nio.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-06379

Nuveen Municipal Opportunity Fund, Inc.
(Exact name of registrant as specified in charter)

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

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

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

Date of fiscal year end: October 31

Date of reporting period: April 30, 2012

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.


 
 

 


ITEM 1. REPORTS TO STOCKHOLDERS.


 
 

 

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Table of Contents
 
Chairman’s Letter to Shareholders
4
   
Portfolio Managers’ Comments
5
   
Fund Leverage and Other Information
12
   
Common Share Dividend and Price Information
14
   
Performance Overviews
16
   
Portfolios of Investments
22
   
Statement of Assets and Liabilities
82
   
Statement of Operations
84
   
Statement of Changes in Net Assets
86
   
Statement of Cash Flows
89
   
Financial Highlights
91
   
Notes to Financial Statements
100
   
Reinvest Automatically, Easily and Conveniently
114
   
Glossary of Terms Used in this Report
116
   
Additional Fund Information
119

 
 

 
 
Chairman’s
Letter to Shareholders
 
 
Dear Shareholders,
 
Investors have many reasons to remain cautious. The challenges in the Euro area are casting a shadow over global economies and financial markets. The political support for addressing fiscal issues is eroding as the economic and social impacts become more visible. At the same time, member nations appear unwilling to provide adequate financial support or to surrender sufficient sovereignty to strengthen the banks or unify the Euro area financial system. The gains made in reducing deficits, and the hard-won progress on winning popular acceptance of the need for economic austerity, are at risk. To their credit, European political leaders press on to find compromise solutions, but there is increasing concern that time will begin to run out.
 
In the U.S., strong corporate earnings have enabled the equity markets to withstand much of the downward pressures coming from weakening job creation, slower economic growth and political uncertainty. The Fed remains committed to low interest rates but has refrained from predicting another program of quantitative easing unless economic growth were to weaken significantly or the threat of recession appears on the horizon. Pre-election maneuvering has added to the already highly partisan atmosphere in the Congress. The end of the Bush-era tax cuts and implementation of the spending restrictions of the Budget Control Act of 2011, both scheduled to take place at year-end, loom closer.
 
During the last year, U.S. based investors have experienced a sharp decline and a strong recovery in the equity markets. The experienced investment teams at Nuveen keep their eye on a longer time horizon and use their practiced investment disciplines to negotiate through market peaks and valleys to achieve long-term goals for investors. Experienced professionals pursue investments that will weather short-term volatility and at the same time, seek opportunities that are created by markets that overreact to negative developments. Monitoring this process is an important consideration for the Fund Board as it oversees your Nuveen funds on your behalf.
 
As always, I encourage you to contact your financial consultant if you have any questions about your investment in a Nuveen Fund. On behalf of the other members of your Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
 
Sincerely,
 
 
Robert P. Bremner
Chairman of the Board
June 20, 2012
 
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Portfolio Managers’ Comments
 
Nuveen Quality Municipal Fund, Inc. (NQI)
Nuveen Municipal Opportunity Fund, Inc. (NIO)
Nuveen Premier Municipal Opportunity Fund, Inc. (NIF)
Nuveen Premium Income Municipal Opportunity Fund (NPX)
Nuveen Dividend Advantage Municipal Income Fund (NVG)
Nuveen AMT-Free Municipal Income Fund (NEA)
 
Portfolio managers Paul Brennan and Douglas White discuss key investment strategies and the six-month performance of these six national Funds. With 21 years of industry experience, including 15 years at Nuveen, Paul has managed NIO, NIF, NVG, and NEA since 2006. Douglas, who has 29 years of financial industry experience, assumed portfolio management responsibility for NQI and NPX in January 2011.
 
What key strategies were used to manage these Funds during the six-month reporting period ended April 30, 2012?
 
During this period, municipal bond prices generally rallied, amid strong demand and yield that continued to be historically low. The availability of municipal supply improved in recent months from 2011 levels, although the pattern of new issuance remained light compared with long-term historical trends. Due to their insured mandate and the continued severe decline in insured issuance, finding appropriate insured municipal bonds, especially new insured issues, remained a challenge for these Funds during the first two months of this period. Over the past few years, most municipal bond insurers had their credit ratings downgraded and only one insurer currently insures new municipal bonds. As a result, the supply of insured municipal securities decreased dramatically. During November and December 2011, issuance of new insured paper totaled just over $3 billion, accounting for approximately 4.5% of total municipal issuance during that time, compared with historical levels approaching 50%. The combination of comparatively light municipal supply, little insured issuance and relatively lower yields meant few attractive opportunities for these Funds during November and December 2011.
 
In view of this situation, in October 2011, the Funds’ Board of Directors/Trustees approved changes to the Funds’ investment policy regarding insured municipal securities. Effective January 2, 2012, the Funds eliminated the policy requiring them to invest at least 80% of their managed assets in municipal securities covered by insurance. This change was designed to provide more flexibility regarding the types of securities available for investment. This does not represent a change in investment objectives; each
 
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
 
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc., or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C, and D are below investment grade ratings. Certain bonds backed by U.S. government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
 
Nuveen Investments
 
5

 
 

 
 
Fund will continue to invest substantially all of its assets in a portfolio of investment-grade quality municipal securities.
 
Following the change to these Funds’ investment policy, our purchase activity increased, as we worked to enhance the Funds’ credit and sector diversification. One of the areas where we were more active was the health care sector, which had been underutilized in these Funds under the insured mandate and which we believed offered good opportunities. We also found value in water and sewer, transportation (particularly airports and toll roads), tobacco and higher education credits and in tax-supported bonds. Although the pattern of issuance tended to be shorter on the yield curve during this period due to an increase in refunding activity, our focus generally remained on longer maturities in order to take advantage of attractive yields at the longer end of the municipal yield curve. The purchase of longer bonds also provided some protection for the Funds’ duration and yield curve positioning. We also added slightly more yield to the Funds, buying bonds rated A and BBB. Overall, 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.
 
Cash for new purchases during this period was generated primarily by the proceeds from called and maturing bonds, which we worked to redeploy to keep the Funds fully invested. Approximately half of the new municipal bonds issued during this period came from borrowers that were calling existing debt and refinancing at lower rates. This refunding activity provided a meaningful source of liquidity, which was beneficial as we began to transition the Funds from insured to non-insured. In addition, NIF and NPX, which are now structured as Funds that do not hold any bonds subject to the alternative minimum tax (AMT), sold all of their AMT holdings by March 31, 2012, and reinvested the proceeds into bonds offering federal tax-exempt income. This provided additional opportunities to restructure these two Funds.
 
As of April 30, 2012, 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.
 
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How did the Funds perform during the six-month period ended April 30, 2012?
 
Individual results for these Funds, as well as relevant index and peer group information, are presented in the accompanying table.
 
Average Annual Total Returns on Common Share Net Asset Value*
For periods ended 4/30/12
 
Fund
6-Month
1-Year
5-Year
10-Year
NQI
8.79%
20.93%
5.62%
5.99%
NIO
8.46%
19.21%
5.81%
6.19%
NIF
8.80%
18.97%
6.09%
6.23%
NPX
9.26%
21.11%
6.00%
6.18%
NVG
8.29%
16.90%
6.25%
6.76%
NEA
6.38%
14.40%
5.99%
N/A
         
Standard & Poor’s (S&P) Municipal Bond Index**
5.70%
11.89%
5.26%
5.42%
Standard & Poor’s (S&P) Municipal Bond Insured Index**
5.76%
12.66%
5.33%
5.49%
Lipper General & Insured Leveraged Municipal Debt Funds
       
Classification Average**
10.74%
23.04%
6.00%
6.68%
 
For the six months ended April 30, 2012, the cumulative returns on common share net asset value (NAV) for these six Funds exceeded the returns for the Standard & Poor’s (S&P) Municipal Bond Index and the S&P Municipal Bond Insured Index. For the same period, the Funds underperformed the average return for the Lipper General & Insured Leveraged Municipal Debt Funds Classification Average.
 
Key management factors that influenced the Funds’ returns during this period included duration and yield curve positioning, credit exposure and sector allocation. The use of regulatory leverage also was an important positive factor affecting the Funds’ performance. Leverage is discussed in more detail later in this report.
 
During this period, municipal bonds with longer maturities generally outperformed those with shorter maturities. Overall, credits at the longest end of the municipal yield curve posted the strongest returns, while bonds at the shortest end produced the weakest results. Among these Funds, NQI, NIF and NPX were the most advantageously positioned in terms of duration and yield curve exposure, with greater exposure to the longer parts of the yield curve that performed well. Holdings of non-callable zero coupon bonds, which outperformed during this period due to their long durations, also boosted the performance of NQI and NPX. In contrast, both NVG and NEA, which were introduced in March and November 2002, respectively, have reached the ten-year point
 
 
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.
   
