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: October 31, 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
20
   
Report of Independent Registered Public Accounting Firm
22
   
Portfolios of Investments
23
   
Statement of Assets and Liabilities
82
   
Statement of Operations
83
   
Statement of Changes in Net Assets
84
   
Statement of Cash Flows
86
   
Financial Highlights
88
   
Notes to Financial Statements
94
   
Annual Investment Management Agreement Approval Process
107
   
Board Members & Officers
115
   
Reinvest Automatically, Easily and Conveniently
120
   
Glossary of Terms Used in this Report
121
   
Additional Fund Information
123

Nuveen Investments
 
3
 
 
 

 
 
Chairman’s Letter to Shareholders
 
 
Dear Shareholders,
 
I am pleased to have this opportunity to introduce myself to you as the new independent chairman of the Nuveen Fund Board, effective July 1, 2013. I am honored to have been selected as chairman, with its primary responsibility to serve the interests of the Nuveen Fund shareholders. My predecessor, Robert Bremner, was the first independent director to serve as chairman of the Board and I, and my fellow Board members, plan to continue his legacy of strong independent oversight of your funds.
 
The global economy has hit major turning points over the last several months to a year. The developed world is gradually recovering from their financial crisis while the emerging markets appear to be struggling with the downshift of China’s growth potential. Japan is entering a new era of growth after decades of economic stagnation and many of the Eurozone nations appear to be exiting their recession. Despite the positive events, there are still potential risks. Middle East tensions, rising oil prices, defaults in Europe and fallout from the financial stress in emerging markets could all reverse the recent progress in the global economy.
 
On the domestic front, recent events such as the Federal Reserve decision to slow down its bond buying program beginning in January of 2014 and the federal budget compromise that would guide government spending into 2015 are both positives for the economy moving forward. Corporate fundamentals are strong as earnings per share and corporate cash are at the highest level in two decades. Unemployment is trending down and the housing market has experienced a rebound, each assisting the positive economic scenario. However, there are some issues to be watched. Interest rates are expected to increase but significant uncertainty about the timing remains. Partisan politics in Washington D.C. with their troublesome outcome add to the uncertainties that could cause problems for the economy going forward.
 
In the near term, governments are focused on economic recovery and the growth of their economies, which could lead to an environment of attractive investment opportunities. Over the long term, the uncertainties mentioned earlier could hinder the potential growth. Because of this, Nuveen’s investment management teams work hard to balance return and risk with a range of investment strategies. I encourage you to read the following commentary on the management of your fund.
 
On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
 
Sincerely,
 
 
William J. Schneider
Chairman of the Nuveen Fund Board
December 23, 2013

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Portfolio Managers’ Comments
 
Nuveen Quality Municipal Fund, Inc. (NQI)
Nuveen Municipal Opportunity Fund, Inc. (NIO)
Nuveen Dividend Advantage Municipal Income Fund (NVG)
Nuveen AMT-Free Municipal Income Fund (NEA)
 
These Funds feature management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments. Portfolio managers Paul L. Brennan, CFA, and Douglas J. White, CFA, review U.S. economic and municipal market conditions, key investment strategies and the twelve-month performance of these four national Funds. Paul has managed NIO, NVG and NEA since 2006, and Douglas assumed portfolio management responsibility for NQI in 2011.
 
FUND REORGANIZATIONS
 
Effective before the opening of business on May 6, 2013, 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 Opportunity Fund, Inc.
NIF
 
Nuveen AMT-Free Municipal Income Fund
NEA
Nuveen Premium Income Municipal Opportunity Fund
NPX
     
 
See Notes to Financial Statements, Note 1 – General Information and Significant Accounting Policies, Fund Reorganizations for further information.
 
What factors affected the U.S. economy and the national municipal market during the twelve-month reporting period ended October 31, 2013?
 
During this reporting period, the U.S. economy’s progress toward recovery from recession continued at a moderate pace. The Federal Reserve (Fed) maintained its efforts to improve the overall economic environment by holding the benchmark fed funds rate at the record low level of zero to 0.25% that it established in December 2008. The Fed also continued its monthly purchases of $40 billion of mortgage-backed securities and $45 billion of longer-term Treasury securities in an open-ended effort to bolster growth and promote progress toward the Fed’s mandates of maximum employment and price stability. At its June 2013 meeting, the Fed indicated that it believed downside risks to the economy had diminished since the autumn of 2012. Subsequent comments by Fed Chairman Ben Bernanke suggested that the Fed might begin to reduce, or taper, its asset purchase program later in 2013. However, in September 2013, the
 

Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
 
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service (Moody’s), Inc. or Fitch, Inc. (Fitch). Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

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Portfolio Managers’ Comments (continued)
 
Fed surprised the market by announcing that it had decided to wait for more evidence that the progress it discerned in June was sustainable before it made any adjustments to the pace of the purchase program. At its October 2013 meeting, the central bank reiterated this decision and said that it expected to continue its “highly accommodative stance of monetary policy” for “a considerable time” after the purchase program ends and the economic recovery strengthens. Finally, in December of 2013, the Fed announced a decision to slow down its bond buying program beginning in January of 2014.
 
In the third quarter of 2013, the U.S. economy, as measured by the U.S. gross domestic product (GDP), grew at an annualized rate of 2.8%, up from 2.5% for the second quarter of 2013, continuing the pattern of positive economic growth for the tenth consecutive quarter. The Consumer Price Index (CPI) rose 1.0% year-over-year as of October 2013, while the core CPI (which excludes food and energy) increased 1.7% during the same period, staying within the Fed’s unofficial objective of 2.0% or lower for this inflation measure. Improvements in the labor markets continued to be slow, and unemployment remained above the Fed’s target of 6.5%. As of October 2013, the national unemployment rate was 7.3%, up from 7.2% in September 2013 but below the 7.9% reported in October 2012. The slight uptick in October’s number reflected the increase in federal employees furloughed due to the government shutdown that month. The housing market continued to deliver good news, as the average home price in the S&P/Case-Shiller index of 20 major metropolitan areas rose 13.3% for the twelve months ended September 2013 (most recent data available at the time this report was prepared), the largest twelve-month percentage gain for the index since February 2006.
 
Early in this reporting period, the outlook for the U.S. economy was clouded by uncertainty about global financial markets and the outcome of the “fiscal cliff.” The tax consequences of the fiscal cliff situation were averted through a last-minute deal that raised payroll taxes, but left in place a number of tax breaks, including tax exemptions on municipal bond interest. However, lawmakers failed to reach a resolution on $1.2 trillion in spending cuts intended to address the federal budget deficit. This triggered a program of automatic spending cuts (or sequestration) that impacted federal programs beginning March 1, 2013. Although Congress later passed legislation that established federal funding levels for the remainder of fiscal 2013, the federal budget for fiscal 2014 continued to be debated. On October 1, 2013, the start date for fiscal 2014, the federal government shut down for 16 days until an interim appropriations bill was signed into law, funding the government at sequestration levels through January 15, 2014, and suspending the debt limit until February 7, 2014. Subsequent to the close of this reporting period, Congress preliminarily passed a federal budget deal that would guide government spending into 2015 and defuse the chances of another shutdown if it wins final passage. In addition to the ongoing political debate over federal spending, Chairman Bernanke’s June 2013 remarks about tapering the Fed’s asset purchase program touched off widespread uncertainty about the next step for the Fed’s quantitative easing program and about the potential impact on the economy and financial markets, leading to increased market volatility. This was compounded by headline credit stories involving Detroit’s bankruptcy filing in July 2013, the largest municipal bankruptcy in history, and the disappointing news that continued to come out of Puerto Rico, where a struggling economy and years of deficit spending and borrowing resulted in downgrades on the commonwealth’s bonds.
 
While municipal bond prices generally rallied during the first part of this reporting period, as strong demand and tight supply created favorable municipal market conditions, we saw the environment shift during the second half of the reporting period. The Treasury market traded off, the municipal market followed suit, and spreads widened as investor

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concern grew. This unsettled environment prompted increased selling by bondholders across the fixed income markets. Following the Fed’s September decision to delay tapering, we saw some stabilization of municipal bond fund flows and an October rally in municipal bond prices. However, for the reporting period as a whole, municipal bond prices generally declined, especially at the longer end of the maturity spectrum, while interest rates rose. At the same time, fundamentals on municipal bonds remained strong, as state governments made good progress in dealing with budget issues. Due to strong growth in personal tax collections, state tax revenues have increased for 15 consecutive quarters, while on the expense side, the states made headway in cutting and controlling costs, with more than 40 states implementing some type of pension reform. The current level of municipal issuance reflects the present political distaste for additional borrowing by state and local governments facing fiscal constraints and the prevalent atmosphere of municipal budget austerity. Over the twelve months ended October 31, 2013, municipal bond issuance nationwide totaled $335.2 billion, a decrease of 11.7% from the issuance for the twelve-month period ended October 31, 2012.
 
What key strategies were used to manage these Funds during the twelve-month reporting period ended October 31, 2013?
 
As the municipal market environment shifted during this reporting period, from one characterized by heavy bond calls, tight supply and lower yields to one marked by increased market volatility and rising rates, 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.
 
During this reporting period, NIO, NVG and NEA found value in diversified areas of the market, including health care, transportation, water and sewer and tobacco. A number of new health care issues that we considered attractively priced enabled us to add to the Funds’ exposure. We also purchased a variety of bonds issued for tollroads in some of the Funds, including issues in Virginia, Illinois, Florida, Ohio and the Grand Parkway in Houston, Texas, which, when completed, will be the longest beltway in the U.S., at 184 miles. Also in the transportation sector, heavy supply of airport bonds in both the primary and secondary markets provided opportunities to add to our holdings there, such as airports in Dallas/Fort Worth, Miami, Denver and San Francisco. In addition, we added water and sewer bonds, including a new issue of Lehigh County Authority (Pennsylvania) water bonds. In anticipation of bond calls affecting our holdings of Louisiana and Washington tobacco credits, we also purchased tobacco bonds from other issuers in order to keep our tobacco exposure relatively stable. During the summer, as the market sold off, we were able to find these bonds at attractive prices in the secondary market.
 
In NQI, we also were active in areas where we saw value, including the transportation sector, where we added to our airport exposure. In addition, we increased our emphasis on pre-refunded bonds by purchasing some of these credits in the secondary market. NQI also experienced pre-refunding activity within its holdings, which increased our allocation to this segment of the market and enhanced the Fund’s credit quality profile. During this reporting period, we reduced NQI’s exposure to health care and dedicated tax bonds, which are backed by revenues from sales and use taxes.
 
Our focus in NIO, NVG and NEA during the reporting period was on maintaining the Funds’ positioning, as we believed they were well situated for the existing environment. During the market sell-off, we took advantage of attractive opportunities to slightly increase the Funds’ credit and duration profiles in light of our view that credit fundamentals generally continued to improve. As interest rates rose, these Funds focused their purchases on bonds

Nuveen Investments
 
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Portfolio Managers’ Comments (continued)
 
with maturities of 20 years and longer, which enabled us to take advantage of more attractive yields at the longer end of the municipal yield curve. NQI’s duration also extended slightly as a natural consequence of reinvesting the proceeds from bonds called as part of current refundings. These bonds were priced to short calls and therefore had negligible durations; consequently, reinvesting their proceeds in anything other than cash had the effect of extending NQI’s duration. During the reporting period, all four Funds added to their exposure to the A-rated sector, which we believed offered the best credit opportunities.
 
Activity during this reporting period was driven primarily by the reinvestment of proceeds from called and matured bonds, which was aimed at keeping the Funds fully invested and supporting their income streams. During the early part of this reporting period, we continued to experience a number of current bond calls resulting from a growth in refinancings, which provided a meaningful source of liquidity. Although refinancing activity declined as interest rates rose in the latter months of this reporting period, we continued to have cash from the earlier refundings to reinvest. We also engaged in some tactical selling, 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. Despite the decrease in new issuance, we continued to find opportunities to purchase bonds that helped us achieve our goals for these Funds.
 
As of October 31, 2013, all four of these Funds continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management, income enhancement and total return enhancement.
 
How did the Funds perform during the twelve-month reporting period ended October 31, 2013?
 
The tables in each Fund’s Performance Overview and Holding Summaries section of this report provide the Funds’ total returns for the one-year, five-year and ten-year periods ended October 31, 2013. Each Fund’s returns are compared with the performance of a corresponding market index and Lipper classification average.
 
For the twelve months ended October 31, 2013, the total returns on common share net asset value (NAV) for the four Funds underperformed the return for the national S&P Municipal Bond Index. For the same period, NQI, NIO and NVG exceeded the average return for the Lipper General & Insured Leveraged Municipal Debt Funds Classification Average, while NEA performed in line with this Lipper average.
 
Key management factors that influenced the Funds’ returns during this reporting period included duration and yield curve positioning, sector allocation and credit exposure. In addition, the use of regulatory leverage was an important factor affecting the Funds’ performance over this period. Leverage is discussed in more detail later in this report.
 
As interest rates rose and the yield curve steepened, municipal bonds with shorter maturities generally outperformed those with longer maturities. Overall, credits with maturities of five years or less posted the best returns during this reporting period, while bonds at the longest end of the municipal yield curve produced the weakest results. In general, while these Funds tended to have durations longer than the market average, individual differences in duration and yield curve positioning were the major drivers of differences in performance. Among these Funds, NIO was more advantageously positioned in terms of duration and yield curve, which helped its performance. The other three Funds, especially NEA, tended to have less exposure to the outperforming short end of the yield curve and greater exposure to the longer parts of the curve that underperformed.

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After underperforming for many months, pre-refunded bonds, which are often backed by U.S. Treasury securities, were among the best performing market segments. The outperformance of these bonds can be attributed primarily to their shorter effective maturities and higher credit quality. As of October 31, 2013, these four Funds were similarly weighted in pre-refunded bonds, with NVG having the largest allocation due to activity over the past twelve months, as previously discussed. Housing, health care and general obligation (GO) bonds also tended to outperform the general municipal market. All of these Funds had good exposure to the health care sector.
 
In contrast, revenue bonds as a whole underperformed the municipal market. Among the revenue sectors that lagged municipal market performance by the widest margins were transportation, water and sewer and electric utilities. All four Funds had double-digit weightings in the transportation sector, with NQI having the heaviest exposure. Tobacco credits backed by the 1998 master tobacco settlement agreement also performed poorly, due in part to their longer effective durations and lower credit ratings. As of October 31, 2013, all of the Funds had similar exposures to tobacco bonds.
 
Credit exposure was another factor in the Funds’ performance during these twelve months, especially during the latter half of the reporting period, as events in the municipal market led investors to avoid risk. High yield bonds came under selling pressure, and credit spreads, or the difference in yield spreads between U.S. Treasury securities and comparable investments such as municipal bonds, began to widen. For the reporting period as a whole, AAA-rated and AA-rated bonds generally outperformed A- and BBB-rated bonds. While these Funds tended to have heavy weightings in A-rated bonds, this was offset to some degree by their weightings of AAA- and AA-rated bonds. Overall, the impact of the Funds’ credit exposure tended to be neutral to slightly positive for the reporting period.
 
During this period, two credit situations weighed on the municipal market. It is important to note that, while these situations received much attention from the media, they represent isolated events. On July 18, 2013, the City of Detroit filed for Chapter 9 bankruptcy. Detroit, burdened by decades of population loss, declines in the auto manufacturing industry and significant tax base deterioration, has been under severe financial stress for an extended period. Detroit’s bankruptcy filing will likely be a lengthy one, given the complexity of its debt portfolio, number of creditors, numerous union contracts and significant legal questions that must be addressed. NIO, NVG and NEA each had small holdings of Detroit water and sewer credits, which are supported by revenue streams generated by service fees, while NQI sold its Detroit water and sewer holdings in September 2013. NIO also held small positions in Detroit GO bonds and Detroit Public School credits, both of which are insured. The Detroit Public Schools are not included in the City of Detroit bankruptcy filing. During this reporting period, these holdings had a negligible impact on the Funds’ investment performance due to the Detroit bankruptcy.
 
Another factor affecting the Funds’ holdings was the downgrade of debt issued by Puerto Rico. In 2012, Moody’s downgraded Puerto Rico GO bonds to Baa3 from Baa1, Puerto Rico Sales Tax Financing Corporation (COFINA) senior sales tax revenue bonds to Aa3 from Aa2 and COFINA subordinate sales tax revenue bonds to A3 from A1. In October 2013, Moody’s further downgraded the COFINA senior sales tax bonds to A2, while affirming the subordinate bonds at A3. On November 14, 2013 (subsequent to the close of this reporting period), Fitch announced that it was placing the majority of Puerto Rico issuance—with the exception of the COFINA bonds—on negative credit watch, which implies that another downgrade may be likely. While Fitch currently rates Puerto Rico issuance at BBB-, it affirmed the ratings on COFINA bonds at AA- for the senior bonds and A+ for the subordinate bonds, with stable outlooks. On December 11, 2013

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Portfolio Managers’ Comments (continued)
 
(subsequent to the close of this reporting period), Moody’s announced that it also had placed its Baa3 rating on Puerto Rico GOs (and other Puerto Rico issues linked to the GO rating) on review for downgrade. These downgrades were based on Puerto Rico’s ongoing economic problems and, in the case of the COFINA bonds, the impact of these problems on the projected growth of sales tax revenues. However, the COFINA bonds were able to maintain a higher credit rating than the GOs because, unlike the revenue streams supporting some Puerto Rican issues, the sales taxes supporting the COFINA bonds cannot be diverted and used to support Puerto Rico’s GO bonds.
 
For the reporting period ended October 31, 2013, Puerto Rico paper underperformed the municipal market as a whole. These four Funds have limited exposure to Puerto Rico bonds. In NIO, NVG and NEA, the majority of this exposure is the sales tax bonds issued by COFINA, which we consider the best of the Puerto Rico issuance. Much of this exposure also is insured, which we believe adds a measure of value. In addition, the Funds hold small positions in other Puerto Rico credits, such as highway and electric utilities bonds. Over the past six months, NQI sold its positions in COFINA bonds (May 2013) and Puerto Rico GOs (September 2013), leaving the Fund with two small holdings, an insured electric power bond and an escrowed highway revenue credit. Overall, the small nature of our exposure helped to limit the impact of the Puerto Rico bonds’ underperformance on the Funds.

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Fund Leverage
 
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
 
One important factor impacting the returns of the Funds relative to their comparative benchmarks was the Funds’ use of leverage through their issuance of preferred shares and/or investments in inverse floating rate securities, which represent leveraged investments in underlying bonds. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income, particularly in the recent market environment where short-term market rates are at or near historical lows, meaning that the short-term rates the Fund has been paying on its leveraging instruments have been much lower than the interest the Fund has been earning on its portfolio of long-term bonds that it has bought with the proceeds of that leverage. However, use of leverage also can expose the Fund to additional price volatility. When a Fund uses leverage, the Fund will experience a greater increase in its net asset value if the municipal bonds acquired through the use of leverage increase in value, but it will also experience a correspondingly larger decline in its net asset value if the bonds acquired through leverage decline in value, which will make the Fund’s net asset value more volatile, and its total return performance more variable over time. In addition, income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. Leverage made a negative contribution to the performance of these Funds over this reporting period.
 
As of October 31, 2013, the Funds’ percentages of effective and regulatory leverage are as shown in the accompanying table.
 
     
NQI
 
NIO
 
NVG
 
NEA
 
Effective Leverage*
   
38.43
%
 
39.54
%
 
38.11
%
 
38.43%
 
Regulatory Leverage*
   
31.23
%
 
32.55
%
 
31.56
%
 
31.60%
 

*
Effective Leverage is a Fund’s effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund’s portfolio that increase the Fund’s investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage. Regulatory leverage consists of preferred shares issued or borrowings of a Fund. Both of these are part of a Fund’s capital structure. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940.
 
THE FUNDS’ REGULATORY LEVERAGE
 
As of October 31, 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 table.
 
   
MTP Shares
 
VMTP Shares
 
VRDP Shares
       
       
Shares Issued at Liquidation
 
Annual Interest
 
NYSE
     
Shares Issued at Liquidation
     
Shares Issued at Liquidation
     
   
Series
 
Value
 
Rate
 
Ticker
 
Series
 
Value
 
Series
 
Value
 
Total
 
NQI
       
$
   
   
   
2015
 
$
240,400,000
 
 
 
 
$
  $
240,000,000
 
NIO
       
$
   
   
   
 
$
   
1
 
$
667,200,000
 
$
667,200,000
 
NVG
   
2014
 
$
108,000,000
   
2.95
%
 
NVG PRCCL
   
2014
 
$
92,500,000
                   
         
$
108,000,000
                   
$
92,500,000
             
$
200,500,000
 
NEA
   
2015
 
$
83,000,000
   
2.85
%
 
NEA PRCCL
   
2014
 
$
67,600,000
   
1
 
$
219,000,000
       
                                         
2
 
$
130,900,000
       
         
$
83,000,000
                   
$
67,600,000
       
$
349,900,000
 
$
500,500,000
 

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Fund Leverage (continued)
 
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 with a term redemption date of December 1, 2015.
 
Subsequent to the close of this reporting period, NVG redeemed all series of its MTP and VMTP Shares, at their $10.00 and $100,000 liquidation value per share, respectively, plus dividend amounts owed, with the proceeds from $201,000,000 of newly issued VRDP Shares. On December 13, 2013, VRDP Shares were issued to qualified institutional buyers in a private offering pursuant to Rule 144A of the Securities Act of 1933 and NVG’s MTP and VMTP Shares were redeemed on December 23, 2013.
 
Subsequent to the close of this reporting period, NEA redeemed all series of its MTP and 2014 VMTP Shares, at their $10.00 and $100,000 liquidation value per share, respectively, plus dividend amounts owed, with the proceeds from $151,000,000 of newly issued 2016 VMTP Shares. On December 10, 2013, 2016 VMTP Shares were issued to qualified institutional buyers in a private offering pursuant to Rule 144A of the Securities Act of 1933 and NEA’s MTP Shares were redeemed on December 20, 2013. NEA’s 2014 VMTP Shares are anticipated to be redeemed on January 6, 2014.
 
Refer to Notes to Financial Statements, Note 1 – General Information and Significant Accounting Policies for further details on MTP, VMTP and VRDP Shares.

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Common Share Information
 
COMMON SHARE DIVIDEND INFORMATION
 
During the current reporting period ended October 31, 2013, the Funds’ monthly dividends to common shareholders were as shown in the accompanying table.
                           
   
Per Common Share Amounts
     
NQI
   
NIO
   
NVG
   
NEA
 
November
 
$
0.0750
 
$
0.0730
 
$
0.0750
 
$
0.0700
 
December
   
0.0730
   
0.0730
   
0.0690
   
0.0680
 
January
   
0.0730
   
0.0730
   
0.0690
   
0.0680
 
February
   
0.0730
   
0.0730
   
0.0690
   
0.0680
 
March
   
0.0730
   
0.0730
   
0.0610
   
0.0680
 
April
   
0.0730
   
0.0730
   
0.0610
   
0.0680
 
May*
   
0.0730
   
0.0730
   
0.0610
   
0.1360
 
June
   
0.0660
   
0.0730
   
0.0545
   
 
July
   
0.0660
   
0.0730
   
0.0545
   
0.0685
 
August
   
0.0660
   
0.0730
   
0.0545
   
0.0685
 
September
   
0.0660
   
0.0730
   
0.0545
   
0.0685
 
October
   
0.0660
   
0.0730
   
0.0545
   
0.0685
 
                           
Long-Term Capital Gain**
 
$
 
$
 
$
0.1069
 
$
 
Short-Term Capital Gain**
   
   
 
$
0.0068
   
 
Ordinary Income Distribution**
   
   
 
$
0.0015
   
 
                           
Market Yield***
   
6.46
%
 
6.74
%
 
5.13
%
 
6.65
%
Taxable-Equivalent Yield***
   
8.97
%
 
9.36
%
 
7.13
%
 
9.24
%

*
In connection with NEA’s reorganization, the Fund declared a dividend of $0.0471 per common share with an ex-date of May 1, 2013 and a dividend of $0.0209 per common share with an ex-dividend date of May 14, 2013, each payable on July 1, 2013. These distributions were in addition to the Fund’s monthly tax-free dividend of$0.068 with an ex-dividend date of May 1, 2013, payable on June 3, 2013.
   
**
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 October 31, 2013, all of the Funds in this report had positive UNII balances for tax and financial reporting purposes.

Nuveen Investments
 
13

 
 

 
 
Common Share Information (continued)
 
COMMON SHARE REPURCHASES
 
During November 2013 (subsequent to the close of this reporting period), 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 October 31, 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 has not repurchased any of its outstanding common shares.
                           
     
NQI
   
NIO
   
NVG
   
NEA
 
Common Shares Cumulatively Repurchased and Retired
   
   
2,900
   
75,258
   
19,300
 
Common Shares Authorized for Repurchase
   
3,845,000
   
9,560,000
   
2,980,000
   
2,225,000
 
 
During the current reporting period, the Funds repurchased and retired their common shares at a weighted average price per common share and a weighted average discount per common share as shown in the accompanying table.
                           
     
NQI
   
NIO
   
NVG
   
NEA
 
Common Shares Repurchased and Retired
   
   
   
64,858
   
 
Weighted Average Price per Common Share Repurchased and Retired
   
   
 
$
12.58
   
 
Weighted Average Discount per Common Share Repurchased and Retired
   
   
   
13.31
%
 
 
 
OTHER COMMON SHARE INFORMATION
 
As of October 31, 2013, and during the current reporting period, the Funds’ common share prices were trading at a premium/(discount) to their common share NAVs as shown in the accompanying table.
                           
     
NQI
   
NIO
   
NVG
   
NEA
 
Common Share NAV
 
$
13.76
 
$
14.46
 
$
14.62
 
$
13.73
 
Common Share Price
 
$
12.26
 
$
12.99
 
$
12.75
 
$
12.37
 
Premium/(Discount) to NAV
   
(10.90
)%
 
(10.17
)%
 
(12.79
)%
 
(9.91
)%
12-Month Average Premium/(Discount) to NAV
   
(5.75
)%
 
(5.75
)%
 
(8.63
)%
 
(5.52
)%

14
 
Nuveen Investments

 
 

 
 
Risk Considerations
 
Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation. Past performance is no guarantee of future results. Fund common shares are subject to a variety of risks, including:
 
Investment, Market and Price Risk. An investment in common shares is subject to investment risk, including the possible loss of the entire principal amount that you invest. Your investment in common shares represents an indirect investment in the municipal securities owned by the Funds, which generally trade in the over-the-counter markets. Shares of closed-end investment companies like these Funds frequently trade at a discount to their net asset value (NAV). Your common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.
 
Tax Risk. The tax treatment of Fund distributions may be affected by new IRS interpretations of the Internal Revenue Code and future changes in tax laws and regulations.
 
Leverage Risk. Each Fund’s use of leverage creates the possibility of higher volatility for the Fund’s per share NAV, market price, distributions and returns. There is no assurance that a Fund’s leveraging strategy will be successful. Certain aspects of the recently adopted Volcker Rule may limit the availability of tender option bonds, which are used by the Funds for leveraging and duration management purposes. The effects of this new Rule, expected to take effect in mid-2015, may make it more difficult for a Fund to maintain current or desired levels of leverage and may cause the Fund to incur additional expenses to maintain its leverage.
 
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 invested.

Nuveen Investments
 
15

 
 

 

NQI
 
 
Nuveen Quality Municipal Fund, Inc.
 
Performance Overview and Holding Summaries as of October 31, 2013
 
Average Annual Total Returns as of October 31, 2013

   
Average Annual
     
1-Year
   
5-Year
   
10-Year
 
NQI at Common Share NAV
   
(5.93)%
   
9.75%
   
4.70%
 
NQI at Common Share Price
   
(15.89)%
   
8.44%
   
3.23%
 
S&P Municipal Bond Index
   
(1.69)%
   
6.63%
   
4.59%
 
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average
   
(6.12)%
   
10.80%
   
5.51%
 
 
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
   
24.0
%
Transportation
   
18.3
%
U.S. Guaranteed
   
13.7
%
Tax Obligation/General
   
11.9
%
Health Care
   
10.9
%
Water and Sewer
   
9.0
%
Utilities
   
5.5
%
Other
   
6.7
%

Credit Quality1,2,3
       
(as a % of total investment exposure)
       
AAA/U.S. Guaranteed
   
19.2
%
AA
   
44.6
%
A
   
29.2
%
BBB
   
3.3
%
N/R
   
0.5
%

States1
       
(as a % of total investments)
       
California
   
13.9
%
Florida
   
9.6
%
Texas
   
7.9
%
Illinois
   
6.6
%
Washington
   
6.3
%
Arizona
   
6.0
%
Pennsylvania
   
5.9
%
Colorado
   
4.7
%
Louisiana
   
3.5
%
Massachusetts
   
3.2
%
Indiana
   
2.8
%
New York
   
2.7
%
Ohio
   
2.5
%
Wisconsin
   
2.5
%
Georgia
   
2.3
%
Other
   
19.6
%
 
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
Percentages may not add to 100% due to the exclusion of other assets less liabilities from the table.

16
 
Nuveen Investments

 
 

 

NIO
 
 
Nuveen Municipal Opportunity Fund, Inc.
 
Performance Overview and Holding Summaries as of October 31, 2013
 
Average Annual Total Returns as of October 31, 2013

   
Average Annual
     
1-Year
   
5-Year
   
10-Year
 
NIO at Common Share NAV
   
(4.10)%
   
9.23%
   
4.87%
 
NIO at Common Share Price
   
(11.09)%
   
9.52%
   
4.22%
 
S&P Municipal Bond Index
   
(1.69)%
   
6.63%
   
4.59%
 
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average
   
(6.12)%
   
10.80%
   
5.51%
 
 
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
   
22.6
%
Transportation
   
14.8
%
Health Care
   
14.1
%
U.S. Guaranteed
   
12.8
%
Water and Sewer
   
10.3
%
Tax Obligation/General
   
9.7
%
Utilities
   
6.4
%
Education and Civic Organizations
   
5.0
%
Other
   
4.3
%

Credit Quality1,2,3
       
(as a % of total investment exposure)
       
AAA/U.S. Guaranteed
   
18.7
%
AA
   
46.5
%
A
   
25.7
%
BBB
   
3.3
%
BB or Lower
   
3.5
%
N/R
   
1.2
%

States1
       
(as a % of total investments)
       
California
   
12.4
%
Florida
   
11.5
%
Illinois
   
6.4
%
Texas
   
5.5
%
Ohio
   
5.1
%
New York
   
4.9
%
Washington
   
4.4
%
Indiana
   
4.3
%
Pennsylvania
   
3.8
%
Colorado
   
3.2
%
Louisiana
   
2.9
%
New Jersey
   
2.9
%
South Carolina
   
2.9
%
Nevada
   
2.4
%
Massachusetts
   
2.4
%
Michigan
   
2.2
%
Arizona
   
2.2
%
Nebraska
   
1.9
%
Other
   
18.7
%
 
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
Percentages may not add to 100% due to the exclusion of other assets less liabilities from the table.

Nuveen Investments
 
17

 
 

 
 
NVG
 
 
Nuveen Dividend Advantage Municipal Income Fund
 
Performance Overview and Holding Summaries as of October 31, 2013
 
Average Annual Total Returns as of October 31, 2013

   
Average Annual
     
1-Year
   
5-Year
   
10-Year
 
NVG at Common Share NAV
   
(5.46)%
   
8.62%
   
5.25%
 
NVG at Common Share Price
   
(14.46)%
   
8.59%
   
4.60%
 
S&P Municipal Bond Index
   
(1.69)%
   
6.63%
   
4.59%
 
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average
   
(6.12)%
   
10.80%
   
5.51%
 
 
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
   
23.4
%
Health Care
   
13.6
%
U.S. Guaranteed
   
13.4
%
Transportation
   
12.1
%
Tax Obligation/General
   
12.0
%
Utilities
   
7.4
%
Water and Sewer
   
6.7
%
Education and Civic Organizations
   
6.1
%
Investment Companies
   
0.2
%
Other
   
5.1
%

Credit Quality1,2,3
       
(as a % of total investment exposure)
       
AAA/U.S. Guaranteed
   
26.5
%
AA
   
39.8
%
A
   
22.2
%
BBB
   
3.1
%
BB or Lower
   
3.3
%
N/R
   
0.4
%

States1
       
(as a % of municipal bonds)
       
California
   
12.6
%
Illinois
   
7.2
%
Texas
   
5.6
%
Georgia
   
5.6
%
Washington
   
5.3
%
Colorado
   
5.2
%
Florida
   
4.7
%
Indiana
   
4.1
%
Louisiana
   
3.9
%
Ohio
   
3.8
%
New York
   
3.8
%
Pennsylvania
   
3.6
%
South Carolina
   
2.9
%
New Jersey
   
2.7
%
Michigan
   
2.7
%
Tennessee
   
2.5
%
Massachusetts
   
1.9
%
Nebraska
   
1.8
%
Nevada
   
1.7
%
Other
   
18.4
%
 
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
Percentages may not add to 100% due to the exclusion of other assets less liabilities from the table.

18
 
Nuveen Investments

 
 

 
 
NEA
 
 
Nuveen AMT-Free Municipal Income Fund
 
Performance Overview and Holding Summaries as of October 31, 2013

Average Annual Total Returns as of October 31, 2013

   
Average Annual
     
1-Year
   
5-Year
   
10-Year
 
NEA at Common Share NAV
   
(6.25)%
   
7.93%
   
4.99%
 
NEA at Common Share Price
   
(16.89)%
   
7.73%
   
3.95%
 
S&P Municipal Bond Index
   
(1.69)%
   
6.63%
   
4.59%
 
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average
   
(6.12)%
   
10.80%
   
5.51%
 
 
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
   
21.7
%
Health Care
   
16.6
%
U.S. Guaranteed
   
13.2
%
Transportation
   
12.7
%
Tax Obligation/General
   
10.0
%
Water and Sewer
   
9.6
%
Utilities
   
5.5
%
Education and Civic Organizations
   
5.3
%
Other
   
5.4
%

Credit Quality1,2,3
       
(as a % of total investment exposure)
       
AAA/U.S. Guaranteed
   
20.0
%
AA
   
42.0
%
A
   
27.7
%
BBB
   
3.7
%
BB or Lower
   
4.1
%
N/R
   
0.7
%

States1
       
(as a % of total investments)
       
California
   
13.5
%
Illinois
   
8.7
%
New York
   
6.3
%
Florida
   
5.9
%
Colorado
   
5.8
%
Texas
   
5.3
%
Pennsylvania
   
5.2
%
New Jersey
   
4.7
%
Indiana
   
4.2
%
Ohio
   
4.0
%
Louisiana
   
3.6
%
Arizona
   
3.2
%
Washington
   
2.8
%
Massachusetts
   
2.5
%
South Carolina
   
2.2
%
Georgia
   
1.8
%
Puerto Rico
   
1.6
%
Other
   
18.7
%
 
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
Percentages may not add to 100% due to the exclusion of other assets less liabilities from the table.

Nuveen Investments
 
19

 
 

 

NQI
NIO
NVG
Shareholder Meeting Report
The annual meeting of shareholders was held in the offices of Nuveen Investments on August 7, 2013; at this meeting the shareholders were asked to vote on the election of Board Members.

   
NQI
 
NIO
 
NVG
   
Common and
Preferred
shares voting
together
as a class
 
Preferred
shares voting
together
as a class
 
Common and
Preferred
shares voting
together
as a class
 
Preferred
shares voting
together
as a class
 
Common and
Preferred
shares voting
together
as a class
 
Preferred
shares voting
together
as a class
 
Approval of the Board Members was reached as follows:
                                     
John P. Amboian
                                     
For
   
27,985,747
   
   
79,668,535
   
   
   
 
Withhold
   
982,128
   
   
2,703,648
   
   
   
 
Total
   
28,967,875
   
   
82,372,183
   
   
   
 
Robert P. Bremner
                                     
For
   
27,930,806
   
   
79,508,012
   
   
   
 
Withhold
   
1,037,069
   
   
2,864,171
   
   
   
 
Total
   
28,967,875
   
   
82,372,183
   
   
   
 
Jack B. Evans
                                     
For
   
27,967,265
   
   
79,582,857
   
   
   
 
Withhold
   
1,000,610
   
   
2,789,326
   
   
   
 
Total
   
28,967,875
   
   
82,372,183
   
   
   
 
William C. Hunter
                                     
For
   
   
2,404
   
   
6,372
   
   
9,533,466
 
Withhold
   
   
   
   
300
   
   
420,513
 
Total
   
   
2,404
   
   
6,672
   
   
9,953,979
 
David J. Kundert
                                     
For
   
27,964,784
   
   
79,558,246
   
   
   
 
Withhold
   
1,003,091
   
   
2,813,937
   
   
   
 
Total
   
28,967,875
   
   
82,372,183
   
   
   
 
William J. Schneider
                                     
For
   
   
2,404
   
   
6,372
   
   
9,525,080
 
Withhold
   
   
   
   
300
   
   
428,899
 
Total
   
   
2,404
   
   
6,672
   
   
9,953,979
 
Judith M. Stockdale
                                     
For
   
27,921,606
   
   
79,489,796
   
   
34,010,704
   
 
Withhold
   
1,046,269
   
   
2,882,387
   
   
1,587,014
   
 
Total
   
28,967,875
   
   
82,372,183
   
   
35,597,718
   
 
Carole E. Stone
                                     
For
   
27,921,743
   
   
79,525,126
   
   
34,011,980
   
 
Withhold
   
1,046,132
   
   
2,847,057
   
   
1,585,738
   
 
Total
   
28,967,875
   
   
82,372,183
   
   
35,597,718
   
 
Virginia L. Stringer
                                     
For
   
27,922,566
   
   
79,544,055
   
   
34,037,210
   
 
Withhold
   
1,045,309
   
   
2,828,128
   
   
1,560,508
   
 
Total
   
28,967,875
   
   
82,372,183
   
   
35,597,718
   
 
Terence J. Toth
                                     
For
   
27,976,255
   
   
79,590,139
   
   
   
 
Withhold
   
991,620
   
   
2,782,044
   
   
   
 
Total
   
28,967,875
   
   
82,372,183
   
   
   
 

20
 
Nuveen Investments

 
 

 
 
NEA
               
   
NEA
   
Common and Preferred shares voting together
as a class
 
Preferred shares voting together
as a class
 
Approval of the Board Members was reached as follows:
             
John P. Amboian
             
For
   
   
 
Withhold
   
   
 
Total
   
   
 
Robert P. Bremner
             
For
   
   
 
Withhold
   
   
 
Total
   
   
 
Jack B. Evans
             
For
   
   
 
Withhold
   
   
 
Total
   
   
 
William C. Hunter
             
For
   
   
6,966,630
 
Withhold
   
   
659,177
 
Total
   
   
7,625,807
 
David J. Kundert
             
For
   
   
 
Withhold
   
   
 
Total
   
   
 
William J. Schneider
             
For
   
   
6,938,482
 
Withhold
   
   
687,325
 
Total
   
   
7,625,807
 
Judith M. Stockdale
             
For
   
72,227,112
   
 
Withhold
   
3,627,488
   
 
Total
   
75,854,600
   
 
Carole E. Stone
             
For
   
72,235,754
   
 
Withhold
   
3,618,846
   
 
Total
   
75,854,600
   
 
Virginia L. Stringer
             
For
   
72,252,318
   
 
Withhold
   
3,602,282
   
 
Total
   
75,854,600
   
 
Terence J. Toth
             
For
   
   
 
Withhold
   
   
 
Total
   
   
 

Nuveen Investments
 
21

 
 

 
 
Report of Independent Registered Public Accounting Firm
 
The Board of Directors/Trustees and Shareholders of
Nuveen Quality Municipal Fund, Inc.
Nuveen Municipal Opportunity Fund, Inc.
Nuveen Dividend Advantage Municipal Income Fund
Nuveen AMT-Free Municipal Income Fund
 
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Nuveen Quality Municipal Fund, Inc., Nuveen Municipal Opportunity Fund, Inc., Nuveen Dividend Advantage Municipal Income Fund, and Nuveen AMT-Free Municipal Income Fund (the “Funds”) as of October 31, 2013, and the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
 
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2013, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.
 
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial positions of Nuveen Quality Municipal Fund, Inc., Nuveen Municipal Opportunity Fund, Inc., Nuveen Dividend Advantage Municipal Income Fund, and Nuveen AMT-Free Municipal Income Fund at October 31, 2013, and the results of their operations and their cash flows for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.
 
 
Chicago, Illinois
December 27, 2013

22
 
Nuveen Investments

 
 

 
 
NQI
 
 
Nuveen Quality Municipal Fund, Inc.
 
Portfolio of Investments
 
October 31, 2013

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
LONG-TERM INVESTMENTS – 147.4% (100.0% of Total Investments)
           
     
MUNICIPAL BONDS – 147.4% (100.0% of Total Investments)
           
     
Alabama – 1.8% (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)
 
$
7,518,910
 
     
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–
   
1,241,363
 
 
1,000
 
4.250%, 6/01/31 – AGM Insured
6/21 at 100.00
AA–
   
991,410
 
 
9,250
 
Total Alabama
       
9,751,683
 
     
Arizona – 8.8% (6.0% 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+
   
1,354,139
 
 
1,850
 
5.000%, 2/01/21
No Opt. Call
BBB+
   
2,049,412
 
 
10,000
 
Arizona Sports and Tourism Authority, Senior Revenue Refunding Bonds, Multipurpose Stadium Facility Project, Series 2012A, 5.000%, 7/01/31
7/22 at 100.00
A1
   
10,354,900
 
     
Arizona State, Certificates of Participation, Series 2010A:
           
 
1,200
 
5.250%, 10/01/28 – AGM Insured
10/19 at 100.00
AA–
   
1,286,784
 
 
1,500
 
5.000%, 10/01/29 – AGM Insured
10/19 at 100.00
AA–
   
1,577,475
 
 
7,070
 
Arizona State, State Lottery Revenue Bonds, Series 2010A, 5.000%, 7/01/29 – AGC Insured
1/20 at 100.00
AA
   
7,460,547
 
 
2,750
 
Mesa, Arizona, Utility System Revenue Bonds, Tender Option Bond Trust, Series 11032-11034, 15.075%, 7/01/26 – AGM Insured (IF)
7/17 at 100.00
Aa2
   
2,601,500
 
 
10,000
 
Phoenix Civic Improvement Corporation, Arizona, Senior Lien Airport Revenue Bonds, Refunding Series 2013, 5.000%, 7/01/30 (Alternative Minimum Tax)
7/23 at 100.00
AA–
   
10,435,700
 
 
8,755
 
Phoenix, Arizona, Civic Improvement Revenue Bonds, Civic Plaza, Series 2005B, 5.500%, 7/01/39 – FGIC Insured
No Opt. Call
AA
   
9,463,192
 
 
44,345
 
Total Arizona
       
46,583,649
 
     
Arkansas – 0.4% (0.3% of Total Investments)
           
 
2,250
 
University of Arkansas, Fayetteville, Revenue Bonds, Medical Sciences Campus, Series 2004B, 5.000%, 11/01/24 (Pre-refunded 11/01/14) – NPFG Insured
11/14 at 100.00
Aa2 (4)
   
2,358,180
 
     
California – 20.4% (13.9% of Total Investments)
           
     
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2005AC:
           
 
220
 
5.000%, 12/01/24 (Pre-refunded 12/01/14) – NPFG Insured
12/14 at 100.00
Aa1 (4)
   
231,519
 
 
3,790
 
5.000%, 12/01/24 (Pre-refunded 12/01/14) – NPFG Insured
12/14 at 100.00
AAA
   
3,988,444
 
 
205
 
5.000%, 12/01/26 (Pre-refunded 12/01/14)
12/14 at 100.00
Aa1 (4)
   
215,734
 
 
3,760
 
5.000%, 12/01/26 (Pre-refunded 12/01/14)
12/14 at 100.00
AAA
   
3,956,874
 
 
1,020
 
California Health Facilities Financing Authority, Revenue Bonds, Children’s Hospital Los Angeles, Series 2012A, 5.000%, 11/15/23
11/22 at 100.00
BBB+
   
1,099,825
 
 
5,000
 
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2013A, 5.000%, 8/15/52
8/23 at 100.00
AA–
   
4,849,750
 
 
80
 
California State, General Obligation Bonds, Series 2002, 5.000%, 10/01/32 – NPFG Insured
4/14 at 100.00
A1
   
80,224
 
 
5
 
California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 – AMBAC Insured
4/14 at 100.00
A1
   
5,063
 
 
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)
   
3,820,949
 
 
7,000
 
California Statewide Communities Development Authority, Revenue Bonds, Sutter Health, Series 2011A, 6.000%, 8/15/42
8/20 at 100.00
AA–
   
8,004,780
 

Nuveen Investments
 
23

 
 

 
 
NQI
Nuveen Quality Municipal Fund, Inc. (continued)
 
Portfolio of Investments October 31, 2013

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
California (continued)
           
$
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+
 
$
910,890
 
 
5,000
 
Clovis Unified School District, Fresno County, California, General Obligation Bonds, Series 2001A, 0.000%, 8/01/25 – NPFG Insured (ETM)
No Opt. Call
AA+ (4)
   
3,429,050
 
     
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Series 1999:
           
 
22,985
 
0.000%, 1/15/24 – NPFG Insured
1/14 at 55.31
A
   
12,387,076
 
 
22,000
 
0.000%, 1/15/31 – NPFG Insured
1/14 at 36.24
A
   
7,318,960
 
 
50,000
 
0.000%, 1/15/37 – NPFG Insured
1/14 at 25.16
A
   
10,786,000
 
 
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
   
4,973,200
 
 
8,500
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/35 – FGIC Insured
6/15 at 100.00
A2
   
8,466,255
 
 
5,795
 
Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%, 11/01/25 – AGM Insured
No Opt. Call
Aa2
   
3,536,341
 
 
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–
   
1,217,813
 
 
3,785
 
Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue Bonds, Redevelopment Project 1, Series 1993, 5.850%, 8/01/22 – NPFG Insured (ETM)
2/14 at 100.00
A (4)
   
4,269,442
 
 
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–
   
2,057,060
 
     
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+
   
2,148,500
 
 
3,655
 
5.000%, 7/01/22 – NPFG Insured
7/15 at 100.00
AA+
   
3,926,384
 
 
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
A
   
8,070,831
 
 
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
   
2,438,170
 
 
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)
   
1,036,400
 
 
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)
   
1,580,510
 
 
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
   
3,349,359
 
 
175,900
 
Total California
       
108,155,403
 
     
Colorado – 6.9% (4.7% of Total Investments)
           
 
2,015
 
Board of Trustees of the University of Northern Colorado, Revenue Bonds, Series 2005, 5.000%, 6/01/22 – AGM Insured
6/15 at 100.00
AA–
   
2,141,381
 
     
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+
   
1,760,048
 
 
2,895
 
5.000%, 12/01/23
12/22 at 100.00
BBB+
   
3,065,487
 
 
4,200
 
5.000%, 12/01/24
12/22 at 100.00
BBB+
   
4,383,624
 
 
690
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013, 5.500%, 6/01/33
6/23 at 100.00
A–
   
703,089
 
 
2,540
 
Commerce City Northern Infrastructure General Improvement District, Colorado, General Obligation Bonds, Series 2013, 5.000%, 12/01/25 – AGM Insured
12/22 at 100.00
AA–
   
2,844,317
 
 
1,000
 
Denver City and County, Colorado, Airport Revenue Bonds, Series 2006, 5.000%, 11/15/24 – NPFG Insured
11/16 at 100.00
A+
   
1,094,830
 
 
5,365
 
Denver City and County, Colorado, Airport Revenue Bonds, Series 2006, 5.000%, 11/15/23 – NPFG Insured (UB)
11/16 at 100.00
A+
   
5,890,019
 

24
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Colorado (continued)
           
$
1,085
 
Denver, Colorado, Airport Revenue Bonds, Trust 2365, 13.836%, 11/15/25 – NPFG Insured (IF)
11/16 at 100.00
A+
 
$
1,421,176
 
 
9,880
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/32 – NPFG Insured
No Opt. Call
A
   
3,359,793
 
 
10,000
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/27 – NPFG Insured
No Opt. Call
A
   
4,922,400
 
     
Eagle River Water and Sanitation District, Eagle County, Colorado, Enterprise Wastewater Revenue Bonds, Series 2012:
           
 
400
 
5.000%, 12/01/32
No Opt. Call
A+
   
422,088
 
 
1,000
 
3.000%, 12/01/32
No Opt. Call
A+
   
795,560
 
 
1,250
 
Jefferson County School District R1, Colorado, General Obligation Bonds, Series 2004, 5.000%, 12/15/24 (Pre-refunded 12/15/14) – AGM Insured
12/14 at 100.00
Aa2 (4)
   
1,317,225
 
 
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–
   
946,000
 
 
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–
   
1,044,659
 
 
5
 
University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 – FGIC Insured
6/15 at 100.00
Aa2
   
5,220
 
     
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)
   
343,507
 
 
175
 
5.000%, 6/01/30 (Pre-refunded 6/01/15) – FGIC Insured
6/15 at 100.00
Aa2 (4)
   
187,856
 
 
46,440
 
Total Colorado
       
36,648,279
 
     
District of Columbia – 1.3% (0.8% of Total Investments)
           
 
1,335
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1606, 11.801%, 10/01/30 – AMBAC Insured (IF) (5)
10/16 at 100.00
AA+
   
1,375,197
 
 
3,920
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1730, 11.793%, 10/01/36 (Pre-refunded 10/01/16) – AMBAC Insured (IF) (5)
10/16 at 100.00
AA+ (4)
   
5,257,347
 
 
5,255
 
Total District of Columbia
       
6,632,544
 
     
Florida – 14.1% (9.6% 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–
   
4,676,280
 
 
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–
   
10,204,300
 
 
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–
   
2,207,160
 
 
1,025
 
Cityplace Community Development District, Florida, Special Assessment and Revenue Bonds, Refunding Series 2012, 5.000%, 5/01/26
No Opt. Call
A
   
1,092,496
 
 
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)
   
3,594,866
 
 
4,000
 
Davie, Florida, Water and Sewerage Revenue Bonds, Series 2011, 5.000%, 10/01/41 – AGM Insured
10/21 at 100.00
AA–
   
4,097,000
 
 
7,000
 
Florida Citizens Property Insurance Corporation, Personal and Commercial Lines Account Bonds, Senior Secured Series 2012A-1, 5.000%, 6/01/22
No Opt. Call
A+
   
7,818,370
 
 
2,550
 
Florida State Board of Education, Public Education Capital Outlay Bonds, Tender Option Bond Trust 2929, 17.349%, 12/01/16 – AGC Insured (IF) (5)
No Opt. Call
AAA
   
3,054,110
 
 
6,000
 
Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Subordinate Refunding Series 2013A, 5.000%, 10/01/21 (Alternative Minimum Tax)
No Opt. Call
A
   
6,754,320
 
 
600
 
Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Refunding Series 2012, 5.000%, 10/01/30
10/22 at 100.00
A1
   
626,292
 
 
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
   
1,053,910
 
 
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
   
13,076,308
 
 
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–
   
10,132,500
 

Nuveen Investments
 
25

 
 

 
 
NQI
Nuveen Quality Municipal Fund, Inc. (continued)
 
Portfolio of Investments October 31, 2013

 
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
 
$
4,213,201
 
 
2,000
 
Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Embry-Riddle Aeronautical University, Inc. Project, Refunding Series 2011, 5.000%, 10/15/29 – AGM Insured
10/21 at 100.00
AA–
   
2,089,340
 
 
71,310
 
Total Florida
       
74,690,453
 
     
Georgia – 3.4% (2.3% of Total Investments)
           
 
1,000
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2004, 5.000%, 11/01/22 (Pre-refunded 11/01/14) – AGM Insured
11/14 at 100.00
AA– (4)
   
1,048,250
 
 
7,000
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.375%, 11/01/39 – AGM Insured
11/19 at 100.00
AA–
   
7,289,100
 
 
2,000
 
City of Fairburn, Georgia, General Obligation Bonds, Series 2011, 5.750%, 12/01/31 – AGM Insured
12/21 at 100.00
AA–
   
2,159,320
 
 
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
   
7,438,712
 
 
17,295
 
Total Georgia
       
17,935,382
 
     
Hawaii – 1.0% (0.7% of Total Investments)
           
 
4,250
 
Hawaii State, General Obligation Bonds, Refunding Series 2011EA,
5.000%, 12/01/20
No Opt. Call
AA
   
5,112,155
 
     
Illinois – 9.7% (6.6% of Total Investments)
           
     
Bolingbrook, Illinois, General Obligation Bonds, Refunding Series 2013A:
           
