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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-21213

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, 2015

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
9
   
Common Share Information
10
   
Risk Considerations
12
   
Performance Overview and Holding Summaries
13
   
Portfolios of Investments
21
   
Statement of Assets and Liabilities
79
   
Statement of Operations
80
   
Statement of Changes in Net Assets
81
   
Statement of Cash Flows
83
   
Financial Highlights
84
   
Notes to Financial Statements
90
   
Additional Fund Information
103
   
Glossary of Terms Used in this Report
104
   
Reinvest Automatically, Easily and Conveniently
106
   
 
Nuveen Investments
 
3
 
 
 

 
 
Chairman’s Letter to Shareholders
 
 
Dear Shareholders,
 
A pattern of divergence has emerged in the past year. Steady and moderate growth in the U.S. economy helped sustain the stock market’s bull run another year. U.S. bonds also performed well, amid subdued inflation, interest rates that remained unexpectedly low and concerns about the economic well-being of the rest of the world. The stronger domestic economy enabled the U.S. Federal Reserve (Fed) to gradually reduce its large scale bond purchases, known as quanti-tative easing (QE), without disruption to the markets, as well as beginning to set expectations for a transition into tightening mode.
 
The economic story outside the U.S. continues to improve. Despite the drama over Greece’s debt negotiations, the European economy appears to be stabilizing. Japan is on a moderate recovery path as it emerged from recession late last quarter. China’s economy decelerated and, despite running well above the rate of other major global economies, investors feared it looked slow by China’s standards. Some areas of concern were a surprisingly steep decline in oil prices, the U.S. dollar’s rally and an increase in geopolitical tensions, including the Russia-Ukraine crisis and terrorist attacks across the Middle East and Africa, as well as more recently in Europe.
 
While a backdrop of healthy economic growth in the U.S. and the continuation of accommoda-tive monetary policy (with the central banks of Japan and Europe stepping in where the Fed has left off) bodes well for the markets, the global outlook has become more uncertain. Indeed, volatility is likely to feature more prominently in the investment landscape going forward. Such conditions underscore the importance of professional investment management. Experienced investment teams have weathered the market’s ups and downs in the past and emerged with a better understanding of the sensitivities of their asset class and investment style, particularly in times of turbulence. We recognize the importance of maximizing gains, while striving to minimize volatility.
 
And, the same is true for investors like you. Maintaining an appropriate time horizon, diversifica-tion and relying on practiced investment teams are among your best strategies for achieving your long-term investment objectives. Additionally, I encourage you to communicate with your financial consultant if you have questions about your investment in a Nuveen Fund. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
 
 
William J. Schneider
Chairman of the Board
June 22, 2015
 
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Nuveen Investments
 
 
 

 
 
Portfolio Managers’ Comments
 
Nuveen Quality Municipal Fund, Inc. (NQI)
Nuveen Municipal Opportunity Fund, Inc. (NIO)
Nuveen Dividend Advantage Municipal Income Fund (NVG)
Nuveen AMT-Free Municipal Income Fund (NEA)
 
These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments, Inc. Portfolio managers Douglas J. White, CFA, and Paul L. Brennan, CFA, discuss key investment strategies and the six-month performance of these four Funds. Douglas assumed portfolio management responsibility for NQI in 2011 and Paul has managed NIO, NVG and NEA since 2006.
 
What key strategies were used to manage these Funds during the six-month reporting period ended April 30, 2015?
 
A backdrop of supportive technical and fundamental factors helped the municipal market rally in the first half of the reporting period. However, conditions turned more volatile in the second three months. Disappointing economic data, uncertainty about the timeline for the Federal Reserve’s first rate increase, an oversupply of new issuance and seasonal weakness due to tax loss selling led to greater price fluctuations within the municipal market in early 2015. In this environment, interest rates fell through January then plodded upward, ending the reporting period at nearly the same level where they began. Municipal bond prices were up modestly for the overall six-month reporting period. We continued to take a bottom-up approach to identifying sectors that appeared undervalued as well as individual credits that had the potential to perform well over the long term and helped keep the Funds fully invested.
 
Much of our trading activity during the reporting period was focused on reinvesting the cash from called bonds. The decline in municipal yields and the flattening of the municipal yield curve relative to the Treasury curve helped to make refunding deals more attractive and we saw an increase in this activity during the reporting period, as bond issuers sought to lower costs through refinancings.
 
In NQI, we maintained our focus on purchasing bonds in areas of the market that we expect to perform well as the economy continues to improve, as well as other sectors that offered attractively priced issues. Specifically, we added tollroad bonds in Texas and California; a sales tax revenue credit in Missouri; health care issues in Missouri, Wisconsin and Michigan; higher education and charter school credits in Texas and Florida; and tobacco settlement bonds in California and Rhode Island. The tobacco settlement bonds in Rhode Island were then sold later in the reporting period.
       
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
 
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc. (Fitch) Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
 
Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers’ ability to meet their commitments.
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
 
Nuveen Investments
 
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Portfolio Managers’ Comments (continued)
 
NIO, NVG and NEA maintained their overall positioning strategies throughout the course of the reporting period, namely a bias toward longer maturity and lower credit quality bonds. Additions to these Funds’ portfolios were primarily in the transportation and health care sectors. We bought toll road bonds issued for the Central Texas Turnpike and North Texas Tollway Authority and an airport bond for the New Orleans Aviation Board. The health care sector has been an attractive source of ideas for us and has continued to be an overweight position in the Funds. The advent of the Affordable Health Care Act has encouraged health care providers to increase the scale of their businesses through affiliations and consolidations. While the three Funds’ general sector and credit quality positioning was largely unchanged during this reporting period, we have become more selective at the individual issue level. As investor demand for municipal securities has increased and created a slight supply-demand imbalance, we’ve started to see underwriters bring new issues to market that are structured with terms more favorable to the issuer and perhaps less advantageous to the investor than in the recent past. We believe this shift in the marketplace merits extra vigilance on our part to ensure that every credit considered for the portfolio offers adequate reward potential for the level of risk to the bondholder. In cases where our convictions have been less certain, we’ve sought compensation for the additional risk or have passed on the deal all together.
 
Cash for purchases was generated primarily by proceeds from called and matured bonds, which we worked to redeploy to keep the Funds fully invested and support their income streams. NQI also sold some of its high quality, short maturity holdings, typically general obligation (GO) and pre-refunded bonds, which we prefer to hold over shorter time horizons because they offer less income.
 
As of April 30, 2015, all of these Funds continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management and income and total return enhancement. As part of our duration management strategies, NEA also added a forward interest rate swap to reduce price volatility risk to movements in U.S. interest rates relative to the Fund’s benchmark.
 
How did the Funds perform during the six-month reporting period ended April 30, 2015?
 
The tables in each Fund’s Performance Overview and Holding Summaries section of this report provide the Funds’ total returns for the six-month, one-year, five-year and ten-year periods ended April 30, 2015. Each Fund’s total returns at common share net asset value (NAV) are compared with the performance of a corresponding market index and Lipper classification average.
 
For the six months ended April 30, 2015, the total returns on common share NAV for all four of these Funds exceeded the return for the national S&P Municipal Bond Index. For the same period, the Funds underperformed the average return for the Lipper General and Insured Leveraged Municipal Debt Funds Classification Average.
 
Key management factors that influenced the Funds’ returns included duration and yield curve positioning, credit exposure and sector allocation. Keeping the Funds fully invested throughout the reporting period was also beneficial for performance. In addition, the use of regulatory leverage was an important positive factor affecting the Funds’ performance. Leverage is discussed in more detail later in the Fund Leverage section of this report.
 
In this reporting period, municipal bonds with intermediate and longer maturities generally outperformed those with shorter maturities. In general, the Funds’ durations and yield curve positioning were positive for performance. Consistent with our long term strategy, these Funds tended to have longer durations than the municipal market in general, with overweightings in the longer parts of the yield curve that performed well and underweightings in the underperforming shorter end of the curve. This was especially true in NQI and NVG, where greater sensitivity to changes in interest rates benefited their performance. NQI’s most advantageous
 
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positioning was in bonds with maturities 20 years and up. An overweight allocation in these longer-dated maturities was a key positive contributor to NQI’s performance. As noted previously, in NEA we added a forward interest rate swap during this reporting period to reduce the Fund’s duration, which had exceeded its target. As interest rates declined during the reporting period, the swap resulted in NEA having one of the shortest durations among these Funds as of the end of this reporting period and this detracted from its performance. Overall, duration and yield curve positioning were the major drivers of performance and differences in positioning accounted for much of the differences in performance.
 
During this reporting period, lower rated bonds generally outperformed higher quality bonds, as the municipal market rally continued and investors became more willing to accept risk. These Funds tended to have overweights in A rated and BBB rated bonds and underweights in the AAA rated and AA rated categories relative to their benchmark and credit exposure was generally positive for their performance. As with duration, differences in credit allocation accounted for some of the differences in performance.
 
Among the municipal market sectors, tobacco, health care (especially hospitals), industrial development revenue (IDR) and transportation (especially toll roads) were some of the top-performing groups during this reporting period. Tobacco bonds performed well due to their lower credit quality and the broader demand for higher yields. Health care, IDR and transportation bonds also benefited from investor demand for lower rated credits, as well as generally improving credit fundamentals across these sectors. NQI’s overweight exposures to health care, utilities and dedicated tax bonds were particularly advantageous to performance, as were allocations in the water and sewer, and transportation sectors. Detracting slightly from NQI’s results was an overweight allocation to the pre-refunded sector, one of the weakest-performing segments in the municipal market. Pre-refunded bonds fared poorly in this reporting period because of their generally high quality credit ratings and short maturities. The performance of NIO, NVG and NEA was largely driven by the Funds’ allocations to the tobacco settlement, health care, transportation, utilities and the IDR sectors. However, relative gains were somewhat offset by weak performance from the three Funds’ exposures to the pre-refunded and tax obligation sectors. Although the tax-supported sectors encompass a wide range of credit ratings, the underperformance of higher quality issues has been one of the main reasons the tax-supported sectors have tended to lag revenue sectors.
 
Furthermore, for NQI, individual credit selection was a significant contributor to performance during this reporting period. Our picks in water and sewer revenue bonds were especially strong relative performers. Dedicated tax bonds, including sales tax and property tax-based credits also generated relative gains for the Fund. Finally, NQI’s selections in the not rated category outperformed those of the benchmark, with a number of life care and IDR issues adding value. Also during this reporting period, Moody’s upgraded Harris County-Houston Sports Authority bonds following a successful restructuring in November 2014. Both NIO and NEA held the bonds in their portfolios.
 
As noted in the previous Shareholder Fund Report, we continue to monitor two situations in the broader municipal market for any impact on the Funds’ holdings and performance: the ongoing economic problems of Puerto Rico and the City of Detroit’s bankruptcy case. In terms of Puerto Rico holdings, shareholders should note that NIO, NVG and NEA had limited exposure to Puerto Rico debt, 0.39%, 0.44% and 1.43%, respectively, Puerto Rico debt during this reporting period, with NQI selling the last of its Puerto Rico bonds during the summer of 2014. The Puerto Rico credits offered higher yields, added diversification and triple exemption (i.e., exemption from most federal, state and local taxes). However, Puerto Rico’s continued economic weakening, escalating debt service obligations, and long-standing inability to deliver a balanced budget led to multiple downgrades on its debt over the past two years. Puerto Rico general obligation debt is rated Caa2/CCC+/B (below investment grade) by Moody’s, S&P and Fitch, respectively, with negative outlooks.
 
Nuveen Investments
 
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Portfolio Managers’ Comments (continued)
 
On February 6, 2015, a federal court found Puerto Rico’s Recovery Act to be unconstitutional. Though the Commonwealth is pursuing an appeal of the ruling, the outcome is uncertain. Puerto Rico’s non-voting Representative in Congress recently introduced legislation that would make chapter 9 bankruptcy available to the Commonwealth’s public corporations. A congressional committee hearing was held on February 26, 2015, but the bill has not advanced out of committee.
 
In light of the evolving economic situation in Puerto Rico, Nuveen’s credit analysis of the Commonwealth had previously considered the possibility of a default and restructuring of public corporations and we adjusted our portfolios to prepare for such an outcome, although no such default or restructuring has occurred to date. The Nuveen complex’s entire exposure to obligations of the government of Puerto Rico and other Puerto Rico issuers totaled 0.33% of assets under management as of April 30, 2015. As of April 30, 2015, the Funds’ limited exposure to Puerto Rico generally was invested in bonds that were insured, pre-refunded (and therefore backed by securities such as U.S. Treasuries), or tobacco settlement bonds. Overall, the small size of our exposures meant that our Puerto Rico holdings had a negligible impact on performance.
 
The second situation that we continued to monitor was the City of Detroit’s filing for chapter 9 in federal bankruptcy court in July 2013. Burdened by decades of population loss, changes in the auto manufacturing industry and significant tax base deterioration, Detroit had been under severe financial stress for an extended period prior to the filing. Before Detroit could exit bankruptcy, issues surrounding the city’s complex debt portfolio, numerous union contracts, significant legal questions and more than 100,000 creditors had to be resolved. By October 2014, all of the major creditors had reached an agreement on the city’s plan to restructure its $18.5 billion of debt and emerge from bankruptcy on November 7, 2014. The U.S. Bankruptcy Court approved the city’s bankruptcy exit plan, thereby erasing approximately $7 billion in debt. The settlement plan also provided for $1.7 billion to be reinvested in the city for improved public safety, blight removal and upgraded basic services.
 
In August 2014, Detroit announced a tender offer for the city’s water and sewer bonds, aimed at replacing some of the $5.2 billion of existing debt with lower cost bonds. Approximately $1.5 billion in existing water and sewer bonds were returned to the city by investors under the tender offer, which enabled Detroit to issue new water and sewer bonds, resulting in savings of $250 million over the life of the bonds. The city also raised about $150 million to finance sewer system improvements. As part of the deal, Detroit water and sewer bonds also were permanently removed from the city’s bankruptcy case, which led to a rally in the bonds’ price. NIO, NVG and NEA continued to hold Detroit water and sewer bonds, and the small position sizes had an insignificant impact on performance. NQI had no exposure to Detroit during this reporting period.
 
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Nuveen Investments
 
 
 

 
Fund Leverage
 
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
 
One important factor impacting the returns of the Funds relative to their comparative benchmarks was the Funds’ use of leverage through their issuance of preferred shares and/or investments in inverse floating rate securities, which represent leveraged investments in underlying bonds. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income, particularly in the recent market environment where short-term market rates are at or near historical lows, meaning that the short-term rates the Fund has been paying on its leveraging instruments have been much lower than the interest the Fund has been earning on its portfolio of long-term bonds that it has bought with the proceeds of that leverage. However, use of leverage also can expose the Fund to additional price volatility. When a Fund uses leverage, the Fund will experience a greater increase in its net asset value if the municipal bonds acquired through the use of leverage increase in value, but it will also experience a correspondingly larger decline in its net asset value if the bonds acquired through leverage decline in value, which will make the Fund’s net asset value more volatile, and its total return performance more variable over time. In addition, income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. Leverage made a positive contribution to the performance of these Funds over this reporting period.
 
As of April 30, 2015, the Funds’ percentages of leverage are as shown in the accompanying table.
 
 
NQI
NIO
NVG
NEA
 
Effective Leverage*
35.82%
37.17%
35.69%
35.65%
 
Regulatory Leverage*
29.39%
30.82%
29.37%
29.82%
 
 
* Effective Leverage is a Fund’s effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund’s portfolio that increase the Fund’s investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage. Regulatory leverage consists of preferred shares issued or borrowings of a Fund. Both of these are part of a Fund’s capital structure. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940.
 
THE FUNDS’ REGULATORY LEVERAGE
 
As of April 30, 2015, the Funds have issued and outstanding Variable Rate MuniFund Term Preferred (VMTP) Shares and Variable Rate Demand Preferred (VRDP) Shares as shown in the accompanying table.
 
    VMTP Shares    
VRDP Shares
       
         
Shares Issued at
         
Shares Issued at
       
Fund
 
Series
   
Liquidation Value
   
Series
   
Liquidation Value
   
Total
 
NQI
 
2015
    $ 240,400,000                 $ 240,000,000  
NIO
                1     $ 667,200,000     $ 667,200,000  
NVG
                1     $ 179,000,000     $ 179,000,000  
NEA
    2016     $ 151,000,000       1     $ 219,000,000          
                      2     $ 130,900,000          
            $ 151,000,000             $ 349,900,000     $ 500,900,000  
 
Refer to Notes to Financial Statements, Note 4 – Fund Shares, Preferred Shares for further details on VMTP and VRDP Shares and each Fund’s respective transactions.
 
Subsequent to the close of this reporting period, NQI refinanced all of its outstanding VMTP Shares with the issuance of new VMTP Shares.
 
Nuveen Investments
 
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Common Share Information
 
COMMON SHARE DISTRIBUTION INFORMATION
 
The following information regarding the Funds’ distributions is current as of April 30, 2015. Each Fund’s distribution levels may vary over time based on each Fund’s investment activity and portfolio investments value changes.
 
During the current reporting period, each Fund’s distributions to common shareholders were as shown in the accompanying table.
 
    Per Common Share Amounts
Ex-Dividend Date
  NQI    
NIO
   
NVG
   
NEA
 
November 2014
  $ 0.0550     $ 0.0730     $ 0.0610     $ 0.0685  
December
    0.0550       0.0730       0.0610       0.0685  
January
    0.0550       0.0730       0.0610       0.0685  
February
    0.0550       0.0730       0.0610       0.0685  
March
    0.0550       0.0730       0.0610       0.0685  
April 2015
    0.0550       0.0730       0.0610       0.0685  
                                 
Long-Term Capital Gain*
  $     $     $ 0.1020     $  
Ordinary Income Distribution*
  $     $ 0.0017     $ 0.0082     $ 0.0006  
                                 
Market Yield**
    4.98 %     6.01 %     5.09 %     5.87 %
Taxable-Equivalent Yield**
    6.92 %     8.35 %     7.07 %     8.15 %
 
* Distribution paid in December 2014.
   
** Market Yield is based on the Fund’s current annualized monthly dividend divided by the Fund’s current market price as of the end of the reporting period. Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28.0%. When comparing a Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
 
Each Fund in this report seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it will hold the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s net asset value. Conversely, if a Fund has cumulatively paid in dividends more than it has earned, the excess will constitute a negative UNII that will likewise be reflected in the Fund’s net asset value. Each Fund will, over time, pay all its net investment income as dividends to shareholders.
 
As of April 30, 2015, the Funds had positive UNII balances, based upon our best estimate, for tax purposes and positive UNII balances for financial reporting purposes.
 
All monthly dividends paid by the Funds during the current reporting period, were paid from net investment income. If a portion of the Fund’s monthly distributions was sourced from or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders would have received a notice to that effect. For financial reporting purposes, the composition and per share amounts of each Fund’s dividends for the reporting period are presented in this report’s Statement of Changes in Net Assets and Financial Highlights, respectively. For income tax purposes, distribution information for each Fund as of its most recent tax year end is presented in Note 6 — Income Tax Information within the Notes to Financial Statements of this report.
 
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COMMON SHARE REPURCHASES
 
During August 2014, the Funds’ Board of Directors/Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding shares.
 
As of April 30, 2015, and since the inception of the Funds’ repurchase programs, the Funds have cumulatively repurchased and retired their outstanding common shares as shown in the accompanying table.
 
   
NQI
   
NIO
   
NVG
   
NEA
 
Common Shares Cumulatively Repurchased and Retired
    25,000       2,900       185,000       19,300  
Common Shares Authorized for Repurchase
    3,845,000       9,560,000       2,965,000       7,890,000  
 
During the current reporting period, the Funds did not repurchase any of their outstanding common shares.
 
OTHER COMMON SHARE INFORMATION
 
As of April 30, 2015, and during the current reporting period, the Funds’ common share prices were trading at a premium/(discount) to their common share NAVs as shown in the accompanying table.
 
   
NQI
   
NIO
   
NVG
   
NEA
 
Common Share NAV
  $ 15.03     $ 15.67     $ 16.15     $ 14.94  
Common Share Price
  $ 13.24     $ 14.58     $ 14.37     $ 14.00  
Premium/(Discount) to NAV
    (11.91 )%     (6.96 )%     (11.02 )%     (6.29 )%
6-Month Average Premium/(Discount) to NAV
    (12.54 )%     (8.25 )%     (12.35 )%     (8.89 )%
 
Nuveen Investments
 
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Risk Considerations
 
Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation. Past performance is no guarantee of future results. Fund common shares are subject to a variety of risks, including:
 
Investment, Market and Price Risk. An investment in common shares is subject to investment risk, including the possible loss of the entire principal amount that you invest. Your investment in common shares represents an indirect investment in the municipal securities owned by the Funds, which generally trade in the over-the-counter markets. Shares of closed-end investment companies like these Funds frequently trade at a discount to their net asset value (NAV). Your common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.
 
Tax Risk. The tax treatment of Fund distributions may be affected by new IRS interpretations of the Internal Revenue Code and future changes in tax laws and regulations.
 
Leverage Risk. Each Fund’s use of leverage creates the possibility of higher volatility for the Fund’s per share NAV, market price, distributions and returns. There is no assurance that a Fund’s leveraging strategy will be successful. Certain aspects of the recently adopted Volcker Rule may limit the availability of tender option bonds, which are used by the Funds for leveraging and duration management purposes. The effects of this new Rule, expected to take effect in mid-2015, may make it more difficult for a Fund to maintain current or desired levels of leverage and may cause the Fund to incur additional expenses to maintain its leverage.
 
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.
 
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.
 
Derivatives Risk. The Funds may use derivative instruments which involve a high degree of financial risk, including the risk that the loss on a derivative may be greater than the principal amount invested.
 
Municipal Bond Market Liquidity Risk. Inventories of municipal bonds held by brokers and dealers have decreased in recent years, lessening their ability to make a market in these securities. This reduction in market making capacity has the potential to decrease a Fund’s ability to buy or sell bonds, and increase bond price volatility and trading costs, particularly during periods of economic or market stress. In addition, recent federal banking regulations may cause certain dealers to reduce their inventories of municipal bonds, which may further decrease a Fund’s ability to buy or sell bonds. As a result, the Fund may be forced to accept a lower price to sell a security, to sell other securities to raise cash, or to give up an investment opportunity, any of which could have a negative effect on performance. If the Fund needed to sell large blocks of bonds, those sales could further reduce the bonds’ prices and hurt performance.
 
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NQI  
  Nuveen Quality Municipal Fund, Inc.
  Performance Overview and Holding Summaries as of April 30, 2015
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
 
Average Annual Total Returns as of April 30, 2015
 
 
Cumulative
    Average Annual
 
6-Month
 
1-Year
5-Year
10-Year
 
NQI at Common Share NAV
1.78%
 
8.20%
7.31%
5.31%
 
NQI at Common Share Price
3.03%
 
7.17%
4.65%
4.31%
 
S&P Municipal Bond Index
1.27%
 
4.86%
4.92%
4.63%
 
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average
2.40%
 
9.96%
8.36%
6.11%
 
 
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. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
 
Nuveen Investments
 
13
 
 
 

 
 
NQI Performance Overview and Holding Summaries as of April 30, 2015 (continued)
 
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
 
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
 
Fund Allocation
 
(% of net assets)
 
Long-Term Municipal Bonds
146.1%
Corporate Bonds
0.0%
Other Assets Less Liabilities
0.7%
Net Assets Plus Floating Rate Obligations & VMTP Shares, at Liquidation Value
(146.8)%
Floating Rate Obligations
(5.2)%
VMTP Shares, at Liquidation Value
(41.6)%
Net Assets
100%
   
Credit Quality
 
(% of total investment exposure)
 
AAA/U.S. Guaranteed
19.9%
AA
46.3%
A
23.4%
BBB
5.9%
BB or Lower
2.6%
N/R (not rated)
1.9%
Total
100%
   
Portfolio Composition
 
(% of total investments)
 
Tax Obligation/Limited
21.7%
Health Care
16.1%
Transportation
14.7%
Tax Obligation/General
10.4%
U.S. Guaranteed
10.0%
Water and Sewer
7.2%
Utilities
6.5%
Other
13.4%
Total
100%
   
States and Territories
 
(% of total municipal bonds)
 
Texas
10.6%
California
9.3%
Florida
8.2%
Illinois
7.5%
Arizona
7.2%
Pennsylvania
6.3%
Washington
5.8%
Colorado
4.9%
Wisconsin
4.1%
Louisiana
3.7%
Ohio
3.6%
Michigan
2.8%
Indiana
2.7%
New York
2.7%
Massachusetts
2.5%
Other
18.1%
Total
100%
 
14
 
Nuveen Investments
 
 
 

 
 
 
NIO  
  Nuveen Municipal Opportunity Fund, Inc.
  Performance Overview and Holding Summaries as of April 30, 2015
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
 
Average Annual Total Returns as of April 30, 2015
 
 
Cumulative
  Average Annual
 
6-Month
 
1-Year
5-Year
10-Year
 
NIO at Common Share NAV
2.35%
 
9.15%
7.56%
5.58%
 
NIO at Common Share Price
3.04%
 
10.19%
7.22%
5.82%
 
S&P Municipal Bond Index
1.27%
 
4.86%
4.92%
4.63%
 
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average
2.40%
 
9.96%
8.36%
6.11%
 
 
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. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
 
Nuveen Investments
 
15
 
 
 

 
 
NIO Performance Overview and Holding Summaries as of April 30, 2015 (continued)
 
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
 
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
 
Fund Allocation
 
(% of net assets)
 
Long-Term Municipal Bonds
147.2%
Corporate Bonds
0.0%
Other Assets Less Liabilities
3.0%
Net Assets Plus Floating Rate Obligations & VRDP Shares, at Liquidation Value
(150.2)%
Floating Rate Obligations
(5.7)%
VRDP Shares, at Liquidation Value
(44.5)%
Net Assets
100%
   
Credit Quality
 
(% of total investment exposure)
 
AAA/U.S. Guaranteed
22.3%
AA
46.2%
A
19.7%
BBB
6.1%
BB or Lower
4.1%
N/R (not rated)
1.6%
Total
100%
   
Portfolio Composition
 
(% of total investments)
 
Tax Obligation/Limited
18.6%
Health Care
17.3%
Transportation
15.7%
U.S. Guaranteed
12.7%
Utilities
9.5%
Water and Sewer
8.9%
Tax Obligation/General
8.2%
Other
9.1%
Total
100%
   
States and Territories
 
(% of total municipal bonds)
 
California
11.3%
Florida
9.3%
Illinois
8.0%
Texas
5.8%
Washington
5.6%
Indiana
5.3%
Ohio
5.3%
New York
4.3%
South Carolina
4.1%
Pennsylvania
3.7%
Colorado
3.1%
Nebraska
2.9%
New Jersey
2.4%
Louisiana
2.4%
Arizona
2.1%
Massachusetts
2.0%
Michigan
1.8%
Kentucky
1.7%
Other
18.9%
Total
100%
 
16
 
Nuveen Investments
 
 
 

 
 
 
NVG  
  Nuveen Dividend Advantage Municipal Income Fund
  Performance Overview and Holding Summaries as of April 30, 2015
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
 
Average Annual Total Returns as of April 30, 2015
 
 
Cumulative
    Average Annual
 
6-Month
 
1-Year
5-Year
10-Year
 
NVG at Common Share NAV
2.32%
 
9.64%
7.35%
5.91%
 
NVG at Common Share Price
5.05%
 
10.39%
5.95%
6.03%
 
S&P Municipal Bond Index
1.27%
 
4.86%
4.92%
4.63%
 
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average
2.40%
 
9.96%
8.36%
6.11%
 
 
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. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
 
Nuveen Investments
 
17
 
 
 

 
 
 
NVG Performance Overview and Holding Summaries as of April 30, 2015 (continued)
 
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
 
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
 
Fund Allocation
 
(% of net assets)
 
Long-Term Municipal Bonds
143.6%
Investment Companies
0.3%
Other Assets Less Liabilities
1.9%
Net Assets Plus Floating Rate Obligations & VRDP Shares, at Liquidation Value
(145.8)%
Floating Rate Obligations
(4.2)%
VRDP Shares, at Liquidation Value
(41.6)%
Net Assets
100%
   
Credit Quality
 
(% of total investment exposure)
 
AAA/U.S. Guaranteed
32.0%
AA
38.4%
A
14.3%
BBB
9.9%
BB or Lower
4.3%
N/R (not rated)
0.9%
N/A (not applicable)
0.2%
Total
100%
   
Portfolio Composition
 
(% of total investments)
 
Tax Obligation/Limited
18.0%
U.S. Guaranteed
17.3%
Health Care
17.2%
Transportation
12.7%
Tax Obligation/General
10.1%
Education and Civic Organizations
7.3%
Utilities
5.9%
Other
11.5%
Total
100%
   
States and Territories
 
(% of total municipal bonds)
 
California
13.5%
Illinois
8.9%
Texas
7.8%
Washington
6.4%
Colorado
4.9%
Indiana
4.5%
Florida
4.5%
Louisiana
4.3%
Georgia
3.8%
Pennsylvania
3.8%
New York
3.5%
Ohio
2.9%
Massachusetts
2.4%
Michigan
2.4%
Utah
2.2%
Nebraska
2.1%
Wisconsin
2.0%
Nevada
1.9%
Other
18.2%
Total
100%
 
18
 
Nuveen Investments
 
 
 

 
 
 
NEA  
  Nuveen AMT-Free Municipal Income Fund
  Performance Overview and Holding Summaries as of April 30, 2015
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
 
Average Annual Total Returns as of April 30, 2015
 
 
Cumulative
    Average Annual
 
6-Month
 
1-Year
5-Year
10-Year
 
NEA at Common Share NAV
1.52%
 
9.05%
6.12%
5.50%
 
NEA at Common Share Price
4.85%
 
11.48%
5.30%
5.70%
 
S&P Municipal Bond Index
1.27%
 
4.86%
4.92%
4.63%
 
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average
2.40%
 
9.96%
8.36%
6.11%
 
 
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. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
 
Nuveen Investments
 
19
 
 
 

 
 
NEA Performance Overview and Holding Summaries as of April 30, 2015 (continued)
 
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
 
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
 
Fund Allocation
 
(% of net assets)
 
Long-Term Municipal Bonds
143.5%
Corporate Bonds
0.0%
Short-Term Municipal Bonds
1.2%
Other Assets Less Liabilities
1.5%
Net Assets Plus Floating Rate Obligations, VMTP Shares, at Liquidation Value & VRDP Shares, at Liquidation Value
(146.2)%
Floating Rate Obligations
(3.7)%
VMTP Shares, at Liquidation Value
(12.8)%
VRDP Shares, at Liquidation Value
(29.7)%
Net Assets
100%
   
Credit Quality
 
(% of total investment exposure)1
 
AAA/U.S. Guaranteed
19.2%
AA
47.2%
A
18.0%
BBB
8.9%
BB or Lower
4.9%
N/R (not rated)
1.8%
Total
100%
   
Portfolio Composition
 
(% of total investments)1
 
Tax Obligation/Limited
18.6%
Health Care
18.1%
Transportation
16.7%
U.S. Guaranteed
11.1%
Water and Sewer
9.1%
Tax Obligation/General
8.2%
Education and Civic Organizations
7.8%
Utilities
5.5%
Other
4.9%
Total
100%
   
States and Territories
 
(% of municipal bonds)
 
California
13.6%
Illinois
9.7%
Florida
6.5%
Texas
6.0%
New York
5.7%
Ohio
5.3%
Pennsylvania
5.2%
New Jersey
4.4%
Louisiana
3.7%
Colorado
3.5%
Arizona
3.2%
Washington
3.2%
Indiana
3.1%
Massachusetts
2.4%
South Carolina
1.9%
Wisconsin
1.7%
Nevada
1.6%
Other
19.3%
Total
100%
 
1 Excluding investments in derivatives.
 
20
 
Nuveen Investments
 
 
 

 
NQI
   
 
Nuveen Quality Municipal Fund, Inc.
 
 
Portfolio of Investments
April 30, 2015 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
LONG-TERM INVESTMENTS – 146.1% (100.0% of Total Investments)
           
     
MUNICIPAL BONDS – 146.1% (100.0% of Total Investments)
           
     
Alabama – 1.6% (1.1% of Total Investments)
           
$
7,000
 
Huntsville Healthcare Authority, Alabama, Revenue Bonds, Series 2005A, 5.000%, 6/01/24 (Pre-refunded 6/01/15) – NPFG Insured
6/15 at 100.00
 
AA– (4)
$
7,028,840
 
     
Opelika Utilities Board, Alabama, Utility Revenue Bonds, Series 2011B:
           
 
1,250
 
4.000%, 6/01/29 – AGM Insured
6/21 at 100.00
 
AA
 
1,295,063
 
 
1,000
 
4.250%, 6/01/31 – AGM Insured
6/21 at 100.00
 
AA
 
1,047,470
 
 
9,250
 
Total Alabama
       
9,371,373
 
     
Arizona – 10.6% (7.2% of Total Investments)
           
     
Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children’s Hospital, Refunding Series 2012A:
           
 
1,220
 
5.000%, 2/01/20
No Opt. Call
 
BBB+
 
1,401,219
 
 
1,850
 
5.000%, 2/01/21
No Opt. Call
 
BBB+
 
2,153,548
 
 
1,485
 
Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals Project, Series 2014A, 4.000%, 12/01/39
12/24 at 100.00
 
A2
 
1,440,806
 
 
10,000
 
Arizona Sports and Tourism Authority, Tax Revenue Bonds, Multipurpose Stadium Facility Project, Refunding Senior Series 2012A, 5.000%, 7/01/31
7/22 at 100.00
 
A1
 
10,649,500
 
     
Arizona State, Certificates of Participation, Series 2010A:
           
 
1,200
 
5.250%, 10/01/28 – AGM Insured
10/19 at 100.00
 
AA
 
1,358,280
 
 
1,500
 
5.000%, 10/01/29 – AGM Insured
10/19 at 100.00
 
AA
 
1,673,190
 
 
7,070
 
Arizona State, State Lottery Revenue Bonds, Series 2010A, 5.000%, 7/01/29 – AGC Insured
1/20 at 100.00
 
AA
 
7,994,049
 
 
2,750
 
Mesa, Arizona, Utility System Revenue Bonds, Tender Option Bond Trust, Series 11032- 11034, 15.239%, 7/01/26 – AGM Insured (IF)
7/17 at 100.00
 
AA
 
2,938,870
 
 
8,755
 
Phoenix Civic Improvement Corporation, Arizona, Revenue Bonds, Civic Plaza Expansion Project, Series 2005B, 5.500%, 7/01/39 – FGIC Insured
No Opt. Call
 
AA
 
11,175,670
 
 
10,000
 
Phoenix Civic Improvement Corporation, Arizona, Senior Lien Airport Revenue Bonds, Refunding Series 2013, 5.000%, 7/01/30 (Alternative Minimum Tax)
7/23 at 100.00
 
AA–
 
11,193,000
 
 
7,930
 
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007, 5.000%, 12/01/32
No Opt. Call
 
A–
 
9,021,565
 
 
53,760
 
Total Arizona
       
60,999,697
 
     
California – 13.6% (9.3% of Total Investments)
           
 
1,020
 
California Health Facilities Financing Authority, Revenue Bonds, Children’s Hospital Los Angeles, Series 2012A, 5.000%, 11/15/23
11/22 at 100.00
 
BBB+
 
1,154,293
 
 
5,000
 
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2013A, 5.000%, 8/15/52
8/23 at 100.00
 
AA–
 
5,592,750
 
 
80
 
California State, General Obligation Bonds, Series 2002, 5.000%, 10/01/32 – NPFG Insured
7/15 at 100.00
 
AA–
 
80,290
 
 
5
 
California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 – AMBAC Insured
7/15 at 100.00
 
Aa3
 
5,018
 
 
4,000
 
California Statewide Communities Development Authority, Revenue Bonds, Huntington Memorial Hospital, Refunding Series 2014B, 4.000%, 7/01/39
7/24 at 100.00
 
A
 
4,028,880
 
 
7,000
 
California Statewide Communities Development Authority, Revenue Bonds, Sutter Health, Series 2011A, 6.000%, 8/15/42
8/20 at 100.00
 
AA–
 
8,369,480
 
 
1,000
 
California Statewide Community Development Authority, Revenue Bonds, Childrens Hospital of Los Angeles, Series 2007, 5.000%, 8/15/47
8/17 at 100.00
 
BBB+
 
1,045,100
 
 
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)
 
3,982,100
 

Nuveen Investments
 
21

 
 

 

NQI
Nuveen Quality Municipal Fund, Inc.
 
 
Portfolio of Investments (continued)
April 30, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
California (continued)
           
     
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2015A:
           
$
3,960
 
0.000%, 1/15/34 – AGM Insured
No Opt. Call
 
AA
$
1,762,477
 
 
5,000
 
0.000%, 1/15/35 – AGM Insured
No Opt. Call
 
AA
 
2,114,400
 
 
5,000
 
Garden Grove, California, Certificates of Participation, Financing Project, Series 2002A, 5.125%, 3/01/32 – AMBAC Insured
7/15 at 100.00
 
A
 
5,005,600
 
 
8,500
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/35 (Pre-refunded 6/01/15) – FGIC Insured
6/15 at 100.00
 
A1 (4)
 
8,534,425
 
 
5,000
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 4.500%, 6/01/27
6/17 at 100.00
 
B
 
4,866,600
 
 
5,795
 
Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%, 11/01/25 – AGM Insured
No Opt. Call
 
AA
 
4,243,041
 
 
1,195
 
Lincoln Public Financing Authority, Placer County, California, Twelve Bridges Limited Obligation Revenue Bonds, Refunding Series 2011A, 4.375%, 9/02/25 – AGM Insured
9/21 at 100.00
 
AA
 
1,291,413
 
 
3,455
 
Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue Bonds, Redevelopment Project 1, Series 1993, 5.850%, 8/01/22 – NPFG Insured (ETM)
7/15 at 100.00
 
AA– (4)
 
3,861,999
 
 
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
7/15 at 100.00
 
AA–
 
2,007,500
 
     
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+
 
2,016,200
 
 
3,655
 
5.000%, 7/01/22 – NPFG Insured
7/15 at 100.00
 
AA+
 
3,684,532
 
 
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
 
AA–
 
9,183,477
 
 
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
 
2,784,600
 
 
3,170
 
Ventura County Community College District, California, General Obligation Bonds, Series 2005B, 5.000%, 8/01/28 (Pre-refunded 8/01/15) – NPFG Insured
8/15 at 100.00
 
AA (4)
 
3,208,642
 
 
84,300
 
Total California
       
78,822,817
 
     
Colorado – 7.1% (4.9% of Total Investments)
           
 
2,015
 
Board of Trustees of the University of Northern Colorado, Revenue Bonds, Series 2005, 5.000%, 6/01/22 (Pre-refunded 6/01/15) – AGM Insured
6/15 at 100.00
 
AA (4)
 
2,023,322
 
 
1,165
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Refunding and Improvement Bonds, James Irwin Educational Foundation Project, Series 2007, 5.000%, 12/01/38
12/24 at 100.00
 
A
 
1,270,537
 
     
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Covenant Retirement Communities Inc., Refunding Series 2012B:
           
 
1,640
 
5.000%, 12/01/22
No Opt. Call
 
BBB+
 
1,828,715
 
 
2,895
 
5.000%, 12/01/23
12/22 at 100.00
 
BBB+
 
3,229,488
 
 
4,200
 
5.000%, 12/01/24
12/22 at 100.00
 
BBB+
 
4,637,514
 
 
690
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013, 5.500%, 6/01/33
6/23 at 100.00
 
A3
 
775,836
 
 
2,540
 
Commerce City Northern Infrastructure General Improvement District, Colorado, General Obligation Bonds, Series 2013, 5.000%, 12/01/25 – AGM Insured
12/22 at 100.00
 
AA
 
2,984,881
 
 
1,000
 
Denver, Colorado, Airport System Revenue Bonds, Series 2006, 5.000%, 11/15/24 – NPFG Insured
11/16 at 100.00
 
AA–
 
1,067,450
 
 
5,365
 
Denver, Colorado, Airport System Revenue Bonds, Series 2006A, 5.000%, 11/15/23 – NPFG Insured (UB)
11/16 at 100.00
 
AA–
 
5,738,404
 
 
1,085
 
Denver, Colorado, Airport Revenue Bonds, Trust 2365, 15.907%, 6/17/16 – NPFG Insured (IF)
No Opt. Call
 
AA–
 
1,374,087
 
 
9,880
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/32 – NPFG Insured
No Opt. Call
 
AA–
 
4,926,168
 
 
10,000
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/27 – NPFG Insured
No Opt. Call
 
AA–
 
6,609,500
 

22
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Colorado (continued)
           
     
Eagle River Water and Sanitation District, Eagle County, Colorado, Enterprise Wastewater Revenue Bonds, Series 2012:
           
$
400
 
5.000%, 12/01/32
No Opt. Call
 
A+
$
447,860
 
 
1,000
 
3.000%, 12/01/32
No Opt. Call
 
A+
 
912,020
 
 
590
 
Foothills Metropolitan District In the City of Fort Collins, Colorado, Special Revenue Bonds, Series 2014, 6.000%, 12/01/38
12/24 at 100.00
 
N/R
 
630,745
 
 
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
 
1,042,756
 
 
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
 
1,175,548
 
 
5
 
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
 
Aa2 (4)
 
5,021
 
     
University of Colorado, Enterprise System Revenue Bonds, Series 2005:
           
 
320
 
5.000%, 6/01/30 (Pre-refunded 6/01/15) – FGIC Insured
6/15 at 100.00
 
Aa2 (4)
 
321,318
 
 
175
 
5.000%, 6/01/30 (Pre-refunded 6/01/15) – FGIC Insured
6/15 at 100.00
 
Aa2 (4)
 
175,721
 
 
46,945
 
Total Colorado
       
41,176,891
 
     
District of Columbia – 1.1% (0.7% of Total Investments)
           
 
1,335
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1606, 11.676%, 10/01/30 – AMBAC Insured (IF) (5)
10/16 at 100.00
 
AA+
 
1,524,290
 
 
3,920
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1730, 11.668%, 4/01/16 – AMBAC Insured (IF) (5)
No Opt. Call
 
AA+
 
4,599,375
 
 
5,255
 
Total District of Columbia
       
6,123,665
 
     
Florida – 12.0% (8.2% of Total Investments)
           
 
4,455
 
Broward County School Board, Florida, Certificates of Participation, Series 2005A, 5.000%, 7/01/28 (Pre-refunded 7/01/15) – AGM Insured
7/15 at 100.00
 
AA (4)
 
4,491,175
 
 
10,000
 
Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 – AGM Insured
10/21 at 100.00
 
AA
 
11,043,500
 
 
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
 
2,100,200
 
 
7,000
 
Citizens Property Insurance Corporation, Florida, Personal and Commercial Lines Account Bonds, Senior Secured Series 2012A-1, 5.000%, 6/01/22
No Opt. Call
 
A+
 
8,303,890
 
 
1,025
 
Cityplace Community Development District, Florida, Special Assessment and Revenue Bonds, Refunding Series 2012, 5.000%, 5/01/26
No Opt. Call
 
A
 
1,160,413
 
 
4,000
 
Davie, Florida, Water and Sewerage Revenue Bonds, Series 2011, 5.000%, 10/01/41 – AGM Insured
10/21 at 100.00
 
AA
 
4,375,880
 
 
555
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2014A, 6.125%, 6/15/44
6/24 at 100.00
 
N/R
 
555,144
 
 
2,550
 
Florida State Board of Education, Public Education Capital Outlay Bonds, Tender Option Bond Trust 2929, 17.356%, 12/01/16 – AGC Insured (IF) (5)
No Opt. Call
 
AAA
 
3,711,219
 
 
1,560
 
Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006, 5.000%, 6/01/38
6/16 at 100.00
 
A–
 
1,605,739
 
 
6,000
 
Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Subordinate Refunding Series 2013A, 5.000%, 10/01/21 (Alternative Minimum Tax)
No Opt. Call
 
A
 
7,009,380
 
 
600
 
Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Refunding Series 2012, 5.000%, 10/01/30
10/22 at 100.00
 
A1
 
682,698
 
 
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
 
1,108,200
 
 
10,085
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2008B, 5.000%, 10/01/41 – AGM Insured
10/18 at 100.00
 
AA
 
11,091,382
 
 
4,100
 
Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, 5.000%, 11/15/33
5/22 at 100.00
 
Aa2
 
4,630,868
 

Nuveen Investments
 
23

 
 

 

NQI
Nuveen Quality Municipal Fund, Inc.
 