 
For additional information, see the individual Performance Overview for your Fund in this report.
   
*
Six-month returns are cumulative; all other returns are annualized.
   
**
Refer to Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment.
 
Nuveen Investments
 
7

 
 

 
 
of the bond market cycle where holdings of bonds with short call dates typically increases. This hampered their performance during this period. NEA, which had the shortest duration among the six Funds, was the most negatively impacted by its positioning. In general, variations in duration and yield curve positioning among the Funds accounted for the majority of the differences in performance.
 
Credit exposure was also an important factor in performance during these six months, as lower quality bonds generally outperformed higher quality bonds. This outperformance was due in part to the greater demand for lower rated bonds as investors looked for investment vehicles offering higher yields. As investors became more comfortable taking on additional investment risk, credit spreads, or the difference in yield spreads between U.S. Treasury securities and comparable investments such as municipal bonds, narrowed through a variety of rating categories. Over the past few years, bonds that matured or were called from these Funds’ portfolios and not replaced due to the insured mandate caused their credit weightings to shift toward the upper end of the quality spectrum. While we added to the Funds’ lower rated holdings following the change in investment policy, these Funds generally continued to be significantly overweight in bonds rated AA, which detracted from their performance during this period. NEA’s performance also was hampered by the largest exposure to AAA rated bonds among these six Funds. These allocations were offset to a certain extent by the positive influence of the Funds’ exposures to the lower rated credit spectrum.
 
Holdings that generally made positive contributions to the Funds’ returns during this period included health care (including hospitals), transportation and education credits. All of these Funds, particularly NQI, NPX and NVG, benefited from their weightings in the health care sector. In addition, the returns of NQI and NPX were boosted by their holdings of toll road bonds. Tobacco bonds backed by the 1998 master settlement agreement also were one of the top performing market segments, as these bonds benefited from several market developments, including increased demand for higher-yielding investments by investors who became less risk averse. In addition, based on recent data showing that cigarette sales had fallen less steeply than anticipated, the 46 states participating in the agreement stand to receive increased payments from the tobacco companies. Benefiting from the recent change in investment policy, NIO, NIF, NVG and NEA now have allocations in lower rated tobacco bonds as of April 30, 2012. NQI and NPX do not hold any lower rated tobacco bonds.
 
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In contrast, pre-refunded bonds, which are often backed by U.S. Treasury securities, were the poorest performing market segment during this period. The underperformance of these bonds can be attributed primarily to their shorter effective maturities and higher credit quality. As of April 30, 2012, NEA had the largest exposure to pre-refunded bonds, while NQI had the smallest allocation. General obligation and other tax-supported bonds as well as utilities and housing credits also lagged the performance of the general municipal market for this period. These Funds generally had relatively light exposures to housing, which limited the impact of the performance of this sector.
 
FUND POLICY CHANGES
 
On October 28, 2011, the Funds’ Board of Directors/Trustees approved changes to each Fund’s investment policy regarding its investment in insured municipal securities. These changes were designed to provide the Adviser with more flexibility regarding the types of securities available for investment by each Fund.
 
Effective January 2, 2012, each Fund eliminated the investment policy requiring it, under normal circumstances, to invest at least 80% of its managed assets in municipal securities that are covered by insurance guaranteeing the timely payment of principal and interest. Over the past few years, most municipal bond insurers have had their credit ratings downgraded and only one insurer is currently insuring new municipal bonds. As a result, the supply of insured municipal securities has decreased dramatically and the long-term viability of the municipal bond insurance market is uncertain. The Funds have not changed their investment objective and will continue to invest substantially all of their assets in a portfolio of investment grade quality municipal securities.
 
Concurrent with the investment policy changes, the Funds have changed their names as follows:
 
 
Nuveen Insured Quality Municipal Fund, Inc. (NQI) changed to Nuveen Quality Municipal Fund, Inc. (NQI)
     
 
Nuveen Insured Municipal Opportunity Fund, Inc. (NIO) changed to Nuveen Municipal Opportunity Fund, Inc. (NIO)
     
 
Nuveen Premier Insured Municipal Income Fund, Inc. (NIF) changed to Nuveen Premier Municipal Opportunity Fund, Inc. (NIF)
 
Nuveen Investments
 
9

 
 

 

 
Nuveen Insured Premium Income Municipal Fund 2 (NPX) changed to Nuveen Premium Income Municipal Opportunity Fund (NPX)
     
 
Nuveen Insured Dividend Advantage Municipal Fund (NVG) changed to Nuveen Dividend Advantage Municipal Income Fund (NVG); and
     
 
Nuveen Insured Tax-Free Advantage Municipal Fund (NEA) changed to Nuveen AMT-Free Municipal Income Fund (NEA)
 
In addition, each Fund changed its non-fundamental investment policy requiring each Fund to invest in municipal securities rated at least investment grade at the time of investment. Each Fund adopted a new policy to, under normal circumstances, invest at least 80% of its managed assets in investment grade securities that, at the time of investment, are rated within the four highest grades (Baa or BBB or better) by at least one nationally recognized statistical ratings organization (“NRSRO”) or are unrated but judged to be of comparable quality by the Fund’s investment adviser. Under the new policy, each Fund may invest up to 20% of its managed assets in municipal securities that at the time of investment are rated below investment grade or are unrated but judged to be of comparable quality by the Fund’s investment adviser. No more than 10% of each Fund’s managed assets may be invested in municipal securities rated below B3/B- or that are unrated but judged to be of comparable quality by the Fund’s investment adviser.
 
APPROVED FUND REORGANIZATIONS
 
On June 22, 2012, the Funds’ Board of Directors/Trustees approved a series of reorganizations for certain Funds included in this report. The reorganizations are intended to create a single larger Fund, which would potentially offer shareholders the following benefits:
 
 
Lower Fund expense ratios (excluding the effects of leverage), as fixed costs are spread over a larger asset base;
     
 
Enhanced secondary market trading, as larger Funds potentially make it easier for investors to buy and sell Fund shares;
     
 
Lower per share trading costs through reduced bid/ask spreads due to a larger common share float; and
 
10
 
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Increased Fund flexibility in managing the structure and cost of leverage over time.
 
The approved reorganizations are as follows:
 
Acquired Funds
Symbol
Acquiring Fund
Symbol
Nuveen Premier Municipal
NIF
   
 
Opportunity Fund, Inc.
 
Nuveen AMT-Free Municipal
NEA
Nuveen Premier Income
NPX
Income Fund
 
 
Municipal Opportunity Fund
     
 
If shareholders approve the reorganizations, and upon the closing of the reorganizations, the Acquired Funds will transfer substantially all of their assets to the Acquiring Fund in exchange for common and preferred shares of the Acquiring Fund, and the assumption by the Acquiring Fund of the liabilities of the Acquired Funds. The Acquired Funds will then be liquidated, dissolved and terminated in accordance with their Declaration of Trust.
 
Nuveen Investments
 
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Fund Leverage and Other Information
 
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
 
One important factor impacting the returns of all these Funds relative to the comparative indexes was the Funds’ use of leverage. The Funds use leverage because their managers believe that, over time, leveraging provides opportunities for additional income and total return for common shareholders. However, use of leverage also can expose common shareholders to additional volatility. For example, as the prices of securities held by a Fund decline, the negative impact of these valuation changes on common share net asset value and common shareholder total return is magnified by the use of leverage. Conversely, leverage may enhance common share returns during periods when the prices of securities held by a Fund generally are rising. Leverage made a positive contribution to the performance of these Funds over this reporting period.
 
THE FUNDS’ REGULATORY LEVERAGE
 
As of April 30, 2012, the Funds have issued and outstanding MuniFund Term Preferred (MTP) Shares, Variable Rate MuniFund Term Preferred (VMTP) Shares and/or Variable Rate Demand Preferred (VRDP) Shares as shown in the accompanying tables.
 
MTP Shares
 
           
MTP Shares Issued
   
Annual
 
NYSE
Fund
   
Series
 
at Liquidation Value
   
Interest Rate
 
Ticker
NVG
   
2014
 
$
108,000,000
   
2.95
%
 
NVG PrC
NEA
   
2015
 
$
83,000,000
   
2.85
%
 
NEA PrC
 
VMTP Shares
             
       
VMTP Shares Issued
Fund
   
Series
 
at Liquidation Value
NQI
   
2014
 
$
240,400,000
NVG
   
2014
 
$
92,500,000
NEA
   
2014
 
$
67,600,000
             
VRDP Shares
           
         
VRDP Shares Issued
Fund
       
at Liquidation Value
NIO
       
$
667,200,000
NIF
       
$
130,900,000
NPX
       
$
219,000,000
 
(Refer to Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies for further details on MTP Shares, VMTP Shares and VRDP Shares.)
 
