UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-09475
Nuveen Dividend Advantage Municipal Income Fund
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Address of principal executive offices) (Zip code)
Kevin J. McCarthy
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Name and address of agent for service)
Registrant's telephone number, including area code: (312) 917-7700
Date of fiscal year end: October 31
Date of reporting period: April 30, 2015
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
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Table of Contents
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Chairman’s Letter to Shareholders
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4
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Portfolio Managers’ Comments
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5
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Fund Leverage
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9
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Common Share Information
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10
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Risk Considerations
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12
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Performance Overview and Holding Summaries
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13
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Portfolios of Investments
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21
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Statement of Assets and Liabilities
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79
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Statement of Operations
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80
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Statement of Changes in Net Assets
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81
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Statement of Cash Flows
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83
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Financial Highlights
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84
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Notes to Financial Statements
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90
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Additional Fund Information
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103
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Glossary of Terms Used in this Report
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104
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Reinvest Automatically, Easily and Conveniently
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106
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Nuveen Investments
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3 |
Chairman’s Letter to Shareholders
Dear Shareholders,
A pattern of divergence has emerged in the past year. Steady and moderate growth in the U.S. economy helped sustain the stock market’s bull run another year. U.S. bonds also performed well, amid subdued inflation, interest rates that remained unexpectedly low and concerns about the economic well-being of the rest of the world. The stronger domestic economy enabled the U.S. Federal Reserve (Fed) to gradually reduce its large scale bond purchases, known as quanti-tative easing (QE), without disruption to the markets, as well as beginning to set expectations for a transition into tightening mode.
The economic story outside the U.S. continues to improve. Despite the drama over Greece’s debt negotiations, the European economy appears to be stabilizing. Japan is on a moderate recovery path as it emerged from recession late last quarter. China’s economy decelerated and, despite running well above the rate of other major global economies, investors feared it looked slow by China’s standards. Some areas of concern were a surprisingly steep decline in oil prices, the U.S. dollar’s rally and an increase in geopolitical tensions, including the Russia-Ukraine crisis and terrorist attacks across the Middle East and Africa, as well as more recently in Europe.
While a backdrop of healthy economic growth in the U.S. and the continuation of accommoda-tive monetary policy (with the central banks of Japan and Europe stepping in where the Fed has left off) bodes well for the markets, the global outlook has become more uncertain. Indeed, volatility is likely to feature more prominently in the investment landscape going forward. Such conditions underscore the importance of professional investment management. Experienced investment teams have weathered the market’s ups and downs in the past and emerged with a better understanding of the sensitivities of their asset class and investment style, particularly in times of turbulence. We recognize the importance of maximizing gains, while striving to minimize volatility.
And, the same is true for investors like you. Maintaining an appropriate time horizon, diversifica-tion and relying on practiced investment teams are among your best strategies for achieving your long-term investment objectives. Additionally, I encourage you to communicate with your financial consultant if you have questions about your investment in a Nuveen Fund. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
William J. Schneider
Chairman of the Board
June 22, 2015
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4
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Nuveen Investments
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Portfolio Managers’ Comments
Nuveen Quality Municipal Fund, Inc. (NQI)
Nuveen Municipal Opportunity Fund, Inc. (NIO)
Nuveen Dividend Advantage Municipal Income Fund (NVG)
Nuveen AMT-Free Municipal Income Fund (NEA)
These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments, Inc. Portfolio managers Douglas J. White, CFA, and Paul L. Brennan, CFA, discuss key investment strategies and the six-month performance of these four Funds. Douglas assumed portfolio management responsibility for NQI in 2011 and Paul has managed NIO, NVG and NEA since 2006.
What key strategies were used to manage these Funds during the six-month reporting period ended April 30, 2015?
A backdrop of supportive technical and fundamental factors helped the municipal market rally in the first half of the reporting period. However, conditions turned more volatile in the second three months. Disappointing economic data, uncertainty about the timeline for the Federal Reserve’s first rate increase, an oversupply of new issuance and seasonal weakness due to tax loss selling led to greater price fluctuations within the municipal market in early 2015. In this environment, interest rates fell through January then plodded upward, ending the reporting period at nearly the same level where they began. Municipal bond prices were up modestly for the overall six-month reporting period. We continued to take a bottom-up approach to identifying sectors that appeared undervalued as well as individual credits that had the potential to perform well over the long term and helped keep the Funds fully invested.
Much of our trading activity during the reporting period was focused on reinvesting the cash from called bonds. The decline in municipal yields and the flattening of the municipal yield curve relative to the Treasury curve helped to make refunding deals more attractive and we saw an increase in this activity during the reporting period, as bond issuers sought to lower costs through refinancings.
In NQI, we maintained our focus on purchasing bonds in areas of the market that we expect to perform well as the economy continues to improve, as well as other sectors that offered attractively priced issues. Specifically, we added tollroad bonds in Texas and California; a sales tax revenue credit in Missouri; health care issues in Missouri, Wisconsin and Michigan; higher education and charter school credits in Texas and Florida; and tobacco settlement bonds in California and Rhode Island. The tobacco settlement bonds in Rhode Island were then sold later in the reporting period.
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc. (Fitch) Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers’ ability to meet their commitments.
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
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Nuveen Investments
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Portfolio Managers’ Comments (continued)
NIO, NVG and NEA maintained their overall positioning strategies throughout the course of the reporting period, namely a bias toward longer maturity and lower credit quality bonds. Additions to these Funds’ portfolios were primarily in the transportation and health care sectors. We bought toll road bonds issued for the Central Texas Turnpike and North Texas Tollway Authority and an airport bond for the New Orleans Aviation Board. The health care sector has been an attractive source of ideas for us and has continued to be an overweight position in the Funds. The advent of the Affordable Health Care Act has encouraged health care providers to increase the scale of their businesses through affiliations and consolidations. While the three Funds’ general sector and credit quality positioning was largely unchanged during this reporting period, we have become more selective at the individual issue level. As investor demand for municipal securities has increased and created a slight supply-demand imbalance, we’ve started to see underwriters bring new issues to market that are structured with terms more favorable to the issuer and perhaps less advantageous to the investor than in the recent past. We believe this shift in the marketplace merits extra vigilance on our part to ensure that every credit considered for the portfolio offers adequate reward potential for the level of risk to the bondholder. In cases where our convictions have been less certain, we’ve sought compensation for the additional risk or have passed on the deal all together.
Cash for purchases was generated primarily by proceeds from called and matured bonds, which we worked to redeploy to keep the Funds fully invested and support their income streams. NQI also sold some of its high quality, short maturity holdings, typically general obligation (GO) and pre-refunded bonds, which we prefer to hold over shorter time horizons because they offer less income.
As of April 30, 2015, all of these Funds continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management and income and total return enhancement. As part of our duration management strategies, NEA also added a forward interest rate swap to reduce price volatility risk to movements in U.S. interest rates relative to the Fund’s benchmark.
How did the Funds perform during the six-month reporting period ended April 30, 2015?
The tables in each Fund’s Performance Overview and Holding Summaries section of this report provide the Funds’ total returns for the six-month, one-year, five-year and ten-year periods ended April 30, 2015. Each Fund’s total returns at common share net asset value (NAV) are compared with the performance of a corresponding market index and Lipper classification average.
For the six months ended April 30, 2015, the total returns on common share NAV for all four of these Funds exceeded the return for the national S&P Municipal Bond Index. For the same period, the Funds underperformed the average return for the Lipper General and Insured Leveraged Municipal Debt Funds Classification Average.
Key management factors that influenced the Funds’ returns included duration and yield curve positioning, credit exposure and sector allocation. Keeping the Funds fully invested throughout the reporting period was also beneficial for performance. In addition, the use of regulatory leverage was an important positive factor affecting the Funds’ performance. Leverage is discussed in more detail later in the Fund Leverage section of this report.
In this reporting period, municipal bonds with intermediate and longer maturities generally outperformed those with shorter maturities. In general, the Funds’ durations and yield curve positioning were positive for performance. Consistent with our long term strategy, these Funds tended to have longer durations than the municipal market in general, with overweightings in the longer parts of the yield curve that performed well and underweightings in the underperforming shorter end of the curve. This was especially true in NQI and NVG, where greater sensitivity to changes in interest rates benefited their performance. NQI’s most advantageous
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6
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Nuveen Investments
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positioning was in bonds with maturities 20 years and up. An overweight allocation in these longer-dated maturities was a key positive contributor to NQI’s performance. As noted previously, in NEA we added a forward interest rate swap during this reporting period to reduce the Fund’s duration, which had exceeded its target. As interest rates declined during the reporting period, the swap resulted in NEA having one of the shortest durations among these Funds as of the end of this reporting period and this detracted from its performance. Overall, duration and yield curve positioning were the major drivers of performance and differences in positioning accounted for much of the differences in performance.
During this reporting period, lower rated bonds generally outperformed higher quality bonds, as the municipal market rally continued and investors became more willing to accept risk. These Funds tended to have overweights in A rated and BBB rated bonds and underweights in the AAA rated and AA rated categories relative to their benchmark and credit exposure was generally positive for their performance. As with duration, differences in credit allocation accounted for some of the differences in performance.
Among the municipal market sectors, tobacco, health care (especially hospitals), industrial development revenue (IDR) and transportation (especially toll roads) were some of the top-performing groups during this reporting period. Tobacco bonds performed well due to their lower credit quality and the broader demand for higher yields. Health care, IDR and transportation bonds also benefited from investor demand for lower rated credits, as well as generally improving credit fundamentals across these sectors. NQI’s overweight exposures to health care, utilities and dedicated tax bonds were particularly advantageous to performance, as were allocations in the water and sewer, and transportation sectors. Detracting slightly from NQI’s results was an overweight allocation to the pre-refunded sector, one of the weakest-performing segments in the municipal market. Pre-refunded bonds fared poorly in this reporting period because of their generally high quality credit ratings and short maturities. The performance of NIO, NVG and NEA was largely driven by the Funds’ allocations to the tobacco settlement, health care, transportation, utilities and the IDR sectors. However, relative gains were somewhat offset by weak performance from the three Funds’ exposures to the pre-refunded and tax obligation sectors. Although the tax-supported sectors encompass a wide range of credit ratings, the underperformance of higher quality issues has been one of the main reasons the tax-supported sectors have tended to lag revenue sectors.
Furthermore, for NQI, individual credit selection was a significant contributor to performance during this reporting period. Our picks in water and sewer revenue bonds were especially strong relative performers. Dedicated tax bonds, including sales tax and property tax-based credits also generated relative gains for the Fund. Finally, NQI’s selections in the not rated category outperformed those of the benchmark, with a number of life care and IDR issues adding value. Also during this reporting period, Moody’s upgraded Harris County-Houston Sports Authority bonds following a successful restructuring in November 2014. Both NIO and NEA held the bonds in their portfolios.
As noted in the previous Shareholder Fund Report, we continue to monitor two situations in the broader municipal market for any impact on the Funds’ holdings and performance: the ongoing economic problems of Puerto Rico and the City of Detroit’s bankruptcy case. In terms of Puerto Rico holdings, shareholders should note that NIO, NVG and NEA had limited exposure to Puerto Rico debt, 0.39%, 0.44% and 1.43%, respectively, Puerto Rico debt during this reporting period, with NQI selling the last of its Puerto Rico bonds during the summer of 2014. The Puerto Rico credits offered higher yields, added diversification and triple exemption (i.e., exemption from most federal, state and local taxes). However, Puerto Rico’s continued economic weakening, escalating debt service obligations, and long-standing inability to deliver a balanced budget led to multiple downgrades on its debt over the past two years. Puerto Rico general obligation debt is rated Caa2/CCC+/B (below investment grade) by Moody’s, S&P and Fitch, respectively, with negative outlooks.
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Nuveen Investments
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Portfolio Managers’ Comments (continued)
On February 6, 2015, a federal court found Puerto Rico’s Recovery Act to be unconstitutional. Though the Commonwealth is pursuing an appeal of the ruling, the outcome is uncertain. Puerto Rico’s non-voting Representative in Congress recently introduced legislation that would make chapter 9 bankruptcy available to the Commonwealth’s public corporations. A congressional committee hearing was held on February 26, 2015, but the bill has not advanced out of committee.
In light of the evolving economic situation in Puerto Rico, Nuveen’s credit analysis of the Commonwealth had previously considered the possibility of a default and restructuring of public corporations and we adjusted our portfolios to prepare for such an outcome, although no such default or restructuring has occurred to date. The Nuveen complex’s entire exposure to obligations of the government of Puerto Rico and other Puerto Rico issuers totaled 0.33% of assets under management as of April 30, 2015. As of April 30, 2015, the Funds’ limited exposure to Puerto Rico generally was invested in bonds that were insured, pre-refunded (and therefore backed by securities such as U.S. Treasuries), or tobacco settlement bonds. Overall, the small size of our exposures meant that our Puerto Rico holdings had a negligible impact on performance.
The second situation that we continued to monitor was the City of Detroit’s filing for chapter 9 in federal bankruptcy court in July 2013. Burdened by decades of population loss, changes in the auto manufacturing industry and significant tax base deterioration, Detroit had been under severe financial stress for an extended period prior to the filing. Before Detroit could exit bankruptcy, issues surrounding the city’s complex debt portfolio, numerous union contracts, significant legal questions and more than 100,000 creditors had to be resolved. By October 2014, all of the major creditors had reached an agreement on the city’s plan to restructure its $18.5 billion of debt and emerge from bankruptcy on November 7, 2014. The U.S. Bankruptcy Court approved the city’s bankruptcy exit plan, thereby erasing approximately $7 billion in debt. The settlement plan also provided for $1.7 billion to be reinvested in the city for improved public safety, blight removal and upgraded basic services.
In August 2014, Detroit announced a tender offer for the city’s water and sewer bonds, aimed at replacing some of the $5.2 billion of existing debt with lower cost bonds. Approximately $1.5 billion in existing water and sewer bonds were returned to the city by investors under the tender offer, which enabled Detroit to issue new water and sewer bonds, resulting in savings of $250 million over the life of the bonds. The city also raised about $150 million to finance sewer system improvements. As part of the deal, Detroit water and sewer bonds also were permanently removed from the city’s bankruptcy case, which led to a rally in the bonds’ price. NIO, NVG and NEA continued to hold Detroit water and sewer bonds, and the small position sizes had an insignificant impact on performance. NQI had no exposure to Detroit during this reporting period.
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8
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Nuveen Investments
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Fund Leverage
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
One important factor impacting the returns of the Funds relative to their comparative benchmarks was the Funds’ use of leverage through their issuance of preferred shares and/or investments in inverse floating rate securities, which represent leveraged investments in underlying bonds. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income, particularly in the recent market environment where short-term market rates are at or near historical lows, meaning that the short-term rates the Fund has been paying on its leveraging instruments have been much lower than the interest the Fund has been earning on its portfolio of long-term bonds that it has bought with the proceeds of that leverage. However, use of leverage also can expose the Fund to additional price volatility. When a Fund uses leverage, the Fund will experience a greater increase in its net asset value if the municipal bonds acquired through the use of leverage increase in value, but it will also experience a correspondingly larger decline in its net asset value if the bonds acquired through leverage decline in value, which will make the Fund’s net asset value more volatile, and its total return performance more variable over time. In addition, income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. Leverage made a positive contribution to the performance of these Funds over this reporting period.
As of April 30, 2015, the Funds’ percentages of leverage are as shown in the accompanying table.
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NQI
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NIO
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NVG
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NEA
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Effective Leverage*
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35.82%
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37.17%
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35.69%
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35.65%
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Regulatory Leverage*
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29.39%
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30.82%
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29.37%
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29.82%
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| * | Effective Leverage is a Fund’s effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund’s portfolio that increase the Fund’s investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage. Regulatory leverage consists of preferred shares issued or borrowings of a Fund. Both of these are part of a Fund’s capital structure. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940. |
THE FUNDS’ REGULATORY LEVERAGE
As of April 30, 2015, the Funds have issued and outstanding Variable Rate MuniFund Term Preferred (VMTP) Shares and Variable Rate Demand Preferred (VRDP) Shares as shown in the accompanying table.
| VMTP Shares |
VRDP Shares
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Shares Issued at
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Shares Issued at
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Fund
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Series
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Liquidation Value
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Series
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Liquidation Value
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Total
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NQI
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2015
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$ | 240,400,000 | — | — | $ | 240,000,000 | |||||||||||||
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NIO
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— | — | 1 | $ | 667,200,000 | $ | 667,200,000 | |||||||||||||
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NVG
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— | — | 1 | $ | 179,000,000 | $ | 179,000,000 | |||||||||||||
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NEA
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2016 | $ | 151,000,000 | 1 | $ | 219,000,000 | ||||||||||||||
| 2 | $ | 130,900,000 | ||||||||||||||||||
| $ | 151,000,000 | $ | 349,900,000 | $ | 500,900,000 | |||||||||||||||
Refer to Notes to Financial Statements, Note 4 – Fund Shares, Preferred Shares for further details on VMTP and VRDP Shares and each Fund’s respective transactions.
Subsequent to the close of this reporting period, NQI refinanced all of its outstanding VMTP Shares with the issuance of new VMTP Shares.
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Nuveen Investments
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Common Share Information
COMMON SHARE DISTRIBUTION INFORMATION
The following information regarding the Funds’ distributions is current as of April 30, 2015. Each Fund’s distribution levels may vary over time based on each Fund’s investment activity and portfolio investments value changes.
During the current reporting period, each Fund’s distributions to common shareholders were as shown in the accompanying table.
| Per Common Share Amounts | ||||||||||||||||
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Ex-Dividend Date
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NQI |
NIO
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NVG
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NEA
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November 2014
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$ | 0.0550 | $ | 0.0730 | $ | 0.0610 | $ | 0.0685 | ||||||||
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December
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0.0550 | 0.0730 | 0.0610 | 0.0685 | ||||||||||||
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January
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0.0550 | 0.0730 | 0.0610 | 0.0685 | ||||||||||||
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February
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0.0550 | 0.0730 | 0.0610 | 0.0685 | ||||||||||||
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March
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0.0550 | 0.0730 | 0.0610 | 0.0685 | ||||||||||||
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April 2015
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0.0550 | 0.0730 | 0.0610 | 0.0685 | ||||||||||||
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Long-Term Capital Gain*
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$ | — | $ | — | $ | 0.1020 | $ | — | ||||||||
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Ordinary Income Distribution*
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$ | — | $ | 0.0017 | $ | 0.0082 | $ | 0.0006 | ||||||||
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Market Yield**
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4.98 | % | 6.01 | % | 5.09 | % | 5.87 | % | ||||||||
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Taxable-Equivalent Yield**
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6.92 | % | 8.35 | % | 7.07 | % | 8.15 | % | ||||||||
| * | Distribution paid in December 2014. |
| ** | Market Yield is based on the Fund’s current annualized monthly dividend divided by the Fund’s current market price as of the end of the reporting period. Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28.0%. When comparing a Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. |
Each Fund in this report seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it will hold the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s net asset value. Conversely, if a Fund has cumulatively paid in dividends more than it has earned, the excess will constitute a negative UNII that will likewise be reflected in the Fund’s net asset value. Each Fund will, over time, pay all its net investment income as dividends to shareholders.
As of April 30, 2015, the Funds had positive UNII balances, based upon our best estimate, for tax purposes and positive UNII balances for financial reporting purposes.
All monthly dividends paid by the Funds during the current reporting period, were paid from net investment income. If a portion of the Fund’s monthly distributions was sourced from or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders would have received a notice to that effect. For financial reporting purposes, the composition and per share amounts of each Fund’s dividends for the reporting period are presented in this report’s Statement of Changes in Net Assets and Financial Highlights, respectively. For income tax purposes, distribution information for each Fund as of its most recent tax year end is presented in Note 6 — Income Tax Information within the Notes to Financial Statements of this report.
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Nuveen Investments
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COMMON SHARE REPURCHASES
During August 2014, the Funds’ Board of Directors/Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding shares.
As of April 30, 2015, and since the inception of the Funds’ repurchase programs, the Funds have cumulatively repurchased and retired their outstanding common shares as shown in the accompanying table.
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NQI
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NIO
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NVG
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NEA
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Common Shares Cumulatively Repurchased and Retired
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25,000 | 2,900 | 185,000 | 19,300 | ||||||||||||
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Common Shares Authorized for Repurchase
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3,845,000 | 9,560,000 | 2,965,000 | 7,890,000 | ||||||||||||
During the current reporting period, the Funds did not repurchase any of their outstanding common shares.
OTHER COMMON SHARE INFORMATION
As of April 30, 2015, and during the current reporting period, the Funds’ common share prices were trading at a premium/(discount) to their common share NAVs as shown in the accompanying table.
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NQI
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NIO
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NVG
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NEA
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Common Share NAV
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$ | 15.03 | $ | 15.67 | $ | 16.15 | $ | 14.94 | ||||||||
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Common Share Price
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$ | 13.24 | $ | 14.58 | $ | 14.37 | $ | 14.00 | ||||||||
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Premium/(Discount) to NAV
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(11.91 | )% | (6.96 | )% | (11.02 | )% | (6.29 | )% | ||||||||
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6-Month Average Premium/(Discount) to NAV
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(12.54 | )% | (8.25 | )% | (12.35 | )% | (8.89 | )% | ||||||||
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Nuveen Investments
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11 |
Risk Considerations
Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation. Past performance is no guarantee of future results. Fund common shares are subject to a variety of risks, including:
Investment, Market and Price Risk. An investment in common shares is subject to investment risk, including the possible loss of the entire principal amount that you invest. Your investment in common shares represents an indirect investment in the municipal securities owned by the Funds, which generally trade in the over-the-counter markets. Shares of closed-end investment companies like these Funds frequently trade at a discount to their net asset value (NAV). Your common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.
Tax Risk. The tax treatment of Fund distributions may be affected by new IRS interpretations of the Internal Revenue Code and future changes in tax laws and regulations.
Leverage Risk. Each Fund’s use of leverage creates the possibility of higher volatility for the Fund’s per share NAV, market price, distributions and returns. There is no assurance that a Fund’s leveraging strategy will be successful. Certain aspects of the recently adopted Volcker Rule may limit the availability of tender option bonds, which are used by the Funds for leveraging and duration management purposes. The effects of this new Rule, expected to take effect in mid-2015, may make it more difficult for a Fund to maintain current or desired levels of leverage and may cause the Fund to incur additional expenses to maintain its leverage.
Inverse Floater Risk. The Funds may invest in inverse floaters. Due to their leveraged nature, these investments can greatly increase a Fund’s exposure to interest rate risk and credit risk. In addition, investments in inverse floaters involve the risk that the Fund could lose more than its original principal investment.
Issuer Credit Risk. This is the risk that a security in a Fund’s portfolio will fail to make dividend or interest payments when due.
Interest Rate Risk. Fixed-income securities such as bonds, preferred, convertible and other debt securities will decline in value if market interest rates rise.
Reinvestment Risk. If market interest rates decline, income earned from a Fund’s portfolio may be reinvested at rates below that of the original bond that generated the income.
Call Risk or Prepayment Risk. Issuers may exercise their option to prepay principal earlier than scheduled, forcing a Fund to reinvest in lower-yielding securities.
Derivatives Risk. The Funds may use derivative instruments which involve a high degree of financial risk, including the risk that the loss on a derivative may be greater than the principal amount invested.
Municipal Bond Market Liquidity Risk. Inventories of municipal bonds held by brokers and dealers have decreased in recent years, lessening their ability to make a market in these securities. This reduction in market making capacity has the potential to decrease a Fund’s ability to buy or sell bonds, and increase bond price volatility and trading costs, particularly during periods of economic or market stress. In addition, recent federal banking regulations may cause certain dealers to reduce their inventories of municipal bonds, which may further decrease a Fund’s ability to buy or sell bonds. As a result, the Fund may be forced to accept a lower price to sell a security, to sell other securities to raise cash, or to give up an investment opportunity, any of which could have a negative effect on performance. If the Fund needed to sell large blocks of bonds, those sales could further reduce the bonds’ prices and hurt performance.
|
12
|
Nuveen Investments
|
| NQI | |
| Nuveen Quality Municipal Fund, Inc. | |
| Performance Overview and Holding Summaries as of April 30, 2015 |
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of April 30, 2015
|
Cumulative
|
Average Annual | |||||
|
6-Month
|
1-Year
|
5-Year
|
10-Year
|
|||
|
NQI at Common Share NAV
|
1.78%
|
8.20%
|
7.31%
|
5.31%
|
||
|
NQI at Common Share Price
|
3.03%
|
7.17%
|
4.65%
|
4.31%
|
||
|
S&P Municipal Bond Index
|
1.27%
|
4.86%
|
4.92%
|
4.63%
|
||
|
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average
|
2.40%
|
9.96%
|
8.36%
|
6.11%
|
||
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
|
Nuveen Investments
|
|
13 |
| NQI | Performance Overview and Holding Summaries as of April 30, 2015 (continued) |
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
|
Fund Allocation
|
|
|
(% of net assets)
|
|
|
Long-Term Municipal Bonds
|
146.1%
|
|
Corporate Bonds
|
0.0%
|
|
Other Assets Less Liabilities
|
0.7%
|
|
Net Assets Plus Floating Rate Obligations & VMTP Shares, at Liquidation Value
|
(146.8)%
|
|
Floating Rate Obligations
|
(5.2)%
|
|
VMTP Shares, at Liquidation Value
|
(41.6)%
|
|
Net Assets
|
100%
|
|
Credit Quality
|
|
|
(% of total investment exposure)
|
|
|
AAA/U.S. Guaranteed
|
19.9%
|
|
AA
|
46.3%
|
|
A
|
23.4%
|
|
BBB
|
5.9%
|
|
BB or Lower
|
2.6%
|
|
N/R (not rated)
|
1.9%
|
|
Total
|
100%
|
|
Portfolio Composition
|
|
|
(% of total investments)
|
|
|
Tax Obligation/Limited
|
21.7%
|
|
Health Care
|
16.1%
|
|
Transportation
|
14.7%
|
|
Tax Obligation/General
|
10.4%
|
|
U.S. Guaranteed
|
10.0%
|
|
Water and Sewer
|
7.2%
|
|
Utilities
|
6.5%
|
|
Other
|
13.4%
|
|
Total
|
100%
|
|
States and Territories
|
|
|
(% of total municipal bonds)
|
|
|
Texas
|
10.6%
|
|
California
|
9.3%
|
|
Florida
|
8.2%
|
|
Illinois
|
7.5%
|
|
Arizona
|
7.2%
|
|
Pennsylvania
|
6.3%
|
|
Washington
|
5.8%
|
|
Colorado
|
4.9%
|
|
Wisconsin
|
4.1%
|
|
Louisiana
|
3.7%
|
|
Ohio
|
3.6%
|
|
Michigan
|
2.8%
|
|
Indiana
|
2.7%
|
|
New York
|
2.7%
|
|
Massachusetts
|
2.5%
|
|
Other
|
18.1%
|
|
Total
|
100%
|
|
14
|
Nuveen Investments
|
| NIO | |
| Nuveen Municipal Opportunity Fund, Inc. | |
| Performance Overview and Holding Summaries as of April 30, 2015 |
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of April 30, 2015
|
Cumulative
|
Average Annual | |||||
|
6-Month
|
1-Year
|
5-Year
|
10-Year
|
|||
|
NIO at Common Share NAV
|
2.35%
|
9.15%
|
7.56%
|
5.58%
|
||
|
NIO at Common Share Price
|
3.04%
|
10.19%
|
7.22%
|
5.82%
|
||
|
S&P Municipal Bond Index
|
1.27%
|
4.86%
|
4.92%
|
4.63%
|
||
|
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average
|
2.40%
|
9.96%
|
8.36%
|
6.11%
|
||
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
|
Nuveen Investments
|
|
15 |
| NIO | Performance Overview and Holding Summaries as of April 30, 2015 (continued) |
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
|
Fund Allocation
|
|
|
(% of net assets)
|
|
|
Long-Term Municipal Bonds
|
147.2%
|
|
Corporate Bonds
|
0.0%
|
|
Other Assets Less Liabilities
|
3.0%
|
|
Net Assets Plus Floating Rate Obligations & VRDP Shares, at Liquidation Value
|
(150.2)%
|
|
Floating Rate Obligations
|
(5.7)%
|
|
VRDP Shares, at Liquidation Value
|
(44.5)%
|
|
Net Assets
|
100%
|
|
Credit Quality
|
|
|
(% of total investment exposure)
|
|
|
AAA/U.S. Guaranteed
|
22.3%
|
|
AA
|
46.2%
|
|
A
|
19.7%
|
|
BBB
|
6.1%
|
|
BB or Lower
|
4.1%
|
|
N/R (not rated)
|
1.6%
|
|
Total
|
100%
|
|
Portfolio Composition
|
|
|
(% of total investments)
|
|
|
Tax Obligation/Limited
|
18.6%
|
|
Health Care
|
17.3%
|
|
Transportation
|
15.7%
|
|
U.S. Guaranteed
|
12.7%
|
|
Utilities
|
9.5%
|
|
Water and Sewer
|
8.9%
|
|
Tax Obligation/General
|
8.2%
|
|
Other
|
9.1%
|
|
Total
|
100%
|
|
States and Territories
|
|
|
(% of total municipal bonds)
|
|
|
California
|
11.3%
|
|
Florida
|
9.3%
|
|
Illinois
|
8.0%
|
|
Texas
|
5.8%
|
|
Washington
|
5.6%
|
|
Indiana
|
5.3%
|
|
Ohio
|
5.3%
|
|
New York
|
4.3%
|
|
South Carolina
|
4.1%
|
|
Pennsylvania
|
3.7%
|
|
Colorado
|
3.1%
|
|
Nebraska
|
2.9%
|
|
New Jersey
|
2.4%
|
|
Louisiana
|
2.4%
|
|
Arizona
|
2.1%
|
|
Massachusetts
|
2.0%
|
|
Michigan
|
1.8%
|
|
Kentucky
|
1.7%
|
|
Other
|
18.9%
|
|
Total
|
100%
|
|
16
|
Nuveen Investments
|
| NVG | |
| Nuveen Dividend Advantage Municipal Income Fund | |
| Performance Overview and Holding Summaries as of April 30, 2015 |
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of April 30, 2015
|
Cumulative
|
Average Annual | |||||
|
6-Month
|
1-Year
|
5-Year
|
10-Year
|
|||
|
NVG at Common Share NAV
|
2.32%
|
9.64%
|
7.35%
|
5.91%
|
||
|
NVG at Common Share Price
|
5.05%
|
10.39%
|
5.95%
|
6.03%
|
||
|
S&P Municipal Bond Index
|
1.27%
|
4.86%
|
4.92%
|
4.63%
|
||
|
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average
|
2.40%
|
9.96%
|
8.36%
|
6.11%
|
||
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
|
Nuveen Investments
|
|
17 |
| NVG | Performance Overview and Holding Summaries as of April 30, 2015 (continued) |
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
|
Fund Allocation
|
|
|
(% of net assets)
|
|
|
Long-Term Municipal Bonds
|
143.6%
|
|
Investment Companies
|
0.3%
|
|
Other Assets Less Liabilities
|
1.9%
|
|
Net Assets Plus Floating Rate Obligations & VRDP Shares, at Liquidation Value
|
(145.8)%
|
|
Floating Rate Obligations
|
(4.2)%
|
|
VRDP Shares, at Liquidation Value
|
(41.6)%
|
|
Net Assets
|
100%
|
|
Credit Quality
|
|
|
(% of total investment exposure)
|
|
|
AAA/U.S. Guaranteed
|
32.0%
|
|
AA
|
38.4%
|
|
A
|
14.3%
|
|
BBB
|
9.9%
|
|
BB or Lower
|
4.3%
|
|
N/R (not rated)
|
0.9%
|
|
N/A (not applicable)
|
0.2%
|
|
Total
|
100%
|
|
Portfolio Composition
|
|
|
(% of total investments)
|
|
|
Tax Obligation/Limited
|
18.0%
|
|
U.S. Guaranteed
|
17.3%
|
|
Health Care
|
17.2%
|
|
Transportation
|
12.7%
|
|
Tax Obligation/General
|
10.1%
|
|
Education and Civic Organizations
|
7.3%
|
|
Utilities
|
5.9%
|
|
Other
|
11.5%
|
|
Total
|
100%
|
|
States and Territories
|
|
|
(% of total municipal bonds)
|
|
|
California
|
13.5%
|
|
Illinois
|
8.9%
|
|
Texas
|
7.8%
|
|
Washington
|
6.4%
|
|
Colorado
|
4.9%
|
|
Indiana
|
4.5%
|
|
Florida
|
4.5%
|
|
Louisiana
|
4.3%
|
|
Georgia
|
3.8%
|
|
Pennsylvania
|
3.8%
|
|
New York
|
3.5%
|
|
Ohio
|
2.9%
|
|
Massachusetts
|
2.4%
|
|
Michigan
|
2.4%
|
|
Utah
|
2.2%
|
|
Nebraska
|
2.1%
|
|
Wisconsin
|
2.0%
|
|
Nevada
|
1.9%
|
|
Other
|
18.2%
|
|
Total
|
100%
|
|
18
|
Nuveen Investments
|
| NEA | |
| Nuveen AMT-Free Municipal Income Fund | |
| Performance Overview and Holding Summaries as of April 30, 2015 |
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of April 30, 2015
|
Cumulative
|
Average Annual | |||||
|
6-Month
|
1-Year
|
5-Year
|
10-Year
|
|||
|
NEA at Common Share NAV
|
1.52%
|
9.05%
|
6.12%
|
5.50%
|
||
|
NEA at Common Share Price
|
4.85%
|
11.48%
|
5.30%
|
5.70%
|
||
|
S&P Municipal Bond Index
|
1.27%
|
4.86%
|
4.92%
|
4.63%
|
||
|
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average
|
2.40%
|
9.96%
|
8.36%
|
6.11%
|
||
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
|
Nuveen Investments
|
|
19 |
| NEA | Performance Overview and Holding Summaries as of April 30, 2015 (continued) |
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
|
Fund Allocation
|
|
|
(% of net assets)
|
|
|
Long-Term Municipal Bonds
|
143.5%
|
|
Corporate Bonds
|
0.0%
|
|
Short-Term Municipal Bonds
|
1.2%
|
|
Other Assets Less Liabilities
|
1.5%
|
|
Net Assets Plus Floating Rate Obligations, VMTP Shares, at Liquidation Value & VRDP Shares, at Liquidation Value
|
(146.2)%
|
|
Floating Rate Obligations
|
(3.7)%
|
|
VMTP Shares, at Liquidation Value
|
(12.8)%
|
|
VRDP Shares, at Liquidation Value
|
(29.7)%
|
|
Net Assets
|
100%
|
|
Credit Quality
|
|
|
(% of total investment exposure)1
|
|
|
AAA/U.S. Guaranteed
|
19.2%
|
|
AA
|
47.2%
|
|
A
|
18.0%
|
|
BBB
|
8.9%
|
|
BB or Lower
|
4.9%
|
|
N/R (not rated)
|
1.8%
|
|
Total
|
100%
|
|
Portfolio Composition
|
|
|
(% of total investments)1
|
|
|
Tax Obligation/Limited
|
18.6%
|
|
Health Care
|
18.1%
|
|
Transportation
|
16.7%
|
|
U.S. Guaranteed
|
11.1%
|
|
Water and Sewer
|
9.1%
|
|
Tax Obligation/General
|
8.2%
|
|
Education and Civic Organizations
|
7.8%
|
|
Utilities
|
5.5%
|
|
Other
|
4.9%
|
|
Total
|
100%
|
|
States and Territories
|
|
|
(% of municipal bonds)
|
|
|
California
|
13.6%
|
|
Illinois
|
9.7%
|
|
Florida
|
6.5%
|
|
Texas
|
6.0%
|
|
New York
|
5.7%
|
|
Ohio
|
5.3%
|
|
Pennsylvania
|
5.2%
|
|
New Jersey
|
4.4%
|
|
Louisiana
|
3.7%
|
|
Colorado
|
3.5%
|
|
Arizona
|
3.2%
|
|
Washington
|
3.2%
|
|
Indiana
|
3.1%
|
|
Massachusetts
|
2.4%
|
|
South Carolina
|
1.9%
|
|
Wisconsin
|
1.7%
|
|
Nevada
|
1.6%
|
|
Other
|
19.3%
|
|
Total
|
100%
|
1 Excluding investments in derivatives.
|
20
|
Nuveen Investments
|
|
NQI
|
||
|
Nuveen Quality Municipal Fund, Inc.
|
||
|
Portfolio of Investments
|
April 30, 2015 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
LONG-TERM INVESTMENTS – 146.1% (100.0% of Total Investments)
|
|||||||||
|
MUNICIPAL BONDS – 146.1% (100.0% of Total Investments)
|
|||||||||
|
Alabama – 1.6% (1.1% of Total Investments)
|
|||||||||
|
$
|
7,000
|
Huntsville Healthcare Authority, Alabama, Revenue Bonds, Series 2005A, 5.000%, 6/01/24 (Pre-refunded 6/01/15) – NPFG Insured
|
6/15 at 100.00
|
AA– (4)
|
$
|
7,028,840
|
|||
|
Opelika Utilities Board, Alabama, Utility Revenue Bonds, Series 2011B:
|
|||||||||
|
1,250
|
4.000%, 6/01/29 – AGM Insured
|
6/21 at 100.00
|
AA
|
1,295,063
|
|||||
|
1,000
|
4.250%, 6/01/31 – AGM Insured
|
6/21 at 100.00
|
AA
|
1,047,470
|
|||||
|
9,250
|
Total Alabama
|
9,371,373
|
|||||||
|
Arizona – 10.6% (7.2% of Total Investments)
|
|||||||||
|
Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children’s Hospital, Refunding Series 2012A:
|
|||||||||
|
1,220
|
5.000%, 2/01/20
|
No Opt. Call
|
BBB+
|
1,401,219
|
|||||
|
1,850
|
5.000%, 2/01/21
|
No Opt. Call
|
BBB+
|
2,153,548
|
|||||
|
1,485
|
Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals Project, Series 2014A, 4.000%, 12/01/39
|
12/24 at 100.00
|
A2
|
1,440,806
|
|||||
|
10,000
|
Arizona Sports and Tourism Authority, Tax Revenue Bonds, Multipurpose Stadium Facility Project, Refunding Senior Series 2012A, 5.000%, 7/01/31
|
7/22 at 100.00
|
A1
|
10,649,500
|
|||||
|
Arizona State, Certificates of Participation, Series 2010A:
|
|||||||||
|
1,200
|
5.250%, 10/01/28 – AGM Insured
|
10/19 at 100.00
|
AA
|
1,358,280
|
|||||
|
1,500
|
5.000%, 10/01/29 – AGM Insured
|
10/19 at 100.00
|
AA
|
1,673,190
|
|||||
|
7,070
|
Arizona State, State Lottery Revenue Bonds, Series 2010A, 5.000%, 7/01/29 – AGC Insured
|
1/20 at 100.00
|
AA
|
7,994,049
|
|||||
|
2,750
|
Mesa, Arizona, Utility System Revenue Bonds, Tender Option Bond Trust, Series 11032- 11034, 15.239%, 7/01/26 – AGM Insured (IF)
|
7/17 at 100.00
|
AA
|
2,938,870
|
|||||
|
8,755
|
Phoenix Civic Improvement Corporation, Arizona, Revenue Bonds, Civic Plaza Expansion Project, Series 2005B, 5.500%, 7/01/39 – FGIC Insured
|
No Opt. Call
|
AA
|
11,175,670
|
|||||
|
10,000
|
Phoenix Civic Improvement Corporation, Arizona, Senior Lien Airport Revenue Bonds, Refunding Series 2013, 5.000%, 7/01/30 (Alternative Minimum Tax)
|
7/23 at 100.00
|
AA–
|
11,193,000
|
|||||
|
7,930
|
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007, 5.000%, 12/01/32
|
No Opt. Call
|
A–
|
9,021,565
|
|||||
|
53,760
|
Total Arizona
|
60,999,697
|
|||||||
|
California – 13.6% (9.3% of Total Investments)
|
|||||||||
|
1,020
|
California Health Facilities Financing Authority, Revenue Bonds, Children’s Hospital Los Angeles, Series 2012A, 5.000%, 11/15/23
|
11/22 at 100.00
|
BBB+
|
1,154,293
|
|||||
|
5,000
|
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2013A, 5.000%, 8/15/52
|
8/23 at 100.00
|
AA–
|
5,592,750
|
|||||
|
80
|
California State, General Obligation Bonds, Series 2002, 5.000%, 10/01/32 – NPFG Insured
|
7/15 at 100.00
|
AA–
|
80,290
|
|||||
|
5
|
California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 – AMBAC Insured
|
7/15 at 100.00
|
Aa3
|
5,018
|
|||||
|
4,000
|
California Statewide Communities Development Authority, Revenue Bonds, Huntington Memorial Hospital, Refunding Series 2014B, 4.000%, 7/01/39
|
7/24 at 100.00
|
A
|
4,028,880
|
|||||
|
7,000
|
California Statewide Communities Development Authority, Revenue Bonds, Sutter Health, Series 2011A, 6.000%, 8/15/42
|
8/20 at 100.00
|
AA–
|
8,369,480
|
|||||
|
1,000
|
California Statewide Community Development Authority, Revenue Bonds, Childrens Hospital of Los Angeles, Series 2007, 5.000%, 8/15/47
|
8/17 at 100.00
|
BBB+
|
1,045,100
|
|||||
|
5,000
|
Clovis Unified School District, Fresno County, California, General Obligation Bonds, Series 2001A, 0.000%, 8/01/25 – FGIC Insured (ETM)
|
No Opt. Call
|
AA+ (4)
|
3,982,100
|
|
Nuveen Investments
|
21
|
|
NQI
|
Nuveen Quality Municipal Fund, Inc.
|
|
|
Portfolio of Investments (continued)
|
April 30, 2015 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
California (continued)
|
|||||||||
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2015A:
|
|||||||||
|
$
|
3,960
|
0.000%, 1/15/34 – AGM Insured
|
No Opt. Call
|
AA
|
$
|
1,762,477
|
|||
|
5,000
|
0.000%, 1/15/35 – AGM Insured
|
No Opt. Call
|
AA
|
2,114,400
|
|||||
|
5,000
|
Garden Grove, California, Certificates of Participation, Financing Project, Series 2002A, 5.125%, 3/01/32 – AMBAC Insured
|
7/15 at 100.00
|
A
|
5,005,600
|
|||||
|
8,500
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/35 (Pre-refunded 6/01/15) – FGIC Insured
|
6/15 at 100.00
|
A1 (4)
|
8,534,425
|
|||||
|
5,000
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 4.500%, 6/01/27
|
6/17 at 100.00
|
B
|
4,866,600
|
|||||
|
5,795
|
Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%, 11/01/25 – AGM Insured
|
No Opt. Call
|
AA
|
4,243,041
|
|||||
|
1,195
|
Lincoln Public Financing Authority, Placer County, California, Twelve Bridges Limited Obligation Revenue Bonds, Refunding Series 2011A, 4.375%, 9/02/25 – AGM Insured
|
9/21 at 100.00
|
AA
|
1,291,413
|
|||||
|
3,455
|
Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue Bonds, Redevelopment Project 1, Series 1993, 5.850%, 8/01/22 – NPFG Insured (ETM)
|
7/15 at 100.00
|
AA– (4)
|
3,861,999
|
|||||
|
2,000
|
San Diego Redevelopment Agency, California, Subordinate Lien Tax Allocation Bonds, Centre City Project, Series 2004A, 5.000%, 9/01/21 – SYNCORA GTY Insured
|
7/15 at 100.00
|
AA–
|
2,007,500
|
|||||
|
San Francisco Bay Area Rapid Transit District, California, Sales Tax Revenue Bonds, Refunding Series 2005A:
|
|||||||||
|
2,000
|
5.000%, 7/01/21 – NPFG Insured
|
7/15 at 100.00
|
AA+
|
2,016,200
|
|||||
|
3,655
|
5.000%, 7/01/22 – NPFG Insured
|
7/15 at 100.00
|
AA+
|
3,684,532
|
|||||
|
8,965
|
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C, 4.250%, 8/01/30 – NPFG Insured
|
8/17 at 100.00
|
AA–
|
9,183,477
|
|||||
|
3,500
|
Saugus Union School District, Los Angeles County, California, General Obligation Bonds, Series 2006, 0.000%, 8/01/23 – FGIC Insured
|
No Opt. Call
|
Aa2
|
2,784,600
|
|||||
|
3,170
|
Ventura County Community College District, California, General Obligation Bonds, Series 2005B, 5.000%, 8/01/28 (Pre-refunded 8/01/15) – NPFG Insured
|
8/15 at 100.00
|
AA (4)
|
3,208,642
|
|||||
|
84,300
|
Total California
|
78,822,817
|
|||||||
|
Colorado – 7.1% (4.9% of Total Investments)
|
|||||||||
|
2,015
|
Board of Trustees of the University of Northern Colorado, Revenue Bonds, Series 2005, 5.000%, 6/01/22 (Pre-refunded 6/01/15) – AGM Insured
|
6/15 at 100.00
|
AA (4)
|
2,023,322
|
|||||
|
1,165
|
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Refunding and Improvement Bonds, James Irwin Educational Foundation Project, Series 2007, 5.000%, 12/01/38
|
12/24 at 100.00
|
A
|
1,270,537
|
|||||
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Covenant Retirement Communities Inc., Refunding Series 2012B:
|
|||||||||
|
1,640
|
5.000%, 12/01/22
|
No Opt. Call
|
BBB+
|
1,828,715
|
|||||
|
2,895
|
5.000%, 12/01/23
|
12/22 at 100.00
|
BBB+
|
3,229,488
|
|||||
|
4,200
|
5.000%, 12/01/24
|
12/22 at 100.00
|
BBB+
|
4,637,514
|
|||||
|
690
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013, 5.500%, 6/01/33
|
6/23 at 100.00
|
A3
|
775,836
|
|||||
|
2,540
|
Commerce City Northern Infrastructure General Improvement District, Colorado, General Obligation Bonds, Series 2013, 5.000%, 12/01/25 – AGM Insured
|
12/22 at 100.00
|
AA
|
2,984,881
|
|||||
|
1,000
|
Denver, Colorado, Airport System Revenue Bonds, Series 2006, 5.000%, 11/15/24 – NPFG Insured
|
11/16 at 100.00
|
AA–
|
1,067,450
|
|||||
|
5,365
|
Denver, Colorado, Airport System Revenue Bonds, Series 2006A, 5.000%, 11/15/23 – NPFG Insured (UB)
|
11/16 at 100.00
|
AA–
|
5,738,404
|
|||||
|
1,085
|
Denver, Colorado, Airport Revenue Bonds, Trust 2365, 15.907%, 6/17/16 – NPFG Insured (IF)
|
No Opt. Call
|
AA–
|
1,374,087
|
|||||
|
9,880
|
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/32 – NPFG Insured
|
No Opt. Call
|
AA–
|
4,926,168
|
|||||
|
10,000
|
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/27 – NPFG Insured
|
No Opt. Call
|
AA–
|
6,609,500
|
|
22
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Colorado (continued)
|
|||||||||
|
Eagle River Water and Sanitation District, Eagle County, Colorado, Enterprise Wastewater Revenue Bonds, Series 2012:
|
|||||||||
|
$
|
400
|
5.000%, 12/01/32
|
No Opt. Call
|
A+
|
$
|
447,860
|
|||
|
1,000
|
3.000%, 12/01/32
|
No Opt. Call
|
A+
|
912,020
|
|||||
|
590
|
Foothills Metropolitan District In the City of Fort Collins, Colorado, Special Revenue Bonds, Series 2014, 6.000%, 12/01/38
|
12/24 at 100.00
|
N/R
|
630,745
|
|||||
|
880
|
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Refunding Bonds, Series 2011, 6.125%, 12/01/41 – AGM Insured
|
12/20 at 100.00
|
AA
|
1,042,756
|
|||||
|
1,100
|
Poudre Tech Metro District, Colorado, Unlimited Property Tax Supported Revenue Bonds, Refunding & Improvement Series 2010A, 5.000%, 12/01/39 – AGM Insured
|
12/20 at 100.00
|
AA
|
1,175,548
|
|||||
|
5
|
University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 (Pre-refunded 6/01/15) – FGIC Insured
|
6/15 at 100.00
|
Aa2 (4)
|
5,021
|
|||||
|
University of Colorado, Enterprise System Revenue Bonds, Series 2005:
|
|||||||||
|
320
|
5.000%, 6/01/30 (Pre-refunded 6/01/15) – FGIC Insured
|
6/15 at 100.00
|
Aa2 (4)
|
321,318
|
|||||
|
175
|
5.000%, 6/01/30 (Pre-refunded 6/01/15) – FGIC Insured
|
6/15 at 100.00
|
Aa2 (4)
|
175,721
|
|||||
|
46,945
|
Total Colorado
|
41,176,891
|
|||||||
|
District of Columbia – 1.1% (0.7% of Total Investments)
|
|||||||||
|
1,335
|
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1606, 11.676%, 10/01/30 – AMBAC Insured (IF) (5)
|
10/16 at 100.00
|
AA+
|
1,524,290
|
|||||
|
3,920
|
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1730, 11.668%, 4/01/16 – AMBAC Insured (IF) (5)
|
No Opt. Call
|
AA+
|
4,599,375
|
|||||
|
5,255
|
Total District of Columbia
|
6,123,665
|
|||||||
|
Florida – 12.0% (8.2% of Total Investments)
|
|||||||||
|
4,455
|
Broward County School Board, Florida, Certificates of Participation, Series 2005A, 5.000%, 7/01/28 (Pre-refunded 7/01/15) – AGM Insured
|
7/15 at 100.00
|
AA (4)
|
4,491,175
|
|||||
|
10,000
|
Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 – AGM Insured
|
10/21 at 100.00
|
AA
|
11,043,500
|
|||||
|
2,000
|
Citizens Property Insurance Corporation, Florida, High-Risk Account Senior Secured Bonds Series 2010A-1, 5.000%, 6/01/16 – AGM Insured
|
No Opt. Call
|
AA
|
2,100,200
|
|||||
|
7,000
|
Citizens Property Insurance Corporation, Florida, Personal and Commercial Lines Account Bonds, Senior Secured Series 2012A-1, 5.000%, 6/01/22
|
No Opt. Call
|
A+
|
8,303,890
|
|||||
|
1,025
|
Cityplace Community Development District, Florida, Special Assessment and Revenue Bonds, Refunding Series 2012, 5.000%, 5/01/26
|
No Opt. Call
|
A
|
1,160,413
|
|||||
|
4,000
|
Davie, Florida, Water and Sewerage Revenue Bonds, Series 2011, 5.000%, 10/01/41 – AGM Insured
|
10/21 at 100.00
|
AA
|
4,375,880
|
|||||
|
555
|
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2014A, 6.125%, 6/15/44
|
6/24 at 100.00
|
N/R
|
555,144
|
|||||
|
2,550
|
Florida State Board of Education, Public Education Capital Outlay Bonds, Tender Option Bond Trust 2929, 17.356%, 12/01/16 – AGC Insured (IF) (5)
|
No Opt. Call
|
AAA
|
3,711,219
|
|||||
|
1,560
|
Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006, 5.000%, 6/01/38
|
6/16 at 100.00
|
A–
|
1,605,739
|
|||||
|
6,000
|
Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Subordinate Refunding Series 2013A, 5.000%, 10/01/21 (Alternative Minimum Tax)
|
No Opt. Call
|
A
|
7,009,380
|
|||||
|
600
|
Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Refunding Series 2012, 5.000%, 10/01/30
|
10/22 at 100.00
|
A1
|
682,698
|
|||||
|
1,000
|
Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Refunding Series 2011, 5.000%, 11/15/25
|
11/21 at 100.00
|
A2
|
1,108,200
|
|||||
|
10,085
|
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2008B, 5.000%, 10/01/41 – AGM Insured
|
10/18 at 100.00
|
AA
|
11,091,382
|
|||||
|
4,100
|
Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, 5.000%, 11/15/33
|
5/22 at 100.00
|
Aa2
|
4,630,868
|
|
Nuveen Investments
|
23
|
|
NQI
|
Nuveen Quality Municipal Fund, Inc.