 
675
 
5.000%, 1/01/25
7/23 at 100.00
Aa3
   
750,377
 
 
1,170
 
5.000%, 1/01/26
7/23 at 100.00
Aa3
   
1,282,636
 
 
3,490
 
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Refunding Series 2005A, 5.500%, 12/01/30 – AMBAC Insured
No Opt. Call
A+
   
3,508,427
 
 
2,235
 
Chicago Transit Authority, Illinois, Capital Grant Receipts Revenue Bonds, Federal Transit Administration Section 5307 Urbanized Area Formula Funds, Refunding Series 2011, 5.250%, 6/01/26 – AGM Insured
6/21 at 100.00
AA–
   
2,430,227
 
 
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
A
   
1,888,884
 
 
2,660
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2007B, 5.000%, 11/15/21 – NPFG Insured
11/17 at 100.00
AA
   
2,890,143
 
 
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–
   
2,403,005
 
 
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–
   
1,041,920
 
 
825
 
Illinois State, General Obligation Bonds, Refunding Series 2012,
5.000%, 8/01/25
8/22 at 100.00
A–
   
858,602
 
 
455
 
Illinois State, General Obligation Bonds, Series 2013, 5.500%, 7/01/38
7/23 at 100.00
A–
   
457,675
 
 
7,400
 
Macon County School District 61 Decatur, Illinois, General Obligation Bonds, Series 2011A, 5.250%, 1/01/37 – AGM Insured
1/21 at 100.00
A2
   
7,685,788
 
 
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
   
14,477,400
 
 
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
   
761,650
 
 
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
   
10,846,440
 
 
61,925
 
Total Illinois
       
51,283,174
 
     
Indiana – 4.2% (2.8% 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
   
3,639,816
 
 
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–
   
11,296,727
 

26
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Indiana (continued)
           
$
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+
 
$
3,705,208
 
 
3,375
 
Indiana Transportation Finance Authority, Highway Revenue Bonds, Series 1990A, 7.250%, 6/01/15 – AMBAC Insured
No Opt. Call
AA+
   
3,582,968
 
 
22,285
 
Total Indiana
       
22,224,719
 
     
Kansas – 1.0% (0.7% of Total Investments)
           
 
5,500
 
Kansas Development Finance Authority, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
1/20 at 100.00
AA–
   
5,540,260
 
     
Kentucky – 1.1% (0.7% of Total Investments)
           
 
3,015
 
Kentucky Asset/Liability Commission, General Fund Revenue Project Notes, First Series 2005, 5.000%, 5/01/25 – NPFG Insured
5/15 at 100.00
Aa3
   
3,169,368
 
 
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)
   
2,413,394
 
 
5,245
 
Total Kentucky
       
5,582,762
 
     
Louisiana – 5.2% (3.5% of Total Investments)
           
 
1,000
 
Lafayette Public Power Authority, Louisiana, Electric Revenue Bonds, Series 2012, 5.000%, 11/01/29
No Opt. Call
A+
   
1,072,620
 
     
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
   
11,364,638
 
 
8,940
 
4.500%, 5/01/41 – NPFG Insured (UB)
5/16 at 100.00
Aa1
   
8,842,554
 
 
10
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006, Residuals 660-1, 16.045%, 5/01/34 – NPFG Insured (IF)
5/16 at 100.00
Aa1
   
9,564
 
 
5
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006, Residuals 660-3, 16.013%, 5/01/34 – NPFG Insured (IF)
5/16 at 100.00
Aa1
   
4,783
 
 
5,000
 
Louisiana State, General Obligation Bonds, Series 2012C, 5.000%, 7/15/21
No Opt. Call
AA
   
6,000,050
 
 
26,280
 
Total Louisiana
       
27,294,209
 
     
Maine – 0.3% (0.2% of Total Investments)
           
 
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+
   
1,643,001
 
     
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+
   
4,189,760
 
 
6,000
 
Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, Series 2002A, 5.750%, 1/01/42 – AMBAC Insured
No Opt. Call
A
   
6,628,080
 
 
3,335
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Massachusetts Institute of Technology, Tender Option Bond Trust 11824, 13.557%, 1/01/16 (IF)
No Opt. Call
AAA
   
3,946,572
 
     
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)
   
1,260,688
 
 
1,000
 
5.250%, 1/01/22 (Pre-refunded 1/01/14) – FGIC Insured
1/14 at 100.00
A1 (4)
   
1,008,550
 
 
1,195
 
5.250%, 1/01/23 (Pre-refunded 1/01/14) – FGIC Insured
1/14 at 100.00
A1 (4)
   
1,205,217
 
 
2,000
 
5.250%, 1/01/24 (Pre-refunded 1/01/14) – FGIC Insured
1/14 at 100.00
A1 (4)
   
2,017,100
 
 
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+
   
3,483,815
 
 
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–
   
1,339,682
 
 
23,490
 
Total Massachusetts
       
25,079,464
 
     
Michigan – 3.0% (2.0% of Total Investments)
           
 
1,825
 
Marysville Public School District, St Claire County, Michigan, General Obligation Bonds, Series 2007, 5.000%, 5/01/28 – AGM Insured
5/17 at 100.00
Aa2
   
1,937,311
 
 
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
   
2,871,028
 

Nuveen Investments
 
27

 
 

 
 
NQI
Nuveen Quality Municipal Fund, Inc. (continued)
 
Portfolio of Investments October 31, 2013

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Michigan (continued)
           
$
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
 
$
10,841,898
 
 
15,160
 
Total Michigan
       
15,650,237
 
     
Minnesota – 0.4% (0.3% 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–
   
1,035,280
 
 
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
   
1,043,754
 
 
2,040
 
Total Minnesota
       
2,079,034
 
     
Mississippi – 1.7% (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)
   
2,766,721
 
 
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–
   
6,057,018
 
 
8,160
 
Total Mississippi
       
8,823,739
 
     
Nebraska – 2.6% (1.8% of Total Investments)
           
 
12,155
 
Lincoln, Nebraska, Electric System Revenue Bonds, Series 2007A, 4.500%, 9/01/37 – NPFG Insured (UB) (5)
9/17 at 100.00
AA
   
12,295,147
 
 
1,225
 
Lincoln, Nebraska, Water Revenue Bonds, Refunding Series 2013,
5.000%, 8/15/20
No Opt. Call
Aa1
   
1,470,036
 
 
13,380
 
Total Nebraska
       
13,765,183
 
     
Nevada – 2.0% (1.3% of Total Investments)
           
     
Clark County, Nevada, Airport Revenue Bonds, Jet Aviation Fuel Tax, Refunding Series 2013A:
           
 
2,500
 
5.000%, 7/01/25 (Alternative Minimum Tax)
1/23 at 100.00
A
   
2,682,250
 
 
2,500
 
5.000%, 7/01/26 (Alternative Minimum Tax)
1/23 at 100.00
A
   
2,653,700
 
 
5,000
 
5.000%, 7/01/27 (Alternative Minimum Tax)
1/23 at 100.00
A
   
5,222,100
 
 
10,000
 
Total Nevada
       
10,558,050
 
     
New Jersey – 3.1% (2.1% 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
   
1,747,821
 
 
1,700
 
5.000%, 7/01/23 – NPFG Insured
7/14 at 100.00
A
   
1,746,087
 
 
2,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/26
No Opt. Call
A+
   
1,096,020
 
 
4,475
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2007A, 5.000%, 12/15/34 – AMBAC Insured
No Opt. Call
AA+
   
4,802,212
 
 
6,000
 
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – AGM Insured
No Opt. Call
AA–
   
7,058,880
 
 
15,875
 
Total New Jersey
       
16,451,020
 
     
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 (Pre-refunded 6/01/14) – AMBAC Insured
6/14 at 100.00
AAA
   
1,383,077
 
 
3,290
 
5.000%, 6/01/23 (Pre-refunded 6/01/14) – AMBAC Insured
6/14 at 100.00
AAA
   
3,383,140
 
 
4,635
 
Total New Mexico
       
4,766,217
 
     
New York – 4.0% (2.7% of Total Investments)
           
 
50
 
Dormitory Authority of the State of New York, Revenue Bonds, School Districts Financing Program, Series 2002D, 5.500%, 10/01/17 – NPFG Insured
4/14 at 100.00
A+
   
50,219
 
 
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
   
3,865,351
 

28
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
New York (continued)
           
$
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
 
$
3,132,442
 
 
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
   
3,117,378
 
 
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–
   
2,051,540
 
 
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
   
1,373,437
 
 
1,740
 
New York Convention Center Development Corporation, Hotel Unit Fee Revenue Bonds, Series 2005, Trust 2364, 17.191%, 11/15/44 – AMBAC Insured (IF)
11/15 at 100.00
AA+
   
1,827,818
 
 
430
 
New York State Housing Finance Agency, Mortgage Revenue Refunding Bonds, Housing Project, Series 1996A, 6.125%, 11/01/20 – AGM Insured
5/14 at 100.00
AA–
   
430,942
 
     
New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series 2005B:
           
 
2,460
 
5.000%, 3/15/24 (Pre-refunded 3/15/15) – AGM Insured
3/15 at 100.00
AAA
   
2,621,105
 
 
2,465
 
5.000%, 3/15/25 (Pre-refunded 3/15/15) – AGM Insured
3/15 at 100.00
AAA
   
2,626,433
 
 
20,705
 
Total New York
       
21,096,665
 
     
North Dakota – 1.1% (0.7% of Total Investments)
           
     
Williston Parks and Recreation District, North Dakota, Sales Tax & Gross Revenue Bonds, Series 2012A:
           
 
600
 
3.000%, 3/01/18
No Opt. Call
A
   
625,692
 
 
970
 
4.000%, 3/01/19
No Opt. Call
A
   
1,047,619
 
 
1,085
 
5.000%, 3/01/21
No Opt. Call
A
   
1,225,019
 
 
2,830
 
Williston, North Dakota, Limited Obligation Bonds, Certificates of Indebtedness, Series 2013A, 2.500%, 11/01/15
11/14 at 100.00
N/R
   
2,846,782
 
 
5,485
 
Total North Dakota
       
5,745,112
 
     
Ohio – 3.6% (2.5% 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)
   
7,208,740
 
 
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+
   
8,813,719
 
 
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–
   
3,291,871
 
 
19,110
 
Total Ohio
       
19,314,330
 
     
Pennsylvania – 8.7% (5.9% 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
   
3,223,350
 
 
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–
   
1,192,145
 
 
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
   
6,051,511
 
 
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+
   
1,756,864
 
 
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–
   
2,529,821
 
 
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
   
3,961,275
 
 
5,400
 
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured
12/16 at 100.00
AA–
   
5,306,364
 

Nuveen Investments
 
29

 
 

 
 
NQI
Nuveen Quality Municipal Fund, Inc. (continued)
 
Portfolio of Investments October 31, 2013

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Pennsylvania (continued)
           
     
Philadelphia, Pennsylvania, Airport Revenue Bonds, Series 2010A:
           
$
5,000
 
5.000%, 6/15/35 – AGM Insured
6/20 at 100.00
AA–
 
$
5,075,700
 
 
7,850
 
5.000%, 6/15/40 – AGM Insured
6/20 at 100.00
AA–
   
7,920,022
 
 
2,000
 
Pittsburgh Public Parking Authority, Pennsylvania, Parking Revenue Bonds, Series 2005B, 5.000%, 12/01/23 – FGIC Insured
12/15 at 100.00
A
   
2,049,320
 
     
Scranton, Pennsylvania, Sewer Authority Revenue Bonds, Series 2011A:
           
 
1,125
 
5.250%, 12/01/31 – AGM Insured
12/21 at 100.00
AA–
   
1,177,718
 
 
1,000
 
5.500%, 12/01/35 – AGM Insured
12/21 at 100.00
AA–
   
1,051,870
 
 
5,790
 
Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, Series 2012B, 4.000%, 1/01/33
No Opt. Call
Baa3
   
4,984,611
 
 
46,145
 
Total Pennsylvania
       
46,280,571
 
     
Puerto Rico – 1.5% (1.0% of Total Investments)
           
 
2,500
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 5.000%, 7/01/22 – FGIC Insured
7/15 at 100.00
A
   
2,196,725
 
 
5,000
 
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/16 – FGIC Insured (ETM)
No Opt. Call
BBB+ (4)
   
5,673,550
 
 
7,500
 
Total Puerto Rico
       
7,870,275
 
     
South Carolina – 3.3% (2.2% of Total Investments)
           
 
2,425
 
Charleston County School District, South Carolina, General Obligation Bonds, Series 2004A, 5.000%, 2/01/22 (Pre-refunded 2/01/14) – AMBAC Insured
2/14 at 100.00
AA+ (4)
   
2,454,537
 
 
5,000
 
South Carolina Public Service Authority, Electric System Revenue Bonds, Santee Cooper, Refunding Series 2011B, 5.000%, 12/01/21
No Opt. Call
AA–
   
5,924,300
 
 
8,950
 
South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2007A, 4.500%, 10/01/34 – SYNCORA GTY Insured
10/16 at 100.00
A1
   
8,865,870
 
 
16,375
 
Total South Carolina
       
17,244,707
 
     
South Dakota – 0.4% (0.3% of Total Investments)
           
     
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Avera Health, Series 2012A:
           
 
250
 
5.000%, 7/01/27
7/21 at 100.00
AA–
   
261,730
 
 
1,850
 
5.000%, 7/01/42
7/21 at 100.00
AA–
   
1,851,628
 
 
2,100
 
Total South Dakota
       
2,113,358
 
     
Texas – 11.6% (7.9% of Total Investments)
           
 
2,280
 
Bexar County, Texas, Venue Project Revenue Bonds, Refunding Series 2010, 5.500%, 8/15/49 – AGM Insured
8/19 at 100.00
AA–
   
2,378,496
 
 
1,700
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.250%, 1/01/46
1/21 at 100.00
Baa2
   
1,743,180
 
 
1,500
 
Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Idea Public Schools, Series 2012, 3.750%, 8/15/22
No Opt. Call
BBB
   
1,465,155
 
 
3,135
 
Corpus Christi, Texas, Utility System Revenue Bonds, Series 2004, 5.250%, 7/15/20 (Pre-refunded 7/15/14) – AGM Insured
7/14 at 100.00
AA– (4)
   
3,247,954
 
 
5,000
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series 2013C, 5.000%, 11/01/38 (Alternative Minimum Tax)
11/22 at 100.00
A+
   
4,780,200
 
 
4,000
 
Harris County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Memorial Hermann Healthcare System, Series 2008B, 7.250%, 12/01/35 (Pre-refunded 12/01/18)
12/18 at 100.00
A+ (4)
   
5,209,000
 
 
4,700
 
Houston, Texas, First Lien Combined Utility System Revenue Bonds, First Lien Series 2004A, 5.250%, 5/15/24 – FGIC Insured
5/14 at 100.00
AA
   
4,821,119
 
     
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Facilities Department, Refunding Series 2011B:
           
 
3,500
 
5.125%, 9/01/32 – AGM Insured
9/16 at 100.00
AA–
   
3,586,380
 
 
2,055
 
5.125%, 9/01/33 – AGM Insured
9/16 at 100.00
AA–
   
2,104,608
 

30
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Texas (continued)
           
$
17,000
 
Houston, Texas, Junior Lien Water and Sewerage System Revenue Refunding Bonds, Series 2002A, 5.750%, 12/01/32 – AGM Insured (ETM)
No Opt. Call
AA (4)
 
$
21,752,860
 
 
2,000
 
Laredo Independent School District Public Facilities Corporation, Texas, Lease Revenue Bonds, Series 2004A, 5.000%, 8/01/24 – AMBAC Insured
2/14 at 100.00
A+
   
2,015,460
 
 
2,410
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Baylor Health Care System, Series 2011A,
5.000%, 11/15/30
11/21 at 100.00
AA–
   
2,500,375
 
     
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012:
           
 
2,500
 
5.000%, 12/15/29
No Opt. Call
A3
   
2,467,425
 
 
2,500
 
5.000%, 12/15/30
No Opt. Call
A3
   
2,454,800
 
 
800
 
5.000%, 12/15/32
No Opt. Call
A3
   
775,920
 
 
55,080
 
Total Texas
       
61,302,932
 
     
Utah – 0.8% (0.5% of Total Investments)
           
 
3,615
 
Utah Transit Authority, Sales Tax Revenue Bonds, Tender Option Bond Trust R-11752, 12.852%, 6/15/27 – AGM Insured (IF)
6/18 at 100.00
AAA
   
4,051,294
 
     
Washington – 9.2% (6.3% of Total Investments)
           
 
10,355
 
King County School District 403 Renton, Washington, General Obligation Bonds, Series 2012, 5.000%, 12/01/19
No Opt. Call
AA+
   
12,374,536
 
 
8,000
 
King County, Washington, Sewer Revenue Bonds, Series 2007, 5.000%, 1/01/42 – AGM Insured
7/17 at 100.00
AA+
   
8,240,960
 
 
1,665
 
King County, Washington, Sewer Revenue Bonds, Tender Option Bond Trust 3090, 13.461%, 7/01/32 – AGM Insured (IF) (5)
7/17 at 100.00
AA+
   
1,912,402
 
 
1,970
 
Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.625%, 1/01/35
1/21 at 100.00
A
   
2,024,746
 
 
10,000
 
Washington State, General Obligation Refunding Bonds, Various Purpose Series 2012R-13A, 5.000%, 7/01/21
No Opt. Call
AA+
   
11,965,600
 
 
21,510
 
Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2002-03C, 0.000%, 6/01/28 – NPFG Insured (UB)
No Opt. Call
AA+
   
12,281,565
 
 
53,500
 
Total Washington
       
48,799,809
 
     
West Virginia – 1.0% (0.7% of Total Investments)
           
 
5,110
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Refunding and Improvement Series 2013A, 5.500%, 6/01/44
6/23 at 100.00
A
   
5,253,438
 
     
Wisconsin – 3.6% (2.5% of Total Investments)
           
 
1,635
 
Green Bay, Wisconsin, Water System Revenue Bonds, Series 2004, 5.000%, 11/01/26 (Pre-refunded 11/01/14) – AGM Insured
11/14 at 100.00
Aa2 (4)
   
1,713,611
 
 
3,390
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2012B, 4.500%, 2/15/40
2/22 at 100.00
A–
   
3,040,591
 
 
11,000
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2012, 5.000%, 6/01/32
6/22 at 100.00
A2
   
11,079,749
 
 
1,250
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital, Inc., Series 2011A, 5.750%, 5/01/35
5/21 at 100.00
A
   
1,330,938
 
 
1,000
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Three Pillars Senior Living Communities, Refunding Series 2013, 5.000%, 8/15/33
8/23 at 100.00
A–
   
999,300
 
 
1,000
 
Wisconsin Public Power Incorporated System, Power Supply System Revenue Bonds, Series 2005A, 5.000%, 7/01/30 – AMBAC Insured
7/15 at 100.00
A1
   
1,042,540
 
 
19,275
 
Total Wisconsin
       
19,206,729
 

Nuveen Investments
 
31

 
 

 
 
NQI
Nuveen Quality Municipal Fund, Inc. (continued)
 
Portfolio of Investments October 31, 2013

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Wyoming – 0.6% (0.4% of Total Investments)
           
     
Teton County Hospital District, Wyoming, Hospital Revenue Bonds, St. John’s Medical Center Project, Series 2011B:
           
$
1,000
 
5.500%, 12/01/27
12/21 at 100.00
BBB
 
$
1,050,950
 
 
1,000
 
6.000%, 12/01/36
12/21 at 100.00
BBB
   
1,063,390
 
 
1,315
 
Wyoming Community Development Authority, Housing Revenue Bonds, 2012 Series 1, 4.375%, 12/01/32 (Alternative Minimum Tax)
12/21 at 100.00
AA+
   
1,236,994
 
 
3,315
 
Total Wyoming
       
3,351,334
 
$
849,225
 
Total Municipal Bonds (cost $763,875,107)
       
780,239,351
 

 
Principal
                 
 
Amount (000)
 
Description (1)
Coupon
Maturity
Ratings (3)
   
Value
 
     
CORPORATE BONDS – 0.0% (0.0% of Total Investments)
             
     
Transportation – 0.0% (0.0% of Total Investments)
             
$
585
 
Las Vegas Monorail Company, Senior Interest Bonds (6), (7)
5.500%
7/15/19
N/R
 
$
105,201
 
 
166
 
Las Vegas Monorail Company, Senior Interest Bonds (6), (7)
3.000%
7/15/55
N/R
   
22,259
 
$
751
 
Total Corporate Bonds (cost $29,729)
         
127,460
 
     
Total Long-Term Investments (cost $763,904,836)
         
780,366,811
 
     
Floating Rate Obligations – (7.2)%
         
(37,920,000
)
     
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (45.4)% (8)
         
(240,400,000
)
     
Other Assets Less Liabilities – 5.2%
         
27,335,564
 
     
Net Assets Applicable to Common Shares – 100%
       
$
529,382,375
 

(1)
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2)
Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(6)
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Directors. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
(7)
During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund’s custodian is not accruing income on the Fund’s records for either senior interest corporate bond.
(8)
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 30.8%.
(ETM)
Escrowed to maturity.
(IF)
Inverse floating rate investment.
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
 
See accompanying notes to financial statements.

32
 
Nuveen Investments

 
 

 

NIO
 
 
Nuveen Municipal Opportunity Fund, Inc.
 
Portfolio of Investments
 
October 31, 2013

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
LONG-TERM INVESTMENTS – 153.2% (100.0% of Total Investments)
           
     
MUNICIPAL BONDS – 153.2% (100.0% of Total Investments)
           
     
Alabama – 1.3% (0.8% of Total Investments)
           
$
10,500
 
Birmingham Waterworks and Sewerage Board, Alabama, Water and Sewerage Revenue Bonds, Series 2007A, 4.500%, 1/01/43 – BHAC Insured
1/17 at 100.00
AA+
 
$
10,087,245
 
 
10,195
 
Jefferson County, Alabama, Sewer Revenue Refunding Warrants, Series 1997A, 5.375%, 2/01/27 – FGIC Insured (4)
2/14 at 100.00
Ca
   
7,391,375
 
 
20,695
 
Total Alabama
       
17,478,620
 
     
Arizona – 3.4% (2.2% of Total Investments)
           
 
4,230
 
Apache County Industrial Development Authority, Arizona, Pollution Control Revenue Bonds, Tucson Electric Power Company, Series 20102A,
4.500%, 3/01/30
3/22 at 100.00
BBB
   
4,000,057
 
 
5,545
 
Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series 2012A, 5.000%, 1/01/43
1/22 at 100.00
AA–
   
5,566,736
 
     
Arizona State University, Certificates of Participation, Resh Infrastructure Projects, Series 2005A:
           
 
2,000
 
5.000%, 9/01/25 – AMBAC Insured
3/15 at 100.00
AA–
   
2,102,940
 
 
2,000
 
5.000%, 9/01/27 – AMBAC Insured
3/15 at 100.00
AA–
   
2,080,620
 
 
1,000
 
Arizona State University, System Revenue Bonds, Series 2005, 5.000%,
7/01/27 – AMBAC Insured
7/15 at 100.00
Aa3
   
1,050,850
 
 
3,000
 
Arizona State, Certificates of Participation, Department of Administration Series 2010B, 5.000%, 10/01/29 – AGC Insured
4/20 at 100.00
AA–
   
3,111,450
 
 
1,000
 
Maricopa County Union High School District 210, Phoenix, Arizona, General Obligation Bonds, Series 2004A, 5.000%, 7/01/22 (Pre-refunded 7/01/14) – AGM Insured
7/14 at 100.00
AA (5)
   
1,032,410
 
 
5,200
 
Mesa, Arizona, Utility System Revenue Bonds, Tender Option Bond Trust, Series 11032-11034, 15.045%, 7/01/26 – AGM Insured (IF)
7/17 at 100.00
Aa2
   
4,919,200
 
 
1,150
 
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Wastewater System Revenue Bonds, Series 2004, 5.000%, 7/01/27 – NPFG Insured
7/14 at 100.00
AA+
   
1,175,760
 
 
13,490
 
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Water System Revenue Bonds, Series 2005, 4.750%, 7/01/25 – NPFG Insured
7/15 at 100.00
AAA
   
14,368,064
 
 
5,000
 
Phoenix Civic Improvement Corporation, Arizona, Subordinate Excise Tax Revenue Bonds, Civic Plaza Expansion Project, Series 2005A, 5.000%, 7/01/41 – FGIC Insured
7/15 at 100.00
AA+
   
5,107,600
 
 
2,000
 
Yavapai County Industrial Development Authority, Arizona, Hospital Revenue Bonds, Yavapai Regional Medical Center, Series 2013A, 5.250%, 8/01/33
8/23 at 100.00
Baa1
   
1,993,740
 
 
45,615
 
Total Arizona
       
46,509,427
 
     
Arkansas – 0.2% (0.1% of Total Investments)
           
 
2,660
 
Arkansas State University, Student Fee Revenue Bonds, Beebe Campus, Series 2006, 5.000%, 9/01/35 – AMBAC Insured
9/15 at 100.00
A1
   
2,736,156
 
     
California – 18.9% (12.4% of Total Investments)
           
 
5,600
 
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate Lien Series 2004A, 0.000%, 10/01/20 –
AMBAC Insured
No Opt. Call
BBB+
   
4,452,560
 
     
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2005AC:
           
 
30
 
5.000%, 12/01/24 (Pre-refunded 12/01/14) – NPFG Insured
12/14 at 100.00
AAA
   
31,571
 
 
200
 
5.000%, 12/01/24 (Pre-refunded 12/01/14) – NPFG Insured
12/14 at 100.00
Aa1 (5)
   
210,472
 
 
3,470
 
5.000%, 12/01/24 (Pre-refunded 12/01/14) – NPFG Insured
12/14 at 100.00
AAA
   
3,651,689
 
 
25
 
5.000%, 12/01/27 (Pre-refunded 12/01/14) – NPFG Insured
12/14 at 100.00
AAA
   
26,309
 
 
140
 
5.000%, 12/01/27 (Pre-refunded 12/01/14) – NPFG Insured
12/14 at 100.00
Aa1 (5)
   
147,330
 
 
2,655
 
5.000%, 12/01/27 (Pre-refunded 12/01/14) – NPFG Insured
12/14 at 100.00
AAA
   
2,794,016
 

Nuveen Investments
 
33

 
 

 

NIO
Nuveen Municipal Opportunity Fund, Inc. (continued)
 
Portfolio of Investments October 31, 2013

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
California (continued)
           
$
3,000
 
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children’s Hospital, Series 2012A, 5.000%, 8/15/51
8/22 at 100.00
AA
 
$
2,974,590
 
 
710
 
California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, Series 2013A, 5.000%, 7/01/37
7/23 at 100.00
AA–
   
719,734
 
     
California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and Clinics, Tender Option Bond Trust 3294:
           
 
3,220
 
9.293%, 2/15/20 (IF) (6)
No Opt. Call
AA–
   
3,219,485
 
 
1,275
 
9.293%, 2/15/20 (IF) (6)
No Opt. Call
AA–
   
1,274,796
 
 
1,215
 
9.285%, 2/15/20 (IF) (6)
No Opt. Call
AA–
   
1,214,805
 
 
10,150
 
California State, General Obligation Bonds, Series 2004, 5.000%, 6/01/31 – AMBAC Insured
12/14 at 100.00
A1
   
10,464,650
 
 
3,500
 
Coachella Valley Unified School District, Riverside County, California, General Obligation Bonds, Series 2005A, 5.000%, 8/01/26 – FGIC Insured
8/15 at 100.00
A1
   
3,701,810
 
 
5,750
 
East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, Water System Subordinated Revenue Bonds, Series 2005A, 5.000%, 6/01/27 – NPFG Insured
6/15 at 100.00
AAA
   
6,050,093
 
 
10,000
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/38 – FGIC Insured
6/15 at 100.00
A2
   
9,832,800
 
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
           
 
13,620
 
4.500%, 6/01/27
6/17 at 100.00
B
   
11,648,914
 
 
5,290
 
5.000%, 6/01/33
6/17 at 100.00
B
   
4,077,797
 
 
1,520
 
Hayward Redevelopment Agency, California, Downtown Redevelopment Project Tax Allocation Bonds, Series 2006, 5.000%, 3/01/36 – SYNCORA
GTY Insured
3/16 at 100.00
A–
   
1,481,970
 
 
5,600
 
Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%, 11/01/24 – AGM Insured
No Opt. Call
Aa2
   
3,623,536
 
 
2,740
 
Los Angeles Harbors Department, California, Revenue Bonds, Series 2006A, 5.000%, 8/01/22 – FGIC Insured (Alternative Minimum Tax)
8/16 at 102.00
AA
   
3,062,224
 
 
3,000
 
Los Angeles Unified School District, California, General Obligation Bonds, Series 2006F, 5.000%, 7/01/24 – FGIC Insured
7/16 at 100.00
Aa2
   
3,308,130
 
 
5,720
 
Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43
8/35 at 100.00
AA
   
2,731,929
 
 
5,200
 
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 – AGC Insured
8/29 at 100.00
AA–
   
4,130,308
 
     
Poway Redevelopment Agency, California, Tax Allocation Bonds, Paguay Redevelopment Project, Series 2001:
           
 
15,000
 
5.200%, 6/15/30 – AMBAC Insured
12/13 at 100.00
N/R
   
14,999,550
 
 
6,000
 
5.125%, 6/15/33 – AMBAC Insured
12/13 at 100.00
N/R
   
5,901,240
 
 
2,035
 
Redding, California, Electric System Revenue Certificates of Participation, Series 2005, 5.000%, 6/01/30 – FGIC Insured
6/15 at 100.00
A
   
2,050,140
 
 
6,000
 
Redlands Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2003, 5.000%, 7/01/26 – AGM Insured
1/14 at 100.00
AA–
   
6,019,500
 
 
2,970
 
Riverside Community College District, California, General Obligation Bonds, Series 2005, 5.000%, 8/01/22 – AGM Insured
8/15 at 100.00
AA
   
3,194,294
 
 
510
 
Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series 2013A, 5.750%, 6/01/48
6/23 at 100.00
BBB–
   
508,292
 
 
2,500
 
Sacramento County Sanitation District Financing Authority, California, Revenue Bonds, Series 2005B, 4.750%, 12/01/21 – FGIC Insured
12/15 at 100.00
AA
   
2,676,000
 
 
4,000
 
San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Governmental Purpose, Second Series 2013B,
5.000%, 5/01/43
5/23 at 100.00
A+
   
4,069,640
 
 
66,685
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Senior Lien Toll Road Revenue Bonds, Series 1993, 0.000%, 1/01/21 (ETM)
No Opt. Call
Aaa
   
56,524,207
 
     
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A:
           
 
31,615
 
5.250%, 1/15/30 – NPFG Insured
1/14 at 100.00
A
   
30,508,791
 
 
21,500
 
0.000%, 1/15/32 – NPFG Insured
No Opt. Call
A
   
6,816,790
 

34
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
California (continued)
           
$
21,255
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C, 4.250%, 8/01/30 – NPFG Insured
8/17 at 100.00
A
 
$
19,135,026
 
 
11,250
 
Santa Ana Financing Authority, California, Lease Revenue Bonds, Police Administration and Housing Facility, Series 1994A, 6.250%, 7/01/24 –
NPFG Insured
No Opt. Call
A
   
12,544,763
 
 
6,785
 
Santa Clara Valley Water District, California, Water Revenue Bonds, Series 2006A, 3.750%, 6/01/25 – AGM Insured
6/16 at 100.00
Aa1
   
6,927,892
 
 
5,000
 
Walnut Energy Center Authority, California, Electric Revenue Bonds, Turlock Irrigation District, Series 2004A, 5.000%, 1/01/34 – AMBAC Insured
1/14 at 100.00
A+
   
5,026,050
 
 
296,735
 
Total California
       
261,733,693
 
     
Colorado – 4.9% (3.2% of Total Investments)
           
 
1,080
 
Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/40 – SYNCORA GTY Insured
10/16 at 100.00
BBB–
   
1,002,272
 
 
1,900
 
Aspen, Colorado, Sales Tax Revenue Bonds, Parks and Open Space, Series 2005B, 5.250%, 11/01/24 (Pre-refunded 11/01/15) – AGM Insured
11/15 at 100.00
Aa2 (5)
   
2,087,055
 
 
1,000
 
Colorado Department of Transportation, Certificates of Participation, Series 2004, 5.000%, 6/15/25 (Pre-refunded 6/15/14) – NPFG Insured
6/14 at 100.00
AA– (5)
   
1,030,250
 
 
550
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013, 5.625%, 6/01/43
6/23 at 100.00
A–
   
557,700
 
 
7,415
 
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 11/15/43
11/23 at 100.00
A
   
7,461,418
 
 
4,950
 
Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Senior Lien Series 2003A, 5.000%, 12/01/33 (Pre-refunded 12/01/13) – SYNCORA GTY Insured
12/13 at 100.00
N/R (5)
   
4,969,949
 
 
1,740
 
Douglas County School District RE1, Douglas and Elbert Counties, Colorado, General Obligation Bonds, Series 2005B, 5.000%, 12/15/28 (Pre-refunded 12/15/14) – AGM Insured
12/14 at 100.00
Aa1 (5)
   
1,833,577
 
 
35,995
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 9/01/23 – NPFG Insured
No Opt. Call
A
   
23,439,944
 
 
10,000
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/27 – NPFG Insured
No Opt. Call
A
   
4,922,400
 
 
4,520
 
Jefferson County School District R1, Colorado, General Obligation Bonds, Series 2004, 5.000%, 12/15/24 (Pre-refunded 12/15/14) – AGM Insured
12/14 at 100.00
Aa2 (5)
   
4,763,086
 
 
4,335
 
Poudre Tech Metro District, Colorado, Unlimited Property Tax Supported Revenue Bonds, Refunding & Improvement Series 2010A, 5.000%, 12/01/39 – AGM Insured
12/20 at 100.00
AA–
   
4,116,906
 
 
2,500
 
Summit County School District RE-1, Summit, Colorado, General Obligation Bonds, Series 2004B, 5.000%, 12/01/24 (Pre-refunded 12/01/14) –
FGIC Insured
12/14 at 100.00
Aa2 (5)
   
2,630,450
 
 
8,500
 
University of Colorado Hospital Authority, Colorado, Revenue Bonds, Series 2012A, 5.000%, 11/15/42
11/22 at 100.00
A+
   
8,352,780
 
 
15
 
University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 – FGIC Insured
6/15 at 100.00
Aa2
   
15,660
 
     
University of Colorado, Enterprise System Revenue Bonds, Series 2005:
           
 
645
 
5.000%, 6/01/30 (Pre-refunded 6/01/15) – FGIC Insured
6/15 at 100.00
Aa2 (5)
   
692,382
 
 
340
 
5.000%, 6/01/30 (Pre-refunded 6/01/15) – FGIC Insured
6/15 at 100.00
Aa2 (5)
   
364,976
 
 
85,485
 
Total Colorado
       
68,240,805
 
     
Connecticut – 0.2% (0.2% of Total Investments)
           
 
3,250
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Wesleyan University, Series 2010G, 5.000%, 7/01/39
7/20 at 100.00
AA
   
3,382,373
 
     
District of Columbia – 0.4% (0.2% of Total Investments)
           
 
2,850
 
District of Columbia Student Dormitory Revenue Bonds, Provident Group – Howard Properties LLC Issue, Series 2013, 5.000%, 10/01/45
10/22 at 100.00
BBB–
   
2,468,471
 
 
2,670
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1606, 11.801%, 10/01/30 – AMBAC Insured (IF) (6)
10/16 at 100.00
AA+
   
2,750,394
 
 
5,520
 
Total District of Columbia
       
5,218,865
 

Nuveen Investments
 
35

 
 

 
 
NIO
Nuveen Municipal Opportunity Fund, Inc. (continued)
 
Portfolio of Investments October 31, 2013

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Florida – 17.6% (11.5% of Total Investments)
           
$
1,250
 
Bay County, Florida, Water System Revenue Bonds, Series 2005, 5.000%,
9/01/24 – AMBAC Insured
9/15 at 100.00
A1
 
$
1,338,100
 
 
1,275
 
Broward County, Florida, Airport System Revenue Bonds, Series 2004L, 5.000%, 10/01/23 – AMBAC Insured
10/14 at 100.00
A+
   
1,324,190
 
 
875
 
Broward County, Florida, Airport System Revenue Bonds, Series 2004L, 5.000%, 10/01/23 (Pre-refunded 10/01/14) – AMBAC Insured
10/14 at 100.00
A1 (5)
   
913,115
 
 
6,000
 
Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 – AGM Insured
10/21 at 100.00
AA–
   
6,122,580
 
     
Clay County, Florida, Utility System Revenue Bonds, Series 2007:
           
 
5,110
 
5.000%, 11/01/27 – AGM Insured (UB)
11/17 at 100.00
Aa2
   
5,534,232
 
 
12,585
 
5.000%, 11/01/32 – AGM Insured (UB)
11/17 at 100.00
Aa2
   
13,102,621
 
 
1,500
 
Collier County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/23 (Pre-refunded 10/01/14) – NPFG Insured
10/14 at 100.00
AA– (5)
   
1,562,985
 
 
3,000
 
Collier County, Florida, Gas Tax Revenue Bonds, Series 2005, 5.000%,
6/01/22 – AMBAC Insured
6/15 at 100.00
AA–
   
3,181,290
 
     
Dade County Housing Finance Authority, Florida, Multifamily Mortgage Revenue Bonds, Siesta Pointe Apartments Project, Series 1997A:
           
 
1,005
 
5.650%, 9/01/17 – AGM Insured (Alternative Minimum Tax)
3/14 at 100.00
AA+
   
1,007,643
 
 
1,890
 
5.750%, 9/01/29 – AGM Insured (Alternative Minimum Tax)
3/14 at 100.00
AA+
   
1,891,644
 
 
2,500
 
Escambia County School Board, Florida, Certificates of Participation, Series 2004, 5.000%, 2/01/22 – NPFG Insured
2/15 at 100.00
A
   
2,544,100
 
 
2,500
 
Flagler County School Board, Florida, Certificates of Participation, Master Lease Revenue Program, Series 2005A, 5.000%, 8/01/30 – AGM Insured
8/15 at 100.00
AA–
   
2,607,125
 
 
1,200
 
Flagler County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/30 – NPFG Insured
10/15 at 100.00
A
   
1,217,796
 
 
90
 
Florida Municipal Loan Council, Revenue Bonds, Series 2001A, 5.250%, 11/01/18
11/13 at 100.00
Baa1
   
90,248
 
 
1,915
 
Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006, 5.500%, 6/01/38 – AGM Insured
6/18 at 100.00
AA–
   
1,959,600
 
 
2,500
 
Hillsborough County Industrial Development Authority, Florida, Industrial Development Revenue Bonds, University Community Hospital, Series 1994, 6.500%, 8/15/19 – NPFG Insured (ETM)
No Opt. Call
Aaa
   
2,989,850
 
 
1,000
 
Hillsborough County School Board, Florida, Certificates of Participation, Master Lease Program, Series 2005A, 5.000%, 7/01/26 – NPFG Insured
7/15 at 100.00
Aa2
   
1,058,410
 
 
1,000
 
Hillsborough County, Florida, Revenue Refunding Bonds, Tampa Bay Arena, Series 2005, 5.000%, 10/01/25 – FGIC Insured
10/15 at 100.00
AA+
   
1,083,970
 
 
2,595
 
Indian River County School Board, Florida, Certificates of Participation, Series 2005, 5.000%, 7/01/22 – NPFG Insured
7/15 at 100.00
A+
   
2,765,673
 
     
Indian Trace Development District, Florida, Water Management Special Benefit Assessment Bonds, Series 2005:
           
 
1,645
 
5.000%, 5/01/25 – NPFG Insured
5/15 at 102.00
Baa1
   
1,719,699
 
 
1,830
 
5.000%, 5/01/27 – NPFG Insured
5/15 at 102.00
Baa1
   
1,902,377
 
 
1,500
 
JEA, Florida, Water and Sewerage System Revenue Bonds, Crossover Refunding Series 2007B, 5.000%, 10/01/24 – NPFG Insured
10/14 at 100.00
AA
   
1,562,400
 
 
4,665
 
Lee County, Florida, Airport Revenue Refunding Bonds, Series 2011A, 5.375%, 10/01/32 – AGM Insured (Alternative Minimum Tax)
8/21 at 100.00
AA–
   
4,835,739
 
 
1,230
 
Lee County, Florida, Local Option Gas Tax Revenue Bonds, Series 2004, 5.000%, 10/01/20 – FGIC Insured
10/14 at 100.00
A2
   
1,254,403
 
 
1,505
 
Lee County, Florida, Transportation Facilities Revenue Bonds, Series 2004B, 5.000%, 10/01/21 – AMBAC Insured
10/14 at 100.00
A–
   
1,555,177
 
 
1,000
 
Lee Memorial Health System, Florida, Hospital Revenue Bonds, Series 2007A, 5.000%, 4/01/32 – NPFG Insured
4/17 at 100.00
A
   
1,005,410
 
 
3,000
 
Leesburg, Florida, Utility Revenue Bonds, Series 2007, 5.000%, 10/01/37 – NPFG Insured
10/17 at 100.00
Aa3
   
3,062,160
 

36
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Florida (continued)
           
     
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Refunding Series 2012A:
           
$
3,200
 
5.000%, 10/01/30 (Alternative Minimum Tax)
No Opt. Call
A
 
$
3,264,480
 
 
1,545
 
5.000%, 10/01/31 (Alternative Minimum Tax)
No Opt. Call
A
   
1,568,252
 
 
2,200
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2002A, 5.125%, 10/01/35 – AGM Insured (Alternative
Minimum Tax)
4/13 at 100.00
AA–
   
2,200,286
 
 
12,930
 
Miami-Dade County, Florida, Public Facilities Revenue Bonds, Jackson Health System, Series 2005A, 5.000%, 6/01/32 – NPFG Insured
12/15 at 100.00
Aa3
   
13,085,419
 
 
5,320
 
Miami-Dade County, Florida, Public Facilities Revenue Bonds, Jackson Health System, Series 2005B, 5.000%, 6/01/25 – NPFG Insured
6/15 at 100.00
Aa3
   
5,530,406
 
 
3,000
 
Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2008, 5.000%, 7/01/35 – AGM Insured
7/18 at 100.00
AA
   
3,088,020
 
 
2,000
 
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Refunding Series 2008B, 5.250%, 10/01/22 – AGM Insured
No Opt. Call
AA–
   
2,366,480
 
 
6,655
 
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, 5.000%, 10/01/42
10/22 at 100.00
Aa3
   
6,764,874
 
     
Northern Palm Beach County Improvement District, Florida, Revenue Bonds, Water Control and Improvement Development Unit 9B, Series 2005:
           
 
1,290
 
5.000%, 8/01/23 – NPFG Insured
8/15 at 102.00
A
   
1,342,439
 
 
2,145
 
5.000%, 8/01/29 – NPFG Insured
8/15 at 102.00
A
   
2,180,006
 
 
2,000
 
Okaloosa County, Florida, Water and Sewer Revenue Bonds, Series 2006, 5.000%, 7/01/36 – AGM Insured
7/16 at 100.00
AA–
   
2,053,520
 
 
3,500
 
Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, Inc., Series 2012A, 5.000%, 10/01/42
4/22 at 100.00
A
   
3,398,290
 
 
1,000
 
Orange County School Board, Florida, Certificates of Participation, Series 2007A, 5.000%, 8/01/27 – FGIC Insured
8/17 at 100.00
Aa2
   
1,087,900
 
 
2,500
 
Orange County, Florida, Tourist Development Tax Revenue Bonds, Series 2006, 5.000%, 10/01/31 – SYNCORA GTY Insured
10/16 at 100.00
AA–
   
2,623,150
 
     
Osceola County, Florida, Transportation Revenue Bonds, Osceola Parkway, Series 2004:
           
 
2,500
 
5.000%, 4/01/21 – NPFG Insured
4/14 at 100.00
Aa3
   
2,547,375
 
 
7,820
 
5.000%, 4/01/23 – NPFG Insured
4/14 at 100.00
Aa3
   
7,952,862
 
 
1,750
 
Palm Bay, Florida, Utility System Revenue Bonds, Palm Bay Utility Corporation, Series 2003, 5.000%, 10/01/20 – NPFG Insured
4/14 at 100.00
Aa3
   
1,756,843
 
 
985
 
Palm Beach County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, Westlake Apartments Phase II, Series 2002, 5.150%, 7/01/22 – AGM Insured (Alternative Minimum Tax)
1/14 at 100.00
AA–
   
986,093
 
 
2,150
 
Palm Beach County School Board, Florida, Certificates of Participation, Series 2004A, 5.000%, 8/01/24 (Pre-refunded 8/01/14) – FGIC Insured
8/14 at 100.00
AA– (5)
   
2,228,045
 
 
3,000
 
Palm Beach County School Board, Florida, Certificates of Participation, Series 2007E, 5.000%, 8/01/27 – NPFG Insured
8/17 at 100.00
AA–
   
3,245,400
 
 
8,000
 
Palm Beach County Solid Waste Authority, Florida, Revenue Bonds, Series 2002B, 0.000%, 10/01/14 – AMBAC Insured
No Opt. Call
AA+
   
7,982,400
 
 
3,000
 
Pasco County, Florida, Water and Sewer Revenue Bonds, Series 2006 Refunding, 5.000%, 10/01/36 - AGM Insured
4/16 at 100.00
AA
   
3,183,300
 
 
1,170
 
Polk County, Florida, Utility System Revenue Bonds, Series 2004A, 5.000%, 10/01/24 – FGIC Insured
10/14 at 100.00
Aa3
   
1,210,213
 
 
1,000
 
Port Saint Lucie, Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, Series 2007, 5.000%, 7/01/33 – NPFG Insured
7/17 at 100.00
A
   
1,012,960
 
     
Port St. Lucie, Florida, Utility System Revenue Bonds, Refunding Series 2009:
           
 
5,450
 
5.250%, 9/01/35 – AGC Insured
9/18 at 100.00
AA–
   
5,894,884
 
 
8,500
 
5.000%, 9/01/35 – AGC Insured
9/18 at 100.00
AA–
   
8,868,645
 
 
1,000
 
Port St. Lucie, Florida, Utility System Revenue Bonds, Series 2004, 5.000%, 9/01/21 (Pre-refunded 9/01/14) – NPFG Insured
9/14 at 100.00
AA– (5)
   
1,040,010
 

Nuveen Investments
 
37

 
 

 
 
NIO
Nuveen Municipal Opportunity Fund, Inc. (continued)
 
Portfolio of Investments October 31, 2013

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Florida (continued)
           
$
1,895
 
Reedy Creek Improvement District, Orange and Osceola Counties, Florida, General Obligation Bonds, Series 2005B, 5.000%, 6/01/25 – AMBAC Insured
6/15 at 100.00
Aa3
 
$
2,004,891
 
 
4,260
 
Saint Lucie County School Board, Florida, Certificates of Participation, Master Lease Program, Series 2004A, 5.000%, 7/01/24 (Pre-refunded 7/01/14) – AGM Insured
7/14 at 100.00
AA– (5)
   
4,397,768
 
 
5,740
 
Seminole County, Florida, Water and Sewer Revenue Bonds, Refunding & Improvement Series 1992, 6.000%, 10/01/19 – NPFG Insured (ETM)
No Opt. Call
Aa2 (5)
   
6,759,654
 
 
2,185
 
Seminole County, Florida, Water and Sewer Revenue Bonds, Refunding & Improvement Series 1992, 6.000%, 10/01/19 – NPFG Insured
No Opt. Call
Aa2
   
2,305,896
 
     
St. Lucie County, Florida, Utility System Revenue Refunding Bonds,
Series 1993:
           
 
2,635
 
5.500%, 10/01/15 – FGIC Insured (ETM)
No Opt. Call
N/R (5)
   
2,790,887
 
 
1,200
 
5.500%, 10/01/21 – FGIC Insured (ETM)
No Opt. Call
N/R (5)
   
1,452,780
 
     
St. Petersburg, Florida, Sales Tax Revenue Bonds, Professional Sports Facility, Series 2003:
           
 
1,475
 
5.125%, 10/01/20 – AGM Insured
4/14 at 100.00
A1
   
1,480,856
 
 
1,555
 
5.125%, 10/01/21 – AGM Insured
4/14 at 100.00
A1
   
1,561,065
 
 
2,500
 
Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/29 – NPFG Insured
10/15 at 100.00
AA
   
2,641,275
 
 
400
 
Tamarac, Florida, Utility System Revenue Bonds, Series 2009, 5.000%, 10/01/39 – AGC Insured
10/19 at 100.00
Aa2
   
415,324
 
 
1,500
 
Tampa, Florida, Healthcare System Revenue Bonds, Allegany Health System – St. Joseph’s Hospital, Series 1993, 5.125%, 12/01/23 – NPFG Insured (ETM)
12/13 at 100.00
Aaa
   
1,518,075
 
 
10,335
 
Tampa, Florida, Revenue Bonds, University of Tampa, Series 2006, 5.000%, 4/01/35 – CIFG Insured
4/16 at 100.00
A3
   
10,280,741
 
 
16,095
 
Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Refunding Series 2012B, 5.000%, 7/01/42
No Opt. Call
A–
   
16,308,581
 
 
1,390
 
Venice, Florida, General Obligation Bonds, Series 2004, 5.000%, 2/01/24 – AMBAC Insured
2/14 at 100.00
AA+
   
1,406,207
 
 
4,275
 
Volusia County School Board, Florida, Certificates of Participation, Series 2005B, 5.000%, 8/01/24 – AGM Insured
8/15 at 100.00
Aa3
   
4,546,762
 
 
2,000
 
Volusia County, Florida, Gas Tax Revenue Bonds, Series 2004, 5.000%, 10/01/21 (Pre-refunded 10/01/14) – AGM Insured
10/14 at 100.00
AA– (5)
   
2,087,860
 
 
12,000
 
Volusia County, Florida, School Board Certificates of Participation, Master Lease Program Series 2007, 5.000%, 8/01/32 – AGM Insured
8/17 at 100.00
Aa3
   
12,179,280
 
 
1,785
 
Volusia County, Florida, Tax Revenue Bonds, Tourist Development, Series 2004, 5.000%, 12/01/24 – AGM Insured
12/14 at 100.00
A2
   
1,872,411
 
 
235,000
 
Total Florida
       
243,665,402
 
     
Georgia – 2.3% (1.5% of Total Investments)
           
 
1,000
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2004, 5.000%, 11/01/22 (Pre-refunded 11/01/14) – AGM Insured
11/14 at 100.00
AA– (5)
   
1,048,250
 
 
10,000
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.375%, 11/01/39 – AGM Insured
11/19 at 100.00
AA–
   
10,413,000
 
 
1,155
 
Augusta, Georgia, Water and Sewerage Revenue Bonds, Series 2004, 5.250%, 10/01/39 – AGM Insured
10/14 at 100.00
AA–
   
1,190,031
 
 
2,825
 
Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Refunding Series 2007, 4.000%, 8/01/26
8/20 at 100.00
AA
   
2,944,272
 
 
1,520
 
College Park Business and Industrial Development Authority, Georgia, Revenue Bonds, Public Safety Project, Series 2004, 5.250%, 9/01/23 (Pre-refunded 9/01/14) – NPFG Insured
9/14 at 102.00
AA– (5)
   
1,614,696
 
     
Fulton County Development Authority, Georgia, Revenue Bonds, Georgia Tech Molecular Science Building, Series 2004:
           
 
1,695
 
5.250%, 5/01/19 – NPFG Insured
5/14 at 100.00
Aa3
   
1,734,934
 
 
1,135
 
5.250%, 5/01/20 – NPFG Insured
5/14 at 100.00
Aa3
   
1,161,162
 
 
4,500
 
5.000%, 5/01/36 – NPFG Insured
5/14 at 100.00
Aa3
   
4,567,545
 
 
5,295
 
Greene County Development Authority, Georgia, Health System Revenue Bonds, Catholic Health East Issue, Series 2012, 4.250%, 11/15/42
No Opt. Call
Aa2
   
4,609,615
 
 
2,250
 
Gwinnett County Hospital Authority, Georgia, Revenue Anticipation Certificates, Gwinnett Hospital System Inc. Project, Series 2007C, 5.500%, 7/01/39 –
AGM Insured
7/19 at 100.00
A+
   
2,318,738
 
 
31,375
 
Total Georgia
       
31,602,243
 

38
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Hawaii – 0.0% (0.0% of Total Investments)
           
     
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific University, Series 2013A:
           