12
 
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RISK CONSIDERATIONS
 
Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation. Past performance is no guarantee of future results. Fund common shares are subject to a variety of risks, including:
 
Investment and Market Risk. An investment in common shares is subject to investment risk, including the possible loss of the entire principal amount that you invest. Your investment in common shares represents an indirect investment in the municipal securities owned by the Fund, which generally trade in the over-the-counter markets. Your common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.
 
Price Risk. Shares of closed-end investment companies like these Funds frequently trade at a discount to their NAV. Your common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.
 
Leverage Risk. Each Fund’s use of leverage creates the possibility of higher volatility for the Fund’s per share NAV, market price, distributions and returns. There is no assurance that a Fund’s leveraging strategy will be successful.
 
Tax Risk. The tax treatment of Fund distributions may be affected by new IRS interpretations of the Internal Revenue Code and future changes in tax laws and regulations.
 
Issuer Credit Risk. This is the risk that a security in a Fund’s portfolio will fail to make dividend or interest payments when due.
 
Interest Rate Risk. Fixed-income securities such as bonds, preferred, convertible and other debt securities will decline in value if market interest rates rise.
 
Reinvestment Risk. If market interest rates decline, income earned from a Fund’s portfolio may be reinvested at rates below that of the original bond that generated the income.
 
Call Risk or Prepayment Risk. Issuers may exercise their option to prepay principal earlier than scheduled, forcing a Fund to reinvest in lower-yielding securities.
 
Inverse Floater Risk. The Funds may invest in inverse floaters. Due to their leveraged nature, these investments can greatly increase a Fund’s exposure to interest rate risk and credit risk. In addition, investments in inverse floaters involve the risk that the Fund could lose more than its original principal investment.
 
Nuveen Investments
 
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Common Share Dividend and
Price Information
 
DIVIDEND INFORMATION
 
The monthly dividends of all six Funds in this report remained stable throughout the six-month reporting period ended April 30, 2012.
 
Due to normal portfolio activity, common shareholders of the following Funds received capital gains and/or net ordinary income distributions in December 2011 as follows:
 
       
Short-Term Capital Gains
 
Long-Term Capital Gains
 
and/or Ordinary Income
     
(per share)
   
(per share)
NQI
   
 
$
0.0026
NIO
 
$
0.0026
   
NVG
 
$
0.0413
   
 
All of the Funds in this report seek to pay stable dividends at rates that reflect each Fund’s past results and projected future performance. During certain periods, each Fund may pay dividends at a rate that may be more or less than the amount of net investment income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it holds the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s NAV. Conversely, if a Fund has cumulatively paid dividends in excess of its earnings, the excess constitutes negative UNII that is likewise reflected in the Fund’s NAV. Each Fund will, over time, pay all of its net investment income as dividends to shareholders. As of April 30, 2012, all six 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.
 
COMMON SHARE REPURCHASES AND PRICE INFORMATION
 
As of April 30, 2012, and since the inception of the Funds’ repurchase programs, the Funds have cumulatively repurchased and retired their common shares as shown in the accompanying table. Since the inception of the Funds’ repurchase programs, NQI, NIF, and NPX have not repurchased any of their outstanding common shares.
 
 
Common Shares
% of Outstanding
Fund
Repurchased and Retired
Common Shares
NIO
2,900
0.0%
NVG
10,400
0.0%
NEA
19,300
0.1%
 
During the six-month reporting period, the Funds did not repurchase and retire any of their outstanding common shares.
 
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As of April 30, 2012, and during the six-month reporting period, the Funds’ common share prices were trading at (+) premiums or (-)discounts to their common share NAVs as shown in the accompanying table.
 
 
4/30/12
Six-Month Average
Fund
(-) Discount
(+) Premium/(-) Discount
NQI
(-)3.01%
(-)0.55%
NIO
(-)4.01%
(-)3.03%
NIF
(-)1.86%
(+)1.74%
NPX
(-)4.51%
(-)3.62%
NVG
(-)3.74%
(-)3.06%
NEA
(-)3.02%
(-)2.94%
 
Nuveen Investments
 
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NQI
 
Nuveen Quality
Performance
 
Municipal
OVERVIEW
 
Fund, Inc.
   
as of April 30, 2012
 
         
Fund Snapshot
       
Common Share Price
 
$
14.50
 
Common Share Net Asset Value (NAV)
 
$
14.95
 
Premium/(Discount) to NAV
   
-3.01
%
Market Yield
   
6.21
%
Taxable-Equivalent Yield1
   
8.63
%
Net Assets Applicable to Common Shares ($000)
 
$
574,904
 
         
Leverage
       
Regulatory Leverage
   
29.49
%
Effective Leverage
   
37.50
%

Average Annual Total Returns
             
(Inception 12/19/90)
             
   
On Share Price
 
On NAV
6-Month (Cumulative)
   
6.01
%
 
8.79
%
1-Year
   
20.51
%
 
20.93
%
5-Year
   
5.95
%
 
5.62
%
10-Year
   
5.96
%
 
5.99
%

States3
       
(as a % of total investments)
       
California
   
15.6
%
Florida
   
9.1
%
Texas
   
8.8
%
Illinois
   
8.2
%
Pennsylvania
   
5.4
%
New York
   
5.4
%
Washington
   
5.3
%
Arizona
   
3.8
%
Massachusetts
   
3.8
%
Kentucky
   
3.8
%
Indiana
   
2.7
%
Colorado
   
2.7
%
Michigan
   
2.6
%
Louisiana
   
2.5
%
Ohio
   
2.4
%
Other
   
17.9
%
         
Portfolio Composition3
       
(as a % of total investments)
       
Tax Obligation/Limited
   
24.2
%
Transportation
   
15.5
%
Health Care
   
13.9
%
Tax Obligation/General
   
12.5
%
Water and Sewer
   
11.2
%
U.S. Guaranteed
   
10.3
%
Other
   
12.4
%
 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
3
Holdings are subject to change.
4
The Fund paid shareholders a net ordinary income distribution in December 2011 of $0.0026 per share.
 
16
 
Nuveen Investments

 
 

 

NIO
 
Nuveen Municipal
Performance
 
Opportunity
OVERVIEW
 
Fund, Inc.
   
as of April 30, 2012
 
         
Fund Snapshot
       
Common Share Price
 
$
14.86
 
Common Share Net Asset Value (NAV)
 
$
15.48
 
Premium/(Discount) to NAV
   
-4.01
%
Market Yield
   
5.90
%
Taxable-Equivalent Yield1
   
8.19
%
Net Assets Applicable to Common Shares ($000)
 
$
1,479,755
 
         
Leverage
       
Regulatory Leverage
   
31.08
%
Effective Leverage
   
36.70
%

Average Annual Total Returns
             
(Inception 9/19/91)
             
   
On Share Price
 
On NAV
6-Month (Cumulative)
   
7.79
%
 
8.46
%
1-Year
   
19.83
%
 
19.21
%
5-Year
   
5.97
%
 
5.81
%
10-Year
   
6.22
%
 
6.19
%

States3
       
(as a % of total investments)
       
Florida
   
15.4
%
California
   
13.4
%
Illinois
   
5.8
%
Texas
   
5.3
%
Nevada
   
5.3
%
New York
   
5.2
%
Washington
   
4.1
%
South Carolina
   
3.7
%
Pennsylvania
   
3.4
%
New Jersey
   
3.1
%
Louisiana
   
3.0
%
Ohio
   
2.9
%
Indiana
   
2.6
%
Colorado
   
2.3
%
Massachusetts
   
2.3
%
Oklahoma
   
2.0
%
Arizona
   
1.9
%
Other
   
18.3
%
         
Portfolio Composition3
       
(as a % of total investments)
       
Tax Obligation/Limited
   
27.5
%
Transportation
   
15.3
%
U.S. Guaranteed
   
12.7
%
Tax Obligation/General
   
12.4
%
Water and Sewer
   
10.9
%
Utilities
   
8.0
%
Health Care
   
6.4
%
Education and Civic Organizations
   
5.2
%
Other
   
1.6
%
 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
3
Holdings are subject to change.
4
The Fund paid shareholders a capital gains distribution in December 2011 of $0.0026 per share.
 
