
3,010,782
   
1,179,883
 
Floating rate obligations
   
35,925,000
   
37,988,333
   
34,730,000
 
Payable for:
                   
Common share dividends
   
4,130,064
   
2,616,801
   
2,766,678
 
Interest
   
544,381
   
   
 
Investments purchased
   
2,214,865
   
   
 
Offering costs
   
60,587
   
   
 
Institutional MuniFund Term Preferred (“iMTP”) Shares, at liquidation value
   
   
   
 
Variable Rate MuniFund Term Preferred (“VMTP”) Shares, at liquidation value
   
535,000,000
   
   
 
Variable Rate Demand Preferred (“VRDP”) Shares, at liquidation value
   
   
296,800,000
   
350,900,000
 
Accrued expenses:
                   
Management fees
   
727,782
   
476,291
   
501,513
 
Directors/Trustees fees
   
166,910
   
119,765
   
125,878
 
Other
   
268,332
   
193,770
   
216,034
 
Total liabilities
   
579,037,921
   
341,205,742
   
390,419,986
 
Net assets applicable to common shares
 
$
943,049,804
 
$
645,871,277
 
$
666,202,948
 
Common shares outstanding
   
60,025,455
   
43,697,408
   
45,874,035
 
Net asset value (“NAV”) per common share outstanding (net assets applicable to common shares, divided by common shares outstanding)
 
$
15.71
 
$
14.78
 
$
14.52
 
Net assets applicable to common shares consist of:
                   
Common shares, $.01 par value per share
 
$
600,255
 
$
436,974
 
$
458,740
 
Paid-in surplus
   
837,938,424
   
611,009,673
   
639,679,540
 
Undistributed (Over-distribution of) net investment income
   
13,928,908
   
2,037,626
   
3,696,201
 
Accumulated net realized gain (loss)
   
(12,905,000
)
 
(10,677,316
)
 
(33,352,627
)
Net unrealized appreciation (depreciation)
   
103,487,217
   
43,064,320
   
55,721,094
 
Net assets applicable to common shares
 
$
943,049,804
 
$
645,871,277
 
$
666,202,948
 
Authorized shares:
                   
Common
   
200,000,000
   
200,000,000
   
200,000,000
 
Preferred
   
1,000,000
   
1,000,000
   
1,000,000
 
 
See accompanying notes to financial statements.

98
 
Nuveen Investments
 
 
 

 
 
     
Dividend
   
Dividend
   
Dividend
 
     
Advantage
   
Advantage 2
   
Advantage 3
 
     
(NAD
)
 
(NXZ
)
 
(NZF
)
Assets
                   
Long-term investments, at value (cost $846,282,056, $615,933,478 and $820,494,831 respectively)
 
$
889,341,737
 
$
655,875,767
 
$
859,616,803
 
Short-term investments, at value (cost approximates value)
   
   
   
18,914,000
 
Cash
   
2,759,197
   
284,893
   
4,876,058
 
Receivable for:
                   
Dividend and interest
   
12,577,508
   
9,829,770
   
13,405,277
 
Investments sold
   
15,000
   
15,000
   
180,000
 
Deferred offering costs
   
176,407
   
2,036,541
   
1,073,708
 
Other assets
   
108,082
   
244,874
   
107,894
 
Total assets
 
$
904,977,931
 
$
668,286,845
 
$
898,173,740
 
Liabilities
                   
Cash overdraft
   
   
   
 
Floating rate obligations
   
42,810,000
   
19,570,000
   
44,412,000
 
Payable for:
                   
Common share dividends
   
2,832,138
   
2,005,683
   
2,358,618
 
Interest
   
   
   
81,376
 
Investments purchased
   
269,399
   
   
85,000
 
Offering costs
   
   
   
280,708
 
Institutional MuniFund Term Preferred (“iMTP”) Shares, at liquidation value
   
   
   
150,000,000
 
Variable Rate MuniFund Term Preferred (“VMTP”) Shares, at liquidation value
   
265,000,000
   
   
91,000,000
 
Variable Rate Demand Preferred (“VRDP”) Shares, at liquidation value
   
   
196,000,000
   
 
Accrued expenses:
                   
Management fees
   
430,393
   
314,669
   
448,937
 
Directors/Trustees fees
   
104,218
   
72,135
   
92,811
 
Other
   
143,013
   
116,619
   
81,472
 
Total liabilities
   
311,589,161
   
218,079,106
   
288,840,922
 
Net assets applicable to common shares
 
$
593,388,770
 
$
450,207,739
 
$
609,332,818
 
Common shares outstanding
   
39,296,352
   
29,478,412
   
40,400,028
 
Net asset value (“NAV”) per common share outstanding (net assets applicable to common shares, divided by common shares outstanding)
 
$
15.10
 
$
15.27
 
$
15.08
 
Net assets applicable to common shares consist of:
                   
Common shares, $.01 par value per share
 
$
392,964
 
$
294,784
 
$
404,000
 
Paid-in surplus
   
549,004,538
   
420,445,459
   
574,483,534
 
Undistributed (Over-distribution of) net investment income
   
5,401,547
   
6,840,159
   
1,859,988
 
Accumulated net realized gain (loss)
   
(4,469,960
)
 
(17,314,952
)
 
(6,536,676
)
Net unrealized appreciation (depreciation)
   
43,059,681
   
39,942,289
   
39,121,972
 
Net assets applicable to common shares
 
$
593,388,770
 
$
450,207,739
 
$
609,332,818
 
Authorized shares:
                   
Common
   
Unlimited
   
Unlimited
   
Unlimited
 
Preferred
   
Unlimited
   
Unlimited
   
Unlimited
 
 
See accompanying notes to financial statements.

Nuveen Investments
 
99

 
 

 
 
Statement of Operations
Six Months Ended April 30, 2014 (Unaudited)

     
Performance
   
Municipal
   
Market
   
Dividend
   
Dividend
   
Dividend
 
     
Plus
   
Advantage
   
Opportunity
   
Advantage
   
Advantage 2
   
Advantage 3
 
     
(NPP
)
 
(NMA
)
 
(NMO
)
 
(NAD
)
 
(NXZ
)
 
(NZF
)
Investment Income
 
$
36,045,076
 
$
23,459,013
 
$
24,489,049
 
$
22,226,362
 
$
16,325,223
 
$
19,791,408
 
Expenses
                                     
Management fees
   
4,286,543
   
2,820,837
   
2,969,837
   
2,551,659
   
1,863,949
   
2,650,350
 
Shareholder servicing agent fees and expenses
   
54,303
   
29,028
   
30,826
   
16,709
   
1,504
   
15,769
 
Interest expense and amortization of offering costs
   
3,325,400
   
363,055
   
453,829
   
2,917,633
   
237,942
   
2,908,399
 
Liquidity fees
   
   
1,668,897
   
1,796,887
   
   
1,003,676
   
 
Remarketing fees
   
   
149,224
   
176,424
   
   
98,544
   
 
Custodian fees and expenses
   
103,567
   
68,143
   
74,219
   
64,208
   
48,067
   
62,211
 
Directors/Trustees fees and expenses
   
20,153
   
12,858
   
13,893
   
11,770
   
8,840
   
11,637
 
Professional fees
   
36,713
   
35,548
   
36,194
   
33,246
   
23,963
   
31,963
 
Shareholder reporting expenses
   
53,423
   
35,332
   
37,190
   
34,907
   
25,147
   
33,412
 
Stock exchange listing fees
   
9,726
   
7,099
   
7,428
   
8,845
   
1,697
   
9,766
 
Investor relations expenses
   
81,549
   
51,803
   
55,729
   
47,891
   
35,369
   
46,786
 
Other expenses
   
40,464
   
35,092
   
37,669
   
27,385
   
24,798
   
26,812
 
Total expenses
   
8,011,841
   
5,276,916
   
5,690,125
   
5,714,253
   
3,373,496
   
5,797,105
 
Net investment income (loss)
   
28,033,235
   
18,182,097
   
18,798,924
   
16,512,109
   
12,951,727
   
13,994,303
 
Realized and Unrealized Gain (Loss)
                                     
Net realized gain (loss) from investments
   
(906,890
)
 
(4,645,712
)
 
(3,559,470
)
 
366,100
   
(2,270,724
)
 
(417,483
)
Change in net unrealized appreciation (depreciation) of investments
   
54,972,908
   
36,549,076
   
39,397,895
   
28,111,550
   
22,292,259
   
31,557,862
 
Net realized and unrealized gain (loss)
   
54,066,018
   
31,903,364
   
35,838,425
   
28,477,650
   
20,021,535
   
31,140,379
 
Net increase (decrease) in net assets applicable to common shares from operations
 
$
82,099,253
 
$
50,085,461
 
$
54,637,349
 
$
44,989,759
 
$
32,973,262
 
$
45,134,682
 

See accompanying notes to financial statements.