$
250
 
6.625%, 7/01/33
7/23 at 100.00
BB+
 
$
250,280
 
 
170
 
6.875%, 7/01/43
7/23 at 100.00
BB+
   
170,009
 
 
420
 
Total Hawaii
       
420,289
 
     
Idaho – 0.9% (0.6% of Total Investments)
           
 
9,700
 
Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project, Series 2012A, 5.000%, 3/01/47 – AGM Insured
3/22 at 100.00
A
   
9,691,464
 
     
Idaho Housing and Finance Association, Grant and Revenue Anticipation Bonds, Federal Highway Trust Funds, Series 2006:
           
 
1,000
 
5.000%, 7/15/23 – NPFG Insured
7/16 at 100.00
Aa3
   
1,094,170
 
 
1,065
 
5.000%, 7/15/24 – NPFG Insured
7/16 at 100.00
Aa3
   
1,165,291
 
 
11,765
 
Total Idaho
       
11,950,925
 
     
Illinois – 9.8% (6.4% of Total Investments)
           
 
1,050
 
Bedford Park, Illinois, General Obligation Bonds, Series 2004A, 5.250%, 12/15/20 – AGM Insured
12/14 at 100.00
AA–
   
1,100,852
 
 
7,700
 
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien Refunding Series 2010C, 5.250%, 1/01/35 – AGC Insured
1/20 at 100.00
AA–
   
7,804,566
 
 
7,200
 
Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport, Series 2005A, 5.250%, 1/01/24 – NPFG Insured
1/16 at 100.00
A
   
7,661,952
 
 
10,000
 
Chicago, Illinois, Water Revenue Bonds, Refunding Second Lien Series 2012-2, 5.000%, 11/01/42
11/22 at 100.00
AA
   
9,939,400
 
 
3,400
 
Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural History, Series 2002, 5.500%, 11/01/36 (WI/DD, Settling 11/01/13)
11/23 at 100.00
A2
   
3,431,246
 
 
7,095
 
Cook County Community College District 508, Illinois, General Obligation Bonds, Chicago City Colleges, Series 2013, 5.250%, 12/01/43
12/23 at 100.00
AA
   
7,166,589
 
 
6,160
 
De Witt, Ford, Livingston, Logan, Mc Lean and Tazewell Community College District 540, Illinois, General Obligation Bonds, Series 2007, 3.000%,
12/01/26 – AGM Insured
12/17 at 100.00
Aa2
   
5,414,455
 
 
3,295
 
Illinois Educational Facilities Authority, Revenue Bonds, Robert Morris College, Series 2000, 5.800%, 6/01/30 – NPFG Insured
12/13 at 100.00
Baa1
   
3,296,713
 
 
5,750
 
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 5.000%, 9/01/38
9/22 at 100.00
A–
   
5,366,418
 
 
2,315
 
Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Series 2012, 5.000%, 6/01/42
No Opt. Call
AA
   
2,318,102
 
 
1,265
 
Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A, 6.000%, 7/01/43
7/23 at 100.00
A–
   
1,305,594
 
 
6,720
 
Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2011A, 6.000%, 8/15/41 – AGM Insured
8/21 at 100.00
AA–
   
7,209,014
 
 
14,965
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago, Series 2012A, 5.000%, 10/01/51
10/21 at 100.00
Aa1
   
15,080,979
 
     
Illinois State, General Obligation Bonds, Refunding Series 2012:
           
 
3,160
 
5.000%, 8/01/21
No Opt. Call
A–
   
3,431,855
 
 
1,225
 
5.000%, 8/01/22
No Opt. Call
A–
   
1,320,023
 
 
2,740
 
5.000%, 8/01/23
No Opt. Call
A–
   
2,940,376
 
 
1,055
 
5.000%, 8/01/24
8/22 at 100.00
A–
   
1,110,145
 
 
270
 
5.000%, 8/01/25
8/22 at 100.00
A–
   
280,997
 
 
1,425
 
Illinois State, General Obligation Bonds, Series 2013, 5.500%, 7/01/38
7/23 at 100.00
A–
   
1,433,379
 
 
5,405
 
Illinois Toll Highway Authority, State Toll Highway Authority Revenue Bonds, Series 2006A-1, 5.000%, 1/01/24 – AGM Insured
7/16 at 100.00
AA–
   
5,880,424
 
 
1,395
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust 4304, 17.917%, 1/01/21 (IF) (6)
No Opt. Call
AA–
   
1,419,050
 

Nuveen Investments
 
39

 
 

 
 
NIO
Nuveen Municipal Opportunity Fund, Inc. (continued)
 
Portfolio of Investments October 31, 2013

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Illinois (continued)
           
     
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1:
           
$
20,000
 
0.000%, 6/15/45 – AGM Insured
No Opt. Call
AAA
 
$
3,046,600
 
 
15,000
 
0.000%, 6/15/46 – AGM Insured
No Opt. Call
AAA
   
2,139,300
 
 
20,045
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A, 0.000%, 12/15/35 – AGM Insured
No Opt. Call
AAA
   
5,514,380
 
     
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Tender Option Bond Trust 3861:
           
 
5,000
 
15.175%, 6/15/18 (IF) (6)
No Opt. Call
AAA
   
5,324,150
 
 
5,920
 
13.677%, 6/15/42 (IF) (6)
6/20 at 100.00
AAA
   
5,312,075
 
     
Schaumburg, Illinois, General Obligation Bonds, Series 2004B:
           
 
4,260
 
5.000%, 12/01/22 (Pre-refunded 12/01/14) – FGIC Insured
12/14 at 100.00
AAA
   
4,481,776
 
 
2,365
 
5.000%, 12/01/23 (Pre-refunded 12/01/14) – FGIC Insured
12/14 at 100.00
AAA
   
2,488,122
 
 
4,000
 
Southwestern Illinois Development Authority, School Revenue Bonds, Triad School District 2, Madison County, Illinois, Series 2006, 0.000%, 10/01/25 – NPFG Insured
No Opt. Call
A+
   
2,202,000
 
     
Williamson & Johnson Counties Community Unit School District 2, Marion, Illinois, General Obligation Bonds, Series 2011:
           
 
930
 
7.000%, 12/01/21 – AGM Insured
12/20 at 100.00
AA–
   
1,127,774
 
 
1,035
 
7.000%, 12/01/22 – AGM Insured
12/20 at 100.00
AA–
   
1,246,492
 
 
1,155
 
7.000%, 12/01/23 – AGM Insured
12/20 at 100.00
AA–
   
1,378,493
 
 
1,065
 
7.000%, 12/01/26 – AGM Insured
12/20 at 100.00
AA–
   
1,228,222
 
 
2,085
 
7.250%, 12/01/29 – AGM Insured
12/20 at 100.00
AA–
   
2,389,577
 
 
2,295
 
7.250%, 12/01/30 – AGM Insured
12/20 at 100.00
AA–
   
2,611,435
 
 
178,745
 
Total Illinois
       
135,402,525
 
     
Indiana – 6.6% (4.3% of Total Investments)
           
 
19,235
 
Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 2012A, 5.000%, 5/01/42
5/23 at 100.00
A
   
18,848,569
 
 
3,450
 
Indiana Finance Authority, Midwestern Disaster Relief Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2012A, 5.000%, 6/01/39 –
AGM Insured
6/22 at 100.00
BBB–
   
3,196,632
 
 
14,760
 
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013A, 5.250%, 1/01/51 (Alternative Minimum Tax)
7/23 at 100.00
BBB
   
13,526,212
 
 
5,000
 
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2010B., 5.000%, 12/01/37
12/20 at 100.00
Aa2
   
4,999,800
 
 
11,200
 
Indiana Health Facility Financing Authority, Revenue Bonds, Community Hospitals of Indiana, Series 2005A, 5.000%, 5/01/35 (Pre-refunded 5/01/15) – AMBAC Insured
5/15 at 100.00
A (5)
   
11,997,552
 
 
8,500
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
1/17 at 100.00
A+
   
8,558,225
 
 
5,000
 
Indianapolis Local Public Improvement Bond Bank Bonds, Indiana, PILOT Infrastructure Project Revenue Bonds, Series 2010F, 5.000%, 1/01/35 –
AGM Insured
1/20 at 100.00
AA
   
5,324,000
 
 
20,000
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/28 – AMBAC Insured
No Opt. Call
AA
   
11,030,200
 
 
9,615
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A, 5.500%, 1/01/38 – AGC Insured
1/19 at 100.00
AA–
   
10,152,959
 
 
1,340
 
Monroe-Gregg Grade School Building Corporation, Morgan County, Indiana, First Mortgage Bonds, Series 2004, 5.000%, 1/15/25 (Pre-refunded
1/15/14) – AGM Insured
1/14 at 100.00
AA+ (5)
   
1,353,413
 
 
1,500
 
Vigo County Hospital Authority, Indiana, Revenue Bonds, Union Hospital, Series 2007, 5.800%, 9/01/47
9/17 at 100.00
N/R
   
1,503,825
 
 
99,600
 
Total Indiana
       
90,491,387
 
     
Iowa – 1.3% (0.8% of Total Investments)
           
 
10,000
 
Iowa Finance Authority, Health Facilities Revenue Bonds, UnityPoint Health Project, Series 2013A, 5.250%, 2/15/44
2/23 at 100.00
Aa3
   
10,198,100
 

40
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Iowa (continued)
           
     
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:
           
$
1,910
 
5.375%, 6/01/38
6/15 at 100.00
B+
 
$
1,474,787
 
 
1,010
 
5.500%, 6/01/42
6/15 at 100.00
B+
   
778,235
 
 
430
 
5.625%, 6/01/46
6/15 at 100.00
B+
   
332,231
 
 
5,600
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34
6/17 at 100.00
B+
   
4,697,952
 
 
18,950
 
Total Iowa
       
17,481,305
 
     
Kansas – 0.7% (0.4% of Total Investments)
           
 
2,055
 
Kansas Turnpike Authority, Revenue Bonds, Series 2004A-2, 5.000%, 9/01/23 (Pre-refunded 9/01/14) – AGM Insured
9/14 at 101.00
AA– (5)
   
2,158,449
 
     
Neosho County Unified School District 413, Kansas, General Obligation Bonds, Series 2006:
           
 
2,145
 
5.000%, 9/01/27 (Pre-refunded 9/01/14) – AGM Insured
9/14 at 100.00
A2 (5)
   
2,231,572
 
 
4,835
 
5.000%, 9/01/29 (Pre-refunded 9/01/14) – AGM Insured
9/14 at 100.00
A2 (5)
   
5,030,141
 
 
9,035
 
Total Kansas
       
9,420,162
 
     
Kentucky – 2.4% (1.6% of Total Investments)
           
 
3,870
 
Kenton County School District Finance Corporation, Kentucky, School Building Revenue Bonds, Series 2004, 5.000%, 6/01/20 (Pre-refunded 6/01/14) – NPFG Insured
6/14 at 100.00
Aa3 (5)
   
3,979,792
 
 
5,170
 
Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro Medical Health System, Series 2010A, 6.000%, 6/01/30
6/20 at 100.00
BBB+
   
5,502,896
 
     
Kentucky State Property and Buildings Commission, Revenue Bonds, Project 93, Refunding Series 2009:
           
 
3,860
 
5.250%, 2/01/20 – AGC Insured
2/19 at 100.00
AA–
   
4,505,315
 
 
10,000
 
5.250%, 2/01/24 – AGC Insured
2/19 at 100.00
AA–
   
11,432,100
 
 
7,500
 
Kentucky Turnpike Authority, Economic Development Road Revenue Bonds, Revitalization Project, Series 2006B, 5.000%, 7/01/25 – AMBAC Insured
7/16 at 100.00
AA+
   
8,197,650
 
 
30,400
 
Total Kentucky
       
33,617,753
 
     
Louisiana – 4.5% (2.9% of Total Investments)
           
 
3,330
 
Jefferson Parish Hospital District1, Louisiana, Hospital Revenue Bonds, West Jefferson Medical Center, Refunding Series 2011A, 6.000%, 1/01/39 –
AGM Insured
1/21 at 100.00
AA–
   
3,535,461
 
 
3,025
 
Lafayette City and Parish, Louisiana, Utilities Revenue Bonds, Series 2004, 5.250%, 11/01/22 (Pre-refunded 11/01/14) – NPFG Insured
11/14 at 100.00
A+ (5)
   
3,178,519
 
 
4,175
 
Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital, Series 2004, 5.250%, 7/01/24 (Pre-refunded 7/01/14) –
NPFG Insured
7/14 at 100.00
A (5)
   
4,308,642
 
     
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2005A:
           
 
2,400
 
5.000%, 5/01/25 (Pre-refunded 5/01/15) – FGIC Insured
5/15 at 100.00
Aa1 (5)
   
2,570,520
 
 
4,415
 
5.000%, 5/01/26 (Pre-refunded 5/01/15) – FGIC Insured
5/15 at 100.00
Aa1 (5)
   
4,728,686
 
 
5,000
 
5.000%, 5/01/27 (Pre-refunded 5/01/15) – FGIC Insured
5/15 at 100.00
Aa1 (5)
   
5,355,250
 
     
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:
           
 
3,300
 
4.750%, 5/01/39 – AGM Insured (UB)
5/16 at 100.00
Aa1
   
3,311,550
 
 
35,725
 
4.500%, 5/01/41 – NPFG Insured (UB)
5/16 at 100.00
Aa1
   
35,335,598
 
 
38
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006, Residuals 660-1, 16.045%, 5/01/34 – NPFG Insured (IF)
5/16 at 100.00
Aa1
   
36,662
 
 
61,408
 
Total Louisiana
       
62,360,888
 
     
Maine – 0.2% (0.1% of Total Investments)
           
 
2,015
 
Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2013,
5.000%, 7/01/43
7/23 at 100.00
Baa1
   
2,004,059
 
     
Maryland – 0.4% (0.2% of Total Investments)
           
 
5,345
 
Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%, 9/01/28 – SYNCORA GTY Insured
9/16 at 100.00
BB+
   
5,111,049
 

Nuveen Investments
 
41

 
 

 
 
NIO
Nuveen Municipal Opportunity Fund, Inc. (continued)
 
Portfolio of Investments October 31, 2013

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Massachusetts – 3.6% (2.4% of Total Investments)
           
$
4,500
 
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Commonwealth Contract Assistance Secured, Refunding Series 2010B, 5.000%, 1/01/35
1/20 at 100.00
AA+
 
$
4,713,480
 
 
3,225
 
Massachusetts Development Finance Agency, Resource Recovery Revenue Refunding Bonds, Covanta Energy Project, Series 2012B, 4.875%, 11/01/42
11/17 at 100.00
BB+
   
2,776,467
 
 
5,330
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Harvard University, Tender Option Bond Trust 2010-20W, 13.551%, 12/15/34 (IF) (6)
12/19 at 100.00
AAA
   
6,690,749
 
 
11,000
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A, 5.000%, 8/15/23 (Pre-refunded 8/15/15) – AGM Insured (UB)
8/15 at 100.00
AA+ (5)
   
11,926,310
 
 
15,000
 
Massachusetts State, Special Obligation Dedicated Tax Revenue Bonds, Series 2004, 5.250%, 1/01/23 (Pre-refunded 1/01/14) – FGIC Insured
1/14 at 100.00
A1 (5)
   
15,128,250
 
 
7,255
 
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 – AGM Insured (UB) (6)
2/17 at 100.00
AA+
   
7,294,395
 
 
1,500
 
University of Massachusetts Building Authority, Senior Lien Project Revenue Bonds, Series 2004-1, 5.375%, 11/01/20 (Pre-refunded 11/01/14) –
AMBAC Insured
11/14 at 100.00
AA (5)
   
1,578,210
 
 
47,810
 
Total Massachusetts
       
50,107,861
 
     
Michigan – 3.4% (2.2% of Total Investments)
           
 
5,490
 
Detroit City School District, Wayne County, Michigan, Unlimited Tax School Building and Site Improvement Bonds, Series 2001A, 6.000%, 5/01/29 – AGM Insured (UB)
No Opt. Call
Aa2
   
5,802,107
 
 
1,695
 
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
7/22 at 100.00
BBB+
   
1,564,807
 
 
6,000
 
Detroit, Michigan, General Obligation Bonds, Series 2001A-1, 5.375%, 4/01/18 – NPFG Insured (4)
4/14 at 100.00
A
   
5,659,980
 
 
2,000
 
Detroit, Michigan, Sewage Disposal System Revenue Bonds, Series 2001D-2, 0.320%, 7/01/32 (7)
1/14 at 100.00
A
   
1,406,236
 
 
3,000
 
Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A, 5.000%, 1/01/43
1/22 at 100.00
A2
   
2,981,550
 
 
8,260
 
Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2011-II-A, 5.375%, 10/15/41
10/21 at 100.00
Aa3
   
8,442,050
 
 
11,000
 
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2009C, 5.000%, 12/01/48
6/22 at 100.00
Aa2
   
10,860,850
 
 
10,000
 
Wayne Charter County, Michigan, Limited Tax General Obligation Airport Hotel Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2001A, 5.250%, 12/01/25 – NPFG Insured
12/13 at 100.00
A
   
10,000,200
 
 
47,445
 
Total Michigan
       
46,717,780
 
     
Minnesota – 0.9% (0.6% of Total Investments)
           
 
5,450
 
Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 2008B, 6.500%, 11/15/38 – AGC Insured
11/18 at 100.00
AA–
   
6,255,129
 
 
5,020
 
Minnesota State, General Obligation Bonds, Various Purpose, Refunding Series 2010D, 5.000%, 8/01/18
No Opt. Call
AA+
   
5,951,361
 
 
10,470
 
Total Minnesota
       
12,206,490
 
     
Missouri – 0.7% (0.5% of Total Investments)
           
 
5,250
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Heartland Regional Medical Center, Series 2012, 5.000%, 2/15/43
2/22 at 100.00
A1
   
5,311,793
 
 
4,125
 
St. Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Series 2005, 5.500%, 7/01/29 – NPFG Insured
No Opt. Call
A
   
4,511,760
 
 
9,375
 
Total Missouri
       
9,823,553
 
     
Montana – 0.2% (0.1% of Total Investments)
           
 
3,000
 
Montana Facility Finance Authority, Hospital Revenue Bonds, Benefis Health System Obligated Group, Series 2011A, 5.750%, 1/01/31 – AGM Insured
1/21 at 100.00
AA–
   
3,230,190
 
     
Nebraska – 2.9% (1.9% of Total Investments)
           
 
5,635
 
Lincoln County Hospital Authority 1, Nebraska, Hospital Revenue and Refunding Bonds, Great Plains Regional Medical Center Project, Series 2012,
5.000%, 11/01/42
No Opt. Call
A–
   
5,588,117
 

42
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Nebraska (continued)
           
$
27,125
 
Lincoln, Nebraska, Electric System Revenue Bonds, Series 2007A, 4.500%, 9/01/37 – NPFG Insured (UB) (6)
9/17 at 100.00
AA
 
$
27,437,751
 
 
5,000
 
Municipal Energy Agency of Nebraska, Power Supply System Revenue and Refunding Bonds, Series 2009A, 5.375%, 4/01/39 – BHAC Insured
4/19 at 100.00
AA+
   
5,356,800
 
 
1,000
 
Nebraska Public Power District, General Revenue Bonds, Series 2005A, 5.000%, 1/01/25 (Pre-refunded 7/01/15) – AGM Insured
7/15 at 100.00
AA– (5)
   
1,077,810
 
 
38,760
 
Total Nebraska
       
39,460,478
 
     
Nevada – 3.6% (2.4% of Total Investments)
           
 
7,000
 
Clark County School District, Nevada, General Obligation Bonds, Refunding Series 2005A, 5.000%, 6/15/19 – FGIC Insured
6/15 at 101.00
AA–
   
7,517,370
 
 
3,500
 
Clark County School District, Nevada, General Obligation Bonds, Series 2004B, 5.000%, 6/15/18 – AGM Insured
6/14 at 100.00
AA–
   
3,601,080
 
 
3,000
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2009C, 5.000%, 7/01/26 – AGM Insured
7/19 at 100.00
AA–
   
3,256,980
 
 
16,840
 
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.250%, 7/01/39 –
AGM Insured
1/20 at 100.00
AA–
   
17,439,167
 
 
7,370
 
Clark County, Nevada, Subordinate Lien Airport Revenue Bonds, Series
2004A-2, 5.125%, 7/01/25 – FGIC Insured
7/14 at 100.00
A+
   
7,563,905
 
 
10,285
 
Henderson, Nevada, General Obligation Bonds, Sewer Series 2004, 5.000%, 6/01/34 (Pre-refunded 12/01/14) – FGIC Insured
12/14 at 100.00
AA (5)
   
10,817,043
 
 
47,995
 
Total Nevada
       
50,195,545
 
     
New Jersey – 4.4% (2.9% of Total Investments)
           
     
Essex County Improvement Authority, New Jersey, Guaranteed Revenue Bonds, Project Consolidation, Series 2004:
           
 
2,000
 
5.125%, 10/01/21 – NPFG Insured
10/14 at 100.00
Aa2
   
2,084,720
 
 
2,250
 
5.125%, 10/01/22 – NPFG Insured
10/14 at 100.00
Aa2
   
2,344,883
 
     
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A:
           
 
3,850
 
5.000%, 7/01/22 – NPFG Insured
7/14 at 100.00
A
   
3,958,301
 
 
3,850
 
5.000%, 7/01/23 – NPFG Insured
7/14 at 100.00
A
   
3,954,374
 
 
5,900
 
5.000%, 7/01/29 – NPFG Insured
7/14 at 100.00
A
   
6,013,516
 
 
26,000
 
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – AGM Insured
No Opt. Call
AA–
   
30,588,480
 
 
3,320
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.000%, 1/01/21 – AGM Insured
1/15 at 100.00
AA–
   
3,470,628
 
     
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
           
 
4,750
 
4.500%, 6/01/23
6/17 at 100.00
B1
   
4,410,660
 
 
1,545
 
4.625%, 6/01/26
6/17 at 100.00
B1
   
1,334,478
 
 
1,470
 
4.750%, 6/01/34
6/17 at 100.00
B2
   
1,070,072
 
 
1,330
 
Washington Township Board of Education, Mercer County, New Jersey, General Obligation Bonds, Series 2005, 5.250%, 1/01/26 – AGM Insured
No Opt. Call
Aa3
   
1,603,674
 
 
56,265
 
Total New Jersey
       
60,833,786
 
     
New Mexico – 1.3% (0.8% of Total Investments)
           
 
3,660
 
San Juan County, New Mexico, Gross Receipts Tax Revenue Bonds, Refunding Subordinate Series 2005, 5.000%, 6/15/25 – NPFG Insured
6/15 at 100.00
A+
   
3,886,188
 
 
13,600
 
University of New Mexico, System Improvement Subordinated Lien Revenue Bonds, Series 2007A, 5.000%, 6/01/36 – AGM Insured
6/17 at 100.00
AA
   
14,196,632
 
 
17,260
 
Total New Mexico
       
18,082,820
 
     
New York – 7.5% (4.9% of Total Investments)
           
 
1,880
 
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/23 – FGIC Insured
2/15 at 100.00
A
   
1,964,074
 

Nuveen Investments
 
43

 
 

 
 
NIO
Nuveen Municipal Opportunity Fund, Inc. (continued)
 
Portfolio of Investments October 31, 2013

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
New York (continued)
           
$
7,225
 
Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt, Cornell University, Series 2010A, 5.000%, 7/01/35
7/20 at 100.00
Aa1
 
$
7,723,959
 
 
3,335
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/24 – AMBAC Insured
3/15 at 100.00
AAA
   
3,514,656
 
 
3,720
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured
2/17 at 100.00
A
   
3,524,291
 
 
12,500
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A, 5.000%, 12/01/25 – FGIC Insured
6/16 at 100.00
A
   
13,548,625
 
 
6,900
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2006F, 4.250%, 5/01/33 – NPFG Insured
11/16 at 100.00
A
   
6,518,154
 
 
2,500
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/36 – AGM Insured
5/21 at 100.00
AA–
   
2,564,425
 
 
3,025
 
Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue Bonds, Unity Hospital of Rochester Project, Series 2010, 5.500%, 8/15/40
2/21 at 100.00
Aa2
   
3,220,657
 
 
2,615
 
New York City Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium Project PILOT, Series 2009A, 7.000%, 3/01/49 –
AGC Insured
3/19 at 100.00
AA–
   
2,999,300
 
 
85
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005F-1, 5.000%, 9/01/21 – AMBAC Insured
9/15 at 100.00
AA
   
91,848
 
 
4,915
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005F-1, 5.000%, 9/01/21 (Pre-refunded 9/01/15) – AMBAC Insured
9/15 at 100.00
Aa2 (5)
   
5,338,378
 
 
10,000
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005M, 5.000%, 4/01/26 – FGIC Insured
4/15 at 100.00
AA
   
10,584,200
 
 
5,000
 
New York State Thruway Authority, General Revenue Bonds, Series 2005F, 5.000%, 1/01/26 – AMBAC Insured
1/15 at 100.00
A1
   
5,226,850
 
 
14,000
 
New York State Thruway Authority, General Revenue Bonds, Series 2005G, 5.000%, 1/01/30 – AGM Insured
7/15 at 100.00
AA–
   
14,614,320
 
     
New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series 2004A-1:
           
 
1,000
 
5.000%, 3/15/23 (Pre-refunded 3/15/14) – FGIC Insured
3/14 at 100.00
AAA
   
1,018,160
 
 
5,000
 
5.000%, 3/15/25 (Pre-refunded 3/15/14) – FGIC Insured
3/14 at 100.00
AAA
   
5,090,800
 
 
3,650
 
New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series 2005B, 5.000%, 3/15/25 (Pre-refunded 3/15/15) – AGM Insured
3/15 at 100.00
AAA
   
3,889,039
 
 
4,655
 
Onondaga Civic Development Corporation, New York, Revenue Bonds, St. Joseph’s Hospital Health Center Project, Series 2012, 5.000%, 7/01/42
7/22 at 100.00
BB+
   
4,038,352
 
 
4,155
 
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Subordinate Lien Series 2002E, 5.000%, 11/15/32 –
NPFG Insured
11/13 at 100.00
A+
   
4,166,468
 
     
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Subordinate Lien Series 2013A:
           
 
2,135
 
5.000%, 11/15/28
No Opt. Call
A+
   
2,345,532
 
 
2,025
 
0.000%, 11/15/31
No Opt. Call
A+
   
858,276
 
 
1,540
 
0.000%, 11/15/32
No Opt. Call
A+
   
616,447
 
 
101,860
 
Total New York
       
103,456,811
 
     
North Carolina – 1.9% (1.2% of Total Investments)
           
     
Mooresville, North Carolina, Enterprise System Revenue Bonds, Series 2004:
           
 
2,115
 
5.000%, 5/01/22 (Pre-refunded 5/01/14) – FGIC Insured
5/14 at 100.00
AA– (5)
   
2,166,331
 
 
2,575
 
5.000%, 5/01/26 (Pre-refunded 5/01/14) – FGIC Insured
5/14 at 100.00
AA– (5)
   
2,637,495
 
 
10,000
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University Health System, Series 2012A, 5.000%, 6/01/42
6/22 at 100.00
AA
   
10,230,800
 
 
4,715
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Vidant Health, Refunding Series 2012A, 5.000%, 6/01/36
6/22 at 100.00
A+
   
4,722,968
 

44
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
North Carolina (continued)
           
     
Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Series 2005A:
           
$
3,205
 
5.000%, 5/01/23 – AMBAC Insured
5/15 at 100.00
Aa3
 
$
3,364,192
 
 
3,295
 
5.000%, 5/01/24 – AMBAC Insured
5/15 at 100.00
Aa3
   
3,458,663
 
 
25,905
 
Total North Carolina
       
26,580,449
 
     
North Dakota – 0.9% (0.6% of Total Investments)
           
 
4,200
 
Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2012, 5.000%, 12/01/35
12/21 at 100.00
A–
   
4,141,788
 
     
Grand Forks, North Dakota, Sales Tax Revenue Bonds, Alerus Project,
Series 2005A:
           
 
2,195
 
5.000%, 12/15/22 – NPFG Insured
12/15 at 100.00
Aa3
   
2,361,140
 
 
1,355
 
5.000%, 12/15/23 – NPFG Insured
12/15 at 100.00
Aa3
   
1,453,426
 
 
3,000
 
5.000%, 12/15/24 – NPFG Insured
12/15 at 100.00
Aa3
   
3,210,088
 
 
1,890
 
Williston, North Dakota, Multifamily Housing Revenue Bonds, Eagle Crest Apartments LLC Project, Series 2013, 7.750%, 9/01/38
9/23 at 100.00
N/R
   
1,857,020
 
 
12,640
 
Total North Dakota
       
13,023,462
 
     
Ohio – 7.7% (5.1% of Total Investments)
           
 
1,730
 
Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Revenue Bonds, Children’s Hospital Medical Center, Improvement & Refunding Series 2012, 5.000%, 11/15/42
5/22 at 100.00
A1
   
1,731,747
 
     
Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Health Partners, Refunding and Improvement Series 2012A:
           
 
1,930
 
5.000%, 5/01/33
5/22 at 100.00
AA–
   
1,979,717
 
 
2,755
 
4.000%, 5/01/33
5/22 at 100.00
AA–
   
2,468,232
 
 
2,420
 
5.000%, 5/01/42
5/22 at 100.00
AA–
   
2,428,325
 
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
           
 
12,565
 
5.125%, 6/01/24
6/17 at 100.00
B–
   
10,739,306
 
 
350
 
5.875%, 6/01/30
6/17 at 100.00
B
   
285,079
 
 
11,575
 
5.750%, 6/01/34
6/17 at 100.00
B
   
9,063,225
 
 
1,860
 
5.875%, 6/01/47
6/17 at 100.00
B
   
1,444,867
 
 
2,650
 
Cleveland State University, Ohio, General Receipts Bonds, Series 2004, 5.250%, 6/01/24 (Pre-refunded 6/01/14) – FGIC Insured
6/14 at 100.00
A+ (5)
   
2,729,023
 
 
2,000
 
Columbus City School District, Franklin County, Ohio, General Obligation Bonds, Series 2004, 5.250%, 12/01/25 (Pre-refunded 12/01/14) – AGM Insured
12/14 at 100.00
AA (5)
   
2,109,960
 
 
2,385
 
Columbus, Ohio, Tax Increment Financing Bonds, Easton Project, Series 2004A, 5.000%, 12/01/22 (Pre-refunded 6/01/14) – AMBAC Insured
6/14 at 100.00
N/R (5)
   
2,451,518
 
 
6,000
 
Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children’s Hospital Project, Improvement Series 2012A, 5.000%, 11/01/42
5/22 at 100.00
Aa2
   
6,020,640
 
 
2,205
 
Hamilton City School District, Ohio, General Obligation Bonds, Series 2005, 5.000%, 12/01/24 – NPFG Insured
6/15 at 100.00
Baa1
   
2,332,162
 
 
19,595
 
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, Series 2006A, 4.250%, 12/01/32 – AMBAC Insured
12/16 at 100.00
A+
   
19,093,956
 
 
6,425
 
JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, Tax Exempt Series 2013A, 5.000%, 1/01/38 (UB)
1/23 at 100.00
AA
   
6,576,437
 
     
JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, Tender Option Bond Trust 1157:
           
 
2,000
 
17.265%, 1/01/38 (IF) (6)
1/23 at 100.00
AA
   
2,188,560
 
 
1,725
 
17.265%, 1/01/38 (IF) (6)
1/23 at 100.00
AA
   
1,887,633
 
 
1,250
 
17.265%, 1/01/38 (IF) (6)
1/23 at 100.00
AA
   
1,367,850
 
 
625
 
17.265%, 1/01/38 (IF) (6)
1/23 at 100.00
AA
   
683,925
 
 
1,750
 
17.258% 1/01/38 (IF) (6)
1/23 at 100.00
AA
   
1,914,902
 
 
390
 
17.199%, 1/01/38 (IF) (6)
1/23 at 100.00
AA
   
426,621
 

Nuveen Investments
 
45

 
 

 
 
NIO
Nuveen Municipal Opportunity Fund, Inc. (continued)
 
Portfolio of Investments October 31, 2013

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Ohio (continued)
           
     
Middletown City School District, Butler County, Ohio, General Obligation Bonds, Refunding Series 2007:
           
$
4,380
 
5.250%, 12/01/27 – AGM Insured
No Opt. Call
A2
 
$
4,954,043
 
 
6,000
 
5.250%, 12/01/31 – AGM Insured
No Opt. Call
A2
   
6,643,140
 
 
9,235
 
Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System Obligated Group Project, Series 2013, 5.000%, 2/15/48
2/23 at 100.00
BB+
   
7,210,965
 
 
3,000
 
Ross Local School District, Butler County, Ohio, General Obligation Bonds, Series 2003, 5.000%, 12/01/28 (Pre-refunded 12/01/13) – AGM Insured
12/13 at 100.00
Aa2 (5)
   
3,012,210
 
     
Southeastern Ohio Port Authority, Hospital Facilities Revenue Bonds, Memorial Health System Obligated Group Project, Refunding and Improvement
Series 2012:
           
 
2,000
 
5.750%, 12/01/32
12/22 at 100.00
N/R
   
1,941,300
 
 
1,320
 
6.000%, 12/01/42
12/22 at 100.00
N/R
   
1,286,273
 
 
2,000
 
University of Akron, Ohio, General Receipts Bonds, Federally Taxable Build America Bonds, Series 2010B, 5.000%, 1/01/29 – AGM Insured
1/20 at 100.00
AA–
   
2,103,779
 
 
112,120
 
Total Ohio
       
107,075,395
 
     
Oklahoma – 2.8% (1.8% of Total Investments)
           
     
Oklahoma Capitol Improvement Authority, State Facilities Revenue Bonds,
Series 2005F:
           
 
3,500
 
5.000%, 7/01/24 – AMBAC Insured
7/15 at 100.00
AA
   
3,730,195
 
 
7,500
 
5.000%, 7/01/27 – AMBAC Insured
7/15 at 100.00
AA
   
7,889,025
 
     
Oklahoma City Water Utilities Trust, Oklahoma, Water and Sewer Revenue Bonds, Series 2010:
           
 
1,000
 
5.375%, 7/01/40
7/21 at 100.00
AAA
   
1,097,570
 
 
1,500
 
5.000%, 7/01/40
7/21 at 100.00
AAA
   
1,595,070
 
 
250
 
Oklahoma Housing Finance Agency, GNMA Collateralized Single Family Mortgage Revenue Bonds, Series 1987A, 7.997%, 8/01/18 (Alternative Minimum Tax)
No Opt. Call
AA+
   
255,305
 
 
20,495
 
Oklahoma Municipal Power Authority, Power Supply System Revenue Bonds, Series 2007, 4.500%, 1/01/47 – FGIC Insured
1/17 at 100.00
A
   
19,576,619
 
 
4,880
 
University of Oklahoma, Student Housing Revenue Bonds, Series 2004, 5.000%, 7/01/22 – AMBAC Insured
7/14 at 100.00
Aa3
   
5,020,934
 
 
39,125
 
Total Oklahoma
       
39,164,718
 
     
Oregon – 0.5% (0.3% of Total Investments)
           
 
2,535
 
Oregon Department of Administrative Services, Certificates of Participation, Series 2005A, 5.000%, 5/01/25 (Pre-refunded 5/01/15) – AGM Insured
5/15 at 100.00
AA (5)
   
2,714,326
 
 
4,000
 
Oregon Department of Administrative Services, State Lottery Revenue Bonds, Series 2011A, 5.250%, 4/01/31
4/21 at 100.00
AAA
   
4,456,440
 
 
6,535
 
Total Oregon
       
7,170,766
 
     
Pennsylvania – 5.8% (3.8% of Total Investments)
           
 
2,165
 
Allegheny County Sanitary Authority, Pennsylvania, Sewerage Revenue Bonds, Series 2010, 5.000%, 6/01/40 – AGM Insured
12/20 at 100.00
AA–
   
2,215,445
 
 
7,925
 
Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Series 2006A, 5.000%, 6/01/26 – AGM Insured (UB)
6/16 at 100.00
AA–
   
8,595,693
 
 
8,665
 
Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle Health System Project, Series 2012A, 5.000%, 6/01/42
6/22 at 100.00
A
   
8,464,925
 
 
5,250
 
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40 – AGM Insured
1/20 at 100.00
AA–
   
5,421,045
 
 
1,565
 
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38
8/20 at 100.00
AA
   
1,653,172
 
 
1,800
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Drexel University, Series 2005A, 5.000%, 5/01/28 – NPFG Insured
5/15 at 100.00
A
   
1,879,182
 
 
11,530
 
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured
12/16 at 100.00
AA–
   
11,330,070
 

46
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Pennsylvania (continued)
           
$
2,625
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 – AMBAC Insured
6/16 at 100.00
A+
 
$
2,812,530
 
 
1,300
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Temple University Health System Obligated Group, Series 2012A, 5.625%, 7/01/42
7/22 at 100.00
BB+
   
1,102,530
 
 
10,000
 
Philadelphia, Pennsylvania, Airport Revenue Bonds, Series 2010A, 5.000%,
6/15/40 – AGM Insured
6/20 at 100.00
AA–
   
10,089,200
 
 
7,055
 
Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Hotel Room Excise Tax Revenue Bonds, Refunding Series 2010, 5.000%,
2/01/35 – AGC Insured
8/20 at 100.00
AA–
   
7,179,803
 
 
5,180
 
Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Sales Tax Revenue Bonds, Refunding Series 2010, 5.000%, 2/01/31 –
AGM Insured
8/20 at 100.00
AA–
   
5,414,861
 
 
6,335
 
Radnor Township School District, Delaware County, Pennsylvania, General Obligation Bonds, Series 2005B, 5.000%, 2/15/30 – AGM Insured
8/15 at 100.00
Aa2
   
6,638,573
 
     
Reading School District, Berks County, Pennsylvania, General Obligation Bonds, Series 2005:
           
 
3,285
 
5.000%, 1/15/22 – AGM Insured
1/16 at 100.00
AA–
   
3,584,756
 
 
3,450
 
5.000%, 1/15/23 – AGM Insured
1/16 at 100.00
AA–
   
3,760,052
 
 
78,130
 
Total Pennsylvania
       
80,141,837
 
     
Puerto Rico – 0.7% (0.5% of Total Investments)
           
 
2,500
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 5.000%, 7/01/30 (Pre-refunded 7/01/15) – SYNCORA GTY Insured
7/15 at 100.00
AA+ (5)
   
2,698,025
 
 
445
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2003G, 5.250%, 7/01/19 – FGIC Insured
1/14 at 100.00
BBB
   
370,725
 
 
1,550
 
Puerto Rico Municipal Finance Agency, Series 2005C, 5.250%, 8/01/21 –
CIFG Insured
No Opt. Call
AA–
   
1,478,173
 
 
36,000
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/42 – FGIC Insured
No Opt. Call
AA–
   
5,519,520
 
 
40,495
 
Total Puerto Rico
       
10,066,443
 
     
Rhode Island – 1.0% (0.7% of Total Investments)
           
 
2,195
 
Providence Housing Development Corporation, Rhode Island, FHA-Insured Section 8 Assisted Mortgage Revenue Refunding Bonds, Barbara Jordan Apartments, Series 1994A, 6.750%, 7/01/25 – NPFG Insured
1/14 at 100.00
A
   
2,200,268
 
 
1,405
 
Rhode Island Health & Educational Building Corporation, Higher Education Auxiliary Enterprise Revenue Bonds, Series 2004A, 5.500%, 9/15/24 (Pre-refunded 9/15/14) – AMBAC Insured
9/14 at 100.00
A1 (5)
   
1,470,234
 
     
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A:
           
 
250
 
6.125%, 6/01/32
12/13 at 100.00
BBB+
   
247,933
 
 
10,690
 
6.250%, 6/01/42
12/13 at 100.00
BBB–
   
10,411,739
 
 
14,540
 
Total Rhode Island
       
14,330,174
 
     
South Carolina – 4.4% (2.9% of Total Investments)
           
 
14,650
 
Anderson County School District 5, South Carolina, General Obligation Bonds, Series 2008, Trust 1181, 9.726%, 8/01/15 – AGM Insured (IF)
No Opt. Call
Aa1
   
16,735,867
 
     
Medical University Hospital Authority, South Carolina, FHA-Insured Mortgage Revenue Bonds, Series 2004A:
           
 
2,000
 
5.250%, 8/15/22 (Pre-refunded 8/15/14) – NPFG Insured
8/14 at 100.00
A (5)
   
2,078,440
 
 
2,605
 
5.250%, 8/15/23 (Pre-refunded 8/15/14) – NPFG Insured
8/14 at 100.00
A (5)
   
2,707,168
 
 
2,385
 
5.250%, 8/15/25 (Pre-refunded 8/15/14) – NPFG Insured
8/14 at 100.00
A (5)
   
2,478,540
 
 
4,500
 
Saint Peters Parish/Jasper County Public Facilities Corporation, South Carolina, Installment Purchase Revenue Bonds, County Office Building Projects, Series 2011A, 5.250%, 4/01/44 – AGC Insured
4/21 at 100.00
AA–
   
4,613,625
 
 
4,100
 
South Carolina JOBS Economic Development Authority, Industrial Revenue Bonds, South Carolina Electric and Gas Company, Series 2013,
4.000%, 2/01/28
2/23 at 100.00
A
   
4,095,367
 
 
1,250
 
South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Palmetto Health, Refunding Series 2011A, 6.500%, 8/01/39 – AGM Insured
8/21 at 100.00
AA–
   
1,388,200
 

Nuveen Investments
 
47

 
 

 
 
NIO
Nuveen Municipal Opportunity Fund, Inc. (continued)
 
Portfolio of Investments October 31, 2013

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
South Carolina (continued)
           
$
16,250
 
South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2007A, 4.500%, 10/01/34 – SYNCORA GTY Insured
10/16 at 100.00
A1
 
$
16,097,250
 
 
10,250
 
Spartanburg Regional Health Services District, Inc., South Carolina, Hospital Revenue Refunding Bonds, Series 2012A, 5.000%, 4/15/32
4/22 at 100.00
A1
   
10,458,690
 
 
57,990
 
Total South Carolina
       
60,653,147
 
     
Tennessee – 0.2% (0.1% of Total Investments)
           
 
2,660
 
Chattanooga Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45 (WI/DD, Settling 11/14/13)
1/23 at 100.00
A+
   
2,660,745
 
     
Texas – 8.5% (5.5% of Total Investments)
           
 
4,405
 
Bexar County, Texas, Venue Project Revenue Bonds, Refunding Series 2010, 5.500%, 8/15/49 – AGM Insured
8/19 at 100.00
AA–
   
4,595,296
 
 
12,700
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series 2013C, 5.125%, 11/01/43 (Alternative Minimum Tax)
11/22 at 100.00
A+
   
12,257,151
 
 
9,035
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding and Improvement Bonds, Series 2012C, 5.000%, 11/01/45 – AGM Insured
11/21 at 100.00
A+
   
9,020,634
 
 
4,330
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender Option Bond Trust 2013- 9A, 17.943%, 4/01/53 (IF)
10/23 at 100.00
AA+
   
4,211,142
 
 
25,000
 
Harris County-Houston Sports Authority, Texas, Junior Lien Revenue Refunding Bonds, Series 2001B, 5.250%, 11/15/40 – NPFG Insured
11/13 at 100.00
A
   
24,998,250
 
     
Houston, Texas, First Lien Combined Utility System Revenue Bonds, First Lien Series 2004A:
           
 
4,000
 
5.250%, 5/15/24 – FGIC Insured
5/14 at 100.00
AA
   
4,103,080
 
 
5,000
 
5.250%, 5/15/25 – NPFG Insured
5/14 at 100.00
AA
   
5,127,200
 
 
6,700
 
Hutto Independent School District, Williamson County, Texas, General Obligation Bonds, Refunding Series 2012A, 5.000%, 8/01/46
8/21 at 100.00
A
   
6,775,442
 
 
60
 
Lower Colorado River Authority, Texas, Revenue Refunding and Improvement Bonds, Series 2001A, 5.000%, 5/15/21
11/13 at 100.00
A1
   
60,194
 
 
8,425
 
North Central Texas Health Facilities Development Corporation, Texas, Revenue Bonds, Children’s Medical Center Dallas Project, Series 2012,
5.000%, 8/15/32
8/22 at 100.00
AA
   
8,705,045
 
 
24,330
 
Tarrant Regional Water District, Texas, Water Revenue Bonds, Refunding and Improvement Series 2012, 5.000%, 3/01/52
3/22 at 100.00
AAA
   
25,089,095
 
 
1,750
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/30
No Opt. Call
A3
   
1,718,360
 
 
7,600
 
Waco Health Facilities Development Corporation, Texas, Hillcrest Health System Project, FHA Insured Mortgage Revenue Bonds, Series 2006A, 5.000%, 8/01/31 (Pre-refunded 8/01/16) – NPFG Insured
8/16 at 100.00
A (5)
   
8,542,476
 
 
1,840
 
Ysleta Independent School District Public Facility Corporation, Texas, Lease Revenue Refunding Bonds, Series 2001, 5.375%, 11/15/24 – AMBAC Insured
11/13 at 100.00
AA–
   
1,884,804
 
 
115,175
 
Total Texas
       
117,088,169
 
     
Utah – 1.2% (0.8% of Total Investments)
           
 
15,000
 
Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008A, 5.000%,
6/15/32 – AGM Insured (UB) (6)
6/18 at 100.00
AAA
   
16,036,500
 
     
Virginia – 1.9% (1.3% of Total Investments)
           
 
10,000
 
Fairfax County Industrial Development Authority, Virginia, Healthcare Revenue Bonds, Inova Health System, Series 2012A, 5.000%, 5/15/40
5/22 at 100.00
AA+
   
10,166,600
 
 
1,035
 
Loudoun County Industrial Development Authority, Virginia, Lease Revenue Bonds, Public Safety Facilities, Series 2003A, 5.250%, 12/15/20 (Pre-refunded 6/15/14) – AGM Insured
6/14 at 100.00
AA+ (5)
   
1,067,654
 
 
985
 
Roanoke Industrial Development Authority, Virginia, Hospital Revenue Bonds, Carillion Health System Obligated Group, Series 2005B, 5.000%, 7/01/38
7/20 at 100.00
AA–
   
1,004,227
 
 
15
 
Roanoke Industrial Development Authority, Virginia, Hospital Revenue Bonds, Carillion Health System Obligated Group, Series 2005B, 5.000%, 7/01/38 (Pre-refunded 7/01/20)
7/20 at 100.00
AA– (5)
   
18,071
 

48
 
Nuveen Investments
 
 
 

 
 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Virginia (continued)
           
$
5,740
 
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012A, 5.000%, 7/01/52
No Opt. Call
BBB–
 
$
5,239,242
 
     
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds,
Series 2012B:
           
 
1,740
 
0.000%, 7/01/32
No Opt. Call
BBB–
   
551,563
 
 
2,465
 
0.000%, 7/01/33
No Opt. Call
BBB–
   
725,745
 
 
960
 
0.000%, 7/01/34
No Opt. Call
BBB–
   
263,482
 
 
1,330
 
0.000%, 7/01/35
No Opt. Call
BBB–
   
343,845
 
 
2,300
 
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, 95 Express Lanes LLC Project, Series 2012, 5.000%, 1/01/40 (Alternative Minimum Tax)
1/22 at 100.00
BBB–
   
2,096,795
 
 
5,030
 
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012, 5.500%, 1/01/42 (Alternative Minimum Tax)
7/22 at 100.00
BBB–
   
5,033,018
 
 
31,600
 
Total Virginia
       
26,510,242
 
     
Washington – 6.8% (4.4% of Total Investments)
           
 
10,000
 
Central Puget Sound Regional Transit Authority, Washington, Sales Tax and Motor Vehicle Excise Tax Bonds, Series 1999, 4.750%, 2/01/28 –
FGIC Insured
2/14 at 100.00
AAA
   
10,124,000
 
 
2,500
 
Grant County Public Utility District 2, Washington, Revenue Bonds, Wanapum Hydroelectric Development, Series 2005A, 5.000%, 1/01/29 (Pre-refunded 1/01/15) – FGIC Insured
1/15 at 100.00
AA (5)
   
2,639,900
 
 
3,500
 
King County School District 401, Highline, Washington, General Obligation Bonds, Series 2004, 5.000%, 10/01/24 (Pre-refunded 12/01/14) –
FGIC Insured
12/14 at 100.00
AA+ (5)
   
3,681,055
 
 
7,500
 
King County, Washington, General Obligation Sewer Bonds, Series 2009, Trust 1W, 9.549%, 1/01/39 – AGC Insured (IF) (6)
1/19 at 100.00
Aa1
   
9,058,200
 
 
17,000
 
King County, Washington, Sewer Revenue Bonds, Series 2007, 5.000%, 1/01/42 – AGM Insured
7/17 at 100.00
AA+
   
17,512,040
 
 
4,345
 
King County, Washington, Sewer Revenue Bonds, Tender Option Bond Trust 3090, 13.461%, 7/01/32 – AGM Insured (IF) (6)
7/17 at 100.00
AA+
   
4,990,624
 
 
11,000
 
Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Series 2005A, 5.000%, 3/01/35 – NPFG Insured
3/15 at 100.00
Aa3
   
11,066,220
 
 
3,375
 
Snohomish County Public Utility District 1, Washington, Generation System Revenue Bonds, Series 1989, 6.650%, 1/01/16 – FGIC Insured (ETM)
No Opt. Call
Aaa
   
3,769,234
 
     
Tacoma, Washington, Solid Waste Utility Revenue Refunding Bonds,
Series 2006:
           
 
3,890
 
5.000%, 12/01/24 – SYNCORA GTY Insured
12/16 at 100.00
AA
   
4,336,105
 
 
4,085
 
5.000%, 12/01/25 – SYNCORA GTY Insured
12/16 at 100.00
AA
   
4,514,170
 
 
4,290
 
5.000%, 12/01/26 – SYNCORA GTY Insured
12/16 at 100.00
AA
   
4,628,395
 
 
2,510
 
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, Refunding Series 2012B, 5.000%, 10/01/30
10/22 at 100.00
AA
   
2,608,718
 
 
6,540
 
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, Series 2012A, 5.000%, 10/01/42
10/22 at 100.00
AA
   
6,572,438
 
 
5,945
 
Washington State, General Obligation Bonds, Series 2009, Trust 1212, 13.526%, 7/01/14 – AGM Insured (IF)
No Opt. Call
AA+
   
8,091,442
 
 
86,480
 
Total Washington
       
93,592,541
 
     
West Virginia – 2.4% (1.6% of Total Investments)
           
 
10,000
 
West Virginia Economic Development Authority, State Lottery Revenue Bonds, Series 2010A, 5.000%, 6/15/40
6/20 at 100.00
AAA
   
10,224,500
 
 
22,400
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Refunding and Improvement Series 2013A, 5.500%, 6/01/44
6/23 at 100.00
A
   
23,028,766
 
 
32,400
 
Total West Virginia
       
33,253,266
 
     
Wisconsin – 2.0% (1.3% of Total Investments)
           
 
8,460
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2012A, 5.000%, 7/15/25
7/21 at 100.00
A
   
8,937,736
 
 
5,090
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Health Inc. Obligated Group, Series 2012A, 5.000%, 4/01/42
10/22 at 100.00
AA–
   
5,074,476
 

Nuveen Investments
 
49

 
 

 
 
NIO
Nuveen Municipal Opportunity Fund, Inc. (continued)
 
Portfolio of Investments October 31, 2013

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Wisconsin (continued)
           
$
10,300
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Gundersen Lutheran, Series 2011A, 5.250%, 10/15/39
10/21 at 100.00
A+
 
$
10,517,843
 
 
290
 
Wisconsin State, General Obligation Bonds, Series 2004-3, 5.250%, 5/01/20 – FGIC Insured
5/14 at 100.00
AA
   
297,056
 
 
2,600
 
Wisconsin State, General Obligation Bonds, Series 2004-3, 5.250%, 5/01/20 (Pre-refunded 5/01/14) – FGIC Insured
5/14 at 100.00
Aa2 (5)
   
2,666,507
 
 
26,740
 
Total Wisconsin
       
27,493,618
 
$
2,221,793
 
Total Municipal Bonds (cost $2,068,429,740)
       
2,117,784,712
 

 
Principal
                 
 
Amount (000)
 
Description (1)
Coupon
Maturity
Ratings (3)
   
Value
 
     
CORPORATE BONDS – 0.0% (0.0% of Total Investments)
             
     
Transportation – 0.0% (0.0% of Total Investments)
             
$
557
 
Las Vegas Monorail Company, Senior Interest Bonds (7), (8)
5.500%
7/15/19
N/R
 
$
100,269
 
 
159
 
Las Vegas Monorail Company, Senior Interest Bonds (7), (8)
3.000%
7/15/55
N/R
   
21,214
 
$
716
 
Total Corporate Bonds (cost $28,336)
         
121,483
 
     
Total Long-Term Investments (cost $2,068,458,076)
         
2,117,906,195
 
     
Floating Rate Obligations – (6.8)%
         
(94,673,333
)
     
Variable Rate Demand Preferred Shares, at Liquidation
Value – (48.3)% (9)
         
(667,200,000
)
     
Other Assets Less Liabilities – 1.9%
         
26,619,601
 
     
Net Assets Applicable to Common Shares – 100%
       
$
1,382,652,463
 

(1)
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2)
Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.
(5)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(6)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(7)
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Directors. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
(8)
During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund’s custodian is not accruing income on the Fund’s records for either senior interest corporate bond.
(9)
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 31.5%.
WI/DD
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
(ETM)
Escrowed to maturity.
(IF)
Inverse floating rate investment.
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
 
See accompanying notes to financial statements.