Nuveen Investments
 
17

 
 

 

NIF
 
Nuveen Premier
Performance
 
Municipal Opportunity
OVERVIEW
 
Fund, Inc.
   
as of April 30, 2012
 
         
Fund Snapshot
       
Common Share Price
 
$
15.26
 
Common Share Net Asset Value (NAV)
 
$
15.55
 
Premium/(Discount) to NAV
   
-1.86
%
Market Yield
   
5.94
%
Taxable-Equivalent Yield1
   
8.25
%
Net Assets Applicable to Common Shares ($000)
 
$
303,454
 
         
Leverage
       
Regulatory Leverage
   
30.14
%
Effective Leverage
   
37.27
%

Average Annual Total Returns
             
(Inception 12/19/91)
             
   
On Share Price
 
On NAV
6- Month (Cumulative)
   
10.22
%
 
8.80
%
1-Year
   
10.51
%
 
18.97
%
5-Year
   
6.67
%
 
6.09
%
10-Year
   
6.24
%
 
6.23
%

States3
       
(as a % of total investments)
       
California
   
15.6
%
Illinois
   
11.7
%
Washington
   
8.0
%
New York
   
6.8
%
Colorado
   
4.8
%
Texas
   
4.7
%
Pennsylvania
   
4.6
%
Nevada
   
4.1
%
Indiana
   
3.7
%
Florida
   
3.6
%
Massachusetts
   
3.2
%
Arizona
   
3.1
%
Oregon
   
3.0
%
Ohio
   
2.8
%
New Jersey
   
2.2
%
Other
   
18.1
%
         
Portfolio Composition3
       
(as a % of total investments)
       
U.S. Guaranteed
   
21.2
%
Tax Obligation/Limited
   
19.2
%
Tax Obligation/General
   
17.6
%
Transportation
   
11.0
%
Water and Sewer
   
10.4
%
Health Care
   
9.0
%
Education and Civic Organizations
   
5.1
%
Other
   
6.5
%
 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having given an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
3
Holdings are subject to change.
 
18
 
Nuveen Investments

 
 

 

NPX
 
Nuveen Premium
Performance
 
Income Municipal
OVERVIEW
 
Opportunity Fund
   
as of April 30, 2012
 
         
Fund Snapshot
       
Common Share Price
 
$
13.76
 
Common Share Net Asset Value (NAV)
 
$
14.41
 
Premium/(Discount) to NAV
   
-4.51
%
Market Yield
   
5.41
%
Taxable-Equivalent Yield1
   
7.51
%
Net Assets Applicable to Common Shares ($000)
 
$
538,364
 
         
Leverage
       
Regulatory Leverage
   
28.92
%
Effective Leverage
   
35.39
%

Average Annual Total Returns
             
(Inception 7/22/93)
             
   
On Share Price
 
On NAV
6-Month (Cumulative)
   
10.19
%
 
9.26
%
1-Year
   
24.04
%
 
21.11
%
5-Year
   
6.84
%
 
6.00
%
10-Year
   
6.17
%
 
6.18
%

States3
       
(as a % of total investments)
       
California
   
18.7
%
New York
   
7.1
%
Pennsylvania
   
6.6
%
Texas
   
6.3
%
New Jersey
   
6.3
%
Colorado
   
6.2
%
Florida
   
5.6
%
Illinois
   
5.4
%
Indiana
   
3.8
%
Louisiana
   
3.7
%
Arizona
   
3.3
%
Washington
   
3.2
%
Georgia
   
3.0
%
Puerto Rico
   
2.8
%
Other
   
18.0
%
         
Portfolio Composition3
       
(as a % of total investments)
       
Tax Obligation/Limited
   
20.6
%
Water and Sewer
   
12.9
%
Transportation
   
12.4
%
U.S. Guaranteed
   
12.0
%
Health Care
   
11.7
%
Tax Obligation/General
   
10.6
%
Utilities
   
9.1
%
Education and Civic Organizations
   
8.5
%
Other
   
2.2
%
 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
3
Holdings are subject to change.
4
Rounds to less than 1%.
 
Nuveen Investments
 
19

 
 

 

NVG
 
Nuveen Dividend
Performance
 
Advantage Municipal
OVERVIEW
 
Income Fund
   
as of April 30, 2012
 
         
Fund Snapshot
       
Common Share Price
 
$
15.18
 
Common Share Net Asset Value (NAV)
 
$
15.77
 
Premium/(Discount) to NAV
   
-3.74
%
Market Yield
   
5.93
%
Taxable-Equivalent Yield1
   
8.24
%
Net Assets Applicable to Common Shares ($000)
 
$
470,134
 
         
Leverage
       
Regulatory Leverage
   
29.90
%
Effective Leverage
   
36.63
%

Average Annual Total Returns
             
(Inception 3/25/02)
             
   
On Share Price
 
On NAV
6-Month (Cumulative)
   
9.50
%
 
8.29
%
1-Year
   
19.47
%
 
16.90
%
5-Year
   
5.92
%
 
6.25
%
10-Year
   
6.42
%
 
6.76
%

States3
       
(as a % of total municipal bonds)
       
California
   
13.0
%
Texas
   
11.9
%
Washington
   
11.2
%
Illinois
   
8.1
%
Florida
   
7.4
%
Indiana
   
7.3
%
New York
   
4.5
%
Colorado
   
4.1
%
Tennessee
   
3.8
%
Pennsylvania
   
3.3
%
Louisiana
   
3.0
%
Ohio
   
2.2
%
Alaska
   
2.2
%
Other
   
18.0
%
         
Portfolio Composition3
       
(as a % of total investments)
       
Tax Obligation/Limited
   
20.1
%
Transportation
   
16.8
%
U.S. Guaranteed
   
14.2
%
Health Care
   
12.9
%
Tax Obligation/General
   
11.2
%
Water and Sewer
   
6.7
%
Education and Civic Organizations
   
6.5
%
Utilities
   
6.5
%
Other
   
5.1
%
 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
3
Holdings are subject to change.
4
The Fund paid shareholders a capital gains distribution in December 2011 of $0.0413 per share.
 
20
 
Nuveen Investments

 
 

 

NEA
 
Nuveen AMT-Free
Performance
 
Municipal Income
OVERVIEW
 
Fund
   
as of April 30, 2012
 
         
Fund Snapshot
       
Common Share Price
 
$
14.75
 
Common Share Net Asset Value (NAV)
 
$
15.21
 
Premium/(Discount) to NAV
   
-3.02
%
Market Yield
   
5.69
%
Taxable-Equivalent Yield1
   
7.90
%
Net Assets Applicable to Common Shares ($000)
 
$
338,282
 
         
Leverage
       
Regulatory Leverage
   
30.80
%
Effective Leverage
   
37.11
%

Average Annual Total Returns
             
(Inception 11/21/02)
             
   
On Share Price
 
On NAV
6-Month (Cumulative)
   
9.58
%
 
6.38
%
1-Year
   
18.16
%
 
14.40
%
5-Year
   
6.06
%
 
5.99
%
Since Inception
   
5.59
%
 
6.26
%

States3
       
(as a % of total investments)
       
California
   
13.7
%
Florida
   
13.4
%
Illinois
   
6.5
%
Washington
   
5.9
%
Michigan
   
5.9
%
Texas
   
5.9
%
New York
   
5.8
%
Pennsylvania
   
5.0
%
Indiana
   
4.5
%
South Carolina
   
3.7
%
Arizona
   
3.6
%
Colorado
   
3.4
%
Wisconsin
   
3.2
%
Other
   
19.5
%
         
Portfolio Composition3
       
(as a % of total investments)
       
U.S. Guaranteed
   
27.4
%
Tax Obligation/Limited
   
24.5
%
Health Care
   
10.2
%
Water and Sewer
   
9.6
%
Transportation
   
8.0
%
Tax Obligation/General
   
7.9
%
Utilities
   
6.2
%
Other
   
6.2
%
 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
3
Holdings are subject to change.
 
Nuveen Investments
 
21

 
 

 
 
   
Nuveen Quality Municipal Fund, Inc.
   
