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 811-21213
Nuveen AMT-Free Municipal Income Fund
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Address of principal executive offices) (Zip code)
Kevin J. McCarthy
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Name and address of agent for service)
Registrant's telephone number, including area code: (312) 917-7700
Date of fiscal year end: October 31
Date of reporting period: April 30, 2012
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
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Table of Contents
|
Chairman’s Letter to Shareholders
|
4
|
|
Portfolio Managers’ Comments
|
5
|
|
Fund Leverage and Other Information
|
12
|
|
Common Share Dividend and Price Information
|
14
|
|
Performance Overviews
|
16
|
|
Portfolios of Investments
|
22
|
|
Statement of Assets and Liabilities
|
82
|
|
Statement of Operations
|
84
|
|
Statement of Changes in Net Assets
|
86
|
|
Statement of Cash Flows
|
89
|
|
Financial Highlights
|
91
|
|
Notes to Financial Statements
|
100
|
|
Reinvest Automatically, Easily and Conveniently
|
114
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|
Glossary of Terms Used in this Report
|
116
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Additional Fund Information
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119
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Chairman’s
Letter to Shareholders
Dear Shareholders,
Investors have many reasons to remain cautious. The challenges in the Euro area are casting a shadow over global economies and financial markets. The political support for addressing fiscal issues is eroding as the economic and social impacts become more visible. At the same time, member nations appear unwilling to provide adequate financial support or to surrender sufficient sovereignty to strengthen the banks or unify the Euro area financial system. The gains made in reducing deficits, and the hard-won progress on winning popular acceptance of the need for economic austerity, are at risk. To their credit, European political leaders press on to find compromise solutions, but there is increasing concern that time will begin to run out.
In the U.S., strong corporate earnings have enabled the equity markets to withstand much of the downward pressures coming from weakening job creation, slower economic growth and political uncertainty. The Fed remains committed to low interest rates but has refrained from predicting another program of quantitative easing unless economic growth were to weaken significantly or the threat of recession appears on the horizon. Pre-election maneuvering has added to the already highly partisan atmosphere in the Congress. The end of the Bush-era tax cuts and implementation of the spending restrictions of the Budget Control Act of 2011, both scheduled to take place at year-end, loom closer.
During the last year, U.S. based investors have experienced a sharp decline and a strong recovery in the equity markets. The experienced investment teams at Nuveen keep their eye on a longer time horizon and use their practiced investment disciplines to negotiate through market peaks and valleys to achieve long-term goals for investors. Experienced professionals pursue investments that will weather short-term volatility and at the same time, seek opportunities that are created by markets that overreact to negative developments. Monitoring this process is an important consideration for the Fund Board as it oversees your Nuveen funds on your behalf.
As always, I encourage you to contact your financial consultant if you have any questions about your investment in a Nuveen Fund. On behalf of the other members of your Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
Robert P. Bremner
Chairman of the Board
June 20, 2012
|
4
|
Nuveen Investments
|
Portfolio Managers’ Comments
Nuveen Quality Municipal Fund, Inc. (NQI)
Nuveen Municipal Opportunity Fund, Inc. (NIO)
Nuveen Premier Municipal Opportunity Fund, Inc. (NIF)
Nuveen Premium Income Municipal Opportunity Fund (NPX)
Nuveen Dividend Advantage Municipal Income Fund (NVG)
Nuveen AMT-Free Municipal Income Fund (NEA)
Portfolio managers Paul Brennan and Douglas White discuss key investment strategies and the six-month performance of these six national Funds. With 21 years of industry experience, including 15 years at Nuveen, Paul has managed NIO, NIF, NVG, and NEA since 2006. Douglas, who has 29 years of financial industry experience, assumed portfolio management responsibility for NQI and NPX in January 2011.
What key strategies were used to manage these Funds during the six-month reporting period ended April 30, 2012?
During this period, municipal bond prices generally rallied, amid strong demand and yield that continued to be historically low. The availability of municipal supply improved in recent months from 2011 levels, although the pattern of new issuance remained light compared with long-term historical trends. Due to their insured mandate and the continued severe decline in insured issuance, finding appropriate insured municipal bonds, especially new insured issues, remained a challenge for these Funds during the first two months of this period. Over the past few years, most municipal bond insurers had their credit ratings downgraded and only one insurer currently insures new municipal bonds. As a result, the supply of insured municipal securities decreased dramatically. During November and December 2011, issuance of new insured paper totaled just over $3 billion, accounting for approximately 4.5% of total municipal issuance during that time, compared with historical levels approaching 50%. The combination of comparatively light municipal supply, little insured issuance and relatively lower yields meant few attractive opportunities for these Funds during November and December 2011.
In view of this situation, in October 2011, the Funds’ Board of Directors/Trustees approved changes to the Funds’ investment policy regarding insured municipal securities. Effective January 2, 2012, the Funds eliminated the policy requiring them to invest at least 80% of their managed assets in municipal securities covered by insurance. This change was designed to provide more flexibility regarding the types of securities available for investment. This does not represent a change in investment objectives; each
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc., or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C, and D are below investment grade ratings. Certain bonds backed by U.S. government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
|
Nuveen Investments
|
5
|
Fund will continue to invest substantially all of its assets in a portfolio of investment-grade quality municipal securities.
Following the change to these Funds’ investment policy, our purchase activity increased, as we worked to enhance the Funds’ credit and sector diversification. One of the areas where we were more active was the health care sector, which had been underutilized in these Funds under the insured mandate and which we believed offered good opportunities. We also found value in water and sewer, transportation (particularly airports and toll roads), tobacco and higher education credits and in tax-supported bonds. Although the pattern of issuance tended to be shorter on the yield curve during this period due to an increase in refunding activity, our focus generally remained on longer maturities in order to take advantage of attractive yields at the longer end of the municipal yield curve. The purchase of longer bonds also provided some protection for the Funds’ duration and yield curve positioning. We also added slightly more yield to the Funds, buying bonds rated A and BBB. Overall, we continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that had the potential to perform well over the long term.
Cash for new purchases during this period was generated primarily by the proceeds from called and maturing bonds, which we worked to redeploy to keep the Funds fully invested. Approximately half of the new municipal bonds issued during this period came from borrowers that were calling existing debt and refinancing at lower rates. This refunding activity provided a meaningful source of liquidity, which was beneficial as we began to transition the Funds from insured to non-insured. In addition, NIF and NPX, which are now structured as Funds that do not hold any bonds subject to the alternative minimum tax (AMT), sold all of their AMT holdings by March 31, 2012, and reinvested the proceeds into bonds offering federal tax-exempt income. This provided additional opportunities to restructure these two Funds.
As of April 30, 2012, all six of these Funds continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management, income enhancement and total return enhancement.
|
6
|
Nuveen Investments
|
How did the Funds perform during the six-month period ended April 30, 2012?
Individual results for these Funds, as well as relevant index and peer group information, are presented in the accompanying table.
Average Annual Total Returns on Common Share Net Asset Value*
For periods ended 4/30/12
|
Fund
|
6-Month
|
1-Year
|
5-Year
|
10-Year
|
|
NQI
|
8.79%
|
20.93%
|
5.62%
|
5.99%
|
|
NIO
|
8.46%
|
19.21%
|
5.81%
|
6.19%
|
|
NIF
|
8.80%
|
18.97%
|
6.09%
|
6.23%
|
|
NPX
|
9.26%
|
21.11%
|
6.00%
|
6.18%
|
|
NVG
|
8.29%
|
16.90%
|
6.25%
|
6.76%
|
|
NEA
|
6.38%
|
14.40%
|
5.99%
|
N/A
|
|
Standard & Poor’s (S&P) Municipal Bond Index**
|
5.70%
|
11.89%
|
5.26%
|
5.42%
|
|
Standard & Poor’s (S&P) Municipal Bond Insured Index**
|
5.76%
|
12.66%
|
5.33%
|
5.49%
|
|
Lipper General & Insured Leveraged Municipal Debt Funds
|
||||
|
Classification Average**
|
10.74%
|
23.04%
|
6.00%
|
6.68%
|
For the six months ended April 30, 2012, the cumulative returns on common share net asset value (NAV) for these six Funds exceeded the returns for the Standard & Poor’s (S&P) Municipal Bond Index and the S&P Municipal Bond Insured Index. For the same period, the Funds underperformed the average return for the Lipper General & Insured Leveraged Municipal Debt Funds Classification Average.
Key management factors that influenced the Funds’ returns during this period included duration and yield curve positioning, credit exposure and sector allocation. The use of regulatory leverage also was an important positive factor affecting the Funds’ performance. Leverage is discussed in more detail later in this report.
During this period, municipal bonds with longer maturities generally outperformed those with shorter maturities. Overall, credits at the longest end of the municipal yield curve posted the strongest returns, while bonds at the shortest end produced the weakest results. Among these Funds, NQI, NIF and NPX were the most advantageously positioned in terms of duration and yield curve exposure, with greater exposure to the longer parts of the yield curve that performed well. Holdings of non-callable zero coupon bonds, which outperformed during this period due to their long durations, also boosted the performance of NQI and NPX. In contrast, both NVG and NEA, which were introduced in March and November 2002, respectively, have reached the ten-year point
|
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares.
|
|
|
For additional information, see the individual Performance Overview for your Fund in this report.
|
|
|
*
|
Six-month returns are cumulative; all other returns are annualized.
|
|
**
|
Refer to Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment.
|
|
Nuveen Investments
|
7
|
of the bond market cycle where holdings of bonds with short call dates typically increases. This hampered their performance during this period. NEA, which had the shortest duration among the six Funds, was the most negatively impacted by its positioning. In general, variations in duration and yield curve positioning among the Funds accounted for the majority of the differences in performance.
Credit exposure was also an important factor in performance during these six months, as lower quality bonds generally outperformed higher quality bonds. This outperformance was due in part to the greater demand for lower rated bonds as investors looked for investment vehicles offering higher yields. As investors became more comfortable taking on additional investment risk, credit spreads, or the difference in yield spreads between U.S. Treasury securities and comparable investments such as municipal bonds, narrowed through a variety of rating categories. Over the past few years, bonds that matured or were called from these Funds’ portfolios and not replaced due to the insured mandate caused their credit weightings to shift toward the upper end of the quality spectrum. While we added to the Funds’ lower rated holdings following the change in investment policy, these Funds generally continued to be significantly overweight in bonds rated AA, which detracted from their performance during this period. NEA’s performance also was hampered by the largest exposure to AAA rated bonds among these six Funds. These allocations were offset to a certain extent by the positive influence of the Funds’ exposures to the lower rated credit spectrum.
Holdings that generally made positive contributions to the Funds’ returns during this period included health care (including hospitals), transportation and education credits. All of these Funds, particularly NQI, NPX and NVG, benefited from their weightings in the health care sector. In addition, the returns of NQI and NPX were boosted by their holdings of toll road bonds. Tobacco bonds backed by the 1998 master settlement agreement also were one of the top performing market segments, as these bonds benefited from several market developments, including increased demand for higher-yielding investments by investors who became less risk averse. In addition, based on recent data showing that cigarette sales had fallen less steeply than anticipated, the 46 states participating in the agreement stand to receive increased payments from the tobacco companies. Benefiting from the recent change in investment policy, NIO, NIF, NVG and NEA now have allocations in lower rated tobacco bonds as of April 30, 2012. NQI and NPX do not hold any lower rated tobacco bonds.
|
8
|
Nuveen Investments
|
In contrast, pre-refunded bonds, which are often backed by U.S. Treasury securities, were the poorest performing market segment during this period. The underperformance of these bonds can be attributed primarily to their shorter effective maturities and higher credit quality. As of April 30, 2012, NEA had the largest exposure to pre-refunded bonds, while NQI had the smallest allocation. General obligation and other tax-supported bonds as well as utilities and housing credits also lagged the performance of the general municipal market for this period. These Funds generally had relatively light exposures to housing, which limited the impact of the performance of this sector.
FUND POLICY CHANGES
On October 28, 2011, the Funds’ Board of Directors/Trustees approved changes to each Fund’s investment policy regarding its investment in insured municipal securities. These changes were designed to provide the Adviser with more flexibility regarding the types of securities available for investment by each Fund.
Effective January 2, 2012, each Fund eliminated the investment policy requiring it, under normal circumstances, to invest at least 80% of its managed assets in municipal securities that are covered by insurance guaranteeing the timely payment of principal and interest. Over the past few years, most municipal bond insurers have had their credit ratings downgraded and only one insurer is currently insuring new municipal bonds. As a result, the supply of insured municipal securities has decreased dramatically and the long-term viability of the municipal bond insurance market is uncertain. The Funds have not changed their investment objective and will continue to invest substantially all of their assets in a portfolio of investment grade quality municipal securities.
Concurrent with the investment policy changes, the Funds have changed their names as follows:
|
●
|
Nuveen Insured Quality Municipal Fund, Inc. (NQI) changed to Nuveen Quality Municipal Fund, Inc. (NQI)
|
|
|
●
|
Nuveen Insured Municipal Opportunity Fund, Inc. (NIO) changed to Nuveen Municipal Opportunity Fund, Inc. (NIO)
|
|
|
●
|
Nuveen Premier Insured Municipal Income Fund, Inc. (NIF) changed to Nuveen Premier Municipal Opportunity Fund, Inc. (NIF)
|
|
Nuveen Investments
|
9
|
|
●
|
Nuveen Insured Premium Income Municipal Fund 2 (NPX) changed to Nuveen Premium Income Municipal Opportunity Fund (NPX)
|
|
|
●
|
Nuveen Insured Dividend Advantage Municipal Fund (NVG) changed to Nuveen Dividend Advantage Municipal Income Fund (NVG); and
|
|
|
●
|
Nuveen Insured Tax-Free Advantage Municipal Fund (NEA) changed to Nuveen AMT-Free Municipal Income Fund (NEA)
|
In addition, each Fund changed its non-fundamental investment policy requiring each Fund to invest in municipal securities rated at least investment grade at the time of investment. Each Fund adopted a new policy to, under normal circumstances, invest at least 80% of its managed assets in investment grade securities that, at the time of investment, are rated within the four highest grades (Baa or BBB or better) by at least one nationally recognized statistical ratings organization (“NRSRO”) or are unrated but judged to be of comparable quality by the Fund’s investment adviser. Under the new policy, each Fund may invest up to 20% of its managed assets in municipal securities that at the time of investment are rated below investment grade or are unrated but judged to be of comparable quality by the Fund’s investment adviser. No more than 10% of each Fund’s managed assets may be invested in municipal securities rated below B3/B- or that are unrated but judged to be of comparable quality by the Fund’s investment adviser.
APPROVED FUND REORGANIZATIONS
On June 22, 2012, the Funds’ Board of Directors/Trustees approved a series of reorganizations for certain Funds included in this report. The reorganizations are intended to create a single larger Fund, which would potentially offer shareholders the following benefits:
|
●
|
Lower Fund expense ratios (excluding the effects of leverage), as fixed costs are spread over a larger asset base;
|
|
|
●
|
Enhanced secondary market trading, as larger Funds potentially make it easier for investors to buy and sell Fund shares;
|
|
|
●
|
Lower per share trading costs through reduced bid/ask spreads due to a larger common share float; and
|
|
10
|
Nuveen Investments
|
|
●
|
Increased Fund flexibility in managing the structure and cost of leverage over time.
|
The approved reorganizations are as follows:
|
Acquired Funds
|
Symbol
|
Acquiring Fund
|
Symbol
|
|
|
●
|
Nuveen Premier Municipal
|
NIF
|
||
|
Opportunity Fund, Inc.
|
Nuveen AMT-Free Municipal
|
NEA
|
||
|
●
|
Nuveen Premier Income
|
NPX
|
Income Fund
|
|
|
Municipal Opportunity Fund
|
||||
If shareholders approve the reorganizations, and upon the closing of the reorganizations, the Acquired Funds will transfer substantially all of their assets to the Acquiring Fund in exchange for common and preferred shares of the Acquiring Fund, and the assumption by the Acquiring Fund of the liabilities of the Acquired Funds. The Acquired Funds will then be liquidated, dissolved and terminated in accordance with their Declaration of Trust.
|
Nuveen Investments
|
11
|
Fund Leverage and Other Information
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
One important factor impacting the returns of all these Funds relative to the comparative indexes was the Funds’ use of leverage. The Funds use leverage because their managers believe that, over time, leveraging provides opportunities for additional income and total return for common shareholders. However, use of leverage also can expose common shareholders to additional volatility. For example, as the prices of securities held by a Fund decline, the negative impact of these valuation changes on common share net asset value and common shareholder total return is magnified by the use of leverage. Conversely, leverage may enhance common share returns during periods when the prices of securities held by a Fund generally are rising. Leverage made a positive contribution to the performance of these Funds over this reporting period.
THE FUNDS’ REGULATORY LEVERAGE
As of April 30, 2012, the Funds have issued and outstanding MuniFund Term Preferred (MTP) Shares, Variable Rate MuniFund Term Preferred (VMTP) Shares and/or Variable Rate Demand Preferred (VRDP) Shares as shown in the accompanying tables.
MTP Shares
|
MTP Shares Issued
|
Annual
|
NYSE
|
||||||||||
|
Fund
|
Series
|
at Liquidation Value
|
Interest Rate
|
Ticker
|
||||||||
|
NVG
|
2014
|
$
|
108,000,000
|
2.95
|
%
|
NVG PrC
|
||||||
|
NEA
|
2015
|
$
|
83,000,000
|
2.85
|
%
|
NEA PrC
|
||||||
VMTP Shares
|
VMTP Shares Issued
|
||||||
|
Fund
|
Series
|
at Liquidation Value
|
||||
|
NQI
|
2014
|
$
|
240,400,000
|
|||
|
NVG
|
2014
|
$
|
92,500,000
|
|||
|
NEA
|
2014
|
$
|
67,600,000
|
|||
|
VRDP Shares
|
||||||
|
VRDP Shares Issued
|
||||||
|
Fund
|
at Liquidation Value
|
|||||
|
NIO
|
$
|
667,200,000
|
||||
|
NIF
|
$
|
130,900,000
|
||||
|
NPX
|
$
|
219,000,000
|
||||
(Refer to Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies for further details on MTP Shares, VMTP Shares and VRDP Shares.)
|
12
|
Nuveen Investments
|
RISK CONSIDERATIONS
Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation. Past performance is no guarantee of future results. Fund common shares are subject to a variety of risks, including:
Investment and Market Risk. An investment in common shares is subject to investment risk, including the possible loss of the entire principal amount that you invest. Your investment in common shares represents an indirect investment in the municipal securities owned by the Fund, which generally trade in the over-the-counter markets. Your common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.
Price Risk. Shares of closed-end investment companies like these Funds frequently trade at a discount to their NAV. Your common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.
Leverage Risk. Each Fund’s use of leverage creates the possibility of higher volatility for the Fund’s per share NAV, market price, distributions and returns. There is no assurance that a Fund’s leveraging strategy will be successful.
Tax Risk. The tax treatment of Fund distributions may be affected by new IRS interpretations of the Internal Revenue Code and future changes in tax laws and regulations.
Issuer Credit Risk. This is the risk that a security in a Fund’s portfolio will fail to make dividend or interest payments when due.
Interest Rate Risk. Fixed-income securities such as bonds, preferred, convertible and other debt securities will decline in value if market interest rates rise.
Reinvestment Risk. If market interest rates decline, income earned from a Fund’s portfolio may be reinvested at rates below that of the original bond that generated the income.
Call Risk or Prepayment Risk. Issuers may exercise their option to prepay principal earlier than scheduled, forcing a Fund to reinvest in lower-yielding securities.
Inverse Floater Risk. The Funds may invest in inverse floaters. Due to their leveraged nature, these investments can greatly increase a Fund’s exposure to interest rate risk and credit risk. In addition, investments in inverse floaters involve the risk that the Fund could lose more than its original principal investment.
|
Nuveen Investments
|
13
|
Common Share Dividend and
Price Information
DIVIDEND INFORMATION
The monthly dividends of all six Funds in this report remained stable throughout the six-month reporting period ended April 30, 2012.
Due to normal portfolio activity, common shareholders of the following Funds received capital gains and/or net ordinary income distributions in December 2011 as follows:
|
Short-Term Capital Gains
|
||||||
|
Long-Term Capital Gains
|
and/or Ordinary Income
|
|||||
|
(per share)
|
(per share)
|
|||||
|
NQI
|
—
|
$
|
0.0026
|
|||
|
NIO
|
$
|
0.0026
|
—
|
|||
|
NVG
|
$
|
0.0413
|
—
|
|||
All of the Funds in this report seek to pay stable dividends at rates that reflect each Fund’s past results and projected future performance. During certain periods, each Fund may pay dividends at a rate that may be more or less than the amount of net investment income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it holds the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s NAV. Conversely, if a Fund has cumulatively paid dividends in excess of its earnings, the excess constitutes negative UNII that is likewise reflected in the Fund’s NAV. Each Fund will, over time, pay all of its net investment income as dividends to shareholders. As of April 30, 2012, all six of the Funds in this report had positive UNII balances, based upon our best estimate, for tax purposes and positive UNII balances for financial reporting purposes.
COMMON SHARE REPURCHASES AND PRICE INFORMATION
As of April 30, 2012, and since the inception of the Funds’ repurchase programs, the Funds have cumulatively repurchased and retired their common shares as shown in the accompanying table. Since the inception of the Funds’ repurchase programs, NQI, NIF, and NPX have not repurchased any of their outstanding common shares.
|
Common Shares
|
% of Outstanding
|
|
|
Fund
|
Repurchased and Retired
|
Common Shares
|
|
NIO
|
2,900
|
0.0%
|
|
NVG
|
10,400
|
0.0%
|
|
NEA
|
19,300
|
0.1%
|
During the six-month reporting period, the Funds did not repurchase and retire any of their outstanding common shares.
|
14
|
Nuveen Investments
|
As of April 30, 2012, and during the six-month reporting period, the Funds’ common share prices were trading at (+) premiums or (-)discounts to their common share NAVs as shown in the accompanying table.
|
4/30/12
|
Six-Month Average
|
|
|
Fund
|
(-) Discount
|
(+) Premium/(-) Discount
|
|
NQI
|
(-)3.01%
|
(-)0.55%
|
|
NIO
|
(-)4.01%
|
(-)3.03%
|
|
NIF
|
(-)1.86%
|
(+)1.74%
|
|
NPX
|
(-)4.51%
|
(-)3.62%
|
|
NVG
|
(-)3.74%
|
(-)3.06%
|
|
NEA
|
(-)3.02%
|
(-)2.94%
|
|
Nuveen Investments
|
15
|
|
NQI
|
Nuveen Quality
|
|
|
Performance
|
Municipal
|
|
|
OVERVIEW
|
Fund, Inc.
|
|
|
as of April 30, 2012
|
|
Fund Snapshot
|
||||
|
Common Share Price
|
$
|
14.50
|
||
|
Common Share Net Asset Value (NAV)
|
$
|
14.95
|
||
|
Premium/(Discount) to NAV
|
-3.01
|
%
|
||
|
Market Yield
|
6.21
|
%
|
||
|
Taxable-Equivalent Yield1
|
8.63
|
%
|
||
|
Net Assets Applicable to Common Shares ($000)
|
$
|
574,904
|
||
|
Leverage
|
||||
|
Regulatory Leverage
|
29.49
|
%
|
||
|
Effective Leverage
|
37.50
|
%
|
|
Average Annual Total Returns
|
|||||||
|
(Inception 12/19/90)
|
|||||||
|
On Share Price
|
On NAV
|
||||||
|
6-Month (Cumulative)
|
6.01
|
%
|
8.79
|
%
|
|||
|
1-Year
|
20.51
|
%
|
20.93
|
%
|
|||
|
5-Year
|
5.95
|
%
|
5.62
|
%
|
|||
|
10-Year
|
5.96
|
%
|
5.99
|
%
|
|||
|
States3
|
||||
|
(as a % of total investments)
|
||||
|
California
|
15.6
|
%
|
||
|
Florida
|
9.1
|
%
|
||
|
Texas
|
8.8
|
%
|
||
|
Illinois
|
8.2
|
%
|
||
|
Pennsylvania
|
5.4
|
%
|
||
|
New York
|
5.4
|
%
|
||
|
Washington
|
5.3
|
%
|
||
|
Arizona
|
3.8
|
%
|
||
|
Massachusetts
|
3.8
|
%
|
||
|
Kentucky
|
3.8
|
%
|
||
|
Indiana
|
2.7
|
%
|
||
|
Colorado
|
2.7
|
%
|
||
|
Michigan
|
2.6
|
%
|
||
|
Louisiana
|
2.5
|
%
|
||
|
Ohio
|
2.4
|
%
|
||
|
Other
|
17.9
|
%
|
||
|
Portfolio Composition3
|
||||
|
(as a % of total investments)
|
||||
|
Tax Obligation/Limited
|
24.2
|
%
|
||
|
Transportation
|
15.5
|
%
|
||
|
Health Care
|
13.9
|
%
|
||
|
Tax Obligation/General
|
12.5
|
%
|
||
|
Water and Sewer
|
11.2
|
%
|
||
|
U.S. Guaranteed
|
10.3
|
%
|
||
|
Other
|
12.4
|
%
|
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
|
|
|
1
|
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
|
2
|
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
|
|
3
|
Holdings are subject to change.
|
|
4
|
The Fund paid shareholders a net ordinary income distribution in December 2011 of $0.0026 per share.
|
|
16
|
Nuveen Investments
|
|
NIO
|
Nuveen Municipal
|
|
|
Performance
|
Opportunity
|
|
|
OVERVIEW
|
Fund, Inc.
|
|
|
as of April 30, 2012
|
|
Fund Snapshot
|
||||
|
Common Share Price
|
$
|
14.86
|
||
|
Common Share Net Asset Value (NAV)
|
$
|
15.48
|
||
|
Premium/(Discount) to NAV
|
-4.01
|
%
|
||
|
Market Yield
|
5.90
|
%
|
||
|
Taxable-Equivalent Yield1
|
8.19
|
%
|
||
|
Net Assets Applicable to Common Shares ($000)
|
$
|
1,479,755
|
||
|
Leverage
|
||||
|
Regulatory Leverage
|
31.08
|
%
|
||
|
Effective Leverage
|
36.70
|
%
|
|
Average Annual Total Returns
|
|||||||
|
(Inception 9/19/91)
|
|||||||
|
On Share Price
|
On NAV
|
||||||
|
6-Month (Cumulative)
|
7.79
|
%
|
8.46
|
%
|
|||
|
1-Year
|
19.83
|
%
|
19.21
|
%
|
|||
|
5-Year
|
5.97
|
%
|
5.81
|
%
|
|||
|
10-Year
|
6.22
|
%
|
6.19
|
%
|
|||
|
States3
|
||||
|
(as a % of total investments)
|
||||
|
Florida
|
15.4
|
%
|
||
|
California
|
13.4
|
%
|
||
|
Illinois
|
5.8
|
%
|
||
|
Texas
|
5.3
|
%
|
||
|
Nevada
|
5.3
|
%
|
||
|
New York
|
5.2
|
%
|
||
|
Washington
|
4.1
|
%
|
||
|
South Carolina
|
3.7
|
%
|
||
|
Pennsylvania
|
3.4
|
%
|
||
|
New Jersey
|
3.1
|
%
|
||
|
Louisiana
|
3.0
|
%
|
||
|
Ohio
|
2.9
|
%
|
||
|
Indiana
|
2.6
|
%
|
||
|
Colorado
|
2.3
|
%
|
||
|
Massachusetts
|
2.3
|
%
|
||
|
Oklahoma
|
2.0
|
%
|
||
|
Arizona
|
1.9
|
%
|
||
|
Other
|
18.3
|
%
|
||
|
Portfolio Composition3
|
||||
|
(as a % of total investments)
|
||||
|
Tax Obligation/Limited
|
27.5
|
%
|
||
|
Transportation
|
15.3
|
%
|
||
|
U.S. Guaranteed
|
12.7
|
%
|
||
|
Tax Obligation/General
|
12.4
|
%
|
||
|
Water and Sewer
|
10.9
|
%
|
||
|
Utilities
|
8.0
|
%
|
||
|
Health Care
|
6.4
|
%
|
||
|
Education and Civic Organizations
|
5.2
|
%
|
||
|
Other
|
1.6
|
%
|
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
|
|
|
1
|
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
|
2
|
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
|
|
3
|
Holdings are subject to change.
|
|
4
|
The Fund paid shareholders a capital gains distribution in December 2011 of $0.0026 per share.
|
|
Nuveen Investments
|
17
|
|
NIF
|
Nuveen Premier
|
|
|
Performance
|
Municipal Opportunity
|
|
|
OVERVIEW
|
Fund, Inc.
|
|
|
as of April 30, 2012
|
|
Fund Snapshot
|
||||
|
Common Share Price
|
$
|
15.26
|
||
|
Common Share Net Asset Value (NAV)
|
$
|
15.55
|
||
|
Premium/(Discount) to NAV
|
-1.86
|
%
|
||
|
Market Yield
|
5.94
|
%
|
||
|
Taxable-Equivalent Yield1
|
8.25
|
%
|
||
|
Net Assets Applicable to Common Shares ($000)
|
$
|
303,454
|
||
|
Leverage
|
||||
|
Regulatory Leverage
|
30.14
|
%
|
||
|
Effective Leverage
|
37.27
|
%
|
|
Average Annual Total Returns
|
|||||||
|
(Inception 12/19/91)
|
|||||||
|
On Share Price
|
On NAV
|
||||||
|
6- Month (Cumulative)
|
10.22
|
%
|
8.80
|
%
|
|||
|
1-Year
|
10.51
|
%
|
18.97
|
%
|
|||
|
5-Year
|
6.67
|
%
|
6.09
|
%
|
|||
|
10-Year
|
6.24
|
%
|
6.23
|
%
|
|||
|
States3
|
||||
|
(as a % of total investments)
|
||||
|
California
|
15.6
|
%
|
||
|
Illinois
|
11.7
|
%
|
||
|
Washington
|
8.0
|
%
|
||
|
New York
|
6.8
|
%
|
||
|
Colorado
|
4.8
|
%
|
||
|
Texas
|
4.7
|
%
|
||
|
Pennsylvania
|
4.6
|
%
|
||
|
Nevada
|
4.1
|
%
|
||
|
Indiana
|
3.7
|
%
|
||
|
Florida
|
3.6
|
%
|
||
|
Massachusetts
|
3.2
|
%
|
||
|
Arizona
|
3.1
|
%
|
||
|
Oregon
|
3.0
|
%
|
||
|
Ohio
|
2.8
|
%
|
||
|
New Jersey
|
2.2
|
%
|
||
|
Other
|
18.1
|
%
|
||
|
Portfolio Composition3
|
||||
|
(as a % of total investments)
|
||||
|
U.S. Guaranteed
|
21.2
|
%
|
||
|
Tax Obligation/Limited
|
19.2
|
%
|
||
|
Tax Obligation/General
|
17.6
|
%
|
||
|
Transportation
|
11.0
|
%
|
||
|
Water and Sewer
|
10.4
|
%
|
||
|
Health Care
|
9.0
|
%
|
||
|
Education and Civic Organizations
|
5.1
|
%
|
||
|
Other
|
6.5
|
%
|
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
|
|
|
1
|
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
|
2
|
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having given an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
|
|
3
|
Holdings are subject to change.
|
|
18
|
Nuveen Investments
|
|
NPX
|
Nuveen Premium
|
|
|
Performance
|
Income Municipal
|
|
|
OVERVIEW
|
Opportunity Fund
|
|
|
as of April 30, 2012
|
|
Fund Snapshot
|
||||
|
Common Share Price
|
$
|
13.76
|
||
|
Common Share Net Asset Value (NAV)
|
$
|
14.41
|
||
|
Premium/(Discount) to NAV
|
-4.51
|
%
|
||
|
Market Yield
|
5.41
|
%
|
||
|
Taxable-Equivalent Yield1
|
7.51
|
%
|
||
|
Net Assets Applicable to Common Shares ($000)
|
$
|
538,364
|
||
|
Leverage
|
||||
|
Regulatory Leverage
|
28.92
|
%
|
||
|
Effective Leverage
|
35.39
|
%
|
|
Average Annual Total Returns
|
|||||||
|
(Inception 7/22/93)
|
|||||||
|
On Share Price
|
On NAV
|
||||||
|
6-Month (Cumulative)
|
10.19
|
%
|
9.26
|
%
|
|||
|
1-Year
|
24.04
|
%
|
21.11
|
%
|
|||
|
5-Year
|
6.84
|
%
|
6.00
|
%
|
|||
|
10-Year
|
6.17
|
%
|
6.18
|
%
|
|||
|
States3
|
||||
|
(as a % of total investments)
|
||||
|
California
|
18.7
|
%
|
||
|
New York
|
7.1
|
%
|
||
|
Pennsylvania
|
6.6
|
%
|
||
|
Texas
|
6.3
|
%
|
||
|
New Jersey
|
6.3
|
%
|
||
|
Colorado
|
6.2
|
%
|
||
|
Florida
|
5.6
|
%
|
||
|
Illinois
|
5.4
|
%
|
||
|
Indiana
|
3.8
|
%
|
||
|
Louisiana
|
3.7
|
%
|
||
|
Arizona
|
3.3
|
%
|
||
|
Washington
|
3.2
|
%
|
||
|
Georgia
|
3.0
|
%
|
||
|
Puerto Rico
|
2.8
|
%
|
||
|
Other
|
18.0
|
%
|
||
|
Portfolio Composition3
|
||||
|
(as a % of total investments)
|
||||
|
Tax Obligation/Limited
|
20.6
|
%
|
||
|
Water and Sewer
|
12.9
|
%
|
||
|
Transportation
|
12.4
|
%
|
||
|
U.S. Guaranteed
|
12.0
|
%
|
||
|
Health Care
|
11.7
|
%
|
||
|
Tax Obligation/General
|
10.6
|
%
|
||
|
Utilities
|
9.1
|
%
|
||
|
Education and Civic Organizations
|
8.5
|
%
|
||
|
Other
|
2.2
|
%
|
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
|
|
|
1
|
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
|
2
|
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
|
|
3
|
Holdings are subject to change.
|
|
4
|
Rounds to less than 1%.
|
|
Nuveen Investments
|
19
|
|
NVG
|
Nuveen Dividend
|
|
|
Performance
|
Advantage Municipal
|
|
|
OVERVIEW
|
Income Fund
|
|
|
as of April 30, 2012
|
|
Fund Snapshot
|
||||
|
Common Share Price
|
$
|
15.18
|
||
|
Common Share Net Asset Value (NAV)
|
$
|
15.77
|
||
|
Premium/(Discount) to NAV
|
-3.74
|
%
|
||
|
Market Yield
|
5.93
|
%
|
||
|
Taxable-Equivalent Yield1
|
8.24
|
%
|
||
|
Net Assets Applicable to Common Shares ($000)
|
$
|
470,134
|
||
|
Leverage
|
||||
|
Regulatory Leverage
|
29.90
|
%
|
||
|
Effective Leverage
|
36.63
|
%
|
|
Average Annual Total Returns
|
|||||||
|
(Inception 3/25/02)
|
|||||||
|
On Share Price
|
On NAV
|
||||||
|
6-Month (Cumulative)
|
9.50
|
%
|
8.29
|
%
|
|||
|
1-Year
|
19.47
|
%
|
16.90
|
%
|
|||
|
5-Year
|
5.92
|
%
|
6.25
|
%
|
|||
|
10-Year
|
6.42
|
%
|
6.76
|
%
|
|||
|
States3
|
||||
|
(as a % of total municipal bonds)
|
||||
|
California
|
13.0
|
%
|
||
|
Texas
|
11.9
|
%
|
||
|
Washington
|
11.2
|
%
|
||
|
Illinois
|
8.1
|
%
|
||
|
Florida
|
7.4
|
%
|
||
|
Indiana
|
7.3
|
%
|
||
|
New York
|
4.5
|
%
|
||
|
Colorado
|
4.1
|
%
|
||
|
Tennessee
|
3.8
|
%
|
||
|
Pennsylvania
|
3.3
|
%
|
||
|
Louisiana
|
3.0
|
%
|
||
|
Ohio
|
2.2
|
%
|
||
|
Alaska
|
2.2
|
%
|
||
|
Other
|
18.0
|
%
|
||
|
Portfolio Composition3
|
||||
|
(as a % of total investments)
|
||||
|
Tax Obligation/Limited
|
20.1
|
%
|
||
|
Transportation
|
16.8
|
%
|
||
|
U.S. Guaranteed
|
14.2
|
%
|
||
|
Health Care
|
12.9
|
%
|
||
|
Tax Obligation/General
|
11.2
|
%
|
||
|
Water and Sewer
|
6.7
|
%
|
||
|
Education and Civic Organizations
|
6.5
|
%
|
||
|
Utilities
|
6.5
|
%
|
||
|
Other
|
5.1
|
%
|
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
|
|
|
1
|
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
|
2
|
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
|
|
3
|
Holdings are subject to change.
|
|
4
|
The Fund paid shareholders a capital gains distribution in December 2011 of $0.0413 per share.
|
|
20
|
Nuveen Investments
|
|
NEA
|
Nuveen AMT-Free
|
|
|
Performance
|
Municipal Income
|
|
|
OVERVIEW
|
Fund
|
|
|
as of April 30, 2012
|
|
Fund Snapshot
|
||||
|
Common Share Price
|
$
|
14.75
|
||
|
Common Share Net Asset Value (NAV)
|
$
|
15.21
|
||
|
Premium/(Discount) to NAV
|
-3.02
|
%
|
||
|
Market Yield
|
5.69
|
%
|
||
|
Taxable-Equivalent Yield1
|
7.90
|
%
|
||
|
Net Assets Applicable to Common Shares ($000)
|
$
|
338,282
|
||
|
Leverage
|
||||
|
Regulatory Leverage
|
30.80
|
%
|
||
|
Effective Leverage
|
37.11
|
%
|
|
Average Annual Total Returns
|
|||||||
|
(Inception 11/21/02)
|
|||||||
|
On Share Price
|
On NAV
|
||||||
|
6-Month (Cumulative)
|
9.58
|
%
|
6.38
|
%
|
|||
|
1-Year
|
18.16
|
%
|
14.40
|
%
|
|||
|
5-Year
|
6.06
|
%
|
5.99
|
%
|
|||
|
Since Inception
|
5.59
|
%
|
6.26
|
%
|
|||
|
States3
|
||||
|
(as a % of total investments)
|
||||
|
California
|
13.7
|
%
|
||
|
Florida
|
13.4
|
%
|
||
|
Illinois
|
6.5
|
%
|
||
|
Washington
|
5.9
|
%
|
||
|
Michigan
|
5.9
|
%
|
||
|
Texas
|
5.9
|
%
|
||
|
New York
|
5.8
|
%
|
||
|
Pennsylvania
|
5.0
|
%
|
||
|
Indiana
|
4.5
|
%
|
||
|
South Carolina
|
3.7
|
%
|
||
|
Arizona
|
3.6
|
%
|
||
|
Colorado
|
3.4
|
%
|
||
|
Wisconsin
|
3.2
|
%
|
||
|
Other
|
19.5
|
%
|
||
|
Portfolio Composition3
|
||||
|
(as a % of total investments)
|
||||
|
U.S. Guaranteed
|
27.4
|
%
|
||
|
Tax Obligation/Limited
|
24.5
|
%
|
||
|
Health Care
|
10.2
|
%
|
||
|
Water and Sewer
|
9.6
|
%
|
||
|
Transportation
|
8.0
|
%
|
||
|
Tax Obligation/General
|
7.9
|
%
|
||
|
Utilities
|
6.2
|
%
|
||
|
Other
|
6.2
|
%
|
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
|
|
|
1
|
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
|
2
|
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
|
|
3
|
Holdings are subject to change.
|
|
Nuveen Investments
|
21
|
|
Nuveen Quality Municipal Fund, Inc.
|
||
|
(formerly known as Nuveen Insured Quality Municipal Fund, Inc.)
|
||
|
NQI
|
Portfolio of Investments
|
|
|
April 30, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Alabama – 1.9% (1.3% of Total Investments)
|
|||||||||
|
$
|
1,135
|
Birmingham Waterworks and Sewerage Board, Alabama, Water and Sewerage Revenue Bonds, Series 2002B, 5.250%, 1/01/20 (Pre-refunded 1/01/13) – NPFG Insured
|
1/13 at 100.00
|
AA+ (4)
|
$
|
1,173,284
|
|||
|
7,000
|
Huntsville Healthcare Authority, Alabama, Revenue Bonds, Series 2005A, 5.000%, 6/01/24 – NPFG Insured
|
6/15 at 100.00
|
A1
|
7,379,540
|
|||||
|
Opelika Utilities Board, Alabama, Utility Revenue Bonds, Auburn Water Supply Agreement, Series 2011:
|
|||||||||
|
1,250
|
4.000%, 6/01/29 – AGM Insured
|
6/21 at 100.00
|
AA–
|
1,300,725
|
|||||
|
1,000
|
4.250%, 6/01/31 – AGM Insured
|
6/21 at 100.00
|
AA–
|
1,043,260
|
|||||
|
10,385
|
Total Alabama
|
10,896,809
|
|||||||
|
Arizona – 5.6% (3.8% of Total Investments)
|
|||||||||
|
Arizona State, Certificates of Participation, Series 2010A:
|
|||||||||
|
1,200
|
5.250%, 10/01/28 – AGM Insured
|
10/19 at 100.00
|
AA–
|
1,351,584
|
|||||
|
1,500
|
5.000%, 10/01/29 – AGM Insured
|
10/19 at 100.00
|
AA–
|
1,633,080
|
|||||
|
7,070
|
Arizona State, State Lottery Revenue Bonds, Series 2010A, 5.000%, 7/01/29 – AGC Insured
|
1/20 at 100.00
|
AA–
|
7,845,367
|
|||||
|
2,750
|
Mesa, Arizona, Utility System Revenue Bonds, Tender Option Bond Trust, Series 11032- 11034, 14.779%, 7/01/26 – AGM Insured (IF)
|
7/17 at 100.00
|
Aa2
|
3,018,840
|
|||||
|
9,270
|
Phoenix Civic Improvement Corporation, Arizona, Senior Lien Airport Revenue Bonds, Series 2002B, 5.250%, 7/01/32 – FGIC Insured (Alternative Minimum Tax)
|
7/12 at 100.00
|
AA–
|
9,286,593
|
|||||
|
8,755
|
Phoenix, Arizona, Civic Improvement Revenue Bonds, Civic Plaza, Series 2005B, 0.000%, 7/01/39 – FGIC Insured
|
No Opt. Call
|
AA
|
9,276,010
|
|||||
|
30,545
|
Total Arizona
|
32,411,474
|
|||||||
|
Arkansas – 0.4% (0.3% of Total Investments)
|
|||||||||
|
2,250
|
University of Arkansas, Fayetteville, Revenue Bonds, Medical Sciences Campus, Series 2004B, 5.000%, 11/01/24 – NPFG Insured
|
11/14 at 100.00
|
Aa2
|
2,450,565
|
|||||
|
California – 22.8% (15.6% of Total Investments)
|
|||||||||
|
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2005AC:
|
|||||||||
|
4,010
|
5.000%, 12/01/24 – NPFG Insured (UB)
|
12/14 at 100.00
|
AAA
|
4,413,566
|
|||||
|
3,965
|
5.000%, 12/01/26 – NPFG Insured (UB)
|
12/14 at 100.00
|
AAA
|
4,340,565
|
|||||
|
5,000
|
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children’s Hospital, Series 2012A, 5.000%, 8/15/51
|
8/22 at 100.00
|
AA
|
5,303,250
|
|||||
|
California State, General Obligation Bonds, Series 2002:
|
|||||||||
|
4,455
|
5.000%, 4/01/27 – AMBAC Insured
|
7/12 at 100.00
|
A1
|
4,468,811
|
|||||
|
8,000
|
5.000%, 10/01/32 – NPFG Insured
|
10/12 at 100.00
|
A1
|
8,110,960
|
|||||
|
5
|
California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 – AMBAC Insured
|
4/14 at 100.00
|
A1
|
5,217
|
|||||
|
3,745
|
California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 (Pre-refunded 4/01/14) – AMBAC Insured
|
4/14 at 100.00
|
AA+ (4)
|
4,086,544
|
|||||
|
7,000
|
California Statewide Communities Development Authority, Revenue Bonds, Sutter Health, Series 2011A, 6.000%, 8/15/42
|
8/20 at 100.00
|
AA–
|
8,219,330
|
|||||
|
1,000
|
California Statewide Community Development Authority, Revenue Bonds, Childrens Hospital of Los Angeles, Series 2007, 5.000%, 8/15/47
|
8/17 at 100.00
|
BBB+
|
996,800
|
|||||
|
2,340
|
Cerritos Public Financing Authority, California, Tax Allocation Revenue Bonds, Los Cerritos Redevelopment Projects, Series 2002A, 5.000%, 11/01/24 – AMBAC Insured
|
11/17 at 102.00
|
A–
|
2,442,726
|
|||||
|
5,000
|
Clovis Unified School District, Fresno County, California, General Obligation Bonds, Series 2001A, 0.000%, 8/01/25 – FGIC Insured (ETM)
|
No Opt. Call
|
AA+ (4)
|
3,503,450
|
|||||
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Series 1999:
|
|||||||||
|
22,985
|
0.000%, 1/15/24 – NPFG Insured
|
7/12 at 50.65
|
BBB
|
11,491,581
|
|||||
|
22,000
|
0.000%, 1/15/31 – NPFG Insured
|
7/12 at 33.16
|
BBB
|
7,200,160
|
|||||
|
50,000
|
0.000%, 1/15/37 – NPFG Insured
|
7/12 at 23.01
|
BBB
|
10,631,500
|
|||||
|
5,000
|
Garden Grove, California, Certificates of Participation, Financing Project, Series 2002A, 5.125%, 3/01/32 – AMBAC Insured
|
3/13 at 100.50
|
A
|
5,030,950
|
|
22
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
California (continued)
|
|||||||||
|
$
|
8,500
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/35 – FGIC Insured
|
6/15 at 100.00
|
A2
|
$
|
8,604,975
|
|||
|
5,795
|
Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%, 11/01/25 – AGM Insured
|
No Opt. Call
|
Aa2
|
3,336,819
|
|||||
|
1,195
|
Lincoln Public Financing Authority, Placer County, California, Twelve Bridges Limited Obligation Revenue Bonds, Refunding Series 2011A, 4.375%,
|
9/21 at 100.00
|
AA–
|
1,243,577
|
|||||
| 9/02/25 – AGM Insured | |||||||||
|
5,193
|
Moreno Valley Public Finance Authority, California, GNMA Collateralized Assisted Living Housing Revenue Bonds, CDC Assisted Living Project, Series 2000A, 7.500%, 1/20/42
|
7/12 at 105.00
|
Aaa
|
5,481,056
|
|||||
|
4,395
|
Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue Bonds, Redevelopment Project 1, Series 1993, 5.850%, 8/01/22 – NPFG Insured (ETM)
|
7/12 at 100.00
|
BBB (4)
|
5,119,999
|
|||||
|
2,590
|
Riverside County Public Financing Authority, California, Tax Allocation Bonds, Multiple Projects, Series 2004, 5.000%, 10/01/25 – SYNCORA GTY Insured
|
10/14 at 100.00
|
BBB
|
2,528,073
|
|||||
|
2,000
|
San Diego Redevelopment Agency, California, Subordinate Lien Tax Allocation Bonds, Centre City Project, Series 2004A, 5.000%, 9/01/21 – SYNCORA GTY Insured
|
9/14 at 100.00
|
AA–
|
2,056,440
|
|||||
|
San Francisco Bay Area Rapid Transit District, California, Sales Tax Revenue Bonds, Refunding Series 2005A:
|
|||||||||
|
2,000
|
5.000%, 7/01/21 – NPFG Insured
|
7/15 at 100.00
|
AA+
|
2,243,940
|
|||||
|
3,655
|
5.000%, 7/01/22 – NPFG Insured
|
7/15 at 100.00
|
AA+
|
4,100,800
|
|||||
|
8,965
|
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C, 4.250%, 8/01/30 – NPFG Insured
|
8/17 at 100.00
|
BBB
|
7,881,490
|
|||||
|
3,500
|
Saugus Union School District, Los Angeles County, California, General Obligation Bonds, Series 2006, 0.000%, 8/01/23 – FGIC Insured
|
No Opt. Call
|
Aa2
|
2,251,795
|
|||||
|
1,000
|
Sierra Joint Community College District, Tahoe Truckee, California, General Obligation Bonds, School Facilities Improvement District 1, Series 2005A, 5.000%, 8/01/27 – FGIC Insured
|
8/14 at 100.00
|
Aa2
|
1,074,430
|
|||||
|
1,525
|
Sierra Joint Community College District, Western Nevada, California, General Obligation Bonds, School Facilities Improvement District 2, Series 2005A, 5.000%, 8/01/27 – FGIC Insured
|
8/14 at 100.00
|
Aa2
|
1,638,506
|
|||||
|
3,170
|
Ventura County Community College District, California, General Obligation Bonds, Series 2005B, 5.000%, 8/01/28 – NPFG Insured
|
8/15 at 100.00
|
AA
|
3,490,582
|
|||||
|
197,988
|
Total California
|
131,297,892
|
|||||||
|
Colorado – 3.9% (2.7% of Total Investments)
|
|||||||||
|
2,015
|
Board of Trustees of the University of Northern Colorado, Revenue Bonds, Series 2005, 5.000%, 6/01/22 – AGM Insured
|
6/15 at 100.00
|
AA–
|
2,237,718
|
|||||
|
Denver City and County, Colorado, Airport Revenue Bonds, Series 2006:
|
|||||||||
|
5,365
|
5.000%, 11/15/23 – FGIC Insured (UB)
|
11/16 at 100.00
|
A+
|
5,935,943
|
|||||
|
1,000
|
5.000%, 11/15/24 – FGIC Insured
|
11/16 at 100.00
|
A+
|
1,098,710
|
|||||
|
1,085
|
13.486%, 11/15/25 – FGIC Insured (IF)
|
11/16 at 100.00
|
A+
|
1,481,600
|
|||||
|
9,880
|
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/32 – NPFG Insured
|
No Opt. Call
|
BBB
|
3,091,946
|
|||||
|
10,000
|
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/27 – NPFG Insured
|
No Opt. Call
|
BBB
|
4,453,200
|
|||||
|
1,250
|
Jefferson County School District R1, Colorado, General Obligation Bonds, Series 2004, 5.000%, 12/15/24 (Pre-refunded 12/15/14) – AGM Insured (UB)
|
12/14 at 100.00
|
Aa2 (4)
|
1,400,063
|
|||||
|
880
|
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Refunding Bonds, Series 2011, 6.125%, 12/01/41 – AGM Insured
|
12/20 at 100.00
|
AA–
|
1,002,716
|
|||||
|
1,100
|
Poudre Tech Metro District, Colorado, Unlimited Property Tax Supported Revenue Bonds, Refunding & Improvement Series 2010A, 5.000%, 12/01/39 – AGM Insured
|
12/20 at 100.00
|
AA–
|
1,205,611
|
|||||
|
180
|
University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 – FGIC Insured
|
6/15 at 100.00
|
Aa2
|
197,640
|
|||||
|
320
|
University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 (Pre-refunded 6/01/15) – FGIC Insured
|
6/15 at 100.00
|
BBB (4)
|
363,958
|
|||||
|
33,075
|
Total Colorado
|
22,469,105
|
|||||||
|
Connecticut – 0.2% (0.1% of Total Investments)
|
|||||||||
|
1,000
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Wesleyan University, Series 2010G, 5.000%, 7/01/39
|
7/20 at 100.00
|
AA
|
1,102,370
|
|
Nuveen Investments
|
23
|
|
Nuveen Quality Municipal Fund, Inc. (continued)
|
||
|
(formerly known as Nuveen Insured Quality Municipal Fund, Inc.)
|
||
|
NQI
|
Portfolio of Investments
|
April 30, 2012 (Unaudited)
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
District of Columbia – 1.3% (0.9% of Total Investments)
|
|||||||||
|
$
|
1,335
|
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1606, 11.096%, 10/01/30 – AMBAC Insured (IF)
|
10/16 at 100.00
|
AA+
|
$
|
1,481,757
|
|||
|
3,920
|
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1730, 11.089%, 10/01/36 – AMBAC Insured (IF)
|
10/16 at 100.00
|
AA+
|
5,829,001
|
|||||
|
5,255
|
Total District of Columbia
|
7,310,758
|
|||||||
|
Florida – 13.3% (9.1% of Total Investments)
|
|||||||||
|
4,455
|
Broward County School Board, Florida, Certificates of Participation, Series 2005A, 5.000%, 7/01/28 – AGM Insured
|
7/15 at 100.00
|
AA–
|
4,670,667
|
|||||
|
10,000
|
Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 – AGM Insured
|
10/21 at 100.00
|
AA–
|
10,806,600
|
|||||
|
2,000
|
Citizens Property Insurance Corporation, Florida, High-Risk Account Senior Secured Bonds Series 2010A-1, 5.000%, 6/01/16 – AGM Insured
|
No Opt. Call
|
AA–
|
2,245,540
|
|||||
|
1,025
|
Cityplace Community Development District, Florida, Special Assessment and Revenue Bonds, Refunding Series 2012, 5.000%, 5/01/26
|
No Opt. Call
|
A
|
1,125,071
|
|||||
|
3,450
|
Collier County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/24 (Pre-refunded 10/01/14) – NPFG Insured
|
10/14 at 100.00
|
AA– (4)
|
3,830,397
|
|||||
|
4,000
|
Davie, Florida, Water and Sewerage Revenue Bonds, Series 2011, 5.000%, 10/01/41 – AGM Insured
|
10/21 at 100.00
|
AA–
|
4,348,880
|
|||||
|
2,750
|
Florida State Board of Education, Full Faith and Credit Public Education Capital Outlay Bonds, Series 2003J, 5.000%, 6/01/22 – AMBAC Insured
|
6/13 at 101.00
|
AAA
|
2,906,915
|
|||||
|
2,550
|
Florida State Board of Education, Public Education Capital Outlay Bonds, Series 2008, Trust 2929, 16.391%, 12/01/16 – AGC Insured (IF)
|
No Opt. Call
|
AAA
|
3,460,784
|
|||||
|
600
|
Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Refunding Series 2012, 5.000%, 10/01/30
|
10/22 at 100.00
|
A1
|
662,268
|
|||||
|
1,000
|
Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Refunding Series 2011, 5.000%, 11/15/25
|
11/21 at 100.00
|
A2
|
1,100,400
|
|||||
|
7,000
|
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2002, 5.375%, 10/01/32 – FGIC Insured (Alternative Minimum Tax)
|
10/12 at 100.00
|
A2
|
7,028,560
|
|||||
|
13,045
|
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2004A, 5.000%, 10/01/30 – FGIC Insured (Alternative Minimum Tax)
|
10/14 at 100.00
|
A2
|
13,250,720
|
|||||
|
10,085
|
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2008B, 5.000%, 10/01/41 – AGM Insured
|
10/18 at 100.00
|
AA–
|
10,560,508
|
|||||
|
3,730
|
Palm Beach County School Board, Florida, Certificates of Participation, Series 2003A, 5.000%, 8/01/16 – AMBAC Insured
|
8/13 at 100.00
|
AA–
|
3,915,008
|
|||||
|
4,100
|
Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, 5.000%, 11/15/33 (WI/DD, Settling 5/03/12)
|
5/22 at 100.00
|
AA
|
4,505,695
|
|||||
|
2,000
|
Volusia County Educational Facilities Authority, Florida, Educational Facilities Revenue Bonds, Embry-Riddle Aeronautical University, Inc. Project, Refunding Series 2011, 5.000%, 10/15/29 – AGM Insured
|
10/21 at 100.00
|
AA–
|
2,150,480
|
|||||
|
71,790
|
Total Florida
|
76,568,493
|
|||||||
|
Georgia – 3.2% (2.2% of Total Investments)
|
|||||||||
|
1,000
|
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2004, 5.000%, 11/01/22 – AGM Insured
|
11/14 at 100.00
|
AA–
|
1,072,120
|
|||||
|
7,000
|
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.375%, 11/01/39 – AGM Insured
|
11/19 at 100.00
|
AA–
|
7,832,580
|
|||||
|
2,000
|
City of Fairburn, Georgia, General Obligation Bonds, Series 2011, 5.750%, 12/01/31 – AGM Insured
|
12/21 at 100.00
|
AA–
|
2,268,660
|
|||||
|
7,295
|
Cobb County Development Authority, Georgia, University Facilities Revenue Bonds, Kennesaw State University Foundations, Student Housing Subordinate Lien Series 2004C, 5.000%, 7/15/36 – NPFG Insured
|
7/14 at 100.00
|
A3
|
7,441,848
|
|||||
|
17,295
|
Total Georgia
|
18,615,208
|
|||||||
|
Hawaii – 0.3% (0.2% of Total Investments)
|
|||||||||
|
1,620
|
Hawaii County, Hawaii, General Obligation Bonds, Series 2003A, 5.000%, 7/15/21 – AGM Insured
|
7/13 at 100.00
|
Aa2
|
1,704,499
|
|
24
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Illinois – 12.1% (8.2% of Total Investments)
|
|||||||||
|
$
|
3,490
|
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Refunding Series 2005A, 5.500%, 12/01/30 – AMBAC Insured
|
No Opt. Call
|
AA–
|
$
|
4,189,675
|
|||
|
1,500
|
Chicago Transit Authority, Illinois, Capital Grant Receipts Revenue Bonds, Federal Transit Administration Section 5307 Urbanized Area Formula Funds, Refunding Series 2011, 5.250%, 6/01/26 – AGM Insured
|
6/21 at 100.00
|
AA–
|
1,681,425
|
|||||
|
9,500
|
Chicago, Illinois, Second Lien General Airport Revenue Refunding Bonds, O’Hare International Airport, Series 1999, 5.500%, 1/01/15 – AMBAC Insured (Alternative Minimum Tax)
|
7/12 at 100.00
|
AA
|
9,530,305
|
|||||
|
1,775
|
Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport, Series 2005A, 5.250%, 1/01/24 – NPFG Insured
|
1/16 at 100.00
|
A1
|
1,927,845
|
|||||
|
2,240
|
Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2011A, 6.000%, 8/15/41 – AGM Insured
|
8/21 at 100.00
|
AA–
|
2,528,086
|
|||||
|
1,000
|
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C, 5.500%, 8/15/41
|
2/21 at 100.00
|
AA–
|
1,104,350
|
|||||
|
13,275
|
Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2001, 5.250%, 5/01/26 – AGM Insured
|
6/12 at 100.00
|
AA–
|
13,315,754
|
|||||
|
15,785
|
Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2002, 5.250%, 4/01/27 – AGM Insured
|
6/12 at 100.00
|
AA–
|
15,801,101
|
|||||
|
7,400
|
Macon County School District 61 Decatur, Illinois, General Obligation Bonds, Series 2011A, 5.250%, 1/01/37 – AGM Insured
|
1/21 at 100.00
|
Aa3
|
8,137,040
|
|||||
|
5,000
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1, 0.000%, 6/15/45 – AGM Insured
|
No Opt. Call
|
AAA
|
846,300
|
|||||
|
18,000
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A, 0.000%, 12/15/24 – NPFG Insured
|
No Opt. Call
|
AAA
|
10,554,840
|
|||||
|
78,965
|
Total Illinois
|
69,616,721
|
|||||||
|
Indiana – 4.0% (2.7% of Total Investments)
|
|||||||||
|
11,130
|
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2011B, 5.000%, 10/01/41
|
10/21 at 100.00
|
AA–
|
11,928,355
|
|||||
|
3,680
|
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
|
1/17 at 100.00
|
A+
|
3,916,550
|
|||||
|
6,300
|
Indiana Transportation Finance Authority, Highway Revenue Bonds, Series 1990A, 7.250%, 6/01/15 – AMBAC Insured
|
No Opt. Call
|
AA+
|
6,876,387
|
|||||
|
21,110
|
Total Indiana
|
22,721,292
|
|||||||
|
Kansas – 1.4% (1.0% of Total Investments)
|
|||||||||
|
5,500
|
Kansas Development Finance Authority, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
|
1/20 at 100.00
|
AA
|
5,869,215
|
|||||
|
2,000
|
Wichita, Kansas, Water and Sewerage Utility Revenue Bonds, Series 2003, 5.000%, 10/01/21 (Pre-refunded 10/01/13) – FGIC Insured
|
10/13 at 100.00
|
Aa2 (4)
|
2,134,080
|
|||||
|
7,500
|
Total Kansas
|
8,003,295
|
|||||||
|
Kentucky – 5.6% (3.8% of Total Investments)
|
|||||||||
|
3,015
|
Kentucky Asset/Liability Commission, General Fund Revenue Project Notes, First Series 2005, 5.000%, 5/01/25 – NPFG Insured
|
5/15 at 100.00
|
Aa3
|
3,279,174
|
|||||
|
Kentucky Economic Development Finance Authority, Health System Revenue Bonds, Norton Healthcare Inc., Series 2000C:
|
|||||||||
|
2,530
|
6.150%, 10/01/27 – NPFG Insured
|
10/13 at 101.00
|
BBB
|
2,641,194
|
|||||
|
12,060
|
6.150%, 10/01/28 – NPFG Insured
|
10/13 at 101.00
|
BBB
|
12,578,098
|
|||||
|
Kentucky Economic Development Finance Authority, Health System Revenue Bonds, Norton Healthcare Inc., Series 2000C:
|
|||||||||
|
3,815
|
6.150%, 10/01/27 (Pre-refunded 10/01/13) – NPFG Insured
|
10/13 at 101.00
|
A– (4)
|
4,165,103
|
|||||
|
6,125
|
6.150%, 10/01/28 (Pre-refunded 10/01/13) – NPFG Insured
|
10/13 at 101.00
|
A– (4)
|
6,687,091
|
|||||
|
2,230
|
Kentucky State Property and Buildings Commission, Revenue Bonds, Project 85, Series 2005, 5.000%, 8/01/23 (Pre-refunded 8/01/15) – AGM Insured
|
8/15 at 100.00
|
AA– (4)
|
2,555,937
|
|||||
|
29,775
|
Total Kentucky
|
31,906,597
|
|
Nuveen Investments
|
25
|
|
Nuveen Quality Municipal Fund, Inc. (continued)
|
||
|
(formerly known as Nuveen Insured Quality Municipal Fund, Inc.)
