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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-06379

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

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

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

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

Date of fiscal year end: October 31

Date of reporting period: April 30, 2013

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

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


 
 

 


ITEM 1. REPORTS TO STOCKHOLDERS.

 
 
 

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

 
 

 
 
Chairman’s
Letter to Shareholders
 
 
Dear Shareholders,
 
After nine years of serving as lead director and independent chairman of the Nuveen Fund Board, my term of office is coming to an end. It has been a privilege to use this space to communicate with you on some of the broad economic trends in the U.S. and abroad and how they are impacting the investment environment in which your funds operate. In addition, I have enjoyed offering some perspective on how your Board views the various Nuveen investment teams as they apply their investment disciplines in that investment environment.
 
My term has coincided with a particularly challenging period for both mutual fund sponsors and investors. Since 2000 there have been three periods of unusually strong stock market growth and two major market declines. Recent years have been characterized by a search for yield in fixed income securities to compensate for an extended period of very low interest rates. Funds are investing more in foreign and emerging markets that require extensive research capabilities to overcome the more limited transparency and higher volatility in those markets. New fund concepts often incorporate derivative financial instruments that offer efficient ways to hedge investment risk or gain exposure to selected markets. Fund trading teams operate in many new domestic and international venues with quite different characteristics. Electronic trading and global communication networks mean that fund managers must be able to thrive in financial markets that react instantaneously to newsworthy events and are more interconnected than ever.
 
Nuveen has committed additional resources to respond to these changes in the fund industry environment. It has added IT and research resources to assemble and evaluate the increased flow of detailed information on economies, markets and individual companies. Based on its experience during the financial crisis of 2008-09, Nuveen has expanded its resources dedicated to valuing and trading portfolio securities with a particular focus on stressed financial market conditions. It has added systems and experienced risk management professionals to work with investment teams to better help evaluate whether their funds’ risk exposures are appropriate in view of the return targets. The investment teams have also reflected on recent experience to reaffirm or modify their investment disciplines. Finally, experienced professionals and IT resources have been added to address new regulatory requirements designed to better inform and protect investors. The Board has enthusiastically encouraged these initiatives.
 
The Nuveen Fund Board has always viewed itself as your representatives to assure that Nuveen brings together experienced people, proven technologies and effective processes designed to produce results that meet investor expectations. It is important to note that our activities are highlighted by the annual contract renewal process. Despite its somewhat formal language, I strongly encourage you to read the summary because it offers an insight into our oversight process. The report is included in the back of this or a subsequent shareholder report. The renewal process is very comprehensive and includes a number of evaluations and discussions between the Board and Nuveen during the year. The summary also describes what has been achieved across the Nuveen fund complex and at individual funds such as yours.
 
As I leave the chairmanship and resume my role as a member of the Board, please be assured that I and my fellow Board members will continue to hold your interests uppermost in our minds as we oversee the management of your funds and that we greatly appreciate your confidence in your Nuveen fund.
 
Very sincerely,
 
 
Robert P. Bremner
Chairman of the Board
June 21, 2013
 
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Portfolio Managers’ Comments
 
Nuveen Quality Municipal Fund, Inc. (NQI)
Nuveen Municipal Opportunity Fund, Inc. (NIO)
Nuveen Premier Municipal Opportunity Fund, Inc. (NIF)
Nuveen Premium Income Municipal Opportunity Fund (NPX)
Nuveen Dividend Advantage Municipal Income Fund (NVG)
Nuveen AMT-Free Municipal Income Fund (NEA)
 
Portfolio managers Paul Brennan and Douglas White review key investment strategies and the six-month performance of these six national Funds. Paul has managed NIO, NIF, NVG and NEA since 2006 and Douglas assumed portfolio management responsibility for NQI and NPX in January 2011.
 
FUND REORGANIZATIONS
 
Effective before the opening of business on May 6, 2013 (subsequent to the close of this reporting period), certain Funds (the Acquired Funds) were reorganized into one, larger Fund included in this report (the Acquiring Fund) as follows:
 
Acquired Funds
Symbol
Acquiring Fund
Symbol
Nuveen Premier Municipal
NIF
Nuveen AMT-Free Municipal
NEA
 
Opportunity Fund, Inc.
 
