nvg.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 811-09475

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

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

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

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

Date of fiscal year end: October 31

Date of reporting period: April 30, 2012

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

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


 
 

 


ITEM 1. REPORTS TO STOCKHOLDERS.


 
 

 

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

 
 

 
 
Chairman’s
Letter to Shareholders
 
 
Dear Shareholders,
 
Investors have many reasons to remain cautious. The challenges in the Euro area are casting a shadow over global economies and financial markets. The political support for addressing fiscal issues is eroding as the economic and social impacts become more visible. At the same time, member nations appear unwilling to provide adequate financial support or to surrender sufficient sovereignty to strengthen the banks or unify the Euro area financial system. The gains made in reducing deficits, and the hard-won progress on winning popular acceptance of the need for economic austerity, are at risk. To their credit, European political leaders press on to find compromise solutions, but there is increasing concern that time will begin to run out.
 
In the U.S., strong corporate earnings have enabled the equity markets to withstand much of the downward pressures coming from weakening job creation, slower economic growth and political uncertainty. The Fed remains committed to low interest rates but has refrained from predicting another program of quantitative easing unless economic growth were to weaken significantly or the threat of recession appears on the horizon. Pre-election maneuvering has added to the already highly partisan atmosphere in the Congress. The end of the Bush-era tax cuts and implementation of the spending restrictions of the Budget Control Act of 2011, both scheduled to take place at year-end, loom closer.
 
During the last year, U.S. based investors have experienced a sharp decline and a strong recovery in the equity markets. The experienced investment teams at Nuveen keep their eye on a longer time horizon and use their practiced investment disciplines to negotiate through market peaks and valleys to achieve long-term goals for investors. Experienced professionals pursue investments that will weather short-term volatility and at the same time, seek opportunities that are created by markets that overreact to negative developments. Monitoring this process is an important consideration for the Fund Board as it oversees your Nuveen funds on your behalf.
 
As always, I encourage you to contact your financial consultant if you have any questions about your investment in a Nuveen Fund. On behalf of the other members of your Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
 
Sincerely,
 
 
Robert P. Bremner
Chairman of the Board
June 20, 2012
 
4
 
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Portfolio Managers’ Comments
 
Nuveen Quality Municipal Fund, Inc. (NQI)
Nuveen Municipal Opportunity Fund, Inc. (NIO)
Nuveen Premier Municipal Opportunity Fund, Inc. (NIF)
Nuveen Premium Income Municipal Opportunity Fund (NPX)
Nuveen Dividend Advantage Municipal Income Fund (NVG)
Nuveen AMT-Free Municipal Income Fund (NEA)
 
Portfolio managers Paul Brennan and Douglas White discuss key investment strategies and the six-month performance of these six national Funds. With 21 years of industry experience, including 15 years at Nuveen, Paul has managed NIO, NIF, NVG, and NEA since 2006. Douglas, who has 29 years of financial industry experience, assumed portfolio management responsibility for NQI and NPX in January 2011.
 
What key strategies were used to manage these Funds during the six-month reporting period ended April 30, 2012?
 
During this period, municipal bond prices generally rallied, amid strong demand and yield that continued to be historically low. The availability of municipal supply improved in recent months from 2011 levels, although the pattern of new issuance remained light compared with long-term historical trends. Due to their insured mandate and the continued severe decline in insured issuance, finding appropriate insured municipal bonds, especially new insured issues, remained a challenge for these Funds during the first two months of this period. Over the past few years, most municipal bond insurers had their credit ratings downgraded and only one insurer currently insures new municipal bonds. As a result, the supply of insured municipal securities decreased dramatically. During November and December 2011, issuance of new insured paper totaled just over $3 billion, accounting for approximately 4.5% of total municipal issuance during that time, compared with historical levels approaching 50%. The combination of comparatively light municipal supply, little insured issuance and relatively lower yields meant few attractive opportunities for these Funds during November and December 2011.
 
In view of this situation, in October 2011, the Funds’ Board of Directors/Trustees approved changes to the Funds’ investment policy regarding insured municipal securities. Effective January 2, 2012, the Funds eliminated the policy requiring them to invest at least 80% of their managed assets in municipal securities covered by insurance. This change was designed to provide more flexibility regarding the types of securities available for investment. This does not represent a change in investment objectives; each
 
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
 
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc., or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C, and D are below investment grade ratings. Certain bonds backed by U.S. government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
 
Nuveen Investments
 
5

 
 

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

 
 

 
 
of the bond market cycle where holdings of bonds with short call dates typically increases. This hampered their performance during this period. NEA, which had the shortest duration among the six Funds, was the most negatively impacted by its positioning. In general, variations in duration and yield curve positioning among the Funds accounted for the majority of the differences in performance.
 
Credit exposure was also an important factor in performance during these six months, as lower quality bonds generally outperformed higher quality bonds. This outperformance was due in part to the greater demand for lower rated bonds as investors looked for investment vehicles offering higher yields. As investors became more comfortable taking on additional investment risk, credit spreads, or the difference in yield spreads between U.S. Treasury securities and comparable investments such as municipal bonds, narrowed through a variety of rating categories. Over the past few years, bonds that matured or were called from these Funds’ portfolios and not replaced due to the insured mandate caused their credit weightings to shift toward the upper end of the quality spectrum. While we added to the Funds’ lower rated holdings following the change in investment policy, these Funds generally continued to be significantly overweight in bonds rated AA, which detracted from their performance during this period. NEA’s performance also was hampered by the largest exposure to AAA rated bonds among these six Funds. These allocations were offset to a certain extent by the positive influence of the Funds’ exposures to the lower rated credit spectrum.
 
Holdings that generally made positive contributions to the Funds’ returns during this period included health care (including hospitals), transportation and education credits. All of these Funds, particularly NQI, NPX and NVG, benefited from their weightings in the health care sector. In addition, the returns of NQI and NPX were boosted by their holdings of toll road bonds. Tobacco bonds backed by the 1998 master settlement agreement also were one of the top performing market segments, as these bonds benefited from several market developments, including increased demand for higher-yielding investments by investors who became less risk averse. In addition, based on recent data showing that cigarette sales had fallen less steeply than anticipated, the 46 states participating in the agreement stand to receive increased payments from the tobacco companies. Benefiting from the recent change in investment policy, NIO, NIF, NVG and NEA now have allocations in lower rated tobacco bonds as of April 30, 2012. NQI and NPX do not hold any lower rated tobacco bonds.
 
8
 
Nuveen Investments

 
 

 
 
In contrast, pre-refunded bonds, which are often backed by U.S. Treasury securities, were the poorest performing market segment during this period. The underperformance of these bonds can be attributed primarily to their shorter effective maturities and higher credit quality. As of April 30, 2012, NEA had the largest exposure to pre-refunded bonds, while NQI had the smallest allocation. General obligation and other tax-supported bonds as well as utilities and housing credits also lagged the performance of the general municipal market for this period. These Funds generally had relatively light exposures to housing, which limited the impact of the performance of this sector.
 
FUND POLICY CHANGES
 
On October 28, 2011, the Funds’ Board of Directors/Trustees approved changes to each Fund’s investment policy regarding its investment in insured municipal securities. These changes were designed to provide the Adviser with more flexibility regarding the types of securities available for investment by each Fund.
 
Effective January 2, 2012, each Fund eliminated the investment policy requiring it, under normal circumstances, to invest at least 80% of its managed assets in municipal securities that are covered by insurance guaranteeing the timely payment of principal and interest. Over the past few years, most municipal bond insurers have had their credit ratings downgraded and only one insurer is currently insuring new municipal bonds. As a result, the supply of insured municipal securities has decreased dramatically and the long-term viability of the municipal bond insurance market is uncertain. The Funds have not changed their investment objective and will continue to invest substantially all of their assets in a portfolio of investment grade quality municipal securities.
 
Concurrent with the investment policy changes, the Funds have changed their names as follows:
 
 
Nuveen Insured Quality Municipal Fund, Inc. (NQI) changed to Nuveen Quality Municipal Fund, Inc. (NQI)
     
 
Nuveen Insured Municipal Opportunity Fund, Inc. (NIO) changed to Nuveen Municipal Opportunity Fund, Inc. (NIO)
     
 
Nuveen Premier Insured Municipal Income Fund, Inc. (NIF) changed to Nuveen Premier Municipal Opportunity Fund, Inc. (NIF)
 
Nuveen Investments
 
9

 
 

 

 
Nuveen Insured Premium Income Municipal Fund 2 (NPX) changed to Nuveen Premium Income Municipal Opportunity Fund (NPX)
     
 
Nuveen Insured Dividend Advantage Municipal Fund (NVG) changed to Nuveen Dividend Advantage Municipal Income Fund (NVG); and
     
 
Nuveen Insured Tax-Free Advantage Municipal Fund (NEA) changed to Nuveen AMT-Free Municipal Income Fund (NEA)
 
In addition, each Fund changed its non-fundamental investment policy requiring each Fund to invest in municipal securities rated at least investment grade at the time of investment. Each Fund adopted a new policy to, under normal circumstances, invest at least 80% of its managed assets in investment grade securities that, at the time of investment, are rated within the four highest grades (Baa or BBB or better) by at least one nationally recognized statistical ratings organization (“NRSRO”) or are unrated but judged to be of comparable quality by the Fund’s investment adviser. Under the new policy, each Fund may invest up to 20% of its managed assets in municipal securities that at the time of investment are rated below investment grade or are unrated but judged to be of comparable quality by the Fund’s investment adviser. No more than 10% of each Fund’s managed assets may be invested in municipal securities rated below B3/B- or that are unrated but judged to be of comparable quality by the Fund’s investment adviser.
 
APPROVED FUND REORGANIZATIONS
 
On June 22, 2012, the Funds’ Board of Directors/Trustees approved a series of reorganizations for certain Funds included in this report. The reorganizations are intended to create a single larger Fund, which would potentially offer shareholders the following benefits:
 
 
Lower Fund expense ratios (excluding the effects of leverage), as fixed costs are spread over a larger asset base;
     
 
Enhanced secondary market trading, as larger Funds potentially make it easier for investors to buy and sell Fund shares;
     
 
Lower per share trading costs through reduced bid/ask spreads due to a larger common share float; and
 
10
 
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Increased Fund flexibility in managing the structure and cost of leverage over time.
 
The approved reorganizations are as follows:
 
Acquired Funds
Symbol
Acquiring Fund
Symbol
Nuveen Premier Municipal
NIF
   
 
Opportunity Fund, Inc.
 
Nuveen AMT-Free Municipal
NEA
Nuveen Premier Income
NPX
Income Fund
 
 
Municipal Opportunity Fund
     
 
If shareholders approve the reorganizations, and upon the closing of the reorganizations, the Acquired Funds will transfer substantially all of their assets to the Acquiring Fund in exchange for common and preferred shares of the Acquiring Fund, and the assumption by the Acquiring Fund of the liabilities of the Acquired Funds. The Acquired Funds will then be liquidated, dissolved and terminated in accordance with their Declaration of Trust.
 
Nuveen Investments
 
11

 
 

 
 
Fund Leverage and Other Information
 
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
 
One important factor impacting the returns of all these Funds relative to the comparative indexes was the Funds’ use of leverage. The Funds use leverage because their managers believe that, over time, leveraging provides opportunities for additional income and total return for common shareholders. However, use of leverage also can expose common shareholders to additional volatility. For example, as the prices of securities held by a Fund decline, the negative impact of these valuation changes on common share net asset value and common shareholder total return is magnified by the use of leverage. Conversely, leverage may enhance common share returns during periods when the prices of securities held by a Fund generally are rising. Leverage made a positive contribution to the performance of these Funds over this reporting period.
 
THE FUNDS’ REGULATORY LEVERAGE
 
As of April 30, 2012, the Funds have issued and outstanding MuniFund Term Preferred (MTP) Shares, Variable Rate MuniFund Term Preferred (VMTP) Shares and/or Variable Rate Demand Preferred (VRDP) Shares as shown in the accompanying tables.
 
MTP Shares
 
           
MTP Shares Issued
   
Annual
 
NYSE
Fund
   
Series
 
at Liquidation Value
   
Interest Rate
 
Ticker
NVG
   
2014
 
$
108,000,000
   
2.95
%
 
NVG PrC
NEA
   
2015
 
$
83,000,000
   
2.85
%
 
NEA PrC
 
VMTP Shares
             
       
VMTP Shares Issued
Fund
   
Series
 
at Liquidation Value
NQI
   
2014
 
$
240,400,000
NVG
   
2014
 
$
92,500,000
NEA
   
2014
 
$
67,600,000
             
VRDP Shares
           
         
VRDP Shares Issued
Fund
       
at Liquidation Value
NIO
       
$
667,200,000
NIF
       
$
130,900,000
NPX
       
$
219,000,000
 
(Refer to Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies for further details on MTP Shares, VMTP Shares and VRDP Shares.)
 
12
 
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 and Market Risk. An investment in common shares is subject to investment risk, including the possible loss of the entire principal amount that you invest. Your investment in common shares represents an indirect investment in the municipal securities owned by the Fund, which generally trade in the over-the-counter markets. Your common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.
 
Price Risk. Shares of closed-end investment companies like these Funds frequently trade at a discount to their NAV. Your common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.
 
Leverage Risk. Each Fund’s use of leverage creates the possibility of higher volatility for the Fund’s per share NAV, market price, distributions and returns. There is no assurance that a Fund’s leveraging strategy will be successful.
 
Tax Risk. The tax treatment of Fund distributions may be affected by new IRS interpretations of the Internal Revenue Code and future changes in tax laws and regulations.
 
Issuer Credit Risk. This is the risk that a security in a Fund’s portfolio will fail to make dividend or interest payments when due.
 
Interest Rate Risk. Fixed-income securities such as bonds, preferred, convertible and other debt securities will decline in value if market interest rates rise.
 
Reinvestment Risk. If market interest rates decline, income earned from a Fund’s portfolio may be reinvested at rates below that of the original bond that generated the income.
 
Call Risk or Prepayment Risk. Issuers may exercise their option to prepay principal earlier than scheduled, forcing a Fund to reinvest in lower-yielding securities.
 
Inverse Floater Risk. The Funds may invest in inverse floaters. Due to their leveraged nature, these investments can greatly increase a Fund’s exposure to interest rate risk and credit risk. In addition, investments in inverse floaters involve the risk that the Fund could lose more than its original principal investment.
 
Nuveen Investments
 
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Common Share Dividend and
Price Information
 
DIVIDEND INFORMATION
 
The monthly dividends of all six Funds in this report remained stable throughout the six-month reporting period ended April 30, 2012.
 
Due to normal portfolio activity, common shareholders of the following Funds received capital gains and/or net ordinary income distributions in December 2011 as follows:
 
       
Short-Term Capital Gains
 
Long-Term Capital Gains
 
and/or Ordinary Income
     
(per share)
   
(per share)
NQI
   
 
$
0.0026
NIO
 
$
0.0026
   
NVG
 
$
0.0413
   
 
All of the Funds in this report seek to pay stable dividends at rates that reflect each Fund’s past results and projected future performance. During certain periods, each Fund may pay dividends at a rate that may be more or less than the amount of net investment income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it holds the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s NAV. Conversely, if a Fund has cumulatively paid dividends in excess of its earnings, the excess constitutes negative UNII that is likewise reflected in the Fund’s NAV. Each Fund will, over time, pay all of its net investment income as dividends to shareholders. As of April 30, 2012, all six of the Funds in this report had positive UNII balances, based upon our best estimate, for tax purposes and positive UNII balances for financial reporting purposes.
 
COMMON SHARE REPURCHASES AND PRICE INFORMATION
 
As of April 30, 2012, and since the inception of the Funds’ repurchase programs, the Funds have cumulatively repurchased and retired their common shares as shown in the accompanying table. Since the inception of the Funds’ repurchase programs, NQI, NIF, and NPX have not repurchased any of their outstanding common shares.
 
 
Common Shares
% of Outstanding
Fund
Repurchased and Retired
Common Shares
NIO
2,900
0.0%
NVG
10,400
0.0%
NEA
19,300
0.1%
 
During the six-month reporting period, the Funds did not repurchase and retire any of their outstanding common shares.
 
14
 
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As of April 30, 2012, and during the six-month reporting period, the Funds’ common share prices were trading at (+) premiums or (-)discounts to their common share NAVs as shown in the accompanying table.
 
 
4/30/12
Six-Month Average
Fund
(-) Discount
(+) Premium/(-) Discount
NQI
(-)3.01%
(-)0.55%
NIO
(-)4.01%
(-)3.03%
NIF
(-)1.86%
(+)1.74%
NPX
(-)4.51%
(-)3.62%
NVG
(-)3.74%
(-)3.06%
NEA
(-)3.02%
(-)2.94%
 
Nuveen Investments
 
15

 
 

 

NQI
 
Nuveen Quality
Performance
 
Municipal
OVERVIEW
 
Fund, Inc.
   
as of April 30, 2012
 
         
Fund Snapshot
       
Common Share Price
 
$
14.50
 
Common Share Net Asset Value (NAV)
 
$
14.95
 
Premium/(Discount) to NAV
   
-3.01
%
Market Yield
   
6.21
%
Taxable-Equivalent Yield1
   
8.63
%
Net Assets Applicable to Common Shares ($000)
 
$
574,904
 
         
Leverage
       
Regulatory Leverage
   
29.49
%
Effective Leverage
   
37.50
%

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

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

 
 

 

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

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

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

 
 

 

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

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

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

 
 

 

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

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

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

 
 

 

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

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

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

 
 

 

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

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

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

 
 

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

 
 

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

 
 

 

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

 
 

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

 
 

 

   
Nuveen Quality Municipal Fund, Inc. (continued)
   
(formerly known as Nuveen Insured Quality Municipal Fund, Inc.)
NQI
 
Portfolio of Investments
April 30, 2012 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Louisiana – 3.7% (2.5% of Total Investments)
           
     
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:
           
$
11,325
 
4.750%, 5/01/39 – AGM Insured (UB)
5/16 at 100.00
Aa1
 
$
11,765,769
 
 
8,940
 
4.500%, 5/01/41 – FGIC Insured (UB)
5/16 at 100.00
Aa1
   
9,142,044
 
 
10
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006, Residuals 660-1, 15.714%, 5/01/34 – FGIC Insured (IF)
5/16 at 100.00
Aa1
   
10,904
 
 
5
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006, Residuals 660-1, 15.683%, 5/01/34 – FGIC Insured (IF)
5/16 at 100.00
Aa1
   
5,451
 
 
20,280
 
Total Louisiana
       
20,924,168
 
     
Maine – 0.3% (0.2% of Total Investments)
           
 
555
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Series 1999B, 6.000%, 7/01/29 – NPFG Insured
7/12 at 100.00
Aaa
   
557,131
 
 
1,335
 
Maine State Housing Authority, Single Family Mortgage Purchase Bonds, Series 2012A-1, 4.000%, 11/15/24 (WI/DD, Settling 5/31/12) (Alternative Minimum Tax)
11/21 at 100.00
AA+
   
1,337,710
 
 
1,890
 
Total Maine
       
1,894,841
 
     
Massachusetts – 5.6% (3.8% of Total Investments)
           
 
5,000
 
Massachusetts Bay Transportation Authority, Sales Tax Revenue Bonds, Senior Lien Series 2002A, 5.000%, 7/01/27 (Pre-refunded 7/01/12) – FGIC Insured
7/12 at 100.00
AAA
   
5,040,950
 
 
4,000
 
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Commonwealth Contract Assistance Secured, Refunding Series 2010B, 5.000%, 1/01/35
1/20 at 100.00
AA+
   
4,427,280
 
 
6,000
 
Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, Series 2002A, 5.750%, 1/01/42 – AMBAC Insured
No Opt. Call
A
   
7,397,760
 
 
3,335
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Massachusetts Institute of Technology, Tender Option Bond Trust 11824, 13.368%, 1/01/16 (IF)
No Opt. Call
AAA
   
4,644,588
 
     
Massachusetts State, Special Obligation Dedicated Tax Revenue Bonds, Series 2004:
           
 
1,250
 
5.250%, 1/01/21 (Pre-refunded 1/01/14) – FGIC Insured
1/14 at 100.00
A1 (4)
   
1,352,188
 
 
1,000
 
5.250%, 1/01/22 (Pre-refunded 1/01/14) – FGIC Insured
1/14 at 100.00
A1 (4)
   
1,081,750
 
 
1,195
 
5.250%, 1/01/23 (Pre-refunded 1/01/14) – FGIC Insured
1/14 at 100.00
A1 (4)
   
1,292,691
 
 
2,000
 
5.250%, 1/01/24 (Pre-refunded 1/01/14) – FGIC Insured
1/14 at 100.00
A1 (4)
   
2,163,500
 
 
3,465
 
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 – AGM Insured (UB) (5)
2/17 at 100.00
AA+
   
3,567,703
 
 
1,245
 
Springfield Water and Sewerage Commission, Massachusetts, General Revenue Bonds, Refunding Series 2010B, 5.000%, 11/15/30 – AGC Insured
11/20 at 100.00
AA–
   
1,427,841
 
 
28,490
 
Total Massachusetts
       
32,396,251
 
     
Michigan – 3.8% (2.6% of Total Investments)
           
 
5,000
 
Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2011A, 5.250%, 7/01/41
7/21 at 100.00
A+
   
5,107,300
 
 
1,825
 
Marysville Public School District, St Claire County, Michigan, General Obligation Bonds, Series 2007, 5.000%, 5/01/28 – AGM Insured
5/17 at 100.00
Aa2
   
1,970,051
 
 
2,750
 
Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2011-II-A, 5.375%, 10/15/36
10/21 at 100.00
Aa3
   
3,099,525
 
 
10,585
 
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2009, 5.750%, 11/15/39
11/19 at 100.00
A1
   
11,632,386
 
 
20,160
 
Total Michigan
       
21,809,262
 
     
Minnesota – 0.2% (0.1% of Total Investments)
           
 
1,000
 
Minneapolis-Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Children’s Health Care, Series 2004A-1 Remarketed, 4.625%, 8/15/29 – AGM Insured
8/20 at 100.00
AA–
   
1,088,950
 
     
Mississippi – 1.9% (1.3% of Total Investments)
           
 
2,715
 
Harrison County Wastewater Management District, Mississippi, Revenue Refunding Bonds, Wastewater Treatment Facilities, Series 1991B, 7.750%, 2/01/14 – FGIC Insured (ETM)
No Opt. Call
BBB (4)
   
3,065,642
 
 
1,330
 
Harrison County Wastewater Management District, Mississippi, Wastewater Treatment Facilities Revenue Refunding Bonds, Series 1991A, 8.500%, 2/01/13 – FGIC Insured (ETM)
No Opt. Call
N/R (4)
   
1,407,858
 
 
5,445
 
Mississippi Development Bank, Special Obligation Bonds, Gulfport Water and Sewer System Project, Series 2005, 5.250%, 7/01/24 – AGM Insured
No Opt. Call
AA–
   
6,351,810
 
 
9,490
 
Total Mississippi
       
10,825,310
 
 
26
 
Nuveen Investments

 
 

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

 
 

 

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

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Texas – 13.0% (8.8% 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–
 
$
2,507,316
 
 
500
 
Board of Regents of the Texas Tech University System, Revenue Financing System Refunding and Improvement Bonds, Fourteenth Series 2012A, 5.000%, 8/15/37
8/21 at 100.00
AA
   
559,240
 
 
1,700
 
Central Texas Regional Mobility Authority, Senior Lien Revenue Bonds, Series 2011, 6.250%, 1/01/46
1/21 at 100.00
BBB–
   
1,879,350
 
 
3,135
 
Corpus Christi, Texas, Utility System Revenue Bonds, Series 2004, 5.250%, 7/15/20 – AGM Insured (UB)
7/14 at 100.00
AA–
   
3,410,316
 
 
3,735
 
Grand Prairie Independent School District, Dallas County, Texas, General Obligation Bonds, Series 2003, 5.125%, 2/15/31 (Pre-refunded 2/15/13) – AGM Insured
2/13 at 100.00
AA+ (4)
   
3,880,441
 
 
4,700
 
Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2004A, 5.250%, 5/15/24 – FGIC Insured
5/14 at 100.00
AA
   
5,071,347
 
     
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–
   
3,710,175
 
 
2,055
 
5.125%, 9/01/33 – AGM Insured
9/16 at 100.00
AA–
   
2,180,108
 
 
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)
   
24,222,790
 
 
2,000
 
Laredo Independent School District Public Facilities Corporation, Texas, Lease Revenue Bonds, Series 2004A, 5.000%, 8/01/24 – AMBAC Insured
8/12 at 100.00
A+
   
2,006,680
 
 
22,045
 
North Central Texas Health Facilities Development Corporation, Revenue Bonds, Children’s Medical Center of Dallas, Series 2002, 5.250%, 8/15/32 – AMBAC Insured
8/12 at 101.00
AA
   
22,370,605
 
 
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
Aa2
   
2,693,802
 
 
65,060
 
Total Texas
       
74,492,170
 
     
Utah – 0.8% (0.5% of Total Investments)
           
 
3,615
 
Utah Transit Authority, Sales Tax Revenue Bonds, Tender Option Bond Trust R-11752-1, 12.492%, 6/15/27 – AGM Insured (IF)
6/18 at 100.00
AAA
   
4,564,914
 
     
Washington – 7.8% (5.3% of Total Investments)
           
 
8,000
 
King County, Washington, Sewer Revenue Bonds, Series 2007, 5.000%, 1/01/42 – AGM Insured
7/17 at 100.00
AA+
   
8,674,800
 
 
1,665
 
King County, Washington, Sewer Revenue Bonds, Tender Option Bond Trust 3090, 12.970%, 7/01/32 – AGM Insured (IF)
7/17 at 100.00
AA+
   
2,105,659
 
 
14,825
 
Seattle Housing Authority, Washington, GNMA Collateralized Mortgage Loan Low Income Housing Assistance Revenue Bonds, Park Place Project, Series 2000A, 7.000%, 5/20/42
5/12 at 105.00
AA+
   
15,586,264
 
 
4,380
 
Seattle Housing Authority, Washington, GNMA Collateralized Mortgage Loan Low Income Housing Assistance Revenue Bonds, RHF/Esperanza Apartments Project, Series 2000A, 6.125%, 3/20/42 (Alternative Minimum Tax)
9/12 at 101.00
AA+
   
4,470,710
 
 
1,970
 
Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.625%, 1/01/35
1/21 at 100.00
A
   
2,123,837
 
 
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+
   
12,030,756
 
 
52,350
 
Total Washington
       
44,992,026
 
     
Wisconsin – 0.7% (0.5% 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)
   
1,825,641
 
 
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+
   
1,382,650
 
 
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
   
1,043,208
 
 
3,885
 
Total Wisconsin
       
4,251,499
 
 

Nuveen Investments
 
29

 
 

 

   
Nuveen Quality Municipal Fund, Inc. (continued)
   
(formerly known as Nuveen Insured Quality Municipal Fund, Inc.)
NQI
 
Portfolio of Investments
April 30, 2012 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Wyoming – 0.4% (0.3% of Total Investments)
           
     
Teton County Hospital District, Wyoming, Hospital Revenue Bonds, St. John’s Medical Center Project, Series 2011B:
           
$
1,000
 
5.500%, 12/01/27
12/21 at 100.00
BBB
 
$
1,085,650
 
 
1,000
 
6.000%, 12/01/36
12/21 at 100.00
BBB
   
1,109,538
 
 
2,000
 
Total Wyoming
       
2,195,188
 
$
928,028
 
Total Investments (cost $787,553,615) – 146.8%
       
843,975,718
 
     
Floating Rate Obligations – (9.1)%
       
(52,480,000
)
     
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (41.8)% (6)
       
(240,400,000
)
     
Other Assets Less Liabilities – 4.1%
       
23,808,310
 
     
Net Assets Applicable to Common Shares – 100%
     
$
574,904,028
 
 
(1)
 
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
(2)
 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
 
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations of investments in inverse floating rate transactions.
(6)
 
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 28.5%.
N/R
 
Not rated.
WI/DD
 
Purchased on a when-issued or delayed delivery basis.
(ETM)
 
Escrowed to maturity.
(IF)
 
Inverse floating rate investment.
(UB)
 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
 
See accompanying notes to financial statements.
 
30
 
Nuveen Investments

 
 

 

   
Nuveen Municipal Opportunity Fund, Inc.
   
(formerly known as Nuveen Insured Municipal Opportunity Fund, Inc.)
NIO
 
Portfolio of Investments
   
April 30, 2012 (Unaudited)
 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Alabama – 2.3% (1.6% 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+
 
$
10,687,530
 
 
2,500
 
Jefferson County, Alabama, Sewer Revenue Capital Improvement Warrants, Series 2002B, 5.125%, 2/01/42 (Pre-refunded 8/01/12) – FGIC Insured (4)
8/12 at 100.00
Aaa
   
2,529,800
 
     
Jefferson County, Alabama, Sewer Revenue Capital Improvement Warrants, Series 2002D:
           
 
425
 
5.000%, 2/01/38 (Pre-refunded 8/01/12) – FGIC Insured (4)
8/12 at 100.00
Aaa
   
429,934
 
 
14,800
 
5.000%, 2/01/42 (Pre-refunded 8/01/12) – FGIC Insured (4)
8/12 at 100.00
Aaa
   
14,971,828
 
 
10,195
 
Jefferson County, Alabama, Sewer Revenue Refunding Warrants, Series 1997A, 5.375%, 2/01/27 – FGIC Insured (4)
7/12 at 100.00
Caa3
   
6,107,315
 
 
38,420
 
Total Alabama
       
34,726,407
 
     
Arizona – 2.8% (1.9% 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–
   
4,265,278
 
     
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–
   
2,174,520
 
 
2,000
 
5.000%, 9/01/27 – AMBAC Insured
3/15 at 100.00
AA–
   
2,172,200
 
 
1,000
 
Arizona State University, System Revenue Bonds, Series 2005, 5.000%, 7/01/27 – AMBAC Insured
7/15 at 100.00
Aa3
   
1,095,050
 
 
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–
   
3,281,670
 
 
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)
   
1,098,690
 
 
5,200
 
Mesa, Arizona, Utility System Revenue Bonds, Tender Option Bond Trust, Series 11032- 11034, 14.749%, 7/01/26 – AGM Insured (IF)
7/17 at 100.00
Aa2
   
5,708,352
 
 
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+
   
1,232,766
 
 
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
   
14,769,392
 
 
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+
   
5,248,500
 
 
38,070
 
Total Arizona
       
41,046,418
 
     
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
   
2,783,211
 
     
California – 19.8% (13.4% of Total Investments)
           
 
5,600
 
Alameda Corridor Transportation Authority, California, Subordinate Lien Revenue Bonds, Series 2004A, 0.000%, 10/01/20 – AMBAC Insured
No Opt. Call
BBB+
   
3,735,256
 
     
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
   
33,611
 
 
25
 
5.000%, 12/01/27 (Pre-refunded 12/01/14) – NPFG Insured
12/14 at 100.00
AAA
   
28,010
 
     
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2005AC:
           
 
3,670
 
5.000%, 12/01/24 – NPFG Insured (UB)
12/14 at 100.00
AAA
   
4,039,349
 
 
2,795
 
5.000%, 12/01/27 – NPFG Insured (UB)
12/14 at 100.00
AAA
   
3,070,335
 
 
3,000
 
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children’s Hospital, Series 2012A, 5.000%, 8/15/51
8/22 at 100.00
AA
   
3,181,950
 
 
10,150
 
California State, General Obligation Bonds, Series 2004, 5.000%, 6/01/31 – AMBAC Insured
12/14 at 100.00
A1
   
10,738,294
 
 

Nuveen Investments
 
31

 
 

 

   
Nuveen Municipal Opportunity Fund, Inc. (continued)
   
(formerly known as Nuveen Insured Municipal Opportunity Fund, Inc.)
NIO
 
Portfolio of Investments
April 30, 2012 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
California (continued)
           
$
10,920
 
California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Series 2012A, 5.000%, 4/01/42
4/22 at 100.00
A+
 
$
11,681,888
 
 
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
   
3,833,375
 
 
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
   
6,324,425
 
 
10,000
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/38 – FGIC Insured
6/15 at 100.00
A2
   
10,123,500
 
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
           
 
15,510
 
4.500%, 6/01/27
6/17 at 100.00
BB–
   
13,276,405
 
 
3,760
 
5.000%, 6/01/33
6/17 at 100.00
BB–
   
2,968,558
 
 
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–
   
1,502,170
 
 
5,600
 
Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%, 11/01/24 – AGM Insured
No Opt. Call
Aa2
   
3,409,672
 
 
2,740
 
Los Angeles Harbors Department, California, Revenue Bonds, Series 2006A, 5.000%, 8/01/22 – FGIC Insured (Alternative Minimum Tax)
8/16 at 102.00
AA
   
3,036,030
 
 
20,000
 
Los Angeles Unified School District, California, General Obligation Bonds, Series 2003A, 5.000%, 7/01/21 (Pre-refunded 7/01/13) – AGM Insured
7/13 at 100.00
Aa2 (5)
   
21,105,000
 
 
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
   
3,394,470
 
 
5,200
 
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 – AGC Insured
8/29 at 100.00
AA–
   
4,146,064
 
 
5,515
 
Port of Oakland, California, Revenue Bonds, Series 2002L, 5.000%, 11/01/22 – FGIC Insured (Alternative Minimum Tax)
11/12 at 100.00
A
   
5,597,339
 
 
690
 
Port of Oakland, California, Revenue Bonds, Series 2002L, 5.000%, 11/01/22 (Pre-refunded 11/01/12) – FGIC Insured
11/12 at 100.00
A (5)
   
706,036
 
     
Poway Redevelopment Agency, California, Tax Allocation Bonds, Paguay Redevelopment Project, Series 2001:
           
 
15,000
 
5.200%, 6/15/30 – AMBAC Insured
6/12 at 101.00
N/R
   
15,042,000
 
 
6,000
 
5.125%, 6/15/33 – AMBAC Insured
6/12 at 101.00
N/R
   
6,007,500
 
 
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
   
2,094,361
 
 
6,000
 
Redlands Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2003, 5.000%, 7/01/26 – AGM Insured
7/13 at 100.00
AA–
   
6,222,840
 
 
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
   
3,357,615
 
 
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
   
2,797,300
 
 
1,220
 
San Francisco Bay Area Rapid Transit District, California, Sales Tax Revenue Bonds, Refunding Series 2005A, 5.000%, 7/01/22 – NPFG Insured
7/15 at 100.00
AA+
   
1,368,803
 
 
3,030
 
San Francisco Bay Area Rapid Transit District, California, Sales Tax Revenue Bonds, Series 2001, 5.125%, 7/01/36 – AMBAC Insured
7/12 at 100.00
AA+
   
3,039,999
 
 
2,105
 
San Francisco Unified School District, California, General Obligation Bonds, Series 2007A, 3.000%, 6/15/27 – AGM Insured
6/17 at 100.00
Aa2
   
2,062,226
 
 
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
   
56,093,421
 
     
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A:
           
 
31,615
 
5.250%, 1/15/30 – NPFG Insured
7/12 at 100.00
BBB
   
29,144,604
 
 
21,500
 
0.000%, 1/15/32 – NPFG Insured
No Opt. Call
BBB
   
5,900,030
 
 
32
 
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
BBB
 
$
18,686,121
 
 
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
BBB
   
12,860,213
 
 
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
   
7,075,602
 
 
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+
   
5,115,050
 
 
323,925
 
Total California
       
292,799,422
 
     
Colorado – 3.5% (2.3% of Total Investments)
           
 
1,080
 
Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/40 – SYNCORA GTY Insured
10/16 at 100.00
BBB–
   
1,068,152
 
 
1,900
 
Aspen, Colorado, Sales Tax Revenue Bonds, Parks and Open Space, Series 2005B, 5.250%, 11/01/24 – AGM Insured
11/15 at 100.00
Aa2
   
2,153,517
 
 
1,000
 
Colorado Department of Transportation, Certificates of Participation, Series 2004, 5.000%, 6/15/25 – NPFG Insured
6/14 at 100.00
AA–
   
1,044,230
 
 
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)
   
5,307,341
 
 
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)
   
1,944,032
 
 
35,995
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 9/01/23 – NPFG Insured
No Opt. Call
BBB
   
21,442,941
 
 
10,000
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/27 – NPFG Insured
No Opt. Call
BBB
   
4,453,200
 
 
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 (UB)
12/14 at 100.00
Aa2 (5)
   
5,062,626
 
 
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–
   
4,751,203
 
 
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)
   
2,794,750
 
 
355
 
University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 – FGIC Insured
6/15 at 100.00
Aa2
   
389,790
 
 
645
 
University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 (Pre-refunded 6/01/15) – FGIC Insured
6/15 at 100.00
BBB (5)
   
733,604
 
 
69,020
 
Total Colorado
       
51,145,386
 
     
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
   
3,582,703
 
     
District of Columbia – 0.9% (0.6% of Total Investments)
           
     
District of Columbia Water and Sewerage Authority, Public Utility Revenue Bonds, Subordinate Lien Series 2003:
           
 
5,000
 
5.125%, 10/01/24 (Pre-refunded 10/01/13) – FGIC Insured
10/13 at 100.00
AA (5)
   
5,336,650
 
 
5,000
 
5.125%, 10/01/25 (Pre-refunded 10/01/13) – FGIC Insured
10/13 at 100.00
AA (5)
   
5,336,650
 
 
2,670
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1606, 11.096%, 10/01/30 – AMBAC Insured (IF)
10/16 at 100.00
AA+
   