|
||
|
NQI
|
Portfolio of Investments
|
April 30, 2012 (Unaudited)
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Louisiana – 3.7% (2.5% of Total Investments)
|
|||||||||
|
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:
|
|||||||||
|
$
|
11,325
|
4.750%, 5/01/39 – AGM Insured (UB)
|
5/16 at 100.00
|
Aa1
|
$
|
11,765,769
|
|||
|
8,940
|
4.500%, 5/01/41 – FGIC Insured (UB)
|
5/16 at 100.00
|
Aa1
|
9,142,044
|
|||||
|
10
|
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006, Residuals 660-1, 15.714%, 5/01/34 – FGIC Insured (IF)
|
5/16 at 100.00
|
Aa1
|
10,904
|
|||||
|
5
|
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006, Residuals 660-1, 15.683%, 5/01/34 – FGIC Insured (IF)
|
5/16 at 100.00
|
Aa1
|
5,451
|
|||||
|
20,280
|
Total Louisiana
|
20,924,168
|
|||||||
|
Maine – 0.3% (0.2% of Total Investments)
|
|||||||||
|
555
|
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Series 1999B, 6.000%, 7/01/29 – NPFG Insured
|
7/12 at 100.00
|
Aaa
|
557,131
|
|||||
|
1,335
|
Maine State Housing Authority, Single Family Mortgage Purchase Bonds, Series 2012A-1, 4.000%, 11/15/24 (WI/DD, Settling 5/31/12) (Alternative Minimum Tax)
|
11/21 at 100.00
|
AA+
|
1,337,710
|
|||||
|
1,890
|
Total Maine
|
1,894,841
|
|||||||
|
Massachusetts – 5.6% (3.8% of Total Investments)
|
|||||||||
|
5,000
|
Massachusetts Bay Transportation Authority, Sales Tax Revenue Bonds, Senior Lien Series 2002A, 5.000%, 7/01/27 (Pre-refunded 7/01/12) – FGIC Insured
|
7/12 at 100.00
|
AAA
|
5,040,950
|
|||||
|
4,000
|
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Commonwealth Contract Assistance Secured, Refunding Series 2010B, 5.000%, 1/01/35
|
1/20 at 100.00
|
AA+
|
4,427,280
|
|||||
|
6,000
|
Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, Series 2002A, 5.750%, 1/01/42 – AMBAC Insured
|
No Opt. Call
|
A
|
7,397,760
|
|||||
|
3,335
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Massachusetts Institute of Technology, Tender Option Bond Trust 11824, 13.368%, 1/01/16 (IF)
|
No Opt. Call
|
AAA
|
4,644,588
|
|||||
|
Massachusetts State, Special Obligation Dedicated Tax Revenue Bonds, Series 2004:
|
|||||||||
|
1,250
|
5.250%, 1/01/21 (Pre-refunded 1/01/14) – FGIC Insured
|
1/14 at 100.00
|
A1 (4)
|
1,352,188
|
|||||
|
1,000
|
5.250%, 1/01/22 (Pre-refunded 1/01/14) – FGIC Insured
|
1/14 at 100.00
|
A1 (4)
|
1,081,750
|
|||||
|
1,195
|
5.250%, 1/01/23 (Pre-refunded 1/01/14) – FGIC Insured
|
1/14 at 100.00
|
A1 (4)
|
1,292,691
|
|||||
|
2,000
|
5.250%, 1/01/24 (Pre-refunded 1/01/14) – FGIC Insured
|
1/14 at 100.00
|
A1 (4)
|
2,163,500
|
|||||
|
3,465
|
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 – AGM Insured (UB) (5)
|
2/17 at 100.00
|
AA+
|
3,567,703
|
|||||
|
1,245
|
Springfield Water and Sewerage Commission, Massachusetts, General Revenue Bonds, Refunding Series 2010B, 5.000%, 11/15/30 – AGC Insured
|
11/20 at 100.00
|
AA–
|
1,427,841
|
|||||
|
28,490
|
Total Massachusetts
|
32,396,251
|
|||||||
|
Michigan – 3.8% (2.6% of Total Investments)
|
|||||||||
|
5,000
|
Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2011A, 5.250%, 7/01/41
|
7/21 at 100.00
|
A+
|
5,107,300
|
|||||
|
1,825
|
Marysville Public School District, St Claire County, Michigan, General Obligation Bonds, Series 2007, 5.000%, 5/01/28 – AGM Insured
|
5/17 at 100.00
|
Aa2
|
1,970,051
|
|||||
|
2,750
|
Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2011-II-A, 5.375%, 10/15/36
|
10/21 at 100.00
|
Aa3
|
3,099,525
|
|||||
|
10,585
|
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2009, 5.750%, 11/15/39
|
11/19 at 100.00
|
A1
|
11,632,386
|
|||||
|
20,160
|
Total Michigan
|
21,809,262
|
|||||||
|
Minnesota – 0.2% (0.1% of Total Investments)
|
|||||||||
|
1,000
|
Minneapolis-Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Children’s Health Care, Series 2004A-1 Remarketed, 4.625%, 8/15/29 – AGM Insured
|
8/20 at 100.00
|
AA–
|
1,088,950
|
|||||
|
Mississippi – 1.9% (1.3% of Total Investments)
|
|||||||||
|
2,715
|
Harrison County Wastewater Management District, Mississippi, Revenue Refunding Bonds, Wastewater Treatment Facilities, Series 1991B, 7.750%, 2/01/14 – FGIC Insured (ETM)
|
No Opt. Call
|
BBB (4)
|
3,065,642
|
|||||
|
1,330
|
Harrison County Wastewater Management District, Mississippi, Wastewater Treatment Facilities Revenue Refunding Bonds, Series 1991A, 8.500%, 2/01/13 – FGIC Insured (ETM)
|
No Opt. Call
|
N/R (4)
|
1,407,858
|
|||||
|
5,445
|
Mississippi Development Bank, Special Obligation Bonds, Gulfport Water and Sewer System Project, Series 2005, 5.250%, 7/01/24 – AGM Insured
|
No Opt. Call
|
AA–
|
6,351,810
|
|||||
|
9,490
|
Total Mississippi
|
10,825,310
|
|
26
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Nebraska – 2.2% (1.5% of Total Investments)
|
|||||||||
|
$
|
12,155
|
Lincoln, Nebraska, Electric System Revenue Bonds, Series 2007A, 4.500%, 9/01/37 – FGIC Insured (UB)
|
9/17 at 100.00
|
AA
|
$
|
12,630,382
|
|||
|
Nevada – 1.0% (0.7% of Total Investments)
|
|||||||||
|
5,720
|
Reno, Nevada, Senior Lien Sales and Room Tax Revenue Bonds, Reno Transportation Rail Access Corridor Project, Series 2002, 5.125%, 6/01/32 (Pre-refunded 6/01/12) – AMBAC Insured
|
6/12 at 100.00
|
N/R (4)
|
5,744,196
|
|||||
|
New Jersey – 1.9% (1.3% of Total Investments)
|
|||||||||
|
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A:
|
|||||||||
|
1,700
|
5.000%, 7/01/22 – NPFG Insured
|
7/14 at 100.00
|
A
|
1,828,962
|
|||||
|
1,700
|
5.000%, 7/01/23 – NPFG Insured
|
7/14 at 100.00
|
A
|
1,828,962
|
|||||
|
6,000
|
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – AGM Insured
|
No Opt. Call
|
AA–
|
7,439,580
|
|||||
|
9,400
|
Total New Jersey
|
11,097,504
|
|||||||
|
New Mexico – 0.9% (0.6% of Total Investments)
|
|||||||||
|
New Mexico Finance Authority, Public Project Revolving Fund Revenue Bonds, Series 2004C:
|
|||||||||
|
1,345
|
5.000%, 6/01/22 – AMBAC Insured
|
6/14 at 100.00
|
AAA
|
1,459,581
|
|||||
|
3,290
|
5.000%, 6/01/23 – AMBAC Insured
|
6/14 at 100.00
|
AAA
|
3,565,998
|
|||||
|
4,635
|
Total New Mexico
|
5,025,579
|
|||||||
|
New York – 7.9% (5.4% of Total Investments)
|
|||||||||
|
15,000
|
Dormitory Authority of the State of New York, Revenue Bonds, School Districts Financing Program, Series 2002D, 5.500%, 10/01/17 – NPFG Insured
|
10/12 at 100.00
|
A+
|
15,254,850
|
|||||
|
4,080
|
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured
|
2/17 at 100.00
|
A
|
4,061,966
|
|||||
|
2,890
|
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A, 5.000%, 12/01/25 – FGIC Insured
|
6/16 at 100.00
|
A
|
3,137,066
|
|||||
|
3,300
|
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2006F, 4.250%, 5/01/33 – NPFG Insured
|
11/16 at 100.00
|
A
|
3,366,264
|
|||||
|
2,000
|
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/36 – AGM Insured
|
5/21 at 100.00
|
AA–
|
2,187,120
|
|||||
|
7,800
|
Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds, Series 2002A, 5.000%, 7/01/25 – FGIC Insured
|
7/12 at 100.00
|
AA–
|
7,848,516
|
|||||
|
1,290
|
Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue Bonds, Unity Hospital of Rochester Project, Series 2010, 5.500%, 8/15/40
|
2/21 at 100.00
|
Aa2
|
1,453,043
|
|||||
|
1,740
|
New York Convention Center Development Corporation, Hotel Unit Fee Revenue Bonds, Series 2005, 16.499%, 11/15/44 – AMBAC Insured (IF)
|
11/15 at 100.00
|
AA+
|
2,083,615
|
|||||
|
510
|
New York State Housing Finance Agency, Mortgage Revenue Refunding Bonds, Housing Project, Series 1996A, 6.125%, 11/01/20 – AGM Insured
|
11/12 at 100.00
|
AA–
|
511,168
|
|||||
|
New York State Urban Development Corporation, Service Contract Revenue Bonds, Series 2005B:
|
|||||||||
|
2,460
|
5.000%, 3/15/24 – AGM Insured (UB)
|
3/15 at 100.00
|
AAA
|
2,729,788
|
|||||
|
2,465
|
5.000%, 3/15/25 – AGM Insured (UB)
|
3/15 at 100.00
|
AAA
|
2,715,567
|
|||||
|
43,535
|
Total New York
|
45,348,963
|
|||||||
|
Ohio – 3.5% (2.4% of Total Investments)
|
|||||||||
|
7,000
|
Cleveland State University, Ohio, General Receipts Bonds, Series 2004, 5.250%, 6/01/19 – FGIC Insured
|
6/14 at 100.00
|
A+
|
7,471,310
|
|||||
|
9,045
|
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, Series 2006A, 4.250%, 12/01/32 – AMBAC Insured
|
12/16 at 100.00
|
A1
|
9,174,615
|
|||||
|
3,065
|
Oak Hills Local School District, Hamilton County, Ohio, General Obligation Bonds, Refunding Series 2005, 5.000%, 12/01/24 – AGM Insured
|
12/15 at 100.00
|
AA–
|
3,264,348
|
|||||
|
19,110
|
Total Ohio
|
19,910,273
|
|||||||
|
Pennsylvania – 8.0% (5.4% of Total Investments)
|
|||||||||
|
3,000
|
Allegheny County Sanitary Authority, Pennsylvania, Sewerage Revenue Bonds, Series 2005A, 5.000%, 12/01/23 – NPFG Insured
|
12/15 at 100.00
|
A1
|
3,360,540
|
|||||
|
1,165
|
Allegheny County Sanitary Authority, Pennsylvania, Sewerage Revenue Bonds, Series 2010, 5.000%, 6/01/40 – AGM Insured
|
12/20 at 100.00
|
AA–
|
1,276,852
|
|
Nuveen Investments
|
27
|
|
Nuveen Quality Municipal Fund, Inc. (continued)
|
||
|
(formerly known as Nuveen Insured Quality Municipal Fund, Inc.)
|
||
|
NQI
|
Portfolio of Investments
|
April 30, 2012 (Unaudited)
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Pennsylvania (continued)
|
|||||||||
|
$
|
6,015
|
Chester County Health and Educational Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010A, 5.000%, 5/15/40
|
5/20 at 100.00
|
AA
|
$
|
6,452,832
|
|||
|
1,600
|
Delaware County Authority, Pennsylvania, Revenue Bonds, Villanova University, Series 2006, 5.000%, 8/01/24 – AMBAC Insured
|
8/16 at 100.00
|
A+
|
1,742,144
|
|||||
|
2,450
|
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40 – AGM Insured
|
1/20 at 100.00
|
AA–
|
2,637,964
|
|||||
|
3,750
|
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38
|
8/20 at 100.00
|
AA
|
4,116,075
|
|||||
|
5,400
|
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured (UB)
|
12/16 at 100.00
|
Aa2
|
5,558,706
|
|||||
|
Philadelphia, Pennsylvania, Airport Revenue Bonds, Series 2010A:
|
|||||||||
|
5,000
|
5.000%, 6/15/35 – AGM Insured
|
6/20 at 100.00
|
AA–
|
5,285,050
|
|||||
|
7,850
|
5.000%, 6/15/40 – AGM Insured
|
6/20 at 100.00
|
AA–
|
8,392,435
|
|||||
|
2,500
|
Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Hotel Room Excise Tax Revenue Bonds, Refunding Series 2010, 5.000%, 2/01/35 – AGC Insured
|
8/20 at 100.00
|
AA–
|
2,633,650
|
|||||
|
2,000
|
Pittsburgh Public Parking Authority, Pennsylvania, Parking Revenue Bonds, Series 2005B, 5.000%, 12/01/23 – FGIC Insured
|
12/15 at 100.00
|
BBB
|
2,091,920
|
|||||
|
Scranton, Pennsylvania, Sewer Authority Revenue Bonds, Series 2011A:
|
|||||||||
|
1,125
|
5.250%, 12/01/31 – AGM Insured
|
12/21 at 100.00
|
AA–
|
1,237,433
|
|||||
|
1,000
|
5.500%, 12/01/35 – AGM Insured
|
12/21 at 100.00
|
AA–
|
1,102,930
|
|||||
|
42,855
|
Total Pennsylvania
|
45,888,531
|
|||||||
|
Puerto Rico – 3.4% (2.3% of Total Investments)
|
|||||||||
|
2,500
|
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 5.000%, 7/01/22 – FGIC Insured
|
7/15 at 100.00
|
BBB+
|
2,635,650
|
|||||
|
31,870
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/42 – FGIC Insured
|
No Opt. Call
|
Aa2
|
5,818,825
|
|||||
|
5,000
|
Puerto Rico, General Obligation Bonds, Public Improvement, Refunding Series 2012A, 5.000%, 7/01/41
|
7/22 at 100.00
|
Baa1
|
4,965,500
|
|||||
|
5,000
|
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/16 – FGIC Insured
|
No Opt. Call
|
A3
|
6,045,250
|
|||||
|
44,370
|
Total Puerto Rico
|
19,465,225
|
|||||||
|
South Carolina – 2.2% (1.5% of Total Investments)
|
|||||||||
|
2,425
|
Charleston County School District, South Carolina, General Obligation Bonds, Series 2004A, 5.000%, 2/01/22 (Pre-refunded 2/01/14) – AMBAC Insured
|
2/14 at 100.00
|
Aa1 (4)
|
2,623,559
|
|||||
|
9,950
|
South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2007A, 4.500%, 10/01/34 – SYNCORA GTY Insured
|
10/16 at 100.00
|
A1
|
10,261,236
|
|||||
|
12,375
|
Total South Carolina
|
12,884,795
|
|||||||
|
South Dakota – 0.3% (0.2% of Total Investments)
|
|||||||||
|
1,850
|
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Avera Health, Series 2012A, 5.000%, 7/01/42 (WI/DD, Settling 5/01/12)
|
7/21 at 100.00
|
A+
|
1,940,743
|
|||||
|
Tennessee – 1.3% (0.9% of Total Investments)
|
|||||||||
|
Knox County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue Refunding Bonds, Covenant Health, Series 2002A:
|
|||||||||
|
7,500
|
0.000%, 1/01/24 – AGM Insured
|
1/13 at 52.75
|
AA–
|
3,857,100
|
|||||
|
5,000
|
0.000%, 1/01/25 – AGM Insured
|
1/13 at 49.71
|
AA–
|
2,421,300
|
|||||
|
2,750
|
0.000%, 1/01/26 – AGM Insured
|
1/13 at 46.78
|
AA–
|
1,251,470
|
|||||
|
15,250
|
Total Tennessee
|
7,529,870
|
|
28
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Texas – 13.0% (8.8% of Total Investments)
|
|||||||||
|
$
|
2,280
|
Bexar County, Texas, Venue Project Revenue Bonds, Refunding Series 2010, 5.500%, 8/15/49 – AGM Insured
|
8/19 at 100.00
|
AA–
|
$
|
2,507,316
|
|||
|
500
|
Board of Regents of the Texas Tech University System, Revenue Financing System Refunding and Improvement Bonds, Fourteenth Series 2012A, 5.000%, 8/15/37
|
8/21 at 100.00
|
AA
|
559,240
|
|||||
|
1,700
|
Central Texas Regional Mobility Authority, Senior Lien Revenue Bonds, Series 2011, 6.250%, 1/01/46
|
1/21 at 100.00
|
BBB–
|
1,879,350
|
|||||
|
3,135
|
Corpus Christi, Texas, Utility System Revenue Bonds, Series 2004, 5.250%, 7/15/20 – AGM Insured (UB)
|
7/14 at 100.00
|
AA–
|
3,410,316
|
|||||
|
3,735
|
Grand Prairie Independent School District, Dallas County, Texas, General Obligation Bonds, Series 2003, 5.125%, 2/15/31 (Pre-refunded 2/15/13) – AGM Insured
|
2/13 at 100.00
|
AA+ (4)
|
3,880,441
|
|||||
|
4,700
|
Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2004A, 5.250%, 5/15/24 – FGIC Insured
|
5/14 at 100.00
|
AA
|
5,071,347
|
|||||
|
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Facilities Department, Refunding Series 2011B:
|
|||||||||
|
3,500
|
5.125%, 9/01/32 – AGM Insured
|
9/16 at 100.00
|
AA–
|
3,710,175
|
|||||
|
2,055
|
5.125%, 9/01/33 – AGM Insured
|
9/16 at 100.00
|
AA–
|
2,180,108
|
|||||
|
17,000
|
Houston, Texas, Junior Lien Water and Sewerage System Revenue Refunding Bonds, Series 2002A, 5.750%, 12/01/32 – AGM Insured (ETM)
|
No Opt. Call
|
AA (4)
|
24,222,790
|
|||||
|
2,000
|
Laredo Independent School District Public Facilities Corporation, Texas, Lease Revenue Bonds, Series 2004A, 5.000%, 8/01/24 – AMBAC Insured
|
8/12 at 100.00
|
A+
|
2,006,680
|
|||||
|
22,045
|
North Central Texas Health Facilities Development Corporation, Revenue Bonds, Children’s Medical Center of Dallas, Series 2002, 5.250%, 8/15/32 – AMBAC Insured
|
8/12 at 101.00
|
AA
|
22,370,605
|
|||||
|
2,410
|
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Baylor Health Care System, Series 2011A, 5.000%, 11/15/30
|
11/21 at 100.00
|
Aa2
|
2,693,802
|
|||||
|
65,060
|
Total Texas
|
74,492,170
|
|||||||
|
Utah – 0.8% (0.5% of Total Investments)
|
|||||||||
|
3,615
|
Utah Transit Authority, Sales Tax Revenue Bonds, Tender Option Bond Trust R-11752-1, 12.492%, 6/15/27 – AGM Insured (IF)
|
6/18 at 100.00
|
AAA
|
4,564,914
|
|||||
|
Washington – 7.8% (5.3% of Total Investments)
|
|||||||||
|
8,000
|
King County, Washington, Sewer Revenue Bonds, Series 2007, 5.000%, 1/01/42 – AGM Insured
|
7/17 at 100.00
|
AA+
|
8,674,800
|
|||||
|
1,665
|
King County, Washington, Sewer Revenue Bonds, Tender Option Bond Trust 3090, 12.970%, 7/01/32 – AGM Insured (IF)
|
7/17 at 100.00
|
AA+
|
2,105,659
|
|||||
|
14,825
|
Seattle Housing Authority, Washington, GNMA Collateralized Mortgage Loan Low Income Housing Assistance Revenue Bonds, Park Place Project, Series 2000A, 7.000%, 5/20/42
|
5/12 at 105.00
|
AA+
|
15,586,264
|
|||||
|
4,380
|
Seattle Housing Authority, Washington, GNMA Collateralized Mortgage Loan Low Income Housing Assistance Revenue Bonds, RHF/Esperanza Apartments Project, Series 2000A, 6.125%, 3/20/42 (Alternative Minimum Tax)
|
9/12 at 101.00
|
AA+
|
4,470,710
|
|||||
|
1,970
|
Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.625%, 1/01/35
|
1/21 at 100.00
|
A
|
2,123,837
|
|||||
|
21,510
|
Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2002-03C, 0.000%, 6/01/28 – NPFG Insured (UB)
|
No Opt. Call
|
AA+
|
12,030,756
|
|||||
|
52,350
|
Total Washington
|
44,992,026
|
|||||||
|
Wisconsin – 0.7% (0.5% of Total Investments)
|
|||||||||
|
1,635
|
Green Bay, Wisconsin, Water System Revenue Bonds, Series 2004, 5.000%, 11/01/26 (Pre-refunded 11/01/14) – AGM Insured
|
11/14 at 100.00
|
Aa2 (4)
|
1,825,641
|
|||||
|
1,250
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital, Inc., Series 2011A, 5.750%, 5/01/35
|
5/21 at 100.00
|
A+
|
1,382,650
|
|||||
|
1,000
|
Wisconsin Public Power Incorporated System, Power Supply System Revenue Bonds, Series 2005A, 5.000%, 7/01/30 – AMBAC Insured
|
7/15 at 100.00
|
A1
|
1,043,208
|
|||||
|
3,885
|
Total Wisconsin
|
4,251,499
|
|
Nuveen Investments
|
29
|
|
Nuveen Quality Municipal Fund, Inc. (continued)
|
||
|
(formerly known as Nuveen Insured Quality Municipal Fund, Inc.)
|
||
|
NQI
|
Portfolio of Investments
|
April 30, 2012 (Unaudited)
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Wyoming – 0.4% (0.3% of Total Investments)
|
|||||||||
|
Teton County Hospital District, Wyoming, Hospital Revenue Bonds, St. John’s Medical Center Project, Series 2011B:
|
|||||||||
|
$
|
1,000
|
5.500%, 12/01/27
|
12/21 at 100.00
|
BBB
|
$
|
1,085,650
|
|||
|
1,000
|
6.000%, 12/01/36
|
12/21 at 100.00
|
BBB
|
1,109,538
|
|||||
|
2,000
|
Total Wyoming
|
2,195,188
|
|||||||
|
$
|
928,028
|
Total Investments (cost $787,553,615) – 146.8%
|
843,975,718
|
||||||
|
Floating Rate Obligations – (9.1)%
|
(52,480,000
|
)
|
|||||||
|
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (41.8)% (6)
|
(240,400,000
|
)
|
|||||||
|
Other Assets Less Liabilities – 4.1%
|
23,808,310
|
||||||||
|
Net Assets Applicable to Common Shares – 100%
|
$
|
574,904,028
|
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
|
|
|
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
|
|
(3)
|
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
|
|
(4)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
|
|
|
(5)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations of investments in inverse floating rate transactions.
|
|
|
(6)
|
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 28.5%.
|
|
|
N/R
|
Not rated.
|
|
|
WI/DD
|
Purchased on a when-issued or delayed delivery basis.
|
|
|
(ETM)
|
Escrowed to maturity.
|
|
|
(IF)
|
Inverse floating rate investment.
|
|
|
(UB)
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
|
See accompanying notes to financial statements.
|
30
|
Nuveen Investments
|
|
Nuveen Municipal Opportunity Fund, Inc.
|
||
|
(formerly known as Nuveen Insured Municipal Opportunity Fund, Inc.)
|
||
|
NIO
|
Portfolio of Investments
|
|
|
April 30, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Alabama – 2.3% (1.6% of Total Investments)
|
|||||||||
|
$
|
10,500
|
Birmingham Waterworks and Sewerage Board, Alabama, Water and Sewerage Revenue Bonds, Series 2007A, 4.500%, 1/01/43 – BHAC Insured
|
1/17 at 100.00
|
AA+
|
$
|
10,687,530
|
|||
|
2,500
|
Jefferson County, Alabama, Sewer Revenue Capital Improvement Warrants, Series 2002B, 5.125%, 2/01/42 (Pre-refunded 8/01/12) – FGIC Insured (4)
|
8/12 at 100.00
|
Aaa
|
2,529,800
|
|||||
|
Jefferson County, Alabama, Sewer Revenue Capital Improvement Warrants, Series 2002D:
|
|||||||||
|
425
|
5.000%, 2/01/38 (Pre-refunded 8/01/12) – FGIC Insured (4)
|
8/12 at 100.00
|
Aaa
|
429,934
|
|||||
|
14,800
|
5.000%, 2/01/42 (Pre-refunded 8/01/12) – FGIC Insured (4)
|
8/12 at 100.00
|
Aaa
|
14,971,828
|
|||||
|
10,195
|
Jefferson County, Alabama, Sewer Revenue Refunding Warrants, Series 1997A, 5.375%, 2/01/27 – FGIC Insured (4)
|
7/12 at 100.00
|
Caa3
|
6,107,315
|
|||||
|
38,420
|
Total Alabama
|
34,726,407
|
|||||||
|
Arizona – 2.8% (1.9% of Total Investments)
|
|||||||||
|
4,230
|
Apache County Industrial Development Authority, Arizona, Pollution Control Revenue Bonds, Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30
|
3/22 at 100.00
|
BBB–
|
4,265,278
|
|||||
|
Arizona State University, Certificates of Participation, Resh Infrastructure Projects, Series 2005A:
|
|||||||||
|
2,000
|
5.000%, 9/01/25 – AMBAC Insured
|
3/15 at 100.00
|
AA–
|
2,174,520
|
|||||
|
2,000
|
5.000%, 9/01/27 – AMBAC Insured
|
3/15 at 100.00
|
AA–
|
2,172,200
|
|||||
|
1,000
|
Arizona State University, System Revenue Bonds, Series 2005, 5.000%, 7/01/27 – AMBAC Insured
|
7/15 at 100.00
|
Aa3
|
1,095,050
|
|||||
|
3,000
|
Arizona State, Certificates of Participation, Department of Administration Series 2010B, 5.000%, 10/01/29 – AGC Insured
|
4/20 at 100.00
|
AA–
|
3,281,670
|
|||||
|
1,000
|
Maricopa County Union High School District 210, Phoenix, Arizona, General Obligation Bonds, Series 2004A, 5.000%, 7/01/22 (Pre-refunded 7/01/14) – AGM Insured
|
7/14 at 100.00
|
AA (5)
|
1,098,690
|
|||||
|
5,200
|
Mesa, Arizona, Utility System Revenue Bonds, Tender Option Bond Trust, Series 11032- 11034, 14.749%, 7/01/26 – AGM Insured (IF)
|
7/17 at 100.00
|
Aa2
|
5,708,352
|
|||||
|
1,150
|
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Wastewater System Revenue Bonds, Series 2004, 5.000%, 7/01/27 – NPFG Insured
|
7/14 at 100.00
|
AA+
|
1,232,766
|
|||||
|
13,490
|
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Water System Revenue Bonds, Series 2005, 4.750%, 7/01/25 – NPFG Insured
|
7/15 at 100.00
|
AAA
|
14,769,392
|
|||||
|
5,000
|
Phoenix Civic Improvement Corporation, Arizona, Subordinate Excise Tax Revenue Bonds, Civic Plaza Expansion Project, Series 2005A, 5.000%, 7/01/41 – FGIC Insured
|
7/15 at 100.00
|
AA+
|
5,248,500
|
|||||
|
38,070
|
Total Arizona
|
41,046,418
|
|||||||
|
Arkansas – 0.2% (0.1% of Total Investments)
|
|||||||||
|
2,660
|
Arkansas State University, Student Fee Revenue Bonds, Beebe Campus, Series 2006, 5.000%, 9/01/35 – AMBAC Insured
|
9/15 at 100.00
|
A1
|
2,783,211
|
|||||
|
California – 19.8% (13.4% of Total Investments)
|
|||||||||
|
5,600
|
Alameda Corridor Transportation Authority, California, Subordinate Lien Revenue Bonds, Series 2004A, 0.000%, 10/01/20 – AMBAC Insured
|
No Opt. Call
|
BBB+
|
3,735,256
|
|||||
|
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2005AC:
|
|||||||||
|
30
|
5.000%, 12/01/24 (Pre-refunded 12/01/14) – NPFG Insured
|
12/14 at 100.00
|
AAA
|
33,611
|
|||||
|
25
|
5.000%, 12/01/27 (Pre-refunded 12/01/14) – NPFG Insured
|
12/14 at 100.00
|
AAA
|
28,010
|
|||||
|
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2005AC:
|
|||||||||
|
3,670
|
5.000%, 12/01/24 – NPFG Insured (UB)
|
12/14 at 100.00
|
AAA
|
4,039,349
|
|||||
|
2,795
|
5.000%, 12/01/27 – NPFG Insured (UB)
|
12/14 at 100.00
|
AAA
|
3,070,335
|
|||||
|
3,000
|
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children’s Hospital, Series 2012A, 5.000%, 8/15/51
|
8/22 at 100.00
|
AA
|
3,181,950
|
|||||
|
10,150
|
California State, General Obligation Bonds, Series 2004, 5.000%, 6/01/31 – AMBAC Insured
|
12/14 at 100.00
|
A1
|
10,738,294
|
|
Nuveen Investments
|
31
|
|
Nuveen Municipal Opportunity Fund, Inc. (continued)
|
||
|
(formerly known as Nuveen Insured Municipal Opportunity Fund, Inc.)
|
||
|
NIO
|
Portfolio of Investments
|
April 30, 2012 (Unaudited)
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
California (continued)
|
|||||||||
|
$
|
10,920
|
California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Series 2012A, 5.000%, 4/01/42
|
4/22 at 100.00
|
A+
|
$
|
11,681,888
|
|||
|
3,500
|
Coachella Valley Unified School District, Riverside County, California, General Obligation Bonds, Series 2005A, 5.000%, 8/01/26 – FGIC Insured
|
8/15 at 100.00
|
A1
|
3,833,375
|
|||||
|
5,750
|
East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, Water System Subordinated Revenue Bonds, Series 2005A, 5.000%, 6/01/27 – NPFG Insured
|
6/15 at 100.00
|
AAA
|
6,324,425
|
|||||
|
10,000
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/38 – FGIC Insured
|
6/15 at 100.00
|
A2
|
10,123,500
|
|||||
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
|
|||||||||
|
15,510
|
4.500%, 6/01/27
|
6/17 at 100.00
|
BB–
|
13,276,405
|
|||||
|
3,760
|
5.000%, 6/01/33
|
6/17 at 100.00
|
BB–
|
2,968,558
|
|||||
|
1,520
|
Hayward Redevelopment Agency, California, Downtown Redevelopment Project Tax Allocation Bonds, Series 2006, 5.000%, 3/01/36 – SYNCORA GTY Insured
|
3/16 at 100.00
|
A–
|
1,502,170
|
|||||
|
5,600
|
Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%, 11/01/24 – AGM Insured
|
No Opt. Call
|
Aa2
|
3,409,672
|
|||||
|
2,740
|
Los Angeles Harbors Department, California, Revenue Bonds, Series 2006A, 5.000%, 8/01/22 – FGIC Insured (Alternative Minimum Tax)
|
8/16 at 102.00
|
AA
|
3,036,030
|
|||||
|
20,000
|
Los Angeles Unified School District, California, General Obligation Bonds, Series 2003A, 5.000%, 7/01/21 (Pre-refunded 7/01/13) – AGM Insured
|
7/13 at 100.00
|
Aa2 (5)
|
21,105,000
|
|||||
|
3,000
|
Los Angeles Unified School District, California, General Obligation Bonds, Series 2006F, 5.000%, 7/01/24 – FGIC Insured
|
7/16 at 100.00
|
Aa2
|
3,394,470
|
|||||
|
5,200
|
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 – AGC Insured
|
8/29 at 100.00
|
AA–
|
4,146,064
|
|||||
|
5,515
|
Port of Oakland, California, Revenue Bonds, Series 2002L, 5.000%, 11/01/22 – FGIC Insured (Alternative Minimum Tax)
|
11/12 at 100.00
|
A
|
5,597,339
|
|||||
|
690
|
Port of Oakland, California, Revenue Bonds, Series 2002L, 5.000%, 11/01/22 (Pre-refunded 11/01/12) – FGIC Insured
|
11/12 at 100.00
|
A (5)
|
706,036
|
|||||
|
Poway Redevelopment Agency, California, Tax Allocation Bonds, Paguay Redevelopment Project, Series 2001:
|
|||||||||
|
15,000
|
5.200%, 6/15/30 – AMBAC Insured
|
6/12 at 101.00
|
N/R
|
15,042,000
|
|||||
|
6,000
|
5.125%, 6/15/33 – AMBAC Insured
|
6/12 at 101.00
|
N/R
|
6,007,500
|
|||||
|
2,035
|
Redding, California, Electric System Revenue Certificates of Participation, Series 2005, 5.000%, 6/01/30 – FGIC Insured
|
6/15 at 100.00
|
A
|
2,094,361
|
|||||
|
6,000
|
Redlands Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2003, 5.000%, 7/01/26 – AGM Insured
|
7/13 at 100.00
|
AA–
|
6,222,840
|
|||||
|
2,970
|
Riverside Community College District, California, General Obligation Bonds, Series 2005, 5.000%, 8/01/22 – AGM Insured
|
8/15 at 100.00
|
AA
|
3,357,615
|
|||||
|
2,500
|
Sacramento County Sanitation District Financing Authority, California, Revenue Bonds, Series 2005B, 4.750%, 12/01/21 – FGIC Insured
|
12/15 at 100.00
|
AA
|
2,797,300
|
|||||
|
1,220
|
San Francisco Bay Area Rapid Transit District, California, Sales Tax Revenue Bonds, Refunding Series 2005A, 5.000%, 7/01/22 – NPFG Insured
|
7/15 at 100.00
|
AA+
|
1,368,803
|
|||||
|
3,030
|
San Francisco Bay Area Rapid Transit District, California, Sales Tax Revenue Bonds, Series 2001, 5.125%, 7/01/36 – AMBAC Insured
|
7/12 at 100.00
|
AA+
|
3,039,999
|
|||||
|
2,105
|
San Francisco Unified School District, California, General Obligation Bonds, Series 2007A, 3.000%, 6/15/27 – AGM Insured
|
6/17 at 100.00
|
Aa2
|
2,062,226
|
|||||
|
66,685
|
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Senior Lien Toll Road Revenue Bonds, Series 1993, 0.000%, 1/01/21 (ETM)
|
No Opt. Call
|
Aaa
|
56,093,421
|
|||||
|
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A:
|
|||||||||
|
31,615
|
5.250%, 1/15/30 – NPFG Insured
|
7/12 at 100.00
|
BBB
|
29,144,604
|
|||||
|
21,500
|
0.000%, 1/15/32 – NPFG Insured
|
No Opt. Call
|
BBB
|
5,900,030
|
|
32
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
California (continued)
|
|||||||||
|
$
|
21,255
|
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C, 4.250%, 8/01/30 – NPFG Insured
|
8/17 at 100.00
|
BBB
|
$
|
18,686,121
|
|||
|
11,250
|
Santa Ana Financing Authority, California, Lease Revenue Bonds, Police Administration and Housing Facility, Series 1994A, 6.250%, 7/01/24 – NPFG Insured
|
No Opt. Call
|
BBB
|
12,860,213
|
|||||
|
6,785
|
Santa Clara Valley Water District, California, Water Revenue Bonds, Series 2006A, 3.750%, 6/01/25 – AGM Insured
|
6/16 at 100.00
|
Aa1
|
7,075,602
|
|||||
|
5,000
|
Walnut Energy Center Authority, California, Electric Revenue Bonds, Turlock Irrigation District, Series 2004A, 5.000%, 1/01/34 – AMBAC Insured
|
1/14 at 100.00
|
A+
|
5,115,050
|
|||||
|
323,925
|
Total California
|
292,799,422
|
|||||||
|
Colorado – 3.5% (2.3% of Total Investments)
|
|||||||||
|
1,080
|
Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/40 – SYNCORA GTY Insured
|
10/16 at 100.00
|
BBB–
|
1,068,152
|
|||||
|
1,900
|
Aspen, Colorado, Sales Tax Revenue Bonds, Parks and Open Space, Series 2005B, 5.250%, 11/01/24 – AGM Insured
|
11/15 at 100.00
|
Aa2
|
2,153,517
|
|||||
|
1,000
|
Colorado Department of Transportation, Certificates of Participation, Series 2004, 5.000%, 6/15/25 – NPFG Insured
|
6/14 at 100.00
|
AA–
|
1,044,230
|
|||||
|
4,950
|
Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Senior Lien Series 2003A, 5.000%, 12/01/33 (Pre-refunded 12/01/13) – SYNCORA GTY Insured
|
12/13 at 100.00
|
N/R (5)
|
5,307,341
|
|||||
|
1,740
|
Douglas County School District RE1, Douglas and Elbert Counties, Colorado, General Obligation Bonds, Series 2005B, 5.000%, 12/15/28 (Pre-refunded 12/15/14) – AGM Insured
|
12/14 at 100.00
|
Aa1 (5)
|
1,944,032
|
|||||
|
35,995
|
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 9/01/23 – NPFG Insured
|
No Opt. Call
|
BBB
|
21,442,941
|
|||||
|
10,000
|
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/27 – NPFG Insured
|
No Opt. Call
|
BBB
|
4,453,200
|
|||||
|
4,520
|
Jefferson County School District R1, Colorado, General Obligation Bonds, Series 2004, 5.000%, 12/15/24 (Pre-refunded 12/15/14) – AGM Insured (UB)
|
12/14 at 100.00
|
Aa2 (5)
|
5,062,626
|
|||||
|
4,335
|
Poudre Tech Metro District, Colorado, Unlimited Property Tax Supported Revenue Bonds, Refunding & Improvement Series 2010A, 5.000%, 12/01/39 – AGM Insured
|
12/20 at 100.00
|
AA–
|
4,751,203
|
|||||
|
2,500
|
Summit County School District RE-1, Summit, Colorado, General Obligation Bonds, Series 2004B, 5.000%, 12/01/24 (Pre-refunded 12/01/14) – FGIC Insured
|
12/14 at 100.00
|
Aa2 (5)
|
2,794,750
|
|||||
|
355
|
University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 – FGIC Insured
|
6/15 at 100.00
|
Aa2
|
389,790
|
|||||
|
645
|
University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 (Pre-refunded 6/01/15) – FGIC Insured
|
6/15 at 100.00
|
BBB (5)
|
733,604
|
|||||
|
69,020
|
Total Colorado
|
51,145,386
|
|||||||
|
Connecticut – 0.2% (0.2% of Total Investments)
|
|||||||||
|
3,250
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Wesleyan University, Series 2010G, 5.000%, 7/01/39
|
7/20 at 100.00
|
AA
|
3,582,703
|
|||||
|
District of Columbia – 0.9% (0.6% of Total Investments)
|
|||||||||
|
District of Columbia Water and Sewerage Authority, Public Utility Revenue Bonds, Subordinate Lien Series 2003:
|
|||||||||
|
5,000
|
5.125%, 10/01/24 (Pre-refunded 10/01/13) – FGIC Insured
|
10/13 at 100.00
|
AA (5)
|
5,336,650
|
|||||
|
5,000
|
5.125%, 10/01/25 (Pre-refunded 10/01/13) – FGIC Insured
|
10/13 at 100.00
|
AA (5)
|
5,336,650
|
|||||
|
2,670
|
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1606, 11.096%, 10/01/30 – AMBAC Insured (IF)
|
10/16 at 100.00
|
AA+
|
2,963,513
|
|||||
|
12,670
|
Total District of Columbia
|
13,636,813
|
|
Nuveen Investments
|
33
|
|
Nuveen Municipal Opportunity Fund, Inc. (continued)
|
||
|
(formerly known as Nuveen Insured Municipal Opportunity Fund, Inc.)
|
||
|
NIO
|
Portfolio of Investments
|
|
|
April 30, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Florida – 22.7% (15.4% of Total Investments)
|
|||||||||
|
$
|
1,250
|
Bay County, Florida, Water System Revenue Bonds, Series 2005, 5.000%, 9/01/24 – AMBAC Insured
|
9/15 at 100.00
|
A1
|
$
|
1,331,000
|
|||
|
3,820
|
Broward County School Board, Florida, Certificates of Participation, Series 2003, 5.250%, 7/01/19 (Pre-refunded 7/01/13) – NPFG Insured
|
7/13 at 100.00
|
Aa3 (5)
|
4,040,796
|
|||||
|
2,150
|
Broward County, Florida, Airport System Revenue Bonds, Series 2004L, 5.000%, 10/01/23 – AMBAC Insured
|
10/14 at 100.00
|
A+
|
2,267,713
|
|||||
|
4,500
|
Broward County, Florida, Water and Sewer Utility Revenue Bonds, Series 2003, 5.000%, 10/01/24 (Pre-refunded 10/01/13) – NPFG Insured
|
10/13 at 100.00
|
AA+ (5)
|
4,801,680
|
|||||
|
6,000
|
Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 – AGM Insured
|
10/21 at 100.00
|
AA–
|
6,483,960
|
|||||
|
Clay County, Florida, Utility System Revenue Bonds, Series 2007:
|
|||||||||
|
5,110
|
5.000%, 11/01/27 – AGM Insured (UB)
|
11/17 at 100.00
|
Aa2
|
5,526,516
|
|||||
|
12,585
|
5.000%, 11/01/32 – AGM Insured (UB)
|
11/17 at 100.00
|
Aa2
|
13,441,283
|
|||||
|
1,500
|
Collier County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/23 (Pre-refunded 10/01/14) – NPFG Insured
|
10/14 at 100.00
|
AA– (5)
|
1,665,390
|
|||||
|
3,000
|
Collier County, Florida, Gas Tax Revenue Bonds, Series 2005, 5.000%,
|
6/15 at 100.00
|
AA–
|
3,195,420
|
|||||
| 6/01/22 – AMBAC Insured | |||||||||
|
Dade County Housing Finance Authority, Florida, Multifamily Mortgage Revenue Bonds, Siesta Pointe Apartments Project, Series 1997A:
|
|||||||||
|
1,230
|
5.650%, 9/01/17 – AGM Insured (Alternative Minimum Tax)
|
9/12 at 100.00
|
AA+
|
1,232,337
|
|||||
|
1,890
|
5.750%, 9/01/29 – AGM Insured (Alternative Minimum Tax)
|
9/12 at 100.00
|
AA+
|
1,891,890
|
|||||
|
900
|
Dade County, Florida, Seaport Revenue Refunding Bonds, Series 1995, 5.750%, 10/01/15 – NPFG Insured
|
10/12 at 100.00
|
A2
|
903,915
|
|||||
|
Davie, Florida, Water and Sewerage Revenue Refunding and Improvement Bonds, Series 2003:
|
|||||||||
|
910
|
5.250%, 10/01/17 – AMBAC Insured
|
10/13 at 100.00
|
N/R
|
959,923
|
|||||
|
475
|
5.250%, 10/01/18 – AMBAC Insured
|
10/13 at 100.00
|
N/R
|
496,660
|
|||||
|
Deltona, Florida, Utility Systems Water and Sewer Revenue Bonds, Series 2003:
|
|||||||||
|
1,250
|
5.250%, 10/01/22 – NPFG Insured
|
10/13 at 100.00
|
A1
|
1,292,063
|
|||||
|
1,095
|
5.000%, 10/01/23 – NPFG Insured
|
10/13 at 100.00
|
A1
|
1,131,168
|
|||||
|
1,225
|
5.000%, 10/01/24 – NPFG Insured
|
10/13 at 100.00
|
A1
|
1,262,914
|
|||||
|
2,500
|
Escambia County School Board, Florida, Certificates of Participation, Series 2004, 5.000%, 2/01/22 – NPFG Insured
|
2/15 at 100.00
|
BBB
|
2,600,600
|
|||||
|
2,500
|
Flagler County School Board, Florida, Certificates of Participation, Master Lease Revenue Program, Series 2005A, 5.000%, 8/01/30 – AGM Insured
|
8/15 at 100.00
|
AA–
|
2,722,200
|
|||||
|
1,200
|
Flagler County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/30 – NPFG Insured
|
10/15 at 100.00
|
A
|
1,250,616
|
|||||
|
3,945
|
Florida Governmental Utility Authority, Utility System Revenue Bonds, Citrus Project, Series 2003, 5.000%, 10/01/23 (Pre-refunded 10/01/13) – AMBAC Insured
|
10/13 at 100.00
|
N/R (5)
|
4,209,473
|
|||||
|
1,000
|
Florida Governmental Utility Authority, Utility System Revenue Bonds, Golden Gate Project, Series 1999, 5.000%, 7/01/29 – AMBAC Insured
|
7/12 at 100.00
|
N/R
|
1,000,210
|
|||||
|
Florida Municipal Loan Council, Revenue Bonds, Series 2000B:
|
|||||||||
|
250
|
5.375%, 11/01/25 – NPFG Insured
|
11/12 at 100.00
|
A–
|
250,403
|
|||||
|
185
|
5.375%, 11/01/30 – NPFG Insured
|
11/12 at 100.00
|
A–
|
185,233
|
|||||
|
220
|
Florida Municipal Loan Council, Revenue Bonds, Series 2001A, 5.250%, 11/01/18 – NPFG Insured
|
11/12 at 100.00
|
Baa2
|
222,713
|
|||||
|
2,000
|
Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Refunding Bonds, Series 2003A, 5.000%, 10/01/17 – AGM Insured
|
10/13 at 100.00
|
AA–
|
2,107,940
|
|||||
|
1,915
|
Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006, 5.500%, 6/01/38 – AGM Insured
|
6/18 at 100.00
|
AA–
|
2,032,102
|
|||||
|
2,500
|
Hillsborough County Industrial Development Authority, Florida, Industrial Development Revenue Bonds, University Community Hospital, Series 1994, 6.500%, 8/15/19 – NPFG Insured
|
No Opt. Call
|
Aaa
|
3,124,275
|
|||||
|
1,000
|
Hillsborough County School Board, Florida, Certificates of Participation, Master Lease Program, Series 2005A, 5.000%, 7/01/26 – NPFG Insured
|
7/15 at 100.00
|
Aa2
|
1,091,180
|
|
34
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Florida (continued)
|
|||||||||
|
$
|
6,000
|
Hillsborough County School Board, Florida, Certificates of Participation, Series 2003, 5.000%, 7/01/29 (Pre-refunded 7/01/13) – NPFG Insured
|
7/13 at 100.00
|
Aa2 (5)
|
$
|
6,329,280
|
|||
|
2,000
|
Hillsborough County, Florida, Community Investment Tax Revenue Bonds, Series 2004, 5.000%, 5/01/23 – AMBAC Insured
|
11/13 at 101.00
|
AA
|
2,138,660
|
|||||
|
1,000
|
Hillsborough County, Florida, Revenue Refunding Bonds, Tampa Bay Arena, Series 2005, 5.000%, 10/01/25 – FGIC Insured
|
10/15 at 100.00
|
AA+
|
1,101,620
|
|||||
|
2,595
|
Indian River County School Board, Florida, Certificates of Participation, Series 2005, 5.000%, 7/01/22 – NPFG Insured
|
7/15 at 100.00
|
A+
|
2,782,385
|
|||||
|
Indian Trace Development District, Florida, Water Management Special Benefit Assessment Bonds, Series 2005:
|
|||||||||
|
1,645
|
5.000%, 5/01/25 – NPFG Insured
|
5/15 at 102.00
|
Baa2
|
1,687,556
|
|||||
|
1,830
|
5.000%, 5/01/27 – NPFG Insured
|
5/15 at 102.00
|
Baa2
|
1,859,756
|
|||||
|
1,480
|
Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Series 2003, 5.250%, 10/01/20 (Pre-refunded 10/01/13) – NPFG Insured
|
10/13 at 100.00
|
A1 (5)
|
1,582,253
|
|||||
|
1,500
|
JEA, Florida, Water and Sewerage System Revenue Bonds, Crossover Refunding Series 2007B, 5.000%, 10/01/24 – NPFG Insured
|
10/14 at 100.00
|
AA
|
1,615,155
|
|||||
|
1,000
|
JEA, Florida, Water and Sewerage System Revenue Bonds, Series 2004A, 5.000%, 10/01/14 – FGIC Insured
|
10/13 at 100.00
|
AA
|
1,064,010
|
|||||
|
1,450
|
Jupiter, Florida, Water Revenue Bonds, Series 2003, 5.000%, 10/01/22 – AMBAC Insured
|
10/13 at 100.00
|
AAA
|
1,535,463
|
|||||
|
Lakeland, Florida, Utility Tax Revenue Bonds, Series 2003B:
|
|||||||||
|
1,730
|
5.000%, 10/01/18 – AMBAC Insured
|
10/12 at 100.00
|
N/R
|
1,746,556
|
|||||
|
2,000
|
5.000%, 10/01/19 – AMBAC Insured
|
10/12 at 100.00
|
N/R
|
2,017,980
|
|||||
|
4,665
|
Lee County, Florida, Airport Revenue Refunding Bonds, Series 2011A, 5.375%, 10/01/32 – AGM Insured (Alternative Minimum Tax)
|
8/21 at 100.00
|
AA–
|
5,079,065
|
|||||
|
1,230
|
Lee County, Florida, Local Option Gas Tax Revenue Bonds, Series 2004, 5.000%, 10/01/20 – FGIC Insured
|
10/14 at 100.00
|
A2
|
1,293,001
|
|||||
|
1,505
|
Lee County, Florida, Transportation Facilities Revenue Bonds, Series 2004B, 5.000%, 10/01/21 – AMBAC Insured
|
10/14 at 100.00
|
A–
|
1,600,251
|
|||||
|
1,000
|
Lee Memorial Health System, Florida, Hospital Revenue Bonds, Series 2007A, 5.000%, 4/01/32 – NPFG Insured
|
4/17 at 100.00
|
A
|
1,027,360
|
|||||
|
3,000
|
Leesburg, Florida, Utility Revenue Bonds, Series 2007, 5.000%, 10/01/37 – NPFG Insured
|
10/17 at 100.00
|
Aa3
|
3,161,970
|
|||||
|
2,000
|
Manatee County, Florida, Public Utilities Revenue Bonds, Series 2003, 5.125%, 10/01/20 (Pre-refunded 10/01/13) – NPFG Insured
|
10/13 at 100.00
|
Aa2 (5)
|
2,136,140
|
|||||
|
Marco Island, Florida, Water Utility System Revenue Bonds, Series 2003:
|
|||||||||
|
1,350
|
5.250%, 10/01/17 (Pre-refunded 10/01/13) – NPFG Insured
|
10/13 at 100.00
|
Aa3 (5)
|
1,444,284
|
|||||
|
1,000
|
5.250%, 10/01/18 (Pre-refunded 10/01/13) – NPFG Insured
|
10/13 at 100.00
|
Aa3 (5)
|
1,069,840
|
|||||
|
2,000
|
Marco Island, Florida, Water Utility System Revenue Bonds, Series 2003, 5.000%, 10/01/27 – NPFG Insured
|
10/13 at 100.00
|
Aa3
|
2,099,520
|
|||||
|
2,200
|
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2002A, 5.125%, 10/01/35 – AGM Insured (Alternative Minimum Tax)
|
10/12 at 100.00
|
AA–
|
2,206,534
|
|||||
|
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2002:
|
|||||||||
|
5,615
|
5.750%, 10/01/19 – FGIC Insured (Alternative Minimum Tax)
|
10/12 at 100.00
|
A2
|
5,698,720
|
|||||
|
35,920
|
5.375%, 10/01/32 – FGIC Insured (Alternative Minimum Tax)
|
10/12 at 100.00
|
A2
|
36,066,554
|
|||||
|
12,930
|
Miami-Dade County, Florida, Public Facilities Revenue Bonds, Jackson Health System, Series 2005A, 5.000%, 6/01/32 – NPFG Insured
|
12/15 at 100.00
|
Aa3
|
13,160,413
|
|||||
|
5,320
|
Miami-Dade County, Florida, Public Facilities Revenue Bonds, Jackson Health System, Series 2005B, 5.000%, 6/01/25 – NPFG Insured
|
6/15 at 100.00
|
Aa3
|
5,471,886
|
|||||
|
18,000
|
Miami-Dade County, Florida, Subordinate Special Obligation Bonds, Series 1997A, 0.000%, 10/01/21 – NPFG Insured
|
7/12 at 61.53
|
A+
|
10,951,740
|
|
Nuveen Investments
|
35
|
|
Nuveen Municipal Opportunity Fund, Inc. (continued)
|
||
|
(formerly known as Nuveen Insured Municipal Opportunity Fund, Inc.)
