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 |
4
|
Nuveen Investments
|
Nuveen Investments
|
|
5 |
6
|
Nuveen Investments
|
Nuveen Investments
|
|
7 |
8
|
Nuveen Investments
|
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. |
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 |
Nuveen Investments
|
|
9 |
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. |
10
|
Nuveen Investments
|
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 |
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
|
|
11 |
12
|
Nuveen Investments
|
NQI | |
Nuveen Quality Municipal Fund, Inc. | |
Performance Overview and Holding Summaries 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%
|
Nuveen Investments
|
|
13 |
NQI | Performance Overview and Holding Summaries as of April 30, 2015 (continued) |
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 |
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%
|
Nuveen Investments
|
|
15 |
NIO | Performance Overview and Holding Summaries as of April 30, 2015 (continued) |
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 |
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%
|
Nuveen Investments
|
|
17 |
NVG | Performance Overview and Holding Summaries as of April 30, 2015 (continued) |
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 |
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%
|
Nuveen Investments
|
|
19 |
NEA | Performance Overview and Holding Summaries as of April 30, 2015 (continued) |
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%
|
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.
|
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.
|
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
|
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
|
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
|
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
|
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
|
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
|
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
|
Nuveen Investments
|
83
|
Financial | |
Highlights (Unaudited)
|
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.
|
Nuveen Investments
|
85
|
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.
|
Nuveen Investments
|
87
|
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.
|
Nuveen Investments
|
89
|
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
|
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
|
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. |
92
|
|
Nuveen Investments
|
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 | ) |
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 |
(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. |
Nuveen Investments
|
93
|
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% |
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 |
94
|
|
Nuveen Investments
|
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 |
Nuveen Investments
|
95
|
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. |
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 | ) |
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. |
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 |
96
|
|
Nuveen Investments
|
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 | % | — | % | — | % |
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 |
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
|
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% |
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
|
98
|
|
Nuveen Investments
|
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% |
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 | ) |
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 |
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)
|
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 |
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 |
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
|
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. |
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. |
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. |
AMT-Free
|
||||||||
Quality
|
Income
|
|||||||
(NQI
|
) |
(NEA
|
) | |||||
Utilized capital loss carryforwards
|
$ | 647,205 | $ | 3,206,099 |
Nuveen Investments
|
101
|
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 |
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%. |
102
|
|
Nuveen Investments
|
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
|
|||||
NQI
|
NIO
|
NVG
|
NEA
|
|||||||||||||
Common shares repurchased
|
— | — | — | — |
Nuveen Investments
|
103
|
■ | 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. |
104
|
|
Nuveen Investments
|
■ | 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. |
Nuveen Investments
|
105
|
106
|
|
Nuveen Investments
|
Nuveen Investments
|
107
|
Distributed by Nuveen Investments, LLC | 333 West Wacker Drive | Chicago, IL 60606 | www.nuveen.com |
(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.
|
(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.
|