2,963,513
 
 
12,670
 
Total District of Columbia
       
13,636,813
 
 

Nuveen Investments
 
33

 
 

 

   
Nuveen Municipal Opportunity Fund, Inc. (continued)
   
(formerly known as Nuveen Insured Municipal Opportunity Fund, Inc.)
NIO
 
Portfolio of Investments
   
April 30, 2012 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Florida – 22.7% (15.4% 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
 
$
1,331,000
 
 
3,820
 
Broward County School Board, Florida, Certificates of Participation, Series 2003, 5.250%, 7/01/19 (Pre-refunded 7/01/13) – NPFG Insured
7/13 at 100.00
Aa3 (5)
   
4,040,796
 
 
2,150
 
Broward County, Florida, Airport System Revenue Bonds, Series 2004L, 5.000%, 10/01/23 – AMBAC Insured
10/14 at 100.00
A+
   
2,267,713
 
 
4,500
 
Broward County, Florida, Water and Sewer Utility Revenue Bonds, Series 2003, 5.000%, 10/01/24 (Pre-refunded 10/01/13) – NPFG Insured
10/13 at 100.00
AA+ (5)
   
4,801,680
 
 
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–
   
6,483,960
 
     
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
   
5,526,516
 
 
12,585
 
5.000%, 11/01/32 – AGM Insured (UB)
11/17 at 100.00
Aa2
   
13,441,283
 
 
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)
   
1,665,390
 
 
3,000
 
Collier County, Florida, Gas Tax Revenue Bonds, Series 2005, 5.000%,
6/15 at 100.00
AA–
   
3,195,420
 
         6/01/22 – AMBAC Insured            
     
Dade County Housing Finance Authority, Florida, Multifamily Mortgage Revenue Bonds, Siesta Pointe Apartments Project, Series 1997A:
           
 
1,230
 
5.650%, 9/01/17 – AGM Insured (Alternative Minimum Tax)
9/12 at 100.00
AA+
   
1,232,337
 
 
1,890
 
5.750%, 9/01/29 – AGM Insured (Alternative Minimum Tax)
9/12 at 100.00
AA+
   
1,891,890
 
 
900
 
Dade County, Florida, Seaport Revenue Refunding Bonds, Series 1995, 5.750%, 10/01/15 – NPFG Insured
10/12 at 100.00
A2
   
903,915
 
     
Davie, Florida, Water and Sewerage Revenue Refunding and Improvement Bonds, Series 2003:
           
 
910
 
5.250%, 10/01/17 – AMBAC Insured
10/13 at 100.00
N/R
   
959,923
 
 
475
 
5.250%, 10/01/18 – AMBAC Insured
10/13 at 100.00
N/R
   
496,660
 
     
Deltona, Florida, Utility Systems Water and Sewer Revenue Bonds, Series 2003:
           
 
1,250
 
5.250%, 10/01/22 – NPFG Insured
10/13 at 100.00
A1
   
1,292,063
 
 
1,095
 
5.000%, 10/01/23 – NPFG Insured
10/13 at 100.00
A1
   
1,131,168
 
 
1,225
 
5.000%, 10/01/24 – NPFG Insured
10/13 at 100.00
A1
   
1,262,914
 
 
2,500
 
Escambia County School Board, Florida, Certificates of Participation, Series 2004, 5.000%, 2/01/22 – NPFG Insured
2/15 at 100.00
BBB
   
2,600,600
 
 
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–
   
2,722,200
 
 
1,200
 
Flagler County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/30 – NPFG Insured
10/15 at 100.00
A
   
1,250,616
 
 
3,945
 
Florida Governmental Utility Authority, Utility System Revenue Bonds, Citrus Project, Series 2003, 5.000%, 10/01/23 (Pre-refunded 10/01/13) – AMBAC Insured
10/13 at 100.00
N/R (5)
   
4,209,473
 
 
1,000
 
Florida Governmental Utility Authority, Utility System Revenue Bonds, Golden Gate Project, Series 1999, 5.000%, 7/01/29 – AMBAC Insured
7/12 at 100.00
N/R
   
1,000,210
 
     
Florida Municipal Loan Council, Revenue Bonds, Series 2000B:
           
 
250
 
5.375%, 11/01/25 – NPFG Insured
11/12 at 100.00
A–
   
250,403
 
 
185
 
5.375%, 11/01/30 – NPFG Insured
11/12 at 100.00
A–
   
185,233
 
 
220
 
Florida Municipal Loan Council, Revenue Bonds, Series 2001A, 5.250%, 11/01/18 – NPFG Insured
11/12 at 100.00
Baa2
   
222,713
 
 
2,000
 
Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Refunding Bonds, Series 2003A, 5.000%, 10/01/17 – AGM Insured
10/13 at 100.00
AA–
   
2,107,940
 
 
1,915
 
Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006, 5.500%, 6/01/38 – AGM Insured
6/18 at 100.00
AA–
   
2,032,102
 
 
2,500
 
Hillsborough County Industrial Development Authority, Florida, Industrial Development Revenue Bonds, University Community Hospital, Series 1994, 6.500%, 8/15/19 – NPFG Insured
No Opt. Call
Aaa
   
3,124,275
 
 
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
   
1,091,180
 
 
34
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Florida (continued)
           
$
6,000
 
Hillsborough County School Board, Florida, Certificates of Participation, Series 2003, 5.000%, 7/01/29 (Pre-refunded 7/01/13) – NPFG Insured
7/13 at 100.00
Aa2 (5)
 
$
6,329,280
 
 
2,000
 
Hillsborough County, Florida, Community Investment Tax Revenue Bonds, Series 2004, 5.000%, 5/01/23 – AMBAC Insured
11/13 at 101.00
AA
   
2,138,660
 
 
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+
   
1,101,620
 
 
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+
   
2,782,385
 
     
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
Baa2
   
1,687,556
 
 
1,830
 
5.000%, 5/01/27 – NPFG Insured
5/15 at 102.00
Baa2
   
1,859,756
 
 
1,480
 
Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Series 2003, 5.250%, 10/01/20 (Pre-refunded 10/01/13) – NPFG Insured
10/13 at 100.00
A1 (5)
   
1,582,253
 
 
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
   
1,615,155
 
 
1,000
 
JEA, Florida, Water and Sewerage System Revenue Bonds, Series 2004A, 5.000%, 10/01/14 – FGIC Insured
10/13 at 100.00
AA
   
1,064,010
 
 
1,450
 
Jupiter, Florida, Water Revenue Bonds, Series 2003, 5.000%, 10/01/22 – AMBAC Insured
10/13 at 100.00
AAA
   
1,535,463
 
     
Lakeland, Florida, Utility Tax Revenue Bonds, Series 2003B:
           
 
1,730
 
5.000%, 10/01/18 – AMBAC Insured
10/12 at 100.00
N/R
   
1,746,556
 
 
2,000
 
5.000%, 10/01/19 – AMBAC Insured
10/12 at 100.00
N/R
   
2,017,980
 
 
4,665
 
Lee County, Florida, Airport Revenue Refunding Bonds, Series 2011A, 5.375%, 10/01/32 – AGM Insured (Alternative Minimum Tax)
8/21 at 100.00
AA–
   
5,079,065
 
 
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
   
1,293,001
 
 
1,505
 
Lee County, Florida, Transportation Facilities Revenue Bonds, Series 2004B, 5.000%, 10/01/21 – AMBAC Insured
10/14 at 100.00
A–
   
1,600,251
 
 
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
   
1,027,360
 
 
3,000
 
Leesburg, Florida, Utility Revenue Bonds, Series 2007, 5.000%, 10/01/37 – NPFG Insured
10/17 at 100.00
Aa3
   
3,161,970
 
 
2,000
 
Manatee County, Florida, Public Utilities Revenue Bonds, Series 2003, 5.125%, 10/01/20 (Pre-refunded 10/01/13) – NPFG Insured
10/13 at 100.00
Aa2 (5)
   
2,136,140
 
     
Marco Island, Florida, Water Utility System Revenue Bonds, Series 2003:
           
 
1,350
 
5.250%, 10/01/17 (Pre-refunded 10/01/13) – NPFG Insured
10/13 at 100.00
Aa3 (5)
   
1,444,284
 
 
1,000
 
5.250%, 10/01/18 (Pre-refunded 10/01/13) – NPFG Insured
10/13 at 100.00
Aa3 (5)
   
1,069,840
 
 
2,000
 
Marco Island, Florida, Water Utility System Revenue Bonds, Series 2003, 5.000%, 10/01/27 – NPFG Insured
10/13 at 100.00
Aa3
   
2,099,520
 
 
2,200
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2002A, 5.125%, 10/01/35 – AGM Insured (Alternative Minimum Tax)
10/12 at 100.00
AA–
   
2,206,534
 
     
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2002:
           
 
5,615
 
5.750%, 10/01/19 – FGIC Insured (Alternative Minimum Tax)
10/12 at 100.00
A2
   
5,698,720
 
 
35,920
 
5.375%, 10/01/32 – FGIC Insured (Alternative Minimum Tax)
10/12 at 100.00
A2
   
36,066,554
 
 
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
   
13,160,413
 
 
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
   
5,471,886
 
 
18,000
 
Miami-Dade County, Florida, Subordinate Special Obligation Bonds, Series 1997A, 0.000%, 10/01/21 – NPFG Insured
7/12 at 61.53
A+
   
10,951,740
 
 
Nuveen Investments
 
35

 
 

 

   
Nuveen Municipal Opportunity Fund, Inc. (continued)
   
(formerly known as Nuveen Insured Municipal Opportunity Fund, Inc.)
NIO
 
Portfolio of Investments
   
April 30, 2012 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Florida (continued)
           
$
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
 
$
3,202,140
 
 
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
Aa2
   
2,505,480
 
     
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
BBB
   
1,369,348
 
 
2,145
 
5.000%, 8/01/29 – NPFG Insured
8/15 at 102.00
BBB
   
2,236,806
 
 
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–
   
2,103,060
 
 
1,000
 
Orange County School Board, Florida, Certificates of Participation, Series 2007A, 5.000%, 8/01/27 – FGIC Insured
8/17 at 100.00
AA
   
1,074,080
 
 
3,180
 
Orange County, Florida, Sales Tax Revenue Bonds, Series 2002B, 5.125%, 1/01/19 – FGIC Insured
1/13 at 100.00
AA+
   
3,270,185
 
 
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–
   
2,609,025
 
     
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
   
2,677,225
 
 
7,820
 
5.000%, 4/01/23 – NPFG Insured
4/14 at 100.00
Aa3
   
8,312,816
 
 
1,750
 
Palm Bay, Florida, Utility System Revenue Bonds, Palm Bay Utility Corporation, Series 2003, 5.000%, 10/01/20 – NPFG Insured
10/13 at 100.00
Aa3
   
1,850,573
 
 
1,065
 
Palm Beach County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, Westlake Apartments Phase II, Series 2002, 5.150%, 7/01/22 – AGM Insured (Alternative Minimum Tax)
7/12 at 100.00
AA+
   
1,067,428
 
 
2,150
 
Palm Beach County School Board, Florida, Certificates of Participation, Series 2004A, 5.000%, 8/01/24 – FGIC Insured
8/14 at 100.00
AA–
   
2,307,595
 
 
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–
   
3,294,810
 
 
8,000
 
Palm Beach County Solid Waste Authority, Florida, Revenue Bonds, Series 2002B, 0.000%, 10/01/14 – AMBAC Insured
No Opt. Call
AA+
   
7,802,640
 
     
Palm Coast, Florida, Water Utility System Revenue Bonds, Series 2003:
           
 
1,000
 
5.250%, 10/01/19 – NPFG Insured
10/13 at 100.00
A1
   
1,051,810
 
 
500
 
5.250%, 10/01/20 – NPFG Insured
10/13 at 100.00
A1
   
525,905
 
 
500
 
5.250%, 10/01/21 – NPFG Insured
10/13 at 100.00
A1
   
525,130
 
 
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
   
3,308,760
 
     
Plantation, Florida, Non-Ad Valorem Revenue Refunding and Improvement Bonds, Series 2003:
           
 
2,225
 
5.000%, 8/15/18 – AGM Insured
8/13 at 100.00
Aa3
   
2,343,192
 
 
1,300
 
5.000%, 8/15/21 – AGM Insured
8/13 at 100.00
Aa3
   
1,368,185
 
 
1,170
 
Polk County, Florida, Utility System Revenue Bonds, Series 2004A, 5.000%, 10/01/24 – FGIC Insured
10/14 at 100.00
Aa3
   
1,262,430
 
 
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
BBB
   
1,020,000
 
     
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–
   
5,969,712
 
 
8,500
 
5.000%, 9/01/35 – AGC Insured
9/18 at 100.00
AA–
   
9,136,055
 
 
1,830
 
Port St. Lucie, Florida, Utility System Revenue Bonds, Series 2003, 5.000%, 9/01/21 (Pre-refunded 9/01/13) – NPFG Insured
9/13 at 100.00
AA– (5)
   
1,945,674
 
 
1,000
 
Port St. Lucie, Florida, Utility System Revenue Bonds, Series 2004, 5.000%, 9/01/21 – NPFG Insured
9/14 at 100.00
Aa3
   
1,075,840
 
 
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
   
2,073,338
 
 
36
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Florida (continued)
           
$
4,260
 
Saint Lucie County School Board, Florida, Certificates of Participation, Master Lease Program, Series 2004A, 5.000%, 7/01/24 – AGM Insured
7/14 at 100.00
AA–
 
$
4,599,352
 
     
Sebring, Florida, Water and Wastewater Revenue Refunding Bonds, Series 2002:
           
 
1,360
 
5.250%, 1/01/17 (Pre-refunded 1/01/13) – FGIC Insured
1/13 at 100.00
AA– (5)
   
1,404,567
 
 
770
 
5.250%, 1/01/18 (Pre-refunded 1/01/13) – FGIC Insured
1/13 at 100.00
AA– (5)
   
795,233
 
 
500
 
5.250%, 1/01/20 (Pre-refunded 1/01/13) – FGIC Insured
1/13 at 100.00
AA– (5)
   
516,385
 
 
5,740
 
Seminole County, Florida, Water and Sewer Revenue Refunding and Improvement Bonds, Series 1992, 6.000%, 10/01/19 – NPFG Insured (ETM)
No Opt. Call
Aa2 (5)
   
7,004,407
 
 
3,530
 
Seminole County, Florida, Water and Sewer Revenue Refunding and Improvement Bonds, Series 1992, 6.000%, 10/01/19 – NPFG Insured
No Opt. Call
BBB
   
3,861,644
 
     
St. Lucie County, Florida, Utility System Revenue Refunding Bonds, Series 1993:
           
 
5,005
 
5.500%, 10/01/15 – FGIC Insured (ETM)
No Opt. Call
N/R (5)
   
5,454,049
 
 
1,200
 
5.500%, 10/01/21 – FGIC Insured (ETM)
No Opt. Call
N/R (5)
   
1,498,380
 
     
St. Petersburg, Florida, Sales Tax Revenue Bonds, Professional Sports Facility, Series 2003:
           
 
1,475
 
5.125%, 10/01/20 – AGM Insured
10/13 at 100.00
Aa3
   
1,558,692
 
 
1,555
 
5.125%, 10/01/21 – AGM Insured
10/13 at 100.00
Aa3
   
1,641,427
 
 
2,500
 
Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/29 – NPFG Insured
10/15 at 100.00
AA
   
2,733,200
 
 
400
 
Tamarac, Florida, Utility System Revenue Bonds, Series 2009, 5.000%, 10/01/39 – AGC Insured
10/19 at 100.00
Aa2
   
441,232
 
 
1,765
 
Tampa Sports Authority, Hillsborough County, Florida, Local Option Sales Tax Payments Revenue Bonds, Stadium Project, Series 2005, 5.000%, 1/01/22 – AGM Insured
1/15 at 100.00
AA+
   
1,916,102
 
 
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)
7/12 at 100.00
Aaa
   
1,519,920
 
 
10,335
 
Tampa, Florida, Revenue Bonds, University of Tampa, Series 2006, 5.000%, 4/01/35 – CIFG Insured
4/16 at 100.00
Aa3
   
10,520,307
 
 
1,390
 
Venice, Florida, General Obligation Bonds, Series 2004, 5.000%, 2/01/24 – AMBAC Insured
2/14 at 100.00
AA+
   
1,475,568
 
 
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
   
4,490,033
 
 
2,000
 
Volusia County, Florida, Gas Tax Revenue Bonds, Series 2004, 5.000%, 10/01/21 – AGM Insured
10/14 at 100.00
AA–
   
2,184,200
 
 
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
   
12,542,520
 
 
1,785
 
Volusia County, Florida, Tax Revenue Bonds, Tourist Development, Series 2004, 5.000%, 12/01/24 – AGM Insured
12/14 at 100.00
Aa3
   
1,862,291
 
 
326,185
 
Total Florida
       
335,958,276
 
     
Georgia – 1.9% (1.3% of Total Investments)
           
 
1,000
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2004, 5.000%, 11/01/22 – AGM Insured
11/14 at 100.00
AA–
   
1,072,120
 
 
10,000
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.375%, 11/01/39 – AGM Insured
11/19 at 100.00
AA–
   
11,189,400
 
 
1,155
 
Augusta, Georgia, Water and Sewerage Revenue Bonds, Series 2004, 5.250%, 10/01/39 – AGM Insured
10/14 at 100.00
AA–
   
1,249,964
 
 
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
   
3,057,780
 
 
1,520
 
College Park Business and Industrial Development Authority, Georgia, Revenue Bonds, Public Safety Project, Series 2004, 5.250%, 9/01/23 – NPFG Insured
9/14 at 102.00
AA–
   
1,682,868
 
     
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
   
1,816,294
 
 
1,135
 
5.250%, 5/01/20 – NPFG Insured
5/14 at 100.00
Aa3
   
1,216,221
 
 
4,500
 
5.000%, 5/01/36 – NPFG Insured
5/14 at 100.00
Aa3
   
4,604,490
 
 
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
Aa3
   
2,479,793
 
 
26,080
 
Total Georgia
       
28,368,930
 
 
Nuveen Investments
 
37

 
 

 

   
Nuveen Municipal Opportunity Fund, Inc. (continued)
   
(formerly known as Nuveen Insured Municipal Opportunity Fund, Inc.)
NIO
 
Portfolio of Investments
   
April 30, 2012 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Idaho – 0.2% (0.1% of Total Investments)
           
$
90
 
Idaho Housing Agency, Single Family Mortgage Senior Bonds, Series 1995B, 6.600%, 7/01/27 (Alternative Minimum Tax)
7/12 at 100.00
Aaa
 
$
90,446
 
     
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
Aa2
   
1,142,110
 
 
1,065
 
5.000%, 7/15/24 – NPFG Insured
7/16 at 100.00
Aa2
   
1,213,078
 
 
2,155
 
Total Idaho
       
2,445,634
 
     
Illinois – 8.6% (5.8% 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–
   
1,166,424
 
 
7,000
 
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–
   
7,671,860
 
 
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
A1
   
7,819,992
 
 
7,025
 
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
   
6,539,221
 
 
10,580
 
Illinois Development Finance Authority, Revenue Bonds, Provena Health, Series 1998A, 5.500%, 5/15/21 – NPFG Insured
5/12 at 100.00
Baa1
   
10,591,109
 
 
3,295
 
Illinois Educational Facilities Authority, Revenue Bonds, Robert Morris College, Series 2000, 5.800%, 6/01/30 – NPFG Insured
6/12 at 100.00
Baa2
   
3,298,262
 
 
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–
   
7,584,259
 
 
14,965
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago, Series 2012A, 5.000%, 10/01/51
10/21 at 100.00
Aa1
   
16,196,620
 
 
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–
   
6,082,463
 
 
22,610
 
Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2002, 5.125%, 2/01/27 – FGIC Insured
6/12 at 100.00
A+
   
22,672,856
 
     
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
   
3,385,200
 
 
15,000
 
0.000%, 6/15/46 – AGM Insured
No Opt. Call
AAA
   
2,398,350
 
 
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
   
5,926,505
 
 
5,920
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Tender Option Bond Trust 3861, 13.397%, 6/15/42 (IF) (6)
6/20 at 100.00
AAA
   
6,683,384
 
     
Schaumburg, Illinois, General Obligation Bonds, Series 2004B:
           
 
4,260
 
5.000%, 12/01/22 – FGIC Insured
12/14 at 100.00
Aaa
   
4,697,374
 
 
2,365
 
5.000%, 12/01/23 – FGIC Insured
12/14 at 100.00
Aaa
   
2,603,983
 
 
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+
   
2,103,520
 
     
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–
   
1,166,025
 
 
1,035
 
7.000%, 12/01/22 – AGM Insured
12/20 at 100.00
AA–
   
1,268,848
 
 
1,155
 
7.000%, 12/01/23 – AGM Insured
12/20 at 100.00
AA–
   
1,411,144
 
 
1,065
 
7.000%, 12/01/26 – AGM Insured
12/20 at 100.00
AA–
   
1,271,940
 
 
2,085
 
7.250%, 12/01/29 – AGM Insured
12/20 at 100.00
AA–
   
2,491,492
 
 
2,295
 
7.250%, 12/01/30 – AGM Insured
12/20 at 100.00
AA–
   
2,730,339
 
 
166,005
 
Total Illinois
       
127,761,170
 
 
38
 
Nuveen Investments

 
 

 

 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Indiana – 3.9% (2.6% of Total Investments)
           
$
2,030
 
Decatur Township-Marion County Multi-School Building Corporation, Indiana, First Mortgage Bonds, Series 2003, 5.000%, 7/15/20 (Pre-refunded 7/15/13) – FGIC Insured
7/13 at 100.00
AA+ (5)
 
$
2,146,299
 
 
5,000
 
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2010B., 5.000%, 12/01/37
12/20 at 100.00
AA
   
5,317,150
 
 
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+
   
9,046,380
 
 
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
   
5,474,000
 
 
20,000
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/28 – AMBAC Insured
No Opt. Call
AA
   
10,512,200
 
 
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–
   
10,722,263
 
 
3,250
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project, Series 2002A, 5.250%, 7/01/33 (Pre-refunded 7/01/12) – NPFG Insured
7/12 at 100.00
AA+ (5)
   
3,277,690
 
 
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)
   
1,447,522
 
 
5,000
 
Noblesville Redevelopment Authority, Indiana, Economic Development Lease Rental Bonds, Exit 10 Project, Series 2003, 5.000%, 1/15/28 – AMBAC Insured
7/13 at 100.00
AA–
   
5,164,850
 
 
3,705
 
Whitley County Middle School Building Corporation, Columbia City, Indiana, First Mortgage Bonds, Series 2003, 5.000%, 7/15/16 (Pre-refunded 7/15/13) – AGM Insured
7/13 at 100.00
Aa3 (5)
   
3,917,259
 
 
63,440
 
Total Indiana
       
57,025,613
 
     
Kansas – 0.7% (0.5% of Total Investments)
           
 
2,055
 
Kansas Turnpike Authority, Revenue Bonds, Series 2004A-2, 5.000%, 9/01/23 – AGM Insured Neosho County Unified School District 413, Kansas, General Obligation Bonds, Series 2006:
9/14 at 101.00
AA–
   
2,251,561
 
 
2,145
 
5.000%, 9/01/27 (Pre-refunded 9/01/14) – AGM Insured
9/14 at 100.00
Aa3 (5)
   
2,375,673
 
 
4,835
 
5.000%, 9/01/29 (Pre-refunded 9/01/14) – AGM Insured
9/14 at 100.00
Aa3 (5)
   
5,354,956
 
 
9,035
 
Total Kansas
       
9,982,190
 
     
Kentucky – 2.3% (1.5% 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)
   
4,242,178
 
     
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–
   
4,695,420
 
 
10,000
 
5.250%, 2/01/24 – AGC Insured
2/19 at 100.00
AA–
   
11,671,500
 
 
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+
   
8,464,500
 
 
4,000
 
Louisville/Jefferson County Metro Government, Kentucky, Revenue Bonds, Catholic Health Initiatives, Series 2012A, 5.000%, 12/01/35
6/22 at 100.00
AA
   
4,351,680
 
 
29,230
 
Total Kentucky
       
33,425,278
 
     
Louisiana – 4.4% (3.0% 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–
   
3,768,028
 
 
3,025
 
Lafayette City and Parish, Louisiana, Utilities Revenue Bonds, Series 2004, 5.250%, 11/01/22 – NPFG Insured
11/14 at 100.00
A+
   
3,296,766
 
 
4,520
 
Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital, Series 2004, 5.250%, 7/01/24 – NPFG Insured
7/14 at 100.00
BBB
   
4,792,059
 
     
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2005A:
           
 
2,400
 
5.000%, 5/01/25 – FGIC Insured
5/15 at 100.00
Aa1
   
2,627,856
 
 
4,415
 
5.000%, 5/01/26 – FGIC Insured
5/15 at 100.00
Aa1
   
4,834,160
 
 
5,000
 
5.000%, 5/01/27 – FGIC Insured
5/15 at 100.00
Aa1
   
5,425,600
 
 
Nuveen Investments
 
39

 
 

 

   
Nuveen Municipal Opportunity Fund, Inc. (continued)
   
 (formerly known as Nuveen Insured Municipal Opportunity Fund, Inc.)
NIO
 
Portfolio of Investments
   
April 30, 2012 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Louisiana (continued)
           
     
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
 
$
3,428,436
 
 
35,725
 
4.500%, 5/01/41 – FGIC Insured (UB)
5/16 at 100.00
Aa1
   
36,532,385
 
 
38
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006, Residuals 660-1, 15.714%, 5/01/34 – FGIC Insured (IF)
5/16 at 100.00
Aa1
   
41,797
 
 
61,753
 
Total Louisiana
       
64,747,087
 
     
Maine – 0.2% (0.1% of Total Investments)
           
 
3,000
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Series 2003B, 5.000%, 7/01/28 (Pre-refunded 7/01/13) – AGM Insured
7/13 at 100.00
AAA
   
3,155,580
 
     
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+
   
5,261,137
 
     
Massachusetts – 3.4% (2.3% 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+
   
4,980,690
 
 
5,330
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Harvard University, Tender Option Bond Trust 2010-20W, 13.655%, 12/15/34 (IF) (6)
12/19 at 100.00
AAA
   
7,594,717
 
 
11,000
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A, 5.000%, 8/15/23 – AGM Insured (UB)
8/15 at 100.00
AA+
   
12,432,530
 
 
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)
   
16,226,250
 
 
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+
   
7,470,038
 
 
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)
   
1,682,490
 
 
44,585
 
Total Massachusetts
       
50,386,715
 
     
Michigan – 2.3% (1.6% 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
   
6,433,237
 
 
6,000
 
Detroit, Michigan, General Obligation Bonds, Series 2001A-1, 5.375%, 4/01/18 – NPFG Insured
7/12 at 100.00
BBB
   
6,002,460
 
 
2,000
 
Detroit, Michigan, Sewage Disposal System Revenue Bonds, Series 2001D-2, 5.500%, 7/01/32 – NPFG Insured (7)
1/13 at 100.00
A
   
1,497,168
 
 
1,085
 
Grand Rapids Community College, Kent County, Michigan, General Obligation Refunding Bonds, Series 2003, 5.250%, 5/01/20 – AMBAC Insured
5/13 at 100.00
Aa1
   
1,135,691
 
 
8,260
 
Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2011-II-A, 5.375%, 10/15/41
10/21 at 100.00
Aa3
   
9,260,947
 
 
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
12/12 at 100.00
BBB+
   
10,062,000
 
 
32,835
 
Total Michigan
       
34,391,503
 
 
40
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Minnesota – 1.1% (0.8% of Total Investments)
           
$
5,000
 
Minneapolis, Minnesota, Health Care System Revenue Bonds,S Fairview Health Services, Series 2008B, 6.500%, 11/15/38 – AGC Insured
11/18 at 100.00
AA–
 
$
5,890,950
 
 
5,020
 
Minnesota State, General Obligation Bonds, Various Purpose, Refunding Series 2010D, 5.000%, 8/01/18
No Opt. Call
AA+
   
6,206,276
 
 
4,000
 
Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Refunding Series 2009A, 5.000%, 1/01/15 – AGC Insured
No Opt. Call
AA–
   
4,442,240
 
 
14,020
 
Total Minnesota
       
16,539,466
 
     
Missouri – 0.3% (0.2% of Total Investments)
           
 
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–
   
4,654,155
 
     
Montana – 0.2% (0.2% of Total Investments)
           
 
3,000
 
Montana Facility Finance Authority, Hospital Revenue Bonds, Benefis Health System Obligated Group, Series 2011A, 5.750%, 1/01/31 – AGM Insured
1/21 at 100.00
AA–
   
3,429,660
 
     
Nebraska – 2.4% (1.6% of Total Investments)
           
 
27,125
 
Lincoln, Nebraska, Electric System Revenue Bonds, Series 2007A, 4.500%, 9/01/37 – FGIC Insured (UB)
9/17 at 100.00
AA
   
28,185,859
 
 
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+
   
5,638,650
 
 
1,000
 
Nebraska Public Power District, General Revenue Bonds, Series 2005A, 5.000%, 1/01/25 – AGM Insured
1/15 at 100.00
AA–
   
1,089,170
 
 
33,125
 
Total Nebraska
       
34,913,679
 
     
Nevada – 7.8% (5.3% of Total Investments)
           
 
7,000
 
Clark County School District, Nevada, General Obligation Bonds, Refunding Series 2005A, 5.000%, 6/15/19 – FGIC Insured
6/15 at 101.00
AA
   
7,795,270
 
 
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
   
3,818,255
 
 
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–
   
3,310,020
 
 
8,475
 
Clark County, Nevada, General Obligation Bank Bonds, Southern Nevada Water Authority Loan, Series 2002, 5.000%, 6/01/32 – NPFG Insured
12/12 at 100.00
AA+
   
8,638,737
 
 
3,630
 
Clark County, Nevada, General Obligation Bank Bonds, Southern Nevada Water Authority Loan, Series 2002, 5.000%, 6/01/32 (Pre-refunded 12/01/12) – NPFG Insured
12/12 at 100.00
AA+ (5)
   
3,732,257
 
 
16,840
 
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.250%, 7/01/39 – AGM Insured
1/20 at 100.00
AA–
   
18,339,434
 
 
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
Aa3
   
7,884,795
 
 
10,285
 
Henderson, Nevada, General Obligation Sewer Bonds, Series 2004, 5.000%, 6/01/34 – FGIC Insured
12/14 at 100.00
AA
   
11,051,438
 
 
14,985
 
Reno, Nevada, Capital Improvement Revenue Bonds, Series 2002, 5.375%, 6/01/32 – FGIC Insured
6/12 at 100.00
A3
   
14,998,337
 
 
25,300
 
Reno, Nevada, Capital Improvement Revenue Bonds, Series 2002, 5.375%, 6/01/32 (Pre-refunded 6/01/12) – FGIC Insured
6/12 at 100.00
A3 (5)
   
25,413,597
 
 
10,000
 
Reno, Nevada, Senior Lien Sales and Room Tax Revenue Bonds, Reno Transportation Rail Access Corridor Project, Series 2002, 5.125%, 6/01/27 (Pre-refunded 6/01/12) – AMBAC Insured
6/12 at 100.00
N/R (5)
   
10,042,300
 
 
110,385
 
Total Nevada
       
115,024,440
 
 
Nuveen Investments
 
41

 
 

 

   
Nuveen Municipal Opportunity Fund, Inc. (continued)
   
(formerly known as Nuveen Insured Municipal Opportunity Fund, Inc.)
NIO
 
Portfolio of Investments
   
April 30, 2012 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
New Jersey – 4.6% (3.1% 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
 
$
2,204,820
 
 
2,250
 
5.125%, 10/01/22 – NPFG Insured
10/14 at 100.00
Aa2
   
2,470,725
 
     
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
   
4,142,061
 
 
3,850
 
5.000%, 7/01/23 – NPFG Insured
7/14 at 100.00
A
   
4,142,061
 
 
26,000
 
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – AGM Insured
No Opt. Call
AA–
   
32,238,180
 
     
New Jersey Turnpike Authority, Revenue Bonds, Series 2003A:
           
 
8,250
 
5.000%, 1/01/19 – FGIC Insured
7/13 at 100.00
A+
   
8,654,910
 
 
2,000
 
5.000%, 1/01/23 – AGM Insured
7/13 at 100.00
AA–
   
2,085,460
 
 
3,320
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.000%,
1/15 at 100.00
AA–
   
3,588,820
 
         1/01/21 – AGM Insured            
     
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
           
 
6,765
 
4.500%, 6/01/23
6/17 at 100.00
B1
   
6,418,767
 
 
495
 
4.625%, 6/01/26
6/17 at 100.00
B1
   
447,930
 
 
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
   
1,697,053
 
 
60,110
 
Total New Jersey
       
68,090,787
 
     
New Mexico – 1.3% (0.9% of Total Investments)
           
 
3,660
 
San Juan County, New Mexico, Subordinate Gross Receipts Tax Revenue Bonds, Series 2005, 5.000%, 6/15/25 – NPFG Insured
6/15 at 100.00
A+
   
4,021,205
 
 
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
   
14,604,768
 
 
17,260
 
Total New Mexico
       
18,625,973
 
     
New York – 7.7% (5.2% 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
BBB
   
2,040,928
 
 
7,225
 
Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt, Cornell University, Series 2010A, 5.000%, 7/01/35
7/20 at 100.00
Aa1
   
8,166,996
 
 
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
   
3,700,749
 
 
3,820
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured
2/17 at 100.00
A
   
3,803,116
 
 
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
   
13,568,625
 
 
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
   
7,038,552
 
 
2,800
 
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–
   
3,061,968
 
     
Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds, Series 2002A:
           
 
1,500
 
5.000%, 7/01/21 – FGIC Insured
7/12 at 100.00
AA–
   
1,510,080
 
 
5,000
 
5.000%, 7/01/25 – FGIC Insured
7/12 at 100.00
AA–
   
5,031,100
 
 
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
   
3,407,330
 
 
2,615
 
New York City Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium Project PILOT, Series 2009A, 7.000%, 3/01/49 – AGC Insured
3/19 at 100.00
AA–
   
3,075,711
 
 
42
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
New York (continued)
           
$
5,000
 
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
 
$
5,670,050
 
 
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
   
10,982,400
 
 
5,000
 
New York State Thruway Authority, General Revenue Bonds, Series 2005F, 5.000%, 1/01/26 – AMBAC Insured
1/15 at 100.00
A+
   
5,402,150
 
 
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–
   
15,394,260
 
 
2,000
 
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1, 5.250%, 6/01/22 – AMBAC Insured
6/13 at 100.00
AA–
   
2,101,980
 
 
3,650
 
New York State Urban Development Corporation, Service Contract Revenue Bonds, Series 2005B, 5.000%, 3/15/25 – AGM Insured (UB)
3/15 at 100.00
AAA
   
4,021,023
 
     
New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series 2004A-1:
           
 
1,000
 
5.000%, 3/15/23 – FGIC Insured
3/14 at 100.00
AAA
   
1,074,750
 
 
5,000
 
5.000%, 3/15/25 – FGIC Insured
3/14 at 100.00
AAA
   
5,353,600
 
 
10,000
 
Triborough Bridge and Tunnel Authority, New York, Subordinate Lien General Purpose Revenue Refunding Bonds, Series 2002E, 5.000%, 11/15/32 – NPFG Insured
11/12 at 100.00
Aa3
   
10,198,000
 
 
106,250
 
Total New York
       
114,603,368
 
     
North Carolina – 1.5% (1.0% 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)
   
2,310,574
 
 
2,575
 
5.000%, 5/01/26 (Pre-refunded 5/01/14) – FGIC Insured
5/14 at 100.00
AA– (5)
   
2,813,110
 
 
4,970
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Vidant Health, Refunding Series 2012A, 5.000%, 6/01/36 (WI/DD, Settling 5/03/12)
6/22 at 100.00
A+
   
5,317,204
 
 
5,250
 
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2003A, 5.250%, 1/01/16 – AGM Insured
1/13 at 100.00
AA–
   
5,418,053
 
     
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
   
3,486,014
 
 
3,295
 
5.000%, 5/01/24 – AMBAC Insured
5/15 at 100.00
Aa3
   
3,583,906
 
 
21,410
 
Total North Carolina
       
22,928,861
 
     
North Dakota – 0.8% (0.5% 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 (WI/DD, Settling 5/09/12)
12/21 at 100.00
A–
   
4,413,654
 
     
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
   
2,453,242
 
 
1,355
 
5.000%, 12/15/23 – NPFG Insured
12/15 at 100.00
Aa3
   
1,514,416
 
 
3,000
 
5.000%, 12/15/24 – NPFG Insured
12/15 at 100.00
Aa3
   
3,337,500
 
 
10,750
 
Total North Dakota
       
11,718,812
 
     
Ohio – 4.3% (2.9% of Total Investments)
           
     
Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Health Partners, Refunding and Improvement Series 2012A:
           
 
1,930
 
5.000%, 5/01/33 (WI/DD, Settling 5/10/12) – AGM Insured
5/22 at 100.00
AA–
   
2,101,944
 
 
4,050
 
4.000%, 5/01/33 (WI/DD, Settling 5/10/12) – AGM Insured
5/22 at 100.00
AA–
   
3,968,190
 
 
2,420
 
5.000%, 5/01/42 (WI/DD, Settling 5/10/12) – AGM Insured
5/22 at 100.00
AA–
   
2,579,841
 
 
2,650
 
Cleveland State University, Ohio, General Receipts Bonds, Series 2004, 5.250%, 6/01/24 – FGIC Insured
6/14 at 100.00
A+
   
