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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 811-6383

Nuveen Michigan Quality Income Municipal Fund
(Exact name of registrant as specified in charter)

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

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

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

Date of fiscal year end: February 28

Date of reporting period: February 28, 2014

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

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


 
 

 


ITEM 1. REPORTS TO STOCKHOLDERS.


Closed-End Funds
 
 
Nuveen Investments
Municipal Closed-End Funds
 
 
It’s not what you earn, it’s what you keep.®
 
 
Annual Report February 28, 2014

 

NAZNuveen Arizona Premium Income Municipal Fund
 

NUMNuveen Michigan Quality Income Municipal Fund
 

NUONuveen Ohio Quality Income Municipal Fund
 

NTXNuveen Texas Quality Income Municipal Fund
 

 
 
 

 

 
Nuveen Investments to be acquired by TIAA-CREF
 
On April 14, 2014, TIAA-CREF announced that it had entered into an agreement to acquire Nuveen Investments, the parent company of your fund’s investment adviser, Nuveen Fund Advisors, LLC (“NFAL”) and the Nuveen affiliates that act as sub-advisers to the majority of the Nuveen Funds. TIAA-CREF is a national financial services organization with approximately $569 billion in assets under management (as of March 31, 2014) and is a leading provider of retirement services in the academic, research, medical and cultural fields. Nuveen anticipates that it will operate as a separate subsidiary within TIAA-CREF’s asset management business, and that its current leadership and key investment teams will stay in place.
 
Your Fund investment will not change as a result of Nuveen’s change of ownership. You will still own the same Fund shares and the underlying value of those shares will not change as a result of the transaction. NFAL and your Fund’s sub-adviser(s) will continue to manage your Fund according to the same objectives and policies as before, and we do not anticipate any significant changes to your Fund’s operations. Under the securities laws, the consummation of the transaction will result in the automatic termination of the investment management agreements between the Funds and NFAL and the investment sub-advisory agreements between NFAL and each Fund’s sub-adviser(s). New agreements will be presented to the Funds’ shareholders for approval, and, if approved, will take effect upon consummation of the transaction or such later time as shareholder approval is obtained.
 
The transaction, expected to be completed by year end, is subject to customary closing conditions.
 
 
 
 

 
 
 
Table
of Contents 
 
Chairman’s Letter to Shareholders
4
Portfolio Managers’ Comments
5
Fund Leverage
12
Common Share Information
14
Risk Considerations
16
Performance Overview and Holding Summaries
17
Shareholder Meeting Report
21
Report of Independent Registered Public Accounting Firm
23
Portfolios of Investments
24
Statement of Assets and Liabilities
54
Statement of Operations
55
Statement of Changes in Net Assets
56
Statement of Cash Flows
58
Financial Highlights
60
Notes to Financial Statements
66
Additional Fund Information
82
Glossary of Terms Used in this Report
83
Reinvest Automatically, Easily and Conveniently
85
Board Members & Officers
86
 
Nuveen Investments 3
 
 
 

 
 
 
Chairman’s Letter

                 to Shareholders
 
 
Dear Shareholders,
 
 
Despite headwinds from slow growth, fiscal and political uncertainty in many countries and some fragile economies around the world, domestic and international equity markets increased significantly in 2013. The emerging markets equity sector was an exception. Other sectors, such as real estate, were flat to down a bit and commodities were notably negative in total return performance. The fixed income market also experienced losses in many sectors.
 
 
U.S. equities in particular hit numerous all-time highs during the past year, exceeding prior rising market trends. Europe and Asia struggled with political and financial stresses but Europe’s improving GDP in the second half provided hope that the region can exit recession. In Japan, the economic policies advocated by Prime Minister Shinzo Abe became a positive influence on the economy as deflationary pressures declined, while the economy in China started to stabilize due to monetary easing and supply side reforms. On the domestic front, the Federal Reserve stimulus continued throughout the year but discussion of reductions in the stimulus program caused historically low rates to rise and added to concern that interest rates could rise quickly in the near future. This provided challenges for fixed income investors.
 
 
The Federal Reserve’s decision to slow down its bond buying program beginning in December 2013, and the federal budget compromise over government spending into early 2015 were positive signs that the domestic economy is moving forward. We are beginning to experience an economy that can provide encouraging conditions for GDP growth, job growth and low inflation. Additionally, downward trending unemployment and a continuing rebound in the housing market adds to a positive economic scenario going forward.
 
 
However, the current year has experienced a tumultuous start. It is in these particularly volatile markets that professional investment management is most important. Investment teams who have experienced challenging markets in the past understand how their asset class can behave in rapidly changing times. Remaining committed to their investment disciplines during these times is a critical component to achieving long-term success. In fact, many strong investment track records are established during challenging periods because experienced investment teams understand that volatile markets place a premium on companies and investment ideas that can weather the short-term volatility. By maintaining appropriate time horizons, diversification and relying on practiced investment teams, we believe that investors can achieve their long-term investment objectives.
 
 
As always, I encourage you to communicate with your financial consultant if you have any questions about your investment in a Nuveen Fund. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
 
 
William J. Schneider
Chairman of the Board
April 22, 2014

 
 
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Portfolio Managers’
           Comments

 
 
Nuveen Arizona Premium Income Municipal Fund (NAZ)
Nuveen Michigan Quality Income Municipal Fund (NUM)
Nuveen Ohio Quality Income Municipal Fund (NUO)
Nuveen Texas Quality Income Municipal Fund (NTX)
 
These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments. Portfolio managers Michael S. Hamilton and Daniel J. Close, CFA, review U.S. economic and municipal market conditions at the national and state levels, key investment strategies and the twelve-month performance of these four Nuveen Funds. Michael assumed portfolio management responsibility for NAZ in 2011, while Dan has managed NUM, NUO and NTX since 2007.
 
What factors affected the U.S. economy and the national municipal market during the twelve-month reporting period ended February 28, 2014?
 
During this reporting period, the U.S. economy’s progress toward recovery from recession continued, although the economy remained below peak levels. The Federal Reserve (Fed) maintained its efforts to bolster growth and promote progress toward its mandates of maximum employment and price stability by holding the benchmark fed funds rate at the record low level of zero to 0.25% that it established in December 2008. Based on its view that the underlying strength in the broader economy was enough to support ongoing improvement in the labor market, the Fed began to reduce, or taper, its monthly asset purchases in $10 billion increments over the course of three consecutive meetings (December 2013, January 2014 and following the end of this reporting period, March 2014). As of April 2014, the Fed’s monthly purchases will comprise $25 billion in mortgage-backed securities (versus the original $40 billion per month) and $30 billion in longer-term Treasury securities (versus $45 billion). Following the March 2014 meeting, the Fed also stated that it would now look at a wide range of factors, including inflation levels and job creation, in determining future actions and that it would likely maintain the current target range for the fed funds rate for a considerable time after the asset purchase program ends, especially if projected inflation continues to run below the Fed’s 2% longer run goal.
 
In the fourth quarter of 2013, the U.S. economy, as measured by the U.S. gross domestic product (GDP), grew at an annualized rate of 2.6%, bringing the annual GDP for 2013 to 1.9% and continuing the pattern of positive economic growth for the eleventh consecutive quarter. The Consumer Price Index (CPI) rose 1.1% year-over-year as of February 2014, while the core CPI (which excludes food and energy) increased 1.6% during the same period, staying within the Fed’s unofficial objective of 2.0% or lower for this inflation measure. As of February 2014, the national unemployment rate was 6.7%, down from the 7.7% reported in February 2013. The housing market continued to post gains, as the average home price in the S&P/Case-Shiller Index of 20 major metropolitan areas rose 13.2% for the twelve months ended January 2014 (most recent data available at the time this report was prepared). This brought the average U.S. home price back to mid-2004 levels, although prices continued to be down approximately 20% from their mid-2006 peak.
 

Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
 
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc. (Fitch). Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
 
Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers’ ability to meet their commitments.
 
 
Nuveen Investments 5
 
 
 

 

Portfolio Managers’ Comments (continued)
 
As this reporting period began, continued political debate over federal spending clouded the outlook for the U.S. economy, as lawmakers failed to reach a resolution on spending cuts intended to address the federal budget deficit. This triggered a program of automatic spending cuts (or sequestration) that impacted federal programs beginning March 1, 2013. Although Congress later passed legislation that established federal funding levels for the remainder of Fiscal 2013, the federal budget for Fiscal 2014 remained under debate well into the new fiscal year. On October 1, 2013, the start date for Fiscal 2014, the federal government shut down for 16 days until an interim appropriations bill was signed into law, funding the government at sequestration levels through January 15, 2014, and suspending the debt limit until February 2014. Consensus on a $1.1 trillion federal spending bill was finally reached in January 2014, and in February 2014, members of Congress agreed to suspend the $16.7 trillion debt ceiling until March 2015.
 
In June 2013, then-Fed Chairman Ben Bernanke’s remarks about potentially tapering the Fed’s asset purchase program touched off widespread uncertainty about the next step for the Fed’s quantitative easing program and its impact on the economy and financial markets. This led to increased market volatility, which was compounded by headline credit stories involving Detroit’s bankruptcy filing in July 2013, the largest municipal bankruptcy in history and the disappointing news that continued to come out of Puerto Rico, where a struggling economy and years of deficit spending and borrowing resulted in multiple downgrades on the commonwealth’s bonds. In this unsettled environment, the Treasury market traded off, the municipal market followed suit and spreads widened as investor concern grew, prompting increased selling by bondholders across the fixed income markets. During the second half of this reporting period, municipal bonds generally rallied, as higher yields and the prospect of higher taxes sparked increased demand and improved flows into municipal bond funds, while supply continued to drop. However, for the reporting period as a whole, municipal bond prices generally declined, especially at the longer end of the maturity spectrum. At the same time, fundamentals on municipal bonds remained strong, as state governments made good progress in dealing with budget issues. Due to strong growth in personal tax collections, year-over-year totals for state tax revenues have increased for 15 consecutive quarters, while on the expense side, the states made headway in cutting and controlling costs, with more than 40 states implementing some type of pension reform. The current level of municipal issuance reflects the more conservative approach to state budgeting as well as a decrease in refunding activity as municipal market yields rose. Over the twelve months ended February 28, 2014, municipal bond issuance nationwide totaled $315.9 billion, a decrease of 17% from the issuance for the twelve-month period ended February 28, 2013.
 
How were the economic and market environments in Arizona, Michigan, Ohio and Texas during the twelve-month reporting period ended February 28, 2014?
 
Arizona’s economy continued its recovery from the far-reaching effects of the recession, especially in the state’s hard-hit housing market. Gains in Arizona housing prices have been driven primarily by the Phoenix market, with the state’s smaller metropolitan areas also showing progress. According to the S&P/Case-Shiller Index, housing prices in Phoenix rose 13.8% over the twelve months ended January 2014 (most recent data available at the time this report was prepared), compared with the average increase of 13.2% nationally. In the job market, the Arizona unemployment rate dropped to 7.3% as of February 2014, the lowest level since October 2008, down from 8.0% in February 2013. Growth in professional services, tourism, retail and financial services led recent improvements in the state’s employment picture. For Fiscal 2014, Arizona enacted an $8.8 billion general fund budget, up 3.4% over Fiscal 2013, which restored prior Medicaid cuts, expanded Medicaid under the federal Affordable Care Act and focused on reforming education and protecting children. The 2014 budget also kept intact the state’s $450 million rainy day fund. At the end of Fiscal 2013 in June 2013, the state’s temporary one-cent sales tax, enacted in 2011, expired, resulting in a projected $303.5 million budget gap for Fiscal 2014. Arizona planned to use the financial cushion generated by the sales taxes to offset the shortfall. The state’s proposed general fund budget for Fiscal 2015 totals $9.3 billion, including increased spending for child safety and education and a $50 million deposit to the rainy day fund. This proposed budget estimates that Arizona will return to structural balance by Fiscal 2016. In November 2013, Moody’s affirmed Arizona’s issuer rating at Aa3 and changed its outlook for the state to positive from stable. As of February 2014, S&P rated Arizona’s issuer credit at AA with a stable outlook. For the twelve months ended February 28, 2014, municipal issuance in Arizona totaled $3.75 billion, down 39% from the previous twelve months.
 
Michigan’s economic recovery has mirrored national progress. The state economy continued to slowly improve, driven in part by the recovering auto industry. Strong domestic auto sales have incrementally bolstered growth over the past five years, though growth in 2013 was more modest than that of 2012. To a large extent, the Michigan economy remained tied to events in the auto industry, as
 
 
6 Nuveen Investments
 
 
 

 
 
the “Big Three” (General Motors, Ford and Chrysler) continued to rank among the state’s five largest employers. Overall, Michigan remained heavily reliant on manufacturing, which represented 13% of employment in the state, compared with 9% nationally. As of February 2014, Michigan’s unemployment rate was 7.7%, down from 8.8% in February 2013, the lowest level since May 2008. Following the peak in housing prices in mid-2006, home prices in Michigan declined dramatically and the inventory of foreclosed homes remained elevated in many of the state’s hardest-hit metropolitan areas, including Detroit, Warren and Flint. Improvement in the state economy has brought some recuperation in the housing market. According to the S&P/Case-Shiller Index of 20 major metropolitan areas, housing prices in Detroit rose 15.6% over the twelve months ended January 2014 (most recent data available at the time this report was prepared), compared with the national average increase of 13.2%. On the fiscal front, Michigan’s budgetary performance over the last two years has been impressive. As revenues improved, the state demonstrated a commitment to rebuild reserves. For Fiscal 2013, Michigan’s $48.2 billion budget was structurally balanced and did not require major expenditure cuts or borrowing, and the state estimates that the year ended with a $429 million surplus. In 2013, a $140 million deposit brought Michigan’s reserve fund balance to $505 million, representing the largest reserve fund balance in more than a decade, and the Fiscal 2014 budget appropriated another $75 million to the rainy day fund. In other positive news, the state’s improved financial and cash position has eliminated the need for cash flow borrowing. Michigan’s $49 billion budget for Fiscal 2014 provides revenue sharing for local governments, increased funding for K-12 education and additional transportation funding, which is expected to benefit construction spending and payroll growth. As of February 2014, Moody’s and S&P rated Michigan general obligation (GO) debt at Aa2 and AA-, respectively. Both agencies revised their outlook for the state to positive in 2013. During the twelve months ended February 28, 2014, municipal issuance in Michigan totaled $5.7 billion, a decrease of almost 44% from the twelve months ended February 28, 2013.
 
Ohio’s economy continued to expand modestly, but at a slower pace than immediately following the recession. As of February 2014, the state’s unemployment rate was 6.5%, its lowest level since June 2008, down from 7.3% in February 2013. Manufacturing remained the largest of Ohio’s major employment sectors, and the state continued to be a leading producer of steel and autos. Like other manufacturing-heavy states, Ohio tends to have a somewhat more cyclical economy than the nation as a whole. The state has experienced a small boom in oil and gas production, due largely to hydraulic fracturing in the Utica shale field in the Appalachian Basin. According to a recent report from the Ohio Oil and Gas Association, production of natural gas and oil in the state more than doubled in 2013. Ohio also saw improvement in its housing market in 2013, with the state’s home sales rising almost 15%. According to the S&P/Case-Shiller Index of prices in 20 major metropolitan areas, housing prices in Cleveland were 4.0% higher in January 2014 (most recent data available at the time this report was prepared) than a year earlier. On the fiscal front, Ohio has seen revenue recovery in line with its economic recovery, with Fiscal 2013 tax revenues 10.6% higher than prior-year collections. Income and sales taxes now make up more than half the state’s general fund revenues. In Fiscal 2013, Ohio fully funded its budget stabilization fund to its statutory maximum for the first time since 2000. Ohio’s Fiscal 2014-2015 biennial budget included significant tax reform, including a 10% personal income tax reduction over the next three years and a 0.25% sales tax rate increase effective September 2013. The state’s Medicaid expansion, which became effective January 1, 2014, was expected to have minimal budget impact due to the fact that additional enrollment will be covered by an estimated $562 million in federal funds for Fiscal 2014. As of February 2014, Moody’s and S&P rated Ohio GO debt at Aa1 and AA+, respectively, with stable outlooks. For the twelve months ended February 28, 2014, municipal issuance in Ohio totaled $9.1 billion, a decrease of 27% compared with the twelve months ended February 28, 2013.
 
The economic recovery in Texas continued to outpace the national recovery, with the state’s employment surpassing pre-recession levels in September 2011. Texas experienced solid employment growth across all industries in 2013, as goods-producing industry growth of 3.7% outpaced the 2.8% growth in service-producing industries. The state’s three largest employment sectors, education and health services, professional and business services and trade, represented approximately 47% of the state’s workers. Strong employment and expanded labor force participation, together with positive demographic trends, created strong demand for housing and increases in the state’s housing prices and home sales. As of February 2014, the state’s 5.7% unemployment rate was down from 6.5% in February 2013 and well below the February 2014 national rate of 6.7%. According to the S&P/Case-Shiller Index, housing prices in Dallas posted a year-over-year increase of 10.0% as of January 2014 (most recent data available at the time this report was prepared), putting home prices there less than 1% away from their all-time highs. On the fiscal front, Texas continued to benefit from strong revenue growth, and the state’s Fiscal 2014-2015 biennium budget was able to restore some previous budget cuts.
 
 
Nuveen Investments 7
 
 
 

 

Portfolio Managers’ Comments (continued)
 
 
Texas state sales tax collections represent more than half of the state’s general revenues, and Fiscal 2013 collections were 7.2% higher than those in Fiscal 2012, with January 2014 receipts coming in 8.3% higher than those of January 2013. S&P upgraded its Texas GO rating to AAA from AA+ in December 2013, while Moody’s and Fitch rated Texas GO debt at Aaa and AAA, respectively, with stable outlooks as of February 2014. For the twelve months ended February 28, 2014, municipal issuance in Texas totaled $33.7 billion, a decrease of 11% from the previous twelve months. Texas continued to rank as the third largest state issuer behind California and New York.
 
What key strategies were used to manage these Funds during the twelve-month reporting period ended February 28, 2014?
 
As previously discussed, during the first part of this reporting period, debate over federal spending, uncertainty about the Fed’s quantitative easing program and headline credit stories involving Detroit and Puerto Rico led to an unsettled environment and increased selling by bondholders across the fixed income markets. Although the second half of the reporting period brought stabilization and a municipal market rally driven by stronger demand and tight supply, municipal bond prices nationwide generally declined for the reporting period as a whole, while interest rates rose. During this time, we continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that had the potential to perform well over the long term and helps us keep our Funds fully invested.
 
During this reporting period, the Funds found value in diversified areas of the marketplace. In NAZ, we purchased a broad mix of sectors and maturities, including higher education credits for the University of Arizona and Arizona State University as well as bonds issued for Tucson water, the Salt River Project electric system, Yavapai Regional Medical Center, Mesa highways and tax increment financing (TIF) districts. All of our purchases consisted of Arizona paper, with the exception of business privilege tax bonds issued by the government of Guam (bonds issued by U.S. territories, such as Puerto Rico, Guam and Virgin Islands, are generally tax-exempt for investors in most states). These bonds, which were added to the portfolio in November 2013, have performed well since our purchase. In Michigan, despite the substantial drop in state issuance during this reporting period, we continued to find bonds that helped us accomplish our goals for NUM, adding several higher education issues (University of Michigan, Michigan State University and Western Michigan University), water and sewer bonds issued for Michigan Clean Water and Lake St. Clair, as well as Michigan Public Power Agency, Wayne County Airport, Oakwood Healthcare and Michigan State Trunk Line dedicated tax bonds. NUM also purchased a state appropriation issue and a local government obligation (GO) bond. In Ohio, NUO found value in health care, local GOs, water and sewer (Cleveland and Toledo), Cleveland Airport, Ohio Turnpike and Cleveland income tax revenue bonds. Our purchases in NTX during this reporting period focused on local and state GOs, dedicated tax (including hotel occupancy tax) bonds, utilities, higher education, charter schools and health care. All of our purchases in the Michigan, Ohio and Texas Funds represented in-state paper.
 
Overall, one of our key areas of focus during this reporting period was reducing the Funds’ exposure to Puerto Rico and other territorial paper, based on the credit situation in Puerto Rico. (Further information on developments in Puerto Rico and our Puerto Rico holdings can be found later in this report.) Activity during this reporting period was driven primarily by the reinvestment of proceeds from our sales of Puerto Rico bonds as well as proceeds from called and matured bonds. This reinvestment activity was aimed at keeping the Funds fully invested. More broadly, we focused on adding attractive bonds across the credit quality spectrum as opportunities to purchase bonds with long term potential arose. While market action during this reporting period acted to extend the Funds’ durations naturally, we continued to find value in bonds in the intermediate and longer parts of the municipal yield curve, basically maintaining duration within targeted objectives. Because the issuance of new municipal supply in the primary market generally declined during this reporting period, especially in Arizona and Michigan, we also looked to the secondary market as an additional source of attractive opportunities.
 
As of February 28, 2014, all four of these Funds continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management, income enhancement and total return enhancement. During this reporting period, NAZ found it advantageous to add a new inverse floating rate trust following its merger with three Nuveen Arizona Funds (NFZ, NKR, NXE) in April 2013.
 
 
8 Nuveen Investments
 
 
 

 
 
How did the Funds perform for the twelve-month reporting period ended February 28, 2014?
 
 
The tables in each Fund’s Performance Overview and Holding Summaries section of this report provide the Funds’ total returns for the one-year, five-year and ten-year periods ended February 28, 2014. Each Fund’s returns on common share net asset value (NAV) are compared with the performance of corresponding market index and Lipper classification average.
 
For the twelve months ended February 28, 2014, the total returns on common share NAV for these four Funds underperformed the returns for their respective state’s S&P Municipal Bond Index as well as that of the national S&P Municipal Bond Index. For the same period, NUM and NTX outperformed the average return for the Lipper Other States Municipal Debt Funds Classification, while NAZ and NUO performed in line with this Lipper average.
 
Key management factors that influenced the Funds’ returns during this reporting period included duration and yield curve positioning, credit exposure and sector allocation. The use of leverage also was an important factor affecting the Funds’ performance. Leverage is discussed in more detail later in this report.
 
As interest rates rose and the yield curve steepened, municipal bonds with shorter maturities generally outperformed those with longer maturities. Overall, credits with short intermediate maturities (between two and six years) posted the best returns, while bonds at the longest end of the municipal yield curve produced the weakest results. In general, the Funds’ durations and yield curve positioning were key detractors from their performance during this reporting period. All of these Funds tended to be overweighted in the longer parts of the yield curve that underperformed and generally underweighted in the outperforming shorter end of the curve. This was especially true in NUO, which had the longest duration among these four Funds, while duration was a modest negative in NTX, which had the shortest duration among this group.
 
Credit exposure was another factor in the Funds’ performance during this twelve-month reporting period. While performance by credit sector varied from state to state, in general the BBB-rated category (with the exception of Puerto Rico bonds) and non-rated bonds outperformed the general municipal market, as the environment shifted from tradeoff to rally and investors became more willing to accept risk. Overall, credit exposure contributed positively to NUM and NTX, was a neutral to slightly negative factor in NUO and generally detracted from NAZ’s performance.
 
Among the municipal market sectors, housing bonds generally were the top performers, helped by improving property value assessments and a decline in mortgage and tax delinquencies. Tied to this was the performance of TIF district credits, which benefited from the improving housing market and overall economy. In particular, NAZ received a positive contribution from its overweighting in TIF bonds. Pre-refunded bonds, which are often backed by U.S. Treasury securities, also were among the best performing market segments. The outperformance of these bonds relative to the market can be attributed primarily to their shorter effective maturities. All of these Funds had holdings of pre-refunded bonds, with NTX having the heaviest allocation of these bonds and NAZ the smallest. Other holdings that generally made positive contributions to the Funds’ returns included health care bonds (including hospitals) and GO credits, which typically outperformed the general municipal market, while industrial development revenue (IDR), education and water and sewer bonds generally performed in line with the market.
 
In contrast, revenue bonds as a whole underperformed the municipal market. Among the revenue sectors that generally lagged municipal market performance by the widest margins for this reporting period were utilities and transportation. Dedicated tax bonds, including the sales tax bonds issued by Puerto Rico Sales Tax Financing Corporation (COFINA), also generally detracted from the Funds’ performance and tobacco credits backed by the 1998 master tobacco settlement agreement were among the poorest performing market sectors, due in part to their longer effective durations. All of these Funds except NUM had allocations of tobacco bonds issued by The Children’s Trust Fund (Puerto Rico), while NUM and NUO held Michigan and Buckeye tobacco bonds, respectively. During this reporting period, NUO and NTX sold out of their positions in Puerto Rico tobacco bonds. NAZ was also negatively impacted by its holding of Arizona Higher Education Student Loan auction rate bonds, which had essentially been illiquid since the financial crisis began in 2008. These bonds were eventually called by the issuer in July 2013.
 
 
Nuveen Investments 9
 
 
 

 

Portfolio Managers’ Comments (continued)
 
 
Over the twelve-month reporting period ended February 28, 2014, two events in the broader municipal market also had an impact on the Funds’ holdings and performance: the downgrade of Puerto Rico bonds to below investment grade and the bankruptcy filing of Detroit, Michigan. In Puerto Rico, the commonwealth’s continued economic weakening, escalating debt service obligations and longstanding inability to deliver a balanced budget led to multiple downgrades on its debt over the past twelve months. Following the most recent round of rating reductions in early February 2014, the three major rating agencies Moody’s, S&P and Fitch Ratings rated Puerto Rico GO debt at Ba2/BB+/BB, respectively, with negative outlooks. Ratings on sales tax bonds issued by COFINA also were lowered during the past twelve months, with senior sales tax revenue bonds rated Baa1/AA-/AA- and subordinate sales tax revenue bonds rated Baa2/A+/A+ by Moody’s, S&P and Fitch, respectively, as of February 2014. The COFINA bonds were able to maintain a higher credit rating than the GOs because, unlike the revenue streams supporting some Puerto Rican issues, the sales taxes supporting the COFINA bonds cannot be diverted and used to support Puerto Rico’s GO bonds.
 
For the reporting period ended February 28, 2014, Puerto Rico paper underperformed the municipal market as a whole. All of the Funds in this report had limited exposure to Puerto Rico bonds, and the impact on performance differed from Fund to Fund in line with the type and amount of its holdings. These bonds were originally added to our portfolios at times when in-state paper was scarce in order to keep the assets fully invested and working for the Funds. The Puerto Rico credits offered higher yields, added diversification and triple exemption (i.e., exemption from federal, state and local taxes). During this reporting period, these four Funds took advantage of opportunities to trim or close out positions in Puerto Rico paper. NAZ, which began this reporting period with an allocation of 4.9% to Puerto Rico debt, reduced its holdings of COFINA subordinate sales tax bonds and sold credits issued by the Puerto Rico Electric Power Authority, Puerto Rico Aqueduct and Sewerage Authority and Puerto Rico Public Buildings Authority, reducing its Puerto Rico exposure to 1.1% by period end. NUM also reduced its Puerto Rico allocation from 2.55% at the beginning of the reporting period to 0.98% at the period end by selling COFINA senior sales tax credits and aqueduct bonds as well as those issued for the Puerto Rico co-generation facility. After period end, NUM sold pre-refunded Puerto Rico bonds, its last remaining position in Puerto Rico paper, bringing its allocation to zero. By period end, NUO also closed out all of its positions in Puerto Rico, which accounted for 3.84% of the portfolio on March 1, 2013, selling COFINA subordinates, aqueduct and pre-refunded bonds. NUM and NUO also sold Guam and Virgin Islands holdings during the reporting period. As of February 28, 2014, the only territorial holding remaining in these two Funds was NUO’s position in two Guam issues totaling $2.8 million. In NTX, we sold the Fund’s holdings of The Children’s Trust Fund tobacco bonds, reducing NTX’s Puerto Rico exposure from 0.96% to zero. A look at Puerto Rico’s tax-supported debt (GO, COFINA and guaranteed debt) as a whole makes it clear that the commonwealth’s debt was structured based on an assumption of a steadily growing economy. Unfortunately for Puerto Rico, its economy continues to struggle with high unemployment and population loss, among other problems. As a result, we believe that Puerto Rico bonds that lack a lien on specific revenues (e.g., COFINA sales tax bonds) or that are not backed by healthy bond insurers currently carry significant economic, fiscal and political risks.
 
The second event was the City of Detroit’s filing for Chapter 9 in federal bankruptcy court on July 18, 2013. Detroit, burdened by decades of population loss, changes in the auto manufacturing industry and significant tax base deterioration, had been under severe financial stress for an extended period. Detroit’s bankruptcy filing will likely be a lengthy one, given the complexity of its debt portfolio, number of creditors, numerous union contracts and significant legal questions that must be addressed. Shareholders of NUM should note that this Fund has no exposure to Detroit GO bonds. Its holdings of Detroit water and sewer credits, which generally are insured, underperformed for the reporting period.
 
 
10 Nuveen Investments
 
 
 

 
 

FUND REORGANIZATIONS
 
 
Effective before the opening of business on April 8, 2013, certain Arizona Funds (the Acquired Funds) were reorganized into one, larger Arizona Fund included in this report (the Acquiring Fund) as follows:
 
Acquired Funds
Symbol
 
Acquiring Fund
Symbol
Nuveen Arizona Dividend Advantage Municipal Fund
NFZ
 
Nuveen Arizona Premium Income Municipal Fund
NAZ
Nuveen Arizona Dividend Advantage Municipal Fund 2
NKR
     
Nuveen Arizona Dividend Advantage Municipal Fund 3
NXE
     
 
Effective before the opening of business on April 8, 2013, certain Ohio Funds (the Acquired Funds) were reorganized into one, larger Ohio Fund included in this report (the Acquiring Fund) as follows:
 
Acquired Funds
Symbol
 
Acquiring Fund
Symbol
Nuveen Ohio Dividend Advantage Municipal Fund
NXI
 
Nuveen Ohio Quality Income Municipal Fund
NUO
Nuveen Ohio Dividend Advantage Municipal Fund 2
NBJ
     
Nuveen Ohio Dividend Advantage Municipal Fund 3
NVJ
     
 
Upon the closing of the reorganizations, the Acquired Funds transferred their assets to the Acquiring Funds in exchange for common and preferred shares of the Acquiring Funds and the assumption by the Acquiring Funds of the liabilities of the Acquired Funds. The Acquired Funds were then liquidated, dissolved, and terminated in accordance with their Declaration of Trust. Shareholders of the Acquired Funds became shareholders of the Acquiring Funds. Holders of common shares of the Acquired Funds received newly issued common shares of the Acquiring Funds, the aggregate net asset value of which was equal to the aggregate net asset value of the common shares of the Acquired Funds held immediately prior to the reorganizations (including for this purpose fractional Acquiring Funds shares to which shareholders would be entitled). Fractional shares were sold on the open market, and shareholders received cash in lieu of such fractional shares. Holders of preferred shares of the Acquired Funds received on a one-for-one basis newly issued preferred shares of the Acquiring Funds, in exchange for their preferred shares of the Acquired Funds held immediately prior to the reorganizations.
 
In conjunction with the reorganizations, a change-of-domicile reorganization was approved to convert NAZ and NUO from Minnesota corporations to Massachusetts business trusts. As a result, on April 8, 2013, the Funds’ names were changed to Nuveen Arizona Premium Income Municipal Fund and Nuveen Ohio Quality Income Municipal Fund. The Funds’ tickers remained unchanged.
 
 
Nuveen Investments 11
 
 
 
 

 
 
 
Fund
   Leverage
 
 
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
 
One important factor impacting the returns of the Funds relative to their comparative benchmarks was the Funds’ use of leverage through their issuance of preferred shares and/or investments in inverse floating rate securities, which represent leveraged investments in underlying bonds. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income, particularly in the recent market environment where short-term market rates are at or near historical lows, meaning that the short-term rates the Fund has been paying on its leveraging instruments have been much lower than the interest the Fund has been earning on its portfolio of long-term bonds that it has bought with the proceeds of that leverage. However, use of leverage also can expose the Fund to additional price volatility. When a Fund uses leverage, the Fund will experience a greater increase in its net asset value if the municipal bonds acquired through the use of leverage increase in value, but it will also experience a correspondingly larger decline in its net asset value if the bonds acquired through leverage decline in value, which will make the Fund’s net asset value more volatile, and its total return performance more variable over time. In addition, income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. Leverage had a negative impact on the performance of the Funds over this reporting period.
 
As of February 28, 2014, the Funds’ percentages of effective and regulatory leverage are as shown in the accompanying table.
 
   
NAZ
   
NUM
   
NUO
   
NTX
 
Effective Leverage*
    36.97 %     36.71 %     39.70 %     33.51 %
Regulatory Leverage*
    32.56 %     33.75 %     33.28 %     32.31 %
 
*
Effective leverage is a Fund’s effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund’s portfolio that increase the Fund’s investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage. Regulatory leverage consists of preferred shares issued or borrowings of a Fund. Both of these are part of a Fund’s capital structure. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940.
 
12 Nuveen Investments
 
 
 

 
 

 
THE FUNDS’ REGULATORY LEVERAGE
 
 
As of February 28, 2014, 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 table.
 
    MTP Shares     VMTP Shares     VRDP Shares  
   
Series
   
Shares Issued at Liquidation Value
   
Annual
Interest Rate
   
NYSE
Ticker
   
Series
   
Shares Issued at Liquidation Value
   
Series
   
Shares Issued at Liquidation Value
 
NAZ
        $                   2016     $ 79,000,000 *         $  
NUM
        $                   2016     $ 159,000,000 *         $  
NUO
        $                       $       1     $ 148,000,000 *
NTX
    2015     $ 70,920,000       2.30 %  
NTX PRC
          $           $  
 
During the current reporting period, NAZ and NUM refinanced their respective MTP and VMTP shares with the issuance of new VMTP Shares, while NUO refinanced its MTP and VMTP shares with the issuance of VRDP Shares. Refer to Notes to Financial Statements, Note 1 – General Information and Significant Accounting Policies for further details on MTP, VMTP and VRDP Shares.
 
 
Nuveen Investments 13
 
 
 
 

 
 
 
Common Share
         Information

COMMON SHARE DIVIDENDS INFORMATION
 
The following information regarding the Funds’ dividends is current as of February 28, 2014. Each Fund’s dividend levels may vary over time based on each Fund’s investment activity and portfolio investment value changes.
 
During the current reporting period, each Fund’s monthly dividends to common shareholders were as shown in the accompanying table.
 
    Per Common Share Amounts
Ex-Dividend Date
NAZ
NUM
NUO
NTX
March 2013
$0.0640
$0.0740
$0.0800
$0.0580
April*
0.0640
0.0740
0.1079
0.0580
May
0.0640
0.0740
0.0800
0.0580
June
0.0640
0.0740
0.0800
0.0580
July
0.0640
0.0740
0.0800
0.0580
August
0.0640
0.0740
0.0800
0.0580
September
0.0640
0.0740
0.0800
0.0580
October
0.0640
0.0740
0.0800
0.0580
November
0.0640
0.0740
0.0800
0.0580
December
0.0640
0.0740
0.0800
0.0580
January
0.0655
0.0740
0.0800
0.0580
February 2014
0.0655
0.0740
0.0800
0.0580
 
Ordinary Income Distribution**
0.0020
0.0013
0.0051
0.0004
 
Market Yield***
6.15%
6.60%
6.51%
5.14%
Taxable-Equivalent Yield***
8.95%
9.58%
9.56%
7.14%
 
*
In connection with NUO’s reorganization, the Fund declared a dividend of $0.0279 per common share with an ex-dividend date of April 16, 2013, payable on May 1, 2013. This distribution was in addition to the Fund’s monthly tax-free dividend of $0.0800 with an ex-dividend date of April 3, 2013, payable on May 1, 2013.
**
Distribution paid in December 2013.
***
Market Yield is based on the Fund’s current annualized monthly dividend divided by the Fund’s current market price as of the end of the reporting period. Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 31.3%, 31.1% and 31.9% for the Arizona, Michigan and Ohio Funds, respectively. The Texas Fund is based on a federal income tax rate of 28.0%. When comparing a Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
 
All of the Funds in this report seek to pay stable dividends at rates that reflect each Fund’s past results and projected future performance. During certain periods, each Fund may pay dividends at a rate that may be more or less than the amount of net investment income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it holds the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s NAV. Conversely, if a Fund has cumulatively paid dividends in excess of its earnings, the excess constitutes negative UNII that is likewise reflected in the Fund’s NAV. Each Fund will, over time, pay all of its net investment income as dividends to shareholders. As of February 28, 2014, all of the Funds in this report had positive UNII balances, for both tax and financial reporting purposes.
 
 
14 Nuveen Investments
 
 
 
 

 
 
 
COMMON SHARE REPURCHASES
 
 
During November 2013, the Nuveen Funds’ Board of Directors/Trustees reauthorized the Funds’ open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding common shares.
 
 
As of February 28, 2014 and since the inception of the Funds’ repurchase programs, the Funds have cumulatively repurchased and retired their outstanding common shares as shown in the accompanying table.
 
   
NAZ
   
NUM
   
NUO
   
NTX
 
Common Shares Cumulatively Repurchased and Retired
          185,000              
Common Shares Authorized for Repurchase
    1,155,000       2,085,000       1,850,000       1,005,000  
 
During the current reporting period, the Funds repurchased and retired their common shares at a weighted average price per common share and a weighted average discount per common share as shown in the accompanying table.
 
   
NAZ
   
NUM
   
NUO
   
NTX
 
Common Shares Repurchased and Retired
          24,300              
Weighted Average Price per Common Share Repurchased and Retired
        $ 12.63              
Weighted Average Discount per Common Share Repurchased and Retired
          12.91 %            
 
COMMON SHARE EQUITY SHELF PROGRAMS
 
During the reporting period, NTX was authorized to issue an additional 950,000 common shares through its ongoing equity shelf program. Under this program, the Fund, subject to market conditions, may raise additional capital from time to time in varying amounts and offering methods at a net price at or above the Fund’s NAV per common share.
 
During the current reporting period, NTX sold common shares through its equity shelf program at a weighted average premium to its NAV per common share as shown in the accompanying table.
 
   
NTX
 
Common Shares Sold through Equity Shelf Program
    10,120  
Weighted Average Premium to NAV per Common Share Sold
    1.35 %
 
OTHER COMMON SHARE INFORMATION
 
 
As of February 28, 2014, and during the current reporting period, the Funds’ common share prices were trading at a premium/ (discount) to their common share NAV as shown in the accompanying table.
 
   
NAZ
   
NUM
   
NUO
   
NTX
 
Common Share NAV
  $ 14.15     $ 14.98     $ 16.02     $ 14.82  
Common Share Price
  $ 12.79     $ 13.45     $ 14.75     $ 13.54  
Premium/(Discount) to NAV
    (9.61 )%     (10.21 )%     (7.93 )%     (8.64 )%
12-Month Average Premium/(Discount) to NAV
    (8.56 )%     (9.99 )%     (6.51 )%     (5.76 )%
 
Nuveen Investments 15
 
 
 
 

 
 
 
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, Price 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. Shares of closed-end investment companies like these Funds frequently trade at a discount to their net asset value (NAV). Your common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.
 