 
Portfolio of Investments (continued)
April 30, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Florida (continued)
           
$
2,000
 
Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Embry-Riddle Aeronautical University, Inc. Project, Refunding Series 2011, 5.000%, 10/15/29 – AGM Insured
10/21 at 100.00
 
AA
$
2,229,500
 
 
5,000
 
Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Stetson University Inc. Project, Series 2015, 5.000%, 6/01/40
6/25 at 100.00
 
A–
 
5,454,850
 
 
61,930
 
Total Florida
       
69,554,038
 
     
Georgia – 1.8% (1.2% of Total Investments)
           
 
7,000
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.375%, 11/01/39 – AGM Insured
11/19 at 100.00
 
AA
 
7,987,000
 
 
2,000
 
City of Fairburn, Georgia, General Obligation Bonds, Series 2011, 5.750%, 12/01/31 – AGM Insured
12/21 at 100.00
 
AA
 
2,391,600
 
 
9,000
 
Total Georgia
       
10,378,600
 
     
Idaho – 0.2% (0.1% of Total Investments)
           
 
1,000
 
Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project, Series 2014A, 4.125%, 3/01/37
3/24 at 100.00
 
A–
 
1,005,850
 
     
Illinois – 11.0% (7.5% of Total Investments)
           
     
Bolingbrook, Illinois, General Obligation Bonds, Refunding Series 2013A:
           
 
675
 
5.000%, 1/01/25
7/23 at 100.00
 
A1
 
792,977
 
 
1,170
 
5.000%, 1/01/26
7/23 at 100.00
 
A1
 
1,360,464
 
 
2,235
 
Chicago Transit Authority, Illinois, Capital Grant Receipts Revenue Bonds, Federal Transit
6/21 at 100.00
 
AA
 
2,512,364
 
     
Administration Section 5307 Urbanized Area Formula Funds, Refunding Series 2011, 5.250%, 6/01/26 – AGM Insured
           
 
1,775
 
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien Series 2005A, 5.250%, 1/01/24 – NPFG Insured
1/16 at 100.00
 
AA–
 
1,832,723
 
 
2,660
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2007B, 5.000%, 11/15/21 – NPFG Insured
11/17 at 100.00
 
AA
 
2,907,247
 
 
1,485
 
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A, 5.000%, 9/01/34
9/24 at 100.00
 
BBB
 
1,585,950
 
 
2,000
 
Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2015A, 4.000%, 11/15/39
5/25 at 100.00
 
A+
 
1,946,540
 
 
560
 
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2015C, 5.000%, 8/15/35
8/25 at 100.00
 
Baa1
 
606,094
 
 
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
 
2,669,274
 
 
1,150
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C, 5.500%, 8/15/41
2/21 at 100.00
 
AA–
 
1,291,347
 
 
3,665
 
Illinois Sports Facility Authority, State Tax Supported Bonds, Refunding Series 2014, 5.250%, 6/15/31 – AGM Insured
6/24 at 100.00
 
AA
 
4,137,712
 
 
825
 
Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/25
8/22 at 100.00
 
A–
 
902,699
 
 
455
 
Illinois State, General Obligation Bonds, Series 2013, 5.500%, 7/01/38
7/23 at 100.00
 
A–
 
501,137
 
 
7,400
 
Macon County School District 61 Decatur, Illinois, General Obligation Bonds, Series 2011A, 5.250%, 1/01/37 – AGM Insured
1/21 at 100.00
 
A2
 
8,148,288
 
 
15,000
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Refunding Bonds, Series 2012B, 5.000%, 6/15/52
6/22 at 100.00
 
AAA
 
15,702,150
 
 
5,000
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1, 0.000%, 6/15/45 – AGM Insured
No Opt. Call
 
AAA
 
1,217,400
 
 
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
 
13,195,620
 
 
1,850
 
Plano, Illinois, Special Tax Bonds, Special Service Area 1 & 2 Lakewood Springs Project, Refunding Series 2014, 5.000%, 3/01/34 – AGM Insured
3/24 at 100.00
 
AA
 
2,016,667
 
 
68,145
 
Total Illinois
       
63,326,653
 

24
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Indiana – 4.0% (2.7% of Total Investments)
           
$
4,100
 
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013A, 5.000%, 7/01/48 (Alternative Minimum Tax)
7/23 at 100.00
 
BBB
$
4,375,766
 
 
11,130
 
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2011B, 5.000%, 10/01/41
10/21 at 100.00
 
AA–
 
12,263,591
 
 
3,680
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
1/17 at 100.00
 
AA–
 
3,878,978
 
 
1,790
 
Indiana Transportation Finance Authority, Highway Revenue Bonds, Series 1990A, 7.250%, 6/01/15 – AMBAC Insured
No Opt. Call
 
AA+
 
1,798,986
 
 
500
 
Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt Paper LLC Project, Series 2013, 5.875%, 1/01/24 (Alternative Minimum Tax)
No Opt. Call
 
N/R
 
577,390
 
 
21,200
 
Total Indiana
       
22,894,711
 
     
Kansas – 1.1% (0.7% of Total Investments)
           
 
5,500
 
Kansas Development Finance Authority, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
1/20 at 100.00
 
AA–
 
6,148,560
 
     
Kentucky – 0.4% (0.3% of Total Investments)
           
 
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)
 
2,256,381
 
     
Louisiana – 5.3% (3.7% of Total Investments)
           
 
1,000
 
Lafayette Public Power Authority, Louisiana, Electric Revenue Bonds, Series 2012, 5.000%, 11/01/29
No Opt. Call
 
AA–
 
1,131,320
 
 
1,455
 
Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our Lady Health System, Refunding Series 2015A, 5.000%, 7/01/39
7/25 at 100.00
 
A+
 
1,605,593
 
     
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:
           
 
11,325
 
4.750%, 5/01/39 (Pre-refunded 5/01/16) – AGM Insured
5/16 at 100.00
 
Aa1 (4)
 
11,827,151
 
 
8,940
 
4.500%, 5/01/41 (Pre-refunded 5/01/16) – FGIC Insured (UB)
5/16 at 100.00
 
Aa1 (4)
 
9,313,960
 
 
10
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006, Residuals 660-1, 15.955%, 5/01/34 (Pre-refunded 5/01/16) – NPFG Insured (IF)
5/16 at 100.00
 
Aa1 (4)
 
11,673
 
 
5
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006, Residuals 660-3, 15.923%, 5/01/34 (Pre-refunded 5/01/16) – NPFG Insured (IF)
5/16 at 100.00
 
Aa1 (4)
 
5,835
 
 
5,000
 
Louisiana State, General Obligation Bonds, Series 2012C, 5.000%, 7/15/21
No Opt. Call
 
AA
 
5,959,800
 
 
1,000
 
New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014, 4.250%, 6/01/34
6/24 at 100.00
 
A
 
1,033,340
 
 
28,735
 
Total Louisiana
       
30,888,672
 
     
Maine – 0.5% (0.3% of Total Investments)
           
 
1,790
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Mainehealth Issue, Series 2015, 4.000%, 7/01/44
No Opt. Call
 
A+
 
1,752,159
 
 
1,000
 
Maine State Housing Authority, Single Family Mortgage Purchase Bonds, Series 2012A-1, 4.000%, 11/15/24 – AGM Insured (Alternative Minimum Tax)
11/21 at 100.00
 
AA+
 
1,062,430
 
 
2,790
 
Total Maine
       
2,814,589
 
     
Massachusetts – 3.7% (2.5% of Total Investments)
           
 
4,000
 
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Commonwealth Contract Assistance Secured, Refunding Series 2010B, 5.000%, 1/01/35
1/20 at 100.00
 
AA+
 
4,530,400
 
 
6,000
 
Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, Series 2002A, 5.750%, 1/01/42 – AMBAC Insured
No Opt. Call
 
A
 
7,565,400
 
 
3,335
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Massachusetts Institute of Technology, Tender Option Bond Trust 11824, 13.724%, 1/01/16 (IF)
No Opt. Call
 
AAA
 
4,269,267
 
 
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+
 
3,538,666
 
 
1,245
 
Springfield Water and Sewer Commission, Massachusetts, General Revenue Bonds, Refunding Series 2010B, 5.000%, 11/15/30 – AGC Insured
11/20 at 100.00
 
AA
 
1,434,265
 
 
18,045
 
Total Massachusetts
       
21,337,998
 

Nuveen Investments
 
25

 
 

 

NQI
Nuveen Quality Municipal Fund, Inc.
 
 
Portfolio of Investments (continued)
April 30, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Michigan – 4.1% (2.8% of Total Investments)
           
$
1,825
 
Marysville Public School District, St Claire County, Michigan, General Obligation Bonds, Series 2007, 5.000%, 5/01/28 – AGM Insured
5/17 at 100.00
 
AA
$
1,958,298
 
     
Michigan Finance Authority, Hospital Revenue Bonds, Sparrow Obligated Group,Refunding Series 2015:
           
 
4,495
 
4.000%, 11/15/35
5/25 at 100.00
 
A+
 
4,387,165
 
 
2,550
 
4.000%, 11/15/36
5/25 at 100.00
 
A+
 
2,476,356
 
 
2,750
 
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2011-II-A, 5.375%, 10/15/36
10/21 at 100.00
 
Aa3
 
3,088,773
 
 
10,585
 
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2009, 5.750%, 11/15/39
11/19 at 100.00
 
A–
 
11,917,546
 
 
22,205
 
Total Michigan
       
23,828,138
 
     
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
 
1,081,720
 
     
Mississippi – 1.1% (0.7% of Total Investments)
           
 
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
 
6,231,204
 
     
Missouri – 1.8% (1.2% of Total Investments)
           
 
4,000
 
Chesterfield Valley Transportation Development District, Missouri, Transportation Sales Tax Revenue Bonds, Series 2015, 3.625%, 5/15/31
5/23 at 100.00
 
A–
 
3,855,320
 
 
6,665
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, BJC Health System, Series 2015A, 4.000%, 1/01/45
No Opt. Call
 
AA
 
6,550,895
 
 
10,665
 
Total Missouri
       
10,406,215
 
     
Nebraska – 3.0% (2.1% of Total Investments)
           
 
4,405
 
Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Series 2012, 5.000%, 9/01/32
9/22 at 100.00
 
A
 
4,892,237
 
 
12,155
 
Lincoln, Nebraska, Electric System Revenue Bonds, Series 2007A, 4.500%, 9/01/37 – FGIC Insured (UB) (5)
9/16 at 100.00
 
AA
 
12,364,431
 
 
16,560
 
Total Nebraska
       
17,256,668
 
     
Nevada – 2.0% (1.3% of Total Investments)
           
     
Clark County, Nevada, Airport Revenue Bonds, Jet Aviation Fuel Tax, Refunding Series 2013A:
           
 
2,500
 
5.000%, 7/01/25 (Alternative Minimum Tax)
1/23 at 100.00
 
A
 
2,841,150
 
 
2,500
 
5.000%, 7/01/26 (Alternative Minimum Tax)
1/23 at 100.00
 
A
 
2,821,950
 
 
5,000
 
5.000%, 7/01/27 (Alternative Minimum Tax)
1/23 at 100.00
 
A
 
5,595,000
 
 
10,000
 
Total Nevada
       
11,258,100
 
     
New Jersey – 3.6% (2.5% of Total Investments)
           
     
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A:
           
 
1,700
 
5.000%, 7/01/22 – NPFG Insured
7/15 at 100.00
 
AA–
 
1,726,367
 
 
1,700
 
5.000%, 7/01/23 – NPFG Insured
7/15 at 100.00
 
AA–
 
1,726,367
 
 
5,000
 
New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2013NN, 5.000%, 3/01/23
No Opt. Call
 
A–
 
5,565,600
 
 
2,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/26
No Opt. Call
 
A–
 
1,194,560
 
 
2,975
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2007A, 5.000%, 12/15/34 – AMBAC Insured
No Opt. Call
 
AA+
 
3,260,987
 
 
6,000
 
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – AGM Insured
No Opt. Call
 
AA
 
7,416,180
 
 
19,375
 
Total New Jersey
       
20,890,061
 

26
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
New York – 3.9% (2.7% of Total Investments)
           
$
705
 
Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, Catholic Health System, Inc. Project, Series 2015, 4.000%, 7/01/45
7/25 at 100.00
 
BBB+
$
680,388
 
 
4,080
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured
2/17 at 100.00
 
AA–
 
4,259,357
 
 
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
 
AA–
 
3,012,536
 
 
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
 
AA–
 
3,328,875
 
 
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
 
2,220,560
 
 
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
 
AA
 
1,495,832
 
 
1,000
 
Nassau County Local Economic Assistance Corporation, New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Series 2014, 5.000%, 7/01/31
7/24 at 100.00
 
BBB+
 
1,117,580
 
 
1,740
 
New York Convention Center Development Corporation, Hotel Unit Fee Revenue Bonds, Series 2005, Trust 2364, 17.401%, 7/15/15 – AMBAC Insured (IF)
No Opt. Call
 
AA+
 
1,905,074
 
 
4,000
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44
11/24 at 100.00
 
N/R
 
4,182,120
 
 
325
 
New York State Housing Finance Agency, Mortgage Revenue Refunding Bonds, Housing Project, Series 1996A, 6.125%, 11/01/20 – AGM Insured
5/15 at 100.00
 
AA
 
325,868
 
 
21,330
 
Total New York
       
22,528,190
 
     
North Dakota – 0.6% (0.4% of Total Investments)
           
     
Williston Parks and Recreation District, North Dakota, Sales Tax & Gross Revenue Bonds, Series 2012A:
           
 
600
 
3.000%, 3/01/18
No Opt. Call
 
A
 
621,570
 
 
970
 
4.000%, 3/01/19
No Opt. Call
 
A
 
1,043,284
 
 
1,085
 
5.000%, 3/01/21
No Opt. Call
 
A
 
1,239,471
 
 
305
 
Williston, North Dakota, Limited Obligation Bonds, Certificates of Indebtedness, Series 2013A, 2.500%, 11/01/15
7/15 at 100.00
 
N/R
 
305,293
 
 
2,960
 
Total North Dakota
       
3,209,618
 
     
Ohio – 5.3% (3.6% of Total Investments)
           
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
           
 
13,000
 
5.125%, 6/01/24
6/17 at 100.00
 
B–
 
11,090,820
 
 
8,480
 
5.875%, 6/01/30
6/17 at 100.00
 
B–
 
7,192,736
 
 
9,045
 
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, Series 2006A, 4.250%, 12/01/32 – AMBAC Insured
12/16 at 100.00
 
A+
 
9,154,173
 
 
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
 
3,148,123
 
 
33,590
 
Total Ohio
       
30,585,852
 
     
Oklahoma – 0.2% (0.2% of Total Investments)
           
 
1,185
 
Cleveland County Educational Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Norman Public Schools Project, Series 2014, 5.000%, 7/01/19
No Opt. Call
 
A+
 
1,353,543
 
     
Oregon – 0.5% (0.4% of Total Investments)
           
 
800
 
Multnomah County Hospital Facilities Authority, Oregon, Revenue Bonds, Mirabella South Waterfront, Refunding Series 2014A, 5.500%, 10/01/49
10/24 at 100.00
 
N/R
 
888,608
 
 
2,110
 
Oregon State Facilities Authority, Revenue Bonds, University of Portland Projects, Series 2015A, 4.000%, 4/01/40 (WI/DD, Settling 5/20/15)
4/25 at 100.00
 
BBB+
 
2,045,139
 
 
2,910
 
Total Oregon
       
2,933,747
 

Nuveen Investments
 
27

 
 

 

NQI
Nuveen Quality Municipal Fund, Inc.
 
 
Portfolio of Investments (continued)
April 30, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Pennsylvania – 9.1% (6.3% of Total Investments)
           
$
3,000
 
Allegheny County Sanitary Authority, Pennsylvania, Sewer Revenue Bonds, Series 2005A, 5.000%, 12/01/23 – NPFG Insured
12/15 at 100.00
 
AA–
$
3,081,360
 
 
1,165
 
Allegheny County Sanitary Authority, Pennsylvania, Sewer Revenue Bonds, Series 2010, 5.000%, 6/01/40 – AGM Insured
12/20 at 100.00
 
AA
 
1,306,070
 
 
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
 
6,618,244
 
 
1,600
 
Delaware County Authority, Pennsylvania, Revenue Bonds, Villanova University, Series 2006, 5.000%, 8/01/24 (Pre-refunded 8/01/16) – AMBAC Insured
8/16 at 100.00
 
A+ (4)
 
1,692,976
 
 
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
 
2,719,304
 
 
3,735
 
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
 
4,242,624
 
 
825
 
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, National Gypsum Company, Refunding Series 2014, 5.500%, 11/01/44 (Alternative Minimum Tax)
11/24 at 100.00
 
N/R
 
850,295
 
 
2,165
 
Pennsylvania Economic Development Financing Authority, Private Activity Revenue Bonds, Pennsylvania Rapid Bridge Replacement Project, Series 2015, 5.000%, 12/31/38 (Alternative Minimum Tax)
6/26 at 100.00
 
BBB
 
2,342,097
 
 
5,400
 
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured
12/16 at 100.00
 
AA
 
5,577,660
 
     
Philadelphia, Pennsylvania, Airport Revenue Bonds, Series 2010A:
           
 
5,000
 
5.000%, 6/15/35 – AGM Insured
6/20 at 100.00
 
AA
 
5,508,550
 
 
7,850
 
5.000%, 6/15/40 – AGM Insured
6/20 at 100.00
 
AA
 
8,569,374
 
 
2,000
 
Pittsburgh Public Parking Authority, Pennsylvania, Parking Revenue Bonds, Series 2005B, 5.000%, 12/01/23 – FGIC Insured
12/15 at 100.00
 
AA–
 
2,045,940
 
     
Scranton, Pennsylvania, Sewer Authority Revenue Bonds, Series 2011A:
           
 
1,125
 
5.250%, 12/01/31 – AGM Insured
12/21 at 100.00
 
AA
 
1,270,204
 
 
1,000
 
5.500%, 12/01/35 – AGM Insured
12/21 at 100.00
 
AA
 
1,131,650
 
 
5,790
 
Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, Series 2012B, 4.000%, 1/01/33
No Opt. Call
 
Baa3
 
5,846,568
 
 
49,120
 
Total Pennsylvania
       
52,802,916
 
     
South Carolina – 2.6% (1.8% of Total Investments)
           
 
5,000
 
South Carolina Public Service Authority, Electric System Revenue Bonds, Santee Cooper, Refunding Series 2011B, 5.000%, 12/01/21
No Opt. Call
 
AA–
 
5,949,500
 
 
8,950
 
South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2007A, 4.500%, 10/01/34 – SYNCORA GTY Insured
10/16 at 100.00
 
A1
 
9,330,375
 
 
13,950
 
Total South Carolina
       
15,279,875
 
     
South Dakota – 0.9% (0.6% of Total Investments)
           
     
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Avera Health, Series 2012A:
           
 
250
 
5.000%, 7/01/27
7/21 at 100.00
 
AA–
 
280,955
 
 
4,350
 
5.000%, 7/01/42
7/21 at 100.00
 
AA–
 
4,734,236
 
 
4,600
 
Total South Dakota
       
5,015,191
 
     
Texas – 15.4% (10.6% 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
 
2,521,657
 
 
1,700
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.250%, 1/01/46
1/21 at 100.00
 
BBB
 
1,984,546
 
 
1,500
 
Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Idea Public Schools, Series 2012, 3.750%, 8/15/22
No Opt. Call
 
BBB
 
1,600,095
 
 
5,000
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series 2013C, 5.000%, 11/01/38 (Alternative Minimum Tax)
11/22 at 100.00
 
A+
 
5,412,250
 

28
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Texas (continued)
           
$
400
 
Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2014A, 5.250%, 9/01/44
9/24 at 100.00
 
BB+
$
426,568
 
 
3,355
 
Deer Park Independent School District, Harris County, Texas, General Obligation Bonds, Refunding School Building Series 2013, 5.000%, 2/15/23
2/22 at 100.00
 
AAA
 
3,988,223
 
 
5,000
 
Houston Higher Education Finance Corporation, Texas, Education Revenue Bonds, KIPP, Inc., Refunding Series 2015, 4.000%, 8/15/44 (WI/DD, Settling 5/19/15)
8/25 at 100.00
 
AAA
 
4,865,000
 
     
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
 
3,595,620
 
 
2,055
 
5.125%, 9/01/33 – AGM Insured
9/16 at 100.00
 
AA
 
2,111,697
 
 
17,000
 
Houston, Texas, Water and Sewerage System Revenue Bonds, Refunding Junior Lien Series 2002A, 5.750%, 12/01/32 – AGM Insured (ETM)
No Opt. Call
 
AA (4)
 
23,737,950
 
 
745
 
New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Wesleyan Homes, Inc. Project, Series 2014, 5.500%, 1/01/43
1/25 at 100.00
 
N/R
 
765,175
 
 
4,530
 
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing Foundation – College Station I LLC – Texas A&M University Project, Series 2014A, 4.100%, 4/01/34 – AGM Insured
4/24 at 100.00
 
AA
 
4,617,837
 
     
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing Foundation – Stephenville II, L.L.C. – Tarleton State University Project, Series 2014A:
           
 
1,000
 
5.000%, 4/01/34
4/24 at 100.00
 
BBB–
 
1,073,840
 
 
2,200
 
5.000%, 4/01/39
4/24 at 100.00
 
BBB–
 
2,343,770
 
 
1,600
 
5.000%, 4/01/46
4/24 at 100.00
 
BBB–
 
1,697,200
 
 
5,540
 
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing Galveston- Texas A&M University at Galveston Project, Series 2014A, 5.000%, 4/01/39
4/24 at 100.00
 
Baa3
 
5,944,808
 
 
2,205
 
North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2015A, 5.000%, 1/01/34
1/25 at 100.00
 
A3
 
2,447,484
 
 
610
 
Reagan Hospital District of Reagan County, Texas, Limited Tax Revenue Bonds, Series 2014A, 5.125%, 2/01/39
2/24 at 100.00
 
Baa2
 
638,414
 
 
2,410
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Baylor Health Care System, Series 2011A, 5.000%, 11/15/30
11/21 at 100.00
 
AA–
 
2,731,060
 
     
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012:
           
 
2,500
 
5.000%, 12/15/29
No Opt. Call
 
A3
 
2,759,525
 
 
2,605
 
5.000%, 12/15/30
No Opt. Call
 
A3
 
2,868,079
 
 
800
 
5.000%, 12/15/32
No Opt. Call
 
A3
 
874,072
 
 
3,000
 
Texas State Transportation Commission, Highway Fund Revenue Bonds, First Tier Series 2014A, 5.000%, 4/01/22
No Opt. Call
 
AAA
 
3,631,200
 
     
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier Refunding Series 2015B:
           
 
6,665
 
0.000%, 8/15/36
8/24 at 59.60
 
A–
 
2,662,401
 
 
10,000
 
0.000%, 8/15/37
8/24 at 56.94
 
A–
 
3,705,900
 
 
88,200
 
Total Texas
       
89,004,371
 
     
Utah – 0.8% (0.6% of Total Investments)
           
 
3,615
 
Utah Transit Authority, Sales Tax Revenue Bonds, Tender Option Bond Trust R-11752, 12.884%, 6/15/27 (Pre-refunded 6/15/18) – AGM Insured (IF)
6/18 at 100.00
 
AAA
 
4,874,755
 

Nuveen Investments
 
29

 
 

 

NQI
Nuveen Quality Municipal Fund, Inc.
 
 
Portfolio of Investments (continued)
April 30, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Vermont – 0.4% (0.3% of Total Investments)
           
$
2,000
 
Vermont Economic Development Authority, Mortgage Revenue Bonds, Wake Robin Corporation Project, Refunding Series 2006A, 5.375%, 5/01/36 (Pre-refunded 5/01/16)
5/16 at 100.00
 
N/R (4)
$
2,090,480
 
     
Washington – 8.5% (5.8% of Total Investments)
           
 
8,000
 
King County School District 403 Renton, Washington, General Obligation Bonds, Series 2012, 5.000%, 12/01/19
No Opt. Call
 
AA+
 
9,300,560
 
 
8,000
 
King County, Washington, Sewer Revenue Bonds, Series 2007, 5.000%, 1/01/42 (Pre-refunded 7/01/17) – AGM Insured
7/17 at 100.00
 
AA+ (4)
 
8,731,120
 
 
1,665
 
King County, Washington, Sewer Revenue Bonds, Tender Option Bond Trust 3090, 13.486%, 7/01/32 (Pre-refunded 7/01/17) – AGM Insured (IF) (5)
7/17 at 100.00
 
AA+ (4)
 
2,121,493
 
 
1,970
 
Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research 7/01/32 Center, Series 2011A, 5.625%, 1/01/35
1/21 at 100.00
 
A
 
2,202,263
 
 
10,000
 
Washington State, General Obligation Bonds, Refunding Various Purpose Series 2012R-13A, 5.000%, 7/01/21
No Opt. Call
 
AA+
 
11,931,600
 
 
21,510
 
Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2002-03C, 0.000%, 6/01/28 – NPFG Insured (UB) (5)
No Opt. Call
 
AA+
 
14,596,471
 
 
51,145
 
Total Washington
       
48,883,507
 
     
West Virginia – 1.7% (1.2% of Total Investments)
           
 
8,655
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Refunding and Improvement Series 2013A, 5.500%, 6/01/44
6/23 at 100.00
 
A
 
9,848,351
 
     
Wisconsin – 5.9% (4.1% of Total Investments)
           
 
970
 
Public Finance Authority of Wisconsin, Exempt Facilities Revenue Bonds, National Gypsum Company Project, Refunding Series 2014, 5.250%, 4/01/30 (Alternative Minimum Tax)
11/24 at 100.00
 
N/R
 
992,514
 
 
3,490
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2012B, 4.500%, 2/15/40
2/22 at 100.00
 
A–
 
3,589,570
 
 
11,000
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2012, 5.000%, 6/01/32
6/22 at 100.00
 
A2
 
12,235,080
 
 
1,250
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital, Inc., Series 2011A, 5.750%, 5/01/35 (Pre-refunded 5/01/21)
5/21 at 100.00
 
N/R (4)
 
1,552,163
 
 
5,000
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc. Obligated Group, Refunding Series 2015, 3.375%, 8/15/29
8/24 at 100.00
 
A+
 
4,799,200
 
 
1,000
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Rogers Memorial Hospital, Inc., Series 2014A, 5.000%, 7/01/34
7/24 at 100.00
 
BBB+
 
1,092,530
 
 
1,000
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Three Pillars Senior Living Communities, Refunding Series 2013, 5.000%, 8/15/33
8/23 at 100.00
 
A–
 
1,076,869
 
 
1,000
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Services Inc., Series 2006B, 5.125%, 8/15/30
8/16 at 100.00
 
A–
 
1,031,309
 
     
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Woodland Hills Senior Housing Project, Series 2014:
           
 
2,565
 
5.000%, 12/01/44
12/22 at 102.00
 
N/R
 
2,578,465
 
 
1,775
 
5.250%, 12/01/49
12/22 at 102.00
 
N/R
 
1,796,956
 
     
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Dickson Hollow Project. Series 2014:
           
 
1,000
 
5.375%, 10/01/44
10/22 at 102.00
 
N/R
 
1,023,509
 
 
1,500
 
5.500%, 10/01/49
10/22 at 102.00
 
N/R
 
1,536,539
 
 
1,000
 
Wisconsin Public Power Incorporated System, Power Supply System Revenue Bonds, Series 2005A, 5.000%, 7/01/30 (Pre-refunded 7/01/15) – AMBAC Insured
7/15 at 100.00
 
A1 (4)
 
1,008,129
 
 
32,550
 
Total Wisconsin
       
34,312,833
 

30
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Wyoming – 0.5% (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+
$
1,133,039
 
 
1,000
 
6.000%, 12/01/36
12/21 at 100.00
 
BBB+
 
1,141,779
 
 
510
 
Wyoming Community Development Authority, Housing Revenue Bonds, 2012 Series 1, 4.375%, 12/01/32 (Alternative Minimum Tax)
12/21 at 100.00
 
AA+
 
521,408
 
 
2,510
 
Total Wyoming
       
2,796,226
 
$
821,655
 
Total Municipal Bonds (cost $778,738,186)
       
843,572,056
 

 
Principal
                   
 
Amount (000)
 
Description (1)
Coupon
 
Maturity
 
Ratings (3)
 
Value
 
     
CORPORATE BONDS – 0.0% (0.0% of Total Investments)
               
     
Transportation – 0.0% (0.0% of Total Investments)
               
$
626
 
Las Vegas Monorail Company, Senior Interest Bonds (6), (7)
5.500%
 
7/15/19
 
N/R
$
112,635
 
 
166
 
Las Vegas Monorail Company, Senior Interest Bonds (6), (7)
3.000%
 
7/15/55
 
N/R
 
22,259
 
$
792
 
Total Corporate Bonds (cost $71,028)
           
134,894
 
     
Total Long-Term Investments (cost $778,809,214)
           
843,706,950
 
     
Floating Rate Obligations – (5.2)%
           
(29,915,000
)
     
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (41.6)% (8)
           
(240,400,000
)
     
Other Assets Less Liabilities – 0.7%
           
4,278,632
 
     
Net Assets Applicable to Common Shares – 100%
         
$
577,670,582
 

(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 for investments in inverse floating rate transactions.
(6)
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
(7)
During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund’s custodian is not accruing income on the Fund’s records for either senior interest corporate bond.
(8)
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 28.5%.
(WI/DD)
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
(ETM)
Escrowed to maturity.
(IF)
Inverse floating rate investment.
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.

See accompanying notes to financial statements.

Nuveen Investments
 
31

 
 

 
 
NIO
   
 
Nuveen Municipal Opportunity Fund, Inc.
 
 
Portfolio of Investments
April 30, 2015 (Unaudited)
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
LONG-TERM INVESTMENTS – 147.2% (100.0% of Total Investments)
           
     
MUNICIPAL BONDS – 147.2% (100.0% of Total Investments)
           
     
Alabama – 0.5% (0.3% of Total Investments)
           
$
6,850
 
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+
$
7,182,773
 
     
Arizona – 3.1% (2.1% 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
 
A3
 
4,559,686
 
 
4,545
 
Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series 2012A, 5.000%, 1/01/43
1/22 at 100.00
 
AA–
 
4,969,821
 
 
5,465
 
Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals Project, Series 2014A, 5.000%, 12/01/42
12/24 at 100.00
 
A2
 
6,022,211
 
 
1,000
 
Arizona State University, System Revenue Bonds, Series 2005, 5.000%, 7/01/27 (Pre-refunded 7/01/15) – AMBAC Insured
7/15 at 100.00
 
Aa3 (4)
 
1,007,670
 
 
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
 
3,388,470
 
 
5,200
 
Mesa, Arizona, Utility System Revenue Bonds, Tender Option Bond Trust, Series 11032- 11034, 15.239%, 7/01/26 – AGM Insured (IF)
7/17 at 100.00
 
AA
 
5,557,136
 
 
5,015
 
Phoenix Civic Improvement Corporation, Arizona, Excise Tax Revenue Bonds, Civic Plaza Expansion Project, Subordinate Series 2005A, 5.000%, 7/01/41 (Pre-refunded 7/01/15) – FGIC Insured
7/15 at 100.00
 
AA+ (4)
 
5,055,872
 
 
13,490
 
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Water System Revenue Bonds, Series 2005, 4.750%, 7/01/25 (Pre-refunded 7/01/15) – NPFG Insured
7/15 at 100.00
 
AAA
 
13,591,445
 
 
2,000
 
Yavapai County Industrial Development Authority, Arizona, Hospital Revenue Bonds, Yavapai Regional Medical Center, Series 2013A, 5.250%, 8/01/33
8/23 at 100.00
 
Baa1
 
2,211,880
 
 
43,945
 
Total Arizona
       
46,364,191
 
     
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
 
2,696,974
 
     
California – 16.6% (11.3% of Total Investments)
           
 
710
 
California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, Series 2013A, 5.000%, 7/01/37
7/23 at 100.00
 
AA–
 
797,408
 
     
California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and Clinics, Tender Option Bond Trust 3294:
           
 
3,220
 
9.278%, 2/15/20 (IF) (5)
No Opt. Call
 
AA
 
3,950,554
 
 
1,275
 
9.278%, 2/15/20 (IF) (5)
No Opt. Call
 
AA
 
1,564,272
 
 
1,215
 
9.271%, 2/15/20 (IF) (5)
No Opt. Call
 
AA
 
1,490,404
 
 
3,500
 
Coachella Valley Unified School District, Riverside County, California, General Obligation Bonds, Series 2005A, 5.000%, 8/01/26 (Pre-refunded 8/01/15) – FGIC Insured
8/15 at 100.00
 
AA– (4)
 
3,542,665
 
 
2,985
 
East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, Water System Revenue Bonds, Subordinated Series 2005A, 5.000%, 6/01/27 – NPFG Insured
6/15 at 100.00
 
AAA
 
2,997,388
 
 
2,765
 
East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, Water System Revenue Bonds, Subordinated Series 2005A, 5.000%, 6/01/27 (Pre-refunded 6/01/15) – NPFG Insured
6/15 at 100.00
 
AA– (4)
 
2,776,475
 
     
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A:
           
 
2,400
 
5.750%, 1/15/46
1/24 at 100.00
 
BBB–
 
2,796,312
 
 
5,400
 
6.000%, 1/15/49
1/24 at 100.00
 
BBB–
 
6,392,142
 

32
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
California (continued)
           
$
10,050
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/38 (Pre-refunded 6/01/15) – FGIC Insured
6/15 at 100.00
 
A1 (4)
$
10,085,175
 
 
6,870
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2015A, 5.000%, 6/01/45
6/25 at 100.00
 
A1
 
7,609,830
 
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
           
 
12,670
 
4.500%, 6/01/27
6/17 at 100.00
 
B
 
12,331,964
 
 
5,290
 
5.000%, 6/01/33
6/17 at 100.00
 
B
 
4,457,777
 
 
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–
 
1,533,923
 
 
5,600
 
Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%, 11/01/24 – AGM Insured
No Opt. Call
 
AA
 
4,264,848
 
 
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
 
2,948,240
 
 
3,000
 
Los Angeles Unified School District, California, General Obligation Bonds, Series 2006F, 5.000%, 7/01/24 (Pre-refunded 7/01/16) – FGIC Insured
7/16 at 100.00
 
Aa2 (4)
 
3,166,830
 
 
5,720
 
Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43
8/35 at 100.00
 
AA
 
3,882,507
 
 
5,200
 
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 – AGC Insured
8/29 at 100.00
 
AA
 
5,371,964
 
     
Poway Redevelopment Agency, California, Tax Allocation Bonds, Paguay Redevelopment Project, Series 2001:
           
 
15,000
 
5.200%, 6/15/30 – AMBAC Insured
6/15 at 100.00
 
N/R
 
15,025,800
 
 
6,000
 
5.125%, 6/15/33 – AMBAC Insured
6/15 at 100.00
 
N/R
 
6,009,240
 
 
2,035
 
Redding, California, Electric System Revenue Certificates of Participation, Series 2005, 5.000%, 6/01/30 – FGIC Insured
6/15 at 100.00
 
AA–
 
2,037,910
 
 
6,000
 
Redlands Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2003, 5.000%, 7/01/26 – AGM Insured
7/15 at 100.00
 
AA
 
6,022,500
 
 
2,970
 
Riverside Community College District, California, General Obligation Bonds, Refunding Series 2005, 5.000%, 8/01/22 (Pre-refunded 8/01/15) – AGM Insured
8/15 at 100.00
 
AA (4)
 
3,005,937
 
 
510
 
Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series 2013A, 5.750%, 6/01/48
6/23 at 100.00
 
BBB–
 
581,706
 
 
2,500
 
Sacramento County Sanitation Districts Financing Authority, California, Revenue Bonds, Series 2005B, 4.750%, 12/01/21 (Pre-refunded 12/01/15) – FGIC Insured
12/15 at 100.00
 
AA (4)
 
2,566,125
 
 
4,000
 
San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Governmental Purpose, Second Series 2013B, 5.000%, 5/01/43
5/23 at 100.00
 
A+
 
4,477,840
 
 
10,000
 
San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2014B, 5.000%, 5/01/44
5/24 at 100.00
 
A+
 
11,273,300
 
 
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
 
61,250,839
 
     
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2014A:
           
 
2,680
 
5.000%, 1/15/44
1/25 at 100.00
 
BBB–
 
2,945,776
 
 
8,275
 
5.000%, 1/15/50
1/25 at 100.00
 
BBB–
 
9,017,599
 
 
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
 
AA–
 
21,772,984
 
 
5,625
 
Santa Ana Financing Authority, California, Lease Revenue Bonds, Police Administration and Housing Facility, Series 1994A, 6.250%, 7/01/24
No Opt. Call
 
AA–
 
7,183,519
 
 
5,625
 
Santa Ana Financing Authority, California, Lease Revenue Bonds, Police Administration and Housing Facility, Series 1994A, 6.250%, 7/01/24 (ETM)
No Opt. Call
 
AA– (4)
 
7,157,925
 
 
6,785
 
Santa Clara Valley Water District, California, Water Revenue Bonds, Series 2006A, 3.750%, 6/01/25 – AGM Insured
6/16 at 100.00
 
Aa1
 
6,903,941
 
 
248,075
 
Total California
       
249,193,619
 

Nuveen Investments
 
33

 
 

 

NIO
Nuveen Municipal Opportunity Fund, Inc.
 