100
 
Nuveen Investments

 
 

 
 
Statement of Changes in Net Assets (Unaudited)

   
Performance Plus (NPP)
 
Municipal Advantage (NMA)
 
Market Opportunity (NMO)
 
     
Six Months
   
Year
   
Six Months
   
Year
   
Six Months
   
Year
 
     
Ended
   
Ended
   
Ended
   
Ended
   
Ended
   
Ended
 
     
4/30/14
   
10/31/13
   
4/30/14
   
10/31/13
   
4/30/14
   
10/31/13
 
Operations
                                     
Net investment income (loss)
 
$
28,033,235
 
$
53,100,195
 
$
18,182,097
 
$
35,161,135
 
$
18,798,924
 
$
36,046,154
 
Net realized gain (loss) from investments
   
(906,890
)
 
(1,190,986
)
 
(4,645,712
)
 
1,902,428
   
(3,559,470
)
 
4,405,132
 
Change in net unrealized appreciation (depreciation) of investments
   
54,972,908
   
(108,633,727
)
 
36,549,076
   
(76,105,657
)
 
39,397,895
   
(73,715,669
)
Net increase (decrease) in net assets applicable to common shares from operations
   
82,099,253
   
(56,724,518
)
 
50,085,461
   
(39,042,094
)
 
54,637,349
   
(33,264,383
)
Distributions to Common Shareholders
                                     
From net investment income
   
(27,767,778
)
 
(55,642,228
)
 
(17,605,687
)
 
(36,369,357
)
 
(18,404,665
)
 
(36,125,808
)
Decrease in net assets applicable to common shares from distributions to common shareholders
   
(27,767,778
)
 
(55,642,228
)
 
(17,605,687
)
 
(36,369,357
)
 
(18,404,665
)
 
(36,125,808
)
Capital Share Transactions
                                     
Net proceeds from common shares issued to shareholders due to reinvestment of distributions
   
   
294,626
   
   
   
   
 
Net increase (decrease) in net assets applicable to common shares from capital share transactions
   
   
294,626
   
   
   
   
 
Net increase (decrease) in net assets applicable to common shares
   
54,331,475
   
(112,072,120
)
 
32,479,774
   
(75,411,451
)
 
36,232,684
   
(69,390,191
)
Net assets applicable to common shares at the beginning of period
   
888,718,329
   
1,000,790,449
   
613,391,503
   
688,802,954
   
629,970,264
   
699,360,455
 
Net assets applicable to common shares at the end of period
 
$
943,049,804
 
$
888,718,329
 
$
645,871,277
 
$
613,391,503
 
$
666,202,948
 
$
629,970,264
 
Undistributed (Over-distribution of) net investment income at the end of period
 
$
13,928,908
 
$
13,663,451
 
$
2,037,626
 
$
1,461,216
 
$
3,696,201
 
$
3,301,942
 
 
See accompanying notes to financial statements.

Nuveen Investments
 
101

 
 

 

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

   
Dividend Advantage (NAD)
 
Dividend Advantage 2 (NXZ)
 
Dividend Advantage 3 (NZF)
 
     
Six Months
   
Year
   
Six Months
   
Year
   
Six Months
   
Year
 
     
Ended
   
Ended
   
Ended
   
Ended
   
Ended
   
Ended
 
     
4/30/14
   
10/31/13
   
4/30/14
   
10/31/13
   
4/30/14
   
10/31/13
 
Operations
                                     
Net investment income (loss)
 
$
16,512,109
 
$
31,778,746
 
$
12,951,727
 
$
25,599,598
 
$
13,994,303
 
$
28,803,856
 
Net realized gain (loss) from investments
   
366,100
   
2,993,365
   
(2,270,724
)
 
(982,380
)
 
(417,483
)
 
(3,893,567
)
Change in net unrealized appreciation (depreciation) of investments
   
28,111,550
   
(64,050,459
)
 
22,292,259
   
(45,727,407
)
 
31,557,862
   
(61,986,667
)
Net increase (decrease) in net assets applicable to common shares from operations
   
44,989,759
   
(29,278,348
)
 
32,973,262
   
(21,110,189
)
 
45,134,682
   
(37,076,378
)
Distributions to Common Shareholders
                                     
From net investment income
   
(18,088,111
)
 
(34,749,765
)
 
(12,151,001
)
 
(23,936,470
)
 
(14,309,690
)
 
(30,409,101
)
Decrease in net assets applicable to common shares from distributions to common shareholders
   
(18,088,111
)
 
(34,749,765
)
 
(12,151,001
)
 
(23,936,470
)
 
(14,309,690
)
 
(30,409,101
)
Capital Share Transactions
                                     
Net proceeds from common shares issued to shareholders due to reinvestment of distributions
   
   
   
   
   
   
 
Net increase (decrease) in net assets applicable to common shares from capital share transactions
   
   
   
   
   
   
 
Net increase (decrease) in net assets applicable to common shares
   
26,901,648
   
(64,028,113
)
 
20,822,261
   
(45,046,659
)
 
30,824,992
   
(67,485,479
)
Net assets applicable to common shares at the beginning of period
   
566,487,122
   
630,515,235
   
429,385,478
   
474,432,137
   
578,507,826
   
645,993,305
 
Net assets applicable to common shares at the end of period
 
$
593,388,770
 
$
566,487,122
 
$
450,207,739
 
$
429,385,478
 
$
609,332,818
 
$
578,507,826
 
Undistributed (Over-distribution of) net investment income at the end of period
 
$
5,401,547
 
$
6,977,549
 
$
6,840,159
 
$
6,039,433
 
$
1,859,988
 
$
2,175,375
 
 
See accompanying notes to financial statements.

102
 
Nuveen Investments

 
 

 
 
Statement of Cash Flows
Six Months Ended April 30, 2014 (Unaudited)

     
Performance
   
Municipal
   
Market
 
     
Plus
   
Advantage
   
Opportunity
 
     
(NPP
)
 
(NMA
)
 
(NMO
)
Cash Flows from Operating Activities:
                   
Net Increase (Decrease) In Net Assets Applicable to Common Shares from Operations
 
$
82,099,253
 
$
50,085,461
 
$
54,637,349
 
Adjustments to reconcile the net increase (decrease) in net assets applicable to common shares from operations to net cash provided by (used in) operating activities:
                   
Purchases of investments
   
(60,283,323
)
 
(34,589,808
)
 
(49,894,892
)
Proceeds from sales and maturities of investments
   
62,907,024
   
32,589,427
   
44,302,056
 
Proceeds from (Purchases of) short-term investments, net
   
   
(2,065,047
)
 
 
Amortization (Accretion) of premiums and discounts, net
   
(7,051,059
)
 
(2,269,580
)
 
(2,771,504
)
(Increase) Decrease in:
                   
Receivable for dividends and interest
   
(65,623
)
 
49,045
   
141,460
 
Receivable for investments sold
   
9,420,726
   
15,330,168
   
14,795,485
 
Other assets
   
(1,560
)
 
38,158
   
(14,475
)
Increase (Decrease) in:
                   
Payable for interest
   
(14,218
)
 
   
 
Payable for investments purchased
   
(2,793,599
)
 
(4,736,747
)
 
(7,816,887
)
Accrued management fees
   
7,082
   
(627
)
 
(91
)
Accrued Directors/Trustees fees
   
(8,736
)
 
(6,821
)
 
(6,978
)
Accrued other expenses
   
39,273
   
14,437
   
22,603
 
Net realized (gain) loss from investments
   
906,890
   
4,645,712
   
3,559,470
 
Change in net unrealized (appreciation) depreciation of investments
   
(54,972,908
)
 
(36,549,076
)
 
(39,397,895
)
Net cash provided by (used in) operating activities
   
30,189,222
   
22,534,702
   
17,555,701
 
Cash Flows from Financing Activities:
                   
(Increase) Decrease in deferred offering costs
   
28,131
   
41,991
   
67,658
 
Increase (Decrease) in:
                   
Cash overdraft
   
   
2,515,743
   
665,637
 
Floating rate obligations
   
   
(7,500,000
)
 
 
Payable for offering costs
   
   
   
 
iMTP Shares, at liquidation value
   
   
   
 
MTP Shares, at liquidation value
   
   
   
 
VMTP Shares, at liquidation value
   
   
   
 
Cash distributions paid to common shareholders
   
(27,756,839
)
 
(17,592,436
)
 
(18,288,996
)
Net cash provided by (used in) financing activities
   
(27,728,708
)
 
(22,534,702
)
 
(17,555,701
)
Net Increase (Decrease) in Cash
   
2,460,514
   
   
 
Cash at the beginning of period
   
4,131,323
   
   
 
Cash at the end of period
 
$
6,591,837
 
$
 
$
 
                     
Supplemental Disclosure of Cash Flow Information
                   
     
Performance
   
Municipal
   
Market
 
     
Plus
   
Advantage
   
Opportunity
 
     
(NPP
)
 
(NMA
)
 
(NMO
)
Cash paid for interest (excluding amortization of offering costs)
 
$
3,311,487
 
$
320,853
 
$
380,943
 
 
See accompanying notes to financial statements.