Income Fund
 
Nuveen Premium Income   NPX    
 
Municipal Opportunity Fund
     
 
Upon the closing of the reorganizations, the Acquired Funds transferred their assets to the Acquiring Fund in exchange for common and preferred shares of the Acquiring Funds and the assumption by the Acquiring Fund of the liabilities of the Acquired Funds. The Acquired Funds were then liquidated, dissolved and terminated in accordance with their Declaration of Trust. Shareholders of the Acquired Funds became shareholders of the Acquiring Fund. Holders of common shares of the Acquired Funds received newly issued common shares of the Acquiring Fund, the aggregate net asset value of which was equal to the aggregate net asset value of the common shares of the Acquired Funds held immediately prior to the reorganizations (including for this purpose fractional Acquiring Fund shares to which shareholders would be entitled). Fractional shares were sold on the open market and shareholders received cash in lieu of such fractional shares. Holders of preferred shares of the Acquired Funds received on a one-for-one basis newly issued preferred shares of the Acquiring Fund, in exchange for their preferred shares of the Acquired Funds held immediately prior to the reorganizations.
 
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
 
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s, Moody’s Investors Service, Inc., or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C, and D are below investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
 
Nuveen Investments
 
5
 
 
 

 
 
What key strategies were used to manage these Funds during the six-month reporting period ended April 30, 2013?
 
In an environment characterized by tight supply, strong demand but a slightly mixed change in yields, we continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that had the potential to perform well over the long term. However, the municipal market also encountered some additional volatility generated by the political environment, particularly the “fiscal cliff” at the end of 2012 and the approach of federal tax season. On the revenue side, state tax collections have grown for eleven straight quarters, exceeding pre-recession levels beginning in September 2011, while on the expense side, the states made headway in cutting and controlling costs. The current low level of municipal issuance reflects the current political distaste for additional borrowing by state and local governments facing fiscal constraints and the prevalent atmosphere of municipal budget austerity. During this period, we continued to see municipal yields remain relatively low, although there were some very slight upward yield changes in the longest maturities. Borrowers seeking to take advantage of the low rate environment sparked an increase in refunding activity, with approximately 50% of municipal paper issued by borrowers that were calling existing debt and refinancing at lower rates.
 
As previously reported, the Funds eliminated the policy requiring them to invest at least 80% of their managed assets in municipal securities covered by insurance. While each Fund continues to invest substantially all of its assets in a portfolio of investment-grade quality municipal securities, this change provides more flexibility regarding the types of securities available for investment.
 
Following this change, we were active in working to enhance the Funds’ diversification and transition their portfolios to reflect their uninsured status, adding a variety of sectors across the credit spectrum, particularly mid-tier and lower rated bonds. During this period, we found value in health care, substantially increasing our exposure to this sector in all of the Funds, as well as hospital bonds in NIO, NEA, NVG and NIF. We also added tobacco bonds, as well as transportation and toll way bonds to NIO, NEA, NVG and NIF. NQI and NPX also added bonds secured by revenues from sales and use taxes as well as airport, public power, transportation and tollway bonds, primarily in the A and BBB credit sectors. Over the past few years, when there were fewer purchase opportunities due to the insured mandate, the Funds’ durations had drifted lower as bonds matured or were called from their portfolios, and we were unable to replace them with insured bonds with longer maturities. We continued to emphasize extending the Funds’
 
6
 
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durations through the purchase of bonds with longer maturities. This enabled us to take advantage of more attractive yields at the longer end of the municipal yield curve and helped to provide additional protection for the Funds’ duration and yield curve positioning. NQI and NPX’s duration was longer than the benchmark by the end of the period. In NIO, NVG, NEA and NIF, our opportunities in these areas were somewhat constrained by the structure of bonds typically issued as part of refinancing deals, which tend to be characterized by higher quality and shorter maturities.
 
We also took advantage of short-term opportunities created by the supply/demand dynamics in the municipal market. While demand for tax-exempt paper remained consistently strong throughout the period, supply fluctuated widely. We found that periods of substantial supply provided good short-term buying opportunities not only because of the increased number of issues available, but also because some investors became more hesitant in their buying as supply grew, as spreads narrowed. At times when supply was more plentiful, we were proactive in focusing on anticipating cash flows from bond calls and maturing bonds and closely monitored opportunities for reinvestment.
 