|
||
|
NIO
|
Portfolio of Investments
|
|
|
April 30, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Florida (continued)
|
|||||||||
|
$
|
3,000
|
Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2008, 5.000%, 7/01/35 – AGM Insured
|
7/18 at 100.00
|
AA
|
$
|
3,202,140
|
|||
|
2,000
|
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Refunding Series 2008B, 5.250%, 10/01/22 – AGM Insured
|
No Opt. Call
|
Aa2
|
2,505,480
|
|||||
|
Northern Palm Beach County Improvement District, Florida, Revenue Bonds, Water Control and Improvement Development Unit 9B, Series 2005:
|
|||||||||
|
1,290
|
5.000%, 8/01/23 – NPFG Insured
|
8/15 at 102.00
|
BBB
|
1,369,348
|
|||||
|
2,145
|
5.000%, 8/01/29 – NPFG Insured
|
8/15 at 102.00
|
BBB
|
2,236,806
|
|||||
|
2,000
|
Okaloosa County, Florida, Water and Sewer Revenue Bonds, Series 2006, 5.000%, 7/01/36 – AGM Insured
|
7/16 at 100.00
|
AA–
|
2,103,060
|
|||||
|
1,000
|
Orange County School Board, Florida, Certificates of Participation, Series 2007A, 5.000%, 8/01/27 – FGIC Insured
|
8/17 at 100.00
|
AA
|
1,074,080
|
|||||
|
3,180
|
Orange County, Florida, Sales Tax Revenue Bonds, Series 2002B, 5.125%, 1/01/19 – FGIC Insured
|
1/13 at 100.00
|
AA+
|
3,270,185
|
|||||
|
2,500
|
Orange County, Florida, Tourist Development Tax Revenue Bonds, Series 2006, 5.000%, 10/01/31 – SYNCORA GTY Insured
|
10/16 at 100.00
|
AA–
|
2,609,025
|
|||||
|
Osceola County, Florida, Transportation Revenue Bonds, Osceola Parkway, Series 2004:
|
|||||||||
|
2,500
|
5.000%, 4/01/21 – NPFG Insured
|
4/14 at 100.00
|
Aa3
|
2,677,225
|
|||||
|
7,820
|
5.000%, 4/01/23 – NPFG Insured
|
4/14 at 100.00
|
Aa3
|
8,312,816
|
|||||
|
1,750
|
Palm Bay, Florida, Utility System Revenue Bonds, Palm Bay Utility Corporation, Series 2003, 5.000%, 10/01/20 – NPFG Insured
|
10/13 at 100.00
|
Aa3
|
1,850,573
|
|||||
|
1,065
|
Palm Beach County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, Westlake Apartments Phase II, Series 2002, 5.150%, 7/01/22 – AGM Insured (Alternative Minimum Tax)
|
7/12 at 100.00
|
AA+
|
1,067,428
|
|||||
|
2,150
|
Palm Beach County School Board, Florida, Certificates of Participation, Series 2004A, 5.000%, 8/01/24 – FGIC Insured
|
8/14 at 100.00
|
AA–
|
2,307,595
|
|||||
|
3,000
|
Palm Beach County School Board, Florida, Certificates of Participation, Series 2007E, 5.000%, 8/01/27 – NPFG Insured
|
8/17 at 100.00
|
AA–
|
3,294,810
|
|||||
|
8,000
|
Palm Beach County Solid Waste Authority, Florida, Revenue Bonds, Series 2002B, 0.000%, 10/01/14 – AMBAC Insured
|
No Opt. Call
|
AA+
|
7,802,640
|
|||||
|
Palm Coast, Florida, Water Utility System Revenue Bonds, Series 2003:
|
|||||||||
|
1,000
|
5.250%, 10/01/19 – NPFG Insured
|
10/13 at 100.00
|
A1
|
1,051,810
|
|||||
|
500
|
5.250%, 10/01/20 – NPFG Insured
|
10/13 at 100.00
|
A1
|
525,905
|
|||||
|
500
|
5.250%, 10/01/21 – NPFG Insured
|
10/13 at 100.00
|
A1
|
525,130
|
|||||
|
3,000
|
Pasco County, Florida, Water and Sewer Revenue Bonds, Series 2006 Refunding, 5.000%, 10/01/36 – AGM Insured
|
4/16 at 100.00
|
AA
|
3,308,760
|
|||||
|
Plantation, Florida, Non-Ad Valorem Revenue Refunding and Improvement Bonds, Series 2003:
|
|||||||||
|
2,225
|
5.000%, 8/15/18 – AGM Insured
|
8/13 at 100.00
|
Aa3
|
2,343,192
|
|||||
|
1,300
|
5.000%, 8/15/21 – AGM Insured
|
8/13 at 100.00
|
Aa3
|
1,368,185
|
|||||
|
1,170
|
Polk County, Florida, Utility System Revenue Bonds, Series 2004A, 5.000%, 10/01/24 – FGIC Insured
|
10/14 at 100.00
|
Aa3
|
1,262,430
|
|||||
|
1,000
|
Port Saint Lucie, Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, Series 2007, 5.000%, 7/01/33 – NPFG Insured
|
7/17 at 100.00
|
BBB
|
1,020,000
|
|||||
|
Port St. Lucie, Florida, Utility System Revenue Bonds, Refunding Series 2009:
|
|||||||||
|
5,450
|
5.250%, 9/01/35 – AGC Insured
|
9/18 at 100.00
|
AA–
|
5,969,712
|
|||||
|
8,500
|
5.000%, 9/01/35 – AGC Insured
|
9/18 at 100.00
|
AA–
|
9,136,055
|
|||||
|
1,830
|
Port St. Lucie, Florida, Utility System Revenue Bonds, Series 2003, 5.000%, 9/01/21 (Pre-refunded 9/01/13) – NPFG Insured
|
9/13 at 100.00
|
AA– (5)
|
1,945,674
|
|||||
|
1,000
|
Port St. Lucie, Florida, Utility System Revenue Bonds, Series 2004, 5.000%, 9/01/21 – NPFG Insured
|
9/14 at 100.00
|
Aa3
|
1,075,840
|
|||||
|
1,895
|
Reedy Creek Improvement District, Orange and Osceola Counties, Florida, General Obligation Bonds, Series 2005B, 5.000%, 6/01/25 – AMBAC Insured
|
6/15 at 100.00
|
Aa3
|
2,073,338
|
|
36
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Florida (continued)
|
|||||||||
|
$
|
4,260
|
Saint Lucie County School Board, Florida, Certificates of Participation, Master Lease Program, Series 2004A, 5.000%, 7/01/24 – AGM Insured
|
7/14 at 100.00
|
AA–
|
$
|
4,599,352
|
|||
|
Sebring, Florida, Water and Wastewater Revenue Refunding Bonds, Series 2002:
|
|||||||||
|
1,360
|
5.250%, 1/01/17 (Pre-refunded 1/01/13) – FGIC Insured
|
1/13 at 100.00
|
AA– (5)
|
1,404,567
|
|||||
|
770
|
5.250%, 1/01/18 (Pre-refunded 1/01/13) – FGIC Insured
|
1/13 at 100.00
|
AA– (5)
|
795,233
|
|||||
|
500
|
5.250%, 1/01/20 (Pre-refunded 1/01/13) – FGIC Insured
|
1/13 at 100.00
|
AA– (5)
|
516,385
|
|||||
|
5,740
|
Seminole County, Florida, Water and Sewer Revenue Refunding and Improvement Bonds, Series 1992, 6.000%, 10/01/19 – NPFG Insured (ETM)
|
No Opt. Call
|
Aa2 (5)
|
7,004,407
|
|||||
|
3,530
|
Seminole County, Florida, Water and Sewer Revenue Refunding and Improvement Bonds, Series 1992, 6.000%, 10/01/19 – NPFG Insured
|
No Opt. Call
|
BBB
|
3,861,644
|
|||||
|
St. Lucie County, Florida, Utility System Revenue Refunding Bonds, Series 1993:
|
|||||||||
|
5,005
|
5.500%, 10/01/15 – FGIC Insured (ETM)
|
No Opt. Call
|
N/R (5)
|
5,454,049
|
|||||
|
1,200
|
5.500%, 10/01/21 – FGIC Insured (ETM)
|
No Opt. Call
|
N/R (5)
|
1,498,380
|
|||||
|
St. Petersburg, Florida, Sales Tax Revenue Bonds, Professional Sports Facility, Series 2003:
|
|||||||||
|
1,475
|
5.125%, 10/01/20 – AGM Insured
|
10/13 at 100.00
|
Aa3
|
1,558,692
|
|||||
|
1,555
|
5.125%, 10/01/21 – AGM Insured
|
10/13 at 100.00
|
Aa3
|
1,641,427
|
|||||
|
2,500
|
Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/29 – NPFG Insured
|
10/15 at 100.00
|
AA
|
2,733,200
|
|||||
|
400
|
Tamarac, Florida, Utility System Revenue Bonds, Series 2009, 5.000%, 10/01/39 – AGC Insured
|
10/19 at 100.00
|
Aa2
|
441,232
|
|||||
|
1,765
|
Tampa Sports Authority, Hillsborough County, Florida, Local Option Sales Tax Payments Revenue Bonds, Stadium Project, Series 2005, 5.000%, 1/01/22 – AGM Insured
|
1/15 at 100.00
|
AA+
|
1,916,102
|
|||||
|
1,500
|
Tampa, Florida, Healthcare System Revenue Bonds, Allegany Health System – St. Joseph’s Hospital, Series 1993, 5.125%, 12/01/23 – NPFG Insured (ETM)
|
7/12 at 100.00
|
Aaa
|
1,519,920
|
|||||
|
10,335
|
Tampa, Florida, Revenue Bonds, University of Tampa, Series 2006, 5.000%, 4/01/35 – CIFG Insured
|
4/16 at 100.00
|
Aa3
|
10,520,307
|
|||||
|
1,390
|
Venice, Florida, General Obligation Bonds, Series 2004, 5.000%, 2/01/24 – AMBAC Insured
|
2/14 at 100.00
|
AA+
|
1,475,568
|
|||||
|
4,275
|
Volusia County School Board, Florida, Certificates of Participation, Series 2005B, 5.000%, 8/01/24 – AGM Insured
|
8/15 at 100.00
|
Aa3
|
4,490,033
|
|||||
|
2,000
|
Volusia County, Florida, Gas Tax Revenue Bonds, Series 2004, 5.000%, 10/01/21 – AGM Insured
|
10/14 at 100.00
|
AA–
|
2,184,200
|
|||||
|
12,000
|
Volusia County, Florida, School Board Certificates of Participation, Master Lease Program Series 2007, 5.000%, 8/01/32 – AGM Insured
|
8/17 at 100.00
|
Aa3
|
12,542,520
|
|||||
|
1,785
|
Volusia County, Florida, Tax Revenue Bonds, Tourist Development, Series 2004, 5.000%, 12/01/24 – AGM Insured
|
12/14 at 100.00
|
Aa3
|
1,862,291
|
|||||
|
326,185
|
Total Florida
|
335,958,276
|
|||||||
|
Georgia – 1.9% (1.3% of Total Investments)
|
|||||||||
|
1,000
|
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2004, 5.000%, 11/01/22 – AGM Insured
|
11/14 at 100.00
|
AA–
|
1,072,120
|
|||||
|
10,000
|
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.375%, 11/01/39 – AGM Insured
|
11/19 at 100.00
|
AA–
|
11,189,400
|
|||||
|
1,155
|
Augusta, Georgia, Water and Sewerage Revenue Bonds, Series 2004, 5.250%, 10/01/39 – AGM Insured
|
10/14 at 100.00
|
AA–
|
1,249,964
|
|||||
|
2,825
|
Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Refunding Series 2007, 4.000%, 8/01/26
|
8/20 at 100.00
|
AA
|
3,057,780
|
|||||
|
1,520
|
College Park Business and Industrial Development Authority, Georgia, Revenue Bonds, Public Safety Project, Series 2004, 5.250%, 9/01/23 – NPFG Insured
|
9/14 at 102.00
|
AA–
|
1,682,868
|
|||||
|
Fulton County Development Authority, Georgia, Revenue Bonds, Georgia Tech Molecular Science Building, Series 2004:
|
|||||||||
|
1,695
|
5.250%, 5/01/19 – NPFG Insured
|
5/14 at 100.00
|
Aa3
|
1,816,294
|
|||||
|
1,135
|
5.250%, 5/01/20 – NPFG Insured
|
5/14 at 100.00
|
Aa3
|
1,216,221
|
|||||
|
4,500
|
5.000%, 5/01/36 – NPFG Insured
|
5/14 at 100.00
|
Aa3
|
4,604,490
|
|||||
|
2,250
|
Gwinnett County Hospital Authority, Georgia, Revenue Anticipation Certificates, Gwinnett Hospital System Inc. Project, Series 2007C, 5.500%, 7/01/39 – AGM Insured
|
7/19 at 100.00
|
Aa3
|
2,479,793
|
|||||
|
26,080
|
Total Georgia
|
28,368,930
|
|
Nuveen Investments
|
37
|
|
Nuveen Municipal Opportunity Fund, Inc. (continued)
|
||
|
(formerly known as Nuveen Insured Municipal Opportunity Fund, Inc.)
|
||
|
NIO
|
Portfolio of Investments
|
|
|
April 30, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Idaho – 0.2% (0.1% of Total Investments)
|
|||||||||
|
$
|
90
|
Idaho Housing Agency, Single Family Mortgage Senior Bonds, Series 1995B, 6.600%, 7/01/27 (Alternative Minimum Tax)
|
7/12 at 100.00
|
Aaa
|
$
|
90,446
|
|||
|
Idaho Housing and Finance Association, Grant and Revenue Anticipation Bonds, Federal Highway Trust Funds, Series 2006:
|
|||||||||
|
1,000
|
5.000%, 7/15/23 – NPFG Insured
|
7/16 at 100.00
|
Aa2
|
1,142,110
|
|||||
|
1,065
|
5.000%, 7/15/24 – NPFG Insured
|
7/16 at 100.00
|
Aa2
|
1,213,078
|
|||||
|
2,155
|
Total Idaho
|
2,445,634
|
|||||||
|
Illinois – 8.6% (5.8% of Total Investments)
|
|||||||||
|
1,050
|
Bedford Park, Illinois, General Obligation Bonds, Series 2004A, 5.250%, 12/15/20 – AGM Insured
|
12/14 at 100.00
|
AA–
|
1,166,424
|
|||||
|
7,000
|
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien Refunding Series 2010C, 5.250%, 1/01/35 – AGC Insured
|
1/20 at 100.00
|
AA–
|
7,671,860
|
|||||
|
7,200
|
Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport, Series 2005A, 5.250%, 1/01/24 – NPFG Insured
|
1/16 at 100.00
|
A1
|
7,819,992
|
|||||
|
7,025
|
De Witt, Ford, Livingston, Logan, Mc Lean and Tazewell Community College District 540, Illinois, General Obligation Bonds, Series 2007, 3.000%, 12/01/26 – AGM Insured
|
12/17 at 100.00
|
Aa2
|
6,539,221
|
|||||
|
10,580
|
Illinois Development Finance Authority, Revenue Bonds, Provena Health, Series 1998A, 5.500%, 5/15/21 – NPFG Insured
|
5/12 at 100.00
|
Baa1
|
10,591,109
|
|||||
|
3,295
|
Illinois Educational Facilities Authority, Revenue Bonds, Robert Morris College, Series 2000, 5.800%, 6/01/30 – NPFG Insured
|
6/12 at 100.00
|
Baa2
|
3,298,262
|
|||||
|
6,720
|
Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2011A, 6.000%, 8/15/41 – AGM Insured
|
8/21 at 100.00
|
AA–
|
7,584,259
|
|||||
|
14,965
|
Illinois Finance Authority, Revenue Bonds, The University of Chicago, Series 2012A, 5.000%, 10/01/51
|
10/21 at 100.00
|
Aa1
|
16,196,620
|
|||||
|
5,405
|
Illinois Toll Highway Authority, State Toll Highway Authority Revenue Bonds, Series 2006A-1, 5.000%, 1/01/24 – AGM Insured
|
7/16 at 100.00
|
AA–
|
6,082,463
|
|||||
|
22,610
|
Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2002, 5.125%, 2/01/27 – FGIC Insured
|
6/12 at 100.00
|
A+
|
22,672,856
|
|||||
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1:
|
|||||||||
|
20,000
|
0.000%, 6/15/45 – AGM Insured
|
No Opt. Call
|
AAA
|
3,385,200
|
|||||
|
15,000
|
0.000%, 6/15/46 – AGM Insured
|
No Opt. Call
|
AAA
|
2,398,350
|
|||||
|
20,045
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A, 0.000%, 12/15/35 – AGM Insured
|
No Opt. Call
|
AAA
|
5,926,505
|
|||||
|
5,920
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Tender Option Bond Trust 3861, 13.397%, 6/15/42 (IF) (6)
|
6/20 at 100.00
|
AAA
|
6,683,384
|
|||||
|
Schaumburg, Illinois, General Obligation Bonds, Series 2004B:
|
|||||||||
|
4,260
|
5.000%, 12/01/22 – FGIC Insured
|
12/14 at 100.00
|
Aaa
|
4,697,374
|
|||||
|
2,365
|
5.000%, 12/01/23 – FGIC Insured
|
12/14 at 100.00
|
Aaa
|
2,603,983
|
|||||
|
4,000
|
Southwestern Illinois Development Authority, School Revenue Bonds, Triad School District 2, Madison County, Illinois, Series 2006, 0.000%, 10/01/25 – NPFG Insured
|
No Opt. Call
|
A+
|
2,103,520
|
|||||
|
Williamson & Johnson Counties Community Unit School District 2, Marion, Illinois, General Obligation Bonds, Series 2011:
|
|||||||||
|
930
|
7.000%, 12/01/21 – AGM Insured
|
12/20 at 100.00
|
AA–
|
1,166,025
|
|||||
|
1,035
|
7.000%, 12/01/22 – AGM Insured
|
12/20 at 100.00
|
AA–
|
1,268,848
|
|||||
|
1,155
|
7.000%, 12/01/23 – AGM Insured
|
12/20 at 100.00
|
AA–
|
1,411,144
|
|||||
|
1,065
|
7.000%, 12/01/26 – AGM Insured
|
12/20 at 100.00
|
AA–
|
1,271,940
|
|||||
|
2,085
|
7.250%, 12/01/29 – AGM Insured
|
12/20 at 100.00
|
AA–
|
2,491,492
|
|||||
|
2,295
|
7.250%, 12/01/30 – AGM Insured
|
12/20 at 100.00
|
AA–
|
2,730,339
|
|||||
|
166,005
|
Total Illinois
|
127,761,170
|
|
38
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Indiana – 3.9% (2.6% of Total Investments)
|
|||||||||
|
$
|
2,030
|
Decatur Township-Marion County Multi-School Building Corporation, Indiana, First Mortgage Bonds, Series 2003, 5.000%, 7/15/20 (Pre-refunded 7/15/13) – FGIC Insured
|
7/13 at 100.00
|
AA+ (5)
|
$
|
2,146,299
|
|||
|
5,000
|
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2010B., 5.000%, 12/01/37
|
12/20 at 100.00
|
AA
|
5,317,150
|
|||||
|
8,500
|
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
|
1/17 at 100.00
|
A+
|
9,046,380
|
|||||
|
5,000
|
Indianapolis Local Public Improvement Bond Bank Bonds, Indiana, PILOT Infrastructure Project Revenue Bonds, Series 2010F, 5.000%, 1/01/35 – AGM Insured
|
1/20 at 100.00
|
AA
|
5,474,000
|
|||||
|
20,000
|
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/28 – AMBAC Insured
|
No Opt. Call
|
AA
|
10,512,200
|
|||||
|
9,615
|
Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A, 5.500%, 1/01/38 – AGC Insured
|
1/19 at 100.00
|
AA–
|
10,722,263
|
|||||
|
3,250
|
Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project, Series 2002A, 5.250%, 7/01/33 (Pre-refunded 7/01/12) – NPFG Insured
|
7/12 at 100.00
|
AA+ (5)
|
3,277,690
|
|||||
|
1,340
|
Monroe-Gregg Grade School Building Corporation, Morgan County, Indiana, First Mortgage Bonds, Series 2004, 5.000%, 1/15/25 (Pre-refunded 1/15/14) – AGM Insured
|
1/14 at 100.00
|
AA+ (5)
|
1,447,522
|
|||||
|
5,000
|
Noblesville Redevelopment Authority, Indiana, Economic Development Lease Rental Bonds, Exit 10 Project, Series 2003, 5.000%, 1/15/28 – AMBAC Insured
|
7/13 at 100.00
|
AA–
|
5,164,850
|
|||||
|
3,705
|
Whitley County Middle School Building Corporation, Columbia City, Indiana, First Mortgage Bonds, Series 2003, 5.000%, 7/15/16 (Pre-refunded 7/15/13) – AGM Insured
|
7/13 at 100.00
|
Aa3 (5)
|
3,917,259
|
|||||
|
63,440
|
Total Indiana
|
57,025,613
|
|||||||
|
Kansas – 0.7% (0.5% of Total Investments)
|
|||||||||
|
2,055
|
Kansas Turnpike Authority, Revenue Bonds, Series 2004A-2, 5.000%, 9/01/23 – AGM Insured Neosho County Unified School District 413, Kansas, General Obligation Bonds, Series 2006:
|
9/14 at 101.00
|
AA–
|
2,251,561
|
|||||
|
2,145
|
5.000%, 9/01/27 (Pre-refunded 9/01/14) – AGM Insured
|
9/14 at 100.00
|
Aa3 (5)
|
2,375,673
|
|||||
|
4,835
|
5.000%, 9/01/29 (Pre-refunded 9/01/14) – AGM Insured
|
9/14 at 100.00
|
Aa3 (5)
|
5,354,956
|
|||||
|
9,035
|
Total Kansas
|
9,982,190
|
|||||||
|
Kentucky – 2.3% (1.5% of Total Investments)
|
|||||||||
|
3,870
|
Kenton County School District Finance Corporation, Kentucky, School Building Revenue Bonds, Series 2004, 5.000%, 6/01/20 (Pre-refunded 6/01/14) – NPFG Insured
|
6/14 at 100.00
|
Aa3 (5)
|
4,242,178
|
|||||
|
Kentucky State Property and Buildings Commission, Revenue Bonds, Project 93, Refunding Series 2009:
|
|||||||||
|
3,860
|
5.250%, 2/01/20 – AGC Insured
|
2/19 at 100.00
|
AA–
|
4,695,420
|
|||||
|
10,000
|
5.250%, 2/01/24 – AGC Insured
|
2/19 at 100.00
|
AA–
|
11,671,500
|
|||||
|
7,500
|
Kentucky Turnpike Authority, Economic Development Road Revenue Bonds, Revitalization Project, Series 2006B, 5.000%, 7/01/25 – AMBAC Insured
|
7/16 at 100.00
|
AA+
|
8,464,500
|
|||||
|
4,000
|
Louisville/Jefferson County Metro Government, Kentucky, Revenue Bonds, Catholic Health Initiatives, Series 2012A, 5.000%, 12/01/35
|
6/22 at 100.00
|
AA
|
4,351,680
|
|||||
|
29,230
|
Total Kentucky
|
33,425,278
|
|||||||
|
Louisiana – 4.4% (3.0% of Total Investments)
|
|||||||||
|
3,330
|
Jefferson Parish Hospital District1, Louisiana, Hospital Revenue Bonds, West Jefferson Medical Center, Refunding Series 2011A, 6.000%, 1/01/39 – AGM Insured
|
1/21 at 100.00
|
AA–
|
3,768,028
|
|||||
|
3,025
|
Lafayette City and Parish, Louisiana, Utilities Revenue Bonds, Series 2004, 5.250%, 11/01/22 – NPFG Insured
|
11/14 at 100.00
|
A+
|
3,296,766
|
|||||
|
4,520
|
Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital, Series 2004, 5.250%, 7/01/24 – NPFG Insured
|
7/14 at 100.00
|
BBB
|
4,792,059
|
|||||
|
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2005A:
|
|||||||||
|
2,400
|
5.000%, 5/01/25 – FGIC Insured
|
5/15 at 100.00
|
Aa1
|
2,627,856
|
|||||
|
4,415
|
5.000%, 5/01/26 – FGIC Insured
|
5/15 at 100.00
|
Aa1
|
4,834,160
|
|||||
|
5,000
|
5.000%, 5/01/27 – FGIC Insured
|
5/15 at 100.00
|
Aa1
|
5,425,600
|
|
Nuveen Investments
|
39
|
|
Nuveen Municipal Opportunity Fund, Inc. (continued)
|
||
|
(formerly known as Nuveen Insured Municipal Opportunity Fund, Inc.)
|
||
|
NIO
|
Portfolio of Investments
|
|
|
April 30, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Louisiana (continued)
|
|||||||||
|
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:
|
|||||||||
|
$
|
3,300
|
4.750%, 5/01/39 – AGM Insured (UB)
|
5/16 at 100.00
|
Aa1
|
$
|
3,428,436
|
|||
|
35,725
|
4.500%, 5/01/41 – FGIC Insured (UB)
|
5/16 at 100.00
|
Aa1
|
36,532,385
|
|||||
|
38
|
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006, Residuals 660-1, 15.714%, 5/01/34 – FGIC Insured (IF)
|
5/16 at 100.00
|
Aa1
|
41,797
|
|||||
|
61,753
|
Total Louisiana
|
64,747,087
|
|||||||
|
Maine – 0.2% (0.1% of Total Investments)
|
|||||||||
|
3,000
|
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Series 2003B, 5.000%, 7/01/28 (Pre-refunded 7/01/13) – AGM Insured
|
7/13 at 100.00
|
AAA
|
3,155,580
|
|||||
|
Maryland – 0.4% (0.2% of Total Investments)
|
|||||||||
|
5,345
|
Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%, 9/01/28 – SYNCORA GTY Insured
|
9/16 at 100.00
|
BB+
|
5,261,137
|
|||||
|
Massachusetts – 3.4% (2.3% of Total Investments)
|
|||||||||
|
4,500
|
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Commonwealth Contract Assistance Secured, Refunding Series 2010B, 5.000%, 1/01/35
|
1/20 at 100.00
|
AA+
|
4,980,690
|
|||||
|
5,330
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Harvard University, Tender Option Bond Trust 2010-20W, 13.655%, 12/15/34 (IF) (6)
|
12/19 at 100.00
|
AAA
|
7,594,717
|
|||||
|
11,000
|
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A, 5.000%, 8/15/23 – AGM Insured (UB)
|
8/15 at 100.00
|
AA+
|
12,432,530
|
|||||
|
15,000
|
Massachusetts State, Special Obligation Dedicated Tax Revenue Bonds, Series 2004, 5.250%, 1/01/23 (Pre-refunded 1/01/14) – FGIC Insured
|
1/14 at 100.00
|
A1 (5)
|
16,226,250
|
|||||
|
7,255
|
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 – AGM Insured (UB) (6)
|
2/17 at 100.00
|
AA+
|
7,470,038
|
|||||
|
1,500
|
University of Massachusetts Building Authority, Senior Lien Project Revenue Bonds, Series 2004-1, 5.375%, 11/01/20 (Pre-refunded 11/01/14) – AMBAC Insured
|
11/14 at 100.00
|
AA (5)
|
1,682,490
|
|||||
|
44,585
|
Total Massachusetts
|
50,386,715
|
|||||||
|
Michigan – 2.3% (1.6% of Total Investments)
|
|||||||||
|
5,490
|
Detroit City School District, Wayne County, Michigan, Unlimited Tax School Building and Site Improvement Bonds, Series 2001A, 6.000%, 5/01/29 – AGM Insured (UB)
|
No Opt. Call
|
Aa2
|
6,433,237
|
|||||
|
6,000
|
Detroit, Michigan, General Obligation Bonds, Series 2001A-1, 5.375%, 4/01/18 – NPFG Insured
|
7/12 at 100.00
|
BBB
|
6,002,460
|
|||||
|
2,000
|
Detroit, Michigan, Sewage Disposal System Revenue Bonds, Series 2001D-2, 5.500%, 7/01/32 – NPFG Insured (7)
|
1/13 at 100.00
|
A
|
1,497,168
|
|||||
|
1,085
|
Grand Rapids Community College, Kent County, Michigan, General Obligation Refunding Bonds, Series 2003, 5.250%, 5/01/20 – AMBAC Insured
|
5/13 at 100.00
|
Aa1
|
1,135,691
|
|||||
|
8,260
|
Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2011-II-A, 5.375%, 10/15/41
|
10/21 at 100.00
|
Aa3
|
9,260,947
|
|||||
|
10,000
|
Wayne Charter County, Michigan, Limited Tax General Obligation Airport Hotel Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2001A, 5.250%, 12/01/25 – NPFG Insured
|
12/12 at 100.00
|
BBB+
|
10,062,000
|
|||||
|
32,835
|
Total Michigan
|
34,391,503
|
|
40
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Minnesota – 1.1% (0.8% of Total Investments)
|
|||||||||
|
$
|
5,000
|
Minneapolis, Minnesota, Health Care System Revenue Bonds,S Fairview Health Services, Series 2008B, 6.500%, 11/15/38 – AGC Insured
|
11/18 at 100.00
|
AA–
|
$
|
5,890,950
|
|||
|
5,020
|
Minnesota State, General Obligation Bonds, Various Purpose, Refunding Series 2010D, 5.000%, 8/01/18
|
No Opt. Call
|
AA+
|
6,206,276
|
|||||
|
4,000
|
Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Refunding Series 2009A, 5.000%, 1/01/15 – AGC Insured
|
No Opt. Call
|
AA–
|
4,442,240
|
|||||
|
14,020
|
Total Minnesota
|
16,539,466
|
|||||||
|
Missouri – 0.3% (0.2% of Total Investments)
|
|||||||||
|
4,125
|
St. Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Series 2005, 5.500%, 7/01/29 – NPFG Insured
|
No Opt. Call
|
A–
|
4,654,155
|
|||||
|
Montana – 0.2% (0.2% of Total Investments)
|
|||||||||
|
3,000
|
Montana Facility Finance Authority, Hospital Revenue Bonds, Benefis Health System Obligated Group, Series 2011A, 5.750%, 1/01/31 – AGM Insured
|
1/21 at 100.00
|
AA–
|
3,429,660
|
|||||
|
Nebraska – 2.4% (1.6% of Total Investments)
|
|||||||||
|
27,125
|
Lincoln, Nebraska, Electric System Revenue Bonds, Series 2007A, 4.500%, 9/01/37 – FGIC Insured (UB)
|
9/17 at 100.00
|
AA
|
28,185,859
|
|||||
|
5,000
|
Municipal Energy Agency of Nebraska, Power Supply System Revenue and Refunding Bonds, Series 2009A, 5.375%, 4/01/39 – BHAC Insured
|
4/19 at 100.00
|
AA+
|
5,638,650
|
|||||
|
1,000
|
Nebraska Public Power District, General Revenue Bonds, Series 2005A, 5.000%, 1/01/25 – AGM Insured
|
1/15 at 100.00
|
AA–
|
1,089,170
|
|||||
|
33,125
|
Total Nebraska
|
34,913,679
|
|||||||
|
Nevada – 7.8% (5.3% of Total Investments)
|
|||||||||
|
7,000
|
Clark County School District, Nevada, General Obligation Bonds, Refunding Series 2005A, 5.000%, 6/15/19 – FGIC Insured
|
6/15 at 101.00
|
AA
|
7,795,270
|
|||||
|
3,500
|
Clark County School District, Nevada, General Obligation Bonds, Series 2004B, 5.000%, 6/15/18 – AGM Insured
|
6/14 at 100.00
|
AA
|
3,818,255
|
|||||
|
3,000
|
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2009C, 5.000%, 7/01/26 – AGM Insured
|
7/19 at 100.00
|
AA–
|
3,310,020
|
|||||
|
8,475
|
Clark County, Nevada, General Obligation Bank Bonds, Southern Nevada Water Authority Loan, Series 2002, 5.000%, 6/01/32 – NPFG Insured
|
12/12 at 100.00
|
AA+
|
8,638,737
|
|||||
|
3,630
|
Clark County, Nevada, General Obligation Bank Bonds, Southern Nevada Water Authority Loan, Series 2002, 5.000%, 6/01/32 (Pre-refunded 12/01/12) – NPFG Insured
|
12/12 at 100.00
|
AA+ (5)
|
3,732,257
|
|||||
|
16,840
|
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.250%, 7/01/39 – AGM Insured
|
1/20 at 100.00
|
AA–
|
18,339,434
|
|||||
|
7,370
|
Clark County, Nevada, Subordinate Lien Airport Revenue Bonds, Series 2004A-2, 5.125%, 7/01/25 – FGIC Insured
|
7/14 at 100.00
|
Aa3
|
7,884,795
|
|||||
|
10,285
|
Henderson, Nevada, General Obligation Sewer Bonds, Series 2004, 5.000%, 6/01/34 – FGIC Insured
|
12/14 at 100.00
|
AA
|
11,051,438
|
|||||
|
14,985
|
Reno, Nevada, Capital Improvement Revenue Bonds, Series 2002, 5.375%, 6/01/32 – FGIC Insured
|
6/12 at 100.00
|
A3
|
14,998,337
|
|||||
|
25,300
|
Reno, Nevada, Capital Improvement Revenue Bonds, Series 2002, 5.375%, 6/01/32 (Pre-refunded 6/01/12) – FGIC Insured
|
6/12 at 100.00
|
A3 (5)
|
25,413,597
|
|||||
|
10,000
|
Reno, Nevada, Senior Lien Sales and Room Tax Revenue Bonds, Reno Transportation Rail Access Corridor Project, Series 2002, 5.125%, 6/01/27 (Pre-refunded 6/01/12) – AMBAC Insured
|
6/12 at 100.00
|
N/R (5)
|
10,042,300
|
|||||
|
110,385
|
Total Nevada
|
115,024,440
|
|
Nuveen Investments
|
41
|
|
Nuveen Municipal Opportunity Fund, Inc. (continued)
|
||
|
(formerly known as Nuveen Insured Municipal Opportunity Fund, Inc.)
|
||
|
NIO
|
Portfolio of Investments
|
|
|
April 30, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
New Jersey – 4.6% (3.1% of Total Investments)
|
|||||||||
|
Essex County Improvement Authority, New Jersey, Guaranteed Revenue Bonds, Project Consolidation, Series 2004:
|
|||||||||
|
$
|
2,000
|
5.125%, 10/01/21 – NPFG Insured
|
10/14 at 100.00
|
Aa2
|
$
|
2,204,820
|
|||
|
2,250
|
5.125%, 10/01/22 – NPFG Insured
|
10/14 at 100.00
|
Aa2
|
2,470,725
|
|||||
|
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A:
|
|||||||||
|
3,850
|
5.000%, 7/01/22 – NPFG Insured
|
7/14 at 100.00
|
A
|
4,142,061
|
|||||
|
3,850
|
5.000%, 7/01/23 – NPFG Insured
|
7/14 at 100.00
|
A
|
4,142,061
|
|||||
|
26,000
|
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – AGM Insured
|
No Opt. Call
|
AA–
|
32,238,180
|
|||||
|
New Jersey Turnpike Authority, Revenue Bonds, Series 2003A:
|
|||||||||
|
8,250
|
5.000%, 1/01/19 – FGIC Insured
|
7/13 at 100.00
|
A+
|
8,654,910
|
|||||
|
2,000
|
5.000%, 1/01/23 – AGM Insured
|
7/13 at 100.00
|
AA–
|
2,085,460
|
|||||
|
3,320
|
New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.000%,
|
1/15 at 100.00
|
AA–
|
3,588,820
|
|||||
| 1/01/21 – AGM Insured | |||||||||
|
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
|
|||||||||
|
6,765
|
4.500%, 6/01/23
|
6/17 at 100.00
|
B1
|
6,418,767
|
|||||
|
495
|
4.625%, 6/01/26
|
6/17 at 100.00
|
B1
|
447,930
|
|||||
|
1,330
|
Washington Township Board of Education, Mercer County, New Jersey, General Obligation Bonds, Series 2005, 5.250%, 1/01/26 – AGM Insured
|
No Opt. Call
|
Aa3
|
1,697,053
|
|||||
|
60,110
|
Total New Jersey
|
68,090,787
|
|||||||
|
New Mexico – 1.3% (0.9% of Total Investments)
|
|||||||||
|
3,660
|
San Juan County, New Mexico, Subordinate Gross Receipts Tax Revenue Bonds, Series 2005, 5.000%, 6/15/25 – NPFG Insured
|
6/15 at 100.00
|
A+
|
4,021,205
|
|||||
|
13,600
|
University of New Mexico, System Improvement Subordinated Lien Revenue Bonds, Series 2007A, 5.000%, 6/01/36 – AGM Insured
|
6/17 at 100.00
|
AA
|
14,604,768
|
|||||
|
17,260
|
Total New Mexico
|
18,625,973
|
|||||||
|
New York – 7.7% (5.2% of Total Investments)
|
|||||||||
|
1,880
|
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/23 – FGIC Insured
|
2/15 at 100.00
|
BBB
|
2,040,928
|
|||||
|
7,225
|
Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt, Cornell University, Series 2010A, 5.000%, 7/01/35
|
7/20 at 100.00
|
Aa1
|
8,166,996
|
|||||
|
3,335
|
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/24 – AMBAC Insured
|
3/15 at 100.00
|
AAA
|
3,700,749
|
|||||
|
3,820
|
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured
|
2/17 at 100.00
|
A
|
3,803,116
|
|||||
|
12,500
|
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A, 5.000%, 12/01/25 – FGIC Insured
|
6/16 at 100.00
|
A
|
13,568,625
|
|||||
|
6,900
|
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2006F, 4.250%, 5/01/33 – NPFG Insured
|
11/16 at 100.00
|
A
|
7,038,552
|
|||||
|
2,800
|
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/36 – AGM Insured
|
5/21 at 100.00
|
AA–
|
3,061,968
|
|||||
|
Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds, Series 2002A:
|
|||||||||
|
1,500
|
5.000%, 7/01/21 – FGIC Insured
|
7/12 at 100.00
|
AA–
|
1,510,080
|
|||||
|
5,000
|
5.000%, 7/01/25 – FGIC Insured
|
7/12 at 100.00
|
AA–
|
5,031,100
|
|||||
|
3,025
|
Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue Bonds, Unity Hospital of Rochester Project, Series 2010, 5.500%, 8/15/40
|
2/21 at 100.00
|
Aa2
|
3,407,330
|
|||||
|
2,615
|
New York City Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium Project PILOT, Series 2009A, 7.000%, 3/01/49 – AGC Insured
|
3/19 at 100.00
|
AA–
|
3,075,711
|
|
42
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
New York (continued)
|
|||||||||
|
$
|
5,000
|
New York City, New York, General Obligation Bonds, Fiscal Series 2005F-1, 5.000%, 9/01/21 – AMBAC Insured
|
9/15 at 100.00
|
AA
|
$
|
5,670,050
|
|||
|
10,000
|
New York City, New York, General Obligation Bonds, Fiscal Series 2005M, 5.000%, 4/01/26 – FGIC Insured
|
4/15 at 100.00
|
AA
|
10,982,400
|
|||||
|
5,000
|
New York State Thruway Authority, General Revenue Bonds, Series 2005F, 5.000%, 1/01/26 – AMBAC Insured
|
1/15 at 100.00
|
A+
|
5,402,150
|
|||||
|
14,000
|
New York State Thruway Authority, General Revenue Bonds, Series 2005G, 5.000%, 1/01/30 – AGM Insured
|
7/15 at 100.00
|
AA–
|
15,394,260
|
|||||
|
2,000
|
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1, 5.250%, 6/01/22 – AMBAC Insured
|
6/13 at 100.00
|
AA–
|
2,101,980
|
|||||
|
3,650
|
New York State Urban Development Corporation, Service Contract Revenue Bonds, Series 2005B, 5.000%, 3/15/25 – AGM Insured (UB)
|
3/15 at 100.00
|
AAA
|
4,021,023
|
|||||
|
New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series 2004A-1:
|
|||||||||
|
1,000
|
5.000%, 3/15/23 – FGIC Insured
|
3/14 at 100.00
|
AAA
|
1,074,750
|
|||||
|
5,000
|
5.000%, 3/15/25 – FGIC Insured
|
3/14 at 100.00
|
AAA
|
5,353,600
|
|||||
|
10,000
|
Triborough Bridge and Tunnel Authority, New York, Subordinate Lien General Purpose Revenue Refunding Bonds, Series 2002E, 5.000%, 11/15/32 – NPFG Insured
|
11/12 at 100.00
|
Aa3
|
10,198,000
|
|||||
|
106,250
|
Total New York
|
114,603,368
|
|||||||
|
North Carolina – 1.5% (1.0% of Total Investments)
|
|||||||||
|
Mooresville, North Carolina, Enterprise System Revenue Bonds, Series 2004:
|
|||||||||
|
2,115
|
5.000%, 5/01/22 (Pre-refunded 5/01/14) – FGIC Insured
|
5/14 at 100.00
|
AA– (5)
|
2,310,574
|
|||||
|
2,575
|
5.000%, 5/01/26 (Pre-refunded 5/01/14) – FGIC Insured
|
5/14 at 100.00
|
AA– (5)
|
2,813,110
|
|||||
|
4,970
|
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Vidant Health, Refunding Series 2012A, 5.000%, 6/01/36 (WI/DD, Settling 5/03/12)
|
6/22 at 100.00
|
A+
|
5,317,204
|
|||||
|
5,250
|
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2003A, 5.250%, 1/01/16 – AGM Insured
|
1/13 at 100.00
|
AA–
|
5,418,053
|
|||||
|
Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Series 2005A:
|
|||||||||
|
3,205
|
5.000%, 5/01/23 – AMBAC Insured
|
5/15 at 100.00
|
Aa3
|
3,486,014
|
|||||
|
3,295
|
5.000%, 5/01/24 – AMBAC Insured
|
5/15 at 100.00
|
Aa3
|
3,583,906
|
|||||
|
21,410
|
Total North Carolina
|
22,928,861
|
|||||||
|
North Dakota – 0.8% (0.5% of Total Investments)
|
|||||||||
|
4,200
|
Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2012, 5.000%, 12/01/35 (WI/DD, Settling 5/09/12)
|
12/21 at 100.00
|
A–
|
4,413,654
|
|||||
|
Grand Forks, North Dakota, Sales Tax Revenue Bonds, Alerus Project, Series 2005A:
|
|||||||||
|
2,195
|
5.000%, 12/15/22 – NPFG Insured
|
12/15 at 100.00
|
Aa3
|
2,453,242
|
|||||
|
1,355
|
5.000%, 12/15/23 – NPFG Insured
|
12/15 at 100.00
|
Aa3
|
1,514,416
|
|||||
|
3,000
|
5.000%, 12/15/24 – NPFG Insured
|
12/15 at 100.00
|
Aa3
|
3,337,500
|
|||||
|
10,750
|
Total North Dakota
|
11,718,812
|
|||||||
|
Ohio – 4.3% (2.9% of Total Investments)
|
|||||||||
|
Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Health Partners, Refunding and Improvement Series 2012A:
|
|||||||||
|
1,930
|
5.000%, 5/01/33 (WI/DD, Settling 5/10/12) – AGM Insured
|
5/22 at 100.00
|
AA–
|
2,101,944
|
|||||
|
4,050
|
4.000%, 5/01/33 (WI/DD, Settling 5/10/12) – AGM Insured
|
5/22 at 100.00
|
AA–
|
3,968,190
|
|||||
|
2,420
|
5.000%, 5/01/42 (WI/DD, Settling 5/10/12) – AGM Insured
|
5/22 at 100.00
|
AA–
|
2,579,841
|
|||||
|
2,650
|
Cleveland State University, Ohio, General Receipts Bonds, Series 2004, 5.250%, 6/01/24 – FGIC Insured
|
6/14 at 100.00
|
A+
|
2,839,422
|
|||||
|
2,000
|
Columbus City School District, Franklin County, Ohio, General Obligation Bonds, Series 2004, 5.250%, 12/01/25 (Pre-refunded 12/01/14) – AGM Insured
|
12/14 at 100.00
|
AA+ (5)
|
2,244,220
|
|
Nuveen Investments
|
43
|
|
Nuveen Municipal Opportunity Fund, Inc. (continued)
|
||
|
(formerly known as Nuveen Insured Municipal Opportunity Fund, Inc.)
|
||
|
NIO
|
Portfolio of Investments
|
|
|
April 30, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Ohio (continued)
|
|||||||||
|
$
|
2,385
|
Columbus, Ohio, Tax Increment Financing Bonds, Easton Project, Series 2004A, 5.000%, 12/01/22 – AMBAC Insured
|
6/14 at 100.00
|
BBB+
|
$
|
2,489,177
|
|||
|
2,205
|
Hamilton City School District, Ohio, General Obligation Bonds, Series 2005, 5.000%, 12/01/24 – NPFG Insured
|
6/15 at 100.00
|
Baa2
|
2,340,696
|
|||||
|
19,595
|
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, Series 2006A, 4.250%, 12/01/32 – AMBAC Insured
|
12/16 at 100.00
|
A1
|
19,875,796
|
|||||
|
Middletown City School District, Butler County, Ohio, General Obligation Bonds, Refunding Series 2007:
|
|||||||||
|
4,380
|
5.250%, 12/01/27 – AGM Insured
|
No Opt. Call
|
Aa3
|
5,281,711
|
|||||
|
6,000
|
5.250%, 12/01/31 – AGM Insured
|
No Opt. Call
|
Aa3
|
7,311,120
|
|||||
|
6,875
|
Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, Cleveland Clinic Health System Obligated Group, Series 2012A, 5.000%, 1/01/38 (WI/DD, Settling 5/09/12)
|
1/22 at 100.00
|
Aa2
|
7,505,025
|
|||||
|
3,000
|
Ross Local School District, Butler County, Ohio, General Obligation Bonds, Series 2003, 5.000%, 12/01/28 (Pre-refunded 12/01/13) – AGM Insured
|
12/13 at 100.00
|
Aa2 (5)
|
3,224,040
|
|||||
|
2,000
|
University of Akron, Ohio, General Receipts Bonds, Federally Taxable Build America Bonds, Series 2010B, 5.000%, 1/01/29 – AGM Insured
|
1/20 at 100.00
|
AA–
|
2,212,220
|
|||||
|
59,490
|
Total Ohio
|
63,973,402
|
|||||||
|
Oklahoma – 2.9% (2.0% of Total Investments)
|
|||||||||
|
Oklahoma Capitol Improvement Authority, State Facilities Revenue Bonds, Series 2005F:
|
|||||||||
|
3,500
|
5.000%, 7/01/24 – AMBAC Insured
|
7/15 at 100.00
|
AA
|
3,874,850
|
|||||
|
7,500
|
5.000%, 7/01/27 – AMBAC Insured
|
7/15 at 100.00
|
AA
|
8,273,775
|
|||||
|
Oklahoma City Water Utilities Trust, Oklahoma, Water and Sewer Revenue Bonds, Series 2010:
|
|||||||||
|
1,000
|
5.375%, 7/01/40
|
7/21 at 100.00
|
AAA
|
1,174,650
|
|||||
|
1,500
|
5.000%, 7/01/40
|
7/21 at 100.00
|
AAA
|
1,704,735
|
|||||
|
885
|
Oklahoma Housing Finance Agency, GNMA Collateralized Single Family Mortgage Revenue Bonds, Series 1987A, 7.997%, 8/01/18 (Alternative Minimum Tax)
|
No Opt. Call
|
AA+
|
905,514
|
|||||
|
21,000
|
Oklahoma Municipal Power Authority, Power Supply System Revenue Bonds, Series 2007, 4.500%, 1/01/47 – FGIC Insured
|
1/17 at 100.00
|
A
|
21,570,150
|
|||||
|
4,880
|
University of Oklahoma, Student Housing Revenue Bonds, Series 2004, 5.000%, 7/01/22 – AMBAC Insured
|
7/14 at 100.00
|
Aa3
|
5,261,079
|
|||||
|
40,265
|
Total Oklahoma
|
42,764,753
|
|||||||
|
Oregon – 0.5% (0.3% of Total Investments)
|
|||||||||
|
2,535
|
Oregon Department of Administrative Services, Certificates of Participation, Series 2005A, 5.000%, 5/01/25 – AGM Insured
|
5/15 at 100.00
|
AA
|
2,693,412
|
|||||
|
4,000
|
Oregon Department of Administrative Services, State Lottery Revenue Bonds, Series 2011A, 5.250%, 4/01/31
|
4/21 at 100.00
|
AAA
|
4,763,440
|
|||||
|
6,535
|
Total Oregon
|
7,456,852
|
|||||||
|
Pennsylvania – 5.0% (3.3% of Total Investments)
|
|||||||||
|
2,165
|
Allegheny County Sanitary Authority, Pennsylvania, Sewerage Revenue Bonds, Series 2010, 5.000%, 6/01/40 – AGM Insured
|
12/20 at 100.00
|
AA–
|
2,372,862
|
|||||
|
7,925
|
Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Series 2006A, 5.000%, 6/01/26 – AGM Insured (UB)
|
6/16 at 100.00
|
AA
|
8,517,711
|
|||||
|
5,250
|
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40 – AGM Insured
|
1/20 at 100.00
|
AA–
|
5,652,780
|
|||||
|
1,565
|
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38
|
8/20 at 100.00
|
AA
|
1,717,775
|
|||||
|
1,800
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Drexel University, Series 2005A, 5.000%, 5/01/28 – NPFG Insured
|
5/15 at 100.00
|
A
|
1,876,590
|
|
44
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Pennsylvania (continued)
|
|||||||||
|
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B:
|
|||||||||
|
$
|
5,000
|
4.500%, 6/01/32 – AGM Insured
|
12/16 at 100.00
|
Aa2
|
$
|
5,146,950
|
|||
|
6,740
|
4.500%, 6/01/32 – AGM Insured (UB)
|
12/16 at 100.00
|
Aa2
|
6,938,089
|
|||||
|
2,625
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 – AMBAC Insured
|
6/16 at 100.00
|
Aa3
|
2,933,018
|
|||||
|
10,000
|
Philadelphia, Pennsylvania, Airport Revenue Bonds, Series 2010A, 5.000%, 6/15/40 – AGM Insured
|
6/20 at 100.00
|
AA–
|
10,691,000
|
|||||
|
7,055
|
Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Hotel Room Excise Tax Revenue Bonds, Refunding Series 2010, 5.000%, 2/01/35 – AGC Insured
|
8/20 at 100.00
|
AA–
|
7,432,160
|
|||||
|
5,180
|
Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Sales Tax Revenue Bonds, Refunding Series 2010, 5.000%, 2/01/31 – AGM Insured
|
8/20 at 100.00
|
AA–
|
5,687,692
|
|||||
|
6,335
|
Radnor Township School District, Delaware County, Pennsylvania, General Obligation Bonds, Series 2005B, 5.000%, 2/15/30 – AGM Insured
|
8/15 at 100.00
|
Aa2
|
6,983,134
|
|||||
|
Reading School District, Berks County, Pennsylvania, General Obligation Bonds, Series 2005:
|
|||||||||
|
3,285
|
5.000%, 1/15/22 – AGM Insured
|
1/16 at 100.00
|
AA–
|
3,615,767
|
|||||
|
3,450
|
5.000%, 1/15/23 – AGM Insured
|
1/16 at 100.00
|
AA–
|
3,769,160
|
|||||
|
68,375
|
Total Pennsylvania
|
73,334,688
|
|||||||
|
Puerto Rico – 0.9% (0.6% of Total Investments)
|
|||||||||
|
2,500
|
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 5.000%, 7/01/30 (Pre-refunded 7/01/15) – SYNCORA GTY Insured
|
7/15 at 100.00
|
AA+ (5)
|
2,866,500
|
|||||
|
670
|
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2003G, 5.250%, 7/01/19 – FGIC Insured
|
7/13 at 100.00
|
Baa1
|
691,594
|
|||||
|
1,330
|
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2003G, 5.250%, 7/01/19 (Pre-refunded 7/01/13) – FGIC Insured
|
7/13 at 100.00
|
Baa1 (5)
|
1,407,193
|
|||||
|
1,550
|
Puerto Rico Municipal Finance Agency, Series 2005C, 5.250%, 8/01/21 – CIFG Insured
|
No Opt. Call
|
AA–
|
1,709,743
|
|||||
|
36,000
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/42 – FGIC Insured
|
No Opt. Call
|
Aa2
|
6,572,880
|
|||||
|
42,050
|
Total Puerto Rico
|
13,247,910
|
|||||||
|
Rhode Island – 0.3% (0.2% of Total Investments)
|
|||||||||
|
2,195
|
Providence Housing Development Corporation, Rhode Island, FHA-Insured Section 8 Assisted
|
7/12 at 100.00
|
BBB
|
2,200,553
|
|||||
|
Mortgage Revenue Refunding Bonds, Barbara Jordan Apartments, Series 1994A, 6.750%, 7/01/25 – NPFG Insured
|
|||||||||
|
1,405
|
Rhode Island Health & Educational Building Corporation, Higher Education Auxiliary Enterprise Revenue Bonds, Series 2004A, 5.500%, 9/15/24 – AMBAC Insured
|
9/14 at 100.00
|
A1
|
1,522,978
|
|||||
|
3,600
|
Total Rhode Island
|
3,723,531
|
|||||||
|
South Carolina – 5.4% (3.7% of Total Investments)
|
|||||||||
|
14,650
|
Anderson County School District 5, South Carolina, General Obligation Bonds, Series 2008, Trust 1181, 9.624%, 8/01/15 – AGM Insured (IF)
|
No Opt. Call
|
Aa1
|
17,100,652
|
|||||
|
10,000
|
Beaufort County, South Carolina, Tax Increment Bonds, New River Redevelopment Project, Series 2002, 5.000%, 6/01/27 – NPFG Insured
|
12/12 at 100.00
|
A+
|
10,093,800
|
|||||
|
Medical University Hospital Authority, South Carolina, FHA-Insured Mortgage Revenue Bonds, Series 2004A:
|
|||||||||
|
2,000
|
5.250%, 8/15/22 – NPFG Insured
|
8/14 at 100.00
|
BBB
|
2,155,960
|
|||||
|
2,605
|
5.250%, 8/15/23 – NPFG Insured
|
8/14 at 100.00
|
BBB
|
2,808,138
|
|||||
|
2,385
|
5.250%, 8/15/25 – NPFG Insured
|
8/14 at 100.00
|
BBB
|
2,564,996
|
|||||
|
3,005
|
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 1988A, 0.000%, 1/01/13 – AMBAC Insured
|
No Opt. Call
|
N/R
|
2,978,165
|
|
Nuveen Investments
|
45
|
|
Nuveen Municipal Opportunity Fund, Inc. (continued)
|
||
|
(formerly known as Nuveen Insured Municipal Opportunity Fund, Inc.)
|
||
| NIO |
Portfolio of Investments
|
|
|
April 30, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
South Carolina (continued)
|
|||||||||
|
$
|
4,500
|
Saint Peters Parish/Jasper County Public Facilities Corporation, South Carolina, Installment Purchase Revenue Bonds, County Office Building Projects, Series 2011A, 5.250%, 4/01/44 – AGC Insured
|
4/21 at 100.00
|
AA–
|
$
|
4,843,125
|
|||
|
8,000
|
South Carolina JOBS Economic Development Authority, Industrial Revenue Bonds, South Carolina Electric and Gas Company, Series 2002A, 5.200%, 11/01/27 – AMBAC Insured
|
11/12 at 100.00
|
A
|
8,141,760
|
|||||
|
10,000
|
South Carolina JOBS Economic Development Authority, Industrial Revenue Bonds, South Carolina Electric and Gas Company, Series 2002B, 5.450%, 11/01/32 – AMBAC Insured (Alternative Minimum Tax)
|
11/12 at 100.00
|
A
|
10,054,000
|
|||||
|
1,250
|
South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Palmetto Health, Refunding Series 2011A, 6.500%, 8/01/39 – AGM Insured
|
8/21 at 100.00
|
AA–
|
1,470,013
|
|||||
|
17,500
|
South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2007A, 4.500%, 10/01/34 – SYNCORA GTY Insured
|
10/16 at 100.00
|
A1
|
18,047,400
|
|||||
|
75,895
|
Total South Carolina
|
80,258,009
|
|||||||
|
Texas – 7.9% (5.3% of Total Investments)
|
|||||||||
|
4,405
|
Bexar County, Texas, Venue Project Revenue Bonds, Refunding Series 2010, 5.500%, 8/15/49 – AGM Insured
|
8/19 at 100.00
|
AA–
|
4,844,179
|
|||||
|
8,700
|
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding and Improvement Bonds, Series 2012C, 5.000%, 11/01/45 (WI/DD, Settling 5/10/12) – AGM Insured
|
11/21 at 100.00
|
A+
|
9,378,600
|
|||||
|
4,600
|
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Series 2000A, 6.125%, 11/01/35 – FGIC Insured (Alternative Minimum Tax)
|
11/12 at 100.00
|
A+
|
4,616,514
|
|||||
|
25,000
|
Harris County-Houston Sports Authority, Texas, Junior Lien Revenue Refunding Bonds, Series 2001B, 5.250%, 11/15/40 – NPFG Insured
|
5/12 at 100.00
|
BBB
|
24,998,750
|
|||||
|
Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2004A:
|
|||||||||
|
4,000
|
5.250%, 5/15/24 – FGIC Insured
|
5/14 at 100.00
|
AA
|
4,316,040
|
|||||
|
5,000
|
5.250%, 5/15/25 – NPFG Insured
|
5/14 at 100.00
|
AA
|
5,395,050
|
|||||
|
17,500
|
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B, 5.250%, 9/01/33 – AMBAC Insured
|
9/12 at 100.00
|
A2
|
17,508,750
|
|||||
|
225
|
Houston, Texas, Subordinate Lien Airport System Revenue Bonds, Series 2000A, 5.625%, 7/01/30 (Pre-refunded 5/07/12) – AGM Insured (Alternative Minimum Tax)
|
5/12 at 100.00
|
AA– (5)
|
225,225
|
|||||
|
6,700
|
Hutto Independent School District, Williamson County, Texas, General Obligation Bonds, Refunding Series 2012A, 5.000%, 8/01/46 (WI/DD, Settling 5/03/12)
|
8/21 at 100.00
|
A
|
7,057,110
|
|||||
|
2,655
|
Lower Colorado River Authority, Texas, Revenue Refunding and Improvement Bonds, Series 2001A, 5.000%, 5/15/21 – NPFG Insured
|
5/12 at 100.00
|
A1
|
2,662,673
|
|||||
|
23,400
|
Tarrant Regional Water District, Texas, Water Revenue Bonds, Refunding and Improvement Series 2012, 5.000%, 3/01/52
|
3/22 at 100.00
|
AAA
|
25,735,788
|
|||||
|
7,550
|
Waco Health Facilities Development Corporation, Texas, Hillcrest Health System Project, FHA Insured Mortgage Revenue Bonds, Series 2006A, 5.000%, 8/01/31 – NPFG Insured
|
8/16 at 100.00
|
BBB
|
7,855,926
|
|||||
|
1,840
|
Ysleta Independent School District Public Facility Corporation, Texas, Lease Revenue Refunding Bonds, Series 2001, 5.375%, 11/15/24 – AMBAC Insured
|
5/12 at 100.00
|
AA–
|
1,881,069
|
|||||
|
111,575
|
Total Texas
|
116,475,674
|
|||||||
|
Utah – 1.9% (1.3% of Total Investments)
|
|||||||||
|
2,000
|
Clearfield City, Utah, Sales Tax Revenue Bonds, Series 2003, 5.000%, 7/01/28 (Pre-refunded 7/01/13) – FGIC Insured
|
7/13 at 100.00
|
AA– (5)
|
2,108,560
|
|||||
|
7,500
|
Metropolitan Water District Salt Lake City and Sandy, Utah, Water Revenue Bonds, Project and Refunding Series 2012A, 5.000%, 7/01/37
|
7/22 at 100.00
|
AA+
|
8,548,350
|
|||||
|
15,000
|
Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008A, 5.000%, 6/15/32 – AGM Insured (UB)
|
6/18 at 100.00
|
AAA
|
16,970,400
|
|||||
|
24,500
|
Total Utah
|
27,627,310
|
|
46
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Virginia – 0.5% (0.3% of Total Investments)
|
|||||||||
|
$
|
1,035
|
Loudoun County Industrial Development Authority, Virginia, Lease Revenue Bonds, Public Safety Facilities, Series 2003A, 5.250%, 12/15/20 – AGM Insured
|
6/14 at 100.00
|
AA+
|
$
|
1,128,119
|
|||
|
985
|
Roanoke Industrial Development Authority, Virginia, Hospital Revenue Bonds, Carillion Health System Obligated Group, Series 2005B, 5.000%, 7/01/38
|
7/20 at 100.00
|
AA–
|
1,052,660
|
|||||
|
15
|
Roanoke Industrial Development Authority, Virginia, Hospital Revenue Bonds, Carillion Health System Obligated Group, Series 2005B, 5.000%, 7/01/38 (Pre-refunded 7/01/20)
|
7/20 at 100.00
|
AA– (5)
|
18,772
|
|||||
|
5,030
|
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012, 5.500%, 1/01/42 (Alternative Minimum Tax)
|
7/22 at 100.00
|
BBB–
|
5,190,958
|
|||||
|
7,065
|
Total Virginia
|
7,390,509
|
|||||||
|
Washington – 6.0% (4.1% of Total Investments)
|
|||||||||
|
10,000
|
Central Puget Sound Regional Transit Authority, Washington, Sales Tax and Motor Vehicle Excise Tax Bonds, Series 1999, 4.750%, 2/01/28 – FGIC Insured
|
8/12 at 100.00
|
AAA
|
10,073,400
|
|||||
|
2,500
|
Grant County Public Utility District 2, Washington, Revenue Bonds, Wanapum Hydroelectric Development, Series 2005A, 5.000%, 1/01/29 – FGIC Insured
|
1/15 at 100.00
|
AA
|
2,604,700
|
|||||
|
3,500
|
King County School District 401, Highline, Washington, General Obligation Bonds, Series 2004, 5.000%, 10/01/24 (Pre-refunded 12/01/14) – FGIC Insured
|
12/14 at 100.00
|
AA+ (5)
|
3,914,575
|
|||||
|
7,500
|
King County, Washington, General Obligation Sewer Bonds, Series 2009, Trust 1W, 9.729%, 1/01/39 – AGC Insured (IF) (6)
|
1/19 at 100.00
|
Aa1
|
9,745,650
|
|||||
|
17,000
|
King County, Washington, Sewer Revenue Bonds, Series 2007, 5.000%, 1/01/42 – AGM Insured
|
7/17 at 100.00
|
AA+
|
18,433,950
|
|||||
|
4,345
|
King County, Washington, Sewer Revenue Bonds, Tender Option Bond Trust 3090, 12.970%, 7/01/32 – AGM Insured (IF)
|
7/17 at 100.00
|
AA+
|
5,494,948
|
|||||
|
11,000
|
Port of Seattle, Washington, Revenue Bonds, Series 2005A, 5.000%, 3/01/35 – NPFG Insured
|
3/15 at 100.00
|
Aa3
|
11,909,920
|
|||||
|
4,250
|
Snohomish County Public Utility District 1, Washington, Generation System Revenue Bonds, Series 1989, 6.650%, 1/01/16 – FGIC Insured (ETM)
|
No Opt. Call
|
Aaa
|
5,178,838
|
|||||
|
Tacoma, Washington, Solid Waste Utility Revenue Refunding Bonds, Series 2006:
|
|||||||||
|
3,890
|
5.000%, 12/01/24 – SYNCORA GTY Insured
|
12/16 at 100.00
|
AA
|
4,471,594
|
|||||
|
4,085
|
5.000%, 12/01/25 – SYNCORA GTY Insured
|
12/16 at 100.00
|
AA
|
4,583,002
|
|||||
|
4,290
|
5.000%, 12/01/26 – SYNCORA GTY Insured
|
12/16 at 100.00
|
AA
|
4,795,703
|
|||||
|
5,945
|
Washington State, General Obligation Bonds, Series 2009, Trust 1212, 13.256%, 7/01/14 – AGM Insured (IF)
|
No Opt. Call
|
AA+
|
7,882,533
|
|||||
|
78,305
|
Total Washington
|
89,088,813
|
|||||||
|
West Virginia – 0.7% (0.5% of Total Investments)
|
|||||||||
|
10,000
|
West Virginia Economic Development Authority, State Lottery Revenue Bonds, Series 2010A, 5.000%, 6/15/40
|
6/20 at 100.00
|
AAA
|
10,886,400
|
|||||
|
Wisconsin – 2.4% (1.6% of Total Investments)
|
|||||||||
|
8,460
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2012A, 5.000%, 7/15/25
|
7/21 at 100.00
|
A
|
9,323,681
|
|||||
|
10,300
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Gundersen Lutheran, Series 2011A, 5.250%, 10/15/39
|
10/21 at 100.00
|
A+
|
10,967,131
|
|||||
|
290
|
Wisconsin State, General Obligation Bonds, Series 2004-3, 5.250%, 5/01/20 – FGIC Insured
|
5/14 at 100.00
|
AA
|
315,619
|
|||||
|
2,600
|
Wisconsin State, General Obligation Bonds, Series 2004-3, 5.250%, 5/01/20 (Pre-refunded 5/01/14) – FGIC Insured
|
5/14 at 100.00
|
Aa2 (5)
|
2,847,882
|
|||||
|
10,945
|
Wisconsin State, General Obligation Bonds, Series 2004-4, 5.000%, 5/01/20 – NPFG Insured
|
5/14 at 100.00
|
AA
|
11,855,403
|
|||||
|
32,595
|
Total Wisconsin
|
35,309,716
|
|||||||
|
$
|
2,198,348
|
Total Long-Term Investments (cost $2,025,672,885) – 147.1%
|
2,174,696,241
|
|
Nuveen Investments
|
47
|
|
Nuveen Municipal Opportunity Fund, Inc. (continued)
|
||
|
(formerly known as Nuveen Insured Municipal Opportunity Fund, Inc.)