|
|
|
Portfolio of Investments (continued)
|
April 30, 2015 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Florida (continued)
|
|||||||||
|
$
|
2,000
|
Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Embry-Riddle Aeronautical University, Inc. Project, Refunding Series 2011, 5.000%, 10/15/29 – AGM Insured
|
10/21 at 100.00
|
AA
|
$
|
2,229,500
|
|||
|
5,000
|
Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Stetson University Inc. Project, Series 2015, 5.000%, 6/01/40
|
6/25 at 100.00
|
A–
|
5,454,850
|
|||||
|
61,930
|
Total Florida
|
69,554,038
|
|||||||
|
Georgia – 1.8% (1.2% of Total Investments)
|
|||||||||
|
7,000
|
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.375%, 11/01/39 – AGM Insured
|
11/19 at 100.00
|
AA
|
7,987,000
|
|||||
|
2,000
|
City of Fairburn, Georgia, General Obligation Bonds, Series 2011, 5.750%, 12/01/31 – AGM Insured
|
12/21 at 100.00
|
AA
|
2,391,600
|
|||||
|
9,000
|
Total Georgia
|
10,378,600
|
|||||||
|
Idaho – 0.2% (0.1% of Total Investments)
|
|||||||||
|
1,000
|
Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project, Series 2014A, 4.125%, 3/01/37
|
3/24 at 100.00
|
A–
|
1,005,850
|
|||||
|
Illinois – 11.0% (7.5% of Total Investments)
|
|||||||||
|
Bolingbrook, Illinois, General Obligation Bonds, Refunding Series 2013A:
|
|||||||||
|
675
|
5.000%, 1/01/25
|
7/23 at 100.00
|
A1
|
792,977
|
|||||
|
1,170
|
5.000%, 1/01/26
|
7/23 at 100.00
|
A1
|
1,360,464
|
|||||
|
2,235
|
Chicago Transit Authority, Illinois, Capital Grant Receipts Revenue Bonds, Federal Transit
|
6/21 at 100.00
|
AA
|
2,512,364
|
|||||
|
Administration Section 5307 Urbanized Area Formula Funds, Refunding Series 2011, 5.250%, 6/01/26 – AGM Insured
|
|||||||||
|
1,775
|
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien Series 2005A, 5.250%, 1/01/24 – NPFG Insured
|
1/16 at 100.00
|
AA–
|
1,832,723
|
|||||
|
2,660
|
Cook County, Illinois, General Obligation Bonds, Refunding Series 2007B, 5.000%, 11/15/21 – NPFG Insured
|
11/17 at 100.00
|
AA
|
2,907,247
|
|||||
|
1,485
|
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A, 5.000%, 9/01/34
|
9/24 at 100.00
|
BBB
|
1,585,950
|
|||||
|
2,000
|
Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2015A, 4.000%, 11/15/39
|
5/25 at 100.00
|
A+
|
1,946,540
|
|||||
|
560
|
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2015C, 5.000%, 8/15/35
|
8/25 at 100.00
|
Baa1
|
606,094
|
|||||
|
2,240
|
Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2011A, 6.000%, 8/15/41 – AGM Insured
|
8/21 at 100.00
|
AA
|
2,669,274
|
|||||
|
1,150
|
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C, 5.500%, 8/15/41
|
2/21 at 100.00
|
AA–
|
1,291,347
|
|||||
|
3,665
|
Illinois Sports Facility Authority, State Tax Supported Bonds, Refunding Series 2014, 5.250%, 6/15/31 – AGM Insured
|
6/24 at 100.00
|
AA
|
4,137,712
|
|||||
|
825
|
Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/25
|
8/22 at 100.00
|
A–
|
902,699
|
|||||
|
455
|
Illinois State, General Obligation Bonds, Series 2013, 5.500%, 7/01/38
|
7/23 at 100.00
|
A–
|
501,137
|
|||||
|
7,400
|
Macon County School District 61 Decatur, Illinois, General Obligation Bonds, Series 2011A, 5.250%, 1/01/37 – AGM Insured
|
1/21 at 100.00
|
A2
|
8,148,288
|
|||||
|
15,000
|
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Refunding Bonds, Series 2012B, 5.000%, 6/15/52
|
6/22 at 100.00
|
AAA
|
15,702,150
|
|||||
|
5,000
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1, 0.000%, 6/15/45 – AGM Insured
|
No Opt. Call
|
AAA
|
1,217,400
|
|||||
|
18,000
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A, 0.000%, 12/15/24 – NPFG Insured
|
No Opt. Call
|
AAA
|
13,195,620
|
|||||
|
1,850
|
Plano, Illinois, Special Tax Bonds, Special Service Area 1 & 2 Lakewood Springs Project, Refunding Series 2014, 5.000%, 3/01/34 – AGM Insured
|
3/24 at 100.00
|
AA
|
2,016,667
|
|||||
|
68,145
|
Total Illinois
|
63,326,653
|
|
24
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Indiana – 4.0% (2.7% of Total Investments)
|
|||||||||
|
$
|
4,100
|
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013A, 5.000%, 7/01/48 (Alternative Minimum Tax)
|
7/23 at 100.00
|
BBB
|
$
|
4,375,766
|
|||
|
11,130
|
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2011B, 5.000%, 10/01/41
|
10/21 at 100.00
|
AA–
|
12,263,591
|
|||||
|
3,680
|
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
|
1/17 at 100.00
|
AA–
|
3,878,978
|
|||||
|
1,790
|
Indiana Transportation Finance Authority, Highway Revenue Bonds, Series 1990A, 7.250%, 6/01/15 – AMBAC Insured
|
No Opt. Call
|
AA+
|
1,798,986
|
|||||
|
500
|
Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt Paper LLC Project, Series 2013, 5.875%, 1/01/24 (Alternative Minimum Tax)
|
No Opt. Call
|
N/R
|
577,390
|
|||||
|
21,200
|
Total Indiana
|
22,894,711
|
|||||||
|
Kansas – 1.1% (0.7% of Total Investments)
|
|||||||||
|
5,500
|
Kansas Development Finance Authority, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
|
1/20 at 100.00
|
AA–
|
6,148,560
|
|||||
|
Kentucky – 0.4% (0.3% of Total Investments)
|
|||||||||
|
2,230
|
Kentucky State Property and Buildings Commission, Revenue Bonds, Project 85, Series 2005, 5.000%, 8/01/23 (Pre-refunded 8/01/15) – AGM Insured
|
8/15 at 100.00
|
AA (4)
|
2,256,381
|
|||||
|
Louisiana – 5.3% (3.7% of Total Investments)
|
|||||||||
|
1,000
|
Lafayette Public Power Authority, Louisiana, Electric Revenue Bonds, Series 2012, 5.000%, 11/01/29
|
No Opt. Call
|
AA–
|
1,131,320
|
|||||
|
1,455
|
Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our Lady Health System, Refunding Series 2015A, 5.000%, 7/01/39
|
7/25 at 100.00
|
A+
|
1,605,593
|
|||||
|
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:
|
|||||||||
|
11,325
|
4.750%, 5/01/39 (Pre-refunded 5/01/16) – AGM Insured
|
5/16 at 100.00
|
Aa1 (4)
|
11,827,151
|
|||||
|
8,940
|
4.500%, 5/01/41 (Pre-refunded 5/01/16) – FGIC Insured (UB)
|
5/16 at 100.00
|
Aa1 (4)
|
9,313,960
|
|||||
|
10
|
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006, Residuals 660-1, 15.955%, 5/01/34 (Pre-refunded 5/01/16) – NPFG Insured (IF)
|
5/16 at 100.00
|
Aa1 (4)
|
11,673
|
|||||
|
5
|
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006, Residuals 660-3, 15.923%, 5/01/34 (Pre-refunded 5/01/16) – NPFG Insured (IF)
|
5/16 at 100.00
|
Aa1 (4)
|
5,835
|
|||||
|
5,000
|
Louisiana State, General Obligation Bonds, Series 2012C, 5.000%, 7/15/21
|
No Opt. Call
|
AA
|
5,959,800
|
|||||
|
1,000
|
New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014, 4.250%, 6/01/34
|
6/24 at 100.00
|
A
|
1,033,340
|
|||||
|
28,735
|
Total Louisiana
|
30,888,672
|
|||||||
|
Maine – 0.5% (0.3% of Total Investments)
|
|||||||||
|
1,790
|
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Mainehealth Issue, Series 2015, 4.000%, 7/01/44
|
No Opt. Call
|
A+
|
1,752,159
|
|||||
|
1,000
|
Maine State Housing Authority, Single Family Mortgage Purchase Bonds, Series 2012A-1, 4.000%, 11/15/24 – AGM Insured (Alternative Minimum Tax)
|
11/21 at 100.00
|
AA+
|
1,062,430
|
|||||
|
2,790
|
Total Maine
|
2,814,589
|
|||||||
|
Massachusetts – 3.7% (2.5% of Total Investments)
|
|||||||||
|
4,000
|
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Commonwealth Contract Assistance Secured, Refunding Series 2010B, 5.000%, 1/01/35
|
1/20 at 100.00
|
AA+
|
4,530,400
|
|||||
|
6,000
|
Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, Series 2002A, 5.750%, 1/01/42 – AMBAC Insured
|
No Opt. Call
|
A
|
7,565,400
|
|||||
|
3,335
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Massachusetts Institute of Technology, Tender Option Bond Trust 11824, 13.724%, 1/01/16 (IF)
|
No Opt. Call
|
AAA
|
4,269,267
|
|||||
|
3,465
|
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 – AGM Insured (UB) (5)
|
2/17 at 100.00
|
AA+
|
3,538,666
|
|||||
|
1,245
|
Springfield Water and Sewer Commission, Massachusetts, General Revenue Bonds, Refunding Series 2010B, 5.000%, 11/15/30 – AGC Insured
|
11/20 at 100.00
|
AA
|
1,434,265
|
|||||
|
18,045
|
Total Massachusetts
|
21,337,998
|
|
Nuveen Investments
|
25
|
|
NQI
|
Nuveen Quality Municipal Fund, Inc.
|
|
|
Portfolio of Investments (continued)
|
April 30, 2015 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Michigan – 4.1% (2.8% of Total Investments)
|
|||||||||
|
$
|
1,825
|
Marysville Public School District, St Claire County, Michigan, General Obligation Bonds, Series 2007, 5.000%, 5/01/28 – AGM Insured
|
5/17 at 100.00
|
AA
|
$
|
1,958,298
|
|||
|
Michigan Finance Authority, Hospital Revenue Bonds, Sparrow Obligated Group,Refunding Series 2015:
|
|||||||||
|
4,495
|
4.000%, 11/15/35
|
5/25 at 100.00
|
A+
|
4,387,165
|
|||||
|
2,550
|
4.000%, 11/15/36
|
5/25 at 100.00
|
A+
|
2,476,356
|
|||||
|
2,750
|
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2011-II-A, 5.375%, 10/15/36
|
10/21 at 100.00
|
Aa3
|
3,088,773
|
|||||
|
10,585
|
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2009, 5.750%, 11/15/39
|
11/19 at 100.00
|
A–
|
11,917,546
|
|||||
|
22,205
|
Total Michigan
|
23,828,138
|
|||||||
|
Minnesota – 0.2% (0.1% of Total Investments)
|
|||||||||
|
1,000
|
Minneapolis-Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Children’s Health Care, Series 2004A-1 Remarketed, 4.625%, 8/15/29 – AGM Insured
|
8/20 at 100.00
|
AA
|
1,081,720
|
|||||
|
Mississippi – 1.1% (0.7% of Total Investments)
|
|||||||||
|
5,445
|
Mississippi Development Bank, Special Obligation Bonds, Gulfport Water and Sewer System Project, Series 2005, 5.250%, 7/01/24 – AGM Insured
|
No Opt. Call
|
AA
|
6,231,204
|
|||||
|
Missouri – 1.8% (1.2% of Total Investments)
|
|||||||||
|
4,000
|
Chesterfield Valley Transportation Development District, Missouri, Transportation Sales Tax Revenue Bonds, Series 2015, 3.625%, 5/15/31
|
5/23 at 100.00
|
A–
|
3,855,320
|
|||||
|
6,665
|
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, BJC Health System, Series 2015A, 4.000%, 1/01/45
|
No Opt. Call
|
AA
|
6,550,895
|
|||||
|
10,665
|
Total Missouri
|
10,406,215
|
|||||||
|
Nebraska – 3.0% (2.1% of Total Investments)
|
|||||||||
|
4,405
|
Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Series 2012, 5.000%, 9/01/32
|
9/22 at 100.00
|
A
|
4,892,237
|
|||||
|
12,155
|
Lincoln, Nebraska, Electric System Revenue Bonds, Series 2007A, 4.500%, 9/01/37 – FGIC Insured (UB) (5)
|
9/16 at 100.00
|
AA
|
12,364,431
|
|||||
|
16,560
|
Total Nebraska
|
17,256,668
|
|||||||
|
Nevada – 2.0% (1.3% of Total Investments)
|
|||||||||
|
Clark County, Nevada, Airport Revenue Bonds, Jet Aviation Fuel Tax, Refunding Series 2013A:
|
|||||||||
|
2,500
|
5.000%, 7/01/25 (Alternative Minimum Tax)
|
1/23 at 100.00
|
A
|
2,841,150
|
|||||
|
2,500
|
5.000%, 7/01/26 (Alternative Minimum Tax)
|
1/23 at 100.00
|
A
|
2,821,950
|
|||||
|
5,000
|
5.000%, 7/01/27 (Alternative Minimum Tax)
|
1/23 at 100.00
|
A
|
5,595,000
|
|||||
|
10,000
|
Total Nevada
|
11,258,100
|
|||||||
|
New Jersey – 3.6% (2.5% of Total Investments)
|
|||||||||
|
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A:
|
|||||||||
|
1,700
|
5.000%, 7/01/22 – NPFG Insured
|
7/15 at 100.00
|
AA–
|
1,726,367
|
|||||
|
1,700
|
5.000%, 7/01/23 – NPFG Insured
|
7/15 at 100.00
|
AA–
|
1,726,367
|
|||||
|
5,000
|
New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2013NN, 5.000%, 3/01/23
|
No Opt. Call
|
A–
|
5,565,600
|
|||||
|
2,000
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/26
|
No Opt. Call
|
A–
|
1,194,560
|
|||||
|
2,975
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2007A, 5.000%, 12/15/34 – AMBAC Insured
|
No Opt. Call
|
AA+
|
3,260,987
|
|||||
|
6,000
|
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – AGM Insured
|
No Opt. Call
|
AA
|
7,416,180
|
|||||
|
19,375
|
Total New Jersey
|
20,890,061
|
|
26
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
New York – 3.9% (2.7% of Total Investments)
|
|||||||||
|
$
|
705
|
Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, Catholic Health System, Inc. Project, Series 2015, 4.000%, 7/01/45
|
7/25 at 100.00
|
BBB+
|
$
|
680,388
|
|||
|
4,080
|
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured
|
2/17 at 100.00
|
AA–
|
4,259,357
|
|||||
|
2,890
|
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A, 5.000%, 12/01/25 – FGIC Insured
|
6/16 at 100.00
|
AA–
|
3,012,536
|
|||||
|
3,300
|
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2006F, 4.250%, 5/01/33 – NPFG Insured
|
11/16 at 100.00
|
AA–
|
3,328,875
|
|||||
|
2,000
|
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/36 – AGM Insured
|
5/21 at 100.00
|
AA
|
2,220,560
|
|||||
|
1,290
|
Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue Bonds, Unity Hospital of Rochester Project, Series 2010, 5.500%, 8/15/40
|
2/21 at 100.00
|
AA
|
1,495,832
|
|||||
|
1,000
|
Nassau County Local Economic Assistance Corporation, New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Series 2014, 5.000%, 7/01/31
|
7/24 at 100.00
|
BBB+
|
1,117,580
|
|||||
|
1,740
|
New York Convention Center Development Corporation, Hotel Unit Fee Revenue Bonds, Series 2005, Trust 2364, 17.401%, 7/15/15 – AMBAC Insured (IF)
|
No Opt. Call
|
AA+
|
1,905,074
|
|||||
|
4,000
|
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44
|
11/24 at 100.00
|
N/R
|
4,182,120
|
|||||
|
325
|
New York State Housing Finance Agency, Mortgage Revenue Refunding Bonds, Housing Project, Series 1996A, 6.125%, 11/01/20 – AGM Insured
|
5/15 at 100.00
|
AA
|
325,868
|
|||||
|
21,330
|
Total New York
|
22,528,190
|
|||||||
|
North Dakota – 0.6% (0.4% of Total Investments)
|
|||||||||
|
Williston Parks and Recreation District, North Dakota, Sales Tax & Gross Revenue Bonds, Series 2012A:
|
|||||||||
|
600
|
3.000%, 3/01/18
|
No Opt. Call
|
A
|
621,570
|
|||||
|
970
|
4.000%, 3/01/19
|
No Opt. Call
|
A
|
1,043,284
|
|||||
|
1,085
|
5.000%, 3/01/21
|
No Opt. Call
|
A
|
1,239,471
|
|||||
|
305
|
Williston, North Dakota, Limited Obligation Bonds, Certificates of Indebtedness, Series 2013A, 2.500%, 11/01/15
|
7/15 at 100.00
|
N/R
|
305,293
|
|||||
|
2,960
|
Total North Dakota
|
3,209,618
|
|||||||
|
Ohio – 5.3% (3.6% of Total Investments)
|
|||||||||
|
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
|
|||||||||
|
13,000
|
5.125%, 6/01/24
|
6/17 at 100.00
|
B–
|
11,090,820
|
|||||
|
8,480
|
5.875%, 6/01/30
|
6/17 at 100.00
|
B–
|
7,192,736
|
|||||
|
9,045
|
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, Series 2006A, 4.250%, 12/01/32 – AMBAC Insured
|
12/16 at 100.00
|
A+
|
9,154,173
|
|||||
|
3,065
|
Oak Hills Local School District, Hamilton County, Ohio, General Obligation Bonds, Refunding Series 2005, 5.000%, 12/01/24 – AGM Insured
|
12/15 at 100.00
|
AA
|
3,148,123
|
|||||
|
33,590
|
Total Ohio
|
30,585,852
|
|||||||
|
Oklahoma – 0.2% (0.2% of Total Investments)
|
|||||||||
|
1,185
|
Cleveland County Educational Facilities Authority, Oklahoma, Educational Facilities Lease Revenue Bonds, Norman Public Schools Project, Series 2014, 5.000%, 7/01/19
|
No Opt. Call
|
A+
|
1,353,543
|
|||||
|
Oregon – 0.5% (0.4% of Total Investments)
|
|||||||||
|
800
|
Multnomah County Hospital Facilities Authority, Oregon, Revenue Bonds, Mirabella South Waterfront, Refunding Series 2014A, 5.500%, 10/01/49
|
10/24 at 100.00
|
N/R
|
888,608
|
|||||
|
2,110
|
Oregon State Facilities Authority, Revenue Bonds, University of Portland Projects, Series 2015A, 4.000%, 4/01/40 (WI/DD, Settling 5/20/15)
|
4/25 at 100.00
|
BBB+
|
2,045,139
|
|||||
|
2,910
|
Total Oregon
|
2,933,747
|
|
Nuveen Investments
|
27
|
|
NQI
|
Nuveen Quality Municipal Fund, Inc.
|
|
|
Portfolio of Investments (continued)
|
April 30, 2015 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Pennsylvania – 9.1% (6.3% of Total Investments)
|
|||||||||
|
$
|
3,000
|
Allegheny County Sanitary Authority, Pennsylvania, Sewer Revenue Bonds, Series 2005A, 5.000%, 12/01/23 – NPFG Insured
|
12/15 at 100.00
|
AA–
|
$
|
3,081,360
|
|||
|
1,165
|
Allegheny County Sanitary Authority, Pennsylvania, Sewer Revenue Bonds, Series 2010, 5.000%, 6/01/40 – AGM Insured
|
12/20 at 100.00
|
AA
|
1,306,070
|
|||||
|
6,015
|
Chester County Health and Educational Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010A, 5.000%, 5/15/40
|
5/20 at 100.00
|
AA
|
6,618,244
|
|||||
|
1,600
|
Delaware County Authority, Pennsylvania, Revenue Bonds, Villanova University, Series 2006, 5.000%, 8/01/24 (Pre-refunded 8/01/16) – AMBAC Insured
|
8/16 at 100.00
|
A+ (4)
|
1,692,976
|
|||||
|
2,450
|
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40 – AGM Insured
|
1/20 at 100.00
|
AA
|
2,719,304
|
|||||
|
3,735
|
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38
|
8/20 at 100.00
|
AA
|
4,242,624
|
|||||
|
825
|
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, National Gypsum Company, Refunding Series 2014, 5.500%, 11/01/44 (Alternative Minimum Tax)
|
11/24 at 100.00
|
N/R
|
850,295
|
|||||
|
2,165
|
Pennsylvania Economic Development Financing Authority, Private Activity Revenue Bonds, Pennsylvania Rapid Bridge Replacement Project, Series 2015, 5.000%, 12/31/38 (Alternative Minimum Tax)
|
6/26 at 100.00
|
BBB
|
2,342,097
|
|||||
|
5,400
|
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured
|
12/16 at 100.00
|
AA
|
5,577,660
|
|||||
|
Philadelphia, Pennsylvania, Airport Revenue Bonds, Series 2010A:
|
|||||||||
|
5,000
|
5.000%, 6/15/35 – AGM Insured
|
6/20 at 100.00
|
AA
|
5,508,550
|
|||||
|
7,850
|
5.000%, 6/15/40 – AGM Insured
|
6/20 at 100.00
|
AA
|
8,569,374
|
|||||
|
2,000
|
Pittsburgh Public Parking Authority, Pennsylvania, Parking Revenue Bonds, Series 2005B, 5.000%, 12/01/23 – FGIC Insured
|
12/15 at 100.00
|
AA–
|
2,045,940
|
|||||
|
Scranton, Pennsylvania, Sewer Authority Revenue Bonds, Series 2011A:
|
|||||||||
|
1,125
|
5.250%, 12/01/31 – AGM Insured
|
12/21 at 100.00
|
AA
|
1,270,204
|
|||||
|
1,000
|
5.500%, 12/01/35 – AGM Insured
|
12/21 at 100.00
|
AA
|
1,131,650
|
|||||
|
5,790
|
Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, Series 2012B, 4.000%, 1/01/33
|
No Opt. Call
|
Baa3
|
5,846,568
|
|||||
|
49,120
|
Total Pennsylvania
|
52,802,916
|
|||||||
|
South Carolina – 2.6% (1.8% of Total Investments)
|
|||||||||
|
5,000
|
South Carolina Public Service Authority, Electric System Revenue Bonds, Santee Cooper, Refunding Series 2011B, 5.000%, 12/01/21
|
No Opt. Call
|
AA–
|
5,949,500
|
|||||
|
8,950
|
South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2007A, 4.500%, 10/01/34 – SYNCORA GTY Insured
|
10/16 at 100.00
|
A1
|
9,330,375
|
|||||
|
13,950
|
Total South Carolina
|
15,279,875
|
|||||||
|
South Dakota – 0.9% (0.6% of Total Investments)
|
|||||||||
|
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Avera Health, Series 2012A:
|
|||||||||
|
250
|
5.000%, 7/01/27
|
7/21 at 100.00
|
AA–
|
280,955
|
|||||
|
4,350
|
5.000%, 7/01/42
|
7/21 at 100.00
|
AA–
|
4,734,236
|
|||||
|
4,600
|
Total South Dakota
|
5,015,191
|
|||||||
|
Texas – 15.4% (10.6% of Total Investments)
|
|||||||||
|
2,280
|
Bexar County, Texas, Venue Project Revenue Bonds, Refunding Series 2010, 5.500%, 8/15/49 – AGM Insured
|
8/19 at 100.00
|
AA
|
2,521,657
|
|||||
|
1,700
|
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.250%, 1/01/46
|
1/21 at 100.00
|
BBB
|
1,984,546
|
|||||
|
1,500
|
Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Idea Public Schools, Series 2012, 3.750%, 8/15/22
|
No Opt. Call
|
BBB
|
1,600,095
|
|||||
|
5,000
|
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series 2013C, 5.000%, 11/01/38 (Alternative Minimum Tax)
|
11/22 at 100.00
|
A+
|
5,412,250
|
|
28
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Texas (continued)
|
|||||||||
|
$
|
400
|
Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2014A, 5.250%, 9/01/44
|
9/24 at 100.00
|
BB+
|
$
|
426,568
|
|||
|
3,355
|
Deer Park Independent School District, Harris County, Texas, General Obligation Bonds, Refunding School Building Series 2013, 5.000%, 2/15/23
|
2/22 at 100.00
|
AAA
|
3,988,223
|
|||||
|
5,000
|
Houston Higher Education Finance Corporation, Texas, Education Revenue Bonds, KIPP, Inc., Refunding Series 2015, 4.000%, 8/15/44 (WI/DD, Settling 5/19/15)
|
8/25 at 100.00
|
AAA
|
4,865,000
|
|||||
|
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Facilities Department, Refunding Series 2011B:
|
|||||||||
|
3,500
|
5.125%, 9/01/32 – AGM Insured
|
9/16 at 100.00
|
AA
|
3,595,620
|
|||||
|
2,055
|
5.125%, 9/01/33 – AGM Insured
|
9/16 at 100.00
|
AA
|
2,111,697
|
|||||
|
17,000
|
Houston, Texas, Water and Sewerage System Revenue Bonds, Refunding Junior Lien Series 2002A, 5.750%, 12/01/32 – AGM Insured (ETM)
|
No Opt. Call
|
AA (4)
|
23,737,950
|
|||||
|
745
|
New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Wesleyan Homes, Inc. Project, Series 2014, 5.500%, 1/01/43
|
1/25 at 100.00
|
N/R
|
765,175
|
|||||
|
4,530
|
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing Foundation – College Station I LLC – Texas A&M University Project, Series 2014A, 4.100%, 4/01/34 – AGM Insured
|
4/24 at 100.00
|
AA
|
4,617,837
|
|||||
|
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing Foundation – Stephenville II, L.L.C. – Tarleton State University Project, Series 2014A:
|
|||||||||
|
1,000
|
5.000%, 4/01/34
|
4/24 at 100.00
|
BBB–
|
1,073,840
|
|||||
|
2,200
|
5.000%, 4/01/39
|
4/24 at 100.00
|
BBB–
|
2,343,770
|
|||||
|
1,600
|
5.000%, 4/01/46
|
4/24 at 100.00
|
BBB–
|
1,697,200
|
|||||
|
5,540
|
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing Galveston- Texas A&M University at Galveston Project, Series 2014A, 5.000%, 4/01/39
|
4/24 at 100.00
|
Baa3
|
5,944,808
|
|||||
|
2,205
|
North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2015A, 5.000%, 1/01/34
|
1/25 at 100.00
|
A3
|
2,447,484
|
|||||
|
610
|
Reagan Hospital District of Reagan County, Texas, Limited Tax Revenue Bonds, Series 2014A, 5.125%, 2/01/39
|
2/24 at 100.00
|
Baa2
|
638,414
|
|||||
|
2,410
|
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Baylor Health Care System, Series 2011A, 5.000%, 11/15/30
|
11/21 at 100.00
|
AA–
|
2,731,060
|
|||||
|
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012:
|
|||||||||
|
2,500
|
5.000%, 12/15/29
|
No Opt. Call
|
A3
|
2,759,525
|
|||||
|
2,605
|
5.000%, 12/15/30
|
No Opt. Call
|
A3
|
2,868,079
|
|||||
|
800
|
5.000%, 12/15/32
|
No Opt. Call
|
A3
|
874,072
|
|||||
|
3,000
|
Texas State Transportation Commission, Highway Fund Revenue Bonds, First Tier Series 2014A, 5.000%, 4/01/22
|
No Opt. Call
|
AAA
|
3,631,200
|
|||||
|
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier Refunding Series 2015B:
|
|||||||||
|
6,665
|
0.000%, 8/15/36
|
8/24 at 59.60
|
A–
|
2,662,401
|
|||||
|
10,000
|
0.000%, 8/15/37
|
8/24 at 56.94
|
A–
|
3,705,900
|
|||||
|
88,200
|
Total Texas
|
89,004,371
|
|||||||
|
Utah – 0.8% (0.6% of Total Investments)
|
|||||||||
|
3,615
|
Utah Transit Authority, Sales Tax Revenue Bonds, Tender Option Bond Trust R-11752, 12.884%, 6/15/27 (Pre-refunded 6/15/18) – AGM Insured (IF)
|
6/18 at 100.00
|
AAA
|
4,874,755
|
|
Nuveen Investments
|
29
|
|
NQI
|
Nuveen Quality Municipal Fund, Inc.
|
|
|
Portfolio of Investments (continued)
|
April 30, 2015 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Vermont – 0.4% (0.3% of Total Investments)
|
|||||||||
|
$
|
2,000
|
Vermont Economic Development Authority, Mortgage Revenue Bonds, Wake Robin Corporation Project, Refunding Series 2006A, 5.375%, 5/01/36 (Pre-refunded 5/01/16)
|
5/16 at 100.00
|
N/R (4)
|
$
|
2,090,480
|
|||
|
Washington – 8.5% (5.8% of Total Investments)
|
|||||||||
|
8,000
|
King County School District 403 Renton, Washington, General Obligation Bonds, Series 2012, 5.000%, 12/01/19
|
No Opt. Call
|
AA+
|
9,300,560
|
|||||
|
8,000
|
King County, Washington, Sewer Revenue Bonds, Series 2007, 5.000%, 1/01/42 (Pre-refunded 7/01/17) – AGM Insured
|
7/17 at 100.00
|
AA+ (4)
|
8,731,120
|
|||||
|
1,665
|
King County, Washington, Sewer Revenue Bonds, Tender Option Bond Trust 3090, 13.486%, 7/01/32 (Pre-refunded 7/01/17) – AGM Insured (IF) (5)
|
7/17 at 100.00
|
AA+ (4)
|
2,121,493
|
|||||
|
1,970
|
Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research 7/01/32 Center, Series 2011A, 5.625%, 1/01/35
|
1/21 at 100.00
|
A
|
2,202,263
|
|||||
|
10,000
|
Washington State, General Obligation Bonds, Refunding Various Purpose Series 2012R-13A, 5.000%, 7/01/21
|
No Opt. Call
|
AA+
|
11,931,600
|
|||||
|
21,510
|
Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2002-03C, 0.000%, 6/01/28 – NPFG Insured (UB) (5)
|
No Opt. Call
|
AA+
|
14,596,471
|
|||||
|
51,145
|
Total Washington
|
48,883,507
|
|||||||
|
West Virginia – 1.7% (1.2% of Total Investments)
|
|||||||||
|
8,655
|
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Refunding and Improvement Series 2013A, 5.500%, 6/01/44
|
6/23 at 100.00
|
A
|
9,848,351
|
|||||
|
Wisconsin – 5.9% (4.1% of Total Investments)
|
|||||||||
|
970
|
Public Finance Authority of Wisconsin, Exempt Facilities Revenue Bonds, National Gypsum Company Project, Refunding Series 2014, 5.250%, 4/01/30 (Alternative Minimum Tax)
|
11/24 at 100.00
|
N/R
|
992,514
|
|||||
|
3,490
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2012B, 4.500%, 2/15/40
|
2/22 at 100.00
|
A–
|
3,589,570
|
|||||
|
11,000
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2012, 5.000%, 6/01/32
|
6/22 at 100.00
|
A2
|
12,235,080
|
|||||
|
1,250
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital, Inc., Series 2011A, 5.750%, 5/01/35 (Pre-refunded 5/01/21)
|
5/21 at 100.00
|
N/R (4)
|
1,552,163
|
|||||
|
5,000
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc. Obligated Group, Refunding Series 2015, 3.375%, 8/15/29
|
8/24 at 100.00
|
A+
|
4,799,200
|
|||||
|
1,000
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Rogers Memorial Hospital, Inc., Series 2014A, 5.000%, 7/01/34
|
7/24 at 100.00
|
BBB+
|
1,092,530
|
|||||
|
1,000
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Three Pillars Senior Living Communities, Refunding Series 2013, 5.000%, 8/15/33
|
8/23 at 100.00
|
A–
|
1,076,869
|
|||||
|
1,000
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Services Inc., Series 2006B, 5.125%, 8/15/30
|
8/16 at 100.00
|
A–
|
1,031,309
|
|||||
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Woodland Hills Senior Housing Project, Series 2014:
|
|||||||||
|
2,565
|
5.000%, 12/01/44
|
12/22 at 102.00
|
N/R
|
2,578,465
|
|||||
|
1,775
|
5.250%, 12/01/49
|
12/22 at 102.00
|
N/R
|
1,796,956
|
|||||
|
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Dickson Hollow Project. Series 2014:
|
|||||||||
|
1,000
|
5.375%, 10/01/44
|
10/22 at 102.00
|
N/R
|
1,023,509
|
|||||
|
1,500
|
5.500%, 10/01/49
|
10/22 at 102.00
|
N/R
|
1,536,539
|
|||||
|
1,000
|
Wisconsin Public Power Incorporated System, Power Supply System Revenue Bonds, Series 2005A, 5.000%, 7/01/30 (Pre-refunded 7/01/15) – AMBAC Insured
|
7/15 at 100.00
|
A1 (4)
|
1,008,129
|
|||||
|
32,550
|
Total Wisconsin
|
34,312,833
|
|
30
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Wyoming – 0.5% (0.3% of Total Investments)
|
|||||||||
|
Teton County Hospital District, Wyoming, Hospital Revenue Bonds, St. John’s Medical Center Project, Series 2011B:
|
|||||||||
|
$
|
1,000
|
5.500%, 12/01/27
|
12/21 at 100.00
|
BBB+
|
$
|
1,133,039
|
|||
|
1,000
|
6.000%, 12/01/36
|
12/21 at 100.00
|
BBB+
|
1,141,779
|
|||||
|
510
|
Wyoming Community Development Authority, Housing Revenue Bonds, 2012 Series 1, 4.375%, 12/01/32 (Alternative Minimum Tax)
|
12/21 at 100.00
|
AA+
|
521,408
|
|||||
|
2,510
|
Total Wyoming
|
2,796,226
|
|||||||
|
$
|
821,655
|
Total Municipal Bonds (cost $778,738,186)
|
843,572,056
|
|
Principal
|
|||||||||||
|
Amount (000)
|
Description (1)
|
Coupon
|
Maturity
|
Ratings (3)
|
Value
|
||||||
|
CORPORATE BONDS – 0.0% (0.0% of Total Investments)
|
|||||||||||
|
Transportation – 0.0% (0.0% of Total Investments)
|
|||||||||||
|
$
|
626
|
Las Vegas Monorail Company, Senior Interest Bonds (6), (7)
|
5.500%
|
7/15/19
|
N/R
|
$
|
112,635
|
||||
|
166
|
Las Vegas Monorail Company, Senior Interest Bonds (6), (7)
|
3.000%
|
7/15/55
|
N/R
|
22,259
|
||||||
|
$
|
792
|
Total Corporate Bonds (cost $71,028)
|
134,894
|
||||||||
|
Total Long-Term Investments (cost $778,809,214)
|
843,706,950
|
||||||||||
|
Floating Rate Obligations – (5.2)%
|
(29,915,000
|
)
|
|||||||||
|
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (41.6)% (8)
|
(240,400,000
|
)
|
|||||||||
|
Other Assets Less Liabilities – 0.7%
|
4,278,632
|
||||||||||
|
Net Assets Applicable to Common Shares – 100%
|
$
|
577,670,582
|
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
|
|
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
|
(3)
|
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
|
(4)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
|
|
(5)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
|
(6)
|
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
|
|
(7)
|
During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund’s custodian is not accruing income on the Fund’s records for either senior interest corporate bond.
|
|
(8)
|
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 28.5%.
|
|
(WI/DD)
|
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
|
|
(ETM)
|
Escrowed to maturity.
|
|
(IF)
|
Inverse floating rate investment.
|
|
(UB)
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
|
|
See accompanying notes to financial statements.
|
|
Nuveen Investments
|
31
|
|
NIO
|
||
|
Nuveen Municipal Opportunity Fund, Inc.
|
||
|
Portfolio of Investments
|
April 30, 2015 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
LONG-TERM INVESTMENTS – 147.2% (100.0% of Total Investments)
|
|||||||||
|
MUNICIPAL BONDS – 147.2% (100.0% of Total Investments)
|
|||||||||
|
Alabama – 0.5% (0.3% of Total Investments)
|
|||||||||
|
$
|
6,850
|
Birmingham Waterworks and Sewerage Board, Alabama, Water and Sewerage Revenue Bonds, Series 2007A, 4.500%, 1/01/43 – BHAC Insured
|
1/17 at 100.00
|
AA+
|
$
|
7,182,773
|
|||
|
Arizona – 3.1% (2.1% of Total Investments)
|
|||||||||
|
4,230
|
Apache County Industrial Development Authority, Arizona, Pollution Control Revenue Bonds, Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30
|
3/22 at 100.00
|
A3
|
4,559,686
|
|||||
|
4,545
|
Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series 2012A, 5.000%, 1/01/43
|
1/22 at 100.00
|
AA–
|
4,969,821
|
|||||
|
5,465
|
Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals Project, Series 2014A, 5.000%, 12/01/42
|
12/24 at 100.00
|
A2
|
6,022,211
|
|||||
|
1,000
|
Arizona State University, System Revenue Bonds, Series 2005, 5.000%, 7/01/27 (Pre-refunded 7/01/15) – AMBAC Insured
|
7/15 at 100.00
|
Aa3 (4)
|
1,007,670
|
|||||
|
3,000
|
Arizona State, Certificates of Participation, Department of Administration Series 2010B, 5.000%, 10/01/29 – AGC Insured
|
4/20 at 100.00
|
AA
|
3,388,470
|
|||||
|
5,200
|
Mesa, Arizona, Utility System Revenue Bonds, Tender Option Bond Trust, Series 11032- 11034, 15.239%, 7/01/26 – AGM Insured (IF)
|
7/17 at 100.00
|
AA
|
5,557,136
|
|||||
|
5,015
|
Phoenix Civic Improvement Corporation, Arizona, Excise Tax Revenue Bonds, Civic Plaza Expansion Project, Subordinate Series 2005A, 5.000%, 7/01/41 (Pre-refunded 7/01/15) – FGIC Insured
|
7/15 at 100.00
|
AA+ (4)
|
5,055,872
|
|||||
|
13,490
|
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Water System Revenue Bonds, Series 2005, 4.750%, 7/01/25 (Pre-refunded 7/01/15) – NPFG Insured
|
7/15 at 100.00
|
AAA
|
13,591,445
|
|||||
|
2,000
|
Yavapai County Industrial Development Authority, Arizona, Hospital Revenue Bonds, Yavapai Regional Medical Center, Series 2013A, 5.250%, 8/01/33
|
8/23 at 100.00
|
Baa1
|
2,211,880
|
|||||
|
43,945
|
Total Arizona
|
46,364,191
|
|||||||
|
Arkansas – 0.2% (0.1% of Total Investments)
|
|||||||||
|
2,660
|
Arkansas State University, Student Fee Revenue Bonds, Beebe Campus, Series 2006, 5.000%, 9/01/35 – AMBAC Insured
|
9/15 at 100.00
|
A1
|
2,696,974
|
|||||
|
California – 16.6% (11.3% of Total Investments)
|
|||||||||
|
710
|
California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, Series 2013A, 5.000%, 7/01/37
|
7/23 at 100.00
|
AA–
|
797,408
|
|||||
|
California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and Clinics, Tender Option Bond Trust 3294:
|
|||||||||
|
3,220
|
9.278%, 2/15/20 (IF) (5)
|
No Opt. Call
|
AA
|
3,950,554
|
|||||
|
1,275
|
9.278%, 2/15/20 (IF) (5)
|
No Opt. Call
|
AA
|
1,564,272
|
|||||
|
1,215
|
9.271%, 2/15/20 (IF) (5)
|
No Opt. Call
|
AA
|
1,490,404
|
|||||
|
3,500
|
Coachella Valley Unified School District, Riverside County, California, General Obligation Bonds, Series 2005A, 5.000%, 8/01/26 (Pre-refunded 8/01/15) – FGIC Insured
|
8/15 at 100.00
|
AA– (4)
|
3,542,665
|
|||||
|
2,985
|
East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, Water System Revenue Bonds, Subordinated Series 2005A, 5.000%, 6/01/27 – NPFG Insured
|
6/15 at 100.00
|
AAA
|
2,997,388
|
|||||
|
2,765
|
East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, Water System Revenue Bonds, Subordinated Series 2005A, 5.000%, 6/01/27 (Pre-refunded 6/01/15) – NPFG Insured
|
6/15 at 100.00
|
AA– (4)
|
2,776,475
|
|||||
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A:
|
|||||||||
|
2,400
|
5.750%, 1/15/46
|
1/24 at 100.00
|
BBB–
|
2,796,312
|
|||||
|
5,400
|
6.000%, 1/15/49
|
1/24 at 100.00
|
BBB–
|
6,392,142
|
|
32
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
California (continued)
|
|||||||||
|
$
|
10,050
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/38 (Pre-refunded 6/01/15) – FGIC Insured
|
6/15 at 100.00
|
A1 (4)
|
$
|
10,085,175
|
|||
|
6,870
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2015A, 5.000%, 6/01/45
|
6/25 at 100.00
|
A1
|
7,609,830
|
|||||
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
|
|||||||||
|
12,670
|
4.500%, 6/01/27
|
6/17 at 100.00
|
B
|
12,331,964
|
|||||
|
5,290
|
5.000%, 6/01/33
|
6/17 at 100.00
|
B
|
4,457,777
|
|||||
|
1,520
|
Hayward Redevelopment Agency, California, Downtown Redevelopment Project Tax Allocation Bonds, Series 2006, 5.000%, 3/01/36 – SYNCORA GTY Insured
|
3/16 at 100.00
|
A–
|
1,533,923
|
|||||
|
5,600
|
Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%, 11/01/24 – AGM Insured
|
No Opt. Call
|
AA
|
4,264,848
|
|||||
|
2,740
|
Los Angeles Harbors Department, California, Revenue Bonds, Series 2006A, 5.000%, 8/01/22 – FGIC Insured (Alternative Minimum Tax)
|
8/16 at 102.00
|
AA
|
2,948,240
|
|||||
|
3,000
|
Los Angeles Unified School District, California, General Obligation Bonds, Series 2006F, 5.000%, 7/01/24 (Pre-refunded 7/01/16) – FGIC Insured
|
7/16 at 100.00
|
Aa2 (4)
|
3,166,830
|
|||||
|
5,720
|
Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43
|
8/35 at 100.00
|
AA
|
3,882,507
|
|||||
|
5,200
|
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 – AGC Insured
|
8/29 at 100.00
|
AA
|
5,371,964
|
|||||
|
Poway Redevelopment Agency, California, Tax Allocation Bonds, Paguay Redevelopment Project, Series 2001:
|
|||||||||
|
15,000
|
5.200%, 6/15/30 – AMBAC Insured
|
6/15 at 100.00
|
N/R
|
15,025,800
|
|||||
|
6,000
|
5.125%, 6/15/33 – AMBAC Insured
|
6/15 at 100.00
|
N/R
|
6,009,240
|
|||||
|
2,035
|
Redding, California, Electric System Revenue Certificates of Participation, Series 2005, 5.000%, 6/01/30 – FGIC Insured
|
6/15 at 100.00
|
AA–
|
2,037,910
|
|||||
|
6,000
|
Redlands Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2003, 5.000%, 7/01/26 – AGM Insured
|
7/15 at 100.00
|
AA
|
6,022,500
|
|||||
|
2,970
|
Riverside Community College District, California, General Obligation Bonds, Refunding Series 2005, 5.000%, 8/01/22 (Pre-refunded 8/01/15) – AGM Insured
|
8/15 at 100.00
|
AA (4)
|
3,005,937
|
|||||
|
510
|
Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series 2013A, 5.750%, 6/01/48
|
6/23 at 100.00
|
BBB–
|
581,706
|
|||||
|
2,500
|
Sacramento County Sanitation Districts Financing Authority, California, Revenue Bonds, Series 2005B, 4.750%, 12/01/21 (Pre-refunded 12/01/15) – FGIC Insured
|
12/15 at 100.00
|
AA (4)
|
2,566,125
|
|||||
|
4,000
|
San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Governmental Purpose, Second Series 2013B, 5.000%, 5/01/43
|
5/23 at 100.00
|
A+
|
4,477,840
|
|||||
|
10,000
|
San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2014B, 5.000%, 5/01/44
|
5/24 at 100.00
|
A+
|
11,273,300
|
|||||
|
66,685
|
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Senior Lien Toll Road Revenue Bonds, Series 1993, 0.000%, 1/01/21 (ETM)
|
No Opt. Call
|
Aaa
|
61,250,839
|
|||||
|
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2014A:
|
|||||||||
|
2,680
|
5.000%, 1/15/44
|
1/25 at 100.00
|
BBB–
|
2,945,776
|
|||||
|
8,275
|
5.000%, 1/15/50
|
1/25 at 100.00
|
BBB–
|
9,017,599
|
|||||
|
21,255
|
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C, 4.250%, 8/01/30 – NPFG Insured
|
8/17 at 100.00
|
AA–
|
21,772,984
|
|||||
|
5,625
|
Santa Ana Financing Authority, California, Lease Revenue Bonds, Police Administration and Housing Facility, Series 1994A, 6.250%, 7/01/24
|
No Opt. Call
|
AA–
|
7,183,519
|
|||||
|
5,625
|
Santa Ana Financing Authority, California, Lease Revenue Bonds, Police Administration and Housing Facility, Series 1994A, 6.250%, 7/01/24 (ETM)
|
No Opt. Call
|
AA– (4)
|
7,157,925
|
|||||
|
6,785
|
Santa Clara Valley Water District, California, Water Revenue Bonds, Series 2006A, 3.750%, 6/01/25 – AGM Insured
|
6/16 at 100.00
|
Aa1
|
6,903,941
|
|||||
|
248,075
|
Total California
|
249,193,619
|
|
Nuveen Investments
|
33
|
|
NIO
|
Nuveen Municipal Opportunity Fund, Inc.