50
 
Nuveen Investments

 
 

 
 
NVG
 
 
Nuveen Dividend Advantage Municipal Income Fund
 
Portfolio of Investments
 
October 31, 2013

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
LONG-TERM INVESTMENTS – 138.6% (96.8% of Total Investments)
           
     
MUNICIPAL BONDS – 138.3% (96.6% of Total Investments)
           
     
Alaska – 0.5% (0.4% of Total Investments)
           
$
3,035
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/32
6/14 at 100.00
B2
 
$
2,318,163
 
     
Arizona – 1.5% (1.1% of Total Investments)
           
 
6,000
 
Phoenix, Arizona, Civic Improvement Revenue Bonds, Civic Plaza, Series 2005B, 5.500%, 7/01/37 – FGIC Insured
No Opt. Call
AA
   
6,536,100
 
     
California – 17.9% (12.5% of Total Investments)
           
 
2,000
 
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate Lien Series 2004A, 0.000%, 10/01/20 –
AMBAC Insured
No Opt. Call
BBB+
   
1,590,200
 
 
6,160
 
Alhambra Unified School District, Los Angeles County, California, General Obligation Bonds, Capital Appreciation Series 2009B, 0.000%, 8/01/30 –
AGC Insured
No Opt. Call
AA–
   
2,577,406
 
     
California Educational Facilities Authority, Revenue Bonds, Occidental College, Series 2005A:
           
 
1,485
 
5.000%, 10/01/26 (Pre-refunded 10/01/15) – NPFG Insured
10/15 at 100.00
Aa3 (4)
   
1,619,036
 
 
1,565
 
5.000%, 10/01/27 (Pre-refunded 10/01/15) – NPFG Insured
10/15 at 100.00
Aa3 (4)
   
1,706,257
 
 
10,000
 
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children’s Hospital, Series 2012A, 5.000%, 8/15/51
8/22 at 100.00
AA
   
9,915,300
 
     
California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and Clinics, Tender Option Bond Trust 3294:
           
 
855
 
9.293%, 2/15/20 (IF) (5)
No Opt. Call
AA–
   
854,863
 
 
375
 
9.293%, 2/15/20 (IF) (5)
No Opt. Call
AA–
   
374,940
 
 
340
 
9.285%, 2/15/20 (IF) (5)
No Opt. Call
AA–
   
339,946
 
 
14,345
 
Corona-Norco Unified School District, Riverside County, California, General Obligation Bonds, Capital Appreciation, Election 2006 Refunding Series 2009C, 0.000%, 8/01/39 – AGM Insured
No Opt. Call
Aa2
   
3,275,681
 
     
El Rancho Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2010 Series 2011A:
           
 
2,615
 
0.000%, 8/01/31 – AGM Insured
8/28 at 100.00
A1
   
1,678,673
 
 
3,600
 
0.000%, 8/01/34 – AGM Insured
8/28 at 100.00
A1
   
2,262,312
 
 
2,425
 
Fullerton Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2005, 5.000%, 9/01/27 – AMBAC Insured
9/15 at 100.00
A
   
2,484,243
 
 
18,665
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/35 – FGIC Insured
6/15 at 100.00
A2
   
18,590,900
 
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
           
 
3,110
 
4.500%, 6/01/27
6/17 at 100.00
B
   
2,659,921
 
 
1,570
 
5.000%, 6/01/33
6/17 at 100.00
B
   
1,210,235
 
 
1,000
 
5.750%, 6/01/47
6/17 at 100.00
B
   
771,520
 
 
365
 
5.125%, 6/01/47
6/17 at 100.00
B
   
255,818
 
 
1,990
 
Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%, 11/01/25 – AGM Insured
No Opt. Call
Aa2
   
1,214,378
 
     
Oceanside Unified School District, San Diego County, California, General Obligation Bonds, Series 2009A:
           
 
5,905
 
0.000%, 8/01/26 – AGC Insured
No Opt. Call
AA–
   
3,267,768
 
 
2,220
 
0.000%, 8/01/28 – AGC Insured
No Opt. Call
AA–
   
1,069,973
 
 
2,675
 
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 – AGC Insured
8/29 at 100.00
AA–
   
2,124,726
 

Nuveen Investments
 
51

 
 

 
 
NVG
Nuveen Dividend Advantage Municipal Income Fund (continued)
 
Portfolio of Investments October 31, 2013

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
California (continued)
           
$
4,150
 
Placentia-Yorba Linda Unified School District, Orange County, California, Certificates of Participation, Series 2011, 0.000%, 10/01/28 – AGM Insured
10/25 at 100.00
AA–
 
$
3,872,531
 
 
160
 
Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series 2013A, 5.750%, 6/01/48
6/23 at 100.00
BBB–
   
159,464
 
     
San Francisco Unified School District, California, General Obligation Bonds, Series 2007A:
           
 
1,000
 
3.000%, 6/15/25 – AGM Insured
6/17 at 100.00
Aa2
   
987,320
 
 
1,180
 
3.000%, 6/15/26 – AGM Insured
6/17 at 100.00
Aa2
   
1,140,553
 
 
6,820
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C, 4.250%, 8/01/30 – NPFG Insured
8/17 at 100.00
A
   
6,139,773
 
 
4,275
 
Sequoia Union High School District, San Mateo County, California, General Obligation Bonds, Series 2006, 3.500%, 7/01/29 – AGM Insured
7/14 at 102.00
Aa1
   
4,004,051
 
 
1,690
 
Ventura County Community College District, California, General Obligation Bonds, Series 2005B, 5.000%, 8/01/28 – NPFG Insured
8/15 at 100.00
AA
   
1,785,620
 
 
102,540
 
Total California
       
77,933,408
 
     
Colorado – 7.5% (5.2% of Total Investments)
           
 
16,655
 
Adams County, Colorado, FHA-Insured Mortgage Revenue Bonds, Platte Valley Medical Center, Series 2005, 5.000%, 8/01/24 (Pre-refunded 8/01/15) – NPFG Insured
8/15 at 100.00
A (4)
   
18,012,049
 
 
750
 
Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/32 – SYNCORA GTY Insured
10/16 at 100.00
BBB–
   
722,963
 
 
2,225
 
Colorado Department of Transportation, Revenue Anticipation Bonds, Series 2004A, 5.000%, 12/15/16 (Pre-refunded 12/15/14) – FGIC Insured
12/14 at 100.00
Aa2 (4)
   
2,345,150
 
 
170
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013, 5.625%, 6/01/43
6/23 at 100.00
A–
   
172,380
 
 
1,610
 
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 11/15/43
11/23 at 100.00
A
   
1,620,079
 
 
17,000
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/25 – NPFG Insured
No Opt. Call
A
   
9,690,510
 
 
38,410
 
Total Colorado
       
32,563,131
 
     
District of Columbia – 1.9% (1.3% of Total Investments)
           
 
900
 
District of Columbia Student Dormitory Revenue Bonds, Provident Group – Howard Properties LLC Issue, Series 2013, 5.000%, 10/01/45
10/22 at 100.00
BBB–
   
779,517
 
 
6,805
 
District of Columbia, Revenue Bonds, Georgetown University, Series 2007A, 4.500%, 4/01/42 – AMBAC Insured
4/17 at 100.00
A–
   
6,340,287
 
 
935
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1606, 11.801%, 10/01/30 – AMBAC Insured (IF) (5)
10/16 at 100.00
AA+
   
963,153
 
 
8,640
 
Total District of Columbia
       
8,082,957
 
     
Florida – 6.7% (4.7% of Total Investments)
           
 
3,000
 
Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 – AGM Insured
10/21 at 100.00
AA–
   
3,061,290
 
     
Florida Municipal Loan Council, Revenue Bonds, Series 2003B:
           
 
165
 
5.250%, 12/01/17
12/13 at 100.00
A
   
165,559
 
 
100
 
5.250%, 12/01/18
12/13 at 100.00
A
   
100,305
 
     
Florida Municipal Loan Council, Revenue Bonds, Series 2003B:
           
 
580
 
5.250%, 12/01/17 (Pre-refunded 12/01/13)
12/13 at 100.00
A (4)
   
582,459
 
 
730
 
5.250%, 12/01/17 (Pre-refunded 12/01/13)
12/13 at 100.00
A (4)
   
733,095
 
 
575
 
5.250%, 12/01/17 (Pre-refunded 12/01/13)
12/13 at 100.00
A (4)
   
577,421
 
 
255
 
5.250%, 12/01/17 (Pre-refunded 12/01/13) – NPFG Insured
12/13 at 100.00
A (4)
   
256,081
 
 
370
 
5.250%, 12/01/18 (Pre-refunded 12/01/13)
12/13 at 100.00
A (4)
   
371,569
 
 
470
 
5.250%, 12/01/18 (Pre-refunded 12/01/13)
12/13 at 100.00
A (4)
   
471,993
 
 
380
 
5.250%, 12/01/18 (Pre-refunded 12/01/13)
12/13 at 100.00
A (4)
   
381,600
 
 
160
 
5.250%, 12/01/18 (Pre-refunded 12/01/13) – NPFG Insured
12/13 at 100.00
A (4)
   
160,678
 

52
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Florida (continued)
           
$
5,825
 
JEA, Florida, Electric System Revenue Bonds, Series Three 2013B,
5.000%, 10/01/38
10/18 at 100.00
Aa2
 
$
5,958,160
 
 
2,335
 
Lee County, Florida, Airport Revenue Refunding Bonds, Series 2011A, 5.375%, 10/01/32 – AGM Insured (Alternative Minimum Tax)
8/21 at 100.00
AA–
   
2,420,461
 
 
1,545
 
Miami, Florida, Special Obligation Non-Ad Valorem Revenue Refunding Bonds, Series 2011A, 6.000%, 2/01/31 – AGM Insured
2/21 at 100.00
AA–
   
1,693,892
 
 
1,505
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Refunding Series 2012A, 5.000%, 10/01/31 (Alternative Minimum Tax)
No Opt. Call
A
   
1,527,650
 
 
2,400
 
Miami-Dade County, Florida, Subordinate Special Obligation Refunding Bonds Series 2012B, 5.000%, 10/01/37
10/22 at 100.00
A+
   
2,458,896
 
 
5,300
 
Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2012, 5.000%, 7/01/42
7/22 at 100.00
AA
   
5,392,909
 
 
750
 
Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, Inc., Series 2012A, 5.000%, 10/01/42
4/22 at 100.00
A
   
728,205
 
 
1,000
 
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Series 2007, 5.000%, 8/15/42 (UB) (5)
8/17 at 100.00
AA
   
986,400
 
 
1,000
 
Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/28 – NPFG Insured
10/15 at 100.00
AA
   
1,054,380
 
 
28,445
 
Total Florida
       
29,083,003
 
     
Georgia – 8.0% (5.6% of Total Investments)
           
 
6,925
 
Atlanta and Fulton County Recreation Authority, Georgia, Guaranteed Revenue Bonds, Park Improvement, Series 2005A, 5.000%, 12/01/30 – NPFG Insured
12/15 at 100.00
Aa2
   
7,262,040
 
 
5,000
 
Atlanta, Georgia, Airport General Revenue Bonds, Series 2012B,
5.000%, 1/01/29
No Opt. Call
A+
   
5,374,000
 
 
8,980
 
Atlanta, Georgia, Airport Passenger Facilities Charge Revenue Bonds, Refunding Series 2004C, 5.000%, 1/01/33 – AGM Insured
7/14 at 100.00
AA–
   
9,157,355
 
 
1,000
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2004, 5.000%, 11/01/22 (Pre-refunded 11/01/14) – AGM Insured
11/14 at 100.00
AA– (4)
   
1,048,250
 
 
1,690
 
Greene County Development Authority, Georgia, Health System Revenue Bonds, Catholic Health East Issue, Series 2012, 4.250%, 11/15/42
No Opt. Call
Aa2
   
1,471,246
 
 
7,000
 
Gwinnett County School District, Georgia, General Obligation Bonds, Series 2008, 5.000%, 2/01/36
2/18 at 100.00
AAA
   
7,569,240
 
 
1,000
 
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University Project, Refunding Series 2012C, 5.250%, 10/01/27
10/22 at 100.00
Baa2
   
1,050,420
 
 
1,710
 
Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South Georgia Medical Center Project, Series 2011B, 5.000%, 10/01/41
10/21 at 100.00
Aa2
   
1,718,807
 
 
33,305
 
Total Georgia
       
34,651,358
 
     
Guam – 0.0% (0.0% of Total Investments)
           
 
150
 
Guam International Airport Authority, Revenue Bonds, Series 2013C, 6.375%, 10/01/43 (Alternative Minimum Tax)
10/23 at 100.00
BBB
   
155,853
 
     
Hawaii – 1.2% (0.8% of Total Investments)
           
 
5,000
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific Health Obligated Group, Series 2013A, 5.500%, 7/01/43
7/23 at 100.00
A2
   
5,110,550
 
     
Idaho – 1.7% (1.2% of Total Investments)
           
 
2,955
 
Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project, Series 2012A, 5.000%, 3/01/47 – AGM Insured
3/22 at 100.00
A
   
2,952,400
 
     
Idaho Housing and Finance Association, Grant and Revenue Anticipation Bonds, Federal Highway Trust Funds, Series 2006:
           
 
3,000
 
5.000%, 7/15/23 – NPFG Insured
7/16 at 100.00
Aa3
   
3,282,510
 
 
1,130
 
5.000%, 7/15/24 – NPFG Insured
7/16 at 100.00
Aa3
   
1,236,412
 
 
7,085
 
Total Idaho
       
7,471,322
 

Nuveen Investments
 
53

 
 

 
 
NVG
Nuveen Dividend Advantage Municipal Income Fund (continued)
 
Portfolio of Investments October 31, 2013

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Illinois – 10.3% (7.2% of Total Investments)
           
$
3,600
 
Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport, Series 2005A, 5.250%, 1/01/24 – NPFG Insured
1/16 at 100.00
A
 
$
3,830,976
 
     
Community College District 523, Counties of DeKalb, Kane, LaSalle, Lee, Ogle, Winnebago, and Boone, Illinois, General Obligation Bonds, Kishwaukee Community College, Capital Appreciation, Series 2011B:
           
 
2,500
 
0.000%, 2/01/33
2/21 at 100.00
AA
   
794,500
 
 
2,000
 
0.000%, 2/01/34
2/21 at 100.00
AA
   
588,560
 
 
2,845
 
Cook County Community College District 508, Illinois, General Obligation Bonds, Chicago City Colleges, Series 2013, 5.250%, 12/01/43
12/23 at 100.00
AA
   
2,873,706
 
 
480
 
DuPage County Community School District 200, Wheaton, Illinois, General Obligation Bonds, Series 2003C, 5.250%, 10/01/22 (Pre-refunded 1/01/14) – AGM Insured
1/14 at 100.00
Aa3 (4)
   
481,862
 
 
1,000
 
Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Series 2012, 5.000%, 6/01/42
No Opt. Call
AA
   
1,001,340
 
 
5,000
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago, Series 2012A, 5.000%, 10/01/51
10/21 at 100.00
Aa1
   
5,038,750
 
 
3,500
 
Illinois Municipal Electric Agency, Power Supply System Revenue Bonds, Series 2007A, 5.000%, 2/01/35 – FGIC Insured
2/17 at 100.00
A+
   
3,514,315
 
     
Illinois State, General Obligation Bonds, Refunding Series 2012:
           
 
635
 
5.000%, 8/01/21
No Opt. Call
A–
   
689,629
 
 
310
 
5.000%, 8/01/22
No Opt. Call
A–
   
334,047
 
 
685
 
5.000%, 8/01/23
No Opt. Call
A–
   
735,094
 
 
1,265
 
5.000%, 8/01/24
8/22 at 100.00
A–
   
1,331,122
 
 
4,000
 
Illinois State, General Obligation Bonds, Series 2004A, 5.000%, 3/01/28
3/14 at 100.00
A–
   
3,987,560
 
 
455
 
Illinois State, General Obligation Bonds, Series 2013, 5.500%, 7/01/38
7/23 at 100.00
A–
   
457,675
 
     
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1:
           
 
25,000
 
0.000%, 6/15/44 – AGM Insured
No Opt. Call
AAA
   
4,078,000
 
 
17,465
 
0.000%, 6/15/45 – AGM Insured
No Opt. Call
AAA
   
2,660,443
 
 
3,335
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Tender Option Bond Trust 3861, 13.677%, 6/15/42 (IF) (5)
6/20 at 100.00
AAA
   
2,992,529
 
 
3,900
 
Rosemont, Illinois, General Obligation Bonds, Series 2011A, 5.600%, 12/01/35 – AGM Insured
12/20 at 100.00
AA–
   
4,061,538
 
 
5,000
 
Schaumburg, Illinois, General Obligation Bonds, Series 2004B, 5.250%, 12/01/34 (Pre-refunded 12/01/14) – FGIC Insured
12/14 at 100.00
AAA
   
5,273,850
 
 
82,975
 
Total Illinois
       
44,725,496
 
     
Indiana – 5.9% (4.1% of Total Investments)
           
 
2,890
 
Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 2012A, 5.000%, 5/01/42
5/23 at 100.00
A
   
2,831,940
 
 
1,050
 
Indiana Finance Authority, Midwestern Disaster Relief Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2012A, 5.000%, 6/01/39 –
AGM Insured
6/22 at 100.00
BBB–
   
972,888
 
 
5,370
 
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013A, 5.250%, 1/01/51 (Alternative Minimum Tax)
7/23 at 100.00
BBB
   
4,921,122
 
 
1,850
 
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2012A, 5.000%, 10/01/37
10/22 at 100.00
AA
   
1,904,927
 
 
6,035
 
Indiana Health Facility Financing Authority, Revenue Bonds, Community Hospitals of Indiana, Series 2005A, 5.000%, 5/01/35 (Pre-refunded 5/01/15) – AMBAC Insured
5/15 at 100.00
A (4)
   
6,464,752
 
 
3,215
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
1/17 at 100.00
A+
   
3,237,023
 
 
5,000
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A, 5.500%, 1/01/38 – AGC Insured
1/19 at 100.00
AA–
   
5,279,750
 
 
25,410
 
Total Indiana
       
25,612,402
 

54
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Iowa – 0.7% (0.5% of Total Investments)
           
$
480
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013, 5.250%, 12/01/25
12/23 at 100.00
BB–
 
$
440,064
 
 
450
 
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.500%, 6/01/42
6/15 at 100.00
B+
   
346,739
 
 
2,800
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34
6/17 at 100.00
B+
   
2,348,976
 
 
3,730
 
Total Iowa
       
3,135,779
 
     
Kansas – 0.8% (0.6% of Total Investments)
           
 
3,500
 
Kansas Development Finance Authority, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
1/20 at 100.00
AA–
   
3,525,620
 
     
Kentucky – 1.4% (1.0% of Total Investments)
           
 
2,415
 
Kentucky State Property and Buildings Commission, Revenue Bonds, Project 93, Refunding Series 2009, 5.250%, 2/01/20 – AGC Insured
2/19 at 100.00
AA–
   
2,818,740
 
 
3,350
 
Louisville/Jefferson County Metro Government, Kentucky, Revenue Bonds, Catholic Health Initiatives, Series 2012A, 5.000%, 12/01/35
6/22 at 100.00
A+
   
3,353,317
 
 
5,765
 
Total Kentucky
       
6,172,057
 
     
Louisiana – 5.5% (3.8% of Total Investments)
           
 
1,175
 
Ascension Parish Industrial development Board, Louisiana, Revenue Bonds, Impala Warehousing (US) LLC Project, Series 2013, 6.000%, 7/01/36
7/23 at 100.00
N/R
   
1,083,515
 
 
1,000
 
Jefferson Parish Hospital District1, Louisiana, Hospital Revenue Bonds, West Jefferson Medical Center, Refunding Series 2011A, 6.000%, 1/01/39 –
AGM Insured
1/21 at 100.00
AA–
   
1,061,700
 
 
5,000
 
Lafayette Public Trust Financing Authority, Louisiana, Revenue Bonds, Ragin’ Cajun Facilities Inc. Project, Series 2010, 5.500%, 10/01/41 – AGM Insured
10/20 at 100.00
AA–
   
5,282,000
 
 
1,225
 
Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital, Series 2004, 5.250%, 7/01/24 (Pre-refunded 7/01/14) –
NPFG Insured
7/14 at 100.00
A (4)
   
1,264,212
 
     
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:
           
 
6,000
 
5.000%, 5/01/36 – AGM Insured
No Opt. Call
Aa1
   
6,286,980
 
 
770
 
4.750%, 5/01/39 – AGM Insured (UB)
5/16 at 100.00
Aa1
   
772,695
 
 
8,270
 
4.500%, 5/01/41 – NPFG Insured (UB)
5/16 at 100.00
Aa1
   
8,179,857
 
 
3
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006, Residuals 660-3, 16.013%, 5/01/34 – NPFG Insured (IF)
5/16 at 100.00
Aa1
   
3,188
 
 
23,443
 
Total Louisiana
       
23,934,147
 
     
Maine – 1.0% (0.7% of Total Investments)
           
 
4,000
 
Maine Turnpike Authority, Turnpike Revenue Bonds, Series 2004, 5.250%, 7/01/30 (Pre-refunded 7/01/14) – AGM Insured
7/14 at 100.00
AA– (4)
   
4,136,280
 
     
Maryland – 0.2% (0.1% of Total Investments)
           
 
825
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health Issue, Series 2013A, 4.000%, 8/15/41
8/23 at 100.00
A2
   
675,576
 
     
Massachusetts – 2.7% (1.9% of Total Investments)
           
 
4,500
 
Massachusetts Bay Transportation Authority, Assessment Bonds, Series 2004A, 5.000%, 7/01/28 (Pre-refunded 7/01/14)
7/14 at 100.00
AA+ (4)
   
4,646,430
 
 
1,000
 
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Commonwealth Contract Assistance Secured, Refunding Series 2010B, 5.000%, 1/01/35
1/20 at 100.00
AA+
   
1,047,440
 
 
1,000
 
Massachusetts Development Finance Agency, Resource Recovery Revenue Refunding Bonds, Covanta Energy Project, Series 2012B, 4.875%, 11/01/42
11/17 at 100.00
BB+
   
860,920
 
 
2,775
 
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 – AGM Insured (UB) (5)
2/17 at 100.00
AA+
   
2,790,068
 
 
2,500
 
Massachusetts, General Obligation Bonds, Consolidated Loan, Series 2004D, 5.000%, 12/01/22 (Pre-refunded 12/01/14) – AGM Insured
12/14 at 100.00
AA+ (4)
   
2,630,250
 
 
11,775
 
Total Massachusetts
       
11,975,108
 

Nuveen Investments
 
55

 
 

 
 
NVG
Nuveen Dividend Advantage Municipal Income Fund (continued)
 
Portfolio of Investments October 31, 2013

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Michigan – 3.8% (2.7% of Total Investments)
           
$
1,055
 
Battle Creek School District, Calhoun County, Michigan, General Obligation Bonds, Series 2007, 5.000%, 5/01/31 – AGM Insured
5/17 at 100.00
Aa2
 
$
1,103,804
 
 
1,290
 
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
7/22 at 100.00
BBB+
   
1,190,915
 
 
3,230
 
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011, 5.000%, 12/01/39
12/21 at 100.00
Aa2
   
3,229,871
 
 
4,000
 
Michigan Finance Authority, Unemployment Obligation Assessment Revenue Bonds, Series 2012B, 5.000%, 7/01/22
7/16 at 100.00
AAA
   
4,378,679
 
 
1,000
 
Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A, 5.000%, 1/01/43
1/22 at 100.00
A2
   
993,850
 
 
2,855
 
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2009C, 5.000%, 12/01/48
6/22 at 100.00
Aa2
   
2,818,882
 
     
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A:
           
 
275
 
5.000%, 12/01/31 (Pre-refunded 12/01/16) (UB)
12/16 at 100.00
N/R (4)
   
311,605
 
 
1,225
 
5.000%, 12/01/31 (UB)
12/16 at 100.00
Aa2
   
1,241,697
 
 
1,250
 
Monroe County Hospital Finance Authority, Michigan, Mercy Memorial Hospital Corporation Revenue Bonds, Series 2006, 5.500%, 6/01/35
6/16 at 100.00
BBB
   
1,254,550
 
 
16,180
 
Total Michigan
       
16,523,853
 
     
Minnesota – 0.5% (0.3% of Total Investments)
           
 
1,980
 
Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Refunding Series 2009A, 5.000%, 1/01/15 – AGC Insured
No Opt. Call
AA–
   
2,088,643
 
     
Missouri – 0.4% (0.3% of Total Investments)
           
 
1,600
 
St. Louis County Pattonville School District R3, Missouri, General Obligation Bonds, Series 2004, 5.250%, 3/01/19 (Pre-refunded 3/01/14) – AGM Insured
3/14 at 100.00
AA– (4)
   
1,627,248
 
     
Nebraska – 2.5% (1.8% of Total Investments)
           
 
6,360
 
Lincoln, Nebraska, Electric System Revenue Bonds, Series 2005, 5.000%, 9/01/32 (Pre-refunded 9/01/15)
9/15 at 100.00
AA (4)
   
6,903,780
 
 
3,900
 
Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Subordinate Lien Series 2007AA, 4.500%, 2/01/27 – FGIC Insured
No Opt. Call
AA–
   
4,026,867
 
 
10,260
 
Total Nebraska
       
10,930,647
 
     
Nevada – 2.5% (1.7% of Total Investments)
           
 
2,350
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2009C, 5.000%, 7/01/26 – AGM Insured
7/19 at 100.00
AA–
   
2,551,301
 
 
6,745
 
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.250%, 7/01/39 –
AGM Insured
1/20 at 100.00
AA–
   
6,984,987
 
 
1,300
 
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water Series 2012B, 5.000%, 6/01/42
6/22 at 100.00
AA+
   
1,330,004
 
 
10,395
 
Total Nevada
       
10,866,292
 
     
New Jersey – 3.9% (2.7% of Total Investments)
           
 
7,690
 
New Jersey Economic Development Authority, Cigarette Tax Revenue Bonds, Series 2004, 5.750%, 6/15/34 (Pre-refunded 6/15/14)
6/14 at 100.00
Aaa
   
7,958,535
 
 
1,900
 
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A, 5.000%, 7/01/29 – NPFG Insured
7/14 at 100.00
A
   
1,936,556
 
 
280
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Robert Wood Johnson University Hospital, Series 2013A, 5.500%, 7/01/43
7/23 at 100.00
A
   
291,808
 
 
2,150
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A, 5.250%, 12/15/20
No Opt. Call
A+
   
2,540,999
 
 
1,200
 
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – AGM Insured
No Opt. Call
AA–
   
1,411,776
 
 
200
 
New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 1154, 17.169%, 1/01/43 (IF) (5)
7/22 at 100.00
A+
   
220,266
 

56
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
New Jersey (continued)
           
     
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
           
$
1,080
 
4.500%, 6/01/23
6/17 at 100.00
B1
 
$
1,002,845
 
 
2,025
 
4.750%, 6/01/34
6/17 at 100.00
B2
   
1,474,079
 
 
16,525
 
Total New Jersey
       
16,836,864
 
     
New Mexico – 0.5% (0.3% of Total Investments)
           
 
2,080
 
New Mexico Finance Authority, State Transportation Revenue Bonds, Senior Lien Series 2004A, 5.250%, 6/15/16 (Pre-refunded 6/15/14) – NPFG Insured
6/14 at 100.00
AAA
   
2,146,165
 
     
New York – 5.4% (3.7% of Total Investments)
           
 
1,120
 
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/23 – FGIC Insured
2/15 at 100.00
A
   
1,170,086
 
 
3,660
 
Dormitory Authority of the State of New York, Revenue Bonds, Mental Health Services Facilities Improvements, Series 2005B, 5.000%, 2/15/23 –
AMBAC Insured
2/15 at 100.00
AA–
   
3,835,168
 
     
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Tender Option Bond Trust 3518:
           
 
2,000
 
13.543%, 2/15/33 (IF)
2/19 at 100.00
AAA
   
2,251,160
 
 
1,335
 
13.532%, 2/15/33 (IF)
2/19 at 100.00
AAA
   
1,502,489
 
 
850
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47
2/21 at 100.00
A
   
902,020
 
 
3,090
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured
2/17 at 100.00
A
   
2,927,435
 
 
940
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A, 5.000%, 12/01/23 – FGIC Insured
6/16 at 100.00
A
   
1,013,649
 
 
2,400
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2006F, 4.250%, 5/01/33 – NPFG Insured
11/16 at 100.00
A
   
2,267,184
 
 
1,575
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/36 – AGM Insured
5/21 at 100.00
AA–
   
1,615,588
 
 
2,000
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2012A, 5.000%, 9/01/42
9/22 at 100.00
A–
   
2,022,640
 
 
480
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005B, 5.000%, 11/15/30 – AMBAC Insured
11/15 at 100.00
A
   
489,158
 
 
1,435
 
New York City Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium Project PILOT, Series 2009A, 7.000%, 3/01/49 –
AGC Insured
3/19 at 100.00
AA–
   
1,645,888
 
 
1,340
 
Onondaga Civic Development Corporation, New York, Revenue Bonds, St. Joseph’s Hospital Health Center Project, Series 2012, 5.000%, 7/01/42
7/22 at 100.00
BB+
   
1,162,490
 
 
450
 
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Subordinate Lien Series 2013A, 5.000%, 11/15/28
No Opt. Call
A+
   
494,375
 
 
22,675
 
Total New York
       
23,299,330
 
     
North Carolina – 0.6% (0.4% of Total Investments)
           
 
2,150
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Refunding Bonds, WakeMed, Series 2012A, 5.000%, 10/01/38
10/22 at 100.00
AA–
   
2,148,388
 
 
540
 
Oak Island, North Carolina, Enterprise System Revenue Bonds, Series 2009A, 6.000%, 6/01/34 – AGC Insured
6/19 at 100.00
AA–
   
584,280
 
 
2,690
 
Total North Carolina
       
2,732,668
 
     
North Dakota – 0.1% (0.1% of Total Investments)
           
 
630
 
Williston, North Dakota, Multifamily Housing Revenue Bonds, Eagle Crest Apartments LLC Project, Series 2013, 7.750%, 9/01/38
9/23 at 100.00
N/R
   
619,007
 
     
Ohio – 5.5% (3.8% of Total Investments)
           
 
2,455
 
Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Revenue Bonds, Children’s Hospital Medical Center, Improvement & Refunding Series 2012, 5.000%, 11/15/42
5/22 at 100.00
A1
   
2,457,480
 

Nuveen Investments
 
57

 
 

 
 
NVG
Nuveen Dividend Advantage Municipal Income Fund (continued)
 
Portfolio of Investments October 31, 2013

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Ohio (continued)
           
     
Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Health Partners, Refunding and Improvement Series 2012A:
           
$
770
 
5.000%, 5/01/33
5/22 at 100.00
AA–
 
$
789,835
 
 
1,640
 
4.000%, 5/01/33
5/22 at 100.00
AA–
   
1,469,292
 
 
985
 
5.000%, 5/01/42
5/22 at 100.00
AA–
   
988,388
 
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
           
 
860
 
5.125%, 6/01/24
6/17 at 100.00
B–
   
735,042
 
 
710
 
5.875%, 6/01/30
6/17 at 100.00
B
   
578,302
 
 
3,665
 
5.750%, 6/01/34
6/17 at 100.00
B
   
2,869,695
 
 
2,115
 
5.875%, 6/01/47
6/17 at 100.00
B
   
1,642,953
 
 
1,870
 
Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children’s Hospital Project, Improvement Series 2012A, 5.000%, 11/01/42
5/22 at 100.00
Aa2
   
1,876,433
 
 
4,650
 
Middletown City School District, Butler County, Ohio, General Obligation Bonds, Refunding Series 2007, 5.250%, 12/01/28 – AGM Insured
No Opt. Call
A2
   
5,238,551
 
 
2,765
 
Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System Obligated Group Project, Series 2013, 5.000%, 2/15/48
2/23 at 100.00
BB+
   
2,158,995
 
 
1,290
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 2013A-1, 5.000%, 2/15/48
2/23 at 100.00
A+
   
1,301,804
 
 
1,240
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien Convertible Series 2013A-3, 0.000%, 2/15/36
2/31 at 100.00
A+
   
764,175
 
     
Southeastern Ohio Port Authority, Hospital Facilities Revenue Bonds, Memorial Health System Obligated Group Project, Refunding and Improvement
Series 2012:
           
 
600
 
5.750%, 12/01/32
12/22 at 100.00
N/R
   
582,390
 
 
420
 
6.000%, 12/01/42
12/22 at 100.00
N/R
   
409,269
 
 
26,035
 
Total Ohio
       
23,862,604
 
     
Oklahoma – 0.6% (0.4% of Total Investments)
           
 
2,375
 
Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007, 5.000%, 2/15/37
2/17 at 100.00
A+
   
2,412,573
 
     
Oregon – 0.7% (0.5% of Total Investments)
           
 
3,000
 
Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Series 2009A, 5.000%, 11/15/33
5/19 at 100.00
AAA
   
3,201,390
 
     
Pennsylvania – 5.1% (3.6% of Total Investments)
           
 
1,050
 
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40 – AGM Insured
1/20 at 100.00
AA–
   
1,084,209
 
 
1,995
 
Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, City of Allentown Concession, Series 2013A, 5.125%, 12/01/47
12/23 at 100.00
A
   
2,005,113
 
 
4,690
 
Pennsylvania Economic Development Financing Authority, Unemployment Compensation Revenue Bonds, Series 2012A, 5.000%, 7/01/19
No Opt. Call
Aaa
   
5,615,288
 
 
4,125
 
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured
12/16 at 100.00
AA–
   
4,053,473
 
 
1,050
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 – AMBAC Insured
6/16 at 100.00
A+
   
1,125,012
 
 
6,000
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 0.000%, 6/01/33 – AGM Insured
6/26 at 100.00
AA
   
5,851,680
 
 
400
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Temple University Health System Obligated Group, Series 2012A, 5.625%, 7/01/42
7/22 at 100.00
BB+
   
339,240
 
 
2,000
 
Reading School District, Berks County, Pennsylvania, General Obligation Bonds, Series 2005, 5.000%, 1/15/19 – AGM Insured (UB)
1/16 at 100.00
AA–
   
2,184,340
 
 
21,310
 
Total Pennsylvania
       
22,258,355
 
     
Puerto Rico – 1.0% (0.7% of Total Investments)
           
     
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2012A:
           
 
435
 
5.000%, 7/01/33
7/22 at 100.00
BBB–
   
322,957
 
 
575
 
5.250%, 7/01/42
7/22 at 100.00
BBB–
   
421,757
 

58
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Puerto Rico (continued)
           
$
1,225
 
Puerto Rico Municipal Finance Agency, Series 2005C, 5.250%, 8/01/21 –
CIFG Insured
No Opt. Call
AA–
 
$
1,168,234
 
 
8,480
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Senior Series 2011C, 0.000%, 8/01/39
No Opt. Call
AA–
   
1,542,258
 
 
5,035
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/42 – FGIC Insured
No Opt. Call
AA–
   
771,966
 
 
15,750
 
Total Puerto Rico
       
4,227,172
 
     
Rhode Island – 1.1% (0.8% of Total Investments)
           
     
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A:
           
 
820
 
6.125%, 6/01/32
12/13 at 100.00
BBB+
   
813,219
 
 
4,310
 
6.250%, 6/01/42
12/13 at 100.00
BBB–
   
4,197,811
 
 
5,130
 
Total Rhode Island
       
5,011,030
 
     
South Carolina – 4.1% (2.9% of Total Investments)
           
 
3,340
 
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2003, 5.250%, 12/01/19 (Pre-refunded 12/01/13)
12/13 at 100.00
AA (4)
   
3,354,061
 
     
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2006:
           
 
6,000
 
5.000%, 12/01/24
12/16 at 100.00
AA
   
6,620,820
 
 
1,950
 
5.000%, 12/01/28 – AGM Insured
12/16 at 100.00
AA
   
2,081,918
 
 
1,000
 
Scago Educational Facilities Corporation, South Carolina, Installment Purchase Revenue Bonds, Spartanburg County School District 5, Series 2005, 5.000%, 4/01/21 (Pre-refunded 10/01/15) – AGM Insured
10/15 at 100.00
AA– (4)
   
1,089,150
 
 
1,310
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2013A, 5.125%, 12/01/43
12/23 at 100.00
AA–
   
1,338,807
 
 
3,330
 
Spartanburg Regional Health Services District, Inc., South Carolina, Hospital Revenue Refunding Bonds, Series 2012A, 5.000%, 4/15/32
4/22 at 100.00
A1
   
3,397,799
 
 
16,930
 
Total South Carolina
       
17,882,555
 
     
Tennessee – 1.5% (1.1% of Total Investments)
           
 
1,595
 
Chattanooga Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45 (WI/DD, Settling 11/14/13)
1/23 at 100.00
A+
   
1,595,447
 
     
Memphis, Tennessee, Sanitary Sewerage System Revenue Bonds, Series 2004:
           
 
1,495
 
5.000%, 10/01/19 (Pre-refunded 10/01/14) – AGM Insured
10/14 at 100.00
AA (4)
   
1,561,034
 
 
1,455
 
5.000%, 10/01/20 (Pre-refunded 10/01/14) – AGM Insured
10/14 at 100.00
AA (4)
   
1,519,267
 
 
1,955
 
5.000%, 10/01/21 (Pre-refunded 10/01/14) – AGM Insured
10/14 at 100.00
AA (4)
   
2,041,352
 
 
6,500
 
Total Tennessee
       
6,717,100
 
     
Texas – 8.0% (5.6% of Total Investments)
           
 
3,300
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series 2013C, 5.125%, 11/01/43 (Alternative Minimum Tax)
11/22 at 100.00
A+
   
3,184,929
 
 
2,700
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding and Improvement Bonds, Series 2012C, 5.000%, 11/01/45 – AGM Insured
11/21 at 100.00
A+
   
2,695,707
 
 
1,140
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender Option Bond Trust 2013-9A, 17.943%, 4/01/53 (IF)
10/23 at 100.00
AA+
   
1,108,707
 
 
1,545
 
Harris County Metropolitan Transit Authority, Texas, Sales and Use Tax Revenue Bonds, Tender Option Bond Trust 1014, 13.683%, 11/01/41 (IF) (5)
11/21 at 100.00
AA+
   
1,715,228
 
 
4,080
 
Harris County, Texas, General Obligation Toll Road Revenue Bonds, Tender Option Bond Trust 3418, 14.286%, 8/15/27 – AGM Insured (IF)
No Opt. Call
AAA
   
5,832,646
 
 
1,000
 
Houston, Texas, First Lien Combined Utility System Revenue Bonds, First Lien Series 2004A, 5.250%, 5/15/24 – FGIC Insured
5/14 at 100.00
AA
   
1,025,770
 
 
2,820
 
North Central Texas Health Facilities Development Corporation, Texas, Revenue Bonds, Children’s Medical Center Dallas Project, Series 2012,
5.000%, 8/15/32
8/22 at 100.00
AA
   
2,913,737
 
 
3,220
 
North Fort Bend Water Authority, Texas, Water System Revenue Bonds, Series 2011, 5.000%, 12/15/36 – AGM Insured
12/21 at 100.00
AA–
   
3,293,158
 
     
North Texas Tollway Authority, Special Projects System Revenue Bonds,
Series 2011A:
           
 
2,590
 
0.000%, 9/01/43
9/31 at 100.00
AA+
   
1,788,602
 
 
3,910
 
0.000%, 9/01/45
9/31 at 100.00
AA+
   
2,969,723
 

Nuveen Investments
 
59

 
 

 
 
NVG
Nuveen Dividend Advantage Municipal Income Fund (continued)
 
Portfolio of Investments October 31, 2013

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Texas (continued)
           
$
7,700
 
Tarrant Regional Water District, Texas, Water Revenue Bonds, Refunding and Improvement Series 2012, 5.000%, 3/01/52
3/22 at 100.00
AAA
 
$
7,940,240
 
 
355
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/32
No Opt. Call
A3
   
344,315
 
 
34,360
 
Total Texas
       
34,812,762
 
     
Utah – 2.2% (1.5% of Total Investments)
           
 
3,700
 
Utah Transit Authority, Sales Tax Revenue and Refunding Bonds, Series 2012, 5.000%, 6/15/42
6/22 at 100.00
A1
   
3,772,483
 
 
4,865
 
Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008, Tender Option Bond Trust 1193, 13.530%, 12/15/15 – AGM Insured (IF)
No Opt. Call
AAA
   
5,804,675
 
 
8,565
 
Total Utah
       
9,577,158
 
     
Vermont – 1.9% (1.3% of Total Investments)
           
 
7,840
 
University of Vermont and State Agricultural College, Revenue Bonds, Series 2005, 5.000%, 10/01/35 – NPFG Insured
10/15 at 100.00
Aa3
   
8,216,085
 
     
Virginia – 0.7% (0.5% of Total Investments)
           
 
1,795
 
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012A, 5.000%, 7/01/52
No Opt. Call
BBB–
   
1,638,404
 
 
2,050
 
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012B, 0.000%, 7/01/32
No Opt. Call
BBB–
   
649,830
 
 
700
 
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, 95 Express Lanes LLC Project, Series 2012, 5.000%, 1/01/40 (Alternative Minimum Tax)
1/22 at 100.00
BBB–
   
638,155
 
 
4,545
 
Total Virginia
       
2,926,389
 
     
Washington – 7.6% (5.3% of Total Investments)
           
 
5,265
 
Energy Northwest, Washington Public Power, Nine Canyon Wind Project Revenue Bonds, Series 2006A, 4.500%, 7/01/30 – AMBAC Insured
7/16 at 100.00
A
   
5,280,477
 
 
5,000
 
King County, Washington, Sewer Revenue Bonds, Refunding Series 2012, 5.000%, 1/01/52
1/22 at 100.00
AA+
   
5,131,099
 
 
2,340
 
Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Refunding Series 2012A, 5.000%, 8/01/31
8/22 at 100.00
Aa3
   
2,493,386
 
 
2,200
 
Snohomish County School District 2, Everett, Washington, General Obligation Bonds, Series 2003B, 5.000%, 6/01/17 (Pre-refunded 12/01/13) –
AGM Insured
12/13 at 100.00
AA+ (4)
   
2,208,954
 
 
10,000
 
University of Washington, General Revenue Bonds, Refunding Series 2007, 5.000%, 6/01/37 – AMBAC Insured (UB)
6/17 at 100.00
Aaa
   
10,493,200
 
 
750
 
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, Refunding Series 2012B, 5.000%, 10/01/30
10/22 at 100.00
AA
   
779,498
 
 
1,925
 
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, Series 2012A, 5.000%, 10/01/42
10/22 at 100.00
AA
   
1,934,548
 
 
3,335
 
Washington State, General Obligation Bonds, Series 2009, Trust 1212, 13.526%, 7/01/14 – AGM Insured (IF)
No Opt. Call
AA+
   
4,539,102
 
 
30,815
 
Total Washington
       
32,860,264
 
     
West Virginia – 1.8% (1.3% of Total Investments)
           
 
7,800
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Refunding and Improvement Series 2013A, 5.500%, 6/01/44
6/23 at 100.00
A
   
8,018,946
 
     
Wisconsin – 0.9% (0.6% of Total Investments)
           
 
1,530
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Health Inc. Obligated Group, Series 2012A, 5.000%, 4/01/42
10/22 at 100.00
AA–
   
1,525,332
 
 
2,220
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Gundersen Lutheran, Series 2011A, 5.250%, 10/15/39
10/21 at 100.00
A+
   
2,266,951
 
 
3,750
 
Total Wisconsin
       
3,792,283
 
$
673,753
 
Total Municipal Bonds (cost $585,965,504)
       
601,245,693
 

60
 
Nuveen Investments

 
 

 
 
 
Shares
 
Description (1), (6)
       
Value
 
     
INVESTMENT COMPANIES – 0.3% (0.2% of Total Investments)
           
 
8,134
 
BlackRock MuniHoldings Fund Inc.
     
$
124,206
 
 
13,600
 
BlackRock MuniEnhanced Fund Inc.
       
142,256
 
 
7,920
 
Dreyfus Strategic Municipal Fund
       
62,251
 
 
3,500
 
DWS Municipal Income Trust
       
42,490
 
 
9,500
 
Invesco Advantage Municipal Income Fund II
       
100,320
 
 
9,668
 
Invesco Quality Municipal Income Trust
       
110,312
 
 
28,980
 
Invesco VK Investment Grade Municipal Trust
       
353,846
 
 
26,280
 
PIMCO Municipal Income Fund II
       
293,022
 
     
Total Investment Companies (cost $1,353,712)
       
1,228,703
 
     
Total Long-Term Investments (cost $587,319,216)
       
602,474,396
 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
SHORT-TERM INVESTMENTS – 4.5% (3.2% of Total Investments)
           
     
MUNICIPAL BONDS – 4.5% (3.2% of Total Investments)
           
     
Missouri – 1.0% (0.7% of Total Investments)
           
$
4,465
 
St. Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Variable Rate Demand Obligations, Tender Option Bond Trust DCL-017, 0.510%, 7/01/22 (7)
No Opt. Call
A-2
 
$
4,465,000
 
     
North Carolina – 1.5% (1.1% of Total Investments)
           
 
6,590
 
Winston-Salem, North Carolina, Water and Sewer System Revenue Bonds, Variable Rate Demand Obligations, Tender Option Bond Trust 11023, 0.110%, 12/01/14 (7)
No Opt. Call
A-1
   
6,590,000
 
     
Tennessee – 2.0% (1.4% of Total Investments)
           
 
8,655
 
Chattanooga, Tennessee, Electric System Enterprise Revenue Bonds, Variable Rate Demand Obligations, Tender Option Bond Trust 08-29, 0.100%,
3/01/16 (7)
No Opt. Call
A-1
   
8,655,000
 
$
19,710
 
Total Short-Term Investments (cost $19,710,000)
       
19,710,000
 
     
Total Investments (cost $607,029,216) – 143.1%
       
622,184,396
 
     
Floating Rate Obligations – (4.3)%
       
(18,803,334
)
     
MuniFund Term Preferred Shares, at Liquidation Value – (24.8)% (8)
       
(108,000,000
)
     
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value –
(21.3)% (9)
       
(92,500,000
)
     
Other Assets Less Liabilities – 7.3%
       
31,969,516
 
     
Net Assets Applicable to Common Shares – 100%
     
$
434,850,578
 

(1)
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2)
Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(6)
A copy of the most recent financial statements for the investment companies in which the Fund invests can be obtained directly from the Securities and Exchange Commission on its website at http://www.sec.gov.
(7)
Investment has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.
(8)
MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 17.4%.
(9)
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 14.9%.
WI/DD
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
(IF)
Inverse floating rate investment.
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
 
See accompanying notes to financial statements.