|
||
|
NIO
|
Portfolio of Investments
|
|
|
April 30, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Short-Term Investments – 0.8% (0.6% of Total Investments)
|
|||||||||
|
Missouri – 0.5% (0.4% of Total Investments)
|
|||||||||
|
$
|
7,990
|
St. Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Tender Option Bond Trust DCL-017, 0.940%, 7/01/26 (8)
|
No Opt. Call
|
A-2
|
$
|
7,990,000
|
|||
|
North Carolina – 0.2% (0.1% of Total Investments)
|
|||||||||
|
2,500
|
Sampson County, North Carolina, Certificates of Participation, Series 2006, VRDO Series 112, 0.450%, 6/01/34 – AGM Insured (8)
|
6/17 at 100.00
|
A-1
|
2,500,000
|
|||||
|
Pennsylvania – 0.1% (0.1% of Total Investments)
|
|||||||||
|
2,000
|
Philadelphia School District, Pennsylvania, General Obligation Bonds, Tender Option Bond Trust 3932, 0.400%, 6/29/12 (8)
|
No Opt. Call
|
A-1
|
2,000,000
|
|||||
|
$
|
12,490
|
Total Short-Term Investments (cost $12,490,000)
|
12,490,000
|
||||||
|
Total Investments (cost $2,038,162,885) – 147.9%
|
2,187,186,241
|
||||||||
|
Floating Rate Obligations – (7.1)%
|
(104,433,333
|
) | |||||||
|
Variable Rate Demand Preferred Shares, at Liquidation Value – (45.1)% (9)
|
(667,200,000
|
) | |||||||
|
Other Assets Less Liabilities – 4.3%
|
64,202,437
|
||||||||
|
Net Assets Applicable to Common Shares – 100%
|
$
|
1,479,755,345
|
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
|
|
|
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
|
|
(3)
|
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
|
|
(4)
|
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing security, in the case of a bond, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.
|
|
|
(5)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
|
|
|
(6)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations of investments in inverse floating rate transactions.
|
|
|
(7)
|
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Directors. For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Footnote 1– General Information and Significant Accounting Policies, Investment Valuation for more information.
|
|
|
(8)
|
Investment has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.
|
|
|
(9)
|
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 30.5%.
|
|
| N/R | Not rated. | |
|
WI/DD
|
Purchased on a when-issued or delayed delivery basis.
|
|
| (ETM) | Escrowed to maturity. | |
|
(IF)
|
Inverse floating rate investment.
|
|
|
(UB)
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
|
See accompanying notes to financial statements.
|
48
|
Nuveen Investments
|
|
Nuveen Premier Municipal Opportunity Fund, Inc.
|
||
|
(formerly known as Nuveen Premier Insured Municipal Income Fund, Inc.)
|
||
|
NIF
|
Portfolio of Investments
|
April 30, 2012 (Unaudited)
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Alabama – 0.8% (0.5% of Total Investments)
|
|||||||||
|
$
|
2,200
|
Auburn, Alabama, General Obligation Warrants, Series 2005, 5.000%, 8/01/30 – AMBAC Insured
|
8/15 at 100.00
|
AA+
|
$
|
2,311,232
|
|||
|
Arizona – 4.5% (3.1% of Total Investments)
|
|||||||||
|
1,460
|
Apache County Industrial Development Authority, Arizona, Pollution Control Revenue Bonds, Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30
|
3/22 at 100.00
|
BBB–
|
1,472,176
|
|||||
|
2,000
|
Arizona State, State Lottery Revenue Bonds, Series 2010A, 5.000%, 7/01/29 – AGC Insured
|
1/20 at 100.00
|
AA–
|
2,219,340
|
|||||
|
4,370
|
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Water System Revenue Bonds, Series 2005, 4.750%, 7/01/25 – NPFG Insured
|
7/15 at 100.00
|
AAA
|
4,784,451
|
|||||
|
5,000
|
Phoenix, Arizona, Civic Improvement Revenue Bonds, Civic Plaza, Series 2005B, 0.000%, 7/01/40 – FGIC Insured
|
No Opt. Call
|
AA
|
5,299,900
|
|||||
|
12,830
|
Total Arizona
|
13,775,867
|
|||||||
|
Arkansas – 1.4% (1.0% of Total Investments)
|
|||||||||
|
4,020
|
Northwest Community College District, Arkansas, General Obligation Bonds, Series 2005, 5.000%, 5/15/23 – AMBAC Insured
|
5/15 at 100.00
|
A+
|
4,312,415
|
|||||
|
California – 22.9% (15.6% of Total Investments)
|
|||||||||
|
10
|
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2005AC, 5.000%, 12/01/26 (Pre-refunded 12/01/14) – NPFG Insured
|
12/14 at 100.00
|
AAA
|
11,204
|
|||||
|
990
|
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2005AC, 5.000%, 12/01/26 – NPFG Insured (UB)
|
12/14 at 100.00
|
AAA
|
1,083,773
|
|||||
|
2,000
|
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children’s Hospital, Series 2012A, 5.000%, 8/15/51
|
8/22 at 100.00
|
AA
|
2,121,300
|
|||||
|
2,085
|
California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Series 2012A, 5.000%, 4/01/42
|
4/22 at 100.00
|
A+
|
2,230,470
|
|||||
|
1,890
|
Ceres Unified School District, Stanislaus County, California, General Obligation Bonds, Series 2002B, 0.000%, 8/01/30 – FGIC Insured
|
8/12 at 34.89
|
A+
|
650,538
|
|||||
|
4,775
|
Clovis Unified School District, Fresno County, California, General Obligation Bonds, Series 2001A, 0.000%, 8/01/25 – FGIC Insured (ETM)
|
No Opt. Call
|
AA+ (4)
|
3,345,795
|
|||||
|
1,005
|
Folsom Cordova Unified School District, Sacramento County, California, General Obligation Bonds, School Facilities Improvement District 2, Series 2004B, 5.000%, 10/01/26 – AGM Insured
|
10/14 at 100.00
|
AA–
|
1,085,882
|
|||||
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
|
|||||||||
|
2,530
|
4.500%, 6/01/27
|
6/17 at 100.00
|
BB–
|
2,165,655
|
|||||
|
1,015
|
5.000%, 6/01/33
|
6/17 at 100.00
|
BB–
|
801,353
|
|||||
|
1,150
|
Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%, 11/01/23 – AGM Insured
|
No Opt. Call
|
Aa2
|
740,140
|
|||||
|
3,020
|
La Verne-Grand Terrace Housing Finance Agency, California, Single Family Residential Mortgage Revenue Bonds, Series 1984A, 10.250%, 7/01/17 (ETM)
|
No Opt. Call
|
Aaa
|
3,766,182
|
|||||
|
5,000
|
Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue Refunding Bonds, Redevelopment Project 1, Series 1995, 7.400%, 8/01/25 – NPFG Insured
|
No Opt. Call
|
BBB
|
6,147,200
|
|||||
|
8,235
|
Pomona, California, GNMA/FHLMC Collateralized Single Family Mortgage Revenue Refunding Bonds, Series 1990B, 7.500%, 8/01/23 (ETM)
|
No Opt. Call
|
Aaa
|
10,994,137
|
|||||
|
7,910
|
San Bernardino, California, GNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue Refunding Bonds, Series 1990A, 7.500%, 5/01/23 (ETM)
|
No Opt. Call
|
Aaa
|
10,486,445
|
|||||
|
29,000
|
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A, 0.000%, 1/15/31 – NPFG Insured
|
No Opt. Call
|
BBB
|
8,623,440
|
|||||
|
2,000
|
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2004A, 5.250%, 8/01/19 – NPFG Insured
|
8/14 at 100.00
|
BBB
|
2,041,100
|
|||||
|
4,725
|
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C, 4.250%, 8/01/30 – NPFG Insured
|
8/17 at 100.00
|
BBB
|
4,153,937
|
|||||
|
4,455
|
San Mateo County Community College District, California, General Obligation Bonds, Series 2006B, 0.000%, 9/01/21 – NPFG Insured
|
No Opt. Call
|
Aaa
|
3,285,607
|
|||||
|
1,815
|
University of California, General Revenue Bonds, Series 2005G, 4.750%, 5/15/31 – NPFG Insured
|
5/13 at 101.00
|
Aa1
|
1,891,430
|
|
Nuveen Investments
|
49
|
|
Nuveen Premier Municipal Opportunity Fund, Inc. (continued)
|
||
|
(formerly known as Nuveen Premier Insured Municipal Income Fund, Inc.)
|
||
|
NIF
|
Portfolio of Investments
|
|
|
April 30, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
California (continued)
|
|||||||||
|
$
|
3,600
|
Ventura County Community College District, California, General Obligation Bonds, Series 2005B, 5.000%, 8/01/28 – NPFG Insured
|
8/15 at 100.00
|
AA
|
$
|
3,964,068
|
|||
|
87,210
|
Total California
|
69,589,656
|
|||||||
|
Colorado – 7.1% (4.8% of Total Investments)
|
|||||||||
|
3,000
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2006C-1, Trust 1090, 14.879%, 10/01/41 – AGM Insured (IF) (5)
|
4/18 at 100.00
|
AA
|
3,491,700
|
|||||
|
20,000
|
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/30 – NPFG Insured
|
No Opt. Call
|
BBB
|
7,245,200
|
|||||
|
4,405
|
Garfield, Eagle and Pitkin Counties School District RE-1, Roaring Fork, Colorado, General Obligation Bonds, Series 2005A, 5.000%, 12/15/24 (Pre-refunded 12/15/14) – AGM Insured
|
12/14 at 100.00
|
Aa2 (4)
|
4,931,353
|
|||||
|
2,065
|
Jefferson County School District R1, Colorado, General Obligation Bonds, Series 2004, 5.000%, 12/15/24 (Pre-refunded 12/15/14) – AGM Insured (UB)
|
12/14 at 100.00
|
Aa2 (4)
|
2,312,903
|
|||||
|
1,390
|
Teller County School District RE-2, Woodland Park, Colorado, General Obligation Bonds, Series 2004, 5.000%, 12/01/22 (Pre-refunded 12/01/14) – NPFG Insured
|
12/14 at 100.00
|
Aa2 (4)
|
1,554,646
|
|||||
|
1,000
|
University of Colorado, Enterprise System Revenue Bonds, Series 2002A, 5.000%, 6/01/19 (Pre-refunded 6/01/12) – FGIC Insured
|
6/12 at 100.00
|
Aa2 (4)
|
1,004,160
|
|||||
|
355
|
University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 – FGIC Insured
|
6/15 at 100.00
|
Aa2
|
389,790
|
|||||
|
645
|
University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 (Pre-refunded 6/01/15) – FGIC Insured
|
6/15 at 100.00
|
BBB (4)
|
733,604
|
|||||
|
32,860
|
Total Colorado
|
21,663,356
|
|||||||
|
District of Columbia – 1.0% (0.7% of Total Investments)
|
|||||||||
|
3,150
|
District of Columbia, Revenue Bonds, Georgetown University, Series 2007, 0.000%, 4/01/40 – AMBAC Insured
|
4/21 at 100.00
|
A–
|
2,366,753
|
|||||
|
665
|
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1606, 11.096%, 10/01/30 – AMBAC Insured (IF)
|
10/16 at 100.00
|
AA+
|
738,103
|
|||||
|
3,815
|
Total District of Columbia
|
3,104,856
|
|||||||
|
Florida – 5.4% (3.6% of Total Investments)
|
|||||||||
|
2,285
|
Florida Municipal Loan Council, Revenue Bonds, Series 2005A, 5.000%,
|
2/15 at 100.00
|
A–
|
2,405,465
|
|||||
| 2/01/23 – NPFG Insured | |||||||||
|
1,500
|
JEA, Florida, Water and Sewerage System Revenue Bonds, Series 2004A, 5.000%, 10/01/19 – FGIC Insured
|
10/13 at 100.00
|
AA
|
1,594,350
|
|||||
|
1,200
|
Miami, Florida, Special Obligation Non-Ad Valorem Revenue Refunding Bonds, Series 2011A, 6.000%, 2/01/30 – AGM Insured
|
2/21 at 100.00
|
AA–
|
1,373,304
|
|||||
|
4,000
|
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 5.000%, 10/01/35 – AGM Insured
|
10/20 at 100.00
|
AA–
|
4,267,200
|
|||||
|
4,240
|
Reedy Creek Improvement District, Florida, Utility Revenue Bonds, Series 2003-1, 5.250%, 10/01/17 – NPFG Insured
|
10/13 at 100.00
|
A1
|
4,466,416
|
|||||
|
2,000
|
Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/28 – NPFG Insured
|
10/15 at 100.00
|
AA
|
2,186,560
|
|||||
|
15,225
|
Total Florida
|
16,293,295
|
|||||||
|
Georgia – 2.4% (1.6% of Total Investments)
|
|||||||||
|
2,700
|
Atlanta, Georgia, Airport General Revenue Bonds, Series 2004G, 5.000%, 1/01/25 – AGM Insured
|
1/15 at 100.00
|
AA–
|
2,909,088
|
|||||
|
1,250
|
Atlanta, Georgia, Airport General Revenue Refunding Bonds, Series 2010A, 5.000%, 1/01/40 – AGM Insured
|
1/20 at 100.00
|
AA–
|
1,347,625
|
|||||
|
1,350
|
Henry County Water and Sewerage Authority, Georgia, Revenue Bonds, Series 2005, 5.250%, 2/01/27 – BHAC Insured
|
No Opt. Call
|
AA+
|
1,743,998
|
|||||
|
1,165
|
Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South Georgia Medical Center Project, Series 2011B, 5.000%, 10/01/41
|
10/21 at 100.00
|
Aa2
|
1,258,969
|
|||||
|
6,465
|
Total Georgia
|
7,259,680
|
|||||||
|
Illinois – 17.3% (11.7% of Total Investments)
|
|||||||||
|
4,000
|
Bridgeview, Illinois, General Obligation Bonds, Series 2002, 5.000%, 12/01/22 – FGIC Insured
|
12/12 at 100.00
|
BBB+
|
4,053,080
|
|
50
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Illinois (continued)
|
|||||||||
|
$
|
6,330
|
Chicago Board of Education, Illinois, General Obligation Lease Certificates, Series 1992A, 6.250%, 1/01/15 – NPFG Insured
|
No Opt. Call
|
Aa3
|
$
|
6,779,620
|
|||
|
1,450
|
Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport, Series 2005A, 5.250%, 1/01/24 – NPFG Insured
|
1/16 at 100.00
|
A1
|
1,574,860
|
|||||
|
2,800
|
Cook County, Illinois, General Obligation Bonds, Series 2002C, 5.000%, 11/15/25 – AMBAC Insured
|
11/12 at 100.00
|
AA
|
2,858,408
|
|||||
|
21,860
|
Illinois Development Finance Authority, Local Government Program Revenue Bonds, Kane, Cook and DuPage Counties School District U46 – Elgin, Series 2002, 0.000%, 1/01/17 – AGM Insured
|
No Opt. Call
|
Aa3
|
19,344,788
|
|||||
|
1,320
|
Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2011A, 6.000%, 8/15/41 – AGM Insured
|
8/21 at 100.00
|
AA–
|
1,489,765
|
|||||
|
3,000
|
Illinois Finance Authority, Revenue Bonds, The University of Chicago, Series 2012A, 5.000%, 10/01/51
|
10/21 at 100.00
|
Aa1
|
3,246,900
|
|||||
|
2,500
|
Illinois Municipal Electric Agency, Power Supply System Revenue Bonds, Series 2007A, 5.000%, 2/01/35 – FGIC Insured
|
2/17 at 100.00
|
A+
|
2,665,575
|
|||||
|
5,000
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1, 0.000%, 6/15/46 – AGM Insured
|
No Opt. Call
|
AAA
|
799,450
|
|||||
|
200
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A, 5.250%, 6/15/42 – NPFG Insured
|
6/12 at 101.00
|
AAA
|
202,904
|
|||||
|
5,010
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place Expansion Project, Series 1996A, 0.000%, 12/15/21 – NPFG Insured
|
No Opt. Call
|
AA–
|
3,473,784
|
|||||
|
3,500
|
Schaumburg, Illinois, General Obligation Bonds, Series 2004B, 5.000%, 12/01/41 – AGM Insured
|
12/14 at 100.00
|
Aaa
|
3,674,720
|
|||||
|
1,895
|
Williamson & Johnson Counties Community Unit School District 2, Marion, Illinois, General Obligation Bonds, Series 2011, 7.250%, 12/01/28 – AGM Insured
|
12/20 at 100.00
|
AA–
|
2,273,867
|
|||||
|
58,865
|
Total Illinois
|
52,437,721
|
|||||||
|
Indiana – 5.5% (3.7% of Total Investments)
|
|||||||||
|
2,720
|
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
|
1/17 at 100.00
|
A+
|
2,894,842
|
|||||
|
Indiana University, Parking Facility Revenue Bonds, Series 2004:
|
|||||||||
|
1,015
|
5.250%, 11/15/19 (Pre-refunded 11/15/14) – AMBAC Insured
|
11/14 at 100.00
|
Aaa
|
1,139,774
|
|||||
|
1,060
|
5.250%, 11/15/20 (Pre-refunded 11/15/14) – AMBAC Insured
|
11/14 at 100.00
|
Aaa
|
1,190,306
|
|||||
|
1,100
|
5.250%, 11/15/21 (Pre-refunded 11/15/14) – AMBAC Insured
|
11/14 at 100.00
|
Aaa
|
1,235,223
|
|||||
|
9,255
|
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/25 - AMBAC Insured
|
No Opt. Call
|
AA
|
5,727,920
|
|||||
|
3,000
|
Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A, 5.500%, 1/01/38 – AGC Insured
|
1/19 at 100.00
|
AA–
|
3,345,480
|
|||||
|
1,000
|
Metropolitan School District Steuben County K-5 Building Corporation, Indiana, First Mortgage Bonds, Series 2003, 5.250%, 1/15/21 – AGM Insured
|
7/14 at 102.00
|
AA–
|
1,084,890
|
|||||
|
19,150
|
Total Indiana
|
16,618,435
|
|||||||
|
Iowa – 1.1% (0.8% of Total Investments)
|
|||||||||
|
3,345
|
Ames, Iowa, Hospital Revenue Refunding Bonds, Mary Greeley Medical Center, Series 2003, 5.000%, 6/15/17 – AMBAC Insured
|
6/13 at 100.00
|
N/R
|
3,442,707
|
|||||
|
Kansas – 0.3% (0.2% of Total Investments)
|
|||||||||
|
515
|
Neosho County Unified School District 413, Kansas, General Obligation Bonds, Series 2006, 5.000%, 9/01/31
|
9/14 at 100.00
|
Aa3
|
529,652
|
|||||
|
470
|
Neosho County Unified School District 413, Kansas, General Obligation Bonds, Series 2006, 5.000%, 9/01/31 (Pre-refunded 9/01/14) – AGM Insured
|
9/14 at 100.00
|
Aa3 (4)
|
520,196
|
|||||
|
985
|
Total Kansas
|
1,049,848
|
|||||||
|
Louisiana – 3.0% (2.0% of Total Investments)
|
|||||||||
|
670
|
Jefferson Parish Hospital District1, Louisiana, Hospital Revenue Bonds, West Jefferson Medical Center, Refunding Series 2011A, 6.000%, 1/01/39 – AGM Insured
|
1/21 at 100.00
|
AA–
|
758,132
|
|||||
|
885
|
Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital, Series 2004, 5.250%, 7/01/24 – NPFG Insured
|
7/14 at 100.00
|
BBB
|
938,268
|
|
Nuveen Investments
|
51
|
|
Nuveen Premier Municipal Opportunity Fund, Inc. (continued)
|
||
|
(formerly known as Nuveen Premier Insured Municipal Income Fund, Inc.)
|
||
|
NIF
|
Portfolio of Investments
|
|
|
April 30, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Louisiana (continued)
|
|||||||||
|
$
|
7,160
|
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A, 4.750%, 5/01/39 – AGM Insured (UB)
|
5/16 at 100.00
|
Aa1
|
$
|
7,438,667
|
|||
|
8,715
|
Total Louisiana
|
9,135,067
|
|||||||
|
Maryland – 0.4% (0.3% of Total Investments)
|
|||||||||
|
1,200
|
Maryland Economic Development Corporation, Student Housing Revenue Refunding Bonds, University of Maryland College Park Projects, Series 2006, 5.000%, 6/01/28 – CIFG Insured
|
6/16 at 100.00
|
AA–
|
1,239,072
|
|||||
|
Massachusetts – 4.7% (3.2% of Total Investments)
|
|||||||||
|
2,500
|
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Commonwealth Contract Assistance Secured, Refunding Series 2010B, 5.000%, 1/01/35
|
1/20 at 100.00
|
AA+
|
2,767,050
|
|||||
|
3,335
|
Massachusetts Health and Education Facilities Authority, Revenue Bonds, Partners HealthCare System, Tender Option Bond Trust 3627, 13.478%, 7/01/29 (IF)
|
7/19 at 100.00
|
AA
|
4,163,414
|
|||||
|
4,400
|
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A, 5.000%, 8/15/23 – AGM Insured (UB)
|
8/15 at 100.00
|
AA+
|
4,973,012
|
|||||
|
1,725
|
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 – AGM Insured (UB) (5)
|
2/17 at 100.00
|
AA+
|
1,776,129
|
|||||
|
500
|
Springfield Water and Sewerage Commission, Massachusetts, General Revenue Bonds, Refunding Series 2010B, 5.000%, 11/15/30 – AGC Insured
|
11/20 at 100.00
|
AA–
|
573,430
|
|||||
|
12,460
|
Total Massachusetts
|
14,253,035
|
|||||||
|
Minnesota – 0.4% (0.3% of Total Investments)
|
|||||||||
|
1,000
|
Minnesota State, General Obligation Bonds, Various Purpose, Refunding Series 2010D, 5.000%, 8/01/18
|
No Opt. Call
|
AA+
|
1,236,310
|
|||||
|
Missouri – 0.7% (0.5% of Total Investments)
|
|||||||||
|
2,000
|
Missouri Western State College, Auxiliary System Revenue Bonds, Series 2003, 5.000%, 10/01/21 – NPFG Insured
|
10/13 at 100.00
|
A–
|
2,100,100
|
|||||
|
Nevada – 6.1% (4.1% of Total Investments)
|
|||||||||
|
2,000
|
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2009C, 5.000%, 7/01/26 – AGM Insured
|
7/19 at 100.00
|
AA–
|
2,206,680
|
|||||
|
2,100
|
Clark County, Nevada, General Obligation Bank Bonds, Southern Nevada Water Authority Loan, Series 2002, 5.000%, 6/01/32 – NPFG Insured
|
12/12 at 100.00
|
AA+
|
2,140,572
|
|||||
|
900
|
Clark County, Nevada, General Obligation Bank Bonds, Southern Nevada Water Authority Loan, Series 2002, 5.000%, 6/01/32 (Pre-refunded 12/01/12) – NPFG Insured
|
12/12 at 100.00
|
AA+ (4)
|
925,353
|
|||||
|
4,715
|
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.250%, 7/01/39 – AGM Insured
|
1/20 at 100.00
|
AA–
|
5,134,824
|
|||||
|
7,990
|
Reno, Nevada, Senior Lien Sales and Room Tax Revenue Bonds, Reno Transportation Rail Access Corridor Project, Series 2002, 5.250%, 6/01/41 (Pre-refunded 6/01/12) – AMBAC Insured
|
6/12 at 100.00
|
N/R (4)
|
8,024,677
|
|||||
|
17,705
|
Total Nevada
|
18,432,106
|
|||||||
|
New Jersey – 3.3% (2.2% of Total Investments)
|
|||||||||
|
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A:
|
|||||||||
|
1,200
|
5.000%, 7/01/22 – NPFG Insured
|
7/14 at 100.00
|
A
|
1,291,032
|
|||||
|
1,200
|
5.000%, 7/01/23 – NPFG Insured
|
7/14 at 100.00
|
A
|
1,291,032
|
|||||
|
4,000
|
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – AGM Insured
|
No Opt. Call
|
AA–
|
4,959,720
|
|||||
|
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
|
|||||||||
|
1,655
|
4.500%, 6/01/23
|
6/17 at 100.00
|
B1
|
1,570,297
|
|||||
|
380
|
4.625%, 6/01/26
|
6/17 at 100.00
|
B1
|
343,866
|
|||||
|
735
|
4.750%, 6/01/34
|
6/17 at 100.00
|
B2
|
573,763
|
|||||
|
9,170
|
Total New Jersey
|
10,029,710
|
|||||||
|
New Mexico – 1.1% (0.7% of Total Investments)
|
|||||||||
|
2,725
|
Rio Rancho, New Mexico, Water and Wastewater Revenue Bonds, Refunding Series 2009, 5.000%, 5/15/21 – AGM Insured
|
5/19 at 100.00
|
AA–
|
3,248,609
|
|
52
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
New York – 10.0% (6.8% of Total Investments)
|
|||||||||
|
$
|
1,000
|
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/23 – FGIC Insured
|
2/15 at 100.00
|
BBB
|
$
|
1,085,600
|
|||
|
3,200
|
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2012A, 5.000%, 7/01/42
|
7/22 at 100.00
|
AA–
|
3,577,088
|
|||||
|
650
|
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47
|
2/21 at 100.00
|
A
|
734,858
|
|||||
|
2,185
|
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured
|
2/17 at 100.00
|
A
|
2,175,342
|
|||||
|
5,000
|
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A, 5.000%, 12/01/25 – FGIC Insured
|
6/16 at 100.00
|
A
|
5,427,450
|
|||||
|
150
|
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/36 – AGM Insured
|
5/21 at 100.00
|
Aa3
|
164,030
|
|||||
|
10,000
|
Metropolitan Transportation Authority, New York, Transportation Revenue Refunding Bonds, Series 2002F, 5.250%, 11/15/27 (Pre-refunded 11/15/12) – NPFG Insured
|
11/12 at 100.00
|
AA+ (4)
|
10,274,100
|
|||||
|
5,000
|
New York City Sales Tax Asset Receivable Corporation, New York, Dedicated Revenue Bonds, Local Government Assistance Corporation, Series 2004A, 5.000%, 10/15/21 – NPFG Insured
|
10/14 at 100.00
|
AAA
|
5,535,800
|
|||||
|
1,250
|
New York City, New York, General Obligation Bonds, Fiscal Series 2005D, 5.000%, 11/01/24
|
11/14 at 100.00
|
AA
|
1,371,163
|
|||||
|
28,435
|
Total New York
|
30,345,431
|
|||||||
|
North Carolina – 3.0% (2.0% of Total Investments)
|
|||||||||
|
1,775
|
Charlotte, North Carolina, Water and Sewer System Refunding Bonds, Tender Option Bond Trust 43W, 13.645%, 7/01/38 (IF) (5)
|
7/20 at 100.00
|
AAA
|
2,448,613
|
|||||
|
3,100
|
North Carolina Medical Care Commission, FHA-Insured Mortgage Revenue Bonds, Betsy Johnson Regional Hospital Project, Series 2003, 5.125%, 10/01/32 (Pre-refunded 10/01/13) – AGM Insured
|
10/13 at 100.00
|
AA– (4)
|
3,300,012
|
|||||
|
3,050
|
Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Series 2005A, 5.000%, 5/01/22 – AMBAC Insured
|
5/15 at 100.00
|
Aa3
|
3,333,284
|
|||||
|
7,925
|
Total North Carolina
|
9,081,909
|
|||||||
|
Ohio – 4.1% (2.8% of Total Investments)
|
|||||||||
|
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
|
|||||||||
|
25
|
5.375%, 6/01/24
|
6/17 at 100.00
|
B
|
20,929
|
|||||
|
215
|
5.125%, 6/01/24
|
6/17 at 100.00
|
B
|
175,756
|
|||||
|
4,605
|
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, Series 2006A, 4.250%, 12/01/32 – AMBAC Insured (UB)
|
12/16 at 100.00
|
A+
|
4,670,990
|
|||||
|
2,000
|
Middletown City School District, Butler County, Ohio, General Obligation Bonds, Refunding Series 2007, 5.250%, 12/01/31 – AGM Insured
|
No Opt. Call
|
Aa3
|
2,437,040
|
|||||
|
4,190
|
Springboro Community City School District, Warren County, Ohio, General Obligation Bonds, Refunding Series 2007, 5.250%, 12/01/26 – AGM Insured
|
No Opt. Call
|
AA–
|
5,199,748
|
|||||
|
11,035
|
Total Ohio
|
12,504,463
|
|||||||
|
Oklahoma – 1.9% (1.3% of Total Investments)
|
|||||||||
|
Oklahoma Capitol Improvement Authority, State Facilities Revenue Bonds, Series 2005F:
|
|||||||||
|
3,500
|
5.000%, 7/01/24 – AMBAC Insured
|
7/15 at 100.00
|
AA
|
3,874,850
|
|||||
|
1,610
|
5.000%, 7/01/27 – AMBAC Insured
|
7/15 at 100.00
|
AA
|
1,776,104
|
|||||
|
5,110
|
Total Oklahoma
|
5,650,954
|
|||||||
|
Oregon – 4.4% (3.0% of Total Investments)
|
|||||||||
|
Oregon Health and Science University, Revenue Bonds, Series 2002A:
|
|||||||||
|
5,000
|
5.000%, 7/01/26 – NPFG Insured
|
1/13 at 100.00
|
A+
|
5,052,600
|
|||||
|
7,000
|
5.000%, 7/01/32 – NPFG Insured
|
1/13 at 100.00
|
A+
|
7,056,280
|
|||||
|
1,000
|
Tigard, Washington County, Oregon, Water System Revenue Bonds, Series 2012, 5.000%, 8/01/42 (WI/DD, Settling 5/01/12)
|
8/22 at 100.00
|
AA–
|
1,116,810
|
|||||
|
13,000
|
Total Oregon
|
13,225,690
|
|||||||
|
Pennsylvania – 6.8% (4.6% of Total Investments)
|
|||||||||
|
1,545
|
Allegheny County Sanitary Authority, Pennsylvania, Sewerage Revenue Bonds, Series 2005A, 5.000%, 12/01/23 – NPFG Insured
|
12/15 at 100.00
|
A1
|
1,730,678
|
|||||
|
6,000
|
Chester County Health and Educational Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010A, 5.000%, 5/15/40
|
5/20 at 100.00
|
AA
|
6,436,740
|
|
Nuveen Investments
|
53
|
|
Nuveen Premier Municipal Opportunity Fund, Inc. (continued)
|
||
|
|
(formerly known as Nuveen Premier Insured Municipal Income Fund, Inc.)
|
|
|
NIF
|
Portfolio of Investments
|
|
|
April 30, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Pennsylvania (continued)
|
|||||||||
|
$
|
4,000
|
Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Series 2006A, 5.000%, 6/01/26 – AGM Insured (UB)
|
6/16 at 100.00
|
AA
|
$
|
4,299,160
|
|||
|
1,750
|
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40 – AGM Insured
|
1/20 at 100.00
|
AA–
|
1,884,260
|
|||||
|
2,680
|
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured (UB)
|
12/16 at 100.00
|
Aa2
|
2,758,765
|
|||||
|
1,050
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 – AMBAC Insured
|
6/16 at 100.00
|
Aa3
|
1,173,207
|
|||||
|
2,065
|
Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Sales Tax Revenue Bonds, Refunding Series 2010, 5.000%, 2/01/31 – AGM Insured
|
8/20 at 100.00
|
AA–
|
2,267,391
|
|||||
|
19,090
|
Total Pennsylvania
|
20,550,201
|
|||||||
|
Puerto Rico – 2.7% (1.9% of Total Investments)
|
|||||||||
|
2,500
|
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 5.000%, 7/01/22 – FGIC Insured
|
7/15 at 100.00
|
BBB+
|
2,635,650
|
|||||
|
1,000
|
Puerto Rico Municipal Finance Agency, Series 2005C, 5.250%, 8/01/21 – CIFG Insured
|
No Opt. Call
|
AA–
|
1,103,060
|
|||||
|
1,175
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010C, 5.125%, 8/01/42 – AGM Insured
|
8/20 at 100.00
|
AA–
|
1,250,494
|
|||||
|
5,000
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/42 – FGIC Insured
|
No Opt. Call
|
Aa2
|
912,900
|
|||||
|
810
|
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/17 – NPFG Insured
|
No Opt. Call
|
A3
|
914,960
|
|||||
|
1,190
|
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/17 – NPFG Insured
|
No Opt. Call
|
A3
|
1,473,006
|
|||||
|
11,675
|
Total Puerto Rico
|
8,290,070
|
|||||||
|
South Carolina – 0.1% (0.1% of Total Investments)
|
|||||||||
|
375
|
South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Palmetto Health, Refunding Series 2011A, 6.500%, 8/01/39 – AGM Insured
|
8/21 at 100.00
|
AA–
|
441,004
|
|||||
|
Tennessee – 1.8% (1.3% of Total Investments)
|
|||||||||
|
3,000
|
Blount County Public Building Authority, Tennessee, Local Government Improvement Loans, Oak Ridge General Obligation, 2005 Series B9A, Variable Rate Demand Obligations, 5.000%, 6/01/24 – AMBAC Insured
|
6/15 at 100.00
|
AA
|
3,341,250
|
|||||
|
2,055
|
Memphis, Tennessee, Sanitary Sewerage System Revenue Bonds, Series 2004, 5.000%, 10/01/22 – AGM Insured
|
10/14 at 100.00
|
AA
|
2,252,033
|
|||||
|
5,055
|
Total Tennessee
|
5,593,283
|
|||||||
|
Texas – 6.9% (4.7% of Total Investments)
|
|||||||||
|
1,150
|
Bexar County, Texas, Venue Project Revenue Bonds, Refunding Series 2010, 5.500%, 8/15/49 – AGM Insured
|
8/19 at 100.00
|
AA–
|
1,264,655
|
|||||
|
4,040
|
Harris County, Texas, Subordinate Lien Unlimited Tax Toll Road Revenue Bonds, Tender Options Bond Trust 3028, 13.710%, 8/15/28 – AGM Insured (IF)
|
No Opt. Call
|
AAA
|
7,358,981
|
|||||
|
2,145
|
North Fort Bend Water Authority, Texas, Water System Revenue Bonds, Series 2011, 5.000%, 12/15/36 – AGM Insured
|
12/21 at 100.00
|
AA–
|
2,308,642
|
|||||
|
North Harris County Regional Water Authority, Texas, Senior Water Revenue Bonds, Series 2003:
|
|||||||||
|
4,565
|
5.250%, 12/15/20 – FGIC Insured
|
12/13 at 100.00
|
A+
|
4,853,873
|
|||||
|
4,800
|
5.250%, 12/15/21 – FGIC Insured
|
12/13 at 100.00
|
A+
|
5,103,744
|
|||||
|
16,700
|
Total Texas
|
20,889,895
|
|||||||
|
Utah – 2.1% (1.4% of Total Investments)
|
|||||||||
|
5,760
|
Central Weber Sewer Improvement District, Utah, Sewer Revenue Bonds, Refunding Series 2010A, 5.000%, 3/01/33 – AGC Insured
|
3/20 at 100.00
|
AA
|
6,316,358
|
|||||
|
Vermont – 1.8% (1.2% of Total Investments)
|
|||||||||
|
5,000
|
University of Vermont and State Agricultural College, Revenue Bonds, Refunding Series 2007, 5.000%, 10/01/43 – AGM Insured
|
10/17 at 100.00
|
AA–
|
5,353,150
|
|
54
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Virginia – 0.1% (0.1% of Total Investments)
|
|||||||||
|
$
|
245
|
Roanoke Industrial Development Authority, Virginia, Hospital Revenue Bonds, Carillion Health System Obligated Group, Series 2005B, 5.000%, 7/01/38
|
7/20 at 100.00
|
AA–
|
$
|
261,829
|
|||
|
5
|
Roanoke Industrial Development Authority, Virginia, Hospital Revenue Bonds, Carillion Health System Obligated Group, Series 2005B, 5.000%, 7/01/38 (Pre-refunded 7/01/20)
|
7/20 at 100.00
|
AA– (4)
|
6,258
|
|||||
|
250
|
Total Virginia
|
268,087
|
|||||||
|
Washington – 11.8% (8.0% of Total Investments)
|
|||||||||
|
King County School District 405, Bellevue, Washington, General Obligation Bonds, Series 2002:
|
|||||||||
|
9,285
|
5.000%, 12/01/19 (Pre-refunded 12/01/12) – FGIC Insured
|
12/12 at 100.00
|
Aaa
|
9,546,558
|
|||||
|
12,785
|
5.000%, 12/01/20 (Pre-refunded 12/01/12) – FGIC Insured
|
12/12 at 100.00
|
Aaa
|
13,145,153
|
|||||
|
2,000
|
King County, Washington, Sewer Revenue Bonds, Refunding Series 2012, 5.000%, 1/01/52
|
1/22 at 100.00
|
AA+
|
2,168,160
|
|||||
|
Pierce County School District 343, Dieringer, Washington, General Obligation Refunding Bonds, Series 2003:
|
|||||||||
|
2,755
|
5.250%, 12/01/18 (Pre-refunded 6/01/13) – FGIC Insured
|
6/13 at 100.00
|
Aa1 (4)
|
2,904,762
|
|||||
|
2,990
|
5.250%, 12/01/19 (Pre-refunded 6/01/13) – FGIC Insured
|
6/13 at 100.00
|
Aa1 (4)
|
3,152,536
|
|||||
|
1,560
|
Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Refunding Series 2012A, 5.000%, 8/01/31
|
8/22 at 100.00
|
Aa3
|
1,776,637
|
|||||
|
1,265
|
Tacoma, Washington, General Obligation Bonds, Series 2002, 5.000%, 12/01/18 (Pre-refunded 12/01/12) – FGIC Insured
|
12/12 at 100.00
|
AA (4)
|
1,300,635
|
|||||
|
1,250
|
University of Washington, General Revenue Bonds, Tender Option Bond Trust 3005, 17.480%, 6/01/31 – AMBAC Insured (IF)
|
6/17 at 100.00
|
Aaa
|
1,725,000
|
|||||
|
33,890
|
Total Washington
|
35,719,441
|
|||||||
|
Wisconsin – 0.3% (0.2% of Total Investments)
|
|||||||||
|
1,000
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Gundersen Lutheran, Series 2011A, 5.250%, 10/15/39
|
10/21 at 100.00
|
A+
|
1,064,770
|
|||||
|
$
|
466,245
|
Total Investments (cost $417,023,191) – 147.2%
|
446,827,783
|
||||||
|
Floating Rate Obligations – (6.3)%
|
(19,000,000)
|
||||||||
|
Variable Rate Demand Preferred Shares, at Liquidation Value – (43.1)% (6)
|
(130,900,000)
|
||||||||
|
Other Assets Less Liabilities – 2.2%
|
6,526,561
|
||||||||
|
Net Assets Applicable to Common Shares – 100%
|
$
|
303,454,344
|
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
|
|
|
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
|
|
(3)
|
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating.
|
|
|
Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
||
|
(4)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
|
|
|
(5)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations of investments in inverse floating rate transactions.
|
|
|
(6)
|
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 29.3%.
|
|
|
N/R
|
Not rated.
|
|
|
WI/DD
|
Purchased on a when-issued or delayed delivery basis.
|
|
| (ETM) | Escrowed to maturity. | |
|
(IF)
|
Inverse floating rate investment.
|
|
|
(UB)
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
|
See accompanying notes to financial statements.