Leverage Risk. Each Fund’s use of leverage creates the possibility of higher volatility for the Fund’s per share NAV, market price, distributions and returns. There is no assurance that a Fund’s leveraging strategy will be successful. Certain aspects of the recently adopted Volcker Rule may limit the availability of tender option bonds, which are used by the Funds for leveraging and duration management purposes. The effects of this new Rule, expected to take effect in mid-2015, may make it more difficult for a Fund to maintain current or desired levels of leverage and may cause the Fund to incur additional expenses to maintain its leverage.
 
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 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.
 
 
16 Nuveen Investments
 
 
 
 

 
 
 
NAZ
Nuveen Arizona Premium Income Municipal Fund
Performance Overview and Holding Summaries as of February 28, 2014
 
 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
 
Average Annual Total Returns as of February 28, 2014
 
  Average Annual
   
1-Year
   
5-Year
   
10-Year
 
NAZ at Common Share NAV
    (3.40 )%     8.83 %     4.83 %
NAZ at Common Share Price
    (13.52 )%     9.04 %     2.62 %
S&P Municipal Bond Arizona Index
    0.28 %     6.32 %     4.58 %
S&P Municipal Bond Index
    (0.27 )%     6.11 %     4.45 %
Lipper Other States Municipal Debt Funds Classification Average
    (3.27 )%     8.46 %     4.73 %
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
 
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
 
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
 
Fund Allocation
   
Portfolio Composition
   
Credit Quality
 
(% of net assets)
   
(% of total investments)
   
(% of total investment exposure)
 
Municipal Bonds
147.8%
 
Tax Obligation/Limited
27.1%
 
AAA/U.S. Guaranteed
13.0%
Floating Rate Obligations
(1.7)%
 
Health Care
19.6%
 
AA
33.7%
Variable Rate MuniFund Term
   
Education and Civic Organizations
13.9%
 
A
30.0%
Preferred Shares
(48.3)%
  Utilities 12.8%  
BBB
11.9%
Other Assets Less Liabilities 2.2%  
Tax Obligation/General
11.1%
 
BB or Lower
2.6%
     
Water and Sewer
7.4%
 
N/R
7.5%
     
U.S. Guaranteed
5.2%
   
 
     
Other Industries
2.9%
     
 
Nuveen Investments 17
 
 
 
 

 
 

NUM
Nuveen Michigan Quality Income Municipal Fund
Performance Overview and Holding Summaries as of February 28, 2014 
 
 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
 
Average Annual Total Returns as of February 28, 2014
 
  Average Annual
   
1-Year
   
5-Year
   
10-Year
 
NUM at Common Share NAV
    (2.76 )%     7.86 %     4.83 %
NUM at Common Share Price
    (8.00 )%     11.42 %     4.12 %
S&P Municipal Bond Michigan Index
    (0.31 )%     6.55 %     4.44 %
S&P Municipal Bond Index
    (0.27 )%     6.11 %     4.45 %
Lipper Other States Municipal Debt Funds Classification Average
    (3.27 )%     8.46 %     4.73 %
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
 
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
 
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
 
Fund Allocation
   
Portfolio Composition
   
Credit Quality
 
(% of net assets)
   
(% of total investments)
   
(% of total investment exposure)
 
Municipal Bonds
151.1%
 
Tax Obligation/General
32.9%
 
AAA/U.S. Guaranteed
19.3%
Floating Rate Obligations
(2.1)%
 
Water and Sewer
13.5%
 
AA
56.7%
Variable Rate MuniFund Term
   
Health Care
13.3%
 
A
14.1%
Preferred Shares
(50.9)%
 
U.S. Guaranteed
7.7%   BBB 1.8%
Other Assets Less Liabilities 1.9%  
Education and Civic Organizations
7.5%
 
BB or Lower
6.4%
     
Tax Obligation/Limited
7.3%
 
N/R
0.6%
     
Utilities
6.1%
   
 
     
Other Industries
11.7%
     
 
18 Nuveen Investments
 
 
 
 

 
 
 
NUO
Nuveen Ohio Quality Income Municipal Fund
Performance Overview and Holding Summaries as of February 28, 2014 
 
 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
 
Average Annual Total Returns as of February 28, 2014
 
    Average Annual
   
1-Year
   
5-Year
   
10-Year
 
NUO at Common Share NAV
    (3.38 )%     7.82 %     4.97 %
NUO at Common Share Price
    (11.39 )%     8.88 %     3.49 %
S&P Municipal Bond Ohio Index
    0.26 %     6.96 %     4.32 %
S&P Municipal Bond Index
    (0.27 )%     6.11 %     4.45 %
Lipper Other States Municipal Debt Funds Classification Average
    (3.27 )%     8.46 %     4.73 %
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
 
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
 
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
 
Fund Allocation
   
Portfolio Composition
   
Credit Quality
 
(% of net assets)
   
(% of total investments)
   
(% of total investment exposure)
 
Municipal Bonds
150.1%
 
Tax Obligation/General
20.4%
 
AAA/U.S. Guaranteed
20.9%
Floating Rate Obligations
(2.9)%
 
Health Care
20.2%
 
AA
43.3%
Variable Rate Demand Preferred Shares
(49.9)%
 
Tax Obligation/Limited
15.6%
 
A
20.4%
Other Assets Less Liabilities
2.7%
 
U.S. Guaranteed
15.2%
 
BBB
7.4%
     
Water and Sewer
6.2%
 
BB or Lower
6.2%
     
Consumer Staples
5.1%
 
N/R
0.2%
     
Education and Civic Organizations
5.0%
     
     
Other Industries
12.3%
     
 
Nuveen Investments 19
 
 
 

 
 
NTX
Nuveen Texas Quality Income Municipal Fund
Performance Overview and Holding Summaries as of February 28, 2014 
 
 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
 
Average Annual Total Returns as of February 28, 2014
 
    Average Annual
   
1-Year
   
5-Year
   
10-Year
 
NTX at Common Share NAV
    (2.11 )%     7.76 %     4.88 %
NTX at Common Share Price
    (11.03 )%     6.17 %     4.30 %
S&P Municipal Bond Texas Index
    0.18 %     6.31 %     4.67 %
S&P Municipal Bond Index
    (0.27 )%     6.11 %     4.45 %
Lipper Other States Municipal Debt Funds Classification Average
    (3.27 )%     8.46 %     4.73 %
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
 
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
 
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
 
Fund Allocation
   
Portfolio Composition
   
Credit Quality
 
(% of net assets)
   
(% of total investments)
   
(% of total investment exposure)
 
Municipal Bonds
149.8%
 
Tax Obligation/General
18.0%
 
AAA/U.S. Guaranteed
29.4%
Floating Rate Obligations
(2.7)%
 
U.S. Guaranteed
16.9%
 
AA
30.5%
MuniFund Term Preferred Shares
(47.7)%
 
Tax Obligation/Limited
12.3%
 
A
23.0%
Other Assets Less Liabilities
0.6%
 
Water and Sewer
12.1%
 
BBB
14.6%
     
Utilities
10.3%
 
BB or Lower
2.0%
     
Transportation
9.7%
 
N/R
0.1%
     
Education and Civic Organizations
9.1%
     
     
Health Care
8.0%
     
     
Other Industries
3.6%
     
 
20 Nuveen Investments
 
 
 
 

 
 
 
Shareholder

                              Meeting Report
 

The annual meeting of shareholders was held in the offices of Nuveen Investments on November 26, 2013; at this meeting the shareholders were asked to vote on the election of Board Members.
 
   
    NAZ     NUM
 
Common and
     
Common and
   
 
Preferred
 
Preferred
 
Preferred
 
Preferred
 
shares
 
shares voting
 
shares
 
shares voting
 
voting together
 
together
 
voting together
 
together
 
as a class
 
as a class
 
as a class
 
as a class
Approval of the Board Members was reached as follows:
             
William C. Hunter
             
  For
 
3,132,476
 
 
891,436
  Withhold
 
459,782
 
 
280,975
  Total
 
3,592,258
 
 
1,172,411
William J. Schneider
             
  For
 
3,132,476
 
 
891,436
  Withhold
 
459,782
 
 
280,975
  Total
 
3,592,258
 
 
1,172,411
Judith M. Stockdale
             
  For
12,511,499
 
 
16,779,809
 
  Withhold
902,308
 
 
1,153,241
 
  Total
13,413,807
 
 
17,933,050
 
Carole E. Stone
             
  For
12,543,466
 
 
16,805,791
 
  Withhold
870,341
 
 
1,127,259
 
  Total
13,413,807
 
 
17,933,050
 
Virginia L. Stringer
             
  For
12,573,864
 
 
16,799,993
 
  Withhold
839,943
 
 
1,133,057
 
  Total
13,413,807
 
 
17,933,050
 
 
Nuveen Investments 21
 
 
 

 
 
 
               
Shareholder Meeting Report (continued)
             
 
 
 
 
    NUO     NTX
 
Common and
     
Common and
   
 
Preferred
 
Preferred
 
Preferred
   
 
shares
 
shares voting
 
shares
   
 
voting together
 
together
 
voting together
 
Preferred
 
as a class
 
as a class
 
as a class
 
Shares
Approval of the Board Members was reached as follows:
             
William C. Hunter
             
  For
 
1,160
 
 
3,732,708
  Withhold
 
 
 
1,643,275
  Total
 
1,160
 
 
5,375,983
William J. Schneider
             
  For
 
1,160
 
 
3,732,708
  Withhold
 
 
 
1,643,275
  Total
 
1,160
 
 
5,375,983
Judith M. Stockdale
             
  For
14,376,252
 
 
11,941,265
 
  Withhold
442,447
 
 
1,852,606
 
  Total
14,818,699
 
 
13,793,871
 
Carole E. Stone
             
  For
14,390,433
 
 
11,940,221
 
  Withhold
428,266
 
 
1,853,650
 
  Total
14,818,699
 
 
13,793,871
 
Virginia L. Stringer
             
  For
14,395,060
 
 
11,948,665
 
  Withhold
423,639
 
 
1,845,206
 
  Total
14,818,699
 
 
13,793,871
 
 
22 Nuveen Investments
 
 
 

 
 
Report of
       Independent Registered Public Accounting Firm
 
 
 
The Board of Trustees and Shareholders of
Nuveen Arizona Premium Income Municipal Fund
Nuveen Michigan Quality Income Municipal Fund
Nuveen Ohio Quality Income Municipal Fund
Nuveen Texas Quality Income Municipal Fund

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Nuveen Arizona Premium Income Municipal Fund, Nuveen Michigan Quality Income Municipal Fund, Nuveen Ohio Quality Income Municipal Fund, and Nuveen Texas Quality Income Municipal Fund (the “Funds”) as of February 28, 2014, and the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
 
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of February 28, 2014, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.
 
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial positions of Nuveen Arizona Premium Income Municipal Fund, Nuveen Michigan Quality Income Municipal Fund, Nuveen Ohio Quality Income Municipal Fund, and Nuveen Texas Quality Income Municipal Fund at February 28, 2014, and the results of their operations and their cash flows for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each periods indicated therein, in conformity with U.S. generally accepted accounting principles.
 
 
Chicago, Illinois
April 25, 2014

 
 
 
Nuveen Investments 23
 
 
 

 
 

 
 
 

 
           
NAZ 
     
           Nuveen Arizona Premium Income Municipal Fund 
   
Portfolio of Investments 
  February 28, 2014 
 
 
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
LONG-TERM INVESTMENTS – 147.8% (100.0% of Total Investments) 
     
   
MUNICIPAL BONDS – 147.8% (100.0% of Total Investments) 
     
   
Consumer Staples – 0.6% (0.4% of Total Investments) 
     
$ 1,035 
 
Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, 
5/14 at 100.00 
BBB+ 
$ 1,028,169 
   
Series 2002, 5.375%, 5/15/33 
     
   
Education and Civic Organizations – 20.6% (13.9% of Total Investments) 
     
3,480 
 
Arizona Board of Regents, Arizona State University System Revenue Bonds, Refunding Bonds, 
No Opt. Call 
AA 
3,710,585 
   
Series 2013A, 5.000%, 7/01/43 
     
1,400 
 
Arizona Board of Regents, University of Arizona, Stimulus Plan for Economic and Educational 
No Opt. Call 
AA– 
1,657,796 
   
Development Revenue Bonds, Series 2013, 5.000%, 8/01/21 
     
2,240 
 
Arizona Board of Regents, University of Arizona, System Revenue Bonds, Tender Option Bond 
No Opt. Call 
AA 
2,854,208 
   
Trust 4310, 18.341%, 6/01/20 (IF) (4) 
     
   
Arizona State University, System Revenue Bonds, Series 2005: 
     
2,705 
 
5.000%, 7/01/20 – AMBAC Insured 
7/15 at 100.00 
Aa3 
2,872,845 
750 
 
5.000%, 7/01/21 – AMBAC Insured 
7/15 at 100.00 
Aa3 
796,433 
2,000 
 
Glendale Industrial Development Authority, Arizona, Revenue Bonds, Midwestern University, 
5/22 at 100.00 
A– 
2,100,840 
   
Refunding Series 2007, 5.000%, 5/15/31 
     
3,775 
 
Glendale Industrial Development Authority, Arizona, Revenue Bonds, Midwestern University, 
5/20 at 100.00 
A+ 
3,881,833 
   
Refunding Series 2010, 5.125%, 5/15/40 
     
910 
 
Northern Arizona University, System Revenue Bonds, Series 2012, 5.000%, 6/01/41 
6/21 at 100.00 
A+ 
946,127 
900 
 
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Choice 
9/22 at 100.00 
BB+ 
782,757 
   
Academies Charter Schools Project, Series 2012, 5.625%, 9/01/42 
     
755 
 
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, fbo 
7/22 at 100.00 
BB– 
748,756 
   
Brighter Choice Foundation Charter Middle Schools Project, Albany, New York, Series 2012, 
     
   
7.500%, 7/01/42 
     
585 
 
Phoenix Industrial Development Authority, Arizona, Education Revenue Bonds, Great Hearts 
7/21 at 100.00 
BB 
582,332 
   
Academies – Veritas Project, Series 2012, 6.300%, 7/01/42 
     
745 
 
Phoenix Industrial Development Authority, Arizona, Education Revenue Bonds, Painted Rock 
7/20 at 100.00 
N/R 
715,416 
   
Academy Charter School Project, Series 2012A, 7.500%, 7/01/42 
     
3,675 
 
Phoenix Industrial Development Authority, Arizona, Lease Revenue Bonds, Rowan University 
6/22 at 100.00 
A+ 
3,743,171 
   
Project, Series 2012, 5.000%, 6/01/42 (UB) (4) 
     
1,045 
 
Pima County Industrial Development Authority, Arizona, Charter School Revenue Bonds, Noah 
12/14 at 100.00 
BBB– 
1,048,835 
   
Webster Basic Schools Inc., Series 2004, 6.000%, 12/15/24 
     
745 
 
Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Carden 
1/22 at 100.00 
B
706,729 
   
Traditional Schools Project, Series 2012, 7.500%, 1/01/42 
     
   
Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Paradise 
     
   
Education Center Project, Series 2010: 
     
745 
 
6.000%, 6/01/40 
6/19 at 100.00 
BB+ 
705,448 
200 
 
6.100%, 6/01/45 
6/19 at 100.00 
BB+ 
189,334 
655 
 
Pima County Industrial Development Authority, Arizona, Educational Revenue Bonds, Paradise 
6/16 at 100.00 
BB+ 
627,798 
   
Education Center Charter School, Series 2006, 6.000%, 6/01/36 
     
1,000 
 
Pima County Industrial Development Authority, Arizona, Educational Revenue Bonds, Valley 
7/18 at 100.00 
Baa3 
1,026,040 
   
Academy Charter School Project, Series 2008, 6.500%, 7/01/38 
     
250 
 
Sun Devil Energy LLC, Arizona, Revenue Refunding Bonds, Arizona State University Project, 
No Opt. Call 
AA– 
291,675 
   
Series 2008, 5.000%, 7/01/22 
     
1,500 
 
Tempe Industrial Development Authority, Arizona, Lease Revenue Bonds, Arizona State University 
7/14 at 100.00 
N/R 
1,499,895 
   
Foundation Project, Series 2003, 5.000%, 7/01/34 – AMBAC Insured 
     
1,350 
 
Tucson Industrial Development Authority, Arizona, Charter School Revenue Bonds, Arizona 
9/14 at 100.00 
BB+ 
1,330,628 
   
Agribusiness and Equine Center Charter School, Series 2004A, 6.125%, 9/01/34 
     
 
 
24 Nuveen Investments
 
 
 

 
 

 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Education and Civic Organizations (continued) 
     
$ 825 
 
Yavapai County Industrial Development Authority, Arizona, Charter School Revenue Bonds, 
3/21 at 100.00 
BB+ 
$ 894,911 
   
Arizona Agribusiness and Equine Center Charter School, Series 2011, 7.875%, 3/01/42 
     
32,235 
 
Total Education and Civic Organizations 
   
33,714,392 
   
Health Care – 29.0% (19.6% of Total Investments) 
     
3,855 
 
Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series 
1/17 at 100.00 
AA– 
4,226,082 
   
2007A, 5.000%, 1/01/25 
     
7,730 
 
Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series 
1/18 at 100.00 
AA– 
8,188,080 
   
2008D, 5.500%, 1/01/38 
     
5,100 
 
Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children’s 
2/22 at 100.00 
BBB+ 
5,103,111 
   
Hospital, Refunding Series 2012A, 5.000%, 2/01/42 
     
1,840 
 
Glendale Industrial Development Authority, Arizona, Revenue Bonds, John C. Lincoln Health 
12/15 at 100.00 
BBB+ 
1,852,162 
   
Network, Series 2005B, 5.000%, 12/01/37 
     
2,965 
 
Glendale Industrial Development Authority, Arizona, Revenue Bonds, John C. Lincoln Health 
12/17 at 100.00 
BBB+ 
2,951,331 
   
Network, Series 2007, 5.000%, 12/01/42 
     
6,100 
 
Maricopa County Industrial Development Authority, Arizona, Health Facility Revenue Bonds, 
7/14 at 100.00 
A
6,197,539 
   
Catholic Healthcare West, Series 2004A, 5.375%, 7/01/23 
     
7,560 
 
Maricopa County Industrial Development Authority, Arizona, Health Facility Revenue Bonds, 
7/17 at 100.00 
A
7,766,690 
   
Catholic Healthcare West, Series 2007A, 5.250%, 7/01/32 
     
230 
 
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities 
5/14 at 100.00 
AA+ 
230,998 
   
Financing Authority, Hospital Revenue Bonds, Hospital de la Concepcion, Series 2000A, 
     
   
6.375%, 11/15/15 
     
1,120 
 
Scottsdale Industrial Development Authority, Arizona, Hospital Revenue Bonds, Scottsdale 
9/20 at 100.00 
AA– 
1,174,454 
   
Healthcare, Series 2006C. Re-offering, 5.000%, 9/01/35 – AGC Insured 
     
   
Show Low Industrial Development Authority, Arizona, Hospital Revenue Bonds, Navapache Regional 
     
   
Medical Center, Series 2005: 
     
1,415 
 
5.000%, 12/01/25 – RAAI Insured 
12/15 at 100.00 
BBB 
1,436,579 
1,160 
 
5.000%, 12/01/30 – RAAI Insured 
12/15 at 100.00 
BBB 
1,168,445 
2,500 
 
University Medical Center Corporation, Tucson, Arizona, Hospital Revenue Bonds, Series 2011, 
7/21 at 100.00 
BBB+ 
2,650,275 
   
6.000%, 7/01/39 
     
   
University Medical Center Corporation, Tucson, Arizona, Hospital Revenue Bonds, Series 2013: 
     
200 
 
5.000%, 7/01/19 
No Opt. Call 
BBB+ 
224,424 
800 
 
5.000%, 7/01/20 
No Opt. Call 
BBB+ 
895,184 
   
Yavapai County Industrial Development Authority, Arizona, Hospital Revenue Bonds, Yavapai 
     
   
Regional Medical Center, Series 2013A: 
     
210 
 
5.000%, 8/01/19 
No Opt. Call 
Baa1 
234,778 
1,000 
 
5.250%, 8/01/33 
8/23 at 100.00 
Baa1 
1,028,410 
   
Yuma Industrial Development Authority, Arizona, Hospital Revenue Bonds, Yuma Regional Medical 
     
   
Center, Series 2014A: 
     
1,000 
 
5.000%, 8/01/22 
No Opt. Call 
A– 
1,105,020 
1,000 
 
5.250%, 8/01/32 
8/24 at 100.00 
A– 
1,047,400 
45,785 
 
Total Health Care 
   
47,480,962 
   
Long-Term Care – 0.8% (0.6% of Total Investments) 
     
550 
 
Arizona Health Facilities Authority, Health Care Facilities Revenue Bonds, The Beatitudes 
10/16 at 100.00 
N/R 
537,939 
   
Campus Project, Series 2006, 5.100%, 10/01/22 
     
780 
 
Tempe Industrial Development Authority, Arizona, Revenue Bonds, Friendship Village of Tempe 
12/21 at 100.00 
N/R 
792,964 
   
Project, Refunding Series 2012A, 6.000%, 12/01/32 
     
1,330 
 
Total Long-Term Care 
   
1,330,903 
   
Tax Obligation/General – 16.4% (11.1% of Total Investments) 
     
2,140 
 
El Mirage, Arizona, General Obligation Bonds Series 2012, 5.000%, 7/01/42 – AGM Insured 
7/22 at 100.00 
AA– 
2,247,770 
1,265 
 
Gila County Unified School District 10 Payson, Arizona, School Improvement Bonds, Project 
7/18 at 100.00 
Aa3 
1,443,188 
   
2006, Series 2008B, 5.750%, 7/01/28 
     
1,000 
 
Maricopa County Elementary School District 83 Cartwright, Arizona, General Obligation Bonds, 
7/21 at 100.00 
AA– 
1,084,360 
   
School Improvement, Project 2010, Series 2011A, 5.375%, 7/01/30 – AGM Insured 
     
 
 
Nuveen Investments 25
 
 
 

 

 
     
NAZ 
Nuveen Arizona Premium Income Municipal Fund 
 
 
Portfolio of Investments (continued) 
February 28, 2014 
 
 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Tax Obligation/General (continued) 
     
$ 1,020 
 
Maricopa County School District 6, Arizona, General Obligation Refunding Bonds, Washington 
No Opt. Call 
Aa2 
$ 1,137,514 
   
Elementary School, Series 2002A, 5.375%, 7/01/16 – AGM Insured 
     
775 
 
Maricopa County School District 79 Litchfield Elementary, Arizona, General Obligation Bonds, 
7/21 at 100.00 
Aa2 
893,265 
   
Series 2011, 5.000%, 7/01/23 
     
1,180 
 
Maricopa County Unified School District 69, Paradise Valley, Arizona, General Obligation 
No Opt. Call 
Aa2 
1,200,107 
   
Refunding Bonds, Series 2002A, 5.250%, 7/01/14 – FGIC Insured 
     
1,200 
 
Maricopa County Unified School District 95 Queen Creek, Arizona, General Obligation Bonds, 
7/18 at 100.00 
A1 
1,326,984 
   
Series 2008, 5.000%, 7/01/27 – AGM Insured 
     
1,405 
 
Mesa, Arizona, General Obligation Bonds, Series 2002, 5.375%, 7/01/15 – FGIC Insured 
No Opt. Call 
AA 
1,502,071 
1,370 
 
Pima County Continental Elementary School District 39, Arizona, General Obligation Bonds, 
7/21 at 100.00 
AA– 
1,574,212 
   
Series 2011A, 6.000%, 7/01/30 – AGM Insured 
     
1,000 
 
Pima County Unified School District 08 Flowing Wells, Arizona, General Obligation Bonds, 
7/21 at 100.00 
A+ 
1,081,820 
   
Series 2011B, 5.375%, 7/01/29 
     
1,750 
 
Pima County Unified School District 6, Marana, Arizona, General Obligation Bonds, School 
7/21 at 100.00 
A+ 
1,917,423 
   
Improvement Project 2010 Series 2011A, 5.000%, 7/01/25 
     
4,530 
 
Pinal County Unified School District 1, Florence, Arizona, General Obligation Bonds, Series 
7/18 at 100.00 
A
5,053,215 
   
2008C, 5.250%, 7/01/28 
     
   
Scottsdale, Arizona, General Obligation Bonds, Preserve Acquisition Series 1999: 
     
1,310 
 
5.000%, 7/01/32 
7/21 at 100.00 
AAA 
1,458,161 
1,360 
 
5.000%, 7/01/33 
7/21 at 100.00 
AAA 
1,506,322 
1,705 
 
5.000%, 7/01/34 
7/21 at 100.00 
AAA 
1,881,433 
1,340 
 
Yuma & La Paz Counties Community College District, Arizona, General Obligation Bonds, Series 
7/16 at 100.00 
Aa3 
1,451,421 
   
2006, 5.000%, 7/01/21 – NPFG Insured 
     
24,350 
 
Total Tax Obligation/General 
   
26,759,266 
   
Tax Obligation/Limited – 40.0% (27.1% of Total Investments) 
     
2,310 
 
Arizona Sports and Tourism Authority, Senior Revenue Refunding Bonds, Multipurpose Stadium 
7/22 at 100.00 
A1 
2,406,581 
   
Facility Project, Series 2012A, 5.000%, 7/01/36 
     
   
Arizona State Transportation Board, Highway Revenue Bonds, Subordinate Refunding Series 2011A: 
     
1,275 
 
5.000%, 7/01/16 
No Opt. Call 
AA+ 
1,415,518 
1,025 
 
5.000%, 7/01/36 
7/21 at 100.00 
AA+ 
1,104,807 
   
Buckeye, Arizona, Festival Ranch Community Facilities District General Obligation Bonds, 
     
   
Series 2012: 
     
345 
 
5.000%, 7/15/27 – BAM Insured 
7/22 at 100.00 
AA 
370,844 
1,085 
 
5.000%, 7/15/31 – BAM Insured 
7/22 at 100.00 
AA 
1,133,651 
639 
 
Centerra Community Facilities District, Goodyear, Arizona, General Obligation Bonds, Series 
7/15 at 100.00 
N/R 
590,672 
   
2005, 5.500%, 7/15/29 
     
500 
 
Eastmark Community Facilities District 1, Mesa, Arizona, Special Assessment Revenue Bonds, 
7/23 at 100.00 
N/R 
438,690 
   
Assessment District 1, Series 2013, 5.250%, 7/01/38 
     
   
Estrella Mountain Ranch Community Facilities District, Arizona, Special Assessment Bonds, 
     
   
Montecito Assessment District, Series 2007: 
     
438 
 
5.700%, 7/01/27 
1/17 at 100.00 
N/R 
427,593 
471 
 
5.800%, 7/01/32 
1/17 at 100.00 
N/R 
442,636 
738 
 
Estrella Mountain Ranch Community Facilities District, Goodyear, Arizona, Special Assessment 
7/14 at 100.00 
N/R 
739,542 
   
Lien Bonds, Series 2001A, 7.875%, 7/01/25 
     
1,500 
 
Goodyear, Arizona, Community Facilities General District 1, Arizona, General Obligation 
No Opt. Call 
A– 
1,677,360 
   
Refunding Bonds, Series 2013, 5.000%, 7/15/23 
     
   
Government of Guam, Business Privilege Tax Bonds, Series 2011A: 
     
510 
 
5.000%, 1/01/31 
1/22 at 100.00 
A
524,795 
200 
 
5.125%, 1/01/42 
1/22 at 100.00 
A
203,212 
1,500 
 
Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/37 
1/22 at 100.00 
A
1,517,850 
2,280 
 
Greater Arizona Development Authority, Infrastructure Revenue Bonds, Series 2006-1, 5.000%, 
8/16 at 100.00 
AA– 
2,505,697 
   
8/01/22 – NPFG Insured 
     
1,550 
 
Greater Arizona Development Authority, Infrastructure Revenue Bonds, Series 2006A, 5.000%, 
8/16 at 100.00 
A1 
1,687,392 
   
8/01/23 – NPFG Insured 
     
250 
 
La Paz County, Arizona, Excise Tax Revenue Bonds, Judgement Series 2011A, 4.750%, 7/01/36 
7/17 at 100.00 
AA– 
255,210 
 
 
26 Nuveen Investments
 
 
 
 

 
 

 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Tax Obligation/Limited (continued) 
     
$ 1,425 
 
Marana, Arizona, Pledged Excise Tax Revenue Bonds, Refunding Series 2013, 5.000%, 7/01/33 
7/23 at 100.00 
AA 
$ 1,525,334 
3,069 
 
Marana, Arizona, Tangerine Farms Road Improvement District Revenue Bonds, Series 2006, 
7/16 at 100.00 
A2 
3,105,981 
   
4.600%, 1/01/26 
     
680 
 
Marley Park Community Facilities District, City of Surprise, Arizona, Limited Tax General 
7/17 at 100.00 
N/R 
660,885 
   
Obligation Bonds, Series 2008 (Bank Qualified), 6.100%, 7/15/32 
     
1,160 
 
Merrill Ranch Community Facilities District 1, Florence, Arizona, General Obligation Bonds, 
7/18 at 100.00 
N/R 
1,229,867 
   
Series 2008A, 7.400%, 7/15/33 
     
2,175 
 
Mohave County, Arizona, Certificates of Participation, Series 2004, 5.250%, 7/01/19 – 
7/14 at 100.00 
N/R 
2,193,509 
   
AMBAC Insured 
     
300 
 
Page, Arizona, Pledged Revenue Bonds, Refunding Series 2011, 5.000%, 7/01/26 
7/21 at 100.00 
AA– 
330,126 
1,500 
 
Palm Valley Community Facility District 3, Goodyear, Arizona, General Obligation Bonds, Series 
7/16 at 100.00 
N/R 
1,368,495 
   
2006, 5.300%, 7/15/31 
     
1,000 
 
Palm Valley Community Facility District 3, Goodyear, Arizona, Limited Tax General Obligation 
7/17 at 100.00 
N/R 
939,650 
   
Bonds, Series 2007, 5.800%, 7/15/32 
     
400 
 
Parkway Community Facilities District 1, Prescott Valley, Arizona, General Obligation Bonds, 
7/16 at 100.00 
N/R 
359,160 
   
Series 2006, 5.350%, 7/15/31 
     
1,000 
 
Phoenix Civic Improvement Corporation, Arizona, Transit Excise Tax Revenue Refunding Bonds, 
No Opt. Call 
AA 
1,194,940 
   
Light Rail Project, Series 2013, 5.000%, 7/01/20 
     
2,500 
 
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
No Opt. Call 
A+ 
2,601,425 
   
JMF-Higley 2012 LLC Project, Series 2012, 5.000%, 12/01/36 
     
580 
 
Phoenix Mesa Gateway Airport Authority, Arizona, Special Facility Revenue Bonds, Mesa Project, 
7/22 at 100.00 
AA+ 
585,278 
   
Series 2012, 5.000%, 7/01/38 (Alternative Minimum Tax) 
     
2,560 
 
Pinal County Industrial Development Authority, Arizona, Correctional Facilities Contract 
4/14 at 100.00 
BBB– 
2,563,456 
   
Revenue Bonds, Florence West Prison LLC, Series 2002A, 5.000%, 10/01/18 – ACA Insured 
     
1,140 
 
Pinetop Fire District of Navajo County, Arizona, Certificates of Participation, Series 2008, 
6/16 at 102.00 
A3 
1,187,800 
   
7.750%, 6/15/29 
     
275 
 
Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Refunding 
7/14 at 100.00 
BB+ 
210,837 
   
Bonds, Series 2002D, 5.125%, 7/01/24 
     
1,000 
 
Regional Public Transportation Authority, Arizona, Transportation Excise Tax Revenue Bonds, 
No Opt. Call 
AA+ 
1,224,040 
   
Maricopa County Public Transportation Fund Series 2014, 5.250%, 7/01/22 
     
4,300 
 
San Luis Civic Improvement Corporation, Arizona, Municipal Facilities Excise Tax Revenue 
7/15 at 100.00 
A+ 
4,398,126 
   
Bonds, Series 2005, 5.000%, 7/01/25 – SYNCORA GTY Insured 
     
3,000 
 
Scottsdale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Refunding Series 
No Opt. Call 
AAA 
3,643,110 
   
2006, 5.000%, 7/01/24 
     
5,000 
 
Scottsdale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Water & Sewer 
7/20 at 100.00 
AAA 
5,439,300 
   
Improvements Project, Series 2010, 5.000%, 7/01/36 
     
1,570 
 
Tartesso West Community Facility District, Buckeye, Arizona, Limited Tax General Obligation 
7/17 at 100.00 
N/R 
1,475,941 
   
Bonds, Series 2007, 5.900%, 7/15/32 
     
4,000 
 
Tempe, Arizona, Transit Excise Tax Revenue Obligation Bonds, Refunding Series 2012, 
7/22 at 100.00 
AAA 
4,294,320 
   
5.000%, 7/01/37 
     
1,750 
 
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior Lien 
10/20 at 100.00 
BBB 
1,795,850 
   
Series 2010A, 5.000%, 10/01/29 
     
3,145 
 
Vistancia Community Facilities District, Peoria, Arizona, General Obligation Bonds, Series 
7/15 at 100.00 
A1 
3,228,280 
   
2005, 5.750%, 7/15/24 
     
1,579 
 
Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, Series 
7/16 at 100.00 
N/R 
1,587,053 
   
2005, 6.000%, 7/01/30 
     
1,000 
 
Westpark Community Facilities District, Buckeye, Arizona, General Obligation Tax Increment 
7/16 at 100.00 
N/R 
912,010 
   
Bonds Series 2006, 5.250%, 7/15/31 
     
62,724 
 
Total Tax Obligation/Limited 
   
65,496,823 
   
Transportation – 2.8% (1.9% of Total Investments) 
     
180 
 
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Airport Revenue Bonds, Series 
7/20 at 100.00 
A+ 
185,659 
   
2010A, 5.000%, 7/01/40 
     
 
 
Nuveen Investments 27
 
 
 

 
 
 
 

 
     
NAZ 
Nuveen Arizona Premium Income Municipal Fund 
 
 
Portfolio of Investments (continued) 
February 28, 2014 
 
 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Transportation (continued) 
     
   
Phoenix Civic Improvement Corporation, Arizona, Senior Lien Airport Revenue Bonds, Refunding 
     
   
Series 2013: 
     
$ 1,785 
 
5.000%, 7/01/30 (Alternative Minimum Tax) 
7/23 at 100.00 
AA– 
$ 1,919,303 
2,215 
 
5.000%, 7/01/32 (Alternative Minimum Tax) 
7/23 at 100.00 
AA– 
2,358,576 
4,180 
 
Total Transportation 
   
4,463,538 
   
U.S. Guaranteed – 7.7% (5.2% of Total Investments) (5) 
     
1,225 
 
Arizona Health Facilities Authority, Revenue Bonds, Blood Systems Inc., Series 2004, 5.000%, 
4/14 at 100.00 
N/R (5) 
1,230,451 
   
4/01/20 (Pre-refunded 4/01/14) 
     
1,250 
 
Maricopa County Industrial Development Authority, Arizona, Hospital Revenue Refunding Bonds, 
No Opt. Call 
N/R (5) 
1,365,025 
   
Samaritan Health Services, Series 1990A, 7.000%, 12/01/16 – NPFG Insured (ETM) 
     
1,000 
 
Maricopa County Unified School District 11, Peoria, Arizona, General Obligation Bonds, Second 
7/15 at 100.00 
AA– (5) 
1,064,630 
   
Series 2005, 5.000%, 7/01/20 (Pre-refunded 7/01/15) – FGIC Insured 
     
100 
 
Maricopa County Unified School District 89, Dysart, Arizona, General Obligation Bonds, Series 
7/14 at 100.00 
AA– (5) 
101,757 
   
2004B, 5.250%, 7/01/20 (Pre-refunded 7/01/14) – AGM Insured 
     
665 
 
Maricopa County Union High School District 210 Phoenix, Arizona, General Obligation Bonds, 
7/16 at 100.00 
AA (5) 
737,299 
   
Series 2006C, 5.000%, 7/01/24 (Pre-refunded 7/01/16) – NPFG Insured 
     
1,575 
 
Maricopa County Union High School District 210, Phoenix, Arizona, General Obligation Bonds, 
7/14 at 100.00 
AA (5) 
1,601,334 
   
Series 2004A, 5.000%, 7/01/20 (Pre-refunded 7/01/14) – AGM Insured 
     
655 
 
Maricopa County, Arizona, Hospital Revenue Bonds, Sun Health Corporation, Series 2005, 5.000%, 
4/15 at 100.00 
N/R (5) 
689,453 
   
4/01/16 (Pre-refunded 4/01/15) 
     
3,400 
 
Mesa, Arizona, Street and Highway User Tax Revenue Bonds, Series 2005, 5.000%, 7/01/24 
7/15 at 100.00 
AA (5) 
3,616,886 
   
(Pre-refunded 7/01/15) – AGM Insured 
     
630 
 
Mesa, Arizona, Utility System Revenue Refunding Bonds, Series 2002, 5.250%, 7/01/17 – FGIC 
No Opt. Call 
Aa2 (5) 
728,929 
   
Insured (ETM) 
     
300 
 
Pronghorn Ranch Community Facilities District, Prescott Valley, Arizona, General Obligation 
7/14 at 100.00 
N/R (5) 
307,002 
   
Bonds, Series 2004, 6.400%, 7/15/29 (Pre-refunded 7/15/14) 
     
1,335 
 
Puerto Rico Electric Power Authority, Power Revenue Refunding Bonds, Series 1989O, 0.000%, 
No Opt. Call 
AA– (5) 
1,194,131 
   
7/01/17 – NPFG Insured (ETM) 
     
12,135 
 
Total U.S. Guaranteed 
   
12,636,897 
   
Utilities – 18.9% (12.8% of Total Investments) 
     
1,495 
 
Apache County Industrial Development Authority, Arizona, Pollution Control Revenue Bonds, 
3/22 at 100.00 
Baa1 
1,493,640 
   
Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30 
     
   
Arizona Power Authority, Special Obligation Power Resource Revenue Refunding Crossover Bonds, 
     
   
Hoover Project, Series 2001: 
     
1,000 
 
5.250%, 10/01/15 
No Opt. Call 
AA 
1,078,870 
1,500 
 
5.250%, 10/01/17 
No Opt. Call 
AA 
1,739,895 
4,310 
 
Maricopa County Pollution Control Corporation, Arizona, Pollution Control Revenue Refunding 
6/20 at 100.00 
Aa3 
4,523,173 
   
Bonds, Southern California Edison Company, Series 2000A, 5.000%, 6/01/35 
     
370 
 
Mesa, Arizona, Utility System Revenue Refunding Bonds, Series 2002, 5.250%, 7/01/17 – 
No Opt. Call 
Aa2 
427,032 
   
FGIC Insured 
     
3,335 
 
Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Electric Power 
1/15 at 100.00 
Baa1 
3,408,737 
   
Company, Refunding Series 2008, 5.750%, 9/01/29 
     
1,800 
 
Pinal County Electrical District 3, Arizona, Electric System Revenue Bonds, Refunding Series 
7/21 at 100.00 
A
1,920,006 
   
2011, 5.250%, 7/01/36 
     
2,000 
 
Salt River Project Agricultural Improvement and Power District, Arizona, Electric System 
No Opt. Call 
Aa1 
2,107,720 
   
Revenue Bonds, Series 2005A, 5.000%, 1/01/35 
     
2,500 
 
Salt River Project Agricultural Improvement and Power District, Arizona, Electric System 
1/18 at 100.00 
Aa1 
3,250,700 
   
Revenue Bonds, Tender Option Bond Trust 09-9W, 17.737%, 1/01/38 (IF) (4) 
     
   
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc 
     
   
Prepay Contract Obligations, Series 2007: 
     
4,500 
 
5.500%, 12/01/29 
No Opt. Call 
A– 
5,058,045 
5,665 
 
5.000%, 12/01/37 
No Opt. Call 
A– 
5,956,294 
28,475 
 
Total Utilities 
   
30,964,112 
 
 
28 Nuveen Investments
 
 
 

 
 

 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Water and Sewer – 11.0% (7.4% of Total Investments) 
     
$ 500 
 
City of Goodyear, Arizona Subordinate Lien Water and Sewer Revenue Obligations, Series 2011, 
7/21 at 100.00 
AA– 
$ 536,590 
   
5.500%, 7/01/41 
     
1,005 
 
Cottonwood, Arizona, Senior Lien Water System Revenue Bonds, Municipal Property Corporation, 
7/14 at 100.00 
BBB+ 
1,009,342 
   
Series 2004, 5.000%, 7/01/24 – SYNCORA GTY Insured 
     
500 
 
Glendale, Arizona, Water and Sewer Revenue Bonds, Refunding Series 2012, 5.000%, 7/01/28 
7/22 at 100.00 
AA 
554,210 
2,855 
 
Goodyear, Arizona, Water and Sewer Revenue Obligations, Series 2010, 5.625%, 7/01/39 
7/20 at 100.00 
A+ 
3,048,969 
420 
 
Maricopa County Industrial Development Authority, Arizona, Water System Improvement Revenue 
6/14 at 100.00 
N/R 
420,546 
   
Bonds, Chaparral City Water Company, Series 1997A, 5.400%, 12/01/22 – AMBAC Insured 
     
   
(Alternative Minimum Tax) 
     
1,000 
 
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Wastewater System Revenue Bonds, 
7/14 at 100.00 
AA+ 
1,016,120 
   
Series 2004, 5.000%, 7/01/24 – NPFG Insured 
     
   
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Water System Revenue Refunding 
     
   
Bonds, Series 2001: 
     
1,250 
 
5.500%, 7/01/21 – FGIC Insured 
No Opt. Call 
AAA 
1,542,575 
1,040 
 
5.500%, 7/01/22 – FGIC Insured 
No Opt. Call 
AAA 
1,284,639 
1,500 
 
Pima County, Arizona, Sewer System Revenue Obligations, Series 2012A, 5.000%, 7/01/26 
No Opt. Call 
AA– 
1,710,405 
1,000 
 
Pima County, Arizona, Sewer System Revenue Obligations, Series 2014, 5.000%, 7/01/22 
No Opt. Call 
AA– 
1,195,920 
   
Surprise Municipal Property Corporation, Arizona, Wastewater System Revenue Bonds, Series 2007: 
     
1,000 
 
4.700%, 4/01/22 
4/14 at 100.00 
A– 
1,003,360 
1,970 
 
4.900%, 4/01/32 
4/17 at 100.00 
A– 
1,976,069 
500 
 
Tucson, Arizona, Water System Revenue Bonds, Refunding Series 2013A, 5.000%, 7/01/23 
No Opt. Call 
AA 
597,356 
2,370 
 
Yuma County Industrial Development Authority, Arizona, Exempt Revenue Bonds, Far West Water & 
12/17 at 100.00 
N/R 
2,063,062 
   
Sewer Inc. Refunding, Series 2007A, 6.375%, 12/01/37 (Alternative Minimum Tax) 
     
16,910 
 
Total Water and Sewer 
   
17,959,163 
$        229,159 
 
Total Long-Term Investments (cost $230,625,676) 
   
241,834,225 
   
Floating Rate Obligations – (1.7)% 
   
(2,755,000) 
   
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (48.3)% (6) 
   
(79,000,000) 
   
Other Assets Less Liabilities – 2.2% 
   
3,555,605 
   
Net Assets Applicable to Common Shares – 100% 
   
$ 163,634,830 
 
 
(1)
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
 
(2)
Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
 
(3)
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
 
(4)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
 
(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)
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 32.7%. (ETM) Escrowed to maturity.
 