Cash for new purchases during this period was generated primarily by the proceeds from an increased number of bond calls resulting from the growth in refinancings. During this period, we worked to redeploy these proceeds as well as those from maturing bonds to keep the Funds as fully invested as possible. We also engaged in some tactical selling, that is, taking advantage of attractive bids for certain issues resulting from strong demand to sell a specific issue and reinvest the proceeds into bonds that we thought offered more potential. Overall, however, selling was relatively limited because the bonds in our portfolios generally offered higher yields than those available in the current marketplace.
 
As of April 30, 2013, all of these Funds continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management, income enhancement and total return enhancement.
 
How did the Funds perform during the six-month reporting period ended April 30, 2013?
 
The tables in each Fund’s Performance Overview and Holding Summaries section of this report provide total returns for the Funds for the six-month, one-year, five-year and ten-year periods ended April 30, 2013. Each Fund’s total returns are compared with the performance of a corresponding market index and Lipper classification average.
 
Nuveen Investments
 
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For the six-months ended April 30, 2013, the total returns on common share net asset value (NAV) for NQI, NIO, NIF NPX and NVG exceeded the returns for the S&P Municipal Bond Index, while NEA performed in line with the index. For this same period, the Funds lagged the average return for the Lipper General & Insured Leveraged Municipal Debt Funds Classification Average.
 
Key management factors that influenced the Funds’ returns during this period included duration and yield curve positioning, credit exposure and sector allocation. In addition, the use of regulatory leverage was an important positive factor affecting the Funds’ performance over this period. Leverage is discussed in more detail later in this report.
 
In an environment of very slightly rising long-term rates, essentially unchanged shorter rates and a steepening yield curve, results for municipal maturity categories remained positive across the yield curve, with longer maturities generally outperforming those with shorter maturities during this period. Overall, credits at the longest end of the municipal yield curve still posted the strongest returns, while bonds at the shortest end produced the weakest results. For this period, duration and yield curve positioning was a major factor in the performance of these Funds, with the net impact varying according to each Fund’s individual weightings along the curve. As previously mentioned, the Funds’ durations had shortened over the last several years as bonds matured or were called from their portfolios, and the lack of insured issuance hampered replacing them with bonds with longer maturities. With the investment policy change in January 2012, we worked to give these Funds better access to the longer segment of the yield curve. Overall for the period, NIF and NQI were the most advantageously positioned in terms of duration and yield curve. All of the Funds benefited from their holdings of long duration bonds, many of which had zero percent coupons, which generally outperformed the market during this period. This was especially true in NQI and NPX, which were overweight in zero coupon bonds. NEA, which reached its 10-year anniversary in November 2012, had the increased exposure to bonds with short call dates typically associated with that milestone, and its shorter effective duration constrained its participation in the market rally during this period.
 
Credit exposure was another important factor in the Funds’ performance during these six months, as lower quality bonds generally outperformed higher quality bonds. This outperformance was due in part to the greater demand for lower rated bonds as investors looked for investment vehicles offering higher yields. As investors became more comfortable taking on additional investment risk, credit spreads, or the difference in yield spreads between U.S. Treasury securities and comparable investments such as
 
8
 
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municipal bonds, narrowed through a variety of rating categories. As a result of this spread compression, these Funds benefited from their holdings of lower rated credits, especially NQI and NIO, which had the lowest allocation to AAA bonds as of April 30, 2013. NEA, on the other hand, had the heaviest weighting of bonds rated AAA, which detracted from its performance.
 
During this period, revenue bonds as a whole outperformed the general municipal market. Holdings that generally made positive contributions to the Funds’ returns included health care (together with hospitals), transportation (including airport and toll roads). All of these Funds had strong weightings in health care, while their transportation holdings, especially toll roads, also added to performance. Tobacco credits backed by the 1998 master tobacco settlement agreement also performed extremely well, helped in part by their longer effective durations. These bonds also benefited from market developments, including increased demand for higher yielding investments by investors who had become less risk averse. In addition, based on recent data showing that cigarette sales had fallen less steeply than anticipated, the 46 states participating in the agreement stand to receive increased payments from the tobacco companies. Benefiting from the recent change in investment policy, NIO, NIF, NVG and NEA now have allocations of lower rated tobacco bonds, while NQI and NPX do not hold any tobacco credits.
 