|
|
|
Portfolio of Investments (continued)
|
April 30, 2015 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Colorado – 4.6% (3.1% of Total Investments)
|
|||||||||
|
$
|
1,080
|
Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/40 – SYNCORA GTY Insured
|
10/16 at 100.00
|
BBB–
|
$
|
1,109,851
|
|||
|
1,900
|
Aspen, Colorado, Sales Tax Revenue Bonds, Parks and Open Space, Series 2005B, 5.250%, 11/01/24 (Pre-refunded 11/01/15) – AGM Insured
|
11/15 at 100.00
|
AA (4)
|
1,948,431
|
|||||
|
195
|
Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2014, 5.000%, 12/01/43
|
12/23 at 100.00
|
BB+
|
202,779
|
|||||
|
6,630
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45
|
1/23 at 100.00
|
A+
|
7,326,747
|
|||||
|
550
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013, 5.625%, 6/01/43
|
6/23 at 100.00
|
A3
|
619,504
|
|||||
|
7,415
|
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 11/15/43
|
11/23 at 100.00
|
A
|
8,258,901
|
|||||
|
35,995
|
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 9/01/23 – NPFG Insured
|
No Opt. Call
|
AA–
|
28,372,339
|
|||||
|
10,000
|
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/27 – NPFG Insured
|
No Opt. Call
|
AA–
|
6,609,500
|
|||||
|
4,335
|
Poudre Tech Metro District, Colorado, Unlimited Property Tax Supported Revenue Bonds, Refunding & Improvement Series 2010A, 5.000%, 12/01/39 – AGM Insured
|
12/20 at 100.00
|
AA
|
4,632,728
|
|||||
|
8,500
|
University of Colorado Hospital Authority, Colorado, Revenue Bonds, Series 2012A, 5.000%, 11/15/42
|
11/22 at 100.00
|
AA–
|
9,288,545
|
|||||
|
15
|
University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 – FGIC Insured
|
6/15 at 100.00
|
Aa2
|
15,062
|
|||||
|
University of Colorado, Enterprise System Revenue Bonds, Series 2005:
|
|||||||||
|
645
|
5.000%, 6/01/30 (Pre-refunded 6/01/15) – FGIC Insured
|
6/15 at 100.00
|
Aa2 (4)
|
647,657
|
|||||
|
340
|
5.000%, 6/01/30 (Pre-refunded 6/01/15) – FGIC Insured
|
6/15 at 100.00
|
Aa2 (4)
|
341,401
|
|||||
|
77,600
|
Total Colorado
|
69,373,445
|
|||||||
|
Connecticut – 0.3% (0.2% of Total Investments)
|
|||||||||
|
3,250
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Wesleyan University, Series 2010G, 5.000%, 7/01/39
|
7/20 at 100.00
|
AA
|
3,702,530
|
|||||
|
District of Columbia – 1.0% (0.7% of Total Investments)
|
|||||||||
|
2,880
|
District of Columbia Student Dormitory Revenue Bonds, Provident Group – Howard Properties LLC Issue, Series 2013, 5.000%, 10/01/45
|
10/22 at 100.00
|
BBB–
|
2,951,194
|
|||||
|
8,435
|
Metropolitan Washington Airports Authority, District of Columbia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital Improvement Project, Refunding Second Senior Lien Series 2014A, 5.000%, 10/01/53
|
4/22 at 100.00
|
BBB+
|
8,902,721
|
|||||
|
2,670
|
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1606, 11.676%, 10/01/30 – AMBAC Insured (IF) (5)
|
10/16 at 100.00
|
AA+
|
3,048,579
|
|||||
|
13,985
|
Total District of Columbia
|
14,902,494
|
|||||||
|
Florida – 13.7% (9.3% of Total Investments)
|
|||||||||
|
1,250
|
Bay County, Florida, Water System Revenue Bonds, Series 2005, 5.000%, 9/01/24 – AMBAC Insured
|
9/15 at 100.00
|
Aa3
|
1,269,863
|
|||||
|
1,275
|
Broward County, Florida, Airport System Revenue Bonds, Series 2004L, 5.000%, 10/01/23 – AMBAC Insured
|
7/15 at 100.00
|
A+
|
1,280,024
|
|||||
|
6,000
|
Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 – AGM Insured
|
10/21 at 100.00
|
AA
|
6,626,100
|
|||||
|
Clay County, Florida, Utility System Revenue Bonds, Series 2007:
|
|||||||||
|
5,110
|
5.000%, 11/01/27 (Pre-refunded 11/01/17) – AGM Insured (UB)
|
11/17 at 100.00
|
AA (4)
|
5,636,432
|
|||||
|
12,585
|
5.000%, 11/01/32 (Pre-refunded 11/01/17) – AGM Insured (UB)
|
11/17 at 100.00
|
AA (4)
|
13,881,507
|
|||||
|
3,000
|
Collier County, Florida, Gas Tax Revenue Bonds, Series 2005, 5.000%, 6/01/22 (Pre-refunded 6/01/15) – AMBAC Insured
|
6/15 at 100.00
|
AA– (4)
|
3,012,540
|
|
34
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Florida (continued)
|
|||||||||
|
Dade County Housing Finance Authority, Florida, Multifamily Mortgage Revenue Bonds, Siesta Pointe Apartments Project, Series 1997A:
|
|||||||||
|
$
|
655
|
5.650%, 9/01/17 – AGM Insured (Alternative Minimum Tax)
|
9/15 at 100.00
|
AA+
|
$
|
656,932
|
|||
|
1,890
|
5.750%, 9/01/29 – AGM Insured (Alternative Minimum Tax)
|
9/15 at 100.00
|
AA+
|
1,892,797
|
|||||
|
2,500
|
Flagler County School Board, Florida, Certificates of Participation, Master Lease Revenue Program, Series 2005A, 5.000%, 8/01/30 (Pre-refunded 8/01/15) – AGM Insured
|
8/15 at 100.00
|
AA (4)
|
2,530,475
|
|||||
|
1,200
|
Flagler County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/30 (Pre-refunded 10/01/15) – NPFG Insured
|
10/15 at 100.00
|
AA– (4)
|
1,224,156
|
|||||
|
90
|
Florida Municipal Loan Council, Revenue Bonds, Series 2001A, 5.250%, 11/01/18
|
7/15 at 100.00
|
A3
|
90,265
|
|||||
|
1,915
|
Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006, 5.500%, 6/01/38 – AGM Insured
|
6/18 at 100.00
|
AA
|
2,097,117
|
|||||
|
2,500
|
Hillsborough County Industrial Development Authority, Florida, Industrial Development Revenue Bonds, University Community Hospital, Series 1994, 6.500%, 8/15/19 – NPFG Insured (ETM)
|
No Opt. Call
|
Aaa
|
2,817,100
|
|||||
|
1,000
|
Hillsborough County School Board, Florida, Certificates of Participation, Master Lease Program, Series 2005A, 5.000%, 7/01/26 – NPFG Insured
|
7/15 at 100.00
|
Aa2
|
1,007,980
|
|||||
|
1,000
|
Hillsborough County, Florida, Revenue Refunding Bonds, Tampa Bay Arena, Series 2005, 5.000%, 10/01/25 – FGIC Insured
|
10/15 at 100.00
|
AA+
|
1,020,220
|
|||||
|
2,595
|
Indian River County School Board, Florida, Certificates of Participation, Series 2005, 5.000%, 7/01/22 (Pre-refunded 7/01/15) – NPFG Insured
|
7/15 at 100.00
|
AA– (4)
|
2,616,097
|
|||||
|
Indian Trace Development District, Florida, Water Management Special Benefit Assessment Bonds, Series 2005:
|
|||||||||
|
1,645
|
5.000%, 5/01/25 – NPFG Insured
|
5/15 at 102.00
|
A3
|
1,681,223
|
|||||
|
1,830
|
5.000%, 5/01/27 – NPFG Insured
|
5/15 at 102.00
|
A3
|
1,869,821
|
|||||
|
4,665
|
Lee County, Florida, Airport Revenue Refunding Bonds, Series 2011A, 5.375%, 10/01/32 – AGM Insured (Alternative Minimum Tax)
|
8/21 at 100.00
|
AA
|
5,160,423
|
|||||
|
1,000
|
Lee Memorial Health System, Florida, Hospital Revenue Bonds, Series 2007A, 5.000%, 4/01/32 – NPFG Insured
|
4/17 at 100.00
|
AA–
|
1,049,430
|
|||||
|
3,000
|
Leesburg, Florida, Utility Revenue Bonds, Series 2007, 5.000%, 10/01/37 – NPFG Insured
|
10/17 at 100.00
|
AA–
|
3,242,580
|
|||||
|
3,230
|
Miami Dade County, Florida, Rickenbacker Causeway Revenue Bonds, Series 2014, 5.000%, 10/01/43
|
10/24 at 100.00
|
BBB+
|
3,555,907
|
|||||
|
5,000
|
Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Refunding Series 2014A, 5.000%, 7/01/44
|
7/24 at 100.00
|
A–
|
5,517,650
|
|||||
|
3,200
|
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Refunding Series 2012A, 5.000%, 10/01/30 (Alternative Minimum Tax)
|
No Opt. Call
|
A
|
3,570,048
|
|||||
|
12,930
|
Miami-Dade County, Florida, Public Facilities Revenue Bonds, Jackson Health System, Series 2005A, 5.000%, 6/01/32 – NPFG Insured
|
12/15 at 100.00
|
AA–
|
12,960,644
|
|||||
|
5,320
|
Miami-Dade County, Florida, Public Facilities Revenue Bonds, Jackson Health System, Series 2005B, 5.000%, 6/01/25 – NPFG Insured
|
6/15 at 100.00
|
AA–
|
5,339,046
|
|||||
|
3,015
|
Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2008, 5.000%, 7/01/35 – AGM Insured
|
7/18 at 100.00
|
AA
|
3,306,490
|
|||||
|
6,305
|
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, 5.000%, 10/01/42
|
10/22 at 100.00
|
Aa3
|
6,978,878
|
|||||
|
Northern Palm Beach County Improvement District, Florida, Water Control and Improvement Bonds, Development Unit 9B, Series 2005:
|
|||||||||
|
1,290
|
5.000%, 8/01/23 – NPFG Insured
|
8/15 at 102.00
|
AA–
|
1,321,528
|
|||||
|
2,145
|
5.000%, 8/01/29 – NPFG Insured
|
8/15 at 102.00
|
AA–
|
2,194,957
|
|||||
|
2,000
|
Okaloosa County, Florida, Water and Sewer Revenue Bonds, Series 2006, 5.000%, 7/01/36 – AGM Insured
|
7/16 at 100.00
|
AA
|
2,090,120
|
|||||
|
3,500
|
Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, Inc., Series 2012A, 5.000%, 10/01/42
|
4/22 at 100.00
|
A
|
3,736,880
|
|||||
|
1,000
|
Orange County School Board, Florida, Certificates of Participation, Series 2007A, 5.000%, 8/01/27 (Pre-refunded 8/01/17) – FGIC Insured
|
8/17 at 100.00
|
AA (4)
|
1,094,350
|
|
Nuveen Investments
|
35
|
|
NIO
|
Nuveen Municipal Opportunity Fund, Inc.
|
|
|
Portfolio of Investments (continued)
|
April 30, 2015 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Florida (continued)
|
|||||||||
|
$
|
2,500
|
Orange County, Florida, Tourist Development Tax Revenue Bonds, Series 2006, 5.000%, 10/01/31 – SYNCORA GTY Insured
|
10/16 at 100.00
|
AA–
|
$
|
2,633,275
|
|||
|
170
|
Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Sinai Residences of Boca Raton Project, Series 2014A, 7.250%, 6/01/34
|
6/22 at 102.00
|
N/R
|
193,790
|
|||||
|
3,000
|
Palm Beach County School Board, Florida, Certificates of Participation, Series 2007E, 5.000%, 8/01/27 (Pre-refunded 8/01/17) – NPFG Insured
|
8/17 at 100.00
|
AA– (4)
|
3,285,870
|
|||||
|
2,940
|
Pasco County, Florida, Water and Sewer Revenue Bonds, Series 2006 Refunding, 5.000%, 10/01/36 (Pre-refunded 4/01/16) – AGM Insured
|
4/16 at 100.00
|
AA (4)
|
3,065,803
|
|||||
|
60
|
Pasco County, Florida, Water and Sewer Revenue Bonds, Series 2006 Refunding, 5.000%, 10/01/36 – AGM Insured
|
4/16 at 100.00
|
AA+
|
62,348
|
|||||
|
900
|
Port Saint Lucie, Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, Series 2007, 5.000%, 7/01/33 – NPFG Insured
|
7/17 at 100.00
|
AA–
|
968,985
|
|||||
|
Port St. Lucie, Florida, Utility System Revenue Bonds, Refunding Series 2009:
|
|||||||||
|
5,450
|
5.250%, 9/01/35 – AGC Insured
|
9/18 at 100.00
|
AA
|
6,073,480
|
|||||
|
8,530
|
5.000%, 9/01/35 – AGC Insured
|
9/18 at 100.00
|
AA
|
9,428,209
|
|||||
|
1,895
|
Reedy Creek Improvement District, Orange and Osceola Counties, Florida, General Obligation Bonds, Series 2005B, 5.000%, 6/01/25 – AMBAC Insured
|
6/15 at 100.00
|
Aa3
|
1,902,864
|
|||||
|
5,740
|
Seminole County, Florida, Water and Sewer Revenue Bonds, Refunding & Improvement Series 1992, 6.000%, 10/01/19 – NPFG Insured (ETM)
|
No Opt. Call
|
Aa2 (4)
|
6,438,788
|
|||||
|
765
|
Seminole County, Florida, Water and Sewer Revenue Bonds, Refunding & Improvement Series 1992, 6.000%, 10/01/19 – NPFG Insured
|
No Opt. Call
|
AA
|
780,147
|
|||||
|
St. Lucie County, Florida, Utility System Revenue Refunding Bonds, Series 1993:
|
|||||||||
|
1,355
|
5.500%, 10/01/15 – FGIC Insured (ETM)
|
No Opt. Call
|
N/R (4)
|
1,385,352
|
|||||
|
1,200
|
5.500%, 10/01/21 – FGIC Insured (ETM)
|
No Opt. Call
|
N/R (4)
|
1,456,656
|
|||||
|
2,500
|
Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/29 – NPFG Insured
|
10/15 at 100.00
|
AA
|
2,550,500
|
|||||
|
400
|
Tamarac, Florida, Utility System Revenue Bonds, Series 2009, 5.000%, 10/01/39 – AGC Insured
|
10/19 at 100.00
|
AA
|
449,608
|
|||||
|
1,470
|
Tampa, Florida, Healthcare System Revenue Bonds, Allegany Health System – St. Joseph’s Hospital, Series 1993, 5.125%, 12/01/23 – NPFG Insured (ETM)
|
7/15 at 100.00
|
Aaa
|
1,485,288
|
|||||
|
10,335
|
Tampa, Florida, Revenue Bonds, University of Tampa, Series 2006, 5.000%, 4/01/35 (Pre-refunded 4/01/16) – CIFG Insured
|
4/16 at 100.00
|
A3 (4)
|
10,780,645
|
|||||
|
21,095
|
Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Refunding Series 2012B, 5.000%, 7/01/42
|
No Opt. Call
|
A
|
23,281,919
|
|||||
|
12,000
|
Volusia County School Board, Florida, Certificates of Participation, Master Lease Program Series 2007, 5.000%, 8/01/32 – AGM Insured
|
8/17 at 100.00
|
Aa3
|
12,383,400
|
|||||
|
4,275
|
Volusia County School Board, Florida, Certificates of Participation, Series 2005B, 5.000%, 8/01/24 (Pre-refunded 8/01/15) – AGM Insured
|
8/15 at 100.00
|
Aa3 (4)
|
4,326,984
|
|||||
|
192,220
|
Total Florida
|
205,263,491
|
|||||||
|
Georgia – 2.4% (1.6% of Total Investments)
|
|||||||||
|
10,000
|
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.375%, 11/01/39 – AGM Insured
|
11/19 at 100.00
|
AA
|
11,410,000
|
|||||
|
2,825
|
Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Refunding Series 2007, 4.000%, 8/01/26
|
8/20 at 100.00
|
AA
|
3,020,914
|
|||||
|
16,805
|
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2014A, 5.500%, 8/15/54
|
2/25 at 100.00
|
AA–
|
19,344,404
|
|||||
|
2,250
|
Gwinnett County Hospital Authority, Georgia, Revenue Anticipation Certificates, Gwinnett Hospital System Inc. Project, Series 2007C, 5.500%, 7/01/39 – AGM Insured
|
7/19 at 100.00
|
A+
|
2,470,658
|
|||||
|
31,880
|
Total Georgia
|
36,245,976
|
|||||||
|
Hawaii – 0.4% (0.3% of Total Investments)
|
|||||||||
|
170
|
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific University, Series 2013A, 6.875%, 7/01/43
|
7/23 at 100.00
|
BB+
|
193,809
|
|
36
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Hawaii (continued)
|
|||||||||
|
$
|
5,775
|
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Queen’s Health Systems, Series 2015A, 4.000%, 7/01/40
|
7/25 at 100.00
|
AA–
|
$
|
5,666,777
|
|||
|
5,945
|
Total Hawaii
|
5,860,586
|
|||||||
|
Idaho – 0.6% (0.4% of Total Investments)
|
|||||||||
|
6,085
|
Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project, Series 2012A, 5.000%, 3/01/47 – AGM Insured
|
3/22 at 100.00
|
A–
|
6,596,566
|
|||||
|
Idaho Housing and Finance Association, Grant and Revenue Anticipation Bonds, Federal Highway Trust Funds, Series 2006:
|
|||||||||
|
1,000
|
5.000%, 7/15/23 – NPFG Insured
|
7/16 at 100.00
|
A+
|
1,052,290
|
|||||
|
1,065
|
5.000%, 7/15/24 – NPFG Insured
|
7/16 at 100.00
|
A+
|
1,119,624
|
|||||
|
8,150
|
Total Idaho
|
8,768,480
|
|||||||
|
Illinois – 11.7% (8.0% of Total Investments)
|
|||||||||
|
8,470
|
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2014, 5.250%, 12/01/49
|
No Opt. Call
|
AA
|
9,565,595
|
|||||
|
7,700
|
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien Refunding Series 2010C, 5.250%, 1/01/35 – AGC Insured
|
1/20 at 100.00
|
AA
|
8,652,798
|
|||||
|
7,200
|
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien Series 2005A, 5.250%, 1/01/24 – NPFG Insured
|
1/16 at 100.00
|
AA–
|
7,434,144
|
|||||
|
7,095
|
Cook County Community College District 508, Illinois, General Obligation Bonds, Chicago City Colleges, Series 2013, 5.250%, 12/01/43
|
12/23 at 100.00
|
AA
|
7,930,649
|
|||||
|
6,160
|
De Witt, Ford, Livingston, Logan, Mc Lean and Tazewell Community College District 540, Illinois, General Obligation Bonds, Series 2007, 3.000%, 12/01/26 – AGM Insured
|
12/17 at 100.00
|
Aa2
|
5,828,099
|
|||||
|
3,400
|
Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural History, Series 2002, 5.500%, 11/01/36
|
11/23 at 100.00
|
A2
|
3,743,944
|
|||||
|
3,295
|
Illinois Educational Facilities Authority, Revenue Bonds, Robert Morris College, Series 2000, 5.800%, 6/01/30 – NPFG Insured
|
6/15 at 100.00
|
A3
|
3,338,725
|
|||||
|
2,315
|
Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Series 2012, 5.000%, 6/01/42
|
No Opt. Call
|
AA
|
2,528,165
|
|||||
|
5,750
|
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 5.000%, 9/01/38
|
9/22 at 100.00
|
BBB
|
6,046,815
|
|||||
|
7,070
|
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A, 5.000%, 9/01/42
|
9/24 at 100.00
|
BBB
|
7,505,512
|
|||||
|
1,435
|
Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A, 6.000%, 7/01/43
|
7/23 at 100.00
|
A–
|
1,706,430
|
|||||
|
4,400
|
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2015C, 5.000%, 8/15/44
|
8/25 at 100.00
|
Baa1
|
4,742,936
|
|||||
|
6,720
|
Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2011A, 6.000%, 8/15/41 – AGM Insured
|
8/21 at 100.00
|
AA
|
8,007,821
|
|||||
|
14,975
|
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A, 5.000%, 10/01/51
|
10/21 at 100.00
|
AA+
|
16,106,661
|
|||||
|
Illinois State, General Obligation Bonds, February Series 2014:
|
|||||||||
|
3,200
|
5.250%, 2/01/32
|
2/24 at 100.00
|
A–
|
3,421,984
|
|||||
|
2,000
|
5.250%, 2/01/33
|
2/24 at 100.00
|
A–
|
2,134,240
|
|||||
|
1,575
|
5.250%, 2/01/34
|
2/24 at 100.00
|
A–
|
1,677,155
|
|||||
|
7,000
|
5.000%, 2/01/39
|
2/24 at 100.00
|
A–
|
7,250,460
|
|||||
|
Illinois State, General Obligation Bonds, May Series 2014:
|
|||||||||
|
510
|
5.000%, 5/01/36
|
5/24 at 100.00
|
A–
|
532,160
|
|||||
|
1,630
|
5.000%, 5/01/39
|
5/24 at 100.00
|
A–
|
1,689,788
|
|
Nuveen Investments
|
37
|
|
NIO
|
Nuveen Municipal Opportunity Fund, Inc.
|
|
|
Portfolio of Investments (continued)
|
April 30, 2015 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Illinois (continued)
|
|||||||||
|
Illinois State, General Obligation Bonds, Refunding Series 2012:
|
|||||||||
|
$
|
3,160
|
5.000%, 8/01/21
|
No Opt. Call
|
A–
|
$
|
3,538,315
|
|||
|
1,225
|
5.000%, 8/01/22
|
No Opt. Call
|
A–
|
1,380,538
|
|||||
|
2,740
|
5.000%, 8/01/23
|
No Opt. Call
|
A–
|
3,083,322
|
|||||
|
270
|
5.000%, 8/01/25
|
8/22 at 100.00
|
A–
|
295,429
|
|||||
|
1,425
|
Illinois State, General Obligation Bonds, Series 2013, 5.500%, 7/01/38
|
7/23 at 100.00
|
A–
|
1,569,495
|
|||||
|
5,405
|
Illinois Toll Highway Authority, State Toll Highway Authority Revenue Bonds, Series 2006A-1, 5.000%, 1/01/24 (Pre-refunded 7/01/16) – AGM Insured
|
7/16 at 100.00
|
AA (4)
|
5,697,735
|
|||||
|
1,395
|
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust 2015-XF0051, 17.799%, 1/01/21 (IF)
|
No Opt. Call
|
AA–
|
2,013,362
|
|||||
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1:
|
|||||||||
|
20,000
|
0.000%, 6/15/45 – AGM Insured
|
No Opt. Call
|
AAA
|
4,869,600
|
|||||
|
10,000
|
0.000%, 6/15/46 – AGM Insured
|
No Opt. Call
|
AAA
|
2,302,100
|
|||||
|
20,045
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A, 0.000%, 12/15/35 – AGM Insured
|
No Opt. Call
|
AAA
|
7,917,374
|
|||||
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Tender Option Bond Trust 2015-XF0081:
|
|||||||||
|
5,000
|
14.953%, 6/15/18 (IF)
|
No Opt. Call
|
AAA
|
6,271,100
|
|||||
|
5,920
|
13.448%, 6/15/42 (IF)
|
6/20 at 100.00
|
AAA
|
6,543,139
|
|||||
|
5,345
|
Southwestern Illinois Development Authority, Health Facility Revenue Bonds, Memorial Group, Inc., Series 2013, 7.625%, 11/01/48
|
11/23 at 100.00
|
BB+
|
6,707,975
|
|||||
|
4,000
|
Southwestern Illinois Development Authority, School Revenue Bonds, Triad School District 2, Madison County, Illinois, Series 2006, 0.000%, 10/01/25 – NPFG Insured
|
No Opt. Call
|
AA–
|
2,653,640
|
|||||
|
Williamson & Johnson Counties Community Unit School District 2, Marion, Illinois, General Obligation Bonds, Series 2011:
|
|||||||||
|
930
|
7.000%, 12/01/21 – AGM Insured
|
12/20 at 100.00
|
AA
|
1,156,316
|
|||||
|
1,035
|
7.000%, 12/01/22 – AGM Insured
|
12/20 at 100.00
|
AA
|
1,277,842
|
|||||
|
1,155
|
7.000%, 12/01/23 – AGM Insured
|
12/20 at 100.00
|
AA
|
1,425,998
|
|||||
|
1,065
|
7.000%, 12/01/26 – AGM Insured
|
12/20 at 100.00
|
AA
|
1,299,960
|
|||||
|
2,085
|
7.250%, 12/01/29 – AGM Insured
|
12/20 at 100.00
|
AA
|
2,565,572
|
|||||
|
2,295
|
7.250%, 12/01/30 – AGM Insured
|
12/20 at 100.00
|
AA
|
2,823,975
|
|||||
|
196,395
|
Total Illinois
|
175,236,868
|
|||||||
|
Indiana – 7.8% (5.3% of Total Investments)
|
|||||||||
|
12,040
|
Indiana Finance Authority, Educational Facilities Revenue Bonds, Valparaiso University Project, Series 2014, 5.000%, 10/01/44
|
10/24 at 100.00
|
A2
|
13,519,355
|
|||||
|
12,360
|
Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 2012A, 5.000%, 5/01/42
|
5/23 at 100.00
|
A
|
13,370,801
|
|||||
|
3,450
|
Indiana Finance Authority, Midwestern Disaster Relief Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2012A, 5.000%, 6/01/39 – AGM Insured
|
6/22 at 100.00
|
BBB–
|
3,683,979
|
|||||
|
14,760
|
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013A, 5.250%, 1/01/51 (Alternative Minimum Tax)
|
7/23 at 100.00
|
BBB
|
16,018,142
|
|||||
|
5,000
|
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2010B., 5.000%, 12/01/37
|
12/20 at 100.00
|
AA
|
5,562,300
|
|||||
|
17,970
|
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2014A, 5.000%, 10/01/44
|
10/24 at 100.00
|
AA
|
20,254,886
|
|||||
|
8,500
|
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
|
1/17 at 100.00
|
AA–
|
8,959,595
|
|||||
|
5,000
|
Indianapolis Local Public Improvement Bond Bank Bonds, Indiana, PILOT Infrastructure Project Revenue Bonds, Series 2010F, 5.000%, 1/01/35 – AGM Insured
|
1/20 at 100.00
|
AA
|
5,627,350
|
|||||
|
20,000
|
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/28 – AMBAC Insured
|
No Opt. Call
|
AA
|
13,316,400
|
|||||
|
9,615
|
Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A, 5.500%, 1/01/38 – AGC Insured
|
1/19 at 100.00
|
AA
|
10,920,236
|
|
38
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Indiana (continued)
|
|||||||||
|
$
|
935
|
Shoals, Indiana, Exempt Facilities Revenue Bonds, National Gypsum Company Project, Series 2013, 7.250%, 11/01/43 (Alternative Minimum Tax)
|
11/23 at 100.00
|
N/R
|
$
|
1,048,313
|
|||
|
2,040
|
Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt Paper LLC Project, Series 2013, 7.000%, 1/01/44 (Alternative Minimum Tax)
|
1/24 at 100.00
|
N/R
|
2,502,101
|
|||||
|
1,500
|
Vigo County Hospital Authority, Indiana, Revenue Bonds, Union Hospital, Series 2007, 5.800%, 9/01/47
|
9/17 at 100.00
|
N/R
|
1,573,710
|
|||||
|
113,170
|
Total Indiana
|
116,357,168
|
|||||||
|
Iowa – 1.3% (0.9% of Total Investments)
|
|||||||||
|
10,000
|
Iowa Finance Authority, Health Facilities Revenue Bonds, UnityPoint Health Project, Series 2013A, 5.250%, 2/15/44
|
2/23 at 100.00
|
Aa3
|
11,183,900
|
|||||
|
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:
|
|||||||||
|
2,260
|
5.375%, 6/01/38
|
6/15 at 100.00
|
B+
|
2,002,292
|
|||||
|
1,230
|
5.500%, 6/01/42
|
6/15 at 100.00
|
B+
|
1,085,487
|
|||||
|
445
|
5.625%, 6/01/46
|
6/15 at 100.00
|
B+
|
397,594
|
|||||
|
5,600
|
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34
|
6/17 at 100.00
|
B+
|
5,365,528
|
|||||
|
19,535
|
Total Iowa
|
20,034,801
|
|||||||
|
Kansas – 1.1% (0.8% of Total Investments)
|
|||||||||
|
12,000
|
University of Kansas Hospital Authority, Health Facilities Revenue Bonds, KU Health System, Refunding & Improvement Series 2015, 5.000%, 9/01/45
|
No Opt. Call
|
A+
|
13,367,400
|
|||||
|
2,865
|
Wyandotte County/Kansas City Unified Government Board of Public Utilities, Kansas, Utility System Revenue Bonds, Refunding & Improvement Series 2014A, 5.000%, 9/01/44
|
9/24 at 100.00
|
A+
|
3,187,714
|
|||||
|
14,865
|
Total Kansas
|
16,555,114
|
|||||||
|
Kentucky – 2.5% (1.7% of Total Investments)
|
|||||||||
|
5,170
|
Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro Medical Health System, Series 2010A, 6.000%, 6/01/30
|
6/20 at 100.00
|
BBB+
|
5,882,064
|
|||||
|
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Convertible Capital Appreciation Series 2013C:
|
|||||||||
|
3,330
|
0.000%, 7/01/43
|
7/31 at 100.00
|
Baa3
|
2,313,751
|
|||||
|
5,735
|
0.000%, 7/01/46
|
7/31 at 100.00
|
Baa3
|
3,988,865
|
|||||
|
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Series 2013A:
|
|||||||||
|
1,445
|
5.750%, 7/01/49
|
7/23 at 100.00
|
Baa3
|
1,640,263
|
|||||
|
290
|
6.000%, 7/01/53
|
7/23 at 100.00
|
Baa3
|
333,074
|
|||||
|
Kentucky State Property and Buildings Commission, Revenue Bonds, Project 93, Refunding Series 2009:
|
|||||||||
|
3,860
|
5.250%, 2/01/20 – AGC Insured
|
2/19 at 100.00
|
AA
|
4,437,881
|
|||||
|
10,000
|
5.250%, 2/01/24 – AGC Insured
|
2/19 at 100.00
|
AA
|
11,426,800
|
|||||
|
7,500
|
Kentucky Turnpike Authority, Economic Development Road Revenue Bonds, Revitalization Project, Series 2006B, 5.000%, 7/01/25 – AMBAC Insured
|
7/16 at 100.00
|
AA+
|
7,888,875
|
|||||
|
37,330
|
Total Kentucky
|
37,911,573
|
|||||||
|
Louisiana – 3.6% (2.4% of Total Investments)
|
|||||||||
|
3,330
|
Jefferson Parish Hospital District1, Louisiana, Hospital Revenue Bonds, West Jefferson Medical Center, Refunding Series 2011A, 6.000%, 1/01/39 – AGM Insured
|
1/21 at 100.00
|
AA
|
3,915,447
|
|||||
|
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:
|
|||||||||
|
3,300
|
4.750%, 5/01/39 (Pre-refunded 5/01/16) – AGM Insured
|
5/16 at 100.00
|
Aa1 (4)
|
3,446,322
|
|||||
|
35,725
|
4.500%, 5/01/41 (Pre-refunded 5/01/16) – FGIC Insured (UB)
|
5/16 at 100.00
|
Aa1 (4)
|
37,219,377
|
|||||
|
38
|
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006, Residuals 660-1, 15.955%, 5/01/34 (Pre-refunded 5/01/16) – NPFG Insured (IF)
|
5/16 at 100.00
|
Aa1 (4)
|
44,745
|
|||||
|
8,180
|
New Orleans Aviation Board, Louisiana, Revenue Bonds, North Terminal Project, Series 2015B, 5.000%, 1/01/45 (Alternative Minimum Tax)
|
1/25 at 100.00
|
A–
|
8,919,308
|
|||||
|
50,573
|
Total Louisiana
|
53,545,199
|
|
Nuveen Investments
|
39
|
|
NIO
|
Nuveen Municipal Opportunity Fund, Inc.
|
|
|
Portfolio of Investments (continued)
|
April 30, 2015 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Maine – 0.8% (0.6% of Total Investments)
|
|||||||||
|
$
|
1,015
|
Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2013, 5.000%, 7/01/43
|
7/23 at 100.00
|
Baa1
|
$
|
1,072,398
|
|||
|
10,000
|
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Mainehealth Issue, Series 2015, 5.000%, 7/01/39
|
No Opt. Call
|
A+
|
10,990,300
|
|||||
|
11,015
|
Total Maine
|
12,062,698
|
|||||||
|
Maryland – 0.5% (0.4% of Total Investments)
|
|||||||||
|
5,345
|
Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%, 9/01/28 – SYNCORA GTY Insured
|
9/16 at 100.00
|
Ba1
|
5,481,672
|
|||||
|
2,440
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula Regional Medical Center Issue, Series 2015, 5.000%, 7/01/45
|
7/24 at 100.00
|
A
|
2,679,657
|
|||||
|
7,785
|
Total Maryland
|
8,161,329
|
|||||||
|
Massachusetts – 3.0% (2.0% of Total Investments)
|
|||||||||
|
7,255
|
Massachusetts Development Finance Agency Revenue Bonds, Partners HealthCare System Issue, Series 2015-O1, 5.000%, 7/01/45
|
7/25 at 100.00
|
AA
|
8,113,194
|
|||||
|
4,500
|
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Commonwealth Contract Assistance Secured, Refunding Series 2010B, 5.000%, 1/01/35
|
1/20 at 100.00
|
AA+
|
5,096,700
|
|||||
|
3,225
|
Massachusetts Development Finance Agency, Resource Recovery Revenue Refunding Bonds, Covanta Energy Project, Series 2012B, 4.875%, 11/01/42
|
11/17 at 100.00
|
BB+
|
3,282,728
|
|||||
|
1,270
|
Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, Green Bonds, Series 2015D, 5.000%, 7/01/44
|
No Opt. Call
|
BBB
|
1,354,938
|
|||||
|
5,330
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Harvard University, Tender Option Bond Trust 2010-20W, 13.516%, 12/15/34 (IF) (5)
|
12/19 at 100.00
|
AAA
|
7,739,320
|
|||||
|
11,000
|
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A, 5.000%, 8/15/23 (Pre-refunded 8/15/15) – AGM Insured
|
8/15 at 100.00
|
AA+ (4)
|
11,155,540
|
|||||
|
7,255
|
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 – AGM Insured (UB) (5)
|
2/17 at 100.00
|
AA+
|
7,409,241
|
|||||
|
39,835
|
Total Massachusetts
|
44,151,661
|
|||||||
|
Michigan – 2.6% (1.8% of Total Investments)
|
|||||||||
|
5,490
|
Detroit City School District, Wayne County, Michigan, Unlimited Tax School Building and Site Improvement Bonds, Series 2001A, 6.000%, 5/01/29 – AGM Insured (UB)
|
No Opt. Call
|
AA
|
6,779,985
|
|||||
|
1,695
|
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
|
7/22 at 100.00
|
BBB+
|
1,822,549
|
|||||
|
930
|
Detroit, Michigan, General Obligation Bonds, Series 2001A-1, 5.375%, 4/01/18 – NPFG Insured
|
10/15 at 100.00
|
A3
|
930,670
|
|||||
|
5,070
|
Michigan Finance Authority, Detroit, Michigan, Local Government Loan Program, Unlimited Tax General Obligation Bonds, Series 2014G-2A, 5.375%, 4/01/18 – NPFG Insured
|
10/15 at 100.00
|
A–
|
5,073,650
|
|||||
|
3,000
|
Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A, 5.000%, 1/01/43
|
1/22 at 100.00
|
A2
|
3,199,260
|
|||||
|
8,260
|
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2011-II-A, 5.375%, 10/15/41
|
10/21 at 100.00
|
Aa3
|
9,277,549
|
|||||
|
11,000
|
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2009C, 5.000%, 12/01/48
|
6/22 at 100.00
|
AA
|
11,871,530
|
|||||
|
35,445
|
Total Michigan
|
38,955,193
|
|||||||
|
Minnesota – 0.8% (0.5% of Total Investments)
|
|||||||||
|
5,465
|
Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 2008B, 6.500%, 11/15/38 – AGC Insured
|
11/18 at 100.00
|
AA
|
6,356,014
|
|||||
|
5,020
|
Minnesota State, General Obligation Bonds, Various Purpose, Refunding Series 2010D, 5.000%, 8/01/18
|
No Opt. Call
|
AA+
|
5,663,815
|
|||||
|
10,485
|
Total Minnesota
|
12,019,829
|
|
40
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Missouri – 0.5% (0.3% of Total Investments)
|
|||||||||
|
$
|
2,250
|
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Heartland Regional Medical Center, Series 2012, 5.000%, 2/15/43
|
2/22 at 100.00
|
A1
|
$
|
2,422,013
|
|||
|
305
|
St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Sunset Hills, Series 2013A, 5.875%, 9/01/43
|
9/23 at 100.00
|
A–
|
343,226
|
|||||
|
4,125
|
St. Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Series 2005, 5.500%, 7/01/29 – NPFG Insured
|
No Opt. Call
|
AA–
|
4,877,648
|
|||||
|
6,680
|
Total Missouri
|
7,642,887
|
|||||||
|
Montana – 0.2% (0.2% of Total Investments)
|
|||||||||
|
3,000
|
Montana Facility Finance Authority, Hospital Revenue Bonds, Benefis Health System Obligated Group, Series 2011A, 5.750%, 1/01/31 – AGM Insured
|
1/21 at 100.00
|
AA
|
3,510,570
|
|||||
|
Nebraska – 4.2% (2.9% of Total Investments)
|
|||||||||
|
4,010
|
Lincoln County Hospital Authority 1, Nebraska, Hospital Revenue and Refunding Bonds, Great Plains Regional Medical Center Project, Series 2012, 5.000%, 11/01/42
|
No Opt. Call
|
A–
|
4,362,800
|
|||||
|
27,125
|
Lincoln, Nebraska, Electric System Revenue Bonds, Series 2007A, 4.500%, 9/01/37 – FGIC Insured (UB) (5)
|
9/16 at 100.00
|
AA
|
27,592,364
|
|||||
|
5,000
|
Municipal Energy Agency of Nebraska, Power Supply System Revenue and Refunding Bonds, Series 2009A, 5.375%, 4/01/39 – BHAC Insured
|
4/19 at 100.00
|
AA+
|
5,661,850
|
|||||
|
1,000
|
Nebraska Public Power District, General Revenue Bonds, Series 2005A, 5.000%, 1/01/25 (Pre-refunded 7/01/15) – AGM Insured
|
7/15 at 100.00
|
AA (4)
|
1,008,150
|
|||||
|
2,460
|
Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Refunding Subordinated Lien Series 2014CC, 4.000%, 2/01/38
|
2/24 at 100.00
|
AA–
|
2,505,412
|
|||||
|
21,000
|
Public Power Generation Agency, Nebraska, Whelan Energy Center Unit 2 Revenue Bonds, Series 2007A, 5.000%, 1/01/37 – AMBAC Insured
|
1/17 at 100.00
|
A2
|
22,057,140
|
|||||
|
60,595
|
Total Nebraska
|
63,187,716
|
|||||||
|
Nevada – 2.0% (1.3% of Total Investments)
|
|||||||||
|
7,000
|
Clark County School District, Nevada, General Obligation Bonds, Refunding Series 2005A, 5.000%, 6/15/19 (Pre-refunded 6/15/15) – FGIC Insured
|
6/15 at 101.00
|
AA– (4)
|
7,111,650
|
|||||
|
3,000
|
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2009C, 5.000%, 7/01/26 – AGM Insured
|
7/19 at 100.00
|
AA
|
3,398,850
|
|||||
|
16,890
|
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.250%, 7/01/39 – AGM Insured
|
1/20 at 100.00
|
AA
|
19,019,660
|
|||||
|
26,890
|
Total Nevada
|
29,530,160
|
|||||||
|
New Jersey – 3.6% (2.4% of Total Investments)
|
|||||||||
|
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A:
|
|||||||||
|
3,850
|
5.000%, 7/01/22 – NPFG Insured
|
7/15 at 100.00
|
AA–
|
3,909,714
|
|||||
|
3,850
|
5.000%, 7/01/23 – NPFG Insured
|
7/15 at 100.00
|
AA–
|
3,909,714
|
|||||
|
5,900
|
5.000%, 7/01/29 – NPFG Insured
|
7/15 at 100.00
|
AA–
|
5,991,509
|
|||||
|
26,000
|
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%,
1/01/26 – AGM Insured |
No Opt. Call
|
AA
|
32,136,780
|
|||||
|
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
|
|||||||||
|
3,320
|
4.500%, 6/01/23
|
6/17 at 100.00
|
BB
|
3,326,441
|
|||||
|
1,545
|
4.625%, 6/01/26
|
6/17 at 100.00
|
B+
|
1,492,254
|
|||||
|
1,470
|
4.750%, 6/01/34
|
6/17 at 100.00
|
B2
|
1,139,956
|
|||||
|
1,330
|
Washington Township Board of Education, Mercer County, New Jersey, General Obligation Bonds, Series 2005, 5.250%, 1/01/26 – AGM Insured
|
No Opt. Call
|
Aa3
|
1,690,630
|
|||||
|
47,265
|
Total New Jersey
|
53,596,998
|
|
Nuveen Investments
|
41
|
|
NIO
|
Nuveen Municipal Opportunity Fund, Inc.
|
|
|
Portfolio of Investments (continued)
|
April 30, 2015 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
New Mexico – 1.2% (0.8% of Total Investments)
|
|||||||||
|
$
|
3,660
|
San Juan County, New Mexico, Gross Receipts Tax Revenue Bonds, Refunding Subordinate Series 2005, 5.000%, 6/15/25 (Pre-refunded 6/15/15) – NPFG Insured
|
6/15 at 100.00
|
AA– (4)
|
$
|
3,681,118
|
|||
|
13,600
|
University of New Mexico, Revenue Bonds, System Improvement Subordinated Lien Series 2007A, 5.000%, 6/01/36 – AGM Insured
|
6/17 at 100.00
|
AA
|
14,579,744
|
|||||
|
17,260
|
Total New Mexico
|
18,260,862
|
|||||||
|
New York – 6.3% (4.3% of Total Investments)
|
|||||||||
|
2,095
|
Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, Catholic Health System, Inc. Project, Series 2015, 4.000%, 7/01/45
|
7/25 at 100.00
|
BBB+
|
2,021,864
|
|||||
|
1,880
|
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore
|
7/15 at 100.00
|
AA–
|
1,887,313
|
|||||
|
Hospital, Series 2004, 5.000%, 8/01/23 – FGIC Insured
|
|||||||||
|
1,200
|
Dormitory Authority of the State of New York, Orange Regional Medical Center Obligated Group Revenue Bonds, Series 2015, 5.000%, 12/01/40 (WI/DD, Settling 5/13/15)
|
6/25 at 100.00
|
Ba1
|
1,252,980
|
|||||
|
7,225
|
Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt, Cornell University, Series 2010A, 5.000%, 7/01/35
|
7/20 at 100.00
|
Aa1
|
8,318,865
|
|||||
|
4,030
|
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured
|
2/17 at 100.00
|
AA–
|
4,207,159
|
|||||
|
12,500
|
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A, 5.000%, 12/01/25 – FGIC Insured
|
6/16 at 100.00
|
AA–
|
13,030,000
|
|||||
|
6,000
|
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006C, 5.000%, 9/01/35 – NPFG Insured
|
9/16 at 100.00
|
AA–
|
6,306,660
|
|||||
|
2,500
|
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/36 – AGM Insured
|
5/21 at 100.00
|
AA
|
2,775,700
|
|||||
|
10,610
|
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2012A, 5.000%, 9/01/42
|
9/22 at 100.00
|
A–
|
11,509,834
|
|||||
|
3,025
|
Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue Bonds, Unity Hospital of Rochester Project, Series 2010, 5.500%, 8/15/40
|
2/21 at 100.00
|
AA
|
3,507,669
|
|||||
|
2,615
|
New York City Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium Project PILOT, Series 2009A, 7.000%, 3/01/49 – AGC Insured
|
3/19 at 100.00
|
AA
|
3,118,754
|
|||||
|
85
|
New York City, New York, General Obligation Bonds, Fiscal Series 2005F-1, 5.000%, 9/01/21 – AMBAC Insured
|
9/15 at 100.00
|
AA
|
86,383
|
|||||
|
4,915
|
New York City, New York, General Obligation Bonds, Fiscal Series 2005F-1, 5.000%, 9/01/21 (Pre-refunded 9/01/15) – AMBAC Insured
|
9/15 at 100.00
|
Aa2 (4)
|
4,988,381
|
|||||
|
5
|
New York City, New York, General Obligation Bonds, Fiscal Series 2005M, 5.000%, 4/01/26 – FGIC Insured
|
7/15 at 100.00
|
AA
|
5,020
|
|||||
|
7,870
|
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44
|
11/24 at 100.00
|
N/R
|
8,228,321
|
|||||
|
14,000
|
New York State Thruway Authority, General Revenue Bonds, Series 2005G, 5.000%, 1/01/30 (Pre-refunded 7/01/15) – AGM Insured
|
7/15 at 100.00
|
AA (4)
|
14,112,840
|
|||||
|
4,655
|
Onondaga Civic Development Corporation, New York, Revenue Bonds, Saint Joseph’s Hospital Health Center Project, Series 2012, 5.000%, 7/01/42
|
7/22 at 100.00
|
BB
|
4,781,616
|
|||||
|
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Subordinate Lien Series 2013A:
|
|||||||||
|
2,135
|
5.000%, 11/15/28
|
No Opt. Call
|
A+
|
2,471,305
|
|||||
|
2,430
|
0.000%, 11/15/31
|
No Opt. Call
|
A+
|
1,349,841
|
|||||
|
1,460
|
0.000%, 11/15/32
|
No Opt. Call
|
A+
|
763,478
|
|||||
|
91,235
|
Total New York
|
94,723,983
|
|||||||
|
North Carolina – 2.1% (1.4% of Total Investments)
|
|||||||||
|
750
|
Gaston County Industrial Facilities and Pollution Control Financing Authority, North Carolina, National Gypsum Company Project Exempt Facilities Revenue Bonds, Series 2005, 5.750%, 8/01/35 (Alternative Minimum Tax)
|
8/15 at 100.00
|
N/R
|
750,743
|
|
42
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
North Carolina (continued)
|
|||||||||
|
$
|
10,000
|
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University Health System, Series 2012A, 5.000%, 6/01/42
|
6/22 at 100.00
|
AA
|
$
|
11,220,400
|
|||
|
4,715
|
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Vidant Health, Refunding Series 2012A, 5.000%, 6/01/36
|
6/22 at 100.00
|
A+
|
5,141,425
|
|||||
|
5,625
|
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Vidant Health, Refunding Series 2015, 5.000%, 6/01/45
|
6/25 at 100.00
|
A+
|
6,218,269
|
|||||
|
Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Series 2005A:
|
|||||||||
|
3,205
|
5.000%, 5/01/23 – AMBAC Insured
|
5/15 at 100.00
|
Aa3
|
3,217,467
|
|||||
|
3,295
|
5.000%, 5/01/24 – AMBAC Insured
|
5/15 at 100.00
|
Aa3
|
3,307,818
|
|||||
|
830
|
University of North Carolina, Greensboro, General Revenue Bonds, Series 2014A, 5.000%, 4/01/39
|
4/24 at 100.00
|
Aa3
|
938,921
|
|||||
|
28,420
|
Total North Carolina
|
30,795,043
|
|||||||
|
North Dakota – 0.7% (0.5% of Total Investments)
|
|||||||||
|
2,245
|
Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2012, 5.000%, 12/01/35
|
12/21 at 100.00
|
A–
|
2,393,192
|
|||||
|
Grand Forks, North Dakota, Sales Tax Revenue Bonds, Alerus Project, Series 2005A:
|
|||||||||
|
2,195
|
5.000%, 12/15/22 – NPFG Insured
|
12/15 at 100.00
|
Aa3
|
2,258,743
|
|||||
|
1,355
|
5.000%, 12/15/23 – NPFG Insured
|
12/15 at 100.00
|
Aa3
|
1,394,349
|
|||||
|
3,000
|
5.000%, 12/15/24 – NPFG Insured
|
12/15 at 100.00
|
Aa3
|
3,086,670
|
|||||
|
1,890
|
Williston, North Dakota, Multifamily Housing Revenue Bonds, Eagle Crest Apartments LLC Project, Series 2013, 7.750%, 9/01/38
|
9/23 at 100.00
|
N/R
|
1,976,902
|
|||||
|
10,685
|
Total North Dakota
|
11,109,856
|
|||||||
|
Ohio – 7.8% (5.3% of Total Investments)
|
|||||||||
|
1,730
|
Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Revenue Bonds, Children’s Hospital Medical Center, Improvement & Refunding Series 2012, 5.000%, 11/15/42
|
5/22 at 100.00
|
A1
|
1,871,064
|
|||||
|
Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Health Partners, Refunding and Improvement Series 2012A:
|
|||||||||
|
1,930
|
5.000%, 5/01/33
|
5/22 at 100.00
|
AA–
|
2,128,578
|
|||||
|
2,540
|
4.000%, 5/01/33
|
5/22 at 100.00
|
AA–
|
2,575,662
|
|||||
|
2,420
|
5.000%, 5/01/42
|
5/22 at 100.00
|
AA–
|
2,637,437
|
|||||
|
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
|
|||||||||
|
16,945
|
5.125%, 6/01/24
|
6/17 at 100.00
|
B–
|
14,456,457
|
|||||
|
370
|
5.875%, 6/01/30
|
6/17 at 100.00
|
B–
|
313,834
|
|||||
|
11,600
|
5.750%, 6/01/34
|
6/17 at 100.00
|
B–
|
9,466,528
|
|||||
|
1,060
|
5.875%, 6/01/47
|
6/17 at 100.00
|
B
|
877,436
|
|||||
|
8,310
|
Cleveland Heights-University Heights City School District, Ohio, General Obligation Bonds, School Improvement Series 2014, 5.000%, 12/01/51
|
6/23 at 100.00
|
AA
|
8,973,969
|
|||||
|
6,000
|
Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children’s Hospital Project, Improvement Series 2012A, 5.000%, 11/01/42
|
5/22 at 100.00
|
Aa2
|
6,508,140
|
|||||
|
2,205
|
Hamilton City School District, Ohio, General Obligation Bonds, Series 2005, 5.000%, 12/01/24 – NPFG Insured
|
6/15 at 100.00
|
A3
|
2,214,151
|
|||||
|
19,535
|
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, Series 2006A, 4.250%,
12/01/32 – AMBAC Insured |
12/16 at 100.00
|
A+
|
19,770,787
|
|||||
|
6,425
|
JobsOhio Beverage System, Ohio, Statewide Liquor Profits Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/38 (UB) (5)
|
1/23 at 100.00
|
AA
|
7,141,066
|
|||||
|
JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, Tender Option Bond Trust 1157:
|
|||||||||
|
1,725
|
17.107%, 1/01/38 (IF) (5)
|
1/23 at 100.00
|
AA
|
2,494,005
|
|||||
|
1,250
|
17.107%, 1/01/38 (IF) (5)
|
1/23 at 100.00
|
AA
|
1,807,250
|
|||||
|
625
|
17.107%, 1/01/38 (IF) (5)
|
1/23 at 100.00
|
AA
|
903,625
|
|||||
|
1,750
|
17.098%, 1/01/38 (IF) (5)
|
1/23 at 100.00
|
AA
|
2,529,713
|
|||||
|
390
|
16.982%, 1/01/38 (IF) (5)
|
1/23 at 100.00
|
AA
|
562,532
|
|||||
|
2,000
|
15.783%, 1/01/38 (IF) (5)
|
1/23 at 100.00
|
AA
|
2,891,600
|
|
Nuveen Investments
|
43
|
|
NIO
|
Nuveen Municipal Opportunity Fund, Inc.