|
Nuveen Investments
|
55
|
|
Nuveen Premium Income Municipal Opportunity Fund
|
||
|
(formerly known as Nuveen Insured Premium Income Municipal Fund 2)
|
||
|
NPX
|
Portfolio of Investments
|
|
|
April 30, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Alabama – 1.6% (1.1% of Total Investments)
|
|||||||||
|
$
|
3,750
|
Huntsville Healthcare Authority, Alabama, Revenue Bonds, Series 2005A, 5.000%, 6/01/24 – NPFG Insured
|
6/15 at 100.00
|
A1
|
$
|
3,953,325
|
|||
|
Jefferson County, Alabama, General Obligation Warrants, Series 2004A:
|
|||||||||
|
1,395
|
5.000%, 4/01/22 – NPFG Insured
|
4/14 at 100.00
|
BBB
|
1,207,414
|
|||||
|
1,040
|
5.000%, 4/01/23 – NPFG Insured
|
4/14 at 100.00
|
BBB
|
900,474
|
|||||
|
2,590
|
Montgomery Water and Sewerage Board, Alabama, Water and Sewerage Revenue Bonds, Series 2005, 5.000%, 3/01/25 – AGM Insured
|
3/15 at 100.00
|
AAA
|
2,742,033
|
|||||
|
8,775
|
Total Alabama
|
8,803,246
|
|||||||
|
Arizona – 4.9% (3.3% of Total Investments)
|
|||||||||
|
Arizona State, Certificates of Participation, Series 2010A:
|
|||||||||
|
2,800
|
5.250%, 10/01/28 – AGM Insured
|
10/19 at 100.00
|
AA–
|
3,153,696
|
|||||
|
3,500
|
5.000%, 10/01/29 – AGM Insured
|
10/19 at 100.00
|
AA–
|
3,810,520
|
|||||
|
5,500
|
Arizona State, State Lottery Revenue Bonds, Series 2010A, 5.000%, 7/01/29 – AGC Insured
|
1/20 at 100.00
|
AA–
|
6,103,185
|
|||||
|
12,365
|
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Water System Revenue Bonds, Series 2005, 4.750%, 7/01/27 – NPFG Insured (UB)
|
7/15 at 100.00
|
AAA
|
13,481,560
|
|||||
|
24,165
|
Total Arizona
|
26,548,961
|
|||||||
|
Arkansas – 2.5% (1.7% of Total Investments)
|
|||||||||
|
5,745
|
Arkansas Development Finance Authority, State Facility Revenue Bonds, Donaghey Plaza Project, Series 2004, 5.250%, 6/01/25 (Pre-refunded
|
6/14 at 100.00
|
AA– (4)
|
6,327,313
|
|||||
| 6/01/14) – AGM Insured | |||||||||
|
University of Arkansas, Fayetteville, Revenue Bonds, Medical Sciences Campus, Series 2004B:
|
|||||||||
|
2,000
|
5.000%, 11/01/27 – NPFG Insured
|
11/14 at 100.00
|
Aa2
|
2,166,440
|
|||||
|
2,000
|
5.000%, 11/01/28 – NPFG Insured
|
11/14 at 100.00
|
Aa2
|
2,140,940
|
|||||
|
2,480
|
University of Arkansas, Monticello Campus, Revenue Bonds, Series 2005, 5.000%, 12/01/35 (Pre-refunded 12/01/13) – AMBAC Insured
|
12/13 at 100.00
|
Aa2 (4)
|
2,665,206
|
|||||
|
12,225
|
Total Arkansas
|
13,299,899
|
|||||||
|
California – 27.6% (18.7% of Total Investments)
|
|||||||||
|
22,880
|
Alameda Corridor Transportation Authority, California, Senior Lien Revenue Bonds, Series 1999A, 0.000%, 10/01/32 – NPFG Insured
|
No Opt. Call
|
A
|
7,298,034
|
|||||
|
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2005AC:
|
|||||||||
|
20
|
5.000%, 12/01/24 (Pre-refunded 12/01/14) – NPFG Insured
|
12/14 at 100.00
|
AAA
|
22,408
|
|||||
|
110
|
5.000%, 12/01/24 (Pre-refunded 12/01/14) – NPFG Insured
|
12/14 at 100.00
|
Aa1 (4)
|
123,180
|
|||||
|
1,870
|
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2005AC, 5.000%, 12/01/24 – NPFG Insured
|
12/14 at 100.00
|
AAA
|
2,059,973
|
|||||
|
1,300
|
California Educational Facilities Authority, Revenue Bonds, Occidental College, Series 2005A, 5.000%, 10/01/33 – NPFG Insured
|
10/15 at 100.00
|
Aa3
|
1,382,784
|
|||||
|
3,000
|
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children’s Hospital, Series 2012A, 5.000%, 8/15/51
|
8/22 at 100.00
|
AA
|
3,181,950
|
|||||
|
1,710
|
California Health Facilities Financing Authority, Revenue Bonds, Scripps Health, Series 2012A, 5.000%, 11/15/40
|
11/21 at 100.00
|
AA–
|
1,838,182
|
|||||
|
10,000
|
California Statewide Communities Development Authority, Revenue Bonds, Sutter Health, Series 2011A, 6.000%, 8/15/42
|
8/20 at 100.00
|
AA–
|
11,741,900
|
|||||
|
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A:
|
|||||||||
|
3,895
|
5.250%, 7/01/30
|
7/15 at 100.00
|
BBB
|
3,948,556
|
|||||
|
5,000
|
5.250%, 7/01/35
|
7/15 at 100.00
|
BBB
|
5,067,300
|
|||||
|
5,000
|
5.000%, 7/01/39
|
7/15 at 100.00
|
BBB
|
4,995,950
|
|||||
|
3,175
|
Ceres Unified School District, Stanislaus County, California, General Obligation Bonds, Series 2002B, 0.000%, 8/01/35 – FGIC Insured
|
8/12 at 26.19
|
A+
|
801,243
|
|||||
|
31,200
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Series 1999, 0.000%, 1/15/34 – NPFG Insured
|
7/12 at 27.61
|
BBB
|
8,228,376
|
|
56
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
California (continued)
|
|||||||||
|
$
|
1,735
|
Fullerton Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2005, 5.000%, 9/01/27 – AMBAC Insured
|
9/15 at 100.00
|
A
|
$
|
1,752,489
|
|||
|
7,000
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/35 – FGIC Insured
|
6/15 at 100.00
|
A2
|
7,086,450
|
|||||
|
1,890
|
Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%, 11/01/23 – AGM Insured
|
No Opt. Call
|
Aa2
|
1,216,404
|
|||||
|
6,520
|
Los Angeles Unified School District, California, General Obligation Bonds, Series 2005E, 5.000%, 7/01/22 – AMBAC Insured
|
7/15 at 100.00
|
Aa2
|
7,326,133
|
|||||
|
4,000
|
Los Angeles Unified School District, California, General Obligation Bonds, Series 2006F, 5.000%, 7/01/24 – FGIC Insured
|
7/16 at 100.00
|
Aa2
|
4,525,960
|
|||||
|
3,510
|
Newport Beach, California, Revenue Bonds, Hoag Memorial Hospital Presbyterian, Series 2011A, 5.875%, 12/01/30
|
12/21 at 100.00
|
AA
|
4,278,128
|
|||||
|
15,000
|
Orange County Sanitation District, California, Certificates of Participation, Series 2003, 5.250%, 2/01/30 (Pre-refunded 8/01/13) – FGIC Insured
|
8/13 at 100.00
|
AAA
|
15,937,050
|
|||||
|
1,750
|
Orange County Water District, California, Revenue Certificates of Participation, Series 2003B, 5.000%, 8/15/34 – NPFG Insured (ETM)
|
No Opt. Call
|
AAA
|
2,068,133
|
|||||
|
8,250
|
Orange County Water District, California, Revenue Certificates of Participation, Series 2003B, 5.000%, 8/15/34 – NPFG Insured
|
8/13 at 100.00
|
AAA
|
8,558,715
|
|||||
|
1,435
|
Pasadena Area Community College District, Los Angeles County, California, General Obligation Bonds, Series 2003A, 5.000%, 6/01/22 (Pre-refunded 6/01/13) – FGIC Insured
|
6/13 at 100.00
|
AA+ (4)
|
1,509,118
|
|||||
|
1,800
|
Rialto Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2011A, 0.000%, 8/01/28 – AGM Insured
|
No Opt. Call
|
AA–
|
802,188
|
|||||
|
1,000
|
Rim of the World Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2011C, 5.000%, 8/01/38 – AGM Insured
|
8/21 at 100.00
|
AA–
|
1,077,040
|
|||||
|
735
|
Sacramento City Financing Authority, California, Capital Improvement Revenue Bonds, Solid Waste and Redevelopment Projects, Series 1999, 5.800%, 12/01/19 – AMBAC Insured
|
7/12 at 100.00
|
N/R
|
735,867
|
|||||
|
San Diego County, California, Certificates of Participation, Edgemoor Facility Project and Regional System, Series 2005:
|
|||||||||
|
1,675
|
5.000%, 2/01/24 – AMBAC Insured
|
2/15 at 100.00
|
AA+
|
1,820,725
|
|||||
|
720
|
5.000%, 2/01/25 – AMBAC Insured
|
2/15 at 100.00
|
AA+
|
778,514
|
|||||
|
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A:
|
|||||||||
|
3,825
|
0.000%, 1/15/32 – NPFG Insured
|
No Opt. Call
|
BBB
|
1,049,657
|
|||||
|
23,900
|
0.000%, 1/15/34 – NPFG Insured
|
No Opt. Call
|
BBB
|
5,755,598
|
|||||
|
2,000
|
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2004A, 5.250%, 8/01/19 – NPFG Insured
|
8/14 at 100.00
|
BBB
|
2,041,100
|
|||||
|
7,855
|
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C, 4.250%, 8/01/30 – NPFG Insured
|
8/17 at 100.00
|
BBB
|
6,905,645
|
|||||
|
5,000
|
Torrance, California, Certificates of Participation, Refunding Series 2005B, 5.000%, 6/01/24 – AMBAC Insured
|
6/14 at 100.00
|
AA
|
5,181,400
|
|||||
|
12,500
|
University of California, Revenue Bonds, Multi-Purpose Projects, Series 2003A, 5.000%, 5/15/33 – AMBAC Insured (UB)
|
5/13 at 100.00
|
Aa1
|
12,937,000
|
|||||
|
3,900
|
West Hills Community College District, California, General Obligation Bonds, School Facilities Improvement District 3, 2008 Election Series 2011, 6.500%, 8/01/41 – AGM Insured
|
8/21 at 100.00
|
AA–
|
4,702,893
|
|||||
|
205,160
|
Total California
|
148,736,043
|
|||||||
|
Colorado – 9.1% (6.2% of Total Investments)
|
|||||||||
|
1,940
|
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Adams School District 12 – Pinnacle School, Series 2003, 5.250%, 6/01/23 – SYNCORA GTY Insured
|
6/13 at 100.00
|
A
|
1,972,165
|
|||||
|
3,405
|
Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Classical Academy Charter School, Series 2003, 5.250%, 12/01/23 – SYNCORA GTY Insured
|
12/13 at 100.00
|
A
|
3,485,426
|
|||||
|
16,095
|
Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Senior Lien Series 2003A, 5.000%, 12/01/33 (Pre-refunded 12/01/13) – SYNCORA GTY Insured
|
12/13 at 100.00
|
N/R (4)
|
17,256,898
|
|||||
|
125
|
Denver School District 1, Colorado, General Obligation Bonds, Series 2004, 5.000%, 12/01/18 – AGM Insured
|
12/13 at 100.00
|
Aa2
|
133,549
|
| Nuveen Investments | 57 |
|
Nuveen Premium Income Municipal Opportunity Fund (continued)
|
||
|
(formerly known as Nuveen Insured Premium Income Municipal Fund 2)
|
||
|
NPX
|
Portfolio of Investments
|
|
|
April 30, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Colorado (continued)
|
|||||||||
|
$
|
5,000
|
Denver School District 1, Colorado, General Obligation Bonds, Series 2004, 5.000%, 12/01/18 (Pre-refunded 12/01/13) – AGM Insured
|
12/13 at 100.00
|
Aa2 (4)
|
$
|
5,369,250
|
|||
|
12,285
|
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/30 – NPFG Insured
|
No Opt. Call
|
BBB
|
4,450,364
|
|||||
|
1,325
|
El Paso County, Colorado, Certificates of Participation, Detention Facility Project, Series 2002B, 5.000%, 12/01/27 (Pre-refunded 12/01/12) – AMBAC Insured
|
12/12 at 100.00
|
AA– (4)
|
1,361,822
|
|||||
|
Jefferson County School District R1, Colorado, General Obligation Bonds, Series 2004:
|
|||||||||
|
2,500
|
5.000%, 12/15/22 (Pre-refunded 12/15/14) – AGM Insured (UB)
|
12/14 at 100.00
|
Aa2 (4)
|
2,800,125
|
|||||
|
5,125
|
5.000%, 12/15/23 (Pre-refunded 12/15/14) – AGM Insured (UB)
|
12/14 at 100.00
|
Aa2 (4)
|
5,740,256
|
|||||
|
2,000
|
5.000%, 12/15/24 (Pre-refunded 12/15/14) – AGM Insured (UB)
|
12/14 at 100.00
|
Aa2 (4)
|
2,240,100
|
|||||
|
2,640
|
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Refunding Bonds, Series 2011, 6.125%, 12/01/41 – AGM Insured
|
12/20 at 100.00
|
AA–
|
3,008,148
|
|||||
|
360
|
University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 – FGIC Insured
|
6/15 at 100.00
|
Aa2
|
395,280
|
|||||
|
640
|
University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 (Pre-refunded 6/01/15) – FGIC Insured
|
6/15 at 100.00
|
BBB (4)
|
727,917
|
|||||
|
53,440
|
Total Colorado
|
48,941,300
|
|||||||
|
District of Columbia – 0.2% (0.2% of Total Investments)
|
|||||||||
|
1,065
|
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1606, 11.096%, 10/01/30 – AMBAC Insured (IF)
|
10/16 at 100.00
|
AA+
|
1,182,075
|
|||||
|
Florida – 8.4% (5.6% of Total Investments)
|
|||||||||
|
11,000
|
Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 – AGM Insured
|
10/21 at 100.00
|
AA–
|
11,887,260
|
|||||
|
1,000
|
Citizens Property Insurance Corporation, Florida, High-Risk Account Senior Secured Bonds Series 2010A-1, 5.000%, 6/01/16 – AGM Insured
|
No Opt. Call
|
AA–
|
1,122,770
|
|||||
|
4,000
|
Florida State Board of Education, Full Faith and Credit Public Education Capital Outlay Bonds, Series 2003J, 5.000%, 6/01/22 – AMBAC Insured
|
6/13 at 101.00
|
AAA
|
4,228,240
|
|||||
|
400
|
Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Refunding Series 2012, 5.000%, 10/01/30
|
10/22 at 100.00
|
A1
|
441,512
|
|||||
|
1,530
|
Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Refunding Series 2011, 5.000%, 11/15/24
|
11/21 at 100.00
|
A2
|
1,696,311
|
|||||
|
10,000
|
Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2010A, 5.000%, 7/01/35
|
7/20 at 100.00
|
AA–
|
10,839,100
|
|||||
|
6,350
|
Miami-Dade County School Board, Florida, Certificates of Participation, Series 2006A, 5.000%, 11/01/31 – AGM Insured
|
11/16 at 100.00
|
AA+
|
6,913,563
|
|||||
|
5,720
|
Miami-Dade County, Florida, General Obligation Bonds, Series 2005, 5.000%, 7/01/33 – AGM Insured
|
7/15 at 100.00
|
Aa2
|
6,193,845
|
|||||
|
1,500
|
Volusia County Educational Facilities Authority, Florida, Educational Facilities Revenue Bonds,
|
10/21 at 100.00
|
AA–
|
1,612,860
|
|||||
|
Embry-Riddle Aeronautical University, Inc. Project, Refunding Series 2011, 5.000%, 10/15/29 – AGM Insured
|
|||||||||
|
41,500
|
Total Florida
|
44,935,461
|
|||||||
|
Georgia – 4.5% (3.0% of Total Investments)
|
|||||||||
|
5,600
|
Atlanta, Georgia, Airport General Revenue Refunding Bonds, Series 2010A, 5.000%, 1/01/40 – AGM Insured
|
1/20 at 100.00
|
AA–
|
6,037,360
|
|||||
|
1,535
|
Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Refunding Series 2007, 4.000%, 8/01/26
|
8/20 at 100.00
|
AA
|
1,661,484
|
|||||
|
4,000
|
Cobb County Development Authority, Georgia, Parking Revenue Bonds, Kennesaw State University, Series 2004, 5.000%, 7/15/24 – NPFG Insured
|
7/14 at 100.00
|
A1
|
4,171,520
|
|||||
|
Municipal Electric Authority of Georgia, Combustion Turbine Revenue Bonds, Series 2003A:
|
|||||||||
|
1,775
|
5.000%, 11/01/21 – NPFG Insured
|
11/13 at 100.00
|
A1
|
1,869,377
|
|||||
|
2,580
|
5.000%, 11/01/22 – NPFG Insured
|
11/13 at 100.00
|
A1
|
2,712,818
|
|||||
|
4,500
|
South Fulton Municipal Regional Water and Sewerage Authority, Georgia, Water Revenue Bonds, Refunding Series 2003, 5.000%, 1/01/33 (Pre-refunded 1/01/13) – NPFG Insured
|
1/13 at 100.00
|
N/R (4)
|
4,644,270
|
|
58
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Georgia (continued)
|
|||||||||
|
$
|
3,000
|
Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South Georgia Medical Center, Series 2002, 5.200%, 10/01/22 (Pre-refunded 10/01/12) – AMBAC Insured
|
10/12 at 101.00
|
A+ (4)
|
$
|
3,092,490
|
|||
|
22,990
|
Total Georgia
|
24,189,319
|
|||||||
|
Illinois – 7.9% (5.4% of Total Investments)
|
|||||||||
|
3,500
|
Chicago Transit Authority, Illinois, Capital Grant Receipts Revenue Bonds, Federal Transit Administration Section 5307 Urbanized Area Formula Funds, Refunding Series 2011, 5.250%, 6/01/26 – AGM Insured
|
6/21 at 100.00
|
AA–
|
3,923,325
|
|||||
|
8,000
|
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien Refunding Series 2010C, 5.250%, 1/01/35 – AGC Insured
|
1/20 at 100.00
|
AA–
|
8,767,840
|
|||||
|
2,240
|
Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2011A, 6.000%, 8/15/41 – AGM Insured
|
8/21 at 100.00
|
AA–
|
2,528,086
|
|||||
|
1,000
|
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C, 5.500%, 8/15/41
|
2/21 at 100.00
|
AA–
|
1,104,350
|
|||||
|
5,045
|
Illinois Health Facilities Authority, Revenue Bonds, Lutheran General Health System, Series 1993A, 6.250%, 4/01/18 – AGM Insured (ETM)
|
No Opt. Call
|
AA– (4)
|
6,045,777
|
|||||
|
1,950
|
Illinois Health Facilities Authority, Revenue Refunding Bonds, SSM Healthcare System, Series 1992AA, 6.550%, 6/01/14 – NPFG Insured (ETM)
|
No Opt. Call
|
AA– (4)
|
2,193,126
|
|||||
|
4,000
|
Illinois Municipal Electric Agency, Power Supply System Revenue Bonds, Series 2007A, 5.000%, 2/01/35 – FGIC Insured
|
2/17 at 100.00
|
A+
|
4,264,920
|
|||||
|
5,000
|
Macon County School District 61 Decatur, Illinois, General Obligation Bonds, Series 2011A, 5.250%, 1/01/39 – AGM Insured
|
1/21 at 100.00
|
Aa3
|
5,486,450
|
|||||
|
19,700
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1, 0.000%, 6/15/45 – AGM Insured
|
No Opt. Call
|
AAA
|
3,334,422
|
|||||
|
5,725
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A, 0.000%, 6/15/27 – NPFG Insured
|
6/22 at 101.00
|
AAA
|
4,985,616
|
|||||
|
56,160
|
Total Illinois
|
42,633,912
|
|||||||
|
Indiana – 5.7% (3.8% of Total Investments)
|
|||||||||
|
Hamilton County Public Building Corporation, Indiana, First Mortgage Bonds, Series 2004:
|
|||||||||
|
2,105
|
5.000%, 8/01/23 – AGM Insured
|
8/14 at 100.00
|
Aaa
|
2,295,039
|
|||||
|
2,215
|
5.000%, 8/01/24 – AGM Insured
|
8/14 at 100.00
|
Aaa
|
2,398,136
|
|||||
|
10,000
|
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2009A, 5.250%, 12/01/38
|
12/19 at 100.00
|
AA
|
10,909,700
|
|||||
|
5,000
|
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2011B, 5.000%, 10/01/41
|
10/21 at 100.00
|
AA–
|
5,358,650
|
|||||
|
3,730
|
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
|
1/17 at 100.00
|
A+
|
3,969,764
|
|||||
|
5,000
|
Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A, 5.500%, 1/01/38 – AGC Insured
|
1/19 at 100.00
|
AA–
|
5,575,800
|
|||||
|
28,050
|
Total Indiana
|
30,507,089
|
|||||||
|
Iowa – 0.8% (0.5% of Total Investments)
|
|||||||||
|
4,000
|
Ames, Iowa, Hospital Revenue Bonds, Mary Greeley Medical Center, Series 2011, 5.250%, 6/15/36
|
6/20 at 100.00
|
A2
|
4,220,160
|
|||||
|
Kentucky – 1.4% (1.0% of Total Investments)
|
|||||||||
|
6,010
|
Kentucky Economic Development Finance Authority, Health System Revenue Bonds, Norton Healthcare Inc., Series 2000B, 0.000%, 10/01/28 – NPFG Insured
|
No Opt. Call
|
A–
|
2,503,586
|
|||||
|
5,000
|
Kentucky Municipal Power Agency, Power Supply System Revenue Bonds, Prairie State Project Series 2007A, 5.000%, 9/01/37 – NPFG Insured
|
9/17 at 100.00
|
A–
|
5,266,100
|
|||||
|
11,010
|
Total Kentucky
|
7,769,686
|
|||||||
|
Louisiana – 5.4% (3.7% of Total Investments)
|
|||||||||
|
5,000
|
Lafayette Public Trust Financing Authority, Louisiana, Revenue Bonds, Ragin’ Cajun Facilities Inc. Project, Series 2010, 5.500%, 10/01/41 – AGM Insured
|
10/20 at 100.00
|
AA–
|
5,533,350
|
|||||
|
3,935
|
Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital, Series 2004, 5.250%, 7/01/24 – NPFG Insured
|
7/14 at 100.00
|
BBB
|
4,171,848
|
|
Nuveen Investments
|
59
|
|
Nuveen Premium Income Municipal Opportunity Fund (continued)
|
||
|
(formerly known as Nuveen Insured Premium Income Municipal Fund 2)
|
||
|
NPX
|
Portfolio of Investments
|
|
|
April 30, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Louisiana (continued)
|
|||||||||
|
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2005A:
|
|||||||||
|
$
|
1,010
|
5.000%, 5/01/25 – FGIC Insured
|
5/15 at 100.00
|
Aa1
|
$
|
1,105,889
|
|||
|
2,210
|
5.000%, 5/01/26 – FGIC Insured
|
5/15 at 100.00
|
Aa1
|
2,419,817
|
|||||
|
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:
|
|||||||||
|
1,320
|
4.750%, 5/01/39 – AGM Insured (UB)
|
5/16 at 100.00
|
Aa1
|
1,371,374
|
|||||
|
14,265
|
4.500%, 5/01/41 – FGIC Insured (UB)
|
5/16 at 100.00
|
Aa1
|
14,587,389
|
|||||
|
27,740
|
Total Louisiana
|
29,189,667
|
|||||||
|
Maryland – 0.4% (0.2% of Total Investments)
|
|||||||||
|
1,865
|
Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%, 9/01/26 – SYNCORA GTY Insured
|
9/16 at 100.00
|
BB+
|
1,856,496
|
|||||
|
Massachusetts – 3.2% (2.2% of Total Investments)
|
|||||||||
|
3,000
|
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Commonwealth Contract Assistance Secured, Refunding Series 2010B, 5.000%, 1/01/35
|
1/20 at 100.00
|
AA+
|
3,320,460
|
|||||
|
3,000
|
Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, Series 2002A, 5.750%, 1/01/42 – AMBAC Insured
|
No Opt. Call
|
A
|
3,698,880
|
|||||
|
3,335
|
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Tender Option Bond Trust 3091, 12.964%, 8/15/37 – AGM Insured (IF)
|
8/17 at 100.00
|
AA+
|
4,240,986
|
|||||
|
Massachusetts State, Special Obligation Dedicated Tax Revenue Bonds, Series 2004:
|
|||||||||
|
3,650
|
5.250%, 1/01/22 (Pre-refunded 1/01/14) – FGIC Insured
|
1/14 at 100.00
|
A1 (4)
|
3,948,388
|
|||||
|
2,000
|
5.250%, 1/01/24 (Pre-refunded 1/01/14) – FGIC Insured
|
1/14 at 100.00
|
A1 (4)
|
2,163,500
|
|||||
|
14,985
|
Total Massachusetts
|
17,372,214
|
|||||||
|
Michigan – 1.9% (1.3% of Total Investments)
|
|||||||||
|
10,000
|
Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2011A, 5.250%, 7/01/41
|
7/21 at 100.00
|
A+
|
10,214,600
|
|||||
|
Missouri – 0.4% (0.2% of Total Investments)
|
|||||||||
|
1,000
|
Jackson County Reorganized School District R-7, Lees Summit, Missouri, General Obligation Bonds, Series 2006, 5.250%, 3/01/25 – NPFG Insured
|
3/16 at 100.00
|
Aa1
|
1,144,700
|
|||||
|
750
|
Missouri Western State College, Auxiliary System Revenue Bonds, Series 2003, 5.000%, 10/01/33 – NPFG Insured
|
10/13 at 100.00
|
A–
|
764,228
|
|||||
|
1,750
|
Total Missouri
|
1,908,928
|
|||||||
|
Nebraska – 0.8% (0.5% of Total Investments)
|
|||||||||
|
1,000
|
Douglas County School District 10 Elkhorn, Nebraska, General Obligation Bonds, Public Schools Series 2012, 5.000%, 1/15/30
|
1/22 at 100.00
|
AA–
|
1,160,470
|
|||||
|
1,250
|
Municipal Energy Agency of Nebraska, Power Supply System Revenue Bonds, Refunding Series 2012A, 5.000%, 4/01/31
|
4/22 at 100.00
|
A
|
1,408,750
|
|||||
|
865
|
Omaha Public Power District, Nebraska, Separate Electric System Revenue Bonds, Nebraska City 2, Series 2006A, 19.731%, 8/01/40 – AMBAC Insured (IF)
|
2/17 at 100.00
|
AA+
|
1,443,374
|
|||||
|
3,115
|
Total Nebraska
|
4,012,594
|
|||||||
|
Nevada – 2.2% (1.5% of Total Investments)
|
|||||||||
|
7,545
|
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.250%, 7/01/39 – AGM Insured
|
1/20 at 100.00
|
AA–
|
8,216,807
|
|||||
|
3,280
|
Clark County, Nevada, Subordinate Lien Airport Revenue Bonds, Series 2004A-2, 5.125%, 7/01/24 – FGIC Insured
|
7/14 at 100.00
|
Aa3
|
3,525,869
|
|||||
|
10,825
|
Total Nevada
|
11,742,676
|
|||||||
|
New Jersey – 9.3% (6.3% of Total Investments)
|
|||||||||
|
Essex County Improvement Authority, New Jersey, Guaranteed Revenue Bonds, Project Consolidation, Series 2004:
|
|||||||||
|
1,275
|
5.125%, 10/01/21 – NPFG Insured
|
10/14 at 100.00
|
Aa2
|
1,405,573
|
|||||
|
2,250
|
5.125%, 10/01/22 – NPFG Insured
|
10/14 at 100.00
|
Aa2
|
2,470,725
|
|||||
|
1,560
|
Mount Olive Township Board of Education, Morris County, New Jersey, General Obligation Bonds, Series 2004, 5.000%, 1/15/22 – NPFG Insured
|
1/15 at 100.00
|
Aa3
|
1,699,698
|
|
60
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
New Jersey (continued)
|
|||||||||
|
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A:
|
|||||||||
|
$
|
1,475
|
5.000%, 7/01/22 – NPFG Insured
|
7/14 at 100.00
|
A
|
$
|
1,586,894
|
|||
|
1,475
|
5.000%, 7/01/23 – NPFG Insured
|
7/14 at 100.00
|
A
|
1,586,894
|
|||||
|
3,075
|
New Jersey Transit Corporation, Certificates of Participation Refunding, Series 2003, 5.500%, 10/01/15 – AGM Insured
|
No Opt. Call
|
AA–
|
3,516,324
|
|||||
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C:
|
|||||||||
|
25,000
|
0.000%, 12/15/35 – AMBAC Insured
|
No Opt. Call
|
A+
|
7,286,750
|
|||||
|
10,000
|
0.000%, 12/15/36 – AMBAC Insured
|
No Opt. Call
|
A+
|
2,753,200
|
|||||
|
10,500
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2007A, 5.000%, 12/15/34 – AMBAC Insured
|
12/17 at 100.00
|
AA–
|
11,538,135
|
|||||
|
10,000
|
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – AGM Insured
|
No Opt. Call
|
AA–
|
12,399,300
|
|||||
|
3,315
|
New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.000%,
|
1/15 at 100.00
|
AA–
|
3,521,856
|
|||||
| 1/01/25 – AGM Insured | |||||||||
|
69,925
|
Total New Jersey
|
49,765,349
|
|||||||
|
New Mexico – 0.9% (0.6% of Total Investments)
|
|||||||||
|
New Mexico Finance Authority, Public Project Revolving Fund Revenue Bonds, Series 2004C:
|
|||||||||
|
1,415
|
5.000%, 6/01/22 – AMBAC Insured
|
6/14 at 100.00
|
AAA
|
1,535,544
|
|||||
|
1,050
|
5.000%, 6/01/24 – AMBAC Insured
|
6/14 at 100.00
|
AAA
|
1,128,225
|
|||||
|
2,000
|
New Mexico Finance Authority, Public Project Revolving Fund Revenue Bonds, Series 2005E, 5.000%, 6/15/25 – NPFG Insured
|
6/15 at 100.00
|
Aa2
|
2,205,720
|
|||||
|
4,465
|
Total New Mexico
|
4,869,489
|
|||||||
|
New York – 10.5% (7.1% of Total Investments)
|
|||||||||
|
1,120
|
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/23 – FGIC Insured
|
2/15 at 100.00
|
BBB
|
1,215,872
|
|||||
|
3,000
|
Dormitory Authority of the State of New York, Revenue Bonds, Columbia University, Series 2011A, 5.000%, 10/01/41
|
4/21 at 100.00
|
AAA
|
3,414,810
|
|||||
|
7,435
|
Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series 2010, 5.500%, 7/01/43 – AGM Insured
|
7/20 at 100.00
|
AA–
|
8,279,244
|
|||||
|
1,000
|
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/24 – AMBAC Insured
|
3/15 at 100.00
|
AAA
|
1,109,670
|
|||||
|
4,055
|
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured
|
2/17 at 100.00
|
A
|
4,037,077
|
|||||
|
10,000
|
Liberty Development Corporation, New York, Goldman Sachs Headquarter Revenue Bonds, Series 2005, 5.250%, 10/01/35
|
No Opt. Call
|
A1
|
10,963,500
|
|||||
|
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A:
|
|||||||||
|
10,675
|
5.000%, 12/01/23 – FGIC Insured
|
6/16 at 100.00
|
A
|
11,749,332
|
|||||
|
5,000
|
5.000%, 12/01/25 – FGIC Insured
|
6/16 at 100.00
|
A
|
5,427,450
|
|||||
|
2,700
|
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2006F, 4.250%, 5/01/33 – NPFG Insured
|
11/16 at 100.00
|
A
|
2,754,216
|
|||||
|
5,000
|
New York City, New York, General Obligation Bonds, Fiscal Series 2004E, 5.000%, 11/01/21 – AGM Insured
|
11/14 at 100.00
|
AA
|
5,514,750
|
|||||
|
1,540
|
New York Convention Center Development Corporation, Hotel Unit Fee Revenue Bonds, Series 2005, Trust 2364, 16.498%, 11/15/44 – AMBAC Insured (IF)
|
11/15 at 100.00
|
AA+
|
1,844,119
|
|||||
|
425
|
New York State Housing Finance Agency, Mortgage Revenue Refunding Bonds, Housing Project, Series 1996A, 6.125%, 11/01/20 – AGM Insured
|
11/12 at 100.00
|
AA–
|
425,973
|
|||||
|
51,950
|
Total New York
|
56,736,013
|
|||||||
|
North Carolina – 1.6% (1.1% of Total Investments)
|
|||||||||
|
1,250
|
Appalachian State University, North Carolina, Revenue Bonds, Series 2005, 5.000%, 7/15/30 – NPFG Insured
|
7/15 at 100.00
|
Aa3
|
1,310,438
|
|||||
|
1,780
|
Charlotte, North Carolina, Water and Sewer System Refunding Bonds, Tender Option Bond Trust 43W, 13.645%, 7/01/38 (IF) (5)
|
7/20 at 100.00
|
AAA
|
2,455,510
|
|
Nuveen Investments
|
61
|
|
Nuveen Premium Income Municipal Opportunity Fund (continued)
|
||
|
(formerly known as Nuveen Insured Premium Income Municipal Fund 2)
|
||
|
NPX
|
Portfolio of Investments
|
|
|
April 30, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
North Carolina (continued)
|
|||||||||
|
Mooresville, North Carolina, Enterprise System Revenue Bonds, Series 2004:
|
|||||||||
|
$
|
2,225
|
5.000%, 5/01/23 (Pre-refunded 5/01/14) – FGIC Insured
|
5/14 at 100.00
|
AA– (4)
|
$
|
2,430,746
|
|||
|
2,335
|
5.000%, 5/01/24 (Pre-refunded 5/01/14) – FGIC Insured
|
5/14 at 100.00
|
AA– (4)
|
2,550,917
|
|||||
|
7,590
|
Total North Carolina
|
8,747,611
|
|||||||
|
North Dakota – 0.9% (0.6% of Total Investments)
|
|||||||||
|
5,000
|
Burleigh County, North Dakota, Health Care Revenue Refunding Bonds, St. Alexius Medical Center Project, Series 2012A, 4.500%, 7/01/32
|
7/22 at 100.00
|
BBB+
|
5,042,400
|
|||||
|
Ohio – 1.6% (1.1% of Total Investments)
|
|||||||||
|
7,825
|
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, Series 2006A, 4.250%, 12/01/32 – AMBAC Insured
|
12/16 at 100.00
|
A1
|
7,937,132
|
|||||
|
700
|
Shaker Heights, Ohio, General Obligation Bonds, Series 2003, 5.250%, 12/01/26 (Pre-refunded 12/01/13) – AMBAC Insured
|
12/13 at 100.00
|
AAA
|
754,810
|
|||||
|
8,525
|
Total Ohio
|
8,691,942
|
|||||||
|
Oklahoma – 0.3% (0.2% of Total Investments)
|
|||||||||
|
1,500
|
Oklahoma Capitol Improvement Authority, State Facilities Revenue Bonds, Series 2005F, 5.000%, 7/01/24 – AMBAC Insured
|
7/15 at 100.00
|
AA
|
1,660,650
|
|||||
|
Pennsylvania – 9.8% (6.6% of Total Investments)
|
|||||||||
|
2,000
|
Allegheny County Sanitary Authority, Pennsylvania, Sewerage Revenue Bonds, Series 2005A, 5.000%, 12/01/23 – NPFG Insured
|
12/15 at 100.00
|
A1
|
2,240,360
|
|||||
|
4,235
|
Delaware County Authority, Pennsylvania, Revenue Bonds, Villanova University, Series 2006, 5.000%, 8/01/24 – AMBAC Insured
|
8/16 at 100.00
|
A+
|
4,611,237
|
|||||
|
1,750
|
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40 – AGM Insured
|
1/20 at 100.00
|
AA–
|
1,884,260
|
|||||
|
4,000
|
Erie Water Authority, Erie County, Pennsylvania, Water Revenue Bonds, Series 2011A, 4.625%, 12/01/44 – AGM Insured
|
12/21 at 100.00
|
Aa3
|
4,174,640
|
|||||
|
1,045
|
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38
|
8/20 at 100.00
|
AA
|
1,147,013
|
|||||
|
5,235
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Drexel University, Series 2005A, 5.000%, 5/01/28 – NPFG Insured
|
5/15 at 100.00
|
A
|
5,457,749
|
|||||
|
4,585
|
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured (UB)
|
12/16 at 100.00
|
Aa2
|
4,719,753
|
|||||
|
1,050
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 – AMBAC Insured
|
6/16 at 100.00
|
Aa3
|
1,173,207
|
|||||
|
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fifth Series 2004A-1:
|
|||||||||
|
5,235
|
5.000%, 9/01/24 – AGM Insured
|
9/14 at 100.00
|
AA–
|
5,442,620
|
|||||
|
3,000
|
5.000%, 9/01/25 – AGM Insured
|
9/14 at 100.00
|
AA–
|
3,108,030
|
|||||
|
2,985
|
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010B, 5.000%, 5/15/40
|
5/20 at 100.00
|
AA
|
3,202,278
|
|||||
|
1,425
|
Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011, 6.500%, 8/01/41
|
8/20 at 100.00
|
A2
|
1,705,868
|
|||||
|
2,385
|
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 1997A, 5.125%, 8/01/27 – AMBAC Insured (ETM)
|
No Opt. Call
|
A1 (4)
|
2,904,835
|
|||||
|
3,785
|
Reading School District, Berks County, Pennsylvania, General Obligation Bonds, Series 2005, 5.000%, 1/15/25 – AGM Insured (UB)
|
1/16 at 100.00
|
AA–
|
4,087,876
|
|||||
|
1,125
|
Scranton, Pennsylvania, Sewer Authority Revenue Bonds, Series 2011A, 5.250%, 12/01/31 – AGM Insured
|
12/21 at 100.00
|
AA–
|
1,237,433
|
|||||
|
1,455
|
Solebury Township, Pennsylvania, General Obligation Bonds, Series 2005, 5.000%, 12/15/25 – AMBAC Insured
|
6/15 at 100.00
|
Aa3
|
1,548,571
|
|||||
|
3,650
|
State Public School Building Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia School District, Series 2003, 5.000%, 6/01/29 (Pre-refunded 6/01/13) – AGM Insured
|
6/13 at 100.00
|
AA+ (4)
|
3,836,625
|
|||||
|
48,945
|
Total Pennsylvania
|
52,482,355
|
|
62
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Puerto Rico – 4.2% (2.8% of Total Investments)
|
|||||||||
|
$
|
2,500
|
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 5.000%, 7/01/22 – FGIC Insured
|
7/15 at 100.00
|
BBB+
|
$
|
2,635,650
|
|||
|
4,705
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010C, 5.125%, 8/01/42 – AGM Insured
|
8/20 at 100.00
|
AA–
|
5,007,296
|
|||||
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
|
|||||||||
|
50,700
|
0.000%, 8/01/45 – NPFG Insured
|
No Opt. Call
|
Aa2
|
7,667,361
|
|||||
|
88,000
|
0.000%, 8/01/54 – AMBAC Insured
|
No Opt. Call
|
Aa2
|
7,094,560
|
|||||
|
145,905
|
Total Puerto Rico
|
22,404,867
|
|||||||
|
South Carolina – 0.4% (0.3% of Total Investments)
|
|||||||||
|
1,955
|
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2006, 5.000%, 12/01/28 – AGM Insured
|
12/16 at 100.00
|
AA
|
2,172,025
|
|||||
|
Texas – 9.4% (6.3% of Total Investments)
|
|||||||||
|
1,930
|
Board of Regents of the Texas Tech University System, Revenue Financing System Refunding and Improvement Bonds, Fourteenth Series 2012A, 5.000%, 8/15/37
|
8/21 at 100.00
|
AA
|
2,158,666
|
|||||
|
1,700
|
Central Texas Regional Mobility Authority, Senior Lien Revenue Bonds, Series 2011, 6.250%, 1/01/46
|
1/21 at 100.00
|
BBB–
|
1,879,350
|
|||||
|
Corpus Christi, Texas, Utility System Revenue Bonds, Series 2004:
|
|||||||||
|
3,475
|
5.000%, 7/15/22 – AGM Insured (UB)
|
7/14 at 100.00
|
AA–
|
3,781,217
|
|||||
|
3,645
|
5.000%, 7/15/23 – AGM Insured (UB)
|
7/14 at 100.00
|
AA–
|
3,928,690
|
|||||
|
10,000
|
Dallas, Texas, Waterworks and Sewer System Revenue Bonds, Series 2007, 4.375%, 10/01/32 – AMBAC Insured (UB)
|
10/17 at 100.00
|
AAA
|
10,572,500
|
|||||
|
1,500
|
El Paso, Texas, Airport Revenue Bonds, El Paso International Airport Series 2011, 5.250%, 8/15/33
|
8/20 at 100.00
|
A+
|
1,618,485
|
|||||
|
5,625
|
Harris County Hospital District, Texas, Revenue Bonds, Series 2007A, 5.250%, 2/15/42 – NPFG Insured
|
2/17 at 100.00
|
A
|
5,857,538
|
|||||
|
605
|
Houston, Texas, Subordinate Lien Airport System Revenue Bonds, Series 2000B, 5.450%, 7/01/24 – AGM Insured
|
No Opt. Call
|
AA–
|
710,294
|
|||||
|
2,340
|
Laredo, Webb County, Texas, Waterworks and Sewer System Revenue Bonds, Series 2011, 5.000%, 3/01/41 – AGM Insured
|
3/21 at 100.00
|
AA–
|
2,538,900
|
|||||
|
10,000
|
Lower Colorado River Authority, Texas, Contract Revenue Refunding Bonds, Transmission Services Corporation, Series 2003C, 5.000%, 5/15/33 – AMBAC Insured
|
5/13 at 100.00
|
A+
|
10,337,400
|
|||||
|
4,151
|
Panhandle Regional Housing Finance Corporation, Texas, GNMA Collateralized Multifamily Housing Mortgage Revenue Bonds, Renaissance of Amarillo Apartments, Series 2001A, 6.650%, 7/20/42
|
7/12 at 105.00
|
Aaa
|
4,369,426
|
|||||
|
2,410
|
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Baylor Health Care System, Series 2011A, 5.000%, 11/15/30
|
11/21 at 100.00
|
Aa2
|
2,693,802
|
|||||
|
47,381
|
Total Texas
|
50,446,268
|
|||||||
|
Utah – 2.1% (1.5% of Total Investments)
|
|||||||||
|
8,600
|
Intermountain Power Agency, Utah, Power Supply Revenue Refunding Bonds, Series 2003A, 5.000%, 7/01/18 – AGM Insured (UB)
|
7/13 at 100.00
|
AA–
|
9,034,558
|
|||||
|
2,385
|
Mountain Regional Water Special Service District, Utah, Water Revenue Bonds, Series 2003, 5.000%, 12/15/33 – NPFG Insured
|
12/13 at 100.00
|
AA–
|
2,501,460
|
|||||
|
10,985
|
Total Utah
|
11,536,018
|
|||||||
|
Virginia – 2.1% (1.4% of Total Investments)
|
|||||||||
|
Greater Richmond Convention Center Authority, Virginia, Hotel Tax Revenue Bonds, Series 2005:
|
|||||||||
|
4,000
|
5.000%, 6/15/20 – NPFG Insured
|
6/15 at 100.00
|
A+
|
4,329,040
|
|||||
|
5,000
|
5.000%, 6/15/22 – NPFG Insured
|
6/15 at 100.00
|
A+
|
5,353,750
|
|||||
|
Loudoun County Industrial Development Authority, Virginia, Lease Revenue Bonds, Public Safety Facilities, Series 2003A:
|
|||||||||
|
1,150
|
5.250%, 12/15/22 – AGM Insured
|
6/14 at 100.00
|
AA+
|
1,256,272
|
|||||
|
500
|
5.250%, 12/15/23 – AGM Insured
|
6/14 at 100.00
|
AA+
|
545,538
|
|||||
|
10,650
|
Total Virginia
|
11,484,600
|
|
Nuveen Investments
|
63
|
|
Nuveen Premium Income Municipal Opportunity Fund (continued)
|
||
|
(formerly known as Nuveen Insured Premium Income Municipal Fund 2)
|
||
|
NPX
|
Portfolio of Investments
|
|
|
April 30, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Washington – 4.7% (3.2% of Total Investments)
|
|||||||||
|
$
|
1,370
|
Clark County School District 101, La Center, Washington, General Obligation Bonds, Series 2002, 5.000%, 12/01/22 (Pre-refunded 12/01/12) – AGM Insured
|
12/12 at 100.00
|
Aa1 (4)
|
$
|
1,408,593
|
|||
|
3,000
|
King County, Washington, Sewer Revenue Bonds, Series 2007, 5.000%, 1/01/42 – AGM Insured
|
7/17 at 100.00
|
AA+
|
3,253,050
|
|||||
|
4,900
|
Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.625%, 1/01/35
|
1/21 at 100.00
|
A
|
5,282,641
|
|||||
|
6,200
|
Washington State, General Obligation Purpose Bonds, Series 2003A, 5.000%, 7/01/20 (Pre-refunded 7/01/12) – FGIC Insured
|
7/12 at 100.00
|
AA+ (4)
|
6,250,530
|
|||||
|
10,855
|
Washington, General Obligation Bonds, Series 2000S-5, 0.000%, 1/01/20 – FGIC Insured
|
No Opt. Call
|
AA+
|
9,279,612
|
|||||
|
26,325
|
Total Washington
|
25,474,426
|
|||||||
|
Wisconsin – 0.8% (0.5% of Total Investments)
|
|||||||||
|
3,775
|
Wisconsin State, General Obligation Bonds, Series 2006A, 4.750%, 5/01/25 – FGIC Insured
|
5/16 at 100.00
|
AA
|
4,241,288
|
|||||
|
Wyoming – 0.4% (0.3% of Total Investments)
|
|||||||||
|
Teton County Hospital District, Wyoming, Hospital Revenue Bonds, St. John’s Medical Center Project, Series 2011B:
|
|||||||||
|
1,000
|
5.500%, 12/01/27
|
12/21 at 100.00
|
BBB
|
1,085,650
|
|||||
|
1,000
|
6.000%, 12/01/36
|
12/21 at 100.00
|
BBB
|
1,109,538
|
|||||
|
2,000
|
Total Wyoming
|
2,195,188
|
|||||||
|
$
|
985,696
|
Total Investments (cost $745,217,302) – 147.9%
|
796,014,815
|
||||||
|
Floating Rate Obligations – (10.5)%
|
(56,320,000
|
) | |||||||
|
Variable Rate Demand Preferred Shares, at Liquidation Value – (40.7)% (6)
|
(219,000,000
|
) | |||||||
|
Other Assets Less Liabilities – 3.3%
|
17,668,972
|
||||||||
|
Net Assets Applicable to Common Shares – 100%
|
$
|
538,363,787
|
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
|
|
|
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
|
|
(3)
|
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
|
|
(4)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
|
|
|
(5)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations of investments in inverse floating rate transactions.
|
|
|
(6)
|
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 27.5%.
|
|
|
N/R
|
Not rated.
|
|
|
(ETM)
|
Escrowed to maturity.
|
|
|
(IF)
|
Inverse floating rate investment.
|
|
|
(UB)
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
|
See accompanying notes to financial statements.
|
64
|
Nuveen Investments
|
|
Nuveen Dividend Advantage Municipal Income Fund
|
||
|
(formerly known as Nuveen Insured Dividend Advantage Municipal Fund)
|
||
|
NVG
|
Portfolio of Investments
|
|
|
April 30, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Municipal Bonds – 144.9% (99.8% of Total Investments)
|
|||||||||
|
Alabama – 0.5% (0.4% of Total Investments)
|
|||||||||
|
$
|
2,270
|
Auburn University, Alabama, General Fee Revenue Bonds, Series 2012A, 5.000%, 6/01/34
|
6/22 at 100.00
|
Aa2
|
$
|
2,574,748
|
|||
|
Alaska – 3.3% (2.2% of Total Investments)
|
|||||||||
|
15,000
|
Alaska, International Airport System Revenue Bonds, Series 2002B, 5.250%, 10/01/27 (Pre-refunded 10/01/12) – AMBAC Insured
|
10/12 at 100.00
|
Aa3 (4)
|
15,318,450
|
|||||
|
Arizona – 2.4% (1.7% of Total Investments)
|
|||||||||
|
5,000
|
Phoenix Civic Improvement Corporation, Arizona, Senior Lien Airport Revenue Bonds, Series 2002B, 5.250%, 7/01/32 – FGIC Insured (Alternative Minimum Tax)
|
7/12 at 100.00
|
AA–
|
5,008,950
|
|||||
|
6,000
|
Phoenix, Arizona, Civic Improvement Revenue Bonds, Civic Plaza, Series 2005B, 0.000%, 7/01/37 – FGIC Insured
|
No Opt. Call
|
AA
|
6,348,300
|
|||||
|
11,000
|
Total Arizona
|
11,357,250
|
|||||||
|
California – 18.8% (12.9% of Total Investments)
|
|||||||||
|
2,000
|
Alameda Corridor Transportation Authority, California, Subordinate Lien Revenue Bonds, Series 2004A, 0.000%, 10/01/20 – AMBAC Insured
|
No Opt. Call
|
BBB+
|
1,334,020
|
|||||
|
6,160
|
Alhambra Unified School District, Los Angeles County, California, General Obligation Bonds, Capital Appreciation Series 2009B, 0.000%, 8/01/30 – AGC Insured
|
No Opt. Call
|
AA–
|
2,424,206
|
|||||
|
California Educational Facilities Authority, Revenue Bonds, Occidental College, Series 2005A:
|
|||||||||
|
1,485
|
5.000%, 10/01/26 – NPFG Insured
|
10/15 at 100.00
|
Aa3
|
1,599,701
|
|||||
|
1,565
|
5.000%, 10/01/27 – NPFG Insured
|
10/15 at 100.00
|
Aa3
|
1,681,514
|
|||||
|
10,000
|
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children’s Hospital, Series 2012A, 5.000%, 8/15/51
|
8/22 at 100.00
|
AA
|
10,606,500
|
|||||
|
3,130
|
California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Series 2012A, 5.000%, 4/01/42
|
4/22 at 100.00
|
A+
|
3,348,380
|
|||||
|
2,000
|
Ceres Unified School District, Stanislaus County, California, General Obligation Bonds, Series 2002B, 0.000%, 8/01/33 – FGIC Insured
|
8/12 at 29.17
|
A+
|
574,060
|
|||||
|
14,345
|
Corona-Norco Unified School District, Riverside County, California, General Obligation Bonds, Capital Appreciation, Election 2006 Refunding Series 2009C, 0.000%, 8/01/39 – AGM Insured
|
No Opt. Call
|
Aa2
|
3,417,983
|
|||||
|
El Rancho Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2010 Series 2011A:
|
|||||||||
|
2,615
|
0.000%, 8/01/31 – AGM Insured
|
8/28 at 100.00
|
Aa3
|
1,612,697
|
|||||
|
3,600
|
0.000%, 8/01/34 – AGM Insured
|
8/28 at 100.00
|
Aa3
|
2,166,876
|
|||||
|
2,425
|
Fullerton Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2005, 5.000%, 9/01/27 – AMBAC Insured
|
9/15 at 100.00
|
A
|
2,449,444
|
|||||
|
18,665
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/35 – FGIC Insured
|
6/15 at 100.00
|
A2
|
18,895,513
|
|||||
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
|
|||||||||
|
3,275
|
4.500%, 6/01/27
|
6/17 at 100.00
|
BB–
|
2,803,367
|
|||||
|
1,255
|
5.000%, 6/01/33
|
6/17 at 100.00
|
BB–
|
990,835
|
|||||
|
1,000
|
5.750%, 6/01/47
|
6/17 at 100.00
|
BB–
|
824,040
|
|||||
|
365
|
5.125%, 6/01/47
|
6/17 at 100.00
|
BB–
|
271,491
|
|||||
|
1,990
|
Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%, 11/01/25 – AGM Insured
|
No Opt. Call
|
Aa2
|
1,145,862
|
|||||
|
7,935
|
Los Angeles, California, Certificates of Participation, Municipal Improvement Corporation, Real Property Program Series 2002-AQ, 5.300%, 4/01/32 – AMBAC Insured
|
6/12 at 100.00
|
A+
|
7,946,744
|
|||||
|
Oceanside Unified School District, San Diego County, California, General Obligation Bonds, Series 2009A:
|
|||||||||
|
5,905
|
0.000%, 8/01/26 – AGC Insured
|
No Opt. Call
|
AA–
|
3,090,382
|
|||||
|
2,220
|
0.000%, 8/01/28 – AGC Insured
|
No Opt. Call
|
AA–
|
1,008,368
|
|||||
|
2,675
|
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 – AGC Insured
|
8/29 at 100.00
|
AA–
|
2,132,831
|
|
Nuveen Investments
|
65
|
|
Nuveen Dividend Advantage Municipal Income Fund (continued)
|
||
|
(formerly known as Nuveen Insured Dividend Advantage Municipal Fund)
|
||
|
NVG
|
Portfolio of Investments
|
|
|
April 30, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
California (continued)
|
|||||||||
|
$
|
4,150
|
Placentia-Yorba Linda Unified School District, Orange County, California, Certificates of Participation, Series 2011, 0.000%, 10/01/28 – AGM Insured
|
10/21 at 100.00
|
AA–
|
$
|
3,646,149
|
|||
|
San Francisco Unified School District, California, General Obligation Bonds, Series 2007A:
|
|||||||||
|
1,000
|
3.000%, 6/15/25 – AGM Insured
|
6/17 at 100.00
|
Aa2
|
1,002,390
|
|||||
|
1,180
|
3.000%, 6/15/26 – AGM Insured
|
6/17 at 100.00
|
Aa2
|
1,165,226
|
|||||
|
6,820
|
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C, 4.250%, 8/01/30 – NPFG Insured
|
8/17 at 100.00
|
BBB
|
5,995,735
|
|||||
|
4,275
|
Sequoia Union High School District, San Mateo County, California, General Obligation Bonds, Series 2006, 3.500%, 7/01/29 – AGM Insured
|
7/14 at 102.00
|
Aa1
|
4,307,105
|
|||||
|
1,690
|
Ventura County Community College District, California, General Obligation Bonds, Series 2005B, 5.000%, 8/01/28 – NPFG Insured
|
8/15 at 100.00
|
AA
|
1,860,910
|
|||||
|
113,725
|
Total California
|
88,302,329
|
|||||||
|
Colorado – 6.0% (4.1% of Total Investments)
|
|||||||||
|
17,300
|
Adams County, Colorado, FHA-Insured Mortgage Revenue Bonds, Platte Valley Medical Center, Series 2005, 5.000%, 8/01/24 – NPFG Insured
|
8/15 at 100.00
|
BBB
|
18,489,721
|
|||||
|
750
|
Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/32 – SYNCORA GTY Insured
|
10/16 at 100.00
|
BBB–
|
756,285
|
|||||
|
17,000
|
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/25 – NPFG Insured
|
No Opt. Call
|
BBB
|
8,747,350
|
|||||
|
35,050
|
Total Colorado
|
27,993,356
|
|||||||
|
District of Columbia – 1.7% (1.2% of Total Investments)
|
|||||||||
|
6,805
|
District of Columbia, Revenue Bonds, Georgetown University, Series 2007A, 4.500%, 4/01/42 – AMBAC Insured
|
4/17 at 100.00
|
A–
|
6,932,526
|
|||||
|
935
|
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1606, 11.096%, 10/01/30 – AMBAC Insured (IF)
|
10/16 at 100.00
|
AA+
|
1,037,785
|
|||||
|
7,740
|
Total District of Columbia
|
7,970,311
|
|||||||
|
Florida – 10.8% (7.4% of Total Investments)
|
|||||||||
|
3,000
|
Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 – AGM Insured
|
10/21 at 100.00
|
AA–
|
3,241,980
|
|||||
|
Florida Municipal Loan Council, Revenue Bonds, Series 2003B:
|
|||||||||
|
2,305
|
5.250%, 12/01/17 – NPFG Insured
|
12/13 at 100.00
|
A–
|
2,434,748
|
|||||
|
1,480
|
5.250%, 12/01/18 – NPFG Insured
|
12/13 at 100.00
|
A–
|
1,558,914
|
|||||
|
5,945
|
Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Bonds, Series 2002B, 5.125%, 10/01/21 – AGM Insured (Alternative Minimum Tax)
|
10/12 at 100.00
|
Aa3
|
6,033,224
|
|||||
|
5,655
|
Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Bonds, Series 2002B, 5.125%, 10/01/21 (Pre-refunded 10/01/12) – AGM Insured (Alternative Minimum Tax)
|
10/12 at 100.00
|
Aa3 (4)
|
5,753,906
|
|||||
|
2,335
|
Lee County, Florida, Airport Revenue Refunding Bonds, Series 2011A, 5.375%, 10/01/32 – AGM Insured (Alternative Minimum Tax)
|
8/21 at 100.00
|
AA–
|
2,542,255
|
|||||
|
1,545
|
Miami, Florida, Special Obligation Non-Ad Valorem Revenue Refunding Bonds, Series 2011A, 6.000%, 2/01/31 – AGM Insured
|
2/21 at 100.00
|
AA–
|
1,757,129
|
|||||
|
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2002:
|
|||||||||
|
7,165
|
5.625%, 10/01/15 – FGIC Insured (Alternative Minimum Tax)
|
10/12 at 100.00
|
A2
|
7,292,752
|
|||||
|
5,600
|
5.750%, 10/01/16 – FGIC Insured (Alternative Minimum Tax)
|
10/12 at 100.00
|
A2
|
5,696,656
|
|||||
|
10,000
|
5.125%, 10/01/21 – FGIC Insured (Alternative Minimum Tax)
|
10/12 at 100.00
|
A2
|
10,106,600
|
|||||
|
2,000
|
5.250%, 10/01/22 – FGIC Insured (Alternative Minimum Tax)
|
10/12 at 100.00
|
A2
|
2,020,620
|
|||||
|
1,000
|
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Series 2007, 5.000%, 8/15/42 (UB)
|
8/17 at 100.00
|
AA
|
1,040,670
|
|||||
|
1,000
|
Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/28 – NPFG Insured
|
10/15 at 100.00
|
AA
|
1,093,280
|
|||||
|
49,030
|
Total Florida
|
50,572,734
|
|
66
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Georgia – 2.4% (1.7% of Total Investments)
|
|||||||||
|
$
|
6,925
|
Atlanta and Fulton County Recreation Authority, Georgia, Guaranteed Revenue Bonds, Park Improvement, Series 2005A, 5.000%, 12/01/30 – NPFG Insured
|
12/15 at 100.00
|
Aa2
|
$
|
7,537,793
|
|||
|
1,000
|
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2004, 5.000%, 11/01/22 – AGM Insured
|
11/14 at 100.00
|
AA–
|
1,072,120
|
|||||
|
1,000
|
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University Project, Refunding Series 2012C, 5.250%, 10/01/27 (WI/DD, Settling 5/15/12)
|
10/22 at 100.00
|
Baa2
|
1,058,810
|
|||||
|
1,710
|
Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South Georgia Medical Center Project, Series 2011B, 5.000%, 10/01/41
|
10/21 at 100.00
|
Aa2
|
1,847,929
|
|||||
|
10,635
|
Total Georgia
|
11,516,652
|
|||||||
|
Idaho – 1.0% (0.7% of Total Investments)
|
|||||||||
|
Idaho Housing and Finance Association, Grant and Revenue Anticipation Bonds, Federal Highway Trust Funds, Series 2006:
|
|||||||||
|
3,000
|
5.000%, 7/15/23 – NPFG Insured
|
7/16 at 100.00
|
Aa2
|
3,426,330
|
|||||
|
1,130
|
5.000%, 7/15/24 – NPFG Insured
|
7/16 at 100.00
|
Aa2
|
1,287,115
|
|||||
|
4,130
|
Total Idaho
|
4,713,445
|
|||||||
|
Illinois – 11.7% (8.0% of Total Investments)
|
|||||||||
|
Chicago, Illinois, Second Lien Passenger Facility Charge Revenue Bonds, O’Hare International Airport, Series 2001C:
|
|||||||||
|
4,250
|
5.500%, 1/01/16 – AMBAC Insured (Alternative Minimum Tax)
|
7/12 at 100.00
|
AA
|
4,263,558
|
|||||
|
4,485
|
5.500%, 1/01/17 – AMBAC Insured (Alternative Minimum Tax)
|
7/12 at 100.00
|
AA
|
4,497,917
|
|||||
|
4,730
|
5.500%, 1/01/18 – AMBAC Insured (Alternative Minimum Tax)
|
7/12 at 100.00
|
AA
|
4,743,622
|
|||||
|
2,930
|
5.500%, 1/01/19 – AMBAC Insured (Alternative Minimum Tax)
|
7/12 at 100.00
|
AA
|
2,938,438
|
|||||
|
3,600
|
Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport, Series 2005A, 5.250%, 1/01/24 – NPFG Insured
|
1/16 at 100.00
|
A1
|
3,909,996
|
|||||
|
3,000
|
Chicago, Illinois, Third Lien General Airport Revenue Refunding Bonds, O’Hare International Airport, Series 2002A, 5.750%, 1/01/17 – NPFG Insured (Alternative Minimum Tax)
|
7/12 at 100.00
|
A1
|
3,009,270
|
|||||
|
4,000
|
Cicero, Cook County, Illinois, General Obligation Corporate Purpose Bonds, Series 2002, 5.000%, 12/01/21 – NPFG Insured
|
12/12 at 101.00
|
BBB
|
4,085,680
|
|||||
|
Community College District 523, Counties of DeKalb, Kane, LaSalle, Lee, Ogle, Winnebago, and Boone, Illinois, General Obligation Bonds, Kishwaukee Community College, Capital Appreciation, Series 2011B:
|
|||||||||
|
2,500
|
0.000%, 2/01/33
|
2/21 at 44.26
|
AA
|
740,400
|
|||||
|
2,000
|
0.000%, 2/01/34
|
2/21 at 41.04
|
AA
|
548,880
|
|||||
|
480
|
DuPage County Community School District 200, Wheaton, Illinois, General Obligation Bonds, Series 2003C, 5.250%, 10/01/22 – AGM Insured
|
10/13 at 100.00
|
Aa3
|
509,347
|
|||||
|
DuPage County Community School District 200, Wheaton, Illinois, General Obligation Bonds, Series 2003C:
|
|||||||||
|
770
|
5.250%, 10/01/22 (Pre-refunded 10/01/13) – AGM Insured
|
10/13 at 100.00
|
Aa3 (4)
|
823,777
|
|||||
|
250
|
5.250%, 10/01/22 (Pre-refunded 10/01/13) – AGM Insured
|
10/13 at 100.00
|
Aa3 (4)
|
267,460
|
|||||
|
5,000
|
Illinois Finance Authority, Revenue Bonds, The University of Chicago, Series 2012A, 5.000%, 10/01/51
|
10/21 at 100.00
|
Aa1
|
5,411,500
|
|||||
|
3,500
|
Illinois Municipal Electric Agency, Power Supply System Revenue Bonds, Series 2007A, 5.000%, 2/01/35 – FGIC Insured
|
2/17 at 100.00
|
A+
|
3,731,805
|
|||||
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1:
|
|||||||||
|
25,000
|
0.000%, 6/15/44 – AGM Insured
|
No Opt. Call
|
AAA
|
4,478,500
|
|||||
|
17,465
|
0.000%, 6/15/45 – AGM Insured
|
No Opt. Call
|
AAA
|
2,956,126
|
|||||
|
3,335
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Tender Option Bond Trust 3861, 13.397%, 6/15/42 (IF) (5)
|
6/20 at 100.00
|
AAA
|
3,765,048
|
|||||
|
3,900
|
Rosemont, Illinois, General Obligation Bonds, Series 2011A, 5.600%,
|
12/20 at 100.00
|
AA–
|
4,273,815
|
|||||
| 12/01/35 – AGM Insured | |||||||||
|
91,195
|
Total Illinois
|
54,955,139
|
|
Nuveen Investments
|
67
|
|
Nuveen Dividend Advantage Municipal Income Fund (continued)
|
||
|
(formerly known as Nuveen Insured Dividend Advantage Municipal Fund)
|
||
|
NVG
|
Portfolio of Investments
|
|
|
April 30, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Indiana – 10.6% (7.3% of Total Investments)
|
|||||||||
|
$
|
3,380
|
Evansville, Indiana, Sewerage Works Revenue Refunding Bonds, Series 2003A, 5.000%, 7/01/20 - AMBAC Insured
|
7/13 at 100.00
|
A1
|
$
|
3,511,752
|
|||
|
10,000
|
Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Marion General Hospital, Series 2002, 5.250%, 7/01/32 – AMBAC Insured
|
7/12 at 100.00
|
A+
|
10,017,700
|
|||||
|
3,215
|
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
|
1/17 at 100.00
|
A+
|
3,421,660
|
|||||
|
5,000
|
Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A, 5.500%, 1/01/38 – AGC Insured
|
1/19 at 100.00
|
AA–
|
5,575,800
|
|||||
|
20,000
|
Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project, Series 2002A, 5.250%, 7/01/33 (Pre-refunded 7/01/12) – NPFG Insured
|
7/12 at 100.00
|
AA+ (4)
|
20,170,400
|
|||||
|
6,960
|
Valparaiso Middle School Building Corporation, Indiana, First Mortgage Refunding Bonds, Series 2002, 5.000%, 7/15/24 – NPFG Insured
|
1/13 at 100.00
|
AA+
|
7,091,405
|
|||||
|
48,555
|
Total Indiana
|
49,788,717
|
|||||||
|
Kansas – 0.8% (0.6% of Total Investments)
|
|||||||||
|
3,500
|
Kansas Development Finance Authority, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
|
1/20 at 100.00
|
AA
|
3,734,955
|
|||||
|
Kentucky – 1.9% (1.3% of Total Investments)
|
|||||||||
|
2,415
|
Kentucky State Property and Buildings Commission, Revenue Bonds, Project 93, Refunding Series 2009, 5.250%, 2/01/20 – AGC Insured
|
2/19 at 100.00
|
AA–
|
2,937,678
|
|||||
|
5,350
|
Louisville/Jefferson County Metro Government, Kentucky, Revenue Bonds, Catholic Health Initiatives, Series 2012A, 5.000%, 12/01/35
|
6/22 at 100.00
|
AA
|
5,820,372
|
|||||
|
7,765
|
Total Kentucky
|
8,758,050
|
|||||||
|
Louisiana – 4.3% (3.0% of Total Investments)
|
|||||||||
|
1,000
|
Jefferson Parish Hospital District1, Louisiana, Hospital Revenue Bonds, West Jefferson Medical Center, Refunding Series 2011A, 6.000%, 1/01/39 – AGM Insured
|
1/21 at 100.00
|
AA–
|
1,131,540
|
|||||
|
5,000
|
Lafayette Public Trust Financing Authority, Louisiana, Revenue Bonds, Ragin’ Cajun Facilities Inc. Project, Series 2010, 5.500%, 10/01/41 – AGM Insured
|
10/20 at 100.00
|
AA–
|
5,533,350
|
|||||
|
1,325
|
Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital, Series 2004, 5.250%, 7/01/24 – NPFG Insured
|
7/14 at 100.00
|
BBB
|
1,404,752
|
|||||
|
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:
|
|||||||||
|
770
|
4.750%, 5/01/39 – AGM Insured (UB)
|
5/16 at 100.00
|
Aa1
|
799,968
|
|||||
|
8,270
|
4.500%, 5/01/41 – FGIC Insured (UB)
|
5/16 at 100.00
|
Aa1
|
8,456,902
|
|||||
|
3
|
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006, Residuals 660-5, 15.683%, 5/01/34 – FGIC Insured (IF)
|
5/16 at 100.00
|
Aa1
|
3,634
|
|||||
|
3,085
|
New Orleans, Louisiana, General Obligation Refunding Bonds, Series 2002, 5.125%, 9/01/21 – NPFG Insured
|
9/12 at 100.00
|
A3
|
3,120,539
|
|||||
|
19,453
|
Total Louisiana
|
20,450,685
|
|||||||
|
Massachusetts – 0.8% (0.6% of Total Investments)
|
|||||||||
|
1,000
|
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Commonwealth Contract Assistance Secured, Refunding Series 2010B, 5.000%, 1/01/35
|
1/20 at 100.00
|
AA+
|
1,106,820
|
|||||
|
2,775
|
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 – AGM Insured (UB) (5)
|
2/17 at 100.00
|
AA+
|
2,857,251
|
|||||
|
3,775
|
Total Massachusetts
|
3,964,071
|
|||||||
|
Michigan – 1.1% (0.7% of Total Investments)
|
|||||||||
|
3,230
|
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011, 5.000%, 12/01/39
|
12/21 at 100.00
|
AA
|
3,480,971
|
|||||
|
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A:
|
|||||||||
|
275
|
5.000%, 12/01/31 (Pre-refunded 12/01/16) (UB)
|
12/16 at 100.00
|
N/R (4)
|
326,565
|
|||||
|
1,225
|
5.000%, 12/01/31 (UB)
|
12/16 at 100.00
|
AA
|
1,282,355
|
|||||
|
4,730
|
Total Michigan
|
5,089,891
|
|
68
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Minnesota – 0.5% (0.3% of Total Investments)
|
|||||||||
|
$
|
1,970
|
Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Refunding Series 2009A, 5.000%, 1/01/15 – AGC Insured
|
No Opt. Call
|
AA–
|
$
|
2,187,803
|
|||
|
Missouri – 0.4% (0.3% of Total Investments)
|
|||||||||
|
1,600
|
St. Louis County Pattonville School District R3, Missouri, General Obligation Bonds, Series 2004, 5.250%, 3/01/19 (Pre-refunded 3/01/14) – AGM Insured
|
3/14 at 100.00
|
AA (4)
|
1,743,424
|
|||||
|
Nebraska – 1.9% (1.3% of Total Investments)
|
|||||||||
|
6,360
|
Lincoln, Nebraska, Electric System Revenue Bonds, Series 2005, 5.000%, 9/01/32
Municipal Energy Agency of Nebraska, Power Supply System Revenue Bonds, Series 2003A:
|
9/15 at 100.00
|
AA
|
7,045,417
|
|||||
|
1,000
|
5.250%, 4/01/20 (Pre-refunded 4/01/13) – AGM Insured
|
4/13 at 100.00
|
AA– (4)
|
1,045,370
|
|||||
|
1,000
|
5.250%, 4/01/21 (Pre-refunded 4/01/13) – AGM Insured
|
4/13 at 100.00
|
AA– (4)
|
1,045,370
|
|||||
|
8,360
|
Total Nebraska
|
9,136,157
|
|||||||
|
Nevada – 2.1% (1.4% of Total Investments)
|
|||||||||
|
2,350
|
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2009C, 5.000%, 7/01/26 – AGM Insured
|
7/19 at 100.00
|
AA–
|
2,592,849
|
|||||
|
6,665
|
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.250%, 7/01/39 – AGM Insured
|
1/20 at 100.00
|
AA–
|
7,258,452
|
|||||
|
9,015
|
Total Nevada
|
9,851,301
|
|||||||
|
New Jersey – 1.3% (0.9% of Total Investments)
|
|||||||||
|
2,150
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A, 5.250%, 12/15/20
|
No Opt. Call
|
A+
|
2,632,654
|
|||||
|
1,200
|
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – AGM Insured
|
No Opt. Call
|
AA–
|
1,487,916
|
|||||
|
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
|
|||||||||
|
1,560
|
4.500%, 6/01/23
|
6/17 at 100.00
|
B1
|
1,480,159
|
|||||
|
685
|
4.750%, 6/01/34
|
6/17 at 100.00
|
B2
|
534,732
|
|||||
|
5,595
|
Total New Jersey
|
6,135,461
|
|||||||
|
New York – 6.5% (4.5% of Total Investments)
|
|||||||||
|
1,120
|
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/23 – FGIC Insured
|
2/15 at 100.00
|
BBB
|
1,215,872
|
|||||
|
3,660
|
Dormitory Authority of the State of New York, Revenue Bonds, Mental Health Services Facilities Improvements, Series 2005B, 5.000%, 2/15/23 – AMBAC Insured
|
2/15 at 100.00
|
AA–
|
4,043,824
|
|||||
|
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Tender Option Bond Trust 3518:
|
|||||||||
|
2,000
|
13.270%, 2/15/33 (IF)
|
2/19 at 100.00
|
AAA
|
2,537,660
|
|||||
|
1,335
|
13.259%, 2/15/33 (IF)
|
2/19 at 100.00
|
AAA
|
1,693,554
|
|||||
|
850
|
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47
|
2/21 at 100.00
|
A
|
960,968
|
|||||
|
3,130
|
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured
|
2/17 at 100.00
|
A
|
3,116,165
|
|||||
|
2,400
|
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2006F, 4.250%, 5/01/33 – NPFG Insured
|
11/16 at 100.00
|
A
|
2,448,192
|
|||||
|
1,900
|
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/36 – AGM Insured
|
5/21 at 100.00
|
AA–
|
2,077,764
|
|||||
|
480
|
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005B, 5.000%, 11/15/30 – AMBAC Insured
|
11/15 at 100.00
|
A
|
505,661
|
|||||
|
10,265
|
Metropolitan Transportation Authority, New York, Transportation Revenue Refunding Bonds, Series 2002A, 5.000%, 11/15/30 – AGM Insured
|
11/12 at 100.00
|
AA–
|
10,465,373
|
|||||
|
1,435
|
New York City Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium Project PILOT, Series 2009A, 7.000%, 3/01/49 – AGC Insured
|
3/19 at 100.00
|
AA–
|
1,687,818
|
|||||
|
28,575
|
Total New York
|
30,752,851
|
| Nuveen Investments | 69 |
|
Nuveen Dividend Advantage Municipal Income Fund (continued)
|
||
|
(formerly known as Nuveen Insured Dividend Advantage Municipal Fund)
|
||
|
NVG
|
Portfolio of Investments
|
|
|
April 30, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
North Carolina – 0.6% (0.4% of Total Investments)
|
|||||||||
|
$
|
2,080
|
North Carolina Medical Care Commission, FHA-Insured Mortgage Revenue Bonds, Betsy Johnson Regional Hospital Project, Series 2003, 5.375%, 10/01/24 (Pre-refunded 10/01/13) – AGM Insured
|
10/13 at 100.00
|
AA– (4)
|
$
|
2,221,544
|
|||
|
540
|
Oak Island, North Carolina, Enterprise System Revenue Bonds, Series 2009A, 6.000%, 6/01/34 - AGC Insured
|
6/19 at 100.00
|
AA–
|
617,317
|
|||||
|
2,620
|
Total North Carolina
|
2,838,861
|
|||||||
|
Ohio – 3.3% (2.2% of Total Investments)
|
|||||||||
|
Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Health Partners, Refunding and Improvement Series 2012A:
|
|||||||||
|
770
|
5.000%, 5/01/33 (WI/DD, Settling 5/10/12) – AGM Insured
|
5/22 at 100.00
|
AA–
|
838,599
|
|||||
|
1,750
|
4.000%, 5/01/33 (WI/DD, Settling 5/10/12) – AGM Insured
|
5/22 at 100.00
|
AA–
|
1,714,650
|
|||||
|
980
|
5.000%, 5/01/42 (WI/DD, Settling 5/10/12) – AGM Insured
|
5/22 at 100.00
|
AA–
|
1,044,729
|
|||||
|
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
|
|||||||||
|
865
|
5.125%, 6/01/24
|
6/17 at 100.00
|
B
|
707,112
|
|||||
|
710
|
5.875%, 6/01/30
|
6/17 at 100.00
|
B+
|
572,189
|
|||||
|
815
|
5.750%, 6/01/34
|
6/17 at 100.00
|
BB
|
636,010
|
|||||
|
1,880
|
5.875%, 6/01/47
|
6/17 at 100.00
|
BB
|
1,469,408
|
|||||
|
4,650
|
Middletown City School District, Butler County, Ohio, General Obligation Bonds, Refunding Series 2007, 5.250%, 12/01/28 – AGM Insured
|
No Opt. Call
|
Aa3
|
5,611,527
|
|||||
|
2,500
|
Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, Cleveland Clinic Health System Obligated Group, Series 2012A, 5.000%, 1/01/38 (WI/DD, Settling 5/09/12)
|
1/22 at 100.00
|
Aa2
|
2,729,100
|
|||||
|
14,920
|
Total Ohio
|
15,323,324
|
|||||||
|
Oklahoma – 0.4% (0.3% of Total Investments)
|
|||||||||
|
2,000
|
Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007, 5.000%, 2/15/37
|
2/17 at 100.00
|
A
|
2,092,080
|
|||||
|
Oregon – 0.7% (0.5% of Total Investments)
|
|||||||||
|
3,000
|
Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Series 2009A, 5.000%, 11/15/33
|
5/19 at 100.00
|
AAA
|
3,397,590
|
|||||
|
Pennsylvania – 4.8% (3.3% of Total Investments)
|
|||||||||
|
4,500
|
Allegheny County, Pennsylvania, Airport Revenue Refunding Bonds, Pittsburgh International Airport, Series 1997A, 5.750%, 1/01/13 – NPFG Insured (Alternative Minimum Tax)
|
No Opt. Call
|
A–
|
4,614,705
|
|||||
|
1,050
|
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40 – AGM Insured
|
1/20 at 100.00
|
AA–
|
1,130,556
|
|||||
|
4,130
|
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured (UB)
|
12/16 at 100.00
|
Aa2
|
4,251,380
|
|||||
|
1,050
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 – AMBAC Insured
|
6/16 at 100.00
|
Aa3
|
1,173,207
|
|||||
|
6,000
|
Pennsylvania Turnpike Commission, Turnpike Subordinate Revenue Bonds, Series 2009C, 0.000%, 6/01/33 – AGM Insured
|
6/26 at 100.00
|
AA–
|
5,943,660
|
|||||
|
2,000
|
Philadelphia Municipal Authority, Pennsylvania, Lease Revenue Bonds, Series 2003B, 5.250%, 11/15/18 – AGM Insured
|
11/13 at 100.00
|
AA–
|
2,093,040
|
|||||
|
2,000
|
Reading School District, Berks County, Pennsylvania, General Obligation Bonds, Series 2005, 5.000%, 1/15/19 – AGM Insured (UB)
|
1/16 at 100.00
|
AA–
|
2,253,840
|
|||||
|
1,000
|
State Public School Building Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia School District, Series 2003, 5.000%, 6/01/23 (Pre-refunded 6/01/13) – AGM Insured
|
6/13 at 100.00
|
AA+ (4)
|
1,051,130
|
|||||
|
21,730
|
Total Pennsylvania
|
22,511,518
|
|||||||
|
Puerto Rico – 0.9% (0.6% of Total Investments)
|
|||||||||
|
1,225
|
Puerto Rico Municipal Finance Agency, Series 2005C, 5.250%, 8/01/21 – CIFG Insured
|
No Opt. Call
|
AA–
|
1,351,249
|
|||||
|
8,480
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Senior Series 2011C, 0.000%, 8/01/39
|
No Opt. Call
|
Aa2
|
1,889,853
|
|||||
|
5,000
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/42 – NPFG Insured
|
No Opt. Call
|
Aa2
|
912,900
|
|||||
|
14,705
|
Total Puerto Rico
|
4,154,002
|
|
70
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
South Carolina – 1.4% (1.0% of Total Investments)
|
|||||||||
|
$
|
1,950
|
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2006, 5.000%, 12/01/28 – AGM Insured
|
12/16 at 100.00
|
AA
|
$
|
2,166,470
|
|||
|
Greenville, South Carolina, Tax Increment Revenue Improvement Bonds, Series 2003:
|
|||||||||
|
1,000
|
5.500%, 4/01/17 (Pre-refunded 4/01/13) – NPFG Insured
|
4/13 at 100.00
|
A– (4)
|
1,048,610
|
|||||
|
2,300
|
5.000%, 4/01/21 (Pre-refunded 4/01/13) – NPFG Insured
|
4/13 at 100.00
|
A– (4)
|
2,401,246
|
|||||
|
1,000
|
Scago Educational Facilities Corporation, South Carolina, Installment Purchase Revenue Bonds, Spartanburg County School District 5, Series 2005, 5.000%, 4/01/21 – AGM Insured
|
10/15 at 100.00
|
AA–
|
1,129,260
|
|||||
|
6,250
|
Total South Carolina
|
6,745,586
|
|||||||
|
Tennessee – 5.5% (3.8% of Total Investments)
|
|||||||||
|
Memphis, Tennessee, Sanitary Sewerage System Revenue Bonds, Series 2004:
|
|||||||||
|
1,495
|
5.000%, 10/01/19 – AGM Insured
|
10/14 at 100.00
|
AA
|
1,640,224
|
|||||
|
1,455
|
5.000%, 10/01/20 – AGM Insured
|
10/14 at 100.00
|
AA
|
1,596,339
|
|||||
|
1,955
|
5.000%, 10/01/21 – AGM Insured
|
10/14 at 100.00
|
AA
|
2,144,909
|
|||||
|
10,000
|
Memphis-Shelby County Sports Authority, Tennessee, Revenue Bonds, Memphis Arena, Series 2002A, 5.125%, 11/01/28 (Pre-refunded 11/01/12) – AMBAC Insured
|
11/12 at 100.00
|
AA– (4)
|
10,247,100
|
|||||
|
10,000
|
Memphis-Shelby County Sports Authority, Tennessee, Revenue Bonds, Memphis Arena, Series 2002B, 5.125%, 11/01/29 (Pre-refunded 11/01/12) – AMBAC Insured
|
11/12 at 100.00
|
AA– (4)
|
10,247,100
|
|||||
|
24,905
|
Total Tennessee
|
25,875,672
|
|||||||
|
Texas – 17.3% (11.9% of Total Investments)
|
|||||||||
|
1,050
|
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding and Improvement Bonds, Series 2001A, 5.750%, 11/01/13 – NPFG Insured (Alternative Minimum Tax)
|
7/12 at 100.00
|
A+
|
1,054,515
|
|||||
|
2,600
|
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding and Improvement Bonds, Series 2012C, 5.000%, 11/01/45 (WI/DD, Settling 5/10/12)
|
11/21 at 100.00
|
A+
|
2,802,800
|
|||||
|
Harris County Health Facilities Development Corporation, Texas, Thermal Utility Revenue Bonds, TECO Project, Series 2003:
|
|||||||||
|
2,240
|
5.000%, 11/15/16 – NPFG Insured
|
11/13 at 100.00
|
AA
|
2,376,013
|
|||||
|
2,355
|
5.000%, 11/15/17 – NPFG Insured
|
11/13 at 100.00
|
AA
|
2,488,811
|
|||||
|
1,545
|
Harris County Metropolitan Transit Authority, Texas, Sales and Use Tax Revenue Bonds, Tender Option Bond Trust 1014, 13.395%, 11/01/41 (IF)
|
11/21 at 100.00
|
AA
|
2,034,471
|
|||||
|
4,080
|
Harris County, Texas, General Obligation Toll Road Revenue Bonds, Tender Option Bond Trust 3418, 13.812%, 8/15/27 – AGM Insured (IF)
|
No Opt. Call
|
AAA
|
7,557,629
|
|||||
|
1,000
|
Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2004A, 5.250%, 5/15/24 – FGIC Insured
|
5/14 at 100.00
|
AA
|
1,079,010
|
|||||
|
3,220
|
North Fort Bend Water Authority, Texas, Water System Revenue Bonds, Series 2011, 5.000%, 12/15/36 – AGM Insured
|
12/21 at 100.00
|
AA–
|
3,465,654
|
|||||
|
North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011C:
|
|||||||||
|
2,590
|
0.000%, 9/01/43
|
9/31 at 100.00
|
AA
|
1,684,122
|
|||||
|
3,910
|
0.000%, 9/01/45
|
9/31 at 100.00
|
AA
|
2,810,586
|
|||||
|
7,400
|
Tarrant Regional Water District, Texas, Water Revenue Bonds, Refunding and Improvement Series 2012, 5.000%, 3/01/52
|
3/22 at 100.00
|
AAA
|
8,138,668
|
|||||
|
6,940
|
Texas Department of Housing and Community Affairs, Single Family Mortgage Bonds, Series 2002B, 5.550%, 9/01/33 – NPFG Insured (Alternative Minimum Tax)
|
7/12 at 100.00
|
AA+
|
6,945,760
|
|||||
|
Texas Public Finance Authority, Revenue Bonds, Texas Southern University Financing System, Series 2002:
|
|||||||||
|
3,520
|
5.125%, 11/01/20 – NPFG Insured
|
7/12 at 100.00
|
Baa1
|
3,521,021
|
|||||
|
3,520
|
5.125%, 11/01/21 – NPFG Insured
|
7/12 at 100.00
|
Baa1
|
3,520,458
|
|||||
|
Texas Student Housing Authority, Revenue Bonds, Austin Project, Senior Series 2001A:
|
|||||||||
|
9,000
|
5.375%, 1/01/23 – NPFG Insured
|
1/14 at 100.00
|
Baa2
|
8,106,660
|
|||||
|
11,665
|
5.500%, 1/01/33 – NPFG Insured
|
1/13 at 101.00
|
Baa2
|
9,601,928
|
|||||
|
5,000
|
Texas Water Development Board, Senior Lien State Revolving Fund Revenue Bonds, Series 1999B, 5.250%, 7/15/17
|
7/12 at 100.00
|
AAA
|
5,020,250
|
|||||
|
9,145
|
Texas, General Obligation Bonds, Veterans Housing Assistance Program Fund II, Series 2002A-1, 5.250%, 12/01/22 (Pre-refunded 6/01/12) (Alternative Minimum Tax)
|
6/12 at 100.00
|
Aaa
|
9,179,019
|
|||||
|
80,780
|
Total Texas
|
81,387,375
|
|
Nuveen Investments
|
71
|
|
Nuveen Dividend Advantage Municipal Income Fund (continued)
|
||
|
|
(formerly known as Nuveen Insured Dividend Advantage Municipal Fund)
|
|
|
NVG
|
Portfolio of Investments
|
|
|
April 30, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Utah – 1.4% (1.0% of Total Investments)
|
|||||||||
|
$
|
4,865
|
Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008, Trust 1193, 13.090%, 12/15/15 – AGM Insured (IF)
|
No Opt. Call
|
AAA
|
$
|
6,573,734
|
|||
|
Washington – 16.2% (11.2% of Total Investments)
|
|||||||||
|
5,265
|
Energy Northwest, Washington Public Power, Nine Canyon Wind Project Revenue Bonds, Series 2006A, 4.500%, 7/01/30 – AMBAC Insured
|
7/16 at 100.00
|
A
|
5,353,768
|
|||||
|
3,235
|
Energy Northwest, Washington, Electric Revenue Refunding Bonds, Columbia Generating Station – Nuclear Project 2, Series 2002B, 5.350%, 7/01/18 (Pre-refunded 7/01/12) – AGM Insured
|
7/12 at 100.00
|
AA– (4)
|
3,263,403
|
|||||
|
3,365
|
Energy Northwest, Washington, Electric Revenue Refunding Bonds, Columbia Generating Station – Nuclear Project 2, Series 2002B, 5.350%, 7/01/18 – AGM Insured
|
7/12 at 100.00
|
AA–
|
3,392,593
|
|||||
|
7,675
|
Energy Northwest, Washington, Electric Revenue Refunding Bonds, Nuclear Project 1, Series 2002A, 5.500%, 7/01/15 – NPFG Insured
|
7/12 at 100.00
|
Aa1
|
7,742,233
|
|||||
|
5,000
|
King County, Washington, Sewer Revenue Bonds, Refunding Series 2012, 5.000%, 1/01/52
|
1/22 at 100.00
|
AA+
|
5,420,400
|
|||||
|
2,340
|
Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Refunding Series 2012A, 5.000%, 8/01/31
|
8/22 at 100.00
|
Aa3
|
2,664,956
|
|||||
|
2,500
|
Port of Seattle, Washington, Revenue Refunding Bonds, Series 2002D, 5.750%, 11/01/15 (Pre-refunded 11/01/12) – FGIC Insured (Alternative Minimum Tax)
|
11/12 at 100.00
|
Aa2 (4)
|
2,562,500
|
|||||
|
2,200
|
Snohomish County School District 2, Everett, Washington, General Obligation Bonds, Series 2003B, 5.000%, 6/01/17 – AGM Insured
|
12/13 at 100.00
|
AA+
|
2,350,458
|
|||||
|
3,255
|
Thurston and Pierce Counties School District, Washington, General Obligation Bonds, Yelm Community Schools, Series 2003, 5.250%, 12/01/16 (Pre-refunded 6/01/13) – AGM Insured
|
6/13 at 100.00
|
Aa1 (4)
|
3,431,942
|
|||||
|
10,000
|
University of Washington, General Revenue Bonds, Refunding Series 2007, 5.000%, 6/01/37 – AMBAC Insured (UB)
|
6/17 at 100.00
|
Aaa
|
10,950,000
|
|||||
|
4,325
|
Washington State Economic Development Finance Authority, Wastewater Revenue Bonds, LOTT Project, Series 2002, 5.125%, 6/01/22 (Pre-refunded 6/01/12) – AMBAC Insured
|
6/12 at 100.00
|
Aa3 (4)
|
4,343,468
|
|||||
|
15,000
|
Washington State Health Care Facilities Authority, Revenue Bonds, Harrison Memorial Hospital, Series 1998, 5.000%, 8/15/28 – AMBAC Insured
|
8/13 at 102.00
|
N/R
|
15,050,700
|
|||||
|
3,335
|
Washington State, General Obligation Bonds, Series 2009, Trust 1212, 13.256%, 7/01/14 – AGM Insured (IF)
|
No Opt. Call
|
AA+
|
4,421,910
|
|||||
|
5,170
|
Whitman County School District 267, Pullman, Washington, General Obligation Bonds, Series 2002, 5.000%, 12/01/20 (Pre-refunded 6/01/12) – AGM Insured
|
6/12 at 100.00
|
Aa1 (4)
|
5,191,505
|
|||||
|
72,665
|
Total Washington
|
76,139,836
|
|||||||
|
Wisconsin – 1.6% (1.1% of Total Investments)
|
|||||||||
|
2,220
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Gundersen Lutheran, Series 2011A, 5.250%, 10/15/39
|
10/21 at 100.00
|
A+
|
2,363,789
|
|||||
|
5,000
|
Wisconsin, Transportation Revenue Refunding Bonds, Series 2002-1, 5.125%, 7/01/18 (Pre-refunded 7/01/12) – AMBAC Insured
|
7/12 at 100.00
|
AA+ (4)
|
5,041,798
|
|||||
|
7,220
|
Total Wisconsin
|
7,405,587
|
|||||||
|
$
|
738,328
|
Total Municipal Bonds (cost $636,152,809)
|
681,312,945
|
|
72
|
Nuveen Investments
|
|
Shares
|
Description (1)
|
Value
|
|||||
|
Investment Companies – 0.3% (0.2% of Total Investments)
|
|||||||
|
8,134
|
BlackRock MuniHoldings Fund Inc.