In contrast, pre-refunded bonds, which are often backed by U.S. Treasury securities, were the poorest performing market segment during this period. The underperformance of these bonds can be attributed primarily to their shorter effective maturities and higher credit quality. As of April 30, 2013, NEA and NPX held the heaviest weighting of pre-refunded bonds, which significantly detracted from its performance during this period, while NVG had the smallest exposure to these bonds. General obligation (GO) bonds and housing and utilities (e.g., resource recovery, public power) credits also lagged the performance of the general municipal market for this period.
 
Shareholders also should be aware of an issue involving some of the Funds’ holdings. In December 2012, Moody’s down-graded Puerto Rico GO bonds to Baa3 from Baa1 based on Puerto Rico’s ongoing economic problems, unfunded pension liabilities, elevated debt levels and structural budget gaps. Prior to this reporting period, bonds issued by the Puerto Rico Sales Tax Financing Corporation (COFINA) also were downgraded by Moody’s to Aa3 from Aa2 in July 2012. The downgrade of the COFINA bonds was due mainly to the performance of Puerto Rico’s economy and its impact on the projected growth of sales tax revenues, and not to any sector or structural issues. In
 
Nuveen Investments
 
9

 
 

 
addition, the COFINA bonds were able to maintain a higher rating than the GOs because, unlike the revenue streams supporting some Puerto Rican issues, the sales taxes supporting the COFINA bonds cannot be diverted and used to support the commonwealth’s GO bonds. Shareholders of these Funds should note that all of these Funds have exposure to Puerto Rico bonds, the majority of which are the dedicated sales tax bonds issued by COFINA.
 
For the reporting period ended April 30, 2013, Puerto Rico paper generally underperformed the market as whole. Because most of our holdings were the COFINA bonds, the overall impact on performance was minimal, differing from Fund to Fund in line with the type and amount of its holdings. As we continue to emphasize Puerto Rico’s stronger credits, we view the COFINA bonds as long-term holdings and note that the commonwealth recently introduced various sales tax enforcement initiatives aimed at improving future collections.
 
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Fund Leverage
 
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
 
One important factor impacting the returns of all these Funds relative to the comparative indexes was the Funds’ use of leverage. The Funds use leverage because their managers believe that, over time, leveraging provides opportunities for additional income and total return for common shareholders. However, use of leverage also can expose common shareholders to additional volatility. For example, as the prices of securities held by a Fund decline, the negative impact of these valuation changes on common share net asset value and common shareholder total return is magnified by the use of leverage. Conversely, leverage may enhance common share returns during periods when the prices of securities held by a Fund generally are rising. Leverage made a positive contribution to the performance of these Funds over this reporting period. As of April 30, 2013, the Funds’ percentages of effective and regulatory leverage are shown in the accompanying table.
 
 
Effective
 
Regulatory
 
Fund
Leverage
*
Leverage
*
NQI
36.71%
 
28.76%
 
NIO
36.62%
 
30.42%
 
NIF
36.45%
 
29.40%
 
NPX
34.72%
 
28.17%
 
NVG
35.56%
 
29.30%
 
NEA
38.47%
 
30.57%
 
 
*
Effective Leverage is a Fund’s effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund’s portfolio that increase the Fund’s investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage. Regulatory leverage consists of preferred shares issued or borrowings of a Fund. Both of these are part of a Fund’s capital structure. Regulatory leverage is sometimes referred to as “‘40 Act Leverage” and is subject to asset coverage limits set forth in the Investment Company Act of 1940.
 
THE FUNDS’ REGULATORY LEVERAGE
 
As of April 30, 2013, the Funds have issued and outstanding MuniFund Term Preferred (MTP) Shares, Variable Rate MuniFund Term Preferred (VMTP) Shares and Variable Rate Demand Preferred (VRDP) Shares as shown in the accompanying tables.
 