(IF)
Inverse floating rate investment.
 
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
 
See accompanying notes to financial statements.
 
Nuveen Investments 29
 
 
 

 
 
 
 

 
           
NUM 
     
           Nuveen Michigan Quality Income Municipal Fund 
   
Portfolio of Investments 
  February 28, 2014 
 
 
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
LONG-TERM INVESTMENTS – 151.1% (100.0% of Total Investments) 
     
   
MUNICIPAL BONDS – 151.1% (100.0% of Total Investments) 
     
   
Consumer Staples – 7.1% (4.7% of Total Investments) 
     
$ 7,100 
 
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, 
6/17 at 100.00 
B– 
$ 6,064,039 
   
Senior Lien Series 2007A, 6.000%, 6/01/34 
     
17,150 
 
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, 
6/18 at 100.00 
BB– 
16,202,632 
   
Series 2008A, 6.875%, 6/01/42 
     
24,250 
 
Total Consumer Staples 
   
22,266,671 
   
Education and Civic Organizations – 11.3% (7.5% of Total Investments) 
     
1,000 
 
Conner Creek Academy East, Michigan, Public School Revenue Bonds, Series 2007, 
11/16 at 100.00 
BB– 
724,810 
   
5.250%, 11/01/36 
     
1,255 
 
Detroit Community High School, Michigan, Public School Academy Revenue Bonds, Series 2005, 
11/15 at 100.00 
B
945,580 
   
5.750%, 11/01/30 
     
805 
 
Michigan Finance Authority, Public School Academy Limited Obligation Revenue and Refunding 
10/21 at 100.00 
BB+ 
840,501 
   
Bonds, Detroit Service Learning Academy Project, Series 2011, 7.000%, 10/01/31 
     
   
Michigan Higher Education Facilities Authority, Limited Obligation Revenue Refunding Bonds, 
     
   
Kettering University, Series 2001: 
     
1,685 
 
5.500%, 9/01/17 – AMBAC Insured 
9/14 at 100.00 
N/R 
1,687,191 
1,150 
 
5.000%, 9/01/26 – AMBAC Insured 
9/14 at 100.00 
N/R 
1,105,518 
245 
 
Michigan Public Educational Facilities Authority, Charter School Revenue Bonds, American 
12/17 at 100.00 
N/R 
229,538 
   
Montessori Academy, Series 2007, 6.500%, 12/01/37 
     
5,000 
 
Michigan State University, General Revenue Bonds, Refunding Series 2010C, 5.000%, 2/15/40 
2/20 at 100.00 
Aa1 
5,213,050 
2,790 
 
Michigan State University, General Revenue Bonds, Series 2013A, 5.000%, 8/15/41 
8/23 at 100.00 
Aa1 
2,981,894 
2,175 
 
Michigan Technological University, General Revenue Bonds, Refunding Series 2012A, 
10/21 at 100.00 
A1 
2,283,424 
   
5.000%, 10/01/34 
     
4,000 
 
University of Michigan, General Revenue Bonds, Series 2014A, 5.000%, 4/01/44 
4/24 at 100.00 
AAA 
4,365,800 
5,000 
 
Wayne State University, Michigan, General Revenue Bonds, Refunding Series 2008, 5.000%, 
No Opt. Call 
Aa2 
5,320,800 
   
11/15/35 – AGM Insured 
     
3,700 
 
Wayne State University, Michigan, General Revenue Bonds, Series 2013A, 5.000%, 11/15/40 
11/23 at 100.00 
Aa2 
3,881,152 
   
Western Michigan University, General Revenue and Refunding Bonds, Series 2013: 
     
750 
 
5.250%, 11/15/33 – AGM Insured 
11/23 at 100.00 
AA– 
808,823 
4,250 
 
5.000%, 11/15/39 – AGM Insured 
11/23 at 100.00 
AA– 
4,451,236 
500 
 
Western Michigan University, General Revenue Refunding Bonds, Series 2011, 5.000%, 11/15/31 
11/21 at 100.00 
A1 
532,025 
34,305 
 
Total Education and Civic Organizations 
   
35,371,342 
   
Health Care – 20.1% (13.3% of Total Investments) 
     
4,000 
 
Grand Traverse County Hospital Financial Authority, Michigan, Revenue Bonds, Munson 
7/21 at 100.00 
AA– 
4,205,320 
   
Healthcare, Refunding Series 2011A, 5.000%, 7/01/29 
     
1,800 
 
Jackson County Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Allegiance 
6/20 at 100.00 
AA– 
1,850,472 
   
Health, Refunding Series 2010A, 5.000%, 6/01/37 – AGM Insured 
     
   
Kent Hospital Finance Authority, Michigan, Revenue Refunding Bonds, Spectrum Health System, 
     
   
Refunding Series 2011C: 
     
5,500 
 
5.000%, 1/15/31 
1/22 at 100.00 
AA 
5,824,555 
2,000 
 
5.000%, 1/15/42 
1/22 at 100.00 
AA 
2,058,280 
5,505 
 
Michigan Finance Authority, Hospital Revenue and Refunding Bonds, Crittenton Hospital Medical 
No Opt. Call 
BBB+ 
5,166,883 
   
Center, Series 2012A, 5.000%, 6/01/39 
     
3,930 
 
Michigan Finance Authority, Hospital Revenue Bonds, Oakwood Obligated Group, Refunding Series 
8/23 at 100.00 
A
4,055,524 
   
2013, 5.000%, 8/15/31 
     
 
 
30 Nuveen Investments
 
 
 

 
 

 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Health Care (continued) 
     
   
Michigan Finance Authority, Revenue Bonds, Oakwood Obligated Group, Refunding Series 2012: 
     
$ 1,000 
 
5.000%, 11/01/25 
11/22 at 100.00 
A
$ 1,079,740 
1,000 
 
5.000%, 11/01/26 
No Opt. Call 
A
1,070,740 
3,750 
 
5.000%, 11/01/42 
11/22 at 100.00 
A
3,799,800 
3,000 
 
Michigan Finance Authority, Revenue Bonds, Sparrow Obligated Group, Series 2012, 
11/22 at 100.00 
A+ 
3,046,380 
   
5.000%, 11/15/42 
     
9,650 
 
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011, 
12/21 at 100.00 
Aa2 
9,927,341 
   
5.000%, 12/01/39 
     
   
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, 
     
   
Refunding Series 2009: 
     
150 
 
5.000%, 11/15/20 
11/19 at 100.00 
A2 
169,017 
7,300 
 
5.750%, 11/15/39 
11/19 at 100.00 
A2 
7,568,567 
4,000 
 
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, MidMichigan Obligated 
6/19 at 100.00 
AA– 
4,264,320 
   
Group, Series 2009A, 5.875%, 6/01/39 – AGC Insured 
     
2,000 
 
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Henry Ford Health 
11/16 at 100.00 
A2 
2,001,720 
   
System, Series 2006A, 5.250%, 11/15/46 
     
1,000 
 
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 
6/22 at 100.00 
Aa2 
1,021,980 
   
2009C, 5.000%, 12/01/48 
     
3,640 
 
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue and Refunding Bonds, William 
8/19 at 100.00 
A1 
3,892,871 
   
Beaumont Hospital Obligated Group, Series 2009W, 6.000%, 8/01/39 
     
1,500 
 
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont 
9/18 at 100.00 
A1 
1,831,050 
   
Hospital, Refunding Series 2009V, 8.250%, 9/01/39 
     
60,725 
 
Total Health Care 
   
62,834,560 
   
Housing/Multifamily – 5.4% (3.6% of Total Investments) 
     
2,675 
 
Michigan Housing Development Authority, FNMA Limited Obligation Multifamily Housing Revenue 
12/20 at 101.00 
AA 
2,867,063 
   
Bonds, Parkview Place Apartments, Series 2002A, 5.550%, 12/01/34 (Alternative Minimum Tax) 
     
845 
 
Michigan Housing Development Authority, Limited Obligation Revenue Bonds, Breton Village Green 
4/14 at 100.00 
AA– 
854,278 
   
Project, Series 1993, 5.625%, 10/15/18 – AGM Insured 
     
1,285 
 
Michigan Housing Development Authority, Limited Obligation Revenue Bonds, Walled Lake Villa 
4/14 at 100.00 
AA– 
1,288,213 
   
Project, Series 1993, 6.000%, 4/15/18 – AGM Insured 
     
   
Michigan Housing Development Authority, Multifamily Housing Revenue Bonds, Series 1988A: 
     
1,395 
 
3.375%, 11/01/16 (Alternative Minimum Tax) 
11/14 at 101.00 
AA 
1,426,192 
1,405 
 
3.875%, 11/01/17 (Alternative Minimum Tax) 
11/14 at 101.00 
AA 
1,435,699 
2,300 
 
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2006D, 5.125%, 
7/15 at 100.00 
AA 
2,320,010 
   
4/01/31 – AGM Insured (Alternative Minimum Tax) 
     
325 
 
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2009A, 
10/18 at 100.00 
AA 
339,755 
   
5.700%, 10/01/39 
     
1,825 
 
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2010A, 
10/20 at 100.00 
AA 
1,881,192 
   
5.000%, 10/01/35 
     
1,725 
 
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2012A-2, 
4/22 at 100.00 
AA 
1,726,087 
   
4.625%, 10/01/41 
     
   
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2012D: 
     
2,150 
 
3.950%, 10/01/37 
4/22 at 100.00 
AA 
1,956,672 
1,000 
 
4.000%, 10/01/42 
No Opt. Call 
AA 
892,650 
16,930 
 
Total Housing/Multifamily 
   
16,987,811 
   
Housing/Single Family – 1.2% (0.8% of Total Investments) 
     
2,825 
 
Michigan Housing Development Authority, Single Family Homeownership Revenue Bonds, Series 
6/20 at 100.00 
AA+ 
2,952,436 
   
2010C, 5.500%, 12/01/28 (Alternative Minimum Tax) 
     
665 
 
Michigan Housing Development Authority, Single Family Homeownership Revenue Bonds, Series 
6/21 at 100.00 
AA+ 
681,977 
   
2011A, 4.600%, 12/01/26 
     
3,490 
 
Total Housing/Single Family 
   
3,634,413 
 
 
Nuveen Investments 31
 
 
 

 
 
 
 

 
     
NUM 
Nuveen Michigan Quality Income Municipal Fund 
 
 
Portfolio of Investments (continued) 
February 28, 2014 
 
 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Industrials – 0.2% (0.1% of Total Investments) 
     
$ 500 
 
Michigan Strategic Fund, Limited Obligation Revenue Bonds, Republic Services Inc., Series 
No Opt. Call 
BBB+ 
$ 500,930 
   
2001, 4.250%, 8/01/31 (Mandatory put 4/01/14) (Alternative Minimum Tax) 
     
   
Tax Obligation/General – 49.7% (32.9% of Total Investments) 
     
2,310 
 
Ann Arbor Public School District, Washtenaw County, Michigan, General Obligation Bonds, 
5/22 at 100.00 
Aa2 
2,567,403 
   
Refunding Series 2012, 5.000%, 5/01/29 
     
2,200 
 
Ann Arbor, Michigan, General Obligation Bonds, Court & Police Facilities Capital Improvement 
5/18 at 100.00 
AA+ 
2,326,346 
   
Series 2008, 5.000%, 5/01/38 
     
100 
 
Battle Creek School District, Calhoun County, Michigan, General Obligation Bonds, Series 2007, 
5/17 at 100.00 
Aa2 
104,858 
   
5.000%, 5/01/37 – AGM Insured 
     
3,000 
 
Bloomfield Hills Schools, Oakland County, Michigan, School Building and Site General 
5/23 at 100.00 
Aaa 
3,003,300 
   
Obligation – Unlimited Tax Bonds, Series 2013, 4.000%, 5/01/39 
     
   
Byron Center Public Schools, Kent County, Michigan, General Obligation Bonds, Series 2012: 
     
1,000 
 
4.000%, 5/01/32 
5/21 at 100.00 
AA– 
1,000,880 
500 
 
4.000%, 5/01/33 
5/21 at 100.00 
AA– 
496,995 
   
Caledonia Community Schools, Kent, Allegan and Barry Counties, Michigan, General Obligation 
     
   
Bonds, Series 2005: 
     
1,000 
 
5.000%, 5/01/25 – NPFG Insured 
5/15 at 100.00 
Aa2 
1,042,210 
2,250 
 
5.000%, 5/01/26 – NPFG Insured 
5/15 at 100.00 
Aa2 
2,344,973 
4,257 
 
Caledonia Community Schools, Kent, Allegan and Barry Counties, Michigan, General Obligation 
5/17 at 100.00 
Aa2 
4,436,177 
   
Bonds, Tender Option Bond Trust 2008-1096, 8.085%, 5/01/32 – NPFG Insured (IF) 
     
875 
 
Charlotte Public School District, Easton County, Michigan, General Obligation Bonds, Refunding 
No Opt. Call 
AA– 
1,035,046 
   
Series 2012, 5.000%, 5/01/20 
     
   
Comstock Park Public Schools, Kent County, Michigan, General Obligation Bonds, School Building 
     
   
& Site, Series 2011B: 
     
1,200 
 
5.500%, 5/01/36 
5/21 at 100.00 
AA– 
1,299,180 
2,190 
 
5.500%, 5/01/41 
5/21 at 100.00 
AA– 
2,347,133 
   
Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Series 2002A: 
     
2,000 
 
6.000%, 5/01/19 – FGIC Insured 
No Opt. Call 
Aa2 
2,348,560 
1,815 
 
6.000%, 5/01/20 – FGIC Insured 
No Opt. Call 
Aa2 
2,143,152 
1,075 
 
6.000%, 5/01/21 – FGIC Insured 
No Opt. Call 
Aa2 
1,273,295 
   
Detroit-Wayne County Stadium Authority, Michigan, Wayne County Limited Tax General Obligation 
     
   
Bonds, Building Authority Stadium Refunding Series 2012: 
     
1,040 
 
5.000%, 10/01/19 – AGM Insured 
No Opt. Call 
AA– 
1,163,614 
2,615 
 
5.000%, 10/01/20 – AGM Insured 
No Opt. Call 
AA– 
2,911,123 
1,000 
 
5.000%, 10/01/21 – AGM Insured 
No Opt. Call 
AA– 
1,105,880 
1,645 
 
5.000%, 10/01/22 – AGM Insured 
No Opt. Call 
AA– 
1,816,722 
4,850 
 
5.000%, 10/01/26 – AGM Insured 
10/22 at 100.00 
AA– 
5,103,122 
   
Grand Rapids and Kent County Joint Building Authority, Michigan, Limited Tax General 
     
   
Obligation Bonds, Devos Place Project, Series 2001: 
     
8,900 
 
0.000%, 12/01/25 
No Opt. Call 
AAA 
5,991,747 
3,000 
 
0.000%, 12/01/26 
No Opt. Call 
AAA 
1,913,880 
100 
 
0.000%, 12/01/27 
No Opt. Call 
AAA 
60,981 
5,305 
 
0.000%, 12/01/29 
No Opt. Call 
AAA 
2,926,769 
   
Grand Rapids, Michigan, General Obligation Bonds, Capital Improvement Series 2007: 
     
860 
 
5.000%, 9/01/24 – NPFG Insured 
9/17 at 100.00 
AA 
961,145 
2,000 
 
5.000%, 9/01/27 – NPFG Insured 
9/17 at 100.00 
AA 
2,175,000 
1,650 
 
Holly Area School District, Oakland County, Michigan, General Obligation Bonds, Series 2006, 
5/16 at 100.00 
Aa2 
1,746,426 
   
5.125%, 5/01/32 – NPFG Insured 
     
3,185 
 
Kalamazoo Public Schools, Michigan, General Obligation Bonds, Series 2006, 5.000%, 5/01/25 – 
5/16 at 100.00 
Aa2 
3,427,761 
   
AGM Insured 
     
   
Lake Saint Claire, Macomb County, Michigan, Clean water Drainage District General Obligation 
     
   
Bonds, Series 2013: 
     
1,000 
 
5.000%, 10/01/25 
10/23 at 100.00 
AA+ 
1,138,550 
1,020 
 
5.000%, 10/01/26 
10/23 at 100.00 
AA+ 
1,152,814 
 
 
32 Nuveen Investments
 
 
 

 
 

 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Tax Obligation/General (continued) 
     
$ 200 
 
L’Anse Creuse Public Schools, Macomb County, Michigan, General Obligation Bonds, Series 2005, 
5/15 at 100.00 
AA 
$ 207,348 
   
5.000%, 5/01/35 – AGM Insured 
     
2,505 
 
Lincoln Consolidated School District, Washtenaw and Wayne Counties, Michigan, General 
5/16 at 100.00 
Aa2 
2,682,730 
   
Obligation Bonds, Series 2006, 5.000%, 5/01/25 – NPFG Insured 
     
2,160 
 
Lowell Area Schools, Kent and Ionia Counties, Michigan, General Obligation Bonds, Series 2007, 
5/17 at 100.00 
Aa2 
2,252,426 
   
5.000%, 5/01/37 – AGM Insured 
     
1,925 
 
Marshall Public Schools, Calhoun County, Michigan, General Obligation Bonds, Series 2007, 
5/17 at 100.00 
AA– 
1,993,665 
   
5.000%, 5/01/30 – SYNCORA GTY Insured 
     
990 
 
Michigan Finance Authority, Revenue Bonds, Detroit City School District, Series 2012, 
No Opt. Call 
A+ 
1,096,316 
   
5.000%, 6/01/20 
     
4,000 
 
Michigan State, General Obligation Bonds, Environmental Program, Refunding Series 2011A, 
12/21 at 100.00 
Aa2 
4,719,600 
   
5.000%, 12/01/22 
     
1,000 
 
Michigan State, General Obligation Bonds, Environmental Program, Series 2009A, 5.500%, 11/01/25 
5/19 at 100.00 
Aa2 
1,141,000 
2,500 
 
Montrose School District, Michigan, School Building and Site Bonds, Series 1997, 6.000%, 
No Opt. Call 
Aa3 
3,029,325 
   
5/01/22 – NPFG Insured 
     
2,945 
 
Muskegon Community College District, Michigan, General Obligation Bonds, Community Facility 
5/24 at 100.00 
AA 
3,216,058 
   
Series 2013I, 5.000%, 5/01/38 – BAM Insured 
     
1,410 
 
New Haven Community Schools, Macomb County, Michigan, General Obligation Bonds, Series 2006, 
5/16 at 100.00 
Aa2 
1,510,040 
   
5.000%, 5/01/25 – AGM Insured 
     
6,820 
 
Oakland Intermediate School District, Oakland County, Michigan, General Obligation Bonds, 
5/17 at 100.00 
Aaa 
7,320,247 
   
Series 2007, 5.000%, 5/01/36 – AGM Insured 
     
1,595 
 
Oakridge Public Schools, Muskegon County, Michigan, General Obligation Bonds, Series 2005, 
5/15 at 100.00 
AA– 
1,662,325 
   
5.000%, 5/01/22 – NPFG Insured 
     
   
Ottawa County, Michigan, Water Supply System, General Obligation Bonds, Series 2007: 
     
4,330 
 
5.000%, 8/01/26 – NPFG Insured (UB) 
8/17 at 100.00 
Aaa 
4,836,134 
5,620 
 
5.000%, 8/01/30 – NPFG Insured (UB) 
8/17 at 100.00 
Aaa 
6,053,583 
1,100 
 
Oxford Area Community Schools, Oakland and Lapeer Counties, Michigan, General Obligation 
5/14 at 100.00 
Aa2 
1,107,392 
   
Bonds, Series 2004, 5.000%, 5/01/25 – AGM Insured 
     
2,285 
 
Parchment School District, Kalamazoo County, Michigan, General Obligation Bonds, Tender Option 
No Opt. Call 
Aa2 
2,398,062 
   
Bond Trust 2836, 11.047%, 5/01/15 – AGM Insured (IF) 
     
750 
 
Plainwell Community Schools, Allegan County, Michigan, General Obligation Bonds, School 
5/18 at 100.00 
Aa2 
817,680 
   
Building & Site, Series 2008, 5.000%, 5/01/28 – AGC Insured 
     
   
Port Huron, Michigan, General Obligation Bonds, Refunding & Capital Improvement Series 2011: 
     
1,585 
 
5.000%, 10/01/31 – AGM Insured 
10/21 at 100.00 
AA– 
1,679,846 
640 
 
5.250%, 10/01/37 – AGM Insured 
10/21 at 100.00 
AA– 
675,392 
   
Port Huron, Michigan, General Obligation Bonds, Series 2011B: 
     
530 
 
5.000%, 10/01/31 – AGM Insured 
10/21 at 100.00 
AA– 
561,715 
800 
 
5.250%, 10/01/40 – AGM Insured 
10/21 at 100.00 
AA– 
842,656 
500 
 
Rockford Public Schools, Kent County, Michigan, General Obligation Bonds, Refunding Series 
No Opt. Call 
AA– 
590,055 
   
2012, 5.000%, 5/01/19 
     
1,000 
 
Rockford Public Schools, Kent County, Michigan, General Obligation Bonds, Series 2005, 5.000%, 
5/15 at 100.00 
Aa2 
1,039,940 
   
5/01/27 – AGM Insured 
     
2,100 
 
Rockford Public Schools, Kent County, Michigan, General Obligation Bonds, Series 2008, 5.000%, 
5/18 at 100.00 
Aa2 
2,224,782 
   
5/01/33 – AGM Insured 
     
350 
 
South Haven, Van Buren County, Michigan, General Obligation Bonds, Capital Improvement Series 
12/19 at 100.00 
AA– 
377,423 
   
2009, 5.125%, 12/01/33 – AGC Insured 
     
3,175 
 
South Redford School District, Wayne County, Michigan, General Obligation Bonds, School 
5/15 at 100.00 
Aa2 
3,285,966 
   
Building and Site, Series 2005, 5.000%, 5/01/30 – NPFG Insured 
     
1,655 
 
Southfield Library Building Authority, Michigan, General Obligation Bonds, Series 2005, 
5/15 at 100.00 
AA 
1,720,240 
   
5.000%, 5/01/26 – NPFG Insured 
     
1,535 
 
Thornapple Kellogg School District, Barry County, Michigan, General Obligation Bonds, Series 
5/17 at 100.00 
Aa2 
1,634,637 
   
2007, 5.000%, 5/01/32 – NPFG Insured 
     
 
 
Nuveen Investments 33
 
 
 

 
 
     
NUM 
Nuveen Michigan Quality Income Municipal Fund 
 
 
Portfolio of Investments (continued) 
February 28, 2014 
 
 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Tax Obligation/General (continued) 
     
$ 3,600 
 
Trenton Public Schools District, Michigan, General Obligation Bonds, Series 2008, 5.000%, 
5/18 at 100.00 
Aa2 
$ 3,806,028 
   
5/01/34 – AGM Insured 
     
2,275 
 
Troy City School District, Oakland County, Michigan, General Obligation Bonds, Series 2006, 
5/16 at 100.00 
Aa1 
2,477,111 
   
5.000%, 5/01/19 – NPFG Insured 
     
   
Van Dyke Public Schools, Macomb County, Michigan, General Obligation Bonds, School Building 
     
   
and Site, Series 2008: 
     
1,110 
 
5.000%, 5/01/31 – AGM Insured 
5/18 at 100.00 
Aa2 
1,192,129 
2,150 
 
5.000%, 5/01/38 – AGM Insured 
5/18 at 100.00 
Aa2 
2,231,872 
2,860 
 
Wayne Charter County, Michigan, General Obligation Bonds, Building Improvements, 
12/19 at 100.00 
BBB– 
3,090,402 
   
Series 2009A, 6.750%, 11/01/39 
     
   
Wayne Charter County, Michigan, Limited Tax General Obligation Airport Hotel Revenue Bonds, 
     
   
Detroit Metropolitan Wayne County Airport, Series 2001A: 
     
1,500 
 
5.500%, 12/01/18 – NPFG Insured 
6/14 at 100.00 
A
1,502,865 
5,000 
 
5.000%, 12/01/21 – NPFG Insured 
6/14 at 100.00 
A
5,003,100 
6,125 
 
5.000%, 12/01/30 – NPFG Insured 
6/14 at 100.00 
A
6,127,450 
3,850 
 
Wayne Westland Community Schools, Michigan, General Obligation Bonds, Series 2004, 5.000%, 
11/14 at 100.00 
Aa2 
3,963,575 
   
5/01/17 – AGM Insured 
     
1,725 
 
Williamston Community School District, Michigan, Unlimited Tax General Obligation QSBLF Bonds, 
No Opt. Call 
Aa3 
2,041,727 
   
Series 1996, 5.500%, 5/01/25 – NPFG Insured 
     
1,475 
 
Willow Run Community Schools, Washtenaw County, Michigan, General Obligation Bonds, 
5/21 at 100.00 
AA– 
1,536,891 
   
Refunding Series 2011, 4.500%, 5/01/31 – AGM Insured 
     
151,617 
 
Total Tax Obligation/General 
   
155,014,775 
   
Tax Obligation/Limited – 11.0% (7.3% of Total Investments) 
     
   
Grand Rapids Building Authority, Kent County, Michigan, General Obligation Bonds, Refunding 
     
   
Series 2011: 
     
560 
 
5.000%, 10/01/28 
10/21 at 100.00 
AA 
599,172 
500 
 
5.000%, 10/01/30 
10/21 at 100.00 
AA 
528,585 
500 
 
5.000%, 10/01/31 
10/21 at 100.00 
AA 
526,585 
1,000 
 
Grand Rapids Building Authority, Kent County, Michigan, Limited Tax General Obligation Bonds, 
No Opt. Call 
AA 
1,091,320 
   
Series 1998, 5.000%, 4/01/16 
     
170 
 
Kalkaska County Hospital Authority, Michigan, Hospital Revenue Bonds, Series 2007, 
No Opt. Call 
A– 
171,251 
   
5.125%, 5/01/14 
     
4,730 
 
Michigan Finance Authority, Unemployment Obligation Assessment Revenue Bonds, Series 2012B, 
7/16 at 100.00 
AAA 
5,213,879 
   
5.000%, 7/01/22 
     
   
Michigan State Building Authority, Revenue Bonds, Facilities Program, Series 2005II: 
     
1,600 
 
5.000%, 10/15/30 – AMBAC Insured 
10/15 at 100.00 
Aa3 
1,671,424 
2,135 
 
5.000%, 10/15/33 – AMBAC Insured 
10/15 at 100.00 
Aa3 
2,237,694 
   
Michigan State Building Authority, Revenue Bonds, Refunding Series 2006IA: 
     
7,000 
 
0.000%, 10/15/27 – AGM Insured 
10/16 at 58.27 
AA 
3,805,900 
7,720 
 
0.000%, 10/15/28 – AGM Insured 
10/16 at 55.35 
AA 
3,887,869 
1,500 
 
0.000%, 10/15/30 – FGIC Insured 
10/16 at 50.02 
Aa3 
666,795 
8,040 
 
5.000%, 10/15/36 – FGIC Insured 
10/16 at 100.00 
Aa3 
8,412,976 
   
Michigan State Trunk Line Fund Refunding Bonds, Series 2009: 
     
1,100 
 
5.000%, 11/15/24 
11/21 at 100.00 
AA+ 
1,251,976 
1,160 
 
4.000%, 11/15/32 
11/21 at 100.00 
AA+ 
1,159,188 
1,300 
 
5.000%, 11/15/36 
11/21 at 100.00 
AA+ 
1,391,273 
1,930 
 
Taylor Brownfield Redevelopment Authority, Wayne County, Michigan, Tax Increment Bonds, 
5/15 at 100.00 
A
1,794,225 
   
Series 2005A, 5.000%, 5/01/34 – NPFG Insured 
     
40,945 
 
Total Tax Obligation/Limited 
   
34,410,112 
   
Transportation – 3.8% (2.5% of Total Investments) 
     
230 
 
Kent County, Michigan, Airport Revenue Bonds, Gerald R. Ford International Airport, Series 
1/17 at 100.00 
AAA 
247,278 
   
2007, 5.000%, 1/01/32 
     
 
 
34 Nuveen Investments
 
 
 

 

 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Transportation (continued) 
     
   
Wayne County Airport Authority, Michigan, Airport Revenue Bonds, Detroit Metro Wayne County 
     
   
Airport, Series 2012A: 
     
$ 2,345 
 
5.000%, 12/01/23 
No Opt. Call 
A
$ 2,583,111 
4,000 
 
5.000%, 12/01/42 – AGM Insured 
12/22 at 100.00 
AA– 
4,127,080 
4,500 
 
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Airport, 
No Opt. Call 
A
5,000,580 
   
Refunding Series 2011A, 5.000%, 12/01/21 (Alternative Minimum Tax) 
     
11,075 
 
Total Transportation 
   
11,958,049 
   
U.S. Guaranteed – 11.6% (7.7% of Total Investments) (4) 
     
915 
 
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%, 
7/15 at 100.00 
A (4) 
972,727 
   
7/01/30 (Pre-refunded 7/01/15) – NPFG Insured 
     
500 
 
Lansing School District, Ingham County, Michigan, General Obligation Bonds, Series 2004, 
5/14 at 100.00 
Aa2 (4) 
504,270 
   
5.000%, 5/01/22 (Pre-refunded 5/01/14) 
     
3,810 
 
Livonia Public Schools, Wayne County, Michigan, General Obligation Bonds, Series 2004A, 
5/14 at 100.00 
A1 (4) 
3,842,537 
   
5.000%, 5/01/21 (Pre-refunded 5/01/14) – NPFG Insured 
     
3,880 
 
Mayville Community Schools, Tuscola County, Michigan, General Obligation Bonds, School 
11/14 at 100.00 
Aa2 (4) 
4,007,652 
   
Building and Site Project, Series 2004, 5.000%, 5/01/34 (Pre-refunded 11/01/14) – FGIC Insured 
     
3,630 
 
Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2004, 
10/14 at 100.00 
N/R (4) 
3,734,508 
   
5.000%, 10/01/19 (Pre-refunded 10/01/14) 
     
1,060 
 
Michigan Municipal Bond Authority, Drinking Water Revolving Fund Revenue Bonds, Series 2004, 
10/14 at 100.00 
N/R (4) 
1,090,517 
   
5.000%, 10/01/23 (Pre-refunded 10/01/14) 
     
3,415 
 
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, St. John’s Health 
5/14 at 100.00 
Aaa 
3,428,523 
   
System, Series 1998A, 5.000%, 5/15/28 – AMBAC Insured (ETM) 
     
   
Michigan State Hospital Finance Authority, Revenue Bonds, Chelsea Community Hospital, 
     
   
Series 2005: 
     
425 
 
5.000%, 5/15/25 (Pre-refunded 5/15/15) 
5/15 at 100.00 
AA+ (4) 
449,480 
1,600 
 
5.000%, 5/15/30 (Pre-refunded 5/15/15) 
5/15 at 100.00 
AA+ (4) 
1,692,160 
835 
 
5.000%, 5/15/37 (Pre-refunded 5/15/15) 
5/15 at 100.00 
AA+ (4) 
883,096 
   
Michigan State Hospital Finance Authority, Revenue Bonds, Marquette General Hospital, 
     
   
Series 2005A: 
     
4,435 
 
5.000%, 5/15/26 (Pre-refunded 5/15/15) 
5/15 at 100.00 
N/R (4) 
4,688,771 
2,680 
 
5.000%, 5/15/34 (Pre-refunded 5/15/15) 
5/15 at 100.00 
N/R (4) 
2,833,350 
2,000 
 
Plymouth-Canton Community School District, Wayne and Washtenaw Counties, Michigan, General 
5/14 at 100.00 
Aa2 (4) 
2,017,080 
   
Obligation Bonds, Series 2004, 5.000%, 5/01/26 (Pre-refunded 5/01/14) – FGIC Insured 
     
4,100 
 
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 1996Y, 
7/16 at 100.00 
Aaa 
4,598,642 
   
5.500%, 7/01/36 (Pre-refunded 7/01/16) 
     
1,425 
 
Walled Lake Consolidated School District, Oakland County, Michigan, General Obligation Bonds, 
5/14 at 100.00 
AA– (4) 
1,437,797 
   
Series 2004, 5.250%, 5/01/20 (Pre-refunded 5/01/14) – NPFG Insured 
     
34,710 
 
Total U.S. Guaranteed 
   
36,181,110 
   
Utilities – 9.2% (6.1% of Total Investments) 
     
   
Lansing Board of Water and Light, Michigan, Steam and Electric Utility System Revenue Bonds, 
     
   
Series 2008A: 
     
390 
 
5.000%, 7/01/28 
7/18 at 100.00 
AA– 
410,623 
8,250 
 
5.000%, 7/01/32 
7/18 at 100.00 
AA– 
8,727,015 
   
Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Tender Option Bond 
     
   
Trust 4700: 
     
1,700 
 
18.536%, 7/01/37 (IF) (5) 
7/21 at 100.00 
AA– 
2,202,384 
1,110 
 
18.536%, 7/01/37 (IF) (5) 
7/21 at 100.00 
AA– 
1,438,027 
4,530 
 
Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A, 5.000%, 1/01/43 
1/22 at 100.00 
A2 
4,634,417 
   
Michigan Public Power Agency, Revenue Bonds, Combustion Turbine 1 Project, Series 2011: 
     
1,760 
 
5.000%, 1/01/24 – AGM Insured 
1/21 at 100.00 
AA– 
1,935,613 
1,990 
 
5.000%, 1/01/25 – AGM Insured 
1/21 at 100.00 
AA– 
2,164,443 
2,180 
 
5.000%, 1/01/26 – AGM Insured 
1/21 at 100.00 
AA– 
2,354,596 
290 
 
5.000%, 1/01/27 – AGM Insured 
1/21 at 100.00 
AA– 
311,411 
 
 
Nuveen Investments 35
 
 
 

 

 
     
NUM 
Nuveen Michigan Quality Income Municipal Fund 
 
 
Portfolio of Investments (continued) 
February 28, 2014 
 
 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Utilities (continued) 
     
$ 3,630 
 
Michigan Strategic Fund, Limited Obligation Revenue Refunding Bonds, Detroit Edison Company, 
No Opt. Call 
Aa3 
$ 4,523,416 
   
Series 1991BB, 7.000%, 5/01/21 – AMBAC Insured 
     
25,830 
 
Total Utilities 
   
28,701,945 
   
Water and Sewer – 20.5% (13.5% of Total Investments) 
     
   
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, 
     
   
Refunding Senior Lien Series 2012A: 
     