 
Portfolio of Investments (continued)
April 30, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Colorado – 4.6% (3.1% 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–
$
1,109,851
 
 
1,900
 
Aspen, Colorado, Sales Tax Revenue Bonds, Parks and Open Space, Series 2005B, 5.250%, 11/01/24 (Pre-refunded 11/01/15) – AGM Insured
11/15 at 100.00
 
AA (4)
 
1,948,431
 
 
195
 
Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2014, 5.000%, 12/01/43
12/23 at 100.00
 
BB+
 
202,779
 
 
6,630
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45
1/23 at 100.00
 
A+
 
7,326,747
 
 
550
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013, 5.625%, 6/01/43
6/23 at 100.00
 
A3
 
619,504
 
 
7,415
 
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 11/15/43
11/23 at 100.00
 
A
 
8,258,901
 
 
35,995
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 9/01/23 – NPFG Insured
No Opt. Call
 
AA–
 
28,372,339
 
 
10,000
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/27 – NPFG Insured
No Opt. Call
 
AA–
 
6,609,500
 
 
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
 
4,632,728
 
 
8,500
 
University of Colorado Hospital Authority, Colorado, Revenue Bonds, Series 2012A, 5.000%, 11/15/42
11/22 at 100.00
 
AA–
 
9,288,545
 
 
15
 
University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 – FGIC Insured
6/15 at 100.00
 
Aa2
 
15,062
 
     
University of Colorado, Enterprise System Revenue Bonds, Series 2005:
           
 
645
 
5.000%, 6/01/30 (Pre-refunded 6/01/15) – FGIC Insured
6/15 at 100.00
 
Aa2 (4)
 
647,657
 
 
340
 
5.000%, 6/01/30 (Pre-refunded 6/01/15) – FGIC Insured
6/15 at 100.00
 
Aa2 (4)
 
341,401
 
 
77,600
 
Total Colorado
       
69,373,445
 
     
Connecticut – 0.3% (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
 
3,702,530
 
     
District of Columbia – 1.0% (0.7% of Total Investments)
           
 
2,880
 
District of Columbia Student Dormitory Revenue Bonds, Provident Group – Howard Properties LLC Issue, Series 2013, 5.000%, 10/01/45
10/22 at 100.00
 
BBB–
 
2,951,194
 
 
8,435
 
Metropolitan Washington Airports Authority, District of Columbia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital Improvement Project, Refunding Second Senior Lien Series 2014A, 5.000%, 10/01/53
4/22 at 100.00
 
BBB+
 
8,902,721
 
 
2,670
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1606, 11.676%, 10/01/30 – AMBAC Insured (IF) (5)
10/16 at 100.00
 
AA+
 
3,048,579
 
 
13,985
 
Total District of Columbia
       
14,902,494
 
     
Florida – 13.7% (9.3% 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
 
Aa3
 
1,269,863
 
 
1,275
 
Broward County, Florida, Airport System Revenue Bonds, Series 2004L, 5.000%, 10/01/23 – AMBAC Insured
7/15 at 100.00
 
A+
 
1,280,024
 
 
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
 
6,626,100
 
     
Clay County, Florida, Utility System Revenue Bonds, Series 2007:
           
 
5,110
 
5.000%, 11/01/27 (Pre-refunded 11/01/17) – AGM Insured (UB)
11/17 at 100.00
 
AA (4)
 
5,636,432
 
 
12,585
 
5.000%, 11/01/32 (Pre-refunded 11/01/17) – AGM Insured (UB)
11/17 at 100.00
 
AA (4)
 
13,881,507
 
 
3,000
 
Collier County, Florida, Gas Tax Revenue Bonds, Series 2005, 5.000%, 6/01/22 (Pre-refunded 6/01/15) – AMBAC Insured
6/15 at 100.00
 
AA– (4)
 
3,012,540
 

34
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Florida (continued)
           
     
Dade County Housing Finance Authority, Florida, Multifamily Mortgage Revenue Bonds, Siesta Pointe Apartments Project, Series 1997A:
           
$
655
 
5.650%, 9/01/17 – AGM Insured (Alternative Minimum Tax)
9/15 at 100.00
 
AA+
$
656,932
 
 
1,890
 
5.750%, 9/01/29 – AGM Insured (Alternative Minimum Tax)
9/15 at 100.00
 
AA+
 
1,892,797
 
 
2,500
 
Flagler County School Board, Florida, Certificates of Participation, Master Lease Revenue Program, Series 2005A, 5.000%, 8/01/30 (Pre-refunded 8/01/15) – AGM Insured
8/15 at 100.00
 
AA (4)
 
2,530,475
 
 
1,200
 
Flagler County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/30 (Pre-refunded 10/01/15) – NPFG Insured
10/15 at 100.00
 
AA– (4)
 
1,224,156
 
 
90
 
Florida Municipal Loan Council, Revenue Bonds, Series 2001A, 5.250%, 11/01/18
7/15 at 100.00
 
A3
 
90,265
 
 
1,915
 
Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006, 5.500%, 6/01/38 – AGM Insured
6/18 at 100.00
 
AA
 
2,097,117
 
 
2,500
 
Hillsborough County Industrial Development Authority, Florida, Industrial Development Revenue Bonds, University Community Hospital, Series 1994, 6.500%, 8/15/19 – NPFG Insured (ETM)
No Opt. Call
 
Aaa
 
2,817,100
 
 
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
 
1,007,980
 
 
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+
 
1,020,220
 
 
2,595
 
Indian River County School Board, Florida, Certificates of Participation, Series 2005, 5.000%, 7/01/22 (Pre-refunded 7/01/15) – NPFG Insured
7/15 at 100.00
 
AA– (4)
 
2,616,097
 
     
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
 
A3
 
1,681,223
 
 
1,830
 
5.000%, 5/01/27 – NPFG Insured
5/15 at 102.00
 
A3
 
1,869,821
 
 
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
 
5,160,423
 
 
1,000
 
Lee Memorial Health System, Florida, Hospital Revenue Bonds, Series 2007A, 5.000%, 4/01/32 – NPFG Insured
4/17 at 100.00
 
AA–
 
1,049,430
 
 
3,000
 
Leesburg, Florida, Utility Revenue Bonds, Series 2007, 5.000%, 10/01/37 – NPFG Insured
10/17 at 100.00
 
AA–
 
3,242,580
 
 
3,230
 
Miami Dade County, Florida, Rickenbacker Causeway Revenue Bonds, Series 2014, 5.000%, 10/01/43
10/24 at 100.00
 
BBB+
 
3,555,907
 
 
5,000
 
Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Refunding Series 2014A, 5.000%, 7/01/44
7/24 at 100.00
 
A–
 
5,517,650
 
 
3,200
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Refunding Series 2012A, 5.000%, 10/01/30 (Alternative Minimum Tax)
No Opt. Call
 
A
 
3,570,048
 
 
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
 
AA–
 
12,960,644
 
 
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
 
AA–
 
5,339,046
 
 
3,015
 
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
 
3,306,490
 
 
6,305
 
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, 5.000%, 10/01/42
10/22 at 100.00
 
Aa3
 
6,978,878
 
     
Northern Palm Beach County Improvement District, Florida, Water Control and Improvement Bonds, Development Unit 9B, Series 2005:
           
 
1,290
 
5.000%, 8/01/23 – NPFG Insured
8/15 at 102.00
 
AA–
 
1,321,528
 
 
2,145
 
5.000%, 8/01/29 – NPFG Insured
8/15 at 102.00
 
AA–
 
2,194,957
 
 
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
 
2,090,120
 
 
3,500
 
Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, Inc., Series 2012A, 5.000%, 10/01/42
4/22 at 100.00
 
A
 
3,736,880
 
 
1,000
 
Orange County School Board, Florida, Certificates of Participation, Series 2007A, 5.000%, 8/01/27 (Pre-refunded 8/01/17) – FGIC Insured
8/17 at 100.00
 
AA (4)
 
1,094,350
 

Nuveen Investments
 
35

 
 

 

NIO
Nuveen Municipal Opportunity Fund, Inc.
 
 
Portfolio of Investments (continued)
April 30, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Florida (continued)
           
$
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–
$
2,633,275
 
 
170
 
Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Sinai Residences of Boca Raton Project, Series 2014A, 7.250%, 6/01/34
6/22 at 102.00
 
N/R
 
193,790
 
 
3,000
 
Palm Beach County School Board, Florida, Certificates of Participation, Series 2007E, 5.000%, 8/01/27 (Pre-refunded 8/01/17) – NPFG Insured
8/17 at 100.00
 
AA– (4)
 
3,285,870
 
 
2,940
 
Pasco County, Florida, Water and Sewer Revenue Bonds, Series 2006 Refunding, 5.000%, 10/01/36 (Pre-refunded 4/01/16) – AGM Insured
4/16 at 100.00
 
AA (4)
 
3,065,803
 
 
60
 
Pasco County, Florida, Water and Sewer Revenue Bonds, Series 2006 Refunding, 5.000%, 10/01/36 – AGM Insured
4/16 at 100.00
 
AA+
 
62,348
 
 
900
 
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
 
AA–
 
968,985
 
     
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
 
6,073,480
 
 
8,530
 
5.000%, 9/01/35 – AGC Insured
9/18 at 100.00
 
AA
 
9,428,209
 
 
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
 
1,902,864
 
 
5,740
 
Seminole County, Florida, Water and Sewer Revenue Bonds, Refunding & Improvement Series 1992, 6.000%, 10/01/19 – NPFG Insured (ETM)
No Opt. Call
 
Aa2 (4)
 
6,438,788
 
 
765
 
Seminole County, Florida, Water and Sewer Revenue Bonds, Refunding & Improvement Series 1992, 6.000%, 10/01/19 – NPFG Insured
No Opt. Call
 
AA
 
780,147
 
     
St. Lucie County, Florida, Utility System Revenue Refunding Bonds, Series 1993:
           
 
1,355
 
5.500%, 10/01/15 – FGIC Insured (ETM)
No Opt. Call
 
N/R (4)
 
1,385,352
 
 
1,200
 
5.500%, 10/01/21 – FGIC Insured (ETM)
No Opt. Call
 
N/R (4)
 
1,456,656
 
 
2,500
 
Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/29 – NPFG Insured
10/15 at 100.00
 
AA
 
2,550,500
 
 
400
 
Tamarac, Florida, Utility System Revenue Bonds, Series 2009, 5.000%, 10/01/39 – AGC Insured
10/19 at 100.00
 
AA
 
449,608
 
 
1,470
 
Tampa, Florida, Healthcare System Revenue Bonds, Allegany Health System – St. Joseph’s Hospital, Series 1993, 5.125%, 12/01/23 – NPFG Insured (ETM)
7/15 at 100.00
 
Aaa
 
1,485,288
 
 
10,335
 
Tampa, Florida, Revenue Bonds, University of Tampa, Series 2006, 5.000%, 4/01/35 (Pre-refunded 4/01/16) – CIFG Insured
4/16 at 100.00
 
A3 (4)
 
10,780,645
 
 
21,095
 
Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Refunding Series 2012B, 5.000%, 7/01/42
No Opt. Call
 
A
 
23,281,919
 
 
12,000
 
Volusia County School Board, Florida, Certificates of Participation, Master Lease Program Series 2007, 5.000%, 8/01/32 – AGM Insured
8/17 at 100.00
 
Aa3
 
12,383,400
 
 
4,275
 
Volusia County School Board, Florida, Certificates of Participation, Series 2005B, 5.000%, 8/01/24 (Pre-refunded 8/01/15) – AGM Insured
8/15 at 100.00
 
Aa3 (4)
 
4,326,984
 
 
192,220
 
Total Florida
       
205,263,491
 
     
Georgia – 2.4% (1.6% of Total Investments)
           
 
10,000
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.375%, 11/01/39 – AGM Insured
11/19 at 100.00
 
AA
 
11,410,000
 
 
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
 
3,020,914
 
 
16,805
 
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2014A, 5.500%, 8/15/54
2/25 at 100.00
 
AA–
 
19,344,404
 
 
2,250
 
Gwinnett County Hospital Authority, Georgia, Revenue Anticipation Certificates, Gwinnett Hospital System Inc. Project, Series 2007C, 5.500%, 7/01/39 – AGM Insured
7/19 at 100.00
 
A+
 
2,470,658
 
 
31,880
 
Total Georgia
       
36,245,976
 
     
Hawaii – 0.4% (0.3% of Total Investments)
           
 
170
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific University, Series 2013A, 6.875%, 7/01/43
7/23 at 100.00
 
BB+
 
193,809
 

36
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Hawaii (continued)
           
$
5,775
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Queen’s Health Systems, Series 2015A, 4.000%, 7/01/40
7/25 at 100.00
 
AA–
$
5,666,777
 
 
5,945
 
Total Hawaii
       
5,860,586
 
     
Idaho – 0.6% (0.4% of Total Investments)
           
 
6,085
 
Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project, Series 2012A, 5.000%, 3/01/47 – AGM Insured
3/22 at 100.00
 
A–
 
6,596,566
 
     
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
 
A+
 
1,052,290
 
 
1,065
 
5.000%, 7/15/24 – NPFG Insured
7/16 at 100.00
 
A+
 
1,119,624
 
 
8,150
 
Total Idaho
       
8,768,480
 
     
Illinois – 11.7% (8.0% of Total Investments)
           
 
8,470
 
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2014, 5.250%, 12/01/49
No Opt. Call
 
AA
 
9,565,595
 
 
7,700
 
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien Refunding Series 2010C, 5.250%, 1/01/35 – AGC Insured
1/20 at 100.00
 
AA
 
8,652,798
 
 
7,200
 
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien Series 2005A, 5.250%, 1/01/24 – NPFG Insured
1/16 at 100.00
 
AA–
 
7,434,144
 
 
7,095
 
Cook County Community College District 508, Illinois, General Obligation Bonds, Chicago City Colleges, Series 2013, 5.250%, 12/01/43
12/23 at 100.00
 
AA
 
7,930,649
 
 
6,160
 
De Witt, Ford, Livingston, Logan, Mc Lean and Tazewell Community College District 540, Illinois, General Obligation Bonds, Series 2007, 3.000%, 12/01/26 – AGM Insured
12/17 at 100.00
 
Aa2
 
5,828,099
 
 
3,400
 
Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural History, Series 2002, 5.500%, 11/01/36
11/23 at 100.00
 
A2
 
3,743,944
 
 
3,295
 
Illinois Educational Facilities Authority, Revenue Bonds, Robert Morris College, Series 2000, 5.800%, 6/01/30 – NPFG Insured
6/15 at 100.00
 
A3
 
3,338,725
 
 
2,315
 
Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Series 2012, 5.000%, 6/01/42
No Opt. Call
 
AA
 
2,528,165
 
 
5,750
 
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 5.000%, 9/01/38
9/22 at 100.00
 
BBB
 
6,046,815
 
 
7,070
 
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A, 5.000%, 9/01/42
9/24 at 100.00
 
BBB
 
7,505,512
 
 
1,435
 
Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A, 6.000%, 7/01/43
7/23 at 100.00
 
A–
 
1,706,430
 
 
4,400
 
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2015C, 5.000%, 8/15/44
8/25 at 100.00
 
Baa1
 
4,742,936
 
 
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
 
8,007,821
 
 
14,975
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A, 5.000%, 10/01/51
10/21 at 100.00
 
AA+
 
16,106,661
 
     
Illinois State, General Obligation Bonds, February Series 2014:
           
 
3,200
 
5.250%, 2/01/32
2/24 at 100.00
 
A–
 
3,421,984
 
 
2,000
 
5.250%, 2/01/33
2/24 at 100.00
 
A–
 
2,134,240
 
 
1,575
 
5.250%, 2/01/34
2/24 at 100.00
 
A–
 
1,677,155
 
 
7,000
 
5.000%, 2/01/39
2/24 at 100.00
 
A–
 
7,250,460
 
     
Illinois State, General Obligation Bonds, May Series 2014:
           
 
510
 
5.000%, 5/01/36
5/24 at 100.00
 
A–
 
532,160
 
 
1,630
 
5.000%, 5/01/39
5/24 at 100.00
 
A–
 
1,689,788
 

Nuveen Investments
 
37

 
 

 

NIO
Nuveen Municipal Opportunity Fund, Inc.
 
 
Portfolio of Investments (continued)
April 30, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Illinois (continued)
           
     
Illinois State, General Obligation Bonds, Refunding Series 2012:
           
$
3,160
 
5.000%, 8/01/21
No Opt. Call
 
A–
$
3,538,315
 
 
1,225
 
5.000%, 8/01/22
No Opt. Call
 
A–
 
1,380,538
 
 
2,740
 
5.000%, 8/01/23
No Opt. Call
 
A–
 
3,083,322
 
 
270
 
5.000%, 8/01/25
8/22 at 100.00
 
A–
 
295,429
 
 
1,425
 
Illinois State, General Obligation Bonds, Series 2013, 5.500%, 7/01/38
7/23 at 100.00
 
A–
 
1,569,495
 
 
5,405
 
Illinois Toll Highway Authority, State Toll Highway Authority Revenue Bonds, Series 2006A-1, 5.000%, 1/01/24 (Pre-refunded 7/01/16) – AGM Insured
7/16 at 100.00
 
AA (4)
 
5,697,735
 
 
1,395
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust 2015-XF0051, 17.799%, 1/01/21 (IF)
No Opt. Call
 
AA–
 
2,013,362
 
     
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
 
4,869,600
 
 
10,000
 
0.000%, 6/15/46 – AGM Insured
No Opt. Call
 
AAA
 
2,302,100
 
 
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
 
7,917,374
 
     
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Tender Option Bond Trust 2015-XF0081:
           
 
5,000
 
14.953%, 6/15/18 (IF)
No Opt. Call
 
AAA
 
6,271,100
 
 
5,920
 
13.448%, 6/15/42 (IF)
6/20 at 100.00
 
AAA
 
6,543,139
 
 
5,345
 
Southwestern Illinois Development Authority, Health Facility Revenue Bonds, Memorial Group, Inc., Series 2013, 7.625%, 11/01/48
11/23 at 100.00
 
BB+
 
6,707,975
 
 
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
 
AA–
 
2,653,640
 
     
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
 
1,156,316
 
 
1,035
 
7.000%, 12/01/22 – AGM Insured
12/20 at 100.00
 
AA
 
1,277,842
 
 
1,155
 
7.000%, 12/01/23 – AGM Insured
12/20 at 100.00
 
AA
 
1,425,998
 
 
1,065
 
7.000%, 12/01/26 – AGM Insured
12/20 at 100.00
 
AA
 
1,299,960
 
 
2,085
 
7.250%, 12/01/29 – AGM Insured
12/20 at 100.00
 
AA
 
2,565,572
 
 
2,295
 
7.250%, 12/01/30 – AGM Insured
12/20 at 100.00
 
AA
 
2,823,975
 
 
196,395
 
Total Illinois
       
175,236,868
 
     
Indiana – 7.8% (5.3% of Total Investments)
           
 
12,040
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, Valparaiso University Project, Series 2014, 5.000%, 10/01/44
10/24 at 100.00
 
A2
 
13,519,355
 
 
12,360
 
Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 2012A, 5.000%, 5/01/42
5/23 at 100.00
 
A
 
13,370,801
 
 
3,450
 
Indiana Finance Authority, Midwestern Disaster Relief Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2012A, 5.000%, 6/01/39 – AGM Insured
6/22 at 100.00
 
BBB–
 
3,683,979
 
 
14,760
 
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013A, 5.250%, 1/01/51 (Alternative Minimum Tax)
7/23 at 100.00
 
BBB
 
16,018,142
 
 
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
 
5,562,300
 
 
17,970
 
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2014A, 5.000%, 10/01/44
10/24 at 100.00
 
AA
 
20,254,886
 
 
8,500
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
1/17 at 100.00
 
AA–
 
8,959,595
 
 
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
 
5,627,350
 
 
20,000
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/28 – AMBAC Insured
No Opt. Call
 
AA
 
13,316,400
 
 
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
 
10,920,236
 

38
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Indiana (continued)
           
$
935
 
Shoals, Indiana, Exempt Facilities Revenue Bonds, National Gypsum Company Project, Series 2013, 7.250%, 11/01/43 (Alternative Minimum Tax)
11/23 at 100.00
 
N/R
$
1,048,313
 
 
2,040
 
Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt Paper LLC Project, Series 2013, 7.000%, 1/01/44 (Alternative Minimum Tax)
1/24 at 100.00
 
N/R
 
2,502,101
 
 
1,500
 
Vigo County Hospital Authority, Indiana, Revenue Bonds, Union Hospital, Series 2007, 5.800%, 9/01/47
9/17 at 100.00
 
N/R
 
1,573,710
 
 
113,170
 
Total Indiana
       
116,357,168
 
     
Iowa – 1.3% (0.9% of Total Investments)
           
 
10,000
 
Iowa Finance Authority, Health Facilities Revenue Bonds, UnityPoint Health Project, Series 2013A, 5.250%, 2/15/44
2/23 at 100.00
 
Aa3
 
11,183,900
 
     
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:
           
 
2,260
 
5.375%, 6/01/38
6/15 at 100.00
 
B+
 
2,002,292
 
 
1,230
 
5.500%, 6/01/42
6/15 at 100.00
 
B+
 
1,085,487
 
 
445
 
5.625%, 6/01/46
6/15 at 100.00
 
B+
 
397,594
 
 
5,600
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34
6/17 at 100.00
 
B+
 
5,365,528
 
 
19,535
 
Total Iowa
       
20,034,801
 
     
Kansas – 1.1% (0.8% of Total Investments)
           
 
12,000
 
University of Kansas Hospital Authority, Health Facilities Revenue Bonds, KU Health System, Refunding & Improvement Series 2015, 5.000%, 9/01/45
No Opt. Call
 
A+
 
13,367,400
 
 
2,865
 
Wyandotte County/Kansas City Unified Government Board of Public Utilities, Kansas, Utility System Revenue Bonds, Refunding & Improvement Series 2014A, 5.000%, 9/01/44
9/24 at 100.00
 
A+
 
3,187,714
 
 
14,865
 
Total Kansas
       
16,555,114
 
     
Kentucky – 2.5% (1.7% of Total Investments)
           
 
5,170
 
Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro Medical Health System, Series 2010A, 6.000%, 6/01/30
6/20 at 100.00
 
BBB+
 
5,882,064
 
     
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Convertible Capital Appreciation Series 2013C:
           
 
3,330
 
0.000%, 7/01/43
7/31 at 100.00
 
Baa3
 
2,313,751
 
 
5,735
 
0.000%, 7/01/46
7/31 at 100.00
 
Baa3
 
3,988,865
 
     
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Series 2013A:
           
 
1,445
 
5.750%, 7/01/49
7/23 at 100.00
 
Baa3
 
1,640,263
 
 
290
 
6.000%, 7/01/53
7/23 at 100.00
 
Baa3
 
333,074
 
     
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
 
4,437,881
 
 
10,000
 
5.250%, 2/01/24 – AGC Insured
2/19 at 100.00
 
AA
 
11,426,800
 
 
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+
 
7,888,875
 
 
37,330
 
Total Kentucky
       
37,911,573
 
     
Louisiana – 3.6% (2.4% 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
 
3,915,447
 
     
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:
           
 
3,300
 
4.750%, 5/01/39 (Pre-refunded 5/01/16) – AGM Insured
5/16 at 100.00
 
Aa1 (4)
 
3,446,322
 
 
35,725
 
4.500%, 5/01/41 (Pre-refunded 5/01/16) – FGIC Insured (UB)
5/16 at 100.00
 
Aa1 (4)
 
37,219,377
 
 
38
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006, Residuals 660-1, 15.955%, 5/01/34 (Pre-refunded 5/01/16) – NPFG Insured (IF)
5/16 at 100.00
 
Aa1 (4)
 
44,745
 
 
8,180
 
New Orleans Aviation Board, Louisiana, Revenue Bonds, North Terminal Project, Series 2015B, 5.000%, 1/01/45 (Alternative Minimum Tax)
1/25 at 100.00
 
A–
 
8,919,308
 
 
50,573
 
Total Louisiana
       
53,545,199
 

Nuveen Investments
 
39

 
 

 

NIO
Nuveen Municipal Opportunity Fund, Inc.
 
 
Portfolio of Investments (continued)
April 30, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Maine – 0.8% (0.6% of Total Investments)
           
$
1,015
 
Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2013, 5.000%, 7/01/43
7/23 at 100.00
 
Baa1
$
1,072,398
 
 
10,000
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Mainehealth Issue, Series 2015, 5.000%, 7/01/39
No Opt. Call
 
A+
 
10,990,300
 
 
11,015
 
Total Maine
       
12,062,698
 
     
Maryland – 0.5% (0.4% 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
 
Ba1
 
5,481,672
 
 
2,440
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula Regional Medical Center Issue, Series 2015, 5.000%, 7/01/45
7/24 at 100.00
 
A
 
2,679,657
 
 
7,785
 
Total Maryland
       
8,161,329
 
     
Massachusetts – 3.0% (2.0% of Total Investments)
           
 
7,255
 
Massachusetts Development Finance Agency Revenue Bonds, Partners HealthCare System Issue, Series 2015-O1, 5.000%, 7/01/45
7/25 at 100.00
 
AA
 
8,113,194
 
 
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+
 
5,096,700
 
 
3,225
 
Massachusetts Development Finance Agency, Resource Recovery Revenue Refunding Bonds, Covanta Energy Project, Series 2012B, 4.875%, 11/01/42
11/17 at 100.00
 
BB+
 
3,282,728
 
 
1,270
 
Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, Green Bonds, Series 2015D, 5.000%, 7/01/44
No Opt. Call
 
BBB
 
1,354,938
 
 
5,330
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Harvard University, Tender Option Bond Trust 2010-20W, 13.516%, 12/15/34 (IF) (5)
12/19 at 100.00
 
AAA
 
7,739,320
 
 
11,000
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A, 5.000%, 8/15/23 (Pre-refunded 8/15/15) – AGM Insured
8/15 at 100.00
 
AA+ (4)
 
11,155,540
 
 
7,255
 
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 – AGM Insured (UB) (5)
2/17 at 100.00
 
AA+
 
7,409,241
 
 
39,835
 
Total Massachusetts
       
44,151,661
 
     
Michigan – 2.6% (1.8% 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
 
AA
 
6,779,985
 
 
1,695
 
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
7/22 at 100.00
 
BBB+
 
1,822,549
 
 
930
 
Detroit, Michigan, General Obligation Bonds, Series 2001A-1, 5.375%, 4/01/18 – NPFG Insured
10/15 at 100.00
 
A3
 
930,670
 
 
5,070
 
Michigan Finance Authority, Detroit, Michigan, Local Government Loan Program, Unlimited Tax General Obligation Bonds, Series 2014G-2A, 5.375%, 4/01/18 – NPFG Insured
10/15 at 100.00
 
A–
 
5,073,650
 
 
3,000
 
Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A, 5.000%, 1/01/43
1/22 at 100.00
 
A2
 
3,199,260
 
 
8,260
 
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2011-II-A, 5.375%, 10/15/41
10/21 at 100.00
 
Aa3
 
9,277,549
 
 
11,000
 
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2009C, 5.000%, 12/01/48
6/22 at 100.00
 
AA
 
11,871,530
 
 
35,445
 
Total Michigan
       
38,955,193
 
     
Minnesota – 0.8% (0.5% of Total Investments)
           
 
5,465
 
Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 2008B, 6.500%, 11/15/38 – AGC Insured
11/18 at 100.00
 
AA
 
6,356,014
 
 
5,020
 
Minnesota State, General Obligation Bonds, Various Purpose, Refunding Series 2010D, 5.000%, 8/01/18
No Opt. Call
 
AA+
 
5,663,815
 
 
10,485
 
Total Minnesota
       
12,019,829
 

40
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Missouri – 0.5% (0.3% of Total Investments)
           
$
2,250
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Heartland Regional Medical Center, Series 2012, 5.000%, 2/15/43
2/22 at 100.00
 
A1
$
2,422,013
 
 
305
 
St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Sunset Hills, Series 2013A, 5.875%, 9/01/43
9/23 at 100.00
 
A–
 
343,226
 
 
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
 
AA–
 
4,877,648
 
 
6,680
 
Total Missouri
       
7,642,887
 
     
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
 
3,510,570
 
     
Nebraska – 4.2% (2.9% of Total Investments)
           
 
4,010
 
Lincoln County Hospital Authority 1, Nebraska, Hospital Revenue and Refunding Bonds, Great Plains Regional Medical Center Project, Series 2012, 5.000%, 11/01/42
No Opt. Call
 
A–
 
4,362,800
 
 
27,125
 
Lincoln, Nebraska, Electric System Revenue Bonds, Series 2007A, 4.500%, 9/01/37 – FGIC Insured (UB) (5)
9/16 at 100.00
 
AA
 
27,592,364
 
 
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+
 
5,661,850
 
 
1,000
 
Nebraska Public Power District, General Revenue Bonds, Series 2005A, 5.000%, 1/01/25 (Pre-refunded 7/01/15) – AGM Insured
7/15 at 100.00
 
AA (4)
 
1,008,150
 
 
2,460
 
Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Refunding Subordinated Lien Series 2014CC, 4.000%, 2/01/38
2/24 at 100.00
 
AA–
 
2,505,412
 
 
21,000
 
Public Power Generation Agency, Nebraska, Whelan Energy Center Unit 2 Revenue Bonds, Series 2007A, 5.000%, 1/01/37 – AMBAC Insured
1/17 at 100.00
 
A2
 
22,057,140
 
 
60,595
 
Total Nebraska
       
63,187,716
 
     
Nevada – 2.0% (1.3% of Total Investments)
           
 
7,000
 
Clark County School District, Nevada, General Obligation Bonds, Refunding Series 2005A, 5.000%, 6/15/19 (Pre-refunded 6/15/15) – FGIC Insured
6/15 at 101.00
 
AA– (4)
 
7,111,650
 
 
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
 
3,398,850
 
 
16,890
 
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
 
19,019,660
 
 
26,890
 
Total Nevada
       
29,530,160
 
     
New Jersey – 3.6% (2.4% of Total Investments)
           
     
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A:
           
 
3,850
 
5.000%, 7/01/22 – NPFG Insured
7/15 at 100.00
 
AA–
 
3,909,714
 
 
3,850
 
5.000%, 7/01/23 – NPFG Insured
7/15 at 100.00
 
AA–
 
3,909,714
 
 
5,900
 
5.000%, 7/01/29 – NPFG Insured
7/15 at 100.00
 
AA–
 
5,991,509
 
 
26,000
 
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%,
1/01/26 – AGM Insured
No Opt. Call
 
AA
 
32,136,780
 
     
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
           
 
3,320
 
4.500%, 6/01/23
6/17 at 100.00
 
BB
 
3,326,441
 
 
1,545
 
4.625%, 6/01/26
6/17 at 100.00
 
B+
 
1,492,254
 
 
1,470
 
4.750%, 6/01/34
6/17 at 100.00
 
B2
 
1,139,956
 
 
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
 
1,690,630
 
 
47,265
 
Total New Jersey
       
53,596,998
 

Nuveen Investments
 
41

 
 

 

NIO
Nuveen Municipal Opportunity Fund, Inc.
 
 
Portfolio of Investments (continued)
April 30, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
New Mexico – 1.2% (0.8% of Total Investments)
           
$
3,660
 
San Juan County, New Mexico, Gross Receipts Tax Revenue Bonds, Refunding Subordinate Series 2005, 5.000%, 6/15/25 (Pre-refunded 6/15/15) – NPFG Insured
6/15 at 100.00
 
AA– (4)
$
3,681,118
 
 
13,600
 
University of New Mexico, Revenue Bonds, System Improvement Subordinated Lien Series 2007A, 5.000%, 6/01/36 – AGM Insured
6/17 at 100.00
 
AA
 
14,579,744
 
 
17,260
 
Total New Mexico
       
18,260,862
 
     
New York – 6.3% (4.3% of Total Investments)
           
 
2,095
 
Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, Catholic Health System, Inc. Project, Series 2015, 4.000%, 7/01/45
7/25 at 100.00
 
BBB+
 
2,021,864
 
 
1,880
 
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore
7/15 at 100.00
 
AA–
 
1,887,313
 
     
Hospital, Series 2004, 5.000%, 8/01/23 – FGIC Insured
           
 
1,200
 
Dormitory Authority of the State of New York, Orange Regional Medical Center Obligated Group Revenue Bonds, Series 2015, 5.000%, 12/01/40 (WI/DD, Settling 5/13/15)
6/25 at 100.00
 
Ba1
 
1,252,980
 
 
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
 
8,318,865
 
 
4,030
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured
2/17 at 100.00
 
AA–
 
4,207,159
 
 
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
 
AA–
 
13,030,000
 
 
6,000
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006C, 5.000%, 9/01/35 – NPFG Insured
9/16 at 100.00
 
AA–
 
6,306,660
 
 
2,500
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/36 – AGM Insured
5/21 at 100.00
 
AA
 
2,775,700
 
 
10,610
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2012A, 5.000%, 9/01/42
9/22 at 100.00
 
A–
 
11,509,834
 
 
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
 
AA
 
3,507,669
 
 
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
 
3,118,754
 
 
85
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005F-1, 5.000%, 9/01/21 – AMBAC Insured
9/15 at 100.00
 
AA
 
86,383
 
 
4,915
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005F-1, 5.000%, 9/01/21 (Pre-refunded 9/01/15) – AMBAC Insured
9/15 at 100.00
 
Aa2 (4)
 
4,988,381
 
 
5
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005M, 5.000%, 4/01/26 – FGIC Insured
7/15 at 100.00
 
AA
 
5,020
 
 
7,870
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44
11/24 at 100.00
 
N/R
 
8,228,321
 
 
14,000
 
New York State Thruway Authority, General Revenue Bonds, Series 2005G, 5.000%, 1/01/30 (Pre-refunded 7/01/15) – AGM Insured
7/15 at 100.00
 
AA (4)
 
14,112,840
 
 
4,655
 
Onondaga Civic Development Corporation, New York, Revenue Bonds, Saint Joseph’s Hospital Health Center Project, Series 2012, 5.000%, 7/01/42
7/22 at 100.00
 
BB
 
4,781,616
 
     
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Subordinate Lien Series 2013A:
           
 
2,135
 
5.000%, 11/15/28
No Opt. Call
 
A+
 
2,471,305
 
 
2,430
 
0.000%, 11/15/31
No Opt. Call
 
A+
 
1,349,841
 
 
1,460
 
0.000%, 11/15/32
No Opt. Call
 
A+
 
763,478
 
 
91,235
 
Total New York
       
94,723,983
 
     
North Carolina – 2.1% (1.4% of Total Investments)
           
 
750
 
Gaston County Industrial Facilities and Pollution Control Financing Authority, North Carolina, National Gypsum Company Project Exempt Facilities Revenue Bonds, Series 2005, 5.750%, 8/01/35 (Alternative Minimum Tax)
8/15 at 100.00
 
N/R
 
750,743
 

42
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
North Carolina (continued)
           
$
10,000
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University Health System, Series 2012A, 5.000%, 6/01/42
6/22 at 100.00
 
AA
$
11,220,400
 
 
4,715
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Vidant Health, Refunding Series 2012A, 5.000%, 6/01/36
6/22 at 100.00
 
A+
 
5,141,425
 
 
5,625
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Vidant Health, Refunding Series 2015, 5.000%, 6/01/45
6/25 at 100.00
 
A+
 
6,218,269
 
     
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
 
3,217,467
 
 
3,295
 
5.000%, 5/01/24 – AMBAC Insured
5/15 at 100.00
 
Aa3
 
3,307,818
 
 
830
 
University of North Carolina, Greensboro, General Revenue Bonds, Series 2014A, 5.000%, 4/01/39
4/24 at 100.00
 
Aa3
 
938,921
 
 
28,420
 
Total North Carolina
       
30,795,043
 
     
North Dakota – 0.7% (0.5% of Total Investments)
           
 
2,245
 
Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2012, 5.000%, 12/01/35
12/21 at 100.00
 
A–
 
2,393,192
 
     
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
 
2,258,743
 
 
1,355
 
5.000%, 12/15/23 – NPFG Insured
12/15 at 100.00
 
Aa3
 
1,394,349
 
 
3,000
 
5.000%, 12/15/24 – NPFG Insured
12/15 at 100.00
 
Aa3
 
3,086,670
 
 
1,890
 
Williston, North Dakota, Multifamily Housing Revenue Bonds, Eagle Crest Apartments LLC Project, Series 2013, 7.750%, 9/01/38
9/23 at 100.00
 
N/R
 
1,976,902
 
 
10,685
 
Total North Dakota
       
11,109,856
 
     
Ohio – 7.8% (5.3% of Total Investments)
           
 
1,730
 
Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Revenue Bonds, Children’s Hospital Medical Center, Improvement & Refunding Series 2012, 5.000%, 11/15/42
5/22 at 100.00
 
A1
 
1,871,064
 
     
Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Health Partners, Refunding and Improvement Series 2012A:
           
 
1,930
 
5.000%, 5/01/33
5/22 at 100.00
 
AA–
 
2,128,578
 
 
2,540
 
4.000%, 5/01/33
5/22 at 100.00
 
AA–
 
2,575,662
 
 
2,420
 
5.000%, 5/01/42
5/22 at 100.00
 
AA–
 
2,637,437
 
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
           
 
16,945
 
5.125%, 6/01/24
6/17 at 100.00
 
B–
 
14,456,457
 
 
370
 
5.875%, 6/01/30
6/17 at 100.00
 
B–
 
313,834
 
 
11,600
 
5.750%, 6/01/34
6/17 at 100.00
 
B–
 
9,466,528
 
 
1,060
 
5.875%, 6/01/47
6/17 at 100.00
 
B
 
877,436
 
 
8,310
 
Cleveland Heights-University Heights City School District, Ohio, General Obligation Bonds, School Improvement Series 2014, 5.000%, 12/01/51
6/23 at 100.00
 
AA
 
8,973,969
 
 
6,000
 
Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children’s Hospital Project, Improvement Series 2012A, 5.000%, 11/01/42
5/22 at 100.00
 
Aa2
 
6,508,140
 
 
2,205
 
Hamilton City School District, Ohio, General Obligation Bonds, Series 2005, 5.000%, 12/01/24 – NPFG Insured
6/15 at 100.00
 
A3
 
2,214,151
 
 
19,535
 
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, Series 2006A, 4.250%,
12/01/32 – AMBAC Insured
12/16 at 100.00
 
A+
 
19,770,787
 
 
6,425
 
JobsOhio Beverage System, Ohio, Statewide Liquor Profits Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/38 (UB) (5)
1/23 at 100.00
 
AA
 
7,141,066
 
     
JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, Tender Option Bond Trust 1157:
           
 
1,725
 
17.107%, 1/01/38 (IF) (5)
1/23 at 100.00
 
AA
 
2,494,005
 
 
1,250
 
17.107%, 1/01/38 (IF) (5)
1/23 at 100.00
 
AA
 
1,807,250
 
 
625
 
17.107%, 1/01/38 (IF) (5)
1/23 at 100.00
 
AA
 
903,625
 
 
1,750
 
17.098%, 1/01/38 (IF) (5)
1/23 at 100.00
 
AA
 
2,529,713
 
 
390
 
16.982%, 1/01/38 (IF) (5)
1/23 at 100.00
 
AA
 
562,532
 
 
2,000
 
15.783%, 1/01/38 (IF) (5)
1/23 at 100.00
 
AA
 
2,891,600
 

Nuveen Investments
 
43

 
 

 

NIO
Nuveen Municipal Opportunity Fund, Inc.
 