Nuveen Investments
 
61

 
 

 
 
NEA
 
 
Nuveen AMT-Free Municipal Income Fund
 
Portfolio of Investments
 
October 31, 2013

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
LONG-TERM INVESTMENTS 148.8% (99.7% of Total Investments)
           
     
MUNICIPAL BONDS – 148.8% (99.7% of Total Investments)
           
     
Alabama – 1.6% (1.1% of Total Investments)
           
$
1,000
 
Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, Series 2006C-2, 5.000%, 11/15/36 (UB)
11/16 at 100.00
AA+
 
$
1,007,820
 
 
2,200
 
Auburn, Alabama, General Obligation Warrants, Series 2005, 5.000%, 8/01/30 (Pre-refunded 8/01/15) – AMBAC Insured
8/15 at 100.00
AA+ (4)
   
2,380,928
 
 
5,475
 
Colbert County-Northwest Health Care Authority, Alabama, Revenue Bonds, Helen Keller Hospital, Series 2003, 5.750%, 6/01/27
6/14 at 100.00
Ba2
   
4,983,674
 
 
3,750
 
Huntsville Healthcare Authority, Alabama, Revenue Bonds, Series 2005A, 5.000%, 6/01/24 (Pre-refunded 6/01/15) – NPFG Insured
6/15 at 100.00
A1 (4)
   
4,027,988
 
     
Jefferson County, Alabama, General Obligation Warrants, Series 2004A:
           
 
1,395
 
5.000%, 4/01/22 – NPFG Insured
4/14 at 100.00
A
   
1,284,625
 
 
1,040
 
5.000%, 4/01/23 – NPFG Insured
4/14 at 100.00
A
   
952,276
 
 
2,590
 
Montgomery Water and Sewerage Board, Alabama, Water and Sewerage Revenue Bonds, Series 2005, 5.000%, 3/01/25 (Pre-refunded 3/01/15) –
AGM Insured
3/15 at 100.00
AAA
   
2,754,437
 
 
17,450
 
Total Alabama
       
17,391,748
 
     
Alaska – 0.2% (0.1% of Total Investments)
           
 
2,540
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/32
6/14 at 100.00
B2
   
1,940,077
 
     
Arizona – 4.8% (3.2% of Total Investments)
           
 
1,460
 
Apache County Industrial Development Authority, Arizona, Pollution Control Revenue Bonds, Tucson Electric Power Company, Series 20102A,
4.500%, 3/01/30
3/22 at 100.00
BBB
   
1,380,634
 
 
2,455
 
Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series 2012A, 5.000%, 1/01/43
1/22 at 100.00
AA–
   
2,464,624
 
     
Arizona State, Certificates of Participation, Series 2010A:
           
 
2,800
 
5.250%, 10/01/28 – AGM Insured
10/19 at 100.00
AA–
   
3,002,496
 
 
3,500
 
5.000%, 10/01/29 – AGM Insured
10/19 at 100.00
AA–
   
3,680,775
 
 
7,500
 
Arizona State, State Lottery Revenue Bonds, Series 2010A, 5.000%, 7/01/29 – AGC Insured
1/20 at 100.00
AA
   
7,914,300
 
     
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Water System Revenue Bonds, Series 2005:
           
 
4,370
 
4.750%, 7/01/25 – NPFG Insured
7/15 at 100.00
AAA
   
4,654,443
 
 
12,365
 
4.750%, 7/01/27 – NPFG Insured (UB)
7/15 at 100.00
AAA
   
12,997,593
 
     
Phoenix, Arizona, Civic Improvement Revenue Bonds, Civic Plaza,
Series 2005B:
           
 
6,545
 
5.500%, 7/01/37 – FGIC Insured
No Opt. Call
AA
   
7,129,796
 
 
5,000
 
5.500%, 7/01/40 – FGIC Insured
No Opt. Call
AA
   
5,412,150
 
 
3,530
 
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007,
5.000%, 12/01/37
No Opt. Call
A–
   
3,552,557
 
 
49,525
 
Total Arizona
       
52,189,368
 
     
Arkansas – 1.6% (1.0% of Total Investments)
           
 
5,745
 
Arkansas Development Finance Authority, State Facility Revenue Bonds, Donaghey Plaza Project, Series 2004, 5.250%, 6/01/25 (Pre-refunded 6/01/14) – AGM Insured
6/14 at 100.00
AA– (4)
   
5,915,971
 
 
4,020
 
Northwest Community College District, Arkansas, General Obligation Bonds, Series 2005, 5.000%, 5/15/23 – AMBAC Insured
5/15 at 100.00
A+
   
4,256,657
 

62
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Arkansas (continued)
           
     
University of Arkansas, Fayetteville, Revenue Bonds, Medical Sciences Campus, Series 2004B:
           
$
2,000
 
5.000%, 11/01/27 (Pre-refunded 11/01/14) – NPFG Insured
11/14 at 100.00
Aa2 (4)
 
$
2,096,160
 
 
2,000
 
5.000%, 11/01/28 (Pre-refunded 11/01/14) – NPFG Insured
11/14 at 100.00
Aa2 (4)
   
2,096,160
 
 
2,480
 
University of Arkansas, Monticello Campus, Revenue Bonds, Series 2005, 5.000%, 12/01/35 (Pre-refunded 12/01/13) – AMBAC Insured
12/13 at 100.00
Aa2 (4)
   
2,490,094
 
 
16,245
 
Total Arkansas
       
16,855,042
 
     
California – 20.1% (13.5% of Total Investments)
           
 
22,880
 
Alameda Corridor Transportation Authority, California, Senior Lien Revenue Bonds, Series 1999A, 0.000%, 10/01/32 – NPFG Insured
No Opt. Call
A
   
8,319,626
 
 
2,735
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2013S-4, 5.250%, 4/01/53
4/23 at 100.00
A+
   
2,783,245
 
     
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2005AC:
           
 
20
 
5.000%, 12/01/24 (Pre-refunded 12/01/14) – NPFG Insured
12/14 at 100.00
AAA
   
21,047
 
 
110
 
5.000%, 12/01/24 (Pre-refunded 12/01/14) – NPFG Insured
12/14 at 100.00
Aa1 (4)
   
115,760
 
 
1,870
 
5.000%, 12/01/24 (Pre-refunded 12/01/14) – NPFG Insured
12/14 at 100.00
AAA
   
1,967,913
 
 
10
 
5.000%, 12/01/26 (Pre-refunded 12/01/14) – NPFG Insured
12/14 at 100.00
AAA
   
10,524
 
 
50
 
5.000%, 12/01/26 (Pre-refunded 12/01/14)
12/14 at 100.00
Aa1 (4)
   
52,618
 
 
940
 
5.000%, 12/01/26 (Pre-refunded 12/01/14)
12/14 at 100.00
AAA
   
989,218
 
 
1,300
 
California Educational Facilities Authority, Revenue Bonds, Occidental College, Series 2005A, 5.000%, 10/01/33 (Pre-refunded 10/01/15) – NPFG Insured
10/15 at 100.00
Aa3 (4)
   
1,417,338
 
     
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children’s Hospital, Series 2012A:
           
 
2,000
 
5.000%, 8/15/51
8/22 at 100.00
AA
   
1,983,060
 
 
3,000
 
5.000%, 8/15/51 (UB) (5)
8/22 at 100.00
AA
   
2,974,590
 
 
530
 
California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, Series 2013A, 5.000%, 7/01/37
7/23 at 100.00
AA–
   
537,266
 
 
1,710
 
California Health Facilities Financing Authority, Revenue Bonds, Scripps Health, Series 2012A, 5.000%, 11/15/40
11/21 at 100.00
AA–
   
1,730,281
 
     
California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and Clinics, Tender Option Bond Trust 3294:
           
 
1,285
 
9.293%, 2/15/20 (IF) (5)
No Opt. Call
AA–
   
1,284,794
 
 
525
 
9.293%, 2/15/20 (IF) (5)
No Opt. Call
AA–
   
524,916
 
 
485
 
9.285%, 2/15/20 (IF) (5)
No Opt. Call
AA–
   
484,922
 
 
5,000
 
California State Public Works Board, Lease Revenue Bonds, Department of General Services, Capital East End Project, Series 2002A, 5.000%,
12/01/27 – AMBAC Insured
12/13 at 100.00
A2
   
5,011,800
 
 
5
 
California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 – AMBAC Insured
4/14 at 100.00
A1
   
5,063
 
 
7,495
 
California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31
(Pre-refunded 4/01/14) – AMBAC Insured
4/14 at 100.00
AA+ (4)
   
7,646,999
 
 
10,000
 
California Statewide Communities Development Authority, Revenue Bonds, Sutter Health, Series 2011A, 6.000%, 8/15/42
8/20 at 100.00
AA–
   
11,435,400
 
     
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A:
           
 
3,895
 
5.250%, 7/01/30
7/15 at 100.00
BBB–
   
3,898,077
 
 
5,000
 
5.250%, 7/01/35
7/15 at 100.00
BBB–
   
4,700,950
 
 
5,000
 
5.000%, 7/01/39
7/15 at 100.00
BBB–
   
4,447,600
 
 
2,910
 
Cathedral City Public Financing Authority, California, Tax Allocation Bonds, Housing Set-Aside, Series 2002D, 5.000%, 8/01/26 – NPFG Insured
8/14 at 100.00
A
   
2,918,526
 
 
4,775
 
Clovis Unified School District, Fresno County, California, General Obligation Bonds, Series 2001A, 0.000%, 8/01/25 – NPFG Insured (ETM)
No Opt. Call
AA+ (4)
   
3,274,743
 
 
1,665
 
Contra Costa Community College District, Contra Costa County, California, General Obligation Bonds, Election of 2006, Series 2013, 5.000%, 8/01/38
8/23 at 100.00
Aa1
   
1,754,211
 
 
1,005
 
Folsom Cordova Unified School District, Sacramento County, California, General Obligation Bonds, School Facilities Improvement District 2, Series 2004B, 5.000%, 10/01/26 – AGM Insured
10/14 at 100.00
AA–
   
1,042,547
 

Nuveen Investments
 
63
 
 
 

 
 

NEA
Nuveen AMT-Free Municipal Income Fund (continued)
 
Portfolio of Investments October 31, 2013

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
California (continued)
           
$
31,375
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Series 1999, 0.000%, 1/15/34 – NPFG Insured
1/14 at 30.18
A
 
$
8,333,514
 
 
1,735
 
Fullerton Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2005, 5.000%, 9/01/27 – AMBAC Insured
9/15 at 100.00
A
   
1,777,386
 
 
15,065
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/35 – FGIC Insured
6/15 at 100.00
A2
   
15,005,192
 
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
           
 
8,790
 
4.500%, 6/01/27
6/17 at 100.00
B
   
7,517,911
 
 
3,990
 
5.000%, 6/01/33
6/17 at 100.00
B
   
3,075,692
 
 
250
 
5.125%, 6/01/47
6/17 at 100.00
B
   
175,218
 
 
3,040
 
Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%, 11/01/23 – AGM Insured
No Opt. Call
Aa2
   
2,077,141
 
 
2,355
 
La Verne-Grand Terrace Housing Finance Agency, California, Single Family Residential Mortgage Revenue Bonds, Series 1984A, 10.250%, 7/01/17 (ETM)
No Opt. Call
Aaa
   
2,789,027
 
 
6,000
 
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2012B, 5.000%, 7/01/43
7/22 at 100.00
AA–
   
6,208,620
 
 
4,000
 
Los Angeles Unified School District, California, General Obligation Bonds, Series 2006F, 5.000%, 7/01/24 – FGIC Insured
7/16 at 100.00
Aa2
   
4,410,840
 
 
3,545
 
Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43
8/35 at 100.00
AA
   
1,693,127
 
 
3,515
 
Newport Beach, California, Revenue Bonds, Hoag Memorial Hospital Presbyterian, Series 2011A, 5.875%, 12/01/30 (Pre-refunded 12/01/21)
12/21 at 100.00
AA (4)
   
4,530,378
 
 
5,000
 
Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue Refunding Bonds, Redevelopment Project 1, Series 1995, 7.400%, 8/01/25 – NPFG Insured
No Opt. Call
A
   
5,868,750
 
     
Orange County Water District, California, Revenue Certificates of Participation, Series 2003B:
           
 
1,745
 
5.000%, 8/15/34 – NPFG Insured (ETM)
No Opt. Call
AAA
   
1,962,933
 
 
1,490
 
5.000%, 8/15/34 – NPFG Insured (ETM)
No Opt. Call
AAA
   
1,671,169
 
     
Plumas County, California, Certificates of Participation, Capital Improvement Program, Series 2003A:
           
 
1,130
 
5.250%, 6/01/19 – AMBAC Insured
6/14 at 100.00
A
   
1,143,594
 
 
1,255
 
5.250%, 6/01/21 – AMBAC Insured
6/14 at 100.00
A
   
1,271,541
 
 
7,510
 
Pomona, California, GNMA/FHLMC Collateralized Single Family Mortgage Revenue Refunding Bonds, Series 1990B, 7.500%, 8/01/23 (ETM)
No Opt. Call
Aaa
   
9,702,394
 
 
1,800
 
Rialto Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2011A, 0.000%, 8/01/28
No Opt. Call
AA–
   
832,122
 
 
1,000
 
Rim of the World Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2011C, 5.000%, 8/01/38 – AGM Insured
8/21 at 100.00
AA–
   
1,024,450
 
 
390
 
Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series 2013A, 5.750%, 6/01/44
6/23 at 100.00
BBB–
   
392,262
 
 
735
 
Sacramento City Financing Authority, California, Capital Improvement Revenue Bonds, Solid Waste and Redevelopment Projects, Series 1999, 5.800%,
12/01/19 – AMBAC Insured
12/13 at 100.00
N/R
   
736,103
 
 
7,170
 
San Bernardino, California, GNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue Refunding Bonds, Series 1990A, 7.500%,
5/01/23 (ETM)
No Opt. Call
Aaa
   
9,198,895
 
 
2,250
 
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41
12/21 at 100.00
BB
   
2,484,743
 
     
San Diego County, California, Certificates of Participation, Edgemoor Facility Project and Regional System, Series 2005:
           
 
1,675
 
5.000%, 2/01/24 – AMBAC Insured
2/15 at 100.00
AA+
   
1,753,541
 
 
720
 
5.000%, 2/01/25 – AMBAC Insured
2/15 at 100.00
AA+
   
752,472
 
 
4,000
 
San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Governmental Purpose, Second Series 2013B,
5.000%, 5/01/43
5/23 at 100.00
A+
   
4,069,640
 

64
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
California (continued)
           
     
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A:
           
$
29,000
 
0.000%, 1/15/31 – NPFG Insured
No Opt. Call
A
 
$
9,875,660
 
 
3,825
 
0.000%, 1/15/32 – NPFG Insured
No Opt. Call
A
   
1,212,755
 
 
23,900
 
0.000%, 1/15/34 – NPFG Insured
No Opt. Call
A
   
6,627,231
 
 
4,000
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2004A, 5.250%, 8/01/19 – NPFG Insured
8/14 at 100.00
A
   
4,075,640
 
 
12,580
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C, 4.250%, 8/01/30 – NPFG Insured
8/17 at 100.00
A
   
11,325,271
 
 
4,455
 
San Mateo County Community College District, California, General Obligation Bonds, Series 2006A, 0.000%, 9/01/21 – NPFG Insured
No Opt. Call
Aaa
   
3,568,277
 
 
1,055
 
Turlock Irrigation District, California, Certificates of Participation, Series 2003A, 5.000%, 1/01/28 – NPFG Insured
1/14 at 100.00
A+
   
1,056,034
 
 
3,600
 
Ventura County Community College District, California, General Obligation Bonds, Series 2005B, 5.000%, 8/01/28 – NPFG Insured
8/15 at 100.00
AA
   
3,803,688
 
 
3,900
 
West Hills Community College District, California, General Obligation Bonds, School Facilities Improvement District 3, 2008 Election Series 2011, 6.500%, 8/01/41 – AGM Insured
8/21 at 100.00
AA–
   
4,394,403
 
 
294,045
 
Total California
       
217,730,648
 
     
Colorado – 8.6% (5.8% of Total Investments)
           
     
Bowles Metropolitan District, Colorado, General Obligation Bonds, Series 2003:
           
 
4,300
 
5.500%, 12/01/23 (Pre-refunded 12/01/13) – AGM Insured
12/13 at 100.00
AA– (4)
   
4,319,264
 
 
3,750
 
5.500%, 12/01/28 (Pre-refunded 12/01/13) – AGM Insured
12/13 at 100.00
AA– (4)
   
3,766,800
 
 
1,450
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Peak-to-Peak Charter School, Series 2004, 5.250%, 8/15/24 – SYNCORA GTY Insured
8/14 at 100.00
A
   
1,472,200
 
 
3,405
 
Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Classical Academy Charter School, Series 2003, 5.250%, 12/01/23 – SYNCORA
GTY Insured
12/13 at 100.00
A
   
3,409,392
 
 
7,500
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2006C-1, Trust 1090, 15.431%, 10/01/41 – AGM Insured (IF) (5)
4/18 at 100.00
AA–
   
7,654,500
 
 
425
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013, 5.625%, 6/01/43
6/23 at 100.00
A–
   
430,950
 
 
5,000
 
Colorado Health Facilities Authority, Revenue Bonds, Children’s Hospital Colorado Project, Series 2013A, 5.000%, 12/01/36
12/23 at 100.00
A+
   
5,017,500
 
 
2,915
 
Commerce City Northern Infrastructure General Improvement District, Colorado, General Obligation Bonds, Series 2013, 5.000%, 12/01/27 – AGM Insured
12/22 at 100.00
AA–
   
3,186,561
 
 
4,835
 
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 11/15/43
11/23 at 100.00
A
   
4,865,267
 
 
16,095
 
Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Senior Lien Series 2003A, 5.000%, 12/01/33 (Pre-refunded 12/01/13) – SYNCORA GTY Insured
12/13 at 100.00
N/R (4)
   
16,159,863
 
     
Denver School District 1, Colorado, General Obligation Bonds, Series 2004:
           
 
1,000
 
5.000%, 12/01/18 (Pre-refunded 12/01/13) – AGM Insured
12/13 at 100.00
Aa2 (4)
   
1,004,060
 
 
125
 
5.000%, 12/01/18 (Pre-refunded 12/01/13) – AGM Insured
12/13 at 100.00
AA+ (4)
   
125,509
 
 
35,285
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/30 – NPFG Insured
No Opt. Call
A
   
13,834,896
 
 
2,900
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/34 – NPFG Insured
No Opt. Call
A
   
863,562
 
 
4,405
 
Garfield, Eagle and Pitkin Counties School District RE-1, Roaring Fork, Colorado, General Obligation Bonds, Series 2005A, 5.000%, 12/15/24
(Pre-refunded 12/15/14) – AGM Insured
12/14 at 100.00
Aa2 (4)
   
4,642,870
 
     
Jefferson County School District R1, Colorado, General Obligation Bonds, Series 2004:
           
 
2,500
 
5.000%, 12/15/22 (Pre-refunded 12/15/14) – AGM Insured
12/14 at 100.00
Aa2 (4)
   
2,634,450
 
 
5,125
 
5.000%, 12/15/23 (Pre-refunded 12/15/14) – AGM Insured
12/14 at 100.00
Aa2 (4)
   
5,400,623
 
 
4,065
 
5.000%, 12/15/24 (Pre-refunded 12/15/14) – AGM Insured
12/14 at 100.00
Aa2 (4)
   
4,283,616
 
 
2,640
 
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Refunding Bonds, Series 2011, 6.125%, 12/01/41 –
AGM Insured
12/20 at 100.00
AA–
   
2,838,000
 

Nuveen Investments
 
65

 
 

 
 
NEA
 
Nuveen AMT-Free Municipal Income Fund (continued)
   
Portfolio of Investments October 31, 2013

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Colorado (continued)
           
$
1,390
 
Teller County School District RE-2, Woodland Park, Colorado, General Obligation Bonds, Series 2004, 5.000%, 12/01/22 (Pre-refunded 12/01/14) – NPFG Insured
12/14 at 100.00
Aa2 (4)
 
$
1,462,655
 
 
4,000
 
University of Colorado Hospital Authority, Colorado, Revenue Bonds, Series 2012A, 5.000%, 11/15/42
11/22 at 100.00
A+
   
3,930,720
 
 
25
 
University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 – FGIC Insured
6/15 at 100.00
Aa2
   
26,100
 
     
University of Colorado, Enterprise System Revenue Bonds, Series 2005:
           
 
1,285
 
5.000%, 6/01/30 (Pre-refunded 6/01/15) – FGIC Insured
6/15 at 100.00
Aa2 (4)
   
1,379,396
 
 
690
 
5.000%, 6/01/30 (Pre-refunded 6/01/15) – FGIC Insured
6/15 at 100.00
Aa2 (4)
   
740,687
 
 
115,110
 
Total Colorado
       
93,449,441
 
     
Delaware – 0.3% (0.2% of Total Investments)
           
 
3,250
 
Delaware Health Facilities Authority, Revenue Bonds, Nanticoke Memorial Hospital, Series 2013, 5.000%, 7/01/32
7/23 at 100.00
BBB–
   
2,887,723
 
     
District of Columbia – 1.2% (0.8% of Total Investments)
           
 
1,250
 
District of Columbia Student Dormitory Revenue Bonds, Provident Group – Howard Properties LLC Issue, Series 2013, 5.000%, 10/01/45
10/22 at 100.00
BBB–
   
1,082,663
 
 
10,150
 
District of Columbia, Revenue Bonds, Georgetown University, Series 2007A, 0.000%, 4/01/40 – AMBAC Insured
4/21 at 100.00
A–
   
7,207,008
 
 
7,000
 
Metropolitan Washington Airports Authority, District of Columbia, Dulles Toll Road Revenue Bonds, Capital Appreciation Series 2009B-2, 0.000%, 10/01/36 – AGC Insured
No Opt. Call
AA–
   
1,794,520
 
 
2,395
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1606, 11.801%, 10/01/30 – AMBAC Insured (IF) (5)
10/16 at 100.00
AA+
   
2,467,113
 
 
20,795
 
Total District of Columbia
       
12,551,304
 
     
Florida – 8.9% (5.9% of Total Investments)
           
 
1,000
 
Bay County, Florida, Water System Revenue Bonds, Series 2005, 5.000%, 9/01/25 – AMBAC Insured
9/15 at 100.00
A1
   
1,069,160
 
 
11,000
 
Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 – AGM Insured
10/21 at 100.00
AA–
   
11,224,730
 
     
Clay County, Florida, Utility System Revenue Bonds, Series 2007:
           
 
1,500
 
5.000%, 11/01/27 – AGM Insured (UB)
11/17 at 100.00
Aa2
   
1,624,530
 
 
3,000
 
5.000%, 11/01/32 – AGM Insured (UB)
11/17 at 100.00
Aa2
   
3,123,390
 
 
400
 
Collier County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/23 (Pre-refunded 10/01/14) – NPFG Insured
10/14 at 100.00
AA– (4)
   
416,796
 
 
500
 
Flagler County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/30 – NPFG Insured
10/15 at 100.00
A
   
507,415
 
 
50
 
Florida Housing Finance Agency, GNMA Collateralized Home Ownership Revenue Refunding Bonds, Series 1987G-1, 8.595%, 11/01/17
No Opt. Call
AA+
   
54,056
 
 
2,100
 
Florida Municipal Loan Council, Revenue Bonds, Series 2005A,
5.000%, 2/01/23
2/15 at 100.00
A
   
2,185,365
 
 
185
 
Florida Municipal Loan Council, Revenue Bonds, Series 2005A, 5.000%, 2/01/23 (Pre-refunded 2/01/15)
2/15 at 100.00
A (4)
   
195,847
 
 
2,500
 
Florida State Board of Education, Public Education Capital Outlay Bonds, Tender Option Bond Trust 2929, 17.349%, 12/01/16 – AGC Insured (IF) (5)
No Opt. Call
AAA
   
2,994,225
 
 
2,240
 
FSU Financial Assistance Inc., Florida, General Revenue Bonds, Educational and Athletic Facilities Improvements, Series 2004, 5.000%, 10/01/14 – AMBAC Insured
No Opt. Call
A1
   
2,333,856
 
 
350
 
Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006, 5.500%, 6/01/38 – AGM Insured
6/18 at 100.00
AA–
   
358,152
 
 
180
 
Highlands County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health System, Series 2005D, 5.000%, 11/15/35 (Pre-refunded 11/15/15) – NPFG Insured
11/15 at 100.00
AA– (4)
   
196,893
 
 
400
 
Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Refunding Series 2012, 5.000%, 10/01/30
10/22 at 100.00
A1
   
417,528
 
 
1,530
 
Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Refunding Series 2011, 5.000%, 11/15/24
11/21 at 100.00
A2
   
1,631,301
 

66
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Florida (continued)
           
$
1,730
 
Lee County, Florida, Transportation Facilities Revenue Bonds, Series 2004B, 5.000%, 10/01/22 – AMBAC Insured
10/14 at 100.00
A–
 
$
1,786,069
 
 
500
 
Lee Memorial Health System, Florida, Hospital Revenue Bonds, Series 2007A, 5.000%, 4/01/32 – NPFG Insured
4/17 at 100.00
A
   
502,705
 
 
1,200
 
Miami, Florida, Special Obligation Non-Ad Valorem Revenue Refunding Bonds, Series 2011A, 6.000%, 2/01/30 – AGM Insured
2/21 at 100.00
AA–
   
1,323,468
 
 
10,000
 
Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2010A, 5.000%, 7/01/35
7/20 at 100.00
AA–
   
10,290,400
 
 
6,350
 
Miami-Dade County School Board, Florida, Certificates of Participation, Series 2006A, 5.000%, 11/01/31 – AGM Insured
11/16 at 100.00
AA+
   
6,632,448
 
 
4,000
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 5.000%, 10/01/35 – AGM Insured
10/20 at 100.00
AA–
   
4,079,480
 
 
5,720
 
Miami-Dade County, Florida, General Obligation Bonds, Series 2005, 5.000%, 7/01/33 – AGM Insured
7/15 at 100.00
Aa2
   
5,957,609
 
 
1,850
 
Miami-Dade County, Florida, Subordinate Special Obligation Refunding Bonds Series 2012B, 5.000%, 10/01/37
10/22 at 100.00
A+
   
1,895,399
 
 
3,175
 
Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2012, 5.000%, 7/01/42
7/22 at 100.00
AA
   
3,230,658
 
 
500
 
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Refunding Series 2008B, 5.250%, 10/01/22 – AGM Insured
No Opt. Call
AA–
   
591,620
 
 
5,770
 
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, 5.000%, 10/01/42
10/22 at 100.00
Aa3
   
5,865,263
 
 
750
 
Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, Inc., Series 2012A, 5.000%, 10/01/42
4/22 at 100.00
A
   
728,205
 
 
3,335
 
Palm Bay, Florida, Local Optional Gas Tax Revenue Bonds, Series 2004, 5.250%, 10/01/20 – NPFG Insured
10/14 at 100.00
AA–
   
3,475,370
 
 
1,095
 
Palm Bay, Florida, Utility System Revenue Bonds, Series 2004, 5.250%, 10/01/20 – NPFG Insured
10/14 at 100.00
Aa3
   
1,142,216
 
 
1,000
 
Port Saint Lucie, Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, Series 2007, 5.000%, 7/01/33 – NPFG Insured
7/17 at 100.00
A
   
1,012,960
 
 
480
 
Port St. Lucie, Florida, Utility System Revenue Bonds, Refunding Series 2009, 5.250%, 9/01/35 – AGC Insured
9/18 at 100.00
AA–
   
519,182
 
 
4,000
 
Saint Lucie County School Board, Florida, Certificates of Participation, Master Lease Program, Series 2004A, 5.000%, 7/01/24 (Pre-refunded 7/01/14) – AGM Insured
7/14 at 100.00
AA– (4)
   
4,129,360
 
 
1,730
 
St. John’s County, Florida, Sales Tax Revenue Bonds, Series 2004A, 5.000%, 10/01/24 (Pre-refunded 10/01/14) – AMBAC Insured
10/14 at 100.00
A+ (4)
   
1,805,359
 
 
2,000
 
Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/28 – NPFG Insured
10/15 at 100.00
AA
   
2,108,760
 
 
1,200
 
Tamarac, Florida, Utility System Revenue Bonds, Series 2009, 5.000%, 10/01/39 – AGC Insured
10/19 at 100.00
Aa2
   
1,245,972
 
 
7,720
 
Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Refunding Series 2012B, 5.000%, 7/01/42
No Opt. Call
A–
   
7,822,444
 
 
1,500
 
Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Embry-Riddle Aeronautical University, Inc. Project, Refunding Series 2011, 5.000%, 10/15/29 – AGM Insured
10/21 at 100.00
AA–
   
1,567,005
 
 
92,540
 
Total Florida
       
96,045,196
 
     
Georgia – 2.6% (1.8% of Total Investments)
           
 
2,700
 
Atlanta, Georgia, Airport General Revenue Bonds, Series 2004G, 5.000%, 1/01/25 – AGM Insured
1/15 at 100.00
AA–
   
2,824,767
 
 
6,950
 
Atlanta, Georgia, Airport General Revenue Refunding Bonds, Series 2010A, 5.000%, 1/01/40 – AGM Insured
1/20 at 100.00
AA–
   
7,089,904
 
 
3,000
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.375%, 11/01/39 – AGM Insured
11/19 at 100.00
AA–
   
3,123,900
 
 
1,535
 
Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Refunding Series 2007, 4.000%, 8/01/26
8/20 at 100.00
AA
   
1,599,808
 
 
4,000
 
Cobb County Development Authority, Georgia, Parking Revenue Bonds, Kennesaw State University, Series 2004, 5.000%, 7/15/24 – NPFG Insured
7/14 at 100.00
A1
   
4,128,000
 

Nuveen Investments
 
67

 
 

 
 
NEA
Nuveen AMT-Free Municipal Income Fund (continued)
 
Portfolio of Investments October 31, 2013

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Georgia (continued)
           
$
1,410
 
DeKalb County, Georgia, Water and Sewer Revenue Bonds, Series 2006A, 5.000%, 10/01/35 – AGM Insured
10/16 at 100.00
Aa2
 
$
1,454,909
 
 
1,075
 
Greene County Development Authority, Georgia, Health System Revenue Bonds, Catholic Health East Issue, Series 2012, 4.250%, 11/15/42
No Opt. Call
Aa2
   
935,852
 
 
2,805
 
Gwinnett County School District, Georgia, General Obligation Bonds, Series 2008, 5.000%, 2/01/36
2/18 at 100.00
AAA
   
3,033,103
 
 
1,350
 
Henry County Water and Sewerage Authority, Georgia, Revenue Bonds, Series 2005, 5.250%, 2/01/27 – BHAC Insured
No Opt. Call
AA+
   
1,624,442
 
 
2,615
 
Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South Georgia Medical Center Project, Series 2011B, 5.000%, 10/01/41
10/21 at 100.00
Aa2
   
2,628,467
 
 
27,440
 
Total Georgia
       
28,443,152
 
     
Hawaii – 0.0% (0.0% of Total Investments)
           
     
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific University, Series 2013A:
           
 
200
 
6.625%, 7/01/33
7/23 at 100.00
BB+
   
200,224
 
 
125
 
6.875%, 7/01/43
7/23 at 100.00
BB+
   
125,006
 
 
325
 
Total Hawaii
       
325,230
 
     
Idaho – 0.2% (0.1% of Total Investments)
           
 
2,345
 
Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project, Series 2012A, 5.000%, 3/01/47 – AGM Insured
3/22 at 100.00
A
   
2,342,936
 
     
Illinois – 12.9% (8.7% of Total Investments)
           
 
4,000
 
Bolingbrook, Illinois, General Obligation Refunding Bonds, Series 2002B, 0.000%, 1/01/34 – FGIC Insured
No Opt. Call
Aa3
   
1,313,240
 
 
4,345
 
Chicago Board of Education, Illinois, General Obligation Lease Certificates, Series 1992A, 6.250%, 1/01/15 – NPFG Insured
No Opt. Call
A
   
4,458,578
 
 
3,500
 
Chicago Transit Authority, Illinois, Capital Grant Receipts Revenue Bonds, Federal Transit Administration Section 5307 Urbanized Area Formula Funds, Refunding Series 2011, 5.250%, 6/01/26 – AGM Insured
6/21 at 100.00
AA–
   
3,805,725
 
 
13,100
 
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien Refunding Series 2010C, 5.250%, 1/01/35 – AGC Insured
1/20 at 100.00
AA–
   
13,277,898
 
 
1,450
 
Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport, Series 2005A, 5.250%, 1/01/24 – NPFG Insured
1/16 at 100.00
A
   
1,543,032
 
 
4,735
 
Cook County Community College District 508, Illinois, General Obligation Bonds, Chicago City Colleges, Series 2013, 5.250%, 12/01/43
12/23 at 100.00
AA
   
4,782,776
 
     
Cook County School District 145, Arbor Park, Illinois, General Obligation Bonds, Series 2004:
           
 
1,650
 
5.125%, 12/01/20 – AGM Insured (ETM)
12/14 at 100.00
A2 (4)
   
1,705,407
 
 
1,475
 
5.125%, 12/01/23 – AGM Insured (ETM)
12/14 at 100.00
A2 (4)
   
1,513,453
 
     
Cook County School District 145, Arbor Park, Illinois, General Obligation Bonds, Series 2004:
           
 
1,635
 
5.125%, 12/01/20 (Pre-refunded 12/01/14) – AGM Insured
12/14 at 100.00
A2 (4)
   
1,722,342
 
 
1,465
 
5.125%, 12/01/23 (Pre-refunded 12/01/14) – AGM Insured
12/14 at 100.00
A2 (4)
   
1,543,260
 
 
21,860
 
Illinois Development Finance Authority, Local Government Program Revenue Bonds, Kane, Cook and DuPage Counties School District U46 – Elgin, Series 2002, 0.000%, 1/01/17 – AGM Insured
No Opt. Call
Aa3
   
20,403,031
 
 
2,050
 
Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural History, Series 2002, 5.500%, 11/01/36 (WI/DD, Settling 11/01/13)
11/23 at 100.00
A2
   
2,068,840
 
 
4,200
 
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 5.000%, 9/01/38
9/22 at 100.00
A–
   
3,919,818
 
 
5,020
 
Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Series 2012, 5.000%, 6/01/42
No Opt. Call
AA
   
5,026,727
 
 
2,910
 
Illinois Finance Authority, Revenue Bonds, Ingalls Health System, Series 2013, 5.000%, 5/15/43
5/22 at 100.00
Baa1
   
2,584,575
 
 
1,015
 
Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A, 6.000%, 7/01/43
7/23 at 100.00
A–
   
1,047,571
 
 
3,560
 
Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2011A, 6.000%, 8/15/41 – AGM Insured
8/21 at 100.00
AA–
   
3,819,061
 

68
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Illinois (continued)
           
$
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–
 
$
1,041,920
 
 
9,510
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago, Series 2012A, 5.000%, 10/01/51
10/21 at 100.00
Aa1
   
9,583,703
 
 
5,045
 
Illinois Health Facilities Authority, Revenue Bonds, Lutheran General Health System, Series 1993A, 6.250%, 4/01/18 – AGM Insured (ETM)
No Opt. Call
AA– (4)
   
5,782,226
 
 
1,950
 
Illinois Health Facilities Authority, Revenue Refunding Bonds, SSM Healthcare System, Series 1992AA, 6.550%, 6/01/14 – NPFG Insured (ETM)
No Opt. Call
AA– (4)
   
2,022,813
 
 
6,500
 
Illinois Municipal Electric Agency, Power Supply System Revenue Bonds, Series 2007A, 5.000%, 2/01/35 – FGIC Insured
2/17 at 100.00
A+
   
6,526,585
 
     
Illinois State, General Obligation Bonds, Series 2012A:
           
 
2,500
 
5.000%, 3/01/25
3/22 at 100.00
A–
   
2,604,500
 
 
4,500
 
5.000%, 3/01/27
3/22 at 100.00
A–
   
4,567,095
 
 
1,125
 
Illinois State, General Obligation Bonds, Series 2013, 5.500%, 7/01/38
7/23 at 100.00
A–
   
1,131,615
 
 
5,000
 
Macon County School District 61 Decatur, Illinois, General Obligation Bonds, Series 2011A, 5.250%, 1/01/39 – AGM Insured
1/21 at 100.00
A2
   
5,177,650
 
 
5,000
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Refunding Bonds, Series 2012B, 5.000%, 6/15/52 (UB) (5)
6/22 at 100.00
AAA
   
4,825,800
 
     
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1:
           
 
33,000
 
0.000%, 6/15/45 – AGM Insured
No Opt. Call
AAA
   
5,026,890
 
 
20,000
 
0.000%, 6/15/46 – AGM Insured
No Opt. Call
AAA
   
2,852,400
 
 
5,725
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A, 0.000%, 6/15/27 – NPFG Insured
6/22 at 101.00
AAA
   
5,079,850
 
 
5,010
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place Expansion Project, Series 1996A, 0.000%, 12/15/21 – NPFG Insured
No Opt. Call
AA–
   
3,634,705
 
 
3,500
 
Schaumburg, Illinois, General Obligation Bonds, Series 2004B, 5.000%, 12/01/41 (Pre-refunded 12/01/14) – AGM Insured
12/14 at 100.00
AAA
   
3,682,210
 
 
1,895
 
Williamson & Johnson Counties Community Unit School District 2, Marion, Illinois, General Obligation Bonds, Series 2011, 7.250%, 12/01/28 –
AGM Insured
12/20 at 100.00
AA–
   
2,186,773
 
 
189,230
 
Total Illinois
       
140,262,069
 
     
Indiana – 6.3% (4.2% of Total Investments)
           
     
Hamilton County Public Building Corporation, Indiana, First Mortgage Bonds, Series 2004:
           
 
2,105
 
5.000%, 8/01/23 (Pre-refunded 8/01/14) – AGM Insured
8/14 at 100.00
Aaa
   
2,181,601
 
 
2,215
 
5.000%, 8/01/24 (Pre-refunded 8/01/14) – AGM Insured
8/14 at 100.00
Aaa
   
2,295,604
 
 
6,970
 
Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 2012A, 5.000%, 5/01/42
5/23 at 100.00
A
   
6,829,973
 
 
1,500
 
Indiana Finance Authority, Midwestern Disaster Relief Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2012A, 5.000%, 6/01/39 –
AGM Insured
6/22 at 100.00
BBB–
   
1,389,840
 
 
10,000
 
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2009A, 5.250%, 12/01/38 (UB)
12/19 at 100.00
Aa2
   
10,385,200
 
 
5,000
 
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2011B, 5.000%, 10/01/41
10/21 at 100.00
AA–
   
5,074,900
 
 
3,075
 
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2012A, 5.000%, 10/01/37
10/22 at 100.00
AA
   
3,166,297
 
 
2,045
 
Indiana Health Facility Financing Authority, Revenue Bonds, Community Hospitals of Indiana, Series 2005A, 5.000%, 5/01/35 (Pre-refunded 5/01/15) – AMBAC Insured
5/15 at 100.00
A (4)
   
2,190,624
 
 
8,310
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
1/17 at 100.00
A+
   
8,366,924
 
     
Indiana University, Parking Facility Revenue Bonds, Series 2004:
           
 
1,015
 
5.250%, 11/15/19 (Pre-refunded 11/15/14) – AMBAC Insured
11/14 at 100.00
Aaa
   
1,068,470
 
 
1,060
 
5.250%, 11/15/20 (Pre-refunded 11/15/14) – AMBAC Insured
11/14 at 100.00
Aaa
   
1,115,841
 
 
1,100
 
5.250%, 11/15/21 (Pre-refunded 11/15/14) – AMBAC Insured
11/14 at 100.00
Aaa
   
1,157,948
 

Nuveen Investments
 
69

 
 

 
 
NEA
Nuveen AMT-Free Municipal Income Fund (continued)
 
Portfolio of Investments October 31, 2013

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Indiana (continued)
           
$
9,255
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/25 – AMBAC Insured
No Opt. Call
AA
 
$
6,069,151
 
     
Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A:
           
 
3,000
 
5.500%, 1/01/38 – AGC Insured
1/19 at 100.00
AA–
   
3,167,850
 
 
5,000
 
5.500%, 1/01/38 – AGC Insured (UB)
1/19 at 100.00
AA–
   
5,279,750
 
 
1,000
 
Metropolitan School District Steuben County K-5 Building Corporation, Indiana, First Mortgage Bonds, Series 2003, 5.250%, 1/15/21 – AGM Insured
7/14 at 102.00
AA–
   
1,053,470
 
 
7,860
 
Saint Joseph County Hospital Authority, Indiana, Revenue Bonds, Beacon Health System Obligated Group, Series 2013C, 4.000%, 8/15/44
8/23 at 100.00
AA–
   
6,419,026
 
 
500
 
Vigo County Hospital Authority, Indiana, Revenue Bonds, Union Hospital, Series 2007, 5.800%, 9/01/47
9/17 at 100.00
N/R
   
501,275
 
 
71,010
 
Total Indiana
       
67,713,744
 
     
Iowa – 1.4% (1.0% of Total Investments)
           
 
4,000
 
Ames, Iowa, Hospital Revenue Bonds, Mary Greeley Medical Center, Series 2011, 5.250%, 6/15/36
6/20 at 100.00
A2
   
4,056,680
 
 
425
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013, 5.250%, 12/01/25
12/23 at 100.00
BB–
   
389,640
 
     
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:
           
 
7,125
 
5.375%, 6/01/38
6/15 at 100.00
B+
   
5,501,498
 
 
185
 
5.625%, 6/01/46
6/15 at 100.00
B+
   
142,937
 
 
6,600
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34
6/17 at 100.00
B+
   
5,536,872
 
 
18,335
 
Total Iowa
       
15,627,627
 
     
Kansas – 0.2% (0.1% of Total Investments)
           
 
630
 
Kansas Development Finance Authority, Board of Regents, Revenue Bonds, Scientific Research and Development Facilities Projects, Series 2003C, Reg S, 5.000%, 10/01/22 – AMBAC Insured
4/14 at 101.50
AA
   
645,082
 
     
Neosho County Unified School District 413, Kansas, General Obligation Bonds, Series 2006:
           
 
470
 
5.000%, 9/01/31 (Pre-refunded 9/01/14) – AGM Insured
9/14 at 100.00
A2 (4)
   
488,913
 
 
515
 
5.000%, 9/01/31 (Pre-refunded 9/01/14)
9/14 at 100.00
A2 (4)
   
535,785
 
 
1,615
 
Total Kansas
       
1,669,780
 
     
Kentucky – 0.7% (0.5% of Total Investments)
           
 
6,010
 
Kentucky Economic Development Finance Authority, Health System Revenue Bonds, Norton Healthcare Inc., Series 2000B, 0.000%, 10/01/28 –
NPFG Insured
No Opt. Call
A
   
2,778,363
 
 
5,000
 
Kentucky Municipal Power Agency, Power Supply System Revenue Bonds, Prairie State Project Series 2007A, 5.000%, 9/01/37 – NPFG Insured
9/17 at 100.00
A
   
5,053,650
 
 
11,010
 
Total Kentucky
       
7,832,013
 
     
Louisiana – 5.4% (3.6% of Total Investments)
           
 
4,690
 
Ascension Parish Industrial development Board, Louisiana, Revenue Bonds, Impala Warehousing (US) LLC Project, Series 2013, 6.000%, 7/01/36
7/23 at 100.00
N/R
   
4,324,837
 
 
670
 
Jefferson Parish Hospital District1, Louisiana, Hospital Revenue Bonds, West Jefferson Medical Center, Refunding Series 2011A, 6.000%, 1/01/39 – AGM Insured
1/21 at 100.00
AA–
   
711,339
 
 
5,000
 
Lafayette Public Trust Financing Authority, Louisiana, Revenue Bonds, Ragin’ Cajun Facilities Inc. Project, Series 2010, 5.500%, 10/01/41 – AGM Insured
10/20 at 100.00
AA–
   
5,282,000
 
 
4,455
 
Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital, Series 2004, 5.250%, 7/01/24 (Pre-refunded 7/01/14) –
NPFG Insured
7/14 at 100.00
A (4)
   
4,597,605
 
 
5,870
 
Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A, 5.000%, 7/01/36
7/23 at 100.00
A
   
5,936,918
 
 
2,000
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Second Lien Series 2010B, 5.000%, 5/01/45
5/20 at 100.00
AA
   
2,069,480
 
     
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2005A:
           
 
1,010
 
5.000%, 5/01/25 (Pre-refunded 5/01/15) – FGIC Insured
5/15 at 100.00
Aa1 (4)
   
1,081,761
 
 
2,210
 
5.000%, 5/01/26 (Pre-refunded 5/01/15) – FGIC Insured
5/15 at 100.00
Aa1 (4)
   
2,367,021
 

70
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Louisiana (continued)
           
     
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:
           
$
9,000
 
5.000%, 5/01/36 – AGM Insured
No Opt. Call
Aa1
 
$
9,430,470
 
 
8,480
 
4.750%, 5/01/39 – AGM Insured (UB)
5/16 at 100.00
Aa1
   
8,509,680
 
 
14,265
 
4.500%, 5/01/41 – NPFG Insured (UB)
5/16 at 100.00
Aa1
   
14,109,512
 
 
57,650
 
Total Louisiana
       
58,420,623
 
     
Maine – 0.1% (0.1% of Total Investments)
           
 
1,010
 
Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2013,
5.000%, 7/01/43
7/23 at 100.00
Baa1
   
1,004,516
 
     
Maryland – 0.5% (0.3% of Total Investments)
           
 
1,865
 
Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%, 9/01/26 – SYNCORA GTY Insured
9/16 at 100.00
BB+
   
1,824,007
 
 
1,200
 
Maryland Economic Development Corporation, Student Housing Revenue Refunding Bonds, University of Maryland College Park Projects, Series 2006, 5.000%, 6/01/28 – CIFG Insured
6/16 at 100.00
AA–
   
1,219,116
 
 
2,705
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of Maryland Medical System Issue, Series 2013A, 5.000%, 7/01/43
7/22 at 100.00
A2
   
2,682,062
 
 
5,770
 
Total Maryland
       
5,725,185
 
     
Massachusetts – 3.7% (2.5% of Total Investments)
           
 
5,500
 
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Commonwealth Contract Assistance Secured, Refunding Series 2010B, 5.000%, 1/01/35
1/20 at 100.00
AA+
   
5,760,920
 
 
1,430
 
Massachusetts Development Finance Agency, Resource Recovery Revenue Refunding Bonds, Covanta Energy Project, Series 2012B, 4.875%, 11/01/42
11/17 at 100.00
BB+
   
1,231,116
 
 
3,000
 
Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, Series 2002A, 5.750%, 1/01/42 – AMBAC Insured
No Opt. Call
A
   
3,314,040
 
 
3,335
 
Massachusetts Health and Education Facilities Authority, Revenue Bonds, Partners HealthCare System, Tender Option Bond Trust 3627, 13.646%, 7/01/29 (IF)
7/19 at 100.00
AA
   
3,632,549
 
 
4,400
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A, 5.000%, 8/15/23 (Pre-refunded 8/15/15) – AGM Insured (UB)
8/15 at 100.00
AA+ (4)
   
4,770,524
 
 
7,500
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Tender Option Bond Trust 14021, 9.303%, 2/15/20 (IF)
No Opt. Call
AA+
   
10,102,950
 
 
3,335
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Tender Option Bond Trust 3091, 13.414%, 8/15/37 – AMBAC Insured (IF)
8/17 at 100.00
AA+
   
3,713,389
 
     
Massachusetts State, Special Obligation Dedicated Tax Revenue Bonds,
Series 2004:
           
 
3,650
 
5.250%, 1/01/22 (Pre-refunded 1/01/14) – FGIC Insured
1/14 at 100.00
A1 (4)
   
3,681,208
 
 
2,000
 
5.250%, 1/01/24 (Pre-refunded 1/01/14) – FGIC Insured
1/14 at 100.00
A1 (4)
   
2,017,100
 
 
1,725
 
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 – AGM Insured (UB) (5)
2/17 at 100.00
AA+
   
1,734,367
 
 
500
 
Springfield Water and Sewerage Commission, Massachusetts, General Revenue Bonds, Refunding Series 2010B, 5.000%, 11/15/30 – AGC Insured
11/20 at 100.00
AA–
   
538,025
 
 
36,375
 
Total Massachusetts
       
40,496,188
 
     
Michigan – 2.4% (1.6% of Total Investments)
           
 
1,220
 
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
7/22 at 100.00
BBB+
   
1,126,292
 
 
10,000
 
Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2011A, 5.250%, 7/01/41
7/21 at 100.00
BB–
   
9,207,200
 
 
4,465
 
Detroit, Michigan, Water Supply System Senior Lien Revenue Refunding Bonds, Series 2003C, 5.000%, 7/01/22 – NPFG Insured
1/14 at 100.00
A
   
4,363,466
 
 
1,315
 
Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A, 5.000%, 1/01/43
1/22 at 100.00
A2
   
1,306,913
 
 
2,000
 
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2009C, 5.000%, 12/01/48
6/22 at 100.00
Aa2
   
1,974,700
 

Nuveen Investments
 
71

 
 

 
 
NEA
Nuveen AMT-Free Municipal Income Fund (continued)
 
Portfolio of Investments October 31, 2013

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Michigan (continued)
           
     
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A:
           
$
180
 
5.000%, 12/01/31 (Pre-refunded 12/01/16) (UB)
12/16 at 100.00
N/R (4)
 
$
203,960
 
 
820
 
5.000%, 12/01/31 (UB)
12/16 at 100.00
Aa2
   
831,177
 
 
6,500
 
Wayne Charter County, Michigan, Limited Tax General Obligation Airport Hotel Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2001A, 5.000%, 12/01/30 – NPFG Insured
12/13 at 100.00
A
   
6,500,065
 
 
26,500
 
Total Michigan
       
25,513,773
 
     
Minnesota – 0.1% (0.1% of Total Investments)
           
 
870
 
Wayzata, Minnesota, Senior Housing Entrance Deposit Revenue Bonds, Folkestone Senior Living Community, Series 2012B, 4.875%, 5/01/19
5/14 at 100.00
N/R
   
873,141
 
     
Missouri – 0.4% (0.2% of Total Investments)
           
 
240
 
Clay County Public School District 53, Liberty, Missouri, General Obligation Bonds, Series 2004, 5.250%, 3/01/24 – AGM Insured
3/14 at 100.00
AA+
   
243,691
 
 
215
 
Clay County Public School District 53, Liberty, Missouri, General Obligation Bonds, Series 2004, 5.250%, 3/01/23 – AGM Insured
3/14 at 100.00
AA+
   
218,419
 
     
Clay County Public School District 53, Liberty, Missouri, General Obligation Bonds, Series 2004:
           
 
1,110
 
5.250%, 3/01/23 (Pre-refunded 3/01/14) – AGM Insured
3/14 at 100.00
AA+ (4)
   
1,128,937
 
 
1,260
 
5.250%, 3/01/24 (Pre-refunded 3/01/14) – AGM Insured
3/14 at 100.00
AA+ (4)
   
1,281,496
 
 
1,000
 
Jackson County Reorganized School District R-7, Lees Summit, Missouri, General Obligation Bonds, Series 2006, 5.250%, 3/01/25 – NPFG Insured
3/16 at 100.00
Aa1
   
1,102,000
 
 
3,825
 
Total Missouri
       
3,974,543
 
     
Nebraska – 0.4% (0.2% of Total Investments)
           
 
2,730
 
Lincoln County Hospital Authority 1, Nebraska, Hospital Revenue and Refunding Bonds, Great Plains Regional Medical Center Project, Series 2012,
5.000%, 11/01/42
No Opt. Call
A–
   
2,707,286
 
 
865
 
Omaha Public Power District, Nebraska, Separate Electric System Revenue Bonds, Nebraska City 2, Tender Option Bond Trust 11673, 20.018%,
8/01/40 – AMBAC Insured (IF)
2/17 at 100.00
AA+
   
1,311,193
 
 
3,595
 
Total Nebraska
       
4,018,479
 
     
Nevada – 1.8% (1.2% of Total Investments)
           
 
2,000
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2009C, 5.000%, 7/01/26 – AGM Insured
7/19 at 100.00
AA–
   
2,171,320
 
 
12,260
 
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.250%, 7/01/39 –
AGM Insured
1/20 at 100.00
AA–
   
12,696,211
 
 
3,280
 
Clark County, Nevada, Subordinate Lien Airport Revenue Bonds, Series 2004A-2, 5.125%, 7/01/24 – FGIC Insured
7/14 at 100.00
A+
   
3,369,642
 
 
950
 
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water Series 2012B, 5.000%, 6/01/42
6/22 at 100.00
AA+
   
971,926
 
 
18,490
 
Total Nevada
       
19,209,099
 
     
New Jersey – 7.0% (4.7% of Total Investments)
           
     
Essex County Improvement Authority, New Jersey, Guaranteed Revenue Bonds, Project Consolidation, Series 2004:
           
 
1,275
 
5.125%, 10/01/21 – NPFG Insured
10/14 at 100.00
Aa2
   
1,329,009
 
 
2,250
 
5.125%, 10/01/22 – NPFG Insured
10/14 at 100.00
Aa2
   
2,344,883
 
 
1,560
 
Mount Olive Township Board of Education, Morris County, New Jersey, General Obligation Bonds, Series 2004, 5.000%, 1/15/22 – NPFG Insured
1/15 at 100.00
Aa3
   
1,630,122
 
     
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A:
           
 
2,675
 
5.000%, 7/01/22 – NPFG Insured
7/14 at 100.00
A
   
2,750,248
 
 
2,675
 
5.000%, 7/01/23 – NPFG Insured
7/14 at 100.00
A
   
2,747,519
 
 
1,200
 
5.000%, 7/01/29 – NPFG Insured
7/14 at 100.00
A
   
1,223,088
 
 
720
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Robert Wood Johnson University Hospital, Series 2013A, 5.500%, 7/01/43
7/23 at 100.00
A
   
750,362
 

72
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
New Jersey (continued)
           
$
3,075
 
New Jersey Transit Corporation, Certificates of Participation Refunding, Series 2003, 5.500%, 10/01/15 – AGM Insured
No Opt. Call
AA–
 
$
3,356,578
 
 
5,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/26
No Opt. Call
A+
   
2,740,050
 
     
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C:
           
 
25,000
 
0.000%, 12/15/35 – AMBAC Insured
No Opt. Call
A+
   
7,102,750
 
 
10,000
 
0.000%, 12/15/36 – AMBAC Insured
No Opt. Call
A+
   
2,666,000
 
 
10,500
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2007A, 5.000%, 12/15/34 – AMBAC Insured
12/17 at 100.00
AA
   
10,760,085
 
 
9,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2012AA, 5.000%, 6/15/38
No Opt. Call
A+
   
9,227,610
 
 
14,000
 
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – AGM Insured
No Opt. Call
AA–
   
16,470,720
 
 
1,500
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.000%, 1/01/25 – AGM Insured
1/15 at 100.00
AA–
   
1,562,865
 
 
330
 
New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 1154, 17.169%, 1/01/43 (IF) (5)
7/22 at 100.00
A+
   
363,439
 
     
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
           
 
2,065
 
4.500%, 6/01/23
6/17 at 100.00
B1
   
1,917,476
 
 
785
 
4.625%, 6/01/26
6/17 at 100.00
B1
   
678,036
 
 
3,300
 
4.750%, 6/01/34
6/17 at 100.00
B2
   
2,402,202
 
 
5,000
 
5.000%, 6/01/41
6/17 at 100.00
B2
   
3,628,500
 
 
101,910
 
Total New Jersey
       
75,651,542
 
     
New Mexico – 0.9% (0.6% of Total Investments)
           
     
New Mexico Finance Authority, Public Project Revolving Fund Revenue Bonds, Series 2004C:
           
 
1,415
 
5.000%, 6/01/22 (Pre-refunded 6/01/14) – AMBAC Insured
6/14 at 100.00
AAA
   
1,455,059
 
 
1,050
 
5.000%, 6/01/24 (Pre-refunded 6/01/14) – AMBAC Insured
6/14 at 100.00
AAA
   
1,079,726
 
 
2,000
 
New Mexico Finance Authority, Public Project Revolving Fund Revenue Bonds, Series 2005E, 6/15/25 – NPFG Insured
6/15 at 100.00
Aa2
   
2,113,960
 
 
1,975
 
New Mexico State University, Revenue Bonds, Series 2004B, 5.000%, 4/01/19 (Pre-refunded 4/01/14) – AMBAC Insured
4/14 at 100.00
AA (4)
   
2,014,974
 
 
2,725
 
Rio Rancho, New Mexico, Water and Wastewater Revenue Bonds, Refunding Series 2009, 5.000%, 5/15/21 – AGM Insured
5/19 at 100.00
AA–
   
3,124,839
 
 
9,165
 
Total New Mexico
       
9,788,558
 
     
New York – 9.3% (6.3% of Total Investments)
           
 
2,115
 
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/23 – FGIC Insured
2/15 at 100.00
A
   
2,209,583
 
 
3,000
 
Dormitory Authority of the State of New York, Revenue Bonds, Columbia University, Series 2011A, 5.000%, 10/01/41
4/21 at 100.00
AAA
   
3,204,690
 
 
7,435
 
Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series 2010, 5.500%, 7/01/43 – AGM Insured
7/20 at 100.00
AA–
   
7,828,014
 
 
3,200
 
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2012A, 5.000%, 7/01/42
7/22 at 100.00
AA–
   
3,325,216
 
 
1,000
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/24 – AMBAC Insured
3/15 at 100.00
AAA
   
1,053,870
 
 
1,300
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47
2/21 at 100.00
A
   
1,379,560
 
 
8,160
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured
2/17 at 100.00
A
   
7,730,702
 
     
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A:
           