|
$
|
147,063
|
||||
|
13,600
|
BlackRock MuniEnhanced Fund Inc.
|
158,576
|
|||||
|
7,920
|
Dreyfus Strategic Municipal Fund
|
72,785
|
|||||
|
3,500
|
DWS Municipal Income Trust
|
48,335
|
|||||
|
9,500
|
Invesco Advantage Municipal Income Fund II
|
124,735
|
|||||
|
9,668
|
Invesco Quality Municipal Income Trust
|
133,805
|
|||||
|
28,980
|
Invesco VK Investment Grade Municipal Trust
|
448,900
|
|||||
|
26,280
|
PIMCO Municipal Income Fund II
|
322,718
|
|||||
|
Total Investment Companies (cost $1,353,712)
|
1,456,917
|
||||||
|
Total Investments (cost $637,506,521) – 145.2%
|
682,769,862
|
||||||
|
Floating Rate Obligations – (6.0)%
|
(28,413,334)
|
||||||
|
MuniFund Term Preferred Shares, at Liquidation Value – (23.0)% (6)
|
(108,000,000)
|
||||||
|
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (19.7)% (6)
|
(92,500,000)
|
||||||
|
Other Assets Less Liabilities – 3.5%
|
16,277,307
|
||||||
|
Net Assets Applicable to Common Shares – 100%
|
$
|
470,133,835
|
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
|
|
|
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
|
|
(3)
|
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
|
|
(4)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
|
|
|
(5)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations of investments in inverse floating rate transactions.
|
|
|
(6)
|
MuniFund Term Preferred Shares and Variable Rate MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments are 15.8% and 13.5%, respectively.
|
|
|
N/R
|
Not rated.
|
|
|
WI/DD
|
Purchased on a when-issued or delayed delivery basis.
|
|
|
(IF)
|
Inverse floating rate investment.
|
|
|
(UB)
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
|
See accompanying notes to financial statements.
|
Nuveen Investments
|
73
|
|
Nuveen AMT-Free Municipal Income Fund
|
||
|
(formerly known as Nuveen Insured Tax-Free Advantage Municipal Fund)
|
||
|
NEA
|
Portfolio of Investments
|
|
|
April 30, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Alabama – 3.3% (2.2% of Total Investments)
|
|||||||||
|
$
|
1,000
|
Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, Series 2006C-2, 5.000%, 11/15/36 (UB)
|
11/16 at 100.00
|
AA+
|
$
|
1,046,420
|
|||
|
5,655
|
Colbert County-Northwest Health Care Authority, Alabama, Revenue Bonds, Helen Keller Hospital, Series 2003, 5.750%, 6/01/27
|
6/13 at 101.00
|
Ba1
|
5,291,949
|
|||||
|
3,515
|
Sheffield, Alabama, Electric Revenue Bonds, Series 2003, 5.500%, 7/01/29 (Pre-refunded 7/01/13) – AMBAC Insured
|
7/13 at 100.00
|
Aa3 (4)
|
3,728,431
|
|||||
|
985
|
Sheffield, Alabama, Electric Revenue Bonds, Series 2003, 5.500%, 7/01/29 – AMBAC Insured
|
1/13 at 100.00
|
Aa3
|
1,009,083
|
|||||
|
11,155
|
Total Alabama
|
11,075,883
|
|||||||
|
Arizona – 5.3% (3.6% of Total Investments)
|
|||||||||
|
10,000
|
Maricopa County Pollution Control Corporation, Arizona, Revenue Bonds, Arizona Public Service Company – Palo Verde Project, Series 2002A, 5.050%, 5/01/29 – AMBAC Insured
|
11/12 at 100.00
|
BBB
|
10,050,000
|
|||||
|
6,545
|
Phoenix, Arizona, Civic Improvement Revenue Bonds, Civic Plaza, Series 2005B, 0.000%, 7/01/37 – FGIC Insured
|
No Opt. Call
|
AA
|
6,924,937
|
|||||
|
1,000
|
Scottsdale Industrial Development Authority, Arizona, Hospital Revenue Bonds, Scottsdale Healthcare, Series 2006C Re-offering, 5.000%, 9/01/35 – AGC Insured
|
9/20 at 100.00
|
AA+
|
1,077,960
|
|||||
|
17,545
|
Total Arizona
|
18,052,897
|
|||||||
|
California – 20.2% (13.7% of Total Investments)
|
|||||||||
|
26,300
|
California State Public Works Board, Lease Revenue Bonds, Department of General Services, Capital East End Project, Series 2002A, 5.000%,
|
12/12 at 100.00
|
A2
|
26,827,841
|
|||||
| 12/01/27 – AMBAC Insured | |||||||||
|
250
|
California State, General Obligation Bonds, Series 2002, 5.250%, 4/01/30 – SYNCORA GTY Insured
|
7/12 at 100.00
|
A1
|
250,803
|
|||||
|
5
|
California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 – AMBAC Insured
|
4/14 at 100.00
|
A1
|
5,217
|
|||||
|
7,495
|
California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 (Pre-refunded 4/01/14) – AMBAC Insured
|
4/14 at 100.00
|
AA+ (4)
|
8,178,544
|
|||||
|
2,910
|
Cathedral City Public Financing Authority, California, Tax Allocation Bonds, Housing Set-Aside, Series 2002D, 5.000%, 8/01/26 – NPFG Insured
|
8/12 at 102.00
|
A
|
2,932,698
|
|||||
|
8,060
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/35 – FGIC Insured
|
6/15 at 100.00
|
A2
|
8,159,541
|
|||||
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
|
|||||||||
|
2,735
|
4.500%, 6/01/27
|
6/17 at 100.00
|
BB–
|
2,341,133
|
|||||
|
585
|
5.000%, 6/01/33
|
6/17 at 100.00
|
BB–
|
461,863
|
|||||
|
250
|
5.125%, 6/01/47
|
6/17 at 100.00
|
BB–
|
185,953
|
|||||
|
2,370
|
Irvine Public Facilities and Infrastructure Authority, California, Assessment Revenue Bonds, Series 2003C, 5.000%, 9/02/23 – AMBAC Insured
|
9/13 at 100.00
|
N/R
|
2,401,379
|
|||||
|
Plumas County, California, Certificates of Participation, Capital Improvement Program, Series 2003A:
|
|||||||||
|
1,130
|
5.250%, 6/01/19 – AMBAC Insured
|
6/13 at 101.00
|
A
|
1,169,166
|
|||||
|
1,255
|
5.250%, 6/01/21 – AMBAC Insured
|
6/13 at 101.00
|
A
|
1,293,177
|
|||||
|
1,210
|
Redding Joint Powers Financing Authority, California, Lease Revenue Bonds, Capital Improvement Projects, Series 2003A, 5.000%, 3/01/23 – AMBAC Insured
|
3/13 at 100.00
|
A
|
1,211,404
|
|||||
|
3,750
|
Sacramento Municipal Utility District, California, Electric Revenue Bonds, Series 2003R, 5.000%, 8/15/28 – NPFG Insured
|
8/13 at 100.00
|
A+
|
3,897,675
|
|||||
|
1,500
|
San Diego Community College District, California, General Obligation Bonds, Series 2003A, 5.000%, 5/01/28 (Pre-refunded 5/01/13) – AGM Insured
|
5/13 at 100.00
|
AA+ (4)
|
1,571,700
|
|||||
|
1,055
|
Turlock Irrigation District, California, Certificates of Participation, Series 2003A, 5.000%, 1/01/28 – NPFG Insured
|
1/13 at 100.00
|
A+
|
1,061,942
|
|||||
|
6,300
|
University of California, General Revenue Bonds, Tender Option Bonds Trust 2902, 5.000%, 5/15/33 – AMBAC Insured (UB)
|
5/13 at 100.00
|
Aa1
|
6,520,248
|
|||||
|
67,160
|
Total California
|
68,470,284
|
|
74
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Colorado – 5.0% (3.4% of Total Investments)
|
|||||||||
|
Bowles Metropolitan District, Colorado, General Obligation Bonds, Series 2003:
|
|||||||||
|
$
|
4,300
|
5.500%, 12/01/23 – AGM Insured
|
12/13 at 100.00
|
AA–
|
$
|
4,558,215
|
|||
|
3,750
|
5.500%, 12/01/28 – AGM Insured
|
12/13 at 100.00
|
AA–
|
3,873,113
|
|||||
|
1,450
|
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Peak-to-Peak Charter School, Series 2004, 5.250%, 8/15/24 – SYNCORA GTY Insured
|
8/14 at 100.00
|
A
|
1,505,753
|
|||||
|
4,500
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2006C-1, Trust 1090, 14.879%, 10/01/41 – AGM Insured (IF) (5)
|
4/18 at 100.00
|
AA
|
5,237,550
|
|||||
|
3,000
|
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/30 – NPFG Insured
|
No Opt. Call
|
BBB
|
1,086,780
|
|||||
|
2,900
|
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/34 – NPFG Insured
|
No Opt. Call
|
BBB
|
785,320
|
|||||
|
19,900
|
Total Colorado
|
17,046,731
|
|||||||
|
District of Columbia – 1.8% (1.2% of Total Investments)
|
|||||||||
|
7,000
|
District of Columbia, Revenue Bonds, Georgetown University, Series 2007A, 0.000%, 4/01/40 – AMBAC Insured
|
4/21 at 100.00
|
A–
|
5,259,450
|
|||||
|
665
|
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1606, 11.096%, 10/01/30 – AMBAC Insured (IF)
|
10/16 at 100.00
|
AA+
|
738,103
|
|||||
|
7,665
|
Total District of Columbia
|
5,997,553
|
|||||||
|
Florida – 19.8% (13.4% of Total Investments)
|
|||||||||
|
1,000
|
Bay County, Florida, Water System Revenue Bonds, Series 2005, 5.000%, 9/01/25 – AMBAC Insured
|
9/15 at 100.00
|
A1
|
1,059,670
|
|||||
|
Clay County, Florida, Utility System Revenue Bonds, Series 2007:
|
|||||||||
|
1,500
|
5.000%, 11/01/27 – AGM Insured (UB)
|
11/17 at 100.00
|
Aa2
|
1,622,265
|
|||||
|
3,000
|
5.000%, 11/01/32 – AGM Insured (UB)
|
11/17 at 100.00
|
Aa2
|
3,204,120
|
|||||
|
400
|
Collier County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/23 (Pre-refunded 10/01/14) – NPFG Insured
|
10/14 at 100.00
|
AA– (4)
|
444,104
|
|||||
|
565
|
Escambia County, Florida, Sales Tax Revenue Refunding Bonds, Series 2002, 5.250%, 10/01/17 - AMBAC Insured
|
10/12 at 101.00
|
A+
|
581,430
|
|||||
|
1,525
|
Fernandina Beach, Florida, Utility Acquisition and Improvement Revenue Bonds, Series 2003, 5.000%, 9/01/23 – FGIC Insured
|
9/13 at 100.00
|
BBB
|
1,537,444
|
|||||
|
500
|
Flagler County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/30 – NPFG Insured
|
10/15 at 100.00
|
A
|
521,090
|
|||||
|
100
|
Florida Housing Finance Agency, GNMA Collateralized Home Ownership Revenue Refunding Bonds, Series 1987G-1, 8.595%, 11/01/17
|
No Opt. Call
|
AA+
|
108,417
|
|||||
|
2,500
|
Florida State Board of Education, Public Education Capital Outlay Bonds, Tender Option Bond. Trust 2929, 16.390%, 12/01/16 – AGC Insured (IF)
|
No Opt. Call
|
AAA
|
3,392,925
|
|||||
|
2,240
|
FSU Financial Assistance Inc., Florida, General Revenue Bonds, Educational and Athletic Facilities Improvements, Series 2004, 5.000%, 10/01/14 – AMBAC Insured
|
No Opt. Call
|
A1
|
2,459,968
|
|||||
|
105
|
Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Refunding Bonds, Series 2003A, 5.000%, 10/01/17 – AGM Insured
|
10/13 at 100.00
|
AA–
|
110,667
|
|||||
|
350
|
Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006, 5.500%, 6/01/38 – AGM Insured
|
6/18 at 100.00
|
AA–
|
371,403
|
|||||
|
1,765
|
Highlands County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health System, Series 2005D, 5.000%, 11/15/35 – NPFG Insured
|
11/15 at 100.00
|
AA–
|
1,837,206
|
|||||
|
180
|
Highlands County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health System, Series 2005D, 5.000%, 11/15/35 (Pre-refunded 11/15/15) – NPFG Insured
|
11/15 at 100.00
|
AA– (4)
|
207,664
|
|||||
|
3,500
|
Highlands County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2003D, 5.875%, 11/15/29 (Pre-refunded 11/15/13)
|
11/13 at 100.00
|
N/R (4)
|
3,784,305
|
|||||
|
1,500
|
Hillsborough County School Board, Florida, Certificates of Participation, Series 2003, 5.000%, 7/01/29 (Pre-refunded 7/01/13) – NPFG Insured
|
7/13 at 100.00
|
Aa2 (4)
|
1,582,320
|
|||||
|
2,270
|
Jacksonville, Florida, Local Government Sales Tax Revenue Refunding and Improvement Bonds, Series 2002, 5.375%, 10/01/18 – FGIC Insured
|
10/12 at 100.00
|
AA+
|
2,311,178
|
|
Nuveen Investments
|
75
|
|
Nuveen AMT-Free Municipal Income Fund (continued)
|
||
|
(formerly known as Nuveen Insured Tax-Free Advantage Municipal Fund)
|
||
|
NEA
|
Portfolio of Investments
|
|
|
April 30, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Florida (continued)
|
|||||||||
|
$
|
2,265
|
Lakeland, Florida, Utility Tax Revenue Bonds, Series 2003B, 5.000%,
|
10/12 at 100.00
|
N/R
|
$
|
2,283,324
|
|||
| 10/01/20 – AMBAC Insured | |||||||||
|
1,730
|
Lee County, Florida, Transportation Facilities Revenue Bonds, Series 2004B, 5.000%, 10/01/22 – AMBAC Insured
|
10/14 at 100.00
|
A–
|
1,832,485
|
|||||
|
500
|
Lee Memorial Health System, Florida, Hospital Revenue Bonds, Series 2007A, 5.000%, 4/01/32 - NPFG Insured
|
4/17 at 100.00
|
A
|
513,680
|
|||||
|
3,000
|
Marco Island, Florida, Water Utility System Revenue Bonds, Series 2003, 5.000%, 10/01/27 – NPFG Insured
|
10/13 at 100.00
|
Aa3
|
3,149,280
|
|||||
|
500
|
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Refunding Series 2008B, 5.250%, 10/01/22 – AGM Insured
|
No Opt. Call
|
Aa2
|
626,370
|
|||||
|
2,000
|
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 1999A, 5.000%, 10/01/29 – FGIC Insured
|
10/12 at 100.00
|
Aa2
|
2,005,400
|
|||||
|
2,000
|
Orange County, Florida, Sales Tax Revenue Bonds, Series 2002A, 5.125%, 1/01/17 – FGIC Insured
|
1/13 at 100.00
|
AA+
|
2,059,740
|
|||||
|
1,500
|
Orange County, Florida, Sales Tax Revenue Bonds, Series 2002B, 5.125%, 1/01/32 (Pre-refunded 1/01/13) – FGIC Insured
|
1/13 at 100.00
|
AA+ (4)
|
1,548,405
|
|||||
|
3,335
|
Palm Bay, Florida, Local Optional Gas Tax Revenue Bonds, Series 2004, 5.250%, 10/01/20 – NPFG Insured
|
10/14 at 100.00
|
AA–
|
3,650,224
|
|||||
|
1,095
|
Palm Bay, Florida, Utility System Revenue Bonds, Series 2004, 5.250%, 10/01/20 – NPFG Insured
|
10/14 at 100.00
|
Aa3
|
1,202,639
|
|||||
|
2,670
|
Palm Beach County School Board, Florida, Certificates of Participation, Series 2002D, 5.000%, 8/01/28 – AGM Insured
|
8/12 at 100.00
|
AA–
|
2,693,496
|
|||||
|
Pinellas County Health Facilities Authority, Florida, Revenue Bonds, Baycare Health System, Series 2003:
|
|||||||||
|
2,800
|
5.750%, 11/15/27 (Pre-refunded 5/15/13)
|
5/13 at 100.00
|
Aa2 (4)
|
2,960,720
|
|||||
|
3,000
|
5.500%, 11/15/27 (Pre-refunded 5/15/13)
|
5/13 at 100.00
|
Aa2 (4)
|
3,164,400
|
|||||
|
1,000
|
Port Saint Lucie, Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, Series 2007, 5.000%, 7/01/33 – NPFG Insured
|
7/17 at 100.00
|
BBB
|
1,020,000
|
|||||
|
2,115
|
Port St. Lucie, Florida, Sales Tax Revenue Bonds, Series 2003, 5.000%, 9/01/23 (Pre-refunded 9/01/13) – NPFG Insured
|
9/13 at 100.00
|
A+ (4)
|
2,245,728
|
|||||
|
450
|
Port St. Lucie, Florida, Utility System Revenue Bonds, Refunding Series 2009, 5.250%, 9/01/35 – AGC Insured
|
9/18 at 100.00
|
AA–
|
492,912
|
|||||
|
4,000
|
Saint Lucie County School Board, Florida, Certificates of Participation, Master Lease Program, Series 2004A, 5.000%, 7/01/24 – AGM Insured
|
7/14 at 100.00
|
AA–
|
4,318,640
|
|||||
|
1,500
|
South Miami Health Facilities Authority, Florida, Hospital Revenue Bonds, Baptist Health Systems of South Florida, Series 2003, 5.200%, 11/15/28 (Pre-refunded 2/01/13)
|
2/13 at 100.00
|
Aaa
|
1,555,830
|
|||||
|
1,730
|
St. John’s County, Florida, Sales Tax Revenue Bonds, Series 2004A, 5.000%, 10/01/24 – AMBAC Insured
|
10/14 at 100.00
|
A+
|
1,829,216
|
|||||
|
1,200
|
Tamarac, Florida, Utility System Revenue Bonds, Series 2009, 5.000%, 10/01/39 – AGC Insured
|
10/19 at 100.00
|
Aa2
|
1,323,696
|
|||||
|
1,250
|
Volusia County Educational Facilities Authority, Florida, Revenue Refunding Bonds, Embry-Riddle Aeronautical University, Series 2003, 5.200%,
|
10/13 at 100.00
|
BBB+
|
1,252,400
|
|||||
| 10/15/33 – RAAI Insured | |||||||||
|
62,640
|
Total Florida
|
66,864,761
|
|||||||
|
Georgia – 2.5% (1.7% of Total Investments)
|
|||||||||
|
3,000
|
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.375%, 11/01/39 – AGM Insured
|
11/19 at 100.00
|
AA–
|
3,356,820
|
|||||
|
1,410
|
DeKalb County, Georgia, Water and Sewer Revenue Bonds, Series 2006A, 5.000%, 10/01/35 – AGM Insured
|
10/16 at 100.00
|
Aa2
|
1,486,112
|
|||||
|
1,825
|
Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Bonds, Second Indenture Series 2002, 5.000%, 7/01/32 (Pre-refunded 1/01/13) – NPFG Insured
|
1/13 at 100.00
|
AA+ (4)
|
1,883,510
|
|||||
|
1,450
|
Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South Georgia Medical Center Project, Series 2011B, 5.000%, 10/01/41
|
10/21 at 100.00
|
Aa2
|
1,566,957
|
|||||
|
7,685
|
Total Georgia
|
8,293,399
|
|
76
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Illinois – 9.6% (6.5% of Total Investments)
|
|||||||||
|
$
|
4,000
|
Bolingbrook, Illinois, General Obligation Refunding Bonds, Series 2002B, 0.000%, 1/01/34 – FGIC Insured
|
No Opt. Call
|
Aa3
|
$
|
1,248,800
|
|||
|
5,000
|
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien
|
1/20 at 100.00
|
AA–
|
5,479,900
|
|||||
|
Refunding Series 2010C, 5.250%, 1/01/35 – AGC Insured Cook County School District 145, Arbor Park, Illinois, General Obligation Bonds, Series 2004:
|
|||||||||
|
1,635
|
5.125%, 12/01/20 – AGM Insured
|
12/14 at 100.00
|
Aa3
|
1,753,995
|
|||||
|
1,465
|
5.125%, 12/01/23 – AGM Insured
|
12/14 at 100.00
|
Aa3
|
1,548,725
|
|||||
|
Cook County School District 145, Arbor Park, Illinois, General Obligation Bonds, Series 2004:
|
|||||||||
|
1,650
|
5.125%, 12/01/20 – AGM Insured (ETM)
|
12/14 at 100.00
|
Aa3 (4)
|
1,784,690
|
|||||
|
1,475
|
5.125%, 12/01/23 – AGM Insured (ETM)
|
12/14 at 100.00
|
Aa3 (4)
|
1,575,241
|
|||||
|
4,000
|
Illinois Finance Authority, Revenue Bonds, The University of Chicago, Series 2012A, 5.000%, 10/01/51
|
10/21 at 100.00
|
Aa1
|
4,329,200
|
|||||
|
2,500
|
Illinois Health Facilities Authority, Revenue Bonds, Lake Forest Hospital, Series 2003, 5.250%, 7/01/23
|
7/13 at 100.00
|
AA+
|
2,562,450
|
|||||
|
Illinois State, General Obligation Bonds, Series 2012A:
|
|||||||||
|
2,500
|
5.000%, 3/01/25
|
3/22 at 100.00
|
A+
|
2,716,150
|
|||||
|
4,500
|
5.000%, 3/01/27
|
3/22 at 100.00
|
A+
|
4,868,460
|
|||||
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1:
|
|||||||||
|
13,300
|
0.000%, 6/15/45 – AGM Insured
|
No Opt. Call
|
AAA
|
2,251,158
|
|||||
|
15,000
|
0.000%, 6/15/46 – AGM Insured
|
No Opt. Call
|
AAA
|
2,398,350
|
|||||
|
57,025
|
Total Illinois
|
32,517,119
|
|||||||
|
Indiana – 6.7% (4.5% of Total Investments)
|
|||||||||
|
2,500
|
Evansville, Indiana, Sewerage Works Revenue Refunding Bonds, Series 2003A, 5.000%, 7/01/23 - AMBAC Insured
|
7/13 at 100.00
|
A1
|
2,606,825
|
|||||
|
2,190
|
Indiana Bond Bank, Advance Purchase Funding Bonds, Common School Fund, Series 2003B, 5.000%, 8/01/19 (Pre-refunded 8/01/13) – NPFG Insured
|
8/13 at 100.00
|
BBB (4)
|
2,315,684
|
|||||
|
1,860
|
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
|
1/17 at 100.00
|
A+
|
1,979,561
|
|||||
|
1,000
|
Indiana University, Student Fee Revenue Bonds, Series 2003O, 5.000%, 8/01/22 (Pre-refunded 8/01/13) – FGIC Insured
|
8/13 at 100.00
|
Aaa
|
1,059,350
|
|||||
|
IPS Multi-School Building Corporation, Indiana, First Mortgage Revenue Bonds, Series 2003:
|
|||||||||
|
11,020
|
5.000%, 7/15/19 (Pre-refunded 7/15/13) – NPFG Insured
|
7/13 at 100.00
|
AA (4)
|
11,648,581
|
|||||
|
3,000
|
5.000%, 7/15/20 (Pre-refunded 7/15/13) – NPFG Insured
|
7/13 at 100.00
|
AA (4)
|
3,171,120
|
|||||
|
21,570
|
Total Indiana
|
22,781,121
|
|||||||
|
Kansas – 1.6% (1.1% of Total Investments)
|
|||||||||
|
1,560
|
Kansas Development Finance Authority, Board of Regents, Revenue Bonds, Scientific Research and Development Facilities Projects, Series 2003C, Reg S, 5.000%, 10/01/22 – AMBAC Insured
|
4/13 at 102.00
|
AA
|
1,651,541
|
|||||
|
3,440
|
Kansas Development Finance Authority, Board of Regents, Revenue Bonds, Scientific Research and Development Facilities Projects, Series 2003C, Reg S, 5.000%, 10/01/22 (Pre-refunded 4/01/13) – AMBAC Insured
|
4/13 at 102.00
|
Aa2 (4)
|
3,658,440
|
|||||
|
5,000
|
Total Kansas
|
5,309,981
|
|||||||
|
Kentucky – 0.3% (0.2% of Total Investments)
|
|||||||||
|
985
|
Kentucky State Property and Buildings Commission, Revenue Refunding Bonds, Project 77, Series 2003, 5.000%, 8/01/23 (Pre-refunded 8/01/13) – NPFG Insured
|
8/13 at 100.00
|
Aa3 (4)
|
1,043,460
|
|||||
|
Louisiana – 2.4% (1.6% of Total Investments)
|
|||||||||
|
2,000
|
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Second Lien Series 2010B, 5.000%, 5/01/45
|
5/20 at 100.00
|
AA
|
2,188,100
|
|||||
|
5,785
|
New Orleans, Louisiana, General Obligation Refunding Bonds, Series 2002, 5.300%, 12/01/27 – FGIC Insured
|
12/12 at 100.00
|
A3
|
5,900,295
|
|||||
|
7,785
|
Total Louisiana
|
8,088,395
|
|||||||
|
Massachusetts – 0.3% (0.2% of Total Investments)
|
|||||||||
|
1,125
|
Massachusetts Development Finance Authority, Revenue Bonds, Middlesex School, Series 2003, 5.125%, 9/01/23
|
9/13 at 100.00
|
A1
|
1,159,954
|
|
Nuveen Investments
|
77
|
|
Nuveen AMT-Free Municipal Income Fund (continued)
|
||
|
(formerly known as Nuveen Insured Tax-Free Advantage Municipal Fund)
|
||
|
NEA
|
Portfolio of Investments
|
|
|
April 30, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Michigan – 8.7% (5.9% of Total Investments)
|
|||||||||
|
$
|
6,130
|
Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, Series 2003A, 5.000%, 7/01/23 (Pre-refunded 7/01/13) – NPFG Insured
|
7/13 at 100.00
|
A+ (4)
|
$
|
6,466,414
|
|||
|
4,465
|
Detroit, Michigan, Senior Lien Water Supply System Revenue Refunding Bonds, Series 2003C, 5.000%, 7/01/22 – NPFG Insured
|
7/13 at 100.00
|
A+
|
4,528,582
|
|||||
|
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A:
|
|||||||||
|
180
|
5.000%, 12/01/31 (Pre-refunded 12/01/16) (UB)
|
12/16 at 100.00
|
N/R (4)
|
213,752
|
|||||
|
820
|
5.000%, 12/01/31 (UB)
|
12/16 at 100.00
|
AA
|
858,392
|
|||||
|
10,800
|
Michigan Strategic Fund, Limited Obligation Resource Recovery Revenue Refunding Bonds, Detroit Edison Company, Series 2002D, 5.250%,
|
12/12 at 100.00
|
BBB+
|
10,876,896
|
|||||
| 12/15/32 – SYNCORA GTY Insured | |||||||||
|
6,500
|
Wayne Charter County, Michigan, Limited Tax General Obligation Airport Hotel Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2001A, 5.000%, 12/01/30 – NPFG Insured
|
12/12 at 100.00
|
BBB+
|
6,512,935
|
|||||
|
28,895
|
Total Michigan
|
29,456,971
|
|||||||
|
Missouri – 0.9% (0.6% of Total Investments)
|
|||||||||
|
240
|
Clay County Public School District 53, Liberty, Missouri, General Obligation Bonds, Series 2004, 5.250%, 3/01/24 – AGM Insured
|
3/14 at 100.00
|
AA+
|
257,299
|
|||||
|
215
|
Clay County Public School District 53, Liberty, Missouri, General Obligation Bonds, Series 2004, 5.250%, 3/01/23 – AGM Insured
|
3/14 at 100.00
|
AA+
|
231,888
|
|||||
|
Clay County Public School District 53, Liberty, Missouri, General Obligation Bonds, Series 2004:
|
|||||||||
|
1,110
|
5.250%, 3/01/23 (Pre-refunded 3/01/14) – AGM Insured
|
3/14 at 100.00
|
AA+ (4)
|
1,210,566
|
|||||
|
1,260
|
5.250%, 3/01/24 (Pre-refunded 3/01/14) – AGM Insured
|
3/14 at 100.00
|
AA+ (4)
|
1,374,156
|
|||||
|
2,825
|
Total Missouri
|
3,073,909
|
|||||||
|
Nebraska – 1.5% (1.0% of Total Investments)
|
|||||||||
|
5,000
|
Lincoln, Nebraska, Sanitary Sewer Revenue Bonds, Refunding Series 2003, 5.000%, 6/15/28 – NPFG Insured
|
6/13 at 100.00
|
AA+
|
5,192,600
|
|||||
|
New Jersey – 0.4% (0.2% of Total Investments)
|
|||||||||
|
1,310
|
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 4.500%, 6/01/23
|
6/17 at 100.00
|
B1
|
1,242,954
|
|||||
|
New Mexico – 0.6% (0.4% of Total Investments)
|
|||||||||
|
1,975
|
New Mexico State University, Revenue Bonds, Series 2004, 5.000%, 4/01/19 – AMBAC Insured
|
4/14 at 100.00
|
AA
|
2,127,944
|
|||||
|
New York – 8.6% (5.8% of Total Investments)
|
|||||||||
|
650
|
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47
|
2/21 at 100.00
|
A
|
734,858
|
|||||
|
2,020
|
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured
|
2/17 at 100.00
|
A
|
2,011,072
|
|||||
|
20,000
|
Metropolitan Transportation Authority, New York, Transportation Revenue Refunding Bonds, Series 2002F, 5.000%, 11/15/31 – NPFG Insured
|
11/12 at 100.00
|
A
|
20,396,000
|
|||||
|
1,850
|
New York State Urban Development Corporation, Service Contract Revenue Bonds, Series 2005B, 5.000%, 3/15/25 – AGM Insured (UB)
|
3/15 at 100.00
|
AAA
|
2,038,053
|
|||||
|
3,335
|
New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Tender Option Bond Trust 09-6W, 13.528%, 3/15/37 (IF) (5)
|
3/17 at 100.00
|
AAA
|
4,073,936
|
|||||
|
27,855
|
Total New York
|
29,253,919
|
|||||||
|
North Carolina – 3.0% (2.0% of Total Investments)
|
|||||||||
|
675
|
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Vidant Health, Refunding Series 2012A, 5.000%, 6/01/36 (WI/DD, Settling 5/03/12)
|
6/22 at 100.00
|
A+
|
722,156
|
|||||
|
8,700
|
North Carolina Medical Care Commission, Revenue Bonds, Maria Parham Medical Center, Series 2003, 5.375%, 10/01/33 (Pre-refunded 10/01/13) – RAAI Insured
|
10/13 at 100.00
|
N/R (4)
|
9,266,370
|
|||||
|
9,375
|
Total North Carolina
|
9,988,526
|
|||||||
|
North Dakota – 0.6% (0.4% of Total Investments)
|
|||||||||
|
1,800
|
Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2012, 5.000%, 12/01/35 (WI/DD, Settling 5/09/12)
|
12/21 at 100.00
|
A–
|
1,891,566
|
|
78
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Ohio – 3.9% (2.7% of Total Investments)
|
|||||||||
|
Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Health Partners, Refunding and Improvement Series 2012A:
|
|||||||||
|
$
|
650
|
5.000%, 5/01/33 (WI/DD, Settling 5/10/12) – AGM Insured
|
5/22 at 100.00
|
AA–
|
$
|
707,909
|
|||
|
1,100
|
4.000%, 5/01/33 (WI/DD, Settling 5/10/12) – AGM Insured
|
5/22 at 100.00
|
AA–
|
1,077,780
|
|||||
|
800
|
5.000%, 5/01/42 (WI/DD, Settling 5/10/12) – AGM Insured
|
5/22 at 100.00
|
AA–
|
852,840
|
|||||
|
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
|
|||||||||
|
85
|
5.125%, 6/01/24
|
6/17 at 100.00
|
B
|
69,485
|
|||||
|
710
|
5.875%, 6/01/30
|
6/17 at 100.00
|
B+
|
572,189
|
|||||
|
685
|
5.750%, 6/01/34
|
6/17 at 100.00
|
BB
|
534,560
|
|||||
|
1,570
|
5.875%, 6/01/47
|
6/17 at 100.00
|
BB
|
1,227,112
|
|||||
|
4,000
|
Middletown City School District, Butler County, Ohio, General Obligation Bonds, Refunding Series 2007, 5.250%, 12/01/31 – AGM Insured
|
No Opt. Call
|
Aa3
|
4,874,080
|
|||||
|
3,125
|
Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, Cleveland Clinic Health System Obligated Group, Series 2012A, 5.000%, 1/01/38 (WI/DD, Settling 5/09/12)
|
1/22 at 100.00
|
Aa2
|
3,411,375
|
|||||
|
12,725
|
Total Ohio
|
13,327,330
|
|||||||
|
Oklahoma – 0.3% (0.2% of Total Investments)
|
|||||||||
|
1,000
|
Oklahoma Capitol Improvement Authority, State Facilities Revenue Bonds, Series 2005F, 5.000%, 7/01/24 – AMBAC Insured
|
7/15 at 100.00
|
AA
|
1,107,100
|
|||||
|
Oregon – 2.5% (1.7% of Total Investments)
|
|||||||||
|
8,350
|
Oregon Health and Science University, Revenue Bonds, Series 2002A, 5.000%, 7/01/32 – NPFG Insured
|
1/13 at 100.00
|
A+
|
8,417,134
|
|||||
|
Pennsylvania – 7.4% (5.0% of Total Investments)
|
|||||||||
|
3,000
|
Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, St. Luke’s Hospital of Bethlehem, Series 2003, 5.375%, 8/15/33 (Pre-refunded 8/15/13)
|
8/13 at 100.00
|
AA+ (4)
|
3,197,130
|
|||||
|
3,500
|
Pennsylvania Turnpike Commission, Turnpike Subordinate Revenue Bonds, Series 2009C, 0.000%, 6/01/33 – AGM Insured
|
6/26 at 100.00
|
AA–
|
3,467,135
|
|||||
|
2,000
|
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fourth Series 1998, 5.000%, 8/01/32 – AGM Insured
|
8/13 at 100.00
|
AA–
|
2,022,500
|
|||||
|
925
|
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 1997A, 5.125%, 8/01/27 – AMBAC Insured (ETM)
|
No Opt. Call
|
A1 (4)
|
1,126,613
|
|||||
|
1,350
|
Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Sales Tax Revenue Bonds, Refunding Series 2010, 5.000%, 2/01/31 – AGM Insured
|
8/20 at 100.00
|
AA–
|
1,482,314
|
|||||
|
13,000
|
State Public School Building Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia School District, Series 2003, 5.000%, 6/01/33 (Pre-refunded 6/01/13) – AGM Insured
|
6/13 at 100.00
|
AA+ (4)
|
13,664,690
|
|||||
|
23,775
|
Total Pennsylvania
|
24,960,382
|
|||||||
|
Puerto Rico – 1.1% (0.7% of Total Investments)
|
|||||||||
|
8,480
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Senior Series 2011C, 0.000%, 8/01/39
|
No Opt. Call
|
Aa2
|
1,889,853
|
|||||
|
10,350
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/43 – NPFG Insured
|
No Opt. Call
|
Aa2
|
1,779,372
|
|||||
|
18,830
|
Total Puerto Rico
|
3,669,225
|
|||||||
|
South Carolina – 5.5% (3.7% of Total Investments)
|
|||||||||
|
5,000
|
Florence County, South Carolina, Hospital Revenue Bonds, McLeod Regional Medical Center, Series 2004A, 5.250%, 11/01/23 – AGM Insured
|
11/14 at 100.00
|
AA–
|
5,274,000
|
|||||
|
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2003:
|
|||||||||
|
3,000
|
5.000%, 12/01/22 (UB)
|
12/13 at 100.00
|
AA
|
3,181,080
|
|||||
|
1,785
|
5.000%, 12/01/23 (UB)
|
12/13 at 100.00
|
AA
|
1,892,743
|
|||||
|
8,000
|
South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2002A, 5.000%, 10/01/33 (Pre-refunded 10/01/12) – AMBAC Insured
|
10/12 at 100.00
|
A1 (4)
|
8,137,760
|
|||||
|
17,785
|
Total South Carolina
|
18,485,583
|
|
Nuveen Investments
|
79
|
|
Nuveen AMT-Free Municipal Income Fund (continued)
|
||
|
(formerly known as Nuveen Insured Tax-Free Advantage Municipal Fund)
|
||
|
NEA
|
Portfolio of Investments
|
|
|
April 30, 2012 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Texas – 8.7% (5.9% of Total Investments)
|
|||||||||
|
$
|
1,885
|
Bexar County, Texas, Venue Project Revenue Bonds, Refunding Series 2010, 5.500%, 8/15/49 – AGM Insured
|
8/19 at 100.00
|
AA–
|
$
|
2,072,935
|
|||
|
Grand Prairie Independent School District, Dallas County, Texas, General Obligation Bonds, Series 2003:
|
|||||||||
|
1,660
|
5.375%, 2/15/26 (Pre-refunded 2/15/13) – AGM Insured
|
2/13 at 100.00
|
AA+ (4)
|
1,727,911
|
|||||
|
12,500
|
5.125%, 2/15/31 (Pre-refunded 2/15/13) – AGM Insured
|
2/13 at 100.00
|
AA+ (4)
|
12,986,750
|
|||||
|
2,000
|
Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2004A, 5.250%, 5/15/25 – NPFG Insured
|
5/14 at 100.00
|
AA
|
2,158,020
|
|||||
|
4,550
|
Houston, Texas, Subordinate Lien Airport System Revenue Refunding Bonds, Series 2012B, 5.000%, 7/01/31
|
7/22 at 100.00
|
A+
|
5,082,077
|
|||||
|
2,870
|
Hutto Independent School District, Williamson County, Texas, General Obligation Bonds, Refunding Series 2012A, 5.000%, 8/01/46 (WI/DD, Settling 5/03/12)
|
8/21 at 100.00
|
A
|
3,022,971
|
|||||
|
2,145
|
North Fort Bend Water Authority, Texas, Water System Revenue Bonds, Series 2011, 5.000%, 12/15/36 – AGM Insured
|
12/21 at 100.00
|
AA–
|
2,308,641
|
|||||
|
27,610
|
Total Texas
|
29,359,305
|
|||||||
|
Virginia – 1.0% (0.7% of Total Investments)
|
|||||||||
|
1,500
|
Hampton, Virginia, Revenue Bonds, Convention Center Project, Series 2002, 5.125%, 1/15/28 (Pre-refunded 1/15/13) – AMBAC Insured
|
1/13 at 100.00
|
Aa3 (4)
|
1,552,245
|
|||||
|
7,000
|
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Capital Appreciation Series 2009B-2, 0.000%, 10/01/36 – AGC Insured
|
No Opt. Call
|
AA–
|
1,850,170
|
|||||
|
8,500
|
Total Virginia
|
3,402,415
|
|||||||
|
Washington – 8.7% (5.9% of Total Investments)
|
|||||||||
|
4,945
|
Broadway Office Properties, King County, Washington, Lease Revenue Bonds, Washington Project, Series 2002, 5.000%, 12/01/31 – NPFG Insured
|
12/12 at 100.00
|
AAA
|
4,987,923
|
|||||
|
3,000
|
King County, Washington, Sewer Revenue Bonds, Refunding Series 2012, 5.000%, 1/01/52
|
1/22 at 100.00
|
AA+
|
3,252,240
|
|||||
|
5,000
|
King County, Washington, Sewer Revenue Bonds, Series 2006-2, 13.254%, 1/01/26 – AGM Insured (IF)
|
1/17 at 100.00
|
AA+
|
6,800,600
|
|||||
|
2,135
|
Kitsap County Consolidated Housing Authority, Washington, Revenue Bonds, Bremerton Government Center, Series 2003, 5.000%, 7/01/23 – NPFG Insured
|
7/13 at 100.00
|
Aa3
|
2,235,174
|
|||||
|
1,935
|
Pierce County School District 343, Dieringer, Washington, General Obligation Refunding Bonds, Series 2003, 5.250%, 12/01/17 (Pre-refunded 6/01/13) – FGIC Insured
|
6/13 at 100.00
|
Aa1 (4)
|
2,040,185
|
|||||
|
9,670
|
Washington State, General Obligation Bonds, Series 2003D, 5.000%, 12/01/21 (Pre-refunded 6/01/13) – NPFG Insured
|
6/13 at 100.00
|
AA+ (4)
|
10,164,425
|
|||||
|
26,685
|
Total Washington
|
29,480,547
|
|||||||
|
West Virginia – 1.0% (0.7% of Total Investments)
|
|||||||||
|
3,000
|
West Virginia State Building Commission, Lease Revenue Refunding Bonds, Regional Jail and Corrections Facility, Series 1998A, 5.375%, 7/01/21 – AMBAC Insured
|
No Opt. Call
|
N/R
|
3,341,880
|
|||||
|
Wisconsin – 4.7% (3.2% of Total Investments)
|
|||||||||
|
1,190
|
Sun Prairie Area School District, Dane County, Wisconsin, General Obligation Bonds, Series 2004C, 5.250%, 3/01/24 – AGM Insured
|
3/14 at 100.00
|
Aa2
|
1,278,417
|
|||||
|
4,605
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Franciscan Sisters of Christian Charity Healthcare Ministry, Series 2003A, 5.875%, 9/01/33 (Pre-refunded 9/01/13)
|
9/13 at 100.00
|
BBB+ (4)
|
4,936,882
|
|||||
|
2,670
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital Inc., Series 1992A, 6.000%, 12/01/22 – FGIC Insured
|
No Opt. Call
|
A1
|
3,265,170
|
|
80
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Wisconsin (continued)
|
|||||||||
|
$
|
2,650
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Health Care, Inc., Refunding 2012C, 5.000%, 8/15/32 (WI/DD, Settling 5/01/12)
|
8/22 at 100.00
|
A+
|
$
|
2,851,902
|
|||
|
3,600
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Services Inc., Series 2003A, 5.125%, 8/15/33
|
8/13 at 100.00
|
A–
|
3,630,598
|
|||||
|
14,715
|
Total Wisconsin
|
15,962,969
|
|||||||
|
$
|
529,250
|
Total Investments (cost $473,335,968) – 147.9%
|
500,443,797
|
||||||
|
Floating Rate Obligations – (3.9)%
|
(13,040,000
|
) | |||||||
|
MuniFund Term Preferred Shares, at Liquidation Value – (24.5)% (6)
|
(83,000,000
|
) | |||||||
|
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (20.0)% (6)
|
(67,600,000
|
) | |||||||
|
Other Assets Less Liabilities – 0.5%
|
1,478,092
|
||||||||
|
Net Assets Applicable to Common Shares – 100%
|
$
|
338,281,889
|
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
|
|
|
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
|
|
(3)
|
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
|
|
(4)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
|
|
|
(5)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations of investments in inverse floating rate transactions.
|
|
|
(6)
|
MuniFund Term Preferred Shares and Variable Rate MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments are 16.6% and 13.5%, respectively.
|
|
|
N/R
|
Not rated.