 
Portfolio of Investments (continued)
April 30, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Ohio (continued)
           
     
Middletown City School District, Butler County, Ohio, General Obligation Bonds, Refunding Series 2007:
           
$
4,380
 
5.250%, 12/01/27 – AGM Insured
No Opt. Call
 
A2
$
5,450,472
 
 
6,000
 
5.250%, 12/01/31 – AGM Insured
No Opt. Call
 
A2
 
7,355,160
 
 
9,235
 
Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System Obligated Group Project, Series 2013, 5.000%, 2/15/48
2/23 at 100.00
 
BB+
 
9,531,813
 
     
Southeastern Ohio Port Authority, Hospital Facilities Revenue Bonds, Memorial Health System Obligated Group Project, Refunding and Improvement Series 2012:
           
 
665
 
5.750%, 12/01/32
12/22 at 100.00
 
BB
 
715,021
 
 
660
 
6.000%, 12/01/42
12/22 at 100.00
 
BB
 
712,008
 
 
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
 
2,257,580
 
 
111,750
 
Total Ohio
       
116,145,888
 
     
Oklahoma – 2.5% (1.7% of Total Investments)
           
     
Oklahoma Capitol Improvement Authority, State Facilities Revenue Bonds, Series 2005F:
           
 
3,500
 
5.000%, 7/01/24 (Pre-refunded 7/01/15) – AMBAC Insured
7/15 at 100.00
 
AA (4)
 
3,528,280
 
 
7,500
 
5.000%, 7/01/27 (Pre-refunded 7/01/15) – AMBAC Insured
7/15 at 100.00
 
AA (4)
 
7,560,600
 
     
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
 
1,155,350
 
 
1,500
 
5.000%, 7/01/40
7/21 at 100.00
 
AAA
 
1,692,075
 
 
3,500
 
Oklahoma Municipal Power Authority, Power Supply System Revenue Bonds, Refunding Series 2014A, 5.000%, 1/01/38
1/25 at 100.00
 
A
 
3,992,100
 
 
19,060
 
Oklahoma Municipal Power Authority, Power Supply System Revenue Bonds, Series 2007, 4.500%, 1/01/47 – FGIC Insured
1/17 at 100.00
 
AA–
 
19,296,153
 
 
36,060
 
Total Oklahoma
       
37,224,558
 
     
Oregon – 0.3% (0.2% of Total Investments)
           
 
4,000
 
Oregon Department of Administrative Services, State Lottery Revenue Bonds, Series 2011A, 5.250%, 4/01/31
4/21 at 100.00
 
AAA
 
4,623,120
 
     
Pennsylvania – 5.5% (3.7% of Total Investments)
           
 
2,165
 
Allegheny County Sanitary Authority, Pennsylvania, Sewer Revenue Bonds, Series 2010, 5.000%, 6/01/40 – AGM Insured
12/20 at 100.00
 
AA
 
2,427,160
 
 
7,925
 
Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Series 2006A, 5.000%, 6/01/26 (Pre-refunded 6/01/16) – AGM Insured (UB)
6/16 at 100.00
 
AA (4)
 
8,328,541
 
 
7,630
 
Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle Health System Project, Series 2012A, 5.000%, 6/01/42
6/22 at 100.00
 
A
 
8,186,532
 
 
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
 
5,827,080
 
 
1,560
 
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
 
1,772,020
 
 
365
 
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, National Gypsum Company, Refunding Series 2014, 5.500%, 11/01/44 (Alternative Minimum Tax)
11/24 at 100.00
 
N/R
 
376,191
 
 
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
 
AA–
 
1,806,732
 
 
11,100
 
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured
12/16 at 100.00
 
AA
 
11,465,190
 
 
2,625
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 – AMBAC Insured
6/16 at 100.00
 
A+
 
2,749,478
 
 
1,300
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Temple University Health System Obligated Group, Series 2012A, 5.625%, 7/01/42
7/22 at 100.00
 
BB+
 
1,382,056
 

44
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Pennsylvania (continued)
           
$
10,000
 
Philadelphia, Pennsylvania, Airport Revenue Bonds, Series 2010A, 5.000%, 6/15/40 – AGM Insured
6/20 at 100.00
 
AA
$
10,916,400
 
 
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
 
7,764,169
 
 
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
 
5,824,962
 
 
6,335
 
Radnor Township School District, Delaware County, Pennsylvania, General Obligation Bonds, Series 2005B, 5.000%, 2/15/30 (Pre-refunded 8/15/15) – AGM Insured
8/15 at 100.00
 
Aa1 (4)
 
6,424,070
 
     
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
 
3,394,785
 
 
3,450
 
5.000%, 1/15/23 – AGM Insured
1/16 at 100.00
 
AA
 
3,565,023
 
 
77,025
 
Total Pennsylvania
       
82,210,389
 
     
Puerto Rico – 0.6% (0.4% 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+ (4)
 
2,519,550
 
 
1,550
 
Puerto Rico Municipal Finance Agency, Series 2005C, 5.250%, 8/01/21 – CIFG Insured
No Opt. Call
 
AA
 
1,580,876
 
     
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
           
 
14,195
 
0.000%, 8/01/45 – NPFG Insured
No Opt. Call
 
AA–
 
1,924,700
 
 
5,900
 
0.000%, 8/01/47 – AMBAC Insured
No Opt. Call
 
B
 
683,692
 
 
36,550
 
0.000%, 8/01/54 – AMBAC Insured
No Opt. Call
 
B
 
2,573,851
 
 
60,695
 
Total Puerto Rico
       
9,282,669
 
     
Rhode Island – 0.1% (0.1% of Total Investments)
           
 
2,125
 
Providence Housing Development Corporation, Rhode Island, FHA-Insured Section 8 Assisted Mortgage Revenue Refunding Bonds, Barbara Jordan Apartments, Series 1994A, 6.750%, 7/01/25 – NPFG Insured
7/15 at 100.00
 
AA–
 
2,131,333
 
     
South Carolina – 6.0% (4.1% of Total Investments)
           
 
14,650
 
Anderson County School District 5, South Carolina, General Obligation Bonds, Series 2008, Trust 1181, 9.858%, 8/01/15 – AGM Insured (IF)
No Opt. Call
 
Aa1
 
17,492,100
 
 
4,085
 
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
 
4,507,716
 
 
4,100
 
South Carolina JOBS Economic Development Authority, Industrial Revenue Bonds, South Carolina Electric and Gas Company, Series 2013, 4.000%, 2/01/28
2/23 at 100.00
 
A
 
4,336,693
 
 
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
 
1,515,938
 
 
20,790
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2014C, 5.000%, 12/01/46
12/24 at 100.00
 
AA–
 
23,051,952
 
 
10,195
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2014A, 5.500%, 12/01/54
6/24 at 100.00
 
AA–
 
11,650,540
 
 
15,795
 
South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2007A, 4.500%, 10/01/34 – SYNCORA GTY Insured
10/16 at 100.00
 
A1
 
16,466,288
 
 
10,250
 
Spartanburg Regional Health Services District, Inc., South Carolina, Hospital Revenue Refunding Bonds, Series 2012A, 5.000%, 4/15/32
4/22 at 100.00
 
A1
 
11,342,138
 
 
81,115
 
Total South Carolina
       
90,363,365
 
     
South Dakota – 0.2% (0.1% of Total Investments)
           
 
2,055
 
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2014B, 5.000%, 11/01/44
11/24 at 100.00
 
A+
 
2,273,467
 
     
Tennessee – 0.5% (0.3% of Total Investments)
           
 
6,160
 
Chattanooga Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45
1/23 at 100.00
 
A+
 
6,807,354
 

Nuveen Investments
 
45

 
 

 

NIO
Nuveen Municipal Opportunity Fund, Inc.
 
 
Portfolio of Investments (continued)
April 30, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Texas – 8.6% (5.8% 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
$
4,871,886
 
 
12,700
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series 2013C, 5.125%, 11/01/43 (Alternative Minimum Tax)
11/22 at 100.00
 
A+
 
13,789,533
 
 
9,035
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding and Improvement Bonds, Series 2012C, 5.000%, 11/01/45 – AGM Insured
11/21 at 100.00
 
A+
 
9,938,410
 
 
4,330
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender Option Bond Trust 2013-9A, 17.853%, 4/01/53 (IF)
10/23 at 100.00
 
AA+
 
5,906,726
 
 
6,000
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Senior Lien Series 2014A, 5.000%, 11/15/53
11/24 at 100.00
 
A2
 
6,466,020
 
 
590
 
Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Terminal E Project, Refunding Series 2014, 5.000%, 7/01/29
7/24 at 100.00
 
B+
 
627,984
 
 
6,700
 
Hutto Independent School District, Williamson County, Texas, General Obligation Bonds, Refunding Series 2012A, 5.000%, 8/01/46
8/21 at 100.00
 
A
 
7,181,328
 
 
3,500
 
Irving, Texas, Hotel Occupancy Tax Revenue Bonds, Series 2014B, 5.000%, 8/15/43
8/19 at 100.00
 
BBB+
 
3,603,145
 
 
50
 
Lower Colorado River Authority, Texas, Revenue Bonds, Refunding Series 2001, 5.000%, 5/15/21 – NPFG Insured
No Opt. Call
 
AA–
 
50,187
 
     
McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013:
           
 
2,355
 
5.750%, 12/01/33
12/25 at 100.00
 
Baa2
 
2,607,974
 
 
2,385
 
6.125%, 12/01/38
12/25 at 100.00
 
Baa2
 
2,652,096
 
 
8,425
 
North Central Texas Health Facilities Development Corporation, Texas, Revenue Bonds, Children’s Medical Center Dallas Project, Series 2012, 5.000%, 8/15/32
8/22 at 100.00
 
Aa2
 
9,497,334
 
 
24,330
 
Tarrant Regional Water District, Texas, Water Revenue Bonds, Refunding & Improvement Series 2012, 5.000%, 3/01/52
3/22 at 100.00
 
AAA
 
27,353,003
 
 
1,750
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/30
No Opt. Call
 
A3
 
1,926,733
 
 
4,200
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier Refunding Series 2015B, 5.000%, 8/15/37
8/24 at 100.00
 
A–
 
4,738,482
 
 
16,000
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second Tier Refunding Series 2015C, 5.000%, 8/15/42
8/24 at 100.00
 
BBB+
 
17,269,280
 
 
7,600
 
Waco Health Facilities Development Corporation, Texas, Hillcrest Health System Project, FHA Insured Mortgage Revenue Bonds, Series 2006A, 5.000%, 8/01/31 (Pre-refunded 8/01/16) – NPFG Insured
8/16 at 100.00
 
AA– (4)
 
8,040,268
 
 
1,840
 
Ysleta Independent School District Public Facility Corporation, Texas, Lease Revenue Refunding Bonds, Series 2001, 5.375%, 11/15/24 – AMBAC Insured
5/15 at 100.00
 
AA–
 
1,890,563
 
 
116,195
 
Total Texas
       
128,410,952
 
     
Utah – 1.1% (0.8% of Total Investments)
           
 
15,000
 
Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008A, 5.000%, 6/15/32 (Pre-refunded 6/15/18) – AGM Insured (UB) (5)
6/18 at 100.00
 
AAA
 
16,857,600
 
     
Virginia – 1.6% (1.1% of Total Investments)
           
 
5,000
 
Fairfax County Industrial Development Authority, Virginia, Healthcare Revenue Bonds, Inova Health System, Series 2012A, 5.000%, 5/15/40
5/22 at 100.00
 
AA+
 
5,563,350
 
 
985
 
Roanoke Industrial Development Authority, Virginia, Hospital Revenue Bonds, Carilion Health System Obligated Group, Series 2005B, 5.000%, 7/01/38
7/20 at 100.00
 
AA
 
1,085,096
 
 
15
 
Roanoke Industrial Development Authority, Virginia, Hospital Revenue Bonds, Carilion Health System Obligated Group, Series 2005B, 5.000%, 7/01/38 (Pre-refunded 7/01/20)
7/20 at 100.00
 
AA (4)
 
17,680
 
 
5,740
 
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012A, 5.000%, 7/01/52
No Opt. Call
 
BBB–
 
6,097,315
 

46
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Virginia (continued)
           
     
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012B:
           
$
1,740
 
0.000%, 7/01/32
No Opt. Call
 
BBB–
$
784,340
 
 
2,465
 
0.000%, 7/01/33
No Opt. Call
 
BBB–
 
1,060,762
 
 
960
 
0.000%, 7/01/34
No Opt. Call
 
BBB–
 
392,908
 
 
1,330
 
0.000%, 7/01/35
No Opt. Call
 
BBB–
 
504,668
 
 
2,300
 
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, 95 Express Lanes LLC Project, Series 2012, 5.000%, 1/01/40 (Alternative Minimum Tax)
1/22 at 100.00
 
BBB–
 
2,450,672
 
 
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–
 
5,500,857
 
 
25,565
 
Total Virginia
       
23,457,648
 
     
Washington – 8.2% (5.6% 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
8/15 at 100.00
 
AAA
 
10,106,099
 
 
7,500
 
King County, Washington, General Obligation Sewer Bonds, Series 2009, Trust 1W, 9.659%, 1/01/39 (Pre-refunded 1/01/19) – AGC Insured (IF) (5)
1/19 at 100.00
 
AAA
 
9,723,750
 
 
20,670
 
King County, Washington, Sewer Revenue Bonds, Refunding Series 2015A, 5.000%, 7/01/47
1/25 at 100.00
 
AA+
 
23,452,594
 
 
17,000
 
King County, Washington, Sewer Revenue Bonds, Series 2007, 5.000%, 1/01/42 (Pre-refunded 7/01/17) – AGM Insured
7/17 at 100.00
 
AA+ (4)
 
18,553,629
 
 
4,345
 
King County, Washington, Sewer Revenue Bonds, Tender Option Bond Trust 3090, 13.486%, 7/01/32 (Pre-refunded 7/01/17) – AGM Insured (IF) (5)
7/17 at 100.00
 
AA+ (4)
 
5,536,269
 
 
11,000
 
Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Series 2005A, 5.000%, 3/01/35 – NPFG Insured
7/15 at 100.00
 
AA–
 
11,036,519
 
 
1,250
 
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
 
1,302,087
 
     
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
 
4,159,109
 
 
4,085
 
5.000%, 12/01/25 – SYNCORA GTY Insured
12/16 at 100.00
 
AA
 
4,364,250
 
 
4,290
 
5.000%, 12/01/26 – SYNCORA GTY Insured
12/16 at 100.00
 
AA
 
4,579,016
 
 
1,250
 
Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, Tender Option Bond Trust 4742, 17.971%, 10/01/44 (IF) (5)
10/24 at 100.00
 
AA
 
1,843,000
 
 
2,510
 
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, Refunding Series 2012B, 5.000%, 10/01/30
10/22 at 100.00
 
Aa2
 
2,832,735
 
 
6,540
 
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, Series 2012A, 5.000%, 10/01/42
10/22 at 100.00
 
Aa2
 
7,184,908
 
 
17,845
 
Washington State, General Obligation Bonds, 2007A Series 2006, 5.000%, 7/01/31 (Pre-refunded 7/01/16) – AGM Insured
7/16 at 100.00
 
AA+ (4)
 
18,811,484
 
 
112,175
 
Total Washington
       
123,485,449
 
     
West Virginia – 2.5% (1.7% 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
 
11,347,399
 
 
22,400
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Refunding and Improvement Series 2013A, 5.500%, 6/01/44
6/23 at 100.00
 
A
 
25,488,511
 
 
32,400
 
Total West Virginia
       
36,835,910
 

Nuveen Investments
 
47

 
 

 

NIO
Nuveen Municipal Opportunity Fund, Inc.
 
 
Portfolio of Investments (continued)
April 30, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Wisconsin – 1.8% (1.2% of Total Investments)
           
$
640
 
Public Finance Authority of Wisconsin, Exempt Facilities Revenue Bonds, National Gypsum Company Project, Refunding Series 2014, 5.250%, 4/01/30 (Alternative Minimum Tax)
11/24 at 100.00
 
N/R
$
654,853
 
 
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
 
9,605,145
 
 
5,090
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Health Inc. Obligated Group, Series 2012A, 5.000%, 4/01/42
10/22 at 100.00
 
AA–
 
5,588,463
 
 
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+
 
11,644,870
 
 
24,490
 
Total Wisconsin
       
27,493,331
 
$
2,169,833
 
Total Municipal Bonds (cost $2,038,797,787)
       
2,204,507,100
 

                       
 
Principal
                   
 
Amount (000)
 
Description (1)
Coupon
 
Maturity
 
Ratings (3)
 
Value
 
     
CORPORATE BONDS – 0.0% (0.0% of Total Investments)
               
     
Transportation – 0.0% (0.0% of Total Investments)
               
$
596
 
Las Vegas Monorail Company, Senior Interest Bonds (6), (7)
5.500%
 
7/15/19
 
N/R
$
107,355
 
 
159
 
Las Vegas Monorail Company, Senior Interest Bonds (6), (7)
3.000%
 
7/15/55
 
N/R
 
21,214
 
$
755
 
Total Corporate Bonds (cost $67,698)
           
128,569
 
     
Total Long-Term Investments (cost $2,038,865,485)
           
2,204,635,669
 
     
Floating Rate Obligations – (5.7)%
           
(84,848,333
)
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (44.5)% (8)
           
(667,200,000
)
     
Other Assets Less Liabilities – 3.0%
           
45,269,433
 
     
Net Assets Applicable to Common Shares – 100%
         
$
1,497,856,769
 
 
(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 for investments in inverse floating rate transactions.
(6)
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
(7)
During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund’s custodian is not accruing income on the Fund’s records for either senior interest corporate bond.
(8)
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 30.3%.
(WI/DD)
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
(ETM)
Escrowed to maturity.
(IF)
Inverse floating rate investment.
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
 
See accompanying notes to financial statements.

48
 
Nuveen Investments

 
 

 
 
NVG
   
 
Nuveen Dividend Advantage Municipal Income Fund
 
 
Portfolio of Investments
April 30, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
LONG-TERM INVESTMENTS – 143.9% (100.0% of Total Investments)
           
     
MUNICIPAL BONDS – 143.6% (99.8% of Total Investments)
           
     
Alaska – 0.6% (0.4% of Total Investments)
           
$
3,035
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/32
7/15 at 100.00
 
B2
$
2,661,331
 
     
Arizona – 2.1% (1.5% of Total Investments)
           
 
1,435
 
Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals Project, Series 2014A, 5.000%, 12/01/42
12/24 at 100.00
 
A2
 
1,581,313
 
 
6,000
 
Phoenix Civic Improvement Corporation, Arizona, Revenue Bonds, Civic Plaza Expansion Project, Series 2005B, 5.500%, 7/01/37 – FGIC Insured
No Opt. Call
 
AA
 
7,623,660
 
 
7,435
 
Total Arizona
       
9,204,973
 
     
California – 19.4% (13.5% of Total Investments)
           
 
2,165
 
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate Lien Series 2004A, 0.000%, 10/01/20 – AMBAC Insured
No Opt. Call
 
BBB+
 
1,933,756
 
 
6,135
 
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
 
3,426,766
 
     
California Educational Facilities Authority, Revenue Bonds, Occidental College, Series 2005A:
           
 
1,485
 
5.000%, 10/01/26 (Pre-refunded 10/01/15) – NPFG Insured
10/15 at 100.00
 
Aa3 (4)
 
1,514,967
 
 
1,565
 
5.000%, 10/01/27 (Pre-refunded 10/01/15) – NPFG Insured
10/15 at 100.00
 
Aa3 (4)
 
1,596,582
 
 
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
 
11,018,300
 
     
California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and Clinics, Tender Option Bond Trust 3294:
           
 
855
 
9.278%, 2/15/20 (IF) (5)
No Opt. Call
 
AA
 
1,048,982
 
 
375
 
9.278%, 2/15/20 (IF) (5)
No Opt. Call
 
AA
 
460,080
 
 
340
 
9.271%, 2/15/20 (IF) (5)
No Opt. Call
 
AA
 
417,068
 
 
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
 
AA
 
5,156,597
 
     
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
 
A2
 
2,017,760
 
 
3,600
 
0.000%, 8/01/34 – AGM Insured
8/28 at 100.00
 
A2
 
2,740,032
 
     
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A:
           
 
1,210
 
5.750%, 1/15/46
1/24 at 100.00
 
BBB–
 
1,409,807
 
 
1,210
 
6.000%, 1/15/49
1/24 at 100.00
 
BBB–
 
1,432,313
 
 
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
 
2,443,285
 
 
16,665
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/35 (Pre-refunded 6/01/15) – FGIC Insured
6/15 at 100.00
 
A1 (4)
 
16,732,493
 
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
           
 
1,965
 
4.500%, 6/01/27
6/17 at 100.00
 
B
 
1,912,574
 
 
1,270
 
5.000%, 6/01/33
6/17 at 100.00
 
B
 
1,070,204
 
 
1,000
 
5.750%, 6/01/47
6/17 at 100.00
 
B
 
869,390
 
 
365
 
5.125%, 6/01/47
6/17 at 100.00
 
B
 
291,536
 
     
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
 
4,065,770
 
 
2,220
 
0.000%, 8/01/28 – AGC Insured
No Opt. Call
 
AA
 
1,380,840
 

Nuveen Investments
 
49

 
 

 

NVG
Nuveen Dividend Advantage Municipal Income Fund
 
 
Portfolio of Investments (continued)
April 30, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
California (continued)
           
$
2,675
 
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 – AGC Insured
8/29 at 100.00
 
AA
$
2,763,462
 
 
4,150
 
Placentia-Yorba Linda Unified School District, Orange County, California, Certificates of Participation, Series 2011, 0.000%, 10/01/28 – AGM Insured
10/25 at 100.00
 
AA
 
4,449,257
 
 
160
 
Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series 2013A, 5.750%, 6/01/48
6/23 at 100.00
 
BBB–
 
182,496
 
 
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
 
AA–
 
6,986,203
 
 
4,275
 
Sequoia Union High School District, San Mateo County, California, General Obligation Bonds, Series 2006, 3.500%, 7/01/29 – AGM Insured
7/16 at 100.00
 
Aa1
 
4,300,736
 
 
1,690
 
Ventura County Community College District, California, General Obligation Bonds, Series 2005B, 5.000%, 8/01/28 (Pre-refunded 8/01/15) – NPFG Insured
8/15 at 100.00
 
AA (4)
 
1,710,601
 
 
97,485
 
Total California
       
83,331,857
 
     
Colorado – 7.0% (4.9% of Total Investments)
           
 
16,655
 
Adams County, Colorado, FHA-Insured Mortgage Revenue Bonds, Platte Valley Medical Center, Series 2005, 5.000%, 8/01/24 (Pre-refunded 8/01/15) – NPFG Insured
8/15 at 100.00
 
AA– (4)
 
16,852,029
 
 
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–
 
772,095
 
 
170
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013, 5.625%, 6/01/43
6/23 at 100.00
 
A3
 
191,483
 
 
17,000
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/25 – NPFG Insured
No Opt. Call
 
AA–
 
12,234,050
 
 
34,575
 
Total Colorado
       
30,049,657
 
     
District of Columbia – 2.7% (1.9% of Total Investments)
           
 
900
 
District of Columbia Student Dormitory Revenue Bonds, Provident Group – Howard Properties LLC Issue, Series 2013, 5.000%, 10/01/45
10/22 at 100.00
 
BBB–
 
922,248
 
 
6,810
 
District of Columbia, Revenue Bonds, Georgetown University, Series 2007A, 4.500%, 4/01/42 – AMBAC Insured
4/17 at 100.00
 
A–
 
7,061,630
 
 
2,635
 
Metropolitan Washington Airports Authority, District of Columbia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital Improvement Project, Refunding Second Senior Lien Series 2014A, 5.000%, 10/01/53
4/22 at 100.00
 
BBB+
 
2,781,111
 
 
935
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1606, 11.676%, 10/01/30 – AMBAC Insured (IF) (5)
10/16 at 100.00
 
AA+
 
1,067,574
 
 
11,280
 
Total District of Columbia
       
11,832,563
 
     
Florida – 6.4% (4.4% 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
 
3,313,050
 
 
1,430
 
Collier County Educational Facilities Authority, Florida, Revenue Bonds, Hodges University, Series 2013, 6.125%, 11/01/43
11/23 at 100.00
 
BBB–
 
1,597,439
 
     
Davie, Florida, Educational Facilities Revenue Bonds, Nova Southeastern University Project, Refunding Series 2013A:
           
 
3,445
 
6.000%, 4/01/42
4/23 at 100.00
 
Baa1
 
3,971,741
 
 
1,720
 
5.625%, 4/01/43
4/23 at 100.00
 
Baa1
 
1,932,884
 
     
Florida Municipal Loan Council, Revenue Bonds, Series 2003B:
           
 
165
 
5.250%, 12/01/17
7/15 at 100.00
 
AA–
 
165,586
 
 
100
 
5.250%, 12/01/18
7/15 at 100.00
 
AA–
 
100,327
 
 
5,825
 
JEA, Florida, Electric System Revenue Bonds, Series Three 2013B, 5.000%, 10/01/38
10/18 at 100.00
 
Aa2
 
6,432,722
 
 
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
 
2,582,977
 

50
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Florida (continued)
           
$
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
$
1,850,771
 
 
2,400
 
Miami-Dade County, Florida, Subordinate Special Obligation Bonds, Refunding Series 2012B, 5.000%, 10/01/37
10/22 at 100.00
 
A+
 
2,653,200
 
 
750
 
Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, Inc., Series 2012A, 5.000%, 10/01/42
4/22 at 100.00
 
A
 
800,760
 
 
60
 
Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Sinai Residences of Boca Raton Project, Series 2014A, 7.250%, 6/01/34
6/22 at 102.00
 
N/R
 
68,396
 
 
1,000
 
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Series 2007, 5.000%, 8/15/42 (UB) (5)
8/17 at 100.00
 
AA
 
1,053,930
 
 
1,000
 
Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/28 – NPFG Insured
10/15 at 100.00
 
AA
 
1,018,770
 
 
24,775
 
Total Florida
       
27,542,553
 
     
Georgia – 5.5% (3.8% of Total Investments)
           
 
6,925
 
Atlanta and Fulton County Recreation Authority, Georgia, Guaranteed Revenue Bonds, Park Improvement, Series 2005A, 5.000%, 12/01/30 (Pre-refunded 12/01/15) – NPFG Insured
12/15 at 100.00
 
AA (4)
 
7,120,216
 
 
5,000
 
Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2012B, 5.000%, 1/01/29
No Opt. Call
 
Aa3
 
5,638,850
 
 
7,030
 
Gwinnett County School District, Georgia, General Obligation Bonds, Series 2008, 5.000%, 2/01/36 (Pre-refunded 2/01/18)
2/18 at 100.00
 
AAA
 
7,821,930
 
 
1,000
 
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University Project, Refunding Series 2012C, 5.250%, 10/01/27
10/22 at 100.00
 
Baa2
 
1,121,610
 
 
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
 
1,889,379
 
 
21,665
 
Total Georgia
       
23,591,985
 
     
Guam – 0.2% (0.1% of Total Investments)
           
 
150
 
Guam International Airport Authority, Revenue Bonds, Series 2013C, 6.375%, 10/01/43 (Alternative Minimum Tax)
10/23 at 100.00
 
BBB
 
177,366
 
 
650
 
Guam Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.500%, 7/01/43
7/23 at 100.00
 
A–
 
744,127
 
 
800
 
Total Guam
       
921,493
 
     
Hawaii – 1.3% (0.9% of Total Investments)
           
 
5,000
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific Health Obligated Group, Series 2013A, 5.500%, 7/01/43
7/23 at 100.00
 
A
 
5,718,300
 
     
Idaho – 1.7% (1.2% of Total Investments)
           
 
2,895
 
Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project, Series 2012A, 5.000%, 3/01/47 – AGM Insured
3/22 at 100.00
 
A–
 
3,138,383
 
     
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
 
A+
 
3,156,870
 
 
1,130
 
5.000%, 7/15/24 – NPFG Insured
7/16 at 100.00
 
A+
 
1,187,958
 
 
7,025
 
Total Idaho
       
7,483,211
 
     
Illinois – 12.7% (8.8% of Total Investments)
           
 
3,745
 
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2014, 5.250%, 12/01/49
No Opt. Call
 
AA
 
4,229,416
 
 
3,600
 
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien Series 2005A, 5.250%, 1/01/24 – NPFG Insured
1/16 at 100.00
 
AA–
 
3,717,072
 
     
Community College District 523, Counties of DeKalb, Kane, LaSalle, Lee, Ogle, Winnebago, and Boone, Illinois, General Obligation Bonds, Kishwaukee Community College, Series 2011B:
           
 
2,500
 
0.000%, 2/01/33
2/21 at 100.00
 
AA
 
913,275
 
 
2,000
 
0.000%, 2/01/34
2/21 at 100.00
 
AA
 
676,540
 

Nuveen Investments
 
51

 
 

 

NVG
Nuveen Dividend Advantage Municipal Income Fund
 
 
Portfolio of Investments (continued)
April 30, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Illinois (continued)
           
$
2,845
 
Cook County Community College District 508, Illinois, General Obligation Bonds, Chicago City Colleges, Series 2013, 5.250%, 12/01/43
12/23 at 100.00
 
AA
$
3,180,084
 
 
1,000
 
Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Series 2012, 5.000%, 6/01/42
No Opt. Call
 
AA
 
1,092,080
 
 
3,000
 
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A, 5.000%, 9/01/42
9/24 at 100.00
 
BBB
 
3,184,800
 
 
1,245
 
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2015C, 5.000%, 8/15/44
8/25 at 100.00
 
Baa1
 
1,342,035
 
 
5,000
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A, 5.000%, 10/01/51
10/21 at 100.00
 
AA+
 
5,377,850
 
 
3,500
 
Illinois Municipal Electric Agency, Power Supply System Revenue Bonds, Series 2007A, 5.000%, 2/01/35 (Pre-refunded 2/01/17) – FGIC Insured
2/17 at 100.00
 
AA– (4)
 
3,765,685
 
     
Illinois State, General Obligation Bonds, Refunding Series 2012:
           
 
635
 
5.000%, 8/01/21
No Opt. Call
 
A–
 
711,022
 
 
500
 
5.000%, 8/01/22
No Opt. Call
 
A–
 
563,485
 
 
685
 
5.000%, 8/01/23
No Opt. Call
 
A–
 
770,831
 
 
4,000
 
Illinois State, General Obligation Bonds, Series 2004A, 5.000%, 3/01/28
7/15 at 100.00
 
A–
 
4,015,840
 
 
455
 
Illinois State, General Obligation Bonds, Series 2013, 5.500%, 7/01/38
7/23 at 100.00
 
A–
 
501,137
 
     
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
 
6,397,250
 
 
17,465
 
0.000%, 6/15/45 – AGM Insured
No Opt. Call
 
AAA
 
4,252,378
 
 
3,335
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Tender Option Bond Trust 2015-XF0081, 13.448%, 6/15/42 (IF)
6/20 at 100.00
 
AAA
 
3,686,042
 
 
3,900
 
Rosemont, Illinois, General Obligation Bonds, Series 2011A, 5.600%, 12/01/35 – AGM Insured
12/20 at 100.00
 
AA
 
4,309,656
 
 
1,680
 
Southwestern Illinois Development Authority, Health Facility Revenue Bonds, Memorial Group, Inc., Series 2013, 7.625%, 11/01/48
11/23 at 100.00
 
BB+
 
2,108,400
 
 
86,090
 
Total Illinois
       
54,794,878
 
     
Indiana – 6.4% (4.5% of Total Investments)
           
 
1,050
 
Indiana Finance Authority, Midwestern Disaster Relief Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2012A, 5.000%, 6/01/39 – AGM Insured
6/22 at 100.00
 
BBB–
 
1,121,211
 
 
5,370
 
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013A, 5.250%, 1/01/51 (Alternative Minimum Tax)
7/23 at 100.00
 
BBB
 
5,827,739
 
     
Indiana Finance Authority, Tax-Exempt Private Activity Revenue Bonds, I-69 Section 5 Project, Series 2014:
           
 
550
 
5.250%, 9/01/40 (Alternative Minimum Tax)
9/24 at 100.00
 
BBB
 
603,543
 
 
7,250
 
5.000%, 9/01/46 (Alternative Minimum Tax)
9/24 at 100.00
 
BBB
 
7,774,828
 
 
1,850
 
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2012A, 5.000%, 10/01/37
10/22 at 100.00
 
AA
 
2,052,853
 
 
3,240
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
1/17 at 100.00
 
AA–
 
3,415,187
 
 
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
 
5,678,750
 
 
315
 
Shoals, Indiana, Exempt Facilities Revenue Bonds, National Gypsum Company Project, Series 2013, 7.250%, 11/01/43 (Alternative Minimum Tax)
11/23 at 100.00
 
N/R
 
353,175
 
 
765
 
Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt Paper LLC Project, Series 2013, 7.000%, 1/01/44 (Alternative Minimum Tax)
1/24 at 100.00
 
N/R
 
938,288
 
 
25,390
 
Total Indiana
       
27,765,574
 
     
Iowa – 0.8% (0.6% of Total Investments)
           
 
480
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013, 5.250%, 12/01/25
12/23 at 100.00
 
BB–
 
537,283
 

52
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Iowa (continued)
           
$
450
 
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.500%, 6/01/42
6/15 at 100.00
 
B+
$
397,130
 
 
2,800
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34
6/17 at 100.00
 
B+
 
2,682,764
 
 
3,730
 
Total Iowa
       
3,617,177
 
     
Kansas – 1.0% (0.7% of Total Investments)
           
 
3,880
 
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–
 
4,337,530
 
     
Kentucky – 1.4% (1.0% of Total Investments)
           
     
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Convertible Capital Appreciation Series 2013C:
           
 
1,030
 
0.000%, 7/01/43
7/31 at 100.00
 
Baa3
 
715,665
 
 
1,775
 
0.000%, 7/01/46
7/31 at 100.00
 
Baa3
 
1,234,566
 
     
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Series 2013A:
           
 
945
 
5.750%, 7/01/49
7/23 at 100.00
 
Baa3
 
1,072,698
 
 
190
 
6.000%, 7/01/53
7/23 at 100.00
 
Baa3
 
218,221
 
 
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
 
2,776,550
 
 
6,355
 
Total Kentucky
       
6,017,700
 
     
Louisiana – 6.2% (4.3% of Total Investments)
           
 
1,175
 
Ascension Parish Industrial development Board, Louisiana, Revenue Bonds, Impala Warehousing (US) LLC Project, Series 2013, 6.000%, 7/01/36
7/23 at 100.00
 
N/R
 
1,279,622
 
 
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
 
1,175,810
 
 
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
 
5,725,050
 
     
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:
           
 
1,050
 
4.750%, 5/01/39 (Pre-refunded 5/01/16) – AGM Insured
5/16 at 100.00
 
Aa1 (4)
 
1,096,557
 
 
8,270
 
4.500%, 5/01/41 (Pre-refunded 5/01/16) – FGIC Insured (UB)
5/16 at 100.00
 
Aa1 (4)
 
8,615,934
 
 
3
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006, Residuals 660-3, 15.923%, 5/01/34 (Pre-refunded 5/01/16) – NPFG Insured (IF)
5/16 at 100.00
 
Aa1 (4)
 
3,889
 
 
6,000
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A, 5.000%, 5/01/36 (Pre-refunded 5/01/16) – AGM Insured
5/16 at 100.00
 
Aa1 (4)
 
6,281,040
 
 
2,300
 
New Orleans Aviation Board, Louisiana, Revenue Bonds, North Terminal Project, Series 2015B, 5.000%, 1/01/45 (Alternative Minimum Tax)
1/25 at 100.00
 
A–
 
2,507,874
 
 
24,798
 
Total Louisiana
       
26,685,776
 
     
Maryland – 0.1% (0.1% of Total Investments)
           
 
540
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of Maryland Medical System Issue, Series 2015, 4.000%, 7/01/41 (WI/DD, Settling 5/21/15)
7/25 at 100.00
 
A2
 
525,458
 
     
Massachusetts – 3.4% (2.4% 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+
 
1,132,600
 
 
1,000
 
Massachusetts Development Finance Agency, Resource Recovery Revenue Refunding Bonds, Covanta Energy Project, Series 2012B, 4.875%, 11/01/42
11/17 at 100.00
 
BB+
 
1,017,900
 
 
1,000
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Massachusetts Eye and Ear Infirmary, Series 2010C, 5.375%, 7/01/35
7/20 at 100.00
 
BBB–
 
1,090,130
 
 
8,200
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A, 5.000%, 8/15/30 (Pre-refunded 8/15/15)
8/15 at 100.00
 
AA (4)
 
8,315,948
 

Nuveen Investments
 
53

 
 

 

NVG
Nuveen Dividend Advantage Municipal Income Fund
 
 
Portfolio of Investments (continued)
April 30, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Massachusetts (continued)
           
$
400
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2007A, 5.000%, 8/15/37 – AMBAC Insured
8/17 at 100.00
 
AA+
$
432,504
 
 
2,775
 
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 – AGM Insured
2/17 at 100.00
 
AA+
 
2,833,997
 
 
14,375
 
Total Massachusetts
       
14,823,079
 
     
Michigan – 3.4% (2.4% of Total Investments)
           
 
1,055
 
Battle Creek School District, Calhoun County, Michigan, General Obligation Bonds, Series 2007, 5.000%, 5/01/31 – AGM Insured
5/17 at 100.00
 
AA
 
1,126,086
 
 
1,290
 
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
7/22 at 100.00
 
BBB+
 
1,387,073
 
 
1,500
 
Grand Traverse County Hospital Financial Authority, Michigan, Revenue Bonds, Munson Healthcare, Series 2014A, 5.000%, 7/01/47
No Opt. Call
 
AA–
 
1,656,225
 
 
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
 
3,586,883
 
 
1,000
 
Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A, 5.000%, 1/01/43
1/22 at 100.00
 
A2
 
1,066,420
 
 
1,225
 
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A, 5.000%, 12/01/31
12/16 at 100.00
 
AA
 
1,301,906
 
 
275
 
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A, 5.000%, 12/01/31 (Pre-refunded 12/01/16)
12/16 at 100.00
 
Aa2 (4)
 
294,500
 
 
2,855
 
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2009C, 5.000%, 12/01/48
6/22 at 100.00
 
AA
 
3,081,202
 
 
1,250
 
Monroe County Hospital Finance Authority, Michigan, Mercy Memorial Hospital Corporation Revenue Bonds, Series 2006, 5.500%, 6/01/35
6/16 at 100.00
 
AA–
 
1,277,513
 
 
13,680
 
Total Michigan
       
14,777,808
 
     
Missouri – 0.7% (0.5% of Total Investments)
           
 
2,460
 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Saint Louis College of Pharmacy, Series 2013, 5.500%, 5/01/43
5/23 at 100.00
 
BBB+
 
2,694,709
 
 
100
 
St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Sunset Hills, Series 2013A, 5.875%, 9/01/43
9/23 at 100.00
 
A–
 
112,533
 
 
2,560
 
Total Missouri
       
2,807,242
 
     
Nebraska – 3.0% (2.1% of Total Investments)
           
 
6,360
 
Lincoln, Nebraska, Electric System Revenue Bonds, Series 2005, 5.000%, 9/01/32 (Pre-refunded 9/01/15)
9/15 at 100.00
 
AA (4)
 
6,463,032
 
 
6,000
 
Public Power Generation Agency, Nebraska, Whelan Energy Center Unit 2 Revenue Bonds, Series 2007A, 5.000%, 1/01/37 – AMBAC Insured
1/17 at 100.00
 
A2
 
6,302,040
 
 
12,360
 
Total Nebraska
       
12,765,072
 
     
Nevada – 2.8% (1.9% 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
 
2,662,433
 
 
6,885
 
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
 
7,753,130
 
 
1,300
 
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water Series 2012B, 5.000%, 6/01/42
6/22 at 100.00
 
AA+
 
1,446,406
 
 
10,535
 
Total Nevada
       
11,861,969
 
     
New Jersey – 1.8% (1.2% of Total Investments)
           
 
1,900
 
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A, 5.000%, 7/01/29 – NPFG Insured
7/15 at 100.00
 
AA–
 
1,929,469
 
 
2,150
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A, 5.250%, 12/15/20
No Opt. Call
 
A–
 
2,413,784
 

54
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
New Jersey (continued)
           
$
1,200
 
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – AGM Insured
No Opt. Call
 
AA
$
1,483,236
 
 
200
 
New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 1154, 17.041%, 1/01/43 (IF) (5)
7/22 at 100.00
 
A+
 
279,550
 
 
2,025
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 4.750%, 6/01/34
6/17 at 100.00
 
B2
 
1,570,347
 
 
7,475
 
Total New Jersey
       
7,676,386
 
     
New York – 5.0% (3.5% of Total Investments)
           
 
1,270
 
Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, Catholic Health System, Inc. Project, Series 2015, 4.000%, 7/01/45
7/25 at 100.00
 
BBB+
 
1,225,664
 
 
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
7/15 at 100.00
 
AA–
 
1,124,357
 
     
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Tender Option Bond Trust 3518:
           
 
2,000
 
13.711%, 2/15/33 (IF)
2/19 at 100.00
 
AAA
 
2,710,780
 
 
1,335
 
13.699%, 2/15/33 (IF)
2/19 at 100.00
 
AAA
 
1,808,324
 
 
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
 
978,690
 
 
3,000
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006C, 5.000%, 9/01/35 – NPFG Insured
9/16 at 100.00
 
AA–
 
3,153,330
 
     
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2014A:
           
 
550
 
4.000%, 9/01/39 – AGM Insured
9/24 at 100.00
 
AA
 
557,689
 
 
390
 
5.000%, 9/01/44
9/24 at 100.00
 
A–
 
428,727
 
 
1,575
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/36 – AGM Insured
5/21 at 100.00
 
AA
 
1,748,691
 
 
2,000
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2012A, 5.000%, 9/01/42
9/22 at 100.00
 
A–
 
2,169,620
 
 
480
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005B, 5.000%, 11/15/30 – AMBAC Insured
11/15 at 100.00
 
AA–
 
491,534
 
 
1,435
 
New York City Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium Project
3/19 at 100.00
 