2,839,422
 
 
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)
   
2,244,220
 
 
Nuveen Investments
 
43

 
 

 

   
Nuveen Municipal Opportunity Fund, Inc. (continued)
   
(formerly known as Nuveen Insured Municipal Opportunity Fund, Inc.)
NIO
 
Portfolio of Investments
   
April 30, 2012 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Ohio (continued)
           
$
2,385
 
Columbus, Ohio, Tax Increment Financing Bonds, Easton Project, Series 2004A, 5.000%, 12/01/22 – AMBAC Insured
6/14 at 100.00
BBB+
 
$
2,489,177
 
 
2,205
 
Hamilton City School District, Ohio, General Obligation Bonds, Series 2005, 5.000%, 12/01/24 – NPFG Insured
6/15 at 100.00
Baa2
   
2,340,696
 
 
19,595
 
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, Series 2006A, 4.250%, 12/01/32 – AMBAC Insured
12/16 at 100.00
A1
   
19,875,796
 
     
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
Aa3
   
5,281,711
 
 
6,000
 
5.250%, 12/01/31 – AGM Insured
No Opt. Call
Aa3
   
7,311,120
 
 
6,875
 
Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, Cleveland Clinic Health System Obligated Group, Series 2012A, 5.000%, 1/01/38 (WI/DD, Settling 5/09/12)
1/22 at 100.00
Aa2
   
7,505,025
 
 
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)
   
3,224,040
 
 
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–
   
2,212,220
 
 
59,490
 
Total Ohio
       
63,973,402
 
     
Oklahoma – 2.9% (2.0% 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
   
3,874,850
 
 
7,500
 
5.000%, 7/01/27 – AMBAC Insured
7/15 at 100.00
AA
   
8,273,775
 
     
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
   
1,174,650
 
 
1,500
 
5.000%, 7/01/40
7/21 at 100.00
AAA
   
1,704,735
 
 
885
 
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+
   
905,514
 
 
21,000
 
Oklahoma Municipal Power Authority, Power Supply System Revenue Bonds, Series 2007, 4.500%, 1/01/47 – FGIC Insured
1/17 at 100.00
A
   
21,570,150
 
 
4,880
 
University of Oklahoma, Student Housing Revenue Bonds, Series 2004, 5.000%, 7/01/22 – AMBAC Insured
7/14 at 100.00
Aa3
   
5,261,079
 
 
40,265
 
Total Oklahoma
       
42,764,753
 
     
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 – AGM Insured
5/15 at 100.00
AA
   
2,693,412
 
 
4,000
 
Oregon Department of Administrative Services, State Lottery Revenue Bonds, Series 2011A, 5.250%, 4/01/31
4/21 at 100.00
AAA
   
4,763,440
 
 
6,535
 
Total Oregon
       
7,456,852
 
     
Pennsylvania – 5.0% (3.3% 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–
   
2,372,862
 
 
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
   
8,517,711
 
 
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–
   
5,652,780
 
 
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
   
1,717,775
 
 
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
   
1,876,590
 
 
44
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Pennsylvania (continued)
           
     
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B:
           
$
5,000
 
4.500%, 6/01/32 – AGM Insured
12/16 at 100.00
Aa2
 
$
5,146,950
 
 
6,740
 
4.500%, 6/01/32 – AGM Insured (UB)
12/16 at 100.00
Aa2
   
6,938,089
 
 
2,625
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 – AMBAC Insured
6/16 at 100.00
Aa3
   
2,933,018
 
 
10,000
 
Philadelphia, Pennsylvania, Airport Revenue Bonds, Series 2010A, 5.000%, 6/15/40 – AGM Insured
6/20 at 100.00
AA–
   
10,691,000
 
 
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–
   
7,432,160
 
 
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–
   
5,687,692
 
 
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
   
6,983,134
 
     
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–
   
3,615,767
 
 
3,450
 
5.000%, 1/15/23 – AGM Insured
1/16 at 100.00
AA–
   
3,769,160
 
 
68,375
 
Total Pennsylvania
       
73,334,688
 
     
Puerto Rico – 0.9% (0.6% 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)
   
2,866,500
 
 
670
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2003G, 5.250%, 7/01/19 – FGIC Insured
7/13 at 100.00
Baa1
   
691,594
 
 
1,330
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2003G, 5.250%, 7/01/19 (Pre-refunded 7/01/13) – FGIC Insured
7/13 at 100.00
Baa1 (5)
   
1,407,193
 
 
1,550
 
Puerto Rico Municipal Finance Agency, Series 2005C, 5.250%, 8/01/21 – CIFG Insured
No Opt. Call
AA–
   
1,709,743
 
 
36,000
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/42 – FGIC Insured
No Opt. Call
Aa2
   
6,572,880
 
 
42,050
 
Total Puerto Rico
       
13,247,910
 
     
Rhode Island – 0.3% (0.2% of Total Investments)
           
 
2,195
 
Providence Housing Development Corporation, Rhode Island, FHA-Insured Section 8 Assisted
7/12 at 100.00
BBB
   
2,200,553
 
     
Mortgage Revenue Refunding Bonds, Barbara Jordan Apartments, Series 1994A, 6.750%, 7/01/25 – NPFG Insured
           
 
1,405
 
Rhode Island Health & Educational Building Corporation, Higher Education Auxiliary Enterprise Revenue Bonds, Series 2004A, 5.500%, 9/15/24 – AMBAC Insured
9/14 at 100.00
A1
   
1,522,978
 
 
3,600
 
Total Rhode Island
       
3,723,531
 
     
South Carolina – 5.4% (3.7% of Total Investments)
           
 
14,650
 
Anderson County School District 5, South Carolina, General Obligation Bonds, Series 2008, Trust 1181, 9.624%, 8/01/15 – AGM Insured (IF)
No Opt. Call
Aa1
   
17,100,652
 
 
10,000
 
Beaufort County, South Carolina, Tax Increment Bonds, New River Redevelopment Project, Series 2002, 5.000%, 6/01/27 – NPFG Insured
12/12 at 100.00
A+
   
10,093,800
 
     
Medical University Hospital Authority, South Carolina, FHA-Insured Mortgage Revenue Bonds, Series 2004A:
           
 
2,000
 
5.250%, 8/15/22 – NPFG Insured
8/14 at 100.00
BBB
   
2,155,960
 
 
2,605
 
5.250%, 8/15/23 – NPFG Insured
8/14 at 100.00
BBB
   
2,808,138
 
 
2,385
 
5.250%, 8/15/25 – NPFG Insured
8/14 at 100.00
BBB
   
2,564,996
 
 
3,005
 
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 1988A, 0.000%, 1/01/13 – AMBAC Insured
No Opt. Call
N/R
   
2,978,165
 
 
Nuveen Investments
 
45

 
 

 

   
Nuveen Municipal Opportunity Fund, Inc. (continued)
   
(formerly known as Nuveen Insured Municipal Opportunity Fund, Inc.)
NIO  
Portfolio of Investments
   
April 30, 2012 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
South Carolina (continued)
           
$
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–
 
$
4,843,125
 
 
8,000
 
South Carolina JOBS Economic Development Authority, Industrial Revenue Bonds, South Carolina Electric and Gas Company, Series 2002A, 5.200%, 11/01/27 – AMBAC Insured
11/12 at 100.00
A
   
8,141,760
 
 
10,000
 
South Carolina JOBS Economic Development Authority, Industrial Revenue Bonds, South Carolina Electric and Gas Company, Series 2002B, 5.450%, 11/01/32 – AMBAC Insured (Alternative Minimum Tax)
11/12 at 100.00
A
   
10,054,000
 
 
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–
   
1,470,013
 
 
17,500
 
South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2007A, 4.500%, 10/01/34 – SYNCORA GTY Insured
10/16 at 100.00
A1
   
18,047,400
 
 
75,895
 
Total South Carolina
       
80,258,009
 
     
Texas – 7.9% (5.3% 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–
   
4,844,179
 
 
8,700
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding and Improvement Bonds, Series 2012C, 5.000%, 11/01/45 (WI/DD, Settling 5/10/12) – AGM Insured
11/21 at 100.00
A+
   
9,378,600
 
 
4,600
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Series 2000A, 6.125%, 11/01/35 – FGIC Insured (Alternative Minimum Tax)
11/12 at 100.00
A+
   
4,616,514
 
 
25,000
 
Harris County-Houston Sports Authority, Texas, Junior Lien Revenue Refunding Bonds, Series 2001B, 5.250%, 11/15/40 – NPFG Insured
5/12 at 100.00
BBB
   
24,998,750
 
     
Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2004A:
           
 
4,000
 
5.250%, 5/15/24 – FGIC Insured
5/14 at 100.00
AA
   
4,316,040
 
 
5,000
 
5.250%, 5/15/25 – NPFG Insured
5/14 at 100.00
AA
   
5,395,050
 
 
17,500
 
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B, 5.250%, 9/01/33 – AMBAC Insured
9/12 at 100.00
A2
   
17,508,750
 
 
225
 
Houston, Texas, Subordinate Lien Airport System Revenue Bonds, Series 2000A, 5.625%, 7/01/30 (Pre-refunded 5/07/12) – AGM Insured (Alternative Minimum Tax)
5/12 at 100.00
AA– (5)
   
225,225
 
 
6,700
 
Hutto Independent School District, Williamson County, Texas, General Obligation Bonds, Refunding Series 2012A, 5.000%, 8/01/46 (WI/DD, Settling 5/03/12)
8/21 at 100.00
A
   
7,057,110
 
 
2,655
 
Lower Colorado River Authority, Texas, Revenue Refunding and Improvement Bonds, Series 2001A, 5.000%, 5/15/21 – NPFG Insured
5/12 at 100.00
A1
   
2,662,673
 
 
23,400
 
Tarrant Regional Water District, Texas, Water Revenue Bonds, Refunding and Improvement Series 2012, 5.000%, 3/01/52
3/22 at 100.00
AAA
   
25,735,788
 
 
7,550
 
Waco Health Facilities Development Corporation, Texas, Hillcrest Health System Project, FHA Insured Mortgage Revenue Bonds, Series 2006A, 5.000%, 8/01/31 – NPFG Insured
8/16 at 100.00
BBB
   
7,855,926
 
 
1,840
 
Ysleta Independent School District Public Facility Corporation, Texas, Lease Revenue Refunding Bonds, Series 2001, 5.375%, 11/15/24 – AMBAC Insured
5/12 at 100.00
AA–
   
1,881,069
 
 
111,575
 
Total Texas
       
116,475,674
 
     
Utah – 1.9% (1.3% of Total Investments)
           
 
2,000
 
Clearfield City, Utah, Sales Tax Revenue Bonds, Series 2003, 5.000%, 7/01/28 (Pre-refunded 7/01/13) – FGIC Insured
7/13 at 100.00
AA– (5)
   
2,108,560
 
 
7,500
 
Metropolitan Water District Salt Lake City and Sandy, Utah, Water Revenue Bonds, Project and Refunding Series 2012A, 5.000%, 7/01/37
7/22 at 100.00
AA+
   
8,548,350
 
 
15,000
 
Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008A, 5.000%, 6/15/32 – AGM Insured (UB)
6/18 at 100.00
AAA
   
16,970,400
 
 
24,500
 
Total Utah
       
27,627,310
 

 
46
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Virginia – 0.5% (0.3% of Total Investments)
           
$
1,035
 
Loudoun County Industrial Development Authority, Virginia, Lease Revenue Bonds, Public Safety Facilities, Series 2003A, 5.250%, 12/15/20 – AGM Insured
6/14 at 100.00
AA+
 
$
1,128,119
 
 
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–
   
1,052,660
 
 
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)
   
18,772
 
 
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–
   
5,190,958
 
 
7,065
 
Total Virginia
       
7,390,509
 
     
Washington – 6.0% (4.1% of Total Investments)
           
 
10,000
 
Central Puget Sound Regional Transit Authority, Washington, Sales Tax and Motor Vehicle Excise Tax Bonds, Series 1999, 4.750%, 2/01/28 – FGIC Insured
8/12 at 100.00
AAA
   
10,073,400
 
 
2,500
 
Grant County Public Utility District 2, Washington, Revenue Bonds, Wanapum Hydroelectric Development, Series 2005A, 5.000%, 1/01/29 – FGIC Insured
1/15 at 100.00
AA
   
2,604,700
 
 
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)
   
3,914,575
 
 
7,500
 
King County, Washington, General Obligation Sewer Bonds, Series 2009, Trust 1W, 9.729%, 1/01/39 – AGC Insured (IF) (6)
1/19 at 100.00
Aa1
   
9,745,650
 
 
17,000
 
King County, Washington, Sewer Revenue Bonds, Series 2007, 5.000%, 1/01/42 – AGM Insured
7/17 at 100.00
AA+
   
18,433,950
 
 
4,345
 
King County, Washington, Sewer Revenue Bonds, Tender Option Bond Trust 3090, 12.970%, 7/01/32 – AGM Insured (IF)
7/17 at 100.00
AA+
   
5,494,948
 
 
11,000
 
Port of Seattle, Washington, Revenue Bonds, Series 2005A, 5.000%, 3/01/35 – NPFG Insured
3/15 at 100.00
Aa3
   
11,909,920
 
 
4,250
 
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
   
5,178,838
 
     
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
   
4,471,594
 
 
4,085
 
5.000%, 12/01/25 – SYNCORA GTY Insured
12/16 at 100.00
AA
   
4,583,002
 
 
4,290
 
5.000%, 12/01/26 – SYNCORA GTY Insured
12/16 at 100.00
AA
   
4,795,703
 
 
5,945
 
Washington State, General Obligation Bonds, Series 2009, Trust 1212, 13.256%, 7/01/14 – AGM Insured (IF)
No Opt. Call
AA+
   
7,882,533
 
 
78,305
 
Total Washington
       
89,088,813
 
     
West Virginia – 0.7% (0.5% 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
   
10,886,400
 
     
Wisconsin – 2.4% (1.6% of Total Investments)
           
 
8,460
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2012A, 5.000%, 7/15/25
7/21 at 100.00
A
   
9,323,681
 
 
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+
   
10,967,131
 
 
290
 
Wisconsin State, General Obligation Bonds, Series 2004-3, 5.250%, 5/01/20 – FGIC Insured
5/14 at 100.00
AA
   
315,619
 
 
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)
   
2,847,882
 
 
10,945
 
Wisconsin State, General Obligation Bonds, Series 2004-4, 5.000%, 5/01/20 – NPFG Insured
5/14 at 100.00
AA
   
11,855,403
 
 
32,595
 
Total Wisconsin
       
35,309,716
 
$
2,198,348
 
Total Long-Term Investments (cost $2,025,672,885) – 147.1%
       
2,174,696,241
 
 

Nuveen Investments
 
47

 
 

 

   
Nuveen Municipal Opportunity Fund, Inc. (continued)
   
(formerly known as Nuveen Insured Municipal Opportunity Fund, Inc.)
NIO
 
Portfolio of Investments
   
April 30, 2012 (Unaudited)
 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Short-Term Investments – 0.8% (0.6% of Total Investments)
           
     
Missouri – 0.5% (0.4% of Total Investments)
           
$
7,990
 
St. Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Tender Option Bond Trust DCL-017, 0.940%, 7/01/26 (8)
No Opt. Call
A-2
 
$
7,990,000
 
     
North Carolina – 0.2% (0.1% of Total Investments)
           
 
2,500
 
Sampson County, North Carolina, Certificates of Participation, Series 2006, VRDO Series 112, 0.450%, 6/01/34 – AGM Insured (8)
6/17 at 100.00
A-1
   
2,500,000
 
     
Pennsylvania – 0.1% (0.1% of Total Investments)
           
 
2,000
 
Philadelphia School District, Pennsylvania, General Obligation Bonds, Tender Option Bond Trust 3932, 0.400%, 6/29/12 (8)
No Opt. Call
A-1
   
2,000,000
 
$
12,490
 
Total Short-Term Investments (cost $12,490,000)
       
12,490,000
 
     
Total Investments (cost $2,038,162,885) – 147.9%
       
2,187,186,241
 
     
Floating Rate Obligations – (7.1)%
       
(104,433,333
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (45.1)% (9)
       
(667,200,000
     
Other Assets Less Liabilities – 4.3%
       
64,202,437
 
     
Net Assets Applicable to Common Shares – 100%
     
$
1,479,755,345
 
 
(1)
 
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
(2)
 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
 
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
 
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing security, in the case of a bond, 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 of investments in inverse floating rate transactions.
(7)
 
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Directors. For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Footnote 1– General Information and Significant Accounting Policies, Investment Valuation for more information.
(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 at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.
(9)
 
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 30.5%.
 N/R   Not rated.
WI/DD
 
Purchased on a when-issued or delayed delivery basis.
 (ETM)   Escrowed to maturity.
(IF)
 
Inverse floating rate investment.
(UB)
 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
 
See accompanying notes to financial statements.
 
48
 
Nuveen Investments

 
 

 

   
Nuveen Premier Municipal Opportunity Fund, Inc.
   
(formerly known as Nuveen Premier Insured Municipal Income Fund, Inc.)
NIF
 
Portfolio of Investments
April 30, 2012 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Alabama – 0.8% (0.5% of Total Investments)
           
$
2,200
 
Auburn, Alabama, General Obligation Warrants, Series 2005, 5.000%, 8/01/30 – AMBAC Insured
8/15 at 100.00
AA+
 
$
2,311,232
 
     
Arizona – 4.5% (3.1% 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–
   
1,472,176
 
 
2,000
 
Arizona State, State Lottery Revenue Bonds, Series 2010A, 5.000%, 7/01/29 – AGC Insured
1/20 at 100.00
AA–
   
2,219,340
 
 
4,370
 
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
   
4,784,451
 
 
5,000
 
Phoenix, Arizona, Civic Improvement Revenue Bonds, Civic Plaza, Series 2005B, 0.000%, 7/01/40 – FGIC Insured
No Opt. Call
AA
   
5,299,900
 
 
12,830
 
Total Arizona
       
13,775,867
 
     
Arkansas – 1.4% (1.0% of Total Investments)
           
 
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+
   
4,312,415
 
     
California – 22.9% (15.6% of Total Investments)
           
 
10
 
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2005AC, 5.000%, 12/01/26 (Pre-refunded 12/01/14) – NPFG Insured
12/14 at 100.00
AAA
   
11,204
 
 
990
 
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2005AC, 5.000%, 12/01/26 – NPFG Insured (UB)
12/14 at 100.00
AAA
   
1,083,773
 
 
2,000
 
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
   
2,121,300
 
 
2,085
 
California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Series 2012A, 5.000%, 4/01/42
4/22 at 100.00
A+
   
2,230,470
 
 
1,890
 
Ceres Unified School District, Stanislaus County, California, General Obligation Bonds, Series 2002B, 0.000%, 8/01/30 – FGIC Insured
8/12 at 34.89
A+
   
650,538
 
 
4,775
 
Clovis Unified School District, Fresno County, California, General Obligation Bonds, Series 2001A, 0.000%, 8/01/25 – FGIC Insured (ETM)
No Opt. Call
AA+ (4)
   
3,345,795
 
 
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–
   
1,085,882
 
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
           
 
2,530
 
4.500%, 6/01/27
6/17 at 100.00
BB–
   
2,165,655
 
 
1,015
 
5.000%, 6/01/33
6/17 at 100.00
BB–
   
801,353
 
 
1,150
 
Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%, 11/01/23 – AGM Insured
No Opt. Call
Aa2
   
740,140
 
 
3,020
 
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
   
3,766,182
 
 
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
BBB
   
6,147,200
 
 
8,235
 
Pomona, California, GNMA/FHLMC Collateralized Single Family Mortgage Revenue Refunding Bonds, Series 1990B, 7.500%, 8/01/23 (ETM)
No Opt. Call
Aaa
   
10,994,137
 
 
7,910
 
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
   
10,486,445
 
 
29,000
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A, 0.000%, 1/15/31 – NPFG Insured
No Opt. Call
BBB
   
8,623,440
 
 
2,000
 
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
BBB
   
2,041,100
 
 
4,725
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C, 4.250%, 8/01/30 – NPFG Insured
8/17 at 100.00
BBB
   
4,153,937
 
 
4,455
 
San Mateo County Community College District, California, General Obligation Bonds, Series 2006B, 0.000%, 9/01/21 – NPFG Insured
No Opt. Call
Aaa
   
3,285,607
 
 
1,815
 
University of California, General Revenue Bonds, Series 2005G, 4.750%, 5/15/31 – NPFG Insured
5/13 at 101.00
Aa1
   
1,891,430
 
 
Nuveen Investments
 
49

 
 

 

   
Nuveen Premier Municipal Opportunity Fund, Inc. (continued)
   
(formerly known as Nuveen Premier Insured Municipal Income Fund, Inc.)
NIF
 
Portfolio of Investments
   
April 30, 2012 (Unaudited)
 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
California (continued)
           
$
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
 
$
3,964,068
 
 
87,210
 
Total California
       
69,589,656
 
     
Colorado – 7.1% (4.8% of Total Investments)
           
 
3,000
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2006C-1, Trust 1090, 14.879%, 10/01/41 – AGM Insured (IF) (5)
4/18 at 100.00
AA
   
3,491,700
 
 
20,000
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/30 – NPFG Insured
No Opt. Call
BBB
   
7,245,200
 
 
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)
   
4,931,353
 
 
2,065
 
Jefferson County School District R1, Colorado, General Obligation Bonds, Series 2004, 5.000%, 12/15/24 (Pre-refunded 12/15/14) – AGM Insured (UB)
12/14 at 100.00
Aa2 (4)
   
2,312,903
 
 
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)
   
1,554,646
 
 
1,000
 
University of Colorado, Enterprise System Revenue Bonds, Series 2002A, 5.000%, 6/01/19 (Pre-refunded 6/01/12) – FGIC Insured
6/12 at 100.00
Aa2 (4)
   
1,004,160
 
 
355
 
University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 – FGIC Insured
6/15 at 100.00
Aa2
   
389,790
 
 
645
 
University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 (Pre-refunded 6/01/15) – FGIC Insured
6/15 at 100.00
BBB (4)
   
733,604
 
 
32,860
 
Total Colorado
       
21,663,356
 
     
District of Columbia – 1.0% (0.7% of Total Investments)
           
 
3,150
 
District of Columbia, Revenue Bonds, Georgetown University, Series 2007, 0.000%, 4/01/40 – AMBAC Insured
4/21 at 100.00
A–
   
2,366,753
 
 
665
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1606, 11.096%, 10/01/30 – AMBAC Insured (IF)
10/16 at 100.00
AA+
   
738,103
 
 
3,815
 
Total District of Columbia
       
3,104,856
 
     
Florida – 5.4% (3.6% of Total Investments)
           
 
2,285
 
Florida Municipal Loan Council, Revenue Bonds, Series 2005A, 5.000%,
2/15 at 100.00
A–
   
2,405,465
 
         2/01/23 – NPFG Insured            
 
1,500
 
JEA, Florida, Water and Sewerage System Revenue Bonds, Series 2004A, 5.000%, 10/01/19 – FGIC Insured
10/13 at 100.00
AA
   
1,594,350
 
 
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–
   
1,373,304
 
 
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–
   
4,267,200
 
 
4,240
 
Reedy Creek Improvement District, Florida, Utility Revenue Bonds, Series 2003-1, 5.250%, 10/01/17 – NPFG Insured
10/13 at 100.00
A1
   
4,466,416
 
 
2,000
 
Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/28 – NPFG Insured
10/15 at 100.00
AA
   
2,186,560
 
 
15,225
 
Total Florida
       
16,293,295
 
     
Georgia – 2.4% (1.6% 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–
   
2,909,088
 
 
1,250
 
Atlanta, Georgia, Airport General Revenue Refunding Bonds, Series 2010A, 5.000%, 1/01/40 – AGM Insured
1/20 at 100.00
AA–
   
1,347,625
 
 
1,350
 
Henry County Water and Sewerage Authority, Georgia, Revenue Bonds, Series 2005, 5.250%, 2/01/27 – BHAC Insured
No Opt. Call
AA+
   
1,743,998
 
 
1,165
 
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
   
1,258,969
 
 
6,465
 
Total Georgia
       
7,259,680
 
     
Illinois – 17.3% (11.7% of Total Investments)
           
 
4,000
 
Bridgeview, Illinois, General Obligation Bonds, Series 2002, 5.000%, 12/01/22 – FGIC Insured
12/12 at 100.00
BBB+
   
4,053,080
 
 
50
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Illinois (continued)
           
$
6,330
 
Chicago Board of Education, Illinois, General Obligation Lease Certificates, Series 1992A, 6.250%, 1/01/15 – NPFG Insured
No Opt. Call
Aa3
 
$
6,779,620
 
 
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
A1
   
1,574,860
 
 
2,800
 
Cook County, Illinois, General Obligation Bonds, Series 2002C, 5.000%, 11/15/25 – AMBAC Insured
11/12 at 100.00
AA
   
2,858,408
 
 
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
   
19,344,788
 
 
1,320
 
Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2011A, 6.000%, 8/15/41 – AGM Insured
8/21 at 100.00
AA–
   
1,489,765
 
 
3,000
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago, Series 2012A, 5.000%, 10/01/51
10/21 at 100.00
Aa1
   
3,246,900
 
 
2,500
 
Illinois Municipal Electric Agency, Power Supply System Revenue Bonds, Series 2007A, 5.000%, 2/01/35 – FGIC Insured
2/17 at 100.00
A+
   
2,665,575
 
 
5,000
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1, 0.000%, 6/15/46 – AGM Insured
No Opt. Call
AAA
   
799,450
 
 
200
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A, 5.250%, 6/15/42 – NPFG Insured
6/12 at 101.00
AAA
   
202,904
 
 
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–
   
3,473,784
 
 
3,500
 
Schaumburg, Illinois, General Obligation Bonds, Series 2004B, 5.000%, 12/01/41 – AGM Insured
12/14 at 100.00
Aaa
   
3,674,720
 
 
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–
   
2,273,867
 
 
58,865
 
Total Illinois
       
52,437,721
 
     
Indiana – 5.5% (3.7% of Total Investments)
           
 
2,720
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
1/17 at 100.00
A+
   
2,894,842
 
     
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
   
1,139,774
 
 
1,060
 
5.250%, 11/15/20 (Pre-refunded 11/15/14) – AMBAC Insured
11/14 at 100.00
Aaa
   
1,190,306
 
 
1,100
 
5.250%, 11/15/21 (Pre-refunded 11/15/14) – AMBAC Insured
11/14 at 100.00
Aaa
   
1,235,223
 
 
9,255
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/25 - AMBAC Insured
No Opt. Call
AA
   
5,727,920
 
 
3,000
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A, 5.500%, 1/01/38 – AGC Insured
1/19 at 100.00
AA–
   
3,345,480
 
 
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–
   
1,084,890
 
 
19,150
 
Total Indiana
       
16,618,435
 
     
Iowa – 1.1% (0.8% of Total Investments)
           
 
3,345
 
Ames, Iowa, Hospital Revenue Refunding Bonds, Mary Greeley Medical Center, Series 2003, 5.000%, 6/15/17 – AMBAC Insured
6/13 at 100.00
N/R
   
3,442,707
 
     
Kansas – 0.3% (0.2% of Total Investments)
           
 
515
 
Neosho County Unified School District 413, Kansas, General Obligation Bonds, Series 2006, 5.000%, 9/01/31
9/14 at 100.00
Aa3
   
529,652
 
 
470
 
Neosho County Unified School District 413, Kansas, General Obligation Bonds, Series 2006, 5.000%, 9/01/31 (Pre-refunded 9/01/14) – AGM Insured
9/14 at 100.00
Aa3 (4)
   
520,196
 
 
985
 
Total Kansas
       
1,049,848
 
     
Louisiana – 3.0% (2.0% of Total Investments)
           
 
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–
   
758,132
 
 
885
 
Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital, Series 2004, 5.250%, 7/01/24 – NPFG Insured
7/14 at 100.00
BBB
   
938,268
 
 
Nuveen Investments
 
51

 
 

 

   
Nuveen Premier Municipal Opportunity Fund, Inc. (continued)
   
(formerly known as Nuveen Premier Insured Municipal Income Fund, Inc.)
NIF
 
Portfolio of Investments
   
April 30, 2012 (Unaudited)
 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Louisiana (continued)
           
$
7,160
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A, 4.750%, 5/01/39 – AGM Insured (UB)
5/16 at 100.00
Aa1
 
$
7,438,667
 
 
8,715
 
Total Louisiana
       
9,135,067
 
     
Maryland – 0.4% (0.3% of Total Investments)
           
 
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–
   
1,239,072
 
     
Massachusetts – 4.7% (3.2% of Total Investments)
           
 
2,500
 
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+
   
2,767,050
 
 
3,335
 
Massachusetts Health and Education Facilities Authority, Revenue Bonds, Partners HealthCare System, Tender Option Bond Trust 3627, 13.478%, 7/01/29 (IF)
7/19 at 100.00
AA
   
4,163,414
 
 
4,400
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A, 5.000%, 8/15/23 – AGM Insured (UB)
8/15 at 100.00
AA+
   
4,973,012
 
 
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+
   
1,776,129
 
 
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–
   
573,430
 
 
12,460
 
Total Massachusetts
       
14,253,035
 
     
Minnesota – 0.4% (0.3% of Total Investments)
           
 
1,000
 
Minnesota State, General Obligation Bonds, Various Purpose, Refunding Series 2010D, 5.000%, 8/01/18
No Opt. Call
AA+
   
1,236,310
 
     
Missouri – 0.7% (0.5% of Total Investments)
           
 
2,000
 
Missouri Western State College, Auxiliary System Revenue Bonds, Series 2003, 5.000%, 10/01/21 – NPFG Insured
10/13 at 100.00
A–
   
2,100,100
 
     
Nevada – 6.1% (4.1% 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–
   
2,206,680
 
 
2,100
 
Clark County, Nevada, General Obligation Bank Bonds, Southern Nevada Water Authority Loan, Series 2002, 5.000%, 6/01/32 – NPFG Insured
12/12 at 100.00
AA+
   
2,140,572
 
 
900
 
Clark County, Nevada, General Obligation Bank Bonds, Southern Nevada Water Authority Loan, Series 2002, 5.000%, 6/01/32 (Pre-refunded 12/01/12) – NPFG Insured
12/12 at 100.00
AA+ (4)
   
925,353
 
 
4,715
 
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–
   
5,134,824
 
 
7,990
 
Reno, Nevada, Senior Lien Sales and Room Tax Revenue Bonds, Reno Transportation Rail Access Corridor Project, Series 2002, 5.250%, 6/01/41 (Pre-refunded 6/01/12) – AMBAC Insured
6/12 at 100.00
N/R (4)
   
8,024,677
 
 
17,705
 
Total Nevada
       
18,432,106
 
     
New Jersey – 3.3% (2.2% of Total Investments)
           
     
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A:
           
 
1,200
 
5.000%, 7/01/22 – NPFG Insured
7/14 at 100.00
A
   
1,291,032
 
 
1,200
 
5.000%, 7/01/23 – NPFG Insured
7/14 at 100.00
A
   
1,291,032
 
 
4,000
 
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – AGM Insured
No Opt. Call
AA–
   
4,959,720
 
     
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
           
 
1,655
 
4.500%, 6/01/23
6/17 at 100.00
B1
   
1,570,297
 
 
380
 
4.625%, 6/01/26
6/17 at 100.00
B1
   
343,866
 
 
735
 
4.750%, 6/01/34
6/17 at 100.00
B2
   
573,763
 
 
9,170
 
Total New Jersey
       
10,029,710
 
     
New Mexico – 1.1% (0.7% of Total Investments)
           
 
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–
   
3,248,609
 
 

52
 
Nuveen Investments

 
 

 

 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
New York – 10.0% (6.8% of Total Investments)
           
$
1,000
 
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
BBB
 
$
1,085,600
 
 
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–
   
3,577,088
 
 
650
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47
2/21 at 100.00
A
   
734,858
 
 
2,185
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured
2/17 at 100.00
A
   
2,175,342
 
 
5,000
 
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
   
5,427,450
 
 
150
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/36 – AGM Insured
5/21 at 100.00
Aa3
   
164,030
 
 
10,000
 
Metropolitan Transportation Authority, New York, Transportation Revenue Refunding Bonds, Series 2002F, 5.250%, 11/15/27 (Pre-refunded 11/15/12) – NPFG Insured
11/12 at 100.00
AA+ (4)
   
10,274,100
 
 
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
   
5,535,800
 
 
1,250
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005D, 5.000%, 11/01/24
11/14 at 100.00
AA
   
1,371,163
 
 
28,435
 
Total New York
       
30,345,431
 
     
North Carolina – 3.0% (2.0% of Total Investments)
           
 
1,775
 
Charlotte, North Carolina, Water and Sewer System Refunding Bonds, Tender Option Bond Trust 43W, 13.645%, 7/01/38 (IF) (5)
7/20 at 100.00
AAA
   
2,448,613
 
 
3,100
 
North Carolina Medical Care Commission, FHA-Insured Mortgage Revenue Bonds, Betsy Johnson Regional Hospital Project, Series 2003, 5.125%, 10/01/32 (Pre-refunded 10/01/13) – AGM Insured
10/13 at 100.00
AA– (4)
   
3,300,012
 
 
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
   
3,333,284
 
 
7,925
 
Total North Carolina
       
9,081,909
 
     
Ohio – 4.1% (2.8% of Total Investments)
           
     
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
   
20,929
 
 
215
 
5.125%, 6/01/24
6/17 at 100.00
B
   
175,756
 
 
4,605
 
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, Series 2006A, 4.250%, 12/01/32 – AMBAC Insured (UB)
12/16 at 100.00
A+
   
4,670,990
 
 
2,000
 
Middletown City School District, Butler County, Ohio, General Obligation Bonds, Refunding Series 2007, 5.250%, 12/01/31 – AGM Insured
No Opt. Call
Aa3
   
2,437,040
 
 
4,190
 
Springboro Community City School District, Warren County, Ohio, General Obligation Bonds, Refunding Series 2007, 5.250%, 12/01/26 – AGM Insured
No Opt. Call
AA–
   
5,199,748
 
 
11,035
 
Total Ohio
       
12,504,463
 
     
Oklahoma – 1.9% (1.3% 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
   
3,874,850
 
 
1,610
 
5.000%, 7/01/27 – AMBAC Insured
7/15 at 100.00
AA
   
1,776,104
 
 
5,110
 
Total Oklahoma
       
5,650,954
 
     
Oregon – 4.4% (3.0% of Total Investments)
           
     
Oregon Health and Science University, Revenue Bonds, Series 2002A:
           
 
5,000
 
5.000%, 7/01/26 – NPFG Insured
1/13 at 100.00
A+
   
5,052,600
 
 
7,000
 
5.000%, 7/01/32 – NPFG Insured
1/13 at 100.00
A+
   
7,056,280
 
 
1,000
 
Tigard, Washington County, Oregon, Water System Revenue Bonds, Series 2012, 5.000%, 8/01/42 (WI/DD, Settling 5/01/12)
8/22 at 100.00
AA–
   
1,116,810
 
 
13,000
 
Total Oregon
       
13,225,690
 
     
Pennsylvania – 6.8% (4.6% of Total Investments)
           
 
1,545
 
Allegheny County Sanitary Authority, Pennsylvania, Sewerage Revenue Bonds, Series 2005A, 5.000%, 12/01/23 – NPFG Insured
12/15 at 100.00
A1
   
1,730,678
 
 
6,000
 
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
   
6,436,740
 
 
Nuveen Investments
 
53

 
 

 

   
Nuveen Premier Municipal Opportunity Fund, Inc. (continued)
 
 
(formerly known as Nuveen Premier Insured Municipal Income Fund, Inc.)
NIF
 
Portfolio of Investments
   
April 30, 2012 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Pennsylvania (continued)
           
$
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
 
$
4,299,160
 
 
1,750
 
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–
   
1,884,260
 
 
2,680
 
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured (UB)
12/16 at 100.00
Aa2
   
2,758,765
 
 
1,050
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 – AMBAC Insured
6/16 at 100.00
Aa3
   
1,173,207
 
 
2,065
 
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–
   
2,267,391
 
 
19,090
 
Total Pennsylvania
       
20,550,201
 
     
Puerto Rico – 2.7% (1.9% of Total Investments)
           
 
2,500
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 5.000%, 7/01/22 – FGIC Insured
7/15 at 100.00
BBB+
   
2,635,650
 
 
1,000
 
Puerto Rico Municipal Finance Agency, Series 2005C, 5.250%, 8/01/21 – CIFG Insured
No Opt. Call
AA–
   
1,103,060
 
 
1,175
 
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–
   
1,250,494
 
 
5,000
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/42 – FGIC Insured
No Opt. Call
Aa2
   
912,900
 
 
810
 
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/17 – NPFG Insured
No Opt. Call
A3
   
914,960
 
 
1,190
 
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/17 – NPFG Insured
No Opt. Call
A3
   
1,473,006
 
 
11,675
 
Total Puerto Rico
       
8,290,070
 
     
South Carolina – 0.1% (0.1% of Total Investments)
           
 
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–
   
441,004
 
     
Tennessee – 1.8% (1.3% 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
   
3,341,250
 
 
2,055
 
Memphis, Tennessee, Sanitary Sewerage System Revenue Bonds, Series 2004, 5.000%, 10/01/22 – AGM Insured
10/14 at 100.00
AA
   
2,252,033
 
 
5,055
 
Total Tennessee
       
5,593,283
 
     
Texas – 6.9% (4.7% of Total Investments)
           
 
1,150
 
Bexar County, Texas, Venue Project Revenue Bonds, Refunding Series 2010, 5.500%, 8/15/49 – AGM Insured
8/19 at 100.00
AA–
   
1,264,655
 
 
4,040
 
Harris County, Texas, Subordinate Lien Unlimited Tax Toll Road Revenue Bonds, Tender Options Bond Trust 3028, 13.710%, 8/15/28 – AGM Insured (IF)
No Opt. Call
AAA
   
7,358,981
 
 
2,145
 
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–
   
2,308,642
 
     
North Harris County Regional Water Authority, Texas, Senior Water Revenue Bonds, Series 2003:
           
 
4,565
 
5.250%, 12/15/20 – FGIC Insured
12/13 at 100.00
A+
   
4,853,873
 
 
4,800
 
5.250%, 12/15/21 – FGIC Insured
12/13 at 100.00
A+
   
5,103,744
 
 
16,700
 
Total Texas
       
20,889,895
 
     
Utah – 2.1% (1.4% of Total Investments)
           
 
5,760
 
Central Weber Sewer Improvement District, Utah, Sewer Revenue Bonds, Refunding Series 2010A, 5.000%, 3/01/33 – AGC Insured
3/20 at 100.00
AA
   
6,316,358
 
     
Vermont – 1.8% (1.2% 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–
   
5,353,150
 
 
54
 
Nuveen Investments

 
 

 

 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Virginia – 0.1% (0.1% of Total Investments)
           
$
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–
 
$
261,829
 
 
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)
   
6,258
 
 
250
 
Total Virginia
       
268,087
 
     
Washington – 11.8% (8.0% of Total Investments)
           
     
King County School District 405, Bellevue, Washington, General Obligation Bonds, Series 2002:
           
 
9,285
 
5.000%, 12/01/19 (Pre-refunded 12/01/12) – FGIC Insured
12/12 at 100.00
Aaa
   
9,546,558
 
 
12,785
 
5.000%, 12/01/20 (Pre-refunded 12/01/12) – FGIC Insured
12/12 at 100.00
Aaa
   
13,145,153
 
 
2,000
 
King County, Washington, Sewer Revenue Bonds, Refunding Series 2012, 5.000%, 1/01/52
1/22 at 100.00
AA+
   
2,168,160
 
     
Pierce County School District 343, Dieringer, Washington, General Obligation Refunding Bonds, Series 2003:
           
 
2,755
 
5.250%, 12/01/18 (Pre-refunded 6/01/13) – FGIC Insured
6/13 at 100.00
Aa1 (4)
   
2,904,762
 
 
2,990
 
5.250%, 12/01/19 (Pre-refunded 6/01/13) – FGIC Insured
6/13 at 100.00
Aa1 (4)
   
3,152,536
 
 
1,560
 
Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Refunding Series 2012A, 5.000%, 8/01/31
8/22 at 100.00
Aa3
   
1,776,637
 
 
1,265
 
Tacoma, Washington, General Obligation Bonds, Series 2002, 5.000%, 12/01/18 (Pre-refunded 12/01/12) – FGIC Insured
12/12 at 100.00
AA (4)
   
1,300,635
 
 
1,250
 
University of Washington, General Revenue Bonds, Tender Option Bond Trust 3005, 17.480%, 6/01/31 – AMBAC Insured (IF)
6/17 at 100.00
Aaa
   
1,725,000
 
 
33,890
 
Total Washington
       
35,719,441
 
     
Wisconsin – 0.3% (0.2% of Total Investments)
           
 
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+
   
1,064,770
 
$
466,245
 
Total Investments (cost $417,023,191) – 147.2%
       
446,827,783
 
     
Floating Rate Obligations – (6.3)%
       
(19,000,000)
 
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (43.1)% (6)
       
(130,900,000)
 
     
Other Assets Less Liabilities – 2.2%
       
6,526,561
 
     
Net Assets Applicable to Common Shares – 100%
     
$
303,454,344
 
 

(1)
 
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
(2)
 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
 
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating.
   
Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations of investments in inverse floating rate transactions.
(6)
 
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 29.3%.
N/R
 
Not rated.
WI/DD
 
Purchased on a when-issued or delayed delivery basis.
 (ETM)   Escrowed to maturity.
(IF)
 
Inverse floating rate investment.
(UB)
 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
 
See accompanying notes to financial statements.
 
 Nuveen Investments
 
55

 
 

 

   
Nuveen Premium Income Municipal Opportunity Fund
   
(formerly known as Nuveen Insured Premium Income Municipal Fund 2)
NPX
 
Portfolio of Investments
   
April 30, 2012 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Alabama – 1.6% (1.1% of Total Investments)
           
$
3,750
 
Huntsville Healthcare Authority, Alabama, Revenue Bonds, Series 2005A, 5.000%, 6/01/24 – NPFG Insured
6/15 at 100.00
A1
 
$
3,953,325
 
     
Jefferson County, Alabama, General Obligation Warrants, Series 2004A:
           
 
1,395
 
5.000%, 4/01/22 – NPFG Insured
4/14 at 100.00
BBB
   
1,207,414
 
 
1,040
 
5.000%, 4/01/23 – NPFG Insured
4/14 at 100.00
BBB
   
900,474
 
 
2,590
 
Montgomery Water and Sewerage Board, Alabama, Water and Sewerage Revenue Bonds, Series 2005, 5.000%, 3/01/25 – AGM Insured
3/15 at 100.00
AAA
   
2,742,033
 
 
8,775
 
Total Alabama
       
8,803,246
 
     
Arizona – 4.9% (3.3% of Total Investments)
           
     
Arizona State, Certificates of Participation, Series 2010A:
           
 
2,800
 
5.250%, 10/01/28 – AGM Insured
10/19 at 100.00
AA–
   
3,153,696
 
 
3,500
 
5.000%, 10/01/29 – AGM Insured
10/19 at 100.00
AA–
   
3,810,520
 
 
5,500
 
Arizona State, State Lottery Revenue Bonds, Series 2010A, 5.000%, 7/01/29 – AGC Insured
1/20 at 100.00
AA–
   
6,103,185
 
 
12,365
 
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Water System Revenue Bonds, Series 2005, 4.750%, 7/01/27 – NPFG Insured (UB)
7/15 at 100.00
AAA
   
13,481,560
 
 
24,165
 
Total Arizona
       
26,548,961
 
     
Arkansas – 2.5% (1.7% 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
6/14 at 100.00
AA– (4)
   
6,327,313
 
         6/01/14) – AGM Insured            
     
University of Arkansas, Fayetteville, Revenue Bonds, Medical Sciences Campus, Series 2004B:
           
 
2,000
 
5.000%, 11/01/27 – NPFG Insured
11/14 at 100.00
Aa2
   
2,166,440
 
 
2,000
 
5.000%, 11/01/28 – NPFG Insured
11/14 at 100.00
Aa2
   
2,140,940
 
 
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)
   
2,665,206
 
 
12,225
 
Total Arkansas
       
13,299,899
 
     
California – 27.6% (18.7% 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
   
7,298,034
 
     
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
   
22,408
 
 
110
 
5.000%, 12/01/24 (Pre-refunded 12/01/14) – NPFG Insured
12/14 at 100.00
Aa1 (4)
   
123,180
 
 
1,870
 
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2005AC, 5.000%, 12/01/24 – NPFG Insured
12/14 at 100.00
AAA
   
2,059,973
 
 
1,300
 
California Educational Facilities Authority, Revenue Bonds, Occidental College, Series 2005A, 5.000%, 10/01/33 – NPFG Insured
10/15 at 100.00
Aa3
   
1,382,784
 
 
3,000
 
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children’s Hospital, Series 2012A, 5.000%, 8/15/51
8/22 at 100.00
AA
   
3,181,950
 
 
1,710
 
California Health Facilities Financing Authority, Revenue Bonds, Scripps Health, Series 2012A, 5.000%, 11/15/40
11/21 at 100.00
AA–
   
1,838,182
 
 
10,000
 
California Statewide Communities Development Authority, Revenue Bonds, Sutter Health, Series 2011A, 6.000%, 8/15/42
8/20 at 100.00
AA–
   
11,741,900
 
     
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
   
3,948,556
 
 
5,000
 
5.250%, 7/01/35
7/15 at 100.00
BBB
   
5,067,300
 
 
5,000
 
5.000%, 7/01/39
7/15 at 100.00
BBB
   
4,995,950
 
 
3,175
 
Ceres Unified School District, Stanislaus County, California, General Obligation Bonds, Series 2002B, 0.000%, 8/01/35 – FGIC Insured
8/12 at 26.19
A+
   
801,243
 
 
31,200
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Series 1999, 0.000%, 1/15/34 – NPFG Insured
7/12 at 27.61
BBB
   
8,228,376
 
 
56
 
Nuveen Investments

 
 

 

 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
California (continued)
           
$
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
 
$
1,752,489
 
 
7,000
 
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
   
7,086,450
 
 
1,890
 
Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%, 11/01/23 – AGM Insured
No Opt. Call
Aa2
   
1,216,404
 
 
6,520
 
Los Angeles Unified School District, California, General Obligation Bonds, Series 2005E, 5.000%, 7/01/22 – AMBAC Insured
7/15 at 100.00
Aa2
   
7,326,133
 
 
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
   
4,525,960
 
 
3,510
 
Newport Beach, California, Revenue Bonds, Hoag Memorial Hospital Presbyterian, Series 2011A, 5.875%, 12/01/30
12/21 at 100.00
AA
   
4,278,128
 
 
15,000
 
Orange County Sanitation District, California, Certificates of Participation, Series 2003, 5.250%, 2/01/30 (Pre-refunded 8/01/13) – FGIC Insured
8/13 at 100.00
AAA
   
15,937,050
 
 
1,750
 
Orange County Water District, California, Revenue Certificates of Participation, Series 2003B, 5.000%, 8/15/34 – NPFG Insured (ETM)
No Opt. Call
AAA
   
2,068,133
 
 
8,250
 
Orange County Water District, California, Revenue Certificates of Participation, Series 2003B, 5.000%, 8/15/34 – NPFG Insured
8/13 at 100.00
AAA
   
8,558,715
 
 
1,435
 
Pasadena Area Community College District, Los Angeles County, California, General Obligation Bonds, Series 2003A, 5.000%, 6/01/22 (Pre-refunded 6/01/13) – FGIC Insured
6/13 at 100.00
AA+ (4)
   
1,509,118
 
 
1,800
 
Rialto Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2011A, 0.000%, 8/01/28 – AGM Insured
No Opt. Call
AA–
   
802,188
 
 
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–
   
1,077,040
 
 
735
 
Sacramento City Financing Authority, California, Capital Improvement Revenue Bonds, Solid Waste and Redevelopment Projects, Series 1999, 5.800%, 12/01/19 – AMBAC Insured
7/12 at 100.00
N/R
   
735,867
 
     
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+
   
1,820,725
 
 
720
 
5.000%, 2/01/25 – AMBAC Insured
2/15 at 100.00
AA+
   
778,514
 
     
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A:
           
 
3,825
 
0.000%, 1/15/32 – NPFG Insured
No Opt. Call
BBB
   
1,049,657
 
 
23,900
 
0.000%, 1/15/34 – NPFG Insured
No Opt. Call
BBB
   
5,755,598
 
 
2,000
 
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
BBB
   
2,041,100
 
 
7,855
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C, 4.250%, 8/01/30 – NPFG Insured
8/17 at 100.00
BBB
   
6,905,645
 
 
5,000
 
Torrance, California, Certificates of Participation, Refunding Series 2005B, 5.000%, 6/01/24 – AMBAC Insured
6/14 at 100.00
AA
   
5,181,400
 
 
12,500
 
University of California, Revenue Bonds, Multi-Purpose Projects, Series 2003A, 5.000%, 5/15/33 – AMBAC Insured (UB)
5/13 at 100.00
Aa1
   
12,937,000
 
 
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–
   
4,702,893
 
 
205,160
 
Total California
       
148,736,043
 
     
Colorado – 9.1% (6.2% of Total Investments)
           
 
1,940
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Adams School District 12 – Pinnacle School, Series 2003, 5.250%, 6/01/23 – SYNCORA GTY Insured
6/13 at 100.00
A
   
1,972,165
 
 
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
   
3,485,426
 
 
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)
   
17,256,898
 
 
125
 
Denver School District 1, Colorado, General Obligation Bonds, Series 2004, 5.000%, 12/01/18 – AGM Insured
12/13 at 100.00
Aa2
   
133,549
 
 
 Nuveen Investments   57

 
 

 

   
Nuveen Premium Income Municipal Opportunity Fund (continued)
   
(formerly known as Nuveen Insured Premium Income Municipal Fund 2)
NPX
 
Portfolio of Investments
   
April 30, 2012 (Unaudited)
 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Colorado (continued)
           
$
5,000
 
Denver School District 1, Colorado, General Obligation Bonds, Series 2004, 5.000%, 12/01/18 (Pre-refunded 12/01/13) – AGM Insured
12/13 at 100.00
Aa2 (4)
 
$
5,369,250
 
 
12,285
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/30 – NPFG Insured
No Opt. Call
BBB
   
4,450,364
 
 
1,325
 
El Paso County, Colorado, Certificates of Participation, Detention Facility Project, Series 2002B, 5.000%, 12/01/27 (Pre-refunded 12/01/12) – AMBAC Insured
12/12 at 100.00
AA– (4)
   
1,361,822
 
     
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 (UB)
12/14 at 100.00
Aa2 (4)
   
2,800,125
 
 
5,125
 
5.000%, 12/15/23 (Pre-refunded 12/15/14) – AGM Insured (UB)
12/14 at 100.00
Aa2 (4)
   
5,740,256
 
 
2,000
 
5.000%, 12/15/24 (Pre-refunded 12/15/14) – AGM Insured (UB)
12/14 at 100.00
Aa2 (4)
   
2,240,100
 
 
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–
   
3,008,148
 
 
360
 
University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 – FGIC Insured
6/15 at 100.00
Aa2
   
395,280
 
 
640
 
University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 (Pre-refunded 6/01/15) – FGIC Insured
6/15 at 100.00
BBB (4)
   
727,917
 
 
53,440
 
Total Colorado
       
48,941,300
 
     
District of Columbia – 0.2% (0.2% of Total Investments)
           
 
1,065
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1606, 11.096%, 10/01/30 – AMBAC Insured (IF)
10/16 at 100.00
AA+
   
1,182,075
 
     
Florida – 8.4% (5.6% of Total Investments)
           
 
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–
   
11,887,260
 
 
1,000
 
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–
   
1,122,770
 
 
4,000
 
Florida State Board of Education, Full Faith and Credit Public Education Capital Outlay Bonds, Series 2003J, 5.000%, 6/01/22 – AMBAC Insured
6/13 at 101.00
AAA
   
4,228,240
 
 
400
 
Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Refunding Series 2012, 5.000%, 10/01/30
10/22 at 100.00
A1
   
441,512
 
 
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
   
1,696,311
 
 
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–
   
10,839,100
 
 
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+
   
6,913,563
 
 
5,720
 
Miami-Dade County, Florida, General Obligation Bonds, Series 2005, 5.000%, 7/01/33 – AGM Insured
7/15 at 100.00
Aa2
   
6,193,845
 
 
1,500
 
Volusia County Educational Facilities Authority, Florida, Educational Facilities Revenue Bonds,
10/21 at 100.00
AA–
   
1,612,860
 
     
Embry-Riddle Aeronautical University, Inc. Project, Refunding Series 2011, 5.000%, 10/15/29 – AGM Insured
           
 
41,500
 
Total Florida
       
44,935,461
 
     
Georgia – 4.5% (3.0% of Total Investments)
           
 
5,600
 
Atlanta, Georgia, Airport General Revenue Refunding Bonds, Series 2010A, 5.000%, 1/01/40 – AGM Insured
1/20 at 100.00
AA–
   
6,037,360
 
 
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
   
1,661,484
 
 
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
   
4,171,520
 
     
Municipal Electric Authority of Georgia, Combustion Turbine Revenue Bonds, Series 2003A:
           
 
1,775
 
5.000%, 11/01/21 – NPFG Insured
11/13 at 100.00
A1
   
1,869,377
 
 
2,580
 
5.000%, 11/01/22 – NPFG Insured
11/13 at 100.00
A1
   
2,712,818
 
 
4,500
 
South Fulton Municipal Regional Water and Sewerage Authority, Georgia, Water Revenue Bonds, Refunding Series 2003, 5.000%, 1/01/33 (Pre-refunded 1/01/13) – NPFG Insured
1/13 at 100.00
N/R (4)
   
4,644,270
 
 
58
 
Nuveen Investments

 
 

 
 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Georgia (continued)
           
$
3,000
 
Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South Georgia Medical Center, Series 2002, 5.200%, 10/01/22 (Pre-refunded 10/01/12) – AMBAC Insured
10/12 at 101.00
A+ (4)
 
$
3,092,490
 
 
22,990
 
Total Georgia
       
24,189,319
 
     
Illinois – 7.9% (5.4% of Total Investments)
           
 
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–
   
3,923,325
 
 
8,000
 
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien Refunding Series 2010C, 5.250%, 1/01/35 – AGC Insured
1/20 at 100.00
AA–
   
8,767,840
 
 
2,240
 
Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2011A, 6.000%, 8/15/41 – AGM Insured
8/21 at 100.00
AA–
   
2,528,086
 
 
1,000
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C, 5.500%, 8/15/41
2/21 at 100.00
AA–
   
1,104,350
 
 
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)
   
6,045,777
 
 
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)
   
2,193,126
 
 
4,000
 
Illinois Municipal Electric Agency, Power Supply System Revenue Bonds, Series 2007A, 5.000%, 2/01/35 – FGIC Insured
2/17 at 100.00
A+
   
4,264,920
 
 
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
Aa3
   
5,486,450
 
 
19,700
 
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
   
3,334,422
 
 
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
   
4,985,616
 
 
56,160
 
Total Illinois
       
42,633,912
 
     
Indiana – 5.7% (3.8% of Total Investments)
           
     
Hamilton County Public Building Corporation, Indiana, First Mortgage Bonds, Series 2004:
           
 
2,105
 
5.000%, 8/01/23 – AGM Insured
8/14 at 100.00
Aaa
   
2,295,039
 
 
2,215
 
5.000%, 8/01/24 – AGM Insured
8/14 at 100.00
Aaa
   
2,398,136
 
 
10,000
 
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2009A, 5.250%, 12/01/38
12/19 at 100.00
AA
   
10,909,700
 
 
5,000
 
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2011B, 5.000%, 10/01/41
10/21 at 100.00
AA–
   
5,358,650
 
 
3,730
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
1/17 at 100.00
A+
   
3,969,764
 
 
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–
   
5,575,800
 
 
28,050
 
Total Indiana
       
30,507,089
 
     
Iowa – 0.8% (0.5% 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
   
4,220,160
 
     
Kentucky – 1.4% (1.0% 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–
   
2,503,586
 
 
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–
   
5,266,100
 
 
11,010
 
Total Kentucky
       
7,769,686
 
     
Louisiana – 5.4% (3.7% of Total Investments)
           
 
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–
   
5,533,350
 
 
3,935
 
Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital, Series 2004, 5.250%, 7/01/24 – NPFG Insured
7/14 at 100.00
BBB
   
4,171,848
 
 
Nuveen Investments
 
59

 
 

 

   
Nuveen Premium Income Municipal Opportunity Fund (continued)
   
(formerly known as Nuveen Insured Premium Income Municipal Fund 2)
NPX
 
Portfolio of Investments
   
April 30, 2012 (Unaudited)
 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Louisiana (continued)
           
     
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2005A:
           
$
1,010
 
5.000%, 5/01/25 – FGIC Insured
5/15 at 100.00
Aa1
 
$
1,105,889
 
 
2,210
 
5.000%, 5/01/26 – FGIC Insured
5/15 at 100.00
Aa1
   
2,419,817
 
     
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:
           
 
1,320
 
4.750%, 5/01/39 – AGM Insured (UB)
5/16 at 100.00
Aa1
   
1,371,374
 
 
14,265
 
4.500%, 5/01/41 – FGIC Insured (UB)
5/16 at 100.00
Aa1
   
14,587,389
 
 
27,740
 
Total Louisiana
       
29,189,667
 
     
Maryland – 0.4% (0.2% 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+
   
1,856,496
 
     
Massachusetts – 3.2% (2.2% of Total Investments)
           
 
3,000
 
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+
   
3,320,460
 
 
3,000
 
Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, Series 2002A, 5.750%, 1/01/42 – AMBAC Insured
No Opt. Call
A
   
3,698,880
 
 
3,335
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Tender Option Bond Trust 3091, 12.964%, 8/15/37 – AGM Insured (IF)
8/17 at 100.00
AA+
   
4,240,986
 
     
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)
   
3,948,388
 
 
2,000
 
5.250%, 1/01/24 (Pre-refunded 1/01/14) – FGIC Insured
1/14 at 100.00
A1 (4)
   
2,163,500
 
 
14,985
 
Total Massachusetts
       
17,372,214
 
     
Michigan – 1.9% (1.3% of Total Investments)
           
 
10,000
 
Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2011A, 5.250%, 7/01/41
7/21 at 100.00
A+
   
10,214,600
 
     
Missouri – 0.4% (0.2% of Total Investments)
           
 
1,000
 
Jackson County Reorganized School District R-7, Lees Summit, Missouri, General Obligation Bonds, Series 2006, 5.250%, 3/01/25 – NPFG Insured
3/16 at 100.00
Aa1
   
1,144,700
 
 
750
 
Missouri Western State College, Auxiliary System Revenue Bonds, Series 2003, 5.000%, 10/01/33 – NPFG Insured
10/13 at 100.00
A–
   
764,228
 
 
1,750
 
Total Missouri
       
1,908,928
 
     
Nebraska – 0.8% (0.5% of Total Investments)
           
 
1,000
 
Douglas County School District 10 Elkhorn, Nebraska, General Obligation Bonds, Public Schools Series 2012, 5.000%, 1/15/30
1/22 at 100.00
AA–
   
1,160,470
 
 
1,250
 
Municipal Energy Agency of Nebraska, Power Supply System Revenue Bonds, Refunding Series 2012A, 5.000%, 4/01/31
4/22 at 100.00
A
   
1,408,750
 
 
865
 
Omaha Public Power District, Nebraska, Separate Electric System Revenue Bonds, Nebraska City 2, Series 2006A, 19.731%, 8/01/40 – AMBAC Insured (IF)
2/17 at 100.00
AA+
   
1,443,374
 
 
3,115
 
Total Nebraska
       
4,012,594
 
     
Nevada – 2.2% (1.5% of Total Investments)
           
 
7,545
 
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–
   
8,216,807
 
 
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
Aa3
   
3,525,869
 
 
10,825
 
Total Nevada
       
11,742,676
 
     
New Jersey – 9.3% (6.3% 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
   
1,405,573
 
 
2,250
 
5.125%, 10/01/22 – NPFG Insured
10/14 at 100.00
Aa2
   
2,470,725
 
 
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
   
1,699,698
 
 
60
 
Nuveen Investments

 
 

 

 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
New Jersey (continued)
           
     
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A:
           
$
1,475
 
5.000%, 7/01/22 – NPFG Insured
7/14 at 100.00
A
 
$
1,586,894
 
 
1,475
 
5.000%, 7/01/23 – NPFG Insured
7/14 at 100.00
A
   
1,586,894
 
 
3,075
 
New Jersey Transit Corporation, Certificates of Participation Refunding, Series 2003, 5.500%, 10/01/15 – AGM Insured
No Opt. Call
AA–
   
3,516,324
 
     
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C:
           
 
25,000
 
0.000%, 12/15/35 – AMBAC Insured
No Opt. Call
A+
   
7,286,750
 
 
10,000
 
0.000%, 12/15/36 – AMBAC Insured
No Opt. Call
A+
   
2,753,200
 
 
10,500
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2007A, 5.000%, 12/15/34 – AMBAC Insured
12/17 at 100.00
AA–
   
11,538,135
 
 
10,000
 
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – AGM Insured
No Opt. Call
AA–
   
12,399,300
 
 
3,315
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.000%,
1/15 at 100.00
AA–
   
3,521,856
 
         1/01/25 – AGM Insured            
 
69,925
 
Total New Jersey
       
49,765,349
 
     
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 – AMBAC Insured
6/14 at 100.00
AAA
   
1,535,544
 
 
1,050
 
5.000%, 6/01/24 – AMBAC Insured
6/14 at 100.00
AAA
   
1,128,225
 
 
2,000
 
New Mexico Finance Authority, Public Project Revolving Fund Revenue Bonds, Series 2005E, 5.000%, 6/15/25 – NPFG Insured
6/15 at 100.00
Aa2
   
2,205,720
 
 
4,465
 
Total New Mexico
       
4,869,489
 
     
New York – 10.5% (7.1% 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
BBB
   
1,215,872
 
 
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
   
3,414,810
 
 
7,435
 
Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series 2010, 5.500%, 7/01/43 – AGM Insured
7/20 at 100.00
AA–
   
8,279,244
 
 
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
   
1,109,670
 
 
4,055
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured
2/17 at 100.00
A
   
4,037,077
 
 
10,000
 
Liberty Development Corporation, New York, Goldman Sachs Headquarter Revenue Bonds, Series 2005, 5.250%, 10/01/35
No Opt. Call
A1
   
10,963,500
 
     
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
   
11,749,332
 
 
5,000
 
5.000%, 12/01/25 – FGIC Insured
6/16 at 100.00
A
   
5,427,450
 
 
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
   
2,754,216
 
 
5,000
 
New York City, New York, General Obligation Bonds, Fiscal Series 2004E, 5.000%, 11/01/21 – AGM Insured
11/14 at 100.00
AA
   
5,514,750
 
 
1,540
 
New York Convention Center Development Corporation, Hotel Unit Fee Revenue Bonds, Series 2005, Trust 2364, 16.498%, 11/15/44 – AMBAC Insured (IF)
11/15 at 100.00
AA+
   
1,844,119
 
 
425
 
New York State Housing Finance Agency, Mortgage Revenue Refunding Bonds, Housing Project, Series 1996A, 6.125%, 11/01/20 – AGM Insured
11/12 at 100.00
AA–
   
425,973
 
 
51,950
 
Total New York
       
56,736,013
 
     
North Carolina – 1.6% (1.1% of Total Investments)
           
 
1,250
 
Appalachian State University, North Carolina, Revenue Bonds, Series 2005, 5.000%, 7/15/30 – NPFG Insured
7/15 at 100.00
Aa3
   
1,310,438
 
 
1,780
 
Charlotte, North Carolina, Water and Sewer System Refunding Bonds, Tender Option Bond Trust 43W, 13.645%, 7/01/38 (IF) (5)
7/20 at 100.00
AAA
   
2,455,510
 
 
Nuveen Investments
 
61

 
 

 

   
Nuveen Premium Income Municipal Opportunity Fund (continued)
   
(formerly known as Nuveen Insured Premium Income Municipal Fund 2)
NPX
 
Portfolio of Investments
   
April 30, 2012 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
North Carolina (continued)
           
     
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)
 
$
2,430,746
 
 
2,335
 
5.000%, 5/01/24 (Pre-refunded 5/01/14) – FGIC Insured
5/14 at 100.00
AA– (4)
   
2,550,917
 
 
7,590
 
Total North Carolina
       
8,747,611
 
     
North Dakota – 0.9% (0.6% of Total Investments)
           
 
5,000
 
Burleigh County, North Dakota, Health Care Revenue Refunding Bonds, St. Alexius Medical Center Project, Series 2012A, 4.500%, 7/01/32
7/22 at 100.00
BBB+
   
5,042,400
 
     
Ohio – 1.6% (1.1% of Total Investments)
           
 
7,825
 
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, Series 2006A, 4.250%, 12/01/32 – AMBAC Insured
12/16 at 100.00
A1
   
7,937,132
 
 
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
   
754,810
 
 
8,525
 
Total Ohio
       
8,691,942
 
     
Oklahoma – 0.3% (0.2% of Total Investments)
           
 
1,500
 
Oklahoma Capitol Improvement Authority, State Facilities Revenue Bonds, Series 2005F, 5.000%, 7/01/24 – AMBAC Insured
7/15 at 100.00
AA
   
1,660,650
 
     
Pennsylvania – 9.8% (6.6% of Total Investments)
           
 
2,000
 
Allegheny County Sanitary Authority, Pennsylvania, Sewerage Revenue Bonds, Series 2005A, 5.000%, 12/01/23 – NPFG Insured
12/15 at 100.00
A1
   
2,240,360
 
 
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+
   
4,611,237
 
 
1,750
 
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–
   
1,884,260
 
 
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
Aa3
   
4,174,640
 
 
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
8/20 at 100.00
AA
   
1,147,013
 
 
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
   
5,457,749
 
 
4,585
 
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured (UB)
12/16 at 100.00
Aa2
   
4,719,753
 
 
1,050
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 – AMBAC Insured
6/16 at 100.00
Aa3
   
1,173,207
 
     
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–
   
5,442,620
 
 
3,000
 
5.000%, 9/01/25 – AGM Insured
9/14 at 100.00
AA–
   
3,108,030
 
 
2,985
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010B, 5.000%, 5/15/40
5/20 at 100.00
AA
   
3,202,278
 
 
1,425
 
Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011, 6.500%, 8/01/41
8/20 at 100.00
A2
   
1,705,868
 
 
2,385
 
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 1997A, 5.125%, 8/01/27 – AMBAC Insured (ETM)
No Opt. Call
A1 (4)
   
2,904,835
 
 
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–
   
4,087,876
 
 
1,125
 
Scranton, Pennsylvania, Sewer Authority Revenue Bonds, Series 2011A, 5.250%, 12/01/31 – AGM Insured
12/21 at 100.00
AA–
   
1,237,433
 
 
1,455
 
Solebury Township, Pennsylvania, General Obligation Bonds, Series 2005, 5.000%, 12/15/25 – AMBAC Insured
6/15 at 100.00
Aa3
   
1,548,571
 
 
3,650
 
State Public School Building Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia School District, Series 2003, 5.000%, 6/01/29 (Pre-refunded 6/01/13) – AGM Insured
6/13 at 100.00
AA+ (4)
   
3,836,625
 
 
48,945
 
Total Pennsylvania
       
52,482,355
 
 
62
 
Nuveen Investments

 
 

 

 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Puerto Rico – 4.2% (2.8% of Total Investments)
           
$
2,500
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 5.000%, 7/01/22 – FGIC Insured
7/15 at 100.00
BBB+
 
$
2,635,650
 
 
4,705
 
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–
   
5,007,296
 
     
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
           
 
50,700
 
0.000%, 8/01/45 – NPFG Insured
No Opt. Call
Aa2
   
7,667,361
 
 
88,000
 
0.000%, 8/01/54 – AMBAC Insured
No Opt. Call
Aa2
   
7,094,560
 
 
145,905
 
Total Puerto Rico
       
22,404,867
 
     
South Carolina – 0.4% (0.3% of Total Investments)
           
 
1,955
 
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2006, 5.000%, 12/01/28 – AGM Insured
12/16 at 100.00
AA
   
2,172,025
 
     
Texas – 9.4% (6.3% of Total Investments)
           
 
1,930
 
Board of Regents of the Texas Tech University System, Revenue Financing System Refunding and Improvement Bonds, Fourteenth Series 2012A, 5.000%, 8/15/37
8/21 at 100.00
AA
   
2,158,666
 
 
1,700
 
Central Texas Regional Mobility Authority, Senior Lien Revenue Bonds, Series 2011, 6.250%, 1/01/46
1/21 at 100.00
BBB–
   
1,879,350
 
     
Corpus Christi, Texas, Utility System Revenue Bonds, Series 2004:
           
 
3,475
 
5.000%, 7/15/22 – AGM Insured (UB)
7/14 at 100.00
AA–
   
3,781,217
 
 
3,645
 
5.000%, 7/15/23 – AGM Insured (UB)
7/14 at 100.00
AA–
   
3,928,690
 
 
10,000
 
Dallas, Texas, Waterworks and Sewer System Revenue Bonds, Series 2007, 4.375%, 10/01/32 – AMBAC Insured (UB)
10/17 at 100.00
AAA
   
10,572,500
 
 
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+
   
1,618,485
 
 
5,625
 
Harris County Hospital District, Texas, Revenue Bonds, Series 2007A, 5.250%, 2/15/42 – NPFG Insured
2/17 at 100.00
A
   
5,857,538
 
 
605
 
Houston, Texas, Subordinate Lien Airport System Revenue Bonds, Series 2000B, 5.450%, 7/01/24 – AGM Insured
No Opt. Call
AA–
   
710,294
 
 
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–
   
2,538,900
 
 
10,000
 
Lower Colorado River Authority, Texas, Contract Revenue Refunding Bonds, Transmission Services Corporation, Series 2003C, 5.000%, 5/15/33 – AMBAC Insured
5/13 at 100.00
A+
   
10,337,400
 
 
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
7/12 at 105.00
Aaa
   
4,369,426
 
 
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
Aa2
   
2,693,802
 
 
47,381
 
Total Texas
       
50,446,268
 
     
Utah – 2.1% (1.5% of Total Investments)
           
 
8,600
 
Intermountain Power Agency, Utah, Power Supply Revenue Refunding Bonds, Series 2003A, 5.000%, 7/01/18 – AGM Insured (UB)
7/13 at 100.00
AA–
   
9,034,558
 
 
2,385
 
Mountain Regional Water Special Service District, Utah, Water Revenue Bonds, Series 2003, 5.000%, 12/15/33 – NPFG Insured
12/13 at 100.00
AA–
   
2,501,460
 
 
10,985
 
Total Utah
       
11,536,018
 
     
Virginia – 2.1% (1.4% of Total Investments)
           
     
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+
   
4,329,040
 
 
5,000
 
5.000%, 6/15/22 – NPFG Insured
6/15 at 100.00
A+
   
5,353,750
 
     
Loudoun County Industrial Development Authority, Virginia, Lease Revenue Bonds, Public Safety Facilities, Series 2003A:
           
 
1,150
 
5.250%, 12/15/22 – AGM Insured
6/14 at 100.00
AA+
   
1,256,272
 
 
500
 
5.250%, 12/15/23 – AGM Insured
6/14 at 100.00
AA+
   
545,538
 
 
10,650
 
Total Virginia
       
11,484,600
 
 
Nuveen Investments
 
63

 
 

 

   
Nuveen Premium Income Municipal Opportunity Fund (continued)
   
(formerly known as Nuveen Insured Premium Income Municipal Fund 2)
NPX
 
Portfolio of Investments
   
April 30, 2012 (Unaudited)
 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Washington – 4.7% (3.2% of Total Investments)
           
$
1,370
 
Clark County School District 101, La Center, Washington, General Obligation Bonds, Series 2002, 5.000%, 12/01/22 (Pre-refunded 12/01/12) – AGM Insured
12/12 at 100.00
Aa1 (4)
 
$
1,408,593
 
 
3,000
 
King County, Washington, Sewer Revenue Bonds, Series 2007, 5.000%, 1/01/42 – AGM Insured
7/17 at 100.00
AA+
   
3,253,050
 
 
4,900
 
Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.625%, 1/01/35
1/21 at 100.00
A
   
5,282,641
 
 
6,200
 
Washington State, General Obligation Purpose Bonds, Series 2003A, 5.000%, 7/01/20 (Pre-refunded 7/01/12) – FGIC Insured
7/12 at 100.00
AA+ (4)
   
6,250,530
 
 
10,855
 
Washington, General Obligation Bonds, Series 2000S-5, 0.000%, 1/01/20 – FGIC Insured
No Opt. Call
AA+
   
9,279,612
 
 
26,325
 
Total Washington
       
25,474,426
 
     
Wisconsin – 0.8% (0.5% of Total Investments)
           
 
3,775
 
Wisconsin State, General Obligation Bonds, Series 2006A, 4.750%, 5/01/25 – FGIC Insured
5/16 at 100.00
AA
   
4,241,288
 
     
Wyoming – 0.4% (0.3% of Total Investments)
           
     
Teton County Hospital District, Wyoming, Hospital Revenue Bonds, St. John’s Medical Center Project, Series 2011B:
           
 
1,000
 
5.500%, 12/01/27
12/21 at 100.00
BBB
   
1,085,650
 
 
1,000
 
6.000%, 12/01/36
12/21 at 100.00
BBB
   
1,109,538
 
 
2,000
 
Total Wyoming
       
2,195,188
 
$
985,696
 
Total Investments (cost $745,217,302) – 147.9%
       
796,014,815
 
     
Floating Rate Obligations – (10.5)%
       
(56,320,000
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (40.7)% (6)
       
(219,000,000
     
Other Assets Less Liabilities – 3.3%
       
17,668,972
 
     
Net Assets Applicable to Common Shares – 100%
     
$
538,363,787
 
 
 (1)
 
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
 (2)
 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
 (3)
 
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
 (4)
 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations of investments in inverse floating rate transactions.
(6)
 
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 27.5%.
 N/R
 
Not rated.
 (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, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
 
See accompanying notes to financial statements.
 