|
|
|
WI/DD
|
Purchased on a when-issued or delayed delivery basis.
|
|
| (ETM) | Escrowed to maturity. | |
|
(IF)
|
Inverse floating rate investment.
|
|
|
(UB)
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
|
|
| Reg S |
Regulation S allows U.S. companies to sell securities to persons or entities located outside of the United States without registering those securities with the Securities and Exchange Commission. Specifically, Regulation S provides a safe harbor from the registration requirements of the Securities Act for the offers and sales of securities by both foreign and domestic issuers that are made outside the United States.
|
See accompanying notes to financial statements.
|
Nuveen Investments
|
81
|
|
Statement of
|
||
|
Assets & Liabilities
|
April 30, 2012 (Unaudited)
|
Premier
|
||||||||||
|
Quality
|
Opportunity
|
Opportunity
|
||||||||
|
(NQI
|
)
|
(NIO
|
)
|
(NIF
|
)
|
|||||
|
Assets
|
||||||||||
|
Investments, at value (cost $787,553,615, $2,038,162,885 and $417,023,191, respectively)
|
$
|
843,975,718
|
$
|
2,187,186,241
|
$
|
446,827,783
|
||||
|
Cash
|
9,720,695
|
6,951,566
|
1,947,637
|
|||||||
|
Receivables:
|
||||||||||
|
Dividends and interest
|
11,003,865
|
31,208,409
|
6,221,102
|
|||||||
|
Investments sold
|
13,306,075
|
75,704,744
|
1,998,268
|
|||||||
|
Deferred offering costs
|
897,645
|
2,526,909
|
720,367
|
|||||||
|
Other assets
|
129,301
|
717,285
|
147,130
|
|||||||
|
Total assets
|
879,033,299
|
2,304,295,154
|
457,862,287
|
|||||||
|
Liabilities
|
||||||||||
|
Floating rate obligations
|
52,480,000
|
104,433,333
|
19,000,000
|
|||||||
|
Payables:
|
||||||||||
|
Common share dividends
|
2,528,216
|
6,308,798
|
1,339,414
|
|||||||
|
Interest
|
290,319
|
—
|
—
|
|||||||
|
Investments purchased
|
7,696,956
|
45,276,790
|
2,766,775
|
|||||||
|
Offering costs
|
61,029
|
—
|
20,982
|
|||||||
|
MuniFund Term Preferred (MTP) Shares, at liquidation value
|
—
|
—
|
—
|
|||||||
|
Variable Rate MuniFund Term Preferred (VMTP) Shares, at liquidation value
|
240,400,000
|
—
|
—
|
|||||||
|
Variable Rate Demand Preferred (VRDP) Shares, at liquidation value
|
—
|
667,200,000
|
130,900,000
|
|||||||
|
Accrued expenses:
|
||||||||||
|
Management fees
|
418,582
|
1,070,802
|
227,713
|
|||||||
|
Other
|
254,169
|
250,086
|
153,059
|
|||||||
|
Total liabilities
|
304,129,271
|
824,539,809
|
154,407,943
|
|||||||
|
Net assets applicable to Common shares
|
$
|
574,904,028
|
$
|
1,479,755,345
|
$
|
303,454,344
|
||||
|
Common shares outstanding
|
38,452,882
|
95,610,971
|
19,517,334
|
|||||||
|
Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding)
|
$
|
14.95
|
$
|
15.48
|
$
|
15.55
|
||||
|
Net assets applicable to Common shares consist of:
|
||||||||||
|
Common shares, $.01 par value per share
|
$
|
384,529
|
$
|
956,110
|
$
|
195,173
|
||||
|
Paid-in surplus
|
539,088,960
|
1,333,902,379
|
271,519,998
|
|||||||
|
Undistributed (Over-distribution of) net investment income
|
7,291,122
|
22,568,549
|
3,973,757
|
|||||||
|
Accumulated net realized gain (loss)
|
(28,282,686
|
)
|
(26,695,049
|
)
|
(2,039,176
|
)
|
||||
|
Net unrealized appreciation (depreciation)
|
56,422,103
|
149,023,356
|
29,804,592
|
|||||||
|
Net assets applicable to Common shares
|
$
|
574,904,028
|
$
|
1,479,755,345
|
$
|
303,454,344
|
||||
|
Authorized shares:
|
||||||||||
|
Common
|
200,000,000
|
200,000,000
|
200,000,000
|
|||||||
|
Preferred
|
1,000,000
|
1,000,000
|
1,000,000
|
See accompanying notes to financial statements.
|
82
|
Nuveen Investments
|
|
Premium
|
Dividend
|
AMT-Free
|
||||||||
|
Opportunity
|
Advantage
|
Income
|
||||||||
|
(NPX
|
)
|
(NVG
|
)
|
(NEA
|
)
|
|||||
|
Assets
|
||||||||||
|
Investments, at value (cost $745,217,302, $637,506,521 and $473,335,968, respectively)
|
$
|
796,014,815
|
$
|
682,769,862
|
$
|
500,443,797
|
||||
|
Cash
|
1,630,886
|
1,320,367
|
9,822,576
|
|||||||
|
Receivables:
|
||||||||||
|
Dividends and interest
|
11,063,260
|
9,536,363
|
7,251,915
|
|||||||
|
Investments sold
|
5,093,925
|
17,949,335
|
488,870
|
|||||||
|
Deferred offering costs
|
2,263,591
|
1,315,209
|
1,012,940
|
|||||||
|
Other assets
|
286,564
|
90,069
|
56,126
|
|||||||
|
Total assets
|
816,353,041
|
712,981,205
|
519,076,224
|
|||||||
|
Liabilities
|
||||||||||
|
Floating rate obligations
|
56,320,000
|
28,413,334
|
13,040,000
|
|||||||
|
Payables:
|
||||||||||
|
Common share dividends
|
2,142,944
|
2,190,863
|
1,512,653
|
|||||||
|
Interest
|
—
|
375,982
|
280,821
|
|||||||
|
Investments purchased
|
—
|
10,620,034
|
14,875,520
|
|||||||
|
Offering costs
|
—
|
216,337
|
62,747
|
|||||||
|
MuniFund Term Preferred (MTP) Shares, at liquidation value
|
—
|
108,000,000
|
83,000,000
|
|||||||
|
Variable Rate MuniFund Term Preferred (VMTP) Shares, at liquidation value
|
—
|
92,500,000
|
67,600,000
|
|||||||
|
Variable Rate Demand Preferred (VRDP) Shares, at liquidation value
|
219,000,000
|
—
|
—
|
|||||||
|
Accrued expenses:
|
||||||||||
|
Management fees
|
393,840
|
316,423
|
254,916
|
|||||||
|
Other
|
132,470
|
214,397
|
167,678
|
|||||||
|
Total liabilities
|
277,989,254
|
242,847,370
|
180,794,335
|
|||||||
|
Net assets applicable to Common shares
|
$
|
538,363,787
|
$
|
470,133,835
|
$
|
338,281,889
|
||||
|
Common shares outstanding
|
37,353,512
|
29,802,900
|
22,241,117
|
|||||||
|
Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding)
|
$
|
14.41
|
$
|
15.77
|
$
|
15.21
|
||||
|
Net assets applicable to Common shares consist of:
|
||||||||||
|
Common shares, $.01 par value per share
|
$
|
373,535
|
$
|
298,029
|
$
|
222,411
|
||||
|
Paid-in surplus
|
499,231,874
|
424,035,373
|
315,016,140
|
|||||||
|
Undistributed (Over-distribution of) net investment income
|
7,035,665
|
7,294,643
|
4,245,611
|
|||||||
|
Accumulated net realized gain (loss)
|
(19,074,800
|
)
|
(6,757,551
|
)
|
(8,310,102
|
)
|
||||
|
Net unrealized appreciation (depreciation)
|
50,797,513
|
45,263,341
|
27,107,829
|
|||||||
|
Net assets applicable to Common shares
|
$
|
538,363,787
|
$
|
470,133,835
|
$
|
338,281,889
|
||||
|
Authorized shares:
|
||||||||||
|
Common
|
Unlimited
|
Unlimited
|
Unlimited
|
|||||||
|
Preferred
|
Unlimited
|
Unlimited
|
Unlimited
|
See accompanying notes to financial statements.
|
Nuveen Investments
|
83
|
|
Statement of
|
||
|
Operations
|
|
Six Months Ended April 30, 2012
|
|
|
(Unaudited)
|
|
Premier
|
||||||||||
|
Quality
|
Opportunity
|
Opportunity
|
||||||||
|
(NQI
|
)
|
(NIO
|
)
|
(NIF
|
)
|
|||||
|
Investment Income
|
$
|
21,262,547
|
$
|
51,943,363
|
$
|
10,798,667
|
||||
|
Expenses
|
||||||||||
|
Management fees
|
2,522,538
|
6,450,047
|
1,371,096
|
|||||||
|
Dividend disbursing agent fees
|
—
|
2,918
|
—
|
|||||||
|
Shareholders’ servicing agent fees and expenses
|
35,365
|
49,189
|
11,369
|
|||||||
|
Interest expense and amortization of offering costs
|
1,972,058
|
1,237,259
|
236,926
|
|||||||
|
Fees on VRDP Shares
|
—
|
2,913,908
|
571,687
|
|||||||
|
Custodian’s fees and expenses
|
59,816
|
155,020
|
33,545
|
|||||||
|
Directors’/Trustees’ fees and expenses
|
10,223
|
26,657
|
5,523
|
|||||||
|
Professional fees
|
49,392
|
60,296
|
22,376
|
|||||||
|
Shareholders’ reports – printing and mailing expenses
|
106,114
|
256,862
|
63,749
|
|||||||
|
Stock exchange listing fees
|
7,045
|
15,252
|
4,356
|
|||||||
|
Investor relations expense
|
27,537
|
72,125
|
14,773
|
|||||||
|
Other expenses
|
13,507
|
43,252
|
20,153
|
|||||||
|
Total expenses before custodian fee credit, expense reimbursement and legal fee refund
|
4,803,595
|
11,282,785
|
2,355,553
|
|||||||
|
Custodian fee credit
|
(1,523
|
)
|
(18,961
|
)
|
(829
|
)
|
||||
|
Expense reimbursement
|
—
|
—
|
—
|
|||||||
|
Legal fee refund
|
(291,647
|
)
|
(277,960
|
)
|
(21,644
|
)
|
||||
|
Net expenses
|
4,510,425
|
10,985,864
|
2,333,080
|
|||||||
|
Net investment income (loss)
|
16,752,122
|
40,957,499
|
8,465,587
|
|||||||
|
Realized and Unrealized Gain (Loss)
|
||||||||||
|
Net realized gain (loss) from investments
|
(19,001,948
|
)
|
(16,768,189
|
)
|
(114,034
|
)
|
||||
|
Change in net unrealized appreciation (depreciation) of investments
|
49,590,668
|
92,878,568
|
16,555,602
|
|||||||
|
Net realized and unrealized gain (loss)
|
30,588,720
|
76,110,379
|
16,441,568
|
|||||||
|
Net increase (decrease) in net assets applicable to Common shares from operations
|
$
|
47,340,842
|
$
|
117,067,878
|
$
|
24,907,155
|
See accompanying notes to financial statements.
|
84
|
Nuveen Investments
|
|
Premium
|
Dividend
|
AMT-Free
|
||||||||
|
Opportunity
|
Advantage
|
Income
|
||||||||
|
(NPX
|
)
|
(NVG
|
)
|
(NEA
|
)
|
|||||
|
Investment Income
|
$
|
18,930,830
|
$
|
17,521,418
|
$
|
12,531,897
|
||||
|
Expenses
|
||||||||||
|
Management fees
|
2,365,809
|
2,087,006
|
1,542,596
|
|||||||
|
Dividend disbursing agent fees
|
—
|
44,959
|
35,014
|
|||||||
|
Shareholders’ servicing agent fees and expenses
|
15,767
|
23,504
|
17,319
|
|||||||
|
Interest expense and amortization of offering costs
|
461,249
|
2,480,658
|
1,823,738
|
|||||||
|
Fees on VRDP Shares
|
1,238,367
|
—
|
—
|
|||||||
|
Custodian’s fees and expenses
|
54,800
|
52,042
|
37,657
|
|||||||
|
Directors’/Trustees’ fees and expenses
|
9,488
|
8,407
|
6,233
|
|||||||
|
Professional fees
|
29,239
|
25,721
|
22,808
|
|||||||
|
Shareholders’ reports – printing and mailing expenses
|
99,903
|
127,490
|
106,293
|
|||||||
|
Stock exchange listing fees
|
5,953
|
9,479
|
4,008
|
|||||||
|
Investor relations expense
|
25,245
|
24,365
|
17,796
|
|||||||
|
Other expenses
|
26,786
|
22,567
|
13,919
|
|||||||
|
Total expenses before custodian fee credit, expense reimbursement and legal fee refund
|
4,332,606
|
4,906,198
|
3,627,381
|
|||||||
|
Custodian fee credit
|
(2,144
|
)
|
(1,836
|
)
|
(598
|
)
|
||||
|
Expense reimbursement
|
—
|
(144,261
|
)
|
—
|
||||||
|
Legal fee refund
|
(77,548
|
)
|
—
|
—
|
||||||
|
Net expenses
|
4,252,914
|
4,760,101
|
3,626,783
|
|||||||
|
Net investment income (loss)
|
14,677,916
|
12,761,317
|
8,905,114
|
|||||||
|
Realized and Unrealized Gain (Loss)
|
||||||||||
|
Net realized gain (loss) from investments
|
(3,173,184
|
)
|
1,257,873
|
709,835
|
||||||
|
Change in net unrealized appreciation (depreciation) of investments
|
34,988,803
|
22,686,590
|
11,099,405
|
|||||||
|
Net realized and unrealized gain (loss)
|
31,815,619
|
23,944,463
|
11,809,240
|
|||||||
|
Net increase (decrease) in net assets applicable to Common shares from operations
|
$
|
46,493,535
|
$
|
36,705,780
|
$
|
20,714,354
|
See accompanying notes to financial statements.
|
Nuveen Investments
|
85
|
|
Statement of
|
||
|
Changes in Net Assets (Unaudited)
|
|
Quality (NQI)
|
Opportunity (NIO)
|
||||||||||||
|
Six Months
|
Year
|
Six Months
|
Year
|
||||||||||
|
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||
|
4/30/12
|
10/31/11
|
4/30/12
|
10/31/11
|
||||||||||
|
Operations
|
|||||||||||||
|
Net investment income (loss)
|
$
|
16,752,122
|
$
|
33,361,665
|
$
|
40,957,499
|
$
|
84,458,328
|
|||||
|
Net realized gain (loss) from investments
|
(19,001,948
|
)
|
2,913,768
|
(16,768,189
|
)
|
2,784,173
|
|||||||
|
Change in net unrealized appreciation (depreciation) of investments
|
49,590,668
|
(5,637,242
|
)
|
92,878,568
|
(25,310,122
|
)
|
|||||||
|
Distributions to Auction Rate Preferred Shareholders from net investment income
|
—
|
(386,864
|
)
|
—
|
(677,344
|
)
|
|||||||
|
Net increase (decrease) in net assets applicable to Common shares from operations
|
47,340,842
|
30,251,327
|
117,067,878
|
61,255,035
|
|||||||||
|
Distributions to Common Shareholders
|
|||||||||||||
|
From net investment income
|
(17,401,357
|
)
|
(33,502,590
|
)
|
(41,877,609
|
)
|
(83,219,787
|
)
|
|||||
|
From accumulated net realized gains
|
—
|
—
|
(248,589
|
)
|
—
|
||||||||
|
Decrease in net assets applicable to Common shares from distribution to Common shareholders
|
(17,401,357
|
)
|
(33,502,590
|
)
|
(42,126,198
|
)
|
(83,219,787
|
)
|
|||||
|
Capital Share Transactions
|
|||||||||||||
|
Net proceeds from Common shares issued to shareholders due to reinvestment of distributions
|
464,201
|
153,236
|
—
|
359,108
|
|||||||||
|
Net increase (decrease) in net assets applicable to Common shares from capital share transactions
|
464,201
|
153,236
|
—
|
359,108
|
|||||||||
|
Net increase (decrease) in net assets applicable to Common shares
|
30,403,686
|
(3,098,027
|
)
|
74,941,680
|
(21,605,644
|
)
|
|||||||
|
Net assets applicable to Common shares at the beginning of period
|
544,500,342
|
547,598,369
|
1,404,813,665
|
1,426,419,309
|
|||||||||
|
Net assets applicable to Common shares at the end of period
|
$
|
574,904,028
|
$
|
544,500,342
|
$
|
1,479,755,345
|
$
|
1,404,813,665
|
|||||
|
Undistributed (Over-distribution of) net investment income at the end of period
|
$
|
7,291,122
|
$
|
7,940,357
|
$
|
22,568,549
|
$
|
23,488,659
|
|||||
See accompanying notes to financial statements.
|
86
|
Nuveen Investments
|
|
Premier
|
Premium
|
||||||||||||
|
Opportunity (NIF)
|
Opportunity (NPX)
|
||||||||||||
|
Six Months
|
Year
|
Six Months
|
Year
|
||||||||||
|
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||
|
4/30/12
|
10/31/11
|
4/30/12
|
10/31/11
|
||||||||||
|
Operations
|
|||||||||||||
|
Net investment income (loss)
|
$
|
8,465,587
|
$
|
17,117,427
|
$
|
14,677,916
|
$
|
28,807,240
|
|||||
|
Net realized gain (loss) from investments
|
(114,034
|
)
|
528,085
|
(3,173,184
|
)
|
2,636,794
|
|||||||
|
Change in net unrealized appreciation (depreciation) of investments
|
16,555,602
|
(5,726,778
|
)
|
34,988,803
|
(3,219,083
|
)
|
|||||||
|
Distributions to Auction Rate Preferred Shareholders from net investment income
|
—
|
(106,530
|
)
|
—
|
—
|
||||||||
|
Net increase (decrease) in net assets applicable to Common shares from operations
|
24,907,155
|
11,812,204
|
46,493,535
|
28,224,951
|
|||||||||
|
Distributions to Common Shareholders
|
|||||||||||||
|
From net investment income
|
(8,837,569
|
)
|
(17,351,304
|
)
|
(13,895,507
|
)
|
(27,791,014
|
)
|
|||||
|
From accumulated net realized gains
|
—
|
—
|
—
|
—
|
|||||||||
|
Decrease in net assets applicable to Common shares from distribution to Common shareholders
|
(8,837,569
|
)
|
(17,351,304
|
)
|
(13,895,507
|
)
|
(27,791,014
|
)
|
|||||
|
Capital Share Transactions
|
|||||||||||||
|
Net proceeds from Common shares issued to shareholders due to reinvestment of distributions
|
317,012
|
589,038
|
—
|
—
|
|||||||||
|
Net increase (decrease) in net assets applicable to Common shares from capital share transactions
|
317,012
|
589,038
|
—
|
—
|
|||||||||
|
Net increase (decrease) in net assets applicable to Common shares
|
16,386,598
|
(4,950,062
|
)
|
32,598,028
|
433,937
|
||||||||
|
Net assets applicable to Common shares at the beginning of period
|
287,067,746
|
292,017,808
|
505,765,759
|
505,331,822
|
|||||||||
|
Net assets applicable to Common shares at the end of period
|
$
|
303,454,344
|
$
|
287,067,746
|
$
|
538,363,787
|
$
|
505,765,759
|
|||||
|
Undistributed (Over-distribution of) net investment income at the end of period
|
$
|
3,973,757
|
$
|
4,345,739
|
$
|
7,035,665
|
$
|
6,253,256
|
|||||
See accompanying notes to financial statements.
|
Nuveen Investments
|
87
|
|
Statement of
|
||
|
Changes in Net Assets (Unaudited) (continued)
|
|
Dividend
|
AMT-Free
|
||||||||||||
|
Advantage (NVG)
|
Income (NEA)
|
||||||||||||
|
Six Months
|
Year
|
Six Months
|
Year
|
||||||||||
|
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||
|
4/30/12
|
10/31/11
|
4/30/12
|
10/31/11
|
||||||||||
|
Operations
|
|||||||||||||
|
Net investment income (loss)
|
$
|
12,761,317
|
$
|
27,019,107
|
$
|
8,905,114
|
$
|
18,631,579
|
|||||
|
Net realized gain (loss) from investments
|
1,257,873
|
1,369,031
|
709,835
|
193,126
|
|||||||||
|
Change in net unrealized appreciation (depreciation) of investments
|
22,686,590
|
(7,522,192
|
)
|
11,099,405
|
(6,580,653
|
)
|
|||||||
|
Distributions to Auction Rate Preferred Shareholders from net investment income
|
—
|
(284,513
|
)
|
—
|
(187,298
|
)
|
|||||||
|
Net increase (decrease) in net assets applicable to Common shares from operations
|
36,705,780
|
20,581,433
|
20,714,354
|
12,056,754
|
|||||||||
|
Distributions to Common Shareholders
|
|||||||||||||
|
From net investment income
|
(13,411,306
|
)
|
(25,332,465
|
)
|
(9,341,269
|
)
|
(18,237,716
|
)
|
|||||
|
From accumulated net realized gains
|
(1,230,860
|
)
|
(86,428
|
)
|
—
|
—
|
|||||||
|
Decrease in net assets applicable to Common shares from distribution to Common shareholders
|
(14,642,166
|
)
|
(25,418,893
|
)
|
(9,341,269
|
)
|
(18,237,716
|
)
|
|||||
|
Capital Share Transactions
|
|||||||||||||
|
Net proceeds from Common shares issued to shareholders due to reinvestment of distributions
|
—
|
—
|
—
|
16,256
|
|||||||||
|
Net increase (decrease) in net assets applicable to Common shares from capital share transactions
|
—
|
—
|
—
|
16,256
|
|||||||||
|
Net increase (decrease) in net assets applicable to Common shares
|
22,063,614
|
(4,837,460
|
)
|
11,373,085
|
(6,164,706
|
)
|
|||||||
|
Net assets applicable to Common shares at the beginning of period
|
448,070,221
|
452,907,681
|
326,908,804
|
333,073,510
|
|||||||||
|
Net assets applicable to Common shares at the end of period
|
$
|
470,133,835
|
$
|
448,070,221
|
$
|
338,281,889
|
$
|
326,908,804
|
|||||
|
Undistributed (Over-distribution of) net investment income at the end of period
|
$
|
7,294,643
|
$
|
7,944,632
|
$
|
4,245,611
|
$
|
4,681,766
|
|||||
See accompanying notes to financial statements.
|
88
|
Nuveen Investments
|
|
Statement of
|
||
|
Cash Flows
|
|
Six Months Ended April 30, 2012
|
|
|
(Unaudited)
|
|
Premier
|
||||||||||
|
Quality
|
Opportunity
|
Opportunity
|
||||||||
|
(NQI
|
)
|
(NIO
|
)
|
(NIF
|
)
|
|||||
|
Cash Flows from Operating Activities:
|
||||||||||
|
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
|
$
|
47,340,842
|
$
|
117,067,878
|
$
|
24,907,155
|
||||
|
Adjustments to reconcile the net increase (decrease) in net assets applicable to Common shares from operations to net cash provided by (used in) operating activities:
|
||||||||||
|
Purchases of investments
|
(45,247,330
|
)
|
(196,326,568
|
)
|
(45,920,211
|
)
|
||||
|
Proceeds from sales and maturities of investments
|
59,470,342
|
215,936,554
|
46,321,437
|
|||||||
|
Proceeds from (Purchases of) short-term investments, net
|
—
|
(1,990,000
|
)
|
1,760,000
|
||||||
|
Amortization (Accretion) of premiums and discounts, net
|
(1,571,204
|
)
|
(1,573,223
|
)
|
(820,684
|
)
|
||||
|
(Increase) Decrease in:
|
||||||||||
|
Receivable for dividends and interest
|
547,250
|
2,020,723
|
252,842
|
|||||||
|
Receivable for investments sold
|
(10,759,831
|
)
|
(58,813,809
|
)
|
(1,763,268
|
)
|
||||
|
Other assets
|
113,980
|
(14,424
|
)
|
(7,550
|
)
|
|||||
|
Increase (Decrease) in:
|
||||||||||
|
Payable for interest
|
5,857
|
—
|
—
|
|||||||
|
Payable for investments purchased
|
4,952,059
|
43,428,640
|
(22,658
|
)
|
||||||
|
Accrued management fees
|
(4,612
|
)
|
(14,737
|
)
|
(2,294
|
)
|
||||
|
Accrued other expenses
|
(7,467
|
)
|
(635,122
|
)
|
(2,837
|
)
|
||||
|
Net realized (gain) loss from investments
|
19,001,948
|
16,768,189
|
114,034
|
|||||||
|
Change in net unrealized (appreciation) depreciation of investments
|
(49,590,668
|
)
|
(92,878,568
|
)
|
(16,555,602
|
)
|
||||
|
Taxes paid on undistributed capital gains
|
(1,551
|
)
|
(6,302
|
)
|
(959
|
)
|
||||
|
Net cash provided by (used in) operating activities
|
24,249,615
|
42,969,231
|
8,259,405
|
|||||||
|
Cash Flows from Financing Activities:
|
||||||||||
|
(Increase) Decrease in deferred offering costs
|
(31,727
|
)
|
44,042
|
12,556
|
||||||
|
Increase (Decrease) in:
|
||||||||||
|
Floating rate obligations
|
145,000
|
(1,725,000
|
)
|
—
|
||||||
|
Payable for offering costs
|
(84,796
|
)
|
(63,783
|
)
|
(283,163
|
)
|
||||
|
Cash distributions paid to Common shareholders
|
(16,907,859
|
)
|
(42,083,462
|
)
|
(8,506,992
|
)
|
||||
|
Net cash provided by (used in) financing activities
|
(16,879,382
|
)
|
(43,828,203
|
)
|
(8,777,599
|
)
|
||||
|
Net Increase (Decrease) in Cash
|
7,370,233
|
(858,972
|
)
|
(518,194
|
)
|
|||||
|
Cash at the beginning of period
|
2,350,462
|
7,810,538
|
2,465,831
|
|||||||
|
Cash at the End of Period
|
$
|
9,720,695
|
$
|
6,951,566
|
$
|
1,947,637
|
Supplemental Disclosure of Cash Flow Information
Non-cash financing activities not included herein consists of reinvestments of Common share distributions of $464,201 and $317,012 for Quality (NQI) and Premier Opportunity (NIF), respectively.
|
Premier
|
||||||||||
|
Quality
|
Opportunity
|
Opportunity
|
||||||||
|
(NQI
|
)
|
(NIO
|
)
|
(NIF
|
)
|
|||||
|
Cash paid for interest (excluding amortization of offering costs)
|
$
|
1,781,229
|
$
|
1,193,217
|
$
|
224,370
|
See accompanying notes to financial statements.
|
Nuveen Investments
|
89
|
|
Statement of
|
||
|
Cash Flows (Unaudited) (continued)
|
|
Premium
|
Dividend
|
AMT-Free
|
||||||||
|
Opportunity
|
Advantage
|
Income
|
||||||||
|
(NPX
|
)
|
(NVG
|
)
|
(NEA
|
)
|
|||||
|
Cash Flows from Operating Activities:
|
||||||||||
|
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
|
$
|
46,493,535
|
$
|
36,705,780
|
$
|
20,714,354
|
||||
|
Adjustments to reconcile the net increase (decrease) in net assets applicable to Common shares from operations to net cash provided by (used in) operating activities:
|
||||||||||
|
Purchases of investments
|
(74,910,455
|
)
|
(72,666,954
|
)
|
(47,736,155
|
)
|
||||
|
Proceeds from sales and maturities of investments
|
83,503,757
|
85,628,676
|
40,517,156
|
|||||||
|
Proceeds from (Purchases of) short-term investments, net
|
—
|
—
|
—
|
|||||||
|
Amortization (Accretion) of premiums and discounts, net
|
(1,266,163
|
)
|
(1,126,717
|
)
|
(399,682
|
)
|
||||
|
(Increase) Decrease in:
|
||||||||||
|
Receivable for dividends and interest
|
553,277
|
237,181
|
402,188
|
|||||||
|
Receivable for investments sold
|
(1,530,266
|
)
|
(16,714,335
|
)
|
2,744,388
|
|||||
|
Other assets
|
(4,199
|
)
|
98,017
|
102,926
|
||||||
|
Increase (Decrease) in:
|
||||||||||
|
Payable for interest
|
—
|
20,661
|
15,188
|
|||||||
|
Payable for investments purchased
|
(7,542,365
|
)
|
7,357,426
|
10,853,987
|
||||||
|
Accrued management fees
|
(2,157
|
)
|
(6,576
|
)
|
(5,924
|
)
|
||||
|
Accrued other expenses
|
(112,407
|
)
|
28,727
|
(5,508
|
)
|
|||||
|
Net realized (gain) loss from investments
|
3,173,184
|
(1,257,873
|
)
|
(709,835
|
)
|
|||||
|
Change in net unrealized (appreciation) depreciation of investments
|
(34,988,803
|
)
|
(22,686,590
|
)
|
(11,099,405
|
)
|
||||
|
Taxes paid on undistributed capital gains
|
(8,190
|
)
|
(58,065
|
)
|
(479
|
)
|
||||
|
Net cash provided by (used in) operating activities
|
13,358,748
|
15,559,358
|
15,393,199
|
|||||||
|
Cash Flows from Financing Activities:
|
||||||||||
|
(Increase) Decrease in deferred offering costs
|
40,157
|
264,275
|
188,510
|
|||||||
|
Increase (Decrease) in:
|
||||||||||
|
Floating rate obligations
|
(1,660,000
|
)
|
—
|
—
|
||||||
|
Payable for offering costs
|
(29,812
|
)
|
(348,143
|
)
|
(244,629
|
)
|
||||
|
Cash distributions paid to Common shareholders
|
(13,878,625
|
)
|
(14,633,361
|
)
|
(9,343,838
|
)
|
||||
|
Net cash provided by (used in) financing activities
|
(15,528,280
|
)
|
(14,717,229
|
)
|
(9,399,957
|
)
|
||||
|
Net Increase (Decrease) in Cash
|
(2,169,532
|
)
|
842,129
|
5,993,242
|
||||||
|
Cash at the beginning of period
|
3,800,418
|
478,238
|
3,829,334
|
|||||||
|
Cash at the End of Period
|
$
|
1,630,886
|
$
|
1,320,367
|
$
|
9,822,576
|
Supplemental Disclosure of Cash Flow Information
|
Premium
|
Dividend
|
AMT-Free
|
||||||||
|
Opportunity
|
Advantage
|
Income
|
||||||||
|
(NPX
|
)
|
(NVG
|
)
|
(NEA
|
)
|
|||||
|
Cash paid for interest (excluding amortization of offering costs)
|
$
|
421,093
|
$
|
2,195,722
|
$
|
1,620,039
|
See accompanying notes to financial statements.
|
90
|
Nuveen Investments
|
|
Financial
|
||
|
Highlights (Unaudited)
|
|
Nuveen Investments
|
91
|
|
Financial
|
||
|
Highlights (Unaudited)
|
||
|
Selected data for a Common share outstanding throughout each period:
|
||
|
Investment Operations
|
Less Distributions
|
||||||||||||||||||||||||||||||||||||
|
Beginning
Common
Share
Net Asset
Value
|
Net
Investment
Income
(Loss)
|
Net
Realized/
Unrealized
Gain (Loss)
|
Distributions
from Net
Investment
Income to
Auction Rate
Preferred Shareholders
|
(a)
|
Distributions
from
Capital
Gains to
Auction Rate
Preferred Shareholders
|
(a)
|
Total
|
Net
Investment
Income to
Common
Share-
holders
|
Capital
Gains to
Common
Share-
holders
|
Total
|
Discount
from
Common
Shares
Repurchased
and
Retired
|
Ending
Common
Share
Net Asset
Value
|
Ending
Market
Value
|
||||||||||||||||||||||||
|
Quality (NQI)
|
|||||||||||||||||||||||||||||||||||||
|
Year Ended 10/31:
|
|||||||||||||||||||||||||||||||||||||
|
2012(f)
|
$
|
14.17
|
$
|
.44
|
$
|
.79
|
$
|
—
|
$
|
—
|
$
|
1.23
|
$
|
(.45
|
)
|
$
|
—
|
$
|
(.45
|
)
|
$
|
—
|
$
|
14.95
|
$
|
14.50
|
|||||||||||
|
2011
|
14.26
|
.87
|
(.08
|
)
|
(.01
|
)
|
—
|
.78
|
(.87
|
)
|
—
|
(.87
|
)
|
—
|
14.17
|
14.11
|
|||||||||||||||||||||
|
2010
|
13.61
|
.95
|
.58
|
(.03
|
)
|
—
|
1.50
|
(.85
|
)
|
—
|
(.85
|
)
|
—
|
14.26
|
14.40
|
||||||||||||||||||||||
|
2009
|
11.68
|
.99
|
1.76
|
(.06
|
)
|
—
|
2.69
|
(.76
|
)
|
—
|
(.76
|
)
|
—
|
13.61
|
13.30
|
||||||||||||||||||||||
|
2008
|
14.88
|
.99
|
(3.16
|
)
|
(.30
|
)
|
—
|
(2.47
|
)
|
(.73
|
)
|
—
|
(.73
|
)
|
—
|
11.68
|
11.15
|
||||||||||||||||||||
|
2007
|
15.40
|
.99
|
(.49
|
)
|
(.29
|
)
|
—
|
.21
|
(.73
|
)
|
—
|
(.73
|
)
|
—
|
14.88
|
13.61
|
|||||||||||||||||||||
|
Opportunity (NIO)
|
|||||||||||||||||||||||||||||||||||||
|
Year Ended 10/31:
|
|||||||||||||||||||||||||||||||||||||
|
2012(f)
|
14.69
|
.43
|
.80
|
—
|
—
|
1.23
|
(.44
|
)
|
—
|
**
|
(.44
|
)
|
—
|
15.48
|
14.86
|
||||||||||||||||||||||
|
2011
|
14.92
|
.88
|
(.23
|
)
|
(.01
|
)
|
—
|
.64
|
(.87
|
)
|
—
|
(.87
|
)
|
—
|
14.69
|
14.20
|
|||||||||||||||||||||
|
2010
|
14.22
|
.97
|
.60
|
(.03
|
)
|
—
|
1.54
|
(.84
|
)
|
—
|
(.84
|
)
|
—
|
**
|
14.92
|
14.83
|
|||||||||||||||||||||
|
2009
|
12.39
|
.96
|
1.66
|
(.06
|
)
|
—
|
2.56
|
(.73
|
)
|
—
|
(.73
|
)
|
—
|
14.22
|
12.98
|
||||||||||||||||||||||
|
2008
|
15.04
|
.97
|
(2.62
|
)
|
(.30
|
)
|
—
|
**
|
(1.95
|
)
|
(.70
|
)
|
—
|
**
|
(.70
|
)
|
—
|
12.39
|
11.15
|
||||||||||||||||||
|
2007
|
15.57
|
.98
|
(.45
|
)
|
(.30
|
)
|
(.01
|
)
|
.22
|
(.73
|
)
|
(.02
|
)
|
(.75
|
)
|
—
|
15.04
|
13.56
|
|||||||||||||||||||
|
(a)
|
The amounts shown are based on Common share equivalents.
|
|
(b)
|
Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
|
|
Total Return Based on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
|
|
92
|
Nuveen Investments
|
|
Ratios/Supplemental Data
|
||||||||||||||||||
|
Total Returns
|
Ratios to Average Net Assets
Applicable to Common Shares(c)(d)
|
|||||||||||||||||
|
Based
on
Market
Value
|
(b)
|
Based
on
Common
Share Net
Asset
Value
|
(b)
|
Ending
Net
Assets
Applicable
to Common
Shares (000)
|
Expenses
|
(e)
|
Net
Investment
Income (Loss)
|
Portfolio
Turnover
Rate
|
||||||||||
|
6.01
|
%
|
8.79
|
%
|
$
|
574,904
|
1.72
|
%*
|
5.87
|
%*
|
5
|
%
|
|||||||
|
4.65
|
5.98
|
544,500
|
1.66
|
6.43
|
18
|
|||||||||||||
|
15.03
|
11.30
|
547,598
|
1.19
|
6.81
|
11
|
|||||||||||||
|
26.98
|
23.65
|
521,216
|
1.32
|
7.86
|
4
|
|||||||||||||
|
(13.35
|
)
|
(17.24
|
)
|
447,463
|
1.49
|
7.03
|
7
|
|||||||||||
|
(3.48
|
)
|
1.38
|
569,958
|
1.52
|
6.53
|
5
|
||||||||||||
|
7.79
|
8.46
|
1,479,755
|
1.56
|
*
|
5.63
|
*
|
9
|
|||||||||||
|
2.08
|
4.73
|
1,404,814
|
1.63
|
6.28
|
10
|
|||||||||||||
|
21.20
|
11.08
|
1,426,419
|
1.14
|
6.61
|
7
|
|||||||||||||
|
23.62
|
21.18
|
1,358,844
|
1.29
|
7.36
|
8
|
|||||||||||||
|
(13.17
|
)
|
(13.45
|
)
|
1,005,218
|
1.43
|
6.76
|
9
|
|||||||||||
|
(3.18
|
)
|
1.49
|
1,220,297
|
1.41
|
6.39
|
5
|
||||||||||||
|
(c)
|
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to Auction Rate Preferred Shares (“ARPS”), VMTP Shares and/or VRDP Shares, where applicable.
|
|
(d)
|
Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank or legal fee refund, where applicable.
|
|
(e)
|
The expense ratios reflect, among other things, all interest expense and other costs related to VMTP Shares, VRDP Shares and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, each as described in Footnote 1 – General Information and Significant Accounting Policies, Variable Rate MuniFund Term Preferred Shares, Variable Rate Demand Preferred Shares and Inverse Floating Rate Securities, respectively as follows:
|
|
Quality (NQI)
|
||||
|
Year Ended 10/31:
|
||||
|
2012(f)
|
.70
|
%
|
||
|
2011
|
.57
|
|||
|
2010
|
.07
|
|||
|
2009
|
.11
|
|||
|
2008
|
.26
|
|||
|
2007
|
.34
|
|||
|
Opportunity (NIO)
|
||||
|
Year Ended 10/31:
|
||||
|
2012(f)
|
.58
|
|||
|
2011
|
.59
|
|||
|
2010
|
.06
|
|||
|
2009
|
.11
|
|||
|
2008
|
.24
|
|||
|
2007
|
.25
|
|
(f)
|
For the six months ended April 30, 2012.
|
|
*
|
Annualized.
|
|
**
|
Rounds to less than $.01 per share.
|
See accompanying notes to financial statements.
|
Nuveen Investments
|
93
|
|
Financial
|
||
|
Highlights (Unaudited) (continued)
|
||
|
Selected data for a Common share outstanding throughout each period:
|
||
|
Investment Operations
|
Less Distributions
|
||||||||||||||||||||||||||||||||||||
|
Beginning
Common
Share
Net Asset
Value
|
Net
Investment
Income
(Loss)
|
Net
Realized/
Unrealized
Gain (Loss)
|
Distributions
from Net
Investment
Income to
Auction Rate
Preferred Shareholders
|
(a)
|
Distributions
from
Capital
Gains to
Auction Rate
Preferred Shareholders
|
(a)
|
Total
|
Net
Investment
Income to
Common
Share-
holders
|
Capital
Gains to
Common
Share-
holders
|
Total
|
Discount
from
Common
Shares
Repurchased
and
Retired
|
Ending
Common
Share
Net Asset
Value
|
Ending
Market
Value
|
||||||||||||||||||||||||
|
Premier Opportunity (NIF)
|
|||||||||||||||||||||||||||||||||||||
|
Year Ended 10/31:
|
|||||||||||||||||||||||||||||||||||||
|
2012(f)
|
$
|
14.72
|
$
|
.43
|
$
|
.85
|
$
|
—
|
$
|
—
|
$
|
1.28
|
$
|
(.45
|
)
|
$
|
—
|
$
|
(.45
|
)
|
$
|
—
|
$
|
15.55
|
$
|
15.26
|
|||||||||||
|
2011
|
15.01
|
.88
|
(.27
|
)
|
(.01
|
)
|
—
|
.60
|
(.89
|
)
|
—
|
(.89
|
)
|
—
|
14.72
|
14.26
|
|||||||||||||||||||||
|
2010
|
14.38
|
.96
|
.57
|
(.03
|
)
|
—
|
1.50
|
(.87
|
)
|
—
|
(.87
|
)
|
—
|
15.01
|
15.50
|
||||||||||||||||||||||
|
2009
|
12.54
|
.99
|
1.64
|
(.06
|
)
|
—
|
2.57
|
(.73
|
)
|
—
|
(.73
|
)
|
—
|
14.38
|
13.10
|
||||||||||||||||||||||
|
2008
|
14.90
|
.96
|
(2.37
|
)
|
(.31
|
)
|
—
|
(1.72
|
)
|
(.64
|
)
|
—
|
(.64
|
)
|
—
|
12.54
|
11.19
|
||||||||||||||||||||
|
2007
|
15.40
|
.97
|
(.47
|
)
|
(.29
|
)
|
—
|
.21
|
(.71
|
)
|
—
|
(.71
|
)
|
—
|
14.90
|
13.25
|
|||||||||||||||||||||
|
Premium Opportunity (NPX)
|
|||||||||||||||||||||||||||||||||||||
|
Year Ended 10/31:
|
|||||||||||||||||||||||||||||||||||||
|
2012(f)
|
13.54
|
.39
|
.85
|
—
|
—
|
1.24
|
(.37
|
)
|
—
|
(.37
|
)
|
—
|
14.41
|
13.76
|
|||||||||||||||||||||||
|
2011
|
13.53
|
.77
|
(.02
|
)
|
—
|
—
|
.75
|
(.74
|
)
|
—
|
(.74
|
)
|
—
|
13.54
|
12.83
|
||||||||||||||||||||||
|
2010
|
12.96
|
.78
|
.53
|
—
|
—
|
1.31
|
(.74
|
)
|
—
|
(.74
|
)
|
—
|
13.53
|
13.40
|
|||||||||||||||||||||||
|
2009
|
11.39
|
.80
|
1.44
|
—
|
—
|
2.24
|
(.67
|
)
|
—
|
(.67
|
)
|
—
|
12.96
|
11.86
|
|||||||||||||||||||||||
|
2008
|
13.73
|
.80
|
(2.32
|
)
|
(.20
|
)
|
—
|
(1.72
|
)
|
(.62
|
)
|
—
|
(.62
|
)
|
—
|
11.39
|
9.56
|
||||||||||||||||||||
|
2007
|
14.16
|
.86
|
(.39
|
)
|
(.26
|
)
|
—
|
.21
|
(.64
|
)
|
—
|
(.64
|
)
|
—
|
13.73
|
12.18
|
|||||||||||||||||||||
|
(a)
|
The amounts shown are based on Common share equivalents.
|
|
(b)
|
Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
|
|
Total Return Based on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
|
|
94
|
Nuveen Investments
|
|
Ratios/Supplemental Data
|
||||||||||||||||||
|
Total Returns
|
Ratios to Average Net Assets
Applicable to Common Shares(c)(d)
|
|||||||||||||||||
|
Based
on
Market
Value
|
(b)
|
Based
on
Common
Share Net
Asset
Value
|
(b)
|
Ending
Net
Assets
Applicable
to Common
Shares (000)
|
Expenses
|
(e)
|
Net
Investment
Income (Loss)
|
Portfolio
Turnover
Rate
|
||||||||||
|
10.22
|
%
|
8.80
|
%
|
$
|
303,454
|
1.59
|
%*
|
5.71
|
%*
|
10
|
%
|
|||||||
|
(1.98
|
)
|
4.40
|
287,068
|
1.65
|
6.19
|
8
|
||||||||||||
|
25.60
|
10.74
|
292,018
|
1.20
|
6.56
|
12
|
|||||||||||||
|
24.07
|
20.90
|
279,312
|
1.30
|
7.25
|
2
|
|||||||||||||
|
(11.12
|
)
|
(11.92
|
)
|
243,589
|
1.42
|
6.72
|
6
|
|||||||||||
|
(4.66
|
)
|
1.40
|
289,400
|
1.38
|
6.41
|
9
|
||||||||||||
|
10.19
|
9.26
|
538,364
|
1.66
|
*
|
5.58
|
*
|
9
|
|||||||||||
|
1.75
|
6.01
|
505,766
|
1.80
|
5.99
|
20
|
|||||||||||||
|
19.70
|
10.39
|
505,332
|
1.82
|
5.87
|
10
|
|||||||||||||
|
31.78
|
20.15
|
484,069
|
1.98
|
6.56
|
7
|
|||||||||||||
|
(17.17
|
)
|
(12.98
|
)
|
425,557
|
2.13
|
6.12
|
8
|
|||||||||||
|
(1.77
|
)
|
1.55
|
513,021
|
1.76
|
6.19
|
5
|
||||||||||||
|
(c)
|
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS and/or VRDP Shares, where applicable.
|
|
(d)
|
Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank or legal fee refund, where applicable.
|
|
(e)
|
The expense ratios reflect, among other things, all interest expense and other costs related to VRDP Shares and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, both as described in Footnote 1 – General Information and Significant Accounting Policies, Variable Rate Demand Preferred Shares and Inverse Floating Rate Securities, respectively as follows:
|
|
Premier Opportunity (NIF)
|
||||
|
Year Ended 10/31:
|
||||
|
2012(f)
|
.55
|
%
|
||
|
2011
|
.59
|
|||
|
2010
|
.06
|
|||
|
2009
|
.07
|
|||
|
2008
|
.17
|
|||
|
2007
|
.17
|
|||
|
Premium Opportunity (NPX)
|
||||
|
Year Ended 10/31:
|
||||
|
2012(f)
|
.65
|
|||
|
2011
|
.77
|
|||
|
2010
|
.59
|
|||
|
2009
|
.89
|
|||
|
2008
|
.88
|
|||
|
2007
|
.60
|
|
(f)
|
For the six months ended April 30, 2012.
|
|
*
|
Annualized.
|
See accompanying notes to financial statements.
|
Nuveen Investments
|
95
|
|
Financial
|
||
|
Highlights (Unaudited) (continued)
|
||
|
Selected data for a Common share outstanding throughout each period:
|
||
|
Investment Operations
|
Less Distributions
|
||||||||||||||||||||||||||||||||||||
|
Beginning
Common
Share
Net Asset
Value
|
Net
Investment
Income
(Loss)
|
Net
Realized/
Unrealized
Gain (Loss)
|
Distributions
from Net
Investment
Income to
Auction Rate
Preferred Shareholders
|
(a)
|
Distributions
from
Capital
Gains to
Auction Rate
Preferred Shareholders
|
(a)
|
Total
|
Net
Investment
Income to
Common
Share-
holders
|
Capital
Gains to
Common
Share-
holders
|
Total
|
Discount
from
Common
Shares
Repurchased
and
Retired
|
Ending
Common
Share
Net Asset
Value
|
Ending
Market
Value
|
||||||||||||||||||||||||
|
Dividend Advantage (NVG)
|
|||||||||||||||||||||||||||||||||||||
|
Year Ended 10/31:
|
|||||||||||||||||||||||||||||||||||||
|
2012(f)
|
$
|
15.03
|
$
|
.43
|
$
|
.80
|
$
|
—
|
$
|
—
|
$
|
1.23
|
$
|
(.45
|
)
|
$
|
(.04
|
)
|
$
|
(.49
|
)
|
$
|
—
|
$
|
15.77
|
$
|
15.18
|
||||||||||
|
2011
|
15.20
|
.91
|
(.22
|
)
|
(.01
|
)
|
—
|
.68
|
(.85
|
)
|
—
|
**
|
(.85
|
)
|
—
|
15.03
|
14.32
|
||||||||||||||||||||
|
2010
|
14.80
|
.90
|
.39
|
(.01
|
)
|
—
|
**
|
1.28
|
(.84
|
)
|
(.04
|
)
|
(.88
|
)
|
—
|
15.20
|
14.80
|
||||||||||||||||||||
|
2009
|
12.85
|
1.00
|
1.77
|
(.06
|
)
|
—
|
2.71
|
(.76
|
)
|
—
|
(.76
|
)
|
—
|
**
|
14.80
|
13.85
|
|||||||||||||||||||||
|
2008
|
15.09
|
1.00
|
(2.25
|
)
|
(.29
|
)
|
—
|
(1.54
|
)
|
(.70
|
)
|
—
|
(.70
|
)
|
—
|
12.85
|
11.42
|
||||||||||||||||||||
|
2007
|
15.50
|
1.00
|
(.38
|
)
|
(.28
|
)
|
—
|
.34
|
(.75
|
)
|
—
|
(.75
|
)
|
—
|
15.09
|
13.71
|
|||||||||||||||||||||
|
AMT-Free Income (NEA)
|
|||||||||||||||||||||||||||||||||||||
|
Year Ended 10/31:
|
|||||||||||||||||||||||||||||||||||||
|
2012(f)
|
14.70
|
.40
|
.53
|
—
|
—
|
.93
|
(.42
|
)
|
—
|
(.42
|
)
|
—
|
15.21
|
14.75
|
|||||||||||||||||||||||
|
2011
|
14.98
|
.84
|
(.29
|
)
|
(.01
|
)
|
—
|
.54
|
(.82
|
)
|
—
|
(.82
|
)
|
—
|
14.70
|
13.85
|
|||||||||||||||||||||
|
2010
|
14.42
|
.87
|
.52
|
(.02
|
)
|
—
|
1.37
|
(.81
|
)
|
—
|
(.81
|
)
|
—
|
14.98
|
14.95
|
||||||||||||||||||||||
|
2009
|
12.37
|
.98
|
1.86
|
(.06
|
)
|
—
|
2.78
|
(.73
|
)
|
—
|
(.73
|
)
|
—
|
**
|
14.42
|
13.48
|
|||||||||||||||||||||
|
2008
|
14.71
|
.95
|
(2.31
|
)
|
(.27
|
)
|
—
|
(1.63
|
)
|
(.71
|
)
|
—
|
(.71
|
)
|
—
|
12.37
|
11.40
|
||||||||||||||||||||
|
2007
|
14.93
|
.97
|
(.21
|
)
|
(.27
|
)
|
—
|
.49
|
(.71
|
)
|
—
|
(.71
|
)
|
—
|
14.71
|
14.30
|
|||||||||||||||||||||
|
(a)
|
The amounts shown are based on Common share equivalents.
|
|
(b)
|
Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
|
|
Total Return Based on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
|
|
96
|
Nuveen Investments
|
|
Ratios/Supplemental Data
|
||||||||||||||||||||||||
|
Total Returns
|
Ratios to Average Net Assets
Applicable to Common Shares
Before Reimbursement(c)
|
Ratios to Average Net Assets
Applicable to Common Shares
After Reimbursement(c)(d)
|
||||||||||||||||||||||
|
Based
on
Market
Value
|
(b)
|
Based
on
Common
Share Net
Asset
Value
|
(b)
|
Ending
Net
Assets
Applicable
to Common
Shares (000)
|
Expenses
|
(e)
|
Net
Investment
Income (Loss)
|
Expenses
|
(e)
|
Net
Investment
Income (Loss)
|
Portfolio
Turnover
Rate
|
|||||||||||||
|
9.50
|
%
|
8.29
|
%
|
$
|
470,134
|
2.14
|
%*
|
5.50
|
%*
|
2.08
|
%*
|
5.57
|
%*
|
11
|
%
|
|||||||||
|
2.89
|
4.83
|
448,070
|
1.95
|
6.12
|
1.84
|
6.23
|
7
|
|||||||||||||||||
|
13.51
|
8.89
|
452,908
|
1.89
|
5.79
|
1.71
|
5.98
|
2
|
|||||||||||||||||
|
28.72
|
21.54
|
441,207
|
1.25
|
6.86
|
.98
|
7.12
|
9
|
|||||||||||||||||
|
(12.11
|
)
|
(10.64
|
)
|
383,035
|
1.32
|
6.48
|
.98
|
6.82
|
7
|
|||||||||||||||
|
(3.12
|
)
|
2.25
|
449,982
|
1.31
|
6.15
|
.90
|
6.56
|
12
|
||||||||||||||||
|
9.58
|
6.38
|
338,282
|
2.18
|
*
|
5.35
|
*
|
N/A
|
N/A
|
8
|
|||||||||||||||
|
(1.60
|
)
|
3.92
|
326,909
|
2.02
|
5.86
|
2.01
|
5.87
|
2
|
||||||||||||||||
|
17.27
|
9.76
|
333,074
|
1.76
|
5.80
|
1.63
|
5.93
|
2
|
|||||||||||||||||
|
25.41
|
23.05
|
320,587
|
1.24
|
7.14
|
.99
|
7.39
|
6
|
|||||||||||||||||
|
(15.97
|
)
|
(11.56
|
)
|
229,075
|
1.26
|
6.27
|
.87
|
6.66
|
8
|
|||||||||||||||
|
4.59
|
3.35
|
272,391
|
1.19
|
6.04
|
.70
|
6.53
|
6
|
|||||||||||||||||
|
(c)
|
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS, MTP Shares and/or VMTP Shares, where applicable.
|
|
(d)
|
After expense reimbursement from the Adviser, where applicable. Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank or legal fee refund, where applicable. As of November 30, 2010 and March 31, 2012, the Adviser is no longer reimbursing ATM-Free Income (NEA) and Dividend Advantage (NVG), respectively, for any fees or expenses.
|
|
(e)
|
The expense ratios reflect, among other things, all interest expense and other costs related to MTP Shares, VMTP Shares and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, each as described in Footnote 1 – General Information and Significant Accounting Policies, MuniFund Term Preferred Shares, Variable Rate MuniFund Term Preferred Shares and Inverse Floating Rate Securities, respectively as follows:
|
|
Dividend Advantage (NVG)
|
||||
|
Year Ended 10/31:
|
||||
|
2012(f)
|
1.08
|
%
|
||
|
2011
|
.90
|
|||
|
2010
|
.84
|
|||
|
2009
|
.08
|
|||
|
2008
|
.15
|
|||
|
2007
|
.17
|
|||
|
AMT-Free Income (NEA)
|
||||
|
Year Ended 10/31:
|
||||
|
2012(f)
|
1.09
|
|||
|
2011
|
.94
|
|||
|
2010
|
.67
|
|||
|
2009
|
.05
|
|||
|
2008
|
.07
|
|||
|
2007
|
.02 |
|
(f)
|
For the six months ended April 30, 2012.
|
|
*
|
Annualized.
|
|
**
|
Rounds to less than $.01 per share.
|
|
N/A
|
Fund no longer has a contractual reimbursement agreement with the Adviser.
|
See accompanying notes to financial statements.
|
Nuveen Investments
|
97
|
|
Financial
|
||
|
Highlights (Unaudited) (continued)
|
|
ARPS at the End of Period
|
VMTP Shares at the End of Period
|
VRDP Shares at the End of Period
|
||||||||||||||||||||||||||
|
Aggregate
|
Aggregate
|
Aggregate
|
||||||||||||||||||||||||||
|
Amount
|
Liquidation
|
Asset
|
Amount
|
Liquidation
|
Asset
|
Amount
|
Liquidation
|
Asset
|
||||||||||||||||||||
|
Outstanding
|
Value
|
Coverage
|
Outstanding
|
Value
|
Coverage
|
Outstanding
|
Value
|
Coverage
|
||||||||||||||||||||
|
(000
|
)
|
Per Share
|
Per Share
|
(000
|
)
|
Per Share
|
Per Share
|
(000
|
)
|
Per Share
|
Per Share
|
|||||||||||||||||
|
Quality (NQI)
|
||||||||||||||||||||||||||||
|
Year Ended 10/31:
|
||||||||||||||||||||||||||||
|
2012(g)
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
240,400
|
$
|
100,000
|
$
|
339,145
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||||||
|
2011
|
—
|
—
|
—
|
240,400
|
100,000
|
326,498
|
—
|
—
|
—
|
|||||||||||||||||||
|
2010
|
239,200
|
25,000
|
82,232
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||||
|
2009
|
245,850
|
25,000
|
78,001
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||||
|
2008
|
298,425
|
25,000
|
62,485
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||||
|
2007
|
318,000
|
25,000
|
69,808
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||||
|
Opportunity (NIO)
|
||||||||||||||||||||||||||||
|
Year Ended 10/31:
|
||||||||||||||||||||||||||||
|
2012(g)
|
—
|
—
|
—
|
—
|
—
|
—
|
667,200
|
100,000
|
321,786
|
|||||||||||||||||||
|
2011
|
—
|
—
|
—
|
—
|
—
|
—
|
667,200
|
100,000
|
310,554
|
|||||||||||||||||||
|
2010
|
664,825
|
25,000
|
78,639
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||||
|
2009
|
675,475
|
25,000
|
75,292
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||||
|
2008
|
623,350
|
25,000
|
65,315
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||||
|
2007
|
680,000
|
25,000
|
69,864
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||||
|
ARPS at the End of Period
|
VRDP Shares at the End of Period
|
||||||||||||||||||
|
Aggregate
|
Aggregate
|
||||||||||||||||||
|
Amount
|
Liquidation
|
Asset
|
Amount
|
Liquidation
|
Asset
|
||||||||||||||
|
Outstanding
|
Value
|
Coverage
|
Outstanding
|
Value
|
Coverage
|
||||||||||||||
|
(000
|
)
|
Per Share
|
Per Share
|
(000
|
)
|
Per Share
|
Per Share
|
||||||||||||
|
Premier Opportunity (NIF)
|
|||||||||||||||||||
|
Year Ended 10/31:
|
|||||||||||||||||||
|
2012(g)
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
130,900
|
$
|
100,000
|
$
|
331,822
|
|||||||
|
2011
|
—
|
—
|
—
|
130,900
|
100,000
|
319,303
|
|||||||||||||
|
2010
|
130,125
|
25,000
|
81,103
|
—
|
—
|
—
|
|||||||||||||
|
2009
|
130,125
|
25,000
|
78,662
|
—
|
—
|
—
|
|||||||||||||
|
2008
|
154,950
|
25,000
|
64,301
|
—
|
—
|
—
|
|||||||||||||
|
2007
|
161,000
|
25,000
|
69,938
|
—
|
—
|
—
|
|||||||||||||
|
Premium Opportunity (NPX)
|
|||||||||||||||||||
|
Year Ended 10/31:
|
|||||||||||||||||||
|
2012(g)
|
—
|
—
|
—
|
219,000
|
100,000
|
345,828
|
|||||||||||||
|
2011
|
—
|
—
|
—
|
219,000
|
100,000
|
330,943
|
|||||||||||||
|
2010
|
—
|
—
|
—
|
219,000
|
100,000
|
330,745
|
|||||||||||||
|
2009
|
—
|
—
|
—
|
219,000
|
100,000
|
321,036
|
|||||||||||||
|
2008
|
—
|
—
|
—
|
219,000
|
100,000
|
294,318
|
|||||||||||||
|
2007
|
268,900
|
25,000
|
72,696
|
—
|
—
|
—
|
|||||||||||||
|
(g)
|
For the six months ended April 30, 2012.
|
|
98
|
Nuveen Investments
|
|
ARPS at the End of Period
|
MTP Shares at the End of Period (g)
|
VMTP Shares at the End of Period
|
ARPS, MTP
and/or VMTP
Shares
at the End
of Period
|
||||||||||||||||||||||||||||
|
Aggregate
Amount
Outstanding
(000)
|
Liquidation
Value
Per
Share
|
Asset
Coverage
Per
Share
|
Aggregate
Amount
Outstanding
(000)
|
Liquidation
Value
Per Share
|
Asset
Coverage
Per Share
|
Aggregate
Amount
Outstanding
(000)
|
Liquidation
Value
Per Share
|
Asset
Coverage
Per Share
|
Asset
Coverage
Per $1
Liquidation
Preference
|
||||||||||||||||||||||
|
Dividend Advantage (NVG)
|
|||||||||||||||||||||||||||||||
|
Year Ended 10/31:
|
|||||||||||||||||||||||||||||||
|
2012(f)
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
108,000
|
$
|
10
|
$
|
33.45
|
$
|
92,500
|
$
|
100,000
|
$
|
334,481
|
$
|
3.34
|
|||||||||||
|
2011
|
—
|
—
|
—
|
108,000
|
10
|
32.35
|
92,500
|
100,000
|
323,476
|
3.23
|
|||||||||||||||||||||
|
2010
|
91,950
|
25,000
|
81,628
|
108,000
|
10
|
32.65
|
—
|
—
|
—
|
3.27
|
|||||||||||||||||||||
|
2009
|
91,950
|
25,000
|
80,165
|
108,000
|
10
|
32.07
|
—
|
—
|
—
|
3.21
|
|||||||||||||||||||||
|
2008
|
226,975
|
25,000
|
67,189
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||||||
|
2007
|
233,000
|
25,000
|
73,281
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||||||
| AMT-Free Income (NEA) | |||||||||||||||||||||||||||||||
|
Year Ended 10/31:
|
|||||||||||||||||||||||||||||||
|
2012(f)
|
—
|
—
|
—
|
83,000
|
10
|
32.46
|
67,600
|
100,000
|
324,623
|
3.25
|
|||||||||||||||||||||
|
2011
|
—
|
—
|
—
|
83,000
|
10
|
31.71
|
67,600
|
100,000
|
317,071
|
3.17
|
|||||||||||||||||||||
|
2010
|
67,375
|
25,000
|
80,374
|
83,000
|
10
|
32.15
|
—
|
—
|
—
|
3.21
|
|||||||||||||||||||||
|
2009
|
148,750
|
25,000
|
78,880
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||||||
|
2008
|
132,800
|
25,000
|
68,124
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||||||
|
2007
|
144,000
|
25,000
|
72,290
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||||||
|
(f)
|
For the six months ended April 30, 2012.
|
|
(g)
|
The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares were as follows:
|
|
Ending
|
Average
|
|||||||||
|
Market Value
|
Market Value
|
|||||||||
|
Series
|
Per Share
|
Per Share
|
||||||||
|
Dividend Advantage (NVG)
|
||||||||||
|
Year Ended 10/31:
|
||||||||||
|
2012(f)
|
2014
|
$
|
10.17
|
$
|
10.15
|
|||||
|
2011
|
2014
|
10.10
|
10.12
|
|||||||
|
2010
|
2014
|
10.22
|
10.19
|
|||||||
|
2009
|
2014
|
9.98
|
10.03
|
^
|
||||||
|
2008
|
—
|
—
|
—
|
|||||||
|
2007
|
—
|
—
|
—
|
|||||||
|
AMT-Free Income (NEA)
|
||||||||||
|
Year Ended 10/31:
|
||||||||||
|
2012(f)
|
2015
|
$
|
10.15
|
$
|
10.14
|
|||||
|
2011
|
2015
|
10.14
|
10.08
|
|||||||
|
2010
|
2015
|
10.14
|
10.15
|
^^
|
||||||
|
2009
|
—
|
—
|
—
|
|||||||
|
2008
|
—
|
—
|
—
|
|||||||
|
2007
|
—
|
—
|
—
|
|
^
|
For the period October 19, 2009 (first issuance date of shares) through October 31, 2009.
|
|
^^
|
For the period January 19, 2010 (first issuance date of shares) through October 31, 2010.
|
|
Nuveen Investments
|
99
|
|
Notes to
|
||
|
Financial Statements (Unaudited)
|
1. General Information and Significant Accounting Policies
General Information
The funds covered in this report and their corresponding Common share stock exchange symbols are Nuveen Quality Municipal Fund, Inc. (NQI), Nuveen Municipal Opportunity Fund, Inc. (NIO), Nuveen Premier Municipal Opportunity Fund, Inc. (NIF), Nuveen Premium Income Municipal Opportunity Fund (NPX), Nuveen Dividend Advantage Municipal Income Fund (NVG) and Nuveen AMT-Free Municipal Income Fund (NEA) (each a “Fund” and collectively, the “Funds”). Common shares of Quality (NQI), Opportunity (NIO), Premier Opportunity (NIF) and Premium Opportunity (NPX) are traded on the New York Stock Exchange (“NYSE”) while Common shares of Dividend Advantage (NVG) and AMT-Free Income (NEA) are traded on the NYSE Amex. The Funds are registered under the Investment Company Act of 1940, as amended, as closed-end registered investment companies.