MTP Shares
       
MTP Shares Issued
 
Annual
 
NYSE
Fund
 
Series
 
at Liquidation Value
 
Interest Rate
 
Ticker
NVG
 
2014
 
$108,000,000
 
2.95%
 
NVG PrC
NEA
 
2015
 
$83,000,000
 
2.85%
 
NEA PrC

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

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Risk Considerations
 
Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation. Past performance is no guarantee of future results. Fund common shares are subject to a variety of risks, including:
 
Investment, Market and Price Risk. An investment in common shares is subject to investment risk, including the possible loss of the entire principal amount that you invest. Your investment in common shares represents an indirect investment in the municipal securities owned by the Fund, which generally trade in the over-the-counter markets. Shares of closed-end investment companies like these Funds frequently trade at a discount to their net asset value (NAV). Your common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.
 
Tax Risk. The tax treatment of Fund distributions may be affected by new IRS interpretations of the Internal Revenue Code and future changes in tax laws and regulations.
 
Issuer Credit Risk. This is the risk that a security in a Fund’s portfolio will fail to make dividend or interest payments when due.
 
Interest Rate Risk. Fixed-income securities such as bonds, preferred, convertible and other debt securities will decline in value if market interest rates rise.
 
Reinvestment Risk. If market interest rates decline, income earned from a Fund’s portfolio may be reinvested at rates below that of the original bond that generated the income.
 
Call Risk or Prepayment Risk. Issuers may exercise their option to prepay principal earlier than scheduled, forcing a Fund to reinvest in lower-yielding securities.
 
Inverse Floater Risk. The Funds may invest in inverse floaters. Due to their leveraged nature, these investments can greatly increase a Fund’s exposure to interest rate risk and credit risk. In addition, investments in inverse floaters involve the risk that the Fund could lose more than its original principal investment.
 
Derivatives Risk. The Funds may use derivative instruments which involve a high degree of financial risk, including the risk that the loss on a derivative may be greater than the principal amount investment.
 
Leverage Risk. Each Fund’s use of leverage creates the possibility of higher volatility for the Fund’s per share NAV, market price, distributions and returns. There is no assurance that a Fund’s leveraging strategy will be successful.
 
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15

 
 

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

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

States1
       
(as a % of total investments)
       
California
   
13.7
%
Florida
   
9.3
%
Illinois
   
6.2
%
Pennsylvania
   
6.1
%
Washington
   
6.1
%
Arizona
   
5.9
%
Texas
   
5.9
%
Colorado
   
4.4
%
Kentucky
   
3.5
%
Louisiana
   
3.4
%
Massachusetts
   
3.2
%
Indiana
   
3.0
%
Michigan
   
2.7
%
New York
   
2.6
%
Wisconsin
   
2.3
%
Ohio
   
2.3
%
Other
   
19.4
%
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
1
Holdings are subject to change.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
3
Percentage may not add to 100% due to the exclusion of Other Assets Less Liabilities from the table.
 
16
 
Nuveen Investments

 
 

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

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

States1
 
(as a % of total investments)
 
Florida
13.2%
California
12.8%
Illinois
6.2%
New York
4.8%
Ohio
4.7%
Texas
4.7%
Washington
4.4%
Indiana
4.4%
Pennsylvania
3.7%
New Jersey
3.4%
Nevada
3.0%
Louisiana
3.0%
South Carolina
2.9%
Colorado
2.8%
Massachusetts
2.4%
Michigan
2.2%
Arizona
2.1%
Other
19.3%
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
1
Holdings are subject to change.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
3
Percentage may not add to 100% due to the exclusion of Other Assets Less Liabilities from the table.
 
Nuveen Investments
 
17

 
 

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

 
Cumulative
    Average Annual
 
6-Month
 
1-Year
 
5-Year
 
10-Year
NIF at Common Share NAV
2.86%
 
9.36%
 
8.29%
 
5.87%
NIF at Common Share Price
(1.20)%
 
4.93%
 
9.23%
 
5.32%
S&P Municipal Bond Index
2.01%
 
5.74%
 
6.08%
 
5.16%
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average
3.21%
 
10.58%
 
8.88%
 
6.74%
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.