(formerly known as Nuveen Insured Quality Municipal Fund, Inc.)
NQI
 
Portfolio of Investments
   
April 30, 2012 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Alabama – 1.9% (1.3% of Total Investments)
           
$
1,135
 
Birmingham Waterworks and Sewerage Board, Alabama, Water and Sewerage Revenue Bonds, Series 2002B, 5.250%, 1/01/20 (Pre-refunded 1/01/13) – NPFG Insured
1/13 at 100.00
AA+ (4)
 
$
1,173,284
 
 
7,000
 
Huntsville Healthcare Authority, Alabama, Revenue Bonds, Series 2005A, 5.000%, 6/01/24 – NPFG Insured
6/15 at 100.00
A1
   
7,379,540
 
     
Opelika Utilities Board, Alabama, Utility Revenue Bonds, Auburn Water Supply Agreement, Series 2011:
           
 
1,250
 
4.000%, 6/01/29 – AGM Insured
6/21 at 100.00
AA–
   
1,300,725
 
 
1,000
 
4.250%, 6/01/31 – AGM Insured
6/21 at 100.00
AA–
   
1,043,260
 
 
10,385
 
Total Alabama
       
10,896,809
 
     
Arizona – 5.6% (3.8% of Total Investments)
           
     
Arizona State, Certificates of Participation, Series 2010A:
           
 
1,200
 
5.250%, 10/01/28 – AGM Insured
10/19 at 100.00
AA–
   
1,351,584
 
 
1,500
 
5.000%, 10/01/29 – AGM Insured
10/19 at 100.00
AA–
   
1,633,080
 
 
7,070
 
Arizona State, State Lottery Revenue Bonds, Series 2010A, 5.000%, 7/01/29 – AGC Insured
1/20 at 100.00
AA–
   
7,845,367
 
 
2,750
 
Mesa, Arizona, Utility System Revenue Bonds, Tender Option Bond Trust, Series 11032- 11034, 14.779%, 7/01/26 – AGM Insured (IF)
7/17 at 100.00
Aa2
   
3,018,840
 
 
9,270
 
Phoenix Civic Improvement Corporation, Arizona, Senior Lien Airport Revenue Bonds, Series 2002B, 5.250%, 7/01/32 – FGIC Insured (Alternative Minimum Tax)
7/12 at 100.00
AA–
   
9,286,593
 
 
8,755
 
Phoenix, Arizona, Civic Improvement Revenue Bonds, Civic Plaza, Series 2005B, 0.000%, 7/01/39 – FGIC Insured
No Opt. Call
AA
   
9,276,010
 
 
30,545
 
Total Arizona
       
32,411,474
 
     
Arkansas – 0.4% (0.3% of Total Investments)
           
 
2,250
 
University of Arkansas, Fayetteville, Revenue Bonds, Medical Sciences Campus, Series 2004B, 5.000%, 11/01/24 – NPFG Insured
11/14 at 100.00
Aa2
   
2,450,565
 
     
California – 22.8% (15.6% of Total Investments)
           
     
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2005AC:
           
 
4,010
 
5.000%, 12/01/24 – NPFG Insured (UB)
12/14 at 100.00
AAA
   
4,413,566
 
 
3,965
 
5.000%, 12/01/26 – NPFG Insured (UB)
12/14 at 100.00
AAA
   
4,340,565
 
 
5,000
 
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children’s Hospital, Series 2012A, 5.000%, 8/15/51
8/22 at 100.00
AA
   
5,303,250
 
     
California State, General Obligation Bonds, Series 2002:
           
 
4,455
 
5.000%, 4/01/27 – AMBAC Insured
7/12 at 100.00
A1
   
4,468,811
 
 
8,000
 
5.000%, 10/01/32 – NPFG Insured
10/12 at 100.00
A1
   
8,110,960
 
 
5
 
California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 – AMBAC Insured
4/14 at 100.00
A1
   
5,217
 
 
3,745
 
California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 (Pre-refunded 4/01/14) – AMBAC Insured
4/14 at 100.00
AA+ (4)
   
4,086,544
 
 
7,000
 
California Statewide Communities Development Authority, Revenue Bonds, Sutter Health, Series 2011A, 6.000%, 8/15/42
8/20 at 100.00
AA–
   
8,219,330
 
 
1,000
 
California Statewide Community Development Authority, Revenue Bonds, Childrens Hospital of Los Angeles, Series 2007, 5.000%, 8/15/47
8/17 at 100.00
BBB+
   
996,800
 
 
2,340
 
Cerritos Public Financing Authority, California, Tax Allocation Revenue Bonds, Los Cerritos Redevelopment Projects, Series 2002A, 5.000%, 11/01/24 – AMBAC Insured
11/17 at 102.00
A–
   
2,442,726
 
 
5,000
 
Clovis Unified School District, Fresno County, California, General Obligation Bonds, Series 2001A, 0.000%, 8/01/25 – FGIC Insured (ETM)
No Opt. Call
AA+ (4)
   
3,503,450
 
     
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Series 1999:
           
 
22,985
 
0.000%, 1/15/24 – NPFG Insured
7/12 at 50.65
BBB
   
11,491,581
 
 
22,000
 
0.000%, 1/15/31 – NPFG Insured
7/12 at 33.16
BBB
   
7,200,160
 
 
50,000
 
0.000%, 1/15/37 – NPFG Insured
7/12 at 23.01
BBB
   
10,631,500
 
 
5,000
 
Garden Grove, California, Certificates of Participation, Financing Project, Series 2002A, 5.125%, 3/01/32 – AMBAC Insured
3/13 at 100.50
A
   
5,030,950
 
 
22
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
California (continued)
           
$
8,500
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/35 – FGIC Insured
6/15 at 100.00
A2
 
$
8,604,975
 
 
5,795
 
Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%, 11/01/25 – AGM Insured
No Opt. Call
Aa2
   
3,336,819
 
 
1,195
 
Lincoln Public Financing Authority, Placer County, California, Twelve Bridges Limited Obligation Revenue Bonds, Refunding Series 2011A, 4.375%,
9/21 at 100.00
AA–
   
1,243,577
 
         9/02/25 – AGM Insured            
 
5,193
 
Moreno Valley Public Finance Authority, California, GNMA Collateralized Assisted Living Housing Revenue Bonds, CDC Assisted Living Project, Series 2000A, 7.500%, 1/20/42
7/12 at 105.00
Aaa
   
5,481,056
 
 
4,395
 
Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue Bonds, Redevelopment Project 1, Series 1993, 5.850%, 8/01/22 – NPFG Insured (ETM)
7/12 at 100.00
BBB (4)
   
5,119,999
 
 
2,590
 
Riverside County Public Financing Authority, California, Tax Allocation Bonds, Multiple Projects, Series 2004, 5.000%, 10/01/25 – SYNCORA GTY Insured
10/14 at 100.00
BBB
   
2,528,073
 
 
2,000
 
San Diego Redevelopment Agency, California, Subordinate Lien Tax Allocation Bonds, Centre City Project, Series 2004A, 5.000%, 9/01/21 – SYNCORA GTY Insured
9/14 at 100.00
AA–
   
2,056,440
 
     
San Francisco Bay Area Rapid Transit District, California, Sales Tax Revenue Bonds, Refunding Series 2005A:
           
 
2,000
 
5.000%, 7/01/21 – NPFG Insured
7/15 at 100.00
AA+
   
2,243,940
 
 
3,655
 
5.000%, 7/01/22 – NPFG Insured
7/15 at 100.00
AA+
   
4,100,800
 
 
8,965
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C, 4.250%, 8/01/30 – NPFG Insured
8/17 at 100.00
BBB
   
7,881,490
 
 
3,500
 
Saugus Union School District, Los Angeles County, California, General Obligation Bonds, Series 2006, 0.000%, 8/01/23 – FGIC Insured
No Opt. Call
Aa2
   
2,251,795
 
 
1,000
 
Sierra Joint Community College District, Tahoe Truckee, California, General Obligation Bonds, School Facilities Improvement District 1, Series 2005A, 5.000%, 8/01/27 – FGIC Insured
8/14 at 100.00
Aa2
   
1,074,430
 
 
1,525
 
Sierra Joint Community College District, Western Nevada, California, General Obligation Bonds, School Facilities Improvement District 2, Series 2005A, 5.000%, 8/01/27 – FGIC Insured
8/14 at 100.00
Aa2
   
1,638,506
 
 
3,170
 
Ventura County Community College District, California, General Obligation Bonds, Series 2005B, 5.000%, 8/01/28 – NPFG Insured
8/15 at 100.00
AA
   
3,490,582
 
 
197,988
 
Total California
       
131,297,892
 
     
Colorado – 3.9% (2.7% of Total Investments)
           
 
2,015
 
Board of Trustees of the University of Northern Colorado, Revenue Bonds, Series 2005, 5.000%, 6/01/22 – AGM Insured
6/15 at 100.00
AA–
   
2,237,718
 
     
Denver City and County, Colorado, Airport Revenue Bonds, Series 2006:
           
 
5,365
 
5.000%, 11/15/23 – FGIC Insured (UB)
11/16 at 100.00
A+
   
5,935,943
 
 
1,000
 
5.000%, 11/15/24 – FGIC Insured
11/16 at 100.00
A+
   
1,098,710
 
 
1,085
 
13.486%, 11/15/25 – FGIC Insured (IF)
11/16 at 100.00
A+
   
1,481,600
 
 
9,880
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/32 – NPFG Insured
No Opt. Call
BBB
   