 
10,675
 
5.000%, 12/01/23 – FGIC Insured
6/16 at 100.00
A
   
11,511,386
 
 
10,845
 
5.000%, 12/01/25 – FGIC Insured
6/16 at 100.00
A
   
11,754,787
 

Nuveen Investments
 
73

 
 

 
 
NEA
Nuveen AMT-Free Municipal Income Fund (continued)
 
Portfolio of Investments October 31, 2013

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
New York (continued)
           
$
2,700
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2006F, 4.250%, 5/01/33 – NPFG Insured
11/16 at 100.00
A
 
$
2,550,582
 
 
2,830
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/38
5/21 at 100.00
A–
   
2,875,988
 
 
5,000
 
New York City Sales Tax Asset Receivable Corporation, New York, Dedicated Revenue Bonds, Local Government Assistance Corporation, Series 2004A, 5.000%, 10/15/21 – NPFG Insured
10/14 at 100.00
AAA
   
5,221,150
 
 
3,490
 
New York City, New York, General Obligation Bonds, Fiscal Series 2004E, 5.000%, 11/01/21 – AGM Insured
No Opt. Call
AA
   
3,627,855
 
 
1,510
 
New York City, New York, General Obligation Bonds, Fiscal Series 2004E, 5.000%, 11/01/21 (Pre-refunded 11/01/14) – AGM Insured
11/14 at 100.00
Aa2 (4)
   
1,583,024
 
 
665
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005D, 5.000%, 11/01/24
11/14 at 100.00
AA
   
689,505
 
 
585
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005D, 5.000%, 11/01/24 (Pre-refunded 11/01/14)
11/14 at 100.00
AA (4)
   
613,291
 
 
6,165
 
New York Convention Center Development Corporation, Hotel Unit Fee Revenue Bonds, Series 2005, 5.000%, 11/15/44 – AMBAC Insured
11/15 at 100.00
AA+
   
6,242,864
 
 
10,000
 
New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, Series 2005, 5.250%, 10/01/35
No Opt. Call
A
   
10,732,800
 
 
4,045
 
New York State Environmental Facilities Corporation, State Clean Water and Drinking Water Revolving Funds Revenue Bonds, New York City Municipal Water Finance Authority Projects, Tender Option Bond Trust 2012-9W, 13.748%, 6/15/26 (IF) (5)
6/22 at 100.00
AAA
   
5,837,340
 
 
355
 
New York State Housing Finance Agency, Mortgage Revenue Refunding Bonds, Housing Project, Series 1996A, 6.125%, 11/01/20 – AGM Insured
5/14 at 100.00
AA–
   
355,777
 
 
1,850
 
New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series 2005B, 5.000%, 3/15/25 (Pre-refunded 3/15/15) – AGM Insured
3/15 at 100.00
AAA
   
1,971,157
 
 
3,335
 
New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Tender Option Bond Trust 09-6W, 13.191%, 3/15/37 (IF) (5)
3/17 at 100.00
AAA
   
3,631,415
 
 
2,105
 
Onondaga Civic Development Corporation, New York, Revenue Bonds, St. Joseph’s Hospital Health Center Project, Series 2012, 5.000%, 7/01/42
7/22 at 100.00
BB+
   
1,826,151
 
     
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Subordinate Lien Series 2013A:
           
 
775
 
5.000%, 11/15/28
No Opt. Call
A+
   
851,423
 
 
5,545
 
0.000%, 11/15/31
No Opt. Call
A+
   
2,350,193
 
 
405
 
0.000%, 11/15/32
No Opt. Call
A+
   
162,117
 
 
99,090
 
Total New York
       
101,120,440
 
     
North Carolina – 2.1% (1.4% of Total Investments)
           
 
785
 
Appalachian State University, North Carolina, Revenue Bonds, Series 2005, 5.000%, 7/15/30
7/15 at 100.00
Aa3
   
815,018
 
 
465
 
Appalachian State University, North Carolina, Revenue Bonds, Series 2005, 5.000%, 7/15/30 (Pre-refunded 7/15/15)
7/15 at 100.00
Aa3 (4)
   
502,149
 
 
3,555
 
Charlotte, North Carolina, Water and Sewer System Refunding Bonds, Tender Option Bond Trust 43W, 13.449%, 7/01/38 (IF) (5)
7/20 at 100.00
AAA
   
4,230,628
 
 
1,195
 
Dare County, North Carolina, Certificates of Participation, Series 2004, 5.250%, 6/01/15 (Pre-refunded 6/01/14) – AMBAC Insured
6/14 at 100.00
AA– (4)
   
1,230,348
 
     
Mooresville, North Carolina, Enterprise System Revenue Bonds, Series 2004:
           
 
2,225
 
5.000%, 5/01/23 (Pre-refunded 5/01/14) – FGIC Insured
5/14 at 100.00
AA– (4)
   
2,279,001
 
 
2,335
 
5.000%, 5/01/24 (Pre-refunded 5/01/14) – FGIC Insured
5/14 at 100.00
AA– (4)
   
2,391,670
 
 
5,000
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University Health System, Series 2012A, 5.000%, 6/01/42
6/22 at 100.00
AA
   
5,115,400
 
 
1,455
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Vidant Health, Refunding Series 2012A, 5.000%, 6/01/36
6/22 at 100.00
A+
   
1,457,459
 
 
1,500
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Refunding Bonds, WakeMed, Series 2012A, 5.000%, 10/01/38
10/22 at 100.00
AA–
   
1,498,875
 

74
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
North Carolina (continued)
           
$
3,050
 
Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Series 2005A, 5.000%, 5/01/22 – AMBAC Insured
5/15 at 100.00
Aa3
 
$
3,206,160
 
 
21,565
 
Total North Carolina
       
22,726,708
 
     
North Dakota – 0.7% (0.5% of Total Investments)
           
 
5,000
 
Burleigh County, North Dakota, Health Care Revenue Bonds, Saint Alexius Medical Center Project, Refunding Series 2012A, 4.500%, 7/01/32
7/22 at 100.00
BBB+
   
4,701,450
 
 
1,800
 
Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2012, 5.000%, 12/01/35
12/21 at 100.00
A–
   
1,775,052
 
 
1,420
 
Williston, North Dakota, Multifamily Housing Revenue Bonds, Eagle Crest Apartments LLC Project, Series 2013, 7.750%, 9/01/38
9/23 at 100.00
N/R
   
1,395,221
 
 
8,220
 
Total North Dakota
       
7,871,723
 
     
Ohio – 6.0% (4.0% of Total Investments)
           
 
320
 
Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Revenue Bonds, Children’s Hospital Medical Center, Improvement & Refunding Series 2012, 5.000%, 11/15/42
5/22 at 100.00
A1
   
320,323
 
     
Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Health Partners, Refunding and Improvement Series 2012A:
           
 
650
 
5.000%, 5/01/33
5/22 at 100.00
AA–
   
666,744
 
 
960
 
4.000%, 5/01/33
5/22 at 100.00
AA–
   
860,074
 
 
800
 
5.000%, 5/01/42
5/22 at 100.00
AA–
   
802,752
 
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
           
 
25
 
5.375%, 6/01/24
6/17 at 100.00
B–
   
21,912
 
 
3,755
 
5.125%, 6/01/24
6/17 at 100.00
B–
   
3,209,399
 
 
710
 
5.875%, 6/01/30
6/17 at 100.00
B
   
578,302
 
 
13,445
 
5.750%, 6/01/34
6/17 at 100.00
B
   
10,527,435
 
 
2,485
 
5.875%, 6/01/47
6/17 at 100.00
B
   
1,930,373
 
 
5,975
 
Fairfield County, Ohio, Hospital Facilities Revenue Bonds, Fairfield Medical Center Project, Series 2013, 5.000%, 6/15/43
6/23 at 100.00
Baa2
   
5,721,122
 
 
1,465
 
Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children’s Hospital Project, Improvement Series 2012A, 5.000%, 11/01/42
5/22 at 100.00
Aa2
   
1,470,040
 
 
7,825
 
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, Series 2006A, 4.250%, 12/01/32 – AMBAC Insured
12/16 at 100.00
A+
   
7,624,915
 
 
4,605
 
Hamilton County, Ohio, Sales Tax Revenue Bonds, Subordinate Lien Series 2006A, 4.250%, 12/01/32 – AMBAC Insured (UB)
12/16 at 100.00
A1
   
4,487,250
 
 
6,920
 
JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, Tax Exempt Series 2013A, 5.000%, 1/01/38
1/23 at 100.00
AA
   
7,083,104
 
 
6,000
 
Middletown City School District, Butler County, Ohio, General Obligation Bonds, Refunding Series 2007, 5.250%, 12/01/31 – AGM Insured
No Opt. Call
A2
   
6,643,140
 
 
4,795
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 2013A-1, 5.000%, 2/15/48
2/23 at 100.00
A+
   
4,838,874
 
 
3,960
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien Convertible Series 2013A-3, 0.000%, 2/15/36
2/31 at 100.00
A+
   
2,440,429
 
 
700
 
Shaker Heights, Ohio, General Obligation Bonds, Series 2003, 5.250%, 12/01/26 (Pre-refunded 12/01/13) – AMBAC Insured
12/13 at 100.00
AAA
   
702,996
 
     
Southeastern Ohio Port Authority, Hospital Facilities Revenue Bonds, Memorial Health System Obligated Group Project, Refunding and Improvement
Series 2012:
           
 
400
 
5.750%, 12/01/32
12/22 at 100.00
N/R
   
388,260
 
 
260
 
6.000%, 12/01/42
12/22 at 100.00
N/R
   
253,357
 
 
4,190
 
Springboro Community City School District, Warren County, Ohio, General Obligation Bonds, Refunding Series 2007, 5.250%, 12/01/26 – AGM Insured
No Opt. Call
AA–
   
4,902,970
 
 
70,245
 
Total Ohio
       
65,473,771
 

Nuveen Investments
 
75

 
 

 
 
NEA
Nuveen AMT-Free Municipal Income Fund (continued)
 
Portfolio of Investments October 31, 2013

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Oklahoma – 0.7% (0.5% of Total Investments)
           
     
Oklahoma Capitol Improvement Authority, State Facilities Revenue Bonds,
Series 2005F:
           
$
6,000
 
5.000%, 7/01/24 – AMBAC Insured
7/15 at 100.00
AA
 
$
6,394,620
 
 
1,610
 
5.000%, 7/01/27 – AMBAC Insured
7/15 at 100.00
AA
   
1,693,511
 
 
7,610
 
Total Oklahoma
       
8,088,131
 
     
Oregon – 0.3% (0.2% of Total Investments)
           
 
2,500
 
Oregon Health and Science University, Revenue Bonds, Series 2012E,
5.000%, 7/01/32
No Opt. Call
A+
   
2,636,450
 
 
1,000
 
Tigard, Washington County, Oregon, Water System Revenue Bonds, Series 2012, 5.000%, 8/01/42
8/22 at 100.00
AA–
   
1,039,440
 
 
3,500
 
Total Oregon
       
3,675,890
 
     
Pennsylvania – 7.8% (5.2% of Total Investments)
           
 
3,545
 
Allegheny County Sanitary Authority, Pennsylvania, Sewerage Revenue Bonds, Series 2005A, 5.000%, 12/01/23 – NPFG Insured
12/15 at 100.00
A1
   
3,808,925
 
 
7,000
 
Chester County Health and Educational Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010A,
5.000%, 5/15/40
5/20 at 100.00
AA
   
7,042,490
 
 
4,000
 
Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Series 2006A, 5.000%, 6/01/26 – AGM Insured (UB)
6/16 at 100.00
AA–
   
4,338,520
 
 
2,000
 
Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle Health System Project, Series 2012A, 5.000%, 6/01/42
6/22 at 100.00
A
   
1,953,820
 
 
4,235
 
Delaware County Authority, Pennsylvania, Revenue Bonds, Villanova University, Series 2006, 5.000%, 8/01/24 – AMBAC Insured
8/16 at 100.00
A+
   
4,650,199
 
 
3,500
 
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40 – AGM Insured
1/20 at 100.00
AA–
   
3,614,030
 
 
4,000
 
Erie Water Authority, Erie County, Pennsylvania, Water Revenue Bonds, Series 2011A, 4.625%, 12/01/44 – AGM Insured
12/21 at 100.00
A1
   
3,828,280
 
 
4,585
 
Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, City of Allentown Concession, Series 2013A, 5.125%, 12/01/47
12/23 at 100.00
A
   
4,608,246
 
 
1,045
 
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38 (UB) (5)
8/20 at 100.00
AA
   
1,103,875
 
 
5,235
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Drexel University, Series 2005A, 5.000%, 5/01/28 – NPFG Insured
5/15 at 100.00
A
   
5,465,288
 
 
7,275
 
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured
12/16 at 100.00
AA–
   
7,148,852
 
 
2,100
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 – AMBAC Insured
6/16 at 100.00
A+
   
2,250,024
 
 
3,500
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 0.000%, 6/01/33 – AGM Insured
6/26 at 100.00
AA
   
3,413,480
 
     
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fifth Series 2004A-1:
           
 
5,235
 
5.000%, 9/01/24 – AGM Insured
9/14 at 100.00
AA–
   
5,393,830
 
 
3,000
 
5.000%, 9/01/25 – AGM Insured
9/14 at 100.00
AA–
   
3,088,470
 
 
2,000
 
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fourth Series 1998, 5.000%, 8/01/32 – AGM Insured
2/14 at 100.00
AA–
   
1,999,980
 
 
2,985
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010B, 5.000%, 5/15/40
5/20 at 100.00
AA
   
2,998,164
 
 
335
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Temple University Health System Obligated Group, Series 2012A, 5.625%, 7/01/42
7/22 at 100.00
BB+
   
284,114
 
 
1,425
 
Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011, 6.500%, 8/01/41
8/20 at 100.00
A2
   
1,578,715
 
 
3,310
 
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 1997A, 5.125%, 8/01/27 – AMBAC Insured (ETM)
No Opt. Call
A1 (4)
   
3,771,381
 
 
3,415
 
Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Sales Tax Revenue Bonds, Refunding Series 2010, 5.000%, 2/01/31 –
AGM Insured
8/20 at 100.00
AA–
   
3,569,836
 
 
3,785
 
Reading School District, Berks County, Pennsylvania, General Obligation Bonds, Series 2005, 5.000%, 1/15/25 – AGM Insured (UB)
1/16 at 100.00
AA–
   
4,125,158
 

76
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Pennsylvania (continued)
           
$
1,125
 
Scranton, Pennsylvania, Sewer Authority Revenue Bonds, Series 2011A, 5.250%, 12/01/31 – AGM Insured
12/21 at 100.00
AA–
 
$
1,177,718
 
 
1,455
 
Solebury Township, Pennsylvania, General Obligation Bonds, Series 2005, 5.000%, 12/15/25 – AMBAC Insured
6/15 at 100.00
Aa3
   
1,553,940
 
 
1,930
 
Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, Series 2012B, 4.000%, 1/01/33
No Opt. Call
Baa3
   
1,661,537
 
 
82,020
 
Total Pennsylvania
       
84,428,872
 
     
Puerto Rico – 2.5% (1.6% of Total Investments)
           
 
2,175
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 5.000%, 7/01/22 – FGIC Insured
7/15 at 100.00
A
   
1,911,151
 
 
1,000
 
Puerto Rico Municipal Finance Agency, Series 2005C, 5.250%, 8/01/21 –
CIFG Insured
No Opt. Call
AA–
   
953,660
 
 
5,880
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010C, 5.125%, 8/01/42 – AGM Insured
8/20 at 100.00
AA–
   
5,050,097
 
 
8,480
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Senior Series 2011C, 0.000%, 8/01/39
No Opt. Call
AA–
   
1,542,258
 
     
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds,
Series 2007A:
           
 
5,000
 
0.000%, 8/01/42 – FGIC Insured
No Opt. Call
AA–
   
766,600
 
 
10,350
 
0.000%, 8/01/43 – NPFG Insured
No Opt. Call
AA–
   
1,486,674
 
 
50,700
 
0.000%, 8/01/45 – NPFG Insured
No Opt. Call
AA–
   
6,391,749
 
 
88,000
 
0.000%, 8/01/54 – AMBAC Insured
No Opt. Call
AA–
   
6,416,960
 
 
810
 
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/17 – NPFG Insured
No Opt. Call
A
   
784,607
 
 
1,190
 
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/17 – NPFG Insured (ETM)
No Opt. Call
Baa1 (4)
   
1,396,203
 
 
173,585
 
Total Puerto Rico
       
26,699,959
 
     
Rhode Island – 1.0% (0.7% of Total Investments)
           
     
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A:
           
 
795
 
6.125%, 6/01/32
12/13 at 100.00
BBB+
   
788,425
 
 
10,225
 
6.250%, 6/01/42
12/13 at 100.00
BBB–
   
9,958,843
 
 
11,020
 
Total Rhode Island
       
10,747,268
 
     
South Carolina – 2.8% (1.9% of Total Investments)
           
 
5,000
 
Florence County, South Carolina, Hospital Revenue Bonds, McLeod Regional Medical Center, Series 2004A, 5.250%, 11/01/23 – AGM Insured
11/14 at 100.00
AA–
   
5,203,250
 
     
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2003:
           
 
3,000
 
5.000%, 12/01/22 (Pre-refunded 12/01/13) (UB)
12/13 at 100.00
AA (4)
   
3,012,000
 
 
1,785
 
5.000%, 12/01/23 (Pre-refunded 12/01/13) (UB)
12/13 at 100.00
AA (4)
   
1,792,140
 
     
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2006:
           
 
8,000
 
5.000%, 12/01/24
12/16 at 100.00
AA
   
8,827,760
 
 
1,955
 
5.000%, 12/01/28 – AGM Insured
12/16 at 100.00
AA
   
2,087,256
 
 
900
 
South Carolina JOBS Economic Development Authority, Industrial Revenue Bonds, South Carolina Electric and Gas Company, Series 2013,
4.000%, 2/01/28
2/23 at 100.00
A
   
898,983
 
 
375
 
South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Palmetto Health, Refunding Series 2011A, 6.500%, 8/01/39 – AGM Insured
8/21 at 100.00
AA–
   
416,460
 
 
3,475
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2013A, 5.125%, 12/01/43
12/23 at 100.00
AA–
   
3,551,413
 
 
4,500
 
Spartanburg Regional Health Services District, Inc., South Carolina, Hospital Revenue Refunding Bonds, Series 2012A, 5.000%, 4/15/32
4/22 at 100.00
A1
   
4,591,618
 
 
28,990
 
Total South Carolina
       
30,380,880
 

Nuveen Investments
 
77

 
 

 

NEA
Nuveen AMT-Free Municipal Income Fund (continued)
 
Portfolio of Investments October 31, 2013

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Tennessee – 0.8% (0.6% of Total Investments)
           
$
3,000
 
Blount County Public Building Authority, Tennessee, Local Government Improvement Loans, Oak Ridge General Obligation, 2005 Series B9A, Variable Rate Demand Obligations, 5.000%, 6/01/24 – AMBAC Insured
6/15 at 100.00
AA
 
$
3,194,520
 
 
2,660
 
Chattanooga Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45 (WI/DD, Settling 11/14/13)
1/23 at 100.00
A+
   
2,660,745
 
 
1,200
 
Harpeth Valley Utilities District, Davidson and Williamson Counties, Tennessee, Utilities Revenue Bonds, Series 2012A, 4.000%, 9/01/40
9/22 at 100.00
AA
   
1,134,840
 
 
2,055
 
Memphis, Tennessee, Sanitary Sewerage System Revenue Bonds, Series 2004, 5.000%, 10/01/22 (Pre-refunded 10/01/14) – AGM Insured
10/14 at 100.00
AA (4)
   
2,145,769
 
 
8,915
 
Total Tennessee
       
9,135,874
 
     
Texas – 8.0% (5.3% of Total Investments)
           
 
3,035
 
Bexar County, Texas, Venue Project Revenue Bonds, Refunding Series 2010, 5.500%, 8/15/49 – AGM Insured
8/19 at 100.00
AA–
   
3,166,112
 
 
365
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Refunding Series 2013A, 5.000%, 1/01/43
1/23 at 100.00
Baa2
   
333,676
 
 
1,700
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.250%, 1/01/46
1/21 at 100.00
Baa2
   
1,743,180
 
     
Corpus Christi, Texas, Utility System Revenue Bonds, Series 2004:
           
 
3,475
 
5.000%, 7/15/22 (Pre-refunded 7/15/14) – AGM Insured
7/14 at 100.00
AA– (4)
   
3,594,086
 
 
3,645
 
5.000%, 7/15/23 (Pre-refunded 7/15/14) – AGM Insured
7/14 at 100.00
AA– (4)
   
3,769,914
 
 
10,000
 
Dallas, Texas, Waterworks and Sewer System Revenue Bonds, Series 2007, 4.375%, 10/01/32 – AMBAC Insured (UB)
10/17 at 100.00
AAA
   
9,967,800
 
 
1,500
 
El Paso, Texas, Airport Revenue Bonds, El Paso International Airport Series 2011, 5.250%, 8/15/33
8/20 at 100.00
A+
   
1,550,895
 
 
2,735
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender Option Bond Trust 2013- 9A, 17.943%, 4/01/53 (IF)
10/23 at 100.00
AA+
   
2,659,924
 
 
5,625
 
Harris County Hospital District, Texas, Revenue Bonds, Series 2007A, 5.250%, 2/15/42 – NPFG Insured
2/17 at 100.00
A
   
5,762,419
 
 
4,040
 
Harris County, Texas, Subordinate Lien Unlimited Tax Toll Road Revenue Bonds, Tender Options Bond Trust 3028, 14.151%, 8/15/28 – AGM Insured (IF)
No Opt. Call
AAA
   
6,049,375
 
 
2,000
 
Houston, Texas, First Lien Combined Utility System Revenue Bonds, First Lien Series 2004A, 5.250%, 5/15/25 – NPFG Insured
5/14 at 100.00
AA
   
2,050,880
 
 
805
 
Houston, Texas, Subordinate Lien Airport System Revenue Bonds, Series 2000B, 5.450%, 7/01/24 – AGM Insured
No Opt. Call
AA–
   
901,930
 
 
4,550
 
Houston, Texas, Subordinate Lien Airport System Revenue Refunding Bonds, Series 2012B, 5.000%, 7/01/31
7/22 at 100.00
A+
   
4,738,006
 
 
2,870
 
Hutto Independent School District, Williamson County, Texas, General Obligation Bonds, Refunding Series 2012A, 5.000%, 8/01/46
8/21 at 100.00
A
   
2,902,316
 
 
2,340
 
Laredo, Webb County, Texas, Waterworks and Sewer System Revenue Bonds, Series 2011, 5.000%, 3/01/41 – AGM Insured
3/21 at 100.00
AA–
   
2,406,362
 
 
3,845
 
North Central Texas Health Facilities Development Corporation, Texas,
Revenue Bonds, Children’s Medical Center Dallas Project, Series 2012, 5.000%, 8/15/32
8/22 at 100.00
AA
   
3,972,808
 
 
4,290
 
North Fort Bend Water Authority, Texas, Water System Revenue Bonds, Series 2011, 5.000%, 12/15/36 – AGM Insured
12/21 at 100.00
AA–
   
4,387,469
 
     
North Harris County Regional Water Authority, Texas, Senior Water Revenue Bonds, Series 2003:
           
 
4,565
 
5.250%, 12/15/20 (Pre-refunded 12/15/13) – FGIC Insured
12/13 at 100.00
A+ (4)
   
4,593,575
 
 
4,800
 
5.250%, 12/15/21 (Pre-refunded 12/15/13) – FGIC Insured
12/13 at 100.00
A+ (4)
   
4,830,046
 
 
4,151
 
Panhandle Regional Housing Finance Corporation, Texas, GNMA Collateralized Multifamily Housing Mortgage Revenue Bonds, Renaissance of Amarillo Apartments, Series 2001A, 6.650%, 7/20/42
1/14 at 104.00
Aa1
   
4,298,151
 
 
2,410
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Baylor Health Care System, Series 2011A,
5.000%, 11/15/30
11/21 at 100.00
AA–
   
2,500,375
 

78
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Texas (continued)
           
     
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012:
           
$
2,200
 
5.000%, 12/15/30
No Opt. Call
A3
 
$
2,160,224
 
 
740
 
5.000%, 12/15/32
No Opt. Call
A3
   
717,726
 
 
4,000
 
Texas State, General Obligation Bonds, Transportation Commission Highway Improvement Series 2012A, 5.000%, 4/01/42
No Opt. Call
AAA
   
4,280,400
 
 
2,855
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier Refunding Series 2012A, 5.000%, 8/15/41
8/22 at 100.00
A–
   
2,846,264
 
 
82,541
 
Total Texas
       
86,183,913
 
     
Utah – 1.0% (0.7% of Total Investments)
           
 
5,760
 
Central Weber Sewer Improvement District, Utah, Sewer Revenue Bonds, Refunding Series 2010A, 5.000%, 3/01/33 – AGC Insured
3/20 at 100.00
AA
   
5,994,086
 
 
2,385
 
Mountain Regional Water Special Service District, Utah, Water Revenue Bonds, Series 2003, 5.000%, 12/15/33 (Pre-refunded 12/15/13) – NPFG Insured
12/13 at 100.00
A+ (4)
   
2,399,429
 
 
2,880
 
Utah Transit Authority, Sales Tax Revenue and Refunding Bonds, Series 2012, 5.000%, 6/15/42
6/22 at 100.00
A1
   
2,936,419
 
 
11,025
 
Total Utah
       
11,329,934
 
     
Vermont – 1.0% (0.6% of Total Investments)
           
 
5,000
 
University of Vermont and State Agricultural College, Revenue Bonds, Refunding Series 2007, 5.000%, 10/01/43 – AGM Insured
10/17 at 100.00
AA–
   
5,059,650
 
 
5,100
 
University of Vermont and State Agricultural College, Revenue Bonds, Series 2005, 5.000%, 10/01/35 – NPFG Insured
10/15 at 100.00
Aa3
   
5,344,647
 
 
10,100
 
Total Vermont
       
10,404,297
 
     
Virginia – 1.4% (0.9% of Total Investments)
           
 
430
 
Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Capital Appreciation Series 2012B, 0.000%, 7/15/40
7/28 at 100.00
BBB
   
199,804
 
     
Greater Richmond Convention Center Authority, Virginia, Hotel Tax Revenue Bonds, Series 2005:
           
 
4,000
 
5.000%, 6/15/20 – NPFG Insured
6/15 at 100.00
A+
   
4,279,440
 
 
5,000
 
5.000%, 6/15/22 – NPFG Insured
6/15 at 100.00
A+
   
5,340,000
 
     
Loudoun County Industrial Development Authority, Virginia, Lease Revenue Bonds, Public Safety Facilities, Series 2003A:
           
 
1,150
 
5.250%, 12/15/22 (Pre-refunded 6/15/14) – AGM Insured
6/14 at 100.00
AA+ (4)
   
1,186,283
 
 
500
 
5.250%, 12/15/23 (Pre-refunded 6/15/14) – AGM Insured
6/14 at 100.00
AA+ (4)
   
515,775
 
 
245
 
Roanoke Industrial Development Authority, Virginia, Hospital Revenue Bonds, Carillion Health System Obligated Group, Series 2005B, 5.000%, 7/01/38
7/20 at 100.00
AA–
   
249,782
 
 
5
 
Roanoke Industrial Development Authority, Virginia, Hospital Revenue Bonds, Carillion Health System Obligated Group, Series 2005B, 5.000%, 7/01/38 (Pre-refunded 7/01/20)
7/20 at 100.00
AA– (4)
   
6,024
 
 
2,465
 
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012A, 5.000%, 7/01/52
No Opt. Call
BBB–
   
2,249,953
 
     
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds,
Series 2012B:
           
 
955
 
0.000%, 7/01/34
No Opt. Call
BBB–
   
262,109
 
 
520
 
0.000%, 7/01/35
No Opt. Call
BBB–
   
134,436
 
 
1,350
 
0.000%, 7/01/37
No Opt. Call
BBB–
   
304,803
 
 
16,620
 
Total Virginia
       
14,728,409
 
     
Washington – 4.2% (2.8% of Total Investments)
           
 
5,000
 
King County, Washington, Sewer Revenue Bonds, Refunding Series 2012, 5.000%, 1/01/52
1/22 at 100.00
AA+
   
5,131,100
 
 
5,000
 
King County, Washington, Sewer Revenue Bonds, Series 2006-2, Tender Option Bond Trust 1200, 13.523%, 1/01/26 – AGM Insured (IF)
1/17 at 100.00
AA+
   
5,997,500
 
 
3,000
 
King County, Washington, Sewer Revenue Bonds, Series 2007, 5.000%, 1/01/42 – AGM Insured
7/17 at 100.00
AA+
   
3,090,360
 
 
1,560
 
Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Refunding Series 2012A, 5.000%, 8/01/31
8/22 at 100.00
Aa3
   
1,662,258
 
 
1,250
 
University of Washington, General Revenue Bonds, Tender Option Bond Trust 3005, 17.965%, 6/01/31 – AMBAC Insured (IF)
6/17 at 100.00
Aaa
   
1,496,600
 

Nuveen Investments
 
79

 
 

 
 
NEA
Nuveen AMT-Free Municipal Income Fund (continued)
 
Portfolio of Investments October 31, 2013

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Washington (continued)
           
$
4,900
 
Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.625%, 1/01/35
1/21 at 100.00
A
 
$
5,036,171
 
 
10,000
 
Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, Series 2012A, 4.250%, 10/01/40
10/22 at 100.00
AA
   
8,696,700
 
 
1,250
 
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, Refunding Series 2012B, 5.000%, 10/01/30
10/22 at 100.00
AA
   
1,299,163
 
 
3,290
 
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, Series 2012A, 5.000%, 10/01/42
10/22 at 100.00
AA
   
3,306,318
 
 
10,855
 
Washington, General Obligation Bonds, Series 2000S-5, 0.000%, 1/01/20 – FGIC Insured
No Opt. Call
AA+
   
9,450,254
 
 
46,105
 
Total Washington
       
45,166,424
 
     
West Virginia – 1.9% (1.3% of Total Investments)
           
 
16,800
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Refunding and Improvement Series 2013A, 5.500%, 6/01/44
6/23 at 100.00
A
   
17,271,576
 
 
3,000
 
West Virginia State Building Commission, Lease Revenue Refunding Bonds, Regional Jail and Corrections Facility, Series 1998A, 5.375%, 7/01/21 – AMBAC Insured
No Opt. Call
N/R
   
3,275,160
 
 
19,800
 
Total West Virginia
       
20,546,736
 
     
Wisconsin – 1.9% (1.3% of Total Investments)
           
 
1,190
 
Sun Prairie Area School District, Dane County, Wisconsin, General Obligation Bonds, Series 2004C, 5.250%, 3/01/24 (Pre-refunded 3/01/14) –
AGM Insured
3/14 at 100.00
Aa2 (4)
   
1,209,004
 
 
4,100
 
University of Wisconsin Hospitals and Clinics Authority, Revenue Bonds, Refunding Series 2013A, 5.000%, 4/01/38
4/23 at 100.00
Aa3
   
4,112,054
 
 
1,015
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Health Inc. Obligated Group, Series 2012A, 5.000%, 4/01/42
10/22 at 100.00
AA–
   
1,011,904
 
 
1,000
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Gundersen Lutheran, Series 2011A, 5.250%, 10/15/39
10/21 at 100.00
A+
   
1,021,150
 
 
4,360
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2012, 5.000%, 6/01/39
6/22 at 100.00
A2
   
4,313,261
 
 
2,300
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital Inc., Series 1992A, 6.000%, 12/01/22 – FGIC Insured
No Opt. Call
A2
   
2,590,812
 
 
2,650
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Health Care, Inc., Refunding 2012C, 5.000%, 8/15/32
8/22 at 100.00
A+
   
2,705,571
 
 
3,775
 
Wisconsin State, General Obligation Bonds, Series 2006A, 4.750%, 5/01/25 – FGIC Insured
5/16 at 100.00
AA
   
4,116,373
 
 
20,390
 
Total Wisconsin
       
21,080,129
 
     
Wyoming – 1.1% (0.8% of Total Investments)
           
 
9,645
 
Sweetwater County, Wyoming, Hospital Revenue Refunding Bonds, Memorial Hospital Project, Series 2013A, 5.000%, 9/01/37
9/23 at 100.00
BBB
   
9,087,423
 
     
Teton County Hospital District, Wyoming, Hospital Revenue Bonds, St. John’s Medical Center Project, Series 2011B:
           
 
2,000
 
5.500%, 12/01/27
12/21 at 100.00
BBB
   
2,101,900
 
 
1,000
 
6.000%, 12/01/36
12/21 at 100.00
BBB
   
1,063,388
 
 
12,645
 
Total Wyoming
       
12,252,711
 
$
1,931,956
 
Total Municipal Bonds (cost $1,599,429,270)
       
1,611,974,814
 

80
 
Nuveen Investments

 
 

 

 
Principal
                 
 
Amount (000)
 
Description (1)
Coupon
Maturity
Ratings (3)
   
Value
 
     
CORPORATE BONDS – 0.0% (0.0% of Total Investments)
             
     
Transportation – 0.0% (0.0% of Total Investments)
             
$
199
 
Las Vegas Monorail Company, Senior Interest Bonds (6), (7)
5.500%
7/15/19
N/R
 
$
35,761
 
 
57
 
Las Vegas Monorail Company, Senior Interest Bonds (6), (7)
3.000%
7/15/55
N/R
   
7,565
 
$
256
 
Total Corporate Bonds (cost $10,104)
         
43,326
 
     
Total Long-Term Investments (cost $1,599,439,374)
         
1,612,018,140
 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
SHORT-TERM INVESTMENTS – 0.4% (0.3% of Total Investments)
           
     
MUNICIPAL BONDS
           
     
South Carolina 0.4% (0.3% of Total Investments)
           
$
4,225
 
South Carolina Educational Facilities Authority, Charleston Southern University Education Facilities Revenue Bond, Variable Rate Demand Obligations, Series 2003, 0.110%, 4/01/28 (8)
2/14 at 100.00
F-1
   
4,225,000
 
$
4,225
 
Total Short-Term Investments (cost $4,225,000)
     
$
4,225,000
 
     
Total Investments (cost $1,603,664,374) – 149.2%
       
1,616,243,140
 
     
Floating Rate Obligations – (6.2)%
       
(67,300,000
)
     
MuniFund Term Preferred Shares, at Liquidation Value – (7.7)% (9)
       
(83,000,000
)
     
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value –
(6.2)% (10)
       
(67,600,000
)
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (32.3)% (11)
       
(349,900,000
)
     
Other Assets Less Liabilities – 3.2%
       
34,895,513
 
     
Net Assets Applicable to Common Shares – 100%
     
$
1,083,338,653
 
 

(1)
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2)
Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(6)
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Trustees. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
(7)
During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund’s custodian is not accruing income on the Fund’s records for either senior interest corporate bond.
(8)
Investment has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.
(9)
MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 5.1%.
(10)
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 4.2%.
(11)
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 21.6%.
WI/DD
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
(ETM)
Escrowed to maturity.
(IF)
Inverse floating rate investment.
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
Reg S
Regulation S allows U.S. companies to sell securities to persons or entities located outside of the United States without registering those securities with the Securities and Exchange Commission. Specifically, Regulation S provides a safe harbor from the registration requirements of the Securities Act for the offers and sales of securities by both foreign and domestic issuers that are made outside the United States.
 
See accompanying notes to financial statements.

Nuveen Investments
 
81

 
 

 
 
Statement of
 
 
Assets & Liabilities
 
October 31, 2013
 
                 
Dividend
   
AMT-Free
 
     
Quality
   
Opportunity
   
Advantage
   
Income
 
     
(NQI
)
 
(NIO
)
 
(NVG
)
 
(NEA
)
Assets
                         
Long-term investments, at value (cost $763,904,836, $2,068,458,076, $587,319,216 and $1,599,439,374, respectively)
 
$
780,366,811
 
$
2,117,906,195
 
$
602,474,396
 
$
1,612,018,140
 
Short-term investments, at value (cost approximates value)
   
   
   
19,710,000
   
4,225,000
 
Cash
   
18,719,125
   
3,691,485
   
2,401,912
   
11,225,848
 
Receivable for:
                         
Dividends and interest
   
11,649,136
   
32,541,798
   
8,784,775
   
23,659,396
 
Investments sold
   
   
2,842,747
   
24,450,473
   
11,083,518
 
Deferred offering costs
   
74,343
   
3,011,892
   
553,029
   
3,485,960
 
Other assets
   
108,179
   
710,638
   
70,935
   
499,470
 
Total assets
   
810,917,594
   
2,160,704,755
   
658,445,520
   
1,666,197,332
 
Liabilities
                         
Floating rate obligations
   
37,920,000
   
94,673,333
   
18,803,334
   
67,300,000
 
Payable for:
                         
Common share dividends
   
2,261,244
   
6,371,713
   
1,594,827
   
5,158,486
 
Interest
   
251,004
   
   
350,325
   
261,965
 
Investments purchased
   
   
8,075,849
   
1,821,105
   
8,329,491
 
Offering costs
   
52,476
   
   
   
 
MuniFund Term Preferred (MTP) Shares, at liquidation value
   
   
   
108,000,000
   
83,000,000
 
Variable Rate MuniFund Term Preferred (VMTP) Shares, at liquidation value
   
240,400,000
   
   
92,500,000
   
67,600,000
 
Variable Rate Demand Preferred (VRDP) Shares, at liquidation value
   
   
667,200,000
   
   
349,900,000
 
Accrued expenses:
                         
Management fees
   
406,567
   
1,063,272
   
337,316
   
833,489
 
Directors/Trustees fees
   
110,866
   
292,317
   
71,384
   
204,981
 
Other
   
133,062
   
375,808
   
116,651
   
270,267
 
Total liabilities
   
281,535,219
   
778,052,292
   
223,594,942
   
582,858,679
 
Net assets applicable to common shares
 
$
529,382,375
 
$
1,382,652,463
 
$
434,850,578
 
$
1,083,338,653
 
Common shares outstanding
   
38,461,871
   
95,610,971
   
29,738,042
   
78,883,061
 
Net asset value per common share outstanding (net assets applicable to common shares, divided by common shares outstanding)
 
$
13.76
 
$
14.46
 
$
14.62
 
$
13.73
 
Net assets applicable to common shares consist of:
                         
Common shares, $.01 par value per share
 
$
384,619
 
$
956,110
 
$
297,380
 
$
788,831
 
Paid-in surplus
   
538,134,449
   
1,333,837,341
   
422,688,700
   
1,081,749,211
 
Undistributed (Over-distribution of) net investment income
   
1,447,868
   
17,747,737
   
2,229,780
   
8,145,027
 
Accumulated net realized gain (loss)
   
(27,046,536
)
 
(19,336,844
)
 
(5,520,462
)
 
(19,923,182
)
Net unrealized appreciation (depreciation)
   
16,461,975
   
49,448,119
   
15,155,180
   
12,578,766
 
Net assets applicable to common shares
 
$
529,382,375
 
$
1,382,652,463
 
$
434,850,578
 
$
1,083,338,653
 
Authorized shares:
                         
Common
   
200,000,000
   
200,000,000
   
Unlimited
   
Unlimited
 
Preferred
   
1,000,000
   
1,000,000
   
Unlimited
   
Unlimited
 
 
See accompanying notes to financial statements.
82
 
Nuveen Investments

 
 

 

Statement of
 
 
Operations
 
Year Ended October 31, 2013
 
                 
Dividend
   
AMT-Free
 
     
Quality
   
Opportunity
   
Advantage
   
Income
 
     
(NQI
)
 
(NIO
)
 
(NVG
)
 
(NEA
)
Investment Income
 
$
37,154,811
 
$
102,974,023
 
$
27,295,373
 
$
50,480,872
 
Expenses
                         
Management fees
   
5,031,668
   
12,952,143
   
4,158,533
   
6,459,379
 
Shareholder servicing agent fees and expenses
   
70,724
   
97,083
   
37,361
   
59,640
 
Interest expense and amortization of offering costs
   
4,007,293
   
2,138,791
   
4,908,680
   
4,361,673
 
Liquidity fees
   
   
5,167,360
   
   
1,606,240
 
Remarketing fees
   
   
676,466
   
   
173,977
 
Custodian fees and expenses
   
122,857
   
307,944
   
99,421
   
164,232
 
Directors/Trustees fees and expenses
   
21,195
   
55,507
   
17,411
   
28,248
 
Professional fees
   
67,786
   
148,189
   
70,404
   
109,677
 
Shareholder reporting expenses
   
46,372
   
119,180
   
20,487
   
61,802
 
Stock exchange listing fees
   
12,732
   
30,444
   
19,159
   
18,102
 
Investor relations expenses
   
38,196
   
99,704
   
33,249
   
32,820
 
Reorganization expenses
   
   
   
   
874,010
 
Other expenses
   
60,787
   
132,998
   
47,228
   
34,803
 
Total expenses
   
9,479,610
   
21,925,809
   
9,411,933
   
13,984,603
 
Net investment income (loss)
   
27,675,201
   
81,048,214
   
17,883,440
   
36,496,269
 
Realized and Unrealized Gain (Loss)
                         
Net realized gain (loss) from investments
   
(1,754,720
)
 
4,152,346
   
1,830,780
   
1,511,869
 
Change in net unrealized appreciation (depreciation) of investments
   
(59,994,163
)
 
(145,584,412
)
 
(45,390,091
)
 
(138,067,575
)
Net realized and unrealized gain (loss)
   
(61,748,883
)
 
(141,432,066
)
 
(43,559,311
)
 
(136,555,706
)
Net increase (decrease) in net assets applicable to common shares from operations
 
$
(34,073,682
)
$
(60,383,852
)
$
(25,675,871
)
$
(100,059,437
)
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
83

 
 

 

Statement of
 
 
Changes in Net Assets
 
     
Quality (NQI)
   
Opportunity (NIO)
 
     
Year Ended
   
Year Ended
   
Year Ended
   
Year Ended
 
     
10/31/13
   
10/31/12
   
10/31/13
   
10/31/12
 
Operations
                         
Net investment income (loss)
 
$
27,675,201
 
$
32,257,082
 
$
81,048,214
 
$
80,781,739
 
Net realized gain (loss) from investments
   
(1,754,720
)
 
(16,400,909
)
 
4,152,346
   
(13,687,810
)
Change in net unrealized appreciation (depreciation) of investments
   
(59,994,163
)
 
69,624,703
   
(145,584,412
)
 
138,887,743
 
Net increase (decrease) in net assets applicable to common shares from operations
   
(34,073,682
)
 
85,480,876
   
(60,383,852
)
 
205,981,672
 
Distributions to Common Shareholders
                         
From net investment income
   
(32,423,362
)
 
(34,705,158
)
 
(83,755,216
)
 
(83,755,217
)
From accumulated net realized gains
   
   
   
   
(248,589
)
Decrease in net assets applicable to common shares from distributions to common shareholders
   
(32,423,362
)
 
(34,705,158
)
 
(83,755,216
)
 
(84,003,806
)
Capital Share Transactions
                         
Common shares:
                         
Issued in the Reorganizations(1)
   
   
   
   
 
Net proceeds from shares issued to shareholders due to reinvestment of distributions
   
139,159
   
464,200
   
   
 
Repurchased and retired
   
   
   
   
 
Net increase (decrease) in net assets applicable to common shares from capital share transactions
   
139,159
   
464,200
   
   
 
Net increase (decrease) in net assets applicable to common shares
   
(66,357,885
)
 
51,239,918
   
(144,139,068
)
 
121,977,866
 
Net assets applicable to common shares at the beginning of period
   
595,740,260
   
544,500,342
   
1,526,791,531
   
1,404,813,665
 
Net assets applicable to common shares at the end of period
 
$
529,382,375
 
$
595,740,260
 
$
1,382,652,463
 
$
1,526,791,531
 
Undistributed (Over-distribution of) net investment income at the end of period
 
$
1,447,868
 
$
5,580,477
 
$
17,747,737
 
$
20,504,464
 
 
(1)
Refer to Note 1 – General Information and Significant Accounting Policies, Fund Reorganizations for further details.
 
See accompanying notes to financial statements.
 
84
 
Nuveen Investments

 
 

 
 
     
Dividend
   
AMT-Free
 
     
Advantage (NVG)
   
Income (NEA)
 
     
Year Ended
   
Year Ended
   
Year Ended
   
Year Ended
 
     
10/31/13
   
10/31/12
   
10/31/13
   
10/31/12
 
Operations
                         
Net investment income (loss)
 
$
17,883,440
 
$
24,439,334
 
$
36,496,269
 
$
17,348,944
 
Net realized gain (loss) from investments
   
1,830,780
   
4,325,317
   
1,511,869
   
2,298,488
 
Change in net unrealized appreciation (depreciation) of investments
   
(45,390,091
)
 
37,968,520
   
(138,067,575
)
 
16,571,315
 
Net increase (decrease) in net assets applicable to common shares from operations
   
(25,675,871
)
 
66,733,171
   
(100,059,437
)
 
36,218,747
 
Distributions to Common Shareholders
                         
From net investment income
   
(22,017,550
)
 
(26,822,612
)
 
(34,943,477
)
 
(18,682,905
)
From accumulated net realized gains
   
(3,388,590
)
 
(1,230,860
)
 
   
 
Decrease in net assets applicable to common shares from distribution to common shareholders
   
(25,406,140
)
 
(28,053,472
)
 
(34,943,477
)
 
(18,682,905
)
Capital Share Transactions
                         
Common shares:
                         
Issued in the Reorganizations(1)
   
   
   
873,836,287
   
 
Net proceeds from shares issued to shareholders due to reinvestment of distributions
   
   
   
18,775
   
41,859
 
Repurchased and retired
   
(817,331
)
 
   
   
 
Net increase (decrease) in net assets applicable to common shares from capital share transactions
   
(817,331
)
 
   
873,855,062
   
41,859
 
Net increase (decrease) in net assets applicable to common shares
   
(51,899,342
)
 
38,679,699
   
738,852,148
   
17,577,701
 
Net assets applicable to common shares at the beginning of period
   
486,749,920
   
448,070,221
   
344,486,505
   
326,908,804
 
Net assets applicable to common shares at the end of period
 
$
434,850,578
 
$
486,749,920
 
$
1,083,338,653
 
$
344,486,505
 
Undistributed (Over-distribution of) net investment income at the end of period
 
$
2,229,780
 
$
6,042,365
 
$
8,145,027
 
$
3,657,236
 
 
(1)
Refer to Note 1 – General Information and Significant Accounting Policies, Fund Reorganizations for further details.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
85

 
 

 
 
Statement of
 
 
Cash Flows
 
Year Ended October 31, 2013
 
                 
Dividend
   
AMT-Free
 
     
Quality
   
Opportunity
   
Advantage
   
Income
 
     
(NQI
)
 
(NIO
)
 
(NVG
)
 
(NEA
)
Cash Flows from Operating Activities:
                         
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
 
$
(34,073,682
)
$
(60,383,852
)
$
(25,675,871
)
$
(100,059,437
)
Adjustments to reconcile the net increase (decrease) in net assets applicable to common shares from operations to net cash provided by (used in) operating activities:
                         
Purchases of investments
   
(124,305,030
)
 
(327,189,305
)
 
(205,592,075
)
 
(321,238,635
)
Proceeds from sales and maturities of investments
   
151,636,457
   
341,691,364
   
210,124,116
   
273,265,223
 
Proceeds from (Purchases of) short-term investments, net
   
   
   
(15,735,000
)
 
(4,225,000
)
Amortization (Accretion) of premiums and discounts, net
   
(290,369
)
 
(1,619,966
)
 
2,444,433
   
1,517,559
 
Assets and (Liabilities) acquired in the Reorganizations, net
   
   
   
   
(281,875,892
)
(Increase) Decrease in:
                         
Receivable for dividends and interest
   
(621,593
)
 
(1,826,695
)
 
833,798
   
(16,745,238
)
Receivable for investments sold
   
18,534,797
   
8,460,468
   
16,519,527
   
(3,779,999
)
Other assets
   
(6,195
)
 
(19,299
)
 
(4,658
)
 
(452,538
)
Increase (Decrease) in:
                         
Payable for interest
   
(41,548
)
 
   
(8,166
)
 
(5,973
)
Payable for investments purchased
   
   
(6,423,735
)
 
929,252
   
5,564,561
 
Accrued management fees
   
(34,460
)
 
(59,487
)
 
2,829
   
568,498
 
Accrued Directors/Trustees fees
   
8,017
   
21,515
   
5,660
   
158,544
 
Accrued other expenses
   
(54,719
)
 
(122,666
)
 
(75,015
)
 
126,833
 
Net realized (gain) loss from investments
   
1,754,720
   
(4,152,346
)
 
(1,830,780
)
 
(1,511,869
)
Change in net unrealized (appreciation) depreciation of investments
   
59,994,163
   
145,584,412
   
45,390,091
   
138,067,575
 
Taxes paid on undistributed capital gains
   
   
   
(206,280
)
 
(714
)
Net cash provided by (used in) operating activities
   
72,500,558
   
93,960,408
   
27,121,861
   
(310,626,502
)
Cash Flows from Financing Activities:
                         
(Increase) Decrease in deferred offering costs
   
609,769
   
111,124
   
578,250
   
(2,546,300
)
Increase (Decrease) in:
                         
Cash overdraft
   
(7,175,669
)
 
   
   
 
Floating rate obligations
   
(14,705,000
)
 
(9,760,000
)
 
(2,755,000
)
 
5,565,000
 
Payable for offering costs
   
52,476
   
   
(7,500
)
 
 
VRDP Shares, at liquidation value
   
   
   
   
349,900,000
 
Cash distributions paid to common shareholders
   
(32,563,009
)
 
(83,712,588
)
 
(26,004,610
)
 
(31,280,684
)
Cost of common shares repurchased and retired
   
   
   
(817,331
)
 
 
Net cash provided by (used in) financing activities
   
(53,781,433
)
 
(93,361,464
)
 
(29,006,191
)
 
321,638,016
 
Net Increase (Decrease) in Cash
   
18,719,125
   
598,944
   
(1,884,330
)
 
11,011,514
 
Cash at the beginning of period
   
   
3,092,541
   
4,286,242
   
214,334
 
Cash at the End of Period
 
$
18,719,125
 
$
3,691,485
 
$
2,401,912
 
$
11,225,848
 
 
Supplemental Disclosure of Cash Flow Information

                 
Dividend
   
AMT-Free
 
     
Quality
   
Opportunity
   
Advantage
   
Income
 
     
(NQI
)
 
(NIO
)
 
(NVG
)
 
(NEA
)
Cash paid for interest (excluding amortization of offering costs)
 
$
3,329,072
 
$
2,027,667
 
$
4,345,361
 
$
3,879,224
 
Non-cash financing activities not included herein consists of reinvestments of common share distributions
   
139,159
   
   
   
18,775
 
 
See accompanying notes to financial statements.
 