Each Fund seeks to provide current income exempt from regular federal income tax, and in the case of AMT-Free Income (NEA) the alternative minimum tax applicable to individuals, by investing primarily in a portfolio of municipal obligations issued by state and local government authorities or certain U.S. territories.
Policy Changes
On October 28, 2011, the Funds’ Board of Directors/Trustees approved changes to each Fund’s investment policy regarding its investment in insured municipal securities. These changes were designed to provide Nuveen Fund Advisors, Inc. (the “Adviser”), a wholly-owned subsidiary of Nuveen Investments Inc. (“Nuveen”), with more flexibility regarding the types of securities available for investment by each Fund.
On January 2, 2012, each Fund eliminated the investment policy requiring it, under normal circumstances, to invest at least 80% of its managed assets (as defined in Footnote 7 – Management Fees and Other Transactions with Affiliates) in municipal securities that are covered by insurance guaranteeing the timely payment of principal and interest. Since 2007, most municipal bond insurers have had their credit ratings downgraded and only one insurer is currently insuring new municipal bonds. As a result, the supply of insured municipal securities has decreased dramatically and the long-term viability of the municipal bond insurance market is uncertain. The Funds did not change their investment objective and continue to invest substantially all of their assets in a portfolio of investment grade quality municipal securities.
Concurrent with the investment policy changes, the Funds changed their names as follows:
|
●
|
Nuveen Insured Quality Municipal Fund, Inc. (NQI) changed to Nuveen Quality Municipal Fund, Inc. (NQI),
|
|
|
●
|
Nuveen Insured Municipal Opportunity Fund, Inc. (NIO) changed to Nuveen Municipal Opportunity Fund, Inc. (NIO),
|
|
|
●
|
Nuveen Premier Insured Municipal Income Fund, Inc. (NIF) changed to Nuveen Premier Municipal Opportunity Fund, Inc. (NIF),
|
|
|
●
|
Nuveen Insured Premium Income Municipal Fund 2 (NPX) changed to Nuveen Premium Income Municipal Opportunity Fund, Inc. (NPX),
|
|
|
●
|
Nuveen Insured Dividend Advantage Municipal Fund (NVG) changed to Nuveen Dividend Advantage Municipal Income Fund (NVG) and
|
|
|
●
|
Nuveen Insured Tax-Free Advantage Municipal Fund (NEA) changed to Nuveen AMT-Free Municipal Income Fund (NEA).
|
In addition, each Fund changed its non-fundamental investment policy requiring each Fund to invest in municipal securities rated at least investment grade at the time of investment. Each Fund adopted a new policy to, under normal circumstances, invest at least 80% of its managed assets in investment grade securities that, at the time of investment, are rated within the four highest grades (Baa or BBB or better) by at least one nationally recognized statistical ratings organization (“NRSRO”) or are unrated but judged to be of comparable quality by the Adviser. Under the new policy, each Fund may invest up to 20% of its managed assets in municipal securities that at the time of investment are rated below investment grade or are unrated but judged to be of comparable quality by the Adviser. No more than 10% of each Fund’s managed assets may be invested in municipal securities rated below B3/B- or that are unrated but judged to be of comparable quality by the Adviser.
Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).
|
100
|
Nuveen Investments
|
Investment Valuation
Prices of municipal bonds are provided by a pricing service approved by the Funds’ Board of Directors/Trustees. These securities are generally classified as Level 2 for fair value measurement purposes. The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer, or market activity, provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Investments in investment companies are valued at their respective net asset values on the valuation date. These investment vehicles are generally classified as Level 1.
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Funds’ Board of Directors/Trustees or its designee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s net asset value (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Funds’ Board of Directors/Trustees or its designee.
Refer to Footnote 2 – Fair Value Measurements for further details on the leveling of securities held by the Funds as of the end of the reporting period.
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to segregate assets with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. At April 30, 2012, Quality (NQI), Opportunity (NIO), Premier Opportunity (NIF), Dividend Advantage (NVG) and AMT-Free Income (NEA) had outstanding when-issued/delayed delivery purchase commitments of $7,696,956, $45,276,790, $2,750,350, $10,353,996 and $14,875,520, respectively. There were no such outstanding purchase commitments in Premium Opportunity (NPX).
Investment Income
Dividend income is recorded on the ex-dividend date. Investment income, which reflects the amortization of premiums and includes accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Investment income also reflects paydown gains and losses, if any.
Professional Fees
Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment, or to pursue other claims or legal actions on behalf of Fund shareholders. Legal fee refund presented in the Statement of Operations reflects a refund of workout expenditures paid in a prior reporting period.
Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies (“RICs”). Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal income tax, and in the case of AMT-Free Income (NEA) the alternative minimum tax applicable to individuals, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
|
Nuveen Investments
|
101
|
|
Notes to
|
||
|
Financial Statements (Unaudited) (continued)
|
Dividends and Distributions to Common Shareholders
Dividends from net investment income are declared monthly. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
Distributions to Common shareholders of net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
Auction Rate Preferred Shares
Each Fund is authorized to issue Auction Rate Preferred Shares (“ARPS”). As of October 31, 2011, the Funds redeemed all of their outstanding ARPS, at liquidation value.
MuniFund Term Preferred Shares
The following Funds have issued and outstanding MuniFund Term Preferred (“MTP”) Shares, with a $10 stated (“par”) value per share. Proceeds from the issuance of MTP Shares, net of offering expenses, were used to redeem all, or a portion of, each Fund’s outstanding ARPS. Each Fund’s MTP Shares are issued in one Series. Dividends on MTP Shares, which are recognized as interest expense for financial reporting purposes, are paid monthly at a fixed annual rate, subject to adjustments in certain circumstances. The MTP Shares trade on the NYSE. As of April 30, 2012, the number of MTP Shares outstanding, annual interest rate and the NYSE “ticker” symbol for each Fund’s series of MTP Shares are as follows:
|
Dividend Advantage (NVG)
|
AMT-Free Income (NEA)
|
||||||||||||||||||
|
Annual
|
Annual
|
||||||||||||||||||
|
Shares
|
Interest
|
NYSE
|
Shares
|
Interest
|
NYSE
|
||||||||||||||
|
Outstanding
|
Rate
|
Ticker
|
Outstanding
|
Rate
|
Ticker
|
||||||||||||||
|
Series:
|
|||||||||||||||||||
|
2014
|
10,800,000
|
2.95
|
%
|
NVG Pr C
|
—
|
—
|
%
|
—
|
|||||||||||
|
2015
|
—
|
—
|
—
|
8,300,000
|
2.85
|
NEA Pr C
|
|||||||||||||
Each Fund is obligated to redeem its MTP Shares by the date as specified in its offering document (“Term Redemption Date”), unless earlier redeemed or repurchased by the Fund. MTP Shares are subject to optional and mandatory redemption in certain circumstances. MTP Shares will be subject to redemption at the option of each Fund (“Optional Redemption Date”), subject to a payment of premium for one year following the Optional Redemption Date (“Premium Expiration Date”), and at par thereafter. MTP Shares also will be subject to redemption, at the option of each Fund, at par in the event of certain changes in the credit rating of the MTP Shares. Each Fund may be obligated to redeem certain of the MTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends. The Term Redemption Date, Optional Redemption Date and Premium Expiration Date for each Fund’s series of MTP Shares are as follows:
|
Dividend
|
AMT-Free
|
||||||
|
Advantage
|
Income
|
||||||
|
(NVG
|
)
|
(NEA
|
)
|
||||
|
Series 2014
|
Series 2015
|
||||||
|
Term Redemption Date
|
November 1, 2014
|
February 1, 2015
|
|||||
|
Optional Redemption Date
|
November 1, 2010
|
February 1, 2011
|
|||||
|
Premium Expiration Date
|
October 31, 2011
|
January 31, 2012
|
The average liquidation value for all series of MTP Shares outstanding for each Fund during the six months ended April 30, 2012, was as follows:
|
Dividend
|
AMT-Free
|
||||||
|
Advantage
|
Income
|
||||||
|
(NVG
|
)
|
(NEA
|
)
|
||||
|
Average liquidation value of MTP Shares outstanding
|
$
|
108,000,000
|
$
|
83,000,000
|
For financial reporting purposes only, the liquidation value of MTP Shares is recorded as a liability on the Statement of Assets and Liabilities. Unpaid dividends on MTP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities. Dividends paid on MTP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
Nuveen has agreed that net amounts earned by Nuveen as underwriter of each Fund’s MTP Share offering would be credited to the Funds, and would be recorded as reductions of offering costs recognized by the Funds. During the six months ended April 30, 2012, Nuveen earned no net underwriting amounts on the Funds’ MTP Shares.
|
102
|
Nuveen Investments
|
Variable Rate MuniFund Term Preferred Shares
The following Funds have issued and outstanding Variable Rate MuniFund Term Preferred (“VMTP”) Shares, with $100,000 liquidation value per share. Quality (NQI), Dividend Advantage (NVG) and AMT-Free Income (NEA) issued their VMTP Shares in a privately negotiated offering during February 2011, September 2011 and July 2011, respectively. Proceeds from the issuance of VMTP Shares, net of offering expenses, were used to redeem all or a portion of, the remainder of each Fund’s outstanding ARPS. Each Fund’s VMTP Shares were offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933. As of April 30, 2012, the number of VMTP Shares outstanding, at liquidation value, for each Fund is as follows:
|
Dividend
|
AMT-Free
|
|||||||||
|
Quality
|
Advantage
|
Income
|
||||||||
|
(NQI
|
)
|
(NVG
|
)
|
(NEA
|
)
|
|||||
|
Series 2014
|
$
|
240,400,000
|
$
|
92,500,000
|
$
|
67,600,000
|
Each Fund is obligated to redeem its VMTP Shares by the date as specified in its offering document (“Term Redemption Date”), unless earlier redeemed or repurchased by the Fund. VMTP Shares are subject to optional and mandatory redemption in certain circumstances . The VMTP Shares are subject to redemption at the option of each Fund (“Optional Redemption Date”), subject to payment of premium for one year following the Optional Redemption Date (“Premium Expiration Date”), and at par thereafter. Each Fund may be obligated to redeem certain of the VMTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends. The Term Redemption Date, Optional Redemption Date and Premium Expiration Date for each Fund’s VMTP Shares are as follows:
|
Dividend
|
AMT-Free
|
|||||||||
|
Quality
|
Advantage
|
Income
|
||||||||
|
(NQI
|
)
|
(NVG
|
)
|
(NEA
|
)
|
|||||
|
Term Redemption Date
|
March 1, 2014
|
October 1, 2014
|
August 1, 2014
|
|||||||
|
Optional Redemption Date
|
March 1, 2012
|
October 1, 2012
|
August 1, 2012
|
|||||||
|
Premium Expiration Date
|
February 29, 2012
|
September 30, 2012
|
July 31, 2012
|
|||||||
The average liquidation value of VMTP Shares outstanding and annualized dividend rate of VMTP Shares for each Fund during the six months ended April 30, 2012, were as follows:
|
Dividend
|
AMT-Free
|
|||||||||
|
Quality
|
Advantage
|
Income
|
||||||||
|
(NQI
|
)
|
(NVG
|
)
|
(NEA
|
)
|
|||||
|
Average liquidation Value of VMTP Shares outstanding
|
$
|
240,400,000
|
$
|
92,500,000
|
$
|
67,600,000
|
||||
|
Annualized dividend rate
|
1.39
|
%
|
1.14
|
%
|
1.19
|
%
|
Dividends on the VMTP Shares (which are treated as interest payments for financial reporting purposes) are set weekly.
For financial reporting purposes only, the liquidation value of VMTP Shares is recorded as a liability on the Statement of Assets and Liabilities. Unpaid dividends on VMTP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities. Dividends paid on VMTP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
Variable Rate Demand Preferred Shares
The following Funds have issued and outstanding Variable Rate Demand Preferred (“VRDP”) Shares, with a $100,000 liquidation value per share. Opportunity (NIO), Premier Opportunity (NIF) and Premium Opportunity (NPX) issued their VRDP Shares in a privately negotiated offering during December 2010, December 2010 and August 2008, respectively. Concurrent with renewing agreements with the liquidity provider for its VRDP Shares in June 2010, Premium Opportunity (NPX) exchanged all its 2,190 Series 1 VRDP Shares for 2,190 Series 2 VRDP Shares. The principal difference in terms between Series 1 and Series 2 VRDP Shares is the requirement that the Fund redeem VRDP Shares owned by the liquidity provider if the VRDP Shares have been owned by the liquidity provider through six months of continuous, unsuccessful remarketing. Proceeds of each Fund’s offering were used to redeem all or a portion of, the remainder of each Fund’s outstanding ARPS. The VRDP Shares were offered to qualified institutional buyers
|
Nuveen Investments
|
103
|
|
Notes to
|
||
|
Financial Statements (Unaudited) (continued)
|
pursuant to Rule 144A under the Securities Act of 1933. As of April 30, 2012, the number of VRDP Shares outstanding and maturity date for each Fund are as follows:
|
Premier
|
Premium
|
|||||||||
|
Opportunity
|
Opportunity
|
Opportunity
|
||||||||
|
(NIO
|
)
|
(NIF
|
)
|
(NPX
|
)
|
|||||
|
Series
|
1
|
1
|
2
|
|||||||
|
Shares outstanding
|
6,672
|
1,309
|
2,190
|
|||||||
|
Maturity
|
December 1, 2040
|
December 1, 2040
|
August 1, 2038
|
VRDP Shares include a liquidity feature that allows VRDP shareholders to have their shares purchased by a liquidity provider with whom each Fund has contracted in the event that purchase orders for VRDP Shares in a remarketing are not sufficient in number to be matched with the sale orders in that remarketing. Each Fund is required to redeem any VRDP Shares that are still owned by the liquidity provider after six months of continuous, unsuccessful remarketing.
Dividends on the VRDP Shares (which are treated as interest payments for financial reporting purposes) are set weekly at a rate established by a remarketing agent; therefore, the market value of the VRDP Shares is expected to approximate its liquidation value. If remarketings for VRDP Shares are continuously unsuccessful for six months, the maximum rate is designed to escalate according to a specified schedule in order to enhance the remarketing agent’s ability to successfully remarket the VRDP Shares.
Subject to certain conditions, VRDP Shares may be redeemed, in whole or in part, at any time at the option of each Fund. Each Fund may also redeem certain of the VRDP Shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends.
The average liquidation value outstanding and annualized dividend rate of VRDP Shares for each Fund during the six months ended April 30, 2012, were as follows:
|
Premier
|
Premium
|
|||||||||
|
Opportunity
|
Opportunity
|
Opportunity
|
||||||||
|
(NIO
|
)
|
(NIF
|
)
|
(NPX
|
)
|
|||||
|
Average liquidation value outstanding
|
667,200,000
|
130,900,000
|
219,000,000
|
|||||||
|
Annualized dividend rate
|
0.28
|
%
|
0.28
|
%
|
0.27
|
%
|
For financial reporting purposes only, the liquidation value of VRDP Shares is recognized as a liability on the Statement of Assets and Liabilities. Unpaid dividends on VRDP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities. Dividends paid on the VRDP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations. In addition to interest expense, each Fund also pays a per annum liquidity fee to the liquidity provider as well as a remarketing fee, which are recognized as components of “Fees on VRDP Shares” on the Statement of Operations.
Insurance
Since 2007, the financial status of most major municipal bond insurers has deteriorated substantially, and some insurers have gone out of business, rendering worthless the insurance policies they had written. Under normal circumstances, and during the period November 1, 2011 through January 2, 2012, each Fund invests at least 80% of its managed assets (as defined in Footnote 7 – Management Fees and Other Transactions with Affiliates) in municipal securities that were covered by insurance guaranteeing the timely payment of principal and interest. In addition, during the period November 1, 2011 through January 2, 2012, each Fund invested in municipal securities that, at the time of investment was rated investment grade (including (i) bonds insured by investment grade rated insurers or are rated investment grade; (ii) unrated bonds that are judged to be investment grade by the Adviser; and (iii) escrowed bonds). Ratings below BBB by one or more national rating agencies are considered to be below investment grade.
Inverse Floating Rate Securities
Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. In turn, this trust (a) issues floating rate certificates, in face amounts equal to some fraction of the deposited bond’s par amount or market value, that typically pay short-term tax-exempt interest rates to third parties, and (b) issues to a long-term investor (such as one of the Funds) an inverse floating rate certificate (sometimes referred to as an “inverse floater”) that represents all remaining or residual interest in the trust. The income received by the inverse floater holder varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the inverse floater holder bears substantially all of the underlying bond’s downside investment risk and also benefits disproportionately from any potential appreciation of the underlying bond’s value. The price of an inverse floating rate security will be more volatile than that of the underlying bond because the interest rate is dependent on not only the fixed coupon rate of the
|
104
|
Nuveen Investments
|
underlying bond but also on the short-term interest paid on the floating rate certificates, and because the inverse floating rate security essentially bears the risk of loss of the greater face value of the underlying bond.
A Fund may purchase an inverse floating rate security in a secondary market transaction without first owning the underlying bond (referred to as an “externally-deposited inverse floater”), or instead by first selling a fixed-rate bond to a broker-dealer for deposit into the special purpose trust and receiving in turn the residual interest in the trust (referred to as a “self-deposited inverse floater”). The inverse floater held by a Fund gives the Fund the right (a) to cause the holders of the floating rate certificates to tender their notes at par, and (b) to have the broker transfer the fixed-rate bond held by the trust to the Fund, thereby collapsing the trust. An investment in an externally-deposited inverse floater is identified in the Portfolio of Investments as “(IF) – Inverse floating rate investment.” An investment in a self-deposited inverse floater is accounted for as a financing transaction. In such instances, a fixed-rate bond deposited into a special purpose trust is identified in the Portfolio of Investments as “(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction,” with the Fund accounting for the short-term floating rate certificates issued by the trust as “Floating rate obligations” on the Statement of Assets and Liabilities. In addition, the Fund reflects in “Investment Income” the entire earnings of the underlying bond and recognizes the related interest paid to the holders of the short-term floating rate certificates as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
During the six months ended April 30, 2012, each Fund invested in externally-deposited inverse floaters and/or self-deposited inverse floaters.
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse trust” or “credit recovery swap”) (such agreements referred to herein as “Recourse Trusts”) with a broker-dealer by which a Fund agrees to reimburse the broker-dealer, in certain circumstances, for the difference between the liquidation value of the fixed-rate bond held by the trust and the liquidation value of the floating rate certificates issued by the trust plus any shortfalls in interest cash flows. Under these agreements, a Fund’s potential exposure to losses related to or on inverse floaters may increase beyond the value of a Fund’s inverse floater investments as a Fund may potentially be liable to fulfill all amounts owed to holders of the floating rate certificates. At period end, any such shortfall is recognized as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities.
At April 30, 2012, each Fund’s maximum exposure to externally-deposited Recourse Trusts, was as follows:
|
Premier
|
Premium
|
Dividend
|
AMT-Free
|
||||||||||||||||
|
Quality
|
Opportunity
|
Opportunity
|
Opportunity
|
Advantage
|
Income
|
||||||||||||||
|
(NQI
|
)
|
(NIO
|
)
|
(NIF
|
)
|
(NPX
|
)
|
(NVG
|
)
|
(NEA
|
)
|
||||||||
|
Maximum exposure to Recourse Trusts
|
$
|
26,610,000
|
$
|
40,430,000
|
$
|
15,375,000
|
$
|
14,845,000
|
$
|
6,665,000
|
$
|
6,665,000
|
|||||||
The average floating rate obligations outstanding and average annual interest rate and fees related to self-deposited inverse floaters during the six months ended April 30, 2012, were as follows:
|
Premier
|
Premium
|
Dividend
|
AMT-Free
|
||||||||||||||||
|
Quality
|
Opportunity
|
Opportunity
|
Opportunity
|
Advantage
|
Income
|
||||||||||||||
|
(NQI
|
)
|
(NIO
|
)
|
(NIF
|
)
|
(NPX
|
)
|
(NVG
|
)
|
(NEA
|
)
|
||||||||
|
Average floating rate obligations outstanding
|
$
|
52,456,099
|
$
|
105,390,614
|
$
|
19,000,000
|
$
|
56,858,132
|
$
|
28,413,334
|
$
|
13,040,000
|
|||||||
|
Average annual interest rate and fees
|
0.48
|
%
|
0.52
|
%
|
0.46
|
%
|
0.46
|
%
|
0.58
|
%
|
0.61
|
%
|
|||||||
Derivative Financial Instruments
Each Fund is authorized to invest in certain derivative instruments, including foreign currency forwards, futures, options and swap contracts. Although the Funds are authorized to invest in such financial instruments, and may do so in the future, they did not make any such investments during the six months ended April 30, 2012.
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities. Futures contracts, when applicable, expose a Fund to minimal counterparty credit risk as they are exchange traded and the exchange’s clearinghouse, which is counterparty to all exchange traded futures, guarantees the futures contracts against default.
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-
|
Nuveen Investments
|
105
|
|
Notes to
|
||
|
Financial Statements (Unaudited) (continued)
|
determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.
Zero Coupon Securities
Each Fund is authorized to invest in zero coupon securities. A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Tax-exempt income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
Offering Costs
Costs incurred by Dividend Advantage (NVG) and AMT-Free Income (NEA) in connection with their offerings of MTP Shares ($1,875,000 and $1,605,000, respectively) were recorded as deferred charges, which are being amortized over the life of the shares. Costs incurred by Quality (NQI), Dividend Advantage (NVG) and AMT-Free Income (NEA) in connection with their VMTP Shares ($1,120,000, $485,000 and $180,000, respectively) were recorded as deferred charges, which are being amortized over the life of the shares. Costs incurred by Opportunity (NIO), Premier Opportunity (NIF) and Premium Opportunity (NPX) in connection with their offerings of VRDP Shares ($2,645,000, $755,000 and $2,535,000, respectively) were recorded as deferred charges, which are being amortized over the life of the shares. Each Fund’s amortized deferred charges are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
Custodian Fee Credit
Each Fund has an arrangement with the custodian bank whereby certain custodian fees and expenses are reduced by net credits earned on each Fund’s cash on deposit with the bank. Such deposit arrangements are an alternative to overnight investments. Credits for cash balances may be offset by charges for any days on which a Fund overdraws its account at the custodian bank.
Indemnifications
Under the Funds’ organizational documents, their officers and directors/trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets applicable to Common shares from operations during the reporting period. Actual results may differ from those estimates.
2. Fair Value Measurements
Fair value is defined as the price that the Funds would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad levels listed below:
|
Level 1 –
|
Quoted prices in active markets for identical securities.
|
|
Level 2 –
|
Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
|
|
Level 3 –
|
Significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
|
|
106
|
Nuveen Investments
|
The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of April 30, 2012:
|
Quality (NQI)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||
|
Long-Term Investments:
|
|||||||||||||
|
Municipal Bonds
|
$
|
—
|
$
|
843,975,718
|
$
|
—
|
$
|
843,975,718
|
|||||
|
Opportunity (NIO)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||
|
Long-Term Investments:
|
|||||||||||||
|
Municipal Bonds
|
$
|
—
|
$
|
2,173,199,073
|
$
|
1,497,168
|
$
|
2,174,696,241
|
|||||
|
Short-Term Investments:
|
|||||||||||||
|
Municipal Bonds
|
—
|
12,490,000
|
—
|
12,490,000
|
|||||||||
|
Total
|
$
|
—
|
$
|
2,185,689,073
|
$
|
1,497,168
|
$
|
2,187,186,241
|
|||||
|
Premier Opportunity (NIF)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||
|
Long-Term Investments:
|
|||||||||||||
|
Municipal Bonds
|
$
|
—
|
$
|
446,827,783
|
$
|
—
|
$
|
446,827,783
|
|||||
|
Premium Opportunity (NPX)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||
|
Long-Term Investments:
|
|||||||||||||
|
Municipal Bonds
|
$
|
—
|
$
|
796,014,815
|
$
|
—
|
$
|
796,014,815
|
|||||
|
Dividend Advantage (NVG)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||
|
Long-Term Investments:
|
|||||||||||||
|
Municipal Bonds
|
$
|
—
|
$
|
681,312,945
|
$
|
—
|
$
|
681,312,945
|
|||||
|
Investment Companies
|
1,456,917
|
—
|
—
|
1,456,917
|
|||||||||
|
Total
|
$
|
1,456,917
|
$
|
681,312,945
|
$
|
—
|
$
|
682,769,862
|
|||||
|
AMT-Free Income (NEA)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||
|
Long-Term Investments:
|
|||||||||||||
|
Municipal Bonds
|
$
|
—
|
$
|
500,443,797
|
$
|
—
|
$
|
500,443,797
|
The following is a reconciliation of the following Fund’s Level 3 investments held at the beginning and end of the measurement period:
|
Opportunity
|
||||
|
(NIO
|
)
|
|||
|
Level 3
|
||||
|
Municipal
|
||||
|
Bonds
|
||||
|
Balance at the beginning of period
|
$
|
—
|
||
|
Gains (losses):
|
||||
|
Net realized gains (losses)
|
—
|
|||
|
Net change in unrealized appreciation (depreciation)
|
—
|
|||
|
Purchases at cost
|
—
|
|||
|
Sales at proceeds
|
—
|
|||
|
Net discounts (premiums)
|
—
|
|||
|
Transfers in to
|
1,497,168
|
|||
|
Transfers out of
|
—
|
|||
|
Balance at the end of period
|
$
|
1,497,168
|
||
|
Change in net unrealized appreciation (depreciation) during the period of Level 3 securities held as of April 30, 2012
|
$
|
(451,863
|
)
|
During the six months ended April 30, 2012, the Funds recognized no significant transfers to or from Level 1 or Level 2. Transfers in and/or out of Level 3 are shown using end of period values.
3. Derivative Instruments and Hedging Activities
The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes. The Funds did not invest in derivative instruments during the six months ended April 30, 2012.
|
Nuveen Investments
|
107
|
|
Notes to
|
||
|
Financial Statements (Unaudited) (continued)
|
4. Fund Shares
Common Shares
Transactions in Common shares were as follows:
|
Quality (NQI)
|
Opportunity (NIO)
|
Premier Opportunity (NIF)
|
|||||||||||||||||
|
Six Months
|
Year
|
Six Months
|
Year
|
Six Months
|
Year
|
||||||||||||||
|
Ended
|
Ended
|
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||||||
|
4/30/12
|
10/31/11
|
4/30/12
|
10/31/11
|
4/30/12
|
10/31/11
|
||||||||||||||
|
Common shares issued to shareholders due to reinvestment of distributions
|
32,488
|
10,745
|
—
|
24,068
|
20,638
|
40,933
|
|||||||||||||
|
Premium Opportunity (NPX)
|
Dividend Advantage (NVG)
|
AMT-Free Income (NEA)
|
|||||||||||||||||
|
Six Months
|
Year
|
Six Months
|
Year
|
Six Months
|
Year
|
||||||||||||||
|
Ended
|
Ended
|
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||||||
|
4/30/12
|
10/31/11
|
4/30/12
|
10/31/11
|
4/30/12
|
10/31/11
|
||||||||||||||
|
Common shares issued to shareholders due to reinvestment of distributions
|
—
|
—
|
—
|
—
|
—
|
1,085
|
|||||||||||||
Preferred Shares
Premium Opportunity (NPX) redeemed all of its outstanding ARPS during the fiscal year ended October 31, 2008.
Transactions in ARPS were as follows:
|
Quality (NQI)
|
Opportunity (NIO)
|
||||||||||||||||||||||||
|
Six Months Ended
|
Year Ended
|
Six Months Ended
|
Year Ended
|
||||||||||||||||||||||
|
4/30/12
|
10/31/11
|
4/30/12
|
10/31/11
|
||||||||||||||||||||||
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
||||||||||||||||||
|
ARPS redeemed:
|
|||||||||||||||||||||||||
|
Series M
|
N/A
|
N/A
|
(1,954
|
)
|
$
|
(48,850,000
|
)
|
N/A
|
N/A
|
(3,319
|
)
|
$
|
(82,975,000
|
)
|
|||||||||||
|
Series T
|
N/A
|
N/A
|
(1,956
|
)
|
(48,900,000
|
)
|
N/A
|
N/A
|
(3,319
|
)
|
(82,975,000
|
)
|
|||||||||||||
|
Series W
|
N/A
|
N/A
|
(1,957
|
)
|
(48,925,000
|
)
|
N/A
|
N/A
|
(3,320
|
)
|
(83,000,000
|
)
|
|||||||||||||
|
Series W2
|
N/A
|
N/A
|
—
|
—
|
N/A
|
N/A
|
(2,655
|
)
|
(66,375,000
|
)
|
|||||||||||||||
|
Series W3
|
N/A
|
N/A
|
—
|
—
|
N/A
|
N/A
|
(1,486
|
)
|
(37,150,000
|
)
|
|||||||||||||||
|
Series TH
|
N/A
|
N/A
|
(1,745
|
)
|
(43,625,000
|
)
|
N/A
|
N/A
|
(3,319
|
)
|
(82,975,000
|
)
|
|||||||||||||
|
Series TH2
|
N/A
|
N/A
|
—
|
—
|
N/A
|
N/A
|
(3,321
|
)
|
(83,025,000
|
)
|
|||||||||||||||
|
Series TH3
|
N/A
|
N/A
|
—
|
—
|
N/A
|
N/A
|
(2,536
|
)
|
(63,400,000
|
)
|
|||||||||||||||
|
Series F
|
N/A
|
N/A
|
(1,956
|
)
|
(48,900,000
|
)
|
N/A
|
N/A
|
(3,318
|
)
|
(82,950,000
|
)
|
|||||||||||||
|
Total
|
N/A
|
N/A
|
(9,568
|
)
|
$
|
(239,200,000
|
)
|
N/A
|
N/A
|
(26,593
|
)
|
$
|
(664,825,000
|
)
|
|||||||||||
|
Premier Opportunity (NIF)
|
Dividend Advantage (NVG)
|
||||||||||||||||||||||||
|
Six Months Ended
|
Year Ended
|
Six Months Ended
|
Year Ended
|
||||||||||||||||||||||
|
4/30/12
|
10/31/11
|
4/30/12
|
10/31/11
|
||||||||||||||||||||||
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
||||||||||||||||||
|
ARPS redeemed:
|
|||||||||||||||||||||||||
|
Series M
|
N/A
|
N/A
|
—
|
$
|
—
|
N/A
|
N/A
|
(1,247
|
)
|
$
|
(31,175,000
|
)
|
|||||||||||||
|
Series T
|
N/A
|
N/A
|
—
|
—
|
N/A
|
N/A
|
(1,217
|
)
|
(30,425,000
|
)
|
|||||||||||||||
|
Series W
|
N/A
|
N/A
|
(678
|
)
|
(16,950,000
|
)
|
N/A
|
N/A
|
—
|
—
|
|||||||||||||||
|
Series TH
|
N/A
|
N/A
|
(2,263
|
)
|
(56,575,000
|
)
|
N/A
|
N/A
|
(1,214
|
)
|
(30,350,000
|
)
|
|||||||||||||
|
Series F
|
N/A
|
N/A
|
(2,264
|
)
|
(56,600,000
|
)
|
N/A
|
N/A
|
—
|
—
|
|||||||||||||||
|
Total
|
N/A
|
N/A
|
(5,205
|
)
|
$
|
(130,125,000
|
)
|
N/A
|
N/A
|
(3,678
|
)
|
$
|
(91,950,000
|
)
|
|||||||||||
N/A – As of October 31, 2011, the Fund redeemed all of its outstanding ARPS, at liquidation value.
|
108
|
Nuveen Investments
|
|
AMT-Free Income (NEA)
|
|||||||||||||
|
Six Months Ended
|
Year Ended
|
||||||||||||
|
4/30/12
|
10/31/11
|
||||||||||||
|
Shares
|
Amount
|
Shares
|
Amount
|
||||||||||
|
ARPS redeemed:
|
|||||||||||||
|
Series T
|
N/A
|
N/A
|
(1,104
|
)
|
$
|
(27,600,000
|
)
|
||||||
|
Series W
|
N/A
|
N/A
|
(1,105
|
)
|
(27,625,000
|
)
|
|||||||
|
Series W2
|
N/A
|
N/A
|
(486
|
)
|
(12,150,000
|
)
|
|||||||
|
Total
|
N/A
|
N/A
|
(2,695
|
)
|
$
|
(67,375,000
|
)
|
||||||
N/A – As of October 31, 2011, the Fund redeemed all of its outstanding ARPS, at liquidation value.
Transactions in VMTP Shares were as follows:
|
Quality (NQI)
|
Dividend Advantage (NVG)
|
||||||||||||||||||||||||
|
Six Months Ended
|
Year Ended
|
Six Months Ended
|
Year Ended
|
||||||||||||||||||||||
|
4/30/12
|
10/31/11
|
4/30/12
|
10/31/11
|
||||||||||||||||||||||
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
||||||||||||||||||
|
VMTP Shares issued:
|
|||||||||||||||||||||||||
|
Series 2014
|
—
|
$
|
—
|
2,404
|
$
|
240,400,000
|
—
|
$
|
—
|
925
|
$
|
92,500,000
|
|||||||||||||
|
AMT-Free Income (NEA)
|
|||||||||||||
|
Six Months Ended
|
Year Ended
|
||||||||||||
|
4/30/12
|
10/31/11
|
||||||||||||
|
Shares
|
Amount
|
Shares
|
Amount
|
||||||||||
|
VMTP Shares issued:
|
|||||||||||||
|
Series 2014
|
—
|
$
|
—
|
676
|
$
|
67,600,000
|
|||||||
Transactions in VRDP Shares were as follows:
|
Opportunity (NIO)
|
Premier Opportunity (NIF)
|
||||||||||||||||||||||||
|
Six Months Ended
|
Year Ended
|
Six Months Ended
|
Year Ended
|
||||||||||||||||||||||
|
4/30/12
|
10/31/11
|
4/30/12
|
10/31/11
|
||||||||||||||||||||||
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
||||||||||||||||||
|
VRDP Shares issued:
|
|||||||||||||||||||||||||
|
Series 1
|
—
|
$
|
—
|
6,672
|
$
|
667,200,000
|
—
|
$
|
—
|
1,309
|
$
|
130,900,000
|
|||||||||||||
5. Investment Transactions
Purchases and sales (including maturities but excluding short-term investments, where applicable) during the six months ended April 30, 2012, were as follows:
|
Premier
|
Premium
|
Dividend
|
AMT-Free
|
||||||||||||||||
|
Quality
|
Opportunity
|
Opportunity
|
Opportunity
|
Advantage
|
Income
|
||||||||||||||
|
(NQI
|
)
|
(NIO
|
)
|
(NIF
|
)
|
(NPX
|
)
|
(NVG
|
)
|
(NEA
|
)
|
||||||||
|
Purchases
|
$
|
45,247,330
|
$
|
196,326,568
|
$
|
45,920,211
|
$
|
74,910,455
|
$
|
72,666,954
|
$
|
47,736,155
|
|||||||
|
Sales and maturities
|
59,470,342
|
215,936,554
|
46,321,437
|
83,503,757
|
85,628,676
|
40,517,156
|
|||||||||||||
6. Income Tax Information
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset values of the Funds.
|
Nuveen Investments
|
109
|
|
Notes to
|
||
|
Financial Statements (Unaudited) (continued)
|
At April 30, 2012, the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:
|
Premier
|
Premium
|
Dividend
|
AMT-Free
|
||||||||||||||||
|
Quality
|
Opportunity
|
Opportunity
|
Opportunity
|
Advantage
|
Income
|
||||||||||||||
|
(NQI
|
)
|
(NIO
|
)
|
(NIF
|
)
|
(NPX
|
)
|
(NVG
|
)
|
(NEA
|
)
|
||||||||
|
Cost of investments
|
$
|
737,485,532
|
$
|
1,936,897,423
|
$
|
397,774,825
|
$
|
691,477,401
|
$
|
615,002,825
|
$
|
461,761,731
|
|||||||
|
Gross unrealized:
|
|||||||||||||||||||
|
Appreciation
|
61,131,863
|
163,864,177
|
33,305,659
|
63,778,368
|
52,191,533
|
29,523,322
|
|||||||||||||
|
Depreciation
|
(7,122,746
|
)
|
(18,008,307
|
)
|
(3,253,721
|
)
|
(15,561,601
|
)
|
(12,838,352
|
)
|
(3,878,819
|
)
|
|||||||
|
Net unrealized appreciation (depreciation) of investments
|
$
|
54,009,117
|
$
|
145,855,870
|
$
|
30,051,938
|
$
|
48,216,767
|
$
|
39,353,181
|
$
|
25,644,503
|
|||||||
Permanent differences, primarily due to federal taxes paid, taxable market discount and non-deductible offering costs, resulted in reclassifications among the Funds’ components of Common share net assets at October 31, 2011, the Funds’ last tax year end, as follows:
|
Premier
|
Premium
|
Dividend
|
AMT-Free
|
||||||||||||||||
|
Quality
|
Opportunity
|
Opportunity
|
Opportunity
|
Advantage
|
Income
|
||||||||||||||
|
(NQI
|
)
|
(NIO
|
)
|
(NIF
|
)
|
(NPX
|
)
|
(NVG
|
)
|
(NEA
|
)
|
||||||||
|
Paid-in surplus
|
$
|
(253,832
|
)
|
$
|
(74,346
|
)
|
$
|
(22,075
|
)
|
$
|
(81,128
|
)
|
$
|
(383,919
|
)
|
$
|
(329,737
|
)
|
|
|
Undistributed (Over-distribution of) net investment income
|
225,345
|
(515,751
|
)
|
4,693
|
32,104
|
370,987
|
328,724
|
||||||||||||
|
Accumulated net realized gain (loss)
|
28,487
|
590,097
|
17,382
|
49,024
|
12,932
|
1,013
|
|||||||||||||
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains at October 31, 2011, the Funds’ last tax year end, were as follows:
|
Premier
|
Premium
|
Dividend
|
AMT-Free
|
||||||||||||||||
|
Quality
|
Opportunity
|
Opportunity
|
Opportunity
|
Advantage
|
Income
|
||||||||||||||
|
(NQI
|
)
|
(NIO
|
)
|
(NIF
|
)
|
(NPX
|
)
|
(NVG
|
)
|
(NEA
|
)
|
||||||||
|
Undistributed net tax-exempt income *
|
$
|
9,973,805
|
$
|
28,113,476
|
$
|
5,558,575
|
$
|
7,640,559
|
$
|
9,752,295
|
$
|
6,245,272
|
|||||||
|
Undistributed net ordinary income **
|
110,288
|
4,523
|
6,396
|
52,758
|
—
|
3,195
|
|||||||||||||
|
Undistributed net long-term capital gains
|
—
|
264,655
|
—
|
-—
|
1,396,468
|
—
|
|||||||||||||
|
*
|
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on October 3, 2011, paid on November 1, 2011.
|
|
**
|
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
|
The tax character of distributions paid during the Funds’ last tax year ended October 31, 2011, was designated for purposes of the dividends paid deduction as follows:
|
Premier
|
Premium
|
Dividend
|
AMT-Free
|
||||||||||||||||
|
Quality
|
Opportunity
|
Opportunity
|
Opportunity
|
Advantage
|
Income
|
||||||||||||||
|
(NQI
|
)
|
(NIO
|
)
|
(NIF
|
)
|
(NPX
|
)
|
(NVG
|
)
|
(NEA
|
)
|
||||||||
|
Distributions from net tax-exempt income
|
$
|
35,817,692
|
$
|
85,650,770
|
$
|
17,902,087
|
$
|
28,602,694
|
$
|
28,729,780
|
$
|
20,898,107
|
|||||||
|
Distributions from net ordinary income **
|
—
|
428,596
|
—
|
—
|
—
|
—
|
|||||||||||||
|
Distributions from net long-term capital gains
|
—
|
—
|
—
|
—
|
86,428
|
—
|
|||||||||||||
|
**
|
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
|
At October 31, 2011, the Funds’ last tax year end, the following Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as follows:
|
110
|
Nuveen Investments
|
|
Premier
|
Premium
|
AMT-Free
|
|||||||||||
|
Quality
|
Opportunity
|
Opportunity
|
Income
|
||||||||||
|
(NQI
|
)
|
(NIF
|
)
|
(NPX
|
)
|
(NEA
|
)
|
||||||
|
Expiration:
|
|||||||||||||
|
October 31, 2012
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
139,914
|
|||||
|
October 31, 2013
|
—
|
—
|
—
|
4,418,633
|
|||||||||
|
October 31, 2015
|
—
|
—
|
—
|
174,026
|
|||||||||
|
October 31, 2016
|
2,623,034
|
1,240,117
|
3,274,999
|
1,917,479
|
|||||||||
|
October 31, 2017
|
217,918
|
—
|
456,587
|
—
|
|||||||||
|
October 31, 2018
|
322,087
|
—
|
—
|
—
|
|||||||||
|
Total
|
$
|
3,163,039
|
$
|
1,240,117
|
$
|
3,731,586
|
$
|
6,650,052
|
|||||
During the Funds’ last tax year ended October 31, 2011, the following Funds utilized capital loss carryforwards as follows:
|
Premier
|
Premium
|
AMT-Free
|
||||||||||||||
|
Quality
|
Opportunity
|
Opportunity
|
Opportunity
|
Income
|
||||||||||||
|
(NQI
|
)
|
(NIO
|
)
|
(NIF
|
)
|
(NPX
|
)
|
(NEA
|
)
|
|||||||
|
Utilized capital loss carryforwards
|
$
|
2,009,925
|
$
|
5,318,344
|
$
|
35,517
|
$
|
2,685,818
|
$
|
194,140
|
||||||
7. Management Fees and Other Transactions with Affiliates
Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within the Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
The annual fund-level fee for each Fund, payable monthly, is calculated according to the following schedule:
|
Quality (NQI)
|
||
|
Opportunity (NIO)
|
||
|
Premier Opportunity (NIF)
|
||
|
Premium Opportunity (NPX)
|
||
|
Average Daily Managed Assets*
|
Fund-Level Fee Rate
|
|
|
For the first $125 million
|
.4500
|
%
|
|
For the next $125 million
|
.4375
|
|
|
For the next $250 million
|
.4250
|
|
|
For the next $500 million
|
.4125
|
|
|
For the next $1 billion
|
.4000
|
|
|
For the next $3 billion
|
.3875
|
|
|
For managed assets over $5 billion
|
.3750
|
|
|
Dividend Advantage (NVG)
|
||
|
AMT-Free Income (NEA)
|
||
|
Average Daily Managed Assets*
|
Fund-Level Fee Rate
|
|
|
For the first $125 million
|
.4500
|
%
|
|
For the next $125 million
|
.4375
|
|
|
For the next $250 million
|
.4250
|
|
|
For the next $500 million
|
.4125
|
|
|
For the next $1 billion
|
.4000
|
|
|
For managed assets over $2 billion
|
.3750
|
|
|
Nuveen Investments
|
111
|
|
Notes to
|
||
|
Financial Statements (Unaudited) (continued)
|
The annual complex-level fee for each Fund, payable monthly, is calculated according to the following schedule:
|
Complex-Level Managed Asset Breakpoint Level*
|
Effective Rate at Breakpoint Level
|
|
|
$55 billion
|
.2000
|
%
|
|
$56 billion
|
.1996
|
|
|
$57 billion
|
.1989
|
|
|
$60 billion
|
.1961
|
|
|
$63 billion
|
.1931
|
|
|
$66 billion
|
.1900
|
|
|
$71 billion
|
.1851
|
|
|
$76 billion
|
.1806
|
|
|
$80 billion
|
.1773
|
|
|
$91 billion
|
.1691
|
|
|
$125 billion
|
.1599
|
|
|
$200 billion
|
.1505
|
|
|
$250 billion
|
.1469
|
|
|
$300 billion
|
.1445
|
|
|
*
|
For the fund-level and complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen Funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen Funds or assets in excess of $2 billion added to the Nuveen Fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. As of April 30, 2012, the complex-level fee rate for these Funds was .1724%.
|
The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Adviser is responsible for each Fund’s overall strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (“the Sub-Adviser”), a wholly-owned subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
The Funds pay no compensation directly to those of its directors/trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Board of Directors/Trustees has adopted a deferred compensation plan for independent directors/trustees that enables directors/trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
For the first ten years of Dividend Advantage’s (NVG) operations, the Adviser has agreed to reimburse the Fund, as a percentage of average daily managed assets, for fees and expenses in the amounts and for the time periods set forth below:
|
Year Ending
|
Year Ending
|
||||
|
March 31,
|
March 31,
|
||||
|
2002*
|
.30
|
%
|
2008
|
.25
|
%
|
|
2003
|
.30
|
2009
|
.20
|
||
|
2004
|
.30
|
2010
|
.15
|
||
|
2005
|
.30
|
2011
|
.10
|
||
|
2006
|
.30
|
2012
|
.05
|
||
|
2007
|
.30
|
|
*
|
From the commencement of operations.
|
The Adviser has not agreed to reimburse Dividend Advantage (NVG) for any portion of its fees and expenses beyond March 31, 2012.
8. New Accounting Pronouncements
Fair Value Measurements and Disclosures
On May 12, 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-04 (“ASU No. 2011-04”) modifying Topic 820, Fair Value Measurements and Disclosures. At the same time, the International Accounting Standards Board (“IASB”) issued International Financial Reporting Standard (“IFRS”) 13, Fair Value Measurement. The objective of the FASB and IASB is convergence of their guidance on fair value measurements and disclosures. Specifically, ASU No. 2011-04 requires reporting entities to disclose i) the amounts of any transfers between Level 1 and Level 2 and the reasons for the transfers and ii) for Level 3 fair value measurements, a) quantitative information about significant
|
112
|
Nuveen Investments
|
unobservable inputs used, b) a description of the valuation processes used by the reporting entity and c) a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs if a change in those inputs might result in a significantly higher or lower fair value measurement. The effective date of ASU No. 2011-04 is for interim and annual periods beginning after December 15, 2011. At this time, management is evaluating the implications of this guidance and the impact it will have to the financial statement amounts and footnote disclosures, if any.
9. Subsequent Event
Approved Fund Reorganizations
On June 22, 2012, the Funds’ Board of Directors/Trustees approved a series of reorganizations for certain Funds included in this report. The reorganizations are intended to create a single larger Fund, which would potentially offer shareholders the following benefits:
|
●
|
Lower Fund expense ratios (excluding the effects of leverage), as fixed costs are spread over a larger asset base;
|
|
|
●
|
Enhanced secondary market trading, as larger Funds potentially make it easier for investors to buy and sell Fund shares;
|
|
|
●
|
Lower per share trading costs through reduced bid/ask spreads due to a larger common share float; and
|
|
|
●
|
Increased Fund flexibility in managing the structure and cost of leverage over time.
|
The approved reorganizations are as follows:
|
Acquired Funds
|
Acquiring Fund
|
|
|
●
|
Premier Opportunity (NIF)
|
● AMT-Free Income (NEA)
|
|
●
|
Premium Opportunity (NPX)
|
|
If shareholders approve the reorganizations, and upon the closing of the reorganizations, the Acquired Funds will transfer substantially all of their assets to the Acquiring Fund in exchange for common and preferred shares of the Acquiring Fund, and the assumption by the Acquiring Fund of the liabilities of the Acquired Funds. The Acquired Funds will then be liquidated, dissolved and terminated in accordance with their Declaration of Trust.
|
Nuveen Investments
|
113
|
Reinvest Automatically,
Easily and Conveniently
Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account.
Nuveen Closed-End Funds Automatic Reinvestment Plan
Your Nuveen Closed-End Fund allows you to conveniently reinvest distributions in additional Fund shares.
By choosing to reinvest, you’ll be able to invest money regularly and automatically, and watch your investment grow through the power of compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on distributions that are reinvested.
It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.
Easy and convenient
To make recordkeeping easy and convenient, each month you’ll receive a statement showing your total distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.
How shares are purchased
The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net asset value, shares for your account will be purchased on the open market. If the Plan Agent begins purchasing Fund shares on the open market while shares are trading below net asset value, but the Fund’s shares subsequently trade at or above their net asset value before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares’ net asset value or 95% of the shares’ market value on the last business day immediately prior to the purchase date. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may
|
114
|
Nuveen Investments
|
exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions.
Flexible
You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change.
You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan.
The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.
Call today to start reinvesting distributions
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787.
|
Nuveen Investments
|
115
|
Glossary of Terms
Used in this Report
|
■
|
Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have “failed,” with current holders receiving a formula-based interest rate until the next scheduled auction.
|
|
■
|
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
|
|
■
|
Average Effective Maturity: The market-value-weighted average of the effective maturity dates of the individual securities including cash. In the case of a bond that has been advance-refunded to a call date, the effective maturity is the date on which the bond is scheduled to be redeemed using the proceeds of an escrow account. In most other cases the effective maturity is the stated maturity date of the security.
|
|
■
|
Effective Leverage: Effective leverage is a Fund’s effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative investments in the Fund’s portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.
|
|
■
|
Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a Fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
|
|
116
|
Nuveen Investments
|
|
■
|
Leverage: Using borrowed money to invest in securities or other assets, seeking to increase the return of an investment or portfolio.
|
|
■
|
Leverage-Adjusted Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s or bond Fund’s value to changes when market interest rates change. Generally, the longer a bond’s or Fund’s duration, the more the price of the bond or Fund will change as interest rates change. Leverage-adjusted duration takes into account the leveraging process for a Fund and therefore is longer than the duration of the Fund’s portfolio of bonds.
|
|
■
|
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average: Calculated using the returns of all closed-end funds in this category. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.
|
|
■
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Market Yield (also known as Dividend Yield or Current Yield): An investment’s current annualized dividend divided by its current market price.
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Net Asset Value (NAV): The net market value of all securities held in a portfolio.
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Net Asset Value (NAV) Per Share: The market value of one share of a mutual fund or closed-end fund. For a Fund, the NAV is calculated daily by taking the Fund’s total assets (securities, cash, and accrued earnings), subtracting the Fund’s liabilities, and dividing by the number of shares outstanding.
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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.
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Regulatory Leverage: Regulatory Leverage consists of preferred shares issued by or borrowings of a Fund. Both of these are part of a Fund’s capital structure. Regulatory leverage is sometimes referred to as “‘40 Act Leverage” and is subject to asset coverage limits set in the Investment Company Act of 1940.
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Standard & Poor’s (S&P) Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
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Standard & Poor’s (S&P) Municipal Bond Insured Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, insured U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
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Taxable-Equivalent Yield: The yield necessary from a fully taxable investment to equal, on an after-tax basis, the yield of a municipal bond investment.
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Nuveen Investments
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117
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Glossary of Terms
Used in this Report (continued)
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Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Tax-exempt income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.
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118
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Nuveen Investments
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Additional Fund Information
Board of
Directors/Trustees
John P. Amboian
Robert P. Bremner
Jack B. Evans
William C. Hunter
David J. Kundert
William J. Schneider
Judith M. Stockdale
Carole E. Stone
Virginia L. Stringer
Terence J. Toth
Fund Manager
Nuveen Fund Advisors, Inc.
333 West Wacker Drive
Chicago, IL 60606
Custodian
State Street Bank
& Trust Company
Boston, MA
Transfer Agent and
Shareholder Services
State Street Bank & Trust
Company
Nuveen Funds
P.O. Box 43071
Providence, RI 02940-3071
(800) 257-8787
Legal Counsel
Chapman and Cutler LLP
Chicago, IL
Independent Registered
Public Accounting Firm
Ernst & Young LLP
Chicago, IL
Quarterly Portfolio of Investments and Proxy Voting Information
You may obtain (i) each Fund’s quarterly portfolio of investments, (ii) information regarding how the Funds voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, and (iii) a description of the policies and procedures that the Funds used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com.
You may also obtain this and other Fund information directly from the Securities and Exchange Commission (SEC). The SEC may charge a copying fee for this information. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC at (202) 942-8090 for room hours and operation. You may also request Fund information by sending an e-mail request to publicinfo@sec.gov or by writing to the SEC’s Public References Section at 100 F Street NE, Washington, D.C. 20549.
CEO Certification Disclosure
Each Fund’s Chief Executive Officer (CEO) has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual.
Each Fund has filed with the SEC the certification of its Chief Executive Officer and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.
Common Share Information
Each Fund intends to repurchase and/or redeem shares of its own common stock in the future at such times and in such amounts as is deemed advisable. During the period covered by this report, the Funds repurchased and/or redeemed shares of their common stock as shown in the accompanying table.
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Common Shares
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Fund
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Repurchased
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NQI
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—
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NIO
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—
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NIF
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—
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NPX
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—
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NVG
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—
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NEA
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—
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Any future repurchases will be reported to shareholders in the next annual or semiannual report.
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Nuveen Investments
|
119
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Nuveen Investments:
Serving Investors for Generations
Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.
Focused on meeting investor needs.
Nuveen Investments provides high-quality investment services designed to help secure the long-term goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates - Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management and Gresham Investment Management. In total, Nuveen Investments managed approximately $227 billion as of March 31, 2012.
Find out how we can help you.
To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at: www.nuveen.com/cef
Distributed by
Nuveen Securities, LLC
333 West Wacker Drive
Chicago, IL 60606
www.nuveen.com
ESA-D-0412D
ITEM 2. CODE OF ETHICS.
Not applicable to this filing.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable to this filing.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable to this filing.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to this filing.
ITEM 6. SCHEDULE OF INVESTMENTS.
(a) See Portfolio of Investments in Item 1.
(b) Not applicable.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this filing.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this filing.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board implemented after the registrant last provided disclosure in response to this Item.
ITEM 11. CONTROLS AND PROCEDURES.
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(a)
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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)).
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(b)
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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.
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ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form.
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(a)(1)
|
Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.
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(a)(2)
|
A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See Ex-99.CERT attached hereto.
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(a)(3)
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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.
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(b)
|
If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference: See Ex-99.906 CERT attached hereto.
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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 AMT-Free Municipal Income Fund
By (Signature and Title) /s/ Kevin J. McCarthy
Kevin J. McCarthy
Vice President and Secretary
Date: July 9, 2012
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title) /s/ Gifford R. Zimmerman
Gifford R. Zimmerman
Chief Administrative Officer
(principal executive officer)
Date: July 9, 2012
By (Signature and Title) /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller
(principal financial officer)
Date: July 9, 2012