3,091,946
 
 
10,000
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/27 – NPFG Insured
No Opt. Call
BBB
   
4,453,200
 
 
1,250
 
Jefferson County School District R1, Colorado, General Obligation Bonds, Series 2004, 5.000%, 12/15/24 (Pre-refunded 12/15/14) – AGM Insured (UB)
12/14 at 100.00
Aa2 (4)
   
1,400,063
 
 
880
 
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Refunding Bonds, Series 2011, 6.125%, 12/01/41 – AGM Insured
12/20 at 100.00
AA–
   
1,002,716
 
 
1,100
 
Poudre Tech Metro District, Colorado, Unlimited Property Tax Supported Revenue Bonds, Refunding & Improvement Series 2010A, 5.000%, 12/01/39 – AGM Insured
12/20 at 100.00
AA–
   
1,205,611
 
 
180
 
University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 – FGIC Insured
6/15 at 100.00
Aa2
   
197,640
 
 
320
 
University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 (Pre-refunded 6/01/15) – FGIC Insured
6/15 at 100.00
BBB (4)
   
363,958
 
 
33,075
 
Total Colorado
       
22,469,105
 
     
Connecticut – 0.2% (0.1% of Total Investments)
           
 
1,000
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Wesleyan University, Series 2010G, 5.000%, 7/01/39
7/20 at 100.00
AA
   
1,102,370
 
 
Nuveen Investments
 
23

 
 

 

   
Nuveen Quality Municipal Fund, Inc. (continued)
   
(formerly known as Nuveen Insured Quality Municipal Fund, Inc.)
NQI
 
Portfolio of Investments
April 30, 2012 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
District of Columbia – 1.3% (0.9% of Total Investments)
           
$
1,335
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1606, 11.096%, 10/01/30 – AMBAC Insured (IF)
10/16 at 100.00
AA+
 
$
1,481,757
 
 
3,920
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1730, 11.089%, 10/01/36 – AMBAC Insured (IF)
10/16 at 100.00
AA+
   
5,829,001
 
 
5,255
 
Total District of Columbia
       
7,310,758
 
     
Florida – 13.3% (9.1% of Total Investments)
           
 
4,455
 
Broward County School Board, Florida, Certificates of Participation, Series 2005A, 5.000%, 7/01/28 – AGM Insured
7/15 at 100.00
AA–
   
4,670,667
 
 
10,000
 
Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 – AGM Insured
10/21 at 100.00
AA–
   
10,806,600
 
 
2,000
 
Citizens Property Insurance Corporation, Florida, High-Risk Account Senior Secured Bonds Series 2010A-1, 5.000%, 6/01/16 – AGM Insured
No Opt. Call
AA–
   
2,245,540
 
 
1,025
 
Cityplace Community Development District, Florida, Special Assessment and Revenue Bonds, Refunding Series 2012, 5.000%, 5/01/26
No Opt. Call
A
   
1,125,071
 
 
3,450
 
Collier County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/24 (Pre-refunded 10/01/14) – NPFG Insured
10/14 at 100.00
AA– (4)
   
3,830,397
 
 
4,000
 
Davie, Florida, Water and Sewerage Revenue Bonds, Series 2011, 5.000%, 10/01/41 – AGM Insured
10/21 at 100.00
AA–
   
4,348,880
 
 
2,750
 
Florida State Board of Education, Full Faith and Credit Public Education Capital Outlay Bonds, Series 2003J, 5.000%, 6/01/22 – AMBAC Insured
6/13 at 101.00
AAA
   
2,906,915
 
 
2,550
 
Florida State Board of Education, Public Education Capital Outlay Bonds, Series 2008, Trust 2929, 16.391%, 12/01/16 – AGC Insured (IF)
No Opt. Call
AAA
   
3,460,784
 
 
600
 
Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Refunding Series 2012, 5.000%, 10/01/30
10/22 at 100.00
A1
   
662,268
 
 
1,000
 
Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Refunding Series 2011, 5.000%, 11/15/25
11/21 at 100.00
A2
   
1,100,400
 
 
7,000
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2002, 5.375%, 10/01/32 – FGIC Insured (Alternative Minimum Tax)
10/12 at 100.00
A2
   
7,028,560
 
 
13,045
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2004A, 5.000%, 10/01/30 – FGIC Insured (Alternative Minimum Tax)
10/14 at 100.00
A2
   
13,250,720
 
 
10,085
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2008B, 5.000%, 10/01/41 – AGM Insured
10/18 at 100.00
AA–
   
10,560,508
 
 
3,730
 
Palm Beach County School Board, Florida, Certificates of Participation, Series 2003A, 5.000%, 8/01/16 – AMBAC Insured
8/13 at 100.00
AA–
   
3,915,008
 
 
4,100
 
Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, 5.000%, 11/15/33 (WI/DD, Settling 5/03/12)
5/22 at 100.00
AA
   
4,505,695
 
 
2,000
 
Volusia County Educational Facilities Authority, Florida, Educational Facilities Revenue Bonds, Embry-Riddle Aeronautical University, Inc. Project, Refunding Series 2011, 5.000%, 10/15/29 – AGM Insured
10/21 at 100.00
AA–
   
2,150,480
 
 
71,790
 
Total Florida
       
76,568,493
 
     
Georgia – 3.2% (2.2% of Total Investments)
           
 
1,000
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2004, 5.000%, 11/01/22 – AGM Insured
11/14 at 100.00
AA–
   
1,072,120
 
 
7,000
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.375%, 11/01/39 – AGM Insured
11/19 at 100.00
AA–
   
7,832,580
 
 
2,000
 
City of Fairburn, Georgia, General Obligation Bonds, Series 2011, 5.750%, 12/01/31 – AGM Insured
12/21 at 100.00
AA–
   
2,268,660
 
 
7,295
 
Cobb County Development Authority, Georgia, University Facilities Revenue Bonds, Kennesaw State University Foundations, Student Housing Subordinate Lien Series 2004C, 5.000%, 7/15/36 – NPFG Insured
7/14 at 100.00
A3
   
7,441,848
 
 
17,295
 
Total Georgia
       
18,615,208
 
     
Hawaii – 0.3% (0.2% of Total Investments)
           
 
1,620
 
Hawaii County, Hawaii, General Obligation Bonds, Series 2003A, 5.000%, 7/15/21 – AGM Insured
7/13 at 100.00
Aa2
   
1,704,499
 
 
24
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Illinois – 12.1% (8.2% of Total Investments)
           
$
3,490
 
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Refunding Series 2005A, 5.500%, 12/01/30 – AMBAC Insured
No Opt. Call
AA–
 
$
4,189,675
 
 
1,500
 
Chicago Transit Authority, Illinois, Capital Grant Receipts Revenue Bonds, Federal Transit Administration Section 5307 Urbanized Area Formula Funds, Refunding Series 2011, 5.250%, 6/01/26 – AGM Insured
6/21 at 100.00
AA–
   
1,681,425
 
 
9,500
 
Chicago, Illinois, Second Lien General Airport Revenue Refunding Bonds, O’Hare International Airport, Series 1999, 5.500%, 1/01/15 – AMBAC Insured (Alternative Minimum Tax)
7/12 at 100.00
AA
   
9,530,305
 
 
1,775
 
Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport, Series 2005A, 5.250%, 1/01/24 – NPFG Insured
1/16 at 100.00
A1
   
1,927,845
 
 
2,240
 
Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2011A, 6.000%, 8/15/41 – AGM Insured
8/21 at 100.00
AA–
   
2,528,086
 
 
1,000
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C, 5.500%, 8/15/41
2/21 at 100.00
AA–
   
1,104,350
 
 
13,275
 
Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2001, 5.250%, 5/01/26 – AGM Insured
6/12 at 100.00
AA–
   
13,315,754
 
 
15,785
 
Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2002, 5.250%, 4/01/27 – AGM Insured
6/12 at 100.00
AA–
   
15,801,101
 
 
7,400
 
Macon County School District 61 Decatur, Illinois, General Obligation Bonds, Series 2011A, 5.250%, 1/01/37 – AGM Insured
1/21 at 100.00
Aa3
   
8,137,040
 
 
5,000
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1, 0.000%, 6/15/45 – AGM Insured
No Opt. Call
AAA
   
846,300
 
 
18,000
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A, 0.000%, 12/15/24 – NPFG Insured
No Opt. Call
AAA
   
10,554,840
 
 
78,965
 
Total Illinois
       
69,616,721
 
     
Indiana – 4.0% (2.7% of Total Investments)
           
 
11,130
 
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2011B, 5.000%, 10/01/41
10/21 at 100.00
AA–
   