64
 
Nuveen Investments

 
 

 

   
Nuveen Dividend Advantage Municipal Income Fund
   
(formerly known as Nuveen Insured Dividend Advantage Municipal Fund)
NVG
 
Portfolio of Investments
   
April 30, 2012 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Municipal Bonds – 144.9% (99.8% of Total Investments)
           
     
Alabama – 0.5% (0.4% of Total Investments)
           
$
2,270
 
Auburn University, Alabama, General Fee Revenue Bonds, Series 2012A, 5.000%, 6/01/34
6/22 at 100.00
Aa2
 
$
2,574,748
 
     
Alaska – 3.3% (2.2% of Total Investments)
           
 
15,000
 
Alaska, International Airport System Revenue Bonds, Series 2002B, 5.250%, 10/01/27 (Pre-refunded 10/01/12) – AMBAC Insured
10/12 at 100.00
Aa3 (4)
   
15,318,450
 
     
Arizona – 2.4% (1.7% of Total Investments)
           
 
5,000
 
Phoenix Civic Improvement Corporation, Arizona, Senior Lien Airport Revenue Bonds, Series 2002B, 5.250%, 7/01/32 – FGIC Insured (Alternative Minimum Tax)
7/12 at 100.00
AA–
   
5,008,950
 
 
6,000
 
Phoenix, Arizona, Civic Improvement Revenue Bonds, Civic Plaza, Series 2005B, 0.000%, 7/01/37 – FGIC Insured
No Opt. Call
AA
   
6,348,300
 
 
11,000
 
Total Arizona
       
11,357,250
 
     
California – 18.8% (12.9% of Total Investments)
           
 
2,000
 
Alameda Corridor Transportation Authority, California, Subordinate Lien Revenue Bonds, Series 2004A, 0.000%, 10/01/20 – AMBAC Insured
No Opt. Call
BBB+
   
1,334,020
 
 
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–
   
2,424,206
 
     
California Educational Facilities Authority, Revenue Bonds, Occidental College, Series 2005A:
           
 
1,485
 
5.000%, 10/01/26 – NPFG Insured
10/15 at 100.00
Aa3
   
1,599,701
 
 
1,565
 
5.000%, 10/01/27 – NPFG Insured
10/15 at 100.00
Aa3
   
1,681,514
 
 
10,000
 
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children’s Hospital, Series 2012A, 5.000%, 8/15/51
8/22 at 100.00
AA
   
10,606,500
 
 
3,130
 
California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Series 2012A, 5.000%, 4/01/42
4/22 at 100.00
A+
   
3,348,380
 
 
2,000
 
Ceres Unified School District, Stanislaus County, California, General Obligation Bonds, Series 2002B, 0.000%, 8/01/33 – FGIC Insured
8/12 at 29.17
A+
   
574,060
 
 
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
   
3,417,983
 
     
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
Aa3
   
1,612,697
 
 
3,600
 
0.000%, 8/01/34 – AGM Insured
8/28 at 100.00
Aa3
   
2,166,876
 
 
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
   
2,449,444
 
 
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
   
18,895,513
 
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
           
 
3,275
 
4.500%, 6/01/27
6/17 at 100.00
BB–
   
2,803,367
 
 
1,255
 
5.000%, 6/01/33
6/17 at 100.00
BB–
   
990,835
 
 
1,000
 
5.750%, 6/01/47
6/17 at 100.00
BB–
   
824,040
 
 
365
 
5.125%, 6/01/47
6/17 at 100.00
BB–
   
271,491
 
 
1,990
 
Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%, 11/01/25 – AGM Insured
No Opt. Call
Aa2
   
1,145,862
 
 
7,935
 
Los Angeles, California, Certificates of Participation, Municipal Improvement Corporation, Real Property Program Series 2002-AQ, 5.300%, 4/01/32 – AMBAC Insured
6/12 at 100.00
A+
   
7,946,744
 
     
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–
   
3,090,382
 
 
2,220
 
0.000%, 8/01/28 – AGC Insured
No Opt. Call
AA–
   
1,008,368
 
 
2,675
 
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 – AGC Insured
8/29 at 100.00
AA–
   
2,132,831
 
 
Nuveen Investments
 
65

 
 

 

   
Nuveen Dividend Advantage Municipal Income Fund (continued)
   
(formerly known as Nuveen Insured Dividend Advantage Municipal Fund)
NVG
 
Portfolio of Investments
   
April 30, 2012 (Unaudited)
 

 
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
10/21 at 100.00
AA–
 
$
3,646,149
 
     
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
   
1,002,390
 
 
1,180
 
3.000%, 6/15/26 – AGM Insured
6/17 at 100.00
Aa2
   
1,165,226
 
 
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
BBB
   
5,995,735
 
 
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
   
4,307,105
 
 
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
   
1,860,910
 
 
113,725
 
Total California
       
88,302,329
 
     
Colorado – 6.0% (4.1% of Total Investments)
           
 
17,300
 
Adams County, Colorado, FHA-Insured Mortgage Revenue Bonds, Platte Valley Medical Center, Series 2005, 5.000%, 8/01/24 – NPFG Insured
8/15 at 100.00
BBB
   
18,489,721
 
 
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–
   
756,285
 
 
17,000
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/25 – NPFG Insured
No Opt. Call
BBB
   
8,747,350
 
 
35,050
 
Total Colorado
       
27,993,356
 
     
District of Columbia – 1.7% (1.2% of Total Investments)
           
 
6,805
 
District of Columbia, Revenue Bonds, Georgetown University, Series 2007A, 4.500%, 4/01/42 – AMBAC Insured
4/17 at 100.00
A–
   
6,932,526
 
 
935
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1606, 11.096%, 10/01/30 – AMBAC Insured (IF)
10/16 at 100.00
AA+
   
1,037,785
 
 
7,740
 
Total District of Columbia
       
7,970,311
 
     
Florida – 10.8% (7.4% 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–
   
3,241,980
 
     
Florida Municipal Loan Council, Revenue Bonds, Series 2003B:
           
 
2,305
 
5.250%, 12/01/17 – NPFG Insured
12/13 at 100.00
A–
   
2,434,748
 
 
1,480
 
5.250%, 12/01/18 – NPFG Insured
12/13 at 100.00
A–
   
1,558,914
 
 
5,945
 
Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Bonds, Series 2002B, 5.125%, 10/01/21 – AGM Insured (Alternative Minimum Tax)
10/12 at 100.00
Aa3
   
6,033,224
 
 
5,655
 
Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Bonds, Series 2002B, 5.125%, 10/01/21 (Pre-refunded 10/01/12) – AGM Insured (Alternative Minimum Tax)
10/12 at 100.00
Aa3 (4)
   
5,753,906
 
 
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–
   
2,542,255
 
 
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–
   
1,757,129
 
     
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2002:
           
 
7,165
 
5.625%, 10/01/15 – FGIC Insured (Alternative Minimum Tax)
10/12 at 100.00
A2
   
7,292,752
 
 
5,600
 
5.750%, 10/01/16 – FGIC Insured (Alternative Minimum Tax)
10/12 at 100.00
A2
   
5,696,656
 
 
10,000
 
5.125%, 10/01/21 – FGIC Insured (Alternative Minimum Tax)
10/12 at 100.00
A2
   
10,106,600
 
 
2,000
 
5.250%, 10/01/22 – FGIC Insured (Alternative Minimum Tax)
10/12 at 100.00
A2
   
2,020,620
 
 
1,000
 
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Series 2007, 5.000%, 8/15/42 (UB)
8/17 at 100.00
AA
   
1,040,670
 
 
1,000
 
Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/28 – NPFG Insured
10/15 at 100.00
AA
   
1,093,280
 
 
49,030
 
Total Florida
       
50,572,734
 
 
66
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Georgia – 2.4% (1.7% 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
 
$
7,537,793
 
 
1,000
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2004, 5.000%, 11/01/22 – AGM Insured
11/14 at 100.00
AA–
   
1,072,120
 
 
1,000
 
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University Project, Refunding Series 2012C, 5.250%, 10/01/27 (WI/DD, Settling 5/15/12)
10/22 at 100.00
Baa2
   
1,058,810
 
 
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
   
1,847,929
 
 
10,635
 
Total Georgia
       
11,516,652
 
     
Idaho – 1.0% (0.7% of Total Investments)
           
     
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
Aa2
   
3,426,330
 
 
1,130
 
5.000%, 7/15/24 – NPFG Insured
7/16 at 100.00
Aa2
   
1,287,115
 
 
4,130
 
Total Idaho
       
4,713,445
 
     
Illinois – 11.7% (8.0% of Total Investments)
           
     
Chicago, Illinois, Second Lien Passenger Facility Charge Revenue Bonds, O’Hare International Airport, Series 2001C:
           
 
4,250
 
5.500%, 1/01/16 – AMBAC Insured (Alternative Minimum Tax)
7/12 at 100.00
AA
   
4,263,558
 
 
4,485
 
5.500%, 1/01/17 – AMBAC Insured (Alternative Minimum Tax)
7/12 at 100.00
AA
   
4,497,917
 
 
4,730
 
5.500%, 1/01/18 – AMBAC Insured (Alternative Minimum Tax)
7/12 at 100.00
AA
   
4,743,622
 
 
2,930
 
5.500%, 1/01/19 – AMBAC Insured (Alternative Minimum Tax)
7/12 at 100.00
AA
   
2,938,438
 
 
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
A1
   
3,909,996
 
 
3,000
 
Chicago, Illinois, Third Lien General Airport Revenue Refunding Bonds, O’Hare International Airport, Series 2002A, 5.750%, 1/01/17 – NPFG Insured (Alternative Minimum Tax)
7/12 at 100.00
A1
   
3,009,270
 
 
4,000
 
Cicero, Cook County, Illinois, General Obligation Corporate Purpose Bonds, Series 2002, 5.000%, 12/01/21 – NPFG Insured
12/12 at 101.00
BBB
   
4,085,680
 
     
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 44.26
AA
   
740,400
 
 
2,000
 
0.000%, 2/01/34
2/21 at 41.04
AA
   
548,880
 
 
480
 
DuPage County Community School District 200, Wheaton, Illinois, General Obligation Bonds, Series 2003C, 5.250%, 10/01/22 – AGM Insured
10/13 at 100.00
Aa3
   
509,347
 
     
DuPage County Community School District 200, Wheaton, Illinois, General Obligation Bonds, Series 2003C:
           
 
770
 
5.250%, 10/01/22 (Pre-refunded 10/01/13) – AGM Insured
10/13 at 100.00
Aa3 (4)
   
823,777
 
 
250
 
5.250%, 10/01/22 (Pre-refunded 10/01/13) – AGM Insured
10/13 at 100.00
Aa3 (4)
   
267,460
 
 
5,000
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago, Series 2012A, 5.000%, 10/01/51
10/21 at 100.00
Aa1
   
5,411,500
 
 
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+
   
3,731,805
 
     
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
   
4,478,500
 
 
17,465
 
0.000%, 6/15/45 – AGM Insured
No Opt. Call
AAA
   
2,956,126
 
 
3,335
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Tender Option Bond Trust 3861, 13.397%, 6/15/42 (IF) (5)
6/20 at 100.00
AAA
   
3,765,048
 
 
3,900
 
Rosemont, Illinois, General Obligation Bonds, Series 2011A, 5.600%,
12/20 at 100.00
AA–
   
4,273,815
 
         12/01/35 – AGM Insured            
 
91,195
 
Total Illinois
       
54,955,139
 
 
Nuveen Investments
 
67

 
 

 

   
Nuveen Dividend Advantage Municipal Income Fund (continued)
   
(formerly known as Nuveen Insured Dividend Advantage Municipal Fund)
NVG
 
Portfolio of Investments
   
April 30, 2012 (Unaudited)
 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Indiana – 10.6% (7.3% of Total Investments)
           
$
3,380
 
Evansville, Indiana, Sewerage Works Revenue Refunding Bonds, Series 2003A, 5.000%, 7/01/20 - AMBAC Insured
7/13 at 100.00
A1
 
$
3,511,752
 
 
10,000
 
Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Marion General Hospital, Series 2002, 5.250%, 7/01/32 – AMBAC Insured
7/12 at 100.00
A+
   
10,017,700
 
 
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+
   
3,421,660
 
 
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–
   
5,575,800
 
 
20,000
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project, Series 2002A, 5.250%, 7/01/33 (Pre-refunded 7/01/12) – NPFG Insured
7/12 at 100.00
AA+ (4)
   
20,170,400
 
 
6,960
 
Valparaiso Middle School Building Corporation, Indiana, First Mortgage Refunding Bonds, Series 2002, 5.000%, 7/15/24 – NPFG Insured
1/13 at 100.00
AA+
   
7,091,405
 
 
48,555
 
Total Indiana
       
49,788,717
 
     
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
   
3,734,955
 
     
Kentucky – 1.9% (1.3% 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–
   
2,937,678
 
 
5,350
 
Louisville/Jefferson County Metro Government, Kentucky, Revenue Bonds, Catholic Health Initiatives, Series 2012A, 5.000%, 12/01/35
6/22 at 100.00
AA
   
5,820,372
 
 
7,765
 
Total Kentucky
       
8,758,050
 
     
Louisiana – 4.3% (3.0% of Total Investments)
           
 
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–
   
1,131,540
 
 
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–
   
5,533,350
 
 
1,325
 
Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital, Series 2004, 5.250%, 7/01/24 – NPFG Insured
7/14 at 100.00
BBB
   
1,404,752
 
     
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:
           
 
770
 
4.750%, 5/01/39 – AGM Insured (UB)
5/16 at 100.00
Aa1
   
799,968
 
 
8,270
 
4.500%, 5/01/41 – FGIC Insured (UB)
5/16 at 100.00
Aa1
   
8,456,902
 
 
3
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006, Residuals 660-5, 15.683%, 5/01/34 – FGIC Insured (IF)
5/16 at 100.00
Aa1
   
3,634
 
 
3,085
 
New Orleans, Louisiana, General Obligation Refunding Bonds, Series 2002, 5.125%, 9/01/21 – NPFG Insured
9/12 at 100.00
A3
   
3,120,539
 
 
19,453
 
Total Louisiana
       
20,450,685
 
     
Massachusetts – 0.8% (0.6% of Total Investments)
           
 
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+
   
1,106,820
 
 
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+
   
2,857,251
 
 
3,775
 
Total Massachusetts
       
3,964,071
 
     
Michigan – 1.1% (0.7% of Total Investments)
           
 
3,230
 
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011, 5.000%, 12/01/39
12/21 at 100.00
AA
   
3,480,971
 
     
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)
   
326,565
 
 
1,225
 
5.000%, 12/01/31 (UB)
12/16 at 100.00
AA
   
1,282,355
 
 
4,730
 
Total Michigan
       
5,089,891
 
 
68
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Minnesota – 0.5% (0.3% of Total Investments)
           
$
1,970
 
Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Refunding Series 2009A, 5.000%, 1/01/15 – AGC Insured
No Opt. Call
AA–
 
$
2,187,803
 
     
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)
   
1,743,424
 
     
Nebraska – 1.9% (1.3% of Total Investments)
           
 
6,360
 
Lincoln, Nebraska, Electric System Revenue Bonds, Series 2005, 5.000%, 9/01/32
Municipal Energy Agency of Nebraska, Power Supply System Revenue Bonds, Series 2003A:
9/15 at 100.00
AA
   
7,045,417
 
 
1,000
 
5.250%, 4/01/20 (Pre-refunded 4/01/13) – AGM Insured
4/13 at 100.00
AA– (4)
   
1,045,370
 
 
1,000
 
5.250%, 4/01/21 (Pre-refunded 4/01/13) – AGM Insured
4/13 at 100.00
AA– (4)
   
1,045,370
 
 
8,360
 
Total Nebraska
       
9,136,157
 
     
Nevada – 2.1% (1.4% 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–
   
2,592,849
 
 
6,665
 
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.250%, 7/01/39 – AGM Insured
1/20 at 100.00
AA–
   
7,258,452
 
 
9,015
 
Total Nevada
       
9,851,301
 
     
New Jersey – 1.3% (0.9% of Total Investments)
           
 
2,150
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A, 5.250%, 12/15/20
No Opt. Call
A+
   
2,632,654
 
 
1,200
 
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – AGM Insured
No Opt. Call
AA–
   
1,487,916
 
     
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
           
 
1,560
 
4.500%, 6/01/23
6/17 at 100.00
B1
   
1,480,159
 
 
685
 
4.750%, 6/01/34
6/17 at 100.00
B2
   
534,732
 
 
5,595
 
Total New Jersey
       
6,135,461
 
     
New York – 6.5% (4.5% 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
BBB
   
1,215,872
 
 
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–
   
4,043,824
 
     
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Tender Option Bond Trust 3518:
           
 
2,000
 
13.270%, 2/15/33 (IF)
2/19 at 100.00
AAA
   
2,537,660
 
 
1,335
 
13.259%, 2/15/33 (IF)
2/19 at 100.00
AAA
   
1,693,554
 
 
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
   
960,968
 
 
3,130
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured
2/17 at 100.00
A
   
3,116,165
 
 
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
   
2,448,192
 
 
1,900
 
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–
   
2,077,764
 
 
480
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005B, 5.000%, 11/15/30 – AMBAC Insured
11/15 at 100.00
A
   
505,661
 
 
10,265
 
Metropolitan Transportation Authority, New York, Transportation Revenue Refunding Bonds, Series 2002A, 5.000%, 11/15/30 – AGM Insured
11/12 at 100.00
AA–
   
10,465,373
 
 
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–
   
1,687,818
 
 
28,575
 
Total New York
       
30,752,851
 
 
 Nuveen Investments   69

 
 

 

   
Nuveen Dividend Advantage Municipal Income Fund (continued)
   
(formerly known as Nuveen Insured Dividend Advantage Municipal Fund)
NVG
 
Portfolio of Investments
   
April 30, 2012 (Unaudited)

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
North Carolina – 0.6% (0.4% of Total Investments)
           
$
2,080
 
North Carolina Medical Care Commission, FHA-Insured Mortgage Revenue Bonds, Betsy Johnson Regional Hospital Project, Series 2003, 5.375%, 10/01/24 (Pre-refunded 10/01/13) – AGM Insured
10/13 at 100.00
AA– (4)
 
$
2,221,544
 
 
540
 
Oak Island, North Carolina, Enterprise System Revenue Bonds, Series 2009A, 6.000%, 6/01/34 - AGC Insured
6/19 at 100.00
AA–
   
617,317
 
 
2,620
 
Total North Carolina
       
2,838,861
 
     
Ohio – 3.3% (2.2% of Total Investments)
           
     
Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Health Partners, Refunding and Improvement Series 2012A:
           
 
770
 
5.000%, 5/01/33 (WI/DD, Settling 5/10/12) – AGM Insured
5/22 at 100.00
AA–
   
838,599
 
 
1,750
 
4.000%, 5/01/33 (WI/DD, Settling 5/10/12) – AGM Insured
5/22 at 100.00
AA–
   
1,714,650
 
 
980
 
5.000%, 5/01/42 (WI/DD, Settling 5/10/12) – AGM Insured
5/22 at 100.00
AA–
   
1,044,729
 
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
           
 
865
 
5.125%, 6/01/24
6/17 at 100.00
B
   
707,112
 
 
710
 
5.875%, 6/01/30
6/17 at 100.00
B+
   
572,189
 
 
815
 
5.750%, 6/01/34
6/17 at 100.00
BB
   
636,010
 
 
1,880
 
5.875%, 6/01/47
6/17 at 100.00
BB
   
1,469,408
 
 
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
Aa3
   
5,611,527
 
 
2,500
 
Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, Cleveland Clinic Health System Obligated Group, Series 2012A, 5.000%, 1/01/38 (WI/DD, Settling 5/09/12)
1/22 at 100.00
Aa2
   
2,729,100
 
 
14,920
 
Total Ohio
       
15,323,324
 
     
Oklahoma – 0.4% (0.3% of Total Investments)
           
 
2,000
 
Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007, 5.000%, 2/15/37
2/17 at 100.00
A
   
2,092,080
 
     
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
   
3,397,590
 
     
Pennsylvania – 4.8% (3.3% of Total Investments)
           
 
4,500
 
Allegheny County, Pennsylvania, Airport Revenue Refunding Bonds, Pittsburgh International Airport, Series 1997A, 5.750%, 1/01/13 – NPFG Insured (Alternative Minimum Tax)
No Opt. Call
A–
   
4,614,705
 
 
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–
   
1,130,556
 
 
4,130
 
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured (UB)
12/16 at 100.00
Aa2
   
4,251,380
 
 
1,050
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 – AMBAC Insured
6/16 at 100.00
Aa3
   
1,173,207
 
 
6,000
 
Pennsylvania Turnpike Commission, Turnpike Subordinate Revenue Bonds, Series 2009C, 0.000%, 6/01/33 – AGM Insured
6/26 at 100.00
AA–
   
5,943,660
 
 
2,000
 
Philadelphia Municipal Authority, Pennsylvania, Lease Revenue Bonds, Series 2003B, 5.250%, 11/15/18 – AGM Insured
11/13 at 100.00
AA–
   
2,093,040
 
 
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–
   
2,253,840
 
 
1,000
 
State Public School Building Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia School District, Series 2003, 5.000%, 6/01/23 (Pre-refunded 6/01/13) – AGM Insured
6/13 at 100.00
AA+ (4)
   
1,051,130
 
 
21,730
 
Total Pennsylvania
       
22,511,518
 
     
Puerto Rico – 0.9% (0.6% of Total Investments)
           
 
1,225
 
Puerto Rico Municipal Finance Agency, Series 2005C, 5.250%, 8/01/21 – CIFG Insured
No Opt. Call
AA–
   
1,351,249
 
 
8,480
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Senior Series 2011C, 0.000%, 8/01/39
No Opt. Call
Aa2
   
1,889,853
 
 
5,000
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/42 – NPFG Insured
No Opt. Call
Aa2
   
912,900
 
 
14,705
 
Total Puerto Rico
       
4,154,002
 
 

70
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
South Carolina – 1.4% (1.0% of Total Investments)
           
$
1,950
 
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2006, 5.000%, 12/01/28 – AGM Insured
12/16 at 100.00
AA
 
$
2,166,470
 
     
Greenville, South Carolina, Tax Increment Revenue Improvement Bonds, Series 2003:
           
 
1,000
 
5.500%, 4/01/17 (Pre-refunded 4/01/13) – NPFG Insured
4/13 at 100.00
A– (4)
   
1,048,610
 
 
2,300
 
5.000%, 4/01/21 (Pre-refunded 4/01/13) – NPFG Insured
4/13 at 100.00
A– (4)
   
2,401,246
 
 
1,000
 
Scago Educational Facilities Corporation, South Carolina, Installment Purchase Revenue Bonds, Spartanburg County School District 5, Series 2005, 5.000%, 4/01/21 – AGM Insured
10/15 at 100.00
AA–
   
1,129,260
 
 
6,250
 
Total South Carolina
       
6,745,586
 
     
Tennessee – 5.5% (3.8% of Total Investments)
           
     
Memphis, Tennessee, Sanitary Sewerage System Revenue Bonds, Series 2004:
           
 
1,495
 
5.000%, 10/01/19 – AGM Insured
10/14 at 100.00
AA
   
1,640,224
 
 
1,455
 
5.000%, 10/01/20 – AGM Insured
10/14 at 100.00
AA
   
1,596,339
 
 
1,955
 
5.000%, 10/01/21 – AGM Insured
10/14 at 100.00
AA
   
2,144,909
 
 
10,000
 
Memphis-Shelby County Sports Authority, Tennessee, Revenue Bonds, Memphis Arena, Series 2002A, 5.125%, 11/01/28 (Pre-refunded 11/01/12) – AMBAC Insured
11/12 at 100.00
AA– (4)
   
10,247,100
 
 
10,000
 
Memphis-Shelby County Sports Authority, Tennessee, Revenue Bonds, Memphis Arena, Series 2002B, 5.125%, 11/01/29 (Pre-refunded 11/01/12) – AMBAC Insured
11/12 at 100.00
AA– (4)
   
10,247,100
 
 
24,905
 
Total Tennessee
       
25,875,672
 
     
Texas – 17.3% (11.9% of Total Investments)
           
 
1,050
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding and Improvement Bonds, Series 2001A, 5.750%, 11/01/13 – NPFG Insured (Alternative Minimum Tax)
7/12 at 100.00
A+
   
1,054,515
 
 
2,600
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding and Improvement Bonds, Series 2012C, 5.000%, 11/01/45 (WI/DD, Settling 5/10/12)
11/21 at 100.00
A+
   
2,802,800
 
     
Harris County Health Facilities Development Corporation, Texas, Thermal Utility Revenue Bonds, TECO Project, Series 2003:
           
 
2,240
 
5.000%, 11/15/16 – NPFG Insured
11/13 at 100.00
AA
   
2,376,013
 
 
2,355
 
5.000%, 11/15/17 – NPFG Insured
11/13 at 100.00
AA
   
2,488,811
 
 
1,545
 
Harris County Metropolitan Transit Authority, Texas, Sales and Use Tax Revenue Bonds, Tender Option Bond Trust 1014, 13.395%, 11/01/41 (IF)
11/21 at 100.00
AA
   
2,034,471
 
 
4,080
 
Harris County, Texas, General Obligation Toll Road Revenue Bonds, Tender Option Bond Trust 3418, 13.812%, 8/15/27 – AGM Insured (IF)
No Opt. Call
AAA
   
7,557,629
 
 
1,000
 
Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2004A, 5.250%, 5/15/24 – FGIC Insured
5/14 at 100.00
AA
   
1,079,010
 
 
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–
   
3,465,654
 
     
North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011C:
           
 
2,590
 
0.000%, 9/01/43
9/31 at 100.00
AA
   
1,684,122
 
 
3,910
 
0.000%, 9/01/45
9/31 at 100.00
AA
   
2,810,586
 
 
7,400
 
Tarrant Regional Water District, Texas, Water Revenue Bonds, Refunding and Improvement Series 2012, 5.000%, 3/01/52
3/22 at 100.00
AAA
   
8,138,668
 
 
6,940
 
Texas Department of Housing and Community Affairs, Single Family Mortgage Bonds, Series 2002B, 5.550%, 9/01/33 – NPFG Insured (Alternative Minimum Tax)
7/12 at 100.00
AA+
   
6,945,760
 
     
Texas Public Finance Authority, Revenue Bonds, Texas Southern University Financing System, Series 2002:
           
 
3,520
 
5.125%, 11/01/20 – NPFG Insured
7/12 at 100.00
Baa1
   
3,521,021
 
 
3,520
 
5.125%, 11/01/21 – NPFG Insured
7/12 at 100.00
Baa1
   
3,520,458
 
     
Texas Student Housing Authority, Revenue Bonds, Austin Project, Senior Series 2001A:
           
 
9,000
 
5.375%, 1/01/23 – NPFG Insured
1/14 at 100.00
Baa2
   
8,106,660
 
 
11,665
 
5.500%, 1/01/33 – NPFG Insured
1/13 at 101.00
Baa2
   
9,601,928
 
 
5,000
 
Texas Water Development Board, Senior Lien State Revolving Fund Revenue Bonds, Series 1999B, 5.250%, 7/15/17
7/12 at 100.00
AAA
   
5,020,250
 
 
9,145
 
Texas, General Obligation Bonds, Veterans Housing Assistance Program Fund II, Series 2002A-1, 5.250%, 12/01/22 (Pre-refunded 6/01/12) (Alternative Minimum Tax)
6/12 at 100.00
Aaa
   
9,179,019
 
 
80,780
 
Total Texas
       
81,387,375
 
 
Nuveen Investments
 
71

 
 

 

   
Nuveen Dividend Advantage Municipal Income Fund (continued)
 
 
(formerly known as Nuveen Insured Dividend Advantage Municipal Fund)
NVG
 
Portfolio of Investments
   
April 30, 2012 (Unaudited)
 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Utah – 1.4% (1.0% of Total Investments)
           
$
4,865
 
Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008, Trust 1193, 13.090%, 12/15/15 – AGM Insured (IF)
No Opt. Call
AAA
 
$
6,573,734
 
     
Washington – 16.2% (11.2% 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
   
5,353,768
 
 
3,235
 
Energy Northwest, Washington, Electric Revenue Refunding Bonds, Columbia Generating Station – Nuclear Project 2, Series 2002B, 5.350%, 7/01/18 (Pre-refunded 7/01/12) – AGM Insured
7/12 at 100.00
AA– (4)
   
3,263,403
 
 
3,365
 
Energy Northwest, Washington, Electric Revenue Refunding Bonds, Columbia Generating Station – Nuclear Project 2, Series 2002B, 5.350%, 7/01/18 – AGM Insured
7/12 at 100.00
AA–
   
3,392,593
 
 
7,675
 
Energy Northwest, Washington, Electric Revenue Refunding Bonds, Nuclear Project 1, Series 2002A, 5.500%, 7/01/15 – NPFG Insured
7/12 at 100.00
Aa1
   
7,742,233
 
 
5,000
 
King County, Washington, Sewer Revenue Bonds, Refunding Series 2012, 5.000%, 1/01/52
1/22 at 100.00
AA+
   
5,420,400
 
 
2,340
 
Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Refunding Series 2012A, 5.000%, 8/01/31
8/22 at 100.00
Aa3
   
2,664,956
 
 
2,500
 
Port of Seattle, Washington, Revenue Refunding Bonds, Series 2002D, 5.750%, 11/01/15 (Pre-refunded 11/01/12) – FGIC Insured (Alternative Minimum Tax)
11/12 at 100.00
Aa2 (4)
   
2,562,500
 
 
2,200
 
Snohomish County School District 2, Everett, Washington, General Obligation Bonds, Series 2003B, 5.000%, 6/01/17 – AGM Insured
12/13 at 100.00
AA+
   
2,350,458
 
 
3,255
 
Thurston and Pierce Counties School District, Washington, General Obligation Bonds, Yelm Community Schools, Series 2003, 5.250%, 12/01/16 (Pre-refunded 6/01/13) – AGM Insured
6/13 at 100.00
Aa1 (4)
   
3,431,942
 
 
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
   
10,950,000
 
 
4,325
 
Washington State Economic Development Finance Authority, Wastewater Revenue Bonds, LOTT Project, Series 2002, 5.125%, 6/01/22 (Pre-refunded 6/01/12) – AMBAC Insured
6/12 at 100.00
Aa3 (4)
   
4,343,468
 
 
15,000
 
Washington State Health Care Facilities Authority, Revenue Bonds, Harrison Memorial Hospital, Series 1998, 5.000%, 8/15/28 – AMBAC Insured
8/13 at 102.00
N/R
   
15,050,700
 
 
3,335
 
Washington State, General Obligation Bonds, Series 2009, Trust 1212, 13.256%, 7/01/14 – AGM Insured (IF)
No Opt. Call
AA+
   
4,421,910
 
 
5,170
 
Whitman County School District 267, Pullman, Washington, General Obligation Bonds, Series 2002, 5.000%, 12/01/20 (Pre-refunded 6/01/12) – AGM Insured
6/12 at 100.00
Aa1 (4)
   
5,191,505
 
 
72,665
 
Total Washington
       
76,139,836
 
     
Wisconsin – 1.6% (1.1% of Total Investments)
           
 
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+
   
2,363,789
 
 
5,000
 
Wisconsin, Transportation Revenue Refunding Bonds, Series 2002-1, 5.125%, 7/01/18 (Pre-refunded 7/01/12) – AMBAC Insured
7/12 at 100.00
AA+ (4)
   
5,041,798
 
 
7,220
 
Total Wisconsin
       
7,405,587
 
$
738,328
 
Total Municipal Bonds (cost $636,152,809)
       
681,312,945
 
 
72
 
Nuveen Investments

 
 

 
 
 
Shares
 
Description (1)
   
Value
 
     
Investment Companies – 0.3% (0.2% of Total Investments)
       
 
8,134
 
BlackRock MuniHoldings Fund Inc.
 
$
147,063
 
 
13,600
 
BlackRock MuniEnhanced Fund Inc.
   
158,576
 
 
7,920
 
Dreyfus Strategic Municipal Fund
   
72,785
 
 
3,500
 
DWS Municipal Income Trust
   
48,335
 
 
9,500
 
Invesco Advantage Municipal Income Fund II
   
124,735
 
 
9,668
 
Invesco Quality Municipal Income Trust
   
133,805
 
 
28,980
 
Invesco VK Investment Grade Municipal Trust
   
448,900
 
 
26,280
 
PIMCO Municipal Income Fund II
   
322,718
 
     
Total Investment Companies (cost $1,353,712)
   
1,456,917
 
     
Total Investments (cost $637,506,521) – 145.2%
   
682,769,862
 
     
Floating Rate Obligations – (6.0)%
   
(28,413,334)
 
     
MuniFund Term Preferred Shares, at Liquidation Value – (23.0)% (6)
   
(108,000,000)
 
     
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (19.7)% (6)
   
(92,500,000)
 
     
Other Assets Less Liabilities – 3.5%
   
16,277,307
 
     
Net Assets Applicable to Common Shares – 100%
 
$
470,133,835
 
 
(1)
 
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
(2)
 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
 
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations of investments in inverse floating rate transactions.
(6)
 
MuniFund Term Preferred Shares and Variable Rate MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments are 15.8% and 13.5%, respectively.
N/R
 
Not rated.
WI/DD
 
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, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
73

 
 

 

   
Nuveen AMT-Free Municipal Income Fund
   
(formerly known as Nuveen Insured Tax-Free Advantage Municipal Fund)
NEA
 
Portfolio of Investments
   
April 30, 2012 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Alabama – 3.3% (2.2% 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+
 
$
1,046,420
 
 
5,655
 
Colbert County-Northwest Health Care Authority, Alabama, Revenue Bonds, Helen Keller Hospital, Series 2003, 5.750%, 6/01/27
6/13 at 101.00
Ba1
   
5,291,949
 
 
3,515
 
Sheffield, Alabama, Electric Revenue Bonds, Series 2003, 5.500%, 7/01/29 (Pre-refunded 7/01/13) – AMBAC Insured
7/13 at 100.00
Aa3 (4)
   
3,728,431
 
 
985
 
Sheffield, Alabama, Electric Revenue Bonds, Series 2003, 5.500%, 7/01/29 – AMBAC Insured
1/13 at 100.00
Aa3
   
1,009,083
 
 
11,155
 
Total Alabama
       
11,075,883
 
     
Arizona – 5.3% (3.6% of Total Investments)
           
 
10,000
 
Maricopa County Pollution Control Corporation, Arizona, Revenue Bonds, Arizona Public Service Company – Palo Verde Project, Series 2002A, 5.050%, 5/01/29 – AMBAC Insured
11/12 at 100.00
BBB
   
10,050,000
 
 
6,545
 
Phoenix, Arizona, Civic Improvement Revenue Bonds, Civic Plaza, Series 2005B, 0.000%, 7/01/37 – FGIC Insured
No Opt. Call
AA
   
6,924,937
 
 
1,000
 
Scottsdale Industrial Development Authority, Arizona, Hospital Revenue Bonds, Scottsdale Healthcare, Series 2006C Re-offering, 5.000%, 9/01/35 – AGC Insured
9/20 at 100.00
AA+
   
1,077,960
 
 
17,545
 
Total Arizona
       
18,052,897
 
     
California – 20.2% (13.7% of Total Investments)
           
 
26,300
 
California State Public Works Board, Lease Revenue Bonds, Department of General Services, Capital East End Project, Series 2002A, 5.000%,
12/12 at 100.00
A2
   
26,827,841
 
         12/01/27 – AMBAC Insured            
 
250
 
California State, General Obligation Bonds, Series 2002, 5.250%, 4/01/30 – SYNCORA GTY Insured
7/12 at 100.00
A1
   
250,803
 
 
5
 
California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 – AMBAC Insured
4/14 at 100.00
A1
   
5,217
 
 
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)
   
8,178,544
 
 
2,910
 
Cathedral City Public Financing Authority, California, Tax Allocation Bonds, Housing Set-Aside, Series 2002D, 5.000%, 8/01/26 – NPFG Insured
8/12 at 102.00
A
   
2,932,698
 
 
8,060
 
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
   
8,159,541
 
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
           
 
2,735
 
4.500%, 6/01/27
6/17 at 100.00
BB–
   
2,341,133
 
 
585
 
5.000%, 6/01/33
6/17 at 100.00
BB–
   
461,863
 
 
250
 
5.125%, 6/01/47
6/17 at 100.00
BB–
   
185,953
 
 
2,370
 
Irvine Public Facilities and Infrastructure Authority, California, Assessment Revenue Bonds, Series 2003C, 5.000%, 9/02/23 – AMBAC Insured
9/13 at 100.00
N/R
   
2,401,379
 
     
Plumas County, California, Certificates of Participation, Capital Improvement Program, Series 2003A:
           
 
1,130
 
5.250%, 6/01/19 – AMBAC Insured
6/13 at 101.00
A
   
1,169,166
 
 
1,255
 
5.250%, 6/01/21 – AMBAC Insured
6/13 at 101.00
A
   
1,293,177
 
 
1,210
 
Redding Joint Powers Financing Authority, California, Lease Revenue Bonds, Capital Improvement Projects, Series 2003A, 5.000%, 3/01/23 – AMBAC Insured
3/13 at 100.00
A
   
1,211,404
 
 
3,750
 
Sacramento Municipal Utility District, California, Electric Revenue Bonds, Series 2003R, 5.000%, 8/15/28 – NPFG Insured
8/13 at 100.00
A+
   
3,897,675
 
 
1,500
 
San Diego Community College District, California, General Obligation Bonds, Series 2003A, 5.000%, 5/01/28 (Pre-refunded 5/01/13) – AGM Insured
5/13 at 100.00
AA+ (4)
   
1,571,700
 
 
1,055
 
Turlock Irrigation District, California, Certificates of Participation, Series 2003A, 5.000%, 1/01/28 – NPFG Insured
1/13 at 100.00
A+
   