500 
 
5.250%, 7/01/26 
7/22 at 100.00 
BB+ 
499,065 
1,060 
 
5.250%, 7/01/39 
7/22 at 100.00 
BB+ 
1,030,267 
3,500 
 
5.000%, 7/01/39 – AGM Insured 
7/22 at 100.00 
AA– 
3,394,615 
   
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A: 
     
1,085 
 
5.000%, 7/01/30 – NPFG Insured 
7/15 at 100.00 
A
1,069,452 
135 
 
5.000%, 7/01/35 – NPFG Insured 
7/15 at 100.00 
A
131,144 
4,000 
 
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B, 5.500%, 
No Opt. Call 
A
4,034,800 
   
7/01/29 – FGIC Insured 
     
1,965 
 
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2003A, 5.000%, 
7/14 at 100.00 
AA 
1,966,336 
   
7/01/17 – AGM Insured 
     
425 
 
Detroit, Michigan, Sewage Disposal System Revenue Bonds, Second Lien Series 2006A, 5.500%, 
7/18 at 100.00 
AA+ 
431,086 
   
7/01/36 – BHAC Insured 
     
5,350 
 
Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2011A, 5.250%, 7/01/41 
7/21 at 100.00 
BB– 
5,194,690 
305 
 
Detroit, Michigan, Water Supply System Second Lien Revenue Bonds, Series 2003B, 5.000%, 
7/14 at 100.00 
A
296,631 
   
7/01/34 – NPFG Insured 
     
10,100 
 
Detroit, Michigan, Water Supply System Second Lien Revenue Bonds, Series 2006A, 5.000%, 
7/16 at 100.00 
AA– 
9,891,031 
   
7/01/34 – AGM Insured 
     
190 
 
Detroit, Michigan, Water Supply System Second Lien Revenue Refunding Bonds, Series 2006C, 
No Opt. Call 
AA– 
186,865 
   
5.000%, 7/01/33 – AGM Insured 
     
   
Detroit, Michigan, Water Supply System Senior Lien Revenue Bonds, Series 2003A: 
     
1,500 
 
5.000%, 7/01/25 – NPFG Insured 
7/14 at 100.00 
A
1,481,640 
60 
 
5.000%, 7/01/26 – NPFG Insured 
7/14 at 100.00 
A
59,182 
175 
 
Detroit, Michigan, Water Supply System Senior Lien Revenue Bonds, Series 2003D. RMKTD, 5.000%, 
No Opt. Call 
A
170,377 
   
7/01/33 – NPFG Insured 
     
1,330 
 
Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Series 2005, 5.000%, 1/01/30 – 
7/15 at 100.00 
AA+ 
1,387,150 
   
NPFG Insured 
     
1,190 
 
Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Series 2008, 5.000%, 1/01/38 
1/18 at 100.00 
AA+ 
1,257,759 
2,605 
 
Grand Rapids, Michigan, Water Supply System Revenue Bonds, Series 2009, 5.100%, 1/01/39 – 
1/19 at 100.00 
AA 
2,777,659 
   
AGC Insured 
     
   
Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water Series 2012: 
     
2,000 
 
5.000%, 10/01/31 
10/22 at 100.00 
AAA 
2,223,240 
1,135 
 
5.000%, 10/01/32 
10/22 at 100.00 
AAA 
1,256,354 
   
Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water Subordinate 
     
   
Refunding Series 2013: 
     
1,945 
 
5.000%, 10/01/22 
No Opt. Call 
AAA 
2,333,786 
3,200 
 
5.000%, 10/01/25 
10/22 at 100.00 
AAA 
3,705,088 
2,000 
 
Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water, Refunding Series 
No Opt. Call 
AAA 
2,419,920 
   
2012, 5.000%, 10/01/20 
     
580 
 
Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2004, 
10/14 at 100.00 
AAA 
595,393 
   
5.000%, 10/01/19 
     
1,000 
 
Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2005, 
10/15 at 100.00 
AAA 
1,070,750 
   
5.000%, 10/01/19 
     
390 
 
Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2010, 
No Opt. Call 
AAA 
456,589 
   
5.000%, 10/01/26 
     
90 
 
Michigan Municipal Bond Authority, Drinking Water Revolving Fund Revenue Bonds, Series 2004, 
10/14 at 100.00 
AAA 
92,366 
   
5.000%, 10/01/23 
     
 
 
36 Nuveen Investments
 
 
 

 

 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Water and Sewer (continued) 
     
   
Michigan Municipal Bond Authority, Water Revolving Fund Revenue Bonds, Series 2007: 
     
$ 500 
 
5.000%, 10/01/23 
10/17 at 100.00 
AAA 
$ 568,220 
2,000 
 
5.000%, 10/01/24 
10/17 at 100.00 
AAA 
2,269,360 
8,245 
 
North Kent Sewer Authority, Michigan, Sewer Revenue Bonds, Series 2006, 5.000%, 11/01/31 – 
11/16 at 100.00 
Aa3 
8,765,589 
   
NPFG Insured 
     
   
Port Huron, Michigan, Water Supply System Revenue Bonds, Series 2011: 
     
500 
 
5.250%, 10/01/31 
10/21 at 100.00 
A
528,645 
1,500 
 
5.625%, 10/01/40 
10/21 at 100.00 
A
1,594,065 
700 
 
Saginaw, Michigan, Water Supply System Revenue Bonds, Series 2008, 5.250%, 7/01/22 – 
7/18 at 100.00 
A
753,599 
   
NPFG Insured 
     
61,260 
 
Total Water and Sewer 
   
63,892,713 
$ 465,637 
 
Total Long-Term Investments (cost $453,490,441) 
   
471,754,431 
   
Floating Rate Obligations – (2.1)% 
   
(6,625,000) 
   
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (50.9)% (6) 
   
(159,000,000) 
   
Other Assets Less Liabilities – 1.9% 
   
6,050,955 
   
Net Assets Applicable to Common Shares – 100% 
   
$ 312,180,386 
 
 
(1)
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
 
(2)
Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
 
(3)
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
 
(4)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
 
(5)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. (6) Variable Rate MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 33.7%.
 
(ETM)
Escrowed to maturity.
 
(IF)
Inverse floating rate investment.
 
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
 
See accompanying notes to financial statements.
 
Nuveen Investments 37
 
 
 

 

 
           
NUO 
     
           Nuveen Ohio Quality Income Municipal Fund 
   
Portfolio of Investments 
  February 28, 2014 
 
 
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
LONG-TERM INVESTMENTS – 150.1% (100.0% of Total Investments) 
     
   
MUNICIPAL BONDS – 150.1% (100.0% of Total Investments) 
     
   
Consumer Staples – 7.6% (5.1% of Total Investments) 
     
$ 400 
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue 
No Opt. Call 
A1 
$ 431,420 
   
Bonds, Senior Lien, Series 2007A-1, 5.000%, 6/01/16 
     
   
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue 
     
   
Bonds, Senior Lien, Series 2007A-2: 
     
7,500 
 
5.125%, 6/01/24 
6/17 at 100.00 
B– 
6,482,100 
18,995 
 
5.875%, 6/01/47 
6/17 at 100.00 
B
15,747,615 
26,895 
 
Total Consumer Staples 
   
22,661,135 
   
Education and Civic Organizations – 7.6% (5.0% of Total Investments) 
     
   
Miami University of Ohio, General Receipts Bonds, Series 2011: 
     
130 
 
5.000%, 9/01/33 
No Opt. Call 
AA 
139,537 
1,960 
 
5.000%, 9/01/36 
9/21 at 100.00 
AA 
2,086,694 
   
Miami University of Ohio, General Receipts Bonds, Series 2012: 
     
480 
 
4.000%, 9/01/32 
9/22 at 100.00 
AA 
486,398 
1,000 
 
4.000%, 9/01/33 
9/22 at 100.00 
AA 
1,008,260 
3,150 
 
Ohio Higher Education Facilities Commission, General Revenue Bonds, Kenyon College, Series 
7/16 at 100.00 
A+ 
3,191,801 
   
2006, 5.000%, 7/01/41 
     
   
Ohio Higher Education Facilities Commission, Revenue Bonds, Wittenberg University, Series 2005: 
     
1,150 
 
5.000%, 12/01/24 
12/15 at 100.00 
B1 
1,086,704 
1,000 
 
5.000%, 12/01/29 
12/15 at 100.00 
B1 
903,620 
2,420 
 
Ohio Higher Educational Facilities Commission, General Revenue Bonds, University of Dayton, 
12/16 at 100.00 
A
2,590,997 
   
2006 Project, Series 2006, 5.000%, 12/01/30 – AMBAC Insured 
     
   
Ohio Higher Educational Facilities Commission, Revenue Bonds, Denison University Project, 
     
   
Series 2012: 
     
120 
 
5.000%, 11/01/27 
5/22 at 100.00 
AA 
134,158 
590 
 
5.000%, 11/01/32 
5/22 at 100.00 
AA 
640,404 
1,250 
 
Ohio Higher Educational Facilities Commission, Revenue Bonds, University of Dayton, Tender 
12/22 at 100.00 
A
1,452,850 
   
Option Bond Trust 1144, 17.469%, 12/01/43 (IF) (4) 
     
1,075 
 
Ohio Higher Educational Facilities Commission, Revenue Bonds, Wittenberg University, Series 
6/14 at 100.00 
B1 
1,076,484 
   
2001, 5.500%, 12/01/15 
     
2,250 
 
Ohio State Higher Education Facilities, Revenue Bonds, Case Western Reserve University, Series 
12/16 at 100.00 
AA– 
2,338,065 
   
2006, 5.000%, 12/01/44 – NPFG Insured 
     
3,000 
 
Ohio State Higher Educational Facility Commission, Higher Education Facility Revenue Bonds, 
11/18 at 100.00 
A– 
3,267,690 
   
Xavier University 2008C, 5.750%, 5/01/28 
     
950 
 
Ohio State, Higher Educational Facility Revenue Bonds, Otterbein College Project, Series 
12/18 at 100.00 
A3 
1,027,150 
   
2008A, 5.500%, 12/01/28 
     
1,000 
 
Ohio University at Athens, General Receipts Bonds, Series 2013, 5.000%, 12/01/39 
12/22 at 100.00 
Aa3 
1,054,680 
21,525 
 
Total Education and Civic Organizations 
   
22,485,492 
   
Health Care – 30.4% (20.2% of Total Investments) 
     
65 
 
Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Facilities Revenue 
11/14 at 100.00 
Baa1 
65,483 
   
Bonds, Summa Health System, Series 2004A, 5.500%, 11/15/34 – RAAI Insured 
     
3,000 
 
Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Revenue Bonds, 
5/23 at 100.00 
A1 
3,109,620 
   
Children’s Hospital Medical Center, Improvement Series 2013, 5.000%, 11/15/38 
     
1,950 
 
Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Healthcare Partners, Series 
6/20 at 100.00 
AA– 
2,057,679 
   
2010A, 5.250%, 6/01/38 
     
3,500 
 
Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010, 
11/20 at 100.00 
BBB+ 
3,606,015 
   
5.500%, 11/01/40 
     
 
 
38 Nuveen Investments
 
 
 

 

 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Health Care (continued) 
     
$ 6,575 
 
Butler County, Ohio, Hospital Facilities Revenue Bonds, Cincinnati Children’s Medical Center 
5/16 at 100.00 
Baa1 
$ 6,636,213 
   
Project, Series 2006K, 5.000%, 5/15/31 – FGIC Insured 
     
2,400 
 
Fairfield County, Ohio, Hospital Facilities Revenue Bonds, Fairfield Medical Center Project, 
6/23 at 100.00 
Baa2 
2,421,144 
   
Series 2013, 5.000%, 6/15/43 
     
   
Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children’s Hospital Project, 
     
   
Improvement Series 2009: 
     
250 
 
5.000%, 11/01/34 
11/19 at 100.00 
Aa2 
260,953 
2,615 
 
5.250%, 11/01/40 
11/19 at 100.00 
Aa2 
2,746,142 
2,470 
 
Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children’s Hospital Project, 
11/18 at 100.00 
Aa2 
2,528,193 
   
Series 2008A, 5.000%, 11/01/40 
     
250 
 
Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Series 2011A, 
11/21 at 100.00 
AA+ 
260,288 
   
5.000%, 11/15/41 
     
4,480 
 
Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Tender Option Bond 
11/21 at 100.00 
AA+ 
4,848,704 
   
Trust 11-21B, 9.426%, 11/15/41 (IF) (4) 
     
3,225 
 
Hancock County, Ohio, Hospital Revenue Bonds, Blanchard Valley Regional Health Center, Series 
6/21 at 100.00 
A2 
3,568,817 
   
2011A, 6.250%, 12/01/34 
     
1,865 
 
Lake County, Ohio, Hospital Facilities Revenue Bonds, Lake Hospital System, Inc., Refunding 
8/18 at 100.00 
A3 
1,973,879 
   
Series 2008C, 6.000%, 8/15/43 
     
   
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, 
     
   
Series 2008D: 
     
90 
 
5.000%, 11/15/38 
11/18 at 100.00 
AA 
92,598 
40 
 
5.125%, 11/15/40 
11/18 at 100.00 
AA 
41,297 
3,965 
 
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 
11/21 at 100.00 
AA 
4,459,991 
   
2011A, 6.000%, 11/15/41 
     
1,500 
 
Miami County, Ohio, Hospital Facilities Revenue Refunding Bonds, Upper Valley Medical Center 
5/16 at 100.00 
A
1,582,905 
   
Inc., Series 2006, 5.250%, 5/15/21 
     
820 
 
Middleburg Heights, Ohio, Hospital Facilities Revenue Bonds, Southwest General Health Center 
8/21 at 100.00 
A2 
843,304 
   
Project, Refunding Series 2011, 5.250%, 8/01/41 
     
   
Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2004A: 
     
3,700 
 
5.000%, 5/01/30 
5/14 at 100.00 
A+ 
3,718,500 
2,500 
 
5.000%, 5/01/32 
5/14 at 100.00 
A+ 
2,504,900 
6,105 
 
Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System Obligated 
2/23 at 100.00 
BB+ 
4,964,708 
   
Group Project, Series 2013, 5.000%, 2/15/44 
     
95 
 
Ohio Higher Educational Facilities Commission, Revenue Bonds, University Hospitals Health 
1/17 at 100.00 
AA+ 
102,244 
   
System Inc., Series 2007A, 5.250%, 1/15/46 – BHAC Insured 
     
   
Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, Cleveland Clinic 
     
   
Health System Obligated Group, Series 2008A: 
     
3,000 
 
5.000%, 1/01/25 
1/18 at 100.00 
Aa2 
3,283,950 
240 
 
5.250%, 1/01/33 
1/18 at 100.00 
Aa2 
260,947 
1,100 
 
Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, Cleveland Clinic 
1/22 at 100.00 
Aa2 
1,163,866 
   
Health System Obligated Group, Series 2012A, 5.000%, 1/01/38 
     
   
Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, Summa Health 
     
   
System Project, Series 2010: 
     
1,500 
 
5.750%, 11/15/40 – AGM Insured 
5/20 at 100.00 
AA– 
1,600,545 
1,520 
 
5.250%, 11/15/40 – AGM Insured 
5/20 at 100.00 
AA– 
1,578,596 
1,500 
 
Ohio State, Hospital Facility Revenue Refunding Bonds, Cleveland Clinic Health System 
1/19 at 100.00 
Aa2 
1,665,975 
   
Obligated Group, Series 2009A, 5.500%, 1/01/39 
     
   
Ohio State, Hospital Facility Revenue Refunding Bonds, Cleveland Clinic Health System 
     
   
Obligated Group, Tender Option Bond Trust 3551: 
     
875 
 
20.338%, 1/01/17 (IF) 
No Opt. Call 
Aa2 
1,138,235 
5,350 
 
65.066%, 1/01/33 (IF) 
1/19 at 100.00 
Aa2 
7,717,910 
1,640 
 
Ohio State, Hospital Facility Revenue Refunding Bonds, Cleveland Clinic Health System 
No Opt. Call 
Aa2 
2,365,864 
   
Obligated Group, Tender Option Bond Trust 3591, 65.224%, 1/01/17 (IF) 
     
 
 
Nuveen Investments 39
 
 
 

 
 
     
NUO 
Nuveen Ohio Quality Income Municipal Fund 
 
 
Portfolio of Investments (continued) 
February 28, 2014 
 
 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Health Care (continued) 
     
   
Ohio State, Hospital Revenue Bonds, University Hospitals Health System, Inc., Series 2013A: 
     
$ 1,000 
 
5.000%, 1/15/28 
1/23 at 100.00 
A
$ 1,073,310 
2,000 
 
5.000%, 1/15/29 
1/23 at 100.00 
A
2,135,840 
2,300 
 
Richland County, Ohio, Hospital Revenue Bonds, MidCentral Health System Group, Series 2006, 
11/16 at 100.00 
A– 
2,345,793 
   
5.250%, 11/15/36 
     
   
Ross County, Ohio, Hospital Revenue Refunding Bonds, Adena Health System Series 2008: 
     
1,425 
 
5.750%, 12/01/28 
12/18 at 100.00 
A– 
1,550,642 
1,385 
 
5.750%, 12/01/35 
12/18 at 100.00 
A– 
1,485,260 
1,000 
 
5.750%, 12/01/35 – AGC Insured 
12/18 at 100.00 
AA– 
1,064,820 
   
Wood County, Ohio, Hospital Facilities Refunding and Improvement Revenue Bonds, Wood County 
     
   
Hospital Project, Series 2012: 
     
2,635 
 
5.000%, 12/01/37 
No Opt. Call 
Baa2 
2,566,885 
4,920 
 
5.000%, 12/01/42 
No Opt. Call 
Baa2 
4,723,987 
84,850 
 
Total Health Care 
   
90,116,002 
   
Housing/Multifamily – 3.3% (2.2% of Total Investments) 
     
1,375 
 
Clermont County, Ohio, GNMA Collateralized Mortgage Revenue Bonds, S.E.M. Villa II Project, 
8/14 at 100.00 
Aaa 
1,377,269 
   
Series 1994A, 5.950%, 2/20/30 
     
1,165 
 
Cleveland-Cuyahoga County Port Authority, Ohio, Student Housing Facility Revenue Bonds, Euclid 
8/15 at 100.00 
N/R 
1,147,770 
   
Avenue Housing Corporation – Fenn Tower Project, Series 2005, 5.000%, 8/01/23 – AMBAC Insured 
     
840 
 
Franklin County, Ohio, GNMA Collateralized Multifamily Housing Mortgage Revenue Bonds, Agler 
5/14 at 100.00 
Aaa 
843,730 
   
Project, Series 2002A, 5.550%, 5/20/22 (Alternative Minimum Tax) 
     
1,600 
 
Montgomery County, Ohio, GNMA Guaranteed Multifamily Housing Revenue Bonds, Canterbury 
10/18 at 101.00 
Aa1 
1,673,152 
   
Court Project, Series 2007, 5.500%, 10/20/42 (Alternative Minimum Tax) 
     
1,205 
 
Ohio Housing Finance Agency, FHA-Insured Multifamily Housing Mortgage Revenue Bonds, Madonna 
6/16 at 102.00 
AA+ 
1,210,194 
   
Homes, Series 2006M, 4.900%, 6/20/48 (Alternative Minimum Tax) 
     
3,390 
 
Summit County Port Authority, Ohio, Multifamily Housing Revenue Bonds, Callis Tower Apartments 
9/17 at 102.00 
AA+ 
3,491,666 
   
Project, Series 2007, 5.250%, 9/20/47 (Alternative Minimum Tax) 
     
9,575 
 
Total Housing/Multifamily 
   
9,743,781 
   
Industrials – 2.4% (1.6% of Total Investments) 
     
2,055 
 
Cleveland-Cuyahoga County Port Authority, Ohio, Common Bond Fund Revenue Bonds, Cleveland 
5/14 at 100.00 
BBB+ 
2,055,288 
   
Christian Home Project, Series 2002C, 5.950%, 5/15/22 
     
785 
 
Cleveland-Cuyahoga County Port Authority, Ohio, Development Revenue Bonds, Bond Fund Program – 
11/15 at 100.00 
BBB+ 
780,353 
   
Columbia National Group Project, Series 2005D, 5.000%, 5/15/20 (Alternative Minimum Tax) 
     
3,495 
 
Toledo-Lucas County Port Authority, Ohio, Revenue Refunding Bonds, CSX Transportation Inc., 
No Opt. Call 
Baa2 
4,306,889 
   
Series 1992, 6.450%, 12/15/21 
     
1,600 
 
Western Reserve Port Authority, Ohio, Solid Waste Facility Revenue Bonds, Central Waste Inc., 
7/17 at 102.00 
N/R 
52,640 
   
Series 2007A, 6.350%, 7/01/27 (Alternative Minimum Tax) (5) 
     
7,935 
 
Total Industrials 
   
7,195,170 
   
Long-Term Care – 1.1% (0.7% of Total Investments) 
     
895 
 
Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement 
7/21 at 100.00 
BBB– 
949,711 
   
Services, Improvement Series 2010A, 5.625%, 7/01/26 
     
2,220 
 
Montgomery County, Ohio, Health Care and Multifamily Housing Revenue Bonds, Saint Leonard, 
4/20 at 100.00 
BBB– 
2,361,503 
   
Refunding & improvement Series 2010, 6.625%, 4/01/40 
     
3,115 
 
Total Long-Term Care 
   
3,311,214 
   
Materials – 0.7% (0.5% of Total Investments) 
     
2,000 
 
Toledo-Lucas County Port Authority, Ohio, Port Revenue Bonds, Cargill Inc., Series 2004B, 
No Opt. Call 
A
2,094,600 
   
4.500%, 12/01/15 
     
   
Tax Obligation/General – 30.6% (20.4% of Total Investments) 
     
125 
 
Barberton City School District, Summit County, Ohio, General Obligation Bonds, School 
6/18 at 100.00 
AA 
137,226 
   
Improvement Series 2008, 5.250%, 12/01/31 
     
 
 
40 Nuveen Investments
 
 
 

 

 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Tax Obligation/General (continued) 
     
   
Central Ohio Solid Waste Authority, General Obligation Bonds, Refunding & Improvements, 
     
   
Series 2012: 
     
$ 1,140 
 
5.000%, 12/01/26 
6/22 at 100.00 
Aaa 
$ 1,307,648 
2,545 
 
5.000%, 12/01/28 
6/22 at 100.00 
Aaa 
2,890,026 
1,605 
 
5.000%, 12/01/29 
6/22 at 100.00 
Aaa 
1,808,787 
   
Cincinnati, Ohio, General Obligation Bonds, Various Purpose Series 2012A: 
     
1,960 
 
5.000%, 12/01/31 
12/20 at 100.00 
AA+ 
2,168,270 
875 
 
5.000%, 12/01/32 
12/20 at 100.00 
AA+ 
960,575 
2,000 
 
Cleveland, Ohio, General Obligation Bonds, Series 2011, 5.000%, 12/01/29 
12/19 at 100.00 
AA 
2,121,380 
1,140 
 
Columbia Local School District, Lorain County, Ohio, General Obligation Bonds, School 
11/21 at 100.00 
A2 
1,207,294 
   
Facilities Improvement Series 2011, 5.000%, 11/01/39 – AGM Insured 
     
   
Columbus City School District, Franklin County, Ohio, General Obligation Bonds, Series 2006: 
     
4,310 
 
0.000%, 12/01/27 – AGM Insured 
No Opt. Call 
AA+ 
2,565,140 
5,835 
 
0.000%, 12/01/28 – AGM Insured 
No Opt. Call 
AA+ 
3,323,674 
1,730 
 
Franklin County, Ohio, General Obligation Bonds, Refunding Series 2014, 5.000%, 6/01/31 
12/23 at 100.00 
AAA 
1,994,638 
   
(WI/DD, Settling 3/11/14) 
     
   
Franklin County, Ohio, General Obligation Bonds, Series 2007: 
     
3,355 
 
5.000%, 12/01/27 
12/17 at 100.00 
AAA 
3,718,179 
1,840 
 
5.000%, 12/01/28 
12/17 at 100.00 
AAA 
2,036,365 
   
Greenville City School District, Drake County, Ohio, General Obligation Bonds, School 
     
   
Improvement Series 2013: 
     
555 
 
5.250%, 1/01/38 
1/22 at 100.00 
AA 
596,436 
1,355 
 
5.250%, 1/01/41 
1/22 at 100.00 
AA 
1,448,671 
1,355 
 
Grove City, Ohio, General Obligation Bonds, Construction & Improvement Series 2009, 
12/19 at 100.00 
Aa1 
1,456,788 
   
5.125%, 12/01/36 
     
12,750 
 
Hamilton City School District, Ohio, General Obligation Bonds, Series 2007, 5.000%, 12/01/34 – 
6/17 at 100.00 
AA– 
13,436,333 
   
AGM Insured 
     
6,580 
 
Indian Lake Local School District, Logan and Auglaize Counties, Ohio, School Facilities 
6/17 at 100.00 
Aa3 
6,970,589 
   
Improvement and Refunding Bonds, Series 2007, 5.000%, 12/01/34 – NPFG Insured 
     
2,160 
 
Kenston Local School District, Geauga County, Ohio, General Obligation Bonds, Series 2011, 
No Opt. Call 
Aa1 
1,793,059 
   
0.000%, 12/01/21 
     
   
Lakewood City School District, Cuyahoga County, Ohio, General Obligation Bonds, Series 2007: 
     
1,010 
 
5.000%, 12/01/25 – FGIC Insured 
12/17 at 100.00 
Aa2 
1,146,027 
775 
 
5.000%, 12/01/30 – FGIC Insured 
12/17 at 100.00 
Aa2 
842,146 
2,620 
 
Lucas County, Ohio, General Obligation Bonds, Various Purpose Series 2010, 5.000%, 10/01/40 
10/18 at 100.00 
Aa2 
2,753,594 
1,130 
 
Marysville Exempted Village School District, Union County, Ohio, General Obligation Bonds, 
12/15 at 100.00 
AA– 
1,213,326 
   
Series 2006, 5.000%, 12/01/25 – AGM Insured 
     
4,500 
 
Middletown City School District, Butler County, Ohio, General Obligation Bonds, Refunding 
No Opt. Call 
A2 
5,213,070 
   
Series 2007, 5.250%, 12/01/31 – AGM Insured 
     
1,500 
 
Milford Exempted Village School District, Ohio, General Obligation Bonds, Series 2008, 
12/18 at 100.00 
Aa3 
1,631,610 
   
5.250%, 12/01/36 
     
1,305 
 
Monroe Local School District, Butler County, Ohio, General Obligation Bonds, Series 2006, 
No Opt. Call 
Baa1 
1,526,680 
   
5.500%, 12/01/24 – AMBAC Insured 
     
725 
 
Napoleon City School District, Henry County, Ohio, General Obligation Bonds, Facilities 
6/22 at 100.00 
Aa3 
768,449 
   
Construction & Improvement Series 2012, 5.000%, 12/01/36 
     
2,500 
 
New Albany Plain Local School District, Franklin County, Ohio, General Obligation Bonds, 
12/22 at 100.00 
AA+ 
2,364,575 
   
Refunding School Improvement Series 2013, 4.000%, 12/01/43 
     
3,665 
 
Newark City School District, Licking County, Ohio, General Obligation Bonds, Series 2005, 
12/15 at 100.00 
Aa3 
3,884,717 
   
5.000%, 12/01/28 – FGIC Insured 
     
2,300 
 
Northmor Local School District, Morrow County, Ohio, General Obligation School Facilities 
11/18 at 100.00 
Aa2 
2,431,123 
   
Construction and Improvement Bonds, Series 2008, 5.000%, 11/01/36 
     
500 
 
Oak Hills Local School District, Hamilton County, Ohio, General Obligation Bonds, Refunding 
12/15 at 100.00 
AA– 
533,700 
   
Series 2005, 5.000%, 12/01/24 – AGM Insured 
     
 
 
Nuveen Investments 41
 
 
 

 
 
     
NUO 
Nuveen Ohio Quality Income Municipal Fund 
 
 
Portfolio of Investments (continued) 
February 28, 2014 
 
 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Tax Obligation/General (continued) 
     
$ 1,000 
 
Ohio State, General Obligation Highway Capital Improvement Bonds, Series 2012Q, 5.000%, 5/01/28 
5/22 at 100.00 
AAA 
$ 1,147,260 
500 
 
Olentangy Local School District, Delaware and Franklin Counties, Ohio, General Obligation 
6/18 at 100.00 
AA+ 
538,100 
   
Bonds, Series 2008, 5.000%, 12/01/36 
     
1,510 
 
Painesville City School District, Ohio, General Obligation Bonds, Series 2004, 5.000%, 
12/14 at 100.00 
A1 
1,558,954 
   
12/01/22 – FGIC Insured 
     
5,000 
 
South Euclid, Ohio, General Obligation Bonds, Real Estate Acquisition and Urban Redevelopment, 
6/22 at 100.00 
Aa2 
5,263,900 
   
Series 2012, 5.000%, 6/01/42 
     
2,250 
 
South-Western City School District, Franklin and Pickaway Counties, Ohio, General Obligation 
6/22 at 100.00 
AA 
2,432,250 
   
Bonds, School Facilities Construction & Improvement Series 2012, 5.000%, 12/01/36 
     
1,500 
 
Springboro Community City School District, Warren County, Ohio, General Obligation Bonds, 
No Opt. Call 
AA– 
1,768,650 
   
Refunding Series 2007, 5.250%, 12/01/32 
     
70 
 
Strongsville, Ohio, Limited Tax General Obligation Various Purpose Improvement Bonds, Series 
6/14 at 100.00 
Aaa 
70,349 
   
1996, 5.950%, 12/01/21 
     
700 
 
Sylvania City School District, Lucas County, Ohio, General Obligation Bonds, School 
6/17 at 100.00 
AA– 
761,439 
   
Improvement Series 1995, 5.250%, 12/01/36 – AGC Insured 
     
1,000 
 
Vandalia Butler City School District, Montgomery County, Ohio, General Obligation Bonds, 
6/19 at 100.00 
Aa3 
1,055,030 
   
School Improvement Series 2009, 5.125%, 12/01/37 
     
89,275 
 
Total Tax Obligation/General 
   
90,846,027 
   
Tax Obligation/Limited – 23.5% (15.6% of Total Investments) 
     
125 
 
Cincinnati City School District, Ohio, Certificates of Participation, School Improvement 
12/16 at 100.00 
AA– 
134,101 
   
Project, Series 2006, 5.000%, 12/15/32 – AGM Insured 
     
   
Cleveland, Ohio, Income Tax Revenue Bonds, Bridges & Roadways Improvements, Subordinate Lien 
     
   
Series 2013A-2: 
     
1,315 
 
5.000%, 10/01/27 
10/23 at 100.00 
AA 
1,485,358 
1,520 
 
5.000%, 10/01/30 
10/23 at 100.00 
AA 
1,672,471 
1,600 
 
5.000%, 10/01/31 
10/23 at 100.00 
AA 
1,741,664 
3,000 
 
Cleveland, Ohio, Income Tax Revenue Bonds, Public Facilities Improvements, Series 2014A-1, 
11/23 at 100.00 
AA 
3,198,270 
   
5.000%, 11/15/38 
     
500 
 
Columbus-Franklin County Finance Authority, Ohio, Development Revenue Bonds, Hubbard Avenue 
12/19 at 100.00 
BBB 
466,190 
   
Parking Facility Project, Series 2012A, 5.000%, 12/01/36 
     
6,750 
 
Cuyahoga County, Ohio, Recovery Zone Facility Economic Development Revenue Bonds, Medical 
12/20 at 100.00 
Aa2 
7,353,582 
   
Mart- Convention Center Project, Series 2010F, 5.000%, 12/01/27 
     
300 
 
Delaware County District Library, Delaware, Franklin, Marion, Morrow and Union Counties, Ohio, 
12/19 at 100.00 
Aa2 
317,886 
   
Library Fund Library Facilities Special Obligation Notes, Series 2009, 5.000%, 12/01/34 
     
5,000 
 
Franklin County Convention Facilities Authority, Ohio, Excise Tax and Lease Revenue 
12/15 at 100.00 
Aaa 
5,320,450 
   
Anticipation Bonds, Series 2005, 5.000%, 12/01/27 – AMBAC Insured 
     
1,775 
 
Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.125%, 1/01/42 
1/22 at 100.00 
A
1,803,507 
1,055 
 
Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/42 
1/22 at 100.00 
A
1,063,440 
   
Greater Cleveland Regional Transit Authority, Ohio, Sales Tax Supported Capital Improvement 
     
   
Bonds, Refunding Series 2012: 
     
1,010 
 
5.250%, 12/01/27 
12/21 at 100.00 
AAA 
1,151,077 
1,090 
 
5.250%, 12/01/28 
12/21 at 100.00 
AAA 
1,230,076 
760 
 
5.250%, 12/01/30 
12/21 at 100.00 
AAA 
847,727 
600 
 
5.000%, 12/01/31 
6/14 at 100.00 
AAA 
651,102 
   
Hamilton County Convention Facilities Authority, Ohio, First Lien Revenue Bonds, Series 2004: 
     
1,085 
 
5.000%, 12/01/18 – FGIC Insured 
6/14 at 100.00 
A+ 
1,096,631 
1,415 
 
5.000%, 12/01/21 – FGIC Insured 
6/14 at 100.00 
A+ 
1,429,716 
7,250 
 
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, Series 2006A, 5.000%, 12/01/32 – 
12/16 at 100.00 
A+ 
7,691,453 
   
AMBAC Insured 
     
5,565 
 
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Series 2000B, 0.000%, 12/01/28 – 
No Opt. Call 
AA– 
2,931,809 
   
AGM Insured 
     
5,000 
 
Hamilton County, Ohio, Sales Tax Revenue Bonds, Refunding Series 2011A, 5.000%, 12/01/31 
12/21 at 100.00 
A+ 
5,297,850 
 
 
42 Nuveen Investments
 
 
 

 

 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Tax Obligation/Limited (continued) 
     
$ 1,750 
 
Hudson City School District, Ohio, Certificates of Participation, Series 2012, 4.000%, 6/01/34 – 
6/22 at 100.00 
Aa3 
$ 1,699,460 
   
NPFG Insured 
     
11,500 
 
JobsOhio Beverage System, Ohio, Statewide Liquor Profits Revenue Bonds, Senior Lien Series 
1/23 at 100.00 
AA 
12,081,900 
   
2013A, 5.000%, 1/01/38 (UB) (4) 
     
   
JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, Tender 
     
   
Option Bond Trust 1157: 
     
175 
 
17.639%, 1/01/38 (IF) (4) 
1/23 at 100.00 
AA 
210,278 
1,250 
 
17.707%, 1/01/38 (IF) (4) 
1/23 at 100.00 
AA 
1,503,000 
875 
 
17.707%, 1/01/38 (IF) (4) 
1/23 at 100.00 
AA 
1,052,100 
1,000 
 
New Albany Community Authority, Ohio, Community Facilities Revenue Refunding Bonds, Series 
10/22 at 100.00 
A1 
1,122,460 
   
2012C, 5.000%, 10/01/24 
     
   
Riversouth Authority, Ohio, Riversouth Area Redevelopment Bonds, Refunding Series 2012A: 
     
1,645 
 
5.000%, 12/01/23 
12/22 at 100.00 
AA+ 
1,882,357 
1,200 
 
5.000%, 12/01/24 
12/22 at 100.00 
AA+ 
1,361,244 
   
Vermilion Local School District, East and Lorain Counties, Ohio, Certificates of 
     
   
Participation, Series 2012: 
     
765 
 
5.000%, 12/01/24 
No Opt. Call 
Aa3 
858,628 
805 
 
5.000%, 12/01/25 
12/20 at 100.00 
Aa3 
895,715 
67,680 
 
Total Tax Obligation/Limited 
   
69,551,502 
   
Transportation – 6.1% (4.1% of Total Investments) 
     
   
Cleveland, Ohio, Airport System Revenue Bonds, Series 2012A: 
     
2,150 
 
5.000%, 1/01/30 
1/22 at 100.00 
A– 
2,209,512 
1,500 
 
5.000%, 1/01/31 – AGM Insured 
1/22 at 100.00 
AA– 
1,560,570 
3,475 
 
Dayton, Ohio, Airport Revenue Bonds, James M. Cox International Airport, Series 2003C, 5.250%, 
6/14 at 100.00 
A– 
3,480,282 
   
12/01/23 – RAAI Insured (Alternative Minimum Tax) 
     
3,550 
 
Ohio Turnpike Commission, Revenue Refunding Bonds, Series 1998A, 5.500%, 2/15/18 – FGIC Insured 
No Opt. Call 
AA 
4,198,195 
2,050 
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 
2/23 at 100.00 
A+ 
2,211,766 
   
2013A-1, 5.250%, 2/15/39 
     
   
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien 
     
   
Series 2013A-2: 
     
11,250 
 
0.000%, 2/15/38 
No Opt. Call 
A+ 
3,295,350 
5,000 
 
0.000%, 2/15/40 
No Opt. Call 
A+ 
1,282,400 
28,975 
 
Total Transportation 
   
18,238,075 
   
U.S. Guaranteed – 22.8% (15.2% of Total Investments) (6) 
     
3,000 
 
Centerville City School District, Montgomery County, Ohio, General Obligation Bonds, Series 
6/15 at 100.00 
Aa1 (6) 
3,179,760 
   
2005, 5.000%, 12/01/30 (Pre-refunded 6/01/15) – AGM Insured 
     
   
Central Ohio Solid Waste Authority, General Obligation Bonds, Refunding & Improvements, 
     
   
Series 2012: 
     
110 
 
5.000%, 12/01/26 (Pre-refunded 6/01/22) 
6/22 at 100.00 
N/R (6) 
133,737 
245 
 
5.000%, 12/01/28 (Pre-refunded 6/01/22) 
6/22 at 100.00 
N/R (6) 
297,869 
160 
 
5.000%, 12/01/29 (Pre-refunded 6/01/22) 
6/22 at 100.00 
N/R (6) 
194,526 
1,000 
 
Central Ohio Solid Waste Authority, General Obligation Bonds, Series 2004A, 5.000%, 12/01/15 
6/14 at 100.00 
AAA 
1,012,680 
   
(Pre-refunded 6/01/14) – AMBAC Insured 
     
1,000 
 
Cleveland Municipal School District, Cuyahoga County, Ohio, General Obligation Bonds, Series 
6/14 at 100.00 
AA (6) 
1,012,650 
   
2004, 5.000%, 12/01/15 (Pre-refunded 6/01/14) – AGM Insured 
     
605 
 
Columbus City School District, Franklin County, Ohio, General Obligation Bonds, Series 2004, 
12/14 at 100.00 
AA (6) 
629,745 
   
5.500%, 12/01/15 (Pre-refunded 12/01/14) – AGM Insured 
     
1,380 
 
Columbus, Ohio, Tax Increment Financing Bonds, Easton Project, Series 2004A, 5.000%, 12/01/25 
6/14 at 100.00 
N/R (6) 
1,397,498 
   