Nuveen Investments
 
103

 
 

 
 
Statement of Cash Flows (Unaudited) (continued)
                     
     
Dividend
   
Dividend
   
Dividend
 
     
Advantage
   
Advantage 2
   
Advantage 3
 
     
(NAD
)
 
(NXZ
)
 
(NZF
)
Cash Flows from Operating Activities:
                   
Net Increase (Decrease) In Net Assets Applicable to Common Shares from Operations
 
$
44,989,759
 
$
32,973,262
 
$
45,134,682
 
Adjustments to reconcile the net increase (decrease) in net assets applicable to common shares from operations to net cash provided by (used in) operating activities:
                   
Purchases of investments
   
(31,067,398
)
 
(22,180,056
)
 
(43,359,568
)
Proceeds from sales and maturities of investments
   
28,198,252
   
18,095,908
   
41,709,227
 
Proceeds from (Purchases of) short-term investments, net
   
   
   
 
Amortization (Accretion) of premiums and discounts, net
   
(3,701,551
)
 
(1,086,853
)
 
1,142,440
 
(Increase) Decrease in:
                   
Receivable for dividends and interest
   
24,170
   
12,557
   
47,606
 
Receivable for investments sold
   
16,551,366
   
8,932,976
   
3,777,752
 
Other assets
   
2,322
   
1,585
   
(9,803
)
Increase (Decrease) in:
                   
Payable for interest
   
(440,161
)
 
   
(237,082
)
Payable for investments purchased
   
(7,173,954
)
 
(4,305,694
)
 
(3,469,667
)
Accrued management fees
   
(2,781
)
 
(386
)
 
952
 
Accrued Directors/Trustees fees
   
(6,713
)
 
(5,043
)
 
(6,855
)
Accrued other expenses
   
5,493
   
(7,922
)
 
5,949
 
Net realized (gain) loss from investments
   
(366,100
)
 
2,270,724
   
417,483
 
Change in net unrealized (appreciation) depreciation of investments
   
(28,111,550
)
 
(22,292,259
)
 
(31,557,862
)
Net cash provided by (used in) operating activities
   
18,901,154
   
12,408,799
   
13,595,254
 
Cash Flows from Financing Activities:
                   
(Increase) Decrease in deferred offering costs
   
798,964
   
36,681
   
(131,801
)
Increase (Decrease) in:
                   
Cash overdraft
   
   
(88,086
)
 
 
Floating rate obligations
   
   
   
 
Payable for offering costs
   
   
   
280,708
 
iMTP Shares, at liquidation value
   
   
   
150,000,000
 
MTP Shares, at liquidation value
   
(144,300,000
)
 
   
(70,000,000
)
VMTP Shares, at liquidation value
   
144,600,000
   
   
(78,200,000
)
Cash distributions paid to common shareholders
   
(18,046,744
)
 
(12,072,501
)
 
(14,243,495
)
Net cash provided by (used in) financing activities
   
(16,947,780
)
 
(12,123,906
)
 
(12,294,588
)
Net Increase (Decrease) in Cash
   
1,953,374
   
284,893
   
1,300,666
 
Cash at the beginning of period
   
805,823
   
   
3,575,392
 
Cash at the end of period
 
$
2,759,197
 
$
284,893
 
$
4,876,058
 
                     
Supplemental Disclosure of Cash Flow Information
                   
     
Dividend
   
Dividend
   
Dividend
 
     
Advantage
   
Advantage 2
   
Advantage 3
 
     
(NAD
)
 
(NXZ
)
 
(NZF
)
Cash paid for interest (excluding amortization of offering costs)
 
$
2,365,768
 
$
199,296
 
$
2,177,282
 
 
See accompanying notes to financial statements.

104
 
Nuveen Investments

 
 

 
 
THIS PAGE INTENTIONALLY LEFT BLANK

Nuveen Investments
 
105

 
 

 
 
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
 
Ending Common Share NAV
 
Ending Market Value
 
Performance Plus (NPP)
                                                       
Year Ended 10/31:
                                                                   
2014(f)
 
$
14.81
 
$
.47
 
$
.89
 
$
 
$
 
$
1.36
 
$
(.46
)
$
 
$
(.46
)
$
15.71
 
$
14.73
 
2013
   
16.68
   
.88
   
(1.82
)
 
   
   
(.94
)
 
(.93
)
 
   
(.93
)
 
14.81
   
13.64
 
2012
   
14.89
   
.92
   
1.83
   
   
   
2.75
   
(.96
)
 
   
(.96
)
 
16.68
   
16.44
 
2011
   
15.29
   
.97
   
(.32
)
 
(.01
)
 
*
 
.64
   
(.95
)
 
(.09
)
 
(1.04
)
 
14.89
   
14.36
 
2010
   
14.52
   
1.03
   
.70
   
(.03
)
 
*
 
1.70
   
(.92
)
 
(.01
)
 
(.93
)
 
15.29
   
15.00
 
2009
   
12.69
   
1.03
   
1.65
   
(.06
)
 
   
2.62
   
(.79
)
 
   
(.79
)
 
14.52
   
13.48
 
                                                                     
Municipal Advantage (NMA)
                                                       
Year Ended 10/31:
                                                                   
2014(f)
   
14.04
   
.42
   
.72
   
   
   
1.14
   
(.40
)
 
   
(.40
)
 
14.78
   
13.28
 
2013
   
15.76
   
.80
   
(1.69
)
 
   
   
(.89
)
 
(.83
)
 
   
(.83
)
 
14.04
   
12.52
 
2012
   
14.37
   
.86
   
1.64
   
   
   
2.50
   
(.97
)
 
(.14
)
 
(1.11
)
 
15.76
   
15.67
 
2011
   
14.79
   
.93
   
(.27
)
 
   
   
.66
   
(1.00
)
 
(.08
)
 
(1.08
)
 
14.37
   
14.05
 
2010
   
14.08
   
1.01
   
.76
   
(.01
)
 
*
 
1.76
   
(.98
)
 
(.07
)
 
(1.05
)
 
14.79
   
14.92
 
2009
   
12.12
   
1.10
   
1.76
   
(.06
)
 
   
2.80
   
(.84
)
 
   
(.84
)
 
14.08
   
13.41
 

(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.

106
 
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)
                                     
                                     
   
9.37
%
 
11.60
%
$
943,050
   
1.80
%**
 
6.28
%**
 
4
%
   
(5.90
)
 
(11.75
)
 
888,718
   
1.85
   
5.52
   
19
 
   
18.89
   
21.59
   
1,000,790
   
1.67
   
5.72
   
10
 
   
4.78
   
3.22
   
892,603
   
1.62
   
6.84
   
10
 
   
12.07
   
18.65
   
916,152
   
1.13
   
6.93
   
14
 
   
21.20
   
24.78
   
869,873
   
1.23
   
7.59
   
6
 
                                     
                                     
   
8.28
   
9.46
   
645,871
   
1.72
**
 
5.92
**
 
3
 
   
(5.87
)
 
(15.21
)
 
613,392
   
1.69
   
5.31
   
17
 
   
17.99
   
20.05
   
688,803
   
1.75
   
5.67
   
18
 
   
5.05
   
1.90
   
626,616
   
2.01
   
6.76
   
14
 
   
12.90
   
19.58
   
642,364
   
1.66
   
7.04
   
16
 
   
23.89
   
25.70
   
608,813
   
1.31
   
8.51
   
9
 

(c)
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to Auction Rate Preferred Shares (“ARPS”), VMTP Shares and/or VRDP Shares, where applicable.
(d)
The expense ratios reflect, among other things, all interest expense and other costs related to VMTP Shares, VRDP Shares and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, each as described in 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:

Performance Plus (NPP)
     
Year Ended 10/31:
     
2014(f)
 
.75
%**
2013
 
.84
 
2012
 
.70
 
2011
 
.56
 
2010
 
.04
 
2009
 
.05
 
       
Municipal Advantage (NMA)
     
Year Ended 10/31:
     
2014(f)
 
.71
%**
2013
 
.71
 
2012
 
.76
 
2011
 
.96
 
2010
 
.60
 
2009
 
.09
 

(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
 
107

 
 

 

Financial Highlights (Unaudited) (continued)
 
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
 
Ending Common Share NAV
 
Ending Market Value
 
Market Opportunity (NMO)
                                                                   
Year Ended 10/31:
                                                                   
2014(g)
 
$
13.73
 
$
.41
 
$
.78
 
$
 
$
 
$
1.19
 
$
(.40
)
$
 
$
(.40
)
$
14.52
 
$
13.21
 
2013
   
15.25
   
.79
   
(1.52
)
 
   
   
(.73
)
 
(.79
)
 
   
(.79
)
 
13.73
   
12.19
 
2012
   
13.60
   
.83
   
1.70
   
   
   
2.53
   
(.88
)
 
   
(.88
)
 
15.25
   
14.92
 
2011
   
14.17
   
.88
   
(.48
)
 
*  
   
.40
   
(.97
)
 
   
(.97
)
 
13.60
   
13.18
 
2010
   
13.59
   
.99
   
.56
   
(.01
)
 
   
1.54
   
(.96
)
 
   
(.96
)
 
14.17
   
14.55
 
2009
   
12.23
   
1.10
   
1.13
   
(.06
)
 
   
2.17
   
(.81
)
 
   
(.81
)
 
13.59
   
13.32
 
                                                                     
Dividend Advantage (NAD)
                                                                   
Year Ended 10/31:
                                                                   
2014(g)
   
14.42
   
.42
   
.72
   
   
   
1.14
   
(.46
)
 
   
(.46
)
 
15.10
   
13.78
 
2013
   
16.05
   
.81
   
(1.56
)
 
   
   
(.75
)
 
(.88
)
 
   
(.88
)
 
14.42
   
12.92
 
2012
   
14.39
   
.86
   
1.76
   
   
   
2.62
   
(.92
)
 
(.04
)
 
(.96
)
 
16.05
   
15.76
 
2011
   
14.68
   
.92
   
(.29
)
 
(.01
)
 
   
.62
   
(.91
)
 
   
(.91
)
 
14.39
   
13.70
 
2010
   
13.89
   
1.00
   
.72
   
(.02
)
 
   
1.70
   
(.91
)
 
   
(.91
)
 
14.68
   
14.40
 
2009
   
11.77
   
1.07
   
1.93
   
(.05
)
 
   
2.95
   
(.83
)
 
   
(.83
)
 
13.89
   
12.89
 

(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.