|
|
|
Portfolio of Investments (continued)
|
April 30, 2015 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Ohio (continued)
|
|||||||||
|
Middletown City School District, Butler County, Ohio, General Obligation Bonds, Refunding Series 2007:
|
|||||||||
|
$
|
4,380
|
5.250%, 12/01/27 – AGM Insured
|
No Opt. Call
|
A2
|
$
|
5,450,472
|
|||
|
6,000
|
5.250%, 12/01/31 – AGM Insured
|
No Opt. Call
|
A2
|
7,355,160
|
|||||
|
9,235
|
Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System Obligated Group Project, Series 2013, 5.000%, 2/15/48
|
2/23 at 100.00
|
BB+
|
9,531,813
|
|||||
|
Southeastern Ohio Port Authority, Hospital Facilities Revenue Bonds, Memorial Health System Obligated Group Project, Refunding and Improvement Series 2012:
|
|||||||||
|
665
|
5.750%, 12/01/32
|
12/22 at 100.00
|
BB
|
715,021
|
|||||
|
660
|
6.000%, 12/01/42
|
12/22 at 100.00
|
BB
|
712,008
|
|||||
|
2,000
|
University of Akron, Ohio, General Receipts Bonds, Federally Taxable Build America Bonds, Series 2010B, 5.000%, 1/01/29 – AGM Insured
|
1/20 at 100.00
|
AA
|
2,257,580
|
|||||
|
111,750
|
Total Ohio
|
116,145,888
|
|||||||
|
Oklahoma – 2.5% (1.7% of Total Investments)
|
|||||||||
|
Oklahoma Capitol Improvement Authority, State Facilities Revenue Bonds, Series 2005F:
|
|||||||||
|
3,500
|
5.000%, 7/01/24 (Pre-refunded 7/01/15) – AMBAC Insured
|
7/15 at 100.00
|
AA (4)
|
3,528,280
|
|||||
|
7,500
|
5.000%, 7/01/27 (Pre-refunded 7/01/15) – AMBAC Insured
|
7/15 at 100.00
|
AA (4)
|
7,560,600
|
|||||
|
Oklahoma City Water Utilities Trust, Oklahoma, Water and Sewer Revenue Bonds, Series 2010:
|
|||||||||
|
1,000
|
5.375%, 7/01/40
|
7/21 at 100.00
|
AAA
|
1,155,350
|
|||||
|
1,500
|
5.000%, 7/01/40
|
7/21 at 100.00
|
AAA
|
1,692,075
|
|||||
|
3,500
|
Oklahoma Municipal Power Authority, Power Supply System Revenue Bonds, Refunding Series 2014A, 5.000%, 1/01/38
|
1/25 at 100.00
|
A
|
3,992,100
|
|||||
|
19,060
|
Oklahoma Municipal Power Authority, Power Supply System Revenue Bonds, Series 2007, 4.500%, 1/01/47 – FGIC Insured
|
1/17 at 100.00
|
AA–
|
19,296,153
|
|||||
|
36,060
|
Total Oklahoma
|
37,224,558
|
|||||||
|
Oregon – 0.3% (0.2% of Total Investments)
|
|||||||||
|
4,000
|
Oregon Department of Administrative Services, State Lottery Revenue Bonds, Series 2011A, 5.250%, 4/01/31
|
4/21 at 100.00
|
AAA
|
4,623,120
|
|||||
|
Pennsylvania – 5.5% (3.7% of Total Investments)
|
|||||||||
|
2,165
|
Allegheny County Sanitary Authority, Pennsylvania, Sewer Revenue Bonds, Series 2010, 5.000%, 6/01/40 – AGM Insured
|
12/20 at 100.00
|
AA
|
2,427,160
|
|||||
|
7,925
|
Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Series 2006A, 5.000%, 6/01/26 (Pre-refunded 6/01/16) – AGM Insured (UB)
|
6/16 at 100.00
|
AA (4)
|
8,328,541
|
|||||
|
7,630
|
Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle Health System Project, Series 2012A, 5.000%, 6/01/42
|
6/22 at 100.00
|
A
|
8,186,532
|
|||||
|
5,250
|
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40 – AGM Insured
|
1/20 at 100.00
|
AA
|
5,827,080
|
|||||
|
1,560
|
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38
|
8/20 at 100.00
|
AA
|
1,772,020
|
|||||
|
365
|
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, National Gypsum Company, Refunding Series 2014, 5.500%, 11/01/44 (Alternative Minimum Tax)
|
11/24 at 100.00
|
N/R
|
376,191
|
|||||
|
1,800
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Drexel University, Series 2005A, 5.000%, 5/01/28 – NPFG Insured
|
5/15 at 100.00
|
AA–
|
1,806,732
|
|||||
|
11,100
|
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured
|
12/16 at 100.00
|
AA
|
11,465,190
|
|||||
|
2,625
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 – AMBAC Insured
|
6/16 at 100.00
|
A+
|
2,749,478
|
|||||
|
1,300
|
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Temple University Health System Obligated Group, Series 2012A, 5.625%, 7/01/42
|
7/22 at 100.00
|
BB+
|
1,382,056
|
|
44
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Pennsylvania (continued)
|
|||||||||
|
$
|
10,000
|
Philadelphia, Pennsylvania, Airport Revenue Bonds, Series 2010A, 5.000%, 6/15/40 – AGM Insured
|
6/20 at 100.00
|
AA
|
$
|
10,916,400
|
|||
|
7,055
|
Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Hotel Room Excise Tax Revenue Bonds, Refunding Series 2010, 5.000%, 2/01/35 – AGC Insured
|
8/20 at 100.00
|
AA
|
7,764,169
|
|||||
|
5,180
|
Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Sales Tax Revenue Bonds, Refunding Series 2010, 5.000%, 2/01/31 – AGM Insured
|
8/20 at 100.00
|
AA
|
5,824,962
|
|||||
|
6,335
|
Radnor Township School District, Delaware County, Pennsylvania, General Obligation Bonds, Series 2005B, 5.000%, 2/15/30 (Pre-refunded 8/15/15) – AGM Insured
|
8/15 at 100.00
|
Aa1 (4)
|
6,424,070
|
|||||
|
Reading School District, Berks County, Pennsylvania, General Obligation Bonds, Series 2005:
|
|||||||||
|
3,285
|
5.000%, 1/15/22 – AGM Insured
|
1/16 at 100.00
|
AA
|
3,394,785
|
|||||
|
3,450
|
5.000%, 1/15/23 – AGM Insured
|
1/16 at 100.00
|
AA
|
3,565,023
|
|||||
|
77,025
|
Total Pennsylvania
|
82,210,389
|
|||||||
|
Puerto Rico – 0.6% (0.4% of Total Investments)
|
|||||||||
|
2,500
|
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 5.000%, 7/01/30 (Pre-refunded 7/01/15) – SYNCORA GTY Insured
|
7/15 at 100.00
|
AA+ (4)
|
2,519,550
|
|||||
|
1,550
|
Puerto Rico Municipal Finance Agency, Series 2005C, 5.250%, 8/01/21 – CIFG Insured
|
No Opt. Call
|
AA
|
1,580,876
|
|||||
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
|
|||||||||
|
14,195
|
0.000%, 8/01/45 – NPFG Insured
|
No Opt. Call
|
AA–
|
1,924,700
|
|||||
|
5,900
|
0.000%, 8/01/47 – AMBAC Insured
|
No Opt. Call
|
B
|
683,692
|
|||||
|
36,550
|
0.000%, 8/01/54 – AMBAC Insured
|
No Opt. Call
|
B
|
2,573,851
|
|||||
|
60,695
|
Total Puerto Rico
|
9,282,669
|
|||||||
|
Rhode Island – 0.1% (0.1% of Total Investments)
|
|||||||||
|
2,125
|
Providence Housing Development Corporation, Rhode Island, FHA-Insured Section 8 Assisted Mortgage Revenue Refunding Bonds, Barbara Jordan Apartments, Series 1994A, 6.750%, 7/01/25 – NPFG Insured
|
7/15 at 100.00
|
AA–
|
2,131,333
|
|||||
|
South Carolina – 6.0% (4.1% of Total Investments)
|
|||||||||
|
14,650
|
Anderson County School District 5, South Carolina, General Obligation Bonds, Series 2008, Trust 1181, 9.858%, 8/01/15 – AGM Insured (IF)
|
No Opt. Call
|
Aa1
|
17,492,100
|
|||||
|
4,085
|
Saint Peters Parish/Jasper County Public Facilities Corporation, South Carolina, Installment Purchase Revenue Bonds, County Office Building Projects, Series 2011A, 5.250%, 4/01/44 – AGC Insured
|
4/21 at 100.00
|
AA
|
4,507,716
|
|||||
|
4,100
|
South Carolina JOBS Economic Development Authority, Industrial Revenue Bonds, South Carolina Electric and Gas Company, Series 2013, 4.000%, 2/01/28
|
2/23 at 100.00
|
A
|
4,336,693
|
|||||
|
1,250
|
South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Palmetto Health, Refunding Series 2011A, 6.500%, 8/01/39 – AGM Insured
|
8/21 at 100.00
|
AA
|
1,515,938
|
|||||
|
20,790
|
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2014C, 5.000%, 12/01/46
|
12/24 at 100.00
|
AA–
|
23,051,952
|
|||||
|
10,195
|
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2014A, 5.500%, 12/01/54
|
6/24 at 100.00
|
AA–
|
11,650,540
|
|||||
|
15,795
|
South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2007A, 4.500%, 10/01/34 – SYNCORA GTY Insured
|
10/16 at 100.00
|
A1
|
16,466,288
|
|||||
|
10,250
|
Spartanburg Regional Health Services District, Inc., South Carolina, Hospital Revenue Refunding Bonds, Series 2012A, 5.000%, 4/15/32
|
4/22 at 100.00
|
A1
|
11,342,138
|
|||||
|
81,115
|
Total South Carolina
|
90,363,365
|
|||||||
|
South Dakota – 0.2% (0.1% of Total Investments)
|
|||||||||
|
2,055
|
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2014B, 5.000%, 11/01/44
|
11/24 at 100.00
|
A+
|
2,273,467
|
|||||
|
Tennessee – 0.5% (0.3% of Total Investments)
|
|||||||||
|
6,160
|
Chattanooga Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45
|
1/23 at 100.00
|
A+
|
6,807,354
|
|
Nuveen Investments
|
45
|
|
NIO
|
Nuveen Municipal Opportunity Fund, Inc.
|
|
|
Portfolio of Investments (continued)
|
April 30, 2015 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Texas – 8.6% (5.8% of Total Investments)
|
|||||||||
|
$
|
4,405
|
Bexar County, Texas, Venue Project Revenue Bonds, Refunding Series 2010, 5.500%, 8/15/49 – AGM Insured
|
8/19 at 100.00
|
AA
|
$
|
4,871,886
|
|||
|
12,700
|
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series 2013C, 5.125%, 11/01/43 (Alternative Minimum Tax)
|
11/22 at 100.00
|
A+
|
13,789,533
|
|||||
|
9,035
|
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding and Improvement Bonds, Series 2012C, 5.000%, 11/01/45 – AGM Insured
|
11/21 at 100.00
|
A+
|
9,938,410
|
|||||
|
4,330
|
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender Option Bond Trust 2013-9A, 17.853%, 4/01/53 (IF)
|
10/23 at 100.00
|
AA+
|
5,906,726
|
|||||
|
6,000
|
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Senior Lien Series 2014A, 5.000%, 11/15/53
|
11/24 at 100.00
|
A2
|
6,466,020
|
|||||
|
590
|
Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Terminal E Project, Refunding Series 2014, 5.000%, 7/01/29
|
7/24 at 100.00
|
B+
|
627,984
|
|||||
|
6,700
|
Hutto Independent School District, Williamson County, Texas, General Obligation Bonds, Refunding Series 2012A, 5.000%, 8/01/46
|
8/21 at 100.00
|
A
|
7,181,328
|
|||||
|
3,500
|
Irving, Texas, Hotel Occupancy Tax Revenue Bonds, Series 2014B, 5.000%, 8/15/43
|
8/19 at 100.00
|
BBB+
|
3,603,145
|
|||||
|
50
|
Lower Colorado River Authority, Texas, Revenue Bonds, Refunding Series 2001, 5.000%, 5/15/21 – NPFG Insured
|
No Opt. Call
|
AA–
|
50,187
|
|||||
|
McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013:
|
|||||||||
|
2,355
|
5.750%, 12/01/33
|
12/25 at 100.00
|
Baa2
|
2,607,974
|
|||||
|
2,385
|
6.125%, 12/01/38
|
12/25 at 100.00
|
Baa2
|
2,652,096
|
|||||
|
8,425
|
North Central Texas Health Facilities Development Corporation, Texas, Revenue Bonds, Children’s Medical Center Dallas Project, Series 2012, 5.000%, 8/15/32
|
8/22 at 100.00
|
Aa2
|
9,497,334
|
|||||
|
24,330
|
Tarrant Regional Water District, Texas, Water Revenue Bonds, Refunding & Improvement Series 2012, 5.000%, 3/01/52
|
3/22 at 100.00
|
AAA
|
27,353,003
|
|||||
|
1,750
|
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/30
|
No Opt. Call
|
A3
|
1,926,733
|
|||||
|
4,200
|
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier Refunding Series 2015B, 5.000%, 8/15/37
|
8/24 at 100.00
|
A–
|
4,738,482
|
|||||
|
16,000
|
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second Tier Refunding Series 2015C, 5.000%, 8/15/42
|
8/24 at 100.00
|
BBB+
|
17,269,280
|
|||||
|
7,600
|
Waco Health Facilities Development Corporation, Texas, Hillcrest Health System Project, FHA Insured Mortgage Revenue Bonds, Series 2006A, 5.000%, 8/01/31 (Pre-refunded 8/01/16) – NPFG Insured
|
8/16 at 100.00
|
AA– (4)
|
8,040,268
|
|||||
|
1,840
|
Ysleta Independent School District Public Facility Corporation, Texas, Lease Revenue Refunding Bonds, Series 2001, 5.375%, 11/15/24 – AMBAC Insured
|
5/15 at 100.00
|
AA–
|
1,890,563
|
|||||
|
116,195
|
Total Texas
|
128,410,952
|
|||||||
|
Utah – 1.1% (0.8% of Total Investments)
|
|||||||||
|
15,000
|
Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008A, 5.000%, 6/15/32 (Pre-refunded 6/15/18) – AGM Insured (UB) (5)
|
6/18 at 100.00
|
AAA
|
16,857,600
|
|||||
|
Virginia – 1.6% (1.1% of Total Investments)
|
|||||||||
|
5,000
|
Fairfax County Industrial Development Authority, Virginia, Healthcare Revenue Bonds, Inova Health System, Series 2012A, 5.000%, 5/15/40
|
5/22 at 100.00
|
AA+
|
5,563,350
|
|||||
|
985
|
Roanoke Industrial Development Authority, Virginia, Hospital Revenue Bonds, Carilion Health System Obligated Group, Series 2005B, 5.000%, 7/01/38
|
7/20 at 100.00
|
AA
|
1,085,096
|
|||||
|
15
|
Roanoke Industrial Development Authority, Virginia, Hospital Revenue Bonds, Carilion Health System Obligated Group, Series 2005B, 5.000%, 7/01/38 (Pre-refunded 7/01/20)
|
7/20 at 100.00
|
AA (4)
|
17,680
|
|||||
|
5,740
|
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012A, 5.000%, 7/01/52
|
No Opt. Call
|
BBB–
|
6,097,315
|
|
46
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Virginia (continued)
|
|||||||||
|
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012B:
|
|||||||||
|
$
|
1,740
|
0.000%, 7/01/32
|
No Opt. Call
|
BBB–
|
$
|
784,340
|
|||
|
2,465
|
0.000%, 7/01/33
|
No Opt. Call
|
BBB–
|
1,060,762
|
|||||
|
960
|
0.000%, 7/01/34
|
No Opt. Call
|
BBB–
|
392,908
|
|||||
|
1,330
|
0.000%, 7/01/35
|
No Opt. Call
|
BBB–
|
504,668
|
|||||
|
2,300
|
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, 95 Express Lanes LLC Project, Series 2012, 5.000%, 1/01/40 (Alternative Minimum Tax)
|
1/22 at 100.00
|
BBB–
|
2,450,672
|
|||||
|
5,030
|
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012, 5.500%, 1/01/42 (Alternative Minimum Tax)
|
7/22 at 100.00
|
BBB–
|
5,500,857
|
|||||
|
25,565
|
Total Virginia
|
23,457,648
|
|||||||
|
Washington – 8.2% (5.6% of Total Investments)
|
|||||||||
|
10,000
|
Central Puget Sound Regional Transit Authority, Washington, Sales Tax and Motor Vehicle Excise Tax Bonds, Series 1999, 4.750%, 2/01/28 – FGIC Insured
|
8/15 at 100.00
|
AAA
|
10,106,099
|
|||||
|
7,500
|
King County, Washington, General Obligation Sewer Bonds, Series 2009, Trust 1W, 9.659%, 1/01/39 (Pre-refunded 1/01/19) – AGC Insured (IF) (5)
|
1/19 at 100.00
|
AAA
|
9,723,750
|
|||||
|
20,670
|
King County, Washington, Sewer Revenue Bonds, Refunding Series 2015A, 5.000%, 7/01/47
|
1/25 at 100.00
|
AA+
|
23,452,594
|
|||||
|
17,000
|
King County, Washington, Sewer Revenue Bonds, Series 2007, 5.000%, 1/01/42 (Pre-refunded 7/01/17) – AGM Insured
|
7/17 at 100.00
|
AA+ (4)
|
18,553,629
|
|||||
|
4,345
|
King County, Washington, Sewer Revenue Bonds, Tender Option Bond Trust 3090, 13.486%, 7/01/32 (Pre-refunded 7/01/17) – AGM Insured (IF) (5)
|
7/17 at 100.00
|
AA+ (4)
|
5,536,269
|
|||||
|
11,000
|
Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Series 2005A, 5.000%, 3/01/35 – NPFG Insured
|
7/15 at 100.00
|
AA–
|
11,036,519
|
|||||
|
1,250
|
Snohomish County Public Utility District 1, Washington, Generation System Revenue Bonds, Series 1989, 6.650%, 1/01/16 – FGIC Insured (ETM)
|
No Opt. Call
|
Aaa
|
1,302,087
|
|||||
|
Tacoma, Washington, Solid Waste Utility Revenue Refunding Bonds, Series 2006:
|
|||||||||
|
3,890
|
5.000%, 12/01/24 – SYNCORA GTY Insured
|
12/16 at 100.00
|
AA
|
4,159,109
|
|||||
|
4,085
|
5.000%, 12/01/25 – SYNCORA GTY Insured
|
12/16 at 100.00
|
AA
|
4,364,250
|
|||||
|
4,290
|
5.000%, 12/01/26 – SYNCORA GTY Insured
|
12/16 at 100.00
|
AA
|
4,579,016
|
|||||
|
1,250
|
Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, Tender Option Bond Trust 4742, 17.971%, 10/01/44 (IF) (5)
|
10/24 at 100.00
|
AA
|
1,843,000
|
|||||
|
2,510
|
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, Refunding Series 2012B, 5.000%, 10/01/30
|
10/22 at 100.00
|
Aa2
|
2,832,735
|
|||||
|
6,540
|
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, Series 2012A, 5.000%, 10/01/42
|
10/22 at 100.00
|
Aa2
|
7,184,908
|
|||||
|
17,845
|
Washington State, General Obligation Bonds, 2007A Series 2006, 5.000%, 7/01/31 (Pre-refunded 7/01/16) – AGM Insured
|
7/16 at 100.00
|
AA+ (4)
|
18,811,484
|
|||||
|
112,175
|
Total Washington
|
123,485,449
|
|||||||
|
West Virginia – 2.5% (1.7% of Total Investments)
|
|||||||||
|
10,000
|
West Virginia Economic Development Authority, State Lottery Revenue Bonds, Series 2010A, 5.000%, 6/15/40
|
6/20 at 100.00
|
AAA
|
11,347,399
|
|||||
|
22,400
|
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Refunding and Improvement Series 2013A, 5.500%, 6/01/44
|
6/23 at 100.00
|
A
|
25,488,511
|
|||||
|
32,400
|
Total West Virginia
|
36,835,910
|
|
Nuveen Investments
|
47
|
|
NIO
|
Nuveen Municipal Opportunity Fund, Inc.
|
|
|
Portfolio of Investments (continued)
|
April 30, 2015 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Wisconsin – 1.8% (1.2% of Total Investments)
|
|||||||||
|
$
|
640
|
Public Finance Authority of Wisconsin, Exempt Facilities Revenue Bonds, National Gypsum Company Project, Refunding Series 2014, 5.250%, 4/01/30 (Alternative Minimum Tax)
|
11/24 at 100.00
|
N/R
|
$
|
654,853
|
|||
|
8,460
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2012A, 5.000%, 7/15/25
|
7/21 at 100.00
|
A
|
9,605,145
|
|||||
|
5,090
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Health Inc. Obligated Group, Series 2012A, 5.000%, 4/01/42
|
10/22 at 100.00
|
AA–
|
5,588,463
|
|||||
|
10,300
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Gundersen Lutheran, Series 2011A, 5.250%, 10/15/39
|
10/21 at 100.00
|
A+
|
11,644,870
|
|||||
|
24,490
|
Total Wisconsin
|
27,493,331
|
|||||||
|
$
|
2,169,833
|
Total Municipal Bonds (cost $2,038,797,787)
|
2,204,507,100
|
|
Principal
|
|||||||||||
|
Amount (000)
|
Description (1)
|
Coupon
|
Maturity
|
Ratings (3)
|
Value
|
||||||
|
CORPORATE BONDS – 0.0% (0.0% of Total Investments)
|
|||||||||||
|
Transportation – 0.0% (0.0% of Total Investments)
|
|||||||||||
|
$
|
596
|
Las Vegas Monorail Company, Senior Interest Bonds (6), (7)
|
5.500%
|
7/15/19
|
N/R
|
$
|
107,355
|
||||
|
159
|
Las Vegas Monorail Company, Senior Interest Bonds (6), (7)
|
3.000%
|
7/15/55
|
N/R
|
21,214
|
||||||
|
$
|
755
|
Total Corporate Bonds (cost $67,698)
|
128,569
|
||||||||
|
Total Long-Term Investments (cost $2,038,865,485)
|
2,204,635,669
|
||||||||||
|
Floating Rate Obligations – (5.7)%
|
(84,848,333
|
)
|
|||||||||
|
Variable Rate Demand Preferred Shares, at Liquidation Value – (44.5)% (8)
|
(667,200,000
|
)
|
|||||||||
|
Other Assets Less Liabilities – 3.0%
|
45,269,433
|
||||||||||
|
Net Assets Applicable to Common Shares – 100%
|
$
|
1,497,856,769
|
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
|
|
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
|
(3)
|
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
|
(4)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
|
|
(5)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
|
(6)
|
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
|
|
(7)
|
During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund’s custodian is not accruing income on the Fund’s records for either senior interest corporate bond.
|
|
(8)
|
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 30.3%.
|
|
(WI/DD)
|
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
|
|
(ETM)
|
Escrowed to maturity.
|
|
(IF)
|
Inverse floating rate investment.
|
|
(UB)
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
|
See accompanying notes to financial statements.
|
48
|
Nuveen Investments
|
|
NVG
|
||
|
Nuveen Dividend Advantage Municipal Income Fund
|
||
|
Portfolio of Investments
|
April 30, 2015 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
LONG-TERM INVESTMENTS – 143.9% (100.0% of Total Investments)
|
|||||||||
|
MUNICIPAL BONDS – 143.6% (99.8% of Total Investments)
|
|||||||||
|
Alaska – 0.6% (0.4% of Total Investments)
|
|||||||||
|
$
|
3,035
|
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/32
|
7/15 at 100.00
|
B2
|
$
|
2,661,331
|
|||
|
Arizona – 2.1% (1.5% of Total Investments)
|
|||||||||
|
1,435
|
Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals Project, Series 2014A, 5.000%, 12/01/42
|
12/24 at 100.00
|
A2
|
1,581,313
|
|||||
|
6,000
|
Phoenix Civic Improvement Corporation, Arizona, Revenue Bonds, Civic Plaza Expansion Project, Series 2005B, 5.500%, 7/01/37 – FGIC Insured
|
No Opt. Call
|
AA
|
7,623,660
|
|||||
|
7,435
|
Total Arizona
|
9,204,973
|
|||||||
|
California – 19.4% (13.5% of Total Investments)
|
|||||||||
|
2,165
|
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate Lien Series 2004A, 0.000%, 10/01/20 – AMBAC Insured
|
No Opt. Call
|
BBB+
|
1,933,756
|
|||||
|
6,135
|
Alhambra Unified School District, Los Angeles County, California, General Obligation Bonds, Capital Appreciation Series 2009B, 0.000%, 8/01/30 – AGC Insured
|
No Opt. Call
|
AA
|
3,426,766
|
|||||
|
California Educational Facilities Authority, Revenue Bonds, Occidental College, Series 2005A:
|
|||||||||
|
1,485
|
5.000%, 10/01/26 (Pre-refunded 10/01/15) – NPFG Insured
|
10/15 at 100.00
|
Aa3 (4)
|
1,514,967
|
|||||
|
1,565
|
5.000%, 10/01/27 (Pre-refunded 10/01/15) – NPFG Insured
|
10/15 at 100.00
|
Aa3 (4)
|
1,596,582
|
|||||
|
10,000
|
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children’s Hospital, Series 2012A, 5.000%, 8/15/51
|
8/22 at 100.00
|
AA
|
11,018,300
|
|||||
|
California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and Clinics, Tender Option Bond Trust 3294:
|
|||||||||
|
855
|
9.278%, 2/15/20 (IF) (5)
|
No Opt. Call
|
AA
|
1,048,982
|
|||||
|
375
|
9.278%, 2/15/20 (IF) (5)
|
No Opt. Call
|
AA
|
460,080
|
|||||
|
340
|
9.271%, 2/15/20 (IF) (5)
|
No Opt. Call
|
AA
|
417,068
|
|||||
|
14,345
|
Corona-Norco Unified School District, Riverside County, California, General Obligation Bonds, Capital Appreciation, Election 2006 Refunding Series 2009C, 0.000%, 8/01/39 – AGM Insured
|
No Opt. Call
|
AA
|
5,156,597
|
|||||
|
El Rancho Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2010 Series 2011A:
|
|||||||||
|
2,615
|
0.000%, 8/01/31 – AGM Insured
|
8/28 at 100.00
|
A2
|
2,017,760
|
|||||
|
3,600
|
0.000%, 8/01/34 – AGM Insured
|
8/28 at 100.00
|
A2
|
2,740,032
|
|||||
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A:
|
|||||||||
|
1,210
|
5.750%, 1/15/46
|
1/24 at 100.00
|
BBB–
|
1,409,807
|
|||||
|
1,210
|
6.000%, 1/15/49
|
1/24 at 100.00
|
BBB–
|
1,432,313
|
|||||
|
2,425
|
Fullerton Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2005, 5.000%, 9/01/27 – AMBAC Insured
|
9/15 at 100.00
|
A
|
2,443,285
|
|||||
|
16,665
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/35 (Pre-refunded 6/01/15) – FGIC Insured
|
6/15 at 100.00
|
A1 (4)
|
16,732,493
|
|||||
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
|
|||||||||
|
1,965
|
4.500%, 6/01/27
|
6/17 at 100.00
|
B
|
1,912,574
|
|||||
|
1,270
|
5.000%, 6/01/33
|
6/17 at 100.00
|
B
|
1,070,204
|
|||||
|
1,000
|
5.750%, 6/01/47
|
6/17 at 100.00
|
B
|
869,390
|
|||||
|
365
|
5.125%, 6/01/47
|
6/17 at 100.00
|
B
|
291,536
|
|||||
|
Oceanside Unified School District, San Diego County, California, General Obligation Bonds, Series 2009A:
|
|||||||||
|
5,905
|
0.000%, 8/01/26 – AGC Insured
|
No Opt. Call
|
AA
|
4,065,770
|
|||||
|
2,220
|
0.000%, 8/01/28 – AGC Insured
|
No Opt. Call
|
AA
|
1,380,840
|
|
Nuveen Investments
|
49
|
|
NVG
|
Nuveen Dividend Advantage Municipal Income Fund
|
|
|
Portfolio of Investments (continued)
|
April 30, 2015 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
California (continued)
|
|||||||||
|
$
|
2,675
|
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 – AGC Insured
|
8/29 at 100.00
|
AA
|
$
|
2,763,462
|
|||
|
4,150
|
Placentia-Yorba Linda Unified School District, Orange County, California, Certificates of Participation, Series 2011, 0.000%, 10/01/28 – AGM Insured
|
10/25 at 100.00
|
AA
|
4,449,257
|
|||||
|
160
|
Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series 2013A, 5.750%, 6/01/48
|
6/23 at 100.00
|
BBB–
|
182,496
|
|||||
|
6,820
|
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C, 4.250%, 8/01/30 – NPFG Insured
|
8/17 at 100.00
|
AA–
|
6,986,203
|
|||||
|
4,275
|
Sequoia Union High School District, San Mateo County, California, General Obligation Bonds, Series 2006, 3.500%, 7/01/29 – AGM Insured
|
7/16 at 100.00
|
Aa1
|
4,300,736
|
|||||
|
1,690
|
Ventura County Community College District, California, General Obligation Bonds, Series 2005B, 5.000%, 8/01/28 (Pre-refunded 8/01/15) – NPFG Insured
|
8/15 at 100.00
|
AA (4)
|
1,710,601
|
|||||
|
97,485
|
Total California
|
83,331,857
|
|||||||
|
Colorado – 7.0% (4.9% of Total Investments)
|
|||||||||
|
16,655
|
Adams County, Colorado, FHA-Insured Mortgage Revenue Bonds, Platte Valley Medical Center, Series 2005, 5.000%, 8/01/24 (Pre-refunded 8/01/15) – NPFG Insured
|
8/15 at 100.00
|
AA– (4)
|
16,852,029
|
|||||
|
750
|
Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/32 – SYNCORA GTY Insured
|
10/16 at 100.00
|
BBB–
|
772,095
|
|||||
|
170
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013, 5.625%, 6/01/43
|
6/23 at 100.00
|
A3
|
191,483
|
|||||
|
17,000
|
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/25 – NPFG Insured
|
No Opt. Call
|
AA–
|
12,234,050
|
|||||
|
34,575
|
Total Colorado
|
30,049,657
|
|||||||
|
District of Columbia – 2.7% (1.9% of Total Investments)
|
|||||||||
|
900
|
District of Columbia Student Dormitory Revenue Bonds, Provident Group – Howard Properties LLC Issue, Series 2013, 5.000%, 10/01/45
|
10/22 at 100.00
|
BBB–
|
922,248
|
|||||
|
6,810
|
District of Columbia, Revenue Bonds, Georgetown University, Series 2007A, 4.500%, 4/01/42 – AMBAC Insured
|
4/17 at 100.00
|
A–
|
7,061,630
|
|||||
|
2,635
|
Metropolitan Washington Airports Authority, District of Columbia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital Improvement Project, Refunding Second Senior Lien Series 2014A, 5.000%, 10/01/53
|
4/22 at 100.00
|
BBB+
|
2,781,111
|
|||||
|
935
|
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1606, 11.676%, 10/01/30 – AMBAC Insured (IF) (5)
|
10/16 at 100.00
|
AA+
|
1,067,574
|
|||||
|
11,280
|
Total District of Columbia
|
11,832,563
|
|||||||
|
Florida – 6.4% (4.4% of Total Investments)
|
|||||||||
|
3,000
|
Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 – AGM Insured
|
10/21 at 100.00
|
AA
|
3,313,050
|
|||||
|
1,430
|
Collier County Educational Facilities Authority, Florida, Revenue Bonds, Hodges University, Series 2013, 6.125%, 11/01/43
|
11/23 at 100.00
|
BBB–
|
1,597,439
|
|||||
|
Davie, Florida, Educational Facilities Revenue Bonds, Nova Southeastern University Project, Refunding Series 2013A:
|
|||||||||
|
3,445
|
6.000%, 4/01/42
|
4/23 at 100.00
|
Baa1
|
3,971,741
|
|||||
|
1,720
|
5.625%, 4/01/43
|
4/23 at 100.00
|
Baa1
|
1,932,884
|
|||||
|
Florida Municipal Loan Council, Revenue Bonds, Series 2003B:
|
|||||||||
|
165
|
5.250%, 12/01/17
|
7/15 at 100.00
|
AA–
|
165,586
|
|||||
|
100
|
5.250%, 12/01/18
|
7/15 at 100.00
|
AA–
|
100,327
|
|||||
|
5,825
|
JEA, Florida, Electric System Revenue Bonds, Series Three 2013B, 5.000%, 10/01/38
|
10/18 at 100.00
|
Aa2
|
6,432,722
|
|||||
|
2,335
|
Lee County, Florida, Airport Revenue Refunding Bonds, Series 2011A, 5.375%, 10/01/32 – AGM Insured (Alternative Minimum Tax)
|
8/21 at 100.00
|
AA
|
2,582,977
|
|
50
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Florida (continued)
|
|||||||||
|
$
|
1,545
|
Miami, Florida, Special Obligation Non-Ad Valorem Revenue Refunding Bonds, Series 2011A, 6.000%, 2/01/31 – AGM Insured
|
2/21 at 100.00
|
AA
|
$
|
1,850,771
|
|||
|
2,400
|
Miami-Dade County, Florida, Subordinate Special Obligation Bonds, Refunding Series 2012B, 5.000%, 10/01/37
|
10/22 at 100.00
|
A+
|
2,653,200
|
|||||
|
750
|
Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, Inc., Series 2012A, 5.000%, 10/01/42
|
4/22 at 100.00
|
A
|
800,760
|
|||||
|
60
|
Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Sinai Residences of Boca Raton Project, Series 2014A, 7.250%, 6/01/34
|
6/22 at 102.00
|
N/R
|
68,396
|
|||||
|
1,000
|
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Series 2007, 5.000%, 8/15/42 (UB) (5)
|
8/17 at 100.00
|
AA
|
1,053,930
|
|||||
|
1,000
|
Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/28 – NPFG Insured
|
10/15 at 100.00
|
AA
|
1,018,770
|
|||||
|
24,775
|
Total Florida
|
27,542,553
|
|||||||
|
Georgia – 5.5% (3.8% of Total Investments)
|
|||||||||
|
6,925
|
Atlanta and Fulton County Recreation Authority, Georgia, Guaranteed Revenue Bonds, Park Improvement, Series 2005A, 5.000%, 12/01/30 (Pre-refunded 12/01/15) – NPFG Insured
|
12/15 at 100.00
|
AA (4)
|
7,120,216
|
|||||
|
5,000
|
Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2012B, 5.000%, 1/01/29
|
No Opt. Call
|
Aa3
|
5,638,850
|
|||||
|
7,030
|
Gwinnett County School District, Georgia, General Obligation Bonds, Series 2008, 5.000%, 2/01/36 (Pre-refunded 2/01/18)
|
2/18 at 100.00
|
AAA
|
7,821,930
|
|||||
|
1,000
|
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University Project, Refunding Series 2012C, 5.250%, 10/01/27
|
10/22 at 100.00
|
Baa2
|
1,121,610
|
|||||
|
1,710
|
Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South Georgia Medical Center Project, Series 2011B, 5.000%, 10/01/41
|
10/21 at 100.00
|
Aa2
|
1,889,379
|
|||||
|
21,665
|
Total Georgia
|
23,591,985
|
|||||||
|
Guam – 0.2% (0.1% of Total Investments)
|
|||||||||
|
150
|
Guam International Airport Authority, Revenue Bonds, Series 2013C, 6.375%, 10/01/43 (Alternative Minimum Tax)
|
10/23 at 100.00
|
BBB
|
177,366
|
|||||
|
650
|
Guam Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.500%, 7/01/43
|
7/23 at 100.00
|
A–
|
744,127
|
|||||
|
800
|
Total Guam
|
921,493
|
|||||||
|
Hawaii – 1.3% (0.9% of Total Investments)
|
|||||||||
|
5,000
|
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific Health Obligated Group, Series 2013A, 5.500%, 7/01/43
|
7/23 at 100.00
|
A
|
5,718,300
|
|||||
|
Idaho – 1.7% (1.2% of Total Investments)
|
|||||||||
|
2,895
|
Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project, Series 2012A, 5.000%, 3/01/47 – AGM Insured
|
3/22 at 100.00
|
A–
|
3,138,383
|
|||||
|
Idaho Housing and Finance Association, Grant and Revenue Anticipation Bonds, Federal Highway Trust Funds, Series 2006:
|
|||||||||
|
3,000
|
5.000%, 7/15/23 – NPFG Insured
|
7/16 at 100.00
|
A+
|
3,156,870
|
|||||
|
1,130
|
5.000%, 7/15/24 – NPFG Insured
|
7/16 at 100.00
|
A+
|
1,187,958
|
|||||
|
7,025
|
Total Idaho
|
7,483,211
|
|||||||
|
Illinois – 12.7% (8.8% of Total Investments)
|
|||||||||
|
3,745
|
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2014, 5.250%, 12/01/49
|
No Opt. Call
|
AA
|
4,229,416
|
|||||
|
3,600
|
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien Series 2005A, 5.250%, 1/01/24 – NPFG Insured
|
1/16 at 100.00
|
AA–
|
3,717,072
|
|||||
|
Community College District 523, Counties of DeKalb, Kane, LaSalle, Lee, Ogle, Winnebago, and Boone, Illinois, General Obligation Bonds, Kishwaukee Community College, Series 2011B:
|
|||||||||
|
2,500
|
0.000%, 2/01/33
|
2/21 at 100.00
|
AA
|
913,275
|
|||||
|
2,000
|
0.000%, 2/01/34
|
2/21 at 100.00
|
AA
|
676,540
|
|
Nuveen Investments
|
51
|
|
NVG
|
Nuveen Dividend Advantage Municipal Income Fund
|
|
|
Portfolio of Investments (continued)
|
April 30, 2015 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Illinois (continued)
|
|||||||||
|
$
|
2,845
|
Cook County Community College District 508, Illinois, General Obligation Bonds, Chicago City Colleges, Series 2013, 5.250%, 12/01/43
|
12/23 at 100.00
|
AA
|
$
|
3,180,084
|
|||
|
1,000
|
Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Series 2012, 5.000%, 6/01/42
|
No Opt. Call
|
AA
|
1,092,080
|
|||||
|
3,000
|
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A, 5.000%, 9/01/42
|
9/24 at 100.00
|
BBB
|
3,184,800
|
|||||
|
1,245
|
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2015C, 5.000%, 8/15/44
|
8/25 at 100.00
|
Baa1
|
1,342,035
|
|||||
|
5,000
|
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A, 5.000%, 10/01/51
|
10/21 at 100.00
|
AA+
|
5,377,850
|
|||||
|
3,500
|
Illinois Municipal Electric Agency, Power Supply System Revenue Bonds, Series 2007A, 5.000%, 2/01/35 (Pre-refunded 2/01/17) – FGIC Insured
|
2/17 at 100.00
|
AA– (4)
|
3,765,685
|
|||||
|
Illinois State, General Obligation Bonds, Refunding Series 2012:
|
|||||||||
|
635
|
5.000%, 8/01/21
|
No Opt. Call
|
A–
|
711,022
|
|||||
|
500
|
5.000%, 8/01/22
|
No Opt. Call
|
A–
|
563,485
|
|||||
|
685
|
5.000%, 8/01/23
|
No Opt. Call
|
A–
|
770,831
|
|||||
|
4,000
|
Illinois State, General Obligation Bonds, Series 2004A, 5.000%, 3/01/28
|
7/15 at 100.00
|
A–
|
4,015,840
|
|||||
|
455
|
Illinois State, General Obligation Bonds, Series 2013, 5.500%, 7/01/38
|
7/23 at 100.00
|
A–
|
501,137
|
|||||
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1:
|
|||||||||
|
25,000
|
0.000%, 6/15/44 – AGM Insured
|
No Opt. Call
|
AAA
|
6,397,250
|
|||||
|
17,465
|
0.000%, 6/15/45 – AGM Insured
|
No Opt. Call
|
AAA
|
4,252,378
|
|||||
|
3,335
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Tender Option Bond Trust 2015-XF0081, 13.448%, 6/15/42 (IF)
|
6/20 at 100.00
|
AAA
|
3,686,042
|
|||||
|
3,900
|
Rosemont, Illinois, General Obligation Bonds, Series 2011A, 5.600%, 12/01/35 – AGM Insured
|
12/20 at 100.00
|
AA
|
4,309,656
|
|||||
|
1,680
|
Southwestern Illinois Development Authority, Health Facility Revenue Bonds, Memorial Group, Inc., Series 2013, 7.625%, 11/01/48
|
11/23 at 100.00
|
BB+
|
2,108,400
|
|||||
|
86,090
|
Total Illinois
|
54,794,878
|
|||||||
|
Indiana – 6.4% (4.5% of Total Investments)
|
|||||||||
|
1,050
|
Indiana Finance Authority, Midwestern Disaster Relief Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2012A, 5.000%, 6/01/39 – AGM Insured
|
6/22 at 100.00
|
BBB–
|
1,121,211
|
|||||
|
5,370
|
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013A, 5.250%, 1/01/51 (Alternative Minimum Tax)
|
7/23 at 100.00
|
BBB
|
5,827,739
|
|||||
|
Indiana Finance Authority, Tax-Exempt Private Activity Revenue Bonds, I-69 Section 5 Project, Series 2014:
|
|||||||||
|
550
|
5.250%, 9/01/40 (Alternative Minimum Tax)
|
9/24 at 100.00
|
BBB
|
603,543
|
|||||
|
7,250
|
5.000%, 9/01/46 (Alternative Minimum Tax)
|
9/24 at 100.00
|
BBB
|
7,774,828
|
|||||
|
1,850
|
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2012A, 5.000%, 10/01/37
|
10/22 at 100.00
|
AA
|
2,052,853
|
|||||
|
3,240
|
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
|
1/17 at 100.00
|
AA–
|
3,415,187
|
|||||
|
5,000
|
Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A, 5.500%, 1/01/38 – AGC Insured
|
1/19 at 100.00
|
AA
|
5,678,750
|
|||||
|
315
|
Shoals, Indiana, Exempt Facilities Revenue Bonds, National Gypsum Company Project, Series 2013, 7.250%, 11/01/43 (Alternative Minimum Tax)
|
11/23 at 100.00
|
N/R
|
353,175
|
|||||
|
765
|
Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt Paper LLC Project, Series 2013, 7.000%, 1/01/44 (Alternative Minimum Tax)
|
1/24 at 100.00
|
N/R
|
938,288
|
|||||
|
25,390
|
Total Indiana
|
27,765,574
|
|||||||
|
Iowa – 0.8% (0.6% of Total Investments)
|
|||||||||
|
480
|
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013, 5.250%, 12/01/25
|
12/23 at 100.00
|
BB–
|
537,283
|
|
52
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Iowa (continued)
|
|||||||||
|
$
|
450
|
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.500%, 6/01/42
|
6/15 at 100.00
|
B+
|
$
|
397,130
|
|||
|
2,800
|
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34
|
6/17 at 100.00
|
B+
|
2,682,764
|
|||||
|
3,730
|
Total Iowa
|
3,617,177
|
|||||||
|
Kansas – 1.0% (0.7% of Total Investments)
|
|||||||||
|
3,880
|
Kansas Development Finance Authority, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
|
1/20 at 100.00
|
AA–
|
4,337,530
|
|||||
|
Kentucky – 1.4% (1.0% of Total Investments)
|
|||||||||
|
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Convertible Capital Appreciation Series 2013C:
|
|||||||||
|
1,030
|
0.000%, 7/01/43
|
7/31 at 100.00
|
Baa3
|
715,665
|
|||||
|
1,775
|
0.000%, 7/01/46
|
7/31 at 100.00
|
Baa3
|
1,234,566
|
|||||
|
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Series 2013A:
|
|||||||||
|
945
|
5.750%, 7/01/49
|
7/23 at 100.00
|
Baa3
|
1,072,698
|
|||||
|
190
|
6.000%, 7/01/53
|
7/23 at 100.00
|
Baa3
|
218,221
|
|||||
|
2,415
|
Kentucky State Property and Buildings Commission, Revenue Bonds, Project 93, Refunding Series 2009, 5.250%, 2/01/20 – AGC Insured
|
2/19 at 100.00
|
AA
|
2,776,550
|
|||||
|
6,355
|
Total Kentucky
|
6,017,700
|
|||||||
|
Louisiana – 6.2% (4.3% of Total Investments)
|
|||||||||
|
1,175
|
Ascension Parish Industrial development Board, Louisiana, Revenue Bonds, Impala Warehousing (US) LLC Project, Series 2013, 6.000%, 7/01/36
|
7/23 at 100.00
|
N/R
|
1,279,622
|
|||||
|
1,000
|
Jefferson Parish Hospital District1, Louisiana, Hospital Revenue Bonds, West Jefferson Medical Center, Refunding Series 2011A, 6.000%, 1/01/39 – AGM Insured
|
1/21 at 100.00
|
AA
|
1,175,810
|
|||||
|
5,000
|
Lafayette Public Trust Financing Authority, Louisiana, Revenue Bonds, Ragin’ Cajun Facilities Inc. Project, Series 2010, 5.500%, 10/01/41 – AGM Insured
|
10/20 at 100.00
|
AA
|
5,725,050
|
|||||
|
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:
|
|||||||||
|
1,050
|
4.750%, 5/01/39 (Pre-refunded 5/01/16) – AGM Insured
|
5/16 at 100.00
|
Aa1 (4)
|
1,096,557
|
|||||
|
8,270
|
4.500%, 5/01/41 (Pre-refunded 5/01/16) – FGIC Insured (UB)
|
5/16 at 100.00
|
Aa1 (4)
|
8,615,934
|
|||||
|
3
|
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006, Residuals 660-3, 15.923%, 5/01/34 (Pre-refunded 5/01/16) – NPFG Insured (IF)
|
5/16 at 100.00
|
Aa1 (4)
|
3,889
|
|||||
|
6,000
|
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A, 5.000%, 5/01/36 (Pre-refunded 5/01/16) – AGM Insured
|
5/16 at 100.00
|
Aa1 (4)
|
6,281,040
|
|||||
|
2,300
|
New Orleans Aviation Board, Louisiana, Revenue Bonds, North Terminal Project, Series 2015B, 5.000%, 1/01/45 (Alternative Minimum Tax)
|
1/25 at 100.00
|
A–
|
2,507,874
|
|||||
|
24,798
|
Total Louisiana
|
26,685,776
|
|||||||
|
Maryland – 0.1% (0.1% of Total Investments)
|
|||||||||
|
540
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of Maryland Medical System Issue, Series 2015, 4.000%, 7/01/41 (WI/DD, Settling 5/21/15)
|
7/25 at 100.00
|
A2
|
525,458
|
|||||
|
Massachusetts – 3.4% (2.4% of Total Investments)
|
|||||||||
|
1,000
|
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Commonwealth Contract Assistance Secured, Refunding Series 2010B, 5.000%, 1/01/35
|
1/20 at 100.00
|
AA+
|
1,132,600
|
|||||
|
1,000
|
Massachusetts Development Finance Agency, Resource Recovery Revenue Refunding Bonds, Covanta Energy Project, Series 2012B, 4.875%, 11/01/42
|
11/17 at 100.00
|
BB+
|
1,017,900
|
|||||
|
1,000
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Massachusetts Eye and Ear Infirmary, Series 2010C, 5.375%, 7/01/35
|
7/20 at 100.00
|
BBB–
|
1,090,130
|
|||||
|
8,200
|
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A, 5.000%, 8/15/30 (Pre-refunded 8/15/15)
|
8/15 at 100.00
|
AA (4)
|
8,315,948
|
|
Nuveen Investments
|
53
|
|
NVG
|
Nuveen Dividend Advantage Municipal Income Fund
|
|
|
Portfolio of Investments (continued)
|
April 30, 2015 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Massachusetts (continued)
|
|||||||||
|
$
|
400
|
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2007A, 5.000%, 8/15/37 – AMBAC Insured
|
8/17 at 100.00
|
AA+
|
$
|
432,504
|
|||
|
2,775
|
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 – AGM Insured
|
2/17 at 100.00
|
AA+
|
2,833,997
|
|||||
|
14,375
|
Total Massachusetts
|
14,823,079
|
|||||||
|
Michigan – 3.4% (2.4% of Total Investments)
|
|||||||||
|
1,055
|
Battle Creek School District, Calhoun County, Michigan, General Obligation Bonds, Series 2007, 5.000%, 5/01/31 – AGM Insured
|
5/17 at 100.00
|
AA
|
1,126,086
|
|||||
|
1,290
|
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
|
7/22 at 100.00
|
BBB+
|
1,387,073
|
|||||
|
1,500
|
Grand Traverse County Hospital Financial Authority, Michigan, Revenue Bonds, Munson Healthcare, Series 2014A, 5.000%, 7/01/47
|
No Opt. Call
|
AA–
|
1,656,225
|
|||||
|
3,230
|
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011, 5.000%, 12/01/39
|
12/21 at 100.00
|
AA
|
3,586,883
|
|||||
|
1,000
|
Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A, 5.000%, 1/01/43
|
1/22 at 100.00
|
A2
|
1,066,420
|
|||||
|
1,225
|
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A, 5.000%, 12/01/31
|
12/16 at 100.00
|
AA
|
1,301,906
|
|||||
|
275
|
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A, 5.000%, 12/01/31 (Pre-refunded 12/01/16)
|
12/16 at 100.00
|
Aa2 (4)
|
294,500
|
|||||
|
2,855
|
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2009C, 5.000%, 12/01/48
|
6/22 at 100.00
|
AA
|
3,081,202
|
|||||
|
1,250
|
Monroe County Hospital Finance Authority, Michigan, Mercy Memorial Hospital Corporation Revenue Bonds, Series 2006, 5.500%, 6/01/35
|
6/16 at 100.00
|
AA–
|
1,277,513
|
|||||
|
13,680
|
Total Michigan
|
14,777,808
|
|||||||
|
Missouri – 0.7% (0.5% of Total Investments)
|
|||||||||
|
2,460
|
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Saint Louis College of Pharmacy, Series 2013, 5.500%, 5/01/43
|
5/23 at 100.00
|
BBB+
|
2,694,709
|
|||||
|
100
|
St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Sunset Hills, Series 2013A, 5.875%, 9/01/43
|
9/23 at 100.00
|
A–
|
112,533
|
|||||
|
2,560
|
Total Missouri
|
2,807,242
|
|||||||
|
Nebraska – 3.0% (2.1% of Total Investments)
|
|||||||||
|
6,360
|
Lincoln, Nebraska, Electric System Revenue Bonds, Series 2005, 5.000%, 9/01/32 (Pre-refunded 9/01/15)
|
9/15 at 100.00
|
AA (4)
|
6,463,032
|
|||||
|
6,000
|
Public Power Generation Agency, Nebraska, Whelan Energy Center Unit 2 Revenue Bonds, Series 2007A, 5.000%, 1/01/37 – AMBAC Insured
|
1/17 at 100.00
|
A2
|
6,302,040
|
|||||
|
12,360
|
Total Nebraska
|
12,765,072
|
|||||||
|
Nevada – 2.8% (1.9% of Total Investments)
|
|||||||||
|
2,350
|
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2009C, 5.000%, 7/01/26 – AGM Insured
|
7/19 at 100.00
|
AA
|
2,662,433
|
|||||
|
6,885
|
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.250%, 7/01/39 – AGM Insured
|
1/20 at 100.00
|
AA
|
7,753,130
|
|||||
|
1,300
|
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water Series 2012B, 5.000%, 6/01/42
|
6/22 at 100.00
|
AA+
|
1,446,406
|
|||||
|
10,535
|
Total Nevada
|
11,861,969
|
|||||||
|
New Jersey – 1.8% (1.2% of Total Investments)
|
|||||||||
|
1,900
|
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A, 5.000%, 7/01/29 – NPFG Insured
|
7/15 at 100.00
|
AA–
|
1,929,469
|
|||||
|
2,150
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A, 5.250%, 12/15/20
|
No Opt. Call
|
A–
|
2,413,784
|
|
54
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
New Jersey (continued)
|
|||||||||
|
$
|
1,200
|
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – AGM Insured
|
No Opt. Call
|
AA
|
$
|
1,483,236
|
|||
|
200
|
New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 1154, 17.041%, 1/01/43 (IF) (5)
|
7/22 at 100.00
|
A+
|
279,550
|
|||||
|
2,025
|
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 4.750%, 6/01/34
|
6/17 at 100.00
|
B2
|
1,570,347
|
|||||
|
7,475
|
Total New Jersey
|
7,676,386
|
|||||||
|
New York – 5.0% (3.5% of Total Investments)
|
|||||||||
|
1,270
|
Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, Catholic Health System, Inc. Project, Series 2015, 4.000%, 7/01/45
|
7/25 at 100.00
|
BBB+
|
1,225,664
|
|||||
|
1,120
|
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/23 – FGIC Insured
|
7/15 at 100.00
|
AA–
|
1,124,357
|
|||||
|
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Tender Option Bond Trust 3518:
|
|||||||||
|
2,000
|
13.711%, 2/15/33 (IF)
|
2/19 at 100.00
|
AAA
|
2,710,780
|
|||||
|
1,335
|
13.699%, 2/15/33 (IF)
|
2/19 at 100.00
|
AAA
|
1,808,324
|
|||||
|
850
|
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47
|
2/21 at 100.00
|
A
|
978,690
|
|||||
|
3,000
|
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006C, 5.000%, 9/01/35 – NPFG Insured
|
9/16 at 100.00
|
AA–
|
3,153,330
|
|||||
|
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2014A:
|
|||||||||
|
550
|
4.000%, 9/01/39 – AGM Insured
|
9/24 at 100.00
|
AA
|
557,689
|
|||||
|
390
|
5.000%, 9/01/44
|
9/24 at 100.00
|
A–
|
428,727
|
|||||
|
1,575
|
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/36 – AGM Insured
|
5/21 at 100.00
|
AA
|
1,748,691
|
|||||
|
2,000
|
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2012A, 5.000%, 9/01/42
|
9/22 at 100.00
|
A–
|
2,169,620
|
|||||
|
480
|
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005B, 5.000%, 11/15/30 – AMBAC Insured
|
11/15 at 100.00
|
AA–
|
491,534
|
|||||
|
1,435
|
New York City Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium Project
|
3/19 at 100.00
|
AA
|
1,711,438
|
|||||
|
PILOT, Series 2009A, 7.000%, 3/01/49 – AGC Insured
|
|||||||||
|
2,220
|
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44
|
11/24 at 100.00
|
N/R
|
2,321,077
|
|||||
|
1,000
|
Onondaga Civic Development Corporation, New York, Revenue Bonds, Saint Joseph’s Hospital Health Center Project, Series 2012, 5.000%, 7/01/42
|
7/22 at 100.00
|
BB
|
1,027,200
|
|||||
|
19,225
|
Total New York
|
21,457,121
|
|||||||
|
North Carolina – 0.7% (0.5% of Total Investments)
|
|||||||||
|
250
|
Gaston County Industrial Facilities and Pollution Control Financing Authority, North Carolina, National Gypsum Company Project Exempt Facilities Revenue Bonds, Series 2005, 5.750%, 8/01/35 (Alternative Minimum Tax)