(Pre-refunded 6/01/14) – AMBAC Insured 
     
2,300 
 
Cuyahoga County, Ohio, General Obligation Bonds, Series 2004, 5.000%, 12/01/21 
12/14 at 100.00 
Aa1 (6) 
2,385,353 
   
(Pre-refunded 12/01/14) 
     
 
 
Nuveen Investments 43
 
 
 

 
 
     
NUO 
Nuveen Ohio Quality Income Municipal Fund 
 
 
Portfolio of Investments (continued) 
February 28, 2014 
 
 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
U.S. Guaranteed (6) (continued) 
     
$ 1,000 
 
Dayton, Ohio, Airport Revenue Bonds, James M. Cox International Airport, Series 2005B, 5.000%, 
No Opt. Call 
A– (6) 
$ 1,037,110 
   
12/01/14 – SYNCORA GTY Insured (ETM) 
     
1,000 
 
Dayton, Ohio, General Obligation Bonds, Series 2004, 5.250%, 12/01/19 (Pre-refunded 6/01/14) – 
6/14 at 100.00 
Aa2 (6) 
1,013,320 
   
AMBAC Insured 
     
1,195 
 
Fairview Park City School District, Cuyahoga County, Ohio, General Obligation Bonds, Series 
6/15 at 100.00 
Aa2 (6) 
1,267,548 
   
2005, 5.000%, 12/01/24 (Pre-refunded 6/01/15) – NPFG Insured 
     
2,620 
 
Green, Ohio, General Obligation Bonds, Series 2008, 5.500%, 12/01/32 (Pre-refunded 12/01/15) 
12/15 at 100.00 
AA+ (6) 
2,857,999 
   
Hamilton County, Ohio, Revenue Bonds, Children’s Hospital Medical Center, Series 2004J: 
     
2,455 
 
5.250%, 5/15/16 (Pre-refunded 5/15/14) – FGIC Insured 
5/14 at 100.00 
A (6) 
2,481,784 
3,260 
 
5.125%, 5/15/28 (Pre-refunded 5/15/14) – FGIC Insured 
5/14 at 100.00 
A (6) 
3,294,686 
1,850 
 
Hilliard City School District, Franklin County, Ohio, General Obligation Bonds, School 
12/15 at 100.00 
Aa1 (6) 
2,004,235 
   
Construction, Series 2005, 5.000%, 12/01/26 (Pre-refunded 12/01/15) – NPFG Insured 
     
3,000 
 
Hilliard City School District, Franklin County, Ohio, General Obligation Bonds, Series 2006A, 
12/16 at 100.00 
Aa1 (6) 
3,376,080 
   
5.000%, 12/01/25 (Pre-refunded 12/01/16) – NPFG Insured 
     
1,000 
 
Hudson City School District, Ohio, Certificates of Participation, Series 2004, 5.000%, 6/01/26 
6/14 at 100.00 
Aa3 (6) 
1,012,680 
   
(Pre-refunded 6/01/14) – NPFG Insured 
     
1,000 
 
Marysville Exempted Village School District, Ohio, Certificates of Participation, School 
6/15 at 100.00 
N/R (6) 
1,063,060 
   
Facilities Project, Series 2005, 5.250%, 12/01/21 (Pre-refunded 6/01/15) – NPFG Insured 
     
1,885 
 
Marysville Exempted Village School District, Union County, Ohio, General Obligation Bonds, 
12/15 at 100.00 
AA– (6) 
2,042,850 
   
Series 2006, 5.000%, 12/01/25 (Pre-refunded 12/01/15) – AGM Insured 
     
1,000 
 
Mason City School District, Warren and Butler Counties, Ohio, General Obligation Bonds, Series 
6/17 at 100.00 
Aa1 (6) 
1,145,950 
   
2007, 5.000%, 12/01/31 (Pre-refunded 6/01/17) 
     
1,920 
 
Montgomery County, Ohio, Revenue Bonds, Miami Valley Hospital, Series 2009A, 6.250%, 11/15/39 
11/14 at 100.00 
Aa3 (6) 
2,002,330 
   
(Pre-refunded 11/15/14) 
     
   
Ohio Higher Educational Facilities Commission, Revenue Bonds, Denison University, Series 2004: 
     
480 
 
5.000%, 11/01/21 (Pre-refunded 11/01/14) 
11/14 at 100.00 
Aa3 (6) 
495,859 
935 
 
5.000%, 11/01/21 (Pre-refunded 11/01/14) 
11/14 at 100.00 
AA (6) 
965,892 
1,320 
 
Ohio Higher Educational Facilities Commission, Revenue Bonds, University of Dayton, Series 
12/14 at 100.00 
A (6) 
1,368,985 
   
2004, 5.000%, 12/01/25 (Pre-refunded 12/01/14) – AMBAC Insured 
     
1,595 
 
Ohio State Building Authority, State Facilities Bonds, Administrative Building Fund Projects, 
4/15 at 100.00 
AA (6) 
1,678,897 
   
Series 2005A, 5.000%, 4/01/25 (Pre-refunded 4/01/15) – AGM Insured 
     
2,645 
 
Ohio State Building Authority, State Facilities Bonds, Adult Correctional Building Fund 
4/14 at 100.00 
AA (6) 
2,657,537 
   
Project, Series 2004A, 5.250%, 4/01/15 (Pre-refunded 4/01/14) – NPFG Insured 
     
2,000 
 
Ohio State Building Authority, State Facilities Bonds, Adult Correctional Building Fund 
4/15 at 100.00 
AA (6) 
2,105,200 
   
Project, Series 2005A, 5.000%, 4/01/23 (Pre-refunded 4/01/15) – AGM Insured 
     
3,850 
 
Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, University 
1/15 at 100.00 
A (6) 
4,074,646 
   
Hospitals Health System, Series 2009, 6.750%, 1/15/39 (Pre-refunded 1/15/15) 
     
1,760 
 
Ohio University at Athens, Subordinate Lien General Receipts Bonds, Series 2004, 5.000%, 
6/14 at 100.00 
Aa3 (6) 
1,782,317 
   
12/01/20 (Pre-refunded 6/01/14) – NPFG Insured 
     
1,220 
 
Ohio Water Development Authority, Revenue Bonds, Drinking Water Assistance Fund, State Match, 
6/18 at 100.00 
AAA 
1,433,244 
   
Series 2008, 5.000%, 6/01/28 (Pre-refunded 6/01/18) – AGM Insured 
     
   
Ohio Water Development Authority, Water Pollution Control Loan Fund Revenue Bonds, Water 
     
   
Quality Project, Series 2005B: 
     
1,225 
 
5.000%, 6/01/25 (Pre-refunded 6/01/15) 
6/15 at 100.00 
AAA 
1,299,039 
275 
 
5.000%, 6/01/25 (Pre-refunded 6/01/15) 
6/15 at 100.00 
AAA 
291,621 
   
Olentangy Local School District, Delaware and Franklin Counties, Ohio, General Obligation 
     
   
Bonds, Series 2004A: 
     
1,050 
 
5.500%, 12/01/15 (Pre-refunded 6/01/14) – FGIC Insured 
6/14 at 100.00 
AA+ (6) 
1,064,669 
1,000 
 
5.250%, 12/01/21 (Pre-refunded 6/01/14) – FGIC Insured 
6/14 at 100.00 
AA+ (6) 
1,013,320 
1,315 
 
5.250%, 12/01/23 (Pre-refunded 6/01/14) – FGIC Insured 
6/14 at 100.00 
AA+ (6) 
1,332,516 
3,380 
 
5.250%, 12/01/24 (Pre-refunded 6/01/14) – FGIC Insured 
6/14 at 100.00 
AA+ (6) 
3,425,022 
 
 
44 Nuveen Investments
 
 
 

 
 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
U.S. Guaranteed (6) (continued) 
     
$ 1,345 
 
Troy City School District, Miami County, Ohio, General Obligation Bonds, Series 2005, 5.000%, 
12/14 at 100.00 
Aa2 (6) 
$ 1,394,913 
   
12/01/28 (Pre-refunded 12/01/14) – AGM Insured 
     
2,605 
 
University of Cincinnati, Ohio, General Receipts Bonds, Series 2004D, 5.000%, 6/01/25 
6/14 at 100.00 
AA– (6) 
2,637,615 
   
(Pre-refunded 6/01/14) – AMBAC Insured 
     
   
Warren City School District, Trumbull County, Ohio, General Obligation Bonds, Series 2004: 
     
2,515 
 
5.000%, 12/01/20 (Pre-refunded 6/01/14) – FGIC Insured 
6/14 at 100.00 
AA (6) 
2,546,890 
1,170 
 
5.000%, 12/01/22 (Pre-refunded 6/01/14) – FGIC Insured 
6/14 at 100.00 
AA (6) 
1,184,836 
64,670 
 
Total U.S. Guaranteed 
   
67,596,468 
   
Utilities – 4.8% (3.2% of Total Investments) 
     
   
American Municipal Power Ohio Inc., General Revenue Bonds, Prairie State Energy Campus Project 
     
   
Series 2008A: 
     
50 
 
5.000%, 2/15/38 – AGC Insured 
2/18 at 100.00 
AA– 
51,363 
5,000 
 
5.250%, 2/15/43 
2/18 at 100.00 
A1 
5,139,000 
   
Cleveland, Ohio, Public Power System Revenue Bonds, Series 2008B: 
     
2,000 
 
0.000%, 11/15/28 – NPFG Insured 
No Opt. Call 
A
1,043,600 
6,895 
 
0.000%, 11/15/32 – NPFG Insured 
No Opt. Call 
A
2,721,388 
2,155 
 
0.000%, 11/15/34 – NPFG Insured 
No Opt. Call 
A
759,293 
1,500 
 
Ohio Air Quality Development Authority, Air Quality Revenue Refunding Bonds, Columbus Southern 
12/19 at 100.00 
Baa1 
1,603,725 
   
Power Company Project, Series 2009B, 5.800%, 12/01/38 
     
2,025 
 
Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation 
No Opt. Call 
BBB– 
2,268,446 
   
Project, Series 2009E, 5.625%, 10/01/19 
     
950 
 
Ohio Municipal Electric Generation Agency, Beneficial Interest Certificates, Belleville 
No Opt. Call 
A1 
500,413 
   
Hydroelectric Project – Joint Venture 5, Series 2001, 0.000%, 2/15/29 – NPFG Insured 
     
20,575 
 
Total Utilities 
   
14,087,228 
   
Water and Sewer – 9.2% (6.2% of Total Investments) 
     
8,150 
 
Cincinnati, Ohio, Water System Revenue Bonds, Series 2012A, 5.000%, 12/01/37 
12/21 at 100.00 
AAA 
8,827,019 
865 
 
City of Marysville, Ohio, Water System Mortgage Revenue Bonds, Series 2007, 5.000%, 12/01/32 – 
12/17 at 100.00 
A1 
926,969 
   
AMBAC Insured 
     
   
Cleveland, Ohio, Water Revenue Bonds, Second Lien Series 2012A: 
     
2,500 
 
5.000%, 1/01/25 
1/22 at 100.00 
Aa2 
2,876,175 
1,975 
 
5.000%, 1/01/26 
1/22 at 100.00 
Aa2 
2,254,305 
2,035 
 
Cleveland, Ohio, Water Revenue Bonds, Senior Lien Series 2012X, 5.000%, 1/01/42 
1/22 at 100.00 
Aa1 
2,177,084 
1,020 
 
Cleveland, Ohio, Waterworks First Mortgage Revenue Refunding and Improvement Bonds, Series 
No Opt. Call 
Aa1 
1,211,576 
   
1993G, 5.500%, 1/01/21 – NPFG Insured 
     
1,220 
 
Hamilton, Ohio, Wastewater System Revenue Bonds, Series 2005, 5.250%, 10/01/22 – AGM Insured 
10/15 at 100.00 
A1 
1,302,167 
2,025 
 
Ironton, Ohio, Sewer System Improvement Revenue Bonds, Series 2011, 5.250%, 12/01/40 – 
12/20 at 100.00 
A2 
2,143,341 
   
AGM Insured 
     
1,670 
 
Marysville, Ohio, Wastewater Treatment System Revenue Bonds, Series 2006, 5.250%, 12/01/24 – 
12/16 at 100.00 
A– 
1,864,772 
   
SYNCORA GTY Insured 
     
225 
 
Marysville, Ohio, Wastewater Treatment System Revenue Bonds, Series 2007, 5.000%, 12/01/37 – 
12/17 at 100.00 
A– 
234,128 
   
SYNCORA GTY Insured 
     
 
 
Nuveen Investments 45
 
 
 

 
 
     
NUO 
Nuveen Ohio Quality Income Municipal Fund 
 
 
Portfolio of Investments (continued) 
February 28, 2014 
 
 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Water and Sewer (continued) 
     
   
Toledo, Ohio, Sewerage System Revenue Bonds, Refunding Series 2013: 
     
$ 820 
 
5.000%, 11/15/25 
11/23 at 100.00 
Aa3 
$ 938,408 
605 
 
5.000%, 11/15/26 
11/23 at 100.00 
Aa3 
685,223 
1,075 
 
5.000%, 11/15/27 
11/23 at 100.00 
Aa3 
1,206,774 
695 
 
5.000%, 11/15/28 
11/23 at 100.00 
Aa3 
775,036 
24,880 
 
Total Water and Sewer 
   
27,422,977 
$ 451,950 
 
Total Long-Term Investments (cost $426,964,054) 
   
445,349,671 
   
Floating Rate Obligations – (2.9)% 
   
(8,625,000) 
   
Variable Rate Demand Preferred Shares, at Liquidation Value – (49.9)% (7) 
   
(148,000,000) 
   
Other Assets Less Liabilities – 2.7% 
   
7,943,101 
   
Net Assets Applicable to Common Shares – 100% 
   
$ 296,667,772 
 
 
(1)
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
 
(2)
Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
 
(3)
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
 
(4)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
 
(5)
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.
 
(6)
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.
 
(7)
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 33.2%. WI/DD Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
 
(ETM)
Escrowed to maturity.
 
(IF)
Inverse floating rate investment.
 
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
 
See accompanying notes to financial statements.
 
46 Nuveen Investments
 
 
 

 
 
           
NTX 
     
           Nuveen Texas Quality Income Municipal Fund 
   
Portfolio of Investments 
  February 28, 2014 
 
 
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
LONG-TERM INVESTMENTS – 149.8% (100.0% of Total Investments) 
     
   
MUNICIPAL BONDS – 149.8% (100.0% of Total Investments) 
     
   
Consumer Discretionary – 3.1% (2.0% of Total Investments) 
     
   
Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, First Tier 
     
   
Series 2006A: 
     
$ 1,450 
 
5.250%, 1/01/18 – SYNCORA GTY Insured 
1/17 at 100.00 
BB+ 
$ 1,503,476 
1,000 
 
5.000%, 1/01/34 – SYNCORA GTY Insured 
1/17 at 100.00 
BB+ 
923,530 
2,200 
 
San Antonio Convention Center Hotel Finance Corporation, Texas, Contract Revenue Empowerment 
7/15 at 100.00 
BBB 
2,124,716 
   
Zone Bonds, Series 2005A, 5.000%, 7/15/39 – AMBAC Insured (Alternative Minimum Tax) 
     
4,650 
 
Total Consumer Discretionary 
   
4,551,722 
   
Education and Civic Organizations – 13.7% (9.1% of Total Investments) 
     
2,000 
 
Board of Regents, University of Texas System, Financing System Revenue Bonds, Refunding Series 
No Opt. Call 
AAA 
2,421,620 
   
2012B, 5.000%, 8/15/22 
     
   
Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift Education 
     
   
Charter School, Series 2013A: 
     
2,000 
 
4.350%, 12/01/42 
12/22 at 100.00 
BBB– 
1,713,140 
1,000 
 
4.400%, 12/01/47 
12/22 at 100.00 
BBB– 
848,120 
1,000 
 
Danbury Higher Education Authority, Texas, Charter School Revenue Bonds, John H. Wood Jr. 
8/23 at 100.00 
BBB– 
1,027,570 
   
Public Charter District, Inspire Academies, Series 2013A, 6.000%, 8/15/28 
     
1,000 
 
Hale Center Education Facilities Corporation, Texas, Revenue Bonds, Wayland Baptist University 
3/21 at 100.00 
A– 
1,019,830 
   
Project, Improvement and Refunding Series 2010, 5.000%, 3/01/35 
     
1,000 
 
Harris County Cultural Education Facilities Finance Corporation, Texas, Medical Facilities 
11/22 at 100.00 
A– 
1,083,150 
   
Revenue Refunding Bonds, Baylor College of Medicine, Series 2012A, 5.000%, 11/15/26 
     
3,000 
 
Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Refunding 
6/23 at 100.00 
Baa3 
2,931,750 
   
Bonds, Young Men’s Christian Association of the Greater Houston Area, Series 2013A, 
     
   
5.000%, 6/01/38 
     
2,000 
 
Laredo Community College District, Webb County, Texas, Combined Fee Revenue Bonds, Series 
8/20 at 100.00 
AA– 
2,133,940 
   
2010, 5.250%, 8/01/35 – AGM Insured 
     
2,000 
 
Lone Star College System, Harris, Montgomery and San Jacinto Counties, Texas, Revenue 
2/21 at 100.00 
AA 
2,158,940 
   
Financing System Bonds, Series 2013, 5.000%, 2/15/36 
     
200 
 
Newark Cultural Education Facilities Finance Corporation, Texas, Lease Revenue Bonds, A.W. 
2/15 at 103.00 
BBB– 
205,972 
   
Brown-Fellowship Leadership Academy, Series 2012A, 6.000%, 8/15/42 
     
   
Red River Education Finance Corporation, Texas, Revenue Bonds, Hockaday School, Series 2005: 
     
1,170 
 
5.000%, 5/15/27 
5/15 at 100.00 
AA 
1,224,686 
1,230 
 
5.000%, 5/15/28 
5/15 at 100.00 
AA 
1,286,580 
1,290 
 
5.000%, 5/15/29 
5/15 at 100.00 
AA 
1,347,573 
890 
 
Texas State University System, Financing Revenue Bonds, Series 2004, 5.000%, 3/15/24 – 
9/14 at 100.00 
Aa2 
912,846 
   
AGM Insured 
     
19,780 
 
Total Education and Civic Organizations 
   
20,315,717 
   
Energy – 1.3% (0.9% of Total Investments) 
     
2,000 
 
Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds, Citgo 
10/22 at 100.00 
BB+ 
1,970,580 
   
Petroleum Corporation Project, Series 1995, 4.875%, 5/01/25 (Alternative Minimum Tax) 
     
   
Health Care – 11.9% (8.0% of Total Investments) 
     
1,000 
 
Harris County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue 
12/22 at 100.00 
A+ 
1,038,730 
   
Bonds, Memorial Hermann Healthcare System, Refunding Series 2013A, 5.000%, 12/01/35 
     
1,350 
 
Harrison County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Good 
7/20 at 100.00 
BBB+ 
1,333,841 
   
Shepherd Health System, Refunding Series 2010, 5.250%, 7/01/28 
     
 
 
Nuveen Investments 47
 
 
 

 
 
     
NTX 
Nuveen Texas Quality Income Municipal Fund 
 
 
Portfolio of Investments (continued) 
February 28, 2014 
 
 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Health Care (continued) 
     
$ 1,000 
 
Lufkin Health Facilities Development Corporation, Texas, Health System Revenue Bonds, Memorial 
2/17 at 100.00 
BBB– 
$ 1,011,950 
   
Health System of East Texas, Series 2007, 5.500%, 2/15/32 
     
2,000 
 
North Central Texas Health Facilities Development Corporation, Texas, Revenue Bonds, 
8/19 at 100.00 
AA 
2,165,640 
   
Children’s Medical Center Dallas Project, Series 2009, 5.750%, 8/15/39 
     
885 
 
North Central Texas Health Facilities Development Corporation, Texas, Revenue Bonds, 
8/22 at 100.00 
AA 
946,605 
   
Children’s Medical Center Dallas Project, Series 2012, 5.000%, 8/15/32 
     
515 
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue 
9/23 at 100.00 
A2 
531,624 
   
Bonds, Hendrick Medical Center, Series 2013, 5.125%, 9/01/33 
     
1,250 
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue 
8/20 at 100.00 
Aa3 
1,299,925 
   
Bonds, Scott & White Healthcare Project, Series 2010, 5.250%, 8/15/40 
     
2,500 
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas 
11/17 at 100.00 
AA– 
2,547,700 
   
Health Resources, Series 2007B, 5.000%, 11/15/42 
     
2,000 
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Refunding 
1/19 at 100.00 
AA– 
2,221,220 
   
Bonds, Christus Health, Series 2008A, 6.500%, 7/01/37 – AGC Insured 
     
1,720 
 
Tyler Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, East Texas 
11/17 at 100.00 
Baa2 
1,689,350 
   
Medical Center Regional Healthcare System, Series 2007A, 5.375%, 11/01/37 
     
700 
 
Tyler Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Mother Frances 
7/17 at 100.00 
Baa1 
696,136 
   
Hospital Regional Healthcare Center, Series 2007B, 5.000%, 7/01/37 
     
2,250 
 
Tyler Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Mother Frances 
7/17 at 100.00 
Baa1 
2,256,705 
   
Hospital Regional Healthcare Center, Series 2007, 5.000%, 7/01/33 
     
17,170 
 
Total Health Care 
   
17,739,426 
   
Long-Term Care – 1.0% (0.7% of Total Investments) 
     
   
Bexar County, Texas, Health Facilities Development Corporation Revenue Bonds, Army Retirement 
     
   
Residence, Series 2007: 
     
910 
 
5.000%, 7/01/27 
7/17 at 100.00 
BBB 
922,795 
600 
 
5.000%, 7/01/37 
7/17 at 100.00 
BBB 
579,912 
1,510 
 
Total Long-Term Care 
   
1,502,707 
   
Tax Obligation/General – 26.9% (18.0% of Total Investments) 
     
650 
 
Bexar County, Texas, General Obligation Bonds, Series 2004, 5.000%, 6/15/19 
6/14 at 100.00 
Aaa 
659,029 
400 
 
Calallen Independent School District, Nueces County, Texas, General Obligation Bonds, School 
2/18 at 100.00 
AAA 
431,360 
   
Building Series 2008, 5.000%, 2/15/38 
     
1,620 
 
Cameron County, Texas, General Obligation Bonds, State Highway 550 Project, Series 2012, 
2/22 at 100.00 
AA– 
1,736,948 
   
5.000%, 2/15/32 – AGM Insured 
     
1,500 
 
College Station, Texas, Certificates of Obligation, Series 2012, 5.000%, 2/15/32 
2/21 at 100.00 
AA 
1,650,135 
1,000 
 
El Paso County Hospital District, Texas, General Obligation Bonds, Refunding Series 2013, 
8/23 at 100.00 
AA 
1,076,900 
   
5.000%, 8/15/33 
     
1,750 
 
El Paso County, Texas, Certificates of Obligation, Series 2001, 5.000%, 2/15/21 – AGM Insured 
No Opt. Call 
AA 
2,080,505 
8,500 
 
Grand Prairie Independent School District, Dallas County, Texas, General Obligation Bonds, 
8/18 at 22.64 
AA 
1,626,305 
   
Capital Appreciation Refunding Series 2009, 0.000%, 8/15/39 
     
3,255 
 
Hutto Independent School District, Williamson County, Texas, General Obligation Bonds, 
8/21 at 100.00 
A
522,004 
   
Refunding Series 2012A, 0.000%, 8/01/45 
     
1,360 
 
Jacksonville Independent School District, Cherokee County, Texas, General Obligation Bonds, 
2/24 at 100.00 
Aaa 
1,491,349 
   
School Building Series 2014, 5.000%, 2/15/39 (WI/DD, Settling 3/03/14) 
     
4,900 
 
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation 
8/14 at 17.78 
AAA 
851,032 
   
Bonds, Series 2006, 0.000%, 8/15/45 
     
1,000 
 
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation 
8/17 at 33.01 
AAA 
302,910 
   
Bonds, Series 2008, 0.000%, 8/15/36 
     
365 
 
Lone Star College System, Harris and Montgomery Counties, Texas, General Obligation Bonds, 
8/19 at 100.00 
AAA 
404,931 
   
Series 2009, 5.000%, 8/15/34 
     
1,350 
 
Lubbock Independent School District, Lubbock County, Texas, General Obligation Bonds, School 
No Opt. Call 
AAA 
1,468,328 
   
Building Series 2013A, 5.000%, 2/15/43 
     
 
 
48 Nuveen Investments
 
 
 

 
 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Tax Obligation/General (continued) 
     
$ 1,750 
 
Martin County Hospital District, Texas, Combination Limited Tax and Revenue Bonds, Series 
4/21 at 100.00 
BBB 
$ 1,871,065 
   
2011A, 7.250%, 4/01/36 
     
   
McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013: 
     
1,000 
 
5.750%, 12/01/33 
12/25 at 100.00 
Baa2 
1,046,940 
1,000 
 
6.125%, 12/01/38 
12/25 at 100.00 
Baa2 
1,047,310 
1,010 
 
Mercedes Independent School District, Hidalgo County, Texas, General Obligation Bonds, Series 
8/15 at 100.00 
AAA 
1,077,822 
   
2005, 5.000%, 8/15/23 
     
1,500 
 
Montgomery County, Texas, General Obligation Bonds, Refunding Series 2008B, 5.250%, 3/01/32 
3/19 at 100.00 
Aa1 
1,674,870 
2,000 
 
Plano Independent School District, Collin County, Texas, General Obligation Bonds, Series 
2/18 at 100.00 
Aaa 
2,212,900 
   
2008A, 5.250%, 2/15/34 
     
1,425 
 
Port of Houston Authority, Harris County, Texas, General Obligation Bonds, Series 2010E, 
No Opt. Call 
AAA 
599,569 
   
0.000%, 10/01/35 
     
   
Roma Independent School District, Texas, General Obligation Bonds, Series 2005: 
     
1,110 
 
5.000%, 8/15/22 
8/15 at 100.00 
AAA 
1,184,537 
1,165 
 
5.000%, 8/15/23 – AGM Insured 
8/15 at 100.00 
AAA 
1,243,230 
1,250 
 
Southside Independent School District, Bexar County, Texas, General Obligation Bonds, Series 
8/14 at 100.00 
Aaa 
1,277,088 
   
2004A, 5.000%, 8/15/22 
     
2,000 
 
Texas State, General Obligation Bonds, Transportation Commission Highway Improvement Series 
No Opt. Call 
AAA 
2,169,400 
   
2012A, 5.000%, 4/01/42 
     
5,000 
 
Texas State, General Obligation Bonds, Transportation Commission Mobility Fund, Series 2006A, 
4/17 at 100.00 
AAA 
5,418,900 
   
5.000%, 4/01/33 (UB) 
     
1,000 
 
Texas State, General Obligation Bonds, Transportation Commission Mobility Fund, Series 2008, 
4/18 at 100.00 
AAA 
1,099,920 
   
5.000%, 4/01/30 (UB) 
     
325 
 
Texas State, General Obligation Bonds, Water Utility, Series 2001, 5.250%, 8/01/23 
8/14 at 100.00 
AAA 
326,424 
3,025 
 
Victoria Independent School District, Victoria County, Texas, General Obligation Bonds, School 
2/17 at 100.00 
AAA 
3,274,986 
   
Building Series 2007, 5.000%, 2/15/32 
     
   
West Texas Independent School District, McLennan and Hill Counties, General Obligation 
     
   
Refunding Bonds, Series 1998: 
     
45 
 
0.000%, 8/15/22 
8/14 at 64.64 
AAA 
28,475 
45 
 
0.000%, 8/15/24 
8/14 at 57.95 
AAA 
25,531 
   
White Settlement Independent School District, Tarrant County, Texas, General Obligation Bonds, 
     
   
Series 2006: 
     
240 
 
0.000%, 8/15/43 
8/15 at 23.11 
AAA 
51,900 
240 
 
0.000%, 8/15/44 
8/15 at 21.88 
AAA 
49,102 
65 
 
0.000%, 8/15/45 
8/15 at 20.76 
AAA 
12,615 
52,845 
 
Total Tax Obligation/General 
   
39,994,320 
   
Tax Obligation/Limited – 18.5% (12.3% of Total Investments) 
     
1,000 
 
Bexar County, Texas, Venue Project Revenue Bonds, Refunding Series 2010, 5.250%, 8/15/38 – 
8/19 at 100.00 
AA– 
1,051,520 
   
AGM Insured 
     
7,940 
 
Dallas Area Rapid Transit, Texas, Sales Tax Revenue Bonds, Senior Lien Refunding Series 2007, 
12/16 at 100.00 
AA+ 
8,518,586 
   
5.000%, 12/01/36 – AMBAC Insured 
     
1,390 
 
Harris County Metropolitan Transit Authority, Texas, Sales and Use Tax Revenue Bonds, Series 
11/21 at 100.00 
AA+ 
1,487,173 
   
2011A, 5.000%, 11/01/41 
     
   
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H: 
     
300 
 
0.000%, 11/15/24 – NPFG Insured 
No Opt. Call 
A
163,011 
210 
 
0.000%, 11/15/32 – NPFG Insured 
11/31 at 94.05 
A
64,306 
260 
 
0.000%, 11/15/33 
11/31 at 88.44 
A
74,027 
2,045 
 
0.000%, 11/15/34 – NPFG Insured 
11/31 at 83.17 
A
535,463 
1,130 
 
0.000%, 11/15/36 – NPFG Insured 
11/31 at 73.51 
A
254,318 
4,270 
 
0.000%, 11/15/38 – NPFG Insured 
11/31 at 64.91 
A
822,829 
2,260 
 
0.000%, 11/15/39 – NPFG Insured 
11/31 at 60.98 
A
402,393 
 
 
Nuveen Investments 49
 
 
 

 

 
     
NTX 
Nuveen Texas Quality Income Municipal Fund 
 
 
Portfolio of Investments (continued) 
February 28, 2014 
 
 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Tax Obligation/Limited (continued) 
     
   
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Senior Lien Series 2001G: 
     
$ 2,250 
 
5.250%, 11/15/22 – NPFG Insured 
5/14 at 100.00 
A
$ 2,251,170 
3,440 
 
0.000%, 11/15/41 – NPFG Insured 
11/31 at 53.78 
A
614,934 
1,000 
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3, 
11/24 at 59.10 
A
284,720 
   
0.000%, 11/15/33 – NPFG Insured 
     
1,500 
 
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment 
No Opt. Call 
A2 
1,543,575 
   
Facilities Department, Refunding Series 2011B, 5.000%, 9/01/30 
     
2,000 
 
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment 
3/14 at 100.00 
A2 
2,001,540 
   
Project, Refunding Series 2012, 5.000%, 9/01/33 
     
1,470 
 
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment 
No Opt. Call 
A2 
561,305 
   
Project, Series 2001B, 0.000%, 9/01/32 – AMBAC Insured 
     
250 
 
Little Elm. Texas, Valencia Public Improvement District Phase I Special Assessment Revenue 
3/18 at 103.00 
N/R 
252,170 
   
Bonds, Series 2014, 7.150%, 9/01/37 
     
3,000 
 
North Texas Tollway Authority, Special Projects System Revenue Bonds, Current Interest Series 
9/21 at 100.00 
AA+ 
3,297,990 
   
2011D, 5.000%, 9/01/31 
     
2,000 
 
North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A, 
9/21 at 100.00 
AA+ 
2,203,140 
   
5.500%, 9/01/41 
     
1,000 
 
Uptown Development Authority, Houston, Texas, Tax Increment Revenue Bonds, Infrastructure 
9/19 at 100.00 
BBB 
1,056,790 
   
Improvement Facilities, Series 2009, 5.500%, 9/01/29 
     
38,715 
 
Total Tax Obligation/Limited 
   
27,440,960 
   
Transportation – 14.5% (9.7% of Total Investments) 
     
   
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2010: 
     
2,945 
 
0.000%, 1/01/36 
No Opt. Call 
Baa2 
816,236 
2,205 
 
0.000%, 1/01/37 
No Opt. Call 
Baa2 
572,462 
2,160 
 
0.000%, 1/01/38 
No Opt. Call 
Baa2 
523,778 
1,000 
 
0.000%, 1/01/40 
No Opt. Call 
Baa2 
214,250 
665 
 
Central Texas Regional Mobility Authority, Revenue Bonds, Subordinate Lien Refunding Series 
1/23 at 100.00 
Baa3 
616,063 
   
2013, 5.000%, 1/01/42 
     
1,000 
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2010A, 
11/20 at 100.00 
A+ 
1,038,710 
   
5.000%, 11/01/42 
     
1,165 
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2012B, 
11/20 at 100.00 
A+ 
1,222,504 
   
5.000%, 11/01/35 
     
1,670 
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier Series 
10/23 at 100.00 
BBB+ 
1,691,393 
   
2013A, 5.125%, 10/01/43 
     
1,165 
 
Harris County, Texas, Toll Road Senior Lien Revenue Refunding Bonds, Series 2012C, 
No Opt. Call 
AA 
1,282,630 
   
5.000%, 8/15/31 
     
2,000 
 
Houston, Texas, Subordinate Lien Airport System Revenue Refunding Bonds, Series 2012A, 5.000%, 
7/22 at 100.00 
A+ 
2,102,158 
   
7/01/31 (Alternative Minimum Tax) 
     
3,000 
 
Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, 
11/20 at 100.00 
BBB– 
3,060,660 
   
Southwest Airlines Company, Series 2010, 5.250%, 11/01/40 
     
395 
 
North Texas Tollway Authority, First Tier System Revenue Refunding Bonds, Series 2008A, 
1/18 at 100.00 
A2 
430,748 
   
5.750%, 1/01/40 
     
   
North Texas Tollway Authority, First Tier System Revenue Refunding Bonds, Series 2008B: 
     
325 
 
5.750%, 1/01/40 
1/18 at 100.00 
A2 
354,413 
225 
 
5.750%, 1/01/40 – NPFG Insured 
1/18 at 100.00 
A
245,363 
2,500 
 
North Texas Tollway Authority, First Tier System Revenue Refunding Bonds, Series 2008D, 
No Opt. Call 
AA– 
804,350 
   
0.000%, 1/01/36 – AGC Insured 
     
950 
 
North Texas Tollway Authority, Second Tier System Revenue Refunding Bonds, Series 2008F, 
1/18 at 100.00 
A3 
1,009,470 
   
5.750%, 1/01/38 
     
 
 
50 Nuveen Investments
 
 
 

 
 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Transportation (continued) 
     
   
North Texas Tollway Authority, System Revenue Bonds, First Tier Series 2009A: 
     
$ 100 
 
6.100%, 1/01/28 
1/19 at 100.00 
A2 
$ 115,650 
2,000 
 
6.250%, 1/01/39 
1/19 at 100.00 
A2 
2,242,420 
2,500 
 
San Antonio, Texas, Airport System Revenue Bonds, Refunding Series 2012, 5.000%, 7/01/27 
7/22 at 100.00 
A+ 
2,714,525 
   
(Alternative Minimum Tax) 
     
1,250 
 
Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 
8/14 at 40.96 
A– 
499,763 
   
2002A, 0.000%, 8/15/29 – AMBAC Insured 
     
29,220 
 
Total Transportation 
   
21,557,546 
   
U.S. Guaranteed – 25.3% (16.9% of Total Investments) (4) 
     
610 
 
Bexar County, Texas, General Obligation Bonds, Series 2004, 5.000%, 6/15/19 
6/14 at 100.00 
Aaa 
618,876 
   
(Pre-refunded 6/15/14) 
     
2,000 
 
Borger Independent School District, Hutchison County, Texas, General Obligation Bonds, Series 
2/16 at 100.00 
AAA 
2,183,100 
   
2006, 5.000%, 2/15/36 (Pre-refunded 2/15/16) 
     
   
Brazoria County Health Facilities Development Corporation, Texas, Revenue Bonds, Brazosport 
     
   
Memorial Hospital, Series 2004: 
     
1,745 
 
5.250%, 7/01/20 (Pre-refunded 7/01/14) – RAAI Insured 
7/14 at 100.00 
N/R (4) 
1,775,712 
1,835 
 
5.250%, 7/01/21 (Pre-refunded 7/01/14) – RAAI Insured 
7/14 at 100.00 
N/R (4) 
1,867,296 
3,455 
 
Brownsville, Texas, Utility System Priority Revenue Bonds, Series 2005A, 5.000%, 9/01/27 
9/15 at 100.00 
A2 (4) 
3,703,795 
   
(Pre-refunded 9/01/15) – AMBAC Insured 
     
1,190 
 
Canutillo Independent School District, El Paso County, Texas, General Obligation Bonds, Series 
8/15 at 100.00 
AAA 
1,273,633 
   
2006A, 5.000%, 8/15/22 (Pre-refunded 8/15/15) 
     
3,260 
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2005, 5.000%, 
1/15 at 100.00 
A (4) 
3,392,780 
   
1/01/22 (Pre-refunded 1/01/15) – FGIC Insured 
     
295 
 
Coppell Independent School District, Dallas County, Texas, Unlimited Tax School Building and 
No Opt. Call 
AA– (4) 
294,755 
   
Refunding Bonds, Series 1992, 0.000%, 8/15/14 – NPFG Insured (ETM) 
     
3,615 
 
Frisco, Texas, General Obligation Bonds, Series 2006, 5.000%, 2/15/26 (Pre-refunded 2/15/16) – 
2/16 at 100.00 
Aa1 (4) 
3,948,195 
   
FGIC Insured 
     
5,000 
 
Houston, Texas, General Obligation Bonds, Series 2005E, 5.000%, 3/01/23 (Pre-refunded 3/01/15) – 
3/15 at 100.00 
AA+ (4) 
5,244,350 
   
AMBAC Insured 
     
1,655 
 
Irving, Texas, Waterworks and Sewerage Revenue Bonds, Subordinate Lien Series 2004, 5.000%, 
8/14 at 100.00 
Aa1 (4) 
1,692,535 
   
8/15/23 (Pre-refunded 8/15/14) – AMBAC Insured 
     
   
Lower Colorado River Authority, Texas, Revenue Bonds, Series 2008: 
     
40 
 
5.750%, 5/15/37 (Pre-refunded 5/15/15) 
5/15 at 100.00 
A1 (4) 
42,678 
1,785 
 
5.750%, 5/15/37 (Pre-refunded 5/15/15) 
5/15 at 100.00 
A1 (4) 
1,906,309 
3,580 
 
Midlothian Independent School District, Ellis County, Texas, General Obligation Bonds, Series 
2/15 at 100.00 
N/R (4) 
3,747,365 
   
2005, 5.000%, 2/15/34 (Pre-refunded 2/15/15) 
     
1,000 
 
North Central Texas Health Facilities Development Corporation, Hospital Revenue Bonds, 
No Opt. Call 
Aaa 
1,230,410 
   
Presbyterian Healthcare System, Series 1996A, 5.750%, 6/01/26 – NPFG Insured (ETM) 
     
2,500 
 
Retama Development Corporation, Texas, Special Facilities Revenue Bonds, Retama Park 
12/17 at 100.00 
Aaa 
3,254,275 
   
Racetrack, Series 1993, 8.750%, 12/15/18 (Pre-refunded 12/15/17) 
     