108
 
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)
                                                 
                                                 
   
8.82
%
 
11.89
%
$
666,203
   
1.80
%**
 
5.95
%**
 
N/A
   
N/A
   
4
%
   
(4.99
)
 
(13.41
)
 
629,970
   
1.77
   
5.35
   
N/A
   
N/A
   
20
 
   
19.09
   
20.34
   
699,360
   
1.85
   
5.64
   
N/A
   
N/A
   
13
 
   
3.40
   
(2.33
)
 
622,815
   
2.10
   
6.74
   
N/A
   
N/A
   
14
 
   
11.71
   
17.03
   
648,017
   
1.70
   
7.17
   
N/A
   
N/A
   
26
 
   
18.30
   
23.67
   
619,319
   
1.32
   
8.58
   
N/A
   
N/A
   
10
 
                                                 
                                                 
   
8.07
   
10.43
   
593,389
   
1.86
**
 
6.00
**
 
N/A
   
N/A
   
3
 
   
(4.87
)
 
(12.81
)
 
566,487
   
1.99
   
5.21
   
N/A
   
N/A
   
11
 
   
18.67
   
22.59
   
630,515
   
2.04
   
5.55
   
N/A
   
N/A
   
12
 
   
4.76
   
1.93
   
565,364
   
2.02
   
6.77
   
N/A
   
N/A
   
15
 
   
12.60
   
19.17
   
576,895
   
1.61
   
6.99
   
N/A
   
N/A
   
8
 
   
25.78
   
28.86
   
545,534
   
1.26
   
8.38
   
1.21
%
 
8.43
%
 
9
 

(c)
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS, MTP Shares, VMTP Shares and/or VRDP Shares, where applicable.
(d)
After expense reimbursement from the Adviser, where applicable. As of July 31, 2009, the Adviser is no longer reimbursing Dividend Advantage (NAD) for any fees and 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:

Market Opportunity (NMO)
     
Year Ended 10/31:
     
2014(g)
 
.77
%**
2013
 
.77
 
2012
 
.82
 
2011
 
.97
 
2010
 
.58
 
2009
 
.07
 
       
Dividend Advantage (NAD)
     
Year Ended 10/31:
     
2014(g)
 
.87
%**
2013
 
1.03
 
2012
 
1.03
 
2011
 
.94
 
2010
 
.54
 
2009
 
.09
 

(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.
N/A
Fund did not have, or no longer has, a contractual reimbursement agreement with the Adviser.
*
Rounds to less than $.01 per share.
**
Annualized.
 
See accompanying notes to financial statements.

Nuveen Investments
 
109

 
 

 

Financial Highlights (Unaudited) (continued)
 
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
 
Ending Common Share NAV
 
Ending Market Value
 
Dividend Advantage 2 (NXZ)
                                                       
Year Ended 10/31:
                                                             
2014(g)
 
$
14.57
 
$
.44
 
$
.67
 
$
 
$
 
$
1.11
 
$
(.41
)
$
 
$
(.41
)
$
15.27
 
$
13.84
 
2013
   
16.09
   
.87
   
(1.58
)
 
   
   
(.71
)
 
(.81
)
 
   
(.81
)
 
14.57
   
12.99
 
2012
   
14.50
   
.88
   
1.84
   
   
   
2.72
   
(.95
)
 
(.18
)
 
(1.13
)
 
16.09
   
15.63
 
2011
   
14.76
   
.99
   
(.29
)
 
   
   
.70
   
(.96
)
 
   
(.96
)
 
14.50
   
13.90
 
2010
   
14.45
   
1.02
   
.26
   
   
   
1.28
   
(.97
)
 
   
(.97
)
 
14.76
   
14.67
 
2009
   
12.71
   
1.04
   
1.59
   
   
   
2.63
   
(.89
)
 
   
(.89
)
 
14.45
   
14.14
 
                                                                     
Dividend Advantage 3 (NZF)
                                                       
Year Ended 10/31:
                                                             
2014(g)
   
14.32
   
.35
   
.76
   
   
   
1.11
   
(.35
)
 
   
(.35
)
 
15.08
   
13.37
 
2013
   
15.99
   
.71
   
(1.63
)
 
   
   
(.92
)
 
(.75
)
 
   
(.75
)
 
14.32
   
12.66
 
2012
   
14.53
   
.78
   
1.67
   
   
   
2.45
   
(.95
)
 
(.04
)
 
(.99
)
 
15.99
   
15.73
 
2011
   
14.74
   
.98
   
(.18
)
 
(.01
)
 
*
 
.79
   
(.98
)
 
(.02
)
 
(1.00
)
 
14.53
   
14.17
 
2010
   
14.19
   
1.06
   
.52
   
(.02
)
 
*
 
1.56
   
(.95
)
 
(.06
)
 
(1.01
)
 
14.74
   
14.58
 
2009
   
12.10
   
1.08
   
1.91
   
(.05
)
 
   
2.94
   
(.85
)
 
   
(.85
)
 
14.19
   
13.38
 

(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.

110
 
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)
                                                 
                                                 
   
7.76
%
 
9.88
%
$
450,208
   
1.57
%**
 
6.03
%**
 
N/A
   
N/A
   
3
%
   
(4.58
)
 
(12.04
)
 
429,385
   
1.53
   
5.58
   
N/A
   
N/A
   
22
 
   
19.46
   
21.15
   
474,432
   
1.64
   
5.70
   
N/A
   
N/A
   
15
 
   
5.24
   
1.70
   
427,085
   
1.78
   
7.08
   
1.75
%
 
7.11
%
 
40
 
   
9.12
   
10.89
   
434,764
   
1.79
   
6.85
   
1.68
   
6.95
   
5
 
   
21.41
   
22.63
   
425,253
   
1.91
   
7.59
   
1.73
   
7.77
   
2
 
                                                 
                                                 
   
7.89
   
8.55
   
609,333
   
1.88
**
 
4.94
**
 
N/A
   
N/A
   
5
 
   
(5.93
)
 
(15.08
)
 
578,508
   
1.71
   
4.66
   
N/A
   
N/A
   
14
 
   
17.33
   
18.48
   
645,993
   
1.76
   
5.06
   
N/A
   
N/A
   
22
 
   
5.83
   
4.59
   
587,047
   
1.53
   
6.93
   
1.46
   
7.00
   
30
 
   
11.41
   
17.04
   
595,413
   
1.17
   
7.21
   
1.02
   
7.36
   
7
 
   
25.08
   
33.89
   
573,088
   
1.26
   
7.98
   
1.04
   
8.20
   
2
 

(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, iMTP Shares, MTP Shares, VMTP Shares and/or VRDP Shares, where applicable.
(d)
After expense reimbursement from the Adviser, where applicable. As of March 31, 2011 and September 30, 2011, the Adviser is no longer reimbursing Dividend Advantage 2 (NXZ) and Dividend Advantage 3 (NZF), respectively, for any fees and expenses.
(e)
The expense ratios reflect, among other things, all interest expense and other costs related to iMTP Shares, 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, Institutional MuniFund Term Preferred Shares, 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 2 (NXZ)
     
Year Ended 10/31:
     
2014(g)
 
.62
%**
2013
 
.62
 
2012
 
.65
 
2011
 
.78
 
2010
 
.78
 
2009
 
.83
 
       
Dividend Advantage 3 (NZF)
     
Year Ended 10/31:
     
2014(g)
 
.88
%**
2013
 
.75
 
2012
 
.77
 
2011
 
.48
 
2010
 
.09
 
2009
 
.11
 

(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.
N/A
Fund no longer has a contractual reimbursement agreement with the Adviser.
*
Rounds to less than $.01 per share.
**
Annualized.
 
See accompanying notes to financial statements.