86
 
Nuveen Investments

 
 

 

THIS PAGE INTENTIONALLY LEFT BLANK

Nuveen Investments
 
87

 
 

 

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

         
Investment Operations
   
Less Distributions
                   
   
Beginning Common Share
Net Asset Value
   
Net Investment Income (Loss)
   
Net Realized/ Unrealized Gain (Loss)
   
Distributions from Net Investment Income to Auction Rate Preferred Shareholders
(a)  
Distributions from Accumulated Net Realized Gains to Auction Rate Preferred Shareholders
(a)  
Total
   
From
Net Investment Income to Common Shareholders
   
From Accumulated Net Realized Gains to Common Shareholders
   
Total
   
Discount from Common Shares Repurchased and
Retired
   
Ending Common Share
Net Asset Value
   
Ending Market Value
 
Quality (NQI)
                                                       
Year Ended 10/31:
                                                 
2013
  $ 15.49     $ .72     $ (1.61 )   $     $     $ (.89 )   $ (.84 )   $     $ (.84 )   $     $ 13.76     $ 12.26  
2012
    14.17       .84       1.38                   2.22       (.90 )           (.90 )           15.49       15.49  
2011
    14.26       .87       (.08 )     (.01 )           .78       (.87 )           (.87 )           14.17       14.11  
2010
    13.61       .95       .58       (.03 )           1.50       (.85 )           (.85 )           14.26       14.40  
2009
    11.68       .99       1.76       (.06 )           2.69       (.76 )           (.76 )           13.61       13.30  
                                                                                                 
Opportunity (NIO)
                                                                           
Year Ended 10/31:
                                                                   
2013
    15.97       .85       (1.48 )                 (.63 )     (.88 )           (.88 )           14.46       12.99  
2012
    14.69       .84       1.32                   2.16       (.88 )     *     (.88 )           15.97       15.53  
2011
    14.92       .88       (.23 )     (.01 )           .64       (.87 )           (.87 )           14.69       14.20  
2010
    14.22       .97       .60       (.03 )           1.54       (.84 )           (.84 )     *     14.92       14.83  
2009
    12.39       .96       1.66       (.06 )           2.56       (.73 )           (.73 )           14.22       12.98  
 
(a)
The amounts shown are based on common share equivalents.
(b)
Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
   
 
Total Return Based on Common Share Net Asset Value is the combination of changes in common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
 
88
 
Nuveen Investments

 
 

 
 
               
Ratios/Supplemental Data
   
Total Returns
         
Ratios to Average Net Assets Applicable to Common Shares(c)
       
   
Based
on
Common
Share Net
Asset
Value
(b)
 
Based
on
Market
Value
(b)
 
Ending
Net
Assets
Applicable
to Common
Shares (000)
 
 
Expenses
(d)
 
Net
Investment
Income (Loss)
 
 
Portfolio
Turnover
Rate
(e)
                                     
                                     
   
(5.93
)%
 
(15.89
)%
$
529,382
   
1.67
%
 
4.88
%
 
15
%
   
16.06
   
16.65
   
595,740
   
1.69
   
5.55
   
23
 
   
5.98
   
4.65
   
544,500
   
1.66
   
6.43
   
18
 
   
11.30
   
15.03
   
547,598
   
1.19
   
6.81
   
11
 
   
23.65
   
26.98
   
521,216
   
1.32
   
7.86
   
4
 
                                     
                                     
   
(4.10
)
 
(11.09
)
 
1,382,652
   
1.50
   
5.54
   
15
 
   
15.03
   
15.92
   
1,526,792
   
1.54
   
5.45
   
18
 
   
4.73
   
2.08
   
1,404,814
   
1.63
   
6.28
   
10
 
   
11.08
   
21.20
   
1,426,419
   
1.14
   
6.61
   
7
 
   
21.18
   
23.62
   
1,358,844
   
1.29
   
7.36
   
8
 
 
(c)
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to Auction Rate Preferred Shares (“ARPS”), VMTP Shares and/or VRDP Shares, where applicable.
(d)
The expense ratios reflect, among other things, all interest expense and other costs related to VMTP Shares, VRDP Shares and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, each as described in Note 1 – General Information and Significant Accounting Policies, Variable Rate MuniFund Term Preferred Shares and Variable Rate Demand Preferred Shares and Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities, respectively, as follows:
 
Quality (NQI)
       
Year Ended 10/31:
       
2013
   
.71
%
2012
   
.70
 
2011
   
.57
 
2010
   
.07
 
2009
   
.11
 

Opportunity (NIO)
       
Year Ended 10/31:
       
2013
   
.55
%
2012
   
.57
 
2011
   
.59
 
2010
   
.06
 
2009
   
.11
 
 
(e)
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
*
Rounds to less than $.01 per share.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
89

 
 

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

         
Investment Operations
   
Less Distributions
                   
   
Beginning Common Share
Net Asset Value
   
Net Investment Income (Loss)
   
Net Realized/ Unrealized Gain (Loss)
   
Distributions from Net Investment Income to Auction Rate Preferred Shareholders
(a)   
Distributions from Accumulated Net Realized Gains to Auction Rate Preferred Shareholders
(a)  
Total
   
From Net Investment Income to Common Shareholders
   
From Accumulated Net Realized Gains to Common Shareholders
   
Total
   
Discount from Common Shares Repurchased and Retired
   
Ending Common Share
Net Asset Value
   
Ending Market Value
 
Dividend Advantage (NVG)
                                                 
Year Ended 10/31:
                                                 
2013
  $ 16.33     $ .60     $ (1.46 )   $     $     $ (.86 )   $ (.74 )   $ (.11 )   $ (.85 )   $ *   $ 14.62     $ 12.75  
2012
    15.03       .82       1.42                   2.24       (.90 )     (.04 )     (.94 )           16.33       15.82  
2011
    15.20       .91       (.22 )     (.01 )           .68       (.85 )     *     (.85 )           15.03       14.32  
2010
    14.80       .90       .39       (.01 )     *     1.28       (.84 )     (.04 )     (.88 )           15.20       14.80  
2009
    12.85       1.00       1.77       (.06 )           2.71       (.76 )           (.76 )     *     14.80       13.85  
                                                                                                 
AMT-Free Income (NEA)
                                                                     
Year Ended 10/31:
                                                                           
2013
    15.49       .72       (1.66 )                 (.94 )     (.82 )           (.82 )           13.73       12.37  
2012
    14.70       .78       .85                   1.63       (.84 )           (.84 )           15.49       15.80  
2011
    14.98       .84       (.29 )     (.01 )           .54       (.82 )           (.82 )           14.70       13.85  
2010
    14.42       .87       .52       (.02 )           1.37       (.81 )           (.81 )           14.98       14.95  
2009
    12.37       .98       1.86       (.06 )           2.78       (.73 )           (.73 )     *     14.42       13.48  
 
(a)
The amounts shown are based on common share equivalents.
(b)
Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
   
 
Total Return Based on Common Share Net Asset Value is the combination of changes in common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
 
90
 
Nuveen Investments

 
 

 
 
               
Ratios/Supplemental Data
   
Total Returns
         
Ratios to Average Net Assets
Applicable to Common Shares
Before Reimbursement(c)
   
Ratios to Average Net Assets
Applicable to Common Shares
After Reimbursement(c)(d)
       
   
Based
on
Common
Share Net
Asset
Value
(b)
 
Based
on
Market
Value
(b)
 
Ending
Net
Assets
Applicable
to Common
Shares (000)
 
 
Expenses
(e)
 
Net
Investment
Income (Loss)
 
 
Expenses
(e)
 
Net
Investment
Income (Loss)
 
 
Portfolio
Turnover
Rate
(f)
                                                 
                                                 
   
(5.46
)%
 
(14.46
)%
$
434,851
   
2.03
%
 
3.87
%
 
N/A
   
N/A
   
32
%
   
15.30
   
17.44
   
486,750
   
2.08
   
5.17
   
2.05
%
 
5.20
%
 
29
 
   
4.83
   
2.89
   
448,070
   
1.95
   
6.12
   
1.84
   
6.23
   
7
 
   
8.89
   
13.51
   
452,908
   
1.89
   
5.79
   
1.71
   
5.98
   
2
 
   
21.54
   
28.72
   
441,207
   
1.25
   
6.86
   
.98
   
7.12
   
9
 
                                                 
                                                 
   
(6.25
)
 
(16.89
)
 
1,083,339
   
1.97
   
5.14
   
N/A
   
N/A
   
26
 
   
11.32
   
20.64
   
344,487
   
2.13
   
5.13
   
N/A
   
N/A
   
26
 
   
3.92
   
(1.60
)
 
326,909
   
2.02
   
5.86
   
2.01
   
5.87
   
2
 
   
9.76
   
17.27
   
333,074
   
1.76
   
5.80
   
1.63
   
5.93
   
2
 
   
23.05
   
25.41
   
320,587
   
1.24
   
7.14
   
.99
   
7.39
   
6
 
 
(c)
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS, MTP, VMTP and/or VRDP Shares, where applicable.
(d)
After expense reimbursement from the Adviser, where applicable. As of March 31, 2012 and November 30, 2010, the Adviser is no longer reimbursing Dividend Advantage (NVG) and ATM-Free Income (NEA), respectively, for any fees or expenses.
(e)
The expense ratios reflect, among other things, all interest expense and other costs related to MTP Shares, VMTP Shares and/or VRDP Shares and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, each as described in Note 1 – General Information and Significant Accounting Policies, MuniFund Term Preferred Shares, Variable Rate MuniFund Term Preferred Shares and Variable Rate Demand Preferred Shares and Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities, respectively, as follows:
 
Dividend Advantage (NVG)
       
Year Ended 10/31:
       
2013
   
1.06
%
2012
   
1.05
 
2011
   
.90
 
2010
   
.84
 
2009
   
.08
 

         
AMT-Free Income (NEA)
       
Year Ended 10/31:
       
2013
   
.87
%
2012
   
1.07
 
2011
   
.94
 
2010
   
.67
 
2009
   
.05
 
 
(f)
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
*
Rounds to less than $.01 per share.
N/A
Fund no longer has a contractual reimbursement agreement with the Adviser.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
91

 
 

 
 
Financial Highlights (continued)

     
ARPS at the End of Period
   
VMTP Shares at the End of Period
   
VRDP Shares at the End of Period
     
Aggregate
Amount
Outstanding
(000
)
 
Asset
Coverage Per
$25,000 Share
   
Aggregate
Amount
Outstanding
(000
)
 
Asset
Coverage
Per $100,000
Share
   
Aggregate
Amount
Outstanding
(000
)
 
Asset
Coverage
Per $100,000
Share
 
Quality (NQI)
                               
Year Ended 10/31:
                               
2013
 
$
 
$
 
$
240,400
 
$
320,209
 
$
 
$
 
2012
   
   
   
240,400
   
347,812
   
   
 
2011
   
   
   
240,400
   
326,498
   
   
 
2010
   
239,200
   
82,232
   
   
   
   
 
2009
   
245,850
   
78,001
   
   
   
   
 
                                       
Opportunity (NIO)
                               
Year Ended 10/31:
                               
2013
   
   
   
   
   
667,200
   
307,232
 
2012
   
   
   
   
   
667,200
   
328,836
 
2011
   
   
   
   
   
667,200
   
310,554
 
2010
   
664,825
   
78,639
   
   
   
   
 
2009
   
675,475
   
75,292
   
   
   
   
 
 
92
 
Nuveen Investments

 
 

 
 
     
ARPS at the End of Period
   
MTP Shares
at the End of Period (a)
   
VMTP Shares
at the End of Period
   
VRDP Shares
at the End of Period
   
MTP,
VMTP and/or
VRDP Shares
at the End
of Period
 
     
Aggregate
Amount
Outstanding
(000
)
 
Asset
Coverage Per
$25,000 Share
   
Aggregate
Amount
Outstanding
(000
)
 
Asset
Coverage Per
$10 Share
   
Aggregate
Amount
Outstanding
(000
)
 
Asset
Coverage
Per $100,000
Share
   
Aggregate
Amount
Outstanding
(000
)
 
Asset
Coverage
Per $100,000
Share
   
Asset
Coverage
Per $1
Liquidation
Preference
 
Dividend Advantage (NVG)
                                               
Year Ended 10/31:
                                                 
2013
 
$
 
$
 
$
108,000
 
$
31.69
 
$
92,500
 
$
316,883
 
$
 
$
 
$
3.17
 
2012
   
   
   
108,000
   
34.28
   
92,500
   
342,768
   
   
   
3.43
 
2011
   
   
   
108,000
   
32.35
   
92,500
   
323,476
   
   
   
3.23
 
2010
   
91,950
   
81,628
   
108,000
   
32.65
   
   
   
   
   
3.27
 
2009
   
91,950
   
80,165
   
108,000
   
32.07
   
   
   
   
   
3.21
 
                                                         
AMT-Free Income (NEA)
                                                 
Year Ended 10/31:
                                                 
2013
   
   
   
83,000
   
31.65
   
67,600
   
316,451
   
349,900
   
316,451
   
3.16
 
2012
   
   
   
83,000
   
32.87
   
67,600
   
328,743
   
   
   
3.29
 
2011
   
   
   
83,000
   
31.71
   
67,600
   
317,071
   
   
   
3.17
 
2010
   
67,375
   
80,374
   
83,000
   
32.15
   
   
   
   
   
3.21
 
2009
   
148,750
   
78,880
   
   
   
   
   
   
   
 
 
(a)
The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares were as follows:
 
     
2013
   
2012
   
2011
   
2010
   
2009
(b)
Dividend Advantage (NVG)
                               
Series 2014 (NVG PRCCL)
                               
Ending Market Value per Share
 
$
10.09
 
$
10.12
 
$
10.10
 
$
10.22
 
$
9.98
 
Average Market Value per Share
   
10.11
   
10.16
   
10.12
   
10.19
   
10.03
Ω
                                 
AMT-Free Income (NEA)
                               
Series 2015 (NEA PRCCL)
                               
Ending Market Value per Share
   
10.07
   
10.16
   
10.14
   
10.14
   
 
Average Market Value per Share
   
10.10
   
10.14
   
10.08
   
10.15
ΩΩ  
 
 
(b)
AMT-Free Income did not issue MTP Shares prior to the fiscal year ended October 31, 2010.
Ω
For the period October 19, 2009 (first issuance date of shares) through October 31, 2009.
ΩΩ
For the period January 19, 2010 (first issuance date of shares) through October 31, 2010.
 
Nuveen Investments
 
93

 
 

 

Notes to
 
 
Financial Statements
 
1. General Information and Significant Accounting Policies
 
General Information
 
Fund Information
The funds covered in this report and their corresponding New York Stock Exchange (“NYSE”) or NYSE MKT symbols are as follows (each a “Fund” and collectively, the “Funds”):
     
 
Nuveen Quality Municipal Fund, Inc. (NQI) (“Quality (NQI)”)
 
Nuveen Municipal Opportunity Fund, Inc. (NIO) (“Opportunity (NIO)”)
 
Nuveen Dividend Advantage Municipal Income Fund (NVG) (“Dividend Advantage (NVG)”)
 
Nuveen AMT-Free Municipal Income Fund (NEA) (“AMT-Free Income (NEA)”)
 
The Funds are registered under the Investment Company Act of 1940, as amended, as diversified closed-end registered investment companies. Common shares of Quality (NQI), Opportunity (NIO) and AMT-Free Income (NEA) are traded on the NYSE while common shares of Dividend Advantage (NVG) are traded on the NYSE MKT. (Common shares of AMT-Free Income (NEA) were formerly traded on the NYSE MKT.) Quality (NQI) and Opportunity (NIO) were incorporated under the state laws of Minnesota on October 23, 1990 and July 25, 1991, respectively. Dividend Advantage (NVG) and AMT-Free Income (NEA) were organized as Massachusetts business trusts on July 12, 1999 and July 29, 2002, respectively.
 
Each Fund seeks to provide current income exempt from regular federal income tax, and in the case of AMT-Free Income (NEA) the alternative minimum tax applicable to individuals, by investing primarily in a portfolio of municipal obligations issued by state and local government authorities or certain U.S. territories.
 
Investment Adviser
On December 31, 2012, the Funds’ investment adviser converted from a Delaware corporation to a Delaware limited liability company. As a result, Nuveen Fund Advisors, Inc., a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”), changed its name to Nuveen Fund Advisors, LLC (the “Adviser”). There were no changes to the identities or roles of any personnel as a result of the change.
 
The Adviser is responsible for each Fund’s overall investment strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the “Sub-Adviser”), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.
 
Fund Reorganizations
Effective prior to the opening of business on May 6, 2013, certain Funds (the “Acquired Funds”) were reorganized into one, larger Fund (the “Acquiring Fund”) included in this report (each a “Reorganization” and collectively “Reorganizations”) as follows:
   
Acquired Funds
Acquiring Fund
Nuveen Premier Municipal Opportunity
 
Fund, Inc. (NIF) (“Premier Opportunity”)
AMT-Free Income (NEA)
Nuveen Premium Income Municipal Opportunity
 
Fund (NPX) (“Premium Income Opportunity”)
 
 
The Reorganizations of the Funds were approved by the shareholders of the Acquired Funds at a special meeting on April 5, 2013.
 
Upon the closing of the Reorganizations, the Acquired Funds transfered their assets to the Acquiring Fund in exchange for common and preferred shares of the Acquiring Fund and the assumption by the Acquiring Fund of the liabilities of the Acquired Funds. The Acquired Funds were 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 Reorganization (including for this purpose fractional Acquiring Fund shares to which shareholders would be entitled). Fractional shares are sold on the open market and shareholders
 
94
 
Nuveen Investments
 
 
 

 
 
 
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.
 
Details of the Funds’ effective Reorganizations are further described in the Variable Rate Demand Preferred Shares sections of this footnote and Note 8 –Fund Reorganizations.
 
Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).
 
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to earmark securities in the Funds’ portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. As of October 31, 2013, the Funds’ outstanding when-issued/delayed delivery purchase commitments were as follows:
 
                 
Dividend
   
AMT-Free
 
     
Quality
   
Opportunity
   
Advantage
   
Income
 
     
(NQI
)
 
(NIO
)
 
(NVG
)
 
(NEA
)
Outstanding when-issued/delayed delivery purchase commitments
 
$
 
$
5,980,493
 
$
1,547,325
 
$
4,630,493
 
 
Investment Income
Dividend income is recorded on the ex-dividend date. Investment income, which reflects the amortization of premiums and includes accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Investment income also reflects paydown gains and losses, if any.
 
Professional Fees
Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment, or to pursue other claims or legal actions on behalf of Fund shareholders. Should a Fund receive a refund of workout expenditures paid in a prior reporting period, such amounts will be recognized as “Legal fee refund” on the Statement of Operations.
 
Dividends and Distributions to Common Shareholders
Dividends from net investment income are declared monthly. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
 
Distributions to common shareholders of net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
 
Auction Rate Preferred Shares
Each Fund is authorized to issue Auction Rate Preferred Shares (“ARPS”). During prior fiscal periods, the Funds redeemed all of their outstanding ARPS at liquidation value.
 
MuniFund Term Preferred Shares
The following Funds have issued and outstanding MuniFund Term Preferred (“MTP”) Shares, with a $10 stated (Par) value per share. Each Fund’s MTP Shares are issued in one Series and trade on the NYSE. Dividends on MTP Shares, which are recognized as interest expense for financial reporting purposes, are paid monthly at a fixed annual rate, subject to adjustments in certain circumstances.
                                 
                       
Shares
       
                 
 
   
Outstanding
   
Annual
 
           
NYSE
   
Shares
   
at $10 Per Share
   
Interest
 
     
Series
   
Ticker
   
Outstanding
   
Liquidation Value
   
Rate
 
Dividend Advantage (NVG)
   
2014
   
NVG PRCCL
   
10,800,000
 
$
108,000,000
   
2.95
%
AMT-Free Income (NEA)
   
2015
   
NEA PRCCL
   
8,300,000
 
$
83,000,000
   
2.85
%
 
Each Fund is obligated to redeem its MTP Shares by the date as specified in its offering document (“Term Redemption Date”), unless earlier redeemed or repurchased by the Fund. MTP Shares are subject to optional and mandatory redemption in certain circumstances. MTP Shares were subject to redemption at the option of each Fund (“Optional Redemption Date”), subject to a payment of premium for one year following the Optional Redemption Date (“Premium Expiration Date”), and at par thereafter. MTP Shares also will be subject to redemption, at the option of each Fund, at par
 
Nuveen Investments
 
95

 
 

 

Notes to Financial Statements (continued)
 
in the event of certain changes in the credit rating of the MTP Shares. Each Fund may be obligated to redeem certain of the MTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends. The Term Redemption Date, Optional Redemption Date and Premium Expiration Date for each Fund’s series of MTP Shares by NYSE ticker symbol are as follows:
                                 
                 
Term
   
Optional
   
Premium
 
           
NYSE
   
Redemption
   
Redemption
   
Expiration
 
     
Series
   
Ticker
   
Date
   
Date
   
Date
 
Dividend Advantage (NVG)
   
2014
   
NVG PRCCL
   
November 1, 2014
   
November 1, 2010
   
October 31, 2011
 
AMT-Free Income (NEA)
   
2015
   
NEA PRCCL
   
February 1, 2015
   
February 1, 2011
   
January 31, 2012
 
 
The average liquidation value of MTP Shares outstanding for each Fund during the fiscal year ended October 31, 2013, was as follows:
               
     
Dividend
   
AMT-Free
 
     
Advantage
   
Income
 
     
(NVG
)
 
(NEA
)
Average liquidation value of MTP Shares outstanding
 
$
108,000,000
 
$
83,000,000
 
 
For financial reporting purposes only, the liquidation value of MTP Shares is recorded as a liability and recognized as “MuniFund Term Preferred (MTP) Shares, at liquidation value” on the Statement of Assets and Liabilities. Unpaid dividends on MTP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities. Dividends paid on MTP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations. Costs incurred by the Funds in connection with their offerings of MTP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as components of “Deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offerings costs” on the Statement of Operations.
 
Variable Rate MuniFund Term Preferred Shares
The following Funds have issued and outstanding Variable Rate MuniFund Term Preferred (“VMTP”) Shares, with $100,000 liquidation value per share. The Funds issued their VMTP Shares in privately negotiated offerings, which were offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933.
 
During the current reporting period, Quality (NQI) exchanged all 2,404 shares of its outstanding Series 2014 VMTP for 2,404 shares of Series 2015 VMTP. The Fund completed the exchange offer in which it refinanced its existing VMTP Shares with new VMTP Shares with a term redemption date of December 1, 2015.
 
As of October 31, 2013, VMTP Shares outstanding, at liquidation value, for each Fund is as follows:
                     
                 
Shares
 
                 
Outstanding
 
                 
at $100,000
 
           
Shares
   
Per Share
 
     
Series
   
Outstanding
   
Liquidation Value
 
Quality (NQI)
   
2015
   
2,404
 
$
240,400,000
 
Dividend Advantage (NVG)
   
2014
   
925
 
$
92,500,000
 
AMT-Free Income (NEA)
   
2014
   
676
 
$
67,600,000
 
 
Each Fund is obligated to redeem its VMTP Shares by the date as specified in its offering document (“Term Redemption Date”), unless earlier redeemed or repurchased by the Fund. VMTP Shares are subject to optional and mandatory redemption in certain circumstances . The VMTP Shares are subject to redemption at the option of each Fund (“Optional Redemption Date”), subject to payment of premium for approximately one year following the date of issuance (“Premium Expiration Date”), and at par thereafter. Each Fund may be obligated to redeem certain of the VMTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends. The Term Redemption Date, Optional Redemption Date and Premium Expiration Date for each Fund’s series of VMTP Shares are as follows:
                           
           
Term
   
Optional
   
Premium
 
     
Series
   
Redemption Date
   
Redemption Date
   
Expiration Date
 
Quality (NQI)
   
2015
   
December 1, 2015
   
December 1, 2013
   
November 30, 2013
 
Dividend Advantage (NVG)
   
2014
   
October 1, 2014
   
October 1, 2012
   
September 30, 2012
 
AMT-Free Income (NEA)
   
2014
   
August 1, 2014
   
August 1, 2012
   
July 31, 2012
 
 
96
 
Nuveen Investments

 
 

 

The average liquidation value of VMTP Shares outstanding and annualized dividend rate for each Fund during the fiscal year ended October 31, 2013, were as follows:
                     
           
Dividend
   
AMT-Free
 
     
Quality
   
Advantage
   
Income
 
     
(NQI
)
 
(NVG
)
 
(NEA
)
Average liquidation value of VMTP Shares outstanding
 
$
240,400,000
 
$
92,500,000
 
$
67,600,000
 
Annualized dividend rate
   
1.26
%
 
1.11
%
 
1.16
%
 
VMTP Shares generally do not trade, and market quotations are generally not available. VMTP Shares are short-term or short/intermediate-term instruments that pay a variable dividend rate tied to a short-term index, plus an additional fixed “spread” amount established at the time of issuance. The fair value of VMTP Shares is expected to be approximately their liquidation (“par”) value so long as the fixed “spread” on the VMTP Shares remains roughly in line with the “spread” rates being demanded by investors on instruments having similar terms in the current market environment. In present market conditions, the Funds’ Adviser has determined that fair value of VMTP Shares is their liquidation value, but their fair value could vary if market conditions change materially. For financial reporting purposes only, the liquidation value of VMTP Shares is recorded as a liability and recognized as “Variable Rate MuniFund Term Preferred (VMTP) Shares, at liquidation value” on the Statement of Assets and Liabilities.
 
Dividends on VMTP shares (which are treated as interest payments for financial reporting purposes) are set weekly. Unpaid dividends on VMTP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities. Dividends paid on VMTP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
 
Costs incurred by the Fund in connection with its offering of VMTP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as components of “Deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations.
 
In conjunction with Quality’s (NQI) exchange of VMTP Shares, the remaining deferred offering costs of $684,112 for the Fund’s issuance of Series 2014 VMTP Shares were fully expensed during the current fiscal period, as the exchange was deemed an extinguishment of debt. Offering costs of $110,000 were incurred with the Fund’s issuance of Series 2015 VMTP Shares, which were recorded as a deferred charge and are being amortized over the life of the shares.
 
Variable Rate Demand Preferred Shares
The following Funds have issued and outstanding Variable Rate Demand Preferred (“VRDP”) Shares, with a $100,000 liquidation value per share. The Funds issued their VRDP Shares in privately negotiated offerings, which were offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933.
 
In connection with AMT-Free Income’s (NEA) Reorganizations, holders of VRDP Shares of the Acquired Funds received on a one-for-one basis newly issued VRDP Shares of the Acquiring Fund, in exchange for VRDP Shares of the Acquired Funds held immediately prior to the Reorganizations. AMT-Free Income (NEA) Series 1 and Series 2 VRDP Shares were issued in conjunction with the Reorganizations of Premier Opportunity (NIF) and Premium Income Opportunity (NPX), respectively.
 
As of October 31, 2013, the details for each Fund’s Series VRDP Shares outstanding are as follows:
                           
                 
Shares Outstanding at
       
           
Shares
 
 
$100,000 Per Share
       
     
Series
   
Outstanding
   
Liquidation Value
   
Maturity
 
Opportunity (NIO)
   
1
   
6,672
 
$
667,200,000
   
December 1, 2040
 
AMT-Free Income (NEA)
   
1
   
2,190
 
$
219,000,000
   
June 1, 2040
 
     
2
   
1,309
 
$
130,900,000
   
December 1, 2040
 
 
VRDP Shares include a liquidity feature that allows VRDP shareholders to have their shares purchased by a liquidity provider with whom each Fund has contracted in the event that purchase orders for VRDP Shares in a remarketing are not sufficient in number to be matched with the sale orders in that remarketing. Each Fund is required to redeem any VRDP Shares that are still owned by the liquidity provider after six months of continuous, unsuccessful remarketing. Each Fund pays an annual remarketing fee of .10% on the aggregate principal amount of all VRDP Shares outstanding. Each Fund’s VRDP Shares have successfully remarketed since issuance.
 
Dividends on the VRDP Shares (which are treated as interest payments for financial reporting purposes) are set weekly at a rate established by a remarketing agent; therefore, the market value of the VRDP Shares is expected to approximate its liquidation value. If remarketings for VRDP Shares are continuously unsuccessful for six months, the maximum rate is designed to escalate according to a specified schedule in order to enhance the remarketing agent’s ability to successfully remarket the VRDP Shares.
 
Subject to certain conditions, VRDP Shares may be redeemed, in whole or in part, at any time at the option of each Fund. Each Fund may also redeem certain of the VRDP Shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends.
 
Nuveen Investments
 
97

 
 

 

Notes to Financial Statements (continued)
 
The average liquidation value of VRDP Shares outstanding and annualized dividend rate for each Fund during the fiscal year ended October 31, 2013, were as follows:
               
           
AMT-Free
 
     
Opportunity
   
Income
 
     
(NIO
)
 
(NEA
)*
Average liquidation value of VRDP Shares outstanding
 
$
667,200,000
 
$
349,900,000
 
Annualized dividend rate
   
0.21
%
 
0.18
%
 
*
For the period May 6, 2013 (effective date of the Reorganizations) through October 31, 2013.
 
For financial reporting purposes only, the liquidation value of VRDP Shares is a liability and is recognized as “Variable Rate Demand Preferred (VRDP) Shares, at liquidation value” on the Statement of Assets and Liabilities. Unpaid dividends on VRDP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities, when applicable. Dividends paid on the VRDP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations. Costs incurred by the Funds in connection with their offerings of VRDP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as a component of “Deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offerings costs” on the Statement of Operations. In addition to interest expense, each Fund also pays a per annum liquidity fee to the liquidity provider, as well as a remarketing fee, which are recognized as “Liquidity fees” and “Remarketing fees,” respectively, on the Statement of Operations.
 
Indemnifications
Under the Funds’ organizational documents, their officers and directors/trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.
 
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets applicable to common shares from operations during the reporting period. Actual results may differ from those estimates.
 
2. Investment Valuation and Fair Value Measurements
 
Investment Valuation
Prices of municipal bonds and other fixed income securities are provided by a pricing service approved by the Funds’ Board of Directors/Trustees. These securities are generally classified as Level 2 for fair value measurement purposes. The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.
 
Investments in investment companies are valued at their respective net asset values on the valuation date. These investment vehicles are generally classified as Level 1.
 
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Funds’ Board of Directors/Trustees or its designee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s net asset value (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of those securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Funds’ Board of Directors/Trustees or its designee.
 
98
 
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Fair Value Measurements
Fair value is defined as the price that the Funds would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
 
 
Level – 1
Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
     
 
Level – 2
Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
     
 
Level – 3
Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
 
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of the end of the reporting period:
                           
Quality (NQI)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
780,239,351
 
$
 
$
780,239,351
 
Corporate Bonds
   
   
   
127,460
   
127,460
 
Total
 
$
 
$
780,239,351
 
$
127,460
 
$
780,366,811
 
                           
Opportunity (NIO)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
2,116,378,476
 
$
1,406,236
 
$
2,117,784,712
 
Corporate Bonds
   
   
   
121,483
   
121,483
 
Total
 
$
 
$
2,116,378,476
 
$
1,527,719
 
$
2,117,906,195
 
                           
Dividend Advantage (NVG)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
601,245,693
 
$
 
$
601,245,693
 
Investment Companies
   
1,228,703
   
   
   
1,228,703
 
Short-Term Investments*:
                         
Municipal Bonds
   
   
19,710,000
   
   
19,710,000
 
Total
 
$
1,228,703
 
$
620,955,693
 
$
 
$
622,184,396
 
                           
AMT-Free Income (NEA)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
1,611,974,814
 
$
 
$
1,611,974,814
 
Corporate Bonds
   
   
   
43,326
   
43,326
 
Short-Term Investments*:
                         
Municipal Bonds
   
   
4,225,000
   
   
4,225,000
 
Total
 
$
 
$
1,616,199,814
 
$
43,326
 
$
1,616,243,140
 
 
*
Refer to the Fund’s Portfolio of Investments for state classifications of Municipal Bonds, industry classifications for Corporate Bonds and breakdown of Municipal Bonds and Corporate Bonds classified as Level 3.
 
The Nuveen funds’ Board of Directors/Trustees is responsible for the valuation process and has delegated the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board of Directors/Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the funds’ pricing policies and reporting to the Board of Directors/Trustees. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
 
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:
     
 
(i)
If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities.
 
Nuveen Investments
 
99

 
 

 

Notes to Financial Statements (continued)
     
 
(ii)
If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis.
 
The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument’s current value.
 
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors/Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board of Directors/Trustees.
 
3. Portfolio Securities and Investments in Derivatives
 
Portfolio Securities
 
Inverse Floating Rate Securities
Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. In turn, this trust (a) issues floating rate certificates, in face amounts equal to some fraction of the deposited bond’s par amount or market value, that typically pay short-term tax-exempt interest rates to third parties, and (b) issues to a long-term investor (such as one of the Funds) an inverse floating rate certificate (sometimes referred to as an “inverse floater”) that represents all remaining or residual interest in the trust. The income received by the inverse floater holder varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the inverse floater holder bears substantially all of the underlying bond’s downside investment risk and also benefits disproportionately from any potential appreciation of the underlying bond’s value. The price of an inverse floating rate security will be more volatile than that of the underlying bond because the interest rate is dependent on not only the fixed coupon rate of the underlying bond but also on the short-term interest paid on the floating rate certificates, and because the inverse floating rate security essentially bears the risk of loss of the greater face value of the underlying bond.
 
A Fund may purchase an inverse floating rate security in a secondary market transaction without first owning the underlying bond (referred to as an “externally-deposited inverse floater”), or instead by first selling a fixed-rate bond to a broker-dealer for deposit into the special purpose trust and receiving in turn the residual interest in the trust (referred to as a “self-deposited inverse floater”). The inverse floater held by a Fund gives the Fund the right (a) to cause the holders of the floating rate certificates to tender their notes at par, and (b) to have the broker transfer the fixed-rate bond held by the trust to the Fund, thereby collapsing the trust. An investment in an externally-deposited inverse floater is identified in the Portfolio of Investments as “(IF) – Inverse floating rate investment.” An investment in a self-deposited inverse floater is accounted for as a financing transaction. In such instances, a fixed-rate bond deposited into a special purpose trust is identified in the Portfolio of Investments as “(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction,” with the Fund accounting for the short-term floating rate certificates issued by the trust, at their liquidation value, as “Floating rate obligations” on the Statement of Assets and Liabilities. In addition, the Fund reflects in “Investment Income” the entire earnings of the underlying bond and recognizes the related interest paid to the holders of the short-term floating rate certificates as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
 
During the fiscal year ended October 31, 2013, each Fund invested in externally-deposited inverse floaters and/or self-deposited inverse floaters.
 
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse trust” or “credit recovery swap”) (such agreements referred to herein as “Recourse Trusts”) with a broker-dealer by which a Fund agrees to reimburse the broker-dealer, in certain circumstances, for the difference between the liquidation value of the fixed-rate bond held by the trust and the liquidation value of the floating rate certificates issued by the trust plus any shortfalls in interest cash flows. Under these agreements, a Fund’s potential exposure to losses related to or on inverse floaters may increase beyond the value of a Fund’s inverse floater investments as a Fund may potentially be liable to fulfill all amounts owed to holders of the floating rate certificates. At period end, any such shortfall is recognized as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities.
 
As of October 31, 2013, each Fund’s maximum exposure to the floating rate obligations issued by the externally-deposited Recourse Trusts, was as follows:
                           
                 
Dividend
   
AMT-Free
 
     
Quality
   
Opportunity
   
Advantage
   
Income
 
     
(NQI
)
 
(NIO
)
 
(NVG
)
 
(NEA
)
Maximum exposure to Recourse Trusts
 
$
26,610,000
 
$
96,535,000
 
$
12,240,000
 
$
51,845,000
 
 
100
 
Nuveen Investments

 
 

 

The average floating rate obligations outstanding and average annual interest rate and fees related to self-deposited inverse floaters during the fiscal year ended October 31, 2013, were as follows:
                           
                 
Dividend
   
AMT-Free
 
     
Quality
   
Opportunity
   
Advantage
   
Income
 
     
(NQI
)
 
(NIO
)
 
(NVG
)
 
(NEA
)
Average floating rate obligations outstanding
 
$
47,888,096
 
$
103,510,155
 
$
21,452,663
 
$
73,649,329
 
Average annual interest rate and fees
   
0.54
%
 
0.58
%
 
0.58
%
 
0.56
%
 
Zero Coupon Securities
Each Fund is authorized to invest in zero coupon securities. A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
 
Investments in Derivatives
Each Fund is authorized to invest in certain derivative instruments such as futures, options and swap contracts. Each Fund will limit its investments in futures, options on futures and swap contracts to the extent necessary for the Adviser to claim exclusion from the registration by the Commodity Futures Trading Commission as a commodity pool operator with respect to the Fund. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes. Although the Funds are authorized to invest in derivatives, and may do so in the future, they did not make any such investments during the fiscal year ended October 31, 2013.
 
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.
 
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the predetermined threshold amount.
 
4. Fund Shares
 
Common Shares
Transactions in common shares were as follows:
                           
     
Quality (NQI)
   
Opportunity (NIO)
 
     
Year
   
Year
   
Year
   
Year
 
     
Ended
   
Ended
   
Ended
   
Ended
 
     
10/31/13
   
10/31/12
   
10/31/13
   
10/31/12
 
Common Shares:
                         
Issued to shareholders due to reinvestment of distributions
   
8,989
   
32,488
   
   
 
 
Nuveen Investments
 
101

 
 

 

Notes to Financial Statements (continued)
                           
     
Dividend Advantage (NVG)
   
AMT-Free Income (NEA)
 
     
Year
   
Year
   
Year
   
Year
 
     
Ended
   
Ended
   
Ended
   
Ended
 
     
10/31/13
   
10/31/12
   
10/31/13
   
10/31/12
 
Common Shares:
                         
Issued in the Reorganizations (1)
   
   
   
56,638,035
   
 
Issued to shareholders due to reinvestment of distributions
   
   
   
1,212
   
2,697
 
Repurchased and retired
   
(64,858
)
 
   
   
 
Weighted average common share:
                         
Price per share repurchased and retired
 
$
12.58
   
   
   
 
Discount per share repurchased and retired
   
13.31
%
 
   
   
 
 
(1)
Refer to Note 8 – Fund Reorganizations for further details.
 
Preferred Shares
Dividend Advantage (NVG) and AMT-Free Income (NEA) did not have any transactions in VMTP Shares during the fiscal years ended October 31, 2013 and October 31, 2012. Quality (NQI) did not have any transactions in VMTP Shares during the fiscal year ended October 31, 2012.
 
Transactions in VMTP Shares for the Funds, where applicable, were as follows:
                     
     
Year Ended October 31, 2013
 
Quality (NQI)
   
Series
   
Shares
   
Amount
 
VMTP Shares issued
   
2015
   
2,404
 
$
240,400,000
 
VTMP Shares exchanged
   
2014
   
(2,404
)
 
(240,400,000
)
Total
   
 
 
 
  $
 
 
Opportunity (NIO) did not have any transactions in VRDP Shares during the fiscal years ended October 31, 2013 and October 31, 2012. AMT-Free Income (NEA) did not have any transactions in VRDP Shares during the fiscal year ended October 31, 2012.
 
Transactions in VRDP Shares for the Funds, where applicable, were as follows:
                     
     
Year Ended October 31, 2013
 
AMT-Free Income (NEA)
   
Series
   
Shares
   
Amount
 
VRDP Shares issued in connection with the Reorganizations: (1)
                   
     
1
   
1,309
 
$
130,900,000
 
     
2
   
2,190
   
219,000,000
 
Total
   
 
 
 
3,499
  $
349,900,000
 
 
(1)
Refer to Note 8 – Fund Reorganizations for further details.
 
5. Investment Transactions
Purchases and sales (including maturities but excluding short-term investments, where applicable) during the fiscal year ended October 31, 2013, were as follows:
                           
                 
Dividend
   
AMT-Free
 
     
Quality
   
Opportunity
   
Advantage
   
Income
 
     
(NQI
)
 
(NIO
)
 
(NVG
)
 
(NEA
)
Purchases
 
$
124,305,030
 
$
327,189,305
 
$
205,592,075
 
$
321,238,635
 
Sales and maturities
   
151,636,457
   
341,691,364
   
210,124,116
   
273,265,223
 
 
6. Income Tax Information
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal income tax, and in the case of AMT-Free Income (NEA) the alternative minimum tax applicable to individuals, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.
 
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally
 
102
 
Nuveen Investments

 
 

 

the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
 
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset values of the Funds.
 
As of October 31, 2013, the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:
                           
                 
Dividend
   
AMT-Free
 
     
Quality
   
Opportunity
   
Advantage
   
Income
 
     
(NQI
)
 
(NIO
)
 
(NVG
)
 
(NEA
)
Cost of investments
 
$
728,547,954
 
$
1,976,319,441
 
$
593,618,195
 
$
1,540,286,539
 
Gross unrealized:
                         
Appreciation
 
$
31,621,814
 
$
101,133,458
 
$
31,503,727
 
$
64,522,453
 
Depreciation
   
(17,722,949
)
 
(54,218,680
)
 
(21,741,067
)
 
(55,864,926
)
Net unrealized appreciation (depreciation) of investments
 
$
13,898,865
 
$
46,914,778
 
$
9,762,660
 
$
8,657,527
 
 
Permanent differences, primarily due to federal taxes paid, taxable market discount, non-deductible offering costs, non-deductible reorganization expense and reorganization adjustments, resulted in reclassifications among the Funds’ components of common share net assets as of October 31, 2013, the Funds’ tax year end, as follows:
                           
                 
Dividend
   
AMT-Free
 
     
Quality
   
Opportunity
   
Advantage
   
Income
 
     
(NQI
)
 
(NIO
)
 
(NVG
)
 
(NEA
)
Paid-in surplus
 
$
(719,769
)
$
5,064
 
$
(162,043
)
$
11,860,304
 
Undistributed (Over-distribution of) net investment income
   
615,552
   
(49,725
)
 
321,525
   
2,934,999
 
Accumulated net realized gain (loss)
   
104,217
   
44,661
   
(159,482
)
 
(14,795,303
)
 
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of October 31, 2013, the Funds’ tax year end, were as follows:
                           
                 
Dividend
   
AMT-Free
 
     
Quality
   
Opportunity
   
Advantage
   
Income
 
     
(NQI
)
 
(NIO
)
 
(NVG
)
 
(NEA
)
Undistributed net tax-exempt income1
 
$
3,112,345
 
$
20,879,039
 
$
3,100,825
 
$
11,158,087
 
Undistributed net ordinary income2
   
46,445
   
463,231
   
591,284
   
16,609
 
Undistributed net long-term capital gains
   
   
   
1,790,638
   
 
 
1
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on October 1, 2013, paid on November 1, 2013.
2
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
 
The tax character of distributions paid during the Funds’ tax years ended October 31, 2013 and October 31, 2012, was designated for purposes of the dividends paid deduction as follows:
                           
                 
Dividend
   
AMT-Free
 
     
Quality
   
Opportunity
   
Advantage
   
Income
 
2013
   
(NQI
)
 
(NIO
)
 
(NVG
)
 
(NEA
)
Distributions from net tax-exempt income3
 
$
35,837,331
 
$
85,181,792
 
$
26,806,718
 
$
34,564,740
 
Distributions from net ordinary income2
   
   
   
247,364
   
 
Distributions from net long-term capital gains4
   
   
   
3,185,930
   
 

                 
Dividend
   
AMT-Free
 
     
Quality
   
Opportunity
   
Advantage
   
Income
 
2012
   
(NQI
)
 
(NIO
)
 
(NVG
)
 
(NEA
)
Distributions from net tax-exempt income
 
$
37,976,832
 
$
85,683,885
 
$
31,075,415
 
$
21,861,702
 
Distributions from net ordinary income2
   
99,950
   
273
   
   
 
Distributions from net long-term capital gains
   
   
248,589
   
1,230,860
   
 
 
2
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
3
The Funds hereby designate these amounts paid during the fiscal year ended October 31, 2013, as Exempt Interest Dividends.
4
The Funds designate as long-term capital gain dividend, pursuant to the Internal Revenue Code Section 852(b)(3), the amount necessary to reduce earnings and profits of the Funds related to net capital gain to zero for the tax year ended October 31, 2013.
 
Nuveen Investments
 
103

 
 

 

Notes to Financial Statements (continued)
 
As of October 31, 2013, the Funds’ tax year end, the following Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as shown in the following table. The losses not subject to expiration retain the character reflected and will be utilized first by a Fund, while the losses subject to expiration are considered short-term.
                     
                 
AMT-Free
 
     
Quality
   
Opportunity
   
Income
 
     
(NQI
)
 
(NIO
)
 
(NEA
)
Expiration:
                   
October 31, 2015
 
$
 
$
 
$
2,809,878
 
October 31, 2016
   
2,623,034
   
   
2,374,066
 
October 31, 2017
   
217,918
   
   
 
October 31, 2018
   
322,087
   
   
 
Not subject to expiration:
                   
Short-term losses
   
   
   
 
Long-term losses
   
17,643,419
   
9,289,619
   
 
Total
 
$
20,806,458
 
$
9,289,619
 
$
5,183,944
 
 
During the Funds’ tax year ended October 31, 2013, the following Funds utilized capital loss carryforwards as follows:
               
           
AMT-Free
 
     
Opportunity
   
Income
 
     
(NIO
)
 
(NEA
)
Utilized capital loss carryforwards
 
$
4,352,999
 
$
1,972,985
 
 
As of October 31, 2013, the Funds’ tax year end, $204,894 of AMT-Free Income’s (NEA) capital loss carryforward expired.
 
7. Management Fees and Other Transactions with Affiliates
Each Fund’s management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
 
Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within the Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
 
The annual fund-level fee for each Fund, payable monthly, is calculated according to the following schedules:
 
Quality (NQI)
 
Opportunity (NIO)
Average Daily Managed Assets*
Fund-Level Fee Rate
For the first $125 million
.4500
%
For the next $125 million
.4375
 
For the next $250 million
.4250
 
For the next $500 million
.4125
 
For the next $1 billion
.4000
 
For the next $3 billion
.3875
 
For managed assets over $5 billion
.3750
 
     
 
Dividend Advantage (NVG)
 
AMT-Free Income (NEA)
Average Daily Managed Assets*
Fund-Level Fee Rate
For the first $125 million
.4500
%
For the next $125 million
.4375
 
For the next $250 million
.4250
 
For the next $500 million
.4125
 
For the next $1 billion
.4000
 
For managed assets over $2 billion
.3750
 
 
104
 
Nuveen Investments

 
 

 

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

Complex-Level Managed Asset Breakpoint Level*
Effective Rate at Breakpoint Level
$55 billion
.2000
%
$56 billion
.1996
 
$57 billion
.1989
 
$60 billion
.1961
 
$63 billion
.1931
 
$66 billion
.1900
 
$71 billion
.1851
 
$76 billion
.1806
 
$80 billion
.1773
 
$91 billion
.1691
 
$125 billion
.1599
 
$200 billion
.1505
 
$250 billion
.1469
 
$300 billion
.1445
 
 
*
For the fund-level and complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen Funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen Funds or assets in excess of $2 billion added to the Nuveen Fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. As of October 31, 2013, the complex-level fee rate for each of these Funds was .1683%.
 
The Funds pay no compensation directly to those of its directors/trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Board of Directors/Trustees has adopted a deferred compensation plan for independent directors/trustees that enables directors/trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
 
8. Fund Reorganizations
The following Reorganizations were structured to qualify as tax-free reorganizations under the Internal Revenue Code for federal income tax purposes, and the Acquired Funds’ shareholders will recognize no gain or loss for federal income tax purposes as a result. Prior to the closing of each of the Reorganizations, the Acquired Funds distributed all of their net investment income and capital gains, if any. Such a distribution may be taxable to the Acquired Funds’ shareholders for federal income tax purposes.
 
The cost, fair value and net unrealized appreciation (depreciation) of the investments of the Acquired Funds as of the date of their respective Reorganization, were as follows:
               
           
Premium
 
     
Premier
   
Income
 
     
Opportunity
   
Opportunity
 
     
(NIF
)
 
(NPX
)
Cost of investments
 
$
387,914,609
 
$
640,555,753
 
Fair value of investments
   
430,030,309
   
716,506,655
 
Net unrealized appreciation (depreciation) of investments
   
42,115,700
   
75,950,902
 
 
For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Funds were carried forward to align ongoing reporting of the Acquiring Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.
 
For accounting and performance reporting purposes, the Acquiring Fund is the survivor. The shares outstanding, net assets and net asset value (“NAV”) per common share immediately before and after the Reorganizations are as follows:
               
           
Premium
 
     
Premier
   
Income
 
     
Opportunity
   
Opportunity
 
Acquired Funds – Prior to Reorganizations
   
(NIF
)
 
(NPX
)
Common shares outstanding
   
19,526,645
   
37,359,200
 
Net assets applicable to common shares
 
$
312,300,252
 
$
552,360,820
 
NAV per common share outstanding
 
$
15.99
 
$
14.79
 
 
Nuveen Investments
 
105

 
 

 

Notes to Financial Statements (continued)
         
     
AMT-Free
 
     
Income
 
Acquiring Fund – Prior to Reorganizations
   
(NEA
)
Common shares outstanding
   
22,245,026
 
Net assets applicable to common shares
 
$
339,601,467
 
NAV per common share outstanding
 
$
15.27
 

     
AMT-Free
 
     
Income
 
Acquiring Fund – Post Reorganizations
   
(NEA
)
Common shares outstanding
   
78,883,061
 
Net assets applicable to common shares
 
$
1,204,262,539
 
NAV per common share outstanding
 
$
15.27
 
 
The beginning of the Acquired Funds’ current fiscal period was November 1, 2012. Assuming the Reorganizations had been completed on November 1, 2012, the beginning of the Acquiring Fund’s current fiscal period, the pro forma results of operations for the fiscal year ended October 31, 2013, are as follows:
         
     
AMT-Free
 
     
Income
 
     
(NEA
)
Net investment income (loss)
 
$
58,276,109
 
Net realized and unrealized gains (losses)
   
(123,094,751
)
Change in net assets resulting from operations
   
(64,818,642
)
 
Because the combined investment portfolios for each Reorganization have been managed as a single integrated portfolio since each Reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Funds that have been included in the Statement of Operations for the Acquiring Fund since the Reorganizations were consummated.
 
In connection with the Reorganizations, the Acquiring Fund incurred certain associated costs and expenses. Such amounts were included as components “Reorganization expenses” on the Statement of Operations.
 
9. New Accounting Pronouncements
 
Financial Accounting Standards Board (“FASB”) Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities
In January 2013, Accounting Standards Update (“ASU”) 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, replaced ASU 2011-11, Disclosures about Offsetting Assets and Liabilities. ASU 2013-01 is effective for fiscal years beginning on or after January 1, 2013. ASU 2011-11 was intended to enhance disclosure requirements on the offsetting of financial assets and liabilities. ASU 2013-01 limits the scope of the new balance sheet offsetting disclosures to derivatives, repurchase agreements and securities lending transactions to the extent that they are (1) offset in the financial statements or (2) subject to an enforceable master netting arrangement or similar agreement. Management is currently evaluating the application of ASU 2013-01 and its impact to the financial statements and footnote disclosures, if any.
 
10. Subsequent Events
 
Refinancing of MTP, VMTP and VRDP Shares
Subsequent to the close of this reporting period, Dividend Advantage (NVG) redeemed all series of its MTP and VMTP Shares, at their $10.00 and $100,000 liquidation value per share, respectively, plus dividend amounts owed, with the proceeds from $201,000,000 of newly issued VRDP Shares. On December 13, 2013, VRDP Shares were issued to qualified institutional buyers in a private offering pursuant to Rule 144A of the Securities Act of 1933 and Dividend Advantage’s (NVG) MTP and VMTP Shares were redeemed on December 23, 2013.
 
Subsequent to the close of this reporting period, AMT-Free Income (NEA) redeemed all series of its MTP and 2014 VMTP Shares, at their $10.00 and $100,000 liquidation value per share, respectively, plus dividend amounts owed, with the proceeds from $151,000,000 of newly issued 2016 VMTP Shares. On December 10, 2013, 2016 VMTP Shares were issued to qualified institutional buyers in a private offering pursuant to Rule 144A of the Securities Act of 1933 and AMT-Free Income’s (NEA) MTP Shares were redeemed on December 20, 2013. AMT-Free Income’s (NEA) 2014 VMTP Shares are anticipated to be redeemed on January 6, 2014.
 
106
 
Nuveen Investments

 
 

 

Annual Investment Management
 
Agreement Approval Process (Unaudited)
 
The Board of Trustees or Directors (as the case may be) (each, a “Board” and each Trustee or Director, a “Board Member”) of the Funds, including the Board Members who are not parties to the Funds’ advisory or sub-advisory agreements or “interested persons” of any such parties (the “Independent Board Members”), is responsible for approving the advisory agreements (each, an “Investment Management Agreement”) between each Fund and Nuveen Fund Advisors, LLC (the “Adviser”) and the sub-advisory agreements (each, a “Sub-Advisory Agreement”) between the Adviser and Nuveen Asset Management, LLC (the “Sub-Adviser”) (the Investment Management Agreements and the Sub-Advisory Agreements are referred to collectively as the “Advisory Agreements”) and their periodic continuation. Pursuant to the Investment Company Act of 1940, as amended (the “1940 Act”), the Board is required to consider the continuation of the Advisory Agreements on an annual basis. Accordingly, at an in-person meeting held on May 20-22, 2013 (the “May Meeting”), the Board, including a majority of the Independent Board Members, considered and approved the continuation of the Advisory Agreements for the Funds for an additional one-year period.
 
In preparation for its considerations at the May Meeting, the Board requested and received extensive materials prepared in connection with the review of the Advisory Agreements. The materials provided a broad range of information regarding the Funds, the Adviser and the Sub-Adviser (the Adviser and the Sub-Adviser are collectively, the “Fund Advisers” and each, a “Fund Adviser”). As described in more detail below, the information provided included, among other things, a review of Fund performance, including Fund investment performance assessments against peer groups and appropriate benchmarks; a comparison of Fund fees and expenses relative to peers; a description and assessment of shareholder service levels for the Funds; a summary of the performance of certain service providers; a review of product initiatives and shareholder communications; and an analysis of the Adviser’s profitability with comparisons to comparable peers in the managed fund business. As part of its annual review, the Board also held a separate meeting on April 17-18, 2013, to review the Funds’ investment performance and consider an analysis provided by the Adviser of the Sub-Adviser which generally evaluated the Sub-Adviser’s investment team, investment mandate, organizational structure and history, investment philosophy and process, performance of the applicable Fund, and significant changes to the foregoing. As a result of its review of the materials and discussions, the Board presented the Adviser with questions and the Adviser responded.
 