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

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

States1
 
(as a % of total investments)
 
California
15.2%
Illinois
11.0%
Texas
5.4%
Florida
5.4%
Colorado
5.4%
Indiana
5.2%
New York
4.8%
Pennsylvania
4.7%
Ohio
3.7%
New Jersey
3.6%
Arizona
3.6%
Massachusetts
3.4%
North Carolina
3.1%
Georgia
2.6%
Vermont
2.4%
Washington
2.4%
Other
18.1%
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
1
Holdings are subject to change.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
3
Percentage may not add to 100% due to the exclusion of Other Assets Less Liabilities from the table.
 
18
 
Nuveen Investments

 
 

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

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

States1
 
(as a % of total investments)
 
California
16.7%
New York
7.4%
Pennsylvania
7.0%
New Jersey
6.8%
Illinois
6.3%
Colorado
5.9%
Florida
5.7%
Texas
5.2%
Indiana
4.0%
Louisiana
3.8%
Washington
3.7%
Arizona
3.4%
Puerto Rico
3.0%
Massachusetts
2.3%
Other
18.8%
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
1
Holdings are subject to change.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
3
Percentage may not add to 100% due to the exclusion of Other Assets Less Liabilities from the table.
 
Nuveen Investments
 
19

 
 

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

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

States1
 
(as a % of municipal bonds)
 
California
12.3%
Washington
9.0%
Texas
8.4%
Illinois
6.3%
Georgia
5.3%
Indiana
4.6%
Colorado
4.5%
Florida
4.4%
New York
3.6%
Pennsylvania
3.6%
South Carolina
3.5%
Ohio
3.4%
New Jersey
3.0%
Louisiana
2.8%
Michigan
2.6%
Massachusetts
1.8%
Nevada
1.7%
Other
19.2%
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
1
Holdings are subject to change.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
3
Percentage may not add to 100% due to the exclusion of Other Assets Less Liabilities from the table.
 

20
 
Nuveen Investments

 
 

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

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

States1
 
(as a % of total investments)
 
Florida
11.0%
California
9.8%
Illinois
7.3%
Indiana
5.9%
Washington
5.6%
Pennsylvania
5.2%
Texas
5.1%
New York
4.5%
Michigan
4.5%
Ohio
4.4%
Colorado
4.3%
Wisconsin
3.6%
South Carolina
2.9%
North Carolina
2.8%
Massachusetts
2.8%
Alabama
2.4%
Other
17.9%
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
1
Holdings are subject to change.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
3
Percentage may not add to 100% due to the exclusion of Other Assets Less Liabilities from the table.
 

Nuveen Investments
 
21
 
 
 

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

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

 
 

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

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

 
 

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

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

 
 

 
 
 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
Colorado (continued)
           
     
Eagle River Water and Sanitation District, Eagle County, Colorado, Enterprise Wastewater Revenue Bonds, Series 2012:
           
$
400
 
5.000%, 12/01/32
 
No Opt. Call
A+
$
462,780
 
 
1,000
 
3.000%, 12/01/32
 
No Opt. Call
A+
 
941,890
 
 
1,250
 
Jefferson County School District R1, Colorado, General Obligation Bonds, Series 2004, 5.000%, 12/15/24 (Pre-refunded 12/15/14) – AGM Insured (UB)
 
12/14 at 100.00
Aa2 (4)
 
1,345,513
 
 
880
 
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Refunding Bonds, Series 2011, 6.125%, 12/01/41 – AGM Insured
 
12/20 at 100.00
AA–
 
1,034,308
 
 
1,100
 
Poudre Tech Metro District, Colorado, Unlimited Property Tax Supported Revenue Bonds, Refunding & Improvement Series 2010A, 5.000%, 12/01/39 – AGM Insured
 
12/20 at 100.00
AA–
 
1,087,196
 
 
5
 
University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 – FGIC Insured
 
6/15 at 100.00
Aa2
 
5,384
 
     
University of Colorado, Enterprise System Revenue Bonds, Series 2005:
           
 
320
 
5.000%, 6/01/30 (Pre-refunded 6/01/15) – FGIC Insured
 
6/15 at 100.00
Aa2 (4)
 
348,653
 
 
175
 
5.000%, 6/01/30 (Pre-refunded 6/01/15) – FGIC Insured
 
6/15 at 100.00
Aa2 (4)
 