Nuveen Investments
 
111

 
 

 

Financial Highlights (Unaudited) (continued)

   
ARPS at
the End of Period
 
VMTP Shares
at the End of Period
 
VRDP Shares
at the End of Period
 
     
Aggregate
   
Asset
   
Aggregate
   
Asset
   
Aggregate
   
Asset
 
     
Amount
   
Coverage
   
Amount
   
Coverage
   
Amount
   
Coverage
 
     
Outstanding
   
Per $25,000
   
Outstanding
   
Per $100,000
   
Outstanding
   
Per $100,000
 
     
(000
)
 
Share
   
(000
)
 
Share
   
(000
)
 
Share
 
Performance Plus (NPP)
                                     
Year Ended 10/31:
                                     
2014(a)
 
$
 
$
 
$
535,000
 
$
276,271
 
$
 
$
 
2013
   
   
   
535,000
   
266,116
   
   
 
2012
   
   
   
421,700
   
337,323
   
   
 
2011
   
   
   
421,700
   
311,668
   
   
 
2010
   
419,900
   
79,546
   
   
   
   
 
2009
   
419,900
   
76,790
   
   
   
   
 
                                       
Municipal Advantage (NMA)
                                     
Year Ended 10/31:
                                     
2014(a)
   
   
   
   
   
296,800
   
317,612
 
2013
   
   
   
   
   
296,800
   
306,668
 
2012
   
   
   
   
   
296,800
   
332,076
 
2011
   
   
   
   
   
296,800
   
311,124
 
2010
   
   
   
   
   
296,800
   
316,430
 
2009
   
293,200
   
76,911
   
   
   
   
 

(a)
For the six months ended April 30, 2014.

112
 
Nuveen Investments

 
 

 


   
ARPS
at the End of Period
 
MTP Shares
at the End of Period (a)
 
VMTP Shares
at the End of Period
 
VRDP Shares
at the End of Period
 
ARPS, MTP and/or VMTP Shares at the End of Period
 
                                                     
Asset
 
     
Aggregate
   
Asset
   
Aggregate
   
Asset
   
Aggregate
   
Asset
   
Aggregate
   
Asset
   
Coverage
 
     
Amount
   
Coverage
   
Amount
   
Coverage
   
Amount
   
Coverage
   
Amount
   
Coverage
   
Per $1
 
     
Outstanding
  Per $25,000    
Outstanding
   
Per $10
   
Outstanding
  Per $100,000    
Outstanding
  Per $100,000    
Liquidation
 
     
(000
)
 
Share
   
(000
)
 
Share
   
(000
)
 
Share
   
(000
)
 
Share
   
Preference
 
Market Opportunity (NMO)
                                           
Year Ended 10/31:
                                                       
2014(b)
 
$
 
$
 
$
 
$
 
$
 
$
 
$
350,900
 
$
289,855
 
$
 
2013
   
   
   
   
   
   
   
350,900
   
279,530
   
 
2012
   
   
   
   
   
   
   
350,900
   
299,305
   
 
2011
   
   
   
   
   
   
   
350,900
   
277,491
   
 
2010
   
   
   
   
   
   
   
350,900
   
284,673
   
 
2009
   
346,675
   
69,661
   
   
   
   
   
   
   
 
                                                         
Dividend Advantage (NAD)
                                           
Year Ended 10/31:
                                                       
2014(b)
   
   
   
   
   
265,000
   
323,920
   
   
   
 
2013
   
   
   
144,300
   
31.40
   
120,400
   
314,011
   
   
   
3.14
 
2012
   
   
   
144,300
   
33.82
   
120,400
   
338,200
   
   
   
3.38
 
2011
   
   
   
144,300
   
31.36
   
120,400
   
313,587
   
   
   
3.14
 
2010
   
120,075
   
79,553
   
144,300
   
31.82
   
   
   
   
   
3.18
 
2009
   
261,800
   
77,095
   
   
   
   
   
   
   
 
                                                         
Dividend Advantage 2 (NXZ)
                                           
Year Ended 10/31:
                                                       
2014(b)
   
   
   
   
   
   
   
196,000
   
329,698
   
 
2013
   
   
   
   
   
   
   
196,000
   
319,074
   
 
2012
   
   
   
   
   
   
   
196,000
   
342,057
   
 
2011
   
   
   
   
   
   
   
196,000
   
317,900
   
 
2010
   
   
   
   
   
   
   
196,000
   
321,819
   
 
2009
   
   
   
   
   
   
   
196,000
   
316,966
   
 

(a)
The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares were as follows:
 
                                 
     
2014
(b)
 
2013
   
2012
   
2011
   
2010
 
Dividend Advantage (NAD)
                               
Series 2015 (NAD PRC)
                               
Ending Market Value per Share
 
$
 
$
10.06
 
$
10.10
 
$
10.06
 
$
10.10
 
Average Market Value per Share
   
10.04
^^
 
10.08
   
10.09
   
10.05
   
10.10
^

^
For the period March 16, 2010 (first issuance date of shares) through October 31, 2010.
^^
For the period November 1, 2013 through December 20, 2013.
(b)
For the six months ended April 30, 2014.
 
See accompanying notes to financial statements.

Nuveen Investments
 
113

 
 

 

Financial Highlights (Unaudited) (continued)

   
ARPS
at the End of Period
 
iMTP Shares
at the End of Period
 
MTP Shares
at the End of Period (a)
 
VMTP Shares
at the End of Period
 
iMTP, MTP and/or VMTP Shares at the End of Period
 
                                                     
Asset
 
     
Aggregate
   
Asset
   
Aggregate
   
Asset
   
Aggregate
   
Asset
   
Aggregate
   
Asset
   
Coverage
 
     
Amount
   
Coverage
   
Amount
   
Coverage
   
Amount
   
Coverage
   
Amount
   
Coverage
   
Per $1
 
     
Outstanding
   
Per $25,000
   
Outstanding
   
Per $5,000
   
Outstanding
   
Per $10
   
Outstanding
   
Per $100,000
   
Liquidation
 
     
(000
)
 
Share
   
(000
)
 
Share
   
(000
)
 
Share
   
(000
)
 
Share
   
Preference
 
Dividend Advantage 3 (NZF)
                                           
Year Ended 10/31:
                                                       
2014(b)
 
$
 
$
 
$
150,000
 
$
17,642
 
$
 
$
 
$
91,000
 
$
352,835
 
$
3.53
 
2013
   
   
   
   
   
70,000
   
34.19
   
169,200
   
341,851
   
3.42
 
2012
   
   
   
   
   
70,000
   
37.01
   
169,200
   
370,064
   
3.70
 
2011
   
   
   
   
   
70,000
   
34.54
   
169,200
   
345,421
   
3.45
 
2010
   
236,950
   
87,821
   
   
   
   
   
   
   
 
2009
   
236,950
   
85,465
   
   
   
   
   
   
   
 

(a)
The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares were as follows:

     
2014
(b)
 
2013
   
2012
   
2011
 
Dividend Advantage 3 (NZF)
                         
Series 2016 (NZF PRC)
                         
Ending Market Value per Share
 
$
 
$
10.10
 
$
10.14
 
$
10.14
 
Average Market Value per Share
   
10.05
^^
 
10.10
   
10.12
   
10.05
^

^
For the period December 20, 2010 (first issuance date of shares) through October 31, 2011.
^^
For the period November 1, 2013 through April 11, 2014.
(b)
For the six months ended April 30, 2014.

114
 
Nuveen Investments

 
 

 

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 Performance Plus Municipal Fund, Inc. (NPP) (“Performance Plus (NPP)”)
• Nuveen Municipal Advantage Fund, Inc. (NMA) (“Municipal Advantage (NMA)”)
• Nuveen Municipal Market Opportunity Fund, Inc. (NMO) (“Market Opportunity (NMO)”)
• Nuveen Dividend Advantage Municipal Fund (NAD) (“Dividend Advantage (NAD)”)
• Nuveen Dividend Advantage Municipal Fund 2 (NXZ) (“Dividend Advantage 2 (NXZ)”)
• Nuveen Dividend Advantage Municipal Fund 3 (NZF) (“Dividend Advantage 3 (NZF)”)
 
The Funds are registered under the Investment Company Act of 1940, as amended, as diversified, closed-end registered investment companies. Performance Plus (NPP), Municipal Advantage (NMA), Market Opportunity (NMO) and Dividend Advantage (NAD) are traded on the NYSE while Dividend Advantage 2 (NXZ) and Dividend Advantage 3 (NZF) are traded on the NYSE MKT. Performance Plus (NPP), Municipal Advantage (NMA) and Market Opportunity (NMO) were organized as Minnesota corporations on April 28, 1989, November 6, 1989 and January 23, 1990, respectively. Dividend Advantage (NAD), Dividend Advantage 2 (NXZ) and Dividend Advantage 3 (NZF) were organized as Massachusetts business trusts on January 15, 1999, June 1, 1999 and March 21, 2001, 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 Funds or in the Funds’ investment objectives or policies.
 
Investment Objectives
Each Fund seeks to provide current income exempt from regular federal income tax by investing primarily in a portfolio of municipal obligations issued by state and local government authorities or certain U.S. territories.
 
Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).

Nuveen Investments
 
115

 
 

 

Notes to Financial Statements (Unaudited) (continued)
 
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, outstanding when-issued/delayed delivery purchase commitments were as follow:
               
     
Performance
   
Dividend
 
     
Plus
   
Advantage 3
 
     
(NPP
)
 
(NZF
)
Outstanding when-issued/delayed delivery purchase commitments
 
$
111,675
 
$
85,000
 
 
Investment Income
Dividend income is recorded on the ex-dividend date. Investment income, which reflects the amortization of premiums and 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 Statements 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.
 