|
8/15 at 100.00
|
N/R
|
250,248
|
|||||
|
2,150
|
North Carolina Medical Care Commission, Health Care Facilities Revenue Refunding Bonds, WakeMed, Series 2012A, 5.000%, 10/01/38
|
10/22 at 100.00
|
AA–
|
2,349,520
|
|||||
|
540
|
Oak Island, North Carolina, Enterprise System Revenue Bonds, Series 2009A, 6.000%, 6/01/34 – AGC Insured
|
6/19 at 100.00
|
AA
|
627,583
|
|||||
|
2,940
|
Total North Carolina
|
3,227,351
|
|||||||
|
North Dakota – 0.2% (0.1% of Total Investments)
|
|||||||||
|
630
|
Williston, North Dakota, Multifamily Housing Revenue Bonds, Eagle Crest Apartments LLC Project, Series 2013, 7.750%, 9/01/38
|
9/23 at 100.00
|
N/R
|
658,967
|
|
Nuveen Investments
|
55
|
|
NVG
|
Nuveen Dividend Advantage Municipal Income Fund
|
|
|
Portfolio of Investments (continued)
|
April 30, 2015 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Ohio – 4.2% (2.9% of Total Investments)
|
|||||||||
|
$
|
2,455
|
Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Revenue Bonds, Children’s Hospital Medical Center, Improvement & Refunding Series 2012, 5.000%, 11/15/42
|
5/22 at 100.00
|
A1
|
$
|
2,655,181
|
|||
|
985
|
Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Health Partners, Refunding and Improvement Series 2012A, 5.000%, 5/01/42
|
5/22 at 100.00
|
AA–
|
1,073,502
|
|||||
|
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
|
|||||||||
|
2,540
|
5.125%, 6/01/24
|
6/17 at 100.00
|
B–
|
2,166,976
|
|||||
|
710
|
5.875%, 6/01/30
|
6/17 at 100.00
|
B–
|
602,222
|
|||||
|
3,665
|
5.750%, 6/01/34
|
6/17 at 100.00
|
B–
|
2,990,933
|
|||||
|
1,115
|
5.875%, 6/01/47
|
6/17 at 100.00
|
B
|
922,964
|
|||||
|
1,870
|
Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children’s Hospital Project, Improvement Series 2012A, 5.000%, 11/01/42
|
5/22 at 100.00
|
Aa2
|
2,028,370
|
|||||
|
2,765
|
Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System Obligated Group Project, Series 2013, 5.000%, 2/15/48
|
2/23 at 100.00
|
BB+
|
2,853,867
|
|||||
|
1,290
|
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 2013A-1, 5.000%, 2/15/48
|
2/23 at 100.00
|
A+
|
1,429,191
|
|||||
|
1,240
|
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien Convertible Series 2013A-3, 0.000%, 2/15/36
|
2/31 at 100.00
|
A+
|
1,008,170
|
|||||
|
Southeastern Ohio Port Authority, Hospital Facilities Revenue Bonds, Memorial Health System Obligated Group Project, Refunding and Improvement Series 2012:
|
|||||||||
|
200
|
5.750%, 12/01/32
|
12/22 at 100.00
|
BB
|
215,044
|
|||||
|
210
|
6.000%, 12/01/42
|
12/22 at 100.00
|
BB
|
226,548
|
|||||
|
19,045
|
Total Ohio
|
18,172,968
|
|||||||
|
Oklahoma – 0.6% (0.4% of Total Investments)
|
|||||||||
|
2,325
|
Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007, 5.000%, 2/15/37
|
2/17 at 100.00
|
AA
|
2,427,812
|
|||||
|
50
|
Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007, 5.000%, 2/15/37 (Pre-refunded 2/15/17)
|
2/17 at 100.00
|
N/R (4)
|
53,912
|
|||||
|
2,375
|
Total Oklahoma
|
2,481,724
|
|||||||
|
Oregon – 1.1% (0.8% of Total Investments)
|
|||||||||
|
3,000
|
Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Series 2009A, 5.000%, 11/15/33 (Pre-refunded 5/15/19)
|
5/19 at 100.00
|
AAA
|
3,451,680
|
|||||
|
Oregon State Facilities Authority, Revenue Bonds, University of Portland Projects, Series 2015A:
|
|||||||||
|
190
|
4.000%, 4/01/40 (WI/DD, Settling 5/20/15)
|
4/25 at 100.00
|
BBB+
|
184,159
|
|||||
|
1,150
|
5.000%, 4/01/45 (WI/DD, Settling 5/20/15)
|
4/25 at 100.00
|
BBB+
|
1,258,158
|
|||||
|
4,340
|
Total Oregon
|
4,893,997
|
|||||||
|
Pennsylvania – 5.4% (3.7% of Total Investments)
|
|||||||||
|
1,050
|
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40 – AGM Insured
|
1/20 at 100.00
|
AA
|
1,165,416
|
|||||
|
1,470
|
Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, City of Allentown Concession, Series 2013A, 5.125%, 12/01/47
|
12/23 at 100.00
|
A
|
1,656,293
|
|||||
|
100
|
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, National Gypsum Company, Refunding Series 2014, 5.500%, 11/01/44 (Alternative Minimum Tax)
|
11/24 at 100.00
|
N/R
|
103,066
|
|||||
|
4,700
|
Pennsylvania Economic Development Financing Authority, Unemployment Compensation Revenue Bonds, Series 2012A, 5.000%, 7/01/19
|
No Opt. Call
|
Aaa
|
5,424,129
|
|||||
|
4,125
|
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured
|
12/16 at 100.00
|
AA
|
4,260,713
|
|||||
|
1,050
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 – AMBAC Insured
|
6/16 at 100.00
|
A+
|
1,099,791
|
|||||
|
6,000
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 0.000%, 6/01/33 – AGM Insured
|
6/26 at 100.00
|
AA
|
7,006,680
|
|
56
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Pennsylvania (continued)
|
|||||||||
|
$
|
400
|
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Temple University Health System Obligated Group, Series 2012A, 5.625%, 7/01/42
|
7/22 at 100.00
|
BB+
|
$
|
425,248
|
|||
|
2,000
|
Reading School District, Berks County, Pennsylvania, General Obligation Bonds, Series 2005, 5.000%, 1/15/19 – AGM Insured
|
1/16 at 100.00
|
AA
|
2,067,420
|
|||||
|
20,895
|
Total Pennsylvania
|
23,208,756
|
|||||||
|
Puerto Rico – 0.7% (0.5% of Total Investments)
|
|||||||||
|
1,225
|
Puerto Rico Municipal Finance Agency, Series 2005C, 5.250%, 8/01/21 – CIFG Insured
|
No Opt. Call
|
AA
|
1,249,402
|
|||||
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
|
|||||||||
|
2,645
|
0.000%, 8/01/47 – AMBAC Insured
|
No Opt. Call
|
B
|
306,503
|
|||||
|
19,430
|
0.000%, 8/01/54 – AMBAC Insured
|
No Opt. Call
|
B
|
1,368,261
|
|||||
|
23,300
|
Total Puerto Rico
|
2,924,166
|
|||||||
|
Rhode Island – 0.3% (0.2% of Total Investments)
|
|||||||||
|
1,000
|
Rhode Island Health and Educational Building Corporation, Revenue Bonds, Care New England Health System, Series 2013A, 6.000%, 9/01/33
|
9/23 at 100.00
|
BBB
|
1,122,440
|
|||||
|
South Carolina – 2.6% (1.8% of Total Investments)
|
|||||||||
|
6,000
|
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2006, 5.000%, 12/01/24
|
12/16 at 100.00
|
AA
|
6,408,180
|
|||||
|
1,950
|
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2006, 5.000%, 12/01/28 (Pre-refunded 12/01/16) – AGM Insured
|
12/16 at 100.00
|
AA (4)
|
2,089,932
|
|||||
|
1,000
|
Scago Educational Facilities Corporation, South Carolina, Installment Purchase Revenue Bonds, Spartanburg County School District 5, Series 2005, 5.000%, 4/01/21 (Pre-refunded 10/01/15) – AGM Insured
|
10/15 at 100.00
|
AA (4)
|
1,020,220
|
|||||
|
20
|
South Carolina Public Service Authority, Electric System Revenue Bonds, Santee Cooper, Series 2008A, 5.500%, 1/01/38
|
1/19 at 100.00
|
AA–
|
22,593
|
|||||
|
1,310
|
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2013A, 5.125%, 12/01/43
|
12/23 at 100.00
|
AA–
|
1,463,886
|
|||||
|
10,280
|
Total South Carolina
|
11,004,811
|
|||||||
|
Tennessee – 0.9% (0.6% of Total Investments)
|
|||||||||
|
3,395
|
Chattanooga Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45
|
1/23 at 100.00
|
A+
|
3,751,781
|
|||||
|
Texas – 11.2% (7.8% of Total Investments)
|
|||||||||
|
Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift Education Charter School, Series 2013A:
|
|||||||||
|
765
|
4.350%, 12/01/42
|
12/22 at 100.00
|
BBB–
|
760,104
|
|||||
|
375
|
4.400%, 12/01/47
|
12/22 at 100.00
|
BBB–
|
372,416
|
|||||
|
3,300
|
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series 2013C, 5.125%, 11/01/43 (Alternative Minimum Tax)
|
11/22 at 100.00
|
A+
|
3,583,107
|
|||||
|
2,700
|
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding and Improvement Bonds, Series 2012C, 5.000%, 11/01/45 – AGM Insured
|
11/21 at 100.00
|
A+
|
2,969,973
|
|||||
|
1,140
|
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender Option Bond Trust 2013-9A, 17.853%, 4/01/53 (IF)
|
10/23 at 100.00
|
AA+
|
1,555,120
|
|||||
|
1,100
|
Harris County Flood Control District, Texas, General Obligation Bonds, Improvement Series 2006, 5.000%, 10/01/26 (Pre-refunded 10/01/16)
|
10/16 at 100.00
|
AAA
|
1,171,621
|
|||||
|
1,545
|
Harris County Metropolitan Transit Authority, Texas, Sales and Use Tax Revenue Bonds, Tender Option Bond Trust 1014, 13.463%, 11/01/41 (IF) (5)
|
11/21 at 100.00
|
AA+
|
2,061,586
|
|||||
|
4,080
|
Harris County, Texas, General Obligation Toll Road Revenue Bonds, Tender Option Bond Trust 2015-XF0074, 14.323%, 8/15/27 – AGM Insured (IF)
|
No Opt. Call
|
AAA
|
7,486,270
|
|||||
|
185
|
Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Terminal E Project, Refunding Series 2014, 5.000%, 7/01/29
|
7/24 at 100.00
|
B+
|
196,910
|
|||||
|
McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013:
|
|||||||||
|
740
|
5.750%, 12/01/33
|
12/25 at 100.00
|
Baa2
|
819,491
|
|||||
|
740
|
6.125%, 12/01/38
|
12/25 at 100.00
|
Baa2
|
822,873
|
|
Nuveen Investments
|
57
|
|
NVG
|
Nuveen Dividend Advantage Municipal Income Fund
|
|
|
Portfolio of Investments (continued)
|
April 30, 2015 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Texas (continued)
|
|||||||||
|
$
|
2,820
|
North Central Texas Health Facilities Development Corporation, Texas, Revenue Bonds, Children’s Medical Center Dallas Project, Series 2012, 5.000%, 8/15/32
|
8/22 at 100.00
|
Aa2
|
$
|
3,178,930
|
|||
|
3,220
|
North Fort Bend Water Authority, Texas, Water System Revenue Bonds, Series 2011, 5.000%, 12/15/36 – AGM Insured
|
12/21 at 100.00
|
AA
|
3,553,334
|
|||||
|
North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A:
|
|||||||||
|
2,590
|
0.000%, 9/01/43
|
9/31 at 100.00
|
AA+
|
2,355,372
|
|||||
|
3,910
|
0.000%, 9/01/45
|
9/31 at 100.00
|
AA+
|
3,912,229
|
|||||
|
1,870
|
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Hendrick Medical Center, Series 2013, 5.500%, 9/01/43
|
9/23 at 100.00
|
A
|
2,071,960
|
|||||
|
6,700
|
Tarrant Regional Water District, Texas, Water Revenue Bonds, Refunding & Improvement Series 2012, 5.000%, 3/01/52
|
3/22 at 100.00
|
AAA
|
7,532,475
|
|||||
|
355
|
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/32
|
No Opt. Call
|
A3
|
387,868
|
|||||
|
1,180
|
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier Refunding Series 2015B, 5.000%, 8/15/37
|
8/24 at 100.00
|
A–
|
1,331,287
|
|||||
|
2,000
|
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second Tier Refunding Series 2015C, 5.000%, 8/15/42
|
8/24 at 100.00
|
BBB+
|
2,158,659
|
|||||
|
41,315
|
Total Texas
|
48,281,585
|
|||||||
|
Utah – 3.2% (2.2% of Total Investments)
|
|||||||||
|
3,200
|
Utah Transit Authority, Sales Tax Revenue and Refunding Bonds, Series 2012, 5.000%, 6/15/42
|
6/22 at 100.00
|
A+
|
3,527,839
|
|||||
|
4,865
|
Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008, Tender Option Bond Trust 1193, 13.545%, 12/15/15 – AGM Insured (IF)
|
No Opt. Call
|
AAA
|
6,671,180
|
|||||
|
3,000
|
Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008A, 5.000%, 6/15/36 (Pre-refunded 6/15/18) – AGM Insured
|
6/18 at 100.00
|
AAA
|
3,371,519
|
|||||
|
11,065
|
Total Utah
|
13,570,538
|
|||||||
|
Vermont – 1.9% (1.3% of Total Investments)
|
|||||||||
|
7,840
|
University of Vermont and State Agricultural College, Revenue Bonds, Series 2005, 5.000%, 10/01/35 (Pre-refunded 10/01/15) – NPFG Insured
|
10/15 at 100.00
|
AA– (4)
|
7,999,230
|
|||||
|
Virginia – 0.8% (0.6% of Total Investments)
|
|||||||||
|
1,795
|
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012A, 5.000%, 7/01/52
|
No Opt. Call
|
BBB–
|
1,906,738
|
|||||
|
2,050
|
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012B, 0.000%, 7/01/32
|
No Opt. Call
|
BBB–
|
924,078
|
|||||
|
700
|
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, 95 Express Lanes LLC Project, Series 2012, 5.000%, 1/01/40 (Alternative Minimum Tax)
|
1/22 at 100.00
|
BBB–
|
745,856
|
|||||
|
4,545
|
Total Virginia
|
3,576,672
|
|||||||
|
Washington – 9.2% (6.4% of Total Investments)
|
|||||||||
|
5,265
|
Energy Northwest, Washington Public Power, Wind Project Revenue Bonds, Series 2006A, 4.500%, 7/01/30 (Pre-refunded 7/01/16) – AMBAC Insured
|
7/16 at 100.00
|
A (4)
|
5,519,456
|
|||||
|
5,000
|
Energy Northwest, Washington, Electric Revenue Bonds, Columbia Generating Station, Refunding Series 2015A, 5.000%, 7/01/38 (WI/DD, Settling 5/21/15) (UB)
|
7/25 at 100.00
|
Aa1
|
5,766,400
|
|||||
|
10,000
|
University of Washington, General Revenue Bonds, Refunding Series 2007, 5.000%, 6/01/37 (Pre-refunded 6/01/17) – AMBAC Insured (UB)
|
6/17 at 100.00
|
Aaa
|
10,901,300
|
|||||
|
6,960
|
Washington Health Care Facilities Authority, Revenue Bonds, Central Washington Health Services Association, Refunding Series 2015, 4.000%, 7/01/36 (WI/DD, Settling 5/05/15)
|
7/25 at 100.00
|
Baa1
|
6,732,546
|
|||||
|
10,000
|
Washington State, General Obligation Bonds, 2007A Series 2006, 5.000%, 7/01/31 (Pre-refunded 7/01/16) – AGM Insured
|
7/16 at 100.00
|
AA+ (4)
|
10,541,599
|
|||||
|
37,225
|
Total Washington
|
39,461,301
|
|||||||
|
West Virginia – 2.1% (1.4% of Total Investments)
|
|||||||||
|
7,800
|
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Refunding and Improvement Series 2013A, 5.500%, 6/01/44
|
6/23 at 100.00
|
A
|
8,875,464
|
|
58
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Wisconsin – 2.9% (2.0% of Total Investments)
|
|||||||||
|
$
|
180
|
Public Finance Authority of Wisconsin, Exempt Facilities Revenue Bonds, National Gypsum Company
Project, Refunding Series 2014, 5.250%, 4/01/30 (Alternative Minimum Tax)
|
11/24 at 100.00
|
N/R
|
$
|
184,177
|
|||
|
1,530
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Health Inc. Obligated
Group, Series 2012A, 5.000%, 4/01/42
|
10/22 at 100.00
|
AA–
|
1,679,832
|
|||||
|
2,220
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Gundersen Lutheran, Series 2011A,
5.250%, 10/15/39
|
10/21 at 100.00
|
A+
|
2,509,864
|
|||||
|
7,460
|
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, ThedaCare Inc, Series
2015, 5.000%, 12/15/44
|
12/24 at 100.00
|
AA–
|
8,242,180
|
|||||
|
11,390
|
Total Wisconsin
|
12,616,053
|
|||||||
|
$
|
653,448
|
Total Municipal Bonds (cost $557,928,520)
|
618,078,497
|
|
Shares
|
Description (1), (6)
|
Value
|
||||
|
INVESTMENT COMPANIES – 0.3% (0.2% of Total Investments)
|
||||||
|
8,134
|
BlackRock MuniHoldings Fund, Inc.
|
$
|
140,312
|
|||
|
13,600
|
BlackRock MuniEnhanced Fund, Inc.
|
158,712
|
||||
|
3,500
|
Deutsche Municipal Income Trust
|
48,125
|
||||
|
7,920
|
Dreyfus Strategic Municipal Fund
|
65,815
|
||||
|
9,500
|
Invesco Advantage Municipal Income Trust II
|
111,055
|
||||
|
9,668
|
Invesco Quality Municipal Income Trust
|
120,463
|
||||
|
28,980
|
Invesco Trust for Investment Grade Municipals
|
385,724
|
||||
|
26,280
|
PIMCO Municipal Income Fund II
|
332,003
|
||||
|
Total Investment Companies (cost $1,353,712)
|
1,362,209
|
|||||
|
Total Long-Term Investments (cost $559,282,232)
|
619,440,706
|
|||||
|
Floating Rate Obligations – (4.2)%
|
(18,203,334
|
)
|
||||
|
Variable Rate Demand Preferred Shares, at Liquidation Value – (41.6)% (7)
|
(179,000,000
|
)
|
||||
|
Other Assets Less Liabilities – 1.9%
|
8,262,310
|
|||||
|
Net Assets Applicable to Common Shares – 100%
|
$
|
430,499,682
|
||||
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
|
|
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
|
(3)
|
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
|
(4)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
|
|
(5)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
|
(6)
|
A copy of the most recent financial statements for these investment companies can be obtained directly from the Securities and Exchange Commission on its website at http://www.sec.gov.
|
|
(7)
|
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 28.9%.
|
|
(WI/DD)
|
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
|
|
(IF)
|
Inverse floating rate investment.
|
|
(UB)
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
|
See accompanying notes to financial statements.
|
Nuveen Investments
|
59
|
|
NEA
|
||
|
Nuveen AMT-Free Municipal Income Fund
|
||
|
Portfolio of Investments
|
April 30, 2015 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
LONG-TERM INVESTMENTS – 143.5% (99.2% of Total Investments)
|
|||||||||
|
MUNICIPAL BONDS – 143.5% (99.2% of Total Investments)
|
|||||||||
|
Alabama – 0.8% (0.6% of Total Investments)
|
|||||||||
|
$
|
1,000
|
Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, Series 2006C-2, 5.000%, 11/15/36 (UB)
|
11/16 at 100.00
|
AA+
|
$
|
1,058,820
|
|||
|
2,200
|
Auburn, Alabama, General Obligation Warrants, Series 2005, 5.000%, 8/01/30 (Pre-refunded 8/01/15) – AMBAC Insured
|
8/15 at 100.00
|
AA+ (4)
|
2,226,818
|
|||||
|
3,750
|
Huntsville Healthcare Authority, Alabama, Revenue Bonds, Series 2005A, 5.000%, 6/01/24 (Pre-refunded 6/01/15) – NPFG Insured
|
6/15 at 100.00
|
AA– (4)
|
3,765,450
|
|||||
|
Jefferson County, Alabama, General Obligation Warrants, Series 2004A:
|
|||||||||
|
1,395
|
5.000%, 4/01/22 – NPFG Insured
|
7/15 at 100.00
|
AA–
|
1,395,530
|
|||||
|
1,040
|
5.000%, 4/01/23 – NPFG Insured
|
7/15 at 100.00
|
AA–
|
1,040,270
|
|||||
|
9,385
|
Total Alabama
|
9,486,888
|
|||||||
|
Alaska – 0.2% (0.1% of Total Investments)
|
|||||||||
|
2,540
|
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/32
|
7/15 at 100.00
|
B2
|
2,227,275
|
|||||
|
Arizona – 4.7% (3.2% of Total Investments)
|
|||||||||
|
1,460
|
Apache County Industrial Development Authority, Arizona, Pollution Control Revenue Bonds, Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30
|
3/22 at 100.00
|
A3
|
1,573,792
|
|||||
|
2,455
|
Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series 2012A, 5.000%, 1/01/43
|
1/22 at 100.00
|
AA–
|
2,684,469
|
|||||
|
Arizona State, Certificates of Participation, Series 2010A:
|
|||||||||
|
2,800
|
5.250%, 10/01/28 – AGM Insured
|
10/19 at 100.00
|
AA
|
3,169,320
|
|||||
|
3,500
|
5.000%, 10/01/29 – AGM Insured
|
10/19 at 100.00
|
AA
|
3,904,110
|
|||||
|
7,500
|
Arizona State, State Lottery Revenue Bonds, Series 2010A, 5.000%, 7/01/29 – AGC Insured
|
1/20 at 100.00
|
AA
|
8,480,250
|
|||||
|
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Water System Revenue Bonds, Series 2005:
|
|||||||||
|
4,370
|
4.750%, 7/01/25 (Pre-refunded 7/01/15) – NPFG Insured
|
7/15 at 100.00
|
AAA
|
4,402,862
|
|||||
|
12,365
|
4.750%, 7/01/27 (Pre-refunded 7/01/15) – NPFG Insured
|
7/15 at 100.00
|
AAA
|
12,457,985
|
|||||
|
Phoenix Civic Improvement Corporation, Arizona, Revenue Bonds, Civic Plaza Expansion Project, Series 2005B:
|
|||||||||
|
6,545
|
5.500%, 7/01/37 – FGIC Insured
|
No Opt. Call
|
AA
|
8,316,142
|
|||||
|
5,000
|
5.500%, 7/01/40 – FGIC Insured
|
No Opt. Call
|
AA
|
6,388,350
|
|||||
|
3,530
|
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37
|
No Opt. Call
|
A–
|
4,017,458
|
|||||
|
49,525
|
Total Arizona
|
55,394,738
|
|||||||
|
California – 18.6% (12.8% of Total Investments)
|
|||||||||
|
22,880
|
Alameda Corridor Transportation Authority, California, Revenue Bonds, Senior Lien Series 1999A, 0.000%, 10/01/32 – NPFG Insured
|
No Opt. Call
|
AA–
|
11,082,614
|
|||||
|
2,735
|
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2013S-4, 5.250%, 4/01/53
|
4/23 at 100.00
|
A+
|
3,097,305
|
|||||
|
1,300
|
California Educational Facilities Authority, Revenue Bonds, Occidental College, Series 2005A, 5.000%, 10/01/33 (Pre-refunded 10/01/15) – NPFG Insured
|
10/15 at 100.00
|
Aa3 (4)
|
1,326,234
|
|||||
|
3,000
|
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children’s Hospital, Series 2012A, 5.000%, 8/15/51 (UB) (5)
|
8/22 at 100.00
|
AA
|
3,305,490
|
|||||
|
530
|
California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, Series 2013A, 5.000%, 7/01/37
|
7/23 at 100.00
|
AA–
|
595,248
|
|||||
|
1,710
|
California Health Facilities Financing Authority, Revenue Bonds, Scripps Health, Series 2012A, 5.000%, 11/15/40
|
11/21 at 100.00
|
AA
|
1,905,299
|
|
60
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
California (continued)
|
|||||||||
|
California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and Clinics, Tender Option Bond Trust 3294:
|
|||||||||
|
$
|
1,285
|
9.278%, 2/15/20 (IF) (5)
|
No Opt. Call
|
AA
|
$
|
1,576,541
|
|||
|
525
|
9.278%, 2/15/20 (IF) (5)
|
No Opt. Call
|
AA
|
644,112
|
|||||
|
485
|
9.271%, 2/15/20 (IF) (5)
|
No Opt. Call
|
AA
|
594,935
|
|||||
|
5,000
|
California State Public Works Board, Lease Revenue Bonds, Department of General Services, Capital East End Project, Series 2002A, 5.000%, 12/01/27 – AMBAC Insured
|
7/15 at 100.00
|
A1
|
5,031,450
|
|||||
|
5
|
California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 – AMBAC Insured
|
7/15 at 100.00
|
Aa3
|
5,018
|
|||||
|
10,000
|
California Statewide Communities Development Authority, Revenue Bonds, Sutter Health, Series 2011A, 6.000%, 8/15/42
|
8/20 at 100.00
|
AA–
|
11,956,400
|
|||||
|
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A:
|
|||||||||
|
3,895
|
5.250%, 7/01/30
|
7/15 at 100.00
|
CCC
|
3,588,502
|
|||||
|
5,000
|
5.250%, 7/01/35
|
7/15 at 100.00
|
CCC
|
4,607,050
|
|||||
|
5,000
|
5.000%, 7/01/39
|
7/15 at 100.00
|
CCC
|
4,525,200
|
|||||
|
4,775
|
Clovis Unified School District, Fresno County, California, General Obligation Bonds, Series 2001A, 0.000%, 8/01/25 – FGIC Insured (ETM)
|
No Opt. Call
|
AA+ (4)
|
3,802,906
|
|||||
|
1,665
|
Contra Costa Community College District, Contra Costa County, California, General Obligation Bonds, Election of 2006, Series 2013, 5.000%, 8/01/38
|
8/23 at 100.00
|
Aa1
|
1,892,422
|
|||||
|
7,775
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2015A, 0.000%, 1/15/34 – AGM Insured
|
No Opt. Call
|
AA
|
3,460,419
|
|||||
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A:
|
|||||||||
|
1,510
|
5.750%, 1/15/46
|
1/24 at 100.00
|
BBB–
|
1,759,346
|
|||||
|
4,510
|
6.000%, 1/15/49
|
1/24 at 100.00
|
BBB–
|
5,338,622
|
|||||
|
1,735
|
Fullerton Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2005, 5.000%, 9/01/27 – AMBAC Insured
|
9/15 at 100.00
|
A
|
1,748,082
|
|||||
|
15,065
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/35 (Pre-refunded 6/01/15) – FGIC Insured
|
6/15 at 100.00
|
A1 (4)
|
15,126,013
|
|||||
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
|
|||||||||
|
8,180
|
4.500%, 6/01/27
|
6/17 at 100.00
|
B
|
7,961,758
|
|||||
|
3,990
|
5.000%, 6/01/33
|
6/17 at 100.00
|
B
|
3,362,293
|
|||||
|
250
|
5.125%, 6/01/47
|
6/17 at 100.00
|
B
|
199,683
|
|||||
|
3,040
|
Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%, 11/01/23 – AGM Insured
|
No Opt. Call
|
AA
|
2,427,227
|
|||||
|
1,580
|
La Verne-Grand Terrace Housing Finance Agency, California, Single Family Residential Mortgage Revenue Bonds, Series 1984A, 10.250%, 7/01/17 (ETM)
|
No Opt. Call
|
Aaa
|
1,756,454
|
|||||
|
6,000
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2012B, 5.000%, 7/01/43
|
7/22 at 100.00
|
AA–
|
6,723,480
|
|||||
|
4,000
|
Los Angeles Unified School District, California, General Obligation Bonds, Series 2006F, 5.000%, 7/01/24 (Pre-refunded 7/01/16) – FGIC Insured
|
7/16 at 100.00
|
Aa2 (4)
|
4,222,440
|
|||||
|
3,545
|
Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43
|
8/35 at 100.00
|
AA
|
2,406,204
|
|||||
|
3,515
|
Newport Beach, California, Revenue Bonds, Hoag Memorial Hospital Presbyterian, Series 2011A, 5.875%, 12/01/30 (Pre-refunded 12/01/21)
|
12/21 at 100.00
|
N/R (4)
|
4,447,319
|
|||||
|
5,000
|
Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue Refunding Bonds, Redevelopment Project 1, Series 1995, 7.400%, 8/01/25 – NPFG Insured
|
No Opt. Call
|
AA–
|
6,272,850
|
|||||
|
Orange County Water District, California, Revenue Certificates of Participation, Series 2003B:
|
|||||||||
|
1,745
|
5.000%, 8/15/34 – NPFG Insured (ETM)
|
No Opt. Call
|
AAA
|
2,251,783
|
|||||
|
1,490
|
5.000%, 8/15/34 – NPFG Insured (ETM)
|
No Opt. Call
|
AAA
|
1,915,350
|
|
Nuveen Investments
|
61
|
|
NEA
|
Nuveen AMT-Free Municipal Income Fund
|
|
|
Portfolio of Investments (continued)
|
April 30, 2015 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
California (continued)
|
|||||||||
|
Plumas County, California, Certificates of Participation, Capital Improvement Program, Series 2003A:
|
|||||||||
|
$
|
1,130
|
5.250%, 6/01/19 – AMBAC Insured
|
7/15 at 100.00
|
A
|
$
|
1,133,198
|
|||
|
1,255
|
5.250%, 6/01/21 – AMBAC Insured
|
7/15 at 100.00
|
A
|
1,259,970
|
|||||
|
6,705
|
Pomona, California, GNMA/FHLMC Collateralized Single Family Mortgage Revenue Refunding Bonds, Series 1990B, 7.500%, 8/01/23 (ETM)
|
No Opt. Call
|
Aaa
|
8,402,907
|
|||||
|
1,800
|
Rialto Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2011A, 0.000%, 8/01/28
|
No Opt. Call
|
AA
|
1,126,926
|
|||||
|
1,000
|
Rim of the World Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2011C, 5.000%, 8/01/38 – AGM Insured
|
8/21 at 100.00
|
AA
|
1,094,110
|
|||||
|
390
|
Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series 2013A, 5.750%, 6/01/44
|
6/23 at 100.00
|
BBB–
|
446,593
|
|||||
|
735
|
Sacramento City Financing Authority, California, Capital Improvement Revenue Bonds, Solid Waste and Redevelopment Projects, Series 1999, 5.800%, 12/01/19 – AMBAC Insured
|
7/15 at 100.00
|
N/R
|
736,676
|
|||||
|
6,335
|
San Bernardino, California, GNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue Refunding Bonds, Series 1990A, 7.500%, 5/01/23 (ETM) (5)
|
No Opt. Call
|
Aaa
|
7,871,111
|
|||||
|
2,250
|
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41
|
12/21 at 100.00
|
BB
|
2,734,605
|
|||||
|
4,000
|
San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Governmental Purpose, Second Series 2013B, 5.000%, 5/01/43
|
5/23 at 100.00
|
A+
|
4,477,840
|
|||||
|
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2014A:
|
|||||||||
|
6,575
|
5.000%, 1/15/44
|
1/25 at 100.00
|
BBB–
|
7,227,043
|
|||||
|
20,310
|
5.000%, 1/15/50
|
1/25 at 100.00
|
BBB–
|
22,132,619
|
|||||
|
4,000
|
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2004A, 5.250%, 8/01/19 – NPFG Insured
|
7/15 at 100.00
|
AA–
|
4,016,440
|
|||||
|
12,580
|
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C, 4.250%, 8/01/30 – NPFG Insured
|
8/17 at 100.00
|
AA–
|
12,886,575
|
|||||
|
4,455
|
San Mateo County Community College District, California, General Obligation Bonds, Series 2006A, 0.000%, 9/01/21 – NPFG Insured
|
No Opt. Call
|
AAA
|
3,942,408
|
|||||
|
3,600
|
Ventura County Community College District, California, General Obligation Bonds, Series 2005B, 5.000%, 8/01/28 (Pre-refunded 8/01/15) – NPFG Insured
|
8/15 at 100.00
|
AA (4)
|
3,643,884
|
|||||
|
3,900
|
West Hills Community College District, California, General Obligation Bonds, School Facilities Improvement District 3, 2008 Election Series 2011, 6.500%, 8/01/41 – AGM Insured
|
8/21 at 100.00
|
AA
|
4,830,579
|
|||||
|
223,740
|
Total California
|
218,879,533
|
|||||||
|
Colorado – 5.1% (3.5% of Total Investments)
|
|||||||||
|
7,500
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2006C-1, Trust 1090, 14.832%, 10/01/41 – AGM Insured (IF) (5)
|
4/18 at 100.00
|
AA
|
9,090,225
|
|||||
|
5,000
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45
|
1/23 at 100.00
|
A+
|
5,525,450
|
|||||
|
5,000
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Children’s Hospital Colorado Project, Series 2013A, 5.000%, 12/01/36
|
12/23 at 100.00
|
A+
|
5,449,300
|
|||||
|
425
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013, 5.625%, 6/01/43
|
6/23 at 100.00
|
A3
|
478,707
|
|||||
|
2,915
|
Commerce City Northern Infrastructure General Improvement District, Colorado, General Obligation Bonds, Series 2013, 5.000%, 12/01/27 – AGM Insured
|
12/22 at 100.00
|
AA
|
3,412,357
|
|||||
|
4,835
|
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 11/15/43
|
11/23 at 100.00
|
A
|
5,385,271
|
|||||
|
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:
|
|||||||||
|
35,395
|
0.000%, 9/01/30 – NPFG Insured
|
No Opt. Call
|
AA–
|
19,736,960
|
|||||
|
70
|
0.000%, 9/01/33 – NPFG Insured
|
No Opt. Call
|
AA–
|
33,349
|
|
62
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Colorado (continued)
|
|||||||||
|
$
|
2,900
|
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/34 – NPFG Insured
|
No Opt. Call
|
AA–
|
$
|
1,304,391
|
|||
|
2,640
|
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Refunding Bonds, Series 2011, 6.125%, 12/01/41 – AGM Insured
|
12/20 at 100.00
|
AA
|
3,128,268
|
|||||
|
4,000
|
University of Colorado Hospital Authority, Colorado, Revenue Bonds, Series 2012A, 5.000%, 11/15/42
|
11/22 at 100.00
|
AA–
|
4,371,080
|
|||||
|
25
|
University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 – FGIC Insured
|
6/15 at 100.00
|
Aa2
|
25,103
|
|||||
|
University of Colorado, Enterprise System Revenue Bonds, Series 2005:
|
|||||||||
|
1,285
|
5.000%, 6/01/30 (Pre-refunded 6/01/15) – FGIC Insured
|
6/15 at 100.00
|
Aa2 (4)
|
1,290,294
|
|||||
|
690
|
5.000%, 6/01/30 (Pre-refunded 6/01/15) – FGIC Insured
|
6/15 at 100.00
|
Aa2 (4)
|
692,843
|
|||||
|
72,680
|
Total Colorado
|
59,923,598
|
|||||||
|
Delaware – 0.3% (0.2% of Total Investments)
|
|||||||||
|
3,250
|
Delaware Health Facilities Authority, Revenue Bonds, Nanticoke Memorial Hospital, Series 2013, 5.000%, 7/01/32
|
7/23 at 100.00
|
BBB–
|
3,425,760
|
|||||
|
District of Columbia – 1.9% (1.3% of Total Investments)
|
|||||||||
|
1,250
|
District of Columbia Student Dormitory Revenue Bonds, Provident Group – Howard Properties LLC Issue, Series 2013, 5.000%, 10/01/45
|
10/22 at 100.00
|
BBB–
|
1,280,900
|
|||||
|
10,150
|
District of Columbia, Revenue Bonds, Georgetown University, Series 2007A, 0.000%, 4/01/40 – AMBAC Insured
|
4/21 at 100.00
|
A–
|
9,232,034
|
|||||
|
6,545
|
Metropolitan Washington Airports Authority, District of Columbia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital Improvement Project, Refunding Second Senior Lien Series 2014A, 5.000%, 10/01/53
|
4/22 at 100.00
|
BBB+
|
6,907,920
|
|||||
|
7,000
|
Metropolitan Washington Airports Authority, District of Columbia, Dulles Toll Road Second Senior Lien Revenue Bonds, Series 2009B, 0.000%, 10/01/36 – AGC Insured
|
No Opt. Call
|
AA
|
2,673,930
|
|||||
|
2,395
|
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Tender Option Bond Trust 1606, 11.676%, 10/01/30 – AMBAC Insured (IF) (5)
|
10/16 at 100.00
|
AA+
|
2,734,587
|
|||||
|
27,340
|
Total District of Columbia
|
22,829,371
|
|||||||
|
Florida – 9.5% (6.5% of Total Investments)
|
|||||||||
|
1,000
|
Bay County, Florida, Water System Revenue Bonds, Series 2005, 5.000%, 9/01/25 – AMBAC Insured
|
9/15 at 100.00
|
Aa3
|
1,015,890
|
|||||
|
11,000
|
Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 – AGM Insured
|
10/21 at 100.00
|
AA
|
12,147,850
|
|||||
|
Clay County, Florida, Utility System Revenue Bonds, Series 2007:
|
|||||||||
|
1,500
|
5.000%, 11/01/27 (Pre-refunded 11/01/17) – AGM Insured (UB)
|
11/17 at 100.00
|
AA (4)
|
1,654,530
|
|||||
|
3,000
|
5.000%, 11/01/32 (Pre-refunded 11/01/17) – AGM Insured (UB)
|
11/17 at 100.00
|
AA (4)
|
3,309,060
|
|||||
|
3,570
|
Collier County Educational Facilities Authority, Florida, Revenue Bonds, Hodges University, Series 2013, 6.125%, 11/01/43
|
11/23 at 100.00
|
BBB–
|
3,988,011
|
|||||
|
Davie, Florida, Educational Facilities Revenue Bonds, Nova Southeastern University Project, Refunding Series 2013A:
|
|||||||||
|
8,555
|
6.000%, 4/01/42
|
4/23 at 100.00
|
Baa1
|
9,863,060
|
|||||
|
4,280
|
5.625%, 4/01/43
|
4/23 at 100.00
|
Baa1
|
4,809,736
|
|||||
|
500
|
Flagler County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/30 (Pre-refunded 10/01/15) – NPFG Insured
|
10/15 at 100.00
|
AA– (4)
|
510,065
|
|||||
|
1,190
|
Florida Municipal Loan Council, Revenue Bonds, Series 2005A, 5.000%, 2/01/23
|
No Opt. Call
|
AA–
|
1,194,225
|
|||||
|
2,500
|
Florida State Board of Education, Public Education Capital Outlay Bonds, Tender Option Bond Trust 2929, 17.356%, 12/01/16 – AGC Insured (IF) (5)
|
No Opt. Call
|
AAA
|
3,638,450
|
|||||
|
5,000
|
Florida State Turnpike Authority, Turnpike Revenue Bonds, Department of Transportation, Refunding Series 2008A, 5.000%, 7/01/35
|
No Opt. Call
|
AA–
|
5,421,650
|
|||||
|
350
|
Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006, 5.500%, 6/01/38 – AGM Insured
|
6/18 at 100.00
|
AA
|
383,285
|
|
Nuveen Investments
|
63
|
|
NEA
|
Nuveen AMT-Free Municipal Income Fund
|
|
|
Portfolio of Investments (continued)
|
April 30, 2015 (Unaudited)
|
|
|
Principal
|
Optional Call
|
|||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Florida (continued)
|
|||||||||
|
$
|
180
|
Highlands County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist
|
11/15 at 100.00
|
Aa2 (4)
|
$
|
184,621
|
|||
|
Health System, Series 2005D, 5.000%, 11/15/35 (Pre-refunded 11/15/15) – NPFG Insured
|
|||||||||
|
400
|
Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Refunding Series 2012, 5.000%, 10/01/30
|
10/22 at 100.00
|
A1
|
455,132
|
|||||
|
1,530
|
Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Refunding Series 2011, 5.000%, 11/15/24
|
11/21 at 100.00
|
A2
|
1,705,231
|
|||||
|
500
|
Lee Memorial Health System, Florida, Hospital Revenue Bonds, Series 2007A, 5.000%, 4/01/32 – NPFG Insured
|
4/17 at 100.00
|
AA–
|
524,715
|
|||||
|
1,200
|
Miami, Florida, Special Obligation Non-Ad Valorem Revenue Refunding Bonds, Series 2011A, 6.000%, 2/01/30 – AGM Insured
|
2/21 at 100.00
|
AA
|
1,437,492
|
|||||
|
10,000
|
Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2010A, 5.000%, 7/01/35
|
7/20 at 100.00
|
AA
|
11,163,300
|
|||||
|
6,350
|
Miami-Dade County School Board, Florida, Certificates of Participation, Series 2006A, 5.000%, 11/01/31 (Pre-refunded 11/01/16) – AGM Insured
|
11/16 at 100.00
|
AA+ (4)
|
6,774,053
|
|||||
|
4,000
|
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 5.000%, 10/01/35 – AGM Insured
|
10/20 at 100.00
|
AA
|
4,434,040
|
|||||
|
5,720
|
Miami-Dade County, Florida, General Obligation Bonds, Build Better Communities Program, Series 2005, 5.000%, 7/01/33 (Pre-refunded 7/01/15) – AGM Insured
|
7/15 at 100.00
|
AA (4)
|
5,766,446
|
|||||
|
1,850
|
Miami-Dade County, Florida, Subordinate Special Obligation Bonds, Refunding Series 2012B, 5.000%, 10/01/37
|
10/22 at 100.00
|
A+
|
2,045,175
|
|||||
|
2,000
|
Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Refunding Series 2012, 5.000%, 7/01/42
|
7/22 at 100.00
|
AA
|
2,220,800
|
|||||
|
5,770
|
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, 5.000%, 10/01/42
|
10/22 at 100.00
|
Aa3
|
6,386,698
|
|||||
|
750
|
Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, Inc., Series 2012A, 5.000%, 10/01/42
|
4/22 at 100.00
|
A
|
800,760
|
|||||
|
140
|
Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Sinai Residences of
|
6/22 at 102.00
|
N/R
|
159,592
|
|||||
|
Boca Raton Project, Series 2014A, 7.250%, 6/01/34
|
|||||||||
|
895
|
Port Saint Lucie, Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, Series 2007, 5.000%, 7/01/33 – NPFG Insured
|
7/17 at 100.00
|
AA–
|
963,602
|
|||||
|
480
|
Port St. Lucie, Florida, Utility System Revenue Bonds, Refunding Series 2009, 5.250%, 9/01/35 – AGC Insured
|
9/18 at 100.00
|
AA
|
534,912
|
|||||
|
2,000
|
Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/28 – NPFG Insured
|
10/15 at 100.00
|
AA
|
2,037,540
|
|||||
|
1,200
|
Tamarac, Florida, Utility System Revenue Bonds, Series 2009, 5.000%, 10/01/39 – AGC Insured
|
10/19 at 100.00
|
AA
|
1,348,824
|
|||||
|
9,720
|
Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Refunding Series 2012B, 5.000%, 7/01/42
|
No Opt. Call
|
A
|
10,727,672
|
|||||
|
1,500
|
Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Embry-Riddle Aeronautical University, Inc. Project, Refunding Series 2011, 5.000%, 10/15/29 – AGM Insured
|
10/21 at 100.00
|
AA
|
1,672,125
|
|||||
|
2,000
|
Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Embry-Riddle Aeronautical University, Series 2015B, 5.000%, 10/15/45
|
4/25 at 100.00
|
A–
|
2,171,480
|
|||||
|
100,630
|
Total Florida
|
111,450,022
|
|||||||
|
Georgia – 2.2% (1.5% of Total Investments)
|
|||||||||
|
6,950
|
Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2010A, 5.000%, 1/01/40 – AGM Insured
|
1/20 at 100.00
|
AA
|
7,808,881
|
|||||
|
3,050
|
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.375%, 11/01/39 – AGM Insured
|
11/19 at 100.00
|
AA
|
3,480,050
|
|||||
|
1,535
|
Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Refunding Series 2007, 4.000%, 8/01/26
|
8/20 at 100.00
|
AA
|
1,641,452
|
|||||
|
4,000
|
Cobb County Development Authority, Georgia, Parking Revenue Bonds, Kennesaw State University, Series 2004, 5.000%, 7/15/24 – NPFG Insured
|
7/15 at 100.00
|
A1
|
4,015,920
|
|
64
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Georgia (continued)
|
|||||||||
|
$
|
1,410
|
DeKalb County, Georgia, Water and Sewer Revenue Bonds, Series 2006A, 5.000%, 10/01/35 – AGM Insured
|
10/16 at 100.00
|
AA
|
$
|
1,495,686
|
|||
|
3,055
|
Gwinnett County School District, Georgia, General Obligation Bonds, Series 2008, 5.000%, 2/01/36 (Pre-refunded 2/01/18)
|
2/18 at 100.00
|
AAA
|
3,399,146
|
|||||
|
1,350
|
Henry County Water and Sewerage Authority, Georgia, Revenue Bonds, Series 2005, 5.250%, 2/01/27 – BHAC Insured
|
No Opt. Call
|
AA+
|
1,690,767
|
|||||
|
2,615
|
Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South Georgia Medical Center Project, Series 2011B, 5.000%, 10/01/41
|
10/21 at 100.00
|
Aa2
|
2,889,314
|
|||||
|
23,965
|
Total Georgia
|
26,421,216
|
|||||||
|
Guam – 0.2% (0.1% of Total Investments)
|
|||||||||
|
2,030
|
Guam Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.500%, 7/01/43
|
7/23 at 100.00
|
A–
|
2,323,964
|
|||||
|
Hawaii – 0.0% (0.0% of Total Investments)
|
|||||||||
|
125
|
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific University, Series 2013A, 6.875%, 7/01/43
|
7/23 at 100.00
|
BB+
|
142,506
|
|||||
|
Idaho – 0.2% (0.1% of Total Investments)
|
|||||||||
|
2,110
|
Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project, Series 2012A, 5.000%, 3/01/47 – AGM Insured
|
3/22 at 100.00
|
A–
|
2,287,388
|
|||||
|
Illinois – 14.0% (9.7% of Total Investments)
|
|||||||||
|
4,000
|
Bolingbrook, Illinois, General Obligation Refunding Bonds, Series 2002B, 0.000%, 1/01/34 – FGIC Insured
|
No Opt. Call
|
AA–
|
1,809,280
|
|||||
|
3,500
|
Chicago Transit Authority, Illinois, Capital Grant Receipts Revenue Bonds, Federal Transit
|
6/21 at 100.00
|
AA
|
3,934,350
|
|||||
|
Administration Section 5307 Urbanized Area Formula Funds, Refunding Series 2011, 5.250%, 6/01/26 – AGM Insured
|
|||||||||
|
9,285
|
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2014, 5.250%, 12/01/49
|
No Opt. Call
|
AA
|
10,486,015
|
|||||
|
13,100
|
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien Refunding Series 2010C, 5.250%, 1/01/35 – AGC Insured
|
1/20 at 100.00
|
AA
|
14,720,994
|
|||||
|
1,450
|
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien Series 2005A, 5.250%, 1/01/24 – NPFG Insured
|
1/16 at 100.00
|
AA–
|
1,497,154
|
|||||
|
4,735
|
Cook County Community College District 508, Illinois, General Obligation Bonds, Chicago City Colleges, Series 2013, 5.250%, 12/01/43
|
12/23 at 100.00
|
AA
|
5,292,688
|
|||||
|
13,720
|
Illinois Development Finance Authority, Local Government Program Revenue Bonds, Kane, Cook and DuPage Counties School District U46 – Elgin, Series 2002, 0.000%, 1/01/17 – AGM Insured
|
No Opt. Call
|
Aa3
|
13,336,526
|
|||||
|
8,140
|
Illinois Development Finance Authority, Local Government Program Revenue Bonds, Kane, Cook and DuPage Counties School District U46 – Elgin, Series 2002, 0.000%, 1/01/17 – AGM Insured (ETM)
|
No Opt. Call
|
Aa3 (4)
|
8,044,925
|
|||||
|
2,050
|
Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural History, Series 2002, 5.500%, 11/01/36
|
11/23 at 100.00
|
A2
|
2,257,378
|
|||||
|
5,020
|
Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Series 2012, 5.000%, 6/01/42
|
No Opt. Call
|
AA
|
5,482,242
|
|||||
|
4,200
|
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 5.000%, 9/01/38
|
9/22 at 100.00
|
BBB
|
4,416,804
|
|||||
|
8,530
|
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A, 5.000%, 9/01/42
|
9/24 at 100.00
|
BBB
|
9,055,448
|
|||||
|
2,910
|
Illinois Finance Authority, Revenue Bonds, Ingalls Health System, Series 2013, 5.000%, 5/15/43
|
5/22 at 100.00
|
Baa1
|
3,035,276
|
|||||
|
1,145
|
Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A, 6.000%, 7/01/43
|
7/23 at 100.00
|
A–
|
1,361,577
|
|||||
|
3,560
|
Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2011A, 6.000%, 8/15/41 – AGM Insured
|
8/21 at 100.00
|
AA
|
4,242,238
|
|
Nuveen Investments
|
65
|
|
NEA
|
Nuveen AMT-Free Municipal Income Fund
|
|
|
Portfolio of Investments (continued)
|
April 30, 2015 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Illinois (continued)
|
|||||||||
|
$
|
1,000
|
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C, 5.500%, 8/15/41
|
2/21 at 100.00
|
AA–
|
$
|
1,122,910
|
|||
|
9,510
|
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A, 5.000%, 10/01/51
|
10/21 at 100.00
|
AA+
|
10,228,671
|
|||||
|
3,895
|
Illinois Health Facilities Authority, Revenue Bonds, Lutheran General Health System, Series 1993A, 6.250%, 4/01/18 – AGM Insured (ETM)
|
No Opt. Call
|
AA (4)
|
4,275,035
|
|||||
|
6,500
|
Illinois Municipal Electric Agency, Power Supply System Revenue Bonds, Series 2007A, 5.000%, 2/01/35 (Pre-refunded 2/01/17) – FGIC Insured
|
2/17 at 100.00
|
AA– (4)
|
6,993,415
|
|||||
|
Illinois State, General Obligation Bonds, May Series 2014:
|
|||||||||
|
1,700
|
5.000%, 5/01/36
|
5/24 at 100.00
|
A–
|
1,773,865
|
|||||
|
5,420
|
5.000%, 5/01/39
|
5/24 at 100.00
|
A–
|
5,618,806
|
|||||
|
Illinois State, General Obligation Bonds, Series 2012A:
|
|||||||||
|
2,500
|
5.000%, 3/01/25
|
3/22 at 100.00
|
A–
|
2,728,825
|
|||||
|
4,500
|
5.000%, 3/01/27
|
3/22 at 100.00
|
A–
|
4,799,925
|
|||||
|
1,125
|
Illinois State, General Obligation Bonds, Series 2013, 5.500%, 7/01/38
|
7/23 at 100.00
|
A–
|
1,239,075
|
|||||
|
5,000
|
Macon County School District 61 Decatur, Illinois, General Obligation Bonds, Series 2011A, 5.250%, 1/01/39 – AGM Insured
|
1/21 at 100.00
|
A2
|
5,497,450
|
|||||
|
5,000
|
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Refunding Bonds, Series 2012B, 5.000%, 6/15/52 (UB) (5)
|
6/22 at 100.00
|
AAA
|
5,234,050
|
|||||
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1:
|
|||||||||
|
33,000
|
0.000%, 6/15/45 – AGM Insured
|
No Opt. Call
|
AAA
|
8,034,840
|
|||||
|
5,000
|
0.000%, 6/15/46 – AGM Insured
|
No Opt. Call
|
AAA
|
1,151,050
|
|||||
|
5,725
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A, 0.000%, 6/15/27 – NPFG Insured
|
6/22 at 101.00
|
AAA
|
5,822,325
|
|||||
|
5,010
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place Expansion Project, Series 1996A, 0.000%, 12/15/21 – NPFG Insured
|
No Opt. Call
|
AA–
|
4,193,520
|
|||||
|
4,125
|
Southwestern Illinois Development Authority, Health Facility Revenue Bonds, Memorial Group, Inc., Series 2013, 7.625%, 11/01/48
|
11/23 at 100.00
|
BB+
|
5,176,875
|
|||||
|
1,895
|
Williamson & Johnson Counties Community Unit School District 2, Marion, Illinois, General Obligation Bonds, Series 2011, 7.250%, 12/01/28 – AGM Insured
|
12/20 at 100.00
|
AA
|
2,337,483
|
|||||
|
186,250
|
Total Illinois
|
165,201,015
|
|||||||
|
Indiana – 4.4% (3.1% of Total Investments)
|
|||||||||
|
4,725
|
Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 2012A, 5.000%, 5/01/42
|
5/23 at 100.00
|
A
|
5,111,411
|
|||||
|
1,500
|
Indiana Finance Authority, Midwestern Disaster Relief Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2012A, 5.000%, 6/01/39 – AGM Insured
|
6/22 at 100.00
|
BBB–
|
1,601,730
|
|||||
|
10,000
|
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2009A, 5.250%, 12/01/38 (UB)
|
12/19 at 100.00
|
AA
|
11,309,400
|
|||||
|
5,000
|
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2011B, 5.000%, 10/01/41
|
10/21 at 100.00
|
AA–
|
5,509,250
|
|||||
|
3,075
|
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2012A, 5.000%, 10/01/37
|
10/22 at 100.00
|
AA
|
3,412,174
|
|||||
|
8,310
|
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
|
1/17 at 100.00
|
AA–
|
8,759,322
|
|||||
|
9,255
|
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/25 – AMBAC Insured
|
No Opt. Call
|
AA
|
6,970,681
|
|||||
|
Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A:
|
|||||||||
|
3,000
|
5.500%, 1/01/38 – AGC Insured
|
1/19 at 100.00
|
AA
|
3,407,250
|
|||||
|
5,000
|
5.500%, 1/01/38 – AGC Insured (UB)
|
1/19 at 100.00
|
AA
|
5,678,750
|
|||||
|
500
|
Vigo County Hospital Authority, Indiana, Revenue Bonds, Union Hospital, Series 2007, 5.800%, 9/01/47
|
9/17 at 100.00
|
N/R
|
524,570
|
|||||
|
50,365
|
Total Indiana
|
52,284,538
|
|
66
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Iowa – 1.5% (1.0% of Total Investments)
|
|||||||||
|
$
|
4,000
|
Ames, Iowa, Hospital Revenue Bonds, Mary Greeley Medical Center, Series 2011, 5.250%, 6/15/36