The materials and information prepared in connection with the annual review of the Advisory Agreements supplement the information and analysis provided to the Board during the year. In this regard, throughout the year, the Board, acting directly or through its committees, regularly reviews the performance and various services provided by the Adviser and the Sub-Adviser. The Board meets at least quarterly as well as at other times as the need arises. At its quarterly meetings, the Board reviews reports by the Adviser regarding, among other things, fund performance, fund expenses, premium and discount levels of closed-end funds, the performance of the investment teams, and compliance, regulatory and risk management matters. In addition to regular reports, the Adviser provides special reports to the Board or a committee thereof from time to time to enhance the Board’s understanding of various topics that impact some or all the Nuveen funds (such as accounting and financial statement presentations of the various forms of leverage that may be used by a closed-end fund or an update on the valuation policies and procedures), to update the Board on
 
Nuveen Investments
 
107

 
 

 
 
Annual Investment Management Agreement Approval Process (Unaudited) (continued)
 
regulatory developments impacting the investment company industry or to update the Board on the business plans or other matters impacting the Adviser. The Board also meets with key investment personnel managing the fund portfolios during the year. In October 2011, the Board also created two standing committees (the Open-End Fund Committee and the Closed-End Fund Committee) to assist the full Board in monitoring and gaining a deeper insight into the distinctive business practices of open-end and closed-end funds. These Committees meet prior to each quarterly Board meeting, and the Adviser provides presentations to these Committees permitting them to delve further into specific matters or initiatives impacting the respective product line.
 
In addition, the Board continues its program of seeking to have the Board Members or a subset thereof visit each sub-adviser to the Nuveen funds at least once over a multiple year rotation, meeting with key investment and business personnel. In this regard, the Independent Board Members visited certain of the Sub-Adviser’s investment teams in Minneapolis in September 2012, and the Sub-Adviser’s municipal team in November 2012. In addition, the ad hoc Securities Lending Committee of the Board met with certain service providers and the Audit Committee of the Board made a site visit to three pricing service providers.
 
The Board considers the information provided and knowledge gained at these meetings and visits during the year when performing its annual review of the Advisory Agreements. The Independent Board Members also are assisted throughout the process by independent legal counsel. Counsel provided materials describing applicable law and the duties of directors or trustees in reviewing advisory contracts. During the course of the year and during their deliberations regarding the review of advisory contracts, the Independent Board Members met with independent legal counsel in executive sessions without management present. In addition, it is important to recognize that the management arrangements for the Nuveen funds are the result of many years of review and discussion between the Independent Board Members and fund management and that the Board Members’ conclusions may be based, in part, on their consideration of fee arrangements and other factors developed in previous years.
 
The Board considered all factors it believed relevant with respect to each Fund, including among other factors: (a) the nature, extent and quality of the services provided by the Fund Advisers, (b) the investment performance of the Fund and Fund Advisers, (c) the advisory fees and costs of the services to be provided to the Fund and the profitability of the Fund Advisers, (d) the extent of any economies of scale, (e) any benefits derived by the Fund Advisers from the relationship with the Fund and (f) other factors. Each Board Member may have accorded different weight to the various factors in reaching his or her conclusions with respect to a Fund’s Advisory Agreements. The Independent Board Members did not identify any single factor as all important or controlling. The Independent Board Members’ considerations were instead based on a comprehensive consideration of all the information presented. The principal factors considered by the Board and its conclusions are described below.
 
A. Nature, Extent and Quality of Services
In considering renewal of the Advisory Agreements, the Independent Board Members considered the nature, extent and quality of the Fund Adviser’s services, including advisory services and the resulting Fund performance and administrative services. The Independent Board Members further considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Funds, their overall confidence in the capability and integrity of the Adviser and its staff and the Adviser’s responsiveness to questions and concerns raised by them. The Independent Board Members reviewed materials outlining, among other things, the Fund Adviser’s organization and business; the types of services that the Fund Adviser or its affiliates provide to the Funds; the performance record of the applicable Fund (as described in further detail below); and any applicable initiatives Nuveen had taken for the closed-end fund product line.
 
108
 
Nuveen Investments

 
 

 

In considering advisory services, the Board recognized that the Adviser provides various oversight, administrative, compliance and other services for the Funds and the Sub-Adviser generally provides the portfolio investment management services to the Funds. In reviewing the portfolio management services provided to each Fund, the Board reviewed the materials provided by the Nuveen Investment Services Oversight Team analyzing, among other things, the Sub-Adviser’s investment team and changes thereto, organization and history, assets under management, the investment team’s philosophy and strategies in managing the Fund, developments affecting the Sub-Adviser or Fund and Fund performance. The Independent Board Members also reviewed portfolio manager compensation arrangements to evaluate each Fund Adviser’s ability to attract and retain high quality investment personnel, preserve stability, and reward performance but not provide an inappropriate incentive to take undue risks. In addition, the Board considered the Adviser’s execution of its oversight responsibilities over the Sub-Adviser. Given the importance of compliance, the Independent Board Members also considered Nuveen’s compliance program, including the report of the chief compliance officer regarding the Funds’ compliance policies and procedures; the resources dedicated to compliance; and the record of compliance with the policies and procedures. Given the Adviser’s emphasis on business risk, the Board also appointed an Independent Board Member as a point person to review and keep the Board apprised of developments in this area during the year.
 
In addition to advisory services, the Board considered the quality and extent of administrative and other non-investment advisory services the Adviser and its affiliates provide to the Funds, including product management, investment services (such as oversight of investment policies and procedures, risk management, and pricing), fund administration, oversight of service providers, shareholder services and communications, administration of Board relations, regulatory and portfolio compliance, legal support, managing leverage and promoting an orderly secondary market for common shares. The Board further recognized Nuveen’s additional investments in personnel, including in compliance and risk management.
 
In reviewing the services provided, the Board considered the new services and service enhancements that the Adviser has implemented since the various advisory agreements were last reviewed. In reviewing the activities of 2012, the Board recognized the Adviser’s focus on product rationalization for both closed-end and open-end funds during the year, consolidating certain Nuveen funds through mergers that were designed to improve efficiencies and economies of scale for shareholders, repositioning various Nuveen funds through updates in their investment policies and guidelines with the expectation of bringing greater value to shareholders, and liquidating certain Nuveen funds. The Board recognized the Adviser’s significant investment in technology initiatives to, among other things, create a central repository for fund and other Nuveen product data, develop a group within the Adviser designed to handle and analyze fund performance data, and implement a data system to support the risk oversight group. The Board also recognized the enhancements in the valuation group within the Adviser, including upgrading the team and process and automating certain basic systems, and in the compliance group with the addition of personnel, particularly within the testing group. With the advent of the Open-End Fund Committee and Closed-End Fund Committee, the Board also noted the enhanced support and comprehensive in-depth presentations provided by the Adviser to these committees.
 
In addition to the foregoing actions, the Board also considered other initiatives related to the Nuveen closed-end funds, including the significant level of oversight and administration necessary to manage leverage that has become increasingly varied and complex and the ongoing redesign of technology systems to manage and track the various forms of leverage; continued capital management services, including developing shelf offering programs for various funds; the implementation of projects designed to enhance data integrity for information published on the web and to increase the use of data received from third parties to gain market intelligence; and the continued communication efforts with shareholders, fund analysts and financial advisers. With respect to the latter, the Independent Board
 
Nuveen Investments
 
109

 
 

 

Annual Investment Management Agreement Approval Process (Unaudited) (continued)
 
Members noted Nuveen’s continued commitment to supporting the secondary market for the common shares of its closed-end funds through a comprehensive secondary market communication program and campaigns designed to raise investor and analyst awareness and understanding of closed-end funds. Nuveen’s support services included, among other things: developing materials covering the Nuveen closed-end fund product line and educational materials regarding closed-end funds; designing and executing various marketing campaigns; supporting and promoting the alternative minimum tax (AMT)-free funds; sponsoring and participating in conferences; communicating with closed-end fund analysts and financial advisers throughout the year; providing marketing and product updates for the closed-end funds; and maintaining and enhancing a closed-end fund website.
 
Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement were satisfactory.
 
B. The Investment Performance of the Funds and Fund Advisers
The Board, including the Independent Board Members, considered the performance history of each Fund over various time periods. The Board reviewed reports, including an analysis of the Funds’ performance and the applicable investment team. In general, in considering a fund’s performance, the Board recognized that a fund’s performance can be reviewed through various measures including the fund’s absolute return, the fund’s return compared to the performance of other peer funds, and the fund’s performance compared to its respective benchmark. Accordingly, the Board reviewed, among other things, each Fund’s historic investment performance as well as information comparing the Fund’s performance information with that of other funds (the “Performance Peer Group”) and with recognized and/or customized benchmarks (i.e., generally benchmarks derived from multiple recognized benchmarks) for the quarter, one-, three- and five-year periods ending December 31, 2012 as well as performance information reflecting the first quarter of 2013. In addition, with respect to closed-end funds (such as the Funds), the Independent Board Members also reviewed historic premium and discount levels, including a summary of actions taken to address or discuss other developments affecting the secondary market discounts of various funds. This information supplemented the fund performance information provided to the Board at each of its quarterly meetings.
 
In evaluating performance, the Board recognized several factors that may impact the performance data as well as the consideration given to particular performance data. The Board recognized that the performance data reflects a snapshot of time, in this case as of the end of the most recent calendar year or quarter. The Board noted that selecting a different performance period could derive significantly different results. Further, the Board recognized that it is possible that long-term performance can be adversely affected by even one period of significant underperformance so that a single investment decision or theme has the ability to disproportionately affect long-term performance. The Independent Board Members also noted that the investment experience of a particular shareholder in the Nuveen funds will vary depending on when such shareholder invests in the applicable fund, the class held (if multiple classes are offered in a fund) and the performance of the fund (or respective class) during that shareholder’s investment period.
 
With respect to the comparative performance information, the Board recognized that the usefulness of comparative performance data as a frame of reference to measure a fund’s performance may be limited because the Performance Peer Group, among other things, does not adequately reflect the objectives and strategies of the fund, has a different investable universe, or the composition of the peer set may be limited in size or number as well as other factors. In this regard, the Board noted that the Adviser classified, in relevant part, the Performance Peer Groups of certain funds (including the Funds) as having significant differences from the funds but to still be somewhat relevant while the Performance Peer Groups of other funds were classified as having such significant differences as to be irrelevant. Accordingly, while the Board is cognizant of the relative performance of a fund’s peer set and/or benchmark(s), the
 
110
 
Nuveen Investments

 
 

 
 
Board evaluated fund performance in light of the respective fund’s investment objectives, investment parameters and guidelines and considered that the variations between the objectives and investment parameters or guidelines of the funds with their peers and/or benchmarks result in differences in performance results. In addition, with respect to any Nuveen funds for which the Board has identified performance concerns, the Board monitors such funds closely until performance improves, discusses with the Adviser the reasons for such results, considers those steps necessary or appropriate to address such issues, and reviews the results of any efforts undertaken.
 
In considering the performance data for the Funds, the Independent Board Members observed that the Funds appeared to lag their respective peers over various periods; however, as indicated above, the Performance Peer Groups for the Funds, although still classified as somewhat relevant, had significant differences from the Funds limiting the usefulness of the peer comparisons. They also noted that the Funds outperformed their respective benchmarks over the one-, three- and five-year periods.
 
Based on their review, the Independent Board Members determined that each Fund’s investment performance had been satisfactory.

C. Fees, Expenses and Profitability
   
 
1. Fees and Expenses
 
The Board evaluated the management fees and expenses of each Fund reviewing, among other things, such Fund’s gross management fees, net management fees and net expense ratio in absolute terms as well as compared to the fees and expenses of a comparable universe of funds provided by an independent fund data provider (the “Peer Universe”) and any expense limitations.
   
 
The Independent Board Members further reviewed the methodology regarding the construction of the applicable Peer Universe. In reviewing the comparisons of fee and expense information, the Independent Board Members took into account that in certain instances various factors such as: the limited size and particular composition of the Peer Universe (including the inclusion of other Nuveen funds in the peer set); expense anomalies; changes in the funds comprising the Peer Universe from year to year; levels of reimbursement or fee waivers; the timing of information used; and the differences in the type and use of leverage may impact the comparative data, thereby limiting somewhat the ability to make a meaningful comparison with peers.
   
 
In reviewing the fee schedule for a Fund, the Independent Board Members also considered the fund-level and complex-wide breakpoint schedules (described in further detail below) and any fee waivers and reimbursements provided by Nuveen. In reviewing fees and expenses (excluding leverage costs and leveraged assets, as applicable), the Board considered the expenses and fees to be higher if they were over 10 basis points higher, slightly higher if they were approximately 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Universe. In reviewing the reports, the Board noted that the majority of the Nuveen funds were at, close to or below their peer set average based on the net total expense ratio.
   
 
The Independent Board Members noted that the Funds other than the Nuveen AMT-Free Municipal Income Fund (the “AMT-Free Fund”) had net management fees that were in line with their respective peer averages and net expense ratios (including fee waivers and expense reimbursements) that were below their respective peer averages. The Independent Board Members observed that the AMT-Free Fund had a net management fee that was slightly higher than its peer average, but a net expense ratio that was in line with its peer average.
 

Nuveen Investments
 
111

 
 

 

Annual Investment Management Agreement Approval Process (Unaudited) (continued)
 
 
Based on their review of the fee and expense information provided, the Independent Board Members determined that each Fund’s management fees to a Fund Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.
   
 
2. Comparisons with the Fees of Other Clients
 
The Board recognized that all Nuveen funds have a sub-adviser (which, in the case of the Funds, is an affiliated sub-adviser), and therefore, the overall fund management fee can be divided into two components, the fee retained by the Adviser and the fee paid to the sub-adviser. In general terms, the fee to the Adviser reflects the administrative services it provides to support the funds, and while some administrative services may occur at the sub-adviser level, the fee generally reflects the portfolio management services provided by the sub-adviser. The Independent Board Members reviewed information regarding the nature of services provided by the Adviser, including through the Sub-Adviser, and the range of fees and average fee the Sub-Adviser assessed for such services to other clients. Such other clients include municipal separately managed accounts and passively managed exchange traded funds (ETFs) sub-advised by the Adviser. In evaluating the comparisons of fees, the Independent Board Members noted that the fee rates charged to the Funds and other clients vary, among other things, because of the different services involved and the additional regulatory and compliance requirements associated with registered investment companies, such as the Funds. Accordingly, the Independent Board Members considered the differences in the product types, including, but not limited to, the services provided, the structure and operations, product distribution and costs thereof, portfolio investment policies, investor profiles, account sizes and regulatory requirements. The Independent Board Members noted, in particular, that the range of services provided to the Funds (as discussed above) is much more extensive than that provided to separately managed accounts. Many of the additional administrative services provided by the Adviser are not required for institutional clients. Given the inherent differences in the various products, particularly the extensive services provided to the Funds, the Independent Board Members believe such facts justify the different levels of fees.
   
 
3. Profitability of Fund Advisers
 
In conjunction with their review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities and its financial condition. The Independent Board Members reviewed the revenues and expenses of Nuveen’s advisory activities for the last two calendar years, the allocation methodology used in preparing the profitability data and an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2012. The Independent Board Members noted this information supplemented the profitability information requested and received during the year to help keep them apprised of developments affecting profitability (such as changes in fee waivers and expense reimbursement commitments). In this regard, the Independent Board Members noted that they have an Independent Board Member serve as a point person to review and keep them apprised of changes to the profitability analysis and/or methodologies during the year. The Independent Board Members also considered Nuveen’s revenues for advisory activities, expenses, and profit margin compared to that of various unaffiliated management firms with comparable assets under management (based on asset size and asset composition).
   
 
In reviewing profitability, the Independent Board Members recognized the Adviser’s continued investment in its business to enhance its services, including capital improvements to investment technology, updated compliance systems, and additional personnel. In addition, in evaluating profitability, the Independent Board Members also recognized the subjective nature of determining profitability which may be affected by numerous factors including the allocation of expenses and that various allocation methodologies may each be reasonable but yield different results. Further, the Independent Board Members recognized the difficulties in making comparisons as the profitability of other advisers generally is not publicly available and the profitability information that is available for certain advisers or management
 
112
 
Nuveen Investments

 
 

 

 
firms may not be representative of the industry and may be affected by, among other things, the adviser’s particular business mix, capital costs, types of funds managed and expense allocations. Notwithstanding the foregoing, the Independent Board Members reviewed Nuveen’s methodology and assumptions for allocating expenses across product lines to determine profitability. Based on their review, the Independent Board Members concluded that the Adviser’s level of profitability for its advisory activities was reasonable in light of the services provided.
   
 
With respect to sub-advisers affiliated with Nuveen, including the Sub-Adviser, the Independent Board Members reviewed the sub-adviser’s revenues, expenses and profitability margins (pre- and post-tax) for its advisory activities and the methodology used for allocating expenses among the internal sub-advisers. Based on their review, the Independent Board Members were satisfied that the Sub-Adviser’s level of profitability was reasonable in light of the services provided.
   
 
In evaluating the reasonableness of the compensation, the Independent Board Members also considered other amounts paid to a Fund Adviser by the Funds as well as indirect benefits (such as soft dollar arrangements), if any, the Fund Adviser and its affiliates receive, or are expected to receive, that are directly attributable to the management of the Funds. See Section E below for additional information on indirect benefits a Fund Adviser may receive as a result of its relationship with the Funds. Based on their review of the overall fee arrangements of each Fund, the Independent Board Members determined that the advisory fees and expenses of the respective Fund were reasonable.
 
D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
With respect to economies of scale, the Independent Board Members have recognized the potential benefits resulting from the costs of a fund being spread over a larger asset base, although economies of scale are difficult to measure and predict with precision, particularly on a fund-by-fund basis. One method to help ensure the shareholders share in these benefits is to include breakpoints in the advisory fee schedule. Generally, management fees for funds in the Nuveen complex are comprised of a fund-level component and a complex-level component, subject to certain exceptions. Accordingly, the Independent Board Members reviewed and considered the applicable fund-level breakpoints in the advisory fee schedules that reduce advisory fees as asset levels increase. Further, the Independent Board Members noted that although closed-end funds may from time-to-time make additional share offerings, the growth of their assets will occur primarily through the appreciation of such funds’ investment portfolio.
 
In addition to fund-level advisory fee breakpoints, the Board also considered the Funds’ complex-wide fee arrangement. Pursuant to the complex-wide fee arrangement, the fees of the funds in the Nuveen complex are generally reduced as the assets in the fund complex reach certain levels. The complex-wide fee arrangement seeks to provide the benefits of economies of scale to fund shareholders when total fund complex assets increase, even if assets of a particular fund are unchanged or have decreased. The approach reflects the notion that some of Nuveen’s costs are attributable to services provided to all its funds in the complex and therefore all funds benefit if these costs are spread over a larger asset base. In addition, with the acquisition of the funds previously advised by FAF Advisors, Inc. at the end of 2010, the Board noted that a portion of such funds’ assets at the time of acquisition were deemed eligible to be included in the complex-wide fee calculation in order to deliver fee savings to shareholders in the combined complex and such funds were subject to differing complex-level fee rates.
 
Nuveen Investments
 
113

 
 

 

Annual Investment Management Agreement Approval Process (Unaudited) (continued)
 
Based on their review, the Independent Board Members concluded that the breakpoint schedules and complex-wide fee arrangement were acceptable and reflect economies of scale to be shared with shareholders when assets under management increase.
 
E. Indirect Benefits
In evaluating fees, the Independent Board Members received and considered information regarding potential “fall out” or ancillary benefits the respective Fund Adviser or its affiliates may receive as a result of its relationship with each Fund. In this regard, the Independent Board Members considered any revenues received by affiliates of the Adviser for serving as co-manager in initial public offerings of new closed-end funds as well as revenues received in connection with secondary offerings.
 
In addition to the above, the Independent Board Members considered whether the Fund Advisers received any benefits from soft dollar arrangements whereby a portion of the commissions paid by a Fund for brokerage may be used to acquire research that may be useful to the Fund Adviser in managing the assets of the Funds and other clients. The Funds’ portfolio transactions are determined by the Sub-Adviser. Accordingly, the Independent Board Members considered that the Sub-Adviser may benefit from its soft dollar arrangements pursuant to which it receives research from brokers that execute the Funds’ portfolio transactions. With respect to fixed income securities, however, the Board recognized that such securities generally trade on a principal basis that does not generate soft dollar credits. Nevertheless, the Sub-Adviser may also engage in soft dollar arrangements on behalf of other clients, and the Funds as well as the Sub-Adviser may benefit from the research or other services received. Similarly, the Board recognized that the research received pursuant to soft dollar arrangements by the Sub-Adviser may also benefit a Fund and shareholders to the extent the research enhances the ability of the Sub-Adviser to manage the Fund. The Independent Board Members noted that the Sub-Adviser’s profitability may be somewhat lower if it did not receive the research services pursuant to the soft dollar arrangements and had to acquire such services directly.
 
Based on their review, the Independent Board Members concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable and within acceptable parameters.
 
F. Other Considerations
The Independent Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, unanimously concluded that the terms of each Advisory Agreement are fair and reasonable, that the respective Fund Adviser’s fees are reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed.
 
114
 
Nuveen Investments

 
 

 

Board Members & Officers (Unaudited)
 
The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the Board of Trustees of the Funds. The number of trustees of the Funds is currently set at twelve. None of the trustees who are not “interested” persons of the Funds (referred to herein as “independent trustees”) has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the trustees and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each oversees and other directorships they hold are set forth below.
                   
 
Name,
 
Position(s) Held
 
Year First
 
Principal
 
Number
 
Year of Birth
 
with the Funds
 
Elected or
 
Occupation(s)
 
of Portfolios
 
& Address
 
   
Appointed
 
including other
 
in Fund Complex
         
and Term(1)
 
Directorships
 
Overseen by
             
During Past 5 Years
 
Board Member
                   
Independent Board Members:            
WILLIAM J. SCHNEIDER
1944
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
1996
Class III
 
Chairman of Miller-Valentine Partners Ltd., a real estate investment company; formerly, Senior Partner and Chief Operating Officer (retired 2004) of Miller-Valentine Group; an owner in several other Miller Valentine entities ; Board Member of Mid-America Health System, Tech Town, Inc., a not-for-profit community development company; Board and of WDPR Public Radio station; formerly, member, Business Advisory Council, Cleveland Federal Reserve Bank and University of Dayton Business School Advisory Council.
 
 
 
208
                   
ROBERT P. BREMNER
1940
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
1996
Class III
 
Private Investor and Management Consultant; Treasurer and Director, Humanities Council of Washington, D.C.; Board Member, Independent Directors Council affiliated with the Investment Company Institute.
 
 
 
208
                   
JACK B. EVANS
1948
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
1999
Class III
 
President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Chairman, United Fire Group, a publicly held company; formerly, President of the Board of Regents for the State of Iowa University System; Director, Source Media Group; Life Trustee of Coe College; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm.
 
 
 
208
                   
WILLIAM C. HUNTER
1948
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
2004
Class I
 
Dean Emeritus (since June 30, 2012), formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director (since 2004) of Xerox Corporation; Director (since 2005), and President (since July 2012) Beta Gamma Sigma, Inc., The International Honor Society; Director of Wellmark, Inc. (since 2009); formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University.
 
 
 
208
                   
DAVID J. KUNDERT
1942
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
2005
Class II
 
Formerly, Director, Northwestern Mutual Wealth Management Company; (2006-2013) retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Regent Emeritus, Member of Investment Committee, Luther College; member of the Wisconsin Bar Association; member of Board of Directors, Friends of Boerner Botanical Gardens; member of Board of Directors and Chair of Investment Committee, Greater Milwaukee Foundation; member of the Board of Directors (Milwaukee), College Possible.
 
 
 
208

Nuveen Investments
 
115

 
 

 

Board Members & Officers (Unaudited) (continued)
                   
 
Name,
 
Position(s) Held
 
Year First
 
Principal
 
Number
 
Year of Birth
 
with the Funds
 
Elected or
 
Occupation(s)
 
of Portfolios
 
& Address
 
   
Appointed
 
Including other
 
in Fund Complex
         
and Term(1)
 
Directorships
 
Overseen by
             
During Past 5 Years
 
Board Member
                   
Independent Board Members (continued):            
JOHN K. NELSON
1962
333 West Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
2013
Class II
 
Senior external advisor to the financial services practice of Deloitte Consulting LLP (since 2012); Member of Board of Directors of Core12 LLC (since 2008), a private firm which develops branding, marketing and communications strategies for clients; Chairman of the Board of Trustees of Marian University (since 2010 as trustee, 2011 as Chairman); Director of The Curran Center for Catholic American Studies (since 2009) and The President s Council, Fordham University (since 2010); formerly, Chief Executive Officer of ABN AMRO N.V. North America, and Global Head of its Financial Markets Division (2007-2008); prior senior positions held at ABN AMRO include Corporate Executive Vice President and Head of Global Markets-the Americas (2006-2007), CEO of Whole- sale Banking North America and Global Head of Foreign Exchange and Futures Markets (2001-2006), and Regional Commercial Treasurer and Senior Vice President Trading-North America (1996-2001); formerly, Trustee at St. Edmund Preparatory School in New York City.
 
 
 
208
                   
JUDITH M. STOCKDALE
1947
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
1997
Class I
 
Formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation (since 1994); prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994).
 
 
 
208
                   
CAROLE E. STONE
1947
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
2007
Class I
 
Director, Chicago Board Options Exchange (since 2006); Director, C2 Options Exchange, Incorporated (since 2009); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010); formerly, Chair, New York Racing Association Oversight Board (2005-2007).
 
 
 
208
                   
VIRGINIA L. STRINGER
1944
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
2011
Class I
 
Board Member, Mutual Fund Directors Forum; former governance consultant and non-profit board member; former Owner and President, Strategic Management Resources, Inc. a management consulting firm; former Member, Governing Board, Investment Company Institute’s Independent Directors Council; previously, held several executive positions in general management, marketing and human resources at IBM and The Pillsbury Company; Independent Director, First American Fund Complex (1987-2010) and Chair (1997-2010).
 
 
 
208
                   
TERENCE J. TOTH
1959
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
2008
Class II
 
Managing Partner, Promus Capital (since 2008); Director, Fulcrum IT Service LLC (since 2010), Quality Control Corporation (since 2012) and LogicMark LLC (since 2012); formerly, Director, Legal & General Investment Management America, Inc. (2008-2013); formerly, CEO and President, Northern Trust Global Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); member: Chicago Fellowship Board (since 2005), Catalyst Schools of Chicago Board (since 2008) and Chairman, and Mather Foundation Board (since 2012), and a member of its investment committee; formerly, Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004).
 
 
 
208
 
116
 
Nuveen Investments

 
 

 
 
 
Name,
 
Position(s) Held
 
Year First
 
Principal
 
Number
 
Year of Birth
 
with the Funds
 
Elected or
 
Occupation(s)
 
of Portfolios
 
& Address
 
   
Appointed
 
Including other
 
in Fund Complex
         
and Term(1)
 
Directorships
 
Overseen by
             
During Past 5 Years
 
Board Member
                   
Interested Board Members:            
WILLIAM ADAMS IV(2)
1955
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
2013
Class II
 
Senior Executive Vice President, Global Structured Products (since 2010); formerly, Executive Vice President, U.S. Structured Products, of Nuveen Investments, Inc. (1999-2010); Co-President of Nuveen Fund Advisors, LLC (since 2011); President (since 2011), formerly, Managing Director (2010-2011) of Nuveen Commodities Asset Management, LLC; Board Member of the ChicagoSymphony Orchestra and of Gilda s Club Chicago.
 
 
 
135
                   
THOMAS S. SCHREIER, JR. (2)
1962
333 W. Wacker Drive
Chicago, IL 60606
 
 
Board Member
 
 
 
2013
Class III
 
Vice Chairman, Wealth Management of Nuveen Investments, Inc. (since 2011); Co-President of Nuveen Fund Advisors, LLC; Chairman of Nuveen Asset Management, LLC (since 2011); Co-Chief Executive Officer of Nuveen Securities, LLC (since 2011); Member of Board of Governors and Chairman’s Council of the Investment Company Institute; formerly, Chief Executive Officer (2000-2010) and Chief Investment Officer (2007-2010) of FAF Advisors, Inc.; formerly, President of First American Funds (2001-2010).
 
 
 
135
                   
 
Name,
Year of Birth
and Address
 
Position(s) Held
with the Funds
 
Year First
Elected or
Appointed(3)
 
Principal
Occupation(s)
During Past 5 Years
 
Number
of Portfolios
in Fund Complex
Overseen
by Officer
                   
Officers of the Funds:                
GIFFORD R. ZIMMERMAN
1956
333 W. Wacker Drive
Chicago, IL 60606
 
 
Chief
Administrative
Officer
 
 
 
1988
 
Managing Director (since 2002), and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Managing Director, Associate General Counsel and Assistant Secretary, of Symphony Asset Management LLC (since 2003); Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Nuveen Investments Advisers Inc. (since 2002), Santa Barbara Asset Management, LLC (since 2006), and of Winslow Capital Management, LLC, (since 2010); Vice President and Assistant Secretary (since 2013), formerly, Chief Administrative Officer and Chief Compliance Officer (2006-2013) of Nuveen Commodities Asset Management, LLC; Chartered Financial Analyst.
 
 
 
208
                   
CEDRIC H. ANTOSIEWICZ
1962
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Vice President
 
 
 
2007
 
Managing Director of Nuveen Securities, LLC.
 
 
 
103
                   
MARGO L. COOK
1964
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Vice President
 
 
 
2009
 
Executive Vice President (since 2008) of Nuveen Investments, Inc. and of Nuveen Fund Advisors, LLC (since 2011); Managing Director-Investment Services of Nuveen Commodities Asset Management, LLC (since August 2011), previously, Head of Institutional Asset Management (2007-2008) of Bear Stearns Asset Management; Head of Institutional Asset Management (1986-2007) of Bank of NY Mellon; Chartered Financial Analyst.
 
 
 
208

Nuveen Investments
 
117

 
 

 
 
Board Members & Officers (Unaudited) (continued)
                   
 
Name,
 
Position(s) Held
 
Year First
 
Principal
 
Number
 
Year of Birth
 
with the Funds
 
Elected or
 
Occupation(s)
 
of Portfolios
 
and Address
     
Appointed(3)
 
During Past 5 Years
 
in Fund Complex
                 
Overseen
                 
by Officer
                   
Officers of the Funds (continued):            
 
LORNA C. FERGUSON
1945
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Vice President
 
 
 
1998
 
Managing Director (since 2005) of Nuveen Fund Advisors, LLC and Nuveen Securities, LLC (since 2004).
 
 
 
208
                   
STEPHEN D. FOY
1954
333 W. Wacker Drive
Chicago, IL 60606
 
 
Vice President
and Controller
 
 
 
1998
 
Senior Vice President (2010-2011), formerly, Vice President (2005-2010) and Funds Controller of Nuveen Securities, LLC; Senior Vice President (since 2013), formerly, Vice President of Nuveen Fund Advisors, LLC; Chief Financial Officer of Nuveen Commodities Asset Management, LLC (since 2010); Certified Public Accountant.
 
 
 
208
                   
SCOTT S. GRACE
1970
333 W. Wacker Drive
Chicago, IL 60606
 
 
Vice President
and Treasurer
 
 
 
2009
 
Managing Director, Corporate Finance & Development, Treasurer (since 2009) of Nuveen Securities, LLC; Managing Director and Treasurer (since 2009) of Nuveen Fund Advisors, LLC, Nuveen Investments Advisers, Inc., Nuveen Investments Holdings Inc. and (since 2011) Nuveen Asset Management, LLC; Vice President and Treasurer of NWQ Investment Management Company, LLC, Tradewinds Global Investors, LLC, Symphony Asset Management LLC and Winslow Capital Management, LLC.; Vice President of Santa Barbara Asset Management, LLC; formerly, Treasurer (2006-2009), Senior Vice President (2008-2009), previously, Vice President (2006-2008) of Janus Capital Group, Inc.; formerly, Senior Associate in Morgan Stanley’s Global Financial Services Group (2000-2003); Chartered Accountant Designation.
 
 
 
208
                   
WALTER M. KELLY
1970
333 W. Wacker Drive
Chicago, IL 60606
 
 
Chief Compliance
Officer and
Vice President
 
 
 
2003
 
Senior Vice President (since 2008) of Nuveen Investment Holdings, Inc.
 
 
 
208
                   
TINA M. LAZAR
1961
333 W. Wacker Drive
Chicago, IL 60606
 
 
Vice President
 
 
 
2002
 
Senior Vice President of Nuveen Investment Holdings, Inc.
 
 
 
208
                   
KEVIN J. MCCARTHY
1966
333 W. Wacker Drive
Chicago, IL 60606
 
 
Vice President
and Secretary
 
 
 
2007
 
Managing Director and Assistant Secretary (since 2008), Nuveen Securities, LLC; Managing Director (since 2008), Assistant Secretary (since 2007) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director (since 2008), and Assistant Secretary, Nuveen Investment Holdings, Inc.; Vice President (since 2007) and Assistant Secretary of Nuveen Investments Advisers Inc., NWQ Investment Management Company, LLC, NWQ Holdings, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management, LLC, and of Winslow Capital Management, LLC. (since 2010); Vice President and Secretary (since 2010) of Nuveen Commodities Asset Management, LLC.
 
 
 
208
 
118
 
Nuveen Investments

 
 

 
 
 
Name,
 
Position(s) Held
 
Year First
 
Principal
 
Number
 
Year of Birth
 
with the Funds
 
Elected or
 
Occupation(s)
 
of Portfolios
 
and Address
     
Appointed(3)
 
During Past 5 Years
 
in Fund Complex
                 
Overseen
                 
by Officer
                   
Officers of the Funds (continued):            
KATHLEEN L. PRUDHOMME
1953
901 Marquette Avenue
Minneapolis, MN 55402
 
Vice President and
Assistant Secretary
 
 
 
2011
 
Managing Director, Assistant Secretary and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary (since 2011) of Nuveen Securities, LLC; formerly, Deputy General Counsel, FAF Advisors, Inc. (2004-2010).
 
 
 
208
                   
JOEL T. SLAGER
1978
333 West Wacker Drive
Chicago, IL 60606
 
 
Vice President and
Assistant Secretary
 
 
 
2013
 
Fund Tax Director for Nuveen Funds (since May, 2013); previously, Vice President of Morgan Stanley Investment Management, Inc., Assistant Treasurer of the Morgan Stanley Funds (from 2010 to 2013); Tax Director at PricewaterhouseCoopers LLP (from 2008 to 2010).
 
 
 
208

(1)
For Dividend Advantage (NVG) and AMT-Free Income (NEA), the Board of Trustees is divided into three classes, Class I, Class II, and Class III, with each being elected to serve until the third succeeding annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed, except two board members are elected by the holders of Preferred Shares to serve until the next annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed. For Quality (NQI), and Opportunity (NIO), the Board Members serve a one year term to serve until the next annual meeting or until their successors shall have been duly elected and qualified. The year first elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen Complex.
(2)
“Interested person” as defined in the 1940 Act, by reason of his position with Nuveen Investments, Inc. and certain of its subsidiaries, which are affiliates of the Nuveen Funds.
(3)
Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen Complex.
 
Nuveen Investments
 
119

 
 

 

Reinvest Automatically,
 
Easily and Conveniently
 
Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account.
 

Nuveen Closed-End Funds Automatic Reinvestment Plan
 
Nuveen Closed-End Fund allows you to conveniently reinvest distributions in additional Fund shares. By choosing to reinvest, you’ll be able to invest money regularly and automatically, and watch your investment grow through the power of compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on distributions that are reinvested. It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.
 
Easy and convenient
 
To make recordkeeping easy and convenient, each month you’ll receive a statement showing your total distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.
 
How shares are purchased
 
The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net as -set value, shares for your account will be purchased on the open market. If the Plan Agent begins purchasing Fund shares on the open market while shares are trading below net asset value, but the Fund’s shares subsequently trade at or above their net asset value before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares’ net asset value or 95% of the shares’ market value on the last business day imme -diately prior to the purchase date. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions.
 
Flexible
 
You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan. The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.
 
Call today to start reinvesting distributions
 
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787.
 
120
 
Nuveen Investments

 
 

 

Glossary of Terms Used in this Report

Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have “failed,” with current holders receiving a formula-based interest rate until the next scheduled auction.
   
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
   
Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s or bond fund’s value to changes when market interest rates change. Generally, the longer a bond’s or fund’s duration, the more the price of the bond or fund will change as interest rates change.
   
Effective Leverage: Effective leverage is a fund’s effective economic leverage, and includes both regulatory leverage (see leverage) and the leverage effects of certain derivative investments in the fund’s portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.
   
Forward Interest Rate Swap: A contractual agreement between two counterparties under which one party agrees to make periodic payments to the other for an agreed period of time based on a fixed rate, while the other party agrees to make periodic payments based on a floating rate of interest based on an underlying index. Alternatively, both series of cash flows to be exchanged could be calculated using floating rates of interest but floating rates that are based upon different underlying indexes.
   
Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.
   
Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
 
Nuveen Investments
 
121

 
 

 

Glossary of Terms Used in this Report (continued)

Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.
   
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average: Calculated using the returns of all closed-end funds in this category. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.
   
Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund’s Net Assets divided by its number of shares outstanding.
   
Pre-Refunding: Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond’s credit rating and thus its value.
   
Regulatory Leverage: Regulatory leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part of a fund’s capital structure. Regulatory leverage is subject to asset coverage limits set in the Investment Company Act of 1940.
   
S&P Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade U.S. municipal bond market. Index returns assume reinvestment of distributions but do not reflect any applicable sales charges or management fees.
   
Total Investment Exposure: Total investment exposure is a fund’s assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes a fund’s use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.
   
Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Tax-exempt income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.
 
122
 
Nuveen Investments

 
 

 

Additional Fund Information

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

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

 
Quarterly Form N-Q Portfolio of Investments Information
Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC toll-free at (800) SEC -0330 for room hours and operation.
 
Nuveen Funds’ Proxy Voting Information
You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments toll free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.
 

 
CEO Certification Disclosure
Each Fund’s Chief Executive Officer has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual. Each Fund has filed with the SEC the certification of its Chief Executive Officer and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.
 

 
Common Share Information
Each Fund intends to repurchase shares of its own common stock at such times and in such amounts as is deemed advisable. During the period covered by this report, the Fund repurchased shares of its common stock as shown in the accompanying table. Any future repurchases will be reported to shareholders in the next annual or semi-annual report.
                           
     
NQI
   
NIO
   
NVG
   
NEA
 
Common shares repurchased
   
   
   
64,858
   
 
 
Nuveen Investments
 
123

 
 

 
 
 
Nuveen Investments:
  Serving Investors for Generations
 

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

Focused on meeting investor needs.
 
Nuveen Investments provides high-quality investment services designed to help secure the long-term goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates—Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management and Gresham Investment Management. In total, Nuveen Investments managed approximately $215 billion as of September 30, 2013.
 

Find out how we can help you.
 
To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
 
Learn more about Nuveen Funds at: www.nuveen.com/cef

Distributed by Nuveen Investments, LLC | 333 West Wacker Drive | Chicago, IL 60606 | www.nuveen.com
 
 
EAN-D-1013D

 
 

 
  
ITEM 2. CODE OF ETHICS.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the Code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/CEF/Shareholder/FundGovernance.aspx. (To view the code, click on Code of Conduct.)

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant's Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant's audit committee financial expert is Carole E. Stone, who is “independent” for purposes of Item 3 of Form N-CSR.

Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State's operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the State's bond-related disclosure documents and certifying that they fairly presented the State's financial position; reviewing audits of various State and local agencies and programs; and coordinating the State's system of internal audit and control. Prior to serving as Director, Ms. Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director.  Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Currently, Ms. Stone is on the Board of Directors of CBOE Holdings, Inc., of the Chicago Board Options Exchange, and of C2 Options Exchange. Ms. Stone's position on the boards of these entities and as a member of both CBOE Holdings' Audit Committee and its Finance Committee has involved, among other things, the oversight of audits, audit plans and preparation of financial statements.
 
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Nuveen Municipal Opportunity Fund, Inc.

The following tables show the amount of fees that Ernst & Young LLP, the Fund's auditor, billed to the Fund during the Fund's last two full fiscal years. For engagements with Ernst & Young LLP the Audit Committee approved in advance all audit services and non-audit services that Ernst & Young LLP provided to the Fund, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The pre-approval exception for services provided directly to the Fund waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Fund to its accountant during the fiscal year in which the services are provided; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee's attention, and the Committee (or its delegate) approves the services before the audit is completed.

The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee).

SERVICES THAT THE FUND'S AUDITOR BILLED TO THE FUND

   
Audit Fees Billed
   
Audit-Related Fees
   
Tax Fees
   
All Other Fees
 
Fiscal Year Ended
 
to Fund 1
   
Billed to Fund 2
   
Billed to Fund 3
   
Billed to Fund 4
 
October 31, 2013
  $ 22,250     $ 0     $ 0     $ 0  
                                 
Percentage approved
    0 %     0 %     0 %     0 %
pursuant to
                               
pre-approval
                               
exception
                               
                                 
October 31, 2012
  $ 21,200     $ 0     $ 0     $ 0  
                                 
Percentage approved
    0 %     0 %     0 %     0 %
pursuant to
                               
pre-approval
                               
exception
                               
                                 
1 "Audit Fees" are the aggregate fees billed for professional services for the audit of the Fund's annual financial statements and services provided in
 
connection with statutory and regulatory filings or engagements.
                         
                                 
2 "Audit Related Fees" are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of
         
financial statements that are not reported under "Audit Fees". These fees include offerings related to the Fund's common shares and leverage.
         
                                 
3 "Tax Fees" are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global
         
withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculation performed by the principal accountant.
         
                                 
4 "All Other Fees" are the aggregate fees billed for products and services other than "Audit Fees", "Audit-Related Fees" and "Tax Fees". These fees
         
represent all "Agreed-Upon Procedures" engagements pertaining to the Fund's use of leverage.
                 
 
SERVICES THAT THE FUND'S AUDITOR BILLED TO THE ADVISER AND AFFILIATED FUND SERVICE PROVIDERS

The following tables show the amount of fees billed by Ernst & Young LLP to Nuveen Fund Advisors, LLC (formerly Nuveen Fund Advisors, Inc.) (the “Adviser” or “NFA”), and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund's operations and financial reporting, during the Fund's last two full fiscal years.
 
The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid to Ernst & Young LLP by the Fund, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee's attention, and the Committee (or its delegate) approves the services before the Fund's audit is completed.


   
Audit-Related Fees
   
Tax Fees Billed to
   
All Other Fees
 
   
Billed to Adviser and
   
Adviser and
   
Billed to Adviser
 
   
Affiliated Fund
   
Affiliated Fund
   
and Affiliated Fund
 
Fiscal Year Ended
 
Service Providers
   
Service Providers
   
Service Providers
 
October 31, 2013
  $ 0     $ 0     $ 0  
                         
Percentage approved
    0 %     0 %     0 %
pursuant to
                       
pre-approval
                       
exception
                       
October 31, 2012
  $ 0     $ 0     $ 0  
                         
Percentage approved
    0 %     0 %     0 %
pursuant to
                       
pre-approval
                       
exception
                       

NON-AUDIT SERVICES

The following table shows the amount of fees that Ernst & Young LLP billed during the Fund's last two full fiscal years for non-audit services. The Audit Committee is required to pre-approve non-audit services that Ernst & Young LLP provides to the Adviser and any Affiliated Fund Services Provider, if the engagement related directly to the Fund's operations and financial reporting (except for those subject to the pre-approval exception described above). The Audit Committee requested and received information from Ernst & Young LLP about any non-audit services that Ernst & Young LLP rendered during the Fund's last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating Ernst & Young LLP's independence.

   
Total Non-Audit Fees
   
   
billed to Adviser and
   
   
Affiliated Fund Service
Total Non-Audit Fees
 
   
Providers (engagements
billed to Adviser and
 
   
related directly to the
Affiliated Fund Service
 
 
Total Non-Audit Fees
operations and financial
Providers (all other
 
Fiscal Year Ended
Billed to Fund
reporting of the Fund)
engagements)
Total
October 31, 2013
 $                               0
 $                                     0
 $                                   0
 $                          0
October 31, 2012
 $                               0
 $                                     0
 $                                   0
 $                          0
 
"Total Non-Audit Fees billed to Fund" for both fiscal year ends represent "Tax Fees" and "All Other Fees" billed to the Fund in the respective amounts from the previous table.
 
Less than 50 percent of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.
 
Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Fund by the Fund's independent accountant and (ii) all audit and non-audit services to be performed by the Fund's independent accountant for the Affiliated Fund Service Providers with respect to operations and financial reporting of the Fund. Regarding tax and research projects conducted by the independent accountant for the Fund and Affiliated Fund Service Providers (with respect to operations and financial reports of the Fund) such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee chairman for his verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.
 
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

The registrant's Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). The members of the audit committee are Robert P. Bremner, Terence J. Toth, William J. Schneider, Carole E. Stone and David J. Kundert.

ITEM 6. SCHEDULE OF INVESTMENTS.

a) See Portfolio of Investments in Item 1.

b) Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Nuveen Fund Advisors, LLC, formerly known as Nuveen Fund Advisors, Inc., is the registrant’s investment adviser (also referred to as the “Adviser”). The Adviser is responsible for the on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical, bookkeeping and administrative services. The Adviser has engaged Nuveen Asset Management, LLC (“Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. As part of these services, the Adviser has delegated to the Sub-Adviser the full responsibility for proxy voting on securities held in the registrant’s portfolio and related duties in accordance with the Sub-Adviser's policies and procedures. The Adviser periodically monitors the Sub-Adviser's voting to ensure that it is carrying out its duties. The Sub-Adviser’s proxy voting policies and procedures are attached to this filing as an exhibit and incorporated herein by reference.
 
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Nuveen Fund Advisors, LLC, formerly known as Nuveen Fund Advisors, Inc., is the registrant's investment adviser (also referred to as the "Adviser".)  The Adviser is responsible for the selection and on-going monitoring of the Fund's investment portfolio, managing the Fund's business affairs and providing certain clerical, bookkeeping and administrative services.  The Adviser has engaged Nuveen Asset Management, LLC (“Nuveen Asset Management” or “Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. The following section provides information on the portfolio manager at the Sub-Adviser:

The Portfolio Manager

The following individual has primary responsibility for the day-to-day implementation of the registrant’s investment strategies:
 
Name
Fund
PAUL BRENNAN
Nuveen Municipal Opportunity Fund, Inc.

Other Accounts Managed. In addition to managing the registrant, the portfolio manager is also primarily responsible for the day-to-day portfolio management of the following accounts:
 
Portfolio Manager
Type of Account
Managed
Number of
Accounts
Assets*
Paul Brennan
Registered Investment Company
20
$15.93 billion
 
Other Pooled Investment Vehicles
0
$0
 
Other Accounts
4
$41.80 million
*
Assets are as of October 31, 2013.  None of the assets in these accounts are subject to an advisory fee based on performance.

POTENTIAL MATERIAL CONFLICTS OF INTEREST
 
Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one account. More specifically, portfolio managers who manage multiple accounts are presented a number of potential conflicts, including, among others, those discussed below.
 
The management of multiple accounts may result in a portfolio manager devoting unequal time and attention to the management of each account. Nuveen Asset Management seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most accounts managed by a portfolio manager in a particular investment strategy are managed using the same investment models.
 
If a portfolio manager identifies a limited investment opportunity which may be suitable for more than one account, an account may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible accounts. To deal with these situations, Nuveen Asset Management has adopted procedures for allocating limited opportunities across multiple accounts.
 
With respect to many of its clients’ accounts, Nuveen Asset Management determines which broker to use to execute transaction orders, consistent with its duty to seek best execution of the transaction. However, with respect to certain other accounts, Nuveen Asset Management may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, Nuveen Asset Management may place separate, non-simultaneous, transactions for a Fund and other accounts which may temporarily affect the market price of the security or the execution of the transaction, or both, to the detriment of the Fund or the other accounts.
 
Some clients are subject to different regulations. As a consequence of this difference in regulatory requirements, some clients may not be permitted to engage in all the investment techniques or transactions or to engage in these transactions to the same extent as the other accounts managed by the portfolio manager. Finally, the appearance of a conflict of interest may arise where Nuveen Asset Management has an incentive, such as a performance-based management fee, which relates to the management of some accounts, with respect to which a portfolio manager has day-to-day management responsibilities.
 
Nuveen Asset Management has adopted certain compliance procedures which are designed to address these types of conflicts common among investment managers. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

Item 8(a)(3). FUND MANAGER COMPENSATION

Portfolio manager compensation consists primarily of base pay, an annual cash bonus and long term incentive payments.

Base pay. Base pay is determined based upon an analysis of the portfolio manager’s general performance, experience, and market levels of base pay for such position.

Annual cash bonus.  The Fund’s portfolio manager is eligible for an annual cash bonus based on investment performance, qualitative evaluation and financial performance of Nuveen Asset Management.

A portion of the portfolio manager’s annual cash bonus is based on the Fund’s investment performance, generally measured over the past one- and three or five-year periods unless the portfolio manager’s tenure is shorter. Investment performance for the Fund generally is determined by evaluating the Fund’s performance relative to its benchmark(s) and/or Lipper industry peer group.

A portion of the cash bonus is based on a qualitative evaluation made by the portfolio manager’s supervisor taking into consideration a number of factors, including the portfolio manager’s team collaboration, expense management, support of personnel responsible for asset growth, and his or her compliance with Nuveen Asset Management‘s policies and procedures.
 
The final factor influencing a portfolio manager’s cash bonus is the financial performance of Nuveen Asset Management based on its operating earnings.

Long-term incentive compensation. Certain key employees of Nuveen Investments and its affiliates, including certain portfolio managers, have received equity interests in the parent company of Nuveen Investments. In addition, certain key employees of Nuveen Asset Management, including certain portfolio managers, have received profits interests in Nuveen Asset Management which entitle their holders to participate in the firm’s growth over time.
 
There are generally no differences between the methods used to determine compensation with respect to the Fund and the Other Accounts shown in the table above.

Beneficial Ownership of Securities.  As of October 31, 2013, the portfolio manager beneficially owned the following dollar range of equity securities issued by the Fund and other Nuveen Funds managed by Nuveen Asset Management’s municipal investment team.

Name of Portfolio Manager
Fund
 
 
Dollar range of equity
securities beneficially
owned in Fund
Dollar range of equity securities
beneficially owned in the remainder
of Nuveen funds managed by Nuveen
Asset Management’s municipal
investment team
Paul Brennan
Nuveen Municipal Opportunity Fund, Inc.
$0
$500,001-$1,000,000

PORTFOLIO MANAGER BIO:

Paul Brennan, CFA, CPA, manages several Nuveen municipal national and state mutual funds and closed-end bond funds.  Paul began his career in the investment business in 1991, as a municipal credit analyst for Flagship Financial, before becoming a portfolio manager in 1994.  He joined Nuveen Investments in 1997, when Nuveen acquired Flagship Financial that year.   He earned his B.S. in Accountancy and Finance from Wright State University.  He is a CPA, has earned the Chartered Financial Analyst (CFA) designation, and currently sits on the Nuveen Asset Management Investment Management Committee.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board implemented after the registrant last provided disclosure in response to this Item.

ITEM 11. CONTROLS AND PROCEDURES.

(a)
The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b)
There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 12. EXHIBITS.

File the exhibits listed below as part of this Form.

(a)(1)
Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because the code is posted on registrant's website at www.nuveen.com/CEF/Shareholder/FundGovernance.aspx and there were no amendments during the period covered by this report. (To view the code, click on Code of Conduct.)

(a)(2)
A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: Ex-99.CERT Attached hereto.

(a)(3)
Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.

(b)
If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Ex-99.906 CERT attached hereto.


 
 

 

SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Nuveen Municipal Opportunity Fund, Inc.

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

Date: January 6, 2014

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title) /s/ Gifford R. Zimmerman
Gifford R. Zimmerman
Chief Administrative Officer
(principal executive officer)

Date: January 6, 2014
 
By (Signature and Title) /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller
(principal financial officer)

Date: January 6, 2014