Institutional MuniFund Term Preferred Shares
The following Fund has issued and outstanding Institutional MuniFund Term Preferred (“iMTP”) Shares, with a $5,000 liquidation value per share. iMTP Shares are issued via private placement and are not publicly available.
 
As of April 30, 2014, iMTP Shares outstanding, at liquidation value, for the Fund was as follows:
                     
                 
Shares
 
                 
Outstanding
 
                 
at $5,000
 
           
Shares
   
Per Share
 
     
Series
   
Outstanding
   
Liquidation Value
 
Dividend Advantage 3 (NZF)
   
2017
   
30,000
 
$
150,000,000
 
 
The Fund is obligated to redeem its iMTP Shares by the date as specified in its offering document (“Term Redemption Date”), unless earlier redeemed or repurchased by the Fund. iMTP Shares are subject to optional and mandatory redemption in certain circumstances. The iMTP Shares are not subject to redemption at the option of the Fund for one year following the date of issuance (“Non-Call Expiration Date”), at which point the Fund may begin to redeem at its option (“Optional Redemption Date”). The Fund may be obligated to redeem certain of the iMTP 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 the Fund’s iMTP Shares are as follows:
                           
           
Term
   
Optional
   
Non-Call
 
     
Series
   
Redemption Date
   
Redemption Date
   
Expiration Date
 
Dividend Advantage 3 (NZF)
   
2017
   
October 1, 2017
   
April 1, 2015
   
March 31, 2015
 

116
 
Nuveen Investments

 
 

 

The average liquidation value of iMTP Shares outstanding and annualized dividend rate for the Fund during the six months ended April 30, 2014, were as follows:
         
     
Dividend
 
     
Advantage 3
 
     
(NZF
)*
Average liquidation value of iMTP Shares outstanding
 
$
150,000,000
 
Annualized dividend rate
   
.84
%

*
For the period April 1, 2014 (commencement of operations) through April 30, 2014.
 
iMTP Shares generally do not trade, and market quotations are generally not available. iMTP 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 iMTP Shares is expected to be approximately their liquidation par value so long as the fixed “spread” on the iMTP 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 Fund’s Adviser has determined that the fair value of iMTP Shares is their liquidation value, but their fair value could vary if market conditions change materially. For financial reporting purposes, the liquidation value of iMTP Shares is recorded as a liability and recognized as “Institutional MuniFund Term Preferred (“iMTP”) Shares, at liquidation value” on the Statement of Assets and Liabilities.
 
Dividends on the iMTP Shares (which are treated as interest payments for financial reporting purposes) are set weekly. Unpaid dividends on iMTP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities, when applicable. Dividends accrued on iMTP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
 
Offering costs of $970,000 were incurred in connection with the Fund’s offering of iMTP Shares, which were recorded as a deferred charge and are being amortized over the life of the shares. These offering costs 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.
 
MuniFund Term Preferred Shares
During the current fiscal period, Dividend Advantage (NAD) and Dividend Advantage 3 (NZF) 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 (NAD) redeemed all of its outstanding Series 2015 MTP Shares on December 20, 2013. Dividend Advantage 3 (NZF) redeemed all of its outstanding Series 2016 MTP Shares on April 11, 2014.
 
Dividend Advantage’s (NAD) MTP Shares were redeemed at their $10 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).
 
Dividend Advantage 3’s (NZF) MTP Shares were redeemed at their $10 liquidation value per share plus dividend amounts owed using proceeds from its issuance of iMTP Shares and VMTP Shares (as described above in Institutional MuniFund Term Preferred Shares and below in Variable Rate MuniFund Preferred Shares, respectively).
 
The average liquidation value of MTP Shares outstanding for each Fund during the six months ended April 30, 2014, was as follows:
               
     
Dividend
   
Dividend
 
     
Advantage
   
Advantage 3
 
     
(NAD
)*
 
(NZF
)**
Average liquidation value of MTP Shares outstanding
 
$
144,300,000
 
$
70,000,000
 

*
For the period November 1, 2013 through December 20, 2013.
**
For the period November 1, 2013 through April 11, 2014.
 
For financial reporting purposes, the liquidation value of MTP Shares is recorded as a liability and recognized as “MuniFund Term Preferred (“MTP”) Shares, at liquidation value” on the Statement of Assets and Liabilities. Unpaid dividends on MTP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities. Dividends accrued on MTP 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 MTP 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 (NAD) and Dividend Advantage 3’s (NZF) redemption of MTP Shares, the remaining deferred offering costs of $823,585 and $547,569, 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 a $100,000 liquidation value per share. VMTP Shares are issued via private placement and are not publicly available.

Nuveen Investments
 
117

 
 

 

Notes to Financial Statements (Unaudited) (continued)
 
As of April 30, 2014, VMTP Shares outstanding, at liquidation value, for each Fund was as follows:
                     
                 
Shares
 
                 
Outstanding at
 
           
Shares
 
 
$100,000 Per Share
 
Fund
   
Series
   
Outstanding
   
Liquidation Value
 
Performance Plus (NPP)
   
2015
   
5,350
 
$
535,000,000
 
Dividend Advantage (NAD)
   
2016
   
2,650
 
$
265,000,000
 
Dividend Advantage 3 (NZF)
   
2017
   
910
 
$
91,000,000
 
 
On January 6, 2014, Dividend Advantage (NAD) and on April 11, 2014, Dividend Advantage 3 (NZF) redeemed all 1,204 shares of its outstanding Series 2014 VMTP and 1,692 shares of its outstanding Series 2014 VMTP, respectively. Dividend Advantage (NAD) issued 2,650 shares of Series 2016 VMTP and Dividend Advantage 3 (NZF) issued 910 shares of Series 2017 VMTP, each through a privately negotiated offering, which was offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933. Dividend Advantage (NAD) and Michigan Quality Income (NUM) completed their refinancing of their existing VMTP Shares with new VMTP Shares with a term redemption date of December 30, 2016 and April 1, 2017, respectively.
 
Each Fund is obligated to redeem its VMTP Shares by the date as specified in its offering document (“Term Redemption Date”), unless earlier redeemed or repurchased by the Fund. VMTP Shares are subject to optional and mandatory redemption in certain circumstances. The VMTP Shares are subject to redemption at the option of each Fund (“Optional Redemption Date”), subject to payment of premium for one year following the 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
 
Performance Plus (NPP)
   
2015
   
December 1, 2015
   
December 1, 2013
   
November 30, 2013
 
Dividend Advantage (NAD)
   
2016
   
December 30, 2016
   
January 1, 2015
   
December 31, 2014
 
Dividend Advantage 3 (NZF)
   
2017
   
April 1, 2017
   
April 1, 2015
   
March 31, 2015
 
 
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:
                     
     
Performance
   
Dividend
   
Dividend
 
     
Plus
   
Advantage
   
Advantage 3
 
     
(NPP
)
 
(NAD
)
 
(NZF
)
Average liquidation value of VMTP Shares outstanding
 
$
535,000,000
 
$
254,738,122
 
$
156,238,674
 
Annualized dividend rate
   
1.20
%
 
1.01
%
 
1.12
%
 
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 the 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.
 
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 (NAD) and Dividend Advantage 3’s (NZF) redemption of VMTP Shares, the remaining deferred offering costs of $72,549 and $145,744, respectively, were fully expensed during the current fiscal period, as the redemptions were deemed an extinguishment of debt. Dividend Advantage (NAD) and Dividend Advantage 3 (NFZ) each incurred offering costs of $130,000 in connection with the issuance of Series 2016 and Series 2017 VMTP Shares, respectively, which were recorded as a deferred charge and are being amortized over the life of the shares.

118
 
Nuveen Investments

 
 

 

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 for each Fund’s VRDP Shares outstanding are as follows:
                           
                 
Shares
       
                 
Outstanding at
       
           
Shares
 
 
$100,000 Per Share
       
Fund
   
Series
   
Outstanding
   
Liquidation Value
   
Maturity
 
Municipal Advantage (NMA)
   
1
   
2,968
 
$
296,800,000
   
March 1, 2040
 
Market Opportunity (NMO)
   
1
   
3,509
 
$
350,900,000
   
March 1, 2040
 
Dividend Advantage 2 (NXZ)
   
2
   
1,960
 
$
196,000,000
   
August 1, 2040
 
 
VRDP Shares include a liquidity feature that allows VRDP shareholders to have their shares purchased by a liquidity provider with whom each Fund has contracted in the event that purchase orders for VRDP Shares in a remarketing are not sufficient in number to be matched with the sale orders in that remarketing. Each Fund is required to redeem any VRDP Shares that are still owned by the liquidity provider after six months of continuous, unsuccessful remarketing. Each Fund pays an annual remarketing fee of .10% on the aggregate principal amount of all VRDP Shares outstanding. Each Fund’s VRDP Shares have successfully remarketed since issuance.
 
Dividends on 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:
                     
     
Municipal
   
Market
   
Dividend
 
     
Advantage
   
Opportunity
   
Advantage 2
 
     
(NMA
)
 
(NMO
)
 
(NXZ
)
Average liquidation value of VRDP Shares outstanding
 
$
296,800,000
 
$
350,900,000
 
$
196,000,000
 
Annualized dividend rate
   
.13
%
 
.18
%
 
.16
%
 
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 accrued on the VRDP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations. Costs incurred by the Funds in connection with their offerings of VRDP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as 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 addition to interest expense, each Fund also pays a per annum liquidity fee to the liquidity provider, as well as a remarketing fee, which are recognized as “Liquidity fees” and “Remarketing fees,” respectively, on the Statement of Operations.
 