1,061,942
 
 
6,300
 
University of California, General Revenue Bonds, Tender Option Bonds Trust 2902, 5.000%, 5/15/33 – AMBAC Insured (UB)
5/13 at 100.00
Aa1
   
6,520,248
 
 
67,160
 
Total California
       
68,470,284
 
 
74
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Colorado – 5.0% (3.4% of Total Investments)
           
     
Bowles Metropolitan District, Colorado, General Obligation Bonds, Series 2003:
           
$
4,300
 
5.500%, 12/01/23 – AGM Insured
12/13 at 100.00
AA–
 
$
4,558,215
 
 
3,750
 
5.500%, 12/01/28 – AGM Insured
12/13 at 100.00
AA–
   
3,873,113
 
 
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
   
1,505,753
 
 
4,500
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2006C-1, Trust 1090, 14.879%, 10/01/41 – AGM Insured (IF) (5)
4/18 at 100.00
AA
   
5,237,550
 
 
3,000
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/30 – NPFG Insured
No Opt. Call
BBB
   
1,086,780
 
 
2,900
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/34 – NPFG Insured
No Opt. Call
BBB
   
785,320
 
 
19,900
 
Total Colorado
       
17,046,731
 
     
District of Columbia – 1.8% (1.2% of Total Investments)
           
 
7,000
 
District of Columbia, Revenue Bonds, Georgetown University, Series 2007A, 0.000%, 4/01/40 – AMBAC Insured
4/21 at 100.00
A–
   
5,259,450
 
 
665
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1606, 11.096%, 10/01/30 – AMBAC Insured (IF)
10/16 at 100.00
AA+
   
738,103
 
 
7,665
 
Total District of Columbia
       
5,997,553
 
     
Florida – 19.8% (13.4% 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
   
1,059,670
 
     
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
   
1,622,265
 
 
3,000
 
5.000%, 11/01/32 – AGM Insured (UB)
11/17 at 100.00
Aa2
   
3,204,120
 
 
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)
   
444,104
 
 
565
 
Escambia County, Florida, Sales Tax Revenue Refunding Bonds, Series 2002, 5.250%, 10/01/17 - AMBAC Insured
10/12 at 101.00
A+
   
581,430
 
 
1,525
 
Fernandina Beach, Florida, Utility Acquisition and Improvement Revenue Bonds, Series 2003, 5.000%, 9/01/23 – FGIC Insured
9/13 at 100.00
BBB
   
1,537,444
 
 
500
 
Flagler County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/30 – NPFG Insured
10/15 at 100.00
A
   
521,090
 
 
100
 
Florida Housing Finance Agency, GNMA Collateralized Home Ownership Revenue Refunding Bonds, Series 1987G-1, 8.595%, 11/01/17
No Opt. Call
AA+
   
108,417
 
 
2,500
 
Florida State Board of Education, Public Education Capital Outlay Bonds, Tender Option Bond. Trust 2929, 16.390%, 12/01/16 – AGC Insured (IF)
No Opt. Call
AAA
   
3,392,925
 
 
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
   
2,459,968
 
 
105
 
Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Refunding Bonds, Series 2003A, 5.000%, 10/01/17 – AGM Insured
10/13 at 100.00
AA–
   
110,667
 
 
350
 
Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006, 5.500%, 6/01/38 – AGM Insured
6/18 at 100.00
AA–
   
371,403
 
 
1,765
 
Highlands County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health System, Series 2005D, 5.000%, 11/15/35 – NPFG Insured
11/15 at 100.00
AA–
   
1,837,206
 
 
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)
   
207,664
 
 
3,500
 
Highlands County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2003D, 5.875%, 11/15/29 (Pre-refunded 11/15/13)
11/13 at 100.00
N/R (4)
   
3,784,305
 
 
1,500
 
Hillsborough County School Board, Florida, Certificates of Participation, Series 2003, 5.000%, 7/01/29 (Pre-refunded 7/01/13) – NPFG Insured
7/13 at 100.00
Aa2 (4)
   
1,582,320
 
 
2,270
 
Jacksonville, Florida, Local Government Sales Tax Revenue Refunding and Improvement Bonds, Series 2002, 5.375%, 10/01/18 – FGIC Insured
10/12 at 100.00
AA+
   
2,311,178
 
 
Nuveen Investments
 
75

 
 

 

   
Nuveen AMT-Free Municipal Income Fund (continued)
   
(formerly known as Nuveen Insured Tax-Free Advantage Municipal Fund)
NEA
 
Portfolio of Investments
   
April 30, 2012 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Florida (continued)
           
$
2,265
 
Lakeland, Florida, Utility Tax Revenue Bonds, Series 2003B, 5.000%,
10/12 at 100.00
N/R
 
$
2,283,324
 
         10/01/20 – AMBAC Insured            
 
1,730
 
Lee County, Florida, Transportation Facilities Revenue Bonds, Series 2004B, 5.000%, 10/01/22 – AMBAC Insured
10/14 at 100.00
A–
   
1,832,485
 
 
500
 
Lee Memorial Health System, Florida, Hospital Revenue Bonds, Series 2007A, 5.000%, 4/01/32 - NPFG Insured
4/17 at 100.00
A
   
513,680
 
 
3,000
 
Marco Island, Florida, Water Utility System Revenue Bonds, Series 2003, 5.000%, 10/01/27 – NPFG Insured
10/13 at 100.00
Aa3
   
3,149,280
 
 
500
 
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Refunding Series 2008B, 5.250%, 10/01/22 – AGM Insured
No Opt. Call
Aa2
   
626,370
 
 
2,000
 
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 1999A, 5.000%, 10/01/29 – FGIC Insured
10/12 at 100.00
Aa2
   
2,005,400
 
 
2,000
 
Orange County, Florida, Sales Tax Revenue Bonds, Series 2002A, 5.125%, 1/01/17 – FGIC Insured
1/13 at 100.00
AA+
   
2,059,740
 
 
1,500
 
Orange County, Florida, Sales Tax Revenue Bonds, Series 2002B, 5.125%, 1/01/32 (Pre-refunded 1/01/13) – FGIC Insured
1/13 at 100.00
AA+ (4)
   
1,548,405
 
 
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–
   
3,650,224
 
 
1,095
 
Palm Bay, Florida, Utility System Revenue Bonds, Series 2004, 5.250%, 10/01/20 – NPFG Insured
10/14 at 100.00
Aa3
   
1,202,639
 
 
2,670
 
Palm Beach County School Board, Florida, Certificates of Participation, Series 2002D, 5.000%, 8/01/28 – AGM Insured
8/12 at 100.00
AA–
   
2,693,496
 
     
Pinellas County Health Facilities Authority, Florida, Revenue Bonds, Baycare Health System, Series 2003:
           
 
2,800
 
5.750%, 11/15/27 (Pre-refunded 5/15/13)
5/13 at 100.00
Aa2 (4)
   
2,960,720
 
 
3,000
 
5.500%, 11/15/27 (Pre-refunded 5/15/13)
5/13 at 100.00
Aa2 (4)
   
3,164,400
 
 
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
BBB
   
1,020,000
 
 
2,115
 
Port St. Lucie, Florida, Sales Tax Revenue Bonds, Series 2003, 5.000%, 9/01/23 (Pre-refunded 9/01/13) – NPFG Insured
9/13 at 100.00
A+ (4)
   
2,245,728
 
 
450
 
Port St. Lucie, Florida, Utility System Revenue Bonds, Refunding Series 2009, 5.250%, 9/01/35 – AGC Insured
9/18 at 100.00
AA–
   
492,912
 
 
4,000
 
Saint Lucie County School Board, Florida, Certificates of Participation, Master Lease Program, Series 2004A, 5.000%, 7/01/24 – AGM Insured
7/14 at 100.00
AA–
   
4,318,640
 
 
1,500
 
South Miami Health Facilities Authority, Florida, Hospital Revenue Bonds, Baptist Health Systems of South Florida, Series 2003, 5.200%, 11/15/28 (Pre-refunded 2/01/13)
2/13 at 100.00
Aaa
   
1,555,830
 
 
1,730
 
St. John’s County, Florida, Sales Tax Revenue Bonds, Series 2004A, 5.000%, 10/01/24 – AMBAC Insured
10/14 at 100.00
A+
   
1,829,216
 
 
1,200
 
Tamarac, Florida, Utility System Revenue Bonds, Series 2009, 5.000%, 10/01/39 – AGC Insured
10/19 at 100.00
Aa2
   
1,323,696
 
 
1,250
 
Volusia County Educational Facilities Authority, Florida, Revenue Refunding Bonds, Embry-Riddle Aeronautical University, Series 2003, 5.200%,
10/13 at 100.00
BBB+
   
1,252,400
 
         10/15/33 – RAAI Insured            
 
62,640
 
Total Florida
       
66,864,761
 
     
Georgia – 2.5% (1.7% of Total Investments)
           
 
3,000
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.375%, 11/01/39 – AGM Insured
11/19 at 100.00
AA–
   
3,356,820
 
 
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
   
1,486,112
 
 
1,825
 
Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Bonds, Second Indenture Series 2002, 5.000%, 7/01/32 (Pre-refunded 1/01/13) – NPFG Insured
1/13 at 100.00
AA+ (4)
   
1,883,510
 
 
1,450
 
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
   
1,566,957
 
 
7,685
 
Total Georgia
       
8,293,399
 
 
76
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Illinois – 9.6% (6.5% of Total Investments)
           
$
4,000
 
Bolingbrook, Illinois, General Obligation Refunding Bonds, Series 2002B, 0.000%, 1/01/34 – FGIC Insured
No Opt. Call
Aa3
 
$
1,248,800
 
 
5,000
 
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien
1/20 at 100.00
AA–
   
5,479,900
 
     
Refunding Series 2010C, 5.250%, 1/01/35 – AGC Insured Cook County School District 145, Arbor Park, Illinois, General Obligation Bonds, Series 2004:
           
 
1,635
 
5.125%, 12/01/20 – AGM Insured
12/14 at 100.00
Aa3
   
1,753,995
 
 
1,465
 
5.125%, 12/01/23 – AGM Insured
12/14 at 100.00
Aa3
   
1,548,725
 
     
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
Aa3 (4)
   
1,784,690
 
 
1,475
 
5.125%, 12/01/23 – AGM Insured (ETM)
12/14 at 100.00
Aa3 (4)
   
1,575,241
 
 
4,000
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago, Series 2012A, 5.000%, 10/01/51
10/21 at 100.00
Aa1
   
4,329,200
 
 
2,500
 
Illinois Health Facilities Authority, Revenue Bonds, Lake Forest Hospital, Series 2003, 5.250%, 7/01/23
7/13 at 100.00
AA+
   
2,562,450
 
     
Illinois State, General Obligation Bonds, Series 2012A:
           
 
2,500
 
5.000%, 3/01/25
3/22 at 100.00
A+
   
2,716,150
 
 
4,500
 
5.000%, 3/01/27
3/22 at 100.00
A+
   
4,868,460
 
     
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1:
           
 
13,300
 
0.000%, 6/15/45 – AGM Insured
No Opt. Call
AAA
   
2,251,158
 
 
15,000
 
0.000%, 6/15/46 – AGM Insured
No Opt. Call
AAA
   
2,398,350
 
 
57,025
 
Total Illinois
       
32,517,119
 
     
Indiana – 6.7% (4.5% of Total Investments)
           
 
2,500
 
Evansville, Indiana, Sewerage Works Revenue Refunding Bonds, Series 2003A, 5.000%, 7/01/23 - AMBAC Insured
7/13 at 100.00
A1
   
2,606,825
 
 
2,190
 
Indiana Bond Bank, Advance Purchase Funding Bonds, Common School Fund, Series 2003B, 5.000%, 8/01/19 (Pre-refunded 8/01/13) – NPFG Insured
8/13 at 100.00
BBB (4)
   
2,315,684
 
 
1,860
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
1/17 at 100.00
A+
   
1,979,561
 
 
1,000
 
Indiana University, Student Fee Revenue Bonds, Series 2003O, 5.000%, 8/01/22 (Pre-refunded 8/01/13) – FGIC Insured
8/13 at 100.00
Aaa
   
1,059,350
 
     
IPS Multi-School Building Corporation, Indiana, First Mortgage Revenue Bonds, Series 2003:
           
 
11,020
 
5.000%, 7/15/19 (Pre-refunded 7/15/13) – NPFG Insured
7/13 at 100.00
AA (4)
   
11,648,581
 
 
3,000
 
5.000%, 7/15/20 (Pre-refunded 7/15/13) – NPFG Insured
7/13 at 100.00
AA (4)
   
3,171,120
 
 
21,570
 
Total Indiana
       
22,781,121
 
     
Kansas – 1.6% (1.1% of Total Investments)
           
 
1,560
 
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
4/13 at 102.00
AA
   
1,651,541
 
 
3,440
 
Kansas Development Finance Authority, Board of Regents, Revenue Bonds, Scientific Research and Development Facilities Projects, Series 2003C, Reg S, 5.000%, 10/01/22 (Pre-refunded 4/01/13) – AMBAC Insured
4/13 at 102.00
Aa2 (4)
   
3,658,440
 
 
5,000
 
Total Kansas
       
5,309,981
 
     
Kentucky – 0.3% (0.2% of Total Investments)
           
 
985
 
Kentucky State Property and Buildings Commission, Revenue Refunding Bonds, Project 77, Series 2003, 5.000%, 8/01/23 (Pre-refunded 8/01/13) – NPFG Insured
8/13 at 100.00
Aa3 (4)
   
1,043,460
 
     
Louisiana – 2.4% (1.6% of Total Investments)
           
 
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
   
2,188,100
 
 
5,785
 
New Orleans, Louisiana, General Obligation Refunding Bonds, Series 2002, 5.300%, 12/01/27 – FGIC Insured
12/12 at 100.00
A3
   
5,900,295
 
 
7,785
 
Total Louisiana
       
8,088,395
 
     
Massachusetts – 0.3% (0.2% of Total Investments)
           
 
1,125
 
Massachusetts Development Finance Authority, Revenue Bonds, Middlesex School, Series 2003, 5.125%, 9/01/23
9/13 at 100.00
A1
   
1,159,954
 
 
Nuveen Investments
 
77

 
 

 

   
Nuveen AMT-Free Municipal Income Fund (continued)
   
(formerly known as Nuveen Insured Tax-Free Advantage Municipal Fund)
NEA
 
Portfolio of Investments
   
April 30, 2012 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Michigan – 8.7% (5.9% of Total Investments)
           
$
6,130
 
Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, Series 2003A, 5.000%, 7/01/23 (Pre-refunded 7/01/13) – NPFG Insured
7/13 at 100.00
A+ (4)
 
$
6,466,414
 
 
4,465
 
Detroit, Michigan, Senior Lien Water Supply System Revenue Refunding Bonds, Series 2003C, 5.000%, 7/01/22 – NPFG Insured
7/13 at 100.00
A+
   
4,528,582
 
     
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)
   
213,752
 
 
820
 
5.000%, 12/01/31 (UB)
12/16 at 100.00
AA
   
858,392
 
 
10,800
 
Michigan Strategic Fund, Limited Obligation Resource Recovery Revenue Refunding Bonds, Detroit Edison Company, Series 2002D, 5.250%,
12/12 at 100.00
BBB+
   
10,876,896
 
         12/15/32 – SYNCORA GTY Insured            
 
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
12/12 at 100.00
BBB+
   
6,512,935
 
 
28,895
 
Total Michigan
       
29,456,971
 
     
Missouri – 0.9% (0.6% 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+
   
257,299
 
 
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+
   
231,888
 
     
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)
   
1,210,566
 
 
1,260
 
5.250%, 3/01/24 (Pre-refunded 3/01/14) – AGM Insured
3/14 at 100.00
AA+ (4)
   
1,374,156
 
 
2,825
 
Total Missouri
       
3,073,909
 
     
Nebraska – 1.5% (1.0% of Total Investments)
           
 
5,000
 
Lincoln, Nebraska, Sanitary Sewer Revenue Bonds, Refunding Series 2003, 5.000%, 6/15/28 – NPFG Insured
6/13 at 100.00
AA+
   
5,192,600
 
     
New Jersey – 0.4% (0.2% of Total Investments)
           
 
1,310
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 4.500%, 6/01/23
6/17 at 100.00
B1
   
1,242,954
 
     
New Mexico – 0.6% (0.4% of Total Investments)
           
 
1,975
 
New Mexico State University, Revenue Bonds, Series 2004, 5.000%, 4/01/19 – AMBAC Insured
4/14 at 100.00
AA
   
2,127,944
 
     
New York – 8.6% (5.8% of Total Investments)
           
 
650
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47
2/21 at 100.00
A
   
734,858
 
 
2,020
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured
2/17 at 100.00
A
   
2,011,072
 
 
20,000
 
Metropolitan Transportation Authority, New York, Transportation Revenue Refunding Bonds, Series 2002F, 5.000%, 11/15/31 – NPFG Insured
11/12 at 100.00
A
   
20,396,000
 
 
1,850
 
New York State Urban Development Corporation, Service Contract Revenue Bonds, Series 2005B, 5.000%, 3/15/25 – AGM Insured (UB)
3/15 at 100.00
AAA
   
2,038,053
 
 
3,335
 
New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Tender Option Bond Trust 09-6W, 13.528%, 3/15/37 (IF) (5)
3/17 at 100.00
AAA
   
4,073,936
 
 
27,855
 
Total New York
       
29,253,919
 
     
North Carolina – 3.0% (2.0% of Total Investments)
           
 
675
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Vidant Health, Refunding Series 2012A, 5.000%, 6/01/36 (WI/DD, Settling 5/03/12)
6/22 at 100.00
A+
   
722,156
 
 
8,700
 
North Carolina Medical Care Commission, Revenue Bonds, Maria Parham Medical Center, Series 2003, 5.375%, 10/01/33 (Pre-refunded 10/01/13) – RAAI Insured
10/13 at 100.00
N/R (4)
   
9,266,370
 
 
9,375
 
Total North Carolina
       
9,988,526
 
     
North Dakota – 0.6% (0.4% of Total Investments)
           
 
1,800
 
Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2012, 5.000%, 12/01/35 (WI/DD, Settling 5/09/12)
12/21 at 100.00
A–
   
1,891,566
 
 
78
 
Nuveen Investments

 
 

 

 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Ohio – 3.9% (2.7% of Total Investments)
           
     
Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Health Partners, Refunding and Improvement Series 2012A:
           
$
650
 
5.000%, 5/01/33 (WI/DD, Settling 5/10/12) – AGM Insured
5/22 at 100.00
AA–
 
$
707,909
 
 
1,100
 
4.000%, 5/01/33 (WI/DD, Settling 5/10/12) – AGM Insured
5/22 at 100.00
AA–
   
1,077,780
 
 
800
 
5.000%, 5/01/42 (WI/DD, Settling 5/10/12) – AGM Insured
5/22 at 100.00
AA–
   
852,840
 
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
           
 
85
 
5.125%, 6/01/24
6/17 at 100.00
B
   
69,485
 
 
710
 
5.875%, 6/01/30
6/17 at 100.00
B+
   
572,189
 
 
685
 
5.750%, 6/01/34
6/17 at 100.00
BB
   
534,560
 
 
1,570
 
5.875%, 6/01/47
6/17 at 100.00
BB
   
1,227,112
 
 
4,000
 
Middletown City School District, Butler County, Ohio, General Obligation Bonds, Refunding Series 2007, 5.250%, 12/01/31 – AGM Insured
No Opt. Call
Aa3
   
4,874,080
 
 
3,125
 
Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, Cleveland Clinic Health System Obligated Group, Series 2012A, 5.000%, 1/01/38 (WI/DD, Settling 5/09/12)
1/22 at 100.00
Aa2
   
3,411,375
 
 
12,725
 
Total Ohio
       
13,327,330
 
     
Oklahoma – 0.3% (0.2% of Total Investments)
           
 
1,000
 
Oklahoma Capitol Improvement Authority, State Facilities Revenue Bonds, Series 2005F, 5.000%, 7/01/24 – AMBAC Insured
7/15 at 100.00
AA
   
1,107,100
 
     
Oregon – 2.5% (1.7% of Total Investments)
           
 
8,350
 
Oregon Health and Science University, Revenue Bonds, Series 2002A, 5.000%, 7/01/32 – NPFG Insured
1/13 at 100.00
A+
   
8,417,134
 
     
Pennsylvania – 7.4% (5.0% of Total Investments)
           
 
3,000
 
Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, St. Luke’s Hospital of Bethlehem, Series 2003, 5.375%, 8/15/33 (Pre-refunded 8/15/13)
8/13 at 100.00
AA+ (4)
   
3,197,130
 
 
3,500
 
Pennsylvania Turnpike Commission, Turnpike Subordinate Revenue Bonds, Series 2009C, 0.000%, 6/01/33 – AGM Insured
6/26 at 100.00
AA–
   
3,467,135
 
 
2,000
 
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fourth Series 1998, 5.000%, 8/01/32 – AGM Insured
8/13 at 100.00
AA–
   
2,022,500
 
 
925
 
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 1997A, 5.125%, 8/01/27 – AMBAC Insured (ETM)
No Opt. Call
A1 (4)
   
1,126,613
 
 
1,350
 
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–
   
1,482,314
 
 
13,000
 
State Public School Building Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia School District, Series 2003, 5.000%, 6/01/33 (Pre-refunded 6/01/13) – AGM Insured
6/13 at 100.00
AA+ (4)
   
13,664,690
 
 
23,775
 
Total Pennsylvania
       
24,960,382
 
     
Puerto Rico – 1.1% (0.7% of Total Investments)
           
 
8,480
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Senior Series 2011C, 0.000%, 8/01/39
No Opt. Call
Aa2
   
1,889,853
 
 
10,350
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/43 – NPFG Insured
No Opt. Call
Aa2
   
1,779,372
 
 
18,830
 
Total Puerto Rico
       
3,669,225
 
     
South Carolina – 5.5% (3.7% 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–
   
5,274,000
 
     
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2003:
           
 
3,000
 
5.000%, 12/01/22 (UB)
12/13 at 100.00
AA
   
3,181,080
 
 
1,785
 
5.000%, 12/01/23 (UB)
12/13 at 100.00
AA
   
1,892,743
 
 
8,000
 
South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2002A, 5.000%, 10/01/33 (Pre-refunded 10/01/12) – AMBAC Insured
10/12 at 100.00
A1 (4)
   
8,137,760
 
 
17,785
 
Total South Carolina
       
18,485,583
 
 
Nuveen Investments
 
79

 
 

 

   
Nuveen AMT-Free Municipal Income Fund (continued)
   
 (formerly known as Nuveen Insured Tax-Free Advantage Municipal Fund)
NEA
 
Portfolio of Investments
   
April 30, 2012 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Texas – 8.7% (5.9% of Total Investments)
           
$
1,885
 
Bexar County, Texas, Venue Project Revenue Bonds, Refunding Series 2010, 5.500%, 8/15/49 – AGM Insured
8/19 at 100.00
AA–
 
$
2,072,935
 
     
Grand Prairie Independent School District, Dallas County, Texas, General Obligation Bonds, Series 2003:
           
 
1,660
 
5.375%, 2/15/26 (Pre-refunded 2/15/13) – AGM Insured
2/13 at 100.00
AA+ (4)
   
1,727,911
 
 
12,500
 
5.125%, 2/15/31 (Pre-refunded 2/15/13) – AGM Insured
2/13 at 100.00
AA+ (4)
   
12,986,750
 
 
2,000
 
Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2004A, 5.250%, 5/15/25 – NPFG Insured
5/14 at 100.00
AA
   
2,158,020
 
 
4,550
 
Houston, Texas, Subordinate Lien Airport System Revenue Refunding Bonds, Series 2012B, 5.000%, 7/01/31
7/22 at 100.00
A+
   
5,082,077
 
 
2,870
 
Hutto Independent School District, Williamson County, Texas, General Obligation Bonds, Refunding Series 2012A, 5.000%, 8/01/46 (WI/DD, Settling 5/03/12)
8/21 at 100.00
A
   
3,022,971
 
 
2,145
 
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–
   
2,308,641
 
 
27,610
 
Total Texas
       
29,359,305
 
     
Virginia – 1.0% (0.7% of Total Investments)
           
 
1,500
 
Hampton, Virginia, Revenue Bonds, Convention Center Project, Series 2002, 5.125%, 1/15/28 (Pre-refunded 1/15/13) – AMBAC Insured
1/13 at 100.00
Aa3 (4)
   
1,552,245
 
 
7,000
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Capital Appreciation Series 2009B-2, 0.000%, 10/01/36 – AGC Insured
No Opt. Call
AA–
   
1,850,170
 
 
8,500
 
Total Virginia
       
3,402,415
 
     
Washington – 8.7% (5.9% of Total Investments)
           
 
4,945
 
Broadway Office Properties, King County, Washington, Lease Revenue Bonds, Washington Project, Series 2002, 5.000%, 12/01/31 – NPFG Insured
12/12 at 100.00
AAA
   
4,987,923
 
 
3,000
 
King County, Washington, Sewer Revenue Bonds, Refunding Series 2012, 5.000%, 1/01/52
1/22 at 100.00
AA+
   
3,252,240
 
 
5,000
 
King County, Washington, Sewer Revenue Bonds, Series 2006-2, 13.254%, 1/01/26 – AGM Insured (IF)
1/17 at 100.00
AA+
   
6,800,600
 
 
2,135
 
Kitsap County Consolidated Housing Authority, Washington, Revenue Bonds, Bremerton Government Center, Series 2003, 5.000%, 7/01/23 – NPFG Insured
7/13 at 100.00
Aa3
   
2,235,174
 
 
1,935
 
Pierce County School District 343, Dieringer, Washington, General Obligation Refunding Bonds, Series 2003, 5.250%, 12/01/17 (Pre-refunded 6/01/13) – FGIC Insured
6/13 at 100.00
Aa1 (4)
   
2,040,185
 
 
9,670
 
Washington State, General Obligation Bonds, Series 2003D, 5.000%, 12/01/21 (Pre-refunded 6/01/13) – NPFG Insured
6/13 at 100.00
AA+ (4)
   
10,164,425
 
 
26,685
 
Total Washington
       
29,480,547
 
     
West Virginia – 1.0% (0.7% of Total Investments)
           
 
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
   
3,341,880
 
     
Wisconsin – 4.7% (3.2% of Total Investments)
           
 
1,190
 
Sun Prairie Area School District, Dane County, Wisconsin, General Obligation Bonds, Series 2004C, 5.250%, 3/01/24 – AGM Insured
3/14 at 100.00
Aa2
   
1,278,417
 
 
4,605
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Franciscan Sisters of Christian Charity Healthcare Ministry, Series 2003A, 5.875%, 9/01/33 (Pre-refunded 9/01/13)
9/13 at 100.00
BBB+ (4)
   
4,936,882
 
 
2,670
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital Inc., Series 1992A, 6.000%, 12/01/22 – FGIC Insured
No Opt. Call
A1
   
3,265,170
 
 
80
 
Nuveen Investments

 
 

 

 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
   
Value
 
     
Wisconsin (continued)
           
$
2,650
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Health Care, Inc., Refunding 2012C, 5.000%, 8/15/32 (WI/DD, Settling 5/01/12)
8/22 at 100.00
A+
 
$
2,851,902
 
 
3,600
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Services Inc., Series 2003A, 5.125%, 8/15/33
8/13 at 100.00
A–
   
3,630,598
 
 
14,715
 
Total Wisconsin
       
15,962,969
 
$
529,250
 
Total Investments (cost $473,335,968) – 147.9%
       
500,443,797
 
     
Floating Rate Obligations – (3.9)%
       
(13,040,000
     
MuniFund Term Preferred Shares, at Liquidation Value – (24.5)% (6)
       
(83,000,000
     
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (20.0)% (6)
       
(67,600,000
     
Other Assets Less Liabilities – 0.5%
       
1,478,092
 
     
Net Assets Applicable to Common Shares – 100%
     
$
338,281,889
 
 

(1)
 
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
(2)
 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
 
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations of investments in inverse floating rate transactions.
(6)
 
MuniFund Term Preferred Shares and Variable Rate MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments are 16.6% and 13.5%, respectively.
N/R
 
Not rated.
WI/DD
 
Purchased on a when-issued or delayed delivery basis.
 (ETM)   Escrowed to maturity.
(IF)
 
Inverse floating rate investment.
(UB)
 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, 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
April 30, 2012 (Unaudited)
                     
                 
Premier
 
     
Quality
   
Opportunity
   
Opportunity
 
     
(NQI
)
 
(NIO
)
 
(NIF
)
Assets
                   
Investments, at value (cost $787,553,615, $2,038,162,885 and $417,023,191, respectively)
 
$
843,975,718
 
$
2,187,186,241
 
$
446,827,783
 
Cash
   
9,720,695
   
6,951,566
   
1,947,637
 
Receivables:
                   
Dividends and interest
   
11,003,865
   
31,208,409
   
6,221,102
 
Investments sold
   
13,306,075
   
75,704,744
   
1,998,268
 
Deferred offering costs
   
897,645
   
2,526,909
   
720,367
 
Other assets
   
129,301
   
717,285
   
147,130
 
Total assets
   
879,033,299
   
2,304,295,154
   
457,862,287
 
Liabilities
                   
Floating rate obligations
   
52,480,000
   
104,433,333
   
19,000,000
 
Payables:
                   
Common share dividends
   
2,528,216
   
6,308,798
   
1,339,414
 
Interest
   
290,319
   
   
 
Investments purchased
   
7,696,956
   
45,276,790
   
2,766,775
 
Offering costs
   
61,029
   
   
20,982
 
MuniFund Term Preferred (MTP) Shares, at liquidation value
   
   
   
 
Variable Rate MuniFund Term Preferred (VMTP) Shares, at liquidation value
   
240,400,000
   
   
 
Variable Rate Demand Preferred (VRDP) Shares, at liquidation value
   
   
667,200,000
   
130,900,000
 
Accrued expenses:
                   
Management fees
   
418,582
   
1,070,802
   
227,713
 
Other
   
254,169
   
250,086
   
153,059
 
Total liabilities
   
304,129,271
   
824,539,809
   
154,407,943
 
Net assets applicable to Common shares
 
$
574,904,028
 
$
1,479,755,345
 
$
303,454,344
 
Common shares outstanding
   
38,452,882
   
95,610,971
   
19,517,334
 
Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding)
 
$
14.95
 
$
15.48
 
$
15.55
 
Net assets applicable to Common shares consist of:
                   
Common shares, $.01 par value per share
 
$
384,529
 
$
956,110
 
$
195,173
 
Paid-in surplus
   
539,088,960
   
1,333,902,379
   
271,519,998
 
Undistributed (Over-distribution of) net investment income
   
7,291,122
   
22,568,549
   
3,973,757
 
Accumulated net realized gain (loss)
   
(28,282,686
)
 
(26,695,049
)
 
(2,039,176
)
Net unrealized appreciation (depreciation)
   
56,422,103
   
149,023,356
   
29,804,592
 
Net assets applicable to Common shares
 
$
574,904,028
 
$
1,479,755,345
 
$
303,454,344
 
Authorized shares:
                   
Common
   
200,000,000
   
200,000,000
   
200,000,000
 
Preferred
   
1,000,000
   
1,000,000
   
1,000,000
 
 
See accompanying notes to financial statements.
 
82
 
Nuveen Investments

 
 

 
 
     
Premium
   
Dividend
   
AMT-Free
 
     
Opportunity
   
Advantage
   
Income
 
     
(NPX
)
 
(NVG
)
 
(NEA
)
Assets
                   
Investments, at value (cost $745,217,302, $637,506,521 and $473,335,968, respectively)
 
$
796,014,815
 
$
682,769,862
 
$
500,443,797
 
Cash
   
1,630,886
   
1,320,367
   
9,822,576
 
Receivables:
                   
Dividends and interest
   
11,063,260
   
9,536,363
   
7,251,915
 
Investments sold
   
5,093,925
   
17,949,335
   
488,870
 
Deferred offering costs
   
2,263,591
   
1,315,209
   
1,012,940
 
Other assets
   
286,564
   
90,069
   
56,126
 
Total assets
   
816,353,041
   
712,981,205
   
519,076,224
 
Liabilities
                   
Floating rate obligations
   
56,320,000
   
28,413,334
   
13,040,000
 
Payables:
                   
Common share dividends
   
2,142,944
   
2,190,863
   
1,512,653
 
Interest
   
   
375,982
   
280,821
 
Investments purchased
   
   
10,620,034
   
14,875,520
 
Offering costs
   
   
216,337
   
62,747
 
MuniFund Term Preferred (MTP) Shares, at liquidation value
   
   
108,000,000
   
83,000,000
 
Variable Rate MuniFund Term Preferred (VMTP) Shares, at liquidation value
   
   
92,500,000
   
67,600,000
 
Variable Rate Demand Preferred (VRDP) Shares, at liquidation value
   
219,000,000
   
   
 
Accrued expenses:
                   
Management fees
   
393,840
   
316,423
   
254,916
 
Other
   
132,470
   
214,397
   
167,678
 
Total liabilities
   
277,989,254
   
242,847,370
   
180,794,335
 
Net assets applicable to Common shares
 
$
538,363,787
 
$
470,133,835
 
$
338,281,889
 
Common shares outstanding
   
37,353,512
   
29,802,900
   
22,241,117
 
Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding)
 
$
14.41
 
$
15.77
 
$
15.21
 
Net assets applicable to Common shares consist of:
                   
Common shares, $.01 par value per share
 
$
373,535
 
$
298,029
 
$
222,411
 
Paid-in surplus
   
499,231,874
   
424,035,373
   
315,016,140
 
Undistributed (Over-distribution of) net investment income
   
7,035,665
   
7,294,643
   
4,245,611
 
Accumulated net realized gain (loss)
   
(19,074,800
)
 
(6,757,551
)
 
(8,310,102
)
Net unrealized appreciation (depreciation)
   
50,797,513
   
45,263,341
   
27,107,829
 
Net assets applicable to Common shares
 
$
538,363,787
 
$
470,133,835
 
$
338,281,889
 
Authorized shares:
                   
Common
   
Unlimited
   
Unlimited
   
Unlimited
 
Preferred
   
Unlimited
   
Unlimited
   
Unlimited
 
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
83

 
 

 

   
Statement of
   
Operations

 
Six Months Ended April 30, 2012
 
(Unaudited)
 
                 
Premier
 
     
Quality
   
Opportunity
   
Opportunity
 
     
(NQI
)
 
(NIO
)
 
(NIF
)
Investment Income
 
$
21,262,547
 
$
51,943,363
 
$
10,798,667
 
Expenses
                   
Management fees
   
2,522,538
   
6,450,047
   
1,371,096
 
Dividend disbursing agent fees
   
   
2,918
   
 
Shareholders’ servicing agent fees and expenses
   
35,365
   
49,189
   
11,369
 
Interest expense and amortization of offering costs
   
1,972,058
   
1,237,259
   
236,926
 
Fees on VRDP Shares
   
   
2,913,908
   
571,687
 
Custodian’s fees and expenses
   
59,816
   
155,020
   
33,545
 
Directors’/Trustees’ fees and expenses
   
10,223
   
26,657
   
5,523
 
Professional fees
   
49,392
   
60,296
   
22,376
 
Shareholders’ reports – printing and mailing expenses
   
106,114
   
256,862
   
63,749
 
Stock exchange listing fees
   
7,045
   
15,252
   
4,356
 
Investor relations expense
   
27,537
   
72,125
   
14,773
 
Other expenses
   
13,507
   
43,252
   
20,153
 
Total expenses before custodian fee credit, expense reimbursement and legal fee refund
   
4,803,595
   
11,282,785
   
2,355,553
 
Custodian fee credit
   
(1,523
)
 
(18,961
)
 
(829
)
Expense reimbursement
   
   
   
 
Legal fee refund
   
(291,647
)
 
(277,960
)
 
(21,644
)
Net expenses
   
4,510,425
   
10,985,864
   
2,333,080
 
Net investment income (loss)
   
16,752,122
   
40,957,499
   
8,465,587
 
Realized and Unrealized Gain (Loss)
                   
Net realized gain (loss) from investments
   
(19,001,948
)
 
(16,768,189
)
 
(114,034
)
Change in net unrealized appreciation (depreciation) of investments
   
49,590,668
   
92,878,568
   
16,555,602
 
Net realized and unrealized gain (loss)
   
30,588,720
   
76,110,379
   
16,441,568
 
Net increase (decrease) in net assets applicable to Common shares from operations
 
$
47,340,842
 
$
117,067,878
 
$
24,907,155
 
 
See accompanying notes to financial statements.
 