191,898
 
 
45,750
 
Total Colorado
       
38,430,455
 
     
Connecticut – 0.2% (0.1% of Total Investments)
           
 
1,000
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Wesleyan University, Series 2010G, 5.000%, 7/01/39
 
7/20 at 100.00
AA
 
1,122,290
 
     
District of Columbia – 1.2% (0.8% of Total Investments)
           
 
1,335
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1606, 11.456%, 10/01/30 – AMBAC Insured (IF) (5)
 
10/16 at 100.00
AA+
 
1,532,059
 
 
3,920
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1730, 11.448%, 10/01/36 (Pre-refunded 10/01/16) – AMBAC Insured (IF) (5)
 
10/16 at 100.00
AA+ (4)
 
5,470,752
 
 
5,255
 
Total District of Columbia
       
7,002,811
 
     
Florida – 13.5% (9.3% of Total Investments)
           
 
4,455
 
Broward County School Board, Florida, Certificates of Participation, Series 2005A, 5.000%, 7/01/28 – AGM Insured
 
7/15 at 100.00
AA–
 
4,777,141
 
 
10,000
 
Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 – AGM Insured
 
10/21 at 100.00
AA–
 
11,283,600
 
 
2,000
 
Citizens Property Insurance Corporation, Florida, High-Risk Account Senior Secured Bonds Series 2010A-1, 5.000%, 6/01/16 – AGM Insured
 
No Opt. Call
AA–
 
2,260,940
 
 
1,025
 
Cityplace Community Development District, Florida, Special Assessment and Revenue Bonds, Refunding Series 2012, 5.000%, 5/01/26
 
No Opt. Call
A
 
1,186,263
 
 
3,450
 
Collier County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/24 (Pre-refunded 10/01/14) – NPFG Insured
 
10/14 at 100.00
AA– (4)
 
3,679,218
 
 
4,000
 
Davie, Florida, Water and Sewerage Revenue Bonds, Series 2011, 5.000%, 10/01/41 – AGM Insured
 
10/21 at 100.00
AA–
 
4,507,200
 
 
7,000
 
Florida Citizens Property Insurance Corporation, Personal and Commercial Lines Account Bonds, Senior Secured Series 2012A-1, 5.000%, 6/01/22
 
No Opt. Call
A+
 
8,532,160
 
 
2,750
 
Florida State Board of Education, Full Faith and Credit Public Education Capital Outlay Bonds, Series 2003J, 5.000%, 6/01/22 (Pre-refunded 6/01/13) – AMBAC Insured
 
6/13 at 101.00
AAA
 
2,787,923
 
 
2,550
 
Florida State Board of Education, Public Education Capital Outlay Bonds, Tender Option Bond Trust 2929, 17.027%, 12/01/16 – AGC Insured (IF) (5)
 
No Opt. Call
AAA
 
4,088,849
 
 
600
 
Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Refunding Series 2012, 5.000%, 10/01/30
 
10/22 at 100.00
A1
 
694,884
 
 
1,000
 
Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Refunding Series 2011, 5.000%, 11/15/25
 
11/21 at 100.00
A2
 
1,137,390
 
 
13,045
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2004A, 5.000%, 10/01/30 – FGIC Insured (Alternative Minimum Tax)
 
10/14 at 100.00
A
 
13,690,336
 
 
10,085
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2008B, 5.000%, 10/01/41 – AGM Insured
 
10/18 at 100.00
AA–
 
11,357,424
 
 
3,730
 
Palm Beach County School Board, Florida, Certificates of Participation, Series 2003A, 5.000%,8/01/16 (Pre-refunded 8/01/13) – AMBAC Insured
 
8/13 at 100.00
AA– (4)
 
3,774,051
 
 
Nuveen Investments
 
25

 
 

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

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

 
 

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

 
 

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

 
Principal
     
Optional Call
       
 
Amount (000)
 
Description (1)
 
Provisions (2)
Ratings (3)
 
Value
 
     
Massachusetts (continued)
           
$
3,465
 
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 – AGM Insured (UB) (5)
 