AA
 
1,711,438
 
     
PILOT, Series 2009A, 7.000%, 3/01/49 – AGC Insured
           
 
2,220
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44
11/24 at 100.00
 
N/R
 
2,321,077
 
 
1,000
 
Onondaga Civic Development Corporation, New York, Revenue Bonds, Saint Joseph’s Hospital Health Center Project, Series 2012, 5.000%, 7/01/42
7/22 at 100.00
 
BB
 
1,027,200
 
 
19,225
 
Total New York
       
21,457,121
 
     
North Carolina – 0.7% (0.5% of Total Investments)
           
 
250
 
Gaston County Industrial Facilities and Pollution Control Financing Authority, North Carolina, National Gypsum Company Project Exempt Facilities Revenue Bonds, Series 2005, 5.750%, 8/01/35 (Alternative Minimum Tax)
8/15 at 100.00
 
N/R
 
250,248
 
 
2,150
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Refunding Bonds, WakeMed, Series 2012A, 5.000%, 10/01/38
10/22 at 100.00
 
AA–
 
2,349,520
 
 
540
 
Oak Island, North Carolina, Enterprise System Revenue Bonds, Series 2009A, 6.000%, 6/01/34 – AGC Insured
6/19 at 100.00
 
AA
 
627,583
 
 
2,940
 
Total North Carolina
       
3,227,351
 
     
North Dakota – 0.2% (0.1% of Total Investments)
           
 
630
 
Williston, North Dakota, Multifamily Housing Revenue Bonds, Eagle Crest Apartments LLC Project, Series 2013, 7.750%, 9/01/38
9/23 at 100.00
 
N/R
 
658,967
 

Nuveen Investments
 
55

 
 

 

NVG
Nuveen Dividend Advantage Municipal Income Fund
 
 
Portfolio of Investments (continued)
April 30, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Ohio – 4.2% (2.9% of Total Investments)
           
$
2,455
 
Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Revenue Bonds, Children’s Hospital Medical Center, Improvement & Refunding Series 2012, 5.000%, 11/15/42
5/22 at 100.00
 
A1
$
2,655,181
 
 
985
 
Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Health Partners, Refunding and Improvement Series 2012A, 5.000%, 5/01/42
5/22 at 100.00
 
AA–
 
1,073,502
 
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
           
 
2,540
 
5.125%, 6/01/24
6/17 at 100.00
 
B–
 
2,166,976
 
 
710
 
5.875%, 6/01/30
6/17 at 100.00
 
B–
 
602,222
 
 
3,665
 
5.750%, 6/01/34
6/17 at 100.00
 
B–
 
2,990,933
 
 
1,115
 
5.875%, 6/01/47
6/17 at 100.00
 
B
 
922,964
 
 
1,870
 
Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children’s Hospital Project, Improvement Series 2012A, 5.000%, 11/01/42
5/22 at 100.00
 
Aa2
 
2,028,370
 
 
2,765
 
Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System Obligated Group Project, Series 2013, 5.000%, 2/15/48
2/23 at 100.00
 
BB+
 
2,853,867
 
 
1,290
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 2013A-1, 5.000%, 2/15/48
2/23 at 100.00
 
A+
 
1,429,191
 
 
1,240
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien Convertible Series 2013A-3, 0.000%, 2/15/36
2/31 at 100.00
 
A+
 
1,008,170
 
     
Southeastern Ohio Port Authority, Hospital Facilities Revenue Bonds, Memorial Health System Obligated Group Project, Refunding and Improvement Series 2012:
           
 
200
 
5.750%, 12/01/32
12/22 at 100.00
 
BB
 
215,044
 
 
210
 
6.000%, 12/01/42
12/22 at 100.00
 
BB
 
226,548
 
 
19,045
 
Total Ohio
       
18,172,968
 
     
Oklahoma – 0.6% (0.4% of Total Investments)
           
 
2,325
 
Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007, 5.000%, 2/15/37
2/17 at 100.00
 
AA
 
2,427,812
 
 
50
 
Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007, 5.000%, 2/15/37 (Pre-refunded 2/15/17)
2/17 at 100.00
 
N/R (4)
 
53,912
 
 
2,375
 
Total Oklahoma
       
2,481,724
 
     
Oregon – 1.1% (0.8% of Total Investments)
           
 
3,000
 
Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Series 2009A, 5.000%, 11/15/33 (Pre-refunded 5/15/19)
5/19 at 100.00
 
AAA
 
3,451,680
 
     
Oregon State Facilities Authority, Revenue Bonds, University of Portland Projects, Series 2015A:
           
 
190
 
4.000%, 4/01/40 (WI/DD, Settling 5/20/15)
4/25 at 100.00
 
BBB+
 
184,159
 
 
1,150
 
5.000%, 4/01/45 (WI/DD, Settling 5/20/15)
4/25 at 100.00
 
BBB+
 
1,258,158
 
 
4,340
 
Total Oregon
       
4,893,997
 
     
Pennsylvania – 5.4% (3.7% of Total Investments)
           
 
1,050
 
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40 – AGM Insured
1/20 at 100.00
 
AA
 
1,165,416
 
 
1,470
 
Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, City of Allentown Concession, Series 2013A, 5.125%, 12/01/47
12/23 at 100.00
 
A
 
1,656,293
 
 
100
 
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, National Gypsum Company, Refunding Series 2014, 5.500%, 11/01/44 (Alternative Minimum Tax)
11/24 at 100.00
 
N/R
 
103,066
 
 
4,700
 
Pennsylvania Economic Development Financing Authority, Unemployment Compensation Revenue Bonds, Series 2012A, 5.000%, 7/01/19
No Opt. Call
 
Aaa
 
5,424,129
 
 
4,125
 
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured
12/16 at 100.00
 
AA
 
4,260,713
 
 
1,050
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 – AMBAC Insured
6/16 at 100.00
 
A+
 
1,099,791
 
 
6,000
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 0.000%, 6/01/33 – AGM Insured
6/26 at 100.00
 
AA
 
7,006,680
 

56
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Pennsylvania (continued)
           
$
400
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Temple University Health System Obligated Group, Series 2012A, 5.625%, 7/01/42
7/22 at 100.00
 
BB+
$
425,248
 
 
2,000
 
Reading School District, Berks County, Pennsylvania, General Obligation Bonds, Series 2005, 5.000%, 1/15/19 – AGM Insured
1/16 at 100.00
 
AA
 
2,067,420
 
 
20,895
 
Total Pennsylvania
       
23,208,756
 
     
Puerto Rico – 0.7% (0.5% of Total Investments)
           
 
1,225
 
Puerto Rico Municipal Finance Agency, Series 2005C, 5.250%, 8/01/21 – CIFG Insured
No Opt. Call
 
AA
 
1,249,402
 
     
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
           
 
2,645
 
0.000%, 8/01/47 – AMBAC Insured
No Opt. Call
 
B
 
306,503
 
 
19,430
 
0.000%, 8/01/54 – AMBAC Insured
No Opt. Call
 
B
 
1,368,261
 
 
23,300
 
Total Puerto Rico
       
2,924,166
 
     
Rhode Island – 0.3% (0.2% of Total Investments)
           
 
1,000
 
Rhode Island Health and Educational Building Corporation, Revenue Bonds, Care New England Health System, Series 2013A, 6.000%, 9/01/33
9/23 at 100.00
 
BBB
 
1,122,440
 
     
South Carolina – 2.6% (1.8% of Total Investments)
           
 
6,000
 
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2006, 5.000%, 12/01/24
12/16 at 100.00
 
AA
 
6,408,180
 
 
1,950
 
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2006, 5.000%, 12/01/28 (Pre-refunded 12/01/16) – AGM Insured
12/16 at 100.00
 
AA (4)
 
2,089,932
 
 
1,000
 
Scago Educational Facilities Corporation, South Carolina, Installment Purchase Revenue Bonds, Spartanburg County School District 5, Series 2005, 5.000%, 4/01/21 (Pre-refunded 10/01/15) – AGM Insured
10/15 at 100.00
 
AA (4)
 
1,020,220
 
 
20
 
South Carolina Public Service Authority, Electric System Revenue Bonds, Santee Cooper, Series 2008A, 5.500%, 1/01/38
1/19 at 100.00
 
AA–
 
22,593
 
 
1,310
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2013A, 5.125%, 12/01/43
12/23 at 100.00
 
AA–
 
1,463,886
 
 
10,280
 
Total South Carolina
       
11,004,811
 
     
Tennessee – 0.9% (0.6% of Total Investments)
           
 
3,395
 
Chattanooga Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45
1/23 at 100.00
 
A+
 
3,751,781
 
     
Texas – 11.2% (7.8% of Total Investments)
           
     
Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift Education Charter School, Series 2013A:
           
 
765
 
4.350%, 12/01/42
12/22 at 100.00
 
BBB–
 
760,104
 
 
375
 
4.400%, 12/01/47
12/22 at 100.00
 
BBB–
 
372,416
 
 
3,300
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series 2013C, 5.125%, 11/01/43 (Alternative Minimum Tax)
11/22 at 100.00
 
A+
 
3,583,107
 
 
2,700
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding and Improvement Bonds, Series 2012C, 5.000%, 11/01/45 – AGM Insured
11/21 at 100.00
 
A+
 
2,969,973
 
 
1,140
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender Option Bond Trust 2013-9A, 17.853%, 4/01/53 (IF)
10/23 at 100.00
 
AA+
 
1,555,120
 
 
1,100
 
Harris County Flood Control District, Texas, General Obligation Bonds, Improvement Series 2006, 5.000%, 10/01/26 (Pre-refunded 10/01/16)
10/16 at 100.00
 
AAA
 
1,171,621
 
 
1,545
 
Harris County Metropolitan Transit Authority, Texas, Sales and Use Tax Revenue Bonds, Tender Option Bond Trust 1014, 13.463%, 11/01/41 (IF) (5)
11/21 at 100.00
 
AA+
 
2,061,586
 
 
4,080
 
Harris County, Texas, General Obligation Toll Road Revenue Bonds, Tender Option Bond Trust 2015-XF0074, 14.323%, 8/15/27 – AGM Insured (IF)
No Opt. Call
 
AAA
 
7,486,270
 
 
185
 
Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Terminal E Project, Refunding Series 2014, 5.000%, 7/01/29
7/24 at 100.00
 
B+
 
196,910
 
     
McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013:
           
 
740
 
5.750%, 12/01/33
12/25 at 100.00
 
Baa2
 
819,491
 
 
740
 
6.125%, 12/01/38
12/25 at 100.00
 
Baa2
 
822,873
 

Nuveen Investments
 
57

 
 

 

NVG
Nuveen Dividend Advantage Municipal Income Fund
 
 
Portfolio of Investments (continued)
April 30, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Texas (continued)
           
$
2,820
 
North Central Texas Health Facilities Development Corporation, Texas, Revenue Bonds, Children’s Medical Center Dallas Project, Series 2012, 5.000%, 8/15/32
8/22 at 100.00
 
Aa2
$
3,178,930
 
 
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
 
3,553,334
 
     
North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A:
           
 
2,590
 
0.000%, 9/01/43
9/31 at 100.00
 
AA+
 
2,355,372
 
 
3,910
 
0.000%, 9/01/45
9/31 at 100.00
 
AA+
 
3,912,229
 
 
1,870
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Hendrick Medical Center, Series 2013, 5.500%, 9/01/43
9/23 at 100.00
 
A
 
2,071,960
 
 
6,700
 
Tarrant Regional Water District, Texas, Water Revenue Bonds, Refunding & Improvement Series 2012, 5.000%, 3/01/52
3/22 at 100.00
 
AAA
 
7,532,475
 
 
355
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/32
No Opt. Call
 
A3
 
387,868
 
 
1,180
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier Refunding Series 2015B, 5.000%, 8/15/37
8/24 at 100.00
 
A–
 
1,331,287
 
 
2,000
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second Tier Refunding Series 2015C, 5.000%, 8/15/42
8/24 at 100.00
 
BBB+
 
2,158,659
 
 
41,315
 
Total Texas
       
48,281,585
 
     
Utah – 3.2% (2.2% of Total Investments)
           
 
3,200
 
Utah Transit Authority, Sales Tax Revenue and Refunding Bonds, Series 2012, 5.000%, 6/15/42
6/22 at 100.00
 
A+
 
3,527,839
 
 
4,865
 
Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008, Tender Option Bond Trust 1193, 13.545%, 12/15/15 – AGM Insured (IF)
No Opt. Call
 
AAA
 
6,671,180
 
 
3,000
 
Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008A, 5.000%, 6/15/36 (Pre-refunded 6/15/18) – AGM Insured
6/18 at 100.00
 
AAA
 
3,371,519
 
 
11,065
 
Total Utah
       
13,570,538
 
     
Vermont – 1.9% (1.3% of Total Investments)
           
 
7,840
 
University of Vermont and State Agricultural College, Revenue Bonds, Series 2005, 5.000%, 10/01/35 (Pre-refunded 10/01/15) – NPFG Insured
10/15 at 100.00
 
AA– (4)
 
7,999,230
 
     
Virginia – 0.8% (0.6% of Total Investments)
           
 
1,795
 
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012A, 5.000%, 7/01/52
No Opt. Call
 
BBB–
 
1,906,738
 
 
2,050
 
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012B, 0.000%, 7/01/32
No Opt. Call
 
BBB–
 
924,078
 
 
700
 
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, 95 Express Lanes LLC Project, Series 2012, 5.000%, 1/01/40 (Alternative Minimum Tax)
1/22 at 100.00
 
BBB–
 
745,856
 
 
4,545
 
Total Virginia
       
3,576,672
 
     
Washington – 9.2% (6.4% of Total Investments)
           
 
5,265
 
Energy Northwest, Washington Public Power, Wind Project Revenue Bonds, Series 2006A, 4.500%, 7/01/30 (Pre-refunded 7/01/16) – AMBAC Insured
7/16 at 100.00
 
A (4)
 
5,519,456
 
 
5,000
 
Energy Northwest, Washington, Electric Revenue Bonds, Columbia Generating Station, Refunding Series 2015A, 5.000%, 7/01/38 (WI/DD, Settling 5/21/15) (UB)
7/25 at 100.00
 
Aa1
 
5,766,400
 
 
10,000
 
University of Washington, General Revenue Bonds, Refunding Series 2007, 5.000%, 6/01/37 (Pre-refunded 6/01/17) – AMBAC Insured (UB)
6/17 at 100.00
 
Aaa
 
10,901,300
 
 
6,960
 
Washington Health Care Facilities Authority, Revenue Bonds, Central Washington Health Services Association, Refunding Series 2015, 4.000%, 7/01/36 (WI/DD, Settling 5/05/15)
7/25 at 100.00
 
Baa1
 
6,732,546
 
 
10,000
 
Washington State, General Obligation Bonds, 2007A Series 2006, 5.000%, 7/01/31 (Pre-refunded 7/01/16) – AGM Insured
7/16 at 100.00
 
AA+ (4)
 
10,541,599
 
 
37,225
 
Total Washington
       
39,461,301
 
     
West Virginia – 2.1% (1.4% of Total Investments)
           
 
7,800
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Refunding and Improvement Series 2013A, 5.500%, 6/01/44
6/23 at 100.00
 
A
 
8,875,464
 

58
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Wisconsin – 2.9% (2.0% of Total Investments)
           
$
180
 
Public Finance Authority of Wisconsin, Exempt Facilities Revenue Bonds, National Gypsum Company
   Project, Refunding Series 2014, 5.250%, 4/01/30 (Alternative Minimum Tax)
11/24 at 100.00
 
N/R
$
184,177
 
 
1,530
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Health Inc. Obligated
   Group, Series 2012A, 5.000%, 4/01/42
10/22 at 100.00
 
AA–
 
1,679,832
 
 
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+
 
2,509,864
 
 
7,460
 
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, ThedaCare Inc, Series
   2015, 5.000%, 12/15/44
12/24 at 100.00
 
AA–
 
8,242,180
 
 
11,390
 
Total Wisconsin
       
12,616,053
 
$
653,448
 
Total Municipal Bonds (cost $557,928,520)
       
618,078,497
 

 
Shares
 
Description (1), (6)
 
Value
 
     
INVESTMENT COMPANIES – 0.3% (0.2% of Total Investments)
     
 
8,134
 
BlackRock MuniHoldings Fund, Inc.
$
140,312
 
 
13,600
 
BlackRock MuniEnhanced Fund, Inc.
 
158,712
 
 
3,500
 
Deutsche Municipal Income Trust
 
48,125
 
 
7,920
 
Dreyfus Strategic Municipal Fund
 
65,815
 
 
9,500
 
Invesco Advantage Municipal Income Trust II
 
111,055
 
 
9,668
 
Invesco Quality Municipal Income Trust
 
120,463
 
 
28,980
 
Invesco Trust for Investment Grade Municipals
 
385,724
 
 
26,280
 
PIMCO Municipal Income Fund II
 
332,003
 
     
Total Investment Companies (cost $1,353,712)
 
1,362,209
 
     
Total Long-Term Investments (cost $559,282,232)
 
619,440,706
 
     
Floating Rate Obligations – (4.2)%
 
(18,203,334
)
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (41.6)% (7)
 
(179,000,000
)
     
Other Assets Less Liabilities – 1.9%
 
8,262,310
 
     
Net Assets Applicable to Common Shares – 100%
$
430,499,682
 
             
 
(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 for investments in inverse floating rate transactions.
(6)
A copy of the most recent financial statements for these investment companies can be obtained directly from the Securities and Exchange Commission on its website at http://www.sec.gov.
(7)
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 28.9%.
(WI/DD)
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
(IF)
Inverse floating rate investment.
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
 
See accompanying notes to financial statements.

Nuveen Investments
 
59

 
 

 

NEA
   
 
Nuveen AMT-Free Municipal Income Fund
 
 
Portfolio of Investments
April 30, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
LONG-TERM INVESTMENTS – 143.5% (99.2% of Total Investments)
           
     
MUNICIPAL BONDS – 143.5% (99.2% of Total Investments)
           
     
Alabama – 0.8% (0.6% 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+
$
1,058,820
 
 
2,200
 
Auburn, Alabama, General Obligation Warrants, Series 2005, 5.000%, 8/01/30 (Pre-refunded 8/01/15) – AMBAC Insured
8/15 at 100.00
 
AA+ (4)
 
2,226,818
 
 
3,750
 
Huntsville Healthcare Authority, Alabama, Revenue Bonds, Series 2005A, 5.000%, 6/01/24 (Pre-refunded 6/01/15) – NPFG Insured
6/15 at 100.00
 
AA– (4)
 
3,765,450
 
     
Jefferson County, Alabama, General Obligation Warrants, Series 2004A:
           
 
1,395
 
5.000%, 4/01/22 – NPFG Insured
7/15 at 100.00
 
AA–
 
1,395,530
 
 
1,040
 
5.000%, 4/01/23 – NPFG Insured
7/15 at 100.00
 
AA–
 
1,040,270
 
 
9,385
 
Total Alabama
       
9,486,888
 
     
Alaska – 0.2% (0.1% of Total Investments)
           
 
2,540
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/32
7/15 at 100.00
 
B2
 
2,227,275
 
     
Arizona – 4.7% (3.2% of Total Investments)
           
 
1,460
 
Apache County Industrial Development Authority, Arizona, Pollution Control Revenue Bonds, Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30
3/22 at 100.00
 
A3
 
1,573,792
 
 
2,455
 
Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series 2012A, 5.000%, 1/01/43
1/22 at 100.00
 
AA–
 
2,684,469
 
     
Arizona State, Certificates of Participation, Series 2010A:
           
 
2,800
 
5.250%, 10/01/28 – AGM Insured
10/19 at 100.00
 
AA
 
3,169,320
 
 
3,500
 
5.000%, 10/01/29 – AGM Insured
10/19 at 100.00
 
AA
 
3,904,110
 
 
7,500
 
Arizona State, State Lottery Revenue Bonds, Series 2010A, 5.000%, 7/01/29 – AGC Insured
1/20 at 100.00
 
AA
 
8,480,250
 
     
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Water System Revenue Bonds, Series 2005:
           
 
4,370
 
4.750%, 7/01/25 (Pre-refunded 7/01/15) – NPFG Insured
7/15 at 100.00
 
AAA
 
4,402,862
 
 
12,365
 
4.750%, 7/01/27 (Pre-refunded 7/01/15) – NPFG Insured
7/15 at 100.00
 
AAA
 
12,457,985
 
     
Phoenix Civic Improvement Corporation, Arizona, Revenue Bonds, Civic Plaza Expansion Project, Series 2005B:
           
 
6,545
 
5.500%, 7/01/37 – FGIC Insured
No Opt. Call
 
AA
 
8,316,142
 
 
5,000
 
5.500%, 7/01/40 – FGIC Insured
No Opt. Call
 
AA
 
6,388,350
 
 
3,530
 
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37
No Opt. Call
 
A–
 
4,017,458
 
 
49,525
 
Total Arizona
       
55,394,738
 
     
California – 18.6% (12.8% of Total Investments)
           
 
22,880
 
Alameda Corridor Transportation Authority, California, Revenue Bonds, Senior Lien Series 1999A, 0.000%, 10/01/32 – NPFG Insured
No Opt. Call
 
AA–
 
11,082,614
 
 
2,735
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2013S-4, 5.250%, 4/01/53
4/23 at 100.00
 
A+
 
3,097,305
 
 
1,300
 
California Educational Facilities Authority, Revenue Bonds, Occidental College, Series 2005A, 5.000%, 10/01/33 (Pre-refunded 10/01/15) – NPFG Insured
10/15 at 100.00
 
Aa3 (4)
 
1,326,234
 
                   
 
3,000
 
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children’s Hospital, Series 2012A, 5.000%, 8/15/51 (UB) (5)
8/22 at 100.00
 
AA
 
3,305,490
 
 
530
 
California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, Series 2013A, 5.000%, 7/01/37
7/23 at 100.00
 
AA–
 
595,248
 
 
1,710
 
California Health Facilities Financing Authority, Revenue Bonds, Scripps Health, Series 2012A, 5.000%, 11/15/40
11/21 at 100.00
 
AA
 
1,905,299
 

60
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
California (continued)
           
     
California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and Clinics, Tender Option Bond Trust 3294:
           
$
1,285
 
9.278%, 2/15/20 (IF) (5)
No Opt. Call
 
AA
$
1,576,541
 
 
525
 
9.278%, 2/15/20 (IF) (5)
No Opt. Call
 
AA
 
644,112
 
 
485
 
9.271%, 2/15/20 (IF) (5)
No Opt. Call
 
AA
 
594,935
 
 
5,000
 
California State Public Works Board, Lease Revenue Bonds, Department of General Services, Capital East End Project, Series 2002A, 5.000%, 12/01/27 – AMBAC Insured
7/15 at 100.00
 
A1
 
5,031,450
 
 
5
 
California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 – AMBAC Insured
7/15 at 100.00
 
Aa3
 
5,018
 
 
10,000
 
California Statewide Communities Development Authority, Revenue Bonds, Sutter Health, Series 2011A, 6.000%, 8/15/42
8/20 at 100.00
 
AA–
 
11,956,400
 
     
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A:
           
 
3,895
 
5.250%, 7/01/30
7/15 at 100.00
 
CCC
 
3,588,502
 
 
5,000
 
5.250%, 7/01/35
7/15 at 100.00
 
CCC
 
4,607,050
 
 
5,000
 
5.000%, 7/01/39
7/15 at 100.00
 
CCC
 
4,525,200
 
 
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)
 
3,802,906
 
 
1,665
 
Contra Costa Community College District, Contra Costa County, California, General Obligation Bonds, Election of 2006, Series 2013, 5.000%, 8/01/38
8/23 at 100.00
 
Aa1
 
1,892,422
 
 
7,775
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2015A, 0.000%, 1/15/34 – AGM Insured
No Opt. Call
 
AA
 
3,460,419
 
     
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A:
           
 
1,510
 
5.750%, 1/15/46
1/24 at 100.00
 
BBB–
 
1,759,346
 
 
4,510
 
6.000%, 1/15/49
1/24 at 100.00
 
BBB–
 
5,338,622
 
 
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
 
1,748,082
 
 
15,065
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/35 (Pre-refunded 6/01/15) – FGIC Insured
6/15 at 100.00
 
A1 (4)
 
15,126,013
 
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
           
 
8,180
 
4.500%, 6/01/27
6/17 at 100.00
 
B
 
7,961,758
 
 
3,990
 
5.000%, 6/01/33
6/17 at 100.00
 
B
 
3,362,293
 
 
250
 
5.125%, 6/01/47
6/17 at 100.00
 
B
 
199,683
 
 
3,040
 
Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%, 11/01/23 – AGM Insured
No Opt. Call
 
AA
 
2,427,227
 
 
1,580
 
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
 
1,756,454
 
 
6,000
 
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2012B, 5.000%, 7/01/43
7/22 at 100.00
 
AA–
 
6,723,480
 
 
4,000
 
Los Angeles Unified School District, California, General Obligation Bonds, Series 2006F, 5.000%, 7/01/24 (Pre-refunded 7/01/16) – FGIC Insured
7/16 at 100.00
 
Aa2 (4)
 
4,222,440
 
 
3,545
 
Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43
8/35 at 100.00
 
AA
 
2,406,204
 
 
3,515
 
Newport Beach, California, Revenue Bonds, Hoag Memorial Hospital Presbyterian, Series 2011A, 5.875%, 12/01/30 (Pre-refunded 12/01/21)
12/21 at 100.00
 
N/R (4)
 
4,447,319
 
 
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
 
AA–
 
6,272,850
 
     
Orange County Water District, California, Revenue Certificates of Participation, Series 2003B:
           
 
1,745
 
5.000%, 8/15/34 – NPFG Insured (ETM)
No Opt. Call
 
AAA
 
2,251,783
 
 
1,490
 
5.000%, 8/15/34 – NPFG Insured (ETM)
No Opt. Call
 
AAA
 
1,915,350
 

Nuveen Investments
 
61

 
 

 

NEA
Nuveen AMT-Free Municipal Income Fund
 
 
Portfolio of Investments (continued)
April 30, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
California (continued)
           
     
Plumas County, California, Certificates of Participation, Capital Improvement Program, Series 2003A:
           
$
1,130
 
5.250%, 6/01/19 – AMBAC Insured
7/15 at 100.00
 
A
$
1,133,198
 
 
1,255
 
5.250%, 6/01/21 – AMBAC Insured
7/15 at 100.00
 
A
 
1,259,970
 
 
6,705
 
Pomona, California, GNMA/FHLMC Collateralized Single Family Mortgage Revenue Refunding Bonds, Series 1990B, 7.500%, 8/01/23 (ETM)
No Opt. Call
 
Aaa
 
8,402,907
 
 
1,800
 
Rialto Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2011A, 0.000%, 8/01/28
No Opt. Call
 
AA
 
1,126,926
 
 
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
 
1,094,110
 
 
390
 
Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series 2013A, 5.750%, 6/01/44
6/23 at 100.00
 
BBB–
 
446,593
 
 
735
 
Sacramento City Financing Authority, California, Capital Improvement Revenue Bonds, Solid Waste and Redevelopment Projects, Series 1999, 5.800%, 12/01/19 – AMBAC Insured
7/15 at 100.00
 
N/R
 
736,676
 
 
6,335
 
San Bernardino, California, GNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue Refunding Bonds, Series 1990A, 7.500%, 5/01/23 (ETM) (5)
No Opt. Call
 
Aaa
 
7,871,111
 
 
2,250
 
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41
12/21 at 100.00
 
BB
 
2,734,605
 
 
4,000
 
San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Governmental Purpose, Second Series 2013B, 5.000%, 5/01/43
5/23 at 100.00
 
A+
 
4,477,840
 
     
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2014A:
           
 
6,575
 
5.000%, 1/15/44
1/25 at 100.00
 
BBB–
 
7,227,043
 
 
20,310
 
5.000%, 1/15/50
1/25 at 100.00
 
BBB–
 
22,132,619
 
 
4,000
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2004A, 5.250%, 8/01/19 – NPFG Insured
7/15 at 100.00
 
AA–
 
4,016,440
 
 
12,580
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C, 4.250%, 8/01/30 – NPFG Insured
8/17 at 100.00
 
AA–
 
12,886,575
 
 
4,455
 
San Mateo County Community College District, California, General Obligation Bonds, Series 2006A, 0.000%, 9/01/21 – NPFG Insured
No Opt. Call
 
AAA
 
3,942,408
 
 
3,600
 
Ventura County Community College District, California, General Obligation Bonds, Series 2005B, 5.000%, 8/01/28 (Pre-refunded 8/01/15) – NPFG Insured
8/15 at 100.00
 
AA (4)
 
3,643,884
 
 
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
 
4,830,579
 
 
223,740
 
Total California
       
218,879,533
 
     
Colorado – 5.1% (3.5% of Total Investments)
           
 
7,500
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2006C-1, Trust 1090, 14.832%, 10/01/41 – AGM Insured (IF) (5)
4/18 at 100.00
 
AA
 
9,090,225
 
 
5,000
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45
1/23 at 100.00
 
A+
 
5,525,450
 
 
5,000
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Children’s Hospital Colorado Project, Series 2013A, 5.000%, 12/01/36
12/23 at 100.00
 
A+
 
5,449,300
 
 
425
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013, 5.625%, 6/01/43
6/23 at 100.00
 
A3
 
478,707
 
 
2,915
 
Commerce City Northern Infrastructure General Improvement District, Colorado, General Obligation Bonds, Series 2013, 5.000%, 12/01/27 – AGM Insured
12/22 at 100.00
 
AA
 
3,412,357
 
 
4,835
 
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 11/15/43
11/23 at 100.00
 
A
 
5,385,271
 
     
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:
           
 
35,395
 
0.000%, 9/01/30 – NPFG Insured
No Opt. Call
 
AA–
 
19,736,960
 
 
70
 
0.000%, 9/01/33 – NPFG Insured
No Opt. Call
 
AA–
 
33,349
 

62
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Colorado (continued)
           
$
2,900
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/34 – NPFG Insured
No Opt. Call
 
AA–
$
1,304,391
 
 
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
 
3,128,268
 
 
4,000
 
University of Colorado Hospital Authority, Colorado, Revenue Bonds, Series 2012A, 5.000%, 11/15/42
11/22 at 100.00
 
AA–
 
4,371,080
 
 
25
 
University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 – FGIC Insured
6/15 at 100.00
 
Aa2
 
25,103
 
     
University of Colorado, Enterprise System Revenue Bonds, Series 2005:
           
 
1,285
 
5.000%, 6/01/30 (Pre-refunded 6/01/15) – FGIC Insured
6/15 at 100.00
 
Aa2 (4)
 
1,290,294
 
 
690
 
5.000%, 6/01/30 (Pre-refunded 6/01/15) – FGIC Insured
6/15 at 100.00
 
Aa2 (4)
 
692,843
 
 
72,680
 
Total Colorado
       
59,923,598
 
     
Delaware – 0.3% (0.2% of Total Investments)
           
 
3,250
 
Delaware Health Facilities Authority, Revenue Bonds, Nanticoke Memorial Hospital, Series 2013, 5.000%, 7/01/32
7/23 at 100.00
 
BBB–
 
3,425,760
 
     
District of Columbia – 1.9% (1.3% of Total Investments)
           
 
1,250
 
District of Columbia Student Dormitory Revenue Bonds, Provident Group – Howard Properties LLC Issue, Series 2013, 5.000%, 10/01/45
10/22 at 100.00
 
BBB–
 
1,280,900
 
 
10,150
 
District of Columbia, Revenue Bonds, Georgetown University, Series 2007A, 0.000%, 4/01/40 – AMBAC Insured
4/21 at 100.00
 
A–
 
9,232,034
 
 
6,545
 
Metropolitan Washington Airports Authority, District of Columbia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital Improvement Project, Refunding Second Senior Lien Series 2014A, 5.000%, 10/01/53
4/22 at 100.00
 
BBB+
 
6,907,920
 
 
7,000
 
Metropolitan Washington Airports Authority, District of Columbia, Dulles Toll Road Second Senior Lien Revenue Bonds, Series 2009B, 0.000%, 10/01/36 – AGC Insured
No Opt. Call
 
AA
 
2,673,930
 
 
2,395
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1606, 11.676%, 10/01/30 – AMBAC Insured (IF) (5)
10/16 at 100.00
 
AA+
 
2,734,587
 
 
27,340
 
Total District of Columbia
       
22,829,371
 
     
Florida – 9.5% (6.5% 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
 
Aa3
 
1,015,890
 
 
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
 
12,147,850
 
     
Clay County, Florida, Utility System Revenue Bonds, Series 2007:
           
 
1,500
 
5.000%, 11/01/27 (Pre-refunded 11/01/17) – AGM Insured (UB)
11/17 at 100.00
 
AA (4)
 
1,654,530
 
 
3,000
 
5.000%, 11/01/32 (Pre-refunded 11/01/17) – AGM Insured (UB)
11/17 at 100.00
 
AA (4)
 
3,309,060
 
 
3,570
 
Collier County Educational Facilities Authority, Florida, Revenue Bonds, Hodges University, Series 2013, 6.125%, 11/01/43
11/23 at 100.00
 
BBB–
 
3,988,011
 
     
Davie, Florida, Educational Facilities Revenue Bonds, Nova Southeastern University Project, Refunding Series 2013A:
           
 
8,555
 
6.000%, 4/01/42
4/23 at 100.00
 
Baa1
 
9,863,060
 
 
4,280
 
5.625%, 4/01/43
4/23 at 100.00
 
Baa1
 
4,809,736
 
 
500
 
Flagler County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/30 (Pre-refunded 10/01/15) – NPFG Insured
10/15 at 100.00
 
AA– (4)
 
510,065
 
 
1,190
 
Florida Municipal Loan Council, Revenue Bonds, Series 2005A, 5.000%, 2/01/23
No Opt. Call
 
AA–
 
1,194,225
 
 
2,500
 
Florida State Board of Education, Public Education Capital Outlay Bonds, Tender Option Bond Trust 2929, 17.356%, 12/01/16 – AGC Insured (IF) (5)
No Opt. Call
 
AAA
 
3,638,450
 
 
5,000
 
Florida State Turnpike Authority, Turnpike Revenue Bonds, Department of Transportation, Refunding Series 2008A, 5.000%, 7/01/35
No Opt. Call
 
AA–
 
5,421,650
 
 
350
 
Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006, 5.500%, 6/01/38 – AGM Insured
6/18 at 100.00
 
AA
 
383,285
 

Nuveen Investments
 
63

 
 

 

NEA
Nuveen AMT-Free Municipal Income Fund
 
 
Portfolio of Investments (continued)
April 30, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Florida (continued)
           
$
180
 
Highlands County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist
11/15 at 100.00
 
Aa2 (4)
$
184,621
 
     
Health System, Series 2005D, 5.000%, 11/15/35 (Pre-refunded 11/15/15) – NPFG Insured
           
 
400
 
Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Refunding Series 2012, 5.000%, 10/01/30
10/22 at 100.00
 
A1
 
455,132
 
 
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
 
1,705,231
 
 
500
 
Lee Memorial Health System, Florida, Hospital Revenue Bonds, Series 2007A, 5.000%, 4/01/32 – NPFG Insured
4/17 at 100.00
 
AA–
 
524,715
 
 
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
 
1,437,492
 
 
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
 
11,163,300
 
 
6,350
 
Miami-Dade County School Board, Florida, Certificates of Participation, Series 2006A, 5.000%, 11/01/31 (Pre-refunded 11/01/16) – AGM Insured
11/16 at 100.00
 
AA+ (4)
 
6,774,053
 
 
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
 
4,434,040
 
 
5,720
 
Miami-Dade County, Florida, General Obligation Bonds, Build Better Communities Program, Series 2005, 5.000%, 7/01/33 (Pre-refunded 7/01/15) – AGM Insured
7/15 at 100.00
 
AA (4)
 
5,766,446
 
 
1,850
 
Miami-Dade County, Florida, Subordinate Special Obligation Bonds, Refunding Series 2012B, 5.000%, 10/01/37
10/22 at 100.00
 
A+
 
2,045,175
 
 
2,000
 
Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Refunding Series 2012, 5.000%, 7/01/42
7/22 at 100.00
 
AA
 
2,220,800
 
 
5,770
 
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, 5.000%, 10/01/42
10/22 at 100.00
 
Aa3
 
6,386,698
 
 
750
 
Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, Inc., Series 2012A, 5.000%, 10/01/42
4/22 at 100.00
 
A
 
800,760
 
 
140
 
Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Sinai Residences of
6/22 at 102.00
 
N/R
 
159,592
 
     
Boca Raton Project, Series 2014A, 7.250%, 6/01/34
           
 
895
 
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
 
AA–
 
963,602
 
 
480
 
Port St. Lucie, Florida, Utility System Revenue Bonds, Refunding Series 2009, 5.250%, 9/01/35 – AGC Insured
9/18 at 100.00
 
AA
 
534,912
 
 
2,000
 
Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/28 – NPFG Insured
10/15 at 100.00
 
AA
 
2,037,540
 
 
1,200
 
Tamarac, Florida, Utility System Revenue Bonds, Series 2009, 5.000%, 10/01/39 – AGC Insured
10/19 at 100.00
 
AA
 
1,348,824
 
 
9,720
 
Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Refunding Series 2012B, 5.000%, 7/01/42
No Opt. Call
 
A
 
10,727,672
 
 
1,500
 
Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Embry-Riddle Aeronautical University, Inc. Project, Refunding Series 2011, 5.000%, 10/15/29 – AGM Insured
10/21 at 100.00
 
AA
 
1,672,125
 
 
2,000
 
Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Embry-Riddle Aeronautical University, Series 2015B, 5.000%, 10/15/45
4/25 at 100.00
 
A–
 
2,171,480
 
 
100,630
 
Total Florida
       
111,450,022
 
     
Georgia – 2.2% (1.5% of Total Investments)
           
 
6,950
 
Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2010A, 5.000%, 1/01/40 – AGM Insured
1/20 at 100.00
 
AA
 
7,808,881
 
 
3,050
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.375%, 11/01/39 – AGM Insured
11/19 at 100.00
 
AA
 
3,480,050
 
 
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
 
1,641,452
 
 
4,000
 
Cobb County Development Authority, Georgia, Parking Revenue Bonds, Kennesaw State University, Series 2004, 5.000%, 7/15/24 – NPFG Insured
7/15 at 100.00
 
A1
 
4,015,920
 

64
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Georgia (continued)
           
$
1,410
 
DeKalb County, Georgia, Water and Sewer Revenue Bonds, Series 2006A, 5.000%, 10/01/35 – AGM Insured
10/16 at 100.00
 
AA
$
1,495,686
 
 
3,055
 
Gwinnett County School District, Georgia, General Obligation Bonds, Series 2008, 5.000%, 2/01/36 (Pre-refunded 2/01/18)
2/18 at 100.00
 
AAA
 
3,399,146
 
 
1,350
 
Henry County Water and Sewerage Authority, Georgia, Revenue Bonds, Series 2005, 5.250%, 2/01/27 – BHAC Insured
No Opt. Call
 
AA+
 
1,690,767
 
 
2,615
 
Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South Georgia Medical Center Project, Series 2011B, 5.000%, 10/01/41
10/21 at 100.00
 
Aa2
 
2,889,314
 
 
23,965
 
Total Georgia
       
26,421,216
 
     
Guam – 0.2% (0.1% of Total Investments)
           
 
2,030
 
Guam Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.500%, 7/01/43
7/23 at 100.00
 
A–
 
2,323,964
 
     
Hawaii – 0.0% (0.0% of Total Investments)
           
 
125
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific University, Series 2013A, 6.875%, 7/01/43
7/23 at 100.00
 
BB+
 
142,506
 
     
Idaho – 0.2% (0.1% of Total Investments)
           
 
2,110
 
Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project, Series 2012A, 5.000%, 3/01/47 – AGM Insured
3/22 at 100.00
 
A–
 
2,287,388
 
     
Illinois – 14.0% (9.7% of Total Investments)
           
 
4,000
 
Bolingbrook, Illinois, General Obligation Refunding Bonds, Series 2002B, 0.000%, 1/01/34 – FGIC Insured
No Opt. Call
 
AA–
 
1,809,280
 
 
3,500
 
Chicago Transit Authority, Illinois, Capital Grant Receipts Revenue Bonds, Federal Transit
6/21 at 100.00
 
AA
 
3,934,350
 
     
Administration Section 5307 Urbanized Area Formula Funds, Refunding Series 2011, 5.250%, 6/01/26 – AGM Insured
           
 
9,285
 
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2014, 5.250%, 12/01/49
No Opt. Call
 
AA
 
10,486,015
 
 
13,100
 
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien Refunding Series 2010C, 5.250%, 1/01/35 – AGC Insured
1/20 at 100.00
 
AA
 
14,720,994
 
 
1,450
 
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien Series 2005A, 5.250%, 1/01/24 – NPFG Insured
1/16 at 100.00
 
AA–
 
1,497,154
 
 
4,735
 
Cook County Community College District 508, Illinois, General Obligation Bonds, Chicago City Colleges, Series 2013, 5.250%, 12/01/43
12/23 at 100.00
 
AA
 
5,292,688
 
 
13,720
 
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
 
13,336,526
 
 
8,140
 
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 (ETM)
No Opt. Call
 
Aa3 (4)
 