|
6/20 at 100.00
|
A2
|
$
|
4,344,240
|
|||
|
425
|
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013, 5.250%, 12/01/25
|
12/23 at 100.00
|
BB–
|
475,720
|
|||||
|
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:
|
|||||||||
|
7,125
|
5.375%, 6/01/38
|
6/15 at 100.00
|
B+
|
6,312,536
|
|||||
|
185
|
5.625%, 6/01/46
|
6/15 at 100.00
|
B+
|
165,292
|
|||||
|
6,600
|
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34
|
6/17 at 100.00
|
B+
|
6,323,658
|
|||||
|
18,335
|
Total Iowa
|
17,621,446
|
|||||||
|
Kansas – 0.2% (0.2% of Total Investments)
|
|||||||||
|
630
|
Kansas Development Finance Authority, Board of Regents, Revenue Bonds, Scientific Research and Development Facilities Projects, Series 2003C, 5.000%, 10/01/22 – AMBAC Insured
|
4/16 at 100.50
|
AA–
|
638,826
|
|||||
|
2,000
|
Kansas Development Finance Authority, Health Facilities Revenue Bonds, Stormont-Vail Health Care Inc., Series 2013J, 5.000%, 11/15/38
|
11/22 at 100.00
|
A2
|
2,148,600
|
|||||
|
2,630
|
Total Kansas
|
2,787,426
|
|||||||
|
Kentucky – 1.3% (0.9% of Total Investments)
|
|||||||||
|
6,010
|
Kentucky Economic Development Finance Authority, Health System Revenue Bonds, Norton Healthcare Inc., Series 2000B, 0.000%, 10/01/28 – NPFG Insured
|
No Opt. Call
|
AA–
|
3,539,289
|
|||||
|
1,100
|
Kentucky Municipal Power Agency, Power Supply System Revenue Bonds, Prairie State Project Series 2007A, 5.000%, 9/01/37 (Pre-refunded 9/01/17) – NPFG Insured
|
9/17 at 100.00
|
AA– (4)
|
1,208,075
|
|||||
|
3,900
|
Kentucky Municipal Power Agency, Power Supply System Revenue Bonds, Prairie State Project Series 2007A, 5.000%, 9/01/37 – NPFG Insured
|
9/17 at 100.00
|
AA–
|
4,185,987
|
|||||
|
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Convertible Capital Appreciation Series 2013C:
|
|||||||||
|
2,575
|
0.000%, 7/01/43
|
7/31 at 100.00
|
Baa3
|
1,789,162
|
|||||
|
4,430
|
0.000%, 7/01/46
|
7/31 at 100.00
|
Baa3
|
3,081,198
|
|||||
|
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Series 2013A:
|
|||||||||
|
1,150
|
5.750%, 7/01/49
|
7/23 at 100.00
|
Baa3
|
1,305,400
|
|||||
|
220
|
6.000%, 7/01/53
|
7/23 at 100.00
|
Baa3
|
252,677
|
|||||
|
19,385
|
Total Kentucky
|
15,361,788
|
|||||||
|
Louisiana – 5.4% (3.7% of Total Investments)
|
|||||||||
|
4,690
|
Ascension Parish Industrial Development Board, Louisiana, Revenue Bonds, Impala Warehousing (US) LLC Project, Series 2013, 6.000%, 7/01/36
|
7/23 at 100.00
|
N/R
|
5,107,598
|
|||||
|
670
|
Jefferson Parish Hospital District1, Louisiana, Hospital Revenue Bonds, West Jefferson Medical Center, Refunding Series 2011A, 6.000%, 1/01/39 – AGM Insured
|
1/21 at 100.00
|
AA
|
787,793
|
|||||
|
5,000
|
Lafayette Public Trust Financing Authority, Louisiana, Revenue Bonds, Ragin’ Cajun Facilities Inc. Project, Series 2010, 5.500%, 10/01/41 – AGM Insured
|
10/20 at 100.00
|
AA
|
5,725,050
|
|||||
|
6,870
|
Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A, 5.000%, 7/01/36
|
7/23 at 100.00
|
A
|
7,580,976
|
|||||
|
2,000
|
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Second Lien Series 2010B, 5.000%, 5/01/45
|
5/20 at 100.00
|
AA
|
2,261,920
|
|||||
|
9,000
|
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A, 5.000%, 5/01/36 (Pre-refunded 5/01/16) – AGM Insured
|
5/16 at 100.00
|
Aa1 (4)
|
9,421,560
|
|||||
|
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:
|
|||||||||
|
8,480
|
4.750%, 5/01/39 (Pre-refunded 5/01/16) – AGM Insured
|
5/16 at 100.00
|
Aa1 (4)
|
8,856,003
|
|||||
|
14,265
|
4.500%, 5/01/41 (Pre-refunded 5/01/16) – FGIC Insured (UB)
|
5/16 at 100.00
|
Aa1 (4)
|
14,861,705
|
|||||
|
8,000
|
New Orleans Aviation Board, Louisiana, Revenue Bonds, North Terminal Project, Series 2015A, 5.000%, 1/01/45
|
1/25 at 100.00
|
A–
|
8,838,560
|
|||||
|
58,975
|
Total Louisiana
|
63,441,165
|
|
Nuveen Investments
|
67
|
|
NEA
|
Nuveen AMT-Free Municipal Income Fund
|
|
|
Portfolio of Investments (continued)
|
April 30, 2015 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Maine – 0.1% (0.1% of Total Investments)
|
|||||||||
|
$
|
1,010
|
Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2013, 5.000%, 7/01/43
|
7/23 at 100.00
|
Baa1
|
$
|
1,067,116
|
|||
|
Maryland – 0.3% (0.2% of Total Investments)
|
|||||||||
|
1,865
|
Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%, 9/01/26 – SYNCORA GTY Insured
|
9/16 at 100.00
|
Ba1
|
1,913,788
|
|||||
|
1,200
|
Maryland Economic Development Corporation, Student Housing Revenue Refunding Bonds, University of Maryland College Park Projects, Series 2006, 5.000%, 6/01/28 – CIFG Insured
|
6/16 at 100.00
|
AA
|
1,245,432
|
|||||
|
3,065
|
Total Maryland
|
3,159,220
|
|||||||
|
Massachusetts – 3.5% (2.4% of Total Investments)
|
|||||||||
|
5,500
|
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Commonwealth Contract Assistance Secured, Refunding Series 2010B, 5.000%, 1/01/35
|
1/20 at 100.00
|
AA+
|
6,229,300
|
|||||
|
1,430
|
Massachusetts Development Finance Agency, Resource Recovery Revenue Refunding Bonds, Covanta Energy Project, Series 2012B, 4.875%, 11/01/42
|
11/17 at 100.00
|
BB+
|
1,455,597
|
|||||
|
3,000
|
Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, Series 2002A, 5.750%, 1/01/42 – AMBAC Insured
|
No Opt. Call
|
A
|
3,782,700
|
|||||
|
3,335
|
Massachusetts Health and Education Facilities Authority, Revenue Bonds, Partners HealthCare System, Tender Option Trust 2015-XF0047, 13.569%, 7/01/29 (IF)
|
7/19 at 100.00
|
AA
|
4,630,347
|
|||||
|
4,400
|
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A, 5.000%, 8/15/23 (Pre-refunded 8/15/15) – AGM Insured
|
8/15 at 100.00
|
AA+ (4)
|
4,462,216
|
|||||
|
3,250
|
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2007A, 5.000%, 8/15/37 – AMBAC Insured
|
8/17 at 100.00
|
AA+
|
3,514,095
|
|||||
|
7,500
|
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Tender Option Bond Trust 14021, 9.428%, 2/15/20 (IF)
|
No Opt. Call
|
AA+
|
10,561,650
|
|||||
|
3,335
|
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Tender Option Bond Trust 3091, 13.600%, 8/15/37 – AGM Insured (IF)
|
8/17 at 100.00
|
AA+
|
4,119,292
|
|||||
|
1,725
|
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 – AGM Insured (UB) (5)
|
2/17 at 100.00
|
AA+
|
1,761,674
|
|||||
|
500
|
Springfield Water and Sewer Commission, Massachusetts, General Revenue Bonds, Refunding Series 2010B, 5.000%, 11/15/30 – AGC Insured
|
11/20 at 100.00
|
AA
|
576,010
|
|||||
|
33,975
|
Total Massachusetts
|
41,092,881
|
|||||||
|
Michigan – 1.4% (1.0% of Total Investments)
|
|||||||||
|
1,220
|
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
|
7/22 at 100.00
|
BBB+
|
1,311,805
|
|||||
|
10,000
|
Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2011A, 5.250%, 7/01/41
|
7/21 at 100.00
|
BBB+
|
10,654,300
|
|||||
|
1,315
|
Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A, 5.000%, 1/01/43
|
1/22 at 100.00
|
A2
|
1,402,342
|
|||||
|
820
|
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A, 5.000%, 12/01/31
|
12/16 at 100.00
|
AA
|
871,480
|
|||||
|
180
|
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A, 5.000%, 12/01/31 (Pre-refunded 12/01/16)
|
12/16 at 100.00
|
Aa2 (4)
|
192,764
|
|||||
|
2,000
|
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2009C, 5.000%, 12/01/48
|
6/22 at 100.00
|
AA
|
2,158,460
|
|||||
|
15,535
|
Total Michigan
|
16,591,151
|
|||||||
|
Missouri – 0.7% (0.5% of Total Investments)
|
|||||||||
|
1,000
|
Jackson County Reorganized School District R-7, Lees Summit, Missouri, General Obligation Bonds, Series 2006, 5.250%, 3/01/25 (Pre-refunded 3/01/16) – NPFG Insured
|
3/16 at 100.00
|
Aa1 (4)
|
1,039,770
|
|||||
|
6,165
|
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Saint Louis College of Pharmacy, Series 2013, 5.500%, 5/01/43
|
5/23 at 100.00
|
BBB+
|
6,753,203
|
|
68
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Missouri (continued)
|
|||||||||
|
$
|
220
|
St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Sunset Hills, Series 2013A, 5.875%, 9/01/43
|
9/23 at 100.00
|
A–
|
$
|
247,573
|
|||
|
7,385
|
Total Missouri
|
8,040,546
|
|||||||
|
Montana – 0.1% (0.1% of Total Investments)
|
|||||||||
|
1,300
|
Montana State University, Facilties Revenue Bonds, Improvement Series 2013A, 4.500%, 11/15/38
|
11/23 at 100.00
|
Aa3
|
1,407,224
|
|||||
|
Nebraska – 1.0% (0.7% of Total Investments)
|
|||||||||
|
2,280
|
Lincoln County Hospital Authority 1, Nebraska, Hospital Revenue and Refunding Bonds, Great Plains Regional Medical Center Project, Series 2012, 5.000%, 11/01/42
|
No Opt. Call
|
A–
|
2,480,594
|
|||||
|
865
|
Omaha Public Power District, Nebraska, Separate Electric System Revenue Bonds, Nebraska City2, Tender Option Bond Trust 11673, 20.264%, 8/01/40 – AMBAC Insured (IF)
|
2/17 at 100.00
|
AA+
|
1,500,766
|
|||||
|
8,000
|
Public Power Generation Agency, Nebraska, Whelan Energy Center Unit 2 Revenue Bonds, Series 2007A, 5.000%, 1/01/37 – AMBAC Insured
|
1/17 at 100.00
|
A2
|
8,402,720
|
|||||
|
11,145
|
Total Nebraska
|
12,384,080
|
|||||||
|
Nevada – 2.4% (1.6% of Total Investments)
|
|||||||||
|
2,600
|
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2009C, 5.000%, 7/01/26 – AGM Insured
|
7/19 at 100.00
|
AA
|
2,945,670
|
|||||
|
12,265
|
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.250%, 7/01/39 – AGM Insured
|
1/20 at 100.00
|
AA
|
13,811,494
|
|||||
|
950
|
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water Series 2012B, 5.000%, 6/01/42
|
6/22 at 100.00
|
AA+
|
1,056,989
|
|||||
|
10,000
|
Nevada System of Higher Education, Universities Revenue Bonds, Series 2005B, 5.000%, 7/01/35 (Pre-refunded 1/01/16) – AMBAC Insured
|
1/16 at 100.00
|
Aa2 (4)
|
10,319,900
|
|||||
|
25,815
|
Total Nevada
|
28,134,053
|
|||||||
|
New Jersey – 6.3% (4.4% of Total Investments)
|
|||||||||
|
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A:
|
|||||||||
|
2,675
|
5.000%, 7/01/22 – NPFG Insured
|
7/15 at 100.00
|
AA–
|
2,716,489
|
|||||
|
4,445
|
5.000%, 7/01/23 – NPFG Insured
|
7/15 at 100.00
|
AA–
|
4,513,942
|
|||||
|
1,200
|
5.000%, 7/01/29 – NPFG Insured
|
7/15 at 100.00
|
AA–
|
1,218,612
|
|||||
|
720
|
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Robert Wood Johnson University Hospital, Series 2013A, 5.500%, 7/01/43
|
7/23 at 100.00
|
A
|
833,422
|
|||||
|
3,075
|
New Jersey Transit Corporation, Certificates of Participation Refunding, Series 2003, 5.500%, 10/01/15 – AGM Insured
|
No Opt. Call
|
AA
|
3,139,852
|
|||||
|
5,000
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/26
|
No Opt. Call
|
A–
|
2,986,400
|
|||||
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C:
|
|||||||||
|
25,000
|
0.000%, 12/15/35 – AMBAC Insured
|
No Opt. Call
|
A–
|
8,613,750
|
|||||
|
10,000
|
0.000%, 12/15/36 – AMBAC Insured
|
No Opt. Call
|
A–
|
3,251,400
|
|||||
|
10,500
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2007A, 5.000%, 12/15/34 – AMBAC Insured
|
12/17 at 100.00
|
AA
|
11,227,020
|
|||||
|
9,000
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2012AA, 5.000%, 6/15/38
|
No Opt. Call
|
A–
|
9,337,950
|
|||||
|
14,000
|
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – AGM Insured
|
No Opt. Call
|
AA
|
17,304,420
|
|||||
|
330
|
New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 1154, 17.041%, 1/01/43 (IF) (5)
|
7/22 at 100.00
|
A+
|
461,258
|
|
Nuveen Investments
|
69
|
|
NEA
|
Nuveen AMT-Free Municipal Income Fund
|
|
|
Portfolio of Investments (continued)
|
April 30, 2015 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
New Jersey (continued)
|
|||||||||
|
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
|
|||||||||
|
$
|
1,545
|
4.500%, 6/01/23
|
6/17 at 100.00
|
BB
|
$
|
1,547,997
|
|||
|
785
|
4.625%, 6/01/26
|
6/17 at 100.00
|
B+
|
758,200
|
|||||
|
3,300
|
4.750%, 6/01/34
|
6/17 at 100.00
|
B2
|
2,559,084
|
|||||
|
5,000
|
5.000%, 6/01/41
|
6/17 at 100.00
|
B2
|
3,932,800
|
|||||
|
96,575
|
Total New Jersey
|
74,402,596
|
|||||||
|
New Mexico – 0.4% (0.3% of Total Investments)
|
|||||||||
|
2,000
|
New Mexico Finance Authority, Public Project Revolving Fund Revenue Bonds, Series 2005E, 5.000%, 6/15/25 – NPFG Insured
|
6/15 at 100.00
|
Aa2
|
2,011,800
|
|||||
|
2,725
|
Rio Rancho, New Mexico, Water and Wastewater Revenue Bonds, Refunding Series 2009, 5.000%, 5/15/21 – AGM Insured
|
5/19 at 100.00
|
AA
|
3,104,756
|
|||||
|
4,725
|
Total New Mexico
|
5,116,556
|
|||||||
|
New York – 8.2% (5.7% of Total Investments)
|
|||||||||
|
2,115
|
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/23 – FGIC Insured
|
7/15 at 100.00
|
AA–
|
2,123,227
|
|||||
|
3,000
|
Dormitory Authority of the State of New York, Revenue Bonds, Columbia University, Series 2011A, 5.000%, 10/01/41
|
4/21 at 100.00
|
AAA
|
3,373,860
|
|||||
|
7,435
|
Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series 2010, 5.500%, 7/01/43 – AGM Insured
|
7/20 at 100.00
|
AA
|
8,564,674
|
|||||
|
6,595
|
Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series 2015A, 5.000%, 7/01/50 (WI/DD, Settling 5/01/15)
|
7/25 at 100.00
|
A–
|
7,280,484
|
|||||
|
3,200
|
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2012A, 5.000%, 7/01/42
|
7/22 at 100.00
|
AA–
|
3,556,512
|
|||||
|
1,300
|
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47
|
2/21 at 100.00
|
A
|
1,496,820
|
|||||
|
8,150
|
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured
|
2/17 at 100.00
|
AA–
|
8,508,274
|
|||||
|
11,415
|
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A, 5.000%, 12/01/25 – FGIC Insured
|
6/16 at 100.00
|
AA–
|
11,898,996
|
|||||
|
3,000
|
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006C, 5.000%, 9/01/35 – NPFG Insured
|
9/16 at 100.00
|
AA–
|
3,153,330
|
|||||
|
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2014A:
|
|||||||||
|
1,045
|
4.000%, 9/01/39 – AGM Insured
|
9/24 at 100.00
|
AA
|
1,059,609
|
|||||
|
780
|
5.000%, 9/01/44
|
9/24 at 100.00
|
A–
|
857,454
|
|||||
|
2,830
|
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/38
|
5/21 at 100.00
|
A–
|
3,101,340
|
|||||
|
6,165
|
New York Convention Center Development Corporation, Hotel Unit Fee Revenue Bonds, Series 2005, 5.000%, 11/15/44 – AMBAC Insured
|
11/15 at 100.00
|
AA+
|
6,311,542
|
|||||
|
6,135
|
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44
|
11/24 at 100.00
|
N/R
|
6,414,327
|
|||||
|
10,000
|
New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, Series 2005, 5.250%, 10/01/35
|
No Opt. Call
|
A
|
11,779,000
|
|||||
|
4,045
|
New York State Environmental Facilities Corporation, State Clean Water and Drinking Water
|
6/22 at 100.00
|
AAA
|
6,363,109
|
|||||
|
Revolving Funds Revenue Bonds, New York City Municipal Water Finance Authority Projects, Tender Option Bond Trust 2012-9W, 13.734%, 6/15/26 (IF) (5)
|
|||||||||
|
270
|
New York State Housing Finance Agency, Mortgage Revenue Refunding Bonds, Housing Project, Series 1996A, 6.125%, 11/01/20 – AGM Insured
|
5/15 at 100.00
|
AA
|
270,721
|
|||||
|
3,335
|
New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Tender Option Bond Trust 09-6W, 13.322%, 3/15/37 (IF) (5)
|
3/17 at 100.00
|
AAA
|
4,040,919
|
|
70
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
New York (continued)
|
|||||||||
|
$
|
2,105
|
Onondaga Civic Development Corporation, New York, Revenue Bonds, Saint Joseph’s Hospital Health Center Project, Series 2012, 5.000%, 7/01/42
|
7/22 at 100.00
|
BB
|
$
|
2,162,256
|
|||
|
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Subordinate Lien Series 2013A:
|
|||||||||
|
775
|
5.000%, 11/15/28
|
No Opt. Call
|
A+
|
897,078
|
|||||
|
5,545
|
0.000%, 11/15/31
|
No Opt. Call
|
A+
|
3,080,192
|
|||||
|
405
|
0.000%, 11/15/32
|
No Opt. Call
|
A+
|
211,787
|
|||||
|
89,645
|
Total New York
|
96,505,511
|
|||||||
|
North Carolina – 1.7% (1.2% of Total Investments)
|
|||||||||
|
Appalachian State University, North Carolina, Revenue Bonds, Series 2005:
|
|||||||||
|
465
|
5.000%, 7/15/30 (Pre-refunded 7/15/15)
|
7/15 at 100.00
|
Aa3 (4)
|
469,697
|
|||||
|
785
|
5.000%, 7/15/30 (Pre-refunded 7/15/15)
|
7/15 at 100.00
|
Aa3 (4)
|
792,929
|
|||||
|
3,555
|
Charlotte, North Carolina, Water and Sewer System Refunding Bonds, Tender Option Bond Trust 43W, 13.585%, 7/01/38 (IF) (5)
|
7/20 at 100.00
|
AAA
|
5,112,552
|
|||||
|
5,000
|
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University Health System, Series 2012A, 5.000%, 6/01/42
|
6/22 at 100.00
|
AA
|
5,610,200
|
|||||
|
1,455
|
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Vidant Health, Refunding Series 2012A, 5.000%, 6/01/36
|
6/22 at 100.00
|
A+
|
1,586,590
|
|||||
|
1,875
|
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Vidant Health, Refunding Series 2015, 5.000%, 6/01/45
|
6/25 at 100.00
|
A+
|
2,072,756
|
|||||
|
1,500
|
North Carolina Medical Care Commission, Health Care Facilities Revenue Refunding Bonds, WakeMed, Series 2012A, 5.000%, 10/01/38
|
10/22 at 100.00
|
AA–
|
1,639,200
|
|||||
|
3,050
|
Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Series 2005A, 5.000%, 5/01/22 – AMBAC Insured
|
5/15 at 100.00
|
Aa3
|
3,061,865
|
|||||
|
17,685
|
Total North Carolina
|
20,345,789
|
|||||||
|
North Dakota – 0.7% (0.5% of Total Investments)
|
|||||||||
|
5,080
|
Burleigh County, North Dakota, Health Care Revenue Bonds, Saint Alexius Medical Center Project, Refunding Series 2012A, 4.500%, 7/01/32 (Pre-refunded 7/01/22)
|
7/22 at 100.00
|
BBB+ (4)
|
6,002,426
|
|||||
|
1,015
|
Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2012, 5.000%, 12/01/35
|
12/21 at 100.00
|
A–
|
1,082,000
|
|||||
|
1,420
|
Williston, North Dakota, Multifamily Housing Revenue Bonds, Eagle Crest Apartments LLC Project, Series 2013, 7.750%, 9/01/38
|
9/23 at 100.00
|
N/R
|
1,485,292
|
|||||
|
7,515
|
Total North Dakota
|
8,569,718
|
|||||||
|
Ohio – 7.6% (5.3% of Total Investments)
|
|||||||||
|
320
|
Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Revenue Bonds, Children’s Hospital Medical Center, Improvement & Refunding Series 2012, 5.000%, 11/15/42
|
5/22 at 100.00
|
A1
|
346,093
|
|||||
|
Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Health Partners, Refunding and Improvement Series 2012A:
|
|||||||||
|
650
|
5.000%, 5/01/33
|
5/22 at 100.00
|
AA–
|
716,879
|
|||||
|
860
|
4.000%, 5/01/33
|
5/22 at 100.00
|
AA–
|
872,074
|
|||||
|
800
|
5.000%, 5/01/42
|
5/22 at 100.00
|
AA–
|
871,880
|
|||||
|
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
|
|||||||||
|
25
|
5.375%, 6/01/24
|
6/17 at 100.00
|
B–
|
21,979
|
|||||
|
6,045
|
5.125%, 6/01/24
|
6/17 at 100.00
|
B–
|
5,157,231
|
|||||
|
710
|
5.875%, 6/01/30
|
6/17 at 100.00
|
B–
|
602,222
|
|||||
|
13,445
|
5.750%, 6/01/34
|
6/17 at 100.00
|
B–
|
10,972,196
|
|||||
|
1,485
|
5.875%, 6/01/47
|
6/17 at 100.00
|
B
|
1,229,238
|
|||||
|
6,205
|
Cleveland Heights-University Heights City School District, Ohio, General Obligation Bonds, School Improvement Series 2014, 5.000%, 12/01/51
|
6/23 at 100.00
|
AA
|
6,700,780
|
|||||
|
5,975
|
Fairfield County, Ohio, Hospital Facilities Revenue Bonds, Fairfield Medical Center Project, Series 2013, 5.000%, 6/15/43
|
6/23 at 100.00
|
Baa2
|
6,366,542
|
|
Nuveen Investments
|
71
|
|
NEA
|
Nuveen AMT-Free Municipal Income Fund
|
|
|
Portfolio of Investments (continued)
|
April 30, 2015 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Ohio (continued)
|
|||||||||
|
$
|
1,465
|
Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children’s Hospital Project, Improvement Series 2012A, 5.000%, 11/01/42
|
5/22 at 100.00
|
Aa2
|
$
|
1,589,071
|
|||
|
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, Series 2006A:
|
|||||||||
|
7,775
|
4.250%, 12/01/32 – AMBAC Insured
|
12/16 at 100.00
|
A+
|
7,868,844
|
|||||
|
4,605
|
4.250%, 12/01/32 – AMBAC Insured (UB)
|
12/16 at 100.00
|
A+
|
4,660,582
|
|||||
|
6,920
|
JobsOhio Beverage System, Ohio, Statewide Liquor Profits Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/38 (Mandatory put 1/01/23)
|
1/23 at 100.00
|
AA
|
7,691,234
|
|||||
|
6,000
|
Middletown City School District, Butler County, Ohio, General Obligation Bonds, Refunding Series 2007, 5.250%, 12/01/31 – AGM Insured
|
No Opt. Call
|
A2
|
7,355,160
|
|||||
|
11,000
|
Northeast Ohio Regional Sewer District, Wastewater Improvement Revenue Bonds, Refunding & Improvement Series 2014, 5.000%, 11/15/49
|
11/24 at 100.00
|
AA+
|
12,415,370
|
|||||
|
5,000
|
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 2013A-1, 5.000%, 2/15/48
|
2/23 at 100.00
|
A+
|
5,539,500
|
|||||
|
3,960
|
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien Convertible Series 2013A-3, 0.000%, 2/15/36
|
2/31 at 100.00
|
A+
|
3,219,638
|
|||||
|
Southeastern Ohio Port Authority, Hospital Facilities Revenue Bonds, Memorial Health System Obligated Group Project, Refunding and Improvement Series 2012:
|
|||||||||
|
135
|
5.750%, 12/01/32
|
12/22 at 100.00
|
BB
|
145,155
|
|||||
|
130
|
6.000%, 12/01/42
|
12/22 at 100.00
|
BB
|
140,244
|
|||||
|
4,190
|
Springboro Community City School District, Warren County, Ohio, General Obligation Bonds, Refunding Series 2007, 5.250%, 12/01/26 – AGM Insured
|
No Opt. Call
|
AA
|
5,169,999
|
|||||
|
87,700
|
Total Ohio
|
89,651,911
|
|||||||
|
Oklahoma – 0.7% (0.4% of Total Investments)
|
|||||||||
|
Oklahoma Capitol Improvement Authority, State Facilities Revenue Bonds, Series 2005F:
|
|||||||||
|
6,000
|
5.000%, 7/01/24 (Pre-refunded 7/01/15) – AMBAC Insured
|
7/15 at 100.00
|
AA (4)
|
6,048,480
|
|||||
|
1,610
|
5.000%, 7/01/27 (Pre-refunded 7/01/15) – AMBAC Insured
|
7/15 at 100.00
|
AA (4)
|
1,623,009
|
|||||
|
7,610
|
Total Oklahoma
|
7,671,489
|
|||||||
|
Oregon – 0.6% (0.4% of Total Investments)
|
|||||||||
|
1,500
|
Oregon Health and Science University, Revenue Bonds, Series 2012E, 5.000%, 7/01/32
|
No Opt. Call
|
A+
|
1,693,200
|
|||||
|
Oregon State Facilities Authority, Revenue Bonds, University of Portland Projects, Series 2015A:
|
|||||||||
|
515
|
4.000%, 4/01/40 (WI/DD, Settling 5/20/15)
|
4/25 at 100.00
|
BBB+
|
499,169
|
|||||
|
3,105
|
5.000%, 4/01/45 (WI/DD, Settling 5/20/15)
|
4/25 at 100.00
|
BBB+
|
3,397,025
|
|||||
|
1,000
|
Tigard, Washington County, Oregon, Water System Revenue Bonds, Series 2012, 5.000%, 8/01/42
|
8/22 at 100.00
|
AA–
|
1,119,760
|
|||||
|
6,120
|
Total Oregon
|
6,709,154
|
|||||||
|
Pennsylvania – 7.5% (5.2% of Total Investments)
|
|||||||||
|
3,545
|
Allegheny County Sanitary Authority, Pennsylvania, Sewer Revenue Bonds, Series 2005A, 5.000%, 12/01/23 – NPFG Insured
|
12/15 at 100.00
|
AA–
|
3,641,140
|
|||||
|
7,000
|
Chester County Health and Educational Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010A, 5.000%, 5/15/40
|
5/20 at 100.00
|
AA
|
7,702,030
|
|||||
|
4,000
|
Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Series 2006A, 5.000%, 6/01/26 (Pre-refunded 6/01/16) – AGM Insured (UB)
|
6/16 at 100.00
|
AA (4)
|
4,203,680
|
|||||
|
2,150
|
Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle Health System Project, Series 2012A, 5.000%, 6/01/42
|
6/22 at 100.00
|
A
|
2,306,821
|
|||||
|
4,235
|
Delaware County Authority, Pennsylvania, Revenue Bonds, Villanova University, Series 2006, 5.000%, 8/01/24 (Pre-refunded 8/01/16) – AMBAC Insured
|
8/16 at 100.00
|
A+ (4)
|
4,481,096
|
|||||
|
3,500
|
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40 – AGM Insured
|
1/20 at 100.00
|
AA
|
3,884,720
|
|||||
|
4,000
|
Erie Water Authority, Erie County, Pennsylvania, Water Revenue Bonds, Series 2011A, 4.625%, 12/01/44 – AGM Insured
|
12/21 at 100.00
|
A1
|
4,198,880
|
|
72
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Pennsylvania (continued)
|
|||||||||
|
$
|
4,585
|
Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, City of Allentown Concession, Series 2013A, 5.125%, 12/01/47
|
12/23 at 100.00
|
A
|
$
|
5,166,057
|
|||
|
1,045
|
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38 (UB) (5)
|
8/20 at 100.00
|
AA
|
1,187,026
|
|||||
|
5,235
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Drexel University, Series 2005A, 5.000%, 5/01/28 – NPFG Insured
|
5/15 at 100.00
|
AA–
|
5,254,579
|
|||||
|
7,275
|
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured
|
12/16 at 100.00
|
AA
|
7,514,348
|
|||||
|
2,100
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 – AMBAC Insured
|
6/16 at 100.00
|
A+
|
2,199,582
|
|||||
|
3,500
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 0.000%, 6/01/33 – AGM Insured
|
6/26 at 100.00
|
AA
|
4,087,230
|
|||||
|
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fifth Series 2004A-1:
|
|||||||||
|
5,235
|
5.000%, 9/01/24 – AGM Insured
|
7/15 at 100.00
|
AA
|
5,254,579
|
|||||
|
3,000
|
5.000%, 9/01/25 – AGM Insured
|
7/15 at 100.00
|
AA
|
3,011,460
|
|||||
|
2,000
|
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fourth Series 1998, 5.000%, 8/01/32 – AGM Insured
|
7/15 at 100.00
|
AA
|
2,006,400
|
|||||
|
2,985
|
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010B, 5.000%, 5/15/40 (Pre-refunded 5/15/20)
|
5/20 at 100.00
|
N/R (4)
|
3,501,077
|
|||||
|
335
|
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Temple University Health System Obligated Group, Series 2012A, 5.625%, 7/01/42
|
7/22 at 100.00
|
BB+
|
356,145
|
|||||
|
1,425
|
Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011, 6.500%, 8/01/41
|
8/20 at 100.00
|
A+
|
1,710,869
|
|||||
|
3,310
|
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 1997A, 5.125%, 8/01/27 – AMBAC Insured (ETM)
|
No Opt. Call
|
A1 (4)
|
4,038,035
|
|||||
|
3,415
|
Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Sales Tax Revenue Bonds, Refunding Series 2010, 5.000%, 2/01/31 – AGM Insured
|
8/20 at 100.00
|
AA
|
3,840,202
|
|||||
|
3,785
|
Reading School District, Berks County, Pennsylvania, General Obligation Bonds, Series 2005, 5.000%, 1/15/25 – AGM Insured
|
1/16 at 100.00
|
AA
|
3,911,192
|
|||||
|
1,125
|
Scranton, Pennsylvania, Sewer Authority Revenue Bonds, Series 2011A, 5.250%, 12/01/31 – AGM Insured
|
12/21 at 100.00
|
AA
|
1,270,204
|
|||||
|
1,455
|
Solebury Township, Pennsylvania, General Obligation Bonds, Series 2005, 5.000%, 12/15/25 (Pre-refunded 6/15/15) – AMBAC Insured
|
6/15 at 100.00
|
Aa3 (4)
|
1,463,774
|
|||||
|
1,930
|
Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, Series 2012B, 4.000%, 1/01/33
|
No Opt. Call
|
Baa3
|
1,948,856
|
|||||
|
82,170
|
Total Pennsylvania
|
88,139,982
|
|||||||
|
Puerto Rico – 2.2% (1.5% of Total Investments)
|
|||||||||
|
2,140
|
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 5.000%, 7/01/22 – FGIC Insured
|
7/15 at 100.00
|
AA–
|
2,140,021
|
|||||
|
1,000
|
Puerto Rico Municipal Finance Agency, Series 2005C, 5.250%, 8/01/21 – CIFG Insured
|
No Opt. Call
|
AA
|
1,019,920
|
|||||
|
5,880
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010C, 5.125%, 8/01/42 – AGM Insured
|
8/20 at 100.00
|
AA
|
5,946,973
|
|||||
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
|
|||||||||
|
47,300
|
0.000%, 8/01/44 – NPFG Insured
|
No Opt. Call
|
AA–
|
6,851,405
|
|||||
|
115,100
|
0.000%, 8/01/54 – AMBAC Insured
|
No Opt. Call
|
B
|
8,105,342
|
|||||
|
810
|
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/17 – NPFG Insured
|
No Opt. Call
|
AA–
|
821,089
|
|||||
|
1,190
|
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/17 – NPFG Insured
|
No Opt. Call
|
A3
|
1,311,535
|
|||||
|
173,420
|
Total Puerto Rico
|
26,196,285
|
|
Nuveen Investments
|
73
|
|
NEA
|
Nuveen AMT-Free Municipal Income Fund
|
|
|
Portfolio of Investments (continued)
|
April 30, 2015 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Rhode Island – 0.9% (0.6% of Total Investments)
|
|||||||||
|
$
|
9,500
|
Rhode Island Health and Educational Building Corporation, Higher Education Facility Revenue Bonds, Brown University, Series 2007, 5.000%, 9/01/37
|
9/17 at 100.00
|
AA+
|
$
|
10,322,130
|
|||
|
South Carolina – 2.7% (1.9% of Total Investments)
|
|||||||||
|
8,000
|
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2006, 5.000%, 12/01/24
|
12/16 at 100.00
|
AA
|
8,544,240
|
|||||
|
1,955
|
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2006, 5.000%, 12/01/28 (Pre-refunded 12/01/16) – AGM Insured
|
12/16 at 100.00
|
AA (4)
|
2,095,291
|
|||||
|
900
|
South Carolina JOBS Economic Development Authority, Industrial Revenue Bonds, South Carolina Electric and Gas Company, Series 2013, 4.000%, 2/01/28
|
2/23 at 100.00
|
A
|
951,957
|
|||||
|
375
|
South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Palmetto Health, Refunding Series 2011A, 6.500%, 8/01/39 – AGM Insured
|
8/21 at 100.00
|
AA
|
454,781
|
|||||
|
9,900
|
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2014C, 5.000%, 12/01/46
|
12/24 at 100.00
|
AA–
|
10,977,120
|
|||||
|
3,475
|
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2013A, 5.125%, 12/01/43
|
12/23 at 100.00
|
AA–
|
3,883,208
|
|||||
|
4,500
|
Spartanburg Regional Health Services District, Inc., South Carolina, Hospital Revenue Refunding Bonds, Series 2012A, 5.000%, 4/15/32
|
4/22 at 100.00
|
A1
|
4,979,475
|
|||||
|
29,105
|
Total South Carolina
|
31,886,072
|
|||||||
|
South Dakota – 0.8% (0.6% of Total Investments)
|
|||||||||
|
8,800
|
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Avera Health System, Series 2014, 5.000%, 7/01/44
|
7/24 at 100.00
|
AA–
|
9,729,104
|
|||||
|
Tennessee – 0.8% (0.6% of Total Investments)
|
|||||||||
|
3,000
|
Blount County Public Building Authority, Tennessee, Local Government Improvement Loans, Oak Ridge General Obligation, 2005 Series B9A, Variable Rate Demand Obligations, 5.000%, 6/01/24 – AMBAC Insured
|
6/15 at 100.00
|
AA
|
3,012,330
|
|||||
|
5,085
|
Chattanooga Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45
|
1/23 at 100.00
|
A+
|
5,619,383
|
|||||
|
1,000
|
Harpeth Valley Utilities District, Davidson and Williamson Counties, Tennessee, Utilities Revenue Bonds, Series 2012A, 4.000%, 9/01/40
|
9/22 at 100.00
|
AA
|
1,041,930
|
|||||
|
9,085
|
Total Tennessee
|
9,673,643
|
|||||||
|
Texas – 8.6% (6.0% of Total Investments)
|
|||||||||
|
3,035
|
Bexar County, Texas, Venue Project Revenue Bonds, Refunding Series 2010, 5.500%, 8/15/49 – AGM Insured
|
8/19 at 100.00
|
AA
|
3,356,680
|
|||||
|
365
|
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Refunding Series 2013A, 5.000%, 1/01/43
|
1/23 at 100.00
|
BBB
|
396,667
|
|||||
|
1,700
|
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.250%, 1/01/46
|
1/21 at 100.00
|
BBB
|
1,984,546
|
|||||
|
Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift Education Charter School, Series 2013A:
|
|||||||||
|
1,925
|
4.350%, 12/01/42
|
12/22 at 100.00
|
BBB–
|
1,912,680
|
|||||
|
1,000
|
4.400%, 12/01/47
|
12/22 at 100.00
|
BBB–
|
993,110
|
|||||
|
10,000
|
Dallas, Texas, Waterworks and Sewer System Revenue Bonds, Series 2007, 4.375%, 10/01/32 – AMBAC Insured (UB)
|
10/17 at 100.00
|
AAA
|
10,292,400
|
|||||
|
1,500
|
El Paso, Texas, Airport Revenue Bonds, El Paso International Airport Series 2011, 5.250%, 8/15/33
|
8/20 at 100.00
|
A+
|
1,652,355
|
|||||
|
2,735
|
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender Option Bond Trust 2013-9A, 17.853%, 4/01/53 (IF)
|
10/23 at 100.00
|
AA+
|
3,730,923
|
|||||
|
5,625
|
Harris County Hospital District, Texas, Revenue Bonds, Series 2007A, 5.250%, 2/15/42 – NPFG Insured
|
2/17 at 100.00
|
AA–
|
5,801,119
|
|||||
|
4,040
|
Harris County, Texas, Toll Road Revenue Bonds, Subordinate Lien Unlimited Tax Tender Options Bond Trust 3028, 14.349%, 8/15/28 – AGM Insured (IF)
|
No Opt. Call
|
AAA
|
7,234,711
|
|
74
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Texas (continued)
|
|||||||||
|
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation Refunding Senior Lien Series 2014A:
|
|||||||||
|
$
|
615
|
0.000%, 11/15/41 – AGM Insured
|
11/31 at 62.66
|
AA
|
$
|
180,933
|
|||
|
1,230
|
0.000%, 11/15/42 – AGM Insured
|
11/31 at 59.73
|
AA
|
343,514
|
|||||
|
1,525
|
0.000%, 11/15/43 – AGM Insured
|
11/31 at 56.93
|
AA
|
407,511
|
|||||
|
3,870
|
0.000%, 11/15/44 – AGM Insured
|
11/31 at 54.25
|
AA
|
973,421
|
|||||
|
5,380
|
0.000%, 11/15/45 – AGM Insured
|
11/31 at 51.48
|
AA
|
1,281,086
|
|||||
|
990
|
Houston, Texas, Airport System Revenue Bonds, Subordinate Lien Series 2000B, 5.450%, 7/01/24 – AGM Insured
|
No Opt. Call
|
AA
|
1,190,089
|
|||||
|
460
|
Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Terminal E Project, Refunding Series 2014, 5.000%, 7/01/29
|
7/24 at 100.00
|
B+
|
489,615
|
|||||
|
4,550
|
Houston, Texas, Subordinate Lien Airport System Revenue Refunding Bonds, Series 2012B, 5.000%, 7/01/31
|
7/22 at 100.00
|
A
|
5,117,294
|
|||||
|
2,870
|
Hutto Independent School District, Williamson County, Texas, General Obligation Bonds, Refunding Series 2012A, 5.000%, 8/01/46
|
8/21 at 100.00
|
A
|
3,076,181
|
|||||
|
2,340
|
Laredo, Webb County, Texas, Waterworks and Sewer System Revenue Bonds, Series 2011, 5.000%, 3/01/41 – AGM Insured
|
3/21 at 100.00
|
AA
|
2,607,322
|
|||||
|
McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013:
|
|||||||||
|
1,780
|
5.750%, 12/01/33
|
12/25 at 100.00
|
Baa2
|
1,971,208
|
|||||
|
1,800
|
6.125%, 12/01/38
|
12/25 at 100.00
|
Baa2
|
2,001,582
|
|||||
|
3,845
|
North Central Texas Health Facilities Development Corporation, Texas, Revenue Bonds, Children’s Medical Center Dallas Project, Series 2012, 5.000%, 8/15/32
|
8/22 at 100.00
|
Aa2
|
4,334,392
|
|||||
|
4,290
|
North Fort Bend Water Authority, Texas, Water System Revenue Bonds, Series 2011, 5.000%, 12/15/36 – AGM Insured
|
12/21 at 100.00
|
AA
|
4,734,101
|
|||||
|
North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2015A:
|
|||||||||
|
1,860
|
5.000%, 1/01/35
|
1/25 at 100.00
|
A3
|
2,054,965
|
|||||
|
1,445
|
5.000%, 1/01/38
|
1/25 at 100.00
|
A3
|
1,582,925
|
|||||
|
2,410
|
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Baylor Health Care System, Series 2011A, 5.000%, 11/15/30
|
11/21 at 100.00
|
AA–
|
2,731,060
|
|||||
|
3,480
|
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Hendrick Medical Center, Series 2013, 5.500%, 9/01/43
|
9/23 at 100.00
|
A
|
3,855,840
|
|||||
|
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012:
|
|||||||||
|
2,200
|
5.000%, 12/15/30
|
No Opt. Call
|
A3
|
2,422,178
|
|||||
|
740
|
5.000%, 12/15/32
|
No Opt. Call
|
A3
|
808,517
|
|||||
|
4,000
|
Texas State, General Obligation Bonds, Transportation Commission Highway Improvement Series 2012A, 5.000%, 4/01/42
|
No Opt. Call
|
AAA
|
4,547,280
|
|||||
|
2,855
|
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier Refunding Series 2012A, 5.000%, 8/15/41
|
8/22 at 100.00
|
A–
|
3,130,279
|
|||||
|
3,265
|
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier Refunding Series 2015B, 5.000%, 8/15/37
|
8/24 at 100.00
|
A–
|
3,683,606
|
|||||
|
10,025
|
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second Tier Refunding Series 2015C, 5.000%, 8/15/42
|
8/24 at 100.00
|
BBB+
|
10,820,283
|
|||||
|
99,750
|
Total Texas
|
101,700,373
|
|||||||
|
Utah – 1.6% (1.1% of Total Investments)
|
|||||||||
|
5,760
|
Central Weber Sewer Improvement District, Utah, Sewer Revenue Bonds, Refunding Series 2010A, 5.000%, 3/01/33 – AGC Insured
|
3/20 at 100.00
|
AA
|
6,439,795
|
|||||
|
2,830
|
Utah Transit Authority, Sales Tax Revenue and Refunding Bonds, Series 2012, 5.000%, 6/15/42
|
6/22 at 100.00
|
A+
|
3,119,934
|
|||||
|
4,255
|
Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008A, 5.250%, 6/15/38 (Pre-refunded 6/15/18)
|
6/18 at 100.00
|
AAA
|
4,814,618
|
|||||
|
4,250
|
Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008A, 5.000%, 6/15/36 (Pre-refunded 6/15/18) – AGM Insured
|
6/18 at 100.00
|
AAA
|
4,776,320
|
|||||
|
17,095
|
Total Utah
|
19,150,667
|
|
Nuveen Investments
|
75
|
|
NEA
|
Nuveen AMT-Free Municipal Income Fund
|
|
|
Portfolio of Investments (continued)
|
April 30, 2015 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Vermont – 0.9% (0.6% of Total Investments)
|
|||||||||
|
$
|
5,000
|
University of Vermont and State Agricultural College, Revenue Bonds, Refunding Series 2007, 5.000%, 10/01/43 – AGM Insured
|
10/17 at 100.00
|
AA
|
$
|
5,414,250
|
|||
|
5,100
|
University of Vermont and State Agricultural College, Revenue Bonds, Series 2005, 5.000%, 10/01/35 (Pre-refunded 10/01/15) – NPFG Insured
|
10/15 at 100.00
|
AA– (4)
|
5,203,581
|
|||||
|
10,100
|
Total Vermont
|
10,617,831
|
|||||||
|
Virginia – 1.1% (0.8% of Total Investments)
|
|||||||||
|
430
|
Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Capital Appreciation Series 2012B, 0.000%, 7/15/40
|
7/28 at 100.00
|
BBB
|
285,309
|
|||||
|
Greater Richmond Convention Center Authority, Virginia, Hotel Tax Revenue Bonds, Series 2005:
|
|||||||||
|
4,000
|
5.000%, 6/15/20 (Pre-refunded 6/15/15) – NPFG Insured
|
6/15 at 100.00
|
AA– (4)
|
4,023,440
|
|||||
|
5,000
|
5.000%, 6/15/22 (Pre-refunded 6/15/15) – NPFG Insured
|
6/15 at 100.00
|
AA– (4)
|
5,029,300
|
|||||
|
245
|
Roanoke Industrial Development Authority, Virginia, Hospital Revenue Bonds, Carilion Health System Obligated Group, Series 2005B, 5.000%, 7/01/38
|
7/20 at 100.00
|
AA
|
269,897
|
|||||
|
5
|
Roanoke Industrial Development Authority, Virginia, Hospital Revenue Bonds, Carilion Health System Obligated Group, Series 2005B, 5.000%, 7/01/38 (Pre-refunded 7/01/20)
|
7/20 at 100.00
|
AA (4)
|
5,893
|
|||||
|
2,465
|
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012A, 5.000%, 7/01/52
|
No Opt. Call
|
BBB–
|
2,618,446
|
|||||
| Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012B: | |||||||||
|
955
|
0.000%, 7/01/34
|
No Opt. Call
|
BBB–
|
390,862
|
|||||
|
520
|
0.000%, 7/01/35
|
No Opt. Call
|
BBB–
|
197,314
|
|||||
|
1,350
|
0.000%, 7/01/37
|
No Opt. Call
|
BBB–
|
463,847
|
|||||
|
14,970
|
Total Virginia
|
13,284,308
|
|||||||
|
Washington – 4.6% (3.2% of Total Investments)
|
|||||||||
|
5,000
|
King County, Washington, Sewer Revenue Bonds, Refunding Series 2012, 5.000%, 1/01/52
|
1/22 at 100.00
|
AA+
|
5,513,300
|
|||||
|
4,130
|
King County, Washington, Sewer Revenue Bonds, Refunding Series 2015A, 5.000%, 7/01/47
|
1/25 at 100.00
|
AA+
|
4,685,981
|
|||||
|
5,000
|
King County, Washington, Sewer Revenue Bonds, Series 2006-2, 13.691%, 1/01/26 – AGM Insured (IF)
|
1/17 at 100.00
|
AA+
|
5,982,950
|
|||||
|
3,000
|
King County, Washington, Sewer Revenue Bonds, Series 2007, 5.000%, 1/01/42 (Pre-refunded 7/01/17) – AGM Insured
|
7/17 at 100.00
|
AA+ (4)
|
3,274,170
|
|||||
|
1,560
|
Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Refunding Series 2012A, 5.000%, 8/01/31
|
8/22 at 100.00
|
A+
|
1,771,739
|
|||||
|
1,250
|
University of Washington, General Revenue Bonds, Tender Option Bond Trust 3005, 17.785%, 6/01/31 (Pre-refunded 6/01/17) – AMBAC Insured (IF)
|
6/17 at 100.00
|
Aaa
|
1,700,650
|
|||||
|
4,900
|
Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.625%, 1/01/35
|
1/21 at 100.00
|
A
|
5,477,710
|
|||||
|
10,000
|
Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, Series 2012A, 4.250%, 10/01/40
|
10/22 at 100.00
|
AA
|
10,216,900
|
|||||
|
1,250
|
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, Refunding Series 2012B, 5.000%, 10/01/30
|
10/22 at 100.00
|
Aa2
|
1,410,725
|
|||||
|
3,290
|
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, Series 2012A, 5.000%, 10/01/42
|
10/22 at 100.00
|
Aa2
|
3,614,427
|
|||||
|
10,855
|
Washington, General Obligation Bonds, Series 2000S-5, 0.000%, 1/01/20 – FGIC Insured
|
No Opt. Call
|
AA+
|
10,097,538
|
|||||
|
50,235
|
Total Washington
|
53,746,090
|
|||||||
|
West Virginia – 1.9% (1.3% of Total Investments)
|
|||||||||
|
16,845
|
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Refunding and Improvement Series 2013A, 5.500%, 6/01/44
|
6/23 at 100.00
|
A
|
19,167,589
|
|||||
|
3,000
|
West Virginia State Building Commission, Lease Revenue Refunding Bonds, Regional Jail and Corrections Facility, Series 1998A, 5.375%, 7/01/21 – AMBAC Insured
|
No Opt. Call
|
N/R
|
3,411,180
|
|||||
|
19,845
|
Total West Virginia
|
22,578,769
|
|
76
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Wisconsin – 2.5% (1.7% of Total Investments)
|
|||||||||
|
$
|
4,100
|
University of Wisconsin Hospitals and Clinics Authority, Revenue Bonds, Refunding Series 2013A, 5.000%, 4/01/38
|
4/23 at 100.00
|
Aa3
|
$
|
4,548,991
|
|||
|
1,015
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Health Inc. Obligated Group, Series 2012A, 5.000%, 4/01/42
|
10/22 at 100.00
|
AA–
|
1,114,398
|
|||||
|
1,000
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Gundersen Lutheran, Series 2011A, 5.250%, 10/15/39
|
10/21 at 100.00
|
A+
|
1,130,569
|
|||||
|
4,360
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2012, 5.000%, 6/01/39
|
6/22 at 100.00
|
A2
|
4,734,392
|
|||||
|
2,100
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital Inc., Series 1992A, 6.000%, 12/01/22 – FGIC Insured
|
No Opt. Call
|
Aa3
|
2,327,912
|
|||||
|
2,650
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Health Care, Inc., Refunding 2012C, 5.000%, 8/15/32
|
8/22 at 100.00
|
AA
|
2,915,370
|
|||||
|
7,420
|
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 5.750%, 5/01/33
|
5/19 at 100.00
|
AA–
|
8,580,264
|
|||||
|
3,775
|
Wisconsin State, General Obligation Bonds, Series 2006A, 4.750%, 5/01/25 (Pre-refunded 5/01/16) – FGIC Insured
|
5/16 at 100.00
|
AA (4)
|
3,943,666
|
|||||
|
26,420
|
Total Wisconsin
|
29,295,562
|
|||||||
|
Wyoming – 1.2% (0.8% of Total Investments)
|
|||||||||
|
9,625
|
Sweetwater County, Wyoming, Hospital Revenue Bonds, Memorial Hospital Project, Refunding Series 2013A, 5.000%, 9/01/37
|
9/23 at 100.00
|
BBB
|
10,164,769
|
|||||
|
Teton County Hospital District, Wyoming, Hospital Revenue Bonds, St. John’s Medical Center Project, Series 2011B:
|
|||||||||
|
2,000
|
5.500%, 12/01/27
|
12/21 at 100.00
|
BBB+
|
2,266,079
|
|||||
|
1,000
|
6.000%, 12/01/36
|
12/21 at 100.00
|
BBB+
|
1,141,779
|
|||||
|
12,625
|
Total Wyoming
|
13,572,627
|
|||||||
|
$
|
1,833,185
|
Total Municipal Bonds (cost $1,566,440,630)
|
1,692,232,075
|
|
Principal
|
||||||||||
|
Amount (000)
|
Description (1)
|
Coupon
|
Maturity
|
Ratings (3)
|
Value
|
|||||
|
CORPORATE BONDS – 0.0% (0.0% of Total Investments)
|
||||||||||
|
Transportation – 0.0% (0.0% of Total Investments)
|
||||||||||
|
$
|
213
|
Las Vegas Monorail Company, Senior Interest Bonds (6), (7)
|
5.500%
|
7/15/19
|
N/R
|
$
|
38,288
|
|||
|
57
|
Las Vegas Monorail Company, Senior Interest Bonds (6), (7)
|
3.000%
|
7/15/55
|
N/R
|
7,565
|
|||||
|
$
|
270
|
Total Corporate Bonds (cost $24,141)
|
45,853
|
|||||||
|
Total Long-Term Investments – (cost $1,566,464,771)
|
1,692,277,928
|
|||||||||
|
Principal
|
Optional Call
|
|||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
|
SHORT-TERM INVESTMENTS – 1.2% (0.8% of Total Investments)
|
||||||||||
|
MUNICIPAL BONDS – 1.2% (0.8% of Total Investments)
|
||||||||||
|
California – 1.2% (0.8% of Total Investments)
|
||||||||||
|
$
|
11,110
|
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014A, 6.000%, 7/10/15 (6)
|
No Opt. Call
|
N/R
|
$
|
11,158,440
|
||||
|
1,075
|
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014B, 6.000%, 7/10/15 (6)
|
No Opt. Call
|
N/R
|
1,079,687
|
|
Nuveen Investments
|
77
|
|
NEA
|
Nuveen AMT-Free Municipal Income Fund
|
|
|
Portfolio of Investments (continued)
|
April 30, 2015 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
California (continued)
|
|||||||||
|
$
|
1,645
|
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014C, 6.000%, 7/10/15 (6)
|
No Opt. Call
|
N/R
|
$
|
1,652,172
|
|||
|
$
|
13,830
|
Total Short-Term Investments (cost $13,830,000)
|
13,890,299
|
||||||
|
Total Investments (cost $1,580,294,771) – 144.7%
|
1,706,168,227
|
||||||||
|
Floating Rate Obligations – (3.7)%
|
(43,800,000
|
) | |||||||
|
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (12.8)% (8)
|
(151,000,000
|
) | |||||||
|
Variable Rate Demand Preferred Shares, at Liquidation Value – (29.7)% (9)
|
(349,900,000
|
) | |||||||
|
Other Assets Less Liabilities – 1.5% (10)
|
17,426,532
|
||||||||
|
Net Assets Applicable to Common Shares – 100%
|
$
|
1,178,894,759
|
Investments in Derivatives as of April 30, 2015
Interest Rate Swaps outstanding:
|
Fund
|
Fixed Rate
|
Unrealized
|
|||||||||||||||||||||||
|
Notional
|
Pay/Receive
|
Floating Rate
|
Fixed Rate
|
Payment
|
Effective
|
Termination
|
Appreciation
|
||||||||||||||||||
|
Counterparty
|
Amount
|
Floating Rate
|
Index
|
(Annualized
|
)
|
Frequency
|
Date (11
|
)
|
Date
|
(Depreciation
|
)
|
||||||||||||||
|
JPMorgan
|
$
|
164,600,000
|
Receive
|
Weekly USD-SIFMA
|
2.030%
|
|
Quarterly
|
3/17/16
|
3/17/26
|
$
|
(3,280,639
|
)
|
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
|
|
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
|
(3)
|
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
|
(4)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
|
|
(5)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives and/or inverse floating rate transactions.