2/17 at 100.00
AA+
$
3,656,753
 
 
1,245
 
Springfield Water and Sewerage Commission, Massachusetts, General Revenue Bonds, Refunding Series 2010B, 5.000%, 11/15/30 – AGC Insured
 
11/20 at 100.00
AA–
 
1,438,734
 
 
23,490
 
Total Massachusetts
       
28,187,246
 
     
Michigan – 3.9% (2.7% of Total Investments)
           
 
710
 
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
 
7/22 at 100.00
A+
 
776,101
 
 
5,000
 
Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2011A, 5.250%, 7/01/41
 
7/21 at 100.00
A+
 
5,429,800
 
 
1,825
 
Marysville Public School District, St Claire County, Michigan, General Obligation Bonds, Series 2007, 5.000%, 5/01/28 – AGM Insured
 
5/17 at 100.00
Aa2
 
2,057,742
 
 
2,750
 
Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2011-II-A, 5.375%, 10/15/36
 
10/21 at 100.00
Aa3
 
3,191,238
 
 
10,585
 
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2009, 5.750%, 11/15/39
 
11/19 at 100.00
A
 
12,076,109
 
 
20,870
 
Total Michigan
       
23,530,990
 
     
Minnesota – 0.4% (0.2% of Total Investments)
           
 
1,000
 
Minneapolis-Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Children’s Health Care, Series 2004A-1 Remarketed, 4.625%, 8/15/29 – AGM Insured
 
8/20 at 100.00
AA–
 
1,109,480
 
 
1,040
 
Wayzata, Minnesota, Senior Housing Entrance Deposit Revenue Bonds, Folkestone Senior Living Community, Series 2012B, 4.875%, 5/01/19
 
5/14 at 100.00
N/R
 
1,056,567
 
 
2,040
 
Total Minnesota
       
2,166,047
 
     
Mississippi – 1.6% (1.1% of Total Investments)
           
 
2,715
 
Harrison County Wastewater Management District, Mississippi, Revenue Refunding Bonds, Wastewater Treatment Facilities, Series 1991B, 7.750%, 2/01/14 – FGIC Insured (ETM)
 
No Opt. Call
A (4)
 
2,867,556
 
 
5,445
 
Mississippi Development Bank, Special Obligation Bonds, Gulfport Water and Sewer System Project, Series 2005, 5.250%, 7/01/24 – AGM Insured
 
No Opt. Call
AA–
 
6,417,150
 
 
8,160
 
Total Mississippi
       
9,284,706
 
     
Nebraska – 2.2% (1.5% of Total Investments)
           
 
12,155
 
Lincoln, Nebraska, Electric System Revenue Bonds, Series 2007A, 4.500%, 9/01/37 – FGIC Insured (UB) (5)
 
9/17 at 100.00
AA
 
12,974,855
 
     
Nevada – 1.9% (1.3% of Total Investments)
           
     
Clark County, Nevada, Airport Revenue Bonds, Jet Aviation Fuel Tax, Refunding Series 2013A:
           
 
2,500
 
5.000%, 7/01/25 (Alternative Minimum Tax)
 
1/23 at 100.00
A
 
2,895,300
 
 
2,500
 
5.000%, 7/01/26 (Alternative Minimum Tax)
 
1/23 at 100.00
A
 
2,867,150
 
 
5,000
 
5.000%, 7/01/27 (Alternative Minimum Tax)
 
1/23 at 100.00
A
 
5,678,650
 
 
10,000
 
Total Nevada
       
11,441,100
 
     
New Jersey – 2.9% (2.0% of Total Investments)
           
     
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A:
           
 
1,700
 
5.000%, 7/01/22 – NPFG Insured
 
7/14 at 100.00
A
 
1,784,473
 
 
1,700
 
5.000%, 7/01/23 – NPFG Insured
 
7/14 at 100.00
A
 
1,784,473
 
 
2,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/26
 
No Opt. Call
A+
 
1,190,400
 
 
4,475
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2007A, 5.000%, 12/15/34 – AMBAC Insured
 
No Opt. Call
AA+
 
5,116,089
 
 
6,000
 
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – AGM Insured
 
No Opt. Call
AA–
 
7,554,900
 
 
15,875
 
Total New Jersey
       
17,430,335
 
 
28
 
Nuveen Investments

 
 

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