8,044,925
 
 
2,050
 
Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural History, Series 2002, 5.500%, 11/01/36
11/23 at 100.00
 
A2
 
2,257,378
 
 
5,020
 
Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Series 2012, 5.000%, 6/01/42
No Opt. Call
 
AA
 
5,482,242
 
 
4,200
 
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 5.000%, 9/01/38
9/22 at 100.00
 
BBB
 
4,416,804
 
 
8,530
 
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A, 5.000%, 9/01/42
9/24 at 100.00
 
BBB
 
9,055,448
 
 
2,910
 
Illinois Finance Authority, Revenue Bonds, Ingalls Health System, Series 2013, 5.000%, 5/15/43
5/22 at 100.00
 
Baa1
 
3,035,276
 
 
1,145
 
Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A, 6.000%, 7/01/43
7/23 at 100.00
 
A–
 
1,361,577
 
 
3,560
 
Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2011A, 6.000%, 8/15/41 – AGM Insured
8/21 at 100.00
 
AA
 
4,242,238
 

Nuveen Investments
 
65

 
 

 


NEA
Nuveen AMT-Free Municipal Income Fund
 
 
Portfolio of Investments (continued)
April 30, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Illinois (continued)
           
$
1,000
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C, 5.500%, 8/15/41
2/21 at 100.00
 
AA–
$
1,122,910
 
 
9,510
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A, 5.000%, 10/01/51
10/21 at 100.00
 
AA+
 
10,228,671
 
 
3,895
 
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)
 
4,275,035
 
 
6,500
 
Illinois Municipal Electric Agency, Power Supply System Revenue Bonds, Series 2007A, 5.000%, 2/01/35 (Pre-refunded 2/01/17) – FGIC Insured
2/17 at 100.00
 
AA– (4)
 
6,993,415
 
     
Illinois State, General Obligation Bonds, May Series 2014:
           
 
1,700
 
5.000%, 5/01/36
5/24 at 100.00
 
A–
 
1,773,865
 
 
5,420
 
5.000%, 5/01/39
5/24 at 100.00
 
A–
 
5,618,806
 
     
Illinois State, General Obligation Bonds, Series 2012A:
           
 
2,500
 
5.000%, 3/01/25
3/22 at 100.00
 
A–
 
2,728,825
 
 
4,500
 
5.000%, 3/01/27
3/22 at 100.00
 
A–
 
4,799,925
 
 
1,125
 
Illinois State, General Obligation Bonds, Series 2013, 5.500%, 7/01/38
7/23 at 100.00
 
A–
 
1,239,075
 
 
5,000
 
Macon County School District 61 Decatur, Illinois, General Obligation Bonds, Series 2011A, 5.250%, 1/01/39 – AGM Insured
1/21 at 100.00
 
A2
 
5,497,450
 
 
5,000
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Refunding Bonds, Series 2012B, 5.000%, 6/15/52 (UB) (5)
6/22 at 100.00
 
AAA
 
5,234,050
 
     
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1:
           
 
33,000
 
0.000%, 6/15/45 – AGM Insured
No Opt. Call
 
AAA
 
8,034,840
 
 
5,000
 
0.000%, 6/15/46 – AGM Insured
No Opt. Call
 
AAA
 
1,151,050
 
 
5,725
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A, 0.000%, 6/15/27 – NPFG Insured
6/22 at 101.00
 
AAA
 
5,822,325
 
 
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–
 
4,193,520
 
 
4,125
 
Southwestern Illinois Development Authority, Health Facility Revenue Bonds, Memorial Group, Inc., Series 2013, 7.625%, 11/01/48
11/23 at 100.00
 
BB+
 
5,176,875
 
 
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
 
2,337,483
 
 
186,250
 
Total Illinois
       
165,201,015
 
     
Indiana – 4.4% (3.1% of Total Investments)
           
 
4,725
 
Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 2012A, 5.000%, 5/01/42
5/23 at 100.00
 
A
 
5,111,411
 
 
1,500
 
Indiana Finance Authority, Midwestern Disaster Relief Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2012A, 5.000%, 6/01/39 – AGM Insured
6/22 at 100.00
 
BBB–
 
1,601,730
 
 
10,000
 
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2009A, 5.250%, 12/01/38 (UB)
12/19 at 100.00
 
AA
 
11,309,400
 
 
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–
 
5,509,250
 
 
3,075
 
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2012A, 5.000%, 10/01/37
10/22 at 100.00
 
AA
 
3,412,174
 
 
8,310
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
1/17 at 100.00
 
AA–
 
8,759,322
 
 
9,255
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/25 – AMBAC Insured
No Opt. Call
 
AA
 
6,970,681
 
     
Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A:
           
 
3,000
 
5.500%, 1/01/38 – AGC Insured
1/19 at 100.00
 
AA
 
3,407,250
 
 
5,000
 
5.500%, 1/01/38 – AGC Insured (UB)
1/19 at 100.00
 
AA
 
5,678,750
 
 
500
 
Vigo County Hospital Authority, Indiana, Revenue Bonds, Union Hospital, Series 2007, 5.800%, 9/01/47
9/17 at 100.00
 
N/R
 
524,570
 
 
50,365
 
Total Indiana
       
52,284,538
 

66
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Iowa – 1.5% (1.0% of Total Investments)
           
$
4,000
 
Ames, Iowa, Hospital Revenue Bonds, Mary Greeley Medical Center, Series 2011, 5.250%, 6/15/36
6/20 at 100.00
 
A2
$
4,344,240
 
 
425
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013, 5.250%, 12/01/25
12/23 at 100.00
 
BB–
 
475,720
 
     
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:
           
 
7,125
 
5.375%, 6/01/38
6/15 at 100.00
 
B+
 
6,312,536
 
 
185
 
5.625%, 6/01/46
6/15 at 100.00
 
B+
 
165,292
 
 
6,600
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34
6/17 at 100.00
 
B+
 
6,323,658
 
 
18,335
 
Total Iowa
       
17,621,446
 
     
Kansas – 0.2% (0.2% of Total Investments)
           
 
630
 
Kansas Development Finance Authority, Board of Regents, Revenue Bonds, Scientific Research and Development Facilities Projects, Series 2003C, 5.000%, 10/01/22 – AMBAC Insured
4/16 at 100.50
 
AA–
 
638,826
 
 
2,000
 
Kansas Development Finance Authority, Health Facilities Revenue Bonds, Stormont-Vail Health Care Inc., Series 2013J, 5.000%, 11/15/38
11/22 at 100.00
 
A2
 
2,148,600
 
 
2,630
 
Total Kansas
       
2,787,426
 
     
Kentucky – 1.3% (0.9% 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
 
AA–
 
3,539,289
 
 
1,100
 
Kentucky Municipal Power Agency, Power Supply System Revenue Bonds, Prairie State Project Series 2007A, 5.000%, 9/01/37 (Pre-refunded 9/01/17) – NPFG Insured
9/17 at 100.00
 
AA– (4)
 
1,208,075
 
 
3,900
 
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
 
AA–
 
4,185,987
 
     
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Convertible Capital Appreciation Series 2013C:
           
 
2,575
 
0.000%, 7/01/43
7/31 at 100.00
 
Baa3
 
1,789,162
 
 
4,430
 
0.000%, 7/01/46
7/31 at 100.00
 
Baa3
 
3,081,198
 
     
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Series 2013A:
           
 
1,150
 
5.750%, 7/01/49
7/23 at 100.00
 
Baa3
 
1,305,400
 
 
220
 
6.000%, 7/01/53
7/23 at 100.00
 
Baa3
 
252,677
 
 
19,385
 
Total Kentucky
       
15,361,788
 
     
Louisiana – 5.4% (3.7% of Total Investments)
           
 
4,690
 
Ascension Parish Industrial Development Board, Louisiana, Revenue Bonds, Impala Warehousing (US) LLC Project, Series 2013, 6.000%, 7/01/36
7/23 at 100.00
 
N/R
 
5,107,598
 
 
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
 
787,793
 
 
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
 
5,725,050
 
 
6,870
 
Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A, 5.000%, 7/01/36
7/23 at 100.00
 
A
 
7,580,976
 
 
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
 
2,261,920
 
 
9,000
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A, 5.000%, 5/01/36 (Pre-refunded 5/01/16) – AGM Insured
5/16 at 100.00
 
Aa1 (4)
 
9,421,560
 
     
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:
           
 
8,480
 
4.750%, 5/01/39 (Pre-refunded 5/01/16) – AGM Insured
5/16 at 100.00
 
Aa1 (4)
 
8,856,003
 
 
14,265
 
4.500%, 5/01/41 (Pre-refunded 5/01/16) – FGIC Insured (UB)
5/16 at 100.00
 
Aa1 (4)
 
14,861,705
 
 
8,000
 
New Orleans Aviation Board, Louisiana, Revenue Bonds, North Terminal Project, Series 2015A, 5.000%, 1/01/45
1/25 at 100.00
 
A–
 
8,838,560
 
 
58,975
 
Total Louisiana
       
63,441,165
 

Nuveen Investments
 
67

 
 

 

NEA
Nuveen AMT-Free Municipal Income Fund
 
 
Portfolio of Investments (continued)
April 30, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Maine – 0.1% (0.1% of Total Investments)
           
$
1,010
 
Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2013, 5.000%, 7/01/43
7/23 at 100.00
 
Baa1
$
1,067,116
 
     
Maryland – 0.3% (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
 
Ba1
 
1,913,788
 
 
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
 
1,245,432
 
 
3,065
 
Total Maryland
       
3,159,220
 
     
Massachusetts – 3.5% (2.4% of Total Investments)
           
 
5,500
 
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Commonwealth Contract Assistance Secured, Refunding Series 2010B, 5.000%, 1/01/35
1/20 at 100.00
 
AA+
 
6,229,300
 
 
1,430
 
Massachusetts Development Finance Agency, Resource Recovery Revenue Refunding Bonds, Covanta Energy Project, Series 2012B, 4.875%, 11/01/42
11/17 at 100.00
 
BB+
 
1,455,597
 
 
3,000
 
Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, Series 2002A, 5.750%, 1/01/42 – AMBAC Insured
No Opt. Call
 
A
 
3,782,700
 
 
3,335
 
Massachusetts Health and Education Facilities Authority, Revenue Bonds, Partners HealthCare System, Tender Option Trust 2015-XF0047, 13.569%, 7/01/29 (IF)
7/19 at 100.00
 
AA
 
4,630,347
 
 
4,400
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A, 5.000%, 8/15/23 (Pre-refunded 8/15/15) – AGM Insured
8/15 at 100.00
 
AA+ (4)
 
4,462,216
 
 
3,250
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2007A, 5.000%, 8/15/37 – AMBAC Insured
8/17 at 100.00
 
AA+
 
3,514,095
 
 
7,500
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Tender Option Bond Trust 14021, 9.428%, 2/15/20 (IF)
No Opt. Call
 
AA+
 
10,561,650
 
 
3,335
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Tender Option Bond Trust 3091, 13.600%, 8/15/37 – AGM Insured (IF)
8/17 at 100.00
 
AA+
 
4,119,292
 
 
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+
 
1,761,674
 
 
500
 
Springfield Water and Sewer Commission, Massachusetts, General Revenue Bonds, Refunding Series 2010B, 5.000%, 11/15/30 – AGC Insured
11/20 at 100.00
 
AA
 
576,010
 
 
33,975
 
Total Massachusetts
       
41,092,881
 
     
Michigan – 1.4% (1.0% of Total Investments)
           
 
1,220
 
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
7/22 at 100.00
 
BBB+
 
1,311,805
 
 
10,000
 
Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2011A, 5.250%, 7/01/41
7/21 at 100.00
 
BBB+
 
10,654,300
 
 
1,315
 
Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A, 5.000%, 1/01/43
1/22 at 100.00
 
A2
 
1,402,342
 
 
820
 
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A, 5.000%, 12/01/31
12/16 at 100.00
 
AA
 
871,480
 
 
180
 
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A, 5.000%, 12/01/31 (Pre-refunded 12/01/16)
12/16 at 100.00
 
Aa2 (4)
 
192,764
 
 
2,000
 
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2009C, 5.000%, 12/01/48
6/22 at 100.00
 
AA
 
2,158,460
 
 
15,535
 
Total Michigan
       
16,591,151
 
     
Missouri – 0.7% (0.5% 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 (Pre-refunded 3/01/16) – NPFG Insured
3/16 at 100.00
 
Aa1 (4)
 
1,039,770
 
 
6,165
 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Saint Louis College of Pharmacy, Series 2013, 5.500%, 5/01/43
5/23 at 100.00
 
BBB+
 
6,753,203
 

68
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Missouri (continued)
           
$
220
 
St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Sunset Hills, Series 2013A, 5.875%, 9/01/43
9/23 at 100.00
 
A–
$
247,573
 
 
7,385
 
Total Missouri
       
8,040,546
 
     
Montana – 0.1% (0.1% of Total Investments)
           
 
1,300
 
Montana State University, Facilties Revenue Bonds, Improvement Series 2013A, 4.500%, 11/15/38
11/23 at 100.00
 
Aa3
 
1,407,224
 
     
Nebraska – 1.0% (0.7% of Total Investments)
           
 
2,280
 
Lincoln County Hospital Authority 1, Nebraska, Hospital Revenue and Refunding Bonds, Great Plains Regional Medical Center Project, Series 2012, 5.000%, 11/01/42
No Opt. Call
 
A–
 
2,480,594
 
 
865
 
Omaha Public Power District, Nebraska, Separate Electric System Revenue Bonds, Nebraska City2, Tender Option Bond Trust 11673, 20.264%, 8/01/40 – AMBAC Insured (IF)
2/17 at 100.00
 
AA+
 
1,500,766
 
 
8,000
 
Public Power Generation Agency, Nebraska, Whelan Energy Center Unit 2 Revenue Bonds, Series 2007A, 5.000%, 1/01/37 – AMBAC Insured
1/17 at 100.00
 
A2
 
8,402,720
 
 
11,145
 
Total Nebraska
       
12,384,080
 
     
Nevada – 2.4% (1.6% of Total Investments)
           
 
2,600
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2009C, 5.000%, 7/01/26 – AGM Insured
7/19 at 100.00
 
AA
 
2,945,670
 
 
12,265
 
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
 
13,811,494
 
 
950
 
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water Series 2012B, 5.000%, 6/01/42
6/22 at 100.00
 
AA+
 
1,056,989
 
 
10,000
 
Nevada System of Higher Education, Universities Revenue Bonds, Series 2005B, 5.000%, 7/01/35 (Pre-refunded 1/01/16) – AMBAC Insured
1/16 at 100.00
 
Aa2 (4)
 
10,319,900
 
 
25,815
 
Total Nevada
       
28,134,053
 
     
New Jersey – 6.3% (4.4% of Total Investments)
           
     
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A:
           
 
2,675
 
5.000%, 7/01/22 – NPFG Insured
7/15 at 100.00
 
AA–
 
2,716,489
 
 
4,445
 
5.000%, 7/01/23 – NPFG Insured
7/15 at 100.00
 
AA–
 
4,513,942
 
 
1,200
 
5.000%, 7/01/29 – NPFG Insured
7/15 at 100.00
 
AA–
 
1,218,612
 
 
720
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Robert Wood Johnson University Hospital, Series 2013A, 5.500%, 7/01/43
7/23 at 100.00
 
A
 
833,422
 
 
3,075
 
New Jersey Transit Corporation, Certificates of Participation Refunding, Series 2003, 5.500%, 10/01/15 – AGM Insured
No Opt. Call
 
AA
 
3,139,852
 
 
5,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/26
No Opt. Call
 
A–
 
2,986,400
 
     
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C:
           
 
25,000
 
0.000%, 12/15/35 – AMBAC Insured
No Opt. Call
 
A–
 
8,613,750
 
 
10,000
 
0.000%, 12/15/36 – AMBAC Insured
No Opt. Call
 
A–
 
3,251,400
 
 
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
 
11,227,020
 
 
9,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2012AA, 5.000%, 6/15/38
No Opt. Call
 
A–
 
9,337,950
 
 
14,000
 
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – AGM Insured
No Opt. Call
 
AA
 
17,304,420
 
 
330
 
New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 1154, 17.041%, 1/01/43 (IF) (5)
7/22 at 100.00
 
A+
 
461,258
 

Nuveen Investments
 
69

 
 

 

NEA
Nuveen AMT-Free Municipal Income Fund
 
 
Portfolio of Investments (continued)
April 30, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
New Jersey (continued)
           
     
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
           
$
1,545
 
4.500%, 6/01/23
6/17 at 100.00
 
BB
$
1,547,997
 
 
785
 
4.625%, 6/01/26
6/17 at 100.00
 
B+
 
758,200
 
 
3,300
 
4.750%, 6/01/34
6/17 at 100.00
 
B2
 
2,559,084
 
 
5,000
 
5.000%, 6/01/41
6/17 at 100.00
 
B2
 
3,932,800
 
 
96,575
 
Total New Jersey
       
74,402,596
 
     
New Mexico – 0.4% (0.3% of Total Investments)
           
 
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
 
2,011,800
 
 
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
 
3,104,756
 
 
4,725
 
Total New Mexico
       
5,116,556
 
     
New York – 8.2% (5.7% of Total Investments)
           
 
2,115
 
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/23 – FGIC Insured
7/15 at 100.00
 
AA–
 
2,123,227
 
 
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
 
3,373,860
 
 
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
 
8,564,674
 
 
6,595
 
Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series 2015A, 5.000%, 7/01/50 (WI/DD, Settling 5/01/15)
7/25 at 100.00
 
A–
 
7,280,484
 
 
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–
 
3,556,512
 
 
1,300
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47
2/21 at 100.00
 
A
 
1,496,820
 
 
8,150
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured
2/17 at 100.00
 
AA–
 
8,508,274
 
 
11,415
 
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
 
AA–
 
11,898,996
 
 
3,000
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006C, 5.000%, 9/01/35 – NPFG Insured
9/16 at 100.00
 
AA–
 
3,153,330
 
     
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2014A:
           
 
1,045
 
4.000%, 9/01/39 – AGM Insured
9/24 at 100.00
 
AA
 
1,059,609
 
 
780
 
5.000%, 9/01/44
9/24 at 100.00
 
A–
 
857,454
 
 
2,830
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/38
5/21 at 100.00
 
A–
 
3,101,340
 
 
6,165
 
New York Convention Center Development Corporation, Hotel Unit Fee Revenue Bonds, Series 2005, 5.000%, 11/15/44 – AMBAC Insured
11/15 at 100.00
 
AA+
 
6,311,542
 
 
6,135
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44
11/24 at 100.00
 
N/R
 
6,414,327
 
 
10,000
 
New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, Series 2005, 5.250%, 10/01/35
No Opt. Call
 
A
 
11,779,000
 
 
4,045
 
New York State Environmental Facilities Corporation, State Clean Water and Drinking Water
6/22 at 100.00
 
AAA
 
6,363,109
 
     
Revolving Funds Revenue Bonds, New York City Municipal Water Finance Authority Projects, Tender Option Bond Trust 2012-9W, 13.734%, 6/15/26 (IF) (5)
           
 
270
 
New York State Housing Finance Agency, Mortgage Revenue Refunding Bonds, Housing Project, Series 1996A, 6.125%, 11/01/20 – AGM Insured
5/15 at 100.00
 
AA
 
270,721
 
 
3,335
 
New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Tender Option Bond Trust 09-6W, 13.322%, 3/15/37 (IF) (5)
3/17 at 100.00
 
AAA
 
4,040,919
 

70
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
New York (continued)
           
$
2,105
 
Onondaga Civic Development Corporation, New York, Revenue Bonds, Saint Joseph’s Hospital Health Center Project, Series 2012, 5.000%, 7/01/42
7/22 at 100.00
 
BB
$
2,162,256
 
     
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Subordinate Lien Series 2013A:
           
 
775
 
5.000%, 11/15/28
No Opt. Call
 
A+
 
897,078
 
 
5,545
 
0.000%, 11/15/31
No Opt. Call
 
A+
 
3,080,192
 
 
405
 
0.000%, 11/15/32
No Opt. Call
 
A+
 
211,787
 
 
89,645
 
Total New York
       
96,505,511
 
     
North Carolina – 1.7% (1.2% of Total Investments)
           
     
Appalachian State University, North Carolina, Revenue Bonds, Series 2005:
           
 
465
 
5.000%, 7/15/30 (Pre-refunded 7/15/15)
7/15 at 100.00
 
Aa3 (4)
 
469,697
 
 
785
 
5.000%, 7/15/30 (Pre-refunded 7/15/15)
7/15 at 100.00
 
Aa3 (4)
 
792,929
 
 
3,555
 
Charlotte, North Carolina, Water and Sewer System Refunding Bonds, Tender Option Bond Trust 43W, 13.585%, 7/01/38 (IF) (5)
7/20 at 100.00
 
AAA
 
5,112,552
 
 
5,000
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University Health System, Series 2012A, 5.000%, 6/01/42
6/22 at 100.00
 
AA
 
5,610,200
 
 
1,455
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Vidant Health, Refunding Series 2012A, 5.000%, 6/01/36
6/22 at 100.00
 
A+
 
1,586,590
 
 
1,875
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Vidant Health, Refunding Series 2015, 5.000%, 6/01/45
6/25 at 100.00
 
A+
 
2,072,756
 
 
1,500
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Refunding Bonds, WakeMed, Series 2012A, 5.000%, 10/01/38
10/22 at 100.00
 
AA–
 
1,639,200
 
 
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
 
3,061,865
 
 
17,685
 
Total North Carolina
       
20,345,789
 
     
North Dakota – 0.7% (0.5% of Total Investments)
           
 
5,080
 
Burleigh County, North Dakota, Health Care Revenue Bonds, Saint Alexius Medical Center Project, Refunding Series 2012A, 4.500%, 7/01/32 (Pre-refunded 7/01/22)
7/22 at 100.00
 
BBB+ (4)
 
6,002,426
 
 
1,015
 
Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2012, 5.000%, 12/01/35
12/21 at 100.00
 
A–
 
1,082,000
 
 
1,420
 
Williston, North Dakota, Multifamily Housing Revenue Bonds, Eagle Crest Apartments LLC Project, Series 2013, 7.750%, 9/01/38
9/23 at 100.00
 
N/R
 
1,485,292
 
 
7,515
 
Total North Dakota
       
8,569,718
 
     
Ohio – 7.6% (5.3% of Total Investments)
           
 
320
 
Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Revenue Bonds, Children’s Hospital Medical Center, Improvement & Refunding Series 2012, 5.000%, 11/15/42
5/22 at 100.00
 
A1
 
346,093
 
     
Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Health Partners, Refunding and Improvement Series 2012A:
           
 
650
 
5.000%, 5/01/33
5/22 at 100.00
 
AA–
 
716,879
 
 
860
 
4.000%, 5/01/33
5/22 at 100.00
 
AA–
 
872,074
 
 
800
 
5.000%, 5/01/42
5/22 at 100.00
 
AA–
 
871,880
 
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
           
 
25
 
5.375%, 6/01/24
6/17 at 100.00
 
B–
 
21,979
 
 
6,045
 
5.125%, 6/01/24
6/17 at 100.00
 
B–
 
5,157,231
 
 
710
 
5.875%, 6/01/30
6/17 at 100.00
 
B–
 
602,222
 
 
13,445
 
5.750%, 6/01/34
6/17 at 100.00
 
B–
 
10,972,196
 
 
1,485
 
5.875%, 6/01/47
6/17 at 100.00
 
B
 
1,229,238
 
 
6,205
 
Cleveland Heights-University Heights City School District, Ohio, General Obligation Bonds, School Improvement Series 2014, 5.000%, 12/01/51
6/23 at 100.00
 
AA
 
6,700,780
 
 
5,975
 
Fairfield County, Ohio, Hospital Facilities Revenue Bonds, Fairfield Medical Center Project, Series 2013, 5.000%, 6/15/43
6/23 at 100.00
 
Baa2
 
6,366,542
 

Nuveen Investments
 
71

 
 

 


NEA
Nuveen AMT-Free Municipal Income Fund
 
 
Portfolio of Investments (continued)
April 30, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Ohio (continued)
           
$
1,465
 
Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children’s Hospital Project, Improvement Series 2012A, 5.000%, 11/01/42
5/22 at 100.00
 
Aa2
$
1,589,071
 
     
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, Series 2006A:
           
 
7,775
 
4.250%, 12/01/32 – AMBAC Insured
12/16 at 100.00
 
A+
 
7,868,844
 
 
4,605
 
4.250%, 12/01/32 – AMBAC Insured (UB)
12/16 at 100.00
 
A+
 
4,660,582
 
 
6,920
 
JobsOhio Beverage System, Ohio, Statewide Liquor Profits Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/38 (Mandatory put 1/01/23)
1/23 at 100.00
 
AA
 
7,691,234
 
 
6,000
 
Middletown City School District, Butler County, Ohio, General Obligation Bonds, Refunding Series 2007, 5.250%, 12/01/31 – AGM Insured
No Opt. Call
 
A2
 
7,355,160
 
 
11,000
 
Northeast Ohio Regional Sewer District, Wastewater Improvement Revenue Bonds, Refunding & Improvement Series 2014, 5.000%, 11/15/49
11/24 at 100.00
 
AA+
 
12,415,370
 
 
5,000
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 2013A-1, 5.000%, 2/15/48
2/23 at 100.00
 
A+
 
5,539,500
 
 
3,960
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien Convertible Series 2013A-3, 0.000%, 2/15/36
2/31 at 100.00
 
A+
 
3,219,638
 
     
Southeastern Ohio Port Authority, Hospital Facilities Revenue Bonds, Memorial Health System Obligated Group Project, Refunding and Improvement Series 2012:
           
 
135
 
5.750%, 12/01/32
12/22 at 100.00
 
BB
 
145,155
 
 
130
 
6.000%, 12/01/42
12/22 at 100.00
 
BB
 
140,244
 
 
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
 
5,169,999
 
 
87,700
 
Total Ohio
       
89,651,911
 
     
Oklahoma – 0.7% (0.4% of Total Investments)
           
     
Oklahoma Capitol Improvement Authority, State Facilities Revenue Bonds, Series 2005F:
           
 
6,000
 
5.000%, 7/01/24 (Pre-refunded 7/01/15) – AMBAC Insured
7/15 at 100.00
 
AA (4)
 
6,048,480
 
 
1,610
 
5.000%, 7/01/27 (Pre-refunded 7/01/15) – AMBAC Insured
7/15 at 100.00
 
AA (4)
 
1,623,009
 
 
7,610
 
Total Oklahoma
       
7,671,489
 
     
Oregon – 0.6% (0.4% of Total Investments)
           
 
1,500
 
Oregon Health and Science University, Revenue Bonds, Series 2012E, 5.000%, 7/01/32
No Opt. Call
 
A+
 
1,693,200
 
     
Oregon State Facilities Authority, Revenue Bonds, University of Portland Projects, Series 2015A:
           
 
515
 
4.000%, 4/01/40 (WI/DD, Settling 5/20/15)
4/25 at 100.00
 
BBB+
 
499,169
 
 
3,105
 
5.000%, 4/01/45 (WI/DD, Settling 5/20/15)
4/25 at 100.00
 
BBB+
 
3,397,025
 
 
1,000
 
Tigard, Washington County, Oregon, Water System Revenue Bonds, Series 2012, 5.000%, 8/01/42
8/22 at 100.00
 
AA–
 
1,119,760
 
 
6,120
 
Total Oregon
       
6,709,154
 
     
Pennsylvania – 7.5% (5.2% of Total Investments)
           
 
3,545
 
Allegheny County Sanitary Authority, Pennsylvania, Sewer Revenue Bonds, Series 2005A, 5.000%, 12/01/23 – NPFG Insured
12/15 at 100.00
 
AA–
 
3,641,140
 
 
7,000
 
Chester County Health and Educational Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010A, 5.000%, 5/15/40
5/20 at 100.00
 
AA
 
7,702,030
 
 
4,000
 
Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Series 2006A, 5.000%, 6/01/26 (Pre-refunded 6/01/16) – AGM Insured (UB)
6/16 at 100.00
 
AA (4)
 
4,203,680
 
 
2,150
 
Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle Health System Project, Series 2012A, 5.000%, 6/01/42
6/22 at 100.00
 
A
 
2,306,821
 
 
4,235
 
Delaware County Authority, Pennsylvania, Revenue Bonds, Villanova University, Series 2006, 5.000%, 8/01/24 (Pre-refunded 8/01/16) – AMBAC Insured
8/16 at 100.00
 
A+ (4)
 
4,481,096
 
 
3,500
 
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40 – AGM Insured
1/20 at 100.00
 
AA
 
3,884,720
 
 
4,000
 
Erie Water Authority, Erie County, Pennsylvania, Water Revenue Bonds, Series 2011A, 4.625%, 12/01/44 – AGM Insured
12/21 at 100.00
 
A1
 
4,198,880
 

72
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Pennsylvania (continued)
           
$
4,585
 
Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, City of Allentown Concession, Series 2013A, 5.125%, 12/01/47
12/23 at 100.00
 
A
$
5,166,057
 
 
1,045
 
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38 (UB) (5)
8/20 at 100.00
 
AA
 
1,187,026
 
 
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
 
AA–
 
5,254,579
 
 
7,275
 
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured
12/16 at 100.00
 
AA
 
7,514,348
 
 
2,100
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 – AMBAC Insured
6/16 at 100.00
 
A+
 
2,199,582
 
 
3,500
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 0.000%, 6/01/33 – AGM Insured
6/26 at 100.00
 
AA
 
4,087,230
 
     
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fifth Series 2004A-1:
           
 
5,235
 
5.000%, 9/01/24 – AGM Insured
7/15 at 100.00
 
AA
 
5,254,579
 
 
3,000
 
5.000%, 9/01/25 – AGM Insured
7/15 at 100.00
 
AA
 
3,011,460
 
 
2,000
 
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fourth Series 1998, 5.000%, 8/01/32 – AGM Insured
7/15 at 100.00
 
AA
 
2,006,400
 
 
2,985
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010B, 5.000%, 5/15/40 (Pre-refunded 5/15/20)
5/20 at 100.00
 
N/R (4)
 
3,501,077
 
 
335
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Temple University Health System Obligated Group, Series 2012A, 5.625%, 7/01/42
7/22 at 100.00
 
BB+
 
356,145
 
 
1,425
 
Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011, 6.500%, 8/01/41
8/20 at 100.00
 
A+
 
1,710,869
 
 
3,310
 
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 1997A, 5.125%, 8/01/27 – AMBAC Insured (ETM)
No Opt. Call
 
A1 (4)
 
4,038,035
 
 
3,415
 
Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Sales Tax Revenue Bonds, Refunding Series 2010, 5.000%, 2/01/31 – AGM Insured
8/20 at 100.00
 
AA
 
3,840,202
 
 
3,785
 
Reading School District, Berks County, Pennsylvania, General Obligation Bonds, Series 2005, 5.000%, 1/15/25 – AGM Insured
1/16 at 100.00
 
AA
 
3,911,192
 
 
1,125
 
Scranton, Pennsylvania, Sewer Authority Revenue Bonds, Series 2011A, 5.250%, 12/01/31 – AGM Insured
12/21 at 100.00
 
AA
 
1,270,204
 
 
1,455
 
Solebury Township, Pennsylvania, General Obligation Bonds, Series 2005, 5.000%, 12/15/25 (Pre-refunded 6/15/15) – AMBAC Insured
6/15 at 100.00
 
Aa3 (4)
 
1,463,774
 
 
1,930
 
Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, Series 2012B, 4.000%, 1/01/33
No Opt. Call
 
Baa3
 
1,948,856
 
 
82,170
 
Total Pennsylvania
       
88,139,982
 
     
Puerto Rico – 2.2% (1.5% of Total Investments)
           
 
2,140
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 5.000%, 7/01/22 – FGIC Insured
7/15 at 100.00
 
AA–
 
2,140,021
 
 
1,000
 
Puerto Rico Municipal Finance Agency, Series 2005C, 5.250%, 8/01/21 – CIFG Insured
No Opt. Call
 
AA
 
1,019,920
 
 
5,880
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010C, 5.125%, 8/01/42 – AGM Insured
8/20 at 100.00
 
AA
 
5,946,973
 
     
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
           
 
47,300
 
0.000%, 8/01/44 – NPFG Insured
No Opt. Call
 
AA–
 
6,851,405
 
 
115,100
 
0.000%, 8/01/54 – AMBAC Insured
No Opt. Call
 
B
 
8,105,342
 
 
810
 
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/17 – NPFG Insured
No Opt. Call
 
AA–
 
821,089
 
 
1,190
 
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/17 – NPFG Insured
No Opt. Call
 
A3
 
1,311,535
 
 
173,420
 
Total Puerto Rico
       
26,196,285
 

Nuveen Investments
 
73

 
 

 


NEA
Nuveen AMT-Free Municipal Income Fund
 
 
Portfolio of Investments (continued)
April 30, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Rhode Island – 0.9% (0.6% of Total Investments)
           
$
9,500
 
Rhode Island Health and Educational Building Corporation, Higher Education Facility Revenue Bonds, Brown University, Series 2007, 5.000%, 9/01/37
9/17 at 100.00
 
AA+
$
10,322,130
 
     
South Carolina – 2.7% (1.9% of Total Investments)
           
 
8,000
 
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2006, 5.000%, 12/01/24
12/16 at 100.00
 
AA
 
8,544,240
 
 
1,955
 
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2006, 5.000%, 12/01/28 (Pre-refunded 12/01/16) – AGM Insured
12/16 at 100.00
 
AA (4)
 
2,095,291
 
 
900
 
South Carolina JOBS Economic Development Authority, Industrial Revenue Bonds, South Carolina Electric and Gas Company, Series 2013, 4.000%, 2/01/28
2/23 at 100.00
 
A
 
951,957
 
 
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
 
454,781
 
 
9,900
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2014C, 5.000%, 12/01/46
12/24 at 100.00
 
AA–
 
10,977,120
 
 
3,475
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2013A, 5.125%, 12/01/43
12/23 at 100.00
 
AA–
 
3,883,208
 
 
4,500
 
Spartanburg Regional Health Services District, Inc., South Carolina, Hospital Revenue Refunding Bonds, Series 2012A, 5.000%, 4/15/32
4/22 at 100.00
 
A1
 
4,979,475
 
 
29,105
 
Total South Carolina
       
31,886,072
 
     
South Dakota – 0.8% (0.6% of Total Investments)
           
 
8,800
 
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Avera Health System, Series 2014, 5.000%, 7/01/44
7/24 at 100.00
 
AA–
 
9,729,104
 
     
Tennessee – 0.8% (0.6% of Total Investments)
           
 
3,000
 
Blount County Public Building Authority, Tennessee, Local Government Improvement Loans, Oak Ridge General Obligation, 2005 Series B9A, Variable Rate Demand Obligations, 5.000%, 6/01/24 – AMBAC Insured
6/15 at 100.00
 
AA
 
3,012,330
 
 
5,085
 
Chattanooga Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45
1/23 at 100.00
 
A+
 
5,619,383
 
 
1,000
 
Harpeth Valley Utilities District, Davidson and Williamson Counties, Tennessee, Utilities Revenue Bonds, Series 2012A, 4.000%, 9/01/40
9/22 at 100.00
 
AA
 
1,041,930
 
 
9,085
 
Total Tennessee
       
9,673,643
 
     
Texas – 8.6% (6.0% of Total Investments)
           
 
3,035
 
Bexar County, Texas, Venue Project Revenue Bonds, Refunding Series 2010, 5.500%, 8/15/49 – AGM Insured
8/19 at 100.00
 
AA
 
3,356,680
 
 
365
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Refunding Series 2013A, 5.000%, 1/01/43
1/23 at 100.00
 
BBB
 
396,667
 
 
1,700
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.250%, 1/01/46
1/21 at 100.00
 
BBB
 
1,984,546
 
     
Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift Education Charter School, Series 2013A:
           
 
1,925
 
4.350%, 12/01/42
12/22 at 100.00
 
BBB–
 
1,912,680
 
 
1,000
 
4.400%, 12/01/47
12/22 at 100.00
 
BBB–
 
993,110
 
 
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
 
10,292,400
 
 
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+
 
1,652,355
 
 
2,735
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender Option Bond Trust 2013-9A, 17.853%, 4/01/53 (IF)
10/23 at 100.00
 
AA+
 
3,730,923
 
 
5,625
 
Harris County Hospital District, Texas, Revenue Bonds, Series 2007A, 5.250%, 2/15/42 – NPFG Insured
2/17 at 100.00
 
AA–
 
5,801,119
 
 
4,040
 
Harris County, Texas, Toll Road Revenue Bonds, Subordinate Lien Unlimited Tax Tender Options Bond Trust 3028, 14.349%, 8/15/28 – AGM Insured (IF)
No Opt. Call
 
AAA
 
7,234,711
 

74
 
Nuveen Investments
 
 
 

 

 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Texas (continued)
           
     
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation Refunding Senior Lien Series 2014A:
           
$
615
 
0.000%, 11/15/41 – AGM Insured
11/31 at 62.66
 
AA
$
180,933
 
 
1,230
 
0.000%, 11/15/42 – AGM Insured
11/31 at 59.73
 
AA
 
343,514
 
 
1,525
 
0.000%, 11/15/43 – AGM Insured
11/31 at 56.93
 
AA
 
407,511
 
 
3,870
 
0.000%, 11/15/44 – AGM Insured
11/31 at 54.25
 
AA
 
973,421
 
 
5,380
 
0.000%, 11/15/45 – AGM Insured
11/31 at 51.48
 
AA
 
1,281,086
 
 
990
 
Houston, Texas, Airport System Revenue Bonds, Subordinate Lien Series 2000B, 5.450%, 7/01/24 – AGM Insured
No Opt. Call
 
AA
 
1,190,089
 
 
460
 
Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Terminal E Project, Refunding Series 2014, 5.000%, 7/01/29
7/24 at 100.00
 
B+
 
489,615
 
 
4,550
 
Houston, Texas, Subordinate Lien Airport System Revenue Refunding Bonds, Series 2012B, 5.000%, 7/01/31
7/22 at 100.00
 
A
 
5,117,294
 
 
2,870
 
Hutto Independent School District, Williamson County, Texas, General Obligation Bonds, Refunding Series 2012A, 5.000%, 8/01/46
8/21 at 100.00
 
A
 
3,076,181
 
 
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
 
2,607,322
 
     
McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013:
           
 
1,780
 
5.750%, 12/01/33
12/25 at 100.00
 
Baa2
 
1,971,208
 
 
1,800
 
6.125%, 12/01/38
12/25 at 100.00
 
Baa2
 
2,001,582
 
 
3,845
 
North Central Texas Health Facilities Development Corporation, Texas, Revenue Bonds, Children’s Medical Center Dallas Project, Series 2012, 5.000%, 8/15/32
8/22 at 100.00
 
Aa2
 
4,334,392
 
 
4,290
 
North Fort Bend Water Authority, Texas, Water System Revenue Bonds, Series 2011, 5.000%, 12/15/36 – AGM Insured
12/21 at 100.00
 
AA
 
4,734,101
 
     
North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2015A:
           
 
1,860
 
5.000%, 1/01/35
1/25 at 100.00
 
A3
 
2,054,965
 
 
1,445
 
5.000%, 1/01/38
1/25 at 100.00
 
A3
 
1,582,925
 
 
2,410
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Baylor Health Care System, Series 2011A, 5.000%, 11/15/30
11/21 at 100.00
 
AA–
 
2,731,060
 
 
3,480
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Hendrick Medical Center, Series 2013, 5.500%, 9/01/43
9/23 at 100.00
 
A
 
3,855,840
 
     
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012:
           
 
2,200
 
5.000%, 12/15/30
No Opt. Call
 
A3
 
2,422,178
 
 
740
 
5.000%, 12/15/32
No Opt. Call
 
A3
 
808,517
 
 
4,000
 
Texas State, General Obligation Bonds, Transportation Commission Highway Improvement Series 2012A, 5.000%, 4/01/42
No Opt. Call
 
AAA
 
4,547,280
 
 
2,855
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier Refunding Series 2012A, 5.000%, 8/15/41
8/22 at 100.00
 
A–
 
3,130,279
 
 
3,265
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier Refunding Series 2015B, 5.000%, 8/15/37
8/24 at 100.00
 
A–
 
3,683,606
 
 
10,025
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second Tier Refunding Series 2015C, 5.000%, 8/15/42
8/24 at 100.00
 
BBB+
 
10,820,283
 
 
99,750
 
Total Texas
       
101,700,373
 
     
Utah – 1.6% (1.1% 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
 
6,439,795
 
 
2,830
 
Utah Transit Authority, Sales Tax Revenue and Refunding Bonds, Series 2012, 5.000%, 6/15/42
6/22 at 100.00
 
A+
 
3,119,934
 
 
4,255
 
Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008A, 5.250%, 6/15/38 (Pre-refunded 6/15/18)
6/18 at 100.00
 
AAA
 
4,814,618
 
 
4,250
 
Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008A, 5.000%, 6/15/36 (Pre-refunded 6/15/18) – AGM Insured
6/18 at 100.00
 