|
|
(6)
|
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
|
|
(7)
|
During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund’s custodian is not accruing income on the Fund’s records for either senior interest corporate bond.
|
|
(8)
|
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 8.9%.
|
|
(9)
|
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 20.5%.
|
|
(10)
|
Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter derivatives as presented on the Statement of Assets and Liabilities. The unrealized appreciation (depreciation) of exchange-cleared and exchange-traded derivatives is recognized as part of the cash collateral at brokers and/or the receivable or payable for variation margin as presented on the Statement of Assets and Liabilities, when applicable.
|
|
(11)
|
Effective date represents the date on which both the Fund and Counterparty commence interest payment accruals on each contract.
|
|
(WI/DD)
|
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
|
|
(ETM)
|
Escrowed to maturity.
|
|
(IF)
|
Inverse floating rate investment.
|
|
(UB)
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
|
|
USD-SIFMA
|
United States Dollar Securities Industry and Financial Market Association
|
See accompanying notes to financial statements.
|
78
|
Nuveen Investments
|
| Statement of | ||
|
Assets and Liabilities
|
April 30, 2015 (Unaudited)
|
|
Dividend
|
AMT-Free
|
||||||||||||
|
Quality
|
Opportunity
|
Advantage
|
Income
|
||||||||||
|
(NQI
|
)
|
(NIO
|
)
|
(NVG
|
)
|
(NEA
|
)
|
||||||
|
Assets
|
|||||||||||||
|
Long-term investments, at value (cost $778,809,214, $2,038,865,485, $559,282,232 and $1,566,464,771 respectively)
|
$
|
843,706,950
|
$
|
2,204,635,669
|
$
|
619,440,706
|
$
|
1,692,277,928
|
|||||
|
Short-term investments, at value (cost $—, $—, $— and $13,830,000, respectively)
|
—
|
—
|
—
|
13,890,299
|
|||||||||
|
Cash
|
—
|
593,838
|
6,399,331
|
2,164,027
|
|||||||||
|
Receivable for:
|
|||||||||||||
|
Dividends and interest
|
11,943,207
|
31,285,478
|
8,027,612
|
23,473,785
|
|||||||||
|
Investments sold
|
6,535,456
|
25,932,472
|
8,607,043
|
9,922,469
|
|||||||||
|
Deferred offering costs
|
21,004
|
2,846,769
|
567,575
|
2,924,882
|
|||||||||
|
Other assets
|
131,552
|
790,344
|
94,097
|
518,069
|
|||||||||
|
Total assets
|
862,338,169
|
2,266,084,570
|
643,136,364
|
1,745,171,459
|
|||||||||
|
Liabilities
|
|||||||||||||
|
Cash overdraft
|
4,403,978
|
—
|
—
|
—
|
|||||||||
|
Floating rate obligations
|
29,915,000
|
84,848,333
|
18,203,334
|
43,800,000
|
|||||||||
|
Unrealized depreciation on interest rate swaps
|
—
|
—
|
—
|
3,280,639
|
|||||||||
|
Payable for:
|
|||||||||||||
|
Common share dividends
|
1,910,428
|
6,413,010
|
1,604,033
|
5,179,163
|
|||||||||
|
Interest
|
235,460
|
—
|
—
|
—
|
|||||||||
|
Investments purchased
|
7,086,938
|
8,024,500
|
13,329,627
|
11,657,103
|
|||||||||
|
Offering costs
|
52,416
|
—
|
—
|
123,076
|
|||||||||
|
Variable Rate MuniFund Term Preferred (“VMTP”) Shares, at liquidation value
|
240,400,000
|
—
|
—
|
151,000,000
|
|||||||||
|
Variable Rate Demand Preferred (“VRDP”) Shares, at liquidation value
|
—
|
667,200,000
|
179,000,000
|
349,900,000
|
|||||||||
|
Accrued expenses:
|
|||||||||||||
|
Management fees
|
419,196
|
1,086,847
|
316,499
|
856,147
|
|||||||||
|
Directors/Trustees fees
|
136,282
|
359,110
|
92,192
|
251,712
|
|||||||||
|
Other
|
107,889
|
296,001
|
90,997
|
228,860
|
|||||||||
|
Total liabilities
|
284,667,587
|
768,227,801
|
212,636,682
|
566,276,700
|
|||||||||
|
Net assets applicable to common shares
|
$
|
577,670,582
|
$
|
1,497,856,769
|
$
|
430,499,682
|
$
|
1,178,894,759
|
|||||
|
Common shares outstanding
|
38,436,871
|
95,610,971
|
26,664,130
|
78,883,061
|
|||||||||
|
Net asset value (“NAV”) per common share outstanding
|
$
|
15.03
|
$
|
15.67
|
$
|
16.15
|
$
|
14.94
|
|||||
|
Net assets applicable to common shares consist of:
|
|||||||||||||
|
Common shares, $0.01 par value per share
|
$
|
384,369
|
$
|
956,110
|
$
|
266,641
|
$
|
788,831
|
|||||
|
Paid-in surplus
|
537,777,571
|
1,332,213,420
|
372,960,162
|
1,082,029,424
|
|||||||||
|
Undistributed (Over-distribution of) net investment income
|
1,096,759
|
13,518,819
|
3,206,364
|
2,494,671
|
|||||||||
|
Accumulated net realized gain (loss)
|
(26,485,853
|
)
|
(14,601,764
|
)
|
(6,091,959
|
)
|
(29,010,984
|
)
|
|||||
|
Net unrealized appreciation (depreciation)
|
64,897,736
|
165,770,184
|
60,158,474
|
122,592,817
|
|||||||||
|
Net assets applicable to common shares
|
$
|
577,670,582
|
$
|
1,497,856,769
|
$
|
430,499,682
|
$
|
1,178,894,759
|
|||||
|
Authorized shares:
|
|||||||||||||
|
Common
|
200,000,000
|
200,000,000
|
Unlimited
|
Unlimited
|
|||||||||
|
Preferred
|
1,000,000
|
1,000,000
|
Unlimited
|
Unlimited
|
See accompanying notes to financial statements.
|
Nuveen Investments
|
79
|
| Statement of | ||
|
Operations
|
Six Months Ended April 30, 2015 (Unaudited)
|
|
Dividend
|
AMT-Free
|
||||||||||||
|
Quality
|
Opportunity
|
Advantage
|
Income
|
||||||||||
|
(NQI
|
)
|
(NIO
|
)
|
(NVG
|
)
|
(NEA
|
)
|
||||||
|
Investment Income
|
$
|
17,881,963
|
$
|
50,644,977
|
$
|
13,441,487
|
$
|
39,244,650
|
|||||
|
Expenses
|
|||||||||||||
|
Management fees
|
2,528,912
|
6,560,471
|
1,909,877
|
5,178,272
|
|||||||||
|
Interest expense and amortization of offering costs
|
1,493,726
|
712,104
|
966,253
|
1,167,944
|
|||||||||
|
Liquidity fees
|
—
|
2,562,444
|
—
|
1,568,115
|
|||||||||
|
Remarketing fees
|
—
|
335,453
|
—
|
175,921
|
|||||||||
|
Custodian fees
|
60,303
|
151,868
|
47,911
|
121,934
|
|||||||||
|
Directors/Trustees fees
|
11,674
|
30,809
|
8,581
|
24,384
|
|||||||||
|
Professional fees
|
19,667
|
41,904
|
25,004
|
54,743
|
|||||||||
|
Shareholder reporting expenses
|
27,781
|
73,455
|
16,409
|
68,383
|
|||||||||
|
Shareholder servicing agent fees
|
33,381
|
46,762
|
13,220
|
32,264
|
|||||||||
|
Stock exchange listing fees
|
6,126
|
15,238
|
2,440
|
9,603
|
|||||||||
|
Investor relations expenses
|
26,156
|
55,332
|
17,639
|
40,228
|
|||||||||
|
Other
|
12,771
|
22,462
|
21,394
|
151,820
|
|||||||||
|
Total expenses
|
4,220,497
|
10,608,302
|
3,028,728
|
8,593,611
|
|||||||||
|
Net investment income (loss)
|
13,661,466
|
40,036,675
|
10,412,759
|
30,651,039
|
|||||||||
|
Realized and Unrealized Gain (Loss)
|
|||||||||||||
|
Net realized gain (loss) from:
|
|||||||||||||
|
Investments
|
(182,699
|
)
|
3,544,530
|
(70,646
|
)
|
746,026
|
|||||||
|
Swaps
|
—
|
—
|
—
|
(13,704,565
|
)
|
||||||||
|
Change in net unrealized appreciation (depreciation) of:
|
|||||||||||||
|
Investments
|
(3,113,023
|
)
|
(9,195,472
|
)
|
(236,483
|
)
|
(5,479,432
|
)
|
|||||
|
Swaps
|
—
|
—
|
—
|
6,041,394
|
|||||||||
|
Net realized and unrealized gain (loss)
|
(3,295,722
|
)
|
(5,650,942
|
)
|
(307,129
|
)
|
(12,396,577
|
)
|
|||||
|
Net increase (decrease) in net assets applicable to common shares from operations
|
$
|
10,365,744
|
$
|
34,385,733
|
$
|
10,105,630
|
$
|
18,254,462
|
See accompanying notes to financial statements.
|
80
|
Nuveen Investments
|
| Statement of | ||
|
Changes in Net Assets
|
(Unaudited)
|
|
Quality (NQI)
|
Opportunity (NIO)
|
||||||||||||
|
Six Months
|
Year
|
Six Months
|
Year
|
||||||||||
|
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||
|
4/30/15
|
10/31/14
|
4/30/15
|
10/31/14
|
||||||||||
|
Operations
|
|||||||||||||
|
Net investment income (loss)
|
$
|
13,661,466
|
$
|
26,336,650
|
$
|
40,036,675
|
$
|
82,160,041
|
|||||
|
Net realized gain (loss) from:
|
|||||||||||||
|
Investments
|
(182,699
|
)
|
509,133
|
3,544,530
|
(604,709
|
)
|
|||||||
|
Swaps
|
—
|
—
|
—
|
—
|
|||||||||
|
Change in net unrealized appreciation (depreciation) of:
|
|||||||||||||
|
Investments
|
(3,113,023
|
)
|
51,548,784
|
(9,195,472
|
)
|
125,517,537
|
|||||||
|
Swaps
|
—
|
—
|
—
|
—
|
|||||||||
|
Net increase (decrease) in net assets applicable to common shares from operations
|
10,365,744
|
78,394,567
|
34,385,733
|
207,072,869
|
|||||||||
|
Distributions to Common Shareholders
|
|||||||||||||
|
From net investment income
|
(12,684,171
|
)
|
(27,463,150
|
)
|
(42,040,147
|
)
|
(84,214,149
|
)
|
|||||
|
From accumulated net realized gains
|
—
|
—
|
—
|
—
|
|||||||||
|
Decrease in net assets applicable to common shares from distributions to common shareholders
|
(12,684,171
|
)
|
(27,463,150
|
)
|
(42,040,147
|
)
|
(84,214,149
|
)
|
|||||
|
Capital Share Transactions
|
|||||||||||||
|
Common shares:
|
|||||||||||||
|
Cost of shares repurchased through tender offer
|
—
|
—
|
—
|
—
|
|||||||||
|
Cost of shares repurchased and retired
|
—
|
(324,783
|
)
|
—
|
—
|
||||||||
|
Net increase (decrease) in net assets applicable to common shares from capital share transactions
|
—
|
(324,783
|
)
|
—
|
—
|
||||||||
|
Net increase (decrease) in net assets applicable to common shares
|
(2,318,427
|
)
|
50,606,634
|
(7,654,414
|
)
|
122,858,720
|
|||||||
|
Net assets applicable to common shares at the beginning of period
|
579,989,009
|
529,382,375
|
1,505,511,183
|
1,382,652,463
|
|||||||||
|
Net assets applicable to common shares at the end of period
|
$
|
577,670,582
|
$
|
579,989,009
|
$
|
1,497,856,769
|
$
|
1,505,511,183
|
|||||
|
Undistributed (Over-distribution of) net investment income at the end of period
|
$
|
1,096,759
|
$
|
119,464
|
$
|
13,518,819
|
$
|
15,522,291
|
|||||
See accompanying notes to financial statements.
|
Nuveen Investments
|
81
|
|
Statement of Changes in Net Assets (Unaudited) (continued)
|
|
Dividend
|
AMT-Free
|
||||||||||||
|
Advantage (NVG)
|
Income (NEA)
|
||||||||||||
|
Six Months
|
Year
|
Six Months
|
Year
|
||||||||||
|
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||
|
4/30/15
|
10/31/14
|
4/30/15
|
10/31/14
|
||||||||||
|
Operations
|
|||||||||||||
|
Net investment income (loss)
|
$
|
10,412,759
|
$
|
20,504,652
|
$
|
30,651,039
|
$
|
62,008,827
|
|||||
|
Net realized gain (loss) from:
|
|||||||||||||
|
Investments
|
(70,646
|
)
|
2,825,765
|
746,026
|
3,166,646
|
||||||||
|
Swaps
|
—
|
—
|
(13,704,565
|
)
|
—
|
||||||||
|
Change in net unrealized appreciation (depreciation) of:
|
|||||||||||||
|
Investments
|
(236,483
|
)
|
45,239,777
|
(5,479,432
|
)
|
118,774,122
|
|||||||
|
Swaps
|
—
|
—
|
6,041,394
|
(9,322,033
|
)
|
||||||||
|
Net increase (decrease) in net assets applicable to common shares from operations
|
10,105,630
|
68,570,194
|
18,254,462
|
174,627,562
|
|||||||||
|
Distributions to Common Shareholders
|
|||||||||||||
|
From net investment income
|
(9,977,718
|
)
|
(20,605,194
|
)
|
(32,468,267
|
)
|
(64,857,651
|
)
|
|||||
|
From accumulated net realized gains
|
(2,719,741
|
)
|
(1,997,851
|
)
|
—
|
—
|
|||||||
|
Decrease in net assets applicable to common shares from distributions to common shareholders
|
(12,697,459
|
)
|
(22,603,045
|
)
|
(32,468,267
|
)
|
(64,857,651
|
)
|
|||||
|
Capital Share Transactions
|
|||||||||||||
|
Common shares:
|
|||||||||||||
|
Cost of shares repurchased through tender offer
|
—
|
(46,331,163
|
)
|
—
|
—
|
||||||||
|
Cost of shares repurchased and retired
|
—
|
(1,395,053
|
)
|
—
|
—
|
||||||||
|
Net increase (decrease) in net assets applicable to common shares from capital share transactions
|
—
|
(47,726,216
|
)
|
—
|
—
|
||||||||
|
Net increase (decrease) in net assets applicable to common shares
|
(2,591,829
|
)
|
(1,759,067
|
)
|
(14,213,805
|
)
|
109,769,911
|
||||||
|
Net assets applicable to common shares at the beginning of period
|
433,091,511
|
434,850,578
|
1,193,108,564
|
1,083,338,653
|
|||||||||
|
Net assets applicable to common shares at the end of period
|
$
|
430,499,682
|
$
|
433,091,511
|
$
|
1,178,894,759
|
$
|
1,193,108,564
|
|||||
|
Undistributed (Over-distribution of) net investment income at the end of period
|
$
|
3,206,364
|
$
|
2,771,323
|
$
|
2,494,671
|
$
|
4,311,899
|
|||||
See accompanying notes to financial statements.
|
82
|
Nuveen Investments
|
| Statement of | ||
|
Cash Flows
|
Six Months Ended April 30, 2015 (Unaudited)
|
|
Dividend
|
AMT-Free
|
||||||||||||
|
Quality
|
Opportunity
|
Advantage
|
Income
|
||||||||||
|
(NQI
|
)
|
(NIO
|
)
|
(NVG
|
)
|
(NEA
|
)
|
||||||
|
Cash Flows from Operating Activities:
|
|||||||||||||
|
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
|
$
|
10,365,744
|
$
|
34,385,733
|
$
|
10,105,630
|
$
|
18,254,462
|
|||||
|
Adjustments to reconcile the net increase (decrease) in net assets applicable to common shares from operations to net cash provided by (used in) operating activities:
|
|||||||||||||
|
Purchases of investments
|
(75,410,037
|
)
|
(235,733,976
|
)
|
(60,986,624
|
)
|
(103,675,547
|
)
|
|||||
|
Proceeds from sales and maturities of investments
|
66,233,288
|
260,598,005
|
49,615,270
|
102,537,039
|
|||||||||
|
Proceeds from (Purchases of) short-term investments, net
|
—
|
—
|
—
|
7,174,279
|
|||||||||
|
Proceeds from (payments for) swap contracts, net
|
—
|
—
|
—
|
(13,704,565
|
)
|
||||||||
|
Investment transactions adjustments, net
|
(327,695
|
)
|
(50,594
|
)
|
(9,603
|
)
|
(205,940
|
)
|
|||||
|
Taxes paid on undistributed capital gains
|
—
|
(231
|
)
|
(127,088
|
)
|
(202
|
)
|
||||||
|
Amortization (Accretion) of premiums and discounts, net
|
1,211,203
|
611,326
|
225,812
|
(598,548
|
)
|
||||||||
|
Amortization of deferred offering costs
|
17,682
|
55,126
|
9,839
|
85,696
|
|||||||||
|
(Increase) Decrease in:
|
|||||||||||||
|
Receivable for dividends and interest
|
167,160
|
442,324
|
116,239
|
351,970
|
|||||||||
|
Receivable for investments sold
|
(1,650,456
|
)
|
(131,915
|
)
|
(7,607,043
|
)
|
40,549,383
|
||||||
|
Other assets
|
(25,978
|
)
|
(89,202
|
)
|
(22,028
|
)
|
(57,952
|
)
|
|||||
|
Increase (Decrease) in:
|
|||||||||||||
|
Payable for interest
|
(7,179
|
)
|
—
|
—
|
(124,146
|
)
|
|||||||
|
Payable for investments purchased
|
(1,121,652
|
)
|
(23,220,164
|
)
|
11,109,627
|
(22,756,002
|
)
|
||||||
|
Accrued management fees
|
(13,063
|
)
|
(35,465
|
)
|
(10,561
|
)
|
(30,379
|
)
|
|||||
|
Accrued Directors/Trustees fees
|
28,822
|
76,499
|
12,539
|
52,380
|
|||||||||
|
Accrued other expenses
|
(50,350
|
)
|
(128,273
|
)
|
(102,002
|
)
|
(80,327
|
)
|
|||||
|
Net realized (gain) loss from:
|
|||||||||||||
|
Investments
|
182,699
|
(3,544,530
|
)
|
70,646
|
(746,026
|
)
|
|||||||
|
Swaps
|
—
|
—
|
—
|
13,704,565
|
|||||||||
|
Change in net unrealized (appreciation) depreciation of:
|
|||||||||||||
|
Investments
|
3,113,023
|
9,195,472
|
236,483
|
5,479,432
|
|||||||||
|
Swaps
|
—
|
—
|
—
|
(6,041,394
|
)
|
||||||||
|
Net cash provided by (used in) operating activities
|
2,713,211
|
42,430,135
|
2,637,136
|
40,168,178
|
|||||||||
|
Cash Flows from Financing Activities:
|
|||||||||||||
|
Increase (Decrease) in:
|
|||||||||||||
|
Cash overdraft
|
4,403,978
|
—
|
—
|
—
|
|||||||||
|
Floating rate obligations
|
165,000
|
(7,350,000
|
)
|
3,750,000
|
(13,695,000
|
)
|
|||||||
|
Payable for offering costs
|
—
|
—
|
—
|
123,076
|
|||||||||
|
Cash distributions paid to common shareholders
|
(12,675,170
|
)
|
(42,021,052
|
)
|
(12,696,587
|
)
|
(32,465,012
|
)
|
|||||
|
Net cash provided by (used in) financing activities
|
(8,106,192
|
)
|
(49,371,052
|
)
|
(8,946,587
|
)
|
(46,036,936
|
)
|
|||||
|
Net Increase (Decrease) in Cash
|
(5,392,981
|
)
|
(6,940,917
|
)
|
(6,309,451
|
)
|
(5,868,758
|
)
|
|||||
|
Cash at the beginning of period
|
5,392,981
|
7,534,755
|
12,708,782
|
8,032,785
|
|||||||||
|
Cash at the end of period
|
$
|
—
|
$
|
593,838
|
$
|
6,399,331
|
$
|
2,164,027
|
|||||
|
|
Dividend | AMT-Free | |||||||||||
|
Quality
|
Opportunity
|
Advantage
|
Income
|
||||||||||
|
Supplemental Disclosure of Cash Flow Information
|
(NQI
|
)
|
(NIO
|
)
|
(NVG
|
)
|
(NEA
|
)
|
|||||
|
Cash paid for interest (excluding amortization of offering costs)
|
$
|
1,483,223
|
$
|
656,979
|
$
|
956,414
|
$
|
1,206,394
|
See accompanying notes to financial statements.
|
Nuveen Investments
|
83
|
| Financial | |
|
Highlights (Unaudited)
|
Selected data for a common share outstanding throughout each period:
|
Investment Operations
|
Less Distributions to
Common Shareholders
|
Common Share
|
|||||||||||||||||||||||||||||||||||
|
Beginning
Common
Share
NAV
|
Net
Investment
Income
(Loss)
|
Net
Realized/
Unrealized
Gain (Loss)
|
Distributions
from Net
Investment
Income to
ARPS
Shareholders
|
(a)
|
Distributions
from
Accumu-
lated Net
Realized
Gains to
ARPS
Shareholders
|
(a)
|
Total
|
From
Net
Investment
Income
|
From
Accumu-
lated Net
Realized
Gains
|
Total
|
Discount
Per
Share
Repurchased
and
Retired
|
Ending
NAV
|
Ending
Share
Price
|
||||||||||||||||||||||||
|
Quality (NQI)
|
|||||||||||||||||||||||||||||||||||||
|
Year Ended 10/31:
|
|||||||||||||||||||||||||||||||||||||
|
2015(f)
|
$
|
15.09
|
$
|
0.36
|
$
|
(0.09
|
)
|
$
|
—
|
$
|
—
|
$
|
0.27
|
$
|
(0.33
|
)
|
$
|
—
|
$
|
(0.33
|
)
|
$
|
—
|
$
|
15.03
|
$
|
13.24
|
||||||||||
|
2014
|
13.76
|
0.68
|
1.36
|
—
|
—
|
2.04
|
(0.71
|
)
|
—
|
(0.71
|
)
|
—
|
* |
15.09
|
13.17
|
||||||||||||||||||||||
|
2013
|
15.49
|
0.72
|
(1.61
|
)
|
—
|
—
|
(0.89
|
)
|
(0.84
|
)
|
—
|
(0.84
|
)
|
—
|
13.76
|
12.26
|
|||||||||||||||||||||
|
2012
|
14.17
|
0.84
|
1.38
|
—
|
—
|
2.22
|
(0.90
|
)
|
—
|
(0.90
|
)
|
—
|
15.49
|
15.49
|
|||||||||||||||||||||||
|
2011
|
14.26
|
0.87
|
(0.08
|
)
|
(0.01
|
)
|
—
|
0.78
|
(0.87
|
)
|
—
|
(0.87
|
)
|
—
|
14.17
|
14.11
|
|||||||||||||||||||||
|
2010
|
13.61
|
0.95
|
0.58
|
(0.03
|
)
|
—
|
1.50
|
(0.85
|
)
|
—
|
(0.85
|
)
|
—
|
14.26
|
14.40
|
||||||||||||||||||||||
|
Opportunity (NIO)
|
|||||||||||||||||||||||||||||||||||||
|
Year Ended 10/31:
|
|||||||||||||||||||||||||||||||||||||
|
2015(f)
|
15.75
|
0.42
|
(0.06
|
)
|
—
|
—
|
0.36
|
(0.44
|
)
|
—
|
(0.44
|
)
|
—
|
15.67
|
14.58
|
||||||||||||||||||||||
|
2014
|
14.46
|
0.86
|
1.31
|
—
|
—
|
2.17
|
(0.88
|
)
|
—
|
(0.88
|
)
|
—
|
15.75
|
14.58
|
|||||||||||||||||||||||
|
2013
|
15.97
|
0.85
|
(1.48
|
)
|
—
|
—
|
(0.63
|
)
|
(0.88
|
)
|
—
|
(0.88
|
)
|
—
|
14.46
|
12.99
|
|||||||||||||||||||||
|
2012
|
14.69
|
0.84
|
1.32
|
—
|
—
|
2.16
|
(0.88
|
)
|
—
|
*
|
(0.88
|
)
|
—
|
15.97
|
15.53
|
||||||||||||||||||||||
|
2011
|
14.92
|
0.88
|
(0.23
|
)
|
(0.01
|
)
|
—
|
0.64
|
(0.87
|
)
|
—
|
(0.87
|
)
|
—
|
14.69
|
14.20
|
|||||||||||||||||||||
|
2010
|
14.22
|
0.97
|
0.60
|
(0.03
|
)
|
—
|
1.54
|
(0.84
|
)
|
—
|
(0.84
|
)
|
—
|
* |
14.92
|
14.83
|
|||||||||||||||||||||
|
(a)
|
The amounts shown for Auction Rate Preferred Shares (“ARPS”) are based on common share equivalents.
|
|
(b)
|
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
|
|
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
|
|
84
|
Nuveen Investments
|
|
Common Share Supplemental Data/Ratios Applicable to Common Shares
|
|||||||||||||||||
|
Common Share
Total Returns
|
Ratios to Average Net Assets(c)
|
||||||||||||||||
|
Based
on
NAV
|
(b)
|
Based
on
Share
Price
|
(b)
|
Ending
Net
Assets (000)
|
Expenses
|
(d)
|
Net
Investment
Income (Loss)
|
Portfolio
Turnover
Rate
|
(e)
|
||||||||
|
1.78
|
%
|
3.03
|
%
|
$
|
577,671
|
1.46
|
%**
|
4.71
|
%**
|
8
|
%
|
||||||
|
15.22
|
13.57
|
579,989
|
1.54
|
4.76
|
14
|
||||||||||||
|
(5.93
|
)
|
(15.89
|
)
|
529,382
|
1.67
|
4.88
|
15
|
||||||||||
|
16.06
|
16.65
|
595,740
|
1.69
|
5.55
|
23
|
||||||||||||
|
5.98
|
4.65
|
544,500
|
1.66
|
6.43
|
18
|
||||||||||||
|
11.30
|
15.03
|
547,598
|
1.19
|
6.81
|
11
|
||||||||||||
|
2.35
|
3.04
|
1,497,857
|
1.41
|
**
|
5.33
|
**
|
11
|
||||||||||
|
15.37
|
19.58
|
1,505,511
|
1.49
|
5.71
|
15
|
||||||||||||
|
(4.10
|
)
|
(11.09
|
)
|
1,382,652
|
1.50
|
5.54
|
15
|
||||||||||
|
15.03
|
15.92
|
1,526,792
|
1.54
|
5.45
|
18
|
||||||||||||
|
4.73
|
2.08
|
1,404,814
|
1.63
|
6.28
|
10
|
||||||||||||
|
11.08
|
21.20
|
1,426,419
|
1.14
|
6.61
|
7
|
||||||||||||
|
(c)
|
Ratios do not reflect the effect of dividend payments to ARPS shareholders, during periods when ARPS were outstanding; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS and other subsequent forms of preferred shares issued by the Fund, where applicable.
|
| (d) | The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 4 – Fund Shares, Preferred Shares) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows: |
|
Quality (NQI)
|
||
|
Year Ended 10/31:
|
||
|
2015(f)
|
0.52
|
%**
|
|
2014
|
0.56
|
|
|
2013
|
0.71
|
|
|
2012
|
0.70
|
|
|
2011
|
0.57
|
|
|
2010
|
0.07
|
|
|
Opportunity (NIO)
|
||
|
Year Ended 10/31:
|
||
|
2015(f)
|
0.48
|
%**
|
|
2014
|
0.52
|
|
|
2013
|
0.55
|
|
|
2012
|
0.57
|
|
|
2011
|
0.59
|
|
|
2010
|
0.06
|
|
(e)
|
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
|
|
(f)
|
For the six months ended April 30, 2015.
|
|
*
|
Rounds to less than $0.01 per share.
|
|
**
|
Annualized.
|
See accompanying notes to financial statements.
|
Nuveen Investments
|
85
|
Financial Highlights (Unaudited) (continued)
Selected data for a common share outstanding throughout each period:
|
Investment Operations
|
Less Distributions to
Common Shareholders
|
Common Share
|
||||||||||||||||||||||||||||||||||||||
|
Beginning
Common
Share
NAV
|
Net
Investment
Income
(Loss)
|
Net
Realized/
Unrealized
Gain (Loss)
|
Distributions
from Net
Investment
Income to
ARPS
Shareholders
|
(a) |
Distributions
from
Accumu-
lated Net
Realized
Gains to
ARPS
Shareholders
|
(a) |
Total
|
From
Net
Investment
Income
|
From
Accumu-
lated Net
Realized
Gains
|
Total
|
Discount
Per
Share
Repurchased
and
Retired
|
Discount
Per
Share
Repurchased
through
Tender
Offer
|
Ending
NAV
|
Ending
Share
Price
|
||||||||||||||||||||||||||
|
Dividend Advantage (NVG)
|
||||||||||||||||||||||||||||||||||||||||
|
Year Ended 10/31:
|
||||||||||||||||||||||||||||||||||||||||
|
2015(g)
|
$
|
16.24
|
$
|
0.39
|
$
|
(0.01
|
)
|
$
|
—
|
$
|
—
|
$
|
0.38
|
$
|
(0.37
|
)
|
$
|
(0.10
|
)
|
$
|
(0.47
|
)
|
$
|
—
|
$
|
—
|
$
|
16.15
|
$
|
14.37
|
||||||||||
|
2014
|
14.62
|
0.71
|
1.72
|
—
|
—
|
2.43
|
(0.70
|
)
|
(0.07
|
)
|
(0.77
|
)
|
(0.01
|
)
|
(0.03
|
)
|
16.24
|
14.14
|
||||||||||||||||||||||
|
2013
|
16.33
|
0.60
|
(1.46
|
)
|
—
|
—
|
(0.86
|
)
|
(0.74
|
)
|
(0.11
|
)
|
(0.85
|
)
|
—
|
* |
—
|
14.62
|
12.75
|
|||||||||||||||||||||
|
2012
|
15.03
|
0.82
|
1.42
|
—
|
—
|
2.24
|
(0.90
|
)
|
(0.04
|
)
|
(0.94
|
)
|
—
|
—
|
16.33
|
15.82
|
||||||||||||||||||||||||
|
2011
|
15.20
|
0.91
|
(0.22
|
)
|
(0.01
|
)
|
—
|
0.68
|
(0.85
|
)
|
—
|
* |
(0.85
|
)
|
—
|
—
|
15.03
|
14.32
|
||||||||||||||||||||||
|
2010
|
14.80
|
0.90
|
0.39
|
(0.01
|
)
|
—
|
* |
1.28
|
(0.84
|
)
|
(0.04
|
)
|
(0.88
|
)
|
—
|
—
|
15.20
|
14.80
|
||||||||||||||||||||||
|
AMT-Free Income (NEA)
|
||||||||||||||||||||||||||||||||||||||||
|
Year Ended 10/31:
|
||||||||||||||||||||||||||||||||||||||||
|
2015(g)
|
15.13
|
0.39
|
(0.17
|
)
|
—
|
—
|
0.22
|
(0.41
|
)
|
—
|
(0.41
|
)
|
—
|
—
|
14.94
|
14.00
|
||||||||||||||||||||||||
|
2014
|
13.73
|
0.79
|
1.43
|
—
|
—
|
2.22
|
(0.82
|
)
|
—
|
(0.82
|
)
|
—
|
—
|
15.13
|
13.75
|
|||||||||||||||||||||||||
|
2013
|
15.49
|
0.72
|
(1.66
|
)
|
—
|
—
|
(0.94
|
)
|
(0.82
|
)
|
—
|
(0.82
|
)
|
—
|
—
|
13.73
|
12.37
|
|||||||||||||||||||||||
|
2012
|
14.70
|
0.78
|
0.85
|
—
|
—
|
1.63
|
(0.84
|
)
|
—
|
(0.84
|
)
|
—
|
—
|
15.49
|
15.80
|
|||||||||||||||||||||||||
|
2011
|
14.98
|
0.84
|
(0.29
|
)
|
(0.01
|
)
|
—
|
0.54
|
(0.82
|
)
|
—
|
(0.82
|
)
|
—
|
—
|
14.70
|
13.85
|
|||||||||||||||||||||||
|
2010
|
14.42
|
0.87
|
0.52
|
(0.02
|
)
|
—
|
1.37
|
(0.81
|
)
|
—
|
(0.81
|
)
|
—
|
—
|
14.98
|
14.95
|
||||||||||||||||||||||||
|
(a)
|
The amounts shown for ARPS are based on common share equivalents.
|
|
(b)
|
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
|
|
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
|
|
86
|
Nuveen Investments
|
|
Common Share Supplemental Data/Ratios Applicable to Common Shares
|
|||||||||||||||||||||||||
|
Common Share
Total Returns
|
Ratios to Average Net Assets
Before Reimbursement(c)
|
Ratios to Average Net Assets
After Reimbursement(c)(d)
|
|||||||||||||||||||||||
|
Based
|
Ending
|
||||||||||||||||||||||||
|
Based
|
on
|
Net
|
Net
|
Net
|
Portfolio
|
||||||||||||||||||||
|
on
|
Share
|
Assets
|
Investment
|
Investment
|
Turnover
|
||||||||||||||||||||
|
NAV
|
(b)
|
Price
|
(b)
|
(000
|
)
|
Expenses
|
(e)
|
Income (Loss
|
)
|
Expenses
|
(e)
|
Income (Loss
|
)
|
Rate
|
(f)
|
||||||||||
|
2.32
|
%
|
5.05
|
%
|
$
|
430,500
|
1.40
|
%**
|
4.82
|
%**
|
N/A
|
N/A
|
8
|
%
|
||||||||||||
|
16.78
|
17.35
|
433,092
|
1.75
|
4.56
|
N/A
|
N/A
|
13
|
||||||||||||||||||
|
(5.46
|
)
|
(14.46
|
)
|
434,851
|
2.03
|
3.87
|
N/A
|
N/A
|
32
|
||||||||||||||||
|
15.30
|
17.44
|
486,750
|
2.08
|
5.17
|
2.05
|
%
|
5.20
|
%
|
29
|
||||||||||||||||
|
4.83
|
2.89
|
448,070
|
1.95
|
6.12
|
1.84
|
6.23
|
7
|
||||||||||||||||||
|
8.89
|
13.51
|
452,908
|
1.89
|
5.79
|
1.71
|
5.98
|
2
|
||||||||||||||||||
|
1.52
|
4.85
|
1,178,895
|
1.44
|
**
|
5.17
|
**
|
N/A
|
N/A
|
6
|
||||||||||||||||
|
16.58
|
18.31
|
1,193,109
|
1.60
|
5.48
|
N/A
|
N/A
|
13
|
||||||||||||||||||
|
(6.25
|
)
|
(16.89
|
)
|
1,083,339
|
1.97
|
5.14
|
N/A
|
N/A
|
26
|
||||||||||||||||
|
11.32
|
20.64
|
344,487
|
2.13
|
5.13
|
N/A
|
N/A
|
26
|
||||||||||||||||||
|
3.92
|
(1.60
|
)
|
326,909
|
2.02
|
5.86
|
2.01
|
5.87
|
2
|
|||||||||||||||||
|
9.76
|
17.27
|
333,074
|
1.76
|
5.80
|
1.63
|
5.93
|
2
|
||||||||||||||||||
|
(c)
|
Ratios do not reflect the effect of dividend payments to ARPS shareholders, during periods when ARPS were outstanding; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS and other subsequent forms of preferred shares issued by the Fund, where applicable.
|
|
(d)
|
After expense reimbursement from the Adviser, where applicable. As of March 31, 2012 and November 30, 2010, the Adviser is no longer reimbursing Dividend Advantage (NVG) and ATM-Free Income (NEA), respectively, for any fees or expenses.
|
|
(e)
|
The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 4 – Fund Shares, Preferred Shares) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows:
|
|
Dividend Advantage (NVG)
|
||
|
Year Ended 10/31:
|
||
|
2015(g)
|
0.45
|
%**
|
|
2014
|
0.75
|
|
|
2013
|
1.06
|
|
|
2012
|
1.05
|
|
|
2011
|
0.90
|
|
|
2010
|
0.84
|
|
|
AMT-Free Income (NEA)
|
||
|
Year Ended 10/31:
|
||
|
2015(g)
|
0.49
|
%**
|
|
2014
|
0.61
|
|
|
2013
|
0.87
|
|
|
2012
|
1.07
|
|
|
2011
|
0.94
|
|
|
2010
|
0.67
|
|
(f)
|
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
|
|
(g)
|
For the six months ended April 30, 2015.
|
|
*
|
Rounds to less than $0.01 per share.
|
|
**
|
Annualized.
|
|
N/A
|
Fund no longer has a contractual reimbursement agreement with the Adviser.
|
See accompanying notes to financial statements.
|
Nuveen Investments
|
87
|
Financial Highlights (Unaudited) (continued)
|
ARPS at the End of Period
|
VMTP Shares at the End of Period
|
VRDP Shares at the End of Period
|
|||||||||||||||||
|
Aggregate
|
Asset
|
Aggregate
|
Asset
|
Aggregate
|
Asset
|
||||||||||||||
|
Amount
|
Coverage
|
Amount
|
Coverage
|
Amount
|
Coverage
|
||||||||||||||
|
Outstanding
|
Per $25,000
|
Outstanding
|
Per $100,000
|
Outstanding
|
Per $100,000
|
||||||||||||||
|
(000
|
)
|
Share
|
(000
|
)
|
Share
|
(000
|
)
|
Share
|
|||||||||||
|
Quality (NQI)
|
|||||||||||||||||||
|
Year Ended 10/31:
|
|||||||||||||||||||
|
2015(a)
|
$
|
—
|
$
|
—
|
$
|
240,400
|
$
|
340,296
|
$
|
—
|
$
|
—
|
|||||||
|
2014
|
—
|
—
|
240,400
|
341,260
|
—
|
—
|
|||||||||||||
|
2013
|
—
|
—
|
240,400
|
320,209
|
—
|
—
|
|||||||||||||
|
2012
|
—
|
—
|
240,400
|
347,812
|
—
|
—
|
|||||||||||||
|
2011
|
—
|
—
|
240,400
|
326,498
|
—
|
—
|
|||||||||||||
|
2010
|
239,200
|
82,232
|
—
|
—
|
—
|
—
|
|||||||||||||
|
Opportunity (NIO)
|
|||||||||||||||||||
|
Year Ended 10/31:
|
|||||||||||||||||||
|
2015(a)
|
—
|
—
|
—
|
—
|
667,200
|
324,499
|
|||||||||||||
|
2014
|
—
|
—
|
—
|
—
|
667,200
|
325,646
|
|||||||||||||
|
2013
|
—
|
—
|
—
|
—
|
667,200
|
307,232
|
|||||||||||||
|
2012
|
—
|
—
|
—
|
—
|
667,200
|
328,836
|
|||||||||||||
|
2011
|
—
|
—
|
—
|
—
|
667,200
|
310,554
|
|||||||||||||
|
2010
|
664,825
|
78,639
|
—
|
—
|
—
|
—
|
|||||||||||||
|
88
|
Nuveen Investments
|
|
ARPS at the End of Period
|
MTP Shares
at the End of Period (b)
|
VMTP Shares
at the End of Period
|
VRDP Shares
at the End of Period
|
MTP,
VMTP and/or
VRDP Shares
at the End
of Period
|
||||||||||||||||||||||||
|
Aggregate
|
Asset
|
Aggregate
|
Aggregate
|
Asset
|
Aggregate
|
Asset
|
Asset Coverage
|
|||||||||||||||||||||
|
Amount
|
Coverage
|
Amount
|
Asset
|
Amount
|
Coverage
|
Amount
|
Coverage
|
Per $1
|
||||||||||||||||||||
|
Outstanding
|
Per $25,000
|
Outstanding
|
Coverage Per |
Outstanding
|
Per $100,000
|
Outstanding
|
Per $100,000
|
Liquidation
|
||||||||||||||||||||
|
(000
|
)
|
Share
|
(000
|
)
|
|
$10 Share
|
(000
|
)
|
Share
|
(000
|
)
|
Share
|
Preference
|
|||||||||||||||
|
Dividend Advantage (NVG)
|
||||||||||||||||||||||||||||
|
Year Ended 10/31:
|
||||||||||||||||||||||||||||
|
2015(a)
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
179,000
|
$
|
340,503
|
$
|
—
|
||||||||||
|
2014
|
—
|
—
|
—
|
—
|
—
|
—
|
179,000
|
341,951
|
—
|
|||||||||||||||||||
|
2013
|
—
|
—
|
108,000
|
31.69
|
92,500
|
316,883
|
—
|
—
|
3.17
|
|||||||||||||||||||
|
2012
|
—
|
—
|
108,000
|
34.28
|
92,500
|
342,768
|
—
|
—
|
3.43
|
|||||||||||||||||||
|
2011
|
—
|
—
|
108,000
|
32.35
|
92,500
|
323,476
|
—
|
—
|
3.23
|
|||||||||||||||||||
|
2010
|
91,950
|
81,628
|
108,000
|
32.65
|
—
|
—
|
—
|
—
|
3.27
|
|||||||||||||||||||
|
AMT-Free Income (NEA)
|
||||||||||||||||||||||||||||
|
Year Ended 10/31:
|
||||||||||||||||||||||||||||
|
2015(a)
|
—
|
—
|
—
|
—
|
151,000
|
335,355
|
349,900
|
335,355
|
3.35
|
|||||||||||||||||||
|
2014
|
—
|
—
|
—
|
—
|
151,000
|
338,193
|
349,900
|
338,193
|
3.38
|
|||||||||||||||||||
|
2013
|
—
|
—
|
83,000
|
31.65
|
67,600
|
316,451
|
349,900
|
316,451
|
3.16
|
|||||||||||||||||||
|
2012
|
—
|
—
|
83,000
|
32.87
|
67,600
|
328,743
|
—
|
—
|
3.29
|
|||||||||||||||||||
|
2011
|
—
|
—
|
83,000
|
31.71
|
67,600
|
317,071
|
—
|
—
|
3.17
|
|||||||||||||||||||
|
2010
|
67,375
|
80,374
|
83,000
|
32.15
|
—
|
—
|
—
|
—
|
3.21
|
|||||||||||||||||||
|
(a)
|
For the six months ended April 30, 2015.
|
|
(b)
|
The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares outstanding were as follows:
|
|
2014
|
2013
|
2012
|
2011
|
2010
|
||||||||||||
|
Dividend Advantage (NVG)
|
||||||||||||||||
|
Series 2014 (NVG PRCCL)
|
||||||||||||||||
|
Ending Market Value per Share
|
$
|
—
|
$
|
10.09
|
$
|
10.12
|
$
|
10.10
|
$
|
10.22
|
||||||
|
Average Market Value per Share
|
10.05
|
^
|
10.11
|
10.16
|
10.12
|
10.19
|
||||||||||
|
AMT-Free Income (NEA)
|
||||||||||||||||
|
Series 2015 (NEA PRCCL)
|
||||||||||||||||
|
Ending Market Value per Share
|
$
|
—
|
10.07
|
10.16
|
10.14
|
10.14
|
||||||||||
|
Average Market Value per Share
|
10.05
|
^^
|
10.10
|
10.14
|
10.08
|
10.15
|
Ω
|
|
Ω
|
For the period January 19, 2010 (first issuance date of shares) through October 31, 2010.
|
|
^
|
For the period November 1, 2013 through December 23, 2013.
|
|
^^
|
For the period November 1, 2013 through December 20, 2013.
|
See accompanying notes to financial statements.
|
Nuveen Investments
|
89
|
Notes to Financial Statements (Unaudited)
1. General Information and Significant Accounting Policies
General Information
Fund Information
The funds covered in this report and their corresponding New York Stock Exchange (“NYSE”) or NYSE MKT symbols are as follows (each a “Fund” and collectively, the “Funds”):
• Nuveen Quality Municipal Fund, Inc. (NQI) (“Quality (NQI)”)
• Nuveen Municipal Opportunity Fund, Inc. (NIO) (“Opportunity (NIO)”)
• Nuveen Dividend Advantage Municipal Income Fund (NVG) (“Dividend Advantage (NVG)”)
• Nuveen AMT-Free Municipal Income Fund (NEA) (“AMT-Free Income (NEA)”)
The Funds are registered under the Investment Company Act of 1940, as amended, as diversified closed-end management investment companies. Common shares of Quality (NQI), Opportunity (NIO) and AMT-Free Income (NEA) are traded on the NYSE while common shares of Dividend Advantage (NVG) are traded on the NYSE MKT. Quality (NQI) and Opportunity (NIO) were incorporated under the state laws of Minnesota on October 23, 1990 and July 25, 1991, respectively. Dividend Advantage (NVG) and AMT-Free Income (NEA) were organized as Massachusetts business trusts on July 12, 1999 and July 29, 2002, respectively.