775 
 
Texas State University System, Financing Revenue Bonds, Series 2004, 5.000%, 3/15/24 
9/14 at 100.00 
Aa2 (4) 
795,731 
   
(Pre-refunded 9/15/14) – AGM Insured 
     
   
White Settlement Independent School District, Tarrant County, Texas, General Obligation Bonds, 
     
   
Series 2006: 
     
1,260 
 
0.000%, 8/15/43 (Pre-refunded 8/15/15) 
8/15 at 23.11 
N/R (4) 
289,888 
1,260 
 
0.000%, 8/15/44 (Pre-refunded 8/15/15) 
8/15 at 21.88 
N/R (4) 
274,340 
360 
 
0.000%, 8/15/45 (Pre-refunded 8/15/15) 
8/15 at 20.76 
N/R (4) 
74,380 
37,220 
 
Total U.S. Guaranteed 
   
37,610,403 
 
 
Nuveen Investments 51
 
 
 

 
 
     
NTX 
Nuveen Texas Quality Income Municipal Fund 
 
 
Portfolio of Investments (continued) 
February 28, 2014 
 
 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Utilities – 15.4% (10.3% of Total Investments) 
     
$ 3,000 
 
Austin, Texas, Electric Utility System Revenue Refunding Bonds, Series 2012A, 5.000%, 11/15/40 
No Opt. Call 
AA– 
$ 3,188,070 
2,560 
 
Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric 
4/14 at 100.00 
C
70,374 
   
Company, Series 1999C, 7.700%, 3/01/32 (Alternative Minimum Tax) 
     
1,545 
 
Brownsville, Texas, Utility System Priority Revenue Bonds, Series 2005A, 5.000%, 9/01/27 – 
9/15 at 100.00 
A+ 
1,629,264 
   
AMBAC Insured 
     
2,000 
 
Bryan, Brazos County, Texas, Electric System Revenue Bonds, Series 2009, 5.000%, 7/01/34 
7/17 at 100.00 
A+ 
2,125,620 
3,000 
 
Lower Colorado River Authority, Texas, Refunding Revenue Bonds, Series 2010A, 5.000%, 5/15/40 
5/20 at 100.00 
A1 
3,090,990 
175 
 
Lower Colorado River Authority, Texas, Revenue Bonds, Series 2008, 5.750%, 5/15/37 
No Opt. Call 
A1 
183,454 
2,000 
 
Lower Colorado River Authority, Texas, Revenue Refunding Bonds, Series 2012B, 5.000%, 5/15/29 
5/22 at 100.00 
A1 
2,180,380 
1,500 
 
Matagorda County Navigation District Number One, Texas, Pollution Control Revenue Refunding 
7/19 at 102.00 
Baa1 
1,689,795 
   
Bonds, Central Power and Light Company Project, Series 2009A, 6.300%, 11/01/29 
     
1,000 
 
Sam Rayburn Municipal Power Agency, Texas, Power Supply System Revenue Refunding Bonds, 
No Opt. Call 
BBB+ 
1,165,730 
   
Series 2012, 5.000%, 10/01/20 
     
   
Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior 
     
   
Lien Series 2008D: 
     
985 
 
5.625%, 12/15/17 
No Opt. Call 
A– 
1,107,140 
3,000 
 
6.250%, 12/15/26 
No Opt. Call 
A– 
3,600,510 
1,000 
 
Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Series 
No Opt. Call 
A– 
1,142,930 
   
2006A, 5.250%, 12/15/20 
     
   
Texas Municipal Power Agency, Subordinate Lien Revenue Bonds, Transmission Refunding 
     
   
Series 2010: 
     
640 
 
5.000%, 9/01/34 
9/20 at 100.00 
A+ 
671,680 
1,000 
 
5.000%, 9/01/40 
9/20 at 100.00 
A+ 
1,036,210 
23,405 
 
Total Utilities 
   
22,882,147 
   
Water and Sewer – 18.2% (12.1% of Total Investments) 
     
1,575 
 
Bell County Water Control Improvement District 1, Texas, Water Revenue Bonds, Series 2014, 
7/23 at 100.00 
AA 
1,681,092 
   
5.000%, 7/10/38 (WI/DD, Settling 3/20/14) – BAM Insured 
     
2,500 
 
Bexar Metropolitan Water District, Texas, Waterworks System Revenue Bonds, Refunding Series 
5/20 at 100.00 
A1 
2,703,650 
   
2010, 5.875%, 5/01/40 
     
2,500 
 
Canadian River Municipal Water Authority, Texas, Contract Revenue Bonds, Conjunctive Use 
2/21 at 100.00 
AA 
2,705,050 
   
Groundwater Supply Project, Subordinate Lien Series 2011, 5.000%, 2/15/31 
     
   
Coastal Water Authority, Texas, Contract Revenue Bonds, Houston Water Projects, Series 2004: 
     
1,005 
 
5.000%, 12/15/20 – FGIC Insured 
12/14 at 100.00 
AA 
1,024,799 
1,030 
 
5.000%, 12/15/21 – FGIC Insured 
12/14 at 100.00 
AA 
1,047,809 
2,000 
 
Corpus Christi, Texas, Utility System Revenue Bonds, Improvement Junior Lien Series 2013, 
7/23 at 100.00 
A1 
2,081,180 
   
5.000%, 7/15/43 
     
1,000 
 
El Paso, Texas, Water and Sewer Revenue Bonds, Refunding Series 2008C, 5.375%, 3/01/29 
3/18 at 100.00 
AA+ 
1,135,170 
3,000 
 
Houston, Texas, First Lien Combined Utility System Revenue Bonds, First Lien Series 2004A, 
5/14 at 100.00 
AA 
3,032,338 
   
5.250%, 5/15/23 – FGIC Insured 
     
2,000 
 
Houston, Texas, First Lien Combined Utility System Revenue Bonds, Refunding Series 2012D, 
11/22 at 100.00 
AA 
2,143,520 
   
5.000%, 11/15/42 
     
   
Irving, Texas, Waterworks and Sewerage Revenue Bonds, Subordinate Lien Series 2004: 
     
100 
 
5.000%, 8/15/22 – AMBAC Insured 
8/14 at 100.00 
Aa1 
102,167 
105 
 
5.000%, 8/15/23 – AMBAC Insured 
8/14 at 100.00 
Aa1 
107,275 
4,000 
 
Laredo, Webb County, Texas, Waterworks and Sewer System Revenue Bonds, Series 2010, 
3/20 at 100.00 
AA– 
4,410,720 
   
5.250%, 3/01/40 
     
710 
 
North Fort Bend Water Authority, Texas, Water System Revenue Bonds, Series 2011, 5.000%, 
12/21 at 100.00 
AA– 
743,306 
   
12/15/36 – AGM Insured 
     
 
 
52 Nuveen Investments
 
 
 

 

 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Water and Sewer (continued) 
     
$ 3,860 
 
North Harris County Regional Water Authority, Texas, Water Revenue Bonds, Senior Lien 
12/22 at 100.00 
A+ 
$ 4,145,138 
   
Refunding Series 2013, 5.000%, 12/15/33 
     
25,385 
 
Total Water and Sewer 
   
27,063,214 
$ 251,900 
 
Total Long-Term Investments (cost $214,559,456) 
   
222,628,742 
   
Floating Rate Obligations – (2.7)% 
   
(3,960,000) 
   
MuniFund Term Preferred Shares, at Liquidation Value – (47.7)% (5) 
   
(70,920,000) 
   
Other Assets Less Liabilities – 0.6% 
   
831,514 
   
Net Assets Applicable to Common Shares – 100% 
   
$ 148,580,256 
 
 
(1)
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
 
(2)
Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
 
(3)
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
 
(4)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
 
(5)
MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 31.9%. WI/DD Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
 
(ETM)
Escrowed to maturity.
 
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
 
See accompanying notes to financial statements.
 
Nuveen Investments 53
 
 
 

 
 
                         
Statement of 
                       
Assets and Liabilities 
             
February 28, 2014
 
   
   
   
Arizona
   
Michigan
   
Ohio
   
Texas
 
   
Premium
   
Quality
   
Quality
   
Quality
 
   
Income
   
Income
   
Income
   
Income
 
   
(NAZ)
   
(NUM)
   
(NUO)
   
(NTX)
 
   
Assets 
                       
Long-term investments, at value (cost $230,625,676, $453,490,441, 
                       
$426,964,054 and $214,559,456, respectively) 
  $ 241,834,225     $ 471,754,431     $ 445,349,671     $ 222,628,742  
Cash 
    1,818,339       1,618,219       5,847,932       429,177  
Receivable for: 
                               
Interest 
    2,519,077       6,337,267       5,465,518       2,617,068  
Investments sold 
    387,273                   1,260,000  
Deferred offering costs 
    120,573       125,210       290,791       519,983  
Other assets 
    978       30,287       125,384       922  
            Total assets 
    246,680,465       479,865,414       457,079,296       227,455,892  
Liabilities 
                               
Floating rate obligations 
    2,755,000       6,625,000       8,625,000       3,960,000  
Payable for: 
                               
Common share dividends 
    736,931       1,427,330       1,356,779       529,553  
Interest 
    59,651       120,056             135,930  
Investments purchased 
                1,969,726       3,132,475  
Offering costs 
    108,421       109,421       67,103        
MuniFund Term Preferred (“MTP”) Shares, at liquidation value 
                      70,920,000  
Variable Rate MuniFund Term Preferred (“VMTP”) Shares, at liquidation value 
    79,000,000       159,000,000              
Variable Rate Demand Preferred (“VRDP”) Shares, at liquidation value 
                148,000,000        
Accrued expenses: 
                               
Management fees 
    118,738       218,836       212,114       104,217  
Trustees fees 
    2,654       36,112       6,772       2,384  
Other 
    264,240       148,273       174,030       91,077  
            Total liabilities 
    83,045,635       167,685,028       160,411,524       78,875,636  
Net assets applicable to common shares 
  $ 163,634,830     $ 312,180,386     $ 296,667,772     $ 148,580,256  
Common shares outstanding 
    11,563,886       20,833,387       18,521,955       10,027,210  
Net asset value (“NAV”) per common share outstanding (net assets 
                               
applicable to common shares, divided by common 
                               
shares outstanding) 
  $ 14.15     $ 14.98     $ 16.02     $ 14.82  
Net assets applicable to common shares consist of: 
                               
Common shares, $.01 par value per share 
  $ 115,639     $ 208,334     $ 185,220     $ 100,272  
Paid-in surplus 
    157,973,393       295,641,599       281,145,837       142,178,390  
Undistributed (Over-distribution of) net investment income 
    1,622,957       2,107,628       2,297,481       429,631  
Accumulated net realized gain (loss) 
    (7,285,708 )      (4,041,165 )      (5,346,383 )      (2,197,323 ) 
Net unrealized appreciation (depreciation) 
    11,208,549       18,263,990       18,385,617       8,069,286  
Net assets applicable to common shares 
  $ 163,634,830     $ 312,180,386     $ 296,667,772     $ 148,580,256  
Authorized shares: 
                               
Common 
 
Unlimited
   
Unlimited
   
Unlimited
   
Unlimited
 
Preferred 
 
Unlimited
   
Unlimited
   
Unlimited
   
Unlimited
 
 
 
See accompanying notes to financial statements.
 
54 Nuveen Investments
 
 
 

 
 
 
                         
Statement of 
                       
Operations 
       
Year Ended February 28, 2014
 
   
   
   
Arizona
   
Michigan
   
Ohio
   
Texas
 
   
Premium
   
Quality
   
Quality
   
Quality
 
   
Income
   
Income
   
Income
   
Income
 
   
(NAZ)
   
(NUM)
   
(NUO)
   
(NTX)
 
Investment Income 
  $ 11,290,705     $ 22,696,559     $ 21,341,623     $ 10,305,126  
Expenses 
                               
Management fees 
    1,450,929       2,873,428       2,669,118       1,366,466  
Shareholder servicing agent fees and expenses 
    52,032       65,021       71,172       23,852  
Interest expense and amortization of offering costs 
    2,013,633       2,635,612       2,302,101       1,939,820  
Liquidity fees 
                587,878        
Remarketing fees 
                64,133        
Custodian fees and expenses 
    45,449       78,192       78,228       45,200  
Trustees fees and expenses 
    6,153       12,653       11,472       5,881  
Professional fees 
    51,294       63,318       61,655       32,086  
Shareholder reporting expenses 
    70,401       120,771       94,366       29,455  
Stock exchange listing fees 
    7,854       46,436       8,305       24,706  
Investor relations expenses 
    24,952       41,910       43,161       23,980  
Other expenses 
    44,009       148,671       56,234       198,022  
Total expenses 
    3,766,706       6,086,012       6,047,823       3,689,468  
Net investment income (loss) 
    7,523,999       16,610,547       15,293,800       6,615,658  
Realized and Unrealized Gain (Loss) 
                               
Net realized gain (loss) from investments 
    (3,227,541 )      (820,048 )      (1,711,699 )      341,993  
Change in net unrealized appreciation 
                               
    (depreciation) of investments 
    (10,251,936 )      (25,818,635 )      (25,667,636 )      (10,506,722 ) 
Net realized and unrealized gain (loss) 
    (13,479,477 )      (26,638,683 )      (27,379,335 )      (10,164,729 ) 
Net increase (decrease) in net assets applicable to 
                               
    common shares from operations 
  $ (5,955,478 )    $ (10,028,136 )    $ (12,085,535 )    $ (3,549,071 ) 
 
 
See accompanying notes to financial statements.
 
Nuveen Investments 55
 
 
 

 
 
                         
Statement of 
                       
Changes in Net Assets 
                       
   
   
      Arizona       Michigan  
   
Premium Income (NAZ)
   
Quality Income (NUM)
 
   
Year
   
Year
   
Year
   
Year
 
   
Ended
   
Ended
   
Ended
   
Ended
 
   
2/28/14
   
2/28/13
   
2/28/14
   
2/28/13
 
Operations 
                       
Net investment income (loss) 
  $ 7,523,999     $ 3,359,363     $ 16,610,547     $ 10,609,331  
Net realized gain (loss) from investments 
    (3,227,541 )      399,259       (820,048 )      1,055,844  
Change in net unrealized appreciation 
                               
(depreciation) of investments 
    (10,251,936 )      2,572,355       (25,818,635 )      5,075,408  
Net increase (decrease) in net assets applicable 
                               
to common shares from operations 
    (5,955,478 )      6,330,977       (10,028,136 )      16,740,583  
Distributions to Common Shareholders 
                               
From net investment income 
    (8,031,653 )      (3,435,310 )      (18,540,700 )      (10,948,631 ) 
Decrease in net assets applicable to common 
                               
shares from distributions to common shareholders 
    (8,031,653 )      (3,435,310 )      (18,540,700 )      (10,948,631 ) 
Capital Share Transactions 
                               
Common shares: 
                               
Issued in the Reorganizations(1) 
    108,375,032                   150,995,038  
Proceeds from shelf offering, net of offering costs 
                       
Net proceeds from shares issued to shareholders 
                               
          due to reinvestment of distributions 
    10,916       72,322              
Repurchased and retired 
                (307,413 )       
Net increase (decrease) in net assets applicable to 
                               
common shares from capital share transactions 
    108,385,948       72,322       (307,413 )      150,995,038  
Net increase (decrease) in net assets applicable to 
                               
common shares 
    94,398,817       2,967,989       (28,876,249 )      156,786,990  
Net assets applicable to common shares at the 
                               
beginning of period 
    69,236,013       66,268,024       341,056,635       184,269,645  
Net assets applicable to common shares at 
                               
the end of period 
  $ 163,634,830     $ 69,236,013     $ 312,180,386     $ 341,056,635  
Undistributed (Over-distribution of) net 
                               
investment income at the end of period 
  $ 1,622,957     $ 1,328,971     $ 2,107,628     $ 3,449,136  
(1) Refer to Note 1 – General Information and Significant Accounting Policies, Fund Reorganizations for further details.
                 
 
 
See accompanying notes to financial statements.
 
56 Nuveen Investments
 
 
 

 

 
                         
    Ohio     Texas  
   
Quality Income (NUO)
   
Quality Income (NTX)
 
   
Year
   
Year
   
Year
   
Year
 
   
Ended
   
Ended
   
Ended
   
Ended
 
   
2/28/14
   
2/28/13
   
2/28/14
   
2/28/13
 
Operations 
                       
Net investment income (loss) 
  $ 15,293,800     $ 8,747,176     $ 6,615,658     $ 6,597,706  
Net realized gain (loss) from investments 
    (1,711,699 )      528,266       341,993       146,649  
Change in net unrealized appreciation 
                               
(depreciation) of investments 
    (25,667,636 )      4,628,049       (10,506,722 )      4,534,825  
Net increase (decrease) in net assets applicable 
                               
to common shares from operations 
    (12,085,535 )      13,903,491       (3,549,071 )      11,279,180  
Distributions to Common Shareholders 
                               
From net investment income 
    (16,998,251 )      (9,392,963 )      (6,982,757 )      (7,480,548 ) 
Decrease in net assets applicable to common 
                               
shares from distributions to common shareholders 
    (16,998,251 )      (9,392,963 )      (6,982,757 )      (7,480,548 ) 
Capital Share Transactions 
                               
Common shares: 
                               
Issued in the Reorganizations(1) 
    152,721,496                    
Proceeds from shelf offering, net of offering costs 
                156,238       6,438,085  
Net proceeds from shares issued to shareholders 
                               
          due to reinvestment of distributions 
    131,761       678,374       35,861       460,831  
Repurchased and retired 
                       
Net increase (decrease) in net assets applicable to 
                               
common shares from capital share transactions 
    152,853,257       678,374       192,099       6,898,916  
Net increase (decrease) in net assets applicable to 
                               
common shares 
    123,769,471       5,188,902       (10,339,729 )      10,697,548  
Net assets applicable to common shares at the 
                               
beginning of period 
    172,898,301       167,709,399       158,919,985       148,222,437  
Net assets applicable to common shares at 
                               
the end of period 
  $ 296,667,772     $ 172,898,301     $ 148,580,256     $ 158,919,985  
Undistributed (Over-distribution of) net 
                               
investment income at the end of period 
  $ 2,297,481     $ 2,946,996     $ 429,631     $ 501,493  
(1) Refer to Note 1 – General Information and Significant Accounting Policies, Fund Reorganizations for further details.
                 
 
 
See accompanying notes to financial statements.
 
Nuveen Investments 57
 
 
 

 

 
                         
Statement of 
                       
Cash Flows 
       
Year Ended February 28, 2014
 
   
   
   
Arizona
   
Michigan
   
Ohio
   
Texas
 
   
Premium
   
Quality
   
Quality
   
Quality
 
   
Income
   
Income
   
Income
   
Income
 
   
(NAZ)
   
(NUM)
   
(NUO)
   
(NTX)
 
Cash Flows from Operating Activities: 
                       
Net Increase (Decrease) In Net Assets Applicable to Common Shares 
                       
from Operations 
  $ (5,955,478 )    $ (10,028,136 )    $ (12,085,535 )    $ (3,549,071 ) 
Adjustments to reconcile the net increase (decrease) in net assets applicable 
                               
to common shares from operations to net cash provided by (used in) 
                               
operating activities: 
                               
Purchases of investments 
    (31,779,271 )      (71,004,271 )      (61,359,518 )      (28,579,859 ) 
Proceeds from sales and maturities of investments 
    30,650,987       71,789,767       51,649,130       28,105,706  
Amortization (Accretion) of premiums and discounts, net 
    459,839       463,427       380,425       112,598  
Assets (Liabilities) acquired in the Reorganizations, net 
    (47,016,914 )            (68,626,181 )       
(Increase) Decrease in: 
                               
Receivable for interest 
    (1,576,886 )      179,386       (2,615,997 )      (14,037 ) 
Receivable for investments sold 
    (387,273 )            180,000       (1,230,000 ) 
Other assets 
    (423 )      (621 )      (124,370 )      41  
Increase (Decrease) in: 
                               
Payable for interest 
    34,889       (36,616 )      (65,002 )       
Payable for investments purchased 
                1,969,726       3,132,475  
Accrued management fees 
    71,729       (14,199 )      94,894       (5,210 ) 
Accrued Trustees fees 
    2,281       5,857       5,824       1,513  
Accrued reorganization expenses 
    (80,000 )      (555,000 )      (200,000 )       
Accrued other expenses 
    217,906       6,717       86,325       8,805  
Net realized (gain) loss from investments 
    3,227,541       820,048       1,711,699       (341,993 ) 
Change in net unrealized (appreciation) depreciation of investments 
    10,251,936       25,818,635       25,667,636       10,506,722  
Taxes paid on undistributed capital gains 
    (3,118 )      (1,181 )      (3,148 )      (288 ) 
Net cash provided by (used in) operating activities 
    (41,882,255 )      17,443,813       (63,334,092 )      8,147,402  
Cash Flows from Financing Activities: 
                               
(Increase) Decrease in: 
                               
Deferred offering costs 
    (25,818 )      567,448       (58,761 )      368,677  
Increase (Decrease) in: 
                               
Cash overdraft 
                      (1,272,565 ) 
Floating rate obligations 
                8,625,000        
Payable for offering costs 
    108,421       32,212       67,103        
MTP Shares, at liquidation value 
          (16,313,000 )             
VMTP Shares, at liquidation value 
    51,000,000       17,200,000       (73,500,000 )       
VRDP Shares, at liquidation value 
                148,000,000        
Cash distributions paid to common shareholders 
    (7,554,674 )      (18,536,002 )      (16,201,496 )      (6,970,575 ) 
Proceeds from shelf offering, net of offering costs 
                      156,238  
Cost of common shares repurchased and retired 
          (307,413 )             
Net cash provided by (used in) financing activities 
    43,527,929       (17,356,755 )      66,931,846       (7,718,225 ) 
Net Increase (Decrease) in Cash 
    1,645,674       87,058       3,597,754       429,177  
Cash at the beginning of period 
    172,665       1,531,161       2,250,178        
Cash at the end of period 
  $ 1,818,339     $ 1,618,219     $ 5,847,932     $ 429,177  
Supplemental Disclosures of Cash Flow Information 
                               
   
Arizona
   
Michigan
   
Ohio
   
Texas
 
   
Premium
   
Quality
   
Quality
   
Quality
 
   
Income
   
Income
   
Income
   
Income
 
   
(NAZ)
   
(NUM)
   
(NUO)
   
(NTX)
 
Cash paid for interest (excluding amortization of offering costs) 
  $ 1,278,148     $ 2,046,989     $ 1,606,903     $ 1,643,728  
Non-cash financing activities not included herein consists of 
                               
reinvestments of common share distributions 
    10,916             131,761       35,861  
 
 
See accompanying notes to financial statements.
 
58 Nuveen Investments
 
 
 

 
 

 
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Nuveen Investments 59

 
 
 

 
 
 
 
                           
Financial 
                         
               Highlights 
                     
 
 
 
Selected data for a common share outstanding throughout each period: 
         
 
 
 
       
Investment Operations 
   
Less Distributions 
       
         
Distributions 
               
       
Distributions 
from Accum- 
     
From 
 
Discount 
   
       
from Net 
ulated Net 
   
From 
Accum- 
 
from 
   
       
Investment 
Realized 
   
Net 
ulated Net 
 
Common 
   
       
Income to 
Gains to 
   
Investment 
Realized 
 
Shares 
   
 
Beginning 
Net 
Net 
Auction Rate 
Auction Rate 
   
Income to 
Gains to 
 
Repur- 
Ending 
 
 
Common 
Investment 
Realized/ 
Preferred 
Preferred 
   
Common 
Common 
 
chased 
Common 
Ending 
 
Share 
Income 
Unrealized 
Share- 
Share- 
   
Share- 
Share- 
 
and 
Share 
Market 
 
NAV 
(Loss) 
Gain (Loss) 
holders(a) 
holders(a)
 Total 
 
holders 
holders 
Total 
Retired 
NAV 
Value 
 
Arizona Premium Income (NAZ) 
                       
Year Ended 2/28–2/29: 
                       
2014 
$15.47 
$.55 
$(1.10) 
$ — 
$ —
$ (.55) 
 
$(.77) 
$ —
$(.77) 
$ —
$14.15 
$12.79 
2013 
14.82 
.75 
.67 
— 
1.42 
 
(.77) 
(.77) 
15.47 
15.70 
2012 
13.25 
.80 
1.54 
(.01) 
2.33 
 
(.76) 
(.76) 
14.82 
14.61 
2011(f) 
13.99 
.49 
(.77) 
(.02) 
(.30) 
 
(.44) 
(.44) 
13.25 
12.32 
Year Ended 7/31: 
                         
2010 
12.92 
.84 
.96 
(.03) 
1.77 
 
(.70) 
(.70) 
13.99 
13.34 
2009 
13.00 
.85 
(.16) 
(.13) 
.56 
 
(.64) 
(.64) 
12.92 
12.29 
 
Michigan Quality Income (NUM) 
                       
Year Ended 2/28–2/29: 
                       
2014 
16.35 
.80 
(1.28) 
— 
(.48) 
 
(.89) 
(.89) 
—*
14.98 
13.45 
2013 
15.95 
.74 
.55 
— 
1.29 
 
(.89) 
(.89) 
16.35 
15.62 
2012 
14.18 
.89 
1.75 
(.01) 
2.63 
 
(.86) 
(.86) 
—*
15.95 
15.40 
2011 
14.79 
.94 
(.69) 
(.03) 
.22 
 
(.83) 
(.83) 
—*
14.18 
12.75 
2010 
13.55 
.93 
1.06 
(.04) 
1.95 
 
(.73) 
(.73) 
.02
14.79 
12.94 
 
 
(a)     
The amounts shown are based on common share equivalents.
(b)     
Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation.
 
Total returns are not annualized.
 
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
*     
Rounds to less than $.01 per share.
 
 
60 Nuveen Investments
 
 
 

 
 
                                 
              Ratios/Supplemental Data  
                 
Ratios to Average Net
       
                 
Assets Applicable to
       
Total Returns
         
Common Shares(c)
       
   
   
   
           
Ending
                   
Based
         
Net
                   
on
   
Based
   
Assets
         
Net
       
Common
   
on
   
Applicable
         
Investment
   
Portfolio
 
Share
   
Market
   
to Common
         
Income
   
Turnover
 
NAV(b)
   
Value(b)
   
Shares (000)
   
Expenses(d)
   
(Loss)
   
Rate(e)
 
  (3.40 )%      (13.52 )%    $ 163,635       2.47 %      4.93 %      14 % 
  9.77       13.02       69,236       1.80       4.94       10  
  18.08       25.48       66,268       1.52       5.73       7  
  (2.23 )      (4.55 )      59,256       1.19 **      6.11 **      5  
  13.94       14.47       62,549       1.21       6.13       8  
  4.73       (2.61 )      57,755       1.33       7.01       25  
  (2.76 )      (8.00 )      312,180       1.95       5.32       15  
  8.27       7.30       341,057       1.84       5.09       12  
  19.11       28.44       184,270       1.56       5.97       14  
  1.39       4.69       163,876       1.18       6.37       6  
  14.83       29.40       170,983       1.24       6.50       9  
 
 
(c)     
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to Auction Rate Preferred Shares (“ARPS”), MTP Shares and/or VMTP Shares, where applicable.
(d)     
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 Note 1 – General Information and Significant Accounting Policies, MuniFund Term Preferred Shares and Variable Rate MuniFund Term Preferred Shares and Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities, respectively, as follows:

 
       
Arizona Premium Income (NAZ) 
     
Year Ended 2/28–2/29: 
     
2014 
    1.32 % 
2013 
    .57  
2012 
    .35  
2011(f) 
     
Year Ended 7/31: 
       
2010 
     
2009 
     
 
 
Michigan Quality Income (NUM) 
     
Year Ended 2/28–2/29: 
     
2014 
    .84 % 
2013 
    .70  
2012 
    .46  
2011 
    .02  
2010 
    .02  
 
 
(e)     
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
(f)     
For the seven months ended February 28, 2011.
**     
Annualized.
See accompanying notes to financial statements.
 
Nuveen Investments 61
 
 
 

 
 
 
                             
Financial Highlights (continued) 
                     
 
 
 
 
Selected data for a common share outstanding throughout each period: 
           
 
 
 
      Investment Operations     
Less Distributions 
       
         
Distributions 
                 
       
Distributions 
from Accum- 
     
From 
   
Premium 
   
       
from Net 
ulated Net 
   
From 
Accum- 
   
from 
   
       
Investment 
Realized 
   
Net 
ulated Net 
   
Common 
   
       
Income to 
Gains to 
   
Investment 
Realized 
   
Shares 
   
 
Beginning 
Net 
Net
 Auction Rate 
Auction Rate 
   
Income to 
Gains to 
   
Sold 
Ending 
 
  Common
 Investment 
Realized/ 
Preferred 
Preferred 
   
Common 
Common 
 
Shelf 
through 
Common 
Ending 
 
Share 
Income
 Unrealized 
Share- 
Share- 
   
Share- 
Share- 
 
Offering 
Shelf 
Share 
Market 
 
NAV 
(Loss)
 Gain (Loss) 
holders(a) 
holders(a)
Total 
 
holders 
holders 
Total
Costs 
Offering 
NAV 
Value 
 
Ohio Quality Income (NUO) 
                         
Year Ended 2/28–2/29: 
                         
2014 
$17.64 
$ .76 
$(1.39) 
$ — 
$ — 
$ (.63) 
 
$(.99) 
$ — 
$(.99) 
$ — 
$ — 
$16.02 
$14.75 
2013 
17.17 
.89 
.54 
1.43 
 
(.96) 
(.96) 
17.64 
17.79 
2012 
15.44 
.99 
1.68 
(.01) 
2.66 
 
(.93) 
(.93) 
17.17 
16.88 
2011 
16.15 
1.01 
(.79) 
(.03) 
.19 
 
(.90) 
(.90) 
15.44 
14.85 
2010 
14.56 
1.01 
1.42 
(.04) 
2.39 
 
(.80) 
(.80) 
16.15 
15.58 
 
Texas Quality Income (NTX) 
                         
Year Ended 2/28–2/29: 
                         
2014 
15.87 
.66 
(1.01) 
(.35) 
 
(.70) 
(.70) 
—* 
—* 
14.82 
13.54 
2013 
15.46 
.68 
.47 
1.15 
 
(.77) 
(.77) 
(.01) 
.04 
15.87 
16.00 
2012 
14.12 
.75 
1.48 
2.23 
 
(.86) 
(.03) 
(.89) 
15.46 
16.31 
2011(f) 
15.01 
.48 
(.85) 
(.01) 
(.38) 
 
(.50) 
(.01) 
(.51) 
14.12 
15.19 
Year Ended 7/31: 
                         
2010 
13.84 
.94 
1.08 
(.03) 
—* 
1.99 
 
(.81) 
(.01) 
(.82) 
15.01 
16.92 
2009 
13.98 
.94 
(.17) 
(.13) 
(.02) 
.62 
 
(.71) 
(.05) 
(.76) 
13.84 
14.78 
 
 
(a)     
The amounts shown are based on common share equivalents.
(b)     
Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
 
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
*     
Rounds to less than $.01 per share.
 
62 Nuveen Investments
 
 
 

 
 
 
                                 
            Ratios/Supplemental Data  
            Ratios to Average Net  
            Assets Applicable to  
Total Returns
       Common Shares(c)    
   
   
   
           
Ending
                   
Based
         
Net
                   
on
   
Based
   
Assets
         
Net
       
Common
   
on
   
Applicable
   
Investment
   
Portfolio
 
Share
   
Market
   
to Common
         
Income
   
Turnover
 
NAV(b)
   
Value(b)
   
Shares (000)
   
Expenses(d)
   
(Loss)
   
Rate(e)
 
  (3.38 )%      (11.39 )%    $ 296,668       2.15 %      5.45 %      13 % 
  8.53       11.27       172,898       1.76       5.14       13  
  17.73       20.55       167,709       1.50       6.10       10  
  1.09       .91       150,555       1.14       6.32       14  
  16.76       27.57       157,439       1.20       6.51       6  
  (2.11 )      (11.03 )      148,580       2.49       4.46       13  
  7.80       2.97       158,920       2.38       4.33       12  
  16.23       13.81       148,222       2.48       5.10       9  
  (2.61 )      (7.15 )      134,850       1.92 **      5.69 **      10  
  14.71       20.92       143,080       1.19       6.42       6  
  4.80       25.98       131,513       1.27       7.06       10  
 
 
(c)     
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS, MTP Shares, VMTP Shares and/or VRDP Shares, where applicable.
(d)     
The expense ratios reflect, among other things, all interest expense and other costs related to MTP Shares, VMTP Shares, VRDP Shares and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, each as described in Note 1 – General Information and Significant Accounting Policies, MuniFund Term Preferred Shares, Variable Rate MuniFund Term Preferred Shares and Variable Rate Demand Preferred Shares and Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities, respectively, as follows:

 
       
Ohio Quality Income (NUO) 
     
Year Ended 2/28–2/29: 
     
2014 
    1.05 % 
2013 
    .61  
2012 
    .40  
2011 
     
2010 
     
 
 
       
Texas Quality Income (NTX) 
     
Year Ended 2/28–2/29: 
     
2014 
    1.31 % 
2013 
    1.27  
2012 
    1.37  
2011(f) 
    .80 ** 
Year Ended 7/31: 
       
2010 
    .02  
2009 
    .01  
 
 
(e)     
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
(f)     
For the seven months ended February 28, 2011.
**     
Annualized.
See accompanying notes to financial statements.
 
Nuveen Investments 63
 
 
 

 
 
 
                       
Financial Highlights (continued) 
                 
   
                   
MTP and 
 
                   
VMTP 
 
                   
Shares 
 
                   
at the End 
 
 
ARPS at the End of Period 
 
MTP Shares at the End of Period (a) 
 
VMTP Shares at the End of Period 
 
of Period 
 
                   
Asset 
 
Aggregate 
Asset 
 
Aggregate 
Asset 
 
Aggregate 
Asset 
 
Coverage 
 
 
Amount 
Coverage 
 
Amount 
Coverage 
 
Amount 
Coverage 
 
Per $1 
 
Outstanding 
Per $25,000 
 
Outstanding 
Per $10 
 
Outstanding 
Per $100,000 
 
Liquidation 
 
 
(000) 
Share 
 
(000) 
Share 
 
(000) 
Share 
 
Preference 
 
   
Arizona Premium Income (NAZ) 
                     
Year Ended 2/28–2/29: 
                     
2014 
$ — 
$ — 
 
$ — 
$ — 
 
$ 79,000 
$307,133 
 
$ — 
 
2013 
 
 
28,000 
347,271 
 
 
2012 
 
 
28,000 
336,672 
 
 
2011(b) 
27,875 
78,144 
 
 
 
 
Year Ended 7/31: 
                     
2010 
27,875 
81,097 
 
 
 
 
2009 
27,875 
76,798 
 
 
 
 
   
Michigan Quality Income (NUM) 
                     
Year Ended 2/28–2/29: 
                     
2014 
 
 
159,000 
296,340 
 
 
2013 
 
16,313 
31.57 
 
141,800 
315,704 
 
3.16 
 
2012 
 
 
87,900 
309,636 
 
 
2011 
87,325 
71,915 
 
 
 
 
2010 
87,325 
73,950 
 
 
 
 
   
(a) The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares were as follows: 
           
               
2014 
 
2013 
 
   
Arizona Premium Income (NAZ) 
                     
Series 2015 (NAZ PRC) 
                     
Ending Market Value per Share 
           
$— 
 
$— 
 
Average Market Value per Share 
           
10.02
 
Series 2016 (NAZ PRD) 
                     
Ending Market Value per Share 
             
 
 
Average Market Value per Share 
           
10.11
 
   
Michigan Quality Income (NUM) 
                     
Series 2015 (NUM PRC) 
                     
Ending Market Value per Share 
             
 
10.08 
 
Average Market Value per Share 
             
10.02
∆∆∆
10.06
∆∆
 
 
(b)     
For the seven months ended February 28, 2011.
For the period April 8, 2013 (effective date of the Reorganizations) through December 20, 2013.
For the period January 7, 2013 (effective date of the Reorganizations) through February 28, 2013.
For the period March 1, 2013 through December 20, 2013.
See accompanying notes to financial statements.
 
64 Nuveen Investments
 
 
 

 

 
                                                 
               
MTP Shares
   
VMTP Shares
   
VRDP Shares
 
   
ARPS at the End of Period
   
at the End of Period (a)
   
at the End of Period
   
at the End of Period
 
   
Aggregate
   
Asset
   
Aggregate
   
Asset
   
Aggregate
   
Asset
   
Aggregate
   
Asset
 
   
Amount
   
Coverage
   
Amount
   
Coverage
   
Amount
   
Coverage
   
Amount
   
Coverage
 
Outstanding
   
Per $25,000
   
Outstanding
   
Per $10
   
Outstanding
   
Per $100,000
   
Outstanding
   
Per $100,000
 
      (000 )   
Share
      (000 )   
Share
      (000 )   
Share
      (000 )   
Share
 
   
Ohio Quality Income (NUO) 
                                                       
Year Ended 2/28–2/29: 
                                                       
2014 
  $     $     $     $     $     $     $ 148,000     $ 300,451  
2013 
                            73,500       335,236              
2012 
                            73,500       328,176              
2011 
    73,000       76,560                                      
2010 
    73,000       78,917                                      
   
Texas Quality Income (NTX) 
                                                               
Year Ended 2/28–2/29: 
                                                               
2014 
                70,920       30.95                          
2013 
                70,920       32.41                          
2012 
                70,920       30.90                          
2011(b) 
                70,920       29.01                          
Year Ended 7/31: 
                                                               
2010 
    65,050       79,988                                      
2009 
    65,050       75,543                                      
   
(a) The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares were as follows:
                         
 
   
   
2014
   
2013
   
2012
   
2011
 
   
Ohio Quality Income (NUO) 
                       
Series 2014 (NUO PRACL) 
                       
Ending Market Value per Share 
  $  —     $     $  —     $  —  
Average Market Value per Share 
    10.01
Ω
                 
Series 2015 (NUO PRCCL) 
                               
Ending Market Value per Share 
                       
Average Market Value per Share 
    10.03
Ω
                 
Series 2016 (NUO PRDCL) 
                               
Ending Market Value per Share 
                       
Average Market Value per Share 
    10.06
Ω
                 
   
Texas Quality Income (NTX) 
                               
Series 2015 (NTX PRC) 
                               
Ending Market Value per Share 
    10.03       10.04       10.05       9.85  
Average Market Value per Share 
    10.04       10.06       9.97    
9.86
ΩΩ
 
 
(b)     
For the seven months ended February 28, 2011.
Ω
For the period April 8, 2013 (effective date of the Reorganization) through October 7, 2013.
ΩΩ
For the period November 2, 2010 (first issuance date of shares) through February 28, 2011.
See accompanying notes to financial statements.
 