11,928,355
 
 
3,680
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
1/17 at 100.00
A+
   
3,916,550
 
 
6,300
 
Indiana Transportation Finance Authority, Highway Revenue Bonds, Series 1990A, 7.250%, 6/01/15 – AMBAC Insured
No Opt. Call
AA+
   
6,876,387
 
 
21,110
 
Total Indiana
       
22,721,292
 
     
Kansas – 1.4% (1.0% of Total Investments)
           
 
5,500
 
Kansas Development Finance Authority, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
1/20 at 100.00
AA
   
5,869,215
 
 
2,000
 
Wichita, Kansas, Water and Sewerage Utility Revenue Bonds, Series 2003, 5.000%, 10/01/21 (Pre-refunded 10/01/13) – FGIC Insured
10/13 at 100.00
Aa2 (4)
   
2,134,080
 
 
7,500
 
Total Kansas
       
8,003,295
 
     
Kentucky – 5.6% (3.8% of Total Investments)
           
 
3,015
 
Kentucky Asset/Liability Commission, General Fund Revenue Project Notes, First Series 2005, 5.000%, 5/01/25 – NPFG Insured
5/15 at 100.00
Aa3
   
3,279,174
 
     
Kentucky Economic Development Finance Authority, Health System Revenue Bonds, Norton Healthcare Inc., Series 2000C:
           
 
2,530
 
6.150%, 10/01/27 – NPFG Insured
10/13 at 101.00
BBB
   
2,641,194
 
 
12,060
 
6.150%, 10/01/28 – NPFG Insured
10/13 at 101.00
BBB
   
12,578,098
 
     
Kentucky Economic Development Finance Authority, Health System Revenue Bonds, Norton Healthcare Inc., Series 2000C:
           
 
3,815
 
6.150%, 10/01/27 (Pre-refunded 10/01/13) – NPFG Insured
10/13 at 101.00
A– (4)
   
4,165,103
 
 
6,125
 
6.150%, 10/01/28 (Pre-refunded 10/01/13) – NPFG Insured
10/13 at 101.00
A– (4)
   
6,687,091
 
 
2,230
 
Kentucky State Property and Buildings Commission, Revenue Bonds, Project 85, Series 2005, 5.000%, 8/01/23 (Pre-refunded 8/01/15) – AGM Insured
8/15 at 100.00
AA– (4)
   
2,555,937
 
 
29,775
 
Total Kentucky
       
31,906,597
 
 
Nuveen Investments
 
25

 
 

 

   
Nuveen Quality Municipal Fund, Inc. (continued)
   
(formerly known as Nuveen Insured Quality Municipal Fund, Inc.)
NQI
 
Portfolio of Investments
April 30, 2012 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Louisiana – 3.7% (2.5% of Total Investments)
           
     
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:
           
$
11,325
 
4.750%, 5/01/39 – AGM Insured (UB)
5/16 at 100.00
Aa1
 
$
11,765,769
 
 
8,940
 
4.500%, 5/01/41 – FGIC Insured (UB)
5/16 at 100.00
Aa1
   
9,142,044
 
 
10
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006, Residuals 660-1, 15.714%, 5/01/34 – FGIC Insured (IF)
5/16 at 100.00
Aa1
   
10,904
 
 
5
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006, Residuals 660-1, 15.683%, 5/01/34 – FGIC Insured (IF)
5/16 at 100.00
Aa1
   
5,451
 
 
20,280
 
Total Louisiana
       
20,924,168
 
     
Maine – 0.3% (0.2% of Total Investments)
           
 
555
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Series 1999B, 6.000%, 7/01/29 – NPFG Insured
7/12 at 100.00
Aaa
   
557,131
 
 
1,335
 
Maine State Housing Authority, Single Family Mortgage Purchase Bonds, Series 2012A-1, 4.000%, 11/15/24 (WI/DD, Settling 5/31/12) (Alternative Minimum Tax)
11/21 at 100.00
AA+
   
1,337,710
 
 
1,890
 
Total Maine
       
1,894,841
 
     
Massachusetts – 5.6% (3.8% of Total Investments)
           
 
5,000
 
Massachusetts Bay Transportation Authority, Sales Tax Revenue Bonds, Senior Lien Series 2002A, 5.000%, 7/01/27 (Pre-refunded 7/01/12) – FGIC Insured
7/12 at 100.00
AAA
   
5,040,950
 
 
4,000
 
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Commonwealth Contract Assistance Secured, Refunding Series 2010B, 5.000%, 1/01/35
1/20 at 100.00
AA+
   
4,427,280
 
 
6,000
 
Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, Series 2002A, 5.750%, 1/01/42 – AMBAC Insured
No Opt. Call
A
   
7,397,760
 
 
3,335
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Massachusetts Institute of Technology, Tender Option Bond Trust 11824, 13.368%, 1/01/16 (IF)
No Opt. Call
AAA
   
4,644,588
 
     
Massachusetts State, Special Obligation Dedicated Tax Revenue Bonds, Series 2004:
           
 
1,250
 
5.250%, 1/01/21 (Pre-refunded 1/01/14) – FGIC Insured
1/14 at 100.00
A1 (4)
   
1,352,188
 
 
1,000
 
5.250%, 1/01/22 (Pre-refunded 1/01/14) – FGIC Insured
1/14 at 100.00
A1 (4)
   
1,081,750
 
 
1,195
 
5.250%, 1/01/23 (Pre-refunded 1/01/14) – FGIC Insured
1/14 at 100.00
A1 (4)
   
1,292,691
 
 
2,000
 
5.250%, 1/01/24 (Pre-refunded 1/01/14) – FGIC Insured
1/14 at 100.00
A1 (4)
   
2,163,500
 
 
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+
   
3,567,703
 
 
1,245
 
Springfield Water and Sewerage Commission, Massachusetts, General Revenue Bonds, Refunding Series 2010B, 5.000%, 11/15/30 – AGC Insured
11/20 at 100.00
AA–
   
1,427,841
 
 
28,490
 
Total Massachusetts
       
32,396,251
 
     
Michigan – 3.8% (2.6% of Total Investments)
           
 
5,000
 
Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2011A, 5.250%, 7/01/41
7/21 at 100.00
A+
   
5,107,300
 
 
1,825
 
Marysville Public School District, St Claire County, Michigan, General Obligation Bonds, Series 2007, 5.000%, 5/01/28 – AGM Insured
5/17 at 100.00
Aa2
   
1,970,051
 
 
2,750
 
Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2011-II-A, 5.375%, 10/15/36
10/21 at 100.00
Aa3
   
3,099,525
 
 
10,585
 
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2009, 5.750%, 11/15/39
11/19 at 100.00
A1
   
11,632,386
 
 
20,160
 
Total Michigan
       
21,809,262
 
     
Minnesota – 0.2% (0.1% of Total Investments)
           
 
1,000
 
Minneapolis-Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Children’s Health Care, Series 2004A-1 Remarketed, 4.625%, 8/15/29 – AGM Insured
8/20 at 100.00
AA–
   
1,088,950
 
     
Mississippi – 1.9% (1.3% of Total Investments)
           
 
2,715
 
Harrison County Wastewater Management District, Mississippi, Revenue Refunding Bonds, Wastewater Treatment Facilities, Series 1991B, 7.750%, 2/01/14 – FGIC Insured (ETM)
No Opt. Call
BBB (4)
   
3,065,642
 
 
1,330
 
Harrison County Wastewater Management District, Mississippi, Wastewater Treatment Facilities Revenue Refunding Bonds, Series 1991A, 8.500%, 2/01/13 – FGIC Insured (ETM)
No Opt. Call
N/R (4)
   
1,407,858
 
 
5,445
 
Mississippi Development Bank, Special Obligation Bonds, Gulfport Water and Sewer System Project, Series 2005, 5.250%, 7/01/24 – AGM Insured
No Opt. Call
AA–
   
6,351,810
 
 
9,490
 
Total Mississippi
       
10,825,310
 
 
26
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Nebraska – 2.2% (1.5% of Total Investments)
           
$
12,155
 
Lincoln, Nebraska, Electric System Revenue Bonds, Series 2007A, 4.500%, 9/01/37 – FGIC Insured (UB)
9/17 at 100.00
AA
 
$
12,630,382
 
     
Nevada – 1.0% (0.7% of Total Investments)
           
 
5,720
 
Reno, Nevada, Senior Lien Sales and Room Tax Revenue Bonds, Reno Transportation Rail Access Corridor Project, Series 2002, 5.125%, 6/01/32 (Pre-refunded 6/01/12) – AMBAC Insured
6/12 at 100.00
N/R (4)
   