AAA
 
4,776,320
 
 
17,095
 
Total Utah
       
19,150,667
 

Nuveen Investments
 
75

 
 

 

NEA
Nuveen AMT-Free Municipal Income Fund
 
 
Portfolio of Investments (continued)
April 30, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Vermont – 0.9% (0.6% of Total Investments)
           
$
5,000
 
University of Vermont and State Agricultural College, Revenue Bonds, Refunding Series 2007, 5.000%, 10/01/43 – AGM Insured
10/17 at 100.00
 
AA
$
5,414,250
 
 
5,100
 
University of Vermont and State Agricultural College, Revenue Bonds, Series 2005, 5.000%, 10/01/35 (Pre-refunded 10/01/15) – NPFG Insured
10/15 at 100.00
 
AA– (4)
 
5,203,581
 
 
10,100
 
Total Vermont
       
10,617,831
 
     
Virginia – 1.1% (0.8% of Total Investments)
           
 
430
 
Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Capital Appreciation Series 2012B, 0.000%, 7/15/40
7/28 at 100.00
 
BBB
 
285,309
 
     
Greater Richmond Convention Center Authority, Virginia, Hotel Tax Revenue Bonds, Series 2005:
           
 
4,000
 
5.000%, 6/15/20 (Pre-refunded 6/15/15) – NPFG Insured
6/15 at 100.00
 
AA– (4)
 
4,023,440
 
 
5,000
 
5.000%, 6/15/22 (Pre-refunded 6/15/15) – NPFG Insured
6/15 at 100.00
 
AA– (4)
 
5,029,300
 
 
245
 
Roanoke Industrial Development Authority, Virginia, Hospital Revenue Bonds, Carilion Health System Obligated Group, Series 2005B, 5.000%, 7/01/38
7/20 at 100.00
 
AA
 
269,897
 
 
5
 
Roanoke Industrial Development Authority, Virginia, Hospital Revenue Bonds, Carilion Health System Obligated Group, Series 2005B, 5.000%, 7/01/38 (Pre-refunded 7/01/20)
7/20 at 100.00
 
AA (4)
 
5,893
 
 
2,465
 
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012A, 5.000%, 7/01/52
No Opt. Call
 
BBB–
 
2,618,446
 
      Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012B:            
 
955
 
0.000%, 7/01/34
No Opt. Call
 
BBB–
 
390,862
 
 
520
 
0.000%, 7/01/35
No Opt. Call
 
BBB–
 
197,314
 
 
1,350
 
0.000%, 7/01/37
No Opt. Call
 
BBB–
 
463,847
 
 
14,970
 
Total Virginia
       
13,284,308
 
     
Washington – 4.6% (3.2% of Total Investments)
           
 
5,000
 
King County, Washington, Sewer Revenue Bonds, Refunding Series 2012, 5.000%, 1/01/52
1/22 at 100.00
 
AA+
 
5,513,300
 
 
4,130
 
King County, Washington, Sewer Revenue Bonds, Refunding Series 2015A, 5.000%, 7/01/47
1/25 at 100.00
 
AA+
 
4,685,981
 
 
5,000
 
King County, Washington, Sewer Revenue Bonds, Series 2006-2, 13.691%, 1/01/26 – AGM Insured (IF)
1/17 at 100.00
 
AA+
 
5,982,950
 
 
3,000
 
King County, Washington, Sewer Revenue Bonds, Series 2007, 5.000%, 1/01/42 (Pre-refunded 7/01/17) – AGM Insured
7/17 at 100.00
 
AA+ (4)
 
3,274,170
 
 
1,560
 
Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Refunding Series 2012A, 5.000%, 8/01/31
8/22 at 100.00
 
A+
 
1,771,739
 
 
1,250
 
University of Washington, General Revenue Bonds, Tender Option Bond Trust 3005, 17.785%, 6/01/31 (Pre-refunded 6/01/17) – AMBAC Insured (IF)
6/17 at 100.00
 
Aaa
 
1,700,650
 
 
4,900
 
Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.625%, 1/01/35
1/21 at 100.00
 
A
 
5,477,710
 
 
10,000
 
Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, Series 2012A, 4.250%, 10/01/40
10/22 at 100.00
 
AA
 
10,216,900
 
 
1,250
 
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, Refunding Series 2012B, 5.000%, 10/01/30
10/22 at 100.00
 
Aa2
 
1,410,725
 
 
3,290
 
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, Series 2012A, 5.000%, 10/01/42
10/22 at 100.00
 
Aa2
 
3,614,427
 
 
10,855
 
Washington, General Obligation Bonds, Series 2000S-5, 0.000%, 1/01/20 – FGIC Insured
No Opt. Call
 
AA+
 
10,097,538
 
 
50,235
 
Total Washington
       
53,746,090
 
     
West Virginia – 1.9% (1.3% of Total Investments)
           
 
16,845
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Refunding and Improvement Series 2013A, 5.500%, 6/01/44
6/23 at 100.00
 
A
 
19,167,589
 
 
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
 
3,411,180
 
 
19,845
 
Total West Virginia
       
22,578,769
 

76
 
Nuveen Investments

 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Wisconsin – 2.5% (1.7% of Total Investments)
           
$
4,100
 
University of Wisconsin Hospitals and Clinics Authority, Revenue Bonds, Refunding Series 2013A, 5.000%, 4/01/38
4/23 at 100.00
 
Aa3
$
4,548,991
 
 
1,015
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Health Inc. Obligated Group, Series 2012A, 5.000%, 4/01/42
10/22 at 100.00
 
AA–
 
1,114,398
 
 
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+
 
1,130,569
 
 
4,360
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2012, 5.000%, 6/01/39
6/22 at 100.00
 
A2
 
4,734,392
 
 
2,100
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital Inc., Series 1992A, 6.000%, 12/01/22 – FGIC Insured
No Opt. Call
 
Aa3
 
2,327,912
 
 
2,650
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Health Care, Inc., Refunding 2012C, 5.000%, 8/15/32
8/22 at 100.00
 
AA
 
2,915,370
 
 
7,420
 
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 5.750%, 5/01/33
5/19 at 100.00
 
AA–
 
8,580,264
 
 
3,775
 
Wisconsin State, General Obligation Bonds, Series 2006A, 4.750%, 5/01/25 (Pre-refunded 5/01/16) – FGIC Insured
5/16 at 100.00
 
AA (4)
 
3,943,666
 
 
26,420
 
Total Wisconsin
       
29,295,562
 
     
Wyoming – 1.2% (0.8% of Total Investments)
           
 
9,625
 
Sweetwater County, Wyoming, Hospital Revenue Bonds, Memorial Hospital Project, Refunding Series 2013A, 5.000%, 9/01/37
9/23 at 100.00
 
BBB
 
10,164,769
 
     
Teton County Hospital District, Wyoming, Hospital Revenue Bonds, St. John’s Medical Center Project, Series 2011B:
           
 
2,000
 
5.500%, 12/01/27
12/21 at 100.00
 
BBB+
 
2,266,079
 
 
1,000
 
6.000%, 12/01/36
12/21 at 100.00
 
BBB+
 
1,141,779
 
 
12,625
 
Total Wyoming
       
13,572,627
 
$
1,833,185
 
Total Municipal Bonds (cost $1,566,440,630)
       
1,692,232,075
 
 
 
Principal
                 
 
Amount (000)
 
Description (1)
Coupon
Maturity
 
Ratings (3)
 
Value
 
     
CORPORATE BONDS – 0.0% (0.0% of Total Investments)
             
     
Transportation – 0.0% (0.0% of Total Investments)
             
$
213
 
Las Vegas Monorail Company, Senior Interest Bonds (6), (7)
5.500%
7/15/19
 
N/R
$
38,288
 
 
57
 
Las Vegas Monorail Company, Senior Interest Bonds (6), (7)
3.000%
7/15/55
 
N/R
 
7,565
 
$
270
 
Total Corporate Bonds (cost $24,141)
         
45,853
 
     
Total Long-Term Investments – (cost $1,566,464,771)
         
1,692,277,928
 
                     
 
Principal
     
Optional Call
         
 
Amount (000)
 
Description (1)
 
Provisions (2)
 
Ratings (3)
 
Value
 
     
SHORT-TERM INVESTMENTS – 1.2% (0.8% of Total Investments)
             
     
MUNICIPAL BONDS – 1.2% (0.8% of Total Investments)
             
     
California – 1.2% (0.8% of Total Investments)
             
$
11,110
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014A, 6.000%, 7/10/15 (6)
 
No Opt. Call
 
N/R
$
11,158,440
 
 
1,075
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014B, 6.000%, 7/10/15 (6)
 
No Opt. Call
 
N/R
 
1,079,687
 
 
Nuveen Investments
 
77

 
 

 

NEA
Nuveen AMT-Free Municipal Income Fund
 
 
Portfolio of Investments (continued)
April 30, 2015 (Unaudited)

 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
California (continued)
           
$
1,645
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014C, 6.000%, 7/10/15 (6)
No Opt. Call
 
N/R
$
1,652,172
 
$
13,830
 
Total Short-Term Investments (cost $13,830,000)
       
13,890,299
 
     
Total Investments (cost $1,580,294,771) – 144.7%
       
1,706,168,227
 
     
Floating Rate Obligations – (3.7)%
       
(43,800,000
)
     
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (12.8)% (8)
       
(151,000,000
)
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (29.7)% (9)
       
(349,900,000
)
     
Other Assets Less Liabilities – 1.5% (10)
       
17,426,532
 
     
Net Assets Applicable to Common Shares – 100%
     
$
1,178,894,759
 
 
Investments in Derivatives as of April 30, 2015
Interest Rate Swaps outstanding:

                                                   
           
Fund
               
Fixed Rate
               
Unrealized
 
     
Notional
   
Pay/Receive
   
Floating Rate
   
Fixed Rate
   
Payment
   
Effective
   
Termination
   
Appreciation
 
Counterparty
   
Amount
   
Floating Rate
   
Index
   
(Annualized
)
 
Frequency
   
Date (11
)
 
Date
   
(Depreciation
)
JPMorgan
 
$
164,600,000
   
Receive
   
Weekly USD-SIFMA
   
2.030%
 
 
Quarterly
   
3/17/16
   
3/17/26
 
$
(3,280,639
)
 
(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 for investments in derivatives and/or inverse floating rate transactions.
(6)
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
(7)
During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund’s custodian is not accruing income on the Fund’s records for either senior interest corporate bond.
(8)
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 8.9%.
(9)
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 20.5%.
(10)
Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter derivatives as presented on the Statement of Assets and Liabilities. The unrealized appreciation (depreciation) of exchange-cleared and exchange-traded derivatives is recognized as part of the cash collateral at brokers and/or the receivable or payable for variation margin as presented on the Statement of Assets and Liabilities, when applicable.
(11)
Effective date represents the date on which both the Fund and Counterparty commence interest payment accruals on each contract.
(WI/DD)
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
(ETM)
Escrowed to maturity.
(IF)
Inverse floating rate investment.
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
USD-SIFMA
United States Dollar Securities Industry and Financial Market Association
 
See accompanying notes to financial statements.

78
 
Nuveen Investments

 
 

 

Statement of    
 
Assets and Liabilities
April 30, 2015 (Unaudited)
 
                 
Dividend
   
AMT-Free
 
     
Quality
   
Opportunity
   
Advantage
   
Income
 
     
(NQI
)
 
(NIO
)
 
(NVG
)
 
(NEA
)
Assets
                         
Long-term investments, at value (cost $778,809,214, $2,038,865,485, $559,282,232 and $1,566,464,771 respectively)
 
$
843,706,950
 
$
2,204,635,669
 
$
619,440,706
 
$
1,692,277,928
 
Short-term investments, at value (cost $—, $—, $— and $13,830,000, respectively)
   
   
   
   
13,890,299
 
Cash
   
   
593,838
   
6,399,331
   
2,164,027
 
Receivable for:
                         
Dividends and interest
   
11,943,207
   
31,285,478
   
8,027,612
   
23,473,785
 
Investments sold
   
6,535,456
   
25,932,472
   
8,607,043
   
9,922,469
 
Deferred offering costs
   
21,004
   
2,846,769
   
567,575
   
2,924,882
 
Other assets
   
131,552
   
790,344
   
94,097
   
518,069
 
Total assets
   
862,338,169
   
2,266,084,570
   
643,136,364
   
1,745,171,459
 
Liabilities
                         
Cash overdraft
   
4,403,978
   
   
   
 
Floating rate obligations
   
29,915,000
   
84,848,333
   
18,203,334
   
43,800,000
 
Unrealized depreciation on interest rate swaps
   
   
   
   
3,280,639
 
Payable for:
                         
Common share dividends
   
1,910,428
   
6,413,010
   
1,604,033
   
5,179,163
 
Interest
   
235,460
   
   
   
 
Investments purchased
   
7,086,938
   
8,024,500
   
13,329,627
   
11,657,103
 
Offering costs
   
52,416
   
   
   
123,076
 
Variable Rate MuniFund Term Preferred (“VMTP”) Shares, at liquidation value
   
240,400,000
   
   
   
151,000,000
 
Variable Rate Demand Preferred (“VRDP”) Shares, at liquidation value
   
   
667,200,000
   
179,000,000
   
349,900,000
 
Accrued expenses:
                         
Management fees
   
419,196
   
1,086,847
   
316,499
   
856,147
 
Directors/Trustees fees
   
136,282
   
359,110
   
92,192
   
251,712
 
Other
   
107,889
   
296,001
   
90,997
   
228,860
 
Total liabilities
   
284,667,587
   
768,227,801
   
212,636,682
   
566,276,700
 
Net assets applicable to common shares
 
$
577,670,582
 
$
1,497,856,769
 
$
430,499,682
 
$
1,178,894,759
 
Common shares outstanding
   
38,436,871
   
95,610,971
   
26,664,130
   
78,883,061
 
Net asset value (“NAV”) per common share outstanding
 
$
15.03
 
$
15.67
 
$
16.15
 
$
14.94
 
Net assets applicable to common shares consist of:
                         
Common shares, $0.01 par value per share
 
$
384,369
 
$
956,110
 
$
266,641
 
$
788,831
 
Paid-in surplus
   
537,777,571
   
1,332,213,420
   
372,960,162
   
1,082,029,424
 
Undistributed (Over-distribution of) net investment income
   
1,096,759
   
13,518,819
   
3,206,364
   
2,494,671
 
Accumulated net realized gain (loss)
   
(26,485,853
)
 
(14,601,764
)
 
(6,091,959
)
 
(29,010,984
)
Net unrealized appreciation (depreciation)
   
64,897,736
   
165,770,184
   
60,158,474
   
122,592,817
 
Net assets applicable to common shares
 
$
577,670,582
 
$
1,497,856,769
 
$
430,499,682
 
$
1,178,894,759
 
Authorized shares:
                         
Common
   
200,000,000
   
200,000,000
   
Unlimited
   
Unlimited
 
Preferred
   
1,000,000
   
1,000,000
   
Unlimited
   
Unlimited
 
 
See accompanying notes to financial statements.

Nuveen Investments
 
79

 
 

 

Statement of    
 
Operations
Six Months Ended April 30, 2015 (Unaudited)
 
                 
Dividend
   
AMT-Free
 
     
Quality
   
Opportunity
   
Advantage
   
Income
 
     
(NQI
)
 
(NIO
)
 
(NVG
)
 
(NEA
)
Investment Income
 
$
17,881,963
 
$
50,644,977
 
$
13,441,487
 
$
39,244,650
 
Expenses
                         
Management fees
   
2,528,912
   
6,560,471
   
1,909,877
   
5,178,272
 
Interest expense and amortization of offering costs
   
1,493,726
   
712,104
   
966,253
   
1,167,944
 
Liquidity fees
   
   
2,562,444
   
   
1,568,115
 
Remarketing fees
   
   
335,453
   
   
175,921
 
Custodian fees
   
60,303
   
151,868
   
47,911
   
121,934
 
Directors/Trustees fees
   
11,674
   
30,809
   
8,581
   
24,384
 
Professional fees
   
19,667
   
41,904
   
25,004
   
54,743
 
Shareholder reporting expenses
   
27,781
   
73,455
   
16,409
   
68,383
 
Shareholder servicing agent fees
   
33,381
   
46,762
   
13,220
   
32,264
 
Stock exchange listing fees
   
6,126
   
15,238
   
2,440
   
9,603
 
Investor relations expenses
   
26,156
   
55,332
   
17,639
   
40,228
 
Other
   
12,771
   
22,462
   
21,394
   
151,820
 
Total expenses
   
4,220,497
   
10,608,302
   
3,028,728
   
8,593,611
 
Net investment income (loss)
   
13,661,466
   
40,036,675
   
10,412,759
   
30,651,039
 
Realized and Unrealized Gain (Loss)
                         
Net realized gain (loss) from:
                         
Investments
   
(182,699
)
 
3,544,530
   
(70,646
)
 
746,026
 
Swaps
   
   
   
   
(13,704,565
)
Change in net unrealized appreciation (depreciation) of:
                         
Investments
   
(3,113,023
)
 
(9,195,472
)
 
(236,483
)
 
(5,479,432
)
Swaps
   
   
   
   
6,041,394
 
Net realized and unrealized gain (loss)
   
(3,295,722
)
 
(5,650,942
)
 
(307,129
)
 
(12,396,577
)
Net increase (decrease) in net assets applicable to common shares from operations
 
$
10,365,744
 
$
34,385,733
 
$
10,105,630
 
$
18,254,462
 
 
See accompanying notes to financial statements.

80
 
Nuveen Investments

 
 

 

Statement of    
 
Changes in Net Assets
(Unaudited)
 
   
Quality (NQI)
 
Opportunity (NIO)
     
Six Months
   
Year
   
Six Months
   
Year
 
     
Ended
   
Ended
   
Ended
   
Ended
 
     
4/30/15
   
10/31/14
   
4/30/15
   
10/31/14
 
Operations
                         
Net investment income (loss)
 
$
13,661,466
 
$
26,336,650
 
$
40,036,675
 
$
82,160,041
 
Net realized gain (loss) from:
                         
Investments
   
(182,699
)
 
509,133
   
3,544,530
   
(604,709
)
Swaps
   
   
   
   
 
Change in net unrealized appreciation (depreciation) of:
                         
Investments
   
(3,113,023
)
 
51,548,784
   
(9,195,472
)
 
125,517,537
 
Swaps
   
   
   
   
 
Net increase (decrease) in net assets applicable to common shares from operations
   
10,365,744
   
78,394,567
   
34,385,733
   
207,072,869
 
Distributions to Common Shareholders
                         
From net investment income
   
(12,684,171
)
 
(27,463,150
)
 
(42,040,147
)
 
(84,214,149
)
From accumulated net realized gains
   
   
   
   
 
Decrease in net assets applicable to common shares from distributions to common shareholders
   
(12,684,171
)
 
(27,463,150
)
 
(42,040,147
)
 
(84,214,149
)
Capital Share Transactions
                         
Common shares:
                         
Cost of shares repurchased through tender offer
   
   
   
   
 
Cost of shares repurchased and retired
   
   
(324,783
)
 
   
 
Net increase (decrease) in net assets applicable to common shares from capital share transactions
   
   
(324,783
)
 
   
 
Net increase (decrease) in net assets applicable to common shares
   
(2,318,427
)
 
50,606,634
   
(7,654,414
)
 
122,858,720
 
Net assets applicable to common shares at the beginning of period
   
579,989,009
   
529,382,375
   
1,505,511,183
   
1,382,652,463
 
Net assets applicable to common shares at the end of period
 
$
577,670,582
 
$
579,989,009
 
$
1,497,856,769
 
$
1,505,511,183
 
Undistributed (Over-distribution of) net investment income at the end of period
 
$
1,096,759
 
$
119,464
 
$
13,518,819
 
$
15,522,291
 
 
See accompanying notes to financial statements.

Nuveen Investments
 
81

 
 

 

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
 
     
4/30/15
   
10/31/14
   
4/30/15
   
10/31/14
 
Operations
                         
Net investment income (loss)
 
$
10,412,759
 
$
20,504,652
 
$
30,651,039
 
$
62,008,827
 
Net realized gain (loss) from:
                         
Investments
   
(70,646
)
 
2,825,765
   
746,026
   
3,166,646
 
Swaps
   
   
   
(13,704,565
)
 
 
Change in net unrealized appreciation (depreciation) of:
                         
Investments
   
(236,483
)
 
45,239,777
   
(5,479,432
)
 
118,774,122
 
Swaps
   
   
   
6,041,394
   
(9,322,033
)
Net increase (decrease) in net assets applicable to common shares from operations
   
10,105,630
   
68,570,194
   
18,254,462
   
174,627,562
 
Distributions to Common Shareholders
                         
From net investment income
   
(9,977,718
)
 
(20,605,194
)
 
(32,468,267
)
 
(64,857,651
)
From accumulated net realized gains
   
(2,719,741
)
 
(1,997,851
)
 
   
 
Decrease in net assets applicable to common shares from distributions to common shareholders
   
(12,697,459
)
 
(22,603,045
)
 
(32,468,267
)
 
(64,857,651
)
Capital Share Transactions
                         
Common shares:
                         
Cost of shares repurchased through tender offer
   
   
(46,331,163
)
 
   
 
Cost of shares repurchased and retired
   
   
(1,395,053
)
 
   
 
Net increase (decrease) in net assets applicable to common shares from capital share transactions
   
   
(47,726,216
)
 
   
 
Net increase (decrease) in net assets applicable to common shares
   
(2,591,829
)
 
(1,759,067
)
 
(14,213,805
)
 
109,769,911
 
Net assets applicable to common shares at the beginning of period
   
433,091,511
   
434,850,578
   
1,193,108,564
   
1,083,338,653
 
Net assets applicable to common shares at the end of period
 
$
430,499,682
 
$
433,091,511
 
$
1,178,894,759
 
$
1,193,108,564
 
Undistributed (Over-distribution of) net investment income at the end of period
 
$
3,206,364
 
$
2,771,323
 
$
2,494,671
 
$
4,311,899
 
 
See accompanying notes to financial statements.

82
 
Nuveen Investments

 
 

 

Statement of    
 
Cash Flows
Six Months Ended April 30, 2015 (Unaudited)
 
                 
Dividend
   
AMT-Free
 
     
Quality
   
Opportunity
   
Advantage
   
Income
 
     
(NQI
)
 
(NIO
)
 
(NVG
)
 
(NEA
)
Cash Flows from Operating Activities:
                         
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
 
$
10,365,744
 
$
34,385,733
 
$
10,105,630
 
$
18,254,462
 
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
   
(75,410,037
)
 
(235,733,976
)
 
(60,986,624
)
 
(103,675,547
)
Proceeds from sales and maturities of investments
   
66,233,288
   
260,598,005
   
49,615,270
   
102,537,039
 
Proceeds from (Purchases of) short-term investments, net
   
   
   
   
7,174,279
 
Proceeds from (payments for) swap contracts, net
   
   
   
   
(13,704,565
)
Investment transactions adjustments, net
   
(327,695
)
 
(50,594
)
 
(9,603
)
 
(205,940
)
Taxes paid on undistributed capital gains
   
   
(231
)
 
(127,088
)
 
(202
)
Amortization (Accretion) of premiums and discounts, net
   
1,211,203
   
611,326
   
225,812
   
(598,548
)
Amortization of deferred offering costs
   
17,682
   
55,126
   
9,839
   
85,696
 
(Increase) Decrease in:
                         
Receivable for dividends and interest
   
167,160
   
442,324
   
116,239
   
351,970
 
Receivable for investments sold
   
(1,650,456
)
 
(131,915
)
 
(7,607,043
)
 
40,549,383
 
Other assets
   
(25,978
)
 
(89,202
)
 
(22,028
)
 
(57,952
)
Increase (Decrease) in:
                         
Payable for interest
   
(7,179
)
 
   
   
(124,146
)
Payable for investments purchased
   
(1,121,652
)
 
(23,220,164
)
 
11,109,627
   
(22,756,002
)
Accrued management fees
   
(13,063
)
 
(35,465
)
 
(10,561
)
 
(30,379
)
Accrued Directors/Trustees fees
   
28,822
   
76,499
   
12,539
   
52,380
 
Accrued other expenses
   
(50,350
)
 
(128,273
)
 
(102,002
)
 
(80,327
)
Net realized (gain) loss from:
                         
Investments
   
182,699
   
(3,544,530
)
 
70,646
   
(746,026
)
Swaps
   
   
   
   
13,704,565
 
Change in net unrealized (appreciation) depreciation of:
                         
Investments
   
3,113,023
   
9,195,472
   
236,483
   
5,479,432
 
Swaps
   
   
   
   
(6,041,394
)
Net cash provided by (used in) operating activities
   
2,713,211
   
42,430,135
   
2,637,136
   
40,168,178
 
Cash Flows from Financing Activities:
                         
Increase (Decrease) in:
                         
Cash overdraft
   
4,403,978
   
   
   
 
Floating rate obligations
   
165,000
   
(7,350,000
)
 
3,750,000
   
(13,695,000
)
Payable for offering costs
   
   
   
   
123,076
 
Cash distributions paid to common shareholders
   
(12,675,170
)
 
(42,021,052
)
 
(12,696,587
)
 
(32,465,012
)
Net cash provided by (used in) financing activities
   
(8,106,192
)
 
(49,371,052
)
 
(8,946,587
)
 
(46,036,936
)
Net Increase (Decrease) in Cash
   
(5,392,981
)
 
(6,940,917
)
 
(6,309,451
)
 
(5,868,758
)
Cash at the beginning of period
   
5,392,981
   
7,534,755
   
12,708,782
   
8,032,785
 
Cash at the end of period
 
$
 
$
593,838
 
$
6,399,331
 
$
2,164,027
 
                           
     
 
          Dividend     AMT-Free  
     
Quality
   
Opportunity
   
Advantage
   
Income
 
Supplemental Disclosure of Cash Flow Information
   
(NQI
)
 
(NIO
)
 
(NVG
)
 
(NEA
)
Cash paid for interest (excluding amortization of offering costs)
 
$
1,483,223
 
$
656,979
 
$
956,414
 
$
1,206,394
 
 
See accompanying notes to financial statements.

Nuveen Investments
 
83

 
 

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

         
Investment Operations
 
Less Distributions to
Common Shareholders
 
Common Share
 
   
Beginning
Common
Share
NAV
 
Net
Investment
Income
(Loss)
 
Net
Realized/
Unrealized
Gain (Loss)
 
Distributions
from Net
Investment
Income to
ARPS
Shareholders
(a)
Distributions
from
Accumu-
lated Net
Realized
Gains to
ARPS
Shareholders
(a)
Total
 
From
Net
Investment
Income
 
From
Accumu-
lated Net
Realized
Gains
 
Total
 
Discount
Per
Share
Repurchased
and
Retired
 
Ending
NAV
 
Ending
Share
Price
 
Quality (NQI)
Year Ended 10/31:
2015(f)
 
$
15.09
 
$
0.36
 
$
(0.09
)
$
 
$
 
$
0.27
 
$
(0.33
)
$
 
$
(0.33
)
$
 
$
15.03
 
$
13.24
 
2014
   
13.76
   
0.68
   
1.36
   
   
   
2.04
   
(0.71
)
 
   
(0.71
)
 
 
15.09
   
13.17
 
2013
   
15.49
   
0.72
   
(1.61
)
 
   
   
(0.89
)
 
(0.84
)
 
   
(0.84
)
 
   
13.76
   
12.26
 
2012
   
14.17
   
0.84
   
1.38
   
   
   
2.22
   
(0.90
)
 
   
(0.90
)
 
   
15.49
   
15.49
 
2011
   
14.26
   
0.87
   
(0.08
)
 
(0.01
)
 
   
0.78
   
(0.87
)
 
   
(0.87
)
 
   
14.17
   
14.11
 
2010
   
13.61
   
0.95
   
0.58
   
(0.03
)
 
   
1.50
   
(0.85
)
 
   
(0.85
)
 
   
14.26
   
14.40
 
                                                                           
Opportunity (NIO)
Year Ended 10/31:
2015(f)
   
15.75
   
0.42
   
(0.06
)
 
   
   
0.36
   
(0.44
)
 
   
(0.44
)
 
   
15.67
   
14.58
 
2014
   
14.46
   
0.86
   
1.31
   
   
   
2.17
   
(0.88
)
 
   
(0.88
)
 
   
15.75
   
14.58
 
2013
   
15.97
   
0.85
   
(1.48
)
 
   
   
(0.63
)
 
(0.88
)
 
   
(0.88
)
 
   
14.46
   
12.99
 
2012
   
14.69
   
0.84
   
1.32
   
   
   
2.16
   
(0.88
)
 
*
 
(0.88
)
 
   
15.97
   
15.53
 
2011
   
14.92
   
0.88
   
(0.23
)
 
(0.01
)
 
   
0.64
   
(0.87
)
 
   
(0.87
)
 
   
14.69
   
14.20
 
2010
   
14.22
   
0.97
   
0.60
   
(0.03
)
 
   
1.54
   
(0.84
)
 
   
(0.84
)
 
 
14.92
   
14.83
 
 
(a)
The amounts shown for Auction Rate Preferred Shares (“ARPS”) are based on common share equivalents.
(b)
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
   
 
Total Return Based on Common Share Price 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.

84
 
Nuveen Investments

 
 

 

           
Common Share Supplemental Data/Ratios Applicable to Common Shares
Common Share
Total Returns
       
Ratios to Average Net Assets(c)
       
                       
Based
on
NAV
(b)
Based
on
Share
Price
(b)
Ending
Net
Assets (000)
 
Expenses
(d)
Net
Investment
Income (Loss)
 
Portfolio
Turnover
Rate
(e)
                       
                       
 
1.78
%
 
3.03
%
$
577,671
   
1.46
%**
 
4.71
%**
 
8
%
 
15.22
   
13.57
   
579,989
   
1.54
   
4.76
   
14
 
 
(5.93
)
 
(15.89
)
 
529,382
   
1.67
   
4.88
   
15
 
 
16.06
   
16.65
   
595,740
   
1.69
   
5.55
   
23
 
 
5.98
   
4.65
   
544,500
   
1.66
   
6.43
   
18
 
 
11.30
   
15.03
   
547,598
   
1.19
   
6.81
   
11
 
                                   
                                   
 
2.35
   
3.04
   
1,497,857
   
1.41
**
 
5.33
**
 
11
 
 
15.37
   
19.58
   
1,505,511
   
1.49
   
5.71
   
15
 
 
(4.10
)
 
(11.09
)
 
1,382,652
   
1.50
   
5.54
   
15
 
 
15.03
   
15.92
   
1,526,792
   
1.54
   
5.45
   
18
 
 
4.73
   
2.08
   
1,404,814
   
1.63
   
6.28
   
10
 
 
11.08
   
21.20
   
1,426,419
   
1.14
   
6.61
   
7
 
 
(c)
Ratios do not reflect the effect of dividend payments to ARPS shareholders, during periods when ARPS were outstanding; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS and other subsequent forms of preferred shares issued by the Fund, where applicable.
(d) The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 4 – Fund Shares, Preferred 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 (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows:
 
Quality (NQI)
   
Year Ended 10/31:
   
2015(f)
0.52
%**
2014
0.56
 
2013
0.71
 
2012
0.70
 
2011
0.57
 
2010
0.07
 
     
Opportunity (NIO)
   
Year Ended 10/31:
   
2015(f)
0.48
%**
2014
0.52
 
2013
0.55
 
2012
0.57
 
2011
0.59
 
2010
0.06
 
 
(e)
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
(f)
For the six months ended April 30, 2015.
*
Rounds to less than $0.01 per share.
**
Annualized.
 
See accompanying notes to financial statements.

Nuveen Investments
 
85

 
 

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

   
Investment Operations
 
Less Distributions to
Common Shareholders
 
Common Share
   
Beginning
Common
Share
NAV
 
Net
Investment
Income
(Loss)
 
Net
Realized/
Unrealized
Gain (Loss)
 
Distributions
from Net
Investment
Income to
ARPS
Shareholders
(a)
Distributions
from
Accumu-
lated Net
Realized
Gains to
ARPS
Shareholders
(a)
Total
 
From
Net
Investment
Income
 
From
Accumu-
lated Net
Realized
Gains
 
Total
 
Discount
Per
Share
Repurchased
and
Retired
 
Discount
Per
Share
Repurchased
through
Tender
Offer
 
Ending
NAV
 
Ending
Share
Price
 
Dividend Advantage (NVG)
Year Ended 10/31:
2015(g)
 
$
16.24
 
$
0.39
 
$
(0.01
)
$
 
$
 
$
0.38
 
$
(0.37
)
$
(0.10
)
$
(0.47
)
$
 
$
 
$
16.15
 
$
14.37
 
2014
   
14.62
   
0.71
   
1.72
   
   
   
2.43
   
(0.70
)
 
(0.07
)
 
(0.77
)
 
(0.01
)
 
(0.03
)
 
16.24
   
14.14
 
2013
   
16.33
   
0.60
   
(1.46
)
 
   
   
(0.86
)
 
(0.74
)
 
(0.11
)
 
(0.85
)
 
 
   
14.62
   
12.75
 
2012
   
15.03
   
0.82
   
1.42
   
   
   
2.24
   
(0.90
)
 
(0.04
)
 
(0.94
)
 
   
   
16.33
   
15.82
 
2011
   
15.20
   
0.91
   
(0.22
)
 
(0.01
)
 
   
0.68
   
(0.85
)
 
 
(0.85
)
 
   
   
15.03
   
14.32
 
2010
   
14.80
   
0.90
   
0.39
   
(0.01
)
 
 
1.28
   
(0.84
)
 
(0.04
)
 
(0.88
)
 
   
   
15.20
   
14.80
 
                                                                                 
AMT-Free Income (NEA)
Year Ended 10/31:
2015(g)
   
15.13
   
0.39
   
(0.17
)
 
   
   
0.22
   
(0.41
)
 
   
(0.41
)
 
   
   
14.94
   
14.00
 
2014
   
13.73
   
0.79
   
1.43
   
   
   
2.22
   
(0.82
)
 
   
(0.82
)
 
   
   
15.13
   
13.75
 
2013
   
15.49
   
0.72
   
(1.66
)
 
   
   
(0.94
)
 
(0.82
)
 
   
(0.82
)
 
   
   
13.73
   
12.37
 
2012
   
14.70
   
0.78
   
0.85
   
   
   
1.63
   
(0.84
)
 
   
(0.84
)
 
   
   
15.49
   
15.80
 
2011
   
14.98
   
0.84
   
(0.29
)
 
(0.01
)
 
   
0.54
   
(0.82
)
 
   
(0.82
)
 
   
   
14.70
   
13.85
 
2010
   
14.42
   
0.87
   
0.52
   
(0.02
)
 
   
1.37
   
(0.81
)
 
   
(0.81
)
 
   
   
14.98
   
14.95
 
 
(a)
The amounts shown for ARPS are based on common share equivalents.
(b)
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
   
 
Total Return Based on Common Share Price 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.

86
 
Nuveen Investments

 
 

 


               
Common Share Supplemental Data/Ratios Applicable to Common Shares
 
   
Common Share
Total Returns
       
Ratios to Average Net Assets
Before Reimbursement(c)
 
Ratios to Average Net Assets
After Reimbursement(c)(d)
       
                                                   
           
Based
   
Ending
                               
     
Based
   
on
   
Net
         
Net
         
Net
   
Portfolio
 
     
on
   
Share
   
Assets
         
Investment
         
Investment
   
Turnover
 
     
NAV
(b)
 
Price
(b)
 
(000
)
 
Expenses
(e)
 
Income (Loss
)
 
Expenses
(e)
 
Income (Loss
)
 
Rate
(f)
                                                   
                                                   
     
2.32
%
 
5.05
%
$
430,500
   
1.40
%**
 
4.82
%**
 
N/A
   
N/A
   
8
%
     
16.78
   
17.35
   
433,092
   
1.75
   
4.56
   
N/A
   
N/A
   
13
 
     
(5.46
)
 
(14.46
)
 
434,851
   
2.03
   
3.87
   
N/A
   
N/A
   
32
 
     
15.30
   
17.44
   
486,750
   
2.08
   
5.17
   
2.05
%
 
5.20
%
 
29
 
     
4.83
   
2.89
   
448,070
   
1.95
   
6.12
   
1.84
   
6.23
   
7
 
     
8.89
   
13.51
   
452,908
   
1.89
   
5.79
   
1.71
   
5.98
   
2
 
                                                   
                                                   
     
1.52
   
4.85
   
1,178,895
   
1.44
**
 
5.17
**
 
N/A
   
N/A
   
6
 
     
16.58
   
18.31
   
1,193,109
   
1.60
   
5.48
   
N/A
   
N/A
   
13
 
     
(6.25
)
 
(16.89
)
 
1,083,339
   
1.97
   
5.14
   
N/A
   
N/A
   
26
 
     
11.32
   
20.64
   
344,487
   
2.13
   
5.13
   
N/A
   
N/A
   
26
 
     
3.92
   
(1.60
)
 
326,909
   
2.02
   
5.86
   
2.01
   
5.87
   
2
 
     
9.76
   
17.27
   
333,074
   
1.76
   
5.80
   
1.63
   
5.93
   
2
 
 
(c)
Ratios do not reflect the effect of dividend payments to ARPS shareholders, during periods when ARPS were outstanding; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS and other subsequent forms of preferred shares issued by the Fund, where applicable.
(d)
After expense reimbursement from the Adviser, where applicable. As of March 31, 2012 and November 30, 2010, the Adviser is no longer reimbursing Dividend Advantage (NVG) and ATM-Free Income (NEA), respectively, for any fees or expenses.
(e)
The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 4 – Fund Shares, Preferred 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 (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows:
 
     
Dividend Advantage (NVG)
   
Year Ended 10/31:
   
2015(g)
0.45
%**
2014
0.75
 
2013
1.06
 
2012
1.05
 
2011
0.90
 
2010
0.84
 
     
AMT-Free Income (NEA)
   
Year Ended 10/31:
   
2015(g)
0.49
%**
2014
0.61
 
2013
0.87
 
2012
1.07
 
2011
0.94
 
2010
0.67
 
 
(f)
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
(g)
For the six months ended April 30, 2015.
*
Rounds to less than $0.01 per share.
**
Annualized.
N/A
Fund no longer has a contractual reimbursement agreement with the Adviser.
 
See accompanying notes to financial statements.

Nuveen Investments
 
87

 
 

 
 
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
   
Asset
   
Aggregate
   
Asset
   
Aggregate
   
Asset
 
     
Amount
   
Coverage
   
Amount
   
Coverage
   
Amount
   
Coverage
 
     
Outstanding
   
Per $25,000
   
Outstanding
   
Per $100,000
   
Outstanding
   
Per $100,000
 
     
(000
)
 
Share
   
(000
)
 
Share
   
(000
)
 
Share
 
Quality (NQI)
                                     
Year Ended 10/31:
                                     
2015(a)
 
$
 
$
 
$
240,400
 
$
340,296
 
$
 
$
 
2014
   
   
   
240,400
   
341,260
   
   
 
2013
   
   
   
240,400
   
320,209
   
   
 
2012
   
   
   
240,400
   
347,812
   
   
 
2011
   
   
   
240,400
   
326,498
   
   
 
2010
   
239,200
   
82,232
   
   
   
   
 
                                       
Opportunity (NIO)
                                     
Year Ended 10/31:
                                     
2015(a)
   
   
   
   
   
667,200
   
324,499
 
2014
   
   
   
   
   
667,200
   
325,646
 
2013
   
   
   
   
   
667,200
   
307,232
 
2012
   
   
   
   
   
667,200
   
328,836
 
2011
   
   
   
   
   
667,200
   
310,554
 
2010
   
664,825
   
78,639
   
   
   
   
 

88
 
Nuveen Investments

 
 

 

   
ARPS at the End of Period
 
MTP Shares
at the End of Period (b)
 
VMTP Shares
at the End of Period
 
VRDP Shares
at the End of Period
 
MTP,
VMTP and/or
VRDP Shares
at the End
of Period
 
     
Aggregate
   
Asset
   
Aggregate
         
Aggregate
   
Asset
   
Aggregate
   
Asset
   
Asset Coverage
 
     
Amount
   
Coverage
   
Amount
   
Asset
   
Amount
   
Coverage
   
Amount
   
Coverage
   
Per $1
 
     
Outstanding
   
Per $25,000
   
Outstanding
  Coverage Per    
Outstanding
   
Per $100,000
   
Outstanding
   
Per $100,000
   
Liquidation
 
     
(000
)
 
Share
   
(000
)
 
$10 Share
   
(000
)
 
Share
   
(000
)
 
Share
   
Preference
 
Dividend Advantage (NVG)
Year Ended 10/31:
2015(a)
 
$
 
$
 
$
 
$
 
$
 
$
 
$
179,000
 
$
340,503
 
$
 
2014
   
   
   
   
   
   
   
179,000
   
341,951
   
 
2013
   
   
   
108,000
   
31.69
   
92,500
   
316,883
   
   
   
3.17
 
2012
   
   
   
108,000
   
34.28
   
92,500
   
342,768
   
   
   
3.43
 
2011
   
   
   
108,000
   
32.35
   
92,500
   
323,476
   
   
   
3.23
 
2010
   
91,950
   
81,628
   
108,000
   
32.65
   
   
   
   
   
3.27
 
 
AMT-Free Income (NEA)
Year Ended 10/31:
2015(a)
   
   
   
   
   
151,000
   
335,355
   
349,900
   
335,355
   
3.35
 
2014
   
   
   
   
   
151,000
   
338,193
   
349,900
   
338,193
   
3.38
 
2013
   
   
   
83,000
   
31.65
   
67,600
   
316,451
   
349,900
   
316,451
   
3.16
 
2012
   
   
   
83,000
   
32.87
   
67,600
   
328,743
   
   
   
3.29
 
2011
   
   
   
83,000
   
31.71
   
67,600
   
317,071
   
   
   
3.17
 
2010
   
67,375
   
80,374
   
83,000
   
32.15
   
   
   
   
   
3.21
 
 
(a)
For the six months ended April 30, 2015.
(b)
The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares outstanding were as follows:
 
     
2014
   
2013
   
2012
   
2011
   
2010
 
Dividend Advantage (NVG)
                               
Series 2014 (NVG PRCCL)
                               
Ending Market Value per Share
 
$
 
$
10.09
 
$
10.12
 
$
10.10
 
$
10.22
 
Average Market Value per Share
   
10.05
^
 
10.11
   
10.16
   
10.12
   
10.19
 
                                 
AMT-Free Income (NEA)
                               
Series 2015 (NEA PRCCL)
                               
Ending Market Value per Share
 
$
   
10.07
   
10.16
   
10.14
   
10.14
 
Average Market Value per Share
   
10.05
^^
 
10.10
   
10.14
   
10.08
   
10.15
Ω
 
Ω
For the period January 19, 2010 (first issuance date of shares) through October 31, 2010.
^
For the period November 1, 2013 through December 23, 2013.
^^
For the period November 1, 2013 through December 20, 2013.
 