Nuveen Investments 65
 
 
 

 
 
 

Notes to
    Financial Statements
 
1. General Information and Significant Accounting Policies
 
General Information
 
Fund Information
 
The state funds covered in this report and their corresponding New York Stock Exchange (“NYSE”) symbols are as follows (each a “Fund” and collectively, the “Funds”):
 
·  
Nuveen Arizona Premium Income Municipal Fund (NAZ) (“Arizona Premium Income (NAZ)”)
 
·  
Nuveen Michigan Quality Income Municipal Fund (NUM) (“Michigan Quality Income (NUM)”)
 
·  
Nuveen Ohio Quality Income Municipal Fund (NUO) (“Ohio Quality Income (NUO)”)
 
·  
Nuveen Texas Quality Income Municipal Fund (NTX) (“Texas Quality Income (NTX)”)
 
The Funds are registered under the Investment Company Act of 1940, as amended, as diversified, closed-end registered investment companies. Arizona Premium Income (NAZ), Michigan Quality Income (NUM) and Ohio Quality Income (NUO) were organized as Massachusetts business trusts on April 8, 2013, January 7, 2013 and April 8, 2013, respectively (previously organized as Minnesota trusts on January 23, 1991, July 25, 1991 and October 17, 1991, respectively). Texas Quality Income (NTX) was organized as a Massachusetts business trust on July 26, 1991.
 
Investment Adviser
 
The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”). The Adviser is responsible for each Fund’s overall investment strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the “Sub-Adviser”), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.
 
Investment Objectives
 
Each Fund seeks to provide current income exempt from both regular federal and designated state income taxes by investing primarily in a portfolio of municipal obligations issued by state and local government authorities within a single state or certain U.S. territories.
 
Fund Reorganizations
 
Effective prior to the opening of business on April 8, 2013, certain Arizona and Ohio Funds were reorganized in two of the larger-state funds included in this report as follows:
 
Acquired Funds 
Acquiring Funds 
Arizona Funds 
 
Nuveen Arizona Dividend Advantage Municipal Fund (NFZ) (“Arizona Dividend Advantage (NFZ)”) 
Arizona Premium Income (NAZ) 
Nuveen Arizona Dividend Advantage Municipal Fund 2 (NKR) (“Arizona Dividend Advantage 2 (NKR)”) 
 
Nuveen Arizona Dividend Advantage Municipal Fund 3 (NXE) (“Arizona Dividend Advantage 3 (NXE)”) 
 
Ohio Funds 
 
Nuveen Ohio Dividend Advantage Municipal Fund (NXI) (“Ohio Dividend Advantage (NXI)”) 
Ohio Quality Income (NUO) 
Nuveen Ohio Dividend Advantage Municipal Fund 2 (NBJ) (“Ohio Dividend Advantage 2 (NBJ)”) 
 
Nuveen Ohio Dividend Advantage Municipal Fund 3 (NVJ) (“Ohio Dividend Advantage 3 (NVJ)”) 
 
 
The reorganizations of the Funds were approved by the shareholders of the Acquired Funds at a special meeting on March 11, 2013.
 
Upon the closing of each Fund’s reorganization (each a “Reorganization” and collectively, the “Reorganizations”), the Acquired Funds transferred their assets to the Acquiring Funds in exchange for common and preferred shares of the Acquiring Funds and the assumption by the Acquiring Funds of the liabilities of the Acquired Funds. The Acquired Funds were then liquidated, dissolved and terminated in accordance with their Declaration of Trust. Shareholders of the Acquired Funds became shareholders of the Acquiring Funds. Holders of common shares of the Acquired Funds received newly issued common shares of the Acquiring Funds, the aggregate net asset value (“NAV”) of which was equal to the aggregate NAV of the common shares of the Acquired Funds held immediately prior to the Reorganizations (including for this purpose fractional Acquiring Funds shares to which shareholders would be entitled). Fractional shares were sold on the open market and shareholders received cash in lieu of such fractional shares. Holders of preferred shares of the Acquired Funds received on a one-for-one basis newly issued preferred shares of the Acquiring Funds, in exchange for preferred shares of the Acquired Funds held immediately prior to the Reorganizations. Details of each state’s Reorganizations are further described in the MuniFund Term Preferred Shares section of this note and Note 8 – Fund Reorganizations.
 
66 Nuveen Investments
 
 
 
 
 

 
 
 
Significant Accounting Policies
 
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).
 
Investment Transactions
 
Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to earmark securities in the Funds’ portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. As of February 28, 2014, the following Funds’ outstanding when-issued/delayed delivery purchase commitments were as follows:
 
 
Ohio 
Texas 
 
Quality 
Quality 
 
Income 
Income 
 
(NUO) 
(NTX) 
Outstanding when-issued/delayed delivery purchase commitments 
$1,969,726 
$3,132,475 
 
Investment Income
 
Interest income, which reflects the amortization of premiums and includes accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Investment income also reflects paydown gains and losses, if any.
 
Professional Fees
 
Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment or to pursue other claims or legal actions on behalf of Fund shareholders. Should a Fund receive a refund of workout expenditures paid in a prior reporting period, such amounts will be recognized as “Legal fee refund” on the Statement of Operations.
 
Dividends and Distributions to Common Shareholders
 
Dividends from net investment income are declared monthly. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
 
Distributions to common shareholders of net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
 
Auction Rate Preferred Shares
 
Each Fund is authorized to issue Auction Rate Preferred Shares (“ARPS”). During prior fiscal periods, the Funds redeemed all of their outstanding ARPS, at liquidation value.
 
MuniFund Term Preferred Shares
 
Texas Quality Income (NTX) has issued and outstanding MuniFund Term Preferred (“MTP”) Shares, with a $10 stated par value per share. The Fund’s MTP Shares were issued in one Series and trade on the NYSE. Dividends on MTP Shares, which are recognized as interest expense for financial reporting purposes, are paid monthly at a fixed annual rate, subject to adjustments in certain circumstances.
 
As of February 28, 2014, the details of Texas Quality Income’s (NTX) MTP Shares outstanding were as follows: 
 
       
Shares 
 
       
Outstanding 
 
   
NYSE 
Shares 
at $10 Per Share 
Annual 
 
Series 
Ticker 
Outstanding 
Liquidation Value 
Dividend Rate 
Texas Quality Income (NTX) 
2015 
NTX PRC 
7,092,000 
$70,920,000 
2.30% 
 
 
The Fund is obligated to redeem its MTP Shares by the date as specified in its offering document (“Term Redemption Date”), unless earlier redeemed or repurchased by the Fund. MTP Shares are subject to optional and mandatory redemption in certain circumstances. MTP Shares were subject to redemption at the option of the 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 the Fund, at par in the event of certain changes in the credit rating of the MTP Shares. The Fund may be obligated to redeem certain of the MTP Shares if the Fund fails
 
Nuveen Investments 67
 
 
 
 
 

 
 
 

 
Notes to Financial Statements (continued)
 
to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends. The Term Redemption Date, Optional Redemption Date and Premium Expiration Date for the Fund’s series of MTP Shares by NYSE ticker symbol are as follows:
 
   
NYSE 
Term 
Optional 
Premium 
 
Series 
Ticker 
Redemption Date 
Redemption Date 
Expiration Date 
Texas Quality Income (NTX) 
2015 
NTX PRC 
December 1, 2015 
December 1, 2011 
November 30, 2012 
 
During the current fiscal period, Arizona Premium Income (NAZ), Michigan Quality Income (NUM) and Ohio Quality Income (NUO) had issued and outstanding MTP Shares.
 
Arizona Premium Income (NAZ) redeemed all of its outstanding Series 2015 MTP Shares on December 20, 2013. Michigan Quality Income (NUM) redeemed all of its outstanding Series 2015 MTP Shares on December 20, 2013. Ohio Quality Income (NUO) redeemed all of its outstanding Series 2014, 2015 and 2016 MTP Shares on October 7, 2013.
 
Each of Arizona Premium Income’s (NAZ) and Michigan Quality Income’s (NUM) MTP Shares were redeemed at their $10.00 liquidation value per share plus dividend amounts owed using proceeds from its issuance of VMTP Shares (as described below in Variable Rate MuniFund Term Preferred Shares).
 
Ohio Quality Income’s (NUO) MTP Shares were redeemed at their $10.00 liquidation value per share plus dividend amounts owed using proceeds from its issuance of VRDP Shares (as described below in Variable Rate Demand Preferred Shares).
 
The average liquidation value for all series of MTP Shares outstanding for the Funds during the fiscal year ended February 28, 2014, was as follows:
 
 
Arizona 
Michigan 
Ohio 
Texas 
 
Premium 
Quality 
Quality 
Quality 
 
Income 
Income 
Income 
Income 
 
(NAZ)*^ 
(NUM)** 
(NUO)***^ 
(NTX) 
Average liquidation value of MTP Shares outstanding 
$50,671,000 
$16,313,000 
$73,817,550 
$70,920,000 
*     
For the period April 8, 2013 through December 20, 2013.
**     
For the period March 1, 2013 through December 20, 2013.
***     
For the period April 8, 2013 through October 7, 2013.
^     
Includes MTP Shares issued in connection with its Reorganization.
 
For financial reporting purposes, the liquidation value of MTP Shares is recorded as a liability and recognized as “MuniFund Term Preferred (“MTP”) Shares, at liquidation value” on the Statement of Assets and Liabilities. Unpaid dividends on MTP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities. Dividends accrued on MTP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations. Costs incurred by the Funds in connection with their offerings of MTP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as components of “Deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations. In conjunction with Arizona Premium Income’s (NAZ), Michigan Quality Income’s (NUM) and Ohio Quality Income’s (NUO) redemption of MTP Shares, the remaining deferred offering costs of $407,922, $158,771 and $296,550, respectively, were fully expensed during the current fiscal period, as the redemptions were deemed an extinguishment of debt.
 
Variable Rate MuniFund Term Preferred Shares
 
The following Funds have issued and outstanding Variable Rate MuniFund Term Preferred (“VMTP”) Shares, with a $100,000 liquidation value per share. The Funds issued their VMTP Shares in privately negotiated offerings, which were offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933.
 
On December 10, 2013, Arizona Premium Income (NAZ) and Michigan Quality Income (NUM) and on October 6, 2013, Ohio Quality Income (NUO) redeemed all 280 shares of its outstanding Series 2014 VMTP, 539 shares of its outstanding Series 2014-1 VMTP and 735 shares of its outstanding Series 2014 VMTP, respectively. Arizona Premium Income (NAZ) issued 790 shares of Series 2016 VMTP through a privately negotiated offering, which was offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933. Michigan Quality Income (NUM) exchanged all 879 shares of its outstanding Series 2014 for 879 shares of Series 2016 VMTP. Concurrent with the exchange, Michigan Quality Income (NUM) issued an additional 711 shares of Series 2016 VMTP through a privately negotiated offering, which was offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933. Arizona Premium Income (NAZ) and Michigan Quality Income (NUM) completed their refinancing of their existing VMTP Shares with new VMTP Shares with a term redemption date of December 30, 2016.
 
68 Nuveen Investments
 
 
 
 
 

 
 
 

As of February 28, 2014, VMTP Shares outstanding, at liquidation value, for each Fund were as follows: 
 
     
Shares 
     
Outstanding 
   
Shares 
at $100,000 Per Share 
 
Series 
Outstanding 
Liquidation Value 
Arizona Premium Income (NAZ) 
2016 
790 
$79,000,000 
Michigan Quality Income (NUM) 
2016 
1,590 
$159,000,000 
 
Each Fund is obligated to redeem its VMTP Shares by the date as specified in its offering document (“Term Redemption Date”), unless earlier redeemed or repurchased by the Fund. VMTP Shares are subject to optional and mandatory redemption in certain circumstances. The VMTP Shares are subject to redemption at the option of each Fund (“Optional Redemption Date”), subject to payment of premium for approximately one year following the date of issuance (“Premium Expiration Date”), and at par thereafter. Each Fund may be obligated to redeem certain of the VMTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends. The Term Redemption Date, Optional Redemption Date and Premium Expiration Date for each Fund’s series of VMTP Shares are as follows:
 
   
Term 
Optional 
Premium 
 
Series 
Redemption Date 
Redemption Date 
Expiration Date 
Arizona Premium Income (NAZ) 
2016 
December 30, 2016 
January 1, 2015 
December 31, 2014 
Michigan Quality Income (NUM) 
2016 
December 30, 2016 
January 1, 2015 
December 31, 2014 
 
The average liquidation value of VMTP Shares outstanding and annualized dividend rate for each Fund during the fiscal year ended February 28, 2014, were as follows:
 
 
Arizona 
Michigan 
Ohio 
 
Premium 
Quality 
Quality 
 
Income 
Income 
Income 
 
(NAZ) 
(NUM) 
(NUO)* 
Average liquidation value of VMTP Shares outstanding 
$41,389,041 
$149,604,110 
$73,500,000 
Annualized dividend rate 
1.08% 
1.11% 
1.15% 
* For the period March 1, 2013 through October 6, 2013.
 
VMTP Shares generally do not trade, and market quotations are generally not available. VMTP Shares are short-term or short/intermediate-term instruments that pay a variable dividend rate tied to a short-term index, plus an additional fixed “spread” amount established at the time of issuance. The fair value of VMTP Shares is expected to be approximately their liquidation par value so long as the fixed “spread” on the VMTP Shares remains roughly in line with the “spread” rates being demanded by investors on instruments having similar terms in the current market environment. In present market conditions, the Funds’ Adviser has determined that the fair value of VMTP Shares is their liquidation value, but their fair value could vary if market conditions change materially. For financial reporting purposes only, the liquidation value of VMTP Shares is recorded as a liability and recognized as “Variable Rate MuniFund Term Preferred (“VMTP”) Shares, at liquidation value” on the Statement of Assets and Liabilities.
 
Dividends on the VMTP Shares (which are treated as interest payments for financial reporting purposes) are set weekly. Unpaid dividends on VMTP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities. Dividends accrued on VMTP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
 
Offering costs incurred in connection with each Fund’s offering of VMTP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as components of “Deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations. In conjunction with Arizona Premium Income’s (NAZ) and Ohio Quality Income’s (NUO) redemption of VMTP Shares, the remaining deferred offering costs of $42,905 and $138,592, respectively, were fully expensed during the current fiscal period, as the redemptions were deemed an extinguishment of debt. In conjunction with Michigan Quality Income’s (NUM) exchange and redemption of VMTP Shares, the remaining deferred offering costs of $171,591 for the Fund’s issuance of Series 2014 VMTP Shares were fully expensed during the current fiscal period, as the exchange and redemption were deemed an extinguishment of debt. Offering costs of $130,000 and $135,000, respectively, were incurred with Arizona Premium Income’s (NAZ) and Michigan Quality Income’s (NUM) issuance of Series 2016 VMTP Shares, which were recorded as a deferred charge and are being amortized over the life of the shares.
 
Variable Rate Demand Preferred Shares
 
The following Fund has issued and outstanding Variable Rate Demand Preferred (“VRDP”) Shares, with a $100,000 liquidation value per share. During the current fiscal period, Ohio Quality Income (NUO) issued 1,480 Series 1 VRDP Shares through a privately negotiated offering, which were offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933.
 
Nuveen Investments 69
 
 
 
 
 

 
 
 
Notes to Financial Statements (continued) 

As of February 28, 2014, the details the Fund’s series VRDP Shares outstanding are as follows: 
 
     
Shares 
 
     
Outstanding 
 
   
Shares 
at $100,000 Per Share 
 
 
Series 
Outstanding 
Liquidation Value 
Maturity 
Ohio Quality Income (NUO) 
1
1,480 
$148,000,000 
September 1, 2043 
 
VRDP Shares include a liquidity feature that allows VRDP shareholders to have their shares purchased by a liquidity provider with whom the 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. The Fund is required to redeem any VRDP Shares that are still owned by the liquidity provider after six months of continuous, unsuccessful remarketing. The Fund pays an annual remarketing fee of .10% on the aggregate principal amount of all VRDP Shares outstanding. The Fund’s VRDP Shares have successfully remarketed since issuance.
 
Dividends on the VRDP Shares (which are treated as interest payments for financial reporting purposes) are set weekly at a rate established by a remarketing agent; therefore, the market value of the VRDP Shares is expected to approximate its liquidation value. If remarketings for VRDP Shares are continuously unsuccessful for six months, the maximum rate is designed to escalate according to a specified schedule in order to enhance the remarketing agent’s ability to successfully remarket the VRDP Shares.
 
Subject to certain conditions, VRDP Shares may be redeemed, in whole or in part, at any time at the option of the Fund. The Fund may also redeem certain of the VRDP Shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends.
 
The average liquidation value of VRDP Shares outstanding and annualized dividend rate for the Fund during the period September 26, 2013 (first issuance date of shares) through February 28, 2014, were as follows:
 
 
Ohio 
 
Quality 
 
Income 
 
(NUO) 
Average liquidation value of VRDP Shares outstanding 
$148,000,000 
Annualized dividend rate 
.15% 
 
For financial reporting purposes, the liquidation value of VRDP Shares is a liability and recognized as “Variable Rate Demand Preferred (“VRDP”) Shares, at liquidation value” on the Statement of Assets and Liabilities. Unpaid dividends on VRDP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities, when applicable. Dividends accrued on the VRDP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations. Costs incurred by the Fund in connection with its offerings of VRDP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as a component of “Deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offerings costs” on the Statement of Operations. Offering costs of $295,000 were incurred with Ohio Quality Income’s (NUO) issuance of 1,480 Series 1 VRDP Shares, which were recorded as a deferred charge and are being amortized over the life of the shares. In addition to interest expense, the Fund also pays a per annum liquidity fee to the liquidity provider, as well as a remarketing fee, which are recognized as “Liquidity fees” and “Remarketing fees”, respectively, on the Statement of Operations.
 
Common Shares Equity Shelf Programs and Offering Costs
 
Texas Quality Income (NTX) filed a registration statement with the Securities and Exchange Commission (“SEC”) authorizing the Fund to issue additional common shares through its ongoing equity shelf program (“Shelf Offering”), which became effective with the SEC during prior fiscal periods.
 
Under this Shelf Offering, the Fund, subject to market conditions, may raise additional equity capital from time to time in varying amounts and offering methods at a net price at or above the Fund’s NAV per common share.
 
Authorized common shares, common shares issued and offering proceeds, net of offering costs under the Fund’s Shelf Offering during the fiscal years ended February 28, 2014 and February 28, 2013 were as follows:
 
 
Texas Quality 
 
Income (NTX) 
 
Year 
Year 
 
Ended 
Ended 
 
2/28/14 
2/28/13 
Additional common shares authorized 
950,000 
950,000 
Common shares issued 
10,120 
398,357 
Offering proceeds, net of offering costs 
$156,238 
$6,438,085 
 
 
70 Nuveen Investments
 
 
 
 
 

 
 
 

 
Costs incurred by the Fund in connection with its Shelf Offering are recorded as a deferred charge and recognized as a component of “Deferred offering costs” on the Statement of Assets and Liabilities. These deferred charges are recognized over the period such additional shares are sold by reducing the proceeds from the Shelf Offering. These deferred charges are not to exceed the one-year life of the Shelf Offering period and are recognized as a component of “Proceeds from shelf offering, net of offering costs” on the Statement of Changes in Net Assets. At the end of the one-year life of the Shelf Offering period, any remaining deferred charges will be expensed accordingly and recognized as a component of “Other expenses” on the Statement of Operations. Any additional costs the Fund may incur in connection with its Shelf Offering are expenses as incurred and recognized as a component of “Proceeds from shelf offering, net of offering costs” on the Statement of Changes in Net Assets.
 
During the fiscal year ended February 28, 2014, Nuveen Securities, LLC, the Funds’ distributor and a wholly-owned subsidiary of Nuveen, received commissions of $324, related to the sale of common shares from the Shelf Offering.
 
Indemnifications
 
Under the Funds’ organizational documents, their officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.
 
Netting Agreements
 
In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and Derivative Association, Inc. (“ISDA”) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, a Fund manages its cash collateral and securities collateral on a counterparty basis. As of February 28, 2014, the Funds were not invested in any portfolio securities or derivative instruments that are subject to netting agreements.
 
Use of Estimates
 
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets applicable to common shares from operations during the reporting period. Actual results may differ from those estimates.
 
2. Investment Valuation and Fair Value Measurements
 
Investment Valuation
 
Prices of municipal bonds are provided by a pricing service approved by the Funds’ Board of 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.
 
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 Trustees or its designee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s NAV (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Funds’ Board of Trustees or its designee.
 
Nuveen Investments 71
 
 
 
 

 
 
 
Notes to Financial Statements (continued)
 
Fair Value Measurements
 
Fair value is defined as the price that the Funds would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
 
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
 
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 
Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
 
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of the end of the reporting period:
 
Arizona Premium Income (NAZ) 
Level 1 
Level 2 
Level 3 
Total 
Long-Term Investments*: 
       
Municipal Bonds 
$ — 
$241,834,225 
$ — 
$241,834,225 
Michigan Quality Income (NUM) 
       
Long-Term Investments*: 
       
Municipal Bonds 
$ — 
$471,754,431 
$ — 
$471,754,431 
Ohio Quality Income (NUO) 
       
Long-Term Investments*: 
       
Municipal Bonds 
$ — 
$445,349,671 
$ — 
$445,349,671 
Texas Quality Income (NTX) 
Level 1 
Level 2 
Level 3 
Total 
Long-Term Investments*: 
       
Municipal Bonds 
$ — 
$222,628,742 
$ — 
$222,628,742 
* Refer to the Fund’s Portfolio of Investments for industry classifications.
 
The Nuveen funds’ Board of Directors/Trustees is responsible for the valuation process and has delegated the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board of Directors/Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the funds’ pricing policies and reporting to the Board of Directors/Trustees. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
 
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:
 
 
(i)     
If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities.
 
 
(ii)     
If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis.
 
The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument’s current value.
 
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors/Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board of Directors/Trustees.
 
72 Nuveen Investments
 
 
 
 
 

 
 
3. Portfolio Securities and Investments in Derivatives
 
Portfolio Securities
 
Inverse Floating Rate Securities
 
Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. In turn, this trust (a) issues floating rate certificates, in face amounts equal to some fraction of the deposited bond’s par amount or market value, that typically pay short-term tax-exempt interest rates to third parties, and (b) issues to a long-term investor (such as one of the Funds) an inverse floating rate certificate (sometimes referred to as an “inverse floater”) that represents all remaining or residual interest in the trust. The income received by the inverse floater holder varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the inverse floater holder bears substantially all of the underlying bond’s downside investment risk and also benefits disproportionately from any potential appreciation of the underlying bond’s value. The price of an inverse floating rate security will be more volatile than that of the underlying bond because the interest rate is dependent on not only the fixed coupon rate of the underlying bond but also on the short-term interest paid on the floating rate certificates, and because the inverse floating rate security essentially bears the risk of loss of the greater face value of the underlying bond.
 
The inverse floater held by a Fund gives the Fund the right (a) to cause the holders of the floating rate certificates to tender their notes at par, and (b) to have the broker transfer the fixed-rate bond held by the trust to the Fund, thereby collapsing the trust.
 
A Fund may purchase an inverse floating rate security in a secondary market transaction without first owning the underlying bond (referred to as an “externally-deposited inverse floater”), or instead by first selling a fixed-rate bond to a broker-dealer for deposit into the special purpose trust and receiving in turn the residual interest in the trust (referred to as a “self-deposited inverse floater”). An investment in an externally-deposited inverse floater is identified in the Portfolio of Investments as “(IF) – Inverse floating rate investment.” The Fund’s Statement of Assets and Liabilities shows only the inverse floaters and not the underlying bonds as an asset, and does not reflect the short-term floating rate certificates as liabilities. Also, the Fund reflects in “Investment Income” only the net amount of earnings on its inverse floater investment (net of the interest paid to the holders of the short-term floating rate certificates and the expenses of the trust), and does not show the amount of that interest paid as an interest expense on the Statement of Operations.
 
An investment in a self-deposited inverse floater is accounted for as a financing transaction. In such instances, a fixed-rate bond deposited into a special purpose trust is identified in the Portfolio of Investments as “(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction,” with the Fund accounting for the short-term floating rate certificates issued by the trust, at their liquidation value, as “Floating rate obligations” on the Statement of Assets and Liabilities. In addition, the Fund reflects in “Investment Income” the entire earnings of the underlying bond and recognizes the related interest paid to the holders of the short-term floating rate certificates as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
 
During the fiscal year ended February 28, 2014, each Fund invested in externally-deposited inverse floaters and/or self-deposited inverse floaters.
 
The average floating rate obligations outstanding and average annual interest rate and fees related to self-deposited inverse floaters during the fiscal year ended February 28, 2014, were as follows:
 
 
Arizona 
Michigan 
Ohio 
Texas 
 
Premium 
Quality 
Quality 
Quality 
 
Income 
Income 
Income 
Income 
 
(NAZ) 
(NUM) 
(NUO) 
(NTX) 
Average floating rate obligations outstanding 
$2,755,000 
$6,625,000 
$7,490,753 
$3,960,000 
Average annual interest rate and fees 
.57% 
.80% 
.58% 
.32% 
 
As of February 28, 2014, the total amount of floating rate obligations issued by each Fund’s self-deposited inverse floaters and externally-deposited inverse floaters was as follows:
 
 
Arizona 
Michigan 
Ohio 
Texas 
 
Premium 
Quality 
Quality 
Quality 
 
Income 
Income 
Income 
Income 
 
(NAZ) 
(NUM) 
(NUO) 
(NTX) 
Floating rate obligations: self-deposited inverse floaters 
$ 2,755,000 
$ 6,625,000 
$ 8,625,000 
$3,960,000 
Floating rate obligations: externally-deposited inverse floaters 
14,215,000 
15,413,000 
38,715,000 
Total 
$16,970,000 
$22,038,000 
$47,340,000 
$3,960,000 
 
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse trust” or “credit recovery swap”) (such agreements referred to herein as “Recourse Trusts”) with a broker-dealer by which a Fund agrees to reimburse the broker-dealer, in certain circumstances, for the difference between the liquidation value of the fixed-rate bond held by the trust and the liquidation value of the floating rate
 
Nuveen Investments 73
 
 
 
 
 

 
 
Notes to Financial Statements (continued)
 
certificates issued by the trust plus any shortfalls in interest cash flows. Under these agreements, a Fund’s potential exposure to losses related to or on inverse floaters may increase beyond the value of a Fund’s inverse floater investments as a Fund may potentially be liable to fulfill all amounts owed to holders of the floating rate certificates. At period end, any such shortfall is recognized as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities.
 
As of February 28, 2014, each Fund’s maximum exposure to the floating rate obligations issued by externally-deposited Recourse Trusts was as follows:
 
 
Arizona 
Michigan 
Ohio 
Texas 
 
Premium 
Quality 
Quality 
Quality 
 
Income 
Income 
Income 
Income 
 
(NAZ) 
(NUM) 
(NUO) 
(NTX) 
Maximum exposure to Recourse Trusts 
$14,215,000 
$8,430,000 
$15,130,000 
$ — 
 
Zero Coupon Securities
 
Each Fund is authorized to invest in zero coupon securities. A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
 
Investments in Derivatives
 
Each Fund is authorized to invest in certain derivative instruments such as futures, options and swap contracts. Each Fund will limit its investments in futures, options on futures and swap contracts to the extent necessary for the Adviser to claim the exclusion from registration by the Commodity Futures Trading Commission as a commodity pool operator with respect to the Fund. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes. Although the Funds are authorized to invest in derivative instruments and may do so in the future, they did not make any such investments during the fiscal year ended February 28, 2014.
 
Market and Counterparty Credit Risk
 
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.
 
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.
 
4. Fund Shares
 
Common Shares
 
Transactions in common shares were as follows:
 
 
Arizona Premium 
Michigan Quality 
 
Income (NAZ) 
Income (NUM) 
 
Year 
Year 
Year 
Year 
 
Ended 
Ended 
Ended 
Ended 
 
2/28/14 
2/28/13 
2/28/14 
2/28/13 
Common shares: 
       
Issued in the Reorganizations(1) 
7,087,734 
9,303,434 
Issued to shareholders due to reinvestment of distributions 
704 
4,753 
Repurchased and retired 
(24,300) 
Total 
7,088,438 
4,753 
(24,300) 
9,303,434 
Weighted average common share: 
       
Price per share repurchased and retired 
$ — 
$ — 
$12.63 
$ — 
Discount per share repurchased and retired 
12.91% 
(1) Refer to Note 8 – Fund Reorganizations for further details. 
       
N/A – The Fund is not authorized to issue additional common shares through a shelf offering. 
     
 
 
74 Nuveen Investments
 
 
 
 
 

 
 
 

 
 
Ohio Quality 
Texas Quality 
 
Income (NUO) 
Income (NTX) 
 
Year
Year
Year
Year
 
Ended
Ended
Ended
Ended
 
2/28/14
2/28/13
2/28/14
2/28/13
Common shares: 
       
Issued in the Reorganizations(1) 
8,710,950 
Sold through shelf offering 
N/A 
N/A
10,120
398,357
Issued to shareholders due to reinvestment of distributions 
7,507 
38,469
2,256
29,023
Total 
8,718,457 
38,469
12,376
427,380
Weighted average common share: 
       
Premium to NAV per shelf offering share sold 
N/A 
N/A
1.35%
3.21%
(1) Refer to Note 8 – Fund Reorganizations for further details. 
       
N/A – The Fund is not authorized to issue additional common shares through a shelf offering. 
       
 
Preferred Shares
 
Texas Quality Income (NTX) did not have any transactions in MTP Shares during the fiscal year ended February 28, 2014. Arizona Premium Income (NAZ), Ohio Quality Income (NUO) and Texas Quality Income (NTX) did not have any transactions in MTP Shares during the fiscal year ended February 28, 2013.
 
Transactions in MTP Shares for the Funds, where applicable, were as follows: 
 
  Year Ended February 28, 2014 
   
NYSE/ 
   
   
NYSE MKT 
   
 
Series 
Ticker 
Shares 
Amount 
Arizona Premium Income (NAZ) 
       
MTP Shares issued in connection with the Reorganizations: 
       
 
2015 
NAZ PRC 
2,982,500 
$ 29,825,000 
 
2016 
NAZ PRD 
2,084,600 
20,846,000 
MTP Shares redeemed: 
       
 
2015 
NAZ PRC 
(2,982,500) 
(29,825,000) 
 
2016 
NAZ PRD 
(2,084,600) 
(20,846,000) 
Net increase (decrease) 
   
$ — 
Ohio Quality Income (NUO) 
       
MTP Shares issued in connection with the Reorganizations: 
       
 
2014 
NUO PRACL 
4,271,415 
$ 42,714,150 
 
2015 
NUO PRCCL 
1,945,000 
19,450,000 
 
2016 
NUO PRDCL 
1,165,340 
11,653,400 
MTP Shares redeemed: 
       
 
2014 
NUO PRACL 
(4,271,415) 
(42,714,150) 
 
2015 
NUO PRCCL 
(1,945,000) 
(19,450,000) 
 
2016 
NUO PRDCL 
(1,165,340) 
(11,653,400) 
Net increase (decrease) 
   
$ — 
Michigan Quality Income (NUM) 
       
MTP Shares redeemed 
2015 
NUM PRC 
(1,631,300) 
$(16,313,000) 
Michigan Quality Income (NUM) 
       
MTP Shares issued in connection with the reorganization 
2015 
NUM PRC 
1,631,300 
$16,313,000 
 
Texas Quality Income (NTX) did not have any transactions in VMTP during the fiscal year ended February 28, 2014. Arizona Premium Income (NAZ), Ohio Quality Income (NUO) and Texas Quality Income (NTX) did not have any transactions in VMTP Shares during the fiscal year ended February 28, 2013.
 
Nuveen Investments 75
 
 
 
 
 

 
 
 
Notes to Financial Statements (continued) 

Transactions in VMTP Shares for the Funds, where applicable, were as follows: 
 
 
Year Ended February 28, 2014 
 
Series 
Shares 
Amount 
Arizona Premium Income (NAZ) 
     
VMTP Shares issued 
2016 
790 
$ 79,000,000 
VMTP Shares redeemed 
2014 
(280) 
(28,000,000) 
Net increase (decrease) 
 
510 
$ 51,000,000 
Michigan Quality Income (NUM) 
     
VMTP Shares issued 
2016 
1,590 
$159,000,000 
VMTP Shares exchanged 
2014 
(879) 
(87,900,000) 
VMTP Shares redeemed 
2014-1 
(539) 
(53,900,000) 
Net increase (decrease) 
 
172 
$ 17,200,000 
Ohio Quality Income (NUO) 
     
VMTP Shares redeemed 
2014 
(735) 
$(73,500,000) 
Michigan Quality Income (NUM) 
     
VMTP Shares issued in connection with the reorganization 
2014-1 
539 
$53,900,000 
 
With the exception of Ohio Quality Income (NUO), the Funds did not have any transactions in VRDP Shares during the fiscal years ended February 28, 2014 and February 28, 2013. Ohio Quality Income (NUO) did not have any transactions in VRDP Shares during the fiscal year ended February 28, 2013.
 
Transactions in VRDP Shares were as follows: 
 
 
Year Ended February 28, 2014 
 
Series 
Shares 
Amount 
Ohio Quality Income (NUO) 
     
VRDP Shares issued 
1
1,480 
$148,000,000 
 
5. Investment Transactions
 
Purchases and sales (including maturities but excluding short-term investments, where applicable) during the fiscal year ended February 28, 2014, were as follows:
 
 
Arizona 
Michigan 
Ohio 
Texas 
 
Premium 
Quality 
Quality 
Quality 
 
Income 
Income 
Income 
Income 
 
(NAZ) 
(NUM) 
(NUO) 
(NTX) 
Purchases 
$31,779,271 
$71,004,271 
$61,359,518 
$28,579,859 
Sales and maturities 
30,650,987 
71,789,767 
51,649,130 
28,105,706 
 
6. Income Tax Information
 
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal and designated state income taxes, 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.
 
76 Nuveen Investments
 
 
 
 
 

 
 
 
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.
 
As of February 28, 2014, the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:
 
 
Arizona 
Michigan 
Ohio 
Texas 
 
Premium 
Quality 
Quality 
Quality 
 
Income 
Income 
Income 
Income 
 
(NAZ) 
(NUM) 
(NUO) 
(NTX) 
Cost of investments 
$229,575,101 
$447,199,660 
$417,869,257 
$211,372,133 
Gross unrealized: 
       
Appreciation 
14,571,568 
22,525,162 
25,661,084 
12,751,420 
Depreciation 
(5,067,453) 
(4,595,417) 
(6,805,929) 
(5,454,815) 
Net unrealized appreciation (depreciation) of investments 
$ 9,504,115 
$ 17,929,745 
$ 18,855,155 
$ 7,296,605 
 
Permanent differences, primarily due to reorganization adjustments, nondeductible reorganization expenses, federal taxes paid, taxable market discount and nondeductible offering costs, resulted in reclassifications among the Funds’ components of common share net assets as of February 28, 2014, the Funds’ tax year end, as follows:
 
 
Arizona 
Michigan 
Ohio 
Texas 
 
Premium 
Quality 
Quality 
Quality 
 
Income 
Income 
Income 
Income 
 
(NAZ) 
(NUM) 
(NUO) 
(NTX) 
Paid-in surplus 
$ 449,963 
$(690,536) 
$ 364,681 
$(295,547) 
Undistributed (Over-distribution of) net investment income 
801,640 
588,645 
1,054,936 
295,237 
Accumulated net realized gain (loss) 
(1,251,603) 
101,891 
(1,419,617) 
310 
 
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of February 28, 2014, the Funds’ tax year end, were as follows:
 
 
Arizona 
Michigan 
Ohio 
Texas 
 
Premium 
Quality 
Quality 
Quality 
 
Income 
Income 
Income 
Income 
 
(NAZ) 
(NUM) 
(NUO) 
(NTX) 
Undistributed net tax-exempt income 1 
$1,917,327 
$3,356,031 
$2,845,565 
$936,222 
Undistributed net ordinary income 2 
1,614 
2,285 
12,612 
Undistributed net long-term capital gains 
1
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on February 3, 2014, paid on March 3, 2014.
2
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
 
The tax character of distributions paid during the Funds’ tax years ended February 28, 2014 and February 28, 2013, was designated for purposes of the dividends paid deduction as follows:
 
 
Arizona 
Michigan 
Ohio 
Texas 
 
Premium 
Quality 
Quality 
Quality 
 
Income 
Income 
Income 
Income 
2014 
(NAZ) 
(NUM) 
(NUO) 
(NTX) 
Distributions from net tax-exempt income3 
$8,799,830 
$20,509,116 
$17,769,971 
$8,638,012 
Distributions from net ordinary income2 
23,128 
27,103 
94,586 
4,011 
Distributions from net long-term capital gains 
 
Arizona 
Michigan 
Ohio 
Texas 
 
Premium 
Quality 
Quality 
Quality 
 
Income 
Income 
Income 
Income 
2013 
(NAZ) 
(NUM) 
(NUO) 
(NTX) 
Distributions from net tax-exempt income 
$3,775,218 
$11,395,363 
$10,282,944 
$9,187,583 
Distributions from net ordinary income 2 
Distributions from net long-term capital gains 
2
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
3
The Funds hereby designated these amounts paid during the fiscal year ended February 28, 2014, as Exempt Interest Dividends.
 
Nuveen Investments 77
 
 
 
 
 

 
 
 
Notes to Financial Statements (continued)
 
As of February 28, 2014, the Funds’ tax year end, the Funds had unused capital loss carryforwards available for federal tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as shown in the following table. The losses not subject to expiration will be utilized first by a Fund.
 
 
Arizona 
Michigan 
Ohio 
Texas 
 
Premium 
Quality 
Quality 
Quality 
 
Income 
Income 
Income 
Income 
 
(NAZ)4 
(NUM)4 
(NUO)4 
(NTX) 
Expiration: 
       
February 28, 2015 
$ 363,937 
$ — 
$ — 
$ — 
February 29, 2016 
615,885 
44,485 
409,892 
February 28, 2017 
828,959 
1,222,403 
903,331 
February 28, 2018 
43,720 
1,385,653 
857,567 
February 28, 2019 
1,468,286 
Not subject to expiration: 
1,870,251 
258,431 
1,544,468 
1,226,337 
Total 
$3,722,752 
$2,910,972 
$5,183,634 
$1,226,337 
4
A portion of Arizona Premium Income’s (NAZ), Michigan Quality Income’s (NUM) and Ohio Quality Income’s (NUO) capital loss carryforward is subject to an annual limitation under the Internal Revenue Code and related regulations.
 
During the Funds’ tax year ended February 28, 2014, the following Fund utilized capital loss carryforwards as follows:
 
 
Texas 
 
Quality 
 
Income 
 
(NTX) 
Utilized capital loss carryforwards 
$342,303 
 
The Funds have elected to defer late-year losses in accordance with federal income tax rules. These losses are treated as having arisen on the first day of the following fiscal year. The following Funds have elected to defer losses as follows:
 
 
Arizona 
Michigan 
 
Premium 
Quality 
 
Income 
Income 
 
(NAZ) 
(NUM) 
Post-October capital losses 5 
$1,441,358 
$462,413 
Late-year ordinary losses6 
5
Capital losses incurred from November 1, 2013 through February 28, 2014, the Funds’ tax year end.
6
Ordinary losses incurred from January 1, 2014 through February 28, 2014 and specified losses incurred from November 1, 2013 through February 28, 2014.
 