5,744,196
 
     
New Jersey – 1.9% (1.3% of Total Investments)
           
     
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A:
           
 
1,700
 
5.000%, 7/01/22 – NPFG Insured
7/14 at 100.00
A
   
1,828,962
 
 
1,700
 
5.000%, 7/01/23 – NPFG Insured
7/14 at 100.00
A
   
1,828,962
 
 
6,000
 
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – AGM Insured
No Opt. Call
AA–
   
7,439,580
 
 
9,400
 
Total New Jersey
       
11,097,504
 
     
New Mexico – 0.9% (0.6% of Total Investments)
           
     
New Mexico Finance Authority, Public Project Revolving Fund Revenue Bonds, Series 2004C:
           
 
1,345
 
5.000%, 6/01/22 – AMBAC Insured
6/14 at 100.00
AAA
   
1,459,581
 
 
3,290
 
5.000%, 6/01/23 – AMBAC Insured
6/14 at 100.00
AAA
   
3,565,998
 
 
4,635
 
Total New Mexico
       
5,025,579
 
     
New York – 7.9% (5.4% of Total Investments)
           
 
15,000
 
Dormitory Authority of the State of New York, Revenue Bonds, School Districts Financing Program, Series 2002D, 5.500%, 10/01/17 – NPFG Insured
10/12 at 100.00
A+
   
15,254,850
 
 
4,080
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured
2/17 at 100.00
A
   
4,061,966
 
 
2,890
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A, 5.000%, 12/01/25 – FGIC Insured
6/16 at 100.00
A
   
3,137,066
 
 
3,300
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2006F, 4.250%, 5/01/33 – NPFG Insured
11/16 at 100.00
A
   
3,366,264
 
 
2,000
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/36 – AGM Insured
5/21 at 100.00
AA–
   
2,187,120
 
 
7,800
 
Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds, Series 2002A, 5.000%, 7/01/25 – FGIC Insured
7/12 at 100.00
AA–
   
7,848,516
 
 
1,290
 
Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue Bonds, Unity Hospital of Rochester Project, Series 2010, 5.500%, 8/15/40
2/21 at 100.00
Aa2
   
1,453,043
 
 
1,740
 
New York Convention Center Development Corporation, Hotel Unit Fee Revenue Bonds, Series 2005, 16.499%, 11/15/44 – AMBAC Insured (IF)
11/15 at 100.00
AA+
   
2,083,615
 
 
510
 
New York State Housing Finance Agency, Mortgage Revenue Refunding Bonds, Housing Project, Series 1996A, 6.125%, 11/01/20 – AGM Insured
11/12 at 100.00
AA–
   
511,168
 
     
New York State Urban Development Corporation, Service Contract Revenue Bonds, Series 2005B:
           
 
2,460
 
5.000%, 3/15/24 – AGM Insured (UB)
3/15 at 100.00
AAA
   
2,729,788
 
 
2,465
 
5.000%, 3/15/25 – AGM Insured (UB)
3/15 at 100.00
AAA
   
2,715,567
 
 
43,535
 
Total New York
       
45,348,963
 
     
Ohio – 3.5% (2.4% of Total Investments)
           
 
7,000
 
Cleveland State University, Ohio, General Receipts Bonds, Series 2004, 5.250%, 6/01/19 – FGIC Insured
6/14 at 100.00
A+
   
7,471,310
 
 
9,045
 
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, Series 2006A, 4.250%, 12/01/32 – AMBAC Insured
12/16 at 100.00
A1
   
9,174,615
 
 
3,065
 
Oak Hills Local School District, Hamilton County, Ohio, General Obligation Bonds, Refunding Series 2005, 5.000%, 12/01/24 – AGM Insured
12/15 at 100.00
AA–
   
3,264,348
 
 
19,110
 
Total Ohio
       
19,910,273
 
     
Pennsylvania – 8.0% (5.4% of Total Investments)
           
 
3,000
 
Allegheny County Sanitary Authority, Pennsylvania, Sewerage Revenue Bonds, Series 2005A, 5.000%, 12/01/23 – NPFG Insured
12/15 at 100.00
A1
   
3,360,540
 
 
1,165
 
Allegheny County Sanitary Authority, Pennsylvania, Sewerage Revenue Bonds, Series 2010, 5.000%, 6/01/40 – AGM Insured
12/20 at 100.00
AA–
   
1,276,852
 
 
Nuveen Investments
 
27

 
 

 

   
Nuveen Quality Municipal Fund, Inc. (continued)
   
(formerly known as Nuveen Insured Quality Municipal Fund, Inc.)
NQI
 
Portfolio of Investments
April 30, 2012 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Pennsylvania (continued)
           
$
6,015
 
Chester County Health and Educational Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010A, 5.000%, 5/15/40
5/20 at 100.00
AA
 
$
6,452,832
 
 
1,600
 
Delaware County Authority, Pennsylvania, Revenue Bonds, Villanova University, Series 2006, 5.000%, 8/01/24 – AMBAC Insured
8/16 at 100.00
A+
   
1,742,144
 
 
2,450
 
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40 – AGM Insured
1/20 at 100.00
AA–
   
2,637,964
 
 
3,750
 
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38
8/20 at 100.00
AA
   
4,116,075
 
 
5,400
 
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured (UB)
12/16 at 100.00
Aa2
   
5,558,706
 
     
Philadelphia, Pennsylvania, Airport Revenue Bonds, Series 2010A:
           
 
5,000
 
5.000%, 6/15/35 – AGM Insured
6/20 at 100.00
AA–
   
5,285,050
 
 
7,850
 
5.000%, 6/15/40 – AGM Insured
6/20 at 100.00
AA–
   
8,392,435
 
 
2,500
 
Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Hotel Room Excise Tax Revenue Bonds, Refunding Series 2010, 5.000%, 2/01/35 – AGC Insured
8/20 at 100.00
AA–
   
2,633,650
 
 
2,000
 
Pittsburgh Public Parking Authority, Pennsylvania, Parking Revenue Bonds, Series 2005B, 5.000%, 12/01/23 – FGIC Insured
12/15 at 100.00
BBB
   
2,091,920
 
     
Scranton, Pennsylvania, Sewer Authority Revenue Bonds, Series 2011A:
           
 
1,125
 
5.250%, 12/01/31 – AGM Insured
12/21 at 100.00
AA–
   
1,237,433
 
 
1,000
 
5.500%, 12/01/35 – AGM Insured
12/21 at 100.00
AA–
   
1,102,930
 
 
42,855
 
Total Pennsylvania
       
45,888,531
 
     
Puerto Rico – 3.4% (2.3% of Total Investments)
           
 
2,500
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 5.000%, 7/01/22 – FGIC Insured
7/15 at 100.00
BBB+
   
2,635,650
 
 
31,870
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/42 – FGIC Insured
No Opt. Call
Aa2
   
5,818,825
 
 
5,000
 
Puerto Rico, General Obligation Bonds, Public Improvement, Refunding Series 2012A, 5.000%, 7/01/41
7/22 at 100.00
Baa1
   
4,965,500
 
 
5,000
 
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/16 – FGIC Insured
No Opt. Call
A3
   
6,045,250
 
 
44,370
 
Total Puerto Rico
       
19,465,225
 
     
South Carolina – 2.2% (1.5% of Total Investments)
           
 
2,425
 
Charleston County School District, South Carolina, General Obligation Bonds, Series 2004A, 5.000%, 2/01/22 (Pre-refunded 2/01/14) – AMBAC Insured
2/14 at 100.00
Aa1 (4)
   
2,623,559
 
 
9,950
 
South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2007A, 4.500%, 10/01/34 – SYNCORA GTY Insured
10/16 at 100.00
A1
   
10,261,236
 
 
12,375
 
Total South Carolina
       
12,884,795
 
     
South Dakota – 0.3% (0.2% of Total Investments)
           
 
1,850
 
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Avera Health, Series 2012A, 5.000%, 7/01/42 (WI/DD, Settling 5/01/12)
7/21 at 100.00
A+
   
1,940,743
 
     
Tennessee – 1.3% (0.9% of Total Investments)
           
     
Knox County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue Refunding Bonds, Covenant Health, Series 2002A:
           
 
7,500
 
0.000%, 1/01/24 – AGM Insured
1/13 at 52.75
AA–
   
3,857,100
 
 
5,000
 
0.000%, 1/01/25 – AGM Insured
1/13 at 49.71
AA–
   
2,421,300
 
 
2,750
 
0.000%, 1/01/26 – AGM Insured
1/13 at 46.78
AA–
   
1,251,470
 
 
15,250
 
Total Tennessee
       
7,529,870
 
 
28
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)