The end of the reporting period for the Funds is April 30, 2015, and the period covered by these Notes to Financial Statements is the six months ended April 30, 2015 (“the current fiscal period”).
Investment Adviser
The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”). The Adviser is responsible for each Fund’s overall investment strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the “Sub-Adviser”), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.
Investment Objectives and Principal Investment Strategies
Each Fund seeks to provide current income exempt from regular federal income tax, and in the case of AMT-Free Income (NEA) the alternative minimum tax applicable to individuals, by investing primarily in a portfolio of municipal obligations issued by state and local government authorities or certain U.S. territories.
Significant Accounting Policies
Each Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946 “Financial Services–Investment Companies.” The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to earmark securities in the Funds’ portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments.
As of the end of the reporting period, the Funds’ outstanding when-issued/delayed delivery purchase commitments were as follows:
|
Dividend
|
AMT-Free
|
|||||||||||||||
|
Quality
|
Opportunity
|
Advantage
|
Income
|
|||||||||||||
|
(NQI
|
) |
(NIO
|
) |
(NVG
|
) |
(NEA
|
) | |||||||||
|
Outstanding when-issued/delayed delivery purchase commitments
|
$ | 7,086,938 | $ | 1,252,980 | $ | 12,868,138 | $ | 11,657,103 | ||||||||
|
90
|
|
Nuveen Investments
|
Investment Income
Dividend income is recorded on the ex-dividend date. Investment income, which reflects the amortization of premiums and accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Investment income also reflects paydown gains and losses, if any.
Professional Fees
Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment or to pursue other claims or legal actions on behalf of Fund shareholders. If a refund is received for workout expenditures paid in a prior reporting period, such amounts will be recognized as “Legal fee refund” on the Statement of Operations.
Dividends and Distributions to Common Shareholders
Dividends from net investment income are declared monthly. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
Distributions to common shareholders of net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
Indemnifications
Under the Funds’ organizational documents, their officers and directors/trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.
Netting Agreements
In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and Derivative Association, Inc. (“ISDA”) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.
The Funds’ investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 3 – Portfolio Securities and Investments in Derivatives.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets applicable to common shares from operations during the reporting period. Actual results may differ from those estimates.
2. Investment Valuation and Fair Value Measurements
The fair valuation input levels as described below are for fair value measurement purposes.
Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
| Level 1 – | Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities. |
| Level 2 – | Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
| Level 3 – | Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments). |
|
Nuveen Investments
|
91
|
Notes to Financial Statements (Unaudited) (continued)
Prices of fixed income securities are provided by a pricing service approved by the Funds’ Board of Directors/Trustees (the “Board”). The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as level 2. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.
Prices of swap contracts are also provided by a pricing service approved by the Board using the same methods as described above and are generally classified as Level 2.
Investments in investment companies are valued at their respective NAVs on the valuation date. These investment vehicles are generally classified as Level 1.
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Board and/or its appointee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s NAV (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Board and/or its appointee.
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of the end of the reporting period:
|
Quality (NQI)
|
Level 1 |
Level 2
|
Level 3 |
Total
|
||||||||||||
|
Long-Term Investments*:
|
||||||||||||||||
|
Municipal Bonds
|
$ | — | $ | 843,572,056 | $ | — | $ | 843,572,056 | ||||||||
|
Corporate Bonds
|
— | — | 134,894 | *** | 134,894 | |||||||||||
|
Total
|
$ | — | $ | 843,572,056 | $ | 134,894 | $ | 843,706,950 | ||||||||
|
Opportunity (NIO)
|
||||||||||||||||
|
Long-Term Investments*:
|
||||||||||||||||
|
Municipal Bonds
|
$ | — | $ | 2,204,507,100 | $ | — | $ | 2,204,507,100 | ||||||||
|
Corporate Bonds
|
— | — | 128,569 | *** | 128,569 | |||||||||||
|
Total
|
$ | — | $ | 2,204,507,100 | $ | 128,569 | $ | 2,204,635,669 | ||||||||
|
Dividend Advantage (NVG)
|
||||||||||||||||
|
Long-Term Investments*:
|
||||||||||||||||
|
Municipal Bonds
|
$ | — | $ | 618,078,497 | $ | — | $ | 618,078,497 | ||||||||
|
Investment Companies
|
1,362,209 | — | — | 1,362,209 | ||||||||||||
|
Total
|
$ | 1,362,209 | $ | 618,078,497 | $ | — | $ | 619,440,706 | ||||||||
|
AMT-Free Income (NEA)
|
||||||||||||||||
|
Long-Term Investments*:
|
||||||||||||||||
|
Municipal Bonds
|
$ | — | $ | 1,692,232,075 | $ | — | $ | 1,692,232,075 | ||||||||
|
Corporate Bonds
|
— | — | 45,853 | *** | 45,853 | |||||||||||
|
Short-Term Investments*:
|
||||||||||||||||
|
Municipal Bonds
|
— | — | 13,890,299 | 13,890,299 | ||||||||||||
|
Investments in Derivatives:
|
||||||||||||||||
|
Interest Rate Swaps**
|
— | (3,280,639 | ) | — | (3,280,639 | ) | ||||||||||
|
Total
|
$ | — | $ | 1,688,951,436 | $ | 13,936,152 | $ | 1,702,887,588 | ||||||||
| * | Refer to the Fund’s Portfolio of Investments for industry and/or state classifications, where applicable. |
| ** | Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments. |
| *** | Refer to the Fund’s Portfolio of Investments for breakdown of these securities classified as Level 3. |
|
92
|
|
Nuveen Investments
|
The following is a reconciliation of AMT-Free Income’s (NEA) Level 3 investments held at the beginning and end of the measurement period:
|
AMT-Free
|
AMT-Free | |||||||||||
|
Income (NEA) Level 3
|
Income (NEA) Level 3
|
AMT-Free | ||||||||||
|
Long-Term
|
Short-Term
|
Income (NEA) Total
|
||||||||||
|
Corporate Bonds
|
Municipal Bonds
|
Level 3 | ||||||||||
|
Balance at the beginning of period
|
$ | 45,334 | $ | 14,059,578 | $ | 14,104,912 | ||||||
|
Gains (losses):
|
||||||||||||
|
Net realized gains (losses)
|
— | — | — | |||||||||
|
Change in net unrealized appreciation (depreciation)
|
(2,366 | ) | (169,279 | ) | (171,645 | ) | ||||||
|
Purchases at cost
|
2,885 | — | 2,885 | |||||||||
|
Sales at proceeds
|
— | — | — | |||||||||
|
Net discounts (premiums)
|
— | — | — | |||||||||
|
Transfers in to
|
— | — | — | |||||||||
|
Transfers out of
|
— | — | — | |||||||||
|
Balance at the end of period
|
$ | 45,853 | $ | 13,890,299 | $ | 13,936,152 | ||||||
|
Change in net unrealized appreciation (depreciation) during the period of Level 3 securities held as of April 30,2015
|
$ | (2,366 | ) | $ | (169,279 | ) | $ | (171,645 | ) | |||
The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of the end of the reporting period, were as follows:
|
Market Value
|
Techniques
|
Unobservable Inputs
|
Range
|
|||||||||
|
AMT-Free Income (NEA)
|
||||||||||||
|
Long-Term Corporate Bonds
|
$ | 45,853 |
Odd-Lot Trades
|
N/A | N/A | |||||||
|
Short-Term Municipal Bonds
|
13,890,299 |
Discounted Cash Flow
|
Municipal BBB Benchmark
|
1%-4% | ||||||||
|
B-Rated Hospital Sector
|
||||||||||||
|
Total
|
$ | 13,936,152 | ||||||||||
The Board is responsible for the valuation process and has appointed the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board, is responsible for making fair value determinations, evaluating the effectiveness of the Funds’ pricing policies and reporting to the Board. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the Funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:
| (i) | If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities. |
| (ii) | If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis. |
The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument’s current value.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board.
3. Portfolio Securities and Investments in Derivatives
Portfolio Securities
Inverse Floating Rate Securities
Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond (referred to as an “Underlying Bond”), typically with a fixed interest rate, into a special purpose trust (referred to as the “Trust”) created by or at the direction of
|
Nuveen Investments
|
93
|
Notes to Financial Statements (Unaudited) (continued)
one or more Funds. In turn, the Trust issues (a) floating rate certificates (referred to as “Floaters”), in face amounts equal to some fraction of the Underlying Bond’s par amount or market value, and (b) an inverse floating rate certificate (referred to as an “Inverse Floater”) that represents all remaining or residual interest in the Trust. Floaters typically pay short-term tax-exempt interest rates to third parties who are also provided a right to tender their certificate and receive its par value, which may be paid from the proceeds of a remarketing of the Floaters, by a loan to the Trust from a third party liquidity provider, or by the sale of assets from the Trust. The Inverse Floater is issued to a long term investor, such as one or more of the Funds. The income received by the Inverse Floater holder varies inversely with the short-term rate paid to holders of the Floaters, and in most circumstances the Inverse Floater holder bears substantially all of the Underlying Bond’s downside investment risk and also benefits disproportionately from any potential appreciation of the Underlying Bond’s value. The value of an Inverse Floater will be more volatile than that of the Underlying Bond because the interest rate is dependent on not only the fixed coupon rate of the Underlying Bond but also on the short-term interest paid on the Floaters, and because the Inverse Floater essentially bears the risk of loss of the greater face value of the Underlying Bond.
The Inverse Floater held by a Fund gives the Fund the right to (a) cause the holders of the Floaters to tender their certificates at par, and (b) have the trustee of the Trust transfer the Underlying Bond held by the Trust to the Fund, thereby collapsing the Trust.
The Fund may acquire an Inverse Floater in a transaction where it (a) transfers an Underlying Bond that it owns to a Trust created by a third party or (b) transfers an Underlying Bond that it owns, or that it has purchased in a secondary market transaction for the purpose of creating an Inverse Floater, to a Trust created at its direction, and in return receives the Inverse Floater of the Trust (referred to as a “self-deposited Inverse Floater”). A Fund may also purchase an Inverse Floater in a secondary market transaction from a third party creator of the Trust without first owning the Underlying Bond (referred to as an “externally-deposited Inverse Floater”).
An investment in a self-deposited Inverse Floater is accounted for as a “financing” transaction (i.e., a secured borrowing). For a self-deposited Inverse Floater, the Underlying Bond deposited into the Trust is identified in the Fund’s Portfolio of Investments as “(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction,” with the Fund recognizing the Floaters issued by the Trust as liabilities, at their liquidation value on the Statement of Assets and Liabilities as “Floating rate obligations.” In addition, the Fund recognizes in “Investment Income” the entire earnings of the Underlying Bond and recognizes the related interest paid to the holders of the Floaters as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
In contrast, an investment in an externally-deposited Inverse Floater is accounted for as a purchase of the inverse floater and is identified in the Fund’s Portfolio of Investments as “(IF) – Inverse floating rate investment.” For an externally-deposited Inverse Floater, a Fund’s Statement of Assets and Liabilities recognizes the Inverse Floater and not the Underlying Bond as an asset, and the Fund does not recognize the Floaters as a liability. Additionally, the Fund reflects in “Investment Income” only the net amount of earnings on the Inverse Floater (net of the interest paid to the holders of the Floaters and the expenses of the Trust), and does not show the amount of that interest paid as an interest expense on the Statement of Operations.
The average floating rate obligations outstanding and average annual interest rate and fees related to self-deposited Inverse Floaters for the Funds during the current fiscal period were as follows:
|
Dividend
|
AMT-Free
|
|||||||||||||||
|
Quality
|
Opportunity
|
Advantage
|
Income
|
|||||||||||||
|
Self-Deposited Inverse Floaters
|
(NQI)
|
(NIO)
|
(NVG)
|
(NEA)
|
||||||||||||
|
Average floating rate obligations outstanding
|
$ | 29,887,652 | $ | 90,492,808 | $ | 14,038,969 | $ | 48,792,707 | ||||||||
|
Average annual interest rate and fees
|
0.46% | 0.57% | 0.59% | 0.59% | ||||||||||||
As of the end of the reporting period, the total amount of floating rate obligations associated with each Fund’s self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:
|
Dividend
|
AMT-Free
|
|||||||||||||||
|
Quality
|
Opportunity
|
Advantage
|
Income
|
|||||||||||||
|
Floating Rate Obligations Outstanding
|
(NQI)
|
(NIO)
|
(NVG)
|
(NEA)
|
||||||||||||
|
Floating rate obligations: self-deposited Inverse Floaters
|
$ | 29,915,000 | $ | 84,848,333 | $ | 18,203,334 | $ | 43,800,000 | ||||||||
|
Floating rate obligations: externally-deposited Inverse Floaters
|
52,100,000 | 134,201,667 | 41,756,666 | 108,410,000 | ||||||||||||
|
Total
|
$ | 82,015,000 | $ | 219,050,000 | $ | 59,960,000 | $ | 152,210,000 | ||||||||
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse arrangement” or “credit recovery swap”) (Trusts involving such agreements are referred to herein as “Recourse Trusts”), under which a Fund agrees to reimburse the liquidity provider for the Trust’s Floaters, in certain circumstances, for the amount (if any) by which the liquidation value of the Underlying Bond held by the Trust may fall short of the liquidation value of the Floaters issued by the Trust, plus any shortfalls in interest cash flows. Under these agreements, a Fund’s potential exposure to losses related to or on an Inverse Floater may increase beyond the value of the Inverse Floater as a Fund may potentially be liable to fulfill all amounts owed to holders of the Floaters. At period end, any such shortfall amount in the aggregate is recognized as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities.
|
94
|
|
Nuveen Investments
|
As of the end of the reporting period, each Fund’s maximum exposure to the floating rate obligations issued by externally-deposited Recourse Trusts was as follows:
|
Dividend
|
AMT-Free
|
|||||||||||||||
|
Quality
|
Opportunity
|
Advantage
|
Income
|
|||||||||||||
|
Floating Rate Obligations – Externally-Deposited Recourse Trusts
|
(NQI)
|
(NIO)
|
(NVG)
|
(NEA)
|
||||||||||||
|
Maximum exposure to Recourse Trusts
|
$ | 26,610,000 | $ | 74,255,000 | $ | 5,575,000 | $ | 51,845,000 | ||||||||
Zero Coupon Securities
A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
Investments in Derivatives
In addition to the inverse floating rate securities in which each Fund invests, which are considered portfolio securities for financial reporting purposes, each Fund is authorized to invest in certain other derivative instruments such as futures, options and swap contracts. Each Fund limits its investments in futures, options on futures and swap contracts to the extent necessary for the Adviser to claim the exclusion from registration by the Commodity Futures Trading Commission as a commodity pool operator with respect to the Fund. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.
Swap Contracts
Interest rate swap contracts involve a Fund’s agreement with the counterparty to pay or receive a fixed rate payment in exchange for the counterparty receiving or paying a variable rate payment. Forward interest rate swap contracts involve a Fund’s agreement with a counterparty to pay, in the future, a fixed or variable rate payment in exchange for the counterparty paying the Fund a variable or fixed rate payment, the accruals for which would begin at a specified date in the future (the “effective date”). The amount of the payment obligation is based on the notional amount of the swap contract and the termination date of the swap contract (which is akin to a bond’s maturity). Swap contracts do not involve the delivery of securities or other underlying assets or principal. Accordingly, the risk of loss with respect to the swap counterparty on such transactions is limited to the net amount of interest payments that the Fund is to receive.
Interest rate swap contracts are valued daily. Upon entering into an interest rate swap contract (and beginning on the effective date for a forward interest rate swap contract), a Fund accrues the fixed rate payment expected to be paid or received and the variable rate payment expected to be received or paid on the interest rate swap contracts on a daily basis, and recognizes the daily change in the fair value of the Fund’s contractual rights and obligations under the contracts. For over-the-counter (“OTC”) swaps, the net amount recorded on these transactions, for each counterparty, is recognized on the Statement of Assets and Liabilities as a component of “Unrealized appreciation or depreciation on interest rate swaps (, net).”
Upon the execution of an exchanged-cleared swap contract, in certain instances a Fund is obligated to deposit cash or eligible securities, also known as “initial margin,” into an account at its clearing broker equal to a specified percentage of the contract amount. Cash held by the broker to cover initial margin requirements on open swap contracts, if any, is recognized as a component of “Cash collateral at brokers” on the Statement of Assets and Liabilities. Investments in exchange-cleared interest rate swap contracts obligate a Fund and the clearing broker to settle monies on a daily basis representing changes in the prior day’s “mark-to-market” of the swap contract. If a Fund has unrealized appreciation, the clearing broker will credit the Fund’s account with an amount equal to the appreciation. Conversely, if the Fund has unrealized depreciation, the clearing broker will debit the Fund’s account with an amount equal to the depreciation. These daily cash settlements are also known as “variation margin.” Variation margin is recognized as a receivable and/or payable for “Variation margin on swap contracts” on the Statement of Assets and Liabilities.
The net amount of periodic payments settled in cash are recognized as a component of “Net realized gain (loss) from swaps” on the Statement of Operations, in addition to the net realized gain or loss recorded upon the termination of the swap contract. For tax purposes, payments expected to be received or paid on the swap contacts are treated as ordinary income or expense, respectively.
Changes in the value of the swap contracts during the fiscal period are recognized as a component of “Change in net unrealized appreciation (depreciation) of swaps.” In certain instances, payments are made or received upon entering into the swap contract to compensate for differences between the stated terms of the swap agreements and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Payments received or made at the beginning of the measurement period, if any, are recognized as “Interest rate swaps premiums paid and/or received” on the Statement of Assets and Liabilities.
|
Nuveen Investments
|
95
|
Notes to Financial Statements (Unaudited) (continued)
During the current fiscal period, AMT-Free Income (NEA) continued to invest in forward interest rate swap contracts to help reduce price volatility risk to movements in U.S. interest rates relative to the Fund’s benchmark.
The average notional amount of interest rate swap contracts outstanding during the current fiscal period was as follows:
|
AMT-Free
|
|||
|
Income
|
|||
|
(NEA
|
) | ||
|
Average notional amount of interest rate swap contracts outstanding*
|
$ | 111,933,333 | |
| * | The average notional amount is calculated based on the outstanding notional at the beginning of the fiscal year and at the end of each fiscal quarter within the current fiscal year. |
The following table presents the fair value of all interest rate swap contracts held by AMT-Free Income (NEA) as of the end of the reporting period, the location of these instruments on the Statement of Assets and Liabilities and the primary underlying risk exposure.
| Location on the Statement of Assets and Liabilities | |||||||||||||||
|
Underlying
|
Derivative
|
Asset Derivatives |
(Liability) Derivatives
|
||||||||||||
|
Risk Exposure
|
Instrument
|
Location
|
Value
|
Location
|
Value
|
||||||||||
|
Unrealized depreciation on
|
|||||||||||||||
|
Interest rate
|
Swaps
|
— | $ | — |
interest rate swaps
|
$ | (3,280,639 | ) | |||||||
The following table presents the swap contracts subject to netting agreements, and the collateral delivered related to those swap contracts as of the end of the reporting period.
|
Gross Amounts Not
|
|||||||||||||||||||||||||||||
|
Offset on the Statement
|
|||||||||||||||||||||||||||||
|
Gross
|
Gross
|
Amounts
|
Net Unrealized
|
of Assets and Liabilities
|
|||||||||||||||||||||||||
|
Unrealized
|
Unrealized
|
Netted on
|
Appreciation
|
Collateral
|
|||||||||||||||||||||||||
| Appreciation on | (Depreciation) on |
Statement
|
(Depreciation) on |
Pledged
|
|||||||||||||||||||||||||
|
Interest
|
Interest
|
of Assets and |
Interest
|
Financial
|
to (from)
|
Net
|
|||||||||||||||||||||||
|
Fund
|
Counterparty
|
Rate Swaps
|
* |
Rate Swaps
|
* |
Liabilities
|
Rate Swaps
|
Instruments
|
** |
Counterparty
|
Exposure | ||||||||||||||||||
|
AMT-Free Income (NEA)
|
JPMorgan
|
$ | — | $ | (3,280,639 | ) | $ | — | $ | (3,280,639 | ) | $ | 3,280,639 | $ | — | $ | — | ||||||||||||
| * | Represents gross unrealized appreciation (depreciation) for the counterparty as reported in the Fund’s Portfolio of Investments. |
| ** | Represent inverse floating rate securities. |
The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on swap contracts on the Statement of Operations during the current fiscal period, and the primary underlying risk exposure.
|
Net Realized
|
Change in Net Unrealized
|
|||||||||
|
Underlying
|
Derivative
|
Gain (Loss) from
|
Appreciation (Depreciation) of
|
|||||||
|
Fund
|
Risk Exposure
|
Instrument
|
Swaps
|
Swaps
|
||||||
|
AMT-Free Income (NEA)
|
Interest rate
|
Swaps
|
$ | (13,704,565 | ) | $ | 6,041,394 | |||
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.
|
96
|
|
Nuveen Investments
|
4. Fund Shares
Common Share Transactions
Transactions in common shares during the Funds’ current and prior fiscal period were as follows:
|
Quality (NQI)
|
Opportunity (NIO)
|
|||||||||||||||
|
Six Months
|
Year
|
Six Months
|
Year
|
|||||||||||||
|
Ended
|
Ended
|
Ended
|
Ended
|
|||||||||||||
|
4/30/15
|
10/31/14
|
4/30/15
|
10/31/14
|
|||||||||||||
|
Common shares:
|
||||||||||||||||
|
Issued to shareholders due to reinvestment of distributions
|
— | — | — | — | ||||||||||||
|
Repurchased and retired
|
— | (25,000 | ) | — | — | |||||||||||
|
Weighted average common share:
|
||||||||||||||||
|
Price per share repurchased and retired
|
$ | — | $ | 12.97 | $ | — | $ | — | ||||||||
|
Discount per share repurchased and retired
|
— | % | 13.22 | % | — | % | — | % | ||||||||
|
Dividend Advantage (NVG)
|
AMT-Free Income (NEA)
|
|||||||||||||||
|
Six Months
|
Year
|
Six Months
|
Year
|
|||||||||||||
|
Ended
|
Ended
|
Ended
|
Ended
|
|||||||||||||
|
4/30/15
|
10/31/14
|
4/30/15
|
10/31/14
|
|||||||||||||
|
Common shares:
|
||||||||||||||||
|
Issued to shareholders due to reinvestment of distributions
|
— | — | — | — | ||||||||||||
|
Repurchased through tender offer
|
— | (2,964,170 | ) | — | — | |||||||||||
|
Repurchased and retired
|
— | (109,742 | ) | — | — | |||||||||||
|
Weighted average common share:
|
||||||||||||||||
|
Price per share repurchased and retired
|
$ | — | $ | 12.69 | $ | — | $ | — | ||||||||
|
Discount per share repurchased and retired
|
— | % | 13.86 | % | — | % | — | % | ||||||||
Preferred Shares
Variable Rate MuniFund Term Preferred Shares
The following Funds have issued and outstanding Variable Rate Munifund Term Preferred (“VMTP”) Shares, with $100,000 liquidation value per share. VMTP Shares are issued via private placement and are not publicly available.
As of the end of the reporting period, VMTP Shares outstanding, at liquidation value, for each Fund were as follows:
|
Shares
|
|||||||||
|
Outstanding
|
|||||||||
|
at $100,000
|
|||||||||
|
Shares
|
Per Share
|
||||||||
|
Fund
|
Series
|
Outstanding
|
Liquidation Value
|
||||||
|
Quality (NQI)
|
2015
|
2,404 | $ | 240,400,000 | |||||
|
AMT-Free Income (NEA)
|
2016
|
1,510 | $ | 151,000,000 | |||||
Each Fund is obligated to redeem its VMTP Shares by the date as specified in its offering document (“Term Redemption Date”), unless earlier redeemed or repurchased by the Fund. VMTP Shares are subject to optional and mandatory redemption in certain circumstances. The VMTP Shares are subject to redemption at the option of each Fund (“Optional Redemption Date”), subject to payment of premium for one year following the date of issuance (“Premium Expiration Date”), and at par thereafter. Each Fund may be obligated to redeem certain of the VMTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends. The Term Redemption Date, Optional Redemption Date and Premium Expiration Date for each Fund’s VMTP Shares are as follows:
|
Term
|
Optional
|
Premium
|
|||
|
Fund
|
Series
|
Redemption Date
|
Redemption Date
|
Expiration Date
|
|
|
Quality (NQI)
|
2015
|
December 1, 2015
|
December 1, 2013
|
November 30, 2013
|
|
|
AMT-Free Income (NEA)
|
2016
|
December 30, 2016
|
January 1, 2015
|
December 31, 2014
|
|
Nuveen Investments
|
97
|
Notes to Financial Statements (Unaudited) (continued)
The average liquidation value of VMTP Shares outstanding and annualized dividend rate for each Fund during the current fiscal period were as follows:
|
AMT-Free
|
||||||||
|
Quality
|
Income
|
|||||||
|
(NQI
|
) |
(NEA
|
) | |||||
|
Average liquidation value of VMTP Shares outstanding
|
$ | 240,400,000 | $ | 151,000,000 | ||||
|
Annualized dividend rate
|
1.18% | 0.98% | ||||||
VMTP Shares generally do not trade, and market quotations are generally not available. VMTP Shares are short-term or short/intermediate-term instruments that pay a variable dividend rate tied to a short-term index, plus an additional fixed “spread” amount established at the time of issuance. The fair value of VMTP Shares is expected to be approximately their liquidation par value so long as the fixed “spread” on the VMTP Shares remains roughly in line with the “spread” rates being demanded by investors on instruments having similar terms in the current market environment. In present market conditions, the Funds’ Adviser has determined that fair value of VMTP Shares is their liquidation value, but their fair value could vary if market conditions change materially. For financial reporting purposes, the liquidation value of VMTP Shares is a liability and is recognized as “Variable Rate MuniFund Term Preferred (“VMTP”) Shares, at liquidation value” on the Statement of Assets and Liabilities.
Dividends on the VMTP Shares (which are treated as interest payments for financial reporting purposes) are set weekly. Unpaid dividends on VMTP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities, when applicable. Dividends accrued on VMTP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
Costs incurred by the Funds in connection with each Fund’s offering of VMTP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as components of “Deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations.
Variable Rate Demand Preferred Shares
The following Funds have issued and outstanding Variable Rate Demand Preferred (“VRDP”) Shares, with a $100,000 liquidation value per share. VRDP Shares are issued via private placement and are not publicly available.
As of the end of the reporting period, the details of the Funds’ VRDP Shares outstanding were as follows:
|
Shares Outstanding at
|
||||||||||||||
|
Shares
|
$100,000 Per Share
|
|||||||||||||
|
Fund
|
Series
|
Outstanding
|
Liquidation Value
|
Maturity
|
||||||||||
|
Opportunity (NIO)
|
1 | 6,672 | $ | 667,200,000 |
December 1, 2040
|
|||||||||
|
Dividend Advantage (NVG)
|
1 | 1,790 | $ | 179,000,000 |
December 1, 2043
|
|||||||||
|
AMT-Free Income (NEA)
|
1 | 2,190 | $ | 219,000,000 |
June 1, 2040
|
|||||||||
| 2 | 1,309 | $ | 130,900,000 |
December 1, 2040
|
||||||||||
VRDP Shares include a liquidity feature that allows VRDP shareholders to have their shares purchased by a liquidity provider with whom each Fund has contracted in the event that purchase orders for VRDP Shares in a remarketing are not sufficient in number to be matched with the sale orders in that remarketing. Each Fund is required to redeem any VRDP Shares that are still owned by the liquidity provider after six months of continuous, unsuccessful remarketing. Opportunity (NIO) and AMT-Free Income (NEA) pays an annual remarketing fee of 0.10% on the aggregate principal amount of all VRDP Shares outstanding. Each Fund’s VRDP Shares have successfully remarketed since issuance.
VRDP shares in Dividend Advantage (NVG) are considered to be Special Rate Period VRDP. Special Rate Period VRDP are sold to banks with an initial special short/intermediate rate period (typically three years) with a dividend rate set at a fixed spread to a specified short-term municipal index rate calculated weekly. Weekly remarketings do not take place during the initial special rate period. After the initial special rate period, Special Rate Period VRDP Shares will revert back to traditional VRDP Shares with dividends set at weekly remarketings, with an option to sell the shares to a designated liquidity provider, unless the Board approves another special rate period.
Dividends on the VRDP Shares (which are treated as interest payments for financial reporting purposes) are set weekly at a rate established by a remarketing agent; therefore, the market value of the VRDP Shares is expected to approximate its liquidation value. If remarketings for VRDP Shares are continuously unsuccessful for six months, the maximum rate is designed to escalate according to a specified schedule in order to enhance the remarketing agent’s ability to successfully remarket the VRDP Shares.
|
98
|
|
Nuveen Investments
|
Subject to certain conditions, VRDP Shares may be redeemed, in whole or in part, at any time at the option of each Fund. Each Fund may also redeem certain of the VRDP Shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends.
The average liquidation value of VRDP Shares outstanding and annualized dividend rate for each Fund during the current fiscal period were as follows:
|
Dividend
|
AMT-Free
|
|||||||||||
|
Opportunity
|
Advantage
|
Income
|
||||||||||
|
(NIO
|
) |
(NVG
|
) |
(NEA
|
) | |||||||
|
Average liquidation value of VRDP Shares outstanding
|
$ | 667,200,000 | $ | 179,000,000 | $ | 349,900,000 | ||||||
|
Annualized dividend rate
|
0.12% | 1.03% | 0.12% | |||||||||
For financial reporting purposes, the liquidation value of VRDP Shares is a liability and is recognized as “Variable Rate Demand Preferred (“VRDP”) Shares, at liquidation value” on the Statement of Assets and Liabilities. Unpaid dividends on VRDP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities, when applicable. Dividends accrued on the VRDP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations. Costs incurred by the Funds in connection with their offerings of VRDP Shares were recorded as a deferred charge, which are being amortized over the life of the shares and are recognized as components of “Deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offerings costs” on the Statement of Operations. In addition to interest expense, Opportunity (NIO) and AMT-Free Income (NEA) also pay a per annum liquidity fee to the liquidity provider, as well as a remarketing fee, which are recognized as “Liquidity fees” and “Remarketing fees,” respectively, on the Statement of Operations.
Preferred Share Transactions
Transactions in preferred shares for the Funds during the Funds’ current and prior fiscal period, where applicable, are noted in the following tables.
Transactions in MTP Shares for the Funds, where applicable, were as follows:
| Year Ended | ||||||||||
| October 31, 2014 | ||||||||||
|
NYSE/
|
||||||||||
|
NYSE MKT
|
||||||||||
|
Dividend Advantage (NVG)
|
Series
|
Ticker
|
Shares
|
Amount
|
||||||
|
MTP Shares redeemed
|
2014
|
NVG PRCCL
|
(10,800,000 | ) | $ | (108,000,000 | ) | |||
|
AMT-Free Income (NEA)
|
||||||||||
|
MTP Shares redeemed
|
2015
|
NEA PRCCL
|
(8,300,000 | ) | $ | (83,000,000 | ) | |||
Transactions in VMTP Shares for the Funds, where applicable, were as follows:
| Year Ended | |||||||||
| October 31, 2014 | |||||||||
|
Dividend Advantage (NVG)
|
Series
|
Shares
|
Amount | ||||||
|
VMTP Shares redeemed
|
2014
|
(925 | ) | $ | (92,500,000 | ) | |||
|
AMT-Free Income (NEA)
|
|||||||||
|
VMTP Shares issued
|
2016
|
1,510 | $ | 151,000,000 | |||||
|
VMTP Shares redeemed
|
2014
|
(676 | ) | (67,600,000 | ) | ||||
|
Net increase (decrease)
|
834 | $ | 83,400,000 | ||||||
Transactions in VRDP Shares for the Funds, where applicable, were as follows:
| Year Ended | ||||||||||||
| October 31, 2014 | ||||||||||||
|
Dividend Advantage (NVG)
|
Series
|
Shares
|
Amount
|
|||||||||
|
VRDP Shares issued
|
1 | 2,010 | $ | 201,000,000 | ||||||||
|
VRDP Shares redeemed
|
1 | (220 | ) | (22,000,000 | ) | |||||||
|
Net increase (decrease)
|
1,790 | $ | 179,000,000 | |||||||||
|
Nuveen Investments
|
99
|
|
Notes to Financial Statements (Unaudited) (continued)
|
5. Investment Transactions
Long-term purchases and sales (including maturities but excluding derivative transactions, where applicable) during the current fiscal period, were as follows:
|
Dividend
|
AMT-Free
|
|||||||||||||||
|
Quality
|
Opportunity
|
Advantage
|
Income
|
|||||||||||||
|
(NQI
|
) |
(NIO
|
) |
(NVG
|
) |
(NEA
|
) | |||||||||
|
Purchases
|
$ | 75,410,037 | $ | 235,733,976 | $ | 60,986,624 | $ | 103,675,547 | ||||||||
|
Sales and maturities
|
66,233,288 | 260,598,005 | 49,615,270 | 102,537,039 | ||||||||||||
6. Income Tax Information
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal income tax, and in the case of AMT-Free Income (NEA) the alternative minimum tax applicable to individuals, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.
As of April 30, 2015, the cost and unrealized appreciation (depreciation) of investments (excluding investments in derivatives, where applicable), as determined on a federal income tax basis, were as follows:
|
Dividend
|
AMT-Free
|
|||||||||||||||
|
Quality
|
Opportunity
|
Advantage
|
Income
|
|||||||||||||
|
(NQI
|
) |
(NIO
|
) |
(NVG
|
) |
(NEA
|
) | |||||||||
|
Cost of investments
|
$ | 751,224,970 | $ | 1,956,137,417 | $ | 546,410,928 | $ | 1,539,108,181 | ||||||||
|
Gross unrealized:
|
||||||||||||||||
|
Appreciation
|
$ | 70,365,183 | $ | 176,213,740 | $ | 62,306,635 | $ | 144,650,682 | ||||||||
|
Depreciation
|
(7,798,593 | ) | (12,563,449 | ) | (7,480,651 | ) | (21,390,074 | ) | ||||||||
|
Net unrealized appreciation (depreciation) of investments
|
$ | 62,566,590 | $ | 163,650,291 | $ | 54,825,984 | $ | 123,260,608 | ||||||||
Permanent differences, primarily due to federal taxes paid, taxable market discount, nondeductible offering costs, nondeductible reorganization expenses and distribution reallocations, resulted in reclassifications among the Funds’ components of common share net assets as of October 31, 2014, the Funds’ last tax year end, as follows:
|
Dividend
|
AMT-Free
|
|||||||||||||||
|
Quality
|
Opportunity
|
Advantage
|
Income
|
|||||||||||||
|
(NQI
|
) |
(NIO
|
) |
(NVG
|
) |
(NEA
|
) | |||||||||
|
Paid-in surplus
|
$ | (32,345 | ) | $ | (1,623,690 | ) | $ | (1,905,973 | ) | $ | 280,415 | |||||
|
Undistributed (Over-distribution of) net investment income
|
(201,904 | ) | (171,338 | ) | 642,085 | (984,304 | ) | |||||||||
|
Accumulated net realized gain (loss)
|
234,249 | 1,795,028 | 1,263,888 | 703,889 | ||||||||||||
|
100
|
|
Nuveen Investments
|
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of October 31, 2014, the Funds’ last tax year end, were as follows:
|
Dividend
|
AMT-Free
|
|||||||||||||||
|
Quality
|
Opportunity
|
Advantage
|
Income
|
|||||||||||||
|
(NQI
|
) |
(NIO
|
) |
(NVG
|
) |
(NEA
|
) | |||||||||
|
Undistributed net tax-exempt income1
|
$ | 1,350,815 | $ | 18,454,663 | $ | 3,131,208 | $ | 7,688,606 | ||||||||
|
Undistributed net ordinary income2
|
— | 163,572 | 247,157 | 47,304 | ||||||||||||
|
Undistributed net long-term capital gains
|
— | — | 3,070,858 | — | ||||||||||||
| 1 | Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on October 1, 2014, paid on November 3, 2014. |
| 2 | Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. |
The tax character of distributions paid during the Funds’ last tax year ended October 31, 2014, was designated for purposes of the dividends paid deduction as follows:
|
Dividend
|
AMT-Free
|
|||||||||||||||
|
Quality
|
Opportunity
|
Advantage
|
Income
|
|||||||||||||
|
(NQI
|
) |
(NIO
|
) |
(NVG
|
) |
(NEA
|
) | |||||||||
|
Distributions from net tax-exempt income
|
$ | 30,748,078 | $ | 84,720,554 | $ | 23,411,975 | $ | 67,281,293 | ||||||||
|
Distributions from net ordinary income2
|
42,548 | 458,933 | 496,797 | 15,777 | ||||||||||||
|
Distributions from net long-term capital gains
|
— | — | 1,505,799 | — | ||||||||||||
| 2 | Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. |
As of October 31, 2014, the Funds’ last tax year end, the following Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as shown in the following table. The losses not subject to expiration will be utilized first by a Fund.
|
AMT-Free
|
||||||||||||
|
Quality
|
Opportunity
|
Income
|
||||||||||
|
(NQI
|
) | (NIO | ) |
(NEA
|
)3 | |||||||
|
Expiration:
|
||||||||||||
|
October 31, 2016
|
$ | 2,623,034 | $ | — | $ | 1,977,845 | ||||||
|
October 31, 2017
|
217,918 | — | — | |||||||||
|
October 31, 2018
|
322,087 | — | — | |||||||||
|
Not subject to expiration
|
16,996,214 | 9,544,670 | — | |||||||||
|
Total
|
$ | 20,159,253 | $ | 9,544,670 | $ | 1,977,845 | ||||||
| 3 | A portion of AMT-Free Income’s (NEA) capital loss carryforward is subject to an annual limitation under the internal revenue code and related regulations. |
During the Funds’ last tax year ended October 31, 2014, the following Funds utilized capital loss carryforwards as follows:
|
AMT-Free
|
||||||||
|
Quality
|
Income
|
|||||||
|
(NQI
|
) |
(NEA
|
) | |||||
|
Utilized capital loss carryforwards
|
$ | 647,205 | $ | 3,206,099 | ||||
7. Management Fees and Other Transactions with Affiliates
Each Fund’s management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
|
Nuveen Investments
|
101
|
Notes to Financial Statements (Unaudited) (continued)
The annual Fund-level fee, payable monthly, for each Fund is calculated according to the following schedules:
|
Quality (NQI)
|
|||
|
Opportunity (NIO)
|
|||
|
Average Daily Managed Assets*
|
Fund-Level Fee
|
||
|
For the first $125 million
|
0.4500 | % | |
|
For the next $125 million
|
0.4375 | ||
|
For the next $250 million
|
0.4250 | ||
|
For the next $500 million
|
0.4125 | ||
|
For the next $1 billion
|
0.4000 | ||
|
For the next $3 billion
|
0.3875 | ||
|
For managed assets over $5 billion
|
0.3750 | ||
|
Dividend Advantage (NVG)
|
|||
|
AMT-Free Income (NEA)
|
|||
|
Average Daily Managed Assets*
|
Fund-Level Fee
|
||
|
For the first $125 million
|
0.4500 | % | |
|
For the next $125 million
|
0.4375 | ||
|
For the next $250 million
|
0.4250 | ||
|
For the next $500 million
|
0.4125 | ||
|
For the next $1 billion
|
0.4000 | ||
|
For managed assets over $2 billion
|
0.3750 | ||
The annual complex-level fee, payable monthly, for each Fund is calculated according to the following schedule:
|
Complex-Level Managed Asset Breakpoint Level*
|
Effective Rate at Breakpoint Level
|
||
|
$55 billion
|
0.2000 | % | |
|
$56 billion
|
0.1996 | ||
|
$57 billion
|
0.1989 | ||
|
$60 billion
|
0.1961 | ||
|
$63 billion
|
0.1931 | ||
|
$66 billion
|
0.1900 | ||
|
$71 billion
|
0.1851 | ||
|
$76 billion
|
0.1806 | ||
|
$80 billion
|
0.1773 | ||
|
$91 billion
|
0.1691 | ||
|
$125 billion
|
0.1599 | ||
|
$200 billion
|
0.1505 | ||
|
$250 billion
|
0.1469 | ||
|
$300 billion
|
0.1445 | ||
| * | For the fund-level and complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of $2 billion added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. As of April 30, 2015, the complex-level fee rate for each Fund was 0.1635%. |
The Funds pay no compensation directly to those of its directors/trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Board has adopted a deferred compensation plan for independent directors/trustees that enables directors/trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
8. Subsequent Events
Refinancing of VMTP Shares
On May 19, 2015, Quality (NQI) refinanced all of its outstanding Series 2015 VMTP Shares with the issuance of new Series 2018 VMTP Shares.
|
102
|
|
Nuveen Investments
|
Additional Fund Information
|
Board of Directors/Trustees
|
|||||
|
William Adams IV*
|
Jack B. Evans
|
William C. Hunter
|
David J. Kundert
|
John K. Nelson
|
William J. Schneider
|
|
Thomas S. Schreier, Jr.*
|
Judith M. Stockdale
|
Carole E. Stone
|
Virginia L. Stringer
|
Terence J. Toth
|
|
|
* Interested Board Member.
|
|||||
|
Fund Manager
|
Custodian
|
Legal Counsel
|
Independent Registered
|
Transfer Agent and
|
|
|
Nuveen Fund Advisors, LLC
|
State Street Bank
|
Chapman and Cutler LLP
|
Public Accounting Firm
|
Shareholder Services
|
|
|
333 West Wacker Drive
|
& Trust Company
|
Chicago, IL 60603
|
KPMG LLP
|
State Street Bank
|
|
|
Chicago, IL 60606
|
Boston, MA 02111
|
Chicago, IL 60601
|
& Trust Company
|
||
|
Nuveen Funds
|
|||||
|
P.O. Box 43071
|
|||||
|
Providence, RI 02940-3071
|
|||||
|
(800) 257-8787
|
|||||
Quarterly Form N-Q Portfolio of Investments Information
Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC toll-free at (800) SEC-0330 for room hours and operation.
Nuveen Funds’ Proxy Voting Information
You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments toll free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.
CEO Certification Disclosure
Each Fund’s Chief Executive Officer (CEO) has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual. Each Fund has filed with the SEC the certification of its CEO and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.
Common Share Repurchases
Each Fund intends to repurchase, through its open-market share repurchase program, shares of its own common stock at such times and in such amounts as is deemed advisable. During the period covered by this report, each Fund repurchased shares of its common stock as shown in the accompanying table. Any future repurchases will be reported to shareholders in the next annual or semi-annual report.
|
NQI
|
NIO
|
NVG
|
NEA
|
|||||||||||||
|
Common shares repurchased
|
— | — | — | — | ||||||||||||
FINRA BrokerCheck
The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org.
|
Nuveen Investments
|
103
|
Glossary of Terms Used in this Report
| ■ | Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have “failed,” with current holders receiving a formula-based interest rate until the next scheduled auction. |
| ■ | Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered. |
| ■ | Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s or bond fund’s value to changes when market interest rates change. Generally, the longer a bond’s or fund’s duration, the more the price of the bond or fund will change as interest rates change. |
| ■ | Effective Leverage: Effective leverage is a fund’s effective economic leverage, and includes both regulatory leverage (see leverage) and the leverage effects of certain derivative investments in the fund’s portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage. |
| ■ | Forward Interest Rate Swap: A contractual agreement between two counterparties under which one party agrees to make periodic payments to the other for an agreed period of time based on a fixed rate, while the other party agrees to make periodic payments based on a floating rate of interest based on an underlying index. Alternatively, both series of cash flows to be exchanged could be calculated using floating rates of interest but floating rates that are based upon different underlying indexes. |
| ■ | Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis. |
| ■ | Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital. |
| ■ | Lipper General & Insured Leveraged Municipal Debt Funds Classification Average: Calculated using the returns of all closed-end funds in this category. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges. |
| ■ | Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund’s Net Assets divided by its number of shares outstanding. |
|
104
|
|
Nuveen Investments
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| ■ | Pre-Refunding: Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond’s credit rating and thus its value. |
| ■ | Regulatory Leverage: Regulatory leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part of a fund’s capital structure. Regulatory leverage is subject to asset coverage limits set in the Investment Company Act of 1940. |
| ■ | S&P Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade U.S. municipal bond market. Index returns assume reinvestment of distributions but do not reflect any applicable sales charges or management fees. |
| ■ | Total Investment Exposure: Total investment exposure is a fund’s assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes a fund’s use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities. |
| ■ | Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically. |
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Reinvest Automatically, Easily and Conveniently
Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account.
Nuveen Closed-End Funds Automatic Reinvestment Plan
Nuveen Closed-End Fund allows you to conveniently reinvest distributions in additional Fund shares. By choosing to reinvest, you’ll be able to invest money regularly and automatically, and watch your investment grow through the power of compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on distributions that are reinvested. It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.
Easy and convenient
To make recordkeeping easy and convenient, each month you’ll receive a statement showing your total distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.
How shares are purchased
The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net as -set value, shares for your account will be purchased on the open market. If the Plan Agent begins purchasing Fund shares on the open market while shares are trading below net asset value, but the Fund’s shares subsequently trade at or above their net asset value before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares’ net asset value or 95% of the shares’ market value on the last business day imme -diately prior to the purchase date. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions.
Flexible
You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan. The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.
Call today to start reinvesting distributions
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787.
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Nuveen Investments:
Serving Investors for Generations
Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.
Focused on meeting investor needs.
Nuveen Investments provides high-quality investment services designed to help secure the long-term goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates—Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management and Gresham Investment Management. In total, Nuveen Investments managed approximately $233 billion as of March 31, 2015.
Find out how we can help you.
To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at: www.nuveen.com/cef
| Distributed by Nuveen Investments, LLC | 333 West Wacker Drive | Chicago, IL 60606 | www.nuveen.com |  |
ESA-D-0415D 8577-INV-B-06/16
ITEM 2. CODE OF ETHICS.
Not applicable to this filing.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable to this filing.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable to this filing.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to this filing.
ITEM 6. SCHEDULE OF INVESTMENTS.
(a) See Portfolio of Investments in Item 1.
(b) Not applicable.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this filing.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this filing.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board implemented after the registrant last provided disclosure in response to this Item.
ITEM 11. CONTROLS AND PROCEDURES.
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(a)
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The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")(17 CFR 240.13a-15(b) or 240.15d-15(b)).
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(b)
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There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
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ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form.
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(a)(1)
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Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.
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(a)(2)
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A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See Ex-99.CERT attached hereto.
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(a)(3)
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Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable.
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(b)
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If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference: See Ex-99.906 CERT attached hereto.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen Dividend Advantage Municipal Income Fund
By (Signature and Title) /s/ Kevin J. McCarthy
Kevin J. McCarthy
Vice President and Secretary
Date: July 8, 2015
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title) /s/ Gifford R. Zimmerman
Gifford R. Zimmerman
Chief Administrative Officer
(principal executive officer)
Date: July 8, 2015
By (Signature and Title) /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller
(principal financial officer)
Date: July 8, 2015