7. Management Fees and Other Transactions with Affiliates
 
Each Fund’s management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
 
Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within the Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
 
The annual fund-level fee for each Fund, payable monthly, is calculated according to the following schedule: 
 
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 
 
 
78 Nuveen Investments
 
 
 
 
 

 
 
 
The annual complex-level fee for each Fund, payable monthly, is calculated according to the following schedule:
 
Complex-Level Managed Asset Breakpoint Level* 
Effective Rate at Breakpoint Level 
$55 billion 
.2000% 
$56 billion 
.1996 
$57 billion 
.1989 
$60 billion 
.1961 
$63 billion 
.1931 
$66 billion 
.1900 
$71 billion 
.1851 
$76 billion 
.1806 
$80 billion 
.1773 
$91 billion 
.1691 
$125 billion 
.1599 
$200 billion 
.1505 
$250 billion 
.1469 
$300 billion 
.1445 
*     
For the fund-level and complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen Funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen Funds and 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 February 28, 2014, the complex-level fee rate for these Funds was .1672%.
 
The Funds pay no compensation directly to those of its 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 Trustees has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
 
8. Fund Reorganizations
 
The Reorganizations were structured to qualify as tax-free reorganizations under the Internal Revenue Code for federal income tax purposes, and the Acquired Funds’ shareholders will recognize no gain or loss for federal income tax purposes as a result. Prior to the closing of each of the Reorganizations, the Acquired Funds distributed all of their net investment income and capital gains, if any. Such a distribution may be taxable to the Acquired Funds’ shareholders for federal income tax purposes.
 
Investments
 
The cost, fair value and net unrealized appreciation (depreciation) of the investments of the Acquired Funds as of the date of their respective Reorganization, were as follows:
 
 
Arizona 
Arizona 
Arizona 
 
Dividend 
Dividend 
Dividend 
 
Advantage 
Advantage 2 
Advantage 3 
 
(NFZ) 
(NKR) 
(NXE) 
Cost of investments 
$31,692,347 
$50,765,455 
$61,775,129 
Fair value of investments 
34,328,681 
54,827,769 
66,235,496 
Net unrealized appreciation (depreciation) of investments 
2,636,334 
4,062,314 
4,460,367 
 
Ohio 
Ohio 
Ohio 
 
Dividend 
Dividend 
Dividend 
 
Advantage 
Advantage 2 
Advantage 3 
 
(NXI) 
(NBJ) 
(NVJ) 
Cost of investments 
$88,964,805 
$64,931,242 
$46,999,229 
Fair value of investments 
98,040,884 
71,430,110 
51,876,683 
Net unrealized appreciation (depreciation) of investments 
9,076,079 
6,498,868 
4,877,454 
 
For financial reporting purposes, assets received and shares issued by the Acquiring Funds were recorded at fair value; however, the cost basis of the investments received from the Acquired Funds were carried forward to align ongoing reporting of the Acquiring Funds’ realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.
 
Nuveen Investments 79
 
 
 
 
 

 
 
 
Notes to Financial Statements (continued)
 
Common Shares
 
For accounting and performance reporting purposes, the Acquiring Funds are the survivors. The shares outstanding, net assets and NAV per common share immediately before and after the Reorganizations are as follows:
 
 
Arizona
   
Arizona
   
Arizona
 
 
Dividend
   
Dividend
   
Dividend
 
 
Advantage
   
Advantage 2
   
Advantage 3
 
Acquired Funds – Prior to Reorganizations 
(NFZ)
   
(NKR)
   
(NXE)
 
Common shares outstanding 
  1,548,446       2,440,142       3,066,030  
Net assets applicable to common shares 
$ 23,732,776     $ 38,158,301     $ 46,483,956  
NAV per common share outstanding 
$ 15.33     $ 15.64     $ 15.16  
 
Ohio
   
Ohio
   
Ohio
 
 
Dividend
   
Dividend
   
Dividend
 
 
Advantage
   
Advantage 2
   
Advantage 3
 
Acquired Funds – Prior to Reorganizations 
(NXI)
   
(NBJ)
   
(NVJ)
 
Common shares outstanding 
  4,250,030       3,124,341       2,158,865  
Net assets applicable to common shares 
$ 68,674,255     $ 49,324,657     $ 34,722,583  
NAV per common share outstanding 
$ 16.16     $ 15.79     $ 16.08  
         
Arizona
   
Ohio
 
         
Premium
   
Quality
 
         
Income
   
Income
 
Acquiring Funds – Prior to Reorganizations 
       
(NAZ)
   
(NUO)
 
Common shares outstanding 
          4,476,152       9,811,005  
Net assets applicable to common shares 
        $ 68,442,421     $ 172,007,473  
NAV per common share outstanding 
        $ 15.29     $ 17.53  
         
Arizona
   
Ohio
 
         
Premium
   
Quality
 
         
Income
   
Income
 
Acquiring Funds – Post Reorganizations 
       
(NAZ)
   
(NUO)
 
Common shares outstanding 
          11,563,886       18,521,955  
Net assets applicable to common shares 
        $ 176,817,454     $ 324,728,968  
NAV per common share outstanding 
        $ 15.29     $ 17.53  
 
Preferred Shares
 
In connection with the Arizona Premium Income (NAZ) and Ohio Quality Income (NUO) Reorganizations, holders of MTP Shares of the Acquired Funds received on a one-for-one basis newly issued MTP Shares of the Acquiring Funds, in exchange for MTP Shares of the Acquired Funds held immediately prior to the Reorganizations.
 
Prior to the closing of the Reorganizations, details of each Acquired Fund’s outstanding MTP Shares were as follows:
 
       
Shares 
 
   
NYSE/ 
 
Outstanding 
 
   
NYSE MKT 
Shares 
at $10 Per Share 
Annual 
Acquired Funds 
Series 
Ticker 
Outstanding 
Liquidation Value 
Dividend Rate 
Arizona Dividend Advantage (NFZ) 
2015 
NFZ PRC 
1,110,000 
$11,100,000 
2.05% 
Arizona Dividend Advantage 2 (NKR) 
2015 
NKR PRC 
1,872,500 
$18,725,000 
2.05% 
Arizona Dividend Advantage 3 (NXE) 
2016 
NXE PRC 
2,084,600 
$20,846,000 
2.90% 
Ohio Dividend Advantage (NXI) 
         
 
2015 
NXI PRC 
1,945,000 
$19,450,000 
2.35% 
 
2016 
NXI PRD 
1,165,340 
11,653,400 
2.95% 
Ohio Dividend Advantage 2 (NBJ) 
2014 
NBJ PRA 
2,424,400 
$24,244,000 
2.35% 
Ohio Dividend Advantage 3 (NVJ) 
2014 
NVJ PRA 
1,847,015 
$18,470,150 
2.35% 
 
 
80 Nuveen Investments
 
 
 
 
 

 
 
 
Details of each Fund’s MTP Shares issued in connection with the Reorganizations were as follows:
 
       
Shares 
 
   
NYSE/ 
 
Outstanding 
 
   
NYSE MKT 
Shares 
at $10 Per Share 
Annual 
Acquiring Funds 
Series 
Ticker 
Outstanding 
Liquidation Value 
Dividend Rate 
Arizona Premium Income (NAZ) 
         
 
2015 
NAZ PRC 
2,982,500 
$29,825,000 
2.05% 
 
2016 
NAZ PRD 
2,084,600 
20,846,000 
2.90% 
Ohio Quality Income (NUO) 
         
 
2014 
NUO PRACL 
4,271,415 
$42,714,150 
2.35% 
 
2015 
NUO PRCCL 
1,945,000 
19,450,000 
2.35% 
 
2016 
NUO PRDCL 
1,165,340 
11,653,400 
2.95% 
 
Pro Forma Results of Operations
 
The beginning of the Acquired Funds’ current fiscal period was March 1, 2013. Assuming the Reorganizations had been completed on March 1, 2013, the beginning of the Acquiring Funds’ current fiscal period, the pro forma results of operations for the fiscal year ended February 28, 2014, are as follows:
 
 
Arizona 
Ohio 
 
Premium 
Quality 
 
Income 
Income 
Acquiring Funds – Pro Forma Results of Operations 
(NAZ) 
(NUO) 
Net investment income (loss) 
$ 7,943,709 
$ 15,894,412 
Net realized and unrealized gains (losses) 
(13,982,777) 
(27,412,095) 
Change in net assets resulting from operations 
(6,039,068) 
(11,517,683) 
 
Because the combined investment portfolios for each Reorganization have been managed as a single integrated portfolio since each Reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Funds that have been included in the Statement of Operations for the Acquiring Funds since the Reorganizations were consummated.
 
In connection with the Reorganizations, the Acquiring Funds incurred certain associated costs and expenses. Such amounts were included as components of “Accrued other expenses” on the Statement of Assets and Liabilities.
 
9. Subsequent Events
 
Agreement and Plan of Merger
 
On April 14, 2014, TIAA-CREF, a national financial services organization, announced that it had entered into an agreement (the “Purchase Agreement”) to acquire Nuveen Investments, the parent company of the Adviser. The transaction is expected to be completed by the end of the year, subject to customary closing conditions, including obtaining necessary Nuveen Fund and client consents sufficient to satisfy the terms of the Purchase Agreement and obtaining customary regulatory approvals. There can be no assurance that the transaction described above will be consummated as contemplated or that necessary conditions will be satisfied.
 
The consummation of the transaction will be deemed to be an “assignment” (as defined in the Investment Company Act of 1940) of the investment management agreements between the Nuveen Funds and the Adviser and the investment sub-advisory agreements between the Adviser and each Nuveen Fund’s sub-adviser or sub-advisers, and will result in automatic termination of each agreement. It is anticipated that the Board of Directors/Trustees of the Nuveen Funds (the “Board”) will consider a new investment management agreement with the Adviser and new investment sub-advisory agreements with each sub-adviser. If approved by the Board, the new agreements will be presented to the Nuveen Funds’ shareholders for approval, and, if so approved by shareholders, will take effect upon consummation of the transaction or such later time as shareholder approval is obtained.
 
The transaction is not expected to result in any change in the portfolio management of the Funds or in the Funds’ investment objectives or policies.
 
Nuveen Investments 81
 
 
 
 
 

 
 
Additional 
    Fund Information 

 
 
Board of Trustees 
         
William Adams IV* 
Robert P. Bremner 
Jack B. Evans 
William C. Hunter 
David J. Kundert 
John K. Nelson 
William J. Schneider 
Thomas S. Schreier, Jr.* 
Judith M. Stockdale 
Carole E. Stone 
Virginia L. Stringer 
Terence J. Toth 
 
* Interested Board Member. 
         
 
Fund Manager 
Custodian 
Legal Counsel 
Independent Registered 
Transfer Agent and 
Nuveen Fund Advisors, LLC 
State Street Bank 
Chapman and Cutler LLP 
Public Accounting Firm 
Shareholder Services 
333 West Wacker Drive 
& Trust Company 
Chicago, IL 60603 
Ernst & Young LLP 
 
State Street Bank 
Chicago, IL 60606 
Boston, MA 02111 
 
Chicago, IL 60606 
 
& Trust Company 
         
Nuveen Funds 
         
P.O. Box 43071 
         
Providence, RI 02940-3071 
         
(800) 257-8787 
 
Quarterly Form N-Q Portfolio of Investments Information
 
Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC toll-free at (800) SEC -0330 for room hours and operation.
 
Nuveen Funds’ Proxy Voting Information
 
You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments toll free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.
 

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

 
Common Share Information
 
Each Fund intends to repurchase shares of its own common stock at such times and in such amounts as is deemed advisable. During the period covered by this report, the Fund repurchased shares of its common stock as shown in the accompanying table. Any future repurchases will be reported to shareholders in the next annual or semi-annual report.
 
 
NAZ 
NUM 
NUO 
NTX 
Common shares repurchased 
24,300 
 
FINRA BrokerCheck: The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org.
 
82 Nuveen Investments
 
 
 
 
 

 
 
 
Glossary of Terms
    Used in this Report
 
 
·  
Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have “failed,” with current holders receiving a formula-based interest rate until the next scheduled auction.
 
·  
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
 
·  
Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s or bond fund’s value to changes when market interest rates change. Generally, the longer a bond’s or fund’s duration, the more the price of the bond or fund will change as interest rates change.
 
·  
Effective Leverage: Effective leverage is a fund’s effective economic leverage, and includes both regulatory leverage (see lever- age) and the leverage effects of certain derivative investments in the fund’s portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.
 
·  
Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.
 
·  
Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse float- ing rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
 
·  
Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.
 
·  
Lipper Other States Municipal Debt Funds Classification Average: Calculated using the returns of all closed-end funds in this category. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.
 
·  
Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund’s Net Assets divided by its number of shares outstanding.
 
·  
Pre-Refunding: Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond’s credit rating and thus its value.
 
 
Nuveen Investments 83
 
 
 
 
 

 
 
 

 
Glossary of Terms Used in this Report Process (continued)
 
 
·  
Regulatory Leverage: Regulatory leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part of a fund’s capital structure. Regulatory leverage is subject to asset coverage limits set in the Investment Company Act of 1940.
 
·  
S&P Municipal Bond Indexes Arizona and Texas: Unleveraged, market value-weighted indexes designed to measure the performance of the tax-exempt, investment-grade municipal bond markets in Arizona and Texas, respectively. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
 
·  
S&P Municipal Bond Indexes for Michigan and Ohio: Unleveraged, market value-weighted indexes designed to measure the performance of the tax-exempt, investment-grade municipal bond markets in Michigan and Ohio, respectively. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
 
·  
S&P Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax- exempt, investment-grade U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
 
·  
Total Investment Exposure: Total investment exposure is a fund’s assets managed by the Adviser that are attributable to finan- cial leverage. For these purposes, financial leverage includes a fund’s use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.
 
·  
Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.
 
84 Nuveen Investments
 
 
 
 
 

 
 
 

 
Reinvest Automatically,
    Easily and Conveniently
 
Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account.
 
Nuveen Closed-End Funds Automatic Reinvestment Plan
 
Nuveen Closed-End Fund allows you to conveniently reinvest distributions in additional Fund shares. By choosing to reinvest, you’ll be able to invest money regularly and automatically, and watch your investment grow through the power of compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on distributions that are reinvested. It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.
 
Easy and convenient
 
To make recordkeeping easy and convenient, each month you’ll receive a statement showing your total distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.
 
How shares are purchased
 
The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net 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 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 85
 
 
 
 
 

 
 
 

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

 
 
 

 
Name,
Position(s) Held
Year First
Principal
Number
Year of Birth
with the Funds
Elected or
Occupation(s)
of Portfolios
& Address
 
Appointed
Including other
in Fund Complex
   
and Term(1)
Directorships
Overseen by
     
During Past 5 Years
Board Member
 
Independent Board Members (continued): 
     
 
• JOHN K. NELSON
       
1962 
   
Senior external advisor to the financial services practice of Deloitte 
 
333 West Wacker Drive     
Board Member 
2013
Consulting LLP (since 2012); Member of Board of Directors of Core12 LLC 
 
Chicago, IL 60606 
 
Class II
since 2008), a private firm which develops branding, marketing and 
208
     
communications strategies for clients; Director of The Curran Center for 
 
     
Catholic American Studies (since 2009) and The President’s Council, 
 
     
Fordham University (since 2010); formerly, Chairman of the Board of 
 
     
Trustees of Marian University (2010 as trustee, 2011-2014 as Chairman); 
 
     
formerly, Chief Executive Officer of ABN AMRO N.V. North America, and 
 
     
Global Head of its Financial Markets Division (2007-2008); prior senior 
 
     
positions held at ABN AMRO include Corporate Executive Vice President 
 
     
and Head of Global Markets-the Americas (2006-2007), CEO of 
 
     
Whole- sale Banking North America and Global Head of Foreign 
 
     
Exchange and Futures Markets (2001-2006), and Regional Commercial 
 
     
Treasurer and Senior Vice President Trading-North America (1996-2001); 
 
     
formerly, Trustee at St. Edmund Preparatory School in New York City. 
 
 
• JUDITH M. STOCKDALE
   
Board Member, Land Trust Alliance (since June 2013) and U.S. 
 
1947 
   
Endowment for Forestry and Communities (since November 2013); 
 
333 W. Wacker Drive 
Board Member 
1997
formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley 
 
Chicago, IL 60606 
 
Class I
Foundation (since 1994); prior thereto, Executive Director, Great Lakes 
 
     
Protection Fund (1990-1994). 
208
 
 
• CAROLE E. STONE
   
Director, Chicago Board Options Exchange (since 2006); Director, C2 
 
1947 
   
Options Exchange, Incorporated (since 2009); Director, CBOE Holdings, 
 
333 W. Wacker Drive 
Board Member 
2007
Inc. (since 2010); formerly, Commissioner, New York State Commission 
208
Chicago, IL 60606 
 
Class I
on Public Authority Reform (2005-2010); formerly, Chair, New York 
 
     
Racing Association Oversight Board (2005-2007). 
 
 
• VIRGINIA L. STRINGER
   
Board Member, Mutual Fund Directors Forum; former governance 
 
1944 
   
consultant and non-profit board member; former Owner and President, 
 
333 W. Wacker Drive 
Board Member 
2011
Strategic Management Resources, Inc., a management consulting firm; 
208
Chicago, IL 60606 
 
Class I
former Member, Governing Board, Investment Company Institute’s 
 
     
Independent Directors Council; previously, held several executive 
 
     
positions in general management, marketing and human resources at 
 
     
IBM and The Pillsbury Company; Independent Director, First American 
 
     
Fund Complex (1987-2010) and Chair (1997-2010). 
 
 
• TERENCE J. TOTH
       
1959 
   
Managing Partner, Promus Capital (since 2008); Director, Fulcrum IT 
 
333 W. Wacker Drive 
Board Member 
2008
Service LLC (since 2010), Quality Control Corporation (since 2012) and 
 
Chicago, IL 60606 
 
Class II
LogicMark LLC (since 2012); formerly, Director, Legal & General 
208
     
Investment Management America, Inc. (2008-2013); formerly, CEO and 
 
     
President, Northern Trust Global Investments (2004-2007); Executive 
 
     
Vice President, Quantitative Management & Securities Lending 
 
     
(2000-2004); prior thereto, various positions with Northern Trust 
 
     
Company (since 1994); member: Chicago Fellowship Board (since 2005), 
 
     
Catalyst Schools of Chicago Board (since 2008) and Chairman, and 
 
     
Mather Foundation Board (since 2012), and a member of its investment 
 
     
committee; formerly, Member, Northern Trust Mutual Funds Board 
 
     
(2005-2007), Northern Trust Global Investments Board (2004-2007), 
 
     
Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. 
 
     
Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004). 
 
 
 
Nuveen Investments 87
 
 
 
 
 

 
 
 

 
Board Members & Officers (Unaudited) (continued)
 
Name,
Position(s) Held
Year First
Principal
Number
Year of Birth
with the Funds
Elected or
Occupation(s)
of Portfolios
& Address
 
Appointed
Including other
in Fund Complex
   
and Term(1)
Directorships
Overseen by
     
During Past 5 Years
Board Member
         
Interested Board Members: 
       
 
• WILLIAM ADAMS IV(2)
   
Senior Executive Vice President, Global Structured Products (since 2010); 
 
1955 
   
formerly, Executive Vice President, U.S. Structured Products, of Nuveen 
 
333 W. Wacker Drive 
Board Member 
2013
Investments, Inc. (1999-2010); Co-President of Nuveen Fund Advisors, 
133
Chicago, IL 60606 
 
Class II
LLC (since 2011); President (since 2011), formerly, Managing Director 
 
     
(2010-2011) of Nuveen Commodities Asset Management, LLC; Board 
 
     
Member of the Chicago Symphony Orchestra and of Gilda s Club Chicago. 
 
 
• THOMAS S. SCHREIER, JR.(2)
   
Vice Chairman, Wealth Management of Nuveen Investments, Inc. (since 
 
1962 
   
2011); Co-President of Nuveen Fund Advisors, LLC; Chairman of Nuveen 
 
333 W. Wacker Drive 
Board Member 
2013
Asset Management, LLC (since 2011); Co-Chief Executive Officer of 
133
Chicago, IL 60606 
 
Class III
Nuveen Securities, LLC (since 2011); Member of Board of Governors and 
 
     
Chairman’s Council of the Investment Company Institute; formerly, Chief 
 
     
Executive Officer (2000-2010) and Chief Investment Officer (2007-2010) 
 
     
of FAF Advisors, Inc.; formerly, President of First American Funds 
 
     
(2001-2010).
 
 
 
Name,
Position(s) Held
Year First
Principal
Number
Year of Birth
with the Funds
Elected or
Occupation(s)
of Portfolios
& Address
 
Appointed(3)
During Past 5 Years
in Fund Complex
       
Overseen
       
by Officer
         
Officers of the Funds: 
       
 
• GIFFORD R. ZIMMERMAN
   
Managing Director (since 2002), and Assistant Secretary of Nuveen 
 
1956 
Chief 
 
Securities, LLC; Managing Director (since 2004) and Assistant Secretary 
 
333 W. Wacker Drive 
Administrative 
1988
(since 1994) of Nuveen Investments, Inc.; Managing Director (since 
208
Chicago, IL 60606 
Officer 
 
2002), Assistant Secretary (since 1997) and Co-General Counsel (since 
 
     
2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant 
 
     
Secretary and Associate General Counsel of Nuveen Asset Management, 
 
     
LLC (since 2011); Managing Director, Associate General Counsel and 
 
     
Assistant Secretary, of Symphony Asset Management LLC (since 2003); 
 
     
Vice President and Assistant Secretary of NWQ Investment Management 
 
     
Company, LLC (since 2002), Nuveen Investments Advisers Inc. (since 
 
     
2002), Santa Barbara Asset Management, LLC (since 2006), and of 
 
     
Winslow Capital Management, LLC, (since 2010); Vice President and 
 
     
Assistant Secretary (since 2013), formerly, Chief Administrative Officer 
 
     
and Chief Compliance Officer (2006-2013) of Nuveen Commodities Asset 
 
     
Management, LLC; Chartered Financial Analyst. 
 
 
• CEDRIC H. ANTOSIEWICZ
   
Managing Director of Nuveen Securities, LLC. 
 
1962 
       
333 W. Wacker Drive 
Vice President 
2007
 
101
Chicago, IL 60606 
 
     
 
• MARGO L. COOK
   
Executive Vice President (since 2008) of Nuveen Investments, Inc. and of 
 
1964 
   
Nuveen Fund Advisors, LLC (since 2011); Managing Director-Investment 
 
333 W. Wacker Drive 
Vice President 
2009
Services of Nuveen Commodities Asset Management, LLC (since 
208
Chicago, IL 60606 
   
August 2011), previously, Head of Institutional Asset Management 
 
     
(2007-2008) of Bear Stearns Asset Management; Head of Institutional 
 
     
Asset Management (1986-2007) of Bank of NY Mellon; Chartered 
 
     
Financial Analyst.
 
 
 
88 Nuveen Investments
 
 
 
 
 

 
 
 

 
Name,
Position(s) Held
Year First
Principal
Number
Year of Birth
with the Funds
Elected or
Occupation(s)
of Portfolios
& Address
 
Appointed(3)
During Past 5 Years
in Fund Complex
       
Overseen
       
by Officer
 
Officers of the Funds (continued): 
     
 
• LORNA C. FERGUSON
   
Managing Director (since 2005) of Nuveen Fund Advisors, LLC and 
 
1945 
   
Nuveen Securities, LLC (since 2004). 
 
333 W. Wacker Drive 
Vice President 
1998
 
208
Chicago, IL 60606 
 
     
 
• STEPHEN D. FOY
   
Managing Director (since 2014), formerly, Senior Vice President 
 
1954 
Vice President 
 
(2013-2014), and Vice President of Nuveen Fund Advisors, LLC; 
 
333 W. Wacker Drive 
and Controller 
1998
Chief Financial Officer of Nuveen Commodities Asset 
208
Chicago, IL 60606 
   
Management, LLC (since 2010); Senior Vice President (2010-2011), 
 
     
Formerly Vice President (2005-2010) and Funds Controller of Nuveen 
 
     
Securities, LLC; Certified Public Accountant. 
 
 
• SCOTT S. GRACE
   
Managing Director, Corporate Finance & Development, Treasurer (since 
 
1970 
Vice President 
 
2009) of Nuveen Securities, LLC; Managing Director and Treasurer (since 
 
333 W. Wacker Drive 
and Treasurer 
2009
2009) of Nuveen Fund Advisors, LLC, Nuveen Investments Advisers, Inc., 
208
     
Nuveen Investments Holdings Inc. and (since 2011) Nuveen Asset 
 
     
Management, LLC; Vice President and Treasurer of NWQ Investment 
 
     
Management Company, LLC, Tradewinds Global Investors, LLC, 
 
     
Symphony Asset Management LLC and Winslow Capital Management, 
 
     
LLC.; Vice President of Santa Barbara Asset Management, LLC; formerly, 
 
     
Treasurer (2006-2009), Senior Vice President (2008-2009), previously, 
 
     
Vice President (2006-2008) of Janus Capital Group, Inc.; formerly, Senior 
 
     
Associate in Morgan Stanley’s Global Financial Services Group 
 
     
(2000-2003); Chartered Accountant Designation. 
 
 
• WALTER M. KELLY
   
Senior Vice President (since 2008) of Nuveen Investment Holdings, Inc. 
 
1970 
Chief Compliance 
     
333 W. Wacker Drive 
Officer and 
2003
 
208
Chicago, IL 60606 
Vice President 
     
 
• TINA M. LAZAR
   
Senior Vice President of Nuveen Investment Holdings, Inc. 
 
1961 
       
333 W. Wacker Drive 
Vice President 
2002
 
208
Chicago, IL 60606 
 
     
 
• KEVIN J. MCCARTHY
   
Managing Director and Assistant Secretary (since 2008), Nuveen 
 
1966 
Vice President 
 
Securities, LLC; Managing Director (since 2008), Assistant Secretary 
 
333 W. Wacker Drive 
and Secretary 
2007
since 2007) and Co-General Counsel (since 2011) of Nuveen Fund 
208
Chicago, IL 60606 
   
Advisors, LLC; Managing Director, Assistant Secretary and Associate 
 
     
General Counsel (since 2011) of Nuveen Asset Management, LLC; 
 
     
Managing Director (since 2008), and Assistant Secretary, Nuveen 
 
     
Investment Holdings, Inc.; Vice President (since 2007) and Assistant 
 
     
Secretary of Nuveen Investments Advisers Inc., NWQ Investment 
 
     
Management Company, LLC, NWQ Holdings, LLC, Symphony Asset 
 
     
Management LLC, Santa Barbara Asset Management, LLC, and of 
 
     
Winslow Capital Management, LLC. (since 2010); Vice President and 
 
     
Secretary (since 2010) of Nuveen Commodities Asset Management, LLC. 
 
 
 
Nuveen Investments 89
 
 
 
 
 

 
 
 

 
Board Members & Officers (Unaudited) (continued)
 
Name,
Position(s) Held
Year First
Principal
Number
Year of Birth
with the Funds
Elected or
Occupation(s)
of Portfolios
& Address
 
Appointed(3)
During Past 5 Years
in Fund Complex
       
Overseen
       
by Officer
 
Officers of the Funds (continued): 
     
 
• KATHLEEN L. PRUDHOMME
   
Managing Director, Assistant Secretary and Co-General Counsel (since 
 
1953 
Vice President and 
 
2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant 
 
   901 Marquette Avenue  Assistant Secretary 
2011
Secretary and Associate General Counsel (since 2011) of Nuveen Asset 
208
Minneapolis, MN 55402 
   
Management, LLC; Managing Director and Assistant Secretary (since 
 
     
2011) of Nuveen Securities, LLC; formerly, Deputy General Counsel, FAF 
 
     
Advisors, Inc. (2004-2010). 
 
 
• JOEL T. SLAGER
   
Fund Tax Director for Nuveen Funds (since May, 2013); previously, Vice 
 
1978 
Vice President and 
 
President of Morgan Stanley Investment Management, Inc., Assistant 
 
   333 West Wacker Drive Assistant Secretary 
2013
Treasurer of the Morgan Stanley Funds (from 2010 to 2013); Tax Director 
208
Chicago, IL 60606 
   
at PricewaterhouseCoopers LLP (from 2008 to 2010).
 
 
(1)     
The Board of Trustees is divided into three classes, Class I, Class II, and Class III, with each being elected to serve until the third succeeding annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed, except two board members are elected by the holders of Preferred Shares to serve until the next annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed. The year first elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen Complex.
(2)     
“Interested person” as defined in the 1940 Act, by reason of his position with Nuveen Investments, Inc. and certain of its subsidiaries, which are affiliates of the Nuveen Funds.
(3)     
Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen Complex.
 
 
90 Nuveen Investments
 
 
 
 
 

 
 
 

 
Notes
 
Nuveen Investments 91
 
 
 
 
 

 
 
 
 
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 $221 billion as of December 31, 2013.
 

Find out how we can help you.
 
To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
 
Learn more about Nuveen Funds at: www.nuveen.com/cef
 
Distributed by Nuveen Investments, LLC | 333 West Wacker Drive | Chicago, IL 60606 | www.nuveen.com
 
EAN-C-0214D
 
 
 

 
 
ITEM 2. CODE OF ETHICS.

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

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

Nuveen Michigan Quality Income Municipal Fund

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

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

SERVICES THAT THE FUND'S AUDITOR BILLED TO THE FUND

 
Audit Fees Billed
   
Audit-Related Fees
   
Tax Fees
   
All Other Fees
 
Fiscal Year Ended
to Fund 1
   
Billed to Fund 2
   
Billed to Fund 3
   
Billed to Fund 4
 
February 28, 2014
$ 24,750     $ 6,500     $ 673     $ 0  
                               
Percentage approved
  0 %     0 %     0 %     0 %
pursuant to
                             
pre-approval
                             
exception
                             
                               
February 28, 2013
$ 22,250     $ 6,250     $ 0     $ 0  
                               
Percentage approved
  0 %     0 %     0 %     0 %
pursuant to
                             
pre-approval
                             
exception
                             
                               
1 "Audit Fees" are the aggregate fees billed for professional services for the audit of the Fund's annual financial statements and services provided in
 
connection with statutory and regulatory filings or engagements.
                         
                               
2 "Audit Related Fees" are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of
         
financial statements that are not reported under "Audit Fees". These fees include offerings related to the Fund's common shares and leverage.
         
                               
3 "Tax Fees" are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global
         
withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculation performed by the principal accountant.
         
                               
4 "All Other Fees" are the aggregate fees billed for products and services other than "Audit Fees", "Audit-Related Fees" and "Tax Fees". These fees
         
represent all "Agreed-Upon Procedures" engagements pertaining to the Fund's use of leverage.
                 

SERVICES THAT THE FUND'S AUDITOR BILLED TO THE ADVISER AND AFFILIATED FUND SERVICE PROVIDERS

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

 
Audit-Related Fees
Tax Fees Billed to
All Other Fees
 
Billed to Adviser and
Adviser and
Billed to Adviser
 
Affiliated Fund
Affiliated Fund
and Affiliated Fund
Fiscal Year Ended
Service Providers
Service Providers
Service Providers
February 28, 2014
 $                               0
 $                                     0
 $                                   0
       
Percentage approved
0%
0%
0%
pursuant to
     
pre-approval
     
exception
     
February 28, 2013
 $                               0
 $                                     0
 $                                   0
       
Percentage approved
0%
0%
0%
pursuant to
     
pre-approval
     
exception
     
 
NON-AUDIT SERVICES

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

   
Total Non-Audit Fees
   
   
billed to Adviser and
   
   
Affiliated Fund Service
Total Non-Audit Fees
 
   
Providers (engagements
billed to Adviser and
 
   
related directly to the
Affiliated Fund Service
 
 
Total Non-Audit Fees
operations and financial
Providers (all other
 
Fiscal Year Ended
Billed to Fund
reporting of the Fund)
engagements)
Total
February 28, 2014
 $                           673
 $                                     0
 $                                   0
 $                       673
February 28, 2013
 $                               0
 $                                     0
 $                                   0
 $                           0
         
         
"Non-Audit Fees billed to Fund" for both fiscal year ends represent "Tax Fees" and "All Other Fees" billed to Fund in their respective
 
amounts from the previous table.
       
         
Less than 50 percent of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent
fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.
 
 
Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Fund by the Fund's independent accountants and (ii) all audit and non-audit services to be performed by the Fund's independent accountants for the Affiliated Fund Service Providers with respect to operations and financial reporting of the Fund. Regarding tax and research projects conducted by the independent accountants for the Fund and Affiliated Fund Service Providers (with respect to operations and financial reports of the Fund) such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee chairman for his verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

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

ITEM 6. SCHEDULE OF INVESTMENTS.

a) See Portfolio of Investments in Item 1.

b) Not applicable.

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

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

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

The Portfolio Manager

The following individual has primary responsibility for the day-to-day implementation of the registrant’s investment strategies:
 
Name
Fund
Daniel J. Close
Nuveen Michigan Quality Income Municipal Fund, formerly known as Nuveen Michigan Quality Income Municipal Fund, Inc.

Other Accounts Managed. In addition to managing the registrant, the portfolio manager is also primarily responsible for the day-to-day portfolio management of the following accounts:
 
Portfolio Manager
Type of Account
Managed
Number of
Accounts
Assets*
Daniel J. Close
Registered Investment Company
16
$4.864 billion
 
Other Pooled Investment Vehicles
0
$0
 
Other Accounts
11
$192 million
*
Assets are as of February 28, 2014.  None of the assets in these accounts are subject to an advisory fee based on performance.

POTENTIAL MATERIAL CONFLICTS OF INTEREST

Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one account. More specifically, portfolio managers who manage multiple accounts are presented a number of potential conflicts, including, among others, those discussed below.

The management of multiple accounts may result in a portfolio manager devoting unequal time and attention to the management of each account. Nuveen Asset Management seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most accounts managed by a portfolio manager in a particular investment strategy are managed using the same investment models.

If a portfolio manager identifies a limited investment opportunity which may be suitable for more than one account, an account may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible accounts. To deal with these situations, Nuveen Asset Management has adopted procedures for allocating limited opportunities across multiple accounts.

With respect to many of its clients’ accounts, Nuveen Asset Management determines which broker to use to execute transaction orders, consistent with its duty to seek best execution of the transaction. However, with respect to certain other accounts, Nuveen Asset Management may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, Nuveen Asset Management may place separate, non-simultaneous, transactions for a Fund and other accounts which may temporarily affect the market price of the security or the execution of the transaction, or both, to the detriment of the Fund or the other accounts.

Some clients are subject to different regulations. As a consequence of this difference in regulatory requirements, some clients may not be permitted to engage in all the investment techniques or transactions or to engage in these transactions to the same extent as the other accounts managed by the portfolio manager. Finally, the appearance of a conflict of interest may arise where Nuveen Asset Management has an incentive, such as a performance-based management fee, which relates to the management of some accounts, with respect to which a portfolio manager has day-to-day management responsibilities.

Nuveen Asset Management has adopted certain compliance procedures which are designed to address these types of conflicts common among investment managers. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

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

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

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

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

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

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

Long-term incentive compensation. Certain key employees of Nuveen Investments and its affiliates, including certain portfolio managers, have received equity interests in the parent company of Nuveen Investments. In addition, certain key employees of Nuveen Asset Management, including certain portfolio managers, have received profits interests in Nuveen Asset Management which entitle their holders to participate in the firm’s growth over time.

There are generally no differences between the methods used to determine compensation with respect to the Fund and the Other Accounts shown in the table above.

Beneficial Ownership of Securities.  As of February 28, 2014 the portfolio manager beneficially owned the following dollar range of equity securities issued by the Registrant and other Nuveen Funds managed by Nuveen Asset Management’s municipal investment team.

Name of Portfolio Manager
Fund
Dollar range of equity
securities beneficially
owned in Fund
Dollar range of equity securities
beneficially owned in the remainder of
Nuveen funds managed by Nuveen Asset
Management’s municipal investment team
Daniel J. Close
Nuveen Michigan Quality Income Municipal Fund
$0
$0

PORTFOLIO MANAGER BIO:

Daniel J. Close, CFA, is a Senior Vice President of Nuveen Investments. He joined Nuveen Investments in 2000 as a member of Nuveen’s product management and development team. He then served as a research analyst for Nuveen’s municipal investing team, covering corporate-backed, energy, transportation and utility credits. He received his BS in Business from Miami University and his MBA from Northwestern University’s Kellogg School of Management. Mr. Close has earned the Chartered Financial Analyst designation.  Mr. Close also serves as a portfolio manager for various Nuveen Build America Bond strategies. 
 
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Period*
(a)
(b)
(c)
(d)*
 
TOTAL NUMBER OF
AVERAGE
TOTAL NUMBER OF SHARES
MAXIMUM NUMBER (OR
 
SHARES (OR
PRICE
(OR UNITS) PURCHASED AS
APPROXIMATE DOLLAR VALUE) OF
 
UNITS)
PAID PER
PART OF PUBLICLY
SHARES (OR UNITS) THAT MAY YET
 
PURCHASED
SHARE (OR
ANNOUNCED PLANS OR
BE PURCHASED UNDER THE PLANS
    UNIT) PROGRAMS OR PROGRAMS
MARCH 1-31, 2013
          0
 
        0
1,155,000
         
APRIL 1-30, 2013
          0
 
        0
1,155,000
         
MAY 1-31, 2013
          0
 
        0
1,155,000
         
JUNE 1-30, 2013
          0
 
        0
1,155,000
         
JULY 1-31, 2013
   7,100
$13.05
7,100
1,147,900
         
AUGUST 1-31, 2013
   2,400
$12.35
2,400
1,145,500
         
SEPTEMBER 1-30, 2013
          0
 
        0
1,145,500
         
OCTOBER 1-31, 2013
          0
 
        0
1,145,500
         
NOVEMBER 1-30, 2013
   9,800
$12.49
9,800
2,075,200
         
DECEMBER 1-31, 2013
   5,000
$12.43
5,000
2,070,200
         
January 1-31, 2014
          0
 
        0
2,070,200
         
February 1-28, 2014
          0
 
        0
2,070,200
 
       
TOTAL
24,300
     

* The registrant's repurchase program, for the repurchase of 1,155,000 shares, was authorized November 15, 2012. The program was reauthorized for a maximum repurchase amount of 2,085,000 shares on November 20, 2013. Any repurchases made by the registrant pursuant to the program were made through open-market transactions.
 
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

ITEM 12. EXHIBITS.

File the exhibits listed below as part of this Form.

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

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

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

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


 
 

 

SIGNATURES


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

(Registrant) Nuveen Michigan Quality Income Municipal Fund

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

Date: May 8, 2014

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

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

Date: May 8, 2014
 
By (Signature and Title) /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller
(principal financial officer)

Date: May 8, 2014