84
 
Nuveen Investments

 
 

 
 
     
Premium
   
Dividend
   
AMT-Free
 
     
Opportunity
   
Advantage
   
Income
 
     
(NPX
)
 
(NVG
)
 
(NEA
)
Investment Income
 
$
18,930,830
 
$
17,521,418
 
$
12,531,897
 
Expenses
                   
Management fees
   
2,365,809
   
2,087,006
   
1,542,596
 
Dividend disbursing agent fees
   
   
44,959
   
35,014
 
Shareholders’ servicing agent fees and expenses
   
15,767
   
23,504
   
17,319
 
Interest expense and amortization of offering costs
   
461,249
   
2,480,658
   
1,823,738
 
Fees on VRDP Shares
   
1,238,367
   
   
 
Custodian’s fees and expenses
   
54,800
   
52,042
   
37,657
 
Directors’/Trustees’ fees and expenses
   
9,488
   
8,407
   
6,233
 
Professional fees
   
29,239
   
25,721
   
22,808
 
Shareholders’ reports – printing and mailing expenses
   
99,903
   
127,490
   
106,293
 
Stock exchange listing fees
   
5,953
   
9,479
   
4,008
 
Investor relations expense
   
25,245
   
24,365
   
17,796
 
Other expenses
   
26,786
   
22,567
   
13,919
 
Total expenses before custodian fee credit, expense reimbursement and legal fee refund
   
4,332,606
   
4,906,198
   
3,627,381
 
Custodian fee credit
   
(2,144
)
 
(1,836
)
 
(598
)
Expense reimbursement
   
   
(144,261
)
 
 
Legal fee refund
   
(77,548
)
 
   
 
Net expenses
   
4,252,914
   
4,760,101
   
3,626,783
 
Net investment income (loss)
   
14,677,916
   
12,761,317
   
8,905,114
 
Realized and Unrealized Gain (Loss)
                   
Net realized gain (loss) from investments
   
(3,173,184
)
 
1,257,873
   
709,835
 
Change in net unrealized appreciation (depreciation) of investments
   
34,988,803
   
22,686,590
   
11,099,405
 
Net realized and unrealized gain (loss)
   
31,815,619
   
23,944,463
   
11,809,240
 
Net increase (decrease) in net assets applicable to Common shares from operations
 
$
46,493,535
 
$
36,705,780
 
$
20,714,354
 
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
85

 
 

 

   
Statement of
   
Changes in Net Assets (Unaudited)
 
     
Quality (NQI)
   
Opportunity (NIO)
 
     
Six Months
   
Year
   
Six Months
   
Year
 
     
Ended
   
Ended
   
Ended
   
Ended
 
     
4/30/12
   
10/31/11
   
4/30/12
   
10/31/11
 
Operations
                         
Net investment income (loss)
 
$
16,752,122
 
$
33,361,665
 
$
40,957,499
 
$
84,458,328
 
Net realized gain (loss) from investments
   
(19,001,948
)
 
2,913,768
   
(16,768,189
)
 
2,784,173
 
Change in net unrealized appreciation (depreciation) of investments
   
49,590,668
   
(5,637,242
)
 
92,878,568
   
(25,310,122
)
Distributions to Auction Rate Preferred Shareholders from net investment income
   
   
(386,864
)
 
   
(677,344
)
Net increase (decrease) in net assets applicable to Common shares from operations
   
47,340,842
   
30,251,327
   
117,067,878
   
61,255,035
 
Distributions to Common Shareholders
                         
From net investment income
   
(17,401,357
)
 
(33,502,590
)
 
(41,877,609
)
 
(83,219,787
)
From accumulated net realized gains
   
   
   
(248,589
)
 
 
Decrease in net assets applicable to Common shares from distribution to Common shareholders
   
(17,401,357
)
 
(33,502,590
)
 
(42,126,198
)
 
(83,219,787
)
Capital Share Transactions
                         
Net proceeds from Common shares issued to shareholders due to reinvestment of distributions
   
464,201
   
153,236
   
   
359,108
 
Net increase (decrease) in net assets applicable to Common shares from capital share transactions
   
464,201
   
153,236
   
   
359,108
 
Net increase (decrease) in net assets applicable to Common shares
   
30,403,686
   
(3,098,027
)
 
74,941,680
   
(21,605,644
)
Net assets applicable to Common shares at the beginning of period
   
544,500,342
   
547,598,369
   
1,404,813,665
   
1,426,419,309
 
Net assets applicable to Common shares at the end of period
 
$
574,904,028
 
$
544,500,342
 
$
1,479,755,345
 
$
1,404,813,665
 
Undistributed (Over-distribution of) net investment income at the end of period
 
$
7,291,122
 
$
7,940,357
 
$
22,568,549
 
$
23,488,659
 
 
See accompanying notes to financial statements.
 
86
 
Nuveen Investments

 
 

 
 
     
Premier
   
Premium
 
     
Opportunity (NIF)
   
Opportunity (NPX)
 
     
Six Months
   
Year
   
Six Months
   
Year
 
     
Ended
   
Ended
   
Ended
   
Ended
 
     
4/30/12
   
10/31/11
   
4/30/12
   
10/31/11
 
Operations
                         
Net investment income (loss)
 
$
8,465,587
 
$
17,117,427
 
$
14,677,916
 
$
28,807,240
 
Net realized gain (loss) from investments
   
(114,034
)
 
528,085
   
(3,173,184
)
 
2,636,794
 
Change in net unrealized appreciation (depreciation) of investments
   
16,555,602
   
(5,726,778
)
 
34,988,803
   
(3,219,083
)
Distributions to Auction Rate Preferred Shareholders from net investment income
   
   
(106,530
)
 
   
 
Net increase (decrease) in net assets applicable to Common shares from operations
   
24,907,155
   
11,812,204
   
46,493,535
   
28,224,951
 
Distributions to Common Shareholders
                         
From net investment income
   
(8,837,569
)
 
(17,351,304
)
 
(13,895,507
)
 
(27,791,014
)
From accumulated net realized gains
   
   
   
   
 
Decrease in net assets applicable to Common shares from distribution to Common shareholders
   
(8,837,569
)
 
(17,351,304
)
 
(13,895,507
)
 
(27,791,014
)
Capital Share Transactions
                         
Net proceeds from Common shares issued to shareholders due to reinvestment of distributions
   
317,012
   
589,038
   
   
 
Net increase (decrease) in net assets applicable to Common shares from capital share transactions
   
317,012
   
589,038
   
   
 
Net increase (decrease) in net assets applicable to Common shares
   
16,386,598
   
(4,950,062
)
 
32,598,028
   
433,937
 
Net assets applicable to Common shares at the beginning of period
   
287,067,746
   
292,017,808
   
505,765,759
   
505,331,822
 
Net assets applicable to Common shares at the end of period
 
$
303,454,344
 
$
287,067,746
 
$
538,363,787
 
$
505,765,759
 
Undistributed (Over-distribution of) net investment income at the end of period
 
$
3,973,757
 
$
4,345,739
 
$
7,035,665
 
$
6,253,256
 
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
87

 
 

 

   
Statement of
   
Changes in Net Assets (Unaudited) (continued)
 
     
Dividend
   
AMT-Free
 
     
Advantage (NVG)
   
Income (NEA)
 
     
Six Months
   
Year
   
Six Months
   
Year
 
     
Ended
   
Ended
   
Ended
   
Ended
 
     
4/30/12
   
10/31/11
   
4/30/12
   
10/31/11
 
Operations
                         
Net investment income (loss)
 
$
12,761,317
 
$
27,019,107
 
$
8,905,114
 
$
18,631,579
 
Net realized gain (loss) from investments
   
1,257,873
   
1,369,031
   
709,835
   
193,126
 
Change in net unrealized appreciation (depreciation) of investments
   
22,686,590
   
(7,522,192
)
 
11,099,405
   
(6,580,653
)
Distributions to Auction Rate Preferred Shareholders from net investment income
   
   
(284,513
)
 
   
(187,298
)
Net increase (decrease) in net assets applicable to Common shares from operations
   
36,705,780
   
20,581,433
   
20,714,354
   
12,056,754
 
Distributions to Common Shareholders
                         
From net investment income
   
(13,411,306
)
 
(25,332,465
)
 
(9,341,269
)
 
(18,237,716
)
From accumulated net realized gains
   
(1,230,860
)
 
(86,428
)
 
   
 
Decrease in net assets applicable to Common shares from distribution to Common shareholders
   
(14,642,166
)
 
(25,418,893
)
 
(9,341,269
)
 
(18,237,716
)
Capital Share Transactions
                         
Net proceeds from Common shares issued to shareholders due to reinvestment of distributions
   
   
   
   
16,256
 
Net increase (decrease) in net assets applicable to Common shares from capital share transactions
   
   
   
   
16,256
 
Net increase (decrease) in net assets applicable to Common shares
   
22,063,614
   
(4,837,460
)
 
11,373,085
   
(6,164,706
)
Net assets applicable to Common shares at the beginning of period
   
448,070,221
   
452,907,681
   
326,908,804
   
333,073,510
 
Net assets applicable to Common shares at the end of period
 
$
470,133,835
 
$
448,070,221
 
$
338,281,889
 
$
326,908,804
 
Undistributed (Over-distribution of) net investment income at the end of period
 
$
7,294,643
 
$
7,944,632
 
$
4,245,611
 
$
4,681,766
 
 
See accompanying notes to financial statements.
 
88
 
Nuveen Investments

 
 

 

   
Statement of
   
Cash Flows
 
 
Six Months Ended April 30, 2012
 
(Unaudited)
 
                 
Premier
 
     
Quality
   
Opportunity
   
Opportunity
 
     
(NQI
)
 
(NIO
)
 
(NIF
)
Cash Flows from Operating Activities:
                   
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
 
$
47,340,842
 
$
117,067,878
 
$
24,907,155
 
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
   
(45,247,330
)
 
(196,326,568
)
 
(45,920,211
)
Proceeds from sales and maturities of investments
   
59,470,342
   
215,936,554
   
46,321,437
 
Proceeds from (Purchases of) short-term investments, net
   
   
(1,990,000
)
 
1,760,000
 
Amortization (Accretion) of premiums and discounts, net
   
(1,571,204
)
 
(1,573,223
)
 
(820,684
)
(Increase) Decrease in:
                   
Receivable for dividends and interest
   
547,250
   
2,020,723
   
252,842
 
Receivable for investments sold
   
(10,759,831
)
 
(58,813,809
)
 
(1,763,268
)
Other assets
   
113,980
   
(14,424
)
 
(7,550
)
Increase (Decrease) in:
                   
Payable for interest
   
5,857
   
   
 
Payable for investments purchased
   
4,952,059
   
43,428,640
   
(22,658
)
Accrued management fees
   
(4,612
)
 
(14,737
)
 
(2,294
)
Accrued other expenses
   
(7,467
)
 
(635,122
)
 
(2,837
)
Net realized (gain) loss from investments
   
19,001,948
   
16,768,189
   
114,034
 
Change in net unrealized (appreciation) depreciation of investments
   
(49,590,668
)
 
(92,878,568
)
 
(16,555,602
)
Taxes paid on undistributed capital gains
   
(1,551
)
 
(6,302
)
 
(959
)
Net cash provided by (used in) operating activities
   
24,249,615
   
42,969,231
   
8,259,405
 
Cash Flows from Financing Activities:
                   
(Increase) Decrease in deferred offering costs
   
(31,727
)
 
44,042
   
12,556
 
Increase (Decrease) in:
                   
Floating rate obligations
   
145,000
   
(1,725,000
)
 
 
Payable for offering costs
   
(84,796
)
 
(63,783
)
 
(283,163
)
Cash distributions paid to Common shareholders
   
(16,907,859
)
 
(42,083,462
)
 
(8,506,992
)
Net cash provided by (used in) financing activities
   
(16,879,382
)
 
(43,828,203
)
 
(8,777,599
)
Net Increase (Decrease) in Cash
   
7,370,233
   
(858,972
)
 
(518,194
)
Cash at the beginning of period
   
2,350,462
   
7,810,538
   
2,465,831
 
Cash at the End of Period
 
$
9,720,695
 
$
6,951,566
 
$
1,947,637
 
 
Supplemental Disclosure of Cash Flow Information
Non-cash financing activities not included herein consists of reinvestments of Common share distributions of $464,201 and $317,012 for Quality (NQI) and Premier Opportunity (NIF), respectively.
                     
                 
Premier
 
     
Quality
   
Opportunity
   
Opportunity
 
     
(NQI
)
 
(NIO
)
 
(NIF
)
Cash paid for interest (excluding amortization of offering costs)
 
$
1,781,229
 
$
1,193,217
 
$
224,370
 
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
89

 
 

 

   
Statement of
   
Cash Flows (Unaudited) (continued)
 
     
Premium
   
Dividend
   
AMT-Free
 
     
Opportunity
   
Advantage
   
Income
 
     
(NPX
)
 
(NVG
)
 
(NEA
)
Cash Flows from Operating Activities:
                   
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
 
$
46,493,535
 
$
36,705,780
 
$
20,714,354
 
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
   
(74,910,455
)
 
(72,666,954
)
 
(47,736,155
)
Proceeds from sales and maturities of investments
   
83,503,757
   
85,628,676
   
40,517,156
 
Proceeds from (Purchases of) short-term investments, net
   
   
   
 
Amortization (Accretion) of premiums and discounts, net
   
(1,266,163
)
 
(1,126,717
)
 
(399,682
)
(Increase) Decrease in:
                   
Receivable for dividends and interest
   
553,277
   
237,181
   
402,188
 
Receivable for investments sold
   
(1,530,266
)
 
(16,714,335
)
 
2,744,388
 
Other assets
   
(4,199
)
 
98,017
   
102,926
 
Increase (Decrease) in:
                   
Payable for interest
   
   
20,661
   
15,188
 
Payable for investments purchased
   
(7,542,365
)
 
7,357,426
   
10,853,987
 
Accrued management fees
   
(2,157
)
 
(6,576
)
 
(5,924
)
Accrued other expenses
   
(112,407
)
 
28,727
   
(5,508
)
Net realized (gain) loss from investments
   
3,173,184
   
(1,257,873
)
 
(709,835
)
Change in net unrealized (appreciation) depreciation of investments
   
(34,988,803
)
 
(22,686,590
)
 
(11,099,405
)
Taxes paid on undistributed capital gains
   
(8,190
)
 
(58,065
)
 
(479
)
Net cash provided by (used in) operating activities
   
13,358,748
   
15,559,358
   
15,393,199
 
Cash Flows from Financing Activities:
                   
(Increase) Decrease in deferred offering costs
   
40,157
   
264,275
   
188,510
 
Increase (Decrease) in:
                   
Floating rate obligations
   
(1,660,000
)
 
   
 
Payable for offering costs
   
(29,812
)
 
(348,143
)
 
(244,629
)
Cash distributions paid to Common shareholders
   
(13,878,625
)
 
(14,633,361
)
 
(9,343,838
)
Net cash provided by (used in) financing activities
   
(15,528,280
)
 
(14,717,229
)
 
(9,399,957
)
Net Increase (Decrease) in Cash
   
(2,169,532
)
 
842,129
   
5,993,242
 
Cash at the beginning of period
   
3,800,418
   
478,238
   
3,829,334
 
Cash at the End of Period
 
$
1,630,886
 
$
1,320,367
 
$
9,822,576
 
 
Supplemental Disclosure of Cash Flow Information
                     
     
Premium
   
Dividend
   
AMT-Free
 
     
Opportunity
   
Advantage
   
Income
 
     
(NPX
)
 
(NVG
)
 
(NEA
)
Cash paid for interest (excluding amortization of offering costs)
 
$
421,093
 
$
2,195,722
 
$
1,620,039
 
 
See accompanying notes to financial statements.
 
90
 
Nuveen Investments

 
 

 

   
Financial
   
Highlights (Unaudited)
 
Nuveen Investments
 
91

 
 

 

   
Financial
   
Highlights (Unaudited)
     
 
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
Capital
Gains to
Auction Rate
Preferred Shareholders
(a)
Total
 
Net
Investment
Income to
Common
Share-
holders
 
Capital
Gains to
Common
Share-
holders
 
Total
 
Discount
from
Common
Shares
Repurchased
and
Retired
 
Ending
Common
Share
Net Asset
Value
 
Ending
Market
Value
 
Quality (NQI)
                                                           
Year Ended 10/31:
                                                                 
2012(f)
 
$
14.17
 
$
.44
 
$
.79
 
$
 
$
 
$
1.23
 
$
(.45
)
$
 
$
(.45
)
$
 
$
14.95
 
$
14.50
 
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
 
2008
   
14.88
   
.99
   
(3.16
)
 
(.30
)
 
   
(2.47
)
 
(.73
)
 
   
(.73
)
 
   
11.68
   
11.15
 
2007
   
15.40
   
.99
   
(.49
)
 
(.29
)
 
   
.21
   
(.73
)
 
   
(.73
)
 
   
14.88
   
13.61
 
                                                                           
Opportunity (NIO)
                                                           
Year Ended 10/31:
                                                                 
2012(f)
   
14.69
   
.43
   
.80
   
   
   
1.23
   
(.44
)
 
**
 
(.44
)
 
   
15.48
   
14.86
 
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
 
2008
   
15.04
   
.97
   
(2.62
)
 
(.30
)
 
**
 
(1.95
)
 
(.70
)
 
**
 
(.70
)
 
   
12.39
   
11.15
 
2007
   
15.57
   
.98
   
(.45
)
 
(.30
)
 
(.01
)
 
.22
   
(.73
)
 
(.02
)
 
(.75
)
 
   
15.04
   
13.56
 
 
(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.
 
92
 
Nuveen Investments

 
 

 
 
         
Ratios/Supplemental Data
   
Total Returns
         
Ratios to Average Net Assets
Applicable to Common Shares(c)(d)
       
   
Based
on
Market
Value
(b)
 
Based
on
Common
Share Net
Asset
Value
(b)
 
Ending
Net
Assets
Applicable
to Common
Shares (000)
   
Expenses
(e)
 
Net
Investment
Income (Loss)
   
Portfolio
Turnover
Rate
 
                                     
                                     
   
6.01
%
 
8.79
%
$
574,904
   
1.72
%*
 
5.87
%*
 
5
%
   
4.65
   
5.98
   
544,500
   
1.66
   
6.43
   
18
 
   
15.03
   
11.30
   
547,598
   
1.19
   
6.81
   
11
 
   
26.98
   
23.65
   
521,216
   
1.32
   
7.86
   
4
 
   
(13.35
)
 
(17.24
)
 
447,463
   
1.49
   
7.03
   
7
 
   
(3.48
)
 
1.38
   
569,958
   
1.52
   
6.53
   
5
 
                                     
                                     
   
7.79
   
8.46
   
1,479,755
   
1.56
*
 
5.63
*
 
9
 
   
2.08
   
4.73
   
1,404,814
   
1.63
   
6.28
   
10
 
   
21.20
   
11.08
   
1,426,419
   
1.14
   
6.61
   
7
 
   
23.62
   
21.18
   
1,358,844
   
1.29
   
7.36
   
8
 
   
(13.17
)
 
(13.45
)
 
1,005,218
   
1.43
   
6.76
   
9
 
   
(3.18
)
 
1.49
   
1,220,297
   
1.41
   
6.39
   
5
 
 
(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)
Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank or legal fee refund, where applicable.
(e)
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 Footnote 1 – General Information and Significant Accounting Policies, Variable Rate MuniFund Term Preferred Shares, Variable Rate Demand Preferred Shares and Inverse Floating Rate Securities, respectively as follows:
 
Quality (NQI)
       
Year Ended 10/31:
       
2012(f)
   
.70
%
2011
   
.57
 
2010
   
.07
 
2009
   
.11
 
2008
   
.26
 
2007
   
.34
 
         
Opportunity (NIO)
       
Year Ended 10/31:
       
2012(f)
   
.58
 
2011
   
.59
 
2010
   
.06
 
2009
   
.11
 
2008
   
.24
 
2007
   
.25
 
 
(f)
For the six months ended April 30, 2012.
*
Annualized.
**
Rounds to less than $.01 per share.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
93

 
 

 

   
Financial
   
Highlights (Unaudited) (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
Capital
Gains to
Auction Rate
Preferred Shareholders
(a)
Total
 
Net
Investment
Income to
Common
Share-
holders
 
Capital
Gains to
Common
Share-
holders
 
Total
 
Discount
from
Common
Shares
Repurchased
and
Retired
 
Ending
Common
Share
Net Asset
Value
 
Ending
Market
Value
 
Premier Opportunity (NIF)
                                               
Year Ended 10/31:
                                                           
2012(f)
 
$
14.72
 
$
.43
 
$
.85
 
$
 
$
 
$
1.28
 
$
(.45
)
$
 
$
(.45
)
$
 
$
15.55
 
$
15.26
 
2011
   
15.01
   
.88
   
(.27
)
 
(.01
)
 
   
.60
   
(.89
)
 
   
(.89
)
 
   
14.72
   
14.26
 
2010
   
14.38
   
.96
   
.57
   
(.03
)
 
   
1.50
   
(.87
)
 
   
(.87
)
 
   
15.01
   
15.50
 
2009
   
12.54
   
.99
   
1.64
   
(.06
)
 
   
2.57
   
(.73
)
 
   
(.73
)
 
   
14.38
   
13.10
 
2008
   
14.90
   
.96
   
(2.37
)
 
(.31
)
 
   
(1.72
)
 
(.64
)
 
   
(.64
)
 
   
12.54
   
11.19
 
2007
   
15.40
   
.97
   
(.47
)
 
(.29
)
 
   
.21
   
(.71
)
 
   
(.71
)
 
   
14.90
   
13.25
 
                                                                           
Premium Opportunity (NPX)
                                               
Year Ended 10/31:
                                                           
2012(f)
   
13.54
   
.39
   
.85
   
   
   
1.24
   
(.37
)
 
   
(.37
)
 
   
14.41
   
13.76
 
2011
   
13.53
   
.77
   
(.02
)
 
   
   
.75
   
(.74
)
 
   
(.74
)
 
   
13.54
   
12.83
 
2010
   
12.96
   
.78
   
.53
   
   
   
1.31
   
(.74
)
 
   
(.74
)
 
   
13.53
   
13.40
 
2009
   
11.39
   
.80
   
1.44
   
   
   
2.24
   
(.67
)
 
   
(.67
)
 
   
12.96
   
11.86
 
2008
   
13.73
   
.80
   
(2.32
)
 
(.20
)
 
   
(1.72
)
 
(.62
)
 
   
(.62
)
 
   
11.39
   
9.56
 
2007
   
14.16
   
.86
   
(.39
)
 
(.26
)
 
   
.21
   
(.64
)
 
   
(.64
)
 
   
13.73
   
12.18
 
 
(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.
 
94
 
Nuveen Investments

 
 

 

         
Ratios/Supplemental Data
   
Total Returns
         
Ratios to Average Net Assets
Applicable to Common Shares(c)(d)
       
   
Based
on
Market
Value
(b)
 
Based
on
Common
Share Net
Asset
Value
(b)
 
Ending
Net
Assets
Applicable
to Common
Shares (000)
   
Expenses
(e)
 
Net
Investment
Income (Loss)
   
Portfolio
Turnover
Rate
 
                                     
                                     
   
10.22
%
 
8.80
%
$
303,454
   
1.59
%*
 
5.71
%*
 
10
%
   
(1.98
)
 
4.40
   
287,068
   
1.65
   
6.19
   
8
 
   
25.60
   
10.74
   
292,018
   
1.20
   
6.56
   
12
 
   
24.07
   
20.90
   
279,312
   
1.30
   
7.25
   
2
 
   
(11.12
)
 
(11.92
)
 
243,589
   
1.42
   
6.72
   
6
 
   
(4.66
)
 
1.40
   
289,400
   
1.38
   
6.41
   
9
 
                                     
                                     
   
10.19
   
9.26
   
538,364
   
1.66
*
 
5.58
*
 
9
 
   
1.75
   
6.01
   
505,766
   
1.80
   
5.99
   
20
 
   
19.70
   
10.39
   
505,332
   
1.82
   
5.87
   
10
 
   
31.78
   
20.15
   
484,069
   
1.98
   
6.56
   
7
 
   
(17.17
)
 
(12.98
)
 
425,557
   
2.13
   
6.12
   
8
 
   
(1.77
)
 
1.55
   
513,021
   
1.76
   
6.19
   
5
 
 
(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 and/or VRDP Shares, where applicable.
(d)
Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank or legal fee refund, where applicable.
(e)
The expense ratios reflect, among other things, all interest expense and other costs related to 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, both as described in Footnote 1 – General Information and Significant Accounting Policies, Variable Rate Demand Preferred Shares and Inverse Floating Rate Securities, respectively as follows:
 
Premier Opportunity (NIF)
       
Year Ended 10/31:
       
2012(f)
   
.55
%
2011
   
.59
 
2010
   
.06
 
2009
   
.07
 
2008
   
.17
 
2007
   
.17
 
         
Premium Opportunity (NPX)
       
Year Ended 10/31:
       
2012(f)
   
.65
 
2011
   
.77
 
2010
   
.59
 
2009
   
.89
 
2008
   
.88
 
2007
   
.60
 
 
(f)
For the six months ended April 30, 2012.
*
Annualized.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
95

 
 

 

   
Financial
   
Highlights (Unaudited) (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
Capital
Gains to
Auction Rate
Preferred Shareholders
(a)
Total
 
Net
Investment
Income to
Common
Share-
holders
 
Capital
Gains to
Common
Share-
holders
 
Total
 
Discount
from
Common
Shares
Repurchased
and
Retired
 
Ending
Common
Share
Net Asset
Value
 
Ending
Market
Value
 
Dividend Advantage (NVG)
                                               
Year Ended 10/31:
                                                           
2012(f)
 
$
15.03
 
$
.43
 
$
.80
 
$
 
$
 
$
1.23
 
$
(.45
)
$
(.04
)
$
(.49
)
$
 
$
15.77
 
$
15.18
 
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
 
2008
   
15.09
   
1.00
   
(2.25
)
 
(.29
)
 
   
(1.54
)
 
(.70
)
 
   
(.70
)
 
   
12.85
   
11.42
 
2007
   
15.50
   
1.00
   
(.38
)
 
(.28
)
 
   
.34
   
(.75
)
 
   
(.75
)
 
   
15.09
   
13.71
 
                                                                           
AMT-Free Income (NEA)
                                               
Year Ended 10/31:
                                                           
2012(f)
   
14.70
   
.40
   
.53
   
   
   
.93
   
(.42
)
 
   
(.42
)
 
   
15.21
   
14.75
 
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
 
2008
   
14.71
   
.95
   
(2.31
)
 
(.27
)
 
   
(1.63
)
 
(.71
)
 
   
(.71
)
 
   
12.37
   
11.40
 
2007
   
14.93
   
.97
   
(.21
)
 
(.27
)
 
   
.49
   
(.71
)
 
   
(.71
)
 
   
14.71
   
14.30
 
 
(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.
 
96
 
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
Market
Value
(b)
 
Based
on
Common
Share Net
Asset
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
 
                                                 
                                                 
   
9.50
%
 
8.29
%
$
470,134
   
2.14
%*
 
5.50
%*
 
2.08
%*
 
5.57
%*
 
11
%
   
2.89
   
4.83
   
448,070
   
1.95
   
6.12
   
1.84
   
6.23
   
7
 
   
13.51
   
8.89
   
452,908
   
1.89
   
5.79
   
1.71
   
5.98
   
2
 
   
28.72
   
21.54
   
441,207
   
1.25
   
6.86
   
.98
   
7.12
   
9
 
   
(12.11
)
 
(10.64
)
 
383,035
   
1.32
   
6.48
   
.98
   
6.82
   
7
 
   
(3.12
)
 
2.25
   
449,982
   
1.31
   
6.15
   
.90
   
6.56
   
12
 
                                                 
                                                 
   
9.58
   
6.38
   
338,282
   
2.18
*
 
5.35
*
 
N/A
   
N/A
   
8
 
   
(1.60
)
 
3.92
   
326,909
   
2.02
   
5.86
   
2.01
   
5.87
   
2
 
   
17.27
   
9.76
   
333,074
   
1.76
   
5.80
   
1.63
   
5.93
   
2
 
   
25.41
   
23.05
   
320,587
   
1.24
   
7.14
   
.99
   
7.39
   
6
 
   
(15.97
)
 
(11.56
)
 
229,075
   
1.26
   
6.27
   
.87
   
6.66
   
8
 
   
4.59
   
3.35
   
272,391
   
1.19
   
6.04
   
.70
   
6.53
   
6
 
 
(c)
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS, MTP Shares and/or VMTP Shares, where applicable.
(d)
After expense reimbursement from the Adviser, where applicable. Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank or legal fee refund, where applicable. As of November 30, 2010 and March 31, 2012, the Adviser is no longer reimbursing ATM-Free Income (NEA) and Dividend Advantage (NVG), 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 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 Footnote 1 – General Information and Significant Accounting Policies, MuniFund Term Preferred Shares, Variable Rate MuniFund Term Preferred Shares and Inverse Floating Rate Securities, respectively as follows:
 
Dividend Advantage (NVG)
       
Year Ended 10/31:
       
2012(f)
   
1.08
%
2011
   
.90
 
2010
   
.84
 
2009
   
.08
 
2008
   
.15
 
2007
   
.17
 
         
AMT-Free Income (NEA)
       
Year Ended 10/31:
       
2012(f)
   
1.09
 
2011
   
.94
 
2010
   
.67
 
2009
   
.05
 
2008
   
.07
 
2007
     .02  
 
(f)
For the six months ended April 30, 2012.
*
Annualized.
**
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
 
97

 
 

 

   
Financial
   
Highlights (Unaudited) (continued)
 
   
ARPS at the End of Period
 
VMTP Shares at the End of Period
 
VRDP Shares at the End of Period
 
   
Aggregate
         
Aggregate
         
Aggregate
         
   
Amount
 
Liquidation
 
Asset
 
Amount
 
Liquidation
 
Asset
 
Amount
 
Liquidation
 
Asset
 
   
Outstanding
 
Value
 
Coverage
 
Outstanding
 
Value
 
Coverage
 
Outstanding
 
Value
 
Coverage
 
   
(000
)
Per Share
 
Per Share
 
(000
)
Per Share
 
Per Share
 
(000
)
Per Share
 
Per Share
 
Quality (NQI)
                                                 
Year Ended 10/31:
                                                 
2012(g)
 
$
 
$
 
$
 
$
240,400
 
$
100,000
 
$
339,145
 
$
 
$
 
$
 
2011
   
   
   
   
240,400
   
100,000
   
326,498
   
   
   
 
2010
   
239,200
   
25,000
   
82,232
   
   
   
   
   
   
 
2009
   
245,850
   
25,000
   
78,001
   
   
   
   
   
   
 
2008
   
298,425
   
25,000
   
62,485
   
   
   
   
   
   
 
2007
   
318,000
   
25,000
   
69,808
   
   
   
   
   
   
 
                                                         
Opportunity (NIO)
                                                 
Year Ended 10/31:
                                                 
2012(g)
   
   
   
   
   
   
   
667,200
   
100,000
   
321,786
 
2011
   
   
   
   
   
   
   
667,200
   
100,000
   
310,554
 
2010
   
664,825
   
25,000
   
78,639
   
   
   
   
   
   
 
2009
   
675,475
   
25,000
   
75,292
   
   
   
   
   
   
 
2008
   
623,350
   
25,000
   
65,315
   
   
   
   
   
   
 
2007
   
680,000
   
25,000
   
69,864
   
   
   
   
   
   
 

   
ARPS at the End of Period
 
VRDP Shares at the End of Period
 
   
Aggregate
         
Aggregate
         
   
Amount
 
Liquidation
 
Asset
 
Amount
 
Liquidation
 
Asset
 
   
Outstanding
 
Value
 
Coverage
 
Outstanding
 
Value
 
Coverage
 
   
(000
)
Per Share
 
Per Share
 
(000
)
Per Share
 
Per Share
 
Premier Opportunity (NIF)
                               
Year Ended 10/31:
                               
2012(g)
 
$
 
$
 
$
 
$
130,900
 
$
100,000
 
$
331,822
 
2011
   
   
   
   
130,900
   
100,000
   
319,303
 
2010
   
130,125
   
25,000
   
81,103
   
   
   
 
2009
   
130,125
   
25,000
   
78,662
   
   
   
 
2008
   
154,950
   
25,000
   
64,301
   
   
   
 
2007
   
161,000
   
25,000
   
69,938
   
   
   
 
                                       
Premium Opportunity (NPX)
                               
Year Ended 10/31:
                               
2012(g)
   
   
   
   
219,000
   
100,000
   
345,828
 
2011
   
   
   
   
219,000
   
100,000
   
330,943
 
2010
   
   
   
   
219,000
   
100,000
   
330,745
 
2009
   
   
   
   
219,000
   
100,000
   
321,036
 
2008
   
   
   
   
219,000
   
100,000
   
294,318
 
2007
   
268,900
   
25,000
   
72,696
   
   
   
 
 
(g)
For the six months ended April 30, 2012.
 
98
 
Nuveen Investments

 
 

 
 
   
ARPS at the End of Period
 
MTP Shares at the End of Period (g)
 
VMTP Shares at the End of Period
 
ARPS, MTP
and/or VMTP
Shares
at the End
of Period
 
   
Aggregate
Amount
Outstanding
(000)
 
Liquidation
Value
Per
Share
 
Asset
Coverage
Per
Share
 
Aggregate
Amount
Outstanding
(000)
 
Liquidation
Value
Per Share
 
Asset
Coverage
Per Share
 
Aggregate
Amount
Outstanding
(000)
 
Liquidation
Value
Per Share
 
Asset
Coverage
Per Share
 
Asset
Coverage
Per $1
Liquidation
Preference
 
Dividend Advantage (NVG)
                                                 
Year Ended 10/31:
                                                 
2012(f)
 
$
 
$
 
$
 
$
108,000
 
$
10
 
$
33.45
 
$
92,500
 
$
100,000
 
$
334,481
 
$
3.34
 
2011
   
   
   
   
108,000
   
10
   
32.35
   
92,500
   
100,000
   
323,476
   
3.23
 
2010
   
91,950
   
25,000
   
81,628
   
108,000
   
10
   
32.65
   
   
   
   
3.27
 
2009
   
91,950
   
25,000
   
80,165
   
108,000
   
10
   
32.07
   
   
   
   
3.21
 
2008
   
226,975
   
25,000
   
67,189
   
   
   
   
   
   
   
 
2007
   
233,000
   
25,000
   
73,281
   
   
   
   
   
   
   
 
                                                               
AMT-Free Income (NEA)                                                  
Year Ended 10/31:
                                                 
2012(f)
   
   
   
   
83,000
   
10
   
32.46
   
67,600
   
100,000
   
324,623
   
3.25
 
2011
   
   
   
   
83,000
   
10
   
31.71
   
67,600
   
100,000
   
317,071
   
3.17
 
2010
   
67,375
   
25,000
   
80,374
   
83,000
   
10
   
32.15
   
   
   
   
3.21
 
2009
   
148,750
   
25,000
   
78,880
   
   
   
   
   
   
   
 
2008
   
132,800
   
25,000
   
68,124
   
   
   
   
   
   
   
 
2007
   
144,000
   
25,000
   
72,290
   
   
   
   
   
   
   
 
 
(f)
For the six months ended April 30, 2012.
(g)
The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares were as follows:
 
           
Ending
   
Average
 
           
Market Value
   
Market Value
 
     
Series
   
Per Share
   
Per Share
 
Dividend Advantage (NVG)
                   
Year Ended 10/31:
                   
2012(f)
   
2014
 
$
10.17
 
$
10.15
 
2011
   
2014
   
10.10
   
10.12
 
2010
   
2014
   
10.22
   
10.19
 
2009
   
2014
   
9.98
   
10.03
^
2008
   
   
   
 
2007
   
   
   
 
                     
AMT-Free Income (NEA)
                   
Year Ended 10/31:
                   
2012(f)
   
2015
 
$
10.15
 
$
10.14
 
2011
   
2015
   
10.14
   
10.08
 
2010
   
2015
   
10.14
   
10.15
^^
2009
   
   
   
 
2008
   
   
   
 
2007
   
   
   
 
 
^
For the period October 19, 2009 (first issuance date of shares) through October 31, 2009.
^^
For the period January 19, 2010 (first issuance date of shares) through October 31, 2010.
 
Nuveen Investments
 
99

 
 

 

   
Notes to
   
Financial Statements (Unaudited)
 
1. General Information and Significant Accounting Policies
 
General Information
The funds covered in this report and their corresponding Common share stock exchange symbols are Nuveen Quality Municipal Fund, Inc. (NQI), Nuveen Municipal Opportunity Fund, Inc. (NIO), Nuveen Premier Municipal Opportunity Fund, Inc. (NIF), Nuveen Premium Income Municipal Opportunity Fund (NPX), Nuveen Dividend Advantage Municipal Income Fund (NVG) and Nuveen AMT-Free Municipal Income Fund (NEA) (each a “Fund” and collectively, the “Funds”). Common shares of Quality (NQI), Opportunity (NIO), Premier Opportunity (NIF) and Premium Opportunity (NPX) are traded on the New York Stock Exchange (“NYSE”) while Common shares of Dividend Advantage (NVG) and AMT-Free Income (NEA) are traded on the NYSE Amex. The Funds are registered under the Investment Company Act of 1940, as amended, as closed-end registered investment companies.
 
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.
 
Policy Changes
On October 28, 2011, the Funds’ Board of Directors/Trustees approved changes to each Fund’s investment policy regarding its investment in insured municipal securities. These changes were designed to provide Nuveen Fund Advisors, Inc. (the “Adviser”), a wholly-owned subsidiary of Nuveen Investments Inc. (“Nuveen”), with more flexibility regarding the types of securities available for investment by each Fund.
 
On January 2, 2012, each Fund eliminated the investment policy requiring it, under normal circumstances, to invest at least 80% of its managed assets (as defined in Footnote 7 – Management Fees and Other Transactions with Affiliates) in municipal securities that are covered by insurance guaranteeing the timely payment of principal and interest. Since 2007, most municipal bond insurers have had their credit ratings downgraded and only one insurer is currently insuring new municipal bonds. As a result, the supply of insured municipal securities has decreased dramatically and the long-term viability of the municipal bond insurance market is uncertain. The Funds did not change their investment objective and continue to invest substantially all of their assets in a portfolio of investment grade quality municipal securities.
 