See accompanying notes to financial statements.

Nuveen Investments
 
89

 
 

 
 
Notes to Financial Statements (Unaudited)
 
1. General Information and Significant Accounting Policies
 
General Information
 
Fund Information
The funds covered in this report and their corresponding New York Stock Exchange (“NYSE”) or NYSE MKT symbols are as follows (each a “Fund” and collectively, the “Funds”):
 
• Nuveen Quality Municipal Fund, Inc. (NQI) (“Quality (NQI)”)
• Nuveen Municipal Opportunity Fund, Inc. (NIO) (“Opportunity (NIO)”)
• Nuveen Dividend Advantage Municipal Income Fund (NVG) (“Dividend Advantage (NVG)”)
• Nuveen AMT-Free Municipal Income Fund (NEA) (“AMT-Free Income (NEA)”)
 
The Funds are registered under the Investment Company Act of 1940, as amended, as diversified closed-end management investment companies. Common shares of Quality (NQI), Opportunity (NIO) and AMT-Free Income (NEA) are traded on the NYSE while common shares of Dividend Advantage (NVG) are traded on the NYSE MKT. Quality (NQI) and Opportunity (NIO) were incorporated under the state laws of Minnesota on October 23, 1990 and July 25, 1991, respectively. Dividend Advantage (NVG) and AMT-Free Income (NEA) were organized as Massachusetts business trusts on July 12, 1999 and July 29, 2002, respectively.
 
The end of the reporting period for the Funds is April 30, 2015, and the period covered by these Notes to Financial Statements is the six months ended April 30, 2015 (“the current fiscal period”).
 
Investment Adviser
The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”). The Adviser is responsible for each Fund’s overall investment strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the “Sub-Adviser”), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.
 
Investment Objectives and Principal Investment Strategies
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.
 
Significant Accounting Policies
Each Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946 “Financial Services–Investment Companies.” The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).
 
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to earmark securities in the Funds’ portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments.
 
As of the end of the reporting period, the Funds’ outstanding when-issued/delayed delivery purchase commitments were as follows:
 
               
Dividend
   
AMT-Free
 
   
Quality
   
Opportunity
   
Advantage
   
Income
 
   
(NQI
 
(NIO
 
(NVG
 
(NEA
Outstanding when-issued/delayed delivery purchase commitments
  $ 7,086,938     $ 1,252,980     $ 12,868,138     $ 11,657,103  
 
90
 
Nuveen Investments
 
 
 

 
 
Investment Income
Dividend income is recorded on the ex-dividend date. Investment income, which reflects the amortization of premiums and 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. If a refund is received for workout expenditures paid in a prior reporting period, such amounts will be recognized as “Legal fee refund” on the Statement of Operations.
 
Dividends and Distributions to Common Shareholders
Dividends from net investment income are declared monthly. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
 
Distributions to common shareholders of net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
 
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.
 
Netting Agreements
In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and Derivative Association, Inc. (“ISDA”) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.
 
The Funds’ investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 3 – Portfolio Securities and Investments in Derivatives.
 
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets applicable to common shares from operations during the reporting period. Actual results may differ from those estimates.
 
2. Investment Valuation and Fair Value Measurements
The fair valuation input levels as described below are for fair value measurement purposes.
 
Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
 
Level 1 –  Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 –  Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 –  Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
 
Nuveen Investments
 
91
 
 
 

 
 
Notes to Financial Statements (Unaudited) (continued)
 
Prices of fixed income securities are provided by a pricing service approved by the Funds’ Board of Directors/Trustees (the “Board”). 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. These securities are generally classified as level 2. 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.
 
Prices of swap contracts are also provided by a pricing service approved by the Board using the same methods as described above and are generally classified as Level 2.
 
Investments in investment companies are valued at their respective NAVs 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 Board and/or its appointee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s NAV (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Board and/or its appointee.
 
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of the end of the reporting period:
 
Quality (NQI)
  Level 1    
Level 2
    Level 3    
Total
 
Long-Term Investments*:
                       
Municipal Bonds
  $     $ 843,572,056     $     $ 843,572,056  
Corporate Bonds
                134,894 ***     134,894  
Total
  $     $ 843,572,056     $ 134,894     $ 843,706,950  
                                 
Opportunity (NIO)
                               
Long-Term Investments*:
                               
Municipal Bonds
  $     $ 2,204,507,100     $     $ 2,204,507,100  
Corporate Bonds
                128,569 ***     128,569  
Total
  $     $ 2,204,507,100     $ 128,569     $ 2,204,635,669  
                                 
Dividend Advantage (NVG)
                               
Long-Term Investments*:
                               
Municipal Bonds
  $     $ 618,078,497     $     $ 618,078,497  
Investment Companies
    1,362,209                   1,362,209  
Total
  $ 1,362,209     $ 618,078,497     $     $ 619,440,706  
                                 
AMT-Free Income (NEA)
                               
Long-Term Investments*:
                               
Municipal Bonds
  $     $ 1,692,232,075     $     $ 1,692,232,075  
Corporate Bonds
                45,853 ***     45,853  
Short-Term Investments*:
                               
Municipal Bonds
                13,890,299       13,890,299  
Investments in Derivatives:
                               
Interest Rate Swaps**
          (3,280,639 )             (3,280,639 )
Total
  $     $ 1,688,951,436     $ 13,936,152     $ 1,702,887,588  
 
* Refer to the Fund’s Portfolio of Investments for industry and/or state classifications, where applicable.
** Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments.
*** Refer to the Fund’s Portfolio of Investments for breakdown of these securities classified as Level 3.
 
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The following is a reconciliation of AMT-Free Income’s (NEA) Level 3 investments held at the beginning and end of the measurement period:
 
   
AMT-Free
    AMT-Free        
   
Income (NEA) Level 3
   
Income (NEA) Level 3
    AMT-Free  
   
Long-Term
   
Short-Term
   
Income (NEA) Total
 
   
Corporate Bonds
   
Municipal Bonds
    Level 3  
Balance at the beginning of period
  $ 45,334     $ 14,059,578     $ 14,104,912  
Gains (losses):
                       
Net realized gains (losses)
                 
Change in net unrealized appreciation (depreciation)
    (2,366 )     (169,279 )     (171,645 )
Purchases at cost
    2,885             2,885  
Sales at proceeds
                 
Net discounts (premiums)
                 
Transfers in to
                 
Transfers out of
                 
Balance at the end of period
  $ 45,853     $ 13,890,299     $ 13,936,152  
Change in net unrealized appreciation (depreciation) during the period of Level 3 securities held as of April 30,2015
  $ (2,366 )   $ (169,279 )   $ (171,645 )
 
The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of the end of the reporting period, were as follows:
 
   
Market Value
 
Techniques
 
Unobservable Inputs
   
Range
 
AMT-Free Income (NEA)
                   
Long-Term Corporate Bonds
  $ 45,853  
Odd-Lot Trades
   N/A       N/A  
Short-Term Municipal Bonds
    13,890,299  
Discounted Cash Flow
 
Municipal BBB Benchmark
      1%-4%  
             
B-Rated Hospital Sector
         
Total
  $ 13,936,152                  
 
The Board is responsible for the valuation process and has appointed the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board, is responsible for making fair value determinations, evaluating the effectiveness of the Funds’ pricing policies and reporting to the Board. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the Funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
 
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:
 
(i) If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities.
   
(ii) If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis.
 
The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument’s current value.
 
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board.
 
3. Portfolio Securities and Investments in Derivatives
 
Portfolio Securities
 
Inverse Floating Rate Securities
Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond (referred to as an “Underlying Bond”), typically with a fixed interest rate, into a special purpose trust (referred to as the “Trust”) created by or at the direction of
 
Nuveen Investments
 
93
 
 
 

 
 
Notes to Financial Statements (Unaudited) (continued)
 
one or more Funds. In turn, the Trust issues (a) floating rate certificates (referred to as “Floaters”), in face amounts equal to some fraction of the Underlying Bond’s par amount or market value, and (b) an inverse floating rate certificate (referred to as an “Inverse Floater”) that represents all remaining or residual interest in the Trust. Floaters typically pay short-term tax-exempt interest rates to third parties who are also provided a right to tender their certificate and receive its par value, which may be paid from the proceeds of a remarketing of the Floaters, by a loan to the Trust from a third party liquidity provider, or by the sale of assets from the Trust. The Inverse Floater is issued to a long term investor, such as one or more of the Funds. The income received by the Inverse Floater holder varies inversely with the short-term rate paid to holders of the Floaters, 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 value of an Inverse Floater will be more volatile than that of the Underlying Bond because the interest rate is dependent on not only the fixed coupon rate of the Underlying Bond but also on the short-term interest paid on the Floaters, and because the Inverse Floater essentially bears the risk of loss of the greater face value of the Underlying Bond.
 
The Inverse Floater held by a Fund gives the Fund the right to (a) cause the holders of the Floaters to tender their certificates at par, and (b) have the trustee of the Trust transfer the Underlying Bond held by the Trust to the Fund, thereby collapsing the Trust.
 
The Fund may acquire an Inverse Floater in a transaction where it (a) transfers an Underlying Bond that it owns to a Trust created by a third party or (b) transfers an Underlying Bond that it owns, or that it has purchased in a secondary market transaction for the purpose of creating an Inverse Floater, to a Trust created at its direction, and in return receives the Inverse Floater of the Trust (referred to as a “self-deposited Inverse Floater”). A Fund may also purchase an Inverse Floater in a secondary market transaction from a third party creator of the Trust without first owning the Underlying Bond (referred to as an “externally-deposited Inverse Floater”).
 
An investment in a self-deposited Inverse Floater is accounted for as a “financing” transaction (i.e., a secured borrowing). For a self-deposited Inverse Floater, the Underlying Bond deposited into the Trust is identified in the Fund’s Portfolio of Investments as “(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction,” with the Fund recognizing the Floaters issued by the Trust as liabilities, at their liquidation value on the Statement of Assets and Liabilities as “Floating rate obligations.” In addition, the Fund recognizes in “Investment Income” the entire earnings of the Underlying Bond and recognizes the related interest paid to the holders of the Floaters as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
 
In contrast, an investment in an externally-deposited Inverse Floater is accounted for as a purchase of the inverse floater and is identified in the Fund’s Portfolio of Investments as “(IF) – Inverse floating rate investment.” For an externally-deposited Inverse Floater, a Fund’s Statement of Assets and Liabilities recognizes the Inverse Floater and not the Underlying Bond as an asset, and the Fund does not recognize the Floaters as a liability. Additionally, the Fund reflects in “Investment Income” only the net amount of earnings on the Inverse Floater (net of the interest paid to the holders of the Floaters and the expenses of the Trust), and does not show the amount of that interest paid as an interest expense on the Statement of Operations.
 
The average floating rate obligations outstanding and average annual interest rate and fees related to self-deposited Inverse Floaters for the Funds during the current fiscal period were as follows:
 
               
Dividend
   
AMT-Free
 
   
Quality
   
Opportunity
   
Advantage
   
Income
 
Self-Deposited Inverse Floaters
 
(NQI)
   
(NIO)
   
(NVG)
   
(NEA)
 
Average floating rate obligations outstanding
  $ 29,887,652     $ 90,492,808     $ 14,038,969     $ 48,792,707  
Average annual interest rate and fees
    0.46%       0.57%       0.59%       0.59%  
 
As of the end of the reporting period, the total amount of floating rate obligations associated with each Fund’s self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:
 
               
Dividend
   
AMT-Free
 
   
Quality
   
Opportunity
   
Advantage
   
Income
 
Floating Rate Obligations Outstanding
 
(NQI)
   
(NIO)
   
(NVG)
   
(NEA)
 
Floating rate obligations: self-deposited Inverse Floaters
  $ 29,915,000     $ 84,848,333     $ 18,203,334     $ 43,800,000  
Floating rate obligations: externally-deposited Inverse Floaters
    52,100,000       134,201,667       41,756,666       108,410,000  
Total
  $ 82,015,000     $ 219,050,000     $ 59,960,000     $ 152,210,000  
 
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse arrangement” or “credit recovery swap”) (Trusts involving such agreements are referred to herein as “Recourse Trusts”), under which a Fund agrees to reimburse the liquidity provider for the Trust’s Floaters, in certain circumstances, for the amount (if any) by which the liquidation value of the Underlying Bond held by the Trust may fall short of the liquidation value of the Floaters 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 an Inverse Floater may increase beyond the value of the Inverse Floater as a Fund may potentially be liable to fulfill all amounts owed to holders of the Floaters. At period end, any such shortfall amount in the aggregate is recognized as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities.
 
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As of the end of the reporting period, each Fund’s maximum exposure to the floating rate obligations issued by externally-deposited Recourse Trusts was as follows:
 
               
Dividend
   
AMT-Free
 
   
Quality
   
Opportunity
   
Advantage
   
Income
 
Floating Rate Obligations – Externally-Deposited Recourse Trusts
 
(NQI)
   
(NIO)
   
(NVG)
   
(NEA)
 
Maximum exposure to Recourse Trusts
  $ 26,610,000     $ 74,255,000     $ 5,575,000     $ 51,845,000  
 
Zero Coupon Securities
A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
 
Investments in Derivatives
In addition to the inverse floating rate securities in which each Fund invests, which are considered portfolio securities for financial reporting purposes, each Fund is authorized to invest in certain other derivative instruments such as futures, options and swap contracts. Each Fund limits its investments in futures, options on futures and swap contracts to the extent necessary for the Adviser to claim the exclusion from registration by the Commodity Futures Trading Commission as a commodity pool operator with respect to the Fund. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.
 
Swap Contracts
Interest rate swap contracts involve a Fund’s agreement with the counterparty to pay or receive a fixed rate payment in exchange for the counterparty receiving or paying a variable rate payment. Forward interest rate swap contracts involve a Fund’s agreement with a counterparty to pay, in the future, a fixed or variable rate payment in exchange for the counterparty paying the Fund a variable or fixed rate payment, the accruals for which would begin at a specified date in the future (the “effective date”). The amount of the payment obligation is based on the notional amount of the swap contract and the termination date of the swap contract (which is akin to a bond’s maturity). Swap contracts do not involve the delivery of securities or other underlying assets or principal. Accordingly, the risk of loss with respect to the swap counterparty on such transactions is limited to the net amount of interest payments that the Fund is to receive.
 
Interest rate swap contracts are valued daily. Upon entering into an interest rate swap contract (and beginning on the effective date for a forward interest rate swap contract), a Fund accrues the fixed rate payment expected to be paid or received and the variable rate payment expected to be received or paid on the interest rate swap contracts on a daily basis, and recognizes the daily change in the fair value of the Fund’s contractual rights and obligations under the contracts. For over-the-counter (“OTC”) swaps, the net amount recorded on these transactions, for each counterparty, is recognized on the Statement of Assets and Liabilities as a component of “Unrealized appreciation or depreciation on interest rate swaps (, net).”
 
Upon the execution of an exchanged-cleared swap contract, in certain instances a Fund is obligated to deposit cash or eligible securities, also known as “initial margin,” into an account at its clearing broker equal to a specified percentage of the contract amount. Cash held by the broker to cover initial margin requirements on open swap contracts, if any, is recognized as a component of “Cash collateral at brokers” on the Statement of Assets and Liabilities. Investments in exchange-cleared interest rate swap contracts obligate a Fund and the clearing broker to settle monies on a daily basis representing changes in the prior day’s “mark-to-market” of the swap contract. If a Fund has unrealized appreciation, the clearing broker will credit the Fund’s account with an amount equal to the appreciation. Conversely, if the Fund has unrealized depreciation, the clearing broker will debit the Fund’s account with an amount equal to the depreciation. These daily cash settlements are also known as “variation margin.” Variation margin is recognized as a receivable and/or payable for “Variation margin on swap contracts” on the Statement of Assets and Liabilities.
 
The net amount of periodic payments settled in cash are recognized as a component of “Net realized gain (loss) from swaps” on the Statement of Operations, in addition to the net realized gain or loss recorded upon the termination of the swap contract. For tax purposes, payments expected to be received or paid on the swap contacts are treated as ordinary income or expense, respectively.
 
Changes in the value of the swap contracts during the fiscal period are recognized as a component of “Change in net unrealized appreciation (depreciation) of swaps.” In certain instances, payments are made or received upon entering into the swap contract to compensate for differences between the stated terms of the swap agreements and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Payments received or made at the beginning of the measurement period, if any, are recognized as “Interest rate swaps premiums paid and/or received” on the Statement of Assets and Liabilities.
 
Nuveen Investments
 
95
 
 
 

 
 
Notes to Financial Statements (Unaudited) (continued)
 
During the current fiscal period, AMT-Free Income (NEA) continued to invest in forward interest rate swap contracts to help reduce price volatility risk to movements in U.S. interest rates relative to the Fund’s benchmark.
 
The average notional amount of interest rate swap contracts outstanding during the current fiscal period was as follows:
 
 
AMT-Free
 
 
Income
 
 
(NEA
Average notional amount of interest rate swap contracts outstanding*
$ 111,933,333  
 
* The average notional amount is calculated based on the outstanding notional at the beginning of the fiscal year and at the end of each fiscal quarter within the current fiscal year.
 
The following table presents the fair value of all interest rate swap contracts held by AMT-Free Income (NEA) as of the end of the reporting period, the location of these instruments on the Statement of Assets and Liabilities and the primary underlying risk exposure.
 
      Location on the Statement of Assets and Liabilities
Underlying
Derivative
    Asset Derivatives  
(Liability) Derivatives
Risk Exposure
Instrument
 
Location
     
Value
 
Location
 
Value
 
                 
Unrealized depreciation on
     
Interest rate
Swaps
          $  
interest rate swaps
  $ (3,280,639 )
 
The following table presents the swap contracts subject to netting agreements, and the collateral delivered related to those swap contracts as of the end of the reporting period.
 
                                       
Gross Amounts Not
         
                                       
Offset on the Statement
         
       
Gross
     
Gross
     
Amounts
     
Net Unrealized
     
of Assets and Liabilities
         
       
Unrealized
     
Unrealized
     
Netted on
     
Appreciation
             
Collateral
         
      Appreciation on     (Depreciation) on      
Statement
    (Depreciation) on              
Pledged
         
       
Interest
     
Interest
    of Assets and      
Interest
     
Financial
     
to (from)
     
Net
 
Fund
Counterparty
   
Rate Swaps
*    
Rate Swaps
*    
Liabilities
     
Rate Swaps
     
Instruments
**    
Counterparty
    Exposure  
AMT-Free Income (NEA)
JPMorgan
  $     $ (3,280,639 )   $     $ (3,280,639 )   $ 3,280,639     $     $  
 
* Represents gross unrealized appreciation (depreciation) for the counterparty as reported in the Fund’s Portfolio of Investments.
   
** Represent inverse floating rate securities.
 
The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on swap contracts on the Statement of Operations during the current fiscal period, and the primary underlying risk exposure.
       
Net Realized
   
Change in Net Unrealized
 
 
Underlying
Derivative
 
Gain (Loss) from
   
Appreciation (Depreciation) of
 
Fund
Risk Exposure
Instrument
 
Swaps
   
Swaps
 
AMT-Free Income (NEA)
Interest rate
Swaps
  $ (13,704,565 )   $ 6,041,394  
 
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.
 
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.
 
96
 
Nuveen Investments
 
 
 

 
 
4. Fund Shares
 
Common Share Transactions
Transactions in common shares during the Funds’ current and prior fiscal period were as follows:
 
   
Quality (NQI)
   
Opportunity (NIO)
   
Six Months
   
Year
   
Six Months
   
Year
 
   
Ended
   
Ended
   
Ended
   
Ended
 
   
4/30/15
   
10/31/14
   
4/30/15
   
10/31/14
 
Common shares:
                       
Issued to shareholders due to reinvestment of distributions
                       
Repurchased and retired
          (25,000 )            
Weighted average common share:
                               
Price per share repurchased and retired
  $     $ 12.97     $     $  
Discount per share repurchased and retired
    %     13.22 %     %     %
                                 
   
Dividend Advantage (NVG)
   
AMT-Free Income (NEA)
 
   
Six Months
   
Year
   
Six Months
   
Year
 
   
Ended
   
Ended
   
Ended
   
Ended
 
   
4/30/15
   
10/31/14
   
4/30/15
   
10/31/14
 
Common shares:
                               
Issued to shareholders due to reinvestment of distributions
                       
Repurchased through tender offer
          (2,964,170 )            
Repurchased and retired
          (109,742 )            
Weighted average common share:
                               
Price per share repurchased and retired
  $     $ 12.69     $     $  
Discount per share repurchased and retired
    %     13.86 %     %     %
 
Preferred Shares
 
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. VMTP Shares are issued via private placement and are not publicly available.
 
As of the end of the reporting period, VMTP Shares outstanding, at liquidation value, for each Fund were as follows:
 
           
Shares
 
           
Outstanding
 
           
at $100,000
 
     
Shares
   
Per Share
 
Fund
Series
 
Outstanding
   
Liquidation Value
 
Quality (NQI)
2015
    2,404     $ 240,400,000  
AMT-Free Income (NEA)
2016
    1,510     $ 151,000,000  
 
Each Fund is obligated to redeem its VMTP Shares by the date as specified in its offering document (“Term Redemption Date”), unless earlier redeemed or repurchased by the Fund. VMTP Shares are subject to optional and mandatory redemption in certain circumstances. The VMTP Shares are subject to redemption at the option of each Fund (“Optional Redemption Date”), subject to payment of premium for one year following the date of issuance (“Premium Expiration Date”), and at par thereafter. Each Fund may be obligated to redeem certain of the VMTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends. The Term Redemption Date, Optional Redemption Date and Premium Expiration Date for each Fund’s VMTP Shares are as follows:
 
   
Term
Optional
Premium
 
Fund
Series
Redemption Date
Redemption Date
Expiration Date
 
Quality (NQI)
2015
December 1, 2015
December 1, 2013
November 30, 2013
 
AMT-Free Income (NEA)
2016
December 30, 2016
January 1, 2015
December 31, 2014
 
 
Nuveen Investments
 
97
 
 
 

 
 
Notes to Financial Statements (Unaudited) (continued)
 
The average liquidation value of VMTP Shares outstanding and annualized dividend rate for each Fund during the current fiscal period were as follows:
 
         
AMT-Free
 
   
Quality
   
Income
 
   
(NQI
 
(NEA
Average liquidation value of VMTP Shares outstanding
  $ 240,400,000     $ 151,000,000  
Annualized dividend rate
    1.18%       0.98%  
 
VMTP Shares generally do not trade, and market quotations are generally not available. VMTP Shares are short-term or short/intermediate-term instruments that pay a variable dividend rate tied to a short-term index, plus an additional fixed “spread” amount established at the time of issuance. The fair value of VMTP Shares is expected to be approximately their liquidation par value so long as the fixed “spread” on the VMTP Shares remains roughly in line with the “spread” rates being demanded by investors on instruments having similar terms in the current market environment. In present market conditions, the Funds’ Adviser has determined that fair value of VMTP Shares is their liquidation value, but their fair value could vary if market conditions change materially. For financial reporting purposes, the liquidation value of VMTP Shares is a liability and is recognized as “Variable Rate MuniFund Term Preferred (“VMTP”) Shares, at liquidation value” on the Statement of Assets and Liabilities.
 
Dividends on the VMTP Shares (which are treated as interest payments for financial reporting purposes) are set weekly. Unpaid dividends on VMTP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities, when applicable. Dividends accrued on VMTP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
 
Costs incurred by the Funds in connection with each Fund’s offering of VMTP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as components of “Deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations.
 
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. VRDP Shares are issued via private placement and are not publicly available.
 
As of the end of the reporting period, the details of the Funds’ VRDP Shares outstanding were as follows:
 
               
Shares Outstanding at
     
         
Shares
   
$100,000 Per Share
     
Fund
 
Series
   
Outstanding
   
Liquidation Value
 
Maturity
 
Opportunity (NIO)
    1       6,672     $ 667,200,000  
December 1, 2040
 
Dividend Advantage (NVG)
    1       1,790     $ 179,000,000  
December 1, 2043
 
AMT-Free Income (NEA)
    1       2,190     $ 219,000,000  
June 1, 2040
 
      2       1,309     $ 130,900,000  
December 1, 2040
 
 
VRDP Shares include a liquidity feature that allows VRDP shareholders to have their shares purchased by a liquidity provider with whom each Fund has contracted in the event that purchase orders for VRDP Shares in a remarketing are not sufficient in number to be matched with the sale orders in that remarketing. Each Fund is required to redeem any VRDP Shares that are still owned by the liquidity provider after six months of continuous, unsuccessful remarketing. Opportunity (NIO) and AMT-Free Income (NEA) pays an annual remarketing fee of 0.10% on the aggregate principal amount of all VRDP Shares outstanding. Each Fund’s VRDP Shares have successfully remarketed since issuance.
 
VRDP shares in Dividend Advantage (NVG) are considered to be Special Rate Period VRDP. Special Rate Period VRDP are sold to banks with an initial special short/intermediate rate period (typically three years) with a dividend rate set at a fixed spread to a specified short-term municipal index rate calculated weekly. Weekly remarketings do not take place during the initial special rate period. After the initial special rate period, Special Rate Period VRDP Shares will revert back to traditional VRDP Shares with dividends set at weekly remarketings, with an option to sell the shares to a designated liquidity provider, unless the Board approves another special rate period.
 
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.
 
98
 
Nuveen Investments
 
 
 

 
 
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 of VRDP Shares outstanding and annualized dividend rate for each Fund during the current fiscal period were as follows:
 
         
Dividend
   
AMT-Free
 
   
Opportunity
   
Advantage
   
Income
 
   
(NIO
 
(NVG
 
(NEA
Average liquidation value of VRDP Shares outstanding
  $ 667,200,000     $ 179,000,000     $ 349,900,000  
Annualized dividend rate
    0.12%       1.03%       0.12%  
 
For financial reporting purposes, the liquidation value of VRDP Shares is a liability and is recognized as “Variable Rate Demand Preferred (“VRDP”) Shares, at liquidation value” on the Statement of Assets and Liabilities. Unpaid dividends on VRDP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities, when applicable. Dividends accrued on the VRDP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations. Costs incurred by the Funds in connection with their offerings of VRDP Shares were recorded as a deferred charge, which are being amortized over the life of the shares and are recognized as components of “Deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offerings costs” on the Statement of Operations. In addition to interest expense, Opportunity (NIO) and AMT-Free Income (NEA) also pay a per annum liquidity fee to the liquidity provider, as well as a remarketing fee, which are recognized as “Liquidity fees” and “Remarketing fees,” respectively, on the Statement of Operations.
 
Preferred Share Transactions
Transactions in preferred shares for the Funds during the Funds’ current and prior fiscal period, where applicable, are noted in the following tables.
 
Transactions in MTP Shares for the Funds, where applicable, were as follows:
 
  Year Ended
  October 31, 2014
   
NYSE/
           
   
NYSE MKT
           
Dividend Advantage (NVG)
Series
Ticker
 
Shares
   
Amount
 
MTP Shares redeemed
2014
NVG PRCCL
    (10,800,000 )   $ (108,000,000 )
AMT-Free Income (NEA)
                   
MTP Shares redeemed
2015
NEA PRCCL
    (8,300,000 )   $ (83,000,000 )
 
Transactions in VMTP Shares for the Funds, where applicable, were as follows:
 
  Year Ended
  October 31, 2014
Dividend Advantage (NVG)
Series
 
Shares
    Amount  
VMTP Shares redeemed
2014
    (925 )   $ (92,500,000 )
AMT-Free Income (NEA)
                 
VMTP Shares issued
2016
    1,510     $ 151,000,000  
VMTP Shares redeemed
2014
    (676 )     (67,600,000 )
Net increase (decrease)
      834     $ 83,400,000  
 
Transactions in VRDP Shares for the Funds, where applicable, were as follows:
    Year Ended
    October 31, 2014
Dividend Advantage (NVG)
 
Series
   
Shares
   
Amount
 
VRDP Shares issued
    1       2,010     $ 201,000,000  
VRDP Shares redeemed
    1       (220 )     (22,000,000 )
Net increase (decrease)
            1,790     $ 179,000,000  
 
Nuveen Investments
 
99
 
 
 

 
 
 
Notes to Financial Statements (Unaudited) (continued)
 
5. Investment Transactions
Long-term purchases and sales (including maturities but excluding derivative transactions, where applicable) during the current fiscal period, were as follows:
 
               
Dividend
   
AMT-Free
 
   
Quality
   
Opportunity
   
Advantage
   
Income
 
   
(NQI
 
(NIO
 
(NVG
 
(NEA
Purchases
  $ 75,410,037     $ 235,733,976     $ 60,986,624     $ 103,675,547  
Sales and maturities
    66,233,288       260,598,005       49,615,270       102,537,039  
 
6. Income Tax Information
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal income tax, and in the case of AMT-Free Income (NEA) the alternative minimum tax applicable to individuals, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.
 
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
 
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.
 
As of April 30, 2015, the cost and unrealized appreciation (depreciation) of investments (excluding investments in derivatives, where applicable), as determined on a federal income tax basis, were as follows:
 
               
Dividend
   
AMT-Free
 
   
Quality
   
Opportunity
   
Advantage
   
Income
 
   
(NQI
 
(NIO
 
(NVG
 
(NEA
Cost of investments
  $ 751,224,970     $ 1,956,137,417     $ 546,410,928     $ 1,539,108,181  
Gross unrealized:
                               
Appreciation
  $ 70,365,183     $ 176,213,740     $ 62,306,635     $ 144,650,682  
Depreciation
    (7,798,593 )     (12,563,449 )     (7,480,651 )     (21,390,074 )
Net unrealized appreciation (depreciation) of investments
  $ 62,566,590     $ 163,650,291     $ 54,825,984     $ 123,260,608  
 
Permanent differences, primarily due to federal taxes paid, taxable market discount, nondeductible offering costs, nondeductible reorganization expenses and distribution reallocations, resulted in reclassifications among the Funds’ components of common share net assets as of October 31, 2014, the Funds’ last tax year end, as follows:
 
               
Dividend
   
AMT-Free
 
   
Quality
   
Opportunity
   
Advantage
   
Income
 
   
(NQI
 
(NIO
 
(NVG
 
(NEA
Paid-in surplus
  $ (32,345 )   $ (1,623,690 )   $ (1,905,973 )   $ 280,415  
Undistributed (Over-distribution of) net investment income
    (201,904 )     (171,338 )     642,085       (984,304 )
Accumulated net realized gain (loss)
    234,249       1,795,028       1,263,888       703,889  
 
100
 
Nuveen Investments
 
 
 

 
 
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of October 31, 2014, the Funds’ last tax year end, were as follows:
 
               
Dividend
   
AMT-Free
 
   
Quality
   
Opportunity
   
Advantage
   
Income
 
   
(NQI
 
(NIO
 
(NVG
 
(NEA
Undistributed net tax-exempt income1
  $ 1,350,815     $ 18,454,663     $ 3,131,208     $ 7,688,606  
Undistributed net ordinary income2
          163,572       247,157       47,304  
Undistributed net long-term capital gains
                3,070,858        
 
1 Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on October 1, 2014, paid on November 3, 2014.
2 Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
 
The tax character of distributions paid during the Funds’ last tax year ended October 31, 2014, was designated for purposes of the dividends paid deduction as follows:
 
               
Dividend
   
AMT-Free
 
   
Quality
   
Opportunity
   
Advantage
   
Income
 
   
(NQI
 
(NIO
 
(NVG
 
(NEA
Distributions from net tax-exempt income
  $ 30,748,078     $ 84,720,554     $ 23,411,975     $ 67,281,293  
Distributions from net ordinary income2
    42,548       458,933       496,797       15,777  
Distributions from net long-term capital gains
                1,505,799        
 
2 Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
 
As of October 31, 2014, 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 shown in the following table. The losses not subject to expiration will be utilized first by a Fund.
 
               
AMT-Free
 
   
Quality
   
Opportunity
   
Income
 
   
(NQI
  (NIO  
(NEA
)3
Expiration:
                 
October 31, 2016
  $ 2,623,034     $     $ 1,977,845  
October 31, 2017
    217,918              
October 31, 2018
    322,087              
Not subject to expiration
    16,996,214       9,544,670        
Total
  $ 20,159,253     $ 9,544,670     $ 1,977,845  
 
3 A portion of AMT-Free Income’s (NEA) capital loss carryforward is subject to an annual limitation under the internal revenue code and related regulations.
 
During the Funds’ last tax year ended October 31, 2014, the following Funds utilized capital loss carryforwards as follows:
         
AMT-Free
 
   
Quality
   
Income
 
   
(NQI
 
(NEA
Utilized capital loss carryforwards
  $ 647,205     $ 3,206,099  
 
7. Management Fees and Other Transactions with Affiliates
Each Fund’s management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
 
Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual 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.
 
Nuveen Investments
 
101
 
 
 

 
 
Notes to Financial Statements (Unaudited) (continued)
 
The annual Fund-level fee, payable monthly, for each Fund is calculated according to the following schedules:
 
 
Quality (NQI)
 
Opportunity (NIO)
Average Daily Managed Assets*
Fund-Level Fee
For the first $125 million
  0.4500 %
For the next $125 million
  0.4375  
For the next $250 million
  0.4250  
For the next $500 million
  0.4125  
For the next $1 billion
  0.4000  
For the next $3 billion
  0.3875  
For managed assets over $5 billion
  0.3750  
   
 
Dividend Advantage (NVG)
 
AMT-Free Income (NEA)
Average Daily Managed Assets*
Fund-Level Fee
For the first $125 million
  0.4500 %
For the next $125 million
  0.4375  
For the next $250 million
  0.4250  
For the next $500 million
  0.4125  
For the next $1 billion
  0.4000  
For managed assets over $2 billion
  0.3750  
 
The annual complex-level fee, payable monthly, for each Fund is calculated according to the following schedule:
 
Complex-Level Managed Asset Breakpoint Level*
Effective Rate at Breakpoint Level
$55 billion
  0.2000 %
$56 billion
  0.1996  
$57 billion
  0.1989  
$60 billion
  0.1961  
$63 billion
  0.1931  
$66 billion
  0.1900  
$71 billion
  0.1851  
$76 billion
  0.1806  
$80 billion
  0.1773  
$91 billion
  0.1691  
$125 billion
  0.1599  
$200 billion
  0.1505  
$250 billion
  0.1469  
$300 billion
  0.1445  
 
* For the fund-level and complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of $2 billion added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. As of April 30, 2015, the complex-level fee rate for each Fund was 0.1635%.
 
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 has adopted a deferred compensation plan for independent directors/trustees that enables directors/trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
 
8. Subsequent Events
 
Refinancing of VMTP Shares
 
On May 19, 2015, Quality (NQI) refinanced all of its outstanding Series 2015 VMTP Shares with the issuance of new Series 2018 VMTP Shares.
 
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Additional Fund Information
 
Board of Directors/Trustees
       
William Adams IV*
Jack B. Evans
William C. Hunter
David J. Kundert
John K. Nelson
William J. Schneider
Thomas S. Schreier, Jr.*
Judith M. Stockdale
Carole E. Stone
Virginia L. Stringer
Terence J. Toth
 
           
* Interested Board Member.
         
           
 
Fund Manager
Custodian
Legal Counsel
Independent Registered
Transfer Agent and
 
Nuveen Fund Advisors, LLC
State Street Bank
Chapman and Cutler LLP
Public Accounting Firm
Shareholder Services
 
333 West Wacker Drive
& Trust Company
Chicago, IL 60603
KPMG LLP
State Street Bank
 
Chicago, IL 60606
Boston, MA 02111
 
Chicago, IL 60601
& Trust Company
 
       
Nuveen Funds
 
       
P.O. Box 43071
 
       
Providence, RI 02940-3071
 
       
(800) 257-8787
 
           
 
Quarterly Form N-Q Portfolio of Investments Information
Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC toll-free at (800) SEC-0330 for room hours and operation.
 
Nuveen Funds’ Proxy Voting Information
You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments toll free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.
 

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

 
Common Share Repurchases
Each Fund intends to repurchase, through its open-market share repurchase program, shares of its own common stock at such times and in such amounts as is deemed advisable. During the period covered by this report, each Fund repurchased shares of its common stock as shown in the accompanying table. Any future repurchases will be reported to shareholders in the next annual or semi-annual report.
 
   
NQI
   
NIO
   
NVG
   
NEA
 
Common shares repurchased
                       
 
FINRA BrokerCheck
The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org.
 
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Glossary of Terms Used in this Report
 
 
  Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have “failed,” with current holders receiving a formula-based interest rate until the next scheduled auction.
   
  Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
   
Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s or bond fund’s value to changes when market interest rates change. Generally, the longer a bond’s or fund’s duration, the more the price of the bond or fund will change as interest rates change.
   
Effective Leverage: Effective leverage is a fund’s effective economic leverage, and includes both regulatory leverage (see leverage) and the leverage effects of certain derivative investments in the fund’s portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.
   
Forward Interest Rate Swap: A contractual agreement between two counterparties under which one party agrees to make periodic payments to the other for an agreed period of time based on a fixed rate, while the other party agrees to make periodic payments based on a floating rate of interest based on an underlying index. Alternatively, both series of cash flows to be exchanged could be calculated using floating rates of interest but floating rates that are based upon different underlying indexes.
   
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. 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.
   
Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.
   
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average: Calculated using the returns of all closed-end funds in this category. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.
   
Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund’s Net Assets divided by its number of shares outstanding.
 
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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.
   
Regulatory Leverage: Regulatory leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part of a fund’s capital structure. Regulatory leverage is subject to asset coverage limits set in the Investment Company Act of 1940.
   
S&P Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade U.S. municipal bond market. Index returns assume reinvestment of distributions but do not reflect any applicable sales charges or management fees.
   
Total Investment Exposure: Total investment exposure is a fund’s assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes a fund’s use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.
   
Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. 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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Reinvest Automatically, Easily and Conveniently
 
Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account. 

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

 
 
Notes
 
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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 $233 billion as of March 31, 2015.
 

Find out how we can help you.
 
To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
 
Learn more about Nuveen Funds at: www.nuveen.com/cef
 
Distributed by Nuveen Investments, LLC | 333 West Wacker Drive | Chicago, IL 60606 | www.nuveen.com
  
ESA-D-0415D 8577-INV-B-06/16

 
 

 
 
ITEM 2. CODE OF ETHICS.

Not applicable to this filing.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable to this filing.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable to this filing.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to this filing.

ITEM 6. SCHEDULE OF INVESTMENTS.

(a) See Portfolio of Investments in Item 1.

(b) Not applicable.

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

Not applicable to this filing.

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

Not applicable to this filing.

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

Not applicable.

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

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

ITEM 12. EXHIBITS.

File the exhibits listed below as part of this Form.

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

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

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

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


 
 

 
 
SIGNATURES

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

(Registrant) Nuveen AMT-Free Municipal Income Fund

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

Date: July 8, 2015
 
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 8, 2015
 
By (Signature and Title) /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller
 (principal financial officer)

Date: July 8, 2015