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, the Funds were not invested in any portfolio securities or derivative instruments that are subject to netting agreements.

Nuveen Investments
 
119

 
 

 

Notes to Financial Statements (Unaudited) (continued)
 
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
The fair valuation input levels as described below are for fair value measurement purposes.
 
Investment Valuation
Prices of municipal bonds and other fixed income securities are provided by a pricing service approved by the Funds’ Board of Directors/Trustees. These securities are generally classified as Level 2. 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.
 
Common stocks and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1. Securities primarily traded on the NASDAQ National Market (“NASDAQ”) are valued, except as indicated below, at the NASDAQ Official Closing Price and are generally classified as Level 1. However, securities traded on a securities exchange or NASDAQ for which there were no transactions on a given day or securities not listed on a securities exchange or NASDAQ are valued at the quoted bid price and are generally classified as Level 2.
 
Investments in investment companies are valued at their respective net asset value (“NAV”) on the valuation date and 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 such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Funds’ Board of Directors/Trustees or its designee.
 
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).

120
 
Nuveen 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:
                           
Performance Plus (NPP)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
1,496,813,234
 
$
 
$
1,496,813,234
 
Corporate Bonds
   
   
   
46,082
   
46,082
 
Total
 
$
 
$
1,496,813,234
 
$
46,082
 
$
1,496,859,316
 
                           
Municipal Advantage (NMA)
                         
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
963,518,376
 
$
 
$
963,518,376
 
Corporate Bonds
   
   
   
47,380
   
47,380
 
Short-Term Investments*:
                         
Municipal Bonds
   
   
2,065,047
   
   
2,065,047
 
Total
 
$
 
$
965,583,423
 
$
47,380
 
$
965,630,803
 
                           
Market Opportunity (NMO)
                         
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
1,031,068,658
 
$
 
$
1,031,068,658
 
Common Stocks
   
3,282,166
   
   
   
3,282,166
 
Corporate Bonds
   
   
   
139,460
   
139,460
 
Total
 
$
3,282,166
 
$
1,031,068,658
 
$
139,460
 
$
1,034,490,284
 
                           
Dividend Advantage (NAD)
                         
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
888,753,691
 
$
 
$
888,753,691
 
Corporate Bonds
   
   
   
55,377
   
55,377
 
Investment Companies
   
532,669
   
   
   
532,669
 
Total
 
$
532,669
 
$
888,753,691
 
$
55,377
 
$
889,341,737
 
                           
Dividend Advantage 2 (NXZ)
                         
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
655,817,994
 
$
 
$
655,817,994
 
Corporate Bonds
   
   
   
57,773
   
57,773
 
Total
 
$
 
$
655,817,994
 
$
57,773
 
$
655,875,767
 
                           
Dividend Advantage 3 (NZF)
                         
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
856,108,790
 
$
 
$
856,108,790
 
Corporate Bonds
   
   
   
9,413
   
9,413
 
Investment Companies
   
3,498,600
   
   
   
3,498,600
 
Short-Term Investments*:
                         
Municipal Bonds
   
   
18,914,000
   
   
18,914,000
 
Total
 
$
3,498,600
 
$
875,022,790
 
$
9,413
 
$
878,530,803
 

*
Refer to the Fund’s Portfolio of Investments for state classifications of Municipal Bonds and industry classifications of Common Stocks and Corporate Bonds, respectively, and breakdown of Corporate Bonds classified as Level 3.
 
The Nuveen funds’ Board of Directors/Trustees is responsible for the valuation process and has delegated the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board of Directors/Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the funds’ pricing policies and reporting to the Board of Directors/Trustees. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
 
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:

 
(i)
If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities.

Nuveen Investments
 
121

 
 

 

Notes to Financial Statements (Unaudited) (continued)

 
(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:
                                       
     
Performance
   
Municipal
   
Market
   
Dividend
   
Dividend
   
Dividend
 
     
Plus
   
Advantage
   
Opportunity
   
Advantage
   
Advantage 2
   
Advantage 3
 
     
(NPP
)
 
(NMA
)
 
(NMO
)
 
(NAD
)
 
(NXZ
)
 
(NZF
)
Average floating rate obligations outstanding
 
$
35,925,000
 
$
45,405,460
 
$
34,730,000
 
$
42,810,000
 
$
19,570,000
 
$
44,412,000
 
Average annual interest rate and fees
   
.57
%
 
.55
%
 
.42
%
 
.56
%
 
.50
%
 
.46
%

122
 
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:
                                       
     
Performance
   
Municipal
   
Market
   
Dividend
   
Dividend
   
Dividend
 
     
Plus
   
Advantage
   
Opportunity
   
Advantage
   
Advantage 2
   
Advantage 3
 
     
(NPP
)
 
(NMA
)
 
(NMO
)
 
(NAD
)
 
(NXZ
)
 
(NZF
)
Floating rate obligations: self-deposited inverse floaters
 
$
35,925,000
 
$
37,988,333
 
$
34,730,000
 
$
42,810,000
 
$
19,570,000
 
$
44,412,000
 
Floating rate obligations: externally-deposited inverse floaters
   
18,240,000
   
25,186,667
   
19,500,000
   
24,968,000
   
21,125,000
   
35,502,000
 
Total
 
$
54,165,000
 
$
63,175,000
 
$
54,230,000
 
$
67,778,000
 
$
40,695,000
 
$
79,914,000
 
 
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 the externally-deposited Recourse Trusts was as follows:
                                       
     
Performance
   
Municipal
   
Market
   
Dividend
   
Dividend
   
Dividend
 
     
Plus
   
Advantage
   
Opportunity
   
Advantage
   
Advantage 2
   
Advantage 3
 
     
(NPP
)
 
(NMA
)
 
(NMO
)
 
(NAD
)
 
(NXZ
)
 
(NZF
)
Maximum exposure to Recourse Trusts
 
$
7,500,000
 
$
11,250,000
 
$
7,500,000
 
$
11,250,000
 
$
11,250,000
 
$
5,095,000
 
 
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. Although the Funds are authorized to invest in derivative instruments and may do so in the future, they did not make any such investments during the six months ended April 30, 2014.
 
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.

Nuveen Investments
 
123

 
 

 

Notes to Financial Statements (Unaudited) (continued)
 
4. Fund Shares
 
Common Shares
Since the inception of the Funds’ repurchase programs, the Funds have not repurchased any of their outstanding common shares. Transactions in common shares were as follows:

   
Performance Plus (NPP)
 
Municipal
Advantage (NMA)
 
Market
Opportunity (NMO)
 
     
Six Months
   
Year
   
Six Months
   
Year
   
Six Months
   
Year
 
     
Ended
   
Ended
   
Ended
   
Ended
   
Ended
   
Ended
 
     
4/30/14
   
10/31/13
   
4/30/14
   
10/31/13
   
4/30/14
   
10/31/13
 
Common shares issued to shareholders due to reinvestment of distributions
   
   
17,159
   
   
   
   
 

   
Dividend
Advantage (NAD)
 
Dividend
Advantage 2 (NXZ)
 
Dividend
Advantage 3 (NZF)
 
     
Six Months
   
Year
   
Six Months
   
Year
   
Six Months
   
Year
 
     
Ended
   
Ended
   
Ended
   
Ended
   
Ended
   
Ended
 
     
4/30/14
   
10/31/13
   
4/30/14
   
10/31/13
   
4/30/14
   
10/31/13
 
Common shares issued to shareholders due to reinvestment of distributions
   
   
   
   
   
   
 
 
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, are noted in the following tables.
 