Concurrent with the investment policy changes, the Funds changed their names as follows:
 
 
Nuveen Insured Quality Municipal Fund, Inc. (NQI) changed to Nuveen Quality Municipal Fund, Inc. (NQI),
     
 
Nuveen Insured Municipal Opportunity Fund, Inc. (NIO) changed to Nuveen Municipal Opportunity Fund, Inc. (NIO),
     
 
Nuveen Premier Insured Municipal Income Fund, Inc. (NIF) changed to Nuveen Premier Municipal Opportunity Fund, Inc. (NIF),
     
 
Nuveen Insured Premium Income Municipal Fund 2 (NPX) changed to Nuveen Premium Income Municipal Opportunity Fund, Inc. (NPX),
     
 
Nuveen Insured Dividend Advantage Municipal Fund (NVG) changed to Nuveen Dividend Advantage Municipal Income Fund (NVG) and
     
 
Nuveen Insured Tax-Free Advantage Municipal Fund (NEA) changed to Nuveen AMT-Free Municipal Income Fund (NEA).
 
In addition, each Fund changed its non-fundamental investment policy requiring each Fund to invest in municipal securities rated at least investment grade at the time of investment. Each Fund adopted a new policy to, under normal circumstances, invest at least 80% of its managed assets in investment grade securities that, at the time of investment, are rated within the four highest grades (Baa or BBB or better) by at least one nationally recognized statistical ratings organization (“NRSRO”) or are unrated but judged to be of comparable quality by the Adviser. Under the new policy, each Fund may invest up to 20% of its managed assets in municipal securities that at the time of investment are rated below investment grade or are unrated but judged to be of comparable quality by the Adviser. No more than 10% of each Fund’s managed assets may be invested in municipal securities rated below B3/B- or that are unrated but judged to be of comparable quality by the Adviser.
 
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”).
 
100
 
Nuveen Investments

 
 

 
 
Investment Valuation
Prices of municipal bonds 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 such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Funds’ Board of Directors/Trustees or its designee.
 
Refer to Footnote 2 – Fair Value Measurements for further details on the leveling of securities held by the Funds as of the end of the reporting period.
 
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from 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 segregate assets with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. At April 30, 2012, Quality (NQI), Opportunity (NIO), Premier Opportunity (NIF), Dividend Advantage (NVG) and AMT-Free Income (NEA) had outstanding when-issued/delayed delivery purchase commitments of $7,696,956, $45,276,790, $2,750,350, $10,353,996 and $14,875,520, respectively. There were no such outstanding purchase commitments in Premium Opportunity (NPX).
 
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. Legal fee refund presented in the Statement of Operations reflects a refund of workout expenditures paid in a prior reporting period.
 
Income Taxes
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 (“RICs”). Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal income tax, and in the case of AMT-Free Income (NEA) the alternative minimum tax applicable to individuals, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.
 
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
 
 Nuveen Investments
 
101

 
 

 

   
Notes to
   
Financial Statements (Unaudited) (continued)
 
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”). As of October 31, 2011, 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. Proceeds from the issuance of MTP Shares, net of offering expenses, were used to redeem all, or a portion of, each Fund’s outstanding ARPS. Each Fund’s MTP Shares are issued in one Series. 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. The MTP Shares trade on the NYSE. As of April 30, 2012, the number of MTP Shares outstanding, annual interest rate and the NYSE “ticker” symbol for each Fund’s series of MTP Shares are as follows:
                                       
     
Dividend Advantage (NVG)
   
AMT-Free Income (NEA)
 
           
Annual
               
Annual
       
     
Shares
   
Interest
   
NYSE
   
Shares
   
Interest
   
NYSE
 
   
Outstanding
   
Rate
   
Ticker
 
Outstanding
   
Rate
   
Ticker
 
Series:
                                     
2014
   
10,800,000
   
2.95
%
 
NVG Pr C
   
   
%
 
 
2015
   
   
   
   
8,300,000
   
2.85
   
NEA Pr C
 
 
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 will be 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 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 are as follows:
               
     
Dividend
   
AMT-Free
 
     
Advantage
   
Income
 
     
(NVG
)
 
(NEA
)
     
Series 2014
   
Series 2015
 
Term Redemption Date
   
November 1, 2014
   
February 1, 2015
 
Optional Redemption Date
   
November 1, 2010
   
February 1, 2011
 
Premium Expiration Date
   
October 31, 2011
   
January 31, 2012
 
 
The average liquidation value for all series of MTP Shares outstanding for each Fund during the six months ended April 30, 2012, 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 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.
 
Nuveen has agreed that net amounts earned by Nuveen as underwriter of each Fund’s MTP Share offering would be credited to the Funds, and would be recorded as reductions of offering costs recognized by the Funds. During the six months ended April 30, 2012, Nuveen earned no net underwriting amounts on the Funds’ MTP Shares.
 
102
 
Nuveen Investments

 
 

 
 
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. Quality (NQI), Dividend Advantage (NVG) and AMT-Free Income (NEA) issued their VMTP Shares in a privately negotiated offering during February 2011, September 2011 and July 2011, respectively. Proceeds from the issuance of VMTP Shares, net of offering expenses, were used to redeem all or a portion of, the remainder of each Fund’s outstanding ARPS. Each Fund’s VMTP Shares were offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933. As of April 30, 2012, the number of VMTP Shares outstanding, at liquidation value, for each Fund is as follows:
                     
           
Dividend
   
AMT-Free
 
     
Quality
   
Advantage
   
Income
 
     
(NQI
)
 
(NVG
)
 
(NEA
)
Series 2014
 
$
240,400,000
 
$
92,500,000
 
$
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 one year following the Optional Redemption Date (“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 VMTP Shares are as follows:
                     
           
Dividend
   
AMT-Free
 
     
Quality
   
Advantage
   
Income
 
     
(NQI
)
 
(NVG
)
 
(NEA
)
Term Redemption Date
   
March 1, 2014
   
October 1, 2014
   
August 1, 2014
 
Optional Redemption Date
   
March 1, 2012
   
October 1, 2012
   
August 1, 2012
 
Premium Expiration Date
   
February 29, 2012
 
September 30, 2012
   
July 31, 2012
 
 
The average liquidation value of VMTP Shares outstanding and annualized dividend rate of VMTP Shares for each Fund during the six months ended April 30, 2012, 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
   
1.39
%
 
1.14
%
 
1.19
%
 
Dividends on the VMTP Shares (which are treated as interest payments for financial reporting purposes) are set weekly.
 
For financial reporting purposes only, the liquidation value of VMTP Shares is recorded as a liability on the Statement of Assets and Liabilities. 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.
 
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. Opportunity (NIO), Premier Opportunity (NIF) and Premium Opportunity (NPX) issued their VRDP Shares in a privately negotiated offering during December 2010, December 2010 and August 2008, respectively. Concurrent with renewing agreements with the liquidity provider for its VRDP Shares in June 2010, Premium Opportunity (NPX) exchanged all its 2,190 Series 1 VRDP Shares for 2,190 Series 2 VRDP Shares. The principal difference in terms between Series 1 and Series 2 VRDP Shares is the requirement that the Fund redeem VRDP Shares owned by the liquidity provider if the VRDP Shares have been owned by the liquidity provider through six months of continuous, unsuccessful remarketing. Proceeds of each Fund’s offering were used to redeem all or a portion of, the remainder of each Fund’s outstanding ARPS. The VRDP Shares were offered to qualified institutional buyers
 
 Nuveen Investments
 
103

 
 

 

   
Notes to
   
Financial Statements (Unaudited) (continued)
 
pursuant to Rule 144A under the Securities Act of 1933. As of April 30, 2012, the number of VRDP Shares outstanding and maturity date for each Fund are as follows:
 
           
Premier
   
Premium
 
     
Opportunity
   
Opportunity
   
Opportunity
 
     
(NIO
)
 
(NIF
)
 
(NPX
)
Series
   
1
   
1
   
2
 
Shares outstanding
   
6,672
   
1,309
   
2,190
 
Maturity
   
December 1, 2040
   
December 1, 2040
   
August 1, 2038
 
 
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.
 
Dividends on the VRDP Shares (which are treated as interest payments for financial reporting purposes) are set weekly at a rate established by a remarketing agent; therefore, the market value of the VRDP Shares is expected to approximate its liquidation value. If remarketings for VRDP Shares are continuously unsuccessful for six months, the maximum rate is designed to escalate according to a specified schedule in order to enhance the remarketing agent’s ability to successfully remarket the VRDP Shares.
 
Subject to certain conditions, VRDP Shares may be redeemed, in whole or in part, at any time at the option of each Fund. Each Fund may also redeem certain of the VRDP Shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends.
 
The average liquidation value outstanding and annualized dividend rate of VRDP Shares for each Fund during the six months ended April 30, 2012, were as follows:
                     
           
Premier
   
Premium
 
     
Opportunity
   
Opportunity
   
Opportunity
 
     
(NIO
)
 
(NIF
)
 
(NPX
)
Average liquidation value outstanding
   
667,200,000
   
130,900,000
   
219,000,000
 
Annualized dividend rate
   
0.28
%
 
0.28
%
 
0.27
%
 
For financial reporting purposes only, the liquidation value of VRDP Shares is recognized as a liability 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. Dividends paid on the VRDP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations. In addition to interest expense, each Fund also pays a per annum liquidity fee to the liquidity provider as well as a remarketing fee, which are recognized as components of “Fees on VRDP Shares” on the Statement of Operations.
 
Insurance
Since 2007, the financial status of most major municipal bond insurers has deteriorated substantially, and some insurers have gone out of business, rendering worthless the insurance policies they had written. Under normal circumstances, and during the period November 1, 2011 through January 2, 2012, each Fund invests at least 80% of its managed assets (as defined in Footnote 7 – Management Fees and Other Transactions with Affiliates) in municipal securities that were covered by insurance guaranteeing the timely payment of principal and interest. In addition, during the period November 1, 2011 through January 2, 2012, each Fund invested in municipal securities that, at the time of investment was rated investment grade (including (i) bonds insured by investment grade rated insurers or are rated investment grade; (ii) unrated bonds that are judged to be investment grade by the Adviser; and (iii) escrowed bonds). Ratings below BBB by one or more national rating agencies are considered to be below investment grade.
 
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
 
104
 
Nuveen Investments

 
 

 
 
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 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 six months ended April 30, 2012, 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.
 
At April 30, 2012, each Fund’s maximum exposure to externally-deposited Recourse Trusts, was as follows:
                                       
                 
Premier
   
Premium
   
Dividend
   
AMT-Free
 
     
Quality
 
Opportunity
 
Opportunity
 
Opportunity
   
Advantage
   
Income
 
     
(NQI
)
 
(NIO
)
 
(NIF
)
 
(NPX
)
 
(NVG
)
 
(NEA
)
Maximum exposure to Recourse Trusts
 
$
26,610,000
 
$
40,430,000
 
$
15,375,000
 
$
14,845,000
 
$
6,665,000
 
$
6,665,000
 
 
The average floating rate obligations outstanding and average annual interest rate and fees related to self-deposited inverse floaters during the six months ended April 30, 2012, were as follows:
                                       
                 
Premier
   
Premium
   
Dividend
   
AMT-Free
 
     
Quality
 
Opportunity
 
Opportunity
 
Opportunity
   
Advantage
   
Income
 
     
(NQI
)
 
(NIO
)
 
(NIF
)
 
(NPX
)
 
(NVG
)
 
(NEA
)
Average floating rate obligations outstanding
 
$
52,456,099
 
$
105,390,614
 
$
19,000,000
 
$
56,858,132
 
$
28,413,334
 
$
13,040,000
 
Average annual interest rate and fees
   
0.48
%
 
0.52
%
 
0.46
%
 
0.46
%
 
0.58
%
 
0.61
%
 
Derivative Financial Instruments
Each Fund is authorized to invest in certain derivative instruments, including foreign currency forwards, futures, options and swap contracts. Although the Funds are authorized to invest in such financial instruments, and may do so in the future, they did not make any such investments during the six months ended April 30, 2012.
 
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. Futures contracts, when applicable, expose a Fund to minimal counterparty credit risk as they are exchange traded and the exchange’s clearinghouse, which is counterparty to all exchange traded futures, guarantees the futures contracts against default.
 
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-
 
 Nuveen Investments
 
105

 
 

 

   
Notes to
   
Financial Statements (Unaudited) (continued)
 
determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.
 
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. Tax-exempt 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.
 
Offering Costs
Costs incurred by Dividend Advantage (NVG) and AMT-Free Income (NEA) in connection with their offerings of MTP Shares ($1,875,000 and $1,605,000, respectively) were recorded as deferred charges, which are being amortized over the life of the shares. Costs incurred by Quality (NQI), Dividend Advantage (NVG) and AMT-Free Income (NEA) in connection with their VMTP Shares ($1,120,000, $485,000 and $180,000, respectively) were recorded as deferred charges, which are being amortized over the life of the shares. Costs incurred by Opportunity (NIO), Premier Opportunity (NIF) and Premium Opportunity (NPX) in connection with their offerings of VRDP Shares ($2,645,000, $755,000 and $2,535,000, respectively) were recorded as deferred charges, which are being amortized over the life of the shares. Each Fund’s amortized deferred charges are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
 
Custodian Fee Credit
Each Fund has an arrangement with the custodian bank whereby certain custodian fees and expenses are reduced by net credits earned on each Fund’s cash on deposit with the bank. Such deposit arrangements are an alternative to overnight investments. Credits for cash balances may be offset by charges for any days on which a Fund overdraws its account at the custodian bank.
 
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. 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 three-tier hierarchy of inputs is summarized in the three broad levels listed below:
 
Level 1 –  
Quoted prices in active markets for identical securities.
Level 2 –  
Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 –  
Significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
 
106
 
Nuveen Investments

 
 

 
 
The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of April 30, 2012:
                           
Quality (NQI)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments:
                         
Municipal Bonds
 
$
 
$
843,975,718
 
$
 
$
843,975,718
 
                           
Opportunity (NIO)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments:
                         
Municipal Bonds
 
$
 
$
2,173,199,073
 
$
1,497,168
 
$
2,174,696,241
 
Short-Term Investments:
                         
Municipal Bonds
   
   
12,490,000
   
   
12,490,000
 
Total
 
$
 
$
2,185,689,073
 
$
1,497,168
 
$
2,187,186,241
 
                           
Premier Opportunity (NIF)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments:
                         
Municipal Bonds
 
$
 
$
446,827,783
 
$
 
$
446,827,783
 
                           
Premium Opportunity (NPX)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments:
                         
Municipal Bonds
 
$
 
$
796,014,815
 
$
 
$
796,014,815
 
                           
Dividend Advantage (NVG)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments:
                         
Municipal Bonds
 
$
 
$
681,312,945
 
$
 
$
681,312,945
 
Investment Companies
   
1,456,917
   
   
   
1,456,917
 
Total
 
$
1,456,917
 
$
681,312,945
 
$
 
$
682,769,862
 
                           
AMT-Free Income (NEA)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments:
                         
Municipal Bonds
 
$
 
$
500,443,797
 
$
 
$
500,443,797
 
 
The following is a reconciliation of the following Fund’s Level 3 investments held at the beginning and end of the measurement period:
         
     
Opportunity
 
     
(NIO
)
     
Level 3
 
     
Municipal
 
     
Bonds
 
Balance at the beginning of period
 
$
 
Gains (losses):
       
Net realized gains (losses)
   
 
Net change in unrealized appreciation (depreciation)
   
 
Purchases at cost
   
 
Sales at proceeds
   
 
Net discounts (premiums)
   
 
Transfers in to
   
1,497,168
 
Transfers out of
   
 
Balance at the end of period
 
$
1,497,168
 
Change in net unrealized appreciation (depreciation) during the period of Level 3 securities held as of April 30, 2012
 
$
(451,863
)
 
During the six months ended April 30, 2012, the Funds recognized no significant transfers to or from Level 1 or Level 2. Transfers in and/or out of Level 3 are shown using end of period values.
 
3. Derivative Instruments and Hedging Activities
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. The Funds did not invest in derivative instruments during the six months ended April 30, 2012.
 
 Nuveen Investments
 
107

 
 

 

   
Notes to
   
Financial Statements (Unaudited) (continued)
 
4. Fund Shares
 
Common Shares
Transactions in Common shares were as follows:
                                       
     
Quality (NQI)
   
Opportunity (NIO)
   
Premier Opportunity (NIF)
 
     
Six Months
   
Year
   
Six Months
   
Year
   
Six Months
   
Year
 
     
Ended
   
Ended
   
Ended
   
Ended
   
Ended
   
Ended
 
     
4/30/12
   
10/31/11
   
4/30/12
   
10/31/11
   
4/30/12
   
10/31/11
 
Common shares issued to shareholders due to reinvestment of distributions
   
32,488
   
10,745
   
   
24,068
   
20,638
   
40,933
 

   
Premium Opportunity (NPX)
   
Dividend Advantage (NVG)
   
AMT-Free Income (NEA)
 
     
Six Months
   
Year
   
Six Months
   
Year
   
Six Months
   
Year
 
     
Ended
   
Ended
   
Ended
   
Ended
   
Ended
   
Ended
 
     
4/30/12
   
10/31/11
   
4/30/12
   
10/31/11
   
4/30/12
   
10/31/11
 
Common shares issued to shareholders due to reinvestment of distributions
   
   
   
   
   
   
1,085
 
 
Preferred Shares
Premium Opportunity (NPX) redeemed all of its outstanding ARPS during the fiscal year ended October 31, 2008.
 
Transactions in ARPS were as follows:
                                                   
     
Quality (NQI)
   
Opportunity (NIO)
 
     
Six Months Ended
   
Year Ended
   
Six Months Ended
   
Year Ended
 
     
4/30/12
   
10/31/11
   
4/30/12
   
10/31/11
 
     
Shares
   
Amount
   
Shares
   
Amount
   
Shares
   
Amount
   
Shares
   
Amount
 
ARPS redeemed:
                                                 
Series M
   
N/A
   
N/A
   
(1,954
)
$
(48,850,000
)
 
N/A
   
N/A
   
(3,319
)
$
(82,975,000
)
Series T
   
N/A
   
N/A
   
(1,956
)
 
(48,900,000
)
 
N/A
   
N/A
   
(3,319
)
 
(82,975,000
)
Series W
   
N/A
   
N/A
   
(1,957
)
 
(48,925,000
)
 
N/A
   
N/A
   
(3,320
)
 
(83,000,000
)
Series W2
   
N/A
   
N/A
   
   
   
N/A
   
N/A
   
(2,655
)
 
(66,375,000
)
Series W3
   
N/A
   
N/A
   
   
   
N/A
   
N/A
   
(1,486
)
 
(37,150,000
)
Series TH
   
N/A
   
N/A
   
(1,745
)
 
(43,625,000
)
 
N/A
   
N/A
   
(3,319
)
 
(82,975,000
)
Series TH2
   
N/A
   
N/A
   
   
   
N/A
   
N/A
   
(3,321
)
 
(83,025,000
)
Series TH3
   
N/A
   
N/A
   
   
   
N/A
   
N/A
   
(2,536
)
 
(63,400,000
)
Series F
   
N/A
   
N/A
   
(1,956
)
 
(48,900,000
)
 
N/A
   
N/A
   
(3,318
)
 
(82,950,000
)
Total
   
N/A
   
N/A
   
(9,568
)
$
 (239,200,000
)
 
N/A
   
N/A
   
(26,593
)
$
 (664,825,000
)

     
Premier Opportunity (NIF)
   
Dividend Advantage (NVG)
 
     
Six Months Ended
   
Year Ended
   
Six Months Ended
   
Year Ended
 
     
4/30/12
   
10/31/11
   
4/30/12
   
10/31/11
 
     
Shares
   
Amount
   
Shares
   
Amount
   
Shares
   
Amount
   
Shares
   
Amount
 
ARPS redeemed:
                                                 
Series M
   
N/A
   
N/A
   
 
$
   
N/A
   
N/A
   
(1,247
)
$
(31,175,000
)
Series T
   
N/A
   
N/A
   
   
   
N/A
   
N/A
   
(1,217
)
 
(30,425,000
)
Series W
   
N/A
   
N/A
   
(678
)
 
(16,950,000
)
 
N/A
   
N/A
   
   
 
Series TH
   
N/A
   
N/A
   
(2,263
)
 
(56,575,000
)
 
N/A
   
N/A
   
(1,214
)
 
(30,350,000
)
Series F
   
N/A
   
N/A
   
(2,264
)
 
(56,600,000
)
 
N/A
   
N/A
   
   
 
Total
   
N/A
   
N/A
   
(5,205
)
$
 (130,125,000
)
 
N/A
   
N/A
   
(3,678
)
$
(91,950,000
)
 
N/A – As of October 31, 2011, the Fund redeemed all of its outstanding ARPS, at liquidation value.
 
108
 
Nuveen Investments

 
 

 
 
     
AMT-Free Income (NEA)
 
     
Six Months Ended
   
Year Ended
 
     
4/30/12
   
10/31/11
 
     
Shares
   
Amount
   
Shares
   
Amount
 
ARPS redeemed:
                         
Series T
   
N/A
   
N/A
   
(1,104
)
$
(27,600,000
)
Series W
   
N/A
   
N/A
   
(1,105
)
 
(27,625,000
)
Series W2
   
N/A
   
N/A
   
(486
)
 
(12,150,000
)
Total
   
N/A
   
N/A
   
(2,695
)
$
(67,375,000
)
 
N/A – As of October 31, 2011, the Fund redeemed all of its outstanding ARPS, at liquidation value.
 
Transactions in VMTP Shares were as follows:
                                                   
     
Quality (NQI)
   
Dividend Advantage (NVG)
 
     
Six Months Ended
   
Year Ended
   
Six Months Ended
   
Year Ended
 
     
4/30/12
   
10/31/11
   
4/30/12
   
10/31/11
 
     
Shares
   
Amount
   
Shares
   
Amount
   
Shares
   
Amount
   
Shares
   
Amount
 
VMTP Shares issued:
                                                 
Series 2014
   
 
$
   
2,404
 
$
240,400,000
   
 
$
   
925
 
$
92,500,000
 

     
AMT-Free Income (NEA)
 
     
Six Months Ended
   
Year Ended
 
     
4/30/12
   
10/31/11
 
     
Shares
   
Amount
   
Shares
   
Amount
 
VMTP Shares issued:
                         
Series 2014
   
 
$
   
676
 
$
67,600,000
 
 
Transactions in VRDP Shares were as follows:
                                                   
     
Opportunity (NIO)
   
Premier Opportunity (NIF)
 
     
Six Months Ended
   
Year Ended
   
Six Months Ended
   
Year Ended
 
     
4/30/12
   
10/31/11
   
4/30/12
   
10/31/11
 
     
Shares
   
Amount
   
Shares
   
Amount
   
Shares
   
Amount
   
Shares
   
Amount
 
VRDP Shares issued:
                                                 
Series 1
   
 
$
   
6,672
 
$
667,200,000
   
 
$
   
1,309
 
$
130,900,000
 
 
5. Investment Transactions
Purchases and sales (including maturities but excluding short-term investments, where applicable) during the six months ended April 30, 2012, were as follows:
                                       
                 
Premier
   
Premium
   
Dividend
   
AMT-Free
 
     
Quality
 
Opportunity
 
Opportunity
 
Opportunity
   
Advantage
   
Income
 
     
(NQI
)
 
(NIO
)
 
(NIF
)
 
(NPX
)
 
(NVG
)
 
(NEA
)
Purchases
 
$
45,247,330
 
$
196,326,568
 
$
45,920,211
 
$
74,910,455
 
$
72,666,954
 
$
47,736,155
 
Sales and maturities
   
59,470,342
   
215,936,554
   
46,321,437
   
83,503,757
   
85,628,676
   
40,517,156
 
 
6. Income Tax Information
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.
 
Nuveen Investments
 
109

 
 

 

   
Notes to
   
Financial Statements (Unaudited) (continued)
 
At April 30, 2012, the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:
                                       
                 
Premier
   
Premium
   
Dividend
   
AMT-Free
 
     
Quality
 
Opportunity
 
Opportunity
 
Opportunity
   
Advantage
   
Income
 
     
(NQI
)
 
(NIO
)
 
(NIF
)
 
(NPX
)
 
(NVG
)
 
(NEA
)
Cost of investments
 
$
737,485,532
 
$
1,936,897,423
 
$
397,774,825
 
$
691,477,401
 
$
615,002,825
 
$
461,761,731
 
Gross unrealized:
                                     
Appreciation
   
61,131,863
   
163,864,177
   
33,305,659
   
63,778,368
   
52,191,533
   
29,523,322
 
Depreciation
   
(7,122,746
)
 
(18,008,307
)
 
(3,253,721
)
 
(15,561,601
)
 
(12,838,352
)
 
(3,878,819
)
Net unrealized appreciation (depreciation) of investments
 
$
54,009,117
 
$
145,855,870
 
$
30,051,938
 
$
48,216,767
 
$
39,353,181
 
$
25,644,503
 
 
Permanent differences, primarily due to federal taxes paid, taxable market discount and non-deductible offering costs, resulted in reclassifications among the Funds’ components of Common share net assets at October 31, 2011, the Funds’ last tax year end, as follows:
                                       
                 
Premier
   
Premium
   
Dividend
   
AMT-Free
 
     
Quality
 
Opportunity
 
Opportunity
 
Opportunity
   
Advantage
   
Income
 
     
(NQI
)
 
(NIO
)
 
(NIF
)
 
(NPX
)
 
(NVG
)
 
(NEA
)
Paid-in surplus
 
$
(253,832
)
$
(74,346
)
$
(22,075
)
$
(81,128
)
$
(383,919
)
$
(329,737
)
Undistributed (Over-distribution of) net investment income
   
225,345
   
(515,751
)
 
4,693
   
32,104
   
370,987
   
328,724
 
Accumulated net realized gain (loss)
   
28,487
   
590,097
   
17,382
   
49,024
   
12,932
   
1,013
 
 
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains at October 31, 2011, the Funds’ last tax year end, were as follows:
                                       
                 
Premier
   
Premium
   
Dividend
   
AMT-Free
 
     
Quality
 
Opportunity
 
Opportunity
 
Opportunity
   
Advantage
   
Income
 
     
(NQI
)
 
(NIO
)
 
(NIF
)
 
(NPX
)
 
(NVG
)
 
(NEA
)
Undistributed net tax-exempt income *
 
$
9,973,805
 
$
28,113,476
 
$
5,558,575
 
$
7,640,559
 
$
9,752,295
 
$
6,245,272
 
Undistributed net ordinary income **
   
110,288
   
4,523
   
6,396
   
52,758
   
   
3,195
 
Undistributed net long-term capital gains
   
   
264,655
   
   
-—
   
1,396,468
   
 
 
*
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on October 3, 2011, paid on November 1, 2011.
**
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
 
The tax character of distributions paid during the Funds’ last tax year ended October 31, 2011, was designated for purposes of the dividends paid deduction as follows:
                                       
                 
Premier
   
Premium
   
Dividend
   
AMT-Free
 
     
Quality
 
Opportunity
 
Opportunity
 
Opportunity
   
Advantage
   
Income
 
     
(NQI
)
 
(NIO
)
 
(NIF
)
 
(NPX
)
 
(NVG
)
 
(NEA
)
Distributions from net tax-exempt income
 
$
35,817,692
 
$
85,650,770
 
$
17,902,087
 
$
28,602,694
 
$
28,729,780
 
$
20,898,107
 
Distributions from net ordinary income **
   
   
428,596
   
   
   
   
 
Distributions from net long-term capital gains
   
   
   
   
   
86,428
   
 
 
**
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
 
At October 31, 2011, the Funds’ last tax year end, the following Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as follows:
 
110
 
Nuveen Investments

 
 

 
 
           
Premier
   
Premium
   
AMT-Free
 
     
Quality
 
Opportunity
 
Opportunity
   
Income
 
     
(NQI
)
 
(NIF
)
 
(NPX
)
 
(NEA
)
Expiration:
                         
October 31, 2012
 
$
 
$
 
$
 
$
139,914
 
October 31, 2013
   
   
   
   
4,418,633
 
October 31, 2015
   
   
   
   
174,026
 
October 31, 2016
   
2,623,034
   
1,240,117
   
3,274,999
   
1,917,479
 
October 31, 2017
   
217,918
   
   
456,587
   
 
October 31, 2018
   
322,087
   
   
   
 
Total
 
$
3,163,039
 
$
1,240,117
 
$
3,731,586
 
$
6,650,052
 
 
During the Funds’ last tax year ended October 31, 2011, the following Funds utilized capital loss carryforwards as follows:
                                 
                 
Premier
   
Premium
   
AMT-Free
 
     
Quality
 
Opportunity
 
Opportunity
 
Opportunity
   
Income
 
     
(NQI
)
 
(NIO
)
 
(NIF
)
 
(NPX
)
 
(NEA
)
Utilized capital loss carryforwards
 
$
2,009,925
 
$
5,318,344
 
$
35,517
 
$
2,685,818
 
$
194,140
 
 
7. Management Fees and Other Transactions with Affiliates
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 schedule:
 
 
Quality (NQI)
 
Opportunity (NIO)
 
Premier Opportunity (NIF)
 
Premium Opportunity (NPX)
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
 
 
Nuveen Investments
 
111

 
 

 

   
Notes to
   
Financial Statements (Unaudited) (continued)
 
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 financial leverage. For these purposes, financial leverage includes the funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen Funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen Funds or assets in excess of $2 billion added to the Nuveen Fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. As of April 30, 2012, the complex-level fee rate for these Funds was .1724%.
 
The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Adviser is responsible for each Fund’s overall strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (“the Sub-Adviser”), a wholly-owned subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
 
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.
 
For the first ten years of Dividend Advantage’s (NVG) operations, the Adviser has agreed to reimburse the Fund, as a percentage of average daily managed assets, for fees and expenses in the amounts and for the time periods set forth below:
 
Year Ending
   
Year Ending
   
March 31,
   
March 31,
   
2002*
.30
%
2008
.25
%
2003
.30
 
2009
.20
 
2004
.30
 
2010
.15
 
2005
.30
 
2011
.10
 
2006
.30
 
2012
.05
 
2007
.30
       
 
*
From the commencement of operations.
 
The Adviser has not agreed to reimburse Dividend Advantage (NVG) for any portion of its fees and expenses beyond March 31, 2012.
 
8. New Accounting Pronouncements
 
Fair Value Measurements and Disclosures
On May 12, 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-04 (“ASU No. 2011-04”) modifying Topic 820, Fair Value Measurements and Disclosures. At the same time, the International Accounting Standards Board (“IASB”) issued International Financial Reporting Standard (“IFRS”) 13, Fair Value Measurement. The objective of the FASB and IASB is convergence of their guidance on fair value measurements and disclosures. Specifically, ASU No. 2011-04 requires reporting entities to disclose i) the amounts of any transfers between Level 1 and Level 2 and the reasons for the transfers and ii) for Level 3 fair value measurements, a) quantitative information about significant
 
112
 
Nuveen Investments

 
 

 

unobservable inputs used, b) a description of the valuation processes used by the reporting entity and c) a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs if a change in those inputs might result in a significantly higher or lower fair value measurement. The effective date of ASU No. 2011-04 is for interim and annual periods beginning after December 15, 2011. At this time, management is evaluating the implications of this guidance and the impact it will have to the financial statement amounts and footnote disclosures, if any.
 
9. Subsequent Event
 
Approved Fund Reorganizations
 
On June 22, 2012, the Funds’ Board of Directors/Trustees approved a series of reorganizations for certain Funds included in this report. The reorganizations are intended to create a single larger Fund, which would potentially offer shareholders the following benefits:
 
 
Lower Fund expense ratios (excluding the effects of leverage), as fixed costs are spread over a larger asset base;
     
 
Enhanced secondary market trading, as larger Funds potentially make it easier for investors to buy and sell Fund shares;
     
 
Lower per share trading costs through reduced bid/ask spreads due to a larger common share float; and
     
 
Increased Fund flexibility in managing the structure and cost of leverage over time.
 
The approved reorganizations are as follows:
 
Acquired Funds
Acquiring Fund
Premier Opportunity (NIF)
AMT-Free Income (NEA)
Premium Opportunity (NPX)
 
 
If shareholders approve the reorganizations, and upon the closing of the reorganizations, the Acquired Funds will transfer substantially all of their assets to the Acquiring Fund in exchange for common and preferred shares of the Acquiring Fund, and the assumption by the Acquiring Fund of the liabilities of the Acquired Funds. The Acquired Funds will then be liquidated, dissolved and terminated in accordance with their Declaration of Trust.
 
Nuveen Investments
 
113

 
 

 

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
 
Your 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 asset 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 immediately 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
 
114
 
Nuveen Investments

 
 

 

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.
 
Nuveen Investments
 
115

 
 

 

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.
   
Average Effective Maturity: The market-value-weighted average of the effective maturity dates of the individual securities including cash. In the case of a bond that has been advance-refunded to a call date, the effective maturity is the date on which the bond is scheduled to be redeemed using the proceeds of an escrow account. In most other cases the effective maturity is the stated maturity date of the security.
   
Effective Leverage: Effective leverage is a Fund’s effective economic leverage, and includes both regulatory 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.
   
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.
 
116
 
Nuveen Investments

 
 

 

Leverage: Using borrowed money to invest in securities or other assets, seeking to increase the return of an investment or portfolio.
   
Leverage-Adjusted 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. Leverage-adjusted duration takes into account the leveraging process for a Fund and therefore is longer than the duration of the Fund’s portfolio of bonds.
   
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.
   
Market Yield (also known as Dividend Yield or Current Yield): An investment’s current annualized dividend divided by its current market price.
   
Net Asset Value (NAV): The net market value of all securities held in a portfolio.
   
Net Asset Value (NAV) Per Share: The market value of one share of a mutual fund or closed-end fund. For a Fund, the NAV is calculated daily by taking the Fund’s total assets (securities, cash, and accrued earnings), subtracting the Fund’s liabilities, and dividing by the 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 sometimes referred to as “‘40 Act Leverage” and is subject to asset coverage limits set in the Investment Company Act of 1940.
   
Standard & Poor’s (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.
   
Standard & Poor’s (S&P) Municipal Bond Insured Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, insured U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
   
Taxable-Equivalent Yield: The yield necessary from a fully taxable investment to equal, on an after-tax basis, the yield of a municipal bond investment.
 
Nuveen Investments
 
117

 
 

 
 
Glossary of Terms
Used in this Report (continued)
 
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.
 
118
 
Nuveen Investments

 
 

 
 
Additional Fund Information
 
Board of
Directors/Trustees
John P. Amboian
Robert P. Bremner
Jack B. Evans
William C. Hunter
David J. Kundert
William J. Schneider
Judith M. Stockdale
Carole E. Stone
Virginia L. Stringer
Terence J. Toth
 
Fund Manager
Nuveen Fund Advisors, Inc.
333 West Wacker Drive
Chicago, IL 60606
 
Custodian
State Street Bank
& Trust Company
Boston, MA
 
Transfer Agent and
Shareholder Services
State Street Bank & Trust
Company
Nuveen Funds
P.O. Box 43071
Providence, RI 02940-3071
(800) 257-8787
 
Legal Counsel
Chapman and Cutler LLP
Chicago, IL
 
Independent Registered
Public Accounting Firm
Ernst & Young LLP
Chicago, IL
 
Quarterly Portfolio of Investments and Proxy Voting Information
 
You may obtain (i) each Fund’s quarterly portfolio of investments, (ii) information regarding how the Funds voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, and (iii) a description of the policies and procedures that the Funds 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 or on Nuveen’s website at www.nuveen.com.
 
You may also obtain this and other Fund information directly from the Securities and Exchange Commission (SEC). The SEC may charge a copying fee for this information. 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 at (202) 942-8090 for room hours and operation. You may also request Fund information by sending an e-mail request to publicinfo@sec.gov or by writing to the SEC’s Public References Section at 100 F Street NE, Washington, D.C. 20549.
 
CEO Certification Disclosure
 
Each Fund’s Chief Executive Officer (CEO) has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual.
 
Each Fund has filed with the SEC the certification of its Chief Executive Officer and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.
 
Common Share Information
 
Each Fund intends to repurchase and/or redeem shares of its own common stock in the future at such times and in such amounts as is deemed advisable. During the period covered by this report, the Funds repurchased and/or redeemed shares of their common stock as shown in the accompanying table.
 
 
Common Shares
Fund
Repurchased
NQI
NIO
NIF
NPX
NVG
NEA
 
Any future repurchases will be reported to shareholders in the next annual or semiannual report.
 
 Nuveen Investments
 
119

 
 

 
 
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 $227 billion as of March 31, 2012.
 
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 Securities, LLC
333 West Wacker Drive
Chicago, IL 60606
www.nuveen.com
 
ESA-D-0412D

 
 

 

ITEM 2. CODE OF ETHICS.

Not applicable to this filing.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable to this filing.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable to this filing.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to this filing.

ITEM 6. SCHEDULE OF INVESTMENTS.

(a) See Portfolio of Investments in Item 1.

(b) Not applicable.

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

Not applicable to this filing.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to this filing.

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

Not applicable.

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

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board implemented after the registrant last provided disclosure in response to this Item.
 
ITEM 11. CONTROLS AND PROCEDURES.

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

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

ITEM 12. EXHIBITS.

File the exhibits listed below as part of this Form.

(a)(1)
Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.

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

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

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


 
 

 
 
SIGNATURES

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

(Registrant) Nuveen Dividend Advantage Municipal Income Fund

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

Date: July 9, 2012

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

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

Date: July 9, 2012

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

Date: July 9, 2012