Transactions in iMTP Shares for the Funds were as follows:
                     
   
Six Months Ended 4/30/14
Dividend Advantage 3 (NZF)
   
Series
   
Shares
   
Amount
 
iMTP Shares issued
   
2017
   
30,000
 
$
150,000,000
 

Transactions in MTP Shares for the Funds were as follows:
                           
   
Six Months Ended 4/30/14
           
NYSE MKT
             
     
Series
   
Ticker
   
Shares
   
Amount
 
Dividend Advantage (NAD)
                         
MTP Shares redeemed
   
2015
   
NAD PRC
   
(14,430,000
)
$
(144,300,000
)
Dividend Advantage 3 (NZF)
                         
MTP Shares redeemed
   
2016
   
NZF PRC
   
(7,000,000
)
$
(70,000,000
)

Transactions in VMTP Shares for the Funds were as follows:
                     
   
Six Months Ended 4/30/14
     
Series
   
Shares
   
Amount
 
Dividend Advantage (NAD)
                   
VMTP Shares issued
   
2016
   
2,650
 
$
265,000,000
 
VMTP Shares redeemed
   
2014
   
(1,204
)
 
(120,400,000
)
Net increase (decrease)
         
1,446
 
$
144,600,000
 
Dividend Advantage 3 (NZF)
                   
VMTP Shares issued
   
2017
   
910
 
$
91,000,000
 
VMTP Shares redeemed
   
2014
   
(1,692
)
 
(169,200,000
)
Net increase (decrease)
         
(782
)
$
(78,200,000
)

124
 
Nuveen Investments

 
 

 
 
   
Year Ended 10/31/13
     
Series
   
Shares
   
Amount
 
Performance Plus (NPP)
                   
VMTP Shares issued
   
2015
   
5,350
 
$
535,000,000
 
VMTP Shares exchanged
   
2014
   
(4,217
)
 
(421,700,000
)
Net increase (decrease)
         
1,133
 
$
113,300,000
 
 
5. Investment Transactions
Purchases and sales (including maturities but excluding short-term investments, where applicable) during the six months ended April 30, 2014, were as follows:
                                       
     
Performance
   
Municipal
   
Market
   
Dividend
   
Dividend
   
Dividend
 
     
Plus
   
Advantage
   
Opportunity
   
Advantage
   
Advantage 2
   
Advantage 3
 
     
(NPP
)
 
(NMA
)
 
(NMO
)
 
(NAD
)
 
(NXZ
)
 
(NZF
)
Purchases
 
$
60,283,323
 
$
34,589,808
 
$
49,894,892
 
$
31,067,398
 
$
22,180,056
 
$
43,359,568
 
Sales and maturities
   
62,907,024
   
32,589,427
   
44,302,056
   
28,198,252
   
18,095,908
   
41,709,227
 
 
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, 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, as determined on a federal income tax basis, were as follows:
                                       
     
Performance
   
Municipal
   
Market
   
Dividend
   
Dividend
   
Dividend
 
     
Plus
   
Advantage
   
Opportunity
   
Advantage
   
Advantage 2
   
Advantage 3
 
     
(NPP
)
 
(NMA
)
 
(NMO
)
 
(NAD
)
 
(NXZ
)
 
(NZF
)
Cost of investments
 
$
1,362,260,562
 
$
887,049,876
 
$
942,863,048
 
$
803,913,915
 
$
597,455,598
 
$
794,160,754
 
Gross unrealized:
                                     
Appreciation
 
$
127,967,946
 
$
65,287,146
 
$
67,987,974
 
$
63,464,024
 
$
56,204,892
 
$
55,144,906
 
Depreciation
   
(29,290,302
)
 
(24,695,983
)
 
(11,091,788
)
 
(20,846,013
)
 
(17,362,262
)
 
(15,127,794
)
Net unrealized appreciation (depreciation) of investments
 
$
98,677,644
 
$
40,591,163
 
$
56,896,186
 
$
42,618,011
 
$
38,842,630
 
$
40,017,112
 

Permanent differences, primarily due to federal taxes paid, taxable market discount and non-deductible offering costs, 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:
                                       
     
Performance
   
Municipal
   
Market
   
Dividend
   
Dividend
   
Dividend
 
     
Plus
   
Advantage
   
Opportunity
   
Advantage
   
Advantage 2
   
Advantage 3
 
     
(NPP
)
 
(NMA
)
 
(NMO
)
 
(NAD
)
 
(NXZ
)
 
(NZF
)
Paid-in-surplus
 
$
(1,163,504
)
$
(80,034
)
$
(116,857
)
$
(713,666
)
$
(76,528
)
$
(592,744
)
Undistributed (Over-distribution of) net investment income
   
1,078,184
   
(42,487
)
 
69,206
   
679,185
   
39,756
   
539,164
 
Accumulated net realized gain (loss)
   
85,320
   
122,521
   
47,651
   
34,481
   
36,772
   
53,580
 

Nuveen Investments
 
125

 
 

 
 
Notes to Financial Statements (Unaudited) (continued)
 
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:
 
     
Performance
   
Municipal
   
Market
   
Dividend
   
Dividend
   
Dividend
 
     
Plus
   
Advantage
   
Opportunity
   
Advantage
   
Advantage 2
   
Advantage 3
 
     
(NPP
)
 
(NMA
)
 
(NMO
)
 
(NAD
)
 
(NXZ
)
 
(NZF
)
Undistributed net tax-exempt income1
 
$
16,138,214
 
$
3,106,630
 
$
4,628,380
 
$
8,430,331
 
$
5,395,642
 
$
3,919,121
 
Undistributed net ordinary income2
   
42,237
   
41,221
   
210,382
   
827,058
   
6,428
   
9,046
 
Undistributed net long-term capital gains
   
   
   
   
   
   
 

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.
 
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:
 
     
Performance
   
Municipal
   
Market
   
Dividend
   
Dividend
   
Dividend
 
     
Plus
   
Advantage
   
Opportunity
   
Advantage
   
Advantage 2
   
Advantage 3
 
     
(NPP
)
 
(NMA
)
 
(NMO
)
 
(NAD
)
 
(NXZ
)
 
(NZF
)
Distributions from net tax-exempt income
 
$
62,511,839
 
$
36,937,595
 
$
37,276,853
 
$
39,961,764
 
$
24,606,089
 
$
34,899,121
 
Distributions from net ordinary income2
   
   
340,840
   
   
208,271
   
   
68,680
 
Distributions from net long-term capital gains
   
   
   
   
   
   
 

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 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.

     
Performance
   
Municipal
   
Market
   
Dividend
   
Dividend
   
Dividend
 
     
Plus
   
Advantage
   
Opportunity
   
Advantage
   
Advantage 2
   
Advantage 3
 
     
(NPP
)
 
(NMA
)
 
(NMO
)
 
(NAD
)
 
(NXZ
)
 
(NZF
)
Expiration:
                                     
October 31, 2014
 
$
 
$
 
$
1,437,187
 
$
 
$
 
$
 
October 31, 2015
   
   
   
1,902,879
   
   
   
 
October 31, 2016
   
   
   
1,398,166
   
   
   
 
October 31, 2019
   
310,323
   
   
3,031,141
   
   
   
 
Not subject to expiration:
                                     
Short-term losses
   
280,724
   
   
96,572
   
   
115,805
   
 
Long-term losses
   
1,557,182
   
1,836,262
   
21,509,616
   
3,927,445
   
8,895,770
   
4,327,557
 
Total
 
$
2,148,229
 
$
1,836,262
 
$
29,375,561
 
$
3,927,445
 
$
9,011,575
 
$
4,327,557
 
 
During the Funds’ last tax year ended October 31, 2013, the following Funds utilized capital loss carryforwards as follows:
 
     
Performance
   
Municipal
   
Market
   
Dividend
 
     
Plus
   
Advantage
   
Opportunity
   
Advantage
 
     
(NPP
)
 
(NMA
)
 
(NMO
)
 
(NAD
)
Utilized capital loss carryforwards
 
$
2,622,873
 
$
2,017,854
 
$
4,519,331
 
$
3,027,846
 
 
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.
 
126
 
Nuveen Investments
 
 
 

 
 
The annual fund-level fee for each Fund, payable monthly, is calculated according to the following schedules:

 
Performance Plus (NPP)
 
Municipal Advantage (NMA)
 
Market Opportunity (NMO)
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 (NAD)
 
Dividend Advantage 2 (NXZ)
 
Dividend Advantage 3 (NZF)
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.

Nuveen Investments
 
127
 
 
 

 
 
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.

   
NPP
 
NMA
 
NMO
 
NAD
 
NXZ
 
NZF
 
Common shares repurchased
 
 
 
 
 
 
 

128
 
Nuveen Investments
 
 
 

 

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.
   
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.
   
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.

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Glossary of Terms Used in this Report Statements (continued)

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. 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.
 
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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 discuss,

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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

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

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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.
 
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
 
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Annual Investment Management Agreement Approval Process (Unaudited) (continued)
 
 
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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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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Annual Investment Management Agreement Approval Process (Unaudited) (continued)
 
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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In considering the performance data, the Independent Board Members noted that the Nuveen Municipal Advantage Fund, Inc., the Nuveen Dividend Advantage Municipal Fund, the Nuveen Dividend Advantage Municipal Fund 2 and the Nuveen Dividend Advantage Municipal Fund 3 (“Dividend Advantage Municipal Fund 3”) had satisfactory performance compared to their respective peers, performing in the second or third quartile over various periods, subject to the following. Although Dividend Advantage Municipal Fund 3 performed in the fourth quartile in the three-year period, it performed in the third quartile for the one- and five-year periods.
   
 
The Nuveen Municipal Market Opportunity Fund, Inc. (“Municipal Market Opportunity Fund”) and the Nuveen Performance Plus Municipal Fund, Inc. (“Performance Plus Municipal Fund”) lagged their respective peers over the longer periods but had better performance in the shorter periods. In this regard, although Municipal Market Opportunity Fund and Performance Plus Municipal Fund were each in the fourth quartile for the five-year period, Municipal Market Opportunity Fund was in the second quartile and Performance Plus Municipal Fund was in the third quartile in the one- and three-year periods.
   
 
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 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 Municipal Market Opportunity Fund and Performance Plus Municipal Fund, which each had a net management fee slightly higher than its respective peer average but a net expense ratio in line with its respective peer average.

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

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.
   
 
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
 
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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.

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

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).
 
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Notes
 
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Notes
 
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Notes

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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-B-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 Dividend Advantage Municipal Fund

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